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
Meralm Bidco AB (Miss Group) Software and Computer Services 1st Lien Senior Secured Debt N + 5.50% (incl 2.25% PIK) NOK 266,362 24,767 25,802 0.13%
IRI Group Holdings, Inc. (Circana Group, LP.) Software and Computer Services 1st Lien Senior Secured Debt P + 3.50% $19,562 (147) (53) 0.00%
TriMech Acquisition Corp. (TriMech) Software and Computer Services 1st Lien Senior Secured Debt P + 3.75% $3,289 497 526 0.00%
IG Investments Holdings, LLC (Insight Global) Industrial Support Services 1st Lien Senior Secured Debt P + 4.00% $10,221 915 987 0.00%
YA Intermediate Holdings II, LLC (Young and Associates) Industrial Support Services 1st Lien Senior Secured Debt P + 4.00% $9,750 37 26 0.00%
Camin Cargo Control Holdings, Inc. (Camin Cargo) Oil, Gas and Coal 1st Lien Senior Secured Debt P + 4.50% $9,702 6,131 6,186 0.03%
SDC US Smilepay SPV (SmileDirectClub) Medical Equipment and Services 1st Lien Senior Secured Debt P + 9.75% $12,820 5,285 1,122 0.01%
Braya Renewable Fuels (Newfoundland) LP Alternative Energy 1st Lien Senior Secured Debt SF + 10.00% $25,526 25,260 23,426 0.12%
Thrasio LLC (Thras IO Inc) Consumer Services 1st Lien Senior Secured Debt SF + 10.00% PIK $1,055 1,029 816 0.00%
Core & Main LP (Core & Main) Industrial Support Services 1st Lien Senior Secured Debt SF + 2.00% $1,817 1,817 1,821 0.01%
Corporation Service Company Consumer Services 1st Lien Senior Secured Debt SF + 2.00% $1,643 1,611 1,644 0.01%
AmWINS Group Inc (AmWINS Group, Inc.) Non-life Insurance 1st Lien Senior Secured Debt SF + 2.25% $10,193 10,181 10,194 0.05%
Medline Borrower LP (Medline) Health Care Providers 1st Lien Senior Secured Debt SF + 2.25% $15,022 14,933 15,024 0.08%
UFC Holdings LLC (TKO Group) Media 1st Lien Senior Secured Debt SF + 2.25% $2,100 2,098 2,108 0.01%
USI Inc/NY (USI) Non-life Insurance 1st Lien Senior Secured Debt SF + 2.25% $14,759 14,741 14,714 0.07%
Wec US Holdings Inc (Westinghouse) Industrial Engineering 1st Lien Senior Secured Debt SF + 2.25% $9,925 9,862 9,918 0.05%
Brown Group Holding LLC (Signature Aviation) Industrial Transportation 1st Lien Senior Secured Debt SF + 2.50% $2,000 1,993 1,996 0.01%
Clarios Global LP (Clarios) Automobiles and Parts 1st Lien Senior Secured Debt SF + 2.50% $10,696 10,654 10,656 0.05%
HUB International Ltd (HUB International Holdings Inc) Non-life Insurance 1st Lien Senior Secured Debt SF + 2.50% $13,715 13,601 13,730 0.07%
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%
Johnstone Supply LLC Retailers 1st Lien Senior Secured Debt SF + 2.50% $6,275 6,267 6,271 0.03%
Life Time, Inc. (Life Time Fitness, Inc) Travel and Leisure 1st Lien Senior Secured Debt SF + 2.50% $4,463 4,438 4,465 0.02%
Madison IAQ LLC Industrial Support Services 1st Lien Senior Secured Debt SF + 2.50% $1,250 1,216 1,251 0.01%
Phoenix Newco Inc (Parexel) Health Care Providers 1st Lien Senior Secured Debt SF + 2.50% $16,673 16,607 16,699 0.08%
Focus Financial Partners, LLC (Focus Financial Partners LLC) Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SF + 2.75% $17,993 17,922 17,925 0.09%

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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.