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Loan2025-03-310001838126More Cowbell II, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126NBG Acquisition Corp., 1st Lien Senior Secured Revolving Loan2025-03-310001838126Netrisk Group Luxco 4 S.A.R.L., 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Netrisk Group Luxco 4 S.A.R.L., 1st Lien Senior Secured Revolving Loan2025-03-310001838126NRO Holdings III Corp., 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126NRO Holdings III Corp., 1st Lien Senior Secured Revolving Loan2025-03-310001838126NTH Degree Purchaser, Inc, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126NTH Degree Purchaser, Inc, 1st Lien Senior Secured Revolving Loan2025-03-310001838126OEConnection LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Onesource Virtual, Inc., 1st Lien Senior Secured Revolving Loan2025-03-310001838126Oranje Holdco, Inc., 1st Lien Senior Secured Revolving Loan2025-03-310001838126Orthrus Limited, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Pareto Health Intermediate Holdings, Inc., 1st Lien Senior Secured Revolving Loan2025-03-310001838126Pareto Health Intermediate Holdings, Inc., 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Parfums Holding Company, Inc., 1st Lien Senior Secured Revolving Loan2025-03-310001838126Patriot Growth Insurance Services LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Ping Identity Holding Corp., 1st Lien Senior Secured Revolving Loan2025-03-310001838126Plasma Buyer LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126PPV Intermediate Holdings, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Prism Parent Co., Inc., 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Puma Buyer LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126QBS Parent, Inc., 1st Lien Senior Secured Revolving Loan2025-03-310001838126Radwell Parent, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Raven Acquisition Holdings LLC, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126RH Buyer, Inc., 1st Lien Senior Secured Revolving Loan2025-03-310001838126Ribbon Communications Operating Company, Inc, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Riley MergeCo LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Rockefeller Capital Management, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Rotation Buyer, LLC, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Rotation Buyer, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Royal Buyer, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Royal Buyer, LLC, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Saga Mid Co Limited, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Saga Mid Co Limited, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Severin Acquisition, LLC, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Severin Acquisition, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Sig Parent Holdings, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Sig Parent Holdings, LLC, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Smarsh Inc., 1st Lien Senior Secured Delayed Draw Loan 12025-03-310001838126Smarsh Inc., 1st Lien Senior Secured Delayed Draw Loan 22025-03-310001838126Smarsh Inc., 1st Lien Senior Secured Revolving Loan2025-03-310001838126Spanx, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Specialty Ingredients, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Spirit RR Holdings, Inc., 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Spirit RR Holdings, Inc., 1st Lien Senior Secured Revolving Loan2025-03-310001838126Spotless Brands, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Spotless Brands, LLC, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Spruce Bidco II Inc., 1st Lien Senior Secured Revolving Loan2025-03-310001838126Stack Sports Buyer, LLC, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Stack Sports Buyer, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Sugar PPC Buyer LLC, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126SWF Holdings I Corp, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Tango Bidco SAS, 1st Lien Senior Secured Delayed Draw Loan 12025-03-310001838126Tango Bidco SAS, 1st Lien Senior Secured Delayed Draw Loan 22025-03-310001838126Team, Inc., 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Tex-Tech Industries, Inc., 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Tex-Tech Industries, Inc., 1st Lien Senior Secured Revolving Loan2025-03-310001838126The One Group, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Time Manufacturing Holdings, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Tricentis Operations Holdings Inc, 1st Lien 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________________
FORM 10-Q
_____________________________________________________
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2025
OR
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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)
________________________________________________________________________________________________
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Delaware |
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87-6391045 |
(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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40 West 57th Street, 33rd Floor
New York, NY
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10019 |
(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: (212) 287-6767
________________________________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
None |
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None |
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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:
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Large accelerated filer |
o |
Accelerated filer |
o |
Non-accelerated filer |
x |
Smaller reporting company |
o |
Emerging growth company |
o |
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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.
Table of Contents
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”).
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)
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March 31, 2025 |
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December 31, 2024 |
ASSETS |
(Unaudited) |
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Investments at fair value |
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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 |
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$ |
15,790,937 |
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Non-controlled/affiliated investments (amortized cost of $36,816 and $19,411 at March 31, 2025 and December 31, 2024, respectively) |
36,067 |
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19,969 |
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Controlled/affiliated investments (amortized cost of $297,747 and $297,747 at March 31, 2025 and December 31, 2024, respectively) |
322,624 |
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320,350 |
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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 |
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16,131,256 |
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Cash and cash equivalents |
434,307 |
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228,899 |
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Interest receivable from non-controlled/non-affiliated investments |
146,419 |
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140,686 |
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Interest receivable from non-controlled/affiliated investments |
175 |
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— |
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Dividend receivable from non-controlled/non-affiliated investments |
3 |
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68 |
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Deferred financing costs |
39,540 |
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41,633 |
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Deferred offering costs |
567 |
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915 |
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Derivative assets, at fair value (Note 6) |
53,737 |
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43,003 |
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Receivable for investments |
79,005 |
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32,428 |
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Other assets |
288 |
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10,851 |
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Total assets |
$ |
19,184,601 |
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$ |
16,629,739 |
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LIABILITIES |
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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 |
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$ |
7,445,580 |
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Payable for investments purchased |
125,530 |
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75,489 |
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Interest payable |
90,282 |
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104,735 |
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Derivative liabilities, at fair value (Note 6) |
— |
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11,510 |
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Due to affiliates |
13,884 |
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13,881 |
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Distribution payable (Note 9) |
80,511 |
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71,896 |
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Payable for share repurchases (Note 9) |
210,394 |
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110,784 |
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Management fees payable (Note 3) |
19,593 |
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9,377 |
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Income based incentive fees payable (Note 3) |
33,728 |
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32,014 |
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Capital gains incentive fees payable (Note 3) |
6,912 |
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12,950 |
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Shareholder servicing and/or distribution fees payable |
2,662 |
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2,456 |
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Accrued expenses and other liabilities |
21,010 |
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5,135 |
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Total liabilities |
9,546,538 |
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7,895,807 |
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Commitments and contingencies (Note 8) |
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NET ASSETS |
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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 |
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3,414 |
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Additional paid in capital |
9,470,211 |
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8,521,659 |
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Distributable earnings (loss) |
164,068 |
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208,859 |
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Total net assets |
9,638,063 |
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8,733,932 |
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Total liabilities and net assets |
$ |
19,184,601 |
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$ |
16,629,739 |
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The accompanying notes are an integral part of these consolidated financial statements.
2
HPS Corporate Lending Fund
Consolidated Statements of Assets and Liabilities
(in thousands, except share and per share amounts)
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March 31, 2025 |
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December 31, 2024 |
NET ASSET VALUE PER SHARE |
(Unaudited) |
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Class I Shares: |
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Net assets |
$ |
3,230,780 |
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$ |
2,717,857 |
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Common Shares outstanding ($0.01 par value, unlimited shares authorized) |
126,858,175 |
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106,227,563 |
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Net asset value per share |
$ |
25.47 |
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$ |
25.59 |
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Class D Shares: |
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Net assets |
$ |
1,100,795 |
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$ |
1,103,246 |
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Common Shares outstanding ($0.01 par value, unlimited shares authorized) |
43,223,693 |
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43,120,380 |
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Net asset value per share |
$ |
25.47 |
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$ |
25.59 |
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Class F Shares: |
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Net assets |
$ |
4,792,120 |
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$ |
4,506,823 |
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Common Shares outstanding ($0.01 par value, unlimited shares authorized) |
188,166,432 |
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176,150,014 |
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Net asset value per share |
$ |
25.47 |
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$ |
25.59 |
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Class S Shares: |
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Net assets |
$ |
514,368 |
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$ |
406,006 |
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Common Shares outstanding ($0.01 par value, unlimited shares authorized) |
20,196,896 |
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15,868,679 |
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Net asset value per share |
$ |
25.47 |
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$ |
25.59 |
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The accompanying notes are an integral part of these consolidated financial statements.
3
HPS Corporate Lending Fund
Consolidated Statements of Operations
(in thousands)
(Unaudited)
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Three Months Ended March 31, |
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2025 |
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2024 |
Investment income: |
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From non-controlled/non-affiliated investments: |
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Interest income |
$ |
408,011 |
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$ |
291,764 |
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Payment-in-kind interest income |
24,099 |
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18,030 |
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Dividend income |
1,147 |
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795 |
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Other income |
57 |
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1,094 |
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From non-controlled/affiliated investments: |
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Interest income |
309 |
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— |
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From controlled/affiliated investments: |
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Dividend income |
10,511 |
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1,819 |
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Total investment income |
444,134 |
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313,502 |
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Expenses: |
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Interest expense |
137,906 |
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86,093 |
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Management fees |
29,146 |
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18,339 |
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Income based incentive fee |
33,728 |
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25,565 |
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Capital gains incentive fee |
(6,038) |
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5,954 |
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Shareholder servicing and/or distribution fees |
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Class D |
684 |
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497 |
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Class F |
5,766 |
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4,309 |
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Class S |
994 |
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184 |
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Professional fees |
1,665 |
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|
756 |
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Board of Trustees’ fees |
162 |
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149 |
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Administrative service expenses (Note 3) |
1,517 |
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|
822 |
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Other general & administrative |
3,091 |
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2,384 |
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Amortization of continuous offering costs |
532 |
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453 |
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Total expenses |
209,153 |
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145,505 |
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Net investment income before excise tax |
234,981 |
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167,997 |
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Excise tax expense |
293 |
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(15) |
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Net investment income after excise tax |
234,688 |
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168,012 |
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Net realized and change in unrealized gain (loss): |
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Realized gain (loss): |
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Non-controlled/non-affiliated investments |
(19,886) |
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(9,949) |
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Foreign currency forward contracts |
(34,279) |
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|
167 |
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Foreign currency transactions |
(1,895) |
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3,509 |
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Net realized gain (loss) |
(56,060) |
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|
(6,273) |
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Net change in unrealized appreciation (depreciation): |
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Non-controlled/non-affiliated investments |
67,250 |
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|
19,345 |
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Non-controlled/affiliated investments |
(66) |
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|
(46) |
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Controlled/affiliated investments |
2,274 |
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|
6,688 |
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Foreign currency forward contracts |
(24,102) |
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12,494 |
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Translation of assets and liabilities in foreign currencies |
(37,602) |
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|
15,430 |
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Net change in unrealized appreciation (depreciation) |
7,754 |
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|
53,911 |
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Net realized and change in unrealized gain (loss) |
(48,306) |
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|
47,638 |
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Net increase (decrease) in net assets resulting from operations |
$ |
186,382 |
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$ |
215,650 |
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The accompanying notes are an integral part of these consolidated financial statements.
4
HPS Corporate Lending Fund
Consolidated Statements of Changes in Net Assets
(in thousands)
(Unaudited)
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Three Months Ended March 31, |
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2025 |
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2024 |
Increase (decrease) in net assets from operations: |
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Net investment income after excise tax |
$ |
234,688 |
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$ |
168,012 |
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Net realized gain (loss) |
(56,060) |
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(6,273) |
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Net change in unrealized appreciation (depreciation) |
7,754 |
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53,911 |
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Net increase (decrease) in net assets resulting from operations |
186,382 |
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215,650 |
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Distributions to common shareholders: |
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Class I |
(80,646) |
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(39,684) |
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Class D |
(27,326) |
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(20,018) |
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Class F |
(112,232) |
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(84,571) |
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Class S |
(10,968) |
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(2,054) |
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Net decrease in net assets resulting from distributions |
(231,172) |
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(146,327) |
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Share transactions: |
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Class I: |
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Proceeds from shares sold |
610,430 |
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360,098 |
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Share transfers between classes |
46,752 |
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|
1,333 |
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Distributions reinvested |
23,261 |
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|
13,526 |
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Repurchased shares, net of early repurchase deduction |
(152,059) |
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(33,211) |
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Net increase (decrease) from share transactions |
528,384 |
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|
341,746 |
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Class D: |
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Proceeds from shares sold |
64,125 |
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|
96,497 |
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Share transfers between classes |
(40,704) |
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|
2,927 |
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Distributions reinvested |
13,232 |
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|
10,964 |
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Repurchased shares, net of early repurchase deduction |
(33,921) |
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(10,558) |
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Net increase (decrease) from share transactions |
2,732 |
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|
99,830 |
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Class F: |
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Proceeds from shares sold |
282,609 |
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|
428,057 |
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Share transfers between classes |
(2,928) |
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|
(5,691) |
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Distributions reinvested |
50,831 |
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|
43,940 |
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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.
5
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.
6
HPS Corporate Lending Fund
Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
2025 |
|
2024 |
Supplemental information and non-cash activities: |
|
|
|
Interest paid during the period |
$ |
145,503 |
|
|
$ |
81,129 |
|
Taxes paid during the period |
$ |
5,428 |
|
|
$ |
1,522 |
|
Distribution payable |
$ |
80,511 |
|
|
$ |
51,674 |
|
Share repurchases accrued but not paid |
$ |
210,394 |
|
|
$ |
59,526 |
|
Reinvestment of distributions during the period |
$ |
91,917 |
|
|
$ |
69,008 |
|
Non-cash purchases of investments |
$ |
17,850 |
|
|
$ |
2,016 |
|
Non-cash sales of investments |
$ |
(17,850) |
|
|
$ |
(2,016) |
|
The accompanying notes are an integral part of these consolidated financial statements.
7
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 |
% |
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
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 |
|
|
|
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 |
|
|
|
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 |
|
|
|
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 |
|
|
|
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 |
|
|
|
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) |
|
|
— |
|
|
|
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 |
|
|
|
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 |
|
|
|
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 |
|
|
|
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 |
|
|
|
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 |
|
|
|
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 |
|
|
|
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 |
% |
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 |
% |
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.
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) |
|
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) |
|
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) |
|
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 |
|
|