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
Artemis Bidco Limited (Away Resorts) Travel and Leisure 1st Lien Senior Secured Debt SN + 6.00% £19,387 23,082 16,818 0.08%
Jones Deslauriers Insurance Management Inc. (Navacord Inc.) Non-life Insurance 1st Lien Senior Secured Debt 8.50% $14,487 14,471 15,221 0.08%
Medline Borrower LP (Medline) Health Care Providers 1st Lien Senior Secured Debt SF + 2.25% $15,022 14,933 15,024 0.08%
PEX Holdings LLC (Gen II Fund Services, LLC) Industrial Support Services 1st Lien Senior Secured Debt SF + 2.75% $15,000 14,965 14,991 0.08%
Severin Acquisition LLC (Powerschool Holdings, LLC) Software and Computer Services 1st Lien Senior Secured Debt SF + 4.75% $44,454 15,156 15,316 0.08%
TK Elevator US Newco Inc (TK Elevator) Industrial Engineering 1st Lien Senior Secured Debt SF + 3.00% $15,030 14,884 15,083 0.08%
UKG Inc (Ultimate Software Group) Software and Computer Services 1st Lien Senior Secured Debt SF + 3.00% $16,537 16,423 16,587 0.08%
White Cap Buyer, LLC (White Cap Buyer LLC) Retailers 1st Lien Senior Secured Debt SF + 3.25% $15,316 15,261 15,193 0.08%
Ascensus Holdings, Inc. (AqGen Ascensus, Inc.) Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SF + 3.00% $14,080 14,015 14,058 0.07%
Avalara, Inc. (Avalara) Software and Computer Services 1st Lien Senior Secured Debt SF + 3.25% $13,359 13,289 13,381 0.07%
Belron Finance 2019 LLC (Belron) Retailers 1st Lien Senior Secured Debt SF + 2.75% $14,609 14,569 14,688 0.07%
BradyplusUS Holdings, LLC (fka BradyIFS Holdings, LLC) (BradyPLUS Holdings, LLC) Retailers 1st Lien Senior Secured Debt SF + 5.00% $14,886 14,433 14,551 0.07%
Citrin Cooperman Advisors LLC (Citrin Cooperman) Consumer Services 1st Lien Senior Secured Debt SF + 3.00% $14,477 13,447 13,536 0.07%
Cloud Software Group Inc (Citrix) Software and Computer Services 1st Lien Senior Secured Debt SF + 3.50% $13,766 13,259 13,749 0.07%
DRW Holdings LLC Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SF + 3.50% $13,342 13,282 13,367 0.07%
Grant Thornton LLP (Grant Thornton) Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SF + 2.75% $15,203 14,823 14,795 0.07%
Great Outdoors Group, LLC (Bass Pro Group LLC) Retailers 1st Lien Senior Secured Debt SF + 3.25% $13,590 13,526 13,507 0.07%
HUB International Ltd (HUB International Holdings Inc) Non-life Insurance 1st Lien Senior Secured Debt SF + 2.50% $13,715 13,601 13,730 0.07%
Madison IAQ LLC Industrial Support Services 1st Lien Senior Secured Debt SF + 3.25% $13,860 13,671 13,890 0.07%
Meralm Bidco AB (Miss Group) Software and Computer Services 1st Lien Senior Secured Debt SF + 5.50% (incl 2.25% PIK) $13,851 13,667 13,696 0.07%
OneDigital Borrower LLC (OneDigital) Life Insurance 1st Lien Senior Secured Debt SF + 3.00% $14,774 14,715 14,767 0.07%
Syneos Health Inc (Syneos Health) Pharmaceuticals and Biotechnology 1st Lien Senior Secured Debt SF + 4.00% $14,998 14,915 14,769 0.07%
USI Inc/NY (USI) Non-life Insurance 1st Lien Senior Secured Debt SF + 2.25% $14,759 14,741 14,714 0.07%
Voyager Parent LLC (IGT/Everi) Travel and Leisure 1st Lien Senior Secured Debt SF + 4.75% $14,819 14,375 14,575 0.07%
Wash & Wax Systems LLC (Zips Car Wash, LLC) Consumer Services 1st Lien Senior Secured Debt SF+ 5.50% PIK $14,486 14,486 14,486 0.07%

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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.