November 14, 2025 - 10-Q: Quarterly report [Sections 13 or 15(d)]

Table of Contents

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 September 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 November 8, 2025 was 31,509,218, 179,296,503, 46,601,755 and 222,246,307 of Class S, Class I, Class D, and Class F common shares, respectively. Common shares outstanding exclude November 1, 2025 subscriptions since the issuance price is not yet finalized at the date of this filing.

Table of Contents


		Page

PART I	FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements
	Consolidated Statements of Assets and Liabilities as of September 30, 2025 (Unaudited) and December 31, 2024	2
	Consolidated Statements of Operations for the three and nine months ended September 30, 2025 (Unaudited) and September 30, 2024 (Unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2025 (Unaudited) and September 30, 2024 (Unaudited)	5
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 (Unaudited) and September 30, 2024 (Unaudited)	6
	Consolidated Schedules of Investments as of September 30, 2025 (Unaudited) and December 31, 2024	8
	Notes to Consolidated Financial Statements (Unaudited)	58
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	116
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	140
Item 4.	Controls and Procedures	141

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	142
Item 1A.	Risk Factors	142
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	142
Item 3.	Defaults Upon Senior Securities	143
Item 4.	Mine Safety Disclosures	143
Item 5.	Other Information	143
Item 6.	Exhibits	143
Signatures

Table of Contents

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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

•our future operating results;

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

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

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

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

•our current and expected financing arrangements and investments;

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

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

•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”).

Table of Contents

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)


	September 30, 2025		December 31, 2024
ASSETS	(Unaudited)
Investments at fair value
Non-controlled/non-affiliated investments (amortized cost of $23,179,530 and $15,753,920 at September 30, 2025 and December 31, 2024, respectively)	$	23,408,973	$	15,790,937
Non-controlled/affiliated investments (amortized cost of $99,213 and $19,411 at September 30, 2025 and December 31, 2024, respectively)	99,531		19,969
Controlled/affiliated investments (amortized cost of $306,422 and $297,747 at September 30, 2025 and December 31, 2024, respectively)	328,116		320,350
Total investments at fair value (amortized cost of $23,585,165 and $16,071,078 at September 30, 2025 and December 31, 2024, respectively)	23,836,620		16,131,256
Cash and cash equivalents	419,328		228,899
Interest receivable from non-controlled/non-affiliated investments	187,650		140,686
Interest receivable from non-controlled/affiliated investments	200		—
Dividend receivable from non-controlled/non-affiliated investments	43		68
Deferred financing costs	49,905		41,633
Deferred offering costs	332		915
Derivative assets, at fair value (Note 6)	60,013		43,003
Receivable for investments	35,759		32,428
Other assets	768		10,851
Total assets	$	24,590,618	$	16,629,739
LIABILITIES
Debt (net of unamortized debt issuance costs of $94,323 and $51,573 at September 30, 2025 and December 31, 2024, respectively)	$	12,201,884	$	7,445,580
Payable for investments purchased	105,033		75,489
Interest payable	153,293		104,735
Derivative liabilities, at fair value (Note 6)	8,661		11,510
Due to affiliates	10,501		13,881
Distribution payable (Note 9)	98,172		71,896
Payable for share repurchases (Note 9)	176,365		110,784
Management fees payable (Note 3)	12,185		9,377
Income based incentive fees payable (Note 3)	43,474		32,014
Capital gains incentive fees payable (Note 3)	—		12,950
Shareholder servicing and/or distribution fees payable	3,072		2,456
Accrued expenses and other liabilities	58,383		5,135
Total liabilities	12,871,023		7,895,807
Commitments and contingencies (Note 8)
NET ASSETS
Common Shares, $0.01 par value (463,690,115 and 341,366,636 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively)	4,637		3,414
Additional paid in capital	11,625,584		8,521,659
Distributable earnings (loss)	89,374		208,859
Total net assets	11,719,595		8,733,932
Total liabilities and net assets	$	24,590,618	$	16,629,739

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

Table of Contents

HPS Corporate Lending Fund

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)


	September 30, 2025		December 31, 2024
NET ASSET VALUE PER SHARE	(Unaudited)
Class I Shares:
Net assets	$	4,280,282	$	2,717,857
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	169,350,179		106,227,563
Net asset value per share	$	25.27	$	25.59
Class D Shares:
Net assets	$	1,174,151	$	1,103,246
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	46,455,932		43,120,380
Net asset value per share	$	25.27	$	25.59
Class F Shares:
Net assets	$	5,499,754	$	4,506,823
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	217,600,686		176,150,014
Net asset value per share	$	25.27	$	25.59
Class S Shares:
Net assets	$	765,408	$	406,006
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	30,283,318		15,868,679
Net asset value per share	$	25.27	$	25.59

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

Table of Contents

HPS Corporate Lending Fund

Consolidated Statements of Operations

(in thousands)

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	529,534	$	345,624	$	1,403,241	$	940,968
Payment-in-kind interest income	33,862		17,916		82,545		52,856
Dividend income	1,264		1,131		3,617		2,899
Other income	569		966		1,098		5,230
From non-controlled/affiliated investments:
Interest income	196		—		665		—
Payment-in-kind interest income	111		—		263		—
From controlled/affiliated investments:
Dividend income	10,953		7,616		34,566		16,061
Total investment income	576,489		373,253		1,525,995		1,018,014
Expenses:
Interest expense	184,795		106,274		480,218		281,035
Management fees	36,223		24,001		97,992		63,547
Income based incentive fee	43,473		29,258		115,364		81,848
Capital gains incentive fee	—		427		(12,950)		9,955
Shareholder servicing and/or distribution fees
Class D	749		642		2,132		1,699
Class F	6,879		5,144		18,964		14,177
Class S	1,534		604		3,788		1,200
Professional fees	1,448		1,083		4,764		2,682
Board of Trustees’ fees	149		149		463		449
Administrative service expenses (Note 3)	578		931		3,335		2,600
Other general & administrative	3,535		2,506		9,959		7,299
Amortization of continuous offering costs	200		608		1,132		1,424
Total expenses	279,563		171,627		725,161		467,915
Net investment income before excise tax	296,926		201,626		800,834		550,099
Excise tax expense	1,773		3,643		5,218		4,197
Net investment income after excise tax	295,153		197,983		795,616		545,902
Net realized and change in unrealized gain (loss):
Realized gain (loss):
Non-controlled/non-affiliated investments	13,709		(4,548)		(33,597)		(16,022)

Foreign currency forward contracts	(28,365)		(763)		(132,739)		(3,417)
Foreign currency transactions	1,669		791		1,111		9,912
Net realized gain (loss)	(12,987)		(4,520)		(165,225)		(9,527)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	(42,637)		72,233		191,291		110,952
Non-controlled/affiliated investments	(258)		31		895		405
Controlled/affiliated investments	1,903		7,763		(909)		20,685
Foreign currency forward contracts	60,336		(49,758)		(48,816)		(32,510)
Translation of assets and liabilities in foreign currencies	9,728		(22,335)		(118,051)		(10,363)
Net change in unrealized appreciation (depreciation)	29,072		7,934		24,410		89,169
Net realized and change in unrealized gain (loss)	16,085		3,414		(140,815)		79,642
Net increase (decrease) in net assets resulting from operations	$	311,238	$	201,397	$	654,801	$	625,544

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

Table of Contents

HPS Corporate Lending Fund

Consolidated Statements of Changes in Net Assets

(in thousands)

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Increase (decrease) in net assets from operations:
Net investment income after excise tax	$	295,153	$	197,983	$	795,616	$	545,902
Net realized gain (loss)	(12,987)		(4,520)		(165,225)		(9,527)
Net change in unrealized appreciation (depreciation)	29,072		7,934		24,410		89,169
Net increase (decrease) in net assets resulting from operations	311,238		201,397		654,801		625,544
Distributions to common shareholders:
Class I	(105,715)		(56,652)		(280,073)		(145,219)
Class D	(29,702)		(25,224)		(84,893)		(67,493)
Class F	(132,748)		(98,312)		(367,661)		(274,483)
Class S	(16,809)		(6,547)		(41,660)		(13,122)
Net decrease in net assets resulting from distributions	(284,974)		(186,735)		(774,287)		(500,317)
Share transactions:
Class I:
Proceeds from shares sold	521,356		246,413		1,746,721		981,460
Share transfers between classes	638		2,513		83,176		4,961
Distributions reinvested	28,310		15,805		80,688		42,614
Repurchased shares, net of early repurchase deduction	(50,978)		(15,533)		(307,031)		(71,512)
Net increase (decrease) from share transactions	499,326		249,198		1,603,554		957,523
Class D:
Proceeds from shares sold	65,057		134,820		202,182		313,142
Share transfers between classes	10,933		(1,846)		(64,899)		14,630
Distributions reinvested	13,348		11,658		39,423		32,923
Repurchased shares, net of early repurchase deduction	(36,357)		(3,022)		(92,313)		(13,560)
Net increase (decrease) from share transactions	52,981		141,610		84,393		347,135
Class F:
Proceeds from shares sold	354,817		288,584		1,064,623		946,493
Share transfers between classes	(14,609)		(512)		(18,684)		(20,867)
Distributions reinvested	60,774		42,721		166,942		126,842
Repurchased shares, net of early repurchase deduction	(82,088)		(26,756)		(161,344)		(75,874)
Net increase (decrease) from share transactions	318,894		304,037		1,051,537		976,594
Class S:
Proceeds from shares sold	136,639		87,965		361,123		289,012
Share transfers between classes	3,038		(155)		407		1,276
Distributions reinvested	6,561		2,828		16,854		5,269
Repurchased shares, net of early repurchase deduction	(7,021)		(5)		(12,719)		—
Net increase (decrease) from share transactions	139,217		90,633		365,665		295,557
Total increase (decrease) in net assets	1,036,682		800,140		2,985,663		2,702,036
Net assets, beginning of period	10,682,913		7,087,260		8,733,932		5,185,364
Net assets, end of period	$	11,719,595	$	7,887,400	$	11,719,595	$	7,887,400

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

Table of Contents

HPS Corporate Lending Fund

Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)


	Nine Months Ended September 30,
	2025		2024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	654,801	$	625,544
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	(191,277)		(132,042)
Net realized (gain) loss on investments	33,597		16,022
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts	48,816		32,510
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	118,691		9,696
Net accretion of discount and amortization of premium, net	(61,593)		(65,436)
Amortization of deferred financing costs	7,998		6,057
Amortization of original issue discount and debt issuance costs	17,839		6,469
Amortization of offering costs	1,132		1,424
Payment-in-kind interest capitalized	(78,425)		(50,350)
Payment-in-kind dividends capitalized	(3,561)		(2,789)
Purchases of investments	(9,041,880)		(5,238,438)
Proceeds from sale of investments and principal repayments	1,637,775		1,795,781
Changes in operating assets and liabilities:
Interest receivable from non-controlled/non-affiliated investments	(46,964)		(45,237)
Interest receivable from non-controlled/affiliated investments	(200)		—
Dividend receivable from non-controlled/non-affiliated investments	25		36
Receivable for investments	(3,331)		(263,885)
Other assets	10,083		349
Payable for investments purchased	29,544		(40,841)
Interest payable	48,558		16,918
Due to affiliates	(3,380)		(1,084)
Management fees payable	2,808		2,539
Income based incentive fees payable	11,460		8,910
Capital gains incentive fees payable	(12,950)		9,955
Shareholder servicing and/or distribution fees payable	616		648
Accrued expenses and other liabilities	53,248		45,187
Net cash provided by (used in) operating activities	(6,766,570)		(3,262,057)
Cash flows from financing activities:
Borrowings on debt	13,922,657		5,240,200
Repayments of debt	(9,310,969)		(3,926,833)
Deferred financing costs paid	(16,270)		(8,889)
Debt issuance costs paid	(60,589)		(49,291)
Deferred offering costs paid	(549)		(1,848)
Proceeds from issuance of Common Shares	3,374,649		2,530,107
Common Shares repurchased, net of early repurchase deduction	(507,826)		(179,260)
Distributions paid in cash	(444,104)		(302,901)
Net cash provided by (used in) financing activities	6,956,999		3,301,285
Net increase (decrease) in cash and cash equivalents	190,429		39,228
Cash and cash equivalents, beginning of period	228,899		188,775
Cash and cash equivalents, end of period	$	419,328	$	228,003

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

Table of Contents

HPS Corporate Lending Fund

Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)


	Nine Months Ended September 30,
	2025		2024
Supplemental information and non-cash activities:
Interest paid during the period	$	405,823	$	251,591
Taxes paid during the period	$	5,428	$	1,522
Distribution payable	$	98,172	$	64,675
Share repurchases accrued but not paid	$	176,365	$	45,160
Reinvestment of distributions during the period	$	303,907	$	207,648
Non-cash purchases of investments	$	73,288	$	3,045
Non-cash sales of investments	$	(73,288)	$	(3,045)

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

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

September 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
Non-Controlled/Non-Affiliated
First Lien Debt
Aerospace and Defense
Arcfield Acquisition Corp (4)(8)	SF +	5.00%	9.31	%	10/28/2031	$	81,082	$	80,906	$	81,893
Arcfield Acquisition Corp (4)(6)(8)					10/28/2031	11,100		(24)		—
Asdam Operations Pty Ltd (4)(5)(8)	B +	5.25%	8.84	%	8/22/2028	AUD	41,558	28,139		27,482
Asdam Operations Pty Ltd (4)(5)(6)(8)	B +	5.25%	8.84	%	8/22/2028	AUD	5,421	2,252		2,390
Asdam Operations Pty Ltd (4)(5)(8)	B +	5.25%	8.84	%	8/22/2028	AUD	3,614	2,438		2,390
Cadence - Southwick, Inc. (4)(10)	SF +	5.25%	9.60	%	5/3/2029	40,697		39,959		41,104
Cadence - Southwick, Inc. (4)(10)	SF +	4.75%	9.18	%	5/3/2029	3,057		3,017		3,088
Cadence - Southwick, Inc. (4)(6)(10)	SF +	4.75%	9.03	%	5/3/2028	17,561		9,149		9,366
Carbon Topco, Inc. (4)(6)(9)					5/1/2030	11,985		(200)		(120)
Carbon Topco, Inc. (4)(9)	SF +	6.00%	10.30	%	11/1/2030	71,750		70,534		70,936
Fastener Distribution Holdings, LLC (4)(9)	SF +	4.75%	8.75	%	11/4/2031	75,253		74,598		75,251
Fastener Distribution Holdings, LLC (4)(6)(9)	SF +	4.75%	8.75	%	11/4/2031	28,345		10,663		10,926
Frontgrade Technologies Holdings Inc. (4)(9)	SF +	5.00%	9.19	%	1/9/2030	36,769		36,087		36,766
Frontgrade Technologies Holdings Inc. (4)(9)	SF +	5.00%	9.19	%	1/9/2030	7,741		7,639		7,741
Frontgrade Technologies Holdings Inc. (4)(6)(9)					1/10/2028	6,864		(86)		—
Frontgrade Technologies Holdings Inc. (4)(9)	SF +	5.00%	9.19	%	1/9/2030	8,682		8,605		8,682
Frontgrade Technologies Holdings Inc. (4)(9)	SF +	5.00%	9.29	%	1/9/2030	1,985		1,975		1,985
Goat Holdco LLC (5)(7)	SF +	2.75%	6.91	%	1/27/2032	12,022		11,902		12,050
RH Buyer Inc (4)(10)	SF +	6.50%	10.92	%	1/17/2031	117,918		115,834		114,553
RH Buyer Inc (4)(6)(10)	SF +	6.50%	10.80	%	1/17/2031	13,792		5,825		5,675
Tex-Tech Industries, Inc. (4)(9)	SF +	5.00%	9.14	%	1/13/2031	81,014		80,301		80,626
Tex-Tech Industries, Inc. (4)(6)(9)	SF +	5.00%	9.17	%	1/13/2031	18,094		5,258		5,342
Tex-Tech Industries, Inc. (4)(6)(9)	SF +	5.00%	9.14	%	1/13/2031	17,192		923		992
Titan BW Borrower L.P. (4)(8)	SF +	5.25% (incl 2.88% PIK)	9.45	%	7/24/2032	249,092		246,674		246,666
Titan BW Borrower L.P. (4)(6)(8)					7/24/2032	21,056		(208)		(205)
Titan BW Borrower L.P. (4)(6)(8)					7/24/2032	48,935		(476)		(476)
Valence Surface Technologies LLC (4)(10)	SF +	8.25% (incl 6.50% PIK)	12.40	%	6/13/2031	154,682		151,432		151,662
Valence Surface Technologies LLC (4)(10)	SF +	7.00%	11.13	%	6/13/2031	18,107		17,716		17,754
Valence Surface Technologies LLC (4)(6)(10)					6/13/2031	27,161		(596)		(530)
Valence Surface Technologies LLC (4)(6)(10)					6/13/2031	13,777		(294)		(269)
West Star Aviation Acquisition, LLC (4)(6)(9)	SF +	4.50%	8.66	%	5/20/2032	7,418		1,431		1,484
West Star Aviation Acquisition, LLC (4)(6)(9)					5/20/2032	11,127		(81)		25
West Star Aviation Acquisition, LLC (4)(9)	SF +	4.50%	8.66	%	5/20/2032	53,038		52,661		53,157
WP CPP Holdings, LLC (4)(10)	SF +	7.00% (incl 3.88% PIK)	11.17	%	11/30/2029	205,193		201,990		209,847
WP CPP Holdings, LLC (4)(6)(10)					11/30/2029	26,285		(456)		—
								1,265,487		1,278,233		10.91	%
Alternative Energy
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15)	SF +	10.00%	14.10	%	11/9/2026	12,445		12,353		11,316
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15)	SF +	10.00%	14.10	%	11/9/2026	950		943		864
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15)	SF +	10.00%	14.10	%	11/9/2026	957		949		870
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15)	SF +	10.00%	14.10	%	11/9/2026	10,458		10,367		9,509
								24,612		22,559		0.19	%
Asset Based Lending and Fund Finance
Montagu Lux Finco Sarl (4)(5)(6)(10)	E +	5.50%	7.53	%	2/13/2032	EUR	65,158	33,359		37,256
								33,359		37,256		0.32	%
Automobiles and Parts
ABC Group Holdings Inc (4)(5)(9)	E +	5.88%	7.81	%	8/22/2031	EUR	93,391	105,444		105,558

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

September 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
ABC Technologies Inc (4)(5)(9)	SF +	5.75%	9.89	%	8/22/2031	148,066		142,612	142,613
Clarios Global LP (7)	SF +	2.50%	6.66	%	5/6/2030	10,643		10,603	10,661
Clarios Global LP (7)	SF +	2.75%	6.91	%	1/28/2032	5,366		5,360	5,376
Foundation Automotive Corp (4)(5)(10)(19)	SF +	7.75% PIK			12/24/2027	15,156		15,032	7,893
Foundation Automotive US Corp (4)(10)(19)	SF +	7.75% PIK			12/24/2027	16,105		15,897	8,389
Foundation Automotive US Corp (4)(10)(19)	SF +	7.75% PIK			12/24/2027	4,755		4,714	2,477
Foundation Automotive US Corp (4)(6)(14)(19)	SF +	7.75%			12/24/2027	2,701		1,454	327
Oil Changer Holding Corporation (4)(10)	SF +	6.75%	11.07	%	2/8/2027	7,995		7,972	7,995
Oil Changer Holding Corporation (4)(10)	SF +	6.75%	11.07	%	2/8/2027	38,083		37,972	38,083
Tenneco Inc (8)	SF +	5.00%	9.30	%	11/17/2028	8,000		7,874	7,853
Tenneco Inc (8)	SF +	4.75%	9.05	%	11/17/2028	3,872		3,817	3,795
								358,751	341,020	2.91	%
Chemicals
Fortis 333 Inc (7)	SF +	3.50%	7.50	%	3/27/2032	2,934		2,927	2,923
Lummus Technology Holdings V LLC (7)	SF +	2.50%	6.66	%	12/31/2029	24,915		24,725	25,001
								27,652	27,924	0.24	%
Construction and Materials
Enstall Group B.V. (4)(5)(8)(19)	E +	6.50%			8/30/2028	EUR	66,462	70,994	47,603
Fire Flow Intermediate Corporation (4)(9)	SF +	4.75%	9.06	%	7/10/2031	123,061		122,034	124,292
Hobbs & Associates LLC (7)	SF +	2.75%	6.91	%	7/23/2031	15,396		15,342	15,408
Nexus Intermediate III, LLC (4)(9)	SF +	4.75%	8.97	%	12/6/2027	1,044		1,053	1,044
NRO Holdings III Corp. (4)(6)(9)	SF +	5.25%	9.40	%	7/15/2030	100		48	50
NRO Holdings III Corp. (4)(9)	SF +	5.25%	9.57	%	7/15/2031	679		668	683
NRO Holdings III Corp. (4)(6)(9)	SF +	5.25%	9.57	%	7/15/2031	214		15	21
								210,154	189,101	1.61	%
Consumer Services
Aesthetics Australia Group Pty Ltd (4)(5)(8)	B +	9.38% PIK	13.61	%	3/21/2028	AUD	57,807	36,914	31,161
AI Learning (Singapore) PTE. LTD. (4)(5)(12)	SORA +	7.50%	9.01	%	5/25/2027	SGD	45,400	33,137	34,586
American Academy Holdings, LLC (4)(17)	SF +	9.75% (incl 5.25% PIK)	14.01	%	6/30/2027	58,278		58,278	57,656
Auctane Inc (4)(9)	SF +	5.75%	10.14	%	10/5/2028	24,250		24,250	22,880
Club Car Wash Operating, LLC (4)(10)	SF +	5.50%	9.65	%	6/16/2027	25,457		25,330	25,444
Club Car Wash Operating, LLC (4)(10)	SF +	5.50%	9.65	%	6/16/2027	12,441		12,347	12,434
Club Car Wash Operating, LLC (4)(10)	SF +	5.50%	9.65	%	6/16/2027	39,098		38,618	39,078
Club Car Wash Operating, LLC (4)(10)	SF +	5.50%	9.65	%	6/16/2027	76,746		76,289	76,707
Club Car Wash Operating, LLC (4)(6)(10)	SF +	5.50%	9.65	%	6/16/2027	39,466		12,013	12,383
Corporation Service Company (8)	SF +	2.00%	6.16	%	11/2/2029	1,578		1,550	1,565
Ensemble RCM LLC (7)	SF +	3.00%	7.31	%	8/1/2029	11,608		11,555	11,653
Express Wash Concepts, LLC (4)(10)	SF +	5.00%	9.26	%	4/30/2027	26,055		25,969	26,155
Express Wash Concepts, LLC (4)(10)	SF +	5.00%	9.26	%	4/30/2027	46,394		46,246	46,572
Houghton Mifflin Harcourt Company (8)	SF +	5.25%	9.51	%	4/9/2029	24,803		24,409	22,290
ImageFIRST Holdings, LLC (7)	SF +	3.25%	7.31	%	3/12/2032	4,655		4,644	4,672
IXM Holdings, Inc. (4)(11)	SF +	6.25%	10.54	%	12/14/2029	18,287		18,094	18,278
IXM Holdings, Inc. (4)(11)	SF +	6.25%	10.54	%	12/14/2029	1,630		1,611	1,629
IXM Holdings, Inc. (4)(6)(11)	SF +	6.25%	10.46	%	12/14/2029	4,013		1,788	1,833
IXM Holdings, Inc. (4)(11)	SF +	6.25%	10.42	%	12/14/2029	976		962	975
KUEHG Corp. (5)(8)	SF +	2.75%	6.75	%	6/12/2030	2,368		2,364	2,369
Learning Care Group, Inc. (8)	SF +	4.00%	8.31	%	8/11/2028	1,960		1,943	1,931
Mckissock Investment Holdings LLC (9)	SF +	5.00%	9.47	%	3/12/2029	12,294		12,231	12,241
Mckissock Investment Holdings LLC (9)	SF +	5.00%	9.33	%	3/12/2029	45,981		45,233	45,780
Mckissock Investment Holdings LLC (9)	SF +	5.00%	9.47	%	3/12/2029	31,244		31,106	31,107
Polyconcept North America Holdings, Inc. (9)	SF +	5.50%	9.50	%	5/18/2029	4,627		4,577	4,200
Spotless Brands, LLC (4)(10)	SF +	5.75%	9.62	%	7/25/2028	103,461		102,458	103,494

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

September 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
Spotless Brands, LLC (4)(6)(10)	SF +	5.75%	9.75	%	7/25/2028	5,175	2,022	2,064
Spotless Brands, LLC (4)(10)	SF +	5.75%	9.62	%	7/25/2028	21,157	20,956	21,164
Spotless Brands, LLC (4)(10)	SF +	5.75%	9.62	%	7/25/2028	15,700	15,552	15,705
Spotless Brands, LLC (4)(6)(10)	SF +	5.50%	9.83	%	7/25/2028	30,924	26,954	27,094
Thrasio LLC (4)(10)	SF +	10.00% PIK	14.58	%	6/18/2029	405	403	405
Thrasio LLC (4)(10)(19)	SF +	10.00% PIK			6/18/2029	1,055	1,029	794
TruGreen Limited Partnership (9)	SF +	4.00%	8.26	%	11/2/2027	8,420	8,374	8,283
Wharf Street Ratings Acquisition LLC (4)(9)	SF +	4.75%	8.91	%	9/16/2032	306,937	303,885	303,884
Wharf Street Ratings Acquisition LLC (4)(6)(9)					9/16/2032	34,104	(340)	(339)
Wharf Street Ratings Acquisition LLC (4)(6)(9)					9/16/2032	36,506	(363)	(363)
							1,032,388	1,027,764	8.77	%
Electricity
Cricket Valley Energy Center LLC (4)(18)	SF +	5.00%	9.16	%	6/26/2030	78,903	77,035	77,513
Hamilton Projects Acquiror LLC (7)	SF +	2.50%	6.66	%	5/30/2031	19,855	19,806	19,942
IP Operating Portfolio I, LLC (4)(7)		7.88%	7.88	%	12/31/2029	26,998	26,638	25,966
IP Operations II Investco, LLC (4)(15)	SF +	5.50%	9.67	%	6/26/2029	25,810	25,425	25,844
Lackawanna Energy Center LLC (7)	SF +	3.00%	7.25	%	8/5/2032	8,511	8,490	8,594
Sunzia UpperCo LLC (4)(16)	SF +	5.00%	9.02	%	12/21/2025	25,000	25,000	25,000
							182,394	182,859	1.56	%
Electronic and Electrical Equipment
Dwyer Instruments Inc (4)(9)	SF +	4.75%	8.75	%	7/20/2029	111,609	110,694	111,361
Dwyer Instruments Inc (4)(6)(9)					7/20/2029	13,403	(122)	(30)
Dwyer Instruments Inc (4)(6)(9)	SF +	4.75%	8.75	%	7/20/2029	19,177	1,390	1,504
							111,962	112,835	0.96	%
Finance and Credit Services
PCP CW Aggregator Holdings II, L.P. (4)(5)(10)	SF +	7.75% PIK	11.98	%	2/9/2028	24,828	24,727	24,923
Yes Energy LLC (4)(10)	SF +	4.75%	8.92	%	4/21/2028	39,715	39,397	39,715
Yes Energy LLC (4)(10)	SF +	4.75%	8.92	%	4/21/2028	14,259	14,163	14,259
Yes Energy LLC (4)(10)	SF +	4.75%	8.92	%	4/21/2028	9,662	9,573	9,662
Yes Energy LLC (4)(6)(10)					4/21/2028	3,417	(72)	—
Yes Energy LLC (4)(6)(10)					4/21/2028	2,443	—	—
Yes Energy LLC (4)(10)	SF +	4.75%	8.92	%	4/21/2028	4,231	4,193	4,231
							91,981	92,790	0.79	%
Food Producers
Alpine US Bidco LLC (7)	SF +	3.50%	7.66	%	12/23/2030	9,466	9,435	9,534
Specialty Ingredients, LLC (4)(9)	SF +	6.00%	10.26	%	2/12/2029	88,214	87,278	88,214
Specialty Ingredients, LLC (4)(6)(9)	SF +	6.00%	10.26	%	2/12/2029	11,278	7,214	7,331
Sugar PPC Buyer LLC (4)(10)	SF +	4.75%	9.07	%	10/2/2030	58,653	57,710	58,653
Sugar PPC Buyer LLC (4)(10)	SF +	4.75%	9.07	%	10/2/2030	16,293	16,023	16,293
Sugar PPC Buyer LLC (4)(6)(10)	SF +	4.75%	9.06	%	10/2/2030	14,464	4,202	4,331
SW Ingredients Holdings, LLC (4)(6)(9)	SF +	5.00%	9.16	%	5/2/2030	32,714	15,729	15,779
SW Ingredients Holdings, LLC (4)(9)	SF +	5.00%	9.16	%	5/2/2030	191,998	189,350	189,648
SW Ingredients Holdings, LLC (4)(6)(9)					5/2/2030	23,763	(342)	(291)
							386,599	389,492	3.32	%
Gas, Water and Multi-utilities
Eagle LNG Partners Jacksonville II LLC (4)(7)		13.50% (incl 6.35% PIK)	13.50	%	4/26/2029	829	813	776
Eagle LNG Partners Jacksonville II LLC (4)(7)		13.50% (incl 6.35% PIK)	13.50	%	4/26/2029	76	74	71
Floating Infrastructure Holdings Finance LLC (4)(5)(10)	SF +	5.75%	9.85	%	8/13/2027	39,099	38,813	39,099
							39,700	39,946	0.34	%
General Industrials
Bakelite US Holdco Inc (7)	SF +	3.75%	7.75	%	12/23/2031	6,160	6,105	6,160

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

September 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
BP Purchaser, LLC (4)(9)	SF +	5.50%	9.80	%	12/11/2028	28,472		28,214	23,817
Bright Light Buyer, Inc. (4)(10)	SF +	6.00%	10.16	%	11/8/2029	72,283		71,048	72,283
Capripack Debtco PLC (4)(5)(10)	E +	5.75% (incl 2.50% PIK)	7.71	%	1/3/2030	EUR	13,653	14,557	16,061
Capripack Debtco PLC (4)(5)(10)	E +	5.75% (incl 2.50% PIK)	7.71	%	1/3/2030	EUR	73,494	78,358	86,454
Capripack Debtco PLC (4)(5)(10)	E +	5.75% (incl 2.50% PIK)	7.77	%	1/3/2030	EUR	30,250	30,474	35,584
Capripack Debtco PLC (4)(5)(10)	E +	5.75% (incl 2.50% PIK)	7.77	%	1/3/2030	EUR	26,468	26,664	31,136
Clydesdale Acquisition Holdings Inc (8)	SF +	3.18%	7.34	%	4/13/2029	7,576		7,561	7,574
Formerra LLC (4)(10)	SF +	7.25%	11.63	%	11/1/2028	103,818		102,043	102,731
Formerra LLC (4)(6)(10)	SF +	7.25%	11.51	%	11/1/2028	12,031		1,003	1,077
Formerra LLC (4)(10)	SF +	7.25%	11.63	%	11/1/2028	4,177		4,104	4,133
Marcone Group Inc (4)(9)	SF +	7.00% (incl 3.25% PIK)	11.44	%	6/23/2028	50,716		50,359	42,313
Marcone Group Inc (4)(9)	SF +	7.00% (incl 3.25% PIK)	11.44	%	6/23/2028	12,153		12,098	10,140
Marcone Group Inc (4)(9)	SF +	7.00% (incl 3.25% PIK)	11.44	%	6/23/2028	13,453		13,393	11,224
Marcone Group Inc (4)(9)	SF +	7.00% (incl 3.25% PIK)	11.44	%	6/23/2028	4,470		4,450	3,730
								450,431	454,417	3.88	%
Health Care Providers
123Dentist Inc (4)(5)(6)(9)	C +	5.00%	7.55	%	8/10/2029	CAD	23,754	13,790	14,021
123Dentist Inc (4)(5)(9)	C +	5.00%	7.55	%	8/10/2029	CAD	56,338	43,127	40,461
AB Centers Acquisition Corporation (4)(9)	SF +	5.25%	9.47	%	7/2/2031	157,416		155,477	156,265
AB Centers Acquisition Corporation (4)(6)(9)	SF +	5.25%	9.47	%	7/2/2031	28,763		9,939	10,113
AB Centers Acquisition Corporation (4)(9)	SF +	5.25%	9.41	%	7/2/2031	52,977		52,593	52,589
AB Centers Acquisition Corporation (4)(9)	SF +	5.25%	9.47	%	7/2/2031	130,083		129,132	129,132
AB Centers Acquisition Corporation (4)(6)(9)					7/2/2031	24,356		(261)	(178)
Aspen Dental Management Inc. (ADMI Corp) (8)	SF +	3.75%	8.03	%	12/23/2027	3,276		3,234	3,112
Aspen Dental Management Inc. (ADMI Corp) (7)	SF +	5.75%	9.91	%	12/23/2027	847		852	824
AthenaHealth Group Inc. (8)	SF +	2.75%	6.91	%	2/15/2029	18,085		17,948	18,072
ATI Holdings Acquisition, Inc. (4)(5)(10)	SF +	7.25%	11.03	%	2/24/2028	41,092		40,759	38,311
Baart Programs, Inc. (4)(10)(19)	SF +	5.00%			6/11/2027	9,968		9,935	7,881
Blazing Star Shields Direct Parent, LLC (4)(10)	SF +	6.00%	10.20	%	8/28/2030	495,632		485,903	485,898
Blazing Star Shields Direct Parent, LLC (4)(6)(10)	SF +	6.00%	10.00	%	8/28/2030	21,972		1,766	1,766
Charlotte Buyer Inc (8)	SF +	4.25%	8.43	%	2/11/2028	24,875		24,180	24,866
Diagnostic Services Holdings, Inc. (4)(10)	SF +	5.50%	9.78	%	3/15/2027	122,090		121,497	120,915
Diagnostic Services Holdings, Inc. (4)(10)	SF +	5.50%	9.78	%	3/15/2027	15,663		15,587	15,512
Diagnostic Services Holdings, Inc. (4)(6)(10)	SF +	5.50%	9.78	%	3/15/2027	2,993		1,582	1,567
EPFS Buyer, Inc. (4)(9)	SF +	4.75%	8.75	%	7/31/2031	33,567		33,241	33,241
EPFS Buyer, Inc. (4)(6)(9)					7/31/2031	5,722		(56)	(56)
EPFS Buyer, Inc. (4)(6)(9)					7/31/2031	3,814		(37)	(37)
ERC Topco Holdings, LLC (4)(10)(19)	SF +	6.50% PIK			3/31/2030	7,055		7,055	7,055
ERC Topco Holdings, LLC (4)(6)(10)(19)	SF +	5.50%			3/31/2030	1,560		1,081	1,189
FC Compassus LLC (4)(6)(7)					11/26/2030	19,127		(246)	(95)
FC Compassus LLC (4)(9)	SF +	5.75% (incl 1.50% PIK)	9.91	%	11/26/2030	145,979		144,106	145,245
FC Compassus LLC (4)(6)(9)	SF +	5.75% (incl 1.50% PIK)	9.91	%	11/26/2030	15,819		1,554	1,693
FC Compassus LLC (4)(9)(23)	SF +	7.03% (incl 2.09% PIK)	11.19	%	11/26/2030	1,177		1,162	1,171
FC Compassus LLC (4)(6)(9)(23)	SF +	7.08% (incl 2.17% PIK)	11.25	%	11/26/2030	128		13	14

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

September 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
Global Medical Response Inc (7)	SF +	3.50%	7.63	%	10/1/2032	25,000	24,938	25,036
Indigo Purchaser, Inc. (4)(9)	SF +	5.00%	9.00	%	11/21/2031	111,549	110,081	112,664
Indigo Purchaser, Inc. (4)(6)(9)	SF +	5.00%	9.24	%	11/21/2031	25,604	1,122	1,738
Indigo Purchaser, Inc. (4)(6)(9)					11/21/2031	17,478	(230)	—
Kabafusion Parent LLC (4)(9)	SF +	5.00%	9.00	%	11/24/2031	89,550	88,762	89,804
Kabafusion Parent LLC (4)(6)(9)					11/24/2031	11,700	(103)	—
Kabafusion Parent LLC (4)(9)	SF +	5.00%	9.00	%	11/24/2031	58,811	58,248	58,978
MB2 Dental Solutions, LLC (4)(9)	SF +	5.50%	9.66	%	2/13/2031	153,743	151,843	153,610
MB2 Dental Solutions, LLC (4)(6)(9)					2/13/2031	13,909	(213)	(12)
MB2 Dental Solutions, LLC (4)(6)(9)	SF +	5.50%	9.66	%	2/13/2031	53,953	23,622	24,505
MB2 Dental Solutions, LLC (4)(9)	SF +	5.50%	9.66	%	2/13/2031	22,263	21,880	22,244
Medline Borrower LP (8)	SF +	2.00%	6.16	%	10/23/2030	14,947	14,847	14,955
Pareto Health Intermediate Holdings, Inc. (4)(10)	SF +	4.75%	8.75	%	6/3/2030	43,979	43,262	43,835
Pareto Health Intermediate Holdings, Inc. (4)(10)	SF +	4.75%	8.75	%	6/3/2030	14,660	14,421	14,612
Pareto Health Intermediate Holdings, Inc. (4)(6)(10)					6/1/2029	4,032	(74)	(16)
Pareto Health Intermediate Holdings, Inc. (4)(6)(10)					6/3/2030	9,160	(85)	(30)
Pareto Health Intermediate Holdings, Inc. (4)(10)	SF +	4.75%	8.75	%	6/3/2030	16,521	16,380	16,467
Phoenix Newco Inc (8)	SF +	2.50%	6.66	%	11/15/2028	16,590	16,530	16,623
Pinnacle Fertility, Inc. (4)(9)	SF +	5.00%	9.42	%	3/14/2028	26,538	26,313	26,538
Pinnacle Fertility, Inc. (4)(9)	SF +	5.00%	9.25	%	3/14/2028	9,094	9,024	9,094
PPV Intermediate Holdings, LLC (4)(9)	SF +	5.75%	9.95	%	8/31/2029	41,770	41,337	41,609
PPV Intermediate Holdings, LLC (4)(6)(9)					8/31/2029	4,746	(53)	(18)
Precision Medicine Group, LLC (7)	SF +	3.50%	7.66	%	8/20/2032	8,000	7,961	7,978
Project Alliance Buyer, LLC (4)(9)	SF +	5.00%	9.20	%	8/27/2031	52,783	52,004	52,003
Project Alliance Buyer, LLC (4)(6)(9)					8/27/2031	10,101	(149)	(149)
PTSH Intermediate Holdings, LLC (4)(9)	SF +	5.50%	9.65	%	12/17/2027	20,310	20,153	20,310
PTSH Intermediate Holdings, LLC (4)(9)	SF +	5.50%	9.65	%	12/17/2027	3,872	3,840	3,872
Raven Acquisition Holdings LLC (7)	SF +	3.00%	7.16	%	11/19/2031	19,682	19,570	19,698
Raven Acquisition Holdings LLC (6)(7)					11/19/2031	1,413	(8)	1
Southern Veterinary Partners LLC (7)	SF +	2.50%	6.82	%	12/4/2031	5,838	5,800	5,833
Tenet Healthcare Corp (5)(7)		5.13%	5.13	%	11/1/2027	2,695	2,711	2,691
Tivity Health Inc (4)(9)	SF +	5.00%	9.16	%	6/28/2029	128,842	127,368	128,842
TTF Lower Intermediate LLC (7)	SF +	3.75%	7.79	%	7/18/2031	11,996	11,828	11,397
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9)	SF +	5.75%	10.07	%	7/17/2028	42,522	42,111	42,269
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9)	SF +	5.75%	10.07	%	7/17/2028	26,078	25,835	25,922
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9)	SF +	5.75%	10.05	%	7/17/2028	32,258	31,957	32,066
Vaxcare Intermediate II LLC (4)(8)	SF +	4.50%	8.79	%	6/17/2032	59,706	59,134	59,624
Vaxcare Intermediate II LLC (4)(6)(8)					6/17/2032	11,986	(115)	(16)
WCAS XIII Primary Care Investors, L.P. (4)(10)	SF +	6.25%	10.25	%	12/31/2029	135,630	133,971	133,388
WCAS XIV Primary Care Investors, L.P. (4)(10)	SF +	6.25%	10.25	%	12/31/2032	56,433	55,500	55,445
WCAS XIV Primary Care Investors, L.P. (4)(10)	SF +	6.25%	10.25	%	12/31/2032	8,342	8,200	8,196
WCAS XIV Primary Care Investors, L.P. (4)(10)	SF +	6.25%	10.25	%	12/31/2032	15,932	15,653	15,653
WCAS XIV Primary Care Investors, L.P. (4)(10)	SF +	6.25%	10.25	%	12/31/2032	13,613	13,350	13,375
WCAS XIV Primary Care Investors, L.P. (4)(10)	SF +	6.25%	10.25	%	12/31/2032	3,581	3,509	3,518
							2,616,948	2,624,699	22.40	%
Household Goods and Home Construction
Hunter Douglas Inc (7)	SF +	3.25%	7.25	%	1/17/2032	2,289	2,278	2,295
SWF Holdings I Corp (10)	SF +	4.50%	8.66	%	12/19/2029	73	70	73
SWF Holdings I Corp (10)	SF +	4.00%	8.28	%	10/6/2028	667	633	547
SWF Holdings I Corp (6)(10)					12/19/2029	94	—	1

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

September 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
								2,981	2,916	0.02	%
Industrial Engineering
Arcline FM Holdings LLC (9)(21)	SF +	2.75%	6.73	%	6/23/2030	15,714		15,714	15,741
LSF12 Donnelly Bidco, LLC (4)(10)	SF +	6.50%	10.66	%	10/2/2029	19,529		19,203	19,529
Radwell Parent, LLC (4)(9)	SF +	5.50%	9.50	%	4/2/2029	151,105		148,577	151,104
Radwell Parent, LLC (4)(6)(9)	SF +	5.50%	9.50	%	4/3/2028	13,271		3,384	3,539
Roper Industrial Products Investment Co (8)	SF +	2.75%	6.75	%	11/22/2029	20,344		19,964	20,394
Rotation Buyer, LLC (4)(6)(9)	SF +	4.75%	8.95	%	12/27/2031	17,040		4,067	4,188
Rotation Buyer, LLC (4)(6)(9)	SF +	4.75%	8.75	%	12/27/2031	8,731		3,450	3,507
Rotation Buyer, LLC (4)(9)	SF +	4.75%	8.75	%	12/27/2031	66,208		65,618	66,056
Time Manufacturing Holdings LLC (4)(9)	SF +	6.50%	10.76	%	12/1/2027	12,320		12,221	9,703
Time Manufacturing Holdings LLC (4)(9)	E +	6.50%	8.41	%	12/1/2027	EUR	8,546	9,579	7,772
Time Manufacturing Holdings LLC (4)(6)(9)	SF +	6.50%	10.76	%	12/1/2027	1,002		974	769
Time Manufacturing Holdings LLC (4)(9)	E +	6.50%	8.41	%	12/1/2027	EUR	4,852	5,085	4,413
TK Elevator US Newco Inc (5)(8)	SF +	3.00%	7.20	%	4/30/2030	14,955		14,819	15,009
Wec US Holdings Inc (7)	SF +	2.25%	6.53	%	1/27/2031	9,900		9,841	9,914
								332,496	331,638	2.83	%
Industrial Metals and Mining
Alchemy US Holdco 1 LLC (4)(10)	SF +	6.50%	10.81	%	7/31/2029	119,064		115,047	113,917
Alchemy US Holdco 1 LLC (4)(10)	E +	6.50%	8.53	%	7/31/2029	EUR	25,122	26,275	28,194
Alchemy US Holdco 1 LLC (4)(6)(10)	SF +	6.50%	10.81	%	7/31/2029	10,237		909	853
BLY US Holdings Inc. (4)(5)(10)	SF +	6.00%	10.00	%	4/10/2029	58,039		57,003	56,639
Star Holding LLC (7)	SF +	4.50%	8.66	%	7/31/2031	4,253		4,234	4,227
								203,468	203,830	1.74	%
Industrial Support Services
ABC Legal Holdings, LLC (4)(9)	SF +	4.50%	8.65	%	8/13/2032	80,660		79,869	79,868
ABC Legal Holdings, LLC (4)(6)(9)					8/13/2032	24,138		(239)	(237)
ABC Legal Holdings, LLC (4)(6)(9)					8/13/2032	16,200		(159)	(159)
AI Circle Bidco Limited (4)(5)(10)	E +	5.75%	7.83	%	2/8/2031	EUR	44,620	46,606	51,199
AI Circle Bidco Limited (4)(5)(10)	E +	5.75%	7.83	%	2/8/2031	EUR	6,374	6,745	7,314
AI Circle Bidco Limited (4)(5)(6)(10)	E +	5.75%	7.83	%	2/8/2031	EUR	66,803	21,785	22,337
Allied Universal Holdco LLC (7)	SF +	3.25%	7.51	%	8/20/2032	13,112		13,096	13,176
Argos Health Holdings, Inc. (4)(9)	SF +	5.25%	9.57	%	12/3/2029	642		637	646
Atlas Intermediate III LLC (4)(10)	SF +	8.50% (incl 4.00% PIK)	12.81	%	10/31/2029	120,296		118,391	116,157
Atlas Intermediate III LLC (4)(6)(10)	SF +	7.75%	11.89	%	10/31/2029	13,445		1,116	882
AVSC Holding Corp. (4)(9)	SF +	5.00%	9.16	%	12/5/2031	73,818		72,513	72,990
AVSC Holding Corp. (4)(6)(9)					12/5/2029	8,660		(145)	(104)
Axiom Buyer, LLC (4)(10)	SF +	6.50%	10.66	%	1/14/2030	148,826		145,932	146,814
Axiom Buyer, LLC (4)(6)(10)					1/14/2030	16,189		(360)	(219)
Axiom Buyer, LLC (4)(6)(10)	SF +	6.50%	10.66	%	1/14/2030	18,189		8,741	8,848
Azalea Topco, Inc. (7)	SF +	3.00%	7.16	%	4/30/2031	11,889		11,817	11,870
Captive Resources Midco LLC (4)(9)	SF +	4.50%	8.66	%	7/2/2029	90,960		90,023	90,960
Captive Resources Midco LLC (4)(6)(9)					7/3/2028	7,558		(69)	—
Chartis Group LLC (4)(9)	SF +	4.50%	8.52	%	9/17/2031	81,183		80,492	81,995
Chartis Group LLC (4)(6)(9)					9/17/2031	25,040		(232)	250
Chartis Group LLC (4)(6)(9)					9/17/2031	14,716		(124)	—
Core & Main LP (5)(7)	SF +	2.00%	6.17	%	2/9/2031	1,813		1,813	1,813
Coretrust Purchasing Group LLC (4)(6)(9)					10/1/2029	11,656		(200)	—
Coretrust Purchasing Group LLC (4)(6)(9)					10/1/2029	10,736		(243)	107
Coretrust Purchasing Group LLC (4)(9)	SF +	5.25%	9.41	%	10/1/2029	79,673		78,357	80,470
Coretrust Purchasing Group LLC (4)(6)(9)					10/1/2029	4,423		(33)	44
Currahee Borrower Sub LLC (7)	SF +	3.50%	7.50	%	3/31/2032	9,435		9,391	9,464

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

September 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
Currahee Borrower Sub LLC (6)(7)					3/31/2032	2,189	(11)	7
Eagle 2021 Lower Merger Sub, LLC (4)(9)	SF +	5.25%	9.57	%	12/3/2029	802	796	808
EIS Legacy Holdco, LLC (4)(9)	SF +	4.50%	8.82	%	11/5/2031	63,949	63,392	63,951
EIS Legacy Holdco, LLC (4)(6)(9)	SF +	4.50%	8.82	%	11/5/2031	30,645	14,553	14,837
EIS Legacy Holdco, LLC (4)(6)(9)					11/5/2030	13,000	(110)	(12)
Empower Payments Investor, LLC (4)(9)	SF +	4.75%	8.75	%	3/12/2031	100,417	98,855	99,423
Empower Payments Investor, LLC (4)(9)	SF +	4.75%	8.75	%	3/12/2031	14,354	14,106	14,212
Empower Payments Investor, LLC (4)(6)(9)					3/12/2030	9,704	(144)	(114)
Empower Payments Investor, LLC (4)(6)(9)					3/12/2031	14,123	(138)	(140)
Empower Payments Investor, LLC (4)(9)	SF +	4.75%	8.74	%	3/12/2031	24,420	24,187	24,178
Guidehouse Inc. (4)(9)	SF +	5.00% (incl 2.00% PIK)	9.16	%	12/16/2030	190,358	188,582	190,358
IG Investments Holdings, LLC (4)(6)(13)					9/22/2028	10,221	(91)	—
IG Investments Holdings, LLC (4)(9)	SF +	5.00%	9.31	%	9/22/2028	88,234	87,871	88,234
Madison IAQ LLC (8)	SF +	2.50%	6.70	%	6/21/2028	1,244	1,214	1,246
Madison IAQ LLC (8)	SF +	3.25%	7.45	%	5/6/2032	13,825	13,646	13,908
Madison Safety & Flow LLC (7)	SF +	2.75%	6.91	%	9/26/2031	3,464	3,457	3,472
NBG Acquisition Corp. (4)(9)	SF +	6.00% (incl 3.50% PIK)	10.31	%	11/4/2030	21,144	21,072	17,085
NBG Acquisition Corp. (4)(6)(9)	SF +	6.00% (incl 3.50% PIK)	10.15	%	11/4/2030	2,878	1,779	1,240
NBG Acquisition Corp. (4)(9)	SF +	6.00% (incl 3.50% PIK)	10.00	%	11/6/2028	3,330	3,294	2,690
NDT Global Holding Inc. (4)(5)(8)	SF +	4.50%	8.65	%	6/4/2032	120,000	118,856	119,063
NDT Global Holding Inc. (4)(5)(6)(8)	SF +	4.50%	8.65	%	6/4/2032	60,522	26,042	26,157
NDT Global Holding Inc. (4)(5)(6)(8)					6/4/2032	30,474	(291)	(238)
Neon Maple US Debt Mergersub Inc (5)(7)	SF +	2.75%	6.91	%	11/17/2031	3,144	3,123	3,149
NTH Degree Purchaser Inc (4)(10)	SF +	5.25%	9.32	%	9/10/2030	100,857	99,196	99,935
NTH Degree Purchaser Inc (4)(6)(10)					9/10/2030	30,800	(562)	(281)
NTH Degree Purchaser Inc (4)(6)(10)					9/10/2030	16,125	(266)	(147)
PEX Holdings LLC (7)	SF +	2.75%	6.75	%	11/26/2031	14,925	14,892	14,956
PG Polaris BidCo Sarl (5)(7)	SF +	2.75%	6.75	%	3/26/2031	11,877	11,863	11,932
Planet US Buyer LLC (5)(7)	SF +	3.00%	7.20	%	2/7/2031	7,406	7,392	7,455
Priority Holdings, LLC (5)(8)	SF +	3.75%	7.91	%	7/30/2032	4,118	4,108	4,136
QXO Inc (5)(7)	SF +	3.00%	7.16	%	4/30/2032	1,995	1,976	2,014
Railpros Parent LLC (4)(9)	SF +	4.50%	8.70	%	5/24/2032	34,833	34,502	34,828
Railpros Parent LLC (4)(6)(9)					5/24/2032	10,718	(104)	(1)
Railpros Parent LLC (4)(6)(9)					5/24/2032	5,375	(51)	(1)
Retail Services WIS Corporation (4)(10)	SF +	7.00%	11.20	%	8/29/2030	109,702	107,547	107,546
Retail Services WIS Corporation (4)(6)(10)					8/29/2030	25,930	(514)	(510)
Sedgwick Claims Management Services Inc (7)	SF +	2.50%	6.66	%	7/31/2031	18,918	18,768	18,915
Shift4 Payments LLC (5)(7)	SF +	2.50%	6.50	%	6/30/2032	1,341	1,338	1,353
SimpliSafe Holding Corporation (4)(9)	SF +	6.25%	10.41	%	5/2/2028	116,924	115,890	116,924
SimpliSafe Holding Corporation (4)(9)	SF +	6.25%	10.41	%	5/2/2028	14,877	14,735	14,877
Spirit RR Holdings, Inc. (4)(9)	SF +	4.50%	8.60	%	9/13/2028	42,341	41,883	42,521
Spirit RR Holdings, Inc. (4)(6)(9)					9/13/2028	3,579	(37)	—
Spirit RR Holdings, Inc. (4)(9)	SF +	4.50%	8.88	%	9/13/2028	5,919	5,857	5,944
Spirit RR Holdings, Inc. (4)(9)	SF +	4.50%	8.88	%	9/13/2028	2,978	2,952	2,991
Team, Inc. (4)(10)	SF +	6.50%	10.73	%	3/12/2030	52,098	51,057	51,377
Team, Inc. (4)(6)(10)					3/12/2030	14,960	(318)	(207)
Transnetwork LLC (8)	SF +	4.75%	8.75	%	12/29/2030	68,543	67,857	68,486
TruckPro, LLC (4)(12)	SF +	7.75%	12.10	%	8/16/2028	66,027	64,889	59,985
W3 TopCo LLC (4)(10)	SF +	6.50%	10.84	%	3/22/2029	88,545	86,088	83,571

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

September 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
YA Intermediate Holdings II LLC (4)(9)	SF +	4.75%	8.94	%	10/1/2031	47,211		47,009	47,683
YA Intermediate Holdings II LLC (4)(6)(9)	SF +	4.75%	8.99	%	10/1/2031	19,804		1,952	2,291
YA Intermediate Holdings II LLC (4)(6)(9)	SF +	4.75%	8.59	%	10/1/2031	9,750		852	894
								2,270,311	2,279,466	19.45	%
Industrial Transportation
Brown Group Holding LLC (8)	SF +	2.75%	7.06	%	7/1/2031	1,990		1,983	1,996
Tikehau Motion Midco SARL (4)(5)(7)	E +	6.50%	8.59	%	8/22/2031	EUR	23,823	27,377	27,407
Tikehau Motion Midco SARL (4)(5)(7)	E +	6.50%	8.59	%	8/22/2031	EUR	51,456	59,133	59,198
Tikehau Motion Midco SARL (4)(5)(6)(7)					8/22/2031	EUR	38,175	(887)	(880)
Truck-Lite Co, LLC (4)(6)(9)					2/13/2031	11,973		(174)	—
Truck-Lite Co, LLC (4)(6)(9)	SF +	5.75%	9.91	%	2/13/2032	32,845		12,541	13,023
Truck-Lite Co, LLC (4)(6)(9)					2/13/2032	16,303		(239)	—
Truck-Lite Co, LLC (4)(9)	SF +	5.00%	9.14	%	2/13/2032	91,013		89,606	91,013
Truck-Lite Co, LLC (4)(9)	SF +	5.00%	9.14	%	2/13/2032	3,407		3,374	3,407
Truck-Lite Co, LLC (4)(6)(9)					2/13/2032	3,362		(52)	—
Zeppelin US Buyer Inc. (4)(6)(9)					8/2/2032	26,224		(259)	(256)
Zeppelin US Buyer Inc. (4)(6)(9)	SF +	4.75%	8.91	%	8/2/2032	13,112		4,555	4,555
Zeppelin US Buyer Inc. (4)(9)	SF +	4.75%	8.93	%	8/2/2032	85,664		84,828	84,828
								281,786	284,291	2.43	%
Investment Banking and Brokerage Services
Apex Group Treasury LLC (5)(7)	SF +	3.50%	7.75	%	2/27/2032	13,514		13,391	13,244
Ascensus Holdings, Inc. (8)	SF +	3.00%	7.16	%	8/2/2028	14,005		13,947	14,011
Baker Tilly Advisory Group, LP (4)(9)	SF +	4.75%	8.91	%	6/3/2031	117,520		116,075	118,692
Baker Tilly Advisory Group, LP (4)(9)	SF +	4.50%	8.66	%	6/3/2031	43,427		43,016	43,330
Baker Tilly Advisory Group, LP (4)(6)(9)					6/3/2031	14,960		(146)	(33)
Baker Tilly Advisory Group, LP (4)(6)(9)					6/3/2030	30,537		(340)	(96)
Citrin Cooperman Advisors LLC (7)	SF +	3.00%	7.00	%	4/1/2032	13,599		13,453	13,559
Citrin Cooperman Advisors LLC (6)(7)					4/1/2032	877		(9)	(3)
DRW Holdings LLC (7)	SF +	3.50%	7.50	%	6/26/2031	13,209		13,150	13,197
Earps Bidco Limited (4)(5)(7)	SN +	5.00%	9.01	%	3/28/2032	GBP	37,700	48,117	50,140
Earps Bidco Limited (4)(5)(6)(7)					3/28/2032	GBP	12,044	(226)	(173)
Earps Bidco Limited (4)(5)(7)	E +	5.00%	7.02	%	3/28/2032	EUR	1,105	1,267	1,283
Eisner Advisory Group LLC (8)	SF +	4.00%	8.16	%	2/28/2031	8,523		8,457	8,585
Focus Financial Partners, LLC (7)	SF +	2.75%	6.91	%	9/15/2031	17,912		17,844	17,936
Grant Thornton Advisors Holdings LLC (7)	SF +	2.50%	6.66	%	6/2/2031	15,128		15,128	15,056
Harp Finco LTD (4)(5)(7)	SN +	5.50%	9.47	%	3/27/2032	GBP	113,774	144,607	150,597
Jump Financial LLC (7)	SF +	3.50%	7.50	%	2/26/2032	3,896		3,885	3,928
June Purchaser LLC (7)	SF +	2.75%	6.75	%	11/28/2031	9,666		9,631	9,706
June Purchaser LLC (6)(7)					11/28/2031	1,619		(9)	7
Madonna Bidco Ltd (4)(5)(7)	SN +	5.25%	9.29	%	10/25/2031	GBP	51,131	65,127	69,422
Madonna Bidco Ltd (4)(5)(6)(7)	SN +	5.25%	9.29	%	10/25/2031	GBP	10,435	445	856
MAI Capital Management Intermediate LLC (4)(9)	SF +	4.75%	8.75	%	8/29/2031	27,600		27,367	27,542
MAI Capital Management Intermediate LLC (4)(6)(9)	SF +	4.75%	8.75	%	8/29/2031	16,300		8,398	8,510
MAI Capital Management Intermediate LLC (4)(6)(9)					8/29/2031	9,231		(90)	(19)
MAI Capital Management Intermediate LLC (4)(6)(9)	SF +	4.75%	8.75	%	8/29/2031	6,869		1,178	1,222
More Cowbell II, LLC (4)(6)(9)	SF +	4.25%	8.09	%	9/1/2029	7,610		282	306
More Cowbell II, LLC (4)(9)	SF +	4.25%	8.02	%	9/1/2030	51,476		50,779	50,968
More Cowbell II, LLC (4)(6)(9)					9/1/2030	3,575		(45)	(35)
Orthrus Ltd (4)(5)(7)	SN +	6.25% (incl 2.75% PIK)	10.23	%	12/5/2031	GBP	35,038	44,049	46,670
Orthrus Ltd (4)(5)(7)	E +	6.25% (incl 2.75% PIK)	8.33	%	12/5/2031	EUR	31,298	32,679	36,405

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

September 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
Orthrus Ltd (4)(5)(10)	SF +	6.25% (incl 2.75% PIK)	10.40	%	12/5/2031	82,691		81,440	81,930
Orthrus Ltd (4)(5)(6)(7)					12/5/2031	GBP	7,149	(151)	(88)
Orthrus Ltd (4)(5)(10)	SF +	6.25% (incl 2.75% PIK)	10.57	%	12/5/2031	11,939		11,749	11,829
Osaic Holdings Inc (7)	SF +	3.00%	7.16	%	7/30/2032	15,160		15,123	15,168
PF Finco PTY LTD (4)(5)(10)	B +	6.25%	10.07	%	5/30/2030	AUD	41,852	26,411	27,299
PF Finco PTY LTD (4)(5)(6)(10)					5/30/2030	AUD	5,707	(75)	(52)
Rockefeller Capital Management (4)(8)	SF +	4.75%	8.75	%	4/4/2031	69,300		68,750	69,300
Rockefeller Capital Management (4)(8)	SF +	4.75%	8.75	%	4/4/2031	14,925		14,824	14,925
Rockefeller Capital Management (4)(6)(8)					4/4/2031	15,000		(73)	—
Travelex Issuerco 2 PLC (4)(5)(14)	SN +	8.00%	11.97	%	9/22/2028	GBP	22,026	26,320	30,125
Violin Finco Guernsey Limited (4)(5)(7)	SN +	5.25%	9.23	%	6/24/2031	GBP	80,205	100,932	108,898
Violin Finco Guernsey Limited (4)(5)(6)(7)					6/24/2031	GBP	6,211	(72)	83
								1,036,585	1,074,230	9.17	%
Life Insurance
OneDigital Borrower LLC (8)	SF +	3.00%	7.16	%	7/2/2031	14,699		14,644	14,718
								14,644	14,718	0.13	%
Media
2080 Media, Inc. (4)(9)	SF +	4.75%	8.91	%	3/14/2029	53,555		53,003	53,785
2080 Media, Inc. (4)(6)(9)	SF +	4.75%	8.91	%	3/14/2028	13,795		4,617	4,730
2080 Media, Inc. (4)(9)	SF +	4.75%	8.91	%	3/14/2029	12,425		12,310	12,479
2080 Media, Inc. (4)(9)	SF +	4.75%	8.91	%	3/14/2029	10,008		9,921	10,050
2080 Media, Inc. (4)(6)(9)					3/14/2029	27,282		(258)	117
2080 Media, Inc. (4)(6)(9)	SF +	4.75%	9.06	%	3/14/2029	8,786		5,834	5,957
AMR GP Ltd (4)(5)(7)		10.50% (incl 5.25% PIK)	10.50	%	7/10/2034	1,071		1,044	1,071
Arc Media Holdings Limited (4)(5)(10)	SF +	7.25%	11.71	%	10/29/2027	39,914		39,493	39,472
Arc Media Holdings Limited (4)(5)(6)(10)	SF +	7.25%	11.47	%	10/29/2027	2,766		2,309	2,307
Aventine Intermediate LLC (4)(9)	SF +	6.00% (incl 3.50% PIK)	10.10	%	6/18/2029	11,826		11,748	11,812
Aventine Intermediate LLC (4)(9)	SF +	6.00% (incl 3.50% PIK)	10.10	%	6/18/2029	673		669	672
Endeavor Operating Co LLC (5)(7)	SF +	3.00%	7.16	%	3/24/2032	8,199		8,161	8,218
Global Music Rights, LLC (4)(9)	SF +	4.50%	8.50	%	12/20/2031	439,167		435,265	438,167
Global Music Rights, LLC (4)(6)(9)					12/20/2031	46,796		(416)	(107)
Law Business Research Inc. (4)(5)(8)	SF +	5.25%	9.38	%	5/19/2031	46,320		45,316	46,783
LOCI Bidco Limited (4)(5)(8)	SN +	5.25%	9.24	%	5/19/2031	GBP	73,522	91,540	99,824
LOCI Bidco Limited (4)(5)(8)	SF +	5.25%	9.59	%	5/19/2031	12,087		11,844	12,208
Renaissance Financiere (4)(5)(7)	E +	7.00%	9.04	%	7/26/2028	EUR	34,871	35,729	34,674
Wasserman Media Group, LLC (7)	SF +	3.00%	7.16	%	6/23/2032	4,167		4,147	4,188
								772,276	786,407	6.71	%
Medical Equipment and Services
ABB/CON-CISE Optical Group LLC (4)(9)	SF +	7.50%	11.65	%	2/23/2028	21,259		21,034	20,341
Agiliti Health, Inc. (7)	SF +	3.00%	7.22	%	5/1/2030	5,390		5,119	5,181
Bamboo US BidCo LLC (4)(6)(10)	SF +	5.25%	9.41	%	9/30/2030	2,855		2,607	2,633
Bamboo US BidCo LLC (4)(6)(10)					9/30/2030	2,855		(27)	—
Bamboo US BidCo LLC (4)(10)	SF +	5.25%	9.56	%	9/30/2030	82,765		81,055	82,765
Bamboo US BidCo LLC (4)(6)(10)					10/1/2029	21,254		(424)	—
Bamboo US BidCo LLC (4)(10)	SF +	5.25%	9.56	%	9/30/2030	15,404		15,049	15,404
Bamboo US BidCo LLC (4)(10)	E +	5.25%	7.28	%	9/30/2030	EUR	62,644	64,900	73,512
Bausch + Lomb Corporation (5)(7)	SF +	4.00%	8.17	%	9/29/2028	9,988		9,988	10,001
Bausch + Lomb Corporation (5)(7)	SF +	4.25%	8.41	%	1/15/2031	39,861		39,671	39,936

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

September 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
Bayou Intermediate II, LLC (4)(9)	SF +	5.25% (incl 2.88% PIK)	9.25	%	9/30/2032	148,054		146,575	146,574
Bayou Intermediate II, LLC (4)(6)(9)					9/30/2032	40,378		(404)	(404)
Bayou Intermediate II, LLC (4)(6)(9)					9/30/2032	25,989		(260)	(260)
Coding Solutions Acquisition, Inc. (4)(6)(9)					8/7/2031	6,558		(94)	66
Coding Solutions Acquisition, Inc. (4)(6)(9)					8/7/2031	16,674		(209)	—
Coding Solutions Acquisition, Inc. (4)(9)	SF +	5.00%	9.16	%	8/7/2031	170,556		168,705	172,262
Coding Solutions Acquisition, Inc. (4)(9)	SF +	5.00%	9.16	%	8/7/2031	19,166		18,896	19,357
Coding Solutions Acquisition, Inc. (4)(6)(9)					8/7/2031	25,062		(364)	251
Femur Buyer Inc (4)(10)	SF +	8.50%	12.74	%	9/18/2029	13,350		13,110	11,417
Femur Buyer Inc (4)(10)	SF +	9.25% (incl 5.00% PIK)	13.28	%	3/18/2030	147,291		144,734	125,970
Limpio Bidco GMBH (4)(5)(7)	E +	5.20%	7.22	%	10/31/2030	EUR	63,783	66,109	76,346
PerkinElmer U.S. LLC (4)(10)	SF +	4.75%	8.91	%	3/13/2029	110,096		107,801	110,096
PerkinElmer U.S. LLC (4)(10)	SF +	4.75%	8.91	%	3/13/2029	61,495		60,694	61,495
PerkinElmer U.S. LLC (4)(10)	SF +	4.75%	8.91	%	3/13/2029	66,577		65,825	66,577
Plasma Buyer LLC (4)(9)	SF +	5.75%	9.75	%	5/12/2029	82,784		81,894	72,133
Plasma Buyer LLC (4)(9)	SF +	6.25%	10.25	%	5/12/2029	3,124		3,087	2,732
Plasma Buyer LLC (4)(6)(9)	SF +	5.75%	9.75	%	5/12/2028	9,458		9,334	8,421
Resonetics, LLC (9)	SF +	2.75%	7.06	%	6/18/2031	38,251		38,173	38,260
SDC US Smilepay SPV (4)(14)(19)	P +	9.75%			10/27/2025	12,256		4,185	371
Solis Mammography Buyer, Inc. (4)(9)	SF +	5.00%	9.00	%	5/29/2032	191,713		188,978	189,280
Solis Mammography Buyer, Inc. (4)(6)(9)					5/29/2032	27,720		(406)	(352)
Solis Mammography Buyer, Inc. (4)(6)(9)					5/29/2030	33,548		(469)	(385)
Spruce Bidco II Inc (4)(6)(9)					1/31/2032	43,899		(596)	(532)
Spruce Bidco II Inc (4)(9)	SF +	5.00%	9.13	%	1/31/2032	164,118		161,891	162,128
Spruce Bidco II Inc (4)(9)	C +	5.00%	7.68	%	1/31/2032	CAD	34,913	23,777	24,770
Spruce Bidco II Inc (4)(9)	TN +	5.25%	6.00	%	1/31/2032	JPY	3,734,853	23,789	24,938
Spruce Bidco II Inc (4)(9)(23)	SF +	6.04%	10.17	%	1/31/2032	951		938	939
TecoStar Holdings Inc (4)(10)	SF +	8.00%	12.33	%	7/6/2029	126,897		125,042	126,382
Viant Medical Holdings, Inc. (7)	SF +	4.00%	8.16	%	10/29/2031	17,369		17,293	17,407
Vital Care Buyer, LLC (4)(9)	SF +	4.50%	8.50	%	7/30/2031	90,262		89,511	90,262
Vital Care Buyer, LLC (4)(6)(9)					7/30/2031	13,271		(110)	—
Zeus Company LLC (4)(9)	SF +	6.00% (incl 3.00% PIK)	10.00	%	2/28/2031	123,491		122,068	119,367
Zeus Company LLC (4)(6)(9)	SF +	5.50%	9.50	%	2/28/2031	23,048		11,208	10,734
Zeus Company LLC (4)(6)(9)					2/28/2030	21,506		(237)	(638)
								1,929,440	1,925,737	16.43	%
Non-life Insurance
Acrisure LLC (7)	SF +	3.00%	7.16	%	11/6/2030	19,907		19,898	19,898
Acrisure LLC (7)	SF +	3.25%	7.41	%	6/20/2032	4,988		4,976	4,992
Alera Group Intermediate Holdings, Inc. (8)	SF +	3.25%	7.41	%	5/30/2032	8,000		7,962	8,039
Alliant Holdings Intermediate, LLC (7)	SF +	2.50%	6.67	%	9/19/2031	18,557		18,425	18,526
AmWINS Group Inc (9)	SF +	2.25%	6.25	%	1/30/2032	10,142		10,131	10,149
Amynta Agency Borrower Inc (7)	SF +	2.75%	6.91	%	12/29/2031	20,040		19,693	19,992
Broadstreet Partners Group LLC (7)	SF +	2.75%	6.91	%	6/13/2031	12,066		11,999	12,090
CRC Insurance Group LLC (7)	SF +	2.75%	6.75	%	5/6/2031	10,049		10,009	10,064
Galway Borrower LLC (4)(9)	SF +	4.50%	8.50	%	9/29/2028	132,542		132,227	132,542
Galway Borrower LLC (4)(6)(9)	SF +	4.50%	8.49	%	9/29/2028	5,017		1,038	1,059
Galway Borrower LLC (4)(6)(9)	SF +	4.50%	8.50	%	9/29/2028	6,380		996	1,033
Global Gruppe GmbH (4)(5)(6)(7)					2/1/2030	EUR	38,764	(904)	(900)
Goosehead Insurance Holdings LLC (4)(5)(7)	SF +	3.00%	7.18	%	1/8/2032	3,500		3,492	3,531
Higginbotham Insurance Agency Inc (4)(6)(10)	SF +	4.75%	8.91	%	11/24/2028	14,263		8,054	8,166

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

September 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
Higginbotham Insurance Agency Inc (4)(10)	SF +	4.50%	8.67	%	11/24/2028	31,723		31,523	31,723
HUB International Ltd (7)		7.25%	7.25	%	6/15/2030	10,517		10,517	10,973
HUB International Ltd (7)	SF +	2.25%	6.58	%	6/20/2030	11,672		11,582	11,702
Integrity Marketing Acquisition LLC (4)(6)(9)					8/25/2028	362		(2)	—
Integrity Marketing Acquisition LLC (4)(6)(9)					8/25/2028	1,321		(11)	—
Integrity Marketing Acquisition LLC (4)(9)	SF +	5.00%	9.20	%	8/25/2028	65,850		65,549	65,850
Jones Deslauriers Insurance Management Inc (5)(7)		8.50%	8.50	%	3/15/2030	14,487		14,472	15,234
Koala Investment Holdings Inc (4)(9)	SF +	4.50%	8.50	%	8/29/2032	118,126		116,960	116,959
Koala Investment Holdings Inc (4)(6)(9)					8/29/2032	11,529		(114)	(114)
Koala Investment Holdings Inc (4)(6)(9)					8/29/2032	22,775		(226)	(225)
Netrisk Group Luxco 4 S.A.R.L. (4)(5)(6)(7)	E +	5.25%	7.25	%	2/5/2032	EUR	4,060	768	803
Netrisk Group Luxco 4 S.A.R.L. (4)(5)(7)	E +	5.25%	7.25	%	2/5/2032	EUR	53,590	55,043	62,420
Netrisk Group Luxco 4 S.A.R.L. (4)(5)(6)(7)					2/5/2032	EUR	9,744	(152)	(85)
Sig Parent Holdings, LLC (4)(6)(9)					8/21/2031	3,045		(13)	—
Sig Parent Holdings, LLC (4)(9)	SF +	4.75%	8.91	%	8/21/2031	26,190		26,080	26,246
Sig Parent Holdings, LLC (4)(6)(9)	SF +	4.75%	8.91	%	8/21/2031	15,216		1,055	1,161
Summit Acquisition Inc. (7)	SF +	3.50%	7.66	%	10/16/2031	17,456		17,381	17,580
Trucordia Insurance Services LLC (7)	SF +	3.25%	7.41	%	6/17/2032	6,915		6,898	6,941
Trupanion Inc (4)(5)(9)	SF +	5.00%	9.15	%	3/25/2027	15,120		15,049	15,120
Trupanion Inc (4)(5)(9)	SF +	5.00%	9.15	%	3/25/2027	25,559		25,446	25,559
Trupanion Inc (4)(5)(6)(9)					3/25/2027	6,576		(29)	—
USI Inc/NY (7)	SF +	2.25%	6.25	%	9/29/2030	12,775		12,758	12,773
USI Inc/NY (7)	SF +	2.25%	6.25	%	11/21/2029	1,909		1,909	1,909
								660,439	671,710	5.73	%
Oil, Gas and Coal
Camin Cargo Control Holdings, Inc. (4)(10)	SF +	5.50%	9.65	%	12/7/2029	63,438		62,574	63,311
Camin Cargo Control Holdings, Inc. (4)(6)(10)	SF +	5.50%	9.66	%	12/7/2029	9,674		2,646	2,811
Camin Cargo Control Holdings, Inc. (4)(6)(10)	SF +	5.50%	9.83	%	12/7/2029	9,702		7,015	7,128
CVR CHC LP (5)(7)	SF +	4.00%	8.00	%	12/30/2027	3,876		3,851	3,886
								76,086	77,136	0.66	%
Personal Care, Drug and Grocery Stores
DIA Finance S.L.U. (4)(5)(9)	E +	6.75%	8.78	%	12/27/2029	EUR	170,600	173,344	196,369
MRO Maryruth LLC (4)(7)(21)	SF +	4.00%	8.00	%	9/30/2030	49,000		48,694	48,694
MRO Maryruth LLC (4)(9)(21)	SF +	4.75%	8.75	%	9/30/2031	19,000		18,834	18,834
Parfums Holding Company, Inc. (4)(10)	SF +	5.25%	9.25	%	6/27/2030	118,525		117,589	119,711
Parfums Holding Company, Inc. (4)(6)(10)					6/27/2029	9,034		(68)	—
Puma Buyer LLC (4)(8)	SF +	4.25%	8.25	%	3/29/2032	59,685		59,270	59,685
Puma Buyer LLC (4)(6)(12)					3/29/2032	9,853		(68)	—
Vermont Aus Pty Ltd (4)(5)(9)	B +	5.75%	9.38	%	3/23/2028	AUD	34,499	25,469	22,814
Vermont Aus Pty Ltd (4)(5)(9)	B +	5.75%	9.38	%	3/23/2028	AUD	20,792	14,160	13,750
Vital Bidco AB (4)(5)(10)	SF +	4.25%	8.41	%	10/29/2031	97,161		95,453	98,132
Vital Bidco AB (4)(5)(6)(10)					10/29/2030	16,892		(286)	—
								552,391	577,989	4.93	%
Personal Goods
Daphne S.P.A. (4)(5)(7)(19)	E +	6.25%			5/23/2028	EUR	45,354	47,923	42,578
Daphne S.P.A. (4)(5)(7)(19)	E +	6.25%			5/23/2028	EUR	3,978	4,674	3,735
S&S Holdings LLC (8)	SF +	5.00%	9.17	%	10/1/2031	11,880		11,723	11,553
Spanx, LLC (4)(9)	SF +	5.50%	9.76	%	11/20/2028	28,875		28,604	24,886
Spanx, LLC (4)(6)(9)	SF +	5.25%	9.52	%	11/18/2027	5,000		1,297	808
								94,221	83,560	0.71	%
Pharmaceuticals and Biotechnology
Advarra Holdings, Inc. (4)(10)	SF +	4.50%	8.66	%	9/13/2031	126,600		126,062	127,866

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

September 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
Advarra Holdings, Inc. (4)(6)(10)					9/13/2031	6,020		(28)	60
Advarra Holdings, Inc. (4)(10)	SF +	4.50%	8.66	%	9/13/2031	68,244		67,218	68,927
Amneal Pharmaceuticals LLC (5)(8)	SF +	3.50%	7.66	%	8/1/2032	7,800		7,781	7,806
Atlas Borrower, LLC (4)(8)	SF +	4.50%	8.50	%	9/4/2032	88,232		87,359	87,359
Atlas Borrower, LLC (4)(6)(8)					9/4/2032	15,234		(151)	(151)
Azurity Pharmaceuticals Inc (4)(10)	SF +	7.00%	11.24	%	3/14/2030	232,897		228,748	229,058
Azurity Pharmaceuticals Inc (4)(6)(10)	SF +	7.00%	11.01	%	3/14/2030	20,537		16,749	16,776
Cambrex Corporation (4)(9)	SF +	4.50%	8.66	%	3/6/2032	110,282		109,270	109,394
Cambrex Corporation (4)(6)(9)					3/6/2032	18,341		(168)	(148)
Cambrex Corporation (4)(6)(9)					3/6/2032	16,460		(158)	(133)
Cambrex Corporation (4)(6)(9)					3/6/2032	6,121		(61)	(49)
Creek Parent, Inc. (4)(9)	SF +	5.00%	9.14	%	12/18/2031	120,542		118,791	119,857
Creek Parent, Inc. (4)(6)(9)					12/18/2031	22,379		(323)	(127)
Creek Parent, Inc. (4)(9)(23)	SF +	6.08%	10.22	%	12/18/2031	1,213		1,195	1,206
Dechra Finance US LLC (5)(7)	SF +	3.25%	7.45	%	1/27/2032	4,146		4,136	4,160
Endo Finance Holdings Inc (8)	SF +	4.00%	8.16	%	4/23/2031	8,133		8,063	8,159
Gusto Aus Bidco Pty Ltd (4)(5)(8)	B +	4.75%	8.61	%	11/15/2031	AUD	243,533	156,063	161,307
Gusto Aus Bidco Pty Ltd (4)(5)(6)(8)					11/15/2031	AUD	24,086	(112)	26
Phantom Purchaser Inc (4)(9)	SF +	4.75%	8.75	%	9/19/2031	100,799		99,848	99,995
Phantom Purchaser Inc (4)(6)(9)					9/19/2031	15,545		(146)	(124)
Syneos Health Inc (7)	SF +	4.00%	8.00	%	9/27/2030	14,922		14,845	14,941
WCG Intermediate Corp (10)	SF +	3.00%	7.16	%	2/25/2032	15,286		15,190	15,196
								1,060,171	1,071,361	9.14	%
Real Estate Investment and Services
Associations Inc. (4)(10)	SF +	6.50%	11.08	%	7/3/2028	55,135		55,099	55,687
Associations Inc. (4)(6)(10)	SF +	6.50%	11.08	%	7/3/2028	4,304		1,627	1,673
Associations Inc. (4)(6)(10)					7/3/2028	3,459		(2)	—
								56,724	57,360	0.49	%
Retailers
AI Grace Aus Bidco Pty Ltd (4)(5)(9)	E +	5.25%	7.33	%	12/5/2029	EUR	21,626	22,829	25,506
Belron Finance 2019 LLC (8)	SF +	2.50%	6.74	%	10/16/2031	14,536		14,498	14,627
BradyplusUS Holdings, LLC (4)(6)(10)	SF +	5.00%	9.31	%	10/31/2029	426		136	140
BradyplusUS Holdings, LLC (4)(10)	SF +	5.00%	9.31	%	10/31/2029	14,387		14,282	14,387
Constellation Automotive Limited (4)(5)(7)	E +	6.25%	8.59	%	4/3/2031	EUR	18,107	19,694	21,102
Constellation Automotive Limited (4)(5)(7)	SN +	6.25%	10.24	%	4/3/2031	GBP	43,803	56,523	58,458
Great Outdoors Group, LLC (9)	SF +	3.25%	7.41	%	1/23/2032	13,522		13,461	13,532
Johnstone Supply LLC (7)	SF +	2.50%	6.64	%	6/9/2031	6,243		6,236	6,239
Knitwell Borrower LLC (4)(10)	SF +	7.75%	12.21	%	7/28/2027	39,599		39,058	39,180
Knitwell Borrower LLC (4)(10)	SF +	7.75%	12.21	%	7/28/2027	34,550		33,843	34,184
Knitwell Borrower LLC (4)(10)	SF +	7.75%	12.21	%	7/28/2027	89,074		87,873	88,131
PetSmart LLC (7)	SF +	4.00%	8.14	%	8/18/2032	16,738		16,573	16,508
Staples, Inc. (8)	SF +	5.75%	10.05	%	9/4/2029	30,952		29,861	29,430
Thermostat Purchaser III Inc (9)	SF +	4.25%	8.25	%	8/31/2028	7,920		7,920	7,957
White Cap Buyer, LLC (7)	SF +	3.25%	7.42	%	10/19/2029	16,442		16,381	16,464
								379,168	385,845	3.29	%
Software and Computer Services
Armstrong Bidco Limited (4)(5)(7)	SN +	5.25%	9.22	%	6/28/2029	GBP	91,991	110,572	123,664
Armstrong Bidco Limited (4)(5)(7)	SN +	5.25%	9.22	%	6/28/2029	GBP	47,995	56,191	64,520
Artifact Bidco, Inc. (4)(8)	SF +	4.25%	8.25	%	7/26/2031	45,788		45,408	45,788
Artifact Bidco, Inc. (4)(6)(8)					7/26/2031	11,207		(103)	—
Artifact Bidco, Inc. (4)(6)(8)					7/26/2030	5,443		(44)	—
Artifact Bidco, Inc. (4)(6)(8)					7/26/2030	2,562		(21)	—

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

September 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
Artisan Bidco, Inc. (4)(10)	E +	7.00%	8.94	%	11/7/2029	EUR	18,288	19,228	20,834
Artisan Bidco, Inc. (4)(10)	SF +	7.00%	11.32	%	11/7/2029	39,300		38,629	38,179
Artisan Bidco, Inc. (4)(6)(10)	SF +	7.00%	11.04	%	11/7/2029	6,000		3,698	3,629
Artisan Bidco, Inc. (4)(10)	SF +	7.00%	11.32	%	11/7/2029	993		984	964
Auditboard, Inc. (4)(6)(9)					7/14/2031	30,286		(250)	—
Auditboard, Inc. (4)(9)	SF +	4.50%	8.50	%	7/14/2031	159,000		157,688	159,795
Auditboard, Inc. (4)(6)(9)					7/14/2031	75,714		(691)	379
Aurelia Netherlands Midco 2 B.V. (4)(5)(7)	E +	4.75%	6.78	%	5/29/2031	EUR	125,373	137,729	147,017
Avalara, Inc. (7)	SF +	3.25%	7.25	%	3/26/2032	13,325		13,257	13,345
BMC Software Inc. (7)	SF +	3.00%	7.20	%	7/30/2031	2,985		2,953	2,984
Boreal Bidco (4)(5)(7)	E +	7.25% (incl 5.75% PIK)	9.25	%	3/26/2032	EUR	50,412	53,256	58,113
Bottomline Technologies, Inc. (4)(6)(9)					5/15/2028	385		(2)	—
Bottomline Technologies, Inc. (4)(9)	SF +	4.50%	8.50	%	5/13/2029	4,478		4,453	4,499
Calabrio, Inc. (4)(10)	SF +	5.50%	9.70	%	4/16/2027	22,034		22,034	22,034
Calabrio, Inc. (4)(6)(10)	SF +	5.50%	9.70	%	4/16/2027	2,687		1,152	1,152
Calabrio, Inc. (4)(10)	SF +	5.50%	9.70	%	4/16/2027	3,232		3,201	3,232
Central Parent LLC (7)	SF +	3.25%	7.25	%	7/6/2029	20,097		20,043	17,435
Certinia Inc. (4)(10)	SF +	5.25%	9.56	%	8/4/2030	51,941		51,037	52,461
Certinia Inc. (4)(6)(10)					8/2/2030	5,449		(109)	—
Cloud Software Group Inc (7)		6.50%	6.50	%	3/31/2029	7,740		7,033	7,816
Cloud Software Group Inc (7)	SF +	3.25%	7.25	%	8/13/2032	14,000		14,000	14,059
Cloud Software Group Inc (7)	SF +	3.25%	7.48	%	3/21/2031	4,765		4,765	4,788
Coupa Holdings, LLC (4)(9)	SF +	5.25%	9.56	%	2/27/2030	78,780		77,615	79,568
Coupa Holdings, LLC (4)(6)(9)					2/27/2029	6,211		(88)	—
Coupa Holdings, LLC (4)(6)(9)					2/27/2030	7,123		(107)	71
Databricks Inc (4)(7)	SF +	4.50%	8.72	%	1/3/2031	137,478		136,868	137,433
Databricks Inc (4)(6)(7)					1/3/2031	30,597		(153)	(10)
Delta Topco, Inc. (7)	SF +	2.75%	7.02	%	11/30/2029	19,052		19,002	18,870
DigiCert Inc (4)(9)	SF +	5.75%	9.91	%	7/30/2030	360,814		355,588	357,222
DigiCert Inc (4)(9)(23)	SF +	6.40%	10.56	%	7/30/2030	2,000		1,971	1,971
DigiCert Inc (4)(6)(9)					7/30/2030	38,437		(557)	(383)
EasyPark Strategy AB (4)(5)(8)	SF +	4.75%	8.92	%	12/19/2030	45,577		44,980	45,245
EasyPark Strategy AB (4)(5)(8)	N +	4.75%	9.15	%	12/19/2030	NOK	234,246	20,222	23,286
EasyPark Strategy AB (4)(5)(8)	E +	4.75%	6.79	%	12/19/2030	EUR	74,735	76,536	87,088
EasyPark Strategy AB (4)(5)(8)	SN +	5.00% (incl 2.25% PIK)	8.98	%	12/19/2031	GBP	29,019	35,669	38,737
EasyPark Strategy AB (4)(5)(8)	E +	4.75%	6.85	%	12/19/2030	EUR	8,569	9,880	9,985
Einstein Parent Inc (4)(9)	SF +	6.50%	10.83	%	1/22/2031	94,062		92,397	92,760
Einstein Parent Inc (4)(6)(9)					1/22/2031	9,745		(172)	(135)
Elements Finco Limited (4)(5)(7)	SN +	5.50% (incl 2.50% PIK)	9.47	%	4/29/2031	GBP	33,930	42,328	45,612
Elements Finco Limited (4)(5)(7)	SF +	5.25% (incl 2.25% PIK)	9.41	%	4/29/2031	10,603		10,520	10,603
Elements Finco Limited (4)(5)(7)	SF +	5.25% (incl 2.25% PIK)	9.41	%	4/29/2031	8,824		8,755	8,824
Elements Finco Limited (4)(5)(7)	SN +	5.25% (incl 2.25% PIK)	9.22	%	4/29/2031	GBP	50,699	62,870	68,155
Elements Finco Limited (4)(5)(7)	SN +	5.50% (incl 2.50% PIK)	9.47	%	4/29/2031	GBP	15,210	18,967	20,447
Enverus Holdings Inc (4)(9)	SF +	5.50%	9.66	%	12/24/2029	65,971		65,272	65,971
Enverus Holdings Inc (4)(6)(9)					12/24/2029	856		(12)	—
Enverus Holdings Inc (4)(6)(9)	SF +	5.50%	9.64	%	12/24/2029	4,913		157	209
Espresso Bidco Inc. (4)(9)	SF +	5.75% (incl 3.13% PIK)	9.75	%	3/25/2032	52,612		51,894	52,048

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

September 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
Espresso Bidco Inc. (4)(6)(9)					3/25/2032	14,333		(207)	(154)
Espresso Bidco Inc. (4)(6)(9)					3/25/2032	6,370		(88)	(68)
Flexera Software LLC (4)(8)	E +	4.75%	6.63	%	8/15/2032	EUR	65,335	76,287	76,482
Flexera Software LLC (4)(8)	SF +	4.75%	8.96	%	8/15/2032	199,944		199,453	199,453
Flexera Software LLC (4)(6)(8)					8/15/2032	16,806		(41)	(41)
GovCIO Buyer Company (4)(9)	SF +	5.25%	9.42	%	7/9/2031	144,788		142,649	145,476
HT Intermediary III, Inc. (4)(6)(9)					11/12/2030	10,286		(51)	103
HT Intermediary III, Inc. (4)(9)	SF +	4.50%	8.66	%	11/12/2030	42,110		41,930	42,531
HT Intermediary III, Inc. (4)(6)(9)	SF +	4.50%	8.66	%	11/12/2030	3,857		112	129
Huskies Parent Inc (4)(9)	SF +	5.25%	9.51	%	11/3/2028	24,706		24,482	23,876
Huskies Parent Inc (4)(6)(9)	SF +	5.25%	9.51	%	11/3/2027	1,000		699	681
ION Platform Finance US Inc (7)(21)	SF +	3.75%	7.88	%	9/30/2032	20,000		19,800	19,875
IRI Group Holdings, Inc. (4)(9)	SF +	4.50%	8.66	%	12/1/2029	206,163		204,658	206,332
IRI Group Holdings, Inc. (4)(6)(13)					12/1/2028	19,562		(133)	—
Kaseya Inc (7)	SF +	3.25%	7.41	%	3/20/2032	20,365		20,255	20,419
Kona Buyer, LLC (4)(6)(9)					7/23/2031	15,463		(128)	—
Kona Buyer, LLC (4)(9)	SF +	4.50%	8.82	%	7/23/2031	112,280		111,349	112,575
Kona Buyer, LLC (4)(9)	SF +	4.50%	8.82	%	7/23/2031	6,588		6,532	6,606
Kona Buyer, LLC (4)(9)	SF +	4.50%	8.82	%	7/23/2031	1,854		1,838	1,859
Kona Buyer, LLC (4)(6)(9)					7/23/2031	61,081		(305)	160
Kona Buyer, LLC (4)(6)(9)					6/27/2032	7,096		(35)	—
Kpler Finance SA (4)(5)(8)	SF +	6.75% (incl 3.63% PIK)	10.84	%	4/25/2031	70,000		69,026	69,486
Kpler Finance SA (4)(5)(8)	SF +	6.75% (incl 3.63% PIK)	10.84	%	4/25/2031	70,000		69,026	69,486
Kpler Finance SA (4)(5)(6)(8)	SF +	6.25%	10.37	%	10/25/2030	20,000		11,722	11,846
Kpler Finance SA (4)(5)(6)(8)					10/25/2030	20,000		(288)	(154)
Kryptona Bidco US, LLC (4)(6)(9)					12/18/2031	16,852		(299)	(193)
Kryptona Bidco US, LLC (4)(9)	SF +	6.00% (incl 3.25% PIK)	10.03	%	12/18/2031	158,023		155,288	156,212
Kryptona Bidco US, LLC (4)(7)	E +	6.00% (incl 3.25% PIK)	8.02	%	12/18/2031	EUR	36,570	37,356	42,440
McAfee Corp (8)	SF +	3.00%	7.22	%	3/1/2029	8,751		8,619	8,385
Medallia Inc (4)(9)	SF +	6.50% (incl 4.00% PIK)	10.47	%	10/29/2028	82,387		82,387	70,043
Mediaocean LLC (8)	SF +	3.50%	7.76	%	12/15/2028	6,772		6,768	6,791
Meralm Bidco AB (4)(5)(8)	E +	6.00% (incl 2.25% PIK)	8.06	%	8/29/2031	EUR	33,596	36,673	37,495
Meralm Bidco AB (4)(5)(8)	SF +	6.00% (incl 2.25% PIK)	10.26	%	8/29/2031	14,008		13,835	13,323
Meralm Bidco AB (4)(5)(8)	ST +	6.00% (incl 2.25% PIK)	8.12	%	8/29/2031	SEK	422,944	40,695	42,739
Meralm Bidco AB (4)(5)(8)	N +	6.00% (incl 2.25% PIK)	10.32	%	8/29/2031	NOK	269,391	25,086	25,657
Meralm Bidco AB (4)(5)(8)	E +	9.25% (incl 4.75% PIK)	11.31	%	8/29/2031	EUR	48,964	53,465	56,609
Meralm Bidco AB (4)(5)(6)(8)					8/29/2031	EUR	5,188	(79)	(298)
Mitchell International Inc (8)	SF +	3.25%	7.41	%	6/17/2031	9,900		9,859	9,902
OEConnection LLC (9)	SF +	5.25%	9.41	%	4/22/2031	66,781		66,251	67,004
OEConnection LLC (9)	SF +	5.25%	9.41	%	4/22/2031	11,653		11,555	11,692
OEConnection LLC (6)(9)					4/22/2031	7,338		(58)	24
Omega II AB (4)(5)(6)(7)					6/18/2032	SEK	255,591	(130)	108
Omega II AB (4)(5)(7)	ST +	4.75%	6.96	%	6/18/2032	SEK	943,460	97,160	100,643
Onesource Virtual, Inc. (4)(6)(10)					5/28/2030	25,318		(295)	—
Onesource Virtual, Inc. (4)(10)	SF +	4.75%	8.91	%	5/28/2030	172,756		170,747	174,484

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

September 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
Ping Identity Holding Corp. (4)(9)	SF +	4.75%	8.75	%	10/17/2029	81,444		80,566	82,258
Ping Identity Holding Corp. (4)(6)(9)					10/17/2028	8,513		(79)	—
Prism Parent Co., Inc. (4)(9)	SF +	5.00%	9.14	%	9/19/2028	42,033		41,608	42,033
Prism Parent Co., Inc. (4)(6)(9)	SF +	5.00%	9.14	%	9/19/2028	4,320		1,688	1,729
Project Alpha Intermediate Holding, Inc. (8)	SF +	3.25%	7.25	%	10/26/2030	24,966		24,704	25,064
Project Ruby Ultimate Parent Corp (7)	SF +	2.75%	7.03	%	3/10/2028	22,691		22,619	22,729
Proofpoint, Inc. (8)	SF +	3.00%	7.16	%	8/31/2028	16,954		16,808	17,042
Proofpoint, Inc. (8)(21)	SF +	3.00%	7.16	%	8/31/2028	2,000		1,990	2,010
QBS Parent Inc (4)(9)	SF +	4.50%	8.50	%	6/3/2032	39,526		39,352	39,663
QBS Parent Inc (4)(6)(9)					6/3/2032	3,820		(17)	—
Quail Buyer, Inc. (4)(9)	SF +	5.00%	9.38	%	10/1/2027	7,180		7,130	7,180
Quail Buyer, Inc. (4)(9)	SF +	5.00%	9.38	%	10/1/2027	22,798		22,593	22,798
Red Planet Borrower, LLC (8)	SF +	4.00%	8.16	%	9/8/2032	5,487		5,433	5,350
Riley MergeCo LLC (4)(10)(23)	SF +	8.30%	12.58	%	9/23/2027	1,786		1,773	1,683
Riley MergeCo LLC (4)(6)(10)					9/23/2027	197		(2)	(11)
Rocket Software Inc (8)	SF +	3.75%	7.91	%	11/28/2028	12,166		11,915	12,207
Severin Acquisition LLC (4)(9)	SF +	5.00% (incl 2.25% PIK)	9.16	%	10/1/2031	303,937		301,389	303,937
Severin Acquisition LLC (4)(6)(9)					10/1/2031	44,454		(381)	—
Severin Acquisition LLC (4)(6)(9)	SF +	5.00% (incl 2.25% PIK)	9.16	%	10/1/2031	63,054		10,046	10,627
Skywalker Purchaser, LLC (4)(6)(9)					7/23/2031	24,424		(225)	64
Skywalker Purchaser, LLC (4)(6)(9)					7/23/2031	27,425		(137)	72
Smarsh Inc. (4)(6)(9)					2/16/2029	2,143		(31)	—
Smarsh Inc. (4)(9)	SF +	4.75%	8.75	%	2/16/2029	22,500		22,291	22,499
Smarsh Inc. (4)(6)(9)	SF +	4.75%	8.75	%	2/16/2029	3,214		876	900
Smarsh Inc. (4)(6)(9)					2/16/2029	2,143		(15)	—
Sophos Holdings LLC (5)(10)	SF +	3.50%	7.78	%	3/5/2027	2,359		2,357	2,365
Stack Sports Buyer, LLC (4)(9)	SF +	5.25%	9.25	%	3/31/2031	131,871		130,059	130,263
Stack Sports Buyer, LLC (4)(6)(9)					3/31/2031	29,305		(421)	(357)
Stack Sports Buyer, LLC (4)(6)(9)					3/31/2031	21,553		(296)	(263)
Storable Inc (7)	SF +	3.25%	7.41	%	4/16/2031	5,725		5,711	5,751
Tango Bidco SAS (4)(5)(6)(7)					10/17/2031	EUR	3,130	(49)	2
Tango Bidco SAS (4)(5)(6)(7)	E +	5.25%	7.28	%	10/17/2031	EUR	16,592	11,699	13,452
Tango Bidco SAS (4)(5)(7)	E +	5.25%	7.28	%	10/17/2031	EUR	41,812	44,696	49,098
Tango Bidco SAS (4)(5)(6)(7)					10/17/2031	EUR	7,161	(83)	5
Technology Growth Capital Pty Ltd (4)(5)(10)	SF +	6.50%	10.79	%	7/2/2030	30,127		29,471	30,047
Tricentis Operations Holdings Inc (4)(9)	SF +	6.25% (incl 4.88% PIK)	10.48	%	2/11/2032	137,709		136,487	136,685
Tricentis Operations Holdings Inc (4)(6)(9)					2/11/2032	26,875		(257)	(200)
Tricentis Operations Holdings Inc (4)(6)(9)					2/11/2032	19,449		(177)	(145)
TriMech Acquisition Corp. (4)(10)	SF +	4.75%	8.75	%	3/10/2028	20,951		20,816	20,951
TriMech Acquisition Corp. (4)(10)	SN +	4.75%	8.72	%	3/10/2028	GBP	35,609	43,307	47,869
TriMech Acquisition Corp. (4)(6)(14)	P +	3.75%	11.00	%	3/10/2028	3,289		172	197
UKG Inc (7)	SF +	2.50%	6.81	%	2/10/2031	16,495		16,389	16,497
User Zoom Technologies, Inc. (4)(9)	SF +	7.00%	11.13	%	4/5/2029	18,948		18,747	18,948
WorkWave Intermediate II, LLC (4)(9)	SF +	6.25% (incl 3.13% PIK)	10.25	%	9/30/2032	94,004		93,064	93,064
WorkWave Intermediate II, LLC (4)(6)(13)	SF +	5.75%	9.75	%	9/30/2032	11,593		609	609
Zelis Payments Buyer, Inc. (7)	SF +	2.75%	6.91	%	9/28/2029	10,829		10,791	10,816
Zelis Payments Buyer, Inc. (7)	SF +	3.25%	7.41	%	11/26/2031	4,963		4,941	4,969
Zendesk Inc (4)(6)(9)	SF +	5.00%	9.00	%	11/22/2028	39,259		11,755	12,277
Zendesk Inc (4)(9)	SF +	5.00%	9.00	%	11/22/2028	159,807		158,142	159,807

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

September 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
Zendesk Inc (4)(6)(9)					11/22/2028	17,940		(188)		—
								5,059,554		5,172,823		44.14	%
Technology Hardware and Equipment
Altar Bidco Inc (8)	SF +	3.10%	7.08	%	2/1/2029	8,712		8,675		8,722
CC WDW Borrower, Inc. (4)(10)	SF +	6.75%	11.21	%	1/27/2028	44,303		43,768		43,913
CC WDW Borrower, Inc. (4)(6)(10)	SF +	6.75%	11.21	%	1/27/2028	5,122		2,707		2,721
CC WDW Borrower, Inc. (4)(10)	SF +	6.75%	10.90	%	1/27/2028	2,300		2,300		2,280
TechInsights Inc (4)(5)(10)	SF +	6.31%	10.46	%	11/9/2027	2,507		2,487		2,507
TechInsights Inc (4)(5)(10)	SF +	6.31%	10.46	%	11/9/2027	965		957		965
								60,894		61,108		0.52	%
Telecommunications Equipment
Guardian US Holdco LLC (8)	SF +	3.50%	7.50	%	1/31/2030	7,821		7,722		7,835
Ribbon Communications Operating Company, Inc (4)(5)(10)	SF +	6.25%	10.41	%	6/21/2029	55,345		54,522		55,872
Ribbon Communications Operating Company, Inc (4)(5)(6)(10)					6/21/2029	6,365		(95)		—
								62,149		63,707		0.54	%
Telecommunications Service Providers
CCI Buyer, Inc. (4)(6)(9)					5/13/2032	23,387		(221)		(186)
CCI Buyer, Inc. (4)(9)	SF +	5.00%	9.00	%	5/13/2032	303,985		301,112		301,561
Directv Financing, LLC (9)	SF +	5.00%	9.57	%	8/2/2027	806		799		807
Meriplex Communications, LTD (4)(9)	SF +	5.00%	9.26	%	7/17/2028	13,608		13,509		13,025
Meriplex Communications, LTD (4)(9)	SF +	5.00%	9.26	%	7/17/2028	2,882		2,865		2,759
Meriplex Communications, LTD (4)(9)	SF +	5.00%	9.26	%	7/17/2028	1,143		1,135		1,094
								319,199		319,060		2.72	%
Travel and Leisure
ClubCorp Holdings Inc (4)(10)	SF +	5.00%	9.16	%	7/9/2032	125,011		123,196		123,196
ClubCorp Holdings Inc (4)(6)(10)					7/9/2032	8,153		(120)		(118)
ClubCorp Holdings Inc (4)(6)(10)					7/10/2031	16,153		(233)		(233)
Crunch Holdings LLC (4)(9)	SF +	4.75%	8.91	%	9/26/2031	58,500		58,222		58,661
Crunch Holdings LLC (4)(6)(9)					9/26/2031	7,922		(38)		—
Fertitta Entertainment LLC/NV (8)	SF +	3.25%	7.41	%	1/27/2029	9,777		9,581		9,774
Flynn Restaurant Group LP (7)	SF +	3.75%	7.91	%	1/28/2032	20,091		20,000		20,146
Havila Kystruten Operations AS (4)(5)(15)	E +	6.50%	9.00	%	1/26/2027	EUR	23,844	22,359		24,872
HB AcquisitionCo Pty Ltd (4)(5)(8)	B +	6.50%	10.24	%	8/7/2029	AUD	32,211	21,266		20,962
HB AcquisitionCo Pty Ltd (4)(5)(6)(8)	B +	6.50%	10.12	%	8/7/2029	AUD	3,579	1,362		1,382
IRB Holding Corp. (9)	SF +	2.50%	6.66	%	12/15/2027	2,650		2,650		2,653
LC Ahab US Bidco LLC (7)	SF +	3.00%	7.16	%	5/1/2031	10,112		9,957		10,122
Legends Hospitality Holding Company, LLC (4)(9)	SF +	5.50% (incl 2.75% PIK)	9.71	%	8/22/2031	95,812		93,578		94,367
Legends Hospitality Holding Company, LLC (4)(6)(9)	SF +	5.50% (incl 2.75% PIK)	9.71	%	8/22/2031	5,513		3,314		3,332
Legends Hospitality Holding Company, LLC (4)(6)(9)	SF +	5.00%	9.16	%	8/22/2030	14,733		1,233		1,047
Saga Mid Co Limited (4)(5)(10)	SN +	6.75%	10.73	%	2/27/2031	GBP	100,868	124,255		135,862
Saga Mid Co Limited (4)(5)(6)(10)					2/27/2031	GBP	30,110	(901)		79
Saga Mid Co Limited (4)(5)(6)(10)					2/27/2031	GBP	4,998	(147)		13
The One Group, LLC (4)(10)	SF +	6.50%	10.81	%	5/1/2029	50,092		49,018		49,455
The One Group, LLC (4)(6)(7)	SF +	6.00%	10.16	%	10/31/2028	6,649		778		758
Travel Leaders Group, LLC (4)(14)	SF +	7.50% (incl 3.50% PIK)	11.76	%	3/27/2028	142,722		141,047		142,780
Voyager Parent LLC (7)	SF +	4.75%	8.75	%	7/1/2032	14,819		14,390		14,868
								694,767		713,978		6.09	%
Total First Lien Debt								$	22,752,168	$	22,979,765	196.07	%

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

September 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
Second Lien Debt
Industrial Support Services
Sedgwick Claims Management Services Inc (4)(7)	SF +	5.00%	9.20	%	7/30/2032	$	25,000	$	24,783	$	25,181
								24,783		25,181		0.21	%
Total Second Lien Debt								$	24,783	$	25,181	0.21	%

Other Secured Debt
Asset Based Lending and Fund Finance
Inflexion BFVI Financing Limited (4)(5)(7)	SN +	4.50% PIK	8.47	%	4/30/2030	GBP	21,240	$	27,802	$	28,357
Inflexion BFVI Financing Limited (4)(5)(7)	SN +	4.50% PIK	8.47	%	4/30/2030	GBP	19,051	25,543		25,434
TPG VIII Merlin New Holdings I, L.P. (4)(5)(10)	SF +	6.50%	10.79	%	3/15/2027	37,017		36,658		36,803
								90,003		90,594		0.77	%
Investment Banking and Brokerage Services
Stanford Midco Limited (4)(5)(7)	SN +	10.00% PIK	13.99	%	8/5/2026	GBP	16,916	22,111		22,356
								22,111		22,356		0.19	%
Media
Chord Searchlight, L.P (4)(5)(6)(10)	SF +	6.25% (incl 4.34% PIK)	10.48	%	7/16/2030	110,725		67,791		67,808
								67,791		67,808		0.58	%
Real Estate Investment and Services
Link Apartments Opportunity Zone REIT, LLC (4)(16)	SF +	7.50%	11.50	%	12/27/2029	16,371		16,093		16,201
Link Apartments Opportunity Zone REIT, LLC (4)(6)(16)	SF +	7.50%	11.50	%	12/27/2029	9,355		6,390		6,451
								22,483		22,652		0.19	%
Total Other Secured Debt								$	202,388	$	203,410	1.73	%

Unsecured Debt
Consumer Services
Wildcat Car Wash Holdings, LLC (4)(7)		15.00% PIK	15.00	%	7/16/2029	$	17,327	$	17,327	$	17,327
								17,327		17,327		0.15	%
Health Care Providers
VetCor Group Holdings LLC (4)(7)		13.75% PIK	13.75	%	9/3/2030	1,136		1,124		1,061
VetCor Group Holdings LLC (4)(7)		13.75% PIK	13.75	%	9/3/2030	358		355		334
VetCor Group Holdings LLC (4)(7)		14.75% PIK	14.75	%	9/3/2030	310		305		300
								1,784		1,695		0.01	%
Medical Equipment and Services
DCA Acquisition Holdings LLC (4)(7)(19)		13.13% PIK			12/28/2032	1,190		1,176		128
DCA Acquisition Holdings LLC (4)(7)(19)		13.13% PIK			12/28/2032	112		111		12
DCA Acquisition Holdings LLC (4)(7)(19)		13.13% PIK			12/28/2032	202		198		22
								1,485		162		0.00	%
Non-life Insurance
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (7)		6.75%	6.75	%	10/15/2027	6,255		5,984		6,273
								5,984		6,273		0.05	%
Real Estate Investment and Services
Associations Finance, Inc. (4)(7)		14.25% PIK	14.25	%	5/3/2030	9,947		9,916		9,947
Associations Finance, Inc. (4)(7)		14.25% PIK	14.25	%	5/3/2030	3,799		3,787		3,799
								13,703		13,746		0.12	%
Software and Computer Services
Elements Midco 1 Limited (4)(5)(8)	SN +	8.25% PIK	12.22	%	4/29/2032	GBP	1,856	2,303		2,495
								2,303		2,495		0.02	%
Telecommunications Service Providers
CCO Holdings LLC / CCO Holdings Capital Corp (7)		5.50%	5.50	%	5/1/2026	7,000		7,018		6,996

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

September 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
								7,018		6,996		0.06	%
Total Unsecured Debt								$	49,604	$	48,694	0.41	%

Structured Finance
Structured Finance Investments
720 East CLO V Ltd (5)(7) - Class E	SF +	6.30%	10.63	%	7/20/2037	$	4,000	$	4,000	$	4,100
ABPCI Direct Lending Fund CLO XVII LLC (5)(7) - Class E	SF +	8.00%	12.30	%	8/1/2036	3,500		3,519		3,593
Alp CFO 2025, L.P. (4)(5)(7) - Class A		7.09%	7.09	%	7/15/2037	1,000		1,000		1,000
Alp CFO 2025, L.P. (4)(5)(7) - Class B		9.44%	9.44	%	7/15/2037	12,500		12,500		12,500
Alp CFO 2025, L.P. (4)(5)(7) - Class C		12.24%	12.24	%	7/15/2037	16,000		16,000		16,000
AMMC CLO 21 LTD (5)(7) - Class E	SF +	6.76%	11.06	%	11/2/2030	4,126		3,783		4,157
AMMC CLO XII Ltd (5)(7) - Class ER	SF +	6.44%	10.67	%	11/10/2030	2,000		2,002		2,010
ARES CLO Ltd (5)(7) - Class E	SF +	6.70%	11.03	%	4/20/2037	5,000		5,000		5,082
Ares Secondaries Pbn Finance Co IV LLC (4)(5)(6)(7) - Class A	SF +	2.90%	7.19	%	4/14/2039	1,000		10		10
Ares Secondaries Pbn Finance Co IV LLC (4)(5)(6)(7) - Class C	SF +	8.50%	12.79	%	4/14/2039	5,000		52		52
Bain Capital Credit CLO 2024-3 Ltd (5)(7) - Class E	SF +	6.25%	10.57	%	7/16/2037	2,000		2,000		2,036
Barings CLO Ltd 2024-IV (5)(7) - Class E	SF +	5.95%	10.28	%	10/20/2037	4,500		4,500		4,569
Benefit Street Partners CLO XXXVI Ltd (5)(7) - Class E1	SF +	5.50%	9.82	%	1/25/2038	4,750

Form: 10-Q

Documents