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
Marcone Group Inc (Marcone Supply) General Industrials 1st Lien Senior Secured Debt SF + 7.00% (incl 3.25% PIK) $79,493 78,915 73,718 0.40%
Aspen Dental Management Inc. (ADMI Corp) (Aspen Dental Management Inc.) Health Care Providers 1st Lien Senior Secured Debt SF + 5.75% $852 858 857 0.00%
Diagnostic Services Holdings, Inc. (Rayus Radiology) Health Care Providers 1st Lien Senior Secured Debt SF + 5.50% $140,920 138,310 138,488 0.75%
ERC Topco Holdings, LLC (Eating Recovery Center) Health Care Providers 1st Lien Senior Secured Debt SF + 6.50% PIK $7,055 7,055 7,055 0.04%
ERC Topco Holdings, LLC (Eating Recovery Center) Health Care Providers 1st Lien Senior Secured Debt SF + 6.25% PIK $1,561 1,041 1,115 0.01%
Eating Recovery Center TopCo, LLC (Eating Recovery Center) Health Care Providers Equity and other investments $4 4,634 4,634 0.03%
FC Compassus, LLC (Compassus) Health Care Providers 1st Lien Senior Secured Debt SF + 5.50% $19,127 (270) (173) 0.00%
FC Compassus, LLC (Compassus) Health Care Providers 1st Lien Senior Secured Debt SF + 5.75% (incl 1.50% PIK) $161,508 145,166 145,992 0.79%
FC Compassus, LLC (Compassus) Health Care Providers 1st Lien Senior Secured Debt SF + 7.05% (incl 1.50% PIK) $1,299 1,167 1,171 0.01%
Indigo Purchaser, Inc. (Intuitive Health) Health Care Providers 1st Lien Senior Secured Debt SF + 5.00% $129,590 110,268 111,018 0.60%
Indigo Purchaser, Inc. (Intuitive Health) Health Care Providers 1st Lien Senior Secured Debt SF + 5.50% (incl 3.00% PIK) $25,608 (374) (216) 0.00%
Kabafusion Parent LLC (Kabafusion LLC) Health Care Providers 1st Lien Senior Secured Debt SF + 5.00% $101,700 89,032 90,900 0.49%
MB2 Dental Solutions, LLC Health Care Providers 1st Lien Senior Secured Debt P + 4.50% $13,909 (233) (57) 0.00%
PPV Intermediate Holdings, LLC (VetCor) Health Care Providers 1st Lien Senior Secured Debt SF + 5.75% $100,402 91,075 91,770 0.50%
PTSH Intermediate Holdings, LLC (PT Solutions) Health Care Providers 1st Lien Senior Secured Debt SF + 5.50% $24,307 24,074 24,307 0.13%
Pareto Health Intermediate Holdings, Inc. Health Care Providers 1st Lien Senior Secured Debt SF + 5.00% $84,699 74,228 74,984 0.41%
Pareto Health Intermediate Holdings, Inc. Health Care Providers 1st Lien Senior Secured Debt SF + 6.25% $4,032 (84) (28) 0.00%
Phoenix Newco Inc (Parexel) Health Care Providers 1st Lien Senior Secured Debt SF + 2.50% $16,673 16,604 16,656 0.09%
Pinnacle Fertility Health Care Providers 1st Lien Senior Secured Debt SF + 5.00% $35,816 35,459 35,816 0.19%
Precision Medicine Group, LLC Health Care Providers 1st Lien Senior Secured Debt SF + 3.00% $7,979 7,913 7,914 0.04%
Raven Acquisition Holdings LLC (R1 RCM Inc.) Health Care Providers 1st Lien Senior Secured Debt SF + 3.25% $20,000 18,572 18,450 0.10%
VetCor Group Holdings LLC (VetCor) Health Care Providers Unsecured Debt 13.75% PIK $1,395 1,378 1,379 0.01%
VetCor Group Holdings LLC (VetCor) Health Care Providers Unsecured Debt 14.75% PIK $288 282 293 0.00%
WCAS XIII Primary Care Investors, L.P. Health Care Providers 1st Lien Senior Secured Debt SF + 6.25% $135,630 133,776 133,351 0.72%
WCAS XIV Primary Care Investors, L.P. Health Care Providers 1st Lien Senior Secured Debt SF + 6.25% $80,707 79,259 79,279 0.43%

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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.