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
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%
Armstrong Bidco Limited (Access Group) Software and Computer Services 1st Lien Senior Secured Debt SN + 5.00% £139,986 166,557 187,805 0.94%
Artifact Bidco, Inc. (Avetta, LLC) Software and Computer Services 1st Lien Senior Secured Debt SF + 4.25% $45,788 45,386 46,246 0.23%
Artifact Bidco, Inc. (Avetta, LLC) Software and Computer Services 1st Lien Senior Secured Debt SF + 5.00% (incl 2.75% PIK) $11,207 (105) 112 0.00%
Artifact Bidco, Inc. (Avetta, LLC) Software and Computer Services 1st Lien Senior Secured Debt SF + 4.50% $8,005 (69) - 0.00%
Artisan Bidco, Inc. (Avid Technology, Inc.) Software and Computer Services 1st Lien Senior Secured Debt SF + 7.00% $46,498 41,948 41,862 0.21%
Artisan Bidco, Inc. (Avid Technology, Inc.) Software and Computer Services 1st Lien Senior Secured Debt E + 7.00% € 18,381 19,298 20,438 0.10%
Boreal Bidco (Esker SA) Software and Computer Services 1st Lien Senior Secured Debt E + 7.25% (incl 5.75% PIK) € 53,323 51,398 54,259 0.27%
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%
Riley MergeCo LLC (Riskalyze, Inc.) Software and Computer Services 1st Lien Senior Secured Debt SF + 7.75% $1,992 1,776 1,695 0.01%
Severin Acquisition LLC (Powerschool Holdings, LLC) Software and Computer Services 1st Lien Senior Secured Debt SF + 5.00% (incl 2.25% PIK) $366,134 308,110 309,400 1.55%
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%
Smarsh Inc. Software and Computer Services 1st Lien Senior Secured Debt SF + 4.75% $30,000 22,925 23,050 0.12%
Stack Sports Buyer, LLC Software and Computer Services 1st Lien Senior Secured Debt SF + 5.75% (incl 3.13% PIK) $161,176 129,516 129,521 0.65%
Stack Sports Buyer, LLC Software and Computer Services 1st Lien Senior Secured Debt SF + 5.25% $21,553 (314) (314) 0.00%
Storable Inc (Storable) Software and Computer Services 1st Lien Senior Secured Debt SF + 3.25% $5,754 5,739 5,762 0.03%
TriMech Acquisition Corp. (TriMech) Software and Computer Services 1st Lien Senior Secured Debt SN + 4.75% £35,793 43,492 48,199 0.24%
TriMech Acquisition Corp. (TriMech) Software and Computer Services 1st Lien Senior Secured Debt SF + 4.75% $21,059 20,905 21,059 0.11%
TriMech Acquisition Corp. (TriMech) Software and Computer Services 1st Lien Senior Secured Debt P + 3.75% $3,289 497 526 0.00%
Tricentis Operations Holdings Inc (Tricentis) Software and Computer Services 1st Lien Senior Secured Debt SF + 5.50% $19,449 (186) (256) 0.00%
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%
User Zoom Technologies, Inc. (User Testing, Inc.) Software and Computer Services 1st Lien Senior Secured Debt SF + 7.00% $18,948 18,728 18,948 0.10%
Wave Distribution Holdings LLC (Sophos) Software and Computer Services 1st Lien Senior Secured Debt SF + 3.50% $2,371 2,369 2,381 0.01%
Zelis Payments Buyer, Inc. (ZelisRedCard) Software and Computer Services 1st Lien Senior Secured Debt SF + 2.75% $10,884 10,842 10,820 0.05%
Zelis Payments Buyer, Inc. (ZelisRedCard) Software and Computer Services 1st Lien Senior Secured Debt SF + 3.25% $4,988 4,964 4,986 0.03%

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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.