hps-20260630

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________________

FORM 10-Q

_____________________________________________________

(Mark One)


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

For the quarterly period ended June 30, 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 814-01715

________________________________________________________________________________________________

HPS Corporate Capital Solutions Fund

(Exact name of Registrant as specified in its Charter)

________________________________________________________________________________________________


Delaware						93-6616284
(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	x

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

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

The Registrant’s Common Shares, $0.01 par value per share, outstanding as of August 10, 2026 was 11,770,671, 38,165,090 and 515 of Class I, Class D and Class S common shares, respectively. Common Shares outstanding exclude August 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	4
	Consolidated Statements of Assets and Liabilities as of June 3 0 , 2026 (Unaudited) and December 31, 2025	4
	Consolidated Statements of Operations for the three and six months ended June 30 , 2026 (Unaudited) and June 30 , 2025 (Unaudited)	6
	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30 , 2026 (Unaudited) and June 30 , 2025 (Unaudited)	7
	Consolidated Statements of Cash Flows for the six months ended June 30 , 2026 (Unaudited) and June 30 , 2025 (Unaudited)	8
	Consolidated Schedule of Investments as of June 30 , 2026 (Unaudited)	10
	Consolidated Schedule of Investments as of December 31, 2025	26
	Notes to Consolidated Financial Statements (Unaudited)	41
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	74
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	91
Item 4.	Controls and Procedures	92

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	93
Item 1A.	Risk Factors	93
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	93
Item 3.	Defaults Upon Senior Securities	93
Item 4.	Mine Safety Disclosures	93
Item 5.	Other Information	94
Item 6.	Exhibits	94
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 Capital Solutions 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 Capital Solutions Fund

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)


	June 30, 2026		December 31, 2025
ASSETS	(Unaudited)
Investments at fair value
Non-controlled/non-affiliated investments (amortized cost of $2,238,446 and $2,128,768 at June 30, 2026 and December 31, 2025, respectively)	$	2,264,334	$	2,169,305
Non-controlled/affiliated investments (amortized cost of $9,666 and $9,436 at June 30, 2026 and December 31, 2025, respectively)	6,674		8,516
Total investments at fair value (amortized cost of $2,248,112 and $2,138,204 at June 30, 2026 and December 31, 2025, respectively)	2,271,008		2,177,821
Cash	20,832		14,402
Cash equivalents	28,812		9,700
Interest receivable from non-controlled/non-affiliated investments	17,363		19,386
Interest receivable from non-controlled/affiliated investments	137		46
Dividend receivable from non-controlled/non-affiliated investments	8		—
Deferred financing costs	5,186		5,865
Deferred offering costs	98		196
Derivative assets, at fair value (Note 6)	1,047		733
Receivable for investments	295		13,310
Other assets	4,018		263
Total assets	$	2,348,804	$	2,241,722
LIABILITIES
Debt (net of unamortized debt issuance costs of $1,527 and $1,778 at June 30, 2026 and December 31, 2025, respectively)	$	919,459	$	927,664
Payable for investments purchased	—		154
Interest payable	9,029		10,194
Due to affiliates	3,833		5,593
Distribution payable (Note 9)	12,619		22,664
Derivative liabilities, at fair value (Note 6)	4,368		3,094
Payable for share repurchases (Note 9)	61,336		10,725
Management fees payable (Note 3)	4,248		3,772
Income based incentive fees payable (Note 3)	4,928		4,683
Capital gains incentive fees payable (Note 3)	2,249		3,685
Shareholder servicing and/or distribution fees payable	217		580
Accrued expenses and other liabilities	691		900
Total liabilities	1,022,977		993,708
Commitments and contingencies (Note 8)
NET ASSETS
Common Shares, $0.01 par value (49,266,621 and 46,096,135 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively)	493		461
Additional paid in capital	1,280,790		1,194,869
Distributable earnings (loss)	44,544		52,684
Total net assets	1,325,827		1,248,014
Total liabilities and net assets	$	2,348,804	$	2,241,722

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

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HPS Corporate Capital Solutions Fund

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)


	June 30, 2026		December 31, 2025
NET ASSET VALUE PER SHARE	(Unaudited)
Class I Shares:
Net assets	$	314,157	$	308,404
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	11,673,712		11,391,034
Net asset value per share	$	26.91	$	27.07
Class D Shares (Note 1):
Net assets	$	1,011,656	$	939,596
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	37,592,394		34,704,586
Net asset value per share	$	26.91	$	27.07
Class S Shares:
Net assets	$	14	$	14
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	515		515
Net asset value per share	$	26.91	$	27.07

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

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HPS Corporate Capital Solutions Fund

Consolidated Statements of Operations (Unaudited)

(in thousands)


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	44,255	$	34,407	$	92,202	$	59,915
Payment-in-kind interest income	7,483		4,676		12,676		8,838
Dividend income	716		1,195		1,126		1,195
Other income	332		179		721		187
From non-controlled/affiliated investments:
Interest income	53		—		105		—
Payment-in-kind interest income	117		—		230		—
Total investment income	52,956		40,457		107,060		70,135
Expenses:
Interest expense	13,612		8,864		28,231		15,412
Management fees	4,248		2,942		8,296		5,243
Income based incentive fee	4,928		3,879		9,898		6,694
Capital gains incentive fee	213		(323)		(1,436)		(657)
Shareholder servicing and/or distribution fees
Class D	646		542		1,257		1,004
Class S	0		—		0		—
Professional fees	614		686		1,244		1,203
Board of Trustees’ fees	100		75		199		159
Administrative service expenses (Note 3)	465		552		983		991
Other general & administrative	646		660		1,257		1,165

Amortization of continuous offering costs	82		91		173		536
Total expenses	25,554		17,968		50,102		31,750
Expense support (Note 3)	—		(1,256)		—		(3,317)
Recoupment of expense support (Note 3)	633		—		1,047		—
Shareholder servicing and/or distribution fees waived (Note 3)	—		—		—		(462)
Management fees waived (Note 3)	—		(2,942)		—		(5,243)
Income based incentive fees waived (Note 3)	—		(3,879)		—		(6,694)
Net expenses	26,187		9,891		51,149		16,034
Net investment income before excise tax	26,769		30,566		55,911		54,101
Excise tax expense	337		726		691		796
Net investment income after excise tax	26,432		29,840		55,220		53,305
Net realized and change in unrealized gain (loss):
Realized gain (loss):
Non-controlled/non-affiliated investments	454		(216)		1,185		(580)
Foreign currency forward contracts	(701)		(3,078)		(114)		(4,009)
Foreign currency transactions	854		264		805		(3)
Net realized gain (loss)	607		(3,030)		1,876		(4,592)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	1,163		10,229		(14,649)		12,419
Non-controlled/affiliated investments	(1,724)		—		(2,072)		—
Foreign currency forward contracts	913		(7,743)		4,079		(9,880)
Translation of assets and liabilities in foreign currencies	464		(1,607)		1,193		(2,333)
Net change in unrealized appreciation (depreciation)	816		879		(11,449)		206
Net realized and change in unrealized gain (loss)	1,423		(2,151)		(9,573)		(4,386)
Net increase (decrease) in net assets resulting from operations	$	27,855	$	27,689	$	45,647	$	48,919

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

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HPS Corporate Capital Solutions Fund

Consolidated Statements of Changes in Net Assets (Unaudited)

(in thousands)


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Increase (decrease) in net assets from operations:
Net investment income after excise tax	$	26,432	$	29,840	$	55,220	$	53,305
Net realized gain (loss)	607		(3,030)		1,876		(4,592)
Net change in unrealized appreciation (depreciation)	816		879		(11,449)		206
Net increase (decrease) in net assets resulting from operations	27,855		27,689		45,647		48,919
Distributions to common shareholders:
Class I	(6,441)		—		(13,323)		—
Class D	(19,737)		(19,886)		(40,464)		(34,516)
Class S	(0)		—		(0)		—
Net decrease in net assets resulting from distributions	(26,178)		(19,886)		(53,787)		(34,516)
Share transactions:
Class I:
Proceeds from shares sold	10,237		—		24,477		—
Share transfers between classes	—		—		—		—
Distributions reinvested	3,085		—		6,773		—
Repurchased shares, net of early repurchase deduction	(16,912)		—		(23,516)		—
Net increase (decrease) from share transactions	(3,590)		—		7,734		—
Class D:
Proceeds from shares sold	42,543		155,683		109,251		290,831
Share transfers between classes	—		—		—		—
Distributions reinvested	15,661		9,211		35,746		26,195
Repurchased shares, net of early repurchase deduction	(44,424)		(10,734)		(66,778)		(10,734)
Net increase (decrease) from share transactions	13,780		154,160		78,219		306,292
Class S:
Proceeds from shares sold	—		—		—		—
Share transfers between classes	—		—		—		—
Distributions reinvested	—		—		—		—
Repurchased shares, net of early repurchase deduction	0		—		0		—
Net increase (decrease) from share transactions	—		—		—		—
Total increase (decrease) in net assets	11,867		161,963		77,813		320,695
Net assets, beginning of period	1,313,960		810,606		1,248,014		651,874
Net assets, end of period	$	1,325,827	$	972,569	$	1,325,827	$	972,569

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

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HPS Corporate Capital Solutions Fund

Consolidated Statements of Cash Flows (Unaudited)

(in thousands)


	Six Months Ended June 30,
	2026		2025
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	45,647	$	48,919
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	16,721		(12,419)
Net realized (gain) loss on investments	(1,185)		580
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts	(4,079)		9,880
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	(1,217)		2,364
Net accretion of discount and amortization of premium	(5,748)		(2,981)
Amortization of deferred financing costs	679		501
Amortization of debt issuance costs	251		—
Amortization of offering costs	173		536
Payment-in-kind income capitalized	(14,069)		(8,015)


Purchases of investments	(299,519)		(725,876)
Proceeds from sale of investments and principal repayments	210,613		86,706
Changes in operating assets and liabilities:
Interest receivable from non-controlled/non-affiliated investments	2,023		(4,649)
Interest receivable from non-controlled/affiliated investments	(91)		—
Dividend receivable from non-controlled/non-affiliated investments	(8)		—
Receivable for investments	13,015		(1,758)
Other assets	(3,755)		9
Payable for investments purchased	(154)		35,327
Interest payable	(1,165)		183
Due to affiliates	(1,761)		1,115
Management fees payable	477		—
Income based incentive fees payable	245		—
Capital gains incentive fees payable	(1,436)		(657)
Shareholder servicing and/or distribution fees payable	(363)		541
Accrued expenses and other liabilities	(209)		—
Net cash provided by (used in) operating activities	(44,915)		(569,694)
Cash flows from financing activities:
Borrowings on debt	273,000		655,328
Repayments of debt	(275,200)		(324,300)
Deferred financing costs paid	—		(2,492)

Deferred offering costs paid	(75)		(284)
Proceeds from issuance of Common Shares	133,728		290,831
Common Shares repurchased, net of early repurchase deduction	(39,683)		(23,060)
Distributions paid in cash	(21,313)		(17,342)
Net cash provided by (used in) financing activities	70,457		578,681
Net increase (decrease) in cash and cash equivalents	25,542		8,987
Cash and cash equivalents, beginning of period	24,102		10,296
Cash and cash equivalents, end of period	$	49,644	$	19,283

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

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HPS Corporate Capital Solutions Fund

Consolidated Statements of Cash Flows (Unaudited)

(in thousands)


	Six Months Ended June 30,
	2026		2025
Supplemental information and non-cash activities:
Interest paid during the period	$	28,466	$	15,229
Distribution payable	$	12,619	$	19,886
Reinvestment of distributions during the period	$	42,519	$	26,195
Share repurchases accrued but not paid	$	61,336	$	10,734
Taxes paid during the period	$	1,229	$	—
Non-cash purchases of investments	$	—	$	2,068
Non-cash sales of investments	$	—	$	(2,068)

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

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HPS Corporate Capital Solutions Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(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 & Defense
Carbon Topco, Inc. (4)(6)(9)					5/1/2030	$	1,065	$	(15)	$	(8)
Carbon Topco, Inc. (4)(9)(24)	SF +	6.00%	9.66	%	11/1/2030	4,537		4,472		4,502
RH Buyer Inc (4)(10)(24)	SF +	6.75%	10.58	%	1/17/2031	31,833		31,351		30,473
RH Buyer Inc (4)(10)(24)	SF +	6.75%	10.58	%	1/17/2031	3,831		3,773		3,668
Tex-Tech Industries Inc (4)(9)(24)	SF +	5.00%	8.64	%	1/13/2031	8,934		8,866		8,934
Tex-Tech Industries Inc (4)(6)(9)(24)	SF +	5.00%	8.64	%	1/13/2031	2,010		1,189		1,206
Tex-Tech Industries Inc (4)(6)(9)(24)	SF +	5.00%	8.64	%	1/13/2031	1,910		1,275		1,289
Valence Surface Technologies LLC (4)(10)(24)	SF +	6.75%	10.42	%	6/13/2031	37,636		36,964		37,636
Valence Surface Technologies LLC (4)(10)(24)	SF +	6.75%	10.40	%	6/13/2031	4,310		4,229		4,310
Valence Surface Technologies LLC (4)(6)(10)(24)	SF +	6.75%	10.42	%	6/13/2031	6,552		6,331		6,456
Valence Surface Technologies LLC (4)(6)(10)					6/13/2031	3,280		(61)		—
WP CPP Holdings, LLC (4)(10)(24)	SF +	7.00% (incl 3.88% PIK)	10.66	%	11/30/2029	41,463		40,923		41,463
Total Aerospace & Defense								139,297		139,929		10.55	%

Asset Based Lending and Fund Finance
Montagu Lux Finco Sarl (4)(5)(6)(10)(28)	E +	5.50%	7.75	%	2/13/2032	EUR	12,327	6,339		6,727
Total Asset Based Lending and Fund Finance								6,339		6,727		0.51	%

Automobile Components
ABC Group Holdings Inc (4)(5)(9)(27)	E +	6.13%	8.30	%	8/22/2031	EUR	8,551	9,701		9,408
ABC Group Holdings Inc (4)(5)(9)(22)(27)	E +	7.21%	9.39	%	8/22/2031	EUR	539	606		587
ABC Technologies Inc (4)(5)(9)(23)	SF +	6.00%	9.64	%	8/22/2031	13,544		13,109		13,042
ABC Technologies Inc (4)(5)(9)(22)(23)	SF +	7.04%	10.69	%	8/22/2031	863		836		823
Clarios Global LP (7)(23)	SF +	2.50%	6.14	%	1/28/2032	1,059		1,057		1,061
Tenneco Inc (8)(24)	SF +	4.75%	8.49	%	11/17/2028	5,235		5,183		5,219
Total Automobile Components								30,492		30,140		2.27	%

Beverages
Winebow Holdings, Inc. (4)(10)(23)	SF +	6.25%	9.99	%	12/31/2027	34,036		33,829		27,941
Total Beverages								33,829		27,941		2.11	%

Capital Markets
DRW Holdings LLC (7)(23)	SF +	3.50%	7.14	%	6/26/2031	2,405		2,402		2,316
Jump Financial LLC (4)(7)(24)	SF +	3.50%	7.23	%	2/26/2032	896		894		897
Total Capital Markets								3,296		3,213		0.24	%

Chemicals
Discovery Purchaser Corp (8)(24)	SF +	3.75%	7.41	%	10/4/2029	3,039		2,961		3,031
Formerra LLC (4)(10)(23)	SF +	7.25%	10.96	%	11/1/2028	5,723		5,701		5,639
Formerra LLC (4)(10)(23)	SF +	7.25%	10.96	%	11/1/2028	230		229		227
Fortis 333 Inc (7)(24)	SF +	3.25%	6.98	%	3/27/2032	693		692		692
Kensing LLC (4)(10)(24)	SF +	7.25%	11.04	%	5/31/2028	2,754		2,750		2,544
Kensing LLC (4)(10)(24)	SF +	7.25%	11.04	%	5/31/2028	679		678		628
Kensing LLC (4)(10)(24)	SF +	7.25%	11.04	%	5/31/2028	7,712		7,642		7,124
Lummus Technology Holdings V LLC (7)(23)	SF +	2.50%	6.14	%	12/31/2029	7,332		7,368		7,251
Total Chemicals								28,021		27,136		2.05	%

Commercial Services & Supplies
Allied Universal Holdco LLC (7)(23)	SF +	3.25%	6.89	%	8/20/2032	6,507		6,500		6,517

Table of Contents

HPS Corporate Capital Solutions Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(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
Apex Group Treasury LLC (5)(7)(24)	SF +	3.50%	7.15	%	2/27/2032	2,240		2,229	2,127
AVSC Holding Corp. (4)(9)(23)	SF +	5.00%	8.64	%	12/5/2031	8,140		8,014	8,140
AVSC Holding Corp. (4)(6)(9)(23)	SF +	5.00%	8.62	%	12/5/2029	962		102	113
Axiom Buyer, LLC (4)(10)(23)	SF +	6.50%	10.14	%	1/14/2030	17,376		17,097	17,058
Axiom Buyer, LLC (4)(6)(10)					1/14/2030	1,905		(39)	(35)
Axiom Buyer, LLC (4)(6)(10)(23)	SF +	6.50%	10.14	%	1/14/2030	2,140		1,402	1,398
Certania Beteiligungen GmbH (4)(5)(6)(7)(28)	E +	6.55%	9.00	%	5/23/2029	EUR	4,206	1,133	1,074
Certania Beteiligungen GmbH (4)(5)(7)(28)	E +	6.55%	8.84	%	5/23/2029	EUR	4,565	5,217	5,054
Guardian US Holdco LLC (8)(24)	SF +	3.25%	6.98	%	1/31/2030	1,960		1,955	1,938
ImageFIRST Holdings, LLC (7)(24)	SF +	3.00%	6.66	%	3/12/2032	1,540		1,537	1,544
NTH Degree Purchaser Inc (4)(10)(24)	SF +	5.50%	9.16	%	9/10/2030	11,121		10,966	10,961
NTH Degree Purchaser Inc (4)(10)(24)	SF +	5.50%	9.16	%	9/10/2030	3,414		3,358	3,364
NTH Degree Purchaser Inc (4)(6)(10)					9/10/2030	1,792		(25)	(26)
Retail Services WIS Corporation (4)(10)(24)	SF +	6.75%	10.42	%	8/29/2030	21,776		21,413	21,243
Retail Services WIS Corporation (4)(6)(10)					8/29/2030	5,186		(95)	(127)
Team, Inc. (4)(10)(24)	SF +	5.75%	9.42	%	3/12/2030	12,926		12,712	12,681
Team, Inc. (4)(6)(10)					3/12/2030	3,740		(73)	(71)
The.Team SME LLC (7)(23)	SF +	2.50%	6.14	%	6/23/2032	2,073		2,064	2,074
Total Commercial Services & Supplies								95,467	95,027	7.17	%

Communications Equipment
IPC Corp. (4)(10)(22)(24)	SF +	6.57% (incl 1.00% PIK)	10.39	%	10/1/2027	5,119		5,049	5,115
Ribbon Communications Operating Company, Inc (4)(5)(10)(23)	SF +	6.25%	9.89	%	6/21/2029	7,239		7,153	7,161
Ribbon Communications Operating Company, Inc (4)(5)(6)(13)					6/21/2029	849		(10)	(9)
Total Communications Equipment								12,192	12,267	0.93	%

Construction & Engineering
Powerhouse Intermediate, LLC (4)(10)(24)	SF +	6.25%	10.24	%	1/12/2027	1,613		1,611	1,613
Powerhouse Intermediate, LLC (4)(10)(24)	SF +	6.25%	10.24	%	1/12/2027	819		818	819
Total Construction & Engineering								2,429	2,432	0.18	%

Consumer Staples Distribution & Retail
SW Ingredients Holdings, LLC (4)(6)(9)(23)	SF +	5.00%	8.64	%	5/2/2030	3,350		632	624
SW Ingredients Holdings, LLC (4)(9)(23)	SF +	5.00%	8.64	%	5/2/2030	19,515		19,291	19,246
SW Ingredients Holdings, LLC (4)(6)(9)					5/2/2030	2,434		(32)	(34)
Total Consumer Staples Distribution & Retail								19,891	19,836	1.49	%

Containers & Packaging
Capripack Debtco PLC (4)(5)(10)(27)	E +	5.75% (incl 2.50% PIK)	7.76	%	1/3/2030	EUR	5,413	5,806	6,245
Capripack Debtco PLC (4)(5)(10)(27)	E +	5.75% (incl 2.50% PIK)	7.76	%	1/3/2030	EUR	29,136	31,253	33,618
Clydesdale Acquisition Holdings Inc (8)(23)	SF +	3.18%	6.82	%	4/13/2029	2,424		2,420	2,385
Total Containers & Packaging								39,479	42,248	3.19	%

Diversified Consumer Services
American Academy Holdings, LLC (4)(6)(17)					6/30/2027	160		—	(6)
American Academy Holdings, LLC (4)(17)(23)	SF +	9.25% (incl 5.00% PIK)	13.01	%	6/30/2027	6,939		6,939	6,657
Edmentum Ultimate Holdings LLC (4)(10)(22)(24)	SF +	7.13%	10.95	%	7/26/2027	5,307		5,253	5,105
University Support Services LLC (8)(23)	SF +	2.75%	6.39	%	2/10/2029	1,877		1,800	1,853
Xponential Fitness LLC (4)(5)(6)(10)(24)	SF +	6.75%	10.43	%	12/6/2030	658		254	252

Table of Contents

HPS Corporate Capital Solutions Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(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
Xponential Fitness LLC (4)(5)(10)(24)	SF +	6.75%	10.48	%	12/6/2030	11,872		11,714	11,661
Total Diversified Consumer Services								25,960	25,522	1.92	%

Diversified Telecommunication Services
Grain Connect Limited (4)(5)(16)(30)	SN +	8.50% (incl 6.00% PIK)	12.23	%	8/8/2030	GBP	2,278	2,980	2,925
Grain Connect Limited (4)(5)(6)(16)(30)	SN +	8.50% (incl 6.00% PIK)	12.23	%	8/8/2030	GBP	5,712	1,432	1,385
Grain Connect Limited (4)(5)(6)(16)(30)	SN +	8.50% (incl 6.00% PIK)	12.23	%	8/3/2030	GBP	572	174	148
Grain Connect Limited (4)(5)(6)(16)(30)	SN +	8.50% (incl 6.00% PIK)	12.23	%	8/3/2030	GBP	1,074	28	(18)
Total Diversified Telecommunication Services								4,614	4,440	0.33	%

Electric Utilities
IDF 8 Borrower, LLC (4)(16)(20)(22)(24)	SF +	8.50%	12.23	%	12/31/2028	2,452		2,342	2,345
IDF 8 Borrower, LLC (4)(16)(24)	SF +	6.00%	9.73	%	12/31/2028	3,678		3,513	3,517
Total Electric Utilities								5,855	5,862	0.44	%

Electrical Equipment
Arcline FM Holdings LLC (9)(25)	SF +	2.75%	6.48	%	6/23/2030	8,318		8,318	8,356
Total Electrical Equipment								8,318	8,356	0.63	%

Electronic Equipment, Instruments & Components
CC WDW Borrower, Inc. (4)(10)(24)	SF +	6.75%	10.56	%	1/27/2028	3,140		3,008	3,133
Hobbs & Associates LLC (7)(23)	SF +	2.75%	6.39	%	7/23/2031	2,467		2,458	2,466
Resilience Parent LLC (7)(25)	SF +	2.50%	6.23	%	2/28/2033	1,087		1,084	1,086
Total Electronic Equipment, Instruments & Components								6,550	6,685	0.50	%

Entertainment
AMR GP Ltd (4)(5)(7)		10.50% (incl 5.25% PIK)	10.50	%	7/10/2034	11,167		10,922	11,152
Endeavor Operating Co LLC (5)(7)(23)	SF +	2.75%	6.39	%	3/24/2032	904		900	906
MBS Services Holdings, LLC (4)(10)(18)(24)	SF +	9.50% PIK			6/30/2026	123		111	84
MBS Services Holdings, LLC (4)(10)(18)(24)	SF +	9.50% PIK			6/30/2026	4,375		3,951	3,000
MBS Services Holdings, LLC (4)(10)(18)(24)	SF +	9.50% PIK			6/30/2026	1,147		1,036	786
MBS Services Holdings, LLC (4)(10)(18)(24)	SF +	9.50% PIK			6/30/2026	1,695		1,533	1,163
MBS Services Holdings, LLC (4)(13)(18)(35)	P +	10.00% PIK			6/30/2026	183		164	125
MBS Services Holdings, LLC (4)(13)(18)(35)	P +	10.00% PIK			6/30/2026	114		105	78
MBS Services Holdings, LLC (4)(7)(18)(35)	P +	10.00% PIK			6/30/2026	55		52	38
Total Entertainment								18,774	17,332	1.31	%

Financial Services
Ascensus Holdings, Inc. (8)(23)	SF +	3.00%	6.64	%	11/25/2032	432		431	423
Eisner Advisory Group LLC (8)(23)	SF +	4.00%	7.64	%	2/28/2031	1,746		1,735	1,718
Focus Financial Partners, LLC (7)(23)	SF +	2.50%	6.14	%	9/15/2031	3,494		3,472	3,417
Madonna Bidco Ltd (4)(5)(7)(30)	SN +	5.00%	8.73	%	10/25/2031	GBP	5,681	7,252	7,537
Madonna Bidco Ltd (4)(5)(6)(7)(30)	SN +	5.00%	8.73	%	10/25/2031	GBP	1,159	51	78
Neon Maple US Debt Mergersub Inc (5)(7)(23)	SF +	2.50%	6.14	%	11/17/2031	3,950		3,942	3,858
Orthrus Ltd (4)(5)(7)(30)	SN +	6.25% (incl 2.75% PIK)	9.99	%	12/5/2031	GBP	3,974	5,011	5,176
Orthrus Ltd (4)(5)(7)(28)	E +	6.25% (incl 2.75% PIK)	8.55	%	12/5/2031	EUR	3,551	3,722	3,982
Orthrus Ltd (4)(5)(10)(24)	SF +	6.25% (incl 2.75% PIK)	9.90	%	12/5/2031	9,381		9,259	9,210

Table of Contents

HPS Corporate Capital Solutions Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(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
Orthrus Ltd (4)(5)(6)(7)					12/5/2031	GBP	794	(16)	(19)
Orthrus Ltd (4)(5)(10)(24)	SF +	6.25% (incl 2.75% PIK)	9.90	%	12/5/2031	1,358		1,339	1,333
Osaic Holdings Inc (7)(24)	SF +	2.50%	6.23	%	7/30/2032	5,041		5,030	4,982
PF Finco PTY LTD (4)(5)(10)(31)	B +	6.25%	10.61	%	5/30/2030	AUD	10,463	6,625	7,104
Priority Holdings, LLC (5)(8)(23)	SF +	3.75%	7.39	%	8/2/2032	2,029		2,025	2,004
Travelex Issuerco 2 PLC (4)(5)(13)(30)	SN +	8.00%	11.73	%	9/22/2028	GBP	1,661	1,997	2,182
Total Financial Services								51,875	52,985	3.99	%

Food Products
Aspire Bakeries Holdings LLC (7)(23)	SF +	3.00%	6.64	%	12/23/2030	713		713	718
Total Food Products								713	718	0.05	%

Health Care Equipment & Supplies
Agiliti Health, Inc. (7)(25)	SF +	3.00%	6.58	%	5/1/2030	1,393		1,334	1,347
Bausch + Lomb Corporation (5)(7)(23)	SF +	3.75%	7.39	%	1/15/2031	24,800		24,718	24,890
Ensemble RCM LLC (7)(24)	SF +	3.00%	6.66	%	2/9/2033	4,828		4,822	4,815
Patriot Acquisition Topco Sarl (4)(5)(10)(24)	SF +	4.75%	8.41	%	1/28/2028	60		60	60
Patriot Acquisition Topco Sarl (4)(5)(10)(24)	SF +	4.75%	8.41	%	1/28/2028	330		329	330
Patriot Acquisition Topco Sarl (4)(5)(6)(10)					1/28/2028	78		—	—
Patriot Acquisition Topco Sarl (4)(5)(10)(24)	SF +	4.75%	8.41	%	1/28/2028	512		511	512
Spruce Bidco II Inc (4)(6)(9)(25)	SF +	4.75%	8.46	%	1/31/2032	4,493		1,693	1,677
Spruce Bidco II Inc (4)(9)(24)	SF +	4.75%	8.41	%	1/31/2032	15,433		15,249	15,191
Spruce Bidco II Inc (4)(9)(33)	C +	4.75%	7.05	%	1/31/2032	CAD	3,500	2,387	2,428
Spruce Bidco II Inc (4)(9)(34)	TN +	5.00%	5.98	%	1/31/2032	JPY	375,977	2,399	2,276
Spruce Bidco II Inc (4)(9)(22)(24)	SF +	5.73%	9.39	%	1/31/2032	944		932	929
TecoStar Holdings Inc (4)(10)(24)	SF +	6.75% PIK	10.39	%	5/12/2032	13,615		13,414	13,615
Total Health Care Equipment & Supplies								67,848	68,070	5.13	%

Health Care Providers & Services
Blazing Star Shields Direct Parent, LLC (4)(10)(24)	SF +	6.00%	9.67	%	8/28/2030	47,706		46,912	48,660
Blazing Star Shields Direct Parent, LLC (4)(6)(10)					8/28/2030	2,131		(35)	—
BW NHHC Holdco Inc. (4)(13)(23)	SF +	7.75% PIK	11.39	%	10/30/2026	26,442		26,331	26,641
Connect America.com LLC (4)(15)(22)(24)	SF +	7.64% (incl 4.72% PIK)	11.37	%	10/11/2029	35,799		35,449	32,440
Diagnostic Services Holdings, Inc. (4)(10)(23)	SF +	5.50%	9.12	%	3/15/2028	15,277		15,232	15,062
Diagnostic Services Holdings, Inc. (4)(6)(10)(23)	SF +	5.50%	9.12	%	3/15/2028	333		193	189
FC Compassus LLC (4)(6)(7)					11/26/2030	2,716		(30)	—
FC Compassus LLC (4)(7)(24)	SF +	5.50% (incl 1.25% PIK)	9.17	%	11/26/2030	1,658		1,640	1,658
FC Compassus LLC (4)(6)(7)(23)	SF +	5.50% (incl 1.25% PIK)	9.17	%	11/26/2030	179		18	20
FC Compassus LLC (4)(7)(22)(24)	SF +	6.66% (incl 1.73% PIK)	10.33	%	11/26/2030	13,856		13,708	13,856
FC Compassus LLC (4)(6)(7)(22)(23)	SF +	6.98% (incl 2.07% PIK)	10.62	%	11/26/2030	1,502		151	170
Global Medical Response Inc (7)(23)	SF +	3.25%	6.89	%	10/1/2032	5,662		5,650	5,683
Indigo Purchaser, Inc. (4)(9)(24)	SF +	4.75%	8.48	%	11/21/2031	12,300		12,158	12,300
Indigo Purchaser, Inc. (4)(6)(9)(24)	SF +	4.75%	8.48	%	11/21/2031	2,842		830	868
Indigo Purchaser, Inc. (4)(6)(9)					11/21/2031	1,942		(22)	—
Parexel International, Inc. (8)(23)	SF +	2.50%	6.14	%	12/12/2031	2,488		2,488	2,491
Precision Medicine Group, LLC (7)(24)	SF +	3.50%	7.16	%	8/20/2032	993		988	989
Solis Mammography Buyer, Inc. (4)(9)(24)	SF +	5.50% (incl 2.50% PIK)	9.23	%	5/29/2032	20,132		19,879	19,679
Solis Mammography Buyer, Inc. (4)(6)(9)					5/29/2032	1,996		(28)	(45)

Table of Contents

HPS Corporate Capital Solutions Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(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
Solis Mammography Buyer, Inc. (4)(6)(9)(24)	SF +	5.00%	8.74	%	5/29/2030	3,387		412	391
Southern Veterinary Partners LLC (7)(24)	SF +	2.50%	6.16	%	12/4/2031	1,885		1,876	1,886
Syneos Health Inc (7)(24)	SF +	4.00%	7.73	%	9/27/2030	4,888		4,894	4,900
TTF Lower Intermediate LLC (7)(25)	SF +	3.75%	7.38	%	7/18/2031	3,599		3,557	2,665
WCAS XIII Primary Care Investors, L.P. (4)(10)(24)	SF +	6.25%	9.98	%	12/31/2029	16,090		15,826	15,830
WCAS XIII Primary Care Investors, L.P. (4)(10)(24)	SF +	6.25%	9.98	%	12/31/2029	9,562		9,396	9,408
WCAS XIII Primary Care Investors, L.P. (4)(10)(24)	SF +	6.25%	9.98	%	12/31/2029	2,901		2,847	2,855
WCAS XIV Primary Care Investors, L.P. (4)(10)(24)	SF +	6.25%	9.98	%	12/31/2032	19,580		19,230	19,243
WCAS XIV Primary Care Investors, L.P. (4)(10)(24)	SF +	6.25%	9.98	%	12/31/2032	1,690		1,659	1,661
WCAS XIV Primary Care Investors, L.P. (4)(10)(24)	SF +	6.25%	9.98	%	12/31/2032	4,116		4,037	4,045
Total Health Care Providers & Services								245,246	243,545	18.37	%

Health Care Technology
AthenaHealth Group Inc. (8)(23)	SF +	2.75%	6.39	%	2/15/2029	6,929		6,940	6,923
Project Ruby Ultimate Parent Corp (7)(23)	SF +	2.75%	6.51	%	3/10/2028	6,206		6,201	6,206
Zelis Payments Buyer, Inc. (7)(23)	SF +	2.75%	6.39	%	9/28/2029	3,820		3,672	3,736
Total Health Care Technology								16,813	16,865	1.27	%

Hotels, Restaurants & Leisure
Azzurri Bidco Ltd (4)(5)(13)(30)	SN +	7.75%	11.48	%	3/30/2030	GBP	32,703	41,948	39,881
Azzurri Bidco Ltd (4)(5)(13)(30)	SN +	7.75%	11.48	%	3/30/2030	GBP	3,270	4,195	3,988
Equinox Holdings, Inc. (4)(10)(24)	SF +	7.25%	10.98	%	3/8/2029	10,553		10,423	10,536
Fertitta Entertainment LLC (8)(23)	SF +	3.25%	6.89	%	1/27/2029	4,898		4,912	4,898
Flynn Restaurant Group LP (7)(23)	SF +	3.75%	7.39	%	1/28/2032	5,044		5,011	5,001
Gymnation Rodney Limited (4)(5)(6)(7)					2/18/2031	3,125		(93)	(91)
Gymnation Rodney Limited (4)(5)(7)(24)	SF +	8.25%	11.85	%	2/18/2031	3,125		3,034	3,033
HB AcquisitionCo Pty Ltd (4)(5)(8)(32)	B +	6.50%	11.04	%	8/7/2029	AUD	3,789	2,518	2,607
HB AcquisitionCo Pty Ltd (4)(5)(8)(32)	B +	6.50%	11.03	%	8/7/2029	AUD	421	273	290
HB AcquisitionCo Pty Ltd (4)(5)(8)(32)	B +	6.00%	10.50	%	8/7/2029	AUD	683	478	464
HB AcquisitionCo Pty Ltd (4)(5)(8)(32)	B +	6.00%	10.50	%	8/7/2029	AUD	5,012	3,504	3,403
HB AcquisitionCo Pty Ltd (4)(5)(6)(8)					8/7/2029	AUD	1,595	(16)	(21)
Lakeland Tours LLC (4)(9)(24)	SF +	8.50% PIK	12.32	%	3/31/2028	2,803		2,748	2,701
Lakeland Tours LLC (4)(9)(24)	SF +	8.50% PIK	12.38	%	3/31/2028	1,142		1,139	1,100
Lakeland Tours LLC (4)(9)(24)	SF +	9.25% (incl 0.75% PIK)	13.07	%	3/31/2028	3,569		3,498	3,438
LC Ahab US Bidco LLC (7)(23)	SF +	2.50%	6.14	%	5/1/2031	2,788		2,737	2,790
ONE Group, LLC (4)(10)(24)	SF +	6.50%	10.16	%	5/1/2029	6,552		6,440	6,390
ONE Group, LLC (4)(6)(7)(24)	SF +	6.00%	9.67	%	10/31/2028	887		97	84
Saga Mid Co Limited (4)(5)(10)(30)	SN +	6.50%	10.24	%	2/27/2031	GBP	28,019	34,625	38,285
Saga Mid Co Limited (4)(5)(6)(10)					2/27/2031	GBP	8,364	(234)	333
Saga Mid Co Limited (4)(5)(6)(10)					2/27/2031	GBP	1,388	(35)	55
Sparkle Holdco 2 Corp. (4)(10)(23)	SF +	7.25%	10.89	%	1/16/2031	26,232		25,517	25,557
Sparkle Holdco 2 Corp. (4)(6)(10)(23)	SF +	7.25%	10.87	%	1/16/2031	4,329		1,737	1,744
Travel Leaders Group, LLC (4)(13)(23)	SF +	6.50%	10.24	%	3/27/2028	3,774		3,804	3,731
TWG SPORTS LLC (4)(10)(24)	SF +	6.50%	10.24	%	6/30/2027	25,000		24,626	24,625
Voyager Parent LLC (7)(24)	SF +	4.25%	7.98	%	7/1/2032	3,922		3,822	3,930
Total Hotels, Restaurants & Leisure								186,708	188,752	14.24	%

Independent Power and Renewable Electricity Producers
Distributed Solar Development LLC (4)(13)(24)	SF +	12.50% PIK	16.15	%	9/19/2027	10,932		10,784	9,491
Distributed Solar Development LLC (4)(13)(24)	SF +	12.50% PIK	16.17	%	5/30/2026	2,384		2,384	2,366
Hamilton Projects Acquiror LLC (7)(23)	SF +	2.50%	6.14	%	5/30/2031	8,985		8,969	9,027
Matrix Renewables USA LLC (4)(5)(11)(28)	E +	6.00% PIK	8.20	%	9/30/2030	EUR	10,647	12,137	11,855

Table of Contents

HPS Corporate Capital Solutions Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(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
NG Energy Fund 1 LLC (4)(11)(24)	SF +	7.50%	11.23	%	3/22/2028	7,060		6,950	7,060
NRD Construction, LLC (4)(14)(24)	SF +	6.25%	9.98	%	11/6/2029	35,934		35,348	35,250
Palmetto Solar, LLC (4)(13)(24)	SF +	6.75%	10.48	%	9/13/2027	6,020		5,990	5,957
Palmetto Solar, LLC (4)(13)(24)	SF +	6.75%	10.48	%	9/13/2027	5,268		5,241	5,212
Palmetto Solar, LLC (4)(13)(24)	SF +	6.75%	10.48	%	9/13/2027	25,808		25,658	25,535
Palmetto Solar, LLC (4)(13)(24)	SF +	6.75%	10.48	%	9/13/2027	12,904		12,829	12,767
Sunraycer HPS Borrower LLC (4)(14)(24)	SF +	6.50%	10.23	%	10/28/2029	14,536		14,352	14,372
Sunraycer HPS Borrower LLC (4)(14)(24)	SF +	6.50%	10.23	%	10/28/2029	35,629		35,187	35,225
Westlands Electric Power Company Investor, LLC (4)(6)(13)(24)	SF +	6.00%	9.73	%	12/6/2030	50,000		40,988	40,778
Total Independent Power and Renewable Electricity Producers								216,817	214,895	16.21	%

Insurance
Acrisure LLC (7)(23)	SF +	3.25%	6.89	%	6/21/2032	3,099		3,092	2,810
Alera Group, Inc. (8)(23)	SF +	2.75%	6.39	%	5/30/2032	3,970		3,953	3,783
Alliant Holdings Intermediate, LLC (7)(23)	SF +	2.50%	6.14	%	9/19/2031	370		362	366
Amynta Agency Borrower Inc (7)(23)	SF +	2.50%	6.14	%	12/29/2031	373		373	369
CRC Insurance Group LLC (7)(24)	SF +	2.75%	6.48	%	5/6/2031	2,802		2,790	2,742
HUB International Ltd (7)(24)	SF +	2.25%	5.92	%	6/20/2030	7,975		7,975	7,975
International Construction Products, LLC (4)(5)(7)		15.25% PIK	15.25	%	9/5/2034	1,241		1,241	1,241
Kowalski Trust (4)(5)(7)		16.00% PIK	16.00	%	5/31/2034	22,697		22,431	21,437
OneDigital Borrower LLC (8)(23)	SF +	3.00%	6.64	%	7/2/2031	4,900		4,900	4,760
Trucordia Insurance Services LLC (7)(23)	SF +	3.25%	6.98	%	6/17/2032	3,432		3,424	3,071
Total Insurance								50,541	48,554	3.66	%

IT Services
Delta Topco, Inc. (7)(24)	SF +	2.75%	6.40	%	11/30/2029	5,165		5,184	4,899
Mediaocean LLC (8)(23)	SF +	3.50%	7.24	%	12/15/2028	1,680		1,679	1,614
Total IT Services								6,863	6,513	0.49	%

Leisure Products
Beckett Collectibles Holdings, LLC (4)(16)(24)	SF +	8.50%	12.30	%	12/13/2029	11,210		10,956	11,597
Total Leisure Products								10,956	11,597	0.87	%

Life Sciences Tools & Services
WCG Intermediate Corp (7)(23)	SF +	2.75%	6.39	%	2/25/2032	1,515		1,515	1,506
Total Life Sciences Tools & Services								1,515	1,506	0.11	%

Machinery
Indicor LLC (7)(23)	SF +	2.50%	6.14	%	11/22/2029	2,611		2,601	2,613
Lsf12 Helix Parent LLC (7)(23)	SF +	3.50%	7.14	%	2/10/2033	2,298		2,238	2,259
Time Manufacturing Holdings LLC (4)(9)(24)	SF +	6.50%	10.31	%	12/1/2027	2,578		2,533	2,114
TK Elevator US Newco Inc (5)(8)(25)	SF +	2.75%	6.38	%	4/30/2030	4,148		4,136	4,171
Total Machinery								11,508	11,157	0.84	%

Metals & Mining
Alchemy US Holdco 1 LLC (4)(10)(24)	SF +	6.50%	10.16	%	7/31/2029	13,738		13,365	12,440
Alchemy US Holdco 1 LLC (4)(10)(28)	E +	6.50%	8.65	%	7/31/2029	EUR	2,899	3,052	2,981
Alchemy US Holdco 1 LLC (4)(10)(24)	SF +	6.50%	10.16	%	7/31/2029	150		146	136
Star Holding LLC (7)(23)	SF +	4.50%	8.14	%	7/31/2031	704		701	705
Total Metals & Mining								17,264	16,262	1.23	%

Mortgage Real Estate Investment Trusts (REITs)

Table of Contents

HPS Corporate Capital Solutions Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(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
Claros Mortgage Trust, Inc. (4)(5)(14)(23)	SF +	6.75%	10.39	%	1/30/2030	12,500		12,037	12,071
Total Mortgage Real Estate Investment Trusts (REITs)								12,037	12,071	0.91	%

Pharmaceuticals
Alvogen Pharma US, Inc. (4)(16)(24)	SF +	9.50%	13.23	%	11/30/2028	18,620		18,298	18,249
Azurity Pharmaceuticals Inc (4)(10)(24)	SF +	7.00%	10.73	%	3/14/2030	44,337		43,681	42,285
Azurity Pharmaceuticals Inc (4)(10)(24)	SF +	7.00%	10.73	%	3/14/2030	4,037		3,978	3,851
Creek Parent, Inc. (4)(9)(23)	SF +	5.00%	8.64	%	12/18/2031	13,293		13,124	13,086
Creek Parent, Inc. (4)(6)(9)					12/18/2031	2,754		(35)	(43)
Creek Parent, Inc. (4)(9)(22)(23)	SF +	6.08%	9.72	%	12/18/2031	1,204		1,188	1,185
Endo Finance Holdings Inc (8)(23)	SF +	3.75%	7.39	%	4/23/2031	3,930		3,937	3,937
Total Pharmaceuticals								84,171	82,550	6.23	%

Professional Services
Citrin Cooperman Advisors LLC (7)(24)	SF +	3.00%	6.73	%	4/1/2032	2,925		2,900	2,851
CohnReznick Advisory LLC (7)(24)	SF +	3.25%	6.95	%	3/31/2032	333		332	326
CohnReznick Advisory LLC (6)(7)					3/31/2032	19		—	—
Grant Thornton Advisors Holdings LLC (7)(23)	SF +	2.75%	6.39	%	6/2/2031	5,527		5,527	5,273
YA Intermediate Holdings II LLC (4)(9)(24)	SF +	5.00%	8.73	%	10/1/2031	5,206		5,187	5,169
YA Intermediate Holdings II LLC (4)(6)(9)(23)	SF +	5.00%	8.71	%	10/1/2031	2,197		683	682
YA Intermediate Holdings II LLC (4)(6)(12)(35)	P +	4.00%	10.75	%	10/1/2031	1,083		588	585
Total Professional Services								15,217	14,886	1.12	%

Software
Boreal Bidco (4)(5)(7)(28)	E +	7.00% (incl 4.00% PIK)	9.29	%	3/26/2032	EUR	14,496	15,400	16,052
Central Parent LLC (7)(24)	SF +	3.25%	6.98	%	7/6/2029	1,463		1,459	967
CF Newco Inc (4)(11)(24)	SF +	6.00%	9.67	%	12/10/2029	31,038		30,824	31,037
CF Newco Inc (4)(11)(23)	SF +	6.25%	9.92	%	12/10/2029	11,820		11,693	11,820
CF Newco Inc (4)(6)(11)(23)	SF +	6.00%	9.64	%	12/10/2029	5,500		1,875	1,925
DigiCert Inc (4)(9)(23)	SF +	5.75%	9.39	%	7/30/2030	1,985		1,961	1,918
DigiCert Inc (4)(9)(22)(23)	SF +	6.61%	10.25	%	7/30/2030	43,351		42,821	41,868
DigiCert Inc (4)(6)(9)					7/30/2030	4,746		(58)	(160)
Einstein Parent Inc (4)(9)(24)	SF +	5.25%	8.91	%	1/22/2031	26,128		25,731	25,170
Einstein Parent Inc (4)(6)(9)					1/22/2031	2,707		(41)	(99)
Espresso Bidco Inc. (4)(9)(24)	SF +	5.75% (incl 3.13% PIK)	9.48	%	3/25/2032	13,467		13,304	12,943
Espresso Bidco Inc. (4)(6)(9)(24)	SF +	5.75% (incl 3.13% PIK)	9.48	%	3/25/2032	3,621		3,284	3,191
Espresso Bidco Inc. (4)(6)(9)					3/25/2032	1,593		(20)	(62)
ION Platform Finance US Inc (7)(24)	SF +	3.75%	7.48	%	10/7/2032	9,259		9,176	6,702
McAfee Corp (8)(23)	SF +	3.00%	6.64	%	3/1/2029	343		325	305
Project Alpha Intermediate Holding, Inc. (8)(24)	SF +	3.25%	6.98	%	10/26/2030	6,933		6,876	5,066
Stack Sports Buyer, LLC (4)(9)(26)	SF +	5.25%	8.72	%	3/31/2031	18,558		18,340	18,151
Stack Sports Buyer, LLC (4)(9)(23)	SF +	5.25%	8.92	%	3/31/2031	4,071		4,017	3,981
Stack Sports Buyer, LLC (4)(6)(9)					3/31/2031	2,994		(36)	(66)
Technology Growth Capital Pty Ltd (4)(5)(10)(24)	SF +	6.50%	10.18	%	7/2/2030	3,544		3,479	3,460
Tricentis Operations Holdings Inc (4)(9)(24)	SF +	6.00% (incl 3.25% PIK)	9.64	%	2/11/2032	19,847		19,698	19,254
Tricentis Operations Holdings Inc (4)(6)(9)					2/11/2032	3,748		(34)	(112)
Tricentis Operations Holdings Inc (4)(6)(9)					2/11/2032	2,713		(22)	(81)
Total Software								210,052	203,230	15.33	%

Specialty Retail

Table of Contents

HPS Corporate Capital Solutions Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(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
Constellation Automotive Limited (4)(5)(7)(28)	E +	6.25%	8.50	%	4/3/2031	EUR	4,527	4,933		5,130
Constellation Automotive Limited (4)(5)(7)(30)	SN +	6.25%	9.99	%	4/3/2031	GBP	10,951	14,158		14,405
Great Outdoors Group, LLC (9)(23)	SF +	3.25%	6.89	%	1/23/2032	2,013		2,005		2,022
Knitwell Borrower LLC (4)(10)(24)	SF +	7.75%	11.63	%	4/28/2028	1,519		1,506		1,501
Knitwell Borrower LLC (4)(10)(24)	SF +	7.75%	11.63	%	4/28/2028	10,709		10,584		10,583
PetSmart LLC (7)(23)	SF +	4.00%	7.65	%	8/18/2032	8,348		8,275		8,350
Staples, Inc. (8)(24)	SF +	5.75%	9.41	%	9/4/2029	11,224		10,903		10,455
The Michaels Companies, Inc. (7)(24)	SF +	5.00%	8.73	%	3/15/2033	5,043		4,946		5,028
Total Specialty Retail								57,310		57,474		4.33	%

Trading Companies & Distributors
Atlas Intermediate III LLC (4)(10)(24)	SF +	7.75%	11.41	%	10/31/2029	9,391		9,270		9,026
W3 TopCo LLC (4)(10)(25)	SF +	8.50% (incl 2.00% PIK)	12.17	%	3/22/2029	13,510		13,218		11,807
Total Trading Companies & Distributors								22,488		20,833		1.57	%

Transportation Infrastructure
Tikehau Motion Midco SARL (4)(5)(7)(29)	E +	6.50%	8.64	%	8/22/2031	EUR	4,765	5,489		5,326
Tikehau Motion Midco SARL (4)(5)(7)(29)	E +	6.50%	8.64	%	8/22/2031	EUR	10,291	11,857		11,505
Tikehau Motion Midco SARL (4)(5)(6)(7)					8/22/2031	EUR	7,635	(166)		(188)
Total Transportation Infrastructure								17,180		16,643		1.26	%

Wireless Telecommunication Services
CCI Buyer, Inc. (4)(6)(9)					5/13/2032	144		(1)		(2)
CCI Buyer, Inc. (4)(9)(24)	SF +	5.00%	8.73	%	5/13/2032	1,859		1,844		1,827
Total Wireless Telecommunication Services								1,843		1,825		0.14	%
Total First Lien Debt								$	1,785,768	$	1,766,024	133.17	%

Second Lien Debt
Aerospace & Defense
Albers Aerospace Holdings LLC (4)(7)		13.00% (incl 4.00% PIK)	13.00	%	6/22/2031	$	3,081	$	3,040	$	3,008
Albers Aerospace Holdings LLC (4)(7)		13.00% (incl 4.00% PIK)	13.00	%	6/22/2031	1,992		1,964		1,945
Total Aerospace & Defense								5,004		4,953		0.37	%

Hotels, Restaurants & Leisure
Equinox Holdings, Inc. (4)(7)		16.00% PIK	16.00	%	6/30/2027	1,797		1,786		1,790
Total Hotels, Restaurants & Leisure								1,786		1,790		0.14	%

Insurance
International Construction Products, LLC (4)(5)(7)		15.25% PIK	15.25	%	9/5/2034	3,303		3,303		3,302
Total Insurance								3,303		3,302		0.25	%
Total Second Lien Debt								$	10,093	$	10,045	0.76	%

Other Secured Debt
Asset Based Lending and Fund Finance
RGP Holdings 2, LLC (4)(5)(10)(24)	SF +	6.50% PIK	10.23	%	10/11/2032	$	7,126	$	7,002	$	6,937
TPG VIII Merlin New Holdings I, L.P. (4)(5)(10)(24)	SF +	6.50%	10.17	%	3/15/2027	6,390		6,360		6,362
Total Asset Based Lending and Fund Finance								13,362		13,299		1.00	%

Communications Equipment
IPC Intermediate Holdings Corp. (4)(7)		12.00% PIK	12.00	%	12/31/2026	951		951		921
Total Communications Equipment								951		921		0.07	%

Table of Contents

HPS Corporate Capital Solutions Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(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

Electric Utilities
IDF 9 Financeco, LLC (4)(16)(24)	SF +	8.50%	12.23	%	3/28/2031	2,518		2,498		2,482
Total Electric Utilities								2,498		2,482		0.19	%

Entertainment
Chord Searchlight, L.P (4)(5)(6)(10)(24)	SF +	6.25%	9.90	%	7/16/2030	22,437		16,924		16,869
Total Entertainment								16,924		16,869		1.27	%

Financial Services
GAPCO AIV Interholdco (CP), L.P. (4)(5)(10)(24)	SF +	6.75% PIK	10.48	%	3/31/2033	13,157		12,691		12,697
Total Financial Services								12,691		12,697		0.96	%

Independent Power and Renewable Electricity Producers
Flatiron Energy Holdco LLC (4)(14)(24)	SF +	6.38%	10.11	%	10/1/2029	4,029		3,967		3,945
Flatiron Energy Holdco LLC (4)(14)(24)	SF +	6.38%	10.11	%	10/1/2029	5,554		5,476		5,439
Flatiron Energy Holdco LLC (4)(6)(14)(24)	SF +	6.38%	10.11	%	10/1/2029	41,261		20,767		20,483
Total Independent Power and Renewable Electricity Producers								30,210		29,867		2.25	%

Real Estate Management & Development
Link Apartments Opportunity Zone REIT, LLC (4)(16)(24)	SF +	8.00% PIK	11.73	%	12/27/2029	1,856		1,831		2,069
Link Apartments Opportunity Zone REIT, LLC (4)(16)(24)	SF +	8.00% PIK	11.73	%	12/27/2029	1,070		1,056		1,192
Total Real Estate Management & Development								2,887		3,261		0.25	%
Total Other Secured Debt								$	79,523	$	79,396	5.99	%

Unsecured Debt
Capital Markets
Constellation Wealth Capital Fund-A-Blocker (LIDO), LLC (4)(7)					2/1/2038	$	50	$	—	$	—
Total Capital Markets								—		—		—	%

Financial Services
Freedom Funding Center LLC (7)		12.00%	12.00	%	10/1/2037	27,876		27,876		28,606
Total Financial Services								27,876		28,606		2.16	%

Health Care Equipment & Supplies
Corza Medical Srl (4)(5)(7)		14.00% PIK	14.00	%	2/13/2030	20,737		20,556		21,302
Total Health Care Equipment & Supplies								20,556		21,302		1.61	%

Hotels, Restaurants & Leisure
Dutch Holdings SPV Sub, LLC (4)(5)(7)		13.00% (incl 1.00% PIK)	13.00	%	6/30/2033	6,250		6,250		6,250
Total Hotels, Restaurants & Leisure								6,250		6,250		0.47	%
Total Unsecured Debt								$	54,682	$	56,158	4.24	%

Structured Finance Investments
Structured Finance
Alp CFO 2025, L.P. (4)(5)(7) - Class A		7.09%	7.09	%	7/15/2037	$	1,000	$	1,000	$	999
Alp CFO 2025, L.P. (4)(5)(7) - Class B		9.44%	9.44	%	7/15/2037	2,500		2,500		2,492
Alp CFO 2025, L.P. (4)(5)(7) - Class C		12.24%	12.24	%	7/15/2037	4,000		4,000		3,978
Alp CFO 2025, L.P. (4)(5)(20) - Subordinated Note					7/15/2037	4,000		4,000		5,528

Table of Contents

HPS Corporate Capital Solutions Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(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
Ares Secondaries Pbn Finance Co IV LLC (4)(5)(6)(7)(24)- Class A	SF +	2.90%	6.57	%	4/14/2039	997	497		511
Ares Secondaries Pbn Finance Co IV LLC (4)(5)(6)(7)(26) - Class C	SF +	8.50%	12.17	%	4/14/2039	7,000	3,500		3,548
Coller Private Equity Backed Notes & Loans II-A LP (4)(5)(6)(7)(24) - Class A	SF +	2.95%	6.64	%	4/30/2037	1,000	554		554
Coller Private Equity Backed Notes & Loans II-A LP (4)(5)(6)(7)(24) - Class B	SF +	5.20%	8.89	%	4/30/2037	1,000	554		549
CRA Issuer, LLC (4)(7) - Class M		10.43%	10.43	%	6/28/2061	15,000	15,000		15,000
PBN II-A Equity Holdings L.P. (4)(5)(6)(20) - Limited Partnership Interest						10,000	6,358		6,307
Total Structured Finance							37,963		39,466		2.98	%
Total Structured Finance Investments							$	37,963	$	39,466	2.98	%

Preferred Equity
Aerospace & Defense
Albers Aerospace Holdings LLC (4)(20)(21)(36) - Preferred Units						5,000	$	4,292	$	4,630
Total Aerospace & Defense							4,292		4,630		0.35	%

Beverages
CC Investor Aggregator, L.P. (4)(21)(36) - Class A Units						40,582	40,582		46,474
Total Beverages							40,582		46,474		3.51	%

Capital Markets
CB Lido Offshore Blocker X, LLC (4)(21)(36) - Class Z Units						2,947,104	2,947		3,120
Constellation Wealth Capital Fund-A-Blocker (LIDO), LLC (4)(21)(36) - Class Z Units						21,755	121		128
LAL Group Holdings, LLC (4)(21)(36) - Class Z Units						21,932,329	21,772		23,353
Total Capital Markets							24,840		26,601		2.01	%

Electric Utilities
IDF 9 Financeco, LLC (4)(20)(21)(36) - Series B Units						1,055,303	1,045		1,221
Total Electric Utilities							1,045		1,221		0.09	%

Financial Services
Holdings 2, L.P. (4)(5)(7)(21) - L.P. Interest		11.50%	11.50	%		25,000	24,563		24,643
Total Financial Services							24,563		24,643		1.86	%

Health Care Equipment & Supplies
Herb Partnership, LP (4)(21) - Preferred Stock						7,741,150	7,286		7,272
Total Health Care Equipment & Supplies							7,286		7,272		0.55	%

Hotels, Restaurants & Leisure
Sparkle Aggregator, LP (4)(21)(36) - Preferred Stock						12,500	12,500		13,427
The ONE Group Hospitality, Inc. (4)(21)(36) - Preferred Stock						1,000	877		1,128
Total Hotels, Restaurants & Leisure							13,377		14,555		1.10	%

Insurance
Navacord Intermediate Holdings Inc (4)(5)(6)(21) - Preferred Stock						3,424	(43)		(88)
Navacord Intermediate Holdings Inc (4)(5)(21)(36) - Preferred Stock						13,696	9,844		9,720
Total Insurance							9,801		9,632		0.73	%

Table of Contents

HPS Corporate Capital Solutions Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(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
Software
Behavox Ltd (4)(5)(21)(36) - Series C Shares				50,000	4,489		4,530
Lava Topco, Inc. (4)(21)(36) - Preferred Stock				25,000	25,000		28,973
Total Software					29,489		33,503		2.53	%

Textiles, Apparel & Luxury Goods
Kendra Scott Design Inc (4)(21)(36) - Preferred Stock				2,316,836	24,270		36,570
Total Textiles, Apparel & Luxury Goods					24,270		36,570		2.76	%

Wireless Telecommunication Services
CCI Topco, Inc. (4)(21)(36) - Preferred Stock				500	49,005		57,599
Total Wireless Telecommunication Services					49,005		57,599		4.34	%
Total Preferred Equity					$	228,550	$	262,700	19.83	%

Other Equity Investments
Aerospace & Defense
Albers Aerospace Holdings LLC (4)(20)(21) - Class D Units				24	$	633	$	633
Total Aerospace & Defense					633		633		0.05	%

Consumer Staples Distribution & Retail
AP Himalaya Co-Invest, L.P. (4)(21) - LP Interest				20,006	20,087		22,797
Total Consumer Staples Distribution & Retail					20,087		22,797		1.72	%

Electric Utilities
IDF 8 Topco, LLC (4)(20)(21) - Series B-1 Units				230,248	230		—
IDF 8 Topco, LLC (4)(20)(21) - Series B-2 Units				230,248	230		—
Total Electric Utilities					460		—		—	%

Entertainment
AMR GP Holdings Ltd (4)(5)(21) - Ordinary Shares				1,656	9,935		15,203
Total Entertainment					9,935		15,203		1.15	%

Hotels, Restaurants & Leisure
The ONE Group Hospitality, Inc. (21) - A-2 Warrants				11,911	61		24
The ONE Group Hospitality, Inc. (4)(21) - B-2 Warrants				6,667	12		—
Total Hotels, Restaurants & Leisure					73		24		0.00	%

Mortgage Real Estate Investment Trusts (REITs)
Claros Mortgage Trust, Inc. (4)(5)(21) - Warrants				188,556	267		219
Total Mortgage Real Estate Investment Trusts (REITs)					267		219		0.02	%

Pharmaceuticals
Creek Feeder, L.P. (4)(21) - LP Interest				10,000	10,000		11,257
Total Pharmaceuticals					10,000		11,257		0.85	%

Software
Behavox Ltd (4)(5)(21) - Class V Shares				3,120	206		206
Behavox Ltd (4)(5)(21) - Class V Shares				3,120	206		206
Total Software					412		412		0.03	%
Total Other Equity Investments					$	41,867	$	50,545	3.82	%
Total Investments - Non-Controlled/Non-Affiliated					$	2,238,446	$	2,264,334	170.79	%

Table of Contents

HPS Corporate Capital Solutions Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(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/Affiliated Investments
First Lien Debt
Household Durables
Lasko Operation Holdings, LLC (4)(10)(19)(24)	SF +	6.50%	10.32	%	6/4/2030	$	1,754	$	1,696	$	1,754
Total Household Durables								1,696		1,754		0.13	%

IT Services
New Era Technology Inc (4)(10)(19)(24)	SF +	6.25% PIK	10.13	%	6/30/2030	4,710		4,665		4,710
Total IT Services								4,665		4,710		0.36	%
Total First Lien Debt								$	6,361	$	6,464	0.49	%

Preferred Equity
IT Services
NE SPV Holdco, LLC (4)(19)(21) - Preferred Units						4,139		$	3,018	$	187
Total IT Services								3,018		187		0.01	%
Total Preferred Equity								$	3,018	$	187	0.01	%

Other Equity Investments
Household Durables
Lasko Operation Holdings, LLC (4)(19)(21) - Common Shares						891		$	287	$	23
Total Household Durables								287		23		0.00	%

IT Services
NE SPV Holdco, LLC (4)(19)(21) - Common Units						4,139		—		—
Total IT Services								—		—		—	%
Total Other Equity Investments								$	287	$	23	0.00	%
Total Investments - Non-Controlled/Affiliated								$	9,666	$	6,674	0.50	%
Total Investment Portfolio								$	2,248,112	$	2,271,008	171.29	%

Cash and Cash Equivalents
Dreyfus Government Cash Management (5)			3.55	%		$	28,059	$	28,059	$	28,059
Goldman Sachs Financial Square Government Fund (5)			3.54	%		753		753		753
Cash								20,832		20,832
Total Cash and Cash Equivalents								$	49,644	$	49,644	3.74	%
Total Investment Portfolio, Cash and Cash Equivalents								$	2,297,756	$	2,320,652	175.03	%

(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 June 30, 2026, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Japanese Yen (JPY), 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 facility 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"), 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, TONA, or BBSY and the current contractual interest rate in effect at June 30, 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 accounting principles generally accepted in the United States of America ("U.S. GAAP").

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

Table of Contents

HPS Corporate Capital Solutions Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(in thousands)

(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 June 30, 2026, non-qualifying assets represented 24.2% of total assets as calculated in accordance with regulatory requirements.

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


Investments-non-controlled/non-affiliated	Commitment Type	Unfunded Commitment		Fair Value
American Academy Holdings, LLC	1st Lien Senior Secured Revolving Loan	$	160	$	(6)
Ares Secondaries Pbn Finance Co IV LLC	Structured Finance Obligations - Debt Instruments	500		7
Ares Secondaries Pbn Finance Co IV LLC	Structured Finance Obligations - Debt Instruments	3,500		24
AVSC Holding Corp.	1st Lien Senior Secured Revolving Loan	847		(2)
Axiom Buyer, LLC	1st Lien Senior Secured Delayed Draw Loan	1,905		(35)
Axiom Buyer, LLC	1st Lien Senior Secured Revolving Loan	703		(13)
Blazing Star Shields Direct Parent, LLC	1st Lien Senior Secured Revolving Loan	2,131		—
Carbon Topco, Inc.	1st Lien Senior Secured Revolving Loan	1,065		(8)
CCI Buyer, Inc.	1st Lien Senior Secured Revolving Loan	144		(2)
Certania Beteiligungen GmbH	1st Lien Senior Secured Delayed Draw Loan	3,583		(111)
CF Newco Inc	1st Lien Senior Secured Revolving Loan	3,575		—
Chord Searchlight, L.P	Other Secured Debt Delayed Draw Loan	5,234		(78)
CohnReznick Advisory LLC	1st Lien Senior Secured Delayed Draw Loan	19		—
Coller Private Equity Backed Notes & Loans II-A LP	Structured Finance Obligations - Debt Instruments	446		(2)
Coller Private Equity Backed Notes & Loans II-A LP	Structured Finance Obligations - Debt Instruments	446		—
Creek Parent, Inc.	1st Lien Senior Secured Revolving Loan	2,754		(43)
Diagnostic Services Holdings, Inc.	1st Lien Senior Secured Revolving Loan	138		(2)
DigiCert Inc	1st Lien Senior Secured Revolving Loan	4,746		(160)
Einstein Parent Inc	1st Lien Senior Secured Revolving Loan	2,707		(99)
Espresso Bidco Inc.	1st Lien Senior Secured Revolving Loan	1,593		(62)
Espresso Bidco Inc.	1st Lien Senior Secured Delayed Draw Loan	289		(11)
FC Compassus LLC	1st Lien Senior Secured Delayed Draw Loan	1,332		—
FC Compassus LLC	1st Lien Senior Secured Delayed Draw Loan	159		—
FC Compassus LLC	1st Lien Senior Secured Revolving Loan	2,716		—
Flatiron Energy Holdco LLC	Other Secured Debt Delayed Draw Loan	19,919		(414)
Grain Connect Limited	1st Lien Senior Secured Delayed Draw Loan	5,949		(191)
Grain Connect Limited	1st Lien Senior Secured Delayed Draw Loan	587		(19)
Grain Connect Limited	1st Lien Senior Secured Delayed Draw Loan	1,397		(45)
Gymnation Rodney Limited	1st Lien Senior Secured Delayed Draw Loan	3,125		(91)
HB AcquisitionCo Pty Ltd	1st Lien Senior Secured Delayed Draw Loan	1,104		(21)
Indigo Purchaser, Inc.	1st Lien Senior Secured Revolving Loan	1,942		—
Indigo Purchaser, Inc.	1st Lien Senior Secured Delayed Draw Loan	1,975		—
Madonna Bidco Ltd	1st Lien Senior Secured Delayed Draw Loan	1,460		—
Montagu Lux Finco Sarl	1st Lien Senior Secured Delayed Draw Loan	7,042		(159)
Navacord Intermediate Holdings Inc	Preferred Equity	2,413		(88)
NTH Degree Purchaser Inc	1st Lien Senior Secured Revolving Loan	1,792		(26)
ONE Group, LLC	1st Lien Senior Secured Revolving Loan	776		(24)
Orthrus Ltd	1st Lien Senior Secured Delayed Draw Loan	1,054		(19)
Patriot Acquisition Topco Sarl	1st Lien Senior Secured Revolving Loan	78		—
PBN II-A Equity Holdings L.P.	Structured Finance Obligations - Limited Partnership Interest	3,693		—
Retail Services WIS Corporation	1st Lien Senior Secured Delayed Draw Loan	5,186		(127)
Ribbon Communications Operating Company, Inc	1st Lien Senior Secured Revolving Loan	849		(9)
Saga Mid Co Limited	1st Lien Senior Secured Delayed Draw Loan	11,095		333
Saga Mid Co Limited	1st Lien Senior Secured Delayed Draw Loan	1,842		55
Solis Mammography Buyer, Inc.	1st Lien Senior Secured Delayed Draw Loan	1,996		(45)
Solis Mammography Buyer, Inc.	1st Lien Senior Secured Revolving Loan	2,935		(52)
Sparkle Holdco 2 Corp.	1st Lien Senior Secured Revolving Loan	2,474		(64)

Table of Contents

HPS Corporate Capital Solutions Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(in thousands)


Investments-non-controlled/non-affiliated	Commitment Type	Unfunded Commitment		Fair Value
Spruce Bidco II Inc	1st Lien Senior Secured Revolving Loan	2,745		(43)
Stack Sports Buyer, LLC	1st Lien Senior Secured Revolving Loan	2,994		(66)
SW Ingredients Holdings, LLC	1st Lien Senior Secured Delayed Draw Loan	2,434		(34)
SW Ingredients Holdings, LLC	1st Lien Senior Secured Revolving Loan	2,680		(37)
Team, Inc.	1st Lien Senior Secured Delayed Draw Loan	3,740		(71)
Tex-Tech Industries Inc	1st Lien Senior Secured Delayed Draw Loan	804		—
Tex-Tech Industries Inc	1st Lien Senior Secured Revolving Loan	621		—
Tikehau Motion Midco SARL	1st Lien Senior Secured Delayed Draw Loan	8,724		(188)
Tricentis Operations Holdings Inc	1st Lien Senior Secured Delayed Draw Loan	3,748		(112)
Tricentis Operations Holdings Inc	1st Lien Senior Secured Revolving Loan	2,713		(81)
Valence Surface Technologies LLC	1st Lien Senior Secured Revolving Loan	3,280		—
Valence Surface Technologies LLC	1st Lien Senior Secured Delayed Draw Loan	97		—
Westlands Electric Power Company Investor, LLC	1st Lien Senior Secured Delayed Draw Loan	8,125		(178)
Xponential Fitness LLC	1st Lien Senior Secured Revolving Loan	395		(7)
YA Intermediate Holdings II LLC	1st Lien Senior Secured Delayed Draw Loan	1,498		(12)
YA Intermediate Holdings II LLC	1st Lien Senior Secured Revolving Loan	491		(3)
Total		$	166,464	$	(2,441)

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

(8) The interest rate floor on these investments as of June 30, 2026 was 0.50%.

(9) The interest rate floor on these investments as of June 30, 2026 was 0.75%.

(10) The interest rate floor on these investments as of June 30, 2026 was 1.00%.

(11) The interest rate floor on these investments as of June 30, 2026 was 1.50%.

(12) The interest rate floor on these investments as of June 30, 2026 was 1.75%.

(13) The interest rate floor on these investments as of June 30, 2026 was 2.00%.

(14) The interest rate floor on these investments as of June 30, 2026 was 2.50%.

(15) The interest rate floor on these investments as of June 30, 2026 was 2.75%.

(16) The interest rate floor on these investments as of June 30, 2026 was 3.00%.

(17) The interest rate floor on these investments as of June 30, 2026 was 3.25%.

(18) Loan was on non-accrual status as of June 30, 2026.

(19) 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 June 30, 2026, the Company’s 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 June 30, 2026		Dividend and Interest Income
Non-Controlled/Affiliated Investments
Lasko Operation Holdings, LLC	$	2,055	$	7	$	(13)	$	(272)	$	—	$	1,777	$	99
New Era Technology Inc	4,481		236		—		(7)		—		4,710		236
NE SPV Holdco, LLC	1,980		—		—		(1,793)		—		187		—
Total Non-Controlled/Affiliated Investments	$	8,516	$	243	$	(13)	$	(2,072)	$	—	$	6,674	$	335

(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 non-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.

(20) These investments are not pledged as collateral under the Revolving Credit Facility.

Table of Contents

HPS Corporate Capital Solutions Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(in thousands)

(21) 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 June 30, 2026, the aggregate fair value of these securities is $313,455, or 23.64% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

Portfolio Company

Investment

Acquisition Date

Albers Aerospace Holdings LLC

Preferred Units

December 22, 2025

CC Investor Aggregator, L.P.

Class A Units

May 19, 2025

CB Lido Offshore Blocker X, LLC

Class Z Units

August 5, 2025

Constellation Wealth Capital Fund-A-Blocker (Lido), LLC

Class Z Units

August 5, 2025

LAL Group Holdings, LLC

Class Z Units

August 5, 2025

IDF 9 Financeco, LLC

Series B Units

March 28, 2025

Holdings 2, L.P.

L.P. Interest

February 12, 2026

Herb Partnership, LP

Preferred Stock

May 12, 2026

Sparkle Aggregator, LP

Preferred Stock

January 16, 2026

The ONE Group Hospitality, Inc.

Preferred Stock

May 1, 2024

Navacord Intermediate Holdings Inc

Preferred Stock

February 2, 2026

Navacord Intermediate Holdings Inc

Preferred Stock

February 2, 2026

Behavox Ltd

Series C Shares

June 8, 2026

Lava Topco, Inc.

Preferred Stock

November 10, 2025

Kendra Scott Design Inc

Preferred Stock

September 12, 2024

CCI Topco, Inc.

Preferred Stock

May 13, 2025

Albers Aerospace Holdings LLC

Class D Units

December 22, 2025

AP Himalaya Co-Invest, L.P.

LP Interest

September 18, 2024

IDF 8 Topco, LLC

Series B-1 Units

November 18, 2024

IDF 8 Topco, LLC

Series B-2 Units

November 18, 2024

AMR GP Holdings Ltd

Ordinary Shares

July 9, 2024

The ONE Group Hospitality, Inc.

A-2 Warrants

May 1, 2024

The ONE Group Hospitality, Inc.

B-2 Warrants

May 1, 2024

Claros Mortgage Trust, Inc.

Warrants

January 30, 2026

Creek Feeder, L.P.

LP Interest

December 16, 2024

Behavox Ltd

Class V Shares

June 8, 2026

Behavox Ltd

Class V Shares

June 8, 2026

NE SPV Holdco, LLC

Preferred Units

August 21, 2025

Lasko Operation Holdings, LLC

Common Shares

June 4, 2025

NE SPV Holdco, LLC

Common Units

August 21, 2025

(22) 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.

(23) The interest rate on these loans is subject to 1 month SOFR, which as of June 30, 2026 was 3.65%.

(24) The interest rate on these loans is subject to 3 month SOFR, which as of June 30, 2026 was 3.73%.

(25) The interest rate on these loans is subject to 6 month SOFR, which as of June 30, 2026 was 3.85%.

(26) The interest rate on these loans is subject to 12 month SOFR, which as of June 30, 2026 was 3.99%.

(27) The interest rate on these loans is subject to 1 month EURIBOR, which as of June 30, 2026 was 2.20%.

(28) The interest rate on these loans is subject to 3 month EURIBOR, which as of June 30, 2026 was 2.32%.

(29) The interest rate on these loans is subject to 6 month EURIBOR, which as of June 30, 2026 was 2.57%.

(30) The interest rate on these loans is subject to SONIA, which as of June 30, 2026 was 3.73%.

(31) The interest rate on these loans is subject to 1 month BBSY, which as of June 30, 2026 was 4.36%.

(32) The interest rate on these loans is subject to 3 month BBSY, which as of June 30, 2026 was 4.51%.

(33) The interest rate on these loans is subject to 1 month CORRA, which as of June 30, 2026 was 2.28%.

(34) The interest rate on these loans is subject to 3 month TONA, which as of June 30, 2026 was 0.98%.

(35) The interest rate on these loans is subject to Prime Rate, which as of June 30, 2026 was 6.75%.

(36) 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.

Table of Contents

HPS Corporate Capital Solutions Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(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	28,109	British Pounds	20,963	SMBC Capital Markets, Inc.	September 23, 2026	$	299
U.S. Dollars	7,128	Australian Dollars	10,088	SMBC Capital Markets, Inc.	September 23, 2026	154
U.S. Dollars	2,540	Canadian Dollars	3,537	SMBC Capital Markets, Inc.	September 23, 2026	38
U.S. Dollars	2,395	Japanese Yen	380,696	SMBC Capital Markets, Inc.	September 24, 2026	37
U.S. Dollars	73,956	Euros	63,428	SMBC Capital Markets, Inc.	September 23, 2026	1,233
U.S. Dollars	36,302	British Pounds	28,733	SMBC Capital Markets, Inc.	December 23, 2026	(1,823)
U.S. Dollars	60,666	British Pounds	45,247	Morgan Stanley	September 23, 2026	641
U.S. Dollars	13,983	Euros	11,997	Morgan Stanley	September 23, 2026	228
U.S. Dollars	251	Australian Dollars	355	Morgan Stanley	September 23, 2026	5
U.S. Dollars	11,772	Canadian Dollars	16,397	Morgan Stanley	September 23, 2026	173
Total						$	985

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)
Morgan Stanley	August 2028 Notes	5.86%	SOFR + 2.27%	8/13/2028	150,000	$	(1,493)	$	—	$	(1,819)
Morgan Stanley	August 2030 Notes	6.20%	SOFR + 2.58%	8/13/2030	200,000	(2,813)		—		(3,220)
Total Interest Rate Swaps						$	(4,306)	$	—	$	(5,039)

(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 June 30, 2026 was 3.73%.

(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 Capital Solutions 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 & Defense
Carbon Topco, Inc. (4)(6)(9)					5/1/2030	$	1,332	$	(21)	$	—
Carbon Topco, Inc. (4)(9)(24)	SF +	5.75%	9.59	%	11/1/2030	7,952		7,824		7,952
Goat Holdco LLC (7)(23)	SF +	2.75%	6.47	%	1/27/2032	2,060		2,034		2,068
RH Buyer Inc (4)(10)(24)	SF +	6.50%	10.48	%	1/17/2031	32,504		31,957		31,646
RH Buyer Inc (4)(6)(10)(24)	SF +	6.50%	10.42	%	1/17/2031	3,831		2,541		2,504
Tex-Tech Industries, Inc. (4)(9)(23)	SF +	4.75%	8.48	%	1/13/2031	8,979		8,904		9,069
Tex-Tech Industries, Inc. (4)(6)(9)(23)	SF +	4.75%	8.48	%	1/13/2031	2,010		1,188		1,226
Tex-Tech Industries, Inc. (4)(6)(9)(23)	SF +	4.75%	8.48	%	1/13/2031	1,910		533		549
Valence Surface Technologies LLC (4)(10)(24)	SF +	8.25% (incl 6.50% PIK)	12.15	%	6/13/2031	37,021		36,281		37,097
Valence Surface Technologies LLC (4)(10)(24)	SF +	7.00%	10.74	%	6/13/2031	4,310		4,221		4,319
Valence Surface Technologies LLC (4)(6)(10)(24)	SF +	8.25% (incl 6.50% PIK)	11.92	%	6/13/2031	6,466		6,191		6,341
Valence Surface Technologies LLC (4)(6)(10)					6/13/2031	3,280		(67)		—
WP CPP Holdings, LLC (4)(10)(24)	SF +	7.00% (incl 3.88% PIK)	10.77	%	11/30/2029	41,259		40,638		42,194
								142,224		144,965		11.62	%
Asset Based Lending and Fund Finance
Montagu Lux Finco Sarl (4)(5)(6)(10)(27)	E +	5.50%	7.53	%	2/13/2032	EUR	12,327	6,320		7,085
								6,320		7,085		0.57	%
Automobile Components
ABC Group Holdings Inc (4)(5)(9)(26)	E +	5.88%	7.78	%	8/22/2031	EUR	8,594	9,719		9,756
ABC Group Holdings Inc (4)(5)(9)(22)(26)	E +	6.88%	8.78	%	8/22/2031	EUR	542	607		615
ABC Technologies Inc (4)(5)(9)(23)	SF +	5.75%	9.42	%	8/22/2031	13,613		13,133		13,136
ABC Technologies Inc (4)(5)(9)(22)(23)	SF +	6.71%	10.38	%	8/22/2031	868		837		838
Belron Finance 2019 LLC (8)(24)	SF +	2.25%	6.12	%	10/16/2031	150		148		151
Clarios Global LP (7)(23)	SF +	2.75%	6.47	%	1/28/2032	1,061		1,060		1,068
Tenneco Inc (8)(24)	SF +	4.75%	8.74	%	11/17/2028	5,263		5,199		5,171
								30,703		30,735		2.46	%
Beverages
Winebow Holdings, Inc. (4)(10)(23)	SF +	6.25%	10.07	%	12/31/2027	34,360		34,081		30,110
								34,081		30,110		2.41	%
Capital Markets
DRW Holdings LLC (7)(23)	SF +	3.50%	7.22	%	6/26/2031	2,430		2,426		2,402
Jump Financial LLC (7)(24)	SF +	3.50%	7.17	%	2/26/2032	900		898		891
								3,324		3,293		0.27	%
Chemicals
Discovery Purchaser Corp (8)(24)	SF +	3.75%	7.61	%	10/4/2029	3,008		2,920		2,897
Formerra LLC (4)(10)(23)	SF +	7.25%	11.22	%	11/1/2028	5,753		5,725		5,699
Formerra LLC (4)(10)(23)	SF +	7.25%	11.22	%	11/1/2028	231		230		229
Fortis 333 Inc (7)(24)	SF +	3.50%	7.17	%	3/27/2032	746		744		742
Kensing LLC (4)(10)(24)	SF +	7.25%	11.24	%	5/31/2028	2,768		2,763		2,451
Kensing LLC (4)(10)(24)	SF +	7.25%	11.24	%	5/31/2028	683		682		605
Kensing LLC (4)(10)(24)	SF +	7.25%	11.24	%	5/31/2028	7,752		7,663		6,865
Lummus Technology Holdings V LLC (7)(23)	SF +	2.50%	6.22	%	12/31/2029	7,370		7,411		7,384
								28,138		26,872		2.15	%
Commercial Services & Supplies
Allied Universal Holdco LLC (7)(23)	SF +	3.25%	6.97	%	8/20/2032	6,540		6,532		6,581
Apex Group Treasury LLC (5)(7)(24)	SF +	3.50%	7.39	%	2/27/2032	2,251		2,239		2,127
AVSC Holding Corp. (4)(9)(23)	SF +	5.00%	8.72	%	12/5/2031	8,181		8,043		8,263
AVSC Holding Corp. (4)(6)(9)					12/5/2029	962		(15)		—

Table of Contents

HPS Corporate Capital Solutions 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
Axiom Buyer, LLC (4)(10)(23)	SF +	6.50%	10.22	%	1/14/2030	17,465		17,145	17,260
Axiom Buyer, LLC (4)(6)(10)					1/14/2030	1,905		(41)	(22)
Axiom Buyer, LLC (4)(6)(10)(23)	SF +	6.50%	10.22	%	1/14/2030	2,140		1,275	1,289
Certania Beteiligungen GmbH (4)(5)(6)(7)					5/23/2029	EUR	4,565	(119)	(117)
Guardian US Holdco LLC (8)(24)	SF +	3.50%	7.17	%	1/31/2030	1,970		1,964	1,976
ImageFIRST Holdings, LLC (7)(24)	SF +	3.00%	6.73	%	3/12/2032	1,548		1,544	1,552
NTH Degree Purchaser Inc (4)(10)(24)	SF +	5.25%	8.99	%	9/10/2030	11,178		11,003	11,120
NTH Degree Purchaser Inc (4)(6)(10)					9/10/2030	3,422		(61)	(18)
NTH Degree Purchaser Inc (4)(6)(10)					9/10/2030	1,792		(28)	(9)
Retail Services WIS Corporation (4)(10)(24)	SF +	7.00%	10.82	%	8/29/2030	21,885		21,478	21,512
Retail Services WIS Corporation (4)(6)(10)					8/29/2030	5,186		(100)	(89)
Team, Inc. (4)(10)(23)	SF +	6.25%	10.00	%	3/12/2030	12,992		12,747	12,836
Team, Inc. (4)(6)(10)					3/12/2030	3,740		(77)	(45)
Wasserman Media Group, LLC (7)(23)	SF +	3.00%	6.72	%	6/23/2032	2,078		2,068	2,086
								85,597	86,302	6.92	%
Communications Equipment
IPC Corp. (4)(10)(22)(24)	SF +	6.76% (incl 1.04% PIK)	10.69	%	10/1/2027	6,736		6,606	6,324
Ribbon Communications Operating Company, Inc (4)(5)(10)(23)	SF +	6.25%	9.97	%	6/21/2029	7,333		7,231	7,407
Ribbon Communications Operating Company, Inc (4)(5)(6)(10)					6/21/2029	849		(12)	—
								13,825	13,731	1.10	%
Construction & Engineering
Powerhouse Intermediate, LLC (4)(10)(24)	SF +	6.25%	10.18	%	1/12/2027	1,763		1,759	1,745
Powerhouse Intermediate, LLC (4)(10)(24)	SF +	6.25%	10.18	%	1/12/2027	819		817	811
								2,576	2,556	0.20	%
Consumer Staples Distribution & Retail
SW Ingredients Holdings, LLC (4)(6)(9)(23)	SF +	5.00%	8.72	%	5/2/2030	3,350		870	895
SW Ingredients Holdings, LLC (4)(9)(23)	SF +	5.00%	8.72	%	5/2/2030	19,614		19,359	19,505
SW Ingredients Holdings, LLC (4)(6)(9)					5/2/2030	2,434		(34)	(13)
								20,195	20,387	1.64	%
Containers & Packaging
Capripack Debtco PLC (4)(5)(10)(27)	E +	5.75% (incl 2.50% PIK)	7.75	%	1/3/2030	EUR	5,345	5,710	6,300
Capripack Debtco PLC (4)(5)(10)(27)	E +	5.75% (incl 2.50% PIK)	7.75	%	1/3/2030	EUR	28,769	30,739	33,912
Clydesdale Acquisition Holdings Inc (8)(23)	SF +	3.18%	6.89	%	4/13/2029	2,424		2,419	2,429
								38,868	42,641	3.42	%
Distributors
Johnstone Supply LLC (7)(23)	SF +	2.50%	6.23	%	6/9/2031	13,466		13,459	13,558
								13,459	13,558	1.09	%
Diversified Consumer Services
American Academy Holdings, LLC (4)(6)(17)					6/30/2027	160		—	(1)
American Academy Holdings, LLC (4)(17)(23)	SF +	9.75% (incl 5.25% PIK)	13.58	%	6/30/2027	6,839		6,839	6,790
Edmentum Ultimate Holdings LLC (4)(10)(22)(24)	SF +	7.29%	11.13	%	7/26/2027	5,338		5,259	5,062
Xponential Fitness LLC (4)(5)(6)(10)					12/6/2030	658		(10)	(10)
Xponential Fitness LLC (4)(5)(10)(24)	SF +	6.75%	10.49	%	12/6/2030	11,932		11,755	11,755
								23,843	23,596	1.89	%
Diversified Telecommunication Services
Grain Connect Limited (4)(5)(16)(29)	SN +	8.50% (incl 6.00% PIK)	12.23	%	8/8/2030	GBP	2,212	2,882	2,902
Grain Connect Limited (4)(5)(6)(16)(29)	SN +	8.50% (incl 6.00% PIK)	12.22	%	8/8/2030	GBP	5,603	28	68

Table of Contents

HPS Corporate Capital Solutions 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
Grain Connect Limited (4)(5)(6)(16)(29)	SN +	8.50% (incl 6.00% PIK)	12.23	%	8/3/2030	GBP	570	76	56
Grain Connect Limited (4)(5)(6)(16)(29)	SN +	8.50% (incl 6.00% PIK)	12.23	%	8/3/2030	GBP	1,074	1	(37)
								2,987	2,989	0.24	%
Electric Utilities
IDF 8 Borrower, LLC (4)(16)(20)(22)(24)	SF +	8.50%	12.17	%	12/31/2028	2,761		2,613	2,634
IDF 8 Borrower, LLC (4)(16)(24)	SF +	6.00%	9.67	%	12/31/2028	4,141		3,918	3,952
								6,531	6,586	0.53	%
Electrical Equipment
Arcline FM Holdings LLC (9)(24)	SF +	2.75%	6.42	%	6/23/2030	8,360		8,360	8,405
								8,360	8,405	0.67	%
Electronic Equipment, Instruments & Components
CC WDW Borrower, Inc. (4)(10)(24)	SF +	6.75%	10.74	%	1/27/2028	3,156		2,982	3,156
Hobbs & Associates LLC (7)(23)	SF +	2.75%	6.47	%	7/23/2031	2,479		2,470	2,482
								5,452	5,638	0.45	%
Entertainment
AMR GP Ltd (4)(5)(7)		10.50% (incl 5.25% PIK)	10.50	%	7/10/2034	10,882		10,622	10,883
Endeavor Operating Co LLC (5)(7)(23)	SF +	3.00%	6.72	%	3/24/2032	909		905	914
MBS Services Holdings, LLC (4)(10)(18)(24)	SF +	9.50% PIK			1/30/2026	115		111	93
MBS Services Holdings, LLC (4)(10)(18)(23)	SF +	9.50% PIK			1/30/2026	3,958		3,951	3,226
MBS Services Holdings, LLC (4)(10)(18)(23)	SF +	9.50% PIK			1/30/2026	1,037		1,036	845
MBS Services Holdings, LLC (4)(10)(18)(24)	SF +	9.50% PIK			1/30/2026	1,586		1,533	1,292
MBS Services Holdings, LLC (4)(6)(13)(18)(35)	P +	10.00%			1/30/2026	164		144	114
								18,302	17,367	1.39	%
Financial Services
Ascensus Holdings, Inc. (8)(23)	SF +	3.00%	6.72	%	11/24/2032	433		432	433
Eisner Advisory Group LLC (8)(23)	SF +	4.00%	7.72	%	2/28/2031	1,755		1,742	1,769
Focus Financial Partners, LLC (7)(23)	SF +	2.50%	6.22	%	9/15/2031	3,512		3,488	3,522
Madonna Bidco Ltd (4)(5)(7)(29)	SN +	5.25%	8.98	%	10/25/2031	GBP	5,681	7,242	7,735
Madonna Bidco Ltd (4)(5)(6)(7)(29)	SN +	5.25%	8.98	%	10/25/2031	GBP	1,159	50	95
Neon Maple US Debt Mergersub Inc (5)(7)(23)	SF +	2.50%	6.22	%	11/17/2031	3,970		3,962	3,980
Orthrus Ltd (4)(5)(7)(29)	SN +	6.25% (incl 2.75% PIK)	9.99	%	12/5/2031	GBP	3,920	4,933	5,244
Orthrus Ltd (4)(5)(7)(27)	E +	6.25% (incl 2.75% PIK)	8.28	%	12/5/2031	EUR	3,502	3,661	4,085
Orthrus Ltd (4)(5)(10)(24)	SF +	6.25% (incl 2.75% PIK)	10.01	%	12/5/2031	9,252		9,118	9,183
Orthrus Ltd (4)(5)(6)(7)					12/5/2031	GBP	794	(16)	(8)
Orthrus Ltd (4)(5)(10)(24)	SF +	6.25% (incl 2.75% PIK)	10.15	%	12/5/2031	1,336		1,316	1,326
Osaic Holdings Inc (7)(24)	SF +	3.00%	6.60	%	7/30/2032	5,053		5,041	5,080
PF Finco PTY LTD (4)(5)(10)(32)	B +	6.75%	10.57	%	5/30/2030	AUD	10,463	6,610	6,899
PF Finco PTY LTD (4)(5)(6)(10)					5/30/2030	AUD	1,427	(18)	(11)
Priority Holdings, LLC (5)(8)(23)	SF +	3.75%	7.47	%	7/30/2032	2,029		2,024	1,999
Travelex Issuerco 2 PLC (4)(5)(13)(29)	SN +	8.00%	11.72	%	9/22/2028	GBP	1,688	2,022	2,315
								51,607	53,646	4.30	%
Food Products
Aspire Bakeries Holdings LLC (7)(23)	SF +	3.50%	7.22	%	12/23/2030	618		618	622
								618	622	0.05	%
Health Care Equipment & Supplies
Agiliti Health, Inc. (7)(24)	SF +	3.00%	6.86	%	5/1/2030	1,400		1,333	1,375
Bausch + Lomb Corporation (5)(7)(23)	SF +	4.00%	7.72	%	1/15/2031	4,981		4,981	4,994
Bausch + Lomb Corporation (5)(7)(23)	SF +	4.25%	7.97	%	1/15/2031	19,880		19,790	20,114

Table of Contents

HPS Corporate Capital Solutions 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
Ensemble RCM LLC (7)(24)	SF +	3.00%	6.84	%	8/1/2029	3,705		3,689	3,728
Femur Buyer Inc (4)(10)(24)	SF +	7.50% PIK	11.36	%	10/23/2030	15,317		15,039	14,754
Femur Buyer Inc (4)(6)(10)					10/23/2030	340		—	(12)
Patriot Acquisition Topco Sarl (4)(5)(10)(24)	SF +	4.75%	8.59	%	1/28/2028	61		60	61
Patriot Acquisition Topco Sarl (4)(5)(10)(24)	SF +	4.75%	8.59	%	1/28/2028	331		331	331
Patriot Acquisition Topco Sarl (4)(5)(6)(10)(24)	SF +	4.75%	8.59	%	1/28/2028	78		5	6
Patriot Acquisition Topco Sarl (4)(5)(10)(24)	SF +	4.75%	8.59	%	1/28/2028	514		514	514
Spruce Bidco II Inc (4)(6)(12)					1/31/2032	4,493		(59)	(17)
Spruce Bidco II Inc (4)(9)(24)	SF +	4.75%	8.45	%	1/31/2032	15,511		15,309	15,452
Spruce Bidco II Inc (4)(9)(33)	C +	4.75%	7.00	%	1/31/2032	CAD	3,517	2,397	2,554
Spruce Bidco II Inc (4)(9)(34)	TN +	5.00%	5.75	%	1/31/2032	JPY	377,876	2,408	2,404
Spruce Bidco II Inc (4)(9)(22)(24)	SF +	6.24%	9.93	%	1/31/2032	948		936	945
								66,733	67,203	5.38	%
Health Care Providers & Services
Blazing Star Shields Direct Parent, LLC (4)(10)(24)	SF +	6.00%	9.82	%	8/28/2030	47,946		47,053	47,124
Blazing Star Shields Direct Parent, LLC (4)(6)(10)					8/28/2030	2,131		(40)	(36)
Connect America.com LLC (4)(15)(22)(24)	SF +	6.29%	9.96	%	10/11/2029	34,738		34,334	33,598
Diagnostic Services Holdings, Inc. (4)(10)(23)	SF +	5.50%	9.37	%	3/15/2027	13,557		13,503	13,453
Diagnostic Services Holdings, Inc. (4)(10)(23)	SF +	5.50%	9.37	%	3/15/2027	1,739		1,732	1,726
Diagnostic Services Holdings, Inc. (4)(6)(10)(23)	SF +	5.50%	9.37	%	3/15/2027	333		187	186
FC Compassus LLC (4)(6)(7)					11/26/2030	2,716		(33)	—
FC Compassus LLC (4)(9)(23)	SF +	5.75% (incl 1.50% PIK)	9.47	%	11/26/2030	1,656		1,636	1,672
FC Compassus LLC (4)(6)(9)(23)	SF +	5.75% (incl 1.50% PIK)	9.47	%	11/26/2030	179		18	22
FC Compassus LLC (4)(9)(22)(23)	SF +	7.02% (incl 2.09% PIK)	10.74	%	11/26/2030	13,809		13,644	13,947
FC Compassus LLC (4)(6)(9)(22)(23)	SF +	6.99% (incl 2.07% PIK)	10.70	%	11/26/2030	1,501		149	184
Global Medical Response Inc (7)(24)	SF +	3.50%	7.38	%	10/1/2032	7,000		6,983	7,052
Indigo Purchaser, Inc. (4)(9)(24)	SF +	5.00%	8.67	%	11/21/2031	12,363		12,207	12,487
Indigo Purchaser, Inc. (4)(6)(9)(24)	SF +	5.00%	8.87	%	11/21/2031	2,845		182	250
Indigo Purchaser, Inc. (4)(6)(9)					11/21/2031	1,942		(24)	—
Kabafusion Parent LLC (4)(9)(24)	SF +	4.75%	8.42	%	11/24/2031	9,925		9,841	9,925
Kabafusion Parent LLC (4)(6)(9)					11/24/2031	1,300		(11)	—
Precision Medicine Group, LLC (7)(24)	SF +	3.50%	7.17	%	8/20/2032	998		993	1,004
Raven Acquisition Holdings LLC (7)(23)	SF +	3.00%	6.72	%	11/19/2031	3,090		3,069	3,103
Raven Acquisition Holdings LLC (6)(7)					11/19/2031	222		(2)	1
Solis Mammography Buyer, Inc. (4)(9)(24)	SF +	5.00%	8.67	%	5/29/2032	19,901		19,628	19,686
Solis Mammography Buyer, Inc. (4)(6)(9)					5/29/2032	2,201		(32)	(24)
Solis Mammography Buyer, Inc. (4)(6)(9)					5/29/2030	3,387		(45)	(33)
Southern Veterinary Partners LLC (7)(24)	SF +	2.50%	6.37	%	12/4/2031	1,895		1,885	1,894
Syneos Health Inc (7)(24)	SF +	4.00%	7.67	%	9/27/2030	4,913		4,920	4,924
TTF Lower Intermediate LLC (7)(25)	SF +	3.75%	7.79	%	7/18/2031	3,599		3,553	2,932
WCAS XIII Primary Care Investors, L.P. (4)(10)(24)	SF +	6.25%	9.92	%	12/31/2029	16,090		15,788	15,825
WCAS XIII Primary Care Investors, L.P. (4)(10)(24)	SF +	6.25%	9.94	%	12/31/2029	9,562		9,372	9,404
WCAS XIV Primary Care Investors, L.P. (4)(10)(24)	SF +	6.25%	9.92	%	12/31/2032	19,580		19,203	19,241
WCAS XIV Primary Care Investors, L.P. (4)(10)(24)	SF +	6.25%	9.94	%	12/31/2032	1,690		1,656	1,661
								221,349	221,208	17.72	%
Health Care Technology
AthenaHealth Group Inc. (8)(23)	SF +	2.75%	6.47	%	2/15/2029	9,849		9,868	9,881
Azalea Topco, Inc. (7)(23)	SF +	3.00%	6.72	%	4/30/2031	2,324		2,309	2,331
Project Ruby Ultimate Parent Corp (7)(23)	SF +	2.75%	6.58	%	3/10/2028	6,238		6,231	6,261
								18,408	18,473	1.48	%

Table of Contents

HPS Corporate Capital Solutions 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
Hotels, Restaurants & Leisure
Azzurri Bidco Ltd (4)(5)(13)(29)	SN +	7.75%	11.47	%	3/30/2030	GBP	32,703	41,682	41,831
Azzurri Bidco Ltd (4)(5)(6)(13)(29)	SN +	7.75%	11.48	%	3/30/2030	GBP	3,270	1,967	1,979
Equinox Holdings, Inc. (4)(10)(24)	SF +	8.25% (incl 4.13% PIK)	11.92	%	3/8/2029	10,473		10,318	10,525
Fertitta Entertainment LLC (8)(23)	SF +	3.25%	6.97	%	1/27/2029	4,923		4,941	4,927
Flynn Restaurant Group LP (7)(23)	SF +	3.75%	7.47	%	1/28/2032	3,870		3,852	3,890
HB AcquisitionCo Pty Ltd (4)(5)(8)(31)	B +	6.50%	10.19	%	8/7/2029	AUD	3,789	2,510	2,493
HB AcquisitionCo Pty Ltd (4)(5)(8)(31)	B +	6.50%	10.18	%	8/7/2029	AUD	421	272	277
Lakeland Tours LLC (4)(9)(24)	SF +	7.75%	11.84	%	3/31/2028	2,803		2,732	2,693
Lakeland Tours LLC (4)(9)(24)	SF +	7.75%	11.57	%	4/1/2027	1,126		1,109	1,095
Lakeland Tours LLC (4)(9)(24)	SF +	7.75%	11.84	%	3/31/2028	3,600		3,509	3,458
LC Ahab US Bidco LLC (7)(23)	SF +	3.00%	6.72	%	5/1/2031	2,802		2,746	2,814
ONE Group, LLC (4)(10)(24)	SF +	6.50%	10.34	%	5/1/2029	6,637		6,504	6,474
ONE Group, LLC (4)(6)(7)(24)	SF +	6.00%	9.84	%	10/31/2028	887		138	126
Saga Mid Co Limited (4)(5)(10)(29)	SN +	6.75%	10.49	%	2/27/2031	GBP	28,019	34,552	38,644
Saga Mid Co Limited (4)(5)(6)(10)					2/27/2031	GBP	8,364	(245)	262
Saga Mid Co Limited (4)(5)(6)(10)					2/27/2031	GBP	1,388	(39)	43
Travel Leaders Group, LLC (4)(13)(23)	SF +	7.50% (incl 3.50% PIK)	11.32	%	3/27/2028	3,748		3,787	3,715
Voyager Parent LLC (7)(23)	SF +	4.75%	8.42	%	7/1/2032	3,942		3,832	3,950
								124,167	129,196	10.35	%
Independent Power and Renewable Electricity Producers
Distributed Solar Development LLC (4)(13)(24)	SF +	8.50% PIK	12.44	%	9/19/2028	10,063		9,882	9,887
Hamilton Projects Acquiror LLC (7)(23)	SF +	2.50%	6.22	%	5/30/2031	9,215		9,197	9,294
Lackawanna Energy Center LLC (7)(24)	SF +	3.00%	6.78	%	8/5/2032	2,089		2,084	2,107
Matrix Renewables USA LLC (4)(5)(11)(27)	E +	7.50% PIK	9.51	%	9/30/2030	EUR	10,647	12,113	12,269
NG Energy Fund 1 LLC (4)(11)(24)	SF +	7.50%	11.19	%	3/22/2028	7,060		6,919	7,025
NRD Construction, LLC (4)(14)(24)	SF +	6.25%	9.92	%	11/6/2029	35,934		35,261	35,447
Palmetto Solar, LLC (4)(13)(24)	SF +	6.25%	9.92	%	9/13/2027	6,020		5,978	5,984
Palmetto Solar, LLC (4)(13)(24)	SF +	6.25%	9.92	%	9/13/2027	5,268		5,231	5,236
Palmetto Solar, LLC (4)(13)(24)	SF +	6.25%	9.92	%	9/13/2027	25,808		25,597	25,649
Palmetto Solar, LLC (4)(13)(24)	SF +	6.25%	9.92	%	9/13/2027	12,904		12,798	12,825
Sunraycer HPS Borrower LLC (4)(14)(24)	SF +	6.50%	10.17	%	10/28/2029	11,781		11,621	11,546
Sunraycer HPS Borrower LLC (4)(14)(24)	SF +	6.50%	10.19	%	10/28/2029	23,734		23,386	23,259
Sunraycer HPS Borrower LLC (4)(14)(24)	SF +	6.50%	10.17	%	10/28/2029	6,574		6,478	6,442
Sunraycer HPS Borrower LLC (4)(6)(14)					10/28/2029	7,911		(116)	(158)
Westlands Power Company Investor, LLC (4)(6)(13)(24)	SF +	6.00%	9.67	%	12/6/2030	50,000		32,139	32,138
								198,568	198,950	15.94	%
Insurance
Acrisure LLC (7)(23)	SF +	3.25%	6.97	%	6/20/2032	5,970		5,956	5,985
Alera Group Intermediate Holdings, Inc. (8)(23)	SF +	3.25%	6.97	%	5/30/2032	3,990		3,972	4,014
Alliant Holdings Intermediate, LLC (7)(23)	SF +	2.50%	6.22	%	9/19/2031	372		363	374
Amynta Agency Borrower Inc (7)(23)	SF +	2.75%	6.47	%	12/29/2031	374		374	375
Broadstreet Partners Group LLC (7)(23)	SF +	2.75%	6.47	%	6/13/2031	641		640	644
CRC Insurance Group LLC (7)(24)	SF +	2.75%	6.42	%	5/6/2031	2,802		2,789	2,810
Global Gruppe GmbH (4)(5)(7)(28)	E +	6.75%	8.85	%	2/1/2030	EUR	7,753	8,833	8,947
HUB International Ltd (7)(24)	SF +	2.25%	6.12	%	6/20/2030	8,022		8,022	8,073
International Construction Products, LLC (4)(5)(7)		15.25% PIK	15.25	%	9/5/2034	1,241		1,241	1,241
Kowalski Trust (4)(5)(7)		16.00% PIK	16.00	%	5/31/2034	20,998		20,717	20,531
OneDigital Borrower LLC (8)(23)	SF +	3.00%	6.72	%	7/2/2031	4,925		4,925	4,944
Trucordia Insurance Services LLC (7)(23)	SF +	3.25%	6.97	%	6/17/2032	3,449		3,441	3,432
								61,273	61,370	4.92	%

Table of Contents

HPS Corporate Capital Solutions 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
Delta Topco, Inc. (7)(23)	SF +	2.75%	6.58	%	11/30/2029	5,191		5,213	5,172
Mediaocean LLC (8)(23)	SF +	3.50%	7.32	%	12/15/2028	1,689		1,688	1,668
								6,901	6,840	0.55	%
Leisure Products
Beckett Collectibles Holdings, LLC (4)(16)(24)	SF +	8.50%	12.24	%	12/13/2029	11,210		10,920	11,736
								10,920	11,736	0.94	%
Life Sciences Tools & Services
WCG Intermediate Corp (10)(23)	SF +	3.00%	6.72	%	2/25/2032	3,044		3,023	3,054
								3,023	3,054	0.24	%
Machinery
Roper Industrial Products Investment Co (8)(24)	SF +	2.75%	6.42	%	11/22/2029	2,618		2,606	2,635
Time Manufacturing Holdings LLC (4)(9)(24)	SF +	6.50%	10.49	%	12/1/2027	2,611		2,549	2,007
TK Elevator US Newco Inc (5)(8)(25)	SF +	2.75%	6.95	%	4/30/2030	4,169		4,156	4,201
								9,311	8,843	0.71	%
Media
Mediaworks Holdings Limited (4)(5)(9)(30)	BB +	6.00%	8.54	%	10/17/2028	NZD	3,223	1,836	1,841
Shelley Bidco Pty Ltd (4)(5)(6)(9)(32)	B +	6.00%	10.02	%	10/17/2028	AUD	1,682	130	132
Shelley Bidco Pty Ltd (4)(5)(9)(32)	B +	6.00%	9.69	%	10/17/2028	AUD	14,400	9,293	9,542
								11,259	11,515	0.92	%
Metals & Mining
Alchemy US Holdco 1 LLC (4)(10)(24)	SF +	6.50%	10.34	%	7/31/2029	13,918		13,479	13,026
Alchemy US Holdco 1 LLC (4)(10)(27)	E +	6.50%	8.57	%	7/31/2029	EUR	2,937	3,078	3,218
Alchemy US Holdco 1 LLC (4)(6)(10)(24)	SF +	6.50%	10.34	%	7/31/2029	1,203		107	75
Star Holding LLC (7)(23)	SF +	4.50%	8.22	%	7/31/2031	707		704	696
								17,368	17,015	1.36	%
Multi-Utilities
Forgent Intermediate IV (4)(7)(23)	SF +	3.25%	6.98	%	12/20/2032	2,586		2,560	2,573
								2,560	2,573	0.21	%
Pharmaceuticals
Alvogen Pharma US, Inc. (4)(16)(24)	SF +	9.50%	13.17	%	11/30/2028	19,210		18,810	18,880
Amneal Pharmaceuticals LLC (5)(8)(23)	SF +	3.50%	7.22	%	8/1/2032	1,037		1,035	1,048
Azurity Pharmaceuticals Inc (4)(10)(24)	SF +	7.00%	10.71	%	3/14/2030	45,496		44,732	43,564
Azurity Pharmaceuticals Inc (4)(6)(10)					3/14/2030	4,037		(68)	(171)
Creek Parent, Inc. (4)(9)(23)	SF +	5.00%	8.73	%	12/18/2031	13,360		13,175	13,307
Creek Parent, Inc. (4)(6)(9)					12/18/2031	2,754		(38)	(11)
Creek Parent, Inc. (4)(9)(22)(23)	SF +	5.77%	9.51	%	12/18/2031	1,210		1,193	1,205
Endo Finance Holdings Inc (8)(23)	SF +	3.75%	7.47	%	4/23/2031	3,950		3,958	3,923
RBP Global Holdings Ltd (4)(5)(9)(24)	SF +	5.25%	9.17	%	11/4/2030	16,465		15,967	16,073
RBP Global Holdings Ltd (4)(5)(6)(9)					11/4/2030	3,878		(117)	(92)
								98,647	97,726	7.83	%
Professional Services
Citrin Cooperman Advisors LLC (7)(24)	SF +	3.00%	6.67	%	4/1/2032	2,940		2,913	2,952
CohnReznick Advisory LLC (7)(24)	SF +	3.50%	7.17	%	3/31/2032	305		304	307
CohnReznick Advisory LLC (6)(7)					3/31/2032	49		—	—
Grant Thornton Advisors Holdings LLC (7)(23)	SF +	2.75%	6.47	%	6/2/2031	5,555		5,555	5,573
YA Intermediate Holdings II LLC (4)(9)(25)	SF +	5.00%	8.85	%	10/1/2031	5,232		5,211	5,258
YA Intermediate Holdings II LLC (4)(6)(9)(24)	SF +	5.00%	8.69	%	10/1/2031	2,200		317	343
YA Intermediate Holdings II LLC (4)(6)(9)(24)	SF +	5.00%	8.86	%	10/1/2031	1,083		275	280
								14,575	14,713	1.18	%
Software
Alegeus Technologies Holdings Corp (4)(10)(24)	SF +	6.50%	10.34	%	11/5/2029	34,475		33,813	34,580

Table of Contents

HPS Corporate Capital Solutions 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
Boreal Bidco (4)(5)(7)(27)	E +	7.25% (incl 5.75% PIK)	9.27	%	3/26/2032	EUR	14,209	15,047	16,434
Calabrio, Inc. (7)(24)	SF +	4.00%	7.84	%	11/26/2032	3,640		3,460	3,440
Central Parent LLC (7)(24)	SF +	3.25%	6.92	%	7/6/2029	1,604		1,598	1,364
CF Newco Inc (4)(11)(23)	SF +	6.00%	9.66	%	12/10/2029	31,525		31,277	31,613
CF Newco Inc (4)(11)(23)	SF +	6.25%	9.99	%	12/10/2029	12,000		11,852	12,034
CF Newco Inc (4)(6)(11)(23)	SF +	6.00%	9.74	%	12/10/2029	5,500		1,868	1,925
DigiCert Inc (4)(9)(23)	SF +	5.75%	9.47	%	7/30/2030	1,995		1,968	1,972
DigiCert Inc (4)(9)(22)(23)	SF +	6.40%	10.12	%	7/30/2030	43,570		42,973	43,034
DigiCert Inc (4)(6)(9)					7/30/2030	4,746		(65)	(54)
Einstein Parent Inc (4)(9)(24)	SF +	6.50%	10.36	%	1/22/2031	26,128		25,688	25,815
Einstein Parent Inc (4)(6)(9)					1/22/2031	2,707		(46)	(32)
Espresso Bidco Inc. (4)(9)(24)	SF +	5.75% (incl 3.13% PIK)	9.42	%	3/25/2032	13,258		13,081	13,140
Espresso Bidco Inc. (4)(6)(9)					3/25/2032	3,583		(51)	(32)
Espresso Bidco Inc. (4)(6)(9)					3/25/2032	1,593		(22)	(14)
Finastra USA, Inc. (10)(24)	SF +	7.25%	10.97	%	9/13/2029	4,601		4,544	4,636
ION Platform Finance US Inc (7)(24)	SF +	3.75%	7.42	%	10/7/2032	10,000		9,903	9,414
Kaseya Inc (7)(23)	SF +	3.00%	6.72	%	3/20/2032	5,747		5,717	5,759
McAfee Corp (8)(23)	SF +	3.00%	6.72	%	3/1/2029	510		480	473
Mitchell International Inc (8)(23)	SF +	3.25%	6.97	%	6/17/2031	4,938		4,918	4,960
Project Alpha Intermediate Holding, Inc. (8)(24)	SF +	3.25%	6.92	%	10/26/2030	6,969		6,904	6,966
Proofpoint, Inc. (8)(24)	SF +	3.00%	6.67	%	8/31/2028	2,483		2,465	2,500
Rocket Software Inc (8)(23)	SF +	3.75%	7.47	%	11/28/2028	2,017		1,978	2,019
Stack Sports Buyer, LLC (4)(9)(23)	SF +	5.75% (incl 3.13% PIK)	9.47	%	3/31/2031	18,465		18,226	18,376
Stack Sports Buyer, LLC (4)(6)(9)					3/31/2031	4,071		(57)	(19)
Stack Sports Buyer, LLC (4)(6)(9)					3/31/2031	2,994		(39)	(14)
Storable Inc (7)(23)	SF +	3.25%	6.97	%	4/16/2031	1,867		1,863	1,878
Tango Bidco SAS (4)(5)(6)(7)					10/17/2031	EUR	348	(5)	(9)
Tango Bidco SAS (4)(5)(6)(7)(27)	E +	5.25%	7.28	%	10/17/2031	EUR	1,844	1,301	1,449
Tango Bidco SAS (4)(5)(7)(27)	E +	5.25%	7.28	%	10/17/2031	EUR	4,646	4,969	5,343
Technology Growth Capital Pty Ltd (4)(5)(10)(24)	SF +	6.50%	10.48	%	7/2/2030	3,544		3,471	3,541
Tricentis Operations Holdings Inc (4)(9)(24)	SF +	6.25% (incl 4.88% PIK)	10.09	%	2/11/2032	19,447		19,283	19,455
Tricentis Operations Holdings Inc (4)(6)(9)					2/11/2032	3,748		(35)	2
Tricentis Operations Holdings Inc (4)(6)(9)					2/11/2032	2,713		(24)	—
UKG Inc (7)(24)	SF +	2.50%	6.34	%	2/10/2031	5,209		5,199	5,220
								273,502	277,168	22.21	%
Specialty Retail
Constellation Automotive Limited (4)(5)(7)(28)	E +	6.25%	8.37	%	4/3/2031	EUR	4,527	4,927	5,403
Constellation Automotive Limited (4)(5)(7)(29)	SN +	6.25%	10.00	%	4/3/2031	GBP	10,951	14,140	14,975
Great Outdoors Group, LLC (9)(23)	SF +	3.25%	6.97	%	1/23/2032	2,023		2,014	2,038
Knitwell Borrower LLC (4)(10)(24)	SF +	7.75%	11.72	%	7/28/2027	1,880		1,858	1,864
Knitwell Borrower LLC (4)(10)(24)	SF +	7.75%	11.72	%	7/28/2027	13,139		12,913	13,024
PetSmart LLC (7)(23)	SF +	4.00%	7.73	%	8/18/2032	8,369		8,289	8,345
Staples, Inc. (8)(24)	SF +	5.75%	9.60	%	9/4/2029	12,283		11,878	11,696
White Cap Buyer, LLC (7)(23)	SF +	3.25%	6.97	%	10/19/2029	2,131		2,122	2,142
								58,141	59,487	4.77	%
Trading Companies & Distributors
Atlas Intermediate III LLC (4)(10)(24)	SF +	7.75%	11.59	%	10/31/2029	9,391		9,253	9,107
W3 TopCo LLC (4)(10)(24)	SF +	6.50%	10.36	%	3/22/2029	13,478		13,131	12,288
								22,384	21,395	1.71	%
Transportation Infrastructure

Table of Contents

HPS Corporate Capital Solutions 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
Tikehau Motion Midco SARL (4)(5)(7)(28)	E +	6.50%	8.59	%	8/22/2031	EUR	4,765	5,480		5,534
Tikehau Motion Midco SARL (4)(5)(7)(28)	E +	6.50%	8.59	%	8/22/2031	EUR	10,291	11,837		11,954
Tikehau Motion Midco SARL (4)(5)(6)(7)					8/22/2031	EUR	7,635	(174)		(102)
								17,143		17,386		1.39	%
Wireless Telecommunication Services
CCI Buyer, Inc. (4)(6)(9)					5/13/2032	144		(1)		—
CCI Buyer, Inc. (4)(9)(24)	SF +	5.00%	8.67	%	5/13/2032	1,869		1,852		1,869
								1,851		1,869		0.15	%
Total First Lien Debt								$	1,775,093	$	1,788,804	143.33	%

Second Lien Debt
Aerospace & Defense
Albers Aerospace Holdings LLC (4)(7)		13.00% (incl 4.00% PIK)	13.00	%	6/22/2031	$	3,020	$	2,975	$	2,975
Albers Aerospace Holdings LLC (4)(6)(7)					6/22/2031	1,983		(30)		(30)
								2,945		2,945		0.24	%
Hotels, Restaurants & Leisure
Equinox Holdings, Inc. (4)(7)		16.00% PIK	16.00	%	6/30/2027	1,663		1,646		1,658
								1,646		1,658		0.13	%
Insurance
International Construction Products, LLC (4)(5)(7)		15.25% PIK	15.25	%	9/5/2034	3,303		3,303		3,303
								3,303		3,303		0.26	%
Total Second Lien Debt								$	7,894	$	7,906	0.63	%

Other Secured Debt
Asset Based Lending and Fund Finance
TPG VIII Merlin New Holdings I, L.P. (4)(5)(10)(24)	SF +	6.50%	10.44	%	3/15/2027	$	9,723	$	9,646	$	9,680
RGP Holdings 2, LLC (4)(5)(10)(24)	SF +	6.50% PIK	10.17	%	10/11/2032	3,583		3,515		3,514
								13,161		13,194		1.06	%
Electric Utilities
IDF 9 Financeco, LLC (4)(16)(24)	SF +	8.50%	12.17	%	3/28/2031	2,518		2,496		2,505
								2,496		2,505		0.20	%
Entertainment
Chord Searchlight, L.P (4)(5)(6)(10)(24)	SF +	6.75% PIK	10.59	%	7/16/2030	22,299		16,756		16,922
								16,756		16,922		1.36	%
Financial Services
GAPCO AIV Interholdco (CP), L.P. (4)(5)(6)(10)					3/31/2033	12,500		(500)		(365)
Stanford Midco Limited (4)(5)(7)(29)	SN +	10.00% PIK	13.79	%	8/5/2026	GBP	1,880	2,469		2,506
								1,969		2,141		0.17	%
Independent Power and Renewable Electricity Producers
Flatiron Energy Holdco LLC (4)(14)(24)	SF +	7.38% PIK	11.05	%	10/1/2029	4,027		3,957		3,966
Flatiron Energy Holdco LLC (4)(14)(24)	SF +	7.38% PIK	11.05	%	10/1/2029	5,554		5,464		5,469
Flatiron Energy Holdco LLC (4)(6)(14)(25)	SF +	7.38% PIK	11.22	%	10/1/2029	41,156		4,935		4,970
								14,356		14,405		1.15	%
Media
Shelley Midco 1 Pty Ltd (4)(5)(7)		13.50% PIK	13.50	%	4/17/2029	AUD	19,023	12,305		12,634
								12,305		12,634		1.01	%
Real Estate Management & Development
Link Apartments Opportunity Zone REIT, LLC (4)(16)(24)	SF +	7.50%	11.17	%	12/27/2029	1,819		1,790		1,803
Link Apartments Opportunity Zone REIT, LLC (4)(6)(16)(24)	SF +	7.50%	11.17	%	12/27/2029	1,039		768		776
								2,558		2,579		0.21	%

Table of Contents

HPS Corporate Capital Solutions 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
Total Other Secured Debt								$	63,601	$	64,380	5.16	%

Unsecured Debt
Capital Markets
Constellation Wealth Capital Fund-A-Blocker (LIDO), LLC (4)					2/1/2038	$	47	$	—	$	—
								—		—		—	%
Financial Services
Freedom Funding Center LLC (4)(7)		12.00%	12.00	%	9/30/2032	27,876		27,876		28,161
								27,876		28,161		2.26	%
Health Care Equipment & Supplies
Corza Medical Srl (4)(5)(7)		14.00% PIK	14.00	%	2/13/2030	19,369		19,164		19,950
								19,164		19,950		1.60	%
Total Unsecured Debt								$	47,040	$	48,111	3.86	%

Structured Finance Investments
Structured Finance
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	2,500		2,500		2,500
Alp CFO 2025, L.P. (4)(5)(7) - Class C		12.24%	12.24	%	7/15/2037	4,000		4,000		4,000
Alp CFO 2025, L.P. (4)(5)(20) - Subordinated Note					7/15/2037	4,000		4,000		4,000
Ares Secondaries Pbn Finance Co IV LLC (4)(5)(6)(7)(24) - Class A	SF +	2.90%	6.89	%	4/14/2039	997		7		27
Ares Secondaries Pbn Finance Co IV LLC (4)(5)(6)(7)(24) - Class C	SF +	8.50%	12.49	%	4/14/2039	7,000		73		297
Coller Private Equity Backed Notes & Loans II-A LP (4)(5)(6)(7)(24) - Class A	SF +	2.95%	6.95	%	4/30/2037	1,000		401		404
Coller Private Equity Backed Notes & Loans II-A LP (4)(5)(6)(7)(24) - Class B	SF +	5.20%	9.20	%	4/30/2037	1,000		401		398
PBN II-A Equity Holdings L.P. (4)(5)(6)(20) - Limited Partnership Interest						10,000		4,631		4,580
								17,013		17,206		1.38	%
Total Structured Finance Investments								$	17,013	$	17,206	1.38	%

Preferred Equity
Aerospace & Defense
Albers Aerospace Holdings LLC (4)(20)(21) - Preferred Units						5,000		$	4,292	$	4,306
								4,292		4,306		0.35	%
Asset Based Lending and Fund Finance
LC8 Cirrostratus L.P. (4)(5)(10)(21)(24) - Class A Units	SF +	7.00% PIK	10.69	%	2/8/2029	1,714		1,692		1,702
								1,692		1,702		0.14	%
Beverages
CC Investor Aggregator, L.P. (4)(21) - Class A Units						40,582		40,582		43,835
								40,582		43,835		3.51	%
Capital Markets
CB Lido Offshore Blocker X, LLC (4)(21) - Class Z Units						2,947,104		2,947		3,031
Constellation Wealth Capital Fund-A-Blocker (LIDO), LLC (4)(21) - Class Z Units						21,755		121		124
LAL Group Holdings, LLC (4)(20)(21) - Class Z Units						21,932,329		21,932		22,559
								25,000		25,714		2.06	%
Electric Utilities
IDF 9 Financeco, LLC (4)(20)(21) - Series B Units						1,055,303		1,045		1,150
								1,045		1,150		0.09	%
Health Care Equipment & Supplies
Femur Holdings LP (4)(21) - Preferred Stock						5,161,701		5,064		3,468

Table of Contents

HPS Corporate Capital Solutions 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
								5,064		3,468		0.28	%
Hotels, Restaurants & Leisure
The ONE Group Hospitality, Inc. (4)(21) - Preferred Stock						1,000		877		1,134
								877		1,134		0.09	%
Software
Lava Topco, Inc. (4)(21) - Preferred Stock						25,000		25,000		25,000
								25,000		25,000		2.00	%
Textiles, Apparel & Luxury Goods
Kendra Scott Design Inc (4)(21) - Preferred Stock						2,316,836		24,270		33,117
								24,270		33,117		2.65	%
Wireless Telecommunication Services
CCI Topco, Inc. (4)(21) - Preferred Stock						500		49,005		54,604
								49,005		54,604		4.38	%
Total Preferred Equity								$	176,827	$	194,030	15.55	%

Other Equity Investments
Aerospace & Defense
Albers Aerospace Holdings LLC (4)(20)(21) - Class D Units						24		$	633	$	633
								633		633		0.05	%
Consumer Staples Distribution & Retail
AP Himalaya Co-Invest, L.P. (4)(21) - LP Interest						20,006		20,087		21,745
								20,087		21,745		1.74	%
Electric Utilities
IDF 8 Topco, LLC (4)(20)(21) - Series B-1 Units						230,248		230		—
IDF 8 Topco, LLC (4)(20)(21) - Series B-2 Units						230,248		230		—
								460		—		—	%
Entertainment
AMR GP Holdings Ltd (4)(5)(21) - Ordinary Shares						1,675		10,047		15,634
								10,047		15,634		1.26	%
Hotels, Restaurants & Leisure
The ONE Group Hospitality, Inc. (21) - A-2 Warrants						11,911		61		21
The ONE Group Hospitality, Inc. (4)(21) - B-2 Warrants						6,667		12		—
								73		21		—	%
Pharmaceuticals
Creek Feeder, L.P. (4)(21) - LP Interest						10,000		10,000		10,835
								10,000		10,835		0.87	%
Total Other Equity Investments								$	41,300	$	48,868	3.92	%
Total Investments - Non-Controlled/Non-Affiliated								$	2,128,768	$	2,169,305	173.83	%

Non-Controlled/Affiliated Investments
First Lien Debt
Household Durables
Lasko Operation Holdings, LLC (4)(10)(19)(24)	SF +	6.50%	10.59	%	6/4/2030	$	1,768	$	1,701	$	1,768
								1,701		1,768		0.14	%
IT Services
New Era Technology Inc (4)(10)(19)(24)	SF +	6.25% PIK	10.07	%	6/30/2030	4,481		4,430		4,481
								4,430		4,481		0.36	%
Total First Lien Debt								$	6,131	$	6,249	0.50	%

Preferred Equity
IT Services
NE SPV Holdco, LLC (4)(19)(21) - Preferred Units						4,139		$	3,018	$	1,980

Table of Contents

HPS Corporate Capital Solutions 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
							3,018		1,980		0.16	%
Total Preferred Equity							$	3,018	$	1,980	0.16	%

Other Equity Investments
Household Durables
Lasko Operation Holdings, LLC (4)(19)(21) - Common Shares					891		$	287	$	287
							287		287		0.02	%
IT Services
NE SPV Holdco, LLC (4)(19)(21) - Common Units					4,139		—		—
							—		—		—	%
Total Other Equity Investments							$	287	$	287	0.02	%
Total Investments - Non-Controlled/Affiliated							$	9,436	$	8,516	0.68	%
Total Investment Portfolio							$	2,138,204	$	2,177,821	174.51	%

Cash and Cash Equivalents
Dreyfus Government Cash Management (5)		3.67	%		$	9,305	$	9,305	$	9,305
Dreyfus Treasury Obligations Cash Management (5)		3.68	%		5		5		5
Goldman Sachs Financial Square Government Fund (5)		3.69	%		390		390		390
Cash							14,402		14,402
Total Cash and Cash Equivalents							$	24,102	$	24,102	1.93	%
Total Investment Portfolio, Cash and Cash Equivalents							$	2,162,306	$	2,201,923	176.44	%

(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), 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 facility 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"), 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 Prime, SONIA, Euribor, SOFR, CORRA, TONA, 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.

(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 23.1% of total assets as calculated in accordance with regulatory requirements.


Investments-non-controlled/non-affiliated	Commitment Type	Unfunded Commitment		Fair Value
Albers Aerospace Holdings LLC	2nd Lien Senior Secured Delayed Draw Loan	$	1,983	$	(30)
Alchemy US Holdco 1 LLC	1st Lien Senior Secured Delayed Draw Loan	1,051		(69)
American Academy Holdings, LLC	1st Lien Senior Secured Revolving Loan	160		(1)
Ares Secondaries Pbn Finance Co IV LLC	Structured Finance Obligations - Debt Instruments	6,927		221
Ares Secondaries Pbn Finance Co IV LLC	Structured Finance Obligations - Debt Instruments	990		20
AVSC Holding Corp.	1st Lien Senior Secured Revolving Loan	962		—
Axiom Buyer, LLC	1st Lien Senior Secured Delayed Draw Loan	1,905		(22)

Table of Contents

HPS Corporate Capital Solutions Fund

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Investments-non-controlled/non-affiliated	Commitment Type	Unfunded Commitment	Fair Value
Axiom Buyer, LLC	1st Lien Senior Secured Revolving Loan	825	(10)
Azurity Pharmaceuticals Inc	1st Lien Senior Secured Revolving Loan	4,037	(171)
Azzurri Bidco Ltd	1st Lien Senior Secured Delayed Draw Loan	2,204	(113)
Blazing Star Shields Direct Parent, LLC	1st Lien Senior Secured Revolving Loan	2,131	(36)
Carbon Topco, Inc.	1st Lien Senior Secured Revolving Loan	1,332	—
CCI Buyer, Inc.	1st Lien Senior Secured Revolving Loan	144	—
Certania Beteiligungen GmbH	1st Lien Senior Secured Delayed Draw Loan	5,363	(117)
CF Newco Inc	1st Lien Senior Secured Revolving Loan	3,575	—
Chord Searchlight, L.P	Other Secured Debt Delayed Draw Loan	5,234	(33)
CohnReznick Advisory LLC	1st Lien Senior Secured Delayed Draw Loan	49	—
Coller Private Equity Backed Notes & Loans II-A LP	Structured Finance Obligations - Debt Instruments	599	2
Coller Private Equity Backed Notes & Loans II-A LP	Structured Finance Obligations - Debt Instruments	599	(2)
Creek Parent, Inc.	1st Lien Senior Secured Revolving Loan	2,754	(11)
Diagnostic Services Holdings, Inc.	1st Lien Senior Secured Revolving Loan	144	(1)
DigiCert Inc	1st Lien Senior Secured Revolving Loan	4,746	(54)
Einstein Parent Inc	1st Lien Senior Secured Revolving Loan	2,707	(32)
Espresso Bidco Inc.	1st Lien Senior Secured Delayed Draw Loan	3,583	(32)
Espresso Bidco Inc.	1st Lien Senior Secured Revolving Loan	1,593	(14)
FC Compassus LLC	1st Lien Senior Secured Delayed Draw Loan	159	2
FC Compassus LLC	1st Lien Senior Secured Delayed Draw Loan	1,332	13
FC Compassus LLC	1st Lien Senior Secured Revolving Loan	2,716	—
Femur Buyer Inc	1st Lien Senior Secured Revolving Loan	340	(12)
Flatiron Energy Holdco LLC	Other Secured Debt Delayed Draw Loan	35,559	(543)
GAPCO AIV Interholdco (CP), L.P.	Other Secured Debt Delayed Draw Loan	12,500	(365)
Grain Connect Limited	1st Lien Senior Secured Delayed Draw Loan	1,446	(38)
Grain Connect Limited	1st Lien Senior Secured Delayed Draw Loan	692	(18)
Grain Connect Limited	1st Lien Senior Secured Delayed Draw Loan	7,285	(193)
Indigo Purchaser, Inc.	1st Lien Senior Secured Delayed Draw Loan	2,623	26
Indigo Purchaser, Inc.	1st Lien Senior Secured Revolving Loan	1,942	—
Kabafusion Parent LLC	1st Lien Senior Secured Revolving Loan	1,300	—
Link Apartments Opportunity Zone REIT, LLC	Other Secured Debt Delayed Draw Loan	255	(2)
Madonna Bidco Ltd	1st Lien Senior Secured Delayed Draw Loan	1,483	15
MBS Services Holdings, LLC	1st Lien Senior Secured Delayed Draw Loan	20	(4)
Montagu Lux Finco Sarl	1st Lien Senior Secured Delayed Draw Loan	7,242	(79)
NTH Degree Purchaser Inc	1st Lien Senior Secured Delayed Draw Loan	3,422	(18)
NTH Degree Purchaser Inc	1st Lien Senior Secured Revolving Loan	1,792	(9)
ONE Group, LLC	1st Lien Senior Secured Revolving Loan	731	(24)
Orthrus Ltd	1st Lien Senior Secured Delayed Draw Loan	1,071	(8)
Patriot Acquisition Topco Sarl	1st Lien Senior Secured Revolving Loan	72	—
PBN II-A Equity Holdings L.P.	Structured Finance Obligations - Limited Partnership Interest	5,420	—
PF Finco PTY LTD	1st Lien Senior Secured Delayed Draw Loan	952	(11)
Raven Acquisition Holdings LLC	1st Lien Senior Secured Delayed Draw Loan	222	1
RBP Global Holdings Ltd	1st Lien Senior Secured Revolving Loan	3,878	(92)
Retail Services WIS Corporation	1st Lien Senior Secured Delayed Draw Loan	5,186	(89)
RH Buyer Inc	1st Lien Senior Secured Revolving Loan	1,226	(32)
Ribbon Communications Operating Company, Inc	1st Lien Senior Secured Revolving Loan	849	—
Saga Mid Co Limited	1st Lien Senior Secured Delayed Draw Loan	11,274	262
Saga Mid Co Limited	1st Lien Senior Secured Delayed Draw Loan	1,871	43
Shelley Bidco Pty Ltd	1st Lien Senior Secured Delayed Draw Loan	982	(7)
Solis Mammography Buyer, Inc.	1st Lien Senior Secured Delayed Draw Loan	2,201	(24)
Solis Mammography Buyer, Inc.	1st Lien Senior Secured Revolving Loan	3,387	(33)
Spruce Bidco II Inc	1st Lien Senior Secured Revolving Loan	4,493	(17)
Stack Sports Buyer, LLC	1st Lien Senior Secured Delayed Draw Loan	4,071	(19)
Stack Sports Buyer, LLC	1st Lien Senior Secured Revolving Loan	2,994	(14)

Table of Contents

HPS Corporate Capital Solutions Fund

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


Investments-non-controlled/non-affiliated	Commitment Type	Unfunded Commitment		Fair Value
Sunraycer HPS Borrower LLC	1st Lien Senior Secured Delayed Draw Loan	7,911		(158)
SW Ingredients Holdings, LLC	1st Lien Senior Secured Delayed Draw Loan	2,434		(13)
SW Ingredients Holdings, LLC	1st Lien Senior Secured Revolving Loan	2,437		(13)
Tango Bidco SAS	1st Lien Senior Secured Delayed Draw Loan	409		(9)
Tango Bidco SAS	1st Lien Senior Secured Delayed Draw Loan	671		(14)
Team, Inc.	1st Lien Senior Secured Delayed Draw Loan	3,740		(45)
Tex-Tech Industries, Inc.	1st Lien Senior Secured Delayed Draw Loan	804		8
Tex-Tech Industries, Inc.	1st Lien Senior Secured Revolving Loan	1,361		—
Tikehau Motion Midco SARL	1st Lien Senior Secured Delayed Draw Loan	8,970		(102)
Tricentis Operations Holdings Inc	1st Lien Senior Secured Delayed Draw Loan	3,748		2
Tricentis Operations Holdings Inc	1st Lien Senior Secured Revolving Loan	2,713		—
Valence Surface Technologies LLC	1st Lien Senior Secured Delayed Draw Loan	138		—
Valence Surface Technologies LLC	1st Lien Senior Secured Revolving Loan	3,280		—
Westlands Power Company Investor, LLC	1st Lien Senior Secured Delayed Draw Loan	16,875		(334)
Xponential Fitness LLC	1st Lien Senior Secured Revolving Loan	658		(10)
YA Intermediate Holdings II LLC	1st Lien Senior Secured Delayed Draw Loan	1,867		9
YA Intermediate Holdings II LLC	1st Lien Senior Secured Revolving Loan	803		—
Total		$	247,404	$	(2,473)

(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 1.50%.

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

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

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

(15) The interest rate floor on these investments as of December 31, 2025 was 2.75%.

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

(19) 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 non-controlled/affiliated investments were as follows:


	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
Lasko Operation Holdings, LLC	$	—	$	2,070	$	(81)	$	66	$	—	$	2,055	$	46
New Era Technology Inc	—		4,430		—		51		—		4,481		117
NE SPV Holdco, LLC	—		3,018		—		(1,038)		—		1,980		—
Total Non-Controlled/Affiliated Investments	$	—	$	9,518	$	(81)	$	(921)	$	—	$	8,516	$	163

(20) These investments are not pledged as collateral under the Revolving Credit Facility.

Table of Contents

HPS Corporate Capital Solutions Fund

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

(21) 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 $245,165, or 19.64% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

Portfolio Company

Investment

Acquisition Date

Albers Aerospace Holdings LLC

Preferred Units

December 22, 2025

LC8 Cirrostratus L.P.

Class A Units

August 8, 2024

CC Investor Aggregator, L.P.

Class A Units

May 19, 2025

CB Lido Offshore Blocker X, LLC

Class Z Units

August 5, 2025

Constellation Wealth Capital Fund-A-Blocker (Lido), LLC

Class Z Units

August 5, 2025

LAL Group Holdings, LLC

Class Z Units

August 5, 2025

IDF 9 Financeco, LLC

Series B Units

March 28, 2025

Femur Holdings LP

Preferred Stock

October 23, 2025

The ONE Group Hospitality, Inc.

Preferred Stock

May 1, 2024

Lava Topco, Inc.

Preferred Stock

November 10, 2025

Kendra Scott Design Inc

Preferred Stock

September 12, 2024

CCI Topco, Inc.

Preferred Stock

May 13, 2025

Albers Aerospace Holdings LLC

Class D Units

December 22, 2025

AP Himalaya Co-Invest, L.P.

LP Interest

September 18, 2024

IDF 8 Topco, LLC

Series B-1 Units

November 18, 2024

IDF 8 Topco, LLC

Series B-2 Units

November 18, 2024

AMR GP Holdings Ltd

Ordinary Shares

July 9, 2024

The ONE Group Hospitality, Inc.

A-2 Warrants

May 1, 2024

The ONE Group Hospitality, Inc.

B-2 Warrants

May 1, 2024

Creek Feeder, L.P.

LP Interest

December 16, 2024

NE SPV Holdco, LLC

Preferred Units

August 21, 2025

Lasko Operation Holdings, LLC

Common Shares

June 4, 2025

NE SPV Holdco, LLC

Common Units

August 21, 2025

(22) 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.

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

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

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

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

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

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

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

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

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

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

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

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

(35) The interest rate on these loans is subject to Prime Rate, which as of December 31, 2025 was 6.75%.

Table of Contents

HPS Corporate Capital Solutions 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	36,301	British Pounds	28,733	SMBC Capital Markets, Inc.	December 23, 2026	$	(2,372)
U.S. Dollars	2,836	Australian Dollars	4,278	SMBC Capital Markets, Inc.	March 23, 2026	(20)
U.S. Dollars	2,628	Canadian Dollars	3,599	SMBC Capital Markets, Inc.	March 23, 2026	(3)
U.S. Dollars	2,512	Japanese Yen	385,409	SMBC Capital Markets, Inc.	March 23, 2026	36
U.S. Dollars	28,849	British Pounds	21,574	SMBC Capital Markets, Inc.	March 23, 2026	(225)
U.S. Dollars	74,631	Euros	63,235	SMBC Capital Markets, Inc.	March 23, 2026	67
U.S. Dollars	61,637	British Pounds	46,060	Morgan Stanley	March 23, 2026	(436)
U.S. Dollars	16,879	Euros	14,303	Morgan Stanley	March 23, 2026	14
U.S. Dollars	23,593	Australian Dollars	35,603	Morgan Stanley	March 23, 2026	(167)
U.S. Dollars	1,979	New Zealand Dollars	3,408	Morgan Stanley	March 23, 2026	12
Total						$	(3,094)

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)
Morgan Stanley	August 2028 Notes	5.86%	SOFR + 2.27%	8/13/2028	150,000	$	326	$	—	$	326
Morgan Stanley	August 2030 Notes	6.20%	SOFR + 2.58%	8/13/2030	200,000	407		—		407
Total Interest Rate Swaps						$	733	$	—	$	733

(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%.

(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 Capital Solutions Fund

Notes to Consolidated Financial Statements (Unaudited)

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

Note 1. Organization

HPS Corporate Capital Solutions Fund (the “Company”) is a Delaware statutory trust that was formed on August 10, 2023 and commenced operations on April 8, 2024. The Company is an externally managed, 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 (the “1940 Act”). In addition, the Company has elected to be treated for federal income tax purposes, and intends to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is managed by HPS Advisors, LLC (the “Adviser”), a wholly-owned subsidiary of HPS Investment Partners, LLC (“HPS” or the “Administrator”).

The Company’s investment objective is to produce attractive, risk-adjusted returns in the form of current income and long-term capital appreciation by investing primarily in newly originated, privately negotiated senior secured debt and, to a lesser extent, junior capital of upper middle market and larger scale companies predominantly in the U.S. “Upper middle market” generally refers to companies with earnings before interest expense, income tax expense, depreciation and amortization (“EBITDA”) of $75 million to $1 billion annually or revenue of $250 million to $5 billion annually at the time of the Company’s investment.

The Company may from time to time invest in smaller or larger companies if the opportunity presents attractive investment characteristics and risk-adjusted returns. While the Company’s investment strategy primarily focuses on companies in the United States, the Company also intends 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.”

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. The Company intends to use these investments to maintain liquidity for the Company’s share repurchase program and to manage cash before investing subscriptions into directly originated, privately negotiated loans, while seeking attractive risk-adjusted investment returns. The Company also may 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.”

Subscriptions to purchase the Company’s common shares of beneficial interest, par value $0.01 per share (the “Common Shares”) may be made on an ongoing basis, but investors currently may only purchase the Company’s Common Shares pursuant to accepted monthly subscription orders effective as of the first calendar day of each month. The purchase price for the Common Shares on April 8, 2024 (the “Initial Closing”) was $25.00 per share. Thereafter, the purchase price per share equals the net asset value (“NAV”) per share, as of the last calendar day of the month immediately prior to the effective date of the share purchase. HPS Securities, LLC (the “Managing Dealer”), and the participating brokers will use their best efforts to sell shares, but are not obligated to purchase or sell any specific amount of shares. The Managing Dealer intends to enter into additional placement agreements with broker-dealers in connection with the private offering of the Company’s Common Shares (the “Private Offering”).

At the Initial Closing, the Company issued unregistered Common Shares in the Company, par value $0.01, to certain accredited investors in the Initial Closing of its Private Offering. The terms of the Private Offering required the Company to deposit all subscription proceeds in an escrow account with the Bank of New York Mellon, as escrow agent, until (i) the Company received subscriptions of at least $200.0 million; and (ii) the Company’s Board of Trustees (the “Board”) authorized the release of funds in the escrow account. On April 8, 2024, the Company’s Board authorized the release from escrow of the subscription proceeds of approximately $220.7 million and the Company issued and sold 8,827,880 Common Shares to such accredited investors. The offer and sale of the Common Shares was exempt from the registration provisions of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) of the Securities Act, Regulation D thereunder, and/or Regulation S thereunder.

As of July 1, 2025, in reliance upon exemptive relief issued to the Company by the Securities and Exchange Commission (the “SEC”), all of the Company’s outstanding Common Shares were converted into three separate classes (the “Share Class Conversion”): Class I common shares (“Class I Common Shares”), Class D common shares (“Class D Common Shares”) and Class S common shares (“Class S Common Shares”). All outstanding Common Shares immediately prior to the Share Class Conversion were subject to the same shareholder servicing and/or distribution fee as that applicable to the Class D Common Shares. Accordingly, for all periods prior to July 1, 2025, all share class activity for the existing Common Shares are presented under Class D Common Shares. As of July 1, 2025 there were 7,953,606 Class I Common Shares, 30,401,941 Class D Common Shares and 515 Class S Common Shares outstanding, respectively.

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

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Notes to Consolidated Financial Statements (Unaudited)

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

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 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 HCAP Holdings, LLC, HCAP IDF Holdings, LLC, HCAP Lux Sarl, HCAP ALP Holdings, LLC, HCAP HWD Holdings, LLC, HCAP QS Lux Sarl, and HCAP CLR Holdings, LLC. All intercompany transactions have been eliminated in consolidation.

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 on investment transactions 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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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, 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 the Company’s 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 may enter into foreign currency forward contracts to reduce the Company’s exposure to foreign currency exchange rate fluctuations in the value of 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 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

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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 June 30, 2026, $3.7 million of cash collateral pledged was included in other assets on the Consolidated Statements of Assets and Liabilities. As of December 31, 2025, $0.9 million of cash collateral received was invested in a money market fund and included in accrued expenses and other liabilities on the Consolidated Statements of Assets and Liabilities.

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.

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

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Notes to Consolidated Financial Statements (Unaudited)

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

unamortized discounts are recorded as interest income in the current period. For the three and six months ended June 30, 2026, the Company recorded non-recurring interest income of $0.5 million and $2.5 million, respectively (e.g. prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts). For the three and six months ended June 30, 2025, the Company recorded non-recurring interest income of $1.4 million and $1.5 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 June 30, 2026 and December 31, 2025, there was one and one portfolio company on non-accrual status, respectively.

PIK Income

The Company has loans in its portfolio that contain payment-in-kind (“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 is 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 and six months ended June 30, 2026, the Company recorded $0.7 million and $1.1 million of dividend income, respectively. For the three and six months ended June 30, 2025, the Company recorded $1.2 million of dividend income.

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 Expenses

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.

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 Private 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.

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Notes to Consolidated Financial Statements (Unaudited)

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

Deferred Financing Costs and Debt Issuance Costs

Deferred financing costs 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 for federal income tax purposes, and intends to qualify annually, as a RIC under Subchapter M of 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.

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 the sum of (i) its “investment company taxable income” for that year (without regard to the deduction for dividends paid), which is generally its net ordinary taxable income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax exempt income. The Company intends to make the requisite distributions to its shareholders, which will generally relieve the Company from corporate-level income taxes.

In addition, pursuant to 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 (1) 98% of its ordinary income for the calendar year, (2) 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 (3) 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 dividend distributions from such taxable income, the Company will accrue excise taxes, if any, on estimated undistributed taxable income.

For the three and six months ended June 30, 2026, the Company accrued $0.3 million and $0.7 million, respectively, of U.S. federal excise tax. For the three and six months ended June 30, 2025, the Company accrued $0.7 million and $0.8 million, respectively, of U.S. federal excise tax.

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 Common 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 Common Shares are allocated to such class directly.

Distributions

To the extent that the Company has taxable income available, the Company intends to pay distributions to its shareholders. Distributions to shareholders are recorded on the record date. All distributions are paid at the discretion of the Board and depend on the Company’s earnings, financial condition, maintenance of the Company’s 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.

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Notes to Consolidated Financial Statements (Unaudited)

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

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 same class of the Company's Common Shares unless they elect to receive their distributions in cash.

Segment Reporting

In accordance with ASC 280, Segment Reporting, 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 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 Consolidated Statements of Assets and Liabilities as “total assets” and the significant segment expenses are listed on the 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 they 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 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 June 30, 2026, the Company had payables due to affiliates of $3.8 million, comprised of $2.0 million of expenses reimbursable to the Administrator pursuant to the Administration Agreement and $1.8 million of other expenses paid on behalf of the Company, which includes $0.1 million of Board of Trustees’ fees. As of December 31, 2025, the Company had payables due to affiliates of $5.6 million, comprised of $1.2 million of expenses reimbursable to the Administrator pursuant to the Administration Agreement and $4.4 million of other expenses paid on behalf of the Company, which includes $0.4 million of Board of Trustees’ fees.

Investment Advisory Agreement

On January 9, 2024, the Company entered into an investment advisory agreement (the “Prior Investment Advisory Agreement”) with the Adviser.

In connection with the closing of the HPS/BlackRock Transaction, effective July 1, 2025, the Prior Investment Advisory Agreement was automatically terminated. Prior thereto, the Board approved a new investment advisory agreement (the “Investment Advisory Agreement”) between the Company and the Adviser, subject to shareholder approval. At a special meeting of shareholders on April 16, 2025, shareholders approved the Investment Advisory Agreement, which became effective upon the closing of the HPS/

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Notes to Consolidated Financial Statements (Unaudited)

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BlackRock Transaction. 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.

The management and incentive fees payable by the Company are unchanged from the Prior Investment Advisory Agreement, and the Investment Advisory Agreement is otherwise substantively identical in all respects to the Prior Investment Advisory Agreement. In addition, the Company’s investment strategy and team, including the Company’s executive officers, remains materially unchanged, and the HPS/BlackRock Transaction is not expected to have a material impact on the Company’s operations.

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 will ultimately be borne by the shareholders.

Base Management Fee

The management fee will be payable quarterly 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 quarter, as adjusted for any share issuances or repurchases during the quarter that do not occur on the first calendar day of the quarter. For purposes of the Investment Advisory Agreement, net assets means the Company’s total assets less the carrying value of liabilities, determined in accordance with U.S. GAAP. The payment and calculation of the management fee will be pro-rated for any period of less than three months. For the first calendar quarter in which the Company had operations, net assets were measured as the beginning net assets as of the date on which the Company broke escrow for the Private Offering.

The Adviser agreed to waive its base management fee from the Initial Closing through June 30, 2025. For the three and six months ended June 30, 2026, base management fees were $4.2 million and $8.3 million, respectively. For the three and six months ended June 30, 2025, base management fees were $2.9 million and $5.2 million, respectively, all of which were voluntarily waived by the Adviser. As of June 30, 2026 and December 31, 2025, $4.2 million and $3.8 million, respectively, was payable to the Adviser relating to management fees.

Incentive Fees

The Company will pay the Adviser an incentive fee. The incentive fee 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.

Income based incentive fee

The income based incentive fee will be based on the Company’s Pre-Incentive Fee Net Investment Income Returns, defined as: 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 prepayment premiums, but excluding fees for providing managerial assistance) accrued during the quarter, minus Operating Expenses (as defined below) for the quarter (including the management fee, taxes, any expenses payable under the Investment Advisory Agreement and the Administration Agreement (as defined below) with the Administrator, any expense of securitizations, and interest expense or other financing fees and any dividends paid on preferred shares, 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 1.5% per quarter (6.0% annualized).

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

The Company will pay 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:

a.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 of 1.5% (6.0% annualized);

b.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 1.76% (7.06% annualized). This portion of the Pre-Incentive Fee Net Investment Income Returns (which exceeds the Hurdle Rate but is less than 1.76%) is referred to as the “Catch-Up.” The Catch-Up is meant to provide the Adviser with approximately 15% of the Company's Pre-Incentive Fee Net Investment Income Returns as if a Hurdle Rate did not apply if the net investment income exceeds 1.76% in any calendar quarter; and

c.15% of the dollar amount of the Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.76% (7.06% annualized). This reflects that once the Hurdle Rate is reached and the Catch-Up is achieved, 15% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser.

The Adviser agreed to waive its income based incentive fee from the Initial Closing through June 30, 2025. For the three and six months ended June 30, 2026, income based incentive fees were $4.9 million and $9.9 million, respectively. For the three and six months ended June 30, 2025, income based incentive fees were $3.9 million and $6.7 million, respectively, all of which were voluntarily waived by the Adviser. As of June 30, 2026 and December 31, 2025, $4.9 million and $4.7 million, respectively, was payable to the Adviser relating to income based incentive fees.

Capital gains based 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 15.0% 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 15.0% of such cumulative amount, less the aggregate amount of actual capital gains incentive fees paid or capital gains incentive fees accrued under U.S. GAAP in all prior periods.

For the three and six months ended June 30, 2026, the Company incurred capital gains incentive fees of $0.2 million and recorded a reversal of previously accrued capital gains incentive fees of $(1.4) million, respectively. For the three and six months ended June 30, 2025, the Company recorded a reversal of previously accrued capital gains incentive fees of $(0.3) million and $(0.7) million, respectively. As of June 30, 2026 and December 31, 2025, the Company accrued $2.2 million and $3.7 million, respectively, of capital gains incentive fees, none of which were payable under the Investment Advisory Agreement.

Administration Agreement

On January 9, 2024, the Company entered into an administration agreement with HPS (as in effect prior to its termination as of July 1, 2025, the "Prior Administration Agreement"). 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, with HPS (the "Administration Agreement") with the material terms unchanged from the Prior Administration Agreement. Under the Administration Agreement, HPS will provide, or oversee the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of the 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 will reimburse HPS for the costs and expenses incurred by HPS in performing its obligations under the Administration Agreement. Such reimbursement includes

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HPS Corporate Capital Solutions Fund

Notes to Consolidated Financial Statements (Unaudited)

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

the Company’s allocable portion of compensation (including salaries, bonuses and benefits), overhead (including rent, office equipment and utilities) and other expenses incurred by HPS in performing its administrative obligations under the Administration Agreement, including but not limited to compensation paid 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 HPS or any of its affiliates, subject to the limitations described in Advisory and Administration Agreements. 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 HPS for administrative services will be the lesser of (1) HPS’s 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. HPS will be 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 will not reimburse HPS for any services for which it receives a separate fee, or for rent, depreciation, utilities, capital equipment or other administrative items allocated to a controlling person of HPS.

For the three and six months ended June 30, 2026, the Company incurred $0.5 million and $1.0 million, respectively, in expenses under the Administration Agreement and the Prior Administration Agreement, which were recorded in “administrative service expenses” in the Company’s Consolidated Statements of Operations. For the three and six months ended June 30, 2025, the Company incurred $0.6 million and $1.0 million, respectively, in expenses under the Prior Administration Agreement, which were recorded in “administrative service expenses” in the Company’s Consolidated Statements of Operations. As of June 30, 2026 and December 31, 2025 there were $2.0 million and $1.2 million, respectively, of administration service expenses payable by the Company which are included in “due to affiliates” in the Consolidated Statements of Assets and Liabilities.

Sub-Administration Agreement

HPS has hired Harmonic Fund Services (“Harmonic”) to assist in the provision of sub-administrative and fund accounting services. Harmonic will receive compensation for these services under a sub-administration agreement.

Certain Terms of the Investment Advisory Agreement and Administration Agreement

Each of the Investment Advisory Agreement and the Administration Agreement will remain in effect for a period of two years from the date it first becomes effective 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 Trustees of the Company who are not “interested persons” as defined in the 1940 Act (“Independent Trustees”). The Company may terminate the Investment Advisory Agreement upon 60 days’ written notice, and the Administration Agreement upon 120 days’ written notice, without payment of any penalty. The decision to terminate either agreement may be made by a majority of the Board or the shareholders holding a majority of the Company’s outstanding voting securities. In addition, without payment of any penalty, the Adviser may terminate the Investment Advisory Agreement upon 120 days’ written notice and the Administrator may terminate the Administration Agreement upon 60 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. The Investment Advisory Agreement was most recently approved by the Board on January 7, 2025, for an initial two-year period effective upon the closing of the HPS/BlackRock Transaction. The Administration Agreement was most recently approved by the Board on January 7, 2025, for an initial two-year period effective upon the closing of the HPS/BlackRock Transaction. The HPS/BlackRock Transaction closed on July 1, 2025, and the initial two-year period of the Investment Advisory Agreement and the Administration Agreement, which ends on July 1, 2027, commenced.

Managing Dealer Agreement

In connection with the closing of the HPS/BlackRock Transaction on July 1, 2025, the Company’s prior managing dealer agreement (the “Prior Managing Dealer Agreement”) was terminated and the Company entered into a new managing dealer agreement with the Managing Dealer (the “Managing Dealer Agreement”), with the material terms unchanged from the Prior Managing Dealer Agreement. Under the Managing Dealer Agreement, the Managing Dealer is entitled to receive shareholder servicing and/or distribution fees in arrears on the same frequency with which the Company pays distributions (i.e. monthly) in arrears, commencing no later than the first full calendar quarter after the Initial Closing, at an annual rate of (i) with respect to Class D Shares, a fee equal to 0.25% per annum of the aggregate NAV of Class D Shares (including any Class D Shares issued pursuant to our distribution reinvestment plan) (ii) with respect to Class S Shares, a fee equal to 0.85% per annum of aggregate NAV of Class S Shares (including any Class S Shares issued pursuant to

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

our distribution reinvestment plan), in each case, as of the first calendar day of the applicable subscription period, and subject to FINRA and other limitations on underwriting compensation. We accrue the shareholder servicing and/or distribution fee on the same frequency with which we accept subscriptions (i.e. monthly). No shareholder servicing and/or distribution fees are paid with respect to the Class I Shares. The shareholder servicing and/or distribution fees are 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.

As of July 1, 2025, in reliance upon exemptive relief issued to the Company by the SEC, all of the Company’s outstanding Common Shares were converted into three separate classes: Class I Common Shares, Class D Common Shares and Class S Common Shares. All outstanding Common Shares immediately prior to the Share Class Conversion were subject to the same shareholder servicing and/or distribution fee as that applicable to the Class D Common Shares. Accordingly, for all periods prior to July 1, 2025, all share class activity for the existing Common Shares are presented under Class D Common Shares.

Under the terms of the Managing Dealer Agreement, the Managing Dealer will serve as the Managing Dealer for the Private Offering. The Company will accrue the shareholder servicing and/or distribution fees on the same frequency with which the Company accepts subscriptions (i.e. monthly), and will pay the shareholder servicing and/or distribution fees to the Managing Dealer in arrears on the same frequency with which it pays regular distributions (i.e. monthly) in accordance with the Offering Memorandum. The Managing Dealer will be entitled to receive shareholder servicing and/or distribution fees in arrears at an annual rate of 0.25%, and 0.85% of the value of the Company’s net assets attributable to Class D Common Shares and Class S Common 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 Managing Dealer is a broker-dealer registered with the SEC and is a member of the Financial Industry Regulatory Authority, or FINRA.

The Managing Dealer Agreement may be terminated at any time, without the payment of any penalty, by vote of a majority of the Company’s Independent Trustees who have no direct or indirect financial interest in the operation of the Company’s distribution plan or the Managing Dealer Agreement 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. The Managing Dealer Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act.

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 Company’s obligations under the Managing Dealer Agreement to pay the shareholder servicing and/or distribution fees with respect to the Common Shares distributed shall survive termination of the agreement until such shares are no longer outstanding.

Distribution and Servicing Plan

On March 9, 2026, the Board approved the continuation of the 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 Common Shares, Class D Common Shares, and Class S Common Shares 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 Common Shares	—	%
Class D Common Shares	0.25	%
Class S Common Shares	0.85	%

The shareholder servicing and/or distribution fees will be paid on the same frequency with which the Company pays distributions (i.e. monthly) in arrears.

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

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Notes to Consolidated Financial Statements (Unaudited)

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

and/or distribution fees with respect to the Common Shares are calculated based on the aggregate NAV for all of the outstanding shares, it reduces the NAV with respect to all Common Shares, including shares issued under our distribution reinvestment plan.

Eligibility to receive the shareholder servicing and/or distribution fees is conditioned on a broker providing the following ongoing services with respect to the Common Shares: assistance with recordkeeping, answering investor inquiries regarding us, including regarding distribution payments and reinvestments, helping shareholders 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 fees due to failure to provide these services, the Managing Dealer will waive the shareholder servicing and/or distribution fees 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.

The Managing Dealer agreed to waive the shareholder servicing and/or distribution fees from the Initial Closing through March 31, 2025.

For the three and six months ended June 30, 2026, the Company incurred shareholder servicing and/or distribution fees of $0.6 million and $1.3 million, respectively. For the three and six months ended June 30, 2025, the Company incurred shareholder servicing and/or distribution fees of $0.5 million and $1.0 million, respectively, of which $0.0 million and $0.5 million, respectively, were waived during the period. As of June 30, 2026 and December 31, 2025, there was $0.2 million and $0.6 million, respectively, of shareholder servicing and/or distribution fees payable to the Managing Dealer.

Expense Support and Conditional Reimbursement Agreement

On January 9, 2024, the Company entered into an Expense Support and Conditional Reimbursement Agreement with the Adviser (the “Expense Support Agreement”). Pursuant to the Expense Support Agreement, the Adviser may elect to pay certain expenses on the Company’s behalf (an “Expense Payment”), 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 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 forty-five 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 quarter 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 quarter (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 quarter 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).

No Reimbursement Payment for any quarter shall be made if: (1) the Effective Rate of Distributions Per Share declared by the Company at the time of such Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, or (2) the Company’s Operating Expense Ratio at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relates. “Effective Rate of Distributions Per Share” means the annualized rate (based on a 12-month year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to shareholder servicing and/or distribution fees, and declared special dividends or special distributions, if any. The “Operating Expense Ratio” is calculated by dividing Operating Expenses, less organizational and offering expenses, base management and incentive fees owed to the Adviser, shareholder servicing and/or distribution fees, and interest expense, by the Company’s net assets. “Operating Expenses” means all of the Company’s operating costs and expenses incurred, as determined in accordance with generally accepted accounting principles for investment companies.

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 quarter, except to the extent the Adviser has waived its right to receive such payment for the applicable calendar quarter. For the three and six months ended June 30, 2026, $0.6 million and $1.0 million, respectively, of Adviser-advanced expenses met the conditions for expense recoupment.

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Notes to Consolidated Financial Statements (Unaudited)

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

The following table presents a summary of Expense Payments and the related Reimbursement Payments since the Company's commencement of operations:


Expense Support Quarter	Expense Payments by Adviser		Reimbursement Payments to Adviser		Unreimbursed Expense Payments
June 30, 2024(1)	$	2,678	$	(1,047)	$	1,631
September 30, 2024	1,855		—		1,855
December 31, 2024	1,555		—		1,555
March 31, 2025	2,061		—		2,061
June 30, 2025	1,256		—		1,256
September 30, 2025	374		—		374
December 31, 2025	730		—		730
Total	$	10,509	$	(1,047)	$	9,462

(1)Included in this amount is $0.7 million of Expense Payments made by the Adviser relating to expenses incurred by the Company during the year ended December 31, 2023.

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.

Note 4. Investments

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


	June 30, 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	$	1,792,129	$	1,772,488	78.04	%	$	1,781,224	$	1,795,053	82.42	%
Second lien debt	10,093		10,045		0.44		7,894		7,906		0.36
Other secured debt	79,523		79,396		3.50		63,601		64,380		2.96
Unsecured debt	54,682		56,158		2.47		47,040		48,111		2.21
Structured finance investments	37,963		39,466		1.74		17,013		17,206		0.79
Preferred equity	231,568		262,887		11.58		179,845		196,010		9.00
Other equity investments	42,154		50,568		2.23		41,587		49,155		2.26
Total	$	2,248,112	$	2,271,008	100.00	%	$	2,138,204	$	2,177,821	100.00	%

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Notes to Consolidated Financial Statements (Unaudited)

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

The industry composition of investments at fair value as of June 30, 2026 as compared to December 31, 2025 was as follows:


	June 30, 2026				December 31, 2025
	Fair Value		Percentage of Total Investments at Fair Value		Fair Value		Percentage of Total Investments at Fair Value
Aerospace & Defense	$	150,145	6.61	%	$	152,849	7.02	%
Asset Based Lending and Fund Finance	20,026		0.88		21,981		1.01
Automobile Components	30,140		1.33		30,735		1.41
Beverages	74,415		3.28		73,945		3.40
Capital Markets	29,814		1.31		29,007		1.33
Chemicals	27,136		1.19		26,872		1.23
Commercial Services & Supplies	95,027		4.18		86,302		3.96
Communications Equipment	13,188		0.58		13,731		0.63
Construction & Engineering	2,432		0.11		2,556		0.12
Consumer Staples Distribution & Retail	42,633		1.88		42,132		1.93
Containers & Packaging	42,248		1.86		42,641		1.96
Distributors	—		—		13,558		0.62
Diversified Consumer Services	25,522		1.12		23,596		1.08
Diversified Telecommunication Services	4,440		0.20		2,989		0.14
Electric Utilities	9,565		0.42		10,241		0.47
Electrical Equipment	8,356		0.37		8,405		0.39
Electronic Equipment, Instruments & Components	6,685		0.29		5,638		0.26
Entertainment	49,404		2.18		49,923		2.29
Financial Services	118,931		5.24		83,948		3.85
Food Products	718		0.03		622		0.03
Health Care Equipment & Supplies	96,644		4.26		90,621		4.16
Health Care Providers & Services	243,545		10.72		221,208		10.17
Health Care Technology	16,865		0.74		18,473		0.85
Hotels, Restaurants & Leisure	211,371		9.31		132,009		6.06
Household Durables	1,777		0.08		2,055		0.09
Independent Power and Renewable Electricity Producers	244,762		10.77		213,355		9.80
Insurance	61,488		2.71		64,673		2.97
IT Services	11,410		0.50		13,301		0.61
Leisure Products	11,597		0.51		11,736		0.54
Life Sciences Tools & Services	1,506		0.07		3,054		0.14
Machinery	11,157		0.49		8,843		0.41
Media	—		—		24,149		1.11
Metals & Mining	16,262		0.72		17,015		0.78
Mortgage Real Estate Investment Trusts (REITs)	12,290		0.54		—		—
Multi-Utilities	—		—		2,573		0.12
Pharmaceuticals	93,807		4.13		108,561		4.98
Professional Services	14,886		0.66		14,713		0.68
Real Estate Management & Development	3,261		0.14		2,579		0.12
Software	237,145		10.44		302,168		13.87
Specialty Retail	57,474		2.53		59,487		2.73
Structured Finance	39,466		1.74		17,206		0.79
Textiles, Apparel & Luxury Goods	36,570		1.61		33,117		1.52
Trading Companies & Distributors	20,833		0.92		21,395		0.98
Transportation Infrastructure	16,643		0.73		17,386		0.80
Wireless Telecommunication Services	59,424		2.62		56,473		2.59
Total	$	2,271,008	100.00	%	$	2,177,821	100.00	%

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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:


	June 30, 2026
	Amortized Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States	$	1,914,165	$	1,924,815	84.75	%	145.18	%
United Kingdom	190,171		199,355		8.78		15.04
Austria	37,059		39,863		1.76		3.01
Canada	36,319		36,375		1.60		2.74
Spain	29,317		28,498		1.25		2.15
France	15,400		16,052		0.71		1.21
Australia	13,382		13,847		0.61		1.04
Germany	6,350		6,128		0.27		0.46
Taiwan	3,008		3,133		0.14		0.24
United Arab Emirates	2,941		2,942		0.13		0.22
Total	$	2,248,112	$	2,271,008	100.00	%	171.29	%


	December 31, 2025
	Amortized Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States	$	1,823,283	$	1,840,885	84.53	%	147.51	%
United Kingdom	158,499		172,951		7.94		13.86
Austria	36,449		40,212		1.85		3.22
Australia	32,938		33,807		1.55		2.71
Spain	29,256		29,655		1.36		2.38
Canada	24,771		25,108		1.15		2.01
France	21,312		23,217		1.07		1.86
Germany	8,714		8,830		0.41		0.71
Taiwan	2,982		3,156		0.14		0.25
Total	$	2,138,204	$	2,177,821	100.00	%	174.51	%

As of June 30, 2026 and December 31, 2025, there was one and one portfolio company on non-accrual status, respectively, which represented 0.27% and 0.29% of total debt and income producing investments at fair value, respectively.

As of June 30, 2026 and December 31, 2025, on a fair value basis, 92.5% and 94.3% of performing debt and income producing investments bore interest at a floating rate, respectively, and 7.5% and 5.7% of performing debt and income producing investments 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.

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•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 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

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HPS Corporate Capital Solutions Fund

Notes to Consolidated Financial Statements (Unaudited)

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

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 Statements 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 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.

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


	June 30, 2026
	Level 1		Level 2		Level 3		Total
First lien debt	$	—	$	255,044	$	1,517,444	$	1,772,488
Second lien debt	—		—		10,045		10,045
Other secured debt	—		—		79,396		79,396
Unsecured debt	—		28,606		27,552		56,158
Structured finance investments	—		—		39,466		39,466
Preferred equity	—		—		262,887		262,887
Other equity investments	—		24		50,544		50,568
Total Investments	$	—	$	283,674	$	1,987,334	$	2,271,008
Cash equivalents	$	28,812	$	—	$	—	$	28,812


	December 31, 2025
	Level 1		Level 2		Level 3		Total
First lien debt	$	—	$	313,595	$	1,481,458	$	1,795,053
Second lien debt	—		—		7,906		7,906
Other secured debt	—		—		64,380		64,380
Unsecured debt	—		—		48,111		48,111
Structured finance investments	—		—		17,206		17,206
Preferred equity	—		—		196,010		196,010
Other equity investments	—		21		49,134		49,155
Total Investments	$	—	$	313,616	$	1,864,205	$	2,177,821
Cash equivalents	$	9,700	$	—	$	—	$	9,700

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HPS Corporate Capital Solutions Fund

Notes to Consolidated Financial Statements (Unaudited)

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

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


	Three Months Ended June 30, 2026
	First Lien Debt		Second Lien Debt		Other Secured Debt		Unsecured Debt		Structured Finance Investments		Preferred Equity		Other Equity Investments		Total Investments
Fair value, beginning of period	$	1,492,185	$	7,982	$	74,116	$	48,633	$	18,944	$	246,909	$	49,636	$	1,938,405
Purchases of investments(1)	63,777		2,092		7,312		6,949		19,140		4,490		412		104,172
Principal repayments and sales of investments	(23,348)		—		(1,997)		—		—		(161)		(177)		(25,683)
Accretion of discount/amortization of premium	2,097		6		131		13		—		—		—		2,247
Net realized gain (loss)	449		—		—		—		—		—		64		513
Net change in unrealized appreciation (depreciation)	(12,312)		(35)		(166)		(48)		1,382		9,427		609		(1,143)
Transfers in(2)	—		—		—		—		—		2,222		—		2,222
Transfers out(2)	(5,404)		—		—		(27,995)		—		—		—		(33,399)
Fair value, end of period	$	1,517,444	$	10,045	$	79,396	$	27,552	$	39,466	$	262,887	$	50,544	$	1,987,334
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of June 30, 2026	$	(11,800)	$	(35)	$	(166)	$	(48)	$	1,382	$	9,426	$	609	$	(632)

(1)Purchases include PIK interest and PIK 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 June 30, 2026, transfers out of level 3 of $(31.2) 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 June 30, 2026, transfers between investment types were $2.2 million.


	Six Months Ended June 30, 2026
	First Lien Debt		Second Lien Debt		Other Secured Debt		Unsecured Debt		Structured Finance Investments		Preferred Equity		Other Equity Investments		Total Investments
Fair value, beginning of period	$	1,481,458	$	7,906	$	64,380	$	48,111	$	17,206	$	196,010	$	49,134	$	1,864,205
Purchases of investments(1)	172,725		2,188		33,655		7,618		20,949		51,352		679		289,166
Principal repayments and sales of investments	(112,687)		—		(19,802)		—		—		(2,063)		(177)		(134,729)
Accretion of discount/amortization of premium	5,029		11		340		25		—		—		—		5,405
Net realized gain (loss)	1,510		—		824		—		—		210		64		2,608
Net change in unrealized appreciation (depreciation)	(25,780)		(60)		(908)		(40)		1,311		15,156		844		(9,477)
Transfers in(2)	891		—		907		—		—		2,222		—		4,020
Transfers out(2)	(5,702)		—		—		(28,162)		—		—		—		(33,864)
Fair value, end of period	$	1,517,444	$	10,045	$	79,396	$	27,552	$	39,466	$	262,887	$	50,544	$	1,987,334
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of June 30, 2026	$	(23,886)	$	(60)	$	(542)	$	(40)	$	1,311	$	15,165	$	844	$	(7,208)

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

(2)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the six months ended June 30, 2026, transfers out of level 3 of $(30.7) 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 six months ended June 30, 2026, transfers into level 3 of $0.9 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. For the six months ended June 30, 2026, transfers between investment types were $3.1 million.

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HPS Corporate Capital Solutions Fund

Notes to Consolidated Financial Statements (Unaudited)

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


	Three Months Ended June 30, 2025
	First Lien Debt		Second Lien Debt		Other Secured Debt		Unsecured Debt		Structured Finance Investments		Preferred Equity		Other Equity Investments		Total Investments
Fair value, beginning of period	$	1,004,807	$	4,314	$	18,307	$	17,971	$	—	$	31,187	$	47,153	$	1,123,739
Purchases of investments(1)	168,535		59		307		609		83		89,630		287		259,510
Principal repayments and sales of investments	(55,426)		—		(1,667)		—		—		—		(4,994)		(62,087)
Accretion of discount/amortization of premium	1,575		3		48		13		—		2		—		1,641
Net realized gain (loss)	(228)		—		—		—		—		—		—		(228)
Net change in unrealized appreciation (depreciation)	3,785		(3)		(45)		(322)		—		3,207		550		7,172
Transfers in(2)	1,554		—		—		—		—		—		—		1,554
Transfers out(2)	(613)		—		—		—		—		—		(36)		(649)
Fair value, end of period	$	1,123,989	$	4,373	$	16,950	$	18,271	$	83	$	124,026	$	42,960	$	1,330,652
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of June 30, 2025	$	4,443	$	(3)	$	(45)	$	(322)	$	—	$	3,207	$	550	$	7,830

(1)Purchases include PIK interest, 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 June 30, 2025, transfers into or out of Level 3 were primarily due to decreased or increased price transparency, respectively.


	Six Months Ended June 30, 2025
	First Lien Debt		Second Lien Debt		Other Secured Debt		Unsecured Debt		Structured Finance Investments		Preferred Equity		Other Equity Investments		Total Investments
Fair value, beginning of period	$	701,826	$	5,329	$	17,960	$	17,385	$	—	$	28,588	$	45,225	$	816,313
Purchases of investments(1)	475,625		115		2,253		1,192		83		90,375		299		569,942
Principal repayments and sales of investments	(61,665)		—		(3,333)		—		—		—		(4,994)		(69,992)
Accretion of discount/amortization of premium	2,689		6		99		25		—		4		—		2,823
Net realized gain (loss)	(227)		—		—		—		—		—		—		(227)
Net change in unrealized appreciation (depreciation)	4,666		(2)		(29)		(331)		—		5,059		2,465		11,828
Transfers in(2)	1,075		—		—		—		—		—		—		1,075
Transfers out(2)	—		(1,075)		—		—		—		—		(35)		(1,110)
Fair value, end of period	$	1,123,989	$	4,373	$	16,950	$	18,271	$	83	$	124,026	$	42,960	$	1,330,652
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of June 30, 2025	$	5,001	$	(2)	$	(29)	$	(331)	$	—	$	5,059	$	2,465	$	12,163

(1)Purchases include PIK interest, if applicable.

(2)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the six months ended June 30, 2025, transfers into or out of Level 3 were primarily due to decreased or increased price transparency, respectively.

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HPS Corporate Capital Solutions Fund

Notes to Consolidated Financial Statements (Unaudited)

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

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.


	June 30, 2026
	Fair Value(1)		Valuation Technique	Unobservable Input	Range				Weighted Average(2)		Impact to Valuation from an Increase in Input
					Low		High
Investments in first lien debt	$	1,332,471	Yield analysis	Discount rate	6.09	%	25.82	%	11.26	%	Decrease
	11,738		Discounted cash flow	Discount rate	5.39	%	20.00	%	12.01	%	Decrease
				Exit multiple	6.45x		8.75x		7.40x		Increase
	11,857		Recovery analysis	Recovery rate	86.82	%	99.23	%	89.30	%	Increase
Investments in second lien debt	10,046		Yield analysis	Discount rate	13.66	%	16.48	%	14.69	%	Decrease
Investments in other secured debt	66,698		Yield analysis	Discount rate	10.36	%	14.85	%	10.87	%	Decrease
Investments in unsecured debt	21,302		Yield analysis	Discount rate	13.04	%	13.04	%	13.04	%	Decrease
Investments in structured finance investments	12,631		Yield analysis	Discount rate	6.35	%	12.42	%	10.74	%	Decrease
	5,528		Estimated Net Asset Value	Net Asset Value	138.19	%	138.19	%	138.19	%	Increase
Investments in preferred equity	258,169		Yield analysis	Discount rate	6.57	%	20.43	%	13.03	%	Decrease
	187		Discounted cash flow	Discount rate	20.00	%	20.00	%	20.00	%	Decrease
				Exit multiple	8.75x		8.75x		8.75x		Increase
Investments in other equity	34,055		Yield analysis	Discount rate	8.00	%	10.00	%	9.34	%	Decrease
	15,226		Discounted cash flow	Discount rate	7.33	%	10.50	%	7.33	%	Decrease
				Exit multiple	5.82x		6.62x		5.82x		Increase


	December 31, 2025
	Fair Value(1)		Valuation Technique	Unobservable Input	Range				Weighted Average(2)		Impact to Valuation from an Increase in Input
					Low		High
Investments in first lien debt	$	1,183,807	Yield analysis	Discount rate	6.06	%	26.10	%	10.89	%	Decrease
	11,819		Discounted cash flow	Discount rate	5.66	%	20.00	%	11.82	%	Decrease
				Exit multiple	6.43x		8.75x		7.34x		Increase
Investments in second lien debt	4,961		Yield analysis	Discount rate	15.25	%	16.24	%	15.58	%	Decrease
Investments in other secured debt	31,310		Yield analysis	Discount rate	10.63	%	15.91	%	11.71	%	Decrease
Investments in unsecured debt	48,111		Yield analysis	Discount rate	12.78	%	13.04	%	12.89	%	Decrease
Investments in structured finance investments	8,626		Yield analysis	Discount rate	6.23	%	12.24	%	10.35	%	Decrease
Investments in preferred equity	164,724		Yield analysis	Discount rate	6.80	%	24.23	%	11.07	%	Decrease
	1,980		Discounted cash flow	Discount rate	20.00	%	20.00	%	20.00	%	Decrease
				Exit multiple	8.75x		8.75x		8.75x		Increase
Investments in other equity	32,580		Yield analysis	Discount rate	8.00	%	10.00	%	9.33	%	Decrease
	15,634		Discounted cash flow	Discount rate	7.31	%	7.31	%	7.31	%	Decrease
				Exit multiple	5.55x		5.55x		5.55x		Increase

(1)As of June 30, 2026, included within the fair value of Level 3 assets of $1,987,334 is an amount of $207,426 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 $1,864,205 is an amount of $360,653 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.

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

Table of Contents

HPS Corporate Capital Solutions Fund

Notes to Consolidated Financial Statements (Unaudited)

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

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.

Financial Instruments Not Carried at Fair Value

The following table presents fair value measurements of the Company’s debt obligations as of June 30, 2026 and December 31, 2025, had they been accounted for at fair value:

Debt


	June 30, 2026				December 31, 2025
	Carrying Value		Fair Value		Carrying Value		Fair Value
Revolving Credit Facility	$	575,292	$	575,292	$	578,709	$	578,709
August 2028 Notes(1)	147,909		148,969		149,589		151,264
August 2030 Notes(1)	196,258		198,025		199,366		202,099
Total	$	919,459	$	922,286	$	927,664	$	932,072

(1)As of June 30, 2026 and December 31, 2025, the carrying value of the Company’s Unsecured Notes (as defined below), are presented net of unamortized debt issuance costs. 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 further described in Note 6. See “Note 7. Borrowings” to the consolidated financial statements for additional disclosure regarding the carrying value of our debt.

The following table presents the fair value hierarchy of the Company’s debt obligations as of June 30, 2026 and December 31, 2025:


	June 30, 2026		December 31, 2025
Level 1	$	—	$	—
Level 2	—		—
Level 3	922,286		932,072
Total	$	922,286	$	932,072

As of June 30, 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.

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 and six months ended June 30, 2026, the average notional exposure for foreign currency forward contracts was $245.8 million and $252.2 million, respectively, and the average notional exposure for interest rate swaps were $350.0 million and $350.0 million, respectively. During the three and six months ended June 30, 2025, the average notional exposure for foreign currency forward contracts were $148.1 million and $118.5 million, respectively.

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HPS Corporate Capital Solutions Fund

Notes to Consolidated Financial Statements (Unaudited)

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

The following tables summarize the aggregate notional amount and fair value of the Company’s derivative financial instruments as of June 30, 2026 and December 31, 2025.


	June 30, 2026
	Level 1		Level 2		Level 3		Total Fair Value		Notional
Derivative Assets
Foreign currency forward contracts	$	—	$	2,808	$	—	$	2,808	$	200,800

Total derivative assets, at fair value	$	—	$	2,808	$	—	$	2,808	$	200,800

Derivative Liabilities
Foreign currency forward contracts	$	—	$	(1,823)	$	—	$	(1,823)	$	36,302
Interest rates swaps	—		(4,306)		—		(4,306)		350,000
Total derivative liabilities, at fair value	$	—	$	(6,129)	$	—	$	(6,129)	$	386,302


	December 31, 2025
	Level 1		Level 2		Level 3		Total Fair Value		Notional
Derivative Assets
Foreign currency forward contracts	$	—	$	129	$	—	$	129	$	96,001
Interest rates swaps	—		733		—		733		350,000
Total derivative assets, at fair value	$	—	$	862	$	—	$	862	$	446,001

Derivative Liabilities
Foreign currency forward contracts	$	—	$	(3,223)	$	—	$	(3,223)	$	155,844

Total derivative liabilities, at fair value	$	—	$	(3,223)	$	—	$	(3,223)	$	155,844

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 and six months ended June 30, 2026 and 2025 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net change in unrealized gain (loss) on foreign currency forward contracts	$	913	$	(7,743)	$	4,079	$	(9,880)
Realized gain (loss) on foreign currency forward contracts	$	(701)	$	(3,078)	$	(114)	$	(4,009)

The following tables present both gross and net information about derivative instruments eligible for offset in the Consolidated Statements of Assets and Liabilities as of June 30, 2026 and December 31, 2025:


			June 30, 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)
SMBC Capital Markets, Inc.	Foreign currency forward contracts	Derivative liabilities, at fair value	$	1,761	$	(1,823)	$	(62)	$	—	$	(62)
Morgan Stanley	Foreign currency forward contracts	Derivative assets, at fair value	$	1,047	$	—	$	1,047	$	—	$	1,047
Morgan Stanley	Interest rate swaps	Derivative liabilities, at fair value	$	—	$	(4,306)	$	(4,306)	$	3,730	$	(576)

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HPS Corporate Capital Solutions Fund

Notes to Consolidated Financial Statements (Unaudited)

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


			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)
SMBC Capital Markets, Inc.	Foreign currency forward contracts	Derivative liabilities, at fair value	$	103	$	(2,620)	$	(2,517)	$	—	$	(2,517)
Morgan Stanley	Foreign currency forward contracts	Derivative liabilities, at fair value	$	26	$	(603)	$	(577)	$	—	$	(577)
Morgan Stanley	Interest rate swaps	Derivative assets, at fair value	$	733	$	—	$	733	$	(733)	$	—

(1)Amount excludes excess cash collateral pledged/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.

The table below presents the carrying value of unsecured borrowings as of June 30, 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:


	June 30, 2026				December 31, 2025
Description	Carrying Value		Cumulative Hedging Adjustments		Carrying Value		Cumulative Hedging Adjustments
Unsecured Notes	$	344,167	$	(4,306)	$	348,955	$	733

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 June 30, 2026 and December 31, 2025, the Company’s asset coverage was 243.3% and 234.4%, respectively.

Revolving Credit Facility

On April 8, 2024, the Company, as borrower, entered into a senior secured revolving credit facility (the “Revolving Credit Facility”) pursuant to a Senior Secured Revolving Credit Agreement (the “Revolving Credit Agreement”), with JPMorgan Chase Bank, N.A., as administrative agent and as collateral agent, the lenders party thereto (the “Revolving Credit Facility Lenders”), and JPMorgan Chase Bank, N.A. and Sumitomo Mitsui Banking Corporation, as joint bookrunners and joint lead arrangers. On April 23, 2025, the Company, as borrower, entered into that certain Amendment No. 1 to Senior Secured Revolving Credit Agreement (the “Revolving Credit Agreement Amendment”) with JPMorgan Chase Bank, N.A., as administrative agent and as collateral agent, and the lenders party thereto, amending the Revolving Credit Agreement. The following describes the terms of the Revolving Credit Facility as modified through the Revolving Credit Agreement Amendment.

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 0.65% or 0.775% plus an “alternate base rate” in the case of any ABR Loan and 1.65% or 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

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HPS Corporate Capital Solutions Fund

Notes to Consolidated Financial Statements (Unaudited)

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

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 1.65% or 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 principal amount of the Revolving Credit Facility is $1,125 million, 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 $1,350 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 “Revolving Credit Facility Guarantors”). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including, without limitation, repaying outstanding indebtedness, making distributions, contributions and investments, and acquisition and funding of portfolio investments, and such other uses as permitted under the Revolving Credit 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 Revolving Credit Facility Guarantor, subject to certain exceptions, and includes a $150 million limit for swingline loans.

The availability period under the Revolving Credit Facility will terminate on April 23, 2029 (the “Revolving Credit Facility Commitment Termination Date”) and the Revolving Credit Facility will mature on April 23, 2030 (the “Revolving Credit Facility Maturity Date”). During the period from the Revolving Credit Facility Commitment Termination Date to the Revolving Credit Facility Maturity Date, the Company will be obligated to make mandatory prepayments under the Revolving Credit Facility out of the proceeds of certain asset sales, recovery events and/or equity or debt issuances.

Unsecured Notes

The Company issued unsecured notes, as further described below: August 2028 Notes and August 2030 Notes (each as defined below), which are collectively referred to herein as the “Unsecured Notes”.

Interest on the Unsecured Notes will be due semiannually. The interest rates are subject to increase (up to a maximum increase of 2.00% above the stated rate for each of the Unsecured Notes) in the event that, subject to certain exceptions, the 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 Unsecured Notes at a price equal to 100% of the principal amount, plus accrued and unpaid interest if a certain change in control event occurs. The 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.

August 2028 Notes

On August 13, 2025, the Company entered into a Master Note Purchase Agreement (the “2025 Note Purchase Agreement”) governing the issuance of $150 million in aggregate principal amount of its Series A Senior Notes, Tranche A (the “August 2028 Notes”) to institutional investors in a private placement. The August 2028 Notes have a fixed interest rate of 5.86% per annum and are due on August 13, 2028.

In connection with the August 2028 Notes, the Company entered into interest rate swaps 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 related to the August 2028 Notes, the Company receives a fixed interest rate of 5.86% per annum and pays a floating interest rate of SOFR + 2.2735% per annum on $150 million of the August 2028 Notes. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

August 2030 Notes

On August 13, 2025, the Company entered into the 2025 Note Purchase Agreement governing the issuance of $200 million in aggregate principal amount of its Series A Senior Notes, Tranche B (the “August 2030 Notes”) to institutional investors in a private placement. The August 2030 Notes have a fixed interest rate of 6.20% per annum and are due on August 13, 2030.

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HPS Corporate Capital Solutions Fund

Notes to Consolidated Financial Statements (Unaudited)

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

In connection with the August 2030 Notes, the Company entered into interest rate swaps 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 related to the August 2030 Notes, the Company receives a fixed interest rate of 6.20% per annum and pays a floating interest rate of SOFR + 2.581% per annum on $200 million of the August 2030 Notes. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

As of June 30, 2026 and December 31, 2025, the Company was in compliance with all covenants and other requirements of the Revolving Credit Facility and the Unsecured Notes, as applicable.

The Company’s outstanding debt obligations were as follows:


	June 30, 2026
	Maximum Principal		Outstanding Principal		Carrying Value		Unused Portion(1)		Amount Available(2)
Revolving Credit Facility(3)	$	1,125,000	$	575,292	$	575,292	$	549,708	$	549,708
August 2028 Notes(4)	150,000		150,000		147,909		—		—
August 2030 Notes(4)	200,000		200,000		196,258		—		—
Total	$	1,475,000	$	925,292	$	919,459	$	549,708	$	549,708


	December 31, 2025
	Maximum Principal		Outstanding Principal		Carrying Value		Unused Portion(1)		Amount Available(2)
Revolving Credit Facility(3)	$	1,125,000	$	578,709	$	578,709	$	546,291	$	546,291
August 2028 Notes(4)	150,000		150,000		149,589		—		—
August 2030 Notes(4)	200,000		200,000		199,366		—		—
Total	$	1,475,000	$	928,709	$	927,664	$	546,291	$	546,291

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

(2)The amount available reflects any limitations related to the Revolving 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 June 30, 2026 and December 31, 2025, the Company had outstanding borrowings denominated in the following non-USD currencies:


	June 30, 2026
	Australian Dollars (AUD)		Euros (EUR)		British Pounds (GBP)
Revolving Credit Facility	A$	10,203	€	39,421	£	9,299


	December 31, 2025
	Australian Dollars (AUD)		Euros (EUR)		British Pounds (GBP)
Revolving Credit Facility	A$	10,203	€	39,421	£	9,299

(4)As of June 30, 2026 and December 31, 2025, the carrying value of the Company's Unsecured Notes are presented net of unamortized debt issuance costs, 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.


	June 30, 2026				December 31, 2025
	Unamortized Debt Issuance Costs		Cumulative Change in the Notes Carrying Value as a Result of the Qualifying Fair Value Hedge Relationship		Unamortized Debt Issuance Costs		Cumulative Change in the Notes Carrying Value as a Result of the Qualifying Fair Value Hedge Relationship
August 2028 Notes	$	(598)	$	(1,493)	$	(737)	$	326
August 2030 Notes	(929)		(2,813)		(1,041)		407
Total	$	(1,527)	$	(4,306)	$	(1,778)	$	733

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HPS Corporate Capital Solutions Fund

Notes to Consolidated Financial Statements (Unaudited)

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

As of June 30, 2026 and December 31, 2025, $8.5 million and $9.7 million, respectively, of interest expense and $0.5 million and $0.5 million, respectively, of 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 and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Average principal debt outstanding	$	884,128		$	521,624		$	920,339		$	451,086
Weighted average interest rate(1)	6.2		%	6.8		%	6.2		%	6.9		%

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

The components of interest expense were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Borrowing interest expense	$	12,582	$	8,299	$	26,140	$	14,334
Facility unused fees	474		284		896		577
Amortization of financing costs	341		281		679		501
Amortization of debt issuance costs	126		—		251		—


Net (gain) loss from interest rate swaps accounted for as hedges and the related hedged items	89		—		265		—
Total interest expense	$	13,612	$	8,864	$	28,231	$	15,412
Cash paid for interest expense	$	8,210	$	8,944	$	28,466	$	15,229

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 investments, such as revolving loans or delayed draw loans, which require the Company to provide funding when requested by portfolio companies in accordance with underlying agreements. As of June 30, 2026 and December 31, 2025, the Company had unfunded investment commitments in the aggregate principal amount of $166.5 million and $247.4 million, respectively.

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of June 30, 2026, management is not aware of any material pending or threatened litigation.

The Adviser agreed to bear all of the Company’s expenses, including organization and offering expenses, through April 8, 2024, the date on which the Company broke escrow for the initial offering of its Common Shares, on which date the Company became obligated to reimburse the Adviser for such advanced expenses upon breaking escrow for the Private Offering and the Adviser requesting reimbursement of these expenses paid pursuant to the Expense Support Agreement. Refer to Note 3 for additional details on the Expense Support and Conditional Reimbursement Agreement.

Note 9. Net Assets

In connection with its formation, the Company has the authority to issue an unlimited number of Common Shares at $0.01 per share par value. On December 18, 2023, HPS purchased 100 shares of the Company’s Common Shares at $25.00 per share, which were subsequently redeemed on June 30, 2025.

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HPS Corporate Capital Solutions Fund

Notes to Consolidated Financial Statements (Unaudited)

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

As of April, 8, 2024, the Company had satisfied the minimum offering requirement, and the Company’s Board had authorized the release of proceeds from escrow. As of such date, the Company issued and sold 8,827,880 shares at an offering price of $25.00 per share, and the Board authorized the release of $220.7 million to the Company as payment for such shares. Under the terms of the Company’s Declaration of Trust, all Common Shares have equal rights as to voting and, when they are issued, will be duly authorized, validly issued, fully paid and nonassessable.

Until the release of proceeds from escrow, the per share purchase price for Common Shares in the Private Offering was $25.00 per share. Thereafter, the purchase price per share equals the NAV per share, as of the effective date of the monthly share purchase date. The Managing Dealer will use its best efforts to sell shares but is not obligated to purchase or sell any specific amount of shares in the Private Offering.

The following table summarizes transactions in Common Shares during the three and six months ended June 30, 2026:


	Three Months Ended June 30, 2026			Six Months Ended June 30, 2026
	Shares	Amount		Shares	Amount
CLASS I
Subscriptions	380,483	$	10,237	906,601	$	24,477
Share transfers between classes	—	—		—	—
Distributions reinvested	114,686	3,085		250,943	6,773
Share repurchases	(628,891)	(16,923)		(874,866)	(23,535)
Early repurchase deduction	—	11		—	19
Net increase (decrease)	(133,722)	$	(3,590)	282,678	$	7,734
CLASS D
Subscriptions	1,580,541	$	42,543	4,048,283	$	109,251
Share transfers between classes	—	—		—	—
Distributions reinvested	582,084	15,661		1,324,205	35,746
Share repurchases	(1,652,091)	(44,458)		(2,484,680)	(66,838)
Early repurchase deduction	—	34		—	60
Net increase (decrease)	510,534	$	13,780	2,887,808	$	78,219
CLASS S
Subscriptions	—	$	—	—	$	—
Share transfers between classes	—	—		—	—
Distributions reinvested	—	—		—	—
Share repurchases	—	—		—	—
Early repurchase deduction	—	0		—	0
Net increase (decrease)	—	$	—	—	$	—
Total net increase (decrease)	376,812	$	10,190	3,170,486	$	85,953

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HPS Corporate Capital Solutions Fund

Notes to Consolidated Financial Statements (Unaudited)

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

The following table summarizes transactions in Common Shares during the three and six months ended June 30, 2025:


	Three Months Ended June 30, 2025			Six Months Ended June 30, 2025
	Shares	Amount		Shares	Amount







CLASS D
Subscriptions	5,927,739	$	155,683	11,101,163	$	290,831

Distributions reinvested	351,310	9,211		1,004,789	26,195
Share repurchases	(405,989)	(10,734)		(405,989)	(10,734)
Early repurchase deduction	—	—		—	—
Net increase (decrease)	5,873,060	$	154,160	11,699,963	$	306,292

Net Asset Value per Share and Offering Price

The Company determines NAV for its 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, which will be the prior calendar day NAV per share (i.e. the prior month-end NAV).

Distributions

The Company declares monthly distribution amounts per share of Class I Common Shares, Class D Common Shares and Class S Common Shares 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 during the six months ended June 30, 2026:


		Class I
Declaration Date	Payment Date	Base Distribution Per Share		Special Distribution Per Share		Total Distribution Per Share		Distribution Amount
January 27, 2026	February 27, 2026	$	0.1390	$	—	$	0.1390	$	1,624
February 27, 2026	March 31, 2026	0.1390		—		0.1390		1,654
March 26, 2026	April 29, 2026	0.1390		—		0.1390		1,675
March 26, 2026	April 30, 2026	—		0.1600		0.1600		1,929
April 24, 2026	May 29, 2026	0.1390		—		0.1390		1,676
May 27, 2026	June 30, 2026	0.1390		—		0.1390		1,702
June 23, 2026	July 30, 2026	0.1390		—		0.1390		1,710
June 23, 2026	July 31, 2026	—		0.1100		0.1100		1,353








Total		$	0.8340	$	0.2700	$	1.1040	$	13,323


		Class D
Declaration Date	Payment Date	Base Distribution Per Share(1)		Special Distribution Per Share		Total Distribution Per Share		Distribution Amount
January 27, 2026	February 27, 2026	$	0.1333	$	—	$	0.1333	$	4,760
February 27, 2026	March 31, 2026	0.1338		—		0.1338		4,847
March 26, 2026	April 29, 2026	0.1333		—		0.1333		5,054
March 26, 2026	April 30, 2026	—		0.1600		0.1600		6,066
April 24, 2026	May 29, 2026	0.1335		—		0.1335		5,047
May 27, 2026	June 30, 2026	0.1333		—		0.1333		5,134
June 23, 2026	July 30, 2026	0.1335		—		0.1335		5,239
June 23, 2026	July 31, 2026	—		0.1100		0.1100		4,317








Total		$	0.8007	$	0.2700	$	1.0707	$	40,464

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HPS Corporate Capital Solutions Fund

Notes to Consolidated Financial Statements (Unaudited)

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


		Class S
Declaration Date	Payment Date	Base Distribution Per Share(1)		Special Distribution Per Share		Total Distribution Per Share		Distribution Amount
January 27, 2026	February 27, 2026	$	0.1195	$	—	$	0.1195	$	0
February 27, 2026	March 31, 2026	0.1213		—		0.1213		0
March 26, 2026	April 29, 2026	0.1195		—		0.1195		0
March 26, 2026	April 30, 2026	—		0.1600		0.1600		0
April 24, 2026	May 29, 2026	0.1202		—		0.1202		0
May 27, 2026	June 30, 2026	0.1196		—		0.1196		0
June 23, 2026	July 30, 2026	0.1202		—		0.1202		0
June 23, 2026	July 31, 2026	—		0.1100		0.1100		0








Total		$	0.7203	$	0.2700	$	0.9903	$	0

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

The following table presents distributions that were declared during the six months ended June 30, 2025:


		Class D
Declaration Date	Payment Date	Base Distribution Per Share(1)		Special Distribution Per Share		Total Distribution Per Share		Distribution Amount
January 29, 2025	April 30, 2025	$	0.1340	$	—	$	0.1340	$	3,620
February 26, 2025	April 30, 2025	0.1340		—		0.1340		3,777
March 27, 2025	April 28, 2025	0.1340		—		0.1340		4,142
March 27, 2025	April 30, 2025	—		0.1000		0.1000		3,091
April 25, 2025	July 31, 2025	0.1326		—		0.1326		4,562
May 28, 2025	July 31, 2025	0.1324		—		0.1324		4,814
June 24, 2025	July 29, 2025	0.1326		—		0.1326		4,931
June 24, 2025	July 31, 2025	—		0.1500		0.1500		5,579








Total		$	0.7996	$	0.2500	$	1.0496	$	34,516

(1)Base distributions per share are net of shareholder servicing and/or distribution fees. The Managing Dealer agreed to waive the shareholder servicing and/or distribution fee from the Initial Closing through March 31, 2025.

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 the Company’s 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 the Company’s distribution reinvestment plan will have their cash distributions 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.

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.

Historically, 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

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HPS Corporate Capital Solutions Fund

Notes to Consolidated Financial Statements (Unaudited)

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

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 six months ended June 30, 2026:


	Class I				Class D				Class S
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share		Amount
Net investment income	$	1.1040	$	13,323	$	1.0707	$	40,464	$	0.9903	$	0
Net realized gains	—		—		—		—		—		—
Total	$	1.1040	$	13,323	$	1.0707	$	40,464	$	0.9903	$	0

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 six months ended June 30, 2025:


	Class D
Source of Distribution		Per Share		Amount
Net investment income		$	1.0496	$	34,516
Net realized gains		—		—
Total		$	1.0496	$	34,516

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 Company’s Board may amend, suspend or terminate the share repurchase program if it deems such action to be in the Company’s best interest and the best interest of the Company’s shareholders. As a result, share repurchases may not be available each quarter.

The Company expects to repurchase shares pursuant to tender offers each quarter 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 the applicable NAV per share (the “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. The Company intends to conduct the repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased by the Company pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

The following tables summarize the share repurchases completed during the six months ended June 30, 2026 and 2025:


Repurchase Request Deadline	Percentage of Outstanding Shares the Company Offered to Repurchase(1)		Repurchase Pricing Date	Amount Repurchased(2)		Number of Shares Repurchased	Percentage of Outstanding Shares Repurchased(1)
March 3, 2026	5.00	%	March 31, 2026	$	28,992	1,078,563	2.34	%
June 8, 2026	5.00	%	June 30, 2026	$	61,381	2,280,983	4.67	%

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HPS Corporate Capital Solutions Fund

Notes to Consolidated Financial Statements (Unaudited)

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


Repurchase Request Deadline	Percentage of Outstanding Shares the Company Offered to Repurchase(1)		Repurchase Pricing Date	Amount Repurchased(2)		Number of Shares Repurchased	Percentage of Outstanding Shares Repurchased(1)
March 4, 2025	5.00	%	March 31, 2025	$	—	—	—	%
May 30, 2025	5.00	%	June 30, 2025	$	10,734	405,989	1.31	%

(1)Percentage is based on total outstanding 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, if applicable.

Note 10. Financial Highlights and Senior Securities

The following are the financial highlights for the six months ended June 30, 2026:


	Six Months Ended June 30, 2026
	Class I			Class D			Class S
Per Share Data:
Net asset value, beginning of period	$	27.07		$	27.07		$	27.07
Net investment income (1)	1.14			1.10			1.03
Net unrealized and realized gain (loss) (2)	(0.20)			(0.19)			(0.20)
Net increase (decrease) in net assets resulting from operations	0.94			0.91			0.83
Distributions from net investment income (3)	(1.10)			(1.07)			(0.99)
Distributions from net realized gains (3)	—			—			—
Net increase (decrease) in net assets from shareholders' distributions	(1.10)			(1.07)			(0.99)
Early repurchase deduction fees (6)	—			—			—
Total increase (decrease) in net assets	(0.16)			(0.16)			(0.16)
Net asset value, end of period	$	26.91		$	26.91		$	26.91
Shares outstanding, end of period	11,673,712			37,592,394			515
Total return based on NAV (4)	3.55		%	3.42		%	3.12		%
Ratios:
Ratio of net expenses to average net assets (5)	7.71		%	7.95		%	8.56		%
Ratio of net investment income to average net assets (5)	8.38		%	8.12		%	7.54		%
Portfolio turnover rate	9.41		%	9.41		%	9.41		%
Supplemental Data:
Net assets, end of period	$	314,157		$	1,011,656		$	14
Asset coverage ratio	243.3		%	243.3		%	243.3		%

(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).

(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.

(5)For the six months ended June 30, 2026, amounts are annualized except for the capital gains incentive fee. For the six months ended June 30, 2026, the ratio of total expenses to average net assets was 7.55%, 7.80% and 8.41% on an annualized basis for Class I Common Shares, Class D Common Shares and Class S Common Shares, respectively, excluding the effect of expense recoupment which represented 0.16%, 0.15% and 0.15% of average net assets for Class I Common Shares, Class D Common Shares and Class S Common Shares, respectively.

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

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HPS Corporate Capital Solutions Fund

Notes to Consolidated Financial Statements (Unaudited)

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

The following are the financial highlights for the six months ended June 30, 2025:


	Six Months Ended June 30, 2025
	Class D
Per Share Data:
Net asset value, beginning of period	$	25.99
Net investment income (1)	1.65
Net unrealized and realized gain (loss) (2)	(0.15)
Net increase (decrease) in net assets resulting from operations	1.50
Distributions from net investment income (3)	(1.05)
Distributions from net realized gains (3)	—
Net increase (decrease) in net assets from shareholders' distributions	(1.05)
Early repurchase deduction fees	—
Total increase (decrease) in net assets	0.45
Net asset value, end of period	$	26.44
Shares outstanding, end of period	36,784,248
Total return based on NAV (4)	5.83		%
Ratios:
Ratio of net expenses to average net assets (5)	4.01		%
Ratio of net investment income to average net assets (5)	12.57		%
Portfolio turnover rate	6.32		%
Supplemental Data:
Net assets, end of period	$	972,569
Asset coverage ratio	256.1		%

(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 six months ended June 30, 2025, amounts are annualized except for the capital gains incentive fee and excise tax expense. For the six months ended June 30, 2025, the ratio of total expenses to average net assets was 7.68% on an annualized basis, excluding the effect of expense support, shareholder servicing and/or distribution fees waiver, and management fee and income based incentive fee waivers by the Adviser which represented 3.67% of average net assets.

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)
Revolving Credit Facility
June 30, 2026	$	575,292	2,432.9	—	N/A
December 31, 2025	$	578,709	2,343.8	—	N/A
December 31, 2024	$	289,761	3,249.7	—	N/A
August 2028 Notes
June 30, 2026	$	150,000	2,432.9	—	N/A
December 31, 2025	$	150,000	2,343.8	—	N/A
August 2030 Notes
June 30, 2026	$	200,000	2,432.9	—	N/A
December 31, 2025	$	200,000	2,343.8	—	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.

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HPS Corporate Capital Solutions Fund

Notes to Consolidated Financial Statements (Unaudited)

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

(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.

Note 11. 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 June 30, 2026, except as discussed below.

Subscriptions

The Company received $9.8 million of net proceeds relating to the issuance of Class I Common Shares, Class D Common Shares, and Class S Common Shares for subscriptions effective July 1, 2026.

The Company received $23.7 million of net proceeds relating to the issuance of Class I Common Shares, Class D Common Shares, and Class S Common Shares for subscriptions effective August 1, 2026.

Distributions Declarations

On July 27, 2026, the Company declared net distributions of $0.1390 per Class I Common Share, $0.1333 per Class D Common Share, and $0.1196 per Class S Common Share, all of which are payable on or about August 31, 2026 to shareholders of record as of July 31, 2026.

Financing Transactions

On August 4, 2026, the Company amended the Revolving Credit Facility. The amendment provides for, among other things, (i) an increase in the aggregate commitments of the lenders from $1,125 million to $1,150 million, (ii) an extension of the Commitment Termination Date from April 23, 2029 to August 4, 2030, (iii) an extension of the Maturity Date from April 23, 2030 to August 4, 2031, (iv) an amendment to the accordion provision to permit increases up to a total facility amount of $1,725 million, and (v) removal of the credit spread adjustment of 0.10% that was previously added to the Term SOFR Rate applicable to U.S. dollar loans.

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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 regulated as a BDC under the 1940 Act. Formed as a Delaware statutory trust on August 10, 2023, we are externally managed by the Adviser, which is responsible for determining the portfolio composition, making investment decisions, monitoring investments, performing due diligence on prospective portfolio companies and providing us with such other investment advisory and related services as may reasonably be required for the investment of capital. We have elected to be treated for federal income tax purposes, and intend to qualify annually, as a RIC under Subchapter M of the Code.

On July 1, 2025, BlackRock acquired the business and assets of HPS, with 100% of consideration paid in BlackRock equity. Grishma Parekh and Colbert Cannon resigned from the Board effective upon the closing of the HPS/BlackRock Transaction to comply with the Section 15(f) safe harbor provisions of the 1940 Act. Mr. Cannon and Ms. Parekh continue to serve in their existing roles at HPS and the Adviser and, with respect to Mr. Cannon, as our President and a member of our Investment Committee.

We are a privately placed, perpetual-life BDC, which is a BDC whose shares are not listed for trading on a stock exchange or other securities market. We use the term “perpetual-life BDC” to describe an investment vehicle of indefinite duration, whose Common Shares are intended to be sold on a continuous basis at regular frequency by the BDC at a price generally equal to the BDC’s NAV per share. The Common Shares described herein have not been registered under the Securities Act, the securities laws of any other state or the securities laws of any other jurisdiction. The Common Shares will be offered and sold under the exemptions from registration under the Securities Act under Regulation D and Regulation S. Each purchaser will be required to represent that it is (i) either an “accredited investor” as defined in Rule 501 of Regulation D under the Securities Act or, in the case of Common Shares sold outside the United States, not a “U.S. person” in accordance with Regulation S of the Securities Act and (ii) acquiring the Common Shares purchased by it for investment and not with a view to resale or distribution.

We do not intend to list our Common Shares on any securities exchange and our Common Shares will not be publicly traded. Subscriptions to purchase our Common Shares may be made on an ongoing basis, but investors currently may only purchase our Common Shares pursuant to accepted monthly subscription orders effective as of the first calendar day of each month. The purchase price for the Common Shares in the Initial Closing was $25.00 per share. Thereafter, the purchase price per share equals the NAV per share, as of the last calendar day of the month immediately prior to the effective date of the share purchase. The Managing Dealer and the participating brokers will use their best efforts to sell shares, but are not obligated to purchase or sell any specific amount of shares. The Managing Dealer intends to enter into additional placement agreements with broker-dealers in connection with the Private Offering.

On May 13, 2025, the SEC issued an order (the “Multi-Class Order”) granting our application for exemptive relief from sections 18(a)(2), 18(c), 18(i) and 61(a) of the 1940 Act. Under the terms of the Multi-Class Order, we are permitted to offer multiple classes of our Common Shares with varying sales loads and/or asset-based service and/or distribution fees.

As of July 1, 2025, in reliance upon exemptive relief issued to us by the SEC, all of our outstanding Common Shares were converted into three separate classes (the “Share Class Conversion”); Class I common shares (“Class I Common Shares”), Class D common shares (“Class D Common Shares”) and Class S common shares (“Class S Common Shares”). All outstanding Common Shares immediately prior to the Share Class Conversion were subject to the same shareholder servicing and/or distribution fee as those applicable to the Class D Common Shares. Accordingly, for all periods prior to July 1, 2025, all share class activities for the existing Common Shares are presented under Class D Common Shares.

Under our Investment Advisory Agreement, we have agreed to pay 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 and incentive fee will ultimately be borne by the shareholders. Also, under the Administration Agreement, we have agreed to reimburse the Administrator for the costs and expenses incurred by the Administrator in performing its obligations under the Administration Agreement. Such reimbursement includes our allocable portion of compensation (including salaries, bonuses and benefits), overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to compensation paid 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 perform duties for us; and (iii) any internal

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audit group personnel of the Administrator or any of its affiliates, subject to the limitations described in the Investment Advisory and Administration Agreements. 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 we will reimburse the Administrator for any services performed for us by such affiliate or third party.

Our investment objective is to produce attractive, risk-adjusted returns in the form of current income and long-term capital appreciation by investing primarily in newly originated, privately negotiated senior secured debt and junior capital of upper middle market and larger scale companies predominantly in the U.S. We use the term “upper middle market” to generally refer to companies with EBITDA of $75 million to $1 billion annually or revenue of $250 million to $5 billion annually at the time of our investment.

We have and may continue to invest in smaller or larger companies if the opportunity presents attractive investment characteristics and risk-adjusted returns. While our investment strategy focuses primarily 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 of the U.S. subject to compliance with BDC requirements to invest at least 70% assets in “eligible portfolio companies”.

We intend to invest across most of the sub-segments of the private credit market rather than focusing only on leveraged buyout driven direct lending. We intend to allocate our private investment capital dynamically across the senior secured direct lending, junior capital, and special situations segments of the private credit market to seek to capture what HPS believes are compelling risk-adjusted return opportunities within different market environments. Specifically, we will seek to achieve our investment objective by pairing a primary allocation to current income focused, first lien, senior secured, and (to a lesser extent) unsecured private credit investments with a smaller, dynamic allocation to more capital-appreciation oriented private junior capital investments.

The income-oriented portion of our portfolio primarily focuses on direct lending investments with some element of perceived business or transactional complexity that require a high degree of structuring expertise to mitigate potential risk. In connection with this portion of the portfolio, we will seek to invest primarily in directly originated, privately negotiated senior secured debt of upper-middle market and large-scale borrowers with more complicated business models or capital structures, esoteric collateral, and/or that face timing pressures associated with strategic or refinancing needs. The loans within this portion of the portfolio are expected to be primarily floating rate instruments that typically pay current income on a quarterly basis. As a result, returns associated with this portion of the strategy are expected to be largely current income-oriented and to be derived predominately from contractual coupons, upfront fees/original issue discounts and, in some instances, prepayment penalties. To a lesser extent, we also participate in privately negotiated special situation opportunities. These investments are typically senior secured, but may also take the form of subordinated debt or preferred equity and may often be accompanied by equity or equity-linked securities as a form of potential return enhancement. The debt investments within this portion of the strategy may be floating or fixed rate and coupons may be paid in the form of cash or PIK interest.

The capital appreciation portion of our portfolio focuses on investments in privately negotiated junior capital investments, including preferred equity, convertible preferred equity, and to a lesser extent, select common or other equity investments, or select junior debt or debt-like securities. In connection with this portion of the portfolio, we will seek to invest primarily in large scale companies (average EBITDA typically in excess of $400mm) in developed markets that operate in industries we believe are less cyclical and have relatively low capital intensity. Returns associated with this portion of the portfolio are also expected to be derived primarily from realized and unrealized gains and losses, including through preference accruals received at investment realization.

Finally, our investment portfolio 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. We intend to use these investments to maintain liquidity for our share repurchase program and manage cash before investing subscription proceeds into originated loans, while seeking attractive risk-adjusted investment returns. We 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.”

Under normal circumstances, we will invest at least 80% of our net assets plus borrowings for investment purposes in capital instruments (securities throughout the capital structure of a company) issued by corporate issuers (including loans, notes, bonds and other corporate debt or equity securities).

We have used and intend to continue to use leverage to seek to enhance our returns. Our leverage levels will vary over time in response to general market conditions, the size and composition of our investment portfolio and the views of our Adviser and Board. We expect that our debt-to-equity ratio will generally range between 0.5x and 1.0x. While our leverage employed may be greater or less than these levels from time to time, 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.

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Our leverage may take the form of revolving or term loans from financial institutions, secured or unsecured bonds, or securitization of portions of our investment portfolio via collateralized loan obligations or preferred shares. When determining whether to borrow money and assessing the various borrowing structure alternatives, we analyze the maturity, rate structure and covenant package of the proposed borrowings in the context of our investment portfolio, pre-existing borrowings and market outlook.

We and certain affiliates of the Adviser have received an exemptive order from the SEC that permits us to co-invest with certain other persons, including, but not limited to, certain affiliates of the Adviser and certain funds and accounts managed and controlled by the Adviser or its affiliates. Subject to the 1940 Act and the conditions of any such co-investment order issued by the SEC, we may, under certain circumstances, co-invest with certain affiliated accounts in investments that are suitable for us and one or more of such affiliated accounts.

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, quarterly or semiannually. 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 in connection with transactions. 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 will 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 (including rent, office equipment and utilities) 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 perform duties for us; and (iii) any internal audit group personnel of HPS or any of its affiliates; and

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

Under the Expense Support Agreement, the Adviser agreed to advance all of our organization and offering expenses on our behalf through the Initial Closing. We are obligated to reimburse the Adviser for such advanced expenses (including any additional expenses the Adviser elects to pays on our behalf), subject to the provisions of the Expense Support Agreement. Any reimbursements will not exceed actual expenses incurred by the Adviser and its affiliates.

From time to time, the Adviser, the Administrator or their affiliates may pay third-party providers of 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 the Administrator may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our shareholders.

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Costs and expenses of the Adviser and the Administrator that are eligible for reimbursement by us will be reasonably allocated to us on the basis of time spent, assets under management, usage rates, proportionate holdings, a combination thereof or other reasonable methods determined by the Administrator.

Expense Support and Conditional Reimbursement Agreement

We have 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.

Portfolio and Investment Activity

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


	Three Months Ended June 30,
	2026		2025
Total investments, beginning of period	$	2,182,115	$	1,313,791
New investments purchased, including net revolver activity	94,700		383,405
Payment-in-kind income capitalized	8,087		4,808
Net accretion of discount on investments	2,388		1,754
Net realized gain (loss) on investments	454		(216)
Investments sold or repaid	(39,632)		(71,391)
Total investments, end of period	$	2,248,112	$	1,632,151

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


	June 30, 2026			December 31, 2025
Weighted average yield on debt and income producing investments, at amortized cost(1)	10.5		%	10.4		%
Weighted average yield on debt and income producing investments, at fair value(1)	10.6		%	10.3		%
Weighted average yield on total portfolio, at amortized cost(2)	9.2		%	9.3		%
Weighted average yield on total portfolio, at fair value(2)	9.2		%	9.1		%
Number of portfolio companies	179			188
Weighted average EBITDA (in millions)(3)	$	247		$	229
Weighted average loan-to-value (“LTV”)(4)	46		%	46		%
Percentage of performing debt and income producing investments bearing a floating rate, at fair value	92.5		%	94.3		%
Percentage of performing debt and income producing investments bearing a fixed rate, at fair value	7.5		%	5.7		%

(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 of our investments, divided by our total investments (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 our investment adviser, with assistance, at least quarterly, from a third-party valuation firm, and overseen by our Board), and excludes quoted assets, investments on non-accrual status (and investments in the same or a related legal entity), 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 and 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 our investment adviser, with assistance, at least quarterly, from a third-party valuation firm, and overseen by our Board), and excludes quoted assets and investments on non-accrual status (and investments in the same or a related legal entity). LTV is calculated as net debt through each respective investment tranche in which we hold 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.

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Our investments consisted of the following:


	June 30, 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	$	1,792,129	$	1,772,488	78.04	%	$	1,781,224	$	1,795,053	82.42	%
Second lien debt	10,093		10,045		0.44		7,894		7,906		0.36
Other secured debt	79,523		79,396		3.50		63,601		64,380		2.96
Unsecured debt	54,682		56,158		2.47		47,040		48,111		2.21
Structured finance investments	37,963		39,466		1.74		17,013		17,206		0.79
Preferred equity	231,568		262,887		11.58		179,845		196,010		9.00
Other equity investments	42,154		50,568		2.23		41,587		49,155		2.26
Total	$	2,248,112	$	2,271,008	100.00	%	$	2,138,204	$	2,177,821	100.00	%

As of June 30, 2026 and December 31, 2025, we had certain investments in one and one portfolio company on non-accrual status, respectively. The following table shows the fair value of our performing and non-accrual debt and other income producing investments as of June 30, 2026 and December 31, 2025:


	June 30, 2026				December 31, 2025
	Fair Value		Percentage		Fair Value		Percentage
Performing debt and income producing investments	$	1,965,088	99.73	%	$	1,920,208	99.71	%
Non-accrual(1)	5,274		0.27		5,570		0.29
Total	$	1,970,362	100.00	%	$	1,925,778	100.00	%

(1)Investments on non-accrual represented 0.35% and 0.35% of amortized cost of total debt and other income producing investments as of June 30, 2026 and December 31, 2025, respectively.

The table below describes investments by industry composition based on fair value as of June 30, 2026 as compared to December 31, 2025:


	June 30, 2026		December 31, 2025
Aerospace & Defense	6.61	%	7.02	%
Asset Based Lending and Fund Finance	0.88		1.01
Automobile Components	1.33		1.41
Beverages	3.28		3.40
Capital Markets	1.31		1.33
Chemicals	1.19		1.23
Commercial Services & Supplies	4.18		3.96
Communications Equipment	0.58		0.63
Construction & Engineering	0.11		0.12
Consumer Staples Distribution & Retail	1.88		1.93
Containers & Packaging	1.86		1.96
Distributors	—		0.62
Diversified Consumer Services	1.12		1.08
Diversified Telecommunication Services	0.20		0.14
Electric Utilities	0.42		0.47
Electrical Equipment	0.37		0.39
Electronic Equipment, Instruments & Components	0.29		0.26
Entertainment	2.18		2.29
Financial Services	5.24		3.85
Food Products	0.03		0.03
Health Care Equipment & Supplies	4.26		4.16
Health Care Providers & Services	10.72		10.17
Health Care Technology	0.74		0.85
Hotels, Restaurants & Leisure	9.31		6.06

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	June 30, 2026		December 31, 2025
Household Durables	0.08		0.09
Independent Power and Renewable Electricity Producers	10.77		9.80
Insurance	2.71		2.97
IT Services	0.50		0.61
Leisure Products	0.51		0.54
Life Sciences Tools & Services	0.07		0.14
Machinery	0.49		0.41
Media	—		1.11
Metals & Mining	0.72		0.78
Mortgage Real Estate Investment Trusts (REITs)	0.54		—
Multi-Utilities	—		0.12
Pharmaceuticals	4.13		4.98
Professional Services	0.66		0.68
Real Estate Management & Development	0.14		0.12
Software	10.44		13.87
Specialty Retail	2.53		2.73
Structured Finance	1.74		0.79
Textiles, Apparel & Luxury Goods	1.61		1.52
Trading Companies & Distributors	0.92		0.98
Transportation Infrastructure	0.73		0.80
Wireless Telecommunication Services	2.62		2.59
Total	100.00	%	100.00	%

The table below describes investments by geographic composition based on fair value:


	June 30, 2026		December 31, 2025
United States	84.75	%	84.53	%
United Kingdom	8.78		7.94
Austria	1.76		1.85
Canada	1.60		1.15
Spain	1.25		1.36
France	0.71		1.07
Australia	0.61		1.55
Germany	0.27		0.41
Taiwan	0.14		0.14
United Arab Emirates	0.13		—
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.

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Results of Operations

The following table represents our operating results:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Total investment income	$	52,956	$	40,457	$	107,060	$	70,135
Net expenses	26,187		9,891		51,149		16,034
Net investment income before excise tax	26,769		30,566		55,911		54,101
Excise tax expense	337		726		691		796
Net investment income after excise tax	26,432		29,840		55,220		53,305
Net realized gain (loss)	607		(3,030)		1,876		(4,592)
Net change in unrealized appreciation (depreciation)	816		879		(11,449)		206
Net increase (decrease) in net assets resulting from operations	$	27,855	$	27,689	$	45,647	$	48,919

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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Interest income	$	44,308	$	34,407	$	92,307	$	59,915
Payment-in-kind interest income	7,600		4,676		12,906		8,838
Dividend income	716		1,195		1,126		1,195
Other income	332		179		721		187
Total investment income	$	52,956	$	40,457	$	107,060	$	70,135

Total investment income increased to $53.0 million and $107.1 million, respectively, for the three and six months ended June 30, 2026, from $40.5 million and $70.1 million, respectively, for the same periods in the prior year, primarily driven by an increased investment portfolio as we continued to deploy capital. This was partially offset by a decline in SOFR rates during the three and six months ended June 30, 2026, as compared to the same periods in the prior year. As of June 30, 2026, the fair value of our performing debt and income producing investments was $1,965.1 million, with a weighted average yield of 10.6%. As of June 30, 2025, the fair value of our performing debt and income producing investments was $1,471.9 million, with a weighted average yield of 10.8%.

PIK income represented 14.4% and 12.2%, respectively, of total investment income for the three and six months ended June 30, 2026, as compared to 11.6% and 12.6%, respectively, for the same periods in the prior year. 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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Interest expense	$	13,612	$	8,864	$	28,231	$	15,412
Management fees	4,248		2,942		8,296		5,243
Income based incentive fee	4,928		3,879		9,898		6,694
Capital gains incentive fee	213		(323)		(1,436)		(657)
Shareholder servicing and/or distribution fees
Class D	646		542		1,257		1,004
Class S	0		—		0		—
Professional fees	614		686		1,244		1,203
Board of Trustees’ fees	100		75		199		159
Administrative service expenses	465		552		983		991
Other general & administrative	646		660		1,257		1,165

Amortization of continuous offering costs	82		91		173		536
Excise tax expense	337		726		691		796
Total expenses (including excise tax expense)	25,891		18,694		50,793		32,546
Expense support	—		(1,256)		—		(3,317)
Recoupment of expense support	633		—		1,047		—
Shareholder servicing and/or distribution fees waived	—		—		—		(462)
Management fees waived	—		(2,942)		—		(5,243)
Income based incentive fees waived	—		(3,879)		—		(6,694)
Net expenses (including excise tax expense)	$	26,524	$	10,617	$	51,840	$	16,830

Interest Expense

Total interest expense increased to $13.6 million and $28.2 million, respectively, for the three and six months ended June 30, 2026, from $8.9 million and $15.4 million, respectively, for the same periods in the prior year, primarily driven by increased borrowings outstanding. The average principal debt outstanding increased to $884.1 million and $920.3 million, respectively, for the three and six months ended June 30, 2026, from $521.6 million and $451.1 million, respectively, for the same periods in the prior year.

This was partially offset by a decrease in our costs of debt. The weighted average interest rate (including unused fees, amortization of deferred financing costs and debt issuance costs, and the net interest on interest rate swaps accounted for as hedges) decreased to 6.2% and 6.2%, respectively, for the three and six months ended June 30, 2026, from 6.8% and 6.9%, respectively, for the same periods in the prior year.

Management Fees

Management fees increased to $4.2 million and $8.3 million, respectively, for the three and six months ended June 30, 2026, from $2.9 million and $5.2 million, respectively, for the same periods in the prior year, primarily due to an increase in net assets. Management fees are accrued monthly 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 quarter, as adjusted for any share issuances or repurchases during the quarter that do not occur on the first calendar day of the quarter. The Adviser agreed to waive its base management fee from the Initial Closing through June 30, 2025.

Income Based Incentive Fees

Income based incentive fees increased to $4.9 million and $9.9 million, respectively, for the three and six months ended June 30, 2026, from $3.9 million and $6.7 million, respectively, for the same periods in the prior year, primarily due to our deployment of capital. The Adviser agreed to waive its income based incentive fee from the Initial Closing through June 30, 2025.

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

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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 us to record a capital gains incentive fee equal to 15.0% of such cumulative amount, less the aggregate amount of actual capital gains incentive fees paid or capital gains incentive fees accrued under U.S. GAAP in all prior periods. 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.

Accrued capital gains incentive fees were $0.2 million and a reversal of previously accrued capital gains incentive fees was $(1.4) million, respectively, for the three and six months ended June 30, 2026, as compared to the reversal of previously accrued capital gains incentive fees of $(0.3) million and $(0.7) million, respectively, for the same periods in the prior year, as a result of net realized and unrealized gains (losses) incurred during the respective periods. See “Net Realized Gain (Loss)” and “Net Change in Unrealized Appreciation (Depreciation)” sections below for further details.

Shareholder Servicing and/or Distribution Fees

Shareholder servicing and/or distribution fees increased to $0.6 million and $1.3 million, respectively, for the three and six months ended June 30, 2026, from $0.5 million and $1.0 million, respectively, for the same periods in the prior year, primarily due to an increase in shares outstanding. The Managing Dealer has agreed to waive the shareholder servicing and/or distribution fees from the Initial Closing through March 31, 2025.

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 incurred and payable 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 decreased to $1.9 million and $3.9 million, respectively, for the three and six months ended June 30, 2026, from $2.1 million and $4.1 million, respectively, for the same periods in the prior year primarily driven by a decrease of amortization of continuous offering costs, administrative service expenses and professional fees.

Under the terms of the Prior Administration Agreement, the Administration Agreement, the Prior Investment Advisory Agreement and the 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 their 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 and six months ended June 30, 2026, the Administrator charged $0.5 million and $1.0 million, respectively, for certain costs and expenses allocable to us under the terms of the Administration Agreement, as compared to $0.6 million and $1.0 million, respectively, for the same periods in the prior year.

We entered into an Expense Support Agreement with the Adviser. Certain other expenses were borne by the Adviser, subject to conditional reimbursement pursuant to terms of the Expense Support Agreement. For the three and six months ended June 30, 2026, $0.6 million and $1.0 million, respectively, of Adviser-advanced expenses met the conditions for expense recoupment. 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 for federal income tax purposes as a RIC under Subchapter M of the Code beginning with our tax year ended December 31, 2024, and we intend to operate in a manner so as to continue to qualify as a RIC in each taxable year thereafter. 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.

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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 and six months ended June 30, 2026, we incurred $0.3 million and $0.7 million, respectively, of U.S. federal excise tax, as compared to $0.7 million and $0.8 million, respectively, for the same periods in the prior year.

Net Realized Gain (Loss)

Net realized gains and losses were comprised of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Non-controlled/non-affiliated investments	$	454	$	(216)	$	1,185	$	(580)
Foreign currency forward contracts	(701)		(3,078)		(114)		(4,009)
Foreign currency transactions	854		264		805		(3)
Net realized gain (loss)	$	607	$	(3,030)	$	1,876	$	(4,592)

For the three months ended June 30, 2026, we generated net realized gains (losses) on investments of $0.5 million, which consisted of (i) $0.6 million of realized foreign currency gains on the sale of private debt investments that was partially offset by (ii) $(0.1) million of net realized losses primarily from the sale of a private debt investment. We incurred $0.9 million of realized foreign currency transaction gains, partially offset by $(0.7) million of net realized losses on foreign currency forward contracts, primarily as a result of fluctuations in the EUR, GBP and AUD exchange rates.

For the six months ended June 30, 2026, we generated net realized gains (losses) on investments of $1.2 million, which consisted of (i) $2.0 million of realized foreign currency gains on the repayments of private debt investments (primarily from the full repayments from Shelley Bidco Pty Ltd and Shelley Midco 1 Pty Ltd, and the sale of Tango Bidco SAS) that was partially offset by (ii) $(0.8) million of net realized losses primarily from the sales of syndicated loans and private debt investments. We incurred $0.8 million of realized foreign currency transaction gains, partially offset by $(0.1) million of net realized losses on foreign currency forward contracts, primarily as a result of fluctuations in the EUR, GBP, CAD and AUD exchange rates.

For the three months ended June 30, 2025, we generated net realized gains (losses) on investments of $(0.2) million, primarily driven by realized losses of $(0.3) million on the restructuring of a private debt investment (Lasko Operating Holdings, LLC) offset by realized gains from the sale of syndicated loans. We generated realized losses of $(3.1) million on foreign currency forward contracts, primarily as a result of fluctuations in the EUR and GBP exchange rates, which was largely offset by unrealized gains on foreign currency.

For the six months ended June 30, 2025, we generated net realized gains (losses) on investments of $(0.6) million, primarily driven by realized losses of $(0.3) million on the restructuring of a private debt investment (Lasko Operating Holdings, LLC) and net realized losses of $(0.3) million from the sale of syndicated loans. We generated realized losses of $(4.0) million on foreign currency forward contracts, primarily as a result of fluctuations in the EUR and GBP exchange rates, which was largely offset by unrealized gains on foreign currency.

Net Change in Unrealized Appreciation (Depreciation)

Net change in unrealized appreciation (depreciation) was comprised of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Non-controlled/non-affiliated investments	$	1,163	$	10,229	$	(14,649)	$	12,419
Non-controlled/affiliated investments	(1,724)		—		(2,072)		—
Foreign currency forward contracts	913		(7,743)		4,079		(9,880)
Translation of assets and liabilities in foreign currencies	464		(1,607)		1,193		(2,333)
Net change in unrealized appreciation (depreciation)	$	816	$	879	$	(11,449)	$	206

For the three months ended June 30, 2026, the unrealized losses on the investment portfolio were $(0.6) million, which consisted of (i) $(1.8) million of unrealized losses on foreign currency primarily as a result of fluctuations in the EUR exchange rate and offset by (ii)

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$1.2 million of unrealized gains due primarily to the unrealized appreciation on preferred equity positions within the portfolio. The remaining $1.4 million of net unrealized gains were a result of foreign currency fluctuations impacting the value of our foreign currency forward contracts, foreign debt and cash balances.

For the six months ended June 30, 2026, the unrealized losses on the investment portfolio were $(16.7) million, which consisted of (i) $(9.8) million of unrealized losses due to spread widening in both the public and private credit markets, and (ii) $(6.9) million of unrealized losses on foreign currency primarily as a result of fluctuations in the EUR, GBP, CAD and AUD exchange rates. The remaining $5.3 million of net unrealized gains were a result of foreign currency fluctuations impacting the value of our foreign currency forward contracts, foreign debt and cash balances.

For the three months ended June 30, 2025, the change in unrealized appreciation (depreciation) on the investment portfolio was $(1.2) million (excluding the impact of foreign currency) due to spread widening in the private credit markets and certain credit specific write-downs in the private portfolio, which was offset by foreign currency unrealized gains of $11.4 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 $(9.3) 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.

For the six months ended June 30, 2025, the change in unrealized appreciation (depreciation) on the investment portfolio was $(3.0) million (excluding the impact of foreign currency) due to certain credit specific write-downs in the private portfolio, which was offset by foreign currency unrealized gains of $15.4 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 $(12.2) 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.

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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Realized gains (losses) on:
Investments	$	600	$	1	$	2,017	$	2
Foreign currency forward contracts	(701)		(3,078)		(114)		(4,009)
Translation of assets and liabilities in foreign currencies	854		264		805		(3)
Net realized gains (losses)	$	753	$	(2,813)	$	2,708	$	(4,010)

Unrealized gains (losses) on:
Investments	$	(1,808)	$	11,391	$	(6,875)	$	15,417
Foreign currency forward contracts	913		(7,743)		4,079		(9,880)
Translation of assets and liabilities in foreign currencies	464		(1,607)		1,193		(2,333)
Net unrealized gains (losses)	$	(431)	$	2,041	$	(1,603)	$	3,204
Net realized and unrealized gains (losses):	$	322	$	(772)	$	1,105	$	(806)

For the three and six months ended June 30, 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 were $0.3 million and $1.1 million, respectively. 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. For the three and six months ended June 30, 2026, the net gains on foreign currency were driven primarily by the positive carry from base rate differentials on forward contracts for local currencies versus the U.S. Dollar.

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For the three and six months ended June 30, 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 were $(0.8) million and $(0.8) million, respectively. The net losses on foreign currency were driven primarily by a net positive exposure to USD, which has weakened against other currencies during the period.

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, proceeds from net borrowings on our credit facility, unsecured note issuances, short-term borrowings, income earned and repayments on principal on our investments and proceeds from investment sales. The primary uses of our cash and cash equivalents are for (i) originating and purchasing 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 June 30, 2026, we had one corporate-level revolving credit facility and unsecured note 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 unsecured notes. 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 June 30, 2026, we had an aggregate amount of $925.3 million of debt outstanding and our asset coverage ratio was 243.3%. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage.

As of June 30, 2026, we had $49.6 million in cash and cash equivalents. Taken together with our $549.7 million of available capacity under our credit facility (subject to borrowing base availability) and the continuous offering of our Common Shares, our sources of liquidity are expected to be sufficient for our investing activities and to conduct our operations in the near term and for the foreseeable future. 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 June 30, 2026, we had significant amounts payable and commitments for existing and new investments, which we planned to fund using available borrowing capacity under our credit facility. Additionally, we held $283.7 million of Level 2 investments as of June 30, 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.

During the six months ended June 30, 2026, cash used in operating activities was $44.9 million, primarily as a result of funding portfolio investments of $299.5 million, partially offset by proceeds from sale of investments and principal repayments of $210.6 million and other operating proceeds of $44.0 million. Cash provided by financing activities was $70.5 million during the period, primarily as a result of new share issuances related to $133.7 million of subscriptions, partially offset by Common Shares repurchased, net of early repurchase deduction of $(39.7) million and distributions paid in cash of $(21.3) million.

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Equity

The following table summarizes transactions in Common Shares during the three and six months ended June 30, 2026:


	Three Months Ended June 30, 2026			Six Months Ended June 30, 2026
	Shares	Amount		Shares	Amount
CLASS I
Subscriptions	380,483	$	10,237	906,601	$	24,477
Share transfers between classes	—	—		—	—
Distributions reinvested	114,686	3,085		250,943	6,773
Share repurchases	(628,891)	(16,923)		(874,866)	(23,535)
Early repurchase deduction	—	11		—	19
Net increase (decrease)	(133,722)	$	(3,590)	282,678	$	7,734
CLASS D
Subscriptions	1,580,541	$	42,543	4,048,283	$	109,251
Share transfers between classes	—	—		—	—
Distributions reinvested	582,084	15,661		1,324,205	35,746
Share repurchases	(1,652,091)	(44,458)		(2,484,680)	(66,838)
Early repurchase deduction	—	34		—	60
Net increase (decrease)	510,534	$	13,780	2,887,808	$	78,219
CLASS S
Subscriptions	—	$	—	—	$	—
Share transfers between classes	—	—		—	—
Distributions reinvested	—	—		—	—
Share repurchases	—	—		—	—
Early repurchase deduction	—	0		—	0
Net increase (decrease)	—	$	—	—	$	—
Total net increase (decrease)	376,812	$	10,190	3,170,486	$	85,953

The following table summarizes transactions in Common Shares during the three and six months ended June 30, 2025:


	Three Months Ended June 30, 2025			Six Months Ended June 30, 2025
	Shares	Amount		Shares	Amount







CLASS D
Subscriptions	5,927,739	$	155,683	11,101,163	$	290,831

Distributions reinvested	351,310	9,211		1,004,789	26,195
Share repurchases	(405,989)	(10,734)		(405,989)	(10,734)
Early repurchase deduction	—	—		—	—
Net increase (decrease)	5,873,060	$	154,160	11,699,963	$	306,292

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Distributions and Distribution Reinvestment

The following tables summarize our distributions declared and payable for the six months ended June 30, 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		Special Distribution Per Share		Total Distribution Per Share		Distribution Amount
January 27, 2026	February 27, 2026	$	0.1390	$	—	$	0.1390	$	1,624
February 27, 2026	March 31, 2026	0.1390		—		0.1390		1,654
March 26, 2026	April 29, 2026	0.1390		—		0.1390		1,675
March 26, 2026	April 30, 2026	—		0.1600		0.1600		1,929
April 24, 2026	May 29, 2026	0.1390		—		0.1390		1,676
May 27, 2026	June 30, 2026	0.1390		—		0.1390		1,702
June 23, 2026	July 30, 2026	0.1390		—		0.1390		1,710
June 23, 2026	July 31, 2026	—		0.1100		0.1100		1,353








Total		$	0.8340	$	0.2700	$	1.1040	$	13,323


		Class D
Declaration Date	Payment Date	Base Distribution Per Share(1)		Special Distribution Per Share		Total Distribution Per Share		Distribution Amount
January 27, 2026	February 27, 2026	$	0.1333	$	—	$	0.1333	$	4,760
February 27, 2026	March 31, 2026	0.1338		—		0.1338		4,847
March 26, 2026	April 29, 2026	0.1333		—		0.1333		5,054
March 26, 2026	April 30, 2026	—		0.1600		0.1600		6,066
April 24, 2026	May 29, 2026	0.1335		—		0.1335		5,047
May 27, 2026	June 30, 2026	0.1333		—		0.1333		5,134
June 23, 2026	July 30, 2026	0.1335		—		0.1335		5,239
June 23, 2026	July 31, 2026	—		0.1100		0.1100		4,317








Total		$	0.8007	$	0.2700	$	1.0707	$	40,464


		Class S
Declaration Date	Payment Date	Base Distribution Per Share(1)		Special Distribution Per Share		Total Distribution Per Share		Distribution Amount
January 27, 2026	February 27, 2026	$	0.1195	$	—	$	0.1195	$	0
February 27, 2026	March 31, 2026	0.1213		—		0.1213		0
March 26, 2026	April 29, 2026	0.1195		—		0.1195		0
March 26, 2026	April 30, 2026	—		0.1600		0.1600		0
April 24, 2026	May 29, 2026	0.1202		—		0.1202		0
May 27, 2026	June 30, 2026	0.1196		—		0.1196		0
June 23, 2026	July 30, 2026	0.1202		—		0.1202		0
June 23, 2026	July 31, 2026	—		0.1100		0.1100		0








Total		$	0.7203	$	0.2700	$	0.9903	$	0

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

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The following tables summarize our distributions declared and payable for the six months ended June 30, 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 D
Declaration Date	Payment Date	Base Distribution Per Share(1)		Special Distribution Per Share		Total Distribution Per Share		Distribution Amount
January 29, 2025	April 30, 2025	$	0.1340	$	—	$	0.1340	$	3,620
February 26, 2025	April 30, 2025	0.1340		—		0.1340		3,777
March 27, 2025	April 28, 2025	0.1340		—		0.1340		4,142
March 27, 2025	April 30, 2025	—		0.1000		0.1000		3,091
April 25, 2025	July 31, 2025	0.1326		—		0.1326		4,562
May 28, 2025	July 31, 2025	0.1324		—		0.1324		4,814
June 24, 2025	July 29, 2025	0.1326		—		0.1326		4,931
June 24, 2025	July 31, 2025	—		0.1500		0.1500		5,579








Total		$	0.7996	$	0.2500	$	1.0496	$	34,516

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 that has not “opted out” of 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 six months ended June 30, 2026:


	Class I				Class D				Class S
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share		Amount
Net investment income	$	1.1040	$	13,323	$	1.0707	$	40,464	$	0.9903	$	0
Net realized gains	—		—		—		—		—		—
Total	$	1.1040	$	13,323	$	1.0707	$	40,464	$	0.9903	$	0

The following table reflects the sources of cash distributions on a U.S. GAAP basis that we declared on our Common Shares during the six months ended June 30, 2025:


	Class D
Source of Distribution		Per Share		Amount
Net investment income		$	1.0496	$	34,516
Net realized gains		—		—
Total		$	1.0496	$	34,516

For additional information on our distributions and dividend reinvestment plan, see “Note 9. Net Assets” to the consolidated financial statements.

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Share Repurchase Program

We have commenced a share repurchase program in which we intend 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. Our Board may amend, suspend or terminate the share repurchase program at any time in its discretion. As a result, share repurchases may not be available each quarter. Upon a suspension of our share repurchase program, our Board will consider at least quarterly whether the continued suspension of our share repurchase program remains in our best interest and the best interest of our shareholders. However, our Board is not required to authorize the recommencement of our share repurchase program within any specified period of time. Our Board may also determine to terminate our share repurchase program if required by applicable law or in connection with a transaction in which our shareholders receive liquidity for their Common Shares, such as a sale or merger of us or listing of our Common Shares on a national securities exchange.

Under the share repurchase program, to the extent we offer to repurchase shares in any particular quarter, we expect to repurchase shares pursuant to tender offers each quarter 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 the applicable NAV per share (the “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. We intend to conduct the 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.

The following table summarizes the share repurchases completed during the six months ended June 30, 2026:


Repurchase Request Deadline	Percentage of Outstanding Shares We 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 3, 2026	5.00	%	March 31, 2026	$	28,992	1,078,563	2.34	%
June 8, 2026	5.00	%	June 30, 2026	$	61,381	2,280,983	4.67	%

The following table summarizes the share repurchase completed during the six months ended June 30, 2025:


Repurchase Request Deadline	Percentage of Outstanding Shares We Offered to Repurchase(1)		Repurchase Pricing Date	Amount Repurchased(2)		Number of Shares Repurchased	Percentage of Outstanding Shares Repurchased(1)
March 4, 2025	5.00	%	March 31, 2025	$	—	—	—	%
May 30, 2025	5.00	%	June 30, 2025	$	10,734	405,989	1.31	%

(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, if applicable.

For additional information on our share repurchases see “Note 9. Net Assets” to the consolidated financial statements.

Borrowings

As of June 30, 2026 and December 31, 2025, we had an aggregate principal amount of $925.3 million and $928.7 million, respectively, of debt outstanding. Additionally, as of June 30, 2026 and December 31, 2025, the unused portion of the Revolving Credit Facility was $549.7 million and $546.3 million, respectively.

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A summary of our contractual payment obligations under our Revolving Credit Facility and Unsecured Notes as of June 30, 2026, is as follows:


	June 30, 2026
	Total		Less than 1 year		1-3 years		3-5 years		After 5 years
Revolving Credit Facility	$	575,292	$	—	$	—	$	575,292	$	—
August 2028 Notes	150,000		—		150,000		—		—
August 2030 Notes	200,000		—		—		200,000		—
Total	$	925,292	$	—	$	150,000	$	775,292	$	—

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 investments, such as revolving loans or delayed draw loans, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of June 30, 2026 and December 31, 2025, we had unfunded investment commitments with an aggregate principal amount of $166.5 million and $247.4 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 our business. At June 30, 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, we and 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 11. Subsequent Events” to the consolidated financial statements for a summary of recent developments.

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 U.S. 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” to the 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

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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 U.S. 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. 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 June 30, 2026, 92.5% of our performing debt and income producing investments 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 June 30, 2026, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates (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	$	56,049	$	(27,759)	$	28,290
Up 200 basis points	$	37,366	$	(18,506)	$	18,860
Up 100 basis points	$	18,683	$	(9,253)	$	9,430
Down 100 basis points	$	(18,518)	$	9,253	$	(9,265)
Down 200 basis points	$	(34,825)	$	18,506	$	(16,319)
Down 300 basis points	$	(46,959)	$	27,759	$	(19,200)

We 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

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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 Exchange Act, 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 June 30, 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 proceeding 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 and set forth below, 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, 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 June 30, 2026 to the risk factors set forth in Part 1. Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025.

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. Our Board 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.

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 six months ended June 30, 2026 (dollars in thousands):


Offer Date	Repurchase Request Deadline	Purchase Price per Share		Number of Shares Repurchased (all classes)	Percentage of Outstanding Shares Repurchased
February 2, 2026	March 3, 2026	$	26.88	1,078,563	2.34	%
May 11, 2026	June 8, 2026	$	26.91	2,280,983	4.67	%

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

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Item 5. Other Information.

Rule 10b5-1 Trading Plans

During the fiscal quarter ended June 30, 2026, none of our trustees or executive officers adopted 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.”

Item 6. Exhibits.


Exhibit Number						Description of Exhibits
3.1						Second Amended and Restated Declaration of Trust (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 814-01715), filed on April 11, 2024).

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.*

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*

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 Capital Solutions Fund

August 13, 2026			/s/ Michael Patterson
			Michael Patterson
			Chief Executive Officer

August 13, 2026			/s/ Robert Busch
			Robert Busch
			Chief Financial Officer