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 June 30, 2025

$20.8B

Investments at Fair Value

10.0%

Portfolio Yield at Fair Value1

91%

Private Investments2

97%

First Lien Exposure3

99%

Floating Rate4

$235M

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
Crunch Holdings LLC (Crunch Fitness) Travel and Leisure 1st Lien Senior Secured Debt SF + 4.75% $66,422 58,171 58,170 0.28%
Vaxcare Intermediate II LLC (VaxCare) Health Care Providers 1st Lien Senior Secured Debt SF + 4.50% $71,692 58,993 58,993 0.28%
American Academy Holdings, LLC (American Academy of Professional Coders) Consumer Services 1st Lien Senior Secured Debt SF + 9.75% (incl 5.25% PIK) $57,651 57,651 56,915 0.27%
Boreal Bidco (Esker SA) Software and Computer Services 1st Lien Senior Secured Debt E + 7.25% (incl 5.75% PIK) € 54,035 52,251 56,870 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 52,094 55,594 0.27%
Frontgrade Technologies Holdings Inc. (CAES Space) Aerospace and Defense 1st Lien Senior Secured Debt SF + 5.00% $60,193 52,318 53,327 0.26%
Ribbon Communications Operating Company, Inc Telecommunications Equipment 1st Lien Senior Secured Debt SF + 6.25% $62,062 54,711 54,984 0.26%
West Star Aviation Acquisition, LLC (West Star Aviation) Aerospace and Defense 1st Lien Senior Secured Debt SF + 4.50% $71,582 53,992 53,993 0.26%
123Dentist Inc. Health Care Providers 1st Lien Senior Secured Debt CORRA + 5.00% CAD 80,286 53,435 52,275 0.25%
Cadence - Southwick, Inc. (Cadence Engines) Aerospace and Defense 1st Lien Senior Secured Debt SF + 5.00% $61,427 50,793 52,305 0.25%
Certinia Inc. (FinancialForce) Software and Computer Services 1st Lien Senior Secured Debt SF + 5.25% $57,520 51,003 52,592 0.25%
ESPRESSO BIDCO INC. (Egnyte Inc) Software and Computer Services 1st Lien Senior Secured Debt SF + 5.75% (incl 3.13% PIK) $66,529 51,238 50,931 0.25%
More Cowbell II, LLC (Standish) Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SF + 5.00% $62,661 50,168 51,105 0.25%
Spirit RR Holdings, Inc. (Reorg Research) Industrial Support Services 1st Lien Senior Secured Debt SF + 4.50% $54,947 50,735 51,334 0.25%
YA Intermediate Holdings II LLC (Young and Associates) Industrial Support Services 1st Lien Senior Secured Debt SF + 4.75% $76,890 50,981 52,050 0.25%
Earps Bidco Limited (Smith & Williamson) Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SN + 5.00% £50,700 47,843 50,433 0.24%
ONE Group LLC/ The (The One Group, LLC) Travel and Leisure 1st Lien Senior Secured Debt SF + 6.50% $50,411 49,252 49,466 0.24%
Team, Inc. Industrial Support Services 1st Lien Senior Secured Debt SF + 6.50% $67,189 50,799 50,579 0.24%
TriMech Acquisition Corp. (TriMech) Software and Computer Services 1st Lien Senior Secured Debt SN + 4.75% £35,701 43,390 49,021 0.24%
CC WDW Borrower, Inc. (Advantek, LLC) Technology Hardware and Equipment 1st Lien Senior Secured Debt SF + 6.75% $51,846 48,624 48,590 0.23%
Law Business Research Inc. (Law Business Research) Media 1st Lien Senior Secured Debt SF + 5.25% $46,320 45,271 46,783 0.23%
Artifact Bidco, Inc. (Avetta, LLC) Software and Computer Services 1st Lien Senior Secured Debt SF + 4.25% $45,788 45,391 46,246 0.22%
Oil Changer Holding Corporation Automobiles and Parts 1st Lien Senior Secured Debt SF + 6.75% $46,204 46,045 46,204 0.22%
Orthrus Ltd (Ocorian) Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SN + 6.25% (incl 2.75% PIK) £50,758 43,356 46,585 0.22%
Quail Buyer, Inc. (Quicken Inc.) Software and Computer Services 1st Lien Senior Secured Debt SF + 5.00% $46,637 46,182 46,637 0.22%

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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 June 30, 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 June 30, 2025 unless otherwise indicated. % of total portfolio shown above is measured as total fair value of investments.
  10. Other includes structured finance investments.
  11. Contractual rates on preferred equity investments may represent preference accruals that are not recognized through investment income of the fund and as such are not included in the calculation of yield. The fair value of these investments may be influenced by the stated preference accrual or a minimum return threshold.