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

Clear Filters
Company Name
Industry
Investment Type
Reference Rate & Spread11
Par Amount (thousands)
Amortized Cost (thousands)
Fair Value (thousands)
% of Total Portfolio
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) $803 786 785 0.00%
Floating Infrastructure Holdings Finance LLC (NFE VesselCo) Gas, Water and Multi-utilities 1st Lien Senior Secured Debt SF + 5.75% $40,189 39,843 40,189 0.20%
BP Purchaser, LLC (BOX Partners) General Industrials 1st Lien Senior Secured Debt SF + 5.50% $28,612 28,326 24,405 0.12%
Bakelite US Holdco Inc (Bakelite) General Industrials 1st Lien Senior Secured Debt SF + 3.75% $6,191 6,133 6,110 0.03%
Bright Light Buyer, Inc. (Chauvet Lighting) General Industrials 1st Lien Senior Secured Debt SF + 6.00% $74,063 72,693 73,272 0.37%
Capripack Debtco PLC (Constantia) General Industrials 1st Lien Senior Secured Debt E + 5.75% (incl 2.50% PIK) € 142,957 148,671 162,271 0.81%
Clydesdale Acquisition Holdings Inc (Novolex) General Industrials 1st Lien Senior Secured Debt SF + 3.18% $7,576 7,560 7,555 0.04%
Formerra, LLC (Formerra) General Industrials 1st Lien Senior Secured Debt SF + 7.25% $120,581 106,271 107,279 0.54%
Marcone Group Inc (Marcone Supply) General Industrials 1st Lien Senior Secured Debt SF + 7.00% (incl 3.25% PIK) $80,135 79,581 67,546 0.34%
123Dentist Inc. Health Care Providers 1st Lien Senior Secured Debt CORRA + 5.00% CAD 80,467 52,974 51,393 0.26%
AB Centers Acquisition Corporation (Action Behavior Centers LLC) Health Care Providers 1st Lien Senior Secured Debt SF + 5.00% $256,923 218,741 222,701 1.12%
ATI Holdings Acquisition, Inc. (ATI Physical Therapy) Health Care Providers 1st Lien Senior Secured Debt SF + 7.25% $41,092 40,712 38,707 0.19%
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%
Aspen Dental Management Inc. (ADMI Corp) (Aspen Dental Management Inc.) Health Care Providers 1st Lien Senior Secured Debt SF + 5.75% $852 857 829 0.00%
AthenaHealth Group Inc. (AthenaHealth) Health Care Providers 1st Lien Senior Secured Debt SF + 3.00% $18,176 18,031 18,130 0.09%
Baart Programs, Inc. Health Care Providers 1st Lien Senior Secured Debt SF + 5.00% $9,994 9,954 8,996 0.05%
Diagnostic Services Holdings, Inc. (Rayus Radiology) Health Care Providers 1st Lien Senior Secured Debt SF + 5.50% $140,920 138,887 138,778 0.70%
Kabafusion Parent LLC (Kabafusion LLC) Health Care Providers 1st Lien Senior Secured Debt SF + 5.00% $101,700 89,056 90,900 0.46%
Medline Borrower LP (Medline) Health Care Providers 1st Lien Senior Secured Debt SF + 2.25% $15,022 14,933 15,024 0.08%
PPV Intermediate Holdings, LLC (VetCor) Health Care Providers 1st Lien Senior Secured Debt SF + 5.75% $46,728 41,452 41,530 0.21%
PTSH Intermediate Holdings, LLC (PT Solutions) Health Care Providers 1st Lien Senior Secured Debt SF + 5.50% $24,307 24,088 24,307 0.12%
Pinnacle Fertility, Inc. (Pinnacle Fertility) Health Care Providers 1st Lien Senior Secured Debt SF + 5.00% $35,816 35,479 35,816 0.18%
Precision Medicine Group, LLC Health Care Providers 1st Lien Senior Secured Debt SF + 3.00% $7,979 7,918 7,964 0.04%
Raven Acquisition Holdings LLC (R1 RCM Inc.) Health Care Providers 1st Lien Senior Secured Debt SF + 3.25% $21,194 19,655 19,761 0.10%
TTF Lower Intermediate LLC (Soliant) Health Care Providers 1st Lien Senior Secured Debt SF + 3.75% $13,501 13,302 13,341 0.07%

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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 May 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 May 31, 2025 unless otherwise indicated. % of total portfolio shown above is measured as total fair value of investments.
  10. Other includes structured finance investments.
  11. 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.