August 13, 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 June 30, 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 August 8, 2025 was 26,202,908, 155,405,241, 46,292,553 and 211,710,852 of Class S, Class I, Class D, and Class F common shares, respectively. Common shares outstanding exclude August 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 June 3 0 , 2025 (Unaudited) and December 31, 2024	2
	Consolidated Statements of Operations for the three and six months ended Ju ne 3 0 , 2025 (Unaudited) and June 3 0 , 2024 (Unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and six months ended June 3 0 , 2025 (Unaudited) and June 3 0 , 2024 (Unaudited)	5
	Consolidated Statements of Cash Flows for the six months ended June 3 0 , 2025 (Unaudited) and June 3 0 , 2024 (Unaudited)	6
	Consolidated Schedules of Investments as of June 3 0 , 2025 (Unaudited) and December 31, 2024	8
	Notes to Consolidated Financial Statements (Unaudited)	57
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	113
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	137
Item 4.	Controls and Procedures	138

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	139
Item 1A.	Risk Factors	139
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	141
Item 3.	Defaults Upon Senior Securities	141
Item 4.	Mine Safety Disclosures	141
Item 5.	Other Information	141
Item 6.	Exhibits	142
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)


	June 30, 2025		December 31, 2024
ASSETS	(Unaudited)
Investments at fair value
Non-controlled/non-affiliated investments (amortized cost of $20,074,071 and $15,753,920 at June 30, 2025 and December 31, 2024, respectively)	$	20,346,151	$	15,790,937
Non-controlled/affiliated investments (amortized cost of $86,086 and $19,411 at June 30, 2025 and December 31, 2024, respectively)	86,662		19,969
Controlled/affiliated investments (amortized cost of $303,997 and $297,747 at June 30, 2025 and December 31, 2024, respectively)	323,788		320,350
Total investments at fair value (amortized cost of $20,464,154 and $16,071,078 at June 30, 2025 and December 31, 2024, respectively)	20,756,601		16,131,256
Cash and cash equivalents	355,620		228,899
Interest receivable from non-controlled/non-affiliated investments	157,911		140,686
Interest receivable from non-controlled/affiliated investments	199		—
Dividend receivable from non-controlled/non-affiliated investments	23		68
Deferred financing costs	47,702		41,633
Deferred offering costs	532		915
Derivative assets, at fair value (Note 6)	59,800		43,003
Receivable for investments	18,143		32,428
Other assets	95		10,851
Total assets	$	21,396,626	$	16,629,739
LIABILITIES
Debt (net of unamortized debt issuance costs of $84,654 and $51,573 at June 30, 2025 and December 31, 2024, respectively)	$	9,991,929	$	7,445,580
Payable for investments purchased	113,454		75,489
Interest payable	144,688		104,735
Derivative liabilities, at fair value (Note 6)	66,149		11,510
Due to affiliates	9,578		13,881
Distribution payable (Note 9)	89,857		71,896
Payable for share repurchases (Note 9)	186,568		110,784
Management fees payable (Note 3)	11,186		9,377
Income based incentive fees payable (Note 3)	38,163		32,014
Capital gains incentive fees payable (Note 3)	—		12,950
Shareholder servicing and/or distribution fees payable	2,825		2,456
Accrued expenses and other liabilities	59,316		5,135
Total liabilities	10,713,713		7,895,807
Commitments and contingencies (Note 8)
NET ASSETS
Common Shares, $0.01 par value (423,617,904 and 341,366,636 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively)	4,236		3,414
Additional paid in capital	10,615,569		8,521,659
Distributable earnings (loss)	63,108		208,859
Total net assets	10,682,913		8,733,932
Total liabilities and net assets	$	21,396,626	$	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)


	June 30, 2025		December 31, 2024
NET ASSET VALUE PER SHARE	(Unaudited)
Class I Shares:
Net assets	$	3,771,423	$	2,717,857
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	149,550,411		106,227,563
Net asset value per share	$	25.22	$	25.59
Class D Shares:
Net assets	$	1,118,496	$	1,103,246
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	44,352,896		43,120,380
Net asset value per share	$	25.22	$	25.59
Class F Shares:
Net assets	$	5,168,508	$	4,506,823
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	204,951,576		176,150,014
Net asset value per share	$	25.22	$	25.59
Class S Shares:
Net assets	$	624,486	$	406,006
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	24,763,021		15,868,679
Net asset value per share	$	25.22	$	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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	465,696	$	303,580	$	873,707	$	595,344
Payment-in-kind interest income	24,584		16,910		48,683		34,940
Dividend income	1,206		973		2,353		1,768
Other income	472		3,170		529		4,264
From non-controlled/affiliated investments:
Interest income	160		—		469		—
Payment-in-kind interest income	152		—		152		—
From controlled/affiliated investments:
Dividend income	13,102		6,626		23,613		8,445
Total investment income	505,372		331,259		949,506		644,761
Expenses:
Interest expense	157,517		88,668		295,423		174,761
Management fees	32,623		21,207		61,769		39,546
Income based incentive fee	38,163		27,025		71,891		52,590
Capital gains incentive fee	(6,912)		3,573		(12,950)		9,528
Shareholder servicing and/or distribution fees
Class D	699		560		1,383		1,057
Class F	6,319		4,724		12,085		9,033
Class S	1,260		412		2,254		596
Professional fees	1,651		843		3,316		1,599
Board of Trustees’ fees	152		151		314		300
Administrative service expenses (Note 3)	1,240		847		2,757		1,669
Other general & administrative	3,333		2,410		6,424		4,793
Amortization of continuous offering costs	400		363		932		816
Total expenses	236,445		150,783		445,598		296,288
Net investment income before excise tax	268,927		180,476		503,908		348,473
Excise tax expense	3,152		569		3,445		554
Net investment income after excise tax	265,775		179,907		500,463		347,919
Net realized and change in unrealized gain (loss):
Realized gain (loss):
Non-controlled/non-affiliated investments	(27,420)		(1,525)		(47,306)		(11,474)

Foreign currency forward contracts	(70,095)		(2,821)		(104,374)		(2,654)
Foreign currency transactions	1,337		5,612		(558)		9,121
Net realized gain (loss)	(96,178)		1,266		(152,238)		(5,007)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	166,678		19,374		233,928		38,719
Non-controlled/affiliated investments	1,219		420		1,153		374
Controlled/affiliated investments	(5,086)		6,234		(2,812)		12,922
Foreign currency forward contracts	(85,050)		4,754		(109,152)		17,248
Translation of assets and liabilities in foreign currencies	(90,177)		(3,458)		(127,779)		11,972
Net change in unrealized appreciation (depreciation)	(12,416)		27,324		(4,662)		81,235
Net realized and change in unrealized gain (loss)	(108,594)		28,590		(156,900)		76,228
Net increase (decrease) in net assets resulting from operations	$	157,181	$	208,497	$	343,563	$	424,147

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

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HPS Corporate Lending Fund

Consolidated Statements of Changes in Net Assets

(in thousands)

(Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Increase (decrease) in net assets from operations:
Net investment income after excise tax	$	265,775	$	179,907	$	500,463	$	347,919
Net realized gain (loss)	(96,178)		1,266		(152,238)		(5,007)
Net change in unrealized appreciation (depreciation)	(12,416)		27,324		(4,662)		81,235
Net increase (decrease) in net assets resulting from operations	157,181		208,497		343,563		424,147
Distributions to common shareholders:
Class I	(93,712)		(48,883)		(174,358)		(88,567)
Class D	(27,865)		(22,251)		(55,191)		(42,269)
Class F	(122,681)		(91,600)		(234,913)		(176,171)
Class S	(13,883)		(4,521)		(24,851)		(6,575)
Net decrease in net assets resulting from distributions	(258,141)		(167,255)		(489,313)		(313,582)
Share transactions:
Class I:
Proceeds from shares sold	614,935		374,949		1,225,365		735,047
Share transfers between classes	35,786		1,115		82,538		2,448
Distributions reinvested	29,117		13,283		52,378		26,809
Repurchased shares, net of early repurchase deduction	(103,994)		(22,768)		(256,053)		(55,979)
Net increase (decrease) from share transactions	575,844		366,579		1,104,228		708,325
Class D:
Proceeds from shares sold	73,000		81,825		137,125		178,322
Share transfers between classes	(35,128)		13,549		(75,832)		16,476
Distributions reinvested	12,843		10,301		26,075		21,265
Repurchased shares, net of early repurchase deduction	(22,035)		20		(55,956)		(10,538)
Net increase (decrease) from share transactions	28,680		105,695		31,412		205,525
Class F:
Proceeds from shares sold	427,197		229,852		709,806		657,909
Share transfers between classes	(1,147)		(14,664)		(4,075)		(20,355)
Distributions reinvested	55,337		40,181		106,168		84,121
Repurchased shares, net of early repurchase deduction	(55,924)		(33,361)		(79,256)		(49,118)
Net increase (decrease) from share transactions	425,463		222,008		732,643		672,557
Class S:
Proceeds from shares sold	114,250		102,658		224,484		201,047
Share transfers between classes	489		—		(2,631)		1,431
Distributions reinvested	5,700		1,863		10,293		2,441
Repurchased shares, net of early repurchase deduction	(4,616)		5		(5,698)		5
Net increase (decrease) from share transactions	115,823		104,526		226,448		204,924
Total increase (decrease) in net assets	1,044,850		840,050		1,948,981		1,901,896
Net assets, beginning of period	9,638,063		6,247,210		8,733,932		5,185,364
Net assets, end of period	$	10,682,913	$	7,087,260	$	10,682,913	$	7,087,260

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

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HPS Corporate Lending Fund

Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)


	Six Months Ended June 30,
	2025		2024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	343,563	$	424,147
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	(232,269)		(52,015)
Net realized (gain) loss on investments	47,306		11,474
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts	109,152		(17,248)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	129,339		(13,913)
Net accretion of discount and amortization of premium, net	(36,197)		(47,986)
Amortization of deferred financing costs	5,188		4,371
Amortization of original issue discount and debt issuance costs	9,836		3,247
Amortization of offering costs	932		816
Payment-in-kind interest capitalized	(47,475)		(34,077)
Payment-in-kind dividends capitalized	(2,317)		(954)

Purchases of investments	(5,127,501)		(3,018,927)
Proceeds from sale of investments and principal repayments	773,108		1,309,690
Changes in operating assets and liabilities:
Interest receivable from non-controlled/non-affiliated investments	(17,225)		(12,664)
Interest receivable from non-controlled/affiliated investments	(199)		—
Dividend receivable from non-controlled/non-affiliated investments	45		56
Receivable for investments	14,285		91,122
Other assets	10,756		(18,401)
Payable for investments purchased	37,965		4,566
Interest payable	39,953		18,981
Due to affiliates	(4,303)		(1,847)
Management fees payable	1,809		1,738
Income based incentive fees payable	6,149		6,678
Capital gains incentive fees payable	(12,950)		9,528
Shareholder servicing and/or distribution fees payable	369		431
Accrued expenses and other liabilities	54,181		(938)
Net cash provided by (used in) operating activities	(3,896,500)		(1,332,125)
Cash flows from financing activities:
Borrowings on debt	8,284,950		3,062,601
Repayments of debt	(5,906,169)		(2,963,128)
Deferred financing costs paid	(11,257)		(8,642)
Debt issuance costs paid	(42,917)		(48,543)
Deferred offering costs paid	(549)		(1,514)
Proceeds from issuance of Common Shares	2,296,780		1,772,325
Common Shares repurchased, net of early repurchase deduction	(321,179)		(123,000)
Distributions paid in cash	(276,438)		(195,619)
Net cash provided by (used in) financing activities	4,023,221		1,494,480
Net increase (decrease) in cash and cash equivalents	126,721		162,355
Cash and cash equivalents, beginning of period	228,899		188,775
Cash and cash equivalents, end of period	$	355,620	$	351,130

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

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HPS Corporate Lending Fund

Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)


	Six Months Ended June 30,
	2025		2024
Supplemental information and non-cash activities:
Interest paid during the period	$	240,446	$	148,162
Taxes paid during the period	$	5,428	$	1,522
Distribution payable	$	89,857	$	58,234
Share repurchases accrued but not paid	$	186,568	$	56,104
Reinvestment of distributions during the period	$	194,914	$	134,636
Non-cash purchases of investments	$	60,560	$	3,045
Non-cash sales of investments	$	(60,560)	$	(3,045)

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

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HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 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	$	(25)	$	—
Arcfield Acquisition Corp (4)(8)	SF +	5.00%	9.28	%	10/28/2031	81,286		81,102		81,486
Asdam Operations Pty Ltd (4)(5)(8)	B +	5.50%	9.16	%	8/22/2028	AUD	3,614	2,435		2,378
Asdam Operations Pty Ltd (4)(5)(6)(8)	B +	5.50%	9.16	%	8/22/2028	AUD	5,421	2,247		2,378
Asdam Operations Pty Ltd (4)(5)(8)	B +	5.50%	9.16	%	8/22/2028	AUD	41,558	28,100		27,349
Cadence - Southwick, Inc. (4)(6)(10)	SF +	5.00%	9.41	%	5/3/2028	17,561		7,762		8,000
Cadence - Southwick, Inc. (4)(10)	SF +	5.00%	9.36	%	5/3/2029	40,801		40,009		41,209
Cadence - Southwick, Inc. (4)(10)	SF +	5.00%	9.37	%	5/3/2029	3,065		3,021		3,096
Carbon Topco, Inc. (4)(6)(9)	SF +	6.00%	10.33	%	5/1/2030	11,985		868		878
Carbon Topco, Inc. (4)(9)	SF +	6.00%	10.28	%	11/1/2030	71,930		70,651		70,600
Fastener Distribution Holdings, LLC (4)(6)(9)					11/4/2031	28,345		(270)		(226)
Fastener Distribution Holdings, LLC (4)(9)	SF +	4.75%	9.05	%	11/4/2031	75,443		74,759		74,842
Frontgrade Technologies Holdings Inc. (4)(6)(9)					1/10/2028	6,864		(96)		—
Frontgrade Technologies Holdings Inc. (4)(9)	SF +	5.00%	9.32	%	1/9/2030	36,863		36,140		36,862
Frontgrade Technologies Holdings Inc. (4)(9)	SF +	5.00%	9.32	%	1/9/2030	7,761		7,652		7,761
Frontgrade Technologies Holdings Inc. (4)(9)	SF +	5.00%	9.31	%	1/9/2030	8,704		8,622		8,704
Goat Holdco LLC (5)(7)	SF +	3.00%	7.33	%	1/27/2032	12,052		11,927		12,086
RH Buyer, Inc. (4)(6)(10)	SF +	6.50%	10.93	%	1/17/2031	13,792		5,262		5,280
RH Buyer, Inc. (4)(10)	SF +	6.50%	10.88	%	1/17/2031	118,823		116,622		116,782
Tex-Tech Industries, Inc. (4)(6)(9)					1/13/2031	18,094		(174)		(217)
Tex-Tech Industries, Inc. (4)(6)(9)	SF +	5.00%	9.32	%	1/13/2031	17,192		5,644		5,596
Tex-Tech Industries, Inc. (4)(9)	SF +	5.00%	9.31	%	1/13/2031	81,217		80,469		80,242
Valence Surface Technologies LLC (4)(6)(10)					6/13/2031	18,107		(406)		(404)
Valence Surface Technologies LLC (4)(6)(10)					6/13/2031	27,161		(609)		(606)
Valence Surface Technologies LLC (4)(6)(10)					6/13/2031	13,777		(307)		(308)
Valence Surface Technologies LLC (4)(10)	SF +	8.25% (incl 6.50%PIK)	12.57	%	6/13/2031	152,101		148,707		148,705
West Star Aviation Acquisition, LLC (4)(6)(9)					5/20/2032	11,127		(83)		(82)
West Star Aviation Acquisition, LLC (4)(6)(9)	SF +	4.50%	8.80	%	5/20/2032	7,418		1,429		1,429
West Star Aviation Acquisition, LLC (4)(9)	SF +	4.50%	8.80	%	5/20/2032	53,038		52,646		52,646
WP CPP Holdings, LLC (4)(6)(10)					11/30/2029	26,285		(484)		—
WP CPP Holdings, LLC (4)(10)	SF +	7.25% (incl 4.00% PIK)	11.57	%	11/30/2029	203,632		200,226		207,265
								983,846		993,731		9.30	%
Alternative Energy
Braya Renewable Fuels (Newfoundland) LP (4)(5)(16)	SF +	10.00%	14.40	%	11/9/2026	12,830		12,714		11,622
Braya Renewable Fuels (Newfoundland) LP (4)(5)(16)	SF +	10.00%	14.40	%	11/9/2026	984		974		892
Braya Renewable Fuels (Newfoundland) LP (4)(5)(16)	SF +	10.00%	14.40	%	11/9/2026	10,736		10,621		9,726
Braya Renewable Fuels (Newfoundland) LP (4)(5)(16)	SF +	10.00%	14.40	%	11/9/2026	976		967		884
								25,276		23,124		0.22	%
Asset Based Lending and Fund Finance
Montagu Lux Finco Sarl(4)(5)(6)(10)	E +	5.50%	7.62	%	2/13/2032	EUR	65,158	28,248		31,613
								28,248		31,613		0.30	%
Automobiles and Parts
Clarios Global LP (7)	SF +	2.50%	6.83	%	5/6/2030	10,670		10,628		10,653
Clarios Global LP (7)	SF +	2.75%	7.08	%	1/28/2032	5,366		5,360		5,378
Foundation Automotive US Corp (4)(7)(20)	SF +	7.75% PIK			12/24/2027	4,755		4,714		1,780
Foundation Automotive Corp (4)(5)(7)(20)	SF +	7.75% PIK			12/24/2027	15,156		15,032		5,675
Foundation Automotive US Corp (4)(7)(20)	SF +	7.75% PIK			12/24/2027	16,753		16,545		6,273
Foundation Automotive US Corp (4)(6)(7)(20)	SF +	7.75%			12/24/2027	2,701		1,507		1,621

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 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
Oil Changer Holding Corporation (4)(10)	SF +	6.75%	11.07	%	2/8/2027	38,187		38,056	38,187
Oil Changer Holding Corporation (4)(10)	SF +	6.75%	11.07	%	2/8/2027	8,017		7,990	8,017
Tenneco Inc (8)	SF +	5.00%	9.42	%	11/17/2028	8,000		7,864	7,826
								107,696	85,410	0.80	%
Chemicals
Fortis 333 Inc (7)	SF +	3.50%	7.80	%	3/27/2032	2,941		2,934	2,944
Lummus Technology Holdings V LLC (7)	SF +	3.00%	7.33	%	12/31/2029	24,977		24,776	25,082
								27,710	28,026	0.26	%
Construction and Materials
Eco Material Technologies Inc (7)	SF +	3.25%	7.47	%	2/12/2032	10,030		9,986	10,103
Enstall Group B.V. (4)(5)(6)(8)					8/30/2028	EUR	1,117	(21)	(255)
Enstall Group B.V. (4)(5)(8)	E +	6.25%	8.41	%	8/30/2028	EUR	66,631	71,101	63,298
Fire Flow Intermediate Corporation (4)(9)	SF +	5.00%	9.28	%	7/10/2031	123,371		122,297	124,355
Hobbs & Associates LLC (7)	SF +	2.75%	7.08	%	7/23/2031	15,435		15,378	15,459
Nexus Intermediate III, LLC (4)(9)	SF +	4.75%	8.97	%	12/6/2027	1,046		1,057	1,046
NRO Holdings III Corp. (4)(6)(9)					7/15/2031	214		(4)	—
NRO Holdings III Corp. (4)(6)(9)	SF +	5.25%	9.57	%	7/15/2030	100		13	14
NRO Holdings III Corp. (4)(9)	SF +	5.25%	9.51	%	7/15/2031	681		669	680
								220,476	214,700	2.01	%
Consumer Services
Aesthetics Australia Group Pty Ltd (4)(5)(8)	B +	7.31% (incl 4.06% PIK)	11.55	%	3/21/2028	AUD	57,807	36,832	33,703
AI Learning (Singapore) PTE. LTD. (4)(5)(12)	SORA +	7.50%	9.06	%	5/25/2027	SGD	45,400	33,076	35,174
American Academy Holdings, LLC (4)(18)	SF +	9.75% (incl 5.25% PIK)	14.19	%	6/30/2027	57,651		57,651	56,915
Auctane Inc (4)(9)	SF +	5.75%	10.14	%	10/5/2028	24,250		24,250	22,641
Citrin Cooperman Advisors LLC (6)(7)					4/1/2032	877		(10)	1
Citrin Cooperman Advisors LLC (7)	SF +	3.00%	7.30	%	4/1/2032	13,599		13,457	13,611
Club Car Wash Operating, LLC (4)(10)	SF +	5.50%	9.95	%	6/16/2027	39,133		38,631	39,031
Club Car Wash Operating, LLC (4)(10)	SF +	5.50%	9.95	%	6/16/2027	12,441		12,334	12,408
Club Car Wash Operating, LLC (4)(10)	SF +	5.50%	9.95	%	6/16/2027	25,457		25,311	25,391
Club Car Wash Operating, LLC (4)(6)(10)	SF +	5.50%	9.95	%	6/16/2027	76,924		70,613	70,939
Corporation Service Company (8)	SF +	2.00%	6.33	%	11/2/2029	1,624		1,594	1,625
Ensemble RCM LLC (7)	SF +	3.00%	7.28	%	8/1/2029	11,637		11,581	11,696
Express Wash Concepts, LLC (4)(10)	SF +	5.00%	9.43	%	4/30/2027	46,513		46,340	46,590
Express Wash Concepts, LLC (4)(10)	SF +	5.00%	9.43	%	4/30/2027	26,123		26,023	26,166
Houghton Mifflin Harcourt Company (8)	SF +	5.25%	9.63	%	4/9/2029	24,867		24,444	24,444
ImageFIRST Holdings, LLC (4)(7)	SF +	3.25%	7.57	%	3/12/2032	4,667		4,655	4,673
IXM Holdings, Inc. (4)(11)	SF +	6.25%	10.57	%	12/14/2029	18,334		18,128	18,334
IXM Holdings, Inc. (4)(11)	SF +	6.25%	10.57	%	12/14/2029	1,634		1,614	1,634
IXM Holdings, Inc. (4)(6)(11)	SF +	6.25%	10.55	%	12/14/2029	4,013		1,097	1,147
KUEHG Corp. (5)(7)	SF +	3.25%	7.55	%	6/12/2030	2,374		2,369	2,378
Learning Care Group, Inc. (8)	SF +	4.00%	8.28	%	8/11/2028	1,965		1,947	1,966
LHS Borrower LLC (8)	SF +	4.75%	9.18	%	2/16/2029	6,840		6,804	6,304
Mckissock Investment Holdings LLC (9)	SF +	5.00%	9.43	%	3/12/2029	31,323		31,174	31,420
Mckissock Investment Holdings LLC (9)	SF +	5.00%	9.27	%	3/12/2029	46,098		45,293	46,242
Mckissock Investment Holdings LLC (9)	SF +	5.00%	9.41	%	3/12/2029	12,326		12,258	12,365
Polyconcept North America Holdings, Inc. (9)	SF +	5.50%	9.80	%	5/18/2029	14,962		14,788	13,122
Spotless Brands, LLC (4)(10)	SF +	5.75%	10.05	%	7/25/2028	21,211		20,992	21,250
Spotless Brands, LLC (4)(10)	SF +	5.75%	10.05	%	7/25/2028	15,740		15,578	15,769
Spotless Brands, LLC (4)(10)	SF +	5.75%	10.05	%	7/25/2028	103,728		102,632	103,918
Spotless Brands, LLC (4)(6)(10)	SF +	5.75%	10.08	%	7/25/2028	5,175		3,053	3,105
Spotless Brands, LLC (4)(6)(10)	SF +	5.50%	9.80	%	7/25/2028	30,978		21,189	21,261

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 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
Thrasio LLC (4)(10)	SF +	10.00% PIK	14.44	%	6/18/2029	400		398	400
Thrasio LLC (4)(7)(20)	SF +	10.00% PIK			6/18/2029	1,055		1,029	805
TruGreen Limited Partnership (9)	SF +	4.00%	8.43	%	11/2/2027	8,442		8,390	8,031
								735,515	734,459	6.88	%
Electricity
Cogentrix Finance Holdco I LLC (7)	SF +	2.75%	7.08	%	2/26/2032	5,758		5,738	5,775
Cricket Valley Energy Center LLC (4)(19)	SF +	5.00%	9.30	%	6/26/2030	79,100		77,128	77,127
Hamilton Projects Acquiror LLC (7)	SF +	3.00%	7.33	%	5/30/2031	20,301		20,249	20,394
IP Operating Portfolio I, LLC (4)(7)		7.88%	7.88	%	12/31/2029	26,998		26,617	25,650
IP Operations II Investco, LLC (4)(16)	SF +	5.50%	9.67	%	6/26/2029	25,810		25,399	25,701
Sunzia UpperCo LLC (4)(17)	SF +	5.00%	9.30	%	12/31/2025	25,000		25,000	25,000
								180,131	179,647	1.68	%
Electronic and Electrical Equipment
Dwyer Instruments Inc(4)(6)(9)					7/20/2029	13,403		(125)	(106)
Dwyer Instruments Inc(4)(6)(9)	SF +	4.75%	9.05	%	7/20/2029	19,177		2,484	2,499
Dwyer Instruments Inc(4)(9)	SF +	4.75%	9.05	%	7/20/2029	111,890		110,911	111,003
								113,270	113,396	1.06	%
Finance and Credit Services
PCP CW Aggregator Holdings II, L.P. (4)(5)(10)	SF +	7.75% PIK	12.21	%	2/9/2028	24,068		23,948	24,068
Yes Energy LLC (4)(10)	SF +	5.00%	9.33	%	4/21/2028	9,878		9,772	9,878
Yes Energy LLC (4)(10)	SF +	5.00%	9.33	%	4/21/2028	4,814		4,716	4,862
Yes Energy LLC (4)(6)(10)	SF +	5.00%	9.33	%	4/21/2028	4,203		1,025	1,146
Yes Energy LLC (4)(10)	SF +	5.00%	9.33	%	4/21/2028	25,683		25,335	25,683
								64,796	65,637	0.61	%
Food Producers
Alpine US Bidco LLC (7)	SF +	3.50%	7.82	%	12/23/2030	9,490		9,457	9,539
Specialty Ingredients, LLC (4)(6)(9)	SF +	6.00%	10.43	%	2/12/2029	11,279		4,950	5,075
Specialty Ingredients, LLC (4)(9)	SF +	6.00%	10.43	%	2/12/2029	88,440		87,432	88,440
SW Ingredients Holdings, LLC (4)(6)(9)					5/2/2030	23,763		(351)	(345)
SW Ingredients Holdings, LLC (4)(6)(9)	SF +	5.00%	9.33	%	5/2/2030	32,714		9,756	9,756
SW Ingredients Holdings, LLC (4)(9)	SF +	5.00%	9.33	%	5/2/2030	192,479		189,683	189,686
Sugar PPC Buyer LLC (4)(6)(10)	SF +	5.25%	9.57	%	10/2/2030	14,474		4,209	4,342
Sugar PPC Buyer LLC (4)(10)	SF +	5.25%	9.55	%	10/2/2030	16,334		16,050	16,334
Sugar PPC Buyer LLC (4)(10)	SF +	5.25%	9.50	%	10/2/2030	58,802		57,809	58,802
								378,995	381,629	3.57	%
Gas, Water and Multi-utilities
Eagle LNG Partners Jacksonville II LLC (4)(7)		13.50% (incl 6.35% PIK)	13.50	%	4/26/2029	816		799	786
Floating Infrastructure Holdings Finance LLC (4)(5)(10)	SF +	5.75%	10.15	%	8/13/2027	39,535		39,208	39,535
								40,007	40,321	0.38	%
General Industrials
Bakelite US Holdco Inc (7)	SF +	3.75%	8.05	%	12/23/2031	6,176		6,118	6,116
BP Purchaser, LLC (4)(9)	SF +	5.50%	10.08	%	12/11/2028	28,542		28,263	24,363
Bright Light Buyer, Inc. (4)(10)	SF +	6.00%	10.32	%	11/8/2029	73,407		72,075	72,860
Capripack Debtco PLC (4)(5)(10)	E +	5.75% (incl 2.50% PIK)	8.07	%	1/3/2030	EUR	13,567	14,435	15,930
Capripack Debtco PLC (4)(5)(10)	E +	5.75% (incl 2.50% PIK)	8.07	%	1/3/2030	EUR	73,032	77,703	85,749
Capripack Debtco PLC (4)(5)(10)	E +	5.75% (incl 2.50% PIK)	7.79	%	1/3/2030	EUR	30,058	30,193	35,291
Capripack Debtco PLC (4)(5)(10)	E +	5.75% (incl 2.50% PIK)	7.79	%	1/3/2030	EUR	26,300	26,419	30,880
Clydesdale Acquisition Holdings Inc (8)	SF +	3.18%	7.50	%	4/13/2029	7,576		7,560	7,569
Formerra, LLC (4)(10)	SF +	7.25%	11.70	%	11/1/2028	4,187		4,109	4,115

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 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
Formerra, LLC (4)(6)(10)					11/1/2028	12,031		(217)	(207)
Formerra, LLC (4)(10)	SF +	7.25%	11.70	%	11/1/2028	104,085		102,160	102,291
Marcone Group Inc (4)(9)	SF +	7.00% (incl 3.25% PIK)	11.44	%	6/23/2028	12,054		11,994	10,100
Marcone Group Inc (4)(9)	SF +	7.00% (incl 3.25% PIK)	11.44	%	6/23/2028	50,303		49,913	42,147
Marcone Group Inc (4)(9)	SF +	7.00% (incl 3.25% PIK)	11.44	%	6/23/2028	4,434		4,412	3,715
Marcone Group Inc (4)(9)	SF +	7.00% (incl 3.25% PIK)	11.44	%	6/23/2028	13,343		13,277	11,180
								448,414	452,099	4.23	%
Health Care Providers
123Dentist Inc (4)(5)(6)(9)	C +	5.00%	7.75	%	8/10/2029	CAD	23,803	10,231	10,757
123Dentist Inc (4)(5)(9)	C +	5.00%	7.75	%	8/10/2029	CAD	56,482	43,205	41,518
AB Centers Acquisition Corporation (4)(9)	SF +	5.00%	9.32	%	7/2/2031	157,813		155,783	159,391
AB Centers Acquisition Corporation (4)(6)(9)	SF +	5.00%	9.32	%	7/2/2031	28,789		9,954	10,638
AB Centers Acquisition Corporation (4)(6)(9)					7/2/2031	16,655		(214)	—
AB Centers Acquisition Corporation (4)(9)	SF +	5.00%	9.33	%	7/2/2031	53,110		52,708	53,641
Aspen Dental Management Inc. (ADMI Corp) (8)	SF +	3.75%	8.19	%	12/23/2027	3,285		3,238	3,141
Aspen Dental Management Inc. (ADMI Corp) (7)	SF +	5.75%	10.08	%	12/23/2027	850		855	826
AthenaHealth Group Inc. (8)	SF +	2.75%	7.08	%	2/15/2029	18,130		17,988	18,132
ATI Holdings Acquisition, Inc. (4)(5)(10)	SF +	7.25%	11.50	%	2/24/2028	41,092		40,724	38,314
Baart Programs, Inc. (4)(10)	SF +	5.00%	9.56	%	6/11/2027	9,968		9,930	8,922
Charlotte Buyer Inc (8)	SF +	4.25%	8.56	%	2/11/2028	24,937		24,168	24,971
Diagnostic Services Holdings, Inc. (4)(6)(10)	SF +	5.50%	9.82	%	3/15/2027	2,993		1,978	1,977
Diagnostic Services Holdings, Inc. (4)(10)	SF +	5.50%	9.82	%	3/15/2027	122,167		121,472	121,431
Diagnostic Services Holdings, Inc. (4)(10)	SF +	5.50%	9.82	%	3/15/2027	15,673		15,584	15,578
ERC Topco Holdings, LLC (4)(6)(7)(20)	SF +	5.50%			3/31/2030	1,561		1,009	1,115
ERC Topco Holdings, LLC (4)(7)(20)	SF +	6.50% PIK			3/31/2030	7,055		7,055	7,055
FC Compassus LLC (4)(6)(9)	SF +	5.50% (incl 1.25% PIK)	9.83	%	11/26/2030	15,817		1,547	1,584
FC Compassus LLC (4)(6)(9)(24)	SF +	6.65% (incl 1.73% PIK)	10.98	%	11/26/2030	128		13	13
FC Compassus LLC (4)(9)(24)	SF +	6.69% (incl 1.74% PIK)	11.01	%	11/26/2030	1,174		1,158	1,160
FC Compassus LLC (4)(6)(7)					11/26/2030	19,127		(258)	(226)
FC Compassus LLC (4)(9)	SF +	5.50% (incl 1.25% PIK)	9.83	%	11/26/2030	145,833		143,864	144,106
Indigo Purchaser, Inc. (4)(6)(9)	SF +	5.00%	9.30	%	11/21/2031	25,608		1,118	1,741
Indigo Purchaser, Inc. (4)(6)(9)					11/21/2031	17,478		(239)	—
Indigo Purchaser, Inc. (4)(9)	SF +	5.00%	9.30	%	11/21/2031	111,830		110,299	112,949
Kabafusion Parent LLC (4)(9)	SF +	5.00%	9.30	%	11/24/2031	58,958		58,371	58,664
Kabafusion Parent LLC (4)(6)(9)					11/24/2031	11,700		(107)	(58)
Kabafusion Parent LLC (4)(9)	SF +	5.00%	9.30	%	11/24/2031	89,775		88,952	89,327
MB2 Dental Solutions, LLC (4)(6)(9)					2/13/2031	13,909		(223)	(111)
MB2 Dental Solutions, LLC (4)(9)	SF +	5.50%	9.83	%	2/13/2031	154,133		152,139	152,902
MB2 Dental Solutions, LLC (4)(6)(9)	SF +	5.50%	9.83	%	2/13/2031	53,997		18,233	18,760
MB2 Dental Solutions, LLC (4)(9)	SF +	5.50%	9.83	%	2/13/2031	22,319		21,917	22,141
Medline Borrower LP (8)	SF +	2.25%	6.58	%	10/23/2028	14,984		14,897	15,018
Pareto Health Intermediate Holdings, Inc. (4)(10)	SF +	4.75%	9.05	%	6/3/2030	44,090		43,332	43,651
Pareto Health Intermediate Holdings, Inc. (4)(10)	SF +	4.75%	9.05	%	6/3/2030	14,697		14,444	14,550
Pareto Health Intermediate Holdings, Inc. (4)(6)(10)					6/1/2029	4,032		(79)	(39)
Pareto Health Intermediate Holdings, Inc. (4)(6)(10)					6/3/2030	9,160		(87)	(91)
Pareto Health Intermediate Holdings, Inc. (4)(10)	SF +	4.75%	9.05	%	6/3/2030	16,563		16,413	16,398
Phoenix Newco Inc (8)	SF +	2.50%	6.83	%	11/15/2028	16,632		16,567	16,655

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 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
Pinnacle Fertility, Inc. (4)(9)	SF +	5.00%	9.58	%	3/14/2028	9,117		9,040	9,117
Pinnacle Fertility, Inc. (4)(9)	SF +	5.00%	9.42	%	3/14/2028	26,606		26,358	26,606
PPV Intermediate Holdings, LLC (4)(9)	SF +	5.75%	10.08	%	8/31/2029	41,876		41,414	41,479
PPV Intermediate Holdings, LLC (4)(6)(9)					8/31/2029	4,746		(56)	(45)
Precision Medicine Group, LLC (9)	SF +	3.00%	7.43	%	11/18/2027	7,958		7,899	7,965
PTSH Intermediate Holdings, LLC (4)(9)	SF +	5.50%	9.95	%	12/17/2027	3,882		3,846	3,882
PTSH Intermediate Holdings, LLC (4)(9)	SF +	5.50%	9.95	%	12/17/2027	20,363		20,187	20,363
Raven Acquisition Holdings LLC (6)(7)					11/19/2031	1,413		(8)	1
Raven Acquisition Holdings LLC (7)	SF +	3.25%	7.58	%	11/19/2031	19,731		19,615	19,739
Southern Veterinary Partners LLC (7)	SF +	3.25%	7.53	%	12/4/2031	5,004		4,965	5,016
Tenet Healthcare Corp (5)(7)		5.13%	5.13	%	11/1/2027	2,695		2,712	2,693
Tivity Health Inc (4)(9)	SF +	5.00%	9.33	%	6/28/2029	129,169		127,591	129,169
TTF Lower Intermediate LLC (7)	SF +	3.75%	8.00	%	7/18/2031	13,501		13,303	13,425
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9)	SF +	5.75%	10.08	%	7/17/2028	32,341		32,015	31,993
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9)	SF +	5.75%	10.03	%	7/17/2028	26,145		25,882	25,864
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9)	SF +	5.75%	10.03	%	7/17/2028	42,632		42,183	42,174
Vaxcare Intermediate II LLC (4)(6)(8)					6/17/2032	11,986		(119)	(119)
Vaxcare Intermediate II LLC (4)(8)	SF +	4.50%	8.81	%	6/17/2032	59,706		59,112	59,112
WCAS XIV Primary Care Investors, L.P. (4)(10)	SF +	6.25%	10.55	%	12/31/2032	13,613		13,341	13,374
WCAS XIV Primary Care Investors, L.P. (4)(10)	SF +	6.25%	10.55	%	12/31/2032	56,433		55,468	55,442
WCAS XIV Primary Care Investors, L.P. (4)(10)	SF +	6.25%	10.55	%	12/31/2032	8,342		8,195	8,195
WCAS XIV Primary Care Investors, L.P. (4)(10)	SF +	6.25%	10.55	%	12/31/2032	15,932		15,643	15,652
WCAS XIII Primary Care Investors, L.P. (4)(10)	SF +	6.25%	10.55	%	12/31/2029	135,630		133,873	133,376
								1,880,398	1,890,974	17.70	%
Household Goods and Home Construction
Hunter Douglas Inc (7)	SF +	3.25%	7.55	%	1/17/2032	2,294		2,284	2,289
SWF Holdings I Corp (6)(10)					12/19/2029	94		—	—
SWF Holdings I Corp (10)	SF +	4.50%	8.83	%	12/19/2029	73		70	73
SWF Holdings I Corp (10)	SF +	4.00%	8.44	%	10/6/2028	667		630	514
								2,984	2,876	0.03	%
Industrial Engineering
LSF12 Donnelly Bidco, LLC (4)(10)	SF +	6.50%	10.83	%	10/2/2029	19,579		19,231	19,579
Radwell Parent, LLC (4)(6)(9)	SF +	5.50%	9.80	%	4/3/2028	13,271		3,811	3,981
Radwell Parent, LLC (4)(9)	SF +	5.50%	9.80	%	4/2/2029	151,493		148,778	151,493
Roper Industrial Products Investment Co (8)	SF +	2.75%	7.05	%	11/22/2029	20,395		19,991	20,380
Rotation Buyer, LLC (4)(6)(9)	SF +	4.75%	9.07	%	12/27/2031	17,051		4,074	4,060
Rotation Buyer, LLC (4)(6)(9)	SF +	4.75%	9.05	%	12/27/2031	8,731		4,145	4,135
Rotation Buyer, LLC (4)(9)	SF +	4.75%	9.05	%	12/27/2031	66,374		65,759	65,684
Time Manufacturing Holdings, LLC (4)(9)	E +	6.50% (incl 2.00% PIK)	8.43	%	12/1/2027	EUR	4,835	5,060	4,614
Time Manufacturing Holdings, LLC (4)(6)(9)	SF +	6.50%	10.98	%	12/1/2027	1,000		929	763
Time Manufacturing Holdings, LLC (4)(9)	SF +	6.50% (incl 2.00% PIK)	10.93	%	12/1/2027	12,277		12,166	10,129
Time Manufacturing Holdings, LLC (4)(9)	E +	6.50% (incl 2.00% PIK)	8.43	%	12/1/2027	EUR	8,516	9,536	8,126
TK Elevator US Newco Inc (5)(8)	SF +	3.00%	7.24	%	4/30/2030	14,993		14,849	15,049
Wec US Holdings Inc (7)	SF +	2.25%	6.57	%	1/27/2031	9,925		9,863	9,939
								318,192	317,932	2.98	%
Industrial Metals and Mining
Alchemy US Holdco 1 LLC (4)(10)	SF +	6.50%	10.78	%	7/31/2029	119,827		115,518	115,584
Alchemy US Holdco 1 LLC (4)(10)	E +	6.50%	8.69	%	7/31/2029	EUR	25,283	26,383	28,738

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 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
Alchemy US Holdco 1 LLC (4)(6)(10)	SF +	6.50%	10.78	%	7/31/2029	10,245		904	941
BLY US Holdings Inc. (4)(5)(10)	SF +	6.00%	10.30	%	4/10/2029	58,812		57,688	57,897
Star Holding LLC (7)	SF +	4.50%	8.83	%	7/31/2031	4,264		4,243	4,076
								204,736	207,236	1.94	%
Industrial Support Services
AI Circle Bidco Limited (4)(5)(10)	E +	5.75%	8.19	%	2/8/2031	EUR	6,374	6,734	7,284
AI Circle Bidco Limited (4)(5)(10)	E +	5.75%	8.23	%	2/8/2031	EUR	44,620	46,536	50,990
AI Circle Bidco Limited (4)(5)(6)(10)	E +	5.75%	8.19	%	2/8/2031	EUR	66,803	21,765	21,799
Allied Universal Holdco LLC (8)	SF +	3.75%	8.18	%	5/12/2028	14,886		14,815	14,974
Argos Health Holdings, Inc. (4)(9)	SF +	5.75%	10.03	%	12/6/2027	643		638	642
Atlas Intermediate III, L.L.C. (4)(10)	SF +	8.25% (incl 4.00% PIK)	12.53	%	10/31/2029	119,079		117,056	116,380
Atlas Intermediate III, L.L.C. (4)(6)(10)	SF +	7.50%	11.81	%	10/31/2029	13,445		2,177	2,116
AVSC Holding Corp. (4)(6)(9)					12/5/2029	8,660		(153)	(161)
AVSC Holding Corp. (4)(9)	SF +	5.00%	9.33	%	12/5/2031	74,003		72,642	72,562
Axiom Buyer, LLC (4)(6)(10)					1/14/2030	16,189		(369)	(325)
Axiom Buyer, LLC (4)(6)(10)	SF +	6.50%	10.83	%	1/14/2030	18,189		7,421	7,430
Axiom Buyer, LLC (4)(10)	SF +	6.50%	10.83	%	1/14/2030	149,202		146,130	146,207
Azalea Topco, Inc. (7)	SF +	3.25%	7.58	%	4/30/2031	11,919		11,844	11,955
Captive Resources Midco LLC (4)(6)(9)					7/3/2028	7,558		(76)	—
Captive Resources Midco LLC (4)(9)	SF +	4.50%	8.83	%	7/2/2029	91,753		90,745	91,753
Chartis Group LLC (4)(9)	SF +	4.50%	8.81	%	9/17/2031	81,388		80,665	82,201
Chartis Group LLC (4)(6)(9)					9/17/2031	25,040		(236)	250
Chartis Group LLC (4)(6)(9)					9/17/2031	14,716		(129)	—
Core & Main LP (5)(7)	SF +	2.00%	6.27	%	2/9/2031	1,817		1,817	1,823
Coretrust Purchasing Group LLC (4)(6)(9)					10/1/2029	10,736		(248)	107
Coretrust Purchasing Group LLC (4)(6)(9)					10/1/2029	11,656		(212)	—
Coretrust Purchasing Group LLC (4)(9)	SF +	5.25%	9.58	%	10/1/2029	79,876		78,473	80,674
Coretrust Purchasing Group LLC (4)(6)(9)					10/1/2029	4,423		(35)	44
Currahee Borrower Sub LLC (6)(7)					3/31/2032	2,189		(11)	(5)
Currahee Borrower Sub LLC (7)	SF +	4.00%	8.30	%	3/31/2032	9,458		9,412	9,435
Eagle 2021 Lower Merger Sub, LLC (4)(9)	SF +	5.75%	10.03	%	12/6/2027	804		797	803
EIS Legacy Holdco, LLC (4)(6)(9)	SF +	4.50%	8.76	%	11/5/2031	30,682		5,846	5,892
EIS Legacy Holdco, LLC (4)(6)(9)					11/5/2030	13,000		(116)	(103)
EIS Legacy Holdco, LLC (4)(9)	SF +	4.50%	8.76	%	11/5/2031	64,110		63,529	63,599
Empower Payments Investor, LLC (4)(6)(9)					3/12/2031	14,123		(141)	(141)
Empower Payments Investor, LLC (4)(9)	SF +	4.50%	8.80	%	3/12/2031	24,481		24,236	24,236
Empower Payments Investor, LLC (4)(9)	SF +	4.50%	8.80	%	3/12/2031	14,390		14,130	14,247
Empower Payments Investor, LLC (4)(6)(9)					3/12/2030	9,704		(152)	(85)
Empower Payments Investor, LLC (4)(9)	SF +	4.50%	8.83	%	3/12/2031	100,672		99,034	99,667
Guidehouse Inc. (4)(9)	SF +	5.00% (incl 2.00% PIK)	9.33	%	12/16/2030	189,852		187,963	189,323
IG Investments Holdings, LLC (4)(6)(13)					9/22/2028	10,221		(103)	—
IG Investments Holdings, LLC (4)(9)	SF +	5.00%	9.28	%	9/22/2028	88,456		88,061	88,456
Madison IAQ LLC (8)	SF +	2.50%	6.76	%	6/21/2028	1,247		1,214	1,249
Madison IAQ LLC (8)	SF +	3.25%	7.51	%	5/6/2032	13,860		13,673	13,914
Madison Safety & Flow LLC (7)	SF +	2.75%	7.08	%	9/26/2031	4,158		4,150	4,171
NBG Acquisition Corp. (4)(9)	SF +	5.50%	9.95	%	11/6/2028	2,876		2,862	2,362
NBG Acquisition Corp. (4)(9)	SF +	5.50%	9.95	%	11/6/2028	3,308		3,270	2,717
NBG Acquisition Corp. (4)(9)	SF +	5.50%	9.93	%	11/6/2028	21,010		20,932	17,253
Neon Maple US Debt Mergersub Inc (5)(7)	SF +	3.00%	7.33	%	11/17/2031	3,152		3,130	3,161
NTH Degree Purchaser, Inc (4)(6)(10)					9/10/2030	30,800		(575)	(429)
NTH Degree Purchaser, Inc (4)(6)(10)					9/10/2030	16,125		(279)	(224)

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 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
NTH Degree Purchaser, Inc (4)(10)	SF +	5.25%	9.56	%	9/10/2030	101,112		99,361	99,704
PEX Holdings LLC (7)	SF +	2.75%	6.97	%	11/26/2031	14,963		14,928	14,995
PG Polaris BidCo Sarl (5)(7)	SF +	2.75%	7.05	%	3/26/2031	11,907		11,893	11,954
Planet US Buyer LLC (5)(7)	SF +	3.00%	7.33	%	2/7/2031	7,425		7,410	7,465
QXO Inc (5)(7)	SF +	3.00%	7.30	%	4/30/2032	1,995		1,975	2,011
Railpros Parent LLC (4)(6)(9)					5/24/2032	10,718		(106)	(106)
Railpros Parent LLC (4)(6)(9)					5/24/2032	5,375		(53)	(53)
Railpros Parent LLC (4)(9)	SF +	4.50%	8.83	%	5/24/2032	34,833		34,490	34,490
Royal Buyer, LLC (4)(9)	SF +	5.00%	9.33	%	8/31/2028	8,894		8,798	8,894
Royal Buyer, LLC (4)(6)(9)	SF +	5.00%	9.32	%	8/31/2028	7,000		393	467
Royal Buyer, LLC (4)(9)	SF +	5.00%	9.33	%	8/31/2028	43,875		43,400	43,875
Royal Buyer, LLC (4)(9)	SF +	5.00%	9.33	%	8/31/2028	23,506		23,320	23,506
Royal Buyer, LLC (4)(9)	SF +	5.00%	9.33	%	8/31/2028	69,964		69,476	69,964
Sedgwick Claims Management Services Inc (7)	SF +	3.00%	7.33	%	7/31/2031	18,965		18,808	19,055
Spirit RR Holdings, Inc. (4)(9)	SF +	4.50%	8.93	%	9/13/2028	2,985		2,957	2,984
SimpliSafe Holding Corporation (4)(9)	SF +	6.25%	10.58	%	5/2/2028	14,915		14,758	14,915
SimpliSafe Holding Corporation (4)(9)	SF +	6.25%	10.58	%	5/2/2028	117,226		116,089	117,226
Shift4 Payments LLC (5)(7)	SF +	2.75%	7.07	%	6/30/2032	1,341		1,338	1,353
Spirit RR Holdings, Inc. (4)(6)(9)					9/13/2028	3,579		(40)	(2)
Spirit RR Holdings, Inc. (4)(9)	SF +	4.50%	8.90	%	9/13/2028	42,450		41,952	42,423
Spirit RR Holdings, Inc. (4)(9)	SF +	4.50%	8.93	%	9/13/2028	5,933		5,867	5,930
Team, Inc. (4)(6)(10)					3/12/2030	14,960		(326)	(367)
Team, Inc. (4)(10)	SF +	6.50%	10.74	%	3/12/2030	52,229		51,125	50,946
Transnetwork LLC (8)	SF +	4.75%	9.05	%	12/29/2030	72,211		71,453	72,527
TruckPro, LLC (4)(12)	SF +	7.75%	12.18	%	8/16/2028	66,027		64,789	59,439
Vaco Holdings LLC (9)	SF +	5.00%	9.45	%	1/21/2029	13,035		13,001	11,983
VT Topco Inc (8)	SF +	3.00%	7.33	%	8/9/2030	7,980		7,960	8,006
W3 TopCo LLC (4)(10)	SF +	6.50%	10.78	%	3/22/2029	88,775		86,132	86,291
YA Intermediate Holdings II, LLC (4)(6)(9)	SF +	4.75%	8.99	%	10/1/2031	19,809		1,955	2,296
YA Intermediate Holdings II, LLC (4)(6)(9)	SF +	4.75%	9.05	%	10/1/2031	9,750		1,906	1,950
YA Intermediate Holdings II, LLC (4)(9)	SF +	4.75%	8.94	%	10/1/2031	47,330		47,119	47,803
								2,100,990	2,110,127	19.75	%
Industrial Transportation
Brown Group Holding LLC (8)	SF +	2.50%	6.78	%	7/1/2031	1,998		1,990	2,002
E.S.G. Movilidad, S.L.U. (4)(5)(7)	E +	6.25%	8.29	%	5/31/2029	EUR	3,374	3,616	3,975
E.S.G. Movilidad, S.L.U. (4)(5)(7)	E +	6.25%	8.29	%	5/31/2029	EUR	8,096	8,541	9,540
E.S.G. Movilidad, S.L.U. (4)(5)(7)	E +	6.25%	8.29	%	5/31/2029	EUR	22,264	23,489	26,236
Stonepeak Nile Parent LLC (5)(7)	SF +	2.75%	6.98	%	4/9/2032	3,529		3,521	3,545
Truck-Lite Co, LLC (4)(6)(9)					2/13/2032	3,362		(54)	(12)
Truck-Lite Co, LLC (4)(6)(9)					2/13/2032	32,878		(492)	(121)
Truck-Lite Co, LLC (4)(6)(9)					2/13/2032	16,303		(244)	(60)
Truck-Lite Co, LLC (4)(9)	SF +	5.75%	10.06	%	2/13/2032	91,242		89,776	90,906
Truck-Lite Co, LLC (4)(9)	SF +	5.75%	10.06	%	2/13/2032	3,415		3,381	3,403
Truck-Lite Co, LLC (4)(6)(9)					2/13/2031	11,973		(184)	—
								133,340	139,414	1.31	%
Investment Banking and Brokerage Services
Apex Group Treasury LLC (5)(7)	SF +	3.50%	7.82	%	2/27/2032	13,548		13,420	13,518
Ascensus Holdings, Inc. (8)	SF +	3.00%	7.33	%	8/2/2028	14,042		13,979	14,086
Baker Tilly Advisory Group, LP (4)(9)	SF +	4.75%	9.08	%	6/3/2031	117,817		116,303	118,148
Baker Tilly Advisory Group, LP (4)(6)(9)					6/3/2031	17,626		(175)	(174)
Baker Tilly Advisory Group, LP (4)(6)(9)					6/3/2030	30,537		(358)	(301)
Baker Tilly Advisory Group, LP (4)(9)	SF +	4.50%	8.83	%	6/3/2031	40,761		40,359	40,358

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 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
DRW Holdings LLC (7)	SF +	3.50%	7.83	%	6/26/2031	13,209		13,150	13,252
Earps Bidco Limited (4)(5)(6)(7)					3/28/2032	GBP	13,000	(248)	(342)
Earps Bidco Limited (4)(5)(7)	SN +	5.00%	9.22	%	3/28/2032	GBP	37,700	48,090	50,775
Eisner Advisory Group LLC (8)	SF +	4.00%	8.33	%	2/28/2031	8,545		8,476	8,593
Focus Financial Partners, LLC (7)	SF +	2.75%	7.08	%	9/15/2031	17,957		17,886	17,939
Grant Thornton LLP (7)	SF +	2.50%	6.83	%	6/2/2031	15,166		15,166	15,172
Harp Finco LTD (4)(5)(7)	SN +	5.50%	9.72	%	3/27/2032	GBP	113,774	144,501	152,496
Jump Financial LLC (7)	SF +	4.25%	8.55	%	2/26/2032	3,896		3,885	3,920
June Purchaser LLC (6)(7)					11/28/2031	1,619		(9)	9
June Purchaser LLC (7)	SF +	3.25%	7.47	%	11/28/2031	9,690		9,654	9,741
Madonna Bidco Limited (4)(5)(6)(7)	SN +	5.25%	9.50	%	10/25/2031	GBP	10,435	440	874
Madonna Bidco Limited (4)(5)(7)	SN +	5.25%	9.50	%	10/25/2031	GBP	51,131	65,079	70,910
MAI Capital Management Intermediate LLC (4)(6)(9)					8/29/2031	9,231		(92)	(92)
MAI Capital Management Intermediate LLC (4)(6)(9)	SF +	4.75%	9.05	%	8/29/2031	16,300		6,299	6,288
MAI Capital Management Intermediate LLC (4)(6)(9)	SF +	4.75%	9.05	%	8/29/2031	6,869		1,434	1,427
MAI Capital Management Intermediate LLC (4)(9)	SF +	4.75%	9.05	%	8/29/2031	27,600		27,357	27,326
More Cowbell II, LLC (4)(6)(9)					9/3/2030	5,484		(99)	—
More Cowbell II, LLC (4)(6)(9)	SF +	5.00%	9.20	%	9/4/2029	7,590		1,413	1,518
More Cowbell II, LLC (4)(9)	SF +	5.00%	8.80	%	9/3/2030	49,587		48,854	49,587
Orthrus Limited (4)(5)(6)(7)					12/5/2031	GBP	15,961	(340)	(376)
Orthrus Limited (4)(5)(7)	E +	6.25% (incl 2.75% PIK)	8.22	%	12/5/2031	EUR	31,080	32,402	35,994
Orthrus Limited (4)(5)(7)	SN +	6.25% (incl 2.75% PIK)	10.48	%	12/5/2031	GBP	34,797	43,696	46,960
Orthrus Limited (4)(5)(10)	SF +	6.25% (incl 2.75% PIK)	10.57	%	12/5/2031	82,114		80,812	80,706
Osaic Holdings Inc (7)	SF +	3.50%	7.83	%	8/17/2028	15,021		14,960	15,073
PF Finco PTY LTD (4)(5)(6)(10)					5/30/2030	AUD	5,707	(79)	(81)
PF Finco PTY LTD (4)(5)(10)	B +	6.25%	10.07	%	5/30/2030	AUD	41,852	26,381	26,950
Rockefeller Capital Management (4)(6)(8)					4/4/2031	15,000		(75)	(11)
Rockefeller Capital Management (4)(8)	SF +	4.75%	9.05	%	4/4/2031	69,475		68,898	69,423
Rockefeller Capital Management (4)(8)	SF +	4.75%	9.08	%	4/4/2031	14,963		14,857	14,951
Travelex Issuerco 2 PLC (4)(5)(14)	SN +	8.00%	12.22	%	9/22/2028	GBP	22,202	26,476	31,313
Violin Finco Guernsey Limited (4)(5)(7)	SN +	5.00%	9.22	%	6/24/2031	GBP	80,205	100,895	110,998
Violin Finco Guernsey Limited (4)(5)(6)(7)					6/24/2031	GBP	6,211	(73)	67
								1,003,574	1,046,995	9.80	%
Leisure Goods
Jam City, Inc. (4)(10)	SF +	7.00%	11.56	%	9/7/2027	721		718	721
								718	721	0.01	%
Life Insurance
OneDigital Borrower LLC (8)	SF +	3.00%	7.33	%	7/2/2031	14,737		14,679	14,732
								14,679	14,732	0.14	%
Media
2080 Media, Inc. (4)(9)	SF +	4.75%	9.05	%	3/14/2029	12,457		12,333	12,441
2080 Media, Inc. (4)(6)(9)	SF +	4.75%	9.05	%	3/14/2028	13,795		3,817	3,941
2080 Media, Inc. (4)(9)	SF +	4.75%	9.05	%	3/14/2029	53,683		53,089	53,611
2080 Media, Inc. (4)(9)	SF +	4.75%	9.05	%	3/14/2029	10,033		9,939	10,019
2080 Media, Inc. (4)(6)(9)					3/14/2029	27,282		(267)	(37)
2080 Media, Inc. (4)(6)(9)					3/14/2029	8,801		(88)	(12)
AMR GP Limited (4)(5)(7)		10.50% (incl 5.25% PIK)	10.50	%	7/10/2034	1,057		1,029	1,048
Arc Media Holdings Limited (4)(5)(6)(10)	SF +	7.25%	11.71	%	10/29/2027	2,766		2,305	2,291
Arc Media Holdings Limited (4)(5)(10)	SF +	7.25%	11.68	%	10/29/2027	39,914		39,442	39,250

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 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
Aventine Intermediate LLC (4)(9)	SF +	6.00% (incl 3.00% PIK)	10.40	%	6/18/2027	1,134		1,127	1,087
Aventine Intermediate LLC (4)(9)	SF +	6.00% (incl 3.00% PIK)	10.40	%	6/18/2027	19,933		19,784	19,101
Endeavor Operating Co LLC (5)(7)	SF +	3.00%	7.33	%	3/24/2032	8,219		8,180	8,240
Global Music Rights, LLC (4)(6)(9)					12/20/2031	46,796		(433)	(485)
Global Music Rights, LLC (4)(9)	SF +	4.75%	9.05	%	12/20/2031	439,167		435,107	434,613
LOCI Bidco Limited (4)(5)(8)	SF +	5.25%	9.57	%	5/19/2031	12,087		11,833	12,208
LOCI Bidco Limited (4)(5)(8)	SN +	5.25%	9.49	%	5/19/2031	GBP	73,522	91,456	101,962
Law Business Research Inc. (4)(5)(8)	SF +	5.25%	9.38	%	5/19/2031	46,320		45,271	46,783
McGraw-Hill Education Inc (8)	SF +	3.25%	7.58	%	8/6/2031	19,965		19,750	20,057
Renaissance Financiere (4)(5)(7)	E +	7.00%	9.59	%	7/26/2028	EUR	34,871	35,698	34,583
UFC Holdings LLC (5)(7)	SF +	2.25%	6.57	%	11/21/2031	2,095		2,092	2,105
Wasserman Media Group, LLC (7)	SF +	3.00%	7.32	%	6/23/2032	4,167		4,146	4,177
								795,610	806,983	7.55	%
Medical Equipment and Services
ABB/CON-CISE Optical Group LLC (4)(9)	SF +	7.50%	11.95	%	2/23/2028	21,259		21,010	20,057
Agiliti Health, Inc. (7)	SF +	3.00%	7.22	%	5/1/2030	5,404		5,117	5,245
Bamboo US BidCo LLC (4)(10)	SF +	5.25%	9.53	%	9/30/2030	15,443		15,068	15,443
Bamboo US BidCo LLC (4)(6)(10)	SF +	5.25%	9.58	%	9/30/2030	2,855		240	267
Bamboo US BidCo LLC (4)(6)(10)					9/30/2030	2,855		(27)	—
Bamboo US BidCo LLC (4)(6)(10)					10/1/2029	21,254		(451)	—
Bamboo US BidCo LLC (4)(10)	E +	5.25%	7.44	%	9/30/2030	EUR	62,798	64,991	74,001
Bamboo US BidCo LLC (4)(10)	SF +	5.25%	9.53	%	9/30/2030	82,969		81,168	82,969
Bausch + Lomb Corporation (5)(7)	SF +	4.00%	8.33	%	9/29/2028	10,014		10,014	10,035
Bausch + Lomb Corporation (5)(7)	SF +	4.25%	8.57	%	1/15/2031	39,961		39,761	40,086
Coding Solutions Acquisition, Inc. (4)(6)(9)					8/7/2031	25,062		(372)	135
Coding Solutions Acquisition, Inc. (4)(9)	SF +	5.00%	9.33	%	8/7/2031	19,214		18,932	19,318
Coding Solutions Acquisition, Inc. (4)(6)(9)					8/7/2031	18,054		(257)	98
Coding Solutions Acquisition, Inc. (4)(6)(9)					8/7/2031	16,674		(218)	—
Coding Solutions Acquisition, Inc. (4)(9)	SF +	5.00%	9.33	%	8/7/2031	159,490		157,717	160,352
Femur Buyer Inc (4)(10)	SF +	7.50%	11.80	%	9/18/2029	13,350		13,094	11,478
Femur Buyer Inc (4)(10)	SF +	8.25% (incl 4.50% PIK)	12.56	%	3/18/2030	145,616		142,915	126,382
Limpio Bidco GMBH (4)(5)(7)	E +	5.20%	7.38	%	10/31/2030	EUR	63,783	66,041	76,373
PerkinElmer U.S. LLC (4)(10)	SF +	4.75%	9.08	%	3/13/2029	110,377		107,908	111,422
PerkinElmer U.S. LLC (4)(10)	SF +	4.75%	9.08	%	3/13/2029	61,652		60,789	62,235
PerkinElmer U.S. LLC (4)(10)	SF +	4.75%	9.08	%	3/13/2029	66,745		65,936	67,377
Plasma Buyer LLC (4)(9)	SF +	6.25%	10.55	%	5/12/2029	3,124		3,084	2,873
Plasma Buyer LLC (4)(6)(9)	SF +	5.75%	10.05	%	5/12/2028	9,458		9,326	8,762
Plasma Buyer LLC (4)(9)	SF +	5.75%	10.05	%	5/12/2029	82,784		81,832	75,983
Resonetics, LLC (9)	SF +	3.25%	7.57	%	6/18/2031	38,347		38,265	38,418
SDC US Smilepay SPV (4)(7)(20)	P +	9.75%			10/27/2025	12,661		5,024	855
Solis Mammography Buyer, Inc. (4)(6)(9)					5/29/2032	27,720		(413)	(411)
Solis Mammography Buyer, Inc. (4)(6)(9)					5/29/2030	33,548		(494)	(494)
Solis Mammography Buyer, Inc. (4)(9)	SF +	5.00%	9.31	%	5/29/2032	192,194		189,348	189,347
Spruce Bidco II Inc. (4)(9)	C +	5.00%	7.68	%	1/31/2032	CAD	35,000	23,824	25,243
Spruce Bidco II Inc. (4)(9)	TN +	5.25%	6.00	%	1/31/2032	JPY	3,744,213	23,835	25,546
Spruce Bidco II Inc. (4)(6)(9)					1/31/2032	43,899		(620)	(758)
Spruce Bidco II Inc. (4)(9)	SF +	5.00%	9.13	%	1/31/2032	165,864		163,523	163,000
TecoStar Holdings Inc (4)(10)	SF +	8.00%	12.21	%	7/6/2029	126,897		124,917	123,765
Viant Medical Holdings, Inc. (7)	SF +	4.00%	8.33	%	10/29/2031	17,413		17,333	17,276
Vital Care Buyer, LLC (4)(9)	SF +	4.50%	8.80	%	7/30/2031	90,262		89,478	90,262

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 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
Vital Care Buyer, LLC (4)(6)(9)					7/30/2031	13,271		(115)	—
Zeus Company LLC (4)(6)(9)	SF +	5.50%	9.80	%	2/28/2031	23,068		11,218	11,755
Zeus Company LLC (4)(6)(9)					2/28/2030	21,506		(251)	—
Zeus Company LLC (4)(9)	SF +	5.50%	9.80	%	2/28/2031	122,859		121,366	124,088
								1,769,856	1,778,783	16.65	%
Non-life Insurance
Accession Risk Management Group Inc (4)(9)	SF +	4.75%	9.03	%	10/30/2029	7,892		7,819	7,879
Accession Risk Management Group Inc (4)(9)	SF +	4.75%	9.03	%	11/1/2029	39,050		38,859	38,986
Accession Risk Management Group Inc (4)(9)	SF +	4.75%	9.03	%	11/1/2029	14,050		14,050	14,027
Accession Risk Management Group Inc (4)(6)(9)	SF +	4.75%	9.03	%	11/1/2029	21,808		10,313	10,369
Accession Risk Management Group Inc (4)(6)(9)					11/1/2029	2,903		(10)	(5)
Acrisure LLC (7)	SF +	3.00%	7.33	%	11/6/2030	19,957		19,948	19,934
Acrisure LLC (7)	SF +	3.25%	7.58	%	6/20/2032	5,000		4,988	5,000
Alera Group Intermediate Holdings, Inc. (8)	SF +	3.25%	7.58	%	5/30/2032	8,000		7,960	8,033
Alliant Holdings Intermediate, LLC (7)	SF +	2.75%	7.07	%	9/19/2031	18,604		18,465	18,629
AmWINS Group Inc (9)	SF +	2.25%	6.58	%	1/30/2032	10,168		10,156	10,183
Amynta Agency Borrower Inc (7)	SF +	3.00%	7.33	%	12/29/2031	19,915		19,554	19,936
BroadStreet Partners, Inc. (7)	SF +	3.00%	7.33	%	6/13/2031	11,062		10,993	11,088
CRC Insurance Group LLC (7)	SF +	2.75%	7.05	%	5/6/2031	10,049		10,007	10,065
Galway Borrower LLC (4)(6)(9)	SF +	4.50%	8.80	%	9/29/2028	5,017		1,552	1,574
Galway Borrower LLC (4)(6)(9)	SF +	4.50%	8.80	%	9/29/2028	6,382		998	1,035
Galway Borrower LLC (4)(9)	SF +	4.50%	8.80	%	9/29/2028	132,915		132,573	132,915
Goosehead Insurance Holdings LLC (5)(7)	SF +	3.50%	7.81	%	1/8/2032	3,500		3,492	3,524
Higginbotham Insurance Agency Inc (4)(6)(10)	SF +	4.75%	9.08	%	11/24/2028	14,284		7,163	7,281
Higginbotham Insurance Agency Inc (4)(14)	SF +	4.50%	8.83	%	11/24/2028	31,804		31,586	31,804
HUB International Ltd (7)		7.25%	7.25	%	6/15/2030	10,517		10,517	10,994
HUB International Ltd (7)	SF +	2.50%	6.77	%	6/20/2030	11,706		11,611	11,755
Integrity Marketing Acquisition LLC (4)(6)(9)					8/27/2028	1,479		(13)	—
Integrity Marketing Acquisition LLC (4)(6)(9)					8/27/2028	362		(2)	—
Integrity Marketing Acquisition LLC (4)(9)	SF +	5.00%	9.33	%	8/27/2028	65,858		65,532	65,858
Jones Deslauriers Insurance Management Inc (5)(7)		8.50%	8.50	%	3/15/2030	14,487		14,472	15,366
Netrisk Group Luxco 4 S.A.R.L. (4)(5)(6)(7)					2/5/2032	EUR	9,744	(152)	(186)
Netrisk Group Luxco 4 S.A.R.L. (4)(5)(7)	E +	5.25%	7.39	%	2/5/2032	EUR	53,590	55,014	62,127
Netrisk Group Luxco 4 S.A.R.L. (4)(5)(6)(7)					2/5/2032	EUR	4,060	(63)	(78)
PCF Insurance Services of the West LLC (7)	SF +	3.25%	7.56	%	6/17/2032	6,915		6,898	6,937
Sig Parent Holdings, LLC (4)(6)(9)	SF +	5.00%	9.33	%	8/21/2031	15,221		713	704
Sig Parent Holdings, LLC (4)(6)(9)					8/21/2031	3,045		(13)	(17)
Sig Parent Holdings, LLC (4)(9)	SF +	5.00%	9.33	%	8/21/2031	26,256		26,141	26,110
Summit Acquisition Inc. (7)	SF +	3.75%	8.08	%	10/16/2031	17,456		17,378	17,522
Trupanion Inc (4)(5)(9)	SF +	5.00%	9.45	%	3/25/2027	25,624		25,492	25,624
Trupanion Inc (4)(5)(6)(9)					3/25/2027	6,576		(34)	—
Trupanion Inc (4)(5)(9)	SF +	5.00%	9.45	%	3/25/2027	15,120		15,037	15,120
USI Inc/NY (7)	SF +	2.25%	6.55	%	9/29/2030	12,808		12,790	12,789
USI Inc/NY (7)	SF +	2.25%	6.55	%	11/21/2029	1,914		1,914	1,913
								613,698	624,795	5.85	%
Oil, Gas and Coal
Camin Cargo Control Holdings, Inc. (4)(6)(10)	SF +	5.50%	9.67	%	12/7/2029	9,681		1,355	1,468
Camin Cargo Control Holdings, Inc. (4)(6)(10)	P +	4.50%	12.00	%	12/7/2029	9,702		6,134	6,196
Camin Cargo Control Holdings, Inc. (4)(10)	SF +	5.50%	9.81	%	12/7/2029	63,599		62,681	63,090
CVR CHC LP (5)(7)	SF +	4.00%	8.30	%	12/30/2027	4,223		4,193	4,226
NDT Global Holding Inc. (4)(5)(6)(8)					6/4/2032	60,522		(602)	(599)
NDT Global Holding Inc. (4)(5)(6)(8)					6/4/2032	30,474		(302)	(302)

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 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
NDT Global Holding Inc. (4)(5)(8)	SF +	4.50%	8.83	%	6/4/2032	120,000		118,813	118,812
								192,272	192,891	1.81	%
Personal Care, Drug and Grocery Stores
DIA Finance S.L.U. (4)(5)(9)	E +	6.75%	8.75	%	12/27/2029	EUR	170,600	173,075	195,652
Parfums Holding Company, Inc. (4)(10)	SF +	5.25%	9.55	%	6/27/2030	118,825		117,837	119,530
Parfums Holding Company, Inc. (4)(6)(10)					6/27/2029	9,034		(72)	—
Puma Buyer LLC (4)(8)	SF +	4.25%	8.55	%	3/29/2032	59,835		59,402	60,433
Puma Buyer LLC (4)(6)(8)					3/29/2032	9,853		(71)	—
Vermont Aus Pty Ltd (4)(5)(9)	B +	5.75%	9.40	%	3/23/2028	AUD	20,846	14,181	13,719
Vermont Aus Pty Ltd (4)(5)(9)	B +	5.75%	9.40	%	3/23/2028	AUD	34,588	25,506	22,762
Vital Bidco AB (4)(5)(6)(10)					10/29/2030	16,892		(300)	—
Vital Bidco AB (4)(5)(10)	SF +	4.50%	8.80	%	10/29/2031	97,405		95,623	98,380
								485,181	510,476	4.78	%
Personal Goods
Daphne S.P.A. (4)(5)(6)(7)(20)					5/23/2028	EUR	3,978	(106)	(1,156)
Daphne S.P.A. (4)(5)(7)(20)	E +	6.25%			5/23/2028	EUR	45,354	47,923	40,268
Spanx, LLC (4)(6)(9)					11/18/2027	5,000		(41)	(58)
Spanx, LLC (4)(9)	SF +	5.50%	9.93	%	11/20/2028	28,950		28,656	28,555
S&S Holdings LLC (8)	SF +	5.00%	9.32	%	10/1/2031	11,910		11,746	11,437
								88,178	79,046	0.74	%
Pharmaceuticals and Biotechnology
Advarra Holdings, Inc. (4)(10)	SF +	4.50%	8.83	%	9/13/2031	68,417		67,345	69,101
Advarra Holdings, Inc. (4)(6)(10)					9/13/2031	6,020		(28)	60
Advarra Holdings, Inc. (4)(10)	SF +	4.50%	8.83	%	9/13/2031	126,921		126,358	128,190
Amneal Pharmaceuticals LLC (5)(7)	SF +	5.50%	9.83	%	5/4/2028	1,343		1,349	1,368
Azurity Pharmaceuticals Inc (4)(6)(10)	SF +	7.00%	11.33	%	3/14/2030	20,537		8,171	8,101
Azurity Pharmaceuticals Inc (4)(10)	SF +	7.00%	11.24	%	3/14/2030	234,371		229,960	229,164
Cambrex Corporation (4)(6)(9)					3/6/2032	16,460		(161)	(235)
Cambrex Corporation (4)(6)(9)					3/6/2032	18,341		(175)	(262)
Cambrex Corporation (4)(9)	SF +	4.75%	9.08	%	3/6/2032	110,282		109,230	108,709
Creek Parent, Inc. (4)(6)(9)					12/18/2031	22,379		(336)	(303)
Creek Parent, Inc. (4)(9)	SF +	5.25%	9.57	%	12/18/2031	122,567		120,715	120,906
Dechra Finance US LLC (5)(7)	SF +	3.25%	7.51	%	1/27/2032	4,156		4,146	4,171
Dolcetto HoldCo S.P.A. (4)(5)(7)	E +	5.50%	7.48	%	10/27/2028	EUR	13,316	13,631	15,687
Dolcetto HoldCo S.P.A. (4)(5)(7)	E +	5.50%	7.48	%	10/27/2028	EUR	82,300	80,884	96,950
Endo Finance Holdings Inc (8)	SF +	4.00%	8.33	%	4/23/2031	10,191		10,101	10,198
Gusto Aus Bidco Pty Ltd (4)(5)(6)(8)					11/15/2031	AUD	24,086	(117)	(102)
Gusto Aus Bidco Pty Ltd (4)(5)(8)	B +	4.75%	8.61	%	11/15/2031	AUD	243,533	156,015	159,241
Phantom Purchaser Inc (4)(6)(9)					9/19/2031	15,545		(153)	(153)
Phantom Purchaser Inc (4)(9)	SF +	4.75%	9.07	%	9/19/2031	101,052		100,060	100,060
Syneos Health Inc (7)	SF +	4.00%	8.30	%	9/27/2030	14,960		14,879	14,833
WCG Intermediate Corp (10)	SF +	3.00%	7.33	%	2/25/2032	15,324		15,224	15,183
								1,057,098	1,080,867	10.12	%
Real Estate Investment and Services
Associations Inc. (4)(10)	SF +	6.50%	11.02	%	7/3/2028	55,275		55,236	55,828
Associations Inc. (4)(6)(10)	SF +	6.50%	11.02	%	7/3/2028	4,308		1,413	1,459
Associations Inc. (4)(6)(10)	SF +	6.50%	11.09	%	7/3/2028	3,459		3,033	3,035
								59,682	60,322	0.56	%
Retailers
AI Grace Aus Bidco Pty Ltd (4)(5)(9)	E +	5.25%	7.22	%	12/5/2029	EUR	21,626	22,798	25,462
Belron Finance 2019 LLC (8)	SF +	2.75%	7.05	%	10/16/2031	14,572		14,533	14,657
BradyplusUS Holdings, LLC (4)(6)(10)	SF +	5.00%	9.32	%	10/31/2029	426		136	140

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 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
BradyplusUS Holdings, LLC (4)(10)	SF +	5.00%	9.28	%	10/31/2029	14,423		14,311	14,423
Constellation Automotive Limited (4)(5)(7)	E +	6.25%	8.56	%	4/3/2031	EUR	18,107	19,681	21,030
Constellation Automotive Limited (4)(5)(7)	SN +	6.25%	10.51	%	4/3/2031	GBP	43,803	56,487	59,279
Evergreen Acqco 1 LP (5)(9)	SF +	3.75%	8.05	%	4/26/2028	4,634		4,634	4,638
Great Outdoors Group, LLC (9)	SF +	3.25%	7.58	%	1/23/2032	13,556		13,493	13,558
Johnstone Supply LLC (7)	SF +	2.50%	6.82	%	6/9/2031	6,259		6,251	6,279
Knitwell Borrower LLC (4)(10)	SF +	7.75%	12.18	%	7/28/2027	41,249		40,607	40,630
Knitwell Borrower LLC (4)(10)	SF +	7.75%	12.18	%	7/28/2027	35,879		35,043	35,341
Knitwell Borrower LLC (4)(10)	SF +	7.75%	12.18	%	7/28/2027	92,145		90,731	90,763
Petsmart LLC (9)	SF +	3.75%	8.18	%	2/11/2028	15,196		15,143	15,073
Staples, Inc. (8)	SF +	5.75%	10.03	%	9/4/2029	31,030		29,867	28,714
Thermostat Purchaser III Inc (9)	SF +	4.25%	8.55	%	8/31/2028	7,940		7,940	7,966
White Cap Buyer, LLC (7)	SF +	3.25%	7.58	%	10/19/2029	15,316		15,262	15,256
								386,917	393,209	3.68	%
Software and Computer Services
Acuris Finance US, Inc (7)	SF +	3.75%	8.05	%	2/16/2028	8,320		8,219	8,338
Armstrong Bidco Limited (4)(5)(7)	SN +	5.00%	9.22	%	6/28/2029	GBP	47,995	56,139	65,721
Armstrong Bidco Limited (4)(5)(7)	SN +	5.00%	9.22	%	6/28/2029	GBP	91,991	110,468	125,965
Artifact Bidco, Inc. (4)(6)(8)					7/26/2031	11,207		(105)	112
Artifact Bidco, Inc. (4)(8)	SF +	4.25%	8.55	%	7/26/2031	45,788		45,391	46,246
Artifact Bidco, Inc. (4)(6)(8)					7/26/2030	2,562		(22)	—
Artifact Bidco, Inc. (4)(6)(8)					7/26/2030	5,443		(46)	—
Artisan Bidco, Inc. (4)(10)	SF +	7.00%	11.21	%	11/7/2029	39,400		38,686	38,653
Artisan Bidco, Inc. (4)(6)(10)	SF +	7.00%	11.13	%	11/7/2029	6,000		2,191	2,186
Artisan Bidco, Inc. (4)(10)	E +	7.00%	9.36	%	11/7/2029	EUR	18,335	19,256	21,190
Artisan Bidco, Inc. (4)(10)	SF +	7.00%	11.21	%	11/7/2029	995		986	976
Auditboard, Inc. (4)(6)(9)					7/14/2031	75,714		(705)	379
Auditboard, Inc. (4)(6)(9)					7/14/2031	30,286		(261)	—
Auditboard, Inc. (4)(9)	SF +	4.75%	9.05	%	7/14/2031	159,000		157,630	159,795
Aurelia Netherlands Midco 2 B.V. (4)(5)(7)	E +	4.75%	6.83	%	5/29/2031	EUR	125,373	137,655	146,285
Avalara, Inc. (7)	SF +	3.25%	7.55	%	3/26/2032	13,359		13,289	13,432
BMC Software Inc. (7)	SF +	3.00%	7.33	%	7/30/2031	2,993		2,959	2,977
Boreal Bidco (4)(5)(6)(7)					3/26/2032	EUR	4,353	(105)	(135)
Boreal Bidco (4)(5)(7)	E +	7.25% (incl 5.75% PIK)	9.23	%	3/26/2032	EUR	49,682	52,356	57,005
Bottomline Technologies, Inc. (4)(9)	SF +	4.50%	8.80	%	5/13/2029	4,489		4,463	4,489
Bottomline Technologies, Inc. (4)(6)(9)					5/15/2028	385		(2)	—
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%	9.83	%	4/16/2027	22,090		22,090	22,090
Calabrio, Inc. (4)(10)	SF +	5.50%	9.83	%	4/16/2027	3,240		3,205	3,240
Central Parent LLC (7)	SF +	3.25%	7.55	%	7/6/2029	20,148		20,090	16,875
Certinia Inc. (4)(6)(10)					8/2/2030	5,449		(114)	—
Certinia Inc. (4)(10)	SF +	5.25%	9.53	%	8/4/2030	52,071		51,117	52,592
Cloud Software Group Inc (8)	SF +	3.75%	8.05	%	3/21/2031	4,765		4,765	4,778
Cloud Software Group Inc (8)	SF +	3.50%	7.80	%	3/29/2029	13,766		13,268	13,796
Cloud Software Group Inc (7)		6.50%	6.50	%	3/31/2029	7,740		6,982	7,817
Coupa Holdings, LLC (4)(6)(9)					2/27/2030	7,123		(110)	71
Coupa Holdings, LLC (4)(6)(9)					2/27/2029	6,211		(95)	—
Coupa Holdings, LLC (4)(9)	SF +	5.25%	9.53	%	2/27/2030	78,979		77,745	79,769
Databricks Inc (4)(6)(7)					1/3/2031	30,597		(153)	(228)
Databricks Inc (4)(7)	SF +	4.50%	8.82	%	1/3/2031	137,478		136,839	136,455
Delta Topco, Inc. (7)	SF +	2.75%	7.07	%	11/30/2029	19,100		19,047	18,986
Denali Bidco Limited (4)(5)(7)	E +	5.00%	6.98	%	8/29/2030	EUR	9,441	9,854	11,236

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 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
Denali Bidco Limited (4)(5)(7)	E +	5.00%	6.98	%	8/29/2030	EUR	6,742	7,203	8,024
Denali Bidco Limited (4)(5)(7)	SN +	5.00%	9.22	%	8/29/2030	GBP	23,265	28,886	32,265
Denali Bidco Limited (4)(5)(6)(7)					8/29/2030	GBP	14,557	(326)	200
Denali Bidco Limited (4)(5)(7)	E +	5.00%	6.98	%	8/29/2030	EUR	15,916	16,681	18,943
EasyPark Strategy AB (4)(5)(8)	SN +	5.25%	9.47	%	12/19/2031	GBP	29,019	35,650	39,259
EasyPark Strategy AB (4)(5)(8)	E +	5.00%	7.04	%	12/19/2030	EUR	74,735	76,491	86,772
EasyPark Strategy AB (4)(5)(8)	N +	5.00%	9.40	%	12/19/2030	NOK	234,246	20,210	22,902
EasyPark Strategy AB (4)(5)(8)	SF +	5.00%	9.17	%	12/19/2030	45,577		44,953	44,909
Einstein Parent, Inc. (4)(6)(9)					1/22/2031	9,745		(181)	(207)
Einstein Parent, Inc. (4)(9)	SF +	6.50%	10.77	%	1/22/2031	94,062		92,318	92,068
Elements Finco Limited (4)(5)(7)	SF +	5.25% (incl 2.25% PIK)	9.58	%	4/29/2031	10,542		10,455	10,647
Elements Finco Limited (4)(5)(7)	SF +	5.25% (incl 2.25% PIK)	9.58	%	4/29/2031	8,774		8,702	8,862
Elements Finco Limited (4)(5)(7)	SN +	5.50% (incl 2.50% PIK)	9.72	%	4/29/2031	GBP	33,717	42,028	46,760
Elements Finco Limited (4)(5)(7)	SN +	5.50% (incl 2.50% PIK)	9.72	%	4/29/2031	GBP	15,114	18,832	20,961
Elements Finco Limited (4)(5)(7)	SN +	5.25% (incl 2.25% PIK)	9.47	%	4/29/2031	GBP	50,412	62,462	69,914
Enverus Holdings Inc (4)(9)	SF +	5.50%	9.83	%	12/24/2029	65,767		65,029	65,767
Enverus Holdings Inc (4)(6)(9)					12/24/2029	1,227		(17)	—
Enverus Holdings Inc (4)(6)(9)	SF +	5.50%	9.82	%	12/24/2029	4,913		300	355
Espresso Bidco Inc. (4)(6)(9)					3/25/2032	14,333		(211)	(272)
Espresso Bidco Inc. (4)(6)(9)					3/25/2032	6,370		(92)	(121)
Espresso Bidco Inc. (4)(9)	SF +	5.75% (incl 3.13% PIK)	10.05	%	3/25/2032	52,196		51,449	51,204
HT Intermediary III, Inc. (4)(6)(9)					11/12/2030	10,286		(51)	(36)
HT Intermediary III, Inc. (4)(6)(9)	SF +	4.50%	8.83	%	11/12/2030	3,857		240	244
HT Intermediary III, Inc. (4)(9)	SF +	4.50%	8.83	%	11/12/2030	42,216		42,027	42,069
Huskies Parent Inc (4)(6)(9)	SF +	5.25%	9.68	%	11/3/2027	1,000		521	528
Huskies Parent Inc (4)(9)	SF +	5.25%	9.68	%	11/3/2028	24,770		24,527	24,723
IRI Group Holdings, Inc. (4)(6)(13)					12/1/2028	19,562		(144)	(52)
IRI Group Holdings, Inc. (4)(9)	SF +	4.50%	8.83	%	12/1/2029	206,163		204,567	206,120
Kaseya Inc (7)	SF +	3.25%	7.58	%	3/20/2032	20,417		20,301	20,520
Kona Buyer, LLC (4)(9)	SF +	4.50%	8.78	%	7/23/2031	6,605		6,546	6,572
Kona Buyer, LLC (4)(9)	SF +	4.50%	8.80	%	7/23/2031	1,859		1,842	1,849
Kona Buyer, LLC (4)(6)(9)					6/27/2032	61,081		(305)	(305)
Kona Buyer, LLC (4)(9)	SF +	4.50%	8.78	%	7/23/2031	112,563		111,589	112,000
Kona Buyer, LLC (4)(6)(9)					7/23/2031	15,463		(134)	(77)
Kona Buyer, LLC (4)(6)(9)					6/27/2032	7,096		(35)	(35)
Kpler Finance SA (4)(5)(6)(8)					10/25/2030	20,000		(295)	(290)
Kpler Finance SA (4)(5)(6)(8)	SF +	5.50%	9.62	%	10/25/2030	20,000		11,709	11,710
Kpler Finance SA (4)(5)(8)	SF +	5.50%	9.62	%	4/25/2031	70,000		68,982	68,982
Kpler Finance SA (4)(5)(8)	SF +	5.50%	9.62	%	4/25/2031	70,000		68,982	68,982
Kryptona Bidco US, LLC (4)(6)(9)					12/18/2031	16,852		(311)	(329)
Kryptona Bidco US, LLC (4)(7)	E +	6.25% (incl 3.38% PIK)	8.25	%	12/18/2031	EUR	36,259	36,963	41,890
Kryptona Bidco US, LLC (4)(9)	SF +	6.25% (incl 3.38% PIK)	10.56	%	12/18/2031	156,679		153,833	153,617
LMI Inc/DE (8)	SF +	3.75%	8.18	%	10/2/2028	2,165		2,158	2,143
McAfee Corp (8)	SF +	3.00%	7.32	%	3/1/2029	8,774		8,631	8,539
Medallia Inc (4)(9)	SF +	6.50% (incl 4.00% PIK)	10.82	%	10/30/2028	81,553		81,553	72,912
Mediaocean LLC (8)	SF +	3.50%	7.93	%	12/15/2028	6,150		6,145	6,170

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 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
Meralm Bidco AB (4)(5)(6)(8)					8/29/2031	EUR	5,188	(81)	(206)
Meralm Bidco AB (4)(5)(8)	E +	5.50% (incl 2.25% PIK)	7.89	%	8/29/2031	EUR	33,218	36,211	37,825
Meralm Bidco AB (4)(5)(8)	SF +	5.50% (incl 2.25% PIK)	10.02	%	8/29/2031	13,851		13,670	13,384
Meralm Bidco AB (4)(5)(8)	ST +	5.50% (incl 2.25% PIK)	7.84	%	8/29/2031	SEK	418,188	40,170	42,722
Meralm Bidco AB (4)(5)(8)	N +	5.50% (incl 2.25% PIK)	10.00	%	8/29/2031	NOK	266,362	24,771	25,538
Meralm Bidco AB (4)(5)(8)	E +	9.00% (incl 4.75% PIK)	11.39	%	8/29/2031	EUR	47,816	52,094	55,594
Mitchell International Inc (8)	SF +	3.25%	7.58	%	6/17/2031	9,925		9,882	9,928
New Era Technology Inc (4)(7)(20)	SF +	6.25%			10/31/2026	19,013		19,013	13,535
OEConnection LLC (9)	SF +	5.25%	9.58	%	4/22/2031	66,950		66,395	67,034
OEConnection LLC (9)	SF +	5.25%	9.58	%	4/22/2031	11,682		11,580	11,697
OEConnection LLC (6)(9)					4/22/2031	7,338		(61)	9
Omega II AB (4)(5)(6)(7)					6/18/2032	SEK	255,591	(132)	(134)
Omega II AB (4)(5)(6)(7)	ST +	4.75%	6.96	%	6/18/2032	SEK	943,460	77,741	79,298
Onesource Virtual, Inc. (4)(10)	SF +	4.75%	9.05	%	5/28/2030	180,375		178,163	182,179
Onesource Virtual, Inc. (4)(6)(10)					5/28/2030	25,318		(311)	—
Oranje Holdco, Inc. (4)(6)(10)					2/1/2029	4,657		(70)	—
Oranje Holdco, Inc. (4)(10)	SF +	7.75%	12.03	%	2/1/2029	33,837		33,332	34,171
Oranje Holdco, Inc. (4)(10)	SF +	7.25%	11.53	%	2/1/2029	15,917		15,670	15,964
Ping Identity Holding Corp. (4)(6)(9)					10/17/2028	8,513		(86)	—
Ping Identity Holding Corp. (4)(9)	SF +	4.75%	9.05	%	10/17/2029	81,649		80,715	82,466
Prism Parent Co., Inc. (4)(6)(9)	SF +	5.00%	9.32	%	9/19/2028	4,325		1,690	1,733
Prism Parent Co., Inc. (4)(9)	SF +	5.00%	9.32	%	9/19/2028	42,142		41,679	42,142
Project Alpha Intermediate Holding, Inc. (8)	SF +	3.25%	7.55	%	10/26/2030	25,029		24,753	25,175
Project Ruby Ultimate Parent Corp (7)	SF +	3.00%	7.44	%	3/10/2028	18,316		18,236	18,357
Proofpoint, Inc. (8)	SF +	3.00%	7.33	%	8/31/2028	16,997		16,838	17,027
Proofpoint, Inc. (7)	SF +	3.00%	7.32	%	8/31/2028	2,000		1,990	2,004
QBS Parent Inc (6)(9)					6/3/2032	3,820		(17)	—
QBS Parent Inc (9)	SF +	4.50%	8.80	%	6/3/2032	39,526		39,346	39,526
Quail Buyer, Inc. (4)(9)	SF +	5.00%	9.38	%	10/1/2027	7,199		7,142	7,199
Quail Buyer, Inc. (4)(9)	SF +	5.00%	9.38	%	10/1/2027	39,439		39,040	39,439
Red Planet Borrower, LLC (8)	SF +	5.25%	9.58	%	10/2/2028	2,182		2,109	2,195
Renaissance Holding Corp. (8)	SF +	4.00%	8.28	%	4/5/2030	4,038		3,975	3,678
Riley MergeCo LLC (4)(6)(10)					9/23/2027	197		(2)	(10)
Riley MergeCo LLC (4)(10)	SF +	7.51%	11.95	%	9/23/2027	1,791		1,775	1,700
Rocket Software Inc (8)	SF +	4.25%	8.58	%	11/28/2028	12,197		11,928	12,239
Severin Acquisition LLC (4)(6)(9)	SF +	5.00% (incl 2.25% PIK)	9.33	%	10/1/2031	63,028		7,713	8,036
Severin Acquisition LLC (4)(6)(9)	SF +	4.75%	9.08	%	10/1/2031	44,454		18,866	19,073
Severin Acquisition LLC (4)(9)	SF +	5.00% (incl 2.25% PIK)	9.33	%	10/1/2031	302,940		300,278	301,637
Skywalker Purchaser, LLC (4)(6)(9)					6/27/2032	24,424		(229)	(122)
Skywalker Purchaser, LLC (4)(6)(9)					6/27/2032	27,425		(137)	(137)
Smarsh Inc. (4)(6)(9)					2/16/2029	2,143		(32)	(11)
Smarsh Inc. (4)(6)(9)					2/16/2029	2,143		(15)	(11)
Smarsh Inc. (4)(6)(9)	SF +	4.75%	9.05	%	2/16/2029	3,214		1,346	1,355
Smarsh Inc. (4)(9)	SF +	4.75%	9.05	%	2/16/2029	22,500		22,275	22,385
Stack Sports Buyer, LLC (4)(6)(9)					3/31/2031	29,305		(430)	(541)
Stack Sports Buyer, LLC (4)(6)(9)					3/31/2031	21,553		(310)	(398)
Stack Sports Buyer, LLC (4)(9)	SF +	5.25%	9.55	%	3/31/2031	131,871		129,976	129,437

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 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
Storable Inc (7)	SF +	3.25%	7.58	%	4/16/2031	5,739		5,724	5,742
Tango Bidco SAS (4)(5)(6)(7)	E +	5.00%	7.28	%	10/17/2031	EUR	16,592	11,692	13,334
Tango Bidco SAS (4)(5)(6)(7)					10/17/2031	EUR	3,130	(50)	(30)
Tango Bidco SAS (4)(5)(7)	E +	5.00%	7.28	%	10/17/2031	EUR	41,812	44,672	48,865
Technology Growth Capital Pty Ltd (4)(5)(10)	SF +	6.50%	10.79	%	7/2/2030	30,127		29,436	29,845
Tricentis Operations Holdings Inc (4)(6)(9)					2/11/2032	26,875		(261)	(321)
Tricentis Operations Holdings Inc (4)(6)(9)					2/11/2032	19,449		(184)	(232)
Tricentis Operations Holdings Inc (4)(9)	SF +	6.25% (incl 4.88% PIK)	10.55	%	2/11/2032	136,015		134,744	134,391
TriMech Acquisition Corp. (4)(6)(14)	P +	3.75%	11.25	%	3/10/2028	3,289		498	526
TriMech Acquisition Corp. (4)(10)	SF +	4.75%	9.05	%	3/10/2028	21,005		20,856	21,005
TriMech Acquisition Corp. (4)(10)	SN +	4.75%	8.87	%	3/10/2028	GBP	35,701	43,390	49,021
UKG Inc (7)	SF +	3.00%	7.31	%	2/10/2031	16,495		16,384	16,576
User Zoom Technologies, Inc. (4)(9)	SF +	7.00%	11.28	%	4/5/2029	18,948		18,733	18,948
Wave Distribution Holdings LLC (5)(10)	SF +	3.50%	7.94	%	3/5/2027	2,365		2,363	2,377
Zelis Payments Buyer, Inc. (7)	SF +	2.75%	7.08	%	9/28/2029	10,856		10,816	10,800
Zelis Payments Buyer, Inc. (7)	SF +	3.25%	7.58	%	11/26/2031	4,975		4,952	4,955
Zendesk Inc (4)(6)(9)	SF +	5.00%	9.32	%	11/22/2028	39,290		11,728	12,308
Zendesk Inc (4)(6)(9)					11/22/2028	17,940		(203)	—
Zendesk Inc (4)(9)	SF +	5.00%	9.32	%	11/22/2028	160,200		158,397	160,200
								4,306,923	4,422,322	41.39	%
Technology Hardware and Equipment
Altar Bidco Inc (8)	SF +	3.10%	7.25	%	2/1/2029	8,735		8,695	8,720
CC WDW Borrower, Inc. (4)(6)(10)	SF +	6.75%	11.18	%	1/27/2028	5,122		2,495	2,492
CC WDW Borrower, Inc. (4)(10)	SF +	6.75%	11.18	%	1/27/2028	44,417		43,823	43,823
CC WDW Borrower, Inc. (4)(10)	SF +	6.75%	11.20	%	1/27/2028	2,306		2,306	2,275
TechInsights Inc (4)(5)(10)	SF +	6.31%	10.76	%	11/9/2027	968		959	968
TechInsights Inc (4)(5)(10)	SF +	6.31%	10.76	%	11/9/2027	2,513		2,491	2,513
								60,769	60,791	0.57	%
Telecommunications Equipment
Guardian US Holdco LLC (8)	SF +	3.50%	7.80	%	1/31/2030	7,841		7,736	7,819
Ribbon Communications Operating Company, Inc (4)(5)(10)	SF +	6.25%	10.58	%	6/21/2029	55,697		54,812	55,057
Ribbon Communications Operating Company, Inc (4)(5)(6)(10)					6/21/2029	6,365		(101)	(73)
								62,447	62,803	0.59	%
Telecommunications Service Providers
CCI Buyer, Inc. (4)(9)	SF +	5.00%	9.30	%	5/13/2032	303,985		301,003	301,455
CCI Buyer, Inc. (4)(6)(9)					5/13/2032	23,387		(229)	(195)
Directv Financing, LLC (9)	SF +	5.00%	9.54	%	8/2/2027	2,297		2,276	2,309
Meriplex Communications, LTD (4)(9)	SF +	5.00%	9.43	%	7/17/2028	2,889		2,871	2,782
Meriplex Communications, LTD (4)(9)	SF +	5.00%	9.43	%	7/17/2028	1,143		1,134	1,100
Meriplex Communications, LTD (4)(9)	SF +	5.00%	9.43	%	7/17/2028	13,632		13,524	13,126
								320,579	320,577	3.00	%
Travel and Leisure
Crunch Holdings LLC (4)(6)(9)					9/26/2031	7,922		(39)	(39)
Crunch Holdings LLC (4)(9)	SF +	4.75%	9.06	%	9/26/2031	58,500		58,210	58,210
Fertitta Entertainment LLC/NV (8)	SF +	3.50%	7.83	%	1/27/2029	9,802		9,590	9,802
Flynn Restaurant Group LP (7)	SF +	3.75%	8.08	%	1/28/2032	20,142		20,047	20,142
Havila Kystruten Operations AS (4)(5)(15)	E +	9.00% (incl 2.00% PIK)	11.25	%	7/27/2026	EUR	19,449	21,555	24,102
HB AcquisitionCo Pty Ltd (4)(5)(6)(8)	B +	6.50%	10.38	%	8/7/2029	AUD	3,579	424	418
HB AcquisitionCo Pty Ltd (4)(5)(8)	B +	6.50%	10.38	%	8/7/2029	AUD	32,211	21,251	20,723

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 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
IRB Holding Corp. (9)	SF +	2.50%	6.83	%	12/15/2027	2,657		2,657		2,659
LC Ahab US Bidco LLC (7)	SF +	3.00%	7.33	%	5/1/2031	10,138		9,975		10,144
Legends Hospitality Holding Company, LLC (4)(6)(9)					8/22/2031	5,522		(104)		(128)
Legends Hospitality Holding Company, LLC (4)(6)(9)	SF +	5.00%	9.32	%	8/22/2030	14,733		5,641		5,350
Legends Hospitality Holding Company, LLC (4)(9)	SF +	5.50% (incl 2.75% PIK)	9.82	%	8/22/2031	95,376		93,041		93,169
Life Time, Inc. (5)(7)	SF +	2.50%	6.53	%	11/5/2031	4,451		4,427		4,469
Saga Mid Co Limited (4)(5)(6)(10)					2/27/2031	GBP	4,998	(154)		(177)
Saga Mid Co Limited (4)(5)(6)(10)					2/27/2031	GBP	30,110	(921)		(1,064)
Saga Mid Co Limited (4)(5)(10)	SN +	6.75%	10.98	%	2/27/2031	GBP	100,868	124,118		134,936
The One Group, LLC (4)(10)	SF +	6.50%	10.78	%	5/1/2029	50,411		49,252		49,466
The One Group, LLC (4)(6)(7)					10/31/2028	6,649		(148)		(200)
Travel Leaders Group, LLC (4)(14)	SF +	7.50% (incl 3.50% PIK)	11.93	%	3/27/2028	141,787		139,938		141,324
Voyager Parent LLC (7)	SF +	4.75%	9.05	%	7/1/2032	14,819		14,375		14,688
								573,135		587,994		5.50	%
Total First Lien Debt								$	19,786,336	$	20,056,658	187.75	%

Second Lien Debt
Industrial Support Services
Sedgwick Claims Management Services Inc (4)(7)	SF +	5.00%	9.33	%	7/30/2032	$	25,000	$	24,775	$	24,972
								24,775		24,972		0.23	%
Total Second Lien Debt								$	24,775	$	24,972	0.23	%

Other Secured Debt
Asset Based Lending and Fund Finance
Inflexion BFVI Financing Limited (4)(5)(7)	SN +	4.50% PIK	8.72	%	4/30/2030	GBP	20,789	$	27,175	$	28,128
Inflexion BFVI Financing Limited (4)(5)(6)(7)					4/30/2030	GBP	19,051	(379)		(382)
TPG VIII Merlin New Holdings I, L.P. (4)(5)(10)	SF +	6.50%	10.78	%	3/15/2027	42,433		41,951		42,036
								68,747		69,782		0.65	%
Real Estate Investment and Services
Link Apartments Opportunity Zone REIT, LLC(4)(6)(8)	SF +	7.50%	11.80	%	12/27/2029	9,355		3,480		3,495
Link Apartments Opportunity Zone REIT, LLC(4)(17)	SF +	7.50%	11.80	%	12/27/2029	16,371		16,076		16,101
								19,556		19,596		0.19	%
Total Other Secured Debt								$	88,303	$	89,378	0.84	%

Unsecured Debt
Consumer Services
Wildcat Car Wash Holdings, LLC (4)(7)		15.00% PIK	15.00%		7/16/2029	$	16,696	$	16,696	$	16,696
								16,696		16,696		0.16	%
Health Care Providers
VetCor Group Holdings LLC (4)(7)		13.75% PIK	13.75%		9/3/2030	346		342		336
VetCor Group Holdings LLC (4)(7)		14.75% PIK	14.75%		9/3/2030	298		293		301
VetCor Group Holdings LLC (4)(7)		13.75% PIK	13.75%		9/3/2030	1,097		1,085		1,066
								1,720		1,703		0.02	%
Medical Equipment and Services
DCA Acquisition Holdings LLC (4)(7)(20)		13.13% PIK			12/28/2032	112		111		28
DCA Acquisition Holdings LLC (4)(7)(20)		13.13% PIK			12/28/2032	202		198		51
DCA Acquisition Holdings LLC (4)(7)(20)		13.13% PIK			12/28/2032	1,190		1,176		298
								1,485		377		0.00	%
Non-life Insurance
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (7)		6.75%	6.75	%	10/15/2027	6,255		5,951		6,264

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 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
								5,951		6,264		0.06	%
Real Estate Investment and Services
Associations Finance, Inc. (4)(7)		14.25% PIK	14.25%		5/3/2030	9,598		9,565		9,598
Associations Finance, Inc. (4)(7)		14.25% PIK	14.25%		5/3/2030	3,665		3,653		3,665
								13,218		13,263		0.12	%
Software and Computer Services
Elements Midco 1 Limited (4)(5)(8)	SN +	8.75% PIK	13.00	%	4/29/2032	GBP	1,797	2,224		2,450
								2,224		2,450		0.02	%
Telecommunications Service Providers
CCO Holdings LLC / CCO Holdings Capital Corp (7)		5.50%	5.50	%	5/1/2026	7,000		7,026		7,002
								7,026		7,002		0.07	%
Total Unsecured Debt								$	48,320	$	47,755	0.45	%

Structured Finance
Structured Finance Investments
720 East CLO V Ltd (5)(7)	SF +	6.30%	10.57	%	7/20/2037	$	4,000	$	4,000	$	4,079
ABPCI Direct Lending Fund CLO XVII LLC (5)(7)	SF +	8.00%	12.28	%	8/1/2036	3,500		3,519		3,583
AMMC CLO 21 LTD (5)(7)	SF +	6.76%	11.03	%	11/2/2030	4,126		3,766		4,155
AMMC CLO XII Ltd (5)(7)	SF +	6.18%	10.74	%	11/10/2030	2,000		2,002		2,010
Ares CLO Ltd (5)(7)	SF +	6.70%	10.97	%	4/20/2037	5,000		5,000		5,055
Ares Secondaries PBN Finance Co IV LLC (4)(5)(6)(7)	SF +	2.90%	7.23	%	4/14/2039	1,000		10		10
Ares Secondaries PBN Finance Co IV LLC (4)(5)(6)(7)	SF +	8.50%	12.81	%	4/14/2039	5,000		52		52
Bain Capital Credit CLO 2024-3 Ltd (5)(7)	SF +	6.25%	10.51	%	7/16/2037	2,000		2,000		2,039
Barings CLO Ltd 2024-IV (5)(7)	SF +	5.95%	10.22	%	10/20/2037	4,500		4,500		4,578
Benefit Street Partners CLO XXXVI Ltd (5)(7)	SF +	5.50%	9.86	%	1/25/2038	4,750		4,750		4,795
Carlyle Global Market Strategies (5)(7)	SF +	5.66%	9.94	%	7/27/2031	1,200		992		1,202
CIFC Falcon 2020 Ltd (5)(7)	SF +	7.67%	11.94	%	1/20/2033	2,000		2,006		1,993
Columbia Cent CLO 33 Ltd (5)(7)	SF +	7.16%	11.43	%	4/20/2037	2,000		1,963		2,018
Dryden 108 CLO Ltd (5)(7)					7/18/2035	2,900		2,291		2,073
Fort Washington CLO 2019-1 (5)(7)	SF +	7.99%	12.26	%	10/20/2037	4,500		4,561		4,599
Monroe Capital Mml Clo XVII Ltd (5)(7)	SF +	4.65%	9.02	%	1/15/2037	1,000		1,000		1,012
Monroe Capital Mml Clo XVII Ltd (5)(7)	SF +	7.91%	12.28	%	1/15/2037	5,000		4,905		5,094
Newark BSL CLO 1 Ltd (5)(7)	SF +	6.51%	10.79	%	12/21/2029	1,500		1,475		1,479
Octagon 52 Ltd (5)(7)	SF +	7.33%	11.61	%	7/23/2037	3,000		2,972		3,024
Octagon 63 Ltd (5)(7)	SF +	6.50%	10.77	%	7/20/2037	3,000		3,000		3,029
Ocp Clo 2024-33 Ltd (5)(7)	SF +	6.00%	10.27	%	7/20/2037	5,000		5,000		5,031
Rad CLO Ltd (5)(7)	SF +	6.51%	10.77	%	4/15/2034	2,500		2,504		2,518
Shackleton 2019-XV CLO Ltd (5)(7)	SF +	6.92%	11.18	%	1/15/2032	3,000		2,713		3,016
Vibrant CLO XII Ltd (5)(7)	SF +	6.94%	11.21	%	4/20/2034	2,000		2,000		1,976
Voya CLO Ltd (5)(7)	SF +	6.00%	10.27	%	7/20/2037	4,000		4,000		4,044
								70,981		72,464		0.68	%
Total Structured Finance								$	70,981	$	72,464	0.68	%

Equity Investments
Consumer Services
CG Parent Intermediate Holdings, Inc. (4)(23) - Preferred Stock						2,000		$	1,940	$	2,488
Club Car Wash Preferred, LLC (4)(7)(23) - Preferred Stock		15.00% PIK	15.00%			8,817		8,817		8,817
Club Car Wash Preferred, LLC (4)(7)(23) - Preferred Stock		15.00% PIK	15.00%			14,779		14,779		14,779
Rapid Express Preferred, LLC (4)(7)(23) - Preferred Stock		15.00% PIK	15.00%			2,784		2,784		2,784

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 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
Rapid Express Preferred, LLC (4)(7)(23) - Preferred Stock		15.00% PIK	15.00%			6,524		6,524		6,524
Thrasio Holdings, Inc. (4)(23) - Common Stock						19,015		—		—
								34,844		35,392		0.33	%
Gas, Water and Multi-utilities
Eagle LNG Partners Jacksonville II LLC (4)(23) - Warrants						—		—		—
ELNG Equity LLC (4)(23) - Warrants						78,038		—		—
								—		—		0.00	%
Health Care Providers
Eating Recovery Center TopCo, LLC(4)(23) - Class A Common Units						3,528		4,634		2,498
								4,634		2,498		0.02	%
Industrial Support Services
BCPE Virginia Holdco, Inc. (4)(23) - Preferred Stock						2,000		1,960		2,515
								1,960		2,515		0.02	%
Media
OneTeam Partners, LLC (4)(7)(23) - Class D Units		8.00%	8.00	%		187,628		1,000		1,255
Racing Point UK Holdings Limited (4)(5)(23) - Ordinary Shares						168		1,008		1,152
								2,008		2,407		0.02	%
Pharmaceuticals and Biotechnology
Creek Feeder, L.P. (4)(23) - L.P. Interest						9,000		9,000		9,000
								9,000		9,000		0.09	%
Telecommunications Service Providers
CCI Topco, Inc.(4)(23) - Preferred Stock						20		1,960		1,992
								1,960		1,992		0.02	%
Travel and Leisure
The ONE Group Hospitality, Inc. (4)(23) - Warrants						6,667		12		6
The ONE Group Hospitality, Inc. (23) - Warrants						11,911		61		48
The ONE Group Hospitality, Inc. (4)(23) - Preferred Stock						1,000		877		1,066
								950		1,120		0.01	%
Total Equity Investments								$	55,356	$	54,924	0.51	%
Total Investments - Non-Controlled/Non-Affiliated								$	20,074,071	$	20,346,151	190.46	%

Non-Controlled/Affiliated Investments
First Lien Debt
Consumer Services
Wash & Wax Systems LLC(4)(6)(7)(20)(21)	SF +	5.50%			4/30/2028	$	947	$	—	$	19
Wash & Wax Systems LLC(4)(7)(20)(21)	SF +	5.50% PIK			4/30/2028	14,486		14,486		14,486
								14,486		14,505		0.14	%
Industrial Support Services
Galaxy US Opco Inc (5)(8)(21)	SF +	5.75% (incl 3.75% PIK)	10.03	%	7/31/2030	11,518		11,354		10,762
Logo Holdings III Corporation (4)(7)(20)(21)	SF +	7.50% PIK			5/1/2028	5,397		5,249		5,397
								16,603		16,159		0.15	%
Travel and Leisure
Artemis Bidco Limited(4)(5)(6)(7)(20)(21)	SN +	6.00% PIK			9/8/2028	GBP	1,461	70		91
Artemis Bidco Limited(4)(5)(7)(20)(21)	SN +	6.00% PIK			9/8/2028	GBP	1,931	2,649		2,652
Artemis Bidco Limited(4)(5)(7)(20)(21)	SN +	6.00% PIK			9/8/2028	GBP	1,124	1,542		1,543
Artemis Bidco Limited(4)(5)(7)(20)(21)	SN +	6.00% PIK			9/8/2028	GBP	1,166	1,599		1,600
Artemis Bidco Limited(4)(5)(6)(7)(20)(21)	SN +	6.00% PIK			9/8/2028	GBP	790	645		731
								6,505		6,617		0.06	%

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

June 30, 2025

(in thousands)

(Unaudited)

Company (1)

Reference Rate and Spread (2)

Interest Rate (2)

Maturity Date

Form: 10-Q

Documents