May 15, 2025 - 10-Q: Quarterly report [Sections 13 or 15(d)]

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________________

FORM 10-Q

_____________________________________________________

(Mark One)


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

For the quarterly period ended March 31, 2025


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

For the transition period from __________ to __________

Commission File Number 814-01431

________________________________________________________________________________________________

HPS Corporate Lending Fund

(Exact name of Registrant as specified in its Charter)

________________________________________________________________________________________________


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

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

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

________________________________________________________________________________________________

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

None

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

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

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


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

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

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

The Registrant’s Common Shares, $0.01 par value per share, outstanding as of May 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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		Page

PART I	FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements
	Consolidated Statements of Assets and Liabilities as of March 31, 202 5 (Unaudited) and December 31, 202 4	2
	Consolidated Statements of Operations for the three months ended March 31, 202 5 (Una udited) and March 31, 202 4 (Unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 202 5 (Unaudited) and March 31, 202 4 (Unaudited)	5
	Consolidated Statements of Cash Flows for the three months ended March 31, 202 5 (Unaudited) and March 31, 202 4 (Unaudited)	6
	Consolidated Schedules of Investments as of March 31, 202 5 (Unaudited) and December 31, 202 4	8
	Notes to Consolidated Financial Statements (Unaudited)	55
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	104
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	124
Item 4.	Controls and Procedures	125

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	126
Item 1A.	Risk Factors	126
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	126
Item 3.	Defaults Upon Senior Securities	126
Item 4.	Mine Safety Disclosures	127
Item 5.	Other Information	127
Item 6.	Exhibits	127
Signatures

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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

•our future operating results;

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

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

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

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

•our current and expected financing arrangements and investments;

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

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

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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	%

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

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

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

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

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

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

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

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)	—

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

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

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

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

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

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

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	%

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	%

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.

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)

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)

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)

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	14,961		(333)
Tex-Tech Industries, Inc.	1st Lien Senior Secured Delayed Draw Loan	18,094		(174)
Tex-Tech Industries, Inc.	1st Lien Senior Secured Revolving Loan	15,688		(151)
The One Group, LLC	1st Lien Senior Secured Revolving Loan	6,649		(197)
Time Manufacturing Holdings, LLC	1st Lien Senior Secured Revolving Loan	280		(48)
Tricentis Operations Holdings Inc	1st Lien Senior Secured Revolving Loan	19,449		(191)
Tricentis Operations Holdings Inc	1st Lien Senior Secured Delayed Draw Loan	26,875		(264)
TriMech Acquisition Corp.	1st Lien Senior Secured Revolving Loan	2,763		—
Truck-Lite Co, LLC	1st Lien Senior Secured Delayed Draw Loan	3,362		16
Truck-Lite Co, LLC	1st Lien Senior Secured Revolving Loan	11,175		—
Trupanion, Inc.	1st Lien Senior Secured Revolving Loan	6,576		—
Violin FINCO Guernsey Limited	1st Lien Senior Secured Delayed Draw Loan	8,024		80
Vital Bidco AB	1st Lien Senior Secured Revolving Loan	12,771		(130)
Vital Care Buyer, LLC	1st Lien Senior Secured Revolving Loan	13,271		—
WP CPP Holdings, LLC	1st Lien Senior Secured Revolving Loan	26,286		—
YA Intermediate Holdings II, LLC	1st Lien Senior Secured Revolving Loan	9,263		(4)
YA Intermediate Holdings II, LLC	1st Lien Senior Secured Delayed Draw Loan	17,711		2
Yes Energy LLC	1st Lien Senior Secured Delayed Draw Loan	3,098		31
Zendesk Inc	1st Lien Senior Secured Delayed Draw Loan	39,321		—
Zendesk Inc	1st Lien Senior Secured Revolving Loan	17,940		—
Zeus Company LLC	1st Lien Senior Secured Revolving Loan	21,506		—
Zeus Company LLC	1st Lien Senior Secured Delayed Draw Loan	15,007		150
Total		$	2,370,276	$	(12,532)

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

(8)The interest rate floor on these investments as of March 31, 2025 was 0.50%.

(9)The interest rate floor on these investments as of March 31, 2025 was 0.75%.

(10)The interest rate floor on these investments as of March 31, 2025 was 1.00%.

(11)The interest rate floor on these investments as of March 31, 2025 was 1.25%.

(12)The interest rate floor on these investments as of March 31, 2025 was 1.50%.

(13)The interest rate floor on these investments as of March 31, 2025 was 1.75%.

(14)The interest rate floor on these investments as of March 31, 2025 was 2.00%.

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)

(15)The interest rate floor on these investments as of March 31, 2025 was 2.50%.

(16)The interest rate floor on these investments as of March 31, 2025 was 3.00%.

(17)The interest rate floor on these investments as of March 31, 2025 was 3.25%.

(18)Loan was on non-accrual status as of March 31, 2025.

(19)Under the 1940 Act, the Company is deemed to “control” a portfolio company if the Company owns more than 25% of its outstanding voting securities and/or holds the power to exercise control over the management or policies of the portfolio company. Under the 1940 Act, the Company is deemed an “affiliated person” of a portfolio company if the Company owns between 5% and 25% or if the Company and/or its affiliates owns 25% or more, inclusive of the portfolio company’s outstanding voting securities. For purposes of determining the “control” classification of its investment portfolio, the Company has excluded consideration of any voting securities or board appointment rights held by third-party investment funds advised by the Adviser and/or its affiliates. As of March 31, 2025, the Company’s controlled/affiliated and non-controlled/affiliated investments were as follows:


	Fair Value as of December 31, 2024		Gross Additions(a)		Gross Reductions(b)		Change in Unrealized Gains (Loss)		Net Realized Gain (Loss)		Fair Value as of March 31, 2025		Dividend and Interest Income
Non-Controlled/Affiliated Investments
Southern Graphics Inc.	$	10,455	$	—	$	(57)	$	275	$	—	$	10,673	$	—
Velocity Cayman Holding L.P. (Vialto Partners)	—		6,162		—		60		—		6,222		—
Velocity Cayman Holdings GP LLC (Vialto Partners)	—		—		—		—		—		—		—
Galaxy US Opco Inc (Vialto Partners)	—		12,318		(2,259)		(355)		—		9,704		309
SLF V AD1 Holdings, LLC	9,514		—		—		(46)		—		9,468		—
Total Non-Controlled/Affiliated Investments	$	19,969	$	18,480	$	(2,316)	$	(66)	$	—	$	36,067	$	309
Controlled/Affiliated Investments
ULTRA III, LLC	$	320,350	$	—	$	—	$	2,274	$	—	$	322,624	$	10,511
Total Controlled/Affiliated Investments	$	320,350	$	—	$	—	$	2,274	$	—	$	322,624	$	10,511

(a)Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind (“PIK”) interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement at fair value of an existing portfolio company into this controlled affiliated category from a different category.

(b)Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.

(20)These investments are not pledged as collateral under the Credit Facilities, the 2023 CLO Secured Notes, the 2024 CLO Secured Notes or the 2025 CLO Secured Debt.

(21)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted security” under the Securities Act. As of March 31, 2025, the aggregate fair value of these securities is $395,183, or 4.10% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)

Portfolio Company

Investment

Acquisition Date

CG Parent Intermediate Holdings, Inc.

Senior Preferred Stock

November 20, 2023

Club Car Wash Preferred, LLC

Preferred Stock

November 15, 2023

Rapid Express Preferred, LLC

Preferred Stock

November 15, 2023

Club Car Wash Preferred, LLC

Preferred Stock

November 15, 2023

Rapid Express Preferred, LLC

Preferred Stock

November 15, 2023

Thrasio Holdings, Inc.

Common Stock

June 18, 2024

Eagle LNG Partners Jacksonville II LLC

Warrants

March 8, 2023

ELNG Equity LLC

Warrants

April 26, 2024

Eating Recovery Center TopCo, LLC

Class A Common Units

March 31, 2025

BCPE Virginia HoldCo, Inc.

Senior Preferred Stock

December 14, 2023

Racing Point UK Holdings Limited

Ordinary Shares

July 9, 2024

OneTeam Partners, LLC

Class D Units

September 15, 2022

Creek Feeder, L.P.

LP Interest

December 16, 2024

The ONE Group Hospitality, Inc.

A-2 Warrants

May 1, 2024

The ONE Group Hospitality, Inc.

B-2 Warrants

May 1, 2024

The ONE Group Hospitality, Inc.

Series A Preferred Stock

May 1, 2024

Southern Graphics Holdings LLC

Class A Units

April 28, 2023

Velocity Cayman Holding L.P.

Class A-1 Units

February 24, 2025

Velocity Cayman Holdings GP LLC

Class A-1 Units

February 24, 2025

Velocity Cayman Holding L.P.

Class A-2 Units

February 24, 2025

Velocity Cayman Holdings GP LLC

Class A-2 Units

February 24, 2025

Velocity Cayman Holding L.P.

Class A-3 Units

February 24, 2025

Velocity Cayman Holdings GP LLC

Class A-3 Units

February 24, 2025

SLF V AD1 Holdings, LLC

LLC Interest

September 6, 2023

ULTRA III, LLC

LLC Interest

June 1, 2023

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)

ADDITIONAL INFORMATION

Foreign currency forward contracts:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized Appreciation (Depreciation)

U.S. Dollars 15,763

Australian Dollars 25,000

BNP PARIBAS

6/23/2025

133

U.S. Dollars 11,715

Euro 10,800

BNP PARIBAS

6/23/2025

(21)

U.S. Dollars 60,810

British Pound 47,055

Deutsche Bank AG

6/23/2025

U.S. Dollars 40,536

Euro 36,959

Deutsche Bank AG

6/23/2025

374

U.S. Dollars 188,372

Euro 171,731

Goldman Sachs Bank USA

6/23/2025

1,755

U.S. Dollars 2,545

Euro 2,215

Goldman Sachs Bank USA

3/23/2026

104

U.S. Dollars 63,672

British Pound 49,353

Goldman Sachs Bank USA

6/23/2025

(83)

U.S. Dollars 21,101

Norwegian Krone 235,621

Goldman Sachs Bank USA

6/23/2025

(1,304)

U.S. Dollars 34,141

Singaporean Dollars 45,400

Goldman Sachs Bank USA

6/23/2025

196

U.S. Dollars 99,148

Euro 87,833

SMBC Capital Markets, Inc.

9/23/2025

3,210

U.S. Dollars 620,697

Euro 563,660

SMBC Capital Markets, Inc.

6/23/2025

8,177

U.S. Dollars 203,989

Australian Dollars 317,341

SMBC Capital Markets, Inc.

6/23/2025

5,581

U.S. Dollars 72,678

Canadian Dollars 103,349

SMBC Capital Markets, Inc.

6/23/2025

559

U.S. Dollars 592,585

British Pound 456,037

SMBC Capital Markets, Inc.

6/23/2025

3,474

U.S. Dollars 25,737

Japanese Yen 3,799,764

SMBC Capital Markets, Inc.

6/23/2025

163

U.S. Dollars 43,783

Swedish Krona 445,859

SMBC Capital Markets, Inc.

6/23/2025

(831)

U.S. Dollars 26,734

Norwegian Krone 283,987

SMBC Capital Markets, Inc.

6/23/2025

(271)

U.S. Dollars 130,686

British Pound 103,440

SMBC Capital Markets, Inc.

12/23/2026

(2,339)

Total

18,901

Interest rate swaps:


Counterparty	Hedged Instrument	Company Receives	Company Pays	Maturity Date	Notional Amount		Fair Market Value
Goldman Sachs Bank USA	November 2025 Notes	8.37%	SOFR + 4.08%	11/14/2025	$	85,000	$	(59)
Goldman Sachs Bank USA	November 2027 Notes	8.43%	SOFR + 4.42%	11/14/2027	77,500		316
Goldman Sachs Bank USA	March 2026 Notes	8.12%	SOFR + 3.76%	3/15/2026	276,000		644
Goldman Sachs Bank USA	March 2028 Notes	8.18%	SOFR + 4.24%	3/15/2028	124,000		465
Goldman Sachs Bank USA	September 2027 Notes	8.67%	SOFR + 4.31%	9/14/2027	75,000		938
Goldman Sachs Bank USA	September 2028 Notes	8.80%	SOFR + 4.54%	9/14/2028	250,000		3,698
SMBC Capital Markets, Inc.	January 2029 Notes	6.75%	SOFR + 2.88%	1/30/2029	550,000		1,862
Goldman Sachs Bank USA	September 2029 Notes	6.25%	SOFR + 2.06%	9/30/2029	400,000		7,215
Goldman Sachs Bank USA	January 2028 Notes	5.45%	SOFR + 1.29%	1/14/2028	750,000		8,020
BNP PARIBAS	April 2032 Notes	5.95%	SOFR + 1.76%	4/14/2032	500,000		11,737
Total Interest Rate Swaps							$	34,836

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

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2024

(in thousands)


Company (1)	Reference Rate and Spread (2)		Interest Rate (2)		Maturity Date	Par Amount/Units		Amortized Cost (3)		Fair Value		Percentage of Net Assets
Non-Controlled/Non-Affiliated Investments
First Lien Debt
Aerospace and Defense
Arcfield Acquisition Corp (4)(6)(8)					10/28/2031	$	11,100	$	(27)	$	(27)
Arcfield Acquisition Corp (4)(8)	SF +	5.00%	9.62	%	10/28/2031	81,695		81,496		81,496
Asdam Operations Pty Ltd (4)(5)(8)	B +	5.75%	10.12	%	8/22/2028	A$	3,614	2,428		2,237
Asdam Operations Pty Ltd (4)(5)(6)(8)					8/22/2028	A$	5,421	(73)		—
Asdam Operations Pty Ltd (4)(5)(8)	B +	5.75%	10.12	%	8/22/2028	A$	41,558	28,023		25,720
Cadence - Southwick, Inc. (4)(6)(10)	SF +	5.00%	9.61	%	5/3/2028	17,561		7,720		8,000
Cadence - Southwick, Inc. (4)(10)	SF +	5.00%	9.63	%	5/3/2029	41,009		40,111		41,419
Cadence - Southwick, Inc. (4)(10)	SF +	5.00%	9.47	%	5/3/2029	3,081		3,031		3,112
Carbon Topco, Inc. (4)(6)(9)					5/1/2030	11,985		(232)		(233)
Carbon Topco, Inc. (4)(9)	SF +	6.75% (incl 3.75% PIK)	11.17	%	11/1/2030	72,110		70,708		70,707
Fastener Distribution Holdings, LLC (4)(6)(9)					11/4/2031	28,345		(280)		(277)
Fastener Distribution Holdings, LLC (4)(9)	SF +	4.75%	9.31	%	11/4/2031	75,822		75,081		75,081
Frontgrade Technologies Holdings Inc. (4)(6)(9)					1/10/2028	6,864		(114)		—
Frontgrade Technologies Holdings Inc. (4)(9)	SF +	5.00%	9.49	%	1/9/2030	37,052		36,245		37,052
Frontgrade Technologies Holdings Inc. (4)(9)	SF +	5.00%	9.49	%	1/9/2030	7,801		7,679		7,801
Goat Holdco LLC (5)(7)	SF +	3.00%	7.33	%	12/10/2031	4,375		4,364		4,384
WP CPP Holdings, LLC (4)(6)(10)					11/30/2029	26,285		(538)		—
WP CPP Holdings, LLC (4)(10)	SF +	7.50% (incl 4.13% PIK)	11.97	%	11/30/2029	202,524		198,716		202,825
								554,338		559,297		6.40	%
Alternative Energy
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15)	SF +	7.00%	11.43	%	11/9/2026	12,830		12,671		11,971
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15)	SF +	7.00%	11.43	%	11/9/2026	984		971		918
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15)	SF +	7.00%	11.43	%	11/9/2026	10,736		10,579		10,017
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15)	SF +	7.00%	11.43	%	11/9/2026	976		963		910
								25,184		23,816		0.27	%
Automobiles and Parts
Clarios Global LP (7)	SF +	2.50%	6.86	%	5/6/2030	10,723		10,677		10,781
Foundation Automotive US Corp (4)(7)(18)	SF +	7.75% PIK			12/24/2027	4,755		4,714		3,011
Foundation Automotive Corp (4)(5)(7)(18)	SF +	7.75% PIK			12/24/2027	15,156		15,032		9,597
Foundation Automotive US Corp (4)(7)(18)	SF +	7.75% PIK			12/24/2027	20,940		20,732		13,259
Foundation Automotive US Corp (4)(6)(7)(18)	SF +	7.75%			12/24/2027	2,701		782		810
Oil Changer Holding Corporation (4)(10)	SF +	6.75%	11.41	%	2/8/2027	40,181		40,000		40,181
Oil Changer Holding Corporation (4)(10)	SF +	6.75%	11.56	%	2/8/2027	8,436		8,398		8,436
								100,335		86,075		0.99	%
Chemicals
Lummus Technology Holdings V LLC (7)	SF +	3.00%	7.36	%	12/31/2029	18,130		17,946		18,292
								17,946		18,292		0.21	%
Construction and Materials
Enstall Group B.V. (4)(5)(6)(8)					8/30/2028	€	1,117	(23)		(77)
Enstall Group B.V. (4)(5)(8)	E +	6.25%	9.31	%	8/30/2028	€	66,970	71,315		64,756
Fire Flow Intermediate Corporation (4)(9)	SF +	5.00%	9.59	%	7/10/2031	123,991		122,823		125,148
Hobbs & Associates LLC (7)	SF +	3.25%	7.65	%	7/23/2031	907		907		913
Hobbs & Associates LLC (7)	SF +	3.25%	7.61	%	7/23/2031	9,091		9,070		9,152
Nexus Intermediate III, LLC (4)(9)	SF +	4.75%	9.18	%	12/6/2027	1,052		1,065		1,051
NRO Holdings III Corp. (4)(6)(9)					7/15/2031	214		(4)		—
NRO Holdings III Corp. (4)(6)(9)	SF +	5.25%	9.59	%	7/15/2030	100		7		8
NRO Holdings III Corp. (4)(9)	SF +	5.25%	9.91	%	7/15/2031	684		671		684
								205,831		201,635		2.31	%

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2024

(in thousands)


Company (1)	Reference Rate and Spread (2)		Interest Rate (2)		Maturity Date	Par Amount/Units			Amortized Cost (3)	Fair Value	Percentage of Net Assets
Consumer Services
Aesthetics Australia Group Pty Ltd (4)(5)(8)	B +	6.25%	10.93	%	3/21/2028	A$	57,095		36,246	33,048
AI Learning (Singapore) PTE. LTD. (4)(5)(12)	SORA +	7.50%	9.82	%	5/25/2027	45,400		S$	32,957	33,059
American Academy Holdings, LLC (4)(17)	SF +	9.75% (incl 5.25% PIK)	14.22	%	6/30/2027	56,763			56,763	55,821
Auctane Inc (4)(9)	SF +	5.75%	10.94	%	10/5/2028	24,313			24,313	24,313
Club Car Wash Operating, LLC (4)(10)	SF +	5.50%	9.98	%	6/16/2027	39,203			38,658	39,192
Club Car Wash Operating, LLC (4)(10)	SF +	5.50%	9.98	%	6/16/2027	12,441			12,307	12,437
Club Car Wash Operating, LLC (4)(10)	SF +	5.50%	9.98	%	6/16/2027	25,457			25,274	25,450
Club Car Wash Operating, LLC (4)(6)(10)	SF +	5.50%	9.98	%	6/16/2027	77,108			28,233	28,874
Corporation Service Company (8)	SF +	2.50%	6.86	%	11/2/2029	1,662			1,627	1,672
Express Wash Concepts, LLC (4)(10)	SF +	5.00%	9.46	%	4/30/2027	46,751			46,530	46,751
Express Wash Concepts, LLC (4)(10)	SF +	5.00%	9.46	%	4/30/2027	26,258			26,130	26,258
Houghton Mifflin Harcourt Company (8)	SF +	5.25%	9.71	%	4/9/2029	24,995			24,514	24,680
IXM Holdings, Inc. (4)(11)	SF +	6.25%	10.82	%	12/14/2029	18,426			18,197	18,611
IXM Holdings, Inc. (4)(6)(11)	SF +	6.25%	10.80	%	12/14/2029	1,638			1,125	1,163
IXM Holdings, Inc. (4)(6)(11)	SF +	6.25%	10.77	%	12/14/2029	2,184			104	131
KUEHG Corp. (8)	SF +	3.25%	7.84	%	6/12/2030	2,386			2,381	2,414
Learning Care Group, Inc. (8)	SF +	4.00%	8.60	%	8/11/2028	1,975			1,954	1,997
Mckissock Investment Holdings, LLC (9)	SF +	5.00%	9.62	%	3/12/2029	46,332			45,414	46,112
Mckissock Investment Holdings, LLC (9)	SF +	5.00%	9.80	%	3/12/2029	12,390			12,312	12,331
Polyconcept North America Holdings, Inc. (9)	SF +	5.50%	9.83	%	5/18/2029	22,776			22,477	22,292
Spotless Brands, LLC (4)(10)	SF +	5.75%	10.03	%	7/25/2028	21,320			21,064	21,379
Spotless Brands, LLC (4)(10)	SF +	5.75%	10.03	%	7/25/2028	15,821			15,632	15,865
Spotless Brands, LLC (4)(10)	SF +	5.75%	10.03	%	7/25/2028	104,263			102,984	104,550
Spotless Brands, LLC (4)(6)(10)					7/25/2028	5,175			(60)	—
Spotless Brands, LLC (4)(6)(10)	SF +	5.50%	10.06	%	7/25/2028	31,069			16,690	16,783
Thrasio LLC (4)(10)	SF +	10.00% PIK	14.89	%	6/18/2029	362			360	362
Thrasio LLC (4)(7)(18)	SF +	10.00% PIK			6/18/2029	1,055			1,029	819
TruGreen Limited Partnership (9)	SF +	4.00%	8.46	%	11/2/2027	8,487			8,423	8,285
Zips Car Wash, LLC (4)(7)(18)	SF +	7.25% PIK			2/3/2025	26,854			26,854	23,103
Zips Car Wash, LLC (4)(7)(18)	SF +	7.25% PIK			2/3/2025	15,850			15,848	13,635
Zips Car Wash, LLC (4)(7)(18)	SF +	7.25% PIK			2/3/2025	1,016			1,016	874
									667,356	662,261	7.58	%
Electricity
Hamilton Projects Acquiror, LLC (7)	SF +	3.00%	7.33	%	5/31/2031	16,788			16,750	16,941
IP Operating Portfolio I, LLC (4)(7)		7.88%	7.88	%	12/31/2029	27,116			26,691	26,848
IP Operations II Investco, LLC (4)(15)	SF +	5.50%	9.85	%	6/26/2029	26,547			26,072	26,292
IP Operations II Investco, LLC (4)(6)(15)	SF +	5.50%	9.86	%	12/31/2025	24,986			14,035	14,139
Sunzia UpperCo LLC (4)(16)	SF +	5.00%	9.43	%	6/27/2025	25,000			24,900	24,997
Thunder Generation Funding LLC (7)	SF +	3.00%	7.33	%	10/3/2031	5,868			5,839	5,913
									114,287	115,130	1.32	%
Electronic and Electrical Equipment
Dwyer Instruments Inc(4)(6)(9)					7/20/2029	13,403			(132)	(131)
Dwyer Instruments Inc(4)(6)(13)					7/20/2029	19,177			(187)	(187)
Dwyer Instruments Inc(4)(9)	SF +	4.75%	9.27	%	7/20/2029	112,452			111,352	111,355
									111,033	111,037	1.27	%
Finance and Credit Services
PCP CW Aggregator Holdings II, L.P. (4)(5)(10)	SF +	9.25% PIK	13.93	%	2/9/2027	22,478			22,322	22,568
Yes Energy LLC (4)(10)	SF +	5.00%	9.36	%	4/21/2028	9,925			9,800	9,925
Yes Energy LLC (4)(10)	SF +	5.00%	9.36	%	4/21/2028	4,837			4,721	4,885
Yes Energy LLC (4)(6)(10)	SF +	5.00%	9.37	%	4/21/2028	4,208			1,021	1,152
Yes Energy LLC (4)(10)	SF +	5.00%	9.36	%	4/21/2028	25,805			25,392	25,805

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2024

(in thousands)


Company (1)	Reference Rate and Spread (2)		Interest Rate (2)		Maturity Date	Par Amount/Units		Amortized Cost (3)	Fair Value	Percentage of Net Assets
								63,256	64,335	0.74	%
Food Producers
Aspire Bakeries Holdings LLC (7)	SF +	4.25%	8.61	%	12/23/2030	7,299		7,263	7,381
Specialty Ingredients, LLC (4)(6)(9)	SF +	6.00%	10.46	%	2/12/2029	11,279		6,625	6,767
Specialty Ingredients, LLC (4)(9)	SF +	6.00%	10.46	%	2/12/2029	88,894		87,742	88,894
Sugar PPC Buyer LLC (4)(6)(10)					10/2/2030	14,474		(139)	145
Sugar PPC Buyer LLC (4)(10)	SF +	5.25%	9.65	%	10/2/2030	16,417		16,104	16,581
Sugar PPC Buyer LLC (4)(10)	SF +	5.25%	9.70	%	10/2/2030	59,100		58,007	59,691
								175,602	179,459	2.05	%
Gas, Water and Multi-utilities
Core & Main LP (5)(7)	SF +	2.00%	6.38	%	2/9/2031	1,826		1,826	1,834
Eagle LNG Partners Jacksonville II LLC (4)(7)		13.50% (incl 6.35% PIK)	13.50	%	4/26/2029	791		771	772
Floating Infrastructure Holdings Finance LLC (4)(5)(10)	SF +	5.75%	10.18	%	8/13/2027	40,936		40,517	40,936
								43,114	43,542	0.50	%
General Industrials
Bakelite US Holdco Inc (7)	SF +	3.75%	8.09	%	12/23/2031	6,207		6,145	6,191
BP Purchaser, LLC (4)(9)	SF +	5.50%	10.16	%	12/11/2028	27,303		26,982	25,389
Bright Light Buyer, Inc. (4)(10)	SF +	6.00%	10.40	%	11/8/2029	74,250		72,749	74,105
Capripack Debtco PLC (4)(5)(10)	E +	6.75% (incl 2.50% PIK)	10.00	%	1/3/2030	€	13,398	14,213	13,989
Capripack Debtco PLC (4)(5)(10)	E +	6.75% (incl 2.50% PIK)	10.00	%	1/3/2030	€	72,123	76,509	75,300
Capripack Debtco PLC (4)(5)(6)(10)					1/3/2030	€	29,873	(1,138)	241
Capripack Debtco PLC (4)(5)(6)(10)					1/3/2030	€	26,139	(996)	211
Formerra, LLC (4)(10)	SF +	7.25%	11.71	%	11/1/2028	4,209		4,118	4,175
Formerra, LLC (4)(6)(10)					11/1/2028	12,031		(249)	(96)
Formerra, LLC (4)(10)	SF +	7.25%	11.71	%	11/1/2028	104,619		102,398	103,781
Marcone Group Inc (4)(9)	SF +	7.00%	11.67	%	6/23/2028	11,861		11,791	11,147
Marcone Group Inc (4)(9)	SF +	7.00% (incl 3.25% PIK)	11.74	%	6/23/2028	49,482		49,034	46,501
Marcone Group Inc (4)(9)	SF +	7.00%	11.74	%	6/23/2028	4,362		4,336	4,099
Marcone Group Inc (4)(9)	SF +	7.00% (incl 3.25% PIK)	11.74	%	6/23/2028	13,126		13,049	12,335
								378,941	377,368	4.32	%
Health Care Providers
123Dentist Inc (4)(5)(6)(9)	C +	5.00%	8.30	%	8/10/2029	C$	23,866	4,133	4,243
123Dentist Inc (4)(5)(9)	C +	5.00%	8.30	%	8/10/2029	C$	56,771	43,361	39,584
AB Centers Acquisition Corporation (4)(9)	SF +	5.25%	9.84	%	7/2/2031	158,606		156,397	158,908
AB Centers Acquisition Corporation (4)(6)(9)	SF +	5.25%	9.89	%	7/2/2031	28,837		1,560	2,032
AB Centers Acquisition Corporation (4)(6)(9)					7/2/2031	16,655		(232)	—
AB Centers Acquisition Corporation (4)(9)	SF +	5.25%	9.61	%	7/2/2031	53,243		52,807	53,345
Aspen Dental Management Inc. (8)	SF +	3.75%	8.22	%	12/23/2027	3,302		3,245	3,252
Aspen Dental Management Inc. (7)	SF +	5.75%	10.11	%	12/23/2027	854		860	859
Accelerated Health Systems LLC (8)	SF +	4.25%	8.73	%	2/15/2029	7,871		7,857	6,104
ATI Holdings Acquisition, Inc. (4)(5)(10)	SF +	7.25%	11.50	%	2/24/2028	41,092		40,655	39,597
Baart Programs, Inc. (4)(10)	SF +	5.00%	9.59	%	6/11/2027	10,019		9,972	9,633
Charlotte Buyer Inc (8)	SF +	4.75%	9.20	%	2/11/2028	23,755		22,855	23,928
Diagnostic Services Holdings, Inc. (4)(6)(10)	SF +	5.50%	9.95	%	3/15/2027	2,993		676	676
Diagnostic Services Holdings, Inc. (4)(10)	SF +	5.50%	9.95	%	3/15/2027	122,322		121,428	121,427
Diagnostic Services Holdings, Inc. (4)(10)	SF +	5.50%	9.95	%	3/15/2027	15,692		15,578	15,577
ERC Topco Holdings, LLC (4)(6)(7)(18)	SF +	6.25% (incl 3.25% PIK)			11/10/2027	1,000		708	354

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2024

(in thousands)


Company (1)	Reference Rate and Spread (2)		Interest Rate (2)		Maturity Date	Par Amount/Units	Amortized Cost (3)	Fair Value	Percentage of Net Assets
ERC Topco Holdings, LLC (4)(7)(18)	SF +	6.25% (incl 3.25% PIK)			11/10/2028	25,291	23,852	14,157
ERC Topco Holdings, LLC (4)(7)(18)	SF +	6.25% PIK			11/10/2028	417	417	233
ERC Topco Holdings, LLC (4)(7)(18)	SF +	6.25% PIK			11/10/2028	11	11	7
FC Compassus, LLC (4)(6)(9)					11/26/2030	15,811	(235)	(233)
FC Compassus, LLC (4)(6)(9)					11/26/2030	128	(2)	(2)
FC Compassus, LLC (4)(9)	SF +	5.75% (incl 1.50% PIK)	11.45	%	11/26/2030	1,163	1,146	1,145
FC Compassus, LLC (4)(6)(7)					11/26/2030	19,127	(282)	(282)
FC Compassus, LLC (4)(9)	SF +	5.75% (incl 1.50% PIK)	10.27	%	11/26/2030	144,937	142,797	142,798
Indigo Purchaser, Inc. (4)(6)(9)					11/21/2031	25,608	(381)	(378)
Indigo Purchaser, Inc. (4)(6)(9)					11/21/2031	17,478	(258)	(258)
Indigo Purchaser, Inc. (4)(9)	SF +	5.00%	9.33	%	11/21/2031	112,394	110,735	110,734
Kabafusion Parent LLC (4)(6)(9)					11/24/2031	11,700	(115)	(115)
Kabafusion Parent LLC (4)(9)	SF +	5.00%	9.33	%	11/24/2031	90,000	89,113	89,114
MB2 Dental Solutions, LLC (4)(6)(9)					2/13/2031	13,909	(243)	(136)
MB2 Dental Solutions, LLC (4)(9)	SF +	5.50%	9.86	%	2/13/2031	154,914	152,732	153,401
MB2 Dental Solutions, LLC (4)(6)(9)	SF +	5.50%	9.86	%	2/13/2031	54,046	10,016	10,498
MB2 Dental Solutions, LLC (4)(9)	SF +	5.50%	10.02	%	2/13/2031	22,375	21,937	22,156
Medline Borrower LP (8)	SF +	2.25%	6.61	%	10/23/2028	15,060	14,959	15,130
MPH Acquisition Holdings LLC (8)	SF +	4.25%	9.03	%	9/1/2028	2,246	2,209	1,938
Pareto Health Intermediate Holdings, Inc. (4)(10)	SF +	5.00%	9.28	%	6/3/2030	44,311	43,473	43,871
Pareto Health Intermediate Holdings, Inc. (4)(10)	SF +	5.00%	9.28	%	6/3/2030	14,770	14,491	14,624
Pareto Health Intermediate Holdings, Inc. (4)(6)(10)					6/1/2029	4,032	(89)	(40)
Pareto Health Intermediate Holdings, Inc. (4)(6)(10)					6/3/2030	9,160	(91)	(91)
Pareto Health Intermediate Holdings, Inc. (4)(10)	SF +	5.00%	9.36	%	6/3/2030	16,646	16,481	16,481
Phoenix Newco Inc (8)	SF +	3.00%	7.36	%	11/15/2028	16,715	16,641	16,851
Pinnacle Fertility, Inc. (4)(9)	SF +	5.00%	9.53	%	3/14/2028	9,164	9,072	9,164
Pinnacle Fertility, Inc. (4)(9)	SF +	5.00%	9.53	%	3/14/2028	26,744	26,448	26,744
PPV Intermediate Holdings, LLC (4)(9)	SF +	5.75%	10.26	%	8/31/2029	107,652	106,322	107,652
PPV Intermediate Holdings, LLC (4)(6)(9)					8/31/2029	8,145	(108)	—
PTSH Intermediate Holdings, LLC (4)(9)	SF +	5.50%	9.98	%	12/17/2027	3,901	3,858	3,900
PTSH Intermediate Holdings, LLC (4)(9)	SF +	5.50%	9.98	%	12/17/2027	20,468	20,256	20,460
Raven Acquisition Holdings LLC (6)(7)					11/19/2031	1,333	(7)	5
Raven Acquisition Holdings LLC (7)	SF +	3.25%	7.61	%	11/19/2031	18,667	18,575	18,732
Southern Veterinary Partners LLC (7)	SF +	3.25%	7.71	%	12/4/2031	4,673	4,650	4,712
Tenet Healthcare Corp (5)(7)		5.13%	5.13	%	11/1/2027	2,695	2,716	2,642
Tivity Health Inc (4)(9)	SF +	5.00%	9.36	%	6/28/2029	129,821	128,039	131,119
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9)	SF +	5.75%	10.32	%	7/17/2028	32,506	32,125	32,122
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9)	SF +	5.75%	10.38	%	7/17/2028	26,279	25,972	25,969
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9)	SF +	5.75%	10.40	%	7/17/2028	42,851	42,326	42,345
WCAS XIV Primary Care Investors, L.P. (4)(10)	SF +	6.25%	10.58	%	12/31/2032	56,433	55,404	55,664
WCAS XIV Primary Care Investors, L.P. (4)(10)	SF +	6.25%	10.58	%	12/31/2032	8,342	8,185	8,228
WCAS XIV Primary Care Investors, L.P. (4)(10)	SF +	6.25%	10.58	%	12/31/2032	15,932	15,624	15,715
WCAS XIII Primary Care Investors, L.P. (4)(10)	SF +	6.25%	10.58	%	12/31/2029	135,630	133,680	133,326
							1,774,311	1,769,621	20.26	%
Household Goods and Home Construction
LHS Borrower LLC (8)	SF +	4.75%	9.21	%	2/16/2029	6,876	6,835	6,589
							6,835	6,589	0.08	%
Industrial Engineering

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2024

(in thousands)


Company (1)	Reference Rate and Spread (2)		Interest Rate (2)		Maturity Date	Par Amount/Units		Amortized Cost (3)	Fair Value	Percentage of Net Assets
LSF12 Donnelly Bidco, LLC (4)(10)	SF +	6.50%	10.86	%	10/2/2029	19,678		19,288	19,678
Radwell Parent, LLC (4)(6)(9)	SF +	5.50%	9.83	%	4/3/2028	13,271		2,452	2,654
Radwell Parent, LLC (4)(9)	SF +	5.50%	9.83	%	4/2/2029	152,270		149,181	152,510
Roper Industrial Products Investment Co (8)	SF +	2.75%	7.08	%	11/22/2029	18,184		17,745	18,252
Rotation Buyer, LLC (4)(6)(9)					12/27/2031	17,062		(170)	(170)
Rotation Buyer, LLC (4)(6)(9)	SF +	4.75%	9.08	%	12/27/2031	8,731		1,869	1,869
Rotation Buyer, LLC (4)(9)	SF +	4.75%	9.08	%	12/27/2031	66,540		65,876	65,876
Time Manufacturing Holdings, LLC (4)(9)	E +	6.50% (incl 2.00% PIK)	9.89	%	12/1/2027	€	4,779	4,986	4,289
Time Manufacturing Holdings, LLC (4)(6)(9)	SF +	6.50% (incl 2.00% PIK)	11.31	%	12/1/2027	1,000		476	365
Time Manufacturing Holdings, LLC (4)(9)	SF +	6.50% (incl 2.00% PIK)	11.49	%	12/1/2027	12,133		12,000	10,653
Time Manufacturing Holdings, LLC (4)(9)	E +	6.50% (incl 2.00% PIK)	9.89	%	12/1/2027	€	8,416	9,408	7,553
TK Elevator US Newco Inc (5)(8)	SF +	3.50%	8.59	%	4/30/2030	12,448		12,313	12,553
Wec US Holdings Inc (7)	SF +	2.25%	6.80	%	1/27/2031	9,975		9,907	9,995
								305,331	306,077	3.50	%
Industrial Metals and Mining
Alchemy US Holdco 1 LLC (4)(10)	SF +	6.50%	11.09	%	7/31/2029	121,353		116,459	116,634
Alchemy US Holdco 1 LLC (4)(10)	E +	6.50%	9.56	%	7/31/2029	€	25,605	26,597	25,496
Alchemy US Holdco 1 LLC (4)(6)(10)	SF +	6.50%	11.02	%	7/31/2029	10,262		894	920
BLY US Holdings Inc. (4)(5)(10)	SF +	6.00%	10.33	%	4/10/2029	60,360		59,054	59,341
								203,004	202,391	2.32	%
Industrial Support Services
AI Circle Bidco Limited (4)(5)(6)(10)					2/8/2031	€	6,374	(257)	13
AI Circle Bidco Limited (4)(5)(10)	E +	6.75%	10.24	%	2/8/2031	€	44,620	46,399	46,316
Allied Universal Holdco LLC (8)	SF +	3.75%	8.21	%	5/12/2028	7,459		7,431	7,492
Argos Health Holdings, Inc. (4)(9)	SF +	6.25%	10.90	%	12/6/2027	647		640	613
Atlas Intermediate III, L.L.C. (4)(10)	SF +	8.50% (incl 4.00% PIK)	13.09	%	10/31/2029	116,720		114,465	115,480
Atlas Intermediate III, L.L.C. (4)(6)(10)					10/31/2029	13,445		(271)	(143)
AVSC Holding Corp. (4)(6)(9)					12/5/2029	8,660		(171)	(171)
AVSC Holding Corp. (4)(9)	SF +	5.00%	9.36	%	12/5/2031	74,189		72,720	72,720
Axiom Buyer, LLC (4)(6)(10)					1/14/2030	16,189		(387)	(346)
Axiom Buyer, LLC (4)(6)(10)	SF +	6.50%	10.86	%	1/14/2030	18,189		2,183	2,210
Axiom Buyer, LLC (4)(10)	SF +	6.50%	10.86	%	1/14/2030	149,954		146,528	146,749
Captive Resources Midco LLC (4)(6)(9)					7/3/2028	7,558		(88)	—
Captive Resources Midco LLC (4)(9)	SF +	4.75%	9.11	%	7/2/2029	92,942		91,794	92,942
CD&R Galaxy UK Intermediate 3 Limited (4)(5)(6)(10)(18)					1/15/2026	1,115		—	—
CD&R Galaxy UK Intermediate 3 Limited (4)(5)(7)(18)	SF +	11.50% PIK			1/15/2026	422		422	422
Chartis Group LLC (4)(9)	SF +	4.50%	8.85	%	9/17/2031	81,797		81,013	81,454
Chartis Group LLC (4)(6)(9)					9/17/2031	25,040		(245)	(105)
Chartis Group LLC (4)(6)(9)					9/17/2031	14,716		(140)	(62)
Coretrust Purchasing Group LLC (4)(6)(9)					10/1/2029	10,736		(258)	107
Coretrust Purchasing Group LLC (4)(6)(9)					10/1/2029	11,656		(237)	—
Coretrust Purchasing Group LLC (4)(9)	SF +	5.25%	9.61	%	10/1/2029	80,280		78,706	81,083
Coretrust Purchasing Group LLC (4)(6)(9)					10/1/2029	4,423		(39)	44
Eagle 2021 Lower Merger Sub, LLC (4)(9)	SF +	6.25%	10.90	%	12/6/2027	808		800	766
EIS Legacy Holdco, LLC (4)(6)(9)					11/5/2031	30,682		(303)	(300)
EIS Legacy Holdco, LLC (4)(6)(9)					11/5/2030	13,000		(127)	(127)
EIS Legacy Holdco, LLC (4)(9)	SF +	4.75%	9.30	%	11/5/2031	64,432		63,802	63,802
Employbridge, LLC (9)	SF +	4.75%	9.62	%	7/19/2028	9,707		9,675	6,450

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2024

(in thousands)


Company (1)	Reference Rate and Spread (2)		Interest Rate (2)		Maturity Date	Par Amount/Units		Amortized Cost (3)	Fair Value	Percentage of Net Assets
Empower Payments Investor, LLC (4)(6)(9)					3/12/2031	14,426		(272)	—
Empower Payments Investor, LLC (4)(6)(9)					3/12/2030	9,704		(168)	—
Empower Payments Investor, LLC (4)(9)	SF +	4.50%	8.86	%	3/12/2031	101,182		99,391	101,182
Galaxy US Opco Inc. (5)(8)	SF +	4.75%	9.34	%	4/29/2029	13,769		13,547	12,306
Guidehouse Inc. (4)(9)	SF +	5.75% (incl 2.00% PIK)	10.11	%	12/16/2030	188,878		186,766	190,767
IG Investments Holdings, LLC (4)(6)(13)					9/22/2028	10,221		(126)	(39)
IG Investments Holdings, LLC (4)(9)	SF +	5.00%	9.57	%	9/22/2028	88,901		88,443	88,560
Madison Safety & Flow LLC (7)	SF +	3.25%	7.61	%	9/26/2031	3,679		3,670	3,711
NBG Acquisition Corp. (4)(6)(9)	SF +	5.50%	9.93	%	11/6/2028	2,876		2,120	2,018
NBG Acquisition Corp. (4)(9)	SF +	5.50%	9.93	%	11/6/2028	3,325		3,281	3,188
NBG Acquisition Corp. (4)(9)	SF +	5.50%	10.24	%	11/6/2028	21,118		21,029	20,251
NTH Degree Purchaser, Inc (4)(6)(10)					9/10/2030	30,800		(600)	(442)
NTH Degree Purchaser, Inc (4)(6)(10)					9/10/2030	16,125		(306)	(231)
NTH Degree Purchaser, Inc (4)(10)	SF +	5.25%	9.68	%	9/10/2030	101,621		99,694	100,162
PEX Holdings LLC (4)(7)	SF +	2.75%	7.08	%	11/26/2031	15,000		14,963	15,094
PG Polaris BidCo Sarl (5)(7)	SF +	3.00%	7.33	%	3/26/2031	11,967		11,951	12,080
Planet US Buyer LLC (5)(7)	SF +	3.00%	7.52	%	2/7/2031	7,463		7,446	7,536
Royal Buyer, LLC (4)(9)	SF +	5.50%	10.24	%	8/31/2028	8,939		8,828	8,939
Royal Buyer, LLC (4)(6)(9)					8/31/2028	7,000		(85)	—
Royal Buyer, LLC (4)(9)	SF +	5.50%	10.01	%	8/31/2028	44,100		43,548	44,100
Royal Buyer, LLC (4)(6)(9)	SF +	5.50%	10.02	%	8/31/2028	23,538		9,087	9,297
Royal Buyer, LLC (4)(9)	SF +	5.50%	10.24	%	8/31/2028	70,318		69,750	70,318
Sedgwick Claims Management Services, Inc. (7)	SF +	3.00%	7.59	%	7/31/2031	19,061		18,890	19,199
SimpliSafe Holding Corporation (4)(9)	SF +	6.25%	10.61	%	5/2/2028	14,991		14,806	14,991
SimpliSafe Holding Corporation (4)(9)	SF +	6.25%	10.61	%	5/2/2028	117,830		116,488	117,830
Spirit RR Holdings, Inc. (4)(6)(9)					9/13/2028	3,579		(47)	—
Spirit RR Holdings, Inc. (4)(9)	SF +	4.75%	9.18	%	9/13/2028	42,668		42,089	42,668
Spirit RR Holdings, Inc. (4)(6)(9)	SF +	4.75%	9.43	%	9/13/2028	5,956		2,888	2,963
Transnetwork LLC (4)(8)	SF +	4.75%	9.08	%	12/29/2030	72,578		71,747	73,122
TruckPro, LLC (4)(12)	SF +	7.75%	12.49	%	8/16/2028	69,649		68,135	67,475
TTF Lower Intermediate LLC (7)	SF +	3.75%	8.11	%	7/18/2031	8,249		8,172	8,208
Vaco Holdings LLC (9)	SF +	5.00%	9.48	%	1/21/2029	13,103		13,064	12,164
W3 TopCo LLC (4)(10)	SF +	6.50%	11.14	%	3/22/2029	89,237		86,225	86,561
YA Intermediate Holdings II, LLC (4)(6)(9)					10/1/2031	19,820		(147)	(191)
YA Intermediate Holdings II, LLC (4)(6)(13)	P +	4.00%	11.50	%	10/1/2031	9,750		441	393
YA Intermediate Holdings II, LLC (4)(9)	SF +	5.00%	9.59	%	10/1/2031	47,568		47,339	47,109
								1,886,102	1,898,698	21.74	%
Industrial Transportation
E.S.G. Movilidad, S.L.U. (4)(5)(6)(7)	E +	6.25%	8.94	%	5/31/2029	€	11,245	3,404	3,495
E.S.G. Movilidad, S.L.U. (4)(5)(7)	E +	6.25%	8.94	%	5/31/2029	€	8,096	8,522	8,387
E.S.G. Movilidad, S.L.U. (4)(5)(7)	E +	6.25%	8.94	%	5/31/2029	€	22,264	23,436	23,066
Truck-Lite Co, LLC (4)(6)(9)					2/13/2031	9,338		(163)	11
Truck-Lite Co, LLC (4)(6)(9)					2/13/2030	11,973		(204)	—
Truck-Lite Co, LLC (4)(9)	SF +	5.75%	10.27	%	2/13/2031	85,725		84,227	85,826
								119,222	120,785	1.38	%
Investment Banking and Brokerage Services
Apex Group Treasury LLC (5)(8)	SF +	4.00%	9.08	%	7/27/2028	6,912		6,834	6,984
Ascensus Holdings, Inc. (7)	SF +	3.00%	7.36	%	8/2/2028	7,563		7,515	7,639
Baker Tilly Advisory Group, LP (4)(9)	SF +	4.75%	9.11	%	6/3/2031	102,831		101,414	103,312
Baker Tilly Advisory Group, LP (4)(6)(9)					6/3/2031	15,518		(223)	73
Baker Tilly Advisory Group, LP (4)(6)(9)					6/3/2030	23,539		(319)	—
DRW Holdings LLC (7)	SF +	3.50%	8.59	%	6/26/2031	10,000		9,950	10,019

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2024

(in thousands)


Company (1)	Reference Rate and Spread (2)		Interest Rate (2)		Maturity Date	Par Amount/Units		Amortized Cost (3)	Fair Value	Percentage of Net Assets
Eisner Advisory Group LLC (8)	SF +	4.00%	8.36	%	2/28/2031	6,002		5,949	6,078
Grant Thornton LLP (6)(7)					6/2/2031	380		—	1
Grant Thornton LLP (7)	SF +	2.75%	7.08	%	6/2/2031	6,860		6,860	6,870
June Purchaser LLC (6)(7)					11/28/2031	1,619		(6)	20
June Purchaser LLC (7)	SF +	3.25%	7.58	%	11/28/2031	9,714		9,675	9,834
Madonna Bidco Limited (4)(5)(6)(7)					10/25/2031	£	10,435	(267)	(254)
Madonna Bidco Limited (4)(5)(7)	SN +	5.25%	9.99	%	10/25/2031	£	51,131	64,985	62,764
MAI Capital Management Intermediate LLC (4)(6)(9)	SF +	4.75%	9.11	%	8/29/2031	16,300		5,003	5,081
MAI Capital Management Intermediate LLC (4)(6)(9)	SF +	4.75%	9.08	%	8/29/2031	6,100		755	783
MAI Capital Management Intermediate LLC (4)(9)	SF +	4.75%	9.11	%	8/29/2031	27,600		27,337	27,463
More Cowbell II, LLC (4)(6)(9)					9/3/2030	5,484		(102)	55
More Cowbell II, LLC (4)(6)(9)	SF +	5.00%	9.26	%	9/4/2029	7,590		2,918	3,036
More Cowbell II, LLC (4)(9)	SF +	5.00%	8.89	%	9/3/2030	49,839		49,031	50,337
Neon Maple US Debt Mergersub Inc (5)(7)	SF +	3.00%	7.44	%	11/17/2031	3,160		3,137	3,171
Orthrus Limited (4)(5)(6)(7)					12/5/2031	£	15,961	(354)	(346)
Orthrus Limited (4)(5)(7)	E +	6.25% (incl 2.75% PIK)	9.13	%	12/5/2031	€	30,652	31,887	31,206
Orthrus Limited (4)(5)(7)	SN +	6.25% (incl 2.75% PIK)	10.97	%	12/5/2031	£	34,325	43,016	42,227
Orthrus Limited (4)(5)(10)	SF +	6.25% (incl 2.75% PIK)	10.72	%	12/5/2031	80,984		79,582	79,581
Osaic Holdings Inc (7)	SF +	3.50%	7.86	%	8/17/2028	11,793		11,752	11,856
Rockefeller Capital Management (4)(8)	SF +	4.75%	9.08	%	4/4/2031	69,825		69,195	69,734
Rockefeller Capital Management (4)(6)(8)					4/4/2031	15,000		(112)	(20)
Summit Acquisition Inc (4)(7)	SF +	3.75%	8.08	%	10/16/2031	17,500		17,415	17,631
Travelex Issuerco 2 PLC (4)(5)(14)	SN +	8.00%	12.71	%	9/22/2028	£	22,553	26,785	28,650
Violin Finco Guernsey Limited (4)(5)(7)	SN +	5.50%	10.20	%	6/24/2031	£	93,262	117,236	117,793
Violin Finco Guernsey Limited (4)(5)(6)(7)					6/24/2031	£	6,211	(76)	69
								696,772	701,647	8.03	%
Leisure Goods
Jam City, Inc. (4)(10)	SF +	7.00%	11.59	%	9/7/2027	1,966		1,957	1,986
								1,957	1,986	0.02	%
Life Insurance
OneDigital Borrower LLC (8)	SF +	3.25%	7.61	%	7/2/2031	14,811		14,748	14,867
								14,748	14,867	0.17	%
Media
2080 Media, Inc. (4)(9)	SF +	5.25%	9.58	%	3/14/2029	12,521		12,380	12,521
2080 Media, Inc. (4)(6)(9)					3/14/2028	13,795		(147)	—
2080 Media, Inc. (4)(9)	SF +	5.25%	9.58	%	3/14/2029	53,939		53,262	53,939
2080 Media, Inc. (4)(6)(9)					3/14/2029	18,859		(189)	—
AMR GP Limited (4)(5)(7)		10.50% (incl 5.25% PIK)	10.50	%	7/10/2034	1,030		1,001	1,025
Arc Media Holdings Limited (4)(5)(6)(10)	SF +	7.25%	11.83	%	10/29/2027	2,766		1,745	1,766
Arc Media Holdings Limited (4)(5)(10)	SF +	7.25%	11.99	%	10/29/2027	39,914		39,342	39,651
Aventine Intermediate LLC (4)(9)	SF +	6.00% (incl 3.00% PIK)	10.43	%	6/18/2027	1,118		1,109	1,065
Aventine Intermediate LLC (4)(9)	SF +	6.00% (incl 3.00% PIK)	10.43	%	6/18/2027	19,648		19,481	18,718
Global Music Rights, LLC (4)(6)(9)	SF +	4.75%	9.10	%	12/20/2031	46,796		4,214	4,214
Global Music Rights, LLC (4)(9)	SF +	5.25% (incl 2.88% PIK)	9.60	%	12/20/2031	439,167		434,796	434,794
IEHL US Holdings, Inc. (4)(12)	SF +	7.00%	11.59	%	10/29/2029	6,604		6,455	6,670
International Entertainment Investments Ltd (4)(5)(12)	SN +	7.40%	12.14	%	10/29/2029	£	15,493	18,879	19,590
International Entertainment Investments Ltd (4)(5)(10)	E +	7.00%	10.06	%	10/29/2029	€	2,540	2,737	2,658

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2024

(in thousands)


Company (1)	Reference Rate and Spread (2)		Interest Rate (2)		Maturity Date	Par Amount/Units		Amortized Cost (3)	Fair Value	Percentage of Net Assets
International Entertainment Investments Ltd (4)(5)(10)	E +	7.00%	10.06	%	10/29/2029	€	3,048	3,192	3,189
International Entertainment Investments Ltd (4)(5)(6)(12)					4/27/2029	5,080		(129)	51
International Entertainment Investments Ltd (4)(5)(12)	SF +	7.00%	11.59	%	10/29/2029	30,478		29,811	30,783
LOCI Bidco Limited (4)(5)(8)	SF +	5.25%	9.64	%	5/19/2031	12,087		11,812	12,029
LOCI Bidco Limited (4)(5)(8)	SN +	5.25%	9.98	%	5/19/2031	£	73,522	91,290	91,583
LOCI Bidco Limited (4)(5)(6)(8)					5/19/2031	46,320		(1,106)	(225)
McGraw-Hill Education Inc (8)	SF +	4.00%	8.33	%	8/6/2031	10,010		9,877	10,136
Renaissance Financiere (4)(5)(7)	E +	7.00%	10.65	%	7/26/2028	€	34,871	35,637	35,169
Renaissance Holding Corp. (8)	SF +	4.00%	8.36	%	4/5/2030	7,900		7,764	7,891
								783,213	787,217	9.01	%
Medical Equipment and Services
ABB/CON-CISE Optical Group LLC (4)(9)	SF +	7.50%	11.98	%	2/23/2028	21,259		20,963	19,686
Bamboo US BidCo LLC (4)(6)(10)	SF +	5.25%	9.77	%	9/30/2030	15,520		8,728	9,110
Bamboo US BidCo LLC (4)(6)(10)					9/30/2030	2,855		(28)	(5)
Bamboo US BidCo LLC (4)(6)(10)					9/30/2030	2,855		(29)	(5)
Bamboo US BidCo LLC (4)(6)(10)					10/1/2029	21,254		(504)	—
Bamboo US BidCo LLC (4)(10)	E +	5.25%	8.25	%	9/30/2030	€	63,105	65,172	65,377
Bamboo US BidCo LLC (4)(10)	SF +	5.25%	9.77	%	9/30/2030	83,371		81,391	83,223
Coding Solutions Acquisition, Inc. (4)(6)(9)					8/7/2031	23,581		(345)	(181)
Coding Solutions Acquisition, Inc. (4)(6)(9)	SF +	5.00%	9.33	%	8/7/2031	16,674		14,354	14,461
Coding Solutions Acquisition, Inc. (4)(9)	SF +	5.00%	9.25	%	8/7/2031	154,751		152,904	153,560
Femur Buyer, Inc. (4)(6)(10)	SF +	7.50%	11.86	%	9/18/2029	13,350		515	218
Femur Buyer, Inc. (4)(10)	SF +	8.25% (incl 4.50% PIK)	12.60	%	3/18/2030	142,359		139,373	139,567
Limpio Bidco GMBH (4)(5)(7)	E +	5.20%	8.25	%	10/31/2030	€	63,783	65,912	67,269
PerkinElmer U.S. LLC (4)(10)	SF +	5.00%	9.34	%	3/13/2029	110,940		108,126	112,050
PerkinElmer U.S. LLC (4)(10)	SF +	5.00%	9.34	%	3/13/2029	61,964		60,981	62,583
PerkinElmer U.S. LLC (4)(6)(10)	SF +	5.00%	9.34	%	3/13/2029	67,039		49,332	50,918
Plasma Buyer LLC (4)(6)(9)	SF +	6.25%	10.58	%	5/12/2029	3,140		2,464	2,413
Plasma Buyer LLC (4)(6)(9)	SF +	5.75%	10.08	%	5/12/2028	9,458		5,191	5,023
Plasma Buyer LLC (4)(9)	SF +	5.75%	10.08	%	5/12/2029	83,210		82,130	80,495
Resonetics, LLC (9)	SF +	3.25%	7.60	%	6/18/2031	38,540		38,451	38,837
SDC US Smilepay SPV (4)(7)(18)	P +	9.75%			10/27/2025	14,798		8,057	3,275
TecoStar Holdings Inc (4)(10)	SF +	8.50% (incl 4.50% PIK)	13.18	%	7/6/2029	125,455		123,229	124,215
Viant Medical Holdings, Inc. (7)	SF +	4.00%	8.60	%	10/29/2031	1,738		1,730	1,759
Viant Medical Holdings, Inc. (7)	SF +	4.00%	8.60	%	10/29/2031	15,762		15,684	15,955
Vital Care Buyer, LLC (4)(9)	SF +	4.50%	8.83	%	7/30/2031	90,262		89,414	90,262
Vital Care Buyer, LLC (4)(6)(9)					7/30/2031	13,271		(125)	(1)
Zeus Company LLC (4)(6)(9)	SF +	5.50%	9.83	%	2/28/2031	23,088		7,757	8,312
Zeus Company LLC (4)(6)(9)					2/28/2030	21,506		(277)	—
Zeus Company LLC (4)(9)	SF +	5.50%	9.83	%	2/28/2031	123,480		121,847	124,715
								1,262,397	1,273,091	14.58	%
Non-life Insurance
Accession Risk Management Group, Inc. (4)(9)	SF +	4.75%	9.26	%	10/30/2029	7,932		7,850	7,932
Accession Risk Management Group, Inc. (4)(9)	SF +	4.75%	9.26	%	11/1/2029	39,250		39,037	39,250
Accession Risk Management Group, Inc. (4)(9)	SF +	4.75%	9.34	%	11/1/2029	14,125		14,125	14,125
Accession Risk Management Group, Inc. (4)(6)(9)	SF +	4.75%	9.34	%	11/1/2029	21,852		3,200	3,301
Accession Risk Management Group, Inc. (4)(6)(9)					11/1/2029	2,903		(11)	—
Acrisure LLC (7)	SF +	3.00%	7.36	%	11/6/2030	20,058		20,047	20,116
Alera Group, Inc. (4)(9)	SF +	5.25%	9.61	%	10/2/2028	21,337		21,201	21,337
Alera Group, Inc. (4)(9)	SF +	5.25%	9.61	%	10/2/2028	12,271		12,265	12,271
Alera Group, Inc. (4)(9)	SF +	5.25%	9.61	%	10/2/2028	43,278		43,255	43,278

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2024

(in thousands)


Company (1)	Reference Rate and Spread (2)		Interest Rate (2)		Maturity Date	Par Amount/Units		Amortized Cost (3)	Fair Value	Percentage of Net Assets
Alera Group, Inc. (4)(6)(9)	SF +	5.75%	10.09	%	10/2/2028	5,177		4,855	4,952
Alliant Holdings Intermediate, LLC (7)	SF +	2.75%	7.11	%	9/19/2031	18,698		18,547	18,769
AmWINS Group Inc (9)	SF +	2.25%	6.72	%	2/19/2028	7,497		7,475	7,528
Amynta Agency Borrower Inc (7)	SF +	3.00%	7.34	%	12/29/2031	20,015		19,626	20,040
BroadStreet Partners, Inc. (7)	SF +	3.00%	7.36	%	6/13/2031	11,118		11,043	11,169
Galway Borrower LLC (4)(6)(9)	SF +	4.50%	8.82	%	9/29/2028	5,017		394	420
Galway Borrower LLC (4)(6)(9)	SF +	4.50%	8.82	%	9/29/2028	6,384		76	115
Galway Borrower LLC (4)(9)	SF +	4.50%	8.83	%	9/29/2028	133,662		133,266	133,662
Goosehead Insurance Holdings LLC (4)(5)(7)	SF +	3.50%	7.83	%	1/8/2032	3,509		3,500	3,500
Higginbotham Insurance Agency Inc (4)(6)(10)	SF +	4.75%	9.11	%	11/24/2028	14,317		4,015	4,145
Higginbotham Insurance Agency Inc (4)(14)	SF +	4.50%	8.86	%	11/24/2028	31,964		31,714	31,964
HUB International Ltd (7)		7.25%	7.25	%	6/15/2030	10,517		10,517	10,789
HUB International Ltd (7)	SF +	2.75%	7.37	%	6/20/2030	13,749		13,626	13,850
Integrity Marketing Acquisition LLC (4)(6)(9)					8/27/2028	2,638		(22)	7
Integrity Marketing Acquisition LLC (4)(6)(9)					8/27/2028	362		(2)	—
Integrity Marketing Acquisition LLC (4)(9)	SF +	5.00%	9.51	%	8/27/2028	65,028		64,658	65,194
Jones Deslauriers Insurance Management Inc. (5)(7)		8.50%	8.50	%	3/15/2030	14,487		14,470	15,319
Patriot Growth Insurance Services LLC (4)(9)	SF +	5.00%	9.48	%	10/16/2028	18,047		17,823	18,047
Patriot Growth Insurance Services LLC (4)(6)(9)	SF +	5.00%	9.46	%	10/14/2028	822		402	411
Patriot Growth Insurance Services LLC (4)(9)	SF +	5.00%	9.48	%	10/16/2028	7,114		7,033	7,114
Sig Parent Holdings, LLC (4)(6)(9)	SF +	5.00%	9.48	%	8/21/2031	15,223		258	258
Sig Parent Holdings, LLC (4)(6)(9)					8/21/2031	3,045		(14)	(15)
Sig Parent Holdings, LLC (4)(9)	SF +	5.00%	9.36	%	8/21/2031	26,388		26,263	26,256
TIH Insurance Holdings LLC (7)	SF +	2.75%	7.08	%	5/6/2031	6,129		6,115	6,157
Trupanion, Inc. (4)(5)(9)	SF +	5.00%	9.48	%	3/25/2027	25,756		25,585	25,756
Trupanion, Inc. (4)(5)(6)(9)					3/25/2027	6,576		(44)	—
Trupanion, Inc. (4)(5)(9)	SF +	5.00%	9.48	%	3/25/2027	20,423		20,278	20,423
USI Inc/NY (7)	SF +	2.25%	6.58	%	9/29/2030	12,872		12,853	12,869
USI Inc/NY (7)	SF +	2.25%	6.58	%	11/21/2029	1,924		1,924	1,923
								617,203	622,232	7.12	%
Oil, Gas and Coal
Camin Cargo Control Holdings, Inc. (4)(6)(10)					12/7/2029	9,685		(200)	(95)
Camin Cargo Control Holdings, Inc. (4)(6)(10)	SF +	5.50%	9.93	%	12/7/2029	9,702		5,213	5,273
Camin Cargo Control Holdings, Inc. (4)(10)	SF +	5.50%	9.98	%	12/7/2029	63,922		62,895	63,295
CVR CHC LP (4)(5)(7)	SF +	4.00%	8.35	%	12/30/2027	5,417		5,371	5,372
								73,279	73,845	0.85	%
Personal Care, Drug and Grocery Stores
DIA Finance S.L.U. (4)(5)(9)	E +	6.75%	9.50	%	12/27/2029	€	170,600	172,546	171,451
Parfums Holding Company, Inc. (4)(10)	SF +	5.25%	9.58	%	6/27/2030	119,426		118,333	120,277
Parfums Holding Company, Inc. (4)(6)(10)					6/27/2029	9,034		(81)	—
Puma Buyer LLC (4)(8)	SF +	5.50%	9.93	%	7/16/2029	60,760		57,870	60,760
SWF Holdings I Corp (6)(10)					12/19/2029	94		—	1
SWF Holdings I Corp (10)	SF +	4.50%	8.86	%	12/19/2029	73		69	74
SWF Holdings I Corp (10)	SF +	4.00%	8.47	%	10/6/2028	667		625	600
Vermont Aus Pty Ltd (4)(5)(9)	B +	5.75%	10.22	%	3/23/2028	A$	20,953	14,223	12,968
Vermont Aus Pty Ltd (4)(5)(9)	B +	5.75%	10.22	%	3/23/2028	A$	34,767	25,582	21,517
Vital Bidco AB (4)(5)(6)(10)	SF +	4.50%	8.86	%	10/29/2030	16,892		3,793	3,793
Vital Bidco AB (4)(5)(10)	SF +	4.50%	8.83	%	10/29/2031	97,895		95,984	95,985
								488,944	487,426	5.58	%
Personal Goods
Daphne S.P.A. (4)(5)(6)(7)					5/23/2028	€	3,978	(106)	(362)
Daphne S.P.A. (4)(5)(7)	E +	6.75%	9.36	%	5/23/2028	€	45,354	47,871	42,855

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2024

(in thousands)


Company (1)	Reference Rate and Spread (2)		Interest Rate (2)		Maturity Date	Par Amount/Units		Amortized Cost (3)	Fair Value	Percentage of Net Assets
Spanx, LLC (4)(6)(9)					11/18/2027	5,000		(50)	—
Spanx, LLC (4)(9)	SF +	5.25%	9.71	%	11/20/2028	29,100		28,762	29,100
S&S Holdings LLC (8)	SF +	5.00%	9.36	%	10/1/2031	11,970		11,792	11,966
								88,269	83,559	0.96	%
Pharmaceuticals and Biotechnology
Advarra Holdings, Inc. (4)(10)	SF +	4.50%	8.86	%	9/13/2031	68,762		67,599	68,915
Advarra Holdings, Inc. (4)(6)(10)					9/13/2031	6,020		(29)	13
Advarra Holdings, Inc. (4)(10)	SF +	4.50%	8.86	%	9/13/2031	127,562		126,951	127,844
CPI Buyer, LLC (4)(9)	SF +	5.50%	10.28	%	11/1/2028	1,331		1,321	1,297
CPI Buyer, LLC (4)(6)(9)					10/30/2026	2,115		(17)	(30)
CPI Buyer, LLC (4)(9)	SF +	5.50%	10.28	%	11/1/2028	24,703		24,478	24,068
Creek Parent, Inc. (4)(6)(9)					12/18/2031	22,379		(362)	(362)
Creek Parent, Inc. (4)(9)	SF +	5.25%	9.63	%	12/18/2031	122,875		120,889	120,888
Dechra Finance US LLC (5)(7)	SF +	3.25%	7.58	%	12/4/2031	4,167		4,156	4,191
Dolcetto HoldCo S.P.A. (4)(5)(6)(7)					10/27/2028	€	8,400	(163)	—
Dolcetto HoldCo S.P.A. (4)(5)(7)	E +	5.50%	8.39	%	10/27/2028	€	82,300	80,711	85,263
Gusto Aus Bidco Pty Ltd (4)(5)(6)(8)					11/15/2031	A$	24,086	(126)	(121)
Gusto Aus Bidco Pty Ltd (4)(5)(8)	B +	4.75%	9.46	%	11/15/2031	A$	243,533	155,947	149,498
Syneos Health Inc (7)	SF +	4.00%	8.33	%	9/27/2030	15,036		14,947	14,714
								596,302	596,178	6.83	%
Real Estate Investment and Services
Associations Finance, Inc. (4)(10)	SF +	6.50%	11.32	%	7/3/2028	55,555		55,509	56,111
Associations Finance, Inc. (4)(6)(10)	SF +	6.50%	11.32	%	7/3/2028	4,316		717	763
Associations Finance, Inc. (4)(6)(10)	SF +	6.50%	11.28	%	7/3/2028	3,459		1,726	1,729
								57,952	58,603	0.67	%
Retailers
AI Grace Aus Bidco Pty Ltd (4)(5)(9)	E +	5.25%	8.13	%	12/5/2029	€	21,626	22,770	22,405
Belron Finance 2019 LLC (8)	SF +	2.75%	7.27	%	10/16/2031	14,106		14,072	14,258
BradyplusUS Holdings, LLC (4)(6)(10)	SF +	5.00%	9.40	%	10/31/2029	427		87	92
BradyplusUS Holdings, LLC (4)(10)	SF +	5.00%	9.52	%	10/31/2029	14,496		14,370	14,496
Johnstone Supply LLC (7)	SF +	2.50%	6.88	%	6/9/2031	6,291		6,282	6,319
Knitwell Borrower LLC (4)(10)	SF +	7.75%	12.49	%	7/28/2027	44,549		43,690	44,218
Knitwell Borrower LLC (4)(10)	SF +	7.75%	12.49	%	7/28/2027	38,537		37,424	38,250
Knitwell Borrower LLC (4)(10)	SF +	7.75%	12.42	%	7/28/2027	98,288		96,418	97,557
Petsmart LLC (9)	SF +	3.75%	8.21	%	2/11/2028	15,275		15,212	15,244
Staples, Inc. (8)	SF +	5.75%	10.18	%	9/4/2029	31,186		29,878	29,885
Thermostat Purchaser III Inc (9)	SF +	4.25%	8.58	%	8/31/2028	7,980		7,980	7,980
White Cap Buyer, LLC (7)	SF +	3.25%	7.61	%	10/19/2029	15,393		15,332	15,442
								303,515	306,146	3.51	%
Software and Computer Services
Acuris Finance US, Inc (7)	SF +	3.75%	8.08	%	2/16/2028	8,362		8,242	8,427
Armstrong Bidco Limited (4)(5)(7)	SN +	5.25%	9.95	%	6/28/2029	£	47,995	56,036	59,920
Armstrong Bidco Limited (4)(5)(7)	SN +	5.25%	9.95	%	6/28/2029	£	91,991	110,265	114,847
Artifact Bidco, Inc. (4)(6)(8)					7/26/2031	11,207		(109)	107
Artifact Bidco, Inc. (4)(8)	SF +	4.50%	8.83	%	7/26/2031	45,788		45,359	46,230
Artifact Bidco, Inc. (4)(6)(8)					7/26/2030	2,562		(24)	(1)
Artifact Bidco, Inc. (4)(6)(8)					7/26/2030	5,443		(50)	(1)
Artisan Bidco, Inc. (4)(10)	SF +	7.00%	11.39	%	11/7/2029	39,600		38,800	39,503
Artisan Bidco, Inc. (4)(6)(10)					11/7/2029	6,000		(121)	(15)
Artisan Bidco, Inc. (4)(10)	E +	7.00%	10.05	%	11/7/2029	€	18,428	19,312	19,059
Artisan Bidco, Inc. (4)(10)	SF +	7.00%	11.44	%	11/7/2029	1,000		990	998
Auditboard, Inc. (4)(6)(9)					7/14/2031	75,714		(732)	379

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2024

(in thousands)


Company (1)	Reference Rate and Spread (2)		Interest Rate (2)		Maturity Date	Par Amount/Units			Amortized Cost (3)	Fair Value	Percentage of Net Assets
Auditboard, Inc. (4)(6)(9)					7/14/2031	30,286			(282)	—
Auditboard, Inc. (4)(9)	SF +	4.75%	9.08	%	7/14/2031	159,000			157,518	159,795
Aurelia Netherlands Midco 2 B.V. (4)(5)(7)	E +	5.75%	8.93	%	5/22/2031	€	46,878		49,811	49,052
Avalara, Inc. (4)(6)(13)					10/19/2028	6,324			(100)	—
Avalara, Inc. (4)(9)	SF +	6.25%	10.58	%	10/19/2028	56,918			55,997	57,345
Barracuda Networks Inc (8)	SF +	4.50%	9.09	%	8/15/2029	13,722			13,450	12,729
Bottomline Technologies, Inc. (4)(6)(9)					5/15/2028	385			(2)	—
Bottomline Technologies, Inc. (4)(9)	SF +	5.25%	9.61	%	5/14/2029	4,512			4,482	4,512
Calabrio, Inc. (4)(6)(10)	SF +	5.50%	10.02	%	4/16/2027	2,687			1,152	1,152
Calabrio, Inc. (4)(10)	SF +	5.50%	10.01	%	4/16/2027	22,201			22,201	22,201
Calabrio, Inc. (4)(10)	SF +	5.50%	10.01	%	4/16/2027	3,256			3,211	3,256
Central Parent LLC (7)	SF +	3.25%	7.58	%	7/6/2029	24,938			24,856	24,640
Certinia Inc. (4)(6)(10)					8/2/2030	5,449			(125)	(53)
Certinia Inc. (4)(10)	SF +	5.25%	9.74	%	8/4/2030	52,071			51,026	51,561
Cloud Software Group Inc (8)	SF +	3.75%	8.08	%	3/21/2031	4,789			4,789	4,810
Cloud Software Group Inc (8)	SF +	3.50%	7.83	%	3/30/2029	13,835			13,276	13,893
Cloud Software Group Inc (7)		6.50%	6.50	%	3/31/2029	7,740			6,881	7,607
Coupa Holdings, LLC (4)(6)(9)					2/27/2030	7,123			(151)	71
Coupa Holdings, LLC (4)(6)(9)					2/27/2029	6,211			(108)	—
Coupa Holdings, LLC (4)(9)	SF +	5.50%	10.09	%	2/27/2030	79,378			78,006	80,172
Denali Bidco Limited (4)(5)(7)	E +	5.75%	8.43	%	8/29/2030	€	9,441		9,835	9,976
Denali Bidco Limited (4)(5)(7)	E +	5.75%	8.43	%	8/29/2030	€	6,742		7,190	7,124
Denali Bidco Limited (4)(5)(7)	SN +	5.75%	10.45	%	8/29/2030	£	23,265		28,834	29,708
Denali Bidco Limited (4)(5)(6)(7)					8/29/2030	£	14,557		(340)	182
Denali Bidco Limited (4)(5)(7)	E +	5.25%	7.93	%	8/29/2030	€	15,916		16,655	16,654
EasyPark Strategy AB (4)(5)(6)(8)					12/19/2031	€	34,030		(528)	(526)
EasyPark Strategy AB (4)(5)(8)	E +	5.00%	7.65	%	12/19/2031	€	73,844		75,383	75,361
EasyPark Strategy AB (4)(5)(8)	N +	5.00%	9.68	%	12/19/2031	231,454		kr	19,912	20,034
EasyPark Strategy AB (4)(5)(8)	SF +	5.00%	9.27	%	12/19/2031	45,034			44,362	44,362
Elements Finco Limited (4)(5)(7)	SF +	4.75%	9.11	%	4/29/2031	10,431			10,337	10,535
Elements Finco Limited (4)(5)(7)	SF +	4.75%	9.11	%	4/29/2031	8,681			8,603	8,768
Elements Finco Limited (4)(5)(7)	SN +	5.00%	9.70	%	4/29/2031	£	33,323		41,482	41,809
Elements Finco Limited (4)(5)(7)	SN +	5.00%	9.70	%	4/29/2031	£	14,938		18,587	18,742
Elements Finco Limited (4)(5)(7)	SN +	5.00%	9.70	%	4/29/2031	£	49,854		61,683	62,550
Enverus Holdings Inc (4)(9)	SF +	5.50%	9.86	%	12/24/2029	64,093			63,296	64,734
Enverus Holdings Inc (4)(6)(9)					12/24/2029	3,229			(44)	32
Enverus Holdings Inc (4)(6)(9)	SF +	5.50%	9.86	%	12/24/2029	4,913			85	146
HT Intermediary III, Inc. (4)(6)(9)					11/12/2030	10,286			(51)	(50)
HT Intermediary III, Inc. (4)(6)(9)	SF +	4.75%	9.23	%	11/12/2030	3,857			495	495
HT Intermediary III, Inc. (4)(9)	SF +	4.75%	9.20	%	11/12/2030	42,429			42,221	42,221
Huskies Parent, Inc. (4)(6)(9)	SF +	5.50%	9.96	%	11/3/2027	1,000			637	641
Huskies Parent, Inc. (4)(9)	SF +	5.50%	9.96	%	11/3/2028	24,898			24,618	24,721
IRI Group Holdings, Inc. (4)(9)	SF +	5.00%	9.59	%	12/1/2028	152,782			151,014	154,309
IRI Group Holdings, Inc. (4)(6)(13)	SF +	5.00%	9.36	%	12/1/2027	9,023			1,701	1,805
Kona Buyer, LLC (4)(6)(9)	SF +	4.50%	9.13	%	7/23/2031	33,256			6,307	6,959
Kona Buyer, LLC (4)(6)(9)					7/23/2031	33,273			(322)	321
Kona Buyer, LLC (4)(9)	SF +	4.50%	9.13	%	7/23/2031	113,129			112,069	114,220
Kona Buyer, LLC (4)(6)(9)					7/23/2031	15,463			(145)	—
Kryptona Bidco US, LLC (4)(6)(9)					12/18/2031	16,852			(335)	(335)
Kryptona Bidco US, LLC (4)(7)	E +	5.75%	8.61	%	12/18/2031	€	35,648		36,225	36,197
Kryptona Bidco US, LLC (4)(9)	SF +	5.75%	10.10	%	12/18/2031	154,039			150,975	150,974
LMI Inc/DE (8)	SF +	3.50%	7.96	%	10/2/2028	2,176			2,168	2,146

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2024

(in thousands)


Company (1)	Reference Rate and Spread (2)		Interest Rate (2)		Maturity Date	Par Amount/Units			Amortized Cost (3)	Fair Value	Percentage of Net Assets
McAfee Corp (8)	SF +	3.00%	7.37	%	3/1/2029	7,840			7,819	7,857
Medallia, Inc. (4)(9)	SF +	6.50% (incl 4.00% PIK)	10.85	%	10/30/2028	79,937			79,937	75,427
Meralm Bidco AB (4)(5)(6)(8)					8/29/2031	€	5,188		(84)	(51)
Meralm Bidco AB (4)(5)(8)	E +	5.25%	8.64	%	8/29/2031	€	32,844		35,785	33,701
Meralm Bidco AB (4)(5)(8)	SF +	5.25%	9.69	%	8/29/2031	13,695			13,500	13,564
Meralm Bidco AB (4)(5)(8)	ST +	5.25%	8.33	%	8/29/2031	413,484		kr	39,690	37,016
Meralm Bidco AB (4)(5)(8)	N +	5.25%	9.99	%	8/29/2031	263,366		kr	24,479	22,921
Meralm Bidco AB (4)(5)(8)	E +	8.50%	11.89	%	8/29/2031	€	46,695		50,875	47,891
Mitchell International, Inc. (8)	SF +	3.25%	7.61	%	6/17/2031	9,975			9,929	9,993
NAB Holdings, LLC (8)	SF +	2.75%	7.08	%	11/23/2028	2,909			2,906	2,929
Newfold Digital Holdings Group Inc (9)	SF +	3.50%	8.14	%	2/10/2028	1,775			1,768	1,206
New Era Technology, Inc. (4)(10)	SF +	6.25%	10.99	%	10/31/2026	19,013			19,013	18,036
OEConnection LLC (9)	SF +	5.00%	9.36	%	4/22/2031	67,288			66,682	67,162
OEConnection LLC (6)(9)					4/22/2031	11,741			(112)	(22)
OEConnection LLC (6)(9)					4/22/2031	7,338			(66)	(14)
Onesource Virtual, Inc. (4)(10)	SF +	5.00%	9.33	%	5/28/2030	205,136			202,366	205,668
Onesource Virtual, Inc. (4)(6)(10)					5/28/2030	25,318			(342)	—
Oranje Holdco, Inc. (4)(6)(10)					2/1/2029	4,657			(79)	(39)
Oranje Holdco, Inc. (4)(10)	SF +	7.75%	12.32	%	2/1/2029	33,837			33,262	33,552
Oranje Holdco, Inc. (4)(10)	SF +	7.25%	11.82	%	2/1/2029	15,917			15,635	15,657
Peraton Inc. (9)	SF +	3.75%	8.21	%	2/1/2028	6,265			6,230	5,846
Ping Identity Holding Corp. (4)(6)(9)					10/17/2028	8,513			(99)	—
Ping Identity Holding Corp. (4)(9)	SF +	4.75%	9.08	%	10/17/2029	82,061			81,013	82,405
Prism Parent Co., Inc. (4)(6)(9)	SF +	5.00%	9.34	%	9/19/2028	4,333			1,695	1,742
Prism Parent Co., Inc. (4)(9)	SF +	5.00%	9.37	%	9/19/2028	42,358			41,822	42,358
Project Alpha Intermediate Holding, Inc. (8)	SF +	3.25%	7.58	%	10/26/2030	18,957			18,704	19,102
Project Ruby Ultimate Parent Corp (7)	SF +	3.00%	7.47	%	3/10/2028	14,469			14,400	14,555
Proofpoint, Inc. (8)	SF +	3.00%	7.36	%	8/31/2028	2,366			2,366	2,381
QBS Parent, Inc. (6)(9)					11/7/2031	3,820			(19)	(31)
QBS Parent, Inc. (9)	SF +	4.75%	9.27	%	11/7/2031	36,180			36,003	36,135
Quail Buyer, Inc. (4)(9)	SF +	5.50%	10.02	%	10/1/2027	7,236			7,167	7,236
Quail Buyer, Inc. (4)(9)	SF +	5.50%	10.02	%	10/1/2027	39,638			39,150	39,638
Red Planet Borrower, LLC (8)	SF +	5.25%	9.61	%	10/2/2028	2,188			2,103	2,196
Riley MergeCo LLC (4)(6)(10)					9/23/2027	197			(2)	—
Riley MergeCo LLC (4)(10)	SF +	5.50%	9.97	%	9/23/2027	1,799			1,780	1,799
Severin Acquisition, LLC (4)(6)(9)					10/1/2031	63,014			(619)	(608)
Severin Acquisition, LLC (4)(6)(9)					10/1/2031	44,454			(429)	(429)
Severin Acquisition, LLC (4)(9)	SF +	5.00% (incl 2.25% PIK)	9.36	%	10/1/2031	301,020			298,133	298,117
Smarsh Inc. (4)(6)(9)	SF +	5.75%	10.08	%	2/16/2029	4,286			2,086	2,143
Smarsh Inc. (4)(6)(9)	SF +	5.75%	10.11	%	2/16/2029	1,071			416	429
Smarsh Inc. (4)(9)	SF +	5.75%	10.08	%	2/16/2029	17,143			16,935	17,143
Tango Bidco SAS (4)(5)(6)(7)	E +	5.00%	7.85	%	10/17/2031	€	16,592		9,228	9,178
Tango Bidco SAS (4)(5)(6)(7)					10/17/2031	€	3,130		(51)	(46)
Tango Bidco SAS (4)(5)(7)	E +	5.00%	8.18	%	10/17/2031	€	41,812		44,636	42,700
Technology Growth Capital Pty Ltd (4)(5)(10)	SF +	6.50%	11.09	%	7/2/2030	30,127			29,367	29,833
TriMech Acquisition Corp. (4)(6)(14)	P +	3.75%	11.25	%	3/10/2028	3,289			164	197
TriMech Acquisition Corp. (4)(10)	SF +	4.75%	9.08	%	3/10/2028	21,113			20,936	21,113
TriMech Acquisition Corp. (4)(10)	SN +	4.75%	9.39	%	3/10/2028	£	35,885		43,555	44,925
UKG Inc (7)	SF +	3.00%	7.62	%	2/10/2031	9,878			9,868	9,960
User Zoom Technologies, Inc. (4)(9)	SF +	7.00%	12.25	%	4/5/2029	18,948			18,704	18,948
Wave Distribution Holdings LLC (10)	SF +	3.50%	7.95	%	3/5/2027	2,378			2,375	2,396

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2024

(in thousands)


Company (1)	Reference Rate and Spread (2)		Interest Rate (2)		Maturity Date	Par Amount/Units		Amortized Cost (3)		Fair Value		Percentage of Net Assets
Zelis Payments Buyer, Inc. (7)	SF +	2.75%	7.11	%	9/28/2029	10,911		10,866		10,942
Zelis Payments Buyer, Inc. (7)	SF +	3.25%	7.61	%	11/26/2031	5,000		4,975		5,024
Zendesk Inc (4)(6)(9)					11/22/2028	39,321		(620)		—
Zendesk Inc (4)(6)(9)					11/22/2028	17,940		(233)		—
Zendesk Inc (4)(9)	SF +	5.00%	9.33	%	11/22/2028	160,987		158,911		160,987
								3,221,244		3,247,779		37.19	%
Technology Hardware and Equipment
Altar Bidco Inc (8)	SF +	3.10%	7.25	%	2/1/2029	8,780		8,734		8,774
CC WDW Borrower, Inc. (4)(6)(10)	SF +	6.75%	11.49	%	1/27/2028	5,122		972		907
CC WDW Borrower, Inc. (4)(10)	SF +	6.75%	11.49	%	1/27/2028	44,646		43,933		43,403
CC WDW Borrower, Inc. (4)(10)	SF +	6.75%	11.23	%	1/27/2028	2,318		2,318		2,253
TechInsights Inc (4)(5)(10)	SF +	6.63%	11.11	%	11/9/2027	973		962		973
TechInsights Inc (4)(5)(10)	SF +	6.63%	11.11	%	11/9/2027	2,526		2,499		2,526
								59,418		58,836		0.67	%
Telecommunications Equipment
Delta Topco, Inc. (7)	SF +	3.50%	8.20	%	11/30/2029	18,242		18,201		18,407
Guardian US Holdco LLC (8)	SF +	3.50%	7.83	%	1/31/2030	7,880		7,763		7,906
Ribbon Communications Operating Company, Inc (4)(5)(10)	SF +	6.25%	10.59	%	6/21/2029	55,978		54,978		55,057
Ribbon Communications Operating Company, Inc (4)(5)(6)(10)					6/21/2029	6,365		(114)		(105)
								80,828		81,265		0.93	%
Telecommunications Service Providers
Directv Financing, LLC (9)	SF +	5.00%	9.85	%	8/2/2027	7,360		7,274		7,398
Meriplex Communications, LTD (4)(9)	SF +	5.00%	9.46	%	7/17/2028	2,912		2,890		2,912
Meriplex Communications, LTD (4)(9)	SF +	5.00%	9.46	%	7/17/2028	1,143		1,133		1,143
Meriplex Communications, LTD (4)(9)	SF +	5.00%	9.46	%	7/17/2028	13,707		13,580		13,707
								24,877		25,160		0.29	%
Travel and Leisure
Artemis Bidco Limited (4)(5)(6)(7)(18)	SN +	6.00%			9/8/2028	£	2,437	315		189
Artemis Bidco Limited (4)(5)(7)(18)	SN +	6.00%			9/8/2028	£	7,749	10,099		6,990
Artemis Bidco Limited (4)(5)(7)(18)	SN +	6.00%			9/8/2028	£	4,509	5,909		4,068
Artemis Bidco Limited (4)(5)(7)(18)	SN +	6.00%			9/8/2028	£	4,676	6,126		4,219
Fertitta Entertainment LLC/NV (8)	SF +	3.50%	7.86	%	1/27/2029	9,853		9,613		9,901
Havila Kystruten Operations AS (4)(5)(15)	E +	8.75% (incl 2.00% PIK)	11.82	%	7/27/2026	€	19,254	21,342		20,894
HB AcquisitionCo PTY LTD (4)(5)(6)(8)	B +	6.50%	10.97	%	8/7/2029	A$	3,579	417		351
HB AcquisitionCo PTY LTD (4)(5)(8)	B +	6.50%	10.97	%	8/7/2029	A$	32,211	21,202		19,107
IRB Holding Corp. (9)	SF +	2.50%	6.86	%	12/15/2027	2,670		2,670		2,676
Legends Hospitality Holding Company, LLC (4)(6)(9)					8/22/2031	5,522		(108)		(132)
Legends Hospitality Holding Company, LLC (4)(6)(9)	SF +	5.00%	9.37	%	8/22/2030	14,733		1,196		892
Legends Hospitality Holding Company, LLC (4)(9)	SF +	5.50% (incl 2.75% PIK)	10.02	%	8/22/2031	94,534		91,998		92,276
Life Time, Inc. (7)	SF +	2.50%	7.03	%	11/5/2031	3,318		3,310		3,335
The One Group, LLC (4)(10)	SF +	6.50%	11.09	%	5/1/2029	50,665		49,350		49,421
The One Group, LLC (4)(6)(7)					10/31/2028	6,649		(170)		(250)
Travel Leaders Group, LLC (4)(14)	SF +	8.50% (incl 3.00% PIK)	12.96	%	3/27/2028	140,024		137,830		141,425
UFC Holdings LLC (5)(7)	SF +	2.25%	6.77	%	11/21/2031	2,105		2,103		2,119
								363,202		357,481		4.09	%
Total First Lien Debt								$	15,486,148	$	15,523,726	177.74	%

Second Lien Debt

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2024

(in thousands)


Company (1)	Reference Rate and Spread (2)		Interest Rate (2)		Maturity Date	Par Amount/Units		Amortized Cost (3)		Fair Value		Percentage of Net Assets
Health Care Providers
Charlotte Buyer Inc (4)(8)	SF +	8.25%	12.70	%	8/11/2028	$	535	$	511	$	532
								511		532		0.01	%
Industrial Support Services
Galaxy US Opco Inc. (4)(5)(7)(18)	SF +	8.25%			4/29/2030	9,000		8,832		3,938
Sedgwick Claims Management Services, Inc. (4)(7)	SF +	5.00%	9.59	%	7/30/2032	25,000		24,760		24,938
								33,592		28,876		0.33	%
Total Second Lien Debt								$	34,103	$	29,408	0.34	%

Other Secured Debt
Asset Based Lending and Fund Finance
TPG VIII Merlin New Holdings I, L.P. (4)(5)(10)	SF +	6.50%	11.09	%	3/15/2027	$	53,265	$	52,483	$	52,644
								$	52,483	$	52,644	0.60	%
Real Estate and Investment Services
Link Apartments Opportunity Zone REIT, LLC(4)(6)(16)					12/27/2029	9,355		(187)		(187)
Link Apartments Opportunity Zone REIT, LLC(4)(16)	SF +	7.50%	11.83	%	12/27/2029	16,371		16,044		16,044
								15,857		15,857		0.18	%
Total Other Secured Debt								$	68,340	$	68,501	0.78	%

Unsecured Debt
Consumer Services
Wildcat Car Wash Holdings, LLC (4)(7)		15.00% PIK	15.00	%	7/16/2029	$	15,520	$	15,520	$	15,520
								15,520		15,520		0.18	%
Health Care Providers
VetCor Group Holdings LLC (4)(7)		13.75% PIK	13.75	%	9/3/2030	323		319		320
VetCor Group Holdings LLC (4)(7)		14.75% PIK	14.75	%	9/3/2030	277		272		283
VetCor Group Holdings LLC (4)(7)		13.75% PIK	13.75	%	9/3/2030	1,025		1,012		1,016
								1,603		1,619		0.02	%
Medical Equipment and Services
DCA Acquisition Holdings LLC (4)(7)		13.13% PIK	13.13	%	12/28/2032	112		111		89
DCA Acquisition Holdings LLC (4)(7)		13.13% PIK	13.13	%	12/28/2032	202		198		161
DCA Acquisition Holdings LLC (4)(7)		13.13% PIK	13.13	%	12/28/2032	1,190		1,175		947
								1,484		1,197		0.01	%
Non-life Insurance
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (7)			6.75	%	10/15/2027	6,255		5,885		6,210
								5,885		6,210		0.07	%
Real Estate Investment and Services
Associations Finance, Inc. (4)(7)		14.25% PIK	14.25	%	5/3/2030	8,946		8,909		8,946
Associations Finance, Inc. (4)(7)		14.25% PIK	14.25	%	5/3/2030	3,416		3,402		3,416
								12,311		12,362		0.14	%
Software and Computer Services
Elements Midco 1 Limited (4)(5)(8)	SN +	8.00% PIK	12.74	%	4/29/2032	£	1,688	2,079		2,128
								2,079		2,128		0.02	%
Telecommunications Service Providers
CCO Holdings LLC / CCO Holdings Capital Corp (7)		5.50%	5.50	%	5/1/2026	7,000		7,041		6,986
								7,041		6,986		0.08	%
Total Unsecured Debt								$	45,923	$	46,022	0.53	%

Structured Finance
Structured Finance Investments
720 East CLO V Ltd (5)(7)	SF +	6.30%	11.33	%	7/20/2037	$	4,000	$	4,000	$	4,076

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2024

(in thousands)


Company (1)	Reference Rate and Spread (2)		Interest Rate (2)		Maturity Date	Par Amount/Units	Amortized Cost (3)		Fair Value		Percentage of Net Assets
AMMC CLO 21 LTD (5)(7)	SF +	6.76%	11.32	%	11/2/2030	4,126	3,733		4,121
AMMC CLO XII Ltd (5)(7)	SF +	6.18%	11.30	%	11/10/2030	2,000	2,002		2,014
ARES CLO Ltd (5)(7)	SF +	6.70%	11.32	%	4/20/2037	5,000	5,000		5,126
Bain Capital Credit CLO 2024-3 Ltd (5)(7)	SF +	6.25%	11.49	%	7/16/2037	2,000	2,000		2,060
Barings CLO Ltd 2024-IV (5)(7)	SF +	5.95%	10.77	%	10/20/2037	4,500	4,500		4,639
Benefit Street Partners CLO XXXVI Ltd (5)(7)	SF +	5.50%	9.91	%	1/25/2038	4,750	4,750		4,762
Carlyle Global Market Strategies (5)(7)	L +	5.40%	10.28	%	7/27/2031	1,200	975		1,194
Columbia Cent CLO 33 Ltd (5)(7)	SF +	7.16%	11.78	%	4/20/2037	2,000	1,962		2,031
Dryden 108 CLO Ltd (5)(7)					7/18/2035	2,900	2,291		2,219
Monroe Capital MML CLO XIV LLC (5)(7)	SF +	10.02%	14.65	%	10/24/2034	2,500	2,356		2,518
Monroe Capital Mml Clo XVII Ltd (5)(7)	SF +	4.65%	9.09	%	1/15/2037	1,000	1,000		1,016
Monroe Capital Mml Clo XVII Ltd (5)(7)	SF +	7.91%	12.35	%	1/15/2037	5,000	4,901		5,046
Oaktree CLO 2019-4 Ltd (5)(7)	SF +	6.59%	11.21	%	7/20/2037	3,000	2,971		3,070
OCP CLO 2017-14 Ltd (5)(7)	SF +	6.80%	11.46	%	1/15/2033	1,469	1,309		1,477
OCP CLO Ltd (5)(7)	L +	6.52%	11.43	%	10/17/2030	2,008	2,010		2,011
Octagon 52 Ltd (5)(7)	SF +	7.33%	11.96	%	7/23/2037	5,000	4,952		5,116
Octagon 63 Ltd (5)(7)	SF +	6.50%	11.12	%	7/20/2037	3,000	3,000		3,066
Octagon Investment Partners 29 Ltd (5)(7)	SF +	7.17%	11.80	%	7/18/2039	3,000	2,986		3,086
Onex Clo Subsidiary 2024-3 Ltd (5)(7)	SF +	6.00%	11.02	%	7/20/2037	5,000	5,000		5,092
Rad CLO Ltd (5)(7)	SF +	6.51%	11.17	%	4/15/2034	2,500	2,504		2,522
Shackleton 2019-XV CLO Ltd (5)(7)	SF +	6.92%	11.58	%	1/15/2032	3,000	2,691		3,027
Vibrant CLO XII Ltd (5)(7)	SF +	6.94%	11.56	%	4/20/2034	2,000	2,000		2,000
Voya CLO Ltd (5)(7)	SF +	6.00%	10.82	%	7/20/2037	4,000	4,000		4,103
							72,893		75,392		0.86	%
Total Structured Finance							$	72,893	$	75,392	0.86	%

Equity Investments
Consumer Services
CG Parent Intermediate Holdings, Inc. (4)(21)						2,000	$	1,940	$	2,325
Club Car Wash Preferred, LLC (4)(21)		15.00% PIK	15.00	%		8,817	8,817		8,817
Club Car Wash Preferred, LLC (4)(21)		15.00% PIK	15.00	%		13,118	13,118		13,118
Rapid Express Preferred, LLC (4)(21)		15.00% PIK	15.00	%		2,784	2,784		2,784
Rapid Express Preferred, LLC (4)(21)		15.00% PIK	15.00	%		5,868	5,868		5,868
Thrasio Holdings, Inc. (4)(21)						19,015	—		—
							32,527		32,912		0.38	%
Electricity
IP Operating Portfolio I, LLC (4)(21)						3	68		433
							68		433		—	%
Gas, Water and Multi-utilities
Eagle LNG Partners Jacksonville II LLC (4)(21)						—	—		—
ELNG Equity LLC (4)(21)						78,038	—		—
							—		—		—	%
Industrial Support Services
BCPE Virginia HoldCo, Inc. (4)(21)						2,000	1,960		2,350
							1,960		2,350		0.03	%
Media
OneTeam Partners, LLC (4)(21)		8.00%	8.00	%		1,000	1,000		1,209
Racing Point UK Holdings Limited (4)(5)(21)						168	1,008		976
							2,008		2,185		0.03	%
Pharmaceuticals and Biotechnology
Creek Feeder, L.P.(4)(21)						9,000	9,000		9,000
							9,000		9,000		0.10	%

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2024

(in thousands)


Company (1)	Reference Rate and Spread (2)		Interest Rate (2)		Maturity Date	Par Amount/Units		Amortized Cost (3)		Fair Value		Percentage of Net Assets
Travel and Leisure
The ONE Group Hospitality, Inc. (4)(21)						6,667		12		3
The ONE Group Hospitality, Inc. (4)(21)						11,911		61		35
The ONE Group Hospitality, Inc. (4)(21)						1,000		877		970
								950		1,008		0.01	%
Total Equity Investments								$	46,513	$	47,888	0.55	%
Total Investments - Non-Controlled/Non-Affiliated								$	15,753,920	$	15,790,937	180.80	%

Non-Controlled/Affiliated Investments
First Lien Debt
Industrial Support Services
Southern Graphics Inc. (4)(7)(18)(19)	SF +	7.50% PIK			5/1/2028	$	5,454	$	5,306	$	5,454
								5,306		5,454		0.06	%
Total First Lien Debt								$	5,306	$	5,454	0.06	%

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	%

Equity Investments
Industrial Support Services
Southern Graphics Holdings LLC (4)(19)(21)						274		$	2,333	$	3,069
								2,333		3,069		0.04	%
Travel and Leisure
SLF V AD1 Holdings, LLC (4)(19)(20)(21)						10,101		9,891		9,514
								9,891		9,514		0.11	%
Total Equity Investments								$	12,224	$	12,583	0.14	%
Total Investments - Non-Controlled/Affiliated								$	19,411	$	19,969	0.23	%

Controlled/Affiliated Investments
Investments in Joint Ventures
ULTRA III, LLC (5)(19)(21)								$	297,747	$	320,350
Total Investments in Joint Ventures								$	297,747	$	320,350	3.67	%
Total Investments - Controlled/Affiliated								$	297,747	$	320,350	3.67	%
Total Investment Portfolio								$	16,071,078	$	16,131,256	184.70	%

Cash Equivalents
J.P. Morgan U.S. Government Fund, Institutional Shares (5)			4.35	%		$	155,290	$	155,290	$	155,290
Total Cash Equivalents								$	155,290	$	155,290	1.78	%
Total Investment Portfolio, Cash Equivalents								$	16,226,368	$	16,286,546	186.47	%

(1) Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (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.

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2024

(in thousands)

Offered Rate ("CDOR" or "C"), Singapore Overnight Rate Average (“SORA”), Stockholm Interbank Offered Rate (“STIBOR” or “ST”), Norwegian Interbank Offered Rate (“NIBOR” or “N”), 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, NIBOR, BS or BBSW and the current contractual interest rate in effect at December 31, 2024. Certain investments are subject to a LIBOR, Prime, or SOFR interest rate floor, or rate cap. Certain investments contain a Payment-in-Kind (“PIK”) provision. SOFR based contracts may include a credit spread adjustment, which is included within the stated all-in interest rate, if applicable, that is charged in addition to the base rate and the stated spread.

(5) The investment is not a qualifying asset, in whole or in part, under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2024, non-qualifying assets represented 21.0% of total assets as calculated in accordance with regulatory requirements.


Investments-non-controlled/non-affiliated	Commitment Type	Unfunded Commitment		Fair Value
123Dentist Inc	1st Lien Senior Secured Delayed Draw Loan	$	12,397	$	30
2080 Media, Inc.	1st Lien Senior Secured Delayed Draw Loan	18,859		—
2080 Media, Inc.	1st Lien Senior Secured Revolving Loan	13,795		—
AB Centers Acquisition Corporation	1st Lien Senior Secured Revolving Loan	16,655		—
AB Centers Acquisition Corporation	1st Lien Senior Secured Delayed Draw Loan	26,860		51
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	18,551		—
Advarra Holdings, Inc.	1st Lien Senior Secured Delayed Draw Loan	6,020		13
AI Circle Bidco Limited	1st Lien Senior Secured Delayed Draw Loan	6,604		13
Alchemy US Holdco 1 LLC	1st Lien Senior Secured Delayed Draw Loan	8,935		(355)
Alera Group, Inc.	1st Lien Senior Secured Delayed Draw Loan	277		3
Arc Media Holdings Limited	1st Lien Senior Secured Revolving Loan	982		(6)
Arcfield Acquisition Corp	1st Lien Senior Secured Revolving Loan	11,100		(27)
Artemis Bidco Limited	1st Lien Senior Secured Delayed Draw Loan	2,716		(52)
Artifact Bidco, Inc.	1st Lien Senior Secured Delayed Draw Loan	11,207		108
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	6,000		(15)
ASDAM Operations Pty Ltd	1st Lien Senior Secured Delayed Draw Loan	3,355		—
Associations Finance, Inc.	1st Lien Senior Secured Delayed Draw Loan	3,596		36
Associations Finance, Inc.	1st Lien Senior Secured Revolving Loan	1,729		—
Atlas Intermediate III, L.L.C.	1st Lien Senior Secured Revolving Loan	13,445		(143)
Auditboard, Inc.	1st Lien Senior Secured Revolving Loan	30,286		—
Auditboard, Inc.	1st Lien Senior Secured Delayed Draw Loan	75,714		379
Avalara, Inc.	1st Lien Senior Secured Revolving Loan	6,324		—
AVSC Holding Corp.	1st Lien Senior Secured Revolving Loan	8,660		(171)
Axiom Buyer, LLC	1st Lien Senior Secured Delayed Draw Loan	16,189		(347)
Axiom Buyer, LLC	1st Lien Senior Secured Revolving Loan	15,590		(333)
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		73
Bamboo US BidCo LLC	1st Lien Senior Secured Delayed Draw Loan	2,855		(5)
Bamboo US BidCo LLC	1st Lien Senior Secured Delayed Draw Loan	2,855		(5)
Bamboo US BidCo LLC	1st Lien Senior Secured Revolving Loan	21,254		—
Bamboo US BidCo LLC	1st Lien Senior Secured Delayed Draw Loan	6,383		(11)
Bottomline Technologies, Inc.	1st Lien Senior Secured Revolving Loan	385		—
BradyplusUS Holdings, LLC	1st Lien Senior Secured Delayed Draw Loan	335		—

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2024

(in thousands)


Investments-non-controlled/non-affiliated	Commitment Type	Unfunded Commitment	Fair Value
Cadence - Southwick, Inc.	1st Lien Senior Secured Revolving Loan	9,561	—
Calabrio, Inc.	1st Lien Senior Secured Revolving Loan	1,536	—
Camin Cargo Control Holdings, Inc.	1st Lien Senior Secured Revolving Loan	4,333	(43)
Camin Cargo Control Holdings, Inc.	1st Lien Senior Secured Delayed Draw Loan	9,685	(95)
Capripack Debtco PLC	1st Lien Senior Secured Delayed Draw Loan	30,948	241
Capripack Debtco PLC	1st Lien Senior Secured Delayed Draw Loan	27,080	211
Captive Resources Midco LLC	1st Lien Senior Secured Revolving Loan	7,558	—
Carbon Topco, Inc.	1st Lien Senior Secured Revolving Loan	11,985	(233)
CC WDW Borrower, Inc.	1st Lien Senior Secured Revolving Loan	4,072	(113)
CD&R Galaxy UK Intermediate 3 Limited	1st Lien Senior Secured Delayed Draw Loan	1,115	—
Certinia Inc.	1st Lien Senior Secured Revolving Loan	5,449	(53)
Chartis Group LLC	1st Lien Senior Secured Delayed Draw Loan	25,040	(105)
Chartis Group LLC	1st Lien Senior Secured Revolving Loan	14,716	(62)
Club Car Wash Operating, LLC	1st Lien Senior Secured Delayed Draw Loan	48,213	(13)
Coding Solutions Acquisition, Inc.	1st Lien Senior Secured Delayed Draw Loan	23,581	(181)
Coding Solutions Acquisition, Inc.	1st Lien Senior Secured Revolving Loan	2,084	(16)
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	(30)
Creek Parent, Inc.	1st Lien Senior Secured Revolving Loan	22,379	(362)
Daphne S.P.A.	1st Lien Senior Secured Delayed Draw Loan	4,122	(363)
Denali Bidco Limited	1st Lien Senior Secured Delayed Draw Loan	18,224	182
Diagnostic Services Holdings, Inc.	1st Lien Senior Secured Revolving Loan	2,294	(17)
Dolcetto HoldCo S.P.A.	1st Lien Senior Secured Delayed Draw Loan	8,702	—
Dwyer Instruments Inc	1st Lien Senior Secured Delayed Draw Loan	13,403	(131)
Dwyer Instruments Inc	1st Lien Senior Secured Revolving Loan	19,177	(187)
E.S.G. Movilidad, S.L.U.	1st Lien Senior Secured Delayed Draw Loan	8,155	—
EasyPark Strategy AB	1st Lien Senior Secured Delayed Draw Loan	35,255	(527)
EIS Legacy Holdco, LLC	1st Lien Senior Secured Delayed Draw Loan	30,682	(300)
EIS Legacy Holdco, LLC	1st Lien Senior Secured Revolving Loan	13,000	(127)
Empower Payments Investor, LLC	1st Lien Senior Secured Delayed Draw Loan	14,426	—
Empower Payments Investor, LLC	1st Lien Senior Secured Revolving Loan	9,704	—
Enstall Group B.V.	1st Lien Senior Secured Delayed Draw Loan	1,157	(77)
Enverus Holdings Inc	1st Lien Senior Secured Delayed Draw Loan	3,229	32
Enverus Holdings Inc	1st Lien Senior Secured Revolving Loan	4,767	—
ERC Topco Holdings, LLC	1st Lien Senior Secured Revolving Loan	245	(98)
Fastener Distribution Holdings, LLC	1st Lien Senior Secured Delayed Draw Loan	28,345	(277)
FC Compassus, LLC	1st Lien Senior Secured Revolving Loan	19,127	(282)
FC Compassus, LLC	1st Lien Senior Secured Delayed Draw Loan	128	(2)
FC Compassus, LLC	1st Lien Senior Secured Delayed Draw Loan	15,811	(233)
Femur Buyer, Inc.	1st Lien Senior Secured Revolving Loan	12,549	(549)
Formerra, LLC	1st Lien Senior Secured Revolving Loan	12,031	(96)
Foundation Automotive US Corp	1st Lien Senior Secured Revolving Loan	1,891	—
Frontgrade Technologies Holdings Inc.	1st Lien Senior Secured Revolving Loan	6,864	—
Galway Borrower LLC	1st Lien Senior Secured Revolving Loan	4,598	—
Galway Borrower LLC	1st Lien Senior Secured Delayed Draw Loan	6,269	—
Global Music Rights, LLC	1st Lien Senior Secured Revolving Loan	42,117	(419)
Grant Thornton LLP	1st Lien Senior Secured Delayed Draw Loan	380	1
Gusto Aus Bidco Pty Ltd	1st Lien Senior Secured Delayed Draw Loan	14,907	(121)
HB AcquisitionCo PTY LTD	1st Lien Senior Secured Delayed Draw Loan	1,772	(75)
Higginbotham Insurance Agency Inc	1st Lien Senior Secured Delayed Draw Loan	10,172	—

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2024

(in thousands)


Investments-non-controlled/non-affiliated	Commitment Type	Unfunded Commitment	Fair Value
HT Intermediary III, Inc.	1st Lien Senior Secured Delayed Draw Loan	10,286	(50)
HT Intermediary III, Inc.	1st Lien Senior Secured Revolving Loan	3,343	(16)
Huskies Parent, Inc.	1st Lien Senior Secured Revolving Loan	353	(2)
IG Investments Holdings, LLC	1st Lien Senior Secured Revolving Loan	10,221	(39)
Indigo Purchaser, Inc.	1st Lien Senior Secured Delayed Draw Loan	25,608	(379)
Indigo Purchaser, Inc.	1st Lien Senior Secured Revolving Loan	17,478	(258)
Integrity Marketing Acquisition LLC	1st Lien Senior Secured Revolving Loan	362	—
Integrity Marketing Acquisition LLC	1st Lien Senior Secured Delayed Draw Loan	2,638	7
International Entertainment Investments Ltd	1st Lien Senior Secured Delayed Draw Loan	5,080	51
IP Operations II Investco, LLC	1st Lien Senior Secured Delayed Draw Loan	10,606	(102)
IRI Group Holdings, Inc.	1st Lien Senior Secured Revolving Loan	7,218	—
IXM Holdings, Inc.	1st Lien Senior Secured Delayed Draw Loan	491	5
IXM Holdings, Inc.	1st Lien Senior Secured Revolving Loan	2,053	—
June Purchaser LLC	1st Lien Senior Secured Delayed Draw Loan	1,619	20
Kabafusion Parent LLC	1st Lien Senior Secured Revolving Loan	11,700	(115)
Kona Buyer, LLC	1st Lien Senior Secured Delayed Draw Loan	33,273	321
Kona Buyer, LLC	1st Lien Senior Secured Delayed Draw Loan	26,618	257
Kona Buyer, LLC	1st Lien Senior Secured Revolving Loan	15,463	—
Kryptona Bidco US, LLC	1st Lien Senior Secured Revolving Loan	16,852	(335)
Legends Hospitality Holding Company, LLC	1st Lien Senior Secured Delayed Draw Loan	5,522	(132)
Legends Hospitality Holding Company, LLC	1st Lien Senior Secured Revolving Loan	13,259	(523)
Link Apartments Opportunity Zone REIT, LLC	Other Secured Debt Delayed Draw Loan	9,355	(187)
LOCI Bidco Limited	1st Lien Senior Secured Delayed Draw Loan	46,320	(225)
Madonna Bidco Limited	1st Lien Senior Secured Delayed Draw Loan	13,063	(254)
MAI Capital Management Intermediate LLC	1st Lien Senior Secured Revolving Loan	5,287	(26)
MAI Capital Management Intermediate LLC	1st Lien Senior Secured Delayed Draw Loan	11,138	(55)
MB2 Dental Solutions, LLC	1st Lien Senior Secured Delayed Draw Loan	43,020	(420)
MB2 Dental Solutions, LLC	1st Lien Senior Secured Revolving Loan	13,909	(136)
Meralm Bidco AB	1st Lien Senior Secured Delayed Draw Loan	5,375	(51)
More Cowbell II, LLC	1st Lien Senior Secured Delayed Draw Loan	5,484	55
More Cowbell II, LLC	1st Lien Senior Secured Revolving Loan	4,554	—
NBG Acquisition Corp.	1st Lien Senior Secured Revolving Loan	740	(30)
NRO Holdings III Corp.	1st Lien Senior Secured Delayed Draw Loan	214	—
NRO Holdings III Corp.	1st Lien Senior Secured Revolving Loan	91	—
NTH Degree Purchaser, INC	1st Lien Senior Secured Delayed Draw Loan	30,800	(443)
NTH Degree Purchaser, INC	1st Lien Senior Secured Revolving Loan	16,125	(231)
OEConnection LLC	1st Lien Senior Secured Revolving Loan	7,338	(14)
OEConnection LLC	1st Lien Senior Secured Delayed Draw Loan	11,741	(22)
Onesource Virtual, Inc.	1st Lien Senior Secured Revolving Loan	25,318	—
Oranje Holdco, Inc.	1st Lien Senior Secured Revolving Loan	4,657	(39)
Orthrus Limited	1st Lien Senior Secured Delayed Draw Loan	19,982	(346)
Pareto Health Intermediate Holdings, Inc.	1st Lien Senior Secured Revolving Loan	4,032	(40)
Pareto Health Intermediate Holdings, Inc.	1st Lien Senior Secured Delayed Draw Loan	9,160	(91)
Parfums Holding Company, Inc.	1st Lien Senior Secured Revolving Loan	9,034	—
Patriot Growth Insurance Services LLC	1st Lien Senior Secured Revolving Loan	411	—
PerkinElmer U.S. LLC	1st Lien Senior Secured Delayed Draw Loan	16,791	168
Ping Identity Holding Corp.	1st Lien Senior Secured Revolving Loan	8,513	—
Plasma Buyer LLC	1st Lien Senior Secured Revolving Loan	4,162	(120)
Plasma Buyer LLC	1st Lien Senior Secured Delayed Draw Loan	631	(19)
PPV Intermediate Holdings, LLC	1st Lien Senior Secured Revolving Loan	8,145	—
Prism Parent Co., Inc.	1st Lien Senior Secured Delayed Draw Loan	2,591	—
QBS Parent, Inc.	1st Lien Senior Secured Revolving Loan	3,820	(31)
Radwell Parent, LLC	1st Lien Senior Secured Revolving Loan	10,617	—
Raven Acquisition Holdings LLC	1st Lien Senior Secured Delayed Draw Loan	1,333	5

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HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2024

(in thousands)


Investments-non-controlled/non-affiliated	Commitment Type	Unfunded Commitment		Fair Value
Ribbon Communications Operating Company, Inc	1st Lien Senior Secured Revolving Loan	6,365		(105)
Riley MergeCo LLC	1st Lien Senior Secured Revolving Loan	197		—
Rockefeller Capital Management	1st Lien Senior Secured Delayed Draw Loan	15,000		(20)
Rotation Buyer, LLC	1st Lien Senior Secured Delayed Draw Loan	17,062		(170)
Rotation Buyer, LLC	1st Lien Senior Secured Revolving Loan	6,776		(68)
Royal Buyer, LLC	1st Lien Senior Secured Revolving Loan	7,000		—
Royal Buyer, LLC	1st Lien Senior Secured Delayed Draw Loan	14,240		—
Severin Acquisition, LLC	1st Lien Senior Secured Delayed Draw Loan	63,014		(608)
Severin Acquisition, LLC	1st Lien Senior Secured Revolving Loan	44,454		(429)
Sig Parent Holdings, LLC	1st Lien Senior Secured Revolving Loan	3,045		(15)
Sig Parent Holdings, LLC	1st Lien Senior Secured Delayed Draw Loan	14,889		(74)
Smarsh Inc.	1st Lien Senior Secured Delayed Draw Loan	2,143		—
Smarsh Inc.	1st Lien Senior Secured Revolving Loan	643		—
Spanx, LLC	1st Lien Senior Secured Revolving Loan	5,000		—
Specialty Ingredients, LLC	1st Lien Senior Secured Revolving Loan	4,511		—
Spirit RR Holdings, Inc.	1st Lien Senior Secured Delayed Draw Loan	2,993		—
Spirit RR Holdings, Inc.	1st Lien Senior Secured Revolving Loan	3,579		—
Spotless Brands, LLC	1st Lien Senior Secured Delayed Draw Loan	14,086		(90)
Spotless Brands, LLC	1st Lien Senior Secured Revolving Loan	5,176		—
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	3,243		(46)
Tango Bidco SAS	1st Lien Senior Secured Delayed Draw Loan	7,766		(111)
The One Group, LLC	1st Lien Senior Secured Revolving Loan	6,649		(250)
Time Manufacturing Holdings, LLC	1st Lien Senior Secured Revolving Loan	513		(63)
TriMech Acquisition Corp.	1st Lien Senior Secured Revolving Loan	3,092		—
Truck-Lite Co, LLC	1st Lien Senior Secured Delayed Draw Loan	9,338		11
Truck-Lite Co, LLC	1st Lien Senior Secured Revolving Loan	11,973		—
Trupanion, Inc.	1st Lien Senior Secured Revolving Loan	6,576		—
Violin FINCO Guernsey Limited	1st Lien Senior Secured Delayed Draw Loan	7,776		69
Vital Bidco AB	1st Lien Senior Secured Revolving Loan	12,771		(248)
Vital Care Buyer, LLC	1st Lien Senior Secured Revolving Loan	13,271		—
WP CPP Holdings, LLC	1st Lien Senior Secured Revolving Loan	26,285		—
YA Intermediate Holdings II, LLC	1st Lien Senior Secured Revolving Loan	9,263		(89)
YA Intermediate Holdings II, LLC	1st Lien Senior Secured Delayed Draw Loan	19,820		(191)
Yes Energy LLC	1st Lien Senior Secured Delayed Draw Loan	3,098		31
Zendesk Inc	1st Lien Senior Secured Delayed Draw Loan	39,321		—
Zendesk Inc	1st Lien Senior Secured Revolving Loan	17,940		—
Zeus Company LLC	1st Lien Senior Secured Revolving Loan	21,506		—
Zeus Company LLC	1st Lien Senior Secured Delayed Draw Loan	15,007		150
Total		$	2,128,723	$	(11,074)

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

(8)The interest rate floor on these investments as of December 31, 2024 was 0.50%.

(9)The interest rate floor on these investments as of December 31, 2024 was 0.75%.

(10)The interest rate floor on these investments as of December 31, 2024 was 1.00%.

(11)The interest rate floor on these investments as of December 31, 2024 was 1.25%.

(12)The interest rate floor on these investments as of December 31, 2024 was 1.50%.

(13)The interest rate floor on these investments as of December 31, 2024 was 1.75%.

(14)The interest rate floor on these investments as of December 31, 2024 was 2.00%.

(15)The interest rate floor on these investments as of December 31, 2024 was 2.50%.

(16)The interest rate floor on these investments as of December 31, 2024 was 3.00%.

(17)The interest rate floor on these investments as of December 31, 2024 was 3.25%.

(18)Loan was on non-accrual status as of December 31, 2024.

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HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2024

(in thousands)

(19)Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company is deemed to “control” a portfolio company if the Company owns more than 25% of its outstanding voting securities and/or holds the power to exercise control over the management or policies of the portfolio company. Under the 1940 Act, the Company is deemed an “affiliated person” of a portfolio company if the Company owns between 5% and 25% (inclusive) of the portfolio company’s outstanding voting securities. For purposes of determining the classification of its investment portfolio, the Company has excluded consideration of any voting securities or board appointment rights held by third-party investment funds advised by the Adviser and/or its affiliates. As of December 31, 2024, the Company’s controlled/affiliated and non-controlled/affiliated investments were as follows:


	Fair Value as of December 31, 2023		Gross Additions		Gross Reductions		Change in Unrealized Gains (Loss)		Net Realized Gain (Loss)		Fair Value as of December 31, 2024		Dividend and Interest Income
Non-Controlled/Affiliated Investments
Southern Graphics Inc.	$	9,947	$	—	$	(228)	$	736	$	—	$	10,455	$	—
SLF V AD1 Holdings, LLC	9,877		—		—		(363)		—		9,514		—
Total Non-Controlled/Affiliated Investments	$	19,824	$	—	$	(228)	$	373	$	—	$	19,969	$	—
Controlled/Affiliated Investments
ULTRA III, LLC	$	124,003	$	184,157	$	(11,923)	$	24,113	$	—	$	320,350	$	27,828
Total Controlled/Affiliated Investments	$	124,003	$	184,157	$	(11,923)	$	24,113	$	—	$	320,350	$	27,828

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

(21) Security acquired in transaction exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted security” under the Securities Act. As of December 31, 2024, the aggregate fair value of these securities is $380,821, or 4.36% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

Portfolio Company

Investment

Acquisition Date

CG Parent Intermediate Holdings, Inc.

Senior Preferred Stock

November 20, 2023

Club Car Wash Preferred, LLC

Preferred Stock

November 15, 2023

Rapid Express Preferred, LLC

Preferred Stock

November 15, 2023

Club Car Wash Preferred, LLC

Preferred Stock

November 15, 2023

Rapid Express Preferred, LLC

Preferred Stock

November 15, 2023

Thrasio Holdings, Inc.

Common Stock

June 18, 2024

IP Operating Portfolio I, LLC

Class B Units

February 3, 2022

Eagle LNG Partners Jacksonville II LLC

Warrants

March 8, 2023

ELNG Equity LLC

Warrants

April 26, 2024

BCPE Virginia HoldCo, Inc.

Senior Preferred Stock

December 14, 2023

Racing Point UK Holdings Limited

Ordinary Shares

July 9, 2024

OneTeam Partners, LLC

Class D Units

September 15, 2022

Creek Feeder, L.P.

LP Interest

December 16, 2024

The ONE Group Hospitality, Inc.

A-2 Warrants

May 1, 2024

The ONE Group Hospitality, Inc.

B-2 Warrants

May 1, 2024

The ONE Group Hospitality, Inc.

Series A Preferred Stock

May 1, 2024

Southern Graphics Holdings LLC

Class A Units

April 28, 2023

SLF V AD1 Holdings, LLC

LLC Interest

September 6, 2023

ULTRA III, LLC

LLC Interest

June 1, 2023

ADDITIONAL INFORMATION

Foreign currency forward contracts

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HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2024

(in thousands)

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized Appreciation (Depreciation)

U.S. Dollars 37,180

Euro 35,328

Deutsche Bank AG

3/21/2025

454

U.S. Dollars 181,128

Euro 171,728

Goldman Sachs Bank USA

3/21/2025

2,608

U.S. Dollars 4,371

Euro 4,118

Goldman Sachs Bank USA

6/23/2025

U.S. Dollars 2,545

Euro 2,215

Goldman Sachs Bank USA

3/23/2026

193

U.S. Dollars 9,336

British Pound 7,414

Goldman Sachs Bank USA

3/21/2025

U.S. Dollars 2,893

British Pound 2,294

Goldman Sachs Bank USA

6/23/2025

U.S. Dollars 21,101

Norwegian Krone 235,621

Goldman Sachs Bank USA

6/23/2025

402

U.S. Dollars 34,141

Singaporean Dollars 45,400

Goldman Sachs Bank USA

6/23/2025

651

U.S. Dollars 181,862

Australian Dollars 285,419

SMBC Capital Markets, Inc.

3/21/2025

5,196

U.S. Dollars 22,142

Australian Dollars 32,855

SMBC Capital Markets, Inc.

6/23/2025

1,797

U.S. Dollars 44,863

Canadian Dollars 63,603

SMBC Capital Markets, Inc.

3/21/2025

494

U.S. Dollars 325,846

Euro 306,562

SMBC Capital Markets, Inc.

3/21/2025

7,156

U.S. Dollars 107,880

Euro 96,430

SMBC Capital Markets, Inc.

6/23/2025

7,108

U.S. Dollars 99,148

Euro 87,833

SMBC Capital Markets, Inc.

9/23/2025

6,860

U.S. Dollars 375,774

British Pound 296,306

SMBC Capital Markets, Inc.

3/21/2025

5,046

U.S. Dollars 26,734

Norwegian Krone 283,987

SMBC Capital Markets, Inc.

6/23/2025

1,786

U.S. Dollars 43,783

Swedish Kroner 445,859

SMBC Capital Markets, Inc.

6/23/2025

3,101

Total

43,003

Interest rate swaps:


Counterparty	Hedged Instrument	Company Receives	Company Pays	Maturity Date	Notional Amount		Fair Market Value
Goldman Sachs Bank USA	November 2025 Notes	8.37%	SOFR + 4.08%	11/14/2025	$	85,000	$	(36)
Goldman Sachs Bank USA	November 2027 Notes	8.43%	SOFR + 4.42%	11/14/2027	77,500		(335)
Goldman Sachs Bank USA	March 2026 Notes	8.12%	SOFR + 3.76%	3/15/2026	276,000		(127)
Goldman Sachs Bank USA	March 2028 Notes	8.18%	SOFR + 4.24%	3/15/2028	124,000		(1,288)
Goldman Sachs Bank USA	September 2027 Notes	8.67%	SOFR + 4.31%	9/14/2027	75,000		182
Goldman Sachs Bank USA	September 2028 Notes	8.80%	SOFR + 4.54%	9/14/2028	250,000		58
SMBC Capital Markets, Inc.	January 2029 Notes	6.75%	SOFR + 2.88%	1/30/2029	550,000		(8,739)
Goldman Sachs Bank USA	September 2029 Notes	6.25%	SOFR + 2.06%	9/30/2029	400,000		(1,225)
Total Interest Rate Swaps							$	(11,510)

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

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements

(Unaudited)

(in thousands, except per share data, percentages and as otherwise noted)

Note 1. Organization

HPS Corporate Lending Fund (the “Company” or “HLEND”) is a Delaware statutory trust that was formed on December 23, 2020 and commenced operations on February 3, 2022. The Company is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company is externally managed by HPS Advisors, LLC (the “Adviser”), a wholly-owned subsidiary of HPS Investment Partners, LLC (the “Administrator” or “HPS”). Prior to June 30, 2023, the Company was externally managed by HPS. The Company has elected to be treated for federal income tax purposes, and intends to qualify annually, as a regulated investment company (“RIC”) as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Company’s investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation. The Company seeks to achieve its investment objective by investing primarily in newly originated, privately negotiated senior credit investments in high quality, established upper middle market companies, and in select situations, companies in special situations. The Company uses the term “upper middle market companies” generally to mean companies with earnings before interest, taxes, depreciation and amortization (“EBITDA”) of $75 million to $1 billion annually or $250 million to $5 billion in revenue annually at the time of investment.

The Company has and may continue to invest in smaller or larger companies if an opportunity presents attractive investment and risk-adjusted returns. In addition to corporate level obligations, the Company’s investments in such companies may also opportunistically include private asset-based financings such as equipment financings, financings against mission-critical corporate assets and mortgage loans, and/or investments that represent equity in portfolios of loans, receivables or other debt instruments. The Company may also participate in programmatic investments through partnerships or joint ventures with one or more unaffiliated banks or other financial institutions, including structures where a partner assumes senior exposure to each investment, and the Company participates in the junior exposure.

The Company’s investment strategy also includes a smaller allocation to more liquid credit investments such as non-investment grade broadly syndicated loans, leveraged loans, secured and unsecured corporate bonds, and securitized credit. This allocation may also include senior secured loans, senior secured bonds, high yield bonds and structured credit instruments.

The strategy of the Company primarily focuses on companies in the United States, but also intends to leverage the Adviser’s presence to invest in companies in Europe, Australia and other locations outside the U.S. In addition, the Company may also invest in publicly traded securities of larger corporate issuers on an opportunistic basis when market conditions create compelling potential return opportunities, subject to compliance with BDC requirements to invest at least 70% of assets in “eligible portfolio companies.”

The Company offers on a continuous basis up to $15.0 billion of common shares of beneficial interest (“Common Shares”) pursuant to an offering registered with the Securities and Exchange Commission (the “Offering”). The Company offers to sell any combination of four classes of Common Shares: Class I shares, Class D shares, Class F shares, and Class S shares, with a dollar value up to the maximum offering amount. The share classes have different ongoing shareholder servicing and/or distribution fees. The purchase price per share for each class of Common Shares equals the net asset value (“NAV”) per share, as of the effective date of the monthly share purchase date. HPS Securities, LLC (the “Managing Dealer” or “HPS Securities”) will use its best efforts to sell shares, but is not obligated to purchase or sell any specific amount of Common Shares in the Offering. The Company also engages in private offerings of Common Shares. Prior to April 11, 2024, Emerson Equity LLC was the managing dealer of the Company.

On December 3, 2024, HPS entered into an agreement with BlackRock, Inc. (NYSE: BLK) for BlackRock, Inc. to acquire 100% of HPS (the “HPS/BlackRock Transaction”). The acquisition is subject to receipt of certain consents from investors in HPS funds and accounts, regulatory approvals and satisfaction of other customary closing conditions and is expected to close in mid-2025. As of March 31, 2025, management does not expect that the acquisition will materially impact the Company.

Note 2. Significant Accounting Policies

Basis of Presentation

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 6 of Regulation S-X. Accordingly, certain

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disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments considered necessary for the fair statement of the consolidated financial statements for the interim periods presented have been included. All intercompany balances and transactions have been eliminated. The current period’s results of operations are not necessarily indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2025.

As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”).

Basis of Consolidation

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company.

The Company consolidated the results of its wholly-owned subsidiaries HLEND Holdings A, L.P. (“HLEND A”), HLEND Holdings B, L.P. (“HLEND B”), HLEND Holdings C, L.P. (“HLEND C”), HLEND Holdings D, L.P. (“HLEND D”), HLEND Holdings E, L.P. (“HLEND E”), HLEND CLO 2023-1 Investments, LLC, HLEND CLO 2024-2 Investments, LLC, HLEND CLO 2025-3 Investments, LLC, HLEND Proxima, LLC, HLEND FEP, LLC, HLEND OTM, LLC and HLEND Lux Sarl. All intercompany transactions have been eliminated in consolidation.

The Company does not consolidate its investment in the ULTRA III, LLC (“ULTRA III”) joint venture. For further description of the Company’s joint venture, see “Note 11. Joint Venture.”

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual amounts could differ from those estimates and such differences could be material.

Cash and Cash Equivalents

Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.

Investments

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

The Company is required to report its investments for which current market values are not readily available at fair value. The Company values its investments in accordance with ASC 820, Fair Value Measurement (“ASC 820”), which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. ASC 820 prioritizes the use of observable market prices derived from such prices over entity-specific inputs. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material.

Investments that are listed or traded on an exchange and are freely transferable are valued at either the closing price (in the case of securities and futures) or the mean of the closing bid and offer (in the case of options) on the principal exchange on which the investment is listed or traded. Investments for which other market quotations are readily available will typically be valued at those market quotations. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Where it is possible to obtain reliable, independent market quotations from a third-party vendor, the Company uses these quotations to determine the value of its investments. The Company utilizes mid-market pricing (i.e., mid-point of average bid and ask prices) to value these investments. The Adviser obtains these market quotations from independent pricing services, if available; otherwise from one or more broker quotes. To assess the continuing appropriateness of pricing sources and

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methodologies, the Adviser regularly performs price verification procedures and issues challenges as necessary to independent pricing services or brokers, and any differences are reviewed in accordance with the valuation procedures. The Adviser does not adjust the prices unless it has a reason to believe market quotations are not reflective of the fair value of an investment.

Where prices or inputs are not available or, in the judgment of the Adviser, not reliable, valuation approaches based on the facts and circumstances of the particular investment will be utilized. Securities that are not publicly traded or for which market prices are not readily available, as will be the case for a substantial portion of the Company’s investments, are valued at fair value as determined in good faith by the Adviser as the Company’s valuation designee under Rule 2a-5 under the 1940 Act, pursuant to the Company’s valuation policy, and under the oversight of the Board of Trustees (the “Board”), based on, among other things, the input of one or more independent valuation firms retained by the Company to review the Company’s investments. These valuation approaches involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments’ complexity.

With respect to the quarterly valuation of investments, the Company undertakes a multi-step valuation process each quarter in connection with determining the fair value of its investments for which reliable market quotations are not readily available as of the last calendar day of each quarter, which includes, among other procedures, the following:

•The valuation process begins with each investment being preliminarily valued by the Adviser’s valuation team in consultation with the Adviser’s investment professionals responsible for each portfolio investment;

•In addition, independent valuation firms retained by the Company prepare quarter-end valuations of each such investment that was (i) originated or purchased prior to the first calendar day of the quarter and (ii) is not a de minimis investment, as determined by the Adviser. The independent valuation firms provide a final range of values on such investments to the Adviser. The independent valuation firms also provide analyses to support their valuation methodology and calculations;

•The Adviser’s valuation committee with respect to the Company (the “Valuation Committee”) reviews the valuation recommendations prepared by the Adviser’s valuation team and, as appropriate, the independent valuation firms’ valuation ranges;

•The Valuation Committee then determines fair value marks for each of the Company’s portfolio investments; and

•The Board and Audit Committee periodically review the valuation process and provide oversight in accordance with the requirements of Rule 2a-5 under the 1940 Act.

As part of the valuation process, the Company takes into account relevant factors in determining the fair value of the Company’s investments for which reliable market quotations are not readily available, many of which are loans, including and in combination, as relevant: (i) the estimated enterprise value of a portfolio company, generally based on an analysis of discounted cash flows, publicly traded comparable companies and comparable transactions, (ii) the nature and realizable value of any collateral, (iii) the portfolio company’s ability to make payments based on its earnings and cash flow, (iv) the markets in which the portfolio company does business, and (v) overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity or debt sale occurs, the Adviser considers whether the pricing indicated by the external event corroborates its valuation.

The Company has and will continue to engage independent valuation firms to provide assistance regarding the determination of the fair value of the Company’s portfolio securities for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment each quarter, and the Adviser and the Company may reasonably rely on that assistance. However, the Adviser is responsible for the ultimate valuation of the portfolio investments at fair value as determined in good faith pursuant to the Company’s valuation policy, the Board’s oversight and a consistently applied valuation process.

Derivative Instruments

The Company may enter into foreign currency forward contracts to reduce the Company’s exposure to foreign currency exchange rate fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Foreign currency forward contracts are marked-to-market at the applicable forward rate. Unrealized appreciation (depreciation) on foreign currency forward contracts are recorded on the Consolidated Statements of Assets and Liabilities by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable. Notional amounts of foreign currency forward contract assets and liabilities are presented separately on the Consolidated Schedules of Investments. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date. As it relates to foreign currency forward contracts, the Company does not utilize hedge accounting and as such, the Company recognizes its derivatives at fair value with changes in the net unrealized appreciation (depreciation) on foreign currency forward contracts recorded on the Consolidated Statements of Operations.

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Additionally, the Company uses interest rate swaps to mitigate interest rate risk associated with the Company's fixed rate liabilities. The fair value of the interest rate swaps is included as derivative assets at fair value or derivative liabilities at fair value, as applicable, on the Company's Consolidated Statements of Assets and Liabilities. The Company designated the interest rate swaps as the hedging instruments in a qualifying fair value hedge accounting relationship, and therefore the change in fair value of the hedging instrument and hedged item are recorded as components of interest expense in the Consolidated Statements of Operations. The change in fair value of the interest rate swap is offset by a change in the carrying value of the fixed rate debt.

The fair value of the Company’s derivatives is recorded on the Consolidated Statements of Assets and Liabilities by security type and counterparty on a net basis, if subject to an enforceable master netting agreement, not taking into account collateral posted which is recorded separately. As of March 31, 2025 and December 31, 2024, there was $0.1 million and $10.6 million, respectively, of collateral pledged, which is included in other assets on the Consolidated Statements of Assets and Liabilities. As of March 31, 2025, there was $21.0 million of collateral received which is included in accrued expenses and other liabilities on the Consolidated Statements of Asset and Liabilities. As of March 31, 2025 and December 31, 2024, $0.1 million and $10.6 million, respectively, of collateral was invested in a money market fund.

Loan Participations

The Company follows the guidance in ASC 860 Transfers and Servicing when accounting for loan participations and other partial loan sales. Such guidance requires a participation or other partial loan sale to meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed. Participations or other partial loan sales that do not meet the definition of a participating interest remain on the Consolidated Statements of Assets and Liabilities and the proceeds are recorded as a secured borrowing until the definition is met. Secured borrowings are carried at fair value to correspond with the related investments, which are carried at fair value. There were no participations that were accounted for as secured borrowings during the period.

Foreign Currency Transactions

Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.

The Company does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included within the net realized and unrealized gains or losses on investments. Fluctuations arising from the translation of non-investment assets and liabilities are included with the net change in unrealized gains (losses) on foreign currency translations on the Consolidated Statements of Operations.

Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

Revenue Recognition

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. For the three months ended March 31, 2025 and 2024, the Company recorded non-recurring interest income of $5.4 million and $22.4 million, respectively (e.g. prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts).

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market

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discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of March 31, 2025 and December 31, 2024, the Company had certain investments in nine and eight portfolio companies on non-accrual status, respectively.

PIK Income

The Company has loans in its portfolio that contain PIK provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in interest income in the Consolidated Statements of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through interest income. To maintain the Company’s status as a RIC, this non-cash source of income must be paid out to shareholders in the form of dividends, even though the Company has not yet collected cash.

Dividend Income

Dividend income on preferred equity securities and on the Company’s membership interests in its joint ventures are recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies. To the extent a preferred equity security contains PIK provisions, PIK dividends, computed at the contractual rate specified in each applicable agreement, are accrued and recorded as dividend income and added to the principal balance of the preferred equity security. PIK dividends added to the principal balance are generally collected upon redemption of the equity. For the three months ended March 31, 2025 and 2024, the Company recorded $11.7 million and $2.6 million, respectively, of dividend income, of which, $1.1 million and $0.8 million, respectively, relate to PIK dividends.

Other Income

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication and other miscellaneous fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered.

Organization Costs

Organization expenses include, among other things, the cost of incorporating the Company and the cost of legal services and other fees pertaining to the Company's organization.

Offering Expenses

The Company's offering expenses include, among other things, legal fees, registration fees and other costs pertaining to the preparation of the Company's registration statement (and any amendments or supplements thereto) relating to the offering and associated marketing materials. Offering costs are capitalized as a deferred charge and amortized to expense on a straight-line basis over a twelve-month period from incurrence.

Deferred Financing Costs and Debt Issuance Costs

Deferred financing and debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. These expenses are deferred and amortized into interest expense over the life of the related debt instrument using the straight-line method. Deferred financing costs related to revolving credit facilities are presented separately as an asset on the Company’s Consolidated Statements of Assets and Liabilities. Debt issuance costs related to any issuance of installment debt or notes are presented net against the outstanding debt balance of the related security.

Income Taxes

The Company has elected to be treated as a RIC under the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s shareholders and would not be reflected in the consolidated financial statements of the Company.

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The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. The Company intends to make the requisite distributions to its shareholders, which will generally relieve the Company from corporate-level income taxes.

To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses.

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (iii) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. To the extent that it determines that estimated current year annual taxable income will be in excess of estimated current year distributions from such taxable income, the Company will accrue excise taxes, if any, on estimated undistributed taxable income.

For the three months ended March 31, 2025 and 2024, the Company accrued $0.3 million and $(0.0) million of U.S. federal excise tax, respectively.

Allocation of Income, Expenses, Gains and Losses

Income, expenses (other than those attributable to a specific class), gains and losses are allocated to each class of shares based upon the aggregate net asset value of that class in relation to the aggregate net asset value of the Company. Expenses that are specific to a class of shares are allocated to such class directly.

Distributions

To the extent that the Company has taxable income available, the Company intends to make monthly distributions to its shareholders. Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on the Company’s earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time. Although the gross distribution per share is generally equivalent for each share class, the net distribution for each share class is reduced for any class specific expenses, including shareholder servicing and/or distribution fees, if any.

The Company has adopted a distribution reinvestment plan pursuant to which shareholders will have their cash distributions (net of applicable withholding taxes) automatically reinvested in additional shares of the Company's same class of Common Shares to which the distribution relates unless they elect to receive their distributions in cash.

Segment Reporting

In accordance with ASC Topic 280—Segment Reporting (“ASC 280”), the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.

The Company operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt and equity investments. The Chief Operating Decision Maker (“CODM”) is comprised of the Company’s chief executive officer, president and chief financial officer and the CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase in net assets resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of dividends to be distributed to the Company’s shareholders. As the Company’s operations comprise of a single reporting

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segment, the segment assets are reflected on the accompanying Consolidated Statements of Assets and Liabilities as “total assets” and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

Recent Accounting Pronouncements

The Company considers the applicability and impact of all accounting standard updates (“ASUs”) issued by the FASB. The Company has assessed currently issued ASUs and has determined that ASUs not listed are not applicable or are expected to have minimal impact on its consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”),” which intends to improve the transparency of income tax disclosures. ASU No. 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company does not expect this update to have a material effect on the Company's consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 2200-40),” which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, in each relevant expense caption. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

Note 3. Fees, Expenses, Agreements and Related Party Transactions

Investment Advisory Agreement

On January 20, 2022, the Company entered into an investment advisory agreement with HPS, pursuant to which HPS managed the Company on a day-to-day basis until June 30, 2023. On June 30, 2023, the Company entered into the Investment Advisory Agreement (as amended and/or restated from time to time, the “Investment Advisory Agreement”) with the Adviser and HPS in connection with a corporate reorganization of the investment advisory operations with respect to the Company. The Adviser is responsible for determining the portfolio composition, making investment decisions, monitoring investments, performing due diligence on prospective portfolio companies and providing the Company with such other investment advisory and related services as may reasonably be required for the investment of capital.

The Investment Advisory Agreement was effective for an initial one-year term and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the Trustees who are not “interested persons” of the Company, the Adviser, or of their respective affiliates as defined in Section 2 (a)(19) of the 1940 Act (the “Independent Trustees”). The Company may terminate the Investment Advisory Agreement, without payment of any penalty, upon 60 days’ written notice. The Investment Advisory Agreement will automatically terminate in the event of its assignment within the meaning of the 1940 Act and related SEC guidance and interpretations. The Investment Advisory Agreement was renewed and approved by the Board, on May 13, 2024, for a one-year period ending on June 30, 2025. The Investment Advisory Agreement was most recently approved by the Board on October 22, 2024 and renewed on November 27, 2024.

The closing of the HPS/BlackRock Transaction will result in the automatic termination of the Company's current investment advisory agreement with the Adviser (the “Current Investment Advisory Agreement”) under the 1940 Act. Accordingly, the Board approved a new investment advisory agreement between the Company and the Adviser (the “New Investment Advisory Agreement”), which will replace the Current Investment Advisory Agreement and become effective at the closing of the HPS/BlackRock Transaction. During a special meeting of shareholders held on April 16, 2025, the shareholders of the Company approved the New Investment Advisory Agreement.

Our investment strategy and team, including our executive officers, are expected to remain materially unchanged, and the HPS/BlackRock Transaction is not expected to have a material impact on our operations. All material terms remain unchanged from the Current Investment Advisory Agreement to the New Investment Advisory Agreement, including the management and incentive fees payable by the Company, except as otherwise described in the proxy statement mailed to the Company’s shareholders

On January 15, 2025, Grishma Parekh notified the Board of the Company that she is resigning from the Board effective and contingent upon the closing of the HPS/Blackrock Transaction in order to comply with the Section 15(f) safe harbor provisions of the 1940 Act. Following the closing of the HPS/Blackrock Transaction, Ms. Parekh is expected to continue to serve as President of the Company, a

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member of the Investment Committee of the Company and in her existing role at HPS and the Adviser. If the HPS/Blackrock Transaction does not close, Ms. Parekh will not resign from the Board, and she is expected to continue to serve as Trustee of the Company and in her existing role at HPS and the Adviser.

Under the Investment Advisory Agreement, the Company pays the Adviser a fee for its services. The fee consists of two components: a management fee and an incentive fee. The cost of both the management fee and the incentive fee are ultimately borne by the shareholders.

Base Management Fee

The management fee is payable monthly in arrears at an annual rate of 1.25% of the value of the Company’s net assets as of the beginning of the first calendar day of the applicable month. For purposes of the Investment Advisory Agreement, net assets means the Company’s total assets less the carrying value of liabilities, determined in accordance with U.S. GAAP.

For the three months ended March 31, 2025 and 2024, base management fees were $29.1 million and $18.3 million, respectively. As of March 31, 2025 and December 31, 2024, $19.6 million and $9.4 million, respectively, were payable to the Adviser related to management fees.

Incentive Fees

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of the Company’s income and a portion is based on a percentage of the Company’s capital gains, each as described below.

(i) Income based incentive fee

The income based incentive fee is based on the Company’s Pre-Incentive Fee Net Investment Income Returns, as defined below. “Pre-Incentive Fee Net Investment Income Returns” means interest income, dividends, cash interest or other distributions or other cash income and any third-party fees received from portfolio companies (such as upfront fees, commitment fees, origination fee, amendment fees, ticking fees and break-up fees, as well as prepayments premiums, but excluding fees for providing managerial assistance) accrued during the quarter, minus operating expenses for the quarter (including the management fee, taxes, any expenses payable under the Investment Advisory Agreement and an administration agreement with the administrator, any expense of securitizations, and interest expense or other financing fees and any dividends paid on preferred stock, but excluding incentive fees and shareholder servicing and/or distribution fees). Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero-coupon securities), accrued income that we have not yet received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns.

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding quarter, is compared to a “Hurdle Rate” defined as a return of 1.25% per quarter (5.0% annualized).

The Company pays the Adviser an incentive fee quarterly in arrears with respect to the Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

i.No incentive fee will be paid on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which the Pre-Incentive Fee Net Investment Income Returns do not exceed the Hurdle Rate;

ii.100% of the dollar amount of the Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre- Incentive Fee Net Investment Income Returns, if any, that exceeds the Hurdle Rate but is less than a rate of return of 1.43% (5.72% annualized). This portion of the Pre-Incentive Fee Net Investment Income Returns (which exceeds the Hurdle Rate but is less than 1.43%) is referred to as the “Catch-Up.” The Catch-Up is meant to provide the Adviser with 12.5% of the Company’s Pre-Incentive Fee Net Investment Income Returns as if a Hurdle Rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and

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iii.12.5% of the dollar amount of the Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized).

These calculations are prorated for any period of less than three months, including the first quarter the Company commenced operations, and are adjusted for any share issuances or repurchases during the relevant quarter.

For the three months ended March 31, 2025 and 2024, income based incentive fees were $33.7 million and $25.6 million, respectively. As of March 31, 2025 and December 31, 2024, $33.7 million and $32.0 million, respectively, were payable to the Adviser relating to income based incentive fees.

(ii) Capital gains incentive fee

The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears. The amount payable equals 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with U.S. GAAP. U.S. GAAP requires that the capital gains incentive fee accrual consider the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement. This U.S. GAAP accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital depreciation included in the calculation of the capital gains incentive fee plus the aggregate cumulative unrealized capital appreciation, net of any expense associated with cumulative unrealized capital depreciation or appreciation. If such amount is positive at the end of a period, then U.S. GAAP requires the Company to record a capital gains incentive fee equal to 12.5% of such cumulative amount, less the aggregate amount of actual capital gains incentive fees paid or capital gains incentive fees accrued under GAAP in all prior periods.

For the three months ended March 31, 2025 and 2024, capital gains incentive fees accrued were $(6.0) million and $6.0 million, respectively. As of March 31, 2025 and December 31, 2024, the Company accrued $6.9 million and $12.9 million, respectively, of capital gains incentive fees, none of which were payable under the Investment Advisory Agreement.

Administration Agreement

On January 20, 2022, the Company entered into an administration agreement, subsequently amended on November 27, 2024 (as further amended and/or restated from time to time, the “Administration Agreement”), with the Administrator under which the Administrator provides, or oversees the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of the Company’s NAV, compliance monitoring (including diligence and oversight of other service providers), preparing reports to shareholders and reports filed with the SEC and other regulators, preparing materials and coordinating meetings of the Company’s Board, managing the payment of expenses, the payment and receipt of funds for investments and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. The Company reimburses the Administrator for the costs and expenses incurred by the Administrator in performing its obligations under the Administration Agreement. Such reimbursement includes the Company’s allocable portion of compensation (including salaries, bonuses and benefits), overhead and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) the Company’s chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for the Company; and (iii) any internal audit group personnel of the Administrator or any of its affiliates, subject to the limitations described in the Investment Advisory and Administration Agreements. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company will reimburse the Administrator for any services performed for the Company by such affiliate or third party.

The amount of the reimbursement payable to the Administrator for administrative services will be the lesser of (1) Administrators’ actual costs incurred in providing such services and (2) the amount that the Company estimates it would be required to pay alternative service providers for comparable services in the same geographic location. The Administrator is required to allocate the cost of such services to the Company based on factors such as assets, revenues, time allocations and/or other reasonable metrics. The Company does not reimburse the Administrator for any services for which it receives a separate fee, or for (1) rent or depreciation, utilities, capital equipment and other administrative items of the Administrator, and (2) salaries, fringe benefits, travel expenses and other administrative items incurred or allocated to any “Controlling Person” (as defined in the North American Securities Administrators Association’s Omnibus Guidelines Statement of Policy, as amended from time to time (the “Omnibus Guidelines”)) of the Administrator.

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Unless earlier terminated as described below, the Administration Agreement was effective for a one-year term ending on June 30, 2024 and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the Independent Trustees. The Company may terminate the Administration Agreement, without payment of any penalty, upon 120 days’ written notice. The Administration Agreement will automatically terminate in the event of its assignment within the meaning of the 1940 Act and related SEC guidance and interpretations. The Administration Agreement was renewed and approved by the Board, on May 13, 2024, for a one-year period ending on June 30, 2025. The Administration Agreement was most recently approved by the Board on October 22, 2024 and renewed on November 27, 2024.

For the three months ended March 31, 2025 and 2024, the Company incurred $1.5 million and $0.8 million, respectively, in expenses under the Administration Agreement, which are recorded in “administrative service expenses” in the Company’s Consolidated Statements of Operations. As of March 31, 2025 and December 31, 2024, there was $4.2 million and $4.0 million, respectively, of administrative service expenses payable by the Company which are included in “due to affiliates” in the Consolidated Statements of Assets and Liabilities.

The current Administration Agreement will be terminated as a result of the HPS/BlackRock Transaction. Accordingly, the Board has approved a new administration agreement between the Company and the Administrator, with the material terms unchanged from the current agreement, set to take effect at the time of the closing of the HPS/BlackRock Transaction.

Sub-Administration Agreement

HPS previously engaged U.S. Bancorp Fund Services, LLC (“U.S. Bancorp”) to assist in the provision of sub-administrative and fund accounting services. On August 30, 2023, the Company entered into a Sub-Administration Agreement (the “Sub-Administration Agreement”) with HPS and Harmonic Fund Services (“Harmonic”) as the Company’s sub-administrator. Pursuant to the Sub-Administration Agreement, Harmonic provides certain administrative services necessary for the operations of the Company. The Company bears all fees to be paid to Harmonic under the Sub-Administration Agreement and Harmonic is entitled to receive reimbursement from the Company for all out-of-pocket expenses properly incurred by Harmonic in respect of the services provided pursuant to the Sub-Administration Agreement.

Managing Dealer Agreement

On April 11, 2024, the Company entered into a managing dealer agreement (the “Managing Dealer Agreement”) with HPS Securities. In connection with the transition to HPS Securities as the Company’s Managing Dealer, the Company provided notice for the termination of the managing dealer agreement dated as of August 3, 2021 by and between the Company and Emerson Equity LLC, which termination was effective as of April 11, 2024.

Under the terms of the Managing Dealer Agreement, the Managing Dealer will serve as the Managing Dealer for the Offering. The Managing Dealer will be entitled to receive shareholder servicing and/or distribution fees monthly in arrears at an annual rate of 0.25%, 0.50% and 0.85% of the value of the Company’s net assets attributable to Class D shares, Class F shares and Class S shares, respectively, as of the beginning of the first calendar day of the month. No shareholder servicing and/or distribution fees will be paid with respect to Class I. The shareholder servicing and/or distribution fees will be payable to the Managing Dealer, but the Managing Dealer anticipates that all or a portion of the shareholder servicing and/or distribution fees will be retained by, or reallowed (paid) to, participating broker-dealers. The Company will not pay any other fees to the Managing Dealer. As set forth in and pursuant to the managing dealer agreement with Emerson Equity LLC, the Company paid Emerson Equity LLC, the Company’s managing dealer prior to April 11, 2024, certain fees, including a $35,000 engagement fee that was previously paid, a $250,000 fixed managing dealer fee payable quarterly (which commenced in the first quarter of 2022) in arrears in five equal quarterly installments that was paid, and a two basis point (0.02%) variable managing dealer fee that was payable on any new capital raised in the offering following the expiration of the initial 15-month period of the Offering. In addition, in connection with services provided by Emerson Equity LLC with respect to the sale of shares registered pursuant to the registration statement filed on Form N-2 on June 30, 2023 related to a follow-on offering of shares of the Company, HPS agreed to pay and paid a one-time fee of $60,000 to Emerson Equity LLC. For the avoidance of doubt, such fee was borne and paid in its entirety solely by HPS, and such fee (or any portion thereof) was not borne or paid directly or indirectly by the Company or the shareholders.

The Company or the Adviser may also pay directly, or reimburse the Managing Dealer if the Managing Dealer pays on the Company’s behalf, any organization and offering expenses (other than any upfront selling commissions and shareholder servicing and/or distribution fees).

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The Company will cease paying the shareholder servicing and/or distribution fees on the Class D shares, Class F shares and Class S shares on the earlier to occur of the following: (i) a listing of Class I shares, (ii) a merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of the Company’s assets or (iii) the date following the completion of the primary portion of the Offering on which, in the aggregate, underwriting compensation from all sources in connection with the Offering, including the shareholder servicing and/or distribution fees and other underwriting compensation, is equal to 10% of the gross proceeds from the Offering.

In addition, at the end of the month in which the Managing Dealer in conjunction with the transfer agent determines that total transaction or other fees, including upfront placement fees or brokerage commissions, and shareholder servicing and/or distribution fees paid with respect to any single share held in a shareholder’s account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such share (or a lower limit as determined by the Managing Dealer or the applicable selling agent), the Company will cease paying the shareholder servicing and/or distribution fee on either (i) each such share that would exceed such limit or (ii) all Class D shares, Class F shares and Class S shares in such shareholder’s account. At the end of such month, the applicable Class D shares, Class F shares or Class S shares in such shareholder’s account will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV as such Class D, Class F or Class S shares.

The Managing Dealer is a broker-dealer registered with the SEC and is a member of the Financial Industry Regulatory Authority (“FINRA”).

The Managing Dealer Agreement may be terminated at any time, without the payment of any penalty, by vote of a majority of the Independent Trustees or by vote of a majority of the outstanding voting securities of the Company, on not more than 60 days’ written notice to the Managing Dealer or the Adviser. The Managing Dealer Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act.

Either party may terminate the Managing Dealer Agreement upon 60 days’ written notice to the other party or immediately upon notice to the other party in the event such other party failed to comply with a material provision of the Managing Dealer Agreement. The Company’s obligations under the Managing Dealer Agreement to pay the shareholder servicing and/or distribution fees with respect to the Class S, Class D shares and Class F shares distributed shall survive termination of the agreement until such shares are no longer outstanding (including such shares that have been converted into Class I shares, as described above).

The current Managing Dealer Agreement will be terminated as a result of the HPS/BlackRock Transaction. Accordingly, the Board approved a new managing dealer agreement between the Company and the Managing Dealer, with the material terms unchanged from the current agreement, set to take effect at the time of the closing of the HPS/BlackRock Transaction.

Distribution and Servicing Plan

On August 9, 2021, the Board approved a distribution and servicing plan (the “Distribution and Servicing Plan”). The following table shows the shareholder servicing and/or distribution fees the Company pays the Managing Dealer with respect to the Class I, Class D, Class F, and Class S on an annualized basis as a percentage of the Company’s NAV for such class.


	Shareholder Servicing and/or Distribution Fee as a % of NAV
Class I shares	—	%
Class D shares	0.25	%
Class F shares	0.50	%
Class S shares	0.85	%

The shareholder servicing and/or distribution fees are paid monthly in arrears, calculated using the net asset value of the applicable class as of the beginning of the first calendar day of the month and subject to FINRA and other limitations on underwriting compensation.

The Managing Dealer will reallow (pay) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services. Because the shareholder servicing and/or distribution fees with respect to Class D, Class F or Class S shares are calculated based on the aggregate net asset value for all of the

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outstanding shares of each such class, it reduces the net asset value with respect to all shares of each such class, including shares issued under the Company’s distribution reinvestment plan.

Eligibility to receive the shareholder servicing and/or distribution fee is conditioned on a broker providing the following ongoing services with respect to the Class D, Class F or Class S shares: assistance with recordkeeping, answering investor inquiries regarding the Company, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. If the applicable broker is not eligible to receive the shareholder servicing and/or distribution fee due to failure to provide these services, the Managing Dealer will waive the shareholder servicing and/or distribution fee that broker would have otherwise been eligible to receive. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase.

For the three months ended March 31, 2025, the Company incurred shareholder servicing and/or distribution fees of $0.7 million, $5.8 million and $1.0 million, which were attributable to Class D, Class F and Class S shares, respectively. For the three months ended March 31, 2024, the Company incurred shareholder servicing and/or distribution fees of $0.5 million, $4.3 million and $0.2 million, which were attributable to Class D, Class F and Class S shares, respectively. As of March 31, 2025 and December 31, 2024, there was $2.7 million and $2.5 million, respectively, of shareholder servicing and/or distribution fees payable to the Managing Dealer.

Expense Support and Conditional Reimbursement Agreement

On January 20, 2022, the Company entered into an expense support and conditional reimbursement agreement with the Adviser. On June 30, 2023, the Company and the Adviser entered into an Amended and Restated Expense Support and Conditional Reimbursement Agreement (as further amended and/or restated from time to time, the “Expense Support Agreement”) in connection with the corporate reorganization of the investment advisory operations with respect to the Company. Pursuant to the Expense Support Agreement, on a monthly basis, the Adviser is obligated to advance all of the Company’s Other Operating Expenses (as defined hereafter) (each, a “Required Expense Payment”) to the extent that such expenses exceed 1.00% (on an annualized basis) of the Company’s NAV. The Adviser may elect to pay an additional portion of the Company’s expenses from time to time, which the Company will be obligated to reimburse to the Adviser at a later date if certain conditions are met.

“Other Operating Expenses” means the Company’s total organization and offering expenses, professional fees, trustee fees, administration fees, and other general and administrative expenses (including the Company’s allocable portion of compensation (including salaries, bonuses and benefits), overhead and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, subject to the limitations described in the Administration Agreement).

Any Required Expense Payment must be paid by the Adviser to the Company in any combination of cash or other immediately available funds and/or offset against amounts due from the Company to the Adviser or its affiliates.

The Adviser may elect to pay certain additional expenses on behalf of the Company (each, a “Voluntary Expense Payment” and together with a Required Expense Payment, the “Expense Payments”), provided that no portion of the payment will be used to pay any interest expense or shareholder servicing and/or distribution fees of the Company. Any Voluntary Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Company in any combination of cash or other immediately available funds no later than 45 days after such commitment was made in writing, and/or offset against amounts due from the Company to the Adviser or its affiliates.

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a “Reimbursement Payment.”

“Available Operating Funds” means the sum of (i) the Company’s net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company’s net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

The Company’s obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month.

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For the three months ended March 31, 2025 and 2024, the Adviser made no Expense Payments on behalf of the Company and there were no Reimbursement Payments made to the Adviser.

Controlled/Affiliated Portfolio Companies

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Under the 1940 Act, “non-affiliated investments” are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled/affiliated investments is contained in the accompanying consolidated financial statements, including the Consolidated Schedules of Investments.

The Company has made an investment in a joint venture, ULTRA III, which is considered a controlled/affiliated company. For a further description of ULTRA III, see “Note 11. Joint Venture.”

Note 4. Investments

The composition of the Company’s investment portfolio at cost and fair value was as follows:


	March 31, 2025						December 31, 2024
	Amortized Cost		Fair Value		% of Total Investments at Fair Value		Amortized Cost		Fair Value		% of Total Investments at Fair Value
First lien debt	$	17,719,541	$	17,820,394	96.69	%	$	15,491,454	$	15,529,180	96.27	%
Second lien debt	26,648		27,030		0.15		35,984		31,340		0.19
Other secured debt	63,996		64,252		0.35		68,340		68,501		0.42
Unsecured debt	47,095		46,966		0.25		45,923		46,022		0.29
Structured finance investments	75,301		76,735		0.42		72,893		75,392		0.47
Investments in joint ventures	297,747		322,624		1.75		297,747		320,350		1.99
Equity investments	70,596		72,559		0.39		58,737		60,471		0.37
Total	$	18,300,924	$	18,430,560	100.00	%	$	16,071,078	$	16,131,256	100.00	%

The industry composition of investments at fair value was as follows:


	March 31, 2025				December 31, 2024
	Fair Value		% of Total Investments at Fair Value		Fair Value		% of Total Investments at Fair Value
Aerospace and Defense	$	771,525	4.19	%	$	559,297	3.47	%
Alternative Energy	23,198		0.13		23,816		0.15
Asset Based Lending and Fund Finance	76,573		0.42		52,644		0.33
Automobiles and Parts	94,309		0.51		86,075		0.53
Chemicals	20,988		0.11		18,292		0.11
Construction and Materials	209,603		1.14		201,635		1.25
Consumer Services	745,612		4.05		710,693		4.41
Electricity	120,014		0.65		115,563		0.72
Electronic and Electrical Equipment	112,545		0.61		111,037		0.69
Finance and Credit Services	65,055		0.35		64,335		0.40
Food Producers	177,274		0.96		179,459		1.11
Gas, Water and Multi-utilities	40,976		0.22		43,542		0.27
General Industrials	440,478		2.39		377,368		2.34

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Health Care Providers	1,802,257		9.78		1,771,772		10.98
Household Goods and Home Construction	2,830		0.02		6,589		0.04
Industrial Engineering	308,760		1.68		306,077		1.90
Industrial Metals and Mining	206,949		1.12		202,391		1.25
Industrial Support Services	2,067,600		11.22		1,940,379		12.03
Industrial Transportation	132,715		0.72		120,785		0.75
Investment Banking and Brokerage Services	917,872		4.98		701,647		4.35
Investments in Joint Ventures	322,624		1.75		320,350		1.99
Leisure Goods	728		0.00		1,986		0.01
Life Insurance	14,697		0.08		14,867		0.09
Media	805,198		4.37		789,402		4.89
Medical Equipment and Services	1,522,694		8.26		1,274,288		7.90
Non-life Insurance	712,195		3.86		628,442		3.90
Oil, Gas and Coal	76,175		0.41		73,845		0.46
Personal Care, Drug and Grocery Stores	494,926		2.69		487,426		3.02
Personal Goods	82,857		0.45		83,559		0.52
Pharmaceuticals and Biotechnology	985,471		5.35		605,178		3.75
Real Estate Investment and Services	89,282		0.48		86,822		0.54
Retailers	310,205		1.68		306,146		1.90
Software and Computer Services	3,925,481		21.29		3,249,907		20.14
Structured Finance	76,735		0.42		75,392		0.47
Technology Hardware and Equipment	60,139		0.33		58,836		0.36
Telecommunications Equipment	63,031		0.34		81,265		0.50
Telecommunications Service Providers	26,609		0.14		32,146		0.20
Travel and Leisure	524,380		2.85		368,003		2.28
Total	$	18,430,560	100.00	%	$	16,131,256	100.00	%

The geographic composition of investments at cost and fair value was as follows:


	March 31, 2025
	Amortized Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States	$	15,179,407	$	15,254,594	82.78	%	158.28	%
United Kingdom	1,327,068		1,365,553		7.41		14.17
Sweden	441,364		450,225		2.44		4.67
Australia	284,011		268,239		1.46		2.78
Spain	208,215		216,367		1.17		2.24
France	166,896		168,290		0.91		1.75
Austria	147,554		153,707		0.83		1.59
Italy	142,227		145,132		0.79		1.51
Germany	115,820		121,588		0.66		1.26
Canada	102,971		98,123		0.53		1.02
Czech Republic	54,771		56,948		0.31		0.59
Taiwan	47,911		47,991		0.26		0.50
Singapore	33,016		33,589		0.18		0.35
Norway	21,444		21,993		0.12		0.23
Belgium	14,038		14,064		0.08		0.15
Luxembourg	11,922		11,952		0.06		0.12
Netherlands	2,289		2,205		0.01		0.02
Total	$	18,300,924	$	18,430,560	100.00	%	191.23	%

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	December 31, 2024
	Amortized Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States	$	13,526,427	$	13,615,550	84.40	%	155.90	%
United Kingdom	963,353		970,468		6.02		11.11
Sweden	403,151		394,051		2.44		4.51
Australia	283,869		264,325		1.64		3.03
Spain	207,908		206,399		1.28		2.36
France	135,592		133,330		0.83		1.53
Italy	128,313		127,756		0.79		1.46
Germany	115,723		116,321		0.72		1.33
Austria	88,588		89,741		0.56		1.03
Canada	90,609		86,461		0.54		0.99
Taiwan	47,223		46,563		0.29		0.53
Singapore	32,957		33,059		0.20		0.38
Norway	21,342		20,894		0.13		0.24
Belgium	14,072		14,258		0.09		0.16
Luxembourg	11,951		12,080		0.07		0.14
Total	$	16,071,078	$	16,131,256	100.00	%	184.70	%

As of March 31, 2025 and December 31, 2024, the Company had certain investments in nine and eight portfolio companies on non-accrual status, respectively, which represented 0.58% and 0.70% of total debt and income producing investments (excluding investments in joint ventures), at fair value, respectively.

As of March 31, 2025 and December 31, 2024, on a fair value basis, 99.4% and 99.3% of performing debt investments bore interest at a floating rate and 0.6% and 0.7%, of performing debt investments bore interest at a fixed rate, respectively.

Note 5. Fair Value Measurements

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date.

The fair value hierarchy under ASC 820 prioritizes the inputs to valuation methodology used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these securities. The three levels of the fair value hierarchy are as follows:

•Level 1: Inputs to the valuation methodology that reflect unadjusted quoted prices available in active markets for identical assets or liabilities as of the reporting date.

•Level 2: Inputs to the valuation methodology other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date.

•Level 3: Inputs to the valuation methodology are unobservable and significant to overall fair value measurement.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the overall fair value measurement. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment.

In addition to using the above inputs in investment valuations, the Company applies the valuation policy approved by its Board that is consistent with ASC 820. Consistent with the valuation policy, the Company evaluates the source of the inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value.

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Investments whose values are based on the listed closing price quoted on the securities’ principal exchange are classified within Level 1 and include active listed equities. The Adviser does not adjust the quoted price for such instruments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include investment-grade corporate bonds, structured products, and certain bank loans, less liquid listed equities, and high yield bonds. As Level 2 investments include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

Investments classified within Level 3 have unobservable inputs, as they trade infrequently, or not at all. When observable prices are not available for these investments, the Adviser uses one or more valuation techniques (e.g., the market approach and the income approach) of which sufficient and reliable data is available. Within Level 3, the use of the market approach generally consists of using comparable market data, while the use of the income approach generally consists of the net present value of estimated future cash flows, which may be adjusted as appropriate for liquidity, credit, market and/or other risk factors.

Investments in senior loans primarily include first and second lien term loans, delayed draws and revolving credit. The Adviser analyzes enterprise value based on the weighted average of discounted cash flows, public comparables and merger and acquisition comparables. This analysis is done to ensure, among other things, that the investments have adequate collateral and asset coverage. Once the investment is determined to have adequate asset coverage, the Adviser monitors yields for senior loan investments made from the time of purchase to the month end average yields for similar investments and risk profiles. The Company uses market data, including newly funded transactions, and secondary market data with respect to high-yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield. The change in yield is utilized by the Adviser to discount the anticipated cash flows of the debt investment in order to arrive at a fair value. Further, the Adviser adjusts for material changes in the underlying fundamentals of the issuer, including changes in leverage, as necessary. If the investment does not have adequate coverage, a tranched valuation approach is considered.

Derivative Instruments: Derivative instruments can be exchange-traded or privately negotiated over the-counter (“OTC”) and include forward currency contracts and swap contracts. Forwards currency contracts and swap contracts are valued by the Adviser using observable inputs, such as market-based quotations received from the counterparty, dealers or brokers, whenever available and considered reliable. In instances where models are used, the value of an OTC derivative depends upon the contractual terms of, and specific risks inherent in the contract, as well as the availability and reliability of observable inputs. Such inputs include market prices for reference securities, yield curves, volatility assumptions and correlations of such inputs. Certain OTC derivatives can generally be corroborated by market data and are therefore classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded.

Further inputs considered by the Adviser in estimating the value of investments may include the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations and other transactions across the capital structure, offerings in the equity or debt capital markets (by the investment or other comparable investments), whether the loan contains call protection and changes in financial ratios or cash flows. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Adviser in the absence of market information. The fair value measurement of Level 3 investments does not include transaction costs that may have been capitalized as part of the security’s cost basis. Assumptions used by the Adviser due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Company’s Consolidated Results of Operations.

Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. The rule permits boards, subject to board oversight and certain other conditions, to designate certain parties to perform the fair value determinations. In accordance with this rule, the Company’s Board of Trustees has designated our Adviser as the valuation designee primarily responsible for the valuation of the Company’s investments, subject to the oversight of the Board of Trustees.

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The following tables present the fair value hierarchy of investments and cash equivalents:


	March 31, 2025
	Level 1		Level 2		Level 3		Total
First lien debt	$	—	$	1,430,645	$	16,389,749	$	17,820,394
Second lien debt	—		—		27,030		27,030
Other secured debt	—		—		64,252		64,252
Unsecured debt	—		13,209		33,757		46,966
Structured finance investments	—		76,735		—		76,735
Equity investments	—		—		72,559		72,559
Total investments	—		1,520,589		16,587,347		18,107,936
Investments measured at NAV(1)	—		—		—		322,624
Total	$	—	$	1,520,589	$	16,587,347	$	18,430,560
Cash equivalents	$	340,716	$	—	$	—	$	340,716


	December 31, 2024
	Level 1		Level 2		Level 3		Total
First lien debt	$	—	$	1,175,758	$	14,353,422	$	15,529,180
Second lien debt	—		—		31,340		31,340
Other secured debt	—		—		68,501		68,501
Unsecured debt	—		13,196		32,826		46,022
Structured finance investments	—		75,392		—		75,392
Equity investments	—		—		60,471		60,471
Total investments	—		1,264,346		14,546,560		15,810,906
Investments measured at NAV(1)	—		—		—		320,350
Total	$	—	$	1,264,346	$	14,546,560	$	16,131,256
Cash equivalents	$	155,290	$	—	$	—	$	155,290

(1) Includes investment in ULTRA III (refer to Note 11). Certain investments that are measured at fair value using the NAV practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

The following tables present change in the fair value of investments for which Level 3 inputs were used to determine fair value:


	Three Months Ended March 31, 2025
	First Lien Debt		Second Lien Debt		Other Secured Debt		Unsecured Debt		Equity Investments		Total Investments
Fair value, beginning of period	$	14,353,422	$	31,340	$	68,501	$	32,826	$	60,471	$	14,546,560
Purchases of investments(1)	2,240,791		—		889		1,139		11,927		2,254,746
Proceeds from principal repayments and sales of investments	(251,603)		(4,470)		(5,416)		—		(656)		(262,145)
Accretion of discount/amortization of premium	16,878		8		183		5		—		17,074
Net realized gain (loss)	(13,104)		(4,874)		—		—		588		(17,390)
Net change in unrealized appreciation (depreciation)	81,462		5,026		95		(213)		229		86,599
Transfers into Level 3(2)	—		—		—		—		—		—
Transfers out of Level 3(2)	(38,097)		—		—		—		—		(38,097)
Fair value, end of period	$	16,389,749	$	27,030	$	64,252	$	33,757	$	72,559	$	16,587,347
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of March 31, 2025	$	75,562	$	5,047	$	95	$	(213)	$	594	$	81,085

(1)Purchases include PIK interest and dividends, if applicable.

(2)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended March 31, 2025, transfers into or out of Level 3 were primarily due to decreased or increased price transparency, respectively.

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	Three Months Ended March 31, 2024
	First Lien Debt		Second Lien Debt		Other Secured Debt		Unsecured Debt		Equity Investments		Total Investments
Fair value, beginning of period	$	7,956,235	$	19,441	$	—	$	15,936	$	36,656	$	8,028,268
Purchases of investments(1)	1,257,653		—		63,700		594		3,547		1,325,494
Proceeds from principal repayments and sales of investments	(680,727)		—		—		—		(385)		(681,112)
Accretion of discount/amortization of premium	24,017		39		20		2		—		24,078
Net realized gain (loss)	(6,866)		—		—		—		60		(6,806)
Net change in unrealized appreciation (depreciation)	14,242		284		(1)		71		203		14,799
Transfers into Level 3(2)	—		—		—		—		—		—
Transfers out of Level 3(2)	(6,974)		—		—		—		—		(6,974)
Fair value, end of period	$	8,557,580	$	19,764	$	63,719	$	16,603	$	40,081	$	8,697,747
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of March 31, 2024	$	20,387	$	284	$	(1)	$	71	$	256	$	20,997

(1)Purchases include PIK interest and dividends, if applicable.

(2)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended March 31, 2024, transfers into or out of Level 3 were primarily due to decreased or increased price transparency, respectively.

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The tables are not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.


	March 31, 2025
					Range
	Fair Value(1)		Valuation Technique	Unobservable Input	Low		High		Weighted Average(2)
Investments in first lien debt	$	13,134,773	Yield analysis	Discount rate	7.25	%	19.39	%	9.98	%
	31,147		Discounted cash flow	Discount rate	9.50	%	18.00	%	13.62	%
				Exit multiple	2.90x		10.00x		9.35x
	52,298		Recovery analysis	Recovery rate	13.17	%	100.00	%	66.05	%
Investments in second lien debt	27,030		Yield analysis	Discount rate	9.22	%	11.90	%	9.42	%
Investments in other secured debt	64,252		Yield analysis	Discount rate	11.32	%	12.26	%	11.57	%
Investments in unsecured debt	33,757		Yield analysis	Discount rate	12.37	%	24.18	%	14.74	%
Investments in preferred equity	38,814		Yield analysis	Discount rate	8.89	%	15.00	%	14.11	%
Investments in common equity	13,851		Discounted cash flow	Discount rate	8.70	%	13.61	%	12.13	%

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	December 31, 2024
					Range
	Fair Value(1)		Valuation Technique	Unobservable Input	Low		High		Weighted Average(2)
Investments in first lien debt	$	9,059,762	Yield analysis	Discount rate	7.69	%	33.16	%	10.23	%
	54,259		Discounted cash flow	Discount rate	13.80	%	16.00	%	15.26	%
				Exit multiple	2.90x		10.00x		8.46x
	29,952		Recovery analysis	Recovery rate	22.13	%	100.00	%	59.81	%
Investments in second lien debt	3,938		Discounted cash flow	Discount rate	8.80	%	8.80	%	8.80	%
				Exit multiple	11.50x		11.50x		11.50x
	2,464		Yield analysis	Discount rate	12.04	%	12.77	%	12.20	%
Investments in other secured debt	52,644		Yield analysis	Discount rate	11.55	%	11.55	%	11.55	%
Investments in unsecured debt	32,827		Yield analysis	Discount rate	10.52	%	17.99	%	14.58	%
Investments in preferred equity	37,443		Yield analysis	Discount rate	12.19	%	15.00	%	14.66	%
Investments in common equity	13,016		Discounted cash flow	Discount rate	8.00	%	13.61	%	12.33	%
				Exit multiple	7.85x		7.85x		7.85x

(1)As of March 31, 2025, included within the fair value of Level 3 assets of $16,587,347 is an amount of $3,191,425 for which the Adviser did not develop the unobservable inputs (examples include third-party pricing and transaction prices). As of December 31, 2024, included within the fair value of Level 3 assets of $14,546,560 is an amount of $5,260,255 for which the Adviser did not develop the unobservable inputs (examples include third-party pricing and transaction prices).

(2)Weighted averages are calculated based on fair value of investments.

The significant unobservable input used in the yield analysis is the discount rate based on comparable market yields. The significant unobservable inputs used in the income approach are the discount rate used to discount the estimated future cash flows expected to be received from the underlying investment. Significant increases in discount rates would result in a significantly lower fair value measurement. The significant unobservable input used in the recovery analysis is the recovery rate. The recovery rate represents the extent to which proceeds can be recovered and an increase or decrease in the recovery rate would result in an increase or decrease, respectively, in the fair value.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of the Company’s investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.

Table of Contents

Financial Instruments Not Carried at Fair Value

The following table presents fair value measurements of the Company’s debt obligations as of March 31, 2025 and December 31, 2024, had they been accounted for at fair value:

Debt


	March 31, 2025				December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
HLEND A Funding Facility	$	522,873	$	522,873	$	683,184	$	683,184
HLEND B Funding Facility	755,323		755,323		955,572		955,572
HLEND C Funding Facility	487,500		487,500		487,500		487,500
HLEND D Funding Facility	737,498		737,498		830,343		830,343
HLEND E Funding Facility	701,927		701,927		642,800		642,800
Revolving Credit Facility	956,956		956,956		1,186,264		1,186,264
November 2025 Notes(1)	169,538		172,468		169,403		174,101
November 2027 Notes(1)	154,390		165,295		153,652		166,551
March 2026 Notes(1)	275,844		281,784		274,866		284,394
March 2028 Notes(1)	123,797		132,267		121,989		133,054
September 2027 Notes(1)	75,454		80,084		74,649		80,748
September 2028 Notes(1)	251,880		273,526		248,111		274,528
January 2029 Notes(1)	541,966		566,825		530,894		565,224
September 2029 Notes(1)	398,833		405,764		390,055		407,636
January 2028 Notes(1)	747,175		747,143		—		—
April 2032 Notes(1)	498,371		493,900		—		—
2023 CLO Secured Notes(1)	320,086		320,086		320,018		320,018
2024 CLO Secured Notes(1)	377,612		377,612		376,280		376,280
2025 CLO Secured Debt(1)	845,009		845,009		—		—
Total	$	8,942,032	$	9,023,840	$	7,445,580	$	7,568,197

(1)As of March 31, 2025 and December 31, 2024, the carrying value of the Company's Unsecured Notes, 2023 CLO Secured Notes, 2024 CLO Secured Notes and 2025 CLO Secured Debt (each as defined below), as applicable, are presented net of unamortized debt issuance costs and original issue discount, as applicable, in the below table. Additionally, the carrying value of the Company's Unsecured Notes includes the increase (decrease) in the notes carrying value as a result of the qualifying fair value hedge relationship as disclosed in the below table, as applicable, and as further described in Note 6.


	March 31, 2025				December 31, 2024
	Unamortized Debt Issuance Costs and Original Issue Discount		Change in the Notes Carrying Value as a Result of the Qualifying Fair Value Hedge Relationship		Unamortized Debt Issuance Costs and Original Issue Discount		Change in the Notes Carrying Value as a Result of the Qualifying Fair Value Hedge Relationship
November 2025 Notes	$	(403)	$	(59)	$	(562)	$	(36)
November 2027 Notes	(926)		316		(1,013)		(335)
March 2026 Notes	(800)		644		(1,007)		(127)
March 2028 Notes	(668)		465		(723)		(1,288)
September 2027 Notes	(484)		938		(533)		182
September 2028 Notes	(1,818)		3,698		(1,947)		58
January 2029 Notes	(9,897)		1,862		(10,367)		(8,739)
September 2029 Notes	(8,382)		7,215		(8,721)		(1,225)
January 2028 Notes	(10,845)		8,020		—		—
April 2032 Notes	(13,366)		11,737		—		—
2023 CLO Secured Notes	(2,914)		—		(2,982)		—
2024 CLO Secured Notes	(22,387)		—		(23,718)		—
2025 CLO Secured Debt	(4,991)		—		—		—
Total	$	(77,881)	$	34,836	$	(51,573)	$	(11,510)

Table of Contents

The following table presents the fair value hierarchy of the Company’s debt obligations as of March 31, 2025 and December 31, 2024:


	March 31, 2025		December 31, 2024
Level 1	$	—	$	—
Level 2	2,213,632		972,860
Level 3	6,810,208		6,595,337
Total	$	9,023,840	$	7,568,197

As of March 31, 2025 and December 31, 2024, the carrying amounts of the Company’s assets and liabilities, other than investments at fair value and debt, approximate fair value due to their short maturities. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, if applicable, or market quotes, if available.

Note 6. Derivative Instruments

The Company enters into foreign currency forward contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies. The Company enters into swap contracts in the normal course of business to manage its interest rate risk exposure. For derivative contracts, the Company enters into netting arrangements with its counterparties. In accordance with authoritative guidance, the Company offsets fair value amounts recognized for derivative instruments with the same security type and counterparty under a master netting arrangement.

During the three months ended March 31, 2025 and 2024, the average notional exposure for foreign currency forward contracts were $1,818.2 million and $670.7 million, respectively, and the average notional exposure for interest rate swaps were $2,775.0 million and $1,300.0 million, respectively.

The following tables summarize the aggregate notional amount and fair value of the Company’s derivative financial instruments as of March 31, 2025 and December 31, 2024.


	March 31, 2025
	Level 1		Level 2		Level 3		Total Fair Value		Notional
Derivative Assets
Foreign currency forward contracts	$	—	$	23,750	$	—	$	23,750	$	1,957,001
Interest rates swaps	—		34,895		—		34,895		3,002,500
Total derivative assets, at fair value	$	—	$	58,645	$	—	$	58,645	$	4,959,501

Derivative Liabilities
Foreign currency forward contracts	$	—	$	(4,849)	$	—	$	(4,849)	$	297,691
Interest rate swaps	—		(59)		—		(59)		85,000
Total derivative liabilities, at fair value	$	—	$	(4,908)	$	—	$	(4,908)	$	382,691


	December 31, 2024
	Level 1		Level 2		Level 3		Total Fair Value		Notional
Derivative Assets
Foreign currency forward contracts	$	—	$	43,003	$	—	$	43,003	$	1,520,726
Interest rate swaps	—		240		—		240		325,000
Total derivative assets, at fair value	$	—	$	43,243	$	—	$	43,243	$	1,845,726

Derivative Liabilities
Interest rate swaps	$	—	$	(11,750)	$	—	$	(11,750)	$	1,512,500
Total derivative liabilities, at fair value	$	—	$	(11,750)	$	—	$	(11,750)	$	1,512,500

Table of Contents

The effect of transactions in derivative instruments that are not designated in a qualifying hedge accounting relationship on the Consolidated Statements of Operations during the three months ended March 31, 2025 and 2024 were as follows:


	Three Months Ended March 31,
	2025		2024
Net change in unrealized gain (loss) on foreign currency forward contracts	$	(24,102)	$	12,494
Realized gain (loss) on foreign currency forward contracts	$	(34,279)	$	167

The following table presents both gross and net information about derivative instruments eligible for offset in the Consolidated Statements of Assets and Liabilities as of March 31, 2025 and December 31, 2024:


			March 31, 2025
Counterparty	Instrument	Account in the Consolidated Statements of Asset and Liabilities	Gross Amount of Assets		Gross Amount of (Liabilities)		Net amounts presented in the Consolidated Statements of Assets and Liabilities		Collateral Received/Pledged(1)		Net Amounts(2)
BNP PARIBAS	Interest rate swaps	Derivative assets, at fair value	$	11,737	$	—	$	11,737	$	—	$	11,737
SMBC Capital Markets, Inc.	Interest rate swaps	Derivative assets, at fair value	$	1,862	$	—	$	1,862	$	(1,780)	$	82
Goldman Sachs Bank USA	Interest rate swaps	Derivative assets, at fair value	$	21,296	$	(59)	$	21,237	$	(19,230)	$	2,007
BNP PARIBAS	Foreign currency forward contracts	Derivative assets, at fair value	$	133	$	(21)	$	112	$	—	$	112
Deutsche Bank AG	Foreign currency forward contracts	Derivative assets, at fair value	$	398	$	—	$	398	$	—	$	398
Goldman Sachs Bank USA	Foreign currency forward contracts	Derivative assets, at fair value	$	2,055	$	(1,387)	$	668	$	—	$	668
SMBC Capital Markets, Inc.	Foreign currency forward contracts	Derivative assets, at fair value	$	21,164	$	(3,441)	$	17,723	$	—	$	17,723


			December 31, 2024
Counterparty	Instrument	Account in the Consolidated Statements of Asset and Liabilities	Gross Amount of Assets		Gross Amount of (Liabilities)		Net amounts presented in the Consolidated Statements of Assets and Liabilities		Collateral Received/Pledged(1)		Net Amounts(2)
Goldman Sachs Bank USA	Foreign currency forward contracts	Derivative assets, at fair value	$	4,005	$	—	$	4,005	$	—	$	4,005
SMBC Capital Markets, Inc.	Foreign currency forward contracts	Derivative assets, at fair value	$	38,544	$	—	$	38,544	$	—	$	38,544
Deutsche Bank AG	Foreign currency forward contracts	Derivative assets, at fair value	$	454	$	—	$	454	$	—	$	454
Goldman Sachs Bank USA	Interest rate swaps	Derivative liabilities, at fair value	$	240	$	(3,011)	$	(2,771)	$	2,210	$	(561)
SMBC Capital Markets, Inc.	Interest rate swaps	Derivative liabilities, at fair value	$	—	$	(8,739)	$	(8,739)	$	8,390	$	(349)

(1) Amount excludes excess cash collateral paid/received.

(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual setoff rights under the agreement. Net amount excludes any over-collateralized amounts, if applicable.

Hedging

The Company designated certain interest rate swaps as the hedging instrument in a qualifying fair value hedge accounting relationship.

For derivative instruments designated in qualifying hedge relationships, the change in fair value of the hedging instrument and hedged item are recorded in interest expense and recognized as components of Interest expense in the Consolidated Statements of Operations.

Table of Contents

The table below presents the carrying value of unsecured borrowings as of March 31, 2025 and December 31, 2024, that are designated in a qualifying hedging relationship and the related cumulative hedging adjustment increase (decrease) from current and prior hedging relationships included in such carrying values:


	March 31, 2025				December 31, 2024
Description	Carrying Value		Cumulative Hedging Adjustments		Carrying Value		Cumulative Hedging Adjustments
Unsecured Notes	$	3,075,284	$	5,863	$	1,802,092	$	(38,729)

Note 7. Borrowings

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of March 31, 2025 and December 31, 2024, the Company’s asset coverage was 207.3% and 216.3%, respectively.

As of March 31, 2025 and December 31, 2024, the Company was in compliance with all covenants and other requirements of the Credit Facilities, the Unsecured Notes and the CLO Debt, as applicable.

SPV Financing Facilities

From time to time, wholly-owned subsidiaries of the Company may enter into secured financing facilities (“SPV Financing Facilities”), as described below. The obligations of each special purpose vehicle (“SPV”) to the lenders are secured by a first priority security interest in all of the SPV’s portfolio investments and cash. The obligations of each SPV under the applicable SPV Financing Facility are non-recourse to the Company, and the Company’s exposure to the credit facility is limited to the value of its investment in the SPV, other than as described below with respect to the HLEND C Funding Facility (as defined below).

In connection with the SPV Financing Facilities, the applicable SPV has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. Each SPV Financing Facility contains customary events of default for similar financing transactions, including if a change of control of the applicable SPV occurs. Upon the occurrence and during the continuation of an event of default, the lender under the SPV Financing Facility may declare the outstanding advances and all other obligations under the SPV Financing Facility immediately due and payable. The occurrence of an event of default (as described above) triggers a requirement that the SPV obtains the consent of the lenders under the SPV Financing Facility prior to entering into any sale or disposition with respect to portfolio investments.

As of each of March 31, 2025 and December 31, 2024, the Company had five SPV Financing Facilities, as discussed below.

HLEND A Funding Facility

On February 3 2022, HLEND A, entered into a SPV Financing Facility with Morgan Stanley Bank, N.A. (as amended, the “HLEND A Funding Facility”). Morgan Stanley Senior Funding, Inc. serves as administrative agent and U.S. Bank Trust Company, National Association services as collateral agent. On December 23, 2022, HLEND A entered into an amendment to, among other things, increase the aggregate commitments under the HLEND A Funding Facility from $600 million to $800 million. On October 11, 2024, and effective as of October 16, 2024, HLEND A entered into a further amendment to, among other things, decrease the applicable margin and extend the stated maturity of the HLEND A Funding Facility.

Loans under the HLEND A Funding Facility bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advances, then in effect, plus the applicable margin of 2.00% per annum. On or after the amortization period of October 14, 2027, the applicable margin on any remaining outstanding advances will be increased by 0.10% per annum.

As of March 31, 2025, the maximum borrowing capacity under the HLEND A Funding Facility was $800 million, subject to availability under the borrowing base. Proceeds from borrowings under the HLEND A Funding Facility may be used to fund portfolio investments by HLEND A and to make advances under revolving loans or delayed draw term loans where HLEND A is a lender. The period during which HLEND A may make borrowings under the HLEND A Funding Facility expires two business days prior to October 16, 2027 and the HLEND A Funding Facility will mature and all amounts outstanding under credit facility must be repaid by October 16, 2029.

HLEND B Funding Facility

On July 19 2022, HLEND B, entered into a SPV Financing Facility with Bank of America, N.A. (as amended, the “HLEND B Funding Facility”). Bank of America N.A. serves as administrative agent, U.S. Bank Trust Company, National Association, as collateral administrator, and U.S. Bank National Association, as collateral custodian. On January 25, 2024, HLEND B entered into an amendment to, among other things, increase the maximum borrowing capacity under the HLEND B Funding Facility from $1,000 million to $1,250 million.

Loans under the HLEND B Funding Facility bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advances, plus an applicable margin adjusted at one-month or three-month intervals based on the proportion of the broadly syndicated loans, large corporate loans and middle market loans in the portfolio, with the applicable margin attributable to broadly syndicated loans equal to 2.00% per annum, the applicable margin attributable to large corporate loans equal to 2.40% per annum and the applicable margin applicable to middle market loans equal to 2.65% per annum, subject to a blended floor of 2.35%.

As of March 31, 2025, the maximum borrowing capacity under the HLEND B Funding Facility was $1,250 million, subject to availability under the borrowing base. Proceeds from borrowings under the HLEND B Funding Facility may be used to fund portfolio investments by HLEND B, to make advances under revolving loans or delayed draw term loans where HLEND B is a lender. The period during which HLEND B may make borrowings under the HLEND B Funding Facility expires on January 25, 2027 and the HLEND B Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by January 25, 2029.

HLEND C Funding Facility

On January 12, 2023, HLEND C, as borrower, and the Company, as equity holder, entered into a SPV Financing Facility with U.S. Bank Trust Company, National Association, as administrative agent and U.S. collateral agent (as amended, the “HLEND C Funding Facility”), Blackstone Asset Based Finance Advisors LP, as Blackstone Asset Based Finance Representative, and U.S. Bank National Association, as custodian. On June 22, 2023, HLEND C entered into an amendment to, among other things, increase the maximum borrowing capacity under the HLEND C Funding Facility from $400 million to $750 million. On November 8, 2024, HLEND C entered into a further amendment to, among other things, decrease the applicable margin. The Company has agreed to provide a limited guaranty of a portion of amounts owed under the HLEND C Funding Facility in the event of certain bad acts, including fraud and certain other willful and intentional breaches of the facility documents.

Loans under the HLEND C Funding Facility bear interest at a per annum rate equal to Term SOFR plus the applicable margin of 2.30% per annum. On or after the anticipated repayment date of January 11, 2030, the applicable margin on any remaining outstanding advances will be increased by 2.00% per annum.

As of March 31, 2025, the maximum borrowing capacity under the HLEND C Funding Facility was $750 million, subject to availability under the borrowing base. Proceeds from borrowings under the HLEND C Funding Facility may be used to fund portfolio investments by HLEND C. All amounts outstanding under the credit facility must be repaid by April 12, 2030.

HLEND D Funding Facility

On March 31 2023, HLEND D, as borrower, and the Company, as equity holder, entered into a SPV Financing Facility with BNP Paribas (as amended, the “HLEND D Funding Facility”). BNP Paribas serves as administrative agent, and U.S. Bank Trust Company, National Association, as the collateral agent. On November 21, 2024, HLEND D entered into an amendment to, among other things, increase the maximum borrowing capacity under the HLEND D Funding Facility from $500 million to $1,000 million and decrease the applicable margin.

Loans under the HLEND D Funding Facility bear interest at a per annum rate equal to (i)(a) with respect to advances made in U.S. dollars, Term SOFR, (b) with respect to advances made in GBP, adjusted cumulative compounded SONIA, (c) with respect to advances made in Euros, EURIBOR, (d) with respect to advances made in CAD, CDOR, and (e) with respect to advances made in Australian Dollar, BBSW, plus the applicable margin of 2.00% per annum.

As of March 31, 2025, the maximum borrowing capacity under the HLEND D Funding Facility was $1,000 million, subject to availability under the borrowing base. Proceeds from borrowings under the HLEND D Funding Facility may be used to fund portfolio

investments by HLEND D. The period during which HLEND D may make borrowings under the HLEND D Funding Facility expires on March 31, 2026 and amounts outstanding under the credit facility must be repaid by March 31, 2028.

HLEND E Funding Facility

On March 28, 2024, HLEND E, as borrower, and the Company, as equity holder and as collateral manager, entered into a SPV Financing Facility with the lenders from time to time party thereto, Wells Fargo Bank, National Association, as administrative agent (as amended, the “HLEND E Funding Facility”), U.S. Bank Trust Company, National Association, as collateral agent, and U.S. Bank National Association, as document custodian. On November 18, 2024, HLEND E entered into an amendment to, among other things, increase the maximum borrowing capacity under the HLEND E Funding Facility from $300 million to $750 million, decrease the applicable spread, extend the reinvestment period and extend the maturity date. On December 20, 2024, HLEND E entered into an amendment to, among other things, increase the maximum borrowing capacity under the HLEND E Funding Facility from $750 million to $1,000 million.

Loans under the HLEND E Funding Facility bear interest at a per annum rate equal to (i)(a) with respect to advances denominated in U.S. Dollars, Daily Simple SOFR, (b) with respect to advances denominated in GBP, Daily Simple SONIA, (c) with respect to advances denominated in Euros, EURIBOR, (d) with respect to advances denominated in Canadian dollars, Term CORRA, and (e) with respect to advances denominated in Australian Dollars, the Bank Bill Swap Reference Bid Rate, plus (ii) the applicable spread of 1.85% per annum.

As of March 31, 2025, the maximum borrowing capacity under the HLEND E Funding Facility was $1,000 million, subject to availability under the borrowing base. Proceeds from borrowings under the HLEND E Funding Facility may be used to fund portfolio investments by HLEND E. The period during which HLEND E may make borrowings under the HLEND E Funding Facility expires on November 18, 2027, and amounts outstanding under the credit facility must be repaid by November 16, 2029.

Revolving Credit Facility

On June 23, 2022, the Company, as Borrower, entered into a senior secured revolving credit facility (as amended, the “Revolving Credit Facility,” together with HLEND A Funding Facility, HLEND B Funding Facility, HLEND C Funding Facility, HLEND D Funding Facility, and HLEND E Funding Facility the “Credit Facilities”) (which was most recently amended on October 30, 2023, and as further amended from time to time) pursuant to a Senior Secured Revolving Credit Agreement (the “Agreement”), with JPMorgan Chase Bank, N.A., as administrative agent and as collateral agent, and the lenders party thereto (the “Lenders”).

The Company may borrow amounts in U.S. dollars or certain other permitted currencies under the Revolving Credit Facility. Advances under the Revolving Credit Facility drawn in U.S. dollars will initially bear interest at a per annum rate equal to 0.75% or 0.875% plus an “alternate base rate” in the case of any alternative base rate loan (“ABR Loan”) and 1.75% or 1.875% plus the Adjusted Term SOFR Rate in the case of any other Loan, in each case, depending on the Company’s rate option election and borrowing base. Advances under the Revolving Credit Facility drawn in currencies other than U.S. dollars will initially bear interest at a per annum rate equal to 1.75% or 1.875%, in each case depending on the Company’s borrowing base, plus any applicable credit spread adjustment, plus certain local rates consistent with market standards. The Company also pays a fee of 0.375% on average daily undrawn amounts under the Revolving Credit Facility.

The maximum borrowing capacity of the Revolving Credit Facility is $1,625 million (increased from $1,525 million to $1,625 million on January 24, 2025), subject to availability under the borrowing base, which is based on the Company’s portfolio investments and other outstanding indebtedness, with an accordion provision to permit increases to the total facility amount up to $1,912.5 million subject to the satisfaction of certain conditions.

The Revolving Credit Facility is guaranteed by certain subsidiaries of the Company, including certain additional domestic subsidiaries (direct or indirect) of the Company that may be formed or acquired in the future (collectively, the “Guarantors”). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including, without limitation, repaying outstanding indebtedness, making distributions, contributions and investments, and acquisition and funding, and such other uses as permitted under the Agreement.

The Revolving Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each Guarantor, subject to certain exceptions, and includes a $200 million limit for swingline loans.

The availability period under the Revolving Credit Facility will terminate on October 30, 2027 (the “Commitment Termination Date”) (other than with respect to the commitment of a lender in the amount of $100 million, which terminates on June 23, 2026), and the

Revolving Credit Facility will mature on October 30, 2028 (the “Maturity Date”) (other than with respect to the commitment of a lender in the amount of $100 million, which matures on June 23, 2027). During the period from the Commitment Termination Date to the Maturity Date, the Company will be obligated to make mandatory prepayments under the Revolving Credit Facility out of the proceeds of certain asset sales, other recovery events and equity and debt issuances.

Private Unsecured Notes

The Company issued unsecured notes, as further described below: November 2025 Notes, November 2027 Notes, March 2026 Notes, March 2028 Notes, September 2027 Notes and September 2028 Notes (each as defined below), which are collectively referred to herein as the “Private Unsecured Notes”.

Interest on the Private Unsecured Notes will be due semiannually. The interest rate is subject to increase (up to a maximum increase of 2.00% above the stated rate) in the event that, subject to certain exceptions, the Private Unsecured Notes cease to have an investment grade rating and the Company’s minimum secured debt ratio exceeds certain thresholds. In addition, the Company is obligated to offer to repay the Private Unsecured Notes at par if certain change in control events occur. The Private Unsecured Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured, unsubordinated indebtedness issued by the Company.

November 2025 Notes

On November 14, 2022, the Company entered into a Master Note Purchase Agreement (the “2022 Note Purchase Agreement”) governing the issuance of $170 million in aggregate principal amount of its Series A Senior Notes, Tranche A (the “November 2025 Notes”) to institutional investors in a private placement. The November 2025 Notes have a fixed interest rate of 8.37% per annum and are due on November 14, 2025.

In connection with the November 2025 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 8.37% per annum and pays a floating interest rate of SOFR + 4.08% per annum on $85 million of the November 2025 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

November 2027 Notes

On November 14, 2022, the Company entered into the 2022 Note Purchase Agreement governing the issuance of $155 million in aggregate principal amount of its Series A Senior Notes, Tranche B (the “November 2027 Notes”) to institutional investors in a private placement. The November 2027 Notes have a fixed interest rate of 8.43% per annum and are due on November 14, 2027.

In connection with the November 2027 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 8.43% per annum and pays a floating interest rate of SOFR + 4.42% per annum on $77.5 million of the November 2027 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

March 2026 Notes

On March 15, 2023, the Company entered into a Master Note Purchase Agreement (the “2023 Note Purchase Agreement”) governing the issuance of $276 million in aggregate principal amount of its Series A Senior Notes, Tranche A (the “March 2026 Notes”) to institutional investors in a private placement. The March 2026 Notes have a fixed interest rate of 8.12% per annum and are due on March 15, 2026.

In connection with the March 2026 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 8.12% per annum and pays a floating interest rate of SOFR + 3.761% per annum on $276 million of the March 2026 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

March 2028 Notes

On March 15, 2023, the Company entered into the 2023 Note Purchase Agreement governing the issuance of $124 million in aggregate principal amount of its Series A Senior Notes, Tranche B (the “March 2028 Notes”) to institutional investors in a private placement. The March 2028 Notes have a fixed interest rate of 8.17% per annum and are due on March 15, 2028.

In connection with the March 2028 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 8.18% per annum and pays a floating interest rate of SOFR + 4.241% per annum on $124 million of the March 2028 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

September 2027 Notes

On September 14, 2023, the Company entered into a First Supplement to the 2023 Note Purchase Agreement, governing the issuance of $75 million in aggregate principal amount of its Series 2023-B Senior Notes, Tranche A (the “September 2027 Notes”) to institutional investors in a private placement. The September 2027 Notes have a fixed interest rate of 8.67% per annum and are due on September 14, 2027.

In connection with the September 2027 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 8.67% per annum and pays a floating interest rate of 3-month Term SOFR plus 4.3055% per annum on $75 million of the September 2027 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

September 2028 Notes

On September 14, 2023, the Company entered into the First Supplement to the 2023 Note Purchase Agreement, governing the issuance of $250 million in aggregate principal amount of its Series 2023-B Senior Notes, Tranche B (the “September 2028 Notes”) to institutional investors in a private placement. The September 2028 Notes have a fixed interest rate of 8.80% per annum and are due on September 14, 2028.

In connection with the September 2028 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 8.80% per annum and pays a floating interest rate of 3-month Term SOFR plus 4.5365% per annum on $250 million of the September 2028 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

144A Unsecured Notes

The Company issued unsecured notes, as further described below: January 2029 Notes, September 2029 Notes, January 2028 Notes and April 2032 Notes (each as defined below), which are collectively referred to herein as the “144A Unsecured Notes” (collectively with the Private Unsecured Notes, the “Unsecured Notes”).

The 144A Unsecured Notes may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in each respective indenture governing the 144A Unsecured Notes. The 144A Unsecured Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 144A Unsecured Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

The 144A Unsecured Notes Indentures (as defined below) contain certain covenants, including covenants requiring the Company to comply with the asset coverage requirements of the 1940 Act, whether or not it is subject to those requirements, and to provide financial information to the holders of the 144A Unsecured Notes and the 144A Unsecured Notes Trustee (as defined below) if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in each respective indenture governing the 144A Unsecured Notes (the “144A Unsecured Notes Indentures”).

In addition, on the occurrence of a “change of control repurchase event,” as defined in each respective 144A Unsecured Notes Indenture, the Company will generally be required to make an offer to purchase the outstanding 144A Unsecured Notes at a price equal to 100% of the principal amount of such 144A Unsecured Notes plus accrued and unpaid interest to the repurchase date.

January 2029 Notes

On January 30, 2024, the Company issued $550.0 million aggregate principal amount of 6.75% notes due in 2029 (the “January 2029 Notes”) pursuant to an indenture (the “Base Indenture”) and a supplemental indenture, each dated as of January 30, 2024, between the Company and U.S. Bank Trust Company, National Association (the “144A Unsecured Notes Trustee”).

The January 2029 Notes will mature on January 30, 2029 and bear interest at a rate of 6.75% per year payable semi-annually on January 30 and July 30 of each year, commencing on July 30, 2024.

In connection with the January 2029 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 6.75% per annum and pays a floating interest rate of 3-month Term SOFR plus 2.876% per annum on $550.0 million of the January 2029 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

September 2029 Notes

On June 18, 2024, the Company issued $400.0 million aggregate principal amount of 6.25% notes due in 2029 (the “September 2029 Notes”) pursuant to a second supplemental indenture, dated as of June 18, 2024, to the Base Indenture between the Company and the 144A Unsecured Notes Trustee.

The September 2029 Notes will mature on September 30, 2029 and bear interest at a rate of 6.25% per year payable semi-annually on March 30 and September 30 of each year, commencing on March 30, 2025.

In connection with the September 2029 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 6.25% per annum and pays a floating interest rate of 3-month Term SOFR plus 2.0575% per annum on $400.0 million of the September 2029 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

January 2028 Notes

On January 14, 2025, the Company issued $750.0 million aggregate principal amount of 5.45% notes due in 2028 (the “January 2028 Notes”) pursuant to a third supplemental indenture, dated as of January 14, 2025, to the Base Indenture between the Company and the 144A Unsecured Notes Trustee.

The January 2028 Notes will mature on January 14, 2028 and bear interest at a rate of 5.45% per year payable semi-annually on January 14 and July 14 of each year, commencing on July 14, 2025.

In connection with the January 2028 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 5.45% per annum and pays a floating interest rate of 3-month Term SOFR plus 1.2855% per annum on $750.0 million of the January 2028 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

April 2032 Notes

On January 14, 2025, the Company issued $500.0 million aggregate principal amount of 5.95% notes due in 2032 (the “April 2032 Notes”) pursuant to a fourth supplemental indenture, dated as of January 14, 2025, to the Base Indenture between the Company and the 144A Unsecured Notes Trustee.

The April 2032 Notes will mature on April 14, 2032 and bear interest at a rate of 5.95% per year payable semi-annually on April 14 and October 14 of each year, commencing on April 14, 2025.

In connection with the April 2032 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 5.95% per annum and pays a floating interest rate of 3-month Term SOFR plus 1.756% per annum on $500.0 million of the April 2032 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

Debt Securitizations

The Company has determined that the securitization vehicles noted below operate as extensions of the Company and therefore, will be consolidated by the Company. The Company completed term debt securitizations, as further described below: 2023 CLO Notes, 2024 CLO Notes and 2025 CLO Debt (each as defined below), which are collectively referred to herein as the “CLO Debt.”

2023 Debt Securitization

On October 5, 2023 (the “Closing Date”), the Company completed a $429.1 million term debt securitization (the “2023 Debt Securitization”), consisting of three tranches of secured notes (the “2023 CLO Secured Notes”) and subordinated notes (the “2023 CLO Subordinated Notes”). The 2023 CLO Secured Notes together with the 2023 CLO Subordinated Notes are collectively referred to as the “2023 CLO Notes.” Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by a subsidiary of the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The 2023 CLO Notes offered in the 2023 Debt Securitization were issued by HLEND CLO 2023-1, LLC (the “2023 Issuer”), an indirect, wholly-owned and consolidated subsidiary of the Company, and are backed by a diversified portfolio of middle-market commercial loans and participation interests therein. The 2023 CLO Notes are scheduled to mature on October 22, 2035; however, the 2023 CLO Notes may be redeemed by the 2023 Issuer, at the written direction of (i) a majority of the 2023 CLO Subordinated Notes with the consent of the Company or (ii) the Company, in each case, on any business day on or after October 22, 2025.

The following table presents information on the 2023 Debt Securitization as of March 31, 2025:

Description

Type

Principal Outstanding

Interest Rate

Credit Rating

Class A Notes

Senior Secured Floating Rate

246,500

SF + 2.60%

AAA

Class B Notes

Senior Secured Floating Rate

42,500

SF + 3.35%

Class C Notes

Secured Deferrable Floating Rate

34,000

SF + 4.15%

Total Secured Notes

323,000

Subordinated Notes(1)

106,100

None

Not rated

Total Notes

429,100

(1)The Company retained all of the 2023 CLO Subordinated Notes issued in the 2023 Debt Securitization which are eliminated in consolidation.

On the Closing Date and in connection with the 2023 Debt Securitization, the 2023 Issuer and the Company entered into a note purchase agreement with BofA Securities, Inc., as the initial purchaser (the “Initial Purchaser”), pursuant to which the Initial Purchaser purchased the 2023 CLO Secured Notes issued pursuant to an indenture as part of the 2023 Debt Securitization. HLEND CLO 2023-1 Investments, LLC, a wholly-owned subsidiary of the Company, retained all of the 2023 CLO Subordinated Notes issued in the 2023 Debt Securitization.

The 2023 CLO Notes have not been, and will not be, registered under the Securities Act, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager for the 2023 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable to it so long as it is the collateral manager under the collateral management agreement.

2024 Debt Securitization

On May 23, 2024 (the “2024 Closing Date”), the Company completed a $526.0 million term debt securitization (the “2024 Debt Securitization”), consisting of nine tranches of secured notes (the “2024 CLO Secured Notes”) and subordinated notes (the “2024 CLO Subordinated Notes”). The 2024 CLO Secured Notes together with the 2024 CLO Subordinated Notes are collectively referred to as the “2024 CLO Notes.” Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by a subsidiary of the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The 2024 CLO Notes offered in the 2024 Debt Securitization were issued by HLEND CLO 2024-2, LLC (the “2024 Issuer”), an indirect, wholly-owned and consolidated subsidiary of the Company, and are backed by a diversified portfolio of middle-market commercial loans and participation interests therein. The 2024 CLO Notes are scheduled to mature on April 20, 2034; however, the 2024 CLO Notes may be redeemed by the 2024 Issuer, at the written direction of (i) a majority of the 2024 CLO Subordinated Notes with the consent of the Company or (ii) the Company, in each case, on any business day on or after April 20, 2026.

The following table presents information on the 2024 Debt Securitization as of March 31, 2025:

Description

Type

Principal Outstanding

Interest Rate

Credit Rating

Price

Class A-1 Notes

Senior Secured Floating Rate

255,000

SF + 0.250%

AAA(sf)

93.22

Class A-2 Notes

Senior Secured Floating Rate

40,850

SF + 1.875%

AAA(sf)

100.00

Class A-F Notes

Senior Secured Fixed Rate

9,150

6.275%

AAA(sf)

100.00

Class B-1 Notes

Senior Secured Floating Rate

35,000

SF + 0.500%

AA(sf)

89.93

Class B-2 Notes

Senior Secured Floating Rate

13,500

SF + 2.400%

AA(sf)

100.00

Class B-F Notes

Senior Secured Fixed Rate

1,500

6.714%

AA(sf)

100.00

Class C-1 Notes

Secured Deferrable Floating Rate

31,500

SF + 0.750%

A(sf)

86.54

Class C-2 Notes

Secured Deferrable Floating Rate

12,150

SF + 3.200%

A(sf)

100.00

Class C-F Notes

Secured Deferrable Fixed Rate

1,350

7.490%

A(sf)

100.00

Total Secured Notes

400,000

Subordinated Notes(1)

126,000

None

Not Rated

None

Total Notes

526,000

(1)The Company retained all of the 2024 CLO Subordinated Notes issued in the 2024 Debt Securitization which are eliminated in consolidation.

On the 2024 Closing Date and in connection with the 2024 Debt Securitization, the 2024 Issuer entered into a note purchase agreement with SG Americas Securities, LLC, as the initial purchaser (the “2024 Initial Purchaser”), pursuant to which the 2024 Initial Purchaser purchased the 2024 CLO Secured Notes issued pursuant to an indenture as part of the 2024 Debt Securitization. HLEND CLO 2024-2 Investments, LLC, a wholly-owned subsidiary of the Company, retained all of the 2024 CLO Subordinated Notes issued in the 2024 Debt Securitization.

The 2024 CLO Notes have not been, and will not be, registered under the Securities Act, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager for the 2024 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable to it so long as it is the collateral manager under the collateral management agreement.

2025 Debt Securitization

On March 5, 2025 (the “2025 Closing Date”), the Company completed a $1,254.1 million term debt securitization (the “2025 CLO Debt Securitization”), also known as a collateralized loan obligation, in connection with which a subsidiary of the Company issued and incurred, as applicable, the 2025 CLO Debt (as defined below). The 2025 CLO Debt Securitization is subject to the Company’s overall asset coverage requirement and is consolidated by the Company for financial reporting purposes.

The debt offered in the 2025 CLO Debt Securitization was issued and incurred, as applicable, by HLEND CLO 2025-3, LLC (the “2025 CLO Issuer”), an indirect, wholly-owned and consolidated subsidiary of the Company, and consists of (i) Class A Loans (the “2025 CLO Class A Loans”), (ii) Class A Senior Secured Floating Rate Notes (the “2025 CLO Class A Notes”), (iii) Class B Senior Secured Floating Rate Notes (the “2025 CLO Class B Notes” and, together with the 2025 CLO Class A Notes, collectively, the “2025 CLO Secured Notes” and, the 2025 CLO Secured Notes together with the 2025 CLO Class A Loans, the “2025 CLO Secured Debt”), and (iv) subordinated notes (the “2025 CLO Subordinated Notes” and, together with the 2025 CLO Secured Debt, the “2025 CLO Debt”). The 2025 CLO Debt Securitization is backed by a diversified portfolio of middle-market commercial loans and participation interests therein. The 2025 CLO Debt is scheduled to mature on January 20, 2037; however, the 2025 CLO Debt may be redeemed by the 2025 CLO Issuer, at the written direction of (i) a majority of the 2025 CLO Subordinated Notes with the consent of the Company or (ii) the Company, in each case, on any business day on or after March 5, 2027.

The following table presents information on the 2025 CLO Debt Securitization:

Description

Principal Outstanding

Interest Rate

Credit Rating

2025 CLO Class A Loans

25,000

SF + 1.40%

AAA(sf)

2025 CLO Class A Notes

700,000

SF + 1.40%

AAA(sf)

2025 CLO Class B Notes

125,000

SF + 1.70%

AA(sf)

Total Secured Debt

850,000

2025 CLO Subordinated Notes(1)

404,075

None

Not rated

Total Debt

1,254,075

(1)The Company retained all of the 2025 CLO Subordinated Notes issued in the 2025 CLO Debt Securitization which are eliminated in consolidation.

On the 2025 CLO Closing Date and in connection with the 2025 CLO Debt Securitization, the 2025 CLO Issuer entered into a placement agency agreement with J.P. Morgan Securities LLC, as the placement agent (the “2025 CLO Placement Agent”), pursuant to which the 2025 CLO Placement Agent placed the 2025 CLO Secured Notes issued pursuant to an indenture and security agreement, between the 2025 CLO Issuer and U.S. Bank Trust Company, National Association, as collateral trustee, as part of the 2025 CLO Debt Securitization. HLEND CLO 2025-3 Investments, LLC, a wholly-owned subsidiary of the Company, retained all of the 2025 CLO Subordinated Notes issued in the 2025 CLO Debt Securitization.

The 2025 CLO Debt have not been, and will not be, registered under the Securities Act, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager for the 2025 CLO Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable to it so long as it is the collateral manager under the collateral management agreement.

Short-Term Borrowings

In order to finance certain investment transactions, the Company may, from time to time, enter into repurchase agreements, whereby the Company sells to a third party an investment that it holds and concurrently enters into an agreement to repurchase the same investment at an agreed-upon price at a future date, generally not to exceed 180-days from the date it was sold (each a “Short Term Financing Transaction”).

In accordance with ASC 860, Transfers and Servicing, the Short Term Financing Transactions meet the criteria for secured borrowings. Accordingly, the investment financed by these agreements remains on the Company’s Consolidated Statements of Assets and Liabilities as an asset, and the Company records a liability to reflect its repurchase obligation to a third party which is reported as debt on the Company’s Consolidated Statements of Assets and Liabilities. The repurchase obligation is secured by the respective investment that is the subject of the repurchase agreement. Interest expense associated with the repurchase obligation is reported on the Company’s Consolidated Statements of Operations within interest expense. As of each of March 31, 2025 and December 31, 2024, there were no short-term borrowings outstanding.

The Company’s outstanding debt obligations were as follows:


	March 31, 2025
	Aggregate Principal Committed		Outstanding Principal		Carrying Value		Unused Portion(1)		Amount Available(2)
HLEND A Funding Facility(3)	$	800,000	$	522,873	$	522,873	$	277,127	$	229,615
HLEND B Funding Facility(3)	1,250,000		755,323		755,323		494,677		325,915
HLEND C Funding Facility	750,000		487,500		487,500		262,500		31,397
HLEND D Funding Facility(3)	1,000,000		737,498		737,498		262,502		194,094
HLEND E Funding Facility(3)	1,000,000		701,927		701,927		298,073		135,593
Revolving Credit Facility(3)	1,625,000		956,956		956,956		668,044		668,044
November 2025 Notes(4)	170,000		170,000		169,538		—		—
November 2027 Notes(4)	155,000		155,000		154,390		—		—
March 2026 Notes(4)	276,000		276,000		275,844		—		—
March 2028 Notes(4)	124,000		124,000		123,797		—		—
September 2027 Notes(4)	75,000		75,000		75,454		—		—
September 2028 Notes(4)	250,000		250,000		251,880		—		—
January 2029 Notes(4)	550,000		550,000		541,966		—		—
September 2029 Notes(4)	400,000		400,000		398,833		—		—
January 2028 Notes(4)	750,000		750,000		747,175		—		—
April 2032 Notes(4)	500,000		500,000		498,371		—		—
2023 CLO Secured Notes(4)	323,000		323,000		320,086		—		—
2024 CLO Secured Notes(4)	400,000		400,000		377,612		—		—
2025 CLO Secured Debt(4)	850,000		850,000		845,009		—		—
Total	$	11,248,000	$	8,985,077	$	8,942,032	$	2,262,923	$	1,584,658

(1)The unused portion is the amount upon which commitment fees, if any, are based.

(2)The amount available reflects any limitations related to each respective credit facility’s borrowing base.

(3)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of March 31, 2025, the Company had outstanding borrowings denominated in the following non-USD currencies:


	Currency
Facility	Australian Dollars (AUD)		Euros (EUR)		British Pound (GBP)
HLEND A Funding Facility	A$	94,413	€	25,500	£	—
HLEND B Funding Facility	25,519		105,352		90,347
HLEND D Funding Facility	—		167,513		—
HLEND E Funding Facility	—		37,836		—
Revolving Credit Facility	2,500		257,763		225,692

(4)As of March 31, 2025, the carrying value of the Company's Unsecured Notes, 2023 CLO Secured Notes, 2024 CLO Secured Notes and 2025 CLO Secured Debt are presented net of unamortized debt issuance costs and original issue discount, as applicable, in the below table. Additionally, the carrying value of the Company's Unsecured Notes includes the increase (decrease) in the notes carrying value as a result of the qualifying fair value hedge relationship as disclosed in the below table, and as further described above.


	Unamortized Debt Issuance Costs and Original Issue Discount		Change in the Notes Carrying Value as a Result of the Qualifying Fair Value Hedge Relationship
November 2025 Notes	$	(403)	$	(59)
November 2027 Notes	(926)		316
March 2026 Notes	(800)		644
March 2028 Notes	(668)		465
September 2027 Notes	(484)		938
September 2028 Notes	(1,818)		3,698
January 2029 Notes	(9,897)		1,862
September 2029 Notes	(8,382)		7,215
January 2028 Notes	(10,845)		8,020
April 2032 Notes	(13,366)		11,737
2023 CLO Secured Notes	(2,914)		—
2024 CLO Secured Notes	(22,387)		—
2025 CLO Secured Debt	(4,991)		—
Total	$	(77,881)	$	34,836


	December 31, 2024
	Aggregate Principal Committed		Outstanding Principal		Carrying Value		Unused Portion(1)		Amount Available(2)
HLEND A Funding Facility(3)	$	800,000	$	683,184	$	683,184	$	116,816	$	94,431
HLEND B Funding Facility(3)	1,250,000		955,572		955,572		294,428		148,973
HLEND C Funding Facility	750,000		487,500		487,500		262,500		31,775
HLEND D Funding Facility(3)	1,000,000		830,343		830,343		169,657		96,737
HLEND E Funding Facility	1,000,000		642,800		642,800		357,200		81,202
Revolving Credit Facility(3)	1,525,000		1,186,264		1,186,264		338,736		338,736
November 2025 Notes(4)	170,000		170,000		169,403		—		—
November 2027 Notes(4)	155,000		155,000		153,652		—		—
March 2026 Notes(4)	276,000		276,000		274,866		—		—
March 2028 Notes(4)	124,000		124,000		121,989		—		—
September 2027 Notes(4)	75,000		75,000		74,649		—		—
September 2028 Notes(4)	250,000		250,000		248,111		—		—
January 2029 Notes(4)	550,000		550,000		530,894		—		—
September 2029 Notes(4)	400,000		400,000		390,055		—		—
2023 CLO Secured Notes(4)	323,000		323,000		320,018		—		—
2024 CLO Secured Notes(4)	400,000		400,000		376,280		—		—
Total	$	9,048,000	$	7,508,663	$	7,445,580	$	1,539,337	$	791,854

(1)The unused portion is the amount upon which commitment fees, if any, are based.

(2)The amount available reflects any limitations related to each respective credit facility’s borrowing base.

(3)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of December 31, 2024, the Company had outstanding borrowings denominated in the following non-USD currencies:


	Currency
Facility	Australian Dollars (AUD)		Euros (EUR)		British Pound (GBP)
HLEND A Funding Facility	A$	34,413	€	—	£	12,929
HLEND B Funding Facility	25,519		3,352		90,347
HLEND D Funding Facility	—		42,513		—
Revolving Credit Facility	62,500		457,831		212,692

(4)As of December 31, 2024, the carrying value of the Company's Unsecured Notes, 2023 CLO Secured Notes and 2024 CLO Secured Notes are presented net of unamortized debt issuance costs and original issue discount, as applicable, in the below table. Additionally, the carrying value of the Company's Unsecured Notes includes the increase (decrease) in the notes carrying value as a result of the qualifying fair value hedge relationship as disclosed in the below table, and as further described above.


	Unamortized Debt Issuance Costs and Original Issue Discount		Change in the Notes Carrying Value as a Result of the Qualifying Fair Value Hedge Relationship
November 2025 Notes	$	(562)	$	(36)
November 2027 Notes	(1,013)		(335)
March 2026 Notes	(1,007)		(127)
March 2028 Notes	(723)		(1,288)
September 2027 Notes	(533)		182
September 2028 Notes	(1,947)		58
January 2029 Notes	(10,367)		(8,739)
September 2029 Notes	(8,721)		(1,225)
2023 CLO Secured Notes	(2,982)		—
2024 CLO Secured Notes	(23,718)		—
Total	$	(51,573)	$	(11,510)

As of March 31, 2025 and December 31, 2024, $88.6 million and $103.0 million, respectively, of interest expense and $1.7 million and $1.7 million, respectively, of facility unused commitment fees were included in interest payable. For the three months ended March 31, 2025 and 2024, the weighted average interest rate on all borrowings outstanding was 7.08% and 8.95% (including unused fees, amortization of deferred financing costs, debt issuance costs and original issue discounts), respectively, and the average principal debt outstanding was $7,896.7 million and $3,870.4 million, respectively.

The components of interest expense were as follows:


	Three Months Ended March 31,
	2025		2024
Borrowing interest expense	$	127,151	$	75,393
Facility unused commitment fees	2,145		3,040
Amortization of deferred financing costs	2,394		2,064
Amortization of original issue discount and debt issuance costs	4,462		1,188
Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items:
Interest rate swaps	46,346		(18,635)
Hedged items	(44,592)		23,043
Total interest expense	$	137,906	$	86,093
Cash paid for interest expense	$	145,503	$	81,129

Note 8. Commitments and Contingencies

In the normal course of business, the Company enters into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications.

The Company’s investment portfolio may contain debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of March 31, 2025 and December 31, 2024, the Company had unfunded delayed draw term loans and revolvers in the aggregate principal amount of $2,370.3 million and $2,128.7 million, respectively.

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of March 31, 2025, management is not aware of any material pending or threatened litigation.

Note 9. Net Assets

In connection with its formation, the Company has the authority to issue an unlimited number of Class I, Class D, Class F and Class S common shares of beneficial interest at $0.01 per share par value. As of March 31, 2025, 0.13% of shares outstanding were held by certain affiliates of the Adviser.

The following table summarizes transactions in common shares of beneficial interest during the three months ended March 31, 2025:


	Shares	Amount
CLASS I
Subscriptions	23,863,608	$	610,430
Share transfers between classes	1,829,358	46,752
Distributions reinvested	909,066	23,261
Share repurchases	(5,971,419)	(152,092)
Early repurchase deduction	—	33
Net increase (decrease)	20,630,613	$	528,384
CLASS D
Subscriptions	2,510,439	$	64,125
Share transfers between classes	(1,592,453)	(40,704)
Distributions reinvested	517,550	13,232
Share repurchases	(1,332,224)	(33,932)
Early repurchase deduction	—	11
Net increase (decrease)	103,312	$	2,732
CLASS F
Subscriptions	11,060,630	$	282,609
Share transfers between classes	(114,603)	(2,928)
Distributions reinvested	1,988,277	50,831
Share repurchases	(917,886)	(23,379)
Early repurchase deduction	—	47
Net increase (decrease)	12,016,418	$	307,180
CLASS S
Subscriptions	4,313,557	$	110,234
Share transfers between classes	(122,302)	(3,120)
Distributions reinvested	179,651	4,593
Share repurchases	(42,689)	(1,087)
Early repurchase deduction	—	5
Net increase (decrease)	4,328,217	$	110,625
Total net increase (decrease)	37,078,560	$	948,921

The following table summarizes transactions in common shares of beneficial interest during the three months ended March 31, 2024:


	Shares	Amount
CLASS I
Subscriptions	14,309,134	$	360,098
Share transfers between classes	53,163	1,333
Distributions reinvested	538,118	13,526
Share repurchases	(1,309,587)	(33,211)
Early repurchase deduction	—	—
Net increase (decrease)	13,590,828	$	341,746
CLASS D
Subscriptions	3,843,517	$	96,497
Share transfers between classes	116,731	2,927
Distributions reinvested	436,170	10,964
Share repurchases	(416,320)	(10,558)
Early repurchase deduction	—	—
Net increase (decrease)	3,980,098	$	99,830
CLASS F
Subscriptions	17,020,539	$	428,057
Share transfers between classes	(226,825)	(5,691)
Distributions reinvested	1,748,096	43,940
Share repurchases	(621,324)	(15,757)
Early repurchase deduction	—	—
Net increase (decrease)	17,920,486	$	450,549
CLASS S
Subscriptions	3,911,922	$	98,389
Share transfers between classes	56,931	1,431
Distributions reinvested	22,956	578
Share repurchases	—	—
Early repurchase deduction	—	—
Net increase (decrease)	3,991,809	$	100,398
Total net increase (decrease)	39,483,221	$	992,523

Net Asset Value per Share and Offering Price

The Company determines NAV for each class of shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e. the prior month-end NAV). The following tables summarize each month-end NAV per share for Class I, Class D, Class F, and Class S common shares of beneficial interest during the three months ended March 31, 2025 and 2024:


	NAV Per Share
For the Months Ended	Class I		Class D		Class F		Class S
January 31, 2025	$	25.60	$	25.60	$	25.60	$	25.60
February 28, 2025	$	25.51	$	25.51	$	25.51	$	25.51
March 31, 2025	$	25.47	$	25.47	$	25.47	$	25.47


	NAV Per Share
For the Months Ended	Class I		Class D		Class F		Class S
January 31, 2024	$	25.14	$	25.14	$	25.14	$	25.14
February 29, 2024	$	25.25	$	25.25	$	25.25	$	25.25
March 31, 2024	$	25.36	$	25.36	$	25.36	$	25.36

Distributions

The Company declares monthly distribution amounts per share of Class I, Class D, Class F, and Class S common shares of beneficial interest payable monthly in arrears. The record date for each distribution was the last calendar date of the month in which such distribution was declared. The following tables present distributions that were declared during the three months ended March 31, 2025:


		Class I
Declaration Date	Payment Date	Base Distribution Per Share		Variable Supplemental Distribution Per Share		Special Distribution Per Share		Total Distribution Per Share		Distribution Amount
January 29, 2025	February 28, 2025	$	0.1600	$	0.0550	$	—	$	0.2150	$	24,733
February 26, 2025	March 31, 2025	0.1600		0.0550		—		0.2150		27,355
March 27, 2025	April 30, 2025	0.1600		0.0550		—		0.2150		28,558
Total		$	0.4800	$	0.1650	$	—	$	0.6450	$	80,646


		Class D
Declaration Date	Payment Date	Base Distribution Per Share (1)		Variable Supplemental Distribution Per Share		Special Distribution Per Share		Total Distribution Per Share		Distribution Amount
January 29, 2025	February 28, 2025	$	0.1546	$	0.0550	$	—	$	0.2096	$	8,871
February 26, 2025	March 31, 2025	0.1551		0.0550		—		0.2101		9,116
March 27, 2025	April 30, 2025	0.1546		0.0550		—		0.2096		9,339
Total		$	0.4643	$	0.1650	$	—	$	0.6293	$	27,326


		Class F
Declaration Date	Payment Date	Base Distribution Per Share (1)		Variable Supplemental Distribution Per Share		Special Distribution Per Share		Total Distribution Per Share		Distribution Amount
January 29, 2025	February 28, 2025	$	0.1491	$	0.0550	$	—	$	0.2041	$	36,177
February 26, 2025	March 31, 2025	0.1502		0.0550		—		0.2052		37,444
March 27, 2025	April 30, 2025	0.1492		0.0550		—		0.2042		38,611
Total		$	0.4485	$	0.1650	$	—	$	0.6135	$	112,232


		Class S
Declaration Date	Payment Date	Base Distribution Per Share (1)		Variable Supplemental Distribution Per Share		Special Distribution Per Share		Total Distribution Per Share		Distribution Amount
January 29, 2025	February 28, 2025	$	0.1415	$	0.0550	$	—	$	0.1965	$	3,363
February 26, 2025	March 31, 2025	0.1433		0.0550		—		0.1983		3,627
March 27, 2025	April 30, 2025	0.1416		0.0550		—		0.1966		3,978
Total		$	0.4264	$	0.1650	$	—	$	0.5914	$	10,968

(1) Distributions per share are net of shareholder servicing and/or distribution fees.

The following tables present distributions that were declared during the three months ended March 31, 2024:


		Class I
Declaration Date	Payment Date	Base Distribution Per Share		Variable Supplemental Distribution Per Share		Special Distribution Per Share		Total Distribution Per Share		Distribution Amount
January 30, 2024	February 29, 2024	$	0.1600	$	0.0550	$	—	$	0.2150	$	11,811
February 29, 2024	March 29, 2024	0.1600		0.0550		—		0.2150		13,391
March 26, 2024	April 30, 2024	0.1600		0.0550		—		0.2150		14,482
Total		$	0.4800	$	0.1650	$	—	$	0.6450	$	39,684


		Class D
Declaration Date	Payment Date	Base Distribution Per Share (1)		Variable Supplemental Distribution Per Share		Special Distribution Per Share		Total Distribution Per Share		Distribution Amount
January 30, 2024	February 29, 2024	$	0.1547	$	0.0550	$	—	$	0.2097	$	6,514
February 29, 2024	March 29, 2024	0.1550		0.0550		—		0.2100		6,670
March 26, 2024	April 30, 2024	0.1547		0.0550		—		0.2097		6,834
Total		$	0.4644	$	0.1650	$	—	$	0.6294	$	20,018


		Class F
Declaration Date	Payment Date	Base Distribution Per Share (1)		Variable Supplemental Distribution Per Share		Special Distribution Per Share		Total Distribution Per Share		Distribution Amount
January 30, 2024	February 29, 2024	$	0.1494	$	0.0550	$	—	$	0.2044	$	26,889
February 29, 2024	March 29, 2024	0.1500		0.0550		—		0.2050		28,278
March 26, 2024	April 30, 2024	0.1493		0.0550		—		0.2043		29,404
Total		$	0.4487	$	0.1650	$	—	$	0.6137	$	84,571


		Class S
Declaration Date	Payment Date	Base Distribution Per Share (1)		Variable Supplemental Distribution Per Share		Special Distribution Per Share		Total Distribution Per Share		Distribution Amount
January 30, 2024	February 29, 2024	$	0.1420	$	0.0550	$	—	$	0.1970	$	357
February 29, 2024	March 29, 2024	0.1431		0.0550		—		0.1981		743
March 26, 2024	April 30, 2024	0.1418		0.0550		—		0.1968		954
Total		$	0.4269	$	0.1650	$	—	$	0.5919	$	2,054

(1)Distributions per share are net of shareholder servicing and/or distribution fees.

Distribution Reinvestment Plan

The Company has adopted a distribution reinvestment plan, pursuant to which the Company will reinvest all cash distributions declared by the Company on behalf of its shareholders who do not elect to receive their distributions in cash as provided below. As a result, if the Company declares a cash distribution, then shareholders who have not opted out of our distribution reinvestment plan will have their cash distributions (net of applicable withholding taxes) automatically reinvested in additional shares as described below, rather than receiving the cash distribution. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places.

Character of Distributions

The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, borrowings, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Adviser, which is subject to recoupment.

Through March 31, 2025, a portion of the Company’s distributions resulted from expense support from the Adviser, and future distributions may result from expense support from the Adviser, each of which is subject to repayment by the Company within three years from the date of payment. The purpose of this arrangement avoids distributions being characterized as a return of capital for U.S. federal income tax purposes. Shareholders should understand that any such distribution is not based solely on the Company’s investment performance, and can only be sustained if the Company achieves positive investment performance in future periods and/or the Adviser continues to provide expense support. Shareholders should also understand that the Company’s future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Company will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all.

Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following table reflects the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its Common Shares during the three months ended March 31, 2025:


	Class I				Class D				Class F				Class S
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share		Amount		Per Share		Amount
Net investment income	$	0.6450	$	80,646	$	0.6293	$	27,326	$	0.6135	$	112,232	$	0.5914	$	10,968
Net realized gains	—		—		—		—		—		—		—		—
Total	$	0.6450	$	80,646	$	0.6293	$	27,326	$	0.6135	$	112,232	$	0.5914	$	10,968

The following table reflects the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its Common Shares during the three months ended March 31, 2024:


	Class I				Class D				Class F				Class S
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share		Amount		Per Share		Amount
Net investment income	$	0.6450	$	39,684	$	0.6294	$	20,018	$	0.6137	$	84,571	$	0.5919	$	2,054
Net realized gains	—		—		—		—		—		—		—		—
Total	$	0.6450	$	39,684	$	0.6294	$	20,018	$	0.6137	$	84,571	$	0.5919	$	2,054

Share Repurchase Program

The Company has commenced a share repurchase program in which the Company intends to repurchase, in each quarter, up to 5% of the Company’s Common Shares outstanding (by number of shares) as of the close of the previous calendar quarter (the “Baseline Repurchase Amount”). The Board may amend or suspend the share repurchase program if it deems such action to be in the best interest of shareholders, such as when a repurchase offer would place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on us as a whole that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares. In the event the Board determines, in any particular quarter, that the Company shall offer to repurchase less than the Baseline Repurchase Amount, or to amend the share repurchase program such that the Company will offer to repurchase less than the Baseline Repurchase Amount on a going forward basis, the Board will consider, on an at least quarterly basis, whether it is in the best interest of shareholders for the Company to resume offering to repurchase at least the Baseline Repurchase Amount.

Under the Company’s share repurchase program, to the extent the Company offers to repurchase shares in any particular quarter, the Company expects to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived, at the Company’s discretion, in the case of

repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders across all shares.

The following tables summarize the share repurchases completed during the three months ended March 31, 2025 and 2024:


Repurchase Deadline Request	Percentage of Outstanding Shares the Company Offered to Repurchase(1)		Repurchase Pricing Date	Amount Repurchased (all classes)(2)		Number of Shares Repurchased (all classes)	Percentage of Outstanding Shares Repurchased(1)
March 4, 2025	5.00	%	March 31, 2025	$	210,490	8,264,218	2.42	%



Repurchase Deadline Request	Percentage of Outstanding Shares the Company Offered to Repurchase(1)		Repurchase Pricing Date	Amount Repurchased (all classes)(2)		Number of Shares Repurchased (all classes)	Percentage of Outstanding Shares Repurchased(1)
March 1, 2024	5.00	%	March 31, 2024	$	59,526	2,347,231	1.13	%

(1)Percentage is based on total shares as of the close of the previous calendar quarter. All repurchase requests were satisfied in full.

(2)Amounts not inclusive of Early Repurchase Deduction.

Note 10. Financial Highlights and Senior Securities

The following are the financial highlights for the three months ended March 31, 2025:


	Three Months Ended March 31, 2025
	Class I			Class D			Class F			Class S
Per Share Data:
Net asset value, beginning of period	$	25.59		$	25.59		$	25.59		$	25.59
Net investment income (1)	0.65			0.64			0.62			0.60
Net unrealized and realized gain (loss) (2)	(0.12)			(0.13)			(0.13)			(0.13)
Net increase (decrease) in net assets resulting from operations	0.53			0.51			0.49			0.47
Distributions from net investment income (3)	(0.65)			(0.63)			(0.61)			(0.59)
Distributions from net realized gains (3)	—			—			—			—
Net increase (decrease) in net assets from shareholders' distributions	(0.65)			(0.63)			(0.61)			(0.59)
Early repurchase deduction fees (6)	—			—			—			—
Total increase (decrease) in net assets	(0.12)			(0.12)			(0.12)			(0.12)
Net asset value, end of period	$	25.47		$	25.47		$	25.47		$	25.47
Shares outstanding, end of period	126,858,175			43,223,693			188,166,432			20,196,896
Total return based on NAV (4)	2.07		%	2.01		%	1.94		%	1.85		%
Ratios:
Ratio of net expenses to average net assets (5)	8.82		%	9.07		%	9.32		%	9.67		%
Ratio of net investment income to average net assets (5)	10.16		%	9.93		%	9.67		%	9.31		%
Portfolio turnover rate	1.72		%	1.72		%	1.72		%	1.72		%
Supplemental Data:
Net assets, end of period	$	3,230,780		$	1,100,795		$	4,792,120		$	514,368
Asset coverage ratio	207.3		%	207.3		%	207.3		%	207.3		%

(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)The amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.

(3)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 9).

(4)Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming distributions are reinvested in accordance with the Company's distribution reinvestment plan) divided by the beginning NAV per share. Total return does not include upfront transaction fee, if any.

(5)For the three months ended March 31, 2025, amounts are annualized except for excise tax and capital gains incentive fee.

(6)The per share amount rounds to less than $0.01 per share.

The following are the financial highlights for the three months ended March 31, 2024:


	Three Months Ended March 31, 2024
	Class I			Class D			Class F			Class S
Per Share Data:
Net asset value, beginning of period	$	25.06		$	25.06		$	25.06		$	25.06
Net investment income (1)	0.74			0.72			0.71			0.68
Net unrealized and realized gain (loss) (2)	0.21			0.21			0.20			0.21
Net increase (decrease) in net assets resulting from operations	0.95			0.93			0.91			0.89
Distributions from net investment income (3)	(0.65)			(0.63)			(0.61)			(0.59)
Distributions from net realized gains (3)	—			—			—			—
Net increase (decrease) in net assets from shareholders' distributions	(0.65)			(0.63)			(0.61)			(0.59)
Total increase (decrease) in net assets	0.30			0.30			0.30			0.30
Net asset value, end of period	$	25.36		$	25.36		$	25.36		$	25.36
Shares outstanding, end of period	66,048,340			32,172,817			143,301,946			4,849,688
Total return based on NAV (4)	3.80		%	3.74		%	3.68		%	3.59		%
Ratios:
Ratio of net expenses to average net assets (5)	9.21		%	9.47		%	9.72		%	9.99		%
Ratio of net investment income to average net assets (5)	12.02		%	11.77		%	11.53		%	11.17		%
Portfolio turnover rate	8.90		%	8.90		%	8.90		%	8.90		%
Supplemental Data:
Net assets, end of period	$	1,674,789		$	815,793		$	3,633,652		$	122,976
Asset coverage ratio	261.9		%	261.9		%	261.9		%	261.9		%

(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)The amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.

(3)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 9).

(5)For the three months ended March 31, 2024, amounts are annualized except for excise tax, and capital gains incentive fee.

The following is information about the Company’s senior securities as of the dates indicated in the table below (dollar amounts in thousands):


	Total Amount Outstanding Exclusive of Treasury Securities(1)		Asset Coverage per Unit(2)	Involuntary Liquidating Preference per Unit(3)	Average Market Value per Unit(4)
HLEND A Funding Facility
March 31, 2025	$	522,873	2,072.7	—	N/A
December 31, 2024	683,184		2,163.2	—	N/A
December 31, 2023	615,838		2,231.6	—	N/A
December 31, 2022	453,663		2,473.7	—	N/A
HLEND B Funding Facility
March 31, 2025	755,323		2,072.7	—	N/A
December 31, 2024	955,572		2,163.2	—	N/A
December 31, 2023	513,747		2,231.6	—	N/A
December 31, 2022	482,084		2,473.7	—	N/A
HLEND C Funding Facility
March 31, 2025	487,500		2,072.7	—	N/A
December 31, 2024	487,500		2,163.2	—	N/A


December 31, 2023	487,500	2,231.6	—	N/A
HLEND D Funding Facility
March 31, 2025	737,498	2,072.7	—	N/A
December 31, 2024	830,343	2,163.2	—	N/A
December 31, 2023	195,000	2,231.6	—	N/A
HLEND E Funding Facility
March 31, 2025	701,927	2,072.7	—	N/A
December 31, 2024	642,800	2,163.2	—	N/A
Revolving Credit Facility
March 31, 2025	956,956	2,072.7	—	N/A
December 31, 2024	1,186,264	2,163.2	—	N/A
December 31, 2023	1,025,294	2,231.6	—	N/A
December 31, 2022	704,819	2,473.7	—	N/A
November 2025 Notes
March 31, 2025	170,000	2,072.7	—	N/A
December 31, 2024	170,000	2,163.2	—	N/A
December 31, 2023	170,000	2,231.6	—	N/A
December 31, 2022	170,000	2,473.7	—	N/A
November 2027 Notes
March 31, 2025	155,000	2,072.7	—	N/A
December 31, 2024	155,000	2,163.2	—	N/A
December 31, 2023	155,000	2,231.6	—	N/A
December 31, 2022	155,000	2,473.7	—	N/A
March 2026 Notes
March 31, 2025	276,000	2,072.7	—	N/A
December 31, 2024	276,000	2,163.2	—	N/A
December 31, 2023	276,000	2,231.6	—	N/A
March 2028 Notes
March 31, 2025	124,000	2,072.7	—	N/A
December 31, 2024	124,000	2,163.2	—	N/A
December 31, 2023	124,000	2,231.6	—	N/A
September 2027 Notes
March 31, 2025	75,000	2,072.7	—	N/A
December 31, 2024	75,000	2,163.2	—	N/A
December 31, 2023	75,000	2,231.6	—	N/A
September 2028 Notes
March 31, 2025	250,000	2,072.7	—	N/A
December 31, 2024	250,000	2,163.2	—	N/A
December 31, 2023	250,000	2,231.6	—	N/A
January 2029 Notes
March 31, 2025	550,000	2,072.7	—	N/A
December 31, 2024	550,000	2,163.2	—	N/A
September 2029 Notes
March 31, 2025	400,000	2,072.7	—	N/A
December 31, 2024	400,000	2,163.2	—	N/A
January 2028 Notes
March 31, 2025	750,000	2,072.7	—	N/A
April 2032 Notes
March 31, 2025	500,000	2,072.7	—	N/A


2023 CLO Secured Notes
March 31, 2025	323,000	2,072.7	—	N/A
December 31, 2024	323,000	2,163.2	—	N/A
December 31, 2023	323,000	2,231.6	—	N/A
2024 CLO Secured Notes
March 31, 2025	400,000	2,072.7	—	N/A
December 31, 2024	400,000	2,163.2	—	N/A
2025 CLO Secured Debt
March 31, 2025	850,000	2,072.7	—	N/A
Short-Term Borrowings
March 31, 2025	—	—	—	N/A
December 31, 2024	—	—	—	N/A
December 31, 2023	—	—	—	N/A
December 31, 2022	379,081	2,473.7	—	N/A

(1) Total amount of each class of senior securities outstanding at the end of the period presented.

(2) Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

(3) The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The "—" in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.

(4) Not applicable because the senior securities are not registered for public trading.

Note 11. Joint Venture

On June 1, 2023, the Company entered into a limited liability company agreement (the “LLC Agreement”) with the Capital One Member (“COM”) to establish a joint venture to make certain unitranche loans to U.S. middle-market companies. The joint venture is called ULTRA III, LLC (“ULTRA III”). The Company and COM will provide capital to ULTRA III in the form of membership interests. The initial maximum investment amounts in ULTRA III for the Company and COM are approximately $200.0 million and $28.6 million, respectively, which correspond to initial membership interests of approximately 87.5% and 12.5%, respectively. The LLC Agreement is effective as of June 1, 2023.

On February 1, 2024, the Company entered into an amendment to the LLC Agreement with COM to increase the maximum investment amounts for the Company and COM in ULTRA III to $400.0 million and $57.1 million, respectively. The LLC Agreement was subsequently amended on October 9, 2024, which further increased the maximum investment amounts for the Company and COM in ULTRA III to $550.0 million and $78.6 million, respectively. The increased investment amounts for the Company and COM correspond to membership interests of 87.5% and 12.5%, respectively.

The Company and COM may, from time-to-time, make additional contributions of capital or may receive returns of capital from ULTRA III. As of March 31, 2025 and December 31, 2024, the Company had made capital contributions (net of returns of capital) of $307.4 million and $307.4 million, respectively, and COM had made capital contributions (net of returns of capital) of $43.9 million and $43.9 million, respectively. As of March 31, 2025 and December 31, 2024, $236.2 million and $236.2 million, respectively, of capital remained uncalled from the Company and $33.7 million and $33.7 million, respectively, of capital remained uncalled from COM. As of March 31, 2025 and December 31, 2024, the Company and COM’s membership interests are 87.5% and 12.5%, respectively, for both periods.

All portfolio decisions and generally all other decisions in respect of ULTRA III must be approved by a credit committee of ULTRA III consisting of representatives of the Company and COM (generally with approval from a representative of each required). A Capital One entity is providing a senior revolving financing facility to ULTRA III. COM receives sourcing fees in connection with investments made by ULTRA III that are sourced by COM. When COM sources investments for ULTRA III, the percentage of sourcing fees that are paid to COM is substantially greater than its percentage membership interest in ULTRA III (the “Effective Sourcing Fee”). In this regard, for the three months ended March 31, 2025 and 2024, the Company, through its investment in ULTRA III, paid an Effective Sourcing Fee to COM of $0.0 million and $1.8 million, respectively.

The Company has determined that ULTRA III is an investment company under ASC 946, and in accordance with ASC 946, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. The Company and COM have equal voting rights with respect to the joint venture. The Company will not consolidate the assets and liabilities of the ULTRA III joint venture.

The Company's investment in ULTRA III is disclosed on the Company’s Consolidated Schedules of Investments as of March 31, 2025 and December 31, 2024.

The following table presents the schedule of investments of ULTRA III as of March 31, 2025:


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
General Industrials
Bright Light Buyer, Inc. (4)(7)	SF +	6.00%	10.32	%	11/8/2029	$	242,431	$	237,781	$	242,431
								237,781		242,431		65.75	%
Health Care Providers
Compsych Investments Corp. (4)(6)	SF +	4.75%	9.04	%	7/22/2031	150,999		150,318		152,509
Compsych Investments Corp. (4)(5)(6)					7/22/2031	43,333		(206)		433
Emerus Holdings, Inc. (4)(7)	SF +	6.25%	10.55	%	1/5/2028	158,400		155,118		161,568
Rsource Holdings, LLC (4)(5)(6)					11/8/2031	50,000		(729)		(417)
Rsource Holdings, LLC (4)(6)	SF +	4.75%	9.07	%	11/8/2031	174,563		172,091		173,106
								476,592		487,199		132.13	%
Medical Equipment and Services
EHOB, LLC (4)(7)	SF +	4.50%	8.80	%	12/18/2029	111,875		109,898		112,994
FH BMX Buyer, Inc. (4)(5)(6)					6/21/2031	34,600		(490)		34
FH BMX Buyer, Inc.(4)(6)	SF +	5.00%	9.22	%	6/21/2031	129,748		128,018		129,875
								237,426		242,903		65.88	%
Software and Computer Services
Brandt Information Services, LLC (4)(5)(6)					5/31/2030	50,000		(698)		500
Brandt Information Services, LLC (4)(6)	SF +	4.75%	9.07	%	5/31/2030	114,425		112,948		115,569
								112,250		116,069		31.48	%
Total First Lien Debt								$	1,064,049	$	1,088,602	295.24	%
Total Investment Portfolio								$	1,064,049	$	1,088,602	295.24	%

(1) Unless otherwise indicated, issuers of debt and equity investments held by the Company are denominated in dollars. All debt investments are income producing unless otherwise indicated. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount is presented for debt investments.

(2) The investments bear interest at a rate that is determined by reference to the Secured Overnight Financing Rate ("SOFR" or "SF"), which reset, monthly or quarterly. For each such investment, the Company has provided the spread over SOFR and the current contractual interest rate in effect at March 31, 2025. Certain investments are subject to a SOFR interest rate floor, or rate cap. 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.

(5) 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 ULTRA III unfunded commitments:


Investments	Commitment Type	Unfunded Commitment		Fair Value
Brandt Information Services, LLC	1st Lien Senior Secured Delayed Draw Loan	$	50,000	$	500
Compsych Investments Corp.	1st Lien Senior Secured Delayed Draw Loan	43,333		433
FH BMX Buyer, Inc.	1st Lien Senior Secured Delayed Draw Loan	34,600		34
Rsource Holdings, LLC	1st Lien Senior Secured Delayed Draw Loan	50,000		(417)
Total		$	177,933	$	550

(6) The interest rate floor on these investments as of March 31, 2025 was 0.75%.

(7) The interest rate floor on these investments as of March 31, 2025 was 1.00%.

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The following table presents the schedule of investments of ULTRA III as of December 31, 2024:


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
General Industrials
Bright Light Buyer, Inc. (4)(7)	SF +	6.00%	10.40	%	11/8/2029	$	243,045	$	238,133	$	242,570
								238,133		242,570		66.26	%
Health Care Providers
Compsych Investments Corp. (4)(6)	SF +	4.75%	9.38	%	7/22/2031	151,378		150,669		152,892
Compsych Investments Corp. (4)(5)(6)					7/22/2031	43,333		(210)		433
Emerus Holdings, Inc. (4)(7)	SF +	6.25%	10.50	%	1/5/2028	158,800		155,216		161,059
Rsource Holdings, LLC (4)(5)(6)					11/8/2031	50,000		(742)		(734)
Rsource Holdings, LLC (4)(6)	SF +	4.75%	9.27	%	11/8/2031	175,000		172,431		172,429
								477,364		486,079		132.77	%
Medical Equipment and Services
EHOB, LLC (4)(7)	SF +	4.75%	9.08	%	12/18/2029	116,875		114,701		118,044
FH BMX Buyer, Inc. (4)(5)(6)					6/21/2031	34,600		(499)		346
FH BMX Buyer, Inc.(4)(6)	SF +	5.25%	9.58	%	6/21/2031	130,074		128,271		131,375
								242,473		249,765		68.22	%
Software and Computer Services
Brandt Information Services, LLC (4)(5)(6)					5/31/2030	50,000		(713)		128
Brandt Information Services, LLC (4)(6)	SF +	5.00%	9.36	%	5/31/2030	114,713		113,161		115,006
								112,448		115,134		31.45	%
Total First Lien Debt								$	1,070,418	$	1,093,548	298.70	%
Total Investment Portfolio								$	1,070,418	$	1,093,548	298.70	%

(2) The investments bear interest at a rate that is determined by reference to the Secured Overnight Financing Rate ("SOFR" or "SF"), which reset, monthly or quarterly. For each such investment, the Company has provided the spread over SOFR and the current contractual interest rate in effect at December 31, 2024. Certain investments are subject to a SOFR interest rate floor, or rate cap. 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.


Investments	Commitment Type	Unfunded Commitment		Fair Value
Brandt Information Services, LLC	1st Lien Senior Secured Delayed Draw Loan	$	50,000	$	128
Compsych Investments Corp.	1st Lien Senior Secured Delayed Draw Loan	43,333		433
FH BMX Buyer, Inc.	1st Lien Senior Secured Delayed Draw Loan	34,600		346
Rsource Holdings, LLC	1st Lien Senior Secured Delayed Draw Loan	50,000		(734)
Total		$	177,933	$	173

(6) The interest rate floor on these investments as of December 31, 2024 was 0.75%.

(7) The interest rate floor on these investments as of December 31, 2024 was 1.00%.

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The following table presents the selected statements of assets and liabilities information of ULTRA III as of March 31, 2025 and December 31, 2024:


	March 31, 2025		December 31, 2024
ASSETS	(Unaudited)
Investments at fair value (amortized cost of $1,064,049 and $1,070,418 at March 31, 2025 and December 31, 2024, respectively)	$	1,088,602	$	1,093,548
Cash	35,331		24,652
Interest receivable	6,129		13,217
Receivable for investments	379		—
Total assets	$	1,130,441	$	1,131,417
LIABILITIES
Debt	$	747,725	$	751,554
Interest payable and other liabilities	14,003		13,748
Total liabilities	761,728		765,302
MEMBERS’ EQUITY
Members’ Equity	368,713		366,115
Total Members’ Equity	368,713		366,115
Total liabilities and members’ equity	$	1,130,441	$	1,131,417

The following table presents the selected statements of operations information of ULTRA III for the three months ended March 31, 2025 and 2024 (Unaudited):


	Three Months Ended March 31,
	2025		2024
Investment income:
Interest income	$	27,628	$	15,681
Total investment income	27,628		15,681
Expenses:
Interest expense	13,636		7,407
Other expenses	655		495
Total expenses	14,291		7,902
Net investment income	13,337		7,779
Net realized and change in unrealized gain (loss) on investments
Net realized gain (loss) on investments	—		—
Net change in unrealized appreciation (depreciation) on investments	1,423		4,000
Net realized and change in unrealized gain (loss) on investments	1,423		4,000
Net increase (decrease) in net assets resulting from operations	$	14,760	$	11,779

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Note 12. Subsequent Events

The Company’s management evaluated subsequent events through the date of issuance of the consolidated financial statements. There have been no additional subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in the consolidated financial statements as of March 31, 2025, except as discussed below.

Subscriptions

The Company received $394.6 million of net proceeds relating to the issuance of Class I shares, Class D shares, Class F and Class S shares for subscriptions effective April 1, 2025.

The Company received $412.2 million of net proceeds relating to the issuance of Class I shares, Class D shares, Class F and Class S shares for subscriptions effective May 1, 2025.

Distributions Declarations

On April 25, 2025, the Board declared net distributions of $0.1600 per Class I share, $0.1548 per Class D share, $0.1495 per Class F share, and $0.1422 per Class S share, all of which are payable on or about May 30, 2025 to shareholders of record as of April 30, 2025. Additionally, the Company’s Board declared variable supplemental distributions of $0.0550 for all share classes outstanding, all of which are payable on or about May 30, 2025 to shareholders of record as of April 30, 2025.

Financing Transactions

On April 17, 2025, the Company entered into an amendment to the HLEND E Funding Facility, which, among other things, increases the total facility amount from $1,000 million to $1,500 million, extends the scheduled reinvestment period end date from November 18, 2027 to April 17, 2028, extends the maturity date from November 16, 2029 to April 17, 2030 and adds a swingline sub-facility with Wells Fargo Bank, National Association as the swingline lender of up to $200 million.

On April 29, 2025, the Company amended the Revolving Credit Facility. The amendment provides for, among other things, (i) an increase in the aggregate commitments of the lenders from $1,625 million to $1,975 million, (ii) an extension of the Commitment Termination Date from October 30, 2027 to April 29, 2029, (iii) an extension of the Maturity Date from October 30, 2028 to April 29, 2030, (iv) an amendment to the accordion provision to permit increases up to a total facility amount of $2,962.5 million, (v) a reduction in the applicable margin from a range of 0.75% to 0.875% in the case of any ABR loan and 1.75% to 1.875% in the case of any other loan, to a range of 0.525% to 0.775% in the case of any ABR Loan and 1.525% to 1.775% in the case of any other loan, and (vi) a 5 basis point reduction in the commitment fee.

Submission of Matters to a Vote of Security Holders

The Company held its special meeting of shareholders on April 16, 2025, at which shareholders approved a new investment advisory agreement between the Company and the Adviser to become effective upon the close of the transaction pursuant to which BlackRock and certain of its affiliates will acquire 100% of the business and assets of HPS.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The information contained in this section should be read in conjunction with “Item 1. Consolidated Financial Statements.” This discussion contains forward-looking statements, which relate to future events, our future performance or financial condition and involves numerous risks and uncertainties. Actual results could differ materially from those implied or expressed in any forward-looking statements. Dollar amounts are in thousands, except per share data, percentages and as otherwise noted.

Overview and Investment Framework

We are an externally managed, non-diversified closed-end management investment company that has elected to be treated as a BDC under the 1940 Act. Formed as a Delaware statutory trust on December 23, 2020 that commenced operations on February 3, 2022, we are externally managed by the Adviser, which is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments and monitoring our portfolio on an ongoing basis. Our Adviser is registered as an investment adviser with the SEC and a wholly-owned subsidiary of HPS. We have elected to be treated, and intend to qualify annually, as a RIC under the Code.

Under our Investment Advisory Agreement, we have agreed to pay the Adviser an annual management fee as well as an incentive fee based on our investment performance. Also, under the Administration Agreement, we have agreed to reimburse the Administrator for the allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including, but not limited to, our allocable portion of the costs of compensation (including salaries, bonuses and benefits) and related expenses of our chief compliance officer, chief financial officer and their respective staffs; provided, that such expenses shall exclude (1) rent or depreciation, utilities, capital equipment and other administrative items of the Administrator, and (2) salaries, fringe benefits, travel expenses and other administrative items incurred or allocated to any “Controlling Person” (as defined in the Omnibus Guidelines) of the Administrator.

Our investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation. Our investment strategy focuses primarily on newly originated, privately negotiated senior credit investments in high-quality, established upper middle market companies and, in select situations, companies in special situations. We use the term upper middle market companies generally to mean companies with “EBITDA” of $75 million to $1 billion annually or $250 million to $5 billion in revenue annually at the time of investment. We have and may continue to invest in smaller or larger companies if an opportunity presents attractive investment characteristics and risk-adjusted returns. While our investment strategy primarily focuses on companies in the United States, we also intend to leverage HPS’s global presence to invest in companies in Europe, Australia and other locations outside the U.S., subject to compliance with BDC requirements to invest at least 70% of assets in “eligible portfolio companies.” We also include a smaller allocation to more liquid credit investments such as non-investment grade broadly syndicated loans, leveraged loans, secured and unsecured corporate bonds, and securitized credit. We intend to use these investments to maintain liquidity for our share repurchase program and to manage cash while seeking attractive returns before investing subscription proceeds into originated loans. We invest at least 80% of our total assets (net assets plus borrowings for investment purposes) in credit and credit-related instruments issued by corporate issuers (including loans, notes, bonds and other corporate debt securities). If we change our 80% test, we will provide shareholders with at least 60 days’ prior notice of such change. Although not expected to be a primary component of our investment strategy, in select situations, we may also make certain opportunistic investments in instruments other than secured debt with a view to enhancing returns, such as mezzanine debt, payment-in-kind notes, convertible debt and other unsecured debt instruments, structured debt that is not secured by financial or other assets, debtor-in-possession financings and equity in loan portfolios or portfolios of receivables (“Opportunistic Investments”), in each case taking into account availability of leverage for such investments and our target risk/return profile. In addition, we may also participate in programmatic investments through partnerships or joint ventures with one or more unaffiliated banks or other financial institutions, including structures where a partner assumes senior exposure to each investment, and we participate in the junior exposure.

Subject to the limitations of the 1940 Act, we may invest in loans or other securities, the proceeds of which may refinance or otherwise repay debt or securities of companies whose debt is owned by other funds and accounts sponsored or managed by the Adviser or HPS. We expect to invest in co-investment transactions with other funds and accounts sponsored or managed by the Adviser or HPS.

To seek to enhance our returns, we employ leverage as market conditions permit and at the discretion of the Adviser, but we are subject to the limitations set forth in the 1940 Act, which currently allows us to borrow up to a 2:1 debt to equity ratio. We intend to use leverage in the form of borrowings, including loans from certain financial institutions and the issuance of debt securities. We may also use leverage in the form of the issuance of preferred shares, but do not currently intend to do so. In determining whether to borrow money, we analyze the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to our investment outlook. Any such leverage, if incurred, would be expected to increase our total capital available for investment.

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To finance investments, we have in the past and may in the future securitize certain of our secured loans or other investments, including through the formation of one or more CLOs, while retaining all or most of the subordinated notes issued in the securitization.

Key Components of Our Results of Operations

Investments

We focus primarily on senior secured loans and securities of private U.S. companies. Our level of investment activity (both the number of investments and the size of each investment) can and will vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to private companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the types of investments we make.

Revenues

We generate revenues in the form of interest and fee income on debt investments, capital gains, and dividend income from our equity investments in our portfolio companies. Our senior and subordinated debt investments are expected to bear interest at a fixed or floating rate. Interest on debt securities is generally payable monthly or quarterly. In some cases, some of our investments may provide for deferred interest payments or PIK interest. The principal amount of the debt securities and any accrued but unpaid PIK interest generally will become due at the maturity date. In addition, we may generate revenue from various fees in the ordinary course of business such as in the form of structuring, consent, waiver, amendment, syndication and other miscellaneous fees. Original issue discounts and market discounts or premiums will be capitalized, and we will accrete or amortize such amounts as interest income. We will record prepayment premiums on loans and debt securities as interest income. Dividend income, if any, will be recognized on an accrual basis to the extent that we expect to collect such amounts.

Expenses

Except as specifically provided below, all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Adviser. We bear all other costs and expenses of our operations, administration and transactions, including, but not limited to:

•investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Investment Advisory Agreement;

•our allocable portion of compensation (including salaries, bonuses, and benefits), overhead and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) our chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that performs duties for us; and (iii) any internal audit group personnel of HPS or any of its affiliates; provided, that such expenses shall exclude (1) rent or depreciation, utilities, capital equipment and other administrative items of the Administrator, and (2) salaries, fringe benefits, travel expenses and other administrative items incurred or allocated to any “Controlling Person” (as defined in the Omnibus Guidelines) of the Administrator;

•all other expenses of the Company’s operations, administrations and transactions.

As our investment adviser prior to June 30, 2023, HPS agreed to advance all of our organization and offering expenses on our behalf through February 3, 2022, the date on which we broke escrow for our initial offering of Common Shares. On such date, the Company became obligated to reimburse HPS for such advanced expenses and HPS subsequently requested reimbursement of these expenses and was paid pursuant to the prior expense support agreement. After such date, we bear all such expenses, subject to the Expense Support Agreement. Pursuant to the Expense Support Agreement, the Adviser is obligated to advance all of our Other Operating Expenses to the effect that such expenses do not exceed 1.00% (on an annualized basis) of our NAV. We are obligated to reimburse the Adviser for such advanced expenses (including any additional expenses the Adviser elects to pay on our behalf), subject to certain conditions. See “—Expense Support and Conditional Reimbursement Agreement.” Any reimbursements will not exceed actual expenses incurred by the Adviser and its affiliates.

From time to time, the Adviser, the Administrator or their affiliates may pay third-party providers for goods or services. We will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on our behalf. From time to time, the Adviser, the Administrator may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses are ultimately borne by our shareholders.

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Expense Support and Conditional Reimbursement Agreement

We have entered into an Expense Support and Conditional Reimbursement Agreement with the Adviser. For additional information see “Note 3. Fees, Expenses, Agreements and Related Party Transactions” to the consolidated financial statements.

Portfolio and Investment Activity

Our investment activity is presented below (information presented herein is at amortized cost unless otherwise indicated):


	As of and for the three months ended March 31,
	2025		2024
Total investments, beginning of period	$	16,071,078	$	9,203,801
New investments purchased	2,520,468		1,418,820
Payment-in-kind interest and dividends capitalized	25,314		16,483
Net accretion of discount on investments	18,205		27,075
Net realized gain (loss) on investments	(19,886)		(9,949)
Investments sold or repaid	(314,255)		(850,253)
Total investments, end of period	$	18,300,924	$	9,805,977

The following table presents certain selected information regarding our investment portfolio:


	March 31, 2025		December 31, 2024
Weighted average yield on debt and income producing investments, at amortized cost(1)	10.2%		10.4%
Weighted average yield on debt and income producing investments, at fair value(1)	10.1%		10.4%
Weighted average yield on total portfolio, at amortized cost(2)	10.1%		10.3%
Weighted average yield on total portfolio, at fair value(2)	10.1%		10.3%
Number of portfolio companies	356		315
Weighted average EBITDA(3)	$	223	$	215
Weighted average loan-to-value (“LTV”) (4)	39%		40%
Percentage of performing debt investments bearing a floating rate, at fair value	99.4%		99.3%
Percentage of performing debt investments bearing a fixed rate, at fair value	0.6%		0.7%

(1)Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts and less any annual amortization of premiums, as applicable, on accruing (i) debt and (ii) other income producing securities, divided by (b) total accruing (i) debt and (ii) other income producing securities (at fair value or amortized cost, as applicable). Actual yields earned over the life of each investment could differ materially from the yields presented above.

(2)Computed as the annual stated interest rate or yield plus the annual accretion of discounts and less any annual amortization of premiums, as applicable, on all investments of the Company, divided by total investments of the Company (at fair value or amortized cost, as applicable). Actual yields earned over the life of each investment could differ materially from the yields presented above.

(3)Calculated with respect to all level 3 investments in the investment portfolio for which fair value is determined by the Adviser (in its capacity as the investment adviser of the Company, with assistance, at least quarterly, from a third-party valuation firm, and overseen by the Company’s Board), and excludes quoted assets and investments with no reported EBITDA or where EBITDA, in the Adviser’s judgement made in its discretion, was not a material component of the original investment thesis, such as LTV-based loans, NAV-based loans or reorganized equity. Weighted average EBITDA is weighted based on the fair value of the total applicable level 3 investments. Excludes investments on non-accrual status. Figures are derived from the most recent financial statements from portfolio companies.

(4)Calculated with respect to all level 3 debt investments in the investment portfolio for which fair value is determined by the Adviser (in its capacity as the investment adviser of the Company, with assistance, at least quarterly, from a third-party valuation firm, and overseen by the Company’s Board), and excludes quoted assets. LTV is calculated as net debt through each respective investment tranche in which the Company holds an investment divided by enterprise value or value of underlying collateral of the portfolio company. Weighted average LTV is weighted based on the fair value of the total applicable level 3 debt investments. Excludes investments on non-accrual status. Figures are derived from the most recent financial statements from portfolio companies.

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Our investments consisted of the following:


	March 31, 2025						December 31, 2024
	Amortized Cost		Fair Value		% of Total Investments at Fair Value		Amortized Cost		Fair Value		% of Total Investments at Fair Value
First lien debt	$	17,719,541	$	17,820,394	96.69	%	$	15,491,454	$	15,529,180	96.27	%
Second lien debt	26,648		27,030		0.15		35,984		31,340		0.19
Other secured debt	63,996		64,252		0.35		68,340		68,501		0.42
Unsecured debt	47,095		46,966		0.25		45,923		46,022		0.29
Structured finance investments	75,301		76,735		0.42		72,893		75,392		0.47
Investments in joint ventures	297,747		322,624		1.75		297,747		320,350		1.99
Equity investments	70,596		72,559		0.39		58,737		60,471		0.37
Total	$	18,300,924	$	18,430,560	100.00	%	$	16,071,078	$	16,131,256	100.00	%

As of March 31, 2025 and December 31, 2024, the Company had certain investments in nine and eight portfolio companies on non-accrual status, respectively. The following table shows the fair value of our performing debt and other income producing securities, and non-accrual investments as of March 31, 2025 and December 31, 2024:


	March 31, 2025				December 31, 2024
	Fair Value		Percentage		Fair Value		Percentage
Performing debt and income producing investments(1)	$	17,962,936	99.42	%	$	15,671,885	99.30	%
Non-accrual(2)	105,391		0.58		110,346		0.70
Total	$	18,068,327	100.00	%	$	15,782,231	100.00	%

(1)Excludes investments in joint ventures.

(2)Investments on non-accrual represented 0.82% and 1.00% of amortized cost of total debt and income producing investments as of March 31, 2025 and December 31, 2024, respectively.

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The table below describes investments by industry composition based on fair value:


	March 31, 2025		December 31, 2024
Aerospace and Defense	4.19	%	3.47	%
Alternative Energy	0.13		0.15
Asset Based Lending and Fund Finance	0.42		0.33
Automobiles and Parts	0.51		0.53
Chemicals	0.11		0.11
Construction and Materials	1.14		1.25
Consumer Services	4.05		4.41
Electricity	0.65		0.72
Electronic and Electrical Equipment	0.61		0.69
Finance and Credit Services	0.35		0.40
Food Producers	0.96		1.11
Gas, Water and Multi-utilities	0.22		0.27
General Industrials	2.39		2.34
Health Care Providers	9.78		10.98
Household Goods and Home Construction	0.02		0.04
Industrial Engineering	1.68		1.90
Industrial Metals and Mining	1.12		1.25
Industrial Support Services	11.22		12.03
Industrial Transportation	0.72		0.75
Investment Banking and Brokerage Services	4.98		4.35
Investments in Joint Ventures	1.75		1.99
Leisure Goods	0.00		0.01
Life Insurance	0.08		0.09
Media	4.37		4.89
Medical Equipment and Services	8.26		7.90
Non-life Insurance	3.86		3.90
Oil, Gas and Coal	0.41		0.46
Personal Care, Drug and Grocery Stores	2.69		3.02
Personal Goods	0.45		0.52
Pharmaceuticals and Biotechnology	5.35		3.75
Real Estate Investment and Services	0.48		0.54
Retailers	1.68		1.90
Software and Computer Services	21.29		20.14
Structured Finance	0.42		0.47
Technology Hardware and Equipment	0.33		0.36
Telecommunications Equipment	0.34		0.50
Telecommunications Service Providers	0.14		0.20
Travel and Leisure	2.85		2.28
Total	100.00	%	100.00	%

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The table below describes investments by geographic composition based on fair value:


	March 31, 2025		December 31, 2024
United States	82.78	%	84.40	%
United Kingdom	7.41		6.02
Sweden	2.44		2.44
Australia	1.46		1.64
Spain	1.17		1.28
France	0.91		0.83
Austria	0.83		0.56
Italy	0.79		0.79
Germany	0.66		0.72
Canada	0.53		0.54
Czech Republic	0.31		—
Taiwan	0.26		0.29
Singapore	0.18		0.20
Norway	0.12		0.13
Belgium	0.08		0.09
Luxembourg	0.06		0.07
Netherlands	0.01		—
Total	100.00	%	100.00	%

Our Adviser monitors the financial trends of each portfolio company on an ongoing basis to determine if it is meeting its respective business plan and to assess the appropriate course of action for each company. Our Adviser has several methods of evaluating and monitoring the performance and fair value of our investments, which may include, but are not limited to, the following:

•assessment of success in adhering to the portfolio company’s business plan and compliance with covenants;

•periodic or regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor to discuss financial position, requirements and accomplishments;

•comparisons to our other portfolio companies in the industry, if any;

•attendance at and participation in board meetings or presentations by portfolio companies; and

•review of monthly and quarterly financial statements and financial projections of portfolio companies.

ULTRA III, LLC

As of March 31, 2025, the Company and COM have committed to contribute up to $550.0 million and $78.6 million, respectively, of capital to ULTRA III. As of March 31, 2025, the Company had contributed (net of returns of capital) $307.4 million and COM had contributed (net of returns of capital) $43.9 million of capital and $236.2 million and $33.7 million of capital remained uncalled from the Company and COM, respectively. The Company and COM own 87.5% and 12.5%, respectively, of the membership interests of ULTRA III. All portfolio decisions and generally all other decisions in respect of ULTRA III must be approved by a credit committee of ULTRA III consisting of representatives of the Company and COM (generally with approval from a representative of each required). The Company and COM have equal voting rights with respect to the joint venture. The Company does not consolidate the ULTRA III joint venture.

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The following table is a summary of ULTRA III’s portfolio as of March 31, 2025 and December 31, 2024:


	March 31, 2025		December 31, 2024
Total senior secured debt investments at fair value	$	1,088,602	$	1,093,548
Number of portfolio companies	7		7
Weighted average yield on debt investments, at amortized cost(1)	10.1%		10.3%
Weighted average yield on debt investments, at fair value(1)	9.8%		10.1%
Percentage of performing debt investments bearing a floating rate, at fair value	100%		100%
Percentage of performing debt investments bearing a fixed rate, at fair value	—%		—%
Percentage of assets on non-accrual(2)	—%		—%

(1)Computed as the annual stated interest rate or yield plus the annual accretion of discounts and less any annual amortization of premiums, as applicable, on accruing debt securities, divided by total accruing debt securities (at fair value or amortized cost, as applicable). Actual yields earned over the life of each investment could differ materially from the yields presented above.

(2)As a percentage of fair value of investments of ULTRA III. ULTRA III had no assets on non-accrual as of March 31, 2025 and December 31, 2024.

Results of Operations

The following table represents our operating results:


	Three Months Ended March 31,
	2025		2024
Total investment income	$	444,134	$	313,502
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 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

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. As a result, comparisons may not be meaningful.

Investment Income

Investment income was as follows:


	Three Months Ended March 31,
	2025		2024
Interest income	$	408,320	$	291,764
Payment-in-kind interest income	24,099		18,030
Dividend Income	11,658		2,614
Other income	57		1,094
Total investment income	$	444,134	$	313,502

Total investment income increased to $444.1 million for the three months ended March 31, 2025 from $313.5 million for the same period in the prior year primarily driven by our deployment of capital, the increased balance of our investments and by increased dividend income. Interest income increased as a result of an increase in our accruing debt investment’s funded par, which increased to $18,102.6

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million as of March 31, 2025, from $9,799.2 million in the prior year. This was partially offset by a decline in benchmark interest rates during the three months ended March 31, 2025, as compared to the same period in the prior year. The increase in dividend income is primarily from ULTRA III, which was $10.5 million for the three months ended March 31, 2025, as compared to $1.8 million for the same period in the prior year. At March 31, 2025, the size of our investment portfolio at fair value was $18,430.6 million and our weighted average yield on debt and income producing securities at fair value was 10.1%.

For the three months ended March 31, 2025 and 2024, PIK income represented 5.7% and 6.0% of total investment income, respectively. We expect that PIK income will vary based on the elections of certain borrowers.

Expenses

Expenses were as follows:


	Three Months Ended March 31,
	2025		2024
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	1,517		822
Other general & administrative	3,091		2,384
Amortization of continuous offering costs	532		453
Excise tax expense	293		(15)
Total expenses (including excise tax expense)	$	209,446	$	145,490

Interest Expense

Total interest expense (including unused fees, amortization of deferred financing costs, debt issuance costs and original issue discounts) increased to $137.9 million for the three months ended March 31, 2025 from $86.1 million for the same period in the prior year primarily driven by increased borrowings under the Credit Facilities, Unsecured Notes, and debt securitization issuances. The average principal debt outstanding increased to $7,896.7 million for the three months ended March 31, 2025 from $3,870.4 million for the same period in the prior year. This was partially offset by a decrease in our weighted average interest rate (including unused fees, amortization of deferred financing costs, debt issuance costs and original issue discounts) for the three months ended March 31, 2025 to 7.08% from 8.95% for the same period in the prior year.

Management Fees

Management fees increased to $29.1 million for the three months ended March 31, 2025 from $18.3 million for the same period in the prior year primarily due to an increase in net assets. Management fees are payable monthly in arrears at an annual rate of 1.25% of the value of our net assets as of the beginning of the first calendar day of the applicable month.

Income Based Incentive Fee

Income based incentive fees increased to $33.7 million for the three months ended March 31, 2025 from $25.6 million for the same period in the prior year primarily due to our deployment of capital and an increase in Pre-Incentive Fee Net Investment Income Returns.

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Capital Gains Incentive Fees

U.S. GAAP requires that the capital gains incentive fee accrual consider the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement. This GAAP accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital depreciation included in the calculation of the capital gains incentive fee plus the aggregate cumulative unrealized capital appreciation, net of any expense associated with cumulative unrealized capital depreciation or appreciation. If such amount is positive at the end of a period, then GAAP requires us to record a capital gains incentive fee equal to 12.5% of such cumulative amount, less the aggregate amount of actual capital gains incentive fees paid or capital gains incentive fees accrued under GAAP in all prior periods.

Capital gains based incentive fees was $(6.0) million for the three months ended March 31, 2025, as compared to $6.0 million for the same period in the prior year due to net realized and unrealized losses incurred in the period, compared to net unrealized gains earned in the prior period. The accrual for any capital gains incentive fee under U.S. GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less in the prior period. If such cumulative amount is negative, then there is no accrual.

Other Expenses

Organization costs and offering costs include expenses incurred in our initial formation and our continuous offering. Professional fees include legal, audit, tax, valuation, and other professional fees incurred related to the management of the Company. Administrative service expenses represent fees paid to the Administrator for our allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the administration agreement, including our allocable portion of the cost of certain of our executive officers, their respective staff and other non-investment professionals that perform duties for us. Other general and administrative expenses include insurance, filing, research, our sub-administrator, subscriptions and other costs.

Total other expenses increased to $7.0 million for the three months ended March 31, 2025, from $4.6 million for the same period in the prior year primarily driven by an increase of professional fees, administrative service expenses and other general & administrative expenses due to servicing a growing portfolio.

Under the terms of the Administration Agreement and Investment Advisory Agreement, we reimburse the Administrator and Adviser, respectively, for services performed for us. In addition, pursuant to the terms of these agreements, the Administrator and Adviser may delegate its obligations under these agreements to an affiliate or to a third party and we reimburse the Administrator and Adviser for any services performed for us by such affiliate or third party. For the three months ended March 31, 2025, the Administrator charged $1.5 million, an increase from $0.8 million for the same period in the prior year, for certain costs and expenses allocable to the Company under the terms of the Administration Agreement.

Shareholder servicing and/or distributions fees increased to $7.4 million for the three months ended March 31, 2025 from $5.0 million for the same period in the prior year primarily due to an increase in shares outstanding.

We entered into an Expense Support Agreement with the Adviser. For additional information see “Note 3. Fees, Expenses, Agreements and Related Party Transactions” to the consolidated financial statements.

Income Taxes, Including Excise Taxes

We have elected to be treated as a RIC under Subchapter M of the Code, and we intend to operate in a manner so as to continue to qualify each taxable year for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, we must, among other things, distribute to our shareholders in each taxable year generally at least 90% of the sum of our investment company taxable income, as defined by the Code (without regard to the deduction for dividends paid), and net tax-exempt income (if any) for that taxable year. To maintain our tax treatment as a RIC, we, among other things, intend to make the requisite distributions to our shareholders, which generally relieve us from corporate-level U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, we may carry forward taxable income (including net capital gains, if any) in excess of current year distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year distributions from such income, we will accrue excise tax on estimated excess taxable income.

For the three months ended March 31, 2025 and 2024, we incurred U.S. federal excise tax of $0.3 million and $(0.0) million, respectively.

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Net Realized Gain (Loss)

Net realized gains and losses were comprised of the following:


	Three Months Ended March 31,
	2025		2024
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)

For the three months ended March 31, 2025, we generated net realized gains (losses) on investments of $(19.9) million, primarily driven by realized losses of $(18.2) million on the restructuring of two private debt investments (realized losses on ERC Topco Holdings, LLC of $(13.3) million and Galaxy US Opco Inc. of $(4.9) million) and net realized losses of $(2.5) million from the sale of syndicated loans, which were offset by realized gains of $0.8 million, primarily driven by the exit of an equity investment. We generated realized losses of $(34.3) million on foreign currency forwards contracts, primarily as a result of fluctuations in the EUR and GBP exchange rates, which was largely offset by unrealized gains on foreign currency as described below.

For the three months ended March 31, 2024, we generated net realized gains (losses) of $(6.3) million, driven by net realized losses on sales of debt investments, primarily syndicated loans and bonds, of $(2.4) million and foreign currency realized losses of $(7.5) million on investments (included in realized losses on non-controlled/non-affiliated investments) primarily due to an AUD portfolio company repayment. Realized losses were partially offset by $3.5 million gains in foreign currency transactions, as a result of repayments of foreign borrowings and conversions of foreign cash balances, primarily attributable to fluctuations in the AUD and EUR exchange rates.

Net Change in Unrealized Appreciation (Depreciation)

Net change in unrealized appreciation (depreciation) was comprised of the following:


	Three Months Ended March 31,
	2025		2024
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

For the three months ended March 31, 2025, the change in unrealized appreciation (depreciation) on the investment portfolio was $(27.1) million (excluding the impact of foreign currency) due to spread widening in the public credit markets and certain credit specific write-downs in the private portfolio, which was offset by foreign currency unrealized gains of $96.6 million on investments (included in unrealized gains on non-controlled/non-affiliated investments) primarily as a result of fluctuations in the EUR and GBP exchange rates. The remaining $(61.7) million of the net unrealized appreciation (depreciation) represents the net unrealized losses as a result of foreign currency fluctuations impacting the value of our foreign currency forward contracts, foreign debt and cash balances.

For the three months ended March 31, 2025, the net realized and unrealized gains/(losses) on foreign currency fluctuations impacting the value of the investment portfolio, foreign currency forward contracts, foreign debt and cash balances was $(1.2) million.

For the three months ended March 31, 2024, the fair value of our debt investments increased due to spread tightening in both the public and private credit markets. For the three months ended March 31, 2024, we generated foreign currency unrealized losses of $(21.1) million on investments (included in unrealized gains on non-controlled/non-affiliated investments) primarily as a result of fluctuations in the AUD, GBP and EUR exchange rates.

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Interest Rate Swaps

We use interest rate swaps to mitigate interest rate risk associated with our fixed rate liabilities. We have designated certain interest rate swaps to be in a hedge accounting relationship. See “Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements - Note 2. Significant Accounting Policies” for additional disclosure regarding our accounting for derivative instruments designated in a hedge accounting relationship. See our schedule of investments for additional disclosure regarding these derivative instruments. See “Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 7. Borrowings” for additional disclosure regarding the carrying value of our debt.

Financial Condition, Liquidity and Capital Resources

We generate cash primarily from the net proceeds of our continuous offering of Common Shares, proceeds from net borrowings on our credit facilities, unsecured debt issuances, debt securitization issuances, income earned and repayments on principal on our debt investments. The primary uses of our cash and cash equivalents are for (i) originating and purchasing debt investments, (ii) funding the costs of our operations (including fees paid to our Adviser and expense reimbursements paid to our Administrator), (iii) debt service, repayment and other financing costs of our borrowings, (iv) funding repurchases under our share repurchase program and (v) cash distributions to our shareholders.

As of March 31, 2025 and December 31, 2024, we had several asset-based leverage facilities, a corporate-level revolving credit facility, unsecured note issuances and debt securitization issuances. From time to time, we may enter into additional credit facilities, increase the size of our existing credit facilities and/or issue debt securities, including additional unsecured notes and debt securitizations. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of March 31, 2025 and December 31, 2024, we had an aggregate amount of $8,985.1 million and $7,508.7 million, respectively, of principal debt outstanding and our asset coverage ratio was 207.3% and 216.3%, respectively. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage.

Cash and cash equivalents as of March 31, 2025, taken together with our $2,262.9 million of available capacity under our credit facilities (subject to borrowing base availability) and the continuous offering of our Common Shares is expected to be sufficient for our investing activities and to conduct our operations in the near term. This determination is based in part on our expectations for the timing of funding investment purchases and the timing and amount of future proceeds from sales of our Common Shares and the use of existing and future financing arrangements. As of March 31, 2025, we had significant amounts payable and commitments for existing and new investments, which we planned to fund using proceeds from offering our Common Shares and available borrowing capacity under our credit facilities. Additionally, we held $1,520.6 million of syndicated loans and other liquid investments as of March 31, 2025, which could provide additional liquidity if necessary.

Although we have historically been able to obtain sufficient borrowing capacity, any disruption in the financial markets or any other negative economic development could restrict our access to financing in the future. We may not be able to find new financing for future investments or liquidity needs and, even if we are able to obtain such financing, such financing may not be on as favorable terms as we could have obtained in the past. These factors may limit our ability to make new investments and adversely impact our results of operations.

As of March 31, 2025, we had $434.3 million in cash and cash equivalents. During the three months ended March 31, 2025, cash used in operating activities was $2,027.5 million, primarily as a result of funding portfolio investments of $2,502.6 million and partially offset by proceeds from sale of investments and principal repayments of $296.4 million and other operating uses of $178.7 million. Cash provided by financing activities was $2,232.9 million during the period, primarily as a result of new share issuances related to $1,067.4 million of subscriptions and net borrowings (repayments) of $1,438.2 million.

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Equity

The following table summarizes transactions in common shares of beneficial interest during the three months ended March 31, 2025:


	Shares	Amount
CLASS I
Subscriptions	23,863,608	$	610,430
Share transfers between classes	1,829,358	46,752
Distributions reinvested	909,066	23,261
Share repurchases	(5,971,419)	(152,092)
Early repurchase deduction	—	33
Net increase (decrease)	20,630,613	$	528,384
CLASS D
Subscriptions	2,510,439	$	64,125
Share transfers between classes	(1,592,453)	(40,704)
Distributions reinvested	517,550	13,232
Share repurchases	(1,332,224)	(33,932)
Early repurchase deduction	—	11
Net increase (decrease)	103,312	$	2,732
CLASS F
Subscriptions	11,060,630	$	282,609
Share transfers between classes	(114,603)	(2,928)
Distributions reinvested	1,988,277	50,831
Share repurchases	(917,886)	(23,379)
Early repurchase deduction	—	47
Net increase (decrease)	12,016,418	$	307,180
CLASS S
Subscriptions	4,313,557	$	110,234
Share transfers between classes	(122,302)	(3,120)
Distributions reinvested	179,651	4,593
Share repurchases	(42,689)	(1,087)
Early repurchase deduction	—	5
Net increase (decrease)	4,328,217	$	110,625
Total net increase (decrease)	37,078,560	$	948,921

The following table summarizes transactions in common shares of beneficial interest during the three months ended March 31, 2024:

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	Shares	Amount
CLASS I
Subscriptions	14,309,134	$	360,098
Share transfers between classes	53,163	1,333
Distributions reinvested	538,118	13,526
Share repurchases	(1,309,587)	(33,211)
Early repurchase deduction	—	—
Net increase (decrease)	13,590,828	$	341,746
CLASS D
Subscriptions	3,843,517	$	96,497
Share transfers between classes	116,731	2,927
Distributions reinvested	436,170	10,964
Share repurchases	(416,320)	(10,558)
Early repurchase deduction	—	—
Net increase (decrease)	3,980,098	$	99,830
CLASS F
Subscriptions	17,020,539	$	428,057
Share transfers between classes	(226,825)	(5,691)
Distributions reinvested	1,748,096	43,940
Share repurchases	(621,324)	(15,757)
Early repurchase deduction	—	—
Net increase (decrease)	17,920,486	$	450,549
CLASS S
Subscriptions	3,911,922	$	98,389
Share transfers between classes	56,931	1,431
Distributions reinvested	22,956	578
Share repurchases	—	—
Early repurchase deduction	—	—
Net increase (decrease)	3,991,809	$	100,398
Total net increase (decrease)	39,483,221	$	992,523

Distributions and Distribution Reinvestment

The following tables summarize our distributions declared and payable for the three months ended March 31, 2025 (dollar amounts in thousands, except per share amounts), and the record date for each distribution was the last calendar date of the month in which such distribution was declared:


		Class I
Declaration Date	Payment Date	Base Distribution Per Share		Variable Supplemental Distribution Per Share		Special Distribution Per Share		Total Distribution Per Share		Distribution Amount
January 29, 2025	February 28, 2025	$	0.1600	$	0.0550	$	—	$	0.2150	$	24,733
February 26, 2025	March 31, 2025	0.1600		0.0550		—		0.2150		27,355
March 27, 2025	April 30, 2025	0.1600		0.0550		—		0.2150		28,558
Total		$	0.4800	$	0.1650	$	—	$	0.6450	$	80,646

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		Class D
Declaration Date	Payment Date	Base Distribution Per Share(1)		Variable Supplemental Distribution Per Share		Special Distribution Per Share		Total Distribution Per Share		Distribution Amount
January 29, 2025	February 28, 2025	$	0.1546	$	0.0550	$	—	$	0.2096	$	8,871
February 26, 2025	March 31, 2025	0.1551		0.0550		—		0.2101		9,116
March 27, 2025	April 30, 2025	0.1546		0.0550		—		0.2096		9,339
Total		$	0.4643	$	0.1650	$	—	$	0.6293	$	27,326


		Class F
Declaration Date	Payment Date	Base Distribution Per Share(1)		Variable Supplemental Distribution Per Share		Special Distribution Per Share		Total Distribution Per Share		Distribution Amount
January 29, 2025	February 28, 2025	$	0.1491	$	0.0550	$	—	$	0.2041	$	36,177
February 26, 2025	March 31, 2025	0.1502		0.0550		—		0.2052		37,444
March 27, 2025	April 30, 2025	0.1492		0.0550		—		0.2042		38,611
Total		$	0.4485	$	0.1650	$	—	$	0.6135	$	112,232


		Class S
Declaration Date	Payment Date	Base Distribution Per Share(1)		Variable Supplemental Distribution Per Share		Special Distribution Per Share		Total Distribution Per Share		Distribution Amount
January 29, 2025	February 28, 2025	$	0.1415	$	0.0550	$	—	$	0.1965	$	3,363
February 26, 2025	March 31, 2025	0.1433		0.0550		—		0.1983		3,627
March 27, 2025	April 30, 2025	0.1416		0.0550		—		0.1966		3,978
Total		$	0.4264	$	0.1650	$	—	$	0.5914	$	10,968

(1)Distributions per share are net of shareholder servicing and/or distribution fees.

The following tables summarize our distributions declared and payable for the three months ended March 31, 2024 (dollar amounts in thousands, except per share amounts), and the record date for each distribution was the last calendar date of the month in which such distribution was declared:


		Class I
Declaration Date	Payment Date	Base Distribution Per Share		Variable Supplemental Distribution Per Share		Special Distribution Per Share		Total Distribution Per Share		Distribution Amount
January 30, 2024	February 29, 2024	$	0.1600	$	0.0550	$	—	$	0.2150	$	11,811
February 29, 2024	March 29, 2024	0.1600		0.0550		—		0.2150		13,391
March 26, 2024	April 30, 2024	0.1600		0.0550		—		0.2150		14,482
Total		$	0.4800	$	0.1650	$	—	$	0.6450	$	39,684

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		Class D
Declaration Date	Payment Date	Base Distribution Per Share(1)		Variable Supplemental Distribution Per Share		Special Distribution Per Share		Total Distribution Per Share		Distribution Amount
January 30, 2024	February 29, 2024	$	0.1547	$	0.0550	$	—	$	0.2097	$	6,514
February 29, 2024	March 29, 2024	0.1550		0.0550		—		0.2100		6,670
March 26, 2024	April 30, 2024	0.1547		0.0550		—		0.2097		6,834
Total		$	0.4644	$	0.1650	$	—	$	0.6294	$	20,018


		Class F
Declaration Date	Payment Date	Base Distribution Per Share(1)		Variable Supplemental Distribution Per Share		Special Distribution Per Share		Total Distribution Per Share		Distribution Amount
January 30, 2024	February 29, 2024	$	0.1494	$	0.0550	$	—	$	0.2044	$	26,889
February 29, 2024	March 29, 2024	0.1500		0.0550		—		0.2050		28,278
March 26, 2024	April 30, 2024	0.1493		0.0550		—		0.2043		29,404
Total		$	0.4487	$	0.1650	$	—	$	0.6137	$	84,571


		Class S
Declaration Date	Payment Date	Base Distribution Per Share(1)		Variable Supplemental Distribution Per Share		Special Distribution Per Share		Total Distribution Per Share		Distribution Amount
January 30, 2024	February 29, 2024	$	0.1420	$	0.0550	$	—	$	0.1970	$	357
February 29, 2024	March 29, 2024	0.1431		0.0550		—		0.1981		743
March 26, 2024	April 30, 2024	0.1418		0.0550		—		0.1968		954
Total		$	0.4269	$	0.1650	$	—	$	0.5919	$	2,054

(1)Distributions per share are net of shareholder servicing and/or distribution fees

With respect to distributions, we have adopted an “opt out” distribution reinvestment plan for shareholders. As a result, in the event of a declared cash distribution or other distribution, each shareholder, other than a shareholder that has “opted out” of the distribution reinvestment plan or who is located in a state that does not permit automatic enrollment in the distribution reinvestment plan, will have their distributions automatically reinvested in additional shares rather than receiving cash distributions. Shareholders who receive distributions in the form of shares will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following table reflects the sources of cash distributions on a U.S. GAAP basis that we declared on our Common Shares during the three months ended March 31, 2025:


	Class I				Class D				Class F				Class S
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share		Amount		Per Share		Amount
Net investment income	$	0.6450	$	80,646	$	0.6293	$	27,326	$	0.6135	$	112,232	$	0.5914	$	10,968
Net realized gains	—		—		—		—		—		—		—		—
Total	$	0.6450	$	80,646	$	0.6293	$	27,326	$	0.6135	$	112,232	$	0.5914	$	10,968

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The following table reflects the sources of cash distributions on a U.S. GAAP basis that we declared on our Common Shares during the three months ended March 31, 2024:


	Class I				Class D				Class F				Class S
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share		Amount		Per Share		Amount
Net investment income	$	0.6450	$	39,684	$	0.6294	$	20,018	$	0.6137	$	84,571	$	0.5919	$	2,054
Net realized gains	—		—		—		—		—		—		—		—
Total	$	0.6450	$	39,684	$	0.6294	$	20,018	$	0.6137	$	84,571	$	0.5919	$	2,054

Share Repurchase Program

At the discretion of the Board, we have commenced a share repurchase program in which we may repurchase, in each quarter, up to 5% of the NAV of our Common Shares outstanding (by number of shares) as of the close of the previous calendar quarter (the “Baseline Repurchase Amount”). The Board may amend or suspend the share repurchase program if it deems such action to be in the best interest of shareholders, such as when a repurchase offer would place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on us as a whole that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares. In the event the Board determines, in any particular quarter, that the Company shall offer to repurchase less than the Baseline Repurchase Amount, or to amend the share repurchase program such that the Company will offer to repurchase less than the Baseline Repurchase Amount on a going forward basis, the Board will consider, on an at least quarterly basis, whether it is in the best interest of shareholders for the Company to resume offering to repurchase at least the Baseline Repurchase Amount.

Under the share repurchase program, to the extent we offer to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived, at our discretion, in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by us for the benefit of remaining shareholders.

The following tables summarize the share repurchases completed during the three months ended March 31, 2025 and 2024:


Repurchase Deadline Request	Percentage of Outstanding Shares the Company Offered to Repurchase(1)		Repurchase Pricing Date	Amount Repurchased (all classes)(2)		Number of Shares Repurchased (all classes)	Percentage of Outstanding Shares Repurchased(1)
March 4, 2025	5.00	%	March 31, 2025	$	210,490	8,264,218	2.42	%


Repurchase Deadline Request	Percentage of Outstanding Shares the Company Offered to Repurchase(1)		Repurchase Pricing Date	Amount Repurchased (all classes)(2)		Number of Shares Repurchased (all classes)	Percentage of Outstanding Shares Repurchased(1)
March 1, 2024	5.00	%	March 31, 2024	$	59,526	2,347,231	1.13	%

(1)Percentage is based on total shares as of the close of the previous calendar quarter. All repurchase requests were satisfied in full.

(2)Amounts not inclusive of Early Repurchase Deduction.

Borrowings

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Our outstanding debt obligations were as follows:


	March 31, 2025
	Aggregate Principal Committed		Outstanding Principal		Carrying Value		Unused Portion(1)		Amount Available(2)
HLEND A Funding Facility(3)	$	800,000	$	522,873	$	522,873	$	277,127	$	229,615
HLEND B Funding Facility(3)	1,250,000		755,323		755,323		494,677		325,915
HLEND C Funding Facility	750,000		487,500		487,500		262,500		31,397
HLEND D Funding Facility(3)	1,000,000		737,498		737,498		262,502		194,094
HLEND E Funding Facility(3)	1,000,000		701,927		701,927		298,073		135,593
Revolving Credit Facility(3)	1,625,000		956,956		956,956		668,044		668,044
November 2025 Notes(4)	170,000		170,000		169,538		—		—
November 2027 Notes(4)	155,000		155,000		154,390		—		—
March 2026 Notes(4)	276,000		276,000		275,844		—		—
March 2028 Notes(4)	124,000		124,000		123,797		—		—
September 2027 Notes(4)	75,000		75,000		75,454		—		—
September 2028 Notes(4)	250,000		250,000		251,880		—		—
January 2029 Notes(4)	550,000		550,000		541,966		—		—
September 2029 Notes(4)	400,000		400,000		398,833		—		—
January 2028 Notes(4)	750,000		750,000		747,175		—		—
April 2032 Notes(4)	500,000		500,000		498,371		—		—
2023 CLO Secured Notes(4)	323,000		323,000		320,086		—		—
2024 CLO Secured Notes(4)	400,000		400,000		377,612		—		—
2025 CLO Secured Debt(4)	850,000		850,000		845,009		—		—
Total	$	11,248,000	$	8,985,077	$	8,942,032	$	2,262,923	$	1,584,658

(1)The unused portion is the amount upon which commitment fees, if any, are based.

(2)The amount available reflects any limitations related to each respective credit facility’s borrowing base.

(3)We may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of March 31, 2025, we had outstanding borrowings denominated in the following non-USD currencies:


	Currency
Facility	Australian Dollars (AUD)		Euros (EUR)		British Pound (GBP)
HLEND A Funding Facility	A$	94,413	€	25,500	£	—
HLEND B Funding Facility	25,519		105,352		90,347
HLEND D Funding Facility	—		167,513		—
HLEND E Funding Facility	—		37,836		—
Revolving Credit Facility	2,500		257,763		225,692

(4)As of March 31, 2025, the carrying value of our Unsecured Notes, 2023 CLO Secured Notes, 2024 CLO Secured Notes and 2025 CLO Secured Debt are presented net of unamortized debt issuance costs and original issue discount, as applicable, in the below table. Additionally, the carrying value of our Unsecured Notes includes the increase (decrease) in the notes carrying value as a result of the qualifying fair value hedge relationship as disclosed in the below table, and as further described above.

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	Unamortized Debt Issuance Costs and Original Issue Discount		Change in the Notes Carrying Value as a Result of the Qualifying Fair Value Hedge Relationship
November 2025 Notes	$	(403)	$	(59)
November 2027 Notes	(926)		316
March 2026 Notes	(800)		644
March 2028 Notes	(668)		465
September 2027 Notes	(484)		938
September 2028 Notes	(1,818)		3,698
January 2029 Notes	(9,897)		1,862
September 2029 Notes	(8,382)		7,215
January 2028 Notes	(10,845)		8,020
April 2032 Notes	(13,366)		11,737
2023 CLO Secured Notes	(2,914)		—
2024 CLO Secured Notes	(22,387)		—
2025 CLO Secured Debt	(4,991)		—
Total	$	(77,881)	$34,836


	December 31, 2024
	Aggregate Principal Committed		Outstanding Principal		Carrying Value		Unused Portion(1)		Amount Available(2)
HLEND A Funding Facility(3)	$	800,000	$	683,184	$	683,184	$	116,816	$	94,431
HLEND B Funding Facility(3)	1,250,000		955,572		955,572		294,428		148,973
HLEND C Funding Facility	750,000		487,500		487,500		262,500		31,775
HLEND D Funding Facility(3)	1,000,000		830,343		830,343		169,657		96,737
HLEND E Funding Facility	1,000,000		642,800		642,800		357,200		81,202
Revolving Credit Facility(3)	1,525,000		1,186,264		1,186,264		338,736		338,736
November 2025 Notes(4)	170,000		170,000		169,403		—		—
November 2027 Notes(4)	155,000		155,000		153,652		—		—
March 2026 Notes(4)	276,000		276,000		274,866		—		—
March 2028 Notes(4)	124,000		124,000		121,989		—		—
September 2027 Notes(4)	75,000		75,000		74,649		—		—
September 2028 Notes(4)	250,000		250,000		248,111		—		—
January 2029 Notes(4)	550,000		550,000		530,894		—		—
September 2029 Notes(4)	400,000		400,000		390,055		—		—
2023 CLO Secured Notes(4)	323,000		323,000		320,018		—		—
2024 CLO Secured Notes(4)	400,000		400,000		376,280		—		—
Total	$	9,048,000	$	7,508,663	$	7,445,580	$	1,539,337	$	791,854

(1)The unused portion is the amount upon which commitment fees, if any, are based.

(2)The amount available reflects any limitations related to each respective credit facility’s borrowing base.

(3)We may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of December 31, 2024, we had outstanding borrowings denominated in the following non-USD currencies:


	Currency
Facility	Australian Dollars (AUD)		Euros (EUR)		British Pound (GBP)
HLEND A Funding Facility	A$	34,413	€	—	£	12,929
HLEND B Funding Facility	25,519		3,352		90,347
HLEND D Funding Facility	—		42,513		—
Revolving Credit Facility	62,500		457,831		212,692

(4)As of December 31, 2024, the carrying value of our Unsecured Notes, 2023 CLO Secured Notes and 2024 CLO Secured Notes are presented net of unamortized debt issuance costs and original issue discount, as applicable, in the below table. Additionally, the carrying value of our Unsecured Notes includes the increase (decrease) in the notes carrying value as a result of the qualifying fair value hedge relationship as disclosed in the below table, and as further described above.

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	Unamortized Debt Issuance Costs and Original Issue Discount		Change in the Notes Carrying Value as a Result of the Qualifying Fair Value Hedge Relationship
November 2025 Notes	$	(562)	$	(36)
November 2027 Notes	(1,013)		(335)
March 2026 Notes	(1,007)		(127)
March 2028 Notes	(723)		(1,288)
September 2027 Notes	(533)		182
September 2028 Notes	(1,947)		58
January 2029 Notes	(10,367)		(8,739)
September 2029 Notes	(8,721)		(1,225)
2023 CLO Secured Notes	(2,982)		—
2024 CLO Secured Notes	(23,718)		—
Total	$	(51,573)	$	(11,510)

A summary of our contractual payment obligations under our credit facilities, unsecured notes and debt securitization issuances as of March 31, 2025, is as follows:


	March 31, 2025
	Total		Less than 1 year		1-3 years		3-5 years		After 5 years
HLEND A Funding Facility	$	522,873	$	—	$	522,873	$	—	$	—
HLEND B Funding Facility	755,323		—		—		755,323		—
HLEND C Funding Facility	487,500		—		—		—		487,500
HLEND D Funding Facility	737,498		—		737,498		—		—
HLEND E Funding Facility	701,927		—		—		701,927		—
Revolving Credit Facility	956,956		—		58,200		898,756		—
November 2025 Notes	170,000		170,000		—		—		—
November 2027 Notes	155,000		—		155,000		—		—
March 2026 Notes	276,000		276,000		—		—		—
March 2028 Notes	124,000		—		124,000		—		—
September 2027 Notes	75,000		—		75,000		—		—
September 2028 Notes	250,000		—		—		250,000		—
January 2029 Notes	550,000		—		—		550,000		—
September 2029 Notes	400,000		—		—		400,000		—
January 2028 Notes	750,000		—		750,000		—		—
April 2032 Notes	500,000		—		—		—		500,000
2023 CLO Secured Notes	323,000		—		—		—		323,000
2024 CLO Secured Notes	400,000		—		—		—		400,000
2025 CLO Secured Debt	850,000		—		—		—		850,000
Total	$	8,985,077	$	446,000	$	2,422,571	$	3,556,006	$	2,560,500

For additional information on our debt obligations see “Note 7. Borrowings” to the consolidated financial statements.

Off-Balance Sheet Arrangements

Portfolio Company Commitments

Our investment portfolio contains and is expected to continue to contain debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of March 31, 2025 and December 31, 2024, we had unfunded delayed draw term loans and revolvers with an aggregate principal amount of $2,370.3 million and $2,128.7 million, respectively.

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Other Commitments and Contingencies

As of March 31, 2025 and December 31, 2024, $236.2 million and $236.2 million, respectively, of capital committed remained uncalled from the Company in relation to capital commitments to ULTRA III. Such amount is subject to the approval of each joint venture member.

From time to time, we may become a party to certain legal proceedings incidental to the normal course of its business. As of March 31, 2025, management is not aware of any material pending or threatened litigation.

Related-Party Transactions

We entered into a number of business relationships with affiliated or related parties, including the following:

•the Investment Advisory Agreement;

•the Administration Agreement;

•the Expense Support Agreement; and

•the Managing Dealer Agreement

In addition to the aforementioned agreements, we, our Adviser and certain of our Adviser’s affiliates have been granted exemptive relief by the SEC to co-invest with other funds and accounts sponsored or managed by our Adviser or its affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. For additional information, see “Note 3. Fees. Expenses, Agreements and Related Party Transactions” to the consolidated financial statements.

Recent Developments

See “Item 1. Financial Statements – Notes to Consolidated Financial Statements – Note 12. Subsequent Events” for a summary of recent developments.

Critical Accounting Estimates

The preparation of the consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ.

Investments and Fair Value Measurements

The Company is required to report its investments for which current market values are not readily available at fair value. The Company values its investments in accordance with ASC 820, Fair Value Measurement, which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. ASC 820 prioritizes the use of observable market prices derived from such prices over entity-specific inputs. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material.

Investments that are listed or traded on an exchange and are freely transferable are valued at either the closing price (in the case of securities and futures) or the mean of the closing bid and offer (in the case of options) on the principal exchange on which the investment is listed or traded. Investments for which other market quotations are readily available will typically be valued at those market quotations. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Where it is possible to obtain reliable, independent market quotations from a third party vendor, the Company uses these quotations to determine the value of its investments. The Company utilizes mid-market pricing (i.e., mid-point of average bid and ask prices) to value these investments. The Adviser obtains these market quotations from independent pricing services, if available; otherwise from one or more broker quotes. To assess the continuing appropriateness of pricing sources and methodologies, the Adviser regularly performs price verification procedures and issues challenges as necessary to independent pricing services or brokers, and any differences are reviewed in accordance with the valuation procedures. The Adviser does not adjust the prices unless it has a reason to believe market quotations are not reflective of the fair value of an investment.

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Where prices or inputs are not available or, in the judgment of the Adviser, not reliable, valuation approaches based on the facts and circumstances of the particular investment will be utilized. Securities that are not publicly traded or for which market prices are not readily available, as will be the case for a substantial portion of the Company’s investments, are valued at fair value as determined in good faith by the Adviser as the Company’s valuation designee under Rule 2a-5 under the 1940 Act, pursuant to the Company’s valuation policy, and under the oversight of the Board, based on, among other things, the input of one or more independent valuation firms retained by the Company to review the Company’s investments. These valuation approaches involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments’ complexity.

With respect to the quarterly valuation of investments, the Company undertakes a multi-step valuation process each quarter in connection with determining the fair value of our investments for which reliable market quotations are not readily available as of the last calendar day of each quarter, which includes, among other procedures, the following:

•The Adviser’s Valuation Committee then determines fair value marks for each of the Company’s portfolio investments; and

•The Board and Audit Committee periodically review the valuation process and provide oversight in accordance with the requirements of Rule 2a-5 under the 1940 Act.

As part of the valuation process, the Company takes into account relevant factors in determining the fair value of our investments for which reliable market quotations are not readily available, many of which are loans, including and in combination, as relevant, of: (i) the estimated enterprise value of a portfolio company, generally based on an analysis of discounted cash flows, publicly traded comparable companies and comparable transactions, (ii) the nature and realizable value of any collateral, (iii) the portfolio company’s ability to make payments based on its earnings and cash flow, (iv) the markets in which the portfolio company does business, and (v) overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity or debt sale occurs, the Adviser considers whether the pricing indicated by the external event corroborates its valuation.

The Company has and will continue to engage independent valuation firms to provide assistance regarding the determination of the fair value of the Company’s portfolio securities for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment each quarter, and the Company and the Adviser may reasonably rely on that assistance. However, the Adviser is responsible for the ultimate valuation of the portfolio investments at fair value as determined in good faith pursuant to the Company’s valuation policy, the Board’s oversight and a consistently applied valuation process.

The Company’s accounting policy on the fair value of our investments is critical because the determination of fair value involves subjective judgments and estimates. Accordingly, the notes to the Company’s consolidated financial statements express the uncertainty with respect to the possible effect of these valuations, and any change in these valuations, on the consolidated financial statements.

See “Note 5. Fair Value Measurements” to the consolidated financial statements for more information on the fair value of the Company’s investments.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are subject to financial market risks, including valuation risk and interest rate risk.

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and we value these investments at fair value as determined in good faith by the Adviser as the Company’s valuation designee under Rule 2a-5 under the 1940 Act, based on, among other things, the input of independent

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third-party valuation firms retained by the Company, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

Interest Rate Risk

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We intend to fund portions of our investments with borrowings, and at such time, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure shareholders that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of March 31, 2025, 99.4% of our performing debt investments at fair value were at floating rates. Additionally, we entered into interest rate swaps with certain of our Unsecured Notes in order to align the interest rates of our liabilities with our investment portfolio. Based on our Consolidated Statements of Assets and Liabilities as of March 31, 2025, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates (considering base rate floors and ceilings for floating rate instruments) and assuming no changes in our investment and borrowing structure:


	Interest Income		Interest Expense		Net Income
Up 300 basis points	$	539,744	$	(264,677)	$	275,067
Up 200 basis points	$	359,829	$	(176,451)	$	183,378
Up 100 basis points	$	179,915	$	(88,226)	$	91,689
Down 100 basis points	$	(179,915)	$	88,226	$	(91,689)
Down 200 basis points	$	(358,837)	$	176,451	$	(182,386)
Down 300 basis points	$	(535,307)	$	264,677	$	(270,630)

We may in the future hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of changes in interest rates with respect to our portfolio investments.

Item 4. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures

In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended, we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.

(b) Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during the quarter ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

We are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us.

Item 1A. Risk Factors.

In addition to the other information set forth in this quarterly report on Form 10-Q, you should carefully consider the risk factors set forth in “Item 1A Risk Factors” in our annual report on Form 10‑K for the year ended December 31, 2024 as well as the risk factors set forth in “Risk Factors” of the Post-Effective Amendment No. 1 to our registration statement on Form N-2 filed on April 24, 2025, which could materially affect our business, financial condition and/or operating results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially affect our business, financial condition and/or operating results. There have been no material changes during the three months ended March 31, 2025 to the risk factors set forth in “Risk Factors” of the Post-Effective Amendment No. 1 to our registration statement on Form N-2 filed on April 24, 2025.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Except as described and as previously reported by the Company on its current reports on Form 8-K, we did not sell any securities during the period covered by this Quarterly Report on Form 10-Q that were not registered under the Securities Act.

Share Repurchases

We have commenced a share repurchase program in which we intend to offer to repurchase, in each quarter, up to 5% of our Common Shares outstanding (by number of shares) as of the close of the previous calendar quarter (the “Baseline Repurchase Amount”). Our Board of Trustees may amend or suspend the share repurchase program at any time if it deems such action to be in our best interest and the best interest of our shareholders, such as when a repurchase offer would place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on the Company as a whole, or should we otherwise determine that investing our liquid assets in originated loans or other illiquid investments rather than repurchasing our shares is in the best interests of the Company as a whole. As a result, share repurchases may not be available each quarter. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares. In the event the Board determines, in any particular quarter, that the Company shall offer to repurchase less than the Baseline Repurchase Amount, or to amend the share repurchase program such that the Company will offer to repurchase less than the Baseline Repurchase Amount on a going forward basis, the Board will consider, on an at least quarterly basis, whether it is in the best interest of shareholders for the Company to resume offering to repurchase at least the Baseline Repurchase Amount.

Under our share repurchase program, to the extent we offer to repurchase shares in any particular quarter, we expect to repurchase shares pursuant to quarterly tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV.

The following table sets forth information regarding repurchases of our common shares during the three months ended March 31, 2025 (dollars in thousands):


Offer Date	Repurchase Deadline Request	Purchase Price per Share		Number of Shares Repurchased (all classes)	Amount Repurchased (all classes)
February 3, 2025	March 4, 2025	$	25.47	8,264,218	2.42	%

Item 3. Defaults Upon Senior Securities.

None.

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Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

During the fiscal quarter ended March 31, 2025, none of our directors or executive officers adopted, modified or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

Item 6. Exhibits.

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Exhibit Number						Description of Exhibits
3.1						Seventh Amended and Restated Agreement and Declaration of Trust of the Company (incorporated by reference to Exhibit 3.1 to the Report on Form 8-K (File No. 814-01431), filed on November 27, 2024).

4.1						Third Supplemental Indenture, dated as of January 14, 2025, relating to the 5.450% Notes due 2028, by and between the Company and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K (File No. 814-01431), filed on January 15, 2025).

4.2						Fourth Supplemental Indenture, dated as of January 14, 2025, relating to the 5.950% Notes due 2032, by and between the Company and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K (File No. 814-01431), filed on January 15, 2025).

10.1						Commitment Increase Agreement, dated as of January 24, 2025, by and among the Company, JPMorgan Chase Bank, N.A., as administrative agent, Regions Bank, as the assuming lender, and the issuing banks party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 814-01431), filed on January 28, 2025).

10.2						Placement Agency Agreement, dated as of March 5, 2025, by and between HLEND CLO 2025-3, LLC, as Issuer, and J.P. Morgan Securities LLC, as Placement Agent (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 814-01431), filed on March 6, 2025).

10 .3						Indenture and Security Agreement, dated as of March 5, 2025, by and between HLEND CLO 2025-3, LLC, as Issuer, and U.S. Bank Trust Company, National Association, as Collateral Trustee (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No. 814-01431), filed on March 6, 2025).

10 .4						Collateral Management Agreement, dated as of March 5, 2025, by and between HLEND CLO 2025-3, LLC, as Issuer, and HPS Corporate Lending Fund, as Collateral Manager (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K (File No. 814-01431), filed on March 6, 2025).

10 .5						Amended and Restated Sale and Contribution Agreement, dated as of March 5, 2025, by and among the Company, as Seller, HLEND CLO 2025-3 Investments, LLC, as Intermediate Seller, and HLEND CLO 2025-3, LLC, as Purchaser (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K (File No. 814-01431), filed on March 6, 2025).

10.6						Credit Agreement, dated as of March 5, 2025, by and among HLEND CLO 2025-3, LLC, as Issuer, the Class A Lenders party thereto and U.S. Bank Trust Company, National Association, as Collateral Trustee and as Loan Agent (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K (File No. 814-01431), filed on March 6, 2025).

10 .7						Third Amendment to Loan and Security Agreement, dated as of April 17, 2025, among the Company, as equityholder and as collateral manager, HLEND Holdings E, L.P., as borrower, Wells Fargo Bank, National Association, as administrative agent and swingline lender, U.S. Bank Trust Company, National Association, as collateral agent, U.S. Bank National Association, as document custodian, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 814-01431), filed on April 21, 2025).

10 .8						Amendment No. 3 to Senior Secured Revolving Credit Agreement, dated April 29, 2025, by and among the Company , as borrower, JPMorgan Chase Bank, N.A., as administrative agent and as collateral agent, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 814-01431), filed on May 1, 2025).

31.1						Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

31.2						Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

32.1						Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

32.2						Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

101.INS						Inline XBRL Instance Document (the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)*

101.SCH						Inline XBRL Taxonomy Extension Schema Document*

101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document*

101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document*

101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document*

101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document*

104*						Cover Page Interactive Data File (embedded within the Inline XBRL document)*

*Filed herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


			HPS Corporate Lending Fund

May 14, 2025			/s/ Michael Patterson
			Michael Patterson
			Chief Executive Officer

May 14, 2025			/s/ Robert Busch
			Robert Busch
			Chief Financial Officer

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Form: 10-Q

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