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 May 31, 2025

$19.9B

Investments at Fair Value

10.0%

Portfolio Yield at Fair Value1

91%

Private Investments2

97%

First Lien Exposure3

99%

Floating Rate4

$229M

Weighted Average EBITDA5

Portfolio Companies89

Clear Filters
Company Name
Industry
Investment Type
Reference Rate & Spread11
Par Amount (thousands)
Amortized Cost (thousands)
Fair Value (thousands)
% of Total Portfolio
123Dentist Inc. Health Care Providers 1st Lien Senior Secured Debt CORRA + 5.00% CAD 80,467 52,974 51,393 0.26%
2080 Media, Inc. (PlayOn Sports) Media 1st Lien Senior Secured Debt SF + 5.25% $126,051 74,858 76,018 0.38%
720 East CLO V, Ltd. Structured Finance Structured Finance investments SF + 6.30% $4,000 4,000 4,082 0.02%
AB Centers Acquisition Corporation (Action Behavior Centers LLC) Health Care Providers 1st Lien Senior Secured Debt SF + 5.00% $256,923 218,741 222,701 1.12%
ABB/CON-CISE Optical Group LLC (ABB Optical) Medical Equipment and Services 1st Lien Senior Secured Debt SF + 7.50% $21,259 21,002 20,043 0.10%
ABPCI Direct Lending Fund CLO XVII LLC (ABPCI Direct Lending Fund CLO) Structured Finance Structured Finance investments SF + 8.00% $3,500 3,519 3,532 0.02%
AI Circle Bidco Limited (myPOS) Industrial Support Services 1st Lien Senior Secured Debt E + 5.75% € 117,797 75,002 80,644 0.40%
AI Grace Aus Bidco Pty Ltd (Zimmermann) Retailers 1st Lien Senior Secured Debt E + 5.25% € 21,626 22,796 24,504 0.12%
AI Learning (Singapore) PTE. LTD. (The Learning Lab) Consumer Services 1st Lien Senior Secured Debt SORA + 7.50% SDG 45,400 33,057 35,217 0.18%
AMMC CLO 21 LTD (American Money Management Corp) Structured Finance Structured Finance investments SF + 6.76% $4,126 3,761 4,155 0.02%
AMMC CLO XII Ltd Structured Finance Structured Finance investments SF + 6.44% $2,000 2,002 2,011 0.01%
AMR GP Limited (Aston Martin Formula 1 Team) Media 1st Lien Senior Secured Debt 10.50% (incl 5.25% PIK) $1,043 1,016 1,034 0.01%
ARES CLO Ltd Structured Finance Structured Finance investments SF + 6.70% $5,000 5,000 5,045 0.03%
ASDAM Operations Pty Ltd Aerospace and Defense 1st Lien Senior Secured Debt B + 5.50% AUD 50,593 32,767 31,428 0.16%
ASSOCIATIONS INC. Real Estate Investment and Services 1st Lien Senior Secured Debt SF + 6.50% $63,186 59,824 60,468 0.30%
ATI Holdings Acquisition, Inc. (ATI Physical Therapy) Health Care Providers 1st Lien Senior Secured Debt SF + 7.25% $41,092 40,712 38,707 0.19%
AVSC Holding Corp. (Encore Global LP) Industrial Support Services 1st Lien Senior Secured Debt SF + 5.00% $82,848 72,650 72,472 0.36%
Accession Risk Management Group Inc (Business Risk Strategies Ltd) Non-life Insurance 1st Lien Senior Secured Debt SF + 4.75% $85,884 69,911 68,768 0.35%
Acrisure LLC Non-life Insurance 1st Lien Senior Secured Debt SF + 3.00% $20,008 19,998 19,937 0.10%
Acuris Finance US, Inc (ION Analytics) Software and Computer Services 1st Lien Senior Secured Debt SF + 3.75% $8,341 8,237 8,351 0.04%
Advarra Holdings, Inc. (Advarra, Inc.) Pharmaceuticals and Biotechnology 1st Lien Senior Secured Debt SF + 4.50% $201,851 194,142 197,849 0.99%
Aesthetics Australia Group Pty Ltd (Laser Clinics Group) Consumer Services 1st Lien Senior Secured Debt B + 8.31% (incl 4.06% PIK) AUD 57,807 36,805 32,979 0.17%
Agiliti Health, Inc. (Universal Hospital Services, Inc.) Medical Equipment and Services 1st Lien Senior Secured Debt SF + 3.00% $5,418 5,125 5,278 0.03%
Alchemy US Holdco 1 LLC (Kymera International) Industrial Metals and Mining 1st Lien Senior Secured Debt SF + 6.50% $130,844 117,074 117,077 0.59%
Alchemy US Holdco 1 LLC (Kymera International) Industrial Metals and Mining 1st Lien Senior Secured Debt E + 6.50% € 25,444 26,531 27,815 0.14%

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Footnotes

  1. 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.
  2. 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.
  3. Based on the aggregate fair value of the investment portfolio as of May 31, 2025.
  4. Percentage based on aggregate fair value of accruing debt.
  5. 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.
  6. Includes “last out” portions of first lien senior secured loans.
  7. Secured debt at the holding company level.
  8. Based on FTSE / DJ Industry Classification Benchmark (“ICB”) sector definition. Totals may not sum due to rounding.
  9. All figures are as of May 31, 2025 unless otherwise indicated. % of total portfolio shown above is measured as total fair value of investments.
  10. Other includes structured finance investments.
  11. PIK rates on preferred equity investments may represent preference accruals that are not recognized through NII of the fund and as such are not included in the calculation of yield.