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
Harp Finco LTD (Hargreaves Lansdown PLC) Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SN + 5.50% £113,774 144,466 150,221 0.75%
Royal Buyer, LLC (Kings III of America, LLC) Industrial Support Services 1st Lien Senior Secured Debt SF + 5.00% $153,574 145,218 146,574 0.74%
FC Compassus LLC (Compassus) Health Care Providers 1st Lien Senior Secured Debt SF + 5.50% (incl 1.25% PIK) $161,862 145,586 145,870 0.73%
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%
Kpler Finance SA Software and Computer Services 1st Lien Senior Secured Debt SF + 5.50% $180,000 149,343 149,345 0.75%
Radwell Parent, LLC Industrial Engineering 1st Lien Senior Secured Debt SF + 5.50% $165,153 149,366 152,360 0.77%
Foundation Automotive Corp (Foundation Automotive US Corp) Automobiles and Parts 1st Lien Senior Secured Debt SF + 7.75% $15,156 15,032 6,089 0.03%
PETSMART LLC (PetSmart, Inc.) Retailers 1st Lien Senior Secured Debt SF + 3.75% $15,196 15,142 15,168 0.08%
Severin Acquisition LLC (Powerschool Holdings, LLC) Software and Computer Services 1st Lien Senior Secured Debt SF + 4.75% $44,454 15,156 15,316 0.08%
WCG Intermediate Corp (WCG) Pharmaceuticals and Biotechnology 1st Lien Senior Secured Debt SF + 3.00% $15,324 15,223 15,161 0.08%
White Cap Buyer, LLC (White Cap Buyer LLC) Retailers 1st Lien Senior Secured Debt SF + 3.25% $15,316 15,261 15,193 0.08%
Hobbs & Associates LLC (Air Control) Construction and Materials 1st Lien Senior Secured Debt SF + 2.75% $15,435 15,377 15,396 0.08%
Oranje Holdco, Inc. (KnowBe4, Inc.) Software and Computer Services 1st Lien Senior Secured Debt SF + 7.25% $15,917 15,664 15,917 0.08%
Kryptona Bidco US, LLC (Kyriba) Software and Computer Services 1st Lien Senior Secured Debt SF + 6.25% (incl 3.38% PIK) $155,339 152,457 152,097 0.76%
Axiom Buyer, LLC (Axiom) Industrial Support Services 1st Lien Senior Secured Debt SF + 6.50% $183,956 153,484 153,460 0.77%
Gusto Aus Bidco Pty Ltd (iNova Pharmaceuticals) Pharmaceuticals and Biotechnology 1st Lien Senior Secured Debt B + 4.75% AUD 267,618 155,885 155,564 0.78%
Auditboard, Inc. Software and Computer Services 1st Lien Senior Secured Debt SF + 4.75% $189,286 157,347 159,795 0.80%
Zendesk Inc (Zendesk, Inc.) Software and Computer Services 1st Lien Senior Secured Debt SF + 5.00% $217,854 157,939 160,594 0.81%
UKG Inc (Ultimate Software Group) Software and Computer Services 1st Lien Senior Secured Debt SF + 3.00% $16,537 16,423 16,587 0.08%
Wildcat Car Wash Holdings, LLC (Wildcat Car Wash) Consumer Services Unsecured Debt 15.00% PIK $16,495 16,495 16,495 0.08%
Phoenix Newco Inc (Parexel) Health Care Providers 1st Lien Senior Secured Debt SF + 2.50% $16,673 16,607 16,699 0.08%
Proofpoint, Inc. (Proofpoint Inc) Software and Computer Services 1st Lien Senior Secured Debt SF + 3.00% $17,040 16,877 17,055 0.09%
Spruce Bidco II Inc. (Vantive) Medical Equipment and Services 1st Lien Senior Secured Debt SF + 5.00% $209,763 162,867 161,956 0.81%
Knitwell Borrower LLC (Knitwell) Retailers 1st Lien Senior Secured Debt SF + 7.75% $169,274 166,266 166,560 0.84%
Armstrong Bidco Limited (Access Group) Software and Computer Services 1st Lien Senior Secured Debt SN + 5.00% £139,986 166,557 187,805 0.94%

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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.