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
|
|---|---|---|---|---|---|---|---|
| CCI Topco, Inc. (Consumer Cellular) | Telecommunications Service Providers | Preferred Equity | 12.00% PIK | $2,000 | 1,960 | 1,972 | 0.01% |
| CIFC Falcon 2020 Ltd (East West Investment Managemen) | Structured Finance | Structured Finance investments | SF + 7.67% | $2,000 | 2,006 | 1,993 | 0.01% |
| Vibrant CLO XII Ltd (Vibrant CLO Ltd) | Structured Finance | Structured Finance investments | SF + 6.94% | $2,000 | 2,000 | 1,976 | 0.01% |
| UFC Holdings LLC (TKO Group) | Media | 1st Lien Senior Secured Debt | SF + 2.25% | $2,100 | 2,098 | 2,108 | 0.01% |
| LMI Inc/DE (Liftoff / Vungle) | Software and Computer Services | 1st Lien Senior Secured Debt | SF + 3.75% | $2,170 | 2,164 | 2,155 | 0.01% |
| Red Planet Borrower, LLC (Liftoff / Vungle) | Software and Computer Services | 1st Lien Senior Secured Debt | SF + 5.25% | $2,188 | 2,112 | 2,204 | 0.01% |
| Directv Financing, LLC | Telecommunications Service Providers | 1st Lien Senior Secured Debt | SF + 5.00% | $2,297 | 2,275 | 2,309 | 0.01% |
| Hunter Douglas Inc (Hunter Douglas) | Household Goods and Home Construction | 1st Lien Senior Secured Debt | SF + 3.25% | $2,300 | 2,289 | 2,274 | 0.01% |
| 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% |
| KUEHG Corp. (Kinder Care) | Consumer Services | 1st Lien Senior Secured Debt | SF + 3.25% | $2,380 | 2,375 | 2,392 | 0.01% |
| Rad CLO Ltd | Structured Finance | Structured Finance investments | SF + 6.51% | $2,500 | 2,504 | 2,526 | 0.01% |
| IRB Holding Corp. (Arby’s Restaurant Group Inc) | Travel and Leisure | 1st Lien Senior Secured Debt | SF + 2.50% | $2,663 | 2,663 | 2,664 | 0.01% |
| Tenet Healthcare Corp | Health Care Providers | 1st Lien Senior Secured Debt | 5.13% | $2,695 | 2,713 | 2,680 | 0.01% |
| Dryden 108 CLO Ltd (Dryden Senior Loan Fund) | Structured Finance | Structured Finance investments | $2,900 | 2,291 | 1,932 | 0.01% | |
| Fortis 333 Inc (Alta Performance Materials) | Chemicals | 1st Lien Senior Secured Debt | SF + 3.50% | $2,941 | 2,934 | 2,918 | 0.01% |
| Shackleton 2019-XV CLO Ltd (Shackleton CLO LTD) | Structured Finance | Structured Finance investments | SF + 6.92% | $3,000 | 2,710 | 3,016 | 0.02% |
| Octagon 63 Ltd | Structured Finance | Structured Finance investments | SF + 6.50% | $3,000 | 3,000 | 3,030 | 0.02% |
| BMC Software Inc. (BMC Software) | Software and Computer Services | 1st Lien Senior Secured Debt | SF + 3.00% | $3,000 | 2,966 | 2,983 | 0.01% |
| Plasma Buyer LLC (Path Group Inc.) | Medical Equipment and Services | 1st Lien Senior Secured Debt | SF + 6.25% | $3,132 | 3,091 | 2,872 | 0.01% |
| 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% |
| TriMech Acquisition Corp. (TriMech) | Software and Computer Services | 1st Lien Senior Secured Debt | P + 3.75% | $3,289 | 497 | 526 | 0.00% |
| Aspen Dental Management Inc. (ADMI Corp) (Aspen Dental Management Inc.) | Health Care Providers | 1st Lien Senior Secured Debt | SF + 3.75% | $3,293 | 3,245 | 3,167 | 0.02% |
| TechInsights Inc. | Technology Hardware and Equipment | 1st Lien Senior Secured Debt | SF + 6.63% | $3,490 | 3,457 | 3,490 | 0.02% |
| ABPCI Direct Lending Fund CLO XVII LLC (ABPCI Direct Lending Fund CLO) | Structured Finance | Structured Finance investments | SF + 8.00% | $3,500 | 3,519 | 3,532 | 0.02% |
| Goosehead Insurance Holdings LLC (Goosehead Insurance Hold) | Non-life Insurance | 1st Lien Senior Secured Debt | SF + 3.50% | $3,509 | 3,500 | 3,518 | 0.02% |
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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.