hps-20260331

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________________

FORM 10-Q

_____________________________________________________

(Mark One)


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

For the quarterly period ended March 31, 2026


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

For the transition period from __________ to __________

Commission File Number 814-01431

________________________________________________________________________________________________

HPS Corporate Lending Fund

(Exact name of Registrant as specified in its Charter)

________________________________________________________________________________________________


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

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

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

________________________________________________________________________________________________

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

None

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

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

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


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

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

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

The Registrant’s Common Shares, $0.01 par value per share, outstanding as of May 8, 2026 was 33,247,821, 202,978,224, 43,399,001 and 229,557,559 of Class S, Class I, Class D, and Class F common shares, respectively. Common shares outstanding exclude May 1, 2026 subscriptions since the issuance price is not yet finalized at the date of this filing.

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		Page

PART I	FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements
	Consolidated Statements of Assets and Liabilities as of March 31 , 202 6 (Unaudited) and December 31, 202 5	2
	Consolidated Statements of Operations for the three months ended March 31 , 202 6 (Unaudited) and March 31 , 202 5 (Unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three months ended March 31 , 202 6 (Unaudited) and March 31 , 202 5 (Unaudited)	5
	Consolidated Statements of Cash Flows for the three months ended March 31 , 202 6 (Unaudited) and March 31 , 202 5 (Unaudited)	6
	Consolidated Schedules of Investments as of March 31 , 202 6 (Unaudited) and December 31, 202 5	8
	Notes to Consolidated Financial Statements (Unaudited)	71
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	130
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	148
Item 4.	Controls and Procedures	149

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	150
Item 1A.	Risk Factors	150
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	150
Item 3.	Defaults Upon Senior Securities	150
Item 4.	Mine Safety Disclosures	151
Item 5.	Other Information	151
Item 6.	Exhibits	151
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 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;

•risks associated with the demand for liquidity under our share repurchase program and the continued approval of quarterly tender offers by the Board of Trustees (the “Board” or the “Board of Trustees”);

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

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

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

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

•our use of financial leverage;

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

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

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

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

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

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

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

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

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PART I - FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements.

HPS Corporate Lending Fund

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)


	March 31, 2026		December 31, 2025
ASSETS	(Unaudited)
Investments at fair value
Non-controlled/non-affiliated investments (amortized cost of $24,490,371 and $24,605,994 at March 31, 2026 and December 31, 2025, respectively)	$	24,439,690	$	24,821,751
Non-controlled/affiliated investments (amortized cost of $151,746 and $101,014 at March 31, 2026 and December 31, 2025, respectively)	141,949		99,425
Controlled/affiliated investments (amortized cost of $421,029 and $402,400 at March 31, 2026 and December 31, 2025, respectively)	426,214		416,244
Total investments at fair value (amortized cost of $25,063,146 and $25,109,408 at March 31, 2026 and December 31, 2025, respectively)	25,007,853		25,337,420
Cash	380,494		187,064
Cash equivalents	322,919		403,602
Interest receivable from non-controlled/non-affiliated investments	178,940		187,936
Interest receivable from non-controlled/affiliated investments	1,137		560
Dividend receivable from non-controlled/non-affiliated investments	66		62
Deferred financing costs	54,742		50,341
Deferred offering costs	2,088		2,175
Derivative assets, at fair value (Note 6)	35,680		50,869
Receivable for investments	297,883		83,891
Other assets	8,098		507
Total assets	$	26,289,900	$	26,304,427
LIABILITIES
Debt (net of unamortized debt issuance costs of $95,093 and $90,359 at March 31, 2026 and December 31, 2025, respectively)	$	12,865,354	$	12,950,206
Payable for investments purchased	2,440		2,699
Interest payable	145,782		171,991
Derivative liabilities, at fair value (Note 6)	13,882		20,792
Due to affiliates	14,842		16,726
Distribution payable (Note 9)	107,321		106,729
Payable for share repurchases (Note 9)	610,738		472,929
Management fees payable (Note 3)	26,455		13,732
Income based incentive fees payable (Note 3)	46,029		47,328
Capital gains incentive fees payable (Note 3)	—		—
Shareholder servicing and/or distribution fees payable	3,332		3,327
Accrued expenses and other liabilities	18,751		61,137
Total liabilities	13,854,926		13,867,596
Commitments and contingencies (Note 8)
NET ASSETS
Common Shares, $0.01 par value (501,538,142 and 493,104,572 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively)	5,015		4,931
Additional paid in capital	12,581,669		12,360,689
Distributable earnings (loss)	(151,710)		71,211
Total net assets	12,434,974		12,436,831
Total liabilities and net assets	$	26,289,900	$	26,304,427

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HPS Corporate Lending Fund

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)


	March 31, 2026		December 31, 2025
NET ASSET VALUE PER SHARE	(Unaudited)
Class I Shares:
Net assets	$	4,902,071	$	4,855,520
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	197,713,842		192,514,877
Net asset value per share	$	24.79	$	25.22
Class D Shares:
Net assets	$	1,072,185	$	1,138,385
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	43,243,811		45,135,208
Net asset value per share	$	24.79	$	25.22
Class F Shares:
Net assets	$	5,645,655	$	5,629,111
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	227,707,232		223,188,196
Net asset value per share	$	24.79	$	25.22
Class S Shares:
Net assets	$	815,063	$	813,815
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	32,873,257		32,266,291
Net asset value per share	$	24.79	$	25.22

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HPS Corporate Lending Fund

Consolidated Statements of Operations (Unaudited)

(in thousands)


	Three Months Ended March 31,
		2026		2025
Investment income:
From non-controlled/non-affiliated investments:
Interest income		$	554,474	$	408,011
Payment-in-kind interest income		29,033		24,099
Dividend income		4,178		1,147
Other income		2,057		57
From non-controlled/affiliated investments:
Interest income		689		309
Payment-in-kind interest income		1,708		—
From controlled/affiliated investments:
Dividend income		14,659		10,511
Total investment income		606,798		444,134
Expenses:
Interest expense		188,784		137,906
Management fees		39,891		29,146
Income based incentive fee		46,029		33,728
Capital gains incentive fee		—		(6,038)
Shareholder servicing and/or distribution fees
Class D		709		684
Class F		7,138		5,766
Class S		1,761		994
Professional fees		2,240		1,665
Board of Trustees’ fees		159		162
Administrative service expenses (Note 3)		922		1,517
Other general & administrative		3,866		3,091
Amortization of continuous offering costs		705		532
Total expenses		292,204		209,153
Net investment income before excise tax		314,594		234,981
Excise tax expense		2,002		293
Net investment income after excise tax		312,592		234,688
Net realized and change in unrealized gain (loss):
Realized gain (loss):
Non-controlled/non-affiliated investments		15,221		(19,886)

Foreign currency forward contracts		3,953		(34,279)
Foreign currency transactions		(8,272)		(1,895)
Net realized gain (loss)		10,902		(56,060)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments		(266,438)		67,250
Non-controlled/affiliated investments		(8,208)		(66)
Controlled/affiliated investments		(8,659)		2,274
Foreign currency forward contracts		29,116		(24,102)
Translation of assets and liabilities in foreign currencies		28,009		(37,602)
Net change in unrealized appreciation (depreciation)		(226,180)		7,754
Net realized and change in unrealized gain (loss)		(215,278)		(48,306)
Net increase (decrease) in net assets resulting from operations		$	97,314	$	186,382

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 (Unaudited)

(in thousands)


	Three Months Ended March 31,
		2026		2025
Increase (decrease) in net assets from operations:
Net investment income after excise tax		$	312,592	$	234,688
Net realized gain (loss)		10,902		(56,060)
Net change in unrealized appreciation (depreciation)		(226,180)		7,754
Net increase (decrease) in net assets resulting from operations		97,314		186,382
Distributions to common shareholders:
Class I		(131,467)		(80,646)
Class D		(28,649)		(27,326)
Class F		(140,408)		(112,232)
Class S		(19,711)		(10,968)
Net decrease in net assets resulting from distributions		(320,235)		(231,172)
Share transactions:
Class I:
Proceeds from shares sold		460,059		610,430
Share transfers between classes		2,064		46,752
Distributions reinvested		30,478		23,261
Repurchased shares, net of early repurchase deduction		(356,616)		(152,059)
Net increase (decrease) from share transactions		135,985		528,384
Class D:
Proceeds from shares sold		15,248		64,125
Share transfers between classes		—		(40,704)
Distributions reinvested		12,602		13,232
Repurchased shares, net of early repurchase deduction		(74,295)		(33,921)
Net increase (decrease) from share transactions		(46,445)		2,732
Class F:
Proceeds from shares sold		202,603		282,609
Share transfers between classes		(1,380)		(2,928)
Distributions reinvested		66,828		50,831
Repurchased shares, net of early repurchase deduction		(152,239)		(23,332)
Net increase (decrease) from share transactions		115,812		307,180
Class S:
Proceeds from shares sold		42,144		110,234
Share transfers between classes		(684)		(3,120)
Distributions reinvested		8,137		4,593
Repurchased shares, net of early repurchase deduction		(33,885)		(1,082)
Net increase (decrease) from share transactions		15,712		110,625
Total increase (decrease) in net assets		(1,857)		904,131
Net assets, beginning of period		12,436,831		8,733,932
Net assets, end of period		$	12,434,974	$	9,638,063

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 (Unaudited)

(in thousands)


	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	97,314	$	186,382
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	283,305		(69,458)
Net realized (gain) loss on investments	(15,221)		19,886
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts	(29,116)		24,102
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	(28,364)		38,257
Net accretion of discount and amortization of premium, net	(24,953)		(18,205)
Amortization of deferred financing costs	3,004		2,394
Amortization of original issue discount and debt issuance costs	7,116		4,462
Amortization of offering costs	705		532
Payment-in-kind interest capitalized	(34,927)		(24,183)
Payment-in-kind dividends capitalized	(1,310)		(1,131)

Purchases of investments	(1,509,178)		(2,502,618)
Proceeds from sale of investments and principal repayments	1,631,851		296,405
Changes in operating assets and liabilities:
Interest receivable from non-controlled/non-affiliated investments	8,996		(5,733)
Interest receivable from non-controlled/affiliated investments	(577)		(175)
Dividend receivable from non-controlled/non-affiliated investments	(4)		65
Receivable for investments	(213,992)		(46,577)
Other assets	(7,591)		10,563
Payable for investments purchased	(259)		50,041
Interest payable	(26,209)		(14,453)
Due to affiliates	(1,884)		3
Management fees payable	12,723		10,216
Income based incentive fees payable	(1,299)		1,714
Capital gains incentive fees payable	—		(6,038)
Shareholder servicing and/or distribution fees payable	5		206
Accrued expenses and other liabilities	(42,386)		15,875
Net cash provided by (used in) operating activities	107,749		(2,027,468)
Cash flows from financing activities:
Borrowings on debt	2,770,210		5,151,226
Repayments of debt	(2,784,569)		(3,713,069)
Deferred financing costs paid	(7,405)		(301)
Debt issuance costs and original issue discount paid	(11,850)		(30,770)
Deferred offering costs paid	(618)		(184)
Proceeds from issuance of Common Shares	720,054		1,067,398
Common Shares repurchased, net of early repurchase deduction	(479,226)		(110,784)
Distributions paid in cash	(201,598)		(130,640)
Net cash provided by (used in) financing activities	4,998		2,232,876
Net increase (decrease) in cash and cash equivalents	112,747		205,408
Cash and cash equivalents, beginning of period	590,666		228,899
Cash and cash equivalents, end of period	$	703,413	$	434,307

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 (Unaudited)

(in thousands)


	Three Months Ended March 31,
	2026		2025
Supplemental information and non-cash activities:
Interest paid during the period	$	204,873	$	145,503
Taxes paid during the period	$	7,180	$	5,428
Distribution payable	$	107,321	$	80,511
Share repurchases accrued but not paid	$	610,738	$	210,394
Reinvestment of distributions during the period	$	118,045	$	91,917
Non-cash purchases of investments	$	16,723	$	17,850
Non-cash sales of investments	$	(16,723)	$	(17,850)

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

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HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(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 Investments
First Lien Debt
Aerospace & Defense
Arcfield Acquisition Corp (4)(8)(25)	SF +	5.00%	8.67	%	10/28/2031	$	88,682	$	88,483	$	89,201
Arcfield Acquisition Corp (4)(6)(8)					10/28/2031	13,671		(34)		—
Cadence - Southwick, Inc. (4)(10)(25)	SF +	4.75%	8.52	%	5/3/2029	40,488		39,857		40,488
Cadence - Southwick, Inc. (4)(10)(25)	SF +	4.75%	8.52	%	5/3/2029	3,042		3,007		3,042
Cadence - Southwick, Inc. (4)(6)(10)(25)	SF +	4.75%	8.52	%	5/3/2028	17,561		8,801		8,976
Carbon Topco, Inc. (4)(6)(9)					5/1/2030	9,588		(142)		—
Carbon Topco, Inc. (4)(9)(25)	SF +	6.00%	9.67	%	11/1/2030	40,940		40,314		40,940
Fastener Distribution Holdings, LLC (4)(9)(25)	SF +	4.75%	8.45	%	11/4/2031	74,874		74,276		74,612
Fastener Distribution Holdings, LLC (4)(6)(9)(25)	SF +	4.75%	8.45	%	11/4/2031	28,290		10,624		10,773
Fortress Acquisitionco, Inc. (4)(9)(25)	SF +	4.75%	8.45	%	2/25/2033	123,421		122,202		122,202
Fortress Acquisitionco, Inc. (4)(6)(9)					2/25/2033	28,716		(283)		(284)
Frontgrade Technologies Holdings Inc. (4)(9)(25)	SF +	5.25% (incl 1.50% PIK)	8.90	%	1/9/2030	36,863		36,264		35,629
Frontgrade Technologies Holdings Inc. (4)(9)(25)	SF +	5.25% (incl 1.50% PIK)	8.90	%	1/9/2030	7,761		7,671		7,502
Frontgrade Technologies Holdings Inc. (4)(6)(9)(25)	SF +	5.00%	8.66	%	1/10/2028	6,864		619		569
Frontgrade Technologies Holdings Inc. (4)(9)(25)	SF +	5.25% (incl 1.50% PIK)	8.91	%	1/9/2030	8,705		8,638		8,414
Frontgrade Technologies Holdings Inc. (4)(9)(25)	SF +	5.00%	8.65	%	1/9/2030	1,975		1,967		1,909
RH Buyer Inc (4)(10)(25)	SF +	6.50%	10.30	%	1/17/2031	115,807		113,953		110,849
RH Buyer Inc (4)(10)(25)	SF +	6.50%	10.30	%	1/17/2031	13,792		13,572		13,202
Tex-Tech Industries, Inc. (4)(9)(25)	SF +	4.75%	8.41	%	1/13/2031	80,607		79,965		80,005
Tex-Tech Industries, Inc. (4)(6)(9)(25)	SF +	4.75%	8.41	%	1/13/2031	18,094		10,698		10,721
Tex-Tech Industries, Inc. (4)(6)(9)(25)	SF +	4.75%	8.41	%	1/13/2031	17,192		8,889		8,898
Titan BW Borrower L.P. (4)(8)(25)	SF +	5.38% (incl 2.88% PIK)	9.04	%	7/24/2032	252,146		249,910		249,422
Titan BW Borrower L.P. (4)(6)(8)(25)	SF +	4.75%	8.42	%	7/24/2032	21,024		12,403		12,375
Titan BW Borrower L.P. (4)(6)(8)					7/24/2032	48,935		(441)		(529)
Valence Surface Technologies LLC (4)(10)(25)	SF +	7.00%	10.67	%	6/13/2031	158,104		155,137		158,104
Valence Surface Technologies LLC (4)(10)(25)	SF +	7.00%	10.67	%	6/13/2031	18,107		17,750		18,107
Valence Surface Technologies LLC (4)(6)(10)(25)	SF +	7.00%	10.67	%	6/13/2031	27,526		26,398		26,946
Valence Surface Technologies LLC (4)(6)(10)					6/13/2031	13,777		(269)		—
West Star Aviation Acquisition, LLC (4)(6)(9)(24)	SF +	4.50%	8.17	%	5/20/2032	7,418		693		729
West Star Aviation Acquisition, LLC (4)(6)(9)(24)	SF +	4.50%	8.17	%	5/20/2032	11,092		8,419		8,478
West Star Aviation Acquisition, LLC (4)(9)(24)	SF +	4.50%	8.17	%	5/20/2032	52,772		52,426		52,684
WP CPP Holdings, LLC (4)(6)(10)					11/30/2029	26,285		(402)		—
WP CPP Holdings, LLC (4)(10)(25)	SF +	6.25%	9.92	%	11/30/2029	208,225		205,419		212,016
Zenith AcquisitionCo LLC (4)(8)(25)	SF +	4.50%	8.15	%	1/13/2033	148,161		147,443		147,443
Zenith AcquisitionCo LLC (4)(6)(8)(25)	SF +	4.50%	8.17	%	1/13/2033	74,200		3,067		3,072
Zenith AcquisitionCo LLC (4)(6)(8)					1/13/2033	31,229		(151)		(151)
Total Aerospace & Defense								1,547,143		1,556,344		12.52	%

Air Freight & Logistics
Zeppelin US Buyer Inc. (4)(6)(9)					8/2/2032	26,224		(250)		(165)
Zeppelin US Buyer Inc. (4)(6)(9)					8/2/2032	13,112		(119)		(82)
Zeppelin US Buyer Inc. (4)(9)(25)	SF +	4.75%	8.45	%	8/2/2032	85,664		84,889		85,126
Total Air Freight & Logistics								84,520		84,879		0.68	%

Asset Based Lending and Fund Finance

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(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
Montagu Lux Finco Sarl (4)(5)(6)(10)(29)	E +	5.50%	7.49	%	2/13/2032	EUR	65,158	33,457	36,484
Total Asset Based Lending and Fund Finance								33,457	36,484	0.29	%

Automobile Components
ABC Group Holdings Inc (4)(5)(9)(28)	E +	5.88%	7.77	%	8/22/2031	EUR	55,753	63,152	62,588
ABC Group Holdings Inc (4)(5)(9)(23)(28)	E +	6.88%	8.77	%	8/22/2031	EUR	540	612	601
ABC Technologies Inc (4)(5)(9)(24)	SF +	5.75%	9.42	%	8/22/2031	88,384		85,403	85,838
ABC Technologies Inc (4)(5)(9)(23)(24)	SF +	6.71%	10.38	%	8/22/2031	866		836	834
Clarios Global LP (7)(24)	SF +	2.50%	6.17	%	5/6/2030	10,589		10,553	10,569
Clarios Global LP (7)(24)	SF +	2.75%	6.42	%	1/28/2032	5,339		5,334	5,333
Tenneco Inc (8)(25)	SF +	5.00%	8.76	%	11/17/2028	8,000		7,894	7,820
Tenneco Inc (8)(25)	SF +	4.75%	8.51	%	11/17/2028	3,852		3,807	3,762
Total Automobile Components								177,591	177,345	1.43	%

Beverages
Vital Bidco AB (4)(5)(10)(24)	SF +	4.25%	7.92	%	10/29/2031	96,671		95,112	97,638
Vital Bidco AB (4)(5)(6)(10)					10/29/2030	16,892		(258)	—
Total Beverages								94,854	97,638	0.79	%

Broadline Retail
Auctane Inc (4)(9)(26)	SF +	5.75%	9.58	%	10/5/2028	24,250		24,250	23,948
Thrasio LLC (4)(10)(25)	SF +	8.00%	11.93	%	6/18/2029	383		382	383
Thrasio LLC (4)(10)(19)(23)(25)	SF +	8.00%			6/18/2029	1,305		1,014	973
Total Broadline Retail								25,646	25,304	0.20	%

Building Products
Enstall Group B.V. (4)(5)(8)(19)(29)	E +	6.50%			8/30/2028	EUR	66,292	67,687	36,080
Fire Flow Intermediate Corporation (4)(9)(25)	SF +	4.75%	8.42	%	7/10/2031	122,441		121,507	121,235
Fire Flow Intermediate Corporation (4)(6)(9)					7/10/2031	18,383		(182)	(181)
Fire Flow Intermediate Corporation (4)(6)(9)					7/10/2031	42,893		(426)	(423)
Hunter Douglas Inc (7)(25)	SF +	3.00%	6.70	%	1/17/2032	2,029		2,020	2,023
Nexus Intermediate III, LLC (4)(9)(26)	SF +	4.75%	8.42	%	12/6/2029	1,038		1,045	1,024
Saber Parent Holdings Corp (4)(7)(25)	SF +	4.75% (incl 2.25% PIK)	8.42	%	12/16/2032	100,952		100,471	99,887
Saber Parent Holdings Corp (4)(6)(7)					12/16/2032	27,693		(136)	(292)
Saber Parent Holdings Corp (4)(6)(10)(43)	P +	3.50%	10.25	%	12/16/2032	15,205		4,387	4,300
SWF Holdings I Corp (10)(24)	SF +	4.50%	8.17	%	12/19/2029	73		70	72
SWF Holdings I Corp (10)(24)	SF +	4.00%	7.78	%	10/6/2028	667		639	425
SWF Holdings I Corp (6)(10)(24)	SF +	4.50%	8.17	%	12/19/2029	94		46	47
Total Building Products								297,128	264,197	2.12	%

Capital Markets
DRW Holdings LLC (7)(24)	SF +	3.50%	7.17	%	6/26/2031	13,209		13,155	13,011
Jump Financial LLC (4)(7)(25)	SF +	3.50%	7.20	%	2/26/2032	3,876		3,866	3,881
Wharf Street Ratings Acquisition LLC (4)(9)(24)	SF +	4.75%	8.42	%	9/16/2032	255,634		253,271	258,191
Wharf Street Ratings Acquisition LLC (4)(6)(9)					9/16/2032	28,475		(274)	285
Wharf Street Ratings Acquisition LLC (4)(6)(9)					9/16/2032	30,241		(279)	—
Yes Energy LLC (4)(10)(24)	SF +	4.75%	8.42	%	4/21/2028	39,521		39,268	39,388
Yes Energy LLC (4)(10)(24)	SF +	4.75%	8.42	%	4/21/2028	14,189		14,112	14,141
Yes Energy LLC (4)(10)(24)	SF +	4.75%	8.42	%	4/21/2028	9,615		9,544	9,583
Yes Energy LLC (4)(6)(10)					4/21/2028	2,443		—	(8)

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(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
Yes Energy LLC (4)(10)(24)	SF +	4.75%	8.42	%	4/21/2028	7,413		7,338	7,388
Total Capital Markets								340,001	345,860	2.78	%

Chemicals
Bakelite US Holdco Inc (7)(25)	SF +	3.75%	7.45	%	12/23/2031	6,129		6,079	5,934
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15)(25)	SF +	10.00%	13.80	%	11/9/2026	10,950		10,905	10,395
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15)(25)	SF +	10.00%	13.80	%	11/9/2026	850		847	807
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15)(25)	SF +	10.00%	13.80	%	11/9/2026	852		849	809
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15)(25)	SF +	10.00%	13.80	%	11/9/2026	9,379		9,334	8,903
Discovery Purchaser Corp (8)(25)	SF +	3.75%	7.42	%	10/4/2029	5,117		4,974	5,047
Formerra LLC (4)(10)(24)	SF +	7.25%	11.02	%	11/1/2028	103,284		101,803	101,638
Formerra LLC (4)(6)(10)					11/1/2028	12,031		(168)	(192)
Formerra LLC (4)(10)(24)	SF +	7.25%	11.02	%	11/1/2028	4,155		4,095	4,089
Fortis 333 Inc (7)(24)	SF +	3.50%	7.17	%	3/27/2032	2,233		2,228	2,176
Lummus Technology Holdings V LLC (7)(24)	SF +	2.50%	6.17	%	12/31/2029	24,790		24,623	24,646
Total Chemicals								165,569	164,252	1.32	%

Commercial Services & Supplies
ABC Legal Holdings, LLC (4)(9)(25)	SF +	4.25%	7.92	%	8/13/2032	80,256		79,526	81,058
ABC Legal Holdings, LLC (4)(6)(9)					8/13/2032	24,138		(230)	241
ABC Legal Holdings, LLC (4)(6)(9)					8/13/2032	16,200		(147)	—
Allied Universal Holdco LLC (7)(24)	SF +	3.25%	6.92	%	8/20/2032	13,046		13,031	13,063
Apex Group Treasury LLC (5)(7)(25)	SF +	3.50%	7.17	%	2/27/2032	13,446		13,333	12,293
Argos Health Holdings, Inc. (4)(9)(25)	SF +	5.00%	8.67	%	12/3/2029	1,436		1,428	1,436
AVSC Holding Corp. (4)(9)(24)	SF +	5.00%	8.67	%	12/5/2031	73,447		72,253	73,446
AVSC Holding Corp. (4)(6)(9)(24)	SF +	5.00%	8.67	%	12/5/2029	8,660		1,431	1,559
Axiom Buyer, LLC (4)(10)(24)	SF +	6.50%	10.17	%	1/14/2030	148,075		145,528	145,945
Axiom Buyer, LLC (4)(6)(10)					1/14/2030	16,189		(342)	(233)
Axiom Buyer, LLC (4)(6)(10)(24)	SF +	6.50%	10.17	%	1/14/2030	18,189		12,680	12,730
Certania Beteiligungen GmbH (4)(5)(6)(7)(28)	E +	6.05%	8.10	%	5/23/2029	EUR	22,824	13,300	13,175
Coretrust Purchasing Group LLC (4)(6)(9)					10/1/2029	11,656		(175)	(33)
Coretrust Purchasing Group LLC (4)(9)(24)	SF +	5.25%	8.92	%	10/1/2029	90,527		89,306	90,266
Coretrust Purchasing Group LLC (4)(6)(9)					10/1/2029	3,844		(25)	(11)
Guardian US Holdco LLC (8)(25)	SF +	3.25%	6.95	%	1/31/2030	7,781		7,694	7,523
ImageFIRST Holdings, LLC (7)(25)	SF +	3.00%	6.67	%	3/12/2032	4,632		4,622	4,626
Madison IAQ LLC (8)(25)	SF +	2.50%	6.13	%	6/21/2028	1,237		1,213	1,238
NBG Acquisition Corp. (4)(9)(25)	SF +	6.00% (incl 3.50% PIK)	9.67	%	11/4/2030	21,413		21,349	16,645
NBG Acquisition Corp. (4)(9)(25)	SF +	6.00% (incl 3.50% PIK)	9.70	%	11/4/2030	3,372		3,343	2,621
NBG Acquisition Corp. (4)(6)(9)(25)	SF +	6.00% (incl 3.50% PIK)	9.70	%	11/4/2030	2,928		2,119	1,478
NDT Global Holding Inc. (4)(5)(8)(24)	SF +	4.50%	8.17	%	6/4/2032	119,400		118,346	118,711
NDT Global Holding Inc. (4)(5)(6)(8)(24)	SF +	4.50%	8.17	%	6/4/2032	30,474		1,255	1,348
NDT Global Holding Inc. (4)(5)(8)(24)	SF +	4.50%	8.17	%	6/4/2032	26,563		26,327	26,410
NTH Degree Purchaser Inc (4)(10)(25)	SF +	5.25%	8.92	%	9/10/2030	100,348		98,861	100,348
NTH Degree Purchaser Inc (4)(6)(10)					9/10/2030	30,800		(536)	—
NTH Degree Purchaser Inc (4)(6)(10)					9/10/2030	16,125		(239)	—
Retail Services WIS Corporation (4)(10)(25)	SF +	6.50%	10.17	%	8/29/2030	109,153		107,227	106,961

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(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
Retail Services WIS Corporation (4)(6)(10)					8/29/2030	25,930		(488)	(521)
Sentinel Buyer Corp. (4)(6)(9)					11/6/2032	21,437		(176)	(140)
Sentinel Buyer Corp. (4)(9)(24)	SF +	5.00%	8.67	%	11/6/2032	257,181		255,125	255,507
Team, Inc. (4)(10)(25)	SF +	5.75%	9.42	%	3/12/2030	51,836		50,917	51,070
Team, Inc. (4)(6)(10)					3/12/2030	14,960		(301)	(221)
Victors Purchaser LLC (4)(8)(25)	SF +	4.50%	8.20	%	12/23/2032	74,072		73,894	73,432
Victors Purchaser LLC (4)(6)(8)					12/23/2032	5,802		(28)	(50)
Victors Purchaser LLC (4)(6)(8)					12/23/2032	11,035		(53)	(95)
Wasserman Media Group, LLC (7)(24)	SF +	2.50%	6.17	%	6/23/2032	4,156		4,138	4,146
Total Commercial Services & Supplies								1,215,506	1,215,972	9.78	%

Communications Equipment
Ribbon Communications Operating Company, Inc (4)(5)(10)(24)	SF +	6.25%	9.92	%	6/21/2029	54,642		53,938	54,257
Ribbon Communications Operating Company, Inc (4)(5)(6)(10)					6/21/2029	6,365		(82)	(45)
Total Communications Equipment								53,856	54,212	0.44	%

Construction & Engineering
NRO Holdings III Corp. (4)(6)(9)(25)	SF +	5.25%	8.87	%	7/15/2030	100		36	37
NRO Holdings III Corp. (4)(9)(25)	SF +	5.25%	8.92	%	7/15/2031	675		665	675
NRO Holdings III Corp. (4)(6)(9)(25)	SF +	5.25%	8.87	%	7/15/2031	214		130	133
Pike Corporation (4)(9)(24)	SF +	4.50%	8.18	%	12/20/2032	119,012		118,439	117,754
Pike Corporation (4)(6)(9)					12/20/2032	25,872		(127)	(273)
Pike Corporation (4)(6)(9)					12/20/2032	19,117		(92)	(202)
Total Construction & Engineering								119,051	118,124	0.95	%

Consumer Finance
PCP CW Aggregator Holdings II, L.P. (4)(5)(10)(25)	SF +	6.75%	10.39	%	2/9/2028	21,909		21,856	21,947
Total Consumer Finance								21,856	21,947	0.18	%

Consumer Staples Distribution & Retail
DIA Finance S.L.U. (4)(5)(9)(29)	E +	6.50%	8.65	%	12/27/2029	EUR	170,600	173,876	196,693
Puma Buyer LLC (4)(8)(25)	SF +	4.25%	7.95	%	3/29/2032	59,386		59,005	58,785
Puma Buyer LLC (4)(8)(25)	SF +	4.25%	7.95	%	3/29/2032	27,293		27,165	27,017
Puma Buyer LLC (4)(6)(8)					3/29/2032	15,248		(89)	(154)
SW Ingredients Holdings, LLC (4)(6)(9)(24)	SF +	5.00%	8.67	%	5/2/2030	32,714		4,952	5,060
SW Ingredients Holdings, LLC (4)(9)(24)	SF +	5.00%	8.67	%	5/2/2030	191,035		188,687	189,322
SW Ingredients Holdings, LLC (4)(6)(9)					5/2/2030	23,763		(324)	(213)
Vermont Aus Pty Ltd (4)(5)(9)(34)	B +	4.50%	8.86	%	3/23/2028	AUD	55,004	39,511	37,915
Total Consumer Staples Distribution & Retail								492,783	514,425	4.14	%

Containers & Packaging
BP Purchaser, LLC (4)(9)(25)	SF +	7.50% (incl 1.00% PIK)	11.44	%	12/11/2028	28,390		28,174	21,648
Capripack Debtco PLC (4)(5)(10)(29)	E +	5.75% (incl 2.50% PIK)	7.78	%	1/3/2030	EUR	13,832	14,808	15,979
Capripack Debtco PLC (4)(5)(10)(29)	E +	5.75% (incl 2.50% PIK)	7.78	%	1/3/2030	EUR	74,456	79,709	86,016
Capripack Debtco PLC (4)(5)(10)(29)	E +	5.75% (incl 2.50% PIK)	7.76	%	1/3/2030	EUR	30,635	31,037	35,392
Capripack Debtco PLC (4)(5)(10)(29)	E +	5.75% (incl 2.50% PIK)	7.76	%	1/3/2030	EUR	26,806	27,157	30,968

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(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
Clydesdale Acquisition Holdings Inc (8)(24)	SF +	3.18%	6.84	%	4/13/2029	7,576		7,563	7,246
Total Containers & Packaging								188,448	197,249	1.59	%

Distributors
Thermostat Purchaser III Inc (9)(25)	SF +	4.25%	7.95	%	8/31/2028	7,880		7,880	7,729
Total Distributors								7,880	7,729	0.06	%

Diversified Consumer Services
Aesthetics Australia Group Pty Ltd (4)(5)(8)(19)(35)	B +	9.38% PIK			3/21/2028	AUD	61,678	39,575	25,471
AI Learning (Singapore) PTE. LTD. (4)(5)(12)(41)	SORA +	7.50%	9.01	%	5/25/2027	SGD	45,400	33,257	34,946
American Academy Holdings, LLC (4)(17)(24)	SF +	9.75% (incl 5.25% PIK)	13.53	%	6/30/2027	59,459		59,459	57,081
Club Car Wash Operating, LLC (4)(10)(25)	SF +	5.50%	9.35	%	6/16/2027	23,808		23,724	23,808
Club Car Wash Operating, LLC (4)(10)(25)	SF +	5.50%	9.35	%	6/16/2027	11,635		11,573	11,635
Club Car Wash Operating, LLC (4)(10)(25)	SF +	5.50%	9.35	%	6/16/2027	36,565		36,155	36,565
Club Car Wash Operating, LLC (4)(10)(25)	SF +	5.50%	9.35	%	6/16/2027	71,775		71,465	71,775
Club Car Wash Operating, LLC (4)(6)(10)(25)	SF +	5.50%	9.35	%	6/16/2027	37,893		34,204	34,511
Express Wash Concepts, LLC (4)(10)(24)	SF +	5.00%	8.77	%	4/30/2027	25,920		25,862	25,968
Express Wash Concepts, LLC (4)(10)(24)	SF +	5.00%	8.77	%	4/30/2027	46,156		46,055	46,241
Houghton Mifflin Harcourt Company (8)(24)	SF +	5.25%	9.02	%	4/9/2029	24,675		24,339	20,991
IXM Holdings, Inc. (4)(6)(11)(24)	SF +	5.75%	9.42	%	12/14/2030	4,013		991	973
IXM Holdings, Inc. (4)(11)(24)	SF +	5.75%	9.43	%	12/14/2030	19,922		19,630	19,630
IXM Holdings, Inc. (4)(11)(24)	SF +	5.75%	9.41	%	12/14/2030	20,789		20,590	20,485
KUEHG Corp. (5)(8)(25)	SF +	2.75%	6.45	%	6/12/2030	2,356		2,352	2,121
Mckissock Investment Holdings LLC (9)(25)	SF +	5.00%	8.82	%	3/12/2029	12,604		12,501	11,015
Mckissock Investment Holdings LLC (9)(25)	SF +	5.00%	8.67	%	3/12/2029	46,893		46,107	40,982
Mckissock Investment Holdings LLC (9)(25)	SF +	5.00%	8.82	%	3/12/2029	31,087		30,970	27,169
Spotless Brands, LLC (4)(10)(26)	SF +	5.75%	9.45	%	7/25/2028	102,926		102,107	102,622
Spotless Brands, LLC (4)(6)(10)					7/25/2028	5,175		(39)	(15)
Spotless Brands, LLC (4)(10)(25)	SF +	5.75%	9.45	%	7/25/2028	21,048		20,883	20,986
Spotless Brands, LLC (4)(10)(25)	SF +	5.75%	9.45	%	7/25/2028	15,619		15,498	15,573
Spotless Brands, LLC (4)(10)(25)	SF +	5.50%	9.17	%	7/25/2028	30,778		30,580	30,627
TruGreen Limited Partnership (9)(25)	SF +	4.00%	7.77	%	11/2/2027	8,376		8,341	7,999
University Support Services LLC (8)(24)	SF +	2.75%	6.42	%	2/10/2029	3,138		2,996	3,084
Total Diversified Consumer Services								719,175	692,243	5.57	%

Diversified Telecommunication Services
Meriplex Communications, LTD (4)(9)(24)	SF +	5.00%	8.77	%	7/17/2028	13,548		13,467	12,687
Meriplex Communications, LTD (4)(9)(24)	SF +	5.00%	8.77	%	7/17/2028	2,867		2,854	2,685
Meriplex Communications, LTD (4)(6)(9)(24)	SF +	5.00%	8.77	%	7/17/2028	1,143		995	929
Meriplex Communications, LTD (4)(9)(24)	SF +	5.00%	8.77	%	7/17/2028	381		376	357
Total Diversified Telecommunication Services								17,692	16,658	0.13	%

Electric Utilities
Cricket Valley Energy Center LLC (4)(18)(25)	SF +	5.00%	8.70	%	6/26/2030	78,507		76,845	76,753
Total Electric Utilities								76,845	76,753	0.62	%

Electrical Equipment
Arcline FM Holdings LLC (9)(25)	SF +	2.75%	6.45	%	6/23/2030	18,076		18,076	18,126
Truck-Lite Co, LLC (4)(6)(9)					2/13/2031	11,973		(154)	—
Truck-Lite Co, LLC (4)(6)(9)(25)	SF +	4.75%	8.42	%	2/13/2032	32,780		12,503	12,958

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(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
Truck-Lite Co, LLC (4)(6)(9)					2/13/2032	16,303		(230)	—
Truck-Lite Co, LLC (4)(9)(25)	SF +	4.75%	8.42	%	2/13/2032	90,556		89,266	90,556
Truck-Lite Co, LLC (4)(9)(25)	SF +	4.75%	8.42	%	2/13/2032	3,389		3,360	3,389
Truck-Lite Co, LLC (4)(9)(25)	SF +	4.75%	8.44	%	2/13/2032	1,951		1,923	1,951
Total Electrical Equipment								124,744	126,980	1.02	%

Electronic Equipment, Instruments & Components
Bright Light Buyer, Inc. (4)(10)(24)	SF +	6.00%	9.67	%	11/8/2029	71,908		70,829	71,908
CC WDW Borrower, Inc. (4)(10)(25)	SF +	6.75%	10.57	%	1/27/2028	44,075		43,657	44,072
CC WDW Borrower, Inc. (4)(6)(10)(25)	SF +	6.75%	10.57	%	1/27/2028	5,122		3,795	3,841
CC WDW Borrower, Inc. (4)(10)(25)	SF +	6.75%	10.60	%	1/27/2028	2,289		2,289	2,289
Dwyer Instruments Inc (4)(9)(25)	SF +	4.75%	8.45	%	7/20/2029	90,099		89,455	90,099
Dwyer Instruments Inc (4)(9)(25)	SF +	4.75%	8.42	%	7/20/2029	13,336		13,229	13,336
Dwyer Instruments Inc (4)(6)(9)(25)	SF +	4.75%	8.42	%	7/20/2029	15,177		6,642	6,749
Hobbs & Associates LLC (7)(24)	SF +	2.75%	6.42	%	7/23/2031	15,319		15,269	15,230
Resilience Parent LLC (7)(25)	SF +	2.50%	6.13	%	2/28/2033	4,348		4,337	4,331
Total Electronic Equipment, Instruments & Components								249,502	251,855	2.03	%

Energy Equipment & Services
Camin Cargo Control Holdings, Inc. (4)(10)(25)	SF +	5.50%	9.16	%	12/7/2029	63,115		62,358	59,909
Camin Cargo Control Holdings, Inc. (4)(10)(24)	SF +	5.50%	9.17	%	12/7/2029	6,638		6,531	6,301
Camin Cargo Control Holdings, Inc. (4)(6)(10)(25)	SF +	5.50%	9.17	%	12/7/2029	9,702		6,384	6,007
Total Energy Equipment & Services								75,273	72,217	0.58	%

Entertainment
AMR GP Ltd (4)(5)(7)		10.50% (incl 5.25% PIK)	10.50	%	7/10/2034	1,099		1,074	1,099
Aventine Intermediate LLC (4)(9)(25)	SF +	6.00% (incl 3.50% PIK)	9.80	%	6/18/2029	685		682	613
Aventine Intermediate LLC (4)(9)(25)	SF +	6.00% (incl 3.50% PIK)	9.80	%	6/18/2029	11,708		11,645	10,477
Endeavor Operating Co LLC (5)(7)(24)	SF +	2.75%	6.42	%	3/24/2032	8,158		8,123	8,150
Global Music Rights, LLC (4)(9)(25)	SF +	4.50%	8.20	%	12/20/2031	439,167		435,568	443,558
Global Music Rights, LLC (4)(6)(9)					12/20/2031	46,796		(382)	—
Total Entertainment								456,710	463,897	3.73	%

Financial Services
AI Circle Bidco Limited (4)(5)(10)(30)	E +	5.75%	7.92	%	2/8/2031	EUR	44,620	46,744	51,366
AI Circle Bidco Limited (4)(5)(10)(30)	E +	5.75%	7.92	%	2/8/2031	EUR	6,374	6,767	7,338
AI Circle Bidco Limited (4)(5)(10)(30)	E +	5.75%	7.88	%	2/8/2031	EUR	46,285	52,008	53,283
Ascensus Holdings, Inc. (8)(24)	SF +	3.00%	6.67	%	11/25/2032	14,005		13,972	13,804
Earps Bidco Limited (4)(5)(7)(31)	SN +	4.50%	8.26	%	3/28/2032	GBP	37,700	48,169	50,063
Earps Bidco Limited (4)(5)(6)(7)(31)	SN +	4.50%	8.26	%	3/28/2032	GBP	8,094	6,961	7,090
Earps Bidco Limited (4)(5)(7)(29)	E +	4.50%	6.70	%	3/28/2032	EUR	5,661	6,459	6,609
Eisner Advisory Group LLC (8)(24)	SF +	4.00%	7.67	%	2/28/2031	8,481		8,421	8,099
Empower Payments Investor, LLC (4)(9)(25)	SF +	4.50%	8.20	%	3/12/2031	99,907		98,496	99,070
Empower Payments Investor, LLC (4)(9)(25)	SF +	4.50%	8.20	%	3/12/2031	14,282		14,058	14,162
Empower Payments Investor, LLC (4)(6)(9)					3/12/2030	9,704		(128)	(68)
Empower Payments Investor, LLC (4)(9)(25)	SF +	4.50%	8.20	%	3/12/2031	14,053		13,928	13,935
Empower Payments Investor, LLC (4)(9)(25)	SF +	4.50%	8.20	%	3/12/2031	9,335		9,254	9,256
Empower Payments Investor, LLC (4)(9)(25)	SF +	4.50%	8.20	%	3/12/2031	57,284		56,758	56,803

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(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
Empower Payments Investor, LLC (4)(9)(25)	SF +	4.50%	8.15	%	3/12/2031	17,228		17,065	17,084
Empower Payments Investor, LLC (4)(9)(25)	SF +	4.75%	8.40	%	3/12/2031	73,818		73,457	73,198
Focus Financial Partners, LLC (7)(24)	SF +	2.50%	6.17	%	9/15/2031	17,822		17,760	17,286
Harp Finco LTD (4)(5)(7)(31)	SN +	5.00%	8.73	%	3/27/2032	GBP	80,898	102,971	105,691
June Purchaser LLC (7)(25)	SF +	2.75%	6.45	%	11/28/2031	9,617		9,585	9,614
June Purchaser LLC (6)(7)					11/28/2031	1,619		(9)	(1)
Madonna Bidco Ltd (4)(5)(7)(31)	SN +	5.00%	8.73	%	10/25/2031	GBP	51,131	65,221	68,343
Madonna Bidco Ltd (4)(5)(6)(7)(31)	SN +	5.00%	8.73	%	10/25/2031	GBP	10,435	455	842
MAI Capital Management Intermediate LLC (4)(9)(25)	SF +	4.75%	8.45	%	8/29/2031	2,038		2,023	2,037
MAI Capital Management Intermediate LLC (4)(9)(25)	SF +	4.75%	8.45	%	8/29/2031	16,219		16,085	16,210
MAI Capital Management Intermediate LLC (4)(6)(9)(25)	SF +	4.75%	8.45	%	8/29/2031	1,125		407	416
MAI Capital Management Intermediate LLC (4)(9)(25)	SF +	4.75%	8.45	%	8/29/2031	4,934		4,890	4,931
More Cowbell II, LLC (4)(6)(9)					9/1/2029	5,393		(61)	(65)
More Cowbell II, LLC (4)(9)(27)	SF +	4.50%	7.99	%	9/1/2030	36,384		35,925	35,907
Neon Maple US Debt Mergersub Inc (5)(7)(24)	SF +	2.50%	6.17	%	11/17/2031	3,129		3,109	3,070
Oak Funding LLC (4)(6)(8)					12/2/2032	19,556		(191)	(156)
Oak Funding LLC (4)(8)(24)	SF +	4.50%	8.17	%	12/2/2032	200,444		198,533	198,846
Orthrus Ltd (4)(5)(7)(31)	SN +	6.25% (incl 2.75% PIK)	9.99	%	12/5/2031	GBP	35,517	44,743	46,447
Orthrus Ltd (4)(5)(7)(29)	E +	6.25% (incl 2.75% PIK)	8.29	%	12/5/2031	EUR	31,733	33,224	36,249
Orthrus Ltd (4)(5)(10)(25)	SF +	6.25% (incl 2.75% PIK)	9.92	%	12/5/2031	83,838		82,688	82,845
Orthrus Ltd (4)(5)(6)(7)					12/5/2031	GBP	7,149	(145)	(112)
Orthrus Ltd (4)(5)(10)(25)	SF +	6.25% (incl 2.75% PIK)	9.92	%	12/5/2031	12,133		11,958	11,989
Osaic Holdings Inc (7)(25)	SF +	2.50%	6.20	%	7/30/2032	15,160		15,125	14,905
PEX Holdings LLC (7)(25)	SF +	2.75%	6.45	%	11/26/2031	14,850		14,820	14,720
PF Finco PTY LTD (4)(5)(10)(33)	B +	6.25%	10.36	%	5/30/2030	AUD	41,852	26,469	28,457
PF Finco PTY LTD (4)(5)(6)(10)					5/30/2030	AUD	5,707	(67)	(59)
Priority Holdings, LLC (5)(8)(24)	SF +	3.75%	7.42	%	8/2/2032	4,058		4,049	3,968
Transnetwork LLC (4)(8)(25)	SF +	4.75%	8.45	%	12/30/2030	68,194		67,577	62,398
Travelex Issuerco 2 PLC (4)(5)(14)(31)	SN +	8.00%	11.73	%	9/22/2028	GBP	21,674	26,006	28,771
Violin Finco Guernsey Limited (4)(5)(7)(31)	SN +	5.25%	9.01	%	6/24/2031	GBP	80,205	101,004	106,144
Violin Finco Guernsey Limited (4)(5)(6)(7)					6/24/2031	GBP	6,211	(69)	—
Total Financial Services								1,356,474	1,380,785	11.10	%

Food Products
Aspire Bakeries Holdings LLC (7)(24)	SF +	3.00%	6.67	%	12/23/2030	9,442		9,414	9,466
Specialty Ingredients, LLC (4)(9)(24)	SF +	4.75%	8.52	%	2/12/2029	87,760		86,968	87,509
Specialty Ingredients, LLC (4)(6)(9)(24)	SF +	4.75%	8.52	%	2/12/2029	11,279		2,156	2,223
Sugar PPC Buyer LLC (4)(10)(26)	SF +	4.75%	8.42	%	10/2/2030	58,355		57,511	58,355
Sugar PPC Buyer LLC (4)(10)(26)	SF +	4.75%	8.42	%	10/2/2030	16,210		15,968	16,210
Sugar PPC Buyer LLC (4)(6)(10)(26)	SF +	4.75%	8.35	%	10/2/2030	14,442		4,189	4,310
Total Food Products								176,206	178,073	1.43	%

Gas Utilities
Energos Infrastructure Holdings Finance LLC (4)(5)(10)(25)	SF +	5.75%	9.55	%	8/13/2027	38,968		38,762	38,968
Total Gas Utilities								38,762	38,968	0.31	%

Health Care Equipment & Supplies

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(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
ABB/CON-CISE Optical Group LLC (4)(9)(25)	SF +	7.50%	11.36	%	2/23/2028	21,259		21,081	20,861
Agiliti Health, Inc. (7)(25)	SF +	3.00%	6.58	%	5/1/2030	9,952		9,594	9,699
Bayou Intermediate II, LLC (4)(9)(25)	SF +	4.75%	8.45	%	9/30/2032	148,054		146,680	146,908
Bayou Intermediate II, LLC (4)(6)(9)(25)	SF +	4.75%	8.45	%	9/30/2032	40,378		21,958	22,030
Bayou Intermediate II, LLC (4)(6)(9)(25)	SF +	4.75%	8.45	%	9/30/2032	25,989		10,804	10,849
Ensemble RCM LLC (7)(25)	SF +	3.00%	6.63	%	2/9/2033	20,117		20,092	19,924
Femur Buyer Inc (4)(10)(25)	SF +	7.50% PIK	11.17	%	10/23/2030	111,760		109,880	109,473
Femur Buyer Inc (4)(6)(10)					10/23/2030	2,414		—	(49)
Limpio Bidco GMBH (4)(5)(7)(28)	E +	5.20%	7.09	%	10/31/2030	EUR	63,783	66,244	73,726
Medline Borrower LP (8)(24)	SF +	1.75%	5.42	%	10/23/2030	14,872		14,782	14,906
Resonetics, LLC (9)(25)	SF +	2.75%	6.42	%	6/18/2031	38,059		37,988	37,958
Spruce Bidco II Inc (4)(6)(9)(25)	SF +	4.75%	8.37	%	1/31/2032	43,899		9,207	9,372
Spruce Bidco II Inc (4)(9)(25)	SF +	4.75%	8.45	%	1/31/2032	163,295		161,254	161,871
Spruce Bidco II Inc (4)(9)(36)	C +	4.75%	7.00	%	1/31/2032	CAD	34,738	23,684	24,763
Spruce Bidco II Inc (4)(9)(42)	TN +	5.00%	5.75	%	1/31/2032	JPY	3,716,132	23,695	23,219
Spruce Bidco II Inc (4)(9)(23)(25)	SF +	5.73%	9.43	%	1/31/2032	946		934	938
TecoStar Holdings Inc (4)(10)(25)	SF +	8.00%	11.65	%	7/6/2029	126,897		125,287	126,714
Viant Medical Holdings, Inc. (7)(24)	SF +	4.00%	7.67	%	10/29/2031	17,281		17,212	17,283
Zeus Company LLC (4)(9)(25)	SF +	5.50%	9.20	%	2/28/2031	123,817		122,530	115,116
Zeus Company LLC (4)(9)(25)	SF +	5.50%	9.20	%	2/28/2031	11,446		11,321	10,634
Zeus Company LLC (4)(6)(9)(25)	SF +	5.50%	9.21	%	2/28/2030	21,506		2,657	1,568
Total Health Care Equipment & Supplies								956,884	957,763	7.70	%

Health Care Providers & Services
123Dentist Inc (4)(5)(9)(36)	C +	5.00%	7.27	%	8/10/2029	CAD	23,635	16,742	16,995
123Dentist Inc (4)(5)(9)(36)	C +	5.00%	7.28	%	8/10/2029	CAD	56,049	42,970	40,302
AB Centers Acquisition Corporation (4)(9)(24)	SF +	5.25%	8.92	%	7/2/2031	156,623		154,861	155,762
AB Centers Acquisition Corporation (4)(6)(9)(24)	SF +	5.25%	8.92	%	7/2/2031	28,702		13,784	13,988
AB Centers Acquisition Corporation (4)(9)(24)	SF +	5.25%	8.92	%	7/2/2031	52,711		52,362	52,421
AB Centers Acquisition Corporation (4)(9)(24)	SF +	5.25%	8.92	%	7/2/2031	127,868		127,014	127,165
AB Centers Acquisition Corporation (4)(6)(9)					7/2/2031	24,356		(239)	(134)
AB Centers Acquisition Corporation (4)(9)(23)(24)	SF +	6.32%	9.99	%	7/2/2031	1,323		1,314	1,316
AB Centers Acquisition Corporation (4)(9)(24)	SF +	5.25%	8.92	%	7/2/2031	4,770		4,737	4,744
AB Centers Acquisition Corporation (4)(9)(23)(24)	SF +	6.32%	9.99	%	7/2/2031	700		695	696
Aryeh Bidco Investment Ltd (4)(5)(6)(9)(37)	C +	5.00%	7.27	%	1/14/2033	CAD	34,074	3,317	3,261
Aryeh Bidco Investment Ltd (4)(5)(9)(37)	C +	5.00%	7.31	%	1/14/2033	CAD	183,025	130,565	130,321
Aryeh Bidco Investment Ltd (4)(5)(6)(9)					1/14/2033	CAD	24,551	(172)	(172)
Aspen Dental Management Inc. (ADMI Corp) (8)(24)	SF +	3.75%	7.53	%	12/23/2027	3,259		3,227	3,065
Aspen Dental Management Inc. (ADMI Corp) (7)(24)	SF +	5.75%	9.42	%	12/23/2027	843		847	808
ATI Holdings Acquisition, Inc. (4)(5)(10)(25)	SF +	7.00%	10.78	%	2/24/2028	41,092		40,828	40,226
Baart Programs, Inc. (4)(10)(19)(25)	SF +	5.00% PIK			6/11/2027	10,018		9,935	7,577
Blazing Star Shields Direct Parent, LLC (4)(10)(25)	SF +	6.00%	9.67	%	8/28/2030	493,154		484,456	503,017
Blazing Star Shields Direct Parent, LLC (4)(6)(10)					8/28/2030	21,972		(387)	—
Charlotte Buyer Inc (8)(24)	SF +	4.25%	7.92	%	2/11/2028	24,749		24,201	24,551
Coding Solutions Acquisition, Inc. (4)(6)(9)					8/7/2031	6,558		(90)	—
Coding Solutions Acquisition, Inc. (4)(6)(9)					8/7/2031	16,674		(191)	—
Coding Solutions Acquisition, Inc. (4)(9)(24)	SF +	5.00%	8.67	%	8/7/2031	169,697		168,012	169,697
Coding Solutions Acquisition, Inc. (4)(9)(24)	SF +	5.00%	8.67	%	8/7/2031	19,070		18,824	19,070
Coding Solutions Acquisition, Inc. (4)(6)(9)					8/7/2031	25,062		(349)	—
Diagnostic Services Holdings, Inc. (4)(10)(24)	SF +	5.50%	9.17	%	3/15/2028	137,579		137,113	135,762
Diagnostic Services Holdings, Inc. (4)(6)(10)(24)	SF +	5.50%	9.17	%	3/15/2028	2,993		1,759	1,728

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(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
Diagnostic Services Holdings, Inc. (4)(10)(24)	SF +	5.50%	9.17	%	3/15/2028	2,864	2,757	2,826
EPFS Buyer, Inc. (4)(9)(25)	SF +	4.50%	8.20	%	7/31/2031	38,011	37,672	38,011
EPFS Buyer, Inc. (4)(6)(9)					7/31/2031	1,182	(11)	—
EPFS Buyer, Inc. (4)(6)(9)(43)	P +	3.50%	10.25	%	7/31/2031	3,814	195	229
ERC Topco Holdings, LLC (4)(10)(25)	SF +	6.50% PIK	10.46	%	3/31/2030	7,862	7,483	6,224
ERC Topco Holdings, LLC (4)(6)(10)(25)	SF +	5.50%	9.46	%	3/31/2030	1,560	1,309	1,438
FC Compassus LLC (4)(6)(7)					11/26/2030	19,127	(223)	(142)
FC Compassus LLC (4)(7)(24)	SF +	5.75% (incl 1.50% PIK)	9.42	%	11/26/2030	146,373	144,689	145,279
FC Compassus LLC (4)(6)(7)(24)	SF +	5.75% (incl 1.50% PIK)	9.42	%	11/26/2030	15,823	1,570	1,659
FC Compassus LLC (4)(7)(23)(24)	SF +	7.02% (incl 2.09% PIK)	10.69	%	11/26/2030	1,183	1,170	1,174
FC Compassus LLC (4)(6)(7)(23)(24)	SF +	6.99% (incl 2.07% PIK)	10.65	%	11/26/2030	128	13	14
Global Medical Response Inc (7)(25)	SF +	3.50%	7.17	%	10/1/2032	24,938	24,880	24,891
Indigo Purchaser, Inc. (4)(9)(25)	SF +	4.75%	8.45	%	11/21/2031	110,985	109,644	112,095
Indigo Purchaser, Inc. (4)(6)(9)(25)	SF +	4.75%	8.45	%	11/21/2031	25,593	4,864	5,464
Indigo Purchaser, Inc. (4)(6)(9)					11/21/2031	17,478	(211)	—
MB2 Dental Solutions, LLC (4)(9)(24)	SF +	5.50%	9.17	%	2/13/2031	152,963	151,248	152,379
MB2 Dental Solutions, LLC (4)(6)(9)(24)	SF +	5.50%	9.17	%	2/13/2031	13,909	363	503
MB2 Dental Solutions, LLC (4)(9)(24)	SF +	5.50%	9.17	%	2/13/2031	31,576	31,112	31,456
MB2 Dental Solutions, LLC (4)(9)(24)	SF +	5.50%	9.17	%	2/13/2031	22,151	21,806	22,067
NP Kaba Megersub, Inc. (4)(8)(25)	SF +	4.50%	8.20	%	1/31/2033	173,342	172,496	171,454
NP Kaba Megersub, Inc. (4)(6)(8)					1/31/2033	11,480	(57)	(125)
NP Kaba Megersub, Inc. (4)(6)(8)(25)	SF +	4.50%	8.15	%	1/31/2033	20,394	3,979	3,857
Pareto Health Intermediate Holdings, Inc. (4)(6)(10)					6/1/2029	4,032	(64)	(40)
Pareto Health Intermediate Holdings, Inc. (4)(10)(25)	SF +	5.00%	8.71	%	6/1/2030	84,131	83,073	83,294
Parexel International, Inc. (8)(24)	SF +	2.75%	6.42	%	12/12/2031	16,548	16,456	16,514
Pinnacle Fertility, Inc. (4)(9)(26)	SF +	5.00%	8.85	%	3/14/2028	26,400	26,222	26,400
Pinnacle Fertility, Inc. (4)(9)(26)	SF +	5.00%	8.85	%	3/14/2028	9,047	8,991	9,047
Plasma Buyer LLC (4)(9)(19)(25)	SF +	5.75% PIK			5/12/2029	89,021	81,936	49,777
Plasma Buyer LLC (4)(9)(19)(25)	SF +	6.25% PIK			5/12/2029	3,374	3,089	1,887
Plasma Buyer LLC (4)(6)(9)(19)(25)	SF +	5.75% PIK			5/12/2028	10,172	9,335	5,646
Plasma Buyer LLC (4)(6)(9)(19)(25)	SF +	6.25% PIK			3/31/2027	6,356	1,816	1,943
PPV Intermediate Holdings, LLC (4)(9)(25)	SF +	5.75%	9.42	%	8/31/2029	21,233	21,041	20,972
PPV Intermediate Holdings, LLC (4)(6)(9)(25)	SF +	5.75%	9.41	%	8/31/2029	2,965	1,083	1,075
Precision Medicine Group, LLC (7)(24)	SF +	3.50%	7.17	%	8/20/2032	7,960	7,924	7,959
Premise Health Holding Corp (4)(9)(25)	SF +	4.75%	8.45	%	11/6/2032	30,201	29,916	29,758
Premise Health Holding Corp (4)(6)(9)(25)	SF +	4.75%	8.45	%	11/6/2032	12,770	7,530	7,467
Premise Health Holding Corp (4)(6)(9)					11/6/2031	2,984	(28)	(43)
Prism One Buyer, LLC (4)(9)(25)	SF +	5.25%	8.95	%	10/11/2032	68,376	67,739	67,553
Prism One Buyer, LLC (4)(6)(9)					10/11/2032	18,000	(168)	(217)
PTSH Intermediate Holdings, LLC (4)(9)(25)	SF +	5.00%	8.70	%	1/8/2033	10,106	9,940	9,949
Raven Acquisition Holdings LLC (7)(24)	SF +	3.00%	6.67	%	11/19/2031	19,583	19,481	19,235
Raven Acquisition Holdings LLC (6)(7)					11/19/2031	1,413	(7)	(25)
Solis Mammography Buyer, Inc. (4)(9)(25)	SF +	5.00%	8.70	%	5/29/2032	198,664	196,039	195,546
Solis Mammography Buyer, Inc. (4)(6)(9)					5/29/2032	19,774	(281)	(310)
Solis Mammography Buyer, Inc. (4)(6)(9)					5/29/2030	33,548	(419)	(441)
Southern Veterinary Partners LLC (7)(24)	SF +	2.50%	6.18	%	12/4/2031	5,808	5,774	5,766
Syneos Health Inc (7)(25)	SF +	4.00%	7.70	%	9/27/2030	14,846	14,778	14,699
Tenet Healthcare Corp (5)(7)		5.13%	5.13	%	11/1/2027	2,695	2,707	2,694

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(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
Tivity Health Inc (4)(9)(24)	SF +	5.00%	8.67	%	6/28/2029	128,190		126,919	128,190
TTF Lower Intermediate LLC (7)(25)	SF +	3.75%	7.38	%	7/18/2031	11,996		11,842	8,997
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9)(25)	SF +	5.75%	9.42	%	7/17/2028	42,303		41,967	42,027
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9)(25)	SF +	5.75%	9.42	%	7/17/2028	25,943		25,745	25,774
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9)(25)	SF +	5.75%	9.41	%	7/17/2028	32,093		31,847	31,884
Vaxcare Intermediate II LLC (4)(8)(25)	SF +	4.25%	7.95	%	6/17/2032	59,407		58,880	59,107
Vaxcare Intermediate II LLC (4)(6)(8)					6/17/2032	11,986		(106)	(61)
WCAS XIII Primary Care Investors, L.P. (4)(10)(25)	SF +	6.25%	9.95	%	12/31/2029	135,630		134,166	133,420
WCAS XIV Primary Care Investors, L.P. (4)(10)(25)	SF +	6.25%	9.95	%	12/31/2032	56,433		55,565	55,454
WCAS XIV Primary Care Investors, L.P. (4)(10)(25)	SF +	6.25%	9.95	%	12/31/2032	8,342		8,210	8,197
WCAS XIV Primary Care Investors, L.P. (4)(10)(25)	SF +	6.25%	9.95	%	12/31/2032	15,932		15,672	15,655
WCAS XIV Primary Care Investors, L.P. (4)(10)(25)	SF +	6.25%	9.95	%	12/31/2032	13,613		13,369	13,377
WCAS XIV Primary Care Investors, L.P. (4)(10)(25)	SF +	6.25%	9.95	%	12/31/2032	3,581		3,514	3,519
WCAS XIV Primary Care Investors, L.P. (4)(10)(25)	SF +	6.25%	9.95	%	12/31/2032	8,450		8,288	8,304
Total Health Care Providers & Services								3,302,664	3,282,868	26.40	%

Health Care Technology
AthenaHealth Group Inc. (8)(24)	SF +	2.75%	6.42	%	2/15/2029	17,994		17,876	17,690
Azalea Topco, Inc. (7)(24)	SF +	3.00%	6.67	%	4/30/2031	11,829		11,764	11,825
HT Intermediary III, Inc. (4)(6)(9)					11/12/2030	10,286		(51)	—
HT Intermediary III, Inc. (4)(9)(24)	SF +	4.50%	8.17	%	11/12/2030	41,898		41,736	41,898
HT Intermediary III, Inc. (4)(6)(9)					11/12/2030	3,857		(15)	—
Project Ruby Ultimate Parent Corp (7)(24)	SF +	2.75%	6.53	%	3/10/2028	22,577		22,520	22,502
Zelis Payments Buyer, Inc. (7)(24)	SF +	2.75%	6.42	%	9/28/2029	10,774		10,741	10,459
Zelis Payments Buyer, Inc. (7)(24)	SF +	3.25%	6.92	%	11/26/2031	4,938		4,918	4,790
Total Health Care Technology								109,489	109,164	0.88	%

Hotels, Restaurants & Leisure
Birdie Bidco, Inc. (4)(9)(25)	SF +	4.75% (incl 2.25% PIK)	8.45	%	11/17/2032	104,925		104,429	104,313
Birdie Bidco, Inc. (4)(6)(9)(25)	SF +	4.75% (incl 2.25% PIK)	8.42	%	11/17/2032	30,292		2,374	2,344
Birdie Bidco, Inc. (4)(6)(9)					11/17/2032	18,850		(89)	(110)
ClubCorp Holdings Inc (4)(10)(24)	SF +	4.75%	8.42	%	7/9/2032	104,436		103,030	103,392
ClubCorp Holdings Inc (4)(6)(10)					7/10/2031	16,153		(213)	(141)
Crunch Holdings LLC (4)(9)(24)	SF +	4.50%	8.17	%	9/26/2031	58,208		57,954	58,790
Crunch Holdings LLC (4)(6)(9)					9/26/2031	7,922		(35)	—
Fertitta Entertainment LLC (8)(24)	SF +	3.25%	6.92	%	1/27/2029	9,726		9,560	9,556
Flynn Restaurant Group LP (7)(24)	SF +	3.75%	7.42	%	1/28/2032	19,990		19,907	19,680
HB AcquisitionCo Pty Ltd (4)(5)(8)(34)	B +	6.50%	10.49	%	8/7/2029	AUD	32,211	21,325	22,221
HB AcquisitionCo Pty Ltd (4)(5)(8)(34)	B +	6.50%	10.51	%	8/7/2029	AUD	3,579	2,317	2,469
LC Ahab US Bidco LLC (7)(24)	SF +	2.50%	6.17	%	5/1/2031	10,061		9,920	9,979
Legends Hospitality Holding Company, LLC (4)(9)(25)	SF +	5.00%	8.67	%	8/22/2031	5,488		5,395	5,394
Legends Hospitality Holding Company, LLC (4)(6)(9)(24)	SF +	5.00%	8.67	%	8/22/2030	14,733		7,519	7,311
Legends Hospitality Holding Company, LLC (4)(9)(25)	SF +	5.50% (incl 2.75% PIK)	9.17	%	8/22/2031	96,533		94,498	94,882
ONE Group, LLC (4)(10)(25)	SF +	6.50%	10.17	%	5/1/2029	49,456		48,543	48,184
ONE Group, LLC (4)(6)(7)(25)	SF +	6.00%	9.67	%	10/31/2028	6,649		384	283
Saga Mid Co Limited (4)(5)(10)(31)	SN +	6.75%	10.49	%	2/27/2031	GBP	100,868	124,519	137,493

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(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
Saga Mid Co Limited (4)(5)(6)(10)					2/27/2031	GBP	30,110	(862)	1,195
Saga Mid Co Limited (4)(5)(6)(10)					2/27/2031	GBP	4,998	(134)	198
Travel Leaders Group, LLC (4)(14)(24)	SF +	7.50% (incl 3.50% PIK)	11.27	%	3/27/2028	144,588		143,255	143,174
Voyager Parent LLC (7)(25)	SF +	4.25%	7.95	%	7/1/2032	14,745		14,350	14,664
Total Hotels, Restaurants & Leisure								767,946	785,271	6.32	%

Household Durables
Marcone Group Inc (4)(9)(25)	SF +	7.00% (incl 3.25% PIK)	10.81	%	6/23/2028	51,562		51,270	42,532
Marcone Group Inc (4)(9)(25)	SF +	7.00% (incl 3.25% PIK)	10.81	%	6/23/2028	12,356		12,311	10,192
Marcone Group Inc (4)(9)(25)	SF +	7.00% (incl 3.25% PIK)	10.81	%	6/23/2028	13,678		13,628	11,282
Marcone Group Inc (4)(9)(25)	SF +	7.00% (incl 3.25% PIK)	10.81	%	6/23/2028	4,545		4,528	3,749
Total Household Durables								81,737	67,755	0.54	%

Independent Power and Renewable Electricity Producers
Dimension Energy LLC (4)(6)(14)(25)	SF +	4.00%	7.70	%	2/29/2028	60,064		33,216	33,139
Hamilton Projects Acquiror LLC (7)(24)	SF +	2.50%	6.17	%	5/30/2031	19,164		19,121	19,238
IP Operating Portfolio I, LLC (4)(7)		7.88%	7.88	%	12/31/2029	26,998		26,680	27,542
IP Operations II Investco, LLC (4)(15)(26)	SF +	5.50%	9.10	%	6/26/2029	24,645		24,326	24,625
Palmetto TE Borrower LLC (4)(14)(25)	SF +	5.50%	9.20	%	11/1/2027	171,723		170,395	170,622
Palmetto TE Borrower LLC (4)(6)(14)					11/1/2027	651		(5)	(4)
Sunzia UpperCo LLC (4)(16)(25)	SF +	5.00%	8.70	%	6/30/2026	25,000		25,000	25,000
Total Independent Power and Renewable Electricity Producers								298,733	300,162	2.41	%

Insurance
Acrisure LLC (7)(24)	SF +	3.00%	6.67	%	11/6/2030	18,582		18,574	18,038
Acrisure LLC (7)(24)	SF +	3.25%	6.92	%	6/21/2032	3,062		3,055	2,972
Alera Group, Inc. (8)(24)	SF +	2.75%	6.42	%	5/30/2032	7,960		7,925	7,737
Alliant Holdings Intermediate, LLC (7)(24)	SF +	2.50%	6.17	%	9/19/2031	18,464		18,344	18,344
AmWINS Group Inc (9)(24)	SF +	2.00%	5.67	%	1/30/2032	10,091		10,081	10,036
Amynta Agency Borrower Inc (7)(24)	SF +	2.50%	6.17	%	12/29/2031	19,990		19,671	19,729
CRC Insurance Group LLC (7)(25)	SF +	2.75%	6.45	%	5/6/2031	10,049		10,012	9,933
Galway Borrower LLC (4)(9)(25)	SF +	4.50%	8.20	%	9/29/2028	116,918		116,668	116,622
Galway Borrower LLC (4)(6)(9)(25)	SF +	4.50%	8.20	%	9/29/2028	4,449		1,678	1,681
Galway Borrower LLC (4)(6)(9)					9/29/2028	10,636		(53)	(27)
Global Service GmbH (4)(5)(7)(30)	E +	6.75%	8.85	%	2/1/2030	EUR	38,764	44,211	45,253
Goosehead Insurance Holdings LLC (4)(5)(7)(24)	SF +	3.00%	6.68	%	1/8/2032	3,483		3,475	3,413
Higginbotham Insurance Agency Inc (4)(10)(24)	SF +	4.50%	8.17	%	6/11/2031	41,942		41,698	41,942
Higginbotham Insurance Agency Inc (4)(6)(10)					6/11/2031	3,833		(33)	—
HUB International Ltd (7)		7.25%	7.25	%	6/15/2030	10,517		10,517	10,785
HUB International Ltd (7)(25)	SF +	2.25%	5.92	%	6/20/2030	11,603		11,523	11,591
Integrity Marketing Acquisition LLC (4)(6)(9)					8/25/2028	299		(1)	—
Integrity Marketing Acquisition LLC (4)(6)(9)					8/25/2028	1,117		(9)	—
Integrity Marketing Acquisition LLC (4)(9)(25)	SF +	5.00%	8.67	%	8/25/2028	64,477		64,234	64,477
Jones Deslauriers Insurance Management Inc (5)(7)		8.50%	8.50	%	3/15/2030	14,487		14,474	14,737
Koala Investment Holdings Inc (4)(9)(25)	SF +	4.25%	7.95	%	8/29/2032	118,126		117,044	116,573
Koala Investment Holdings Inc (4)(6)(9)					8/29/2032	11,529		(106)	(152)

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(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
Koala Investment Holdings Inc (4)(6)(9)					8/29/2032	22,775		(218)	(299)
Netrisk Group Luxco 4 S.A.R.L. (4)(5)(6)(7)					2/5/2032	EUR	2,789	(41)	—
Netrisk Group Luxco 4 S.A.R.L. (4)(5)(7)(29)	E +	5.00%	7.13	%	2/5/2032	EUR	36,820	37,856	42,980
Netrisk Group Luxco 4 S.A.R.L. (4)(5)(6)(7)					2/5/2032	EUR	6,694	(104)	76
OneDigital Borrower LLC (8)(24)	SF +	3.00%	6.67	%	7/2/2031	14,625		14,575	14,177
Summit Acquisition Inc. (7)(24)	SF +	3.50%	7.17	%	10/16/2031	17,369		17,300	17,369
Trucordia Insurance Services LLC (4)(7)(24)	SF +	3.25%	6.92	%	6/17/2032	6,880		6,865	6,364
USI Inc (7)(25)	SF +	2.25%	5.95	%	9/29/2030	12,711		12,696	12,692
USI Inc (7)(25)	SF +	2.25%	5.95	%	11/21/2029	1,900		1,900	1,898
Total Insurance								603,811	608,941	4.90	%

Interactive Media & Services
Aurelia Netherlands Midco 2 B.V. (4)(5)(7)(29)	E +	4.75%	6.77	%	5/29/2031	EUR	125,373	137,868	144,313
Cadillac Bidco S.À R.L. (4)(5)(7)(30)	E +	4.75%	6.93	%	2/28/2033	EUR	43,415	51,051	49,936
Total Interactive Media & Services								188,919	194,249	1.56	%

IT Services
Delta Topco, Inc. (7)(24)	SF +	2.75%	6.42	%	11/30/2029	18,956		18,912	18,380
GovCIO Buyer Company (4)(9)(24)	SF +	5.25%	8.92	%	7/9/2031	141,340		139,433	138,975
Hostinger Investments Sarl (4)(5)(6)(7)					11/19/2032	EUR	39,880	(671)	(933)
Hostinger Investments Sarl (4)(5)(7)(28)	E +	4.75%	6.69	%	11/19/2032	EUR	119,640	135,913	135,492
Mediaocean LLC (8)(24)	SF +	3.50%	7.27	%	12/15/2028	6,737		6,733	6,362
Meralm Bidco AB (4)(5)(8)(30)	E +	6.25% (incl 2.25% PIK)	8.39	%	8/29/2031	EUR	33,978	37,163	34,827
Meralm Bidco AB (4)(5)(8)(26)	SF +	6.25% (incl 2.25% PIK)	9.94	%	8/29/2031	14,168		14,009	12,563
Meralm Bidco AB (4)(5)(8)(40)	ST +	6.25% (incl 2.25% PIK)	8.28	%	8/29/2031	SEK	427,755	41,271	40,079
Meralm Bidco AB (4)(5)(8)(38)	N +	6.25% (incl 2.25% PIK)	10.57	%	8/29/2031	NOK	272,456	25,434	24,967
Meralm Bidco AB (4)(5)(8)(30)	E +	9.50% (incl 4.75% PIK)	11.56	%	8/29/2031	EUR	50,140	54,909	54,957
Meralm Bidco AB (4)(5)(6)(8)					8/29/2031	EUR	5,188	(76)	(679)
Total IT Services								473,030	464,990	3.74	%

Life Sciences Tools & Services
Advarra Holdings, Inc. (4)(9)(24)	SF +	4.50%	8.17	%	9/15/2031	125,959		125,469	125,959
Advarra Holdings, Inc. (4)(6)(10)					9/15/2031	6,020		(27)	—
Advarra Holdings, Inc. (4)(10)(24)	SF +	4.50%	8.17	%	9/15/2031	67,899		66,963	67,899
Advarra Holdings, Inc. (4)(9)(24)	SF +	4.50%	8.17	%	9/15/2031	14,673		14,605	14,673
Bamboo US BidCo LLC (4)(10)(25)	SF +	5.00%	8.67	%	9/30/2030	2,840		2,817	2,840
Bamboo US BidCo LLC (4)(10)(25)	SF +	5.00%	8.67	%	9/30/2030	2,855		2,830	2,855
Bamboo US BidCo LLC (4)(10)(25)	SF +	5.00%	8.67	%	9/30/2030	82,358		80,827	82,358
Bamboo US BidCo LLC (4)(6)(10)					10/1/2029	21,254		(372)	—
Bamboo US BidCo LLC (4)(10)(25)	SF +	5.00%	8.67	%	9/30/2030	15,327		15,008	15,327
Bamboo US BidCo LLC (4)(10)(29)	E +	5.00%	7.03	%	9/30/2030	EUR	62,336	64,717	72,054
Cambrex Corporation (4)(9)(24)	SF +	4.50%	8.17	%	3/6/2032	109,731		108,801	109,233
Cambrex Corporation (4)(6)(9)(24)	SF +	4.50%	8.17	%	3/6/2032	18,341		4,037	4,109
Cambrex Corporation (4)(9)(24)	SF +	4.50%	8.17	%	3/6/2032	16,419		16,269	16,345
PerkinElmer U.S. LLC (4)(10)(24)	SF +	4.75%	8.43	%	3/13/2029	21,608		21,514	21,525
PerkinElmer U.S. LLC (4)(10)(24)	SF +	4.75%	8.43	%	3/13/2029	253,534		250,245	252,563
Phantom Purchaser Inc (4)(9)(25)	SF +	4.75%	8.45	%	9/19/2031	100,292		99,425	99,808

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(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
Phantom Purchaser Inc (4)(6)(9)					9/19/2031	15,545		(134)	(75)
WCG Intermediate Corp (7)(24)	SF +	2.75%	6.42	%	2/25/2032	7,609		7,609	7,437
Total Life Sciences Tools & Services								880,603	894,910	7.20	%

Machinery
Indicor LLC (7)(25)	SF +	2.50%	6.20	%	11/22/2029	20,293		19,960	20,317
LSF12 Donnelly Bidco, LLC (4)(10)(24)	SF +	6.50%	10.17	%	10/2/2029	19,429		19,145	19,429
Lsf12 Helix Parent LLC (7)(24)	SF +	3.50%	7.17	%	2/10/2033	19,152		18,631	18,922
Madison Safety & Flow LLC (7)(24)	SF +	2.50%	6.18	%	9/26/2031	3,215		3,209	3,220
Radwell Parent, LLC (4)(9)(25)	SF +	4.75%	8.45	%	4/2/2029	150,328		148,172	150,328
Radwell Parent, LLC (4)(6)(9)(25)	SF +	4.75%	8.45	%	4/3/2028	13,271		2,972	3,097
Rotation Buyer, LLC (4)(6)(9)(25)	SF +	4.75%	8.42	%	12/27/2031	17,019		4,054	4,109
Rotation Buyer, LLC (4)(6)(9)(25)	SF +	4.75%	8.45	%	12/27/2031	8,731		2,059	2,081
Rotation Buyer, LLC (4)(9)(25)	SF +	4.75%	8.45	%	12/27/2031	65,875		65,335	65,499
Time Manufacturing Holdings LLC (4)(6)(9)(24)	SF +	6.50%	10.24	%	12/1/2027	1,002		994	770
Time Manufacturing Holdings LLC (4)(9)(29)	E +	6.50%	8.53	%	12/1/2027	EUR	4,792	5,032	4,224
Time Manufacturing Holdings LLC (4)(9)(29)	E +	6.50%	8.53	%	12/1/2027	EUR	8,439	9,478	7,438
Time Manufacturing Holdings LLC (4)(9)(25)	SF +	6.50%	10.32	%	12/1/2027	12,167		12,091	9,370
TK Elevator US Newco Inc (5)(8)(26)	SF +	2.75%	6.38	%	4/30/2030	14,881		14,760	14,930
Total Machinery								325,892	323,734	2.60	%

Media
2080 Media, Inc. (4)(9)(25)	SF +	4.75%	8.45	%	3/14/2029	53,300		52,830	53,300
2080 Media, Inc. (4)(6)(9)					3/14/2028	13,795		(90)	—
2080 Media, Inc. (4)(9)(25)	SF +	4.75%	8.45	%	3/14/2029	12,361		12,263	12,361
2080 Media, Inc. (4)(9)(25)	SF +	4.75%	8.45	%	3/14/2029	9,957		9,883	9,957
2080 Media, Inc. (4)(6)(9)					3/14/2029	27,282		(240)	—
2080 Media, Inc. (4)(6)(9)(25)	SF +	4.75%	8.42	%	3/14/2029	8,756		5,813	5,890
Arc Media Holdings Limited (4)(5)(10)(25)	SF +	7.25%	11.07	%	10/29/2027	39,914		39,594	39,814
Arc Media Holdings Limited (4)(5)(6)(10)(25)	SF +	7.25%	11.07	%	10/29/2027	2,766		2,592	2,607
Law Business Research Inc. (4)(5)(8)(26)	SF +	5.23%	8.92	%	5/19/2031	33,214		32,558	33,214
LOCI Bidco Limited (4)(5)(8)(31)	SN +	5.23%	8.98	%	5/19/2031	GBP	52,719	65,758	69,769
LOCI Bidco Limited (4)(5)(8)(26)	SF +	5.23%	8.85	%	5/19/2031	8,667		8,508	8,667
Total Media								229,469	235,579	1.89	%

Metals & Mining
Alchemy US Holdco 1 LLC (4)(10)(25)	SF +	6.50%	10.17	%	7/31/2029	117,537		114,088	109,811
Alchemy US Holdco 1 LLC (4)(10)(29)	E +	6.50%	8.53	%	7/31/2029	EUR	24,800	26,056	26,672
Alchemy US Holdco 1 LLC (4)(10)(25)	SF +	6.50%	10.17	%	7/31/2029	1,285		1,247	1,200
BLY US Holdings Inc. (4)(5)(10)(25)	SF +	6.00%	9.70	%	4/10/2029	56,491		55,625	55,186
BLY US Holdings Inc. (4)(5)(10)(25)	SF +	6.00%	9.70	%	4/10/2029	15,150		14,803	14,801
Star Holding LLC (7)(24)	SF +	4.50%	8.17	%	7/31/2031	4,232		4,214	4,189
Total Metals & Mining								216,033	211,859	1.70	%

Multi-Utilities
Forgent Intermediate IV (7)(25)	SF +	3.00%	6.66	%	12/20/2032	4,310		4,269	4,336
Total Multi-Utilities								4,269	4,336	0.03	%

Oil, Gas & Consumable Fuels
Eagle LNG Partners Jacksonville II LLC (4)(7)		13.50% (incl 6.35% PIK)	13.50	%	4/26/2029	935		919	832

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(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
Total Oil, Gas & Consumable Fuels								919	832	0.01	%

Personal Care Products
MRO Maryruth LLC (4)(7)(25)	SF +	3.50%	7.20	%	9/30/2030	48,388		48,114	48,388
MRO Maryruth LLC (4)(9)(25)	SF +	4.75%	8.45	%	9/30/2031	18,905		18,753	18,905
Parfums Holding Company, Inc. (4)(10)(25)	SF +	5.25%	8.95	%	6/27/2030	115,225		114,411	115,225
Parfums Holding Company, Inc. (4)(6)(10)					6/27/2029	9,034		(59)	—
Total Personal Care Products								181,219	182,518	1.47	%

Pharmaceuticals
Amneal Pharmaceuticals LLC (5)(8)(24)	SF +	3.00%	6.67	%	8/2/2032	7,761		7,743	7,797
Atlas Borrower, LLC (4)(8)(25)	SF +	4.50%	8.20	%	9/4/2032	88,012		87,203	86,838
Atlas Borrower, LLC (4)(6)(8)					9/4/2032	15,234		(140)	(203)
Azurity Pharmaceuticals Inc (4)(10)(25)	SF +	7.00%	10.67	%	3/14/2030	229,949		226,312	223,394
Azurity Pharmaceuticals Inc (4)(10)(25)	SF +	7.00%	10.65	%	3/14/2030	20,537		20,213	19,952
Creek Parent, Inc. (4)(9)(24)	SF +	5.00%	8.67	%	12/18/2031	119,936		118,334	118,890
Creek Parent, Inc. (4)(6)(9)					12/18/2031	22,379		(297)	(195)
Creek Parent, Inc. (4)(9)(23)(24)	SF +	5.75%	9.42	%	12/18/2031	1,207		1,191	1,196
Dechra Finance US LLC (5)(7)(26)	SF +	2.75%	6.39	%	1/27/2032	4,135		4,127	4,138
Endo Finance Holdings Inc (8)(24)	SF +	3.75%	7.42	%	4/23/2031	8,091		8,029	8,061
Gusto Aus Bidco Pty Ltd (4)(5)(8)(34)	B +	4.75%	8.54	%	11/15/2031	AUD	243,533	156,157	169,767
Gusto Aus Bidco Pty Ltd (4)(5)(6)(8)					11/15/2031	AUD	24,086	(103)	166
Total Pharmaceuticals								628,769	639,801	5.15	%

Professional Services
Baker Tilly Advisory Group, LP (4)(9)(24)	SF +	4.75%	8.42	%	6/3/2031	116,927		115,616	116,377
Baker Tilly Advisory Group, LP (4)(9)(24)	SF +	4.50%	8.17	%	6/3/2031	28,356		28,109	28,201
Baker Tilly Advisory Group, LP (4)(6)(9)					6/3/2030	27,686		(280)	(158)
Captive Resources Midco LLC (4)(6)(9)					7/3/2028	7,558		(57)	—
Captive Resources Midco LLC (4)(9)(24)	SF +	4.50%	8.17	%	7/2/2029	90,960		90,148	90,960
Chartis Group LLC (4)(9)(25)	SF +	4.25%	7.95	%	9/17/2031	80,774		80,144	80,774
Chartis Group LLC (4)(6)(9)(25)	SF +	4.25%	7.95	%	9/17/2031	25,019		3,931	4,152
Chartis Group LLC (4)(6)(9)					9/17/2031	14,716		(114)	—
Citrin Cooperman Advisors LLC (7)(25)	SF +	3.00%	6.70	%	4/1/2032	14,404		14,259	13,882
CohnReznick Advisory LLC (7)(25)	SF +	3.25%	6.95	%	3/31/2032	10,942		10,894	10,655
CohnReznick Advisory LLC (6)(7)					3/31/2032	635		(3)	(17)
Grant Thornton Advisors Holdings LLC (7)(24)	SF +	2.75%	6.42	%	6/2/2031	15,053		15,053	14,090
Guidehouse Inc. (4)(9)(24)	SF +	4.75%	8.42	%	12/16/2030	190,401		188,847	183,320
IG Investments Holdings, LLC (4)(6)(13)					9/22/2028	10,221		(68)	—
IG Investments Holdings, LLC (4)(9)(25)	SF +	5.00%	8.67	%	9/22/2028	87,790		87,489	87,790
IRI Group Holdings, Inc. (4)(9)(25)	SF +	4.25%	7.95	%	12/1/2029	206,163		204,838	206,163
IRI Group Holdings, Inc. (4)(6)(13)					12/1/2028	19,562		(112)	—
Planet US Buyer LLC (5)(7)(25)	SF +	3.00%	6.67	%	2/7/2031	7,369		7,356	7,380
Railpros Parent LLC (4)(9)(25)	SF +	4.25%	7.91	%	5/24/2032	24,708		24,492	24,609
Railpros Parent LLC (4)(6)(9)					5/24/2032	3,832		(34)	(21)
Sedgwick Claims Management Services Inc (7)(24)	SF +	2.50%	6.17	%	7/31/2031	18,823		18,686	18,507
Spirit RR Holdings, Inc. (4)(9)(25)	SF +	4.50%	8.30	%	9/13/2028	42,123		41,745	42,123
Spirit RR Holdings, Inc. (4)(6)(9)					9/13/2028	3,579		(31)	—
Spirit RR Holdings, Inc. (4)(9)(25)	SF +	4.50%	8.30	%	9/13/2028	5,889		5,838	5,889
Spirit RR Holdings, Inc. (4)(9)(25)	SF +	4.50%	8.30	%	9/13/2028	2,963		2,941	2,963
YA Intermediate Holdings II LLC (4)(9)(26)	SF +	5.00%	8.85	%	10/1/2031	46,973		46,789	46,966

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(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)(6)(9)(25)	SF +	5.00%	8.69	%	10/1/2031	19,788		3,494	3,627
YA Intermediate Holdings II LLC (4)(6)(9)(25)	SF +	5.00%	8.86	%	10/1/2031	9,750		2,854	2,891
Total Professional Services								992,824	991,123	7.97	%

Real Estate Management & Development
Associations Inc. (4)(10)(25)	SF +	6.50%	10.42	%	7/3/2028	54,856		54,826	54,856
Associations Inc. (4)(6)(10)(25)	SF +	6.50%	10.42	%	7/3/2028	4,294		2,052	2,054
Associations Inc. (4)(6)(10)					7/3/2028	3,459		(2)	—
Total Real Estate Management & Development								56,876	56,910	0.46	%

Semiconductors & Semiconductor Equipment
Altar Bidco Inc (8)(25)	SF +	3.10%	6.61	%	2/1/2029	8,667		8,636	8,629
TechInsights Inc (4)(5)(10)(23)(25)	SF +	5.91%	9.76	%	11/9/2030	2,494		2,479	2,463
TechInsights Inc (4)(5)(10)(23)(25)	SF +	5.91%	9.76	%	11/9/2030	960		954	948
TechInsights Inc (4)(5)(6)(10)					11/9/2030	21,537		(269)	(268)
Total Semiconductors & Semiconductor Equipment								11,800	11,772	0.09	%

Software
Armstrong Bidco Limited (4)(5)(7)(31)	SN +	5.25%	8.98	%	6/28/2029	GBP	67,987	81,870	89,529
Armstrong Bidco Limited (4)(5)(7)(31)	SN +	5.25%	8.98	%	6/28/2029	GBP	35,471	41,605	46,711
Artifact Bidco, Inc. (4)(8)(25)	SF +	4.15%	7.85	%	7/26/2031	45,788		45,440	45,788
Artifact Bidco, Inc. (4)(6)(8)					7/26/2031	11,207		(99)	—
Artifact Bidco, Inc. (4)(6)(8)					7/26/2030	5,443		(39)	—
Artifact Bidco, Inc. (4)(6)(8)					7/26/2030	2,562		(18)	—
Artisan Bidco, Inc. (4)(10)(29)	E +	7.00%	9.03	%	11/7/2029	EUR	18,195	19,170	19,981
Artisan Bidco, Inc. (4)(10)(25)	SF +	7.00%	10.65	%	11/7/2029	39,100		38,513	37,299
Artisan Bidco, Inc. (4)(6)(10)(25)	SF +	7.00%	10.66	%	11/7/2029	6,000		4,410	4,224
Artisan Bidco, Inc. (4)(10)(25)	SF +	7.00%	10.65	%	11/7/2029	988		980	942
Auditboard, Inc. (4)(6)(9)					7/14/2031	30,286		(229)	(600)
Auditboard, Inc. (4)(9)(25)	SF +	4.50%	8.20	%	7/14/2031	159,000		157,800	155,852
Auditboard, Inc. (4)(9)(25)	SF +	4.50%	8.20	%	7/14/2031	75,714		75,071	74,215
Auditboard, Inc. (4)(9)(25)	SF +	4.50%	8.20	%	7/14/2031	9,751		9,682	9,558
Avalara, Inc. (7)(25)	SF +	2.75%	6.45	%	3/26/2032	13,259		13,196	12,977
BMC Software Inc. (7)(25)	SF +	3.00%	6.67	%	7/30/2031	2,970		2,941	2,762
Boreal Bidco (4)(5)(7)(29)	E +	7.00% (incl 4.00% PIK)	9.13	%	3/26/2032	EUR	51,664	54,802	57,372
Bottomline Technologies, Inc. (4)(6)(9)					5/15/2028	385		(1)	(1)
Bottomline Technologies, Inc. (4)(9)(25)	SF +	4.50%	8.20	%	5/13/2029	4,455		4,434	4,441
Central Parent LLC (7)(25)	SF +	3.25%	6.95	%	7/6/2029	19,996		19,949	14,324
Cloud Software Group Inc (7)		6.50%	6.50	%	3/31/2029	7,740		7,133	7,561
Cloud Software Group Inc (7)(25)	SF +	3.25%	6.95	%	8/13/2032	13,930		13,930	12,786
Cloud Software Group Inc (7)(25)	SF +	3.25%	6.95	%	3/21/2031	4,741		4,741	4,357
Coupa Holdings, LLC (4)(9)(25)	SF +	5.25%	8.92	%	2/27/2030	78,381		77,353	78,381
Coupa Holdings, LLC (4)(6)(9)					2/27/2029	6,211		(75)	—
Coupa Holdings, LLC (4)(6)(9)					2/27/2030	7,123		(101)	—
DigiCert Inc (4)(9)(24)	SF +	5.75%	9.42	%	7/30/2030	327,466		323,213	317,713
DigiCert Inc (4)(9)(23)(24)	SF +	6.40%	10.07	%	7/30/2030	1,990		1,964	1,929
DigiCert Inc (4)(6)(9)					7/30/2030	35,060		(455)	(1,044)
EasyPark Strategy AB (4)(5)(8)(26)	SF +	4.75%	8.37	%	12/19/2030	45,577		45,037	44,808
EasyPark Strategy AB (4)(5)(8)(38)	N +	4.75%	8.99	%	12/19/2030	NOK	234,246	20,248	23,800
EasyPark Strategy AB (4)(5)(8)(30)	E +	4.75%	6.87	%	12/19/2030	EUR	74,735	76,635	84,912

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(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
EasyPark Strategy AB (4)(5)(8)(31)	SN +	4.75%	8.51	%	12/19/2031	GBP	29,019	35,708	37,748
EasyPark Strategy AB (4)(5)(8)(30)	E +	4.75%	6.87	%	12/19/2030	EUR	8,569	9,894	9,736
Edition Holdings Inc (4)(9)(25)	SF +	4.50%	8.17	%	12/20/2032	72,079		71,820	71,310
Edition Holdings Inc (4)(6)(9)					12/20/2032	15,048		(55)	(161)
Edition Holdings Inc (4)(6)(9)					12/20/2032	6,722		(24)	(72)
Einstein Parent Inc (4)(9)(25)	SF +	5.25%	8.92	%	1/22/2031	94,062		92,554	91,042
Einstein Parent Inc (4)(6)(9)					1/22/2031	9,745		(156)	(313)
Elements Finco Limited (4)(5)(7)(31)	SN +	5.50% (incl 2.50% PIK)	9.23	%	4/29/2031	GBP	26,727	33,395	35,370
Elements Finco Limited (4)(5)(7)(31)	SN +	5.25% (incl 2.25% PIK)	8.98	%	4/29/2031	GBP	39,884	49,540	52,782
Elements Finco Limited (4)(5)(7)(24)	SF +	5.25% (incl 2.25% PIK)	8.92	%	4/29/2031	8,342		8,283	8,342
Elements Finco Limited (4)(5)(7)(24)	SF +	5.25% (incl 2.25% PIK)	8.92	%	4/29/2031	6,943		6,894	6,943
Elements Finco Limited (4)(5)(7)(31)	SN +	5.50% (incl 2.50% PIK)	9.23	%	4/29/2031	GBP	11,981	14,965	15,855
Espresso Bidco Inc. (4)(9)(25)	SF +	5.75% (incl 3.13% PIK)	9.45	%	3/25/2032	53,447		52,784	51,685
Espresso Bidco Inc. (4)(6)(9)(25)	SF +	5.75% (incl 3.13% PIK)	9.45	%	3/25/2032	14,379		13,027	12,750
Espresso Bidco Inc. (4)(6)(9)					3/25/2032	6,370		(82)	(210)
Flexera Software LLC (4)(8)(28)	E +	4.50%	6.45	%	8/15/2032	EUR	65,335	76,300	73,067
Flexera Software LLC (4)(8)(25)	SF +	4.50%	8.15	%	8/15/2032	199,944		199,489	195,121
Flexera Software LLC (4)(6)(8)					8/15/2032	16,806		(38)	(405)
Huskies Parent Inc (4)(9)(24)	SF +	6.00% (incl 0.50% PIK)	9.77	%	11/5/2029	24,619		24,432	23,432
Huskies Parent Inc (4)(9)(24)	SF +	6.00%	9.77	%	11/5/2029	1,049		1,030	998
Huskies Parent Inc (4)(6)(9)					11/5/2029	1,000		(6)	(50)
ION Platform Finance US Inc (7)(25)	SF +	3.75%	7.45	%	10/7/2032	18,347		18,173	14,845
Kaseya Inc (7)(24)	SF +	3.25%	6.92	%	3/22/2032	20,263		20,161	18,982
Kona Buyer, LLC (4)(9)(25)	SF +	4.50%	8.17	%	7/23/2031	111,714		110,867	110,089
Kona Buyer, LLC (4)(9)(25)	SF +	4.50%	8.17	%	7/23/2031	6,555		6,504	6,460
Kona Buyer, LLC (4)(9)(25)	SF +	4.50%	8.17	%	7/23/2031	1,845		1,831	1,818
Kona Buyer, LLC (4)(6)(9)					7/23/2031	61,081		(302)	(889)
Kona Buyer, LLC (4)(6)(9)					6/27/2032	22,559		(152)	(328)
Kpler Finance SA (4)(5)(8)(26)	SF +	7.25% (incl 3.88% PIK)	10.94	%	4/25/2031	71,282		70,395	70,064
Kpler Finance SA (4)(5)(8)(26)	SF +	7.25% (incl 3.88% PIK)	10.94	%	4/25/2031	71,282		70,395	70,064
Kpler Finance SA (4)(5)(6)(8)(26)	SF +	6.75%	10.44	%	10/25/2030	20,000		17,749	17,657
Kpler Finance SA (4)(5)(6)(8)(26)	SF +	7.25% (incl 3.88% PIK)	10.93	%	10/25/2030	20,000		5,728	5,657
Kryptona Bidco US, LLC (4)(6)(9)					12/18/2031	16,852		(275)	(167)
Kryptona Bidco US, LLC (4)(9)(25)	SF +	5.75% (incl 3.13% PIK)	9.44	%	12/18/2031	160,612		158,093	159,021
Kryptona Bidco US, LLC (4)(7)(30)	E +	5.75% (incl 3.13% PIK)	8.06	%	12/18/2031	EUR	37,169	38,103	42,538
Kryptona Bidco US, LLC (4)(9)(30)	E +	5.75% (incl 3.13% PIK)	8.06	%	12/18/2031	EUR	10,711	12,270	12,258
Kryptona Bidco US, LLC (4)(9)(25)	SF +	5.75% (incl 3.13% PIK)	9.44	%	12/18/2031	39,825		39,431	39,430
McAfee Corp (8)(24)	SF +	3.00%	6.67	%	3/1/2029	8,707		8,595	7,804
Medallia Inc (4)(9)(19)(25)	SF +	6.00%			10/29/2028	82,826		80,815	49,828
Mitchell International Inc (8)(24)	SF +	3.00%	6.67	%	6/17/2031	9,850		9,813	9,426

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(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
OEConnection LLC (8)(24)	SF +	4.50%	8.17	%	12/23/2032	104,563		103,859	104,955
OEConnection LLC (6)(8)					12/23/2032	15,332		(75)	57
OEConnection LLC (6)(8)					12/23/2032	11,376		(73)	43
Omega II AB (4)(5)(6)(7)					6/18/2032	SEK	255,591	(125)	270
Omega II AB (4)(5)(7)(39)	ST +	4.25%	6.27	%	6/18/2032	SEK	943,460	97,195	100,684
Prism Parent Co., Inc. (4)(9)(24)	SF +	5.00%	8.68	%	9/19/2028	41,817		41,465	41,817
Prism Parent Co., Inc. (4)(6)(9)(24)	SF +	5.00%	8.68	%	9/19/2028	4,312		1,684	1,720
Project Alpha Intermediate Holding, Inc. (8)(25)	SF +	3.25%	6.95	%	10/26/2030	24,840		24,604	18,935
Proofpoint, Inc. (8)(25)	SF +	3.00%	6.70	%	8/31/2028	18,858		18,729	18,284
QBS Parent Inc (4)(9)(25)	SF +	4.50%	8.20	%	6/3/2032	39,328		39,168	38,707
QBS Parent Inc (4)(6)(9)					6/3/2032	3,820		(15)	(60)
Quail Buyer, Inc. (4)(9)(25)	SF +	5.00%	8.77	%	10/1/2027	7,143		7,105	7,143
Quail Buyer, Inc. (4)(9)(25)	SF +	5.00%	8.77	%	10/1/2027	22,798		22,644	22,798
Red Planet Borrower, LLC (8)(24)	SF +	4.00%	7.67	%	9/8/2032	5,473		5,423	5,365
Riley MergeCo LLC (4)(6)(10)(23)					9/23/2027	197		(1)	(18)
Riley MergeCo LLC (4)(10)(23)(24)	SF +	7.51%	11.29	%	9/23/2027	1,778		1,768	1,612
Rocket Software Inc (8)(24)	SF +	3.75%	7.42	%	11/28/2028	12,105		11,895	11,639
Severin Acquisition LLC (4)(9)(24)	SF +	4.75% (incl 2.25% PIK)	8.42	%	10/1/2031	305,910		303,580	305,910
Severin Acquisition LLC (4)(6)(9)(24)	SF +	4.50%	8.18	%	10/1/2031	44,454		11,505	11,854
Severin Acquisition LLC (4)(6)(9)(24)	SF +	4.75% (incl 2.25% PIK)	8.42	%	10/1/2031	63,135		14,629	15,182
Shackleton Lower JVCO ULC (4)(5)(9)(36)	C +	4.50%	6.76	%	11/5/2032	CAD	36,682	25,756	25,711
Shackleton Lower JVCO ULC (4)(5)(6)(9)					11/5/2032	CAD	18,341	(126)	(333)
Shackleton Lower JVCO ULC (4)(5)(6)(9)					11/5/2032	CAD	4,649	(31)	(84)
SI Swan UK Bidco Ltd (4)(5)(7)(25)	SF +	4.75%	8.42	%	12/16/2032	45,707		45,488	44,794
SI Swan UK Bidco Ltd (4)(5)(6)(7)					12/16/2032	10,845		(53)	(217)
SI Swan UK Bidco Ltd (4)(5)(6)(7)					6/17/2026	9,399		(47)	(188)
Skywalker Purchaser, LLC (4)(9)(25)	SF +	4.50%	8.16	%	7/23/2031	24,424		24,209	24,068
Skywalker Purchaser, LLC (4)(9)(25)	SF +	4.50%	8.16	%	7/23/2031	27,425		27,291	27,026
Smarsh Inc. (4)(6)(9)(25)	SF +	4.75%	8.42	%	2/16/2029	2,143		460	420
Smarsh Inc. (4)(9)(25)	SF +	4.75%	8.45	%	2/16/2029	22,500		22,322	21,920
Smarsh Inc. (4)(6)(9)(25)	SF +	4.75%	8.45	%	2/16/2029	3,214		665	603
Smarsh Inc. (4)(6)(9)					2/16/2029	2,143		(14)	(55)
Solis Bidco (4)(5)(7)(30)	E +	4.75%	6.85	%	10/7/2032	EUR	23,674	27,212	26,622
Solis Bidco (4)(5)(6)(7)					10/7/2032	EUR	11,500	(194)	(361)
Sophos Holdings LLC (5)(10)(24)	SF +	3.50%	7.28	%	3/5/2027	2,347		2,345	2,241
Spark Bidco Ltd (4)(5)(7)(25)	SF +	4.75%	8.40	%	10/8/2032	76,419		75,707	73,434
Spark Bidco Ltd (4)(5)(7)(34)	B +	4.75%	8.50	%	10/8/2032	AUD	23,695	15,467	15,745
Spark Bidco Ltd (4)(5)(6)(7)					10/8/2032	17,517		(164)	(684)
Spark US Bidco, Inc. (4)(7)(25)	SF +	4.75%	8.40	%	10/8/2032	28,094		27,832	26,997
Stack Sports Buyer, LLC (4)(9)(24)	SF +	5.75% (incl 3.13% PIK)	9.22	%	3/31/2031	133,594		131,946	131,410
Stack Sports Buyer, LLC (4)(6)(9)					3/31/2031	29,305		(403)	(479)
Stack Sports Buyer, LLC (4)(6)(9)					3/31/2031	21,553		(269)	(352)
Storable Inc (7)(24)	SF +	3.25%	6.92	%	4/16/2031	5,696		5,683	5,481
Tango Bidco SAS (4)(5)(6)(7)					10/17/2031	EUR	3,130	(45)	(122)
Tango Bidco SAS (4)(5)(6)(7)(29)	E +	5.25%	7.27	%	10/17/2031	EUR	16,592	13,740	14,556
Tango Bidco SAS (4)(5)(7)(29)	E +	5.25%	7.27	%	10/17/2031	EUR	41,812	44,744	46,704
Tango Bidco SAS (4)(5)(6)(7)					10/17/2031	EUR	7,161	(83)	(279)
Technology Growth Capital Pty Ltd (4)(5)(10)(25)	SF +	6.50%	10.16	%	7/2/2030	30,127		29,539	29,541
Trading Technologies International Inc (4)(8)(25)	SF +	4.25%	7.91	%	11/4/2032	96,650		96,536	95,487

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(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
Trading Technologies International Inc (4)(8)(25)	SF +	4.25%	7.91	%	11/4/2032	32,217		32,178	31,829
Trading Technologies International Inc (4)(6)(8)					11/4/2032	23,643		(28)	(284)
Tricentis Operations Holdings Inc (4)(9)(25)	SF +	6.00% (incl 3.25% PIK)	9.64	%	2/11/2032	141,162		140,036	139,361
Tricentis Operations Holdings Inc (4)(6)(9)					2/11/2032	26,875		(247)	(343)
Tricentis Operations Holdings Inc (4)(6)(9)					2/11/2032	19,449		(163)	(248)
TriMech Acquisition Corp. (4)(10)(25)	SF +	4.75%	8.45	%	3/10/2028	20,842		20,735	20,842
TriMech Acquisition Corp. (4)(10)(32)	SN +	4.75%	8.63	%	3/10/2028	GBP	35,424	43,142	46,880
TriMech Acquisition Corp. (4)(6)(10)					3/10/2028	3,289		(20)	—
User Zoom Technologies, Inc. (4)(9)(25)	SF +	7.25% (incl 1.25% PIK)	10.92	%	4/5/2029	18,989		18,816	18,000
User Zoom Technologies, Inc. (4)(9)(25)	SF +	7.75% (incl 1.75% PIK)	11.40	%	4/5/2029	1,526		1,498	1,472
WorkWave Intermediate II, LLC (4)(9)(25)	SF +	5.75%	9.44	%	9/30/2032	94,681		93,809	93,018
WorkWave Intermediate II, LLC (4)(6)(9)(25)	SF +	5.75%	9.46	%	9/30/2032	11,593		1,342	1,254
Zendesk Inc (4)(9)(25)	SF +	5.00%	8.71	%	11/22/2028	25,639		25,367	25,053
Zendesk Inc (4)(9)(25)	SF +	5.00%	8.71	%	11/22/2028	159,021		157,627	155,383
Zendesk Inc (4)(6)(9)					11/22/2028	17,940		(158)	(410)
Zendesk Inc (4)(9)(25)	SF +	5.00%	8.69	%	11/22/2028	13,457		13,457	13,149
Total Software								4,364,916	4,331,563	34.83	%

Specialty Retail
Constellation Automotive Limited (4)(5)(7)(30)	E +	6.25%	8.37	%	4/3/2031	EUR	18,107	19,719	20,893
Constellation Automotive Limited (4)(5)(7)(31)	SN +	6.25%	10.00	%	4/3/2031	GBP	43,803	56,594	57,841
Foundation Automotive Corp (4)(5)(10)(19)(25)	SF +	7.75% PIK			12/27/2027	17,924		15,032	7,474
Foundation Automotive US Corp (4)(10)(19)(25)	SF +	7.75% PIK			12/24/2027	19,062		15,897	7,949
Foundation Automotive US Corp (4)(10)(19)(25)	SF +	7.75% PIK			12/23/2027	5,550		4,714	2,314
Foundation Automotive US Corp (4)(6)(10)(19)(25)	SF +	7.75%			12/23/2027	4,052		3,193	1,149
Great Outdoors Group, LLC (9)(24)	SF +	3.25%	6.92	%	1/23/2032	13,454		13,398	13,449
Knitwell Borrower LLC (4)(10)(25)	SF +	7.75%	11.57	%	7/28/2027	32,078		31,759	31,800
Knitwell Borrower LLC (4)(10)(25)	SF +	7.75%	11.57	%	7/28/2027	28,228		27,809	27,984
Knitwell Borrower LLC (4)(10)(25)	SF +	7.75%	11.57	%	7/28/2027	73,583		72,862	72,945
PetSmart LLC (7)(24)	SF +	4.00%	7.67	%	8/18/2032	16,738		16,585	16,658
Spanx, LLC (4)(9)(25)	SF +	5.50%	9.27	%	11/20/2028	28,725		28,498	20,139
Spanx, LLC (4)(6)(9)(25)	SF +	5.25%	9.02	%	11/18/2027	5,000		1,439	223
Staples, Inc. (8)(25)	SF +	5.75%	9.41	%	9/4/2029	27,795		26,922	25,333
The Michaels Companies, Inc. (7)(25)	SF +	5.00%	8.67	%	3/15/2033	20,170		19,770	19,617
White Cap Supply Holdings LLC (7)(24)	SF +	3.25%	6.92	%	10/19/2029	13,927		13,881	13,427
Total Specialty Retail								368,072	339,195	2.73	%

Textiles, Apparel & Luxury Goods
S&S Holdings LLC (8)(24)	SF +	5.00%	8.68	%	10/1/2031	11,820		11,677	11,170
Total Textiles, Apparel & Luxury Goods								11,677	11,170	0.09	%

Trading Companies & Distributors
Atlas Intermediate III LLC (4)(6)(10)					10/31/2029	13,445		(201)	(515)
Atlas Intermediate III LLC (4)(10)(25)	SF +	7.75%	11.42	%	10/31/2029	121,526		119,853	116,875
Core & Main LP (5)(7)(24)	SF +	2.00%	5.68	%	2/9/2031	1,804		1,804	1,808
EIS Legacy Holdco, LLC (4)(9)(25)	SF +	4.50%	8.16	%	11/5/2031	63,626		63,118	63,626
EIS Legacy Holdco, LLC (4)(6)(9)(25)	SF +	4.50%	8.16	%	11/5/2031	30,536		23,079	23,343
EIS Legacy Holdco, LLC (4)(6)(9)					11/5/2030	13,000		(100)	—
W3 TopCo LLC (4)(10)(25)	SF +	6.50%	10.17	%	3/22/2029	87,380		85,304	76,499

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(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
Total Trading Companies & Distributors								292,857		281,636		2.26	%

Transportation Infrastructure
Tikehau Motion Midco SARL (4)(5)(7)(30)	E +	6.50%	8.64	%	8/22/2031	EUR	23,823	27,399		27,108
Tikehau Motion Midco SARL (4)(5)(7)(30)	E +	6.50%	8.64	%	8/22/2031	EUR	51,456	59,234		58,552
Tikehau Motion Midco SARL (4)(5)(6)(7)					8/22/2031	EUR	38,175	(850)		(687)
Total Transportation Infrastructure								85,783		84,973		0.68	%

Wireless Telecommunication Services
CCI Buyer, Inc. (4)(6)(9)					5/13/2032	18,017		(157)		(179)
CCI Buyer, Inc. (4)(9)(25)	SF +	5.00%	8.70	%	5/13/2032	233,010		230,971		230,693
Total Wireless Telecommunication Services								230,814		230,514		1.85	%
Total First Lien Debt								$	23,822,677	$	23,783,978	191.25	%

Second Lien Debt
Professional Services
Sedgwick Claims Management Services Inc (4)(7)(25)	SF +	5.00%	8.67	%	7/30/2032	$	25,000	$	24,799	$	25,000
Total Professional Services								24,799		25,000		0.20	%
Total Second Lien Debt								$	24,799	$	25,000	0.20	%

Other Secured Debt
Asset Based Lending and Fund Finance
Inflexion BFVI Financing Limited (4)(5)(7)(31)	SN +	4.50% PIK	8.23	%	4/30/2030	GBP	22,135	$	29,039	$	29,034
Inflexion BFVI Financing Limited (4)(5)(7)(31)	SN +	4.50% PIK	8.23	%	4/30/2030	GBP	19,947	26,783		26,166
TPG VIII Merlin New Holdings I, L.P. (4)(5)(10)(25)	SF +	6.50%	10.15	%	3/15/2027	26,185		26,018		26,067
Total Asset Based Lending and Fund Finance								81,840		81,267		0.65	%

Entertainment
Chord Searchlight, L.P (4)(5)(6)(10)(25)	SF +	6.75% PIK	10.39	%	7/16/2030	113,278		85,633		85,981
Chord Searchlight, L.P (4)(5)(6)(10)					7/16/2030	76,007		(1,140)		(755)
Total Entertainment								84,493		85,226		0.69	%

Hotels, Restaurants & Leisure
Iris Capital Holdings Pty Ltd (4)(5)(10)(33)	B +	5.50%	9.70	%	5/11/2029	AUD	30,980	21,864		21,177
Iris Capital Holdings Pty Ltd (4)(5)(10)(33)	B +	5.50%	9.70	%	5/11/2029	AUD	10,327	7,288		7,059
Iris Capital Holdings Pty Ltd (4)(5)(6)(10)					5/11/2029	AUD	123,918	(883)		(821)
Iris Capital Holdings Pty Ltd (4)(5)(6)(10)					5/11/2029	AUD	15,490	(110)		(103)
Total Hotels, Restaurants & Leisure								28,159		27,312		0.22	%

Real Estate Management & Development
Link Apartments Opportunity Zone REIT, LLC (4)(16)(25)	SF +	7.50%	11.20	%	12/27/2029	16,371		16,126		16,182
Link Apartments Opportunity Zone REIT, LLC (4)(16)(25)	SF +	7.50%	11.20	%	12/27/2029	9,355		9,215		9,247
Total Real Estate Management & Development								25,341		25,429		0.20	%

Software
Solis Finco (4)(5)(7)(30)	E +	7.75% PIK	9.85	%	10/7/2033	EUR	7,891	9,048		8,863
Total Software								9,048		8,863		0.07	%
Total Other Secured Debt								$	228,881	$	228,097	1.83	%

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(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
Unsecured Debt
Diversified Consumer Services
Wildcat Car Wash Holdings, LLC (4)(7)		15.00% PIK	15.00	%	7/16/2029	$	18,648	$	18,648	$	18,648
Total Diversified Consumer Services								18,648		18,648		0.15	%

Health Care Providers & Services
DCA Acquisition Holdings LLC (4)(7)(19)		13.13% PIK			12/28/2032	1,398		1,176		73
DCA Acquisition Holdings LLC (4)(7)(19)		13.13% PIK			12/28/2032	132		111		7
DCA Acquisition Holdings LLC (4)(7)(19)		13.13% PIK			12/28/2032	238		198		12
VetCor Group Holdings LLC (4)(7)		13.75% PIK	13.75	%	9/3/2030	383		380		339
VetCor Group Holdings LLC (4)(7)		13.75% PIK	13.75	%	9/3/2030	1,216		1,206		1,075
VetCor Group Holdings LLC (4)(7)		14.75% PIK	14.75	%	9/3/2030	333		329		304
Total Health Care Providers & Services								3,400		1,810		0.01	%

Insurance
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (7)		6.75%	6.75	%	10/15/2027	6,255		6,050		6,254
Total Insurance								6,050		6,254		0.05	%

Real Estate Management & Development
Associations Finance, Inc. (4)(7)		14.25% PIK	14.25	%	5/3/2030	10,677		10,649		10,677
Associations Finance, Inc. (4)(7)		14.25% PIK	14.25	%	5/3/2030	4,077		4,067		4,077
Total Real Estate Management & Development								14,716		14,754		0.12	%

Software
Elements Midco 1 Limited (4)(5)(8)(31)	SN +	8.25% PIK	12.00	%	4/29/2032	GBP	1,970	2,460		2,414
Total Software								2,460		2,414		0.02	%
Total Unsecured Debt								$	45,274	$	43,880	0.35	%

Structured Finance Investments
Structured Finance
720 East CLO V Ltd (5)(7)(25) - Class E	SF +	6.30%	9.97	%	7/20/2037	$	4,000	$	4,000	$	3,990
ABPCI Direct Lending Fund CLO XVII LLC (5)(7)(25) - Class E	SF +	8.00%	11.66	%	8/1/2036	3,500		3,518		3,455
Alp CFO 2025, L.P. (4)(5)(7) - Class A		7.09%	7.09	%	7/15/2037	1,000		1,000		997
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
ARES CLO Ltd (5)(7)(25) - Class E	SF +	6.70%	10.37	%	4/20/2037	5,000		5,000		4,746
Ares Secondaries Pbn Finance Co IV LLC (4)(5)(6)(7)(25) - Class A	SF +	2.90%	6.57	%	4/14/2039	997		134		140
Ares Secondaries Pbn Finance Co IV LLC (4)(5)(6)(7)(25) - Class C	SF +	8.50%	12.17	%	4/14/2039	5,000		685		821
Bain Capital Credit CLO 2024-3 Ltd (5)(7)(25) - Class E	SF +	6.25%	9.92	%	7/16/2037	2,000		2,000		1,932
Barings CLO Ltd 2024-IV (5)(7)(25) - Class E	SF +	5.95%	9.62	%	10/20/2037	4,500		4,500		4,392
Benefit Street Partners CLO XXXVI Ltd (5)(7)(25) - Class E1	SF +	5.50%	9.17	%	1/25/2038	4,750		4,750		4,592
Columbia Cent CLO 33 Ltd (5)(7)(25) - Class E	SF +	7.16%	10.83	%	4/20/2037	2,000		1,966		1,899
Dryden 108 CLO Ltd (5) - Subordinated Note					7/18/2035	2,900		2,291		1,303
Fort Washington CLO 2019-1 (5)(7)(25) - Class ER2	SF +	7.99%	11.66	%	10/20/2037	4,500		4,558		4,438
Monroe Capital Mml Clo XVII Ltd (5)(7)(25) - Class E	SF +	7.91%	11.58	%	1/15/2037	5,000		4,911		4,934
Monroe Capital Mml Clo XVII Ltd (5)(7)(25) - Class D	SF +	4.65%	8.32	%	1/15/2037	1,000		1,000		979
Ocp Clo 2024-33 Ltd (5)(7)(25) - Class E	SF +	6.00%	9.67	%	7/20/2037	5,000		5,000		4,938

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(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
Octagon 52 Ltd (5)(7)(25) - Class ER	SF +	7.33%	11.26	%	7/23/2037	3,000	2,974		2,866
Octagon 63 Ltd (5)(7)(25) - Class E	SF +	6.50%	10.17	%	7/20/2037	3,000	3,000		2,961
Rad CLO Ltd (5)(7)(25) - Class E	SF +	6.51%	10.18	%	4/15/2034	2,500	2,503		2,344
Voya CLO Ltd (5)(7)(25) - Class E	SF +	6.00%	9.67	%	7/20/2037	4,000	4,000		3,976
Total Structured Finance							86,290		84,203		0.68	%
Total Structured Finance Investments							$	86,290	$	84,203	0.68	%

Equity Investments
Broadline Retail
Thrasio Holdings, Inc. (4)(22) - Common Stock						19,015	$	—	$	—
Total Broadline Retail							—		—		—	%

Diversified Consumer Services
CG Parent Intermediate Holdings, Inc. (4)(22)(44) - Preferred Stock						2,000	1,940		2,657
Club Car Wash Preferred, LLC (4)(7)(22) - Preferred Stock		15.00% PIK	15.00	%		17,537	17,537		17,536
Club Car Wash Preferred, LLC (4)(7)(22) - Preferred Stock		15.00% PIK	15.00	%		8,817	8,817		8,817
Rapid Express Preferred, LLC (4)(7)(22) - Preferred Stock		15.00% PIK	15.00	%		7,612	7,612		7,612
Rapid Express Preferred, LLC (4)(7)(22) - Preferred Stock		15.00% PIK	15.00	%		2,784	2,784		2,784
Total Diversified Consumer Services							38,690		39,406		0.32	%

Entertainment
AMR GP Holdings Ltd (4)(5)(22) - Ordinary Shares						168	1,008		1,540
Total Entertainment							1,008		1,540		0.01	%

Financial Services
Holdings 2, L.P. (4)(5)(7)(21)(22) - L.P. Interest		11.50%	11.50	%		187,500	184,219		184,279
Total Financial Services							184,219		184,279		1.48	%

Health Care Equipment & Supplies
Femur Holdings LP (4)(22) - Preferred Stock						36,599,661	35,905		28,831
Total Health Care Equipment & Supplies							35,905		28,831		0.23	%

Health Care Providers & Services
Eating Recovery Center TopCo, LLC (4)(22) - Class A Common Units						3,528	4,634		—
Total Health Care Providers & Services							4,634		—		—	%

Hotels, Restaurants & Leisure
The ONE Group Hospitality, Inc. (4)(22)(44) - Preferred Stock						1,000	877		1,075
The ONE Group Hospitality, Inc. (22) - A-2 Warrants						11,911	61		21
The ONE Group Hospitality, Inc. (4)(22) - B-2 Warrants						6,667	12		—
Total Hotels, Restaurants & Leisure							950		1,096		0.01	%

Insurance
Navacord Intermediate Holdings Inc (4)(5)(6)(22) - Preferred Stock						411	(5)		—

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(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
Navacord Intermediate Holdings Inc (4)(5)(22)(44) - Preferred Stock						1,644		1,182		1,183
Total Insurance								1,177		1,183		0.01	%

Media
OneTeam Partners, LLC (4)(7)(22) - Preferred Units		8.00%	8.00	%		177,651		947		1,241
Total Media								947		1,241		0.01	%

Oil, Gas & Consumable Fuels
Eagle LNG Partners Jacksonville II LLC (4)(22) - Warrants						—		—		—
ELNG Equity LLC (4)(22) - Warrants						78,038		—		—
ELNG Equity LLC (4)(22) - Warrants						31,427		—		—
Total Oil, Gas & Consumable Fuels								—		—		—	%

Pharmaceuticals
Creek Feeder, L.P. (4)(22) - LP Interest						9,000		9,000		9,941
Total Pharmaceuticals								9,000		9,941		0.08	%

Professional Services
BCPE Virginia Holdco, Inc. (4)(22)(44) - Preferred Stock						2,000		1,960		2,783
Total Professional Services								1,960		2,783		0.02	%

Software
Lava Topco, Inc. (4)(22) - Preferred Stock						2,000		2,000		2,000
Total Software								2,000		2,000		0.02	%

Wireless Telecommunication Services
CCI Topco, Inc. (4)(22)(44) - Preferred Stock						20		1,960		2,232
Total Wireless Telecommunication Services								1,960		2,232		0.02	%
Total Equity Investments								$	282,450	$	274,532	2.21	%
Total Investments - Non-Controlled/Non-Affiliated								$	24,490,371	$	24,439,690	196.52	%

Non-Controlled/Affiliated Investments
First Lien Debt
Commercial Services & Supplies
Galaxy US Opco Inc (5)(8)(20)(25)	SF +	5.25% (incl 3.75% PIK)	8.92	%	7/31/2030	$	11,745	$	11,608	$	10,193
Logo Holdings III Corporation (4)(10)(20)(25)	SF +	7.50% PIK	11.27	%	8/1/2030	7,729		6,010		7,729
Total Commercial Services & Supplies								17,618		17,922		0.14	%

Diversified Consumer Services
Wash & Wax Systems LLC (4)(10)(20)(25)	SF +	5.50% PIK	9.17	%	4/30/2028	15,090		14,802		15,091
Wash & Wax Systems LLC (4)(6)(10)(20)(25)	SF +	5.50%	9.17	%	4/30/2028	947		614		631
Total Diversified Consumer Services								15,416		15,722		0.13	%

Hotels, Restaurants & Leisure
Artemis Bidco Limited (4)(5)(7)(20)(31)	SN +	6.00% PIK	9.76	%	9/8/2028	GBP	1,181	1,549		1,563
Artemis Bidco Limited (4)(5)(7)(20)(31)	SN +	6.00% PIK	9.76	%	9/8/2028	GBP	1,225	1,606		1,621
Artemis Bidco Limited (4)(5)(7)(20)(31)	SN +	6.00% PIK	9.76	%	9/8/2028	GBP	2,030	2,662		2,686
Artemis Bidco Limited (4)(5)(6)(7)(20)(31)	SN +	6.75% PIK	10.51	%	9/8/2028	GBP	1,465	92		93
Artemis Bidco Limited (4)(5)(7)(20)(31)	SN +	6.75% PIK	10.51	%	9/8/2028	GBP	857	1,043		1,134

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(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
Total Hotels, Restaurants & Leisure								6,952		7,097		0.06	%

IT Services
New Era Technology Inc (4)(10)(20)(25)	SF +	6.25% PIK	10.10	%	6/30/2030	7,975		7,890		7,975
Total IT Services								7,890		7,975		0.06	%

Textiles, Apparel & Luxury Goods
Daphne S.P.A. (4)(5)(7)(20)(29)	E +	6.75%	8.75	%	5/23/2030	EUR	23,347	28,096		26,987
Total Textiles, Apparel & Luxury Goods								28,096		26,987		0.22	%
Total First Lien Debt								$	75,972	$	75,703	0.61	%

Second Lien Debt
Commercial Services & Supplies
Logo Holdings III Corporation (4)(10)(20)(25)	SF +	7.50% PIK	11.27	%	10/30/2028	$	2,742	$	2,150	$	2,742
Total Commercial Services & Supplies								2,150		2,742		0.02	%
Total Second Lien Debt								$	2,150	$	2,742	0.02	%

Unsecured Debt
Diversified Consumer Services
Wash & Wax Holdings LLC (4)(7)(20)		12.00% PIK	12.00	%	7/30/2028	$	10,570	$	10,167	$	10,570
Total Diversified Consumer Services								10,167		10,570		0.09	%
Total Unsecured Debt								$	10,167	$	10,570	0.09	%

Equity Investments
Commercial Services & Supplies
Southern Graphics Holdings LLC (4)(20)(22) - Class A Units						274		$	2,333	$	1,470
Velocity Cayman Holding L.P. (4)(5)(20)(22) - Class A-1 Units						91,605		2,224		2,628
Velocity Cayman Holding L.P. (4)(5)(20)(22) - Class A-2 Units						159,628		3,938		3,938
Velocity Cayman Holding L.P. (4)(5)(20)(22) - Class A-3 Units						36,642		—		128
Velocity Cayman Holdings GP LLC (4)(5)(20)(22) - Class A-1 Units						91,605		—		—
Velocity Cayman Holdings GP LLC (4)(5)(20)(22) - Class A-2 Units						159,628		—		—
Velocity Cayman Holdings GP LLC (4)(5)(20)(22) - Class A-3 Units						36,642		—		—
Total Commercial Services & Supplies								8,495		8,164		0.06	%

Diversified Consumer Services
Wash & Wax Group LP (4)(20)(22) - Class A Common Units						6,312		8,547		5,215
Total Diversified Consumer Services								8,547		5,215		0.04	%

Hotels, Restaurants & Leisure
Ark Newco Limited (4)(5)(20)(22) - A2 Ordinary Shares						1,291		—		—
Ark Newco Limited (4)(5)(20)(22) - Preferred Stock						7,884,250		10,210		9,474
Total Hotels, Restaurants & Leisure								10,210		9,474		0.08	%

IT Services
NE SPV Holdco, LLC (4)(20)(22) - Common Units						7,185		—		—

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(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
NE SPV Holdco, LLC (4)(20)(22) - Preferred Units					7,185		5,239		3,209
Total IT Services							5,239		3,209		0.02	%

Real Estate Management & Development
SLF V AD1 Holdings, LLC (4)(20)(21)(22) - LLC Interest					8,521		8,306		4,967
Total Real Estate Management & Development							8,306		4,967		0.04	%

Textiles, Apparel & Luxury Goods
Demon Holdco Lux Sarl (4)(5)(20)(21)(22) - Class A Common Units					822,214		22,660		21,905
Total Textiles, Apparel & Luxury Goods							22,660		21,905		0.18	%
Total Equity Investments							$	63,457	$	52,934	0.42	%
Total Investments - Non-Controlled/Affiliated							$	151,746	$	141,949	1.14	%

Controlled/Affiliated Investments
Investments in Joint Ventures
ULTRA III, LLC (5)(20)(22) - LLC Interest							$	421,029	$	426,214
Total Investments in Joint Ventures							$	421,029	$	426,214	3.43	%
Total Investments - Controlled/Affiliated							$	421,029	$	426,214	3.43	%
Total Investment Portfolio							$	25,063,146	$	25,007,853	201.09	%

Cash and Cash Equivalents
J.P. Morgan U.S. Government Fund, Institutional Shares (5)		3.50	%		$	322,919	$	322,919	$	322,919
Cash							380,494		380,494
Total Cash and Cash Equivalents							$	703,413	$	703,413	5.66	%
Total Investment Portfolio, Cash and Cash Equivalents							$	25,766,559	$	25,711,266	206.75	%

(1)Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in U.S. dollars. As of March 31, 2026, the Company had investments denominated in Canadian Dollars (“CAD”), Euros (“EUR”), British Pounds (“GBP”), Japanese Yen (“JPY”), Swedish Krona (“SEK”), Norwegian Krone (“NOK”), Singapore Dollar (“SGD”), and Australian Dollars (“AUD”). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments and the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral under its credit facilities and debt securitization issuances unless otherwise indicated.

(2)The majority of the investments bear interest at a rate that may be determined by reference to the Prime Rate (“Prime” or “P”), Sterling Overnight Index Average (“SONIA” or “SN”), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate (“SOFR” or “SF”), Canadian Overnight Repo Rate Average (“CORRA” or “C”), Singapore Overnight Rate Average (“SORA”), Stockholm Interbank Offered Rate (“STIBOR” or “ST”), Norwegian Interbank Offered Rate (“NIBOR” or “N”), Tokyo Overnight Average Rate (“TONA” or “TN”), or Bank Bill Swap Bid Rate ("BBSY" or "B") which reset daily, monthly, quarterly, semiannually or annually. For each such investment, the Company has provided the spread over Prime, SONIA, Euribor, SOFR, CORRA, SORA, STIBOR, TONA, NIBOR, or BBSY and the current contractual interest rate in effect at March 31, 2026. Certain investments are subject to a SOFR interest rate floor, or rate cap. Certain investments contain a payment-in-kind (“PIK”) provision. SOFR-based contracts may include a credit spread adjustment, which is included within the stated all-in interest rate, if applicable, that is charged in addition to the base rate and the stated spread.

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

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

(5)The investment is not a qualifying asset, in whole or in part, under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2026, non-qualifying assets represented 22.4% of total assets as calculated in accordance with regulatory requirements.

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

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


Investments	Commitment Type	Unfunded Commitment		Fair Value
Non-Controlled/Non-Affiliated
2080 Media, Inc.	1st Lien Senior Secured Delayed Draw Loan	$	27,282	$	—
2080 Media, Inc.	1st Lien Senior Secured Delayed Draw Loan	2,867		—
2080 Media, Inc.	1st Lien Senior Secured Revolving Loan	13,795		—
AB Centers Acquisition Corporation	1st Lien Senior Secured Delayed Draw Loan	14,556		(80)
AB Centers Acquisition Corporation	1st Lien Senior Secured Revolving Loan	24,356		(134)
ABC Legal Holdings, LLC	1st Lien Senior Secured Delayed Draw Loan	24,138		241
ABC Legal Holdings, LLC	1st Lien Senior Secured Revolving Loan	16,200		—
Advarra Holdings, Inc.	1st Lien Senior Secured Delayed Draw Loan	6,020		—
Arc Media Holdings Limited	1st Lien Senior Secured Revolving Loan	152		—
Arcfield Acquisition Corp	1st Lien Senior Secured Revolving Loan	13,671		—
Ares Secondaries Pbn Finance Co IV LLC	Structured Finance Obligations - Debt Instruments	4,315		119
Ares Secondaries Pbn Finance Co IV LLC	Structured Finance Obligations - Debt Instruments	863		5
Artifact Bidco, Inc.	1st Lien Senior Secured Delayed Draw Loan	11,207		—
Artifact Bidco, Inc.	1st Lien Senior Secured Revolving Loan	2,562		—
Artifact Bidco, Inc.	1st Lien Senior Secured Revolving Loan	5,443		—
Artisan Bidco, Inc.	1st Lien Senior Secured Revolving Loan	1,500		(69)
Aryeh Bidco Investment Ltd	1st Lien Senior Secured Delayed Draw Loan	21,001		(205)
Aryeh Bidco Investment Ltd	1st Lien Senior Secured Revolving Loan	17,654		(172)
Associations Inc.	1st Lien Senior Secured Delayed Draw Loan	2,240		—
Associations Inc.	1st Lien Senior Secured Revolving Loan	3,459		—
Atlas Borrower, LLC	1st Lien Senior Secured Revolving Loan	15,234		(203)
Atlas Intermediate III LLC	1st Lien Senior Secured Revolving Loan	13,445		(515)
Auditboard, Inc.	1st Lien Senior Secured Revolving Loan	30,286		(600)
AVSC Holding Corp.	1st Lien Senior Secured Revolving Loan	7,101		—
Axiom Buyer, LLC	1st Lien Senior Secured Delayed Draw Loan	16,189		(233)
Axiom Buyer, LLC	1st Lien Senior Secured Revolving Loan	5,196		(76)
Baker Tilly Advisory Group, LP	1st Lien Senior Secured Revolving Loan	27,686		(158)
Bamboo US BidCo LLC	1st Lien Senior Secured Revolving Loan	21,254		—
Bayou Intermediate II, LLC	1st Lien Senior Secured Delayed Draw Loan	18,036		(140)
Bayou Intermediate II, LLC	1st Lien Senior Secured Revolving Loan	14,944		(113)
Birdie Bidco, Inc.	1st Lien Senior Secured Delayed Draw Loan	27,771		(162)
Birdie Bidco, Inc.	1st Lien Senior Secured Revolving Loan	18,850		(110)
Blazing Star Shields Direct Parent, LLC	1st Lien Senior Secured Revolving Loan	21,972		—
Bottomline Technologies, Inc.	1st Lien Senior Secured Revolving Loan	385		(1)
Cadence - Southwick, Inc.	1st Lien Senior Secured Revolving Loan	8,586		—
Cambrex Corporation	1st Lien Senior Secured Revolving Loan	14,149		(64)
Camin Cargo Control Holdings, Inc.	1st Lien Senior Secured Revolving Loan	3,202		(163)
Captive Resources Midco LLC	1st Lien Senior Secured Revolving Loan	7,558		—
Carbon Topco, Inc.	1st Lien Senior Secured Revolving Loan	9,588		—
CC WDW Borrower, Inc.	1st Lien Senior Secured Revolving Loan	1,281		—
CCI Buyer, Inc.	1st Lien Senior Secured Revolving Loan	18,017		(179)
Certania Beteiligungen GmbH	1st Lien Senior Secured Delayed Draw Loan	12,598		(291)
Chartis Group LLC	1st Lien Senior Secured Delayed Draw Loan	20,866		—
Chartis Group LLC	1st Lien Senior Secured Revolving Loan	14,716		—
Chord Searchlight, L.P	Other Secured Debt Delayed Draw Loan	76,007		(755)
Chord Searchlight, L.P	Other Secured Debt Delayed Draw Loan	26,172		(260)
Club Car Wash Operating, LLC	1st Lien Senior Secured Delayed Draw Loan	3,383		—

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Investments	Commitment Type	Unfunded Commitment	Fair Value
ClubCorp Holdings Inc	1st Lien Senior Secured Revolving Loan	16,153	(141)
Coding Solutions Acquisition, Inc.	1st Lien Senior Secured Delayed Draw Loan	25,062	—
Coding Solutions Acquisition, Inc.	1st Lien Senior Secured Delayed Draw Loan	6,558	—
Coding Solutions Acquisition, Inc.	1st Lien Senior Secured Revolving Loan	16,674	—
CohnReznick Advisory LLC	1st Lien Senior Secured Delayed Draw Loan	635	(17)
Coretrust Purchasing Group LLC	1st Lien Senior Secured Delayed Draw Loan	3,844	(11)
Coretrust Purchasing Group LLC	1st Lien Senior Secured Revolving Loan	11,656	(33)
Coupa Holdings, LLC	1st Lien Senior Secured Delayed Draw Loan	7,123	—
Coupa Holdings, LLC	1st Lien Senior Secured Revolving Loan	6,211	—
Creek Parent, Inc.	1st Lien Senior Secured Revolving Loan	22,379	(195)
Crunch Holdings LLC	1st Lien Senior Secured Revolving Loan	7,922	—
Diagnostic Services Holdings, Inc.	1st Lien Senior Secured Revolving Loan	1,225	(16)
DigiCert Inc	1st Lien Senior Secured Revolving Loan	35,060	(1,044)
Dimension Energy LLC	1st Lien Senior Secured Delayed Draw Loan	25,060	(778)
Dwyer Instruments Inc	1st Lien Senior Secured Revolving Loan	8,428	—
Earps Bidco Limited	1st Lien Senior Secured Delayed Draw Loan	3,658	13
Edition Holdings Inc	1st Lien Senior Secured Delayed Draw Loan	15,048	(161)
Edition Holdings Inc	1st Lien Senior Secured Revolving Loan	6,722	(72)
Einstein Parent Inc	1st Lien Senior Secured Revolving Loan	9,745	(313)
EIS Legacy Holdco, LLC	1st Lien Senior Secured Delayed Draw Loan	7,193	—
EIS Legacy Holdco, LLC	1st Lien Senior Secured Revolving Loan	13,000	—
Empower Payments Investor, LLC	1st Lien Senior Secured Revolving Loan	9,704	(68)
EPFS Buyer, Inc.	1st Lien Senior Secured Delayed Draw Loan	1,182	—
EPFS Buyer, Inc.	1st Lien Senior Secured Revolving Loan	3,586	—
ERC Topco Holdings, LLC	1st Lien Senior Secured Revolving Loan	122	—
Espresso Bidco Inc.	1st Lien Senior Secured Delayed Draw Loan	1,155	(38)
Espresso Bidco Inc.	1st Lien Senior Secured Revolving Loan	6,370	(210)
Fastener Distribution Holdings, LLC	1st Lien Senior Secured Delayed Draw Loan	17,418	(61)
FC Compassus LLC	1st Lien Senior Secured Delayed Draw Loan	114	(1)
FC Compassus LLC	1st Lien Senior Secured Delayed Draw Loan	14,046	(105)
FC Compassus LLC	1st Lien Senior Secured Revolving Loan	19,127	(142)
Femur Buyer Inc	1st Lien Senior Secured Revolving Loan	2,414	(49)
Fire Flow Intermediate Corporation	1st Lien Senior Secured Delayed Draw Loan	18,383	(181)
Fire Flow Intermediate Corporation	1st Lien Senior Secured Delayed Draw Loan	42,893	(423)
Flexera Software LLC	1st Lien Senior Secured Revolving Loan	16,806	(405)
Formerra LLC	1st Lien Senior Secured Revolving Loan	12,031	(192)
Fortress Acquisitionco, Inc.	1st Lien Senior Secured Revolving Loan	28,716	(284)
Foundation Automotive US Corp	1st Lien Senior Secured Revolving Loan	540	(315)
Frontgrade Technologies Holdings Inc.	1st Lien Senior Secured Revolving Loan	6,178	(106)
Galway Borrower LLC	1st Lien Senior Secured Delayed Draw Loan	10,636	(27)
Galway Borrower LLC	1st Lien Senior Secured Revolving Loan	2,758	(7)
Global Music Rights, LLC	1st Lien Senior Secured Revolving Loan	46,796	—
Gusto Aus Bidco Pty Ltd	1st Lien Senior Secured Delayed Draw Loan	16,624	166
Higginbotham Insurance Agency Inc	1st Lien Senior Secured Delayed Draw Loan	3,833	—
Hostinger Investments Sarl	1st Lien Senior Secured Delayed Draw Loan	46,097	(933)
HT Intermediary III, Inc.	1st Lien Senior Secured Delayed Draw Loan	10,286	—
HT Intermediary III, Inc.	1st Lien Senior Secured Revolving Loan	3,857	—
Huskies Parent Inc	1st Lien Senior Secured Revolving Loan	1,000	(50)
IG Investments Holdings, LLC	1st Lien Senior Secured Revolving Loan	10,221	—
Indigo Purchaser, Inc.	1st Lien Senior Secured Delayed Draw Loan	20,383	203
Indigo Purchaser, Inc.	1st Lien Senior Secured Revolving Loan	17,478	—

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Investments	Commitment Type	Unfunded Commitment	Fair Value
Integrity Marketing Acquisition LLC	1st Lien Senior Secured Delayed Draw Loan	1,117	—
Integrity Marketing Acquisition LLC	1st Lien Senior Secured Revolving Loan	299	—
IRI Group Holdings, Inc.	1st Lien Senior Secured Revolving Loan	19,562	—
Iris Capital Holdings Pty Ltd	Other Secured Debt Delayed Draw Loan	85,528	(821)
Iris Capital Holdings Pty Ltd	Other Secured Debt Delayed Draw Loan	10,691	(103)
IXM Holdings, Inc.	1st Lien Senior Secured Revolving Loan	2,981	(44)
June Purchaser LLC	1st Lien Senior Secured Delayed Draw Loan	1,619	(1)
Koala Investment Holdings Inc	1st Lien Senior Secured Delayed Draw Loan	22,775	(299)
Koala Investment Holdings Inc	1st Lien Senior Secured Revolving Loan	11,529	(152)
Kona Buyer, LLC	1st Lien Senior Secured Delayed Draw Loan	61,081	(889)
Kona Buyer, LLC	1st Lien Senior Secured Revolving Loan	22,559	(328)
Kpler Finance SA	1st Lien Senior Secured Delayed Draw Loan	14,000	(240)
Kpler Finance SA	1st Lien Senior Secured Revolving Loan	2,000	(34)
Kryptona Bidco US, LLC	1st Lien Senior Secured Revolving Loan	16,852	(167)
Legends Hospitality Holding Company, LLC	1st Lien Senior Secured Revolving Loan	6,998	(201)
Madonna Bidco Ltd	1st Lien Senior Secured Delayed Draw Loan	13,105	131
MAI Capital Management Intermediate LLC	1st Lien Senior Secured Revolving Loan	709	—
MB2 Dental Solutions, LLC	1st Lien Senior Secured Revolving Loan	13,353	(51)
Meralm Bidco AB	1st Lien Senior Secured Delayed Draw Loan	5,997	(679)
Meriplex Communications, LTD	1st Lien Senior Secured Revolving Loan	141	(9)
Montagu Lux Finco Sarl	1st Lien Senior Secured Delayed Draw Loan	37,658	(587)
More Cowbell II, LLC	1st Lien Senior Secured Revolving Loan	5,393	(65)
Navacord Intermediate Holdings Inc	Delayed Draw Preferred Equity	296	—
NBG Acquisition Corp.	1st Lien Senior Secured Revolving Loan	798	(178)
NDT Global Holding Inc.	1st Lien Senior Secured Revolving Loan	28,951	(167)
Netrisk Group Luxco 4 S.A.R.L.	1st Lien Senior Secured Delayed Draw Loan	7,738	76
Netrisk Group Luxco 4 S.A.R.L.	1st Lien Senior Secured Revolving Loan	3,224	—
NP Kaba Megersub, Inc.	1st Lien Senior Secured Delayed Draw Loan	11,480	(125)
NP Kaba Megersub, Inc.	1st Lien Senior Secured Revolving Loan	16,315	(178)
NRO Holdings III Corp.	1st Lien Senior Secured Delayed Draw Loan	81	—
NRO Holdings III Corp.	1st Lien Senior Secured Revolving Loan	63	—
NTH Degree Purchaser Inc	1st Lien Senior Secured Delayed Draw Loan	30,800	—
NTH Degree Purchaser Inc	1st Lien Senior Secured Revolving Loan	16,125	—
Oak Funding LLC	1st Lien Senior Secured Delayed Draw Loan	19,556	(156)
OEConnection LLC	1st Lien Senior Secured Delayed Draw Loan	15,332	57
OEConnection LLC	1st Lien Senior Secured Revolving Loan	11,376	43
Omega II AB	1st Lien Senior Secured Delayed Draw Loan	27,006	270
ONE Group, LLC	1st Lien Senior Secured Revolving Loan	6,150	(199)
Orthrus Ltd	1st Lien Senior Secured Delayed Draw Loan	9,461	(112)
Palmetto TE Borrower LLC	1st Lien Senior Secured Delayed Draw Loan	651	(4)
Pareto Health Intermediate Holdings, Inc.	1st Lien Senior Secured Revolving Loan	4,032	(40)
Parfums Holding Company, Inc.	1st Lien Senior Secured Revolving Loan	9,034	—
PF Finco PTY LTD	1st Lien Senior Secured Delayed Draw Loan	3,939	(59)
Phantom Purchaser Inc	1st Lien Senior Secured Revolving Loan	15,545	(75)
Pike Corporation	1st Lien Senior Secured Delayed Draw Loan	25,872	(273)
Pike Corporation	1st Lien Senior Secured Revolving Loan	19,117	(202)
Plasma Buyer LLC	1st Lien Senior Secured Delayed Draw Loan	4,414	—
Plasma Buyer LLC	1st Lien Senior Secured Revolving Loan	42	(19)
PPV Intermediate Holdings, LLC	1st Lien Senior Secured Revolving Loan	1,853	(23)
Premise Health Holding Corp	1st Lien Senior Secured Delayed Draw Loan	5,116	(75)
Premise Health Holding Corp	1st Lien Senior Secured Revolving Loan	2,984	(43)

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Investments	Commitment Type	Unfunded Commitment	Fair Value
Prism One Buyer, LLC	1st Lien Senior Secured Revolving Loan	18,000	(217)
Prism Parent Co., Inc.	1st Lien Senior Secured Delayed Draw Loan	2,591	—
Puma Buyer LLC	1st Lien Senior Secured Revolving Loan	15,248	(154)
QBS Parent Inc	1st Lien Senior Secured Revolving Loan	3,820	(60)
Radwell Parent, LLC	1st Lien Senior Secured Revolving Loan	10,175	—
Railpros Parent LLC	1st Lien Senior Secured Revolving Loan	3,832	(21)
Raven Acquisition Holdings LLC	1st Lien Senior Secured Delayed Draw Loan	1,413	(25)
Retail Services WIS Corporation	1st Lien Senior Secured Delayed Draw Loan	25,930	(521)
Ribbon Communications Operating Company, Inc	1st Lien Senior Secured Revolving Loan	6,365	(45)
Riley MergeCo LLC	1st Lien Senior Secured Revolving Loan	197	(18)
Rotation Buyer, LLC	1st Lien Senior Secured Delayed Draw Loan	12,813	(73)
Rotation Buyer, LLC	1st Lien Senior Secured Revolving Loan	6,601	(38)
Saber Parent Holdings Corp	1st Lien Senior Secured Delayed Draw Loan	27,693	(292)
Saber Parent Holdings Corp	1st Lien Senior Secured Revolving Loan	10,745	(113)
Saga Mid Co Limited	1st Lien Senior Secured Delayed Draw Loan	39,847	1,195
Saga Mid Co Limited	1st Lien Senior Secured Delayed Draw Loan	6,615	198
Sentinel Buyer Corp.	1st Lien Senior Secured Delayed Draw Loan	21,437	(140)
Severin Acquisition LLC	1st Lien Senior Secured Delayed Draw Loan	47,953	—
Severin Acquisition LLC	1st Lien Senior Secured Revolving Loan	32,599	—
Shackleton Lower JVCO ULC	1st Lien Senior Secured Delayed Draw Loan	13,188	(333)
Shackleton Lower JVCO ULC	1st Lien Senior Secured Revolving Loan	3,343	(84)
SI Swan UK Bidco Ltd	1st Lien Senior Secured Revolving Loan	9,399	(188)
SI Swan UK Bidco Ltd	1st Lien Senior Secured Delayed Draw Loan	10,845	(217)
Smarsh Inc.	1st Lien Senior Secured Delayed Draw Loan	2,143	(55)
Smarsh Inc.	1st Lien Senior Secured Delayed Draw Loan	1,667	(43)
Smarsh Inc.	1st Lien Senior Secured Revolving Loan	2,529	(65)
Solis Bidco	1st Lien Senior Secured Delayed Draw Loan	13,293	(361)
Solis Mammography Buyer, Inc.	1st Lien Senior Secured Delayed Draw Loan	19,774	(310)
Solis Mammography Buyer, Inc.	1st Lien Senior Secured Revolving Loan	33,548	(441)
Spanx, LLC	1st Lien Senior Secured Revolving Loan	3,534	(879)
Spark Bidco Ltd	1st Lien Senior Secured Revolving Loan	17,517	(684)
Specialty Ingredients, LLC	1st Lien Senior Secured Revolving Loan	9,023	(26)
Spirit RR Holdings, Inc.	1st Lien Senior Secured Revolving Loan	3,579	—
Spotless Brands, LLC	1st Lien Senior Secured Revolving Loan	5,175	(15)
Spruce Bidco II Inc	1st Lien Senior Secured Revolving Loan	34,143	(299)
Stack Sports Buyer, LLC	1st Lien Senior Secured Delayed Draw Loan	29,305	(479)
Stack Sports Buyer, LLC	1st Lien Senior Secured Revolving Loan	21,553	(352)
Sugar PPC Buyer LLC	1st Lien Senior Secured Delayed Draw Loan	10,132	—
SW Ingredients Holdings, LLC	1st Lien Senior Secured Delayed Draw Loan	23,763	(213)
SW Ingredients Holdings, LLC	1st Lien Senior Secured Revolving Loan	27,361	(245)
SWF Holdings I Corp	1st Lien Senior Secured Delayed Draw Loan	47	—
Tango Bidco SAS	1st Lien Senior Secured Delayed Draw Loan	8,278	(279)
Tango Bidco SAS	1st Lien Senior Secured Delayed Draw Loan	3,618	(122)
Tango Bidco SAS	1st Lien Senior Secured Delayed Draw Loan	3,978	(134)
Team, Inc.	1st Lien Senior Secured Delayed Draw Loan	14,960	(221)
TechInsights Inc	1st Lien Senior Secured Delayed Draw Loan	21,537	(268)
Tex-Tech Industries, Inc.	1st Lien Senior Secured Delayed Draw Loan	7,237	(54)
Tex-Tech Industries, Inc.	1st Lien Senior Secured Revolving Loan	8,166	(61)
Tikehau Motion Midco SARL	1st Lien Senior Secured Delayed Draw Loan	44,126	(687)
Time Manufacturing Holdings LLC	1st Lien Senior Secured Revolving Loan	2	—
Titan BW Borrower L.P.	1st Lien Senior Secured Delayed Draw Loan	8,422	(91)

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Investments	Commitment Type	Unfunded Commitment		Fair Value
Titan BW Borrower L.P.	1st Lien Senior Secured Revolving Loan	48,935		(529)
Trading Technologies International Inc	1st Lien Senior Secured Revolving Loan	23,643		(284)
Tricentis Operations Holdings Inc	1st Lien Senior Secured Delayed Draw Loan	26,875		(343)
Tricentis Operations Holdings Inc	1st Lien Senior Secured Revolving Loan	19,449		(248)
TriMech Acquisition Corp.	1st Lien Senior Secured Revolving Loan	3,289		—
Truck-Lite Co, LLC	1st Lien Senior Secured Delayed Draw Loan	16,303		—
Truck-Lite Co, LLC	1st Lien Senior Secured Delayed Draw Loan	19,822		—
Truck-Lite Co, LLC	1st Lien Senior Secured Revolving Loan	11,973		—
Valence Surface Technologies LLC	1st Lien Senior Secured Delayed Draw Loan	579		—
Valence Surface Technologies LLC	1st Lien Senior Secured Revolving Loan	13,777		—
Vaxcare Intermediate II LLC	1st Lien Senior Secured Revolving Loan	11,986		(61)
Victors Purchaser LLC	1st Lien Senior Secured Delayed Draw Loan	5,802		(50)
Victors Purchaser LLC	1st Lien Senior Secured Revolving Loan	11,035		(95)
Violin Finco Guernsey Limited	1st Lien Senior Secured Delayed Draw Loan	8,220		—
Vital Bidco AB	1st Lien Senior Secured Revolving Loan	16,892		—
West Star Aviation Acquisition, LLC	1st Lien Senior Secured Delayed Draw Loan	2,596		(4)
West Star Aviation Acquisition, LLC	1st Lien Senior Secured Revolving Loan	6,676		(11)
Wharf Street Ratings Acquisition LLC	1st Lien Senior Secured Delayed Draw Loan	28,475		285
Wharf Street Ratings Acquisition LLC	1st Lien Senior Secured Revolving Loan	30,241		—
WorkWave Intermediate II, LLC	1st Lien Senior Secured Revolving Loan	10,144		(171)
WP CPP Holdings, LLC	1st Lien Senior Secured Revolving Loan	26,285		—
YA Intermediate Holdings II LLC	1st Lien Senior Secured Delayed Draw Loan	16,157		(2)
YA Intermediate Holdings II LLC	1st Lien Senior Secured Revolving Loan	6,858		(1)
Yes Energy LLC	1st Lien Senior Secured Revolving Loan	2,443		(8)
Zendesk Inc	1st Lien Senior Secured Revolving Loan	17,940		(410)
Zenith AcquisitionCo LLC	1st Lien Senior Secured Delayed Draw Loan	70,768		(343)
Zenith AcquisitionCo LLC	1st Lien Senior Secured Revolving Loan	31,229		(151)
Zeppelin US Buyer Inc.	1st Lien Senior Secured Delayed Draw Loan	26,224		(165)
Zeppelin US Buyer Inc.	1st Lien Senior Secured Revolving Loan	13,112		(82)
Zeus Company LLC	1st Lien Senior Secured Revolving Loan	18,639		(1,126)
Total Non-Controlled/Non-Affiliated		$	3,216,587	$	(27,664)

Non-Controlled/Affiliated
Artemis Bidco Limited	1st Lien Senior Secured Delayed Draw Loan	$	1,846	$	—
Wash & Wax Systems LLC	1st Lien Senior Secured Revolving Loan	316		—
Total Non-Controlled/Affiliated		$	2,162	$	—
Total		$	3,218,749	$	(27,664)

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

(8)The interest rate floor on these investments as of March 31, 2026 was 0.50%.

(9)The interest rate floor on these investments as of March 31, 2026 was 0.75%.

(10)The interest rate floor on these investments as of March 31, 2026 was 1.00%.

(11)The interest rate floor on these investments as of March 31, 2026 was 1.25%.

(12)The interest rate floor on these investments as of March 31, 2026 was 1.50%.

(13)The interest rate floor on these investments as of March 31, 2026 was 1.75%.

(14)The interest rate floor on these investments as of March 31, 2026 was 2.00%.

(15)The interest rate floor on these investments as of March 31, 2026 was 2.50%.

(16)The interest rate floor on these investments as of March 31, 2026 was 3.00%.

(17)The interest rate floor on these investments as of March 31, 2026 was 3.25%.

(18)The interest rate floor on these investments as of March 31, 2026 was 3.75%.

(19)Loan was on non-accrual status as of March 31, 2026.

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

(20)Under the 1940 Act, the Company is deemed to “control” a portfolio company if the Company owns more than 25% of its outstanding voting securities and/or holds the power to exercise control over the management or policies of the portfolio company. Under the 1940 Act, the Company is deemed an “affiliated person” of a portfolio company if the Company owns between 5% and 25% or if the Company and/or its affiliates owns 25% or more, inclusive of the portfolio company’s outstanding voting securities. For purposes of determining the “control” classification of its investment portfolio, the Company has excluded consideration of any voting securities or board appointment rights held by third-party investment funds advised by the Adviser and/or its affiliates. As of March 31, 2026, the Company’s controlled/affiliated and non-controlled/affiliated investments were as follows:


	Fair Value as of December 31, 2025		Gross Additions(a)		Gross Reductions(b)		Change in Unrealized Gains (Loss)		Net Realized Gain (Loss)		Fair Value as of March 31, 2026		Dividend and Interest Income
Non-Controlled/Affiliated Investments
Logo Holdings III Corporation	$	10,177	$	478	$	—	$	(184)	$	—	$	10,471	$	476
Southern Graphics Holdings LLC	1,467		—		—		3		—		1,470		—
Velocity Cayman Holding L.P.	6,476		—		—		218		—		6,694		—
Velocity Cayman Holdings GP LLC	—		—		—		—		—		—		—
Galaxy US Opco Inc	11,257		119		(35)		(1,148)		—		10,193		279
Artemis Bidco Limited	7,189		94		—		(186)		—		7,097		273
Ark Newco Limited	9,688		—		—		(214)		—		9,474		—
Wash & Wax Systems LLC	15,404		391		(36)		(37)		—		15,722		395
Wash & Wax Holdings LLC	10,262		351		—		(43)		—		10,570		350
Wash & Wax Group LP	6,991		—		—		(1,776)		—		5,215		—
New Era Technology Inc	7,779		201		—		(5)		—		7,975		203
NE SPV Holdco, LLC	3,437		—		—		(228)		—		3,209		—
Daphne S.P.A.	—		28,118		(23)		(1,108)		—		26,987		421
Demon Holdco Lux Sarl	—		22,660		—		(755)		—		21,905		—
SLF V AD1 Holdings, LLC	9,298		—		(1,586)		(2,745)		—		4,967		—
Total Non-Controlled/Affiliated Investments	$	99,425	$	52,412	$	(1,680)	$	(8,208)	$	—	$	141,949	$	2,397
Controlled/Affiliated Investments
Majority Owned Subsidiaries
ULTRA III, LLC	$	416,244	$	20,105	$	(1,476)	$	(8,659)	$	—	$	426,214	$	14,659
Total Controlled/Affiliated Investments	$	416,244	$	20,105	$	(1,476)	$	(8,659)	$	—	$	426,214	$	14,659

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

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

(21)These investments are not pledged as collateral under the Credit Facilities, the 2023 CLO Refinancing Secured Notes, the 2024 CLO Secured Notes, the 2025 CLO Secured Debt, 2025-4 CLO Secured Notes, and/or the 2026 CLO Secured Notes.

(22)Security acquired in transaction exempt from registration under the Securities Act, and may be deemed to be “restricted security” under the Securities Act. As of March 31, 2026, the aggregate fair value of these securities is $753,680, or 6.06% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Portfolio Company

Investment

Acquisition Date

Thrasio Holdings, Inc.

Common Stock

June 18, 2024

CG Parent Intermediate Holdings, Inc.

Preferred Stock

November 20, 2023

Club Car Wash Preferred, LLC

Preferred Stock

November 15, 2023

Club Car Wash Preferred, LLC

Preferred Stock

November 15, 2023

Rapid Express Preferred, LLC

Preferred Stock

November 15, 2023

Rapid Express Preferred, LLC

Preferred Stock

November 15, 2023

AMR GP Holdings Ltd

Ordinary Shares

July 9, 2024

Holdings 2, L.P.

L.P. Interest

February 12, 2026

Femur Holdings LP

Preferred Stock

October 23, 2025

Eating Recovery Center TopCo, LLC

Class A Common Units

March 31, 2025

The ONE Group Hospitality, Inc.

Preferred Stock

May 1, 2024

The ONE Group Hospitality, Inc.

A-2 Warrants

May 1, 2024

The ONE Group Hospitality, Inc.

B-2 Warrants

May 1, 2024

Navacord Intermediate Holdings Inc

Preferred Stock

February 2, 2026

Navacord Intermediate Holdings Inc

Preferred Stock

February 2, 2026

OneTeam Partners, LLC

Preferred Units

September 15, 2022

Eagle LNG Partners Jacksonville II LLC

Warrants

March 8, 2023

ELNG Equity LLC

Warrants

April 26, 2024

ELNG Equity LLC

Warrants

September 25, 2025

Creek Feeder, L.P.

LP Interest

December 16, 2024

BCPE Virginia HoldCo, Inc.

Preferred Stock

December 14, 2023

Lava Topco, Inc.

Preferred Stock

November 10, 2025

CCI Topco, Inc.

Preferred Stock

May 13, 2025

Southern Graphics Holdings LLC

Class A Units

April 28, 2023

Velocity Cayman Holding L.P.

Class A-1 Units

February 24, 2025

Velocity Cayman Holding L.P.

Class A-2 Units

February 24, 2025

Velocity Cayman Holding L.P.

Class A-3 Units

February 24, 2025

Velocity Cayman Holdings GP LLC

Class A-1 Units

February 24, 2025

Velocity Cayman Holdings GP LLC

Class A-2 Units

February 24, 2025

Velocity Cayman Holdings GP LLC

Class A-3 Units

February 24, 2025

Wash & Wax Group LP

Class A Common Units

April 30, 2025

Ark Newco Limited

A2 Ordinary Shares

June 27, 2025

Ark Newco Limited

Preferred Stock

June 27, 2025

NE SPV Holdco, LLC

Common Units

August 21, 2025

NE SPV Holdco, LLC

Preferred Units

August 21, 2025

SLF V AD1 Holdings, LLC

LLC Interest

September 6, 2023

Demon Holdco Lux Sarl

Class A Common Units

January 27, 2026

ULTRA III, LLC

LLC Interest

June 1, 2023

(23)Reflects a "last out" tranche of the portfolio company's senior term debt. In exchange for the greater risk of loss, the “last-out” portion of the Company's senior loan investment generally earns a higher interest rate than the “first-out” portion. The “first-out” portion would generally receive priority with respect to payment of principal, interest and any other amounts due thereunder over the “last-out” portion.

(24)The interest rate on these loans is subject to 1 month SOFR, which as of March 31, 2026 was 3.66%.

(25)The interest rate on these loans is subject to 3 month SOFR, which as of March 31, 2026 was 3.68%.

(26)The interest rate on these loans is subject to 6 month SOFR, which as of March 31, 2026 was 3.70%.

(27)The interest rate on these loans is subject to 12 month SOFR, which as of March 31, 2026 was 3.73%.

(28)The interest rate on these loans is subject to 1 month EURIBOR, which as of March 31, 2026 was 1.89%.

(29)The interest rate on these loans is subject to 3 month EURIBOR, which as of March 31, 2026 was 2.08%.

(30)The interest rate on these loans is subject to 6 month EURIBOR, which as of March 31, 2026 was 2.48%.

(31)The interest rate on these loans is subject to daily SONIA, which as of March 31, 2026 was 3.73%.

(32)The interest rate on these loans is subject to 3 month SONIA, which as of March 31, 2026 was 3.87%.

(33)The interest rate on these loans is subject to 1 month BBSY, which as of March 31, 2026 was 4.11%.

(34)The interest rate on these loans is subject to 3 month BBSY, which as of March 31, 2026 was 4.36%.

(35)The interest rate on these loans is subject to 6 month BBSY, which as of March 31, 2026 was 4.83%.

(36)The interest rate on these loans is subject to 1 month CORRA, which as of March 31, 2026 was 2.27%.

(37)The interest rate on these loans is subject to 3 month CORRA, which as of March 31, 2026 was 2.30%.

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

(38)The interest rate on these loans is subject to 6 month NIBOR, which as of March 31, 2026 was 4.66%.

(39)The interest rate on these loans is subject to 3 month STIBOR, which as of March 31, 2026 was 2.19%.

(40)The interest rate on these loans is subject to 6 month STIBOR, which as of March 31, 2026 was 2.43%.

(41)The interest rate on these loans is subject to daily SORA, which as of March 31, 2026 was 1.00%.

(42)The interest rate on these loans is subject to 3 month TONA, which as of March 31, 2026 was 0.73%.

(43)The interest rate on these loans is subject to Prime Rate, which as of March 31, 2026 was 6.75%.

(44)Certain of the Company’s preferred equity investments include contractual provisions that provide for a preferred return. Such return features do not represent contractual interest and do not give rise to recurring income recognition. The economic value of these provisions is considered as part of the Company’s overall fair value determination for the applicable investment.

ADDITIONAL INFORMATION

Foreign currency forward contracts:


Currency Purchased	Notional Purchased	Currency Sold	Notional Sold	Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
U.S. Dollars	233,610	Australian Dollars	330,737	BNP PARIBAS	6/23/2026	$	5,615
U.S. Dollars	84,576	Canadian Dollars	115,062	BNP PARIBAS	6/23/2026	1,543
U.S. Dollars	422,264	Euros	363,904	BNP PARIBAS	6/23/2026	62
U.S. Dollars	563,544	British Pounds	423,745	BNP PARIBAS	6/23/2026	2,908
U.S. Dollars	52,409	Norwegian Kroner	508,969	BNP PARIBAS	6/23/2026	(154)
U.S. Dollars	46,665	Swedish Krona	431,403	BNP PARIBAS	6/23/2026	894
U.S. Dollars	30,698	Australian Dollars	43,578	Deutsche Bank AG	6/23/2026	657
U.S. Dollars	26,832	Canadian Dollars	37,049	Deutsche Bank AG	9/23/2026	0
U.S. Dollars	32,559	Euros	28,011	Deutsche Bank AG	6/23/2026	61
U.S. Dollars	59,365	British Pounds	44,591	Deutsche Bank AG	6/23/2026	369
U.S. Dollars	103,272	Swedish Krona	952,894	Deutsche Bank AG	6/23/2026	2,173
U.S. Dollars	1,556	Australian Dollars	2,209	Goldman Sachs Bank USA	6/23/2026	33
U.S. Dollars	83,480	Australian Dollars	128,287	Goldman Sachs Bank USA	9/23/2026	(4,781)
U.S. Dollars	333,315	Euros	286,754	Goldman Sachs Bank USA	6/23/2026	622
U.S. Dollars	68,020	British Pounds	51,122	Goldman Sachs Bank USA	6/23/2026	382
U.S. Dollars	1,098	New Zealand Dollars	1,853	Goldman Sachs Bank USA	6/23/2026	30
U.S. Dollars	18,664	New Zealand Dollars	32,230	Goldman Sachs Bank USA	9/23/2026	36
U.S. Dollars	35,811	Singaporean Dollars	45,400	Goldman Sachs Bank USA	6/23/2026	297
U.S. Dollars	142,865	Canadian Dollars	194,016	Morgan Stanley Bank, N.A.	6/23/2026	2,855
U.S. Dollars	18,194	Euros	15,503	Morgan Stanley Bank, N.A.	6/23/2026	207
U.S. Dollars	771	Australian Dollars	1,095	SMBC Capital Markets, Inc.	6/23/2026	16
U.S. Dollars	294,041	Euros	253,328	SMBC Capital Markets, Inc.	6/23/2026	129
U.S. Dollars	130,686	British Pounds	103,440	SMBC Capital Markets, Inc.	12/23/2026	(5,840)
U.S. Dollars	24,319	Japanese Yen	3,799,764	SMBC Capital Markets, Inc.	6/23/2026	210
Total						$	8,324

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)

Interest rate swaps:


Counterparty	Hedged Instrument	Company Receives		Company Pays(1)(2)	Maturity Date	Notional Amount		Fair Market Value		Upfront Payments / Receipts		Change in Unrealized Gains / (Losses)(3)
Goldman Sachs Bank USA	November 2027 Notes	8.43	%	SOFR + 4.42%	11/14/2027	$	77,500	$	367	$	—	$	(499)
Goldman Sachs Bank USA	March 2028 Notes	8.18	%	SOFR + 4.24%	3/15/2028	124,000		433		—		(840)
Goldman Sachs Bank USA	September 2027 Notes	8.67	%	SOFR + 4.31%	9/14/2027	75,000		593		—		(590)
Goldman Sachs Bank USA	September 2028 Notes	8.80	%	SOFR + 4.54%	9/14/2028	250,000		3,113		—		(2,174)
SMBC Capital Markets, Inc.	January 2029 Notes	6.75	%	SOFR + 2.88%	1/30/2029	550,000		3,051		—		(3,095)
Goldman Sachs Bank USA	September 2029 Notes	6.25	%	SOFR + 2.06%	9/30/2029	400,000		6,844		—		(3,561)
Goldman Sachs Bank USA	January 2028 Notes	5.45	%	SOFR + 1.29%	1/14/2028	750,000		6,525		—		(4,588)
BNP PARIBAS	April 2032 Notes	5.95	%	SOFR + 1.76%	4/14/2032	500,000		12,622		—		(3,620)
Goldman Sachs Bank USA	June 2027 Notes	5.30	%	SOFR + 1.54%	6/5/2027	400,000		(72)		—		(1,923)
BNP PARIBAS	June 2030 Notes	5.85	%	SOFR + 2.15%	6/5/2030	500,000		335		—		(3,789)
SMBC Capital Markets, Inc.	September 2028-1 Notes	4.90	%	SOFR + 1.59%	9/11/2028	600,000		(5,163)		—		(2,523)
BNP PARIBAS	November 2030 Notes	5.45	%	SOFR + 2.09%	11/15/2030	500,000		(8,790)		—		(3,808)
SMBC Capital Markets, Inc.	April 2029 Notes	5.15	%	SOFR + 1.77%	4/2/2029	350,000		(2,904)		—		(2,904)
BNP PARIBAS	April 2031 Notes	5.65	%	SOFR + 2.13%	4/2/2031	400,000		(3,480)		—		(3,480)
Total Interest Rate Swaps								$	13,474	$	—	$	(37,394)

(1)Interest payments on the Company’s interest rate swaps are made semiannually.

(2)The interest rate on the interest rate swaps are subject to 3 month SOFR, which as of March 31, 2026 was 3.68% other than the swap on the November 2027 Notes which is subject to the daily SOFR rate which was 3.68% at March 31, 2026.

(3)For interest rate swaps designated in qualifying hedge relationships, the change in fair value is recorded in Interest Expense in the Consolidated Statements of Operations.

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

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units		Amortized Cost(3)		Fair Value		Percentage of Net Assets
Non-Controlled/Non-Affiliated Investments
First Lien Debt
Aerospace and Defense
Arcfield Acquisition Corp (4)(8)(25)	SF +	5.00%	8.84	%	10/28/2031	$	88,906	$	88,698	$	89,594
Arcfield Acquisition Corp (4)(6)(8)					10/28/2031	11,100		(23)		(16)
Arcfield Acquisition Corp (4)(6)(8)					10/28/2031	2,572		(13)		(4)
Cadence - Southwick, Inc. (4)(10)(25)	SF +	4.75%	8.74	%	5/3/2029	40,593		39,908		40,593
Cadence - Southwick, Inc. (4)(10)(25)	SF +	4.75%	8.72	%	5/3/2029	3,050		3,012		3,050
Cadence - Southwick, Inc. (4)(6)(10)(24)	SF +	4.75%	8.60	%	5/3/2028	17,561		8,390		8,586
Carbon Topco, Inc. (4)(6)(9)					5/1/2030	11,985		(189)		—
Carbon Topco, Inc. (4)(9)(25)	SF +	5.75%	9.59	%	11/1/2030	71,569		70,417		71,569
Fastener Distribution Holdings, LLC (4)(9)(25)	SF +	4.75%	8.42	%	11/4/2031	75,064		74,438		75,174
Fastener Distribution Holdings, LLC (4)(6)(9)(25)	SF +	4.75%	8.42	%	11/4/2031	28,317		10,644		10,941
Frontgrade Technologies Holdings Inc. (4)(9)(25)	SF +	5.25% (incl 1.50% PIK)	9.13	%	1/9/2030	36,816		36,176		35,654
Frontgrade Technologies Holdings Inc. (4)(9)(25)	SF +	5.25% (incl 1.50% PIK)	9.13	%	1/9/2030	7,751		7,655		7,506
Frontgrade Technologies Holdings Inc. (4)(6)(9)(25)	SF +	5.00%	8.85	%	1/10/2028	6,864		953		912
Frontgrade Technologies Holdings Inc. (4)(9)(25)	SF +	5.25% (incl 1.50% PIK)	9.12	%	1/9/2030	8,694		8,622		8,420
Frontgrade Technologies Holdings Inc. (4)(9)(25)	SF +	5.00%	8.94	%	1/9/2030	1,980		1,971		1,917
Goat Holdco LLC (5)(7)(24)	SF +	2.75%	6.47	%	1/27/2032	7,396		7,325		7,424
RH Buyer Inc (4)(10)(25)	SF +	6.50%	10.48	%	1/17/2031	117,013		115,048		113,926
RH Buyer Inc (4)(6)(10)(25)	SF +	6.50%	10.42	%	1/17/2031	13,792		9,147		9,015
Tex-Tech Industries, Inc. (4)(9)(24)	SF +	4.75%	8.48	%	1/13/2031	80,810		80,133		81,618
Tex-Tech Industries, Inc. (4)(6)(9)(24)	SF +	4.75%	8.48	%	1/13/2031	18,094		10,692		11,037
Tex-Tech Industries, Inc. (4)(6)(9)(24)	SF +	4.75%	8.48	%	1/13/2031	17,192		4,799		4,943
Titan BW Borrower L.P. (4)(8)(25)	SF +	5.38% (incl 2.88% PIK)	9.25	%	7/24/2032	250,922		248,594		248,987
Titan BW Borrower L.P. (4)(6)(8)					7/24/2032	21,056		(204)		(162)
Titan BW Borrower L.P. (4)(6)(8)					7/24/2032	48,935		(459)		(377)
Valence Surface Technologies LLC (4)(10)(25)	SF +	8.25% (incl 6.50% PIK)	12.15	%	6/13/2031	155,520		152,413		155,840
Valence Surface Technologies LLC (4)(10)(25)	SF +	7.00%	10.74	%	6/13/2031	18,107		17,733		18,144
Valence Surface Technologies LLC (4)(6)(10)(25)	SF +	8.25% (incl 6.50% PIK)	11.92	%	6/13/2031	27,161		26,008		26,637
Valence Surface Technologies LLC (4)(6)(10)					6/13/2031	13,777		(281)		—
West Star Aviation Acquisition, LLC (4)(6)(9)(24)	SF +	4.50%	8.22	%	5/20/2032	7,418		1,062		1,113
West Star Aviation Acquisition, LLC (4)(6)(9)(24)	SF +	4.50%	8.22	%	5/20/2032	11,114		5,100		5,222
West Star Aviation Acquisition, LLC (4)(9)(24)	SF +	4.50%	8.22	%	5/20/2032	52,905		52,543		53,106
WP CPP Holdings, LLC (4)(6)(10)					11/30/2029	26,285		(429)		—
WP CPP Holdings, LLC (4)(10)(25)	SF +	7.00% (incl 3.88% PIK)	10.77	%	11/30/2029	206,712		203,710		211,394
								1,283,593		1,301,763		10.47	%
Air Freight & Logistics
Zeppelin US Buyer Inc. (4)(6)(9)					8/2/2032	26,224		(254)		(23)
Zeppelin US Buyer Inc. (4)(6)(9)					8/2/2032	13,112		(123)		(12)
Zeppelin US Buyer Inc. (4)(9)(25)	SF +	4.75%	8.42	%	8/2/2032	85,664		84,859		85,588
								84,482		85,553		0.69	%
Asset Based Lending and Fund Finance
Montagu Lux Finco Sarl (4)(5)(6)(10)(29)	E +	5.50%	7.53	%	2/13/2032	EUR	65,158	33,408		37,449
								33,408		37,449		0.30	%
Automobile Components
ABC Group Holdings Inc (4)(5)(9)(28)	E +	5.88%	7.78	%	8/22/2031	EUR	92,436	104,537		104,935

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units		Amortized Cost(3)	Fair Value	Percentage of Net Assets
ABC Group Holdings Inc (4)(5)(9)(23)(28)	E +	6.88%	8.78	%	8/22/2031	EUR	542	612	615
ABC Technologies Inc (4)(5)(9)(24)	SF +	5.75%	9.42	%	8/22/2031	146,538		141,371	141,419
ABC Technologies Inc (4)(5)(9)(23)(24)	SF +	6.71%	10.38	%	8/22/2031	868		837	837
Belron Finance 2019 LLC (8)(25)	SF +	2.25%	6.12	%	10/16/2031	14,500		14,463	14,600
Clarios Global LP (7)(24)	SF +	2.50%	6.22	%	5/6/2030	10,616		10,579	10,644
Clarios Global LP (7)(24)	SF +	2.75%	6.47	%	1/28/2032	5,353		5,347	5,387
Tenneco Inc (8)(25)	SF +	5.00%	8.99	%	11/17/2028	8,000		7,884	7,878
Tenneco Inc (8)(25)	SF +	4.75%	8.74	%	11/17/2028	3,862		3,812	3,795
								289,442	290,110	2.33	%
Beverages
Vital Bidco AB (4)(5)(10)(24)	SF +	4.25%	7.97	%	10/29/2031	96,916		95,283	97,885
Vital Bidco AB (4)(5)(6)(10)					10/29/2030	16,892		(272)	—
								95,011	97,885	0.79	%
Broadline Retail
Auctane Inc (4)(9)(26)	SF +	5.75%	9.58	%	10/5/2028	24,250		24,250	23,593
Thrasio LLC (4)(10)(24)	SF +	8.00%	11.84	%	6/18/2029	430		428	430
Thrasio LLC (4)(10)(19)(23)(24)	SF +	8.00%			6/18/2029	1,305		1,029	940
								25,707	24,963	0.20	%
Building Products
Enstall Group B.V. (4)(5)(8)(19)(29)	E +	6.50%			8/30/2028	EUR	66,292	69,257	41,330
Fire Flow Intermediate Corporation (4)(9)(25)	SF +	4.75%	8.59	%	7/10/2031	122,751		121,772	123,978
Hunter Douglas Inc (7)(25)	SF +	3.00%	6.67	%	1/17/2032	2,283		2,273	2,298
Nexus Intermediate III, LLC (4)(9)(26)	SF +	4.75%	8.42	%	12/6/2029	1,041		1,049	1,031
Saber Parent Holdings Corp (4)(7)(25)	SF +	4.50%	8.21	%	12/16/2032	100,388		99,889	99,890
Saber Parent Holdings Corp (4)(6)(7)					12/16/2032	27,693		(138)	(138)
Saber Parent Holdings Corp (4)(6)(7)					12/16/2032	15,205		(76)	(76)
SWF Holdings I Corp (10)(24)	SF +	4.50%	8.33	%	12/19/2029	73		70	72
SWF Holdings I Corp (10)(24)	SF +	4.00%	7.83	%	10/6/2028	667		636	442
SWF Holdings I Corp (6)(10)					12/19/2029	94		—	—
								294,732	268,827	2.16	%
Capital Markets
DRW Holdings LLC (7)(24)	SF +	3.50%	7.22	%	6/26/2031	13,209		13,152	13,056
Jump Financial LLC (7)(25)	SF +	3.50%	7.17	%	2/26/2032	3,886		3,876	3,847
Wharf Street Ratings Acquisition LLC (4)(9)(24)	SF +	4.75%	8.47	%	9/16/2032	256,275		253,816	254,473
Wharf Street Ratings Acquisition LLC (4)(6)(9)					9/16/2032	28,475		(279)	(200)
Wharf Street Ratings Acquisition LLC (4)(6)(9)					9/16/2032	30,241		(290)	(212)
Yes Energy LLC (4)(10)(24)	SF +	4.75%	8.47	%	4/21/2028	39,618		39,333	39,618
Yes Energy LLC (4)(10)(24)	SF +	4.75%	8.47	%	4/21/2028	14,224		14,137	14,224
Yes Energy LLC (4)(10)(24)	SF +	4.75%	8.47	%	4/21/2028	9,639		9,559	9,639
Yes Energy LLC (4)(6)(10)					4/21/2028	2,443		—	—
Yes Energy LLC (4)(10)(24)	SF +	4.75%	8.47	%	4/21/2028	7,432		7,347	7,432
								340,651	341,877	2.75	%
Chemicals
Bakelite US Holdco Inc (7)(25)	SF +	3.75%	7.42	%	12/23/2031	6,145		6,092	5,973
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15)(25)	SF +	10.00%	13.77	%	11/9/2026	12,018		11,950	11,474
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15)(25)	SF +	10.00%	13.77	%	11/9/2026	921		916	880
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15)(25)	SF +	10.00%	13.77	%	11/9/2026	927		921	885
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15)(25)	SF +	10.00%	13.77	%	11/9/2026	10,150		10,081	9,691
Discovery Purchaser Corp (8)(25)	SF +	3.75%	7.61	%	10/4/2029	5,014		4,866	4,830

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units		Amortized Cost(3)	Fair Value	Percentage of Net Assets
Formerra LLC (4)(10)(24)	SF +	7.25%	11.22	%	11/1/2028	103,551		101,926	102,570
Formerra LLC (4)(6)(10)					11/1/2028	12,031		(184)	(114)
Formerra LLC (4)(10)(24)	SF +	7.25%	11.22	%	11/1/2028	4,166		4,100	4,127
Fortis 333 Inc (7)(25)	SF +	3.50%	7.17	%	3/27/2032	2,238		2,233	2,222
Lummus Technology Holdings V LLC (7)(24)	SF +	2.50%	6.22	%	12/31/2029	24,852		24,674	24,903
								167,575	167,441	1.35	%
Commercial Services & Supplies
ABC Legal Holdings, LLC (4)(9)(25)	SF +	4.50%	8.34	%	8/13/2032	80,458		79,698	81,263
ABC Legal Holdings, LLC (4)(6)(9)					8/13/2032	24,138		(235)	241
ABC Legal Holdings, LLC (4)(6)(9)					8/13/2032	16,200		(153)	—
Allied Universal Holdco LLC (7)(24)	SF +	3.25%	6.97	%	8/20/2032	13,079		13,064	13,162
Apex Group Treasury LLC (5)(7)(25)	SF +	3.50%	7.39	%	2/27/2032	13,480		13,362	12,740
Argos Health Holdings, Inc. (4)(9)(25)	SF +	5.00%	8.88	%	12/3/2029	640		636	646
AVSC Holding Corp. (4)(9)(24)	SF +	5.00%	8.72	%	12/5/2031	73,632		72,384	74,369
AVSC Holding Corp. (4)(6)(9)					12/5/2029	8,660		(136)	—
Axiom Buyer, LLC (4)(10)(24)	SF +	6.50%	10.22	%	1/14/2030	148,451		145,733	146,714
Axiom Buyer, LLC (4)(6)(10)					1/14/2030	16,189		(351)	(189)
Axiom Buyer, LLC (4)(6)(10)(24)	SF +	6.50%	10.22	%	1/14/2030	18,189		10,840	10,960
Certania Beteiligungen GmbH (4)(5)(6)(7)					5/23/2029	EUR	22,824	(592)	(587)
Coretrust Purchasing Group LLC (4)(6)(9)					10/1/2029	11,656		(187)	—
Coretrust Purchasing Group LLC (4)(9)(24)	SF +	5.00%	8.72	%	10/1/2029	90,757		89,448	90,757
Coretrust Purchasing Group LLC (4)(6)(9)					10/1/2029	3,844		(27)	—
Eagle 2021 Lower Merger Sub, LLC (4)(9)(25)	SF +	5.00%	8.88	%	12/3/2029	800		795	808
Guardian US Holdco LLC (8)(25)	SF +	3.50%	7.17	%	1/31/2030	7,801		7,708	7,824
ImageFIRST Holdings, LLC (7)(25)	SF +	3.00%	6.73	%	3/12/2032	4,643		4,633	4,655
Madison IAQ LLC (8)(25)	SF +	2.50%	6.70	%	6/21/2028	1,240		1,213	1,248
NBG Acquisition Corp. (4)(9)(25)	SF +	6.00% (incl 3.50% PIK)	9.84	%	11/4/2030	21,279		21,212	17,116
NBG Acquisition Corp. (4)(9)(25)	SF +	6.00% (incl 3.50% PIK)	9.67	%	11/6/2028	3,351		3,319	2,695
NBG Acquisition Corp. (4)(6)(9)(25)	SF +	6.00% (incl 3.50% PIK)	9.67	%	11/4/2030	2,909		1,975	1,418
NDT Global Holding Inc. (4)(5)(8)(24)	SF +	4.50%	8.22	%	6/4/2032	119,700		118,602	118,970
NDT Global Holding Inc. (4)(5)(6)(8)(24)	SF +	4.50%	8.22	%	6/4/2032	60,522		26,058	26,261
NDT Global Holding Inc. (4)(5)(6)(8)					6/4/2032	30,474		(280)	(186)
NTH Degree Purchaser Inc (4)(10)(25)	SF +	5.25%	8.99	%	9/10/2030	100,602		99,030	100,076
NTH Degree Purchaser Inc (4)(6)(10)					9/10/2030	30,800		(549)	(161)
NTH Degree Purchaser Inc (4)(6)(10)					9/10/2030	16,125		(252)	(84)
Retail Services WIS Corporation (4)(10)(25)	SF +	7.00%	10.82	%	8/29/2030	109,427		107,389	107,559
Retail Services WIS Corporation (4)(6)(10)					8/29/2030	25,930		(501)	(443)
Sentinel Buyer Corp. (4)(6)(9)					11/6/2032	21,437		(180)	(210)
Sentinel Buyer Corp. (4)(9)(24)	SF +	5.00%	8.72	%	11/6/2032	257,181		255,050	254,664
Team, Inc. (4)(10)(24)	SF +	6.25%	10.00	%	3/12/2030	51,967		50,988	51,345
Team, Inc. (4)(6)(10)					3/12/2030	14,960		(309)	(179)
Victors Purchaser LLC (4)(8)(25)	SF +	4.50%	8.19	%	12/23/2032	74,072		73,887	73,887
Victors Purchaser LLC (4)(6)(8)					12/23/2032	5,802		(29)	(14)
Victors Purchaser LLC (4)(6)(8)(24)	SF +	4.50%	8.23	%	12/23/2032	11,035		887	914
Wasserman Media Group, LLC (7)(24)	SF +	3.00%	6.72	%	6/23/2032	4,156		4,137	4,172
								1,198,267	1,202,411	9.67	%
Communications Equipment
Ribbon Communications Operating Company, Inc (4)(5)(10)(24)	SF +	6.25%	9.97	%	6/21/2029	54,994		54,231	55,553
Ribbon Communications Operating Company, Inc (4)(5)(6)(10)					6/21/2029	6,365		(88)	—

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units		Amortized Cost(3)	Fair Value	Percentage of Net Assets
								54,143	55,553	0.45	%
Construction & Engineering
NRO Holdings III Corp. (4)(6)(9)(24)	SF +	5.25%	8.99	%	7/15/2030	100		77	79
NRO Holdings III Corp. (4)(9)(25)	SF +	5.25%	9.15	%	7/15/2031	677		666	683
NRO Holdings III Corp. (4)(6)(9)(25)	SF +	5.25%	9.01	%	7/15/2031	214		130	135
Pike Corporation (4)(9)(25)	SF +	4.50%	8.20	%	12/20/2032	119,012		118,419	118,419
Pike Corporation (4)(6)(9)					12/20/2032	25,872		(129)	(129)
Pike Corporation (4)(6)(9)					12/20/2032	19,117		(95)	(95)
								119,068	119,092	0.96	%
Consumer Finance
PCP CW Aggregator Holdings II, L.P. (4)(5)(10)(25)	SF +	7.75% PIK	11.60	%	2/9/2028	25,578		25,496	25,681
								25,496	25,681	0.21	%
Consumer Staples Distribution & Retail
DIA Finance S.L.U. (4)(5)(9)(29)	E +	6.75%	8.82	%	12/27/2029	EUR	170,600	173,613	200,457
Puma Buyer LLC (4)(8)(25)	SF +	4.25%	7.92	%	3/29/2032	59,535		59,138	59,244
Puma Buyer LLC (4)(8)(25)	SF +	4.25%	7.92	%	3/29/2032	27,361		27,227	27,227
Puma Buyer LLC (4)(6)(8)					3/29/2032	15,248		(92)	(75)
SW Ingredients Holdings, LLC (4)(6)(9)(24)	SF +	5.00%	8.72	%	5/2/2030	32,714		8,497	8,742
SW Ingredients Holdings, LLC (4)(9)(24)	SF +	5.00%	8.72	%	5/2/2030	191,516		189,021	190,461
SW Ingredients Holdings, LLC (4)(6)(9)					5/2/2030	23,763		(333)	(131)
Vermont Aus Pty Ltd (4)(5)(9)(34)	B +	4.50%	8.29	%	3/23/2028	AUD	34,409	25,431	22,962
Vermont Aus Pty Ltd (4)(5)(9)(34)	B +	4.50%	8.29	%	3/23/2028	AUD	20,738	14,139	13,838
								496,641	522,725	4.20	%
Containers & Packaging
BP Purchaser, LLC (4)(9)(25)	SF +	5.50%	9.48	%	12/11/2028	28,402		28,165	22,625
Capripack Debtco PLC (4)(5)(10)(29)	E +	5.75% (incl 2.50% PIK)	7.75	%	1/3/2030	EUR	13,743	14,683	16,200
Capripack Debtco PLC (4)(5)(10)(29)	E +	5.75% (incl 2.50% PIK)	7.75	%	1/3/2030	EUR	73,978	79,040	87,203
Capripack Debtco PLC (4)(5)(10)(29)	E +	5.75% (incl 2.50% PIK)	7.82	%	1/3/2030	EUR	30,443	30,754	35,885
Capripack Debtco PLC (4)(5)(10)(29)	E +	5.75% (incl 2.50% PIK)	7.82	%	1/3/2030	EUR	26,638	26,910	31,399
Clydesdale Acquisition Holdings Inc (8)(24)	SF +	3.18%	6.89	%	4/13/2029	7,576		7,562	7,591
								187,114	200,903	1.62	%
Distributors
Johnstone Supply LLC (7)(24)	SF +	2.50%	6.23	%	6/9/2031	6,228		6,221	6,270
Thermostat Purchaser III Inc (9)(25)	SF +	4.25%	7.92	%	8/31/2028	7,900		7,900	7,887
								14,121	14,157	0.11	%
Diversified Consumer Services
Aesthetics Australia Group Pty Ltd (4)(5)(8)(35)	B +	9.38% PIK	13.20	%	3/21/2028	AUD	61,678	39,547	33,405
AI Learning (Singapore) PTE. LTD. (4)(5)(12)(39)	SORA +	7.50%	9.00	%	5/25/2027	SGD	45,400	33,198	34,946
American Academy Holdings, LLC (4)(17)(24)	SF +	9.75% (incl 5.25% PIK)	13.58	%	6/30/2027	58,857		58,857	58,433
Club Car Wash Operating, LLC (4)(10)(25)	SF +	6.00%	9.82	%	6/16/2027	23,808		23,707	23,705
Club Car Wash Operating, LLC (4)(10)(25)	SF +	6.00%	9.82	%	6/16/2027	11,635		11,560	11,584
Club Car Wash Operating, LLC (4)(10)(25)	SF +	6.00%	9.82	%	6/16/2027	36,565		36,136	36,407
Club Car Wash Operating, LLC (4)(10)(25)	SF +	6.00%	9.82	%	6/16/2027	71,775		71,402	71,464
Club Car Wash Operating, LLC (4)(6)(10)(25)	SF +	6.00%	9.82	%	6/16/2027	37,893		24,011	24,198
Express Wash Concepts, LLC (4)(10)(24)	SF +	5.00%	8.82	%	4/30/2027	25,988		25,916	26,082
Express Wash Concepts, LLC (4)(10)(24)	SF +	5.00%	8.82	%	4/30/2027	46,275		46,151	46,444
Houghton Mifflin Harcourt Company (8)(24)	SF +	5.25%	9.07	%	4/9/2029	24,739		24,374	21,897
IXM Holdings, Inc. (4)(11)(25)	SF +	6.50%	10.49	%	12/14/2029	18,241		18,060	18,241
IXM Holdings, Inc. (4)(11)(25)	SF +	6.50%	10.49	%	12/14/2029	1,626		1,608	1,626

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units	Amortized Cost(3)	Fair Value	Percentage of Net Assets
IXM Holdings, Inc. (4)(6)(11)(24)	SF +	6.50%	10.29	%	12/14/2029	4,013	1,217	1,261
IXM Holdings, Inc. (4)(11)(25)	SF +	6.50%	10.29	%	12/14/2029	976	962	976
KUEHG Corp. (5)(8)(25)	SF +	2.75%	6.42	%	6/12/2030	2,362	2,358	2,300
Learning Care Group, Inc. (8)(25)	SF +	4.00%	7.86	%	8/11/2028	1,955	1,940	1,636
Mckissock Investment Holdings LLC (9)(25)	SF +	5.00%	9.04	%	3/12/2029	12,262	12,204	11,542
Mckissock Investment Holdings LLC (9)(25)	SF +	5.00%	8.87	%	3/12/2029	45,864	45,173	43,169
Mckissock Investment Holdings LLC (9)(25)	SF +	5.00%	9.03	%	3/12/2029	31,166	31,038	29,336
Spotless Brands, LLC (4)(10)(25)	SF +	5.75%	9.62	%	7/25/2028	103,194	102,283	103,123
Spotless Brands, LLC (4)(6)(10)(24)	SF +	5.75%	9.50	%	7/25/2028	5,175	992	1,031
Spotless Brands, LLC (4)(10)(25)	SF +	5.75%	9.62	%	7/25/2028	21,102	20,920	21,088
Spotless Brands, LLC (4)(10)(25)	SF +	5.75%	9.62	%	7/25/2028	15,660	15,525	15,649
Spotless Brands, LLC (4)(10)(25)	SF +	5.50%	9.37	%	7/25/2028	30,855	30,636	30,768
TruGreen Limited Partnership (9)(24)	SF +	4.00%	7.82	%	11/2/2027	8,398	8,358	8,249
							688,133	678,560	5.45	%
Diversified Telecommunication Services
Meriplex Communications, LTD (4)(9)(24)	SF +	5.00%	8.82	%	7/17/2028	13,583	13,493	13,214
Meriplex Communications, LTD (4)(9)(24)	SF +	5.00%	8.82	%	7/17/2028	2,875	2,860	2,797
Meriplex Communications, LTD (4)(9)(24)	SF +	5.00%	8.82	%	7/17/2028	1,143	1,136	1,112
							17,489	17,123	0.14	%
Electric Utilities
Cricket Valley Energy Center LLC (4)(18)(25)	SF +	5.00%	8.75	%	6/26/2030	78,705	76,941	77,049
							76,941	77,049	0.62	%
Electrical Equipment
Arcline FM Holdings LLC (9)(25)	SF +	2.75%	6.42	%	6/23/2030	18,109	18,109	18,207
Truck-Lite Co, LLC (4)(6)(9)					2/13/2031	11,973	(164)	—
Truck-Lite Co, LLC (4)(6)(9)(24)	SF +	4.75%	8.48	%	2/13/2032	32,813	12,522	12,990
Truck-Lite Co, LLC (4)(6)(9)					2/13/2032	16,303	(235)	—
Truck-Lite Co, LLC (4)(9)(24)	SF +	4.75%	8.48	%	2/13/2032	90,785	89,437	90,785
Truck-Lite Co, LLC (4)(9)(24)	SF +	4.75%	8.48	%	2/13/2032	3,398	3,367	3,398
Truck-Lite Co, LLC (4)(6)(9)(25)	SF +	4.75%	8.45	%	2/13/2032	3,357	1,906	1,956
							124,942	127,336	1.02	%
Electronic Equipment, Instruments & Components
Bright Light Buyer, Inc. (4)(10)(24)	SF +	6.00%	9.72	%	11/8/2029	72,096	70,940	72,096
CC WDW Borrower, Inc. (4)(10)(25)	SF +	6.75%	10.74	%	1/27/2028	44,189	43,713	44,190
CC WDW Borrower, Inc. (4)(6)(10)(25)	SF +	6.75%	10.74	%	1/27/2028	5,122	3,148	3,201
CC WDW Borrower, Inc. (4)(10)(25)	SF +	6.75%	10.57	%	1/27/2028	2,294	2,294	2,294
Dwyer Instruments Inc (4)(9)(25)	SF +	4.75%	8.42	%	7/20/2029	111,327	110,474	111,327
Dwyer Instruments Inc (4)(9)(25)	SF +	4.75%	8.42	%	7/20/2029	13,370	13,255	13,370
Dwyer Instruments Inc (4)(6)(9)(25)	SF +	4.75%	8.69	%	7/20/2029	19,177	6,725	6,871
Hobbs & Associates LLC (7)(24)	SF +	2.75%	6.47	%	7/23/2031	15,358	15,306	15,375
							265,855	268,724	2.16	%
Energy Equipment & Services
Camin Cargo Control Holdings, Inc. (4)(10)(24)	SF +	5.50%	9.24	%	12/7/2029	63,276	62,467	61,200
Camin Cargo Control Holdings, Inc. (4)(6)(10)(25)	SF +	5.50%	9.34	%	12/7/2029	9,657	6,479	6,338
Camin Cargo Control Holdings, Inc. (4)(6)(10)(24)	SF +	5.50%	9.25	%	12/7/2029	9,702	5,082	4,888
							74,028	72,426	0.58	%
Entertainment
AMR GP Ltd (4)(5)(7)		10.50% (incl 5.25% PIK)	10.50	%	7/10/2034	1,085	1,059	1,084
Aventine Intermediate LLC (4)(9)(25)	SF +	6.00% (incl 3.50% PIK)	9.77	%	6/18/2029	679	676	660
Aventine Intermediate LLC (4)(9)(25)	SF +	6.00% (incl 3.50% PIK)	9.77	%	6/18/2029	11,932	11,862	11,590

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units		Amortized Cost(3)	Fair Value	Percentage of Net Assets
Endeavor Operating Co LLC (5)(7)(24)	SF +	3.00%	6.72	%	3/24/2032	8,178		8,142	8,235
Global Music Rights, LLC (4)(9)(25)	SF +	4.50%	8.17	%	12/20/2031	439,167		435,414	443,559
Global Music Rights, LLC (4)(6)(9)					12/20/2031	46,796		(399)	—
Renaissance Financiere (4)(5)(7)(30)	E +	7.00%	9.04	%	7/26/2028	EUR	34,871	35,760	35,086
								492,514	500,214	4.02	%
Financial Services
AI Circle Bidco Limited (4)(5)(10)(30)	E +	5.75%	7.83	%	2/8/2031	EUR	44,620	46,677	52,448
AI Circle Bidco Limited (4)(5)(10)(30)	E +	5.75%	7.83	%	2/8/2031	EUR	6,374	6,756	7,492
AI Circle Bidco Limited (4)(5)(6)(10)(30)	E +	5.75%	7.88	%	2/8/2031	EUR	66,803	51,774	54,415
Ascensus Holdings, Inc. (8)(24)	SF +	3.00%	6.72	%	11/24/2032	14,005		13,970	14,008
Earps Bidco Limited (4)(5)(7)(31)	SN +	4.50%	8.23	%	3/28/2032	GBP	37,700	48,143	51,324
Earps Bidco Limited (4)(5)(6)(7)(31)	SN +	4.50%	8.23	%	3/28/2032	GBP	11,137	4,303	4,709
Earps Bidco Limited (4)(5)(7)(30)	E +	4.50%	6.62	%	3/28/2032	EUR	2,144	2,457	2,544
Eisner Advisory Group LLC (8)(24)	SF +	4.00%	7.72	%	2/28/2031	8,502		8,439	8,572
Empower Payments Investor, LLC (4)(9)(25)	SF +	4.50%	8.17	%	3/12/2031	100,162		98,677	99,370
Empower Payments Investor, LLC (4)(9)(25)	SF +	4.50%	8.17	%	3/12/2031	14,318		14,082	14,205
Empower Payments Investor, LLC (4)(6)(9)					3/12/2030	9,704		(136)	(114)
Empower Payments Investor, LLC (4)(9)(25)	SF +	4.50%	8.37	%	3/12/2031	14,088		13,956	13,977
Empower Payments Investor, LLC (4)(9)(25)	SF +	4.50%	8.17	%	3/12/2031	24,358		24,137	24,166
Empower Payments Investor, LLC (4)(9)(25)	SF +	4.50%	8.37	%	3/12/2031	57,428		56,875	56,974
Empower Payments Investor, LLC (4)(6)(9)					3/12/2031	17,272		(170)	(137)
Focus Financial Partners, LLC (7)(24)	SF +	2.50%	6.22	%	9/15/2031	17,867		17,802	17,917
Harp Finco LTD (4)(5)(7)(31)	SN +	5.00%	8.72	%	3/27/2032	GBP	113,774	144,713	151,309
June Purchaser LLC (7)(25)	SF +	2.75%	6.42	%	11/28/2031	9,641		9,608	9,720
June Purchaser LLC (6)(7)					11/28/2031	1,619		(9)	13
Madonna Bidco Ltd (4)(5)(7)(31)	SN +	5.25%	8.98	%	10/25/2031	GBP	51,131	65,175	69,608
Madonna Bidco Ltd (4)(5)(6)(7)(31)	SN +	5.25%	8.98	%	10/25/2031	GBP	10,435	450	858
MAI Capital Management Intermediate LLC (4)(9)(25)	SF +	4.75%	8.42	%	8/29/2031	22,543		22,361	22,531
MAI Capital Management Intermediate LLC (4)(9)(25)	SF +	4.75%	8.42	%	8/29/2031	16,259		16,119	16,250
MAI Capital Management Intermediate LLC (4)(6)(9)(25)	SF +	4.75%	8.44	%	8/29/2031	5,625		994	1,037
MAI Capital Management Intermediate LLC (4)(9)(25)	SF +	4.75%	8.42	%	8/29/2031	4,947		4,901	4,944
More Cowbell II, LLC (4)(6)(9)					9/1/2029	5,393		(65)	(51)
More Cowbell II, LLC (4)(9)(27)	SF +	4.50%	7.99	%	9/1/2030	36,476		35,989	36,130
Neon Maple US Debt Mergersub Inc (5)(7)(24)	SF +	2.50%	6.22	%	11/17/2031	3,137		3,116	3,144
Oak Funding LLC (4)(6)(8)					12/2/2032	19,556		(194)	(193)
Oak Funding LLC (4)(8)(25)	SF +	4.50%	8.29	%	12/2/2032	200,444		198,462	198,463
Orthrus Ltd (4)(5)(7)(31)	SN +	6.25% (incl 2.75% PIK)	9.99	%	12/5/2031	GBP	35,278	44,397	47,196
Orthrus Ltd (4)(5)(7)(29)	E +	6.25% (incl 2.75% PIK)	8.28	%	12/5/2031	EUR	31,516	32,953	36,766
Orthrus Ltd (4)(5)(10)(25)	SF +	6.25% (incl 2.75% PIK)	10.01	%	12/5/2031	83,266		82,066	82,648
Orthrus Ltd (4)(5)(6)(7)					12/5/2031	GBP	7,149	(148)	(72)
Orthrus Ltd (4)(5)(10)(25)	SF +	6.25% (incl 2.75% PIK)	10.15	%	12/5/2031	12,023		11,841	11,934
Osaic Holdings Inc (7)(25)	SF +	3.00%	6.60	%	7/30/2032	15,160		15,124	15,241
PEX Holdings LLC (7)(25)	SF +	2.75%	6.42	%	11/26/2031	14,888		14,856	14,925
PF Finco PTY LTD (4)(5)(10)(35)	B +	6.75%	10.57	%	5/30/2030	AUD	41,852	26,440	27,594
PF Finco PTY LTD (4)(5)(6)(10)					5/30/2030	AUD	5,707	(71)	(46)
Priority Holdings, LLC (5)(8)(24)	SF +	3.75%	7.47	%	7/30/2032	4,058		4,049	3,998
Transnetwork LLC (4)(8)(25)	SF +	4.75%	8.42	%	12/30/2030	68,369		67,717	64,950
Travelex Issuerco 2 PLC (4)(5)(14)(31)	SN +	8.00%	11.72	%	9/22/2028	GBP	21,850	26,164	29,958
Violin Finco Guernsey Limited (4)(5)(7)(31)	SN +	5.25%	8.98	%	6/24/2031	GBP	80,205	100,968	108,109

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units		Amortized Cost(3)	Fair Value	Percentage of Net Assets
Violin Finco Guernsey Limited (4)(5)(6)(7)					6/24/2031	GBP	6,211	(70)	—
								1,335,648	1,378,834	11.09	%
Food Products
Aspire Bakeries Holdings LLC (7)(24)	SF +	3.50%	7.22	%	12/23/2030	9,442		9,413	9,509
Specialty Ingredients, LLC (4)(9)(24)	SF +	5.50%	9.32	%	2/12/2029	87,987		87,124	87,987
Specialty Ingredients, LLC (4)(6)(9)					2/12/2029	11,279		(108)	—
Sugar PPC Buyer LLC (4)(10)(26)	SF +	4.75%	8.42	%	10/2/2030	58,504		57,611	58,504
Sugar PPC Buyer LLC (4)(10)(26)	SF +	4.75%	8.42	%	10/2/2030	16,251		15,996	16,251
Sugar PPC Buyer LLC (4)(6)(10)(26)	SF +	4.75%	8.35	%	10/2/2030	14,453		4,196	4,321
								174,232	176,572	1.42	%
Gas Utilities
Energos Infrastructure Holdings Finance LLC (4)(5)(10)(25)	SF +	5.75%	9.52	%	8/13/2027	39,404		39,159	39,404
								39,159	39,404	0.32	%
Health Care Equipment & Supplies
ABB/CON-CISE Optical Group LLC (4)(9)(25)	SF +	7.50%	11.34	%	2/23/2028	21,259		21,057	20,805
Agiliti Health, Inc. (7)(25)	SF +	3.00%	6.86	%	5/1/2030	9,977		9,597	9,797
Bausch + Lomb Corporation (5)(7)(24)	SF +	4.00%	7.72	%	1/15/2031	9,963		9,963	9,988
Bausch + Lomb Corporation (5)(7)(24)	SF +	4.25%	7.97	%	1/15/2031	39,761		39,580	40,228
Bayou Intermediate II, LLC (4)(9)(25)	SF +	4.75%	8.42	%	9/30/2032	148,054		146,628	146,838
Bayou Intermediate II, LLC (4)(6)(9)(25)	SF +	4.75%	8.42	%	9/30/2032	40,378		15,622	15,685
Bayou Intermediate II, LLC (4)(6)(9)					9/30/2032	25,989		(250)	(213)
Ensemble RCM LLC (7)(25)	SF +	3.00%	6.84	%	8/1/2029	11,578		11,529	11,649
Femur Buyer Inc (4)(10)(25)	SF +	7.50% PIK	11.36	%	10/23/2030	108,608		106,625	104,623
Femur Buyer Inc (4)(6)(10)					10/23/2030	2,414		—	(89)
Limpio Bidco GMBH (4)(5)(7)(29)	E +	5.20%	7.26	%	10/31/2030	EUR	63,783	66,177	74,938
Medline Borrower LP (8)(24)	SF +	1.75%	5.47	%	10/23/2030	14,909		14,815	14,981
Resonetics, LLC (9)(25)	SF +	2.75%	6.59	%	6/18/2031	38,155		38,081	38,279
Spruce Bidco II Inc (4)(6)(13)					1/31/2032	43,899		(572)	(167)
Spruce Bidco II Inc (4)(9)(25)	SF +	4.75%	8.45	%	1/31/2032	163,707		161,574	163,084
Spruce Bidco II Inc (4)(9)(36)	C +	4.75%	7.00	%	1/31/2032	CAD	34,825	23,731	25,286
Spruce Bidco II Inc (4)(9)(40)	TN +	5.00%	5.75	%	1/31/2032	JPY	3,725,492	23,742	23,703
Spruce Bidco II Inc (4)(9)(23)(25)	SF +	6.24%	9.93	%	1/31/2032	948		936	945
TecoStar Holdings Inc (4)(10)(25)	SF +	8.00%	11.93	%	7/6/2029	126,897		125,166	126,713
Viant Medical Holdings, Inc. (7)(24)	SF +	4.00%	7.72	%	10/29/2031	17,325		17,252	17,180
Zeus Company LLC (4)(9)(25)	SF +	6.00% (incl 3.00% PIK)	9.67	%	2/28/2031	124,127		122,772	115,595
Zeus Company LLC (4)(6)(9)(25)	SF +	5.50%	9.17	%	2/28/2031	23,019		11,189	9,877
Zeus Company LLC (4)(6)(9)					2/28/2030	21,506		(224)	(1,288)
								964,990	968,437	7.79	%
Health Care Providers & Services
123Dentist Inc (4)(5)(9)(36)	C +	5.00%	7.27	%	8/10/2029	CAD	23,695	16,775	17,264
123Dentist Inc (4)(5)(9)(36)	C +	5.00%	7.27	%	8/10/2029	CAD	56,193	43,049	40,942
AB Centers Acquisition Corporation (4)(9)(24)	SF +	5.25%	8.97	%	7/2/2031	157,020		155,170	156,160
AB Centers Acquisition Corporation (4)(6)(9)(24)	SF +	5.25%	8.97	%	7/2/2031	28,737		9,924	10,140
AB Centers Acquisition Corporation (4)(9)(24)	SF +	5.25%	8.97	%	7/2/2031	52,844		52,478	52,554
AB Centers Acquisition Corporation (4)(9)(24)	SF +	5.25%	8.97	%	7/2/2031	128,188		127,292	127,487
AB Centers Acquisition Corporation (4)(6)(9)					7/2/2031	24,356		(250)	(133)
AB Centers Acquisition Corporation (4)(9)(23)(24)	SF +	6.32%	10.04	%	7/2/2031	1,326		1,317	1,319
AB Centers Acquisition Corporation (4)(9)(24)	SF +	5.25%	8.97	%	7/2/2031	5,770		5,728	5,738
Aspen Dental Management Inc. (8)(24)	SF +	3.75%	7.58	%	12/23/2027	3,268		3,231	3,108
Aspen Dental Management Inc. (7)(24)	SF +	5.75%	9.47	%	12/23/2027	845		849	813
ATI Holdings Acquisition, Inc. (4)(5)(10)(27)	SF +	7.25%	11.03	%	2/24/2028	41,092		40,794	39,067

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units	Amortized Cost(3)	Fair Value	Percentage of Net Assets
Baart Programs, Inc. (4)(10)(19)(25)	SF +	5.00% PIK			6/11/2027	9,968	9,935	7,544
Blazing Star Shields Direct Parent, LLC (4)(10)(25)	SF +	6.00%	9.82	%	8/28/2030	494,393	485,188	485,926
Blazing Star Shields Direct Parent, LLC (4)(6)(10)					8/28/2030	21,972	(409)	(376)
Charlotte Buyer Inc (8)(24)	SF +	4.25%	8.01	%	2/11/2028	24,812	24,190	24,417
Coding Solutions Acquisition, Inc. (4)(6)(9)					8/7/2031	6,558	(92)	66
Coding Solutions Acquisition, Inc. (4)(6)(9)					8/7/2031	16,674	(200)	—
Coding Solutions Acquisition, Inc. (4)(9)(24)	SF +	5.00%	8.72	%	8/7/2031	170,127	168,360	171,827
Coding Solutions Acquisition, Inc. (4)(9)(24)	SF +	5.00%	8.72	%	8/7/2031	19,118	18,860	19,308
Coding Solutions Acquisition, Inc. (4)(6)(9)					8/7/2031	25,062	(357)	251
Diagnostic Services Holdings, Inc. (4)(10)(24)	SF +	5.50%	9.37	%	3/15/2027	122,013	121,523	121,073
Diagnostic Services Holdings, Inc. (4)(10)(24)	SF +	5.50%	9.37	%	3/15/2027	15,653	15,591	15,532
Diagnostic Services Holdings, Inc. (4)(6)(10)(24)	SF +	5.50%	9.37	%	3/15/2027	2,993	1,684	1,673
EPFS Buyer, Inc. (4)(9)(25)	SF +	4.50%	8.17	%	7/31/2031	33,567	33,255	33,503
EPFS Buyer, Inc. (4)(6)(9)					7/31/2031	5,722	(55)	(11)
EPFS Buyer, Inc. (4)(6)(9)					7/31/2031	3,814	(35)	(7)
ERC Topco Holdings, LLC (4)(10)(25)	SF +	6.50% PIK	10.43	%	3/31/2030	7,662	7,260	7,662
ERC Topco Holdings, LLC (4)(6)(10)(25)	SF +	5.50%	9.43	%	3/31/2030	1,561	1,272	1,412
FC Compassus LLC (4)(6)(7)					11/26/2030	19,127	(234)	—
FC Compassus LLC (4)(9)(24)	SF +	5.75% (incl 1.50% PIK)	9.47	%	11/26/2030	146,177	144,400	147,639
FC Compassus LLC (4)(6)(9)(24)	SF +	5.75% (incl 1.50% PIK)	9.47	%	11/26/2030	15,821	1,562	1,934
FC Compassus LLC (4)(9)(23)(24)	SF +	7.02% (incl 2.09% PIK)	10.74	%	11/26/2030	1,180	1,166	1,192
FC Compassus LLC (4)(6)(9)(23)(24)	SF +	6.99% (incl 2.07% PIK)	10.70	%	11/26/2030	128	13	16
Global Medical Response Inc (7)(25)	SF +	3.50%	7.38	%	10/1/2032	25,000	24,940	25,186
Indigo Purchaser, Inc. (4)(9)(25)	SF +	5.00%	8.67	%	11/21/2031	111,267	109,863	112,380
Indigo Purchaser, Inc. (4)(6)(9)(25)	SF +	5.00%	8.87	%	11/21/2031	25,601	1,638	2,246
Indigo Purchaser, Inc. (4)(6)(9)					11/21/2031	17,478	(221)	—
Kabafusion Parent LLC (4)(9)(25)	SF +	4.75%	8.42	%	11/24/2031	89,325	88,571	89,325
Kabafusion Parent LLC (4)(6)(9)					11/24/2031	11,700	(98)	—
Kabafusion Parent LLC (4)(9)(25)	SF +	4.75%	8.42	%	11/24/2031	58,664	58,125	58,664
MB2 Dental Solutions, LLC (4)(9)(24)	SF +	5.50%	9.22	%	2/13/2031	153,353	151,546	153,431
MB2 Dental Solutions, LLC (4)(6)(9)(24)	SF +	5.50%	9.22	%	2/13/2031	13,909	2,301	2,504
MB2 Dental Solutions, LLC (4)(6)(9)(24)	SF +	5.50%	9.22	%	2/13/2031	53,905	27,065	27,990
MB2 Dental Solutions, LLC (4)(9)(24)	SF +	5.50%	9.22	%	2/13/2031	22,207	21,843	22,218
Pareto Health Intermediate Holdings, Inc. (4)(10)(25)	SF +	4.75%	8.35	%	6/3/2030	43,868	43,191	43,868
Pareto Health Intermediate Holdings, Inc. (4)(10)(25)	SF +	4.75%	8.35	%	6/3/2030	14,623	14,397	14,623
Pareto Health Intermediate Holdings, Inc. (4)(6)(10)					6/1/2029	4,032	(69)	—
Pareto Health Intermediate Holdings, Inc. (4)(6)(10)					6/3/2030	9,160	(83)	—
Pareto Health Intermediate Holdings, Inc. (4)(10)(25)	SF +	4.75%	8.35	%	6/3/2030	16,480	16,346	16,480
Parexel International, Inc. (8)(24)	SF +	2.75%	6.47	%	12/12/2031	16,590	16,493	16,666
Pinnacle Fertility, Inc. (4)(9)(26)	SF +	5.00%	8.85	%	3/14/2028	26,469	26,268	26,469
Pinnacle Fertility, Inc. (4)(9)(26)	SF +	5.00%	8.85	%	3/14/2028	9,070	9,008	9,070
Plasma Buyer LLC (4)(9)(19)(25)	SF +	5.75% PIK			5/12/2029	86,973	81,936	63,036
Plasma Buyer LLC (4)(9)(19)(25)	SF +	6.25% PIK			5/12/2029	3,293	3,089	2,397
Plasma Buyer LLC (4)(6)(9)(19)(25)	SF +	5.75% PIK			5/12/2028	9,935	9,338	7,458
PPV Intermediate Holdings, LLC (4)(9)(25)	SF +	5.75%	9.57	%	8/31/2029	21,287	21,080	21,082
PPV Intermediate Holdings, LLC (4)(6)(9)(25)	SF +	5.75%	9.63	%	8/31/2029	2,965	340	342
Precision Medicine Group, LLC (7)(25)	SF +	3.50%	7.17	%	8/20/2032	7,980	7,942	8,032
Premise Health Holding Corp (4)(9)(25)	SF +	4.50%	8.17	%	11/8/2032	30,277	29,980	29,980
Premise Health Holding Corp (4)(6)(9)					11/6/2032	12,789	(126)	(125)

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units	Amortized Cost(3)	Fair Value	Percentage of Net Assets
Premise Health Holding Corp (4)(6)(9)					11/6/2031	2,984	(29)	(29)
Prism One Buyer, LLC (4)(9)(25)	SF +	5.25%	8.92	%	10/11/2032	68,376	67,714	67,714
Prism One Buyer, LLC (4)(6)(9)(25)	SF +	5.25%	8.92	%	10/11/2032	18,000	1,626	1,626
Project Alliance Buyer, LLC (4)(9)(25)	SF +	5.00%	8.82	%	8/27/2031	52,651	51,907	52,300
Project Alliance Buyer, LLC (4)(6)(9)					8/27/2031	10,101	(143)	(67)
PTSH Intermediate Holdings, LLC (4)(9)(25)	SF +	5.50%	9.32	%	12/17/2027	20,258	20,119	20,258
PTSH Intermediate Holdings, LLC (4)(9)(25)	SF +	5.50%	9.32	%	12/17/2027	3,862	3,834	3,862
Raven Acquisition Holdings LLC (7)(24)	SF +	3.00%	6.72	%	11/19/2031	19,633	19,526	19,719
Raven Acquisition Holdings LLC (6)(7)					11/19/2031	1,413	(8)	6
Solis Mammography Buyer, Inc. (4)(9)(25)	SF +	5.00%	8.67	%	5/29/2032	197,132	194,425	194,996
Solis Mammography Buyer, Inc. (4)(6)(9)					5/29/2032	21,807	(315)	(236)
Solis Mammography Buyer, Inc. (4)(6)(9)					5/29/2030	33,548	(443)	(330)
Southern Veterinary Partners LLC (7)(25)	SF +	2.50%	6.37	%	12/4/2031	5,823	5,787	5,823
Syneos Health Inc (7)(25)	SF +	4.00%	7.67	%	9/27/2030	14,884	14,812	14,918
Tenet Healthcare Corp (5)(7)		5.13%	5.13	%	11/1/2027	2,695	2,709	2,710
Tivity Health Inc (4)(9)(24)	SF +	5.00%	8.72	%	6/28/2029	128,516	127,145	128,516
TTF Lower Intermediate LLC (7)(26)	SF +	3.75%	7.79	%	7/18/2031	11,996	11,835	9,777
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9)(25)	SF +	5.75%	9.63	%	7/17/2028	42,413	42,040	42,212
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9)(25)	SF +	5.75%	9.61	%	7/17/2028	26,010	25,790	25,887
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9)(25)	SF +	5.75%	9.60	%	7/17/2028	32,176	31,903	32,024
Vaxcare Intermediate II LLC (4)(8)(25)	SF +	4.50%	8.17	%	6/17/2032	59,557	59,007	59,574
Vaxcare Intermediate II LLC (4)(6)(8)					6/17/2032	11,986	(111)	—
WCAS XIII Primary Care Investors, L.P. (4)(10)(25)	SF +	6.25%	9.92	%	12/31/2029	135,630	134,070	133,392
WCAS XIV Primary Care Investors, L.P. (4)(10)(25)	SF +	6.25%	9.92	%	12/31/2032	56,433	55,533	55,455
WCAS XIV Primary Care Investors, L.P. (4)(10)(25)	SF +	6.25%	9.92	%	12/31/2032	8,342	8,205	8,197
WCAS XIV Primary Care Investors, L.P. (4)(10)(25)	SF +	6.25%	9.92	%	12/31/2032	15,932	15,662	15,656
WCAS XIV Primary Care Investors, L.P. (4)(10)(25)	SF +	6.25%	9.92	%	12/31/2032	13,613	13,360	13,377
WCAS XIV Primary Care Investors, L.P. (4)(10)(25)	SF +	6.25%	9.92	%	12/31/2032	3,581	3,512	3,519
WCAS XIV Primary Care Investors, L.P. (4)(10)(25)	SF +	6.25%	9.94	%	12/31/2032	8,450	8,282	8,304
							3,171,691	3,167,522	25.47	%
Health Care Technology
AthenaHealth Group Inc. (8)(24)	SF +	2.75%	6.47	%	2/15/2029	18,039	17,911	18,096
Azalea Topco, Inc. (7)(24)	SF +	3.00%	6.72	%	4/30/2031	11,859	11,791	11,896
HT Intermediary III, Inc. (4)(6)(9)					11/12/2030	10,286	(51)	103
HT Intermediary III, Inc. (4)(9)(24)	SF +	4.50%	8.22	%	11/12/2030	42,004	41,833	42,424
HT Intermediary III, Inc. (4)(6)(9)					11/12/2030	3,857	(16)	—
Project Ruby Ultimate Parent Corp (7)(24)	SF +	2.75%	6.58	%	3/10/2028	22,634	22,569	22,720
Zelis Payments Buyer, Inc. (7)(24)	SF +	2.75%	6.47	%	9/28/2029	10,801	10,766	10,711
Zelis Payments Buyer, Inc. (7)(24)	SF +	3.25%	6.97	%	11/26/2031	4,950	4,929	4,919
							109,732	110,869	0.89	%
Hotels, Restaurants & Leisure
Birdie Bidco, Inc. (4)(9)(25)	SF +	4.50%	8.17	%	11/17/2032	104,338	103,824	103,815
Birdie Bidco, Inc. (4)(6)(9)					11/17/2032	30,292	(150)	(152)
Birdie Bidco, Inc. (4)(6)(9)(25)	SF +	4.50%	8.17	%	11/17/2032	18,850	2,019	2,017
ClubCorp Holdings Inc (4)(10)(25)	SF +	5.00%	8.67	%	7/9/2032	124,698	122,955	123,142
ClubCorp Holdings Inc (4)(6)(10)					7/9/2032	8,153	(118)	(102)
ClubCorp Holdings Inc (4)(6)(10)					7/10/2031	16,153	(223)	(184)
Crunch Holdings LLC (4)(9)(24)	SF +	4.50%	8.22	%	9/26/2031	58,354	58,088	58,937
Crunch Holdings LLC (4)(6)(9)					9/26/2031	7,922	(36)	—
Fertitta Entertainment LLC (8)(24)	SF +	3.25%	6.97	%	1/27/2029	9,751	9,571	9,760

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units		Amortized Cost(3)	Fair Value	Percentage of Net Assets
Flynn Restaurant Group LP (7)(24)	SF +	3.75%	7.47	%	1/28/2032	20,041		19,953	20,146
HB AcquisitionCo Pty Ltd (4)(5)(8)(34)	B +	6.50%	10.19	%	8/7/2029	AUD	32,211	21,290	21,194
HB AcquisitionCo Pty Ltd (4)(5)(8)(34)	B +	6.50%	10.18	%	8/7/2029	AUD	3,579	2,314	2,355
LC Ahab US Bidco LLC (7)(24)	SF +	3.00%	6.72	%	5/1/2031	10,087		9,939	10,129
Legends Hospitality Holding Company, LLC (4)(6)(9)(24)	SF +	5.00%	8.73	%	8/22/2031	5,502		4,466	4,491
Legends Hospitality Holding Company, LLC (4)(6)(9)(24)	SF +	5.00%	8.73	%	8/22/2030	14,733		4,560	4,401
Legends Hospitality Holding Company, LLC (4)(9)(24)	SF +	5.50% (incl 2.75% PIK)	9.23	%	8/22/2031	96,480		94,346	95,219
ONE Group, LLC (4)(10)(25)	SF +	6.50%	10.34	%	5/1/2029	49,774		48,781	48,552
ONE Group, LLC (4)(6)(7)(25)	SF +	6.00%	9.84	%	10/31/2028	6,649		1,038	946
Saga Mid Co Limited (4)(5)(10)(31)	SN +	6.75%	10.49	%	2/27/2031	GBP	100,868	124,389	139,119
Saga Mid Co Limited (4)(5)(6)(10)					2/27/2031	GBP	30,110	(881)	943
Saga Mid Co Limited (4)(5)(6)(10)					2/27/2031	GBP	4,998	(140)	157
Travel Leaders Group, LLC (4)(14)(24)	SF +	7.50% (incl 3.50% PIK)	11.32	%	3/27/2028	143,665		142,163	142,419
Voyager Parent LLC (7)(24)	SF +	4.75%	8.42	%	7/1/2032	14,782		14,370	14,811
								782,518	802,115	6.45	%
Household Durables
Marcone Group Inc (4)(9)(25)	SF +	7.00% (incl 3.25% PIK)	11.13	%	6/23/2028	51,137		50,813	42,385
Marcone Group Inc (4)(9)(25)	SF +	7.00% (incl 3.25% PIK)	11.13	%	6/23/2028	12,254		12,204	10,157
Marcone Group Inc (4)(9)(25)	SF +	7.00% (incl 3.25% PIK)	11.13	%	6/23/2028	13,565		13,510	11,243
Marcone Group Inc (4)(9)(25)	SF +	7.00% (incl 3.25% PIK)	11.13	%	6/23/2028	4,507		4,489	3,736
								81,016	67,521	0.54	%
Independent Power and Renewable Electricity Producers
Dimension Energy LLC (4)(6)(14)(25)	SF +	4.00%	7.67	%	2/29/2028	60,064		11,762	11,759
Hamilton Projects Acquiror LLC (7)(24)	SF +	2.50%	6.22	%	5/30/2031	19,589		19,543	19,756
IP Operating Portfolio I, LLC (4)(7)		7.88%	7.88	%	12/31/2029	26,998		26,659	26,478
IP Operations II Investco, LLC (4)(15)(26)	SF +	5.50%	9.10	%	6/26/2029	24,640		24,297	24,698
Lackawanna Energy Center LLC (7)(25)	SF +	3.00%	6.78	%	8/5/2032	8,358		8,338	8,428
Palmetto TE Borrower LLC (4)(14)(25)	SF +	5.50%	9.17	%	11/1/2027	123,577		122,471	122,469
Palmetto TE Borrower LLC (4)(6)(14)(25)	SF +	5.50%	9.17	%	11/1/2027	48,798		47,710	47,709
Sunzia UpperCo LLC (4)(16)(25)	SF +	5.00%	8.69	%	6/30/2026	25,000		25,000	25,000
								285,780	286,297	2.30	%
Insurance
Acrisure LLC (7)(24)	SF +	3.00%	6.72	%	11/6/2030	19,857		19,848	19,867
Acrisure LLC (7)(24)	SF +	3.25%	6.97	%	6/20/2032	4,975		4,963	4,987
Alera Group Intermediate Holdings, Inc. (8)(24)	SF +	3.25%	6.97	%	5/30/2032	7,980		7,943	8,027
Alliant Holdings Intermediate, LLC (7)(24)	SF +	2.50%	6.22	%	9/19/2031	18,511		18,384	18,574
AmWINS Group Inc (9)(24)	SF +	2.25%	5.97	%	1/30/2032	10,117		10,106	10,157
Amynta Agency Borrower Inc (7)(24)	SF +	2.75%	6.47	%	12/29/2031	19,990		19,658	20,059
Broadstreet Partners Group LLC (7)(24)	SF +	2.75%	6.47	%	6/13/2031	12,039		11,975	12,092
CRC Insurance Group LLC (7)(25)	SF +	2.75%	6.42	%	5/6/2031	10,049		10,010	10,078
Galway Borrower LLC (4)(9)(25)	SF +	4.50%	8.17	%	9/29/2028	117,211		116,936	117,211
Galway Borrower LLC (4)(6)(9)(25)	SF +	4.50%	8.19	%	9/29/2028	4,449		763	778
Global Gruppe GmbH (4)(5)(7)(30)	E +	6.75%	8.85	%	2/1/2030	EUR	38,764	44,160	44,739
Goosehead Insurance Holdings LLC (4)(5)(7)(24)	SF +	3.00%	6.75	%	1/8/2032	3,491		3,484	3,513
Higginbotham Insurance Agency Inc (4)(10)(25)	SF +	4.50%	8.17	%	6/11/2031	42,047		41,791	42,047
Higginbotham Insurance Agency Inc (4)(6)(10)					6/11/2031	3,833		(34)	—

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units		Amortized Cost(3)	Fair Value	Percentage of Net Assets
HUB International Ltd (7)		7.25%	7.25	%	6/15/2030	10,517		10,517	11,048
HUB International Ltd (7)(25)	SF +	2.25%	6.12	%	6/20/2030	11,638		11,552	11,711
Integrity Marketing Acquisition LLC (4)(6)(9)					8/25/2028	362		(2)	(3)
Integrity Marketing Acquisition LLC (4)(6)(9)					8/25/2028	1,189		(10)	(9)
Integrity Marketing Acquisition LLC (4)(9)(25)	SF +	5.00%	8.82	%	8/25/2028	65,816		65,541	65,306
Jones Deslauriers Insurance Management Inc (5)(7)		8.50%	8.50	%	3/15/2030	14,487		14,473	15,191
Koala Investment Holdings Inc (4)(9)(25)	SF +	4.50%	8.17	%	8/29/2032	118,126		117,002	117,199
Koala Investment Holdings Inc (4)(6)(9)					8/29/2032	11,529		(110)	(90)
Koala Investment Holdings Inc (4)(6)(9)					8/29/2032	22,775		(222)	(179)
Netrisk Group Luxco 4 S.A.R.L. (4)(5)(6)(7)					2/5/2032	EUR	4,060	(63)	—
Netrisk Group Luxco 4 S.A.R.L. (4)(5)(7)(29)	E +	5.25%	7.27	%	2/5/2032	EUR	53,590	55,071	63,592
Netrisk Group Luxco 4 S.A.R.L. (4)(5)(6)(7)					2/5/2032	EUR	9,744	(152)	114
OneDigital Borrower LLC (8)(24)	SF +	3.00%	6.72	%	7/2/2031	14,662		14,610	14,717
Sig Parent Holdings, LLC (4)(6)(9)					8/21/2031	2,463		(10)	—
Sig Parent Holdings, LLC (4)(9)(24)	SF +	4.75%	8.47	%	8/21/2031	21,137		21,052	21,212
Summit Acquisition Inc. (7)(24)	SF +	3.50%	7.22	%	10/16/2031	17,413		17,341	17,565
Trucordia Insurance Services LLC (7)(24)	SF +	3.25%	6.97	%	6/17/2032	6,898		6,882	6,863
USI Inc (7)(25)	SF +	2.25%	5.92	%	9/29/2030	12,743		12,727	12,781
USI Inc (7)(25)	SF +	2.25%	5.92	%	11/21/2029	1,904		1,904	1,911
								658,090	671,058	5.40	%
Interactive Media & Services
Aurelia Netherlands Midco 2 B.V. (4)(5)(7)(29)	E +	4.75%	6.78	%	5/29/2031	EUR	125,373	137,802	148,774
								137,802	148,774	1.19	%
IT Services
Delta Topco, Inc. (7)(24)	SF +	2.75%	6.58	%	11/30/2029	19,004		18,957	18,937
GovCIO Buyer Company (4)(9)(25)	SF +	5.25%	8.92	%	7/9/2031	144,788		142,743	142,956
Hostinger Investments Sarl (4)(5)(6)(7)					11/19/2032	EUR	39,880	(684)	(691)
Hostinger Investments Sarl (4)(5)(7)(28)	E +	4.75%	6.68	%	11/19/2032	EUR	119,640	135,840	138,491
Mediaocean LLC (8)(24)	SF +	3.50%	7.32	%	12/15/2028	6,755		6,750	6,672
Meralm Bidco AB (4)(5)(8)(30)	E +	6.25% (incl 2.25% PIK)	8.31	%	8/29/2031	EUR	33,596	36,692	36,048
Meralm Bidco AB (4)(5)(8)(26)	SF +	6.25% (incl 2.25% PIK)	9.96	%	8/29/2031	14,008		13,842	12,793
Meralm Bidco AB (4)(5)(8)(38)	ST +	6.25% (incl 2.25% PIK)	8.37	%	8/29/2031	SEK	422,944	40,716	41,954
Meralm Bidco AB (4)(5)(8)(37)	N +	6.25% (incl 2.25% PIK)	10.57	%	8/29/2031	NOK	269,391	25,099	24,405
Meralm Bidco AB (4)(5)(8)(30)	E +	9.50% (incl 4.75% PIK)	11.56	%	8/29/2031	EUR	48,964	53,493	56,530
Meralm Bidco AB (4)(5)(6)(8)					8/29/2031	EUR	5,188	(78)	(529)
								473,370	477,566	3.84	%
Life Sciences Tools & Services
Advarra Holdings, Inc. (4)(10)(24)	SF +	4.50%	8.22	%	9/13/2031	126,280		125,766	127,542
Advarra Holdings, Inc. (4)(6)(10)					9/13/2031	6,020		(27)	60
Advarra Holdings, Inc. (4)(10)(24)	SF +	4.50%	8.22	%	9/13/2031	68,071		67,091	68,752
Advarra Holdings, Inc. (4)(9)(24)	SF +	4.50%	8.22	%	9/15/2031	14,711		14,639	14,858
Bamboo US BidCo LLC (4)(10)(25)	SF +	5.00%	8.84	%	9/30/2030	2,848		2,823	2,848
Bamboo US BidCo LLC (4)(6)(10)(24)	SF +	5.00%	8.73	%	9/30/2030	2,855		2,349	2,375
Bamboo US BidCo LLC (4)(10)(25)	SF +	5.00%	8.84	%	9/30/2030	82,562		80,942	82,562
Bamboo US BidCo LLC (4)(6)(10)					10/1/2029	21,254		(398)	—
Bamboo US BidCo LLC (4)(10)(25)	SF +	5.00%	8.84	%	9/30/2030	15,365		15,028	15,365
Bamboo US BidCo LLC (4)(10)(29)	E +	5.00%	7.07	%	9/30/2030	EUR	62,490	64,810	73,419
Cambrex Corporation (4)(9)(24)	SF +	4.50%	8.22	%	3/6/2032	110,007		109,036	111,107
Cambrex Corporation (4)(6)(9)(24)	SF +	4.50%	8.33	%	3/6/2032	18,341		886	1,048

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units		Amortized Cost(3)	Fair Value	Percentage of Net Assets
Cambrex Corporation (4)(6)(9)					3/6/2032	16,460		(155)	165
Cambrex Corporation (4)(6)(9)					3/6/2032	6,121		(61)	61
PerkinElmer U.S. LLC (4)(10)(24)	SF +	4.75%	8.48	%	3/13/2029	21,608		21,506	21,587
PerkinElmer U.S. LLC (4)(10)(24)	SF +	4.75%	8.48	%	3/13/2029	253,534		249,970	253,287
Phantom Purchaser Inc (4)(9)(25)	SF +	4.75%	8.42	%	9/19/2031	100,546		99,637	100,546
Phantom Purchaser Inc (4)(6)(9)					9/19/2031	15,545		(140)	—
WCG Intermediate Corp (10)(24)	SF +	3.00%	6.72	%	2/25/2032	15,247		15,155	15,301
								868,857	890,883	7.16	%
Machinery
LSF12 Donnelly Bidco, LLC (4)(10)(24)	SF +	6.50%	10.22	%	10/2/2029	19,479		19,175	19,479
Madison Safety & Flow LLC (7)(24)	SF +	2.50%	6.23	%	9/26/2031	3,464		3,457	3,492
Radwell Parent, LLC (4)(9)(25)	SF +	5.50%	9.17	%	4/2/2029	150,716		148,378	150,715
Radwell Parent, LLC (4)(6)(9)(25)	SF +	5.50%	9.17	%	4/3/2028	13,271		2,072	2,212
Roper Industrial Products Investment Co (8)(25)	SF +	2.75%	6.42	%	11/22/2029	20,293		19,937	20,439
Rotation Buyer, LLC (4)(6)(9)(25)	SF +	4.75%	8.57	%	12/27/2031	17,030		4,061	4,204
Rotation Buyer, LLC (4)(6)(9)(25)	SF +	4.75%	8.42	%	12/27/2031	8,731		2,754	2,823
Rotation Buyer, LLC (4)(9)(25)	SF +	4.75%	8.42	%	12/27/2031	66,041		65,477	65,994
Time Manufacturing Holdings LLC (4)(6)(9)(24)	SF +	6.50%	10.33	%	12/1/2027	1,002		866	641
Time Manufacturing Holdings LLC (4)(9)(29)	E +	6.50%	8.57	%	12/1/2027	EUR	4,822	5,058	4,304
Time Manufacturing Holdings LLC (4)(9)(29)	E +	6.50%	8.57	%	12/1/2027	EUR	8,492	9,529	7,580
Time Manufacturing Holdings LLC (4)(9)(25)	SF +	6.50%	10.49	%	12/1/2027	12,243		12,156	9,410
TK Elevator US Newco Inc (5)(8)(26)	SF +	2.75%	6.95	%	4/30/2030	14,918		14,790	15,028
								307,710	306,321	2.46	%
Media
2080 Media, Inc. (4)(9)(25)	SF +	4.75%	8.42	%	3/14/2029	53,428		52,917	53,428
2080 Media, Inc. (4)(6)(9)					3/14/2028	13,795		(101)	—
2080 Media, Inc. (4)(9)(25)	SF +	4.75%	8.42	%	3/14/2029	12,393		12,287	12,393
2080 Media, Inc. (4)(9)(25)	SF +	4.75%	8.42	%	3/14/2029	9,983		9,902	9,983
2080 Media, Inc. (4)(6)(9)					3/14/2029	27,282		(249)	—
2080 Media, Inc. (4)(6)(9)(25)	SF +	4.75%	8.57	%	3/14/2029	8,771		5,824	5,904
Arc Media Holdings Limited (4)(5)(10)(25)	SF +	7.25%	11.24	%	10/29/2027	39,914		39,544	39,494
Arc Media Holdings Limited (4)(5)(6)(10)(25)	SF +	7.25%	11.14	%	10/29/2027	2,766		2,589	2,585
Directv Financing, LLC (9)(25)	SF +	5.00%	9.10	%	8/2/2027	806		800	808
Law Business Research Inc. (4)(5)(8)(26)	SF +	5.25%	8.94	%	5/19/2031	46,320		45,361	46,320
LOCI Bidco Limited (4)(5)(8)(31)	SN +	5.25%	9.03	%	5/19/2031	GBP	73,522	91,624	99,100
LOCI Bidco Limited (4)(5)(8)(26)	SF +	5.25%	9.29	%	5/19/2031	12,087		11,855	12,087
Mediaworks Holdings Limited (4)(5)(9)(33)	BB +	6.00%	8.54	%	10/17/2028	NZD	32,230	18,361	18,412
Shelley Bidco Pty Ltd (4)(5)(6)(9)(35)	B +	6.00%	10.02	%	10/17/2028	AUD	16,816	1,300	1,324
Shelley Bidco Pty Ltd (4)(5)(9)(35)	B +	6.00%	9.69	%	10/17/2028	AUD	143,997	92,930	95,418
								384,944	397,256	3.19	%
Metals & Mining
Alchemy US Holdco 1 LLC (4)(10)(25)	SF +	6.50%	10.34	%	7/31/2029	118,301		114,572	110,733
Alchemy US Holdco 1 LLC (4)(10)(29)	E +	6.50%	8.57	%	7/31/2029	EUR	24,961	26,167	27,341
Alchemy US Holdco 1 LLC (4)(6)(10)(25)	SF +	6.50%	10.34	%	7/31/2029	10,229		913	633
BLY US Holdings Inc. (4)(5)(10)(25)	SF +	6.00%	9.67	%	4/10/2029	57,265		56,316	56,001
BLY US Holdings Inc. (4)(5)(10)(25)	SF +	6.00%	9.67	%	4/10/2029	15,342		14,962	15,003
Star Holding LLC (7)(24)	SF +	4.50%	8.22	%	7/31/2031	4,243		4,224	4,179
								217,154	213,890	1.72	%
Multi-Utilities
Forgent Intermediate IV (4)(7)(24)	SF +	3.25%	6.98	%	12/20/2032	4,310		4,267	4,289
								4,267	4,289	0.03	%
Oil, Gas & Consumable Fuels

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units		Amortized Cost(3)	Fair Value	Percentage of Net Assets
CVR CHC LP (5)(7)(25)	SF +	4.00%	7.67	%	12/30/2027	2,612		2,598	2,621
Eagle LNG Partners Jacksonville II LLC (4)(7)		13.50% (incl 6.35% PIK)	13.50	%	4/26/2029	920		903	850
								3,501	3,471	0.03	%
Personal Care Products
MRO Maryruth LLC (4)(7)(25)	SF +	4.00%	7.67	%	9/30/2030	48,694		48,404	48,459
MRO Maryruth LLC (4)(9)(23)(25)	SF +	4.75%	8.42	%	9/30/2031	18,953		18,793	18,818
Parfums Holding Company, Inc. (4)(10)(25)	SF +	5.25%	8.92	%	6/27/2030	118,225		117,341	119,408
Parfums Holding Company, Inc. (4)(6)(10)					6/27/2029	9,034		(63)	—
								184,475	186,685	1.50	%
Pharmaceuticals
Amneal Pharmaceuticals LLC (5)(8)(24)	SF +	3.50%	7.22	%	8/1/2032	7,781		7,762	7,858
Atlas Borrower, LLC (4)(8)(25)	SF +	4.50%	8.17	%	9/4/2032	88,232		87,391	87,518
Atlas Borrower, LLC (4)(6)(8)					9/4/2032	15,234		(145)	(123)
Azurity Pharmaceuticals Inc (4)(10)(25)	SF +	7.00%	10.71	%	3/14/2030	231,423		227,535	221,602
Azurity Pharmaceuticals Inc (4)(6)(10)					3/14/2030	20,537		(344)	(872)
Creek Parent, Inc. (4)(9)(24)	SF +	5.00%	8.73	%	12/18/2031	120,239		118,564	119,763
Creek Parent, Inc. (4)(6)(9)					12/18/2031	22,379		(310)	(89)
Creek Parent, Inc. (4)(9)(23)(24)	SF +	5.77%	9.51	%	12/18/2031	1,210		1,193	1,205
Dechra Finance US LLC (5)(7)(26)	SF +	3.25%	7.45	%	1/27/2032	4,135		4,126	4,171
Endo Finance Holdings Inc (8)(24)	SF +	3.75%	7.47	%	4/23/2031	8,112		8,046	8,059
Gusto Aus Bidco Pty Ltd (4)(5)(8)(34)	B +	4.75%	8.39	%	11/15/2031	AUD	243,533	156,111	164,134
Gusto Aus Bidco Pty Ltd (4)(5)(6)(8)					11/15/2031	AUD	24,086	(108)	161
								609,821	613,387	4.93	%
Professional Services
Baker Tilly Advisory Group, LP (4)(9)(24)	SF +	4.75%	8.47	%	6/3/2031	117,224		115,846	117,224
Baker Tilly Advisory Group, LP (4)(9)(24)	SF +	4.25%	7.97	%	6/3/2031	28,427		28,169	28,406
Baker Tilly Advisory Group, LP (4)(6)(9)					6/3/2030	27,686		(297)	(51)
Captive Resources Midco LLC (4)(6)(9)					7/3/2028	7,558		(63)	—
Captive Resources Midco LLC (4)(9)(24)	SF +	4.50%	8.22	%	7/2/2029	90,960		90,086	90,959
Chartis Group LLC (4)(9)(25)	SF +	4.25%	7.95	%	9/17/2031	80,979		80,318	81,787
Chartis Group LLC (4)(6)(9)(25)	SF +	4.25%	7.92	%	9/17/2031	25,029		3,936	4,413
Chartis Group LLC (4)(6)(9)					9/17/2031	14,716		(119)	—
Citrin Cooperman Advisors LLC (7)(25)	SF +	3.00%	6.67	%	4/1/2032	14,441		14,289	14,501
CohnReznick Advisory LLC (7)(25)	SF +	3.50%	7.17	%	3/31/2032	10,005		9,960	10,074
CohnReznick Advisory LLC (6)(7)					3/31/2032	1,594		(8)	11
Grant Thornton Advisors Holdings LLC (7)(24)	SF +	2.75%	6.47	%	6/2/2031	15,090		15,090	15,138
Guidehouse Inc. (4)(9)(24)	SF +	4.75%	8.47	%	12/16/2030	190,867		189,203	188,053
IG Investments Holdings, LLC (4)(6)(13)					9/22/2028	10,221		(80)	—
IG Investments Holdings, LLC (4)(9)(25)	SF +	5.00%	8.84	%	9/22/2028	88,012		87,680	88,012
IRI Group Holdings, Inc. (4)(9)(24)	SF +	4.25%	7.97	%	12/1/2029	206,163		204,749	208,224
IRI Group Holdings, Inc. (4)(6)(13)					12/1/2028	19,562		(123)	—
Planet US Buyer LLC (5)(7)(25)	SF +	3.00%	6.82	%	2/7/2031	7,388		7,374	7,445
Railpros Parent LLC (4)(9)(25)	SF +	4.25%	8.13	%	5/24/2032	24,770		24,545	24,808
Railpros Parent LLC (4)(6)(9)					5/24/2032	3,832		(35)	—
Sedgwick Claims Management Services Inc (7)(24)	SF +	2.50%	6.22	%	7/31/2031	18,870		18,727	18,951
Spirit RR Holdings, Inc. (4)(9)(25)	SF +	4.50%	8.27	%	9/13/2028	42,232		41,814	42,655
Spirit RR Holdings, Inc. (4)(6)(9)					9/13/2028	3,579		(34)	—
Spirit RR Holdings, Inc. (4)(9)(25)	SF +	4.50%	8.27	%	9/13/2028	5,904		5,848	5,963
Spirit RR Holdings, Inc. (4)(9)(25)	SF +	4.50%	8.27	%	9/13/2028	2,970		2,947	3,000
YA Intermediate Holdings II LLC (4)(9)(26)	SF +	5.00%	8.85	%	10/1/2031	47,092		46,899	47,321
YA Intermediate Holdings II LLC (4)(6)(9)(25)	SF +	5.00%	8.69	%	10/1/2031	19,797		2,851	3,086
YA Intermediate Holdings II LLC (4)(6)(9)(25)	SF +	5.00%	8.86	%	10/1/2031	9,750		2,479	2,519

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units		Amortized Cost(3)	Fair Value	Percentage of Net Assets
								992,051	1,002,499	8.06	%
Real Estate Management & Development
Associations Inc. (4)(10)(25)	SF +	6.50%	10.66	%	7/3/2028	54,996		54,963	54,996
Associations Inc. (4)(6)(10)(25)	SF +	6.50%	10.66	%	7/3/2028	4,300		1,840	1,843
Associations Inc. (4)(6)(10)					7/3/2028	3,459		(2)	—
								56,801	56,839	0.46	%
Semiconductors & Semiconductor Equipment
Altar Bidco Inc (8)(25)	SF +	3.10%	6.78	%	2/1/2029	8,690		8,656	8,613
TechInsights Inc (4)(5)(10)(23)(25)	SF +	6.31%	10.13	%	11/9/2027	2,500		2,483	2,500
TechInsights Inc (4)(5)(10)(23)(25)	SF +	6.31%	10.13	%	11/9/2027	963		956	963
								12,095	12,076	0.10	%
Software
Armstrong Bidco Limited (4)(5)(7)(31)	SN +	5.25%	8.98	%	6/28/2029	GBP	91,991	110,675	123,995
Armstrong Bidco Limited (4)(5)(7)(31)	SN +	5.25%	8.98	%	6/28/2029	GBP	47,995	56,243	64,693
Artifact Bidco, Inc. (4)(8)(25)	SF +	4.15%	7.82	%	7/26/2031	45,788		45,424	45,788
Artifact Bidco, Inc. (4)(6)(8)					7/26/2031	11,207		(101)	—
Artifact Bidco, Inc. (4)(6)(8)					7/26/2030	5,443		(41)	—
Artifact Bidco, Inc. (4)(6)(8)					7/26/2030	2,562		(19)	—
Artisan Bidco, Inc. (4)(10)(29)	E +	7.00%	9.03	%	11/7/2029	EUR	18,242	19,199	20,529
Artisan Bidco, Inc. (4)(10)(25)	SF +	7.00%	10.94	%	11/7/2029	39,200		38,572	37,588
Artisan Bidco, Inc. (4)(6)(10)(25)	SF +	7.00%	10.72	%	11/7/2029	6,000		4,404	4,253
Artisan Bidco, Inc. (4)(10)(25)	SF +	7.00%	10.94	%	11/7/2029	990		982	949
Auditboard, Inc. (4)(6)(9)					7/14/2031	30,286		(239)	(225)
Auditboard, Inc. (4)(9)(25)	SF +	4.50%	8.17	%	7/14/2031	159,000		157,745	157,820
Auditboard, Inc. (4)(9)(25)	SF +	4.50%	8.24	%	7/14/2031	75,714		75,041	75,152
Auditboard, Inc. (4)(9)(25)	SF +	4.50%	8.24	%	7/14/2031	9,751		9,678	9,678
Avalara, Inc. (7)(25)	SF +	2.75%	6.42	%	3/26/2032	13,292		13,226	13,365
BMC Software Inc. (7)(25)	SF +	3.00%	6.82	%	7/30/2031	2,978		2,947	2,973
Boreal Bidco (4)(5)(7)(29)	E +	7.25% (incl 5.75% PIK)	9.27	%	3/26/2032	EUR	51,153	54,169	59,160
Bottomline Technologies, Inc. (4)(6)(9)					5/15/2028	385		(2)	—
Bottomline Technologies, Inc. (4)(9)(25)	SF +	4.50%	8.17	%	5/13/2029	4,466		4,444	4,491
Calabrio, Inc. (7)(25)	SF +	4.00%	7.84	%	11/26/2032	11,360		10,800	10,735
Central Parent LLC (7)(25)	SF +	3.25%	6.92	%	7/6/2029	20,047		19,996	17,045
Cloud Software Group Inc (7)		6.50%	6.50	%	3/31/2029	7,740		7,084	7,846
Cloud Software Group Inc (7)(25)	SF +	3.25%	6.92	%	8/13/2032	13,965		13,965	13,999
Cloud Software Group Inc (7)(25)	SF +	3.25%	6.92	%	3/21/2031	4,753		4,753	4,765
Coupa Holdings, LLC (4)(9)(25)	SF +	5.25%	9.09	%	2/27/2030	78,580		77,485	78,580
Coupa Holdings, LLC (4)(6)(9)					2/27/2029	6,211		(82)	—
Coupa Holdings, LLC (4)(6)(9)					2/27/2030	7,123		(104)	—
Databricks Inc (4)(7)(24)	SF +	4.50%	8.19	%	1/5/2032	137,478		136,897	136,995
Databricks Inc (4)(6)(7)					1/3/2031	30,597		(153)	(108)
Databricks Inc (4)(6)(7)					1/5/2032	30,583		(153)	(107)
DigiCert Inc (4)(9)(24)	SF +	5.75%	9.47	%	7/30/2030	359,912		354,971	355,846
DigiCert Inc (4)(9)(23)(24)	SF +	6.40%	10.12	%	7/30/2030	1,995		1,968	1,971
DigiCert Inc (4)(6)(9)					7/30/2030	38,437		(528)	(434)
EasyPark Strategy AB (4)(5)(8)(26)	SF +	4.75%	8.37	%	12/19/2030	45,577		45,009	45,318
EasyPark Strategy AB (4)(5)(8)(37)	N +	4.75%	8.99	%	12/19/2030	NOK	234,246	20,235	23,103
EasyPark Strategy AB (4)(5)(8)(30)	E +	4.75%	6.87	%	12/19/2030	EUR	74,735	76,586	87,331
EasyPark Strategy AB (4)(5)(8)(31)	SN +	4.75%	8.48	%	12/19/2031	GBP	29,019	35,689	38,902
EasyPark Strategy AB (4)(5)(8)(30)	E +	4.75%	6.87	%	12/19/2030	EUR	8,569	9,887	10,013
Edition Holdings Inc (4)(9)(25)	SF +	4.50%	8.16	%	12/20/2032	61,540		61,310	61,310
Edition Holdings Inc (4)(6)(9)					12/20/2032	8,904		(33)	(33)

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units		Amortized Cost(3)	Fair Value	Percentage of Net Assets
Edition Holdings Inc (4)(6)(9)					12/20/2032	16,684		(62)	(62)
Edition Holdings Inc (4)(6)(9)					12/20/2032	6,722		(25)	(25)
Einstein Parent Inc (4)(9)(25)	SF +	6.50%	10.36	%	1/22/2031	94,062		92,476	92,934
Einstein Parent Inc (4)(6)(9)					1/22/2031	9,745		(164)	(117)
Elements Finco Limited (4)(5)(7)(31)	SN +	5.50% (incl 2.50% PIK)	9.22	%	4/29/2031	GBP	34,144	42,628	46,023
Elements Finco Limited (4)(5)(7)(31)	SN +	5.25% (incl 2.25% PIK)	8.97	%	4/29/2031	GBP	50,987	63,278	68,724
Elements Finco Limited (4)(5)(7)(24)	SF +	5.25% (incl 2.25% PIK)	8.97	%	4/29/2031	10,664		10,584	10,664
Elements Finco Limited (4)(5)(7)(24)	SF +	5.25% (incl 2.25% PIK)	8.97	%	4/29/2031	8,875		8,809	8,875
Elements Finco Limited (4)(5)(7)(31)	SN +	5.50% (incl 2.50% PIK)	9.22	%	4/29/2031	GBP	15,306	19,102	20,631
Espresso Bidco Inc. (4)(9)(25)	SF +	5.75% (incl 3.13% PIK)	9.42	%	3/25/2032	53,033		52,342	52,559
Espresso Bidco Inc. (4)(6)(9)					3/25/2032	14,333		(203)	(128)
Espresso Bidco Inc. (4)(6)(9)					3/25/2032	6,370		(85)	(57)
Flexera Software LLC (4)(8)(28)	E +	4.50%	6.43	%	8/15/2032	EUR	65,335	76,293	76,693
Flexera Software LLC (4)(8)(25)	SF +	4.50%	8.35	%	8/15/2032	199,944		199,471	199,781
Flexera Software LLC (4)(6)(8)					8/15/2032	16,806		(40)	(14)
Huskies Parent Inc (4)(9)(24)	SF +	6.00% (incl 0.50% PIK)	9.82	%	11/5/2029	24,652		24,447	23,419
Huskies Parent Inc (4)(9)(24)	SF +	6.00%	9.82	%	11/5/2029	1,049		1,029	1,029
Huskies Parent Inc (4)(6)(9)(24)	SF +	5.50%	9.32	%	11/5/2029	1,000		271	228
ION Platform Finance US Inc (7)(25)	SF +	3.75%	7.42	%	10/7/2032	20,000		19,807	18,829
Kaseya Inc (7)(24)	SF +	3.00%	6.72	%	3/20/2032	20,314		20,208	20,356
Kona Buyer, LLC (4)(6)(9)					7/23/2031	15,463		(123)	—
Kona Buyer, LLC (4)(9)(25)	SF +	4.50%	8.36	%	7/23/2031	111,997		111,109	112,438
Kona Buyer, LLC (4)(9)(25)	SF +	4.50%	8.36	%	7/23/2031	6,572		6,518	6,598
Kona Buyer, LLC (4)(9)(25)	SF +	4.50%	8.36	%	7/23/2031	1,849		1,835	1,857
Kona Buyer, LLC (4)(6)(9)					7/23/2031	61,081		(305)	241
Kona Buyer, LLC (4)(6)(9)					6/27/2032	7,096		(35)	—
Kpler Finance SA (4)(5)(8)(26)	SF +	7.00% (incl 3.75% PIK)	10.69	%	4/25/2031	71,282		70,352	70,864
Kpler Finance SA (4)(5)(8)(26)	SF +	7.00% (incl 3.75% PIK)	10.69	%	4/25/2031	71,282		70,352	70,864
Kpler Finance SA (4)(5)(6)(8)(26)	SF +	6.50%	10.19	%	10/25/2030	20,000		17,736	17,878
Kpler Finance SA (4)(5)(6)(8)(26)	SF +	7.00% (incl 3.75% PIK)	10.59	%	10/25/2030	20,000		5,719	5,878
Kryptona Bidco US, LLC (4)(6)(9)					12/18/2031	16,852		(287)	(161)
Kryptona Bidco US, LLC (4)(9)(25)	SF +	6.00% (incl 3.25% PIK)	9.70	%	12/18/2031	159,321		156,694	157,795
Kryptona Bidco US, LLC (4)(7)(29)	E +	6.00% (incl 3.25% PIK)	8.06	%	12/18/2031	EUR	36,871	37,735	42,920
McAfee Corp (8)(24)	SF +	3.00%	6.72	%	3/1/2029	8,729		8,607	8,085
Medallia Inc (4)(9)(25)	SF +	6.00%	9.70	%	10/29/2028	82,995		82,995	64,725
Mitchell International Inc (8)(24)	SF +	3.25%	6.97	%	6/17/2031	9,875		9,836	9,919
OEConnection LLC (8)(24)	SF +	4.50%	8.23	%	12/23/2032	104,563		103,833	103,520
OEConnection LLC (6)(8)					12/23/2032	15,332		(77)	26
OEConnection LLC (6)(8)					12/23/2032	11,376		(76)	19
Omega II AB (4)(5)(6)(7)					6/18/2032	SEK	255,591	(127)	278
Omega II AB (4)(5)(7)(38)	ST +	4.25%	6.12	%	6/18/2032	SEK	943,460	97,178	103,501
Onesource Virtual, Inc. (4)(6)(10)					5/28/2030	25,318		(279)	—
Onesource Virtual, Inc. (4)(10)(25)	SF +	4.75%	8.59	%	5/28/2030	161,328		159,553	161,328
Prism Parent Co., Inc. (4)(9)(24)	SF +	5.00%	8.73	%	9/19/2028	41,925		41,537	41,925

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units		Amortized Cost(3)	Fair Value	Percentage of Net Assets
Prism Parent Co., Inc. (4)(6)(9)(24)	SF +	5.00%	8.73	%	9/19/2028	4,316		1,686	1,725
Project Alpha Intermediate Holding, Inc. (8)(25)	SF +	3.25%	6.92	%	10/26/2030	24,903		24,654	24,892
Proofpoint, Inc. (8)(25)	SF +	3.00%	6.67	%	8/31/2028	18,906		18,763	19,034
QBS Parent Inc (4)(9)(25)	SF +	4.50%	8.17	%	6/3/2032	39,427		39,261	39,622
QBS Parent Inc (4)(6)(9)(24)	SF +	4.50%	8.22	%	6/3/2032	3,820		331	347
Quail Buyer, Inc. (4)(9)(25)	SF +	5.00%	8.89	%	10/1/2027	7,161		7,118	7,161
Quail Buyer, Inc. (4)(9)(25)	SF +	5.00%	8.89	%	10/1/2027	22,798		22,619	22,798
Red Planet Borrower, LLC (8)(24)	SF +	4.00%	7.72	%	9/8/2032	5,487		5,435	5,504
Riley MergeCo LLC (4)(6)(10)(23)					9/23/2027	197		(2)	(10)
Riley MergeCo LLC (4)(10)(23)(24)	SF +	7.51%	11.34	%	9/23/2027	1,782		1,770	1,689
Rocket Software Inc (8)(24)	SF +	3.75%	7.47	%	11/28/2028	12,136		11,905	12,148
Severin Acquisition LLC (4)(9)(24)	SF +	4.75% (incl 2.25% PIK)	8.47	%	10/1/2031	304,940		302,500	304,940
Severin Acquisition LLC (4)(6)(9)					10/1/2031	44,454		(365)	—
Severin Acquisition LLC (4)(6)(9)(24)	SF +	4.75% (incl 2.25% PIK)	8.47	%	10/1/2031	63,093		12,707	13,275
Shackleton Lower JVCO ULC (4)(5)(9)(36)	C +	4.50%	6.74	%	11/5/2032	CAD	36,682	25,747	26,465
Shackleton Lower JVCO ULC (4)(5)(6)(9)					11/5/2032	CAD	18,341	(129)	(131)
Shackleton Lower JVCO ULC (4)(5)(6)(9)					11/5/2032	CAD	4,649	(32)	(33)
SI Swan UK Bidco Ltd (4)(5)(7)(25)	SF +	4.75%	8.46	%	12/16/2032	45,707		45,479	45,479
SI Swan UK Bidco Ltd (4)(5)(6)(7)					12/16/2032	10,845		(54)	(54)
SI Swan UK Bidco Ltd (4)(5)(6)(7)					6/13/2026	9,399		(47)	(43)
Skywalker Purchaser, LLC (4)(6)(9)					7/23/2031	24,424		(221)	96
Skywalker Purchaser, LLC (4)(6)(9)					7/23/2031	27,425		(137)	108
Smarsh Inc. (4)(6)(9)					2/16/2029	2,143		(30)	(27)
Smarsh Inc. (4)(9)(25)	SF +	4.75%	8.42	%	2/16/2029	22,500		22,306	22,214
Smarsh Inc. (4)(6)(9)(25)	SF +	4.75%	8.42	%	2/16/2029	3,214		1,221	1,202
Smarsh Inc. (4)(6)(9)					2/16/2029	2,143		(14)	(27)
Solis Bidco (4)(5)(7)(30)	E +	5.00% (incl 2.25% PIK)	7.10	%	10/7/2032	EUR	23,674	27,197	27,412
Solis Bidco (4)(5)(6)(7)					10/7/2032	EUR	11,500	(198)	(196)
Sophos Holdings LLC (5)(10)(24)	SF +	3.50%	7.33	%	3/5/2027	2,353		2,351	2,357
Spark Bidco Ltd (4)(5)(6)(7)					10/8/2032	20,149		(195)	(195)
Spark Bidco Ltd (4)(5)(7)(31)	SN +	4.75%	8.48	%	10/8/2032	GBP	2,740	3,637	3,658
Spark Bidco Ltd (4)(5)(7)(25)	SF +	4.75%	8.69	%	10/8/2032	104,001		102,995	102,995
Spark Bidco Ltd (4)(5)(7)(34)	B +	4.75%	8.33	%	10/8/2032	AUD	32,248	21,042	21,311
Spark US Bidco, Inc. (4)(7)(25)	SF +	4.75%	8.69	%	10/8/2032	38,234		37,864	37,864
Stack Sports Buyer, LLC (4)(9)(24)	SF +	5.75% (incl 3.13% PIK)	9.47	%	3/31/2031	132,924		131,196	132,294
Stack Sports Buyer, LLC (4)(6)(9)					3/31/2031	29,305		(412)	(139)
Stack Sports Buyer, LLC (4)(6)(9)					3/31/2031	21,553		(283)	(102)
Storable Inc (7)(24)	SF +	3.25%	6.97	%	4/16/2031	5,711		5,697	5,745
Tango Bidco SAS (4)(5)(6)(7)					10/17/2031	EUR	3,130	(47)	(78)
Tango Bidco SAS (4)(5)(6)(7)(29)	E +	5.25%	7.28	%	10/17/2031	EUR	16,592	11,705	13,042
Tango Bidco SAS (4)(5)(7)(29)	E +	5.25%	7.28	%	10/17/2031	EUR	41,812	44,720	48,085
Tango Bidco SAS (4)(5)(6)(7)					10/17/2031	EUR	7,161	(83)	(178)
Technology Growth Capital Pty Ltd (4)(5)(10)(25)	SF +	6.50%	10.48	%	7/2/2030	30,127		29,505	30,094
Trading Technologies International Inc (4)(8)(25)	SF +	4.25%	8.14	%	11/4/2032	96,650		96,531	96,521
Trading Technologies International Inc (4)(8)(25)	SF +	4.25%	7.96	%	11/4/2032	32,217		32,177	32,174
Trading Technologies International Inc (4)(6)(8)					11/4/2032	23,643		(29)	(31)
Tricentis Operations Holdings Inc (4)(9)(25)	SF +	6.25% (incl 4.88% PIK)	10.09	%	2/11/2032	139,425		138,251	139,484
Tricentis Operations Holdings Inc (4)(6)(9)					2/11/2032	26,875		(252)	11
Tricentis Operations Holdings Inc (4)(6)(9)					2/11/2032	19,449		(170)	—

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units		Amortized Cost(3)	Fair Value	Percentage of Net Assets
TriMech Acquisition Corp. (4)(10)(25)	SF +	4.75%	8.42	%	3/10/2028	20,896		20,776	20,896
TriMech Acquisition Corp. (4)(10)(32)	SN +	4.75%	8.47	%	3/10/2028	GBP	35,516	43,225	47,872
TriMech Acquisition Corp. (4)(6)(10)(25)	SF +	4.75%	8.59	%	3/10/2028	3,289		490	513
UKG Inc (7)(25)	SF +	2.50%	6.34	%	2/10/2031	16,454		16,353	16,490
User Zoom Technologies, Inc. (4)(9)(26)	SF +	7.00%	11.13	%	4/5/2029	18,948		18,762	18,948
WorkWave Intermediate II, LLC (4)(9)(25)	SF +	5.75%	9.44	%	9/30/2032	94,681		93,775	93,899
WorkWave Intermediate II, LLC (4)(6)(9)(25)	SF +	5.75%	9.44	%	9/30/2032	11,593		613	629
Zendesk Inc (4)(9)(25)	SF +	5.00%	8.69	%	11/22/2028	25,704		25,405	25,704
Zendesk Inc (4)(9)(25)	SF +	5.00%	8.69	%	11/22/2028	159,414		157,886	159,414
Zendesk Inc (4)(6)(9)					11/22/2028	17,940		(173)	—
Zendesk Inc (4)(6)(9)					11/22/2028	13,491		—	—
								4,681,157	4,758,993	38.27	%
Specialty Retail
AI Grace Aus Bidco Pty Ltd (4)(5)(9)(29)	E +	5.25%	7.28	%	12/5/2029	EUR	21,626	22,860	25,554
Constellation Automotive Limited (4)(5)(7)(30)	E +	6.25%	8.37	%	4/3/2031	EUR	18,107	19,706	21,611
Constellation Automotive Limited (4)(5)(7)(31)	SN +	6.25%	10.00	%	4/3/2031	GBP	43,803	56,559	59,901
Foundation Automotive Corp (4)(5)(10)(19)(25)	SF +	7.75% PIK			12/23/2027	17,408		15,033	7,644
Foundation Automotive US Corp (4)(10)(19)(25)	SF +	7.75% PIK			12/24/2027	18,498		15,898	8,123
Foundation Automotive US Corp (4)(10)(19)(25)	SF +	7.75% PIK			12/23/2027	5,381		4,714	2,363
Foundation Automotive US Corp (4)(6)(10)(19)(25)	SF +	7.75%			12/23/2027	4,052		2,498	428
Great Outdoors Group, LLC (9)(24)	SF +	3.25%	6.97	%	1/23/2032	13,488		13,430	13,584
Knitwell Borrower LLC (4)(10)(25)	SF +	7.75%	11.72	%	7/28/2027	37,608		37,165	37,281
Knitwell Borrower LLC (4)(10)(25)	SF +	7.75%	11.72	%	7/28/2027	32,947		32,366	32,660
Knitwell Borrower LLC (4)(10)(25)	SF +	7.75%	11.72	%	7/28/2027	85,388		84,396	84,646
PetSmart LLC (7)(24)	SF +	4.00%	7.73	%	8/18/2032	16,738		16,579	16,691
Spanx, LLC (4)(9)(24)	SF +	5.50%	9.32	%	11/20/2028	28,800		28,551	22,814
Spanx, LLC (4)(6)(9)(25)	SF +	5.25%	9.19	%	11/18/2027	5,000		634	(187)
Staples, Inc. (8)(25)	SF +	5.75%	9.60	%	9/4/2029	30,874		29,856	29,397
White Cap Buyer, LLC (7)(24)	SF +	3.25%	6.97	%	10/19/2029	16,401		16,343	16,486
								396,588	378,996	3.05	%
Textiles, Apparel & Luxury Goods
Daphne S.P.A. (4)(5)(7)(19)(29)	E +	6.75% PIK			5/23/2028	EUR	45,354	47,923	39,701
Daphne S.P.A. (4)(5)(7)(19)(29)	E +	6.75% PIK			5/23/2028	EUR	3,978	4,674	3,483
S&S Holdings LLC (8)(24)	SF +	5.00%	8.73	%	10/1/2031	11,850		11,700	11,680
								64,297	54,864	0.44	%
Trading Companies & Distributors
Atlas Intermediate III LLC (4)(6)(10)					10/31/2029	13,445		(214)	(406)
Atlas Intermediate III LLC (4)(10)(25)	SF +	7.75%	11.59	%	10/31/2029	121,526		119,738	117,853
Core & Main LP (5)(7)(25)	SF +	2.00%	5.69	%	2/9/2031	1,808		1,808	1,814
EIS Legacy Holdco, LLC (4)(9)(25)	SF +	4.50%	8.40	%	11/5/2031	63,788		63,255	63,886
EIS Legacy Holdco, LLC (4)(6)(9)(25)	SF +	4.50%	8.40	%	11/5/2031	30,595		19,446	19,767
EIS Legacy Holdco, LLC (4)(6)(9)					11/5/2030	13,000		(105)	—
W3 TopCo LLC (4)(10)(25)	SF +	6.50%	10.36	%	3/22/2029	87,609		85,354	79,872
								289,282	282,786	2.27	%
Transportation Infrastructure
Tikehau Motion Midco SARL (4)(5)(7)(30)	E +	6.50%	8.59	%	8/22/2031	EUR	23,823	27,382	27,671
Tikehau Motion Midco SARL (4)(5)(7)(30)	E +	6.50%	8.59	%	8/22/2031	EUR	51,456	59,184	59,768
Tikehau Motion Midco SARL (4)(5)(6)(7)					8/22/2031	EUR	38,175	(868)	(510)
								85,698	86,929	0.70	%
Wireless Telecommunication Services
CCI Buyer, Inc. (4)(6)(9)					5/13/2032	23,387		(213)	—
CCI Buyer, Inc. (4)(9)(25)	SF +	5.00%	8.67	%	5/13/2032	303,225		300,467	303,399

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units		Amortized Cost(3)		Fair Value		Percentage of Net Assets
								300,254		303,399		2.44	%
Total First Lien Debt								$	24,122,333	$	24,346,354	195.76	%

Second Lien Debt
Professional Services
Sedgwick Claims Management Services Inc (4)(7)(25)	SF +	5.00%	8.82	%	7/30/2032	$	25,000	$	24,791	$	25,216
								24,791		25,216		0.20	%
Total Second Lien Debt								$	24,791	$	25,216	0.20	%

Other Secured Debt
Asset Based Lending and Fund Finance
Inflexion BFVI Financing Limited (4)(5)(7)(31)	SN +	4.50% PIK	8.22	%	4/30/2030	GBP	21,694	$	28,435	$	29,084
Inflexion BFVI Financing Limited (4)(5)(7)(31)	SN +	4.50% PIK	8.23	%	4/30/2030	GBP	19,550	26,236		26,209
TPG VIII Merlin New Holdings I, L.P. (4)(5)(10)(25)	SF +	6.50%	10.44	%	3/15/2027	31,601		31,348		31,461
								86,019		86,754		0.70	%
Entertainment
Chord Searchlight, L.P (4)(5)(6)(10)(25)	SF +	6.75% PIK	10.59	%	7/16/2030	111,493		83,778		84,609
Chord Searchlight, L.P (4)(5)(6)(10)					7/16/2030	76,007		(1,140)		(485)
								82,638		84,124		0.68	%
Financial Services
Stanford Midco Limited (4)(5)(7)(31)	SN +	10.00% PIK	13.79	%	8/5/2026	GBP	16,916	22,224		22,552
								22,224		22,552		0.18	%
Media
Shelley Midco 1 Pty Ltd (4)(5)(7)		13.50% PIK	13.50	%	4/17/2029	AUD	1,522	984		1,011
								984		1,011		0.01	%
Real Estate Management & Development
Link Apartments Opportunity Zone REIT, LLC (4)(16)(25)	SF +	7.50%	11.17	%	12/27/2029	16,371		16,110		16,227
Link Apartments Opportunity Zone REIT, LLC (4)(6)(16)(25)	SF +	7.50%	11.17	%	12/27/2029	9,355		6,914		6,981
								23,024		23,208		0.19	%
Software
Solis Finco (4)(5)(7)(30)	E +	7.75% PIK	9.85	%	10/7/2033	EUR	7,891	9,043		9,114
								9,043		9,114		0.07	%
Total Other Secured Debt								$	223,932	$	226,763	1.83	%

Unsecured Debt
Diversified Consumer Services
Wildcat Car Wash Holdings, LLC (4)(7)		15.00% PIK	15.00	%	7/16/2029	$	17,983	$	17,983	$	17,983
								17,983		17,983		0.14	%
Health Care Providers & Services
DCA Acquisition Holdings LLC (4)(7)(19)		13.13% PIK			12/28/2032	1,354		1,176		73
DCA Acquisition Holdings LLC (4)(7)(19)		13.13% PIK			12/28/2032	128		111		7
DCA Acquisition Holdings LLC (4)(7)(19)		13.13% PIK			12/28/2032	230		198		12
VetCor Group Holdings LLC (4)(7)		13.75% PIK	13.75	%	9/3/2030	371		367		325
VetCor Group Holdings LLC (4)(7)		13.75% PIK	13.75	%	9/3/2030	1,176		1,165		1,032
VetCor Group Holdings LLC (4)(7)		14.75% PIK	14.75	%	9/3/2030	321		317		292
								3,334		1,741		0.01	%
Insurance
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (7)		6.75%	6.75	%	10/15/2027	6,255		6,018		6,321
								6,018		6,321		0.05	%

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units		Amortized Cost(3)		Fair Value		Percentage of Net Assets
Media
CCO Holdings LLC / CCO Holdings Capital Corp (7)		5.50%	5.50	%	5/1/2026	7,000		7,010		7,015
								7,010		7,015		0.06	%
Real Estate Management & Development
Associations Finance, Inc. (4)(7)		14.25% PIK	14.25	%	5/3/2030	10,310		10,280		10,310
Associations Finance, Inc. (4)(7)		14.25% PIK	14.25	%	5/3/2030	3,937		3,926		3,937
								14,206		14,247		0.11	%
Software
Elements Midco 1 Limited (4)(5)(8)(31)	SN +	8.25% PIK	12.00	%	4/29/2032	GBP	1,911	2,378		2,576
								2,378		2,576		0.02	%
Total Unsecured Debt								$	50,929	$	49,883	0.39	%

Structured Finance
Structured Finance Investments
720 East CLO V Ltd (5)(7)(25) - Class E	SF +	6.30%	10.18	%	7/20/2037	$	4,000	$	4,000	$	4,055
ABPCI Direct Lending Fund CLO XVII LLC (5)(7)(25) - Class E	SF +	8.00%	11.85	%	8/1/2036	3,500		3,518		3,545
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
ARES CLO Ltd (5)(7)(25) - Class E	SF +	6.70%	10.58	%	4/20/2037	5,000		5,000		4,993
Ares Secondaries Pbn Finance Co IV LLC (4)(5)(6)(7)(25) - Class A	SF +	2.90%	6.89	%	4/14/2039	997		7		27
Ares Secondaries Pbn Finance Co IV LLC (4)(5)(6)(7)(25) - Class C	SF +	8.50%	12.49	%	4/14/2039	5,000		53		211
Bain Capital Credit CLO 2024-3 Ltd (5)(7)(25) - Class E	SF +	6.25%	10.14	%	7/16/2037	2,000		2,000		2,022
Barings CLO Ltd 2024-IV (5)(7)(25) - Class E	SF +	5.95%	9.83	%	10/20/2037	4,500		4,500		4,552
Benefit Street Partners CLO XXXVI Ltd (5)(7)(25) - Class E1	SF +	5.50%	9.36	%	1/25/2038	4,750		4,750		4,795
Columbia Cent CLO 33 Ltd (5)(7)(25) - Class E	SF +	7.16%	11.04	%	4/20/2037	2,000		1,965		2,024
Dryden 108 CLO Ltd (5) - Subordinated Note					7/18/2035	2,900		2,291		1,631
Fort Washington CLO 2019-1 (5)(7)(25) - Class ER2	SF +	7.99%	11.87	%	10/20/2037	4,500		4,559		4,604
Monroe Capital Mml Clo XVII Ltd (5)(7)(25) - Class E	SF +	7.91%	11.81	%	1/15/2037	5,000		4,909		5,081
Monroe Capital Mml Clo XVII Ltd (5)(7)(25) - Class D	SF +	4.65%	8.55	%	1/15/2037	1,000		1,000		1,005
Ocp Clo 2024-33 Ltd (5)(7)(25) - Class E	SF +	6.00%	9.88	%	7/20/2037	5,000		5,000		5,074
Octagon 52 Ltd (5)(7)(25) - Class ER	SF +	7.33%	11.19	%	7/23/2037	3,000		2,973		2,990
Octagon 63 Ltd (5)(7)(25) - Class E	SF +	6.50%	10.38	%	7/20/2037	3,000		3,000		3,051
Rad CLO Ltd (5)(7)(25) - Class E	SF +	6.51%	10.42	%	4/15/2034	2,500		2,504		2,445
Shackleton 2019-XV CLO Ltd (5)(7)(25) - Class ER	SF +	6.92%	10.83	%	1/15/2032	3,000		2,735		3,010
Voya CLO Ltd (5)(7)(25) - Class E	SF +	6.00%	9.88	%	7/20/2037	4,000		4,000		4,049
								88,264		88,664		0.71	%
Total Structured Finance								$	88,264	$	88,664	0.71	%

Equity Investments
Broadline Retail
Thrasio Holdings, Inc. (4)(22) - Common Stock						19,015		$	—	$	—
								—		—		—	%
Diversified Consumer Services
CG Parent Intermediate Holdings, Inc. (4)(22) - Preferred Stock						2,000		1,940		2,662
Club Car Wash Preferred, LLC (4)(7)(22) - Preferred Stock		15.00% PIK	15.00	%		16,598		16,598		16,598
Club Car Wash Preferred, LLC (4)(7)(22) - Preferred Stock		15.00% PIK	15.00	%		8,817		8,817		8,817

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units		Amortized Cost(3)		Fair Value		Percentage of Net Assets
Rapid Express Preferred, LLC (4)(7)(22) - Preferred Stock		15.00% PIK	15.00	%		7,241		7,241		7,241
Rapid Express Preferred, LLC (4)(7)(22) - Preferred Stock		15.00% PIK	15.00	%		2,784		2,784		2,784
								37,380		38,102		0.31	%
Entertainment
AMR GP Holdings Ltd (4)(5)(22) - Ordinary Shares						168		1,008		1,568
								1,008		1,568		0.01	%
Health Care Equipment & Supplies
Femur Holdings LP (4)(22) - Preferred Stock						35,339,849		35,905		24,591
								35,905		24,591		0.20	%
Health Care Providers & Services
Eating Recovery Center TopCo, LLC (4)(22) - Class A Common Units						3,528		4,634		1,609
								4,634		1,609		0.01	%
Hotels, Restaurants & Leisure
The ONE Group Hospitality, Inc. (4)(22) - Preferred Stock						1,000		877		1,134
The ONE Group Hospitality, Inc. (22) - A-2 Warrants						11,911		61		21
The ONE Group Hospitality, Inc. (4)(22) - B-2 Warrants						6,667		12		—
								950		1,155		0.01	%
Media
OneTeam Partners, LLC (4)(7)(22) - Preferred Units		8.00%	8.00	%		177,651		948		1,220
								948		1,220		0.01	%
Oil, Gas & Consumable Fuels
Eagle LNG Partners Jacksonville II LLC (4)(22) - Warrants						—		—		—
ELNG Equity LLC (4)(22) - Warrants						78,038		—		—
ELNG Equity LLC (4)(22) - Warrants						31,427		—		—
								—		—		—	%
Pharmaceuticals
Creek Feeder, L.P. (4)(22) - LP Interest						9,000		9,000		9,751
								9,000		9,751		0.08	%
Professional Services
BCPE Virginia Holdco, Inc. (4)(22) - Preferred Stock						2,000		1,960		2,691
								1,960		2,691		0.02	%
Software
Lava Topco, Inc. (4)(22) - Preferred Stock						2,000		2,000		2,000
								2,000		2,000		0.01	%
Wireless Telecommunication Services
CCI Topco, Inc. (4)(22) - Preferred Stock						20		1,960		2,184
								1,960		2,184		0.02	%
Total Equity Investments								$	95,745	$	84,871	0.68	%
Total Investments - Non-Controlled/Non-Affiliated								$	24,605,994	$	24,821,751	199.57	%

Non-Controlled/Affiliated Investments
First Lien Debt
Commercial Services & Supplies
Galaxy US Opco Inc (5)(8)(20)(25)	SF +	5.75% (incl 3.75% PIK)	9.59	%	7/31/2030	$	11,670	$	11,524	$	11,257
Logo Holdings III Corporation (4)(10)(20)(25)	SF +	7.50% PIK	11.42	%	8/1/2030	7,512		5,666		7,512
								17,190		18,769		0.15	%

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Company(1)	Reference Rate and Spread(2)		Interest Rate(2)		Maturity Date	Par Amount/Units		Amortized Cost(3)		Fair Value		Percentage of Net Assets
Diversified Consumer Services
Wash & Wax Systems LLC (4)(10)(20)(25)	SF +	5.50% PIK	9.34	%	4/30/2028	14,773		14,447		14,773
Wash & Wax Systems LLC (4)(6)(10)(20)(25)	SF +	5.50%	9.36	%	4/30/2028	947		612		631
								15,059		15,404		0.12	%
Hotels, Restaurants & Leisure
Artemis Bidco Limited (4)(5)(7)(20)(31)	SN +	6.00% PIK	9.73	%	9/8/2028	GBP	1,181	1,542		1,592
Artemis Bidco Limited (4)(5)(7)(20)(31)	SN +	6.00% PIK	9.73	%	9/8/2028	GBP	1,225	1,600		1,652
Artemis Bidco Limited (4)(5)(7)(20)(31)	SN +	6.00% PIK	9.73	%	9/8/2028	GBP	2,030	2,651		2,737
Artemis Bidco Limited (4)(5)(6)(7)(20)(31)	SN +	6.75% PIK	10.48	%	9/8/2028	GBP	1,465	70		94
Artemis Bidco Limited (4)(5)(7)(20)(31)	SN +	6.75% PIK	10.50	%	9/8/2028	GBP	827	997		1,114
								6,860		7,189		0.06	%
IT Services
New Era Technology Inc (4)(10)(20)(25)	SF +	6.25% PIK	10.07	%	6/30/2030	7,779		7,690		7,779
								7,690		7,779		0.06	%
Total First Lien Debt								$	46,799	$	49,141	0.39	%

Second Lien Debt
Commercial Services & Supplies
Logo Holdings III Corporation (4)(10)(20)(25)	SF +	7.50% PIK	11.42	%	10/30/2028	$	2,665	$	2,016	$	2,665
								2,016		2,665		0.02	%
Total Second Lien Debt								$	2,016	$	2,665	0.02	%

Unsecured Debt
Diversified Consumer Services
Wash & Wax Holdings LLC (4)(7)(20)		12.00% PIK	12.00	%	7/30/2028	$	10,262	$	9,817	$	10,262
								9,817		10,262		0.08	%
Total Unsecured Debt								$	9,817	$	10,262	0.08	%

Equity Investments
Commercial Services & Supplies
Southern Graphics Holdings LLC (4)(20)(22) - Class A Units						274		$	2,333	$	1,467
Velocity Cayman Holding L.P. (4)(5)(20)(22) - Class A-1 Units						91,605		2,224		2,538
Velocity Cayman Holding L.P. (4)(5)(20)(22) - Class A-2 Units						159,628		3,938		3,938
Velocity Cayman Holding L.P. (4)(5)(20)(22) - Class A-3 Units						36,642		—		—
Velocity Cayman Holdings GP LLC (4)(5)(20)(22) - Class A-1 Units						91,605		—		—
Velocity Cayman Holdings GP LLC (4)(5)(20)(22) - Class A-2 Units						159,628		—		—
Velocity Cayman Holdings GP LLC (4)(5)(20)(22) - Class A-3 Units						36,642		—		—
								8,495		7,943		0.06	%
Diversified Consumer Services
Wash & Wax Group LP (4)(20)(22) - Class A Common Units						6,312		8,547		6,991
								8,547		6,991		0.06	%
Hotels, Restaurants & Leisure
Ark Newco Limited (4)(5)(20)(22) - A2 Ordinary Shares						1,291		—		—
Ark Newco Limited (4)(5)(20)(22) - Preferred Stock						7,884,250		10,210		9,688
								10,210		9,688		0.08	%

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Company(1)	Reference Rate and Spread(2)	Interest Rate(2)		Maturity Date	Par Amount/Units		Amortized Cost(3)		Fair Value		Percentage of Net Assets
IT Services
NE SPV Holdco, LLC (4)(20)(22) - Common Units					7,185		—		—
NE SPV Holdco, LLC (4)(20)(22) - Preferred Units					7,185		5,239		3,437
							5,239		3,437		0.03	%
Real Estate Management & Development
SLF V AD1 Holdings, LLC (4)(20)(21)(22) - LLC Interest					10,101		9,891		9,298
							9,891		9,298		0.07	%
Total Equity Investments							$	42,382	$	37,357	0.30	%
Total Investments - Non-Controlled/Affiliated							$	101,014	$	99,425	0.79	%

Controlled/Affiliated Investments
Investments in Joint Ventures
ULTRA III, LLC (5)(20)(22) - LLC Interest							$	402,400	$	416,244
Total Investments in Joint Ventures							$	402,400	$	416,244	3.35	%
Total Investments - Controlled/Affiliated							$	402,400	$	416,244	3.35	%
Total Investment Portfolio							$	25,109,408	$	25,337,420	203.71	%

Cash and Cash Equivalents
J.P. Morgan U.S. Government Fund, Institutional Shares (5)		3.62	%		$	403,602	$	403,602	$	403,602
Cash							187,064		187,064
Total Cash and Cash Equivalents							$	590,666	$	590,666	4.75	%
Total Investment Portfolio, Cash and Cash Equivalents							$	25,700,074	$	25,928,086	208.46	%

(1)Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in U.S. dollars. As of December 31, 2025, the Company had investments denominated in Canadian Dollars (“CAD”), Euros (“EUR”), British Pounds (“GBP”), Japanese Yen (“JPY”), Swedish Krona (“SEK”), Norwegian Krone (“NOK”), Singapore Dollar (“SGD”), New Zealand Dollars (“NZD”), and Australian Dollars (“AUD”). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments and the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral under its credit facilities and debt securitization issuances unless otherwise indicated.

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

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

(5)The investment is not a qualifying asset, in whole or in part, under Section 55(a) of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2025, non-qualifying assets represented 23.6% of total assets as calculated in accordance with regulatory requirements.


Investments	Commitment Type	Unfunded Commitment		Fair Value
Non-Controlled/Non-Affiliated
2080 Media, Inc.	1st Lien Senior Secured Delayed Draw Loan	$	2,867	$	—
2080 Media, Inc.	1st Lien Senior Secured Delayed Draw Loan	27,282		—
2080 Media, Inc.	1st Lien Senior Secured Revolving Loan	13,795		—

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Investments	Commitment Type	Unfunded Commitment	Fair Value
AB Centers Acquisition Corporation	1st Lien Senior Secured Delayed Draw Loan	18,440	(101)
AB Centers Acquisition Corporation	1st Lien Senior Secured Revolving Loan	24,356	(133)
ABC Legal Holdings, LLC	1st Lien Senior Secured Delayed Draw Loan	24,138	241
ABC Legal Holdings, LLC	1st Lien Senior Secured Revolving Loan	16,200	—
Advarra Holdings, Inc.	1st Lien Senior Secured Delayed Draw Loan	6,020	60
AI Circle Bidco Limited	1st Lien Senior Secured Delayed Draw Loan	24,107	11
Alchemy US Holdco 1 LLC	1st Lien Senior Secured Delayed Draw Loan	8,936	(577)
Arc Media Holdings Limited	1st Lien Senior Secured Revolving Loan	152	(2)
Arcfield Acquisition Corp	1st Lien Senior Secured Revolving Loan	2,572	(4)
Arcfield Acquisition Corp	1st Lien Senior Secured Revolving Loan	11,100	(16)
Ares Secondaries Pbn Finance Co IV LLC	Structured Finance Obligations - Debt Instruments	4,948	158
Ares Secondaries Pbn Finance Co IV LLC	Structured Finance Obligations - Debt Instruments	990	20
Artifact Bidco, Inc.	1st Lien Senior Secured Delayed Draw Loan	11,207	—
Artifact Bidco, Inc.	1st Lien Senior Secured Revolving Loan	2,562	—
Artifact Bidco, Inc.	1st Lien Senior Secured Revolving Loan	5,443	—
Artisan Bidco, Inc.	1st Lien Senior Secured Revolving Loan	1,500	(62)
Associations Inc.	1st Lien Senior Secured Delayed Draw Loan	2,457	—
Associations Inc.	1st Lien Senior Secured Revolving Loan	3,459	—
Atlas Borrower, LLC	1st Lien Senior Secured Revolving Loan	15,234	(123)
Atlas Intermediate III LLC	1st Lien Senior Secured Revolving Loan	13,445	(406)
Auditboard, Inc.	1st Lien Senior Secured Revolving Loan	30,286	(225)
AVSC Holding Corp.	1st Lien Senior Secured Revolving Loan	8,660	—
Axiom Buyer, LLC	1st Lien Senior Secured Delayed Draw Loan	16,189	(189)
Axiom Buyer, LLC	1st Lien Senior Secured Revolving Loan	7,016	(82)
Azurity Pharmaceuticals Inc	1st Lien Senior Secured Revolving Loan	20,537	(872)
Baker Tilly Advisory Group, LP	1st Lien Senior Secured Revolving Loan	27,686	(51)
Bamboo US BidCo LLC	1st Lien Senior Secured Delayed Draw Loan	480	—
Bamboo US BidCo LLC	1st Lien Senior Secured Revolving Loan	21,254	—
Bayou Intermediate II, LLC	1st Lien Senior Secured Delayed Draw Loan	24,362	(200)
Bayou Intermediate II, LLC	1st Lien Senior Secured Revolving Loan	25,989	(213)
Birdie Bidco, Inc.	1st Lien Senior Secured Delayed Draw Loan	30,292	(152)
Birdie Bidco, Inc.	1st Lien Senior Secured Revolving Loan	16,739	(84)
Blazing Star Shields Direct Parent, LLC	1st Lien Senior Secured Revolving Loan	21,972	(376)
Bottomline Technologies, Inc.	1st Lien Senior Secured Revolving Loan	385	—
Cadence - Southwick, Inc.	1st Lien Senior Secured Revolving Loan	8,976	—
Cambrex Corporation	1st Lien Senior Secured Delayed Draw Loan	6,121	61
Cambrex Corporation	1st Lien Senior Secured Delayed Draw Loan	16,460	165
Cambrex Corporation	1st Lien Senior Secured Revolving Loan	17,293	—
Camin Cargo Control Holdings, Inc.	1st Lien Senior Secured Delayed Draw Loan	3,002	(99)
Camin Cargo Control Holdings, Inc.	1st Lien Senior Secured Revolving Loan	4,495	(147)
Captive Resources Midco LLC	1st Lien Senior Secured Revolving Loan	7,558	—
Carbon Topco, Inc.	1st Lien Senior Secured Revolving Loan	11,985	—
CC WDW Borrower, Inc.	1st Lien Senior Secured Revolving Loan	1,921	—
CCI Buyer, Inc.	1st Lien Senior Secured Revolving Loan	23,387	—
Certania Beteiligungen GmbH	1st Lien Senior Secured Delayed Draw Loan	26,816	(587)
Chartis Group LLC	1st Lien Senior Secured Delayed Draw Loan	20,866	209
Chartis Group LLC	1st Lien Senior Secured Revolving Loan	14,716	—
Chord Searchlight, L.P	Other Secured Debt Delayed Draw Loan	76,007	(485)
Chord Searchlight, L.P	Other Secured Debt Delayed Draw Loan	26,172	(167)
Club Car Wash Operating, LLC	1st Lien Senior Secured Delayed Draw Loan	13,531	(59)
ClubCorp Holdings Inc	1st Lien Senior Secured Delayed Draw Loan	8,153	(102)
ClubCorp Holdings Inc	1st Lien Senior Secured Revolving Loan	16,153	(184)
Coding Solutions Acquisition, Inc.	1st Lien Senior Secured Delayed Draw Loan	25,062	251
Coding Solutions Acquisition, Inc.	1st Lien Senior Secured Delayed Draw Loan	6,558	66

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Investments	Commitment Type	Unfunded Commitment	Fair Value
Coding Solutions Acquisition, Inc.	1st Lien Senior Secured Revolving Loan	16,674	—
CohnReznick Advisory LLC	1st Lien Senior Secured Delayed Draw Loan	1,594	11
Coretrust Purchasing Group LLC	1st Lien Senior Secured Delayed Draw Loan	3,844	—
Coretrust Purchasing Group LLC	1st Lien Senior Secured Revolving Loan	11,656	—
Coupa Holdings, LLC	1st Lien Senior Secured Delayed Draw Loan	7,123	—
Coupa Holdings, LLC	1st Lien Senior Secured Revolving Loan	6,211	—
Creek Parent, Inc.	1st Lien Senior Secured Revolving Loan	22,379	(89)
Crunch Holdings LLC	1st Lien Senior Secured Revolving Loan	7,922	—
Databricks Inc	1st Lien Senior Secured Delayed Draw Loan	30,597	(108)
Databricks Inc	1st Lien Senior Secured Delayed Draw Loan	30,583	(107)
Diagnostic Services Holdings, Inc.	1st Lien Senior Secured Revolving Loan	1,297	(10)
DigiCert Inc	1st Lien Senior Secured Revolving Loan	38,437	(434)
Dimension Energy LLC	1st Lien Senior Secured Delayed Draw Loan	46,284	(1,559)
Dwyer Instruments Inc	1st Lien Senior Secured Revolving Loan	12,306	—
Earps Bidco Limited	1st Lien Senior Secured Delayed Draw Loan	10,453	105
Edition Holdings Inc	1st Lien Senior Secured Delayed Draw Loan	16,684	(62)
Edition Holdings Inc	1st Lien Senior Secured Delayed Draw Loan	8,904	(33)
Edition Holdings Inc	1st Lien Senior Secured Revolving Loan	6,722	(25)
Einstein Parent Inc	1st Lien Senior Secured Revolving Loan	9,745	(117)
EIS Legacy Holdco, LLC	1st Lien Senior Secured Delayed Draw Loan	10,875	17
EIS Legacy Holdco, LLC	1st Lien Senior Secured Revolving Loan	13,000	—
Empower Payments Investor, LLC	1st Lien Senior Secured Delayed Draw Loan	17,272	(137)
Empower Payments Investor, LLC	1st Lien Senior Secured Revolving Loan	9,704	(114)
EPFS Buyer, Inc.	1st Lien Senior Secured Delayed Draw Loan	5,722	(11)
EPFS Buyer, Inc.	1st Lien Senior Secured Revolving Loan	3,814	(7)
ERC Topco Holdings, LLC	1st Lien Senior Secured Revolving Loan	149	—
Espresso Bidco Inc.	1st Lien Senior Secured Delayed Draw Loan	14,333	(128)
Espresso Bidco Inc.	1st Lien Senior Secured Revolving Loan	6,370	(57)
Fastener Distribution Holdings, LLC	1st Lien Senior Secured Delayed Draw Loan	17,418	26
FC Compassus LLC	1st Lien Senior Secured Delayed Draw Loan	114	1
FC Compassus LLC	1st Lien Senior Secured Delayed Draw Loan	14,046	140
FC Compassus LLC	1st Lien Senior Secured Revolving Loan	19,127	—
Femur Buyer Inc	1st Lien Senior Secured Revolving Loan	2,414	(89)
Flexera Software LLC	1st Lien Senior Secured Revolving Loan	16,806	(14)
Formerra LLC	1st Lien Senior Secured Revolving Loan	12,031	(114)
Foundation Automotive US Corp	1st Lien Senior Secured Revolving Loan	1,351	(758)
Frontgrade Technologies Holdings Inc.	1st Lien Senior Secured Revolving Loan	5,834	(100)
Galway Borrower LLC	1st Lien Senior Secured Revolving Loan	3,671	—
Global Music Rights, LLC	1st Lien Senior Secured Revolving Loan	46,796	—
Gusto Aus Bidco Pty Ltd	1st Lien Senior Secured Delayed Draw Loan	16,072	161
Higginbotham Insurance Agency Inc	1st Lien Senior Secured Delayed Draw Loan	3,833	—
Hostinger Investments Sarl	1st Lien Senior Secured Delayed Draw Loan	46,855	(691)
HT Intermediary III, Inc.	1st Lien Senior Secured Delayed Draw Loan	10,286	103
HT Intermediary III, Inc.	1st Lien Senior Secured Revolving Loan	3,857	—
Huskies Parent Inc	1st Lien Senior Secured Revolving Loan	722	(36)
IG Investments Holdings, LLC	1st Lien Senior Secured Revolving Loan	10,221	—
Indigo Purchaser, Inc.	1st Lien Senior Secured Delayed Draw Loan	23,611	236
Indigo Purchaser, Inc.	1st Lien Senior Secured Revolving Loan	17,478	—
Integrity Marketing Acquisition LLC	1st Lien Senior Secured Delayed Draw Loan	1,189	(9)
Integrity Marketing Acquisition LLC	1st Lien Senior Secured Revolving Loan	362	(3)
IRI Group Holdings, Inc.	1st Lien Senior Secured Revolving Loan	19,562	—
IXM Holdings, Inc.	1st Lien Senior Secured Revolving Loan	2,752	—
June Purchaser LLC	1st Lien Senior Secured Delayed Draw Loan	1,619	13
Kabafusion Parent LLC	1st Lien Senior Secured Revolving Loan	11,700	—

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Investments	Commitment Type	Unfunded Commitment	Fair Value
Koala Investment Holdings Inc	1st Lien Senior Secured Delayed Draw Loan	22,775	(179)
Koala Investment Holdings Inc	1st Lien Senior Secured Revolving Loan	11,529	(90)
Kona Buyer, LLC	1st Lien Senior Secured Revolving Loan	7,096	—
Kona Buyer, LLC	1st Lien Senior Secured Delayed Draw Loan	61,081	241
Kona Buyer, LLC	1st Lien Senior Secured Revolving Loan	15,463	—
Kpler Finance SA	1st Lien Senior Secured Delayed Draw Loan	14,000	(86)
Kpler Finance SA	1st Lien Senior Secured Revolving Loan	2,000	(12)
Kryptona Bidco US, LLC	1st Lien Senior Secured Revolving Loan	16,852	(161)
Legends Hospitality Holding Company, LLC	1st Lien Senior Secured Delayed Draw Loan	939	(12)
Legends Hospitality Holding Company, LLC	1st Lien Senior Secured Revolving Loan	9,945	(261)
Link Apartments Opportunity Zone REIT, LLC	Other Secured Debt Delayed Draw Loan	2,292	(20)
Madonna Bidco Ltd	1st Lien Senior Secured Delayed Draw Loan	13,348	133
MAI Capital Management Intermediate LLC	1st Lien Senior Secured Revolving Loan	4,584	(3)
MB2 Dental Solutions, LLC	1st Lien Senior Secured Delayed Draw Loan	25,942	13
MB2 Dental Solutions, LLC	1st Lien Senior Secured Revolving Loan	11,405	—
Meralm Bidco AB	1st Lien Senior Secured Delayed Draw Loan	6,096	(529)
Montagu Lux Finco Sarl	1st Lien Senior Secured Delayed Draw Loan	38,277	(414)
More Cowbell II, LLC	1st Lien Senior Secured Revolving Loan	5,393	(51)
NBG Acquisition Corp.	1st Lien Senior Secured Revolving Loan	922	(180)
NDT Global Holding Inc.	1st Lien Senior Secured Delayed Draw Loan	33,892	(207)
NDT Global Holding Inc.	1st Lien Senior Secured Revolving Loan	30,474	(186)
Netrisk Group Luxco 4 S.A.R.L.	1st Lien Senior Secured Delayed Draw Loan	11,448	114
Netrisk Group Luxco 4 S.A.R.L.	1st Lien Senior Secured Revolving Loan	4,770	—
NRO Holdings III Corp.	1st Lien Senior Secured Delayed Draw Loan	81	1
NRO Holdings III Corp.	1st Lien Senior Secured Revolving Loan	21	—
NTH Degree Purchaser Inc	1st Lien Senior Secured Delayed Draw Loan	30,800	(161)
NTH Degree Purchaser Inc	1st Lien Senior Secured Revolving Loan	16,125	(84)
Oak Funding LLC	1st Lien Senior Secured Delayed Draw Loan	19,556	(193)
OEConnection LLC	1st Lien Senior Secured Delayed Draw Loan	15,332	26
OEConnection LLC	1st Lien Senior Secured Revolving Loan	11,376	19
Omega II AB	1st Lien Senior Secured Delayed Draw Loan	27,762	278
ONE Group, LLC	1st Lien Senior Secured Revolving Loan	5,485	(179)
Onesource Virtual, Inc.	1st Lien Senior Secured Revolving Loan	25,318	—
Orthrus Ltd	1st Lien Senior Secured Delayed Draw Loan	9,636	(72)
Palmetto TE Borrower LLC	1st Lien Senior Secured Delayed Draw Loan	651	(6)
Pareto Health Intermediate Holdings, Inc.	1st Lien Senior Secured Delayed Draw Loan	9,160	—
Pareto Health Intermediate Holdings, Inc.	1st Lien Senior Secured Revolving Loan	4,032	—
Parfums Holding Company, Inc.	1st Lien Senior Secured Revolving Loan	9,034	—
PF Finco PTY LTD	1st Lien Senior Secured Delayed Draw Loan	3,808	(46)
Phantom Purchaser Inc	1st Lien Senior Secured Revolving Loan	15,545	—
Pike Corporation	1st Lien Senior Secured Delayed Draw Loan	25,872	(129)
Pike Corporation	1st Lien Senior Secured Revolving Loan	19,117	(95)
Plasma Buyer LLC	1st Lien Senior Secured Revolving Loan	42	(10)
PPV Intermediate Holdings, LLC	1st Lien Senior Secured Revolving Loan	2,594	(25)
Premise Health Holding Corp	1st Lien Senior Secured Delayed Draw Loan	12,789	(125)
Premise Health Holding Corp	1st Lien Senior Secured Revolving Loan	2,984	(29)
Prism One Buyer, LLC	1st Lien Senior Secured Revolving Loan	16,200	(157)
Prism Parent Co., Inc.	1st Lien Senior Secured Delayed Draw Loan	2,591	—
Project Alliance Buyer, LLC	1st Lien Senior Secured Revolving Loan	10,101	(67)
Puma Buyer LLC	1st Lien Senior Secured Revolving Loan	15,248	(75)
QBS Parent Inc	1st Lien Senior Secured Revolving Loan	3,473	—
Radwell Parent, LLC	1st Lien Senior Secured Revolving Loan	11,059	—
Railpros Parent LLC	1st Lien Senior Secured Revolving Loan	3,832	—
Raven Acquisition Holdings LLC	1st Lien Senior Secured Delayed Draw Loan	1,413	6

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Investments	Commitment Type	Unfunded Commitment	Fair Value
Retail Services WIS Corporation	1st Lien Senior Secured Delayed Draw Loan	25,930	(443)
RH Buyer Inc	1st Lien Senior Secured Revolving Loan	4,414	(116)
Ribbon Communications Operating Company, Inc	1st Lien Senior Secured Revolving Loan	6,365	—
Riley MergeCo LLC	1st Lien Senior Secured Revolving Loan	197	(10)
Rotation Buyer, LLC	1st Lien Senior Secured Delayed Draw Loan	12,813	(9)
Rotation Buyer, LLC	1st Lien Senior Secured Revolving Loan	5,902	(4)
Saber Parent Holdings Corp	1st Lien Senior Secured Delayed Draw Loan	27,693	(138)
Saber Parent Holdings Corp	1st Lien Senior Secured Revolving Loan	15,205	(76)
Saga Mid Co Limited	1st Lien Senior Secured Delayed Draw Loan	40,585	943
Saga Mid Co Limited	1st Lien Senior Secured Delayed Draw Loan	6,737	157
Sentinel Buyer Corp.	1st Lien Senior Secured Delayed Draw Loan	21,437	(210)
Severin Acquisition LLC	1st Lien Senior Secured Delayed Draw Loan	49,818	—
Severin Acquisition LLC	1st Lien Senior Secured Revolving Loan	44,454	—
Shackleton Lower JVCO ULC	1st Lien Senior Secured Delayed Draw Loan	13,363	(131)
Shackleton Lower JVCO ULC	1st Lien Senior Secured Revolving Loan	3,388	(33)
Shelley Bidco Pty Ltd	1st Lien Senior Secured Delayed Draw Loan	9,818	(69)
SI Swan UK Bidco Ltd	1st Lien Senior Secured Delayed Draw Loan	10,845	(54)
SI Swan UK Bidco Ltd	1st Lien Senior Secured Revolving Loan	9,399	(43)
Sig Parent Holdings, LLC	1st Lien Senior Secured Revolving Loan	2,463	—
Skywalker Purchaser, LLC	1st Lien Senior Secured Delayed Draw Loan	24,424	96
Skywalker Purchaser, LLC	1st Lien Senior Secured Delayed Draw Loan	27,425	108
Smarsh Inc.	1st Lien Senior Secured Delayed Draw Loan	2,143	(27)
Smarsh Inc.	1st Lien Senior Secured Delayed Draw Loan	2,143	(27)
Smarsh Inc.	1st Lien Senior Secured Revolving Loan	1,971	(25)
Solis Bidco	1st Lien Senior Secured Delayed Draw Loan	13,511	(196)
Solis Mammography Buyer, Inc.	1st Lien Senior Secured Delayed Draw Loan	21,807	(236)
Solis Mammography Buyer, Inc.	1st Lien Senior Secured Revolving Loan	33,548	(330)
Spanx, LLC	1st Lien Senior Secured Revolving Loan	4,334	(740)
Spark Bidco Ltd	1st Lien Senior Secured Revolving Loan	20,149	(195)
Specialty Ingredients, LLC	1st Lien Senior Secured Revolving Loan	11,279	—
Spirit RR Holdings, Inc.	1st Lien Senior Secured Revolving Loan	3,579	—
Spotless Brands, LLC	1st Lien Senior Secured Revolving Loan	4,140	(3)
Spruce Bidco II Inc	1st Lien Senior Secured Revolving Loan	43,899	(167)
Stack Sports Buyer, LLC	1st Lien Senior Secured Delayed Draw Loan	29,305	(139)
Stack Sports Buyer, LLC	1st Lien Senior Secured Revolving Loan	21,553	(102)
Sugar PPC Buyer LLC	1st Lien Senior Secured Delayed Draw Loan	10,132	—
SW Ingredients Holdings, LLC	1st Lien Senior Secured Delayed Draw Loan	23,763	(131)
SW Ingredients Holdings, LLC	1st Lien Senior Secured Revolving Loan	23,792	(131)
SWF Holdings I Corp	1st Lien Senior Secured Delayed Draw Loan	94	—
Tango Bidco SAS	1st Lien Senior Secured Delayed Draw Loan	3,677	(78)
Tango Bidco SAS	1st Lien Senior Secured Delayed Draw Loan	6,039	(128)
Tango Bidco SAS	1st Lien Senior Secured Delayed Draw Loan	8,414	(178)
Team, Inc.	1st Lien Senior Secured Delayed Draw Loan	14,960	(179)
Tex-Tech Industries, Inc.	1st Lien Senior Secured Delayed Draw Loan	7,237	72
Tex-Tech Industries, Inc.	1st Lien Senior Secured Revolving Loan	12,250	—
Tikehau Motion Midco SARL	1st Lien Senior Secured Delayed Draw Loan	44,851	(510)
Time Manufacturing Holdings LLC	1st Lien Senior Secured Revolving Loan	129	(30)
Titan BW Borrower L.P.	1st Lien Senior Secured Delayed Draw Loan	21,056	(162)
Titan BW Borrower L.P.	1st Lien Senior Secured Revolving Loan	48,935	(377)
Trading Technologies International Inc	1st Lien Senior Secured Revolving Loan	23,643	(31)
Tricentis Operations Holdings Inc	1st Lien Senior Secured Delayed Draw Loan	26,875	11
Tricentis Operations Holdings Inc	1st Lien Senior Secured Revolving Loan	19,449	—
TriMech Acquisition Corp.	1st Lien Senior Secured Revolving Loan	2,776	—
Truck-Lite Co, LLC	1st Lien Senior Secured Delayed Draw Loan	1,401	—

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Investments	Commitment Type	Unfunded Commitment		Fair Value
Truck-Lite Co, LLC	1st Lien Senior Secured Delayed Draw Loan	19,822		—
Truck-Lite Co, LLC	1st Lien Senior Secured Delayed Draw Loan	16,303		—
Truck-Lite Co, LLC	1st Lien Senior Secured Revolving Loan	11,973		—
Valence Surface Technologies LLC	1st Lien Senior Secured Delayed Draw Loan	579		1
Valence Surface Technologies LLC	1st Lien Senior Secured Revolving Loan	13,777		—
Vaxcare Intermediate II LLC	1st Lien Senior Secured Revolving Loan	11,986		—
Victors Purchaser LLC	1st Lien Senior Secured Delayed Draw Loan	5,802		(14)
Victors Purchaser LLC	1st Lien Senior Secured Revolving Loan	10,094		(26)
Violin Finco Guernsey Limited	1st Lien Senior Secured Delayed Draw Loan	8,372		—
Vital Bidco AB	1st Lien Senior Secured Revolving Loan	16,892		—
West Star Aviation Acquisition, LLC	1st Lien Senior Secured Delayed Draw Loan	5,934		22
West Star Aviation Acquisition, LLC	1st Lien Senior Secured Revolving Loan	6,305		—
Wharf Street Ratings Acquisition LLC	1st Lien Senior Secured Delayed Draw Loan	28,475		(200)
Wharf Street Ratings Acquisition LLC	1st Lien Senior Secured Revolving Loan	30,241		(212)
WorkWave Intermediate II, LLC	1st Lien Senior Secured Revolving Loan	10,869		(90)
WP CPP Holdings, LLC	1st Lien Senior Secured Revolving Loan	26,285		—
YA Intermediate Holdings II LLC	1st Lien Senior Secured Delayed Draw Loan	16,807		82
YA Intermediate Holdings II LLC	1st Lien Senior Secured Revolving Loan	7,231		—
Yes Energy LLC	1st Lien Senior Secured Revolving Loan	2,443		—
Zendesk Inc	1st Lien Senior Secured Delayed Draw Loan	13,491		—
Zendesk Inc	1st Lien Senior Secured Revolving Loan	17,940		—
Zeppelin US Buyer Inc.	1st Lien Senior Secured Delayed Draw Loan	26,224		(23)
Zeppelin US Buyer Inc.	1st Lien Senior Secured Revolving Loan	13,112		(12)
Zeus Company LLC	1st Lien Senior Secured Delayed Draw Loan	11,544		(802)
Zeus Company LLC	1st Lien Senior Secured Revolving Loan	21,506		(1,288)
Total Non-Controlled/Non-Affiliated		$	3,419,746	$	(18,101)

Non-Controlled/Affiliated
Artemis Bidco Limited	1st Lien Senior Secured Delayed Draw Loan	$	1,880	$	—
Wash & Wax Systems LLC	1st Lien Senior Secured Revolving Loan	316		—
Total Non-Controlled/Affiliated		$	2,196	$	—
Total		$	3,421,942	$	(18,101)

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

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

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

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

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

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

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

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

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

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

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

(18)The interest rate floor on these investments as of December 31, 2025 was 3.75%.

(19)Loan was on non-accrual status as of December 31, 2025.

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

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


	Fair Value as of December 31, 2024		Gross Additions(a)		Gross Reductions(b)		Change in Unrealized Gains (Loss)		Net Realized Gain (Loss)		Fair Value as of December 31, 2025		Dividend and Interest Income
Non-Controlled/Affiliated Investments
Logo Holdings III Corporation	$	7,386	$	551	$	(57)	$	2,297	$	—	$	10,177	$	662
Southern Graphics Holdings LLC	3,069		—		—		(1,602)		—		1,467		—
Velocity Cayman Holding L.P.	—		6,162		—		314		—		6,476		—
Velocity Cayman Holdings GP LLC	—		—		—		—		—		—		—
Galaxy US Opco Inc	—		12,648		(2,364)		973		—		11,257		1,228
Artemis Bidco Limited	—		6,964		—		225		—		7,189		6
Ark Newco Limited	—		10,210		—		(522)		—		9,688		—
Wash & Wax Systems LLC	—		15,154		(92)		342		—		15,404		659
Wash & Wax Holdings LLC	—		9,817		—		445		—		10,262		352
Wash & Wax Group LP	—		8,547		—		(1,556)		—		6,991		—
New Era Technology Inc	—		7,690		—		89		—		7,779		202
NE SPV Holdco, LLC	—		5,239		—		(1,802)		—		3,437		—
SLF V AD1 Holdings, LLC	9,514		—		—		(216)		—		9,298		—
Total Non-Controlled/Affiliated Investments	$	19,969	$	82,982	$	(2,513)	$	(1,013)	$	—	$	99,425	$	3,109
Controlled/Affiliated Investments
Majority Owned Subsidiaries
ULTRA III, LLC	$	320,350	$	111,000	$	(6,347)	$	(8,759)	$	—	$	416,244	$	47,918
Total Controlled/Affiliated Investments	$	320,350	$	111,000	$	(6,347)	$	(8,759)	$	—	$	416,244	$	47,918

(21)These investments are not pledged as collateral under the Credit Facilities, the 2023 CLO Refinancing Secured Notes, the 2024 CLO Secured Notes, the 2025 CLO Secured Debt, and/or the 2025-4 CLO Secured Notes.

(22)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted security” under the Securities Act. As of December 31, 2025, the aggregate fair value of these securities is $538,472, or 4.33% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

Portfolio Company

Investment

Acquisition Date

Thrasio Holdings, Inc.

Common Stock

June 18, 2024

CG Parent Intermediate Holdings, Inc.

Preferred Stock

November 20, 2023

Club Car Wash Preferred, LLC

Preferred Stock

November 15, 2023

Club Car Wash Preferred, LLC

Preferred Stock

November 15, 2023

Rapid Express Preferred, LLC

Preferred Stock

November 15, 2023

Rapid Express Preferred, LLC

Preferred Stock

November 15, 2023

AMR GP Holdings Ltd

Ordinary Shares

July 9, 2024

Femur Holdings LP

Preferred Stock

October 23, 2025

Eating Recovery Center TopCo, LLC

Class A Common Units

March 31, 2025

The ONE Group Hospitality, Inc.

Preferred Stock

May 1, 2024

The ONE Group Hospitality, Inc.

A-2 Warrants

May 1, 2024

The ONE Group Hospitality, Inc.

B-2 Warrants

May 1, 2024

OneTeam Partners, LLC

Preferred Units

September 15, 2022

Eagle LNG Partners Jacksonville II LLC

Warrants

March 8, 2023

ELNG Equity LLC

Warrants

April 26, 2024

ELNG Equity LLC

Warrants

September 25, 2025

Creek Feeder, L.P.

LP Interest

December 16, 2024

BCPE Virginia HoldCo, Inc.

Preferred Stock

December 14, 2023

Lava Topco, Inc.

Preferred Stock

November 10, 2025

CCI Topco, Inc.

Preferred Stock

May 13, 2025

Southern Graphics Holdings LLC

Class A Units

April 28, 2023

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HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

Portfolio Company

Investment

Acquisition Date

Velocity Cayman Holding L.P.

Class A-1 Units

February 24, 2025

Velocity Cayman Holding L.P.

Class A-2 Units

February 24, 2025

Velocity Cayman Holding L.P.

Class A-3 Units

February 24, 2025

Velocity Cayman Holdings GP LLC

Class A-1 Units

February 24, 2025

Velocity Cayman Holdings GP LLC

Class A-2 Units

February 24, 2025

Velocity Cayman Holdings GP LLC

Class A-3 Units

February 24, 2025

Wash & Wax Group LP

Class A Common Units

April 30, 2025

Ark Newco Limited

A2 Ordinary Shares

June 27, 2025

Ark Newco Limited

Preferred Stock

June 27, 2025

NE SPV Holdco, LLC

Common Units

August 21, 2025

NE SPV Holdco, LLC

Preferred Units

August 21, 2025

SLF V AD1 Holdings, LLC

LLC Interest

September 6, 2023

ULTRA III, LLC

LLC Interest

June 1, 2023

(24)The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2025 was 3.69%.

(25)The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2025 was 3.65%.

(26)The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2025 was 3.57%.

(27)The interest rate on these loans is subject to 12 month SOFR, which as of December 31, 2025 was 3.42%.

(28)The interest rate on these loans is subject to 1 month EURIBOR, which as of December 31, 2025 was 1.94%.

(29)The interest rate on these loans is subject to 3 month EURIBOR, which as of December 31, 2025 was 2.03%.

(30)The interest rate on these loans is subject to 6 month EURIBOR, which as of December 31, 2025 was 2.11%.

(31)The interest rate on these loans is subject to daily SONIA, which as of December 31, 2025 was 3.73%.

(32)The interest rate on these loans is subject to 3 month SONIA, which as of December 31, 2025 was 3.96%.

(33)The interest rate on these loans is subject to 6 month BKBM, which as of December 31, 2025 was 2.56%.

(34)The interest rate on these loans is subject to 3 month BBSY, which as of December 31, 2025 was 3.79%.

(35)The interest rate on these loans is subject to 6 month BBSY, which as of December 31, 2025 was 4.17%.

(36)The interest rate on these loans is subject to 1 month CORRA, which as of December 31, 2025 was 2.26%.

(37)The interest rate on these loans is subject to 6 month NIBOR, which as of December 31, 2025 was 4.23%.

(38)The interest rate on these loans is subject to 6 month STIBOR, which as of December 31, 2025 was 2.07%.

(39)The interest rate on these loans is subject to daily SORA, which as of December 31, 2025 was 1.32%.

(40)The interest rate on these loans is subject to 3 month TONA, which as of December 31, 2025 was 0.73%.

Table of Contents

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

ADDITIONAL INFORMATION

Foreign currency forward contracts:


Currency Purchased	Notional Purchased	Currency Sold	Notional Sold	Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
U.S. Dollars	220,151	Australian Dollars	332,829	BNP PARIBAS	3/25/2026	$	(1,958)
U.S. Dollars	84,955	Canadian Dollars	116,504	BNP PARIBAS	3/25/2026	(230)
U.S. Dollars	430,371	Euros	366,216	BNP PARIBAS	3/23/2026	(1,452)
U.S. Dollars	594,290	British Pounds	444,223	BNP PARIBAS	3/24/2026	(4,356)
U.S. Dollars	50,054	Norwegian Krona	508,969	BNP PARIBAS	3/23/2026	(422)
U.S. Dollars	46,677	Swedish Krona	431,403	BNP PARIBAS	3/23/2026	(369)
U.S. Dollars	26,832	Canadian Dollars	37,049	Deutsche Bank AG	9/23/2026	(423)
U.S. Dollars	45,013	Euros	38,153	Deutsche Bank AG	3/23/2026	25
U.S. Dollars	59,894	British Pounds	44,751	Deutsche Bank AG	3/23/2026	(415)
U.S. Dollars	107,378	Swedish Krona	991,961	Deutsche Bank AG	3/23/2026	(798)
U.S. Dollars	1,401	Australian Dollars	2,209	Goldman Sachs Bank USA	3/23/2026	(73)
U.S. Dollars	83,480	Australian Dollars	128,287	Goldman Sachs Bank USA	9/23/2026	(1,926)
U.S. Dollars	281,662	Euros	238,773	Goldman Sachs Bank USA	3/23/2026	113
U.S. Dollars	67,586	British Pounds	50,535	Goldman Sachs Bank USA	3/23/2026	(517)
U.S. Dollars	1,068	New Zealand Dollars	1,853	Goldman Sachs Bank USA	3/23/2026	(2)
U.S. Dollars	18,664	New Zealand Dollars	32,230	Goldman Sachs Bank USA	9/23/2026	(31)
U.S. Dollars	35,472	Singaporean Dollars	45,400	Goldman Sachs Bank USA	3/23/2026	(24)
U.S. Dollars	725	Australian Dollars	1,095	SMBC Capital Markets, Inc.	3/23/2026	(6)
U.S. Dollars	292,928	Euros	248,202	SMBC Capital Markets, Inc.	3/23/2026	261
U.S. Dollars	130,686	British Pounds	103,440	SMBC Capital Markets, Inc.	12/23/2026	(8,540)
U.S. Dollars	24,765	Japanese Yen	3,799,764	SMBC Capital Markets, Inc.	3/23/2026	351
Total						$	(20,792)

Interest rate swaps:


Counterparty	Hedged Instrument	Company Receives		Company Pays(1)(2)	Maturity Date	Notional Amount		Fair Market Value		Upfront Payments / Receipts		Change in Unrealized Gains / (Losses)(3)
Goldman Sachs Bank USA	November 2027 Notes	8.43	%	SOFR + 4.42%	11/14/2027	$	77,500	$	866	$	—	$	1,201
Goldman Sachs Bank USA	March 2028 Notes	8.18	%	SOFR + 4.24%	3/15/2028	124,000		1,273		—		2,561
Goldman Sachs Bank USA	September 2027 Notes	8.67	%	SOFR + 4.31%	9/14/2027	75,000		1,183		—		1,001
Goldman Sachs Bank USA	September 2028 Notes	8.80	%	SOFR + 4.54%	9/14/2028	250,000		5,287		—		5,229
SMBC Capital Markets, Inc.	January 2029 Notes	6.75	%	SOFR + 2.88%	1/30/2029	550,000		6,146		—		14,885
Goldman Sachs Bank USA	September 2029 Notes	6.25	%	SOFR + 2.06%	9/30/2029	400,000		10,405		—		11,630
Goldman Sachs Bank USA	January 2028 Notes	5.45	%	SOFR + 1.29%	1/14/2028	750,000		11,114		—		11,114
BNP PARIBAS	April 2032 Notes	5.95	%	SOFR + 1.76%	4/14/2032	500,000		16,242		—		16,242
Goldman Sachs Bank USA	June 2027 Notes	5.30	%	SOFR + 1.54%	6/5/2027	400,000		1,851		—		1,851
BNP PARIBAS	June 2030 Notes	5.85	%	SOFR + 2.15%	6/5/2030	500,000		4,124		—		4,124
SMBC Capital Markets, Inc.	September 2028-1 Notes	4.90	%	SOFR + 1.59%	9/11/2028	600,000		(2,640)		—		(2,640)
BNP PARIBAS	November 2030 Notes	5.45	%	SOFR + 2.09%	11/15/2030	500,000		(4,982)		—		(4,982)
Total Interest Rate Swaps								$	50,869	$	—	$	62,216

(1)Interest payments on the Company’s interest rate swaps are made semi-annually.

(2)The interest rate on the interest rate swaps are subject to 3 month SOFR, which as of December 31, 2025 was 3.65% other than the swap on the November 2027 Notes which is subject to the daily SOFR rate which was 3.87% at December 31, 2025

(3)For interest rate swaps designated in qualifying hedge relationships, the change in fair value is recorded in Interest Expense in the Consolidated Statements of Operations.

Table of Contents

HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

Note 1. Organization

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

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

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

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

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

The Company offers on a continuous basis up to $15.0 billion of common shares of beneficial interest (“Common Shares”) pursuant to an offering (the “Offering”) registered with the Securities and Exchange Commission (the “SEC”). The Company offers to sell any combination of four classes of Common Shares: Class I shares, Class D shares, Class F shares, and Class S shares, with a dollar value up to the maximum offering amount. The share classes have different ongoing shareholder servicing and/or distribution fees. The initial purchase price for the Common Shares was $25.00 per share for Class I shares, Class D shares and Class F shares, which commenced operations on February 3, 2022, and the initial purchase price was $25.11 for Class S shares, which commenced operations on October 1, 2023. Thereafter, the purchase price per share for each class of Common Shares equals the net asset value (“NAV”) per share, as of the effective date of the monthly share purchase date. HPS Securities, LLC (the “Managing Dealer” or “HPS Securities”) will use its best efforts to sell shares, but is not obligated to purchase or sell any specific amount of Common Shares in the Offering. The Company also engages in private offerings of Common Shares. Prior to April 11, 2024, Emerson Equity LLC was the managing dealer of the Company.

On July 1, 2025, BlackRock acquired the business and assets of HPS, with 100% of consideration paid in BlackRock equity (the “HPS/BlackRock Transaction”).

Note 2. Significant Accounting Policies

Basis of Presentation

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

Table of Contents

HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments considered necessary for the fair statement of the consolidated financial statements for the interim periods presented have been included. All intercompany balances and transactions have been eliminated. The current period’s results of operations are not necessarily indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2026.

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

Basis of Consolidation

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

The Company consolidated the results of its wholly-owned subsidiaries HLEND Holdings A, L.P. (“HLEND A”), HLEND Holdings B, L.P. (“HLEND B”), HLEND Holdings C, L.P. (“HLEND C”), HLEND Holdings D, L.P. (“HLEND D”), HLEND Holdings E, L.P. (“HLEND E”), HLEND CLO 2023-1 Investments, LLC, HLEND CLO 2024-2 Investments, LLC, HLEND CLO 2025-3 Investments, LLC, HLEND CLO 2025-4 Investments, LLC, HLEND CLO 2026-5 Investments, LLC, HLEND Proxima, LLC, HLEND FEP, LLC, HLEND OTM, LLC, HLEND QS Lux Sarl, HLEND DS Lux Sarl and HLEND Lux Sarl. All intercompany transactions have been eliminated in consolidation.

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

Use of Estimates

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

Cash and Cash Equivalents

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

Investments

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

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

Investments that are listed or traded on an exchange and are freely transferable are valued at either the closing price (in the case of securities and futures) or the mean of the closing bid and offer (in the case of options) on the principal exchange on which the investment is listed or traded. Investments for which other market quotations are readily available will typically be valued at those market quotations. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value,

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

including the source and number of the quotations. Where it is possible to obtain reliable, independent market quotations from a third-party vendor, the Company uses these quotations to determine the value of its investments. The Company utilizes mid-market pricing (i.e., mid-point of average bid and ask prices) to value these investments. The Adviser obtains these market quotations from independent pricing services, if available; otherwise from one or more broker quotes. To assess the continuing appropriateness of pricing sources and methodologies, the Adviser regularly performs price verification procedures and issues challenges as necessary to independent pricing services or brokers, and any differences are reviewed in accordance with the valuation procedures. The Adviser does not adjust the prices unless it has a reason to believe market quotations are not reflective of the fair value of an investment.

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

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

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

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

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

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

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

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

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

Derivative Instruments

The Company has entered into foreign currency forward contracts to reduce the Company’s exposure to foreign currency exchange rate fluctuations in the value of investments denominated in foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Foreign currency forward contracts are marked-to-market at the applicable forward rate. Unrealized appreciation (depreciation) on foreign currency

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

forward contracts are recorded on the Consolidated Statements of Assets and Liabilities by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable. Notional amounts of foreign currency forward contract assets and liabilities are presented separately on the Consolidated Schedules of Investments. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date. As it relates to foreign currency forward contracts, the Company does not utilize hedge accounting and as such, the Company recognizes its derivatives at fair value with changes in the net unrealized appreciation (depreciation) on foreign currency forward contracts recorded on the Consolidated Statements of Operations.

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

The fair value of the Company’s derivatives is recorded on the Consolidated Statements of Assets and Liabilities by security type and counterparty on a net basis, if subject to an enforceable master netting agreement, not taking into account collateral posted which is recorded separately. As of March 31, 2026 and December 31, 2025, there was $7.7 million and $0.0 million, respectively, of collateral pledged, which is included in other assets on the Consolidated Statements of Assets and Liabilities. As of March 31, 2026 and December 31, 2025, there was $16.8 million and $54.0 million, respectively, of collateral received which is included in accrued expenses and other liabilities on the Consolidated Statements of Asset and Liabilities. As of March 31, 2026 and December 31, 2025, $24.5 million and $54.0 million, respectively, of collateral was invested in a money market fund.

Loan Participations

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

Foreign Currency Transactions

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

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

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

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

Revenue Recognition

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. For the three months ended March 31, 2026 and 2025, the Company recorded non-recurring interest income of $11.7 million and $5.4 million, respectively (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts).

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of March 31, 2026 and December 31, 2025, the Company had certain investments in eight and seven portfolio companies on non-accrual status, respectively.

PIK Income

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

Dividend Income

Dividend income on preferred equity securities and on the Company’s membership interests in its joint ventures are recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies. To the extent a preferred equity security contains PIK provisions, PIK dividends, computed at the contractual rate specified in each applicable agreement, are accrued and recorded as dividend income and added to the principal balance of the preferred equity security. PIK dividends added to the principal balance are generally collected upon redemption of the equity. For the three months ended March 31, 2026 and 2025, the Company recorded $18.8 million and $11.7 million, respectively, of dividend income, of which, $1.3 million and $1.1 million, respectively, relate to PIK dividends.

Other Income

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

Organization Costs

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

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

Offering Expenses

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

Deferred Financing Costs and Debt Issuance Costs

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

Income Taxes

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

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

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

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

For the three months ended March 31, 2026 and 2025, the Company accrued $2.0 million and $0.3 million of U.S. federal excise tax, respectively.

Allocation of Income, Expenses, Gains and Losses

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

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

Distributions

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

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

Segment Reporting

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

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

Recent Accounting Pronouncements

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

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40),” which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, in each relevant expense caption. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

In November 2025, the FASB issued ASU No. 2025-09, “Hedge Accounting Improvements.” This ASU better aligns hedge accounting with the entity's risk management activities. This ASU expands on hedge accounting guidance for both financial and non-financial risk components and aligns the recognition and presentation of the effects of the hedging instruments and the hedged items in the financial statements. This ASU is effective for the Company beginning in January 2027 under a prospective approach. Early adoption is permitted. Adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements.

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

As of March 31, 2026, the Company had payables due to affiliates of $14.8 million, comprised of $5.6 million of expenses reimbursable to the Administrator pursuant to the Administration Agreement and $9.2 million of other expenses paid on behalf of the Company, which includes $0.2 million of Board of Trustees’ fees. As of December 31, 2025, the Company had payables due to affiliates

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

of $16.7 million, comprised of $4.7 million of expenses reimbursable to the Administrator pursuant to the Administration Agreement and $12.0 million of other expenses paid on behalf of the Company, which includes $0.4 million of Board of Trustees’ fees.

Investment Advisory Agreement

On June 30, 2023, the Company entered into an investment advisory agreement, subsequently amended and restated on November 27, 2024 (as in effect prior to its deemed termination as of July 1, 2025, the “Prior Investment Advisory Agreement”) with the Adviser. On July 1, 2025, in connection with the closing of the HPS/BlackRock Transaction, the Company and the Adviser entered into a new investment advisory agreement, dated as of July 1, 2025 (the “Investment Advisory Agreement”), which replaced the Prior Investment Advisory Agreement and became effective at the closing of the HPS/BlackRock Transaction. All material terms remain unchanged from the Prior Investment Advisory Agreement to the Investment Advisory Agreement, including the management and incentive fees payable by the Company. The Adviser is responsible for determining the portfolio composition, making investment decisions, monitoring investments, performing due diligence on prospective portfolio companies and providing the Company with such other investment advisory and related services as may reasonably be required for the investment of capital.

Unless earlier terminated as described below, the Investment Advisory Agreement will remain in effect for an initial period of two years, and thereafter will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the Independent Trustees. The Company may terminate the Investment Advisory Agreement upon 60 days’ written notice, without payment of any penalty. The decision to terminate the Investment Advisory Agreement may be made by a majority of the Board or the shareholders of the Company holding a majority of the Company’s outstanding voting securities, which means the lesser of (1) 67% or more of the voting securities present at a meeting if more than 50% of the outstanding voting securities are present or represented by proxy, or (2) more than 50% of the outstanding voting securities. In addition, without payment of any penalty, the Adviser may terminate the Investment Advisory Agreement upon 120 days’ written notice. The Investment Advisory Agreement will automatically terminate in the event of its assignment within the meaning of the 1940 Act and related SEC guidance and interpretations.

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

Base Management Fee

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

For the three months ended March 31, 2026 and 2025, base management fees were $39.9 million and $29.1 million, respectively. As of March 31, 2026 and December 31, 2025, $26.5 million and $13.7 million, respectively, were payable to the Adviser related to management fees.

Incentive Fees

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

(i) Income based incentive fee

The income based incentive fee is based on the Company’s Pre-Incentive Fee Net Investment Income Returns, as defined below. “Pre-Incentive Fee Net Investment Income Returns” means interest income, dividends, cash interest or other distributions or other cash income and any third-party fees received from portfolio companies (such as upfront fees, commitment fees, origination fee, amendment fees, ticking fees and break-up fees, as well as prepayments premiums, but excluding fees for providing managerial assistance) accrued during the quarter, minus operating expenses for the quarter (including the management fee, taxes, any expenses payable under the

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

Investment Advisory Agreement and an administration agreement with the administrator, any expense of securitizations, and interest expense or other financing fees and any dividends paid on preferred stock, but excluding incentive fees and shareholder servicing and/or distribution fees). Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero-coupon securities), accrued income that we have not yet received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns.

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

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

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

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

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

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

For the three months ended March 31, 2026 and 2025, income based incentive fees were $46.0 million and $33.7 million, respectively. As of March 31, 2026 and December 31, 2025, $46.0 million and $47.3 million, respectively, were payable to the Adviser relating to income based incentive fees.

(ii) Capital gains incentive fee

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

For the three months ended March 31, 2026, there were no accrued capital gains incentive fees. For the three months ended March 31, 2025, the Company recorded a reversal of previously recorded capital gains incentive fees of $(6.0) million. As of March 31, 2026 and December 31, 2025, there were no capital gains incentive fees payable.

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

Administration Agreement

On January 20, 2022, the Company entered into an administration agreement, subsequently amended and restated on November 27, 2024 (as in effect prior to its termination as of July 1, 2025, the “Prior Administration Agreement”) with the Administrator. In connection with the closing of the HPS/BlackRock Transaction on July 1, 2025, the Company entered into a new Administration Agreement, dated as of July 1, 2025, between the Company and the Administrator (the “Administration Agreement”) with the material terms unchanged from the Prior Administration Agreement. Under the Administration Agreement, the Administrator provides, or oversees the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of the Company’s NAV, compliance monitoring (including diligence and oversight of other service providers), preparing reports to shareholders and reports filed with the SEC and other regulators, preparing materials and coordinating meetings of the Company’s Board, managing the payment of expenses, the payment and receipt of funds for investments and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. The Company reimburses the Administrator for the costs and expenses incurred by the Administrator in performing its obligations under the Administration Agreement. Such reimbursement includes the Company’s allocable portion of compensation (including salaries, bonuses and benefits), overhead and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) the Company’s chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for the Company; and (iii) any internal audit group personnel of the Administrator or any of its affiliates, subject to the limitations described in the Investment Advisory Agreement and Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company will reimburse the Administrator for any services performed for the Company by such affiliate or third party.

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

Unless earlier terminated as described below, the Administration Agreement is effective for a one-year term ending on July 1, 2026 and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the Independent Trustees. The Company may terminate the Administration Agreement, without payment of any penalty, upon 120 days’ written notice. The decision to terminate the Administration Agreement may be made by a majority of the Board or the shareholders of the Company holding a majority of its outstanding voting securities, which means the lesser of (1) 67% or more of the voting securities present at a meeting if more than 50% of the outstanding voting securities are present or represented by proxy, or (2) more than 50% of the outstanding voting securities. In addition, the Administrator may terminate the Administration Agreement upon 120 days’ written notice. The Investment Advisory Agreement will automatically terminate in the event of its assignment within the meaning of the 1940 Act and related SEC guidance and interpretations.

For the three months ended March 31, 2026 and 2025 the Company incurred $0.9 million and $1.5 million, respectively, in expenses under the Administration Agreement, which are recorded in “administrative service expenses” in the Company’s Consolidated Statements of Operations. As of March 31, 2026 and December 31, 2025, there was $5.6 million and $4.7 million, respectively, of administrative service expenses payable by the Company which are included in “due to affiliates” in the Consolidated Statements of Assets and Liabilities.

Sub-Administration Agreement

On August 28, 2023, the Company entered into a Sub-Administration Agreement (the “Sub-Administration Agreement”) with HPS and Harmonic Fund Services (“Harmonic”) as the Company’s sub-administrator. Pursuant to the Sub-Administration Agreement, Harmonic provides certain administrative services necessary for the operations of the Company. The Company bears all fees to be paid to Harmonic under the Sub-Administration Agreement and Harmonic is entitled to receive reimbursement from the Company for all out-of-pocket expenses properly incurred by Harmonic in respect of the services provided pursuant to the Sub-Administration Agreement.

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

Managing Dealer Agreement

On April 11, 2024, the Company entered into a managing dealer agreement (as in effect prior to its termination on July 1, 2025, the “Prior Managing Dealer Agreement”) with HPS Securities. In connection with the closing of the HPS/BlackRock Transaction on July 1, 2025, the Company entered into a new Managing Dealer Agreement, dated as of July 1, 2025, between the Company and HPS Securities (the “Managing Dealer Agreement”) with the material terms unchanged from the Prior Managing Dealer Agreement. In connection with the transition to HPS Securities as the Company’s Managing Dealer in April 2024, the Company provided notice for the termination of the managing dealer agreement dated as of August 3, 2021 by and between the Company and Emerson Equity LLC, which termination was effective as of April 11, 2024.

Under the terms of the Managing Dealer Agreement, the Managing Dealer will serve as the Managing Dealer for the Offering. The Managing Dealer will be entitled to receive shareholder servicing and/or distribution fees monthly in arrears at an annual rate of 0.25%, 0.50% and 0.85% of the value of the Company’s net assets attributable to Class D shares, Class F shares and Class S shares, respectively, as of the beginning of the first calendar day of the month. No shareholder servicing and/or distribution fees will be paid with respect to Class I. The shareholder servicing and/or distribution fees will be payable to the Managing Dealer, but the Managing Dealer anticipates that all or a portion of the shareholder servicing and/or distribution fees will be retained by, or reallowed (paid) to, participating broker-dealers. The Company will not pay any other fees to the Managing Dealer. As set forth in and pursuant to the managing dealer agreement with Emerson Equity LLC, the Company paid Emerson Equity LLC, the Company’s managing dealer prior to April 11, 2024, certain fees, including a $0.04 million engagement fee that was previously paid, a $0.25 million fixed managing dealer fee payable quarterly (which commenced in the first quarter of 2022) in arrears in five equal quarterly installments that was paid, and a two basis point (0.02%) variable managing dealer fee that was payable on any new capital raised in the offering following the expiration of the initial 15-month period of the Offering.

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

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

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

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

The Managing Dealer Agreement may be terminated at any time, without the payment of any penalty, by vote of a majority of the Independent Trustees or by vote of a majority of the outstanding voting securities of the Company, on not more than 60 days’ written notice to the Managing Dealer or the Adviser.

Either party may terminate the Managing Dealer Agreement upon 60 days’ written notice to the other party or immediately upon notice to the other party in the event such other party failed to comply with a material provision of the Managing Dealer Agreement. The Managing Dealer Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act. The Company’s obligations under the Managing Dealer Agreement to pay the shareholder servicing and/or distribution fees with respect to the Class S

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

shares, Class D shares and Class F shares distributed shall survive termination of the agreement until such shares are no longer outstanding (including such shares that have been converted into Class I shares, as described above).

Distribution and Servicing Plan

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


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

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

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

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

For the three months ended March 31, 2026, the Company incurred shareholder servicing and/or distribution fees of $0.7 million, $7.1 million, and $1.8 million, which were attributable to Class D, Class F, and Class S shares, respectively. For the three months ended March 31, 2025, the Company incurred shareholder servicing and/or distribution fees of $0.7 million, $5.8 million, and $1.0 million, which were attributable to Class D, Class F, and Class S shares, respectively. As of March 31, 2026 and December 31, 2025, there was $3.3 million and $3.3 million, respectively, of shareholder servicing and/or distribution fees payable to the Managing Dealer.

Expense Support and Conditional Reimbursement Agreement

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

“Other Operating Expenses” means the Company’s total organization and offering expenses, professional fees, trustee fees, administration fees, and other general and administrative expenses (including the Company’s allocable portion of compensation (including

Table of Contents

HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

salaries, bonuses and benefits), overhead and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, subject to the limitations described in the Administration Agreement).

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

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

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

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

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

For the three months ended March 31, 2026 and 2025, the Adviser made no Expense Payments on behalf of the Company and there were no Reimbursement Payments made to the Adviser.

Controlled/Affiliated Portfolio Companies

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

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

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

Note 4. Investments

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


	March 31, 2026						December 31, 2025
	Amortized Cost		Fair Value		% of Total Investments at Fair Value		Amortized Cost		Fair Value		% of Total Investments at Fair Value
First lien debt	$	23,898,649	$	23,859,681	95.41	%	$	24,169,132	$	24,395,495	96.29	%
Second lien debt	26,949		27,742		0.11		26,807		27,881		0.11
Other secured debt	228,881		228,097		0.91		223,932		226,763		0.89
Unsecured debt	55,441		54,450		0.22		60,746		60,145		0.24
Structured finance investments	86,290		84,203		0.34		88,264		88,664		0.35
Investments in joint ventures	421,029		426,214		1.70		402,400		416,244		1.64
Equity investments	345,907		327,466		1.31		138,127		122,228		0.48
Total	$	25,063,146	$	25,007,853	100.00	%	$	25,109,408	$	25,337,420	100.00	%

The industry composition of investments at fair value as of March 31, 2026 as compared to December 31, 2025 was as follows:


	March 31, 2026				December 31, 2025
	Fair Value		% of Total Investments at Fair Value		Fair Value		% of Total Investments at Fair Value
Aerospace & Defense	$	1,556,344	6.22	%	$	1,301,763	5.13	%
Air Freight & Logistics	84,879		0.34		85,553		0.34
Asset Based Lending and Fund Finance	117,751		0.47		124,203		0.49
Automobile Components	177,345		0.71		290,110		1.14
Beverages	97,638		0.39		97,885		0.39
Broadline Retail	25,304		0.10		24,963		0.10
Building Products	264,197		1.05		268,827		1.06
Capital Markets	345,860		1.38		341,877		1.35
Chemicals	164,252		0.66		167,441		0.66
Commercial Services & Supplies	1,244,800		4.98		1,231,788		4.86
Communications Equipment	54,212		0.22		55,553		0.22
Construction & Engineering	118,124		0.47		119,092		0.47
Consumer Finance	21,947		0.09		25,681		0.10
Consumer Staples Distribution & Retail	514,425		2.06		522,725		2.06
Containers & Packaging	197,249		0.79		200,903		0.79
Distributors	7,729		0.03		14,157		0.06
Diversified Consumer Services	781,804		3.12		767,302		3.03
Diversified Telecommunication Services	16,658		0.07		17,123		0.07
Electric Utilities	76,753		0.31		77,049		0.30
Electrical Equipment	126,980		0.51		127,336		0.50
Electronic Equipment, Instruments & Components	251,855		1.01		268,724		1.06
Energy Equipment & Services	72,217		0.29		72,426		0.29
Entertainment	550,663		2.20		585,906		2.31
Financial Services	1,565,064		6.26		1,401,386		5.53
Food Products	178,073		0.71		176,572		0.70
Gas Utilities	38,968		0.15		39,404		0.16
Health Care Equipment & Supplies	986,594		3.95		993,028		3.92
Health Care Providers & Services	3,284,678		13.13		3,170,872		12.50
Health Care Technology	109,164		0.44		110,869		0.44
Hotels, Restaurants & Leisure	830,250		3.32		820,147		3.24

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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


	March 31, 2026				December 31, 2025
	Fair Value		% of Total Investments at Fair Value		Fair Value		% of Total Investments at Fair Value
Household Durables	67,755		0.27		67,521		0.27
Independent Power and Renewable Electricity Producers	300,162		1.20		286,297		1.13
Insurance	616,378		2.46		677,379		2.67
Interactive Media & Services	194,249		0.78		148,774		0.59
Investments in Joint Ventures	426,214		1.70		416,244		1.64
IT Services	476,174		1.90		488,782		1.93
Life Sciences Tools & Services	894,910		3.58		890,883		3.52
Machinery	323,734		1.29		306,321		1.21
Media	236,820		0.95		406,502		1.60
Metals & Mining	211,859		0.85		213,890		0.84
Multi-Utilities	4,336		0.02		4,289		0.02
Oil, Gas & Consumable Fuels	832		0.00		3,471		0.01
Personal Care Products	182,518		0.73		186,685		0.74
Pharmaceuticals	649,742		2.60		623,138		2.46
Professional Services	1,018,906		4.07		1,030,406		4.07
Real Estate Management & Development	102,060		0.41		103,592		0.41
Semiconductors & Semiconductor Equipment	11,772		0.05		12,076		0.05
Software	4,344,840		17.37		4,772,683		18.83
Specialty Retail	339,195		1.36		378,996		1.50
Structured Finance	84,203		0.34		88,664		0.35
Textiles, Apparel & Luxury Goods	60,062		0.24		54,864		0.22
Trading Companies & Distributors	281,636		1.13		282,786		1.12
Transportation Infrastructure	84,973		0.34		86,929		0.34
Wireless Telecommunication Services	232,746		0.93		305,583		1.21
Total	$	25,007,853	100.00	%	$	25,337,420	100.00	%

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

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


	March 31, 2026
	Amortized Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States	$	20,899,378	$	20,702,850	82.78	%	166.49	%
United Kingdom	1,534,392		1,599,875		6.40		12.87
Sweden	552,156		566,310		2.26		4.55
Spain	310,710		331,602		1.33		2.67
Australia	313,343		313,719		1.25		2.52
Germany	261,623		276,467		1.11		2.22
France	254,743		265,342		1.06		2.13
Canada	262,767		259,062		1.04		2.08
Austria	152,711		168,355		0.67		1.35
Belgium	164,267		163,442		0.65		1.31
Lithuania	135,242		134,559		0.54		1.08
Taiwan	49,741		50,202		0.20		0.40
Italy	50,756		48,892		0.20		0.39
Israel	45,388		44,389		0.18		0.36
Czech Republic	37,711		43,056		0.17		0.35
Singapore	33,257		34,946		0.14		0.28
Ireland	2,941		2,762		0.01		0.02
Netherlands	2,020		2,023		0.01		0.02
Total	$	25,063,146	$	25,007,853	100.00	%	201.09	%


	December 31, 2025
	Amortized Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States	$	20,799,766	$	20,802,415	82.10	%	167.26	%
United Kingdom	1,699,572		1,802,207		7.11		14.49
Sweden	549,232		577,532		2.28		4.64
Australia	398,668		401,762		1.59		3.23
France	287,473		305,802		1.21		2.46
Spain	259,311		287,386		1.13		2.31
Germany	247,547		267,864		1.06		2.15
Canada	176,733		176,307		0.70		1.42
Austria	151,387		170,687		0.67		1.37
Belgium	164,159		165,484		0.65		1.33
Lithuania	135,156		137,800		0.54		1.11
Czech Republic	54,856		63,706		0.25		0.51
Taiwan	49,155		49,685		0.20		0.40
Israel	45,378		45,382		0.18		0.36
Italy	52,597		43,184		0.17		0.35
Singapore	33,198		34,946		0.14		0.28
Ireland	2,947		2,973		0.01		0.02
Netherlands	2,273		2,298		0.01		0.02
Total	$	25,109,408	$	25,337,420	100.00	%	203.71	%

As of March 31, 2026 and December 31, 2025, the Company had certain investments in eight and seven portfolio companies on non-accrual status, respectively, which represented 0.81% and 0.74% of total debt and income producing investments (excluding investments in joint ventures), at fair value, respectively.

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

As of March 31, 2026 and December 31, 2025, on a fair value basis, 98.5% and 99.2%, respectively, of performing debt and income producing investments (excluding investments in joint ventures) bore interest at a floating rate and 1.5% and 0.8% of performing debt and income producing investments (excluding investments in joint ventures) bore interest at a fixed rate, respectively.

Note 5. Fair Value Measurements

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

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

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

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

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

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

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

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

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

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

Investments in senior loans primarily include first and second lien term loans, delayed draws, revolving credit and other secured debt. The Adviser analyzes enterprise value based on the weighted average of discounted cash flows, public comparables and merger and acquisition comparables. This analysis is done to ensure, among other things, that the investments have adequate collateral and asset coverage. Once the investment is determined to have adequate asset coverage, the Adviser monitors yields for senior loan investments made from the time of purchase to the month end average yields for similar investments and risk profiles. The Company uses market data, including newly funded transactions, and secondary market data with respect to high-yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield. The change in yield is utilized by the Adviser to discount the anticipated cash flows of the debt investment in order to arrive at a fair value. Further, the Adviser adjusts for material changes in the underlying fundamentals of the

Table of Contents

HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

issuer, including changes in leverage, as necessary. If the investment does not have adequate coverage, a tranched valuation approach is considered.

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

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

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

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


	March 31, 2026
	Level 1		Level 2		Level 3		Total
First lien debt	$	—	$	1,507,897	$	22,351,784	$	23,859,681
Second lien debt	—		—		27,742		27,742
Other secured debt	—		—		228,097		228,097
Unsecured debt	—		6,254		48,196		54,450
Structured finance investments	—		53,745		30,458		84,203
Equity investments	—		21		327,445		327,466
Total investments	—		1,567,917		23,013,722		24,581,639
Investments measured at NAV(1)	—		—		—		426,214
Total	$	—	$	1,567,917	$	23,013,722	$	25,007,853
Cash equivalents	$	322,919	$	—	$	—	$	322,919

Table of Contents

HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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


	December 31, 2025
	Level 1		Level 2		Level 3		Total
First lien debt	$	—	$	1,651,049	$	22,744,446	$	24,395,495
Second lien debt	—		—		27,881		27,881
Other secured debt	—		—		226,763		226,763
Unsecured debt	—		13,336		46,809		60,145
Structured finance investments	—		58,926		29,738		88,664
Equity investments	—		21		122,207		122,228
Total investments	—		1,723,332		23,197,844		24,921,176
Investments measured at NAV(1)	—		—		—		416,244
Total	$	—	$	1,723,332	$	23,197,844	$	25,337,420
Cash equivalents	$	403,602	$	—	$	—	$	403,602

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

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


	Three Months Ended March 31, 2026
	First Lien Debt		Second Lien Debt		Other Secured Debt		Unsecured Debt		Structured Finance Investments		Equity Investments		Total Investments
Fair value, beginning of period	$	22,744,446	$	27,881	$	226,763	$	46,809	$	29,738	$	122,207	$	23,197,844
Purchases of investments(1)	1,216,113		77		33,415		1,626		760		209,365		1,461,356
Proceeds from principal repayments and sales of investments	(1,432,770)		—		(29,442)		—		—		(1,586)		(1,463,798)
Accretion of discount/amortization of premium	22,894		64		504		47		—		—		23,509
Net realized gain (loss)	17,545		—		465		—		—		—		18,010
Net change in unrealized appreciation (depreciation)	(222,865)		(280)		(3,608)		(286)		(40)		(2,541)		(229,620)
Transfers in(2)	10,710		—		—		—		—		—		10,710
Transfers out(2)	(4,289)		—		—		—		—		—		(4,289)
Fair value, end of period	$	22,351,784	$	27,742	$	228,097	$	48,196	$	30,458	$	327,445	$	23,013,722
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of March 31, 2026	$	(215,042)	$	(280)	$	(3,254)	$	(286)	$	(40)	$	(2,541)	$	(221,443)

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

(2)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended March 31, 2026, transfers out of level 3 of $(4.3) million were due to an increase in the number of market quotations and/or an increase in the reliability of market quotations obtained by the Adviser. For the three months ended March 31, 2026, transfers into level 3 of $10.7 million were due to a decrease in the number of market quotations and/or a decrease in the reliability of market quotations obtained by the Adviser.

Table of Contents

HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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


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

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

(2)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended March 31, 2025, transfers out of level 3 were primarily due to an increase in the number of market quotations and/or an increase in the reliability of market quotations obtained by the Adviser.

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


	March 31, 2026
					Range				Weighted Average(2)
	Fair Value(1)		Valuation Technique	Unobservable Input	Low		High
Investments in first lien debt	$	18,390,024	Yield analysis	Discount rate	5.92	%	45.92	%	9.49	%
	159,166		Discounted cash flow	Discount rate	9.50	%	20.00	%	15.46	%
				Exit multiple	2.90x		10.21x		8.68x
	18,886		Recovery analysis	Recovery rate	41.70	%	41.70	%	41.70	%
Investments in second lien debt	25,000		Yield analysis	Discount rate	8.67	%	8.67	%	8.67	%
	2,742		Discounted cash flow	Discount rate	9.50	%	9.50	%	9.50	%
				Exit multiple	8.48x		8.48x		8.48x
Investments in other secured debt	200,784		Yield analysis	Discount rate	8.49	%	11.55	%	9.98	%
Investments in unsecured debt	37,533		Yield analysis	Discount rate	12.43	%	17.58	%	14.65	%
	10,570		Discounted cash flow	Discount rate	17.00	%	17.00	%	17.00	%
				Exit multiple	9.00x		9.00x		9.00x
	93		Recovery analysis	Recovery rate	5.25	%	5.25	%	5.25	%
Investments in structured finance obligations - debt instruments	30,459		Yield analysis	Discount rate	6.39	%	11.88	%	10.65	%
Investments in preferred equity	75,570		Yield analysis	Discount rate	10.30	%	19.64	%	16.46	%
	12,682		Discounted cash flow	Discount rate	9.50	%	20.00	%	12.16	%
				Exit multiple	8.75x		10.00x		9.68x
Investments in common equity	16,634		Yield analysis	Discount rate	8.00	%	15.00	%	10.82	%
	35,097		Discounted cash flow	Discount rate	6.83	%	17.00	%	11.00	%
				Exit multiple	5.67x		10.21x		8.31x
				Cap rate	8.03	%	8.03	%	8.03	%

Table of Contents

HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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


	December 31, 2025
					Range				Weighted Average(2)
	Fair Value(1)		Valuation Technique	Unobservable Input	Low		High
Investments in first lien debt	$	16,911,655	Yield analysis	Discount rate	6.06	%	37.01	%	9.56	%
	99,057		Discounted cash flow	Discount rate	9.50	%	20.00	%	12.99	%
				Exit multiple	2.90x		10.20x		9.50x
	18,556		Recovery analysis	Recovery rate	43.91	%	43.91	%	43.91	%
Investments in second lien debt	25,216		Yield analysis	Discount rate	8.56	%	8.56	%	8.56	%
	2,665		Discounted cash flow	Discount rate	9.50	%	9.50	%	9.50	%
				Exit multiple	8.48x		8.48x		8.48x
Investments in other secured debt	132,515		Yield analysis	Discount rate	8.62	%	15.91	%	10.85	%
Investments in unsecured debt	36,454		Yield analysis	Discount rate	12.72	%	17.66	%	14.66	%
	10,262		Discounted cash flow	Discount rate	16.00	%	16.00	%	16.00	%
				Exit multiple	9.00x		9.00x		9.00x
	93		Recovery analysis	Recovery rate	5.42	%	5.42	%	5.42	%
Investments in structured finance obligations - debt instruments	29,738		Yield analysis	Discount rate	6.23	%	12.24	%	10.88	%
Investments in preferred equity	69,922		Yield analysis	Discount rate	8.60	%	24.23	%	17.89	%
	13,125		Discounted cash flow	Discount rate	9.50	%	20.00	%	12.25	%
				Exit multiple	8.75x		10.00x		9.67x
Investments in common equity	9,751		Yield analysis	Discount rate	8.00	%	8.00	%	8.00	%
	27,409		Discounted cash flow	Discount rate	7.31	%	20.00	%	12.29	%
				Exit multiple	5.55x		11.50x		9.60x
				Cap rate	8.29	%	8.29	%	8.29	%

(1)As of March 31, 2026, included within the fair value of Level 3 assets of $23,013,722 is an amount of $3,998,482 for which the Adviser did not develop the unobservable inputs (examples include third-party pricing and transaction prices). As of December 31, 2025, included within the fair value of Level 3 assets of $23,197,844 is an amount of $5,811,426 for which the Adviser did not develop the unobservable inputs (examples include third-party pricing and transaction prices).

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

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

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

Table of Contents

HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

Financial Instruments Not Carried at Fair Value

The following table presents fair value measurements of the Company’s debt obligations as of March 31, 2026 and December 31, 2025, had they been accounted for at fair value:

Debt


	March 31, 2026				December 31, 2025
	Carrying Value		Fair Value		Carrying Value		Fair Value
HLEND A Funding Facility	$	723,382	$	723,382	$	758,407	$	758,407
HLEND B Funding Facility	900,773		900,773		833,783		833,783
HLEND C Funding Facility	510,000		510,000		510,000		510,000
HLEND D Funding Facility	575,428		575,428		757,110		757,110
HLEND E Funding Facility	903,100		903,100		906,290		906,290
Revolving Credit Facility	592,290		592,290		1,742,106		1,742,106
November 2027 Notes(1)	154,794		161,357		155,206		164,994
March 2028 Notes(1)	123,991		129,217		124,775		132,520
September 2027 Notes(1)	75,306		78,059		75,847		79,693
September 2028 Notes(1)	251,821		265,709		253,865		273,213
January 2029 Notes(1)	545,848		558,338		548,317		574,607
September 2029 Notes(1)	400,412		399,860		403,520		414,580
January 2028 Notes(1)	749,462		745,320		753,079		759,180
April 2032 Notes(1)	501,060		483,655		504,209		508,160
June 2027 Notes(1)	397,353		398,336		398,846		402,424
June 2030 Notes(1)	493,612		488,080		497,133		506,670
September 2028-1 Notes(1)	588,203		584,904		590,215		596,982
November 2030 Notes(1)	486,090		478,810		489,753		498,825
April 2029 Notes(1)	343,765		340,281		—		—
April 2031 Notes(1)	391,660		384,252		—		—
2023 CLO Refinancing Secured Notes(1)	575,360		578,903		575,217		578,576
2024 CLO Secured Notes(1)	383,009		399,470		381,678		400,789
2025 CLO Secured Debt(1)	846,021		846,989		845,771		851,044
2025-4 CLO Secured Notes(1)	845,345		849,698		845,079		852,520
2026 CLO Secured Notes(1)	507,269		510,175		—		—
Total	$	12,865,354	$	12,886,386	$	12,950,206	$	13,102,473

Table of Contents

HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

(1)As of March 31, 2026 and December 31, 2025, the carrying value of the Company’s Unsecured Notes and CLO Debt (each as defined below), as applicable, are presented net of unamortized debt issuance costs and original issue discount, as applicable, in the below table. Additionally, the carrying value of the Company’s Unsecured Notes includes the increase (decrease) in the notes carrying value as a result of the qualifying fair value hedge relationship as disclosed in the below table, as applicable, and as further described in Note 6.


	March 31, 2026				December 31, 2025
	Unamortized Debt Issuance Costs and Original Issue Discount		Cumulative Change in the Notes Carrying Value as a Result of the Qualifying Fair Value Hedge Relationship		Unamortized Debt Issuance Costs and Original Issue Discount		Cumulative Change in the Notes Carrying Value as a Result of the Qualifying Fair Value Hedge Relationship
November 2027 Notes	$	(573)	$	367	$	(660)	$	866
March 2028 Notes	(442)		433		(498)		1,273
September 2027 Notes	(287)		593		(336)		1,183
September 2028 Notes	(1,292)		3,113		(1,422)		5,287
January 2029 Notes	(7,203)		3,051		(7,829)		6,146
September 2029 Notes	(6,432)		6,844		(6,885)		10,405
January 2028 Notes	(7,063)		6,525		(8,035)		11,114
April 2032 Notes	(11,562)		12,622		(12,033)		16,242
June 2027 Notes	(2,575)		(72)		(3,005)		1,851
June 2030 Notes	(6,723)		335		(6,991)		4,124
September 2028-1 Notes	(6,634)		(5,163)		(7,145)		(2,640)
November 2030 Notes	(5,120)		(8,790)		(5,265)		(4,982)
April 2029 Notes	(3,331)		(2,904)		—		—
April 2031 Notes	(4,860)		(3,480)		—		—
2023 CLO Refinancing Secured Notes	(2,640)		—		(2,783)		—
2024 CLO Secured Notes	(16,991)		—		(18,322)		—
2025 CLO Secured Debt	(3,979)		—		(4,229)		—
2025-4 CLO Secured Notes	(4,655)		—		(4,921)		—
2026 CLO Secured Notes	(2,731)		—		—		—
Total	$	(95,093)	$	13,474	$	(90,359)	$	50,869

The following table presents the fair value hierarchy of the Company’s debt obligations as of March 31, 2026 and December 31, 2025:


	March 31, 2026		December 31, 2025
Level 1	$	—	$	—
Level 2	8,047,071		6,944,357
Level 3	4,839,315		6,158,116
Total	$	12,886,386	$	13,102,473

As of March 31, 2026 and December 31, 2025, the carrying amounts of the Company’s assets and liabilities, other than investments at fair value and debt, approximate fair value due to their short maturities. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, if applicable, or market quotes, if available.

Table of Contents

HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

Note 6. Derivative Instruments

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

During the three months ended March 31, 2026 and 2025, the average notional exposure for foreign currency forward contracts were $2,742.1 million and $1,818.2 million, respectively, and the average notional exposure for interest rate swaps were $5,289.0 million and $2,775.0 million, respectively.

The following tables summarize the aggregate notional amount and fair value of the Company’s derivative financial instruments as of March 31, 2026 and December 31, 2025.


	March 31, 2026
	Level 1		Level 2		Level 3		Total Fair Value		Notional
Derivative Assets
Foreign currency forward contracts	$	—	$	19,099	$	—	$	19,099	$	2,515,207
Interest rate swaps	—		33,883		—		33,883		3,226,500
Total derivative assets, at fair value	$	—	$	52,982	$	—	$	52,982	$	5,741,707

Derivative Liabilities
Foreign currency forward contracts	$	—	$	(10,775)	$	—	$	(10,775)	$	293,407
Interest rate swaps	—		(20,409)		—		(20,409)		2,250,000
Total derivative liabilities, at fair value	$	—	$	(31,184)	$	—	$	(31,184)	$	2,543,407


	December 31, 2025
	Level 1		Level 2		Level 3		Total Fair Value		Notional
Derivative Assets
Foreign currency forward contracts	$	—	$	750	$	—	$	750	$	644,368
Interest rate swaps	—		58,491		—		58,491		3,626,500
Total derivative assets, at fair value	$	—	$	59,241	$	—	$	59,241	$	4,270,868

Derivative Liabilities
Foreign currency forward contracts	$	—	$	(21,542)	$	—	$	(21,542)	$	1,959,684
Interest rate swaps	—		(7,622)		—		(7,622)		1,100,000
Total derivative liabilities, at fair value	$	—	$	(29,164)	$	—	$	(29,164)	$	3,059,684

The effect of transactions in derivative instruments that are not designated in a qualifying hedge accounting relationship on the Consolidated Statements of Operations during the three months ended March 31, 2026 and 2025 were as follows:


	Three Months Ended March 31,
		2026		2025
Realized gain (loss) on foreign currency forward contracts		$	3,953	$	(34,279)
Net change in unrealized gain (loss) on foreign currency forward contracts		$	29,116	$	(24,102)

Table of Contents

HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

The following table presents both gross and net information about derivative instruments eligible for offset in the Consolidated Statements of Assets and Liabilities as of March 31, 2026 and December 31, 2025:


			March 31, 2026
Counterparty	Instrument	Account in the Consolidated Statements of Assets and Liabilities	Gross Amount of Assets		Gross Amount of (Liabilities)		Net amounts presented in the Consolidated Statements of Assets and Liabilities		Collateral (Received)/Pledged(1)		Net Amounts(2)
BNP PARIBAS	Interest rate swaps	Derivative assets, at fair value	$	12,957	$	(12,270)	$	687	$	—	$	687
SMBC Capital Markets, Inc.	Interest rate swaps	Derivative liabilities, at fair value	$	3,051	$	(8,067)	$	(5,016)	$	5,016	$	—
Goldman Sachs Bank USA	Interest rate swaps	Derivative assets, at fair value	$	17,875	$	(72)	$	17,803	$	(16,840)	$	963
Deutsche Bank AG	Foreign currency forward contracts	Derivative assets, at fair value	$	3,260	$	—	$	3,260	$	—	$	3,260
Morgan Stanley Bank, N.A.	Foreign currency forward contracts	Derivative assets, at fair value	$	3,062	$	—	$	3,062	$	—	$	3,062
Goldman Sachs Bank USA	Foreign currency forward contracts	Derivative liabilities, at fair value	$	1,400	$	(4,781)	$	(3,381)	$	—	$	(3,381)
BNP PARIBAS	Foreign currency forward contracts	Derivative assets, at fair value	$	11,022	$	(154)	$	10,868	$	—	$	10,868
SMBC Capital Markets, Inc.	Foreign currency forward contracts	Derivative liabilities, at fair value	$	355	$	(5,840)	$	(5,485)	$	—	$	(5,485)


			December 31, 2025
Counterparty	Instrument	Account in the Consolidated Statements of Assets and Liabilities	Gross Amount of Assets		Gross Amount of (Liabilities)		Net amounts presented in the Consolidated Statements of Assets and Liabilities		Collateral (Received)/Pledged(1)		Net Amounts(2)
BNP PARIBAS	Interest rate swaps	Derivative assets, at fair value	$	20,366	$	(4,982)	$	15,384	$	(15,384)	$	—
SMBC Capital Markets, Inc.	Interest rate swaps	Derivative assets, at fair value	$	6,146	$	(2,640)	$	3,506	$	(3,506)	$	—
Goldman Sachs Bank USA	Interest rate swaps	Derivative assets, at fair value	$	31,979	$	—	$	31,979	$	(31,979)	$	—
Deutsche Bank AG	Foreign currency forward contracts	Derivative liabilities, at fair value	$	25	$	(1,636)	$	(1,611)	$	—	$	(1,611)
Goldman Sachs Bank USA	Foreign currency forward contracts	Derivative liabilities, at fair value	$	113	$	(2,573)	$	(2,460)	$	—	$	(2,460)
BNP PARIBAS	Foreign currency forward contracts	Derivative liabilities, at fair value	$	—	$	(8,787)	$	(8,787)	$	—	$	(8,787)
SMBC Capital Markets, Inc.	Foreign currency forward contracts	Derivative liabilities, at fair value	$	612	$	(8,546)	$	(7,934)	$	—	$	(7,934)

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

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

Hedging

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

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

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

The table below presents the carrying value of unsecured borrowings as of March 31, 2026 and December 31, 2025, that are designated in a qualifying hedging relationship and the related cumulative hedging adjustment increase (decrease) from current and prior hedging relationships included in such carrying values:


	March 31, 2026				December 31, 2025
Description	Carrying Value		Cumulative Hedging Adjustments		Carrying Value		Cumulative Hedging Adjustments
Unsecured Notes	$	5,425,980	$	13,474	$	4,717,162	$	50,869

Note 7. Borrowings

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of March 31, 2026 and December 31, 2025, the Company’s asset coverage was 196.0% and 195.7%, respectively.

As of March 31, 2026 and December 31, 2025, the Company was in compliance with all covenants and other requirements of the Credit Facilities, the Unsecured Notes and the CLO Debt, as applicable.

SPV Financing Facilities

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

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

As of March 31, 2026 and December 31, 2025, the Company had five SPV Financing Facilities, as discussed below.

HLEND A Funding Facility

On February 3, 2022, HLEND A, entered into a SPV Financing Facility with Morgan Stanley Bank, N.A. (as amended, the “HLEND A Funding Facility”). Morgan Stanley Senior Funding, Inc. serves as administrative agent and U.S. Bank Trust Company, National Association services as collateral agent. On December 23, 2025, HLEND A entered into an amendment to, among other things, increase the aggregate commitments under the HLEND A Funding Facility from $1,250 million to $1,600 million, adjust the applicable margin, and extend the stated maturity and commitment termination date of the HLEND A Funding Facility.

Loans under the HLEND A Funding Facility bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advances then in effect, plus an applicable margin that is a blended rate based on the percentage of the aggregate outstanding balance that are liquid loans, subject to a floor of 1.75%. During the amortization period commencing two business days prior to December 23, 2028, the applicable margin on any remaining outstanding advances will be increased by 0.10% per annum.

As of March 31, 2026, the maximum borrowing capacity under the HLEND A Funding Facility was $1,600 million, subject to availability under the borrowing base. Proceeds from borrowings under the HLEND A Funding Facility may be used to fund portfolio investments by HLEND A and to make advances under revolving loans or delayed draw term loans where HLEND A is a lender. The period during which HLEND A may make borrowings under the HLEND A Funding Facility expires two business days prior to December

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

23, 2028 and the HLEND A Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by December 23, 2030.

HLEND B Funding Facility

On July 19, 2022, HLEND B, entered into a SPV Financing Facility with Bank of America, N.A. (as amended, the “HLEND B Funding Facility”). Bank of America N.A. serves as administrative agent, U.S. Bank Trust Company, National Association, as collateral administrator, and U.S. Bank National Association, as collateral custodian. On September 17, 2025, HLEND B entered into an amendment (the “HLEND B Amendment”) to, among other things, increase the aggregate commitments under the HLEND B Funding Facility from $1,250 million to $1,500 million, adjust the applicable margin effective on and after October 1, 2025, and extend the maturity date and availability period of the HLEND B Funding Facility.

Loans under the HLEND B Funding Facility bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advances, plus an applicable margin that is a blended rate based on aggregate outstanding balance that are broadly syndicated loans, large corporate loans and middle market loans in the portfolio, subject to a blended floor of 1.75%.

As of March 31, 2026, the maximum borrowing capacity under the HLEND B Funding Facility was $1,500 million, subject to availability under the borrowing base. Proceeds from borrowings under the HLEND B Funding Facility may be used to fund portfolio investments by HLEND B, to make advances under revolving loans or delayed draw term loans where HLEND B is a lender. The period during which HLEND B may make borrowings under the HLEND B Funding Facility expires on September 17, 2028 and the HLEND B Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by September 17, 2030.

HLEND C Funding Facility

On January 12, 2023, HLEND C, as borrower, and the Company, as equity holder, entered into a SPV Financing Facility with U.S. Bank Trust Company, National Association, as administrative agent and U.S. collateral agent, Blackstone Asset Based Finance Advisors LP, as Blackstone Asset Based Finance Representative, and U.S. Bank National Association, as custodian (as amended, the “HLEND C Funding Facility”). On August 28, 2025, HLEND C entered into an amendment to, among other things, increase the aggregate commitments under the HLEND C Funding Facility from $750 million to $850 million, extend the reinvestment period end date, anticipated repayment date and stated maturity date of the HLEND C Funding Facility, and decrease the applicable margin. The Company has agreed to provide a limited guaranty of a portion of amounts owed under the HLEND C Funding Facility in the event of certain bad acts, including fraud and certain other willful and intentional breaches of the facility documents.

Loans under the HLEND C Funding Facility bear interest at a per annum rate equal to Term SOFR plus the applicable margin of 1.90% per annum. On or after the anticipated repayment date of January 11, 2032, the applicable margin on any remaining outstanding advances will be increased by 2.00% per annum.

As of March 31, 2026, the maximum borrowing capacity under the HLEND C Funding Facility was $850 million, subject to availability under the borrowing base. Proceeds from borrowings under the HLEND C Funding Facility may be used to fund portfolio investments by HLEND C. All amounts outstanding under the credit facility must be repaid by April 12, 2032.

HLEND D Funding Facility

On March 31, 2023, HLEND D, as borrower, and the Company, as equity holder, entered into a SPV Financing Facility with BNP Paribas (as amended, the “HLEND D Funding Facility”). BNP Paribas serves as administrative agent, and U.S. Bank Trust Company, National Association, as the collateral agent. On November 21, 2024, HLEND D entered into an amendment to, among other things, increase the maximum borrowing capacity under the HLEND D Funding Facility from $500 million to $1,000 million. On January 20, 2026, HLEND D entered into an amendment to, among other things, extend the reinvestment period end date, extend the final maturity date, and decrease the applicable margin.

Loans under the HLEND D Funding Facility bear interest at a per annum rate equal to (i)(a) with respect to advances made in U.S. dollars, Term SOFR, (b) with respect to advances made in GBP, adjusted cumulative compounded SONIA, (c) with respect to

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

advances made in Euros, EURIBOR, (d) with respect to advances made in CAD, Term CORRA, and (e) with respect to advances made in Australian Dollars, BBSW, plus the applicable margin of 1.85% per annum.

As of March 31, 2026, the maximum borrowing capacity under the HLEND D Funding Facility was $1,000 million, subject to availability under the borrowing base. Proceeds from borrowings under the HLEND D Funding Facility may be used to fund portfolio investments by HLEND D. The period during which HLEND D may make borrowings under the HLEND D Funding Facility expires on January 20, 2029 and amounts outstanding under the credit facility must be repaid by January 20, 2031.

HLEND E Funding Facility

On March 28, 2024, HLEND E, as borrower, and the Company, as equity holder and as collateral manager, entered into a SPV Financing Facility with the lenders from time to time party thereto, Wells Fargo Bank, National Association, as administrative agent, U.S. Bank Trust Company, National Association, as collateral agent, and U.S. Bank National Association, as document custodian (as amended, the “HLEND E Funding Facility”). On November 18, 2024, HLEND E entered into an amendment to, among other things, decrease the applicable spread. On April 17, 2025, HLEND E entered into an amendment to, among other things, increase the maximum borrowing capacity under the HLEND E Funding Facility from $1,000 million to $1,500 million, extend the scheduled reinvestment period end date and facility maturity date, and include a swingline sub-facility of up to $200 million.

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

As of March 31, 2026, the maximum borrowing capacity under the HLEND E Funding Facility was $1,500 million, subject to availability under the borrowing base. Proceeds from borrowings under the HLEND E Funding Facility may be used to fund portfolio investments by HLEND E. The period during which HLEND E may make borrowings under the HLEND E Funding Facility expires on April 17, 2028, and amounts outstanding under the credit facility must be repaid by April 17, 2030.

Revolving Credit Facility

On June 23, 2022, the Company, as borrower, entered into a senior secured revolving credit agreement (as amended, the “Revolving Credit Facility,” and together with the HLEND A Funding Facility, the HLEND B Funding Facility, the HLEND C Funding Facility, the HLEND D Funding Facility, and the HLEND E Funding Facility, the “Credit Facilities”), with JPMorgan Chase Bank, N.A., as administrative agent and as collateral agent, and the lenders party thereto (the “Lenders”). On April 29, 2025, the Company entered into an amendment to, among other things, increase the aggregate commitments of the Lenders, extend the Commitment Termination Date and Maturity Date (each as defined below), increase the accordion provision, reduce the applicable margin, reduce the commitment fee and increase the swingline limit.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies under the Revolving Credit Facility. Advances under the Revolving Credit Facility drawn in U.S. dollars will initially bear interest at a per annum rate equal to 0.525% to 0.775% plus an “alternate base rate” in the case of any alternative base rate loan (“ABR Loan”) and 1.525% to 1.775% plus the Adjusted Term SOFR Rate (including any applicable credit adjustment spread) in the case of any other Loan, in each case, depending on the Company’s rate option election and borrowing base. Advances under the Revolving Credit Facility drawn in currencies other than U.S. dollars will initially bear interest at a per annum rate equal to 1.525% to 1.775%, in each case depending on the Company’s borrowing base, plus any applicable credit spread adjustment, plus certain local rates consistent with market standards. The Company also pays a fee of 0.325% on average daily undrawn amounts under the Revolving Credit Facility.

The maximum borrowing capacity of the Revolving Credit Facility is $2,650 million (increased from $2,250 million to $2,650 million on February 27, 2026), subject to availability under the borrowing base, which is based on the Company’s portfolio investments and other outstanding indebtedness, with an accordion provision to permit increases to the total facility amount up to $2,962.5 million subject to the satisfaction of certain conditions.

The Revolving Credit Facility is guaranteed by certain subsidiaries of the Company, including certain additional domestic subsidiaries (direct or indirect) of the Company that may be formed or acquired in the future (collectively, the “Guarantors”). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including, without limitation, repaying outstanding

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

indebtedness, making distributions, contributions and investments, and acquisition and funding, and such other uses as permitted under the Agreement.

The Revolving Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each Guarantor, subject to certain exceptions, and includes a $250 million limit for swingline loans.

The availability period under the Revolving Credit Facility will terminate on April 29, 2029 (the “Commitment Termination Date”), and the Revolving Credit Facility will mature on April 29, 2030 (the “Maturity Date”). During the period from the Commitment Termination Date to the Maturity Date, the Company will be obligated to make mandatory prepayments under the Revolving Credit Facility out of the proceeds of certain asset sales, other recovery events and equity and debt issuances.

Private Unsecured Notes

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

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

November 2025 Notes

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

The November 2025 Notes were fully prepaid on August 15, 2025, inclusive of any accrued interest, consistent with the terms of the 2022 Note Purchase Agreement.

In connection with the November 2025 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company received a fixed interest rate of 8.37% per annum and paid a floating interest rate of SOFR + 4.08% per annum on $85 million of the November 2025 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship. The interest rate swap designated in the qualifying hedge accounting relationship with the November 2025 Notes was terminated on August 15, 2025.

November 2027 Notes

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

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

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

March 2026 Notes

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

The March 2026 Notes were fully prepaid on December 16, 2025, inclusive of any accrued interest, consistent with the terms of the 2023 Note Purchase Agreement.

In connection with the March 2026 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company received a fixed interest rate of 8.12% per annum and paid a floating interest rate of SOFR + 3.761% per annum on $276 million of the March 2026 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship. The interest rate swap designated in the qualifying hedge accounting relationship with the March 2026 Notes was terminated on December 16, 2025.

March 2028 Notes

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

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

September 2027 Notes

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

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

September 2028 Notes

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

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

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

144A Unsecured Notes

The Company issued unsecured notes, as further described below: January 2029 Notes, September 2029 Notes, January 2028 Notes, April 2032 Notes, June 2027 Notes, June 2030 Notes, September 2028-1 Notes, November 2030 Notes, April 2029 Notes, and April 2031 Notes (each as defined below), which are collectively referred to herein as the “144A Unsecured Notes” (collectively with the Private Unsecured Notes, the “Unsecured Notes”).

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

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

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

January 2029 Notes

On January 30, 2024, the Company issued $550 million aggregate principal amount of 6.75% notes due in 2029 (the “January 2029 Notes”) pursuant to an indenture (the “Base Indenture”) and a supplemental indenture, each dated as of January 30, 2024, between the Company and U.S. Bank Trust Company, National Association (the “144A Unsecured Notes Trustee”).

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

In connection with the January 2029 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 6.75% per annum and pays a floating interest rate of 3-month Term SOFR plus 2.876% per annum on $550 million of the January 2029 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

September 2029 Notes

On June 18, 2024, the Company issued $400 million aggregate principal amount of 6.25% notes due in 2029 (the “September 2029 Notes”) pursuant to a second supplemental indenture, dated as of June 18, 2024, to the Base Indenture between the Company and the 144A Unsecured Notes Trustee.

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

In connection with the September 2029 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 6.25% per annum and pays a floating interest rate of 3-month Term SOFR plus 2.0575% per annum on $400 million of the September 2029 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

January 2028 Notes

On January 14, 2025, the Company issued $750 million aggregate principal amount of 5.45% notes due in 2028 (the “January 2028 Notes”) pursuant to a third supplemental indenture, dated as of January 14, 2025, to the Base Indenture between the Company and the 144A Unsecured Notes Trustee.

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

In connection with the January 2028 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 5.45% per annum and pays a floating interest rate of 3-month Term SOFR plus 1.2855% per annum on $750 million of the January 2028 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

April 2032 Notes

On January 14, 2025, the Company issued $500 million aggregate principal amount of 5.95% notes due in 2032 (the “April 2032 Notes”) pursuant to a fourth supplemental indenture, dated as of January 14, 2025, to the Base Indenture between the Company and the 144A Unsecured Notes Trustee.

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

In connection with the April 2032 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 5.95% per annum and pays a floating interest rate of 3-month Term SOFR plus 1.756% per annum on $500 million of the April 2032 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

June 2027 Notes

On June 5, 2025, the Company issued $400 million aggregate principal amount of 5.30% notes due in 2027 (the “June 2027 Notes”) pursuant to a fifth supplemental indenture, dated as of June 5, 2025, to the Base Indenture between the Company and the 144A Unsecured Notes Trustee.

The June 2027 Notes will mature on June 5, 2027 and bear interest at a rate of 5.30% per year payable semi-annually on June 5 and December 5 of each year, commencing on December 5, 2025.

In connection with the June 2027 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 5.30% per annum and pays a floating interest rate of 3-month Term SOFR plus 1.54% per annum on $400 million of the June 2027 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

June 2030 Notes

On June 5, 2025, the Company issued $500 million aggregate principal amount of 5.85% notes due in 2030 (the “June 2030 Notes”) pursuant to a sixth supplemental indenture, dated as of June 5, 2025, to the Base Indenture between the Company and the 144A Unsecured Notes Trustee.

The June 2030 Notes will mature on June 5, 2030 and bear interest at a rate of 5.85% per year payable semi-annually on June 5 and December 5 of each year, commencing on December 5, 2025.

In connection with the June 2030 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 5.85% per annum and pays a floating interest rate of 3-month Term SOFR plus 2.1475% per annum on $500 million of the June 2030 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

September 2028-1 Notes

On September 11, 2025, the Company issued $600 million aggregate principal amount of 4.90% notes due in 2028 (the “September 2028-1 Notes”) pursuant to a seventh supplemental indenture, dated as of September 11, 2025, to the Base Indenture between the Company and the 144A Unsecured Notes Trustee.

The September 2028-1 Notes will mature on September 11, 2028 and bear interest at a rate of 4.90% per year payable semi-annually on March 11 and September 11 of each year, commencing on March 11, 2026.

In connection with the September 2028-1 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 4.90% per annum and pays a floating interest rate of 3-month Term SOFR plus 1.5935% per annum on $600 million of the September 2028-1 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

November 2030 Notes

On September 11, 2025, the Company issued $500 million aggregate principal amount of 5.45% notes due in 2030 (the “November 2030 Notes”) pursuant to an eighth supplemental indenture, dated as of September 11, 2025, to the Base Indenture between the Company and the 144A Unsecured Notes Trustee.

The November 2030 Notes will mature on November 15, 2030 and bear interest at a rate of 5.45% per year payable semi-annually on May 15 and November 15 of each year, commencing on May 15, 2026.

In connection with the November 2030 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 5.45% per annum and pays a floating interest rate of 3-month Term SOFR plus 2.085% per annum on $500 million of the November 2030 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

April 2029 Notes

On January 13, 2026, the Company issued $350 million aggregate principal amount of 5.15% notes due in 2029 (the “April 2029 Notes”) pursuant to a ninth supplemental indenture, dated as of January 13, 2026, to the Base Indenture between the Company and the 144A Unsecured Notes Trustee.

The April 2029 Notes will mature on April 2, 2029 and bear interest at a rate of 5.15% per year payable semi-annually on April 2 and October 2 of each year, commencing on April 2, 2026.

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

In connection with the April 2029 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 5.15% per annum and pays a floating interest rate of 3-month Term SOFR plus 1.7741% per annum on $350 million of the April 2029 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

April 2031 Notes

On January 13, 2026, the Company issued $400 million aggregate principal amount of 5.65% notes due in 2031 (the “April 2031 Notes”) pursuant to a tenth supplemental indenture, dated as of January 13, 2026, to the Base Indenture between the Company and the 144A Unsecured Notes Trustee.

The April 2031 Notes will mature on April 2, 2031 and bear interest at a rate of 5.65% per year payable semi-annually on April 2 and October 2 of each year, commencing on April 2, 2026.

In connection with the April 2031 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 5.65% per annum and pays a floating interest rate of 3-month Term SOFR plus 2.1315% per annum on $400 million of the April 2031 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

Debt Securitizations

The Company has determined that the securitization vehicles noted below operate as extensions of the Company and therefore, are consolidated by the Company. The Company completed term debt securitizations, as further described below, through the consummation of transactions relating to the 2023 CLO Notes, 2023 CLO Refinancing Notes, 2024 CLO Notes, 2025 CLO Debt, 2025-4 CLO Notes, and 2026 CLO Notes (each as defined below), which are collectively referred to herein as the “CLO Debt.”

2023 Debt Securitization

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

The following table presents information on the 2023 Debt Securitization:

Description

Type

Principal Outstanding

Interest Rate

Credit Rating

Class A Notes

Senior Secured Floating Rate

246,500

SF + 2.60%

AAA

Class B Notes

Senior Secured Floating Rate

42,500

SF + 3.35%

Class C Notes

Secured Deferrable Floating Rate

34,000

SF + 4.15%

Total Secured Notes

323,000

Subordinated Notes(1)

106,100

None

Not rated

Total Notes

429,100

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

On the Closing Date and in connection with the 2023 Debt Securitization, the 2023 Issuer and the Company entered into a note purchase agreement with BofA Securities, Inc., as the initial purchaser (the “Initial Purchaser”), pursuant to which the Initial Purchaser

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

purchased the 2023 CLO Secured Notes issued pursuant to an indenture as part of the 2023 Debt Securitization. HLEND CLO 2023-1 Investments, LLC (the “2023 Depositor”), a wholly-owned subsidiary of the Company, retained all of the 2023 CLO Subordinated Notes issued in the 2023 Debt Securitization.

As part of the 2023 Debt Securitization, the Company, the 2023 Depositor and the 2023 Issuer entered into an amended and restated sale and contribution agreement on the Closing Date (the “2023 Sale Agreement”), pursuant to which the Company sold, transferred, assigned, contributed or otherwise conveyed to the 2023 Depositor and the 2023 Depositor subsequently sold, transferred, assigned, contributed or otherwise conveyed to the 2023 Issuer the loans and participations therein securing the 2023 Debt Securitization for the purchase price and other consideration set forth in the 2023 Sale Agreement. Following this transfer, the 2023 Issuer, and not the 2023 Depositor or the Company, holds all of the ownership interest in such loans and participations therein. The Company made customary representations, warranties and covenants in the 2023 Sale Agreement.

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

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

On October 22, 2025, the 2023 CLO Secured Notes were refinanced as part of the 2023 CLO Refinancing (as defined below).

2023 Debt Securitization Refinancing

On October 22, 2025 (the “Refinancing Date”), the Company completed an $849.1 million term debt securitization refinancing (the “2023 CLO Refinancing”), also known as a collateralized loan obligation refinancing, in connection with which a subsidiary of the Company issued the 2023 CLO Refinancing Notes (as defined below). The proceeds of the 2023 CLO Refinancing were used in part to refinance all of the 2023 CLO Secured Notes. The 2023 CLO Refinancing is subject to the Company’s overall asset coverage requirement and is consolidated by the Company for financial reporting purposes.

The debt offered in the 2023 CLO Refinancing was issued by the 2023 Issuer and consists of (i) Class A-1-R Senior Secured Floating Rate Notes (the “Class A-1-R Notes”), (ii) Class A-2-R Senior Secured Floating Rate Notes (the “Class A-2-R Notes”), (iii) Class B-R Senior Secured Floating Rate Notes (the “Class B-R Notes” and, together with the Class A-1-R Notes and the Class A-2-R Notes, collectively, the “2023 CLO Refinancing Secured Notes”) and (iv) additional subordinated notes (the “Additional Subordinated Notes”). The 2023 CLO Subordinated Notes (together with the Additional Subordinated Notes, the “2023 CLO Refinancing Subordinated Notes” and, together with the 2023 CLO Refinancing Secured Notes, the “2023 CLO Refinancing Notes”) were not redeemed and remain outstanding following the Refinancing Date. The 2023 CLO Refinancing is backed by a diversified portfolio of middle-market commercial loans and participation interests therein. The 2023 CLO Refinancing Notes are scheduled to mature on October 22, 2038; however, the 2023 CLO Refinancing Notes may be redeemed by the 2023 Issuer, at the written direction of (i) a majority of the holders of the 2023 CLO Refinancing Subordinated Notes with the consent of the Company or (ii) the Company, in each case, on any business day on or after October 22, 2027.

The following table presents information on the 2023 CLO Refinancing as of March 31, 2026:

Description

Principal Outstanding

Interest Rate

Credit Rating

Class A-1-R Notes

493,000

SF + 1.44%

AAA(sf)

Class A-2-R Notes

34,000

SF + 1.65%

AAA(sf)

Class B-R Notes

51,000

SF + 1.80%

AA(sf)

Total Secured Notes

578,000

2023 CLO Refinancing Subordinated Notes(1)

271,100

None

Not rated

Total Notes

849,100

(1)Includes $165.0 million of the Additional Subordinated Notes newly issued on the Refinancing Date and $106.1 million of 2023 CLO Subordinated Notes issued on the Closing Date. The Company retained all of the 2023 CLO Refinancing Subordinated Notes which are eliminated in consolidation.

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

On the Refinancing Date and in connection with the 2023 CLO Refinancing, the 2023 Issuer entered into a note purchase agreement with BofA Securities, Inc., as the refinancing initial purchaser (the “Refinancing Initial Purchaser”), pursuant to which the Refinancing Initial Purchaser placed the 2023 CLO Refinancing Secured Notes issued pursuant to an amended and restated indenture, between the 2023 Issuer and U.S. Bank Trust Company, National Association, as trustee, as part of the 2023 CLO Refinancing. The 2023 Depositor retained all of the 2023 CLO Refinancing Subordinated Notes in connection with the 2023 CLO Refinancing.

As part of the 2023 CLO Refinancing, the Company, the 2023 Depositor and the 2023 Issuer entered into a second amended and restated sale and contribution agreement on the Refinancing Date (the “2023 Refinancing Sale Agreement”), pursuant to which the Company sold, transferred, assigned, contributed or otherwise conveyed to the 2023 Depositor and the 2023 Depositor subsequently sold, transferred, assigned, contributed or otherwise conveyed to the 2023 Issuer the loans securing the 2023 CLO Refinancing for the purchase price and other consideration set forth in the 2023 Refinancing Sale Agreement. Following this sale and transfer, the 2023 Issuer, and not the 2023 Depositor or the Company, holds all of the ownership interest in such loans. The Company made customary representations, warranties and covenants in the 2023 Refinancing Sale Agreement.

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

2024 Debt Securitization

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

The following table presents information on the 2024 Debt Securitization as of March 31, 2026:

Description

Type

Principal Outstanding

Interest Rate

Credit Rating

Price

Class A-1 Notes

Senior Secured Floating Rate

255,000

SF + 0.250%

AAA(sf)

93.22

Class A-2 Notes

Senior Secured Floating Rate

40,850

SF + 1.875%

AAA(sf)

100.00

Class A-F Notes

Senior Secured Fixed Rate

9,150

6.275%

AAA(sf)

100.00

Class B-1 Notes

Senior Secured Floating Rate

35,000

SF + 0.500%

AA(sf)

89.93

Class B-2 Notes

Senior Secured Floating Rate

13,500

SF + 2.400%

AA(sf)

100.00

Class B-F Notes

Senior Secured Fixed Rate

1,500

6.714%

AA(sf)

100.00

Class C-1 Notes

Secured Deferrable Floating Rate

31,500

SF + 0.750%

A(sf)

86.54

Class C-2 Notes

Secured Deferrable Floating Rate

12,150

SF + 3.200%

A(sf)

100.00

Class C-F Notes

Secured Deferrable Fixed Rate

1,350

7.490%

A(sf)

100.00

Total Secured Notes

400,000

Subordinated Notes(1)

126,000

None

Not rated

None

Total Notes

526,000

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

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

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

As part of the 2024 Debt Securitization, the Company, the 2024 Depositor and the 2024 Issuer entered into an amended and restated sale and contribution agreement on the 2024 Closing Date (the “2024 Sale Agreement”), pursuant to which the Company sold, transferred, assigned, contributed or otherwise conveyed to the 2024 Depositor and the 2024 Depositor subsequently sold, transferred, assigned, contributed or otherwise conveyed to the 2024 Issuer the loans and participations therein securing the 2024 Debt Securitization for the purchase price and other consideration set forth in the 2024 Sale Agreement. Following this transfer, the 2024 Issuer, and not the 2024 Depositor or the Company, holds all of the ownership interest in such loans and participations therein. The Company made customary representations, warranties and covenants in the 2024 Sale Agreement.

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

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

2025 Debt Securitization

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

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

The following table presents information on the 2025 CLO Debt Securitization as of March 31, 2026:

Description

Principal Outstanding

Interest Rate

Credit Rating

2025 CLO Class A Loans

25,000

SF + 1.40%

AAA(sf)

2025 CLO Class A Notes

700,000

SF + 1.40%

AAA(sf)

2025 CLO Class B Notes

125,000

SF + 1.70%

AA(sf)

Total Secured Debt

850,000

2025 CLO Subordinated Notes(1)

404,075

None

Not rated

Total Debt

1,254,075

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

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

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

As part of the 2025 CLO Debt Securitization, the Company, the 2025 CLO Depositor and the 2025 CLO Issuer entered into an amended and restated sale and contribution agreement on the 2025 Closing Date (the “2025 Sale Agreement”), pursuant to which the Company sold, transferred, assigned, contributed or otherwise conveyed to the 2025 CLO Depositor and the 2025 CLO Depositor subsequently sold, transferred, assigned, contributed or otherwise conveyed to the 2025 CLO Issuer the loans and participations therein securing the 2025 CLO Debt Securitization for the purchase price and other consideration set forth in the 2025 Sale Agreement. Following this transfer, the 2025 CLO Issuer, and not the 2025 CLO Depositor or the Company, holds all of the ownership interest in such loans and participations therein. The Company made customary representations, warranties and covenants in the 2025 Sale Agreement.

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

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

2025-4 Debt Securitization

On August 12, 2025 (the “2025-4 Closing Date”), the Company completed a $1,250.0 million term debt securitization (the “2025-4 Debt Securitization”), also known as a collateralized loan obligation, in connection with which a subsidiary of the Company issued the 2025-4 CLO Notes (as defined below). The 2025-4 Debt Securitization is subject to the Company’s overall asset coverage requirement and is consolidated by the Company for financial reporting purposes.

The debt offered in the 2025-4 Debt Securitization was issued by HLEND CLO 2025-4, LLC (the “2025-4 Issuer”), an indirect, wholly-owned and consolidated subsidiary of the Company, and consists of (i) Class A Senior Secured Floating Rate Notes (the “2025-4 CLO Class A Notes”), (ii) Class B Senior Secured Floating Rate Notes (the “2025-4 CLO Class B Notes” and, together with the 2025-4 CLO Class A Notes, collectively, the “2025-4 CLO Secured Notes”), and (iii) subordinated notes (the “2025-4 CLO Subordinated Notes” and, together with the 2025-4 CLO Secured Notes, the “2025-4 CLO Notes”). The 2025-4 Debt Securitization is backed by a diversified portfolio of middle-market commercial loans and participation interests therein. The 2025-4 CLO Notes are scheduled to mature on August 15, 2037; however, the 2025-4 CLO Notes may be redeemed by the 2025-4 Issuer, at the written direction of (i) a majority of the 2025-4 CLO Subordinated Notes with the consent of the Company or (ii) the Company, in each case, on any business day on or after August 15, 2027.

The following table presents information on the 2025-4 Debt Securitization as of March 31, 2026:

Description

Principal Outstanding

Interest Rate

Credit Rating (S&P)

Credit Rating (Fitch)

2025-4 CLO Class A Notes

681,250

SF + 1.54%

AAA(sf)

2025-4 CLO Class B Notes

168,750

SF + 1.85%

AA(sf)

Not rated

Total Secured Notes

850,000

2025-4 CLO Subordinated Notes(1)

400,000

None

Not rated

Total Notes

1,250,000

(1)The Company retained all of the 2025-4 CLO Subordinated Notes issued in the 2025-4 Debt Securitization which are eliminated in consolidation.

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

On the 2025-4 Closing Date and in connection with the 2025-4 Debt Securitization, the 2025-4 Issuer entered into a placement agency agreement with Natixis Securities Americas LLC, as the placement agent (the “2025-4 Placement Agent”), pursuant to which the 2025-4 Placement Agent placed the 2025-4 CLO Secured Notes issued pursuant to an indenture, between the 2025-4 Issuer and U.S. Bank Trust Company, National Association, as trustee, as part of the 2025-4 Debt Securitization. HLEND CLO 2025-4 Investments, LLC (the “2025-4 Depositor”), a wholly-owned subsidiary of the Company, retained all of the 2025-4 CLO Subordinated Notes issued in the 2025-4 Debt Securitization.

As part of the 2025-4 Debt Securitization, the Company, the 2025-4 Depositor and the 2025-4 Issuer entered into a sale and contribution agreement on the 2025-4 Closing Date (the “2025-4 Sale Agreement”), pursuant to which the Company sold, transferred, assigned, contributed or otherwise conveyed to the 2025-4 Depositor and the 2025-4 Depositor subsequently sold, transferred, assigned, contributed or otherwise conveyed to the 2025-4 Issuer the loans securing the 2025-4 Debt Securitization for the purchase price and other consideration set forth in the 2025-4 Sale Agreement. Simultaneously, the Company and the 2025-4 Issuer entered into a master participation agreement (the “2025-4 Master Participation Agreement”) pursuant to which the Company granted participation interests in the assets sold pursuant to the 2025-4 Sale Agreement on the 2025-4 Closing Date, such that the 2025-4 Issuer is the participant on such assets from the 2025-4 Closing Date until the date the transfer of those assets is settled at the 2025-4 Issuer. Following these transfers, the 2025-4 Issuer, and not the 2025-4 Depositor or the Company, holds all of the ownership interest in such loans and participations therein. The Company made customary representations, warranties and covenants in the 2025-4 Sale Agreement and the 2025-4 Master Participation Agreement.

The 2025-4 CLO Notes have not been, and will not be, registered under the Securities Act, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager for the 2025-4 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable to it so long as it is the collateral manager under the collateral management agreement.

2026 Debt Securitization

On March 26, 2026 (the “2026 Closing Date”), the Company completed a $748.3 million term debt securitization (the “2026 Debt Securitization”), also known as a collateralized loan obligation, in connection with which a subsidiary of the Company issued the 2026 CLO Notes (as defined below). The 2026 Debt Securitization is subject to the Company’s overall asset coverage requirement and is consolidated by the Company for financial reporting purposes.

The debt offered in the 2026 Debt Securitization was issued by HLEND CLO 2026-5, LLC (the “2026 Issuer”), an indirect, wholly-owned and consolidated subsidiary of the Company, and consists of (i) Class A-1 Senior Secured Floating Rate Notes (the “2026 CLO Class A-1 Notes”), (ii) Class A-2 Senior Secured Floating Rate Notes (the “2026 CLO Class A-2 Notes”), (iii) Class B Senior Secured Floating Rate Notes (the “2026 CLO Class B Notes” and, together with the 2026 CLO Class A-1 Notes and the 2026 CLO Class A-2 Notes, collectively, the “2026 CLO Secured Notes”), and (iv) subordinated notes (the “2026 CLO Subordinated Notes” and, together with the 2026 CLO Secured Notes, the “2026 CLO Notes”). The 2026 Debt Securitization is backed by a diversified portfolio of middle-market commercial loans and participation interests therein. The 2026 CLO Notes are scheduled to mature on April 15, 2039; however, the 2026 CLO Notes may be redeemed by the 2026 Issuer, at the written direction of (i) a majority of the 2026 CLO Subordinated Notes with the consent of the Company or (ii) the Company, in each case, on any business day on or after March 26, 2028.

The following table presents information on the 2026 Debt Securitization as of March 31, 2026:

Description

Principal Outstanding

Interest Rate

Credit Rating (S&P)

2026 CLO Class A-1 Notes

435,000

SF + 1.40%

AAA(sf)

2026 CLO Class A-2 Notes

30,000

SF + 1.55%

AAA(sf)

2026 CLO Class B Notes

45,000

SF + 1.70%

AA(sf)

Total Secured Notes

510,000

2026 CLO Subordinated Notes(1)

238,300

None

Not rated

Total Notes

748,300

(1)The Company retained all of the 2026 CLO Subordinated Notes issued in the 2026 Debt Securitization which are eliminated in consolidation.

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

On the 2026 Closing Date and in connection with the 2026 Debt Securitization, the 2026 Issuer entered into a placement agency agreement with Scotia Capital (USA) Inc., as the placement agent (the “2026 Placement Agent”), pursuant to which the 2026 Placement Agent placed the 2026 CLO Notes issued pursuant to an indenture, between the 2026 Issuer and U.S. Bank Trust Company, National Association, as trustee, as part of the 2026 Debt Securitization. HLEND CLO 2026-5 Investments, LLC (the “2026 Depositor”), a wholly-owned subsidiary of the Company, retained all of the 2026 CLO Subordinated Notes issued in the 2026 Debt Securitization.

As part of the 2026 Debt Securitization, the Company, the 2026 Depositor and the 2026 Issuer entered into a sale and contribution agreement on the 2026 Closing Date (the “2026 Sale Agreement”), pursuant to which the Company sold, transferred, assigned, contributed or otherwise conveyed to the 2026 Depositor and the 2026 Depositor subsequently sold, transferred, assigned, contributed or otherwise conveyed to the 2026 Issuer the loans therein securing the 2026 Debt Securitization for the purchase price and other consideration set forth in the 2026 Sale Agreement. In the case of certain loans sold on the 2026 Closing Date, to the extent that the assignment of such loans could not settle on the 2026 Closing Date, pursuant to the 2026 Sale Agreement, the Company assigned a participation interest in such loans to the 2026 Depositor (which subsequently assigned such participation interest to the 2026 Issuer), such that the 2026 Issuer is the participant on such loans from the 2026 Closing Date until the date the transfer of those loans is settled at the 2026 Issuer. Following these transfers, the 2026 Issuer, and not the 2026 Depositor or the Company, holds all of the ownership interest in such loans and participations therein. The Company made customary representations, warranties and covenants in the 2026 Sale Agreement.

The 2026 CLO Notes have not been, and will not be, registered under the Securities Act, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager for the 2026 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable to it so long as it is the collateral manager under the collateral management agreement.

Short-Term Borrowings

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

In accordance with ASC 860, Transfers and Servicing, the Short Term Financing Transactions meet the criteria for secured borrowings. Accordingly, the investment financed by these agreements remains on the Company’s Consolidated Statements of Assets and Liabilities as an asset, and the Company records a liability to reflect its repurchase obligation to a third party which is reported as debt on the Company’s Consolidated Statements of Assets and Liabilities. The repurchase obligation is secured by the respective investment that is the subject of the repurchase agreement. Interest expense associated with the repurchase obligation is reported on the Company’s Consolidated Statements of Operations within interest expense. As of March 31, 2026 and December 31, 2025, there were no short-term borrowings outstanding.

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

The Company’s outstanding debt obligations were as follows:


	March 31, 2026
	Aggregate Principal Committed		Outstanding Principal		Carrying Value		Unused Portion(1)		Amount Available(2)
HLEND A Funding Facility(3)	$	1,600,000	$	723,382	$	723,382	$	876,618	$	499,881
HLEND B Funding Facility(3)	1,500,000		900,773		900,773		599,227		355,122
HLEND C Funding Facility	850,000		510,000		510,000		340,000		26,154
HLEND D Funding Facility(3)	1,000,000		575,428		575,428		424,572		201,564
HLEND E Funding Facility(3)	1,500,000		903,100		903,100		596,900		240,765
Revolving Credit Facility(3)	2,650,000		592,290		592,290		2,057,710		2,057,710
November 2027 Notes(4)	155,000		155,000		154,794		—		—
March 2028 Notes(4)	124,000		124,000		123,991		—		—
September 2027 Notes(4)	75,000		75,000		75,306		—		—
September 2028 Notes(4)	250,000		250,000		251,821		—		—
January 2029 Notes(4)	550,000		550,000		545,848		—		—
September 2029 Notes(4)	400,000		400,000		400,412		—		—
January 2028 Notes(4)	750,000		750,000		749,462		—		—
April 2032 Notes(4)	500,000		500,000		501,060		—		—
June 2027 Notes(4)	400,000		400,000		397,353		—		—
June 2030 Notes(4)	500,000		500,000		493,612		—		—
September 2028-1 Notes(4)	600,000		600,000		588,203		—		—
November 2030 Notes(4)	500,000		500,000		486,090		—		—
April 2029 Notes(4)	350,000		350,000		343,765		—		—
April 2031 Notes(4)	400,000		400,000		391,660		—		—
2023 CLO Refinancing Secured Notes(4)	578,000		578,000		575,360		—		—
2024 CLO Secured Notes(4)	400,000		400,000		383,009		—		—
2025 CLO Secured Debt(4)	850,000		850,000		846,021		—		—
2025-4 CLO Secured Notes(4)	850,000		850,000		845,345		—		—
2026 CLO Secured Notes(4)	510,000		510,000		507,269		—		—
Total	$	17,842,000	$	12,946,973	$	12,865,354	$	4,895,027	$	3,381,196

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

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

(3)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of March 31, 2026, the Company had outstanding borrowings denominated in the following non-USD currencies:


	Currency
Facility	Australian Dollars (AUD)		Euros (EUR)		British Pounds (GBP)
HLEND A Funding Facility	A$	94,413	€	83,500	£	—
HLEND B Funding Facility	25,519		125,352		90,347
HLEND D Funding Facility	—		167,513		—
HLEND E Funding Facility	—		167,836		—
Revolving Credit Facility	34,910		360,592		114,392

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

(4)As of March 31, 2026, the carrying value of the Company’s Unsecured Notes and CLO Debt are presented net of unamortized debt issuance costs and original issue discount, as applicable, in the below table. Additionally, the carrying value of the Company’s Unsecured Notes includes the increase (decrease) in the notes carrying value as a result of the qualifying fair value hedge relationship as disclosed in the below table, and as further described above.


	Unamortized Debt Issuance Costs and Original Issue Discount		Cumulative Change in the Notes Carrying Value as a Result of the Qualifying Fair Value Hedge Relationship
November 2027 Notes	$	(573)	$	367
March 2028 Notes	(442)		433
September 2027 Notes	(287)		593
September 2028 Notes	(1,292)		3,113
January 2029 Notes	(7,203)		3,051
September 2029 Notes	(6,432)		6,844
January 2028 Notes	(7,063)		6,525
April 2032 Notes	(11,562)		12,622
June 2027 Notes	(2,575)		(72)
June 2030 Notes	(6,723)		335
September 2028-1 Notes	(6,634)		(5,163)
November 2030 Notes	(5,120)		(8,790)
April 2029 Notes	(3,331)		(2,904)
April 2031 Notes	(4,860)		(3,480)
2023 CLO Refinancing Secured Notes	(2,640)		—
2024 CLO Secured Notes	(16,991)		—
2025 CLO Secured Debt	(3,979)		—
2025-4 CLO Secured Notes	(4,655)		—
2026 CLO Secured Notes	(2,731)		—
Total	$	(95,093)	$	13,474

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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


	December 31, 2025
	Aggregate Principal Committed		Outstanding Principal		Carrying Value		Unused Portion(1)		Amount Available(2)
HLEND A Funding Facility(3)	$	1,600,000	$	758,407	$	758,407	$	841,593	$	196,143
HLEND B Funding Facility(3)	1,500,000		833,783		833,783		666,217		225,397
HLEND C Funding Facility	850,000		510,000		510,000		340,000		12,656
HLEND D Funding Facility(3)	1,000,000		757,110		757,110		242,890		76,088
HLEND E Funding Facility(3)	1,500,000		906,290		906,290		593,710		218,848
Revolving Credit Facility(3)	2,250,000		1,742,106		1,742,106		507,894		507,894
November 2027 Notes(4)	155,000		155,000		155,206		—		—
March 2028 Notes(4)	124,000		124,000		124,775		—		—
September 2027 Notes(4)	75,000		75,000		75,847		—		—
September 2028 Notes(4)	250,000		250,000		253,865		—		—
January 2029 Notes(4)	550,000		550,000		548,317		—		—
September 2029 Notes(4)	400,000		400,000		403,520		—		—
January 2028 Notes(4)	750,000		750,000		753,079		—		—
April 2032 Notes(4)	500,000		500,000		504,209		—		—
June 2027 Notes(4)	400,000		400,000		398,846		—		—
June 2030 Notes(4)	500,000		500,000		497,133		—		—
September 2028-1 Notes(4)	600,000		600,000		590,215		—		—
November 2030 Notes(4)	500,000		500,000		489,753		—		—
2023 CLO Refinancing Secured Notes(4)	578,000		578,000		575,217		—		—
2024 CLO Secured Notes(4)	400,000		400,000		381,678		—		—
2025 CLO Secured Debt(4)	850,000		850,000		845,771		—		—
2025-4 CLO Secured Notes(4)	850,000		850,000		845,079		—		—
Total	$	16,182,000	$	12,989,696	$	12,950,206	$	3,192,304	$	1,237,026

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

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

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


	Currency
Facility	Australian Dollars (AUD)		Euros (EUR)		British Pounds (GBP)
HLEND A Funding Facility	A$	94,413	€	75,500	£	—
HLEND B Funding Facility	25,519		125,352		90,347
HLEND D Funding Facility	—		167,513		—
HLEND E Funding Facility	—		167,836		—
Revolving Credit Facility	43,310		374,495		225,692

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

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


	Unamortized Debt Issuance Costs and Original Issue Discount		Cumulative Change in the Notes Carrying Value as a Result of the Qualifying Fair Value Hedge Relationship
November 2027 Notes	$	(660)	$	866
March 2028 Notes	(498)		1,273
September 2027 Notes	(336)		1,183
September 2028 Notes	(1,422)		5,287
January 2029 Notes	(7,829)		6,146
September 2029 Notes	(6,885)		10,405
January 2028 Notes	(8,035)		11,114
April 2032 Notes	(12,033)		16,242
June 2027 Notes	(3,005)		1,851
June 2030 Notes	(6,991)		4,124
September 2028-1 Notes	(7,145)		(2,640)
November 2030 Notes	(5,265)		(4,982)
2023 CLO Refinancing Secured Notes	(2,783)		—
2024 CLO Secured Notes	(18,322)		—
2025 CLO Secured Debt	(4,229)		—
2025-4 CLO Secured Notes	(4,921)		—
Total	$	(90,359)	$	50,869

As of March 31, 2026 and December 31, 2025, $144.1 million and $170.5 million, respectively, of interest expense and $1.7 million and $1.5 million, respectively, of facility unused commitment fees were included in interest payable.

The following table summarizes the average principal debt outstanding and the weighted average interest rate on all borrowings outstanding for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
		2026			2025
Average principal debt outstanding		$	12,954,506		$	7,896,699
Weighted average interest rate(1)		5.91		%	7.08		%

(1)The weighted average interest rate includes unused fees, amortization of deferred financing costs, debt issuance costs and original issue discounts, and the net interest on interest rate swaps accounted for as hedges.

The components of interest expense were as follows:


	Three Months Ended March 31,
		2026		2025
Borrowing interest expense		$	177,309	$	127,151
Facility unused commitment fees		1,994		2,145
Amortization of deferred financing costs		3,004		2,394
Amortization of original issue discount and debt issuance costs		7,116		4,462
Net (gain) loss on effective interest rate swaps and hedged items included in interest expense		(639)		1,754
Total interest expense		$	188,784	$	137,906
Cash paid for interest expense		$	204,873	$	145,503

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

Note 8. Commitments and Contingencies

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

The Company’s investment portfolio may contain debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of March 31, 2026 and December 31, 2025, the Company had unfunded delayed draw term loans and revolvers in the aggregate principal amount of $3,218.7 million and $3,421.9 million, respectively.

As of March 31, 2026 and December 31, 2025, $305.1 million and $325.2 million, respectively, of capital committed remained uncalled from the Company in relation to capital commitments to ULTRA III. Such amount is subject to the approval of each joint venture member.

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of March 31, 2026, management is not aware of any material pending or threatened litigation.

Note 9. Net Assets

The Company has the authority to issue an unlimited number of Class I, Class D, Class F and Class S common shares of beneficial interest at $0.01 per share par value.

The following table summarizes transactions in common shares of beneficial interest during the three months ended March 31, 2026:


	Three Months Ended March 31, 2026
		Shares	Amount
CLASS I
Subscriptions		18,291,786	$	460,059
Share transfers between classes		81,831	2,064
Distributions reinvested		1,213,511	30,478
Share repurchases		(14,388,163)	(356,717)
Early repurchase deduction		—	101
Net increase (decrease)		5,198,965	$	135,985
CLASS D
Subscriptions		604,835	$	15,248
Share transfers between classes		—	—
Distributions reinvested		501,634	12,602
Share repurchases		(2,997,866)	(74,317)
Early repurchase deduction		—	22
Net increase (decrease)		(1,891,397)	$	(46,445)
CLASS F
Subscriptions		8,056,069	$	202,603
Share transfers between classes		(55,059)	(1,380)
Distributions reinvested		2,660,731	66,828
Share repurchases		(6,142,705)	(152,350)
Early repurchase deduction		—	111
Net increase (decrease)		4,519,036	$	115,812

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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


	Three Months Ended March 31, 2026
		Shares	Amount
CLASS S
Subscriptions		1,677,298	$	42,144
Share transfers between classes		(26,772)	(684)
Distributions reinvested		323,973	8,137
Share repurchases		(1,367,533)	(33,901)
Early repurchase deduction		—	16
Net increase (decrease)		606,966	$	15,712
Total net increase (decrease)		8,433,570	$	221,064

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


	Three Months Ended March 31, 2025
		Shares	Amount
CLASS I
Subscriptions		23,863,608	$	610,430
Share transfers between classes		1,829,358	46,752
Distributions reinvested		909,066	23,261
Share repurchases		(5,971,419)	(152,092)
Early repurchase deduction		—	33
Net increase (decrease)		20,630,613	$	528,384
CLASS D
Subscriptions		2,510,439	$	64,125
Share transfers between classes		(1,592,453)	(40,704)
Distributions reinvested		517,550	13,232
Share repurchases		(1,332,224)	(33,932)
Early repurchase deduction		—	11
Net increase (decrease)		103,312	$	2,732
CLASS F
Subscriptions		11,060,630	$	282,609
Share transfers between classes		(114,603)	(2,928)
Distributions reinvested		1,988,277	50,831
Share repurchases		(917,886)	(23,379)
Early repurchase deduction		—	47
Net increase (decrease)		12,016,418	$	307,180
CLASS S
Subscriptions		4,313,557	$	110,234
Share transfers between classes		(122,302)	(3,120)
Distributions reinvested		179,651	4,593
Share repurchases		(42,689)	(1,087)
Early repurchase deduction		—	5
Net increase (decrease)		4,328,217	$	110,625
Total net increase (decrease)		37,078,560	$	948,921

Net Asset Value per Share and Offering Price

The Company determines NAV for each class of shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e. the prior month-end NAV).

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

Distributions

The Company declares monthly distribution amounts per share of Class I, Class D, Class F, and Class S common shares of beneficial interest payable monthly in arrears. The record date for each distribution was the last calendar date of the month in which such distribution was declared. The following tables present distributions that were declared on the Common Shares during the three months ended March 31, 2026:


		Class I
Declaration Date	Payment Date	Base Distribution Per Share		Variable Supplemental Distribution Per Share		Special Distribution Per Share		Total Distribution Per Share		Distribution Amount
January 27, 2026	February 27, 2026	$	0.1600	$	0.0550	$	—	$	0.2150	$	42,271
February 27, 2026	March 31, 2026	0.1600		0.0550		—		0.2150		44,672
March 26, 2026	April 30, 2026	0.1600		0.0500		—		0.2100		44,524









Total		$	0.4800	$	0.1600	$	—	$	0.6400	$	131,467


		Class D
Declaration Date	Payment Date	Base Distribution Per Share(1)		Variable Supplemental Distribution Per Share		Special Distribution Per Share		Total Distribution Per Share(1)		Distribution Amount
January 27, 2026	February 27, 2026	$	0.1546	$	0.0550	$	—	$	0.2096	$	9,497
February 27, 2026	March 31, 2026	0.1552		0.0550		—		0.2102		9,686
March 26, 2026	April 30, 2026	0.1547		0.0500		—		0.2047		9,466









Total		$	0.4645	$	0.1600	$	—	$	0.6245	$	28,649


		Class F
Declaration Date	Payment Date	Base Distribution Per Share(1)		Variable Supplemental Distribution Per Share		Special Distribution Per Share		Total Distribution Per Share(1)		Distribution Amount
January 27, 2026	February 27, 2026	$	0.1493	$	0.0550	$	—	$	0.2043	$	46,383
February 27, 2026	March 31, 2026	0.1503		0.0550		—		0.2053		47,429
March 26, 2026	April 30, 2026	0.1494		0.0500		—		0.1994		46,596









Total		$	0.4490	$	0.1600	$	—	$	0.6090	$	140,408


		Class S
Declaration Date	Payment Date	Base Distribution Per Share(1)		Variable Supplemental Distribution Per Share		Special Distribution Per Share		Total Distribution Per Share(1)		Distribution Amount
January 27, 2026	February 27, 2026	$	0.1418	$	0.0550	$	—	$	0.1968	$	6,464
February 27, 2026	March 31, 2026	0.1436		0.0550		—		0.1986		6,673
March 26, 2026	April 30, 2026	0.1420		0.0500		—		0.1920		6,574









Total		$	0.4274	$	0.1600	$	—	$	0.5874	$	19,711

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

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

The following tables present distributions that were declared and payable on the Common Shares for the three months ended March 31, 2025, and the record date for each distribution was the last calendar date of the month in which such distribution was declared:


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









Total		$	0.4800	$	0.1650	$	—	$	0.6450	$	80,646


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









Total		$	0.4643	$	0.1650	$	—	$	0.6293	$	27,326


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









Total		$	0.4485	$	0.1650	$	—	$	0.6135	$	112,232


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









Total		$	0.4264	$	0.1650	$	—	$	0.5914	$	10,968

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

Distribution Reinvestment Plan

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

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

Character of Distributions

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

Through March 31, 2026, a portion of the Company’s distributions resulted from expense support from the Adviser, and future distributions may result from expense support from the Adviser, each of which is subject to repayment by the Company within three years from the date of payment. The purpose of this arrangement avoids distributions being characterized as a return of capital for U.S. federal income tax purposes. Shareholders should understand that any such distribution is not based solely on the Company’s investment performance, and can only be sustained if the Company achieves positive investment performance in future periods and/or the Adviser continues to provide expense support. Shareholders should also understand that the Company’s future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Company will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all.

Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following table reflects the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its Common Shares during the three months ended March 31, 2026:


	Class I				Class D				Class F				Class S
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share		Amount		Per Share		Amount
Net investment income	$	0.6400	$	131,467	$	0.6245	$	28,649	$	0.6090	$	140,408	$	0.5874	$	19,711
Net realized gains	—		—		—		—		—		—		—		—
Total	$	0.6400	$	131,467	$	0.6245	$	28,649	$	0.6090	$	140,408	$	0.5874	$	19,711

The following table reflects the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its Common Shares during the three months ended March 31, 2025:


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

Share Repurchase Program

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

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

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Notes to Consolidated Financial Statements (Unaudited)

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

such NAV (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived, at the Company’s discretion, in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders across all shares.

The following tables summarize the share repurchases completed during the three months ended March 31, 2026 and 2025:


Repurchase Request Deadline	Percentage of Outstanding Shares the Company Offered to Repurchase(1)		Repurchase Pricing Date	Amount Repurchased (all classes)(2)		Number of Shares Repurchased (all classes)	Percentage of Outstanding Shares Repurchased(1)
March 4, 2026	5.00	%	March 31, 2026	$	610,994	24,646,802	5.00	%

(1)Percentage is based on total shares as of the close of the previous calendar quarter. For the first quarter of 2026, the Company received shareholder requests to repurchase approximately 9.25% of shares outstanding as of December 31, 2025, which exceeded the Company’s offer to repurchase up to 5% of its outstanding shares with respect to such quarter.

(2)Amounts not inclusive of Early Repurchase Deduction.


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

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

(2)Amounts not inclusive of Early Repurchase Deduction.

Note 10. Financial Highlights and Senior Securities

The following are the financial highlights for the three months ended March 31, 2026:


	Three Months Ended March 31, 2026
	Class I			Class D			Class F			Class S
Per Share Data:
Net asset value, beginning of period	$	25.22		$	25.22		$	25.22		$	25.22
Net investment income(1)	0.62			0.61			0.59			0.57
Net unrealized and realized gain (loss)(2)	(0.41)			(0.42)			(0.41)			(0.41)
Net increase (decrease) in net assets resulting from operations	0.21			0.19			0.18			0.16
Distributions from net investment income(3)	(0.64)			(0.62)			(0.61)			(0.59)
Distributions from net realized gains(3)	—			—			—			—
Net increase (decrease) in net assets from shareholders’ distributions	(0.64)			(0.62)			(0.61)			(0.59)
Early repurchase deduction fees(6)	0.00			0.00			0.00			0.00
Total increase (decrease) in net assets	(0.43)			(0.43)			(0.43)			(0.43)
Net asset value, end of period	$	24.79		$	24.79		$	24.79		$	24.79
Shares outstanding, end of period	197,713,842			43,243,811			227,707,232			32,873,257
Total return based on NAV(4)	0.84		%	0.77		%	0.71		%	0.63		%
Ratios:
Ratio of net expenses to average net assets(5)	8.90		%	9.16		%	9.41		%	9.76		%
Ratio of net investment income to average net assets(5)	10.07		%	9.84		%	9.59		%	9.24		%
Portfolio turnover rate	5.94		%	5.94		%	5.94		%	5.94		%
Supplemental Data:
Net assets, end of period	$	4,902,071		$	1,072,185		$	5,645,655		$	815,063
Asset coverage ratio	196.0		%	196.0		%	196.0		%	196.0		%

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

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

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

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

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

(5)For the three months ended March 31, 2026, amounts are annualized except for capital gains incentive fee.

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

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


	Three Months Ended March 31, 2025
	Class I			Class D			Class F			Class S
Per Share Data:
Net asset value, beginning of period	$	25.59		$	25.59		$	25.59		$	25.59
Net investment income(1)	0.65			0.64			0.62			0.60
Net unrealized and realized gain (loss)(2)	(0.12)			(0.13)			(0.13)			(0.13)
Net increase (decrease) in net assets resulting from operations	0.53			0.51			0.49			0.47
Distributions from net investment income(3)	(0.65)			(0.63)			(0.61)			(0.59)
Distributions from net realized gains(3)	—			—			—			—
Net increase (decrease) in net assets from shareholders’ distributions	(0.65)			(0.63)			(0.61)			(0.59)
Early repurchase deduction fees(6)	0.00			0.00			0.00			0.00
Total increase (decrease) in net assets	(0.12)			(0.12)			(0.12)			(0.12)
Net asset value, end of period	$	25.47		$	25.47		$	25.47		$	25.47
Shares outstanding, end of period	126,858,175			43,223,693			188,166,432			20,196,896
Total return based on NAV(4)	2.07		%	2.01		%	1.94		%	1.85		%
Ratios:
Ratio of net expenses to average net assets(5)	8.82		%	9.07		%	9.32		%	9.67		%
Ratio of net investment income to average net assets(5)	10.16		%	9.93		%	9.67		%	9.31		%
Portfolio turnover rate	1.72		%	1.72		%	1.72		%	1.72		%
Supplemental Data:
Net assets, end of period	$	3,230,780		$	1,100,795		$	4,792,120		$	514,368
Asset coverage ratio	207.3		%	207.3		%	207.3		%	207.3		%

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

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

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

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

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

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

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


	Total Amount Outstanding Exclusive of Treasury Securities(1)		Asset Coverage per Unit(2)	Involuntary Liquidating Preference per Unit(3)	Average Market Value per Unit(4)
HLEND A Funding Facility
March 31, 2026	$	723,382	1,960.5	—	N/A
December 31, 2025	758,407		1,957.4	—	N/A
December 31, 2024	683,184		2,163.2	—	N/A
December 31, 2023	615,838		2,231.6	—	N/A
December 31, 2022	453,663		2,473.7	—	N/A
HLEND B Funding Facility
March 31, 2026	900,773		1,960.5	—	N/A
December 31, 2025	833,783		1,957.4	—	N/A
December 31, 2024	955,572		2,163.2	—	N/A
December 31, 2023	513,747		2,231.6	—	N/A
December 31, 2022	482,084		2,473.7	—	N/A
HLEND C Funding Facility
March 31, 2026	510,000		1,960.5	—	N/A
December 31, 2025	510,000		1,957.4	—	N/A
December 31, 2024	487,500		2,163.2	—	N/A
December 31, 2023	487,500		2,231.6	—	N/A
HLEND D Funding Facility
March 31, 2026	575,428		1,960.5	—	N/A
December 31, 2025	757,110		1,957.4	—	N/A
December 31, 2024	830,343		2,163.2	—	N/A
December 31, 2023	195,000		2,231.6	—	N/A
HLEND E Funding Facility
March 31, 2026	903,100		1,960.5	—	N/A
December 31, 2025	906,290		1,957.4	—	N/A
December 31, 2024	642,800		2,163.2	—	N/A
Revolving Credit Facility
March 31, 2026	592,290		1,960.5	—	N/A
December 31, 2025	1,742,106		1,957.4	—	N/A
December 31, 2024	1,186,264		2,163.2	—	N/A
December 31, 2023	1,025,294		2,231.6	—	N/A
December 31, 2022	704,819		2,473.7	—	N/A
November 2025 Notes
March 31, 2026	—		—	—	N/A
December 31, 2025	—		—	—	N/A
December 31, 2024	170,000		2,163.2	—	N/A
December 31, 2023	170,000		2,231.6	—	N/A
December 31, 2022	170,000		2,473.7	—	N/A
November 2027 Notes
March 31, 2026	155,000		1,960.5	—	N/A
December 31, 2025	155,000		1,957.4	—	N/A
December 31, 2024	155,000		2,163.2	—	N/A
December 31, 2023	155,000		2,231.6	—	N/A
December 31, 2022	155,000		2,473.7	—	N/A
March 2026 Notes

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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


	Total Amount Outstanding Exclusive of Treasury Securities(1)	Asset Coverage per Unit(2)	Involuntary Liquidating Preference per Unit(3)	Average Market Value per Unit(4)
March 31, 2026	—	—	—	N/A
December 31, 2025	—	—	—	N/A
December 31, 2024	276,000	2,163.2	—	N/A
December 31, 2023	276,000	2,231.6	—	N/A
March 2028 Notes
March 31, 2026	124,000	1,960.5	—	N/A
December 31, 2025	124,000	1,957.4	—	N/A
December 31, 2024	124,000	2,163.2	—	N/A
December 31, 2023	124,000	2,231.6	—	N/A
September 2027 Notes
March 31, 2026	75,000	1,960.5	—	N/A
December 31, 2025	75,000	1,957.4	—	N/A
December 31, 2024	75,000	2,163.2	—	N/A
December 31, 2023	75,000	2,231.6	—	N/A
September 2028 Notes
March 31, 2026	250,000	1,960.5	—	N/A
December 31, 2025	250,000	1,957.4	—	N/A
December 31, 2024	250,000	2,163.2	—	N/A
December 31, 2023	250,000	2,231.6	—	N/A
January 2029 Notes
March 31, 2026	550,000	1,960.5	—	N/A
December 31, 2025	550,000	1,957.4	—	N/A
December 31, 2024	550,000	2,163.2	—	N/A
September 2029 Notes
March 31, 2026	400,000	1,960.5	—	N/A
December 31, 2025	400,000	1,957.4	—	N/A
December 31, 2024	400,000	2,163.2	—	N/A
January 2028 Notes
March 31, 2026	750,000	1,960.5	—	N/A
December 31, 2025	750,000	1,957.4	—	N/A
April 2032 Notes
March 31, 2026	500,000	1,960.5	—	N/A
December 31, 2025	500,000	1,957.4	—	N/A
June 2027 Notes
March 31, 2026	400,000	1,960.5	—	N/A
December 31, 2025	400,000	1,957.4	—	N/A
June 2030 Notes
March 31, 2026	500,000	1,960.5	—	N/A
December 31, 2025	500,000	1,957.4	—	N/A
September 2028-1 Notes
March 31, 2026	600,000	1,960.5	—	N/A
December 31, 2025	600,000	1,957.4	—	N/A
November 2030 Notes
March 31, 2026	500,000	1,960.5	—	N/A
December 31, 2025	500,000	1,957.4	—	N/A
April 2029 Notes
March 31, 2026	350,000	1,960.5	—	N/A
April 2031 Notes

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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


	Total Amount Outstanding Exclusive of Treasury Securities(1)	Asset Coverage per Unit(2)	Involuntary Liquidating Preference per Unit(3)	Average Market Value per Unit(4)
March 31, 2026	400,000	1,960.5	—	N/A
2023 CLO Secured Notes
March 31, 2026	—	—	—	N/A
December 31, 2025	—	—	—	N/A
December 31, 2024	323,000	2,163.2	—	N/A
December 31, 2023	323,000	2,231.6	—	N/A
2023 CLO Refinancing Secured Notes
March 31, 2026	578,000	1,960.5	—	N/A
December 31, 2025	578,000	1,957.4	—	N/A
2024 CLO Secured Notes
March 31, 2026	400,000	1,960.5	—	N/A
December 31, 2025	400,000	1,957.4	—	N/A
December 31, 2024	400,000	2,163.2	—	N/A
2025 CLO Secured Debt
March 31, 2026	850,000	1,960.5	—	N/A
December 31, 2025	850,000	1,957.4	—	N/A
2025-4 CLO Secured Notes
March 31, 2026	850,000	1,960.5	—	N/A
December 31, 2025	850,000	1,957.4	—	N/A
2026 CLO Secured Notes
March 31, 2026	510,000	1,960.5	—	N/A
Short-Term Borrowings
March 31, 2026	—	—	—	N/A
December 31, 2025	—	—	—	N/A
December 31, 2024	—	—	—	N/A
December 31, 2023	—	—	—	N/A
December 31, 2022	379,081	2,473.7	—	N/A

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

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

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

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

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

Note 11. Joint Venture

On June 1, 2023, the Company entered into a limited liability company agreement (as amended, the “LLC Agreement”) with the Capital One Member (“COM”) to establish a joint venture to make certain unitranche loans to U.S. middle-market companies. The joint venture is called ULTRA III, LLC (“ULTRA III”). The Company and COM will provide capital to ULTRA III in the form of membership interests. The initial maximum investment amounts in ULTRA III for the Company and COM were approximately $200.0 million and $28.6 million, respectively, which correspond to initial membership interests of approximately 87.5% and 12.5%, respectively. The LLC Agreement is effective as of June 1, 2023. The initial term of ULTRA III is 11 years from the commencement of operations, and will continue until an event of termination occurs. The Company’s investment in ULTRA III cannot be transferred without the consent of the anchor members unless such investment is transferred to an affiliate and satisfies certain representations and warranties or in certain other limited circumstances.

On February 1, 2024, the Company entered into an amendment to the LLC Agreement with COM to increase the maximum investment amounts for the Company and COM in ULTRA III to $400.0 million and $57.1 million, respectively. The LLC Agreement was subsequently amended on October 9, 2024, which increased the maximum investment amounts for the Company and COM in ULTRA III to $550.0 million and $78.6 million, respectively. The LLC Agreement was subsequently amended on November 21, 2025, which further increased the maximum investment amounts for the Company and COM in ULTRA III to $750.0 million and $107.1 million, respectively. The increased investment amounts for the Company and COM correspond to membership interests of 87.5% and 12.5%, respectively.

The Company and COM may, from time-to-time, make additional contributions of capital or may receive returns of capital from ULTRA III. As of March 31, 2026 and December 31, 2025, the Company had made capital contributions (net of returns of capital) of $433.7 million and $414.5 million, respectively, and COM had made capital contributions (net of returns of capital) of $62.0 million and $59.2 million, respectively. As of March 31, 2026 and December 31, 2025, $305.1 million and $325.2 million, respectively, of capital remained uncalled from the Company and $43.6 million and $46.5 million, respectively, of capital remained uncalled from COM. As of March 31, 2026 and December 31, 2025, the Company and COM’s membership interests are 87.5% and 12.5%, respectively, for both periods.

All portfolio decisions and generally all other decisions in respect of ULTRA III must be approved by a credit committee of ULTRA III consisting of representatives of the Company and COM (generally with approval from a representative of each required). A Capital One entity is providing a senior revolving financing facility to ULTRA III. COM receives sourcing fees in connection with investments made by ULTRA III that are sourced by COM. Due to the deal sourcing arrangement for ULTRA III, the percentage of upfront fees that are paid to COM is substantially greater than its percentage membership interest in ULTRA III (the “Effective Sourcing Fee”). In this regard, for the three months ended March 31, 2026 and 2025, the Company, through its investment in ULTRA III, paid an Effective Sourcing Fee to COM of $0.4 million and $0.0 million, respectively.

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

The Company’s investment in ULTRA III is disclosed on the Company’s Consolidated Schedules of Investments as of March 31, 2026 and December 31, 2025.

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

The following table presents the schedule of investments of ULTRA III as of March 31, 2026:


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
Commercial Services & Supplies
Sentinel Buyer Corp. (4)(6)(8)		SF +	5.00%		8.67%		11/6/2032		$	230,800		$	228,624		$	229,298
Sentinel Buyer Corp. (4)(5)(6)							11/6/2032		19,200			(187)			(125)
												228,437			229,173			47.05	%
Electronic Equipment, Instruments & Components
Bright Light Buyer, Inc. (4)(7)(8)		SF +	6.00%		9.67%		11/8/2029		235,380			231,844			235,381
												231,844			235,381			48.32	%
Health Care Equipment & Supplies
EHOB, LLC (4)(7)(9)		SF +	4.50%		8.20%		12/18/2029		90,446			89,187			90,446
												89,187			90,446			18.57	%
Health Care Providers & Services
Compsych Investments Corp (4)(6)(9)		SF +	4.75%		8.42%		7/22/2031		149,482			148,915			149,482
Compsych Investments Corp (4)(5)(6)							7/22/2031		43,333			(190)			—
Emerus Holdings, Inc. (4)(7)(9)		SF +	6.25%		9.95%		7/2/2029		248,438			245,542			245,375
FH BMX Buyer, Inc. (4)(6)(9)		SF +	4.75%		8.45%		6/21/2031		128,444			127,007			127,160
FH BMX Buyer, Inc. (4)(6)(9)		SF +	4.75%		8.40%		6/21/2031		34,281			33,865			33,938
FH BMX Buyer, Inc. (4)(6)(9)		SF +	4.75%		8.42%		6/21/2031		51,562			51,095			51,046
FH BMX Buyer, Inc. (4)(5)(6)(9)		SF +	4.75%		8.45%		6/21/2031		49,978			18,740			18,722
FH BMX Buyer, Inc. (4)(6)(9)		SF +	4.75%		8.45%		6/21/2031		89,200			88,308			88,308
Rsource Holdings, LLC (4)(6)(10)		SF +	4.75%		8.35%		11/10/2031		172,813			170,737			167,758
Rsource Holdings, LLC (4)(5)(6)							11/10/2031		50,000			(675)			(1,462)
												883,344			880,327			180.73	%
Software
Brandt Information Services, LLC (4)(6)(8)		SF +	4.75%		8.42%		5/31/2030		114,138			112,949			112,857
Brandt Information Services, LLC (4)(6)(8)		SF +	4.75%		8.42%		5/31/2030		40,000			39,647			39,551
Brandt Information Services, LLC (4)(5)(6)(8)		SF +	4.75%		8.42%		5/31/2030		50,000			23,378			23,439
												175,974			175,847			36.10	%
Total First Lien Debt												$	1,608,786		$	1,611,174		330.77	%
Total Investment Portfolio												$	1,608,786		$	1,611,174		330.77	%
Cash
Cash												$	49,783		$	49,783
Total Cash												$	49,783		$	49,783		10.22	%
Total Investment Portfolio and Cash												$	1,658,569		$	1,660,957		340.99	%

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

(2)The investments bear interest at a rate that is determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), which reset, monthly, quarterly or semiannually. For each such investment, the Company has provided the spread over SOFR and the current contractual interest rate in effect at March 31, 2026. Certain investments are subject to a SOFR interest rate floor, or rate cap. SOFR based contracts may include a credit spread adjustment, which is included within the stated all-in interest rate, if applicable, that is charged in addition to the base rate and the stated spread.

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

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

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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


Investments	Commitment Type	Unfunded Commitment		Fair Value
Brandt Information Services, LLC	1st Lien Senior Secured Delayed Draw Loan	$	26,000	$	(292)
Compsych Investments Corp	1st Lien Senior Secured Delayed Draw Loan	43,333		—
FH BMX Buyer, Inc.	1st Lien Senior Secured Delayed Draw Loan	30,756		(308)
Rsource Holdings, LLC	1st Lien Senior Secured Delayed Draw Loan	50,000		(1,462)
Sentinel Buyer Corp.	1st Lien Senior Secured Delayed Draw Loan	19,200		(125)
Total		$	169,289	$	(2,187)

(6)The interest rate floor on these investments as of March 31, 2026 was 0.75%.

(7)The interest rate floor on these investments as of March 31, 2026 was 1.00%.

(8)The interest rate on these loans is subject to 1 month SOFR, which as of March 31, 2026 was 3.66%.

(9)The interest rate on these loans is subject to 3 month SOFR, which as of March 31, 2026 was 3.68%.

(10)The interest rate on these loans is subject to 6 month SOFR, which as of March 31, 2026 was 3.70%.

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


Company(1)	.	Reference Rate and Spread(2)		.	Interest Rate(2)	.	Maturity Date	.	Par Amount/Units		.	Amortized Cost(3)		.	Fair Value		.	Percentage of Net Assets
First Lien Debt
Commercial Services & Supplies
Sentinel Buyer Corp. (4)(6)(8)		SF +	5.00%		8.72%		11/6/2032		$	230,800		$	228,542		$	228,542
Sentinel Buyer Corp. (4)(5)(6)							11/6/2032		19,200			(190)			(188)
												228,352			228,354			47.93	%
Electronic Equipment, Instruments & Components
Bright Light Buyer, Inc. (4)(7)(8)		SF +	6.00%		9.72%		11/8/2029		235,994			232,206			235,993
												232,206			235,993			49.54	%
Health Care Equipment & Supplies
EHOB, LLC (4)(7)(9)		SF +	4.50%		8.17%		12/18/2029		102,946			101,417			103,976
												101,417			103,976			21.83	%
Health Care Providers & Services
Compsych Investments Corp (4)(6)(9)		SF +	4.75%		8.61%		7/22/2031		149,861			149,267			151,360
Compsych Investments Corp (4)(5)(6)							7/22/2031		43,333			(194)			433
Emerus Holdings, Inc. (4)(7)(9)		SF +	6.25%		9.92%		7/2/2029		157,600			155,225			156,034
Emerus Holdings, Inc. (4)(7)(9)		SF +	6.25%		9.92%		7/2/2029		92,400			91,482			91,482
FH BMX Buyer, Inc. (4)(6)(9)		SF +	4.75%		8.42%		6/21/2031		128,770			127,261			129,338
FH BMX Buyer, Inc. (4)(6)(9)		SF +	4.75%		8.53%		6/21/2031		34,367			33,931			34,519
FH BMX Buyer, Inc. (4)(5)(6)(9)		SF +	4.75%		8.64%		6/21/2031		51,654			36,328			37,042
FH BMX Buyer, Inc. (4)(5)(6)							6/21/2031		49,978			(493)			221
Rsource Holdings, LLC (4)(6)(10)		SF +	5.00%		8.60%		11/10/2031		173,250			171,077			168,890
Rsource Holdings, LLC (4)(5)(6)							11/10/2031		50,000			(689)			(1,258)
												763,195			768,061			161.22	%
Software
Brandt Information Services, LLC (4)(6)(8)		SF +	4.75%		8.47%		5/31/2030		114,138			112,879			114,047
Brandt Information Services, LLC (4)(6)(8)		SF +	4.75%		8.47%		5/31/2030		40,000			39,626			39,968
Brandt Information Services, LLC (4)(5)(6)(8)		SF +	4.75%		8.58%		5/31/2030		50,000			23,353			23,961
												175,858			177,976			37.36	%
Total First Lien Debt												$	1,501,028		$	1,514,360		317.88	%
Total Investment Portfolio												$	1,501,028		$	1,514,360		317.88	%
Cash
Cash												$	37,543		$	37,543
Total Cash												$	37,543		$	37,543		7.88	%
Total Investment Portfolio and Cash												$	1,538,571		$	1,551,903		325.76	%

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

(2)The investments bear interest at a rate that is determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), which reset, monthly, quarterly or semiannually. For each such investment, the Company has provided the spread over SOFR and the current contractual interest rate in effect at December 31, 2025. Certain investments are subject to a SOFR interest rate floor, or rate cap. SOFR based contracts may include a credit spread adjustment, which is included within the stated all-in interest rate, if applicable, that is charged in addition to the base rate and the stated spread.

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


Investments	Commitment Type	Unfunded Commitment		Fair Value
Brandt Information Services, LLC	1st Lien Senior Secured Delayed Draw Loan	$	26,000	$	(21)
Compsych Investments Corp	1st Lien Senior Secured Delayed Draw Loan	43,333		433
FH BMX Buyer, Inc.	1st Lien Senior Secured Delayed Draw Loan	14,840		66
FH BMX Buyer, Inc.	1st Lien Senior Secured Delayed Draw Loan	49,978		221
Rsource Holdings, LLC	1st Lien Senior Secured Delayed Draw Loan	50,000		(1,258)
Sentinel Buyer Corp.	1st Lien Senior Secured Delayed Draw Loan	19,200		(188)
Total		$	203,351	$	(747)

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

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

(8)The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2025 was 3.69%.

(9)The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2025 was 3.65%.

(10)The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2025 was 3.57%.

The following table presents the selected statements of assets and liabilities information of ULTRA III as of March 31, 2026 and December 31, 2025:


	March 31, 2026		December 31, 2025
ASSETS	(Unaudited)
Investments at fair value (amortized cost of $1,608,786 and $1,501,028 at March 31, 2026 and December 31, 2025, respectively)	$	1,611,174	$	1,514,360
Cash	49,783		37,543
Interest receivable	5,103		9,546
Total assets	$	1,666,060	$	1,561,449
LIABILITIES
Debt	$	1,161,129	$	1,068,394
Interest payable and other liabilities	17,829		16,661
Total liabilities	1,178,958		1,085,055
MEMBERS’ EQUITY
Members’ Equity	487,102		476,394
Total Members’ Equity	487,102		476,394
Total liabilities and members’ equity	$	1,666,060	$	1,561,449

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HPS Corporate Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

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

The following table presents the selected statements of operations information of ULTRA III for the three months ended March 31, 2026 and 2025 (Unaudited):


	Three Months Ended March 31,
		2026		2025
Investment income:
Interest income		$	35,583	$	27,628
Total investment income		35,583		27,628
Expenses:
Interest expense		17,014		13,636
Other expenses		840		655
Total expenses		17,854		14,291
Net investment income		17,729		13,337
Net realized and change in unrealized gain (loss) on investments
Net realized gain (loss) on investments		—		—
Net change in unrealized appreciation (depreciation) on investments		(10,944)		1,423
Net realized and change in unrealized gain (loss) on investments		(10,944)		1,423
Net increase (decrease) in net assets resulting from operations		$	6,785	$	14,760

Note 12. Subsequent Events

The Company’s management evaluated subsequent events through the date of issuance of the consolidated financial statements. There have been no additional subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in the consolidated financial statements as of March 31, 2026, except as discussed below.

Subscriptions

The Company received $151.0 million of net proceeds relating to the issuance of Class I shares, Class D shares, Class F shares and Class S shares for subscriptions effective April 1, 2026.

The Company received $36.8 million of net proceeds relating to the issuance of Class I shares, Class D shares, Class F shares and Class S shares for subscriptions effective May 1, 2026.

Distributions Declarations

On April 24, 2026, the Company declared net distributions of $0.1600 per Class I share, $0.1549 per Class D share, $0.1498 per Class F share, and $0.1427 per Class S share, all of which are payable on or about May 29, 2026 to shareholders of record as of April 30, 2026. Additionally, the Company declared variable supplemental distributions of $0.0470 for all share classes outstanding, all of which are payable on or about May 29, 2026 to shareholders of record as of April 30, 2026.

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

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

Overview and Investment Framework

We are an externally managed, non-diversified closed-end management investment company that has elected to be treated as a BDC under the 1940 Act. Formed as a Delaware statutory trust on December 23, 2020 that commenced operations on February 3, 2022, we are externally managed by the Adviser, which is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments and monitoring our portfolio on an ongoing basis. Our Adviser is registered as an investment adviser with the Securities and Exchange Commission (“SEC”) and a wholly-owned subsidiary of HPS Investment Partners, LLC (the “Administrator” or “HPS”). We have elected to be treated, and intend to qualify annually, as a regulated investment company (“RIC”) as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

On July 1, 2025, BlackRock acquired the business and assets of HPS, with 100% of consideration paid in BlackRock equity (the “HPS/BlackRock Transaction”). In connection with the closing of the HPS/BlackRock Transaction, effective July 1, 2025, our second amended and restated investment advisory agreement (the “Prior Investment Advisory Agreement”) was automatically terminated. Prior thereto, our Board and shareholders approved a new investment advisory agreement between us and the Adviser (the “Investment Advisory Agreement”), which became effective upon the closing of the HPS/BlackRock Transaction.

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

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

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

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

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

Key Components of Our Results of Operations

Investments

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

Revenues

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

Expenses

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

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

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

•all other expenses of our operations, administrations and transactions.

We bear all of our organization and offering expenses, subject to the Expense Support Agreement. Pursuant to the Expense Support Agreement, the Adviser is obligated to advance all of our Other Operating Expenses to the effect that such expenses do not exceed 1.00% (on an annualized basis) of our net asset value (“NAV”). We are obligated to reimburse the Adviser for such advanced expenses (including any additional expenses the Adviser elects to pay on our behalf), subject to certain conditions. See “—Expense Support and Conditional Reimbursement Agreement.” Any reimbursements will not exceed actual expenses incurred by the Adviser and its affiliates.

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

Expense Support and Conditional Reimbursement Agreement

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

Portfolio and Investment Activity

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


	As of and for the three months ended March 31,
	2026		2025
Total investments, beginning of period	$	25,109,408	$	16,071,078
New investments purchased	1,525,901		2,520,468
Payment-in-kind interest and dividends capitalized	36,237		25,314
Net accretion of discount and amortization of premium on investments	24,953		18,205
Net realized gain (loss) on investments	15,221		(19,886)
Investments sold or repaid	(1,648,574)		(314,255)
Total investments, end of period	$	25,063,146	$	18,300,924

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


	March 31, 2026			December 31, 2025
Weighted average yield on debt and income producing investments, at amortized cost(1)	9.3%			9.5%
Weighted average yield on debt and income producing investments, at fair value(1)	9.3%			9.4%
Weighted average yield on total portfolio, at amortized cost(2)	9.2%			9.4%
Weighted average yield on total portfolio, at fair value(2)	9.2%			9.3%
Number of portfolio companies	370			380
Weighted average EBITDA (in millions)(3)	$	255		$	255
Weighted average loan-to-value (“LTV”)(4)	39		%	39		%
Percentage of performing debt and income producing investments bearing a floating rate, at fair value(5)	98.5%			99.2%
Percentage of performing debt and income producing investments bearing a fixed rate, at fair value(5)	1.5%			0.8%

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

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

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

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

(5)Excludes investments in joint ventures.

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Our investments consisted of the following:


	March 31, 2026						December 31, 2025
	Amortized Cost		Fair Value		% of Total Investments at Fair Value		Amortized Cost		Fair Value		% of Total Investments at Fair Value
First lien debt	$	23,898,649	$	23,859,681	95.41	%	$	24,169,132	$	24,395,495	96.29	%
Second lien debt	26,949		27,742		0.11		26,807		27,881		0.11
Other secured debt	228,881		228,097		0.91		223,932		226,763		0.89
Unsecured debt	55,441		54,450		0.22		60,746		60,145		0.24
Structured finance investments	86,290		84,203		0.34		88,264		88,664		0.35
Investments in joint ventures	421,029		426,214		1.70		402,400		416,244		1.64
Equity investments	345,907		327,466		1.31		138,127		122,228		0.48
Total	$	25,063,146	$	25,007,853	100.00	%	$	25,109,408	$	25,337,420	100.00	%

As of March 31, 2026 and December 31, 2025, we had certain investments in eight and seven portfolio companies on non-accrual status, respectively. The following table shows the fair value of our performing debt and other income producing securities, and non-accrual investments as of March 31, 2026 and December 31, 2025:


	March 31, 2026				December 31, 2025
	Fair Value		Percentage		Fair Value		Percentage
Performing debt and income producing investments(1)	$	24,278,282	99.19	%	$	24,651,069	99.26	%
Non-accrual(2)	198,160		0.81		184,539		0.74
Total	$	24,476,442	100.00	%	$	24,835,608	100.00	%

(1)Excludes investments in joint ventures.

(2)Investments on non-accrual represented 1.37% and 1.08% of amortized cost of total debt and income producing investments as of March 31, 2026 and December 31, 2025, respectively.

The table below describes investments by industry composition based on fair value as of March 31, 2026 as compared to December 31, 2025.


	March 31, 2026		December 31, 2025
Aerospace & Defense	6.22	%	5.13	%
Air Freight & Logistics	0.34		0.34
Asset Based Lending and Fund Finance	0.47		0.49
Automobile Components	0.71		1.14
Beverages	0.39		0.39
Broadline Retail	0.10		0.10
Building Products	1.05		1.06
Capital Markets	1.38		1.35
Chemicals	0.66		0.66
Commercial Services & Supplies	4.98		4.86
Communications Equipment	0.22		0.22
Construction & Engineering	0.47		0.47
Consumer Finance	0.09		0.10
Consumer Staples Distribution & Retail	2.06		2.06
Containers & Packaging	0.79		0.79
Distributors	0.03		0.06
Diversified Consumer Services	3.12		3.03
Diversified Telecommunication Services	0.07		0.07
Electric Utilities	0.31		0.30
Electrical Equipment	0.51		0.50
Electronic Equipment, Instruments & Components	1.01		1.06
Energy Equipment & Services	0.29		0.29
Entertainment	2.20		2.31

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	March 31, 2026		December 31, 2025
Financial Services	6.26		5.53
Food Products	0.71		0.70
Gas Utilities	0.15		0.16
Health Care Equipment & Supplies	3.95		3.92
Health Care Providers & Services	13.13		12.50
Health Care Technology	0.44		0.44
Hotels, Restaurants & Leisure	3.32		3.24
Household Durables	0.27		0.27
Independent Power and Renewable Electricity Producers	1.20		1.13
Insurance	2.46		2.67
Interactive Media & Services	0.78		0.59
Investments in Joint Ventures	1.70		1.64
IT Services	1.90		1.93
Life Sciences Tools & Services	3.58		3.52
Machinery	1.29		1.21
Media	0.95		1.60
Metals & Mining	0.85		0.84
Multi-Utilities	0.02		0.02
Oil, Gas & Consumable Fuels	0.00		0.01
Personal Care Products	0.73		0.74
Pharmaceuticals	2.60		2.46
Professional Services	4.07		4.07
Real Estate Management & Development	0.41		0.41
Semiconductors & Semiconductor Equipment	0.05		0.05
Software	17.37		18.83
Specialty Retail	1.36		1.50
Structured Finance	0.34		0.35
Textiles, Apparel & Luxury Goods	0.24		0.22
Trading Companies & Distributors	1.13		1.12
Transportation Infrastructure	0.34		0.34
Wireless Telecommunication Services	0.93		1.21
Total	100.00	%	100.00	%

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


	March 31, 2026		December 31, 2025
United States	82.78	%	82.10	%
United Kingdom	6.40		7.11
Sweden	2.26		2.28
Spain	1.33		1.13
Australia	1.25		1.59
Germany	1.11		1.06
France	1.06		1.21
Canada	1.04		0.70
Austria	0.67		0.67
Belgium	0.65		0.65
Lithuania	0.54		0.54
Taiwan	0.20		0.20
Italy	0.20		0.17
Israel	0.18		0.18
Czech Republic	0.17		0.25
Singapore	0.14		0.14
Ireland	0.01		0.01
Netherlands	0.01		0.01
Total	100.00	%	100.00	%

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

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

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

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

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

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

ULTRA III, LLC

On June 1, 2023, the Company entered into a limited liability company agreement (the “LLC Agreement”) with the Capital One Member (“COM”) to establish a joint venture to make certain unitranche loans to U.S. middle-market companies. The joint venture is called ULTRA III, LLC (“ULTRA III”).

As of March 31, 2026, the Company and COM have committed to contribute up to $750.0 million and $107.1 million, respectively, of capital to ULTRA III. As of March 31, 2026, the Company had contributed (net of returns of capital) $433.7 million and COM had contributed (net of returns of capital) $62.0 million of capital and $305.1 million and $43.6 million of capital remained uncalled from the Company and COM, respectively. The Company and COM own 87.5% and 12.5%, respectively, of the membership interests of ULTRA III. All portfolio decisions and generally all other decisions in respect of ULTRA III must be approved by a credit committee of ULTRA III consisting of representatives of the Company and COM (generally with approval from a representative of each required). The Company and COM have equal voting rights with respect to the joint venture. The Company does not consolidate the ULTRA III joint venture.

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The following table is a summary of ULTRA III’s portfolio as of March 31, 2026 and December 31, 2025:


	March 31, 2026			December 31, 2025
Total senior secured debt investments at fair value	$	1,611,174		$	1,514,360
Number of portfolio companies	8			8
Weighted average yield on debt investments, at amortized cost(1)	9.2		%	9.3		%
Weighted average yield on debt investments, at fair value(1)	9.2		%	9.2		%
Percentage of performing debt investments bearing a floating rate, at fair value	100.0		%	100.0		%
Percentage of performing debt investments bearing a fixed rate, at fair value	—		%	—		%
Percentage of assets on non-accrual(2)	—		%	—		%

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

(2)As a percentage of fair value of investments of ULTRA III. ULTRA III had no assets on non-accrual as of March 31, 2026 and December 31, 2025.

Results of Operations

The following table represents our operating results:


	Three Months Ended March 31,
		2026		2025
Total investment income		$	606,798	$	444,134
Total expenses		292,204		209,153
Net investment income before excise tax		314,594		234,981
Excise tax expense		2,002		293
Net investment income after excise tax		312,592		234,688
Net realized gain (loss)		10,902		(56,060)
Net change in unrealized appreciation (depreciation)		(226,180)		7,754
Net increase (decrease) in net assets resulting from operations		$	97,314	$	186,382

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

Investment Income

Investment income was as follows:


	Three Months Ended March 31,
		2026		2025
Interest income		$	555,163	$	408,320
Payment-in-kind interest income		30,741		24,099
Dividend income		18,837		11,658
Other income		2,057		57
Total investment income		$	606,798	$	444,134

Total investment income increased to $606.8 million for the three months ended March 31, 2026, from $444.1 million for the same period in the prior year, primarily driven by our deployment of capital and the increased balance of our investments. Interest income increased as a result of an increase in our accruing debt investment’s funded par, which increased to $24,416.5 million as of March 31, 2026, from $18,102.6 million in the prior year. This was partially offset by a decline in benchmark interest rates during the three months ended March 31, 2026, as compared to the same period in the prior year. At March 31, 2026, the fair value of our performing debt and other income producing securities was $24,704.5 million, with a weighted average yield at fair value of 9.3%.

For the three months ended March 31, 2026 and 2025, PIK income represented 5.3% and 5.7% of total investment income, respectively. We expect that PIK income will vary based on the elections of certain borrowers.

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Expenses

Expenses were as follows:


	Three Months Ended March 31,
		2026		2025
Interest expense		$	188,784	$	137,906
Management fees		39,891		29,146
Income based incentive fee		46,029		33,728
Capital gains incentive fee		—		(6,038)
Shareholder servicing and/or distribution fees
Class D		709		684
Class F		7,138		5,766
Class S		1,761		994
Professional fees		2,240		1,665
Board of Trustees’ fees		159		162
Administrative service expenses		922		1,517
Other general & administrative		3,866		3,091
Amortization of continuous offering costs		705		532
Excise tax expense		2,002		293
Total expenses (including excise tax expense)		$	294,206	$	209,446

Interest Expense

Total interest expense (including unused fees, amortization of deferred financing costs, debt issuance costs and original issue discounts, and the net interest on interest rate swaps accounted for as hedges) increased to $188.8 million for the three months ended March 31, 2026, from $137.9 million for the same period in the prior year, primarily driven by increased borrowings under the Credit Facilities, Unsecured Notes (as defined in Note 7 to the consolidated financial statements) and debt securitization issuances. The average principal debt outstanding increased to $12,954.5 million for the three months ended March 31, 2026, from $7,896.7 million for the same period in the prior year. This was partially offset by a decrease in our weighted average interest rate (including unused fees, amortization of deferred financing costs, debt issuance costs and original issue discounts, and the net interest on interest rate swaps accounted for as hedges) for the three months ended March 31, 2026 to 5.91% from 7.08% for the same period in the prior year.

Management Fees

Management fees increased to $39.9 million for the three months ended March 31, 2026, from $29.1 million for the same period in the prior year primarily due to an increase in net assets. Management fees are payable monthly in arrears at an annual rate of 1.25% of the value of our net assets as of the beginning of the first calendar day of the applicable month.

Income Based Incentive Fee

Income based incentive fees increased to $46.0 million for the three months ended March 31, 2026, from $33.7 million for the same period in the prior year primarily due to our deployment of capital and an increase in Pre-Incentive Fee Net Investment Income Returns.

Capital Gains Incentive Fees

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

There were no capital gains based incentive fees incurred for the three months ended March 31, 2026, as compared to a reversal of $(6.0) million for the same period in the prior year, as we remained in a cumulative net realized and unrealized loss position throughout

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the current period. By contrast, we entered 2025 in a net realized and unrealized gain position and incurred net realized and unrealized losses for the three months ended March 31, 2025. The accrual for any capital gains incentive fee under U.S. GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less in the prior period. If such cumulative amount is negative, then there is no accrual.

Shareholder Servicing and/or Distribution Fees

Shareholder servicing and/or distributions fees increased to $9.6 million for the three months ended March 31, 2026 from $7.4 million for the same period in the prior year primarily due to an increase in shares outstanding.

Other Expenses

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

Total other expenses increased to $7.9 million for the three months ended March 31, 2026, from $7.0 million for the same period in the prior year, primarily driven by an increase of professional fees and other general & administrative expenses due to servicing a growing portfolio.

Under the terms of the Administration Agreement and Investment Advisory Agreement, we reimburse the Administrator and Adviser, respectively, for services performed for us. In addition, pursuant to the terms of these agreements, the Administrator and Adviser may delegate its obligations under these agreements to an affiliate or to a third party and we reimburse the Administrator and Adviser for any services performed for us by such affiliate or third party. For the three months ended March 31, 2026, the Administrator charged $0.9 million, a decrease from $1.5 million for the same period in the prior year, for certain costs and expenses allocable to the Company under the terms of the Administration Agreement.

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

Income Taxes, Including Excise Taxes

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

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

For the three months ended March 31, 2026 and 2025, we incurred U.S. federal excise tax of $2.0 million and $0.3 million, respectively.

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Net Realized Gain (Loss)

Net realized gains and losses were comprised of the following:


	Three Months Ended March 31,
		2026		2025
Non-controlled/non-affiliated investments		$	15,221	$	(19,886)

Foreign currency forward contracts		3,953		(34,279)
Foreign currency transactions		(8,272)		(1,895)
Net realized gain (loss)		$	10,902	$	(56,060)

For the three months ended March 31, 2026, we generated net realized gains (losses) on investments of $15.2 million, driven by foreign currency net realized gains on investments of $29.8 million (included in realized gains on investments), net realized gains of $4.0 million from the sale of private debt investments, net realized losses of $(2.8) million from the sale of syndicated loans and realized losses of $(15.8) million on the restructuring of Daphne S.P.A. We generated realized gains on foreign currency forwards contracts, primarily as a result of gains in the EUR exchange rate offset by losses in the AUD exchange rate. There were realized losses on foreign currency transactions, as a result of repayments of foreign borrowings and conversions of foreign cash balances, primarily attributable to fluctuations in the GBP exchange rate, which was offset by unrealized gains on foreign currency as described below.

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

Net Change in Unrealized Appreciation (Depreciation)

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


	Three Months Ended March 31,
		2026		2025
Non-controlled/non-affiliated investments		$	(266,438)	$	67,250
Non-controlled/affiliated investments		(8,208)		(66)
Controlled/affiliated investments		(8,659)		2,274
Foreign currency forward contracts		29,116		(24,102)
Translation of assets and liabilities in foreign currencies		28,009		(37,602)
Net change in unrealized appreciation (depreciation)		$	(226,180)	$	7,754

For the three months ended March 31, 2026, the change in unrealized appreciation (depreciation) on the investment portfolio was $(208.8) million (excluding the impact of foreign currency) due to spread widening in both the public and private credit markets and certain credit specific write-downs in our private portfolio, which was coupled with foreign currency unrealized losses of $(74.5) million on investments (included in unrealized losses on investments) primarily as a result of fluctuations in the EUR and GBP exchange rates. The remaining $57.1 million of the net unrealized appreciation (depreciation) represents the net unrealized gains as a result of foreign currency fluctuations (primarily the EUR and GBP exchange rates) impacting the value of our foreign currency forward contracts, foreign debt and cash balances.

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

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Realized and Unrealized Gains/(Losses) on Foreign Currency

In the ordinary course of business, we may invest in securities denominated in foreign currencies. This exposes us to foreign exchange rate risk should the value of local currencies decline relative to the United States dollar. As a result, we aim to hedge substantially all of our foreign currency exposure by entering into foreign currency forward contracts and borrowing in foreign currency from our credit facilities, which reduces our exposure to foreign currency exchange rate fluctuations in the value of foreign currencies.


	Three Months Ended March 31,
		2026		2025
Realized gains/(losses) on foreign currency:
Investments		$	29,759	$	76
Foreign currency forward contracts		3,953		(34,279)
Foreign currency transactions		(8,272)		(1,895)
Net realized gains/(losses)		$	25,440	$	(36,098)

Unrealized gains/(losses) on foreign currency:
Investments		(74,544)		96,602
Foreign currency forward contracts		29,116		(24,102)
Translation of assets and liabilities in foreign currencies		28,009		(37,602)
Net unrealized gains/(losses)		$	(17,419)	$	34,898
Net realized and unrealized gains/(losses):		$	8,021	$	(1,200)

For the three months ended March 31, 2026, the net realized and unrealized gains/(losses) on foreign currency fluctuations impacting the value of the investment portfolio, foreign currency forward contracts, and foreign debt and cash balances was $8.0 million. When we are hedging foreign currency exposure through forward contracts and the local currency base rate (i.e., funding cost) is lower or higher than our functional currency, there is positive or negative “carry” embedded in the forward contract. The net gains on foreign currency for the three months ended March 31, 2026 were driven primarily by the positive carry from base rate differentials on forward contracts for local currencies versus the U.S. Dollar.

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

Interest Rate Swaps

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

Financial Condition, Liquidity and Capital Resources

We generate cash primarily from the net proceeds of our continuous offering of common shares of beneficial interest, par value $0.01 per share (the “Common Shares,”), proceeds from net borrowings on our Credit Facilities, Unsecured Debt issuances and debt securitization issuances, income earned and repayments on principal on our debt investments, and proceeds from investment sales. The primary uses of our cash and cash equivalents are for (i) originating and purchasing debt investments, (ii) funding the costs of our operations (including fees paid to our Adviser and expense reimbursements paid to our Administrator), (iii) debt service, repayment and other financing costs of our borrowings, (iv) funding repurchases under our share repurchase program and (v) cash distributions to our shareholders.

As of March 31, 2026 and December 31, 2025, we had several asset-based leverage facilities, a corporate-level revolving credit facility, unsecured note issuances and debt securitization issuances. From time to time, we may enter into additional credit facilities, increase the size of our existing credit facilities and/or issue debt securities, including additional unsecured notes and debt securitizations. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of March 31, 2026, we had an aggregate amount of $12,947.0 million of principal

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debt outstanding and our asset coverage ratio was 196.0%. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage.

Cash and cash equivalents as of March 31, 2026, taken together with our $4,895.0 million of available capacity under our credit facilities (subject to borrowing base availability) and the continuous offering of our Common Shares is expected to be sufficient for our investing activities and to conduct our operations in the near term. This determination is based in part on our expectations for the timing of funding investment purchases and the timing and amount of future proceeds from sales of our Common Shares and the use of existing and future financing arrangements. As of March 31, 2026, we had significant amounts payable and commitments for existing and new investments, which we planned to fund using our available borrowing capacity under our credit facilities. Additionally, we held $1,567.9 million of syndicated loans and other liquid investments as of March 31, 2026, which could provide additional liquidity if necessary.

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

As of March 31, 2026, we had $703.4 million in cash and cash equivalents. During the three months ended March 31, 2026, cash provided by operating activities was $107.7 million, primarily as a result of proceeds from sale of investments and principal repayments of $1,631.9 million and partially offset by funding portfolio investments of $1,509.2 million and other operating uses of $14.9 million. Cash provided by financing activities was $5.0 million during the period, primarily as a result of new share issuances related to $720.1 million of subscriptions, and partially offset by share repurchases of $(479.2) million, $(201.6) million of distributions paid and net borrowings (repayments) of $(14.4) million.

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Equity

The following table summarizes transactions in Common Shares during the three months ended March 31, 2026:


	Three Months Ended March 31, 2026
		Shares	Amount
CLASS I
Subscriptions		18,291,786	$	460,059
Share transfers between classes		81,831	2,064
Distributions reinvested		1,213,511	30,478
Share repurchases		(14,388,163)	(356,717)
Early repurchase deduction		—	101
Net increase (decrease)		5,198,965	$	135,985
CLASS D
Subscriptions		604,835	$	15,248
Share transfers between classes		—	—
Distributions reinvested		501,634	12,602
Share repurchases		(2,997,866)	(74,317)
Early repurchase deduction		—	22
Net increase (decrease)		(1,891,397)	$	(46,445)
CLASS F
Subscriptions		8,056,069	$	202,603
Share transfers between classes		(55,059)	(1,380)
Distributions reinvested		2,660,731	66,828
Share repurchases		(6,142,705)	(152,350)
Early repurchase deduction		—	111
Net increase (decrease)		4,519,036	$	115,812
CLASS S
Subscriptions		1,677,298	$	42,144
Share transfers between classes		(26,772)	(684)
Distributions reinvested		323,973	8,137
Share repurchases		(1,367,533)	(33,901)
Early repurchase deduction		—	16
Net increase (decrease)		606,966	$	15,712
Total net increase (decrease)		8,433,570	$	221,064

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The following table summarizes transactions in Common Shares during the three months ended March 31, 2025:


	Three Months Ended March 31, 2025
		Shares	Amount
CLASS I
Subscriptions		23,863,608	$	610,430
Share transfers between classes		1,829,358	46,752
Distributions reinvested		909,066	23,261
Share repurchases		(5,971,419)	(152,092)
Early repurchase deduction		—	33
Net increase (decrease)		20,630,613	$	528,384
CLASS D
Subscriptions		2,510,439	$	64,125
Share transfers between classes		(1,592,453)	(40,704)
Distributions reinvested		517,550	13,232
Share repurchases		(1,332,224)	(33,932)
Early repurchase deduction		—	11
Net increase (decrease)		103,312	$	2,732
CLASS F
Subscriptions		11,060,630	$	282,609
Share transfers between classes		(114,603)	(2,928)
Distributions reinvested		1,988,277	50,831
Share repurchases		(917,886)	(23,379)
Early repurchase deduction		—	47
Net increase (decrease)		12,016,418	$	307,180
CLASS S
Subscriptions		4,313,557	$	110,234
Share transfers between classes		(122,302)	(3,120)
Distributions reinvested		179,651	4,593
Share repurchases		(42,689)	(1,087)
Early repurchase deduction		—	5
Net increase (decrease)		4,328,217	$	110,625
Total net increase (decrease)		37,078,560	$	948,921

Distributions and Distribution Reinvestment

The following tables summarize our distributions declared and payable on our Common Shares for the three months ended March 31, 2026 (dollar amounts in thousands, except per share amounts), and the record date for each distribution was the last calendar date of the month in which such distribution was declared:


		Class I
Declaration Date	Payment Date	Base Distribution Per Share		Variable Supplemental Distribution Per Share		Special Distribution Per Share		Total Distribution Per Share		Distribution Amount
January 27, 2026	February 27, 2026	$	0.1600	$	0.0550	$	—	$	0.2150	$	42,271
February 27, 2026	March 31, 2026	0.1600		0.0550		—		0.2150		44,672
March 26, 2026	April 30, 2026	0.1600		0.0500		—		0.2100		44,524









Total		$	0.4800	$	0.1600	$	—	$	0.6400	$	131,467

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		Class D
Declaration Date	Payment Date	Base Distribution Per Share(1)		Variable Supplemental Distribution Per Share		Special Distribution Per Share		Total Distribution Per Share(1)		Distribution Amount
January 27, 2026	February 27, 2026	$	0.1546	$	0.0550	$	—	$	0.2096	$	9,497
February 27, 2026	March 31, 2026	0.1552		0.0550		—		0.2102		9,686
March 26, 2026	April 30, 2026	0.1547		0.0500		—		0.2047		9,466









Total		$	0.4645	$	0.1600	$	—	$	0.6245	$	28,649


		Class F
Declaration Date	Payment Date	Base Distribution Per Share(1)		Variable Supplemental Distribution Per Share		Special Distribution Per Share		Total Distribution Per Share(1)		Distribution Amount
January 27, 2026	February 27, 2026	$	0.1493	$	0.0550	$	—	$	0.2043	$	46,383
February 27, 2026	March 31, 2026	0.1503		0.0550		—		0.2053		47,429
March 26, 2026	April 30, 2026	0.1494		0.0500		—		0.1994		46,596









Total		$	0.4490	$	0.1600	$	—	$	0.6090	$	140,408


		Class S
Declaration Date	Payment Date	Base Distribution Per Share(1)		Variable Supplemental Distribution Per Share		Special Distribution Per Share		Total Distribution Per Share(1)		Distribution Amount
January 27, 2026	February 27, 2026	$	0.1418	$	0.0550	$	—	$	0.1968	$	6,464
February 27, 2026	March 31, 2026	0.1436		0.0550		—		0.1986		6,673
March 26, 2026	April 30, 2026	0.1420		0.0500		—		0.1920		6,574









Total		$	0.4274	$	0.1600	$	—	$	0.5874	$	19,711

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

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


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









Total		$	0.4800	$	0.1650	$	—	$	0.6450	$	80,646


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









Total		$	0.4643	$	0.1650	$	—	$	0.6293	$	27,326

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









Total		$	0.4485	$	0.1650	$	—	$	0.6135	$	112,232


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









Total		$	0.4264	$	0.1650	$	—	$	0.5914	$	10,968

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

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

Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following table reflects the sources of cash distributions on a U.S. GAAP basis that we declared on our Common Shares during the three months ended March 31, 2026:


	Class I				Class D				Class F				Class S
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share		Amount		Per Share		Amount
Net investment income	$	0.6400	$	131,467	$	0.6245	$	28,649	$	0.6090	$	140,408	$	0.5874	$	19,711
Net realized gains	—		—		—		—		—		—		—		—
Total	$	0.6400	$	131,467	$	0.6245	$	28,649	$	0.6090	$	140,408	$	0.5874	$	19,711

The following table reflects the sources of cash distributions on a U.S. GAAP basis that we declared on our Common Shares during the three months ended March 31, 2025:


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

For additional information on our distributions and dividend reinvestment plan, see “Note 9. Net Assets” to the consolidated financial statements.

Share Repurchase Program

At the discretion of the Board, we have a share repurchase program in which we may repurchase, in each quarter, up to 5% of the NAV of our Common Shares outstanding (by number of shares) as of the close of the previous calendar quarter (the “Baseline Repurchase Amount”). The Board may amend or suspend the share repurchase program if it deems such action to be in the best interest of

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shareholders, such as when a repurchase offer would place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on us as a whole that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares. In the event the Board determines, in any particular quarter, that we shall offer to repurchase less than the Baseline Repurchase Amount, or to amend the share repurchase program such that we will offer to repurchase less than the Baseline Repurchase Amount on a going forward basis, the Board will consider, on an at least quarterly basis, whether it is in the best interest of our shareholders to resume offering to repurchase at least the Baseline Repurchase Amount.

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

The following table summarizes the share repurchases completed during the three months ended March 31, 2026 and 2025:


Repurchase Request Deadline	Percentage of Outstanding Shares the Company Offered to Repurchase(1)		Repurchase Pricing Date	Amount Repurchased (all classes)(2)		Number of Shares Repurchased (all classes)	Percentage of Outstanding Shares Repurchased(1)
March 4, 2026	5.00	%	March 31, 2026	$	610,994	24,646,802	5.00	%

(1)Percentage is based on total shares as of the close of the previous calendar quarter. For the first quarter of 2026, we received shareholder requests to repurchase approximately 9.25% of shares outstanding as of December 31, 2025, which exceeded our offer to repurchase up to 5% of our outstanding shares with respect to such quarter.

(2)Amounts not inclusive of Early Repurchase Deduction.


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

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

(2)Amounts not inclusive of Early Repurchase Deduction.

For additional information on our share repurchases see “Note 9. Net Assets” to the consolidated financial statements.

Borrowings

As of March 31, 2026 and December 31, 2025, we had an aggregate principal amount of debt of $17,842.0 million and $16,182.0 million, respectively, of which $12,947.0 million and $12,989.7 million, respectively, was outstanding.

A summary of our contractual payment obligations under our Credit Facilities, Unsecured Notes and debt securitization issuances as of March 31, 2026, is as follows:


	March 31, 2026
	Total		Less than 1 year		1-3 years		3-5 years		After 5 years
HLEND A Funding Facility	$	723,382	$	—	$	—	$	723,382	$	—
HLEND B Funding Facility	900,773		—		—		900,773		—
HLEND C Funding Facility	510,000		—		—		—		510,000
HLEND D Funding Facility	575,428		—		—		575,428		—
HLEND E Funding Facility	903,100		—		—		903,100		—
Revolving Credit Facility	592,290		—		—		592,290		—
November 2027 Notes	155,000		—		155,000		—		—
March 2028 Notes	124,000		—		124,000		—		—
September 2027 Notes	75,000		—		75,000		—		—
September 2028 Notes	250,000		—		250,000		—		—
January 2029 Notes	550,000		—		550,000		—		—

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	March 31, 2026
	Total		Less than 1 year		1-3 years		3-5 years		After 5 years
September 2029 Notes	400,000		—		—		400,000		—
January 2028 Notes	750,000		—		750,000		—		—
April 2032 Notes	500,000		—		—		—		500,000
June 2027 Notes	400,000		—		400,000		—		—
June 2030 Notes	500,000		—		—		500,000		—
September 2028-1 Notes	600,000		—		600,000		—		—
November 2030 Notes	500,000		—		—		500,000		—
April 2029 Notes	350,000		—		—		350,000		—
April 2031 Notes	400,000		—		—		—		400,000
2023 CLO Refinancing Secured Notes	578,000		—		—		—		578,000
2024 CLO Secured Notes	400,000		—		—		—		400,000
2025 CLO Secured Debt	850,000		—		—		—		850,000
2025-4 CLO Secured Notes	850,000		—		—		—		850,000
2026 CLO Secured Notes	510,000		—		—		—		510,000
Total	$	12,946,973	$	—	$	2,904,000	$	5,444,973	$	4,598,000

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

Off-Balance Sheet Arrangements

Portfolio Company Commitments

Our investment portfolio contains and is expected to continue to contain debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of March 31, 2026 and December 31, 2025, we had unfunded delayed draw term loans and revolvers with an aggregate principal amount of $3,218.7 million and $3,421.9 million, respectively.

Other Commitments and Contingencies

From time to time, we may become a party to certain legal proceedings incidental to the normal course of its business. As of March 31, 2026, management is not aware of any material pending or threatened litigation.

Related-Party Transactions

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

•the Investment Advisory Agreement;

•the Administration Agreement;

•the Expense Support Agreement; and

•the Managing Dealer Agreement

In addition to the aforementioned agreements, affiliates of the Adviser have received an exemptive order from the SEC that permits us, among other things, to co-invest with certain other persons, including certain affiliates of the Adviser and certain funds and accounts managed and controlled by the Adviser and its affiliates, subject to certain terms and conditions and in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. For additional information, see “Note 3. Fees, Expenses, Agreements and Related Party Transactions” to the consolidated financial statements.

Recent Developments

See “Note 12. Subsequent Events” to the consolidated financial statements for a summary of recent developments.

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Critical Accounting Policies and Estimates

Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ materially.

For a description of our critical accounting policies, see “Note 2. Significant Accounting Policies” in our consolidated financial statements included in this report. We consider the most significant accounting policies to be those related to our Investments, Revenue Recognition, Distributions, and Income Taxes. We consider the most significant critical estimate to be the fair value measurement of investments. The critical accounting policies and estimates should be read in connection with our risk factors listed under “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2025.

Investments and Fair Value Measurements

Consistent with GAAP and the 1940 Act, we conduct a valuation of our investments, pursuant to which our NAV is determined. Our investments are valued on a quarterly basis, or more frequently if required under the 1940 Act. The determination of fair value involves subjective judgments and estimates. The majority of investments are not quoted or traded in an active market, and as such, their fair values are determined using valuation techniques, primarily discounted cash flows, and to a lesser extent, market multiples and recent comparable transactions. The most significant inputs in applying the discounted cash flow approach and the market multiples approach are the selected discount rates and multiples, respectively. The selection of these inputs is based on a combination of factors that are specific to the underlying portfolio companies such as financial performance and certain factors that are observable in the market, such as current interest rates and comparable public company trading multiples. Accordingly, the notes to our consolidated financial statements express the uncertainty with respect to the possible effect of these valuations, and any change in these valuations on the consolidated financial statements. For further details of our investments and fair value measurement accounting policy, see “Note 2. Significant Accounting Policies—Investments” and “Note 5. Fair Value Measurements”.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

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

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and we value these investments at fair value as determined in good faith by the Adviser as our valuation designee under Rule 2a-5 under the 1940 Act, based on, among other things, the input of independent third-party valuation firms retained by us, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

Interest Rate Risk

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

As of March 31, 2026, 98.5% of our performing debt and other income producing investments (excluding investments in joint ventures) at fair value were at floating rates. Additionally, we entered into interest rate swaps with certain of our Unsecured Notes in order to align the interest rates of our liabilities with our investment portfolio. Based on our Consolidated Statements of Assets and Liabilities as of March 31, 2026, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates

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(considering base rate floors and ceilings for floating rate instruments) and assuming no changes in our investment and borrowing structure:


	Interest Income		Interest Expense		Net Income
Up 300 basis points	$	727,971	$	(385,724)	$	342,247
Up 200 basis points	$	485,297	$	(257,149)	$	228,148
Up 100 basis points	$	242,622	$	(128,575)	$	114,047
Down 100 basis points	$	(241,391)	$	128,575	$	(112,816)
Down 200 basis points	$	(480,590)	$	257,149	$	(223,441)
Down 300 basis points	$	(689,813)	$	385,724	$	(304,089)

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

Item 4. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures

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

(b) Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

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

Item 1A. Risk Factors.

In addition to the other information set forth in this quarterly report on Form 10-Q, you should carefully consider the risk factors set forth in “Item 1A Risk Factors” in our annual report on Form 10‑K for the year ended December 31, 2025 as well as the risk factors set forth in “Risk Factors” of the Post-Effective Amendment No. 2 to our registration statement on Form N-2 filed on April 20, 2026, which could materially affect our business, financial condition and/or operating results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially affect our business, financial condition and/or operating results. There have been no material changes during the three months ended March 31, 2026 to the risk factors set forth in “Risk Factors” of the Post-Effective Amendment No. 2 to our registration statement on Form N-2 filed on April 20, 2026.

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

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

Share Repurchases

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

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

The following table sets forth information regarding repurchases of our common shares during the three months ended March 31, 2026 (dollars in thousands):


Offer Date	Repurchase Deadline Request	Purchase Price per Share		Number of Shares Repurchased (all classes)	Percentage of Outstanding Shares Repurchased
February 3, 2026	March 4, 2026	$	24.79	24,646,802	5.00	%

Item 3. Defaults Upon Senior Securities.

None.

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Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Rule 10b5-1 Trading Plans

During the quarter ended March 31, 2026, none of our directors or executive officers adopted, modified or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

Section 13(r)

Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, which added Section 13(r) of the Exchange Act, we hereby incorporate by reference herein Exhibit 99.1 of this report, which includes disclosures regarding activities at Malaysia Airport Holdings Berhad, in which certain funds and entities affiliated with Global Infrastructure Management, LLC, a consolidated subsidiary of BlackRock, Inc., obtained a minority non-controlling interest.

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Item 6. Exhibits.


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

4.1						Ninth Supplemental Indenture, dated as of January 13, 2026, relating to the 5.150% Notes due 2029, by and between the Company and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K (File No. 814-01431), filed on January 13, 2026).

4.2						Tenth Supplemental Indenture, dated as of January 13, 2026, relating to the 5.650% Notes due 2031, by and between the Company and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K (File No. 814-01431), filed on January 13, 2026).

4.3						Form of 5.150% Notes due 2029 (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K (File No. 814-01431), filed on January 13, 2026).

4.4						Form of 5.650% Notes due 2031 (incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K (File No. 814-01431), filed on January 13, 2026).

4.5						Registration Rights Agreement, dated as of January 13, 2026, relating to the 5.150% Notes due 2029, by and among the Fund and RBC Capital Markets, LLC, BofA Securities, Inc., and SMBC Nikko Securities America, Inc. as the representatives of the Initial Purchasers (incorporated by reference to Exhibit 4.6 to the Company’s Current Report on Form 8-K (File No. 814-01431), filed on January 13, 2026).

4.6						Registration Rights Agreement, dated as of January 13, 2026, relating to the 5.650% Notes due 2031, by and among the Fund and RBC Capital Markets, LLC, BofA Securities, Inc., SMBC Nikko Securities America, Inc., BNP Paribas Securities Corp., J.P. Morgan Securities LLC, and Morgan Stanley & Co. LLC as representatives of the Initial Purchasers (incorporated by reference to Exhibit 4.7 to the Company’s Current Report on Form 8-K (File No. 814-01431), filed on January 13, 2026).

10.1						Fourth Amendment to Credit Agreement, dated January 20, 2026, by and among HPS Corporate Lending Fund, as equityholder and collateral manager, HLEND Holdings D, L.P., as borrower, U.S. Bank Trust Company, National Association, as collateral agent, BNP Paribas, as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 814-01431), filed on January 21, 2026).

10.2						Commitment Increase Agreement, dated as of February 27, 2026, by and among HPS Corporate Lending Fund, Truist Bank, as assuming lender, and U.S. Bank National Association, Sumitomo Mitsui Banking Corporation, Royal Bank of Canada and BNP Paribas, as increasing lenders, JPMorgan Chase Bank, N.A., as administrative agent and issuing bank and the issuing banks party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 814-01431), filed on February 27, 2026).

10.3						Placement Agreement, dated as of March 26, 2026, by and between HLEND CLO 2026-5, LLC, as Issuer, and Scotia Capital (USA) Inc., as Placement Agent (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 814-01431), filed on March 26, 2026).

10.4						Indenture, dated as of March 26, 2026, by and between HLEND CLO 2026-5, LLC, as Issuer, and U.S. Bank Trust Company, National Association, as Trustee (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No. 814-01431), filed on March 26, 2026).

10.5						Collateral Management Agreement, dated as of March 26, 2026, by and between HLEND CLO 2026-5, LLC, as Issuer, and HPS Corporate Lending Fund, as Collateral Manager (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K (File No. 814-01431), filed on March 26, 2026).

10.6						Sale and Contribution Agreement, dated as of March 26, 2026, by and among HPS Corporate Lending Fund, as Seller, HLEND CLO 2026-5 Investments, LLC, as Intermediate Seller, and HLEND CLO 2026-5, LLC, as Purchaser (incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K (File No. 814-01431), filed on March 26, 2026).

31 .1						Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

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

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

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

99.1						Disclosure Pursuant to Section 13(r) of the Exchange Act*

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

101.SCH						Inline XBRL Taxonomy Extension Schema Document*

101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document*

101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document*

101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document*

101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document*

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

*Filed herewith.

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SIGNATURES

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


			HPS Corporate Lending Fund

May 11, 2026			/s/ Michael Patterson
			Michael Patterson
			Chief Executive Officer

May 11, 2026			/s/ Robert Busch
			Robert Busch
			Chief Financial Officer