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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
EasyPark Strategy AB Software and Computer Services 1st Lien Senior Secured Debt SF + 5.00% $45,577 44,953 44,909 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 40,170 42,722 0.21%
Prism Parent Co., Inc. (Unison Software) Software and Computer Services 1st Lien Senior Secured Debt SF + 5.00% $46,466 43,370 43,875 0.21%
Arc Media Holdings Limited Media 1st Lien Senior Secured Debt SF + 7.25% $42,680 41,747 41,542 0.20%
Artisan Bidco, Inc. (Avid Technology, Inc.) Software and Computer Services 1st Lien Senior Secured Debt SF + 7.00% $46,395 41,863 41,815 0.20%
HT Intermediary III, Inc. (InVita Healthcare Technologies) Software and Computer Services 1st Lien Senior Secured Debt SF + 4.50% $56,359 42,215 42,277 0.20%
Kryptona Bidco US, LLC (Kyriba) Software and Computer Services 1st Lien Senior Secured Debt E + 6.25% (incl 3.38% PIK) € 36,259 36,963 41,890 0.20%
PPV Intermediate Holdings, LLC (VetCor) Health Care Providers 1st Lien Senior Secured Debt SF + 5.75% $46,622 41,358 41,434 0.20%
TPG VIII Merlin New Holdings I, L.P. (DirecTV) Asset Based Lending and Fund Finance Other Secured Debt SF + 6.50% $42,433 41,951 42,036 0.20%
Trupanion Inc (Trupanion) Non-life Insurance 1st Lien Senior Secured Debt SF + 5.00% $47,321 40,495 40,744 0.20%
Yes Energy LLC Finance and Credit Services 1st Lien Senior Secured Debt SF + 7.07% $44,577 40,848 41,569 0.20%
Baker Tilly Advisory Group, LP (Baker Tilly) Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SF + 4.50% $88,925 39,825 39,884 0.19%
Bausch + Lomb Corporation (Bausch + Lomb) Medical Equipment and Services 1st Lien Senior Secured Debt SF + 4.25% $39,961 39,761 40,086 0.19%
DAPHNE S.P.A. (Dainese) Personal Goods 1st Lien Senior Secured Debt E + 6.25% € 45,354 47,923 40,268 0.19%
E.S.G. Movilidad, S.L.U. (EYSA) Industrial Transportation 1st Lien Senior Secured Debt E + 6.25% € 33,734 35,646 39,752 0.19%
EasyPark Strategy AB Software and Computer Services 1st Lien Senior Secured Debt SN + 5.25% (incl 2.25% PIK) £29,019 35,650 39,259 0.19%
Floating Infrastructure Holdings Finance LLC (NFE VesselCo) Gas, Water and Multi-utilities 1st Lien Senior Secured Debt SF + 5.75% $39,535 39,208 39,535 0.19%
QBS Parent Inc (Quorum Software) Software and Computer Services 1st Lien Senior Secured Debt SF + 4.50% $43,346 39,328 39,526 0.19%
Resonetics, LLC Medical Equipment and Services 1st Lien Senior Secured Debt SF + 3.25% $38,347 38,265 38,418 0.19%
ATI Holdings Acquisition, Inc. (ATI Physical Therapy) Health Care Providers 1st Lien Senior Secured Debt SF + 7.25% $41,092 40,724 38,314 0.18%
Denali Bidco Limited (Once For All) Software and Computer Services 1st Lien Senior Secured Debt E + 5.00% € 32,099 33,738 38,203 0.18%
Meralm Bidco AB (Miss Group) Software and Computer Services 1st Lien Senior Secured Debt E + 5.50% (incl 2.25% PIK) € 33,218 36,211 37,825 0.18%
Vermont Aus Pty Ltd (Greencross Vets) Personal Care, Drug and Grocery Stores 1st Lien Senior Secured Debt B + 5.75% AUD 55,434 39,687 36,481 0.18%
MAI Capital Management Intermediate LLC (MAI Capital Management) Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SF + 4.75% $60,000 34,998 34,949 0.17%
Pinnacle Fertility, Inc. (Pinnacle Fertility) Health Care Providers 1st Lien Senior Secured Debt SF + 5.00% $35,723 35,397 35,723 0.17%

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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.