August 14, 2024 - 10-Q: Quarterly report pursuant to Section 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 June 30, 2024


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 August 8, 2024 was 9,940,216, 84,327,899, 38,853,898 and 155,547,132 of Class S, Class I, Class D, and Class F common shares, respectively. Common shares outstanding exclude August 1, 2024 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 June 30, 2024 (Unaudited) and December 31, 2023	2
	Consolidated Statements of Operations for the three and six months ended June 30, 2024 (U naudited) and June 30, 2023 (Unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2024 (Unaudited) and June 30, 2023 (Unaudited)	5
	Consolidated Statements of Cash Flows for the six months ended June 30, 2024 (U naudited) and June 30, 2023 (Unaudited)	6
	Consolidated Schedules of Investments as of June 30, 2024 (Unaudited) and December 31, 2023	8
	Notes to Consolidated Financial Statements (Unaudited)	42
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	89
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	113
Item 4.	Controls and Procedures	114

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	115
Item 1A.	Risk Factors	115
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	115
Item 3.	Defaults Upon Senior Securities	115
Item 4.	Mine Safety Disclosures	115
Item 5.	Other Information	116
Item 6.	Exhibits	117
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, 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 upcoming year;

•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 Advisors, LLC (the “Adviser”) or any of its affiliates;

•the elevated 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 “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)


	June 30, 2024		December 31, 2023
ASSETS	(Unaudited)
Investments at fair value
Non-controlled/non-affiliated investments (amortized cost of $10,737,830 and $9,058,649 at June 30, 2024 and December 31, 2023, respectively)	$	10,863,483	$	9,145,583
Non-controlled/affiliated investments (amortized cost of $19,524 and $19,639 at June 30, 2024 and December 31, 2023, respectively)	20,083		19,824
Controlled/affiliated investments (amortized cost of $227,227 and $125,513 at June 30, 2024 and December 31, 2023, respectively)	238,639		124,003
Total investments at fair value (amortized cost of $10,984,581 and $9,203,801 at June 30, 2024 and December 31, 2023, respectively)	11,122,205		9,289,410
Cash and cash equivalents	351,130		188,775
Interest receivable from non-controlled/non-affiliated investments	103,798		91,134
Dividend receivable from non-controlled/non-affiliated investments	27		83
Deferred financing costs	35,095		30,825
Deferred offering costs	1,589		891
Derivative assets, at fair value (Note 6)	8,144		8,353
Receivable for investments	14,016		105,138
Other assets	19,212		811
Total assets	$	11,655,216	$	9,715,420
LIABILITIES
Debt (net of unamortized debt issuance costs of $57,128 and $11,833 at June 30, 2024 and December 31, 2023, respectively)	$	4,220,909	$	4,206,900
Payable for investments purchased	75,905		71,339
Interest payable	77,767		58,786
Derivative liabilities, at fair value (Note 6)	17,901		9,104
Due to affiliates	10,986		12,833
Distribution payable (Note 9)	58,234		74,907
Payable for share repurchases (Note 9)	56,104		63,474
Management fees payable (Note 3)	7,329		5,591
Income based incentive fees payable (Note 3)	27,025		20,347
Capital gains incentive fees payable (Note 3)	13,046		3,518
Distribution and/or shareholder servicing fees payable	1,955		1,524
Accrued expenses and other liabilities	795		1,733
Total liabilities	4,567,956		4,530,056
Commitments and contingencies (Note 8)
NET ASSETS
Common Shares, $0.01 par value (277,761,711 and 206,889,570 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively)	2,778		2,069
Additional paid in capital	6,903,828		5,113,205
Distributable earnings (loss)	180,654		70,090
Total net assets	7,087,260		5,185,364
Total liabilities and net assets	$	11,655,216	$	9,715,420

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)


	June 30, 2024		December 31, 2023
NET ASSET VALUE PER SHARE	(Unaudited)
Class I Shares:
Net assets	$	2,052,817	$	1,314,775
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	80,453,015		52,457,511
Net asset value per share	$	25.52	$	25.06
Class D Shares:
Net assets	$	926,987	$	706,613
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	36,330,213		28,192,719
Net asset value per share	$	25.52	$	25.06
Class F Shares:
Net assets	$	3,878,862	$	3,142,475
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	152,019,594		125,381,461
Net asset value per share	$	25.52	$	25.06
Class S Shares:
Net assets	$	228,594	$	21,501
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	8,958,889		857,879
Net asset value per share	$	25.52	$	25.06

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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	303,580	$	206,356	$	595,344	$	379,998
Payment-in-kind interest income	16,910		8,161		34,940		12,891
Dividend income	973		47		1,768		47
Other income	3,170		1,241		4,264		1,645
From controlled/affiliated investments:
Dividend income	6,626		—		8,445		—
Total investment income	331,259		215,805		644,761		394,581
Expenses:
Interest expense	88,668		61,600		174,761		111,563
Management fees	21,207		12,070		39,546		23,258
Income based incentive fee	27,025		17,211		52,590		31,459
Capital gains incentive fee	3,573		—		9,528		—
Distribution and/or shareholder servicing fees
Class D	560		313		1,057		588
Class F	4,724		3,055		9,033		5,890
Class S	412		—		596		—
Professional fees	843		1,285		1,599		2,204
Board of Trustees’ fees	151		145		300		286
Administrative service expenses (Note 3)	847		581		1,669		1,154
Other general & administrative	2,410		2,044		4,793		3,695
Amortization of continuous offering costs	363		389		816		754
Total expenses	150,783		98,693		296,288		180,851
Net investment income before excise tax	180,476		117,112		348,473		213,730
Excise tax expense	569		—		554		(5)
Net investment income after excise tax	179,907		117,112		347,919		213,735
Net realized and change in unrealized gain (loss):
Realized gain (loss):
Non-controlled/non-affiliated investments	(1,525)		365		(11,474)		(10,366)

Foreign currency forward contracts	(2,821)		(7,152)		(2,654)		(7,681)
Foreign currency transactions	5,612		27		9,121		(142)
Net realized gain (loss)	1,266		(6,760)		(5,007)		(18,189)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	19,374		38,117		38,719		115,990
Non-controlled/affiliated investments	420		—		374		—
Controlled/affiliated investments	6,234		—		12,922		—
Foreign currency forward contracts	4,754		3,409		17,248		904
Translation of assets and liabilities in foreign currencies	(3,458)		(5,960)		11,972		(7,493)
Net change in unrealized appreciation (depreciation)	27,324		35,566		81,235		109,401
Net realized and change in unrealized gain (loss)	28,590		28,806		76,228		91,212
Net increase (decrease) in net assets resulting from operations	$	208,497	$	145,918	$	424,147	$	304,947

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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Increase (decrease) in net assets from operations:
Net investment income after excise tax	$	179,907	$	117,112	$	347,919	$	213,735
Net realized gain (loss)	1,266		(6,760)		(5,007)		(18,189)
Net change in unrealized appreciation (depreciation)	27,324		35,566		81,235		109,401
Net increase (decrease) in net assets resulting from operations	208,497		145,918		424,147		304,947
Distributions to common shareholders:
Class I	(48,883)		(23,136)		(88,567)		(44,075)
Class D	(22,251)		(12,317)		(42,269)		(22,593)
Class F	(91,600)		(58,567)		(176,171)		(110,152)
Class S	(4,521)		—		(6,575)		—
Net decrease in net assets resulting from distributions	(167,255)		(94,020)		(313,582)		(176,820)
Share transactions:
Class I:
Proceeds from shares sold	374,949		38,749		735,047		60,642
Share transfers between classes	1,115		—		2,448		16,465
Distributions reinvested	13,283		8,064		26,809		16,590
Repurchased shares, net of early repurchase deduction	(22,768)		(4,144)		(55,979)		(13,336)
Net increase (decrease) from share transactions	366,579		42,669		708,325		80,361
Class D:
Proceeds from shares sold	81,825		49,495		178,322		79,895
Share transfers between classes	13,549		5,462		16,476		5,462
Distributions reinvested	10,301		5,024		21,265		9,430
Repurchased shares, net of early repurchase deduction	20		(25,085)		(10,538)		(25,077)
Net increase (decrease) from share transactions	105,695		34,896		205,525		69,710
Class F:
Proceeds from shares sold	229,852		158,441		657,909		258,850
Share transfers between classes	(14,664)		(5,462)		(20,355)		(21,927)
Distributions reinvested	40,181		24,055		84,121		48,579
Repurchased shares, net of early repurchase deduction	(33,361)		(69,371)		(49,118)		(85,956)
Net increase (decrease) from share transactions	222,008		107,663		672,557		199,546
Class S:
Proceeds from shares sold	102,658		—		201,047		—
Share transfers between classes	—		—		1,431		—
Distributions reinvested	1,863		—		2,441		—
Repurchased shares, net of early repurchase deduction	5		—		5		—
Net increase (decrease) from share transactions	104,526		—		204,924		—
Total increase (decrease) in net assets	840,050		237,126		1,901,896		477,744
Net assets, beginning of period	6,247,210		3,695,890		5,185,364		3,455,272
Net assets, end of period	$	7,087,260	$	3,933,016	$	7,087,260	$	3,933,016

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

(in thousands)

(Unaudited)


	Six Months Ended June 30,
	2024		2023
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	424,147	$	304,947
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	(52,015)		(115,990)
Net realized (gain) loss on investments	11,474		10,366
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts	(17,248)		(904)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	(13,913)		7,696
Net accretion of discount and amortization of premium, net	(47,986)		(17,778)
Amortization of deferred financing costs	4,371		2,738
Amortization of debt issuance costs and original issue discount on notes	3,247		809
Amortization of offering costs	816		754
Payment-in-kind interest capitalized	(34,077)		(12,458)
Payment-in-kind dividends capitalized	(954)		—

Purchases of investments	(3,018,927)		(1,539,183)
Proceeds from sale of investments and principal repayments	1,309,690		366,205
Changes in operating assets and liabilities:
Interest receivable from non-controlled/non-affiliated investments	(12,664)		(5,083)
Dividend receivable from non-controlled/non-affiliated investments	56		—
Receivable for investments	91,122		(8,945)
Other assets	(18,401)		(556)
Payable for investments purchased	4,566		35,370
Interest payable	18,981		22,176
Due to affiliates	(1,847)		6,491
Management fees payable	1,738		4,096
Income based incentive fees payable	6,678		17,211
Capital gains incentive fees payable	9,528		—
Distribution and/or shareholder servicing fees payable	431		1,257
Accrued expenses and other liabilities	(938)		(783)
Net cash provided by (used in) operating activities	(1,332,125)		(921,564)
Cash flows from financing activities:
Borrowings on debt	3,062,601		2,253,726
Repayments of debt	(2,963,128)		(1,456,808)
Deferred financing costs paid	(8,642)		(11,416)
Debt issuance costs paid	(48,543)		(3,646)
Deferred offering costs paid	(1,514)		(1,511)
Proceeds from issuance of Common Shares	1,772,325		399,387
Common Shares repurchased, net of early repurchase deduction	(123,000)		(35,589)
Distributions paid in cash	(195,619)		(108,992)
Net cash provided by (used in) financing activities	1,494,480		1,035,151
Net increase (decrease) in cash and cash equivalents	162,355		113,587
Cash and cash equivalents, beginning of period	188,775		74,241
Cash and cash equivalents, end of period	$	351,130	$	187,828

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

(in thousands)

(Unaudited)


	Six Months Ended June 30,
	2024		2023
Supplemental information and non-cash activities:
Interest paid during the period	$	148,162	$	89,387
Taxes paid during the period	$	1,522	$	819
Distribution payable	$	58,234	$	32,319
Share repurchases accrued but not paid	$	56,104	$	98,594
Reinvestment of distributions during the period	$	134,636	$	74,599
Non-cash purchases of investments	$	3,045	$	28,861
Non-cash sales of investments	$	(3,045)	$	(28,861)

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

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HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 2024

(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)(6)(9)					8/4/2028	$	5,687		$	(79)	$	(107)
Arcfield Acquisition Corp (4)(9)	SF +	6.25%	11.58	%	8/3/2029	48,637			47,884		47,627
Asdam Operations Pty Ltd (4)(5)(8)	B +	5.75%	10.10	%	8/22/2028	A$	3,614		2,421		2,377
Asdam Operations Pty Ltd (4)(5)(6)(8)					8/22/2028	A$	5,421		(83)		(50)
Asdam Operations Pty Ltd (4)(5)(8)	B +	5.75%	10.10	%	8/22/2028	A$	41,558		27,944		27,338
Cadence - Southwick, Inc. (4)(6)(10)	SF +	5.00%	10.42	%	5/3/2028	17,561			7,288		7,552
Cadence - Southwick, Inc. (4)(10)	SF +	5.00%	10.44	%	5/3/2029	41,321			40,311		41,321
Cadence - Southwick, Inc. (4)(10)	SF +	5.00%	10.44	%	5/3/2029	3,104			3,048		3,104
Fastener Distribution Holdings, LLC (4)(10)	SF +	6.50%	11.98	%	10/1/2025	41,298			40,965		41,122
Frontgrade Technologies Holdings Inc. (4)(6)(9)					1/10/2028	6,864			(133)		—
Frontgrade Technologies Holdings Inc. (4)(9)	SF +	5.00%	10.33	%	1/9/2030	37,241			36,348		37,241
Frontgrade Technologies Holdings Inc. (4)(9)	SF +	5.00%	10.33	%	1/9/2030	7,840			7,705		7,840
WP CPP Holdings, LLC (4)(6)(10)					11/30/2029	26,285			(593)		(225)
WP CPP Holdings, LLC (4)(10)	SF +	7.50% (incl 4.13% PIK)	12.85	%	11/30/2029	190,949			186,730		189,312
									399,756		404,452		5.71	%
Alternative Energy
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15)	SF +	7.00%	12.43	%	11/9/2026	14,325			14,100		14,098
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15)	SF +	7.00%	12.43	%	11/9/2026	1,089			1,070		1,072
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15)	SF +	7.00%	12.43	%	11/9/2026	11,816			11,595		11,628
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15)	SF +	7.00%	12.43	%	11/9/2026	1,075			1,058		1,058
									27,823		27,856		0.39	%
Asset Based Lending and Fund Finance
CRSS HPS LLC (4)(5)(10)	SF +	6.75%	12.18	%	12/21/2026	18,402			18,099		18,118
									18,099		18,118		0.26	%
Automobiles and Parts
Clarios Global LP (7)	SF +	3.00%	8.34	%	5/6/2030	10,723			10,673		10,762
Foundation Automotive US Corp (4)(10)	SF +	7.75% PIK	13.33	%	12/24/2027	4,444			4,400		3,751
Foundation Automotive Corp (4)(5)(10)	SF +	7.75% PIK	13.35	%	12/24/2027	14,645			14,512		12,359
Foundation Automotive US Corp (4)(10)	SF +	7.75% PIK	13.35	%	12/24/2027	24,933			24,709		21,041
Oil Changer Holding Corporation (4)(10)	SF +	6.75%	12.24	%	2/8/2027	40,389			40,163		40,389
Oil Changer Holding Corporation (4)(10)	SF +	6.75%	12.24	%	2/8/2027	8,479			8,433		8,479
									102,890		96,781		1.37	%
Chemicals
Lummus Technology Holdings V LLC (7)	SF +	3.50%	8.96	%	12/31/2029	15,073			14,878		15,149
									14,878		15,149		0.21	%
Construction and Materials
Esdec Solar Group B.V. (4)(5)(6)(8)					8/30/2028	€	17,183		(342)		(96)
Esdec Solar Group B.V. (4)(5)(8)	E +	6.25%	10.08	%	8/30/2028	€	51,162		55,048		54,510
Nexus Intermediate III, LLC (4)(9)	SF +	5.50%	11.18	%	12/6/2027	1,058			1,047		1,055
									55,753		55,469		0.78	%
Consumer Services
Aesthetics Australia Group Pty Ltd (4)(5)(8)	B +	6.25%	10.65	%	3/21/2028	A$	57,095		36,082		37,209
AI Learning (Singapore) PTE. LTD. (4)(5)(12)	SORA +	8.25% (incl 4.00% PIK)	11.69	%	5/25/2027	44,947		S$	32,488		32,767
American Academy Holdings, LLC (4)(17)	SF +	9.75% (incl 5.25% PIK)	15.21	%	6/30/2027	55,337			55,337		55,330
Auctane Inc (4)(9)	SF +	5.75%	11.18	%	10/5/2028	24,438			24,438		24,438
Club Car Wash Operating, LLC (4)(6)(10)	SF +	6.00%	11.48	%	6/16/2027	39,238			24,673		25,261
Club Car Wash Operating, LLC (4)(10)	SF +	6.00%	11.48	%	6/16/2027	12,441			12,279		12,441

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 2024

(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
Club Car Wash Operating, LLC (4)(10)	SF +	6.00%	11.48	%	6/16/2027	25,457	25,236	25,457
Express Wash Concepts, LLC (4)(10)	SF +	6.00%	11.44	%	4/30/2027	46,989	46,719	47,144
Express Wash Concepts, LLC (4)(10)	SF +	6.00%	11.44	%	4/30/2027	26,393	26,237	26,479
Grant Thornton LLP (7)	SF +	3.25%	8.60	%	6/2/2031	3,750	3,750	3,765
Houghton Mifflin Harcourt Company (8)	SF +	5.25%	10.70	%	4/9/2029	25,123	24,582	23,971
IXM Holdings, Inc. (4)(11)	SF +	6.50%	11.83	%	12/14/2029	18,519	18,266	18,704
IXM Holdings, Inc. (4)(6)(11)					12/14/2029	1,638	(23)	16
IXM Holdings, Inc. (4)(6)(11)	SF +	6.50%	11.84	%	12/14/2029	2,184	1,303	1,332
KUEHG Corp. (8)	SF +	4.50%	9.83	%	6/12/2030	3,827	3,818	3,846
Learning Care Group, Inc. (8)	SF +	4.00%	9.34	%	8/11/2028	1,985	1,960	2,001
Mckissock Investment Holdings, LLC (9)	SF +	5.00%	10.48	%	3/12/2029	46,566	45,533	46,804
Mckissock Investment Holdings, LLC (9)	SF +	5.00%	10.48	%	3/12/2029	12,454	12,366	12,517
Polyconcept North America Holdings, Inc. (9)	SF +	5.50%	10.83	%	5/18/2029	22,892	22,557	22,452
Spotless Brands, LLC (4)(10)	SF +	6.50%	11.97	%	7/25/2028	21,484	21,189	21,610
Spotless Brands, LLC (4)(10)	SF +	6.50%	11.97	%	7/25/2028	15,942	15,724	16,036
Spotless Brands, LLC (4)(10)	SF +	6.50%	11.97	%	7/25/2028	105,065	103,595	105,682
Spotless Brands, LLC (4)(6)(10)	SF +	6.50%	11.93	%	7/25/2028	5,175	2,001	2,070
Thrasio LLC (4)(10)	SF +	10.00% PIK	15.45	%	6/18/2029	344	342	344
Thrasio LLC (4)(7)(18)	SF +	10.00% PIK			6/18/2029	1,055	1,029	833
TruGreen Limited Partnership (9)	SF +	4.00%	9.44	%	11/2/2027	8,531	8,456	8,241
WMB Holdings Inc (8)	SF +	2.75%	8.09	%	11/2/2029	1,673	1,634	1,681
Zips Car Wash, LLC (4)(10)	SF +	7.25% (incl 1.50% PIK)	12.69	%	12/31/2024	26,098	26,098	25,632
Zips Car Wash, LLC (4)(10)	SF +	7.25% (incl 1.50% PIK)	12.69	%	12/31/2024	15,375	15,373	15,101
Zips Car Wash, LLC (4)(10)	SF +	7.25% (incl 1.50% PIK)	12.69	%	12/31/2024	987	987	969
							614,029	620,133	8.75	%
Electricity
Hamilton Projects Acquiror, LLC (8)	SF +	3.75%	9.09	%	5/31/2031	17,149	17,106	17,280
IP Operating Portfolio I, LLC (4)(7)			7.88	%	12/31/2029	27,428	26,954	27,428
IP Operations II Investco, LLC (4)(6)(15)	SF +	5.50%	10.84	%	6/26/2029	26,547	8,320	8,322
IP Operations II Investco, LLC (4)(6)(15)	SF +	5.50%	10.84	%	12/31/2025	38,338	6,756	6,761
Sunzia UpperCo LLC (4)(16)	SF +	5.00%	10.33	%	6/27/2025	25,000	24,797	24,897
							83,933	84,688	1.19	%
Electronic and Electrical Equipment
Brightstar Escrow Corp. (7)			9.75	%	10/15/2025	183	182	185
							182	185	—	%
Finance and Credit Services
PCP CW Aggregator Holdings II, L.P. (4)(5)(10)	SF +	9.25% PIK	14.73	%	2/9/2027	20,864	20,670	20,781
Yes Energy LLC (4)(10)	SF +	5.00%	10.35	%	4/21/2028	9,975	9,830	10,038
Yes Energy LLC (4)(10)	SF +	5.00%	10.35	%	4/21/2028	4,861	4,727	4,892
Yes Energy LLC (4)(6)(10)	SF +	5.00%	10.34	%	4/21/2028	4,212	202	326
Yes Energy LLC (4)(10)	SF +	5.00%	10.35	%	4/21/2028	25,935	25,457	26,100
							60,886	62,137	0.88	%
Food Producers
Specialty Ingredients, LLC (4)(6)(9)	SF +	6.00%	11.44	%	2/12/2029	11,279	6,607	6,767
Specialty Ingredients, LLC (4)(9)	SF +	6.00%	11.44	%	2/12/2029	89,347	88,048	89,347
Sugar PPC Buyer LLC (4)(10)	SF +	6.00%	11.33	%	10/2/2030	16,499	16,157	16,664
Sugar PPC Buyer LLC (4)(10)	SF +	6.00%	11.33	%	10/2/2030	59,397	58,202	59,991
							169,014	172,769	2.44	%
Gas, Water and Multi-utilities
Floating Infrastructure Holdings Finance LLC (4)(5)(10)	SF +	5.75%	11.18	%	8/13/2027	42,274	41,758	42,274

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 2024

(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
Eagle LNG Partners Jacksonville II LLC (4)(7)			13.50% (incl 6.35% PIK)		4/26/2029	766		744	744
								42,502	43,018	0.61	%
General Industrials
BP Purchaser, LLC (4)(9)	SF +	5.50%	11.11	%	12/11/2028	27,373		27,010	25,840
Bright Light Buyer, Inc. (4)(10)	SF +	6.00%	11.33	%	11/8/2029	74,625		72,959	74,732
Capripack Debtco PLC (4)(5)(10)	E +	6.75% (incl 2.50% PIK)	10.64	%	1/3/2030	€	13,229	13,986	13,995
Capripack Debtco PLC (4)(5)(10)	E +	6.75% (incl 2.50% PIK)	10.64	%	1/3/2030	€	71,210	75,289	75,332
Capripack Debtco PLC (4)(5)(6)(10)					1/3/2030	€	29,873	(1,138)	(392)
Capripack Debtco PLC (4)(5)(6)(10)					1/3/2030	€	26,139	(996)	(343)
Cube Industrials Buyer, Inc. (4)(6)(10)					10/18/2029	5,664		(75)	—
Cube Industrials Buyer, Inc. (4)(10)	SF +	6.00%	11.33	%	10/18/2030	48,963		48,302	49,453
Formerra, LLC (4)(10)	SF +	7.25%	12.74	%	11/1/2028	4,230		4,127	4,205
Formerra, LLC (4)(6)(10)	SF +	7.25%	12.69	%	11/1/2028	12,031		3,327	3,537
Formerra, LLC (4)(10)	SF +	7.25%	12.73	%	11/1/2028	105,153		102,627	104,518
Marcone Group Inc (4)(13)	SF +	6.25%	11.73	%	6/23/2028	11,892		11,811	11,504
Marcone Group Inc (4)(13)	SF +	6.25%	11.73	%	6/23/2028	49,609		49,095	47,992
Marcone Group Inc (4)(13)	SF +	6.25%	11.73	%	6/23/2028	4,373		4,343	4,230
Marcone Group Inc (4)(13)	SF +	6.25%	11.73	%	6/23/2028	13,160		13,071	12,731
TMC Buyer Inc (8)	SF +	6.00%	11.33	%	6/30/2028	69,797		63,296	69,797
								487,034	497,131	7.01	%
Health Care Providers
123Dentist Inc (4)(5)(6)(9)					8/10/2029	C$	1,941	(29)	—
123Dentist Inc (4)(5)(9)	C +	5.50%	10.27	%	8/10/2029	C$	55,115	42,129	40,280
Aspen Dental Management Inc. (ADMI Corp) (8)	SF +	3.75%	9.21	%	12/23/2027	3,319		3,253	3,259
Aspen Dental Management Inc. (ADMI Corp) (7)	SF +	5.75%	11.09	%	12/23/2027	858		866	865
Accelerated Health Systems LLC (8)	SF +	4.25%	9.73	%	2/15/2029	7,911		7,896	6,598
ATI Holdings Acquisition, Inc. (4)(5)(10)	SF +	7.25%	12.73	%	2/24/2028	41,092		40,585	40,365
Baart Programs, Inc. (4)(10)	SF +	5.00%	10.60	%	6/11/2027	10,071		10,013	9,695
Charlotte Buyer Inc (8)	SF +	5.25%	10.58	%	2/11/2028	23,814		22,766	23,906
ERC Topco Holdings, LLC (4)(6)(7)(18)	SF +	6.25% (incl 3.25% PIK)			11/10/2027	1,000		738	425
ERC Topco Holdings, LLC (4)(7)(18)	SF +	6.25% (incl 3.25% PIK)			11/10/2028	25,291		24,420	16,252
ERC Topco Holdings, LLC (4)(7)(18)	SF +	6.25% PIK			11/10/2028	417		417	268
ERC Topco Holdings, LLC (4)(7)(18)	SF +	6.25% PIK			11/10/2028	11		11	7
MB2 Dental Solutions, LLC (4)(6)(9)					2/13/2031	54,046		(1,052)	360
MB2 Dental Solutions, LLC (4)(6)(9)					2/13/2031	32,427		(955)	216
MB2 Dental Solutions, LLC (4)(6)(13)	P +	5.00%	13.50	%	2/13/2031	13,909		2,797	3,060
MB2 Dental Solutions, LLC (4)(9)	SF +	6.00%	11.33	%	2/13/2031	155,694		153,320	156,731
Medline Borrower LP (8)	SF +	2.75%	8.09	%	10/23/2028	15,135		15,021	15,183
MPH Acquisition Holdings LLC (8)	SF +	4.25%	9.86	%	9/1/2028	4,563		4,479	3,810
Pareto Health Intermediate Holdings, Inc. (4)(10)	SF +	6.25%	11.58	%	6/3/2030	30,015		29,253	30,315
Pareto Health Intermediate Holdings, Inc. (4)(10)	SF +	6.25%	11.58	%	6/3/2030	10,005		9,751	10,105
Pareto Health Intermediate Holdings, Inc. (4)(6)(10)					6/1/2029	4,032		(99)	—
Phoenix Newco Inc (8)	SF +	3.25%	8.71	%	11/15/2028	17,478		17,390	17,535
Pinnacle Fertility, Inc. (4)(9)	SF +	5.00%	10.59	%	3/14/2028	9,211		9,104	9,211
Pinnacle Fertility, Inc. (4)(9)	SF +	5.00%	10.51	%	3/14/2028	26,881		26,537	26,881
PPV Intermediate Holdings, LLC (4)(9)	SF +	5.75%	11.10	%	8/31/2029	108,193		106,711	108,193
PPV Intermediate Holdings, LLC (4)(6)(9)					8/31/2029	8,145		(120)	—

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 2024

(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
PTSH Intermediate Holdings, LLC (4)(9)	SF +	5.50%	10.98	%	12/17/2027	3,921		3,870	3,918
PTSH Intermediate Holdings, LLC (4)(9)	SF +	5.50%	10.98	%	12/17/2027	20,574		20,324	20,559
Tenet Healthcare Corp (5)(7)			5.13	%	11/1/2027	2,695		2,720	2,640
Tivity Health Inc (4)(9)	SF +	6.00%	11.34	%	6/28/2029	110,590		108,596	110,590
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(6)(9)	SF +	5.75%	11.08	%	7/17/2028	50,016		31,911	31,359
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9)	SF +	5.75%	11.08	%	7/17/2028	26,414		26,061	25,736
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9)	SF +	5.75%	11.07	%	7/17/2028	43,070		42,468	41,966
WCAS XIV Primary Care Investors, L.P. (4)(10)	SF +	6.25%	11.58	%	12/31/2032	56,433		55,339	56,142
WCAS XIV Primary Care Investors, L.P. (4)(10)	SF +	6.25%	11.59	%	12/31/2032	8,342		8,175	8,299
WCAS XIII Primary Care Investors, L.P. (4)(10)	SF +	6.25%	11.58	%	12/31/2029	135,630		133,483	134,896
								958,149	959,625	13.54	%
Household Goods and Home Construction
LHS Borrower LLC (8)	SF +	4.75%	10.19	%	2/16/2029	6,912		6,865	6,559
Sunset Debt Merger Sub, Inc. (9)	SF +	4.00%	9.46	%	10/6/2028	704		616	604
								7,481	7,163	0.10	%
Industrial Engineering
LSF12 Donnelly Bidco, LLC (4)(10)	SF +	6.50%	11.84	%	10/2/2029	19,778		19,345	19,976
Radwell Parent, LLC (4)(6)(9)	SF +	5.50%	10.83	%	4/3/2028	13,271		2,863	3,097
Radwell Parent, LLC (4)(9)	SF +	5.50%	10.83	%	4/2/2029	153,047		149,574	153,046
Roper Industrial Products Investment Co (8)	SF +	3.25%	8.58	%	11/22/2029	17,227		16,742	17,317
Time Manufacturing Holdings, LLC (4)(9)	E +	6.50%	10.29	%	12/1/2027	€	4,758	4,954	4,936
Time Manufacturing Holdings, LLC (4)(6)(9)	SF +	6.50%	12.00	%	12/1/2027	1,000		914	898
Time Manufacturing Holdings, LLC (4)(9)	SF +	6.50%	12.00	%	12/1/2027	12,081		11,925	11,727
Time Manufacturing Holdings, LLC (4)(9)	E +	6.50%	10.29	%	12/1/2027	€	8,380	9,351	8,693
TK Elevator US Newco Inc (5)(8)	SF +	3.50%	8.79	%	4/30/2030	12,510		12,362	12,590
Wec US Holdings Ltd (7)	SF +	2.75%	8.09	%	1/27/2031	10,000		9,926	10,021
								237,956	242,301	3.42	%
Industrial Metals and Mining
BLY US Holdings Inc. (4)(5)(10)	SF +	6.00%	11.33	%	4/10/2029	61,908		60,413	60,429
								60,413	60,429	0.85	%
Industrial Support Services
Acuris Finance US, Inc (8)	SF +	4.00%	9.48	%	2/16/2028	13,500		13,419	13,520
AI Circle Bidco Limited (4)(5)(6)(10)					2/8/2031	€	6,374	(267)	(124)
AI Circle Bidco Limited (4)(5)(10)	E +	6.75%	10.66	%	2/8/2031	€	44,620	46,259	46,918
Allied Universal Holdco LLC (8)	SF +	3.75%	9.19	%	5/12/2028	2,986		2,979	2,978
Argos Health Holdings, Inc. (4)(9)	SF +	5.75%	11.07	%	12/6/2027	650		642	612
Atlas Intermediate III, L.L.C. (4)(10)	SF +	8.25% (incl 4.00% PIK)	13.58	%	10/31/2029	114,369		111,879	113,388
Atlas Intermediate III, L.L.C. (4)(6)(10)					10/31/2029	13,445		(299)	(115)
Becklar, LLC (4)(10)	SF +	6.85%	12.29	%	12/21/2026	976		966	971
Becklar, LLC (4)(10)	SF +	6.85%	12.29	%	12/21/2026	5,667		5,600	5,634
Captive Resources Midco LLC (4)(6)(9)					7/3/2028	7,558		(101)	—
Captive Resources Midco LLC (4)(9)	SF +	5.25%	10.59	%	7/2/2029	94,578		93,279	94,578
CD&R Madison UK Bidco LTD (4)(5)(6)(7)	SN +	8.50% (incl 2.00% PIK)	13.71	%	2/28/2030	£	9,976	3,756	4,171
CD&R Madison UK Bidco LTD (4)(5)(7)	SN +	8.50% (incl 2.00% PIK)	13.72	%	2/28/2030	£	45,850	53,647	58,094
CD&R Madison UK Bidco LTD (4)(5)(7)	E +	8.00% (incl 2.00% PIK)	11.79	%	2/28/2030	€	22,605	23,212	24,221
Coretrust Purchasing Group LLC (4)(6)(9)					10/1/2029	10,736		(269)	(18)
Coretrust Purchasing Group LLC (4)(6)(9)					10/1/2029	11,656		(262)	(20)

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 2024

(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
Coretrust Purchasing Group LLC (4)(9)	SF +	5.25%	10.58	%	10/1/2029	80,685		78,935	80,546
Coretrust Purchasing Group LLC (4)(6)(9)					10/1/2029	4,423		(43)	(8)
Eagle 2021 Lower Merger Sub, LLC (4)(9)	SF +	5.75%	11.07	%	12/6/2027	813		803	765
Employbridge, LLC (9)	SF +	4.75%	10.31	%	7/19/2028	9,757		9,720	6,838
Empower Payments Investor, LLC (4)(6)(9)					3/12/2031	14,426		(282)	(56)
Empower Payments Investor, LLC (4)(6)(9)					3/12/2030	9,704		(184)	(52)
Empower Payments Investor, LLC (4)(9)	SF +	5.25%	10.48	%	3/12/2031	101,946		99,996	101,554
Galaxy US Opco Inc. (5)(8)	SF +	4.75%	10.08	%	4/29/2029	25,906		25,439	21,135
Guidehouse Inc. (4)(9)	SF +	5.75% (incl 2.00% PIK)	11.09	%	12/16/2030	187,862		185,521	185,982
IG Investments Holdings, LLC (4)(6)(9)					9/22/2027	6,836		(111)	(35)
IG Investments Holdings, LLC (4)(9)	SF +	6.00%	11.43	%	9/22/2028	22,164		21,934	22,160
IG Investments Holdings, LLC (4)(9)	SF +	6.00%	11.43	%	9/22/2028	1,828		1,816	1,828
IG Investments Holdings, LLC (4)(9)	SF +	6.00%	11.33	%	9/22/2028	2,190		2,169	2,190
NBG Acquisition Corp. (4)(6)(9)	SF +	5.25%	10.73	%	11/6/2028	2,876		2,118	2,037
NBG Acquisition Corp. (4)(9)	SF +	5.25%	10.73	%	11/6/2028	21,227		21,125	20,491
PG Polaris BidCo Sarl (5)(7)	SF +	3.50%	8.83	%	3/26/2031	6,977		6,960	7,032
Planet US Buyer LLC (7)	SF +	3.50%	8.82	%	2/7/2031	7,500		7,482	7,557
Royal Buyer, LLC (4)(6)(9)	SF +	5.50%	10.85	%	8/31/2028	8,972		7,555	7,689
Royal Buyer, LLC (4)(6)(9)					8/31/2028	7,000		(97)	—
Royal Buyer, LLC (4)(9)	SF +	5.50%	10.85	%	8/31/2028	44,325		43,693	44,325
Royal Buyer, LLC (4)(6)(9)					8/31/2028	23,538		(226)	—
Royal Buyer, LLC (4)(9)	SF +	5.50%	10.85	%	8/31/2028	70,672		70,023	70,672
Sedgwick Claims Management Services, Inc. (7)	SF +	3.75%	9.09	%	6/27/2031	19,109		18,971	19,154
SimpliSafe Holding Corporation (4)(9)	SF +	6.25%	11.59	%	5/2/2028	15,066		14,852	15,066
SimpliSafe Holding Corporation (4)(9)	SF +	6.25%	11.59	%	5/2/2028	118,434		116,881	118,433
Soliant Lower Intermediate LLC (7)	SF +	3.75%	9.09	%	6/20/2031	8,249		8,167	8,249
Spirit RR Holdings, Inc. (4)(6)(9)	SF +	5.00%	10.45	%	9/13/2028	3,579		543	596
Spirit RR Holdings, Inc. (4)(9)	SF +	5.00%	10.43	%	9/13/2028	42,885		42,225	42,885
Spirit RR Holdings, Inc. (4)(6)(9)	SF +	5.00%	10.40	%	9/13/2028	5,971		2,896	2,978
TruckPro, LLC (4)(12)	SF +	7.75%	13.23	%	8/16/2028	70,179		68,441	66,995
Vaco Holdings LLC (9)	SF +	5.00%	10.48	%	1/21/2029	13,170		13,126	13,099
W3 TopCo LLC (4)(10)	SF +	6.50%	11.83	%	3/22/2029	89,698		86,307	87,312
								1,311,195	1,322,225	18.66	%
Industrial Transportation
E.S.G. Movilidad, S.L.U. (4)(5)(6)(7)					5/31/2029	€	11,245	(288)	—
E.S.G. Movilidad, S.L.U. (4)(5)(7)	E +	6.50%	10.27	%	5/31/2029	€	8,096	8,503	8,671
E.S.G. Movilidad, S.L.U. (4)(5)(7)	E +	6.50%	10.27	%	5/31/2029	€	22,264	23,383	23,845
Truck-Lite Co, LLC (4)(6)(9)					2/13/2031	9,338		(177)	11
Truck-Lite Co, LLC (4)(6)(9)	SF +	5.75%	11.08	%	2/13/2030	11,973		175	389
Truck-Lite Co, LLC (4)(9)	SF +	5.75%	11.07	%	2/13/2031	86,157		84,527	86,257
								116,123	119,173	1.68	%
Investment Banking and Brokerage Services
Apex Group Treasury LLC (5)(8)	SF +	5.00%	10.32	%	7/27/2028	6,947		6,857	6,991
Ascensus Holdings, Inc. (8)	SF +	3.50%	8.96	%	8/2/2028	7,603		7,548	7,619
Baker Tilly Advisory Group, LP (4)(9)	SF +	5.00%	10.34	%	6/3/2031	98,839		97,371	97,372
Baker Tilly Advisory Group, LP (4)(6)(9)					6/3/2031	19,768		(295)	(293)
Baker Tilly Advisory Group, LP (4)(6)(9)					6/3/2030	23,539		(349)	(349)
Eisner Advisory Group LLC (8)	SF +	4.00%	9.34	%	2/28/2031	6,032		5,975	6,099
More Cowbell II, LLC (4)(6)(9)					9/3/2030	5,484		(105)	—
More Cowbell II, LLC (4)(6)(9)	SF +	6.00%	11.33	%	9/4/2029	7,590		3,139	3,270
More Cowbell II, LLC (4)(9)	SF +	6.00%	11.09	%	9/3/2030	50,216		49,330	50,216
Osaic Holdings Inc (7)	SF +	4.00%	9.34	%	8/17/2028	12,993		12,941	13,049

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 2024

(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
Rockefeller Capital Management (4)(8)	SF +	5.00%	10.33	%	4/4/2031	70,000		69,318	70,422
Transnetwork LLC (8)	SF +	5.50%	10.83	%	12/29/2030	61,917		61,011	62,381
Travelex Issuerco 2 PLC (4)(5)(14)	SN +	8.00%	13.21	%	9/22/2028	£	22,905	27,090	29,018
Violin Finco Guernsey Limited (4)(5)(7)	SN +	5.50%	10.70	%	6/24/2031	£	93,262	117,151	116,725
Violin Finco Guernsey Limited (4)(5)(6)(7)					6/24/2031	£	6,211	(79)	(78)
								456,903	462,442	6.52	%
Leisure Goods
Jam City, Inc. (4)(10)	SF +	7.00%	12.60	%	9/7/2027	1,981		1,970	2,001
								1,970	2,001	0.03	%
Life Insurance
OneDigital Borrower LLC (7)	SF +	3.50%	8.84	%	7/2/2031	8,870		8,826	8,859
								8,826	8,859	0.12	%
Media
2080 Media, Inc. (4)(9)	SF +	5.25%	10.58	%	3/14/2029	12,586		12,426	12,548
2080 Media, Inc. (4)(6)(9)					3/14/2028	13,795		(170)	—
2080 Media, Inc. (4)(9)	SF +	5.25%	10.58	%	3/14/2029	54,215		53,453	54,054
2080 Media, Inc. (4)(6)(9)					3/14/2029	18,859		(189)	(56)
Arc Media Holdings Limited (4)(5)(6)(10)	SF +	7.25%	12.74	%	10/29/2027	2,766		1,738	1,698
Arc Media Holdings Limited (4)(5)(10)	SF +	7.25%	12.73	%	10/29/2027	39,914		39,239	38,664
Aventine Intermediate LLC (4)(9)	SF +	6.00% (incl 4.00% PIK)	11.43	%	6/18/2027	1,096		1,085	1,064
Aventine Intermediate LLC (4)(9)	SF +	6.00% (incl 4.00% PIK)	11.43	%	6/18/2027	19,253		19,051	18,700
IEHL US Holdings, Inc. (4)(12)	SF +	7.00%	12.33	%	10/29/2029	6,604		6,440	6,670
International Entertainment Investments Ltd (4)(5)(12)	SN +	7.40%	12.64	%	10/29/2029	£	15,493	18,834	19,782
International Entertainment Investments Ltd (4)(5)(10)	E +	7.00%	10.87	%	10/29/2029	€	2,540	2,731	2,747
International Entertainment Investments Ltd (4)(5)(10)	E +	7.00%	10.87	%	10/29/2029	€	3,048	3,185	3,297
International Entertainment Investments Ltd (4)(5)(6)(12)					4/27/2029	5,080		(135)	51
International Entertainment Investments Ltd (4)(5)(12)	SF +	7.00%	12.33	%	10/29/2029	30,478		29,734	30,783
LOCI Bidco Limited (4)(5)(8)	SF +	5.25%	10.54	%	5/19/2031	12,087		11,790	11,790
LOCI Bidco Limited (4)(5)(8)	SN +	5.25%	10.48	%	5/19/2031	£	73,522	91,122	90,662
LOCI Bidco Limited (4)(5)(6)(8)					5/19/2031	46,320		(1,148)	(1,138)
Mav Acquisition Corporation (8)	SF +	4.75%	10.20	%	7/28/2028	15,644		15,458	15,690
OneTeam Partners, LLC (4)(9)	SF +	5.50%	10.94	%	9/14/2029	73,875		72,749	73,875
Renaissance Financiere (4)(5)(7)	E +	7.00%	10.88	%	7/26/2028	€	34,871	35,575	37,584
Renaissance Holding Corp. (8)	SF +	4.25%	9.60	%	4/5/2030	7,940		7,790	7,944
Showtime Acquisition, L.L.C. (4)(10)	SF +	6.50%	11.93	%	8/7/2028	3,648		3,573	3,648
Showtime Acquisition, L.L.C. (4)(6)(14)					8/7/2028	4,711		(105)	—
Showtime Acquisition, L.L.C. (4)(10)	SF +	6.25%	11.68	%	8/7/2028	4,253		4,175	4,253
Showtime Acquisition, L.L.C. (4)(10)	SF +	6.50%	11.93	%	8/7/2028	63,352		61,932	63,352
								490,333	497,662	7.02	%
Medical Equipment and Services
ABB/CON-CISE Optical Group LLC (4)(9)	SF +	7.50%	12.99	%	2/23/2028	21,259		20,916	19,312
Bamboo US BidCo LLC (4)(6)(10)	SF +	6.75% (incl 3.38% PIK)	12.08	%	9/30/2030	15,472		2,507	2,956
Bamboo US BidCo LLC (4)(6)(10)					10/1/2029	21,254		(557)	(29)
Bamboo US BidCo LLC (4)(10)	E +	6.75% (incl 3.38% PIK)	10.62	%	9/30/2030	€	62,335	64,178	66,901
Bamboo US BidCo LLC (4)(10)	SF +	6.75% (incl 3.38% PIK)	12.08	%	9/30/2030	82,357		80,192	82,426
Coding Solutions Acquisition, Inc. (4)(6)(9)					5/11/2028	10,470		(247)	(11)
Coding Solutions Acquisition, Inc. (4)(9)	SF +	5.50%	10.84	%	5/11/2028	22,743		22,441	22,743
Coding Solutions Acquisition, Inc. (4)(6)(9)	SF +	5.50%	10.84	%	5/11/2028	10,875		3,663	3,806
Coding Solutions Acquisition, Inc. (4)(9)	SF +	5.50%	10.84	%	5/11/2028	74,916		73,905	74,916

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 2024

(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
Coding Solutions Acquisition, Inc. (4)(9)	SF +	5.75%	11.09	%	5/11/2028	33,996		33,253	33,959
Femur Buyer, Inc. (4)(6)(10)					9/18/2029	13,350		(316)	(401)
Femur Buyer, Inc. (4)(10)	SF +	8.25% (incl 4.50% PIK)	13.59	%	3/18/2030	139,158		135,883	134,925
Limpio Bidco GMBH (4)(5)(7)	E +	5.20%	9.06	%	10/31/2030	€	66,556	68,671	71,281
PerkinElmer U.S. LLC (4)(10)	SF +	5.00%	10.34	%	3/13/2029	111,503		108,335	111,242
PerkinElmer U.S. LLC (4)(10)	SF +	5.00%	10.34	%	3/13/2029	62,276		61,170	62,130
PerkinElmer U.S. LLC (4)(6)(10)					3/13/2029	67,165		(993)	(157)
Plasma Buyer LLC (4)(6)(9)	SF +	6.25%	11.59	%	5/12/2029	3,151		1,211	1,156
Plasma Buyer LLC (4)(6)(9)	SF +	5.75%	11.08	%	5/12/2028	9,458		5,175	5,023
Plasma Buyer LLC (4)(9)	SF +	5.75%	11.08	%	5/12/2029	83,636		82,425	80,861
Resonetics, LLC (9)	SF +	3.75%	9.08	%	6/18/2031	48,913		48,791	49,066
SDC US Smilepay SPV (4)(7)(18)	P +	9.75%			10/27/2025	20,751		15,612	12,202
TecoStar Holdings Inc (4)(10)	SF +	8.50% (incl 4.50% PIK)	13.80	%	7/6/2029	122,633		120,159	124,020
Zeus Company LLC (4)(6)(9)					2/28/2031	23,088		(338)	143
Zeus Company LLC (4)(6)(9)					2/28/2030	21,506		(304)	—
Zeus Company LLC (4)(9)	SF +	5.50%	10.83	%	2/28/2031	124,100		122,329	124,867
								1,068,061	1,083,337	15.29	%
Non-life Insurance
Accession Risk Management Group, Inc. (4)(6)(9)	SF +	6.00%	11.35	%	10/30/2029	7,970		6,733	6,825
Accession Risk Management Group, Inc. (4)(9)	SF +	5.50%	11.00	%	11/1/2029	39,450		39,213	39,450
Accession Risk Management Group, Inc. (4)(6)(9)					11/1/2029	467		—	—
Accession Risk Management Group, Inc. (4)(9)	SF +	5.50%	10.98	%	11/1/2029	14,199		14,199	14,199
Acrisure LLC (7)	SF +	3.25%	8.59	%	11/6/2030	17,903		17,903	17,903
Alera Group, Inc. (4)(9)	SF +	5.25%	10.59	%	10/2/2028	21,446		21,299	21,661
Alera Group, Inc. (4)(9)	SF +	5.25%	10.59	%	10/2/2028	12,334		12,327	12,458
Alera Group, Inc. (4)(9)	SF +	5.25%	10.59	%	10/2/2028	43,502		43,476	43,937
Alera Group, Inc. (4)(6)(9)	SF +	5.75%	11.09	%	10/2/2028	5,193		798	898
Alliant Holdings Intermediate, LLC (8)	SF +	3.50%	8.84	%	11/6/2030	18,744		18,630	18,812
AmWINS Group Inc (9)	SF +	2.25%	7.71	%	2/19/2028	7,536		7,510	7,539
Amynta Agency Borrower Inc (7)	SF +	3.75%	9.09	%	2/28/2028	20,065		19,613	20,139
BroadStreet Partners, Inc. (7)	SF +	3.25%	8.59	%	6/13/2031	9,169		9,088	9,155
Galway Borrower LLC (4)(6)(9)	SF +	5.25%	10.69	%	9/29/2028	2,216		278	304
Galway Borrower LLC (4)(9)	SF +	5.25%	10.68	%	9/29/2028	60,653		60,263	60,653
Higginbotham Insurance Agency, Inc. (4)(10)	SF +	5.50%	10.94	%	11/24/2028	22,350		22,156	22,350
Higginbotham Insurance Agency, Inc. (4)(10)	SF +	5.50%	10.94	%	11/24/2028	47		47	47
Higginbotham Insurance Agency, Inc. (4)(10)	SF +	5.50%	10.94	%	11/24/2028	9,727		9,669	9,727
Higginbotham Insurance Agency, Inc. (4)(6)(10)	SF +	4.75%	10.09	%	11/24/2028	14,334		1,457	1,596
HUB International Ltd (7)			7.25	%	6/15/2030	10,517		10,517	10,787
HUB International Ltd (9)	SF +	3.25%	8.57	%	6/20/2030	13,818		13,683	13,864
Integrity Marketing Acquisition LLC (4)(6)(9)	SF +	6.00%	11.35	%	8/27/2026	5,820		2,010	2,058
Integrity Marketing Acquisition LLC (4)(9)	SF +	6.02%	11.37	%	8/27/2026	20,592		20,398	20,592
Integrity Marketing Acquisition LLC (4)(9)	SF +	6.02%	11.47	%	8/27/2026	56,684		56,357	56,684
Integrity Marketing Acquisition LLC (4)(6)(10)					8/27/2026	472		(3)	—
Jones Deslauriers Insurance Management Inc. (5)(7)			8.50	%	3/15/2030	14,487		14,468	15,161
Patriot Growth Insurance Services LLC (4)(9)	SF +	5.00%	10.48	%	10/16/2028	18,138		17,883	18,138
Patriot Growth Insurance Services LLC (4)(6)(9)					10/16/2028	822		(11)	—
Patriot Growth Insurance Services LLC (4)(9)	SF +	5.00%	10.48	%	10/16/2028	7,150		7,058	7,150
Summit Acquisition Inc. (4)(6)(9)					5/1/2029	6,685		(162)	—
Summit Acquisition Inc. (4)(6)(9)					5/1/2030	10,961		(299)	219
Summit Acquisition Inc. (4)(9)	SF +	6.75%	12.08	%	5/1/2030	48,658		47,443	49,631
Truist Insurance Holdings LLC (7)	SF +	3.25%	8.58	%	5/6/2031	13,333		13,301	13,379

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 2024

(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
Trupanion, Inc. (4)(5)(9)	SF +	5.00%	10.48	%	3/25/2027	25,887		25,676	25,864
Trupanion, Inc. (4)(5)(6)(9)					3/25/2027	6,576		(54)	(6)
Trupanion, Inc. (4)(5)(9)	SF +	5.00%	10.48	%	3/25/2027	20,528		20,350	20,509
USI Inc/NY (7)	SF +	2.75%	8.08	%	9/27/2030	5,955		5,942	5,963
								559,216	567,646	8.01	%
Oil, Gas and Coal
Camin Cargo Control Holdings, Inc. (4)(6)(10)					12/7/2029	6,923		(148)	15
Camin Cargo Control Holdings, Inc. (4)(6)(10)	P +	5.00%	13.50	%	12/7/2029	6,923		1,982	2,123
Camin Cargo Control Holdings, Inc. (4)(10)	SF +	6.00%	11.34	%	12/7/2029	45,923		44,986	46,023
								46,820	48,161	0.68	%
Personal Care, Drug and Grocery Stores
Parfums Holding Company, Inc. (4)(10)	SF +	5.25%	10.59	%	6/27/2030	120,026		118,828	118,826
Parfums Holding Company, Inc. (4)(6)(10)					6/27/2029	9,034		(90)	(90)
Puma Buyer LLC (4)(8)	SF +	5.50%	10.93	%	7/16/2029	61,070		57,843	61,070
Vermont Aus Pty Ltd (4)(5)(9)	SF +	5.65%	10.98	%	3/23/2028	15,786		15,527	15,786
Vermont Aus Pty Ltd (4)(5)(9)	B +	5.75%	10.25	%	3/23/2028	A$	34,946	25,655	23,309
								217,763	218,901	3.09	%
Personal Goods
Daphne S.P.A. (4)(5)(6)(7)					5/23/2028	€	3,978	(106)	(329)
Daphne S.P.A. (4)(5)(7)	E +	6.25%	10.41	%	5/23/2028	€	45,354	47,765	44,819
Spanx, LLC (4)(6)(9)					11/18/2027	5,000		(58)	—
Spanx, LLC (4)(9)	SF +	5.25%	10.69	%	11/20/2028	29,250		28,866	29,250
								76,467	73,740	1.04	%
Pharmaceuticals and Biotechnology
Advarra Holdings, Inc. (4)(6)(9)					8/24/2029	6,340		(91)	—
Advarra Holdings, Inc. (4)(9)	SF +	5.25%	10.59	%	8/24/2029	69,108		68,195	69,108
CPI Buyer, LLC (4)(9)	SF +	5.50%	11.11	%	11/1/2028	1,337		1,327	1,337
CPI Buyer, LLC (4)(6)(9)					10/30/2026	2,115		(21)	—
CPI Buyer, LLC (4)(9)	SF +	5.50%	11.11	%	11/1/2028	24,830		24,574	24,830
Dolcetto HoldCo S.P.A. (4)(5)(6)(7)					10/27/2028	€	8,400	(171)	—
Dolcetto HoldCo S.P.A. (4)(5)(7)	E +	6.50%	10.22	%	10/27/2028	€	82,300	80,535	88,143
Gusto Aus Bidco Pty Ltd (4)(5)(6)(9)	B +	6.50%	10.90	%	10/30/2028	A$	11,982	1,917	2,118
Gusto Aus Bidco Pty Ltd (4)(5)(9)	B +	6.50%	10.90	%	10/30/2028	A$	118,623	74,429	79,913
Syneos Health Inc (7)	SF +	3.75%	9.08	%	9/27/2030	9,975		9,982	9,979
								260,676	275,428	3.89	%
Real Estate Investment and Services
Associations Finance, Inc. (4)(10)	SF +	6.50%	12.09	%	7/3/2028	55,835		55,781	55,781
Associations Finance, Inc. (4)(6)(7)					7/3/2028	4,316		(4)	(4)
Associations Finance, Inc. (4)(6)(10)					7/3/2028	3,459		(3)	(3)
								55,774	55,774	0.79	%
Retailers
AI Grace Aus Bidco Pty Ltd (4)(5)(9)	E +	6.50%	10.28	%	12/5/2029	€	21,626	22,712	23,065
BradyIFS Holdings, LLC (4)(6)(10)					10/31/2029	1,150		(11)	—
BradyIFS Holdings, LLC (4)(6)(10)	SF +	6.00%	11.33	%	10/31/2029	1,492		905	939
BradyIFS Holdings, LLC (4)(10)	SF +	6.00%	11.33	%	10/31/2029	13,504		13,381	13,639
Johnstone Supply LLC (7)	SF +	3.00%	8.33	%	6/9/2031	3,636		3,627	3,645
Knitwell Borrower LLC (4)(10)	SF +	8.00%	13.48	%	7/28/2027	49,460		48,318	47,825
Knitwell Borrower LLC (4)(10)	SF +	8.00%	13.48	%	7/28/2027	42,581		41,110	41,173
Petsmart LLC (9)	SF +	3.75%	9.19	%	2/11/2028	15,354		15,280	15,329
Staples, Inc. (7)	SF +	5.75%	11.08	%	9/4/2029	29,639		28,351	27,261
White Cap Buyer, LLC (7)	SF +	3.25%	8.59	%	10/19/2029	10,793		10,734	10,823
								184,407	183,699	2.59	%

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 2024

(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
Software and Computer Services
Armstrong Bidco Limited (4)(5)(7)	SN +	5.25%	10.45	%	6/28/2029	£	47,995	55,932	60,676
Armstrong Bidco Limited (4)(5)(7)	SN +	5.25%	10.45	%	6/28/2029	£	91,991	110,058	116,294
Artisan Bidco, Inc. (4)(10)	SF +	7.00%	12.33	%	11/7/2029	39,800		38,912	39,834
Artisan Bidco, Inc. (4)(6)(10)					11/7/2029	6,000		(134)	—
Artisan Bidco, Inc. (4)(10)	E +	7.00%	10.83	%	11/7/2029	€	18,521	19,368	19,871
Aurelia Netherlands Midco 2 B.V. (4)(5)(7)	E +	5.75%	9.55	%	5/22/2031	€	46,878	49,738	49,218
Avalara, Inc. (4)(6)(13)					10/19/2028	6,324		(113)	—
Avalara, Inc. (4)(9)	SF +	6.75%	12.08	%	10/19/2028	56,918		55,875	57,345
Barracuda Networks Inc (8)	SF +	4.50%	9.81	%	8/15/2029	13,792		13,489	13,786
Bottomline Technologies, Inc. (4)(6)(9)					5/15/2028	385		(3)	—
Bottomline Technologies, Inc. (4)(9)	SF +	5.25%	10.59	%	5/14/2029	4,535		4,502	4,535
Calabrio, Inc. (4)(6)(10)					4/16/2027	2,687		—	—
Calabrio, Inc. (4)(10)	SF +	7.13%	12.47	%	4/16/2027	22,313		22,313	22,313
Calabrio, Inc. (4)(10)	SF +	7.13%	12.47	%	4/16/2027	3,273		3,217	3,273
Central Parent LLC (7)	SF +	3.25%	8.58	%	7/6/2029	15,000		14,967	14,827
Certinia Inc. (4)(6)(10)					8/3/2029	5,449		(139)	—
Certinia Inc. (4)(10)	SF +	7.25%	12.58	%	8/3/2029	40,323		39,296	40,532
Cloud Software Group Inc (8)	SF +	4.00%	9.33	%	3/30/2029	13,658		12,813	13,664
Cloud Software Group Inc (7)			6.50	%	3/31/2029	7,740		6,780	7,428
Coupa Holdings, LLC (4)(6)(9)					2/27/2030	7,123		(157)	—
Coupa Holdings, LLC (4)(6)(9)					2/27/2029	6,211		(121)	—
Coupa Holdings, LLC (4)(9)	SF +	5.50%	10.83	%	2/27/2030	79,777		78,263	79,777
Denali Bidco Limited (4)(5)(7)	E +	5.75%	9.47	%	8/29/2030	€	9,441	9,816	10,128
Denali Bidco Limited (4)(5)(7)	E +	5.75%	9.47	%	8/29/2030	€	6,742	7,177	7,233
Denali Bidco Limited (4)(5)(7)	SN +	5.75%	10.95	%	8/29/2030	£	23,265	28,781	29,486
Denali Bidco Limited (4)(5)(6)(7)					8/29/2030	£	14,557	(355)	(357)
Denali Bidco Limited (4)(5)(7)	E +	5.50%	9.22	%	8/29/2030	€	15,916	16,628	16,715
Elements Finco Limited (4)(5)(6)(7)					4/29/2031	£	14,938	(185)	(184)
Elements Finco Limited (4)(5)(7)	SF +	4.75%	10.09	%	4/29/2031	10,431		10,329	10,329
Elements Finco Limited (4)(5)(7)	SF +	4.75%	10.09	%	4/29/2031	8,681		8,597	8,597
Elements Finco Limited (4)(5)(7)	SN +	5.00%	10.20	%	4/29/2031	£	33,323	41,452	41,716
Enverus Holdings Inc (4)(9)	SF +	5.50%	10.84	%	12/24/2029	64,416		63,534	65,028
Enverus Holdings Inc (4)(6)(9)					12/24/2029	3,229		(46)	31
Enverus Holdings Inc (4)(6)(9)					12/24/2029	4,913		(67)	—
FinThrive Software Intermediate Holdings Inc (8)	SF +	4.00%	9.46	%	12/18/2028	12,904		12,721	10,565
GoTo Group Inc (7)	SF +	4.75%	10.18	%	4/28/2028	1,006		1,006	519
GovCIO Buyer Company (4)(10)	SF +	5.00%	10.32	%	8/18/2027	8,975		8,872	8,975
Huskies Parent, Inc. (4)(6)(9)	SF +	5.50%	10.98	%	11/3/2027	1,000		812	805
Huskies Parent, Inc. (4)(9)	SF +	5.50%	10.98	%	11/3/2028	25,026		24,708	24,496
IRI Group Holdings, Inc. (4)(9)	SF +	5.50% (incl 2.00% PIK)	10.85	%	12/1/2028	153,010		150,967	153,010
IRI Group Holdings, Inc. (4)(6)(9)	SF +	5.00%	10.34	%	12/1/2027	9,023		5,761	5,883
LMI Inc/DE (8)	SF +	3.50%	8.94	%	10/2/2028	6,230		6,205	6,048
Medallia, Inc. (4)(9)	SF +	6.50% (incl 4.00% PIK)	11.93	%	10/30/2028	78,311		78,311	76,977
McAfee Corp (8)	SF +	3.25%	8.58	%	3/1/2029	7,860		7,836	7,862
Mitchell International, Inc. (8)	SF +	3.25%	8.59	%	6/17/2031	10,000		9,950	9,927
Newfold Digital Holdings Group Inc (9)	SF +	3.50%	8.94	%	2/10/2028	1,784		1,776	1,662
New Era Technology, Inc. (4)(10)	SF +	6.25%	11.73	%	10/31/2026	19,111		19,111	18,905
OEConnection LLC (9)	SF +	5.25%	10.59	%	4/22/2031	67,627		66,969	67,119
OEConnection LLC (6)(9)					4/22/2031	11,741		(116)	(88)
OEConnection LLC (6)(9)					4/22/2031	7,338		(71)	(115)

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 2024

(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
Onesource Virtual, Inc. (4)(10)	SF +	5.00%	10.33	%	5/28/2030	222,850		219,559	219,558
Onesource Virtual, Inc. (4)(6)(10)					5/28/2030	25,318		(374)	(374)
Oranje Holdco, Inc. (4)(6)(10)					2/1/2029	4,657		(89)	(53)
Oranje Holdco, Inc. (4)(10)	SF +	7.50%	12.83	%	2/1/2029	33,837		33,191	33,449
Oranje Holdco, Inc. (4)(10)	SF +	7.25%	12.59	%	2/1/2029	15,917		15,600	15,600
Peraton Inc. (9)	SF +	3.75%	9.19	%	2/1/2028	10,017		9,934	10,030
Perforce Software Inc (4)(8)	SF +	4.50%	9.84	%	7/1/2026	19,600		19,351	19,600
Ping Identity Holding Corp. (4)(6)(9)					10/17/2028	6,068		(112)	—
Ping Identity Holding Corp. (4)(9)	SF +	7.00%	12.34	%	10/17/2029	59,003		57,843	60,184
Prism Parent Co., Inc. (4)(6)(9)					9/19/2028	10,833		(180)	—
Prism Parent Co., Inc. (4)(9)	SF +	5.00%	10.34	%	9/19/2028	42,575		41,963	42,575
Project Alpha Intermediate Holding, Inc. (8)	SF +	3.75%	9.07	%	10/28/2030	17,648		17,376	17,724
Project Ruby Ultimate Parent Corp (9)	SF +	3.25%	8.71	%	3/10/2028	12,195		12,085	12,228
Proofpoint, Inc. (8)	SF +	3.00%	8.34	%	8/31/2028	2,378		2,378	2,383
Quail Buyer, Inc. (4)(9)	SF +	5.50%	10.93	%	10/1/2027	7,274		7,191	7,218
Quail Buyer, Inc. (4)(9)	SF +	5.50%	10.93	%	10/1/2027	39,838		39,257	39,530
Rithum Holdings Inc (4)(9)	SF +	6.25%	11.58	%	12/29/2027	42,383		40,295	42,185
Riley MergeCo LLC (4)(6)(10)					9/23/2027	304		(4)	(3)
Riley MergeCo LLC (4)(10)	SF +	5.50%	10.96	%	9/23/2027	1,807		1,784	1,792
Smarsh Inc. (4)(6)(9)	SF +	5.75%	11.08	%	2/16/2029	4,286		2,082	2,143
Smarsh Inc. (4)(6)(9)	SF +	5.75%	11.10	%	2/16/2029	1,071		500	514
Smarsh Inc. (4)(9)	SF +	5.75%	11.08	%	2/16/2029	17,143		16,910	17,143
TriMech Acquisition Corp. (4)(6)(14)	P +	3.75%	12.25	%	3/10/2028	3,289		1,935	1,974
TriMech Acquisition Corp. (4)(10)	SF +	4.75%	10.23	%	3/10/2028	21,222		21,015	21,222
TriMech Acquisition Corp. (4)(10)	SN +	4.75%	10.03	%	3/10/2028	£	36,070	43,719	45,599
UKG Inc (7)	SF +	3.25%	8.58	%	2/10/2031	9,927		9,917	9,976
User Zoom Technologies, Inc. (4)(9)	SF +	7.00%	12.31	%	4/5/2029	18,948		18,676	18,948
Zelis Payments Buyer, Inc. (7)	SF +	2.75%	8.09	%	9/28/2029	10,966		10,915	10,976
Zendesk Inc (4)(6)(9)					11/22/2028	39,321		(649)	—
Zendesk Inc (4)(6)(9)					11/22/2028	17,940		(263)	—
Zendesk Inc (4)(9)	SF +	6.25%	11.60	%	11/22/2028	161,380		159,029	161,379
								1,906,169	1,938,145	27.35	%
Technology Hardware and Equipment
Altar Bidco Inc (8)	SF +	3.10%	7.95	%	2/1/2029	8,825		8,773	8,822
CC WDW Borrower, Inc. (4)(6)(10)					1/27/2028	22,837		(506)	(1,575)
CC WDW Borrower, Inc. (4)(6)(10)	SF +	6.75%	12.23	%	1/27/2028	5,122		4,826	4,564
CC WDW Borrower, Inc. (4)(10)	SF +	6.75%	12.23	%	1/27/2028	44,874		44,040	41,779
Excelitas Technologies Corp. (4)(9)	SF +	5.25%	10.58	%	8/13/2029	8,233		8,109	8,233
Excelitas Technologies Corp. (4)(7)	E +	5.25%	8.95	%	8/13/2029	€	5,503	5,563	5,894
Excelitas Technologies Corp. (4)(6)(9)					8/14/2028	3,261		(45)	—
TechInsights Inc (4)(5)(10)	SF +	7.89%	13.37	%	11/9/2027	978		965	972
TechInsights Inc (4)(5)(10)	SF +	7.89%	13.38	%	11/9/2027	2,539		2,507	2,525
								74,232	71,214	1.00	%
Telecommunications Equipment
Delta Topco, Inc. (7)	SF +	3.50%	8.85	%	11/30/2029	18,333		18,289	18,347
Guardian US Holdco LLC (8)	SF +	3.50%	8.83	%	1/31/2030	7,920		7,791	7,881
Ribbon Communications Operating Company, Inc (4)(5)(10)	SF +	6.25%	11.59	%	6/21/2029	56,260		55,141	55,140
Ribbon Communications Operating Company, Inc (4)(5)(6)(10)					6/21/2029	6,365		(127)	(127)
								81,094	81,241	1.15	%
Telecommunications Service Providers
Directv Financing, LLC (9)	SF +	5.00%	10.46	%	8/2/2027	7,360		7,258	7,384

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 2024

(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
Meriplex Communications, LTD (4)(6)(9)	SF +	5.00%	10.44	%	7/17/2028	4,925		2,884		2,895
Meriplex Communications, LTD (4)(6)(9)					7/17/2028	1,143		(12)		(7)
Meriplex Communications, LTD (4)(9)	SF +	5.00%	10.44	%	7/17/2028	13,756		13,611		13,668
								23,741		23,940		0.34	%
Travel and Leisure
Artemis Bidco Limited (4)(5)(6)(7)	SN +	6.00%	11.24	%	9/8/2028	£	2,437	313		(129)
Artemis Bidco Limited (4)(5)(7)	SN +	6.00%	11.25	%	9/8/2028	£	7,749	10,105		8,311
Artemis Bidco Limited (4)(5)(7)	SN +	6.00%	11.25	%	9/8/2028	£	4,509	5,911		4,837
Artemis Bidco Limited (4)(5)(7)	SN +	6.00%	11.29	%	9/8/2028	£	4,676	6,124		5,016
Fertitta Entertainment LLC/NV (8)	SF +	3.75%	9.08	%	1/27/2029	9,903		9,633		9,926
Havila Kystruten Operations AS (4)(5)(17)	E +	8.75% (incl 2.75% PIK)	12.63	%	7/27/2026	€	19,121	21,197		21,197
The One Group, LLC (4)(10)	SF +	6.50%	11.83	%	5/1/2029	50,920		49,443		49,443
The One Group, LLC (4)(6)(7)					10/31/2028	6,649		(192)		(192)
Travel Leaders Group, LLC (4)(14)	SF +	8.50% (incl 3.00% PIK)	13.98	%	3/27/2028	138,544		135,995		143,545
								238,529		241,954		3.41	%
Total First Lien Debt								$	10,519,077	$	10,642,946	150.17	%

Second Lien Debt
Consumer Services
Asurion Corporation (7)	SF +	5.25%	10.71	%	1/31/2028	$	4,132	$	4,097	$	3,861
								4,097		3,861		0.05	%
Health Care Providers
Charlotte Buyer Inc (4)(8)	SF +	8.25%	13.58	%	8/11/2028	10,000		9,494		9,871
								9,494		9,871		0.15	%
Industrial Support Services
Galaxy US Opco Inc. (4)(5)(8)	SF +	8.25%	13.58	%	4/29/2030	9,000		8,827		7,268
								8,827		7,268		0.10	%
Total Second Lien Debt								$	22,418	$	21,000	0.30	%

Other Secured Debt
Asset Based Lending and Fund Finance
TPG VIII Merlin New Holdings I, L.P. (4)(5)(10)	SF +	6.50%	11.83	%	3/15/2027	$	65,000	$	63,828	$	64,304
Total Other Secured Debt								$	63,828	$	64,304	0.91	%

Unsecured Debt
Consumer Services
Wildcat Car Wash Holdings, LLC (4)(7)			15.00% PIK		7/16/2029	$	14,410	$	14,410	$	14,410
								14,410		14,410		0.20	%
Health Care Providers
VetCor Group Holdings LLC (4)(7)			13.75% PIK		9/3/2030	302		297		285
VetCor Group Holdings LLC (4)(7)			14.75% PIK		9/3/2030	258		252		254
VetCor Group Holdings LLC (4)(7)			13.75% PIK		9/3/2030	957		942		904
								1,491		1,443		0.02	%
Medical Equipment and Services
DCA Acquisition Holdings LLC (4)(7)			13.13% PIK		12/28/2032	105		104		98
DCA Acquisition Holdings LLC (4)(7)			13.13% PIK		12/28/2032	190		185		178

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 2024

(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
DCA Acquisition Holdings LLC (4)(7)			13.13% PIK		12/28/2032	1,115		1,100		1,044
								1,389		1,320		0.02	%
Non-life Insurance
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (7)			6.75	%	10/15/2027	6,255		5,818		6,175
								5,818		6,175		0.09	%
Real Estate Investment and Services
Associations Finance, Inc. (4)(7)			14.25% PIK		5/3/2030	8,322		8,282		8,281
Associations Finance, Inc. (4)(7)			14.25% PIK		5/3/2030	3,178		3,163		3,162
								11,445		11,443		0.16	%
Software and Computer Services
Elements Midco 1 Limited (4)(5)(8)	SN +	8.00% PIK	13.24	%	4/29/2032	£	1,583	1,939		1,952
								1,939		1,952		0.03	%
Telecommunications Service Providers
CCO Holdings LLC / CCO Holdings Capital Corp (7)			5.50	%	5/1/2026	7,000		7,057		6,937
								7,057		6,937		0.10	%
Total Unsecured Debt								$	43,549	$	43,680	0.62	%

Structured Finance
Structured Finance Investments
720 East CLO V Ltd (5)(7)	SF +	6.30%	11.63	%	7/20/2037	$	4,000	$	4,000	$	4,018
AMMC CLO 21 LTD (5)(7)	SF +	6.76%	12.09	%	11/2/2030	4,126		3,699		4,114
ARES CLO Ltd (5)(7)	SF +	6.70%	12.02	%	4/20/2037	5,000		5,000		5,024
Bain Capital Credit CLO 2024-3 Ltd (5)(7)	SF +	6.25%	11.59	%	7/16/2037	2,000		2,000		2,000
Carlyle Global Market Strategies (5)(7)	L +	5.40%	10.99	%	7/27/2031	1,200		957		1,179
Catskill Park CLO Ltd (5)(7)	SF +	6.26%	11.59	%	4/20/2029	1,350		1,241		1,358
CENT CLO 16, L.P. (5)(7)	SF +	8.07%	13.39	%	7/20/2034	3,000		2,832		2,890
Columbia Cent CLO 33 Ltd (5)(7)	SF +	7.16%	12.49	%	4/20/2037	2,000		1,960		1,990
Dryden 108 CLO Ltd (5)(7)					7/18/2035	2,900		2,291		1,807
Marble Point CLO XI Ltd (5)(7)	SF +	3.06%	8.39	%	12/18/2030	1,850		1,588		1,840
Monroe Capital MML CLO XIV LLC (5)(7)	SF +	10.02%	15.34	%	10/24/2034	2,500		2,349		2,513
Oaktree CLO 2019-4 Ltd (5)(7)	SF +	6.59%	12.20	%	7/20/2037	3,000		2,970		3,000
OCP CLO 2017-14 Ltd (5)(7)	SF +	6.80%	12.13	%	1/15/2033	1,469		1,299		1,476
Octagon 52 Ltd (5)(7)	SF +	7.33%	12.92	%	7/23/2037	5,000		4,950		4,950
Octagon 63 Ltd (5)(7)	SF +	6.50%	11.82	%	7/20/2037	3,000		3,000		3,014
Octagon Investment Partners 29 Ltd (5)(7)	SF +	7.17%	12.77	%	7/18/2039	3,000		2,985		2,986
Onex Clo Subsidiary 2024-3 Ltd (5)(7)	SF +	6.00%	11.33	%	7/20/2037	5,000		5,000		4,999
Rad CLO Ltd (5)(7)	SF +	6.51%	11.84	%	4/15/2034	2,500		2,504		2,514
Shackleton 2019-XV CLO Ltd (5)(7)	SF +	6.92%	12.25	%	1/15/2032	3,000		2,669		3,025
Voya CLO Ltd (5)(7)	SF +	3.81%	9.13	%	4/17/2030	1,500		1,348		1,505
								54,642		56,202		0.79	%
Total Structured Finance								$	54,642	$	56,202	0.79	%

Equity Investments
Consumer Services
CG Parent Intermediate Holdings, Inc. - Preferred Shares (4)						2,000		$	1,940	$	2,191
Club Car Wash Preferred, LLC (4)			15.00% PIK			8,817		8,817		8,817
Rapid Express Preferred, LLC (4)			15.00% PIK			2,784		2,784		2,784

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 2024

(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
Club Car Wash Preferred, LLC (4)			15.00% PIK			11,548		11,548		11,548
Rapid Express Preferred, LLC (4)			15.00% PIK			5,249		5,249		5,249
Thrasio Holdings, Inc. (4)						19,015		—		—
								30,338		30,589		0.43	%
Electricity
IP Operating Portfolio I, LLC (4)						3		68		416
								68		416		0.01	%
Gas, Water and Multi-utilities
Eagle LNG Partners Jacksonville II LLC - Warrants (4)						—		—		—
ELNG Equity LLC - Warrants (4)						78,038		—		—
								—		—		—	%
Industrial Support Services
BCPE Virginia HoldCo, Inc. (4)						2,000		1,960		2,191
								1,960		2,191		0.03	%
Media
Oneteam Partners, LLC - Preferred Shares (4)			8.00	%		1,000		1,000		1,183
								1,000		1,183		0.02	%
Travel and Leisure
The ONE Group Hospitality, Inc. - Warrants (4)						6,667		—		—
The ONE Group Hospitality, Inc. - Warrants (4)						11,911		—		—
The ONE Group Hospitality, Inc. (4)						1,000		950		972
								950		972		0.01	%
Total Equity Investments								$	34,316	$	35,351	0.50	%
Total Investments - Non-Controlled/Non-Affiliated								$	10,737,830	$	10,863,483	153.28	%

Non-Controlled/Affiliated Investments
First Lien Debt
Industrial Support Services
Southern Graphics Inc. (4)(7)(18)(19)	SF +	7.50% PIK			5/1/2028	$	5,568	$	5,419	$	5,567
								5,419		5,567		0.08	%
Total First Lien Debt								$	5,419	$	5,567	0.08	%

Second Lien Debt
Industrial Support Services
Southern Graphics Inc. (4)(7)(18)(19)	SF +	7.50% PIK			10/30/2028	$	1,932	$	1,881	$	1,932
								1,881		1,932		0.03	%
Total Second Lien Debt								$	1,881	$	1,932	0.03	%

Equity Investments
Industrial Support Services
Southern Graphics Holdings LLC (4)(19)						274		$	2,333	$	2,772
								2,333		2,772		0.04	%
Travel and Leisure
SLF V AD1 Holdings, LLC (4)(19)(20)						10,101		9,891		9,812
								9,891		9,812		0.14	%
Total Equity Investments								$	12,224	$	12,584	0.18	%
Total Investments - Non-Controlled/Affiliated								$	19,524	$	20,083	0.28	%

Controlled/Affiliated Investments
Investments in Joint Ventures

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 2024

(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
ULTRA III, LLC (5)(19)						$	227,227	$	238,639
Total Investments in Joint Ventures						$	227,227	$	238,639	3.37	%
Total Investments - Controlled/Affiliated						$	227,227	$	238,639	3.37	%
Total Investment Portfolio						$	10,984,581	$	11,122,205	156.93	%

Cash Equivalents
J.P. Morgan U.S. Government Fund, Institutional Shares (5)				$	269,155	$	269,155	$	269,155
Total Cash Equivalents						$	269,155	$	269,155	3.80	%
Total Investment Portfolio, Cash Equivalents						$	11,253,736	$	11,391,360	160.73	%

(1) Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount is presented for debt investments and the number of shares or units owned is presented for equity investments. Each of the Company’s investments is pledged as collateral under its credit facilities and debt securitization issuances unless otherwise indicated.

(2) The majority of the investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”), Prime Rate (“Prime” or “P”), Sterling Overnight Index Average ("SONIA" or "SN"), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate ("SOFR" or "SF"), Canadian Dollar Offered Rate ("CDOR" or "C"), Singapore Overnight Rate Average (“SORA”), Bloomberg Short Term Bank Yield Index (“BS”), or Bank Bill Swap Rate ("BBSW" or "B") which reset daily, monthly, quarterly, semiannually or annually. For each such investment, the Company has provided the spread over LIBOR, Prime, SONIA, E, SOFR, CDOR, SORA, BS or BBSW and the current contractual interest rate in effect at June 30, 2024. Certain investments are subject to a LIBOR, Prime, or SOFR interest rate floor, or rate cap. Certain investments contain a Payment-in-Kind (“PIK”) provision. SOFR based contracts may include a credit spread adjustment, which is included within the stated all-in interest rate, if applicable, that is charged in addition to the base rate and the stated spread.

(3) The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

(4) These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by the Adviser as the Company’s valuation designee, subject to the oversight of the Board of Trustees (the “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.

(5) The investment is not a qualifying asset, in whole or in part, under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of June 30, 2024, non-qualifying assets represented 22.1% of total assets as calculated in accordance with regulatory requirements.

(6) Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments:


Investments-non-controlled/non-affiliated	Commitment Type	Unfunded Commitment		Fair Value
PerkinElmer U.S. LLC	1st Lien Senior Secured Delayed Draw Loan	$	67,165	$	(157)
MB2 Dental Solutions, LLC	1st Lien Senior Secured Delayed Draw Loan	54,046		360
LOCI Bidco Limited	1st Lien Senior Secured Delayed Draw Loan	46,320		(1,138)
Zendesk Inc	1st Lien Senior Secured Delayed Draw Loan	39,321		—
MB2 Dental Solutions, LLC	1st Lien Senior Secured Delayed Draw Loan	32,427		216
Capripack Debtco PLC	1st Lien Senior Secured Delayed Draw Loan	31,994		(392)
IP Operations II Investco, LLC	1st Lien Senior Secured Delayed Draw Loan	30,816		(612)
Capripack Debtco PLC	1st Lien Senior Secured Delayed Draw Loan	27,995		(343)
WP CPP Holdings, LLC	1st Lien Senior Secured Revolving Loan	26,285		(225)
Onesource Virtual, Inc.	1st Lien Senior Secured Revolving Loan	25,318		(374)
Baker Tilly Advisory Group, LP	1st Lien Senior Secured Revolving Loan	23,539		(349)
Royal Buyer, LLC	1st Lien Senior Secured Delayed Draw Loan	23,538		—
Zeus Company LLC	1st Lien Senior Secured Delayed Draw Loan	23,088		143
CC WDW Borrower, Inc.	1st Lien Senior Secured Delayed Draw Loan	22,837		(1,575)
Zeus Company LLC	1st Lien Senior Secured Revolving Loan	21,506		—
Bamboo US BidCo LLC	1st Lien Senior Secured Revolving Loan	21,254		(29)
Baker Tilly Advisory Group, LP	1st Lien Senior Secured Delayed Draw Loan	19,768		(293)

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 2024

(in thousands)

(Unaudited)


Investments-non-controlled/non-affiliated	Commitment Type	Unfunded Commitment	Fair Value
Elements Finco Limited	1st Lien Senior Secured Delayed Draw Loan	18,884	(184)
2080 Media, Inc.	1st Lien Senior Secured Delayed Draw Loan	18,859	(56)
Denali Bidco Limited	1st Lien Senior Secured Delayed Draw Loan	18,403	(357)
Esdec Solar Group B.V.	1st Lien Senior Secured Delayed Draw Loan	18,403	(96)
Zendesk Inc	1st Lien Senior Secured Revolving Loan	17,940	—
IP Operations II Investco, LLC	1st Lien Senior Secured Delayed Draw Loan	17,698	(351)
United Musculoskeletal Partners Acquisition Holdings, LLC	1st Lien Senior Secured Delayed Draw Loan	17,374	(446)
Empower Payments Investor, LLC	1st Lien Senior Secured Delayed Draw Loan	14,426	(56)
Club Car Wash Operating, LLC	1st Lien Senior Secured Delayed Draw Loan	13,977	—
2080 Media, Inc.	1st Lien Senior Secured Revolving Loan	13,795	—
Atlas Intermediate III, L.L.C.	1st Lien Senior Secured Revolving Loan	13,445	(115)
Femur Buyer, Inc.	1st Lien Senior Secured Revolving Loan	13,350	(401)
Higginbotham Insurance Agency, Inc.	1st Lien Senior Secured Delayed Draw Loan	12,738	—
Bamboo US BidCo LLC	1st Lien Senior Secured Delayed Draw Loan	12,528	10
E.S.G. Movilidad, S.L.U.	1st Lien Senior Secured Delayed Draw Loan	12,044	—
OEConnection LLC	1st Lien Senior Secured Delayed Draw Loan	11,741	(88)
Coretrust Purchasing Group LLC	1st Lien Senior Secured Revolving Loan	11,656	(20)
Truck-Lite Co, LLC	1st Lien Senior Secured Revolving Loan	11,574	(10)
Summit Acquisition Inc.	1st Lien Senior Secured Delayed Draw Loan	10,961	219
MB2 Dental Solutions, LLC	1st Lien Senior Secured Revolving Loan	10,849	—
Prism Parent Co., Inc.	1st Lien Senior Secured Delayed Draw Loan	10,833	—
Coretrust Purchasing Group LLC	1st Lien Senior Secured Delayed Draw Loan	10,736	(18)
Coding Solutions Acquisition, Inc.	1st Lien Senior Secured Delayed Draw Loan	10,470	(11)
Radwell Parent, LLC	1st Lien Senior Secured Revolving Loan	10,175	—
Cadence - Southwick, Inc.	1st Lien Senior Secured Revolving Loan	9,952	(33)
Empower Payments Investor, LLC	1st Lien Senior Secured Revolving Loan	9,704	(52)
Truck-Lite Co, LLC	1st Lien Senior Secured Delayed Draw Loan	9,338	11
Parfums Holding Company, Inc.	1st Lien Senior Secured Revolving Loan	9,034	(90)
Dolcetto HoldCo S.P.A.	1st Lien Senior Secured Delayed Draw Loan	8,996	—
CD&R Madison UK Bidco Ltd	1st Lien Senior Secured Delayed Draw Loan	8,478	24
Formerra, LLC	1st Lien Senior Secured Revolving Loan	8,422	(51)
PPV Intermediate Holdings, LLC	1st Lien Senior Secured Revolving Loan	8,145	—
Violin Finco Guernsey Limited	1st Lien Senior Secured Delayed Draw Loan	7,852	(78)
Captive Resources Midco LLC	1st Lien Senior Secured Revolving Loan	7,558	—
OEConnection LLC	1st Lien Senior Secured Revolving Loan	7,338	(115)
Coupa Holdings, LLC	1st Lien Senior Secured Delayed Draw Loan	7,123	—
Coding Solutions Acquisition, Inc.	1st Lien Senior Secured Revolving Loan	7,069	—
Royal Buyer, LLC	1st Lien Senior Secured Revolving Loan	7,000	—
Camin Cargo Control Holdings, Inc.	1st Lien Senior Secured Delayed Draw Loan	6,923	15
Frontgrade Technologies Holdings Inc.	1st Lien Senior Secured Revolving Loan	6,864	—
IG Investments Holdings, LLC	1st Lien Senior Secured Revolving Loan	6,836	(35)
AI Circle Bidco Limited	1st Lien Senior Secured Delayed Draw Loan	6,827	(124)
Summit Acquisition Inc.	1st Lien Senior Secured Revolving Loan	6,685	—
The One Group, LLC	1st Lien Senior Secured Revolving Loan	6,649	(192)
Trupanion, Inc.	1st Lien Senior Secured Revolving Loan	6,576	(6)
Ribbon Communications Operating Company, Inc	1st Lien Senior Secured Revolving Loan	6,365	(127)
Advarra Holdings, Inc.	1st Lien Senior Secured Delayed Draw Loan	6,340	—
Avalara, Inc.	1st Lien Senior Secured Revolving Loan	6,324	—
Coupa Holdings, LLC	1st Lien Senior Secured Revolving Loan	6,211	—
Ping Identity Holding Corp.	1st Lien Senior Secured Revolving Loan	6,068	—
Artisan Bidco, Inc.	1st Lien Senior Secured Revolving Loan	6,000	—
Gusto Aus Bidco Pty Ltd	1st Lien Senior Secured Delayed Draw Loan	5,954	60
Arcfield Acquisition Corp	1st Lien Senior Secured Revolving Loan	5,687	(107)

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 2024

(in thousands)

(Unaudited)


Investments-non-controlled/non-affiliated	Commitment Type	Unfunded Commitment	Fair Value
Cube Industrials Buyer, Inc.	1st Lien Senior Secured Revolving Loan	5,664	—
More Cowbell II, LLC	1st Lien Senior Secured Delayed Draw Loan	5,484	—
Certinia Inc.	1st Lien Senior Secured Revolving Loan	5,449	—
International Entertainment Investments Ltd	1st Lien Senior Secured Delayed Draw Loan	5,080	51
Spanx, LLC	1st Lien Senior Secured Revolving Loan	5,000	—
Enverus Holdings Inc	1st Lien Senior Secured Revolving Loan	4,913	—
Camin Cargo Control Holdings, Inc.	1st Lien Senior Secured Revolving Loan	4,800	—
Showtime Acquisition, L.L.C.	1st Lien Senior Secured Revolving Loan	4,711	—
Oranje Holdco, Inc.	1st Lien Senior Secured Revolving Loan	4,657	(53)
Specialty Ingredients, LLC	1st Lien Senior Secured Revolving Loan	4,511	—
Coretrust Purchasing Group LLC	1st Lien Senior Secured Delayed Draw Loan	4,423	(8)
Alera Group, Inc.	1st Lien Senior Secured Delayed Draw Loan	4,347	43
More Cowbell II, LLC	1st Lien Senior Secured Revolving Loan	4,320	—
Associations Finance, Inc.	1st Lien Senior Secured Delayed Draw Loan	4,316	(4)
Daphne S.P.A.	1st Lien Senior Secured Delayed Draw Loan	4,261	(329)
Plasma Buyer LLC	1st Lien Senior Secured Revolving Loan	4,162	(120)
Pareto Health Intermediate Holdings, Inc.	1st Lien Senior Secured Revolving Loan	4,032	—
Yes Energy LLC	1st Lien Senior Secured Delayed Draw Loan	3,914	25
Integrity Marketing Acquisition LLC	1st Lien Senior Secured Delayed Draw Loan	3,761	—
Asdam Operations Pty Ltd	1st Lien Senior Secured Delayed Draw Loan	3,616	(50)
Associations Finance, Inc.	1st Lien Senior Secured Revolving Loan	3,459	(3)
Excelitas Technologies Corp.	1st Lien Senior Secured Revolving Loan	3,261	—
Enverus Holdings Inc	1st Lien Senior Secured Delayed Draw Loan	3,229	31
IRI Group Holdings, Inc.	1st Lien Senior Secured Revolving Loan	3,140	—
Spotless Brands, LLC	1st Lien Senior Secured Revolving Loan	3,105	—
Spirit RR Holdings, Inc.	1st Lien Senior Secured Delayed Draw Loan	2,993	—
Spirit RR Holdings, Inc.	1st Lien Senior Secured Revolving Loan	2,982	—
Artemis Bidco Limited	1st Lien Senior Secured Delayed Draw Loan	2,743	(416)
Calabrio, Inc.	1st Lien Senior Secured Revolving Loan	2,687	—
Smarsh Inc.	1st Lien Senior Secured Delayed Draw Loan	2,143	—
CPI Buyer, LLC	1st Lien Senior Secured Revolving Loan	2,115	—
Meriplex Communications, LTD	1st Lien Senior Secured Delayed Draw Loan	1,999	(13)
Galway Borrower LLC	1st Lien Senior Secured Revolving Loan	1,912	—
Plasma Buyer LLC	1st Lien Senior Secured Delayed Draw Loan	1,892	(62)
IXM Holdings, Inc.	1st Lien Senior Secured Delayed Draw Loan	1,638	16
123Dentist Inc	1st Lien Senior Secured Delayed Draw Loan	1,419	—
TriMech Acquisition Corp.	1st Lien Senior Secured Revolving Loan	1,316	—
Royal Buyer, LLC	1st Lien Senior Secured Delayed Draw Loan	1,283	—
BradyIFS Holdings, LLC	1st Lien Senior Secured Revolving Loan	1,150	—
Accession Risk Management Group, Inc.	1st Lien Senior Secured Delayed Draw Loan	1,146	—
Meriplex Communications, LTD	1st Lien Senior Secured Revolving Loan	1,143	(7)
Arc Media Holdings Limited	1st Lien Senior Secured Revolving Loan	982	(31)
IXM Holdings, Inc.	1st Lien Senior Secured Revolving Loan	852	—
Patriot Growth Insurance Services LLC	1st Lien Senior Secured Revolving Loan	822	—
NBG Acquisition Corp.	1st Lien Senior Secured Revolving Loan	740	(26)
BradyIFS Holdings, LLC	1st Lien Senior Secured Delayed Draw Loan	568	6
Smarsh Inc.	1st Lien Senior Secured Revolving Loan	557	—
Integrity Marketing Acquisition LLC	1st Lien Senior Secured Revolving Loan	472	—
Accession Risk Management Group, Inc.	1st Lien Senior Secured Revolving Loan	467	—
Bottomline Technologies, Inc.	1st Lien Senior Secured Revolving Loan	385	—
Riley MergeCo LLC	1st Lien Senior Secured Revolving Loan	304	(3)
ERC Topco Holdings, LLC	1st Lien Senior Secured Revolving Loan	245	(81)
CC WDW Borrower, Inc.	1st Lien Senior Secured Revolving Loan	205	(14)
Huskies Parent, Inc.	1st Lien Senior Secured Revolving Loan	176	(3)

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 2024

(in thousands)

(Unaudited)


Investments-non-controlled/non-affiliated	Commitment Type	Unfunded Commitment		Fair Value
Time Manufacturing Holdings, LLC	1st Lien Senior Secured Revolving Loan	73		(2)
Total		$	1,227,418	$	(8,701)

(7) There are no interest rate floors on these investments.

(8)The interest rate floor on these investments as of June 30, 2024 was 0.50%.

(9)The interest rate floor on these investments as of June 30, 2024 was 0.75%.

(10)The interest rate floor on these investments as of June 30, 2024 was 1.00%.

(11)The interest rate floor on these investments as of June 30, 2024 was 1.25%.

(12)The interest rate floor on these investments as of June 30, 2024 was 1.50%.

(13)The interest rate floor on these investments as of June 30, 2024 was 1.75%.

(14)The interest rate floor on these investments as of June 30, 2024 was 2.00%.

(15)The interest rate floor on these investments as of June 30, 2024 was 2.50%.

(16)The interest rate floor on these investments as of June 30, 2024 was 3.00%.

(17)The interest rate floor on these investments as of June 30, 2024 was 3.25%.

(18)Loan was on non-accrual status as of June 30, 2024.

(19)Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company is deemed to “control” a portfolio company if the Company owns more than 25% of its outstanding voting securities and/or holds the power to exercise control over the management or policies of the portfolio company. Under the 1940 Act, the Company is deemed an “affiliated person” of a portfolio company if the Company owns between 5% and 25% (inclusive) of the portfolio company’s outstanding voting securities. For purposes of determining the classification of its investment portfolio, the Company has excluded consideration of any voting securities or board appointment rights held by third-party investment funds advised by the Adviser and/or its affiliates. As of June 30, 2024, the Company’s controlled/affiliated and non-controlled/affiliated investments were as follows:


	Fair Value as of December 31, 2023		Gross Additions		Gross Reductions		Change in Unrealized Gains (Loss)		Net Realized Gain (Loss)		Fair Value as of June 30, 2024		Dividend and Interest Income
Non-Controlled/Affiliated Investments
Southern Graphics Inc.	$	9,947	$	—	$	(115)	$	439	$	—	$	10,271	$	—
SLF V AD1 Holdings, LLC	9,877		—		—		(65)		—		9,812		—
Total Non-Controlled/Affiliated Investments	$	19,824	$	—	$	(115)	$	374	$	—	$	20,083	$	—
Controlled/Affiliated Investments
ULTRA III, LLC	$	124,003	$	105,859	$	(4,145)	$	12,922	$	—	$	238,639	$	8,445
Total Controlled/Affiliated Investments	$	124,003	$	105,859	$	(4,145)	$	12,922	$	—	$	238,639	$	8,445

(20)These investments are not pledged as collateral under the Credit Facilities, 2023 CLO Secured Notes and/or 2024 CLO Secured Notes.

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 2024

(in thousands)

(Unaudited)

ADDITIONAL INFORMATION

Foreign currency forward contracts:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized Appreciation (Depreciation)

U.S. Dollars 195

Canadian Dollars 268

Goldman Sachs Bank USA

12/23/2024

(1)

U.S. Dollars 2,682

Euro 2,473

Goldman Sachs Bank USA

9/23/2024

U.S. Dollars 248

Euro 224

Goldman Sachs Bank USA

6/23/2025

U.S. Dollars 2,545

Euro 2,215

Goldman Sachs Bank USA

3/23/2026

103

U.S. Dollars 187,731

Euro 172,740

Goldman Sachs Bank USA

12/23/2024

1,126

U.S. Dollars 6,868

British Pound 6,303

Goldman Sachs Bank USA

10/15/2024

(1,107)

U.S. Dollars 7,472

British Pound 6,079

Goldman Sachs Bank USA

9/23/2024

(218)

U.S. Dollars 764

British Pound 620

Goldman Sachs Bank USA

6/23/2025

(21)

U.S. Dollars 2,601

British Pound 2,109

Goldman Sachs Bank USA

3/21/2025

(69)

U.S. Dollars 89

British Pound 69

Goldman Sachs Bank USA

12/23/2024

U.S. Dollars 34,365

Singaporean Dollars 45,548

Goldman Sachs Bank USA

12/23/2024

504

U.S. Dollars 101,171

Euro 89,721

SMBC Capital Markets, Inc.

9/23/2025

2,994

U.S. Dollars 50,229

Euro 45,512

SMBC Capital Markets, Inc.

3/21/2025

850

U.S. Dollars 10,401

Euro 9,630

SMBC Capital Markets, Inc.

9/23/2024

U.S. Dollars 17,777

Euro 16,234

SMBC Capital Markets, Inc.

6/23/2025

U.S. Dollars 258,460

Euro 238,316

SMBC Capital Markets, Inc.

12/23/2024

1,015

U.S. Dollars 389,497

British Pound 305,867

SMBC Capital Markets, Inc.

12/23/2024

2,327

U.S. Dollars 40,851

Canadian Dollars 55,701

SMBC Capital Markets, Inc.

12/23/2024

(27)

U.S. Dollars 95,425

Australian Dollars 141,767

SMBC Capital Markets, Inc.

12/23/2024

508

Total

8,144

Interest rate swaps:


Counterparty	Hedged Instrument	Company Receives	Company Pays	Maturity Date	Notional Amount		Fair Market Value
Goldman Sachs Bank USA	November 2025 Notes	8.37%	SOFR + 4.08%	11/14/2025	$	85,000	$	(853)
Goldman Sachs Bank USA	November 2027 Notes	8.43%	SOFR + 4.42%	11/14/2027	77,500		(899)
Goldman Sachs Bank USA	March 2026 Notes	8.12%	SOFR + 3.76%	3/15/2026	276,000		(2,859)
Goldman Sachs Bank USA	March 2028 Notes	8.18%	SOFR + 4.24%	3/15/2028	124,000		(2,148)
Goldman Sachs Bank USA	September 2027 Notes	8.67%	SOFR + 4.31%	9/14/2027	75,000		(336)
Goldman Sachs Bank USA	September 2028 Notes	8.80%	SOFR + 4.54%	9/14/2028	250,000		(956)
SMBC Capital Markets, Inc.	January 2029 Notes	6.75%	SOFR + 2.88%	1/30/2029	550,000		(10,782)
Goldman Sachs Bank USA	September 2029 Notes	6.25%	SOFR + 2.06%	9/30/2029	400,000		932
Total Interest Rate Swaps							$	(17,901)

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

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2023

(in thousands)


Company (1)	Reference Rate and Spread (2)		Interest Rate (2)		Maturity Date	Par Amount/Units			Amortized Cost (3)		Fair Value		Percentage of Net Assets
First Lien Debt
First Lien Debt - Non-Controlled/Non-Affiliated
Aerospace and Defense
Arcfield Acquisition Corp (4)(6)(9)					8/4/2028	$	5,687		$	(89)	$	(228)
Arcfield Acquisition Corp (4)(9)	SF +	6.25%	11.64	%	8/3/2029	48,883			48,042		46,696
Asdam Operations Pty Ltd (4)(5)(8)	B +	5.75%	10.11	%	8/22/2028	A$	3,614		2,415		2,374
Asdam Operations Pty Ltd (4)(5)(6)(8)					8/22/2028	A$	5,421		(93)		(132)
Asdam Operations Pty Ltd (4)(5)(8)	B +	5.75%	10.11	%	8/22/2028	A$	41,558		27,867		27,304
Cadence - Southwick, Inc. (4)(6)(10)	SF +	6.75%	12.22	%	5/3/2028	11,291			2,717		2,852
Cadence - Southwick, Inc. (4)(10)	SF +	6.75%	12.24	%	5/3/2029	41,529			40,408		40,998
Cadence - Southwick, Inc. (4)(10)	SF +	6.00%	11.47	%	5/3/2029	3,120			3,058		3,058
Frontgrade Technologies Holdings Inc. (4)(6)(9)					1/10/2028	6,864			(152)		(94)
Frontgrade Technologies Holdings Inc. (4)(9)	SF +	6.75%	12.10	%	1/9/2030	37,429			36,451		36,988
Frontgrade Technologies Holdings Inc. (4)(9)	SF +	6.75%	12.10	%	1/9/2030	7,880			7,732		7,787
Sequa Corp (4)(6)(10)					11/23/2027	13,676			(542)		(135)
Sequa Corp (4)(10)	SF +	7.00%	12.37	%	11/24/2028	127,027			121,623		125,770
WP CPP Holdings, LLC (4)(6)(10)					11/30/2029	26,285			(648)		(648)
WP CPP Holdings, LLC (4)(10)	SF +	7.50% (incl 4.13% PIK)	12.88	%	11/30/2029	187,888			183,258		183,255
									472,047		475,845		9.18	%
Alternative Energy
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15)	SF +	6.50%	11.95	%	11/9/2026	17,091			16,765		16,765
Braya Renewable Fuels (Newfoundland) LP (4)(5)(6)(15)					11/9/2026	1,139			(22)		(22)
									16,743		16,743		0.32	%
Asset Based Lending and Fund Finance
CRSS HPS LLC (4)(5)(10)	SF +	6.75%	12.21	%	12/21/2026	21,772			21,341		21,341
									21,341		21,341		0.41	%
Automobiles and Parts
Clarios Global LP (7)	SF +	3.75%	9.11	%	5/6/2030	14,963			14,886		15,015
Foundation Automotive Us Corp (4)(10)	SF +	7.75%	13.41	%	12/24/2027	4,300			4,249		3,865
Foundation Automotive Corp (4)(5)(10)	SF +	7.75%	13.36	%	12/24/2027	13,689			13,536		12,306
Foundation Automotive Us Corp (4)(10)	SF +	7.75%	13.36	%	12/24/2027	33,889			33,514		30,466
Oil Changer Holding Corporation (4)(10)	SF +	6.75%	12.27	%	2/8/2027	40,597			40,326		40,234
Oil Changer Holding Corporation (4)(10)	SF +	6.75%	12.27	%	2/8/2027	8,523			8,468		8,447
Tenneco Inc (8)	SF +	4.75%	10.22	%	11/17/2028	2,992			2,424		2,624
									117,403		112,957		2.18	%
Chemicals
Illuminate Buyer, LLC (7)	SF +	3.50%	8.97	%	6/30/2027	15,111			14,972		15,157
									14,972		15,157		0.29	%
Construction and Materials
Esdec Solar Group B.V. (4)(5)(6)(8)					8/30/2028	€	17,183		(361)		(164)
Esdec Solar Group B.V. (4)(5)(8)	E +	6.00%	9.97	%	8/30/2028	€	51,420		55,215		56,271
Nexus Intermediate III, LLC (4)(6)(9)					12/6/2027	300			(3)		—
Nexus Intermediate III, LLC (4)(9)	SF +	5.50%	11.36	%	12/6/2027	1,064			1,051		1,064
									55,902		57,171		1.10	%
Consumer Services
AI Learning (Singapore) PTE. LTD. (4)(5)(12)	SORA +	8.25% (incl 4.00% PIK)	11.70	%	5/25/2027	44,063		S$	31,713		32,862
American Academy Holdings, LLC (4)(10)	SF +	11.00% (incl 5.25% PIK)	16.47	%	1/2/2025	54,019			54,019		53,914
Auctane Inc (4)(9)	SF +	5.75%	11.23	%	10/5/2028	24,563			24,563		24,478
Club Car Wash Operating, LLC (4)(6)(10)	SF +	6.50%	12.00	%	6/16/2027	40,289			25,670		26,066
Club Car Wash Operating, LLC (4)(10)	SF +	6.50%	12.00	%	6/16/2027	12,958			12,762		12,879

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2023

(in thousands)


Company (1)	Reference Rate and Spread (2)		Interest Rate (2)		Maturity Date	Par Amount/Units	Amortized Cost (3)	Fair Value	Percentage of Net Assets
Club Car Wash Operating, LLC (4)(10)	SF +	6.50%	12.00	%	6/16/2027	26,517	26,248	26,355
Ensemble RCM LLC (7)	SF +	3.75%	9.23	%	8/3/2026	1,979	1,974	1,985
Express Wash Concepts (4)(10)	SF +	6.00%	11.46	%	4/30/2027	47,227	46,908	46,662
Express Wash Concepts (4)(10)	SF +	6.00%	11.46	%	4/30/2027	26,528	26,344	26,210
Houghton Mifflin Harcourt Company (8)	SF +	5.25%	10.71	%	4/9/2029	25,250	24,650	24,831
IXM Holdings, Inc. (4)(11)	SF +	6.50%	11.86	%	12/14/2029	18,566	18,289	18,289
IXM Holdings, Inc. (4)(6)(11)					12/14/2029	1,638	(25)	(24)
IXM Holdings, Inc.(4)(6)(11)	SF +	6.50%	11.86	%	12/14/2029	2,184	568	568
Learning Care Group, Inc. (8)	SF +	4.75%	10.14	%	8/11/2028	1,995	1,967	2,010
Mckissock Investment Holdings, LLC (9)	SF +	5.00%	10.38	%	3/12/2029	46,800	45,651	46,859
Mckissock Investment Holdings, LLC (9)	SF +	5.00%	10.54	%	3/12/2029	12,517	12,420	12,533
PECF USS Intermediate Holding III Corporation (8)	SF +	4.25%	9.89	%	12/15/2028	14,712	14,645	11,558
Polyconcept North America Holdings, Inc. (9)	SF +	5.50%	10.85	%	5/18/2029	23,009	22,638	22,846
Spotless Brands, LLC (4)(10)	SF +	6.50%	12.02	%	7/25/2028	21,593	21,260	21,670
Spotless Brands, LLC (4)(10)	SF +	6.50%	12.03	%	7/25/2028	16,023	15,777	16,080
Spotless Brands, LLC (4)(10)	SF +	6.50%	12.03	%	7/25/2028	105,600	103,951	105,979
Spotless Brands, LLC (4)(6)(10)	SF +	6.50%	11.96	%	7/25/2028	5,175	1,040	1,118
Thrasio LLC (4)(7)(16)	SF +	7.00%			12/18/2026	2,912	2,903	1,715
Trugreen Limited Partnership (9)	SF +	4.00%	9.46	%	11/2/2027	8,575	8,488	8,298
WMB Holdings Inc (8)	SF +	3.25%	8.71	%	11/2/2029	1,889	1,841	1,896
Zips Car Wash, LLC (4)(10)	SF +	7.25%	12.71	%	3/1/2024	26,027	26,025	25,942
Zips Car Wash, LLC (4)(10)	SF +	7.25%	12.71	%	3/1/2024	15,336	15,308	15,286
Zips Car Wash, LLC (4)(10)	SF +	7.25%	12.71	%	3/1/2024	984	984	981
							588,581	589,846	11.38	%
Electricity
Hamilton Projects Acquiror, LLC (9)	SF +	4.50%	9.97	%	6/17/2027	55,588	51,772	55,914
IP Operating Portfolio I, LLC (4)(7)			7.88	%	12/31/2029	27,428	26,919	27,154
							78,691	83,068	1.60	%
Electronic and Electrical Equipment
Brightstar Escrow Corp. (7)			9.75	%	10/15/2025	1,000	989	1,015
							989	1,015	0.02	%
Finance and Credit Services
PCP CW Aggregator Holdings II, L.P. (4)(5)(10)	L +	9.25% PIK	14.69	%	2/9/2027	19,395	19,164	19,032
Verscend Holding Corp. (7)	SF +	4.00%	9.47	%	8/27/2025	3,939	3,928	3,957
Yes Energy LLC (4)(9)	BS +	5.00%	10.46	%	4/21/2028	10,000	9,836	10,004
Yes Energy LLC (4)(9)	BS +	5.00%	10.46	%	4/21/2028	26,000	25,458	26,010
							58,386	59,003	1.14	%
Food Producers
Specialty Ingredients, LLC (4)(6)(9)	SF +	6.00%	11.46	%	2/12/2029	11,279	5,744	5,805
Specialty Ingredients, LLC (4)(9)	SF +	6.00%	11.46	%	2/12/2029	89,801	88,354	88,876
Sugar PPC Buyer LLC (4)(6)(10)					10/2/2030	16,541	(366)	(359)
Sugar PPC Buyer LLC (4)(10)	SF +	6.00%	11.34	%	10/2/2030	59,546	58,254	58,254
							151,986	152,576	2.94	%
Gas, Water and Multi-utilities
Floating Infrastructure Holdings Finance LLC (4)(5)(10)	SF +	5.75%	11.20	%	8/13/2027	43,439	42,809	42,991
Eagle LNG Partners Jacksonville II LLC (4)(14)	SF +	9.88%	15.22	%	6/8/2024	620	613	613
							43,422	43,604	0.84	%
General Industrials
BP Purchaser, LLC (4)(9)	SF +	5.50%	11.14	%	12/11/2028	27,513	27,108	26,815
Bright Light Buyer, Inc. (4)(10)	SF +	6.00%	11.37	%	11/8/2029	75,000	73,171	73,170
Cube Industrials Buyer, Inc. (4)(6)(10)					10/18/2029	5,664	(82)	(82)
Cube Industrials Buyer, Inc. (4)(10)	SF +	6.00%	11.40	%	10/18/2030	49,086	48,371	48,371

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2023

(in thousands)


Company (1)	Reference Rate and Spread (2)		Interest Rate (2)		Maturity Date	Par Amount/Units		Amortized Cost (3)	Fair Value	Percentage of Net Assets
Formerra, LLC (4)(10)	SF +	7.25%	12.81	%	11/1/2028	4,252		4,136	4,210
Formerra, LLC (4)(6)(10)					11/1/2028	12,031		(315)	(117)
Formerra, LLC (4)(10)	SF +	7.25%	12.78	%	11/1/2028	105,686		102,857	104,660
Marcone Yellowstone Buyer Inc. (4)(13)	SF +	6.25%	11.75	%	6/23/2028	11,952		11,861	11,871
Marcone Yellowstone Buyer Inc. (4)(13)	SF +	6.25%	11.75	%	6/23/2028	49,864		49,282	49,526
Marcone Yellowstone Buyer Inc. (4)(13)	SF +	6.25%	11.75	%	6/23/2028	4,395		4,362	4,365
Marcone Yellowstone Buyer Inc. (4)(13)	SF +	6.25%	11.75	%	6/23/2028	13,228		13,127	13,138
TMC Buyer Inc (8)	SF +	6.00%	11.47	%	6/30/2028	70,148		62,802	69,403
								396,680	405,330	7.82	%
Health Care Providers
123Dentist Inc (4)(5)(6)(9)					8/10/2029	$	7,211	(101)	(55)
123Dentist Inc (4)(5)(9)	C +	5.50%	10.94	%	8/10/2029	$	50,116	38,465	37,435
Accelerated Health Systems, LLC (8)	SF +	4.25%	9.75	%	2/15/2029	7,951		7,935	6,722
ATI Holdings Acquisition, Inc. (4)(5)(10)	SF +	7.25%	12.73	%	2/24/2028	41,092		40,516	38,936
Baart Programs, Inc. (4)(10)	SF +	5.00%	10.61	%	6/11/2027	10,123		10,055	9,809
Charlotte Buyer Inc (8)	SF +	5.25%	10.61	%	2/11/2028	28,560		27,129	28,714
ERC Topco Holdings, LLC (4)(6)(9)	SF +	6.25% (incl 3.25% PIK)	11.91	%	11/10/2027	1,000		420	304
ERC Topco Holdings, LLC (4)(9)	SF +	6.25% (incl 3.25% PIK)	11.86	%	11/10/2028	25,291		24,931	21,444
ERC Topco Holdings, LLC (4)(9)	SF +	6.25% PIK	11.86	%	11/10/2028	203		203	172
MB2 Dental Solutions, LLC (4)(10)	SF +	6.00%	11.46	%	1/29/2027	9,108		8,979	9,052
MB2 Dental Solutions, LLC (4)(10)	SF +	6.00%	11.46	%	1/29/2027	86,591		85,394	86,054
MB2 Dental Solutions, LLC (4)(10)	SF +	6.00%	11.46	%	1/29/2027	34,429		33,987	34,216
MB2 Dental Solutions, LLC (4)(6)(10)	SF +	6.50%	11.96	%	1/29/2027	12,490		8,177	8,448
MB2 Dental Solutions, LLC (4)(10)	SF +	6.00%	11.46	%	1/29/2027	68,490		67,136	67,812
Medline Borrower, LP (8)	SF +	3.00%	8.47	%	10/23/2028	19,648		19,482	19,769
MPH Acquisition Holdings LLC (8)	SF +	4.25%	9.90	%	9/1/2028	4,586		4,491	4,434
Pareto Health Intermediate Holdings, Inc. (4)(10)	SF +	6.50%	11.97	%	6/3/2030	30,166		29,336	29,744
Pareto Health Intermediate Holdings, Inc. (4)(10)	SF +	6.50%	11.97	%	6/3/2030	10,055		9,779	9,915
Pareto Health Intermediate Holdings, Inc. (4)(6)(10)					6/1/2029	4,032		(109)	(61)
Pediatric Associates Holding Company, LLC (8)	SF +	3.25%	8.72	%	12/29/2028	7,717		7,690	7,486
Phoenix Newco Inc (8)	SF +	3.25%	8.72	%	11/15/2028	17,567		17,469	17,692
Pinnacle Fertility, Inc. (4)(6)(9)	SF +	5.00%	10.43	%	3/14/2028	12,383		9,078	9,184
Pinnacle Fertility, Inc. (4)(9)	SF +	5.00%	10.43	%	3/14/2028	27,019		26,626	26,857
PPV Intermediate Holdings, LLC (4)(9)	SF +	5.75%	11.14	%	8/31/2029	108,193		106,567	107,507
PPV Intermediate Holdings, LLC (4)(6)(9)					8/31/2029	8,145		(132)	(52)
PTSH Intermediate Holdings, LLC (4)(9)	SF +	5.50%	11.00	%	12/17/2027	3,941		3,882	3,941
PTSH Intermediate Holdings, LLC (4)(9)	SF +	5.50%	11.00	%	12/17/2027	20,679		20,392	20,679
Tenet Healthcare Corp (5)(7)			5.13	%	11/1/2027	2,695		2,724	2,636
Tivity Health Inc (4)(9)	SF +	6.00%	11.35	%	6/28/2029	111,153		108,949	108,628
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(6)(9)	SF +	5.75%	11.13	%	7/17/2028	50,181		32,006	31,265
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9)	SF +	5.75%	11.16	%	7/17/2028	26,548		26,150	25,732
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9)	SF +	5.75%	11.15	%	7/17/2028	43,290		42,610	41,959
WCAS XIII Primary Care Investors, L.P. (4)(10)	SF +	6.25%	11.61	%	12/31/2029	135,630		133,289	134,827
								953,505	951,205	18.34	%
Household Goods and Home Construction
LHS Borrower, LLC (8)	SF +	4.75%	10.21	%	2/16/2029	6,948		6,896	6,301
Sunset Debt Merger Sub, Inc. (9)	SF +	4.00%	9.47	%	10/6/2028	707		609	636
								7,505	6,937	0.13	%
Industrial Engineering

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2023

(in thousands)


Company (1)	Reference Rate and Spread (2)		Interest Rate (2)		Maturity Date	Par Amount/Units		Amortized Cost (3)	Fair Value	Percentage of Net Assets
Emerson Climate Technologies Inc (7)	SF +	3.00%	8.36	%	5/31/2030	13,957		13,851	14,023
LSF12 Donnelly Bidco, LLC (4)(10)	SF +	6.50%	11.86	%	10/2/2029	19,878		19,401	19,401
Radwell Parent, LLC (4)(6)(9)	SF +	6.75%	12.10	%	4/3/2028	13,271		2,390	2,654
Radwell Parent, LLC (4)(9)	SF +	6.75%	12.10	%	4/2/2029	153,824		149,966	156,200
Roper Industrial Products Investment Co (8)	SF +	4.00%	9.35	%	11/22/2029	18,044		17,488	18,106
Standard Industries, Inc. (8)	SF +	2.25%	7.72	%	9/22/2028	1,264		1,264	1,268
Time Manufacturing Holdings, LLC (4)(9)	E +	6.50%	10.46	%	12/1/2027	€	4,758	4,943	4,975
Time Manufacturing Holdings, LLC (4)(6)(9)	SF +	6.50%	12.04	%	12/1/2027	1,000		713	678
Time Manufacturing Holdings, LLC (4)(9)	SF +	6.50%	12.04	%	12/1/2027	12,081		11,902	11,481
Time Manufacturing Holdings, LLC (4)(9)	E +	6.50%	10.46	%	12/1/2027	€	8,380	9,333	8,762
TK Elevator U.S. Newco, Inc. (5)(8)	SF +	3.50%	9.38	%	7/30/2027	12,573		12,439	12,617
Wec US Holdings Ltd (8)	SF +	3.75%	9.11	%	8/1/2025	3,955		3,925	3,973
								247,615	254,138	4.90	%
Industrial Metals and Mining
BLY US Holdings Inc. (4)(5)(10)	SF +	7.50%	13.12	%	9/8/2026	3,060		3,006	2,986
BLY US Holdings Inc. (4)(5)(10)	SF +	7.50%	13.12	%	9/8/2026	9,130		8,881	8,909
								11,887	11,895	0.23	%
Industrial Support Services
Acuris Finance US, Inc (8)	SF +	4.00%	9.50	%	2/16/2028	13,500		13,408	13,515
Allied Universal Holdco LLC (8)	SF +	3.75%	9.21	%	5/12/2028	3,001		2,993	2,993
Argos Health Holdings, Inc. (4)(9)	SF +	5.75%	11.15	%	12/6/2027	653		644	629
Atlas Intermediate III, L.L.C. (4)(10)	SF +	8.25% (incl 4.00% PIK)	13.63	%	10/31/2029	112,091		109,368	109,368
Atlas Intermediate III, L.L.C. (4)(6)(10)					10/31/2029	13,445		(327)	(327)
Becklar, LLC (4)(10)	SF +	6.85%	12.30	%	12/21/2026	986		974	978
Becklar, LLC (4)(10)	SF +	6.85%	12.30	%	12/21/2026	5,725		5,644	5,676
Captive Resources Midco LLC (4)(6)(9)					7/3/2028	7,558		(113)	—
Captive Resources Midco LLC (4)(9)	SF +	5.75% (incl 3.13% PIK)	11.10	%	7/2/2029	93,197		91,762	94,129
CD&R Madison UK Bidco LTD (4)(5)(6)(7)	SN +	8.25%	13.47	%	2/28/2030	£	9,965	2,252	2,394
CD&R Madison UK Bidco LTD (4)(5)(7)	SN +	8.25% (incl 2.00% PIK)	13.48	%	2/28/2030	£	45,394	53,009	56,599
CD&R Madison UK Bidco LTD (4)(5)(7)	E +	7.75% (incl 2.00% PIK)	11.71	%	2/28/2030	€	22,377	22,902	24,093
Coretrust Purchasing Group LLC (4)(6)(9)					10/1/2029	10,736		(279)	58
Coretrust Purchasing Group LLC (4)(6)(9)					10/1/2029	11,656		(287)	—
Coretrust Purchasing Group LLC (4)(9)	SF +	6.75%	12.11	%	10/1/2029	72,983		71,143	73,375
Eagle 2021 Lower Merger Sub, LLC (4)(9)	SF +	5.75%	11.15	%	12/6/2027	817		806	786
Employbridge, LLC (9)	SF +	4.75%	10.41	%	7/19/2028	9,807		9,765	8,099
Galaxy US Opco Inc. (5)(8)	SF +	4.75%	10.13	%	4/29/2029	26,037		25,520	21,611
Guidehouse Inc. (4)(9)	SF +	5.75% (incl 2.00% PIK)	11.11	%	12/16/2030	186,435		183,869	184,120
IG Investments Holdings, LLC (4)(6)(9)					9/22/2027	1,726		(18)	(12)
IG Investments Holdings, LLC (4)(9)	SF +	6.00%	11.48	%	9/22/2028	22,278		22,019	22,129
IG Investments Holdings, LLC (4)(9)	SF +	6.00%	11.48	%	9/22/2028	1,837		1,824	1,825
NBG Acquisition Corp. (4)(6)(9)	SF +	5.25%	10.78	%	11/6/2028	2,876		1,837	1,792
NBG Acquisition Corp. (4)(9)	SF +	5.25%	10.78	%	11/6/2028	21,336		21,222	20,856
Planet US Buyer LLC (4)(6)(9)					2/1/2028	8,024		(197)	(148)
Planet US Buyer LLC (4)(9)	SF +	6.75%	12.13	%	2/1/2030	83,233		81,061	81,744
Royal Buyer, LLC (4)(6)(9)	SF +	5.50%	10.89	%	8/31/2028	8,993		5,090	5,326
Royal Buyer, LLC (4)(6)(9)	SF +	5.50%	10.89	%	8/31/2028	7,000		1,525	1,633
Royal Buyer, LLC (4)(9)	SF +	5.50%	10.89	%	8/31/2028	44,550		43,839	44,996
Sedgwick Claims Management Services, Inc. (7)	SF +	3.75%	9.11	%	2/24/2028	19,205		19,048	19,288
Simplisafe Holding Corporation (4)(6)(9)	SF +	6.25%	11.61	%	5/2/2028	15,086		3,775	3,912

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2023

(in thousands)


Company (1)	Reference Rate and Spread (2)		Interest Rate (2)		Maturity Date	Par Amount/Units		Amortized Cost (3)	Fair Value	Percentage of Net Assets
Simplisafe Holding Corporation (4)(9)	SF +	6.25%	11.61	%	5/2/2028	119,039		117,275	118,277
Spirit RR Holdings, Inc. (4)(6)(9)	SF +	5.25%	10.71	%	9/13/2028	3,579		299	308
Spirit RR Holdings, Inc. (4)(9)	SF +	5.25%	10.70	%	9/13/2028	43,103		42,361	42,508
Spirit RR Holdings, Inc. (4)(6)(9)					9/13/2028	5,986		(89)	(83)
TruckPro, LLC (4)(12)	SF +	7.25%	12.94	%	8/16/2028	70,533		68,576	69,207
Vaco Holdings, LLC (9)	SF +	5.00%	10.43	%	1/21/2029	12,495		12,452	12,362
								1,034,952	1,044,016	20.13	%
Industrial Transportation
E.S.G. Movilidad, S.L.U. (4)(5)(6)(7)					5/31/2029	€	11,245	(299)	(86)
E.S.G. Movilidad, S.L.U. (4)(5)(7)	E +	6.50%	10.53	%	5/31/2029	€	8,096	8,484	8,875
E.S.G. Movilidad, S.L.U. (4)(5)(7)	E +	6.50%	10.53	%	5/31/2029	€	22,264	23,330	24,407
								31,515	33,196	0.64	%
Investment Banking and Brokerage Services
Apex Group Treasury LLC (4)(5)(8)	SF +	5.00%	10.40	%	7/27/2028	6,982		6,881	6,974
Ascensus Holdings, Inc. (8)	SF +	3.50%	8.97	%	8/2/2028	7,643		7,581	7,638
Eisner Advisory Group LLC (9)	SF +	5.25%	10.72	%	7/28/2028	4,451		4,433	4,466
Eisner Advisory Group LLC (9)	SF +	5.25%	10.72	%	7/28/2028	2,526		2,526	2,535
More Cowbell II, LLC (4)(6)(9)					9/3/2030	5,484		(108)	(111)
More Cowbell II, LLC (4)(6)(9)	SF +	6.00%	11.39	%	9/4/2029	7,590		1,258	1,245
More Cowbell II, LLC (4)(9)	SF +	6.00%	11.48	%	9/3/2030	50,342		49,382	49,319
Osaic Holdings Inc (7)	SF +	4.50%	9.86	%	8/17/2028	10,841		10,794	10,889
Transnetwork LLC (8)	SF +	5.50%	10.85	%	12/29/2030	48,913		47,935	48,791
Travelex Issuerco 2 PLC (4)(5)(14)	SN +	8.00%	13.21	%	9/22/2028	£	23,256	27,392	28,599
								158,074	160,345	3.09	%
Leisure Goods
Jam City, Inc. (4)(10)	SF +	7.00%	12.61	%	9/7/2027	1,996		1,983	1,991
								1,983	1,991	0.04	%
Life Insurance
Onedigital Borrower LLC (8)	SF +	4.25%	9.71	%	11/16/2027	5,880		5,872	5,884
								5,872	5,884	0.11	%
Media
2080 Media, Inc. (4)(6)(9)	SF +	6.00%	11.47	%	3/14/2029	29,401		12,189	12,489
2080 Media, Inc. (4)(6)(9)					3/14/2028	13,795		(193)	(83)
2080 Media, Inc. (4)(9)	SF +	6.00%	11.47	%	3/14/2029	54,491		53,644	54,192
Ancestry.com Inc. (8)	SF +	3.25%	8.71	%	12/6/2027	6,262		6,190	6,143
Arc Media Holdings Limited (4)(5)(6)(10)	SF +	7.25%	12.77	%	10/29/2027	2,766		2,437	2,347
Arc Media Holdings Limited (4)(5)(10)	SF +	7.25%	12.79	%	10/29/2027	40,972		40,176	38,860
Associations Inc. (4)(10)	SF +	6.50% (incl 2.50% PIK)	12.18	%	7/2/2027	494		491	499
Associations Inc. (4)(10)	SF +	6.50% (incl 2.50% PIK)	12.14	%	7/2/2027	1,029		1,022	1,039
Associations Inc. (4)(10)	SF +	6.50% (incl 2.50% PIK)	12.12	%	7/2/2027	1,029		1,022	1,039
Associations Inc. (4)(10)	SF +	6.50% (incl 2.50% PIK)	12.13	%	7/2/2027	621		617	627
Associations Inc. (4)(6)(10)	SF +	6.50%	12.14	%	7/2/2027	403		140	143
Associations Inc. (4)(10)	SF +	6.50% (incl 2.50% PIK)	12.18	%	7/2/2027	29,562		29,372	29,858
Aventine Intermediate LLC (4)(9)	SF +	6.00%	11.47	%	6/18/2027	1,073		1,061	993
Aventine Intermediate LLC (4)(9)	SF +	6.00%	11.47	%	6/18/2027	18,855		18,619	17,452
Circana Group, LP. (4)(6)(9)	P +	4.75%	13.25	%	12/1/2027	9,023		1,484	1,561
Circana Group, LP. (4)(9)	SF +	6.25% (incl 2.75% PIK)	11.61	%	12/1/2028	142,859		140,633	141,912
Circana Group, LP. (4)(9)	SF +	5.75%	11.21	%	12/1/2028	9,198		9,126	9,096

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2023

(in thousands)


Company (1)	Reference Rate and Spread (2)		Interest Rate (2)		Maturity Date	Par Amount/Units		Amortized Cost (3)	Fair Value	Percentage of Net Assets
IEHL US Holdings, Inc. (4)(12)	SF +	7.25%	12.63	%	10/29/2029	6,604		6,425	6,522
International Entertainment Investments Ltd (4)(5)(12)	SN +	7.65%	12.90	%	10/29/2029	£	15,493	18,789	19,501
International Entertainment Investments Ltd (4)(5)(10)	E +	7.25%	11.20	%	10/29/2029	€	2,540	2,724	2,770
International Entertainment Investments Ltd (4)(5)(10)	E +	7.25%	11.20	%	10/29/2029	€	3,048	3,177	3,325
International Entertainment Investments Ltd (4)(5)(6)(12)					4/27/2029	5,080		(141)	(66)
International Entertainment Investments Ltd (4)(5)(12)	SF +	7.25%	12.63	%	10/29/2029	30,478		29,657	30,100
Kobalt London Limited (4)(5)(9)	SF +	8.00%	13.55	%	2/25/2027	13,125		12,949	12,873
Kobalt London Limited (4)(5)(9)	SF +	8.00%	13.53	%	2/25/2027	13,125		12,952	12,874
Mav Acquisition Corporation (8)	SF +	4.75%	10.22	%	7/28/2028	15,724		15,518	15,729
Oneteam Partners, LLC (4)(9)	SF +	5.50%	10.98	%	9/14/2029	74,250		73,010	74,250
Renaissance Financiere (4)(5)(7)	E +	7.00%	10.94	%	7/26/2028	€	34,871	35,514	37,969
Renaissance Holding Corp. (8)	SF +	4.75%	10.11	%	4/5/2030	7,980		7,816	8,019
Showtime Acquisition, L.L.C. (4)(6)(10)					8/7/2028	3,657		(85)	(68)
Showtime Acquisition, L.L.C. (4)(6)(10)					8/7/2028	4,711		(118)	(87)
Showtime Acquisition, L.L.C. (4)(10)	SF +	7.50%	12.98	%	8/7/2028	63,672		62,071	62,493
								598,288	604,371	11.66	%
Medical Equipment and Services
ABB/CON-CISE Optical Group LLC (4)(9)	SF +	7.50%	13.01	%	2/23/2028	21,259		20,869	19,119
Bamboo US BidCo LLC (4)(6)(10)	SF +	6.00%	11.36	%	9/30/2030	15,467		607	670
Bamboo US BidCo LLC (4)(6)(10)					10/1/2029	21,254		(610)	(543)
Bamboo US BidCo LLC (4)(10)	E +	6.75% (incl 3.38% PIK)	10.70	%	9/30/2030	€	61,588	63,223	66,272
Bamboo US BidCo LLC (4)(10)	SF +	6.75% (incl 3.38% PIK)	12.13	%	9/30/2030	81,370		79,021	79,306
Coding Solutions Acquisition, Inc. (4)(6)(9)					5/11/2028	34,900		(848)	(734)
Coding Solutions Acquisition, Inc. (4)(9)	SF +	5.75%	11.11	%	5/11/2028	22,857		22,514	22,452
Coding Solutions Acquisition, Inc. (4)(6)(9)	SF +	5.75%	11.11	%	5/11/2028	10,875		3,645	3,614
Coding Solutions Acquisition, Inc. (4)(9)	SF +	5.75%	11.11	%	5/11/2028	75,297		74,150	73,963
Coding Solutions Acquisition, Inc. (4)(9)	SF +	6.00%	11.36	%	5/11/2028	9,676		9,447	9,472
Limpio Bidco GMBH (4)(5)(7)	E +	6.20%	10.15	%	10/31/2030	€	66,556	68,533	71,499
PerkinElmer U.S. LLC (4)(10)	SF +	6.75%	12.11	%	3/13/2029	112,067		108,545	110,472
PerkinElmer U.S. LLC (4)(10)	SF +	5.75%	11.11	%	3/13/2029	62,432		61,205	61,203
Plasma Buyer LLC (4)(6)(9)					5/12/2029	22,070		(358)	(846)
Plasma Buyer LLC (4)(6)(9)	SF +	5.75%	11.10	%	5/12/2028	9,458		3,015	2,828
Plasma Buyer LLC (4)(9)	SF +	5.75%	11.10	%	5/12/2029	84,061		82,720	80,839
Resonetics, LLC (4)(10)	SF +	6.00%	11.39	%	4/28/2028	63,513		61,712	61,710
SDC US Smilepay SPV (4)(7)(16)	P +	9.75%			10/27/2025	28,737		26,203	21,039
TecoStar Holdings Inc (4)(10)	SF +	8.50% (incl 4.50% PIK)	13.91	%	7/6/2029	119,875		117,155	118,687
								800,748	801,022	15.45	%
Non-life Insurance
Accession Risk Management Group, Inc. (4)(6)(9)	SF +	6.00%	11.43	%	11/1/2029	8,000		1,340	1,446
Accession Risk Management Group, Inc. (4)(9)	SF +	5.50%	11.04	%	11/1/2029	39,650		39,390	39,250
Accession Risk Management Group, Inc. (4)(6)(9)					11/1/2029	467		—	(5)
Accession Risk Management Group, Inc. (4)(9)	SF +	5.50%	11.03	%	11/1/2029	14,273		14,273	14,129
Acrisure LLC (7)	SF +	4.50%	9.89	%	11/6/2030	4,000		3,961	4,015
Alera Group, Inc. (4)(9)	SF +	6.00%	11.46	%	10/2/2028	21,555		21,397	21,411
Alera Group, Inc. (4)(9)	SF +	6.00%	11.46	%	10/2/2028	12,398		12,390	12,315
Alera Group, Inc. (4)(9)	SF +	6.00%	11.46	%	10/2/2028	43,725		43,696	43,433
Alera Group (4)(6)(9)					10/2/2028	5,196		(51)	(51)
Alliant Holdings Intermediate, LLC (8)	SF +	3.50%	8.86	%	11/6/2030	18,839		18,715	18,946
AmWINS Group, Inc. (9)	SF +	2.25%	7.72	%	2/19/2028	4,597		4,577

Form: 10-Q

Documents