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
Carbon Topco, Inc. (Parker Meggitt - Advanced Materials Division) Aerospace and Defense 1st Lien Senior Secured Debt SF + 6.00% $84,095 72,391 72,270 0.36%
Rotation Buyer, LLC (Rotating Machinery Services Inc) Industrial Engineering 1st Lien Senior Secured Debt SF + 4.75% $92,333 72,397 72,190 0.36%
Medallia Inc (Medallia, Inc.) Software and Computer Services 1st Lien Senior Secured Debt SF + 6.50% (incl 4.00% PIK) $80,737 80,737 72,000 0.36%
Bamboo US BidCo LLC (Simtra BioPharma Solutions) Medical Equipment and Services 1st Lien Senior Secured Debt E + 5.25% € 62,952 65,128 71,455 0.36%
Madonna Bidco Limited (Isio) Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SN + 5.25% £61,566 65,502 70,295 0.35%
EIS Legacy Holdco, LLC (EIS Inc) Industrial Support Services 1st Lien Senior Secured Debt SF + 4.75% $107,953 69,407 69,414 0.35%
Accession Risk Management Group Inc (Business Risk Strategies Ltd) Non-life Insurance 1st Lien Senior Secured Debt SF + 4.75% $85,884 69,911 68,768 0.35%
Elements Finco Limited (IRIS Software) Software and Computer Services 1st Lien Senior Secured Debt SN + 5.25% (incl 2.25% PIK) £50,316 62,322 68,433 0.34%
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%
Enverus Holdings Inc (Enverus) Software and Computer Services 1st Lien Senior Secured Debt SF + 5.50% $72,074 65,107 66,605 0.33%
Elements Finco Limited (IRIS Software) Software and Computer Services 1st Lien Senior Secured Debt SN + 5.50% (incl 2.50% PIK) £48,728 60,711 66,273 0.33%
Integrity Marketing Acquisition LLC (Integrity Marketing Group) Non-life Insurance 1st Lien Senior Secured Debt SF + 5.00% $67,865 65,442 65,792 0.33%
Camin Cargo Control Holdings, Inc. (Camin Cargo) Oil, Gas and Coal 1st Lien Senior Secured Debt SF + 5.50% $73,446 64,180 64,649 0.32%
Enstall Group B.V. (f/k/a Esdec Solar Group B.V.) (Esdec) Construction and Materials 1st Lien Senior Secured Debt E + 6.25% € 67,918 71,236 60,970 0.31%
ASSOCIATIONS INC. Real Estate Investment and Services 1st Lien Senior Secured Debt SF + 6.50% $63,186 59,824 60,468 0.30%
Tango Bidco SAS (Orisha) Software and Computer Services 1st Lien Senior Secured Debt E + 5.00% € 61,534 56,304 59,791 0.30%
Netrisk Group Luxco 4 S.A.R.L. (Netrisk) Non-life Insurance 1st Lien Senior Secured Debt E + 5.25% € 57,650 54,942 59,678 0.30%
TruckPro, LLC Industrial Support Services 1st Lien Senior Secured Debt SF + 7.75% $66,027 64,756 59,428 0.30%
Puma Buyer LLC (Pantherx Rare) Personal Care, Drug and Grocery Stores 1st Lien Senior Secured Debt SF + 4.25% $59,835 59,397 59,397 0.30%
BLY US Holdings Inc. (Boart Longyear Management) Industrial Metals and Mining 1st Lien Senior Secured Debt SF + 6.00% $59,586 58,422 58,595 0.29%
Constellation Automotive Limited (BCA) Retailers 1st Lien Senior Secured Debt SN + 6.25% £43,803 56,475 58,123 0.29%
American Academy Holdings, LLC (American Academy of Professional Coders) Consumer Services 1st Lien Senior Secured Debt SF + 9.75% (incl 5.25% PIK) $57,392 57,392 56,618 0.28%
Ribbon Communications Operating Company, Inc Telecommunications Equipment 1st Lien Senior Secured Debt SF + 6.25% $62,203 54,829 55,060 0.28%
Boreal Bidco (Esker SA) Software and Computer Services 1st Lien Senior Secured Debt E + 7.25% (incl 5.75% PIK) € 53,323 51,398 54,259 0.27%
Meralm Bidco AB (Miss Group) Software and Computer Services 1st Lien Senior Secured Debt E + 9.00% (incl 4.75% PIK) € 47,816 52,085 53,795 0.27%

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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.