See “Important Disclosure Information” at the end of this presentation and HLEND’s prospectus. HPS and its affiliates do not provide legal, regulatory or tax advice. Investors should consult with their own advisors when considering an investment in any investment strategy.

1. There is no assurance distributions will be made in any particular amount, if at all. Any distributions HLEND makes will be at the discretion of the Investment Adviser, under delegated authority of the HLEND Board of Trustees. HLEND may fund any distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and HLEND has no limits on the amounts it may pay from such sources.
2. Quarterly tender offers to repurchase shares are targeted at 5.0% of HLEND’s common shares outstanding (by number of shares) per quarter, but not guaranteed to occur at that level or at all. The Board of Trustees may amend, suspend or terminate share repurchases at its discretion.
3. HLEND charges a 1.25% management fee on net assets and a 12.5% incentive fee, subject to a 5.0% hurdle rate with a catch up on the income portion. Larger publicly traded BDCs typically charge a management fee of 1.5% on gross assets up to 1.0x debt to equity and 1.0% on gross assets thereafter, as well as a 17.5% - 20% incentive fee, subject to a 6.0% - 8.0% hurdle with a catch up on the income portion.
4. Certain states have additional suitability requirements – see prospectus for more details.
5. Represents HLEND’s expectations for leverage. Actual metrics are subject to change based on market conditions and may deviate from these objectives at various times.
6. The denominator used to calculate total annual fund expenses is based on estimated average net assets of $7.0 billion for the fiscal year ending December 31, 2024. Actual net assets will depend on the number of shares HLEND actually sells, realized gains/losses, unrealized appreciation/depreciation and share repurchase activity, if any. “Annual fund expenses” are composed of base management fees, incentive fees, shareholder servicing and/or distribution fees, as applicable, interest payments on borrowed funds, and “other expenses”, as set forth in more detail in HLEND’s prospectus. Actual expenses may be greater or less than shown and these figures should not be considered a representation of future expenses. “Other expenses” include accounting, legal and auditing fees, custodian and transfer agent fees, reimbursement of expenses to HLEND's administrator, organization and offering expenses, insurance costs and fees payable to HLEND's trustees. Other expenses represent the estimated annual other expenses of HLEND and its subsidiaries based on annualized other expenses for the current fiscal year ending December 31, 2024. HLEND borrows funds to make investments. The costs associated with such borrowing may change over time, including due to interest rates on borrowing and utilization, and will be indirectly borne by HLEND shareholders. The borrowing expenses included in HLEND’s total annual fund expenses assumes HLEND borrows for investment purposes an amount equal to 100% of its estimated average net assets for the fiscal year ending December 31, 2024, and that the average annual cost of borrowings, including the amortization of cost associated with obtaining borrowings and unused commitment fees on the amount borrowed is 8.60%. Although leverage has the potential to enhance overall returns that exceed HLEND’s cost of funds, it will further diminish returns (or increase losses on capital) to the extent overall returns are less than HLEND’s cost of funds.
7. Reflects the deduction of borrowing costs of 8.95% from the applicable Class’s total annual fund expenses. Please see footnote 5 above for information regarding the calculation of borrowing costs. There is no way to invest in HLEND without indirectly incurring borrowing costs and shareholders will indirectly bear these costs as part of any investment in HLEND.
8. Based on pre-incentive fee net investment income, which is defined as revenue inclusive of interest income, dividends, cash interest or other distributions (including PIK or OID not received in cash), and all fees other than fees for providing managerial assistance, less operating expenses excluding incentive fee and shareholder services and/or distribution fees.
9. Non-US investors will receive Form 1042-S.
10. Select broker-dealers may have different suitability standards, may not offer all share classes, or may offer HLEND with higher initial minimum investment amounts. Class I shares are subject to a minimum initial investment of $1,000,000, which is waived or reduced to $10,000 or less for certain investors as described in the “Plan of Distribution” section of HLEND’s prospectus.
11. No upfront sales load will be paid with respect to Class I, Class D, Class F or Class S shares, however, if you buy Class I, Class D, Class F or Class S shares through certain financial intermediaries, they may directly charge you transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that they limit the charges to these caps (expressed as a percentage of NAV at purchase).