Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021

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, TX
(Address of principal executive offices)

77056
(Zip Code)

(713) 350-6000

(Registrant’s telephone number including area code)

n/a

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

  

Trading Symbol

 

Name of Each Exchange on Which
Registered

None

N/A

N/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  No 

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 during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company
Emerging growth company

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. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

The number of shares outstanding of the issuer’s common stock as of August 13, 2021 was 79,756,460.


Table of Contents

TABLE OF CONTENTS

PART I

FINANCIAL INFORMATION

Item 1.

Consolidated Financial Statements

Consolidated Balance Sheets—June 30, 2021 (unaudited) and December 31, 2020

1

Consolidated Statements of Operations (unaudited)—Three and six months ended June 30, 2021 and 2020

2

Consolidated Statements of Changes in Net Assets (unaudited)—Six months ended June 30, 2021 and 2020

3

Consolidated Statements of Cash Flows (unaudited)—Six months ended June 30, 2021 and 2020

4

Consolidated Schedule of Investments (unaudited)—June 30, 2021

5

Consolidated Schedule of Investments—December 31, 2020

21

Notes to Consolidated Financial Statements (unaudited)

35

Consolidated Schedules of Investments in and Advances to Affiliates (unaudited)—Six months ended June 30, 2021 and 2020

66

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

72

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

84

Item 4.

Controls and Procedures

85

PART II

OTHER INFORMATION

Item 1.

Legal Proceedings

86

Item 1A.

Risk Factors

86

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

86

Item 5.

Other Information

86

Item 6.

Exhibits

87

Signatures

88


Table of Contents

MSC Income Fund, Inc.

Consolidated Balance Sheets

(dollars in thousands, except shares and per share amounts)

June 30, 

December 31, 

    

2021

    

2020

(unaudited)

ASSETS

 

 

  

Investments at fair value:

 

 

  

Control investments (cost: $18,165 and $18,152 as of June 30, 2021 and December 31, 2020, respectively)

$

33,841

$

33,831

Affiliate investments (cost: $150,164 and $143,740 as of June 30, 2021 and December 31, 2020, respectively)

 

170,144

 

157,690

Non‑Control/Non‑Affiliate investments (cost: $805,788 and $678,764 as of June 30, 2021 and December 31, 2020, respectively)

 

768,018

 

634,001

Total investments (cost: $974,117 and $840,656 as of June 30, 2021 and December 31, 2020, respectively)

 

972,003

 

825,522

Cash and cash equivalents

 

8,215

 

8,586

Restricted cash

40,480

Dividends and interest receivable

 

11,009

 

8,303

Receivable for investments sold

7,988

Deferred financing costs (net of accumulated amortization of $5,002 and $4,443 as of June 30, 2021 and December 31, 2020, respectively)

 

3,720

 

2,691

Prepaids and other assets

1,343

2,439

Total assets

$

1,004,278

$

888,021

LIABILITIES

 

 

Credit facilities payable

$

326,688

$

301,816

Unsecured term debt

40,000

Accounts payable and other liabilities

 

1,728

 

2,093

Interest payable

 

2,771

 

286

Dividend payable

 

9,964

 

Management fees payable

4,158

4,202

Payable for investment purchases

20,357

Total liabilities

 

405,666

 

308,397

Commitments and contingencies (Note I)

 

 

NET ASSETS

 

 

Common stock, $0.001 par value per share (150,000,000 shares authorized, 79,716,361 and 79,608,304 issued and outstanding at June 30, 2021 and December 31, 2020, respectively)

 

80

 

80

Additional paid‑in capital

 

682,829

 

682,028

Total undistributed (overdistributed) earnings

 

(84,297)

 

(102,484)

Total net assets

 

598,612

 

579,624

Total liabilities and net assets

$

1,004,278

$

888,021

NET ASSET VALUE PER SHARE

$

7.51

$

7.28

1


Table of Contents

MSC Income Fund, Inc.

Consolidated Statements of Operations

(dollars in thousands, except shares and per share amounts)

(unaudited)

Three Months Ended

Six Months Ended

    

June 30, 

June 30, 

    

    

2021

    

2020

    

2021

    

2020

INVESTMENT INCOME:

 

  

 

  

 

  

 

  

 

Interest, fee and dividend income:

 

 

  

 

  

 

Control investments

$

743

$

505

$

1,343

$

1,096

Affiliate investments

 

4,446

3,913

 

8,096

 

7,453

Non‑Control/Non‑Affiliate investments

 

17,307

17,829

 

33,329

 

37,698

Total investment income

 

22,496

22,247

 

42,768

 

46,247

EXPENSES:

 

 

 

Interest

 

3,300

4,274

 

6,464

 

9,503

Base management fees

 

4,158

4,630

 

8,061

 

9,624

Internal administrative service expenses

1,040

752

2,095

1,536

Offering costs

55

89

55

177

Professional fees

250

791

808

1,500

Insurance

115

104

229

207

Board of director fees

90

121

198

223

Other general and administrative

284

234

767

475

Total expenses before fee and expense waivers

9,292

10,995

18,677

23,245

Waiver of internal administrative services expenses

 

(1,040)

(752)

 

(2,095)

 

(1,536)

Total expenses, net of fee and expense waivers

 

8,252

10,243

 

16,582

 

21,709

NET INVESTMENT INCOME

 

14,244

12,004

 

26,186

 

24,538

NET REALIZED GAIN (LOSS):

 

 

 

Control investments

 

(2,470)

 

(2,470)

 

Affiliate investments

 

(1,010)

 

 

(4,054)

Non‑Control/Non‑Affiliate investments

 

4,288

(13,318)

 

2,297

 

(13,639)

Realized loss on extinguishment of debt

(2,091)

Total net realized gain (loss)

 

1,818

(14,328)

 

(2,264)

 

(17,693)

NET UNREALIZED APPRECIATION (DEPRECIATION):

 

 

 

Control investments

 

63

(183)

 

(3)

 

(1,181)

Affiliate investments

 

5,027

1,714

 

6,030

 

(1,540)

Non‑Control/Non‑Affiliate investments

 

2,737

22,437

 

6,993

 

(68,220)

Total net change in unrealized appreciation (depreciation)

 

7,827

23,968

 

13,020

 

(70,941)

INCOME TAXES:

 

 

 

Federal and state income, excise and other taxes

 

434

19

 

830

 

95

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

$

23,455

$

21,625

$

36,112

$

(64,191)

NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED

$

0.18

$

0.15

$

0.33

$

0.31

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER
SHARE—BASIC AND DILUTED

$

0.29

$

0.28

$

0.45

$

(0.81)

WEIGHTED AVERAGE SHARES
OUTSTANDING—BASIC AND DILUTED

 

79,973,441

79,016,406

 

79,791,881

 

78,811,735

2


Table of Contents

MSC Income Fund, Inc.

Consolidated Statements of Changes in Net Assets

(dollars in thousands, except shares)

(unaudited)

Total

Common Stock

Additional

Undistributed

Number of

Par

PaidIn

(Overdistributed)

Total Net

    

Shares

    

Value

    

Capital

    

Earnings

    

Asset Value

Balances at December 31, 2019

 

78,463,377

$

78

$

675,554

$

(66,327)

$

609,305

Dividend reinvestment

 

751,240

1

5,898

5,899

Common stock repurchased

 

(791,488)

(1)

(6,093)

(6,094)

Net decrease resulting from operations

 

(85,816)

(85,816)

Dividends to stockholders

 

(13,730)

(13,730)

Balances at March 31, 2020

 

78,423,129

$

78

$

675,359

$

(165,873)

$

509,564

Dividend reinvestment

 

894,499

1

5,875

5,876

Net increase resulting from operations

 

21,625

21,625

Dividends to stockholders

 

(13,790)

(13,790)

Balances at June 30, 2020

 

79,317,628

$

79

$

681,233

$

(158,038)

$

523,275

Balances at December 31, 2020

 

79,608,304

$

80

$

682,028

$

(102,484)

$

579,624

Net increase resulting from operations

12,657

12,657

Dividends to stockholders

(7,961)

(7,961)

Balances at March 31, 2021

79,608,304

$

80

$

682,028

$

(97,788)

$

584,320

Offering of common stock

67,114

500

500

Dividend reinvestment

424,455

3,162

3,162

Common stock repurchased

(383,512)

(2,861)

(2,861)

Net increase resulting from operations

23,455

23,455

Dividends to stockholders

(9,964)

(9,964)

Balances at June 30, 2021

79,716,361

$

80

$

682,829

$

(84,297)

$

598,612

The accompanying notes are an integral part of these consolidated financial statements

3


Table of Contents

MSC Income Fund, Inc.

Consolidated Statements of Cash Flows

(dollars in thousands)

(unaudited)

Six Months Ended

June 30,

2021

2020

CASH FLOWS FROM OPERATING ACTIVITIES

Net increase (decrease) in net assets resulting from operations

$

36,112

$

(64,191)

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:

Investments in portfolio companies

(223,398)

(64,027)

Proceeds from sales and repayments of debt investments in portfolio companies

95,134

127,890

Net change in unrealized (appreciation) depreciation

(13,020)

70,941

Net realized loss on the sale of portfolio investments

173

17,693

Realized loss on extinguishment of debt

2,091

-

Amortization of deferred financing costs

593

715

Amortization of deferred offering costs

55

177

Accretion of unearned income

(2,096)

(3,322)

Payment-in-kind interest

(3,411)

(1,977)

Changes in other assets and liabilities:

Dividends and interest receivable

(2,706)

(82)

Receivable for investments sold

(7,988)

Prepaid and other assets

1,233

192

Payable for investments purchased

20,357

Management fees payable

(44)

4,236

Interest payable

2,485

Accounts payable and other liabilities

(366)

643

Net cash provided by (used in) operating activities

(94,796)

88,888

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from offering of common stock

500

Redemption of common stock

(2,861)

(6,094)

Payment of offering costs

(55)

(177)

Dividends paid

(4,798)

(15,843)

Repayments on Credit Facilities payable

(311,816)

(139,418)

Proceeds from Credit Facilities payable

336,688

79,326

Proceeds from unsecured term debt

40,000

Payment of deferred financing costs

(3,713)

(604)

Net cash provided by (used in) financing activities

53,945

(82,810)

Net increase (decrease) in cash, cash equivalents and restricted cash

(40,851)

6,078

CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT THE BEGINNING OF THE PERIOD

49,066

21,846

CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT THE END OF THE PERIOD

$

8,215

$

27,924

Supplemental cash flow disclosures:

Cash paid for interest

$

3,387

$

8,646

Cash paid for taxes

$

1,283

$

794

Non-cash financing activities:

Dividends declared and unpaid

$

9,964

$

4,571

Shares issued pursuant to the dividend reinvestment plan

$

3,162

$

11,775

The accompanying notes are an integral part of these consolidated financial statements

4


Table of Contents

MSC Income Fund, Inc.

Consolidated Schedule of Investments

June 30, 2021

(dollars in thousands)

(unaudited)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Control Investments (5)

Copper Trail Fund Investments

(12) (13)

July 17, 2017

Investment Partnership

LP Interests (CTMH, LP)

(31)

38.8%

$

835

$

710

GRT Rubber Technologies LLC

December 19, 2014

Manufacturer of Engineered Rubber Products

Secured Debt

7.09% (L+7.00%)

12/31/2023

8,262

8,249

8,262

Member Units

(8)

2,896

6,435

22,120

14,684

30,382

Harris Preston Fund Investments

(12) (13)

October 1, 2017

Investment Partnership

LP Interests (2717 MH, L.P.)

(31)

49.3%

2,646

2,749

Subtotal Control Investments (5.7% of net assets at fair value)

$

18,165

$

33,841

Affiliate Investments (6)

AFG Capital Group, LLC

November 7, 2014

Provider of Rent-to-Own Financing Solutions and Services

Secured Debt

10.00%

5/25/2022

79

79

79

Preferred Member Units

46

300

1,740

379

1,819

Analytical Systems Keco Holdings, LLC

August 16, 2019

Manufacturer of Liquid and Gas Analyzers

Secured Debt

(9)

12.00% (L+10.00%, Floor 2.00%)

8/16/2024

1,271

1,203

1,203

Preferred Member Units

800

800

340

Preferred Member Units

164

164

410

Warrants

(27)

105

8/16/2029

79

-

2,246

1,953

Barfly Ventures, LLC

(10)

August 31, 2015

Casual Restaurant Group

Member Units

12

528

567

Brewer Crane Holdings, LLC

January 9, 2018

Provider of Crane Rental and Operating Services

Secured Debt

(9)

11.00% (L+10.00%, Floor 1.00%)

1/9/2023

2,077

2,062

2,062

Preferred Member Units

(8)

737

1,070

1,290

3,132

3,352

Centre Technologies Holdings, LLC

January 4, 2019

Provider of IT Hardware Services and Software Solutions

Secured Debt

(9)

12.00% (L+10.00%, Floor 2.00%)

1/4/2024

2,431

2,402

2,402

Preferred Member Units

3,174

1,460

1,460

3,862

3,862

5


Table of Contents

MSC Income Fund, Inc.

Consolidated Schedule of Investments (Continued)

June 30, 2021

(dollars in thousands)

(unaudited)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Chamberlin Holding LLC

February 26, 2018

Roofing and Waterproofing Specialty Contractor

Secured Debt

(9)

9.00% (L+8.00%, Floor 1.00%)

2/26/2023

3,454

3,413

3,454

Member Units

(8)

1,087

2,860

6,660

Member Units

(8) (30)

261,786

330

345

6,603

10,459

Charps, LLC

February 3, 2017

Pipeline Maintenance and Construction

Preferred Member Units

(8)

400

100

2,900

Clad-Rex Steel, LLC

December 20, 2016

Specialty Manufacturer of Vinyl-Clad Metal

Secured Debt

(9)

10.50% (L+9.50%, Floor 1.00%)

1/15/2024

2,620

2,613

2,613

Member Units

(8)

179

1,820

2,360

Secured Debt

(30)

10.00%

12/20/2036

274

272

272

Member Units

(30)

200

53

133

4,758

5,378

Cody Pools, Inc.

March 6, 2020

Designer of Residential and Commercial Pools

Secured Debt

(9)

12.25% (L+10.50%, Floor 1.75%)

3/6/2025

2,962

2,911

2,962

Preferred Member Units

147

2,079

5,550

4,990

8,512

Colonial Electric Company LLC

March 31, 2021

Provider of Electrical Contracting Services

Secured Debt

12.00%

3/31/2026

6,300

6,148

6,148

Preferred Member Units

4,320

1,920

1,920

8,068

8,068

Copper Trail Fund Investments

(12) (13)

July 17, 2017

Investment Partnership

LP Interests (Copper Trail Energy Fund I, LP)

(8) (31)

12.4%

2,161

1,843

Datacom, LLC

May 30, 2014

Technology and Telecommunications Provider

Secured Debt

5.00%

12/31/2025

994

900

900

Preferred Member Units

1,000

290

290

1,190

1,190

Digital Products Holdings LLC

April 1, 2018

Designer and Distributor of Consumer Electronics

Secured Debt

(9)

11.00% (L+10.00%, Floor 1.00%)

4/1/2023

4,378

4,339

4,339

Preferred Member Units

(8)

964

2,375

2,459

6,714

6,798

6


Table of Contents

MSC Income Fund, Inc.

Consolidated Schedule of Investments (Continued)

June 30, 2021

(dollars in thousands)

(unaudited)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Direct Marketing Solutions, Inc.

February 13, 2018

Provider of Omni-Channel Direct Marketing Services

Secured Debt

(9)

12.00% (L+11.00%, Floor 1.00%)

2/13/2023

3,772

3,729

3,729

Preferred Stock

2,100

2,100

4,460

5,829

8,189

Freeport Financial Funds

(12) (13)

June 13, 2013

Investment Partnership

July 31, 2015

LP Interests (Freeport First Lien Loan Fund III LP)

(8) (31)

6.0%

8,468

8,004

Gamber-Johnson Holdings, LLC

June 24, 2016

Manufacturer of Ruggedized Computer Mounting Systems

Secured Debt

(9) (17)

9.00% (L+7.00%, Floor 2.00%)

6/24/2021

5,160

5,160

5,160

Member Units

(8)

2,261

4,423

14,060

9,583

19,220

GFG Group, LLC.

March 31, 2021

Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers

Secured Debt

12.00%

3/31/2026

3,136

3,046

3,046

Preferred Member Units

(8)

56

1,225

1,225

4,271

4,271

Gulf Publishing Holdings, LLC

April 29, 2016

Energy Industry Focused Media and Publishing

Secured Debt

(9) (17) (19)

10.50% (5.25% Cash, 5.25% PIK) (L+9.50%, Floor 1.00%)

9/30/2020

64

64

64

Secured Debt

(17) (19)

12.50% (6.25% Cash, 6.25% PIK)

4/29/2021

3,374

3,374

2,667

Member Units

920

920

-

4,358

2,731

Harris Preston Fund Investments

(12) (13)

August 9, 2017

Investment Partnership

LP Interests (HPEP 3, L.P.)

(31)

8.2%

3,445

4,164

Hawk Ridge Systems, LLC

(13)

December 2, 2016

Value-Added Reseller of Engineering Design and Manufacturing Solutions

Secured Debt

9.50%

12/2/2023

3,350

3,343

3,350

Preferred Member Units

(8)

56

713

2,658

Preferred Member Units

(30)

56

38

140

4,094

6,148

7


Table of Contents

MSC Income Fund, Inc.

Consolidated Schedule of Investments (Continued)

June 30, 2021

(dollars in thousands)

(unaudited)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

J&J Services, Inc.

October 31, 2019

Provider of Dumpster and Portable Toilet Rental Services

Secured Debt

11.50%

10/31/2024

3,000

2,958

3,000

Preferred Stock

703

1,771

3,260

4,729

6,260

Kickhaefer Manufacturing Company, LLC

October 31, 2018

Precision Metal Parts Manufacturing

Secured Debt

11.50%

10/31/2023

5,304

5,221

5,221

Member Units

145

3,060

3,060

Secured Debt

9.00%

10/31/2048

984

974

974

Member Units

(8) (30)

200

248

302

9,503

9,557

Market Force Information, LLC

July 28, 2017

Provider of Customer Experience Management Services

Secured Debt

(14) (19)

12.00% PIK

7/28/2023

6,520

6,463

3,317

Member Units

185,980

4,160

-

10,623

3,317

MH Corbin Holding LLC

August 31, 2015

Manufacturer and Distributor of Traffic Safety Products

Secured Debt

(19)

13.00% (10.00% Cash, 3.00% PIK)

3/31/2022

2,103

2,096

1,904

Preferred Member Units

16,500

1,100

-

Preferred Member Units

1,000

1,500

-

4,696

1,904

Mystic Logistics Holdings, LLC

August 18, 2014

Logistics and Distribution Services Provider for Large Volume Mailers

Secured Debt

12.00%

1/17/2022

1,677

1,677

1,676

Common Stock

(8)

1,468

680

1,480

2,357

3,156

NexRev LLC

February 28, 2018

Provider of Energy Efficiency Products & Services

Secured Debt

11.00%

2/28/2023

4,165

4,132

4,121

Preferred Member Units

(8)

21,600,000

1,720

820

5,852

4,941

NuStep, LLC

January 31, 2017

Designer, Manufacturer and Distributor of Fitness Equipment

Secured Debt

11.00%

1/31/2022

4,310

4,298

4,310

Preferred Member Units

102

2,550

3,090

6,848

7,400

8


Table of Contents

MSC Income Fund, Inc.

Consolidated Schedule of Investments (Continued)

June 30, 2021

(dollars in thousands)

(unaudited)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

SI East, LLC

August 31, 2018

Rigid Industrial Packaging Manufacturing

Secured Debt

8.75%

8/31/2023

9,725

9,668

9,724

Preferred Member Units

(8)

52

2,000

5,010

11,668

14,734

Tedder Industries, LLC

August 31, 2018

Manufacturer of Firearm Holsters and Accessories

Secured Debt

12.00%

8/31/2023

3,840

3,781

3,783

Preferred Member Units

120

2,034

2,034

5,815

5,817

Trantech Radiator Topco, LLC

May 31, 2019

Transformer Cooling Products and Services

Secured Debt

12.00%

5/31/2024

2,180

2,130

2,130

Common Stock

(8)

154

1,164

1,500

3,294

3,630

Subtotal Affiliate Investments (28.4% of net assets at fair value)

$

150,164

$

170,144

Non-Control Investments (7)

AAC Holdings, Inc.

(11)

June 30, 2017

Substance Abuse Treatment Service Provider

Secured Debt

(19)

18.00% (10.00% Cash, 8.00% PIK)

6/25/2025

3,491

3,164

3,387

Common Stock

593,927

3,148

2,079

Warrants

(27)

197,717

12/11/2025

-

692

6,312

6,158

Adams Publishing Group, LLC

(10)

November 19, 2015

Local Newspaper Operator

Secured Debt

(9)

8.75% (L+7.00%, Floor 1.75%)

7/3/2023

5,139

5,048

5,099

ADS Tactical, Inc.

(11)

March 7, 2017

Value-Added Logistics and Supply Chain Provider to the Defense Industry