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 March 31, 2025

$18.4B

Investments at Fair Value

10.1%

Portfolio Yield at Fair Value1

92%

Private Investments2

97%

First Lien Exposure3

99%

Floating Rate4

$223M

Weighted Average EBITDA5

Portfolio Companies89

Clear Filters
Company Name
Industry
Investment Type
Reference Rate & Spread
Par Amount (thousands)
Amortized Cost (thousands)
Fair Value (thousands)
% of Total Portfolio
Aesthetics Australia Group Pty Ltd (Laser Clinics Group) Consumer Services 1st Lien Senior Secured Debt B + 6.75% (incl 2.50% PIK) AUD 57,095 36,326 33,342 0.18%
American Academy Holdings, LLC (American Academy of Professional Coders) Consumer Services 1st Lien Senior Secured Debt SF + 9.75% (incl 5.25% PIK) $57,248 57,248 56,323 0.31%
Mckissock Investment Holdings LLC (Colibri Group) Consumer Services 1st Lien Senior Secured Debt SF + 5.00% $58,573 57,639 58,378 0.32%
TruGreen Limited Partnership (Tru Green LP) Consumer Services 1st Lien Senior Secured Debt SF + 4.00% $8,464 8,407 7,992 0.04%
Cogentrix Finance Holdco I LLC (Cogentrix) Electricity 1st Lien Senior Secured Debt SF + 2.75% $5,068 5,055 5,055 0.03%
Hamilton Projects Acquiror LLC (Hamilton) Electricity 1st Lien Senior Secured Debt SF + 3.00% $16,497 16,461 16,503 0.09%
IP Operating Portfolio I, LLC (Intersect Power) Electricity 1st Lien Senior Secured Debt 7.88% $27,119 26,715 26,943 0.15%
IP Operations II Investco, LLC (IP ERCOT BESS) Electricity 1st Lien Senior Secured Debt SF + 5.50% $40,927 40,328 40,653 0.22%
Sunzia UpperCo LLC (Pattern Energy Group) Electricity 1st Lien Senior Secured Debt SF + 5.00% $25,000 24,951 25,000 0.14%
Thunder Generation Funding LLC (Thunder Generation) Electricity 1st Lien Senior Secured Debt SF + 3.00% $5,853 5,826 5,859 0.03%
Dwyer Instruments Inc Electronic and Electrical Equipment 1st Lien Senior Secured Debt SF + 4.75% $144,751 111,930 112,546 0.61%
PCP CW Aggregator Holdings II, L.P. (CardWorks, Inc.) Finance and Credit Services 1st Lien Senior Secured Debt SF +9.25% PIK $23,278 23,140 23,393 0.13%
Yes Energy LLC Finance and Credit Services 1st Lien Senior Secured Debt SF + 5.00% $44,670 40,884 41,662 0.23%
Aspire Bakeries Holdings LLC (Aspire Bakeries) Food Producers 1st Lien Senior Secured Debt SF + 4.25% $7,280 7,246 7,308 0.04%
SUGAR PPC BUYER LLC (Sugar Foods Corporation) Food Producers 1st Lien Senior Secured Debt SF + 5.25% $89,800 73,848 76,224 0.41%
Specialty Ingredients, LLC (Parker Products Holdings, LLC) Food Producers 1st Lien Senior Secured Debt SF + 6.00% $99,946 92,529 93,743 0.51%
ELNG Equity LLC (Eagle LNG Partners) Gas, Water and Multi-utilities Equity and other investments $78 - - 0.00%
Eagle LNG Partners Jacksonville II LLC (Eagle LNG Partners) Gas, Water and Multi-utilities 1st Lien Senior Secured Debt 13.50% (incl 6.35% PIK) $803 785 787 0.00%
Eagle LNG Partners Jacksonville II LLC (Eagle LNG Partners) Gas, Water and Multi-utilities Equity and other investments $0 0 - 0.00%
Floating Infrastructure Holdings Finance LLC (NFE VesselCo) Gas, Water and Multi-utilities 1st Lien Senior Secured Debt SF + 5.75% $40,189 39,817 40,189 0.22%
BP Purchaser, LLC (BOX Partners) General Industrials 1st Lien Senior Secured Debt SF + 5.50% $28,612 28,313 24,935 0.14%
Bakelite US Holdco Inc (Bakelite) General Industrials 1st Lien Senior Secured Debt SF + 3.75% $6,191 6,132 6,129 0.03%
Bright Light Buyer, Inc. (Chauvet Lighting) General Industrials 1st Lien Senior Secured Debt SF + 6.00% $74,063 72,642 74,063 0.40%
Capripack Debtco PLC (Constantia) General Industrials 1st Lien Senior Secured Debt E + 5.75% (incl 2.50% PIK) € 142,097 147,554 153,706 0.83%
Formerra, LLC (Formerra) General Industrials 1st Lien Senior Secured Debt SF + 7.25% $120,581 106,159 107,925 0.59%

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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 March 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 March 31, 2025 unless otherwise indicated. % of total portfolio shown above is measured as total fair value of investments.
  10. Other includes structured finance investments.