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 March 31, 2025

$18.4B

Investments at Fair Value

10.1%

Portfolio Yield at Fair Value1

92%

Private Investments2

97%

First Lien Exposure3

99%

Floating Rate4

$223M

Weighted Average EBITDA5

Portfolio Companies89

Clear Filters
Company Name
Industry
Investment Type
Reference Rate & Spread
Par Amount (thousands)
Amortized Cost (thousands)
Fair Value (thousands)
% of Total Portfolio
Roper Industrial Products Investment Co (Indicor) Industrial Engineering 1st Lien Senior Secured Debt SF + 2.75% $18,139 17,723 18,069 0.10%
TK Elevator US Newco Inc (TK Elevator) Industrial Engineering 1st Lien Senior Secured Debt SF + 3.00% $12,416 12,288 12,399 0.07%
Alchemy US Holdco 1 LLC (Kymera International) Industrial Metals and Mining 1st Lien Senior Secured Debt E + 6.50% € 25,444 26,490 26,579 0.14%
Alchemy US Holdco 1 LLC (Kymera International) Industrial Metals and Mining 1st Lien Senior Secured Debt SF + 6.50% $130,844 116,888 117,400 0.64%
BLY US Holdings Inc. (Boart Longyear Management) Industrial Metals and Mining 1st Lien Senior Secured Debt SF + 6.00% $59,586 58,372 58,780 0.32%
Star Holding LLC (US Silica) Industrial Metals and Mining 1st Lien Senior Secured Debt SF + 4.50% $4,275 4,254 4,189 0.02%
AI Circle Bidco Limited (myPOS) Industrial Support Services 1st Lien Senior Secured Debt E + 5.75% € 73,177 28,468 28,767 0.16%
AI Circle Bidco Limited (myPOS) Industrial Support Services 1st Lien Senior Secured Debt E + 6.75% € 44,620 46,467 48,069 0.26%
AVSC Holding Corp. (Encore Global LP) Industrial Support Services 1st Lien Senior Secured Debt SF + 5.00% $82,848 73,302 73,587 0.40%
Allied Universal Holdco LLC (Allied Universal) Industrial Support Services 1st Lien Senior Secured Debt SF + 3.75% $12,427 12,395 12,428 0.07%
Argos Health Holdings, Inc. Industrial Support Services 1st Lien Senior Secured Debt SF + 6.00% $645 639 632 0.00%
Atlas Intermediate III, L.L.C. (Actylis) Industrial Support Services 1st Lien Senior Secured Debt SF + 7.50% $13,445 (257) (185) 0.00%
Atlas Intermediate III, L.L.C. (Actylis) Industrial Support Services 1st Lien Senior Secured Debt SF + 8.25% (incl 4.00% PIK) $117,913 115,773 116,294 0.63%
Axiom Buyer, LLC (Axiom) Industrial Support Services 1st Lien Senior Secured Debt SF + 6.50% $183,956 150,752 151,521 0.82%
Azalea Topco, Inc. (Press Ganey) Industrial Support Services 1st Lien Senior Secured Debt SF + 3.25% $7,980 7,970 7,946 0.04%
BCPE VIRGINIA HOLDCO, INC. (Guidehouse Inc.) Industrial Support Services Preferred Equity 13.75% PIK $2,000 1,960 2,431 0.01%
Captive Resources Midco LLC (Captive Resources Midco, LLC) Industrial Support Services 1st Lien Senior Secured Debt SF + 4.50% $92,282 91,204 92,282 0.50%
Captive Resources Midco LLC (Captive Resources Midco, LLC) Industrial Support Services 1st Lien Senior Secured Debt SF + 4.75% $7,558 (82) - 0.00%
Coretrust Purchasing Group LLC Industrial Support Services 1st Lien Senior Secured Debt SF + 5.25% $106,893 78,075 81,030 0.44%
IG Investments Holdings, LLC (Insight Global) Industrial Support Services 1st Lien Senior Secured Debt SF + 5.00% $88,679 88,252 88,673 0.48%
IG Investments Holdings, LLC (Insight Global) Industrial Support Services 1st Lien Senior Secured Debt P + 4.00% $10,221 (114) (2) 0.00%
Madison IAQ LLC Industrial Support Services 1st Lien Senior Secured Debt SF + 3.25% $7,833 7,755 7,770 0.04%
Madison Safety & Flow LLC (Madison Safety & Flow) Industrial Support Services 1st Lien Senior Secured Debt SF + 2.75% $4,169 4,160 4,167 0.02%
NBG Acquisition Corp. (Nexus Brands Group) Industrial Support Services 1st Lien Senior Secured Debt SF + 5.50% $27,257 26,912 23,927 0.13%
YA Intermediate Holdings II, LLC (Young and Associates) Industrial Support Services 1st Lien Senior Secured Debt SF + 5.00% $77,014 49,630 50,044 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 March 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 March 31, 2025 unless otherwise indicated. % of total portfolio shown above is measured as total fair value of investments.
  10. Other includes structured finance investments.