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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 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
Baart Programs, Inc. Health Care Providers 1st Lien Senior Secured Debt SF + 5.00% $9,994 9,954 8,996 0.05%
RAPID EXPRESS PREFERRED, LLC (Wildcat Car Wash) Consumer Services Preferred Equity 15.00% PIK $9,196 9,196 9,196 0.05%
Wash & Wax Holdings LLC (Zips Car Wash, LLC) Consumer Services Other Secured Debt 12.00% PIK $9,468 9,468 9,468 0.05%
Associations Finance, Inc. (Associations Inc.) Real Estate Investment and Services Unsecured Debt 14.25% PIK $12,802 12,756 12,802 0.06%
Azalea Topco, Inc. (Press Ganey) Industrial Support Services 1st Lien Senior Secured Debt SF + 3.25% $11,949 11,872 11,966 0.06%
BroadStreet Partners, Inc. (Broadstreet Partners Inc) Non-life Insurance 1st Lien Senior Secured Debt SF + 3.00% $11,090 11,020 11,115 0.06%
Ensemble RCM LLC (Ensemble Health) Consumer Services 1st Lien Senior Secured Debt SF + 3.00% $11,667 11,609 11,701 0.06%
Goat Holdco LLC (Barnes Group) Aerospace and Defense 1st Lien Senior Secured Debt SF + 3.00% $12,082 11,955 12,058 0.06%
HUB International Ltd (HUB International Holdings Inc) Non-life Insurance 1st Lien Senior Secured Debt 7.25% $10,517 10,517 10,957 0.06%
LOCI Bidco Limited (Law Business Research) Media 1st Lien Senior Secured Debt SF + 5.25% $12,087 11,830 12,208 0.06%
PG Polaris BidCo Sarl (Rosen) Industrial Support Services 1st Lien Senior Secured Debt SF + 3.00% $11,937 11,922 11,973 0.06%
Rocket Software Inc (Rocket Software) Software and Computer Services 1st Lien Senior Secured Debt SF + 4.25% $12,227 11,957 12,260 0.06%
S&S Holdings LLC (S&S Holdings) Personal Goods 1st Lien Senior Secured Debt SF + 5.00% $11,940 11,774 11,447 0.06%
Time Manufacturing Company Industrial Engineering 1st Lien Senior Secured Debt E + 6.50% (incl 2.00% PIK) € 13,328 14,563 12,258 0.06%
Vaco Holdings LLC (Vaco Holdings) Industrial Support Services 1st Lien Senior Secured Debt SF + 5.00% $13,069 13,034 11,756 0.06%
Avalara, Inc. (Avalara) Software and Computer Services 1st Lien Senior Secured Debt SF + 3.25% $13,359 13,289 13,381 0.07%
Citrin Cooperman Advisors LLC (Citrin Cooperman) Consumer Services 1st Lien Senior Secured Debt SF + 3.00% $14,477 13,447 13,536 0.07%
DRW Holdings LLC Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SF + 3.50% $13,342 13,282 13,367 0.07%
Grant Thornton LLP (Grant Thornton) Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SF + 2.75% $15,203 14,823 14,795 0.07%
HUB International Ltd (HUB International Holdings Inc) Non-life Insurance 1st Lien Senior Secured Debt SF + 2.50% $13,715 13,601 13,730 0.07%
Madison IAQ LLC Industrial Support Services 1st Lien Senior Secured Debt SF + 3.25% $13,860 13,671 13,890 0.07%
New Era Technology Inc (New Era Technology, Inc.) Software and Computer Services 1st Lien Senior Secured Debt SF + 6.25% $19,013 19,013 14,506 0.07%
Syneos Health Inc (Syneos Health) Pharmaceuticals and Biotechnology 1st Lien Senior Secured Debt SF + 4.00% $14,998 14,915 14,769 0.07%
USI Inc/NY (USI) Non-life Insurance 1st Lien Senior Secured Debt SF + 2.25% $14,759 14,741 14,714 0.07%
Voyager Parent LLC (IGT/Everi) Travel and Leisure 1st Lien Senior Secured Debt SF + 4.75% $14,819 14,375 14,575 0.07%

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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.