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
ASDAM Operations Pty Ltd Aerospace and Defense 1st Lien Senior Secured Debt B + 5.50% AUD 50,593 30,425 28,223 0.15%
IP Operating Portfolio I, LLC (Intersect Power) Electricity 1st Lien Senior Secured Debt 7.88% $27,119 26,715 26,943 0.15%
Sig Parent Holdings, LLC (Sunstar Insurance Group LLC) Non-life Insurance 1st Lien Senior Secured Debt SF + 5.00% $44,589 26,902 27,056 0.15%
Staples, Inc. (Staples Inc) Retailers 1st Lien Senior Secured Debt SF + 5.75% $31,108 29,872 27,717 0.15%
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%
BP Purchaser, LLC (BOX Partners) General Industrials 1st Lien Senior Secured Debt SF + 5.50% $28,612 28,313 24,935 0.14%
CPI Buyer, LLC (Antylia Scientific) Pharmaceuticals and Biotechnology 1st Lien Senior Secured Debt SF + 5.50% $28,082 25,733 25,236 0.14%
Calabrio, Inc. Software and Computer Services 1st Lien Senior Secured Debt SF + 5.50% $28,081 26,505 26,545 0.14%
Huskies Parent Inc (Insurity LLC) Software and Computer Services 1st Lien Senior Secured Debt SF + 5.25% $25,834 24,740 24,947 0.14%
Meralm Bidco AB (Miss Group) Software and Computer Services 1st Lien Senior Secured Debt N + 5.50% (incl 2.25% PIK) NOK 266,362 24,758 25,188 0.14%
Patriot Growth Insurance Services, LLC Non-life Insurance 1st Lien Senior Secured Debt SF + 5.00% $25,918 25,214 25,507 0.14%
Sedgwick Claims Management Services Inc (Sedgwick) Industrial Support Services 2nd Lien Senior Secured Debt SF + 5.00% $25,000 24,767 25,098 0.14%
Sunzia UpperCo LLC (Pattern Energy Group) Electricity 1st Lien Senior Secured Debt SF + 5.00% $25,000 24,951 25,000 0.14%
AI Grace Aus Bidco Pty Ltd (Zimmermann) Retailers 1st Lien Senior Secured Debt E + 5.25% € 21,626 22,796 23,459 0.13%
Braya Renewable Fuels (Newfoundland) LP Alternative Energy 1st Lien Senior Secured Debt SF + 10.00% $25,526 25,229 23,199 0.13%
Charlotte Buyer Inc (Kindred Hospice) Health Care Providers 1st Lien Senior Secured Debt SF + 4.25% $23,695 22,870 23,590 0.13%
Houghton Mifflin Harcourt Company (Houghton Mifflin Harcourt Publishers Inc.) Consumer Services 1st Lien Senior Secured Debt SF + 5.25% $24,931 24,479 24,684 0.13%
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%
PCP CW Aggregator Holdings II, L.P. (CardWorks, Inc.) Finance and Credit Services 1st Lien Senior Secured Debt SF +9.25% PIK $23,278 23,140 23,393 0.13%
PTSH Intermediate Holdings, LLC (PT Solutions) Health Care Providers 1st Lien Senior Secured Debt SF + 5.50% $24,307 24,074 24,307 0.13%
Spruce Bidco II Inc. (Vantive) Medical Equipment and Services 1st Lien Senior Secured Debt CORRA + 5.00% CAD 35,000 23,811 23,968 0.13%
Spruce Bidco II Inc. (Vantive) Medical Equipment and Services 1st Lien Senior Secured Debt T + 5.25% ¥3,744,213 23,822 24,604 0.13%
Auctane Inc (Stamps.com Inc.) Consumer Services 1st Lien Senior Secured Debt SF + 5.75% $24,250 24,250 22,961 0.12%
Havila Kystruten Operations AS (Havila Kystruten) Travel and Leisure 1st Lien Senior Secured Debt E + 9.00% (incl 2.00% PIK) € 19,351 21,444 21,993 0.12%
Polyconcept North America Holdings, Inc Consumer Services 1st Lien Senior Secured Debt SF + 5.50% $22,718 22,436 21,560 0.12%

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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.