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
Artisan Bidco, Inc. (Avid Technology, Inc.) Software and Computer Services 1st Lien Senior Secured Debt SF + 7.00% $46,498 41,948 41,862 0.21%
Yes Energy LLC Finance and Credit Services 1st Lien Senior Secured Debt SF + 7.07% $44,682 40,933 41,674 0.21%
PPV Intermediate Holdings, LLC (VetCor) Health Care Providers 1st Lien Senior Secured Debt SF + 5.75% $46,728 41,452 41,530 0.21%
Arc Media Holdings Limited Media 1st Lien Senior Secured Debt SF + 7.25% $42,680 41,730 40,970 0.21%
IP Operations II Investco, LLC (IP ERCOT BESS) Electricity 1st Lien Senior Secured Debt SF + 5.50% $40,927 40,379 40,687 0.20%
Floating Infrastructure Holdings Finance LLC (NFE VesselCo) Gas, Water and Multi-utilities 1st Lien Senior Secured Debt SF + 5.75% $40,189 39,843 40,189 0.20%
Kryptona Bidco US, LLC (Kyriba) Software and Computer Services 1st Lien Senior Secured Debt E + 6.25% (incl 3.38% PIK) € 35,949 36,598 39,948 0.20%
QBS Parent Inc (Quorum Software) Software and Computer Services 1st Lien Senior Secured Debt SF + 4.75% $43,346 39,326 39,553 0.20%
ATI Holdings Acquisition, Inc. (ATI Physical Therapy) Health Care Providers 1st Lien Senior Secured Debt SF + 7.25% $41,092 40,712 38,707 0.19%
Resonetics, LLC Medical Equipment and Services 1st Lien Senior Secured Debt SF + 3.25% $38,444 38,360 38,423 0.19%
E.S.G. Movilidad, S.L.U. (EYSA) Industrial Transportation 1st Lien Senior Secured Debt E + 6.25% € 41,605 35,436 38,291 0.19%
EasyPark Strategy AB Software and Computer Services 1st Lien Senior Secured Debt SN + 5.00% £28,772 35,305 38,125 0.19%
Meralm Bidco AB (Miss Group) Software and Computer Services 1st Lien Senior Secured Debt E + 5.50% (incl 2.25% PIK) € 33,218 36,205 37,285 0.19%
Denali Bidco Limited (Once For All) Software and Computer Services 1st Lien Senior Secured Debt E + 5.00% € 32,099 33,728 36,435 0.18%
DAPHNE S.P.A. (Dainese) Personal Goods 1st Lien Senior Secured Debt E + 6.25% € 45,354 47,923 36,254 0.18%
Pinnacle Fertility, Inc. (Pinnacle Fertility) Health Care Providers 1st Lien Senior Secured Debt SF + 5.00% $35,816 35,479 35,816 0.18%
Vermont Aus Pty Ltd (Greencross Vets) Personal Care, Drug and Grocery Stores 1st Lien Senior Secured Debt B + 5.75% AUD 55,577 39,775 35,803 0.18%
AI Learning (Singapore) PTE. LTD. (The Learning Lab) Consumer Services 1st Lien Senior Secured Debt SORA + 7.50% SDG 45,400 33,057 35,217 0.18%
Orthrus Limited (Ocorian) Investment Banking and Brokerage Services 1st Lien Senior Secured Debt E + 6.25% (incl 2.75% PIK) € 30,863 32,148 34,382 0.17%
Railpros Parent LLC Industrial Support Services 1st Lien Senior Secured Debt SF + 4.50% $50,925 34,325 34,325 0.17%
Oranje Holdco, Inc. (KnowBe4, Inc.) Software and Computer Services 1st Lien Senior Secured Debt SF + 7.75% $33,837 33,320 33,837 0.17%
MAI Capital Management Intermediate LLC (MAI Capital Management) Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SF + 4.75% $50,000 33,597 33,590 0.17%
Renaissance Financiere (Ligue de Football) Media 1st Lien Senior Secured Debt E + 7.00% € 34,871 35,688 33,312 0.17%
Aesthetics Australia Group Pty Ltd (Laser Clinics Group) Consumer Services 1st Lien Senior Secured Debt B + 8.31% (incl 4.06% PIK) AUD 57,807 36,805 32,979 0.17%
Higginbotham Insurance Agency Inc (Higginbotham Insurance Agency, Inc.) Non-life Insurance 1st Lien Senior Secured Debt SF + 4.50% $31,884 31,661 31,884 0.16%

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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.