UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________
 FORM 10-Q
(Mark One) 
þQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended September 30, 2020
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
________________
MSC 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.)
1300 Post Oak Boulevard, 8th Floor
Houston, Texas
(Address of Principal Executive Offices)
77056
(Zip Code)
 (713) 350-6000
(Registrant’s telephone number, including area code)

HMS Income Fund, Inc.
2800 Post Oak Boulevard, Suite 5000
Houston, Texas 77056
(Former name, former address and formal fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
NoneN/AN/A
 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 oNo þ

The issuer had 79,608,304 shares of common stock outstanding as of November 11, 2020.




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)
September 30, 2020December 31, 2019
 (Unaudited)
ASSETS  
Portfolio investments at fair value:  
Non-Control/Non-Affiliate investments (amortized cost: $772,439 and $878,632 as of September 30, 2020 and December 31, 2019, respectively)$709,368 $838,643 
Affiliate investments (amortized cost: $145,735 and $144,006 as of September 30, 2020 and December 31, 2019, respectively)158,505 154,158 
Control investments (amortized cost: $18,287 and $17,417 as of September 30, 2020 and December 31, 2019, respectively)34,785 34,796 
Total portfolio investments (amortized cost: $936,461 and $1,040,055 as of September 30, 2020 and December 31, 2019, respectively)902,658 1,027,597 
Cash and cash equivalents14,682 21,846 
Restricted cash16,611 — 
Interest receivable8,578 8,749 
Prepaid and other assets3,174 4,403 
Deferred financing costs (net of accumulated amortization of $3,541 and $2,990 as of September 30, 2020 and December 31, 2019, respectively)3,067 3,516 
Total assets$948,770 $1,066,111 
LIABILITIES  
Accounts payable and other liabilities$3,721 $1,684 
Stockholder distributions payable— 4,669 
Base management and incentive fees payable4,698 5,388 
Due to affiliates44 
Directors’ fees payable76 21 
Credit facilities payable375,129 445,000 
Total liabilities383,629 456,806 
Commitments and Contingencies (Note 11)
NET ASSETS  
Common stock, $.001 par value; 150,000,000 shares authorized, 79,608,304 and 78,463,377 issued and outstanding as of September 30, 2020 and December 31, 2019, respectively80 78 
Additional paid-in capital683,154 675,554 
Accumulated loss(118,093)(66,327)
Total net assets565,141 609,305 
Total liabilities and net assets$948,770 $1,066,111 
Net asset value per share$7.10 $7.77 

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 EndedNine Months Ended
 September 30, 2020September 30, 2019September 30, 2020September 30, 2019
INVESTMENT INCOME:    
From non-control/non-affiliate investments:
Interest income$14,912 $22,243 $51,308 $69,040 
Fee income30 325 943 750 
Dividend income121 (72)510 1,114 
From affiliate investments:
Interest income2,282 2,514 7,035 7,318 
Fee income33 28 97 90 
Dividend income1,361 1,001 3,997 2,035 
From control investments:
Interest income153 161 491 428 
Fee income20 18 59 53 
Dividend income607 1,598 1,326 4,797 
Total investment income19,519 27,816 65,766 85,625 
EXPENSES:    
Interest expense4,000 6,214 13,503 19,942 
Base management and incentive fees4,701 6,707 14,325 20,796 
Internal administrative services expenses959 735 2,495 2,233 
Offering costs28 94 205 285 
Professional fees(106)114 987 814 
Insurance103 114 310 210 
Other general and administrative806 595 1,911 1,651 
Expenses before fee and expense waivers10,491 14,573 33,736 45,931 
Waiver of incentive fees— — — — 
Waiver of internal administrative services expenses(959)(735)(2,495)(2,233)
Total expenses, net of fee and expense waivers9,532 13,838 31,241 43,698 
Net investment income before taxes9,987 13,978 34,525 41,927 
Income tax expense, including excise tax97 82 192 241 
NET INVESTMENT INCOME9,890 13,896 34,333 41,686 
NET REALIZED LOSS ON INVESTMENTS    
Non-Control/Non-Affiliate investments(17,868)(11,026)(31,507)(12,098)
Affiliate investments— — (4,054)(5,266)
Control investments— (35)— (633)
Total net realized loss on investments(17,868)(11,061)(35,561)(17,997)
NET REALIZED INCOME (LOSS)(7,978)2,835 (1,228)23,689 
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS    
Non-Control/Non-Affiliate investments43,467 2,579 (24,753)755 
Affiliate investments4,157 237 2,617 4,674 
Control investments300 112 (881)7,241 
Total net change in unrealized appreciation (depreciation) on investments47,924 2,928 (23,017)12,670 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS$39,946 $5,763 $(24,245)$36,359 
PER SHARE INFORMATION - BASIC AND DILUTED
NET INVESTMENT INCOME PER SHARE$0.12 $0.18 $0.43 $0.53 
NET REALIZED INCOME (LOSS) PER SHARE$(0.11)$0.04 $(0.02)$0.30 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE (EARNINGS PER SHARE)$0.50 $0.07 $(0.31)$0.46 
WEIGHTED AVERAGE SHARES OUTSTANDING – BASIC AND DILUTED79,608,304 78,794,751 79,079,204 78,807,179 
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 EndedNine Months Ended
September 30, 2020September 30, 2019September 30, 2020September 30, 2019
Change in Net Assets from Operations:
Net investment income
$9,890 $13,896 $34,333 $41,686 
Net realized loss on investments(17,868)(11,061)(35,561)(17,997)
Net change in unrealized appreciation (depreciation) on investments
47,924 2,928 (23,017)12,670 
Net increase (decrease) in net assets resulting from operations
39,946 5,763 (24,245)36,359 
Change in Net Assets from Stockholders’ Distributions:
Net decrease in net assets resulting from stockholders’ distributions
— (13,900)(27,520)(41,260)
Change in Net Assets from Capital Share Transactions:
Reinvestment of stockholder distributions
1,920 6,247 13,695 18,982 
Repurchase of common stock
— (6,382)(6,094)(19,345)
Net increase (decrease) in net assets resulting from capital share transactions
1,920 (135)7,601 (363)
Total Increase (Decrease) in Net Assets41,866 (8,272)(44,164)(5,264)
Net Assets at beginning of the period523,275 628,374 609,305 625,366 
Net Assets at end of the period$565,141 $620,102 $565,141 $620,102 
NAV per share at end of the period$7.10 $7.90 $7.10 $7.90 
Distributions declared per share$— $0.17 $0.35 $0.52 
Common shares outstanding, beginning of the period79,317,628 78,530,056 78,463,377 78,584,824 
Issuance of common shares pursuant to distribution reinvestment plan290,676 773,449 1,936,415 2,342,092 
Repurchase of common shares— (804,779)(791,488)(2,428,190)
Common shares outstanding, end of the period79,608,304 78,498,726 79,608,304 78,498,726 

See notes to the condensed consolidated financial statements.

3


HMS Income Fund, Inc.
Condensed Consolidated Statements of Cash Flows
(dollars in thousands)
(Unaudited) 
 Nine Months Ended September 30, 2020Nine Months Ended September 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES  
Net increase (decrease) in net assets resulting from operations$(24,245)$36,359 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash generated from operating activities:
Principal repayments received and proceeds from sales of investments in portfolio companies147,792 280,055 
Investments in portfolio companies(72,635)(222,627)
Net change in unrealized (appreciation) depreciation on portfolio investments23,017 (12,670)
Net realized loss on sale of portfolio investments35,561 17,997 
Amortization of deferred financing costs1,078 1,011 
Amortization of deferred offering costs205 285 
Accretion of unearned income(4,230)(6,152)
Payment-in-kind interest accrual(3,230)(3,351)
Changes in other assets and liabilities: 
Interest receivable171 (298)
Prepaid and other assets1,560 501 
Base management and incentive fees payable(690)852 
Due to affiliates(39)109 
Directors’ fees payable55 
Accounts payable and other liabilities364 299 
Net cash generated from operating activities104,734 92,376 
CASH FLOWS FROM FINANCING ACTIVITIES  
Redemption of common stock(6,094)(19,345)
Payment of offering costs(205)(285)
Payment of stockholder distributions(18,494)(22,433)
Repayments on credit facilities payable(149,198)(196,500)
Proceeds from credit facilities payable79,327 145,500 
Payment of deferred financing costs(623)— 
Net cash used in financing activities(95,287)(93,063)
Net increase (decrease) in cash, cash equivalents and restricted cash9,447 (687)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT THE BEGINNING OF THE PERIOD21,846 21,757 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT THE END OF THE PERIOD$31,293 $21,070 
Supplemental cash flow disclosures:
Cash paid for interest$12,294 $18,999 
Cash paid for income taxes795 1,221 
Non-cash financing activities:
Stockholder distributions declared and unpaid— 4,521 
Stockholder distributions reinvested13,695 18,982 
Unpaid deferred financing costs
 
See notes to the condensed consolidated financial statements.

4


HMS Income Fund, Inc.
Condensed Consolidated Schedule of Investments
As of September 30, 2020
(dollars in thousands)
Portfolio Company (1) (3)Investment Date (27)Business DescriptionType of Investment (2) (3)Index Rate (22)Principal (7)Cost (7)Fair Value (26)
Control Investments (6)
CTMH, LP (9) (15)July 17, 2017Investment PartnershipLP Interests (CTMH, LP) (Fully diluted 38.8%)$— $872 $872 
GRT Rubber Technologies, LLC (10) (13)December 19, 2014Manufacturer of Engineered Rubber Products LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 7.16%, Secured Debt (Maturity - December 31, 2023) (8)1 month LIBOR8,262 8,245 8,262 
Member Units (2,896 units) (16)— 6,435 22,374 
14,680 30,636 
Harris Preston Fund Investments (9) (15)August 9, 2017Investment PartnershipLP Interests (2717 MH, LP) (Fully diluted 49.3%)— 2,735 3,277 
Subtotal Control Investments (6) (4% of total investments at fair value)$18,287 $34,785 
Affiliate Investments (4)
AFG Capital Group, LLC (10) (13)November 7, 2014Provider of Rent-to-Own Financing Solutions and Services10.00% Secured Debt (Maturity - May 25, 2022) (14)None$144 $144 $144 
Member Units (46 units) — 300 1,340 
444 1,484 
Analytical Systems Keco, LLC (10) (13)February 26, 2018Manufacturer of Liquid and Gas AnalyzersLIBOR Plus 10.00% (Floor 2.00%), Current Coupon 12.00%, Secured Debt (Maturity - August 16, 2024) (8)1 month LIBOR1,306 1,184 1,189 
Preferred Member Units (800 units)— 800 800 
Warrants (105 Equivalent Shares; Expiration - August 16, 2029; Strike Price - $0.01 per Share)— 79 88 
2,063 2,077 
Brewer Crane Holdings, LLC (10) (13)January 9, 2018Provider of Crane Rental and Operating ServicesLIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.00%, Secured Debt (Maturity - January 9, 2023) (8)1 month LIBOR2,170 2,147 2,147 
Preferred Member Units (737 units) (16)— 1,070 1,403 
3,217 3,550 
Centre Technologies Holdings, LLC (10) (13)January 4, 2019Provider of IT Hardware Services and Software SolutionsLIBOR Plus 10.00% (Floor 2.00%), Current Coupon 12.00%, Secured Debt (Maturity - January 4, 2024) (8)1 month LIBOR2,945 2,898 2,902 
Preferred Member Units (3,174 units)— 1,460 1,515 
4,358 4,417 
Chamberlin Holding, LLC (10) (13)February 26, 2018Roofing and Waterproofing Specialty SubcontractorLIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.00%, Secured Debt (Maturity - February 24, 2023) (8)1 month LIBOR3,993 3,925 3,993 
Member Units (1,087 units) (16)— 2,860 7,001 
Member Units (Chamberlin Langfield Real Estate, LLC) (1 unit) (16)— 262 230 
7,047 11,224 
Charlotte Russe, Inc.July 14, 2014Fast-Fashion Retailer to Young WomenCommon Stock (14,973 shares)— 2,470 — 
Charps, LLC (10) (13)February 3, 2017Pipeline Maintenance and Construction15.00% Secured Debt (Maturity - June 5, 2022) (14)None462 462 462 
Preferred Member Units (400 units) (16)— 100 2,350 
562 2,812 
Clad-Rex Steel, LLC (10) (13)December 20, 2016Specialty Manufacturer of Vinyl-Clad MetalLIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.50%, Secured Debt (Maturity - December 20, 2021) (8)1 month LIBOR2,720 2,703 2,703 
Member Units (179 units) (16)— 1,820 2,153 
10.00% Secured Debt (Clad-Rex Steel RE Investor, LLC) (Maturity - December 19, 2036)None280 277 277 
Member Units (Clad-Rex Steel RE Investor, LLC) (200 units)— 53 115 
4,853 5,248 
Cody Pools Holdings, LLC (10) (13)March 6, 2020Designer of Residential and Commercial PoolsLIBOR Plus 10.50% (Floor 1.75%), Current Coupon 12.25%, Secured Debt (Maturity - March 6, 2025) (8)1 Month LIBOR3,900 3,824 3,900 
Preferred Member Units (147 units) — 2,079 2,961 
5,903 6,861 
Copper Trail Energy Fund I, LP (9) (15) (16)July 17, 2017Investment PartnershipLP Interests (Copper Trail Energy Fund I, LP) (Fully diluted 12.4%)— 2,161 1,854 
Digital Products Holdings LLC (10) (13)April 2, 2018Designer and Distributor of Consumer ElectronicsLIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.00%, Secured Debt (Maturity - March 31, 2023) (8)1 month LIBOR$4,625 $4,569 $4,505 
Preferred Member Units (964 units) (16)— 2,375 1,727 
6,944 6,232 
Direct Marketing Solutions, Inc. (10) (13)February 13, 2018Provider of Omni-Channel Direct Marketing ServicesLIBOR Plus 11.00% (Floor 1.00%), Current Coupon 12.00%, Secured Debt (Maturity - February 13, 2023) (8)1 month LIBOR3,772 3,709 3,772 
Preferred Stock (2,100 shares)— 2,100 5,015 
5,809 8,787 
Freeport Financial Funds (9) (15) July 31, 2015Investment PartnershipLP Interests (Freeport First Lien Loan Fund III, LP) (Fully diluted 6.00%) (16)— 10,785 10,321 
Gamber-Johnson Holdings, LLC (10) (13)June 24, 2016Manufacturer of Ruggedized Computer Mounting SystemsLIBOR Plus 6.50% (Floor 2.00%), Current Coupon 8.50%, Secured Debt (Maturity - June 24, 2021) (8)1 month LIBOR4,960 4,920 4,960 
Member Units (2,155 units) (16)— 3,711 13,311 
8,631 18,271 
Gulf Publishing Holdings, LLC (10) (13)April 29, 2016Energy Industry Focused Media and Publishing6.25% Current / 6.25% PIK, Secured Debt (Maturity - April 29, 2021)None3,218 3,207 2,941 
LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 5.25% / 5.25% PIK, Current Coupon Plus PIK 10.50%, Secured Debt (Maturity - September 30, 2020) (8)1 month LIBOR61 61 61 
Member Units (920 units)— 920 — 
4,188 3,002 
Harris Preston Fund Investments (9) (15)September 19, 2017Investment PartnershipLP Interests (HPEP 3, LP) (Fully diluted 8.20%)— 3,071 3,071 
Hawk Ridge Systems, LLC (9) (10) (13)December 2, 2016Value-Added Reseller of Engineering Design and Manufacturing Solutions11.00% Secured Debt (Maturity - December 2, 2021)None3,350 3,330 3,350 
LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - December 2, 2021) (8)1 month LIBOR246 248 248 
Preferred Member Units (56 units) (16)— 713 2,008 
Preferred Member Units (HRS Services, ULC) (56 units)— 38 105 
4,329 5,711 
J&J Services, Inc. (10) (13)October 31, 2019Provider of Dumpster and Portable Toilet Rental Services11.50% Secured Debt (Maturity - October 31, 2024)None3,600 3,541 3,600 
Preferred Stock (696.15 shares)— 1,771 2,979 
5,312 6,579 
Kickhaefer Manufacturing Company, LLC (10) (13)October 31, 2018Precision Metal Parts Manufacturing9.50% Current / 2.00% PIK Secured Debt (Maturity - October 31, 2023)None5,893 5,773 5,776 
9.00% Secured Debt (Maturity October 31, 2048)None990 980 980 
Member Units (145 units)— 3,060 3,039 
Member Units (KMC RE Investor, LLC) (200 units) (16)— 248 290 
10,061 10,085 
Market Force Information, Inc. (10) (13)July 28, 2017Provider of Customer Experience Management Services12.00% PIK Secured Debt (Maturity - July 28, 2023) (18)6,519 6,463 3,429 
Member Units (185,980 units)— 4,160 — 
10,623 3,429 
M.H. Corbin Holding LLC (10) (13)August 31, 2015Manufacturer and Distributor of Traffic Safety Products13.00% Secured Debt (Maturity - March 15, 2022)None2,163 2,146 2,150 
Preferred Member Units (16,500 units)— 1,100 740 
Common Units (1,000 units)— 1,500 — 
4,746 2,890 
Mystic Logistics Holdings, LLC (10) (13)August 18, 2014Logistics and Distribution Services Provider for Large Volume Mailers12.00% Secured Debt (Maturity - January 17, 2022)None1,683 1,682 1,681 
Common Stock (1,468 shares)— 680 2,543 
2,362 4,224 
NexRev, LLC (10) (13)February 28, 2018Provider of Energy Efficiency Products & Services11.00% PIK Secured Debt (Maturity - February 28, 2023)None$4,328 $4,277 $4,150 
Preferred Member Units (21,600,000 units) (16)— 1,720 237 
5,997 4,387 
NuStep, LLC (10) (13)January 31, 2017Designer, Manufacturer and Distributor of Fitness Equipment12.00% Secured Debt (Maturity - January 31, 2022)None4,910 4,880 4,880 
Preferred Member Units (102 units)— 2,550 2,550 
7,430 7,430 
SI East, LLC (10) (13)August 31, 2018Rigid Industrial Packaging Manufacturing9.50% Secured Debt (Maturity - August 31, 2023)None10,988 10,875 10,988 
Preferred Member Units (52 units) (16)— 2,000 3,239 
12,875 14,227 
Tedder Acquisition, LLC (10) (13)August 31, 2018Manufacturer of Firearm Holsters and Accessories12.00% Secured Debt (Maturity - August 31, 2023)None4,260 4,177 4,177 
Preferred Member Units (120 units)— 2,034 2,034 
6,211 6,211 
Trantech Radiator Topco, LLC (10) (13)August 31, 2018Transformer Cooling Products and Services12.00% Secured Debt (Maturity - May 31, 2024)None2,180 2,119 2,180 
Common Stock (154 shares) (16)— 1,164 1,941 
3,283 4,121 
Subtotal Affiliate Investments (4) (18% of total investments at fair value)$145,735 $158,505 
Non-Control/Non-Affiliate Investments (5)
AAC Holdings Inc. (8)July 10, 2017Substance Abuse Treatment Service ProviderLIBOR Plus 9.75% (Floor 1.00%), Current Coupon 13.00%, Secured Debt (Maturity - June 30, 2023) (18)3 month LIBOR$14,450 $14,129 $6,454 
PRIME Plus 10.00% (Floor 1.00%), Current Coupon 13.25%, Secured Debt (Maturity - March 31, 2021)PRIME3,121 2,967 2,887 
17,096 9,341 
Adams Publishing Group, LLC (8) (11)November 19, 2015Local Newspaper OperatorLIBOR Plus 7.00% (Floor 1.75%), Current Coupon 8.75%, Secured Debt (Maturity - July 3, 2023)1 month LIBOR6,082 5,944 5,938 
ADS Tactical, Inc. (8) (11)December 30, 2016Value-Added Logistics and Supply Chain Solutions Provider to the Defense IndustryLIBOR Plus 6.25% (Floor 0.75%), Current Coupon 7.00%, Secured Debt (Maturity - July 26, 2023)3 month LIBOR15,701 15,754 15,701 
Aethon United BR, LP (8) (11)September 8, 2017Oil & Gas Exploration & ProductionLIBOR Plus 6.75% (Floor 1.00%), Current Coupon 7.75%, Secured Debt (Maturity - September 8, 2023) (14)1 month LIBOR7,000 6,934 6,678 
American Nuts, LLC (8) (11)April 10, 2018Roaster, Mixer and Packager of Bulk Nuts and SeedsLIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.00%, Secured Debt (Maturity - April 10, 2023)3 month LIBOR12,157 11,920 11,889 
American Teleconferencing Services, Ltd. (8)May 19, 2016Provider of Audio Conferencing and Video Collaboration SolutionsLIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - June 8, 2023)3 month LIBOR14,130 13,776 9,432 
American Trailer Rental Group LLC (10) (13)June 7, 2017Provider of Short Term Trailer and Container RentalMember Units (Milton Meisler Holdings, LLC) (18,373 units)— 2,149 3,387 
APTIM CorpAugust 17, 2018Engineering, Construction and Procurement7.75% Secured Debt (Maturity - June 15, 2025)None6,952 6,330 3,615 
Arcus Hunting, LLC (8) (11)January 6, 2015Manufacturer of Bowhunting and Archery Products and AccessoriesLIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.00%, Secured Debt (Maturity - March 31, 2021)1 month LIBOR6,829 6,797 6,829 
ASC Ortho Management Company, LLC (11)August 31, 2018Provider of Orthopedic ServicesLIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity - August 31, 2023) (8)3 month LIBOR5,235 5,175 5,052 
13.25% PIK Secured Debt (Maturity - December 1, 2023) (14)None1,980 1,941 1,978 
7,116 7,030 
ATX Networks Corp. (8) (9) July 15, 2015Provider of Radio Frequency Management EquipmentLIBOR Plus 5.25% (Floor 1.00%), Current Coupon 6.25% / 1.00% PIK, Current Coupon Plus PIK 7.25%, Secured Debt (Maturity - December 31, 2023)3 month LIBOR13,514 13,408 12,365 
BarFly Ventures, LLC (11)August 31, 2015Casual Restaurant Group12.00% Secured Debt (Maturity - August 31, 2020) (18)None$3,395 $3,386 $370 
9.00% PIK Secured Debt (Maturity - March 23, 2021) (18)None37 37 37 
Warrants (.410 equivalent units, Expiration - August 31, 2025)— 158 — 
Options (.99 equivalent units)— 202 — 
3,783 407 
BBB Tank Services, LLC (10) (13)April 8, 2016Maintenance, Repair and Construction Services to the Above-Ground Storage Tank MarketLIBOR Plus 11.00% (Floor 1.00%), Current Coupon 12.00%, Secured Debt (Maturity - April 8, 2021) (8)1 month LIBOR1,200 1,200 1,177 
Preferred Stock (32,758 units)— 33 36 
Member Units (200,000 units) (16)— 200 53 
1,433 1,266 
Berry Aviation, Inc. (11)July 6, 2018Airline Charter Service Operator10.50% Current / 1.50% PIK, Secured Debt (Maturity - January 6, 2024) (14)None4,600 4,554 4,600 
Preferred Member Units (Berry Acquisition, LLC) (1,548,387 units, 8.00% cumulative)1,548 804 
Preferred Member Units (Berry Acquisition, LLC) (122,416 units, 16.00% cumulative)122 140 
6,224 5,544 
BigName Commerce, LLC (8) (11)May 11, 2017Provider of Envelopes and Complimentary Stationery ProductsLIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.25%, Secured Debt (Maturity - May 11, 2022)1 month LIBOR2,084 2,075 1,988 
Binswanger Enterprises, LLC (11)March 10, 2017Glass Repair and Installation Service ProviderLIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity - March 9, 2022) (8)3 month LIBOR13,152 12,957 13,152 
Member Units (1,050,000 units)— 1,050 670 
14,007 13,822 
BLST Operating Company, LLCDecember 19, 2013Multi-Channel Retailer of General MerchandiseLIBOR Plus 8.50% (Floor 1.50%), Current Coupon 10.00%, Secured Debt (Maturity - August 28, 2025) (8)3 month LIBOR6,304 6,304 6,304 
Member Units (700,447 units)— — — 
6,304 6,304 
Boccella Precast Products, LLC (10) (13)June 30, 2017Manufacturer of Precast Hollow Core ConcreteMember Units (564,000 units) (16)— 564 1,400 
Brightwood Capital Fund Investments (9) (15) December 31, 2014Investment PartnershipLP Interests (Brightwood Capital Fund III, LP) (Fully diluted 0.60%) (16)— 3,735 2,760 
LP Interests (Brightwood Capital Fund IV, LP) (Fully diluted 1.20%) (16)— 9,537 8,769 
13,272 11,529 
Buca C, LLC (10) (13)June 30, 2015Casual Restaurant GroupLIBOR Plus 9.25% (Floor 1.00%), Current Coupon 10.25%, Secured Debt (Maturity - June 30, 2020) (8)1 month LIBOR12,670 12,670 11,656 
Preferred Member Units (4 units, 6.00% cumulative) (16)— 3,040 511 
15,710 12,167 
Cadence Aerospace, LLC (8) (11)November 14, 2017Aerospace ManufacturingLIBOR Plus 3.25% (Floor 1.00%), Current Coupon 4.25% / 5.25% PIK, Current Coupon Plus PIK 9.50%, Secured Debt (Maturity - November 14, 2023)3 month LIBOR19,432 19,267 18,422 
CAI Software, LLC (10) (13)October 10, 2014Provider of Specialized Enterprise Resource Planning Software12.50% Secured Debt (Maturity - December 7, 2023)None2,123 2,141 2,123 
Member Units (16,742 units) (16)— 188 1,400 
2,329 3,523 
Cenveo CorporationSeptember 4, 2015Provider of Digital Marketing Agency ServicesLIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.50%, Secured Debt (Maturity - June 7, 2023) (8)3 month LIBOR4,269 4,057 4,045 
Common Stock (138,889 shares)— 4,163 2,066 
8,220 6,111 
Chisholm Energy Holdings, LLC (8) (11)November 14, 2017Oil & Gas Exploration & ProductionLIBOR Plus 6.25% (Floor 1.50%), Current Coupon 7.75%, Secured Debt (Maturity - May 15, 2026) (14)3 month LIBOR3,571 3,485 3,404 
Clarius BIGS, LLC (11)September 23, 2014Prints & Advertising Film Financing15.00% PIK Secured Debt (Maturity - January 5, 2015) (18)None$2,089 $1,831 $23 
20.00% PIK Secured Debt (Maturity - January 5, 2015) (18)None760 667 
2,498 31 
Classic H&G Holdings, LLC (10) (13)March 12, 2020Provider of Engineered Packaging Solutions12.00% Secured Debt (Maturity - March 12, 2025) None6,200 6,025 6,200 
Preferred Member Units (38.52 units) (16)— 1,440 2,137 
7,465 8,337 
Clickbooth.com, LLC (8) (11)December 5, 2017Provider of Digital Advertising Performance Marketing SolutionsLIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity - January 31, 2025)3 month LIBOR8,357 8,231 8,357 
Construction Supply Investments, LLC (11)December 30, 2016Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry ContractorsMember Units (87,914 units)— 5,637 8,129 
Corel Corporation (8) (9)July 13, 2020Publisher of Desktop and Cloud-Based SoftwareLIBOR plus 5.00%, (Floor 0.00%), Current Coupon 5.26%, Secured Debt (Maturity - July 2, 2026)3 month LIBOR1,975 1,874 1,928 
CTVSH, PLLC (8) (11) (13)August 3, 2017Emergency Care and Specialty Service Animal HospitalLIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity - August 3, 2022)1 month LIBOR2,312 2,291 2,312 
Datacom, LLC (10) (13) May 30, 2014Technology and Telecommunications Provider10.50% PIK Secured Debt (Maturity - May 31, 2021) (18)None1,376 1,369 1,116 
8.00% Secured Debt (Maturity - May 31, 2021) (18)None200 200 179 
Class A Preferred Member Units (1,676 units)— 144 — 
Class B Preferred Member Units (717 units)— 670 — 
2,383 1,295 
Digital River, Inc. (8)February 24, 2015Provider of Outsourced e-Commerce Solutions and ServicesLIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity - February 12, 2023)3 month LIBOR8,377 8,251 8,336 
DTE Enterprises, LLC (11)April 13, 2018Industrial Powertrain Repair and ServicesLIBOR Plus 7.50% (Floor 1.50%), Current Coupon 9.00%, Secured Debt (Maturity - April 13, 2023) (8)3 month LIBOR10,992 10,865 10,992 
Class AA Preferred Member Units (non-voting)— 903 927 
Class A Preferred Member Units (776,316 units)— 776 1,260 
12,544 13,179 
Dynamic Communities, LLC (8) (11)July 17, 2018Developer of Business Events and Online Community GroupsLIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity - July 17, 2023)3 month LIBOR5,320 5,254 5,107 
Epic Y-Grade Services, LP (8)June 25, 2018NGL Transportation & StorageLIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - June 13, 2024)3 month LIBOR6,944 6,851 5,694 
GoWireless Holdings, Inc. (8)January 10, 2018Provider of Wireless Telecommunications Carrier ServicesLIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - December 22, 2024)3 month LIBOR14,290 14,198 13,673 
GS Operating, LLC (8) (11)February 24, 2020Distributor of Industrial and Specialty PartsLIBOR Plus 6.50% (Floor 1.50%), Current Coupon 8.00%, Secured Debt (Maturity - February 24, 2025)3 month LIBOR12,537 12,216 12,010 
HDC/HW Intermediate Holdings, LLC (8) (11)December 21, 2018Managed Services and Hosting ProviderLIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity - December 21, 2023)3 month LIBOR1,954 1,927 1,833 
Hoover Group, Inc. (8) (9) (11)October 21, 2016Provider of Storage Tanks and Related Products to the Energy and Petrochemical MarketsLIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.25%, Secured Debt (Maturity - January 28, 2021)3 month LIBOR14,431 14,291 14,431 
LIBOR Plus 7.25% (Floor 0.00%), Current Coupon 7.51%, Secured Debt (Maturity - January 28, 2021)3 month LIBOR7,500 7,447 7,500 
21,738 21,931 
Hunter Defense Technologies, Inc. (8) (11)March 29, 2018Provider of Military and Commercial Shelters and SystemsLIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity - March 29, 2023)3 month LIBOR16,823 16,641 16,823 
HW Temps LLC (10) (13)July 2, 2015Temporary Staffing Solutions12.00% Secured Debt (Maturity - March 29, 2023) None2,480 2,447 2,230 
Hydrofarm Holdings, LLC (8) (11)May 18, 2017Wholesaler of Horticultural ProductsLIBOR Plus 8.50%, Current Coupon 8.65%, Secured Debt (Maturity - May 12, 2022)1 month LIBOR$6,866 $6,799 $5,816 
Hyperion Materials & Technologies, Inc. (8) (9)September 12, 2019Manufacturer of Cutting and Machine Tools & Specialty Polishing CompoundsLIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity - August 28, 2026) 3 month LIBOR7,444 7,312 6,923 
iEnergizer Limited (8) (9) (11)May 8, 2013Provider of Business Outsourcing SolutionsLIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - April 17, 2024) 1 month LIBOR10,675 10,595 10,675 
Implus Footcare, LLC (8) (11)June 1, 2017Provider of Footwear and Related AccessoriesLIBOR Plus 2.50% (Floor 1.00%), Current Coupon 3.50% / PIK 5.25%, Current Coupon Plus PIK 8.75%, Secured Debt (Maturity - April 30, 2024)3 month LIBOR17,307 17,025 15,852 
Independent Pet Partners Intermediate Holdings, LLC (11)November 20, 2018Omnichannel Retailer of Specialty Pet ProductsLIBOR Plus 9.00% (Floor 1.00%), Current Coupon 11.31%, Secured Debt (Maturity - November 19, 2023) (8) (18)6 month LIBOR14,922 14,561 11,072 
Member Units (1,191,667 units)— 1,192 — 
15,753 11,072 
Industrial Services Acquisitions, LLC (11)June 17, 2016Industrial Cleaning Services6.00% Current / 7.00% PIK, Current Coupon 13.00%, Unsecured Debt (Maturity - December 17, 2022) (17)None12,665 12,642 12,665 
Member Units (Industrial Services Investments, LLC) (336 units; 10.00% cumulative)— 202 202 
Preferred Member Units (Industrial Services Investments, LLC) (187 units, 20.00% cumulative)— 124 124 
Member Units (Industrial Services Investments, LLC) (2,100 units)— 2,100 1,237 
15,068 14,228 
Interface Security Systems, L.L.C. (8) (11)May 18, 2017Commercial Security and Alarm ServicesLIBOR Plus 7.00% (Floor 1.75%), Current Coupon 8.75% / 3.00% PIK, Current Coupon Plus PIK 11.75%, Secured Debt (Maturity - August 7, 2023) 3 month LIBOR7,615 7,502 7,615 
Intermedia Holdings, Inc. (8)August 13, 2018Unified Communications as a ServiceLIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - July 19, 2025)1 month LIBOR3,489 3,464 3,478 
Invincible Boat Company, LLC (8) (11)May 18, 2017Manufacturer of Sport Fishing BoatsLIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity - August 28, 2025)3 month LIBOR9,263 9,174 9,049 
Isagenix International, LLC (8)July 5, 2018Direct Marketer of Health and Wellness ProductsLIBOR Plus 5.75% (Floor 1.00%), Current Coupon 6.75%, Secured Debt (Maturity - June 14, 2025)3 month LIBOR5,676 5,634 3,015 
Jackmont Hospitality, Inc. (8) (11)May 26, 2015Franchisee of Casual Dining RestaurantsLIBOR Plus 6.75% (Floor 1.00%), Current Coupon 7.75%, Secured Debt (Maturity - May 26, 2021)1 month LIBOR7,960 7,958 6,647 
Joerns Healthcare, LLCApril 3, 2013Manufacturer and Distributor of Health Care Equipment & SuppliesLIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - August 21, 2024) (8)3 month LIBOR3,335 3,293 3,252 
Common Stock (392,514 shares)— 3,678 2,060 
6,971 5,312 
Kemp Technologies Inc. (8) (11)May 26, 2015Provider of Application Delivery ControllersLIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity - March 29, 2024)3 month LIBOR7,406 7,291 7,354 
Knight Energy Services LLC (11)November 14, 2018Oil and Gas Equipment and Services8.50% PIK Secured Debt (Maturity - February 9, 2024)None882 882 768 
Class A-2 Shares (25,692 units)— 1,843 — 
2,725 768 
Kore Wireless Group, Inc.May 17, 2017Mission Critical Software PlatformLIBOR Plus 5.50% (Floor 1.00%), Current Coupon 5.72%, Secured Debt (Maturity - December 20, 2024) (8)3 month LIBOR6,015 5,994 5,714 
Larchmont Resources, LLCOctober 15, 2013Oil & Gas Exploration & Production10.00% PIK, Secured Debt (Maturity - August 9, 2021)None3,614 3,719 1,626 
Member units (Larchmont Intermediate Holdco, LLC) (4,806 units)— 601 192 
4,320 1,818 
Laredo Energy VI, LP (11)January 15, 2019Oil & Gas Exploration & ProductionMember Units (1,155,952 units)— 11,560 11,560 
Lightbox Holdings, L.P. (8)May 17, 2017Provider of Commercial Real Estate SoftwareLIBOR Plus 5.00% (Floor 0.00%), Current Coupon 5.15%, Secured Debt (Maturity - May 9, 2026)1 month LIBOR4,938 4,874 4,715 
LL Management, Inc. (8) (11)May 17, 2017Medical Transportation Service ProviderLIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - September 25, 2023)3 month LIBOR$13,615 $13,511 $13,343 
Logix Acquisition Company, LLC (8) (11)June 24, 2016Competitive Local Exchange CarrierLIBOR Plus 5.75% (Floor 1.00%), Current Coupon 6.75%, Secured Debt (Maturity - December 22, 2024) (23)1 month LIBOR12,654 12,590 11,705 
LSF9 Atlantis Holdings, LLC (8)May 17, 2017Provider of Wireless Telecommunications Carrier ServicesLIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - May 1, 2023)1 month LIBOR12,775 12,724 12,445 
Lulu’s Fashion Lounge, LLC (8) (11)September 8, 2017Fast Fashion E-Commerce RetailerLIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00% / 2.50% PIK, Current Coupon Plus PIK 10.50%, Secured Debt (Maturity - August 28, 2022)3 month LIBOR5,714 5,616 4,885 
Lynx FBO Operating LLC (11)March 10, 2017Fixed Based Operator in the General Aviation IndustryLIBOR Plus 5.75%, (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity - September 30, 2024) (8)3 month LIBOR13,647 13,389 13,101 
Member Units (3,704 units)— 500 335 
13,889 13,436 
Mac Lean-Fogg Company (11)July 6, 2018Manufacturer and Supplier for Auto and Power MarketsLIBOR Plus 5.00% (Floor 0.00%), Current Coupon 5.15%, Secured Debt (Maturity - December 22, 2025) (8)1 month LIBOR7,081 7,035 6,713 
Preferred Stock (650 shares, 4.50% cash / 9.25% PIK, cumulative) (16)— 793 756 
7,828 7,469 
Mills Fleet Farm Group, LLC (8) (11)October 24, 2018Omnichannel Retailer of Work, Farm and Lifestyle MerchandiseLIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity - October 24, 2024)3 month LIBOR13,875 13,582 13,278 
NinjaTrader, LLC (8) (11)June 10, 2014Operator of Futures Trading PlatformLIBOR Plus 6.00% (Floor 1.50%), Current Coupon 7.50%, Secured Debt (Maturity - December 18, 2024)3 month LIBOR9,125 8,964 9,125 
NNE Partners, LLC (8) (11)March 2, 2017Oil & Gas Exploration & ProductionLIBOR Plus 8.00%, (Floor 0.00%) Current Coupon 8.24%, Secured Debt (Maturity - March 2, 2022)3 month LIBOR20,417 20,345 18,661 
Novetta Solutions, LLC (8)July 26, 2017Provider of Advanced Analytics Solutions for Defense AgenciesLIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity - October 17, 2022)3 month LIBOR14,707 14,520 14,450 
NTM Acquisition Corp. (8)July 12, 2016Provider of B2B Travel Information ContentLIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity - June 7, 2022) 3 month LIBOR4,372 4,355 3,935 
Pasha Group (8)February 2, 2018Diversified Logistics and Transportation ProvidedLIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity - January 26, 2023)2 month LIBOR7,520 7,338 6,956 
PricewaterhouseCoopers Public Sector LLP (8)June 4, 2018Provider of Consulting Services to GovernmentsLIBOR Plus 8.00% (Floor 0.00%), Current Coupon 8.15%, Secured Debt (Maturity - May 1, 2026) (14)1 month LIBOR14,100 14,061 13,608 
Rise Broadband (8) (11)May 2, 2018Fixed Wireless Broadband ProviderLIBOR Plus 8.00% (Floor 1.00%), Current Coupon 8.17%, Secured Debt (Maturity - May 2, 2023)3 month LIBOR14,606 14,521 14,490 
RM Bidder, LLC (11)November 12, 2015Scripted and Unscripted TV and Digital Programming ProviderCommon Stock (1,854 shares)— 31 14 
Series A Warrants (124,915 equivalent units, Expiration - October 20, 2025)— 284 — 
Series B Warrants (93,686 equivalent units, Expiration - October 20, 2025)— — — 
315 14 
Salient Partners, LP (8) (11)June 25, 2015Provider of Asset Management ServicesLIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - August 31, 2021)3 month LIBOR6,450 6,558 5,876 
Signal Peak CLO 7, Ltd. (9) (15) (24)May 8, 2019Structured FinanceSubordinated Structured Notes (estimated yield of 8.3% due April 30, 2032)25,935 21,946 18,411 
Slick Software Holdings LLC (10) (13)September 13, 2018Text Messaging Marketing Platform14.00% Secured Debt (Maturity - September 13, 2023)1,520 1,304 1,520 
Member units (17,500 units)— 175 313 
Warrants (4,521 equivalent units, Expiration - September 13, 2028)— 45 82 
1,524 1,915 
TEAM Public Choices, LLC (8) (11)August 18, 2017Home-Based Care Employment Service ProviderLIBOR Plus 5.50%, (Floor 1.50%), Current Coupon 7.00%, Secured Debt (Maturity - September 20, 2024) 1 month LIBOR9,902 9,820 9,614 
TE Holdings, LLCJuly 14, 2014Oil & Gas Exploration & ProductionCommon Units (72,786 units)— 728 — 
TGP Holdings III LLC (8)October 25, 2018Outdoor Cooking & AccessoriesLIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity - September 25, 2025) (14)3 month LIBOR$5,000 $5,000 $4,631 
USA DeBusk LLC (8) (11)August 18, 2017Provider of Industrial Cleaning ServicesLIBOR Plus 5.75% (Floor 1.00%), Current Coupon 6.75%, Secured Debt (Maturity - October 22, 2024)3 month LIBOR16,674 16,400 15,874 
U.S. Telepacific Corp. (8)September 14, 2016Provider of Communications and Managed ServicesLIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity - May 2, 2023)3 month LIBOR12,500 12,311 10,851 
Vida Capital, Inc. (8)March 9, 2017Alternative Asset ManagerLIBOR Plus 6.00% (Floor 0.00%), Current Coupon 6.16%, Secured Debt (Maturity - October 1, 2026)1 month LIBOR7,303 7,207 7,303 
Vistar Media, Inc. (11)February 17, 2017Operator of Digital Out-of-Home Advertising PlatformLIBOR Plus 10.00% (Floor 1.00%), Current Coupon 12.00%, Secured Debt (Maturity - April 3, 2023) (8)3 month LIBOR4,616 4,492 4,616 
Warrants (69,675 equivalent units, Expiration - April 3, 2029)— — 1,070 
Preferred Stock (70,207 shares)— 767 1,070 
5,259 6,756 
Volusion, LLC (10) (13)January 26, 2015Provider of Online Software-as-a-Service eCommerce Solutions11.50% Secured Debt (Maturity - January 24, 2020) (19)None8,672 8,636 8,247 
8.00% Unsecured Debt (Maturity - November 16, 2023) (17)None175 175 124 
Preferred Member Units (2,090,001 units)— 6,000 2,124 
Warrants (784,866.80 equivalent units, Expiration - January 26, 2025)— 1,104 — 
15,915 10,495 
Wireless Vision Holdings, LLC (8) (11)September 29, 2017Provider of Wireless Telecommunications Carrier ServicesLIBOR Plus 8.86% (Floor 1.00%), Current Coupon 9.86% / 1.00% PIK, Current Coupon Plus PIK 10.86%, Secured Debt (Maturity - September 29, 2022) (23)1 month LIBOR6,703 6,586 6,703 
LIBOR Plus 8.91% (Floor 1.00%), Current Coupon 9.91% / 1.00% PIK, Current Coupon Plus PIK 10.91%, Secured Debt (Maturity - September 29, 2022) (23)1 month LIBOR5,826 5,669 5,826 
12,255 12,529 
YS Garments, LLC (8)August 20, 2018Designer and Provider of Branded ActivewearLIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - August 9, 2024)1 month LIBOR7,045 6,995 6,405 
Subtotal Non-Control/Non-Affiliate Investments (5) (78% of total portfolio investments at fair value)$772,439 $709,368 
Total Portfolio Investments$936,461 $902,658 
Short Term Investments (20)
Fidelity Institutional Money Market Funds (21)Prime Money Market Portfolio, Class III Shares— $10,389 $10,389 
US Bank Money Market Account (21)— 16,611 16,611 
Total Short Term Investments$27,000 $27,000 

(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, 2019 and September 30, 2020 along with transactions during the nine months ended September 30, 2020 in these affiliated investments were as follows (in thousands):
Nine Months Ended September 30, 2020Nine Months Ended September 30, 2020
Portfolio CompanyFair Value at December 31, 2019
Gross Additions (Cost)*
Gross Reductions (Cost)**
Net Unrealized Gain (Loss) ***
Fair Value at September 30, 2020Net Realized Gain (Loss)Interest IncomeFee IncomeDividend Income
Affiliate Investments
AFG Capital Group, LLC
Term loan$209 $— $(65)$— $144 $— $13 $— $— 
Member units1,295 — — 45 1,340 — — — — 
Analytical Systems Keco, LLC
Term loan$1,266 $$(85)$(1)$1,189 $— $131 $— $— 
Preferred member units800 — — — 800 — — — — 
Warrants79 — (1)10 88 — — — — 
Brewer Crane Holdings, LLC
Term loan2,233 (92)— 2,147 — 195 — — 
Preferred member units1,070 — — 333 1,403 — — — 23 
Centre Technologies Holdings, LLC
Term loan3,008 11 (117)— 2,902 — 284 — — 
Preferred member units1,460 — — 55 1,515 — — 23 — 
Chamberlin Holding, LLC
Term loan4,443 22 (450)(22)3,993 — 400 — — 
Member units6,009 — — 992 7,001 — — 45 683 
Member units363 — — (133)230 — — — 13 
Charlotte Russe, Inc.
Common stock— — — — — — — — — 
Charps, LLC
Term loan500 — (38)— 462 — 56 — — 
Preferred member units1,730 — — 620 2,350 — — — 113 
Clad-Rex Steel, LLC
Term loan2,696 — (2)2,703 — 229 — — 
Member units2,408 — — (255)2,153 — — — 79 
Term loan (Clad-Rex Steel RE Investor, LLC)282 — (5)— 277 — 21 — — 
Member units (Clad-Rex Steel RE Investor, LLC)115 — — — 115 — — — — 
Cody Pools Holdings, LLC
Term loan— 4,008 (184)76 3,900 — 290 — — 
Preferred member units— 2,079 — 882 2,961 — — 15 — 
Copper Trail Energy Fund I, LP
LP interests1,643 1,212 (439)(562)1,854 21 — 14 1,170 
Digital Products Holdings LLC
Term loan4,611 15 (278)157 4,505 — 422 — — 
Preferred member units1,294 — — 433 1,727 — — — 50 
Direct Marketing Solutions, Inc.
Term loan3,929 16 (157)(16)3,772 — 376 — — 
Preferred stock5,051 — — (36)5,015 — — — — 
Freeport Financial Funds
LP interests9,696 990 (160)(205)10,321 — — — 630 
Gamber-Johnson Holdings, LLC
Term loan4,755 419 (203)(11)4,960 — 329 — — 
Member units13,352 — — (41)13,311 — — — 763 
Guerdon Modular Holdings, Inc.
Term loan— 30 (3,147)3,117 — (2,792)30 — — 
Term loan— (253)252 — (252)— — — 
Common stock— — (746)746 — (746)— — — 
Preferred stock— — (285)285 — (285)— — — 
Gulf Publishing Holdings, LLC
Term loan3,124 96 — (279)2,941 — 312 — — 
Revolving line of credit70 (10)— 61 — — — 
Member units605 — — (605)— — — — — 
Harris Preston Fund Investments
LP interests (HPEP 3, LP)2,474 597 — — 3,071 — — — — 
Hawk Ridge Systems, LLC
Term loan3,350 12 — (12)3,350 — 139 — — 
Revolving line of credit148 100 — — 248 — — — — 
Preferred member units1,975 — — 33 2,008 — — — 17 
Preferred member units (HRS Services, ULC)105 — — — 105 — — — — 
J&J Services, Inc.
Term Loan4,315 26 (800)59 3,600 — 391 — — 
Preferred stock1,790 — (18)1,207 2,979 — — — — 
Kickhaefer Manufacturer Company, LLC
Term loan$6,146 $371 $(740)$(1)$5,776 $— $587 $— $— 
Term loan977 (5)— 980 — 76 — — 
Member units3,060 — — (21)3,039 — — — 17 
Member units (KMC RE Investor, LLC)290 — — — 290 — — — — 
Market Force Information, Inc.
Term loan5,625 790 (59)(2,927)3,429 — 63 — — 
Revolving line of credit674 — (696)22 — — 10 — — 
Member units1,319 — — (1,319)— — — — — 
M.H. Corbin Holding LLC
Term loan2,213 17 (60)(20)2,150 — 223 — — 
Preferred member units1,192 — — (452)740 — — — — 
Common units— — (5)— — — — — 
Mystic Logistics Holdings, LLC
Term loan1,561 254 (134)— 1,681 — 156 — — 
Common stock2,103 — — 440 2,543 — — — — 
NexRev, LLC
Term loan4,331 56 (111)(126)4,150 — 378 — — 
Preferred member units1,577 — — (1,340)237 — — — (14)
NuStep, LLC
Term loan4,901 19 (40)— 4,880 — 469 — — 
Preferred member units2,550 — — — 2,550 — — — — 
SI East, LLC
Term loan10,988 25 — (25)10,988 — 827 — — 
Preferred member units2,734 — (1)506 3,239 — — — 431 
Tedder Acquisition, LLC
Term loan4,066 176 — (65)4,177 — 391 — — 
Revolving line of credit158 — (158)— — — 15 — — 
Preferred member units2,034 — — — 2,034 — — — — 
Trantech Radiator Topco, LLC
Term loan2,237 13 (120)50 2,180 — 217 — — 
Common stock1,164 — (1)778 1,941 — — — 22 
Total Affiliate Investments$154,158 $11,388 $(9,658)$2,617 $158,505 $(4,054)$7,035 $97 $3,997 
* Gross additions include increases in the cost basis of investments resulting from new portfolio investments, payment-in-kind (“PIK”) interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
** Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more new securities and the movement of an existing portfolio company out of this category into a different category.
*** Net unrealized gain (loss) does not include unrealized appreciation (depreciation) on unfunded commitments.
(5) Non-Control/Non-Affiliate investments are generally investments that are neither Control investments nor Affiliate investments.
(6) Control investments are generally defined by the 1940 Act as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained. Fair value as of December 31, 2019 and September 30, 2020 along with transactions during the nine months ended September 30, 2020 in these Control investments were as follows (in thousands):
Nine Months Ended September 30, 2020Nine Months Ended September 30, 2020
Portfolio CompanyFair Value at December 31, 2019
Gross Additions (Cost)*
Gross Reductions (Cost)**
Net Unrealized Gain (Loss)Fair Value at September 30, 2020Net Realized Gain (Loss)Interest IncomeFee IncomeDividend Income
Control Investments
CTMH, LP
LP interests$872 $— $— $— $872 $— $— $— $125 
GRT Rubber Technologies, LLC
Term loan7,396 870 — (4)8,262