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
OneDigital Borrower LLC (OneDigital) Life Insurance 1st Lien Senior Secured Debt SF + 3.00% $14,774 14,715 14,767 0.07%
Jam City, Inc. Leisure Goods 1st Lien Senior Secured Debt SF + 7.00% $721 718 721 0.00%
ULTRA III, LLC (Unitranche Holdings III, LLC) Investments in Joint Ventures Joint Ventures $550,000 295,799 311,186 1.56%
Apex Group Treasury LLC (Apex Group) Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SF + 3.50% $9,634 9,524 9,636 0.05%
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%
Baker Tilly Advisory Group, LP (Baker Tilly) Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SF + 4.75% $141,355 115,988 118,153 0.59%
DRW Holdings LLC Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SF + 3.50% $13,342 13,282 13,367 0.07%
EISNER ADVISORY GROUP LLC Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SF + 4.00% $8,566 8,496 8,606 0.04%
Earps Bidco Limited (Smith & Williamson) Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SN + 5.00% £50,700 47,833 49,768 0.25%
Focus Financial Partners, LLC (Focus Financial Partners LLC) Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SF + 2.75% $17,993 17,922 17,925 0.09%
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%
Harp Finco LTD (Hargreaves Lansdown PLC) Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SN + 5.50% £113,774 144,466 150,221 0.75%
Jump Financial LLC Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SF + 4.25% $3,906 3,894 3,925 0.02%
June Purchaser LLC (Janney Montgomery Scott) Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SF + 3.25% $11,333 9,671 9,766 0.05%
MAI Capital Management Intermediate LLC (MAI Capital Management) Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SF + 4.75% $50,000 33,597 33,590 0.17%
Madonna Bidco Limited (Isio) Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SN + 5.25% £61,566 65,502 70,295 0.35%
More Cowbell II, LLC (Standish) Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SF + 5.00% $62,787 48,760 49,713 0.25%
Orthrus Limited (Ocorian) Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SF + 6.25% (incl 2.75% PIK) $81,541 80,222 80,037 0.40%
Orthrus Limited (Ocorian) Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SN + 6.25% (incl 2.75% PIK) £50,518 43,019 45,281 0.23%
Orthrus Limited (Ocorian) Investment Banking and Brokerage Services 1st Lien Senior Secured Debt E + 6.25% (incl 2.75% PIK) € 30,863 32,148 34,382 0.17%
Osaic Holdings Inc (Advisor Group Holdings, Inc) Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SF + 3.50% $15,059 14,997 15,128 0.08%
PF Finco PTY LTD (Hunter Premium Funding) Investment Banking and Brokerage Services 1st Lien Senior Secured Debt B + 6.25% AUD 47,560 26,291 26,290 0.13%
Rockefeller Capital Management Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SF + 4.75% $84,650 83,956 84,650 0.43%
Travelex Issuerco 2 PLC (Travelex) Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SN + 8.00% £22,377 26,667 30,937 0.16%
VIOLIN FINCO GUERNSEY LIMITED (Evelyn Partners) Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SN + 5.25% £86,416 100,810 108,787 0.55%

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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.