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
West Star Aviation Acquisition, LLC (West Star Aviation) Aerospace and Defense 1st Lien Senior Secured Debt SF + 4.50% $71,582 53,616 53,616 0.27%
Cadence - Southwick, Inc. (Cadence Engines) Aerospace and Defense 1st Lien Senior Secured Debt SF + 5.00% $61,539 52,048 53,589 0.27%
Frontgrade Technologies Holdings Inc. (CAES Space) Aerospace and Defense 1st Lien Senior Secured Debt SF + 5.00% $60,329 52,432 53,427 0.27%
Certinia Inc. (FinancialForce) Software and Computer Services 1st Lien Senior Secured Debt SF + 5.25% $57,520 50,986 52,592 0.26%
Spirit RR Holdings, Inc. (Reorg Research) Industrial Support Services 1st Lien Senior Secured Debt SF + 4.50% $55,079 50,848 51,464 0.26%
123Dentist Inc. Health Care Providers 1st Lien Senior Secured Debt CORRA + 5.00% CAD 80,467 52,974 51,393 0.26%
ESPRESSO BIDCO INC. (Egnyte Inc) Software and Computer Services 1st Lien Senior Secured Debt SF + 5.75% (incl 3.13% PIK) $66,093 50,792 50,794 0.26%
Team, Inc. Industrial Support Services 1st Lien Senior Secured Debt SF + 6.50% $67,189 50,777 50,783 0.26%
Earps Bidco Limited (Smith & Williamson) Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SN + 5.00% £50,700 47,833 49,768 0.25%
More Cowbell II, LLC (Standish) Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SF + 5.00% $62,787 48,760 49,713 0.25%
The One Group, LLC Travel and Leisure 1st Lien Senior Secured Debt SF + 6.50% $50,538 49,352 49,533 0.25%
YA Intermediate Holdings II, LLC (Young and Associates) Industrial Support Services 1st Lien Senior Secured Debt SF + 5.00% $67,264 49,194 49,184 0.25%
CC WDW Borrower, Inc. (Advantek, LLC) Technology Hardware and Equipment 1st Lien Senior Secured Debt SF + 6.75% $51,965 48,721 48,659 0.24%
TriMech Acquisition Corp. (TriMech) Software and Computer Services 1st Lien Senior Secured Debt SN + 4.75% £35,793 43,492 48,199 0.24%
Law Business Research Inc. (Law Business Research) Media 1st Lien Senior Secured Debt SF + 5.25% $46,320 45,257 46,783 0.23%
Quail Buyer, Inc. (Quicken Inc.) Software and Computer Services 1st Lien Senior Secured Debt SF + 5.00% $46,756 46,283 46,756 0.23%
Oil Changer Holding Corporation Automobiles and Parts 1st Lien Senior Secured Debt SF + 6.75% $46,520 46,352 46,520 0.23%
Artifact Bidco, Inc. (Avetta, LLC) Software and Computer Services 1st Lien Senior Secured Debt SF + 4.25% $45,788 45,386 46,246 0.23%
Trupanion, Inc. (Trupanion) Non-life Insurance 1st Lien Senior Secured Debt SF + 5.00% $52,636 45,768 46,060 0.23%
Orthrus Limited (Ocorian) Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SN + 6.25% (incl 2.75% PIK) £50,518 43,019 45,281 0.23%
EasyPark Strategy AB Software and Computer Services 1st Lien Senior Secured Debt SF + 5.00% $45,034 44,402 44,319 0.22%
Prism Parent Co., Inc. (Unison Software) Software and Computer Services 1st Lien Senior Secured Debt SF + 5.00% $46,579 43,469 43,988 0.22%
Meralm Bidco AB (Miss Group) Software and Computer Services 1st Lien Senior Secured Debt ST + 5.50% (incl 2.25% PIK) SEK 418,188 40,163 43,142 0.22%
HT Intermediary III, Inc. (InVita Healthcare Technologies) Software and Computer Services 1st Lien Senior Secured Debt SF + 4.75% $56,465 42,318 42,322 0.21%
TPG VIII Merlin New Holdings I, L.P. (DirecTV) Asset Based Lending and Fund Finance Other Secured Debt SF + 6.50% $42,433 41,927 42,001 0.21%

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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.