May 11, 2026 - 10-Q: Quarterly report [Sections 13 or 15(d)]

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________________

FORM 10-Q

_____________________________________________________

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number 814-01431

________________________________________________________________________________________________

HPS Corporate Lending Fund

(Exact name of Registrant as specified in its Charter)

________________________________________________________________________________________________


Delaware						87-6391045
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

40 West 57th Street, 33rd Floor New York, NY						10019
(Address of principal executive offices)						(Zip Code)

Registrant’s telephone number, including area code: (212) 287-6767

________________________________________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

None

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:


Large accelerated filer	o	Accelerated filer	o
Non-accelerated filer	x	Smaller reporting company	o
Emerging growth company	o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The Registrant’s Common Shares, $0.01 par value per share, outstanding as of May 8, 2026 was 33,247,821, 202,978,224, 43,399,001 and 229,557,559 of Class S, Class I, Class D, and Class F common shares, respectively. Common shares outstanding exclude May 1, 2026 subscriptions since the issuance price is not yet finalized at the date of this filing.

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		Page

PART I	FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements
	Consolidated Statements of Assets and Liabilities as of March 31 , 202 6 (Unaudited) and December 31, 202 5	2
	Consolidated Statements of Operations for the three months ended March 31 , 202 6 (Unaudited) and March 31 , 202 5 (Unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three months ended March 31 , 202 6 (Unaudited) and March 31 , 202 5 (Unaudited)	5
	Consolidated Statements of Cash Flows for the three months ended March 31 , 202 6 (Unaudited) and March 31 , 202 5 (Unaudited)	6
	Consolidated Schedules of Investments as of March 31 , 202 6 (Unaudited) and December 31, 202 5	8
	Notes to Consolidated Financial Statements (Unaudited)	71
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	130
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	148
Item 4.	Controls and Procedures	149

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	150
Item 1A.	Risk Factors	150
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	150
Item 3.	Defaults Upon Senior Securities	150
Item 4.	Mine Safety Disclosures	151
Item 5.	Other Information	151
Item 6.	Exhibits	151
Signatures

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about HPS Corporate Lending Fund (together, with its consolidated subsidiaries, the “Company”, “we” or “our”), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

•our future operating results;

•our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives as a result of inflation, the imposition of tariffs, increases in borrowing costs and a potential global recession;

•the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing conflict between Russia and Ukraine and the broader Middle East conflict;

•the impact of the investments that we expect to make;

•our ability to raise sufficient capital to execute our investment strategy;

•our current and expected financing arrangements and investments;

•the adequacy of our cash resources, financing sources and working capital;

•changes in the general interest rate environment, including a sustained elevated interest rate environment, and uncertainty about the Federal Reserve’s intentions regarding interest rates in the future;

•the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;

•our contractual arrangements and relationships with third parties;

•risks associated with the demand for liquidity under our share repurchase program and the continued approval of quarterly tender offers by the Board of Trustees (the “Board” or the “Board of Trustees”);

•actual and potential conflicts of interest with HPS Advisors, LLC (the “Adviser”) or any of its affiliates;

•the elevated level of inflation, and its impact on our portfolio companies and on the industries in which we invest;

•the dependence of our future success on the general economy and its effect on the industries in which we may invest;

•the availability of credit and/or our ability to access the capital markets;

•our use of financial leverage;

•the ability of the Adviser to source suitable investments for us and to monitor and administer our investments;

•the ability of the Adviser or its affiliates to attract and retain highly talented professionals;

•our ability to qualify for and maintain our qualification as a regulated investment company and as a business development company (“BDC”);

•the impact on our business of new or amended legislation or regulations;

•currency fluctuations, particularly to the extent that we receive payments denominated in currency other than U.S. dollars;

•the effect of changes to tax legislation and our tax position; and

•the tax status of the enterprises in which we may invest, including the imposition of tariffs upon either the supplies utilized by those enterprises or the enterprises’ end products.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of any projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. Moreover, we assume no duty and do not undertake to update the forward-looking statements, except as required by applicable law. Because we are an investment company, the forward-looking statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”).

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PART I - FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements.

HPS Corporate Lending Fund

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)


	March 31, 2026		December 31, 2025
ASSETS	(Unaudited)
Investments at fair value
Non-controlled/non-affiliated investments (amortized cost of $24,490,371 and $24,605,994 at March 31, 2026 and December 31, 2025, respectively)	$	24,439,690	$	24,821,751
Non-controlled/affiliated investments (amortized cost of $151,746 and $101,014 at March 31, 2026 and December 31, 2025, respectively)	141,949		99,425
Controlled/affiliated investments (amortized cost of $421,029 and $402,400 at March 31, 2026 and December 31, 2025, respectively)	426,214		416,244
Total investments at fair value (amortized cost of $25,063,146 and $25,109,408 at March 31, 2026 and December 31, 2025, respectively)	25,007,853		25,337,420
Cash	380,494		187,064
Cash equivalents	322,919		403,602
Interest receivable from non-controlled/non-affiliated investments	178,940		187,936
Interest receivable from non-controlled/affiliated investments	1,137		560
Dividend receivable from non-controlled/non-affiliated investments	66		62
Deferred financing costs	54,742		50,341
Deferred offering costs	2,088		2,175
Derivative assets, at fair value (Note 6)	35,680		50,869
Receivable for investments	297,883		83,891
Other assets	8,098		507
Total assets	$	26,289,900	$	26,304,427
LIABILITIES
Debt (net of unamortized debt issuance costs of $95,093 and $90,359 at March 31, 2026 and December 31, 2025, respectively)	$	12,865,354	$	12,950,206
Payable for investments purchased	2,440		2,699
Interest payable	145,782		171,991
Derivative liabilities, at fair value (Note 6)	13,882		20,792
Due to affiliates	14,842		16,726
Distribution payable (Note 9)	107,321		106,729
Payable for share repurchases (Note 9)	610,738		472,929
Management fees payable (Note 3)	26,455		13,732
Income based incentive fees payable (Note 3)	46,029		47,328
Capital gains incentive fees payable (Note 3)	—		—
Shareholder servicing and/or distribution fees payable	3,332		3,327
Accrued expenses and other liabilities	18,751		61,137
Total liabilities	13,854,926		13,867,596
Commitments and contingencies (Note 8)
NET ASSETS
Common Shares, $0.01 par value (501,538,142 and 493,104,572 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively)	5,015		4,931
Additional paid in capital	12,581,669		12,360,689
Distributable earnings (loss)	(151,710)		71,211
Total net assets	12,434,974		12,436,831
Total liabilities and net assets	$	26,289,900	$	26,304,427

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HPS Corporate Lending Fund

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)


	March 31, 2026		December 31, 2025
NET ASSET VALUE PER SHARE	(Unaudited)
Class I Shares:
Net assets	$	4,902,071	$	4,855,520
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	197,713,842		192,514,877
Net asset value per share	$	24.79	$	25.22
Class D Shares:
Net assets	$	1,072,185	$	1,138,385
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	43,243,811		45,135,208
Net asset value per share	$	24.79	$	25.22
Class F Shares:
Net assets	$	5,645,655	$	5,629,111
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	227,707,232		223,188,196
Net asset value per share	$	24.79	$	25.22
Class S Shares:
Net assets	$	815,063	$	813,815
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	32,873,257		32,266,291
Net asset value per share	$	24.79	$	25.22

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HPS Corporate Lending Fund

Consolidated Statements of Operations (Unaudited)

(in thousands)


	Three Months Ended March 31,
		2026		2025
Investment income:
From non-controlled/non-affiliated investments:
Interest income		$	554,474	$	408,011
Payment-in-kind interest income		29,033		24,099
Dividend income		4,178		1,147
Other income		2,057		57
From non-controlled/affiliated investments:
Interest income		689		309
Payment-in-kind interest income		1,708		—
From controlled/affiliated investments:
Dividend income		14,659		10,511
Total investment income		606,798		444,134
Expenses:
Interest expense		188,784		137,906
Management fees		39,891		29,146
Income based incentive fee		46,029		33,728
Capital gains incentive fee		—		(6,038)
Shareholder servicing and/or distribution fees
Class D		709		684
Class F		7,138		5,766
Class S		1,761		994
Professional fees		2,240		1,665
Board of Trustees’ fees		159		162
Administrative service expenses (Note 3)		922		1,517
Other general & administrative		3,866		3,091
Amortization of continuous offering costs		705		532
Total expenses		292,204		209,153
Net investment income before excise tax		314,594		234,981
Excise tax expense		2,002		293
Net investment income after excise tax		312,592		234,688
Net realized and change in unrealized gain (loss):
Realized gain (loss):
Non-controlled/non-affiliated investments		15,221		(19,886)

Foreign currency forward contracts		3,953		(34,279)
Foreign currency transactions		(8,272)		(1,895)
Net realized gain (loss)		10,902		(56,060)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments		(266,438)		67,250
Non-controlled/affiliated investments		(8,208)		(66)
Controlled/affiliated investments		(8,659)		2,274
Foreign currency forward contracts		29,116		(24,102)
Translation of assets and liabilities in foreign currencies		28,009		(37,602)
Net change in unrealized appreciation (depreciation)		(226,180)		7,754
Net realized and change in unrealized gain (loss)		(215,278)		(48,306)
Net increase (decrease) in net assets resulting from operations		$	97,314	$	186,382

The accompanying notes are an integral part of these consolidated financial statements.

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HPS Corporate Lending Fund

Consolidated Statements of Changes in Net Assets (Unaudited)

(in thousands)


	Three Months Ended March 31,
		2026		2025
Increase (decrease) in net assets from operations:
Net investment income after excise tax		$	312,592	$	234,688
Net realized gain (loss)		10,902		(56,060)
Net change in unrealized appreciation (depreciation)		(226,180)		7,754
Net increase (decrease) in net assets resulting from operations		97,314		186,382
Distributions to common shareholders:
Class I		(131,467)		(80,646)
Class D		(28,649)		(27,326)
Class F		(140,408)		(112,232)
Class S		(19,711)		(10,968)
Net decrease in net assets resulting from distributions		(320,235)		(231,172)
Share transactions:
Class I:
Proceeds from shares sold		460,059		610,430
Share transfers between classes		2,064		46,752
Distributions reinvested		30,478		23,261
Repurchased shares, net of early repurchase deduction		(356,616)		(152,059)
Net increase (decrease) from share transactions		135,985		528,384
Class D:
Proceeds from shares sold		15,248		64,125
Share transfers between classes		—		(40,704)
Distributions reinvested		12,602		13,232
Repurchased shares, net of early repurchase deduction		(74,295)		(33,921)
Net increase (decrease) from share transactions		(46,445)		2,732
Class F:
Proceeds from shares sold		202,603		282,609
Share transfers between classes		(1,380)		(2,928)
Distributions reinvested		66,828		50,831
Repurchased shares, net of early repurchase deduction		(152,239)		(23,332)
Net increase (decrease) from share transactions		115,812		307,180
Class S:
Proceeds from shares sold		42,144		110,234
Share transfers between classes		(684)		(3,120)
Distributions reinvested		8,137		4,593
Repurchased shares, net of early repurchase deduction		(33,885)		(1,082)
Net increase (decrease) from share transactions		15,712		110,625
Total increase (decrease) in net assets		(1,857)		904,131
Net assets, beginning of period		12,436,831		8,733,932
Net assets, end of period		$	12,434,974	$	9,638,063

The accompanying notes are an integral part of these consolidated financial statements.

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HPS Corporate Lending Fund

Consolidated Statements of Cash Flows (Unaudited)

(in thousands)


	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	97,314	$	186,382
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net change in unrealized (appreciation) depreciation on investments	283,305		(69,458)
Net realized (gain) loss on investments	(15,221)		19,886
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts	(29,116)		24,102
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	(28,364)		38,257
Net accretion of discount and amortization of premium, net	(24,953)		(18,205)
Amortization of deferred financing costs	3,004		2,394
Amortization of original issue discount and debt issuance costs	7,116		4,462
Amortization of offering costs	705		532
Payment-in-kind interest capitalized	(34,927)		(24,183)
Payment-in-kind dividends capitalized	(1,310)		(1,131)

Purchases of investments	(1,509,178)		(2,502,618)
Proceeds from sale of investments and principal repayments	1,631,851		296,405
Changes in operating assets and liabilities:
Interest receivable from non-controlled/non-affiliated investments	8,996		(5,733)
Interest receivable from non-controlled/affiliated investments	(577)		(175)
Dividend receivable from non-controlled/non-affiliated investments	(4)		65
Receivable for investments	(213,992)		(46,577)
Other assets	(7,591)		10,563
Payable for investments purchased	(259)		50,041
Interest payable	(26,209)		(14,453)
Due to affiliates	(1,884)		3
Management fees payable	12,723		10,216
Income based incentive fees payable	(1,299)		1,714
Capital gains incentive fees payable	—		(6,038)
Shareholder servicing and/or distribution fees payable	5		206
Accrued expenses and other liabilities	(42,386)		15,875
Net cash provided by (used in) operating activities	107,749		(2,027,468)
Cash flows from financing activities:
Borrowings on debt	2,770,210		5,151,226
Repayments of debt	(2,784,569)		(3,713,069)
Deferred financing costs paid	(7,405)		(301)
Debt issuance costs and original issue discount paid	(11,850)		(30,770)
Deferred offering costs paid	(618)		(184)
Proceeds from issuance of Common Shares	720,054		1,067,398
Common Shares repurchased, net of early repurchase deduction	(479,226)		(110,784)
Distributions paid in cash	(201,598)		(130,640)
Net cash provided by (used in) financing activities	4,998		2,232,876
Net increase (decrease) in cash and cash equivalents	112,747		205,408
Cash and cash equivalents, beginning of period	590,666		228,899
Cash and cash equivalents, end of period	$	703,413	$	434,307

The accompanying notes are an integral part of these consolidated financial statements.

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HPS Corporate Lending Fund

Consolidated Statements of Cash Flows (Unaudited)

(in thousands)


	Three Months Ended March 31,
	2026		2025
Supplemental information and non-cash activities:
Interest paid during the period	$	204,873	$	145,503
Taxes paid during the period	$	7,180	$	5,428
Distribution payable	$	107,321	$	80,511
Share repurchases accrued but not paid	$	610,738	$	210,394
Reinvestment of distributions during the period	$	118,045	$	91,917
Non-cash purchases of investments	$	16,723	$	17,850
Non-cash sales of investments	$	(16,723)	$	(17,850)

The accompanying notes are an integral part of these consolidated financial statements.

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HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units		Amortized Cost(3)		Fair Value		Percentage of Net Assets
Non-Controlled/Non-Affiliated Investments
First Lien Debt
Aerospace & Defense
Arcfield Acquisition Corp (4)(8)(25)	SF +	5.00%	8.67	%	10/28/2031	$	88,682	$	88,483	$	89,201
Arcfield Acquisition Corp (4)(6)(8)					10/28/2031	13,671		(34)		—
Cadence - Southwick, Inc. (4)(10)(25)	SF +	4.75%	8.52	%	5/3/2029	40,488		39,857		40,488
Cadence - Southwick, Inc. (4)(10)(25)	SF +	4.75%	8.52	%	5/3/2029	3,042		3,007		3,042
Cadence - Southwick, Inc. (4)(6)(10)(25)	SF +	4.75%	8.52	%	5/3/2028	17,561		8,801		8,976
Carbon Topco, Inc. (4)(6)(9)					5/1/2030	9,588		(142)		—
Carbon Topco, Inc. (4)(9)(25)	SF +	6.00%	9.67	%	11/1/2030	40,940		40,314		40,940
Fastener Distribution Holdings, LLC (4)(9)(25)	SF +	4.75%	8.45	%	11/4/2031	74,874		74,276		74,612
Fastener Distribution Holdings, LLC (4)(6)(9)(25)	SF +	4.75%	8.45	%	11/4/2031	28,290		10,624		10,773
Fortress Acquisitionco, Inc. (4)(9)(25)	SF +	4.75%	8.45	%	2/25/2033	123,421		122,202		122,202
Fortress Acquisitionco, Inc. (4)(6)(9)					2/25/2033	28,716		(283)		(284)
Frontgrade Technologies Holdings Inc. (4)(9)(25)	SF +	5.25% (incl 1.50% PIK)	8.90	%	1/9/2030	36,863		36,264		35,629
Frontgrade Technologies Holdings Inc. (4)(9)(25)	SF +	5.25% (incl 1.50% PIK)	8.90	%	1/9/2030	7,761		7,671		7,502
Frontgrade Technologies Holdings Inc. (4)(6)(9)(25)	SF +	5.00%	8.66	%	1/10/2028	6,864		619		569
Frontgrade Technologies Holdings Inc. (4)(9)(25)	SF +	5.25% (incl 1.50% PIK)	8.91	%	1/9/2030	8,705		8,638		8,414
Frontgrade Technologies Holdings Inc. (4)(9)(25)	SF +	5.00%	8.65	%	1/9/2030	1,975		1,967		1,909
RH Buyer Inc (4)(10)(25)	SF +	6.50%	10.30	%	1/17/2031	115,807		113,953		110,849
RH Buyer Inc (4)(10)(25)	SF +	6.50%	10.30	%	1/17/2031	13,792		13,572		13,202
Tex-Tech Industries, Inc. (4)(9)(25)	SF +	4.75%	8.41	%	1/13/2031	80,607		79,965		80,005
Tex-Tech Industries, Inc. (4)(6)(9)(25)	SF +	4.75%	8.41	%	1/13/2031	18,094		10,698		10,721
Tex-Tech Industries, Inc. (4)(6)(9)(25)	SF +	4.75%	8.41	%	1/13/2031	17,192		8,889		8,898
Titan BW Borrower L.P. (4)(8)(25)	SF +	5.38% (incl 2.88% PIK)	9.04	%	7/24/2032	252,146		249,910		249,422
Titan BW Borrower L.P. (4)(6)(8)(25)	SF +	4.75%	8.42	%	7/24/2032	21,024		12,403		12,375
Titan BW Borrower L.P. (4)(6)(8)					7/24/2032	48,935		(441)		(529)
Valence Surface Technologies LLC (4)(10)(25)	SF +	7.00%	10.67	%	6/13/2031	158,104		155,137		158,104
Valence Surface Technologies LLC (4)(10)(25)	SF +	7.00%	10.67	%	6/13/2031	18,107		17,750		18,107
Valence Surface Technologies LLC (4)(6)(10)(25)	SF +	7.00%	10.67	%	6/13/2031	27,526		26,398		26,946
Valence Surface Technologies LLC (4)(6)(10)					6/13/2031	13,777		(269)		—
West Star Aviation Acquisition, LLC (4)(6)(9)(24)	SF +	4.50%	8.17	%	5/20/2032	7,418		693		729
West Star Aviation Acquisition, LLC (4)(6)(9)(24)	SF +	4.50%	8.17	%	5/20/2032	11,092		8,419		8,478
West Star Aviation Acquisition, LLC (4)(9)(24)	SF +	4.50%	8.17	%	5/20/2032	52,772		52,426		52,684
WP CPP Holdings, LLC (4)(6)(10)					11/30/2029	26,285		(402)		—
WP CPP Holdings, LLC (4)(10)(25)	SF +	6.25%	9.92	%	11/30/2029	208,225		205,419		212,016
Zenith AcquisitionCo LLC (4)(8)(25)	SF +	4.50%	8.15	%	1/13/2033	148,161		147,443		147,443
Zenith AcquisitionCo LLC (4)(6)(8)(25)	SF +	4.50%	8.17	%	1/13/2033	74,200		3,067		3,072
Zenith AcquisitionCo LLC (4)(6)(8)					1/13/2033	31,229		(151)		(151)
Total Aerospace & Defense								1,547,143		1,556,344		12.52	%

Air Freight & Logistics
Zeppelin US Buyer Inc. (4)(6)(9)					8/2/2032	26,224		(250)		(165)
Zeppelin US Buyer Inc. (4)(6)(9)					8/2/2032	13,112		(119)		(82)
Zeppelin US Buyer Inc. (4)(9)(25)	SF +	4.75%	8.45	%	8/2/2032	85,664		84,889		85,126
Total Air Freight & Logistics								84,520		84,879		0.68	%

Asset Based Lending and Fund Finance

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units		Amortized Cost(3)	Fair Value	Percentage of Net Assets
Montagu Lux Finco Sarl (4)(5)(6)(10)(29)	E +	5.50%	7.49	%	2/13/2032	EUR	65,158	33,457	36,484
Total Asset Based Lending and Fund Finance								33,457	36,484	0.29	%

Automobile Components
ABC Group Holdings Inc (4)(5)(9)(28)	E +	5.88%	7.77	%	8/22/2031	EUR	55,753	63,152	62,588
ABC Group Holdings Inc (4)(5)(9)(23)(28)	E +	6.88%	8.77	%	8/22/2031	EUR	540	612	601
ABC Technologies Inc (4)(5)(9)(24)	SF +	5.75%	9.42	%	8/22/2031	88,384		85,403	85,838
ABC Technologies Inc (4)(5)(9)(23)(24)	SF +	6.71%	10.38	%	8/22/2031	866		836	834
Clarios Global LP (7)(24)	SF +	2.50%	6.17	%	5/6/2030	10,589		10,553	10,569
Clarios Global LP (7)(24)	SF +	2.75%	6.42	%	1/28/2032	5,339		5,334	5,333
Tenneco Inc (8)(25)	SF +	5.00%	8.76	%	11/17/2028	8,000		7,894	7,820
Tenneco Inc (8)(25)	SF +	4.75%	8.51	%	11/17/2028	3,852		3,807	3,762
Total Automobile Components								177,591	177,345	1.43	%

Beverages
Vital Bidco AB (4)(5)(10)(24)	SF +	4.25%	7.92	%	10/29/2031	96,671		95,112	97,638
Vital Bidco AB (4)(5)(6)(10)					10/29/2030	16,892		(258)	—
Total Beverages								94,854	97,638	0.79	%

Broadline Retail
Auctane Inc (4)(9)(26)	SF +	5.75%	9.58	%	10/5/2028	24,250		24,250	23,948
Thrasio LLC (4)(10)(25)	SF +	8.00%	11.93	%	6/18/2029	383		382	383
Thrasio LLC (4)(10)(19)(23)(25)	SF +	8.00%			6/18/2029	1,305		1,014	973
Total Broadline Retail								25,646	25,304	0.20	%

Building Products
Enstall Group B.V. (4)(5)(8)(19)(29)	E +	6.50%			8/30/2028	EUR	66,292	67,687	36,080
Fire Flow Intermediate Corporation (4)(9)(25)	SF +	4.75%	8.42	%	7/10/2031	122,441		121,507	121,235
Fire Flow Intermediate Corporation (4)(6)(9)					7/10/2031	18,383		(182)	(181)
Fire Flow Intermediate Corporation (4)(6)(9)					7/10/2031	42,893		(426)	(423)
Hunter Douglas Inc (7)(25)	SF +	3.00%	6.70	%	1/17/2032	2,029		2,020	2,023
Nexus Intermediate III, LLC (4)(9)(26)	SF +	4.75%	8.42	%	12/6/2029	1,038		1,045	1,024
Saber Parent Holdings Corp (4)(7)(25)	SF +	4.75% (incl 2.25% PIK)	8.42	%	12/16/2032	100,952		100,471	99,887
Saber Parent Holdings Corp (4)(6)(7)					12/16/2032	27,693		(136)	(292)
Saber Parent Holdings Corp (4)(6)(10)(43)	P +	3.50%	10.25	%	12/16/2032	15,205		4,387	4,300
SWF Holdings I Corp (10)(24)	SF +	4.50%	8.17	%	12/19/2029	73		70	72
SWF Holdings I Corp (10)(24)	SF +	4.00%	7.78	%	10/6/2028	667		639	425
SWF Holdings I Corp (6)(10)(24)	SF +	4.50%	8.17	%	12/19/2029	94		46	47
Total Building Products								297,128	264,197	2.12	%

Capital Markets
DRW Holdings LLC (7)(24)	SF +	3.50%	7.17	%	6/26/2031	13,209		13,155	13,011
Jump Financial LLC (4)(7)(25)	SF +	3.50%	7.20	%	2/26/2032	3,876		3,866	3,881
Wharf Street Ratings Acquisition LLC (4)(9)(24)	SF +	4.75%	8.42	%	9/16/2032	255,634		253,271	258,191
Wharf Street Ratings Acquisition LLC (4)(6)(9)					9/16/2032	28,475		(274)	285
Wharf Street Ratings Acquisition LLC (4)(6)(9)					9/16/2032	30,241		(279)	—
Yes Energy LLC (4)(10)(24)	SF +	4.75%	8.42	%	4/21/2028	39,521		39,268	39,388
Yes Energy LLC (4)(10)(24)	SF +	4.75%	8.42	%	4/21/2028	14,189		14,112	14,141
Yes Energy LLC (4)(10)(24)	SF +	4.75%	8.42	%	4/21/2028	9,615		9,544	9,583
Yes Energy LLC (4)(6)(10)					4/21/2028	2,443		—	(8)

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units		Amortized Cost(3)	Fair Value	Percentage of Net Assets
Yes Energy LLC (4)(10)(24)	SF +	4.75%	8.42	%	4/21/2028	7,413		7,338	7,388
Total Capital Markets								340,001	345,860	2.78	%

Chemicals
Bakelite US Holdco Inc (7)(25)	SF +	3.75%	7.45	%	12/23/2031	6,129		6,079	5,934
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15)(25)	SF +	10.00%	13.80	%	11/9/2026	10,950		10,905	10,395
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15)(25)	SF +	10.00%	13.80	%	11/9/2026	850		847	807
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15)(25)	SF +	10.00%	13.80	%	11/9/2026	852		849	809
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15)(25)	SF +	10.00%	13.80	%	11/9/2026	9,379		9,334	8,903
Discovery Purchaser Corp (8)(25)	SF +	3.75%	7.42	%	10/4/2029	5,117		4,974	5,047
Formerra LLC (4)(10)(24)	SF +	7.25%	11.02	%	11/1/2028	103,284		101,803	101,638
Formerra LLC (4)(6)(10)					11/1/2028	12,031		(168)	(192)
Formerra LLC (4)(10)(24)	SF +	7.25%	11.02	%	11/1/2028	4,155		4,095	4,089
Fortis 333 Inc (7)(24)	SF +	3.50%	7.17	%	3/27/2032	2,233		2,228	2,176
Lummus Technology Holdings V LLC (7)(24)	SF +	2.50%	6.17	%	12/31/2029	24,790		24,623	24,646
Total Chemicals								165,569	164,252	1.32	%

Commercial Services & Supplies
ABC Legal Holdings, LLC (4)(9)(25)	SF +	4.25%	7.92	%	8/13/2032	80,256		79,526	81,058
ABC Legal Holdings, LLC (4)(6)(9)					8/13/2032	24,138		(230)	241
ABC Legal Holdings, LLC (4)(6)(9)					8/13/2032	16,200		(147)	—
Allied Universal Holdco LLC (7)(24)	SF +	3.25%	6.92	%	8/20/2032	13,046		13,031	13,063
Apex Group Treasury LLC (5)(7)(25)	SF +	3.50%	7.17	%	2/27/2032	13,446		13,333	12,293
Argos Health Holdings, Inc. (4)(9)(25)	SF +	5.00%	8.67	%	12/3/2029	1,436		1,428	1,436
AVSC Holding Corp. (4)(9)(24)	SF +	5.00%	8.67	%	12/5/2031	73,447		72,253	73,446
AVSC Holding Corp. (4)(6)(9)(24)	SF +	5.00%	8.67	%	12/5/2029	8,660		1,431	1,559
Axiom Buyer, LLC (4)(10)(24)	SF +	6.50%	10.17	%	1/14/2030	148,075		145,528	145,945
Axiom Buyer, LLC (4)(6)(10)					1/14/2030	16,189		(342)	(233)
Axiom Buyer, LLC (4)(6)(10)(24)	SF +	6.50%	10.17	%	1/14/2030	18,189		12,680	12,730
Certania Beteiligungen GmbH (4)(5)(6)(7)(28)	E +	6.05%	8.10	%	5/23/2029	EUR	22,824	13,300	13,175
Coretrust Purchasing Group LLC (4)(6)(9)					10/1/2029	11,656		(175)	(33)
Coretrust Purchasing Group LLC (4)(9)(24)	SF +	5.25%	8.92	%	10/1/2029	90,527		89,306	90,266
Coretrust Purchasing Group LLC (4)(6)(9)					10/1/2029	3,844		(25)	(11)
Guardian US Holdco LLC (8)(25)	SF +	3.25%	6.95	%	1/31/2030	7,781		7,694	7,523
ImageFIRST Holdings, LLC (7)(25)	SF +	3.00%	6.67	%	3/12/2032	4,632		4,622	4,626
Madison IAQ LLC (8)(25)	SF +	2.50%	6.13	%	6/21/2028	1,237		1,213	1,238
NBG Acquisition Corp. (4)(9)(25)	SF +	6.00% (incl 3.50% PIK)	9.67	%	11/4/2030	21,413		21,349	16,645
NBG Acquisition Corp. (4)(9)(25)	SF +	6.00% (incl 3.50% PIK)	9.70	%	11/4/2030	3,372		3,343	2,621
NBG Acquisition Corp. (4)(6)(9)(25)	SF +	6.00% (incl 3.50% PIK)	9.70	%	11/4/2030	2,928		2,119	1,478
NDT Global Holding Inc. (4)(5)(8)(24)	SF +	4.50%	8.17	%	6/4/2032	119,400		118,346	118,711
NDT Global Holding Inc. (4)(5)(6)(8)(24)	SF +	4.50%	8.17	%	6/4/2032	30,474		1,255	1,348
NDT Global Holding Inc. (4)(5)(8)(24)	SF +	4.50%	8.17	%	6/4/2032	26,563		26,327	26,410
NTH Degree Purchaser Inc (4)(10)(25)	SF +	5.25%	8.92	%	9/10/2030	100,348		98,861	100,348
NTH Degree Purchaser Inc (4)(6)(10)					9/10/2030	30,800		(536)	—
NTH Degree Purchaser Inc (4)(6)(10)					9/10/2030	16,125		(239)	—
Retail Services WIS Corporation (4)(10)(25)	SF +	6.50%	10.17	%	8/29/2030	109,153		107,227	106,961

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units		Amortized Cost(3)	Fair Value	Percentage of Net Assets
Retail Services WIS Corporation (4)(6)(10)					8/29/2030	25,930		(488)	(521)
Sentinel Buyer Corp. (4)(6)(9)					11/6/2032	21,437		(176)	(140)
Sentinel Buyer Corp. (4)(9)(24)	SF +	5.00%	8.67	%	11/6/2032	257,181		255,125	255,507
Team, Inc. (4)(10)(25)	SF +	5.75%	9.42	%	3/12/2030	51,836		50,917	51,070
Team, Inc. (4)(6)(10)					3/12/2030	14,960		(301)	(221)
Victors Purchaser LLC (4)(8)(25)	SF +	4.50%	8.20	%	12/23/2032	74,072		73,894	73,432
Victors Purchaser LLC (4)(6)(8)					12/23/2032	5,802		(28)	(50)
Victors Purchaser LLC (4)(6)(8)					12/23/2032	11,035		(53)	(95)
Wasserman Media Group, LLC (7)(24)	SF +	2.50%	6.17	%	6/23/2032	4,156		4,138	4,146
Total Commercial Services & Supplies								1,215,506	1,215,972	9.78	%

Communications Equipment
Ribbon Communications Operating Company, Inc (4)(5)(10)(24)	SF +	6.25%	9.92	%	6/21/2029	54,642		53,938	54,257
Ribbon Communications Operating Company, Inc (4)(5)(6)(10)					6/21/2029	6,365		(82)	(45)
Total Communications Equipment								53,856	54,212	0.44	%

Construction & Engineering
NRO Holdings III Corp. (4)(6)(9)(25)	SF +	5.25%	8.87	%	7/15/2030	100		36	37
NRO Holdings III Corp. (4)(9)(25)	SF +	5.25%	8.92	%	7/15/2031	675		665	675
NRO Holdings III Corp. (4)(6)(9)(25)	SF +	5.25%	8.87	%	7/15/2031	214		130	133
Pike Corporation (4)(9)(24)	SF +	4.50%	8.18	%	12/20/2032	119,012		118,439	117,754
Pike Corporation (4)(6)(9)					12/20/2032	25,872		(127)	(273)
Pike Corporation (4)(6)(9)					12/20/2032	19,117		(92)	(202)
Total Construction & Engineering								119,051	118,124	0.95	%

Consumer Finance
PCP CW Aggregator Holdings II, L.P. (4)(5)(10)(25)	SF +	6.75%	10.39	%	2/9/2028	21,909		21,856	21,947
Total Consumer Finance								21,856	21,947	0.18	%

Consumer Staples Distribution & Retail
DIA Finance S.L.U. (4)(5)(9)(29)	E +	6.50%	8.65	%	12/27/2029	EUR	170,600	173,876	196,693
Puma Buyer LLC (4)(8)(25)	SF +	4.25%	7.95	%	3/29/2032	59,386		59,005	58,785
Puma Buyer LLC (4)(8)(25)	SF +	4.25%	7.95	%	3/29/2032	27,293		27,165	27,017
Puma Buyer LLC (4)(6)(8)					3/29/2032	15,248		(89)	(154)
SW Ingredients Holdings, LLC (4)(6)(9)(24)	SF +	5.00%	8.67	%	5/2/2030	32,714		4,952	5,060
SW Ingredients Holdings, LLC (4)(9)(24)	SF +	5.00%	8.67	%	5/2/2030	191,035		188,687	189,322
SW Ingredients Holdings, LLC (4)(6)(9)					5/2/2030	23,763		(324)	(213)
Vermont Aus Pty Ltd (4)(5)(9)(34)	B +	4.50%	8.86	%	3/23/2028	AUD	55,004	39,511	37,915
Total Consumer Staples Distribution & Retail								492,783	514,425	4.14	%

Containers & Packaging
BP Purchaser, LLC (4)(9)(25)	SF +	7.50% (incl 1.00% PIK)	11.44	%	12/11/2028	28,390		28,174	21,648
Capripack Debtco PLC (4)(5)(10)(29)	E +	5.75% (incl 2.50% PIK)	7.78	%	1/3/2030	EUR	13,832	14,808	15,979
Capripack Debtco PLC (4)(5)(10)(29)	E +	5.75% (incl 2.50% PIK)	7.78	%	1/3/2030	EUR	74,456	79,709	86,016
Capripack Debtco PLC (4)(5)(10)(29)	E +	5.75% (incl 2.50% PIK)	7.76	%	1/3/2030	EUR	30,635	31,037	35,392
Capripack Debtco PLC (4)(5)(10)(29)	E +	5.75% (incl 2.50% PIK)	7.76	%	1/3/2030	EUR	26,806	27,157	30,968

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units		Amortized Cost(3)	Fair Value	Percentage of Net Assets
Clydesdale Acquisition Holdings Inc (8)(24)	SF +	3.18%	6.84	%	4/13/2029	7,576		7,563	7,246
Total Containers & Packaging								188,448	197,249	1.59	%

Distributors
Thermostat Purchaser III Inc (9)(25)	SF +	4.25%	7.95	%	8/31/2028	7,880		7,880	7,729
Total Distributors								7,880	7,729	0.06	%

Diversified Consumer Services
Aesthetics Australia Group Pty Ltd (4)(5)(8)(19)(35)	B +	9.38% PIK			3/21/2028	AUD	61,678	39,575	25,471
AI Learning (Singapore) PTE. LTD. (4)(5)(12)(41)	SORA +	7.50%	9.01	%	5/25/2027	SGD	45,400	33,257	34,946
American Academy Holdings, LLC (4)(17)(24)	SF +	9.75% (incl 5.25% PIK)	13.53	%	6/30/2027	59,459		59,459	57,081
Club Car Wash Operating, LLC (4)(10)(25)	SF +	5.50%	9.35	%	6/16/2027	23,808		23,724	23,808
Club Car Wash Operating, LLC (4)(10)(25)	SF +	5.50%	9.35	%	6/16/2027	11,635		11,573	11,635
Club Car Wash Operating, LLC (4)(10)(25)	SF +	5.50%	9.35	%	6/16/2027	36,565		36,155	36,565
Club Car Wash Operating, LLC (4)(10)(25)	SF +	5.50%	9.35	%	6/16/2027	71,775		71,465	71,775
Club Car Wash Operating, LLC (4)(6)(10)(25)	SF +	5.50%	9.35	%	6/16/2027	37,893		34,204	34,511
Express Wash Concepts, LLC (4)(10)(24)	SF +	5.00%	8.77	%	4/30/2027	25,920		25,862	25,968
Express Wash Concepts, LLC (4)(10)(24)	SF +	5.00%	8.77	%	4/30/2027	46,156		46,055	46,241
Houghton Mifflin Harcourt Company (8)(24)	SF +	5.25%	9.02	%	4/9/2029	24,675		24,339	20,991
IXM Holdings, Inc. (4)(6)(11)(24)	SF +	5.75%	9.42	%	12/14/2030	4,013		991	973
IXM Holdings, Inc. (4)(11)(24)	SF +	5.75%	9.43	%	12/14/2030	19,922		19,630	19,630
IXM Holdings, Inc. (4)(11)(24)	SF +	5.75%	9.41	%	12/14/2030	20,789		20,590	20,485
KUEHG Corp. (5)(8)(25)	SF +	2.75%	6.45	%	6/12/2030	2,356		2,352	2,121
Mckissock Investment Holdings LLC (9)(25)	SF +	5.00%	8.82	%	3/12/2029	12,604		12,501	11,015
Mckissock Investment Holdings LLC (9)(25)	SF +	5.00%	8.67	%	3/12/2029	46,893		46,107	40,982
Mckissock Investment Holdings LLC (9)(25)	SF +	5.00%	8.82	%	3/12/2029	31,087		30,970	27,169
Spotless Brands, LLC (4)(10)(26)	SF +	5.75%	9.45	%	7/25/2028	102,926		102,107	102,622
Spotless Brands, LLC (4)(6)(10)					7/25/2028	5,175		(39)	(15)
Spotless Brands, LLC (4)(10)(25)	SF +	5.75%	9.45	%	7/25/2028	21,048		20,883	20,986
Spotless Brands, LLC (4)(10)(25)	SF +	5.75%	9.45	%	7/25/2028	15,619		15,498	15,573
Spotless Brands, LLC (4)(10)(25)	SF +	5.50%	9.17	%	7/25/2028	30,778		30,580	30,627
TruGreen Limited Partnership (9)(25)	SF +	4.00%	7.77	%	11/2/2027	8,376		8,341	7,999
University Support Services LLC (8)(24)	SF +	2.75%	6.42	%	2/10/2029	3,138		2,996	3,084
Total Diversified Consumer Services								719,175	692,243	5.57	%

Diversified Telecommunication Services
Meriplex Communications, LTD (4)(9)(24)	SF +	5.00%	8.77	%	7/17/2028	13,548		13,467	12,687
Meriplex Communications, LTD (4)(9)(24)	SF +	5.00%	8.77	%	7/17/2028	2,867		2,854	2,685
Meriplex Communications, LTD (4)(6)(9)(24)	SF +	5.00%	8.77	%	7/17/2028	1,143		995	929
Meriplex Communications, LTD (4)(9)(24)	SF +	5.00%	8.77	%	7/17/2028	381		376	357
Total Diversified Telecommunication Services								17,692	16,658	0.13	%

Electric Utilities
Cricket Valley Energy Center LLC (4)(18)(25)	SF +	5.00%	8.70	%	6/26/2030	78,507		76,845	76,753
Total Electric Utilities								76,845	76,753	0.62	%

Electrical Equipment
Arcline FM Holdings LLC (9)(25)	SF +	2.75%	6.45	%	6/23/2030	18,076		18,076	18,126
Truck-Lite Co, LLC (4)(6)(9)					2/13/2031	11,973		(154)	—
Truck-Lite Co, LLC (4)(6)(9)(25)	SF +	4.75%	8.42	%	2/13/2032	32,780		12,503	12,958

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units		Amortized Cost(3)	Fair Value	Percentage of Net Assets
Truck-Lite Co, LLC (4)(6)(9)					2/13/2032	16,303		(230)	—
Truck-Lite Co, LLC (4)(9)(25)	SF +	4.75%	8.42	%	2/13/2032	90,556		89,266	90,556
Truck-Lite Co, LLC (4)(9)(25)	SF +	4.75%	8.42	%	2/13/2032	3,389		3,360	3,389
Truck-Lite Co, LLC (4)(9)(25)	SF +	4.75%	8.44	%	2/13/2032	1,951		1,923	1,951
Total Electrical Equipment								124,744	126,980	1.02	%

Electronic Equipment, Instruments & Components
Bright Light Buyer, Inc. (4)(10)(24)	SF +	6.00%	9.67	%	11/8/2029	71,908		70,829	71,908
CC WDW Borrower, Inc. (4)(10)(25)	SF +	6.75%	10.57	%	1/27/2028	44,075		43,657	44,072
CC WDW Borrower, Inc. (4)(6)(10)(25)	SF +	6.75%	10.57	%	1/27/2028	5,122		3,795	3,841
CC WDW Borrower, Inc. (4)(10)(25)	SF +	6.75%	10.60	%	1/27/2028	2,289		2,289	2,289
Dwyer Instruments Inc (4)(9)(25)	SF +	4.75%	8.45	%	7/20/2029	90,099		89,455	90,099
Dwyer Instruments Inc (4)(9)(25)	SF +	4.75%	8.42	%	7/20/2029	13,336		13,229	13,336
Dwyer Instruments Inc (4)(6)(9)(25)	SF +	4.75%	8.42	%	7/20/2029	15,177		6,642	6,749
Hobbs & Associates LLC (7)(24)	SF +	2.75%	6.42	%	7/23/2031	15,319		15,269	15,230
Resilience Parent LLC (7)(25)	SF +	2.50%	6.13	%	2/28/2033	4,348		4,337	4,331
Total Electronic Equipment, Instruments & Components								249,502	251,855	2.03	%

Energy Equipment & Services
Camin Cargo Control Holdings, Inc. (4)(10)(25)	SF +	5.50%	9.16	%	12/7/2029	63,115		62,358	59,909
Camin Cargo Control Holdings, Inc. (4)(10)(24)	SF +	5.50%	9.17	%	12/7/2029	6,638		6,531	6,301
Camin Cargo Control Holdings, Inc. (4)(6)(10)(25)	SF +	5.50%	9.17	%	12/7/2029	9,702		6,384	6,007
Total Energy Equipment & Services								75,273	72,217	0.58	%

Entertainment
AMR GP Ltd (4)(5)(7)		10.50% (incl 5.25% PIK)	10.50	%	7/10/2034	1,099		1,074	1,099
Aventine Intermediate LLC (4)(9)(25)	SF +	6.00% (incl 3.50% PIK)	9.80	%	6/18/2029	685		682	613
Aventine Intermediate LLC (4)(9)(25)	SF +	6.00% (incl 3.50% PIK)	9.80	%	6/18/2029	11,708		11,645	10,477
Endeavor Operating Co LLC (5)(7)(24)	SF +	2.75%	6.42	%	3/24/2032	8,158		8,123	8,150
Global Music Rights, LLC (4)(9)(25)	SF +	4.50%	8.20	%	12/20/2031	439,167		435,568	443,558
Global Music Rights, LLC (4)(6)(9)					12/20/2031	46,796		(382)	—
Total Entertainment								456,710	463,897	3.73	%

Financial Services
AI Circle Bidco Limited (4)(5)(10)(30)	E +	5.75%	7.92	%	2/8/2031	EUR	44,620	46,744	51,366
AI Circle Bidco Limited (4)(5)(10)(30)	E +	5.75%	7.92	%	2/8/2031	EUR	6,374	6,767	7,338
AI Circle Bidco Limited (4)(5)(10)(30)	E +	5.75%	7.88	%	2/8/2031	EUR	46,285	52,008	53,283
Ascensus Holdings, Inc. (8)(24)	SF +	3.00%	6.67	%	11/25/2032	14,005		13,972	13,804
Earps Bidco Limited (4)(5)(7)(31)	SN +	4.50%	8.26	%	3/28/2032	GBP	37,700	48,169	50,063
Earps Bidco Limited (4)(5)(6)(7)(31)	SN +	4.50%	8.26	%	3/28/2032	GBP	8,094	6,961	7,090
Earps Bidco Limited (4)(5)(7)(29)	E +	4.50%	6.70	%	3/28/2032	EUR	5,661	6,459	6,609
Eisner Advisory Group LLC (8)(24)	SF +	4.00%	7.67	%	2/28/2031	8,481		8,421	8,099
Empower Payments Investor, LLC (4)(9)(25)	SF +	4.50%	8.20	%	3/12/2031	99,907		98,496	99,070
Empower Payments Investor, LLC (4)(9)(25)	SF +	4.50%	8.20	%	3/12/2031	14,282		14,058	14,162
Empower Payments Investor, LLC (4)(6)(9)					3/12/2030	9,704		(128)	(68)
Empower Payments Investor, LLC (4)(9)(25)	SF +	4.50%	8.20	%	3/12/2031	14,053		13,928	13,935
Empower Payments Investor, LLC (4)(9)(25)	SF +	4.50%	8.20	%	3/12/2031	9,335		9,254	9,256
Empower Payments Investor, LLC (4)(9)(25)	SF +	4.50%	8.20	%	3/12/2031	57,284		56,758	56,803

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units		Amortized Cost(3)	Fair Value	Percentage of Net Assets
Empower Payments Investor, LLC (4)(9)(25)	SF +	4.50%	8.15	%	3/12/2031	17,228		17,065	17,084
Empower Payments Investor, LLC (4)(9)(25)	SF +	4.75%	8.40	%	3/12/2031	73,818		73,457	73,198
Focus Financial Partners, LLC (7)(24)	SF +	2.50%	6.17	%	9/15/2031	17,822		17,760	17,286
Harp Finco LTD (4)(5)(7)(31)	SN +	5.00%	8.73	%	3/27/2032	GBP	80,898	102,971	105,691
June Purchaser LLC (7)(25)	SF +	2.75%	6.45	%	11/28/2031	9,617		9,585	9,614
June Purchaser LLC (6)(7)					11/28/2031	1,619		(9)	(1)
Madonna Bidco Ltd (4)(5)(7)(31)	SN +	5.00%	8.73	%	10/25/2031	GBP	51,131	65,221	68,343
Madonna Bidco Ltd (4)(5)(6)(7)(31)	SN +	5.00%	8.73	%	10/25/2031	GBP	10,435	455	842
MAI Capital Management Intermediate LLC (4)(9)(25)	SF +	4.75%	8.45	%	8/29/2031	2,038		2,023	2,037
MAI Capital Management Intermediate LLC (4)(9)(25)	SF +	4.75%	8.45	%	8/29/2031	16,219		16,085	16,210
MAI Capital Management Intermediate LLC (4)(6)(9)(25)	SF +	4.75%	8.45	%	8/29/2031	1,125		407	416
MAI Capital Management Intermediate LLC (4)(9)(25)	SF +	4.75%	8.45	%	8/29/2031	4,934		4,890	4,931
More Cowbell II, LLC (4)(6)(9)					9/1/2029	5,393		(61)	(65)
More Cowbell II, LLC (4)(9)(27)	SF +	4.50%	7.99	%	9/1/2030	36,384		35,925	35,907
Neon Maple US Debt Mergersub Inc (5)(7)(24)	SF +	2.50%	6.17	%	11/17/2031	3,129		3,109	3,070
Oak Funding LLC (4)(6)(8)					12/2/2032	19,556		(191)	(156)
Oak Funding LLC (4)(8)(24)	SF +	4.50%	8.17	%	12/2/2032	200,444		198,533	198,846
Orthrus Ltd (4)(5)(7)(31)	SN +	6.25% (incl 2.75% PIK)	9.99	%	12/5/2031	GBP	35,517	44,743	46,447
Orthrus Ltd (4)(5)(7)(29)	E +	6.25% (incl 2.75% PIK)	8.29	%	12/5/2031	EUR	31,733	33,224	36,249
Orthrus Ltd (4)(5)(10)(25)	SF +	6.25% (incl 2.75% PIK)	9.92	%	12/5/2031	83,838		82,688	82,845
Orthrus Ltd (4)(5)(6)(7)					12/5/2031	GBP	7,149	(145)	(112)
Orthrus Ltd (4)(5)(10)(25)	SF +	6.25% (incl 2.75% PIK)	9.92	%	12/5/2031	12,133		11,958	11,989
Osaic Holdings Inc (7)(25)	SF +	2.50%	6.20	%	7/30/2032	15,160		15,125	14,905
PEX Holdings LLC (7)(25)	SF +	2.75%	6.45	%	11/26/2031	14,850		14,820	14,720
PF Finco PTY LTD (4)(5)(10)(33)	B +	6.25%	10.36	%	5/30/2030	AUD	41,852	26,469	28,457
PF Finco PTY LTD (4)(5)(6)(10)					5/30/2030	AUD	5,707	(67)	(59)
Priority Holdings, LLC (5)(8)(24)	SF +	3.75%	7.42	%	8/2/2032	4,058		4,049	3,968
Transnetwork LLC (4)(8)(25)	SF +	4.75%	8.45	%	12/30/2030	68,194		67,577	62,398
Travelex Issuerco 2 PLC (4)(5)(14)(31)	SN +	8.00%	11.73	%	9/22/2028	GBP	21,674	26,006	28,771
Violin Finco Guernsey Limited (4)(5)(7)(31)	SN +	5.25%	9.01	%	6/24/2031	GBP	80,205	101,004	106,144
Violin Finco Guernsey Limited (4)(5)(6)(7)					6/24/2031	GBP	6,211	(69)	—
Total Financial Services								1,356,474	1,380,785	11.10	%

Food Products
Aspire Bakeries Holdings LLC (7)(24)	SF +	3.00%	6.67	%	12/23/2030	9,442		9,414	9,466
Specialty Ingredients, LLC (4)(9)(24)	SF +	4.75%	8.52	%	2/12/2029	87,760		86,968	87,509
Specialty Ingredients, LLC (4)(6)(9)(24)	SF +	4.75%	8.52	%	2/12/2029	11,279		2,156	2,223
Sugar PPC Buyer LLC (4)(10)(26)	SF +	4.75%	8.42	%	10/2/2030	58,355		57,511	58,355
Sugar PPC Buyer LLC (4)(10)(26)	SF +	4.75%	8.42	%	10/2/2030	16,210		15,968	16,210
Sugar PPC Buyer LLC (4)(6)(10)(26)	SF +	4.75%	8.35	%	10/2/2030	14,442		4,189	4,310
Total Food Products								176,206	178,073	1.43	%

Gas Utilities
Energos Infrastructure Holdings Finance LLC (4)(5)(10)(25)	SF +	5.75%	9.55	%	8/13/2027	38,968		38,762	38,968
Total Gas Utilities								38,762	38,968	0.31	%

Health Care Equipment & Supplies

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units		Amortized Cost(3)	Fair Value	Percentage of Net Assets
ABB/CON-CISE Optical Group LLC (4)(9)(25)	SF +	7.50%	11.36	%	2/23/2028	21,259		21,081	20,861
Agiliti Health, Inc. (7)(25)	SF +	3.00%	6.58	%	5/1/2030	9,952		9,594	9,699
Bayou Intermediate II, LLC (4)(9)(25)	SF +	4.75%	8.45	%	9/30/2032	148,054		146,680	146,908
Bayou Intermediate II, LLC (4)(6)(9)(25)	SF +	4.75%	8.45	%	9/30/2032	40,378		21,958	22,030
Bayou Intermediate II, LLC (4)(6)(9)(25)	SF +	4.75%	8.45	%	9/30/2032	25,989		10,804	10,849
Ensemble RCM LLC (7)(25)	SF +	3.00%	6.63	%	2/9/2033	20,117		20,092	19,924
Femur Buyer Inc (4)(10)(25)	SF +	7.50% PIK	11.17	%	10/23/2030	111,760		109,880	109,473
Femur Buyer Inc (4)(6)(10)					10/23/2030	2,414		—	(49)
Limpio Bidco GMBH (4)(5)(7)(28)	E +	5.20%	7.09	%	10/31/2030	EUR	63,783	66,244	73,726
Medline Borrower LP (8)(24)	SF +	1.75%	5.42	%	10/23/2030	14,872		14,782	14,906
Resonetics, LLC (9)(25)	SF +	2.75%	6.42	%	6/18/2031	38,059		37,988	37,958
Spruce Bidco II Inc (4)(6)(9)(25)	SF +	4.75%	8.37	%	1/31/2032	43,899		9,207	9,372
Spruce Bidco II Inc (4)(9)(25)	SF +	4.75%	8.45	%	1/31/2032	163,295		161,254	161,871
Spruce Bidco II Inc (4)(9)(36)	C +	4.75%	7.00	%	1/31/2032	CAD	34,738	23,684	24,763
Spruce Bidco II Inc (4)(9)(42)	TN +	5.00%	5.75	%	1/31/2032	JPY	3,716,132	23,695	23,219
Spruce Bidco II Inc (4)(9)(23)(25)	SF +	5.73%	9.43	%	1/31/2032	946		934	938
TecoStar Holdings Inc (4)(10)(25)	SF +	8.00%	11.65	%	7/6/2029	126,897		125,287	126,714
Viant Medical Holdings, Inc. (7)(24)	SF +	4.00%	7.67	%	10/29/2031	17,281		17,212	17,283
Zeus Company LLC (4)(9)(25)	SF +	5.50%	9.20	%	2/28/2031	123,817		122,530	115,116
Zeus Company LLC (4)(9)(25)	SF +	5.50%	9.20	%	2/28/2031	11,446		11,321	10,634
Zeus Company LLC (4)(6)(9)(25)	SF +	5.50%	9.21	%	2/28/2030	21,506		2,657	1,568
Total Health Care Equipment & Supplies								956,884	957,763	7.70	%

Health Care Providers & Services
123Dentist Inc (4)(5)(9)(36)	C +	5.00%	7.27	%	8/10/2029	CAD	23,635	16,742	16,995
123Dentist Inc (4)(5)(9)(36)	C +	5.00%	7.28	%	8/10/2029	CAD	56,049	42,970	40,302
AB Centers Acquisition Corporation (4)(9)(24)	SF +	5.25%	8.92	%	7/2/2031	156,623		154,861	155,762
AB Centers Acquisition Corporation (4)(6)(9)(24)	SF +	5.25%	8.92	%	7/2/2031	28,702		13,784	13,988
AB Centers Acquisition Corporation (4)(9)(24)	SF +	5.25%	8.92	%	7/2/2031	52,711		52,362	52,421
AB Centers Acquisition Corporation (4)(9)(24)	SF +	5.25%	8.92	%	7/2/2031	127,868		127,014	127,165
AB Centers Acquisition Corporation (4)(6)(9)					7/2/2031	24,356		(239)	(134)
AB Centers Acquisition Corporation (4)(9)(23)(24)	SF +	6.32%	9.99	%	7/2/2031	1,323		1,314	1,316
AB Centers Acquisition Corporation (4)(9)(24)	SF +	5.25%	8.92	%	7/2/2031	4,770		4,737	4,744
AB Centers Acquisition Corporation (4)(9)(23)(24)	SF +	6.32%	9.99	%	7/2/2031	700		695	696
Aryeh Bidco Investment Ltd (4)(5)(6)(9)(37)	C +	5.00%	7.27	%	1/14/2033	CAD	34,074	3,317	3,261
Aryeh Bidco Investment Ltd (4)(5)(9)(37)	C +	5.00%	7.31	%	1/14/2033	CAD	183,025	130,565	130,321
Aryeh Bidco Investment Ltd (4)(5)(6)(9)					1/14/2033	CAD	24,551	(172)	(172)
Aspen Dental Management Inc. (ADMI Corp) (8)(24)	SF +	3.75%	7.53	%	12/23/2027	3,259		3,227	3,065
Aspen Dental Management Inc. (ADMI Corp) (7)(24)	SF +	5.75%	9.42	%	12/23/2027	843		847	808
ATI Holdings Acquisition, Inc. (4)(5)(10)(25)	SF +	7.00%	10.78	%	2/24/2028	41,092		40,828	40,226
Baart Programs, Inc. (4)(10)(19)(25)	SF +	5.00% PIK			6/11/2027	10,018		9,935	7,577
Blazing Star Shields Direct Parent, LLC (4)(10)(25)	SF +	6.00%	9.67	%	8/28/2030	493,154		484,456	503,017
Blazing Star Shields Direct Parent, LLC (4)(6)(10)					8/28/2030	21,972		(387)	—
Charlotte Buyer Inc (8)(24)	SF +	4.25%	7.92	%	2/11/2028	24,749		24,201	24,551
Coding Solutions Acquisition, Inc. (4)(6)(9)					8/7/2031	6,558		(90)	—
Coding Solutions Acquisition, Inc. (4)(6)(9)					8/7/2031	16,674		(191)	—
Coding Solutions Acquisition, Inc. (4)(9)(24)	SF +	5.00%	8.67	%	8/7/2031	169,697		168,012	169,697
Coding Solutions Acquisition, Inc. (4)(9)(24)	SF +	5.00%	8.67	%	8/7/2031	19,070		18,824	19,070
Coding Solutions Acquisition, Inc. (4)(6)(9)					8/7/2031	25,062		(349)	—
Diagnostic Services Holdings, Inc. (4)(10)(24)	SF +	5.50%	9.17	%	3/15/2028	137,579		137,113	135,762
Diagnostic Services Holdings, Inc. (4)(6)(10)(24)	SF +	5.50%	9.17	%	3/15/2028	2,993		1,759	1,728

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units	Amortized Cost(3)	Fair Value	Percentage of Net Assets
Diagnostic Services Holdings, Inc. (4)(10)(24)	SF +	5.50%	9.17	%	3/15/2028	2,864	2,757	2,826
EPFS Buyer, Inc. (4)(9)(25)	SF +	4.50%	8.20	%	7/31/2031	38,011	37,672	38,011
EPFS Buyer, Inc. (4)(6)(9)					7/31/2031	1,182	(11)	—
EPFS Buyer, Inc. (4)(6)(9)(43)	P +	3.50%	10.25	%	7/31/2031	3,814	195	229
ERC Topco Holdings, LLC (4)(10)(25)	SF +	6.50% PIK	10.46	%	3/31/2030	7,862	7,483	6,224
ERC Topco Holdings, LLC (4)(6)(10)(25)	SF +	5.50%	9.46	%	3/31/2030	1,560	1,309	1,438
FC Compassus LLC (4)(6)(7)					11/26/2030	19,127	(223)	(142)
FC Compassus LLC (4)(7)(24)	SF +	5.75% (incl 1.50% PIK)	9.42	%	11/26/2030	146,373	144,689	145,279
FC Compassus LLC (4)(6)(7)(24)	SF +	5.75% (incl 1.50% PIK)	9.42	%	11/26/2030	15,823	1,570	1,659
FC Compassus LLC (4)(7)(23)(24)	SF +	7.02% (incl 2.09% PIK)	10.69	%	11/26/2030	1,183	1,170	1,174
FC Compassus LLC (4)(6)(7)(23)(24)	SF +	6.99% (incl 2.07% PIK)	10.65	%	11/26/2030	128	13	14
Global Medical Response Inc (7)(25)	SF +	3.50%	7.17	%	10/1/2032	24,938	24,880	24,891
Indigo Purchaser, Inc. (4)(9)(25)	SF +	4.75%	8.45	%	11/21/2031	110,985	109,644	112,095
Indigo Purchaser, Inc. (4)(6)(9)(25)	SF +	4.75%	8.45	%	11/21/2031	25,593	4,864	5,464
Indigo Purchaser, Inc. (4)(6)(9)					11/21/2031	17,478	(211)	—
MB2 Dental Solutions, LLC (4)(9)(24)	SF +	5.50%	9.17	%	2/13/2031	152,963	151,248	152,379
MB2 Dental Solutions, LLC (4)(6)(9)(24)	SF +	5.50%	9.17	%	2/13/2031	13,909	363	503
MB2 Dental Solutions, LLC (4)(9)(24)	SF +	5.50%	9.17	%	2/13/2031	31,576	31,112	31,456
MB2 Dental Solutions, LLC (4)(9)(24)	SF +	5.50%	9.17	%	2/13/2031	22,151	21,806	22,067
NP Kaba Megersub, Inc. (4)(8)(25)	SF +	4.50%	8.20	%	1/31/2033	173,342	172,496	171,454
NP Kaba Megersub, Inc. (4)(6)(8)					1/31/2033	11,480	(57)	(125)
NP Kaba Megersub, Inc. (4)(6)(8)(25)	SF +	4.50%	8.15	%	1/31/2033	20,394	3,979	3,857
Pareto Health Intermediate Holdings, Inc. (4)(6)(10)					6/1/2029	4,032	(64)	(40)
Pareto Health Intermediate Holdings, Inc. (4)(10)(25)	SF +	5.00%	8.71	%	6/1/2030	84,131	83,073	83,294
Parexel International, Inc. (8)(24)	SF +	2.75%	6.42	%	12/12/2031	16,548	16,456	16,514
Pinnacle Fertility, Inc. (4)(9)(26)	SF +	5.00%	8.85	%	3/14/2028	26,400	26,222	26,400
Pinnacle Fertility, Inc. (4)(9)(26)	SF +	5.00%	8.85	%	3/14/2028	9,047	8,991	9,047
Plasma Buyer LLC (4)(9)(19)(25)	SF +	5.75% PIK			5/12/2029	89,021	81,936	49,777
Plasma Buyer LLC (4)(9)(19)(25)	SF +	6.25% PIK			5/12/2029	3,374	3,089	1,887
Plasma Buyer LLC (4)(6)(9)(19)(25)	SF +	5.75% PIK			5/12/2028	10,172	9,335	5,646
Plasma Buyer LLC (4)(6)(9)(19)(25)	SF +	6.25% PIK			3/31/2027	6,356	1,816	1,943
PPV Intermediate Holdings, LLC (4)(9)(25)	SF +	5.75%	9.42	%	8/31/2029	21,233	21,041	20,972
PPV Intermediate Holdings, LLC (4)(6)(9)(25)	SF +	5.75%	9.41	%	8/31/2029	2,965	1,083	1,075
Precision Medicine Group, LLC (7)(24)	SF +	3.50%	7.17	%	8/20/2032	7,960	7,924	7,959
Premise Health Holding Corp (4)(9)(25)	SF +	4.75%	8.45	%	11/6/2032	30,201	29,916	29,758
Premise Health Holding Corp (4)(6)(9)(25)	SF +	4.75%	8.45	%	11/6/2032	12,770	7,530	7,467
Premise Health Holding Corp (4)(6)(9)					11/6/2031	2,984	(28)	(43)
Prism One Buyer, LLC (4)(9)(25)	SF +	5.25%	8.95	%	10/11/2032	68,376	67,739	67,553
Prism One Buyer, LLC (4)(6)(9)					10/11/2032	18,000	(168)	(217)
PTSH Intermediate Holdings, LLC (4)(9)(25)	SF +	5.00%	8.70	%	1/8/2033	10,106	9,940	9,949
Raven Acquisition Holdings LLC (7)(24)	SF +	3.00%	6.67	%	11/19/2031	19,583	19,481	19,235
Raven Acquisition Holdings LLC (6)(7)					11/19/2031	1,413	(7)	(25)
Solis Mammography Buyer, Inc. (4)(9)(25)	SF +	5.00%	8.70	%	5/29/2032	198,664	196,039	195,546
Solis Mammography Buyer, Inc. (4)(6)(9)					5/29/2032	19,774	(281)	(310)
Solis Mammography Buyer, Inc. (4)(6)(9)					5/29/2030	33,548	(419)	(441)
Southern Veterinary Partners LLC (7)(24)	SF +	2.50%	6.18	%	12/4/2031	5,808	5,774	5,766
Syneos Health Inc (7)(25)	SF +	4.00%	7.70	%	9/27/2030	14,846	14,778	14,699
Tenet Healthcare Corp (5)(7)		5.13%	5.13	%	11/1/2027	2,695	2,707	2,694

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units		Amortized Cost(3)	Fair Value	Percentage of Net Assets
Tivity Health Inc (4)(9)(24)	SF +	5.00%	8.67	%	6/28/2029	128,190		126,919	128,190
TTF Lower Intermediate LLC (7)(25)	SF +	3.75%	7.38	%	7/18/2031	11,996		11,842	8,997
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9)(25)	SF +	5.75%	9.42	%	7/17/2028	42,303		41,967	42,027
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9)(25)	SF +	5.75%	9.42	%	7/17/2028	25,943		25,745	25,774
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9)(25)	SF +	5.75%	9.41	%	7/17/2028	32,093		31,847	31,884
Vaxcare Intermediate II LLC (4)(8)(25)	SF +	4.25%	7.95	%	6/17/2032	59,407		58,880	59,107
Vaxcare Intermediate II LLC (4)(6)(8)					6/17/2032	11,986		(106)	(61)
WCAS XIII Primary Care Investors, L.P. (4)(10)(25)	SF +	6.25%	9.95	%	12/31/2029	135,630		134,166	133,420
WCAS XIV Primary Care Investors, L.P. (4)(10)(25)	SF +	6.25%	9.95	%	12/31/2032	56,433		55,565	55,454
WCAS XIV Primary Care Investors, L.P. (4)(10)(25)	SF +	6.25%	9.95	%	12/31/2032	8,342		8,210	8,197
WCAS XIV Primary Care Investors, L.P. (4)(10)(25)	SF +	6.25%	9.95	%	12/31/2032	15,932		15,672	15,655
WCAS XIV Primary Care Investors, L.P. (4)(10)(25)	SF +	6.25%	9.95	%	12/31/2032	13,613		13,369	13,377
WCAS XIV Primary Care Investors, L.P. (4)(10)(25)	SF +	6.25%	9.95	%	12/31/2032	3,581		3,514	3,519
WCAS XIV Primary Care Investors, L.P. (4)(10)(25)	SF +	6.25%	9.95	%	12/31/2032	8,450		8,288	8,304
Total Health Care Providers & Services								3,302,664	3,282,868	26.40	%

Health Care Technology
AthenaHealth Group Inc. (8)(24)	SF +	2.75%	6.42	%	2/15/2029	17,994		17,876	17,690
Azalea Topco, Inc. (7)(24)	SF +	3.00%	6.67	%	4/30/2031	11,829		11,764	11,825
HT Intermediary III, Inc. (4)(6)(9)					11/12/2030	10,286		(51)	—
HT Intermediary III, Inc. (4)(9)(24)	SF +	4.50%	8.17	%	11/12/2030	41,898		41,736	41,898
HT Intermediary III, Inc. (4)(6)(9)					11/12/2030	3,857		(15)	—
Project Ruby Ultimate Parent Corp (7)(24)	SF +	2.75%	6.53	%	3/10/2028	22,577		22,520	22,502
Zelis Payments Buyer, Inc. (7)(24)	SF +	2.75%	6.42	%	9/28/2029	10,774		10,741	10,459
Zelis Payments Buyer, Inc. (7)(24)	SF +	3.25%	6.92	%	11/26/2031	4,938		4,918	4,790
Total Health Care Technology								109,489	109,164	0.88	%

Hotels, Restaurants & Leisure
Birdie Bidco, Inc. (4)(9)(25)	SF +	4.75% (incl 2.25% PIK)	8.45	%	11/17/2032	104,925		104,429	104,313
Birdie Bidco, Inc. (4)(6)(9)(25)	SF +	4.75% (incl 2.25% PIK)	8.42	%	11/17/2032	30,292		2,374	2,344
Birdie Bidco, Inc. (4)(6)(9)					11/17/2032	18,850		(89)	(110)
ClubCorp Holdings Inc (4)(10)(24)	SF +	4.75%	8.42	%	7/9/2032	104,436		103,030	103,392
ClubCorp Holdings Inc (4)(6)(10)					7/10/2031	16,153		(213)	(141)
Crunch Holdings LLC (4)(9)(24)	SF +	4.50%	8.17	%	9/26/2031	58,208		57,954	58,790
Crunch Holdings LLC (4)(6)(9)					9/26/2031	7,922		(35)	—
Fertitta Entertainment LLC (8)(24)	SF +	3.25%	6.92	%	1/27/2029	9,726		9,560	9,556
Flynn Restaurant Group LP (7)(24)	SF +	3.75%	7.42	%	1/28/2032	19,990		19,907	19,680
HB AcquisitionCo Pty Ltd (4)(5)(8)(34)	B +	6.50%	10.49	%	8/7/2029	AUD	32,211	21,325	22,221
HB AcquisitionCo Pty Ltd (4)(5)(8)(34)	B +	6.50%	10.51	%	8/7/2029	AUD	3,579	2,317	2,469
LC Ahab US Bidco LLC (7)(24)	SF +	2.50%	6.17	%	5/1/2031	10,061		9,920	9,979
Legends Hospitality Holding Company, LLC (4)(9)(25)	SF +	5.00%	8.67	%	8/22/2031	5,488		5,395	5,394
Legends Hospitality Holding Company, LLC (4)(6)(9)(24)	SF +	5.00%	8.67	%	8/22/2030	14,733		7,519	7,311
Legends Hospitality Holding Company, LLC (4)(9)(25)	SF +	5.50% (incl 2.75% PIK)	9.17	%	8/22/2031	96,533		94,498	94,882
ONE Group, LLC (4)(10)(25)	SF +	6.50%	10.17	%	5/1/2029	49,456		48,543	48,184
ONE Group, LLC (4)(6)(7)(25)	SF +	6.00%	9.67	%	10/31/2028	6,649		384	283
Saga Mid Co Limited (4)(5)(10)(31)	SN +	6.75%	10.49	%	2/27/2031	GBP	100,868	124,519	137,493

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units		Amortized Cost(3)	Fair Value	Percentage of Net Assets
Saga Mid Co Limited (4)(5)(6)(10)					2/27/2031	GBP	30,110	(862)	1,195
Saga Mid Co Limited (4)(5)(6)(10)					2/27/2031	GBP	4,998	(134)	198
Travel Leaders Group, LLC (4)(14)(24)	SF +	7.50% (incl 3.50% PIK)	11.27	%	3/27/2028	144,588		143,255	143,174
Voyager Parent LLC (7)(25)	SF +	4.25%	7.95	%	7/1/2032	14,745		14,350	14,664
Total Hotels, Restaurants & Leisure								767,946	785,271	6.32	%

Household Durables
Marcone Group Inc (4)(9)(25)	SF +	7.00% (incl 3.25% PIK)	10.81	%	6/23/2028	51,562		51,270	42,532
Marcone Group Inc (4)(9)(25)	SF +	7.00% (incl 3.25% PIK)	10.81	%	6/23/2028	12,356		12,311	10,192
Marcone Group Inc (4)(9)(25)	SF +	7.00% (incl 3.25% PIK)	10.81	%	6/23/2028	13,678		13,628	11,282
Marcone Group Inc (4)(9)(25)	SF +	7.00% (incl 3.25% PIK)	10.81	%	6/23/2028	4,545		4,528	3,749
Total Household Durables								81,737	67,755	0.54	%

Independent Power and Renewable Electricity Producers
Dimension Energy LLC (4)(6)(14)(25)	SF +	4.00%	7.70	%	2/29/2028	60,064		33,216	33,139
Hamilton Projects Acquiror LLC (7)(24)	SF +	2.50%	6.17	%	5/30/2031	19,164		19,121	19,238
IP Operating Portfolio I, LLC (4)(7)		7.88%	7.88	%	12/31/2029	26,998		26,680	27,542
IP Operations II Investco, LLC (4)(15)(26)	SF +	5.50%	9.10	%	6/26/2029	24,645		24,326	24,625
Palmetto TE Borrower LLC (4)(14)(25)	SF +	5.50%	9.20	%	11/1/2027	171,723		170,395	170,622
Palmetto TE Borrower LLC (4)(6)(14)					11/1/2027	651		(5)	(4)
Sunzia UpperCo LLC (4)(16)(25)	SF +	5.00%	8.70	%	6/30/2026	25,000		25,000	25,000
Total Independent Power and Renewable Electricity Producers								298,733	300,162	2.41	%

Insurance
Acrisure LLC (7)(24)	SF +	3.00%	6.67	%	11/6/2030	18,582		18,574	18,038
Acrisure LLC (7)(24)	SF +	3.25%	6.92	%	6/21/2032	3,062		3,055	2,972
Alera Group, Inc. (8)(24)	SF +	2.75%	6.42	%	5/30/2032	7,960		7,925	7,737
Alliant Holdings Intermediate, LLC (7)(24)	SF +	2.50%	6.17	%	9/19/2031	18,464		18,344	18,344
AmWINS Group Inc (9)(24)	SF +	2.00%	5.67	%	1/30/2032	10,091		10,081	10,036
Amynta Agency Borrower Inc (7)(24)	SF +	2.50%	6.17	%	12/29/2031	19,990		19,671	19,729
CRC Insurance Group LLC (7)(25)	SF +	2.75%	6.45	%	5/6/2031	10,049		10,012	9,933
Galway Borrower LLC (4)(9)(25)	SF +	4.50%	8.20	%	9/29/2028	116,918		116,668	116,622
Galway Borrower LLC (4)(6)(9)(25)	SF +	4.50%	8.20	%	9/29/2028	4,449		1,678	1,681
Galway Borrower LLC (4)(6)(9)					9/29/2028	10,636		(53)	(27)
Global Service GmbH (4)(5)(7)(30)	E +	6.75%	8.85	%	2/1/2030	EUR	38,764	44,211	45,253
Goosehead Insurance Holdings LLC (4)(5)(7)(24)	SF +	3.00%	6.68	%	1/8/2032	3,483		3,475	3,413
Higginbotham Insurance Agency Inc (4)(10)(24)	SF +	4.50%	8.17	%	6/11/2031	41,942		41,698	41,942
Higginbotham Insurance Agency Inc (4)(6)(10)					6/11/2031	3,833		(33)	—
HUB International Ltd (7)		7.25%	7.25	%	6/15/2030	10,517		10,517	10,785
HUB International Ltd (7)(25)	SF +	2.25%	5.92	%	6/20/2030	11,603		11,523	11,591
Integrity Marketing Acquisition LLC (4)(6)(9)					8/25/2028	299		(1)	—
Integrity Marketing Acquisition LLC (4)(6)(9)					8/25/2028	1,117		(9)	—
Integrity Marketing Acquisition LLC (4)(9)(25)	SF +	5.00%	8.67	%	8/25/2028	64,477		64,234	64,477
Jones Deslauriers Insurance Management Inc (5)(7)		8.50%	8.50	%	3/15/2030	14,487		14,474	14,737
Koala Investment Holdings Inc (4)(9)(25)	SF +	4.25%	7.95	%	8/29/2032	118,126		117,044	116,573
Koala Investment Holdings Inc (4)(6)(9)					8/29/2032	11,529		(106)	(152)

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units		Amortized Cost(3)	Fair Value	Percentage of Net Assets
Koala Investment Holdings Inc (4)(6)(9)					8/29/2032	22,775		(218)	(299)
Netrisk Group Luxco 4 S.A.R.L. (4)(5)(6)(7)					2/5/2032	EUR	2,789	(41)	—
Netrisk Group Luxco 4 S.A.R.L. (4)(5)(7)(29)	E +	5.00%	7.13	%	2/5/2032	EUR	36,820	37,856	42,980
Netrisk Group Luxco 4 S.A.R.L. (4)(5)(6)(7)					2/5/2032	EUR	6,694	(104)	76
OneDigital Borrower LLC (8)(24)	SF +	3.00%	6.67	%	7/2/2031	14,625		14,575	14,177
Summit Acquisition Inc. (7)(24)	SF +	3.50%	7.17	%	10/16/2031	17,369		17,300	17,369
Trucordia Insurance Services LLC (4)(7)(24)	SF +	3.25%	6.92	%	6/17/2032	6,880		6,865	6,364
USI Inc (7)(25)	SF +	2.25%	5.95	%	9/29/2030	12,711		12,696	12,692
USI Inc (7)(25)	SF +	2.25%	5.95	%	11/21/2029	1,900		1,900	1,898
Total Insurance								603,811	608,941	4.90	%

Interactive Media & Services
Aurelia Netherlands Midco 2 B.V. (4)(5)(7)(29)	E +	4.75%	6.77	%	5/29/2031	EUR	125,373	137,868	144,313
Cadillac Bidco S.À R.L. (4)(5)(7)(30)	E +	4.75%	6.93	%	2/28/2033	EUR	43,415	51,051	49,936
Total Interactive Media & Services								188,919	194,249	1.56	%

IT Services
Delta Topco, Inc. (7)(24)	SF +	2.75%	6.42	%	11/30/2029	18,956		18,912	18,380
GovCIO Buyer Company (4)(9)(24)	SF +	5.25%	8.92	%	7/9/2031	141,340		139,433	138,975
Hostinger Investments Sarl (4)(5)(6)(7)					11/19/2032	EUR	39,880	(671)	(933)
Hostinger Investments Sarl (4)(5)(7)(28)	E +	4.75%	6.69	%	11/19/2032	EUR	119,640	135,913	135,492
Mediaocean LLC (8)(24)	SF +	3.50%	7.27	%	12/15/2028	6,737		6,733	6,362
Meralm Bidco AB (4)(5)(8)(30)	E +	6.25% (incl 2.25% PIK)	8.39	%	8/29/2031	EUR	33,978	37,163	34,827
Meralm Bidco AB (4)(5)(8)(26)	SF +	6.25% (incl 2.25% PIK)	9.94	%	8/29/2031	14,168		14,009	12,563
Meralm Bidco AB (4)(5)(8)(40)	ST +	6.25% (incl 2.25% PIK)	8.28	%	8/29/2031	SEK	427,755	41,271	40,079
Meralm Bidco AB (4)(5)(8)(38)	N +	6.25% (incl 2.25% PIK)	10.57	%	8/29/2031	NOK	272,456	25,434	24,967
Meralm Bidco AB (4)(5)(8)(30)	E +	9.50% (incl 4.75% PIK)	11.56	%	8/29/2031	EUR	50,140	54,909	54,957
Meralm Bidco AB (4)(5)(6)(8)					8/29/2031	EUR	5,188	(76)	(679)
Total IT Services								473,030	464,990	3.74	%

Life Sciences Tools & Services
Advarra Holdings, Inc. (4)(9)(24)	SF +	4.50%	8.17	%	9/15/2031	125,959		125,469	125,959
Advarra Holdings, Inc. (4)(6)(10)					9/15/2031	6,020		(27)	—
Advarra Holdings, Inc. (4)(10)(24)	SF +	4.50%	8.17	%	9/15/2031	67,899		66,963	67,899
Advarra Holdings, Inc. (4)(9)(24)	SF +	4.50%	8.17	%	9/15/2031	14,673		14,605	14,673
Bamboo US BidCo LLC (4)(10)(25)	SF +	5.00%	8.67	%	9/30/2030	2,840		2,817	2,840
Bamboo US BidCo LLC (4)(10)(25)	SF +	5.00%	8.67	%	9/30/2030	2,855		2,830	2,855
Bamboo US BidCo LLC (4)(10)(25)	SF +	5.00%	8.67	%	9/30/2030	82,358		80,827	82,358
Bamboo US BidCo LLC (4)(6)(10)					10/1/2029	21,254		(372)	—
Bamboo US BidCo LLC (4)(10)(25)	SF +	5.00%	8.67	%	9/30/2030	15,327		15,008	15,327
Bamboo US BidCo LLC (4)(10)(29)	E +	5.00%	7.03	%	9/30/2030	EUR	62,336	64,717	72,054
Cambrex Corporation (4)(9)(24)	SF +	4.50%	8.17	%	3/6/2032	109,731		108,801	109,233
Cambrex Corporation (4)(6)(9)(24)	SF +	4.50%	8.17	%	3/6/2032	18,341		4,037	4,109
Cambrex Corporation (4)(9)(24)	SF +	4.50%	8.17	%	3/6/2032	16,419		16,269	16,345
PerkinElmer U.S. LLC (4)(10)(24)	SF +	4.75%	8.43	%	3/13/2029	21,608		21,514	21,525
PerkinElmer U.S. LLC (4)(10)(24)	SF +	4.75%	8.43	%	3/13/2029	253,534		250,245	252,563
Phantom Purchaser Inc (4)(9)(25)	SF +	4.75%	8.45	%	9/19/2031	100,292		99,425	99,808

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units		Amortized Cost(3)	Fair Value	Percentage of Net Assets
Phantom Purchaser Inc (4)(6)(9)					9/19/2031	15,545		(134)	(75)
WCG Intermediate Corp (7)(24)	SF +	2.75%	6.42	%	2/25/2032	7,609		7,609	7,437
Total Life Sciences Tools & Services								880,603	894,910	7.20	%

Machinery
Indicor LLC (7)(25)	SF +	2.50%	6.20	%	11/22/2029	20,293		19,960	20,317
LSF12 Donnelly Bidco, LLC (4)(10)(24)	SF +	6.50%	10.17	%	10/2/2029	19,429		19,145	19,429
Lsf12 Helix Parent LLC (7)(24)	SF +	3.50%	7.17	%	2/10/2033	19,152		18,631	18,922
Madison Safety & Flow LLC (7)(24)	SF +	2.50%	6.18	%	9/26/2031	3,215		3,209	3,220
Radwell Parent, LLC (4)(9)(25)	SF +	4.75%	8.45	%	4/2/2029	150,328		148,172	150,328
Radwell Parent, LLC (4)(6)(9)(25)	SF +	4.75%	8.45	%	4/3/2028	13,271		2,972	3,097
Rotation Buyer, LLC (4)(6)(9)(25)	SF +	4.75%	8.42	%	12/27/2031	17,019		4,054	4,109
Rotation Buyer, LLC (4)(6)(9)(25)	SF +	4.75%	8.45	%	12/27/2031	8,731		2,059	2,081
Rotation Buyer, LLC (4)(9)(25)	SF +	4.75%	8.45	%	12/27/2031	65,875		65,335	65,499
Time Manufacturing Holdings LLC (4)(6)(9)(24)	SF +	6.50%	10.24	%	12/1/2027	1,002		994	770
Time Manufacturing Holdings LLC (4)(9)(29)	E +	6.50%	8.53	%	12/1/2027	EUR	4,792	5,032	4,224
Time Manufacturing Holdings LLC (4)(9)(29)	E +	6.50%	8.53	%	12/1/2027	EUR	8,439	9,478	7,438
Time Manufacturing Holdings LLC (4)(9)(25)	SF +	6.50%	10.32	%	12/1/2027	12,167		12,091	9,370
TK Elevator US Newco Inc (5)(8)(26)	SF +	2.75%	6.38	%	4/30/2030	14,881		14,760	14,930
Total Machinery								325,892	323,734	2.60	%

Media
2080 Media, Inc. (4)(9)(25)	SF +	4.75%	8.45	%	3/14/2029	53,300		52,830	53,300
2080 Media, Inc. (4)(6)(9)					3/14/2028	13,795		(90)	—
2080 Media, Inc. (4)(9)(25)	SF +	4.75%	8.45	%	3/14/2029	12,361		12,263	12,361
2080 Media, Inc. (4)(9)(25)	SF +	4.75%	8.45	%	3/14/2029	9,957		9,883	9,957
2080 Media, Inc. (4)(6)(9)					3/14/2029	27,282		(240)	—
2080 Media, Inc. (4)(6)(9)(25)	SF +	4.75%	8.42	%	3/14/2029	8,756		5,813	5,890
Arc Media Holdings Limited (4)(5)(10)(25)	SF +	7.25%	11.07	%	10/29/2027	39,914		39,594	39,814
Arc Media Holdings Limited (4)(5)(6)(10)(25)	SF +	7.25%	11.07	%	10/29/2027	2,766		2,592	2,607
Law Business Research Inc. (4)(5)(8)(26)	SF +	5.23%	8.92	%	5/19/2031	33,214		32,558	33,214
LOCI Bidco Limited (4)(5)(8)(31)	SN +	5.23%	8.98	%	5/19/2031	GBP	52,719	65,758	69,769
LOCI Bidco Limited (4)(5)(8)(26)	SF +	5.23%	8.85	%	5/19/2031	8,667		8,508	8,667
Total Media								229,469	235,579	1.89	%

Metals & Mining
Alchemy US Holdco 1 LLC (4)(10)(25)	SF +	6.50%	10.17	%	7/31/2029	117,537		114,088	109,811
Alchemy US Holdco 1 LLC (4)(10)(29)	E +	6.50%	8.53	%	7/31/2029	EUR	24,800	26,056	26,672
Alchemy US Holdco 1 LLC (4)(10)(25)	SF +	6.50%	10.17	%	7/31/2029	1,285		1,247	1,200
BLY US Holdings Inc. (4)(5)(10)(25)	SF +	6.00%	9.70	%	4/10/2029	56,491		55,625	55,186
BLY US Holdings Inc. (4)(5)(10)(25)	SF +	6.00%	9.70	%	4/10/2029	15,150		14,803	14,801
Star Holding LLC (7)(24)	SF +	4.50%	8.17	%	7/31/2031	4,232		4,214	4,189
Total Metals & Mining								216,033	211,859	1.70	%

Multi-Utilities
Forgent Intermediate IV (7)(25)	SF +	3.00%	6.66	%	12/20/2032	4,310		4,269	4,336
Total Multi-Utilities								4,269	4,336	0.03	%

Oil, Gas & Consumable Fuels
Eagle LNG Partners Jacksonville II LLC (4)(7)		13.50% (incl 6.35% PIK)	13.50	%	4/26/2029	935		919	832

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units		Amortized Cost(3)	Fair Value	Percentage of Net Assets
Total Oil, Gas & Consumable Fuels								919	832	0.01	%

Personal Care Products
MRO Maryruth LLC (4)(7)(25)	SF +	3.50%	7.20	%	9/30/2030	48,388		48,114	48,388
MRO Maryruth LLC (4)(9)(25)	SF +	4.75%	8.45	%	9/30/2031	18,905		18,753	18,905
Parfums Holding Company, Inc. (4)(10)(25)	SF +	5.25%	8.95	%	6/27/2030	115,225		114,411	115,225
Parfums Holding Company, Inc. (4)(6)(10)					6/27/2029	9,034		(59)	—
Total Personal Care Products								181,219	182,518	1.47	%

Pharmaceuticals
Amneal Pharmaceuticals LLC (5)(8)(24)	SF +	3.00%	6.67	%	8/2/2032	7,761		7,743	7,797
Atlas Borrower, LLC (4)(8)(25)	SF +	4.50%	8.20	%	9/4/2032	88,012		87,203	86,838
Atlas Borrower, LLC (4)(6)(8)					9/4/2032	15,234		(140)	(203)
Azurity Pharmaceuticals Inc (4)(10)(25)	SF +	7.00%	10.67	%	3/14/2030	229,949		226,312	223,394
Azurity Pharmaceuticals Inc (4)(10)(25)	SF +	7.00%	10.65	%	3/14/2030	20,537		20,213	19,952
Creek Parent, Inc. (4)(9)(24)	SF +	5.00%	8.67	%	12/18/2031	119,936		118,334	118,890
Creek Parent, Inc. (4)(6)(9)					12/18/2031	22,379		(297)	(195)
Creek Parent, Inc. (4)(9)(23)(24)	SF +	5.75%	9.42	%	12/18/2031	1,207		1,191	1,196
Dechra Finance US LLC (5)(7)(26)	SF +	2.75%	6.39	%	1/27/2032	4,135		4,127	4,138
Endo Finance Holdings Inc (8)(24)	SF +	3.75%	7.42	%	4/23/2031	8,091		8,029	8,061
Gusto Aus Bidco Pty Ltd (4)(5)(8)(34)	B +	4.75%	8.54	%	11/15/2031	AUD	243,533	156,157	169,767
Gusto Aus Bidco Pty Ltd (4)(5)(6)(8)					11/15/2031	AUD	24,086	(103)	166
Total Pharmaceuticals								628,769	639,801	5.15	%

Professional Services
Baker Tilly Advisory Group, LP (4)(9)(24)	SF +	4.75%	8.42	%	6/3/2031	116,927		115,616	116,377
Baker Tilly Advisory Group, LP (4)(9)(24)	SF +	4.50%	8.17	%	6/3/2031	28,356		28,109	28,201
Baker Tilly Advisory Group, LP (4)(6)(9)					6/3/2030	27,686		(280)	(158)
Captive Resources Midco LLC (4)(6)(9)					7/3/2028	7,558		(57)	—
Captive Resources Midco LLC (4)(9)(24)	SF +	4.50%	8.17	%	7/2/2029	90,960		90,148	90,960
Chartis Group LLC (4)(9)(25)	SF +	4.25%	7.95	%	9/17/2031	80,774		80,144	80,774
Chartis Group LLC (4)(6)(9)(25)	SF +	4.25%	7.95	%	9/17/2031	25,019		3,931	4,152
Chartis Group LLC (4)(6)(9)					9/17/2031	14,716		(114)	—
Citrin Cooperman Advisors LLC (7)(25)	SF +	3.00%	6.70	%	4/1/2032	14,404		14,259	13,882
CohnReznick Advisory LLC (7)(25)	SF +	3.25%	6.95	%	3/31/2032	10,942		10,894	10,655
CohnReznick Advisory LLC (6)(7)					3/31/2032	635		(3)	(17)
Grant Thornton Advisors Holdings LLC (7)(24)	SF +	2.75%	6.42	%	6/2/2031	15,053		15,053	14,090
Guidehouse Inc. (4)(9)(24)	SF +	4.75%	8.42	%	12/16/2030	190,401		188,847	183,320
IG Investments Holdings, LLC (4)(6)(13)					9/22/2028	10,221		(68)	—
IG Investments Holdings, LLC (4)(9)(25)	SF +	5.00%	8.67	%	9/22/2028	87,790		87,489	87,790
IRI Group Holdings, Inc. (4)(9)(25)	SF +	4.25%	7.95	%	12/1/2029	206,163		204,838	206,163
IRI Group Holdings, Inc. (4)(6)(13)					12/1/2028	19,562		(112)	—
Planet US Buyer LLC (5)(7)(25)	SF +	3.00%	6.67	%	2/7/2031	7,369		7,356	7,380
Railpros Parent LLC (4)(9)(25)	SF +	4.25%	7.91	%	5/24/2032	24,708		24,492	24,609
Railpros Parent LLC (4)(6)(9)					5/24/2032	3,832		(34)	(21)
Sedgwick Claims Management Services Inc (7)(24)	SF +	2.50%	6.17	%	7/31/2031	18,823		18,686	18,507
Spirit RR Holdings, Inc. (4)(9)(25)	SF +	4.50%	8.30	%	9/13/2028	42,123		41,745	42,123
Spirit RR Holdings, Inc. (4)(6)(9)					9/13/2028	3,579		(31)	—
Spirit RR Holdings, Inc. (4)(9)(25)	SF +	4.50%	8.30	%	9/13/2028	5,889		5,838	5,889
Spirit RR Holdings, Inc. (4)(9)(25)	SF +	4.50%	8.30	%	9/13/2028	2,963		2,941	2,963
YA Intermediate Holdings II LLC (4)(9)(26)	SF +	5.00%	8.85	%	10/1/2031	46,973		46,789	46,966

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units		Amortized Cost(3)	Fair Value	Percentage of Net Assets
YA Intermediate Holdings II LLC (4)(6)(9)(25)	SF +	5.00%	8.69	%	10/1/2031	19,788		3,494	3,627
YA Intermediate Holdings II LLC (4)(6)(9)(25)	SF +	5.00%	8.86	%	10/1/2031	9,750		2,854	2,891
Total Professional Services								992,824	991,123	7.97	%

Real Estate Management & Development
Associations Inc. (4)(10)(25)	SF +	6.50%	10.42	%	7/3/2028	54,856		54,826	54,856
Associations Inc. (4)(6)(10)(25)	SF +	6.50%	10.42	%	7/3/2028	4,294		2,052	2,054
Associations Inc. (4)(6)(10)					7/3/2028	3,459		(2)	—
Total Real Estate Management & Development								56,876	56,910	0.46	%

Semiconductors & Semiconductor Equipment
Altar Bidco Inc (8)(25)	SF +	3.10%	6.61	%	2/1/2029	8,667		8,636	8,629
TechInsights Inc (4)(5)(10)(23)(25)	SF +	5.91%	9.76	%	11/9/2030	2,494		2,479	2,463
TechInsights Inc (4)(5)(10)(23)(25)	SF +	5.91%	9.76	%	11/9/2030	960		954	948
TechInsights Inc (4)(5)(6)(10)					11/9/2030	21,537		(269)	(268)
Total Semiconductors & Semiconductor Equipment								11,800	11,772	0.09	%

Software
Armstrong Bidco Limited (4)(5)(7)(31)	SN +	5.25%	8.98	%	6/28/2029	GBP	67,987	81,870	89,529
Armstrong Bidco Limited (4)(5)(7)(31)	SN +	5.25%	8.98	%	6/28/2029	GBP	35,471	41,605	46,711
Artifact Bidco, Inc. (4)(8)(25)	SF +	4.15%	7.85	%	7/26/2031	45,788		45,440	45,788
Artifact Bidco, Inc. (4)(6)(8)					7/26/2031	11,207		(99)	—
Artifact Bidco, Inc. (4)(6)(8)					7/26/2030	5,443		(39)	—
Artifact Bidco, Inc. (4)(6)(8)					7/26/2030	2,562		(18)	—
Artisan Bidco, Inc. (4)(10)(29)	E +	7.00%	9.03	%	11/7/2029	EUR	18,195	19,170	19,981
Artisan Bidco, Inc. (4)(10)(25)	SF +	7.00%	10.65	%	11/7/2029	39,100		38,513	37,299
Artisan Bidco, Inc. (4)(6)(10)(25)	SF +	7.00%	10.66	%	11/7/2029	6,000		4,410	4,224
Artisan Bidco, Inc. (4)(10)(25)	SF +	7.00%	10.65	%	11/7/2029	988		980	942
Auditboard, Inc. (4)(6)(9)					7/14/2031	30,286		(229)	(600)
Auditboard, Inc. (4)(9)(25)	SF +	4.50%	8.20	%	7/14/2031	159,000		157,800	155,852
Auditboard, Inc. (4)(9)(25)	SF +	4.50%	8.20	%	7/14/2031	75,714		75,071	74,215
Auditboard, Inc. (4)(9)(25)	SF +	4.50%	8.20	%	7/14/2031	9,751		9,682	9,558
Avalara, Inc. (7)(25)	SF +	2.75%	6.45	%	3/26/2032	13,259		13,196	12,977
BMC Software Inc. (7)(25)	SF +	3.00%	6.67	%	7/30/2031	2,970		2,941	2,762
Boreal Bidco (4)(5)(7)(29)	E +	7.00% (incl 4.00% PIK)	9.13	%	3/26/2032	EUR	51,664	54,802	57,372
Bottomline Technologies, Inc. (4)(6)(9)					5/15/2028	385		(1)	(1)
Bottomline Technologies, Inc. (4)(9)(25)	SF +	4.50%	8.20	%	5/13/2029	4,455		4,434	4,441
Central Parent LLC (7)(25)	SF +	3.25%	6.95	%	7/6/2029	19,996		19,949	14,324
Cloud Software Group Inc (7)		6.50%	6.50	%	3/31/2029	7,740		7,133	7,561
Cloud Software Group Inc (7)(25)	SF +	3.25%	6.95	%	8/13/2032	13,930		13,930	12,786
Cloud Software Group Inc (7)(25)	SF +	3.25%	6.95	%	3/21/2031	4,741		4,741	4,357
Coupa Holdings, LLC (4)(9)(25)	SF +	5.25%	8.92	%	2/27/2030	78,381		77,353	78,381
Coupa Holdings, LLC (4)(6)(9)					2/27/2029	6,211		(75)	—
Coupa Holdings, LLC (4)(6)(9)					2/27/2030	7,123		(101)	—
DigiCert Inc (4)(9)(24)	SF +	5.75%	9.42	%	7/30/2030	327,466		323,213	317,713
DigiCert Inc (4)(9)(23)(24)	SF +	6.40%	10.07	%	7/30/2030	1,990		1,964	1,929
DigiCert Inc (4)(6)(9)					7/30/2030	35,060		(455)	(1,044)
EasyPark Strategy AB (4)(5)(8)(26)	SF +	4.75%	8.37	%	12/19/2030	45,577		45,037	44,808
EasyPark Strategy AB (4)(5)(8)(38)	N +	4.75%	8.99	%	12/19/2030	NOK	234,246	20,248	23,800
EasyPark Strategy AB (4)(5)(8)(30)	E +	4.75%	6.87	%	12/19/2030	EUR	74,735	76,635	84,912

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units		Amortized Cost(3)	Fair Value	Percentage of Net Assets
EasyPark Strategy AB (4)(5)(8)(31)	SN +	4.75%	8.51	%	12/19/2031	GBP	29,019	35,708	37,748
EasyPark Strategy AB (4)(5)(8)(30)	E +	4.75%	6.87	%	12/19/2030	EUR	8,569	9,894	9,736
Edition Holdings Inc (4)(9)(25)	SF +	4.50%	8.17	%	12/20/2032	72,079		71,820	71,310
Edition Holdings Inc (4)(6)(9)					12/20/2032	15,048		(55)	(161)
Edition Holdings Inc (4)(6)(9)					12/20/2032	6,722		(24)	(72)
Einstein Parent Inc (4)(9)(25)	SF +	5.25%	8.92	%	1/22/2031	94,062		92,554	91,042
Einstein Parent Inc (4)(6)(9)					1/22/2031	9,745		(156)	(313)
Elements Finco Limited (4)(5)(7)(31)	SN +	5.50% (incl 2.50% PIK)	9.23	%	4/29/2031	GBP	26,727	33,395	35,370
Elements Finco Limited (4)(5)(7)(31)	SN +	5.25% (incl 2.25% PIK)	8.98	%	4/29/2031	GBP	39,884	49,540	52,782
Elements Finco Limited (4)(5)(7)(24)	SF +	5.25% (incl 2.25% PIK)	8.92	%	4/29/2031	8,342		8,283	8,342
Elements Finco Limited (4)(5)(7)(24)	SF +	5.25% (incl 2.25% PIK)	8.92	%	4/29/2031	6,943		6,894	6,943
Elements Finco Limited (4)(5)(7)(31)	SN +	5.50% (incl 2.50% PIK)	9.23	%	4/29/2031	GBP	11,981	14,965	15,855
Espresso Bidco Inc. (4)(9)(25)	SF +	5.75% (incl 3.13% PIK)	9.45	%	3/25/2032	53,447		52,784	51,685
Espresso Bidco Inc. (4)(6)(9)(25)	SF +	5.75% (incl 3.13% PIK)	9.45	%	3/25/2032	14,379		13,027	12,750
Espresso Bidco Inc. (4)(6)(9)					3/25/2032	6,370		(82)	(210)
Flexera Software LLC (4)(8)(28)	E +	4.50%	6.45	%	8/15/2032	EUR	65,335	76,300	73,067
Flexera Software LLC (4)(8)(25)	SF +	4.50%	8.15	%	8/15/2032	199,944		199,489	195,121
Flexera Software LLC (4)(6)(8)					8/15/2032	16,806		(38)	(405)
Huskies Parent Inc (4)(9)(24)	SF +	6.00% (incl 0.50% PIK)	9.77	%	11/5/2029	24,619		24,432	23,432
Huskies Parent Inc (4)(9)(24)	SF +	6.00%	9.77	%	11/5/2029	1,049		1,030	998
Huskies Parent Inc (4)(6)(9)					11/5/2029	1,000		(6)	(50)
ION Platform Finance US Inc (7)(25)	SF +	3.75%	7.45	%	10/7/2032	18,347		18,173	14,845
Kaseya Inc (7)(24)	SF +	3.25%	6.92	%	3/22/2032	20,263		20,161	18,982
Kona Buyer, LLC (4)(9)(25)	SF +	4.50%	8.17	%	7/23/2031	111,714		110,867	110,089
Kona Buyer, LLC (4)(9)(25)	SF +	4.50%	8.17	%	7/23/2031	6,555		6,504	6,460
Kona Buyer, LLC (4)(9)(25)	SF +	4.50%	8.17	%	7/23/2031	1,845		1,831	1,818
Kona Buyer, LLC (4)(6)(9)					7/23/2031	61,081		(302)	(889)
Kona Buyer, LLC (4)(6)(9)					6/27/2032	22,559		(152)	(328)
Kpler Finance SA (4)(5)(8)(26)	SF +	7.25% (incl 3.88% PIK)	10.94	%	4/25/2031	71,282		70,395	70,064
Kpler Finance SA (4)(5)(8)(26)	SF +	7.25% (incl 3.88% PIK)	10.94	%	4/25/2031	71,282		70,395	70,064
Kpler Finance SA (4)(5)(6)(8)(26)	SF +	6.75%	10.44	%	10/25/2030	20,000		17,749	17,657
Kpler Finance SA (4)(5)(6)(8)(26)	SF +	7.25% (incl 3.88% PIK)	10.93	%	10/25/2030	20,000		5,728	5,657
Kryptona Bidco US, LLC (4)(6)(9)					12/18/2031	16,852		(275)	(167)
Kryptona Bidco US, LLC (4)(9)(25)	SF +	5.75% (incl 3.13% PIK)	9.44	%	12/18/2031	160,612		158,093	159,021
Kryptona Bidco US, LLC (4)(7)(30)	E +	5.75% (incl 3.13% PIK)	8.06	%	12/18/2031	EUR	37,169	38,103	42,538
Kryptona Bidco US, LLC (4)(9)(30)	E +	5.75% (incl 3.13% PIK)	8.06	%	12/18/2031	EUR	10,711	12,270	12,258
Kryptona Bidco US, LLC (4)(9)(25)	SF +	5.75% (incl 3.13% PIK)	9.44	%	12/18/2031	39,825		39,431	39,430
McAfee Corp (8)(24)	SF +	3.00%	6.67	%	3/1/2029	8,707		8,595	7,804
Medallia Inc (4)(9)(19)(25)	SF +	6.00%			10/29/2028	82,826		80,815	49,828
Mitchell International Inc (8)(24)	SF +	3.00%	6.67	%	6/17/2031	9,850		9,813	9,426

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units		Amortized Cost(3)	Fair Value	Percentage of Net Assets
OEConnection LLC (8)(24)	SF +	4.50%	8.17	%	12/23/2032	104,563		103,859	104,955
OEConnection LLC (6)(8)					12/23/2032	15,332		(75)	57
OEConnection LLC (6)(8)					12/23/2032	11,376		(73)	43
Omega II AB (4)(5)(6)(7)					6/18/2032	SEK	255,591	(125)	270
Omega II AB (4)(5)(7)(39)	ST +	4.25%	6.27	%	6/18/2032	SEK	943,460	97,195	100,684
Prism Parent Co., Inc. (4)(9)(24)	SF +	5.00%	8.68	%	9/19/2028	41,817		41,465	41,817
Prism Parent Co., Inc. (4)(6)(9)(24)	SF +	5.00%	8.68	%	9/19/2028	4,312		1,684	1,720
Project Alpha Intermediate Holding, Inc. (8)(25)	SF +	3.25%	6.95	%	10/26/2030	24,840		24,604	18,935
Proofpoint, Inc. (8)(25)	SF +	3.00%	6.70	%	8/31/2028	18,858		18,729	18,284
QBS Parent Inc (4)(9)(25)	SF +	4.50%	8.20	%	6/3/2032	39,328		39,168	38,707
QBS Parent Inc (4)(6)(9)					6/3/2032	3,820		(15)	(60)
Quail Buyer, Inc. (4)(9)(25)	SF +	5.00%	8.77	%	10/1/2027	7,143		7,105	7,143
Quail Buyer, Inc. (4)(9)(25)	SF +	5.00%	8.77	%	10/1/2027	22,798		22,644	22,798
Red Planet Borrower, LLC (8)(24)	SF +	4.00%	7.67	%	9/8/2032	5,473		5,423	5,365
Riley MergeCo LLC (4)(6)(10)(23)					9/23/2027	197		(1)	(18)
Riley MergeCo LLC (4)(10)(23)(24)	SF +	7.51%	11.29	%	9/23/2027	1,778		1,768	1,612
Rocket Software Inc (8)(24)	SF +	3.75%	7.42	%	11/28/2028	12,105		11,895	11,639
Severin Acquisition LLC (4)(9)(24)	SF +	4.75% (incl 2.25% PIK)	8.42	%	10/1/2031	305,910		303,580	305,910
Severin Acquisition LLC (4)(6)(9)(24)	SF +	4.50%	8.18	%	10/1/2031	44,454		11,505	11,854
Severin Acquisition LLC (4)(6)(9)(24)	SF +	4.75% (incl 2.25% PIK)	8.42	%	10/1/2031	63,135		14,629	15,182
Shackleton Lower JVCO ULC (4)(5)(9)(36)	C +	4.50%	6.76	%	11/5/2032	CAD	36,682	25,756	25,711
Shackleton Lower JVCO ULC (4)(5)(6)(9)					11/5/2032	CAD	18,341	(126)	(333)
Shackleton Lower JVCO ULC (4)(5)(6)(9)					11/5/2032	CAD	4,649	(31)	(84)
SI Swan UK Bidco Ltd (4)(5)(7)(25)	SF +	4.75%	8.42	%	12/16/2032	45,707		45,488	44,794
SI Swan UK Bidco Ltd (4)(5)(6)(7)					12/16/2032	10,845		(53)	(217)
SI Swan UK Bidco Ltd (4)(5)(6)(7)					6/17/2026	9,399		(47)	(188)
Skywalker Purchaser, LLC (4)(9)(25)	SF +	4.50%	8.16	%	7/23/2031	24,424		24,209	24,068
Skywalker Purchaser, LLC (4)(9)(25)	SF +	4.50%	8.16	%	7/23/2031	27,425		27,291	27,026
Smarsh Inc. (4)(6)(9)(25)	SF +	4.75%	8.42	%	2/16/2029	2,143		460	420
Smarsh Inc. (4)(9)(25)	SF +	4.75%	8.45	%	2/16/2029	22,500		22,322	21,920
Smarsh Inc. (4)(6)(9)(25)	SF +	4.75%	8.45	%	2/16/2029	3,214		665	603
Smarsh Inc. (4)(6)(9)					2/16/2029	2,143		(14)	(55)
Solis Bidco (4)(5)(7)(30)	E +	4.75%	6.85	%	10/7/2032	EUR	23,674	27,212	26,622
Solis Bidco (4)(5)(6)(7)					10/7/2032	EUR	11,500	(194)	(361)
Sophos Holdings LLC (5)(10)(24)	SF +	3.50%	7.28	%	3/5/2027	2,347		2,345	2,241
Spark Bidco Ltd (4)(5)(7)(25)	SF +	4.75%	8.40	%	10/8/2032	76,419		75,707	73,434
Spark Bidco Ltd (4)(5)(7)(34)	B +	4.75%	8.50	%	10/8/2032	AUD	23,695	15,467	15,745
Spark Bidco Ltd (4)(5)(6)(7)					10/8/2032	17,517		(164)	(684)
Spark US Bidco, Inc. (4)(7)(25)	SF +	4.75%	8.40	%	10/8/2032	28,094		27,832	26,997
Stack Sports Buyer, LLC (4)(9)(24)	SF +	5.75% (incl 3.13% PIK)	9.22	%	3/31/2031	133,594

Form: 10-Q

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