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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 June 30, 2025

$20.8B

Investments at Fair Value

10.0%

Portfolio Yield at Fair Value1

91%

Private Investments2

97%

First Lien Exposure3

99%

Floating Rate4

$235M

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
Axiom Buyer, LLC (Axiom) Industrial Support Services 1st Lien Senior Secured Debt SF + 6.50% $183,580 153,181 153,311 0.74%
Harp Finco LTD (Hargreaves Lansdown PLC) Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SN + 5.50% £113,774 144,501 152,496 0.73%
Radwell Parent, LLC Industrial Engineering 1st Lien Senior Secured Debt SF + 5.50% $151,493 148,778 151,493 0.73%
Kpler Finance SA Software and Computer Services 1st Lien Senior Secured Debt SF + 5.50% $180,000 149,378 149,383 0.72%
Club Car Wash Operating, LLC (Club Car Wash) Consumer Services 1st Lien Senior Secured Debt SF + 5.50% $153,955 146,889 147,770 0.71%
Kabafusion Parent LLC (Kabafusion LLC) Health Care Providers 1st Lien Senior Secured Debt SF + 5.00% $160,433 147,216 147,934 0.71%
Royal Buyer, LLC (Kings III of America, LLC) Industrial Support Services 1st Lien Senior Secured Debt SF + 5.00% $153,239 145,386 146,706 0.71%
Valence Surface Technologies LLC Aerospace and Defense 1st Lien Senior Secured Debt SF + 8.25% (incl 6.50% PIK) $179,262 148,098 148,099 0.71%
Aurelia Netherlands Midco 2 B.V. (Adevinta ASA) Software and Computer Services 1st Lien Senior Secured Debt E + 4.75% € 125,373 137,655 146,285 0.70%
FC Compassus LLC (Compassus) Health Care Providers 1st Lien Senior Secured Debt SF + 5.50% (incl 1.25% PIK) $161,650 145,411 145,690 0.70%
SPOTLESS BRANDS, LLC Consumer Services 1st Lien Senior Secured Debt SF + 5.75% $145,855 142,256 144,041 0.69%
Travel Leaders Group, LLC (Travel Leaders) Travel and Leisure 1st Lien Senior Secured Debt SF + 7.50% (incl 3.50% PIK) $141,787 139,938 141,324 0.68%
Diagnostic Services Holdings, Inc. (Rayus Radiology) Health Care Providers 1st Lien Senior Secured Debt SF + 5.50% $140,833 139,034 138,986 0.67%
Databricks Inc (Databricks) Software and Computer Services 1st Lien Senior Secured Debt SF + 4.50% $168,074 136,686 136,227 0.66%
Empower Payments Investor, LLC (RevSpring) Industrial Support Services 1st Lien Senior Secured Debt SF + 4.50% $163,371 137,107 137,924 0.66%
Galway Borrower LLC Non-life Insurance 1st Lien Senior Secured Debt SF + 4.50% $144,315 135,122 135,525 0.65%
Tricentis Operations Holdings Inc (Tricentis) Software and Computer Services 1st Lien Senior Secured Debt SF + 6.25% (incl 4.88% PIK) $162,890 134,483 134,071 0.65%
Zeus Company LLC (Zeus Company Inc.) Medical Equipment and Services 1st Lien Senior Secured Debt SF + 5.50% $167,434 132,333 135,843 0.65%
Saga Mid Co Limited (Saga PLC) Travel and Leisure 1st Lien Senior Secured Debt SN + 6.75% £135,976 123,043 133,695 0.64%
SimpliSafe Holding Corporation Industrial Support Services 1st Lien Senior Secured Debt SF + 6.25% $132,141 130,848 132,141 0.64%
WCAS XIII Primary Care Investors, L.P. Health Care Providers 1st Lien Senior Secured Debt SF + 6.25% $135,630 133,873 133,376 0.64%
Stack Sports Buyer, LLC Software and Computer Services 1st Lien Senior Secured Debt SF + 5.25% $153,424 129,666 129,039 0.62%
Tivity Health Inc Health Care Providers 1st Lien Senior Secured Debt SF + 5.00% $129,169 127,591 129,169 0.62%
Femur Buyer Inc (Orchid Orthopedic Solutions, LLC) Medical Equipment and Services 1st Lien Senior Secured Debt SF + 8.25% (incl 4.50% PIK) $145,616 142,915 126,382 0.61%
TecoStar Holdings Inc (Tecomet Inc) Medical Equipment and Services 1st Lien Senior Secured Debt SF + 8.00% $126,897 124,917 123,765 0.60%

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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 June 30, 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 June 30, 2025 unless otherwise indicated. % of total portfolio shown above is measured as total fair value of investments.
  10. Other includes structured finance investments.
  11. Contractual rates on preferred equity investments may represent preference accruals that are not recognized through investment income of the fund and as such are not included in the calculation of yield. The fair value of these investments may be influenced by the stated preference accrual or a minimum return threshold.