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
|
|---|---|---|---|---|---|---|---|
| Integrity Marketing Acquisition LLC (Integrity Marketing Group) | Non-life Insurance | 1st Lien Senior Secured Debt | SF + 5.00% | $67,865 | 65,442 | 65,792 | 0.33% |
| NBG Acquisition Corp. (Nexus Brands Group) | Industrial Support Services | 1st Lien Senior Secured Debt | SF + 5.50% | $27,257 | 27,124 | 22,364 | 0.11% |
| Neon Maple US Debt Mergersub Inc (Nuvei Technologies Corp.) | Industrial Support Services | 1st Lien Senior Secured Debt | SF + 3.00% | $3,160 | 3,138 | 3,160 | 0.02% |
| Netrisk Group Luxco 4 S.A.R.L. (Netrisk) | Non-life Insurance | 1st Lien Senior Secured Debt | E + 5.25% | € 57,650 | 54,942 | 59,678 | 0.30% |
| Oil Changer Holding Corporation | Automobiles and Parts | 1st Lien Senior Secured Debt | SF + 6.75% | $46,520 | 46,352 | 46,520 | 0.23% |
| OneDigital Borrower LLC (OneDigital) | Life Insurance | 1st Lien Senior Secured Debt | SF + 3.00% | $14,774 | 14,715 | 14,767 | 0.07% |
| Onesource Virtual, Inc. | Software and Computer Services | 1st Lien Senior Secured Debt | SF + 5.00% | $205,693 | 177,810 | 182,179 | 0.91% |
| Oranje Holdco, Inc. (KnowBe4, Inc.) | Software and Computer Services | 1st Lien Senior Secured Debt | SF + 7.75% | $33,837 | 33,320 | 33,837 | 0.17% |
| Oranje Holdco, Inc. (KnowBe4, Inc.) | Software and Computer Services | 1st Lien Senior Secured Debt | SF + 7.25% | $15,917 | 15,664 | 15,917 | 0.08% |
| Oranje Holdco, Inc. (KnowBe4, Inc.) | Software and Computer Services | 1st Lien Senior Secured Debt | SF + 7.50% | $4,657 | (71) | - | 0.00% |
| 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% |
| Pareto Health Intermediate Holdings, Inc. | Health Care Providers | 1st Lien Senior Secured Debt | SF + 5.00% | $84,699 | 74,269 | 74,604 | 0.37% |
| Pareto Health Intermediate Holdings, Inc. | Health Care Providers | 1st Lien Senior Secured Debt | SF + 6.25% | $4,032 | (81) | (42) | 0.00% |
| Parfums Holding Company, Inc. (PDC Wellness) | Personal Care, Drug and Grocery Stores | 1st Lien Senior Secured Debt | SF + 5.25% | $128,160 | 118,045 | 119,723 | 0.60% |
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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.