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
|
Company Name
|
Industry
|
Investment Type
|
Reference Rate & Spread11
|
Par Amount (thousands)
|
Amortized Cost (thousands)
|
Fair Value (thousands)
|
% of Total Portfolio
|
|---|---|---|---|---|---|---|---|
| Chartis Group LLC/The (The Chartis Group, LLC) | Industrial Support Services | 1st Lien Senior Secured Debt | SF + 4.50% | $121,348 | 80,489 | 80,856 | 0.41% |
| Medallia Inc (Medallia, Inc.) | Software and Computer Services | 1st Lien Senior Secured Debt | SF + 6.50% (incl 4.00% PIK) | $80,737 | 80,737 | 72,000 | 0.36% |
| Ping Identity Holding Corp. | Software and Computer Services | 1st Lien Senior Secured Debt | SF + 4.75% | $90,368 | 80,813 | 82,674 | 0.42% |
| Arcfield Acquisition Corp (TigerCub) | Aerospace and Defense | 1st Lien Senior Secured Debt | SF + 5.00% | $92,590 | 81,278 | 81,599 | 0.41% |
| Rockefeller Capital Management | Investment Banking and Brokerage Services | 1st Lien Senior Secured Debt | SF + 4.75% | $84,650 | 83,956 | 84,650 | 0.43% |
| Tex-Tech Industries, Inc. | Aerospace and Defense | 1st Lien Senior Secured Debt | SF + 5.00% | $116,707 | 83,977 | 83,534 | 0.42% |
| Aspen Dental Management Inc. (ADMI Corp) (Aspen Dental Management Inc.) | Health Care Providers | 1st Lien Senior Secured Debt | SF + 5.75% | $852 | 857 | 829 | 0.00% |
| W3 TopCo LLC (Total Safety) | Industrial Support Services | 1st Lien Senior Secured Debt | SF + 6.50% | $89,006 | 86,297 | 86,450 | 0.43% |
| The ONE Group Hospitality, Inc. (The One Group, LLC) | Travel and Leisure | Preferred Equity | 13.00% PIK | $1,000 | 877 | 1,051 | 0.01% |
| IG Investments Holdings, LLC (Insight Global) | Industrial Support Services | 1st Lien Senior Secured Debt | SF + 5.00% | $88,679 | 88,272 | 88,375 | 0.44% |
| Mckissock Investment Holdings LLC (Colibri Group) | Consumer Services | 1st Lien Senior Secured Debt | SF + 5.00% | $89,974 | 88,928 | 90,200 | 0.45% |
| Kabafusion Parent LLC (Kabafusion LLC) | Health Care Providers | 1st Lien Senior Secured Debt | SF + 5.00% | $101,700 | 89,056 | 90,900 | 0.46% |
| Vital Care Buyer, LLC (Vital Care Inc) | Medical Equipment and Services | 1st Lien Senior Secured Debt | SF + 4.50% | $103,533 | 89,351 | 90,262 | 0.45% |
| Plasma Buyer LLC (Path Group Inc.) | Medical Equipment and Services | 1st Lien Senior Secured Debt | SF + 5.75% | $92,456 | 89,748 | 83,088 | 0.42% |
| Creek Feeder, L.P. (Catalent Inc.) | Pharmaceuticals and Biotechnology | Equity and other investments | $9,000 | 9,000 | 9,000 | 0.05% | |
| RAPID EXPRESS PREFERRED, LLC (Wildcat Car Wash) | Consumer Services | Preferred Equity | 15.00% PIK | $9,196 | 9,196 | 9,196 | 0.05% |
| Currahee Borrower Sub LLC (CohnReznick) | Industrial Support Services | 1st Lien Senior Secured Debt | SF + 4.00% | $11,648 | 9,401 | 9,473 | 0.05% |
| Aspire Bakeries Holdings LLC (Aspire Bakeries) | Food Producers | 1st Lien Senior Secured Debt | SF + 4.25% | $9,490 | 9,456 | 9,549 | 0.05% |
| Wash & Wax Holdings LLC (Zips Car Wash, LLC) | Consumer Services | Other Secured Debt | 12.00% PIK | $9,468 | 9,468 | 9,468 | 0.05% |
| 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% |
| Fertitta Entertainment LLC/NV (Golden Nugget Inc) | Travel and Leisure | 1st Lien Senior Secured Debt | SF + 3.50% | $9,827 | 9,610 | 9,783 | 0.05% |
| 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% |
| Wec US Holdings Inc (Westinghouse) | Industrial Engineering | 1st Lien Senior Secured Debt | SF + 2.25% | $9,925 | 9,862 | 9,918 | 0.05% |
| SLF V AD1 Holdings, LLC (AD1 Global) | Travel and Leisure | Equity and other investments | $10,101 | 9,891 | 9,468 | 0.05% | |
| Mitchell International Inc (Mitchell International, Inc.) | Software and Computer Services | 1st Lien Senior Secured Debt | SF + 3.25% | $9,950 | 9,907 | 9,932 | 0.05% |
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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 May 31, 2025.
- 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 FTSE / DJ Industry Classification Benchmark (“ICB”) sector definition. Totals may not sum due to rounding.
- All figures are as of May 31, 2025 unless otherwise indicated. % of total portfolio shown above is measured as total fair value of investments.
- Other includes structured finance investments.
- 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.