Form: 10-Q

Quarterly report [Sections 13 or 15(d)]

May 15, 2025

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Loan2025-03-310001838126More Cowbell II, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126NBG Acquisition Corp., 1st Lien Senior Secured Revolving Loan2025-03-310001838126Netrisk Group Luxco 4 S.A.R.L., 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Netrisk Group Luxco 4 S.A.R.L., 1st Lien Senior Secured Revolving Loan2025-03-310001838126NRO Holdings III Corp., 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126NRO Holdings III Corp., 1st Lien Senior Secured Revolving Loan2025-03-310001838126NTH Degree Purchaser, Inc, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126NTH Degree Purchaser, Inc, 1st Lien Senior Secured Revolving Loan2025-03-310001838126OEConnection LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Onesource Virtual, Inc., 1st Lien Senior Secured Revolving Loan2025-03-310001838126Oranje Holdco, Inc., 1st Lien Senior Secured Revolving Loan2025-03-310001838126Orthrus Limited, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Pareto Health Intermediate Holdings, Inc., 1st Lien Senior Secured Revolving Loan2025-03-310001838126Pareto Health Intermediate Holdings, Inc., 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Parfums Holding Company, Inc., 1st Lien Senior Secured Revolving Loan2025-03-310001838126Patriot Growth Insurance Services LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Ping Identity Holding Corp., 1st Lien Senior Secured Revolving Loan2025-03-310001838126Plasma Buyer LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126PPV Intermediate Holdings, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Prism Parent Co., Inc., 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Puma Buyer LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126QBS Parent, Inc., 1st Lien Senior Secured Revolving Loan2025-03-310001838126Radwell Parent, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Raven Acquisition Holdings LLC, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126RH Buyer, Inc., 1st Lien Senior Secured Revolving Loan2025-03-310001838126Ribbon Communications Operating Company, Inc, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Riley MergeCo LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Rockefeller Capital Management, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Rotation Buyer, LLC, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Rotation Buyer, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Royal Buyer, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Royal Buyer, LLC, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Saga Mid Co Limited, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Saga Mid Co Limited, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Severin Acquisition, LLC, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Severin Acquisition, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Sig Parent Holdings, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Sig Parent Holdings, LLC, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Smarsh Inc., 1st Lien Senior Secured Delayed Draw Loan 12025-03-310001838126Smarsh Inc., 1st Lien Senior Secured Delayed Draw Loan 22025-03-310001838126Smarsh Inc., 1st Lien Senior Secured Revolving Loan2025-03-310001838126Spanx, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Specialty Ingredients, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Spirit RR Holdings, Inc., 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Spirit RR Holdings, Inc., 1st Lien Senior Secured Revolving Loan2025-03-310001838126Spotless Brands, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Spotless Brands, LLC, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Spruce Bidco II Inc., 1st Lien Senior Secured Revolving Loan2025-03-310001838126Stack Sports Buyer, LLC, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Stack Sports Buyer, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Sugar PPC Buyer LLC, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126SWF Holdings I Corp, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Tango Bidco SAS, 1st Lien Senior Secured Delayed Draw Loan 12025-03-310001838126Tango Bidco SAS, 1st Lien Senior Secured Delayed Draw Loan 22025-03-310001838126Team, Inc., 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Tex-Tech Industries, Inc., 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Tex-Tech Industries, Inc., 1st Lien Senior Secured Revolving Loan2025-03-310001838126The One Group, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Time Manufacturing Holdings, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Tricentis Operations Holdings Inc, 1st Lien 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________________
FORM 10-Q
_____________________________________________________
(Mark One)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2025
OR
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 None None

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  ☒    No  ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes  ☒    No  ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer o Accelerated filer o
Non-accelerated filer x Smaller reporting company o
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  ☐    No  
The Registrant’s Common Shares, $0.01 par value per share, outstanding as of May 12, 2025 was 22,179,546, 136,276,283, 43,746,466 and 193,054,812 of Class S, Class I, Class D, and Class F common shares, respectively. Common shares outstanding exclude May 1, 2025 subscriptions since the issuance price is not yet finalized at the date of this filing.


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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about HPS Corporate Lending Fund (together, with its consolidated subsidiaries, the “Company”, “we” or “our”), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:
our future operating results;
our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives as a result of inflation, the imposition of tariffs, increases in borrowing costs and a potential global recession;
the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing conflict between Russia and Ukraine and the broader Middle East conflict;
the impact of the investments that we expect to make;
our ability to raise sufficient capital to execute our investment strategy;
our current and expected financing arrangements and investments;
the adequacy of our cash resources, financing sources and working capital;
changes in the general interest rate environment, including a sustained elevated interest rate environment, and uncertainty about the Federal Reserve’s intentions regarding interest rates in the 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 level of inflation, and its impact on our portfolio companies and on the industries in which we invest;
the dependence of our future success on the general economy and its effect on the industries in which we may invest;
the availability of credit and/or our ability to access the capital markets;
our use of financial leverage;
the ability of the Adviser to source suitable investments for us and to monitor and administer our investments;
the ability of the Adviser or its affiliates to attract and retain highly talented professionals;
our ability to qualify for and maintain our qualification as a regulated investment company and as a business development company (“BDC”);
the impact on our business of new or amended legislation or regulations;
currency fluctuations, particularly to the extent that we receive payments denominated in currency other than U.S. dollars;
the effect of changes to tax legislation and our tax position; and
the tax status of the enterprises in which we may invest, including the imposition of tariffs upon either the supplies utilized by those enterprises or the enterprises’ end products.
Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of any projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. Moreover, we assume no duty and do not undertake to update the forward-looking statements, except as required by applicable law. Because we are an investment company, the forward-looking statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”).






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PART I - FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements.
HPS Corporate Lending Fund
Consolidated Statements of Assets and Liabilities
(in thousands, except share and per share amounts)
March 31, 2025 December 31, 2024
ASSETS (Unaudited)
Investments at fair value
Non-controlled/non-affiliated investments (amortized cost of $17,966,361 and $15,753,920 at March 31, 2025 and December 31, 2024, respectively)
$ 18,071,869  $ 15,790,937 
Non-controlled/affiliated investments (amortized cost of $36,816 and $19,411 at March 31, 2025 and December 31, 2024, respectively)
36,067  19,969 
Controlled/affiliated investments (amortized cost of $297,747 and $297,747 at March 31, 2025 and December 31, 2024, respectively)
322,624  320,350 
Total investments at fair value (amortized cost of $18,300,924 and $16,071,078 at March 31, 2025 and December 31, 2024, respectively)
18,430,560  16,131,256 
Cash and cash equivalents 434,307  228,899 
Interest receivable from non-controlled/non-affiliated investments 146,419  140,686 
Interest receivable from non-controlled/affiliated investments 175   
Dividend receivable from non-controlled/non-affiliated investments 3  68 
Deferred financing costs 39,540  41,633 
Deferred offering costs 567  915 
Derivative assets, at fair value (Note 6) 53,737  43,003 
Receivable for investments 79,005  32,428 
Other assets 288  10,851 
Total assets $ 19,184,601  $ 16,629,739 
LIABILITIES
Debt (net of unamortized debt issuance costs of $77,881 and $51,573 at March 31, 2025 and December 31, 2024, respectively)
$ 8,942,032  $ 7,445,580 
Payable for investments purchased 125,530  75,489 
Interest payable 90,282  104,735 
Derivative liabilities, at fair value (Note 6)   11,510 
Due to affiliates 13,884  13,881 
Distribution payable (Note 9) 80,511  71,896 
Payable for share repurchases (Note 9) 210,394  110,784 
Management fees payable (Note 3) 19,593  9,377 
Income based incentive fees payable (Note 3) 33,728  32,014 
Capital gains incentive fees payable (Note 3) 6,912  12,950 
Shareholder servicing and/or distribution fees payable 2,662  2,456 
Accrued expenses and other liabilities 21,010  5,135 
Total liabilities 9,546,538  7,895,807 
Commitments and contingencies (Note 8)
NET ASSETS
Common Shares, $0.01 par value (378,445,196 and 341,366,636 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively)
3,784  3,414 
Additional paid in capital 9,470,211  8,521,659 
Distributable earnings (loss) 164,068  208,859 
Total net assets 9,638,063  8,733,932 
Total liabilities and net assets $ 19,184,601  $ 16,629,739 

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)

March 31, 2025 December 31, 2024
NET ASSET VALUE PER SHARE (Unaudited)
Class I Shares:
Net assets $ 3,230,780  $ 2,717,857 
Common Shares outstanding ($0.01 par value, unlimited shares authorized)
126,858,175  106,227,563 
Net asset value per share $ 25.47  $ 25.59 
Class D Shares:
Net assets $ 1,100,795  $ 1,103,246 
Common Shares outstanding ($0.01 par value, unlimited shares authorized)
43,223,693  43,120,380 
Net asset value per share $ 25.47  $ 25.59 
Class F Shares:
Net assets $ 4,792,120  $ 4,506,823 
Common Shares outstanding ($0.01 par value, unlimited shares authorized)
188,166,432  176,150,014 
Net asset value per share $ 25.47  $ 25.59 
Class S Shares:
Net assets $ 514,368  $ 406,006 
Common Shares outstanding ($0.01 par value, unlimited shares authorized)
20,196,896  15,868,679 
Net asset value per share $ 25.47  $ 25.59 


The accompanying notes are an integral part of these consolidated financial statements.
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Table of Contents
HPS Corporate Lending Fund
Consolidated Statements of Operations
(in thousands)
(Unaudited)

Three Months Ended March 31,
2025 2024
Investment income:
From non-controlled/non-affiliated investments:
Interest income $ 408,011  $ 291,764 
Payment-in-kind interest income 24,099  18,030 
Dividend income 1,147  795 
Other income 57  1,094 
From non-controlled/affiliated investments:
Interest income 309   
From controlled/affiliated investments:
Dividend income 10,511  1,819 
Total investment income 444,134  313,502 
Expenses:
Interest expense 137,906  86,093 
Management fees 29,146  18,339 
Income based incentive fee 33,728  25,565 
Capital gains incentive fee (6,038) 5,954 
Shareholder servicing and/or distribution fees
Class D 684  497 
Class F 5,766  4,309 
Class S 994  184 
Professional fees 1,665  756 
Board of Trustees’ fees 162  149 
Administrative service expenses (Note 3) 1,517  822 
Other general & administrative 3,091  2,384 
Amortization of continuous offering costs 532  453 
Total expenses 209,153  145,505 
Net investment income before excise tax 234,981  167,997 
Excise tax expense 293  (15)
Net investment income after excise tax 234,688  168,012 
Net realized and change in unrealized gain (loss):
Realized gain (loss):
Non-controlled/non-affiliated investments (19,886) (9,949)
Foreign currency forward contracts (34,279) 167 
Foreign currency transactions (1,895) 3,509 
Net realized gain (loss) (56,060) (6,273)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments 67,250  19,345 
Non-controlled/affiliated investments (66) (46)
Controlled/affiliated investments 2,274  6,688 
Foreign currency forward contracts (24,102) 12,494 
Translation of assets and liabilities in foreign currencies (37,602) 15,430 
Net change in unrealized appreciation (depreciation) 7,754  53,911 
Net realized and change in unrealized gain (loss) (48,306) 47,638 
Net increase (decrease) in net assets resulting from operations $ 186,382  $ 215,650 
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 March 31,
2025 2024
Increase (decrease) in net assets from operations:
Net investment income after excise tax $ 234,688  $ 168,012 
Net realized gain (loss) (56,060) (6,273)
Net change in unrealized appreciation (depreciation) 7,754  53,911 
Net increase (decrease) in net assets resulting from operations 186,382  215,650 
Distributions to common shareholders:
Class I (80,646) (39,684)
Class D (27,326) (20,018)
Class F (112,232) (84,571)
Class S (10,968) (2,054)
Net decrease in net assets resulting from distributions (231,172) (146,327)
Share transactions:
Class I:
Proceeds from shares sold 610,430  360,098 
Share transfers between classes 46,752  1,333 
Distributions reinvested 23,261  13,526 
Repurchased shares, net of early repurchase deduction (152,059) (33,211)
Net increase (decrease) from share transactions 528,384  341,746 
Class D:
Proceeds from shares sold 64,125  96,497 
Share transfers between classes (40,704) 2,927 
Distributions reinvested 13,232  10,964 
Repurchased shares, net of early repurchase deduction (33,921) (10,558)
Net increase (decrease) from share transactions 2,732  99,830 
Class F:
Proceeds from shares sold 282,609  428,057 
Share transfers between classes (2,928) (5,691)
Distributions reinvested 50,831  43,940 
Repurchased shares, net of early repurchase deduction (23,332) (15,757)
Net increase (decrease) from share transactions 307,180  450,549 
Class S:
Proceeds from shares sold 110,234  98,389 
Share transfers between classes (3,120) 1,431 
Distributions reinvested 4,593  578 
Repurchased shares, net of early repurchase deduction (1,082)  
Net increase (decrease) from share transactions 110,625  100,398 
Total increase (decrease) in net assets 904,131  1,061,846 
Net assets, beginning of period 8,733,932  5,185,364 
Net assets, end of period $ 9,638,063  $ 6,247,210 

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)

Three Months Ended March 31,
2025 2024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations $ 186,382  $ 215,650 
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 (69,458) (25,987)
Net realized (gain) loss on investments 19,886  9,949 
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts 24,102  (12,494)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies 38,257  (16,775)
Net accretion of discount and amortization of premium, net (18,205) (27,075)
Amortization of deferred financing costs 2,394  2,064 
Amortization of original issue discount and debt issuance costs 4,462  1,188 
Amortization of offering costs 532  453 
Payment-in-kind interest capitalized (24,183) (15,722)
Payment-in-kind dividends capitalized (1,131) (761)
Purchases of investments (2,502,618) (1,416,804)
Proceeds from sale of investments and principal repayments 296,405  848,237 
Changes in operating assets and liabilities:
Interest receivable from non-controlled/non-affiliated investments (5,733) (14,057)
Interest receivable from non-controlled/affiliated investments (175)  
Dividend receivable from non-controlled/non-affiliated investments 65  76 
Receivable for investments (46,577) 71,933 
Other assets 10,563  (13,063)
Payable for investments purchased 50,041  27,604 
Interest payable (14,453) 1,712 
Due to affiliates 3  947 
Management fees payable 10,216  1,058 
Income based incentive fees payable 1,714  5,218 
Capital gains incentive fees payable (6,038) 5,954 
Shareholder servicing and/or distribution fees payable 206  277 
Accrued expenses and other liabilities 15,875  (1,496)
Net cash provided by (used in) operating activities (2,027,468) (351,914)
Cash flows from financing activities:
Borrowings on debt 5,151,226  1,267,000 
Repayments of debt (3,713,069) (1,600,966)
Deferred financing costs paid (301) (8,642)
Debt issuance costs paid (30,770) (12,606)
Deferred offering costs paid (184)  
Proceeds from issuance of Common Shares 1,067,398  983,041 
Common Shares repurchased, net of early repurchase deduction (110,784) (63,474)
Distributions paid in cash (130,640) (100,552)
Net cash provided by (used in) financing activities 2,232,876  463,801 
Net increase (decrease) in cash and cash equivalents 205,408  111,887 
Cash and cash equivalents, beginning of period 228,899  188,775 
Cash and cash equivalents, end of period $ 434,307  $ 300,662 
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)

Three Months Ended March 31,
2025 2024
Supplemental information and non-cash activities:
Interest paid during the period $ 145,503  $ 81,129 
Taxes paid during the period $ 5,428  $ 1,522 
Distribution payable $ 80,511  $ 51,674 
Share repurchases accrued but not paid $ 210,394  $ 59,526 
Reinvestment of distributions during the period $ 91,917  $ 69,008 
Non-cash purchases of investments $ 17,850  $ 2,016 
Non-cash sales of investments $ (17,850) $ (2,016)
The accompanying notes are an integral part of these consolidated financial statements.

7

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HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(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
First Lien Debt - Non-Controlled/Non-Affiliated
First Lien Debt
Aerospace and Defense
Arcfield Acquisition Corp (4)(6)(8) 10/28/2031 $ 11,100  $ (26) $  
Arcfield Acquisition Corp (4)(8) SF + 5.00% 9.30  % 10/28/2031 81,490  81,298  82,080 
Asdam Operations Pty Ltd (4)(5)(8) B + 5.50% 9.65  % 8/22/2028 A$ 3,614  2,432  2,258 
Asdam Operations Pty Ltd (4)(5)(6)(8) 8/22/2028 A$ 5,421  (68)  
Asdam Operations Pty Ltd (4)(5)(8) B + 5.50% 9.65  % 8/22/2028 A$ 41,558  28,061  25,966 
Cadence - Southwick, Inc. (4)(6)(10) SF + 5.00% 9.41  % 5/3/2028 17,561  8,912  9,171 
Cadence - Southwick, Inc. (4)(10) SF + 5.00% 9.40  % 5/3/2029 40,905  40,060  41,314 
Cadence - Southwick, Inc. (4)(10) SF + 5.00% 9.39  % 5/3/2029 3,073  3,026  3,104 
Carbon Topco, Inc. (4)(6)(9) 5/1/2030 11,985  (222) (167)
Carbon Topco, Inc. (4)(9) SF + 6.00% 10.42  % 11/1/2030 72,110  70,768  70,873 
Fastener Distribution Holdings, LLC (4)(6)(9) 11/4/2031 28,345  (275) (101)
Fastener Distribution Holdings, LLC (4)(9) SF + 4.75% 9.07  % 11/4/2031 75,632  74,920  75,362 
Frontgrade Technologies Holdings Inc. (4)(6)(9) 1/10/2028 6,864  (105)  
Frontgrade Technologies Holdings Inc. (4)(9) SF + 5.00% 9.32  % 1/9/2030 36,958  36,192  36,931 
Frontgrade Technologies Holdings Inc. (4)(9) SF + 5.00% 9.32  % 1/9/2030 7,781  7,665  7,775 
Frontgrade Technologies Holdings Inc. (4)(9) SF + 5.00% 9.30  % 1/9/2030 8,726  8,639  8,720 
Goat Holdco LLC (5)(7) SF + 3.00% 7.32  % 1/27/2032 4,375  4,364  4,351 
RH Buyer, Inc. (4)(6)(10) 1/17/2031 13,792  (267) (267)
RH Buyer, Inc. (4)(10) SF + 6.50% 10.90  % 1/17/2031 119,727  117,414  117,412 
Tex-Tech Industries, Inc. (4)(6)(9) 1/13/2031 18,094  (178) (174)
Tex-Tech Industries, Inc. (4)(6)(9) SF + 5.00% 9.32  % 1/13/2031 17,192  1,339  1,339 
Tex-Tech Industries, Inc. (4)(9) SF + 5.00% 9.29  % 1/13/2031 81,421  80,637  80,636 
WP CPP Holdings, LLC (4)(6)(10) 11/30/2029 26,285  (511)  
WP CPP Holdings, LLC (4)(10) SF + 6.75% 11.07  % 11/30/2029 204,123  200,516  204,942 
764,591  771,525  8.00  %
Alternative Energy
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15) SF + 10.00% 14.40  % 11/9/2026 12,830  12,692  11,660 
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15) SF + 10.00% 14.40  % 11/9/2026 984  973  894 
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15) SF + 10.00% 14.40  % 11/9/2026 10,736  10,600  9,757 
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15) SF + 10.00% 14.40  % 11/9/2026 976  965  887 
25,230  23,198  0.24  %
Asset Based Lending and Fund Finance
Montagu Lux Finco Sarl (4)(5)(6)(10) E + 5.50% 8.04  % 2/13/2032 65,158  28,199  29,158 
28,199  29,158  0.30  %
Automobiles and Parts
Clarios Global LP (7) SF + 2.50% 6.82  % 5/6/2030 10,696  10,652  10,568 
Clarios Global LP (7) SF + 2.75% 7.07  % 1/28/2032 5,366  5,360  5,295 
Foundation Automotive US Corp (4)(7)(18) SF +
7.75% PIK
12/24/2027 4,755  4,714  2,556 
Foundation Automotive Corp (4)(5)(7)(18) SF +
7.75% PIK
12/24/2027 15,156  15,032  8,147 
Foundation Automotive US Corp (4)(7)(18) SF +
7.75% PIK
12/24/2027 18,779  18,571  10,095 
Foundation Automotive US Corp (4)(6)(7)(18) SF + 7.75% 12/24/2027 2,701  1,282  1,351 
Oil Changer Holding Corporation (4)(10) SF + 6.75% 11.21  % 2/8/2027 40,078  39,918  40,078 
Oil Changer Holding Corporation (4)(10) SF + 6.75% 11.19  % 2/8/2027 8,414  8,381  8,414 
Tenneco Inc (8) SF + 5.00% 9.42  % 11/17/2028 8,000  7,854  7,805 
111,764  94,309  0.98  %
Chemicals
Fortis 333 Inc (7) SF + 3.50% 7.80  % 3/27/2032 2,941  2,934  2,926 
Lummus Technology Holdings V LLC (7) SF + 3.00% 7.32  % 12/31/2029 18,085  17,910  18,062 
20,844  20,988  0.22  %
8

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(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
Construction and Materials
Eco Material Technologies Inc (7) SF + 3.25% 7.47  % 2/12/2032 5,000  4,993  4,989 
Enstall Group B.V. (4)(5)(6)(8) 8/30/2028 1,117  (22) (143)
Enstall Group B.V. (4)(5)(8) E + 6.25% 8.84  % 8/30/2028 66,970  71,389  63,884 
Fire Flow Intermediate Corporation (4)(9) SF + 5.00% 9.29  % 7/10/2031 123,681  122,559  124,918 
Hobbs & Associates LLC (7) SF + 2.75% 7.07  % 7/23/2031 14,397  14,375  14,217 
Nexus Intermediate III, LLC (4)(9) SF + 4.75% 9.04  % 12/6/2027 1,049  1,061  1,052 
NRO Holdings III Corp. (4)(6)(9) 7/15/2031 214  (4) 1 
NRO Holdings III Corp. (4)(6)(9) 7/15/2030 100  (2)  
NRO Holdings III Corp. (4)(9) SF + 5.25% 9.55  % 7/15/2031 682  670  685 
215,019  209,603  2.17  %
Consumer Services
Aesthetics Australia Group Pty Ltd (4)(5)(8) B +
6.75% (incl 2.50% PIK)
11.43  % 3/21/2028 A$ 57,095  36,326  33,342 
AI Learning (Singapore) PTE. LTD. (4)(5)(12) SORA + 7.50% 9.64  % 5/25/2027 45,400  S$ 33,016  33,589 
American Academy Holdings, LLC (4)(17) SF +
9.75% (incl 5.25% PIK)
14.19  % 6/30/2027 57,248  57,248  56,323 
Auctane Inc (4)(9) SF + 5.75% 10.14  % 10/5/2028 24,250  24,250  22,961 
Citrin Cooperman Advisors LLC (6)(7) 4/1/2032 573  (2) (3)
Citrin Cooperman Advisors LLC (7) SF + 3.00% 7.32  % 4/1/2032 8,888  8,857  8,835 
Club Car Wash Operating, LLC (4)(10) SF + 5.50% 9.95  % 6/16/2027 39,168  38,645  39,218 
Club Car Wash Operating, LLC (4)(10) SF + 5.50% 9.95  % 6/16/2027 12,441  12,320  12,457 
Club Car Wash Operating, LLC (4)(10) SF + 5.50% 9.95  % 6/16/2027 25,457  25,292  25,490 
Club Car Wash Operating, LLC (4)(6)(10) SF + 5.50% 9.95  % 6/16/2027 77,035  43,656  44,349 
Corporation Service Company (8) SF + 2.00% 6.32  % 11/2/2029 1,643  1,610  1,637 
Express Wash Concepts, LLC (4)(10) SF + 5.00% 9.42  % 4/30/2027 46,632  46,435  46,804 
Express Wash Concepts, LLC (4)(10) SF + 5.00% 9.42  % 4/30/2027 26,190  26,077  26,286 
Houghton Mifflin Harcourt Company (8) SF + 5.25% 9.67  % 4/9/2029 24,931  24,479  24,684 
ImageFIRST Holdings, LLC (7) SF + 3.25% 7.55  % 3/12/2032 4,667  4,655  4,661 
IXM Holdings, Inc. (4)(11) SF + 6.25% 10.57  % 12/14/2029 18,380  18,163  18,516 
IXM Holdings, Inc. (4)(11) SF + 6.25% 10.57  % 12/14/2029 1,638  1,617  1,650 
IXM Holdings, Inc. (4)(6)(11) SF + 6.25% 10.57  % 12/14/2029 4,013  635  688 
KUEHG Corp. (5)(8) SF + 3.25% 7.55  % 6/12/2030 2,380  2,375  2,378 
Learning Care Group, Inc. (8) SF + 4.00% 8.30  % 8/11/2028 1,970  1,950  1,959 
LHS Borrower LLC (8) SF + 4.75% 9.17  % 2/16/2029 6,858  6,819  5,861 
Mckissock Investment Holdings LLC (9) SF + 5.00% 9.29  % 3/12/2029 46,215  45,354  46,061 
Mckissock Investment Holdings LLC (9) SF + 5.00% 9.46  % 3/12/2029 12,358  12,285  12,317 
Polyconcept North America Holdings, Inc. (9) SF + 5.50% 9.80  % 5/18/2029 22,718  22,436  21,560 
Spotless Brands, LLC (4)(10) SF + 5.75% 10.03  % 7/25/2028 21,266  21,028  21,365 
Spotless Brands, LLC (4)(10) SF + 5.75% 10.03  % 7/25/2028 15,781  15,605  15,854 
Spotless Brands, LLC (4)(10) SF + 5.75% 10.03  % 7/25/2028 103,996  102,807  104,479 
Spotless Brands, LLC (4)(6)(10) 7/25/2028 5,175  (56)  
Spotless Brands, LLC (4)(6)(10) SF + 5.50% 9.76  % 7/25/2028 31,026  19,149  19,305 
Thrasio LLC (4)(10) SF +
10.00% PIK
14.55  % 6/18/2029 376  374  376 
Thrasio LLC (4)(7)(18) SF +
10.00% PIK
6/18/2029 1,055  1,029  817 
TruGreen Limited Partnership (9) SF + 4.00% 8.42  % 11/2/2027 8,464  8,407  7,992 
Zips Car Wash, LLC (4)(7)(18) SF +
7.25% PIK
10/10/2025 1,894  1,894  1,894 
Zips Car Wash, LLC (4)(7)(18) SF +
7.25% PIK
10/10/2025 3,314  3,314  3,314 
Zips Car Wash, LLC (4)(7)(18) SF +
7.25% PIK
2/3/2025 22,713  22,713  17,430 
Zips Car Wash, LLC (4)(7)(18) SF +
7.25% PIK
2/3/2025 13,405  13,403  10,287 
Zips Car Wash, LLC (4)(7)(18) SF +
7.25% PIK
2/3/2025 859  859  659 
705,024  695,395  7.22  %
Electricity
9

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(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
Cogentrix Finance Holdco I LLC (7) SF + 2.75% 7.07  % 2/26/2032 5,068  5,055  5,055 
Hamilton Projects Acquiror LLC (8) SF + 3.00% 7.32  % 5/31/2031 16,497  16,461  16,503 
IP Operating Portfolio I, LLC (4)(7) 7.88% 7.88  % 12/31/2029 27,119  26,715  26,943 
IP Operations II Investco, LLC (4)(15) SF + 5.50% 9.85  % 6/26/2029 26,547  26,098  26,370 
IP Operations II Investco, LLC (4)(15) SF + 5.50% 9.82  % 12/31/2025 14,380  14,231  14,284 
Sunzia UpperCo LLC (4)(16) SF + 5.00% 9.29  % 6/27/2025 25,000  24,951  25,000 
Thunder Generation Funding LLC (7) SF + 3.00% 7.30  % 10/3/2031 5,853  5,826  5,859 
119,337  120,014  1.25  %
Electronic and Electrical Equipment
Dwyer Instruments Inc (4)(6)(9) 7/20/2029 13,403  (129) (68)
Dwyer Instruments Inc (4)(6)(9) SF + 4.75% 9.05  % 7/20/2029 19,177  928  1,008 
Dwyer Instruments Inc (4)(9) SF + 4.75% 9.05  % 7/20/2029 112,171  111,130  111,605 
111,929  112,545  1.17  %
Finance and Credit Services
PCP CW Aggregator Holdings II, L.P. (4)(5)(10) SF +
9.25% PIK
13.72  % 2/9/2027 23,278  23,140  23,393 
Yes Energy LLC (4)(10) SF + 5.00% 9.33  % 4/21/2028 9,900  9,784  9,900 
Yes Energy LLC (4)(10) SF + 5.00% 9.33  % 4/21/2028 4,824  4,717  4,873 
Yes Energy LLC (4)(6)(10) SF + 5.00% 9.33  % 4/21/2028 4,205  1,023  1,149 
Yes Energy LLC (4)(10) SF + 5.00% 9.33  % 4/21/2028 25,740  25,359  25,740 
64,023  65,055  0.67  %
Food Producers
Aspire Bakeries Holdings LLC (7) SF + 4.25% 8.57  % 12/23/2030 7,280  7,246  7,308 
Specialty Ingredients, LLC (4)(6)(9) SF + 6.00% 10.42  % 2/12/2029 11,279  4,941  5,075 
Specialty Ingredients, LLC (4)(9) SF + 6.00% 10.42  % 2/12/2029 88,667  87,586  88,667 
Sugar PPC Buyer LLC (4)(6)(10) 10/2/2030 14,474  (136) 145 
Sugar PPC Buyer LLC (4)(10) SF + 5.25% 9.55  % 10/2/2030 16,375  16,077  16,539 
Sugar PPC Buyer LLC (4)(10) SF + 5.25% 9.50  % 10/2/2030 58,951  57,908  59,540 
173,622  177,274  1.84  %
Gas, Water and Multi-utilities
Eagle LNG Partners Jacksonville II LLC (4)(7)
13.50% (incl 6.35% PIK)
13.50%
4/26/2029 803  785  787 
Floating Infrastructure Holdings Finance LLC (4)(5)(10) SF + 5.75% 10.15  % 8/13/2027 40,189  39,817  40,189 
40,602  40,976  0.43  %
General Industrials
Bakelite US Holdco Inc (7) SF + 3.75% 8.05  % 12/23/2031 6,191  6,132  6,129 
BP Purchaser, LLC (4)(9) SF + 5.50% 10.06  % 12/11/2028 28,612  28,313  24,935 
Bright Light Buyer, Inc. (4)(10) SF + 6.00% 10.32  % 11/8/2029 74,063  72,642  74,063 
Capripack Debtco PLC (4)(5)(10) E +
5.75% (incl 2.50% PIK)
8.49  % 1/3/2030 13,487  14,325  14,589 
Capripack Debtco PLC (4)(5)(10) E +
5.75% (incl 2.50% PIK)
8.49  % 1/3/2030 72,598  77,112  78,530 
Capripack Debtco PLC (4)(5)(10) E +
5.75% (incl 2.50% PIK)
8.25  % 1/3/2030 29,873  29,929  32,314 
Capripack Debtco PLC (4)(5)(10) E +
5.75% (incl 2.50% PIK)
8.25  % 1/3/2030 26,139  26,188  28,274 
Formerra, LLC (4)(10) SF + 7.25% 11.67  % 11/1/2028 4,198  4,113  4,176 
Formerra, LLC (4)(6)(10) 11/1/2028 12,031  (233) (62)
Formerra, LLC (4)(10) SF + 7.25% 11.67  % 11/1/2028 104,352  102,278  103,811 
Marcone Group Inc (4)(9) SF +
7.00% (incl 3.25% PIK)
11.46  % 6/23/2028 11,961  11,895  11,092 
Marcone Group Inc (4)(9) SF +
7.00% (incl 3.25% PIK)
11.46  % 6/23/2028 49,898  49,481  46,273 
Marcone Group Inc (4)(9) SF +
7.00% (incl 3.25% PIK)
11.46  % 6/23/2028 4,398  4,374  4,079 
10

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(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
Marcone Group Inc (4)(9) SF +
7.00% (incl 3.25% PIK)
11.46  % 6/23/2028 13,236  13,164  12,275 
439,713  440,478  4.57  %
Health Care Providers
123Dentist Inc (4)(5)(6)(9) C + 5.00% 7.72  % 8/10/2029 C$ 23,840  7,069  7,205 
123Dentist Inc (4)(5)(9) C + 5.00% 7.72  % 8/10/2029 C$ 56,627  43,283  39,553 
AB Centers Acquisition Corporation (4)(9) SF + 5.00% 9.32  % 7/2/2031 158,209  156,089  159,659 
AB Centers Acquisition Corporation (4)(6)(9) SF + 5.00% 9.32  % 7/2/2031 28,815  8,373  9,044 
AB Centers Acquisition Corporation (4)(6)(9) 7/2/2031 16,655  (223)  
AB Centers Acquisition Corporation (4)(9) SF + 5.00% 9.32  % 7/2/2031 53,243  52,824  53,731 
Accelerated Health Systems LLC (8) SF + 4.25% 8.70  % 2/15/2029 7,851  7,838  6,151 
Aspen Dental Management Inc. (ADMI Corp) (8) SF + 3.75% 8.19  % 12/23/2027 3,293  3,242  3,273 
Aspen Dental Management Inc. (ADMI Corp) (7) SF + 5.75% 10.07  % 12/23/2027 852  858  857 
AthenaHealth Group Inc. (8) SF + 3.00% 7.32  % 2/15/2029 13,235  13,194  13,103 
ATI Holdings Acquisition, Inc. (4)(5)(10) SF + 7.25% 11.50  % 2/24/2028 41,092  40,689  39,196 
Baart Programs, Inc. (4)(10) SF + 5.00% 9.56  % 6/11/2027 9,994  9,951  8,962 
Charlotte Buyer Inc (8) SF + 4.25% 8.57  % 2/11/2028 23,695  22,870  23,590 
Diagnostic Services Holdings, Inc. (4)(6)(10) SF + 5.50% 9.82  % 3/15/2027 2,993  1,277  1,281 
Diagnostic Services Holdings, Inc. (4)(10) SF + 5.50% 9.82  % 3/15/2027 122,245  121,451  121,606 
Diagnostic Services Holdings, Inc. (4)(10) SF + 5.50% 9.82  % 3/15/2027 15,682  15,581  15,600 
ERC Topco Holdings, LLC (4)(6)(7)(18) SF + 5.50% 11/10/2026 1,561  1,041  1,115 
ERC Topco Holdings, LLC (4)(7)(18) SF +
6.50% PIK
11/10/2026 7,055  7,055  7,055 
FC Compassus, LLC (4)(6)(9) SF +
5.75% (incl 1.50% PIK)
10.07  % 11/26/2030 15,815  1,539  1,625 
FC Compassus, LLC (4)(6)(9) SF +
7.00% (incl 2.08% PIK)
11.33  % 11/26/2030 128  12  13 
FC Compassus, LLC (4)(9) SF +
7.04% (incl 2.10% PIK)
11.37  % 11/26/2030 1,171  1,155  1,158 
FC Compassus, LLC (4)(6)(7) 11/26/2030 19,127  (270) (173)
FC Compassus, LLC (4)(9) SF +
5.75% (incl 1.50% PIK)
10.07  % 11/26/2030 145,692  143,626  144,366 
Indigo Purchaser, Inc. (4)(6)(9) 11/21/2031 25,608  (374) (216)
Indigo Purchaser, Inc. (4)(6)(9) 11/21/2031 17,478  (249) (148)
Indigo Purchaser, Inc. (4)(9) SF + 5.00% 9.30  % 11/21/2031 112,112  110,517  111,166 
Kabafusion Parent LLC (4)(6)(9) 11/24/2031 11,700  (111)  
Kabafusion Parent LLC (4)(9) SF + 5.00% 9.30  % 11/24/2031 90,000  89,143  90,900 
MB2 Dental Solutions, LLC (4)(6)(13) 2/13/2031 13,909  (233) (57)
MB2 Dental Solutions, LLC (4)(9) SF + 5.50% 9.82  % 2/13/2031 154,523  152,435  153,886 
MB2 Dental Solutions, LLC (4)(6)(9) SF + 5.50% 9.82  % 2/13/2031 54,024  16,504  17,266 
MB2 Dental Solutions, LLC (4)(9) SF + 5.50% 9.82  % 2/13/2031 22,375  21,954  22,283 
Medline Borrower LP (8) SF + 2.25% 6.57  % 10/23/2028 15,022  14,928  15,010 
Pareto Health Intermediate Holdings, Inc. (4)(10) SF + 5.00% 9.22  % 6/3/2030 44,201  43,402  43,911 
Pareto Health Intermediate Holdings, Inc. (4)(10) SF + 5.00% 9.22  % 6/3/2030 14,734  14,468  14,637 
Pareto Health Intermediate Holdings, Inc. (4)(6)(10) 6/1/2029 4,032  (84) (28)
Pareto Health Intermediate Holdings, Inc. (4)(6)(10) 6/3/2030 9,160  (89) (60)
Pareto Health Intermediate Holdings, Inc. (4)(10) SF + 5.00% 9.22  % 6/3/2030 16,605  16,447  16,496 
Phoenix Newco Inc (8) SF + 2.50% 6.82  % 11/15/2028 16,673  16,604  16,656 
Pinnacle Fertility, Inc. (4)(9) SF + 5.00% 9.55  % 3/14/2028 9,141  9,056  9,141 
Pinnacle Fertility, Inc. (4)(9) SF + 5.00% 9.53  % 3/14/2028 26,675  26,403  26,675 
PPV Intermediate Holdings, LLC (4)(9) SF + 5.75% 10.06  % 8/31/2029 92,256  91,177  91,809 
PPV Intermediate Holdings, LLC (4)(6)(9) 8/31/2029 8,145  (103) (39)
Precision Medicine Group, LLC (9) SF + 3.00% 7.40  % 11/18/2027 7,979  7,913  7,914 
PTSH Intermediate Holdings, LLC (4)(9) SF + 5.50% 9.95  % 12/17/2027 3,892  3,852  3,892 
PTSH Intermediate Holdings, LLC (4)(9) SF + 5.50% 9.95  % 12/17/2027 20,416  20,222  20,416 
11

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(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
Raven Acquisition Holdings LLC (6)(7) 11/19/2031 1,333  (6) (14)
Raven Acquisition Holdings LLC (7) SF + 3.25% 7.57  % 11/19/2031 18,667  18,578  18,464 
Southern Veterinary Partners LLC (7) SF + 3.25% 7.57  % 12/4/2031 4,673  4,651  4,665 
Tenet Healthcare Corp (5)(7) 5.13% 5.13  % 11/1/2027 2,695  2,714  2,658 
Tivity Health Inc (4)(9) SF + 5.00% 9.32  % 6/28/2029 129,495  127,815  129,495 
TTF Lower Intermediate LLC (7) SF + 3.75% 8.00  % 7/18/2031 8,229  8,154  8,105 
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9) SF + 5.75% 10.04  % 7/17/2028 32,423  32,070  32,132 
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9) SF + 5.75% 10.04  % 7/17/2028 26,212  25,927  25,977 
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9) SF + 5.75% 10.05  % 7/17/2028 42,742  42,254  42,358 
WCAS XIV Primary Care Investors, L.P. (4)(10) SF + 6.25% 10.55  % 12/31/2032 56,433  55,436  55,435 
WCAS XIV Primary Care Investors, L.P. (4)(10) SF + 6.25% 10.55  % 12/31/2032 8,342  8,190  8,194 
WCAS XIV Primary Care Investors, L.P. (4)(10) SF + 6.25% 10.55  % 12/31/2032 15,932  15,633  15,650 
WCAS XIII Primary Care Investors, L.P. (4)(10) SF + 6.25% 10.55  % 12/31/2029 135,630  133,776  133,351 
1,787,498  1,795,950  18.63  %
Household Goods and Home Construction
Hunter Douglas Inc (7) SF + 3.25% 7.55  % 1/17/2032 2,300  2,289  2,205 
SWF Holdings I Corp (6)(10) 12/19/2029 94    1 
SWF Holdings I Corp (10) SF + 4.50% 8.82  % 12/19/2029 73  70  73 
SWF Holdings I Corp (10) SF + 4.00% 8.44  % 10/6/2028 667  627  551 
2,986  2,830  0.03  %
Industrial Engineering
LSF12 Donnelly Bidco, LLC (4)(10) SF + 6.50% 10.82  % 10/2/2029 19,629  19,260  19,629 
Radwell Parent, LLC (4)(6)(9) SF + 5.50% 9.80  % 4/3/2028 13,271  3,353  3,539 
Radwell Parent, LLC (4)(9) SF + 5.50% 9.80  % 4/2/2029 151,882  148,978  152,518 
Roper Industrial Products Investment Co (8) SF + 2.75% 7.05  % 11/22/2029 18,139  17,723  18,069 
Rotation Buyer, LLC (4)(6)(9) SF + 4.75% 9.07  % 12/27/2031 17,062  1,795  1,859 
Rotation Buyer, LLC (4)(6)(9) SF + 4.75% 9.05  % 12/27/2031 8,731  2,396  2,427 
Rotation Buyer, LLC (4)(9) SF + 4.75% 9.05  % 12/27/2031 66,540  65,900  66,140 
Time Manufacturing Holdings, LLC (4)(9) E +
6.50% (incl 2.00% PIK)
9.00  % 12/1/2027 4,803  5,017  4,226 
Time Manufacturing Holdings, LLC (4)(6)(9) SF +
6.50% (incl 2.00% PIK)
10.94  % 12/1/2027 1,000  710  548 
Time Manufacturing Holdings, LLC (4)(9) SF +
6.50% (incl 2.00% PIK)
10.96  % 12/1/2027 12,194  12,072  10,093 
Time Manufacturing Holdings, LLC (4)(9) E +
6.50% (incl 2.00% PIK)
9.00  % 12/1/2027 8,458  9,461  7,442 
TK Elevator US Newco Inc (5)(8) SF + 3.00% 7.32  % 4/30/2030 12,416  12,288  12,399 
Wec US Holdings Inc (7) SF + 2.25% 6.57  % 1/27/2031 9,950  9,885  9,871 
308,838  308,760  3.20  %
Industrial Metals and Mining
Alchemy US Holdco 1 LLC (4)(10) SF + 6.50% 10.79  % 7/31/2029 120,590  115,989  116,442 
Alchemy US Holdco 1 LLC (4)(10) E + 6.50% 9.11  % 7/31/2029 25,444  26,490  26,579 
Alchemy US Holdco 1 LLC (4)(6)(10) SF + 6.50% 10.79  % 7/31/2029 10,254  899  959 
BLY US Holdings Inc. (4)(5)(10) SF + 6.00% 10.30  % 4/10/2029 59,586  58,372  58,780 
Star Holding LLC (7) SF + 4.50% 8.82  % 7/31/2031 4,275  4,254  4,189 
206,004  206,949  2.15  %
Industrial Support Services
AI Circle Bidco Limited (4)(5)(10) E + 5.75% 8.19  % 2/8/2031 6,374  6,723  6,867 
AI Circle Bidco Limited (4)(5)(10) E + 6.75% 9.23  % 2/8/2031 44,620  46,467  48,069 
AI Circle Bidco Limited (4)(5)(6)(10) E + 5.75% 8.19  % 2/8/2031 66,803  21,745  21,900 
Allied Universal Holdco LLC (8) SF + 3.75% 8.17  % 5/12/2028 12,427  12,395  12,428 
12

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(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
Argos Health Holdings, Inc. (4)(9) SF + 6.00% 10.30  % 12/6/2027 645  639  632 
Atlas Intermediate III, L.L.C. (4)(10) SF +
8.25% (incl 4.00% PIK)
12.54  % 10/31/2029 117,913  115,773  116,294 
Atlas Intermediate III, L.L.C. (4)(6)(10) 10/31/2029 13,445  (257) (185)
AVSC Holding Corp. (4)(6)(9) SF + 5.00% 9.32  % 12/5/2029 8,660  531  554 
AVSC Holding Corp. (4)(9) SF + 5.00% 9.32  % 12/5/2031 74,189  72,771  73,034 
Axiom Buyer, LLC (4)(6)(10) 1/14/2030 16,189  (378) (286)
Axiom Buyer, LLC (4)(6)(10) SF + 6.50% 10.82  % 1/14/2030 18,189  4,802  4,875 
Axiom Buyer, LLC (4)(10) SF + 6.50% 10.82  % 1/14/2030 149,578  146,329  146,932 
Azalea Topco, Inc. (7) SF + 3.25% 7.57  % 4/30/2031 7,980  7,970  7,946 
Captive Resources Midco LLC (4)(6)(9) 7/3/2028 7,558  (82)  
Captive Resources Midco LLC (4)(9) SF + 4.75% 9.07  % 7/2/2029 92,282  91,204  92,282 
The Chartis Group LLC (4)(9) SF + 4.50% 8.80  % 9/17/2031 81,592  80,839  81,559 
The Chartis Group LLC (4)(6)(9) 9/17/2031 25,040  (241) (10)
The Chartis Group LLC (4)(6)(9) 9/17/2031 14,716  (135) (6)
Core & Main LP (5)(7) SF + 2.00% 6.27  % 2/9/2031 1,822  1,822  1,820 
Coretrust Purchasing Group LLC (4)(6)(9) 10/1/2029 10,736  (253) 107 
Coretrust Purchasing Group LLC (4)(6)(9) 10/1/2029 11,656  (225)  
Coretrust Purchasing Group LLC (4)(9) SF + 5.25% 9.57  % 10/1/2029 80,078  78,590  80,879 
Coretrust Purchasing Group LLC (4)(6)(9) 10/1/2029 4,423  (37) 44 
Currahee Borrower Sub LLC (6)(7) 3/31/2032 1,952  (10)  
Currahee Borrower Sub LLC (7) SF + 4.00% 8.30  % 3/31/2032 8,433  8,390  8,433 
Eagle 2021 Lower Merger Sub, LLC (4)(9) SF + 6.00% 10.30  % 12/6/2027 806  799  790 
EIS Legacy Holdco, LLC (4)(6)(9) SF + 4.75% 9.05  % 11/5/2031 30,682  5,839  6,027 
EIS Legacy Holdco, LLC (4)(6)(9) 11/5/2030 13,000  (121) (54)
EIS Legacy Holdco, LLC (4)(9) SF + 4.75% 9.05  % 11/5/2031 64,271  63,665  64,041 
Employbridge, LLC (6)(9) 1/19/2030 1,602    (211)
Employbridge, LLC (9) SF + 4.75% 9.19  % 1/19/2030 9,150  9,644  3,900 
Employbridge, LLC (9) SF + 5.50% 9.80  % 1/19/2030 3,827  3,607  3,322 
Empower Payments Investor, LLC (4)(6)(9) 3/12/2031 14,426  (267) 48 
Empower Payments Investor, LLC (4)(6)(9) 3/12/2030 9,704  (160)  
Empower Payments Investor, LLC (4)(9) SF + 4.50% 8.82  % 3/12/2031 100,927  99,213  101,266 
Guidehouse Inc. (4)(9) SF +
5.00% (incl 2.00% PIK)
9.32  % 12/16/2030 189,359  187,357  189,359 
IG Investments Holdings, LLC (4)(6)(13) 9/22/2028 10,221  (114) (2)
IG Investments Holdings, LLC (4)(9) SF + 5.00% 9.29  % 9/22/2028 88,679  88,252  88,673 
Madison IAQ LLC (8) SF + 3.25% 7.57  % 3/26/2032 7,833  7,755  7,770 
Madison Safety & Flow LLC (7) SF + 2.75% 7.07  % 9/26/2031 4,169  4,160  4,167 
NBG Acquisition Corp. (4)(6)(9) SF + 5.50% 9.95  % 11/6/2028 2,876  2,655  2,341 
NBG Acquisition Corp. (4)(9) SF + 5.50% 9.95  % 11/6/2028 3,317  3,275  2,936 
NBG Acquisition Corp. (4)(9) SF + 5.50% 9.94  % 11/6/2028 21,064  20,981  18,649 
Neon Maple US Debt Mergersub Inc (5)(7) SF + 3.00% 7.32  % 11/17/2031 3,160  3,137  3,144 
NTH Degree Purchaser, Inc (4)(6)(10) 9/10/2030 30,800  (587) (328)
NTH Degree Purchaser, Inc (4)(6)(10) 9/10/2030 16,125  (293) (172)
NTH Degree Purchaser, Inc (4)(10) SF + 5.25% 9.54  % 9/10/2030 101,366  99,527  100,288 
PEX Holdings LLC (7) SF + 2.75% 6.97  % 11/26/2031 15,000  14,964  14,925 
PG Polaris BidCo Sarl (5)(7) SF + 3.00% 7.30  % 3/26/2031 11,937  11,922  11,952 
Planet US Buyer LLC (5)(7) SF + 3.00% 7.32  % 2/7/2031 7,444  7,428  7,434 
Royal Buyer, LLC (4)(9) SF + 5.50% 9.81  % 8/31/2028 8,917  8,813  8,917 
Royal Buyer, LLC (4)(6)(9) 8/31/2028 7,000  (80)  
Royal Buyer, LLC (4)(9) SF + 5.50% 9.81  % 8/31/2028 43,988  43,474  43,988 
Royal Buyer, LLC (4)(6)(9) SF + 5.50% 9.81  % 8/31/2028 23,529  19,681  19,881 
Royal Buyer, LLC (4)(9) SF + 5.50% 9.81  % 8/31/2028 70,141  69,613  70,141 
13

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(in thousands)
(Unaudited)
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity Date Par Amount/Units
Amortized Cost (3)
Fair Value Percentage of Net Assets
Sedgwick Claims Management Services Inc (7) SF + 3.00% 7.31  % 7/31/2031 19,013  18,849  18,973 
SimpliSafe Holding Corporation (4)(9) SF + 6.25% 10.57  % 5/2/2028 14,953  14,782  14,953 
SimpliSafe Holding Corporation (4)(9) SF + 6.25% 10.57  % 5/2/2028 117,528  116,288  117,528 
Spirit RR Holdings, Inc. (4)(6)(9) 9/13/2028 3,579  (44)  
Spirit RR Holdings, Inc. (4)(9) SF + 4.75% 9.15  % 9/13/2028 42,559  42,020  42,650 
Spirit RR Holdings, Inc. (4)(6)(9) SF + 4.75% 9.14  % 9/13/2028 5,948  2,884  2,968 
Team, Inc. (4)(6)(10) 3/12/2030 14,960  (335) (333)
Team, Inc. (4)(10) SF + 6.50% 10.83  % 3/12/2030 52,360  51,195  51,194 
Transnetwork LLC (4)(8) SF + 4.75% 9.05  % 12/29/2030 72,394  71,600  72,756 
TruckPro, LLC (4)(12) SF + 7.75% 12.19  % 8/16/2028 69,295  67,892  66,574 
Vaco Holdings LLC (9) SF + 5.00% 9.45  % 1/21/2029 13,069  13,032  12,112 
W3 TopCo LLC (4)(10) SF + 6.50% 10.80  % 3/22/2029 89,006  86,178  86,693 
YA Intermediate Holdings II, LLC (4)(6)(9) SF + 5.00% 9.30  % 10/1/2031 19,815  1,959  2,106 
YA Intermediate Holdings II, LLC (4)(6)(9) SF + 5.00% 9.32  % 10/1/2031 9,750  442  483 
YA Intermediate Holdings II, LLC (4)(9) SF + 5.00% 9.31  % 10/1/2031 47,449  47,229  47,455 
2,003,482  2,013,472  20.89  %
Industrial Transportation
E.S.G. Movilidad, S.L.U. (4)(5)(6)(7) E + 6.25% 8.94  % 5/31/2029 11,245  3,412  3,649 
E.S.G. Movilidad, S.L.U. (4)(5)(7) E + 6.25% 8.94  % 5/31/2029 8,096  8,532  8,757 
E.S.G. Movilidad, S.L.U. (4)(5)(7) E + 6.25% 8.94  % 5/31/2029 22,264  23,462  24,083 
Stonepeak Nile Parent LLC (5)(7) SF + 2.75% 7.07  % 2/4/2032 3,529  3,521  3,520 
Truck-Lite Co, LLC (4)(6)(9) SF + 5.75% 10.04  % 2/13/2031 9,323  5,805  6,004 
Truck-Lite Co, LLC (4)(6)(9) SF + 5.75% 10.05  % 2/13/2030 11,973  604  798 
Truck-Lite Co, LLC (4)(9) SF + 5.75% 10.07  % 2/13/2031 85,510  84,075  85,904 
129,411  132,715  1.38  %
Investment Banking and Brokerage Services
Apex Group Treasury LLC (5)(7) SF + 3.50% 7.82  % 2/27/2032 8,427  8,333  8,411 
Ascensus Holdings, Inc. (8) SF + 3.00% 7.32  % 8/2/2028 12,530  12,486  12,471 
Baker Tilly Advisory Group, LP (4)(9) SF + 4.75% 9.07  % 6/3/2031 102,573  101,214  103,418 
Baker Tilly Advisory Group, LP (4)(6)(9) 6/3/2031 15,518  (219) 128 
Baker Tilly Advisory Group, LP (4)(6)(9) 6/3/2030 23,539  (304)  
DRW Holdings LLC (7) SF + 3.50% 7.79  % 6/26/2031 10,000  9,952  9,980 
Earps Bidco Limited (4)(5)(6)(7) 3/28/2032 £ 13,000  (252) (252)
Earps Bidco Limited (4)(5)(7) SN + 5.00% 9.46  % 3/28/2032 £ 37,700  48,064  47,975 
Eisner Advisory Group LLC (8) SF + 4.00% 8.32  % 2/28/2031 5,987  5,936  5,989 
Focus Financial Partners, LLC (7) SF + 2.75% 7.07  % 9/15/2031 14,464  14,418  14,341 
Grant Thornton LLP (6)(7) 6/2/2031 380    (1)
Grant Thornton LLP (7) SF + 2.75% 7.07  % 6/2/2031 14,823  14,823  14,765 
Harp Finco LTD (4)(5)(7) SN + 5.50% 9.96  % 3/27/2032 £ 113,774  144,396  144,049 
Jump Financial LLC (7) SF + 4.25% 8.55  % 2/26/2032 2,381  2,369  2,396 
June Purchaser LLC (6)(7) 11/28/2031 1,619  (6) 4 
June Purchaser LLC (7) SF + 3.25% 7.47  % 11/28/2031 9,714  9,677  9,739 
Madonna Bidco Limited (4)(5)(6)(7) SN + 5.25% 9.71  % 10/25/2031 £ 10,435  143  276 
Madonna Bidco Limited (4)(5)(7) SN + 5.25% 9.80  % 10/25/2031 £ 51,131  65,032  65,428 
MAI Capital Management Intermediate LLC (4)(6)(9) SF + 4.75% 9.05  % 8/29/2031 16,300  6,295  6,430 
MAI Capital Management Intermediate LLC (4)(6)(9) SF + 4.75% 9.04  % 8/29/2031 6,100  1,416  1,465 
MAI Capital Management Intermediate LLC (4)(9) SF + 4.75% 9.05  % 8/29/2031 27,600  27,347  27,567 
More Cowbell II, LLC (4)(6)(9) 9/3/2030 5,484  (100)  
More Cowbell II, LLC (4)(6)(9) SF + 5.00% 9.43  % 9/4/2029 7,590  1,290  1,401 
More Cowbell II, LLC (4)(9) SF + 5.00% 8.89  % 9/3/2030 49,713  48,942  49,713 
Orthrus Limited (4)(5)(6)(7) 12/5/2031 £ 15,961  (347) (275)
Orthrus Limited (4)(5)(7) E +
6.25% (incl 2.75% PIK)
8.71  % 12/5/2031 30,863  32,134  32,947 
14

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(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
Orthrus Limited (4)(5)(7) SN +
6.25% (incl 2.75% PIK)
10.72  % 12/5/2031 £ 34,557  43,343  44,050 
Orthrus Limited (4)(5)(10) SF +
6.25% (incl 2.75% PIK)
10.56  % 12/5/2031 81,541  80,188  80,456 
Osaic Holdings Inc (7) SF + 3.50% 7.82  % 8/17/2028 11,764  11,725  11,691 
Rockefeller Capital Management (4)(8) SF + 4.75% 9.05  % 4/4/2031 69,650  69,047  69,650 
Rockefeller Capital Management (4)(6)(8) SF + 4.75% 9.05  % 4/4/2031 15,000  2,390  2,500 
Travelex Issuerco 2 PLC (4)(5)(14) SN + 8.00% 12.46  % 9/22/2028 £ 22,377  26,631  29,390 
Violin Finco Guernsey Limited (4)(5)(7) SN + 5.25% 9.71  % 6/24/2031 £ 93,262  117,277  121,690 
Violin Finco Guernsey Limited (4)(5)(6)(7) 6/24/2031 £ 6,211  (74) 80 
903,566  917,872  9.52  %
Leisure Goods
Jam City, Inc. (4)(10) SF + 7.00% 11.56  % 9/7/2027 721  718  728 
718  728  0.01  %
Life Insurance
OneDigital Borrower LLC (8) SF + 3.00% 7.32  % 7/2/2031 14,774  14,714  14,697 
14,714  14,697  0.15  %
Media
2080 Media, Inc. (4)(9) SF + 5.25% 9.55  % 3/14/2029 12,489  12,357  12,489 
2080 Media, Inc. (4)(6)(9) 3/14/2028 13,795  (136)  
2080 Media, Inc. (4)(9) SF + 5.25% 9.55  % 3/14/2029 53,811  53,176  53,811 
2080 Media, Inc. (4)(6)(9) SF + 5.25% 9.55  % 3/14/2029 18,859  9,870  10,058 
AMR GP Limited (4)(5)(7)
10.50% (incl 5.25% PIK)
10.50%
7/10/2034 1,043  1,015  1,034 
Arc Media Holdings Limited (4)(5)(6)(10) SF + 7.25% 11.69  % 10/29/2027 2,766  2,302  2,258 
Arc Media Holdings Limited (4)(5)(10) SF + 7.25% 11.69  % 10/29/2027 39,914  39,392  38,763 
Aventine Intermediate LLC (4)(9) SF +
6.00% (incl 3.00% PIK)
10.40  % 6/18/2027 1,127  1,119  1,056 
Aventine Intermediate LLC (4)(9) SF +
6.00% (incl 3.00% PIK)
10.40  % 6/18/2027 19,796  19,645  18,560 
Endeavor Operating Co LLC (5)(7) SF + 3.00% 7.32  % 3/24/2032 8,219  8,178  8,214 
Global Music Rights, LLC (4)(6)(9) 12/20/2031 46,796  (449) (281)
Global Music Rights, LLC (4)(9) SF + 4.75% 9.05  % 12/20/2031 439,167  434,951  436,534 
IEHL US Holdings, Inc. (4)(12) SF + 7.00% 11.29  % 10/29/2029 6,604  6,463  6,670 
International Entertainment Investments Ltd (4)(5)(12) SN + 7.40% 11.89  % 10/29/2029 £ 15,493  18,901  20,216 
International Entertainment Investments Ltd (4)(5)(10) E + 7.00% 9.61  % 10/29/2029 2,540  2,740  2,775 
International Entertainment Investments Ltd (4)(5)(10) E + 7.00% 9.61  % 10/29/2029 3,048  3,196  3,330 
International Entertainment Investments Ltd (4)(5)(6)(12) 4/27/2029 5,080  (126) 51 
International Entertainment Investments Ltd (4)(5)(12) SF + 7.00% 11.29  % 10/29/2029 30,478  29,850  30,783 
LOCI Bidco Limited (4)(5)(8) SF + 5.25% 9.64  % 5/19/2031 12,087  11,822  12,208 
LOCI Bidco Limited (4)(5)(8) SN + 5.25% 9.78  % 5/19/2031 £ 73,522  91,372  95,932 
Law Business Research Inc. (4)(5)(6)(8) 5/19/2031 46,320  (1,086) 463 
McGraw-Hill Education Inc (8) SF + 3.25% 7.57  % 8/6/2031 10,144  10,022  10,140 
Renaissance Financiere (4)(5)(7) E + 7.00% 9.59  % 7/26/2028 34,871  35,668  35,766 
UFC Holdings LLC (5)(7) SF + 2.25% 6.58  % 11/21/2031 2,100  2,098  2,097 
792,340  802,927  8.33  %
Medical Equipment and Services
ABB/CON-CISE Optical Group LLC (4)(9) SF + 7.50% 11.95  % 2/23/2028 21,259  20,986  19,769 
Bamboo US BidCo LLC (4)(10) SF + 5.25% 9.54  % 9/30/2030 15,482  15,088  15,482 
Bamboo US BidCo LLC (4)(6)(10) 9/30/2030 2,855  (28)  
Bamboo US BidCo LLC (4)(6)(10) 9/30/2030 2,855  (28)  
Bamboo US BidCo LLC (4)(6)(10) 10/1/2029 21,254  (478)  
Bamboo US BidCo LLC (4)(10) E + 5.25% 7.86  % 9/30/2030 62,952  65,081  68,095 
Bamboo US BidCo LLC (4)(10) SF + 5.25% 9.54  % 9/30/2030 83,172  81,282  83,172 
15

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(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
Bausch + Lomb Corporation (5)(8) SF + 3.25% 7.67  % 5/10/2027 9,476  9,463  9,454 
Coding Solutions Acquisition, Inc. (4)(6)(9) 8/7/2031 23,581  (339) (92)
Coding Solutions Acquisition, Inc. (4)(6)(9) SF + 5.00% 9.33  % 8/7/2031 16,674  14,363  14,525 
Coding Solutions Acquisition, Inc. (4)(9) SF + 5.00% 9.32  % 8/7/2031 154,364  152,590  153,764 
Femur Buyer, Inc. (4)(6)(10) SF + 7.50% 11.80  % 9/18/2029 13,350  6,137  5,367 
Femur Buyer, Inc. (4)(10) SF +
8.25% (incl 4.50% PIK)
12.55  % 3/18/2030 143,961  141,116  135,469 
Limpio Bidco GMBH (4)(5)(7) E + 5.20% 7.81  % 10/31/2030 63,783  65,973  70,373 
PerkinElmer U.S. LLC (4)(10) SF + 5.00% 9.32  % 3/13/2029 110,659  108,017  111,765 
PerkinElmer U.S. LLC (4)(10) SF + 5.00% 9.32  % 3/13/2029 61,808  60,885  62,426 
PerkinElmer U.S. LLC (4)(10) SF + 5.00% 9.32  % 3/13/2029 66,913  66,048  67,582 
Plasma Buyer LLC (4)(9) SF + 6.25% 10.55  % 5/12/2029 3,132  3,089  2,992 
Plasma Buyer LLC (4)(6)(9) SF + 5.75% 10.05  % 5/12/2028 9,458  7,721  7,428 
Plasma Buyer LLC (4)(9) SF + 5.75% 10.07  % 5/12/2029 82,997  81,981  78,923 
Resonetics, LLC (9) SF + 3.25% 7.55  % 6/18/2031 38,444  38,358  38,270 
SDC US Smilepay SPV (4)(7)(18) P + 9.75% 10/27/2025 13,460  6,129  1,773 
Spruce Bidco II Inc. (4)(9) C + 5.00% 7.72  % 1/31/2032 C$ 35,000  23,811  23,968 
Spruce Bidco II Inc. (4)(9) TN + 5.25% 6.00  % 1/31/2032 ¥ 3,744,213  23,822  24,604 
Spruce Bidco II Inc. (4)(6)(9) 1/31/2032 43,899  (643) (643)
Spruce Bidco II Inc. (4)(9) SF + 5.00% 9.32  % 1/31/2032 165,864  163,434  163,433 
TecoStar Holdings Inc (4)(10) SF + 8.00% 12.29  % 7/6/2029 126,897  124,794  123,403 
Viant Medical Holdings, Inc. (7) SF + 4.00% 8.32  % 10/29/2031 17,456  17,374  17,489 
Vital Care Buyer, LLC (4)(9) SF + 4.50% 8.80  % 7/30/2031 90,262  89,446  90,262 
Vital Care Buyer, LLC (4)(6)(9) 7/30/2031 13,271  (120)  
Zeus Company LLC (4)(6)(9) SF + 5.50% 9.80  % 2/28/2031 23,088  7,765  8,312 
Zeus Company LLC (4)(6)(9) 2/28/2030 21,506  (264)  
Zeus Company LLC (4)(9) SF + 5.50% 9.80  % 2/28/2031 123,169  121,606  124,401 
1,514,459  1,521,766  15.79  %
Non-life Insurance
Accession Risk Management Group, Inc. (4)(9) SF + 4.75% 9.06  % 10/30/2029 7,912  7,835  7,912 
Accession Risk Management Group, Inc. (4)(9) SF + 4.75% 9.06  % 11/1/2029 39,150  38,948  39,150 
Accession Risk Management Group, Inc. (4)(9) SF + 4.75% 9.04  % 11/1/2029 14,088  14,088  14,088 
Accession Risk Management Group, Inc. (4)(6)(9) SF + 4.75% 9.04  % 11/1/2029 21,831  8,406  8,502 
Accession Risk Management Group, Inc. (4)(6)(9) 11/1/2029 2,903  (11)  
Acrisure LLC (7) SF + 3.00% 7.32  % 11/6/2030 20,008  19,997  19,918 
Alera Group, Inc. (4)(9) SF + 5.25% 9.57  % 10/2/2028 21,282  21,152  21,282 
Alera Group, Inc. (4)(9) SF + 5.25% 9.57  % 10/2/2028 12,239  12,233  12,239 
Alera Group, Inc. (4)(9) SF + 5.25% 9.57  % 10/2/2028 43,166  43,145  43,166 
Alera Group, Inc. (4)(9) SF + 5.75% 10.07  % 10/2/2028 5,164  5,122  5,164 
Alliant Holdings Intermediate, LLC (7) SF + 2.75% 7.07  % 9/19/2031 18,651  18,506  18,557 
AmWINS Group Inc (9) SF + 2.25% 6.57  % 1/30/2032 10,193  10,181  10,124 
Amynta Agency Borrower Inc (7) SF + 3.00% 7.29  % 12/29/2031 19,965  19,590  19,805 
BroadStreet Partners, Inc. (7) SF + 3.00% 7.32  % 6/13/2031 11,090  11,018  11,008 
Galway Borrower LLC (4)(6)(9) SF + 4.50% 8.80  % 9/29/2028 5,017  1,617  1,641 
Galway Borrower LLC (4)(6)(9) SF + 4.50% 8.80  % 9/29/2028 6,383  322  361 
Galway Borrower LLC (4)(9) SF + 4.50% 8.80  % 9/29/2028 133,289  132,918  133,289 
Goosehead Insurance Holdings LLC (4)(5)(7) SF + 3.50% 7.82  % 1/8/2032 3,509  3,500  3,522 
Higginbotham Insurance Agency Inc (4)(6)(10) SF + 4.75% 9.07  % 11/24/2028 14,302  5,817  5,941 
Higginbotham Insurance Agency Inc (4)(14) SF + 4.50% 8.83  % 11/24/2028 31,884  31,650  31,884 
HUB International Ltd (7) 7.25% 7.25  % 6/15/2030 10,517  10,517  10,839 
HUB International Ltd (7) SF + 2.50% 6.79  % 6/20/2030 13,715  13,597  13,673 
Integrity Marketing Acquisition LLC (4)(6)(9) 8/27/2028 2,638  (21)  
Integrity Marketing Acquisition LLC (4)(6)(9) 8/27/2028 362  (2)  
16

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(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
Integrity Marketing Acquisition LLC (4)(9) SF + 5.00% 9.31  % 8/27/2028 64,865  64,521  64,865 
Jones Deslauriers Insurance Management Inc. (5)(7) 8.50% 8.50  % 3/15/2030 14,487  14,471  15,223 
Netrisk Group Luxco 4 S.A.R.L. (4)(5)(6)(7) 2/5/2032 9,744  (152) (148)
Netrisk Group Luxco 4 S.A.R.L. (4)(5)(7) E + 5.25% 7.81  % 2/5/2032 53,590  54,986  57,157 
Netrisk Group Luxco 4 S.A.R.L. (4)(5)(6)(7) 2/5/2032 4,060  (63) (61)
Patriot Growth Insurance Services LLC (4)(9) SF + 5.00% 9.49  % 10/16/2028 18,001  17,792  18,001 
Patriot Growth Insurance Services LLC (4)(6)(9) SF + 5.00% 9.42  % 10/14/2028 822  402  411 
Patriot Growth Insurance Services LLC (4)(9) SF + 5.00% 9.45  % 10/16/2028 7,095  7,020  7,095 
Sig Parent Holdings, LLC (4)(6)(9) SF + 5.00% 9.32  % 8/21/2031 15,222  714  771 
Sig Parent Holdings, LLC (4)(6)(9) 8/21/2031 3,045  (14) (4)
Sig Parent Holdings, LLC (4)(9) SF + 5.00% 9.32  % 8/21/2031 26,322  26,202  26,289 
Summit Acquisition Inc (7) SF + 3.75% 8.07  % 10/16/2031 17,500  17,418  17,522 
TIH Insurance Holdings LLC (7) SF + 2.75% 7.05  % 5/6/2031 6,129  6,116  6,098 
Trupanion, Inc. (4)(5)(9) SF + 5.00% 9.45  % 3/25/2027 25,690  25,538  25,690 
Trupanion, Inc. (4)(5)(6)(9) 3/25/2027 6,576  (39)  
Trupanion, Inc. (4)(5)(9) SF + 5.00% 9.45  % 3/25/2027 20,370  20,242  20,370 
USI Inc/NY (7) SF + 2.25% 6.55  % 9/29/2030 12,840  12,821  12,733 
USI Inc/NY (7) SF + 2.25% 6.55  % 11/21/2029 1,919  1,919  1,903 
700,019  705,980  7.32  %
Oil, Gas and Coal
Camin Cargo Control Holdings, Inc. (4)(6)(10) 12/7/2029 9,685  (196) (48)
Camin Cargo Control Holdings, Inc. (4)(6)(10) SF + 5.50% 9.82  % 12/7/2029 9,702  7,258  7,358 
Camin Cargo Control Holdings, Inc. (4)(10) SF + 5.50% 9.82  % 12/7/2029 63,760  62,788  63,447 
CVR CHC LP (5)(7) SF + 4.00% 8.30  % 12/30/2027 5,403  5,361  5,418 
75,211  76,175  0.79  %
Personal Care, Drug and Grocery Stores
DIA Finance S.L.U. (4)(5)(9) E + 6.75% 9.21  % 12/27/2029 170,600  172,809  179,878 
Parfums Holding Company, Inc. (4)(10) SF + 5.25% 9.55  % 6/27/2030 119,125  118,085  120,317 
Parfums Holding Company, Inc. (4)(6)(10) 6/27/2029 9,034  (77)  
Puma Buyer LLC (4)(8) SF + 4.50% 8.80  % 3/29/2032 59,835  59,387  59,386 
Puma Buyer LLC (4)(6)(8) 3/29/2032 9,853  (74) (74)
Vermont Aus Pty Ltd (4)(5)(9) B + 5.75% 9.93  % 3/23/2028 A$ 20,900  14,202  13,058 
Vermont Aus Pty Ltd (4)(5)(9) B + 5.75% 9.93  % 3/23/2028 A$ 34,678  25,544  21,667 
Vital Bidco AB (4)(5)(6)(10) SF + 4.50% 8.82  % 10/29/2030 16,892  3,807  3,949 
Vital Bidco AB (4)(5)(10) SF + 4.50% 8.80  % 10/29/2031 97,650  95,795  96,745 
489,478  494,926  5.14  %
Personal Goods
Daphne S.P.A. (4)(5)(6)(7) 5/23/2028 3,978  (106) (559)
Daphne S.P.A. (4)(5)(7) E + 6.25% 8.61  % 5/23/2028 45,354  47,923  42,686 
Spanx, LLC (4)(6)(9) 11/18/2027 5,000  (45)  
Spanx, LLC (4)(9) SF + 5.25% 9.67  % 11/20/2028 29,025  28,709  29,025 
S&S Holdings LLC (8) SF + 5.00% 9.32  % 10/1/2031 11,940  11,769  11,705 
88,250  82,857  0.86  %
Pharmaceuticals and Biotechnology
Advarra Holdings, Inc. (4)(10) SF + 4.50% 8.82  % 9/13/2031 68,590  67,472  68,987 
Advarra Holdings, Inc. (4)(6)(10) 9/13/2031 6,020  (29) 35 
Advarra Holdings, Inc. (4)(10) SF + 4.50% 8.82  % 9/13/2031 127,241  126,655  127,978 
Azurity Pharmaceuticals Inc (4)(6)(10) 3/14/2030 20,537  (407) (407)
Azurity Pharmaceuticals Inc (4)(10) SF + 7.00% 11.29  % 3/14/2030 235,845  231,174  231,172 
Cambrex Corporation (4)(6)(9) 3/6/2032 16,460  (164) (163)
Cambrex Corporation (4)(6)(9) 3/6/2032 18,341  (182) (182)
Cambrex Corporation (4)(9) SF + 4.75% 9.07  % 3/6/2032 110,282  109,191  109,190 
17

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(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
CPI Buyer, LLC (4)(9) SF + 5.50% 10.07  % 11/1/2028 1,327  1,318  1,292 
CPI Buyer, LLC (4)(6)(9) 10/30/2026 2,115  (14) (29)
CPI Buyer, LLC (4)(9) SF + 5.50% 10.07  % 11/1/2028 24,639  24,429  23,974 
Creek Parent, Inc. (4)(6)(9) 12/18/2031 22,379  (349) (270)
Creek Parent, Inc. (4)(9) SF + 5.25% 9.57  % 12/18/2031 122,875  120,950  121,391 
Dechra Finance US LLC (5)(7) SF + 3.25% 7.51  % 1/27/2032 4,167  4,156  4,163 
Dolcetto HoldCo S.P.A. (4)(5)(7) E + 5.50% 8.00  % 10/27/2028 13,316  13,613  14,345 
Dolcetto HoldCo S.P.A. (4)(5)(7) E + 5.50% 8.00  % 10/27/2028 82,300  80,797  88,660 
Endo Finance Holdings Inc (8) SF + 4.00% 8.32  % 4/23/2031 6,982  6,980  6,932 
Gusto Aus Bidco Pty Ltd (4)(5)(6)(8) 11/15/2031 A$ 24,086  (122) (29)
Gusto Aus Bidco Pty Ltd (4)(5)(8) B + 4.75% 9.46  % 11/15/2031 A$ 243,533  155,981  151,865 
Syneos Health Inc (7) SF + 4.00% 8.30  % 9/27/2030 14,998  14,913  14,360 
WCG Intermediate Corp (10) SF + 3.00% 7.32  % 2/25/2032 13,313  13,250  13,207 
969,612  976,471  10.13  %
Real Estate Investment and Services
Associations Inc. (4)(10) SF + 6.50% 11.06  % 7/3/2028 55,415  55,372  55,970 
Associations Inc. (4)(6)(10) SF + 6.50% 11.06  % 7/3/2028 4,312  1,067  1,114 
Associations Inc. (4)(6)(10) SF + 6.50% 11.08  % 7/3/2028 3,459  2,557  2,559 
58,996  59,643  0.62  %
Retailers
AI Grace Aus Bidco Pty Ltd (4)(5)(9) E + 5.25% 7.71  % 12/5/2029 21,626  22,796  23,459 
Belron Finance 2019 LLC (8) SF + 2.75% 7.05  % 10/16/2031 14,071  14,038  14,064 
BradyplusUS Holdings, LLC (4)(6)(10) SF + 5.00% 9.29  % 10/31/2029 426  87  95 
BradyplusUS Holdings, LLC (4)(10) SF + 5.00% 9.29  % 10/31/2029 14,460  14,341  14,565 
Great Outdoors Group, LLC (9) SF + 3.25% 7.57  % 1/23/2032 13,590  13,524  13,578 
Johnstone Supply LLC (7) SF + 2.50% 6.82  % 6/9/2031 6,275  6,267  6,232 
Knitwell Borrower LLC (4)(10) SF + 7.75% 12.19  % 7/28/2027 42,899  42,151  42,224 
Knitwell Borrower LLC (4)(10) SF + 7.75% 12.19  % 7/28/2027 37,208  36,237  36,622 
Knitwell Borrower LLC (4)(10) SF + 7.75% 12.19  % 7/28/2027 95,217  93,580  93,718 
Petsmart LLC (9) SF + 3.75% 8.17  % 2/11/2028 15,236  15,178  15,030 
Staples, Inc. (8) SF + 5.75% 10.04  % 9/4/2029 31,108  29,872  27,717 
Thermostat Purchaser III Inc (9) SF + 4.25% 8.55  % 8/31/2028 7,960  7,960  7,977 
White Cap Buyer, LLC (7) SF + 3.25% 7.57  % 10/19/2029 15,354  15,297  14,924 
311,328  310,205  3.22  %
Software and Computer Services
Acuris Finance US, Inc (7) SF + 3.75% 8.05  % 2/16/2028 8,341  8,231  8,340 
Armstrong Bidco Limited (4)(5)(7) SN + 5.25% 9.71  % 6/28/2029 £ 47,995  56,087  62,005 
Armstrong Bidco Limited (4)(5)(7) SN + 5.25% 9.71  % 6/28/2029 £ 91,991  110,366  118,843 
Artifact Bidco, Inc. (4)(6)(8) 7/26/2031 11,207  (107) 112 
Artifact Bidco, Inc. (4)(8) SF + 4.50% 8.80  % 7/26/2031 45,788  45,375  46,246 
Artifact Bidco, Inc. (4)(6)(8) 7/26/2030 2,562  (23) (1)
Artifact Bidco, Inc. (4)(6)(8) 7/26/2030 5,443  (48) (1)
Artisan Bidco, Inc. (4)(10) SF + 7.00% 11.39  % 11/7/2029 39,500  38,743  38,841 
Artisan Bidco, Inc. (4)(6)(10) SF + 7.00% 11.18  % 11/7/2029 6,000  1,285  1,300 
Artisan Bidco, Inc. (4)(10) E + 7.00% 10.05  % 11/7/2029 18,381  19,284  19,549 
Artisan Bidco, Inc. (4)(10) SF + 7.00% 11.44  % 11/7/2029 998  988  981 
Auditboard, Inc. (4)(6)(9) 7/14/2031 75,714  (718) 379 
Auditboard, Inc. (4)(6)(9) 7/14/2031 30,286  (272)  
Auditboard, Inc. (4)(9) SF + 4.75% 9.05  % 7/14/2031 159,000  157,574  159,795 
Aurelia Netherlands Midco 2 B.V. (4)(5)(7) E + 5.50% 8.29  % 5/22/2031 46,878  49,847  51,215 
Avalara, Inc. (7) SF + 3.25% 7.55  % 3/26/2032 13,000  12,935  12,965 
BMC Software Inc (7) SF + 3.00% 7.29  % 7/30/2031 3,000  2,965  2,952 
18

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(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
Boreal Bidco (4)(5)(6)(7) 3/26/2032 4,353  (105) (106)
Boreal Bidco (4)(5)(7) E +
7.25% (incl 5.75% PIK)
9.61  % 3/26/2032 48,970  51,475  51,781 
Bottomline Technologies, Inc. (4)(6)(9) 5/15/2028 385  (2)  
Bottomline Technologies, Inc. (4)(9) SF + 5.25% 9.55  % 5/14/2029 4,500  4,472  4,500 
Calabrio, Inc. (4)(6)(10) SF + 5.50% 9.81  % 4/16/2027 2,687  1,152  1,152 
Calabrio, Inc. (4)(10) SF + 5.50% 9.81  % 4/16/2027 22,146  22,146  22,146 
Calabrio, Inc. (4)(10) SF + 5.50% 9.81  % 4/16/2027 3,248  3,208  3,248 
Central Parent LLC (7) SF + 3.25% 7.55  % 7/6/2029 20,199  20,136  17,396 
Certinia Inc. (4)(6)(10) 8/2/2030 5,449  (120) (24)
Certinia Inc. (4)(10) SF + 5.25% 9.54  % 8/4/2030 52,071  51,070  51,840 
Cloud Software Group Inc (8) SF + 3.75% 8.05  % 3/21/2031 4,777  4,777  4,737 
Cloud Software Group Inc (8) SF + 3.50% 7.80  % 3/29/2029 13,800  13,275  13,691 
Cloud Software Group Inc (7) 6.50% 6.50  % 3/31/2029 7,740  6,931  7,523 
Coupa Holdings, LLC (4)(6)(9) 2/27/2030 7,123  (148) 71 
Coupa Holdings, LLC (4)(6)(9) 2/27/2029 6,211  (101)  
Coupa Holdings, LLC (4)(9) SF + 5.25% 9.54  % 2/27/2030 79,179  77,875  79,970 
Databricks Inc (4)(6)(7) 1/3/2031 30,597  (153) (148)
Databricks Inc (4)(7) SF + 4.50% 8.82  % 1/3/2031 137,478  136,810  136,814 
Delta Topco, Inc. (7) SF + 2.75% 7.07  % 11/30/2029 18,196  18,158  18,015 
Denali Bidco Limited (4)(5)(7) E + 5.00% 7.36  % 8/29/2030 9,441  9,844  10,212 
Denali Bidco Limited (4)(5)(7) E + 5.00% 7.36  % 8/29/2030 6,742  7,196  7,293 
Denali Bidco Limited (4)(5)(7) SN + 5.00% 9.46  % 8/29/2030 £ 23,265  28,859  30,056 
Denali Bidco Limited (4)(5)(6)(7) 8/29/2030 £ 14,557  (333)  
Denali Bidco Limited (4)(5)(7) E + 5.00% 7.36  % 8/29/2030 15,916  16,668  17,216 
EasyPark Strategy AB (4)(5)(8) SN + 5.00% 9.48  % 12/19/2030 £ 28,772  35,292  36,763 
EasyPark Strategy AB (4)(5)(8) E + 5.00% 7.65  % 12/19/2030 73,844  75,416  79,001 
EasyPark Strategy AB (4)(5)(8) N + 5.00% 9.68  % 12/19/2030 231,454  kr 19,922  21,764 
EasyPark Strategy AB (4)(5)(8) SF + 5.00% 9.27  % 12/19/2030 45,034  44,386  44,533 
Einstein Parent, Inc. (4)(6)(9) 1/22/2031 9,745  (189) (189)
Einstein Parent, Inc. (4)(9) SF + 6.50% 10.79  % 1/22/2031 94,062  92,240  92,239 
Elements Finco Limited (4)(5)(7) SF +
4.97% (incl 1.97% PIK)
9.29  % 4/29/2031 10,482  10,392  10,587 
Elements Finco Limited (4)(5)(7) SF +
4.97% (incl 1.97% PIK)
9.29  % 4/29/2031 8,724  8,649  8,812 
Elements Finco Limited (4)(5)(7) SN +
5.25% (incl 2.25% PIK)
9.71  % 4/29/2031 £ 33,508  41,731  43,722 
Elements Finco Limited (4)(5)(7) SN +
5.25% (incl 2.25% PIK)
9.71  % 4/29/2031 £ 15,021  18,699  19,599 
Elements Finco Limited (4)(5)(7) SN +
5.25% (incl 2.25% PIK)
9.71  % 4/29/2031 £ 50,131  62,057  65,412 
Enverus Holdings Inc (4)(9) SF + 5.50% 9.82  % 12/24/2029 65,933  65,152  66,593 
Enverus Holdings Inc (4)(6)(9) 12/24/2029 1,227  (17) 12 
Enverus Holdings Inc (4)(6)(9) 12/24/2029 4,913  (58)  
Espresso Bidco Inc. (4)(6)(9) 3/25/2032 14,333  (215) (214)
Espresso Bidco Inc. (4)(6)(9) 3/25/2032 6,370  (95) (95)
Espresso Bidco Inc. (4)(9) SF +
5.75% (incl 3.13% PIK)
10.05  % 3/25/2032 51,760  50,986  50,985 
HT Intermediary III, Inc. (4)(6)(9) 11/12/2030 10,286  (51) 5 
HT Intermediary III, Inc. (4)(6)(9) SF + 4.75% 9.07  % 11/12/2030 3,857  368  386 
HT Intermediary III, Inc. (4)(9) SF + 4.75% 9.07  % 11/12/2030 42,322  42,123  42,345 
Huskies Parent Inc (4)(6)(9) SF + 5.25% 9.67  % 11/3/2027 1,000  167  175 
Huskies Parent Inc (4)(9) SF + 5.25% 9.67  % 11/3/2028 24,834  24,573  24,773 
IRI Group Holdings, Inc. (4)(9) SF + 5.00% 9.31  % 12/1/2028 152,399  150,746  152,399 
19

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(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
IRI Group Holdings, Inc. (4)(6)(13) P + 4.00% 11.50  % 12/1/2027 9,023  916  1,011 
Kaseya Inc (7) SF + 3.25% 7.57  % 3/22/2032 13,235  13,169  13,211 
Kona Buyer, LLC (4)(6)(9) SF + 4.50% 8.79  % 7/23/2031 33,240  6,297  6,954 
Kona Buyer, LLC (4)(6)(9) 7/23/2031 33,273  (316) 333 
Kona Buyer, LLC (4)(9) SF + 4.50% 8.79  % 7/23/2031 112,846  111,829  113,974 
Kona Buyer, LLC (4)(6)(9) 7/23/2031 15,463  (139)  
Kryptona Bidco US, LLC (4)(6)(9) 12/18/2031 16,852  (323) (266)
Kryptona Bidco US, LLC (4)(7) E +
6.25% (incl 3.38% PIK)
8.73  % 12/18/2031 35,949  36,580  38,280 
Kryptona Bidco US, LLC (4)(9) SF +
6.25% (incl 3.38% PIK)
10.55  % 12/18/2031 155,339  152,384  152,886 
LMI Inc/DE (8) SF + 3.50% 7.92  % 10/2/2028 2,170  2,163  2,133 
McAfee Corp (8) SF + 3.00% 7.32  % 3/1/2029 6,966  6,948  6,666 
Medallia Inc (4)(9) SF +
6.50% (incl 4.00% PIK)
10.82  % 10/30/2028 80,737  80,737  73,837 
Mediaocean LLC (8) SF + 3.50% 7.92  % 12/15/2028 6,166  6,161  6,161 
Meralm Bidco AB (4)(5)(6)(8) 8/29/2031 5,188  (82) (31)
Meralm Bidco AB (4)(5)(8) E +
5.50% (incl 2.25% PIK)
7.89  % 8/29/2031 33,218  36,192  35,733 
Meralm Bidco AB (4)(5)(8) SF +
5.50% (incl 2.25% PIK)
9.93  % 8/29/2031 13,851  13,663  13,774 
Meralm Bidco AB (4)(5)(8) ST +
5.50% (incl 2.25% PIK)
7.84  % 8/29/2031 418,188  kr 40,149  41,412 
Meralm Bidco AB (4)(5)(8) N +
5.50% (incl 2.25% PIK)
10.00  % 8/29/2031 266,362  kr 24,758  25,188 
Meralm Bidco AB (4)(5)(8) E +
9.00% (incl 4.75% PIK)
11.39  % 8/29/2031 47,816  52,066  51,394 
Mitchell International Inc (8) SF + 3.25% 7.57  % 6/17/2031 9,950  9,906  9,846 
Newfold Digital Holdings Group Inc (9) SF + 3.50% 7.93  % 2/10/2028 1,775  1,769  1,203 
New Era Technology Inc (4)(7)(18) SF + 6.25% 10/31/2026 19,013  19,013  14,506 
OEConnection LLC (9) SF + 5.00% 9.32  % 4/22/2031 67,119  66,539  67,287 
OEConnection LLC (9) SF + 5.00% 9.32  % 4/22/2031 11,711  11,604  11,741 
OEConnection LLC (6)(9) 4/22/2031 7,338  (64) 18 
Onesource Virtual, Inc. (4)(10) SF + 5.00% 9.30  % 5/28/2030 195,613  193,092  196,725 
Onesource Virtual, Inc. (4)(6)(10) 5/28/2030 25,318  (326)  
Oranje Holdco, Inc. (4)(6)(10) 2/1/2029 4,657  (74) (9)
Oranje Holdco, Inc. (4)(10) SF + 7.75% 12.04  % 2/1/2029 33,837  33,297  33,769 
Oranje Holdco, Inc. (4)(10) SF + 7.25% 11.54  % 2/1/2029 15,917  15,652  15,767 
Ping Identity Holding Corp. (4)(6)(9) 10/17/2028 8,513  (92)  
Ping Identity Holding Corp. (4)(9) SF + 4.75% 9.05  % 10/17/2029 81,855  80,864  82,674 
Prism Parent Co., Inc. (4)(6)(9) SF + 5.00% 9.32  % 9/19/2028 4,329  1,693  1,738 
Prism Parent Co., Inc. (4)(9) SF + 5.00% 9.32  % 9/19/2028 42,250  41,751  42,250 
Project Alpha Intermediate Holding, Inc. (8) SF + 3.25% 7.55  % 10/26/2030 17,516  17,278  17,498 
Project Alpha Intermediate Holding, Inc. (8) SF + 3.25% 7.57  % 10/28/2030 1,393  1,390  1,390 
Project Ruby Ultimate Parent Corp (7) SF + 3.00% 7.44  % 3/10/2028 14,433  14,369  14,406 
Proofpoint, Inc. (8) SF + 3.00% 7.32  % 8/31/2028 7,756  7,752  7,740 
QBS Parent, Inc. (6)(9) 11/7/2031 3,820  (18) 2 
QBS Parent, Inc. (9) SF + 4.75% 9.05  % 11/7/2031 39,526  39,339  39,551 
Quail Buyer, Inc. (4)(9) SF + 5.25% 9.77  % 10/1/2027 7,218  7,155  7,218 
Quail Buyer, Inc. (4)(9) SF + 5.25% 9.77  % 10/1/2027 39,538  39,095  39,538 
Red Planet Borrower, LLC (8) SF + 5.25% 9.57  % 10/2/2028 2,188  2,109  2,188 
Renaissance Holding Corp. (8) SF + 4.00% 8.32  % 4/5/2030 7,880  7,751  7,747 
Riley MergeCo LLC (4)(6)(10) 9/23/2027 197  (2) (7)
Riley MergeCo LLC (4)(10) SF + 5.50% 9.94  % 9/23/2027 1,795  1,777  1,728 
20

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(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
Severin Acquisition, LLC (4)(6)(9) SF +
5.00% (incl 2.25% PIK)
9.32  % 10/1/2031 63,010  3,649  4,264 
Severin Acquisition, LLC (4)(6)(9) SF + 4.75% 9.07  % 10/1/2031 44,454  6,255  6,668 
Severin Acquisition, LLC (4)(9) SF +
5.00% (incl 2.25% PIK)
9.32  % 10/1/2031 301,968  299,193  302,005 
Smarsh Inc. (4)(6)(9) 2/16/2029 2,143  (32) (7)
Smarsh Inc. (4)(6)(9) 2/16/2029 2,143  (16) (7)
Smarsh Inc. (4)(6)(9) SF + 4.75% 9.08  % 2/16/2029 3,214  401  418 
Smarsh Inc. (4)(9) SF + 4.75% 9.05  % 2/16/2029 22,500  22,260  22,426 
Stack Sports Buyer, LLC (4)(6)(9) 3/31/2031 29,305  (439) (440)
Stack Sports Buyer, LLC (4)(6)(9) 3/31/2031 21,553  (323) (323)
Stack Sports Buyer, LLC (4)(9) SF +
5.75% (incl 3.13% PIK)
10.05  % 3/31/2031 131,871  129,894  129,893 
Storable Inc (7) SF + 3.25% 7.57  % 4/16/2031 5,045  5,039  5,022 
Tango Bidco SAS (4)(5)(6)(7) E + 5.00% 7.79  % 10/17/2031 16,592  11,685  11,868 
Tango Bidco SAS (4)(5)(6)(7) 10/17/2031 3,130  (51) (98)
Tango Bidco SAS (4)(5)(7) E + 5.00% 7.79  % 10/17/2031 41,812  44,659  43,918 
Technology Growth Capital Pty Ltd (4)(5)(10) SF + 6.50% 10.81  % 7/2/2030 30,127  29,401  29,940 
Tricentis Operations Holdings Inc (4)(6)(9) 2/11/2032 26,875  (266) (264)
Tricentis Operations Holdings Inc (4)(6)(9) 2/11/2032 19,449  (191) (191)
Tricentis Operations Holdings Inc (4)(9) SF +
6.25% (incl 4.88% PIK)
10.55  % 2/11/2032 134,377  133,059  133,058 
TriMech Acquisition Corp. (4)(6)(14) P + 3.75% 11.25  % 3/10/2028 3,289  495  526 
TriMech Acquisition Corp. (4)(10) SF + 4.75% 9.05  % 3/10/2028 21,059  20,896  21,059 
TriMech Acquisition Corp. (4)(10) SN + 4.75% 9.12  % 3/10/2028 £ 35,793  43,472  46,241 
UKG Inc (7) SF + 3.00% 7.30  % 2/10/2031 9,853  9,843  9,843 
User Zoom Technologies, Inc. (4)(9) SF + 7.00% 11.30  % 4/5/2029 18,948  18,719  18,948 
Wave Distribution Holdings LLC (5)(10) SF + 3.50% 7.94  % 3/5/2027 2,371  2,369  2,375 
Zelis Payments Buyer, Inc. (7) SF + 2.75% 7.07  % 9/28/2029 10,884  10,841  10,829 
Zelis Payments Buyer, Inc. (7) SF + 3.25% 7.57  % 11/26/2031 4,988  4,964  4,981 
Zendesk Inc (4)(6)(9) 11/22/2028 39,321  (606)  
Zendesk Inc (4)(6)(9) 11/22/2028 17,940  (218)  
Zendesk Inc (4)(9) SF + 5.00% 9.30  % 11/22/2028 160,594  158,654  160,594 
3,867,253  3,923,221  40.71  %
Technology Hardware and Equipment
Altar Bidco Inc (8) SF + 3.10% 7.25  % 2/1/2029 8,757  8,715  8,658 
CC WDW Borrower, Inc. (4)(6)(10) SF + 6.75% 11.19  % 1/27/2028 5,122  1,721  1,729 
CC WDW Borrower, Inc. (4)(10) SF + 6.75% 11.19  % 1/27/2028 44,532  43,878  43,979 
CC WDW Borrower, Inc. (4)(10) SF + 6.75% 11.20  % 1/27/2028 2,312  2,312  2,283 
TechInsights Inc (4)(5)(10) SF + 6.63% 11.08  % 11/9/2027 970  960  970 
TechInsights Inc (4)(5)(10) SF + 6.63% 11.08  % 11/9/2027 2,520  2,495  2,520 
60,081  60,139  0.62  %
Telecommunications Equipment
Guardian US Holdco LLC (8) SF + 3.50% 7.80  % 1/31/2030 7,861  7,749  7,756 
Ribbon Communications Operating Company, Inc (4)(5)(10) SF + 6.25% 10.57  % 6/21/2029 55,838  54,895  55,333 
Ribbon Communications Operating Company, Inc (4)(5)(6)(10) 6/21/2029 6,365  (107) (58)
62,537  63,031  0.65  %
Telecommunications Service Providers
Directv Financing, LLC (9) SF + 5.00% 9.55  % 8/2/2027 2,297  2,273  2,303 
Meriplex Communications, LTD (4)(9) SF + 5.00% 9.42  % 7/17/2028 2,897  2,877  2,834 
Meriplex Communications, LTD (4)(9) SF + 5.00% 9.42  % 7/17/2028 1,143  1,133  1,118 
Meriplex Communications, LTD (4)(9) SF + 5.00% 9.42  % 7/17/2028 13,657  13,540  13,360 
21

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(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
19,823  19,615  0.20  %
Travel and Leisure
Artemis Bidco Limited (4)(5)(6)(7)(18) SN + 6.00% 9/8/2028 £ 1,662  308  206 
Artemis Bidco Limited (4)(5)(7)(18) SN + 6.00% 9/8/2028 £ 7,749  10,099  6,974 
Artemis Bidco Limited (4)(5)(7)(18) SN + 6.00% 9/8/2028 £ 4,509  5,909  4,059 
Artemis Bidco Limited (4)(5)(7)(18) SN + 6.00% 9/8/2028 £ 4,676  6,126  4,209 
Artemis Bidco Limited (4)(5)(6)(7)(18) SN + 6.00% 9/8/2028 £ 790  645  687 
Fertitta Entertainment LLC/NV (8) SF + 3.50% 7.82  % 1/27/2029 9,827  9,603  9,690 
Flynn Restaurant Group LP (7) SF + 3.75% 8.07  % 1/28/2032 20,192  20,093  19,830 
Havila Kystruten Operations AS (4)(5)(7) E +
8.75% (incl 2.00% PIK)
11.39  % 7/27/2026 19,351  21,444  21,993 
HB AcquisitionCo PTY LTD (4)(5)(6)(8) B + 6.50% 10.76  % 8/7/2029 A$ 3,579  421  401 
HB AcquisitionCo PTY LTD (4)(5)(8) B + 6.50% 10.76  % 8/7/2029 A$ 32,211  21,234  19,711 
IRB Holding Corp. (9) SF + 2.50% 6.82  % 12/15/2027 2,663  2,663  2,650 
LC Ahab US Bidco LLC (4)(7) SF + 3.00% 7.32  % 5/1/2031 5,078  5,063  5,046 
Legends Hospitality Holding Company, LLC (4)(6)(9) 8/22/2031 5,522  (106) (109)
Legends Hospitality Holding Company, LLC (4)(6)(9) SF + 5.00% 9.33  % 8/22/2030 14,733  6,586  6,338 
Legends Hospitality Holding Company, LLC (4)(9) SF +
5.50% (incl 2.75% PIK)
9.83  % 8/22/2031 94,964  92,528  93,098 
Life Time, Inc. (5)(7) SF + 2.50% 6.80  % 11/5/2031 3,310  3,302  3,306 
Saga Mid Co Limited (4)(5)(6)(10) 2/27/2031 £ 30,110  (941) (958)
Saga Mid Co Limited (4)(5)(6)(10) 7/29/2030 £ 15,055  (466) (478)
Saga Mid Co Limited (4)(5)(10) SN + 6.75% 11.22  % 2/27/2031 £ 100,868  123,985  127,101 
The One Group, LLC (4)(10) SF + 6.50% 10.79  % 5/1/2029 50,538  49,301  49,683 
The One Group, LLC (4)(6)(7) 10/31/2028 6,649  (159) (197)
Travel Leaders Group, LLC (4)(14) SF +
7.50% (incl 3.50% PIK)
11.92  % 3/27/2028 140,875  138,853  140,606 
516,491  513,846  5.33  %
Total First Lien Debt $ 17,702,992  $ 17,805,293  184.74  %
Second Lien Debt
Industrial Support Services
Sedgwick Claims Management Services Inc (4)(7) SF + 5.00% 9.31  % 7/30/2032 $ 25,000  $ 24,767  $ 25,098 
24,767  25,098  0.26  %
Total Second Lien Debt $ 24,767  $ 25,098  0.26  %
Other Secured Debt
Asset Based Lending and Fund Finance
TPG VIII Merlin New Holdings I, L.P. (4)(5)(10) SF + 6.50% 10.79  % 3/15/2027 $ 47,849  $ 47,225  $ 47,415 
47,225  47,415  0.50  %
Real Estate Investment and Services
Link Apartments Opportunity Zone REIT, LLC (4)(6)(16) SF + 7.50% 11.80  % 12/27/2029 9,355  711  735 
Link Apartments Opportunity Zone REIT, LLC (4)(16) SF + 7.50% 11.80  % 12/27/2029 16,371  16,060  16,102 
16,771  16,837  0.17  %
Total Other Secured Debt $ 63,996  $ 64,252  0.67  %
Unsecured Debt
Consumer Services
Wildcat Car Wash Holdings, LLC (4)(7)
15.00% PIK
15.00%
7/16/2029 $ 16,094  $ 16,094  $ 16,094 
16,094  16,094  0.17  %
Health Care Providers
VetCor Group Holdings LLC (4)(7)
13.75% PIK
13.75%
9/3/2030 334  330  331 
22

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(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
VetCor Group Holdings LLC (4)(7)
14.75% PIK
14.75%
9/3/2030 288  282  293 
VetCor Group Holdings LLC (4)(7)
13.75% PIK
13.75%
9/3/2030 1,060  1,048  1,049 
1,660  1,673  0.02  %
Medical Equipment and Services
DCA Acquisition Holdings LLC (4)(7)(18)
13.13% PIK
12/28/2032 112  111  69 
DCA Acquisition Holdings LLC (4)(7)(18)
13.13% PIK
12/28/2032 202  198  125 
DCA Acquisition Holdings LLC (4)(7)(18)
13.13% PIK
12/28/2032 1,190  1,176  734 
1,485  928  0.01  %
Non-life Insurance
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (7) 6.75% 6.75  % 10/15/2027 6,255  5,918  6,215 
5,918  6,215  0.06  %
Real Estate Investment and Services
Associations Finance, Inc. (4)(7)
14.25% PIK
14.25%
5/3/2030 9,264  9,230  9,264 
Associations Finance, Inc. (4)(7)
14.25% PIK
14.25%
5/3/2030 3,538  3,525  3,538 
12,755  12,802  0.12  %
Software and Computer Services
Elements Midco 1 Limited (4)(5)(8) SN +
8.00% PIK
12.49  % 4/29/2032 £ 1,743  2,149  2,260 
2,149  2,260  0.02  %
Telecommunications Service Providers
CCO Holdings LLC / CCO Holdings Capital Corp (7) 5.50% 5.50  % 5/1/2026 7,000  7,034  6,994 
7,034  6,994  0.07  %
Total Unsecured Debt $ 47,095  $ 46,966  0.49  %
Structured Finance
Structured Finance Investments
720 East CLO V Ltd (5)(7) SF + 6.30% 10.59  % 7/20/2037 $ 4,000  $ 4,000  $ 4,056 
AMMC CLO 21 LTD (5)(7) SF + 6.76% 11.05  % 11/2/2030 4,126  3,749  4,142 
AMMC CLO XII Ltd (5)(7) L + 6.18% 10.74  % 11/10/2030 2,000  2,002  2,014 
ARES CLO Ltd (5)(7) SF + 6.70% 10.99  % 4/20/2037 5,000  5,000  5,056 
Bain Capital Credit CLO 2024-3 Ltd (5)(7) SF + 6.25% 10.56  % 7/16/2037 2,000  2,000  2,026 
Barings CLO Ltd 2024-IV (5)(7) SF + 5.95% 10.24  % 10/20/2037 4,500  4,500  4,517 
Benefit Street Partners CLO XXXVI Ltd (5)(7) SF + 5.50% 9.91  % 1/25/2038 4,750  4,750  4,848 
Carlyle Global Market Strategies (5)(7) L + 5.40% 9.96  % 7/27/2031 1,200  983  1,182 
CIFC Falcon 2020 Ltd (5)(7) SF + 7.67% 11.96  % 1/20/2033 2,000  2,006  2,014 
Columbia Cent CLO 33 Ltd (5)(7) SF + 7.16% 11.45  % 4/20/2037 2,000  1,963  2,027 
Dryden 108 CLO Ltd (5)(7) 7/18/2035 2,900  2,291  2,109 
Fort Washington CLO 2019-1 (5)(7) SF + 7.99% 12.28  % 10/20/2037 4,500  4,563  4,561 
Monroe Capital Mml Clo XVII Ltd (5)(7) SF + 4.65% 9.09  % 1/15/2037 1,000  1,000  1,014 
Monroe Capital Mml Clo XVII Ltd (5)(7) SF + 7.91% 12.35  % 1/15/2037 5,000  4,903  5,048 
Newark BSL CLO 1 Ltd (5)(7) SF + 6.51% 10.81  % 12/21/2029 1,500  1,474  1,480 
Oaktree CLO 2019-4 Ltd (5)(7) SF + 6.59% 10.88  % 7/20/2037 3,000  2,972  2,977 
Octagon 52 Ltd (5)(7) SF + 7.33% 11.62  % 7/23/2037 5,000  4,953  4,977 
Octagon 63 Ltd (5)(7) SF + 6.50% 10.79  % 7/20/2037 3,000  3,000  3,044 
Octagon Investment Partners 29 Ltd (5)(7) SF + 7.17% 11.46  % 7/18/2039 3,000  2,986  3,001 
Ocp Clo 2024-33 Ltd (5)(7) SF + 6.00% 10.29  % 7/20/2037 5,000  5,000  5,067 
Rad CLO Ltd (5)(7) SF + 6.51% 10.81  % 4/15/2034 2,500  2,504  2,492 
Shackleton 2019-XV CLO Ltd (5)(7) SF + 6.92% 11.22  % 1/15/2032 3,000  2,702  3,015 
Vibrant CLO XII Ltd (5)(7) SF + 6.94% 11.23  % 4/20/2034 2,000  2,000  2,015 
Voya CLO Ltd (5)(7) SF + 6.00% 10.29  % 7/20/2037 4,000  4,000  4,053 
75,301  76,735  0.80  %
Total Structured Finance $ 75,301  $ 76,735  0.80  %
23

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(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
Equity Investments
Consumer Services
CG Parent Intermediate Holdings, Inc. (4)(21) - Preferred Stock 2,000  $ 1,940  $ 2,405 
Club Car Wash Preferred, LLC (4)(21) - Preferred Stock
15.00% PIK
15.00%
8,817  8,817  8,817 
Club Car Wash Preferred, LLC (4)(21) - Preferred Stock
15.00% PIK
15.00%
13,929  13,929  13,929 
Rapid Express Preferred, LLC (4)(21) - Preferred Stock
15.00% PIK
15.00%
2,784  2,784  2,784 
Rapid Express Preferred, LLC (4)(21) - Preferred Stock
15.00% PIK
15.00%
6,188  6,188  6,188 
Thrasio Holdings, Inc. (4)(21) - Common Stock 19,015     
33,658  34,123  0.35  %
Gas, Water and Multi-utilities
Eagle LNG Partners Jacksonville II LLC (4)(21) - Warrants      
ELNG Equity LLC (4)(21) - Warrants 78,038     
      %
Health Care Providers
Eating Recovery Center TopCo, LLC (4)(21) - Class A Common Units 3,528  4,634  4,634 
4,634  4,634  0.05  %
Industrial Support Services
BCPE Virginia HoldCo, Inc. (4)(21) - Preferred Stock 2,000  1,960  2,431 
1,960  2,431  0.03  %
Media
OneTeam Partners, LLC (4)(21) - Class D Units 8.00% 8.00  % 1,000  1,000  1,232 
Racing Point UK Holdings Limited (4)(5)(21) - Ordinary Shares 168  1,008  1,039 
2,008  2,271  0.03  %
Pharmaceuticals and Biotechnology
Creek Feeder, L.P. (4)(21) - LP Interest 9,000  9,000  9,000 
9,000  9,000  0.09  %
Travel and Leisure
The ONE Group Hospitality, Inc. (4)(21) - Warrants 6,667  12  3 
The ONE Group Hospitality, Inc. (4)(21) - Warrants 11,911  61  36 
The ONE Group Hospitality, Inc. (4)(21) - Preferred Stock 1,000  877  1,027 
950  1,066  0.01  %
Total Equity Investments $ 52,210  $ 53,525  0.56  %
Total Investments - Non-Controlled/Non-Affiliated $ 17,966,361  $ 18,071,869  187.52  %
Non-Controlled/Affiliated Investments
First Lien Debt
Industrial Support Services
Southern Graphics Inc. (4)(7)(18)(19) SF +
7.50% PIK
5/1/2028 $ 5,397  $ 5,249  $ 5,397 
Galaxy US Opco Inc (Vialto Partners) (5)(8)(19) SF + 5.00% 9.29  % 7/31/2030 11,475  11,300  9,704 
16,549  15,101  0.16  %
Total First Lien Debt $ 16,549  $ 15,101  0.16  %
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  0.02  %
Total Second Lien Debt $ 1,881  $ 1,932  0.02  %
24

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(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
Equity Investments
Industrial Support Services
Southern Graphics Holdings LLC (4)(19)(21) - Class A Units 274  $ 2,333  $ 3,344 
Velocity Cayman Holding L.P. (Vialto Partners) (4)(5)(19)(21) - Class A-1 Units 91,605  2,224  2,284 
Velocity Cayman Holdings GP LLC (Vialto Partners) (4)(5)(19)(21) - Class A-1 Units 91,605     
Velocity Cayman Holding L.P. (Vialto Partners) (4)(5)(19)(21) - Class A-2 Units 159,628  3,938  3,938 
Velocity Cayman Holdings GP LLC (Vialto Partners) (4)(5)(19)(21) - Class A-2 Units 159,628     
Velocity Cayman Holding L.P. (Vialto Partners) (4)(5)(19)(21) - Class A-3 Units 36,642     
Velocity Cayman Holdings GP LLC (Vialto Partners) (4)(5)(19)(21) - Class A-3 Units 36,642     
8,495  9,566  0.10  %
Travel and Leisure
SLF V AD1 Holdings, LLC (4)(19)(20)(21) - LLC Interest 10,101  9,891  9,468 
9,891  9,468  0.10  %
Total Equity Investments $ 18,386  $ 19,034  0.20  %
Total Investments - Non-Controlled/Affiliated $ 36,816  $ 36,067  0.38  %
Controlled/Affiliated Investments
Investments in Joint Ventures
ULTRA III, LLC (5)(19)(21) - LLC Interest $ 297,747  $ 322,624 
Total Investments in Joint Ventures $ 297,747  $ 322,624  3.35  %
Total Investments - Controlled/Affiliated $ 297,747  $ 322,624  3.35  %
Total Investment Portfolio $ 18,300,924  $ 18,430,560  191.23  %
Cash Equivalents
J.P. Morgan U.S. Government Fund, Institutional Shares (5) 4.35  % $ 340,716  $ 340,716  $ 340,716 
Total Cash Equivalents $ 340,716  $ 340,716  3.53  %
Total Investment Portfolio and Cash Equivalents $ 18,641,640  $ 18,771,276  194.76  %
(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 U.S. 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 (in thousands) is presented for debt investments and the number of shares or units (in whole amounts) 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”), Stockholm Interbank Offered Rate (“STIBOR” or “ST”), Norwegian Interbank Offered Rate (“NIBOR” or “N”), Tokyo Overnight Average Rate (“TONA” or “TN”), Bloomberg Short Term Bank Yield Index (“BS”), or Bank Bill Swap Bid Rate ("BBSY" 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, STIBOR, TN, NIBOR, BS or BBSW and the current contractual interest rate in effect at March 31, 2025. 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.
25

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(in thousands)
(Unaudited)

(5) The investment is not a qualifying asset, in whole or in part, under Section 55(a) of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, 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 March 31, 2025, non-qualifying assets represented 23.04% 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
123Dentist Inc 1st Lien Senior Secured Delayed Draw Loan $ 9,448  $ 48 
2080 Media, Inc. 1st Lien Senior Secured Revolving Loan 13,795  
2080 Media, Inc. 1st Lien Senior Secured Delayed Draw Loan 8,801  
AB Centers Acquisition Corporation 1st Lien Senior Secured Revolving Loan 16,655  
AB Centers Acquisition Corporation 1st Lien Senior Secured Delayed Draw Loan 20,035 184 
Accession Risk Management Group, Inc. 1st Lien Senior Secured Revolving Loan 2,903  
Accession Risk Management Group, Inc. 1st Lien Senior Secured Delayed Draw Loan 13,329  
Advarra Holdings, Inc. 1st Lien Senior Secured Delayed Draw Loan 6,020 35 
AI Circle Bidco Limited 1st Lien Senior Secured Delayed Draw Loan 50,067 (204)
Alchemy US Holdco 1 LLC 1st Lien Senior Secured Delayed Draw Loan 8,935 (313)
Arc Media Holdings Limited 1st Lien Senior Secured Revolving Loan 429 (12)
Arcfield Acquisition Corp 1st Lien Senior Secured Revolving Loan 11,100  
Artemis Bidco Limited 1st Lien Senior Secured Delayed Draw Loan 1,802 (117)
Artemis Bidco Limited 1st Lien Senior Secured Delayed Draw Loan 334  
Artifact Bidco, Inc. 1st Lien Senior Secured Delayed Draw Loan 11,207 112 
Artifact Bidco, Inc. 1st Lien Senior Secured Revolving Loan 5,443  
Artifact Bidco, Inc. 1st Lien Senior Secured Revolving Loan 2,562  
Artisan Bidco, Inc. 1st Lien Senior Secured Revolving Loan 4,600 (77)
ASDAM Operations Pty Ltd 1st Lien Senior Secured Delayed Draw Loan 3,387  
Associations Inc. 1st Lien Senior Secured Delayed Draw Loan 3,241 32 
Associations Inc. 1st Lien Senior Secured Revolving Loan 899  
Atlas Intermediate III, L.L.C. 1st Lien Senior Secured Revolving Loan 13,445 (185)
Auditboard, Inc. 1st Lien Senior Secured Revolving Loan 30,286  
Auditboard, Inc. 1st Lien Senior Secured Delayed Draw Loan 75,714 379 
AVSC Holding Corp. 1st Lien Senior Secured Revolving Loan 7,967 (128)
Axiom Buyer, LLC 1st Lien Senior Secured Delayed Draw Loan 16,189 (286)
Axiom Buyer, LLC 1st Lien Senior Secured Revolving Loan 12,992 (229)
Azurity Pharmaceuticals Inc 1st Lien Senior Secured Revolving Loan 20,537 (407)
Baker Tilly Advisory Group, LP 1st Lien Senior Secured Revolving Loan 23,539  
Baker Tilly Advisory Group, LP 1st Lien Senior Secured Delayed Draw Loan 15,518 128 
Bamboo US BidCo LLC 1st Lien Senior Secured Delayed Draw Loan 2,855  
Bamboo US BidCo LLC 1st Lien Senior Secured Revolving Loan 21,254  
Bamboo US BidCo LLC 1st Lien Senior Secured Delayed Draw Loan 2,855  
Boreal Bidco 1st Lien Senior Secured Delayed Draw Loan 4,709 (106)
Bottomline Technologies, Inc. 1st Lien Senior Secured Revolving Loan 385  
BradyplusUS Holdings, LLC 1st Lien Senior Secured Delayed Draw Loan 335 2 
Cadence - Southwick, Inc. 1st Lien Senior Secured Revolving Loan 8,390  
Calabrio, Inc. 1st Lien Senior Secured Revolving Loan 1,536  
Cambrex Corporation 1st Lien Senior Secured Revolving Loan 18,341 (182)
Cambrex Corporation 1st Lien Senior Secured Delayed Draw Loan 16,460 (163)
Camin Cargo Control Holdings, Inc. 1st Lien Senior Secured Delayed Draw Loan 9,685 (48)
Camin Cargo Control Holdings, Inc. 1st Lien Senior Secured Revolving Loan 2,296 (11)
Captive Resources Midco LLC 1st Lien Senior Secured Revolving Loan 7,558  
Carbon Topco, Inc. 1st Lien Senior Secured Revolving Loan 11,985 (167)
CC WDW Borrower, Inc. 1st Lien Senior Secured Revolving Loan 3,329 (41)
Certinia Inc. 1st Lien Senior Secured Revolving Loan 5,449 (24)
26

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(in thousands)
(Unaudited)
Investments-non-controlled/non-affiliated Commitment Type Unfunded Commitment Fair Value
The Chartis Group LLC 1st Lien Senior Secured Delayed Draw Loan 25,040 (10)
The Chartis Group LLC 1st Lien Senior Secured Revolving Loan 14,716 (6)
Citrin Cooperman Advisors LLC 1st Lien Senior Secured Delayed Draw Loan 573 (3)
Club Car Wash Operating, LLC 1st Lien Senior Secured Delayed Draw Loan 32,785 42 
Coding Solutions Acquisition, Inc. 1st Lien Senior Secured Delayed Draw Loan 23,581 (92)
Coding Solutions Acquisition, Inc. 1st Lien Senior Secured Revolving Loan 2,084 (8)
Coretrust Purchasing Group LLC 1st Lien Senior Secured Delayed Draw Loan 10,736 107 
Coretrust Purchasing Group LLC 1st Lien Senior Secured Revolving Loan 11,656  
Coretrust Purchasing Group LLC 1st Lien Senior Secured Delayed Draw Loan 4,423 44 
Coupa Holdings, LLC 1st Lien Senior Secured Delayed Draw Loan 7,123 71 
Coupa Holdings, LLC 1st Lien Senior Secured Revolving Loan 6,211  
CPI Buyer, LLC 1st Lien Senior Secured Revolving Loan 2,115 (29)
Creek Parent, Inc. 1st Lien Senior Secured Revolving Loan 22,379 (270)
Currahee Borrower Sub LLC 1st Lien Senior Secured Delayed Draw Loan 1,952  
Daphne S.P.A. 1st Lien Senior Secured Delayed Draw Loan 4,303 (559)
Databricks Inc 1st Lien Senior Secured Delayed Draw Loan 30,597 (148)
Denali Bidco Limited 1st Lien Senior Secured Delayed Draw Loan 18,806  
Diagnostic Services Holdings, Inc. 1st Lien Senior Secured Revolving Loan 1,696 (9)
Dwyer Instruments Inc 1st Lien Senior Secured Delayed Draw Loan 13,403 (68)
Dwyer Instruments Inc 1st Lien Senior Secured Revolving Loan 18,072 (91)
E.S.G. Movilidad, S.L.U. 1st Lien Senior Secured Delayed Draw Loan 8,515  
Earps Bidco Limited 1st Lien Senior Secured Delayed Draw Loan 16,795 (252)
Einstein Parent, Inc. 1st Lien Senior Secured Revolving Loan 9,745 (189)
EIS Legacy Holdco, LLC 1st Lien Senior Secured Revolving Loan 13,000 (54)
EIS Legacy Holdco, LLC 1st Lien Senior Secured Delayed Draw Loan 24,545 (88)
Employbridge, LLC 1st Lien Senior Secured Delayed Draw Loan 1,602 (211)
Empower Payments Investor, LLC 1st Lien Senior Secured Delayed Draw Loan 14,426 48 
Empower Payments Investor, LLC 1st Lien Senior Secured Revolving Loan 9,704  
Enstall Group B.V. 1st Lien Senior Secured Delayed Draw Loan 1,208 (143)
Enverus Holdings Inc 1st Lien Senior Secured Delayed Draw Loan 1,227 12 
Enverus Holdings Inc 1st Lien Senior Secured Revolving Loan 4,913  
ERC Topco Holdings, LLC 1st Lien Senior Secured Revolving Loan 446  
Espresso Bidco Inc. 1st Lien Senior Secured Delayed Draw Loan 14,333 (214)
Espresso Bidco Inc. 1st Lien Senior Secured Revolving Loan 6,370 (94)
Fastener Distribution Holdings, LLC 1st Lien Senior Secured Delayed Draw Loan 28,345 (101)
FC Compassus, LLC 1st Lien Senior Secured Revolving Loan 19,127 (173)
FC Compassus, LLC 1st Lien Senior Secured Delayed Draw Loan 14,046 (128)
FC Compassus, LLC 1st Lien Senior Secured Delayed Draw Loan 114 (1)
Femur Buyer, Inc. 1st Lien Senior Secured Revolving Loan 6,942 (541)
Formerra, LLC 1st Lien Senior Secured Revolving Loan 12,031 (62)
Foundation Automotive US Corp 1st Lien Senior Secured Revolving Loan 1,351  
Frontgrade Technologies Holdings Inc. 1st Lien Senior Secured Revolving Loan 6,864  
Galway Borrower LLC 1st Lien Senior Secured Delayed Draw Loan 6,022  
Galway Borrower LLC 1st Lien Senior Secured Revolving Loan 3,377  
Global Music Rights, LLC 1st Lien Senior Secured Revolving Loan 46,796 (281)
Grant Thornton LLP 1st Lien Senior Secured Delayed Draw Loan 380 (1)
Gusto Aus Bidco Pty Ltd 1st Lien Senior Secured Delayed Draw Loan 15,049 (29)
HB AcquisitionCo PTY LTD 1st Lien Senior Secured Delayed Draw Loan 1,789 (37)
Higginbotham Insurance Agency Inc 1st Lien Senior Secured Delayed Draw Loan 8,361  
HT Intermediary III, Inc. 1st Lien Senior Secured Delayed Draw Loan 10,286 5 
HT Intermediary III, Inc. 1st Lien Senior Secured Revolving Loan 3,471  
Huskies Parent Inc 1st Lien Senior Secured Revolving Loan 824 (2)
IG Investments Holdings, LLC 1st Lien Senior Secured Revolving Loan 10,221 (2)
Indigo Purchaser, Inc. 1st Lien Senior Secured Delayed Draw Loan 25,608 (216)
27

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(in thousands)
(Unaudited)
Investments-non-controlled/non-affiliated Commitment Type Unfunded Commitment Fair Value
Indigo Purchaser, Inc. 1st Lien Senior Secured Revolving Loan 17,478 (148)
Integrity Marketing Acquisition LLC 1st Lien Senior Secured Revolving Loan 362  
Integrity Marketing Acquisition LLC 1st Lien Senior Secured Delayed Draw Loan 2,638  
International Entertainment Investments Ltd 1st Lien Senior Secured Delayed Draw Loan 5,080 51 
IRI Group Holdings, Inc. 1st Lien Senior Secured Revolving Loan 8,012  
IXM Holdings, Inc. 1st Lien Senior Secured Revolving Loan 3,325  
June Purchaser LLC 1st Lien Senior Secured Delayed Draw Loan 1,619 4 
Kabafusion Parent LLC 1st Lien Senior Secured Revolving Loan 11,700  
Kona Buyer, LLC 1st Lien Senior Secured Delayed Draw Loan 33,273 333 
Kona Buyer, LLC 1st Lien Senior Secured Delayed Draw Loan 26,618 266 
Kona Buyer, LLC 1st Lien Senior Secured Revolving Loan 15,463  
Kryptona Bidco US, LLC 1st Lien Senior Secured Revolving Loan 16,852 (266)
Law Business Research Inc. 1st Lien Senior Secured Delayed Draw Loan 46,320 463 
Legends Hospitality Holding Company, LLC 1st Lien Senior Secured Delayed Draw Loan 5,522 (109)
Legends Hospitality Holding Company, LLC 1st Lien Senior Secured Revolving Loan 7,882 (274)
Link Apartments Opportunity Zone REIT, LLC Other Secured Debt Delayed Draw Loan 8,466 (139)
Madonna Bidco Limited 1st Lien Senior Secured Delayed Draw Loan 13,076 (124)
MAI Capital Management Intermediate LLC 1st Lien Senior Secured Delayed Draw Loan 9,850 (12)
MAI Capital Management Intermediate LLC 1st Lien Senior Secured Revolving Loan 4,628 (6)
MB2 Dental Solutions, LLC 1st Lien Senior Secured Delayed Draw Loan 36,535 (151)
MB2 Dental Solutions, LLC 1st Lien Senior Secured Revolving Loan 13,909 (57)
Meralm Bidco AB 1st Lien Senior Secured Delayed Draw Loan 5,612 (31)
Montagu Lux Finco Sarl 1st Lien Senior Secured Delayed Draw Loan 39,940 (784)
More Cowbell II, LLC 1st Lien Senior Secured Delayed Draw Loan 5,484  
More Cowbell II, LLC 1st Lien Senior Secured Revolving Loan 6,189  
NBG Acquisition Corp. 1st Lien Senior Secured Revolving Loan 205 (24)
Netrisk Group Luxco 4 S.A.R.L. 1st Lien Senior Secured Delayed Draw Loan 10,540 (148)
Netrisk Group Luxco 4 S.A.R.L. 1st Lien Senior Secured Revolving Loan 4,392 (61)
NRO Holdings III Corp. 1st Lien Senior Secured Delayed Draw Loan 214 1 
NRO Holdings III Corp. 1st Lien Senior Secured Revolving Loan 100  
NTH Degree Purchaser, Inc 1st Lien Senior Secured Delayed Draw Loan 30,801 (328)
NTH Degree Purchaser, Inc 1st Lien Senior Secured Revolving Loan 16,125 (172)
OEConnection LLC 1st Lien Senior Secured Revolving Loan 7,338 18 
Onesource Virtual, Inc. 1st Lien Senior Secured Revolving Loan 25,318  
Oranje Holdco, Inc. 1st Lien Senior Secured Revolving Loan 4,657 (9)
Orthrus Limited 1st Lien Senior Secured Delayed Draw Loan 20,620 (275)
Pareto Health Intermediate Holdings, Inc. 1st Lien Senior Secured Revolving Loan 4,032 (28)
Pareto Health Intermediate Holdings, Inc. 1st Lien Senior Secured Delayed Draw Loan 9,160 (60)
Parfums Holding Company, Inc. 1st Lien Senior Secured Revolving Loan 9,034  
Patriot Growth Insurance Services LLC 1st Lien Senior Secured Revolving Loan 411  
Ping Identity Holding Corp. 1st Lien Senior Secured Revolving Loan 8,513  
Plasma Buyer LLC 1st Lien Senior Secured Revolving Loan 1,639 (68)
PPV Intermediate Holdings, LLC 1st Lien Senior Secured Revolving Loan 8,145 (39)
Prism Parent Co., Inc. 1st Lien Senior Secured Delayed Draw Loan 2,591  
Puma Buyer LLC 1st Lien Senior Secured Revolving Loan 9,853 (74)
QBS Parent, Inc. 1st Lien Senior Secured Revolving Loan 3,820 2 
Radwell Parent, LLC 1st Lien Senior Secured Revolving Loan 9,732  
Raven Acquisition Holdings LLC 1st Lien Senior Secured Delayed Draw Loan 1,333 (14)
RH Buyer, Inc. 1st Lien Senior Secured Revolving Loan 13,792 (267)
Ribbon Communications Operating Company, Inc 1st Lien Senior Secured Revolving Loan 6,365 (58)
Riley MergeCo LLC 1st Lien Senior Secured Revolving Loan 197 (7)
Rockefeller Capital Management 1st Lien Senior Secured Delayed Draw Loan 12,500  
Rotation Buyer, LLC 1st Lien Senior Secured Delayed Draw Loan 15,100 (91)
Rotation Buyer, LLC 1st Lien Senior Secured Revolving Loan 6,252 (38)
28

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(in thousands)
(Unaudited)
Investments-non-controlled/non-affiliated Commitment Type Unfunded Commitment Fair Value
Royal Buyer, LLC 1st Lien Senior Secured Revolving Loan 7,000  
Royal Buyer, LLC 1st Lien Senior Secured Delayed Draw Loan 3,648  
Saga Mid Co Limited 1st Lien Senior Secured Delayed Draw Loan 38,900 (958)
Saga Mid Co Limited 1st Lien Senior Secured Revolving Loan 19,449 (478)
Severin Acquisition, LLC 1st Lien Senior Secured Delayed Draw Loan 58,755 7 
Severin Acquisition, LLC 1st Lien Senior Secured Revolving Loan 37,786  
Sig Parent Holdings, LLC 1st Lien Senior Secured Revolving Loan 3,045 (4)
Sig Parent Holdings, LLC 1st Lien Senior Secured Delayed Draw Loan 14,432 (18)
Smarsh Inc. 1st Lien Senior Secured Delayed Draw Loan 2,143 (7)
Smarsh Inc. 1st Lien Senior Secured Delayed Draw Loan 2,143 (7)
Smarsh Inc. 1st Lien Senior Secured Revolving Loan 2,786 (9)
Spanx, LLC 1st Lien Senior Secured Revolving Loan 5,000  
Specialty Ingredients, LLC 1st Lien Senior Secured Revolving Loan 6,203  
Spirit RR Holdings, Inc. 1st Lien Senior Secured Delayed Draw Loan 2,993 6 
Spirit RR Holdings, Inc. 1st Lien Senior Secured Revolving Loan 3,579  
Spotless Brands, LLC 1st Lien Senior Secured Revolving Loan 5,175  
Spotless Brands, LLC 1st Lien Senior Secured Delayed Draw Loan 11,601 (45)
Spruce Bidco II Inc. 1st Lien Senior Secured Revolving Loan 43,899 (643)
Stack Sports Buyer, LLC 1st Lien Senior Secured Delayed Draw Loan 29,305 (440)
Stack Sports Buyer, LLC 1st Lien Senior Secured Revolving Loan 21,553 (323)
Sugar PPC Buyer LLC 1st Lien Senior Secured Delayed Draw Loan 14,474 145 
SWF Holdings I Corp 1st Lien Senior Secured Delayed Draw Loan 94 1 
Tango Bidco SAS 1st Lien Senior Secured Delayed Draw Loan 3,386 (98)
Tango Bidco SAS 1st Lien Senior Secured Delayed Draw Loan 5,560 (161)
Team, Inc. 1st Lien Senior Secured Delayed Draw Loan