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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 September 30, 2022


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) 287-4900

________________________________________________________________________________________________

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	x

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 x

The Registrant’s Common Shares, $0.01 par value per share, outstanding as of November 11, 2022 was 0, 16,146,290, 32,808,608 and 86,278,020 of Class S, Class D, Class I and Class F common shares, respectively. Common shares outstanding exclude November 1, 2022 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 September 30, 2022 (Unaudited) and December 31, 2021	2
	Consolidated Statements of Operations for the three and nine months ended September 30, 2022 (Unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2022 (Unaudited)	5
	Consolidated Statement of Cash Flows for the nine months ended September 30, 2022 (Unaudited)	6
	Consolidated Schedule of Investments as of Sept ember 30, 2022 (Unaudited)	7
	Notes to Consolidated Financial Statements (Unaudited)	19
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	46
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	61
Item 4.	Controls and Procedures	61

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	62
Item 1A.	Risk Factors	62
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	64
Item 3.	Defaults Upon Senior Securities	65
Item 4.	Mine Safety Disclosures	65
Item 5.	Other Information	65
Item 6.	Exhibits	65
Signatures		68

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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;

•the impact of the coronavirus (“COVID-19”) pandemic on our business and our portfolio companies, including our and their ability to access capital and liquidity;

•our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives as a result of the COVID-19 pandemic or as a result of inflation;

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

•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 the decommissioning of the London InterBank Offered Rate (“LIBOR”) and the current rising interest rate environment;

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

•our contractual arrangements and relationships with third parties;

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

•the elevating levels 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.

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 Act, as amended (the “1934 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)


	September 30, 2022		December 31, 2021
ASSETS	(Unaudited)
Investments at fair value
Non-controlled/non-affiliated investments (amortized cost of $4,736,208 and $0 at September 30, 2022 and December 31, 2021, respectively)	$	4,594,204	$	—
Cash and cash equivalents	161,961		3
Interest receivable	36,057		—
Deferred financing costs	19,089		—
Deferred offering costs	873		—
Unrealized appreciation on foreign currency forward contracts	26,541		—
Receivable for investments sold	3,161		—
Other assets	522		—
Total assets	$	4,842,408	$	3
LIABILITIES
Debt	$	1,439,574	$	—
Payable for investments purchased	202,123		—
Interest payable	8,666		—
Due to affiliates	9,477		—
Distribution payable (Note 9)	19,127		—
Payable for share repurchases (Note 9)	919		—
Accrued expenses and other liabilities	495		—
Total liabilities	1,680,381		—
Commitments and contingencies (Note 8)
NET ASSETS
Common shares, $0.01 par value (130,608,765 and 100 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively)	1,306		—
Additional paid in capital	3,237,802		3
Distributable earnings (loss)	(77,081)		—
Total net assets	3,162,027		3
Total liabilities and net assets	$	4,842,408	$	3

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

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HPS Corporate Lending Fund

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)


	September 30, 2022		December 31, 2021
NET ASSET VALUE PER SHARE	(Unaudited)
Class D Shares:
Net assets	$	388,020	$	—
Common shares outstanding ($0.01 par value, unlimited shares authorized)	16,027,259		—
Net asset value per share	$	24.21	$	—
Class I Shares:
Net assets	$	774,522	$	3
Common shares outstanding ($0.01 par value, unlimited shares authorized)	31,991,480		100
Net asset value per share	$	24.21	$	25.00
Class F Shares:
Net assets	$	1,999,485	$	—
Common shares outstanding ($0.01 par value, unlimited shares authorized)	82,590,026		—
Net asset value per share	$	24.21	$	—

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

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HPS Corporate Lending Fund

Consolidated Statements of Operations

(in thousands)

(Unaudited)


	Three Months Ended September 30, 2022		Nine Months Ended September 30, 2022
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	78,251	$	132,030
Payment-in-kind interest income	4,470		6,111
Other income	397		896
Total investment income	83,118		139,037
Expenses:
Interest expense	13,112		21,911
Management fees	8,746		15,827
Income based incentive fee	7,302		11,637
Distribution and shareholder servicing fees
Class D	207		375
Class F	2,215		3,916
Professional fees	591		1,581
Board of Trustees’ fees	127		390
Administrative service expenses (Note 3)	316		1,069
Other general & administrative	1,244		2,497
Amortization of offering costs	571		1,471
Total expenses	34,431		60,674
Expense support (Note 3)	—		(4,270)
Recoupment of expense support (Note 3)	3,997		3,997
Reimbursable expenses previously borne by Adviser (Note 3)	—		1,196
Distribution and shareholder servicing fees waived (Note 3)	(2,422)		(4,291)
Management fees waived (Note 3)	(8,746)		(15,827)
Incentive fees waived (Note 3)	(7,302)		(11,637)
Net expenses	19,958		29,842
Net investment income	63,160		109,195
Net realized and change in unrealized gain (loss):
Realized gain (loss):
Non-controlled/non-affiliated investments	(1,675)		(1,597)
Foreign currency forward contracts	2,983		3,065
Foreign currency transactions	(1,018)		2,255
Net realized gain (loss)	290		3,723
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	(71,003)		(142,004)
Foreign currency forward contracts	26,494		26,541
Translation of assets and liabilities in foreign currencies	11,092		15,614
Net change in unrealized appreciation (depreciation)	(33,417)		(99,849)
Net realized and change in unrealized gain (loss)	(33,127)		(96,126)
Net increase (decrease) in net assets resulting from operations	$	30,033	$	13,069

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

(in thousands)

(Unaudited)


	Three Months Ended September 30, 2022		Nine Months Ended September 30, 2022
Increase (decrease) in net assets from operations:
Net investment income	$	63,160	$	109,195
Net realized gain (loss)	290		3,723
Net change in unrealized appreciation (depreciation)	(33,417)		(99,849)
Net increase (decrease) in net assets resulting from operations	30,033		13,069
Distributions to common shareholders:
Class D	(5,911)		(10,653)
Class I	(12,415)		(23,702)
Class F	(31,635)		(55,795)
Net decrease in net assets resulting from distributions	(49,961)		(90,150)
Share transactions:
Class D:
Proceeds from shares sold	140,800		394,775
Distributions reinvested	1,818		2,797
Repurchased shares, net of early repurchase deduction	3		5
Net increase (decrease) from share transactions	142,621		397,577
Class I:
Proceeds from shares sold	228,310		786,207
Distributions reinvested	4,374		8,375
Repurchased shares, net of early repurchase deduction	5		10
Net increase (decrease) from share transactions	232,689		794,592
Class F:
Proceeds from shares sold	649,059		2,030,490
Distributions reinvested	11,694		18,360
Repurchased shares, net of early repurchase deduction	(927)		(1,914)
Net increase (decrease) from share transactions	659,826		2,046,936
Total increase (decrease) in net assets	1,015,208		3,162,024
Net assets, beginning of period	2,146,819		3
Net assets, end of period	$	3,162,027	$	3,162,027

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

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HPS Corporate Lending Fund

Consolidated Statement of Cash Flows

(in thousands)

(Unaudited)


	Nine Months Ended September 30, 2022
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	13,069
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	142,004
Net realized (gain) loss on investments	1,597
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts	(26,541)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	(15,866)
Net accretion of discount and amortization of premium, net	(6,361)
Amortization of deferred financing costs	1,288
Amortization of offering costs	1,471
Payment-in-kind interest capitalized	(5,687)
Purchases of investments	(4,867,714)
Proceeds from sale of investments and principal repayments	141,957
Changes in operating assets and liabilities:
Interest receivable	(36,057)
Other assets	(522)
Receivable for investments sold	(3,161)
Payable for investments purchased	202,123
Due to affiliates	9,477
Interest payable	8,666
Accrued expenses and other liabilities	495
Net cash provided by (used in) operating activities	(4,439,762)
Cash flows from financing activities:
Borrowings of debt	2,968,540
Repayments of debt	(1,513,100)
Deferred financing costs paid	(20,377)
Deferred offering costs paid	(2,344)
Proceeds from issuance of common shares	3,211,472
Common shares repurchased, net of early repurchase deduction	(980)
Distributions paid in cash	(41,491)
Net cash provided by (used in) financing activities	4,601,720
Net increase (decrease) in cash and cash equivalents	161,958
Cash and cash equivalents, beginning of period	3
Cash and cash equivalents, end of period	$	161,961
Supplemental information and non-cash activities:
Interest paid during the period	$	13,245
Distribution payable	$	19,127
Share repurchases accrued but not paid	$	919
Reinvestment of dividends during the period	$	29,532
Non-cash purchases of investments	$	49,940
Non-cash sales of investments	$	(49,940)

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

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HPS Corporate Lending Fund

Consolidated Schedule of Investments

September 30, 2022

(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 and Defense
Arcfield Acquisition Corp (4)(5)(7)(11)						3/10/2027		2,990			(53)		(105)
Arcfield Acquisition Corp (4)(11)		L + 5.75%		8.99%		3/10/2028		20,498			20,113		19,706
Asdam Operations Pty Ltd (4)(5)(6)(9)		B + 5.75%		8.86%		8/22/2028		A$	3,614		2,399		2,242
Asdam Operations Pty Ltd (4)(5)(6)(7)(9)						8/22/2028		A$	5,421		(110)		(102)
Asdam Operations Pty Ltd (4)(5)(6)(9)		B + 5.75%		8.75%		8/22/2028		A$	41,558		27,679		25,785
											50,028		47,526		1.50	%
Automobiles and Parts
Foundation Automotive Us Corp (4)(5)(7)(12)		SF + 8.25%		10.34%		12/24/2027		38,344			3,761		3,295
Foundation Automotive Corp (4)(6)(12)		SF + 7.75%		11.55%		12/24/2027		16,124			15,888		15,697
Foundation Automotive Us Corp (4)(12)		SF + 7.75%		11.55%		12/24/2027		39,917			39,336		38,860
Oil Changer Holding Corporation (4)(5)(12)		L + 6.75%		8.71%		2/8/2027		41,116			40,731		40,264
Oil Changer Holding Corporation (4)(5)(12)		L + 6.75%		8.71%		2/8/2027		8,633			8,552		8,454
Power Stop LLC (9)		L + 4.75%		7.82%		1/26/2029		19,321			19,145		14,588
											127,413		121,158		3.83	%
Chemicals
Illuminate Buyer, LLC (8)		L + 3.50%		6.62%		6/30/2027		7,270			7,244		6,611
											7,244		6,611		0.21	%
Construction and Materials
Nexus Intermediate III, LLC (4)(5)(7)(11)						12/6/2027		300			(5)		1
Nexus Intermediate III, LLC (4)(11)		L + 5.50%		8.66%		12/6/2027		1,179			1,161		1,183
											1,156		1,184		0.04	%
Consumer Services
American Academy Holdings, LLC (4)(5)(12)		L + 11.00% (incl 6.25% PIK)		14.12%		1/2/2025		51,241			51,282		50,701
Asurion Corporation (5)(8)		SF + 4.00%		7.65%		8/16/2028		10,000			9,506		8,556
Asurion Corporation (5)(8)		L + 3.00%		6.12%		11/4/2024		1,984			1,963		1,862
Auctane Inc (4)(5)(11)		L + 5.75%		8.38%		10/5/2028		24,875			24,875		24,489
Club Car Wash Operating, LLC (4)(5)(7)(12)		SF + 6.50%		10.20%		6/16/2027		61,966			36,052		35,321
Club Car Wash Operating, LLC (4)(12)		SF + 6.50%		10.20%		6/16/2027		27,860			27,482		27,013
Express Wash Concepts (4)(5)(7)(12)		SF + 4.75%		7.01%		4/30/2027		63,000			12,276		10,307
Express Wash Concepts (4)(5)(12)		SF + 4.75%		7.88%		4/30/2027		26,865			26,613		25,778
Houghton Mifflin Harcourt Company (5)(9)		SF + 5.25%		8.38%		4/6/2029		30,000			29,142		27,413
PECF USS Intermediate Holding III Corporation (9)		L + 4.25%		7.37%		12/15/2028		14,900			14,816		12,764
Polyconcept North America Holdings, Inc. (5)(11)		SF + 5.50%		8.53%		5/12/2029		23,300			22,851		22,208
Spotless Brands, LLC (4)(5)(7)(12)		SF + 6.50%		9.65%		7/25/2028		21,782			9,830		9,828
Spotless Brands, LLC (4)(5)(7)(12)						7/25/2028		16,144			(308)		(313)
Spotless Brands, LLC (4)(5)(12)		SF + 6.50%		9.19%		7/25/2028		106,669			104,589		104,601
Spotless Brands, LLC (4)(5)(7)(12)		SF + 6.50%		9.62%		7/25/2028		5,175			3,648		3,646
Thrasio LLC (5)(7)(12)						12/18/2026		2,972			(12)		(238)
Thrasio LLC (12)		L + 7.00%		11.17%		12/18/2026		2,935			2,922		2,700
Trugreen Limited Partnership (5)(11)		L + 4.00%		7.12%		11/2/2027		9,939			9,808		9,426
WMB Holdings Inc (5)(9)		SF + 3.25%		7.14%		8/31/2029		2,202			2,136		2,152
Zips Car Wash, LLC (4)(12)		L + 7.25%		9.81%		3/1/2024		26,378			26,351		25,953
Zips Car Wash, LLC (4)(5)(7)(12)		SF + 7.25%		10.20%		3/1/2024		39,736			6,566		6,547

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HPS Corporate Lending Fund

Consolidated Schedule of Investments

September 30, 2022

(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
Zips Car Wash, LLC (4)(5)(12)		SF + 7.25%		10.10%		3/1/2024		998			990		982
											423,378		411,696		13.02	%
Electricity
IP Operating Portfolio I, LLC (4)(5)(7)(8)				7.88%		12/31/2029		27,428			3,503		3,336
											3,503		3,336		0.11	%
Electronic and Electrical Equipment
Brightstar Escrow Corp. (5)(8)				9.75%		10/15/2025		1,000			982		927
											982		927		0.03	%
Finance and Credit Services
PCP CW Aggregator Holdings II, L.P. (4)(5)(6)(12)		L + 7.25%		8.35%		2/9/2027		18,186			17,865		17,562
Verscend Holding Corp. (5)(8)		L + 4.00%		7.12%		8/27/2025		3,990			3,970		3,880
Yes Energy LLC (4)(5)(7)(11)		B + 5.25%		8.37%		4/21/2028		9,994			2,251		2,194
Yes Energy LLC (4)(5)(11)		B + 5.25%		8.37%		4/21/2028		26,000			25,318		25,219
											49,404		48,855		1.55	%
Food Producers
Specialty Ingredients, LLC (4)(5)(7)(11)		SF + 6.00%		9.15%		2/12/2029		11,279			1,471		1,471
Specialty Ingredients, LLC (4)(5)(11)		SF + 6.00%		9.65%		2/12/2029		90,708			88,923		88,933
											90,394		90,404		2.86	%
Gas, Water and Multi-utilities
Floating Infrastructure Holdings Finance LLC (4)(5)(6)(12)		SF + 5.75%		8.71%		8/13/2027		45,000			44,117		44,123
											44,117		44,123		1.40	%
General Industrials
BP Purchaser, LLC (4)(11)		L + 5.50%		8.74%		12/11/2028		27,863			27,357		26,673
Marcone Yellowstone Buyer Inc. (4)(5)(7)(11)		L + 5.50%		9.17%		6/23/2028		12,112			4,852		4,781
Marcone Yellowstone Buyer Inc. (4)(11)		L + 5.50%		9.17%		6/23/2028		50,500			49,759		49,689
Marcone Yellowstone Buyer Inc. (4)(5)(11)		L + 5.50%		8.98%		6/23/2028		4,451			4,408		4,380
Marcone Yellowstone Buyer Inc. (4)(5)(11)		L + 5.50%		9.17%		6/23/2028		13,397			13,268		13,182
TMC Buyer Inc (4)(5)(7)(9)						6/30/2028		4,569			(586)		(354)
TMC Buyer Inc (4)(5)(9)		SF + 6.00%		10.00%		6/30/2028		66,251			57,735		61,116
											156,793		159,467		5.04	%
Health Care Providers
123Dentist Inc (4)(5)(7)(11)						8/10/2029		C$	9,636		(148)		(137)
123Dentist Inc (4)(5)(11)		C + 5.75%		9.41%		8/10/2029		C$	48,182		36,958		34,176
Accelerated Health Systems, LLC (9)		SF + 4.25%		7.95%		2/15/2029		8,052			8,029		7,252
Advarra Holdings, Inc. (4)(5)(7)(11)						8/24/2029		6,340			(109)		(109)
Advarra Holdings, Inc. (4)(5)(11)		SF + 5.75%		8.56%		8/24/2029		70,160			68,948		68,950
ATI Holdings Acquisition, Inc. (4)(5)(6)(12)		SF + 7.75% (incl 2.00% PIK)		10.81%		2/24/2028		40,327			39,594		38,792
Baart Programs, Inc. (4)(5)(7)(12)		L + 5.00%		8.12%		6/11/2027		17,442			10,099		9,689
Charlotte Buyer Inc (5)(9)		SF + 5.25%		7.98%		2/3/2028		31,538			29,366		29,645
ERC Topco Holdings, LLC (4)(5)(7)(11)						11/10/2028		620			(11)		(10)
ERC Topco Holdings, LLC (4)(5)(7)(11)						11/10/2027		1,000			(17)		(14)
ERC Topco Holdings, LLC (4)(11)		L + 5.50%		9.17%		11/10/2028		26,483			26,014		26,069
MB2 Dental Solutions, LLC (4)(5)(12)		SF + 6.00%		9.70%		1/29/2027		9,143			8,966		8,969
MB2 Dental Solutions, LLC (4)(5)(7)(12)						1/29/2027		87,500			(1,669)		(1,666)
MB2 Dental Solutions, LLC (4)(5)(12)		SF + 6.00%		9.70%		1/29/2027		25,357			24,867		24,874
Medline Borrower, LP (9)		L + 3.25%		6.37%		10/23/2028		19,898			19,686		18,334
MPH Acquisition Holdings LLC (9)		L + 4.25%		7.32%		9/1/2028		4,645			4,525		4,306
Pediatric Associates Holding Company, LLC (5)(7)(9)		L + 3.25%		4.92%		12/29/2028		1,030			509		478
Pediatric Associates Holding Company, LLC (9)		L + 3.25%		5.08%		12/29/2028		6,783			6,753		6,546
Phoenix Newco Inc (9)		L + 3.25%		6.37%		11/15/2028		17,791			17,664		17,018
Pinnacle Fertility, Inc. (4)(5)(6)(7)(11)		SF + 4.50%		8.20%		3/14/2028		12,500			9,148		9,148
Pinnacle Fertility, Inc. (4)(5)(6)(11)		SF + 4.50%		8.05%		3/14/2028		27,431			26,932		26,932

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

September 30, 2022

(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
PPV Intermediate Holdings, LLC (4)(5)(7)(11)		SF + 5.75%		9.29%		8/31/2029		24,413			1,563		1,508
PPV Intermediate Holdings, LLC (4)(5)(11)		SF + 5.75%		9.01%		8/31/2029		91,643			90,041		89,831
PPV Intermediate Holdings, LLC (4)(5)(7)(11)						8/31/2029		8,721			(152)		(172)
PTSH Intermediate Holdings, LLC (4)(5)(7)(11)						12/17/2027		3,953			(75)		(232)
PTSH Intermediate Holdings, LLC (4)(11)		L + 5.75%		9.42%		12/17/2027		20,942			20,568		19,715
Tenet Healthcare Corp (5)(6)(8)				5.13%		11/1/2027		2,695			2,732		2,424
Tivity Health Inc (4)(5)(11)		SF + 6.00%		9.55%		6/28/2029		112,560			109,828		108,123
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(5)(7)(11)		SF + 5.75%		8.77%		7/17/2028		77,292			25,381		25,392
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(5)(11)		SF + 5.75%		8.60%		7/17/2028		43,838			42,977		42,992
											628,967		618,823		19.57	%
Household Goods and Home Construction
LHS Borrower, LLC (9)		SF + 4.75%		7.88%		2/16/2029		21,890			21,684		17,895
											21,684		17,895		0.57	%
Industrial Engineering
Brookfield WEC Holdings Inc. (5)(9)		SF + 3.75%		6.87%		8/1/2025		2,000			1,955		1,956
Standard Industries, Inc. (9)		L + 2.50%		6.68%		9/22/2028		1,290			1,290		1,255
Time Manufacturing Holdings, LLC (4)(5)(11)		E + 6.50%		7.25%		12/1/2027		€	4,794		4,948		4,430
Time Manufacturing Holdings, LLC (4)(5)(7)(11)		L + 6.50%		9.54%		12/1/2027		1,000			562		525
Time Manufacturing Holdings, LLC (4)(11)		L + 6.50%		9.54%		12/1/2027		12,173			11,938		11,476
Time Manufacturing Holdings, LLC (4)(11)		E + 6.50%		7.25%		12/1/2027		€	8,444		9,359		7,801
TK Elevator U.S. Newco, Inc. (6)(9)		L + 3.50%		6.87%		7/30/2027		7,719			7,732		7,416
											37,784		34,859		1.10	%
Industrial Metals and Mining
BLY US Holdings Inc. (4)(6)(12)		L + 7.50%		11.11%		9/8/2026		3,076			3,000		2,946
											3,000		2,946		0.09	%
Industrial Support Services
Acuris Finance US, Inc (5)(9)		SF + 4.00%		7.70%		2/16/2028		12,500			12,410		12,013
Allied Universal Holdco LLC (9)		L + 3.75%		6.78%		5/12/2028		3,039			3,029		2,680
Argos Health Holdings, Inc. (4)(11)		L + 5.50%		8.13%		12/6/2027		662			650		649
Becklar, LLC (4)(5)(7)(12)		SF + 6.85%		9.88%		12/21/2026		999			915		897
Becklar, LLC (4)(12)		SF + 6.85%		9.96%		12/21/2026		5,798			5,684		5,582
Captive Resources Midco LLC (4)(5)(7)(11)						7/3/2028		7,558			(145)		(145)
Captive Resources Midco LLC (4)(5)(11)		SF + 5.50%		8.53%		7/2/2029		89,203			87,453		87,482
Coretrust Purchasing Group LLC (4)(5)(7)(11)						10/1/2029		10,736			(322)		(322)
Coretrust Purchasing Group LLC (4)(5)(7)(11)						10/1/2029		11,656			(350)		(350)
Coretrust Purchasing Group LLC (4)(5)(11)		SF + 6.75%		9.71%		10/1/2029		73,720			71,509		71,509
Eagle 2021 Lower Merger Sub, LLC (4)(11)		L + 5.50%		8.13%		12/6/2027		827			812		811
Employbridge, LLC (11)		L + 4.75%		8.42%		7/19/2028		9,932			9,879		8,889
Galaxy US Opco Inc. (5)(6)(9)		SF + 4.75%		7.78%		4/29/2029		26,300			25,670		24,788
Guidehouse Inc. (4)(5)(11)		L + 6.25%		9.37%		10/16/2028		79,774			78,237		78,209
IG Investments Holdings, LLC (4)(5)(7)(13)						9/22/2027		1,726			(23)		(35)
IG Investments Holdings, LLC (4)(11)		L + 6.00%		9.67%		9/22/2028		22,563			22,239		22,083
IG Investments Holdings, LLC (4)(11)		L + 6.00%		9.67%		9/22/2028		1,861			1,844		1,821
Mckissock Investment Holdings, LLC (11)		SF + 5.00%		8.48%		3/4/2029		29,850			29,568		28,955
NBG Acquisition Corp. (4)(5)(7)(11)						11/6/2028		952			(12)		(37)
NBG Acquisition Corp. (4)(5)(7)(11)						11/6/2028		18,760			(267)		(735)
NBG Acquisition Corp. (4)(5)(7)(11)		L + 5.25%		8.04%		11/6/2028		2,876			893		888
NBG Acquisition Corp. (4)(11)		L + 5.25%		8.06%		11/6/2028		21,607			21,460		20,760
Royal Buyer, LLC (4)(5)(7)(11)						8/31/2028		9,000			(178)		(178)
Royal Buyer, LLC (4)(5)(7)(11)		SF + 6.00%		8.90%		8/31/2028		7,000			1,495		1,495
Royal Buyer, LLC (4)(5)(11)		SF + 6.00%		8.90%		8/31/2028		45,000			44,110		44,112

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

September 30, 2022

(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
Sedgwick Claims Management Services, Inc. (8)		L + 3.25%		6.37%		12/31/2025		19,401			19,186		18,423
Simplisafe Holding Corporation (4)(5)(6)(7)(11)						5/2/2028		15,106			(281)		(281)
Simplisafe Holding Corporation (4)(5)(6)(11)		SF + 6.25%		8.85%		5/2/2028		120,549			118,307		118,308
Southern Graphics Inc. (4)(5)(7)(12)		L + 7.50%		10.32%		11/17/2026		1,000			352		334
Southern Graphics Inc. (4)(12)		L + 7.50%		10.44%		11/17/2026		10,227			9,986		9,807
Vaco Holdings, LLC (11)		SF + 5.00%		8.70%		1/22/2029		12,654			12,598		12,338
Vistage Worldwide Inc (5)(11)		SF + 5.25%		8.95%		7/13/2029		1,000			973		987
											577,681		571,737		18.08	%
Industrial Transportation
EquipmentShare.com Inc. (4)(9)		L + 7.75%		10.69%		11/16/2026		4,226			4,164		4,064
EquipmentShare.com Inc. (4)(9)		L + 7.75%		10.69%		11/16/2026		16,903			16,591		16,257
E.S.G. Movilidad, S.L.U. (4)(5)(6)(7)(8)						5/31/2029		€	11,245		(348)		(495)
E.S.G. Movilidad, S.L.U. (4)(5)(6)(8)		E + 6.75%		6.75%		5/31/2029		€	8,096		8,437		7,578
E.S.G. Movilidad, S.L.U. (4)(5)(6)(8)		E + 6.75%		6.75%		5/31/2029		€	22,264		23,203		20,839
											52,047		48,243		1.53	%
Investment Banking and Brokerage Services
Ascensus Holdings, Inc. (9)		L + 3.50%		7.19%		8/2/2028		7,960			7,880		7,264
											7,880		7,264		0.23	%
Leisure Goods
Jam City, Inc. (4)(5)(7)(12)						9/7/2027		732			(12)		(10)
Jam City, Inc. (4)(12)		L + 7.00%		10.68%		9/7/2027		2,890			2,865		2,850
Tilting Point Media LLC (4)(5)(7)(12)						2/26/2027		6,372			(169)		(580)
Tilting Point Media LLC (4)(5)(7)(12)						2/26/2027		2,916			(77)		(265)
Tilting Point Media LLC (4)(12)		L + 8.00%		11.12%		2/26/2027		7,974			7,758		7,248
											10,365		9,243		0.29	%
Life Insurance
Onedigital Borrower LLC (9)		SF + 4.25%		6.98%		11/16/2027		5,955			5,943		5,568
											5,943		5,568		0.18	%
Media
2080 Media, Inc. (4)(5)(7)(11)		SF + 6.50%		10.48%		3/14/2029		29,561			12,257		11,598
2080 Media, Inc. (4)(5)(7)(11)						3/14/2028		13,795			(251)		(529)
2080 Media, Inc. (4)(11)		SF + 6.50%		10.48%		3/14/2029		55,180			54,129		52,919
Ancestry.com Inc. (5)(9)		L + 3.25%		6.37%		12/6/2027		12,894			12,700		11,649
Associations Inc. (4)(5)(12)		SF + 6.50% (incl 2.50% PIK)		8.88%		7/2/2027		479			474		477
Associations Inc. (4)(5)(12)		SF + 6.50% (incl 2.50% PIK)		7.50%		7/2/2027		997			987		993
Associations Inc. (4)(5)(12)		SF + 6.50% (incl 2.50% PIK)		10.26%		7/2/2027		997			987		993
Associations Inc. (4)(5)(12)		L + 6.50% (incl 2.50% PIK)		9.37%		7/2/2027		602			596		600
Associations Inc. (4)(5)(7)(12)						7/2/2027		403			(4)		(1)
Associations Inc. (4)(5)(12)		L + 6.50% (incl 2.50% PIK)		8.88%		7/2/2027		4,111			4,072		4,098
Aventine Intermediate LLC (4)(5)(7)(11)		L + 10.00% (incl 4.00% PIK)		9.05%		6/18/2027		1,022			926		904
Aventine Intermediate LLC (4)(11)		L + 6.00% (incl 4.00% PIK)		9.05%		6/18/2027		17,926			17,615		17,254
Kobalt London Limited (4)(5)(6)(7)(11)						2/25/2027		13,125			(234)		(232)
Kobalt London Limited (4)(6)(11)		SF + 6.50%		9.49%		2/25/2027		13,125			12,888		12,893
Mav Acquisition Corporation (9)		L + 4.75%		8.32%		7/28/2028		13,905			13,776		12,858
Mcgraw-Hill Education, Inc. (5)(8)				5.75%		8/1/2028		1,179			1,008		987
Oneteam Partners, LLC (4)(5)(11)		SF + 5.75%		9.41%		9/14/2029		75,000			73,507		73,509
Regency Entertainment (USA), Inc. (4)(5)(12)		L + 6.75%		9.75%		11/22/2025		30,000			29,720		29,467

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

September 30, 2022

(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
Renaissance Financiere (4)(5)(6)(7)(8)		E + 7.00%		7.20%		7/26/2028		€	34,871		24,488		23,714
Spirit RR Holdings, Inc. (4)(5)(7)(11)						9/13/2028		3,912			(116)		(116)
Spirit RR Holdings, Inc. (4)(5)(7)(11)						9/13/2028		1,806			(54)		(54)
Spirit RR Holdings, Inc. (4)(5)(11)		SF + 6.50%		9.38%		9/13/2028		18,057			17,520		17,519
The NPD Group L.P. (4)(5)(7)(11)						12/1/2027		638			(12)		(12)
The NPD Group L.P. (4)(11)		SF + 6.25% (incl 2.75% PIK)		8.76%		12/1/2028		139,201			136,471		136,489
The NPD Group L.P. (4)(11)		L + 5.75%		8.87%		12/1/2028		9,315			9,224		9,080
The NPD Group L.P. (4)(5)(7)(11)						12/1/2027		8,384			(162)		(163)
											422,512		416,894		13.18	%
Medical Equipment and Services
ABB/CON-CISE Optical Group LLC (4)(5)(7)(13)		P + 6.50%		12.75%		2/23/2028		2,358			2,140		2,094
ABB/CON-CISE Optical Group LLC (4)(11)		L + 7.50%		10.46%		2/23/2028		22,528			22,008		21,580
Coding Solutions Acquisition, Inc. (4)(5)(7)(11)						5/11/2028		22,875			(429)		(757)
Coding Solutions Acquisition, Inc. (4)(5)(7)(11)		SF + 5.75%		8.78%		5/11/2028		10,875			1,423		1,271
Coding Solutions Acquisition, Inc. (4)(5)(11)		SF + 5.75%		8.78%		5/11/2028		76,250			74,791		73,727
Plasma Buyer LLC (4)(5)(7)(11)						5/12/2029		22,070			(357)		(772)
Plasma Buyer LLC (4)(5)(7)(11)						5/12/2028		9,458			(177)		(312)
Plasma Buyer LLC (4)(5)(11)		SF + 5.75%		9.30%		5/12/2029		85,125			83,479		82,146
SDC US Smilepay SPV (4)(5)(7)(12)		L + 10.75% (incl 3.75% PIK)		14.04%		10/27/2025		75,990			16,805		15,062
											199,683		194,039		6.14	%
Non-life Insurance
Alera Group, Inc. (4)(5)(7)(11)		L + 5.50%		9.13%		10/2/2028		21,829			16,262		16,019
Alera Group, Inc. (4)(5)(11)		SF + 6.00%		9.05%		10/2/2028		12,556			12,546		12,309
Alera Group, Inc. (4)(11)		SF + 6.00%		9.05%		10/2/2028		44,285			44,247		43,411
Alliant Holdings I, L.P. (5)(8)		L + 3.25%		6.37%		5/9/2025		997			979		958
Alliant Holdings Intermediate, LLC (5)(9)		L + 3.50%		6.49%		11/5/2027		17,892			17,701		16,998
AmWins Group, LLC (11)		L + 2.25%		5.37%		2/21/2028		4,657			4,629		4,466
Galway Borrower LLC (4)(5)(7)(11)		L + 5.25%		8.92%		9/29/2028		4,382			1,877		1,716
Galway Borrower LLC (4)(5)(7)(11)						9/30/2027		2,216			(37)		(89)
Galway Borrower LLC (4)(11)		L + 5.25%		8.92%		9/29/2028		57,357			56,820		54,928
Higginbotham Insurance Agency, Inc. (4)(5)(7)(11)		L + 5.25%		8.37%		11/25/2026		48			6		7
Higginbotham Insurance Agency, Inc. (4)(5)(11)		L + 5.25%		8.37%		11/25/2026		9,902			9,808		9,867
HUB International Limited (11)		L + 3.25%		5.98%		4/25/2025		15,886			15,764		15,333
Integrity Marketing Acquisition LLC (4)(5)(7)(11)		L + 5.50%		8.55%		8/27/2025		20,937			10,476		10,340
Integrity Marketing Acquisition LLC (4)(5)(11)		SF + 5.75%		9.51%		8/27/2025		57,691			56,927		56,231
Patriot Growth Insurance Services, LLC (4)(5)(7)(11)						10/16/2028		18,300			(353)		(296)
Patriot Growth Insurance Services, LLC (4)(5)(7)(11)						10/16/2028		309			(5)		(5)
Patriot Growth Insurance Services, LLC (4)(5)(7)(11)						10/16/2028		822			(14)		(13)
Patriot Growth Insurance Services, LLC (4)(11)		L + 5.50%		8.56%		10/16/2028		6,969			6,845		6,856
RSC Acquisition, Inc. (4)(5)(7)(11)		SF + 5.50%		9.20%		10/30/2026		32,895			337		(52)
RSC Acquisition, Inc. (4)(5)(11)		SF + 5.50%		8.55%		10/30/2026		7,105			7,035		6,955
RSC Acquisition, Inc. (4)(5)(7)(11)						10/30/2026		467			—		(10)
RSC Acquisition, Inc. (4)(5)(11)		SF + 5.50%		8.23%		10/30/2026		14,459			14,459		14,154
Trupanion, Inc. (4)(5)(6)(7)(11)						3/25/2027		26,250			(355)		(826)
Trupanion, Inc. (4)(5)(6)(7)(11)						3/25/2027		6,576			(88)		(207)
Trupanion, Inc. (4)(5)(6)(11)		SF + 5.00%		8.70%		3/25/2027		20,895			20,605		20,238
USI Inc/NY (8)		L + 2.75%		6.42%		5/16/2024		13,062			12,972		12,745
											309,443		302,033		9.55	%
Personal Care, Drug and Grocery Stores
Diamond (BC) B.V. (6)(9)		L + 2.75%		5.56%		9/29/2028		9,392			9,315		8,683
Puma Buyer LLC (4)(5)(9)		SF + 5.50%		9.15%		7/16/2029		62,000			57,738		57,792

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

September 30, 2022

(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
Vermont Aus Pty Ltd (4)(6)(11)		SF + 5.65%		9.20%		3/23/2028		26,119			25,507		24,986
Vermont Aus Pty Ltd (4)(6)(11)		B + 5.75%		8.86%		3/23/2028		A$	35,571		25,933		21,749
											118,493		113,210		3.58	%
Personal Goods
Daphne S.P.A. (4)(5)(6)(7)(8)						5/23/2028		€	7,957		(201)		(300)
Daphne S.P.A. (4)(5)(6)(8)		E + 6.25%		6.25%		5/23/2028		€	41,376		43,160		38,990
Spanx, LLC (4)(5)(7)(11)		L + 5.25%		7.78%		11/18/2027		5,000			1,313		1,400
Spanx, LLC (4)(11)		L + 5.25%		8.30%		11/20/2028		29,775			29,240		29,860
											73,512		69,950		2.21	%
Pharmaceuticals and Biotechnology
CPI Buyer, LLC (4)(5)(7)(11)		L + 5.50%		7.92%		11/1/2028		4,343			802		784
CPI Buyer, LLC (4)(5)(7)(11)						10/30/2026		2,115			(37)		(24)
CPI Buyer, LLC (4)(11)		L + 5.50%		8.57%		11/1/2028		25,274			24,911		24,881
Organon & Co. (6)(9)		L + 3.00%		6.19%		6/2/2028		9,594			9,608		9,402
Petvet Care Centers LLC (11)		L + 3.50%		6.62%		2/14/2025		7,743			7,684		7,191
											42,968		42,234		1.34	%
Real Estate Investment and Services
850 Third Avenue Mezz I, LLC (4)(5)(7)(9)		L + 6.50%		9.06%		10/1/2024		2,791			2,130		1,772
850 Third Avenue Owner LLC (4)(5)(9)		L + 6.50%		9.06%		10/1/2024		4,726			4,694		4,090
OEG Borrower LLC (4)(5)(9)		SF + 5.00%		8.44%		5/20/2029		40,000			38,447		38,300
											45,271		44,162		1.40	%
Retailers
Petsmart LLC (11)		L + 3.75%		6.87%		2/11/2028		10,577			10,505		10,046
The Michaels Companies, Inc. (11)		L + 4.25%		7.92%		4/14/2028		2,858			2,833		2,315
The Talbots, Inc. (4)(12)		L + 8.00%		11.53%		11/17/2026		7,999			7,774		7,639
											21,112		20,000		0.63	%
Software and Computer Services
Applied Systems Inc (9)		L + 3.00%		6.67%		9/19/2024		14,878			14,836		14,543
Armstrong Bidco Limited (4)(5)(6)(7)(8)		SN + 5.75%		7.94%		6/28/2029		£	47,995		16,359		15,492
Armstrong Bidco Limited (4)(5)(6)(8)		SN + 5.75%		7.94%		6/28/2029		£	91,991		109,368		98,547
AxiomSL Group, Inc. (4)(5)(7)(12)						12/3/2027		744			(7)		—
AxiomSL Group, Inc. (4)(5)(12)		L + 6.00%		9.12%		12/3/2027		11,387			11,387		11,387
AxiomSL Group, Inc. (4)(5)(7)(12)						12/3/2025		812			—		—
Barracuda Networks Inc (5)(9)		SF + 4.50%		7.53%		5/17/2029		21,500			20,867		20,291
Bottomline Technologies, Inc. (4)(5)(7)(11)						5/15/2028		385			(4)		(9)
Bottomline Technologies, Inc. (4)(5)(11)		SF + 5.50%		8.35%		5/14/2029		4,615			4,570		4,495
Calabrio, Inc. (4)(5)(7)(12)						4/16/2027		2,687			—		(32)
Calabrio, Inc. (4)(5)(12)		L + 7.00%		10.67%		4/16/2027		22,313			22,313		22,045
CCC Intelligent Solutions Inc. (9)		L + 2.25%		5.37%		9/21/2028		10,096			10,043		9,810
DS Admiral Bidco, LLC (4)(5)(7)(12)						3/16/2026		966			(9)		(18)
DS Admiral Bidco, LLC (4)(5)(12)		L + 5.75%		8.56%		3/16/2028		8,989			8,902		8,777
DTI Holdco, Inc. (5)(11)		SF + 4.75%		7.33%		4/21/2029		30,000			29,427		28,562
Endure Digital, Inc. (11)		L + 3.50%		6.18%		2/10/2028		2,664			2,646		2,264
Finthrive Software Intermediate Holdings Inc (9)		L + 4.00%		7.12%		12/18/2028		13,135			12,881		12,117
GoTo Group Inc (5)(8)		L + 4.75%		7.80%		8/31/2027		6,960			6,857		4,864
Govcio Buyer Company (4)(12)		L + 5.50%		8.62%		8/18/2027		10,851			10,664		10,613
Helios Software Holdings, Inc. (5)(12)		SF + 3.75%		7.45%		3/13/2028		16,670			16,510		15,816
Huskies Parent, Inc. (4)(5)(7)(11)						11/3/2028		1,000			(17)		(65)
Huskies Parent, Inc. (4)(5)(7)(11)		L + 5.50%		9.17%		11/3/2027		1,000			512		471
Huskies Parent, Inc. (4)(11)		L + 5.50%		8.64%		11/3/2028		25,474			25,022		23,817
Hyland Software, Inc. (5)(11)		L + 3.50%		6.62%		7/1/2024		15,626			15,510		15,172
LMI Inc/DE (9)		L + 3.75%		6.87%		10/2/2028		14,907			14,820		9,919

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

September 30, 2022

(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
Medallia, Inc. (4)(11)		L + 6.75% PIK		9.87%		10/30/2028		72,561			72,561		71,620
Mcafee Corp. (9)		SF + 3.75%		6.36%		3/1/2029		7,980			7,943		7,300
Mitchell International, Inc. (9)		L + 3.75%		6.73%		10/16/2028		19,838			19,506		18,033
New Era Technology, Inc. (4)(5)(12)		L + 6.25%		9.06%		10/31/2026		19,899			19,899		19,324
Peraton Inc. (11)		L + 3.75%		6.87%		2/1/2028		3,726			3,729		3,541
Perforce Software, Inc. (4)(5)(9)		SF + 4.50%		7.53%		7/1/2026		19,950			19,489		19,285
Picard Midco Inc (5)(8)				6.50%		3/31/2029		9,610			8,031		8,180
Prism Parent Co., Inc. (4)(5)(7)(11)						9/19/2028		10,833			(216)		(216)
Prism Parent Co., Inc. (4)(5)(11)		SF + 6.00%		9.02%		9/19/2028		43,333			42,472		42,471
Project Alpha Intermediate Holding, Inc. (5)(8)		L + 4.00%		7.12%		4/26/2024		8,704			8,615		8,403
Project Ruby Ultimate Parent Corp (11)		L + 3.25%		6.37%		3/10/2028		7,387			7,379		6,915
Quail Buyer, Inc. (4)(11)		L + 5.25%		8.03%		10/1/2027		7,463			7,333		7,451
Quasar Intermediate Holdings Ltd (9)		SF + 4.25%		6.98%		2/1/2029		14,000			13,880		10,430
Riley Mergeco LLC (4)(5)(7)(12)						9/23/2027		456			(9)		(20)
Riley Mergeco LLC (4)(5)(7)(12)						9/23/2027		304			(6)		(13)
Riley Mergeco LLC (4)(12)		L + 6.00% (incl 2.75% PIK)		9.12%		9/23/2027		1,694			1,659		1,621
Rocket Software, Inc. (5)(8)		L + 4.25%		7.37%		11/28/2025		11,312			11,112		10,847
Smarsh Inc. (4)(5)(7)(11)						2/16/2029		4,286			(78)		(176)
Smarsh Inc. (4)(5)(7)(11)						2/16/2029		1,071			(20)		(44)
Smarsh Inc. (4)(11)		SF + 6.50%		10.05%		2/16/2029		17,143			16,827		16,438
TA TT Buyer, LLC (5)(9)		SF + 5.00%		8.98%		4/2/2029		15,000			14,855		14,450
Tibco Software Inc (5)(9)		SF + 4.50%		8.15%		3/20/2029		13,010			11,839		11,707
Tricentis Americas, Inc. (4)(5)(7)(12)		SF + 4.25%		7.91%		5/13/2024		8,751			1,188		1,122
Tricentis Americas, Inc. (4)(5)(7)(12)						5/13/2024		499			(4)		(7)
Tricentis Americas, Inc. (4)(12)		SF + 4.25%		7.91%		5/13/2024		15,472			15,361		15,245
Trimech Acquisition Corp. (4)(5)(7)(12)		SF + 4.75%		8.03%		3/10/2028		3,289			345		280
Trimech Acquisition Corp. (4)(12)		SF + 4.75%		8.45%		3/10/2028		21,602			21,298		20,851
Trimech Acquisition Corp. (4)(5)(12)		SN + 4.75%		7.67%		3/10/2028		£	36,716		44,371		39,525
UKG Inc (9)		L + 3.25%		5.54%		5/4/2026		9,187