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

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________________

FORM 10-Q

_____________________________________________________

(Mark One)


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

For the quarterly period ended March 31, 2025


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

For the transition period from __________ to __________

Commission File Number 814-01431

________________________________________________________________________________________________

HPS Corporate Lending Fund

(Exact name of Registrant as specified in its Charter)

________________________________________________________________________________________________


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

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

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

________________________________________________________________________________________________

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

None

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

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

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


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

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

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

The Registrant’s Common Shares, $0.01 par value per share, outstanding as of May 12, 2025 was 22,179,546, 136,276,283, 43,746,466 and 193,054,812 of Class S, Class I, Class D, and Class F common shares, respectively. Common shares outstanding exclude May 1, 2025 subscriptions since the issuance price is not yet finalized at the date of this filing.

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		Page

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

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

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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

•our future operating results;

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

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

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

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

•our current and expected financing arrangements and investments;

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

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

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

•our contractual arrangements and relationships with third parties;

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

•the elevated level of inflation, and its impact on our portfolio companies and on the industries in which we invest;

•the dependence of our future success on the general economy and its effect on the industries in which we may invest;

•the availability of credit and/or our ability to access the capital markets;

•our use of financial leverage;

•the ability of the Adviser to source suitable investments for us and to monitor and administer our investments;

•the ability of the Adviser or its affiliates to attract and retain highly talented professionals;

•our ability to qualify for and maintain our qualification as a regulated investment company and as a business development company (“BDC”);

•the impact on our business of new or amended legislation or regulations;

•currency fluctuations, particularly to the extent that we receive payments denominated in currency other than U.S. dollars;

•the effect of changes to tax legislation and our tax position; and

•the tax status of the enterprises in which we may invest, including the imposition of tariffs upon either the supplies utilized by those enterprises or the enterprises’ end products.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of any projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. Moreover, we assume no duty and do not undertake to update the forward-looking statements, except as required by applicable law. Because we are an investment company, the forward-looking statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”).

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PART I - FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements.

HPS Corporate Lending Fund

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)


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

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

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HPS Corporate Lending Fund

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)


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

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

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HPS Corporate Lending Fund

Consolidated Statements of Operations

(in thousands)

(Unaudited)


	Three Months Ended March 31,
	2025		2024
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	408,011	$	291,764
Payment-in-kind interest income	24,099		18,030
Dividend income	1,147		795
Other income	57		1,094
From non-controlled/affiliated investments:
Interest income	309		—
From controlled/affiliated investments:
Dividend income	10,511		1,819
Total investment income	444,134		313,502
Expenses:
Interest expense	137,906		86,093
Management fees	29,146		18,339
Income based incentive fee	33,728		25,565
Capital gains incentive fee	(6,038)		5,954
Shareholder servicing and/or distribution fees
Class D	684		497
Class F	5,766		4,309
Class S	994		184
Professional fees	1,665		756
Board of Trustees’ fees	162		149
Administrative service expenses (Note 3)	1,517		822
Other general & administrative	3,091		2,384
Amortization of continuous offering costs	532		453
Total expenses	209,153		145,505
Net investment income before excise tax	234,981		167,997
Excise tax expense	293		(15)
Net investment income after excise tax	234,688		168,012
Net realized and change in unrealized gain (loss):
Realized gain (loss):
Non-controlled/non-affiliated investments	(19,886)		(9,949)

Foreign currency forward contracts	(34,279)		167
Foreign currency transactions	(1,895)		3,509
Net realized gain (loss)	(56,060)		(6,273)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	67,250		19,345
Non-controlled/affiliated investments	(66)		(46)
Controlled/affiliated investments	2,274		6,688
Foreign currency forward contracts	(24,102)		12,494
Translation of assets and liabilities in foreign currencies	(37,602)		15,430
Net change in unrealized appreciation (depreciation)	7,754		53,911
Net realized and change in unrealized gain (loss)	(48,306)		47,638
Net increase (decrease) in net assets resulting from operations	$	186,382	$	215,650

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

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HPS Corporate Lending Fund

Consolidated Statements of Changes in Net Assets

(in thousands)

(Unaudited)


	Three Months Ended March 31,
	2025		2024
Increase (decrease) in net assets from operations:
Net investment income after excise tax	$	234,688	$	168,012
Net realized gain (loss)	(56,060)		(6,273)
Net change in unrealized appreciation (depreciation)	7,754		53,911
Net increase (decrease) in net assets resulting from operations	186,382		215,650
Distributions to common shareholders:
Class I	(80,646)		(39,684)
Class D	(27,326)		(20,018)
Class F	(112,232)		(84,571)
Class S	(10,968)		(2,054)
Net decrease in net assets resulting from distributions	(231,172)		(146,327)
Share transactions:
Class I:
Proceeds from shares sold	610,430		360,098
Share transfers between classes	46,752		1,333
Distributions reinvested	23,261		13,526
Repurchased shares, net of early repurchase deduction	(152,059)		(33,211)
Net increase (decrease) from share transactions	528,384		341,746
Class D:
Proceeds from shares sold	64,125		96,497
Share transfers between classes	(40,704)		2,927
Distributions reinvested	13,232		10,964
Repurchased shares, net of early repurchase deduction	(33,921)		(10,558)
Net increase (decrease) from share transactions	2,732		99,830
Class F:
Proceeds from shares sold	282,609		428,057
Share transfers between classes	(2,928)		(5,691)
Distributions reinvested	50,831		43,940
Repurchased shares, net of early repurchase deduction	(23,332)		(15,757)
Net increase (decrease) from share transactions	307,180		450,549
Class S:
Proceeds from shares sold	110,234		98,389
Share transfers between classes	(3,120)		1,431
Distributions reinvested	4,593		578
Repurchased shares, net of early repurchase deduction	(1,082)		—
Net increase (decrease) from share transactions	110,625		100,398
Total increase (decrease) in net assets	904,131		1,061,846
Net assets, beginning of period	8,733,932		5,185,364
Net assets, end of period	$	9,638,063	$	6,247,210

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

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HPS Corporate Lending Fund

Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)


	Three Months Ended March 31,
	2025		2024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	186,382	$	215,650
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net change in unrealized (appreciation) depreciation on investments	(69,458)		(25,987)
Net realized (gain) loss on investments	19,886		9,949
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts	24,102		(12,494)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	38,257		(16,775)
Net accretion of discount and amortization of premium, net	(18,205)		(27,075)
Amortization of deferred financing costs	2,394		2,064
Amortization of original issue discount and debt issuance costs	4,462		1,188
Amortization of offering costs	532		453
Payment-in-kind interest capitalized	(24,183)		(15,722)
Payment-in-kind dividends capitalized	(1,131)		(761)

Purchases of investments	(2,502,618)		(1,416,804)
Proceeds from sale of investments and principal repayments	296,405		848,237
Changes in operating assets and liabilities:
Interest receivable from non-controlled/non-affiliated investments	(5,733)		(14,057)
Interest receivable from non-controlled/affiliated investments	(175)		—
Dividend receivable from non-controlled/non-affiliated investments	65		76
Receivable for investments	(46,577)		71,933
Other assets	10,563		(13,063)
Payable for investments purchased	50,041		27,604
Interest payable	(14,453)		1,712
Due to affiliates	3		947
Management fees payable	10,216		1,058
Income based incentive fees payable	1,714		5,218
Capital gains incentive fees payable	(6,038)		5,954
Shareholder servicing and/or distribution fees payable	206		277
Accrued expenses and other liabilities	15,875		(1,496)
Net cash provided by (used in) operating activities	(2,027,468)		(351,914)
Cash flows from financing activities:
Borrowings on debt	5,151,226		1,267,000
Repayments of debt	(3,713,069)		(1,600,966)
Deferred financing costs paid	(301)		(8,642)
Debt issuance costs paid	(30,770)		(12,606)
Deferred offering costs paid	(184)		—
Proceeds from issuance of Common Shares	1,067,398		983,041
Common Shares repurchased, net of early repurchase deduction	(110,784)		(63,474)
Distributions paid in cash	(130,640)		(100,552)
Net cash provided by (used in) financing activities	2,232,876		463,801
Net increase (decrease) in cash and cash equivalents	205,408		111,887
Cash and cash equivalents, beginning of period	228,899		188,775
Cash and cash equivalents, end of period	$	434,307	$	300,662

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

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HPS Corporate Lending Fund

Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)


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

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

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HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)


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

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)


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

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)


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

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)


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

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)


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

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)


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

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)


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

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)


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

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)


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

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)


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

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)


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

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)


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

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)


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

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)


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

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)


Company (1)	Reference Rate and Spread (2)		Interest Rate (2)		Maturity Date	Par Amount/Units		Amortized Cost (3)		Fair Value		Percentage of Net Assets
								19,823		19,615		0.20	%
Travel and Leisure
Artemis Bidco Limited (4)(5)(6)(7)(18)	SN +	6.00%			9/8/2028	£	1,662	308		206
Artemis Bidco Limited (4)(5)(7)(18)	SN +	6.00%			9/8/2028	£	7,749	10,099		6,974
Artemis Bidco Limited (4)(5)(7)(18)	SN +	6.00%			9/8/2028	£	4,509	5,909		4,059
Artemis Bidco Limited (4)(5)(7)(18)	SN +	6.00%			9/8/2028	£	4,676	6,126		4,209
Artemis Bidco Limited (4)(5)(6)(7)(18)	SN +	6.00%			9/8/2028	£	790	645		687
Fertitta Entertainment LLC/NV (8)	SF +	3.50%	7.82	%	1/27/2029	9,827		9,603		9,690
Flynn Restaurant Group LP (7)	SF +	3.75%	8.07	%	1/28/2032	20,192		20,093		19,830
Havila Kystruten Operations AS (4)(5)(7)	E +	8.75% (incl 2.00% PIK)	11.39	%	7/27/2026	€	19,351	21,444		21,993
HB AcquisitionCo PTY LTD (4)(5)(6)(8)	B +	6.50%	10.76	%	8/7/2029	A$	3,579	421		401
HB AcquisitionCo PTY LTD (4)(5)(8)	B +	6.50%	10.76	%	8/7/2029	A$	32,211	21,234		19,711
IRB Holding Corp. (9)	SF +	2.50%	6.82	%	12/15/2027	2,663		2,663		2,650
LC Ahab US Bidco LLC (4)(7)	SF +	3.00%	7.32	%	5/1/2031	5,078		5,063		5,046
Legends Hospitality Holding Company, LLC (4)(6)(9)					8/22/2031	5,522		(106)		(109)
Legends Hospitality Holding Company, LLC (4)(6)(9)	SF +	5.00%	9.33	%	8/22/2030	14,733		6,586		6,338
Legends Hospitality Holding Company, LLC (4)(9)	SF +	5.50% (incl 2.75% PIK)	9.83	%	8/22/2031	94,964		92,528		93,098
Life Time, Inc. (5)(7)	SF +	2.50%	6.80	%	11/5/2031	3,310		3,302		3,306
Saga Mid Co Limited (4)(5)(6)(10)					2/27/2031	£	30,110	(941)		(958)
Saga Mid Co Limited (4)(5)(6)(10)					7/29/2030	£	15,055	(466)		(478)
Saga Mid Co Limited (4)(5)(10)	SN +	6.75%	11.22	%	2/27/2031	£	100,868	123,985		127,101
The One Group, LLC (4)(10)	SF +	6.50%	10.79	%	5/1/2029	50,538		49,301		49,683
The One Group, LLC (4)(6)(7)					10/31/2028	6,649		(159)		(197)
Travel Leaders Group, LLC (4)(14)	SF +	7.50% (incl 3.50% PIK)	11.92	%	3/27/2028	140,875		138,853		140,606
								516,491		513,846		5.33	%
Total First Lien Debt								$	17,702,992	$	17,805,293	184.74	%

Second Lien Debt
Industrial Support Services
Sedgwick Claims Management Services Inc (4)(7)	SF +	5.00%	9.31	%	7/30/2032	$	25,000	$	24,767	$	25,098
								24,767		25,098		0.26	%
Total Second Lien Debt								$	24,767	$	25,098	0.26	%

Other Secured Debt
Asset Based Lending and Fund Finance
TPG VIII Merlin New Holdings I, L.P. (4)(5)(10)	SF +	6.50%	10.79	%	3/15/2027	$	47,849	$	47,225	$	47,415
								47,225		47,415		0.50	%
Real Estate Investment and Services
Link Apartments Opportunity Zone REIT, LLC (4)(6)(16)	SF +	7.50%	11.80	%	12/27/2029	9,355		711		735
Link Apartments Opportunity Zone REIT, LLC (4)(16)	SF +	7.50%	11.80	%	12/27/2029	16,371		16,060		16,102
								16,771		16,837		0.17	%
Total Other Secured Debt								$	63,996	$	64,252	0.67	%

Unsecured Debt
Consumer Services
Wildcat Car Wash Holdings, LLC (4)(7)		15.00% PIK	15.00%		7/16/2029	$	16,094	$	16,094	$	16,094
								16,094		16,094		0.17	%
Health Care Providers
VetCor Group Holdings LLC (4)(7)		13.75% PIK	13.75%		9/3/2030	334		330		331

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)


Company (1)	Reference Rate and Spread (2)		Interest Rate (2)		Maturity Date	Par Amount/Units		Amortized Cost (3)		Fair Value		Percentage of Net Assets
VetCor Group Holdings LLC (4)(7)		14.75% PIK	14.75%		9/3/2030	288		282		293
VetCor Group Holdings LLC (4)(7)		13.75% PIK	13.75%		9/3/2030	1,060		1,048		1,049
								1,660		1,673		0.02	%
Medical Equipment and Services
DCA Acquisition Holdings LLC (4)(7)(18)		13.13% PIK			12/28/2032	112		111		69
DCA Acquisition Holdings LLC (4)(7)(18)		13.13% PIK			12/28/2032	202		198		125
DCA Acquisition Holdings LLC (4)(7)(18)		13.13% PIK			12/28/2032	1,190		1,176		734
								1,485		928		0.01	%
Non-life Insurance
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (7)		6.75%	6.75	%	10/15/2027	6,255		5,918		6,215
								5,918		6,215		0.06	%
Real Estate Investment and Services
Associations Finance, Inc. (4)(7)		14.25% PIK	14.25%		5/3/2030	9,264		9,230		9,264
Associations Finance, Inc. (4)(7)		14.25% PIK	14.25%		5/3/2030	3,538		3,525		3,538
								12,755		12,802		0.12	%
Software and Computer Services
Elements Midco 1 Limited (4)(5)(8)	SN +	8.00% PIK	12.49	%	4/29/2032	£	1,743	2,149		2,260
								2,149		2,260		0.02	%
Telecommunications Service Providers
CCO Holdings LLC / CCO Holdings Capital Corp (7)		5.50%	5.50	%	5/1/2026	7,000		7,034		6,994
								7,034		6,994		0.07	%
Total Unsecured Debt								$	47,095	$	46,966	0.49	%

Structured Finance
Structured Finance Investments
720 East CLO V Ltd (5)(7)	SF +	6.30%	10.59	%	7/20/2037	$	4,000	$	4,000	$	4,056
AMMC CLO 21 LTD (5)(7)	SF +	6.76%	11.05	%	11/2/2030	4,126		3,749		4,142
AMMC CLO XII Ltd (5)(7)	L +	6.18%	10.74	%	11/10/2030	2,000		2,002		2,014
ARES CLO Ltd (5)(7)	SF +	6.70%	10.99	%	4/20/2037	5,000		5,000		5,056
Bain Capital Credit CLO 2024-3 Ltd (5)(7)	SF +	6.25%	10.56	%	7/16/2037	2,000		2,000		2,026
Barings CLO Ltd 2024-IV (5)(7)	SF +	5.95%	10.24	%	10/20/2037	4,500		4,500		4,517
Benefit Street Partners CLO XXXVI Ltd (5)(7)	SF +	5.50%	9.91	%	1/25/2038	4,750		4,750		4,848
Carlyle Global Market Strategies (5)(7)	L +	5.40%	9.96	%	7/27/2031	1,200		983		1,182
CIFC Falcon 2020 Ltd (5)(7)	SF +	7.67%	11.96	%	1/20/2033	2,000		2,006		2,014
Columbia Cent CLO 33 Ltd (5)(7)	SF +	7.16%	11.45	%	4/20/2037	2,000		1,963		2,027
Dryden 108 CLO Ltd (5)(7)					7/18/2035	2,900		2,291		2,109
Fort Washington CLO 2019-1 (5)(7)	SF +	7.99%	12.28	%	10/20/2037	4,500		4,563		4,561
Monroe Capital Mml Clo XVII Ltd (5)(7)	SF +	4.65%	9.09	%	1/15/2037	1,000		1,000		1,014
Monroe Capital Mml Clo XVII Ltd (5)(7)	SF +	7.91%	12.35	%	1/15/2037	5,000		4,903		5,048
Newark BSL CLO 1 Ltd (5)(7)	SF +	6.51%	10.81	%	12/21/2029	1,500		1,474		1,480
Oaktree CLO 2019-4 Ltd (5)(7)	SF +	6.59%	10.88	%	7/20/2037	3,000		2,972		2,977
Octagon 52 Ltd (5)(7)	SF +	7.33%	11.62	%	7/23/2037	5,000		4,953		4,977
Octagon 63 Ltd (5)(7)	SF +	6.50%	10.79	%	7/20/2037	3,000		3,000		3,044
Octagon Investment Partners 29 Ltd (5)(7)	SF +	7.17%	11.46	%	7/18/2039	3,000		2,986		3,001
Ocp Clo 2024-33 Ltd (5)(7)	SF +	6.00%	10.29	%	7/20/2037	5,000		5,000		5,067
Rad CLO Ltd (5)(7)	SF +	6.51%	10.81	%	4/15/2034	2,500		2,504		2,492
Shackleton 2019-XV CLO Ltd (5)(7)	SF +	6.92%	11.22	%	1/15/2032	3,000		2,702		3,015
Vibrant CLO XII Ltd (5)(7)	SF +	6.94%	11.23	%	4/20/2034	2,000		2,000		2,015
Voya CLO Ltd (5)(7)	SF +	6.00%	10.29	%	7/20/2037	4,000		4,000		4,053
								75,301		76,735		0.80	%
Total Structured Finance								$	75,301	$	76,735	0.80	%

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)


Company (1)	Reference Rate and Spread (2)		Interest Rate (2)		Maturity Date	Par Amount/Units		Amortized Cost (3)		Fair Value		Percentage of Net Assets

Equity Investments
Consumer Services
CG Parent Intermediate Holdings, Inc. (4)(21) - Preferred Stock						2,000		$	1,940	$	2,405
Club Car Wash Preferred, LLC (4)(21) - Preferred Stock		15.00% PIK	15.00%			8,817		8,817		8,817
Club Car Wash Preferred, LLC (4)(21) - Preferred Stock		15.00% PIK	15.00%			13,929		13,929		13,929
Rapid Express Preferred, LLC (4)(21) - Preferred Stock		15.00% PIK	15.00%			2,784		2,784		2,784
Rapid Express Preferred, LLC (4)(21) - Preferred Stock		15.00% PIK	15.00%			6,188		6,188		6,188
Thrasio Holdings, Inc. (4)(21) - Common Stock						19,015		—		—
								33,658		34,123		0.35	%
Gas, Water and Multi-utilities
Eagle LNG Partners Jacksonville II LLC (4)(21) - Warrants						—		—		—
ELNG Equity LLC (4)(21) - Warrants						78,038		—		—
								—		—		—	%
Health Care Providers
Eating Recovery Center TopCo, LLC (4)(21) - Class A Common Units						3,528		4,634		4,634
								4,634		4,634		0.05	%
Industrial Support Services
BCPE Virginia HoldCo, Inc. (4)(21) - Preferred Stock						2,000		1,960		2,431
								1,960		2,431		0.03	%
Media
OneTeam Partners, LLC (4)(21) - Class D Units		8.00%	8.00	%		1,000		1,000		1,232
Racing Point UK Holdings Limited (4)(5)(21) - Ordinary Shares						168		1,008		1,039
								2,008		2,271		0.03	%
Pharmaceuticals and Biotechnology
Creek Feeder, L.P. (4)(21) - LP Interest						9,000		9,000		9,000
								9,000		9,000		0.09	%
Travel and Leisure
The ONE Group Hospitality, Inc. (4)(21) - Warrants						6,667		12		3
The ONE Group Hospitality, Inc. (4)(21) - Warrants						11,911		61		36
The ONE Group Hospitality, Inc. (4)(21) - Preferred Stock						1,000		877		1,027
								950		1,066		0.01	%
Total Equity Investments								$	52,210	$	53,525	0.56	%
Total Investments - Non-Controlled/Non-Affiliated								$	17,966,361	$	18,071,869	187.52	%

Non-Controlled/Affiliated Investments
First Lien Debt
Industrial Support Services
Southern Graphics Inc. (4)(7)(18)(19)	SF +	7.50% PIK			5/1/2028	$	5,397	$	5,249	$	5,397
Galaxy US Opco Inc (Vialto Partners) (5)(8)(19)	SF +	5.00%	9.29	%	7/31/2030	11,475		11,300		9,704
								16,549		15,101		0.16	%
Total First Lien Debt								$	16,549	$	15,101	0.16	%

Second Lien Debt
Industrial Support Services
Southern Graphics Inc. (4)(7)(18)(19)	SF +	7.50% PIK			10/30/2028	$	1,932	$	1,881	$	1,932
								1,881		1,932		0.02	%
Total Second Lien Debt								$	1,881	$	1,932	0.02	%

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)


Company (1)	Reference Rate and Spread (2)	Interest Rate (2)		Maturity Date	Par Amount/Units		Amortized Cost (3)		Fair Value		Percentage of Net Assets

Equity Investments
Industrial Support Services
Southern Graphics Holdings LLC (4)(19)(21) - Class A Units					274		$	2,333	$	3,344
Velocity Cayman Holding L.P. (Vialto Partners) (4)(5)(19)(21) - Class A-1 Units					91,605		2,224		2,284
Velocity Cayman Holdings GP LLC (Vialto Partners) (4)(5)(19)(21) - Class A-1 Units					91,605		—		—
Velocity Cayman Holding L.P. (Vialto Partners) (4)(5)(19)(21) - Class A-2 Units					159,628		3,938		3,938
Velocity Cayman Holdings GP LLC (Vialto Partners) (4)(5)(19)(21) - Class A-2 Units					159,628		—		—
Velocity Cayman Holding L.P. (Vialto Partners) (4)(5)(19)(21) - Class A-3 Units					36,642		—		—
Velocity Cayman Holdings GP LLC (Vialto Partners) (4)(5)(19)(21) - Class A-3 Units					36,642		—		—
							8,495		9,566		0.10	%
Travel and Leisure
SLF V AD1 Holdings, LLC (4)(19)(20)(21) - LLC Interest					10,101		9,891		9,468
							9,891		9,468		0.10	%
Total Equity Investments							$	18,386	$	19,034	0.20	%
Total Investments - Non-Controlled/Affiliated							$	36,816	$	36,067	0.38	%

Controlled/Affiliated Investments
Investments in Joint Ventures
ULTRA III, LLC (5)(19)(21) - LLC Interest							$	297,747	$	322,624
Total Investments in Joint Ventures							$	297,747	$	322,624	3.35	%
Total Investments - Controlled/Affiliated							$	297,747	$	322,624	3.35	%
Total Investment Portfolio							$	18,300,924	$	18,430,560	191.23	%

Cash Equivalents
J.P. Morgan U.S. Government Fund, Institutional Shares (5)		4.35	%		$	340,716	$	340,716	$	340,716
Total Cash Equivalents							$	340,716	$	340,716	3.53	%
Total Investment Portfolio and Cash Equivalents							$	18,641,640	$	18,771,276	194.76	%

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

(2) The majority of the investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”), Prime Rate (“Prime” or “P”), Sterling Overnight Index Average ("SONIA" or "SN"), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate ("SOFR" or "SF"), Canadian Dollar Offered Rate ("CDOR" or "C"), Singapore Overnight Rate Average (“SORA”), Stockholm Interbank Offered Rate (“STIBOR” or “ST”), Norwegian Interbank Offered Rate (“NIBOR” or “N”), Tokyo Overnight Average Rate (“TONA” or “TN”), Bloomberg Short Term Bank Yield Index (“BS”), or Bank Bill Swap Bid Rate ("BBSY" or "B") which reset daily, monthly, quarterly, semiannually or annually. For each such investment, the Company has provided the spread over LIBOR, Prime, SONIA, E, SOFR, CDOR, SORA, STIBOR, TN, NIBOR, BS or BBSW and the current contractual interest rate in effect at March 31, 2025. Certain investments are subject to a LIBOR, Prime, or SOFR interest rate floor, or rate cap. Certain investments contain a payment-in-kind (“PIK”) provision. SOFR-based contracts may include a credit spread adjustment, which is included within the stated all-in interest rate, if applicable, that is charged in addition to the base rate and the stated spread.

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

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

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)

(5) The investment is not a qualifying asset, in whole or in part, under Section 55(a) of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2025, non-qualifying assets represented 23.04% of total assets as calculated in accordance with regulatory requirements.

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


Investments-non-controlled/non-affiliated	Commitment Type	Unfunded Commitment		Fair Value
123Dentist Inc	1st Lien Senior Secured Delayed Draw Loan	$	9,448	$	48
2080 Media, Inc.	1st Lien Senior Secured Revolving Loan	13,795		—
2080 Media, Inc.	1st Lien Senior Secured Delayed Draw Loan	8,801		—
AB Centers Acquisition Corporation	1st Lien Senior Secured Revolving Loan	16,655		—
AB Centers Acquisition Corporation	1st Lien Senior Secured Delayed Draw Loan	20,035		184
Accession Risk Management Group, Inc.	1st Lien Senior Secured Revolving Loan	2,903		—
Accession Risk Management Group, Inc.	1st Lien Senior Secured Delayed Draw Loan	13,329		—
Advarra Holdings, Inc.	1st Lien Senior Secured Delayed Draw Loan	6,020		35
AI Circle Bidco Limited	1st Lien Senior Secured Delayed Draw Loan	50,067		(204)
Alchemy US Holdco 1 LLC	1st Lien Senior Secured Delayed Draw Loan	8,935		(313)
Arc Media Holdings Limited	1st Lien Senior Secured Revolving Loan	429		(12)
Arcfield Acquisition Corp	1st Lien Senior Secured Revolving Loan	11,100		—
Artemis Bidco Limited	1st Lien Senior Secured Delayed Draw Loan	1,802		(117)
Artemis Bidco Limited	1st Lien Senior Secured Delayed Draw Loan	334		—
Artifact Bidco, Inc.	1st Lien Senior Secured Delayed Draw Loan	11,207		112
Artifact Bidco, Inc.	1st Lien Senior Secured Revolving Loan	5,443		—
Artifact Bidco, Inc.	1st Lien Senior Secured Revolving Loan	2,562		—
Artisan Bidco, Inc.	1st Lien Senior Secured Revolving Loan	4,600		(77)
ASDAM Operations Pty Ltd	1st Lien Senior Secured Delayed Draw Loan	3,387		—
Associations Inc.	1st Lien Senior Secured Delayed Draw Loan	3,241		32
Associations Inc.	1st Lien Senior Secured Revolving Loan	899		—
Atlas Intermediate III, L.L.C.	1st Lien Senior Secured Revolving Loan	13,445		(185)
Auditboard, Inc.	1st Lien Senior Secured Revolving Loan	30,286		—
Auditboard, Inc.	1st Lien Senior Secured Delayed Draw Loan	75,714		379
AVSC Holding Corp.	1st Lien Senior Secured Revolving Loan	7,967		(128)
Axiom Buyer, LLC	1st Lien Senior Secured Delayed Draw Loan	16,189		(286)
Axiom Buyer, LLC	1st Lien Senior Secured Revolving Loan	12,992		(229)
Azurity Pharmaceuticals Inc	1st Lien Senior Secured Revolving Loan	20,537		(407)
Baker Tilly Advisory Group, LP	1st Lien Senior Secured Revolving Loan	23,539		—
Baker Tilly Advisory Group, LP	1st Lien Senior Secured Delayed Draw Loan	15,518		128
Bamboo US BidCo LLC	1st Lien Senior Secured Delayed Draw Loan	2,855		—
Bamboo US BidCo LLC	1st Lien Senior Secured Revolving Loan	21,254		—
Bamboo US BidCo LLC	1st Lien Senior Secured Delayed Draw Loan	2,855		—
Boreal Bidco	1st Lien Senior Secured Delayed Draw Loan	4,709		(106)
Bottomline Technologies, Inc.	1st Lien Senior Secured Revolving Loan	385		—
BradyplusUS Holdings, LLC	1st Lien Senior Secured Delayed Draw Loan	335		2
Cadence - Southwick, Inc.	1st Lien Senior Secured Revolving Loan	8,390		—
Calabrio, Inc.	1st Lien Senior Secured Revolving Loan	1,536		—
Cambrex Corporation	1st Lien Senior Secured Revolving Loan	18,341		(182)
Cambrex Corporation	1st Lien Senior Secured Delayed Draw Loan	16,460		(163)
Camin Cargo Control Holdings, Inc.	1st Lien Senior Secured Delayed Draw Loan	9,685		(48)
Camin Cargo Control Holdings, Inc.	1st Lien Senior Secured Revolving Loan	2,296		(11)
Captive Resources Midco LLC	1st Lien Senior Secured Revolving Loan	7,558		—
Carbon Topco, Inc.	1st Lien Senior Secured Revolving Loan	11,985		(167)
CC WDW Borrower, Inc.	1st Lien Senior Secured Revolving Loan	3,329		(41)
Certinia Inc.	1st Lien Senior Secured Revolving Loan	5,449		(24)

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)


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

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)


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

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)


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

Form: 10-Q

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