Portfolio
HLEND seeks to build a diversified portfolio of senior secured private credit investments in resilient, market-leading, upper-middle market companies that operate primarily in non-cyclical sectors.
Data as of January 31, 2026
$25.6B
Investments at Fair Value
9.3%
Portfolio Yield at Fair Value1
93%
Private Investments2
96%
First Lien Exposure3
99%
Floating Rate4
$254M
Weighted Average EBITDA5
Portfolio Companies89
|
Company Name
|
Industry
|
Investment Type
|
Reference Rate & Spread11
|
Par Amount (thousands)
|
Amortized Cost (thousands)
|
Fair Value (thousands)
|
% of Total Portfolio
|
|---|---|---|---|---|---|---|---|
| VetCor Group Holdings LLC (VetCor) | Health Care Providers & Services | Unsecured Debt | 14.75% PIK | $321 | 317 | 292 | 0.00% |
| Associations Finance, Inc. (Associations Inc.) | Real Estate Management & Development | Unsecured Debt | 14.25% PIK | $14,247 | 14,207 | 14,247 | 0.06% |
| BCPE Virginia Holdco, Inc. (Guidehouse Inc.) | Professional Services | Preferred Equity | 13.75% Preferred Return | $2,000 | 1,960 | 2,721 | 0.01% |
| CG Parent Intermediate Holdings, Inc. (Colibri Group) | Diversified Consumer Services | Preferred Equity | 13.75% Preferred Return | $2,000 | 1,940 | 2,692 | 0.01% |
| VetCor Group Holdings LLC (VetCor) | Health Care Providers & Services | Unsecured Debt | 13.75% PIK | $1,546 | 1,533 | 1,359 | 0.01% |
| Shelley Midco 1 Pty Ltd (QMS Media) | Media | Other Secured Debt | 13.50% PIK | AUD 1,575 | 1,020 | 1,093 | 0.00% |
| Eagle LNG Partners Jacksonville II LLC (Eagle LNG Partners) | Oil, Gas & Consumable Fuels | 1st Lien Senior Secured Debt | 13.50% (incl 6.35% PIK) | $920 | 903 | 851 | 0.00% |
| DCA Acquisition Holdings LLC (Dental Care Alliance) | Health Care Providers & Services | Unsecured Debt | 13.13% PIK | $1,712 | 1,484 | 93 | 0.00% |
| The ONE Group Hospitality, Inc. (The One Group, LLC) | Hotels, Restaurants & Leisure | Preferred Equity | 13.00% Preferred Return | $1,000 | 877 | 1,152 | 0.00% |
| Alp CFO 2025, L.P. | Structured Finance | Structured Finance investments | 12.24% | $16,000 | 16,000 | 16,000 | 0.06% |
| CCI Topco, Inc. (Consumer Cellular) | Wireless Telecommunication Services | Preferred Equity | 12.00% Preferred Return | $2,000 | 1,960 | 2,203 | 0.01% |
| Wash & Wax Holdings LLC (Zips Car Wash, LLC) | Diversified Consumer Services | Unsecured Debt | 12.00% PIK | $10,262 | 9,831 | 10,262 | 0.04% |
| AMR GP Ltd (Aston Martin Formula 1 Team) | Entertainment | 1st Lien Senior Secured Debt | 10.50% (incl 5.25% PIK) | $1,085 | 1,059 | 1,085 | 0.00% |
| AMR GP Holdings Ltd (Aston Martin Formula 1 Team) | Entertainment | Equity and other investments | £10 | 1,008 | 1,601 | 0.01% | |
| Creek Feeder, L.P. (Catalent Inc.) | Pharmaceuticals | Equity and other investments | $9,000 | 9,000 | 9,814 | 0.04% | |
| Demon Holdco Lux Sarl (Dainese) | Textiles, Apparel & Luxury Goods | Equity and other investments | €822 | 22,660 | 22,321 | 0.09% | |
| Dryden 108 CLO Ltd (Dryden Senior Loan Fund) | Structured Finance | Structured Finance investments | $2,900 | 2,291 | 1,469 | 0.01% | |
| Eating Recovery Center TopCo, LLC (Eating Recovery Center) | Health Care Providers & Services | Equity and other investments | $4 | 4,634 | 1,601 | 0.01% | |
| SLF V AD1 Holdings, LLC (AD1 Global) | Real Estate Management & Development | Equity and other investments | $10,101 | 9,891 | 9,298 | 0.04% | |
| Southern Graphics Holdings LLC (Southern Graphics Inc.) | Commercial Services & Supplies | Equity and other investments | $0 | 2,333 | 1,529 | 0.01% | |
| The ONE Group Hospitality, Inc. (The One Group, LLC) | Hotels, Restaurants & Leisure | Equity and other investments | $19 | 73 | 26 | 0.00% | |
| Thrasio Holdings, Inc. (Thras IO Inc) | Broadline Retail | Equity and other investments | $19 | 0 | - | 0.00% | |
| ULTRA III, LLC (Unitranche Holdings III, LLC) | Investments in Joint Ventures | Joint Ventures | $750,000 | 401,455 | 404,852 | 1.58% | |
| Velocity Cayman Holding L.P. (Vialto Partners) | Commercial Services & Supplies | Equity and other investments | $288 | 6,162 | 6,506 | 0.03% | |
| Velocity Cayman Holdings GP LLC (Vialto Partners) | Commercial Services & Supplies | Equity and other investments | $288 | - | - | 0.00% |
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Footnotes
- Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts and less any annual amortization of premiums, as applicable, on accruing (i) debt and (ii) other income producing securities, divided by (b) total accruing (i) debt and (ii) other income producing securities (at fair value). Actual yields earned over the life of each investment could differ materially from the yields presented above. Please refer to HLEND’s prospectus and filings, including Form 10-Q or Form 10-K for fair value disclosures.
- Private Investments represents level 3 investments in the investment portfolio where inputs to the valuation methodology are unobservable and significant to overall fair value measurement. Private investments includes investments in joint ventures.
- Based on the aggregate fair value of the investment portfolio as of January 31, 2026.
- Percentage based on aggregate fair value of accruing debt.
- Calculated with respect to all level 3 investments (or, with respect to weighted average loan to value, all level 3 debt investments) in the investment portfolio for which fair value is determined by the Investment Adviser (in its capacity as the investment adviser of HLEND, with assistance, at least quarterly, from a third-party valuation firm, and overseen by HLEND’s Board of Trustees), and excludes quoted assets and investments in joint ventures. In the case of weighted average EBITDA only, excludes investments with no reported EBITDA or where EBITDA, in the Investment Adviser’s judgement made in its discretion, was not a material component of the original investment thesis, such as loan-to-value-based loans, NAV-based loans or reorganized equity. Weighted average EBITDA is weighted based on the fair value of the total applicable level 3 investments. Loan to value is calculated as net debt through each respective investment tranche in which HLEND holds an investment divided by enterprise value or value of underlying collateral of the portfolio company. Weighted average loan to value is weighted based on the fair value of the total applicable level 3 debt investments. Excludes investments on non-accrual status as of October 31, 2024. Figures are derived from the most recent financial statements from portfolio companies.
- Includes “last out” portions of first lien senior secured loans.
- Secured debt at the holding company level.
- Based on MSCI / S&P Global Industry Classification Standard (“GICS”) industry definition. Totals may not sum due to rounding.
- All figures are as of January 31, 2026 unless otherwise indicated. % of total portfolio shown above is measured as total fair value of investments.
- Other includes structured finance investments.
- Contractual rates on preferred equity investments may represent preference accruals that are not recognized through investment income of the fund and as such are not included in the calculation of yield. The fair value of these investments may be influenced by the stated preference accrual or a minimum return threshold.