v3.26.1
Financial Highlights and Senior Securities (Tables)
 3 Months Ended
Mar. 31, 2026
Investment Company [Abstract]  
Schedule of Financial Highlights and Senior Securities of Investment Company
The following are the financial highlights for the three months ended March 31, 2026:

Three Months Ended March 31, 2026
Class IClass DClass FClass S
Per Share Data:
Net asset value, beginning of period$25.22 $25.22 $25.22 $25.22 
Net investment income(1)
0.62 0.61 0.59 0.57 
Net unrealized and realized gain (loss)(2)
(0.41)(0.42)(0.41)(0.41)
Net increase (decrease) in net assets resulting from operations0.21 0.19 0.18 0.16 
Distributions from net investment income(3)
(0.64)(0.62)(0.61)(0.59)
Distributions from net realized gains(3)
— — — — 
Net increase (decrease) in net assets from shareholders’ distributions(0.64)(0.62)(0.61)(0.59)
Early repurchase deduction fees(6)
0.00 0.00 0.00 0.00 
Total increase (decrease) in net assets(0.43)(0.43)(0.43)(0.43)
Net asset value, end of period$24.79 $24.79 $24.79 $24.79 
Shares outstanding, end of period197,713,84243,243,811227,707,23232,873,257
Total return based on NAV(4)
0.84 %0.77 %0.71 %0.63 %
Ratios:
Ratio of net expenses to average net assets(5)
8.90 %9.16 %9.41 %9.76 %
Ratio of net investment income to average net assets(5)
10.07 %9.84 %9.59 %9.24 %
Portfolio turnover rate5.94 %5.94 %5.94 %5.94 %
Supplemental Data:
Net assets, end of period$4,902,071 $1,072,185 $5,645,655 $815,063 
Asset coverage ratio196.0 %196.0 %196.0 %196.0 %
(1)The per share data was derived by using the weighted average shares outstanding during the period.
(2)The amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.
(3)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 9).
(4)Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming distributions are reinvested in accordance with the Company’s distribution reinvestment plan) divided by the beginning NAV per share. Total return does not include upfront transaction fees, if any.
(5)For the three months ended March 31, 2026, amounts are annualized except for capital gains incentive fee.
(6)The per share amount rounds to less than $0.01 per share.

The following are the financial highlights for the three months ended March 31, 2025:

Three Months Ended March 31, 2025
Class IClass DClass FClass S
Per Share Data:
Net asset value, beginning of period$25.59 $25.59 $25.59 $25.59 
Net investment income(1)
0.65 0.64 0.62 0.60 
Net unrealized and realized gain (loss)(2)
(0.12)(0.13)(0.13)(0.13)
Net increase (decrease) in net assets resulting from operations0.53 0.51 0.49 0.47 
Distributions from net investment income(3)
(0.65)(0.63)(0.61)(0.59)
Distributions from net realized gains(3)
— — — — 
Net increase (decrease) in net assets from shareholders’ distributions(0.65)(0.63)(0.61)(0.59)
Early repurchase deduction fees(6)
0.00 0.00 0.00 0.00 
Total increase (decrease) in net assets(0.12)(0.12)(0.12)(0.12)
Net asset value, end of period$25.47 $25.47 $25.47 $25.47 
Shares outstanding, end of period126,858,17543,223,693188,166,43220,196,896
Total return based on NAV(4)
2.07 %2.01 %1.94 %1.85 %
Ratios:
Ratio of net expenses to average net assets(5)
8.82 %9.07 %9.32 %9.67 %
Ratio of net investment income to average net assets(5)
10.16 %9.93 %9.67 %9.31 %
Portfolio turnover rate1.72 %1.72 %1.72 %1.72 %
Supplemental Data:
Net assets, end of period$3,230,780 $1,100,795 $4,792,120 $514,368 
Asset coverage ratio207.3 %207.3 %207.3 %207.3 %
(1)The per share data was derived by using the weighted average shares outstanding during the period.
(2)The amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.
(3)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 9).
(4)Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming distributions are reinvested in accordance with the Company’s distribution reinvestment plan) divided by the beginning NAV per share. Total return does not include upfront transaction fee, if any.
(5)For the three months ended March 31, 2025, amounts are annualized except for excise tax and capital gains incentive fee.
(6)The per share amount rounds to less than $0.01 per share.
The following is information about the Company’s senior securities as of the dates indicated in the table below (dollar amounts in thousands):

Total Amount Outstanding Exclusive of Treasury Securities(1)
Asset Coverage per Unit(2)
Involuntary Liquidating Preference per Unit(3)
Average Market Value per Unit(4)
HLEND A Funding Facility
March 31, 2026$723,382 1,960.5 — N/A
December 31, 2025758,407 1,957.4 — N/A
December 31, 2024683,184 2,163.2 — N/A
December 31, 2023615,838 2,231.6 — N/A
December 31, 2022453,663 2,473.7 — N/A
HLEND B Funding Facility
March 31, 2026900,773 1,960.5 — N/A
December 31, 2025833,783 1,957.4 — N/A
December 31, 2024955,572 2,163.2 — N/A
December 31, 2023513,747 2,231.6 — N/A
December 31, 2022482,084 2,473.7 — N/A
HLEND C Funding Facility
March 31, 2026510,000 1,960.5 — N/A
December 31, 2025510,000 1,957.4 — N/A
December 31, 2024487,500 2,163.2 — N/A
December 31, 2023487,500 2,231.6 — N/A
HLEND D Funding Facility
March 31, 2026575,428 1,960.5 — N/A
December 31, 2025757,110 1,957.4 — N/A
December 31, 2024830,343 2,163.2 — N/A
December 31, 2023195,000 2,231.6 — N/A
HLEND E Funding Facility
March 31, 2026903,100 1,960.5 — N/A
December 31, 2025906,290 1,957.4 — N/A
December 31, 2024642,800 2,163.2 — N/A
Revolving Credit Facility
March 31, 2026592,290 1,960.5 — N/A
December 31, 20251,742,106 1,957.4 — N/A
December 31, 20241,186,264 2,163.2 — N/A
December 31, 20231,025,294 2,231.6 — N/A
December 31, 2022704,819 2,473.7 — N/A
November 2025 Notes
March 31, 2026— — — N/A
December 31, 2025— — — N/A
December 31, 2024170,000 2,163.2 — N/A
December 31, 2023170,000 2,231.6 — N/A
December 31, 2022170,000 2,473.7 — N/A
November 2027 Notes
March 31, 2026155,000 1,960.5 — N/A
December 31, 2025155,000 1,957.4 — N/A
December 31, 2024155,000 2,163.2 — N/A
December 31, 2023155,000 2,231.6 — N/A
December 31, 2022155,000 2,473.7 — N/A
March 2026 Notes
Total Amount Outstanding Exclusive of Treasury Securities(1)
Asset Coverage per Unit(2)
Involuntary Liquidating Preference per Unit(3)
Average Market Value per Unit(4)
March 31, 2026— — — N/A
December 31, 2025— — — N/A
December 31, 2024276,000 2,163.2 — N/A
December 31, 2023276,000 2,231.6 — N/A
March 2028 Notes
March 31, 2026124,000 1,960.5 — N/A
December 31, 2025124,000 1,957.4 — N/A
December 31, 2024124,000 2,163.2 — N/A
December 31, 2023124,000 2,231.6 — N/A
September 2027 Notes
March 31, 202675,000 1,960.5 — N/A
December 31, 202575,000 1,957.4 — N/A
December 31, 202475,000 2,163.2 — N/A
December 31, 202375,000 2,231.6 — N/A
September 2028 Notes
March 31, 2026250,000 1,960.5 — N/A
December 31, 2025250,000 1,957.4 — N/A
December 31, 2024250,000 2,163.2 — N/A
December 31, 2023250,000 2,231.6 — N/A
January 2029 Notes
March 31, 2026550,000 1,960.5 — N/A
December 31, 2025550,000 1,957.4 — N/A
December 31, 2024550,000 2,163.2 — N/A
September 2029 Notes
March 31, 2026400,000 1,960.5 — N/A
December 31, 2025400,000 1,957.4 — N/A
December 31, 2024400,000 2,163.2 — N/A
January 2028 Notes
March 31, 2026750,000 1,960.5 — N/A
December 31, 2025750,000 1,957.4 — N/A
April 2032 Notes
March 31, 2026500,000 1,960.5 — N/A
December 31, 2025500,000 1,957.4 — N/A
June 2027 Notes
March 31, 2026400,000 1,960.5 — N/A
December 31, 2025400,000 1,957.4 — N/A
June 2030 Notes
March 31, 2026500,000 1,960.5 — N/A
December 31, 2025500,000 1,957.4 — N/A
September 2028-1 Notes
March 31, 2026600,000 1,960.5 — N/A
December 31, 2025600,000 1,957.4 — N/A
November 2030 Notes
March 31, 2026500,000 1,960.5 — N/A
December 31, 2025500,000 1,957.4 — N/A
April 2029 Notes
March 31, 2026350,000 1,960.5 — N/A
April 2031 Notes
Total Amount Outstanding Exclusive of Treasury Securities(1)
Asset Coverage per Unit(2)
Involuntary Liquidating Preference per Unit(3)
Average Market Value per Unit(4)
March 31, 2026400,000 1,960.5 — N/A
2023 CLO Secured Notes
March 31, 2026— — — N/A
December 31, 2025— — — N/A
December 31, 2024323,000 2,163.2 — N/A
December 31, 2023323,000 2,231.6 — N/A
2023 CLO Refinancing Secured Notes
March 31, 2026578,000 1,960.5 — N/A
December 31, 2025578,000 1,957.4 — N/A
2024 CLO Secured Notes
March 31, 2026400,000 1,960.5 — N/A
December 31, 2025400,000 1,957.4 — N/A
December 31, 2024400,000 2,163.2 — N/A
2025 CLO Secured Debt
March 31, 2026850,000 1,960.5 — N/A
December 31, 2025850,000 1,957.4 — N/A
2025-4 CLO Secured Notes
March 31, 2026850,000 1,960.5 — N/A
December 31, 2025850,000 1,957.4 — N/A
2026 CLO Secured Notes
March 31, 2026510,000 1,960.5 — N/A
Short-Term Borrowings
March 31, 2026— — — N/A
December 31, 2025— — — N/A
December 31, 2024— — — N/A
December 31, 2023— — — N/A
December 31, 2022379,081 2,473.7 — N/A
(1) Total amount of each class of senior securities outstanding at the end of the period presented.
(2) Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.
(3) The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The "—" in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.
(4) Not applicable because the senior securities are not registered for public trading.