UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________
 FORM 10-Q
(Mark One)
 
þ
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended March 31, 2019
OR
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from               to
 
Commission file number: 814-00939
________________
HMS Income Fund, Inc.
(Exact Name of Registrant as Specified in its Charter)
Maryland
(State or Other Jurisdiction of Incorporation or Organization)
45-3999996
(I.R.S. Employer Identification No.)
 
 
2800 Post Oak Boulevard, Suite 5000
Houston, Texas
(Address of Principal Executive Offices)
77056-6118
(Zip Code)
 
(888) 220-6121
(Registrant’s telephone number, including area code)

Not applicable
(Former name, former address and formal fiscal year, if changed since last report)
 
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes o No o
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act (Check one):
Large accelerated filer o 
Accelerated filer o 
Non-accelerated filer þ 
Smaller reporting company o
Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ

The issuer had 79,071,514 shares of common stock outstanding as of May 13, 2019.




TABLE OF CONTENTS
 
PART I — FINANCIAL INFORMATION 
Item 1.
Condensed Consolidated Financial Statements:
 
 
Condensed Consolidated Balance Sheets
 
Condensed Consolidated Statements of Operations
 
Condensed Consolidated Statements of Changes in Net Assets
 
Condensed Consolidated Statements of Cash Flows
 
Condensed Consolidated Schedules of Investments
 
Notes to the Condensed Consolidated Financial Statements
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Item 4.
Controls and Procedures
 
 
 
PART II — OTHER INFORMATION 
 
 
 
Item 1.
Legal Proceedings
Item 1A.
Risk Factors
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.
Defaults Upon Senior Securities
Item 4.
Mine Safety Disclosures
Item 5.
Other Information
Item 6.
Exhibits
 
 
 
Signatures
 
  



PART I — FINANCIAL INFORMATION

Item 1.    Condensed Consolidated Financial Statements

HMS Income Fund, Inc.
Condensed Consolidated Balance Sheets
(dollars in thousands, except share and per share amounts)
 
March 31, 2019
 
December 31, 2018
 
(Unaudited)
 
 
ASSETS
 
 
 
Portfolio investments at fair value:
 
 
 
Non-Control/Non-Affiliate investments (amortized cost: $929,741 and $932,495 as of March 31, 2019 and December 31, 2018, respectively)
$
902,841

 
$
901,518

Affiliate investments (amortized cost: $140,763 and $143,372 as of March 31, 2019 and December 31, 2018, respectively)
151,053

 
149,323

Control investments (amortized cost: $42,946 and $45,821 as of March 31, 2019 and December 31, 2018, respectively)
56,234

 
55,727

Total portfolio investments (amortized cost: $1,113,450 and $1,121,688 as of March 31, 2019 and December 31, 2018, respectively)
1,110,128

 
1,106,568

 
 
 
 
Cash and cash equivalents
18,313

 
21,757

Interest receivable
8,256

 
9,292

Receivable for securities sold
809

 
918

Prepaid and other assets
4,318

 
4,038

Deferred financing costs (net of accumulated amortization of $1,979 and $1,642 as of March 31, 2019 and December 31, 2018, respectively)
4,527

 
4,857

Total assets
$
1,146,351

 
$
1,147,430

 
 
 
 
LIABILITIES
 

 
 

Accounts payable and other liabilities
$
2,192

 
$
2,456

Stockholder distributions payable
4,673

 
4,676

Base management and incentive fees payable
7,125

 
5,854

Due to affiliates
105

 
57

Directors’ fees payable
26

 
21

Payable for securities purchased
1,837

 
—

Credit facilities payable
500,000

 
509,000

Total liabilities
515,958

 
522,064

 
 
 
 
Commitments and Contingencies (Note 12)
 
 
 
 
 
 
 
NET ASSETS
 

 
 

Common stock, $.001 par value; 150,000,000 shares authorized, 78,547,196 and 78,584,824 issued and outstanding as of March 31, 2019 and December 31, 2018, respectively
79

 
79

Additional paid-in capital
678,219

 
678,627

Total accumulated earnings (loss)
(47,905
)
 
(53,340
)
Total net assets
630,393

 
625,366

 
 
 
 
Total liabilities and net assets
$
1,146,351

 
$
1,147,430

 
 
 
 
Net asset value per share
$
8.03

 
$
7.96


See notes to the condensed consolidated financial statements.

1


HMS Income Fund, Inc.
Condensed Consolidated Statements of Operations
(dollars in thousands, except share and per share amounts)
(Unaudited) 
 
 
Three Months Ended
 
 
March 31, 2019
 
March 31, 2018
INVESTMENT INCOME:
 
 

 
 

From non-control/non-affiliate investments:
 
 
 
 
Interest income
 
$
23,499

 
$
20,257

Fee income
 
307

 
268

Dividend income
 
327

 
303

From affiliate investments:
 
 
 
 
Interest income
 
2,602

 
1,764

Fee income
 
37

 
49

Dividend income
 
396

 
475

From control investments:
 
 
 
 
Interest income
 
123

 
156

Fee income
 
17

 
17

Dividend income
 
1,853

 
695

Total investment income
 
29,161

 
23,984

EXPENSES:
 
 

 
 

Interest expense
 
7,107

 
5,128

Base management and incentive fees
 
7,125

 
5,694

Internal administrative services expenses
 
758

 
804

Offering costs
 
95

 
103

Professional fees
 
316

 
268

Insurance
 
48

 
48

Other general and administrative
 
516

 
443

Expenses before fee and expense waivers
 
15,965

 
12,488

Waiver of incentive fees
 
—

 
—

Waiver of internal administrative services expenses
 
(758
)
 
(804
)
Total expenses, net of fee and expense waivers
 
15,207

 
11,684

Net investment income before taxes
 
13,954

 
12,300

Income tax expense, including excise tax
 
58

 
102

NET INVESTMENT INCOME
 
13,896

 
12,198

NET REALIZED GAIN (LOSS) ON INVESTMENTS
 
 

 
 

Non-Control/Non-Affiliate investments
 
(1,631
)
 
(8,157
)
Affiliate investments
 
(5,508
)
 
912

Control investments
 
—

 
—

Total net realized loss on investments
 
(7,139
)
 
(7,245
)
NET REALIZED INCOME
 
6,757

 
4,953

NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS
 
 

 
 

Non-Control/Non-Affiliate investments
 
4,331

 
9,463

Affiliate investments
 
3,626

 
492

Control investments
 
4,106

 
649

Total net change in unrealized appreciation on investments
 
12,063

 
10,604

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
 
$
18,820

 
$
15,557

PER SHARE INFORMATION - BASIC AND DILUTED
 
 
 
 
NET INVESTMENT INCOME PER SHARE
 
$
0.18

 
$
0.15

NET REALIZED INCOME PER SHARE
 
$
0.09

 
$
0.06

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE (EARNINGS PER SHARE)
 
$
0.24

 
$
0.19

WEIGHTED AVERAGE SHARES OUTSTANDING – BASIC AND DILUTED
 
78,819,746

 
79,846,665


See notes to the condensed consolidated financial statements.

2


HMS Income Fund, Inc.
Condensed Consolidated Statements of Changes in Net Assets
(dollars in thousands, except share and per share amounts)
(Unaudited) 
 
 
Three Months Ended March 31, 2019
 
Three Months Ended March 31, 2018
Change in Net Assets from Operations:
 
 
 
 
Net investment income
 
$
13,896

 
$
12,198

Net realized loss on investments
 
(7,139
)
 
(7,245
)
Net change in unrealized appreciation on investments
 
12,063

 
10,604

Net increase in net assets resulting from operations
 
18,820

 
15,557

 
 
 
 
 
Change in Net Assets from Stockholders’ Distributions:
 
 
 
 
Net decrease in net assets resulting from stockholders’ distributions
 
(13,606
)
 
(13,803
)
 
 
 
 
 
Change in Net Assets from Capital Share Transactions:
 
 
 
 
Reinvestment of stockholder distributions
 
6,366

 
6,929

Repurchase of common stock
 
(6,553
)
 
(9,406
)
Net decrease in net assets resulting from capital share transactions
 
(187
)
 
(2,477
)
 
 
 
 
 
Total Increase (Decrease) in Net Assets
 
5,027

 
(723
)
Net Assets at beginning of the period
 
625,366

 
647,789

Net Assets at end of the period
 
$
630,393

 
$
647,066

 
 
 
 
 
NAV per share at end of the period
 
$
8.03

 
$
8.17

Distributions declared per share
 
$
0.17

 
$
0.17

 
 
 
 
 
Common shares outstanding, beginning of the period
 
78,584,824

 
79,511,731

Issuance of common shares pursuant to distribution reinvestment plan
 
782,543

 
836,401

Repurchase of common shares
 
(820,171
)
 
(1,147,067
)
Common shares outstanding, end of the period
 
78,547,196

 
79,201,065


See notes to the condensed consolidated financial statements.


3


HMS Income Fund, Inc.
Condensed Consolidated Statements of Cash Flows
(dollars in thousands)
(Unaudited) 
 
Three Months Ended 
 March 31, 2019
 
Three Months Ended 
 March 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
 

 
 

Net increase in net assets resulting from operations
$
18,820

 
$
15,557

Adjustments to reconcile net increase in net assets resulting from operations to net cash generated from (used in) operating activities:
 
 
 
Principal repayments received and proceeds from sales of investments in portfolio companies
39,036

 
133,039

Investments in portfolio companies
(34,152
)
 
(181,813
)
Net change in unrealized (appreciation) on portfolio investments
(12,063
)
 
(10,604
)
Net realized loss on sale of portfolio investments
7,139

 
7,245

Amortization of deferred financing costs
337

 
334

Amortization of deferred offering costs
95

 
103

Accretion of unearned income
(1,562
)
 
(2,167
)
Net payment-in-kind interest accrual
(1,169
)
 
(212
)
Changes in other assets and liabilities:
 
 
 

Interest receivable
1,036

 
916

Prepaid and other assets
518

 
4,647

Base management and incentive fees payable
1,271

 
12

Due to affiliates
48

 
(8
)
Directors’ fees payable
5

 
(2
)
Accounts payable and other liabilities
88

 
29

Net cash generated from (used in) operating activities
19,447

 
(32,924
)
 
 
 
 
CASH FLOWS FROM FINANCING ACTIVITIES
 

 
 

Redemption of common stock
(6,553
)
 
(9,406
)
Payment of offering costs
(95
)
 
(103
)
Payment of stockholder distributions
(7,243
)
 
(6,889
)
Repayments on credit facilities payable
(31,000
)
 
(100,000
)
Proceeds from credit facilities payable
22,000

 
128,000

Net cash generated from (used in) financing activities
(22,891
)
 
11,602

 
 
 
 
Net decrease in cash and cash equivalents
(3,444
)
 
(21,322
)
 
 
 
 
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD
21,757

 
45,791

 
 
 
 
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD
$
18,313

 
$
24,469

 
See notes to the condensed consolidated financial statements.


4

HMS Income Fund, Inc.
Consolidated Schedule of Investments
As of March 31, 2019
(dollars in thousands)
Portfolio Company (1) (3)
Business Description
Type of Investment (2) (3)
Index Rate (22)
Principal (7)
Cost (7)
Fair Value (26)
 
 
 
 
 
 
 
Control Investments (6)
CTMH, LP (9) (15)
Investment Partnership
LP Interests (CTMH, LP) (Fully diluted 38.8%)
—
$
—

$
872

$
872

GRT Rubber Technologies, LLC (10) (13)
Manufacturer of Engineered Rubber Products
LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 9.49%, Secured Debt (Maturity - December 31, 2023) (8)
1 month LIBOR
5,663

5,639

5,663

 
 
Member Units (2,896 units) (16)
—
—

6,435

20,337

 
 
 
 
 
12,074

26,000

HMS-ORIX SLF LLC (9) (15)
Investment Partnership
Membership Interests (Fully diluted 60.00%) (16)
—
—

30,000

29,362

 
 
 
 
 
 
 
Subtotal Control Investments (6) (5% of total investments at fair value)
 
 
$
42,946

$
56,234

Affiliate Investments (4)
AFG Capital Group, LLC (10) (13)
Provider of Rent-to-Own Financing Solutions and Services
Member Units (46 units) (16)
—
$
—

$
300

$
1,092

 
 
Warrants (10 equivalent units, Expiration - November 7, 2024)
—
—

65

260

 
 
 
 
 
365

1,352

Brewer Crane Holdings, LLC (10) (13)
Provider of Crane Rental and Operating Services
LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 12.10%, Secured Debt (Maturity - January 9, 2023) (8)
1 month LIBOR
2,356

2,319

2,319

 
 
Preferred Member Units (737 units) (16)
—
—

1,070

1,070

 
 
 
 
 
3,389

3,389

Centre Technologies Holdings, LLC (10) (13)
Provider of IT Hardware Services and Software Solutions
LIBOR Plus 9.00% (Floor 2.00%), Current Coupon 11.50%, Secured Debt (Maturity - January 4, 2024) (8)
1 month LIBOR
3,060

2,995

3,001

 
 
Preferred Member Units (3,174 units)
—
—

1,460

1,460

 
 
 
 
 
4,455

4,461

Chamberlin HoldCo, LLC (10) (13)
Roofing and waterproofing specialty subcontractor
LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 12.75%, Secured Debt (Maturity - February 23, 2023) (8)
1 month LIBOR
5,051

4,938

4,938

 
 
Member Units (1,087 units) (16)
—
—

2,860

5,280

 
 
Member Units (Chamberlin Langfield Real Estate, LLC) (1 unit)
—
—

183

183

 
 
 
 
 
7,981

10,401

Charlotte Russe, Inc.
Fast-Fashion Retailer to Young Women
Common Stock (14,973 shares)
—
—

2,470

—

Charps, LLC (10) (13)
Pipeline Maintenance and Construction
11.50% Secured Debt (Maturity - February 3, 2022)
None
2,808

2,763

2,808

 
 
Preferred Member Units (400 units) (16)
—
—

100

938

 
 
 
 
 
2,863

3,746

Clad-Rex Steel, LLC (10) (13)
Specialty Manufacturer of Vinyl-Clad Metal
LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 11.49%, Secured Debt (Maturity - December 20, 2021) (8)
1 month LIBOR
3,020

2,982

3,020

 
 
Member Units (179 units) (16)
—
—

1,820

2,653

 
 
10.00% Secured Debt (Clad-Rex Steel RE Investor, LLC) (Maturity - December 19, 2036)
None
289

286

286

 
 
Member Units (Clad-Rex Steel RE Investor, LLC) (200 units)
—
—

53

88

 
 
 
 
 
5,141

6,047

Copper Trail Energy Fund I, LP (9) (15)
Investment Partnership
LP Interests (Copper Trail Energy Fund I, LP) (Fully diluted 12.4%)
—
—

3,306

3,930

Digital Products Holdings LLC (10) (13)
Designer and Distributor of Consumer Electronics
LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 12.50%, Secured Debt (Maturity - March 31, 2023) (8)
1 month LIBOR
6,352

6,243

6,243

 
 
Preferred Member Units (863 units) (16)
—
—

2,116

1,991

 
 
 
 
 
8,359

8,234

 
 
 
 
 
 
 
Direct Marketing Solutions, Inc. (10) (13)
Provider of Omni-Channel Direct Marketing Services
LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 13.50%, Secured Debt (Maturity - February 13, 2023) (8)
1 month LIBOR
$
4,445

$
4,342

$
4,350

 
 
Preferred Stock (2,100 shares)
—
—

2,100

4,038

 
 
 
 
 
6,442

8,388

Freeport Financial Funds (9) (15)
Investment Partnership
LP Interests (Freeport First Lien Loan Fund III, LP) (Fully diluted 6.0%) (16)
—
—

9,756

9,581

Gamber-Johnson Holdings, LLC (10) (13)
Manufacturer of Ruggedized Computer Mounting Systems
LIBOR Plus 7.50% (Floor 2.00%), Current Coupon 9.99%, Secured Debt (Maturity - June 24, 2021) (8)
1 month LIBOR
5,155

5,089

5,155

 
 
Member Units (2,155 units) (16)
—
—

3,711

11,365

 
 
 
 
 
8,800

16,520

Guerdon Modular Holdings, Inc. (10) (13)
Multi-Family and Commercial Modular Construction Company
13.00% Secured Debt (Maturity - March 31, 2019)
None
3,147

3,129

3,005

 
 
Common Stock (53,008 shares)
—
—

746

—

 
 
Class B Preferred Stock (101,250 shares)
—
—

285

—

 
 
 
 
 
4,160

3,005

Gulf Publishing Holdings, LLC (10) (13)
Energy Industry Focused Media and Publishing
12.50% Secured Debt (Maturity - April 29, 2021)
None
3,134

3,102

3,102

 
 
LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 11.99%, Secured Debt (Maturity - September 30, 2020) (8)
1 month LIBOR
20

20

20

 
 
Member Units (920 units)
—
—

920

1,082

 
 
 
 
 
4,042

4,204

Harris Preston Fund Investments (9) (15) (16)
Investment Partnership
LP Interests (HPEP 3, LP) (Fully diluted 8.2%)
—
—

1,971

1,971

 
 
LP Interests (2717 MH, LP) (Fully diluted 49.3%)
—
—

2,235

2,328

 
 
 
 
 
4,206

4,299

Hawk Ridge Systems, LLC (9) (10) (13)
Value-Added Reseller of Engineering Design and Manufacturing Solutions
10.00% Secured Debt (Maturity - December 2, 2021)
None
3,350

3,309

3,350

 
 
Preferred Member Units (56 units) (16)
—
—

713

1,815

 
 
Preferred Member Units (HRS Services, ULC) (56 units) (16)
—
—

38

95

 
 
 
 
 
4,060

5,260

KMC Investor, LLC (10) (13)
Precision Metal Parts Manufacturing
11.50% Secured Debt (Maturity - October 31, 2023) (8)
None
7,000

6,796

6,803

 
 
9.00% Secured Debt (Maturity October 31, 2048)
None
1,000

990

990

 
 
Member Units (145 units)
—
—

248

248

 
 
Member Units (KMC RE Investor, LLC) (200 units) (16)
—
—

3,060

3,060

 
 
 
 
 
11,094

11,101

Market Force Information, Inc. (10) (13)
Provider of Customer Experience Management Services
LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 13.63%, Secured Debt (Maturity - July 28, 2022) (8)
3 month LIBOR
5,700

5,622

5,622

 
 
LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 9.63%, Secured Debt (Maturity - July 28, 2022) (8)
3 month LIBOR
140

140

140

 
 
Member Units (170,000 units)
—
—

3,675

2,797

 
 
 
 
 
9,437

8,559

M.H. Corbin Holding LLC (10) (13)
Manufacturer and Distributor of Traffic Safety Products
5.00% Current / 5.00% PIK Secured Debt (Maturity - March 15, 2022)
None
2,135

2,107

2,135

 
 
Preferred Member Units (16,500 units)
—
—

1,100

1,192

 
 
Common Units (1,000 units)
—
—

1,500

5

 
 
 
 
 
4,707

3,332

 
 
 
 
 
 
 
Mystic Logistics Holdings, LLC (10) (13)
Logistics and Distribution Services Provider for Large Volume Mailers
12.00% Secured Debt (Maturity - August 15, 2019)
None
$
1,877

$
1,868

$
1,872

 
 
Common Stock (1,468 shares)
—
—

680

178

 
 
 
 
 
2,548

2,050

NexRev, LLC (10) (13)
Provider of Energy Efficiency Products & Services
11.00% Secured Debt (Maturity - February 28, 2023)
None
4,359

4,280

4,288

 
 
Preferred Member Units (21,600,000 units)
—
—

1,720

1,720

 
 
 
 
 
6,000

6,008

NuStep, LLC (10) (13)
Designer, Manufacturer and Distributor of Fitness Equipment
12.00% Secured Debt (Maturity - January 31, 2022)
None
5,150

5,078

5,079

 
 
Preferred Member Units (102 units)
—
—

2,550

2,550

 
 
 
 
 
7,628

7,629

SI East, LLC (10) (13)
Rigid Industrial Packaging Manufacturing
10.25% Secured Debt (Maturity - August 31, 2023)
None
11,750

11,579

11,582

 
 
Preferred Member Units (52 units)
—
—

2,000

2,000

 
 
 
 
 
13,579

13,582

Tedder Acquisition, LLC (10) (13)
Manufacturer of Firearm Holsters and Accessories
12.00% Secured Debt (Maturity - August 31, 2023)
None
4,100

3,988

3,988

 
 
12.00% Secured Debt (Maturity - August 31, 2020)
None
120

118

118

 
 
Preferred Member Units (110 units)
—
—

1,869

1,869

 
 
 
 
 
5,975

5,975

 
 
 
 
 
 
 
Subtotal Affiliate Investments (4) (13% of total investments at fair value)
 
 
$
140,763

$
151,053

 
 
 
 
 
 
 
Non-Control/Non-Affiliate Investments (5)
AAC Holdings Inc. (8)
Substance Abuse Treatment Service Provider
LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 11.49%, Secured Debt (Maturity - June 30, 2023)
3 month LIBOR
$
14,405

$
14,017

$
13,325

 
 
LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 13.49%, Secured Debt (Maturity - March 31, 2020) (12)
3 month LIBOR
1,855

1,683

1,837

 
 
 
 
 
15,700

15,162

Adams Publishing Group, LLC (8) (11)
Local Newspaper Operator
LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 10.30%, Secured Debt (Maturity - July 3, 2023)
3 month LIBOR
7,718

7,567

7,577

 
 
PRIME Plus 4.00% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity - July 3, 2023)
PRIME
5,000

4,915

4,915

 
 
 
 
 
12,482

12,492

ADS Tactical, Inc. (8) (11)
Value-Added Logistics and Supply Chain Solutions Provider to the Defense Industry
LIBOR Plus 6.25% (Floor 0.75%), Current Coupon 8.75%, Secured Debt (Maturity - July 26, 2023)
1 month LIBOR
16,374

16,296

16,374

Aethon United BR, LP (8) (11)
Oil & Gas Exploration & Production
LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 9.24%, Secured Debt (Maturity - September 8, 2023) (14)
1 month LIBOR
4,063

4,013

4,063

Allen Media, LLC (8)
Operator of Cable Television Networks
LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 9.14%, Secured Debt (Maturity - August 30, 2023)
3 month LIBOR
16,928

16,480

16,442

Allflex Holdings III Inc. (8)
Manufacturer of Livestock Identification Products
LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 9.49%, Secured Debt (Maturity - July 19, 2021) (14)
1 month LIBOR
13,232

13,321

13,232

American Nuts, LLC (8) (11)
Roaster, Mixer and Packager of Bulk Nuts and Seeds
LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 12.30%, Secured Debt (Maturity - April 10, 2023)
3 month LIBOR
12,291

12,056

11,931

American Scaffold Holdings, Inc. (8) (11)
Marine Scaffolding Service Provider
LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 9.10%, Secured Debt (Maturity - March 31, 2022)
3 month LIBOR
6,563

6,504

6,530

American Teleconferencing Services, Ltd. (8)
Provider of Audio Conferencing and Video Collaboration Solutions
LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 9.24%, Secured Debt (Maturity - December 8, 2021)
2 month LIBOR
14,374

13,778

9,433

 
 
 
 
 
 
 
Apex Linen Service, Inc. (10) (13)
Industrial Launderers
16.00% Secured Debt (Maturity - October 30, 2022)
None
$
3,604

$
3,562

$
3,562

 
 
LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 11.49%, Secured Debt (Maturity - October 30, 2022) (8)
1 month LIBOR
600

600

600

 
 
 
 
 
4,162

4,162

APTIM Corp
Engineering, Construction and Procurement
7.75% Secured Debt (Maturity - June 15, 2025)
None
6,952

6,185

5,370

Arcus Hunting, LLC (8) (11)
Manufacturer of Bowhunting and Archery Products and Accessories
LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 9.80%, Secured Debt (Maturity - November 13, 2019)
1 month LIBOR
6,764

6,741

6,764

Arise Holdings, Inc. (11)
Tech-enabled business process outsourcing
Preferred Stock (1,000,000 shares)
—
—

1,000

1,704

ASC Ortho Management Company, LLC (11)
Provider of Orthopedic Services
LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 10.30%, Secured Debt (Maturity - August 31, 2023) (8)
3 month LIBOR
4,631

4,537

4,485

 
 
13.25% PIK Secured Debt (Maturity - December 1, 2023) (14)
None
1,625

1,586

1,589

 
 
 
 
 
6,123

6,074

ATI Investment Sub, Inc. (8)
Manufacturer of Solar Tracking Systems
LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 9.75%, Secured Debt (Maturity - June 22, 2021)
1 month LIBOR
3,634

3,572

3,383

ATX Networks Corp. (8) (9)
Provider of Radio Frequency Management Equipment
LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.60%, Secured Debt (Maturity - June 11, 2021)
3 month LIBOR
13,945

13,804

13,248

BarFly Ventures, LLC (11)
Casual Restaurant Group
12.00% Secured Debt (Maturity - August 31, 2020)
None
3,395

3,365

3,342

 
 
Warrants (.410 equivalent units, Expiration - August 31, 2025)
—
—

158

137

 
 
Options (.99 equivalent units)
—
—

202

313

 
 
 
 
 
3,725

3,792

BBB Tank Services, LLC (10) (13)
Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market
LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 13.49%, Secured Debt (Maturity - April 8, 2021)
None
1,100

1,094

1,066

 
 
Preferred Stock (28,280 units)
—
—

28

29

 
 
Member Units (200,000 units)
—
—

200

58

 
 
 
 
 
1,322

1,153

Berry Aviation, Inc. (11)
Airline Charter Service Operator
10.50% Current / 1.50% PIK, Secured Debt (Maturity - January 6, 2024) (14)
None
4,496

4,435

4,496

 
 
Preferred Member Units (Berry Acquisition, LLC) (1,548,387 units, 8.00% cumulative) (16)
—
—
1,548

1,640

 
 
 
 
 
5,983

6,136

BigName Commerce, LLC (8) (11)
Provider of Envelopes and Complimentary Stationery Products
LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 9.84%, Secured Debt (Maturity - May 11, 2022)
1 month LIBOR
2,443

2,423

2,408

Binswanger Enterprises, LLC (8) (11)
Glass Repair and Installation Service Provider
LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.62%, Secured Debt (Maturity - March 9, 2022)
3 month LIBOR
14,175

13,991

14,175

 
 
Member Units (1,050,000 units)
—
—

1,050

1,230

 
 
 
 
 
15,041

15,405

Bluestem Brands, Inc. (8)
Multi-Channel Retailer of General Merchandise
LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 10.24%, Secured Debt (Maturity - November 6, 2020)
3 month LIBOR
11,995

11,901

8,862

Boccella Precast Products, LLC (10) (13)
Manufacturer of Precast Hollow Core Concrete
LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 12.80%, Secured Debt (Maturity - June 30, 2022) (8)
3 month LIBOR
3,931

3,861

3,931

 
 
Member Units (540,000 units) (16)
—
—

540

1,228

 
 
 
 
 
4,401

5,159

 
 
 
 
 
 
 
Brightwood Capital Fund Investments (9) (15)
Investment Partnership
LP Interests (Brightwood Capital Fund III, LP) (Fully diluted 1.60%) (16)
—
$
—

$
4,075

$
3,488

 
 
LP Interests (Brightwood Capital Fund IV, LP) (Fully diluted 0.80%) (16)
—
—

5,037

5,126

 
 
 
 
 
9,112

8,614

Buca C, LLC (10) (13)
Casual Restaurant Group
LIBOR Plus 9.25% (Floor 1.00%), Current Coupon 11.73%, Secured Debt (Maturity - June 30, 2020) (8)
1 month LIBOR
12,670

12,595

12,595

 
 
Preferred Member Units (4 units, 6.00% cumulative) (16)
—
—

2,866

2,997

 
 
 
 
 
15,461

15,592

Cadence Aerospace, LLC (8) (11)
Aerospace Manufacturing
LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 9.10%, Secured Debt (Maturity - November 14, 2023)
3 month LIBOR
19,420

19,259

19,420

CAI Software, LLC (10) (13)
Provider of Specialized Enterprise Resource Planning Software
12.00% Secured Debt (Maturity - December 7, 2023)
None
2,720

2,719

2,720

 
 
Member Units (16,742 units) (16)
—
—

188

679

 
 
 
 
 
2,907

3,399

Cenveo Corporation
Provider of Commercial Printing, Envelopes, Labels, Printed Office Products
LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 11.49%, Secured Debt (Maturity - June 7, 2023) (8)
1 month LIBOR
4,995

4,636

4,645

 
 
Common Stock (138,889 shares)
—
—
4,163

1,979

 
 
 
 
 
8,799

6,624

Clarius BIGS, LLC (11) (18)
Prints & Advertising Film Financing
15.00% PIK Secured Debt (Maturity - January 5, 2015) (18)
None
2,128

1,870

32

 
 
20.00% PIK Secured Debt (Maturity - January 5, 2015) (18)
None
770

677

12

 
 
 
 
 
2,547

44

Clickbooth.com, LLC (8) (11)
Provider of Digital Advertising Performance Marketing Solutions
LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 11.31%, Secured Debt (Maturity - December 5, 2022)
3 month LIBOR
2,908

2,860

2,906

Construction Supply Investments, LLC (11)
Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors
LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity - June 30, 2023) (8)
1 month LIBOR
14,968

14,902

14,932

 
 
Member units (42,207 units)
—
—

4,221

5,050

 
 
 
 
 
19,123

19,982

CTVSH, PLLC (8) (11) (13)
Emergency Care and Specialty Service Animal Hospital
LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.63%, Secured Debt (Maturity - August 3, 2022)
1 month LIBOR
2,675

2,635

2,675

Datacom, LLC (10) (13) (18)
Technology and Telecommunications Provider
10.50% PIK Secured Debt (Maturity - May 30, 2019) (18)
None
1,384

1,377

1,082

 
 
8.00% Secured Debt (Maturity - May 30, 2018) (18)
None
200

200

188

 
 
Class A Preferred Member Units (1,530 units)
—
—

144

—

 
 
Class B Preferred Member Units (717 units)
—
—

670

—

 
 
 
 
 
2,391

1,270

Digital River, Inc. (8)
Provider of Outsourced e-Commerce Solutions and Services
LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.60%, Secured Debt (Maturity - February 12, 2021)
3 month LIBOR
9,779

9,718

9,534

DTE Enterprises, LLC (11)
Industrial Powertrain Repair and Services
LIBOR Plus 7.50% (Floor 1.50%), Current Coupon 10.00%, Secured Debt (Maturity - April 13, 2023) (8)
1 month LIBOR
11,992

11,783

11,992

 
 
Class AA Preferred Member Units (non-voting) (16)
—
—

778

797

 
 
Class A Preferred Member Units (776,316 units) (16)
—
—

776

1,440

 
 
 
 
 
13,337

14,229

Dynamic Communities, LLC (8) (11)
Developer of Business Events and Online Community Groups
LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.59%, Secured Debt (Maturity - July 17, 2023)
3 month LIBOR
5,530

5,430

5,383

Elite SEM, Inc. (8) (11)
Provider of Digital Marketing Agency Services
LIBOR Plus 8.44% (Floor 1.00%), Current Coupon 11.01%, Secured Debt (Maturity - February 1, 2022)
3 month LIBOR
6,875

6,757

6,857

Epic Y-Grade Services, LP (8)
NGL Transportation & Storage
LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity - June 13, 2024)
1 month LIBOR
$
17,500

$
17,186

$
17,106

Evergreen Skills Lux S.á r.l.
(d/b/a Skillsoft) (8) (9)
Technology-Based Performance Support Solutions
LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 10.75%, Secured Debt (Maturity - April 28, 2022) (14)
1 month LIBOR
10,900

10,605

4,524

Felix Investments Holdings II, LLC (8) (11)
Oil and Gas Exploration and Production
LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 9.20%, Secured Debt (Maturity - August 9, 2022)
3 month LIBOR
5,000

4,931

4,971

Flavors Holdings, Inc. (8)
Global Provider of Flavoring and Sweetening Products and Solutions
LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 8.35%, Secured Debt (Maturity - April 3, 2020)
3 month LIBOR
11,481

11,241

10,735

GoWireless Holdings, Inc. (8)
Provider of Wireless Telecommunications Carrier Services
LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 9.00%, Secured Debt (Maturity - December 22, 2024)
3 month LIBOR
15,533

15,408

15,241

Good Source Solutions, Inc. (8) (11)
Specialized Food Distributor
LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.60%, Secured Debt (Maturity - June 29, 2023)
3 month LIBOR
5,000

4,954

4,952

HDC/HW Intermediate Holdings, LLC (8) (11)
Managed Services and Hosting Provider
LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 10.11%, Secured Debt (Maturity - December 21, 2023)
3 month LIBOR
1,794

1,757

1,758

Hoover Group, Inc. (8) (9) (11)
Provider of Storage Tanks and Related Products to the Energy and Petrochemical Markets
LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 9.90%, Secured Debt (Maturity - January 28, 2021)
3 month LIBOR
14,659

14,117

14,219

 
 
LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.66%, Secured Debt (Maturity - January 28, 2020)
3 month LIBOR
6,050

5,695

5,679

 
 
 
 
 
19,812

19,898

Hunter Defense Technologies, Inc. (8) (11)
Provider of Military and Commercial Shelters and Systems
LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 9.60%, Secured Debt (Maturity - March 29, 2023)
3 month LIBOR
8,696

8,561

8,696

HW Temps LLC (10) (13)
Temporary Staffing Solutions
8.00% Secured Debt (Maturity - March 29, 2023)
None
2,740

2,673

2,408

Hydrofarm Holdings, LLC (8) (11)
Wholesaler of Horticultural Products
LIBOR Plus 10.00%, Current Coupon 3.75% / 8.74% PIK, Current Coupon Plus PIK 12.49%, Secured Debt (Maturity - May 12, 2022)
1 month LIBOR
7,145

7,028

5,666

iEnergizer Limited (8) (9)
Provider of Business Outsourcing Solutions
LIBOR Plus 6.00% (Floor 1.25%), Current Coupon 8.50%, Secured Debt (Maturity - May 1, 2019)
1 month LIBOR
11,244

11,252

11,258

Implus Footcare, LLC (8) (11)
Provider of Footwear and Related Accessories
LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 9.35%, Secured Debt (Maturity - April 30, 2021)
3 month LIBOR
17,106

16,969

17,106

Independent Pet Partners Intermediate Holdings, LLC (8) (11)
Omnichannel Retailer of Specialty Pet Products
LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 11.80%, Secured Debt (Maturity - November 19, 2023) (14)
6 month LIBOR
10,946

10,732

10,727

 
 
Member Units (1,191,667 units)
—
—

1,192

1,192

 
 
 
 
 
11,924

11,919

Industrial Services Acquisitions, LLC (11)
Industrial Cleaning Services
6.00% Current / 7.00% PIK, Current Coupon 13.00%, Unsecured Debt (Maturity - December 17, 2022) (17)
None
11,398

11,203

11,398

 
 
Member Units (Industrial Services Investments, LLC) (336 units; 10.00% cumulative)
—
—

202

202

 
 
Member Units (Industrial Services Investments, LLC) (2,100,000 units)
—
—

2,100

887

 
 
 
 
 
13,505

12,487

Inn of the Mountain Gods Resort and Casino
Hotel & Casino Owner & Operator
9.25% Secured Debt (Maturity - November 30, 2020) (14)
None
8,179

8,179

8,098

Intermedia Holdings, Inc. (8)
Unified Communications as a Service
LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity - July 19, 2025)
1 month LIBOR
11,543

11,435

11,571

Isagenix International, LLC (8)
Direct Marketer of Health and Wellness Products
LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 8.35%, Secured Debt (Maturity - June 14, 2025)
3 month LIBOR
6,187

6,130

5,553

Jacent Strategic Merchandising, LLC (8) (11)
General Merchandise Distribution
LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 9.98%, Secured Debt (Maturity -September 16, 2020)
1 month LIBOR
$
10,161

$
10,074

$
10,109

Jackmont Hospitality, Inc. (8) (11)
Franchisee of Casual Dining Restaurants
LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 9.25%, Secured Debt (Maturity - May 26, 2021)
1 month LIBOR
8,276

8,263

8,276

Joerns Healthcare, LLC (8)
Manufacturer and Distributor of Health Care Equipment & Supplies
LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.63%, Secured Debt (Maturity - May 9, 2020)
3 month LIBOR
11,119

11,034

9,340

Kellermeyer Bergensons Services, LLC (8)
Outsourced Janitorial Services to Retail/Grocery Customers
LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 11.25%, Secured Debt (Maturity - April 29, 2022) (14)
3 month LIBOR
14,700

14,638

14,829

Knight Energy Services LLC (11)
Oil and Gas Equipment and Services
8.50% Secured Debt (Maturity - February 9, 2024)
None
776

776

776

 
 
Class A-2 Shares (25,692 units)
—
—

1,843

1,843

 
 
 
 
 
2,619

2,619

Larchmont Resources, LLC
Oil & Gas Exploration & Production
LIBOR Plus 9.00% (Floor 1.00%) PIK, 11.61% PIK Secured Debt (Maturity - August 7, 2020) (8)
3 month LIBOR
3,898

3,898

3,800

 
 
Member units (Larchmont Intermediate Holdco, LLC) (4,806 units)
—
—

601

1,201

 
 
 
 
 
4,499

5,001

Laredo Energy VI, LP (8) (11)
Oil and Gas Exploration and Production
LIBOR Plus 10.50% (Floor 2.00%), Current Coupon 13.36%, Secured Debt (Maturity - November 19, 2021)
3 month LIBOR
8,532

8,289

8,289

Logix Acquisition Company, LLC (8) (11)
Competitive Local Exchange Carrier
LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 8.25%, Secured Debt (Maturity - December 22, 2024) (23)
1 month LIBOR
9,603

9,520

9,675

LSF9 Atlantis Holdings, LLC (8)
Provider of Wireless Telecommunications Carrier Services
LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.48%, Secured Debt (Maturity - May 1, 2023)
1 month LIBOR
13,388

13,306

12,492

Lulu’s Fashion Lounge, LLC (8)(11)
Fast Fashion E-Commerce Retailer
LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity - August 28, 2022)
1 month LIBOR
6,051

5,911

5,870

Meisler Operating, LLC (10) (13)
Provider of Short Term Trailer and Container Rental
LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 10.04%, Secured Debt (Maturity - June 7, 2022) (8)
3 month LIBOR
6,060

5,939

5,945

 
 
Member Units (Milton Meisler Holdings, LLC) (12,139 units)
—
—

1,214

1,680

 
 
 
 
 
7,153

7,625

MHVC Acquisition Corp. (8)
Provider of Differentiated Information Solutions, Systems Engineering and Analytics
LIBOR Plus 5.25% (Floor 1.00%), Current Coupon 7.75%, Secured Debt (Maturity - April 29, 2024)
1 month LIBOR
7,840

7,798

7,566

Mills Fleet Farm Group, LLC (8) (11)
Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 8.75%, Secured Debt (Maturity - October 24, 2024)
1 month LIBOR
14,963

14,679

14,963

Mobileum, Inc. (8) (11)
Provider of Big Data Analytics to Telecom Service Providers
LIBOR Plus 10.25% (Floor 0.75%), Current Coupon 12.86%, Secured Debt (Maturity - May 1, 2022) (14)
3 month LIBOR
7,500

7,434

7,434

New Era Technology, Inc. (8) (11)
Managed Services and Hosting Provider
LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 9.13%, Secured Debt (Maturity - June 22, 2023)
3 month LIBOR
8,678

8,537

8,556

New Media Holdings II LLC (8) (9)
Local Newspaper Operator
LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 8.75%, Secured Debt (Maturity - July 14, 2022)
1 month LIBOR
9,694

9,606

9,657

NNE Partners, LLC (8) (11)
Oil & Gas Exploration & Production
LIBOR Plus 8.00%, (Floor 0.00%) Current Coupon 10.62%, Secured Debt (Maturity - March 2, 2022)
3 month LIBOR
20,417

20,283

20,417

North American Lifting Holdings, Inc. (8)
Crane Service Provider
LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 7.10%, Secured Debt (Maturity - November 27, 2020)
3 month LIBOR
6,228

5,840

5,854

Novetta Solutions, LLC (8)
Provider of Advanced Analytics Solutions for Defense Agencies
LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - October 17, 2022)
1 month LIBOR
14,939

14,629

14,668

NTM Acquisition Corp. (8)
Provider of B2B Travel Information Content
LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 8.75%, Secured Debt (Maturity - June 7, 2022)
1 month LIBOR
4,035

4,007

3,975

Pasha Group (8)
Diversified Logistics and Transportation Provided
LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 10.07%, Secured Debt (Maturity - January 26, 2023)
2 month LIBOR
$
10,449

$
10,177

$
10,534

Permian Holdco 2, Inc.
Storage Tank Manufacturer
14.00% PIK Unsecured Debt (Maturity - October 15, 2021) (17)
None
1,025

1,025

738

 
 
18.00% PIK Unsecured Debt (Maturity - June 30, 2022) (17)
None
683

683

683

 
 
Series A Preferred Shares (Permian Holdco 1, Inc.) (386,255 shares) (16)
—
—

1,997

825

 
 
Common Shares (Permian Holdco 1, Inc.) (386,255 shares)
—
—

—

—

 
 
 
 
 
3,705

2,246

Pier 1 Imports, Inc. (8)
Decorative Home Furnishings Retailer
LIBOR Plus 3.50% (Floor 1.00%), Current Coupon 6.38%, Secured Debt (Maturity - April 30, 2021)
3 month LIBOR
7,435

7,173

4,015

PricewaterhouseCoopers Public Sector LLP (8) (14)
Provider of Consulting Services to Governments
LIBOR Plus 7.50%, Current Coupon 10.00%, Secured Debt (Maturity - May 1, 2026)
1 month LIBOR
13,100

13,055

12,936

Prowler Acquisition Corporation (8)
Specialty Distributor to the Energy Sector
LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - January 28, 2020)
1 month LIBOR
12,248

11,739

12,309

Rise Broadband (8) (11)
Fixed Wireless Broadband Provider
LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.49%, Secured Debt (Maturity - May 2, 2023)
3 month LIBOR
14,850

14,722

14,850

RM Bidder, LLC (11)
Scripted and Unscripted TV and Digital Programming Provider
Common Stock (1,854 shares)
—
—

31

7

 
 
Series A Warrants (124,915 equivalent units, Expiration - October 20, 2025)
—
—

284

—

 
 
Series B Warrants (93,686 equivalent units, Expiration - October 20, 2025)
—
—

—

—

 
 
 
 
 
315

7

Salient Partners, LP (8) (11)
Provider of Asset Management Services
LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 8.25%, Secured Debt (Maturity - June 9, 2021)
1 month LIBOR
7,125

7,132

7,096

Slick Software Holdings LLC (10) (13)
Text Messaging Marketing Platform
14.00% Secured Debt (Maturity - September 13, 2023)
—
1,720

1,625

1,627

 
 
Member units (17,500 units)
—
—

175

175

 
 
Warrants (4,521 equivalent units, Expiration - September 13, 2028)
—
—

45

45

 
 
 
 
 
1,845

1,847

Smart Modular Technologies, Inc. (8) (9) (11)
Provider of Specialty Memory Solutions
LIBOR Plus 6.25%, (Floor 1.00%), Current Coupon 8.95%, Secured Debt (Maturity - August 9, 2022)
3 month LIBOR
19,000

18,807

19,095

Sorenson Communications, Inc. (8)
Manufacturer of Communication Products for Hearing Impaired
LIBOR Plus 5.75% (Floor 2.25%), Current Coupon 8.25%, Secured Debt (Maturity - April 30, 2020)
1 month LIBOR
2,908

2,901

2,879

STL Parent Corp (8)
Manufacturer and Servicer of Tank and Hopper Railcars
LIBOR Plus 7.00% (Floor 0.00%), Current Coupon 9.50%, Secured Debt (Maturity - December 5, 2022)
1 month LIBOR
11,925

11,532

11,567

Strike, LLC (8)
Pipeline Construction and Maintenance Services
LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.65%, Secured Debt (Maturity - November 30, 2022)
6 month LIBOR
8,875

8,691

8,842

TE Holdings, LLC
Oil & Gas Exploration & Production
Common Units (72,785 units)
—
—

728

36

Teleguam Holdings, LLC (8)
Cable and Telecom Services Provider
LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 11.00%, Secured Debt (Maturity - April 12, 2024) (14)
1 month LIBOR
7,750

7,624

7,798

TGP Holdings III LLC (8)
Outdoor Cooking & Accessories
LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 11.10%, Secured Debt (Maturity - September 25, 2025) (14)
3 month LIBOR
5,000

5,000

4,800

TMC Merger Sub Corp (8)
Refractory & Maintenance Services Provider
LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 9.25%, Secured Debt (Maturity - October 31, 2022) (25)
1 month LIBOR
18,413

18,218

18,321

TOMS Shoes, LLC (8)
Global Designer, Distributor, and Retailer of Casual Footwear
LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity - October 30, 2020)
1 month LIBOR
4,800

4,651

3,804

Turning Point Brands, Inc. (8) (9) (11)
Marketer/Distributor of Tobacco Products
LIBOR Plus 7.00% (Floor 0.00%), Current Coupon 9.48%, Secured Debt (Maturity - March 7, 2024) (14)
1 month LIBOR
$
8,500

$
8,427

$
8,585

TVG-I-E CMN Acquisition, LLC (8) (11)
Organic Lead Generation for Online Postsecondary Schools
LIBOR Plus 6.00%, (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity - November 3, 2021)
1 month LIBOR
19,377

19,096

19,377

U.S. Telepacific Corp. (8)
Provider of Communications and Managed Services
LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 7.60%, Secured Debt (Maturity - May 2, 2023)
3 month LIBOR
16,453

16,127

16,011

VIP Cinema Holdings, Inc. (8)
Supplier of Luxury Seating to the Cinema Industry
LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity - March 1, 2023)
1 month LIBOR
9,000

8,967

8,415

Vistar Media, Inc. (11)
Operator of Digital Out-of-Home Advertising Platform
LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 12.62%, Secured Debt (Maturity - February 16, 2022) (8)
3 month LIBOR
3,263

3,060

3,263

 
 
Warrants (70,207 equivalent units, Expiration - February 17, 2027)
—
—

331

640

 
 
 
 
 
3,391

3,903

Volusion, LLC (10) (13)
Provider of Online Software-as-a-Service eCommerce Solutions
11.50% Secured Debt (Maturity - January 24, 2020)
None
8,672

8,336

8,336

 
 
8.00% Unsecured Convertible Debt (Maturity - November 16, 2023)
None
175

175

175

 
 
Preferred Member Units (2,090,001 units)
—
—

6,000

6,000

 
 
Warrants (784,866.80 equivalent units, Expiration - January 26, 2025)
—
—

1,104

810

 
 
 
 
 
15,615

15,321

Wireless Vision Holdings, LLC (8) (11)
Provider of Wireless Telecommunications Carrier Services
LIBOR Plus 9.91% (Floor 1.00%), Current Coupon 11.41% / 1.00% PIK, Current Coupon Plus PIK 12.41%, Secured Debt (Maturity - September 29, 2022) (23)
1 month LIBOR
14,130

13,747

13,973

YS Garments (8)
Designer and Provider of Branded Activewear
LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.41%, Secured Debt (Maturity - August 9, 2024)
1 month LIBOR
7,406

7,338

7,304

Subtotal Non-Control/Non-Affiliate Investments (5) (81% of total portfolio investments at fair value)
 
 
$
929,741

$
902,841

 
 
 
 
 
 
 
Total Portfolio Investments
 
 
 
 
$
1,113,450

$
1,110,128

 
 
 
 
 
 
 
Short Term Investments (20)
 
 
 
 
 
 
Fidelity Institutional Money Market Funds (21)
—
Prime Money Market Portfolio, Class III Shares
—
—

$
5,606

$
5,606

US Bank Money Market Account (21)
—
—
—
—

7,040

7,040

 
 
 
 
 
 
 
Total Short Term Investments
 
 
 
 
$
12,646

$
12,646


(1) All investments are Middle Market (as defined in the notes to the financial statements) portfolio investments, unless otherwise noted. All of the assets of HMS Income Fund, Inc. (together with its consolidated subsidiaries, the “Company”) are encumbered as security for the Company’s credit agreements. See Note 5 — Borrowings.
(2) Debt investments are income producing, unless otherwise noted. Equity investments and warrants are non-income producing, unless otherwise noted.
(3) See Note 3 — Fair Value Hierarchy for Investments for summary geographic location of portfolio companies.
(4) Affiliate investments are generally defined by the Investment Company Act of 1940, as amended (the “1940 Act”), as investments in which between 5% and 25% of the voting securities are owned, or an investment in an investment company’s investment adviser, and the investments are not classified as Control investments. Fair value as of December 31, 2018 and March 31, 2019 along with transactions during the three months ended March 31, 2019 in these affiliated investments were as follows (in thousands):
 
 
 
Three Months Ended March 31, 2019
 
 
 
Three Months Ended March 31, 2019
Portfolio Company
Fair Value at December 31, 2018
 
Gross Additions (Cost)*
 
Gross Reductions (Cost)**
 
Net Unrealized Gain (Loss) ***
 
Fair Value at March 31, 2019
 
Net Realized Gain (Loss)
Interest Income
Fee Income
Dividend Income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Affiliate Investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AFG Capital Group, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Member units
$
995

 
$
—

 
$
—

 
$
97

 
$
1,092

 
$
—

$
—

$
—

$
—

Warrants
237

 
—

 
—

 
23

 
260

 
—

—

—

—

Brewer Crane Holdings, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Term loan
2,347

 
3

 
(31
)
 
—

 
2,319

 
—

76

—

—

Preferred member units
1,070

 
—

 
—

 
—

 
1,070

 
—

—

—

8

Centre Technologies Holdings, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Term loan
$
—

 
$
3,062

 
$
(67
)
 
$
6

 
$
3,001

 
$
—

$
89

$
7

$
—

Preferred member units
—

 
1,460

 
—

 
—

 
1,460

 
—

—

—

—

Chamberlin HoldCo, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Term loan
4,933

 
5

 
—

 
—

 
4,938

 
—

167

15

—

Member units
4,735

 
—

 
—

 
545

 
5,280

 
—

—

—

36

Member units
183

 
—

 
—

 
—

 
183

 
—

—

—

—

Charlotte Russe, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Term loan
3,090

 
—

 
(6,236
)
 
3,146

 
—

 
(5,430
)
(84
)
—

—

Common stock
—

 
—

 
—

 
—

 
—

 
—

—

—

—

Charps, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Term loan
2,975

 
6

 
(167
)
 
(6
)
 
2,808

 
—

89

—

—

Preferred member units
568

 
—

 
—

 
370

 
938

 
—

—

—

30

Clad-Rex Steel, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Term loan
3,020

 
3

 
—

 
(3
)
 
3,020

 
—

90

—

—

Member units
2,653

 
—

 
—

 
—

 
2,653

 
—

—

—

13

Term loan (Clad-Rex Steel RE Investor, LLC)
288

 
—

 
(2
)
 
—

 
286

 
—

7

—

—

Member units (Clad-Rex Steel RE Investor, LLC)
88

 
—

 
—

 
—

 
88

 
—

—

—

—

Copper Trail Energy Fund I, LP
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LP interests
—

 
4,029

 
—

 
(99
)
 
3,930


—

—

6

(250
)
Digital Products Holdings LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Term loan
6,320

 
6

 
(83
)
 
—

 
6,243

 
—

206

—

—

Preferred member units
2,116

 
—

 
—

 
(125
)
 
1,991

 
—

—

—

25

Direct Marketing Solutions, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Term loan
4,404

 
5

 
(59
)
 
—

 
4,350

 
—

154

—

—

Preferred stock
3,725

 
—

 
—

 
313

 
4,038

 
—

—

—

—

Freeport Financial Funds
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LP interests
10,980

 
—

 
(1,399
)
 
—

 
9,581

 
—

—

—

255

Gamber-Johnson Holdings, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Term loan
5,371

 
7

 
(216
)
 
(7
)
 
5,155

 
—

139

—

—

Common stock
11,365

 
—