MSC Income Fund, a non-traded business development company formerly known as HMS Income Fund, disclosed that Brent Smith will resign from his positions as chief financial officer and treasurer of the company and Main Street Capital Corporation, the parent to MSC Adviser I LLC, the BDC’s investment adviser, effective August 31, 2021.
Jesse Morris will assume the positions vacated by Smith, in addition to his current roles of executive vice president and chief operating officer of the BDC and Main Street.
In a filing with the Securities and Exchange Commission, the company stated that Smith’s separation is not the result of any disagreement with management or the board of either entity.
Prior to joining Main Street in July 2019, Morris served as EVP of finance and president of infrastructure solutions at Quanta Services Inc. (NYSE: PWR), a contracting services provider to the power, natural gas and telecommunications industries. Before Quanta, he served as CFO of Sysco Corporation (NYSE: SYY), a global food distributor.
MSC Income Fund is a specialty finance company that primarily provides long-term debt and equity capital to lower middle market companies and debt capital to middle market companies. The company was previously advised by a Hines affiliate and sub-advised by an affiliate of Main Street Capital Corporation (NYSE: MAIN). In October 2020, shareholders approved a new advisory agreement where Main Street would become the sole adviser of the fund.
MSC Income Fund’s offerings ran from June 2012 until September 2017 and raised approximately $851.2 million including proceeds from the dividend reinvestment plan of approximately $118.3 million, as of December 31, 2020. As of the fourth quarter of 2020, the BDC’s investment portfolio was valued at $825.5 million.