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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
ASDAM Operations Pty Ltd Aerospace and Defense 1st Lien Senior Secured Debt B + 5.50% AUD 50,593 32,767 31,428 0.16%
Denali Bidco Limited (Once For All) Software and Computer Services 1st Lien Senior Secured Debt SN + 5.00% £37,822 28,548 31,329 0.16%
Travelex Issuerco 2 PLC (Travelex) Investment Banking and Brokerage Services 1st Lien Senior Secured Debt SN + 8.00% £22,377 26,667 30,937 0.16%
Montagu Lux Finco Sarl Asset Based Lending and Fund Finance 1st Lien Senior Secured Debt E + 5.50% € 65,158 28,232 30,344 0.15%
Technology Growth Capital Pty Ltd (Nitro Software Inc) Software and Computer Services 1st Lien Senior Secured Debt SF + 6.50% $30,127 29,424 29,812 0.15%
Spanx, LLC Personal Goods 1st Lien Senior Secured Debt SF + 5.25% $29,025 28,724 29,025 0.15%
Staples, Inc. (Staples Inc) Retailers 1st Lien Senior Secured Debt SF + 5.75% $31,030 29,844 27,844 0.14%
Alchemy US Holdco 1 LLC (Kymera International) Industrial Metals and Mining 1st Lien Senior Secured Debt E + 6.50% € 25,444 26,531 27,815 0.14%
Inflexion BFVI Financing Limited Asset Based Lending and Fund Finance Other Secured Debt SN +4.50% PIK £39,608 26,472 26,890 0.14%
IP Operating Portfolio I, LLC (Intersect Power) Electricity 1st Lien Senior Secured Debt 7.88% $27,119 26,730 26,827 0.13%
Sig Parent Holdings, LLC (Sunstar Insurance Group LLC) Non-life Insurance 1st Lien Senior Secured Debt SF + 5.00% $44,589 26,906 26,810 0.13%
Calabrio, Inc. Software and Computer Services 1st Lien Senior Secured Debt SF + 5.50% $28,081 26,508 26,545 0.13%
PF Finco PTY LTD (Hunter Premium Funding) Investment Banking and Brokerage Services 1st Lien Senior Secured Debt B + 6.25% AUD 47,560 26,291 26,290 0.13%
Meralm Bidco AB (Miss Group) Software and Computer Services 1st Lien Senior Secured Debt N + 5.50% (incl 2.25% PIK) NOK 266,362 24,767 25,802 0.13%
Spruce Bidco II Inc. (Vantive) Medical Equipment and Services 1st Lien Senior Secured Debt T + 5.25% ¥3,744,213 23,831 25,515 0.13%
Project Alpha Intermediate Holding, Inc. (Qlik Technologies Inc) Software and Computer Services 1st Lien Senior Secured Debt SF + 3.25% $25,092 24,811 25,197 0.13%
Lummus Technology Holdings V LLC (Lummus Technology) Chemicals 1st Lien Senior Secured Debt SF + 3.00% $25,040 24,835 25,144 0.13%
Huskies Parent Inc (Insurity LLC) Software and Computer Services 1st Lien Senior Secured Debt SF + 5.25% $25,834 24,929 25,134 0.13%
Spruce Bidco II Inc. (Vantive) Medical Equipment and Services 1st Lien Senior Secured Debt CORRA + 5.00% CAD 35,000 23,820 25,021 0.13%
Charlotte Buyer Inc (Kindred Hospice) Health Care Providers 1st Lien Senior Secured Debt SF + 4.25% $25,000 24,204 25,018 0.13%
Sunzia UpperCo LLC (Pattern Energy Group) Electricity 1st Lien Senior Secured Debt SF + 5.00% $25,000 24,985 24,999 0.13%
Sedgwick Claims Management Services Inc (Sedgwick) Industrial Support Services 2nd Lien Senior Secured Debt SF + 5.00% $25,000 24,773 24,941 0.13%
Houghton Mifflin Harcourt Company (Houghton Mifflin Harcourt Publishers Inc.) Consumer Services 1st Lien Senior Secured Debt SF + 5.25% $24,931 24,497 24,840 0.12%
AI Grace Aus Bidco Pty Ltd (Zimmermann) Retailers 1st Lien Senior Secured Debt E + 5.25% € 21,626 22,796 24,504 0.12%
BP Purchaser, LLC (BOX Partners) General Industrials 1st Lien Senior Secured Debt SF + 5.50% $28,612 28,326 24,405 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 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.