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Loan2025-03-310001838126More Cowbell II, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126NBG Acquisition Corp., 1st Lien Senior Secured Revolving Loan2025-03-310001838126Netrisk Group Luxco 4 S.A.R.L., 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Netrisk Group Luxco 4 S.A.R.L., 1st Lien Senior Secured Revolving Loan2025-03-310001838126NRO Holdings III Corp., 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126NRO Holdings III Corp., 1st Lien Senior Secured Revolving Loan2025-03-310001838126NTH Degree Purchaser, Inc, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126NTH Degree Purchaser, Inc, 1st Lien Senior Secured Revolving Loan2025-03-310001838126OEConnection LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Onesource Virtual, Inc., 1st Lien Senior Secured Revolving Loan2025-03-310001838126Oranje Holdco, Inc., 1st Lien Senior Secured Revolving Loan2025-03-310001838126Orthrus Limited, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Pareto Health Intermediate Holdings, Inc., 1st Lien Senior Secured Revolving Loan2025-03-310001838126Pareto Health Intermediate Holdings, Inc., 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Parfums Holding Company, Inc., 1st Lien Senior Secured Revolving Loan2025-03-310001838126Patriot Growth Insurance Services LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Ping Identity Holding Corp., 1st Lien Senior Secured Revolving Loan2025-03-310001838126Plasma Buyer LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126PPV Intermediate Holdings, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Prism Parent Co., Inc., 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Puma Buyer LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126QBS Parent, Inc., 1st Lien Senior Secured Revolving Loan2025-03-310001838126Radwell Parent, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Raven Acquisition Holdings LLC, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126RH Buyer, Inc., 1st Lien Senior Secured Revolving Loan2025-03-310001838126Ribbon Communications Operating Company, Inc, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Riley MergeCo LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Rockefeller Capital Management, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Rotation Buyer, LLC, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Rotation Buyer, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Royal Buyer, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Royal Buyer, LLC, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Saga Mid Co Limited, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Saga Mid Co Limited, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Severin Acquisition, LLC, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Severin Acquisition, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Sig Parent Holdings, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Sig Parent Holdings, LLC, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Smarsh Inc., 1st Lien Senior Secured Delayed Draw Loan 12025-03-310001838126Smarsh Inc., 1st Lien Senior Secured Delayed Draw Loan 22025-03-310001838126Smarsh Inc., 1st Lien Senior Secured Revolving Loan2025-03-310001838126Spanx, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Specialty Ingredients, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Spirit RR Holdings, Inc., 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Spirit RR Holdings, Inc., 1st Lien Senior Secured Revolving Loan2025-03-310001838126Spotless Brands, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Spotless Brands, LLC, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Spruce Bidco II Inc., 1st Lien Senior Secured Revolving Loan2025-03-310001838126Stack Sports Buyer, LLC, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Stack Sports Buyer, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Sugar PPC Buyer LLC, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126SWF Holdings I Corp, 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Tango Bidco SAS, 1st Lien Senior Secured Delayed Draw Loan 12025-03-310001838126Tango Bidco SAS, 1st Lien Senior Secured Delayed Draw Loan 22025-03-310001838126Team, Inc., 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Tex-Tech Industries, Inc., 1st Lien Senior Secured Delayed Draw Loan2025-03-310001838126Tex-Tech Industries, Inc., 1st Lien Senior Secured Revolving Loan2025-03-310001838126The One Group, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Time Manufacturing Holdings, LLC, 1st Lien Senior Secured Revolving Loan2025-03-310001838126Tricentis Operations Holdings Inc, 1st Lien 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________________
FORM 10-Q
_____________________________________________________
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2025
OR
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from  __________  to __________
Commission File Number 814-01431
________________________________________________________________________________________________
HPS Corporate Lending Fund
(Exact name of Registrant as specified in its Charter)
________________________________________________________________________________________________
Delaware
87-6391045
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
40 West 57th Street, 33rd Floor
New York, NY
10019
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (212) 287-6767
________________________________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
NoneNoneNone

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

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  ☐    No  
The Registrant’s Common Shares, $0.01 par value per share, outstanding as of May 12, 2025 was 22,179,546, 136,276,283, 43,746,466 and 193,054,812 of Class S, Class I, Class D, and Class F common shares, respectively. Common shares outstanding exclude May 1, 2025 subscriptions since the issuance price is not yet finalized at the date of this filing.


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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about HPS Corporate Lending Fund (together, with its consolidated subsidiaries, the “Company”, “we” or “our”), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:
our future operating results;
our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives as a result of inflation, the imposition of tariffs, increases in borrowing costs and a potential global recession;
the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing conflict between Russia and Ukraine and the broader Middle East conflict;
the impact of the investments that we expect to make;
our ability to raise sufficient capital to execute our investment strategy;
our current and expected financing arrangements and investments;
the adequacy of our cash resources, financing sources and working capital;
changes in the general interest rate environment, including a sustained elevated interest rate environment, and uncertainty about the Federal Reserve’s intentions regarding interest rates in the upcoming year;
the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;
our contractual arrangements and relationships with third parties;
actual and potential conflicts of interest with HPS Advisors, LLC (the “Adviser”) or any of its affiliates;
the elevated level of inflation, and its impact on our portfolio companies and on the industries in which we invest;
the dependence of our future success on the general economy and its effect on the industries in which we may invest;
the availability of credit and/or our ability to access the capital markets;
our use of financial leverage;
the ability of the Adviser to source suitable investments for us and to monitor and administer our investments;
the ability of the Adviser or its affiliates to attract and retain highly talented professionals;
our ability to qualify for and maintain our qualification as a regulated investment company and as a business development company (“BDC”);
the impact on our business of new or amended legislation or regulations;
currency fluctuations, particularly to the extent that we receive payments denominated in currency other than U.S. dollars;
the effect of changes to tax legislation and our tax position; and
the tax status of the enterprises in which we may invest, including the imposition of tariffs upon either the supplies utilized by those enterprises or the enterprises’ end products.
Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of any projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. Moreover, we assume no duty and do not undertake to update the forward-looking statements, except as required by applicable law. Because we are an investment company, the forward-looking statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”).






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PART I - FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements.
HPS Corporate Lending Fund
Consolidated Statements of Assets and Liabilities
(in thousands, except share and per share amounts)
March 31, 2025December 31, 2024
ASSETS(Unaudited)
Investments at fair value
Non-controlled/non-affiliated investments (amortized cost of $17,966,361 and $15,753,920 at March 31, 2025 and December 31, 2024, respectively)
$18,071,869 $15,790,937 
Non-controlled/affiliated investments (amortized cost of $36,816 and $19,411 at March 31, 2025 and December 31, 2024, respectively)
36,067 19,969 
Controlled/affiliated investments (amortized cost of $297,747 and $297,747 at March 31, 2025 and December 31, 2024, respectively)
322,624 320,350 
Total investments at fair value (amortized cost of $18,300,924 and $16,071,078 at March 31, 2025 and December 31, 2024, respectively)
18,430,560 16,131,256 
Cash and cash equivalents434,307 228,899 
Interest receivable from non-controlled/non-affiliated investments146,419 140,686 
Interest receivable from non-controlled/affiliated investments175  
Dividend receivable from non-controlled/non-affiliated investments3 68 
Deferred financing costs39,540 41,633 
Deferred offering costs567 915 
Derivative assets, at fair value (Note 6)53,737 43,003 
Receivable for investments79,005 32,428 
Other assets288 10,851 
Total assets$19,184,601 $16,629,739 
LIABILITIES
Debt (net of unamortized debt issuance costs of $77,881 and $51,573 at March 31, 2025 and December 31, 2024, respectively)
$8,942,032 $7,445,580 
Payable for investments purchased125,530 75,489 
Interest payable90,282 104,735 
Derivative liabilities, at fair value (Note 6) 11,510 
Due to affiliates13,884 13,881 
Distribution payable (Note 9)80,511 71,896 
Payable for share repurchases (Note 9)210,394 110,784 
Management fees payable (Note 3)19,593 9,377 
Income based incentive fees payable (Note 3)33,728 32,014 
Capital gains incentive fees payable (Note 3)6,912 12,950 
Shareholder servicing and/or distribution fees payable2,662 2,456 
Accrued expenses and other liabilities21,010 5,135 
Total liabilities9,546,538 7,895,807 
Commitments and contingencies (Note 8)
NET ASSETS
Common Shares, $0.01 par value (378,445,196 and 341,366,636 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively)
3,784 3,414 
Additional paid in capital9,470,211 8,521,659 
Distributable earnings (loss)164,068 208,859 
Total net assets9,638,063 8,733,932 
Total liabilities and net assets$19,184,601 $16,629,739 

The accompanying notes are an integral part of these consolidated financial statements.
2

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HPS Corporate Lending Fund
Consolidated Statements of Assets and Liabilities
(in thousands, except share and per share amounts)

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


The accompanying notes are an integral part of these consolidated financial statements.
3

Table of Contents
HPS Corporate Lending Fund
Consolidated Statements of Operations
(in thousands)
(Unaudited)

Three Months Ended March 31,
20252024
Investment income:
From non-controlled/non-affiliated investments:
Interest income$408,011 $291,764 
Payment-in-kind interest income24,099 18,030 
Dividend income1,147 795 
Other income57 1,094 
From non-controlled/affiliated investments:
Interest income309  
From controlled/affiliated investments:
Dividend income10,511 1,819 
Total investment income444,134 313,502 
Expenses:
Interest expense137,906 86,093 
Management fees29,146 18,339 
Income based incentive fee33,728 25,565 
Capital gains incentive fee(6,038)5,954 
Shareholder servicing and/or distribution fees
Class D684 497 
Class F5,766 4,309 
Class S994 184 
Professional fees1,665 756 
Board of Trustees’ fees162 149 
Administrative service expenses (Note 3)1,517 822 
Other general & administrative3,091 2,384 
Amortization of continuous offering costs532 453 
Total expenses209,153 145,505 
Net investment income before excise tax234,981 167,997 
Excise tax expense293 (15)
Net investment income after excise tax234,688 168,012 
Net realized and change in unrealized gain (loss):
Realized gain (loss):
Non-controlled/non-affiliated investments(19,886)(9,949)
Foreign currency forward contracts(34,279)167 
Foreign currency transactions(1,895)3,509 
Net realized gain (loss)(56,060)(6,273)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments67,250 19,345 
Non-controlled/affiliated investments(66)(46)
Controlled/affiliated investments2,274 6,688 
Foreign currency forward contracts(24,102)12,494 
Translation of assets and liabilities in foreign currencies(37,602)15,430 
Net change in unrealized appreciation (depreciation)7,754 53,911 
Net realized and change in unrealized gain (loss)(48,306)47,638 
Net increase (decrease) in net assets resulting from operations$186,382 $215,650 
The accompanying notes are an integral part of these consolidated financial statements.

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HPS Corporate Lending Fund
Consolidated Statements of Changes in Net Assets
(in thousands)
(Unaudited)

Three Months Ended March 31,
20252024
Increase (decrease) in net assets from operations:
Net investment income after excise tax$234,688 $168,012 
Net realized gain (loss)(56,060)(6,273)
Net change in unrealized appreciation (depreciation)7,754 53,911 
Net increase (decrease) in net assets resulting from operations186,382 215,650 
Distributions to common shareholders:
Class I(80,646)(39,684)
Class D(27,326)(20,018)
Class F(112,232)(84,571)
Class S(10,968)(2,054)
Net decrease in net assets resulting from distributions(231,172)(146,327)
Share transactions:
Class I:
Proceeds from shares sold610,430 360,098 
Share transfers between classes46,752 1,333 
Distributions reinvested23,261 13,526 
Repurchased shares, net of early repurchase deduction(152,059)(33,211)
Net increase (decrease) from share transactions528,384 341,746 
Class D:
Proceeds from shares sold64,125 96,497 
Share transfers between classes(40,704)2,927 
Distributions reinvested13,232 10,964 
Repurchased shares, net of early repurchase deduction(33,921)(10,558)
Net increase (decrease) from share transactions2,732 99,830 
Class F:
Proceeds from shares sold282,609 428,057 
Share transfers between classes(2,928)(5,691)
Distributions reinvested50,831 43,940 
Repurchased shares, net of early repurchase deduction(23,332)(15,757)
Net increase (decrease) from share transactions307,180 450,549 
Class S:
Proceeds from shares sold110,234 98,389 
Share transfers between classes(3,120)1,431 
Distributions reinvested4,593 578 
Repurchased shares, net of early repurchase deduction(1,082) 
Net increase (decrease) from share transactions110,625 100,398 
Total increase (decrease) in net assets904,131 1,061,846 
Net assets, beginning of period8,733,932 5,185,364 
Net assets, end of period$9,638,063 $6,247,210 

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

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HPS Corporate Lending Fund
Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)

Three Months Ended March 31,
20252024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations$186,382 $215,650 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net change in unrealized (appreciation) depreciation on investments(69,458)(25,987)
Net realized (gain) loss on investments19,886 9,949 
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts24,102 (12,494)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies38,257 (16,775)
Net accretion of discount and amortization of premium, net(18,205)(27,075)
Amortization of deferred financing costs2,394 2,064 
Amortization of original issue discount and debt issuance costs4,462 1,188 
Amortization of offering costs532 453 
Payment-in-kind interest capitalized(24,183)(15,722)
Payment-in-kind dividends capitalized(1,131)(761)
Purchases of investments(2,502,618)(1,416,804)
Proceeds from sale of investments and principal repayments296,405 848,237 
Changes in operating assets and liabilities:
Interest receivable from non-controlled/non-affiliated investments(5,733)(14,057)
Interest receivable from non-controlled/affiliated investments(175) 
Dividend receivable from non-controlled/non-affiliated investments65 76 
Receivable for investments(46,577)71,933 
Other assets10,563 (13,063)
Payable for investments purchased50,041 27,604 
Interest payable(14,453)1,712 
Due to affiliates3 947 
Management fees payable10,216 1,058 
Income based incentive fees payable1,714 5,218 
Capital gains incentive fees payable(6,038)5,954 
Shareholder servicing and/or distribution fees payable206 277 
Accrued expenses and other liabilities15,875 (1,496)
Net cash provided by (used in) operating activities(2,027,468)(351,914)
Cash flows from financing activities:
Borrowings on debt5,151,226 1,267,000 
Repayments of debt(3,713,069)(1,600,966)
Deferred financing costs paid(301)(8,642)
Debt issuance costs paid(30,770)(12,606)
Deferred offering costs paid(184) 
Proceeds from issuance of Common Shares1,067,398 983,041 
Common Shares repurchased, net of early repurchase deduction(110,784)(63,474)
Distributions paid in cash(130,640)(100,552)
Net cash provided by (used in) financing activities2,232,876 463,801 
Net increase (decrease) in cash and cash equivalents205,408 111,887 
Cash and cash equivalents, beginning of period228,899 188,775 
Cash and cash equivalents, end of period$434,307 $300,662 
The accompanying notes are an integral part of these consolidated financial statements.

6

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HPS Corporate Lending Fund
Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)

Three Months Ended March 31,
20252024
Supplemental information and non-cash activities:
Interest paid during the period$145,503 $81,129 
Taxes paid during the period$5,428 $1,522 
Distribution payable$80,511 $51,674 
Share repurchases accrued but not paid$210,394 $59,526 
Reinvestment of distributions during the period$91,917 $69,008 
Non-cash purchases of investments$17,850 $2,016 
Non-cash sales of investments$(17,850)$(2,016)
The accompanying notes are an integral part of these consolidated financial statements.

7

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HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(in thousands)
(Unaudited)
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
First Lien Debt - Non-Controlled/Non-Affiliated
First Lien Debt
Aerospace and Defense
Arcfield Acquisition Corp (4)(6)(8)10/28/2031$11,100 $(26)$ 
Arcfield Acquisition Corp (4)(8)SF +5.00%9.30 %10/28/203181,490 81,298 82,080 
Asdam Operations Pty Ltd (4)(5)(8)B +5.50%9.65 %8/22/2028A$3,614 2,432 2,258 
Asdam Operations Pty Ltd (4)(5)(6)(8)8/22/2028A$5,421 (68) 
Asdam Operations Pty Ltd (4)(5)(8)B +5.50%9.65 %8/22/2028A$41,558 28,061 25,966 
Cadence - Southwick, Inc. (4)(6)(10)SF +5.00%9.41 %5/3/202817,561 8,912 9,171 
Cadence - Southwick, Inc. (4)(10)SF +5.00%9.40 %5/3/202940,905 40,060 41,314 
Cadence - Southwick, Inc. (4)(10)SF +5.00%9.39 %5/3/20293,073 3,026 3,104 
Carbon Topco, Inc. (4)(6)(9)5/1/203011,985 (222)(167)
Carbon Topco, Inc. (4)(9)SF +6.00%10.42 %11/1/203072,110 70,768 70,873 
Fastener Distribution Holdings, LLC (4)(6)(9)11/4/203128,345 (275)(101)
Fastener Distribution Holdings, LLC (4)(9)SF +4.75%9.07 %11/4/203175,632 74,920 75,362 
Frontgrade Technologies Holdings Inc. (4)(6)(9)1/10/20286,864 (105) 
Frontgrade Technologies Holdings Inc. (4)(9)SF +5.00%9.32 %1/9/203036,958 36,192 36,931 
Frontgrade Technologies Holdings Inc. (4)(9)SF +5.00%9.32 %1/9/20307,781 7,665 7,775 
Frontgrade Technologies Holdings Inc. (4)(9)SF +5.00%9.30 %1/9/20308,726 8,639 8,720 
Goat Holdco LLC (5)(7)SF +3.00%7.32 %1/27/20324,375 4,364 4,351 
RH Buyer, Inc. (4)(6)(10)1/17/203113,792 (267)(267)
RH Buyer, Inc. (4)(10)SF +6.50%10.90 %1/17/2031119,727 117,414 117,412 
Tex-Tech Industries, Inc. (4)(6)(9)1/13/203118,094 (178)(174)
Tex-Tech Industries, Inc. (4)(6)(9)SF +5.00%9.32 %1/13/203117,192 1,339 1,339 
Tex-Tech Industries, Inc. (4)(9)SF +5.00%9.29 %1/13/203181,421 80,637 80,636 
WP CPP Holdings, LLC (4)(6)(10)11/30/202926,285 (511) 
WP CPP Holdings, LLC (4)(10)SF +6.75%11.07 %11/30/2029204,123 200,516 204,942 
764,591 771,525 8.00 %
Alternative Energy
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15)SF +10.00%14.40 %11/9/202612,830 12,692 11,660 
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15)SF +10.00%14.40 %11/9/2026984 973 894 
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15)SF +10.00%14.40 %11/9/202610,736 10,600 9,757 
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15)SF +10.00%14.40 %11/9/2026976 965 887 
25,230 23,198 0.24 %
Asset Based Lending and Fund Finance
Montagu Lux Finco Sarl (4)(5)(6)(10)E + 5.50%8.04 %2/13/203265,158 28,199 29,158 
28,199 29,158 0.30 %
Automobiles and Parts
Clarios Global LP (7)SF +2.50%6.82 %5/6/203010,696 10,652 10,568 
Clarios Global LP (7)SF +2.75%7.07 %1/28/20325,366 5,360 5,295 
Foundation Automotive US Corp (4)(7)(18)SF +
7.75% PIK
12/24/20274,755 4,714 2,556 
Foundation Automotive Corp (4)(5)(7)(18)SF +
7.75% PIK
12/24/202715,156 15,032 8,147 
Foundation Automotive US Corp (4)(7)(18)SF +
7.75% PIK
12/24/202718,779 18,571 10,095 
Foundation Automotive US Corp (4)(6)(7)(18)SF +7.75%12/24/20272,701 1,282 1,351 
Oil Changer Holding Corporation (4)(10)SF +6.75%11.21 %2/8/202740,078 39,918 40,078 
Oil Changer Holding Corporation (4)(10)SF +6.75%11.19 %2/8/20278,414 8,381 8,414 
Tenneco Inc (8)SF +5.00%9.42 %11/17/20288,000 7,854 7,805 
111,764 94,309 0.98 %
Chemicals
Fortis 333 Inc (7)SF +3.50%7.80 %3/27/20322,941 2,934 2,926 
Lummus Technology Holdings V LLC (7)SF +3.00%7.32 %12/31/202918,085 17,910 18,062 
20,844 20,988 0.22 %
8

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(in thousands)
(Unaudited)
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
Construction and Materials
Eco Material Technologies Inc (7)SF +3.25%7.47 %2/12/20325,000 4,993 4,989 
Enstall Group B.V. (4)(5)(6)(8)8/30/20281,117 (22)(143)
Enstall Group B.V. (4)(5)(8)E +6.25%8.84 %8/30/202866,970 71,389 63,884 
Fire Flow Intermediate Corporation (4)(9)SF +5.00%9.29 %7/10/2031123,681 122,559 124,918 
Hobbs & Associates LLC (7)SF +2.75%7.07 %7/23/203114,397 14,375 14,217 
Nexus Intermediate III, LLC (4)(9)SF +4.75%9.04 %12/6/20271,049 1,061 1,052 
NRO Holdings III Corp. (4)(6)(9)7/15/2031214 (4)1 
NRO Holdings III Corp. (4)(6)(9)7/15/2030100 (2) 
NRO Holdings III Corp. (4)(9)SF +5.25%9.55 %7/15/2031682 670 685 
215,019 209,603 2.17 %
Consumer Services
Aesthetics Australia Group Pty Ltd (4)(5)(8)B +
6.75% (incl 2.50% PIK)
11.43 %3/21/2028A$57,095 36,326 33,342 
AI Learning (Singapore) PTE. LTD. (4)(5)(12)SORA +7.50%9.64 %5/25/202745,400 S$33,016 33,589 
American Academy Holdings, LLC (4)(17)SF +
9.75% (incl 5.25% PIK)
14.19 %6/30/202757,248 57,248 56,323 
Auctane Inc (4)(9)SF +5.75%10.14 %10/5/202824,250 24,250 22,961 
Citrin Cooperman Advisors LLC (6)(7)4/1/2032573 (2)(3)
Citrin Cooperman Advisors LLC (7)SF +3.00%7.32 %4/1/20328,888 8,857 8,835 
Club Car Wash Operating, LLC (4)(10)SF +5.50%9.95 %6/16/202739,168 38,645 39,218 
Club Car Wash Operating, LLC (4)(10)SF +5.50%9.95 %6/16/202712,441 12,320 12,457 
Club Car Wash Operating, LLC (4)(10)SF +5.50%9.95 %6/16/202725,457 25,292 25,490 
Club Car Wash Operating, LLC (4)(6)(10)SF +5.50%9.95 %6/16/202777,035 43,656 44,349 
Corporation Service Company (8)SF +2.00%6.32 %11/2/20291,643 1,610 1,637 
Express Wash Concepts, LLC (4)(10)SF +5.00%9.42 %4/30/202746,632 46,435 46,804 
Express Wash Concepts, LLC (4)(10)SF +5.00%9.42 %4/30/202726,190 26,077 26,286 
Houghton Mifflin Harcourt Company (8)SF +5.25%9.67 %4/9/202924,931 24,479 24,684 
ImageFIRST Holdings, LLC (7)SF +3.25%7.55 %3/12/20324,667 4,655 4,661 
IXM Holdings, Inc. (4)(11)SF +6.25%10.57 %12/14/202918,380 18,163 18,516 
IXM Holdings, Inc. (4)(11)SF +6.25%10.57 %12/14/20291,638 1,617 1,650 
IXM Holdings, Inc. (4)(6)(11)SF +6.25%10.57 %12/14/20294,013 635 688 
KUEHG Corp. (5)(8)SF +3.25%7.55 %6/12/20302,380 2,375 2,378 
Learning Care Group, Inc. (8)SF +4.00%8.30 %8/11/20281,970 1,950 1,959 
LHS Borrower LLC (8)SF +4.75%9.17 %2/16/20296,858 6,819 5,861 
Mckissock Investment Holdings LLC (9)SF +5.00%9.29 %3/12/202946,215 45,354 46,061 
Mckissock Investment Holdings LLC (9)SF +5.00%9.46 %3/12/202912,358 12,285 12,317 
Polyconcept North America Holdings, Inc. (9)SF +5.50%9.80 %5/18/202922,718 22,436 21,560 
Spotless Brands, LLC (4)(10)SF +5.75%10.03 %7/25/202821,266 21,028 21,365 
Spotless Brands, LLC (4)(10)SF +5.75%10.03 %7/25/202815,781 15,605 15,854 
Spotless Brands, LLC (4)(10)SF +5.75%10.03 %7/25/2028103,996 102,807 104,479 
Spotless Brands, LLC (4)(6)(10)7/25/20285,175 (56) 
Spotless Brands, LLC (4)(6)(10)SF +5.50%9.76 %7/25/202831,026 19,149 19,305 
Thrasio LLC (4)(10)SF +
10.00% PIK
14.55 %6/18/2029376 374 376 
Thrasio LLC (4)(7)(18)SF +
10.00% PIK
6/18/20291,055 1,029 817 
TruGreen Limited Partnership (9)SF +4.00%8.42 %11/2/20278,464 8,407 7,992 
Zips Car Wash, LLC (4)(7)(18)SF +
7.25% PIK
10/10/20251,894 1,894 1,894 
Zips Car Wash, LLC (4)(7)(18)SF +
7.25% PIK
10/10/20253,314 3,314 3,314 
Zips Car Wash, LLC (4)(7)(18)SF +
7.25% PIK
2/3/202522,713 22,713 17,430 
Zips Car Wash, LLC (4)(7)(18)SF +
7.25% PIK
2/3/202513,405 13,403 10,287 
Zips Car Wash, LLC (4)(7)(18)SF +
7.25% PIK
2/3/2025859 859 659 
705,024 695,395 7.22 %
Electricity
9

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(in thousands)
(Unaudited)
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
Cogentrix Finance Holdco I LLC (7)SF +2.75%7.07 %2/26/20325,068 5,055 5,055 
Hamilton Projects Acquiror LLC (8)SF +3.00%7.32 %5/31/203116,497 16,461 16,503 
IP Operating Portfolio I, LLC (4)(7)7.88%7.88 %12/31/202927,119 26,715 26,943 
IP Operations II Investco, LLC (4)(15)SF +5.50%9.85 %6/26/202926,547 26,098 26,370 
IP Operations II Investco, LLC (4)(15)SF +5.50%9.82 %12/31/202514,380 14,231 14,284 
Sunzia UpperCo LLC (4)(16)SF +5.00%9.29 %6/27/202525,000 24,951 25,000 
Thunder Generation Funding LLC (7)SF +3.00%7.30 %10/3/20315,853 5,826 5,859 
119,337 120,014 1.25 %
Electronic and Electrical Equipment
Dwyer Instruments Inc (4)(6)(9)7/20/202913,403 (129)(68)
Dwyer Instruments Inc (4)(6)(9)SF +4.75%9.05 %7/20/202919,177 928 1,008 
Dwyer Instruments Inc (4)(9)SF +4.75%9.05 %7/20/2029112,171 111,130 111,605 
111,929 112,545 1.17 %
Finance and Credit Services
PCP CW Aggregator Holdings II, L.P. (4)(5)(10)SF +
9.25% PIK
13.72 %2/9/202723,278 23,140 23,393 
Yes Energy LLC (4)(10)SF +5.00%9.33 %4/21/20289,900 9,784 9,900 
Yes Energy LLC (4)(10)SF +5.00%9.33 %4/21/20284,824 4,717 4,873 
Yes Energy LLC (4)(6)(10)SF +5.00%9.33 %4/21/20284,205 1,023 1,149 
Yes Energy LLC (4)(10)SF +5.00%9.33 %4/21/202825,740 25,359 25,740 
64,023 65,055 0.67 %
Food Producers
Aspire Bakeries Holdings LLC (7)SF +4.25%8.57 %12/23/20307,280 7,246 7,308 
Specialty Ingredients, LLC (4)(6)(9)SF +6.00%10.42 %2/12/202911,279 4,941 5,075 
Specialty Ingredients, LLC (4)(9)SF +6.00%10.42 %2/12/202988,667 87,586 88,667 
Sugar PPC Buyer LLC (4)(6)(10)10/2/203014,474 (136)145 
Sugar PPC Buyer LLC (4)(10)SF +5.25%9.55 %10/2/203016,375 16,077 16,539 
Sugar PPC Buyer LLC (4)(10)SF +5.25%9.50 %10/2/203058,951 57,908 59,540 
173,622 177,274 1.84 %
Gas, Water and Multi-utilities
Eagle LNG Partners Jacksonville II LLC (4)(7)
13.50% (incl 6.35% PIK)
13.50%
4/26/2029803 785 787 
Floating Infrastructure Holdings Finance LLC (4)(5)(10)SF +5.75%10.15 %8/13/202740,189 39,817 40,189 
40,602 40,976 0.43 %
General Industrials
Bakelite US Holdco Inc (7)SF +3.75%8.05 %12/23/20316,191 6,132 6,129 
BP Purchaser, LLC (4)(9)SF +5.50%10.06 %12/11/202828,612 28,313 24,935 
Bright Light Buyer, Inc. (4)(10)SF +6.00%10.32 %11/8/202974,063 72,642 74,063 
Capripack Debtco PLC (4)(5)(10)E +
5.75% (incl 2.50% PIK)
8.49 %1/3/203013,487 14,325 14,589 
Capripack Debtco PLC (4)(5)(10)E +
5.75% (incl 2.50% PIK)
8.49 %1/3/203072,598 77,112 78,530 
Capripack Debtco PLC (4)(5)(10)E +
5.75% (incl 2.50% PIK)
8.25 %1/3/203029,873 29,929 32,314 
Capripack Debtco PLC (4)(5)(10)E +
5.75% (incl 2.50% PIK)
8.25 %1/3/203026,139 26,188 28,274 
Formerra, LLC (4)(10)SF +7.25%11.67 %11/1/20284,198 4,113 4,176 
Formerra, LLC (4)(6)(10)11/1/202812,031 (233)(62)
Formerra, LLC (4)(10)SF +7.25%11.67 %11/1/2028104,352 102,278 103,811 
Marcone Group Inc (4)(9)SF +
7.00% (incl 3.25% PIK)
11.46 %6/23/202811,961 11,895 11,092 
Marcone Group Inc (4)(9)SF +
7.00% (incl 3.25% PIK)
11.46 %6/23/202849,898 49,481 46,273 
Marcone Group Inc (4)(9)SF +
7.00% (incl 3.25% PIK)
11.46 %6/23/20284,398 4,374 4,079 
10

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(in thousands)
(Unaudited)
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
Marcone Group Inc (4)(9)SF +
7.00% (incl 3.25% PIK)
11.46 %6/23/202813,236 13,164 12,275 
439,713 440,478 4.57 %
Health Care Providers
123Dentist Inc (4)(5)(6)(9)C +5.00%7.72 %8/10/2029C$23,840 7,069 7,205 
123Dentist Inc (4)(5)(9)C +5.00%7.72 %8/10/2029C$56,627 43,283 39,553 
AB Centers Acquisition Corporation (4)(9)SF +5.00%9.32 %7/2/2031158,209 156,089 159,659 
AB Centers Acquisition Corporation (4)(6)(9)SF +5.00%9.32 %7/2/203128,815 8,373 9,044 
AB Centers Acquisition Corporation (4)(6)(9)7/2/203116,655 (223) 
AB Centers Acquisition Corporation (4)(9)SF +5.00%9.32 %7/2/203153,243 52,824 53,731 
Accelerated Health Systems LLC (8)SF +4.25%8.70 %2/15/20297,851 7,838 6,151 
Aspen Dental Management Inc. (ADMI Corp) (8)SF +3.75%8.19 %12/23/20273,293 3,242 3,273 
Aspen Dental Management Inc. (ADMI Corp) (7)SF +5.75%10.07 %12/23/2027852 858 857 
AthenaHealth Group Inc. (8)SF +3.00%7.32 %2/15/202913,235 13,194 13,103 
ATI Holdings Acquisition, Inc. (4)(5)(10)SF +7.25%11.50 %2/24/202841,092 40,689 39,196 
Baart Programs, Inc. (4)(10)SF +5.00%9.56 %6/11/20279,994 9,951 8,962 
Charlotte Buyer Inc (8)SF +4.25%8.57 %2/11/202823,695 22,870 23,590 
Diagnostic Services Holdings, Inc. (4)(6)(10)SF +5.50%9.82 %3/15/20272,993 1,277 1,281 
Diagnostic Services Holdings, Inc. (4)(10)SF +5.50%9.82 %3/15/2027122,245 121,451 121,606 
Diagnostic Services Holdings, Inc. (4)(10)SF +5.50%9.82 %3/15/202715,682 15,581 15,600 
ERC Topco Holdings, LLC (4)(6)(7)(18)SF +5.50%11/10/20261,561 1,041 1,115 
ERC Topco Holdings, LLC (4)(7)(18)SF +
6.50% PIK
11/10/20267,055 7,055 7,055 
FC Compassus, LLC (4)(6)(9)SF +
5.75% (incl 1.50% PIK)
10.07 %11/26/203015,815 1,539 1,625 
FC Compassus, LLC (4)(6)(9)SF +
7.00% (incl 2.08% PIK)
11.33 %11/26/2030128 12 13 
FC Compassus, LLC (4)(9)SF +
7.04% (incl 2.10% PIK)
11.37 %11/26/20301,171 1,155 1,158 
FC Compassus, LLC (4)(6)(7)11/26/203019,127 (270)(173)
FC Compassus, LLC (4)(9)SF +
5.75% (incl 1.50% PIK)
10.07 %11/26/2030145,692 143,626 144,366 
Indigo Purchaser, Inc. (4)(6)(9)11/21/203125,608 (374)(216)
Indigo Purchaser, Inc. (4)(6)(9)11/21/203117,478 (249)(148)
Indigo Purchaser, Inc. (4)(9)SF +5.00%9.30 %11/21/2031112,112 110,517 111,166 
Kabafusion Parent LLC (4)(6)(9)11/24/203111,700 (111) 
Kabafusion Parent LLC (4)(9)SF +5.00%9.30 %11/24/203190,000 89,143 90,900 
MB2 Dental Solutions, LLC (4)(6)(13)2/13/203113,909 (233)(57)
MB2 Dental Solutions, LLC (4)(9)SF +5.50%9.82 %2/13/2031154,523 152,435 153,886 
MB2 Dental Solutions, LLC (4)(6)(9)SF +5.50%9.82 %2/13/203154,024 16,504 17,266 
MB2 Dental Solutions, LLC (4)(9)SF +5.50%9.82 %2/13/203122,375 21,954 22,283 
Medline Borrower LP (8)SF +2.25%6.57 %10/23/202815,022 14,928 15,010 
Pareto Health Intermediate Holdings, Inc. (4)(10)SF +5.00%9.22 %6/3/203044,201 43,402 43,911 
Pareto Health Intermediate Holdings, Inc. (4)(10)SF +5.00%9.22 %6/3/203014,734 14,468 14,637 
Pareto Health Intermediate Holdings, Inc. (4)(6)(10)6/1/20294,032 (84)(28)
Pareto Health Intermediate Holdings, Inc. (4)(6)(10)6/3/20309,160 (89)(60)
Pareto Health Intermediate Holdings, Inc. (4)(10)SF +5.00%9.22 %6/3/203016,605 16,447 16,496 
Phoenix Newco Inc (8)SF +2.50%6.82 %11/15/202816,673 16,604 16,656 
Pinnacle Fertility, Inc. (4)(9)SF +5.00%9.55 %3/14/20289,141 9,056 9,141 
Pinnacle Fertility, Inc. (4)(9)SF +5.00%9.53 %3/14/202826,675 26,403 26,675 
PPV Intermediate Holdings, LLC (4)(9)SF +5.75%10.06 %8/31/202992,256 91,177 91,809 
PPV Intermediate Holdings, LLC (4)(6)(9)8/31/20298,145 (103)(39)
Precision Medicine Group, LLC (9)SF +3.00%7.40 %11/18/20277,979 7,913 7,914 
PTSH Intermediate Holdings, LLC (4)(9)SF +5.50%9.95 %12/17/20273,892 3,852 3,892 
PTSH Intermediate Holdings, LLC (4)(9)SF +5.50%9.95 %12/17/202720,416 20,222 20,416 
11

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(in thousands)
(Unaudited)
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
Raven Acquisition Holdings LLC (6)(7)11/19/20311,333 (6)(14)
Raven Acquisition Holdings LLC (7)SF +3.25%7.57 %11/19/203118,667 18,578 18,464 
Southern Veterinary Partners LLC (7)SF +3.25%7.57 %12/4/20314,673 4,651 4,665 
Tenet Healthcare Corp (5)(7)5.13%5.13 %11/1/20272,695 2,714 2,658 
Tivity Health Inc (4)(9)SF +5.00%9.32 %6/28/2029129,495 127,815 129,495 
TTF Lower Intermediate LLC (7)SF +3.75%8.00 %7/18/20318,229 8,154 8,105 
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9)SF +5.75%10.04 %7/17/202832,423 32,070 32,132 
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9)SF +5.75%10.04 %7/17/202826,212 25,927 25,977 
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9)SF +5.75%10.05 %7/17/202842,742 42,254 42,358 
WCAS XIV Primary Care Investors, L.P. (4)(10)SF +6.25%10.55 %12/31/203256,433 55,436 55,435 
WCAS XIV Primary Care Investors, L.P. (4)(10)SF +6.25%10.55 %12/31/20328,342 8,190 8,194 
WCAS XIV Primary Care Investors, L.P. (4)(10)SF +6.25%10.55 %12/31/203215,932 15,633 15,650 
WCAS XIII Primary Care Investors, L.P. (4)(10)SF +6.25%10.55 %12/31/2029135,630 133,776 133,351 
1,787,498 1,795,950 18.63 %
Household Goods and Home Construction
Hunter Douglas Inc (7)SF +3.25%7.55 %1/17/20322,300 2,289 2,205 
SWF Holdings I Corp (6)(10)12/19/202994  1 
SWF Holdings I Corp (10)SF +4.50%8.82 %12/19/202973 70 73 
SWF Holdings I Corp (10)SF +4.00%8.44 %10/6/2028667 627 551 
2,986 2,830 0.03 %
Industrial Engineering
LSF12 Donnelly Bidco, LLC (4)(10)SF +6.50%10.82 %10/2/202919,629 19,260 19,629 
Radwell Parent, LLC (4)(6)(9)SF +5.50%9.80 %4/3/202813,271 3,353 3,539 
Radwell Parent, LLC (4)(9)SF +5.50%9.80 %4/2/2029151,882 148,978 152,518 
Roper Industrial Products Investment Co (8)SF +2.75%7.05 %11/22/202918,139 17,723 18,069 
Rotation Buyer, LLC (4)(6)(9)SF +4.75%9.07 %12/27/203117,062 1,795 1,859 
Rotation Buyer, LLC (4)(6)(9)SF +4.75%9.05 %12/27/20318,731 2,396 2,427 
Rotation Buyer, LLC (4)(9)SF +4.75%9.05 %12/27/203166,540 65,900 66,140 
Time Manufacturing Holdings, LLC (4)(9)E +
6.50% (incl 2.00% PIK)
9.00 %12/1/20274,803 5,017 4,226 
Time Manufacturing Holdings, LLC (4)(6)(9)SF +
6.50% (incl 2.00% PIK)
10.94 %12/1/20271,000 710 548 
Time Manufacturing Holdings, LLC (4)(9)SF +
6.50% (incl 2.00% PIK)
10.96 %12/1/202712,194 12,072 10,093 
Time Manufacturing Holdings, LLC (4)(9)E +
6.50% (incl 2.00% PIK)
9.00 %12/1/20278,458 9,461 7,442 
TK Elevator US Newco Inc (5)(8)SF +3.00%7.32 %4/30/203012,416 12,288 12,399 
Wec US Holdings Inc (7)SF +2.25%6.57 %1/27/20319,950 9,885 9,871 
308,838 308,760 3.20 %
Industrial Metals and Mining
Alchemy US Holdco 1 LLC (4)(10)SF +6.50%10.79 %7/31/2029120,590 115,989 116,442 
Alchemy US Holdco 1 LLC (4)(10)E + 6.50%9.11 %7/31/202925,444 26,490 26,579 
Alchemy US Holdco 1 LLC (4)(6)(10)SF +6.50%10.79 %7/31/202910,254 899 959 
BLY US Holdings Inc. (4)(5)(10)SF +6.00%10.30 %4/10/202959,586 58,372 58,780 
Star Holding LLC (7)SF +4.50%8.82 %7/31/20314,275 4,254 4,189 
206,004 206,949 2.15 %
Industrial Support Services
AI Circle Bidco Limited (4)(5)(10)E + 5.75%8.19 %2/8/20316,374 6,723 6,867 
AI Circle Bidco Limited (4)(5)(10)E + 6.75%9.23 %2/8/203144,620 46,467 48,069 
AI Circle Bidco Limited (4)(5)(6)(10)E + 5.75%8.19 %2/8/203166,803 21,745 21,900 
Allied Universal Holdco LLC (8)SF +3.75%8.17 %5/12/202812,427 12,395 12,428 
12

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(in thousands)
(Unaudited)
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
Argos Health Holdings, Inc. (4)(9)SF +6.00%10.30 %12/6/2027645 639 632 
Atlas Intermediate III, L.L.C. (4)(10)SF +
8.25% (incl 4.00% PIK)
12.54 %10/31/2029117,913 115,773 116,294 
Atlas Intermediate III, L.L.C. (4)(6)(10)10/31/202913,445 (257)(185)
AVSC Holding Corp. (4)(6)(9)SF +5.00%9.32 %12/5/20298,660 531 554 
AVSC Holding Corp. (4)(9)SF +5.00%9.32 %12/5/203174,189 72,771 73,034 
Axiom Buyer, LLC (4)(6)(10)1/14/203016,189 (378)(286)
Axiom Buyer, LLC (4)(6)(10)SF +6.50%10.82 %1/14/203018,189 4,802 4,875 
Axiom Buyer, LLC (4)(10)SF +6.50%10.82 %1/14/2030149,578 146,329 146,932 
Azalea Topco, Inc. (7)SF +3.25%7.57 %4/30/20317,980 7,970 7,946 
Captive Resources Midco LLC (4)(6)(9)7/3/20287,558 (82) 
Captive Resources Midco LLC (4)(9)SF +4.75%9.07 %7/2/202992,282 91,204 92,282 
The Chartis Group LLC (4)(9)SF +4.50%8.80 %9/17/203181,592 80,839 81,559 
The Chartis Group LLC (4)(6)(9)9/17/203125,040 (241)(10)
The Chartis Group LLC (4)(6)(9)9/17/203114,716 (135)(6)
Core & Main LP (5)(7)SF +2.00%6.27 %2/9/20311,822 1,822 1,820 
Coretrust Purchasing Group LLC (4)(6)(9)10/1/202910,736 (253)107 
Coretrust Purchasing Group LLC (4)(6)(9)10/1/202911,656 (225) 
Coretrust Purchasing Group LLC (4)(9)SF +5.25%9.57 %10/1/202980,078 78,590 80,879 
Coretrust Purchasing Group LLC (4)(6)(9)10/1/20294,423 (37)44 
Currahee Borrower Sub LLC (6)(7)3/31/20321,952 (10) 
Currahee Borrower Sub LLC (7)SF +4.00%8.30 %3/31/20328,433 8,390 8,433 
Eagle 2021 Lower Merger Sub, LLC (4)(9)SF +6.00%10.30 %12/6/2027806 799 790 
EIS Legacy Holdco, LLC (4)(6)(9)SF +4.75%9.05 %11/5/203130,682 5,839 6,027 
EIS Legacy Holdco, LLC (4)(6)(9)11/5/203013,000 (121)(54)
EIS Legacy Holdco, LLC (4)(9)SF +4.75%9.05 %11/5/203164,271 63,665 64,041 
Employbridge, LLC (6)(9)1/19/20301,602  (211)
Employbridge, LLC (9)SF +4.75%9.19 %1/19/20309,150 9,644 3,900 
Employbridge, LLC (9)SF +5.50%9.80 %1/19/20303,827 3,607 3,322 
Empower Payments Investor, LLC (4)(6)(9)3/12/203114,426 (267)48 
Empower Payments Investor, LLC (4)(6)(9)3/12/20309,704 (160) 
Empower Payments Investor, LLC (4)(9)SF +4.50%8.82 %3/12/2031100,927 99,213 101,266 
Guidehouse Inc. (4)(9)SF +
5.00% (incl 2.00% PIK)
9.32 %12/16/2030189,359 187,357 189,359 
IG Investments Holdings, LLC (4)(6)(13)9/22/202810,221 (114)(2)
IG Investments Holdings, LLC (4)(9)SF +5.00%9.29 %9/22/202888,679 88,252 88,673 
Madison IAQ LLC (8)SF +3.25%7.57 %3/26/20327,833 7,755 7,770 
Madison Safety & Flow LLC (7)SF +2.75%7.07 %9/26/20314,169 4,160 4,167 
NBG Acquisition Corp. (4)(6)(9)SF +5.50%9.95 %11/6/20282,876 2,655 2,341 
NBG Acquisition Corp. (4)(9)SF +5.50%9.95 %11/6/20283,317 3,275 2,936 
NBG Acquisition Corp. (4)(9)SF +5.50%9.94 %11/6/202821,064 20,981 18,649 
Neon Maple US Debt Mergersub Inc (5)(7)SF +3.00%7.32 %11/17/20313,160 3,137 3,144 
NTH Degree Purchaser, Inc (4)(6)(10)9/10/203030,800 (587)(328)
NTH Degree Purchaser, Inc (4)(6)(10)9/10/203016,125 (293)(172)
NTH Degree Purchaser, Inc (4)(10)SF +5.25%9.54 %9/10/2030101,366 99,527 100,288 
PEX Holdings LLC (7)SF +2.75%6.97 %11/26/203115,000 14,964 14,925 
PG Polaris BidCo Sarl (5)(7)SF +3.00%7.30 %3/26/203111,937 11,922 11,952 
Planet US Buyer LLC (5)(7)SF +3.00%7.32 %2/7/20317,444 7,428 7,434 
Royal Buyer, LLC (4)(9)SF +5.50%9.81 %8/31/20288,917 8,813 8,917 
Royal Buyer, LLC (4)(6)(9)8/31/20287,000 (80) 
Royal Buyer, LLC (4)(9)SF +5.50%9.81 %8/31/202843,988 43,474 43,988 
Royal Buyer, LLC (4)(6)(9)SF +5.50%9.81 %8/31/202823,529 19,681 19,881 
Royal Buyer, LLC (4)(9)SF +5.50%9.81 %8/31/202870,141 69,613 70,141 
13

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(in thousands)
(Unaudited)
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
Sedgwick Claims Management Services Inc (7)SF +3.00%7.31 %7/31/203119,013 18,849 18,973 
SimpliSafe Holding Corporation (4)(9)SF +6.25%10.57 %5/2/202814,953 14,782 14,953 
SimpliSafe Holding Corporation (4)(9)SF +6.25%10.57 %5/2/2028117,528 116,288 117,528 
Spirit RR Holdings, Inc. (4)(6)(9)9/13/20283,579 (44) 
Spirit RR Holdings, Inc. (4)(9)SF +4.75%9.15 %9/13/202842,559 42,020 42,650 
Spirit RR Holdings, Inc. (4)(6)(9)SF +4.75%9.14 %9/13/20285,948 2,884 2,968 
Team, Inc. (4)(6)(10)3/12/203014,960 (335)(333)
Team, Inc. (4)(10)SF +6.50%10.83 %3/12/203052,360 51,195 51,194 
Transnetwork LLC (4)(8)SF +4.75%9.05 %12/29/203072,394 71,600 72,756 
TruckPro, LLC (4)(12)SF +7.75%12.19 %8/16/202869,295 67,892 66,574 
Vaco Holdings LLC (9)SF +5.00%9.45 %1/21/202913,069 13,032 12,112 
W3 TopCo LLC (4)(10)SF +6.50%10.80 %3/22/202989,006 86,178 86,693 
YA Intermediate Holdings II, LLC (4)(6)(9)SF +5.00%9.30 %10/1/203119,815 1,959 2,106 
YA Intermediate Holdings II, LLC (4)(6)(9)SF +5.00%9.32 %10/1/20319,750 442 483 
YA Intermediate Holdings II, LLC (4)(9)SF +5.00%9.31 %10/1/203147,449 47,229 47,455 
2,003,482 2,013,472 20.89 %
Industrial Transportation
E.S.G. Movilidad, S.L.U. (4)(5)(6)(7)E +6.25%8.94 %5/31/202911,245 3,412 3,649 
E.S.G. Movilidad, S.L.U. (4)(5)(7)E +6.25%8.94 %5/31/20298,096 8,532 8,757 
E.S.G. Movilidad, S.L.U. (4)(5)(7)E +6.25%8.94 %5/31/202922,264 23,462 24,083 
Stonepeak Nile Parent LLC (5)(7)SF +2.75%7.07 %2/4/20323,529 3,521 3,520 
Truck-Lite Co, LLC (4)(6)(9)SF +5.75%10.04 %2/13/20319,323 5,805 6,004 
Truck-Lite Co, LLC (4)(6)(9)SF +5.75%10.05 %2/13/203011,973 604 798 
Truck-Lite Co, LLC (4)(9)SF +5.75%10.07 %2/13/203185,510 84,075 85,904 
129,411 132,715 1.38 %
Investment Banking and Brokerage Services
Apex Group Treasury LLC (5)(7)SF +3.50%7.82 %2/27/20328,427 8,333 8,411 
Ascensus Holdings, Inc. (8)SF +3.00%7.32 %8/2/202812,530 12,486 12,471 
Baker Tilly Advisory Group, LP (4)(9)SF +4.75%9.07 %6/3/2031102,573 101,214 103,418 
Baker Tilly Advisory Group, LP (4)(6)(9)6/3/203115,518 (219)128 
Baker Tilly Advisory Group, LP (4)(6)(9)6/3/203023,539 (304) 
DRW Holdings LLC (7)SF +3.50%7.79 %6/26/203110,000 9,952 9,980 
Earps Bidco Limited (4)(5)(6)(7)3/28/2032£13,000 (252)(252)
Earps Bidco Limited (4)(5)(7)SN +5.00%9.46 %3/28/2032£37,700 48,064 47,975 
Eisner Advisory Group LLC (8)SF +4.00%8.32 %2/28/20315,987 5,936 5,989 
Focus Financial Partners, LLC (7)SF +2.75%7.07 %9/15/203114,464 14,418 14,341 
Grant Thornton LLP (6)(7)6/2/2031380  (1)
Grant Thornton LLP (7)SF +2.75%7.07 %6/2/203114,823 14,823 14,765 
Harp Finco LTD (4)(5)(7)SN +5.50%9.96 %3/27/2032£113,774 144,396 144,049 
Jump Financial LLC (7)SF +4.25%8.55 %2/26/20322,381 2,369 2,396 
June Purchaser LLC (6)(7)11/28/20311,619 (6)4 
June Purchaser LLC (7)SF +3.25%7.47 %11/28/20319,714 9,677 9,739 
Madonna Bidco Limited (4)(5)(6)(7)SN +5.25%9.71 %10/25/2031£10,435 143 276 
Madonna Bidco Limited (4)(5)(7)SN +5.25%9.80 %10/25/2031£51,131 65,032 65,428 
MAI Capital Management Intermediate LLC (4)(6)(9)SF +4.75%9.05 %8/29/203116,300 6,295 6,430 
MAI Capital Management Intermediate LLC (4)(6)(9)SF +4.75%9.04 %8/29/20316,100 1,416 1,465 
MAI Capital Management Intermediate LLC (4)(9)SF +4.75%9.05 %8/29/203127,600 27,347 27,567 
More Cowbell II, LLC (4)(6)(9)9/3/20305,484 (100) 
More Cowbell II, LLC (4)(6)(9)SF +5.00%9.43 %9/4/20297,590 1,290 1,401 
More Cowbell II, LLC (4)(9)SF +5.00%8.89 %9/3/203049,713 48,942 49,713 
Orthrus Limited (4)(5)(6)(7)12/5/2031£15,961 (347)(275)
Orthrus Limited (4)(5)(7)E +
6.25% (incl 2.75% PIK)
8.71 %12/5/203130,863 32,134 32,947 
14

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(in thousands)
(Unaudited)
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
Orthrus Limited (4)(5)(7)SN +
6.25% (incl 2.75% PIK)
10.72 %12/5/2031£34,557 43,343 44,050 
Orthrus Limited (4)(5)(10)SF +
6.25% (incl 2.75% PIK)
10.56 %12/5/203181,541 80,188 80,456 
Osaic Holdings Inc (7)SF +3.50%7.82 %8/17/202811,764 11,725 11,691 
Rockefeller Capital Management (4)(8)SF +4.75%9.05 %4/4/203169,650 69,047 69,650 
Rockefeller Capital Management (4)(6)(8)SF +4.75%9.05 %4/4/203115,000 2,390 2,500 
Travelex Issuerco 2 PLC (4)(5)(14)SN +8.00%12.46 %9/22/2028£22,377 26,631 29,390 
Violin Finco Guernsey Limited (4)(5)(7)SN +5.25%9.71 %6/24/2031£93,262 117,277 121,690 
Violin Finco Guernsey Limited (4)(5)(6)(7)6/24/2031£6,211 (74)80 
903,566 917,872 9.52 %
Leisure Goods
Jam City, Inc. (4)(10)SF +7.00%11.56 %9/7/2027721 718 728 
718 728 0.01 %
Life Insurance
OneDigital Borrower LLC (8)SF +3.00%7.32 %7/2/203114,774 14,714 14,697 
14,714 14,697 0.15 %
Media
2080 Media, Inc. (4)(9)SF +5.25%9.55 %3/14/202912,489 12,357 12,489 
2080 Media, Inc. (4)(6)(9)3/14/202813,795 (136) 
2080 Media, Inc. (4)(9)SF +5.25%9.55 %3/14/202953,811 53,176 53,811 
2080 Media, Inc. (4)(6)(9)SF +5.25%9.55 %3/14/202918,859 9,870 10,058 
AMR GP Limited (4)(5)(7)
10.50% (incl 5.25% PIK)
10.50%
7/10/20341,043 1,015 1,034 
Arc Media Holdings Limited (4)(5)(6)(10)SF +7.25%11.69 %10/29/20272,766 2,302 2,258 
Arc Media Holdings Limited (4)(5)(10)SF +7.25%11.69 %10/29/202739,914 39,392 38,763 
Aventine Intermediate LLC (4)(9)SF +
6.00% (incl 3.00% PIK)
10.40 %6/18/20271,127 1,119 1,056 
Aventine Intermediate LLC (4)(9)SF +
6.00% (incl 3.00% PIK)
10.40 %6/18/202719,796 19,645 18,560 
Endeavor Operating Co LLC (5)(7)SF +3.00%7.32 %3/24/20328,219 8,178 8,214 
Global Music Rights, LLC (4)(6)(9)12/20/203146,796 (449)(281)
Global Music Rights, LLC (4)(9)SF +4.75%9.05 %12/20/2031439,167 434,951 436,534 
IEHL US Holdings, Inc. (4)(12)SF +7.00%11.29 %10/29/20296,604 6,463 6,670 
International Entertainment Investments Ltd (4)(5)(12)SN +7.40%11.89 %10/29/2029£15,493 18,901 20,216 
International Entertainment Investments Ltd (4)(5)(10)E +7.00%9.61 %10/29/20292,540 2,740 2,775 
International Entertainment Investments Ltd (4)(5)(10)E +7.00%9.61 %10/29/20293,048 3,196 3,330 
International Entertainment Investments Ltd (4)(5)(6)(12)4/27/20295,080 (126)51 
International Entertainment Investments Ltd (4)(5)(12)SF +7.00%11.29 %10/29/202930,478 29,850 30,783 
LOCI Bidco Limited (4)(5)(8)SF +5.25%9.64 %5/19/203112,087 11,822 12,208 
LOCI Bidco Limited (4)(5)(8)SN +5.25%9.78 %5/19/2031£73,522 91,372 95,932 
Law Business Research Inc. (4)(5)(6)(8)5/19/203146,320 (1,086)463 
McGraw-Hill Education Inc (8)SF +3.25%7.57 %8/6/203110,144 10,022 10,140 
Renaissance Financiere (4)(5)(7)E +7.00%9.59 %7/26/202834,871 35,668 35,766 
UFC Holdings LLC (5)(7)SF +2.25%6.58 %11/21/20312,100 2,098 2,097 
792,340 802,927 8.33 %
Medical Equipment and Services
ABB/CON-CISE Optical Group LLC (4)(9)SF +7.50%11.95 %2/23/202821,259 20,986 19,769 
Bamboo US BidCo LLC (4)(10)SF +5.25%9.54 %9/30/203015,482 15,088 15,482 
Bamboo US BidCo LLC (4)(6)(10)9/30/20302,855 (28) 
Bamboo US BidCo LLC (4)(6)(10)9/30/20302,855 (28) 
Bamboo US BidCo LLC (4)(6)(10)10/1/202921,254 (478) 
Bamboo US BidCo LLC (4)(10)E + 5.25%7.86 %9/30/203062,952 65,081 68,095 
Bamboo US BidCo LLC (4)(10)SF +5.25%9.54 %9/30/203083,172 81,282 83,172 
15

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(in thousands)
(Unaudited)
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
Bausch + Lomb Corporation (5)(8)SF +3.25%7.67 %5/10/20279,476 9,463 9,454 
Coding Solutions Acquisition, Inc. (4)(6)(9)8/7/203123,581 (339)(92)
Coding Solutions Acquisition, Inc. (4)(6)(9)SF +5.00%9.33 %8/7/203116,674 14,363 14,525 
Coding Solutions Acquisition, Inc. (4)(9)SF +5.00%9.32 %8/7/2031154,364 152,590 153,764 
Femur Buyer, Inc. (4)(6)(10)SF +7.50%11.80 %9/18/202913,350 6,137 5,367 
Femur Buyer, Inc. (4)(10)SF +
8.25% (incl 4.50% PIK)
12.55 %3/18/2030143,961 141,116 135,469 
Limpio Bidco GMBH (4)(5)(7)E +5.20%7.81 %10/31/203063,783 65,973 70,373 
PerkinElmer U.S. LLC (4)(10)SF +5.00%9.32 %3/13/2029110,659 108,017 111,765 
PerkinElmer U.S. LLC (4)(10)SF +5.00%9.32 %3/13/202961,808 60,885 62,426 
PerkinElmer U.S. LLC (4)(10)SF +5.00%9.32 %3/13/202966,913 66,048 67,582 
Plasma Buyer LLC (4)(9)SF +6.25%10.55 %5/12/20293,132 3,089 2,992 
Plasma Buyer LLC (4)(6)(9)SF +5.75%10.05 %5/12/20289,458 7,721 7,428 
Plasma Buyer LLC (4)(9)SF +5.75%10.07 %5/12/202982,997 81,981 78,923 
Resonetics, LLC (9)SF +3.25%7.55 %6/18/203138,444 38,358 38,270 
SDC US Smilepay SPV (4)(7)(18)P +9.75%10/27/202513,460 6,129 1,773 
Spruce Bidco II Inc. (4)(9)C + 5.00%7.72 %1/31/2032C$35,000 23,811 23,968 
Spruce Bidco II Inc. (4)(9)TN + 5.25%6.00 %1/31/2032¥3,744,213 23,822 24,604 
Spruce Bidco II Inc. (4)(6)(9)1/31/203243,899 (643)(643)
Spruce Bidco II Inc. (4)(9)SF +5.00%9.32 %1/31/2032165,864 163,434 163,433 
TecoStar Holdings Inc (4)(10)SF +8.00%12.29 %7/6/2029126,897 124,794 123,403 
Viant Medical Holdings, Inc. (7)SF +4.00%8.32 %10/29/203117,456 17,374 17,489 
Vital Care Buyer, LLC (4)(9)SF +4.50%8.80 %7/30/203190,262 89,446 90,262 
Vital Care Buyer, LLC (4)(6)(9)7/30/203113,271 (120) 
Zeus Company LLC (4)(6)(9)SF +5.50%9.80 %2/28/203123,088 7,765 8,312 
Zeus Company LLC (4)(6)(9)2/28/203021,506 (264) 
Zeus Company LLC (4)(9)SF +5.50%9.80 %2/28/2031123,169 121,606 124,401 
1,514,459 1,521,766 15.79 %
Non-life Insurance
Accession Risk Management Group, Inc. (4)(9)SF +4.75%9.06 %10/30/20297,912 7,835 7,912 
Accession Risk Management Group, Inc. (4)(9)SF +4.75%9.06 %11/1/202939,150 38,948 39,150 
Accession Risk Management Group, Inc. (4)(9)SF +4.75%9.04 %11/1/202914,088 14,088 14,088 
Accession Risk Management Group, Inc. (4)(6)(9)SF +4.75%9.04 %11/1/202921,831 8,406 8,502 
Accession Risk Management Group, Inc. (4)(6)(9)11/1/20292,903 (11) 
Acrisure LLC (7)SF +3.00%7.32 %11/6/203020,008 19,997 19,918 
Alera Group, Inc. (4)(9)SF +5.25%9.57 %10/2/202821,282 21,152 21,282 
Alera Group, Inc. (4)(9)SF +5.25%9.57 %10/2/202812,239 12,233 12,239 
Alera Group, Inc. (4)(9)SF +5.25%9.57 %10/2/202843,166 43,145 43,166 
Alera Group, Inc. (4)(9)SF +5.75%10.07 %10/2/20285,164 5,122 5,164 
Alliant Holdings Intermediate, LLC (7)SF +2.75%7.07 %9/19/203118,651 18,506 18,557 
AmWINS Group Inc (9)SF +2.25%6.57 %1/30/203210,193 10,181 10,124 
Amynta Agency Borrower Inc (7)SF +3.00%7.29 %12/29/203119,965 19,590 19,805 
BroadStreet Partners, Inc. (7)SF +3.00%7.32 %6/13/203111,090 11,018 11,008 
Galway Borrower LLC (4)(6)(9)SF +4.50%8.80 %9/29/20285,017 1,617 1,641 
Galway Borrower LLC (4)(6)(9)SF +4.50%8.80 %9/29/20286,383 322 361 
Galway Borrower LLC (4)(9)SF +4.50%8.80 %9/29/2028133,289 132,918 133,289 
Goosehead Insurance Holdings LLC (4)(5)(7)SF +3.50%7.82 %1/8/20323,509 3,500 3,522 
Higginbotham Insurance Agency Inc (4)(6)(10)SF +4.75%9.07 %11/24/202814,302 5,817 5,941 
Higginbotham Insurance Agency Inc (4)(14)SF +4.50%8.83 %11/24/202831,884 31,650 31,884 
HUB International Ltd (7)7.25%7.25 %6/15/203010,517 10,517 10,839 
HUB International Ltd (7)SF +2.50%6.79 %6/20/203013,715 13,597 13,673 
Integrity Marketing Acquisition LLC (4)(6)(9)8/27/20282,638 (21) 
Integrity Marketing Acquisition LLC (4)(6)(9)8/27/2028362 (2) 
16

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(in thousands)
(Unaudited)
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
Integrity Marketing Acquisition LLC (4)(9)SF +5.00%9.31 %8/27/202864,865 64,521 64,865 
Jones Deslauriers Insurance Management Inc. (5)(7)8.50%8.50 %3/15/203014,487 14,471 15,223 
Netrisk Group Luxco 4 S.A.R.L. (4)(5)(6)(7)2/5/20329,744 (152)(148)
Netrisk Group Luxco 4 S.A.R.L. (4)(5)(7)E + 5.25%7.81 %2/5/203253,590 54,986 57,157 
Netrisk Group Luxco 4 S.A.R.L. (4)(5)(6)(7)2/5/20324,060 (63)(61)
Patriot Growth Insurance Services LLC (4)(9)SF +5.00%9.49 %10/16/202818,001 17,792 18,001 
Patriot Growth Insurance Services LLC (4)(6)(9)SF +5.00%9.42 %10/14/2028822 402 411 
Patriot Growth Insurance Services LLC (4)(9)SF +5.00%9.45 %10/16/20287,095 7,020 7,095 
Sig Parent Holdings, LLC (4)(6)(9)SF +5.00%9.32 %8/21/203115,222 714 771 
Sig Parent Holdings, LLC (4)(6)(9)8/21/20313,045 (14)(4)
Sig Parent Holdings, LLC (4)(9)SF +5.00%9.32 %8/21/203126,322 26,202 26,289 
Summit Acquisition Inc (7)SF +3.75%8.07 %10/16/203117,500 17,418 17,522 
TIH Insurance Holdings LLC (7)SF +2.75%7.05 %5/6/20316,129 6,116 6,098 
Trupanion, Inc. (4)(5)(9)SF +5.00%9.45 %3/25/202725,690 25,538 25,690 
Trupanion, Inc. (4)(5)(6)(9)3/25/20276,576 (39) 
Trupanion, Inc. (4)(5)(9)SF +5.00%9.45 %3/25/202720,370 20,242 20,370 
USI Inc/NY (7)SF +2.25%6.55 %9/29/203012,840 12,821 12,733 
USI Inc/NY (7)SF +2.25%6.55 %11/21/20291,919 1,919 1,903 
700,019 705,980 7.32 %
Oil, Gas and Coal
Camin Cargo Control Holdings, Inc. (4)(6)(10)12/7/20299,685 (196)(48)
Camin Cargo Control Holdings, Inc. (4)(6)(10)SF +5.50%9.82 %12/7/20299,702 7,258 7,358 
Camin Cargo Control Holdings, Inc. (4)(10)SF +5.50%9.82 %12/7/202963,760 62,788 63,447 
CVR CHC LP (5)(7)SF +4.00%8.30 %12/30/20275,403 5,361 5,418 
75,211 76,175 0.79 %
Personal Care, Drug and Grocery Stores
DIA Finance S.L.U. (4)(5)(9)E + 6.75%9.21 %12/27/2029170,600 172,809 179,878 
Parfums Holding Company, Inc. (4)(10)SF +5.25%9.55 %6/27/2030119,125 118,085 120,317 
Parfums Holding Company, Inc. (4)(6)(10)6/27/20299,034 (77) 
Puma Buyer LLC (4)(8)SF +4.50%8.80 %3/29/203259,835 59,387 59,386 
Puma Buyer LLC (4)(6)(8)3/29/20329,853 (74)(74)
Vermont Aus Pty Ltd (4)(5)(9)B + 5.75%9.93 %3/23/2028A$20,900 14,202 13,058 
Vermont Aus Pty Ltd (4)(5)(9)B +5.75%9.93 %3/23/2028A$34,678 25,544 21,667 
Vital Bidco AB (4)(5)(6)(10)SF +4.50%8.82 %10/29/203016,892 3,807 3,949 
Vital Bidco AB (4)(5)(10)SF +4.50%8.80 %10/29/203197,650 95,795 96,745 
489,478 494,926 5.14 %
Personal Goods
Daphne S.P.A. (4)(5)(6)(7)5/23/20283,978 (106)(559)
Daphne S.P.A. (4)(5)(7)E +6.25%8.61 %5/23/202845,354 47,923 42,686 
Spanx, LLC (4)(6)(9)11/18/20275,000 (45) 
Spanx, LLC (4)(9)SF +5.25%9.67 %11/20/202829,025 28,709 29,025 
S&S Holdings LLC (8)SF +5.00%9.32 %10/1/203111,940 11,769 11,705 
88,250 82,857 0.86 %
Pharmaceuticals and Biotechnology
Advarra Holdings, Inc. (4)(10)SF +4.50%8.82 %9/13/203168,590 67,472 68,987 
Advarra Holdings, Inc. (4)(6)(10)9/13/20316,020 (29)35 
Advarra Holdings, Inc. (4)(10)SF +4.50%8.82 %9/13/2031127,241 126,655 127,978 
Azurity Pharmaceuticals Inc (4)(6)(10)3/14/203020,537 (407)(407)
Azurity Pharmaceuticals Inc (4)(10)SF +7.00%11.29 %3/14/2030235,845 231,174 231,172 
Cambrex Corporation (4)(6)(9)3/6/203216,460 (164)(163)
Cambrex Corporation (4)(6)(9)3/6/203218,341 (182)(182)
Cambrex Corporation (4)(9)SF +4.75%9.07 %3/6/2032110,282 109,191 109,190 
17

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(in thousands)
(Unaudited)
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
CPI Buyer, LLC (4)(9)SF +5.50%10.07 %11/1/20281,327 1,318 1,292 
CPI Buyer, LLC (4)(6)(9)10/30/20262,115 (14)(29)
CPI Buyer, LLC (4)(9)SF +5.50%10.07 %11/1/202824,639 24,429 23,974 
Creek Parent, Inc. (4)(6)(9)12/18/203122,379 (349)(270)
Creek Parent, Inc. (4)(9)SF +5.25%9.57 %12/18/2031122,875 120,950 121,391 
Dechra Finance US LLC (5)(7)SF +3.25%7.51 %1/27/20324,167 4,156 4,163 
Dolcetto HoldCo S.P.A. (4)(5)(7)E +5.50%8.00 %10/27/202813,316 13,613 14,345 
Dolcetto HoldCo S.P.A. (4)(5)(7)E +5.50%8.00 %10/27/202882,300 80,797 88,660 
Endo Finance Holdings Inc (8)SF +4.00%8.32 %4/23/20316,982 6,980 6,932 
Gusto Aus Bidco Pty Ltd (4)(5)(6)(8)11/15/2031A$24,086 (122)(29)
Gusto Aus Bidco Pty Ltd (4)(5)(8)B +4.75%9.46 %11/15/2031A$243,533 155,981 151,865 
Syneos Health Inc (7)SF +4.00%8.30 %9/27/203014,998 14,913 14,360 
WCG Intermediate Corp (10)SF +3.00%7.32 %2/25/203213,313 13,250 13,207 
969,612 976,471 10.13 %
Real Estate Investment and Services
Associations Inc. (4)(10)SF +6.50%11.06 %7/3/202855,415 55,372 55,970 
Associations Inc. (4)(6)(10)SF +6.50%11.06 %7/3/20284,312 1,067 1,114 
Associations Inc. (4)(6)(10)SF +6.50%11.08 %7/3/20283,459 2,557 2,559 
58,996 59,643 0.62 %
Retailers
AI Grace Aus Bidco Pty Ltd (4)(5)(9)E +5.25%7.71 %12/5/202921,626 22,796 23,459 
Belron Finance 2019 LLC (8)SF +2.75%7.05 %10/16/203114,071 14,038 14,064 
BradyplusUS Holdings, LLC (4)(6)(10)SF +5.00%9.29 %10/31/2029426 87 95 
BradyplusUS Holdings, LLC (4)(10)SF +5.00%9.29 %10/31/202914,460 14,341 14,565 
Great Outdoors Group, LLC (9)SF +3.25%7.57 %1/23/203213,590 13,524 13,578 
Johnstone Supply LLC (7)SF +2.50%6.82 %6/9/20316,275 6,267 6,232 
Knitwell Borrower LLC (4)(10)SF +7.75%12.19 %7/28/202742,899 42,151 42,224 
Knitwell Borrower LLC (4)(10)SF +7.75%12.19 %7/28/202737,208 36,237 36,622 
Knitwell Borrower LLC (4)(10)SF +7.75%12.19 %7/28/202795,217 93,580 93,718 
Petsmart LLC (9)SF +3.75%8.17 %2/11/202815,236 15,178 15,030 
Staples, Inc. (8)SF +5.75%10.04 %9/4/202931,108 29,872 27,717 
Thermostat Purchaser III Inc (9)SF +4.25%8.55 %8/31/20287,960 7,960 7,977 
White Cap Buyer, LLC (7)SF +3.25%7.57 %10/19/202915,354 15,297 14,924 
311,328 310,205 3.22 %
Software and Computer Services
Acuris Finance US, Inc (7)SF +3.75%8.05 %2/16/20288,341 8,231 8,340 
Armstrong Bidco Limited (4)(5)(7)SN +5.25%9.71 %6/28/2029£47,995 56,087 62,005 
Armstrong Bidco Limited (4)(5)(7)SN +5.25%9.71 %6/28/2029£91,991 110,366 118,843 
Artifact Bidco, Inc. (4)(6)(8)7/26/203111,207 (107)112 
Artifact Bidco, Inc. (4)(8)SF +4.50%8.80 %7/26/203145,788 45,375 46,246 
Artifact Bidco, Inc. (4)(6)(8)7/26/20302,562 (23)(1)
Artifact Bidco, Inc. (4)(6)(8)7/26/20305,443 (48)(1)
Artisan Bidco, Inc. (4)(10)SF +7.00%11.39 %11/7/202939,500 38,743 38,841 
Artisan Bidco, Inc. (4)(6)(10)SF +7.00%11.18 %11/7/20296,000 1,285 1,300 
Artisan Bidco, Inc. (4)(10)E +7.00%10.05 %11/7/202918,381 19,284 19,549 
Artisan Bidco, Inc. (4)(10)SF +7.00%11.44 %11/7/2029998 988 981 
Auditboard, Inc. (4)(6)(9)7/14/203175,714 (718)379 
Auditboard, Inc. (4)(6)(9)7/14/203130,286 (272) 
Auditboard, Inc. (4)(9)SF +4.75%9.05 %7/14/2031159,000 157,574 159,795 
Aurelia Netherlands Midco 2 B.V. (4)(5)(7)E +5.50%8.29 %5/22/203146,878 49,847 51,215 
Avalara, Inc. (7)SF +3.25%7.55 %3/26/203213,000 12,935 12,965 
BMC Software Inc (7)SF +3.00%7.29 %7/30/20313,000 2,965 2,952 
18

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(in thousands)
(Unaudited)
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
Boreal Bidco (4)(5)(6)(7)3/26/20324,353 (105)(106)
Boreal Bidco (4)(5)(7)E +
7.25% (incl 5.75% PIK)
9.61 %3/26/203248,970 51,475 51,781 
Bottomline Technologies, Inc. (4)(6)(9)5/15/2028385 (2) 
Bottomline Technologies, Inc. (4)(9)SF +5.25%9.55 %5/14/20294,500 4,472 4,500 
Calabrio, Inc. (4)(6)(10)SF +5.50%9.81 %4/16/20272,687 1,152 1,152 
Calabrio, Inc. (4)(10)SF +5.50%9.81 %4/16/202722,146 22,146 22,146 
Calabrio, Inc. (4)(10)SF +5.50%9.81 %4/16/20273,248 3,208 3,248 
Central Parent LLC (7)SF +3.25%7.55 %7/6/202920,199 20,136 17,396 
Certinia Inc. (4)(6)(10)8/2/20305,449 (120)(24)
Certinia Inc. (4)(10)SF +5.25%9.54 %8/4/203052,071 51,070 51,840 
Cloud Software Group Inc (8)SF +3.75%8.05 %3/21/20314,777 4,777 4,737 
Cloud Software Group Inc (8)SF +3.50%7.80 %3/29/202913,800 13,275 13,691 
Cloud Software Group Inc (7)6.50%6.50 %3/31/20297,740 6,931 7,523 
Coupa Holdings, LLC (4)(6)(9)2/27/20307,123 (148)71 
Coupa Holdings, LLC (4)(6)(9)2/27/20296,211 (101) 
Coupa Holdings, LLC (4)(9)SF +5.25%9.54 %2/27/203079,179 77,875 79,970 
Databricks Inc (4)(6)(7)1/3/203130,597 (153)(148)
Databricks Inc (4)(7)SF +4.50%8.82 %1/3/2031137,478 136,810 136,814 
Delta Topco, Inc. (7)SF +2.75%7.07 %11/30/202918,196 18,158 18,015 
Denali Bidco Limited (4)(5)(7)E +5.00%7.36 %8/29/20309,441 9,844 10,212 
Denali Bidco Limited (4)(5)(7)E +5.00%7.36 %8/29/20306,742 7,196 7,293 
Denali Bidco Limited (4)(5)(7)SN +5.00%9.46 %8/29/2030£23,265 28,859 30,056 
Denali Bidco Limited (4)(5)(6)(7)8/29/2030£14,557 (333) 
Denali Bidco Limited (4)(5)(7)E +5.00%7.36 %8/29/203015,916 16,668 17,216 
EasyPark Strategy AB (4)(5)(8)SN +5.00%9.48 %12/19/2030£28,772 35,292 36,763 
EasyPark Strategy AB (4)(5)(8)E +5.00%7.65 %12/19/203073,844 75,416 79,001 
EasyPark Strategy AB (4)(5)(8)N +5.00%9.68 %12/19/2030231,454 kr19,922 21,764 
EasyPark Strategy AB (4)(5)(8)SF +5.00%9.27 %12/19/203045,034 44,386 44,533 
Einstein Parent, Inc. (4)(6)(9)1/22/20319,745 (189)(189)
Einstein Parent, Inc. (4)(9)SF +6.50%10.79 %1/22/203194,062 92,240 92,239 
Elements Finco Limited (4)(5)(7)SF +
4.97% (incl 1.97% PIK)
9.29 %4/29/203110,482 10,392 10,587 
Elements Finco Limited (4)(5)(7)SF +
4.97% (incl 1.97% PIK)
9.29 %4/29/20318,724 8,649 8,812 
Elements Finco Limited (4)(5)(7)SN +
5.25% (incl 2.25% PIK)
9.71 %4/29/2031£33,508 41,731 43,722 
Elements Finco Limited (4)(5)(7)SN +
5.25% (incl 2.25% PIK)
9.71 %4/29/2031£15,021 18,699 19,599 
Elements Finco Limited (4)(5)(7)SN +
5.25% (incl 2.25% PIK)
9.71 %4/29/2031£50,131 62,057 65,412 
Enverus Holdings Inc (4)(9)SF +5.50%9.82 %12/24/202965,933 65,152 66,593 
Enverus Holdings Inc (4)(6)(9)12/24/20291,227 (17)12 
Enverus Holdings Inc (4)(6)(9)12/24/20294,913 (58) 
Espresso Bidco Inc. (4)(6)(9)3/25/203214,333 (215)(214)
Espresso Bidco Inc. (4)(6)(9)3/25/20326,370 (95)(95)
Espresso Bidco Inc. (4)(9)SF +
5.75% (incl 3.13% PIK)
10.05 %3/25/203251,760 50,986 50,985 
HT Intermediary III, Inc. (4)(6)(9)11/12/203010,286 (51)5 
HT Intermediary III, Inc. (4)(6)(9)SF +4.75%9.07 %11/12/20303,857 368 386 
HT Intermediary III, Inc. (4)(9)SF +4.75%9.07 %11/12/203042,322 42,123 42,345 
Huskies Parent Inc (4)(6)(9)SF +5.25%9.67 %11/3/20271,000 167 175 
Huskies Parent Inc (4)(9)SF +5.25%9.67 %11/3/202824,834 24,573 24,773 
IRI Group Holdings, Inc. (4)(9)SF +5.00%9.31 %12/1/2028152,399 150,746 152,399 
19

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(in thousands)
(Unaudited)
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
IRI Group Holdings, Inc. (4)(6)(13)P + 4.00%11.50 %12/1/20279,023 916 1,011 
Kaseya Inc (7)SF +3.25%7.57 %3/22/203213,235 13,169 13,211 
Kona Buyer, LLC (4)(6)(9)SF +4.50%8.79 %7/23/203133,240 6,297 6,954 
Kona Buyer, LLC (4)(6)(9)7/23/203133,273 (316)333 
Kona Buyer, LLC (4)(9)SF +4.50%8.79 %7/23/2031112,846 111,829 113,974 
Kona Buyer, LLC (4)(6)(9)7/23/203115,463 (139) 
Kryptona Bidco US, LLC (4)(6)(9)12/18/203116,852 (323)(266)
Kryptona Bidco US, LLC (4)(7)E +
6.25% (incl 3.38% PIK)
8.73 %12/18/203135,949 36,580 38,280 
Kryptona Bidco US, LLC (4)(9)SF +
6.25% (incl 3.38% PIK)
10.55 %12/18/2031155,339 152,384 152,886 
LMI Inc/DE (8)SF +3.50%7.92 %10/2/20282,170 2,163 2,133 
McAfee Corp (8)SF +3.00%7.32 %3/1/20296,966 6,948 6,666 
Medallia Inc (4)(9)SF +
6.50% (incl 4.00% PIK)
10.82 %10/30/202880,737 80,737 73,837 
Mediaocean LLC (8)SF +3.50%7.92 %12/15/20286,166 6,161 6,161 
Meralm Bidco AB (4)(5)(6)(8)8/29/20315,188 (82)(31)
Meralm Bidco AB (4)(5)(8)E +
5.50% (incl 2.25% PIK)
7.89 %8/29/203133,218 36,192 35,733 
Meralm Bidco AB (4)(5)(8)SF +
5.50% (incl 2.25% PIK)
9.93 %8/29/203113,851 13,663 13,774 
Meralm Bidco AB (4)(5)(8)ST +
5.50% (incl 2.25% PIK)
7.84 %8/29/2031418,188 kr40,149 41,412 
Meralm Bidco AB (4)(5)(8)N +
5.50% (incl 2.25% PIK)
10.00 %8/29/2031266,362 kr24,758 25,188 
Meralm Bidco AB (4)(5)(8)E +
9.00% (incl 4.75% PIK)
11.39 %8/29/203147,816 52,066 51,394 
Mitchell International Inc (8)SF +3.25%7.57 %6/17/20319,950 9,906 9,846 
Newfold Digital Holdings Group Inc (9)SF +3.50%7.93 %2/10/20281,775 1,769 1,203 
New Era Technology Inc (4)(7)(18)SF +6.25%10/31/202619,013 19,013 14,506 
OEConnection LLC (9)SF +5.00%9.32 %4/22/203167,119 66,539 67,287 
OEConnection LLC (9)SF +5.00%9.32 %4/22/203111,711 11,604 11,741 
OEConnection LLC (6)(9)4/22/20317,338 (64)18 
Onesource Virtual, Inc. (4)(10)SF +5.00%9.30 %5/28/2030195,613 193,092 196,725 
Onesource Virtual, Inc. (4)(6)(10)5/28/203025,318 (326) 
Oranje Holdco, Inc. (4)(6)(10)2/1/20294,657 (74)(9)
Oranje Holdco, Inc. (4)(10)SF +7.75%12.04 %2/1/202933,837 33,297 33,769 
Oranje Holdco, Inc. (4)(10)SF +7.25%11.54 %2/1/202915,917 15,652 15,767 
Ping Identity Holding Corp. (4)(6)(9)10/17/20288,513 (92) 
Ping Identity Holding Corp. (4)(9)SF +4.75%9.05 %10/17/202981,855 80,864 82,674 
Prism Parent Co., Inc. (4)(6)(9)SF +5.00%9.32 %9/19/20284,329 1,693 1,738 
Prism Parent Co., Inc. (4)(9)SF +5.00%9.32 %9/19/202842,250 41,751 42,250 
Project Alpha Intermediate Holding, Inc. (8)SF +3.25%7.55 %10/26/203017,516 17,278 17,498 
Project Alpha Intermediate Holding, Inc. (8)SF +3.25%7.57 %10/28/20301,393 1,390 1,390 
Project Ruby Ultimate Parent Corp (7)SF +3.00%7.44 %3/10/202814,433 14,369 14,406 
Proofpoint, Inc. (8)SF +3.00%7.32 %8/31/20287,756 7,752 7,740 
QBS Parent, Inc. (6)(9)11/7/20313,820 (18)2 
QBS Parent, Inc. (9)SF +4.75%9.05 %11/7/203139,526 39,339 39,551 
Quail Buyer, Inc. (4)(9)SF +5.25%9.77 %10/1/20277,218 7,155 7,218 
Quail Buyer, Inc. (4)(9)SF +5.25%9.77 %10/1/202739,538 39,095 39,538 
Red Planet Borrower, LLC (8)SF +5.25%9.57 %10/2/20282,188 2,109 2,188 
Renaissance Holding Corp. (8)SF +4.00%8.32 %4/5/20307,880 7,751 7,747 
Riley MergeCo LLC (4)(6)(10)9/23/2027197 (2)(7)
Riley MergeCo LLC (4)(10)SF +5.50%9.94 %9/23/20271,795 1,777 1,728 
20

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(in thousands)
(Unaudited)
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
Severin Acquisition, LLC (4)(6)(9)SF +
5.00% (incl 2.25% PIK)
9.32 %10/1/203163,010 3,649 4,264 
Severin Acquisition, LLC (4)(6)(9)SF +4.75%9.07 %10/1/203144,454 6,255 6,668 
Severin Acquisition, LLC (4)(9)SF +
5.00% (incl 2.25% PIK)
9.32 %10/1/2031301,968 299,193 302,005 
Smarsh Inc. (4)(6)(9)2/16/20292,143 (32)(7)
Smarsh Inc. (4)(6)(9)2/16/20292,143 (16)(7)
Smarsh Inc. (4)(6)(9)SF +4.75%9.08 %2/16/20293,214 401 418 
Smarsh Inc. (4)(9)SF +4.75%9.05 %2/16/202922,500 22,260 22,426 
Stack Sports Buyer, LLC (4)(6)(9)3/31/203129,305 (439)(440)
Stack Sports Buyer, LLC (4)(6)(9)3/31/203121,553 (323)(323)
Stack Sports Buyer, LLC (4)(9)SF +
5.75% (incl 3.13% PIK)
10.05 %3/31/2031131,871 129,894 129,893 
Storable Inc (7)SF +3.25%7.57 %4/16/20315,045 5,039 5,022 
Tango Bidco SAS (4)(5)(6)(7)E + 5.00%7.79 %10/17/203116,592 11,685 11,868 
Tango Bidco SAS (4)(5)(6)(7)10/17/20313,130 (51)(98)
Tango Bidco SAS (4)(5)(7)E + 5.00%7.79 %10/17/203141,812 44,659 43,918 
Technology Growth Capital Pty Ltd (4)(5)(10)SF +6.50%10.81 %7/2/203030,127 29,401 29,940 
Tricentis Operations Holdings Inc (4)(6)(9)2/11/203226,875 (266)(264)
Tricentis Operations Holdings Inc (4)(6)(9)2/11/203219,449 (191)(191)
Tricentis Operations Holdings Inc (4)(9)SF +
6.25% (incl 4.88% PIK)
10.55 %2/11/2032134,377 133,059 133,058 
TriMech Acquisition Corp. (4)(6)(14)P +3.75%11.25 %3/10/20283,289 495 526 
TriMech Acquisition Corp. (4)(10)SF +4.75%9.05 %3/10/202821,059 20,896 21,059 
TriMech Acquisition Corp. (4)(10)SN +4.75%9.12 %3/10/2028£35,793 43,472 46,241 
UKG Inc (7)SF +3.00%7.30 %2/10/20319,853 9,843 9,843 
User Zoom Technologies, Inc. (4)(9)SF +7.00%11.30 %4/5/202918,948 18,719 18,948 
Wave Distribution Holdings LLC (5)(10)SF +3.50%7.94 %3/5/20272,371 2,369 2,375 
Zelis Payments Buyer, Inc. (7)SF +2.75%7.07 %9/28/202910,884 10,841 10,829 
Zelis Payments Buyer, Inc. (7)SF +3.25%7.57 %11/26/20314,988 4,964 4,981 
Zendesk Inc (4)(6)(9)11/22/202839,321 (606) 
Zendesk Inc (4)(6)(9)11/22/202817,940 (218) 
Zendesk Inc (4)(9)SF +5.00%9.30 %11/22/2028160,594 158,654 160,594 
3,867,253 3,923,221 40.71 %
Technology Hardware and Equipment
Altar Bidco Inc (8)SF +3.10%7.25 %2/1/20298,757 8,715 8,658 
CC WDW Borrower, Inc. (4)(6)(10)SF +6.75%11.19 %1/27/20285,122 1,721 1,729 
CC WDW Borrower, Inc. (4)(10)SF +6.75%11.19 %1/27/202844,532 43,878 43,979 
CC WDW Borrower, Inc. (4)(10)SF +6.75%11.20 %1/27/20282,312 2,312 2,283 
TechInsights Inc (4)(5)(10)SF +6.63%11.08 %11/9/2027970 960 970 
TechInsights Inc (4)(5)(10)SF +6.63%11.08 %11/9/20272,520 2,495 2,520 
60,081 60,139 0.62 %
Telecommunications Equipment
Guardian US Holdco LLC (8)SF +3.50%7.80 %1/31/20307,861 7,749 7,756 
Ribbon Communications Operating Company, Inc (4)(5)(10)SF +6.25%10.57 %6/21/202955,838 54,895 55,333 
Ribbon Communications Operating Company, Inc (4)(5)(6)(10)6/21/20296,365 (107)(58)
62,537 63,031 0.65 %
Telecommunications Service Providers
Directv Financing, LLC (9)SF +5.00%9.55 %8/2/20272,297 2,273 2,303 
Meriplex Communications, LTD (4)(9)SF +5.00%9.42 %7/17/20282,897 2,877 2,834 
Meriplex Communications, LTD (4)(9)SF +5.00%9.42 %7/17/20281,143 1,133 1,118 
Meriplex Communications, LTD (4)(9)SF +5.00%9.42 %7/17/202813,657 13,540 13,360 
21

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(in thousands)
(Unaudited)
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
19,823 19,615 0.20 %
Travel and Leisure
Artemis Bidco Limited (4)(5)(6)(7)(18)SN +6.00%9/8/2028£1,662 308 206 
Artemis Bidco Limited (4)(5)(7)(18)SN +6.00%9/8/2028£7,749 10,099 6,974 
Artemis Bidco Limited (4)(5)(7)(18)SN +6.00%9/8/2028£4,509 5,909 4,059 
Artemis Bidco Limited (4)(5)(7)(18)SN +6.00%9/8/2028£4,676 6,126 4,209 
Artemis Bidco Limited (4)(5)(6)(7)(18)SN +6.00%9/8/2028£790 645 687 
Fertitta Entertainment LLC/NV (8)SF +3.50%7.82 %1/27/20299,827 9,603 9,690 
Flynn Restaurant Group LP (7)SF +3.75%8.07 %1/28/203220,192 20,093 19,830 
Havila Kystruten Operations AS (4)(5)(7)E +
8.75% (incl 2.00% PIK)
11.39 %7/27/202619,351 21,444 21,993 
HB AcquisitionCo PTY LTD (4)(5)(6)(8)B +6.50%10.76 %8/7/2029A$3,579 421 401 
HB AcquisitionCo PTY LTD (4)(5)(8)B +6.50%10.76 %8/7/2029A$32,211 21,234 19,711 
IRB Holding Corp. (9)SF +2.50%6.82 %12/15/20272,663 2,663 2,650 
LC Ahab US Bidco LLC (4)(7)SF +3.00%7.32 %5/1/20315,078 5,063 5,046 
Legends Hospitality Holding Company, LLC (4)(6)(9)8/22/20315,522 (106)(109)
Legends Hospitality Holding Company, LLC (4)(6)(9)SF +5.00%9.33 %8/22/203014,733 6,586 6,338 
Legends Hospitality Holding Company, LLC (4)(9)SF +
5.50% (incl 2.75% PIK)
9.83 %8/22/203194,964 92,528 93,098 
Life Time, Inc. (5)(7)SF +2.50%6.80 %11/5/20313,310 3,302 3,306 
Saga Mid Co Limited (4)(5)(6)(10)2/27/2031£30,110 (941)(958)
Saga Mid Co Limited (4)(5)(6)(10)7/29/2030£15,055 (466)(478)
Saga Mid Co Limited (4)(5)(10)SN +6.75%11.22 %2/27/2031£100,868 123,985 127,101 
The One Group, LLC (4)(10)SF +6.50%10.79 %5/1/202950,538 49,301 49,683 
The One Group, LLC (4)(6)(7)10/31/20286,649 (159)(197)
Travel Leaders Group, LLC (4)(14)SF +
7.50% (incl 3.50% PIK)
11.92 %3/27/2028140,875 138,853 140,606 
516,491 513,846 5.33 %
Total First Lien Debt$17,702,992 $17,805,293 184.74 %
Second Lien Debt
Industrial Support Services
Sedgwick Claims Management Services Inc (4)(7)SF +5.00%9.31 %7/30/2032$25,000 $24,767 $25,098 
24,767 25,098 0.26 %
Total Second Lien Debt$24,767 $25,098 0.26 %
Other Secured Debt
Asset Based Lending and Fund Finance
TPG VIII Merlin New Holdings I, L.P. (4)(5)(10)SF +6.50%10.79 %3/15/2027$47,849 $47,225 $47,415 
47,225 47,415 0.50 %
Real Estate Investment and Services
Link Apartments Opportunity Zone REIT, LLC (4)(6)(16)SF +7.50%11.80 %12/27/20299,355 711 735 
Link Apartments Opportunity Zone REIT, LLC (4)(16)SF +7.50%11.80 %12/27/202916,371 16,060 16,102 
16,771 16,837 0.17 %
Total Other Secured Debt$63,996 $64,252 0.67 %
Unsecured Debt
Consumer Services
Wildcat Car Wash Holdings, LLC (4)(7)
15.00% PIK
15.00%
7/16/2029$16,094 $16,094 $16,094 
16,094 16,094 0.17 %
Health Care Providers
VetCor Group Holdings LLC (4)(7)
13.75% PIK
13.75%
9/3/2030334 330 331 
22

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(in thousands)
(Unaudited)
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
VetCor Group Holdings LLC (4)(7)
14.75% PIK
14.75%
9/3/2030288 282 293 
VetCor Group Holdings LLC (4)(7)
13.75% PIK
13.75%
9/3/20301,060 1,048 1,049 
1,660 1,673 0.02 %
Medical Equipment and Services
DCA Acquisition Holdings LLC (4)(7)(18)
13.13% PIK
12/28/2032112 111 69 
DCA Acquisition Holdings LLC (4)(7)(18)
13.13% PIK
12/28/2032202 198 125 
DCA Acquisition Holdings LLC (4)(7)(18)
13.13% PIK
12/28/20321,190 1,176 734 
1,485 928 0.01 %
Non-life Insurance
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (7)6.75%6.75 %10/15/20276,255 5,918 6,215 
5,918 6,215 0.06 %
Real Estate Investment and Services
Associations Finance, Inc. (4)(7)
14.25% PIK
14.25%
5/3/20309,264 9,230 9,264 
Associations Finance, Inc. (4)(7)
14.25% PIK
14.25%
5/3/20303,538 3,525 3,538 
12,755 12,802 0.12 %
Software and Computer Services
Elements Midco 1 Limited (4)(5)(8)SN +
8.00% PIK
12.49 %4/29/2032£1,743 2,149 2,260 
2,149 2,260 0.02 %
Telecommunications Service Providers
CCO Holdings LLC / CCO Holdings Capital Corp (7)5.50%5.50 %5/1/20267,000 7,034 6,994 
7,034 6,994 0.07 %
Total Unsecured Debt$47,095 $46,966 0.49 %
Structured Finance
Structured Finance Investments
720 East CLO V Ltd (5)(7)SF +6.30%10.59 %7/20/2037$4,000 $4,000 $4,056 
AMMC CLO 21 LTD (5)(7)SF +6.76%11.05 %11/2/20304,126 3,749 4,142 
AMMC CLO XII Ltd (5)(7)L + 6.18%10.74 %11/10/20302,000 2,002 2,014 
ARES CLO Ltd (5)(7)SF +6.70%10.99 %4/20/20375,000 5,000 5,056 
Bain Capital Credit CLO 2024-3 Ltd (5)(7)SF +6.25%10.56 %7/16/20372,000 2,000 2,026 
Barings CLO Ltd 2024-IV (5)(7)SF +5.95%10.24 %10/20/20374,500 4,500 4,517 
Benefit Street Partners CLO XXXVI Ltd (5)(7)SF +5.50%9.91 %1/25/20384,750 4,750 4,848 
Carlyle Global Market Strategies (5)(7)L +5.40%9.96 %7/27/20311,200 983 1,182 
CIFC Falcon 2020 Ltd (5)(7)SF +7.67%11.96 %1/20/20332,000 2,006 2,014 
Columbia Cent CLO 33 Ltd (5)(7)SF +7.16%11.45 %4/20/20372,000 1,963 2,027 
Dryden 108 CLO Ltd (5)(7)7/18/20352,900 2,291 2,109 
Fort Washington CLO 2019-1 (5)(7)SF +7.99%12.28 %10/20/20374,500 4,563 4,561 
Monroe Capital Mml Clo XVII Ltd (5)(7)SF +4.65%9.09 %1/15/20371,000 1,000 1,014 
Monroe Capital Mml Clo XVII Ltd (5)(7)SF +7.91%12.35 %1/15/20375,000 4,903 5,048 
Newark BSL CLO 1 Ltd (5)(7)SF +6.51%10.81 %12/21/20291,500 1,474 1,480 
Oaktree CLO 2019-4 Ltd (5)(7)SF +6.59%10.88 %7/20/20373,000 2,972 2,977 
Octagon 52 Ltd (5)(7)SF +7.33%11.62 %7/23/20375,000 4,953 4,977 
Octagon 63 Ltd (5)(7)SF +6.50%10.79 %7/20/20373,000 3,000 3,044 
Octagon Investment Partners 29 Ltd (5)(7)SF +7.17%11.46 %7/18/20393,000 2,986 3,001 
Ocp Clo 2024-33 Ltd (5)(7)SF +6.00%10.29 %7/20/20375,000 5,000 5,067 
Rad CLO Ltd (5)(7)SF +6.51%10.81 %4/15/20342,500 2,504 2,492 
Shackleton 2019-XV CLO Ltd (5)(7)SF +6.92%11.22 %1/15/20323,000 2,702 3,015 
Vibrant CLO XII Ltd (5)(7)SF +6.94%11.23 %4/20/20342,000 2,000 2,015 
Voya CLO Ltd (5)(7)SF +6.00%10.29 %7/20/20374,000 4,000 4,053 
75,301 76,735 0.80 %
Total Structured Finance$75,301 $76,735 0.80 %
23

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(in thousands)
(Unaudited)
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
Equity Investments
Consumer Services
CG Parent Intermediate Holdings, Inc. (4)(21) - Preferred Stock2,000 $1,940 $2,405 
Club Car Wash Preferred, LLC (4)(21) - Preferred Stock
15.00% PIK
15.00%
8,817 8,817 8,817 
Club Car Wash Preferred, LLC (4)(21) - Preferred Stock
15.00% PIK
15.00%
13,929 13,929 13,929 
Rapid Express Preferred, LLC (4)(21) - Preferred Stock
15.00% PIK
15.00%
2,784 2,784 2,784 
Rapid Express Preferred, LLC (4)(21) - Preferred Stock
15.00% PIK
15.00%
6,188 6,188 6,188 
Thrasio Holdings, Inc. (4)(21) - Common Stock19,015   
33,658 34,123 0.35 %
Gas, Water and Multi-utilities
Eagle LNG Partners Jacksonville II LLC (4)(21) - Warrants   
ELNG Equity LLC (4)(21) - Warrants 78,038   
   %
Health Care Providers
Eating Recovery Center TopCo, LLC (4)(21) - Class A Common Units3,528 4,634 4,634 
4,634 4,634 0.05 %
Industrial Support Services
BCPE Virginia HoldCo, Inc. (4)(21) - Preferred Stock2,000 1,960 2,431 
1,960 2,431 0.03 %
Media
OneTeam Partners, LLC (4)(21) - Class D Units8.00%8.00 %1,000 1,000 1,232 
Racing Point UK Holdings Limited (4)(5)(21) - Ordinary Shares168 1,008 1,039 
2,008 2,271 0.03 %
Pharmaceuticals and Biotechnology
Creek Feeder, L.P. (4)(21) - LP Interest9,000 9,000 9,000 
9,000 9,000 0.09 %
Travel and Leisure
The ONE Group Hospitality, Inc. (4)(21) - Warrants6,667 12 3 
The ONE Group Hospitality, Inc. (4)(21) - Warrants11,911 61 36 
The ONE Group Hospitality, Inc. (4)(21) - Preferred Stock1,000 877 1,027 
950 1,066 0.01 %
Total Equity Investments$52,210 $53,525 0.56 %
Total Investments - Non-Controlled/Non-Affiliated$17,966,361 $18,071,869 187.52 %
Non-Controlled/Affiliated Investments
First Lien Debt
Industrial Support Services
Southern Graphics Inc. (4)(7)(18)(19)SF +
7.50% PIK
5/1/2028$5,397 $5,249 $5,397 
Galaxy US Opco Inc (Vialto Partners) (5)(8)(19)SF +5.00%9.29 %7/31/203011,475 11,300 9,704 
16,549 15,101 0.16 %
Total First Lien Debt$16,549 $15,101 0.16 %
Second Lien Debt
Industrial Support Services
Southern Graphics Inc. (4)(7)(18)(19)SF +
7.50% PIK
10/30/2028$1,932 $1,881 $1,932 
1,881 1,932 0.02 %
Total Second Lien Debt$1,881 $1,932 0.02 %
24

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(in thousands)
(Unaudited)
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
Equity Investments
Industrial Support Services
Southern Graphics Holdings LLC (4)(19)(21) - Class A Units274 $2,333 $3,344 
Velocity Cayman Holding L.P. (Vialto Partners) (4)(5)(19)(21) - Class A-1 Units91,605 2,224 2,284 
Velocity Cayman Holdings GP LLC (Vialto Partners) (4)(5)(19)(21) - Class A-1 Units91,605   
Velocity Cayman Holding L.P. (Vialto Partners) (4)(5)(19)(21) - Class A-2 Units159,628 3,938 3,938 
Velocity Cayman Holdings GP LLC (Vialto Partners) (4)(5)(19)(21) - Class A-2 Units159,628   
Velocity Cayman Holding L.P. (Vialto Partners) (4)(5)(19)(21) - Class A-3 Units36,642   
Velocity Cayman Holdings GP LLC (Vialto Partners) (4)(5)(19)(21) - Class A-3 Units36,642   
8,495 9,566 0.10 %
Travel and Leisure
SLF V AD1 Holdings, LLC (4)(19)(20)(21) - LLC Interest10,101 9,891 9,468 
9,891 9,468 0.10 %
Total Equity Investments$18,386 $19,034 0.20 %
Total Investments - Non-Controlled/Affiliated$36,816 $36,067 0.38 %
Controlled/Affiliated Investments
Investments in Joint Ventures
ULTRA III, LLC (5)(19)(21) - LLC Interest$297,747 $322,624 
Total Investments in Joint Ventures$297,747 $322,624 3.35 %
Total Investments - Controlled/Affiliated$297,747 $322,624 3.35 %
Total Investment Portfolio$18,300,924 $18,430,560 191.23 %
Cash Equivalents
J.P. Morgan U.S. Government Fund, Institutional Shares (5)4.35 %$340,716 $340,716 $340,716 
Total Cash Equivalents$340,716 $340,716 3.53 %
Total Investment Portfolio and Cash Equivalents$18,641,640 $18,771,276 194.76 %
(1) Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in U.S. dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments and the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral under its credit facilities and debt securitization issuances unless otherwise indicated.

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

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

(4) These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by the Adviser as the Company’s valuation designee, subject to the oversight of the Board of Trustees (the “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.
25

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(in thousands)
(Unaudited)

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

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

Investments-non-controlled/non-affiliatedCommitment TypeUnfunded CommitmentFair Value
123Dentist Inc1st Lien Senior Secured Delayed Draw Loan$9,448 $48 
2080 Media, Inc.1st Lien Senior Secured Revolving Loan13,795 
2080 Media, Inc.1st Lien Senior Secured Delayed Draw Loan8,801 
AB Centers Acquisition Corporation1st Lien Senior Secured Revolving Loan16,655 
AB Centers Acquisition Corporation1st Lien Senior Secured Delayed Draw Loan20,035184 
Accession Risk Management Group, Inc.1st Lien Senior Secured Revolving Loan2,903 
Accession Risk Management Group, Inc.1st Lien Senior Secured Delayed Draw Loan13,329 
Advarra Holdings, Inc.1st Lien Senior Secured Delayed Draw Loan6,02035 
AI Circle Bidco Limited1st Lien Senior Secured Delayed Draw Loan50,067(204)
Alchemy US Holdco 1 LLC1st Lien Senior Secured Delayed Draw Loan8,935(313)
Arc Media Holdings Limited1st Lien Senior Secured Revolving Loan429(12)
Arcfield Acquisition Corp1st Lien Senior Secured Revolving Loan11,100 
Artemis Bidco Limited1st Lien Senior Secured Delayed Draw Loan1,802(117)
Artemis Bidco Limited1st Lien Senior Secured Delayed Draw Loan334 
Artifact Bidco, Inc.1st Lien Senior Secured Delayed Draw Loan11,207112 
Artifact Bidco, Inc.1st Lien Senior Secured Revolving Loan5,443 
Artifact Bidco, Inc.1st Lien Senior Secured Revolving Loan2,562 
Artisan Bidco, Inc.1st Lien Senior Secured Revolving Loan4,600(77)
ASDAM Operations Pty Ltd1st Lien Senior Secured Delayed Draw Loan3,387 
Associations Inc.1st Lien Senior Secured Delayed Draw Loan3,24132 
Associations Inc.1st Lien Senior Secured Revolving Loan899 
Atlas Intermediate III, L.L.C.1st Lien Senior Secured Revolving Loan13,445(185)
Auditboard, Inc.1st Lien Senior Secured Revolving Loan30,286 
Auditboard, Inc.1st Lien Senior Secured Delayed Draw Loan75,714379 
AVSC Holding Corp.1st Lien Senior Secured Revolving Loan7,967(128)
Axiom Buyer, LLC1st Lien Senior Secured Delayed Draw Loan16,189(286)
Axiom Buyer, LLC1st Lien Senior Secured Revolving Loan12,992(229)
Azurity Pharmaceuticals Inc1st Lien Senior Secured Revolving Loan20,537(407)
Baker Tilly Advisory Group, LP1st Lien Senior Secured Revolving Loan23,539 
Baker Tilly Advisory Group, LP1st Lien Senior Secured Delayed Draw Loan15,518128 
Bamboo US BidCo LLC1st Lien Senior Secured Delayed Draw Loan2,855 
Bamboo US BidCo LLC1st Lien Senior Secured Revolving Loan21,254 
Bamboo US BidCo LLC1st Lien Senior Secured Delayed Draw Loan2,855 
Boreal Bidco1st Lien Senior Secured Delayed Draw Loan4,709(106)
Bottomline Technologies, Inc.1st Lien Senior Secured Revolving Loan385 
BradyplusUS Holdings, LLC1st Lien Senior Secured Delayed Draw Loan3352 
Cadence - Southwick, Inc.1st Lien Senior Secured Revolving Loan8,390 
Calabrio, Inc.1st Lien Senior Secured Revolving Loan1,536 
Cambrex Corporation1st Lien Senior Secured Revolving Loan18,341(182)
Cambrex Corporation1st Lien Senior Secured Delayed Draw Loan16,460(163)
Camin Cargo Control Holdings, Inc.1st Lien Senior Secured Delayed Draw Loan9,685(48)
Camin Cargo Control Holdings, Inc.1st Lien Senior Secured Revolving Loan2,296(11)
Captive Resources Midco LLC1st Lien Senior Secured Revolving Loan7,558 
Carbon Topco, Inc.1st Lien Senior Secured Revolving Loan11,985(167)
CC WDW Borrower, Inc.1st Lien Senior Secured Revolving Loan3,329(41)
Certinia Inc.1st Lien Senior Secured Revolving Loan5,449(24)
26

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(in thousands)
(Unaudited)
Investments-non-controlled/non-affiliatedCommitment TypeUnfunded CommitmentFair Value
The Chartis Group LLC1st Lien Senior Secured Delayed Draw Loan25,040(10)
The Chartis Group LLC1st Lien Senior Secured Revolving Loan14,716(6)
Citrin Cooperman Advisors LLC1st Lien Senior Secured Delayed Draw Loan573(3)
Club Car Wash Operating, LLC1st Lien Senior Secured Delayed Draw Loan32,78542 
Coding Solutions Acquisition, Inc.1st Lien Senior Secured Delayed Draw Loan23,581(92)
Coding Solutions Acquisition, Inc.1st Lien Senior Secured Revolving Loan2,084(8)
Coretrust Purchasing Group LLC1st Lien Senior Secured Delayed Draw Loan10,736107 
Coretrust Purchasing Group LLC1st Lien Senior Secured Revolving Loan11,656 
Coretrust Purchasing Group LLC1st Lien Senior Secured Delayed Draw Loan4,42344 
Coupa Holdings, LLC1st Lien Senior Secured Delayed Draw Loan7,12371 
Coupa Holdings, LLC1st Lien Senior Secured Revolving Loan6,211 
CPI Buyer, LLC1st Lien Senior Secured Revolving Loan2,115(29)
Creek Parent, Inc.1st Lien Senior Secured Revolving Loan22,379(270)
Currahee Borrower Sub LLC1st Lien Senior Secured Delayed Draw Loan1,952 
Daphne S.P.A.1st Lien Senior Secured Delayed Draw Loan4,303(559)
Databricks Inc1st Lien Senior Secured Delayed Draw Loan30,597(148)
Denali Bidco Limited1st Lien Senior Secured Delayed Draw Loan18,806 
Diagnostic Services Holdings, Inc.1st Lien Senior Secured Revolving Loan1,696(9)
Dwyer Instruments Inc1st Lien Senior Secured Delayed Draw Loan13,403(68)
Dwyer Instruments Inc1st Lien Senior Secured Revolving Loan18,072(91)
E.S.G. Movilidad, S.L.U.1st Lien Senior Secured Delayed Draw Loan8,515 
Earps Bidco Limited1st Lien Senior Secured Delayed Draw Loan16,795(252)
Einstein Parent, Inc.1st Lien Senior Secured Revolving Loan9,745(189)
EIS Legacy Holdco, LLC1st Lien Senior Secured Revolving Loan13,000(54)
EIS Legacy Holdco, LLC1st Lien Senior Secured Delayed Draw Loan24,545(88)
Employbridge, LLC1st Lien Senior Secured Delayed Draw Loan1,602(211)
Empower Payments Investor, LLC1st Lien Senior Secured Delayed Draw Loan14,42648 
Empower Payments Investor, LLC1st Lien Senior Secured Revolving Loan9,704 
Enstall Group B.V.1st Lien Senior Secured Delayed Draw Loan1,208(143)
Enverus Holdings Inc1st Lien Senior Secured Delayed Draw Loan1,22712 
Enverus Holdings Inc1st Lien Senior Secured Revolving Loan4,913 
ERC Topco Holdings, LLC1st Lien Senior Secured Revolving Loan446 
Espresso Bidco Inc.1st Lien Senior Secured Delayed Draw Loan14,333(214)
Espresso Bidco Inc.1st Lien Senior Secured Revolving Loan6,370(94)
Fastener Distribution Holdings, LLC 1st Lien Senior Secured Delayed Draw Loan28,345(101)
FC Compassus, LLC1st Lien Senior Secured Revolving Loan19,127(173)
FC Compassus, LLC1st Lien Senior Secured Delayed Draw Loan14,046(128)
FC Compassus, LLC1st Lien Senior Secured Delayed Draw Loan114(1)
Femur Buyer, Inc.1st Lien Senior Secured Revolving Loan6,942(541)
Formerra, LLC1st Lien Senior Secured Revolving Loan12,031(62)
Foundation Automotive US Corp1st Lien Senior Secured Revolving Loan1,351 
Frontgrade Technologies Holdings Inc.1st Lien Senior Secured Revolving Loan6,864 
Galway Borrower LLC1st Lien Senior Secured Delayed Draw Loan6,022 
Galway Borrower LLC1st Lien Senior Secured Revolving Loan3,377 
Global Music Rights, LLC1st Lien Senior Secured Revolving Loan46,796(281)
Grant Thornton LLP1st Lien Senior Secured Delayed Draw Loan380(1)
Gusto Aus Bidco Pty Ltd1st Lien Senior Secured Delayed Draw Loan15,049(29)
HB AcquisitionCo PTY LTD1st Lien Senior Secured Delayed Draw Loan1,789(37)
Higginbotham Insurance Agency Inc1st Lien Senior Secured Delayed Draw Loan8,361 
HT Intermediary III, Inc.1st Lien Senior Secured Delayed Draw Loan10,2865 
HT Intermediary III, Inc.1st Lien Senior Secured Revolving Loan3,471 
Huskies Parent Inc1st Lien Senior Secured Revolving Loan824(2)
IG Investments Holdings, LLC1st Lien Senior Secured Revolving Loan10,221(2)
Indigo Purchaser, Inc.1st Lien Senior Secured Delayed Draw Loan25,608(216)
27

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(in thousands)
(Unaudited)
Investments-non-controlled/non-affiliatedCommitment TypeUnfunded CommitmentFair Value
Indigo Purchaser, Inc.1st Lien Senior Secured Revolving Loan17,478(148)
Integrity Marketing Acquisition LLC1st Lien Senior Secured Revolving Loan362 
Integrity Marketing Acquisition LLC1st Lien Senior Secured Delayed Draw Loan2,638 
International Entertainment Investments Ltd1st Lien Senior Secured Delayed Draw Loan5,08051 
IRI Group Holdings, Inc.1st Lien Senior Secured Revolving Loan8,012 
IXM Holdings, Inc.1st Lien Senior Secured Revolving Loan3,325 
June Purchaser LLC1st Lien Senior Secured Delayed Draw Loan1,6194 
Kabafusion Parent LLC1st Lien Senior Secured Revolving Loan11,700 
Kona Buyer, LLC1st Lien Senior Secured Delayed Draw Loan33,273333 
Kona Buyer, LLC1st Lien Senior Secured Delayed Draw Loan26,618266 
Kona Buyer, LLC1st Lien Senior Secured Revolving Loan15,463 
Kryptona Bidco US, LLC1st Lien Senior Secured Revolving Loan16,852(266)
Law Business Research Inc.1st Lien Senior Secured Delayed Draw Loan46,320463 
Legends Hospitality Holding Company, LLC1st Lien Senior Secured Delayed Draw Loan5,522(109)
Legends Hospitality Holding Company, LLC1st Lien Senior Secured Revolving Loan7,882(274)
Link Apartments Opportunity Zone REIT, LLCOther Secured Debt Delayed Draw Loan8,466(139)
Madonna Bidco Limited1st Lien Senior Secured Delayed Draw Loan13,076(124)
MAI Capital Management Intermediate LLC1st Lien Senior Secured Delayed Draw Loan9,850(12)
MAI Capital Management Intermediate LLC1st Lien Senior Secured Revolving Loan4,628(6)
MB2 Dental Solutions, LLC1st Lien Senior Secured Delayed Draw Loan36,535(151)
MB2 Dental Solutions, LLC1st Lien Senior Secured Revolving Loan13,909(57)
Meralm Bidco AB1st Lien Senior Secured Delayed Draw Loan5,612(31)
Montagu Lux Finco Sarl1st Lien Senior Secured Delayed Draw Loan39,940(784)
More Cowbell II, LLC1st Lien Senior Secured Delayed Draw Loan5,484 
More Cowbell II, LLC1st Lien Senior Secured Revolving Loan6,189 
NBG Acquisition Corp.1st Lien Senior Secured Revolving Loan205(24)
Netrisk Group Luxco 4 S.A.R.L.1st Lien Senior Secured Delayed Draw Loan10,540(148)
Netrisk Group Luxco 4 S.A.R.L.1st Lien Senior Secured Revolving Loan4,392(61)
NRO Holdings III Corp.1st Lien Senior Secured Delayed Draw Loan2141 
NRO Holdings III Corp.1st Lien Senior Secured Revolving Loan100 
NTH Degree Purchaser, Inc1st Lien Senior Secured Delayed Draw Loan30,801(328)
NTH Degree Purchaser, Inc1st Lien Senior Secured Revolving Loan16,125(172)
OEConnection LLC1st Lien Senior Secured Revolving Loan7,33818 
Onesource Virtual, Inc.1st Lien Senior Secured Revolving Loan25,318 
Oranje Holdco, Inc.1st Lien Senior Secured Revolving Loan4,657(9)
Orthrus Limited1st Lien Senior Secured Delayed Draw Loan20,620(275)
Pareto Health Intermediate Holdings, Inc.1st Lien Senior Secured Revolving Loan4,032(28)
Pareto Health Intermediate Holdings, Inc.1st Lien Senior Secured Delayed Draw Loan9,160(60)
Parfums Holding Company, Inc.1st Lien Senior Secured Revolving Loan9,034 
Patriot Growth Insurance Services LLC1st Lien Senior Secured Revolving Loan411 
Ping Identity Holding Corp.1st Lien Senior Secured Revolving Loan8,513 
Plasma Buyer LLC1st Lien Senior Secured Revolving Loan1,639(68)
PPV Intermediate Holdings, LLC1st Lien Senior Secured Revolving Loan8,145(39)
Prism Parent Co., Inc.1st Lien Senior Secured Delayed Draw Loan2,591 
Puma Buyer LLC1st Lien Senior Secured Revolving Loan9,853(74)
QBS Parent, Inc.1st Lien Senior Secured Revolving Loan3,8202 
Radwell Parent, LLC1st Lien Senior Secured Revolving Loan9,732 
Raven Acquisition Holdings LLC1st Lien Senior Secured Delayed Draw Loan1,333(14)
RH Buyer, Inc.1st Lien Senior Secured Revolving Loan13,792(267)
Ribbon Communications Operating Company, Inc1st Lien Senior Secured Revolving Loan6,365(58)
Riley MergeCo LLC1st Lien Senior Secured Revolving Loan197(7)
Rockefeller Capital Management1st Lien Senior Secured Delayed Draw Loan12,500 
Rotation Buyer, LLC1st Lien Senior Secured Delayed Draw Loan15,100(91)
Rotation Buyer, LLC1st Lien Senior Secured Revolving Loan6,252(38)
28

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(in thousands)
(Unaudited)
Investments-non-controlled/non-affiliatedCommitment TypeUnfunded CommitmentFair Value
Royal Buyer, LLC1st Lien Senior Secured Revolving Loan7,000 
Royal Buyer, LLC1st Lien Senior Secured Delayed Draw Loan3,648 
Saga Mid Co Limited1st Lien Senior Secured Delayed Draw Loan38,900(958)
Saga Mid Co Limited1st Lien Senior Secured Revolving Loan19,449(478)
Severin Acquisition, LLC1st Lien Senior Secured Delayed Draw Loan58,7557 
Severin Acquisition, LLC1st Lien Senior Secured Revolving Loan37,786 
Sig Parent Holdings, LLC1st Lien Senior Secured Revolving Loan3,045(4)
Sig Parent Holdings, LLC1st Lien Senior Secured Delayed Draw Loan14,432(18)
Smarsh Inc.1st Lien Senior Secured Delayed Draw Loan2,143(7)
Smarsh Inc.1st Lien Senior Secured Delayed Draw Loan2,143(7)
Smarsh Inc.1st Lien Senior Secured Revolving Loan2,786(9)
Spanx, LLC1st Lien Senior Secured Revolving Loan5,000 
Specialty Ingredients, LLC1st Lien Senior Secured Revolving Loan6,203 
Spirit RR Holdings, Inc.1st Lien Senior Secured Delayed Draw Loan2,9936 
Spirit RR Holdings, Inc.1st Lien Senior Secured Revolving Loan3,579 
Spotless Brands, LLC1st Lien Senior Secured Revolving Loan5,175 
Spotless Brands, LLC1st Lien Senior Secured Delayed Draw Loan11,601(45)
Spruce Bidco II Inc.1st Lien Senior Secured Revolving Loan43,899(643)
Stack Sports Buyer, LLC1st Lien Senior Secured Delayed Draw Loan29,305(440)
Stack Sports Buyer, LLC1st Lien Senior Secured Revolving Loan21,553(323)
Sugar PPC Buyer LLC1st Lien Senior Secured Delayed Draw Loan14,474145 
SWF Holdings I Corp1st Lien Senior Secured Delayed Draw Loan941 
Tango Bidco SAS1st Lien Senior Secured Delayed Draw Loan3,386(98)
Tango Bidco SAS1st Lien Senior Secured Delayed Draw Loan5,560(161)
Team, Inc.1st Lien Senior Secured Delayed Draw Loan14,961(333)
Tex-Tech Industries, Inc.1st Lien Senior Secured Delayed Draw Loan18,094(174)
Tex-Tech Industries, Inc.1st Lien Senior Secured Revolving Loan15,688(151)
The One Group, LLC1st Lien Senior Secured Revolving Loan6,649(197)
Time Manufacturing Holdings, LLC1st Lien Senior Secured Revolving Loan280(48)
Tricentis Operations Holdings Inc1st Lien Senior Secured Revolving Loan19,449(191)
Tricentis Operations Holdings Inc1st Lien Senior Secured Delayed Draw Loan26,875(264)
TriMech Acquisition Corp.1st Lien Senior Secured Revolving Loan2,763 
Truck-Lite Co, LLC1st Lien Senior Secured Delayed Draw Loan3,36216 
Truck-Lite Co, LLC1st Lien Senior Secured Revolving Loan11,175 
Trupanion, Inc.1st Lien Senior Secured Revolving Loan6,576 
Violin FINCO Guernsey Limited1st Lien Senior Secured Delayed Draw Loan8,02480 
Vital Bidco AB1st Lien Senior Secured Revolving Loan12,771(130)
Vital Care Buyer, LLC1st Lien Senior Secured Revolving Loan13,271 
WP CPP Holdings, LLC1st Lien Senior Secured Revolving Loan26,286 
YA Intermediate Holdings II, LLC1st Lien Senior Secured Revolving Loan9,263(4)
YA Intermediate Holdings II, LLC1st Lien Senior Secured Delayed Draw Loan17,7112 
Yes Energy LLC1st Lien Senior Secured Delayed Draw Loan3,09831 
Zendesk Inc1st Lien Senior Secured Delayed Draw Loan39,321 
Zendesk Inc1st Lien Senior Secured Revolving Loan17,940 
Zeus Company LLC1st Lien Senior Secured Revolving Loan21,506 
Zeus Company LLC1st Lien Senior Secured Delayed Draw Loan15,007150 
Total$2,370,276 $(12,532)
(7)There are no interest rate floors on these investments.
(8)The interest rate floor on these investments as of March 31, 2025 was 0.50%.
(9)The interest rate floor on these investments as of March 31, 2025 was 0.75%.
(10)The interest rate floor on these investments as of March 31, 2025 was 1.00%.
(11)The interest rate floor on these investments as of March 31, 2025 was 1.25%.
(12)The interest rate floor on these investments as of March 31, 2025 was 1.50%.
(13)The interest rate floor on these investments as of March 31, 2025 was 1.75%.
(14)The interest rate floor on these investments as of March 31, 2025 was 2.00%.
29

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(in thousands)
(Unaudited)
(15)The interest rate floor on these investments as of March 31, 2025 was 2.50%.
(16)The interest rate floor on these investments as of March 31, 2025 was 3.00%.
(17)The interest rate floor on these investments as of March 31, 2025 was 3.25%.
(18)Loan was on non-accrual status as of March 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 March 31, 2025, the Company’s controlled/affiliated and 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 March 31, 2025
Dividend and Interest Income
Non-Controlled/Affiliated Investments
Southern Graphics Inc.$10,455 $ $(57)$275 $ $10,673 $ 
Velocity Cayman Holding L.P. (Vialto Partners) 6,162  60  6,222  
Velocity Cayman Holdings GP LLC (Vialto Partners)       
Galaxy US Opco Inc (Vialto Partners) 12,318 (2,259)(355) 9,704 309 
SLF V AD1 Holdings, LLC9,514   (46) 9,468  
Total Non-Controlled/Affiliated Investments$19,969 $18,480 $(2,316)$(66)$ $36,067 $309 
Controlled/Affiliated Investments
ULTRA III, LLC$320,350 $ $ $2,274 $ $322,624 $10,511 
Total Controlled/Affiliated Investments$320,350 $ $ $2,274 $ $322,624 $10,511 
(a)Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind (“PIK”) interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement at fair value of an existing portfolio company into this controlled affiliated category from a different category.
(b)Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.

(20)These investments are not pledged as collateral under the Credit Facilities, the 2023 CLO Secured Notes, the 2024 CLO Secured Notes or the 2025 CLO Secured Debt.
(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 March 31, 2025, the aggregate fair value of these securities is $395,183, or 4.10% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

30

Table of Contents
HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(in thousands)
(Unaudited)
Portfolio CompanyInvestmentAcquisition Date
CG Parent Intermediate Holdings, Inc.Senior Preferred StockNovember 20, 2023
Club Car Wash Preferred, LLCPreferred StockNovember 15, 2023
Rapid Express Preferred, LLCPreferred StockNovember 15, 2023
Club Car Wash Preferred, LLCPreferred StockNovember 15, 2023
Rapid Express Preferred, LLCPreferred StockNovember 15, 2023
Thrasio Holdings, Inc.Common StockJune 18, 2024
Eagle LNG Partners Jacksonville II LLCWarrantsMarch 8, 2023
ELNG Equity LLCWarrantsApril 26, 2024
Eating Recovery Center TopCo, LLCClass A Common UnitsMarch 31, 2025
BCPE Virginia HoldCo, Inc.Senior Preferred StockDecember 14, 2023
Racing Point UK Holdings LimitedOrdinary SharesJuly 9, 2024
OneTeam Partners, LLCClass D UnitsSeptember 15, 2022
Creek Feeder, L.P.LP InterestDecember 16, 2024
The ONE Group Hospitality, Inc.A-2 WarrantsMay 1, 2024
The ONE Group Hospitality, Inc.B-2 WarrantsMay 1, 2024
The ONE Group Hospitality, Inc.Series A Preferred StockMay 1, 2024
Southern Graphics Holdings LLCClass A UnitsApril 28, 2023
Velocity Cayman Holding L.P.Class A-1 UnitsFebruary 24, 2025
Velocity Cayman Holdings GP LLCClass A-1 UnitsFebruary 24, 2025
Velocity Cayman Holding L.P.Class A-2 UnitsFebruary 24, 2025
Velocity Cayman Holdings GP LLCClass A-2 UnitsFebruary 24, 2025
Velocity Cayman Holding L.P.Class A-3 UnitsFebruary 24, 2025
Velocity Cayman Holdings GP LLCClass A-3 UnitsFebruary 24, 2025
SLF V AD1 Holdings, LLCLLC InterestSeptember 6, 2023
ULTRA III, LLCLLC InterestJune 1, 2023
31

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HPS Corporate Lending Fund
Consolidated Schedule of Investments
March 31, 2025
(in thousands)
(Unaudited)
ADDITIONAL INFORMATION
Foreign currency forward contracts:
Currency PurchasedCurrency SoldCounterpartySettlement DateUnrealized Appreciation (Depreciation)
U.S. Dollars 15,763
Australian Dollars 25,000
BNP PARIBAS6/23/2025$133 
U.S. Dollars 11,715
Euro 10,800
BNP PARIBAS6/23/2025(21)
U.S. Dollars 60,810
British Pound 47,055
Deutsche Bank AG6/23/202524 
U.S. Dollars 40,536
Euro 36,959
Deutsche Bank AG6/23/2025374 
U.S. Dollars 188,372
Euro 171,731
Goldman Sachs Bank USA6/23/20251,755 
U.S. Dollars 2,545
Euro 2,215
Goldman Sachs Bank USA3/23/2026104 
U.S. Dollars 63,672
British Pound 49,353
Goldman Sachs Bank USA6/23/2025(83)
U.S. Dollars 21,101
Norwegian Krone 235,621
Goldman Sachs Bank USA6/23/2025(1,304)
U.S. Dollars 34,141
Singaporean Dollars 45,400
Goldman Sachs Bank USA6/23/2025196 
U.S. Dollars 99,148
Euro 87,833
SMBC Capital Markets, Inc.9/23/20253,210 
U.S. Dollars 620,697
Euro 563,660
SMBC Capital Markets, Inc.6/23/20258,177 
U.S. Dollars 203,989
Australian Dollars 317,341
SMBC Capital Markets, Inc.6/23/20255,581 
U.S. Dollars 72,678
Canadian Dollars 103,349
SMBC Capital Markets, Inc.6/23/2025559 
U.S. Dollars 592,585
British Pound 456,037
SMBC Capital Markets, Inc.6/23/20253,474 
U.S. Dollars 25,737
Japanese Yen 3,799,764
SMBC Capital Markets, Inc.6/23/2025163 
U.S. Dollars 43,783
Swedish Krona 445,859
SMBC Capital Markets, Inc.6/23/2025(831)
U.S. Dollars 26,734
Norwegian Krone 283,987
SMBC Capital Markets, Inc.6/23/2025(271)
U.S. Dollars 130,686
British Pound 103,440
SMBC Capital Markets, Inc.12/23/2026(2,339)
Total$18,901 

Interest rate swaps:
CounterpartyHedged InstrumentCompany ReceivesCompany PaysMaturity DateNotional AmountFair Market Value
Goldman Sachs Bank USANovember 2025 Notes8.37%
SOFR + 4.08%
11/14/2025$85,000 $(59)
Goldman Sachs Bank USANovember 2027 Notes8.43%
SOFR + 4.42%
11/14/202777,500 316 
Goldman Sachs Bank USAMarch 2026 Notes8.12%
SOFR + 3.76%
3/15/2026276,000 644 
Goldman Sachs Bank USAMarch 2028 Notes8.18%
SOFR + 4.24%
3/15/2028124,000 465 
Goldman Sachs Bank USASeptember 2027 Notes8.67%
SOFR + 4.31%
9/14/202775,000 938 
Goldman Sachs Bank USASeptember 2028 Notes8.80%
SOFR + 4.54%
9/14/2028250,000 3,698 
SMBC Capital Markets, Inc.January 2029 Notes6.75%
SOFR + 2.88%
1/30/2029550,000 1,862 
Goldman Sachs Bank USASeptember 2029 Notes6.25%
SOFR + 2.06%
9/30/2029400,000 7,215 
Goldman Sachs Bank USAJanuary 2028 Notes5.45%
SOFR + 1.29%
1/14/2028750,000 8,020 
BNP PARIBASApril 2032 Notes5.95%
SOFR + 1.76%
4/14/2032500,000 11,737 
Total Interest Rate Swaps$34,836 
The accompanying notes are an integral part of these consolidated financial statements.
32

Table of Contents

HPS Corporate Lending Fund
Consolidated Schedule of Investments
December 31, 2024
(in thousands)
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
Non-Controlled/Non-Affiliated Investments
First Lien Debt
Aerospace and Defense
Arcfield Acquisition Corp (4)(6)(8)10/28/2031$11,100 $(27)$(27)
Arcfield Acquisition Corp (4)(8)SF +5.00%9.62 %10/28/203181,695 81,496 81,496 
Asdam Operations Pty Ltd (4)(5)(8)B +5.75%10.12 %8/22/2028A$3,614 2,428 2,237 
Asdam Operations Pty Ltd (4)(5)(6)(8)8/22/2028A$5,421 (73) 
Asdam Operations Pty Ltd (4)(5)(8)B +5.75%10.12 %8/22/2028A$41,558 28,023 25,720 
Cadence - Southwick, Inc. (4)(6)(10)SF +5.00%9.61 %5/3/202817,561 7,720 8,000 
Cadence - Southwick, Inc. (4)(10)SF +5.00%9.63 %5/3/202941,009 40,111 41,419 
Cadence - Southwick, Inc. (4)(10)SF +5.00%9.47 %5/3/20293,081 3,031 3,112 
Carbon Topco, Inc. (4)(6)(9)5/1/203011,985 (232)(233)
Carbon Topco, Inc. (4)(9)SF +
6.75% (incl 3.75% PIK)
11.17 %11/1/203072,110 70,708 70,707 
Fastener Distribution Holdings, LLC (4)(6)(9)11/4/203128,345 (280)(277)
Fastener Distribution Holdings, LLC (4)(9)SF +4.75%9.31 %11/4/203175,822 75,081 75,081 
Frontgrade Technologies Holdings Inc. (4)(6)(9)1/10/20286,864 (114) 
Frontgrade Technologies Holdings Inc. (4)(9)SF +5.00%9.49 %1/9/203037,052 36,245 37,052 
Frontgrade Technologies Holdings Inc. (4)(9)SF +5.00%9.49 %1/9/20307,801 7,679 7,801 
Goat Holdco LLC (5)(7)SF +3.00%7.33 %12/10/20314,375 4,364 4,384 
WP CPP Holdings, LLC (4)(6)(10)11/30/202926,285 (538) 
WP CPP Holdings, LLC (4)(10)SF +
7.50% (incl 4.13% PIK)
11.97 %11/30/2029202,524 198,716 202,825 
554,338 559,297 6.40 %
Alternative Energy
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15)SF +7.00%11.43 %11/9/202612,830 12,671 11,971 
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15)SF +7.00%11.43 %11/9/2026984 971 918 
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15)SF +7.00%11.43 %11/9/202610,736 10,579 10,017 
Braya Renewable Fuels (Newfoundland) LP (4)(5)(15)SF +7.00%11.43 %11/9/2026976 963 910 
25,184 23,816 0.27 %
Automobiles and Parts
Clarios Global LP (7)SF +2.50%6.86 %5/6/203010,723 10,677 10,781 
Foundation Automotive US Corp (4)(7)(18)SF +
7.75% PIK
12/24/20274,755 4,714 3,011 
Foundation Automotive Corp (4)(5)(7)(18)SF +
7.75% PIK
12/24/202715,156 15,032 9,597 
Foundation Automotive US Corp (4)(7)(18)SF +
7.75% PIK
12/24/202720,940 20,732 13,259 
Foundation Automotive US Corp (4)(6)(7)(18)SF +7.75%12/24/20272,701 782 810 
Oil Changer Holding Corporation (4)(10)SF +6.75%11.41 %2/8/202740,181 40,000 40,181 
Oil Changer Holding Corporation (4)(10)SF +6.75%11.56 %2/8/20278,436 8,398 8,436 
100,335 86,075 0.99 %
Chemicals
Lummus Technology Holdings V LLC (7)SF +3.00%7.36 %12/31/202918,130 17,946 18,292 
17,946 18,292 0.21 %
Construction and Materials
Enstall Group B.V. (4)(5)(6)(8)8/30/20281,117 (23)(77)
Enstall Group B.V. (4)(5)(8)E +6.25%9.31 %8/30/202866,970 71,315 64,756 
Fire Flow Intermediate Corporation (4)(9)SF +5.00%9.59 %7/10/2031123,991 122,823 125,148 
Hobbs & Associates LLC (7)SF +3.25%7.65 %7/23/2031907 907 913 
Hobbs & Associates LLC (7)SF +3.25%7.61 %7/23/20319,091 9,070 9,152 
Nexus Intermediate III, LLC (4)(9)SF +4.75%9.18 %12/6/20271,052 1,065 1,051 
NRO Holdings III Corp. (4)(6)(9)7/15/2031214 (4) 
NRO Holdings III Corp. (4)(6)(9)SF +5.25%9.59 %7/15/2030100 7 8 
NRO Holdings III Corp. (4)(9)SF +5.25%9.91 %7/15/2031684 671 684 
205,831 201,635 2.31 %
33

Table of Contents

HPS Corporate Lending Fund
Consolidated Schedule of Investments
December 31, 2024
(in thousands)
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
Consumer Services
Aesthetics Australia Group Pty Ltd (4)(5)(8)B +6.25%10.93 %3/21/2028A$57,095 36,246 33,048 
AI Learning (Singapore) PTE. LTD. (4)(5)(12)SORA +7.50%9.82 %5/25/202745,400 S$32,957 33,059 
American Academy Holdings, LLC (4)(17)SF +
9.75% (incl 5.25% PIK)
14.22 %6/30/202756,763 56,763 55,821 
Auctane Inc (4)(9)SF +5.75%10.94 %10/5/202824,313 24,313 24,313 
Club Car Wash Operating, LLC (4)(10)SF +5.50%9.98 %6/16/202739,203 38,658 39,192 
Club Car Wash Operating, LLC (4)(10)SF +5.50%9.98 %6/16/202712,441 12,307 12,437 
Club Car Wash Operating, LLC (4)(10)SF +5.50%9.98 %6/16/202725,457 25,274 25,450 
Club Car Wash Operating, LLC (4)(6)(10)SF +5.50%9.98 %6/16/202777,108 28,233 28,874 
Corporation Service Company (8)SF +2.50%6.86 %11/2/20291,662 1,627 1,672 
Express Wash Concepts, LLC (4)(10)SF +5.00%9.46 %4/30/202746,751 46,530 46,751 
Express Wash Concepts, LLC (4)(10)SF +5.00%9.46 %4/30/202726,258 26,130 26,258 
Houghton Mifflin Harcourt Company (8)SF +5.25%9.71 %4/9/202924,995 24,514 24,680 
IXM Holdings, Inc. (4)(11)SF +6.25%10.82 %12/14/202918,426 18,197 18,611 
IXM Holdings, Inc. (4)(6)(11)SF +6.25%10.80 %12/14/20291,638 1,125 1,163 
IXM Holdings, Inc. (4)(6)(11)SF +6.25%10.77 %12/14/20292,184 104 131 
KUEHG Corp. (8)SF +3.25%7.84 %6/12/20302,386 2,381 2,414 
Learning Care Group, Inc. (8)SF +4.00%8.60 %8/11/20281,975 1,954 1,997 
Mckissock Investment Holdings, LLC (9)SF +5.00%9.62 %3/12/202946,332 45,414 46,112 
Mckissock Investment Holdings, LLC (9)SF +5.00%9.80 %3/12/202912,390 12,312 12,331 
Polyconcept North America Holdings, Inc. (9)SF +5.50%9.83 %5/18/202922,776 22,477 22,292 
Spotless Brands, LLC (4)(10)SF +5.75%10.03 %7/25/202821,320 21,064 21,379 
Spotless Brands, LLC (4)(10)SF +5.75%10.03 %7/25/202815,821 15,632 15,865 
Spotless Brands, LLC (4)(10)SF +5.75%10.03 %7/25/2028104,263 102,984 104,550 
Spotless Brands, LLC (4)(6)(10)7/25/20285,175 (60) 
Spotless Brands, LLC (4)(6)(10)SF +5.50%10.06 %7/25/202831,069 16,690 16,783 
Thrasio LLC (4)(10)SF +
10.00% PIK
14.89 %6/18/2029362 360 362 
Thrasio LLC (4)(7)(18)SF +
10.00% PIK
6/18/20291,055 1,029 819 
TruGreen Limited Partnership (9)SF +4.00%8.46 %11/2/20278,487 8,423 8,285 
Zips Car Wash, LLC (4)(7)(18)SF +
7.25% PIK
2/3/202526,854 26,854 23,103 
Zips Car Wash, LLC (4)(7)(18)SF +
7.25% PIK
2/3/202515,850 15,848 13,635 
Zips Car Wash, LLC (4)(7)(18)SF +
7.25% PIK
2/3/20251,016 1,016 874 
667,356 662,261 7.58 %
Electricity
Hamilton Projects Acquiror, LLC (7)SF +3.00%7.33 %5/31/203116,788 16,750 16,941 
IP Operating Portfolio I, LLC (4)(7)7.88%7.88 %12/31/202927,116 26,691 26,848 
IP Operations II Investco, LLC (4)(15)SF +5.50%9.85 %6/26/202926,547 26,072 26,292 
IP Operations II Investco, LLC (4)(6)(15)SF +5.50%9.86 %12/31/202524,986 14,035 14,139 
Sunzia UpperCo LLC (4)(16)SF +5.00%9.43 %6/27/202525,000 24,900 24,997 
Thunder Generation Funding LLC (7)SF +3.00%7.33 %10/3/20315,868 5,839 5,913 
114,287 115,130 1.32 %
Electronic and Electrical Equipment
Dwyer Instruments Inc(4)(6)(9)7/20/202913,403 (132)(131)
Dwyer Instruments Inc(4)(6)(13)7/20/202919,177 (187)(187)
Dwyer Instruments Inc(4)(9)SF +4.75%9.27 %7/20/2029112,452 111,352 111,355 
111,033 111,037 1.27 %
Finance and Credit Services
PCP CW Aggregator Holdings II, L.P. (4)(5)(10)SF +
9.25% PIK
13.93 %2/9/202722,478 22,322 22,568 
Yes Energy LLC (4)(10)SF +5.00%9.36 %4/21/20289,925 9,800 9,925 
Yes Energy LLC (4)(10)SF +5.00%9.36 %4/21/20284,837 4,721 4,885 
Yes Energy LLC (4)(6)(10)SF +5.00%9.37 %4/21/20284,208 1,021 1,152 
Yes Energy LLC (4)(10)SF +5.00%9.36 %4/21/202825,805 25,392 25,805 
34

Table of Contents

HPS Corporate Lending Fund
Consolidated Schedule of Investments
December 31, 2024
(in thousands)
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
63,256 64,335 0.74 %
Food Producers
Aspire Bakeries Holdings LLC (7)SF +4.25%8.61 %12/23/20307,299 7,263 7,381 
Specialty Ingredients, LLC (4)(6)(9)SF +6.00%10.46 %2/12/202911,279 6,625 6,767 
Specialty Ingredients, LLC (4)(9)SF +6.00%10.46 %2/12/202988,894 87,742 88,894 
Sugar PPC Buyer LLC (4)(6)(10)10/2/203014,474 (139)145 
Sugar PPC Buyer LLC (4)(10)SF +5.25%9.65 %10/2/203016,417 16,104 16,581 
Sugar PPC Buyer LLC (4)(10)SF +5.25%9.70 %10/2/203059,100 58,007 59,691 
175,602 179,459 2.05 %
Gas, Water and Multi-utilities
Core & Main LP (5)(7)SF +2.00%6.38 %2/9/20311,826 1,826 1,834 
Eagle LNG Partners Jacksonville II LLC (4)(7)
13.50% (incl 6.35% PIK)
13.50 %4/26/2029791 771 772 
Floating Infrastructure Holdings Finance LLC (4)(5)(10)SF +5.75%10.18 %8/13/202740,936 40,517 40,936 
43,114 43,542 0.50 %
General Industrials
Bakelite US Holdco Inc (7)SF +3.75%8.09 %12/23/20316,207 6,145 6,191 
BP Purchaser, LLC (4)(9)SF +5.50%10.16 %12/11/202827,303 26,982 25,389 
Bright Light Buyer, Inc. (4)(10)SF +6.00%10.40 %11/8/202974,250 72,749 74,105 
Capripack Debtco PLC (4)(5)(10)E +
6.75% (incl 2.50% PIK)
10.00 %1/3/203013,398 14,213 13,989 
Capripack Debtco PLC (4)(5)(10)E +
6.75% (incl 2.50% PIK)
10.00 %1/3/203072,123 76,509 75,300 
Capripack Debtco PLC (4)(5)(6)(10)1/3/203029,873 (1,138)241 
Capripack Debtco PLC (4)(5)(6)(10)1/3/203026,139 (996)211 
Formerra, LLC (4)(10)SF +7.25%11.71 %11/1/20284,209 4,118 4,175 
Formerra, LLC (4)(6)(10)11/1/202812,031 (249)(96)
Formerra, LLC (4)(10)SF +7.25%11.71 %11/1/2028104,619 102,398 103,781 
Marcone Group Inc (4)(9)SF +7.00%11.67 %6/23/202811,861 11,791 11,147 
Marcone Group Inc (4)(9)SF +
7.00% (incl 3.25% PIK)
11.74 %6/23/202849,482 49,034 46,501 
Marcone Group Inc (4)(9)SF +7.00%11.74 %6/23/20284,362 4,336 4,099 
Marcone Group Inc (4)(9)SF +
7.00% (incl 3.25% PIK)
11.74 %6/23/202813,126 13,049 12,335 
378,941 377,368 4.32 %
Health Care Providers
123Dentist Inc (4)(5)(6)(9)C +5.00%8.30 %8/10/2029C$23,866 4,133 4,243 
123Dentist Inc (4)(5)(9)C +5.00%8.30 %8/10/2029C$56,771 43,361 39,584 
AB Centers Acquisition Corporation (4)(9)SF +5.25%9.84 %7/2/2031158,606 156,397 158,908 
AB Centers Acquisition Corporation (4)(6)(9)SF +5.25%9.89 %7/2/203128,837 1,560 2,032 
AB Centers Acquisition Corporation (4)(6)(9)7/2/203116,655 (232) 
AB Centers Acquisition Corporation (4)(9)SF +5.25%9.61 %7/2/203153,243 52,807 53,345 
Aspen Dental Management Inc. (8)SF +3.75%8.22 %12/23/20273,302 3,245 3,252 
Aspen Dental Management Inc. (7)SF +5.75%10.11 %12/23/2027854 860 859 
Accelerated Health Systems LLC (8)SF +4.25%8.73 %2/15/20297,871 7,857 6,104 
ATI Holdings Acquisition, Inc. (4)(5)(10)SF +7.25%11.50 %2/24/202841,092 40,655 39,597 
Baart Programs, Inc. (4)(10)SF +5.00%9.59 %6/11/202710,019 9,972 9,633 
Charlotte Buyer Inc (8)SF +4.75%9.20 %2/11/202823,755 22,855 23,928 
Diagnostic Services Holdings, Inc. (4)(6)(10)SF +5.50%9.95 %3/15/20272,993 676 676 
Diagnostic Services Holdings, Inc. (4)(10)SF +5.50%9.95 %3/15/2027122,322 121,428 121,427 
Diagnostic Services Holdings, Inc. (4)(10)SF +5.50%9.95 %3/15/202715,692 15,578 15,577 
ERC Topco Holdings, LLC (4)(6)(7)(18)SF +
6.25% (incl 3.25% PIK)
11/10/20271,000 708 354 
35

Table of Contents

HPS Corporate Lending Fund
Consolidated Schedule of Investments
December 31, 2024
(in thousands)
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
ERC Topco Holdings, LLC (4)(7)(18)SF +
6.25% (incl 3.25% PIK)
11/10/202825,291 23,852 14,157 
ERC Topco Holdings, LLC (4)(7)(18)SF +
6.25% PIK
11/10/2028417 417 233 
ERC Topco Holdings, LLC (4)(7)(18)SF +
6.25% PIK
11/10/202811 11 7 
FC Compassus, LLC (4)(6)(9)11/26/203015,811 (235)(233)
FC Compassus, LLC (4)(6)(9)11/26/2030128 (2)(2)
FC Compassus, LLC (4)(9)SF +
5.75% (incl 1.50% PIK)
11.45 %11/26/20301,163 1,146 1,145 
FC Compassus, LLC (4)(6)(7)11/26/203019,127 (282)(282)
FC Compassus, LLC (4)(9)SF +
5.75% (incl 1.50% PIK)
10.27 %11/26/2030144,937 142,797 142,798 
Indigo Purchaser, Inc. (4)(6)(9)11/21/203125,608 (381)(378)
Indigo Purchaser, Inc. (4)(6)(9)11/21/203117,478 (258)(258)
Indigo Purchaser, Inc. (4)(9)SF +5.00%9.33 %11/21/2031112,394 110,735 110,734 
Kabafusion Parent LLC (4)(6)(9)11/24/203111,700 (115)(115)
Kabafusion Parent LLC (4)(9)SF +5.00%9.33 %11/24/203190,000 89,113 89,114 
MB2 Dental Solutions, LLC (4)(6)(9)2/13/203113,909 (243)(136)
MB2 Dental Solutions, LLC (4)(9)SF +5.50%9.86 %2/13/2031154,914 152,732 153,401 
MB2 Dental Solutions, LLC (4)(6)(9)SF +5.50%9.86 %2/13/203154,046 10,016 10,498 
MB2 Dental Solutions, LLC (4)(9)SF +5.50%10.02 %2/13/203122,375 21,937 22,156 
Medline Borrower LP (8)SF +2.25%6.61 %10/23/202815,060 14,959 15,130 
MPH Acquisition Holdings LLC (8)SF +4.25%9.03 %9/1/20282,246 2,209 1,938 
Pareto Health Intermediate Holdings, Inc. (4)(10)SF +5.00%9.28 %6/3/203044,311 43,473 43,871 
Pareto Health Intermediate Holdings, Inc. (4)(10)SF +5.00%9.28 %6/3/203014,770 14,491 14,624 
Pareto Health Intermediate Holdings, Inc. (4)(6)(10)6/1/20294,032 (89)(40)
Pareto Health Intermediate Holdings, Inc. (4)(6)(10)6/3/20309,160 (91)(91)
Pareto Health Intermediate Holdings, Inc. (4)(10)SF +5.00%9.36 %6/3/203016,646 16,481 16,481 
Phoenix Newco Inc (8)SF +3.00%7.36 %11/15/202816,715 16,641 16,851 
Pinnacle Fertility, Inc. (4)(9)SF +5.00%9.53 %3/14/20289,164 9,072 9,164 
Pinnacle Fertility, Inc. (4)(9)SF +5.00%9.53 %3/14/202826,744 26,448 26,744 
PPV Intermediate Holdings, LLC (4)(9)SF +5.75%10.26 %8/31/2029107,652 106,322 107,652 
PPV Intermediate Holdings, LLC (4)(6)(9)8/31/20298,145 (108) 
PTSH Intermediate Holdings, LLC (4)(9)SF +5.50%9.98 %12/17/20273,901 3,858 3,900 
PTSH Intermediate Holdings, LLC (4)(9)SF +5.50%9.98 %12/17/202720,468 20,256 20,460 
Raven Acquisition Holdings LLC (6)(7)11/19/20311,333 (7)5 
Raven Acquisition Holdings LLC (7)SF +3.25%7.61 %11/19/203118,667 18,575 18,732 
Southern Veterinary Partners LLC (7)SF +3.25%7.71 %12/4/20314,673 4,650 4,712 
Tenet Healthcare Corp (5)(7)5.13%5.13 %11/1/20272,695 2,716 2,642 
Tivity Health Inc (4)(9)SF +5.00%9.36 %6/28/2029129,821 128,039 131,119 
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9)SF +5.75%10.32 %7/17/202832,506 32,125 32,122 
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9)SF +5.75%10.38 %7/17/202826,279 25,972 25,969 
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9)SF +5.75%10.40 %7/17/202842,851 42,326 42,345 
WCAS XIV Primary Care Investors, L.P. (4)(10)SF +6.25%10.58 %12/31/203256,433 55,404 55,664 
WCAS XIV Primary Care Investors, L.P. (4)(10)SF +6.25%10.58 %12/31/20328,342 8,185 8,228 
WCAS XIV Primary Care Investors, L.P. (4)(10)SF +6.25%10.58 %12/31/203215,932 15,624 15,715 
WCAS XIII Primary Care Investors, L.P. (4)(10)SF +6.25%10.58 %12/31/2029135,630 133,680 133,326 
1,774,311 1,769,621 20.26 %
Household Goods and Home Construction
LHS Borrower LLC (8)SF +4.75%9.21 %2/16/20296,876 6,835 6,589 
6,835 6,589 0.08 %
Industrial Engineering
36

Table of Contents

HPS Corporate Lending Fund
Consolidated Schedule of Investments
December 31, 2024
(in thousands)
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
LSF12 Donnelly Bidco, LLC (4)(10)SF +6.50%10.86 %10/2/202919,678 19,288 19,678 
Radwell Parent, LLC (4)(6)(9)SF +5.50%9.83 %4/3/202813,271 2,452 2,654 
Radwell Parent, LLC (4)(9)SF +5.50%9.83 %4/2/2029152,270 149,181 152,510 
Roper Industrial Products Investment Co (8)SF +2.75%7.08 %11/22/202918,184 17,745 18,252 
Rotation Buyer, LLC (4)(6)(9)12/27/203117,062 (170)(170)
Rotation Buyer, LLC (4)(6)(9)SF +4.75%9.08 %12/27/20318,731 1,869 1,869 
Rotation Buyer, LLC (4)(9)SF +4.75%9.08 %12/27/203166,540 65,876 65,876 
Time Manufacturing Holdings, LLC (4)(9)E +
6.50% (incl 2.00% PIK)
9.89 %12/1/20274,779 4,986 4,289 
Time Manufacturing Holdings, LLC (4)(6)(9)SF +
6.50% (incl 2.00% PIK)
11.31 %12/1/20271,000 476 365 
Time Manufacturing Holdings, LLC (4)(9)SF +
6.50% (incl 2.00% PIK)
11.49 %12/1/202712,133 12,000 10,653 
Time Manufacturing Holdings, LLC (4)(9)E +
6.50% (incl 2.00% PIK)
9.89 %12/1/20278,416 9,408 7,553 
TK Elevator US Newco Inc (5)(8)SF +3.50%8.59 %4/30/203012,448 12,313 12,553 
Wec US Holdings Inc (7)SF +2.25%6.80 %1/27/20319,975 9,907 9,995 
305,331 306,077 3.50 %
Industrial Metals and Mining
Alchemy US Holdco 1 LLC (4)(10)SF +6.50%11.09 %7/31/2029121,353 116,459 116,634 
Alchemy US Holdco 1 LLC (4)(10)E +6.50%9.56 %7/31/202925,605 26,597 25,496 
Alchemy US Holdco 1 LLC (4)(6)(10)SF +6.50%11.02 %7/31/202910,262 894 920 
BLY US Holdings Inc. (4)(5)(10)SF +6.00%10.33 %4/10/202960,360 59,054 59,341 
203,004 202,391 2.32 %
Industrial Support Services
AI Circle Bidco Limited (4)(5)(6)(10)2/8/20316,374 (257)13 
AI Circle Bidco Limited (4)(5)(10)E +6.75%10.24 %2/8/203144,620 46,399 46,316 
Allied Universal Holdco LLC (8)SF +3.75%8.21 %5/12/20287,459 7,431 7,492 
Argos Health Holdings, Inc. (4)(9)SF +6.25%10.90 %12/6/2027647 640 613 
Atlas Intermediate III, L.L.C. (4)(10)SF +
8.50% (incl 4.00% PIK)
13.09 %10/31/2029116,720 114,465 115,480 
Atlas Intermediate III, L.L.C. (4)(6)(10)10/31/202913,445 (271)(143)
AVSC Holding Corp. (4)(6)(9)12/5/20298,660 (171)(171)
AVSC Holding Corp. (4)(9)SF +5.00%9.36 %12/5/203174,189 72,720 72,720 
Axiom Buyer, LLC (4)(6)(10)1/14/203016,189 (387)(346)
Axiom Buyer, LLC (4)(6)(10)SF +6.50%10.86 %1/14/203018,189 2,183 2,210 
Axiom Buyer, LLC (4)(10)SF +6.50%10.86 %1/14/2030149,954 146,528 146,749 
Captive Resources Midco LLC (4)(6)(9)7/3/20287,558 (88) 
Captive Resources Midco LLC (4)(9)SF +4.75%9.11 %7/2/202992,942 91,794 92,942 
CD&R Galaxy UK Intermediate 3 Limited (4)(5)(6)(10)(18)1/15/20261,115   
CD&R Galaxy UK Intermediate 3 Limited (4)(5)(7)(18)SF +
11.50% PIK
1/15/2026422 422 422 
Chartis Group LLC (4)(9)SF +4.50%8.85 %9/17/203181,797 81,013 81,454 
Chartis Group LLC (4)(6)(9)9/17/203125,040 (245)(105)
Chartis Group LLC (4)(6)(9)9/17/203114,716 (140)(62)
Coretrust Purchasing Group LLC (4)(6)(9)10/1/202910,736 (258)107 
Coretrust Purchasing Group LLC (4)(6)(9)10/1/202911,656 (237) 
Coretrust Purchasing Group LLC (4)(9)SF +5.25%9.61 %10/1/202980,280 78,706 81,083 
Coretrust Purchasing Group LLC (4)(6)(9)10/1/20294,423 (39)44 
Eagle 2021 Lower Merger Sub, LLC (4)(9)SF +6.25%10.90 %12/6/2027808 800 766 
EIS Legacy Holdco, LLC (4)(6)(9)11/5/203130,682 (303)(300)
EIS Legacy Holdco, LLC (4)(6)(9)11/5/203013,000 (127)(127)
EIS Legacy Holdco, LLC (4)(9)SF +4.75%9.30 %11/5/203164,432 63,802 63,802 
Employbridge, LLC (9)SF +4.75%9.62 %7/19/20289,707 9,675 6,450 
37

Table of Contents

HPS Corporate Lending Fund
Consolidated Schedule of Investments
December 31, 2024
(in thousands)
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
Empower Payments Investor, LLC (4)(6)(9)3/12/203114,426 (272) 
Empower Payments Investor, LLC (4)(6)(9)3/12/20309,704 (168) 
Empower Payments Investor, LLC (4)(9)SF +4.50%8.86 %3/12/2031101,182 99,391 101,182 
Galaxy US Opco Inc. (5)(8)SF +4.75%9.34 %4/29/202913,769 13,547 12,306 
Guidehouse Inc. (4)(9)SF +
5.75% (incl 2.00% PIK)
10.11 %12/16/2030188,878 186,766 190,767 
IG Investments Holdings, LLC (4)(6)(13)9/22/202810,221 (126)(39)
IG Investments Holdings, LLC (4)(9)SF +5.00%9.57 %9/22/202888,901 88,443 88,560 
Madison Safety & Flow LLC (7)SF +3.25%7.61 %9/26/20313,679 3,670 3,711 
NBG Acquisition Corp. (4)(6)(9)SF +5.50%9.93 %11/6/20282,876 2,120 2,018 
NBG Acquisition Corp. (4)(9)SF +5.50%9.93 %11/6/20283,325 3,281 3,188 
NBG Acquisition Corp. (4)(9)SF +5.50%10.24 %11/6/202821,118 21,029 20,251 
NTH Degree Purchaser, Inc (4)(6)(10)9/10/203030,800 (600)(442)
NTH Degree Purchaser, Inc (4)(6)(10)9/10/203016,125 (306)(231)
NTH Degree Purchaser, Inc (4)(10)SF +5.25%9.68 %9/10/2030101,621 99,694 100,162 
PEX Holdings LLC (4)(7)SF +2.75%7.08 %11/26/203115,000 14,963 15,094 
PG Polaris BidCo Sarl (5)(7)SF +3.00%7.33 %3/26/203111,967 11,951 12,080 
Planet US Buyer LLC (5)(7)SF +3.00%7.52 %2/7/20317,463 7,446 7,536 
Royal Buyer, LLC (4)(9)SF +5.50%10.24 %8/31/20288,939 8,828 8,939 
Royal Buyer, LLC (4)(6)(9)8/31/20287,000 (85) 
Royal Buyer, LLC (4)(9)SF +5.50%10.01 %8/31/202844,100 43,548 44,100 
Royal Buyer, LLC (4)(6)(9)SF +5.50%10.02 %8/31/202823,538 9,087 9,297 
Royal Buyer, LLC (4)(9)SF +5.50%10.24 %8/31/202870,318 69,750 70,318 
Sedgwick Claims Management Services, Inc. (7)SF +3.00%7.59 %7/31/203119,061 18,890 19,199 
SimpliSafe Holding Corporation (4)(9)SF +6.25%10.61 %5/2/202814,991 14,806 14,991 
SimpliSafe Holding Corporation (4)(9)SF +6.25%10.61 %5/2/2028117,830 116,488 117,830 
Spirit RR Holdings, Inc. (4)(6)(9)9/13/20283,579 (47) 
Spirit RR Holdings, Inc. (4)(9)SF +4.75%9.18 %9/13/202842,668 42,089 42,668 
Spirit RR Holdings, Inc. (4)(6)(9)SF +4.75%9.43 %9/13/20285,956 2,888 2,963 
Transnetwork LLC (4)(8)SF +4.75%9.08 %12/29/203072,578 71,747 73,122 
TruckPro, LLC (4)(12)SF +7.75%12.49 %8/16/202869,649 68,135 67,475 
TTF Lower Intermediate LLC (7)SF +3.75%8.11 %7/18/20318,249 8,172 8,208 
Vaco Holdings LLC (9)SF +5.00%9.48 %1/21/202913,103 13,064 12,164 
W3 TopCo LLC (4)(10)SF +6.50%11.14 %3/22/202989,237 86,225 86,561 
YA Intermediate Holdings II, LLC (4)(6)(9)10/1/203119,820 (147)(191)
YA Intermediate Holdings II, LLC (4)(6)(13)P +4.00%11.50 %10/1/20319,750 441 393 
YA Intermediate Holdings II, LLC (4)(9)SF +5.00%9.59 %10/1/203147,568 47,339 47,109 
1,886,102 1,898,698 21.74 %
Industrial Transportation
E.S.G. Movilidad, S.L.U. (4)(5)(6)(7)E +6.25%8.94 %5/31/202911,245 3,404 3,495 
E.S.G. Movilidad, S.L.U. (4)(5)(7)E +6.25%8.94 %5/31/20298,096 8,522 8,387 
E.S.G. Movilidad, S.L.U. (4)(5)(7)E +6.25%8.94 %5/31/202922,264 23,436 23,066 
Truck-Lite Co, LLC (4)(6)(9)2/13/20319,338 (163)11 
Truck-Lite Co, LLC (4)(6)(9)2/13/203011,973 (204) 
Truck-Lite Co, LLC (4)(9)SF +5.75%10.27 %2/13/203185,725 84,227 85,826 
119,222 120,785 1.38 %
Investment Banking and Brokerage Services
Apex Group Treasury LLC (5)(8)SF +4.00%9.08 %7/27/20286,912 6,834 6,984 
Ascensus Holdings, Inc. (7)SF +3.00%7.36 %8/2/20287,563 7,515 7,639 
Baker Tilly Advisory Group, LP (4)(9)SF +4.75%9.11 %6/3/2031102,831 101,414 103,312 
Baker Tilly Advisory Group, LP (4)(6)(9)6/3/203115,518 (223)73 
Baker Tilly Advisory Group, LP (4)(6)(9)6/3/203023,539 (319) 
DRW Holdings LLC (7)SF +3.50%8.59 %6/26/203110,000 9,950 10,019 
38

Table of Contents

HPS Corporate Lending Fund
Consolidated Schedule of Investments
December 31, 2024
(in thousands)
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
Eisner Advisory Group LLC (8)SF +4.00%8.36 %2/28/20316,002 5,949 6,078 
Grant Thornton LLP (6)(7)6/2/2031380  1 
Grant Thornton LLP (7)SF +2.75%7.08 %6/2/20316,860 6,860 6,870 
June Purchaser LLC (6)(7)11/28/20311,619 (6)20 
June Purchaser LLC (7)SF +3.25%7.58 %11/28/20319,714 9,675 9,834 
Madonna Bidco Limited (4)(5)(6)(7)10/25/2031£10,435 (267)(254)
Madonna Bidco Limited (4)(5)(7)SN +5.25%9.99 %10/25/2031£51,131 64,985 62,764 
MAI Capital Management Intermediate LLC (4)(6)(9)SF +4.75%9.11 %8/29/203116,300 5,003 5,081 
MAI Capital Management Intermediate LLC (4)(6)(9)SF +4.75%9.08 %8/29/20316,100 755 783 
MAI Capital Management Intermediate LLC (4)(9)SF +4.75%9.11 %8/29/203127,600 27,337 27,463 
More Cowbell II, LLC (4)(6)(9)9/3/20305,484 (102)55 
More Cowbell II, LLC (4)(6)(9)SF +5.00%9.26 %9/4/20297,590 2,918 3,036 
More Cowbell II, LLC (4)(9)SF +5.00%8.89 %9/3/203049,839 49,031 50,337 
Neon Maple US Debt Mergersub Inc (5)(7)SF +3.00%7.44 %11/17/20313,160 3,137 3,171 
Orthrus Limited (4)(5)(6)(7)12/5/2031£15,961 (354)(346)
Orthrus Limited (4)(5)(7)E +
6.25% (incl 2.75% PIK)
9.13 %12/5/203130,652 31,887 31,206 
Orthrus Limited (4)(5)(7)SN +
6.25% (incl 2.75% PIK)
10.97 %12/5/2031£34,325 43,016 42,227 
Orthrus Limited (4)(5)(10)SF +
6.25% (incl 2.75% PIK)
10.72 %12/5/203180,984 79,582 79,581 
Osaic Holdings Inc (7)SF +3.50%7.86 %8/17/202811,793 11,752 11,856 
Rockefeller Capital Management (4)(8)SF +4.75%9.08 %4/4/203169,825 69,195 69,734 
Rockefeller Capital Management (4)(6)(8)4/4/203115,000 (112)(20)
Summit Acquisition Inc (4)(7)SF +3.75%8.08 %10/16/203117,500 17,415 17,631 
Travelex Issuerco 2 PLC (4)(5)(14)SN +8.00%12.71 %9/22/2028£22,553 26,785 28,650 
Violin Finco Guernsey Limited (4)(5)(7)SN +5.50%10.20 %6/24/2031£93,262 117,236 117,793 
Violin Finco Guernsey Limited (4)(5)(6)(7)6/24/2031£6,211 (76)69 
696,772 701,647 8.03 %
Leisure Goods
Jam City, Inc. (4)(10)SF +7.00%11.59 %9/7/20271,966 1,957 1,986 
1,957 1,986 0.02 %
Life Insurance
OneDigital Borrower LLC (8)SF +3.25%7.61 %7/2/203114,811 14,748 14,867 
14,748 14,867 0.17 %
Media
2080 Media, Inc. (4)(9)SF +5.25%9.58 %3/14/202912,521 12,380 12,521 
2080 Media, Inc. (4)(6)(9)3/14/202813,795 (147) 
2080 Media, Inc. (4)(9)SF +5.25%9.58 %3/14/202953,939 53,262 53,939 
2080 Media, Inc. (4)(6)(9)3/14/202918,859 (189) 
AMR GP Limited (4)(5)(7)
10.50% (incl 5.25% PIK)
10.50 %7/10/20341,030 1,001 1,025 
Arc Media Holdings Limited (4)(5)(6)(10)SF +7.25%11.83 %10/29/20272,766 1,745 1,766 
Arc Media Holdings Limited (4)(5)(10)SF +7.25%11.99 %10/29/202739,914 39,342 39,651 
Aventine Intermediate LLC (4)(9)SF +
6.00% (incl 3.00% PIK)
10.43 %6/18/20271,118 1,109 1,065 
Aventine Intermediate LLC (4)(9)SF +
6.00% (incl 3.00% PIK)
10.43 %6/18/202719,648 19,481 18,718 
Global Music Rights, LLC (4)(6)(9)SF +4.75%9.10 %12/20/203146,796 4,214 4,214 
Global Music Rights, LLC (4)(9)SF +
5.25% (incl 2.88% PIK)
9.60 %12/20/2031439,167 434,796 434,794 
IEHL US Holdings, Inc. (4)(12)SF +7.00%11.59 %10/29/20296,604 6,455 6,670 
International Entertainment Investments Ltd (4)(5)(12)SN +7.40%12.14 %10/29/2029£15,493 18,879 19,590 
International Entertainment Investments Ltd (4)(5)(10)E +7.00%10.06 %10/29/20292,540 2,737 2,658 
39

Table of Contents

HPS Corporate Lending Fund
Consolidated Schedule of Investments
December 31, 2024
(in thousands)
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
International Entertainment Investments Ltd (4)(5)(10)E +7.00%10.06 %10/29/20293,048 3,192 3,189 
International Entertainment Investments Ltd (4)(5)(6)(12)4/27/20295,080 (129)51 
International Entertainment Investments Ltd (4)(5)(12)SF +7.00%11.59 %10/29/202930,478 29,811 30,783 
LOCI Bidco Limited (4)(5)(8)SF +5.25%9.64 %5/19/203112,087 11,812 12,029 
LOCI Bidco Limited (4)(5)(8)SN +5.25%9.98 %5/19/2031£73,522 91,290 91,583 
LOCI Bidco Limited (4)(5)(6)(8)5/19/203146,320 (1,106)(225)
McGraw-Hill Education Inc (8)SF +4.00%8.33 %8/6/203110,010 9,877 10,136 
Renaissance Financiere (4)(5)(7)E +7.00%10.65 %7/26/202834,871 35,637 35,169 
Renaissance Holding Corp. (8)SF +4.00%8.36 %4/5/20307,900 7,764 7,891 
783,213 787,217 9.01 %
Medical Equipment and Services
ABB/CON-CISE Optical Group LLC (4)(9)SF +7.50%11.98 %2/23/202821,259 20,963 19,686 
Bamboo US BidCo LLC (4)(6)(10)SF +5.25%9.77 %9/30/203015,520 8,728 9,110 
Bamboo US BidCo LLC (4)(6)(10)9/30/20302,855 (28)(5)
Bamboo US BidCo LLC (4)(6)(10)9/30/20302,855 (29)(5)
Bamboo US BidCo LLC (4)(6)(10)10/1/202921,254 (504) 
Bamboo US BidCo LLC (4)(10)E +5.25%8.25 %9/30/203063,105 65,172 65,377 
Bamboo US BidCo LLC (4)(10)SF +5.25%9.77 %9/30/203083,371 81,391 83,223 
Coding Solutions Acquisition, Inc. (4)(6)(9)8/7/203123,581 (345)(181)
Coding Solutions Acquisition, Inc. (4)(6)(9)SF +5.00%9.33 %8/7/203116,674 14,354 14,461 
Coding Solutions Acquisition, Inc. (4)(9)SF +5.00%9.25 %8/7/2031154,751 152,904 153,560 
Femur Buyer, Inc. (4)(6)(10)SF +7.50%11.86 %9/18/202913,350 515 218 
Femur Buyer, Inc. (4)(10)SF +
8.25% (incl 4.50% PIK)
12.60 %3/18/2030142,359 139,373 139,567 
Limpio Bidco GMBH (4)(5)(7)E +5.20%8.25 %10/31/203063,783 65,912 67,269 
PerkinElmer U.S. LLC (4)(10)SF +5.00%9.34 %3/13/2029110,940 108,126 112,050 
PerkinElmer U.S. LLC (4)(10)SF +5.00%9.34 %3/13/202961,964 60,981 62,583 
PerkinElmer U.S. LLC (4)(6)(10)SF +5.00%9.34 %3/13/202967,039 49,332 50,918 
Plasma Buyer LLC (4)(6)(9)SF +6.25%10.58 %5/12/20293,140 2,464 2,413 
Plasma Buyer LLC (4)(6)(9)SF +5.75%10.08 %5/12/20289,458 5,191 5,023 
Plasma Buyer LLC (4)(9)SF +5.75%10.08 %5/12/202983,210 82,130 80,495 
Resonetics, LLC (9)SF +3.25%7.60 %6/18/203138,540 38,451 38,837 
SDC US Smilepay SPV (4)(7)(18)P +9.75%10/27/202514,798 8,057 3,275 
TecoStar Holdings Inc (4)(10)SF +
8.50% (incl 4.50% PIK)
13.18 %7/6/2029125,455 123,229 124,215 
Viant Medical Holdings, Inc. (7)SF +4.00%8.60 %10/29/20311,738 1,730 1,759 
Viant Medical Holdings, Inc. (7)SF +4.00%8.60 %10/29/203115,762 15,684 15,955 
Vital Care Buyer, LLC (4)(9)SF +4.50%8.83 %7/30/203190,262 89,414 90,262 
Vital Care Buyer, LLC (4)(6)(9)7/30/203113,271 (125)(1)
Zeus Company LLC (4)(6)(9)SF +5.50%9.83 %2/28/203123,088 7,757 8,312 
Zeus Company LLC (4)(6)(9)2/28/203021,506 (277) 
Zeus Company LLC (4)(9)SF +5.50%9.83 %2/28/2031123,480 121,847 124,715 
1,262,397 1,273,091 14.58 %
Non-life Insurance
Accession Risk Management Group, Inc. (4)(9)SF +4.75%9.26 %10/30/20297,932 7,850 7,932 
Accession Risk Management Group, Inc. (4)(9)SF +4.75%9.26 %11/1/202939,250 39,037 39,250 
Accession Risk Management Group, Inc. (4)(9)SF +4.75%9.34 %11/1/202914,125 14,125 14,125 
Accession Risk Management Group, Inc. (4)(6)(9)SF +4.75%9.34 %11/1/202921,852 3,200 3,301 
Accession Risk Management Group, Inc. (4)(6)(9)11/1/20292,903 (11) 
Acrisure LLC (7)SF +3.00%7.36 %11/6/203020,058 20,047 20,116 
Alera Group, Inc. (4)(9)SF +5.25%9.61 %10/2/202821,337 21,201 21,337 
Alera Group, Inc. (4)(9)SF +5.25%9.61 %10/2/202812,271 12,265 12,271 
Alera Group, Inc. (4)(9)SF +5.25%9.61 %10/2/202843,278 43,255 43,278 
40

Table of Contents

HPS Corporate Lending Fund
Consolidated Schedule of Investments
December 31, 2024
(in thousands)
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
Alera Group, Inc. (4)(6)(9)SF +5.75%10.09 %10/2/20285,177 4,855 4,952 
Alliant Holdings Intermediate, LLC (7)SF +2.75%7.11 %9/19/203118,698 18,547 18,769 
AmWINS Group Inc (9)SF +2.25%6.72 %2/19/20287,497 7,475 7,528 
Amynta Agency Borrower Inc (7)SF +3.00%7.34 %12/29/203120,015 19,626 20,040 
BroadStreet Partners, Inc. (7)SF +3.00%7.36 %6/13/203111,118 11,043 11,169 
Galway Borrower LLC (4)(6)(9)SF +4.50%8.82 %9/29/20285,017 394 420 
Galway Borrower LLC (4)(6)(9)SF +4.50%8.82 %9/29/20286,384 76 115 
Galway Borrower LLC (4)(9)SF +4.50%8.83 %9/29/2028133,662 133,266 133,662 
Goosehead Insurance Holdings LLC (4)(5)(7)SF +3.50%7.83 %1/8/20323,509 3,500 3,500 
Higginbotham Insurance Agency Inc (4)(6)(10)SF +4.75%9.11 %11/24/202814,317 4,015 4,145 
Higginbotham Insurance Agency Inc (4)(14)SF +4.50%8.86 %11/24/202831,964 31,714 31,964 
HUB International Ltd (7)7.25%7.25 %6/15/203010,517 10,517 10,789 
HUB International Ltd (7)SF +2.75%7.37 %6/20/203013,749 13,626 13,850 
Integrity Marketing Acquisition LLC (4)(6)(9)8/27/20282,638 (22)7 
Integrity Marketing Acquisition LLC (4)(6)(9)8/27/2028362 (2) 
Integrity Marketing Acquisition LLC (4)(9)SF +5.00%9.51 %8/27/202865,028 64,658 65,194 
Jones Deslauriers Insurance Management Inc. (5)(7)8.50%8.50 %3/15/203014,487 14,470 15,319 
Patriot Growth Insurance Services LLC (4)(9)SF +5.00%9.48 %10/16/202818,047 17,823 18,047 
Patriot Growth Insurance Services LLC (4)(6)(9)SF +5.00%9.46 %10/14/2028822 402 411 
Patriot Growth Insurance Services LLC (4)(9)SF +5.00%9.48 %10/16/20287,114 7,033 7,114 
Sig Parent Holdings, LLC (4)(6)(9)SF +5.00%9.48 %8/21/203115,223 258 258 
Sig Parent Holdings, LLC (4)(6)(9)8/21/20313,045 (14)(15)
Sig Parent Holdings, LLC (4)(9)SF +5.00%9.36 %8/21/203126,388 26,263 26,256 
TIH Insurance Holdings LLC (7)SF +2.75%7.08 %5/6/20316,129 6,115 6,157 
Trupanion, Inc. (4)(5)(9)SF +5.00%9.48 %3/25/202725,756 25,585 25,756 
Trupanion, Inc. (4)(5)(6)(9)3/25/20276,576 (44) 
Trupanion, Inc. (4)(5)(9)SF +5.00%9.48 %3/25/202720,423 20,278 20,423 
USI Inc/NY (7)SF +2.25%6.58 %9/29/203012,872 12,853 12,869 
USI Inc/NY (7)SF +2.25%6.58 %11/21/20291,924 1,924 1,923 
617,203 622,232 7.12 %
Oil, Gas and Coal
Camin Cargo Control Holdings, Inc. (4)(6)(10)12/7/20299,685 (200)(95)
Camin Cargo Control Holdings, Inc. (4)(6)(10)SF +5.50%9.93 %12/7/20299,702 5,213 5,273 
Camin Cargo Control Holdings, Inc. (4)(10)SF +5.50%9.98 %12/7/202963,922 62,895 63,295 
CVR CHC LP (4)(5)(7)SF +4.00%8.35 %12/30/20275,417 5,371 5,372 
73,279 73,845 0.85 %
Personal Care, Drug and Grocery Stores
DIA Finance S.L.U. (4)(5)(9)E +6.75%9.50 %12/27/2029170,600 172,546 171,451 
Parfums Holding Company, Inc. (4)(10)SF +5.25%9.58 %6/27/2030119,426 118,333 120,277 
Parfums Holding Company, Inc. (4)(6)(10)6/27/20299,034 (81) 
Puma Buyer LLC (4)(8)SF +5.50%9.93 %7/16/202960,760 57,870 60,760 
SWF Holdings I Corp (6)(10)12/19/202994  1 
SWF Holdings I Corp (10)SF +4.50%8.86 %12/19/202973 69 74 
SWF Holdings I Corp (10)SF +4.00%8.47 %10/6/2028667 625 600 
Vermont Aus Pty Ltd (4)(5)(9)B +5.75%10.22 %3/23/2028A$20,953 14,223 12,968 
Vermont Aus Pty Ltd (4)(5)(9)B +5.75%10.22 %3/23/2028A$34,767 25,582 21,517 
Vital Bidco AB (4)(5)(6)(10)SF +4.50%8.86 %10/29/203016,892 3,793 3,793 
Vital Bidco AB (4)(5)(10)SF +4.50%8.83 %10/29/203197,895 95,984 95,985 
488,944 487,426 5.58 %
Personal Goods
Daphne S.P.A. (4)(5)(6)(7)5/23/20283,978 (106)(362)
Daphne S.P.A. (4)(5)(7)E +6.75%9.36 %5/23/202845,354 47,871 42,855 
41

Table of Contents

HPS Corporate Lending Fund
Consolidated Schedule of Investments
December 31, 2024
(in thousands)
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
Spanx, LLC (4)(6)(9)11/18/20275,000 (50) 
Spanx, LLC (4)(9)SF +5.25%9.71 %11/20/202829,100 28,762 29,100 
S&S Holdings LLC (8)SF +5.00%9.36 %10/1/203111,970 11,792 11,966 
88,269 83,559 0.96 %
Pharmaceuticals and Biotechnology
Advarra Holdings, Inc. (4)(10)SF +4.50%8.86 %9/13/203168,762 67,599 68,915 
Advarra Holdings, Inc. (4)(6)(10)9/13/20316,020 (29)13 
Advarra Holdings, Inc. (4)(10)SF +4.50%8.86 %9/13/2031127,562 126,951 127,844 
CPI Buyer, LLC (4)(9)SF +5.50%10.28 %11/1/20281,331 1,321 1,297 
CPI Buyer, LLC (4)(6)(9)10/30/20262,115 (17)(30)
CPI Buyer, LLC (4)(9)SF +5.50%10.28 %11/1/202824,703 24,478 24,068 
Creek Parent, Inc. (4)(6)(9)12/18/203122,379 (362)(362)
Creek Parent, Inc. (4)(9)SF +5.25%9.63 %12/18/2031122,875 120,889 120,888 
Dechra Finance US LLC (5)(7)SF +3.25%7.58 %12/4/20314,167 4,156 4,191 
Dolcetto HoldCo S.P.A. (4)(5)(6)(7)10/27/20288,400 (163) 
Dolcetto HoldCo S.P.A. (4)(5)(7)E +5.50%8.39 %10/27/202882,300 80,711 85,263 
Gusto Aus Bidco Pty Ltd (4)(5)(6)(8)11/15/2031A$24,086 (126)(121)
Gusto Aus Bidco Pty Ltd (4)(5)(8)B +4.75%9.46 %11/15/2031A$243,533 155,947 149,498 
Syneos Health Inc (7)SF +4.00%8.33 %9/27/203015,036 14,947 14,714 
596,302 596,178 6.83 %
Real Estate Investment and Services
Associations Finance, Inc. (4)(10)SF +6.50%11.32 %7/3/202855,555 55,509 56,111 
Associations Finance, Inc. (4)(6)(10)SF +6.50%11.32 %7/3/20284,316 717 763 
Associations Finance, Inc. (4)(6)(10)SF +6.50%11.28 %7/3/20283,459 1,726 1,729 
57,952 58,603 0.67 %
Retailers
AI Grace Aus Bidco Pty Ltd (4)(5)(9)E +5.25%8.13 %12/5/202921,626 22,770 22,405 
Belron Finance 2019 LLC (8)SF +2.75%7.27 %10/16/203114,106 14,072 14,258 
BradyplusUS Holdings, LLC (4)(6)(10)SF +5.00%9.40 %10/31/2029427 87 92 
BradyplusUS Holdings, LLC (4)(10)SF +5.00%9.52 %10/31/202914,496 14,370 14,496 
Johnstone Supply LLC (7)SF +2.50%6.88 %6/9/20316,291 6,282 6,319 
Knitwell Borrower LLC (4)(10)SF +7.75%12.49 %7/28/202744,549 43,690 44,218 
Knitwell Borrower LLC (4)(10)SF +7.75%12.49 %7/28/202738,537 37,424 38,250 
Knitwell Borrower LLC (4)(10)SF +7.75%12.42 %7/28/202798,288 96,418 97,557 
Petsmart LLC (9)SF +3.75%8.21 %2/11/202815,275 15,212 15,244 
Staples, Inc. (8)SF +5.75%10.18 %9/4/202931,186 29,878 29,885 
Thermostat Purchaser III Inc (9)SF +4.25%8.58 %8/31/20287,980 7,980 7,980 
White Cap Buyer, LLC (7)SF +3.25%7.61 %10/19/202915,393 15,332 15,442 
303,515 306,146 3.51 %
Software and Computer Services
Acuris Finance US, Inc (7)SF +3.75%8.08 %2/16/20288,362 8,242 8,427 
Armstrong Bidco Limited (4)(5)(7)SN +5.25%9.95 %6/28/2029£47,995 56,036 59,920 
Armstrong Bidco Limited (4)(5)(7)SN +5.25%9.95 %6/28/2029£91,991 110,265 114,847 
Artifact Bidco, Inc. (4)(6)(8)7/26/203111,207 (109)107 
Artifact Bidco, Inc. (4)(8)SF +4.50%8.83 %7/26/203145,788 45,359 46,230 
Artifact Bidco, Inc. (4)(6)(8)7/26/20302,562 (24)(1)
Artifact Bidco, Inc. (4)(6)(8)7/26/20305,443 (50)(1)
Artisan Bidco, Inc. (4)(10)SF +7.00%11.39 %11/7/202939,600 38,800 39,503 
Artisan Bidco, Inc. (4)(6)(10)11/7/20296,000 (121)(15)
Artisan Bidco, Inc. (4)(10)E +7.00%10.05 %11/7/202918,428 19,312 19,059 
Artisan Bidco, Inc. (4)(10)SF +7.00%11.44 %11/7/20291,000 990 998 
Auditboard, Inc. (4)(6)(9)7/14/203175,714 (732)379 
42

Table of Contents

HPS Corporate Lending Fund
Consolidated Schedule of Investments
December 31, 2024
(in thousands)
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
Auditboard, Inc. (4)(6)(9)7/14/203130,286 (282) 
Auditboard, Inc. (4)(9)SF +4.75%9.08 %7/14/2031159,000 157,518 159,795 
Aurelia Netherlands Midco 2 B.V. (4)(5)(7)E +5.75%8.93 %5/22/203146,878 49,811 49,052 
Avalara, Inc. (4)(6)(13)10/19/20286,324 (100) 
Avalara, Inc. (4)(9)SF +6.25%10.58 %10/19/202856,918 55,997 57,345 
Barracuda Networks Inc (8)SF +4.50%9.09 %8/15/202913,722 13,450 12,729 
Bottomline Technologies, Inc. (4)(6)(9)5/15/2028385 (2) 
Bottomline Technologies, Inc. (4)(9)SF +5.25%9.61 %5/14/20294,512 4,482 4,512 
Calabrio, Inc. (4)(6)(10)SF +5.50%10.02 %4/16/20272,687 1,152 1,152 
Calabrio, Inc. (4)(10)SF +5.50%10.01 %4/16/202722,201 22,201 22,201 
Calabrio, Inc. (4)(10)SF +5.50%10.01 %4/16/20273,256 3,211 3,256 
Central Parent LLC (7)SF +3.25%7.58 %7/6/202924,938 24,856 24,640 
Certinia Inc. (4)(6)(10)8/2/20305,449 (125)(53)
Certinia Inc. (4)(10)SF +5.25%9.74 %8/4/203052,071 51,026 51,561 
Cloud Software Group Inc (8)SF +3.75%8.08 %3/21/20314,789 4,789 4,810 
Cloud Software Group Inc (8)SF +3.50%7.83 %3/30/202913,835 13,276 13,893 
Cloud Software Group Inc (7)6.50%6.50 %3/31/20297,740 6,881 7,607 
Coupa Holdings, LLC (4)(6)(9)2/27/20307,123 (151)71 
Coupa Holdings, LLC (4)(6)(9)2/27/20296,211 (108) 
Coupa Holdings, LLC (4)(9)SF +5.50%10.09 %2/27/203079,378 78,006 80,172 
Denali Bidco Limited (4)(5)(7)E +5.75%8.43 %8/29/20309,441 9,835 9,976 
Denali Bidco Limited (4)(5)(7)E +5.75%8.43 %8/29/20306,742 7,190 7,124 
Denali Bidco Limited (4)(5)(7)SN +5.75%10.45 %8/29/2030£23,265 28,834 29,708 
Denali Bidco Limited (4)(5)(6)(7)8/29/2030£14,557 (340)182 
Denali Bidco Limited (4)(5)(7)E +5.25%7.93 %8/29/203015,916 16,655 16,654 
EasyPark Strategy AB (4)(5)(6)(8)12/19/203134,030 (528)(526)
EasyPark Strategy AB (4)(5)(8)E +5.00%7.65 %12/19/203173,844 75,383 75,361 
EasyPark Strategy AB (4)(5)(8)N +5.00%9.68 %12/19/2031231,454 kr19,912 20,034 
EasyPark Strategy AB (4)(5)(8)SF +5.00%9.27 %12/19/203145,034 44,362 44,362 
Elements Finco Limited (4)(5)(7)SF +4.75%9.11 %4/29/203110,431 10,337 10,535 
Elements Finco Limited (4)(5)(7)SF +4.75%9.11 %4/29/20318,681 8,603 8,768 
Elements Finco Limited (4)(5)(7)SN +5.00%9.70 %4/29/2031£33,323 41,482 41,809 
Elements Finco Limited (4)(5)(7)SN +5.00%9.70 %4/29/2031£14,938 18,587 18,742 
Elements Finco Limited (4)(5)(7)SN +5.00%9.70 %4/29/2031£49,854 61,683 62,550 
Enverus Holdings Inc (4)(9)SF +5.50%9.86 %12/24/202964,093 63,296 64,734 
Enverus Holdings Inc (4)(6)(9)12/24/20293,229 (44)32 
Enverus Holdings Inc (4)(6)(9)SF +5.50%9.86 %12/24/20294,913 85 146 
HT Intermediary III, Inc. (4)(6)(9)11/12/203010,286 (51)(50)
HT Intermediary III, Inc. (4)(6)(9)SF +4.75%9.23 %11/12/20303,857 495 495 
HT Intermediary III, Inc. (4)(9)SF +4.75%9.20 %11/12/203042,429 42,221 42,221 
Huskies Parent, Inc. (4)(6)(9)SF +5.50%9.96 %11/3/20271,000 637 641 
Huskies Parent, Inc. (4)(9)SF +5.50%9.96 %11/3/202824,898 24,618 24,721 
IRI Group Holdings, Inc. (4)(9)SF +5.00%9.59 %12/1/2028152,782 151,014 154,309 
IRI Group Holdings, Inc. (4)(6)(13)SF +5.00%9.36 %12/1/20279,023 1,701 1,805 
Kona Buyer, LLC (4)(6)(9)SF +4.50%9.13 %7/23/203133,256 6,307 6,959 
Kona Buyer, LLC (4)(6)(9)7/23/203133,273 (322)321 
Kona Buyer, LLC (4)(9)SF +4.50%9.13 %7/23/2031113,129 112,069 114,220 
Kona Buyer, LLC (4)(6)(9)7/23/203115,463 (145) 
Kryptona Bidco US, LLC (4)(6)(9)12/18/203116,852 (335)(335)
Kryptona Bidco US, LLC (4)(7)E +5.75%8.61 %12/18/203135,648 36,225 36,197 
Kryptona Bidco US, LLC (4)(9)SF +5.75%10.10 %12/18/2031154,039 150,975 150,974 
LMI Inc/DE (8)SF +3.50%7.96 %10/2/20282,176 2,168 2,146 
43

Table of Contents

HPS Corporate Lending Fund
Consolidated Schedule of Investments
December 31, 2024
(in thousands)
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
McAfee Corp (8)SF +3.00%7.37 %3/1/20297,840 7,819 7,857 
Medallia, Inc. (4)(9)SF +
6.50% (incl 4.00% PIK)
10.85 %10/30/202879,937 79,937 75,427 
Meralm Bidco AB (4)(5)(6)(8)8/29/20315,188 (84)(51)
Meralm Bidco AB (4)(5)(8)E +5.25%8.64 %8/29/203132,844 35,785 33,701 
Meralm Bidco AB (4)(5)(8)SF +5.25%9.69 %8/29/203113,695 13,500 13,564 
Meralm Bidco AB (4)(5)(8)ST +5.25%8.33 %8/29/2031413,484 kr39,690 37,016 
Meralm Bidco AB (4)(5)(8)N +5.25%9.99 %8/29/2031263,366 kr24,479 22,921 
Meralm Bidco AB (4)(5)(8)E +8.50%11.89 %8/29/203146,695 50,875 47,891 
Mitchell International, Inc. (8)SF +3.25%7.61 %6/17/20319,975 9,929 9,993 
NAB Holdings, LLC (8)SF +2.75%7.08 %11/23/20282,909 2,906 2,929 
Newfold Digital Holdings Group Inc (9)SF +3.50%8.14 %2/10/20281,775 1,768 1,206 
New Era Technology, Inc. (4)(10)SF +6.25%10.99 %10/31/202619,013 19,013 18,036 
OEConnection LLC (9)SF +5.00%9.36 %4/22/203167,288 66,682 67,162 
OEConnection LLC (6)(9)4/22/203111,741 (112)(22)
OEConnection LLC (6)(9)4/22/20317,338 (66)(14)
Onesource Virtual, Inc. (4)(10)SF +5.00%9.33 %5/28/2030205,136 202,366 205,668 
Onesource Virtual, Inc. (4)(6)(10)5/28/203025,318 (342) 
Oranje Holdco, Inc. (4)(6)(10)2/1/20294,657 (79)(39)
Oranje Holdco, Inc. (4)(10)SF +7.75%12.32 %2/1/202933,837 33,262 33,552 
Oranje Holdco, Inc. (4)(10)SF +7.25%11.82 %2/1/202915,917 15,635 15,657 
Peraton Inc. (9)SF +3.75%8.21 %2/1/20286,265 6,230 5,846 
Ping Identity Holding Corp. (4)(6)(9)10/17/20288,513 (99) 
Ping Identity Holding Corp. (4)(9)SF +4.75%9.08 %10/17/202982,061 81,013 82,405 
Prism Parent Co., Inc. (4)(6)(9)SF +5.00%9.34 %9/19/20284,333 1,695 1,742 
Prism Parent Co., Inc. (4)(9)SF +5.00%9.37 %9/19/202842,358 41,822 42,358 
Project Alpha Intermediate Holding, Inc. (8)SF +3.25%7.58 %10/26/203018,957 18,704 19,102 
Project Ruby Ultimate Parent Corp (7)SF +3.00%7.47 %3/10/202814,469 14,400 14,555 
Proofpoint, Inc. (8)SF +3.00%7.36 %8/31/20282,366 2,366 2,381 
QBS Parent, Inc. (6)(9)11/7/20313,820 (19)(31)
QBS Parent, Inc. (9)SF +4.75%9.27 %11/7/203136,180 36,003 36,135 
Quail Buyer, Inc. (4)(9)SF +5.50%10.02 %10/1/20277,236 7,167 7,236 
Quail Buyer, Inc. (4)(9)SF +5.50%10.02 %10/1/202739,638 39,150 39,638 
Red Planet Borrower, LLC (8)SF +5.25%9.61 %10/2/20282,188 2,103 2,196 
Riley MergeCo LLC (4)(6)(10)9/23/2027197 (2) 
Riley MergeCo LLC (4)(10)SF +5.50%9.97 %9/23/20271,799 1,780 1,799 
Severin Acquisition, LLC (4)(6)(9)10/1/203163,014 (619)(608)
Severin Acquisition, LLC (4)(6)(9)10/1/203144,454 (429)(429)
Severin Acquisition, LLC (4)(9)SF +
5.00% (incl 2.25% PIK)
9.36 %10/1/2031301,020 298,133 298,117 
Smarsh Inc. (4)(6)(9)SF +5.75%10.08 %2/16/20294,286 2,086 2,143 
Smarsh Inc. (4)(6)(9)SF +5.75%10.11 %2/16/20291,071 416 429 
Smarsh Inc. (4)(9)SF +5.75%10.08 %2/16/202917,143 16,935 17,143 
Tango Bidco SAS (4)(5)(6)(7)E +5.00%7.85 %10/17/203116,592 9,228 9,178 
Tango Bidco SAS (4)(5)(6)(7)10/17/20313,130 (51)(46)
Tango Bidco SAS (4)(5)(7)E +5.00%8.18 %10/17/203141,812 44,636 42,700 
Technology Growth Capital Pty Ltd (4)(5)(10)SF +6.50%11.09 %7/2/203030,127 29,367 29,833 
TriMech Acquisition Corp. (4)(6)(14)P +3.75%11.25 %3/10/20283,289 164 197 
TriMech Acquisition Corp. (4)(10)SF +4.75%9.08 %3/10/202821,113 20,936 21,113 
TriMech Acquisition Corp. (4)(10)SN +4.75%9.39 %3/10/2028£35,885 43,555 44,925 
UKG Inc (7)SF +3.00%7.62 %2/10/20319,878 9,868 9,960 
User Zoom Technologies, Inc. (4)(9)SF +7.00%12.25 %4/5/202918,948 18,704 18,948 
Wave Distribution Holdings LLC (10)SF +3.50%7.95 %3/5/20272,378 2,375 2,396 
44

Table of Contents

HPS Corporate Lending Fund
Consolidated Schedule of Investments
December 31, 2024
(in thousands)
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
Zelis Payments Buyer, Inc. (7)SF +2.75%7.11 %9/28/202910,911 10,866 10,942 
Zelis Payments Buyer, Inc. (7)SF +3.25%7.61 %11/26/20315,000 4,975 5,024 
Zendesk Inc (4)(6)(9)11/22/202839,321 (620) 
Zendesk Inc (4)(6)(9)11/22/202817,940 (233) 
Zendesk Inc (4)(9)SF +5.00%9.33 %11/22/2028160,987 158,911 160,987 
3,221,244 3,247,779 37.19 %
Technology Hardware and Equipment
Altar Bidco Inc (8)SF +3.10%7.25 %2/1/20298,780 8,734 8,774 
CC WDW Borrower, Inc. (4)(6)(10)SF +6.75%11.49 %1/27/20285,122 972 907 
CC WDW Borrower, Inc. (4)(10)SF +6.75%11.49 %1/27/202844,646 43,933 43,403 
CC WDW Borrower, Inc. (4)(10)SF +6.75%11.23 %1/27/20282,318 2,318 2,253 
TechInsights Inc (4)(5)(10)SF +6.63%11.11 %11/9/2027973 962 973 
TechInsights Inc (4)(5)(10)SF +6.63%11.11 %11/9/20272,526 2,499 2,526 
59,418 58,836 0.67 %
Telecommunications Equipment
Delta Topco, Inc. (7)SF +3.50%8.20 %11/30/202918,242 18,201 18,407 
Guardian US Holdco LLC (8)SF +3.50%7.83 %1/31/20307,880 7,763 7,906 
Ribbon Communications Operating Company, Inc (4)(5)(10)SF +6.25%10.59 %6/21/202955,978 54,978 55,057 
Ribbon Communications Operating Company, Inc (4)(5)(6)(10)6/21/20296,365 (114)(105)
80,828 81,265 0.93 %
Telecommunications Service Providers
Directv Financing, LLC (9)SF +5.00%9.85 %8/2/20277,360 7,274 7,398 
Meriplex Communications, LTD (4)(9)SF +5.00%9.46 %7/17/20282,912 2,890 2,912 
Meriplex Communications, LTD (4)(9)SF +5.00%9.46 %7/17/20281,143 1,133 1,143 
Meriplex Communications, LTD (4)(9)SF +5.00%9.46 %7/17/202813,707 13,580 13,707 
24,877 25,160 0.29 %
Travel and Leisure
Artemis Bidco Limited (4)(5)(6)(7)(18)SN +6.00%9/8/2028£2,437 315 189 
Artemis Bidco Limited (4)(5)(7)(18)SN +6.00%9/8/2028£7,749 10,099 6,990 
Artemis Bidco Limited (4)(5)(7)(18)SN +6.00%9/8/2028£4,509 5,909 4,068 
Artemis Bidco Limited (4)(5)(7)(18)SN +6.00%9/8/2028£4,676 6,126 4,219 
Fertitta Entertainment LLC/NV (8)SF +3.50%7.86 %1/27/20299,853 9,613 9,901 
Havila Kystruten Operations AS (4)(5)(15)E +
8.75% (incl 2.00% PIK)
11.82 %7/27/202619,254 21,342 20,894 
HB AcquisitionCo PTY LTD (4)(5)(6)(8)B +6.50%10.97 %8/7/2029A$3,579 417 351 
HB AcquisitionCo PTY LTD (4)(5)(8)B +6.50%10.97 %8/7/2029A$32,211 21,202 19,107 
IRB Holding Corp. (9)SF +2.50%6.86 %12/15/20272,670 2,670 2,676 
Legends Hospitality Holding Company, LLC (4)(6)(9)8/22/20315,522 (108)(132)
Legends Hospitality Holding Company, LLC (4)(6)(9)SF +5.00%9.37 %8/22/203014,733 1,196 892 
Legends Hospitality Holding Company, LLC (4)(9)SF +
5.50% (incl 2.75% PIK)
10.02 %8/22/203194,534 91,998 92,276 
Life Time, Inc. (7)SF +2.50%7.03 %11/5/20313,318 3,310 3,335 
The One Group, LLC (4)(10)SF +6.50%11.09 %5/1/202950,665 49,350 49,421 
The One Group, LLC (4)(6)(7)10/31/20286,649 (170)(250)
Travel Leaders Group, LLC (4)(14)SF +
8.50% (incl 3.00% PIK)
12.96 %3/27/2028140,024 137,830 141,425 
UFC Holdings LLC (5)(7)SF +2.25%6.77 %11/21/20312,105 2,103 2,119 
363,202 357,481 4.09 %
Total First Lien Debt$15,486,148 $15,523,726 177.74 %
Second Lien Debt
45

Table of Contents

HPS Corporate Lending Fund
Consolidated Schedule of Investments
December 31, 2024
(in thousands)
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
Health Care Providers
Charlotte Buyer Inc (4)(8)SF +8.25%12.70 %8/11/2028$535 $511 $532 
511 532 0.01 %
Industrial Support Services
Galaxy US Opco Inc. (4)(5)(7)(18)SF +8.25%4/29/20309,000 8,832 3,938 
Sedgwick Claims Management Services, Inc. (4)(7)SF +5.00%9.59 %7/30/203225,000 24,760 24,938 
33,592 28,876 0.33 %
Total Second Lien Debt$34,103 $29,408 0.34 %
Other Secured Debt
Asset Based Lending and Fund Finance
TPG VIII Merlin New Holdings I, L.P. (4)(5)(10)SF +6.50%11.09 %3/15/2027$53,265 $52,483 $52,644 
$52,483 $52,644 0.60 %
Real Estate and Investment Services
Link Apartments Opportunity Zone REIT, LLC(4)(6)(16)12/27/20299,355 (187)(187)
Link Apartments Opportunity Zone REIT, LLC(4)(16)SF +7.50%11.83 %12/27/202916,371 16,044 16,044 
15,857 15,857 0.18 %
Total Other Secured Debt$68,340 $68,501 0.78 %
Unsecured Debt
Consumer Services
Wildcat Car Wash Holdings, LLC (4)(7)
15.00% PIK
15.00 %7/16/2029$15,520 $15,520 $15,520 
15,520 15,520 0.18 %
Health Care Providers
VetCor Group Holdings LLC (4)(7)
13.75% PIK
13.75 %9/3/2030323 319 320 
VetCor Group Holdings LLC (4)(7)
14.75% PIK
14.75 %9/3/2030277 272 283 
VetCor Group Holdings LLC (4)(7)
13.75% PIK
13.75 %9/3/20301,025 1,012 1,016 
1,603 1,619 0.02 %
Medical Equipment and Services
DCA Acquisition Holdings LLC (4)(7)
13.13% PIK
13.13 %12/28/2032112 111 89 
DCA Acquisition Holdings LLC (4)(7)
13.13% PIK
13.13 %12/28/2032202 198 161 
DCA Acquisition Holdings LLC (4)(7)
13.13% PIK
13.13 %12/28/20321,190 1,175 947 
1,484 1,197 0.01 %
Non-life Insurance
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (7)6.75 %10/15/20276,255 5,885 6,210 
5,885 6,210 0.07 %
Real Estate Investment and Services
Associations Finance, Inc. (4)(7)
14.25% PIK
14.25 %5/3/20308,946 8,909 8,946 
Associations Finance, Inc. (4)(7)
14.25% PIK
14.25 %5/3/20303,416 3,402 3,416 
12,311 12,362 0.14 %
Software and Computer Services
Elements Midco 1 Limited (4)(5)(8)SN +
8.00% PIK
12.74 %4/29/2032£1,688 2,079 2,128 
2,079 2,128 0.02 %
Telecommunications Service Providers
CCO Holdings LLC / CCO Holdings Capital Corp (7)5.50%5.50 %5/1/20267,000 7,041 6,986 
7,041 6,986 0.08 %
Total Unsecured Debt$45,923 $46,022 0.53 %
Structured Finance
Structured Finance Investments
720 East CLO V Ltd (5)(7)SF +6.30%11.33 %7/20/2037$4,000 $4,000 $4,076 
46

Table of Contents

HPS Corporate Lending Fund
Consolidated Schedule of Investments
December 31, 2024
(in thousands)
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
AMMC CLO 21 LTD (5)(7)SF +6.76%11.32 %11/2/20304,126 3,733 4,121 
AMMC CLO XII Ltd (5)(7)SF +6.18%11.30 %11/10/20302,000 2,002 2,014 
ARES CLO Ltd (5)(7)SF +6.70%11.32 %4/20/20375,000 5,000 5,126 
Bain Capital Credit CLO 2024-3 Ltd (5)(7)SF +6.25%11.49 %7/16/20372,000 2,000 2,060 
Barings CLO Ltd 2024-IV (5)(7)SF +5.95%10.77 %10/20/20374,500 4,500 4,639 
Benefit Street Partners CLO XXXVI Ltd (5)(7)SF +5.50%9.91 %1/25/20384,750 4,750 4,762 
Carlyle Global Market Strategies (5)(7)L +5.40%10.28 %7/27/20311,200 975 1,194 
Columbia Cent CLO 33 Ltd (5)(7)SF +7.16%11.78 %4/20/20372,000 1,962 2,031 
Dryden 108 CLO Ltd (5)(7)7/18/20352,900 2,291 2,219 
Monroe Capital MML CLO XIV LLC (5)(7)SF +10.02%14.65 %10/24/20342,500 2,356 2,518 
Monroe Capital Mml Clo XVII Ltd (5)(7)SF +4.65%9.09 %1/15/20371,000 1,000 1,016 
Monroe Capital Mml Clo XVII Ltd (5)(7)SF +7.91%12.35 %1/15/20375,000 4,901 5,046 
Oaktree CLO 2019-4 Ltd (5)(7)SF +6.59%11.21 %7/20/20373,000 2,971 3,070 
OCP CLO 2017-14 Ltd (5)(7)SF +6.80%11.46 %1/15/20331,469 1,309 1,477 
OCP CLO Ltd (5)(7)L +6.52%11.43 %10/17/20302,008 2,010 2,011 
Octagon 52 Ltd (5)(7)SF +7.33%11.96 %7/23/20375,000 4,952 5,116 
Octagon 63 Ltd (5)(7)SF +6.50%11.12 %7/20/20373,000 3,000 3,066 
Octagon Investment Partners 29 Ltd (5)(7)SF +7.17%11.80 %7/18/20393,000 2,986 3,086 
Onex Clo Subsidiary 2024-3 Ltd (5)(7)SF +6.00%11.02 %7/20/20375,000 5,000 5,092 
Rad CLO Ltd (5)(7)SF +6.51%11.17 %4/15/20342,500 2,504 2,522 
Shackleton 2019-XV CLO Ltd (5)(7)SF +6.92%11.58 %1/15/20323,000 2,691 3,027 
Vibrant CLO XII Ltd (5)(7)SF +6.94%11.56 %4/20/20342,000 2,000 2,000 
Voya CLO Ltd (5)(7)SF +6.00%10.82 %7/20/20374,000 4,000 4,103 
72,893 75,392 0.86 %
Total Structured Finance$72,893 $75,392 0.86 %
Equity Investments
Consumer Services
CG Parent Intermediate Holdings, Inc. (4)(21)2,000 $1,940 $2,325 
Club Car Wash Preferred, LLC (4)(21)
15.00% PIK
15.00 %8,817 8,817 8,817 
Club Car Wash Preferred, LLC (4)(21)
15.00% PIK
15.00 %13,118 13,118 13,118 
Rapid Express Preferred, LLC (4)(21)
15.00% PIK
15.00 %2,784 2,784 2,784 
Rapid Express Preferred, LLC (4)(21)
15.00% PIK
15.00 %5,868 5,868 5,868 
Thrasio Holdings, Inc. (4)(21)19,015   
32,527 32,912 0.38 %
Electricity
IP Operating Portfolio I, LLC (4)(21)3 68 433 
68 433  %
Gas, Water and Multi-utilities
Eagle LNG Partners Jacksonville II LLC (4)(21)   
ELNG Equity LLC (4)(21)78,038   
   %
Industrial Support Services
BCPE Virginia HoldCo, Inc. (4)(21)2,000 1,960 2,350 
1,960 2,350 0.03 %
Media
OneTeam Partners, LLC (4)(21)8.00%8.00 %1,000 1,000 1,209 
Racing Point UK Holdings Limited (4)(5)(21)168 1,008 976 
2,008 2,185 0.03 %
Pharmaceuticals and Biotechnology
Creek Feeder, L.P.(4)(21)9,000 9,000 9,000 
9,000 9,000 0.10 %
47

Table of Contents

HPS Corporate Lending Fund
Consolidated Schedule of Investments
December 31, 2024
(in thousands)
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
Travel and Leisure
The ONE Group Hospitality, Inc. (4)(21)6,667 12 3 
The ONE Group Hospitality, Inc. (4)(21)11,911 61 35 
The ONE Group Hospitality, Inc. (4)(21)1,000 877 970 
950 1,008 0.01 %
Total Equity Investments$46,513 $47,888 0.55 %
Total Investments - Non-Controlled/Non-Affiliated$15,753,920 $15,790,937 180.80 %
Non-Controlled/Affiliated Investments
First Lien Debt
Industrial Support Services
Southern Graphics Inc. (4)(7)(18)(19)SF +
7.50% PIK
5/1/2028$5,454 $5,306 $5,454 
5,306 5,454 0.06 %
Total First Lien Debt$5,306 $5,454 0.06 %
Second Lien Debt
Industrial Support Services
Southern Graphics Inc. (4)(7)(18)(19)SF +
7.50% PIK
10/30/2028$1,932 $1,881 $1,932 
1,881 1,932 0.02 %
Total Second Lien Debt$1,881 $1,932 0.02 %
Equity Investments
Industrial Support Services
Southern Graphics Holdings LLC (4)(19)(21)274 $2,333 $3,069 
2,333 3,069 0.04 %
Travel and Leisure
SLF V AD1 Holdings, LLC (4)(19)(20)(21)10,101 9,891 9,514 
9,891 9,514 0.11 %
Total Equity Investments$12,224 $12,583 0.14 %
Total Investments - Non-Controlled/Affiliated$19,411 $19,969 0.23 %
Controlled/Affiliated Investments
Investments in Joint Ventures
ULTRA III, LLC (5)(19)(21)$297,747 $320,350 
Total Investments in Joint Ventures$297,747 $320,350 3.67 %
Total Investments - Controlled/Affiliated$297,747 $320,350 3.67 %
Total Investment Portfolio$16,071,078 $16,131,256 184.70 %
Cash Equivalents
J.P. Morgan U.S. Government Fund, Institutional Shares (5)4.35 %$155,290 $155,290 $155,290 
Total Cash Equivalents$155,290 $155,290 1.78 %
Total Investment Portfolio, Cash Equivalents$16,226,368 $16,286,546 186.47 %

(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 dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments and the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral under its credit facilities and debt securitization issuances unless otherwise indicated.

(2) The majority of the investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”), Prime Rate (“Prime” or “P”), Sterling Overnight Index Average ("SONIA" or "SN"), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate ("SOFR" or "SF"), Canadian Dollar
48

Table of Contents

HPS Corporate Lending Fund
Consolidated Schedule of Investments
December 31, 2024
(in thousands)
Offered Rate ("CDOR" or "C"), Singapore Overnight Rate Average (“SORA”), Stockholm Interbank Offered Rate (“STIBOR” or “ST”), Norwegian Interbank Offered Rate (“NIBOR” or “N”), Bloomberg Short Term Bank Yield Index (“BS”), or Bank Bill Swap Bid Rate ("BBSY" or "B") which reset daily, monthly, quarterly, semiannually or annually. For each such investment, the Company has provided the spread over LIBOR, Prime, SONIA, E, SOFR, CDOR, SORA, STIBOR, NIBOR, BS or BBSW and the current contractual interest rate in effect at December 31, 2024. Certain investments are subject to a LIBOR, Prime, or SOFR interest rate floor, or rate cap. Certain investments contain a Payment-in-Kind (“PIK”) provision. SOFR based contracts may include a credit spread adjustment, which is included within the stated all-in interest rate, if applicable, that is charged in addition to the base rate and the stated spread.

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

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

(5) The investment is not a qualifying asset, in whole or in part, under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2024, non-qualifying assets represented 21.0% 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-affiliatedCommitment TypeUnfunded CommitmentFair Value
123Dentist Inc1st Lien Senior Secured Delayed Draw Loan$12,397 $30 
2080 Media, Inc.1st Lien Senior Secured Delayed Draw Loan18,859 
2080 Media, Inc.1st Lien Senior Secured Revolving Loan13,795 
AB Centers Acquisition Corporation1st Lien Senior Secured Revolving Loan16,655 
AB Centers Acquisition Corporation1st Lien Senior Secured Delayed Draw Loan26,86051 
Accession Risk Management Group, Inc.1st Lien Senior Secured Revolving Loan2,903 
Accession Risk Management Group, Inc.1st Lien Senior Secured Delayed Draw Loan18,551 
Advarra Holdings, Inc.1st Lien Senior Secured Delayed Draw Loan6,02013 
AI Circle Bidco Limited1st Lien Senior Secured Delayed Draw Loan6,60413 
Alchemy US Holdco 1 LLC1st Lien Senior Secured Delayed Draw Loan8,935(355)
Alera Group, Inc.1st Lien Senior Secured Delayed Draw Loan2773 
Arc Media Holdings Limited1st Lien Senior Secured Revolving Loan982(6)
Arcfield Acquisition Corp1st Lien Senior Secured Revolving Loan11,100(27)
Artemis Bidco Limited1st Lien Senior Secured Delayed Draw Loan2,716(52)
Artifact Bidco, Inc.1st Lien Senior Secured Delayed Draw Loan11,207108 
Artifact Bidco, Inc.1st Lien Senior Secured Revolving Loan5,443 
Artifact Bidco, Inc.1st Lien Senior Secured Revolving Loan2,562 
Artisan Bidco, Inc.1st Lien Senior Secured Revolving Loan6,000(15)
ASDAM Operations Pty Ltd1st Lien Senior Secured Delayed Draw Loan3,355 
Associations Finance, Inc.1st Lien Senior Secured Delayed Draw Loan3,59636 
Associations Finance, Inc.1st Lien Senior Secured Revolving Loan1,729 
Atlas Intermediate III, L.L.C.1st Lien Senior Secured Revolving Loan13,445(143)
Auditboard, Inc.1st Lien Senior Secured Revolving Loan30,286 
Auditboard, Inc.1st Lien Senior Secured Delayed Draw Loan75,714379 
Avalara, Inc.1st Lien Senior Secured Revolving Loan6,324 
AVSC Holding Corp.1st Lien Senior Secured Revolving Loan8,660(171)
Axiom Buyer, LLC1st Lien Senior Secured Delayed Draw Loan16,189(347)
Axiom Buyer, LLC1st Lien Senior Secured Revolving Loan15,590(333)
Baker Tilly Advisory Group, LP1st Lien Senior Secured Revolving Loan23,539 
Baker Tilly Advisory Group, LP1st Lien Senior Secured Delayed Draw Loan15,51873 
Bamboo US BidCo LLC1st Lien Senior Secured Delayed Draw Loan2,855(5)
Bamboo US BidCo LLC1st Lien Senior Secured Delayed Draw Loan2,855(5)
Bamboo US BidCo LLC1st Lien Senior Secured Revolving Loan21,254 
Bamboo US BidCo LLC1st Lien Senior Secured Delayed Draw Loan6,383(11)
Bottomline Technologies, Inc.1st Lien Senior Secured Revolving Loan385 
BradyplusUS Holdings, LLC1st Lien Senior Secured Delayed Draw Loan335 
49

Table of Contents

HPS Corporate Lending Fund
Consolidated Schedule of Investments
December 31, 2024
(in thousands)
Investments-non-controlled/non-affiliatedCommitment TypeUnfunded CommitmentFair Value
Cadence - Southwick, Inc.1st Lien Senior Secured Revolving Loan9,561 
Calabrio, Inc.1st Lien Senior Secured Revolving Loan1,536 
Camin Cargo Control Holdings, Inc.1st Lien Senior Secured Revolving Loan4,333(43)
Camin Cargo Control Holdings, Inc.1st Lien Senior Secured Delayed Draw Loan9,685(95)
Capripack Debtco PLC1st Lien Senior Secured Delayed Draw Loan30,948241 
Capripack Debtco PLC1st Lien Senior Secured Delayed Draw Loan27,080211 
Captive Resources Midco LLC1st Lien Senior Secured Revolving Loan7,558 
Carbon Topco, Inc.1st Lien Senior Secured Revolving Loan11,985(233)
CC WDW Borrower, Inc.1st Lien Senior Secured Revolving Loan4,072(113)
CD&R Galaxy UK Intermediate 3 Limited1st Lien Senior Secured Delayed Draw Loan1,115 
Certinia Inc.1st Lien Senior Secured Revolving Loan5,449(53)
Chartis Group LLC1st Lien Senior Secured Delayed Draw Loan25,040(105)
Chartis Group LLC1st Lien Senior Secured Revolving Loan14,716(62)
Club Car Wash Operating, LLC1st Lien Senior Secured Delayed Draw Loan48,213(13)
Coding Solutions Acquisition, Inc.1st Lien Senior Secured Delayed Draw Loan23,581(181)
Coding Solutions Acquisition, Inc.1st Lien Senior Secured Revolving Loan2,084(16)
Coretrust Purchasing Group LLC1st Lien Senior Secured Delayed Draw Loan10,736107 
Coretrust Purchasing Group LLC1st Lien Senior Secured Revolving Loan11,656 
Coretrust Purchasing Group LLC1st Lien Senior Secured Delayed Draw Loan4,42344 
Coupa Holdings, LLC1st Lien Senior Secured Delayed Draw Loan7,12371 
Coupa Holdings, LLC1st Lien Senior Secured Revolving Loan6,211 
CPI Buyer, LLC1st Lien Senior Secured Revolving Loan2,115(30)
Creek Parent, Inc.1st Lien Senior Secured Revolving Loan22,379(362)
Daphne S.P.A.1st Lien Senior Secured Delayed Draw Loan4,122(363)
Denali Bidco Limited1st Lien Senior Secured Delayed Draw Loan18,224182 
Diagnostic Services Holdings, Inc.1st Lien Senior Secured Revolving Loan2,294(17)
Dolcetto HoldCo S.P.A.1st Lien Senior Secured Delayed Draw Loan8,702 
Dwyer Instruments Inc1st Lien Senior Secured Delayed Draw Loan13,403(131)
Dwyer Instruments Inc1st Lien Senior Secured Revolving Loan19,177(187)
E.S.G. Movilidad, S.L.U.1st Lien Senior Secured Delayed Draw Loan8,155 
EasyPark Strategy AB1st Lien Senior Secured Delayed Draw Loan35,255(527)
EIS Legacy Holdco, LLC1st Lien Senior Secured Delayed Draw Loan30,682(300)
EIS Legacy Holdco, LLC1st Lien Senior Secured Revolving Loan13,000(127)
Empower Payments Investor, LLC1st Lien Senior Secured Delayed Draw Loan14,426 
Empower Payments Investor, LLC1st Lien Senior Secured Revolving Loan9,704 
Enstall Group B.V.1st Lien Senior Secured Delayed Draw Loan1,157(77)
Enverus Holdings Inc1st Lien Senior Secured Delayed Draw Loan3,22932 
Enverus Holdings Inc1st Lien Senior Secured Revolving Loan4,767 
ERC Topco Holdings, LLC1st Lien Senior Secured Revolving Loan245(98)
Fastener Distribution Holdings, LLC1st Lien Senior Secured Delayed Draw Loan28,345(277)
FC Compassus, LLC1st Lien Senior Secured Revolving Loan19,127(282)
FC Compassus, LLC1st Lien Senior Secured Delayed Draw Loan128(2)
FC Compassus, LLC1st Lien Senior Secured Delayed Draw Loan15,811(233)
Femur Buyer, Inc.1st Lien Senior Secured Revolving Loan12,549(549)
Formerra, LLC1st Lien Senior Secured Revolving Loan12,031(96)
Foundation Automotive US Corp1st Lien Senior Secured Revolving Loan1,891 
Frontgrade Technologies Holdings Inc.1st Lien Senior Secured Revolving Loan6,864 
Galway Borrower LLC1st Lien Senior Secured Revolving Loan4,598 
Galway Borrower LLC1st Lien Senior Secured Delayed Draw Loan6,269 
Global Music Rights, LLC1st Lien Senior Secured Revolving Loan42,117(419)
Grant Thornton LLP1st Lien Senior Secured Delayed Draw Loan3801 
Gusto Aus Bidco Pty Ltd1st Lien Senior Secured Delayed Draw Loan14,907(121)
HB AcquisitionCo PTY LTD1st Lien Senior Secured Delayed Draw Loan1,772(75)
Higginbotham Insurance Agency Inc1st Lien Senior Secured Delayed Draw Loan10,172 
50

Table of Contents

HPS Corporate Lending Fund
Consolidated Schedule of Investments
December 31, 2024
(in thousands)
Investments-non-controlled/non-affiliatedCommitment TypeUnfunded CommitmentFair Value
HT Intermediary III, Inc.1st Lien Senior Secured Delayed Draw Loan10,286(50)
HT Intermediary III, Inc.1st Lien Senior Secured Revolving Loan3,343(16)
Huskies Parent, Inc.1st Lien Senior Secured Revolving Loan353(2)
IG Investments Holdings, LLC1st Lien Senior Secured Revolving Loan10,221(39)
Indigo Purchaser, Inc.1st Lien Senior Secured Delayed Draw Loan25,608(379)
Indigo Purchaser, Inc.1st Lien Senior Secured Revolving Loan17,478(258)
Integrity Marketing Acquisition LLC1st Lien Senior Secured Revolving Loan362 
Integrity Marketing Acquisition LLC1st Lien Senior Secured Delayed Draw Loan2,6387 
International Entertainment Investments Ltd1st Lien Senior Secured Delayed Draw Loan5,08051 
IP Operations II Investco, LLC1st Lien Senior Secured Delayed Draw Loan10,606(102)
IRI Group Holdings, Inc.1st Lien Senior Secured Revolving Loan7,218 
IXM Holdings, Inc.1st Lien Senior Secured Delayed Draw Loan4915 
IXM Holdings, Inc.1st Lien Senior Secured Revolving Loan2,053 
June Purchaser LLC1st Lien Senior Secured Delayed Draw Loan1,61920 
Kabafusion Parent LLC1st Lien Senior Secured Revolving Loan11,700(115)
Kona Buyer, LLC1st Lien Senior Secured Delayed Draw Loan33,273321 
Kona Buyer, LLC1st Lien Senior Secured Delayed Draw Loan26,618257 
Kona Buyer, LLC1st Lien Senior Secured Revolving Loan15,463 
Kryptona Bidco US, LLC1st Lien Senior Secured Revolving Loan16,852(335)
Legends Hospitality Holding Company, LLC1st Lien Senior Secured Delayed Draw Loan5,522(132)
Legends Hospitality Holding Company, LLC1st Lien Senior Secured Revolving Loan13,259(523)
Link Apartments Opportunity Zone REIT, LLCOther Secured Debt Delayed Draw Loan9,355(187)
LOCI Bidco Limited1st Lien Senior Secured Delayed Draw Loan46,320(225)
Madonna Bidco Limited1st Lien Senior Secured Delayed Draw Loan13,063(254)
MAI Capital Management Intermediate LLC1st Lien Senior Secured Revolving Loan5,287(26)
MAI Capital Management Intermediate LLC1st Lien Senior Secured Delayed Draw Loan11,138(55)
MB2 Dental Solutions, LLC1st Lien Senior Secured Delayed Draw Loan43,020(420)
MB2 Dental Solutions, LLC1st Lien Senior Secured Revolving Loan13,909(136)
Meralm Bidco AB1st Lien Senior Secured Delayed Draw Loan5,375(51)
More Cowbell II, LLC1st Lien Senior Secured Delayed Draw Loan5,48455 
More Cowbell II, LLC1st Lien Senior Secured Revolving Loan4,554 
NBG Acquisition Corp.1st Lien Senior Secured Revolving Loan740(30)
NRO Holdings III Corp.1st Lien Senior Secured Delayed Draw Loan214 
NRO Holdings III Corp.1st Lien Senior Secured Revolving Loan91 
NTH Degree Purchaser, INC1st Lien Senior Secured Delayed Draw Loan30,800(443)
NTH Degree Purchaser, INC1st Lien Senior Secured Revolving Loan16,125(231)
OEConnection LLC1st Lien Senior Secured Revolving Loan7,338(14)
OEConnection LLC1st Lien Senior Secured Delayed Draw Loan11,741(22)
Onesource Virtual, Inc.1st Lien Senior Secured Revolving Loan25,318 
Oranje Holdco, Inc.1st Lien Senior Secured Revolving Loan4,657(39)
Orthrus Limited1st Lien Senior Secured Delayed Draw Loan19,982(346)
Pareto Health Intermediate Holdings, Inc.1st Lien Senior Secured Revolving Loan4,032(40)
Pareto Health Intermediate Holdings, Inc.1st Lien Senior Secured Delayed Draw Loan9,160(91)
Parfums Holding Company, Inc.1st Lien Senior Secured Revolving Loan9,034 
Patriot Growth Insurance Services LLC1st Lien Senior Secured Revolving Loan411 
PerkinElmer U.S. LLC1st Lien Senior Secured Delayed Draw Loan16,791168 
Ping Identity Holding Corp.1st Lien Senior Secured Revolving Loan8,513 
Plasma Buyer LLC1st Lien Senior Secured Revolving Loan4,162(120)
Plasma Buyer LLC1st Lien Senior Secured Delayed Draw Loan631(19)
PPV Intermediate Holdings, LLC1st Lien Senior Secured Revolving Loan8,145 
Prism Parent Co., Inc.1st Lien Senior Secured Delayed Draw Loan2,591 
QBS Parent, Inc.1st Lien Senior Secured Revolving Loan3,820(31)
Radwell Parent, LLC1st Lien Senior Secured Revolving Loan10,617 
Raven Acquisition Holdings LLC1st Lien Senior Secured Delayed Draw Loan1,3335 
51

Table of Contents

HPS Corporate Lending Fund
Consolidated Schedule of Investments
December 31, 2024
(in thousands)
Investments-non-controlled/non-affiliatedCommitment TypeUnfunded CommitmentFair Value
Ribbon Communications Operating Company, Inc1st Lien Senior Secured Revolving Loan6,365(105)
Riley MergeCo LLC1st Lien Senior Secured Revolving Loan197 
Rockefeller Capital Management1st Lien Senior Secured Delayed Draw Loan15,000(20)
Rotation Buyer, LLC1st Lien Senior Secured Delayed Draw Loan17,062(170)
Rotation Buyer, LLC1st Lien Senior Secured Revolving Loan6,776(68)
Royal Buyer, LLC1st Lien Senior Secured Revolving Loan7,000 
Royal Buyer, LLC1st Lien Senior Secured Delayed Draw Loan14,240 
Severin Acquisition, LLC1st Lien Senior Secured Delayed Draw Loan63,014(608)
Severin Acquisition, LLC1st Lien Senior Secured Revolving Loan44,454(429)
Sig Parent Holdings, LLC1st Lien Senior Secured Revolving Loan3,045(15)
Sig Parent Holdings, LLC1st Lien Senior Secured Delayed Draw Loan14,889(74)
Smarsh Inc.1st Lien Senior Secured Delayed Draw Loan2,143 
Smarsh Inc.1st Lien Senior Secured Revolving Loan643 
Spanx, LLC1st Lien Senior Secured Revolving Loan5,000 
Specialty Ingredients, LLC1st Lien Senior Secured Revolving Loan4,511 
Spirit RR Holdings, Inc.1st Lien Senior Secured Delayed Draw Loan2,993 
Spirit RR Holdings, Inc.1st Lien Senior Secured Revolving Loan3,579 
Spotless Brands, LLC1st Lien Senior Secured Delayed Draw Loan14,086(90)
Spotless Brands, LLC1st Lien Senior Secured Revolving Loan5,176 
Sugar PPC Buyer LLC1st Lien Senior Secured Delayed Draw Loan14,474145 
SWF Holdings I Corp1st Lien Senior Secured Delayed Draw Loan941 
Tango Bidco SAS1st Lien Senior Secured Delayed Draw Loan3,243(46)
Tango Bidco SAS1st Lien Senior Secured Delayed Draw Loan7,766(111)
The One Group, LLC1st Lien Senior Secured Revolving Loan6,649(250)
Time Manufacturing Holdings, LLC1st Lien Senior Secured Revolving Loan513(63)
TriMech Acquisition Corp.1st Lien Senior Secured Revolving Loan3,092 
Truck-Lite Co, LLC1st Lien Senior Secured Delayed Draw Loan9,33811 
Truck-Lite Co, LLC1st Lien Senior Secured Revolving Loan11,973 
Trupanion, Inc.1st Lien Senior Secured Revolving Loan6,576 
Violin FINCO Guernsey Limited1st Lien Senior Secured Delayed Draw Loan7,77669 
Vital Bidco AB1st Lien Senior Secured Revolving Loan12,771(248)
Vital Care Buyer, LLC1st Lien Senior Secured Revolving Loan13,271 
WP CPP Holdings, LLC1st Lien Senior Secured Revolving Loan26,285 
YA Intermediate Holdings II, LLC1st Lien Senior Secured Revolving Loan9,263(89)
YA Intermediate Holdings II, LLC1st Lien Senior Secured Delayed Draw Loan19,820(191)
Yes Energy LLC1st Lien Senior Secured Delayed Draw Loan3,09831 
Zendesk Inc1st Lien Senior Secured Delayed Draw Loan39,321 
Zendesk Inc1st Lien Senior Secured Revolving Loan17,940 
Zeus Company LLC1st Lien Senior Secured Revolving Loan21,506 
Zeus Company LLC1st Lien Senior Secured Delayed Draw Loan15,007150 
Total$2,128,723 $(11,074)

(7)     There are no interest rate floors on these investments.
(8)The interest rate floor on these investments as of December 31, 2024 was 0.50%.
(9)The interest rate floor on these investments as of December 31, 2024 was 0.75%.
(10)The interest rate floor on these investments as of December 31, 2024 was 1.00%.
(11)The interest rate floor on these investments as of December 31, 2024 was 1.25%.
(12)The interest rate floor on these investments as of December 31, 2024 was 1.50%.
(13)The interest rate floor on these investments as of December 31, 2024 was 1.75%.
(14)The interest rate floor on these investments as of December 31, 2024 was 2.00%.
(15)The interest rate floor on these investments as of December 31, 2024 was 2.50%.
(16)The interest rate floor on these investments as of December 31, 2024 was 3.00%.
(17)The interest rate floor on these investments as of December 31, 2024 was 3.25%.
(18)Loan was on non-accrual status as of December 31, 2024.
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HPS Corporate Lending Fund
Consolidated Schedule of Investments
December 31, 2024
(in thousands)
(19)Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, 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% (inclusive) of the portfolio company’s outstanding voting securities. For purposes of determining the 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, 2024, the Company’s controlled/affiliated and non-controlled/affiliated investments were as follows:
Fair Value as of December 31, 2023
Gross AdditionsGross ReductionsChange in Unrealized Gains (Loss)Net Realized Gain (Loss)
Fair Value as of December 31, 2024
Dividend and Interest Income
Non-Controlled/Affiliated Investments
Southern Graphics Inc.$9,947 $ $(228)$736 $ $10,455 $ 
SLF V AD1 Holdings, LLC9,877   (363) 9,514  
Total Non-Controlled/Affiliated Investments$19,824 $ $(228)$373 $ $19,969 $ 
Controlled/Affiliated Investments
ULTRA III, LLC$124,003 $184,157 $(11,923)$24,113 $ $320,350 $27,828 
Total Controlled/Affiliated Investments$124,003 $184,157 $(11,923)$24,113 $ $320,350 $27,828 

(20)    These investments are not pledged as collateral under the Credit Facilities, 2023 CLO Secured Notes and/or 2024 CLO Secured Notes.
(21)     Security acquired in transaction exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted security” under the Securities Act. As of December 31, 2024, the aggregate fair value of these securities is $380,821, or 4.36% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

Portfolio CompanyInvestmentAcquisition Date
CG Parent Intermediate Holdings, Inc.Senior Preferred StockNovember 20, 2023
Club Car Wash Preferred, LLCPreferred StockNovember 15, 2023
Rapid Express Preferred, LLCPreferred StockNovember 15, 2023
Club Car Wash Preferred, LLCPreferred StockNovember 15, 2023
Rapid Express Preferred, LLCPreferred StockNovember 15, 2023
Thrasio Holdings, Inc.Common StockJune 18, 2024
IP Operating Portfolio I, LLCClass B UnitsFebruary 3, 2022
Eagle LNG Partners Jacksonville II LLCWarrantsMarch 8, 2023
ELNG Equity LLCWarrantsApril 26, 2024
BCPE Virginia HoldCo, Inc.Senior Preferred StockDecember 14, 2023
Racing Point UK Holdings LimitedOrdinary SharesJuly 9, 2024
OneTeam Partners, LLCClass D UnitsSeptember 15, 2022
Creek Feeder, L.P.LP InterestDecember 16, 2024
The ONE Group Hospitality, Inc.A-2 WarrantsMay 1, 2024
The ONE Group Hospitality, Inc.B-2 WarrantsMay 1, 2024
The ONE Group Hospitality, Inc.Series A Preferred StockMay 1, 2024
Southern Graphics Holdings LLCClass A UnitsApril 28, 2023
SLF V AD1 Holdings, LLCLLC InterestSeptember 6, 2023
ULTRA III, LLCLLC InterestJune 1, 2023


ADDITIONAL INFORMATION
Foreign currency forward contracts
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HPS Corporate Lending Fund
Consolidated Schedule of Investments
December 31, 2024
(in thousands)
Currency PurchasedCurrency SoldCounterpartySettlement DateUnrealized Appreciation (Depreciation)
U.S. Dollars 37,180
Euro 35,328
Deutsche Bank AG3/21/2025$454 
U.S. Dollars 181,128
Euro 171,728
Goldman Sachs Bank USA3/21/20252,608 
U.S. Dollars 4,371
Euro 4,118
Goldman Sachs Bank USA6/23/202568 
U.S. Dollars 2,545
Euro 2,215
Goldman Sachs Bank USA3/23/2026193 
U.S. Dollars 9,336
British Pound 7,414
Goldman Sachs Bank USA3/21/202559 
U.S. Dollars 2,893
British Pound 2,294
Goldman Sachs Bank USA6/23/202524 
U.S. Dollars 21,101
Norwegian Krone 235,621
Goldman Sachs Bank USA6/23/2025402 
U.S. Dollars 34,141
Singaporean Dollars 45,400
Goldman Sachs Bank USA6/23/2025651 
U.S. Dollars 181,862
Australian Dollars 285,419
SMBC Capital Markets, Inc.3/21/20255,196 
U.S. Dollars 22,142
Australian Dollars 32,855
SMBC Capital Markets, Inc.6/23/20251,797 
U.S. Dollars 44,863
Canadian Dollars 63,603
SMBC Capital Markets, Inc.3/21/2025494 
U.S. Dollars 325,846
Euro 306,562
SMBC Capital Markets, Inc.3/21/20257,156 
U.S. Dollars 107,880
Euro 96,430
SMBC Capital Markets, Inc.6/23/20257,108 
U.S. Dollars 99,148
Euro 87,833
SMBC Capital Markets, Inc.9/23/20256,860 
U.S. Dollars 375,774
British Pound 296,306
SMBC Capital Markets, Inc.3/21/20255,046 
U.S. Dollars 26,734
Norwegian Krone 283,987
SMBC Capital Markets, Inc.6/23/20251,786 
U.S. Dollars 43,783
Swedish Kroner 445,859
SMBC Capital Markets, Inc.6/23/20253,101 
Total$43,003 

Interest rate swaps:
CounterpartyHedged InstrumentCompany ReceivesCompany PaysMaturity DateNotional AmountFair Market Value
Goldman Sachs Bank USANovember 2025 Notes8.37%
SOFR + 4.08%
11/14/2025$85,000 $(36)
Goldman Sachs Bank USANovember 2027 Notes8.43%
SOFR + 4.42%
11/14/202777,500 (335)
Goldman Sachs Bank USAMarch 2026 Notes8.12%
SOFR + 3.76%
3/15/2026276,000 (127)
Goldman Sachs Bank USAMarch 2028 Notes8.18%
SOFR + 4.24%
3/15/2028124,000 (1,288)
Goldman Sachs Bank USASeptember 2027 Notes8.67%
SOFR + 4.31%
9/14/202775,000 182 
Goldman Sachs Bank USASeptember 2028 Notes8.80%
SOFR + 4.54%
9/14/2028250,000 58 
SMBC Capital Markets, Inc.January 2029 Notes6.75%
SOFR + 2.88%
1/30/2029550,000 (8,739)
Goldman Sachs Bank USASeptember 2029 Notes6.25%
SOFR + 2.06%
9/30/2029400,000 (1,225)
Total Interest Rate Swaps$(11,510)
The accompanying notes are an integral part of these consolidated financial statements.
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HPS Corporate Lending Fund
Notes to Consolidated Financial Statements
(Unaudited)
(in thousands, except per share data, percentages and as otherwise noted)
Note 1. Organization

HPS Corporate Lending Fund (the “Company” or “HLEND”) is a Delaware statutory trust that was formed on December 23, 2020 and commenced operations on February 3, 2022. The Company is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company is externally managed by HPS Advisors, LLC (the “Adviser”), a wholly-owned subsidiary of HPS Investment Partners, LLC (the “Administrator” or “HPS”). Prior to June 30, 2023, the Company was externally managed by HPS. The Company has elected to be treated for federal income tax purposes, and intends to qualify annually, as a regulated investment company (“RIC”) as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Company’s investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation. The Company seeks to achieve its investment objective by investing primarily in newly originated, privately negotiated senior credit investments in high quality, established upper middle market companies, and in select situations, companies in special situations. The Company uses the term “upper middle market companies” generally to mean companies with earnings before interest, taxes, depreciation and amortization (“EBITDA”) of $75 million to $1 billion annually or $250 million to $5 billion in revenue annually at the time of investment.
The Company has and may continue to invest in smaller or larger companies if an opportunity presents attractive investment and risk-adjusted returns. In addition to corporate level obligations, the Company’s investments in such companies may also opportunistically include private asset-based financings such as equipment financings, financings against mission-critical corporate assets and mortgage loans, and/or investments that represent equity in portfolios of loans, receivables or other debt instruments. The Company may also participate in programmatic investments through partnerships or joint ventures with one or more unaffiliated banks or other financial institutions, including structures where a partner assumes senior exposure to each investment, and the Company participates in the junior exposure.
The Company’s investment strategy also includes a smaller allocation to more liquid credit investments such as non-investment grade broadly syndicated loans, leveraged loans, secured and unsecured corporate bonds, and securitized credit. This allocation may also include senior secured loans, senior secured bonds, high yield bonds and structured credit instruments.
The strategy of the Company primarily focuses on companies in the United States, but also intends to leverage the Adviser’s presence to invest in companies in Europe, Australia and other locations outside the U.S. In addition, the Company may also invest in publicly traded securities of larger corporate issuers on an opportunistic basis when market conditions create compelling potential return opportunities, subject to compliance with BDC requirements to invest at least 70% of assets in “eligible portfolio companies.”

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

On December 3, 2024, HPS entered into an agreement with BlackRock, Inc. (NYSE: BLK) for BlackRock, Inc. to acquire 100% of HPS (the “HPS/BlackRock Transaction”). The acquisition is subject to receipt of certain consents from investors in HPS funds and accounts, regulatory approvals and satisfaction of other customary closing conditions and is expected to close in mid-2025. As of March 31, 2025, management does not expect that the acquisition will materially impact the Company.
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
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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, 2025.
As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”).
Basis of Consolidation
As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company.

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

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

Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual amounts could differ from those estimates and such differences could be material.
Cash and Cash Equivalents
Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.
Investments
Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.
The Company is required to report its investments for which current market values are not readily available at fair value. The Company values its investments in accordance with ASC 820, Fair Value Measurement (“ASC 820”), which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. ASC 820 prioritizes the use of observable market prices derived from such prices over entity-specific inputs. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material.

Investments that are listed or traded on an exchange and are freely transferable are valued at either the closing price (in the case of securities and futures) or the mean of the closing bid and offer (in the case of options) on the principal exchange on which the investment is listed or traded. Investments for which other market quotations are readily available will typically be valued at those market quotations. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, 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
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methodologies, the Adviser regularly performs price verification procedures and issues challenges as necessary to independent pricing services or brokers, and any differences are reviewed in accordance with the valuation procedures. The Adviser does not adjust the prices unless it has a reason to believe market quotations are not reflective of the fair value of an investment.

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

The valuation process begins with each investment being preliminarily valued by the Adviser’s valuation team in consultation with the Adviser’s investment professionals responsible for each portfolio investment;
In addition, independent valuation firms retained by the Company prepare quarter-end valuations of each such investment that was (i) originated or purchased prior to the first calendar day of the quarter and (ii) is not a de minimis investment, as determined by the Adviser. The independent valuation firms provide a final range of values on such investments to the Adviser. The independent valuation firms also provide analyses to support their valuation methodology and calculations;
The Adviser’s valuation committee with respect to the Company (the “Valuation Committee”) reviews the valuation recommendations prepared by the Adviser’s valuation team and, as appropriate, the independent valuation firms’ valuation ranges; 
The Valuation Committee then determines fair value marks for each of the Company’s portfolio investments; and
The Board and Audit Committee periodically review the valuation process and provide oversight in accordance with the requirements of Rule 2a-5 under the 1940 Act.
As part of the valuation process, the Company takes into account relevant factors in determining the fair value of the Company’s investments for which reliable market quotations are not readily available, many of which are loans, including and in combination, as relevant: (i) the estimated enterprise value of a portfolio company, generally based on an analysis of discounted cash flows, publicly traded comparable companies and comparable transactions, (ii) the nature and realizable value of any collateral, (iii) the portfolio company’s ability to make payments based on its earnings and cash flow, (iv) the markets in which the portfolio company does business, and (v) overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity or debt sale occurs, the Adviser considers whether the pricing indicated by the external event corroborates its valuation.
The Company has and will continue to engage independent valuation firms to provide assistance regarding the determination of the fair value of the Company’s portfolio securities for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment each quarter, and the Adviser and the Company may reasonably rely on that assistance. However, the Adviser is responsible for the ultimate valuation of the portfolio investments at fair value as determined in good faith pursuant to the Company’s valuation policy, the Board’s oversight and a consistently applied valuation process.
Derivative Instruments
The Company 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 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.
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Additionally, the Company uses interest rate swaps to mitigate interest rate risk associated with the Company's fixed rate liabilities. The fair value of the interest rate swaps is included as derivative assets at fair value or derivative liabilities at fair value, as applicable, on the Company's Consolidated Statements of Assets and Liabilities. The Company designated the interest rate swaps as the hedging instruments in a qualifying fair value hedge accounting relationship, and therefore the change in fair value of the hedging instrument and hedged item are recorded as components of interest expense in the Consolidated Statements of Operations. The change in fair value of the interest rate swap is offset by a change in the carrying value of the fixed rate debt.

The fair value of the Company’s derivatives is recorded on the Consolidated Statements of Assets and Liabilities by security type and counterparty on a net basis, if subject to an enforceable master netting agreement, not taking into account collateral posted which is recorded separately. As of March 31, 2025 and December 31, 2024, there was $0.1 million and $10.6 million, respectively, of collateral pledged, which is included in other assets on the Consolidated Statements of Assets and Liabilities. As of March 31, 2025, there was $21.0 million of collateral received which is included in accrued expenses and other liabilities on the Consolidated Statements of Asset and Liabilities. As of March 31, 2025 and December 31, 2024, $0.1 million and $10.6 million, respectively, of collateral was invested in a money market fund.
Loan Participations
The Company follows the guidance in ASC 860 Transfers and Servicing when accounting for loan participations and other partial loan sales. Such guidance requires a participation or other partial loan sale to meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed. Participations or other partial loan sales that do not meet the definition of a participating interest remain on the Consolidated Statements of Assets and Liabilities and the proceeds are recorded as a secured borrowing until the definition is met. Secured borrowings are carried at fair value to correspond with the related investments, which are carried at fair value. There were no participations 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 unamortized discounts are recorded as interest income in the current period. For the three months ended March 31, 2025 and 2024, the Company recorded non-recurring interest income of $5.4 million and $22.4 million, respectively (e.g. prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts).
Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market
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discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of March 31, 2025 and December 31, 2024, the Company had certain investments in nine and eight portfolio companies on non-accrual status, respectively.
PIK Income
The Company has loans in its portfolio that contain PIK provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in interest income in the Consolidated Statements of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through interest income. To maintain the Company’s status as a RIC, this non-cash source of income must be paid out to shareholders in the form of dividends, even though the Company has not yet collected cash.
Dividend Income
Dividend income on preferred equity securities and on the Company’s membership interests in its joint ventures are recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies. To the extent a preferred equity security contains PIK provisions, PIK dividends, computed at the contractual rate specified in each applicable agreement, are accrued and recorded as dividend income and added to the principal balance of the preferred equity security. PIK dividends added to the principal balance are generally collected upon redemption of the equity. For the three months ended March 31, 2025 and 2024, the Company recorded $11.7 million and $2.6 million, respectively, of dividend income, of which, $1.1 million and $0.8 million, respectively, relate to PIK dividends.
Other Income
The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication and other miscellaneous fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered.
Organization Costs
Organization expenses include, among other things, the cost of incorporating the Company and the cost of legal services and other fees pertaining to the Company's organization.

Offering Expenses

The Company's offering expenses include, among other things, legal fees, registration fees and other costs pertaining to the preparation of the Company's registration statement (and any amendments or supplements thereto) relating to the offering and associated marketing materials. Offering costs are capitalized as a deferred charge and amortized to expense on a straight-line basis over a twelve-month period from incurrence.
Deferred Financing Costs and Debt Issuance Costs
Deferred financing and debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. These expenses are deferred and amortized into interest expense over the life of the related debt instrument using the straight-line method. Deferred financing costs related to revolving credit facilities are presented separately as an asset on the Company’s Consolidated Statements of Assets and Liabilities. Debt issuance costs related to any issuance of installment debt or notes are presented net against the outstanding debt balance of the related security.
Income Taxes
The Company has elected to be treated as a RIC under the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s shareholders and would not be reflected in the consolidated financial statements of the Company.
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The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. The Company intends to make the requisite distributions to its shareholders, which will generally relieve the Company from corporate-level income taxes.

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

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (iii) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. To the extent that it determines that estimated current year annual taxable income will be in excess of estimated current year distributions from such taxable income, the Company will accrue excise taxes, if any, on estimated undistributed taxable income.
For the three months ended March 31, 2025 and 2024, the Company accrued $0.3 million and $(0.0) million of U.S. federal excise tax, respectively.
Allocation of Income, Expenses, Gains and Losses
Income, expenses (other than those attributable to a specific class), gains and losses are allocated to each class of shares based upon the aggregate net asset value of that class in relation to the aggregate net asset value of the Company. Expenses that are specific to a class of shares are allocated to such class directly.

Distributions
To the extent that the Company has taxable income available, the Company intends to make monthly distributions to its shareholders. Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on the Company’s earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time. Although the gross distribution per share is generally equivalent for each share class, the net distribution for each share class is reduced for any class specific expenses, including shareholder servicing and/or distribution fees, if any.
The Company has adopted a distribution reinvestment plan pursuant to which shareholders will have their cash distributions (net of applicable withholding taxes) automatically reinvested in additional shares of the Company's same class of Common Shares to which the distribution relates unless they elect to receive their distributions in cash.

Segment Reporting

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

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

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

In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”),” which intends to improve the transparency of income tax disclosures. ASU No. 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company does not expect this update to have a material effect on the Company's consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 2200-40),” 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.
Note 3. Fees, Expenses, Agreements and Related Party Transactions
Investment Advisory Agreement

On January 20, 2022, the Company entered into an investment advisory agreement with HPS, pursuant to which HPS managed the Company on a day-to-day basis until June 30, 2023. On June 30, 2023, the Company entered into the Investment Advisory Agreement (as amended and/or restated from time to time, the “Investment Advisory Agreement”) with the Adviser and HPS in connection with a corporate reorganization of the investment advisory operations with respect to the Company. The Adviser is responsible for determining the portfolio composition, making investment decisions, monitoring investments, performing due diligence on prospective portfolio companies and providing the Company with such other investment advisory and related services as may reasonably be required for the investment of capital.

The Investment Advisory Agreement was effective for an initial one-year term 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 who are not “interested persons” of the Company, the Adviser, or of their respective affiliates as defined in Section 2 (a)(19) of the 1940 Act (the “Independent Trustees”). The Company may terminate the Investment Advisory Agreement, without payment of any penalty, 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 renewed and approved by the Board, on May 13, 2024, for a one-year period ending on June 30, 2025. The Investment Advisory Agreement was most recently approved by the Board on October 22, 2024 and renewed on November 27, 2024.

The closing of the HPS/BlackRock Transaction will result in the automatic termination of the Company's current investment advisory agreement with the Adviser (the “Current Investment Advisory Agreement”) under the 1940 Act. Accordingly, the Board approved a new investment advisory agreement between the Company and the Adviser (the “New Investment Advisory Agreement”), which will replace the Current Investment Advisory Agreement and become effective at the closing of the HPS/BlackRock Transaction. During a special meeting of shareholders held on April 16, 2025, the shareholders of the Company approved the New Investment Advisory Agreement.

Our investment strategy and team, including our executive officers, are expected to remain materially unchanged, and the HPS/BlackRock Transaction is not expected to have a material impact on our operations. All material terms remain unchanged from the Current Investment Advisory Agreement to the New Investment Advisory Agreement, including the management and incentive fees payable by the Company, except as otherwise described in the proxy statement mailed to the Company’s shareholders

On January 15, 2025, Grishma Parekh notified the Board of the Company that she is resigning from the Board effective and contingent upon the closing of the HPS/Blackrock Transaction in order to comply with the Section 15(f) safe harbor provisions of the 1940 Act. Following the closing of the HPS/Blackrock Transaction, Ms. Parekh is expected to continue to serve as President of the Company, a
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member of the Investment Committee of the Company and in her existing role at HPS and the Adviser. If the HPS/Blackrock Transaction does not close, Ms. Parekh will not resign from the Board, and she is expected to continue to serve as Trustee of the Company and in her existing role at HPS and the Adviser.

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

The management fee is payable monthly in arrears at an annual rate of 1.25% of the value of the Company’s net assets as of the beginning of the first calendar day of the applicable month. For purposes of 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.

For the three months ended March 31, 2025 and 2024, base management fees were $29.1 million and $18.3 million, respectively. As of March 31, 2025 and December 31, 2024, $19.6 million and $9.4 million, respectively, were payable to the Adviser related to management fees.
Incentive Fees

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.

(i) Income based incentive fee

The income based incentive fee is based on the Company’s Pre-Incentive Fee Net Investment Income Returns, as defined below. “Pre-Incentive Fee Net Investment Income Returns” means interest income, dividends, cash interest or other distributions or other cash income and any third-party fees received from portfolio companies (such as upfront fees, commitment fees, origination fee, amendment fees, ticking fees and break-up fees, as well as prepayments premiums, but excluding fees for providing managerial assistance) accrued during the quarter, minus operating expenses for the quarter (including the management fee, taxes, any expenses payable under the Investment Advisory Agreement and an administration agreement with the administrator, any expense of securitizations, and interest expense or other financing fees and any dividends paid on preferred stock, but excluding incentive fees and shareholder servicing and/or distribution fees). Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero-coupon securities), accrued income that we have not yet received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns.

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

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

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

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

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iii.12.5% of the dollar amount of the Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized).
These calculations are prorated for any period of less than three months, including the first quarter the Company commenced operations, and are adjusted for any share issuances or repurchases during the relevant quarter.

For the three months ended March 31, 2025 and 2024, income based incentive fees were $33.7 million and $25.6 million, respectively. As of March 31, 2025 and December 31, 2024, $33.7 million and $32.0 million, respectively, were payable to the Adviser relating to income based incentive fees.

(ii) Capital gains incentive fee

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

For the three months ended March 31, 2025 and 2024, capital gains incentive fees accrued were $(6.0) million and $6.0 million, respectively. As of March 31, 2025 and December 31, 2024, the Company accrued $6.9 million and $12.9 million, respectively, of capital gains incentive fees, none of which were payable under the Investment Advisory Agreement.
Administration Agreement

On January 20, 2022, the Company entered into an administration agreement, subsequently amended on November 27, 2024 (as further amended and/or restated from time to time, the “Administration Agreement”), with the Administrator under which the Administrator provides, or oversees the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of the Company’s NAV, compliance monitoring (including diligence and oversight of other service providers), preparing reports to shareholders and reports filed with the SEC and other regulators, preparing materials and coordinating meetings of the Company’s Board, managing the payment of expenses, the payment and receipt of funds for investments and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. The Company reimburses the Administrator for the costs and expenses incurred by the Administrator in performing its obligations under the Administration Agreement. Such reimbursement includes the Company’s allocable portion of compensation (including salaries, bonuses and benefits), overhead and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) the Company’s chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for the Company; and (iii) any internal audit group personnel of the Administrator or any of its affiliates, subject to the limitations described in the Investment Advisory 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 the Administrator for administrative services will be the lesser of (1) Administrators’ actual costs incurred in providing such services and (2) the amount that the Company estimates it would be required to pay alternative service providers for comparable services in the same geographic location. The Administrator is required to allocate the cost of such services to the Company based on factors such as assets, revenues, time allocations and/or other reasonable metrics. The Company does not reimburse the Administrator for any services for which it receives a separate fee, or for (1) rent or depreciation, utilities, capital equipment and other administrative items of the Administrator, and (2) salaries, fringe benefits, travel expenses and other administrative items incurred or allocated to any “Controlling Person” (as defined in the North American Securities Administrators Association’s Omnibus Guidelines Statement of Policy, as amended from time to time (the “Omnibus Guidelines”)) of the Administrator.

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Unless earlier terminated as described below, the Administration Agreement was effective for a one-year term ending on June 30, 2024 and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the Independent Trustees. The Company may terminate the Administration Agreement, without payment of any penalty, upon 120 days’ written notice. The Administration Agreement will automatically terminate in the event of its assignment within the meaning of the 1940 Act and related SEC guidance and interpretations. The Administration Agreement was renewed and approved by the Board, on May 13, 2024, for a one-year period ending on June 30, 2025. The Administration Agreement was most recently approved by the Board on October 22, 2024 and renewed on November 27, 2024.

For the three months ended March 31, 2025 and 2024, the Company incurred $1.5 million and $0.8 million, respectively, in expenses under the Administration Agreement, which are recorded in “administrative service expenses” in the Company’s Consolidated Statements of Operations. As of March 31, 2025 and December 31, 2024, there was $4.2 million and $4.0 million, respectively, of administrative service expenses payable by the Company which are included in “due to affiliates” in the Consolidated Statements of Assets and Liabilities.

The current Administration Agreement will be terminated as a result of the HPS/BlackRock Transaction. Accordingly, the Board has approved a new administration agreement between the Company and the Administrator, with the material terms unchanged from the current agreement, set to take effect at the time of the closing of the HPS/BlackRock Transaction.
Sub-Administration Agreement

HPS previously engaged U.S. Bancorp Fund Services, LLC (“U.S. Bancorp”) to assist in the provision of sub-administrative and fund accounting services. On August 30, 2023, the Company entered into a Sub-Administration Agreement (the “Sub-Administration Agreement”) with HPS and Harmonic Fund Services (“Harmonic”) as the Company’s sub-administrator. Pursuant to the Sub-Administration Agreement, Harmonic provides certain administrative services necessary for the operations of the Company. The Company bears all fees to be paid to Harmonic under the Sub-Administration Agreement and Harmonic is entitled to receive reimbursement from the Company for all out-of-pocket expenses properly incurred by Harmonic in respect of the services provided pursuant to the Sub-Administration Agreement.

Managing Dealer Agreement

On April 11, 2024, the Company entered into a managing dealer agreement (the “Managing Dealer Agreement”) with HPS Securities. In connection with the transition to HPS Securities as the Company’s Managing Dealer, the Company provided notice for the termination of the managing dealer agreement dated as of August 3, 2021 by and between the Company and Emerson Equity LLC, which termination was effective as of April 11, 2024.

Under the terms of the Managing Dealer Agreement, the Managing Dealer will serve as the Managing Dealer for the Offering. The Managing Dealer will be entitled to receive shareholder servicing and/or distribution fees monthly in arrears at an annual rate of 0.25%, 0.50% and 0.85% of the value of the Company’s net assets attributable to Class D shares, Class F shares and Class S shares, respectively, as of the beginning of the first calendar day of the month. No shareholder servicing and/or distribution fees will be paid with respect to Class I. The shareholder servicing and/or distribution fees will be payable to the Managing Dealer, but the Managing Dealer anticipates that all or a portion of the shareholder servicing and/or distribution fees will be retained by, or reallowed (paid) to, participating broker-dealers. The Company will not pay any other fees to the Managing Dealer. As set forth in and pursuant to the managing dealer agreement with Emerson Equity LLC, the Company paid Emerson Equity LLC, the Company’s managing dealer prior to April 11, 2024, certain fees, including a $35,000 engagement fee that was previously paid, a $250,000 fixed managing dealer fee payable quarterly (which commenced in the first quarter of 2022) in arrears in five equal quarterly installments that was paid, and a two basis point (0.02%) variable managing dealer fee that was payable on any new capital raised in the offering following the expiration of the initial 15-month period of the Offering. In addition, in connection with services provided by Emerson Equity LLC with respect to the sale of shares registered pursuant to the registration statement filed on Form N-2 on June 30, 2023 related to a follow-on offering of shares of the Company, HPS agreed to pay and paid a one-time fee of $60,000 to Emerson Equity LLC. For the avoidance of doubt, such fee was borne and paid in its entirety solely by HPS, and such fee (or any portion thereof) was not borne or paid directly or indirectly by the Company or the shareholders.

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

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

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

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

The Managing Dealer Agreement may be terminated at any time, without the payment of any penalty, by vote of a majority of the Independent Trustees or by vote of a majority of the outstanding voting securities of the Company, on not more than 60 days’ written notice to the Managing Dealer or the Adviser. 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 Class S, Class D shares and Class F shares distributed shall survive termination of the agreement until such shares are no longer outstanding (including such shares that have been converted into Class I shares, as described above).

The current Managing Dealer Agreement will be terminated as a result of the HPS/BlackRock Transaction. Accordingly, the Board approved a new managing dealer agreement between the Company and the Managing Dealer, with the material terms unchanged from the current agreement, set to take effect at the time of the closing of the HPS/BlackRock Transaction.
Distribution and Servicing Plan
On August 9, 2021, the Board approved a distribution and servicing plan (the “Distribution and Servicing Plan”). The following table shows the shareholder servicing and/or distribution fees the Company pays the Managing Dealer with respect to the Class I, Class D, Class F, and Class S on an annualized basis as a percentage of the Company’s NAV for such class.
Shareholder
Servicing and/or
Distribution Fee as a % of NAV
Class I shares %
Class D shares0.25 %
Class F shares0.50 %
Class S shares0.85 %
The shareholder servicing and/or distribution fees are paid monthly in arrears, calculated using the net asset value of the applicable class as of the beginning of the first calendar day of the month and subject to FINRA and other limitations on underwriting compensation.
The Managing Dealer will reallow (pay) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services. Because the shareholder servicing and/or distribution fees with respect to Class D, Class F or Class S shares are calculated based on the aggregate net asset value for all of the
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outstanding shares of each such class, it reduces the net asset value with respect to all shares of each such class, including shares issued under the Company’s distribution reinvestment plan.
Eligibility to receive the shareholder servicing and/or distribution fee is conditioned on a broker providing the following ongoing services with respect to the Class D, Class F or Class S shares: assistance with recordkeeping, answering investor inquiries regarding the Company, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. If the applicable broker is not eligible to receive the shareholder servicing and/or distribution fee due to failure to provide these services, the Managing Dealer will waive the shareholder servicing and/or distribution fee that broker would have otherwise been eligible to receive. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase.
For the three months ended March 31, 2025, the Company incurred shareholder servicing and/or distribution fees of $0.7 million, $5.8 million and $1.0 million, which were attributable to Class D, Class F and Class S shares, respectively. For the three months ended March 31, 2024, the Company incurred shareholder servicing and/or distribution fees of $0.5 million, $4.3 million and $0.2 million, which were attributable to Class D, Class F and Class S shares, respectively. As of March 31, 2025 and December 31, 2024, there was $2.7 million and $2.5 million, respectively, of shareholder servicing and/or distribution fees payable to the Managing Dealer.
Expense Support and Conditional Reimbursement Agreement

On January 20, 2022, the Company entered into an expense support and conditional reimbursement agreement with the Adviser. On June 30, 2023, the Company and the Adviser entered into an Amended and Restated Expense Support and Conditional Reimbursement Agreement (as further amended and/or restated from time to time, the “Expense Support Agreement”) in connection with the corporate reorganization of the investment advisory operations with respect to the Company. Pursuant to the Expense Support Agreement, on a monthly basis, the Adviser is obligated to advance all of the Company’s Other Operating Expenses (as defined hereafter) (each, a “Required Expense Payment”) to the extent that such expenses exceed 1.00% (on an annualized basis) of the Company’s NAV. The Adviser may elect to pay an additional portion of the Company’s expenses from time to time, which the Company will be obligated to reimburse to the Adviser at a later date if certain conditions are met.

“Other Operating Expenses” means the Company’s total organization and offering expenses, professional fees, trustee fees, administration fees, and other general and administrative expenses (including the Company’s allocable portion of compensation (including salaries, bonuses and benefits), overhead and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, subject to the limitations described in the Administration Agreement).

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

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

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

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

The Company’s obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month.
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For the three months ended March 31, 2025 and 2024, the Adviser made no Expense Payments on behalf of the Company and there were no Reimbursement Payments made to the Adviser.

Controlled/Affiliated Portfolio Companies

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

The Company has made an investment in a joint venture, ULTRA III, which is considered a controlled/affiliated company. For a further description of ULTRA III, see “Note 11. Joint Venture.”
Note 4. Investments
The composition of the Company’s investment portfolio at cost and fair value was as follows:
March 31, 2025December 31, 2024
Amortized CostFair Value% of Total Investments at Fair ValueAmortized CostFair Value% of Total Investments at Fair Value
First lien debt$17,719,541 $17,820,394 96.69 %$15,491,454 $15,529,180 96.27 %
Second lien debt26,648 27,030 0.15 35,984 31,340 0.19 
Other secured debt63,996 64,252 0.35 68,340 68,501 0.42 
Unsecured debt47,095 46,966 0.25 45,923 46,022 0.29 
Structured finance investments75,301 76,735 0.42 72,893 75,392 0.47 
Investments in joint ventures297,747 322,624 1.75 297,747 320,350 1.99 
Equity investments70,596 72,559 0.39 58,737 60,471 0.37 
Total$18,300,924 $18,430,560 100.00 %$16,071,078 $16,131,256 100.00 %
The industry composition of investments at fair value was as follows:
March 31, 2025December 31, 2024
Fair Value% of Total Investments at Fair ValueFair Value% of Total Investments at Fair Value
Aerospace and Defense$771,525 4.19 %$559,297 3.47 %
Alternative Energy23,198 0.13 23,816 0.15 
Asset Based Lending and Fund Finance76,573 0.42 52,644 0.33 
Automobiles and Parts94,309 0.51 86,075 0.53 
Chemicals20,988 0.11 18,292 0.11 
Construction and Materials209,603 1.14 201,635 1.25 
Consumer Services745,612 4.05 710,693 4.41 
Electricity120,014 0.65 115,563 0.72 
Electronic and Electrical Equipment112,545 0.61 111,037 0.69 
Finance and Credit Services65,055 0.35 64,335 0.40 
Food Producers177,274 0.96 179,459 1.11 
Gas, Water and Multi-utilities40,976 0.22 43,542 0.27 
General Industrials440,478 2.39 377,368 2.34 
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Health Care Providers1,802,257 9.78 1,771,772 10.98 
Household Goods and Home Construction2,830 0.02 6,589 0.04 
Industrial Engineering308,760 1.68 306,077 1.90 
Industrial Metals and Mining206,949 1.12 202,391 1.25 
Industrial Support Services2,067,600 11.22 1,940,379 12.03 
Industrial Transportation132,715 0.72 120,785 0.75 
Investment Banking and Brokerage Services917,872 4.98 701,647 4.35 
Investments in Joint Ventures322,624 1.75 320,350 1.99 
Leisure Goods728 0.00 1,986 0.01 
Life Insurance14,697 0.08 14,867 0.09 
Media805,198 4.37 789,402 4.89 
Medical Equipment and Services1,522,694 8.26 1,274,288 7.90 
Non-life Insurance712,195 3.86 628,442 3.90 
Oil, Gas and Coal76,175 0.41 73,845 0.46 
Personal Care, Drug and Grocery Stores494,926 2.69 487,426 3.02 
Personal Goods82,857 0.45 83,559 0.52 
Pharmaceuticals and Biotechnology985,471 5.35 605,178 3.75 
Real Estate Investment and Services89,282 0.48 86,822 0.54 
Retailers310,205 1.68 306,146 1.90 
Software and Computer Services3,925,481 21.29 3,249,907 20.14 
Structured Finance76,735 0.42 75,392 0.47 
Technology Hardware and Equipment60,139 0.33 58,836 0.36 
Telecommunications Equipment63,031 0.34 81,265 0.50 
Telecommunications Service Providers26,609 0.14 32,146 0.20 
Travel and Leisure524,380 2.85 368,003 2.28 
Total$18,430,560 100.00 %$16,131,256 100.00 %
The geographic composition of investments at cost and fair value was as follows:
March 31, 2025
Amortized CostFair Value% of Total Investments at Fair ValueFair Value as % of Net Assets
United States$15,179,407 $15,254,594 82.78 %158.28 %
United Kingdom1,327,068 1,365,553 7.41 14.17 
Sweden441,364 450,225 2.44 4.67 
Australia284,011 268,239 1.46 2.78 
Spain208,215 216,367 1.17 2.24 
France166,896 168,290 0.91 1.75 
Austria147,554 153,707 0.83 1.59 
Italy142,227 145,132 0.79 1.51 
Germany115,820 121,588 0.66 1.26 
Canada102,971 98,123 0.53 1.02 
Czech Republic54,771 56,948 0.31 0.59 
Taiwan47,911 47,991 0.26 0.50 
Singapore33,016 33,589 0.18 0.35 
Norway21,444 21,993 0.12 0.23 
Belgium14,038 14,064 0.08 0.15 
Luxembourg11,922 11,952 0.06 0.12 
Netherlands2,289 2,205 0.01 0.02 
Total$18,300,924 $18,430,560 100.00 %191.23 %
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December 31, 2024
Amortized CostFair Value% of Total Investments at Fair ValueFair Value as % of Net Assets
United States$13,526,427 $13,615,550 84.40 %155.90 %
United Kingdom963,353 970,468 6.02 11.11 
Sweden403,151 394,051 2.44 4.51 
Australia283,869 264,325 1.64 3.03 
Spain207,908 206,399 1.28 2.36 
France135,592 133,330 0.83 1.53 
Italy128,313 127,756 0.79 1.46 
Germany115,723 116,321 0.72 1.33 
Austria88,588 89,741 0.56 1.03 
Canada90,609 86,461 0.54 0.99 
Taiwan47,223 46,563 0.29 0.53 
Singapore32,957 33,059 0.20 0.38 
Norway21,342 20,894 0.13 0.24 
Belgium14,072 14,258 0.09 0.16 
Luxembourg11,951 12,080 0.07 0.14 
Total$16,071,078 $16,131,256 100.00 %184.70 %
As of March 31, 2025 and December 31, 2024, the Company had certain investments in nine and eight portfolio companies on non-accrual status, respectively, which represented 0.58% and 0.70% of total debt and income producing investments (excluding investments in joint ventures), at fair value, respectively.
As of March 31, 2025 and December 31, 2024, on a fair value basis, 99.4% and 99.3% of performing debt investments bore interest at a floating rate and 0.6% and 0.7%, of performing debt 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.
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.
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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 and revolving credit. 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 include transaction costs that may have been capitalized as part of the security’s cost basis. Assumptions used by the Adviser due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Company’s Consolidated Results of Operations.
Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. The rule permits boards, subject to board oversight and certain other conditions, to designate certain parties to perform the fair value determinations. In accordance with this rule, the Company’s Board of Trustees has designated our Adviser as the valuation designee primarily responsible for the valuation of the Company’s investments, subject to the oversight of the Board of Trustees.

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The following tables present the fair value hierarchy of investments and cash equivalents:
March 31, 2025
Level 1Level 2Level 3Total
 First lien debt $ $1,430,645 $16,389,749 $17,820,394 
 Second lien debt   27,030 27,030 
 Other secured debt  64,252 64,252 
 Unsecured debt  13,209 33,757 46,966 
 Structured finance investments  76,735  76,735 
 Equity investments   72,559 72,559 
 Total investments  1,520,589 16,587,347 18,107,936 
Investments measured at NAV(1)
   322,624 
 Total $ $1,520,589 $16,587,347 $18,430,560 
 Cash equivalents $340,716 $ $ $340,716 
December 31, 2024
Level 1Level 2Level 3Total
First lien debt$ $1,175,758 $14,353,422 $15,529,180 
Second lien debt  31,340 31,340 
Other secured debt  68,501 68,501 
Unsecured debt 13,196 32,826 46,022 
Structured finance investments 75,392  75,392 
Equity investments  60,471 60,471 
Total investments 1,264,346 14,546,560 15,810,906 
Investments measured at NAV(1)
   320,350 
Total$ $1,264,346 $14,546,560 $16,131,256 
Cash equivalents$155,290 $ $ $155,290 
(1) Includes investment in ULTRA III (refer to Note 11). Certain investments that are measured at fair value using the NAV practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.
The following tables present change in the fair value of investments for which Level 3 inputs were used to determine fair value:
Three Months Ended March 31, 2025
First Lien DebtSecond Lien DebtOther Secured DebtUnsecured DebtEquity InvestmentsTotal Investments
Fair value, beginning of period$14,353,422 $31,340 $68,501 $32,826 $60,471 $14,546,560 
Purchases of investments(1)
2,240,791  889 1,139 11,927 2,254,746 
Proceeds from principal repayments and sales of investments(251,603)(4,470)(5,416) (656)(262,145)
Accretion of discount/amortization of premium16,878 8 183 5  17,074 
Net realized gain (loss)(13,104)(4,874)  588 (17,390)
Net change in unrealized appreciation (depreciation)81,462 5,026 95 (213)229 86,599 
Transfers into Level 3(2)
      
Transfers out of Level 3(2)
(38,097)    (38,097)
Fair value, end of period$16,389,749 $27,030 $64,252 $33,757 $72,559 $16,587,347 
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of March 31, 2025$75,562 $5,047 $95 $(213)$594 $81,085 
(1)Purchases include PIK interest and dividends, if applicable.
(2)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended March 31, 2025, transfers into or out of Level 3 were primarily due to decreased or increased price transparency, respectively.


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Three Months Ended March 31, 2024
First Lien DebtSecond Lien DebtOther Secured DebtUnsecured DebtEquity InvestmentsTotal Investments
Fair value, beginning of period$7,956,235 $19,441 $ $15,936 $36,656 $8,028,268 
Purchases of investments(1)
1,257,653  63,700 594 3,547 1,325,494 
Proceeds from principal repayments and sales of investments(680,727)   (385)(681,112)
Accretion of discount/amortization of premium24,017 39 20 2  24,078 
Net realized gain (loss)(6,866)   60 (6,806)
Net change in unrealized appreciation (depreciation)14,242 284 (1)71 203 14,799 
Transfers into Level 3(2)
      
Transfers out of Level 3(2)
(6,974)    (6,974)
Fair value, end of period$8,557,580 $19,764 $63,719 $16,603 $40,081 $8,697,747 
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of March 31, 2024$20,387 $284 $(1)$71 $256 $20,997 
(1)Purchases include PIK interest and dividends, if applicable.
(2)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended March 31, 2024, transfers into or out of Level 3 were primarily due to decreased or increased price transparency, respectively.
The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The tables are not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.
March 31, 2025
Range
Fair Value(1)
Valuation
Technique
Unobservable
Input
LowHigh
Weighted
Average(2)
Investments in first lien debt$13,134,773 Yield analysisDiscount rate7.25 %19.39 %9.98 %
31,147 Discounted cash flowDiscount rate9.50 %18.00 %13.62 %
Exit multiple
2.90x
10.00x
9.35x
52,298 Recovery analysisRecovery rate13.17 %100.00 %66.05 %
Investments in second lien debt27,030 Yield analysisDiscount rate9.22 %11.90 %9.42 %
Investments in other secured debt64,252 Yield analysisDiscount rate11.32 %12.26 %11.57 %
Investments in unsecured debt33,757 Yield analysisDiscount rate12.37 %24.18 %14.74 %
Investments in preferred equity38,814 Yield analysisDiscount rate8.89 %15.00 %14.11 %
Investments in common equity13,851 Discounted cash flowDiscount rate8.70 %13.61 %12.13 %


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December 31, 2024
Range
Fair Value(1)
Valuation
Technique
Unobservable
Input
LowHigh
Weighted
Average(2)
Investments in first lien debt$9,059,762 Yield analysisDiscount rate7.69 %33.16 %10.23 %
54,259 Discounted cash flowDiscount rate13.80 %16.00 %15.26 %
Exit multiple
2.90x
10.00x
8.46x
29,952 Recovery analysisRecovery rate22.13 %100.00 %59.81 %
Investments in second lien debt3,938 Discounted cash flowDiscount rate8.80 %8.80 %8.80 %
Exit multiple
11.50x
11.50x
11.50x
2,464 Yield analysisDiscount rate12.04 %12.77 %12.20 %
Investments in other secured debt52,644 Yield analysisDiscount rate11.55 %11.55 %11.55 %
Investments in unsecured debt32,827 Yield analysisDiscount rate10.52 %17.99 %14.58 %
Investments in preferred equity37,443 Yield analysisDiscount rate12.19 %15.00 %14.66 %
Investments in common equity13,016 Discounted cash flowDiscount rate8.00 %13.61 %12.33 %
Exit multiple
7.85x
7.85x
7.85x
(1)As of March 31, 2025, included within the fair value of Level 3 assets of $16,587,347 is an amount of $3,191,425 for which the Adviser did not develop the unobservable inputs (examples include third-party pricing and transaction prices). As of December 31, 2024, included within the fair value of Level 3 assets of $14,546,560 is an amount of $5,260,255 for which the Adviser did not develop the unobservable inputs (examples include third-party pricing and transaction prices).
(2)Weighted averages are calculated based on fair value of investments.
The significant unobservable input used in the yield analysis is the discount rate based on comparable market yields. The significant unobservable inputs used in the income approach are the discount rate used to discount the estimated future cash flows expected to be received from the underlying investment. Significant increases in discount rates would result in a significantly lower fair value measurement. The significant unobservable input used in the recovery analysis is the recovery rate. The recovery rate represents the extent to which proceeds can be recovered and an increase or decrease in the recovery rate would result in an increase or decrease, respectively, in the fair value.
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of the Company’s investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.
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Financial Instruments Not Carried at Fair Value

The following table presents fair value measurements of the Company’s debt obligations as of March 31, 2025 and December 31, 2024, had they been accounted for at fair value:
Debt
March 31, 2025December 31, 2024
Carrying
Value
Fair ValueCarrying
Value
Fair Value
HLEND A Funding Facility$522,873 $522,873 $683,184 $683,184 
HLEND B Funding Facility755,323 755,323 955,572 955,572 
HLEND C Funding Facility487,500 487,500 487,500 487,500 
HLEND D Funding Facility737,498 737,498 830,343 830,343 
HLEND E Funding Facility701,927 701,927 642,800 642,800 
Revolving Credit Facility956,956 956,956 1,186,264 1,186,264 
November 2025 Notes(1)
169,538 172,468 169,403 174,101 
November 2027 Notes(1)
154,390 165,295 153,652 166,551 
March 2026 Notes(1)
275,844 281,784 274,866 284,394 
March 2028 Notes(1)
123,797 132,267 121,989 133,054 
September 2027 Notes(1)
75,454 80,084 74,649 80,748 
September 2028 Notes(1)
251,880 273,526 248,111 274,528 
January 2029 Notes(1)
541,966 566,825 530,894 565,224 
September 2029 Notes(1)
398,833 405,764 390,055 407,636 
January 2028 Notes(1)
747,175 747,143   
April 2032 Notes(1)
498,371 493,900   
2023 CLO Secured Notes(1)
320,086 320,086 320,018 320,018 
2024 CLO Secured Notes(1)
377,612 377,612 376,280 376,280 
2025 CLO Secured Debt(1)
845,009 845,009   
Total$8,942,032 $9,023,840 $7,445,580 $7,568,197 
(1)As of March 31, 2025 and December 31, 2024, the carrying value of the Company's Unsecured Notes, 2023 CLO Secured Notes, 2024 CLO Secured Notes and 2025 CLO Secured Debt (each as defined below), as applicable, are presented net of unamortized debt issuance costs and original issue discount, as applicable, in the below table. Additionally, the carrying value of the Company's Unsecured Notes includes the increase (decrease) in the notes carrying value as a result of the qualifying fair value hedge relationship as disclosed in the below table, as applicable, and as further described in Note 6.
March 31, 2025December 31, 2024
Unamortized Debt Issuance Costs and Original Issue DiscountChange in the Notes Carrying Value as a Result of the Qualifying Fair Value Hedge RelationshipUnamortized Debt Issuance Costs and Original Issue DiscountChange in the Notes Carrying Value as a Result of the Qualifying Fair Value Hedge Relationship
November 2025 Notes$(403)$(59)$(562)$(36)
November 2027 Notes(926)316 (1,013)(335)
March 2026 Notes(800)644 (1,007)(127)
March 2028 Notes(668)465 (723)(1,288)
September 2027 Notes(484)938 (533)182 
September 2028 Notes(1,818)3,698 (1,947)58 
January 2029 Notes(9,897)1,862 (10,367)(8,739)
September 2029 Notes(8,382)7,215 (8,721)(1,225)
January 2028 Notes(10,845)8,020 — — 
April 2032 Notes(13,366)11,737 — — 
2023 CLO Secured Notes(2,914)— (2,982)— 
2024 CLO Secured Notes(22,387)— (23,718)— 
2025 CLO Secured Debt(4,991)— — — 
Total$(77,881)$34,836 $(51,573)$(11,510)
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The following table presents the fair value hierarchy of the Company’s debt obligations as of March 31, 2025 and December 31, 2024:
March 31, 2025December 31, 2024
Level 1$ $ 
Level 22,213,632 972,860 
Level 36,810,208 6,595,337 
Total$9,023,840 $7,568,197 

As of March 31, 2025 and December 31, 2024, 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 months ended March 31, 2025 and 2024, the average notional exposure for foreign currency forward contracts were $1,818.2 million and $670.7 million, respectively, and the average notional exposure for interest rate swaps were $2,775.0 million and $1,300.0 million, respectively.

The following tables summarize the aggregate notional amount and fair value of the Company’s derivative financial instruments as of March 31, 2025 and December 31, 2024.
March 31, 2025
Level 1Level 2Level 3Total Fair ValueNotional
Derivative Assets
Foreign currency forward contracts$ $23,750 $ $23,750 $1,957,001 
Interest rates swaps 34,895  34,895 3,002,500 
Total derivative assets, at fair value$ $58,645 $ $58,645 $4,959,501 
Derivative Liabilities
Foreign currency forward contracts$ $(4,849)$ $(4,849)$297,691 
Interest rate swaps (59) (59)85,000 
 Total derivative liabilities, at fair value $ $(4,908)$ $(4,908)$382,691 

December 31, 2024
Level 1Level 2Level 3Total Fair ValueNotional
Derivative Assets
Foreign currency forward contracts$ $43,003 $ $43,003 $1,520,726 
Interest rate swaps 240  240 325,000 
Total derivative assets, at fair value$ $43,243 $ $43,243 $1,845,726 
Derivative Liabilities
Interest rate swaps$ $(11,750)$ $(11,750)$1,512,500 
Total derivative liabilities, at fair value$ $(11,750)$ $(11,750)$1,512,500 

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The effect of transactions in derivative instruments that are not designated in a qualifying hedge accounting relationship on the Consolidated Statements of Operations during the three months ended March 31, 2025 and 2024 were as follows:
Three Months Ended March 31,
20252024
Net change in unrealized gain (loss) on foreign currency forward contracts$(24,102)$12,494 
Realized gain (loss) on foreign currency forward contracts$(34,279)$167 


The following table presents both gross and net information about derivative instruments eligible for offset in the Consolidated Statements of Assets and Liabilities as of March 31, 2025 and December 31, 2024:

March 31, 2025
CounterpartyInstrumentAccount in the Consolidated Statements of Asset and LiabilitiesGross Amount of AssetsGross Amount of (Liabilities)Net amounts presented in the Consolidated Statements of Assets and Liabilities
Collateral Received/Pledged(1)
Net Amounts(2)
BNP PARIBASInterest rate swapsDerivative assets, at fair value$11,737 $ $11,737 $ $11,737 
SMBC Capital Markets, Inc.Interest rate swapsDerivative assets, at fair value$1,862 $ $1,862 $(1,780)$82 
Goldman Sachs Bank USAInterest rate swapsDerivative assets, at fair value$21,296 $(59)$21,237 $(19,230)$2,007 
BNP PARIBASForeign currency forward contractsDerivative assets, at fair value$133 $(21)$112 $ $112 
Deutsche Bank AGForeign currency forward contractsDerivative assets, at fair value$398 $ $398 $ $398 
Goldman Sachs Bank USAForeign currency forward contractsDerivative assets, at fair value$2,055 $(1,387)$668 $ $668 
SMBC Capital Markets, Inc.Foreign currency forward contractsDerivative assets, at fair value$21,164 $(3,441)$17,723 $ $17,723 

December 31, 2024
CounterpartyInstrumentAccount in the Consolidated Statements of Asset and LiabilitiesGross Amount of AssetsGross Amount of (Liabilities)Net amounts presented in the Consolidated Statements of Assets and Liabilities
Collateral Received/Pledged(1)
Net Amounts(2)
Goldman Sachs Bank USAForeign currency forward contractsDerivative assets, at fair value$4,005 $ $4,005 $ $4,005 
SMBC Capital Markets, Inc.Foreign currency forward contractsDerivative assets, at fair value$38,544 $ $38,544 $ $38,544 
Deutsche Bank AGForeign currency forward contractsDerivative assets, at fair value$454 $ $454 $ $454 
Goldman Sachs Bank USAInterest rate swapsDerivative liabilities, at fair value$240 $(3,011)$(2,771)$2,210 $(561)
SMBC Capital Markets, Inc.Interest rate swapsDerivative liabilities, at fair value$ $(8,739)$(8,739)$8,390 $(349)
(1) Amount excludes excess cash collateral paid/received.
(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual setoff rights under the agreement. Net amount excludes any over-collateralized amounts, if applicable.

Hedging

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

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

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Table of Contents
The table below presents the carrying value of unsecured borrowings as of March 31, 2025 and December 31, 2024, that are designated in a qualifying hedging relationship and the related cumulative hedging adjustment increase (decrease) from current and prior hedging relationships included in such carrying values:
March 31, 2025December 31, 2024
DescriptionCarrying ValueCumulative Hedging AdjustmentsCarrying ValueCumulative Hedging Adjustments
Unsecured Notes$3,075,284 $5,863 $1,802,092 $(38,729)

Note 7. Borrowings
In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of March 31, 2025 and December 31, 2024, the Company’s asset coverage was 207.3% and 216.3%, respectively.
As of March 31, 2025 and December 31, 2024, the Company was in compliance with all covenants and other requirements of the Credit Facilities, the Unsecured Notes and the CLO Debt, as applicable.
SPV Financing Facilities
From time to time, wholly-owned subsidiaries of the Company may enter into secured financing facilities (“SPV Financing Facilities”), as described below. The obligations of each special purpose vehicle (“SPV”) to the lenders are secured by a first priority security interest in all of the SPV’s portfolio investments and cash. The obligations of each SPV under the applicable SPV Financing Facility are non-recourse to the Company, and the Company’s exposure to the credit facility is limited to the value of its investment in the SPV, other than as described below with respect to the HLEND C Funding Facility (as defined below).
In connection with the SPV Financing Facilities, the applicable SPV has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. Each SPV Financing Facility contains customary events of default for similar financing transactions, including if a change of control of the applicable SPV occurs. Upon the occurrence and during the continuation of an event of default, the lender under the SPV Financing Facility may declare the outstanding advances and all other obligations under the SPV Financing Facility immediately due and payable. The occurrence of an event of default (as described above) triggers a requirement that the SPV obtains the consent of the lenders under the SPV Financing Facility prior to entering into any sale or disposition with respect to portfolio investments.
As of each of March 31, 2025 and December 31, 2024, the Company had five SPV Financing Facilities, as discussed below.
HLEND A Funding Facility

On February 3 2022, HLEND A, entered into a SPV Financing Facility with Morgan Stanley Bank, N.A. (as amended, the “HLEND A Funding Facility”). Morgan Stanley Senior Funding, Inc. serves as administrative agent and U.S. Bank Trust Company, National Association services as collateral agent. On December 23, 2022, HLEND A entered into an amendment to, among other things, increase the aggregate commitments under the HLEND A Funding Facility from $600 million to $800 million. On October 11, 2024, and effective as of October 16, 2024, HLEND A entered into a further amendment to, among other things, decrease the applicable margin and extend the stated maturity of the HLEND A Funding Facility.
Loans under the HLEND A Funding Facility bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advances, then in effect, plus the applicable margin of 2.00% per annum. On or after the amortization period of October 14, 2027, the applicable margin on any remaining outstanding advances will be increased by 0.10% per annum.

As of March 31, 2025, the maximum borrowing capacity under the HLEND A Funding Facility was $800 million, subject to availability under the borrowing base. Proceeds from borrowings under the HLEND A Funding Facility may be used to fund portfolio investments by HLEND A and to make advances under revolving loans or delayed draw term loans where HLEND A is a lender. The period during which HLEND A may make borrowings under the HLEND A Funding Facility expires two business days prior to October 16, 2027 and the HLEND A Funding Facility will mature and all amounts outstanding under credit facility must be repaid by October 16, 2029.
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HLEND B Funding Facility

On July 19 2022, HLEND B, entered into a SPV Financing Facility with Bank of America, N.A. (as amended, the “HLEND B Funding Facility”). Bank of America N.A. serves as administrative agent, U.S. Bank Trust Company, National Association, as collateral administrator, and U.S. Bank National Association, as collateral custodian. On January 25, 2024, HLEND B entered into an amendment to, among other things, increase the maximum borrowing capacity under the HLEND B Funding Facility from $1,000 million to $1,250 million.

Loans under the HLEND B Funding Facility bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advances, plus an applicable margin adjusted at one-month or three-month intervals based on the proportion of the broadly syndicated loans, large corporate loans and middle market loans in the portfolio, with the applicable margin attributable to broadly syndicated loans equal to 2.00% per annum, the applicable margin attributable to large corporate loans equal to 2.40% per annum and the applicable margin applicable to middle market loans equal to 2.65% per annum, subject to a blended floor of 2.35%.

As of March 31, 2025, the maximum borrowing capacity under the HLEND B Funding Facility was $1,250 million, subject to availability under the borrowing base. Proceeds from borrowings under the HLEND B Funding Facility may be used to fund portfolio investments by HLEND B, to make advances under revolving loans or delayed draw term loans where HLEND B is a lender. The period during which HLEND B may make borrowings under the HLEND B Funding Facility expires on January 25, 2027 and the HLEND B Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by January 25, 2029.
HLEND C Funding Facility

On January 12, 2023, HLEND C, as borrower, and the Company, as equity holder, entered into a SPV Financing Facility with U.S. Bank Trust Company, National Association, as administrative agent and U.S. collateral agent (as amended, the “HLEND C Funding Facility”), Blackstone Asset Based Finance Advisors LP, as Blackstone Asset Based Finance Representative, and U.S. Bank National Association, as custodian. On June 22, 2023, HLEND C entered into an amendment to, among other things, increase the maximum borrowing capacity under the HLEND C Funding Facility from $400 million to $750 million. On November 8, 2024, HLEND C entered into a further amendment to, among other things, decrease the applicable margin. The Company has agreed to provide a limited guaranty of a portion of amounts owed under the HLEND C Funding Facility in the event of certain bad acts, including fraud and certain other willful and intentional breaches of the facility documents.

Loans under the HLEND C Funding Facility bear interest at a per annum rate equal to Term SOFR plus the applicable margin of 2.30% per annum. On or after the anticipated repayment date of January 11, 2030, the applicable margin on any remaining outstanding advances will be increased by 2.00% per annum.

As of March 31, 2025, the maximum borrowing capacity under the HLEND C Funding Facility was $750 million, subject to availability under the borrowing base. Proceeds from borrowings under the HLEND C Funding Facility may be used to fund portfolio investments by HLEND C. All amounts outstanding under the credit facility must be repaid by April 12, 2030.
HLEND D Funding Facility

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

Loans under the HLEND D Funding Facility bear interest at a per annum rate equal to (i)(a) with respect to advances made in U.S. dollars, Term SOFR, (b) with respect to advances made in GBP, adjusted cumulative compounded SONIA, (c) with respect to advances made in Euros, EURIBOR, (d) with respect to advances made in CAD, CDOR, and (e) with respect to advances made in Australian Dollar, BBSW, plus the applicable margin of 2.00% per annum.

As of March 31, 2025, the maximum borrowing capacity under the HLEND D Funding Facility was $1,000 million, subject to availability under the borrowing base. Proceeds from borrowings under the HLEND D Funding Facility may be used to fund portfolio
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investments by HLEND D. The period during which HLEND D may make borrowings under the HLEND D Funding Facility expires on March 31, 2026 and amounts outstanding under the credit facility must be repaid by March 31, 2028.
HLEND E Funding Facility

On March 28, 2024, HLEND E, as borrower, and the Company, as equity holder and as collateral manager, entered into a SPV Financing Facility with the lenders from time to time party thereto, Wells Fargo Bank, National Association, as administrative agent (as amended, the “HLEND E Funding Facility”), U.S. Bank Trust Company, National Association, as collateral agent, and U.S. Bank National Association, as document custodian. On November 18, 2024, HLEND E entered into an amendment to, among other things, increase the maximum borrowing capacity under the HLEND E Funding Facility from $300 million to $750 million, decrease the applicable spread, extend the reinvestment period and extend the maturity date. On December 20, 2024, HLEND E entered into an amendment to, among other things, increase the maximum borrowing capacity under the HLEND E Funding Facility from $750 million to $1,000 million.

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

As of March 31, 2025, the maximum borrowing capacity under the HLEND E Funding Facility was $1,000 million, subject to availability under the borrowing base. Proceeds from borrowings under the HLEND E Funding Facility may be used to fund portfolio investments by HLEND E. The period during which HLEND E may make borrowings under the HLEND E Funding Facility expires on November 18, 2027, and amounts outstanding under the credit facility must be repaid by November 16, 2029.


Revolving Credit Facility

On June 23, 2022, the Company, as Borrower, entered into a senior secured revolving credit facility (as amended, the “Revolving Credit Facility,” together with HLEND A Funding Facility, HLEND B Funding Facility, HLEND C Funding Facility, HLEND D Funding Facility, and HLEND E Funding Facility the “Credit Facilities”) (which was most recently amended on October 30, 2023, and as further amended from time to time) pursuant to a Senior Secured Revolving Credit Agreement (the “Agreement”), with JPMorgan Chase Bank, N.A., as administrative agent and as collateral agent, and the lenders party thereto (the “Lenders”).
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 0.75% or 0.875% plus an “alternate base rate” in the case of any alternative base rate loan (“ABR Loan”) and 1.75% or 1.875% plus the Adjusted Term SOFR Rate in the case of any other Loan, in each case, depending on the Company’s rate option election and borrowing base. Advances under the Revolving Credit Facility drawn in currencies other than U.S. dollars will initially bear interest at a per annum rate equal to 1.75% or 1.875%, 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 0.375% on average daily undrawn amounts under the Revolving Credit Facility.
The maximum borrowing capacity of the Revolving Credit Facility is $1,625 million (increased from $1,525 million to $1,625 million on January 24, 2025), 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 $1,912.5 million subject to the satisfaction of certain conditions.
The Revolving Credit Facility is guaranteed by certain subsidiaries of the Company, including certain additional domestic subsidiaries (direct or indirect) of the Company that may be formed or acquired in the future (collectively, the “Guarantors”). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including, without limitation, repaying outstanding indebtedness, making distributions, contributions and investments, and acquisition and funding, and such other uses as permitted under the Agreement.
The Revolving Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each Guarantor, subject to certain exceptions, and includes a $200 million limit for swingline loans.
The availability period under the Revolving Credit Facility will terminate on October 30, 2027 (the “Commitment Termination Date”) (other than with respect to the commitment of a lender in the amount of $100 million, which terminates on June 23, 2026), and the
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Revolving Credit Facility will mature on October 30, 2028 (the “Maturity Date”) (other than with respect to the commitment of a lender in the amount of $100 million, which matures on June 23, 2027). During the period from the Commitment Termination Date to the Maturity Date, the Company will be obligated to make mandatory prepayments under the Revolving Credit Facility out of the proceeds of certain asset sales, other recovery events and equity and debt issuances.
Private Unsecured Notes

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

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

November 2025 Notes

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

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

November 2027 Notes

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

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

March 2026 Notes

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

In connection with the March 2026 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 8.12% per annum and pays a floating interest rate of SOFR + 3.761% per annum on $276 million of the March 2026 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.
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March 2028 Notes

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

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

September 2027 Notes

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

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

September 2028 Notes

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

In connection with the September 2028 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 8.80% per annum and pays a floating interest rate of 3-month Term SOFR plus 4.5365% per annum on $250 million of the September 2028 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.
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144A Unsecured Notes

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

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

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

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

January 2029 Notes

On January 30, 2024, the Company issued $550.0 million aggregate principal amount of 6.75% notes due in 2029 (the “January 2029 Notes”) pursuant to an indenture (the “Base Indenture”) and a supplemental indenture, each dated as of January 30, 2024, between the Company and U.S. Bank Trust Company, National Association (the “144A Unsecured Notes Trustee”).

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

In connection with the January 2029 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 6.75% per annum and pays a floating interest rate of 3-month Term SOFR plus 2.876% per annum on $550.0 million of the January 2029 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

September 2029 Notes

On June 18, 2024, the Company issued $400.0 million aggregate principal amount of 6.25% notes due in 2029 (the “September 2029 Notes”) pursuant to a second supplemental indenture, dated as of June 18, 2024, to the Base Indenture between the Company and the 144A Unsecured Notes Trustee.

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

In connection with the September 2029 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 6.25% per annum and pays a floating interest rate of 3-month Term SOFR plus 2.0575% per annum on $400.0 million of the September 2029 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

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January 2028 Notes

On January 14, 2025, the Company issued $750.0 million aggregate principal amount of 5.45% notes due in 2028 (the “January 2028 Notes”) pursuant to a third supplemental indenture, dated as of January 14, 2025, to the Base Indenture between the Company and the 144A Unsecured Notes Trustee.

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

In connection with the January 2028 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 5.45% per annum and pays a floating interest rate of 3-month Term SOFR plus 1.2855% per annum on $750.0 million of the January 2028 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

April 2032 Notes

On January 14, 2025, the Company issued $500.0 million aggregate principal amount of 5.95% notes due in 2032 (the “April 2032 Notes”) pursuant to a fourth supplemental indenture, dated as of January 14, 2025, to the Base Indenture between the Company and the 144A Unsecured Notes Trustee.

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

In connection with the April 2032 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 5.95% per annum and pays a floating interest rate of 3-month Term SOFR plus 1.756% per annum on $500.0 million of the April 2032 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.
Debt Securitizations

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

2023 Debt Securitization

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

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The following table presents information on the 2023 Debt Securitization as of March 31, 2025:

DescriptionTypePrincipal OutstandingInterest RateCredit Rating
Class A NotesSenior Secured Floating Rate$246,500 
SF + 2.60%
AAA
Class B NotesSenior Secured Floating Rate42,500 
SF + 3.35%
AA
Class C NotesSecured Deferrable Floating Rate34,000 
SF + 4.15%
A
Total Secured Notes$323,000 
Subordinated Notes(1)
106,100 NoneNot rated
Total Notes$429,100 
(1)The Company retained all of the 2023 CLO Subordinated Notes issued in the 2023 Debt Securitization which are eliminated in consolidation.

On the Closing Date and in connection with the 2023 Debt Securitization, the 2023 Issuer and the Company entered into a note purchase agreement with BofA Securities, Inc., as the initial purchaser (the “Initial Purchaser”), pursuant to which the Initial Purchaser purchased the 2023 CLO Secured Notes issued pursuant to an indenture as part of the 2023 Debt Securitization. HLEND CLO 2023-1 Investments, LLC, a wholly-owned subsidiary of the Company, retained all of the 2023 CLO Subordinated Notes issued in the 2023 Debt Securitization.

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

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

2024 Debt Securitization

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

84


The following table presents information on the 2024 Debt Securitization as of March 31, 2025:

DescriptionTypePrincipal OutstandingInterest RateCredit RatingPrice
Class A-1 Notes
Senior Secured Floating Rate$255,000 
SF + 0.250%
AAA(sf)93.22
Class A-2 Notes
Senior Secured Floating Rate40,850
SF + 1.875%
AAA(sf)100.00
Class A-F Notes
Senior Secured Fixed Rate9,1506.275%AAA(sf)100.00
Class B-1 Notes
Senior Secured Floating Rate35,000
SF + 0.500%
AA(sf)89.93
Class B-2 Notes
Senior Secured Floating Rate13,500
SF + 2.400%
AA(sf)100.00
Class B-F Notes
Senior Secured Fixed Rate1,5006.714%AA(sf)100.00
Class C-1 Notes
Secured Deferrable Floating Rate31,500
SF + 0.750%
A(sf)86.54
Class C-2 Notes
Secured Deferrable Floating Rate12,150
SF + 3.200%
A(sf)100.00
Class C-F Notes
Secured Deferrable Fixed Rate1,3507.490%A(sf)100.00
Total Secured Notes$400,000 
Subordinated Notes(1)
126,000NoneNot RatedNone
Total Notes$526,000 
(1)The Company retained all of the 2024 CLO Subordinated Notes issued in the 2024 Debt Securitization which are eliminated in consolidation.

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

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

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

2025 Debt Securitization

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

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

85


The following table presents information on the 2025 CLO Debt Securitization:
DescriptionPrincipal OutstandingInterest RateCredit Rating
2025 CLO Class A Loans$25,000 
SF + 1.40%
AAA(sf)
2025 CLO Class A Notes700,000 
SF + 1.40%
AAA(sf)
2025 CLO Class B Notes125,000 
SF + 1.70%
AA(sf)
Total Secured Debt$850,000 
2025 CLO Subordinated Notes(1)
404,075 NoneNot rated
Total Debt$1,254,075 
(1)The Company retained all of the 2025 CLO Subordinated Notes issued in the 2025 CLO Debt Securitization which are eliminated in consolidation.

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

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

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

Short-Term Borrowings

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

In accordance with ASC 860, Transfers and Servicing, the Short Term Financing Transactions meet the criteria for secured borrowings. Accordingly, the investment financed by these agreements remains on the Company’s Consolidated Statements of Assets and Liabilities as an asset, and the Company records a liability to reflect its repurchase obligation to a third party which is reported as debt on the Company’s Consolidated Statements of Assets and Liabilities. The repurchase obligation is secured by the respective investment that is the subject of the repurchase agreement. Interest expense associated with the repurchase obligation is reported on the Company’s Consolidated Statements of Operations within interest expense. As of each of March 31, 2025 and December 31, 2024, there were no short-term borrowings outstanding.

The Company’s outstanding debt obligations were as follows:
86


March 31, 2025
Aggregate
Principal
Committed
Outstanding
Principal
Carrying
Value
Unused
Portion(1)
Amount
Available(2)
HLEND A Funding Facility(3)
$800,000 $522,873 $522,873 $277,127 $229,615 
HLEND B Funding Facility(3)
1,250,000 755,323 755,323 494,677 325,915 
HLEND C Funding Facility750,000 487,500 487,500 262,500 31,397 
HLEND D Funding Facility(3)
1,000,000 737,498 737,498 262,502 194,094 
HLEND E Funding Facility(3)
1,000,000 701,927 701,927 298,073 135,593 
Revolving Credit Facility(3)
1,625,000 956,956 956,956 668,044 668,044 
November 2025 Notes(4)
170,000 170,000 169,538 — — 
November 2027 Notes(4)
155,000 155,000 154,390 — — 
March 2026 Notes(4)
276,000 276,000 275,844 — — 
March 2028 Notes(4)
124,000 124,000 123,797 — — 
September 2027 Notes(4)
75,000 75,000 75,454 — — 
September 2028 Notes(4)
250,000 250,000 251,880 — — 
January 2029 Notes(4)
550,000 550,000 541,966 — — 
September 2029 Notes(4)
400,000 400,000 398,833 — — 
January 2028 Notes(4)
750,000 750,000 747,175 — — 
April 2032 Notes(4)
500,000 500,000 498,371 — — 
2023 CLO Secured Notes(4)
323,000 323,000 320,086 — — 
2024 CLO Secured Notes(4)
400,000 400,000 377,612 — — 
2025 CLO Secured Debt(4)
850,000 850,000 845,009 — — 
Total$11,248,000 $8,985,077 $8,942,032 $2,262,923 $1,584,658 
(1)The unused portion is the amount upon which commitment fees, if any, are based.
(2)The amount available reflects any limitations related to each respective credit facility’s borrowing base.
(3)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of March 31, 2025, the Company had outstanding borrowings denominated in the following non-USD currencies:
Currency
FacilityAustralian Dollars (AUD)Euros (EUR)British Pound (GBP)
HLEND A Funding FacilityA$94,413 25,500 £ 
HLEND B Funding Facility25,519 105,352 90,347 
HLEND D Funding Facility 167,513  
HLEND E Funding Facility 37,836  
Revolving Credit Facility2,500 257,763 225,692 


87


(4)As of March 31, 2025, the carrying value of the Company's Unsecured Notes, 2023 CLO Secured Notes, 2024 CLO Secured Notes and 2025 CLO Secured Debt are presented net of unamortized debt issuance costs and original issue discount, as applicable, in the below table. Additionally, the carrying value of the Company's Unsecured Notes includes the increase (decrease) in the notes carrying value as a result of the qualifying fair value hedge relationship as disclosed in the below table, and as further described above.
Unamortized Debt Issuance Costs and Original Issue DiscountChange in the Notes Carrying Value as a Result of the Qualifying Fair Value Hedge Relationship
November 2025 Notes$(403)$(59)
November 2027 Notes(926)316 
March 2026 Notes(800)644 
March 2028 Notes(668)465 
September 2027 Notes(484)938 
September 2028 Notes(1,818)3,698 
January 2029 Notes(9,897)1,862 
September 2029 Notes(8,382)7,215 
January 2028 Notes(10,845)8,020 
April 2032 Notes(13,366)11,737 
2023 CLO Secured Notes(2,914)— 
2024 CLO Secured Notes(22,387)— 
2025 CLO Secured Debt(4,991)— 
Total$(77,881)$34,836 

88


December 31, 2024
Aggregate
Principal
Committed
Outstanding
Principal
Carrying
Value
Unused
Portion(1)
Amount
Available(2)
HLEND A Funding Facility(3)
$800,000 $683,184 $683,184 $116,816 $94,431 
HLEND B Funding Facility(3)
1,250,000 955,572 955,572 294,428 148,973 
HLEND C Funding Facility750,000 487,500 487,500 262,500 31,775 
HLEND D Funding Facility(3)
1,000,000 830,343 830,343 169,657 96,737 
HLEND E Funding Facility1,000,000 642,800 642,800 357,200 81,202 
Revolving Credit Facility(3)
1,525,000 1,186,264 1,186,264 338,736 338,736 
November 2025 Notes(4)
170,000 170,000 169,403 — — 
November 2027 Notes(4)
155,000 155,000 153,652 — — 
March 2026 Notes(4)
276,000 276,000 274,866 — — 
March 2028 Notes(4)
124,000 124,000 121,989 — — 
September 2027 Notes(4)
75,000 75,000 74,649 — — 
September 2028 Notes(4)
250,000 250,000 248,111 — — 
January 2029 Notes(4)
550,000 550,000 530,894 — — 
September 2029 Notes(4)
400,000 400,000 390,055 — — 
2023 CLO Secured Notes(4)
323,000 323,000 320,018 — — 
2024 CLO Secured Notes(4)
400,000 400,000 376,280 — — 
Total$9,048,000 $7,508,663 $7,445,580 $1,539,337 $791,854 
(1)The unused portion is the amount upon which commitment fees, if any, are based.
(2)The amount available reflects any limitations related to each respective credit facility’s borrowing base.
(3)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of December 31, 2024, the Company had outstanding borrowings denominated in the following non-USD currencies:

Currency
FacilityAustralian Dollars (AUD)Euros (EUR)British Pound (GBP)
HLEND A Funding FacilityA$34,413  £12,929 
HLEND B Funding Facility25,519 3,352 90,347 
HLEND D Funding Facility 42,513  
Revolving Credit Facility62,500 457,831 212,692 

(4)As of December 31, 2024, the carrying value of the Company's Unsecured Notes, 2023 CLO Secured Notes and 2024 CLO Secured Notes are presented net of unamortized debt issuance costs and original issue discount, as applicable, in the below table. Additionally, the carrying value of the Company's Unsecured Notes includes the increase (decrease) in the notes carrying value as a result of the qualifying fair value hedge relationship as disclosed in the below table, and as further described above.
Unamortized Debt Issuance Costs and Original Issue DiscountChange in the Notes Carrying Value as a Result of the Qualifying Fair Value Hedge Relationship
November 2025 Notes$(562)$(36)
November 2027 Notes(1,013)(335)
March 2026 Notes(1,007)(127)
March 2028 Notes(723)(1,288)
September 2027 Notes(533)182 
September 2028 Notes(1,947)58 
January 2029 Notes(10,367)(8,739)
September 2029 Notes(8,721)(1,225)
2023 CLO Secured Notes(2,982)— 
2024 CLO Secured Notes(23,718)— 
Total$(51,573)$(11,510)


89


As of March 31, 2025 and December 31, 2024, $88.6 million and $103.0 million, respectively, of interest expense and $1.7 million and $1.7 million, respectively, of facility unused commitment fees were included in interest payable. For the three months ended March 31, 2025 and 2024, the weighted average interest rate on all borrowings outstanding was 7.08% and 8.95% (including unused fees, amortization of deferred financing costs, debt issuance costs and original issue discounts), respectively, and the average principal debt outstanding was $7,896.7 million and $3,870.4 million, respectively.

The components of interest expense were as follows:

Three Months Ended March 31,
20252024
Borrowing interest expense$127,151 $75,393 
Facility unused commitment fees2,145 3,040 
Amortization of deferred financing costs2,394 2,064 
Amortization of original issue discount and debt issuance costs4,462 1,188 
Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items:
Interest rate swaps46,346 (18,635)
Hedged items(44,592)23,043 
Total interest expense$137,906 $86,093 
Cash paid for interest expense$145,503 $81,129 

Note 8. Commitments and Contingencies

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

The Company’s investment portfolio may contain debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of March 31, 2025 and December 31, 2024, the Company had unfunded delayed draw term loans and revolvers in the aggregate principal amount of $2,370.3 million and $2,128.7 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 March 31, 2025, management is not aware of any material pending or threatened litigation.

Note 9. Net Assets

In connection with its formation, the Company has the authority to issue an unlimited number of Class I, Class D, Class F and Class S common shares of beneficial interest at $0.01 per share par value. As of March 31, 2025, 0.13% of shares outstanding were held by certain affiliates of the Adviser.
90


The following table summarizes transactions in common shares of beneficial interest during the three months ended March 31, 2025:
SharesAmount
CLASS I
Subscriptions23,863,608 $610,430 
Share transfers between classes1,829,358 46,752 
Distributions reinvested909,066 23,261 
Share repurchases(5,971,419)(152,092)
Early repurchase deduction 33 
Net increase (decrease)20,630,613 $528,384 
CLASS D
Subscriptions2,510,439 $64,125 
Share transfers between classes(1,592,453)(40,704)
Distributions reinvested517,550 13,232 
Share repurchases(1,332,224)(33,932)
Early repurchase deduction 11 
Net increase (decrease)103,312 $2,732 
CLASS F
Subscriptions11,060,630 $282,609 
Share transfers between classes(114,603)(2,928)
Distributions reinvested1,988,277 50,831 
Share repurchases(917,886)(23,379)
Early repurchase deduction 47 
Net increase (decrease)12,016,418 $307,180 
CLASS S
Subscriptions4,313,557 $110,234 
Share transfers between classes(122,302)(3,120)
Distributions reinvested179,651 4,593 
Share repurchases(42,689)(1,087)
Early repurchase deduction 5 
Net increase (decrease)4,328,217 $110,625 
Total net increase (decrease)37,078,560 $948,921 
91



The following table summarizes transactions in common shares of beneficial interest during the three months ended March 31, 2024:
SharesAmount
CLASS I
Subscriptions14,309,134 $360,098 
Share transfers between classes53,163 1,333 
Distributions reinvested538,118 13,526 
Share repurchases(1,309,587)(33,211)
Early repurchase deduction  
Net increase (decrease)13,590,828 $341,746 
CLASS D
Subscriptions3,843,517 $96,497 
Share transfers between classes116,731 2,927 
Distributions reinvested436,170 10,964 
Share repurchases(416,320)(10,558)
Early repurchase deduction  
Net increase (decrease)3,980,098 $99,830 
CLASS F
Subscriptions17,020,539 $428,057 
Share transfers between classes(226,825)(5,691)
Distributions reinvested1,748,096 43,940 
Share repurchases(621,324)(15,757)
Early repurchase deduction  
Net increase (decrease)17,920,486 $450,549 
CLASS S
Subscriptions3,911,922 $98,389 
Share transfers between classes56,931 1,431 
Distributions reinvested22,956 578 
Share repurchases  
Early repurchase deduction  
Net increase (decrease)3,991,809 $100,398 
Total net increase (decrease)39,483,221 $992,523 

Net Asset Value per Share and Offering Price
The Company determines NAV for each class of shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e. the prior month-end NAV). The following tables summarize each month-end NAV per share for Class I, Class D, Class F, and Class S common shares of beneficial interest during the three months ended March 31, 2025 and 2024:
NAV Per Share
For the Months EndedClass IClass D
Class F
Class S
January 31, 2025$25.60 $25.60 $25.60 $25.60 
February 28, 2025$25.51 $25.51 $25.51 $25.51 
March 31, 2025$25.47 $25.47 $25.47 $25.47 
92


NAV Per Share
For the Months EndedClass IClass D
Class F
Class S
January 31, 2024$25.14 $25.14 $25.14 $25.14 
February 29, 2024$25.25 $25.25 $25.25 $25.25 
March 31, 2024$25.36 $25.36 $25.36 $25.36 
Distributions
The Company declares monthly distribution amounts per share of Class I, Class D, Class F, and Class S common shares of beneficial interest payable monthly in arrears. The record date for each distribution was the last calendar date of the month in which such distribution was declared. The following tables present distributions that were declared during the three months ended March 31, 2025:

Class I
Declaration DatePayment DateBase Distribution Per ShareVariable Supplemental Distribution Per ShareSpecial Distribution Per ShareTotal Distribution Per ShareDistribution Amount
January 29, 2025February 28, 2025$0.1600 $0.0550 $ $0.2150 $24,733 
February 26, 2025March 31, 20250.1600 0.0550  0.2150 27,355 
March 27, 2025April 30, 20250.1600 0.0550  0.2150 28,558 
Total$0.4800 $0.1650 $ $0.6450 $80,646 

Class D
Declaration DatePayment Date
Base Distribution Per Share (1)
Variable Supplemental Distribution Per ShareSpecial Distribution Per ShareTotal Distribution Per ShareDistribution Amount
January 29, 2025February 28, 2025$0.1546 $0.0550 $ $0.2096 $8,871 
February 26, 2025March 31, 20250.1551 0.0550  0.2101 9,116 
March 27, 2025April 30, 20250.1546 0.0550  0.2096 9,339 
Total$0.4643 $0.1650 $ $0.6293 $27,326 
Class F
Declaration DatePayment Date
Base Distribution Per Share (1)
Variable Supplemental Distribution Per ShareSpecial Distribution Per ShareTotal Distribution Per ShareDistribution Amount
January 29, 2025February 28, 2025$0.1491 $0.0550 $ $0.2041 $36,177 
February 26, 2025March 31, 20250.1502 0.0550  0.2052 37,444 
March 27, 2025April 30, 20250.1492 0.0550  0.2042 38,611 
Total$0.4485 $0.1650 $ $0.6135 $112,232 
Class S
Declaration DatePayment Date
Base Distribution Per Share (1)
Variable Supplemental Distribution Per ShareSpecial Distribution Per ShareTotal Distribution Per ShareDistribution Amount
January 29, 2025February 28, 2025$0.1415 $0.0550 $ $0.1965 $3,363 
February 26, 2025March 31, 20250.1433 0.0550  0.1983 3,627 
March 27, 2025April 30, 20250.1416 0.0550  0.1966 3,978 
Total$0.4264 $0.1650 $ $0.5914 $10,968 
(1) Distributions per share are net of shareholder servicing and/or distribution fees.


93



The following tables present distributions that were declared during the three months ended March 31, 2024:
Class I
Declaration DatePayment DateBase Distribution Per ShareVariable Supplemental Distribution Per ShareSpecial Distribution Per ShareTotal Distribution Per ShareDistribution Amount
January 30, 2024February 29, 2024$0.1600 $0.0550 $ $0.2150 $11,811 
February 29, 2024March 29, 20240.1600 0.0550  0.2150 13,391 
March 26, 2024April 30, 20240.1600 0.0550  0.2150 14,482 
Total$0.4800 $0.1650 $ $0.6450 $39,684 

Class D
Declaration DatePayment Date
Base Distribution Per Share (1)
Variable Supplemental Distribution Per ShareSpecial Distribution Per ShareTotal Distribution Per ShareDistribution Amount
January 30, 2024February 29, 2024$0.1547 $0.0550 $ $0.2097 $6,514 
February 29, 2024March 29, 20240.1550 0.0550  0.2100 6,670 
March 26, 2024April 30, 20240.1547 0.0550  0.2097 6,834 
Total$0.4644 $0.1650 $ $0.6294 $20,018 

Class F
Declaration DatePayment Date
Base Distribution Per Share (1)
Variable Supplemental Distribution Per ShareSpecial Distribution Per ShareTotal Distribution Per ShareDistribution Amount
January 30, 2024February 29, 2024$0.1494 $0.0550 $ $0.2044 $26,889 
February 29, 2024March 29, 20240.1500 0.0550  0.2050 28,278 
March 26, 2024April 30, 20240.1493 0.0550  0.2043 29,404 
Total$0.4487 $0.1650 $ $0.6137 $84,571 

Class S
Declaration DatePayment Date
Base Distribution Per Share (1)
Variable Supplemental Distribution Per ShareSpecial Distribution Per ShareTotal Distribution Per ShareDistribution Amount
January 30, 2024February 29, 2024$0.1420 $0.0550 $ $0.1970 $357 
February 29, 2024March 29, 20240.1431 0.0550  0.1981 743 
March 26, 2024April 30, 20240.1418 0.0550  0.1968 954 
Total$0.4269 $0.1650 $ $0.5919 $2,054 
(1)Distributions per share are net of shareholder servicing and/or distribution fees.

Distribution Reinvestment Plan
The Company has adopted a distribution reinvestment plan, pursuant to which the Company will reinvest all cash distributions declared by the Company on behalf of its shareholders who do not elect to receive their distributions in cash as provided below. As a result, if the Company declares a cash distribution, then shareholders who have not opted out of our distribution reinvestment plan will have their cash distributions (net of applicable withholding taxes) automatically reinvested in additional shares as described below, rather than receiving the cash distribution. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places.
94


Character of Distributions
The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, borrowings, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Adviser, which is subject to recoupment.
Through March 31, 2025, a portion of the Company’s distributions resulted from expense support from the Adviser, and future distributions may result from expense support from the Adviser, each of which is subject to repayment by the Company within three years from the date of payment. The purpose of this arrangement avoids distributions being characterized as a return of capital for U.S. federal income tax purposes. Shareholders should understand that any such distribution is not based solely on the Company’s investment performance, and can only be sustained if the Company achieves positive investment performance in future periods and/or the Adviser continues to provide expense support. Shareholders should also understand that the Company’s future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Company will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all.
Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following table reflects the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its Common Shares during the three months ended March 31, 2025:
Class IClass DClass FClass S
Source of DistributionPer ShareAmountPer ShareAmountPer ShareAmountPer ShareAmount
Net investment income$0.6450 $80,646 $0.6293 $27,326 $0.6135 $112,232 $0.5914 $10,968 
Net realized gains        
Total$0.6450 $80,646 $0.6293 $27,326 $0.6135 $112,232 $0.5914 $10,968 
The following table reflects the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its Common Shares during the three months ended March 31, 2024:
Class IClass DClass FClass S
Source of DistributionPer ShareAmountPer ShareAmountPer ShareAmountPer ShareAmount
Net investment income$0.6450 $39,684 $0.6294 $20,018 $0.6137 $84,571 $0.5919 $2,054 
Net realized gains        
Total$0.6450 $39,684 $0.6294 $20,018 $0.6137 $84,571 $0.5919 $2,054 

Share Repurchase Program

The Company has commenced a share repurchase program in which the Company intends to repurchase, in each quarter, up to 5% of the Company’s Common Shares outstanding (by number of shares) as of the close of the previous calendar quarter (the “Baseline Repurchase Amount”). The Board may amend or suspend the share repurchase program if it deems such action to be in the best interest of shareholders, such as when a repurchase offer would place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on us as a whole that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares. In the event the Board determines, in any particular quarter, that the Company shall offer to repurchase less than the Baseline Repurchase Amount, or to amend the share repurchase program such that the Company will offer to repurchase less than the Baseline Repurchase Amount on a going forward basis, the Board will consider, on an at least quarterly basis, whether it is in the best interest of shareholders for the Company to resume offering to repurchase at least the Baseline Repurchase Amount.
Under the Company’s share repurchase program, to the extent the Company offers to repurchase shares in any particular quarter, the Company expects to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived, at the Company’s discretion, in the case of
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repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders across all shares.

The following tables summarize the share repurchases completed during the three months ended March 31, 2025 and 2024:

Repurchase Deadline Request
Percentage of Outstanding Shares the Company Offered to Repurchase(1)
Repurchase Pricing Date
Amount Repurchased (all classes)(2)
Number of Shares Repurchased (all classes)
Percentage of Outstanding Shares Repurchased(1)
March 4, 20255.00 %March 31, 2025$210,490 8,264,218 2.42 %
Repurchase Deadline Request
Percentage of Outstanding Shares the Company Offered to Repurchase(1)
Repurchase Pricing Date
Amount Repurchased (all classes)(2)
Number of Shares Repurchased (all classes)
Percentage of Outstanding Shares Repurchased(1)
March 1, 20245.00 %March 31, 2024$59,526 2,347,231 1.13 %
(1)Percentage is based on total shares as of the close of the previous calendar quarter. All repurchase requests were satisfied in full.
(2)Amounts not inclusive of Early Repurchase Deduction.



Note 10. Financial Highlights and Senior Securities
The following are the financial highlights for the three months ended March 31, 2025:
Three Months Ended March 31, 2025
Class IClass DClass FClass S
Per Share Data:
Net asset value, beginning of period$25.59 $25.59 $25.59 $25.59 
Net investment income (1)
0.65 0.64 0.62 0.60 
Net unrealized and realized gain (loss) (2)
(0.12)(0.13)(0.13)(0.13)
Net increase (decrease) in net assets resulting from operations0.53 0.51 0.49 0.47 
Distributions from net investment income (3)
(0.65)(0.63)(0.61)(0.59)
Distributions from net realized gains (3)
    
Net increase (decrease) in net assets from shareholders' distributions(0.65)(0.63)(0.61)(0.59)
Early repurchase deduction fees (6)
    
Total increase (decrease) in net assets(0.12)(0.12)(0.12)(0.12)
Net asset value, end of period$25.47 $25.47 $25.47 $25.47 
Shares outstanding, end of period126,858,17543,223,693188,166,43220,196,896
Total return based on NAV (4)
2.07 %2.01 %1.94 %1.85 %
Ratios:
Ratio of net expenses to average net assets (5)
8.82 %9.07 %9.32 %9.67 %
Ratio of net investment income to average net assets (5)
10.16 %9.93 %9.67 %9.31 %
Portfolio turnover rate1.72 %1.72 %1.72 %1.72 %
Supplemental Data:
Net assets, end of period$3,230,780 $1,100,795 $4,792,120 $514,368 
Asset coverage ratio207.3 %207.3 %207.3 %207.3 %
(1)The per share data was derived by using the weighted average shares outstanding during the period.
(2)The amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.
(3)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 9).
(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 fee, if any.
(5)For the three months ended March 31, 2025, amounts are annualized except for excise tax and capital gains incentive fee.
(6)The per share amount rounds to less than $0.01 per share.



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The following are the financial highlights for the three months ended March 31, 2024:

Three Months Ended March 31, 2024
Class IClass DClass FClass S
Per Share Data:
Net asset value, beginning of period$25.06 $25.06 $25.06 $25.06 
Net investment income (1)
0.74 0.72 0.71 0.68 
Net unrealized and realized gain (loss) (2)
0.21 0.21 0.20 0.21 
Net increase (decrease) in net assets resulting from operations0.95 0.93 0.91 0.89 
Distributions from net investment income (3)
(0.65)(0.63)(0.61)(0.59)
Distributions from net realized gains (3)
    
Net increase (decrease) in net assets from shareholders' distributions(0.65)(0.63)(0.61)(0.59)
Total increase (decrease) in net assets0.30 0.30 0.30 0.30 
Net asset value, end of period$25.36 $25.36 $25.36 $25.36 
Shares outstanding, end of period66,048,34032,172,817143,301,9464,849,688
Total return based on NAV (4)
3.80 %3.74 %3.68 %3.59 %
Ratios:
Ratio of net expenses to average net assets (5)
9.21 %9.47 %9.72 %9.99 %
Ratio of net investment income to average net assets (5)
12.02 %11.77 %11.53 %11.17 %
Portfolio turnover rate8.90 %8.90 %8.90 %8.90 %
Supplemental Data:
Net assets, end of period$1,674,789 $815,793 $3,633,652 $122,976 
Asset coverage ratio261.9 %261.9 %261.9 %261.9 %
(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 fee, if any.
(5)For the three months ended March 31, 2024, amounts are annualized except for excise tax, and capital gains incentive fee.

The following is information about the Company’s senior securities as of the dates indicated in the table below (dollar amounts in thousands):
Total Amount Outstanding Exclusive of Treasury Securities(1)
Asset Coverage per Unit(2)
Involuntary Liquidating Preference per Unit(3)
Average Market Value per Unit(4)
HLEND A Funding Facility
March 31, 2025$522,873 2,072.7  N/A
December 31, 2024683,184 2,163.2  N/A
December 31, 2023615,838 2,231.6  N/A
December 31, 2022453,663 2,473.7  N/A
HLEND B Funding Facility
March 31, 2025755,323 2,072.7  N/A
December 31, 2024955,572 2,163.2  N/A
December 31, 2023513,747 2,231.6  N/A
December 31, 2022482,084 2,473.7  N/A
HLEND C Funding Facility
March 31, 2025487,500 2,072.7  N/A
December 31, 2024487,500 2,163.2  N/A
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December 31, 2023487,500 2,231.6  N/A
HLEND D Funding Facility
March 31, 2025737,498 2,072.7  N/A
December 31, 2024830,343 2,163.2  N/A
December 31, 2023195,000 2,231.6  N/A
HLEND E Funding Facility
March 31, 2025701,927 2,072.7  N/A
December 31, 2024642,800 2,163.2  N/A
Revolving Credit Facility
March 31, 2025956,956 2,072.7  N/A
December 31, 20241,186,264 2,163.2  N/A
December 31, 20231,025,294 2,231.6  N/A
December 31, 2022704,819 2,473.7  N/A
November 2025 Notes
March 31, 2025170,000 2,072.7  N/A
December 31, 2024170,000 2,163.2  N/A
December 31, 2023170,000 2,231.6  N/A
December 31, 2022170,000 2,473.7  N/A
November 2027 Notes
March 31, 2025155,000 2,072.7  N/A
December 31, 2024155,000 2,163.2  N/A
December 31, 2023155,000 2,231.6  N/A
December 31, 2022155,000 2,473.7  N/A
March 2026 Notes
March 31, 2025276,000 2,072.7  N/A
December 31, 2024276,000 2,163.2  N/A
December 31, 2023276,000 2,231.6  N/A
March 2028 Notes
March 31, 2025124,000 2,072.7  N/A
December 31, 2024124,000 2,163.2  N/A
December 31, 2023124,000 2,231.6  N/A
September 2027 Notes
March 31, 202575,000 2,072.7  N/A
December 31, 202475,000 2,163.2  N/A
December 31, 202375,000 2,231.6  N/A
September 2028 Notes
March 31, 2025250,000 2,072.7  N/A
December 31, 2024250,000 2,163.2  N/A
December 31, 2023250,000 2,231.6  N/A
January 2029 Notes
March 31, 2025550,000 2,072.7  N/A
December 31, 2024550,000 2,163.2  N/A
September 2029 Notes
March 31, 2025400,000 2,072.7  N/A
December 31, 2024400,000 2,163.2  N/A
January 2028 Notes
March 31, 2025750,000 2,072.7  N/A
April 2032 Notes
March 31, 2025500,000 2,072.7  N/A
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2023 CLO Secured Notes
March 31, 2025323,000 2,072.7  N/A
December 31, 2024323,000 2,163.2  N/A
December 31, 2023323,000 2,231.6  N/A
2024 CLO Secured Notes
March 31, 2025400,000 2,072.7  N/A
December 31, 2024400,000 2,163.2  N/A
2025 CLO Secured Debt
March 31, 2025850,000 2,072.7  N/A
Short-Term Borrowings
March 31, 2025   N/A
December 31, 2024   N/A
December 31, 2023   N/A
December 31, 2022379,081 2,473.7  N/A
(1) Total amount of each class of senior securities outstanding at the end of the period presented.
(2) Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.
(3) The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The "—" in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.
(4) Not applicable because the senior securities are not registered for public trading.

Note 11. Joint Venture

On June 1, 2023, the Company entered into a limited liability company agreement (the “LLC Agreement”) with the Capital One Member (“COM”) to establish a joint venture to make certain unitranche loans to U.S. middle-market companies. The joint venture is called ULTRA III, LLC (“ULTRA III”). The Company and COM will provide capital to ULTRA III in the form of membership interests. The initial maximum investment amounts in ULTRA III for the Company and COM are approximately $200.0 million and $28.6 million, respectively, which correspond to initial membership interests of approximately 87.5% and 12.5%, respectively. The LLC Agreement is effective as of June 1, 2023.

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

The Company and COM may, from time-to-time, make additional contributions of capital or may receive returns of capital from ULTRA III. As of March 31, 2025 and December 31, 2024, the Company had made capital contributions (net of returns of capital) of $307.4 million and $307.4 million, respectively, and COM had made capital contributions (net of returns of capital) of $43.9 million and $43.9 million, respectively. As of March 31, 2025 and December 31, 2024, $236.2 million and $236.2 million, respectively, of capital remained uncalled from the Company and $33.7 million and $33.7 million, respectively, of capital remained uncalled from COM. As of March 31, 2025 and December 31, 2024, the Company and COM’s membership interests are 87.5% and 12.5%, respectively, for both periods.

All portfolio decisions and generally all other decisions in respect of ULTRA III must be approved by a credit committee of ULTRA III consisting of representatives of the Company and COM (generally with approval from a representative of each required). A Capital One entity is providing a senior revolving financing facility to ULTRA III. COM receives sourcing fees in connection with investments made by ULTRA III that are sourced by COM. When COM sources investments for ULTRA III, the percentage of sourcing fees that are paid to COM is substantially greater than its percentage membership interest in ULTRA III (the “Effective Sourcing Fee”). In this regard, for the three months ended March 31, 2025 and 2024, the Company, through its investment in ULTRA III, paid an Effective Sourcing Fee to COM of $0.0 million and $1.8 million, respectively.

The Company has determined that ULTRA III is an investment company under ASC 946, and in accordance with ASC 946, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. The Company and COM have equal voting rights with respect to the joint venture. The Company will not consolidate the assets and liabilities of the ULTRA III joint venture.
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The Company's investment in ULTRA III is disclosed on the Company’s Consolidated Schedules of Investments as of March 31, 2025 and December 31, 2024.

The following table presents the schedule of investments of ULTRA III as of March 31, 2025:
Company(1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
First Lien Debt
General Industrials
Bright Light Buyer, Inc. (4)(7)SF +6.00%10.32 %11/8/2029$242,431 $237,781 $242,431 
237,781 242,431 65.75 %
Health Care Providers
Compsych Investments Corp. (4)(6)SF +4.75%9.04 %7/22/2031150,999 150,318 152,509 
Compsych Investments Corp. (4)(5)(6)7/22/203143,333 (206)433 
Emerus Holdings, Inc. (4)(7)SF +6.25%10.55 %1/5/2028158,400 155,118 161,568 
Rsource Holdings, LLC (4)(5)(6)11/8/203150,000 (729)(417)
Rsource Holdings, LLC (4)(6)SF +4.75%9.07 %11/8/2031174,563 172,091 173,106 
476,592 487,199 132.13 %
Medical Equipment and Services
EHOB, LLC (4)(7)SF +4.50%8.80 %12/18/2029111,875 109,898 112,994 
FH BMX Buyer, Inc. (4)(5)(6)6/21/203134,600 (490)34 
FH BMX Buyer, Inc.(4)(6)SF +5.00%9.22 %6/21/2031129,748 128,018 129,875 
237,426 242,903 65.88 %
Software and Computer Services
Brandt Information Services, LLC (4)(5)(6)5/31/203050,000 (698)500 
Brandt Information Services, LLC (4)(6)SF +4.75%9.07 %5/31/2030114,425 112,948 115,569 
112,250 116,069 31.48 %
Total First Lien Debt$1,064,049 $1,088,602 295.24 %
Total Investment Portfolio$1,064,049 $1,088,602 295.24 %
(1) Unless otherwise indicated, issuers of debt and equity investments held by the Company are denominated in dollars. All debt investments are income producing unless otherwise indicated. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount is presented for debt investments.

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

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

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

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

InvestmentsCommitment TypeUnfunded CommitmentFair Value
Brandt Information Services, LLC1st Lien Senior Secured Delayed Draw Loan$50,000 $500 
Compsych Investments Corp.1st Lien Senior Secured Delayed Draw Loan43,333 433 
FH BMX Buyer, Inc.1st Lien Senior Secured Delayed Draw Loan34,600 34 
Rsource Holdings, LLC1st Lien Senior Secured Delayed Draw Loan50,000 (417)
Total$177,933 $550 

(6) The interest rate floor on these investments as of March 31, 2025 was 0.75%.
(7) The interest rate floor on these investments as of March 31, 2025 was 1.00%.

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The following table presents the schedule of investments of ULTRA III as of December 31, 2024:
Company (1)
Reference Rate and Spread (2)
Interest Rate (2)
Maturity DatePar Amount/Units
Amortized Cost (3)
Fair ValuePercentage of Net Assets
First Lien Debt
General Industrials
Bright Light Buyer, Inc. (4)(7)SF +6.00%10.40 %11/8/2029$243,045 $238,133 $242,570 
238,133 242,570 66.26 %
Health Care Providers
Compsych Investments Corp. (4)(6)SF +4.75%9.38 %7/22/2031151,378 150,669 152,892 
Compsych Investments Corp. (4)(5)(6)7/22/203143,333 (210)433 
Emerus Holdings, Inc. (4)(7)SF +6.25%10.50 %1/5/2028158,800 155,216 161,059 
Rsource Holdings, LLC (4)(5)(6)11/8/203150,000 (742)(734)
Rsource Holdings, LLC (4)(6)SF +4.75%9.27 %11/8/2031175,000 172,431 172,429 
477,364 486,079 132.77 %
Medical Equipment and Services
EHOB, LLC (4)(7)SF +4.75%9.08 %12/18/2029116,875 114,701 118,044 
FH BMX Buyer, Inc. (4)(5)(6)6/21/203134,600 (499)346 
FH BMX Buyer, Inc.(4)(6)SF +5.25%9.58 %6/21/2031130,074 128,271 131,375 
242,473 249,765 68.22 %
Software and Computer Services
Brandt Information Services, LLC (4)(5)(6)5/31/203050,000 (713)128 
Brandt Information Services, LLC (4)(6)SF +5.00%9.36 %5/31/2030114,713 113,161 115,006 
112,448 115,134 31.45 %
Total First Lien Debt$1,070,418 $1,093,548 298.70 %
Total Investment Portfolio$1,070,418 $1,093,548 298.70 %
(1) Unless otherwise indicated, issuers of debt and equity investments held by the Company are denominated in dollars. All debt investments are income producing unless otherwise indicated. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount is presented for debt investments.

(2) The investments bear interest at a rate that is determined by reference to the Secured Overnight Financing Rate ("SOFR" or "SF"), which reset, monthly or quarterly. For each such investment, the Company has provided the spread over SOFR and the current contractual interest rate in effect at December 31, 2024. Certain investments are subject to a SOFR interest rate floor, or rate cap. SOFR based contracts may include a credit spread adjustment, which is included within the stated all-in interest rate, if applicable, that is charged in addition to the base rate and the stated spread.

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

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

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

InvestmentsCommitment TypeUnfunded CommitmentFair Value
Brandt Information Services, LLC1st Lien Senior Secured Delayed Draw Loan$50,000 $128 
Compsych Investments Corp.1st Lien Senior Secured Delayed Draw Loan43,333 433 
FH BMX Buyer, Inc.1st Lien Senior Secured Delayed Draw Loan34,600 346 
Rsource Holdings, LLC1st Lien Senior Secured Delayed Draw Loan50,000 (734)
Total$177,933 $173 

(6) The interest rate floor on these investments as of December 31, 2024 was 0.75%.
(7) The interest rate floor on these investments as of December 31, 2024 was 1.00%.

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The following table presents the selected statements of assets and liabilities information of ULTRA III as of March 31, 2025 and December 31, 2024:

March 31, 2025December 31, 2024
ASSETS(Unaudited)
Investments at fair value (amortized cost of $1,064,049 and $1,070,418 at March 31, 2025 and December 31, 2024, respectively)
$1,088,602 $1,093,548 
Cash35,331 24,652 
Interest receivable6,129 13,217 
Receivable for investments379  
Total assets$1,130,441 $1,131,417 
LIABILITIES
Debt$747,725 $751,554 
Interest payable and other liabilities14,003 13,748 
Total liabilities761,728 765,302 
MEMBERS’ EQUITY
Members’ Equity368,713 366,115 
Total Members’ Equity368,713 366,115 
Total liabilities and members’ equity$1,130,441 $1,131,417 

The following table presents the selected statements of operations information of ULTRA III for the three months ended March 31, 2025 and 2024 (Unaudited):

Three Months Ended March 31,
20252024
Investment income:
Interest income$27,628 $15,681 
Total investment income27,628 15,681 
Expenses:
Interest expense13,636 7,407 
Other expenses655 495 
Total expenses14,291 7,902 
Net investment income13,337 7,779 
Net realized and change in unrealized gain (loss) on investments
Net realized gain (loss) on investments  
Net change in unrealized appreciation (depreciation) on investments1,423 4,000 
Net realized and change in unrealized gain (loss) on investments1,423 4,000 
Net increase (decrease) in net assets resulting from operations$14,760 $11,779 
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Note 12. Subsequent Events
The Company’s management evaluated subsequent events through the date of issuance of the consolidated financial statements. There have been no additional subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in the consolidated financial statements as of March 31, 2025, except as discussed below.

Subscriptions
The Company received $394.6 million of net proceeds relating to the issuance of Class I shares, Class D shares, Class F and Class S shares for subscriptions effective April 1, 2025.

The Company received $412.2 million of net proceeds relating to the issuance of Class I shares, Class D shares, Class F and Class S shares for subscriptions effective May 1, 2025.

Distributions Declarations

On April 25, 2025, the Board declared net distributions of $0.1600 per Class I share, $0.1548 per Class D share, $0.1495 per Class F share, and $0.1422 per Class S share, all of which are payable on or about May 30, 2025 to shareholders of record as of April 30, 2025. Additionally, the Company’s Board declared variable supplemental distributions of $0.0550 for all share classes outstanding, all of which are payable on or about May 30, 2025 to shareholders of record as of April 30, 2025.

Financing Transactions

On April 17, 2025, the Company entered into an amendment to the HLEND E Funding Facility, which, among other things, increases the total facility amount from $1,000 million to $1,500 million, extends the scheduled reinvestment period end date from November 18, 2027 to April 17, 2028, extends the maturity date from November 16, 2029 to April 17, 2030 and adds a swingline sub-facility with Wells Fargo Bank, National Association as the swingline lender of up to $200 million.

On April 29, 2025, 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 $1,625 million to $1,975 million, (ii) an extension of the Commitment Termination Date from October 30, 2027 to April 29, 2029, (iii) an extension of the Maturity Date from October 30, 2028 to April 29, 2030, (iv) an amendment to the accordion provision to permit increases up to a total facility amount of $2,962.5 million, (v) a reduction in the applicable margin from a range of 0.75% to 0.875% in the case of any ABR loan and 1.75% to 1.875% in the case of any other loan, to a range of 0.525% to 0.775% in the case of any ABR Loan and 1.525% to 1.775% in the case of any other loan, and (vi) a 5 basis point reduction in the commitment fee.

Submission of Matters to a Vote of Security Holders

The Company held its special meeting of shareholders on April 16, 2025, at which shareholders approved a new investment advisory agreement between the Company and the Adviser to become effective upon the close of the transaction pursuant to which BlackRock and certain of its affiliates will acquire 100% of the business and assets of HPS.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The information contained in this section should be read in conjunction with “Item 1. Consolidated Financial Statements.” This discussion contains forward-looking statements, which relate to future events, our future performance or financial condition and involves numerous risks and uncertainties. Actual results could differ materially from those implied or expressed in any forward-looking statements. Dollar amounts are in thousands, except per share data, percentages and as otherwise noted.
Overview and Investment Framework
We are an externally managed, non-diversified closed-end management investment company that has elected to be treated as a BDC under the 1940 Act. Formed as a Delaware statutory trust on December 23, 2020 that commenced operations on February 3, 2022, we are externally managed by the Adviser, which is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments and monitoring our portfolio on an ongoing basis. Our Adviser is registered as an investment adviser with the SEC and a wholly-owned subsidiary of HPS. We have elected to be treated, and intend to qualify annually, as a RIC under the Code.

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

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

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

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

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To finance investments, we have in the past and may in the future securitize certain of our secured loans or other investments, including through the formation of one or more CLOs, while retaining all or most of the subordinated notes issued in the securitization.
Key Components of Our Results of Operations
Investments
We focus primarily on senior secured loans and securities of private U.S. companies. Our level of investment activity (both the number of investments and the size of each investment) can and will vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to private companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the types of investments we make.
Revenues
We generate revenues in the form of interest and fee income on debt investments, capital gains, and dividend income from our equity investments in our portfolio companies. Our senior and subordinated debt investments are expected to bear interest at a fixed or floating rate. Interest on debt securities is generally payable monthly or quarterly. In some cases, some of our investments may provide for deferred interest payments or PIK interest. The principal amount of the debt securities and any accrued but unpaid PIK interest generally will become due at the maturity date. In addition, we may generate revenue from various fees in the ordinary course of business such as in the form of structuring, consent, waiver, amendment, syndication and other miscellaneous fees. Original issue discounts and market discounts or premiums will be capitalized, and we will accrete or amortize such amounts as interest income. We will record prepayment premiums on loans and debt securities as interest income. Dividend income, if any, will be recognized on an accrual basis to the extent that we expect to collect such amounts.
Expenses
Except as specifically provided below, all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Adviser. We bear all other costs and expenses of our operations, administration and transactions, including, but not limited to:

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

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

all other expenses of the Company’s operations, administrations and transactions.

As our investment adviser prior to June 30, 2023, HPS agreed to advance all of our organization and offering expenses on our behalf through February 3, 2022, the date on which we broke escrow for our initial offering of Common Shares. On such date, the Company became obligated to reimburse HPS for such advanced expenses and HPS subsequently requested reimbursement of these expenses and was paid pursuant to the prior expense support agreement. After such date, we bear all such expenses, subject to the Expense Support Agreement. Pursuant to the Expense Support Agreement, the Adviser is obligated to advance all of our Other Operating Expenses to the effect that such expenses do not exceed 1.00% (on an annualized basis) of our NAV. We are obligated to reimburse the Adviser for such advanced expenses (including any additional expenses the Adviser elects to pay on our behalf), subject to certain conditions. See “—Expense Support and Conditional Reimbursement Agreement.” Any reimbursements will not exceed actual expenses incurred by the Adviser and its affiliates.

From time to time, the Adviser, the Administrator or their affiliates may pay third-party providers for goods or services. We will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on our behalf. From time to time, the Adviser, the Administrator may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses are ultimately borne by our shareholders.
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Expense Support and Conditional Reimbursement Agreement
We have entered into an Expense Support and Conditional Reimbursement Agreement with the Adviser. For additional information see “Note 3. Fees, Expenses, Agreements and Related Party Transactions” to the consolidated financial statements.
Portfolio and Investment Activity
Our investment activity is presented below (information presented herein is at amortized cost unless otherwise indicated):

As of and for the three months ended March 31,
20252024
Total investments, beginning of period$16,071,078 $9,203,801 
New investments purchased2,520,468 1,418,820 
Payment-in-kind interest and dividends capitalized25,314 16,483 
Net accretion of discount on investments18,205 27,075 
Net realized gain (loss) on investments(19,886)(9,949)
Investments sold or repaid(314,255)(850,253)
Total investments, end of period$18,300,924 $9,805,977 
The following table presents certain selected information regarding our investment portfolio:
March 31, 2025December 31, 2024
Weighted average yield on debt and income producing investments, at amortized cost(1)
10.2%10.4%
Weighted average yield on debt and income producing investments, at fair value(1)
10.1%10.4%
Weighted average yield on total portfolio, at amortized cost(2)
10.1%10.3%
Weighted average yield on total portfolio, at fair value(2)
10.1%10.3%
Number of portfolio companies356315
Weighted average EBITDA(3)
$223$215
Weighted average loan-to-value (“LTV”) (4)
39%40%
Percentage of performing debt investments bearing a floating rate, at fair value99.4%99.3%
Percentage of performing debt investments bearing a fixed rate, at fair value0.6%0.7%
(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 investments of the Company, divided by total investments of the Company (at fair value or amortized cost, as applicable). Actual yields earned over the life of each investment could differ materially from the yields presented above.
(3)Calculated with respect to all level 3 investments in the investment portfolio for which fair value is determined by the Adviser (in its capacity as the investment adviser of the Company, with assistance, at least quarterly, from a third-party valuation firm, and overseen by the Company’s Board), and excludes quoted assets and investments with no reported EBITDA or where EBITDA, in the Adviser’s judgement made in its discretion, was not a material component of the original investment thesis, such as LTV-based loans, NAV-based loans or reorganized equity. Weighted average EBITDA is weighted based on the fair value of the total applicable level 3 investments. Excludes investments on non-accrual status. Figures are derived from the most recent financial statements from portfolio companies.
(4)Calculated with respect to all level 3 debt investments in the investment portfolio for which fair value is determined by the Adviser (in its capacity as the investment adviser of the Company, with assistance, at least quarterly, from a third-party valuation firm, and overseen by the Company’s Board), and excludes quoted assets. LTV is calculated as net debt through each respective investment tranche in which the Company holds an investment divided by enterprise value or value of underlying collateral of the portfolio company. Weighted average LTV is weighted based on the fair value of the total applicable level 3 debt investments. Excludes investments on non-accrual status. Figures are derived from the most recent financial statements from portfolio companies.
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Our investments consisted of the following:
March 31, 2025December 31, 2024
Amortized CostFair Value% of Total
Investments at
Fair Value
Amortized CostFair Value% of Total
Investments at
Fair Value
First lien debt$17,719,541 $17,820,394 96.69 %$15,491,454 $15,529,180 96.27 %
Second lien debt26,648 27,030 0.15 35,984 31,340 0.19 
Other secured debt63,996 64,252 0.35 68,340 68,501 0.42 
Unsecured debt47,095 46,966 0.25 45,923 46,022 0.29 
Structured finance investments75,301 76,735 0.42 72,893 75,392 0.47 
Investments in joint ventures297,747 322,624 1.75 297,747 320,350 1.99 
Equity investments70,596 72,559 0.39 58,737 60,471 0.37 
Total$18,300,924 $18,430,560 100.00 %$16,071,078 $16,131,256 100.00 %
As of March 31, 2025 and December 31, 2024, the Company had certain investments in nine and eight portfolio companies on non-accrual status, respectively. The following table shows the fair value of our performing debt and other income producing securities, and non-accrual investments as of March 31, 2025 and December 31, 2024:
March 31, 2025December 31, 2024
Fair ValuePercentageFair ValuePercentage
Performing debt and income producing investments(1)
$17,962,936 99.42 %$15,671,885 99.30 %
Non-accrual(2)
105,391 0.58 110,346 0.70 
Total$18,068,327 100.00 %$15,782,231 100.00 %
(1)Excludes investments in joint ventures.
(2)Investments on non-accrual represented 0.82% and 1.00% of amortized cost of total debt and income producing investments as of March 31, 2025 and December 31, 2024, respectively.
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The table below describes investments by industry composition based on fair value:
March 31, 2025December 31, 2024
Aerospace and Defense4.19 %3.47 %
Alternative Energy0.13 0.15 
Asset Based Lending and Fund Finance0.42 0.33 
Automobiles and Parts0.51 0.53 
Chemicals0.11 0.11 
Construction and Materials1.14 1.25 
Consumer Services4.05 4.41 
Electricity0.65 0.72 
Electronic and Electrical Equipment0.61 0.69 
Finance and Credit Services0.35 0.40 
Food Producers0.96 1.11 
Gas, Water and Multi-utilities0.22 0.27 
General Industrials2.39 2.34 
Health Care Providers9.78 10.98 
Household Goods and Home Construction0.02 0.04 
Industrial Engineering1.68 1.90 
Industrial Metals and Mining1.12 1.25 
Industrial Support Services11.22 12.03 
Industrial Transportation0.72 0.75 
Investment Banking and Brokerage Services4.98 4.35 
Investments in Joint Ventures1.75 1.99 
Leisure Goods0.00 0.01 
Life Insurance0.08 0.09 
Media4.37 4.89 
Medical Equipment and Services8.26 7.90 
Non-life Insurance3.86 3.90 
Oil, Gas and Coal0.41 0.46 
Personal Care, Drug and Grocery Stores2.69 3.02 
Personal Goods0.45 0.52 
Pharmaceuticals and Biotechnology5.35 3.75 
Real Estate Investment and Services0.48 0.54 
Retailers1.68 1.90 
Software and Computer Services21.29 20.14 
Structured Finance0.42 0.47 
Technology Hardware and Equipment0.33 0.36 
Telecommunications Equipment0.34 0.50 
Telecommunications Service Providers0.14 0.20 
Travel and Leisure2.85 2.28 
Total100.00 %100.00 %

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

March 31, 2025December 31, 2024
United States82.78 %84.40 %
United Kingdom7.41 6.02 
Sweden2.44 2.44 
Australia1.46 1.64 
Spain1.17 1.28 
France0.91 0.83 
Austria0.83 0.56 
Italy0.79 0.79 
Germany0.66 0.72 
Canada0.53 0.54 
Czech Republic0.31 — 
Taiwan0.26 0.29 
Singapore0.18 0.20 
Norway0.12 0.13 
Belgium0.08 0.09 
Luxembourg0.06 0.07 
Netherlands0.01 — 
Total100.00 %100.00 %

Our Adviser monitors the financial trends of each portfolio company on an ongoing basis to determine if it is meeting its respective business plan and to assess the appropriate course of action for each company. Our Adviser has several methods of evaluating and monitoring the performance and fair value of our investments, which may include, but are not limited to, the following:
assessment of success in adhering to the portfolio company’s business plan and compliance with covenants;
periodic or regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor to discuss financial position, requirements and accomplishments;
comparisons to our other portfolio companies in the industry, if any;
attendance at and participation in board meetings or presentations by portfolio companies; and
review of monthly and quarterly financial statements and financial projections of portfolio companies.

ULTRA III, LLC

On June 1, 2023, the Company entered into a limited liability company agreement (the “LLC Agreement”) with the Capital One Member (“COM”) to establish a joint venture to make certain unitranche loans to U.S. middle-market companies. The joint venture is called ULTRA III, LLC (“ULTRA III”).

As of March 31, 2025, the Company and COM have committed to contribute up to $550.0 million and $78.6 million, respectively, of capital to ULTRA III. As of March 31, 2025, the Company had contributed (net of returns of capital) $307.4 million and COM had contributed (net of returns of capital) $43.9 million of capital and $236.2 million and $33.7 million of capital remained uncalled from the Company and COM, respectively. The Company and COM own 87.5% and 12.5%, respectively, of the membership interests of ULTRA III. All portfolio decisions and generally all other decisions in respect of ULTRA III must be approved by a credit committee of ULTRA III consisting of representatives of the Company and COM (generally with approval from a representative of each required). The Company and COM have equal voting rights with respect to the joint venture. The Company does not consolidate the ULTRA III joint venture.

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The following table is a summary of ULTRA III’s portfolio as of March 31, 2025 and December 31, 2024:

March 31, 2025December 31, 2024
Total senior secured debt investments at fair value$1,088,602 $1,093,548 
Number of portfolio companies77
Weighted average yield on debt investments, at amortized cost(1)
10.1%10.3%
Weighted average yield on debt investments, at fair value(1)
9.8%10.1%
Percentage of performing debt investments bearing a floating rate, at fair value100%100%
Percentage of performing debt investments bearing a fixed rate, at fair value—%—%
Percentage of assets on non-accrual(2)
—%—%
(1)Computed as the annual stated interest rate or yield plus the annual accretion of discounts and less any annual amortization of premiums, as applicable, on accruing debt securities, divided by total accruing debt securities (at fair value or amortized cost, as applicable). Actual yields earned over the life of each investment could differ materially from the yields presented above.
(2)As a percentage of fair value of investments of ULTRA III. ULTRA III had no assets on non-accrual as of March 31, 2025 and December 31, 2024.

Results of Operations
The following table represents our operating results:
Three Months Ended March 31,
20252024
Total investment income$444,134 $313,502 
Total expenses209,153 145,505 
Net investment income before excise tax234,981 167,997 
Excise tax expense293 (15)
Net investment income after excise tax234,688 168,012 
Net realized gain (loss)(56,060)(6,273)
Net change in unrealized appreciation (depreciation)7,754 53,911 
   Net increase (decrease) in net assets resulting from operations$186,382 $215,650 
Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. As a result, comparisons may not be meaningful.
Investment Income
Investment income was as follows:
Three Months Ended March 31,
20252024
Interest income$408,320 $291,764 
Payment-in-kind interest income24,099 18,030 
Dividend Income11,658 2,614 
Other income57 1,094 
Total investment income$444,134 $313,502 
Total investment income increased to $444.1 million for the three months ended March 31, 2025 from $313.5 million for the same period in the prior year primarily driven by our deployment of capital, the increased balance of our investments and by increased dividend income. Interest income increased as a result of an increase in our accruing debt investment’s funded par, which increased to $18,102.6
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million as of March 31, 2025, from $9,799.2 million in the prior year. This was partially offset by a decline in benchmark interest rates during the three months ended March 31, 2025, as compared to the same period in the prior year. The increase in dividend income is primarily from ULTRA III, which was $10.5 million for the three months ended March 31, 2025, as compared to $1.8 million for the same period in the prior year. At March 31, 2025, the size of our investment portfolio at fair value was $18,430.6 million and our weighted average yield on debt and income producing securities at fair value was 10.1%.

For the three months ended March 31, 2025 and 2024, PIK income represented 5.7% and 6.0% of total investment income, respectively. We expect that PIK income will vary based on the elections of certain borrowers.
Expenses
Expenses were as follows:
Three Months Ended March 31,
20252024
Interest expense$137,906 $86,093 
Management fees29,146 18,339 
Income based incentive fee33,728 25,565 
Capital gains incentive fee(6,038)5,954 
Shareholder servicing and/or distribution fees
Class D684 497 
Class F5,766 4,309 
Class S994 184 
Professional fees1,665 756 
Board of Trustees’ fees162 149 
Administrative service expenses1,517 822 
Other general & administrative3,091 2,384 
Amortization of continuous offering costs532 453 
Excise tax expense293 (15)
Total expenses (including excise tax expense)$209,446 $145,490 
Interest Expense
Total interest expense (including unused fees, amortization of deferred financing costs, debt issuance costs and original issue discounts) increased to $137.9 million for the three months ended March 31, 2025 from $86.1 million for the same period in the prior year primarily driven by increased borrowings under the Credit Facilities, Unsecured Notes, and debt securitization issuances. The average principal debt outstanding increased to $7,896.7 million for the three months ended March 31, 2025 from $3,870.4 million for the same period in the prior year. This was partially offset by a decrease in our weighted average interest rate (including unused fees, amortization of deferred financing costs, debt issuance costs and original issue discounts) for the three months ended March 31, 2025 to 7.08% from 8.95% for the same period in the prior year.
Management Fees
Management fees increased to $29.1 million for the three months ended March 31, 2025 from $18.3 million for the same period in the prior year primarily due to an increase in net assets. Management fees are payable monthly in arrears at an annual rate of 1.25% of the value of our net assets as of the beginning of the first calendar day of the applicable month.
Income Based Incentive Fee
Income based incentive fees increased to $33.7 million for the three months ended March 31, 2025 from $25.6 million for the same period in the prior year primarily due to our deployment of capital and an increase in Pre-Incentive Fee Net Investment Income Returns.
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Capital Gains Incentive Fees
U.S. GAAP requires that the capital gains incentive fee accrual consider the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement. This GAAP accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital depreciation included in the calculation of the capital gains incentive fee plus the aggregate cumulative unrealized capital appreciation, net of any expense associated with cumulative unrealized capital depreciation or appreciation. If such amount is positive at the end of a period, then GAAP requires us to record a capital gains incentive fee equal to 12.5% of such cumulative amount, less the aggregate amount of actual capital gains incentive fees paid or capital gains incentive fees accrued under GAAP in all prior periods.
Capital gains based incentive fees was $(6.0) million for the three months ended March 31, 2025, as compared to $6.0 million for the same period in the prior year due to net realized and unrealized losses incurred in the period, compared to net unrealized gains earned in the prior period. 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.
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 the management of the Company. Administrative service expenses represent fees paid to the Administrator for our allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the administration agreement, including our allocable portion of the cost of certain of our executive officers, their respective staff and other non-investment professionals that perform duties for us. Other general and administrative expenses include insurance, filing, research, our sub-administrator, subscriptions and other costs.
Total other expenses increased to $7.0 million for the three months ended March 31, 2025, from $4.6 million for the same period in the prior year primarily driven by an increase of professional fees, administrative service expenses and other general & administrative expenses due to servicing a growing portfolio.
Under the terms of the Administration Agreement and Investment Advisory Agreement, we reimburse the Administrator and Adviser, respectively, for services performed for us. In addition, pursuant to the terms of these agreements, the Administrator and Adviser may delegate its obligations under these agreements to an affiliate or to a third party and we reimburse the Administrator and Adviser for any services performed for us by such affiliate or third party. For the three months ended March 31, 2025, the Administrator charged $1.5 million, an increase from $0.8 million for the same period in the prior year, for certain costs and expenses allocable to the Company under the terms of the Administration Agreement.

Shareholder servicing and/or distributions fees increased to $7.4 million for the three months ended March 31, 2025 from $5.0 million for the same period in the prior year primarily due to an increase in shares outstanding.

We entered into an Expense Support Agreement with the Adviser. For additional information see “Note 3. Fees, Expenses, Agreements and Related Party Transactions” to the consolidated financial statements.
Income Taxes, Including Excise Taxes
We have elected to be treated as a RIC under Subchapter M of the Code, and we intend to operate in a manner so as to continue to qualify each taxable year for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, we must, among other things, distribute to our shareholders in each taxable year generally at least 90% of the sum of our investment company taxable income, as defined by the Code (without regard to the deduction for dividends paid), and net tax-exempt income (if any) for that taxable year. To maintain our tax treatment as a RIC, we, among other things, intend to make the requisite distributions to our shareholders, which generally relieve us from corporate-level U.S. federal income taxes.
Depending on the level of taxable income earned in a tax year, we may carry forward taxable income (including net capital gains, if any) in excess of current year distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year distributions from such income, we will accrue excise tax on estimated excess taxable income.
For the three months ended March 31, 2025 and 2024, we incurred U.S. federal excise tax of $0.3 million and $(0.0) million, respectively.
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Net Realized Gain (Loss)
Net realized gains and losses were comprised of the following:
Three Months Ended March 31,
20252024
Non-controlled/non-affiliated investments$(19,886)$(9,949)
Foreign currency forward contracts(34,279)167 
Foreign currency transactions(1,895)3,509 
Net realized gain (loss)$(56,060)$(6,273)
For the three months ended March 31, 2025, we generated net realized gains (losses) on investments of $(19.9) million, primarily driven by realized losses of $(18.2) million on the restructuring of two private debt investments (realized losses on ERC Topco Holdings, LLC of $(13.3) million and Galaxy US Opco Inc. of $(4.9) million) and net realized losses of $(2.5) million from the sale of syndicated loans, which were offset by realized gains of $0.8 million, primarily driven by the exit of an equity investment. We generated realized losses of $(34.3) million on foreign currency forwards contracts, primarily as a result of fluctuations in the EUR and GBP exchange rates, which was largely offset by unrealized gains on foreign currency as described below.

For the three months ended March 31, 2024, we generated net realized gains (losses) of $(6.3) million, driven by net realized losses on sales of debt investments, primarily syndicated loans and bonds, of $(2.4) million and foreign currency realized losses of $(7.5) million on investments (included in realized losses on non-controlled/non-affiliated investments) primarily due to an AUD portfolio company repayment. Realized losses were partially offset by $3.5 million gains in foreign currency transactions, as a result of repayments of foreign borrowings and conversions of foreign cash balances, primarily attributable to fluctuations in the AUD and EUR exchange rates.

Net Change in Unrealized Appreciation (Depreciation)

Net change in unrealized appreciation (depreciation) was comprised of the following:
Three Months Ended March 31,
20252024
Non-controlled/non-affiliated investments$67,250 $19,345 
Non-controlled/affiliated investments(66)(46)
Controlled/affiliated investments2,274 6,688 
Foreign currency forward contracts(24,102)12,494 
Translation of assets and liabilities in foreign currencies(37,602)15,430 
Net change in unrealized appreciation (depreciation)$7,754 $53,911 
For the three months ended March 31, 2025, the change in unrealized appreciation (depreciation) on the investment portfolio was $(27.1) million (excluding the impact of foreign currency) due to spread widening in the public credit markets and certain credit specific write-downs in the private portfolio, which was offset by foreign currency unrealized gains of $96.6 million on investments (included in unrealized gains on non-controlled/non-affiliated investments) primarily as a result of fluctuations in the EUR and GBP exchange rates. The remaining $(61.7) million of the net unrealized appreciation (depreciation) represents the net unrealized losses as a result of foreign currency fluctuations impacting the value of our foreign currency forward contracts, foreign debt and cash balances.
For the three months ended March 31, 2025, the net realized and unrealized gains/(losses) on foreign currency fluctuations impacting the value of the investment portfolio, foreign currency forward contracts, foreign debt and cash balances was $(1.2) million.
For the three months ended March 31, 2024, the fair value of our debt investments increased due to spread tightening in both the public and private credit markets. For the three months ended March 31, 2024, we generated foreign currency unrealized losses of $(21.1) million on investments (included in unrealized gains on non-controlled/non-affiliated investments) primarily as a result of fluctuations in the AUD, GBP and EUR exchange rates.

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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 “Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements - Note 2. Significant Accounting Policies” 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 “Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 7. Borrowings” 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 facilities, unsecured debt issuances, debt securitization issuances, income earned and repayments on principal on our debt investments. The primary uses of our cash and cash equivalents are for (i) originating and purchasing debt investments, (ii) funding the costs of our operations (including fees paid to our Adviser and expense reimbursements paid to our Administrator), (iii) debt service, repayment and other financing costs of our borrowings, (iv) funding repurchases under our share repurchase program and (v) cash distributions to our shareholders.
As of March 31, 2025 and December 31, 2024, we had several asset-based leverage facilities, a corporate-level revolving credit facility, unsecured note issuances and debt securitization issuances. From time to time, we may enter into additional credit facilities, increase the size of our existing credit facilities and/or issue debt securities, including additional unsecured notes and debt securitizations. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of March 31, 2025 and December 31, 2024, we had an aggregate amount of $8,985.1 million and $7,508.7 million, respectively, of principal debt outstanding and our asset coverage ratio was 207.3% and 216.3%, respectively. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage.
Cash and cash equivalents as of March 31, 2025, taken together with our $2,262.9 million of available capacity under our credit facilities (subject to borrowing base availability) and the continuous offering of our Common Shares is expected to be sufficient for our investing activities and to conduct our operations in the near term. This determination is based in part on our expectations for the timing of funding investment purchases and the timing and amount of future proceeds from sales of our Common Shares and the use of existing and future financing arrangements. As of March 31, 2025, we had significant amounts payable and commitments for existing and new investments, which we planned to fund using proceeds from offering our Common Shares and available borrowing capacity under our credit facilities. Additionally, we held $1,520.6 million of syndicated loans and other liquid investments as of March 31, 2025, which could provide additional liquidity if necessary.
Although we have historically been able to obtain sufficient borrowing capacity, any disruption in the financial markets or any other negative economic development could restrict our access to financing in the future. We may not be able to find new financing for future investments or liquidity needs and, even if we are able to obtain such financing, such financing may not be on as favorable terms as we could have obtained in the past. These factors may limit our ability to make new investments and adversely impact our results of operations.
As of March 31, 2025, we had $434.3 million in cash and cash equivalents. During the three months ended March 31, 2025, cash used in operating activities was $2,027.5 million, primarily as a result of funding portfolio investments of $2,502.6 million and partially offset by proceeds from sale of investments and principal repayments of $296.4 million and other operating uses of $178.7 million. Cash provided by financing activities was $2,232.9 million during the period, primarily as a result of new share issuances related to $1,067.4 million of subscriptions and net borrowings (repayments) of $1,438.2 million.
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Equity
The following table summarizes transactions in common shares of beneficial interest during the three months ended March 31, 2025:
SharesAmount
CLASS I
Subscriptions23,863,608 $610,430 
Share transfers between classes1,829,358 46,752 
Distributions reinvested909,066 23,261 
Share repurchases(5,971,419)(152,092)
Early repurchase deduction— 33 
Net increase (decrease)20,630,613 $528,384 
CLASS D
Subscriptions2,510,439 $64,125 
Share transfers between classes(1,592,453)(40,704)
Distributions reinvested517,550 13,232 
Share repurchases(1,332,224)(33,932)
Early repurchase deduction— 11 
Net increase (decrease)103,312 $2,732 
CLASS F
Subscriptions11,060,630 $282,609 
Share transfers between classes(114,603)(2,928)
Distributions reinvested1,988,277 50,831 
Share repurchases(917,886)(23,379)
Early repurchase deduction— 47 
Net increase (decrease)12,016,418 $307,180 
CLASS S
Subscriptions4,313,557 $110,234 
Share transfers between classes(122,302)(3,120)
Distributions reinvested179,651 4,593 
Share repurchases(42,689)(1,087)
Early repurchase deduction— 
Net increase (decrease)4,328,217 $110,625 
Total net increase (decrease)37,078,560 $948,921 

The following table summarizes transactions in common shares of beneficial interest during the three months ended March 31, 2024:
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SharesAmount
CLASS I
Subscriptions14,309,134 $360,098 
Share transfers between classes53,163 1,333 
Distributions reinvested538,118 13,526 
Share repurchases(1,309,587)(33,211)
Early repurchase deduction— — 
Net increase (decrease)13,590,828 $341,746 
CLASS D
Subscriptions3,843,517 $96,497 
Share transfers between classes116,731 2,927 
Distributions reinvested436,170 10,964 
Share repurchases(416,320)(10,558)
Early repurchase deduction— — 
Net increase (decrease)3,980,098 $99,830 
CLASS F
Subscriptions17,020,539 $428,057 
Share transfers between classes(226,825)(5,691)
Distributions reinvested1,748,096 43,940 
Share repurchases(621,324)(15,757)
Early repurchase deduction— — 
Net increase (decrease)17,920,486 $450,549 
CLASS S
Subscriptions3,911,922 $98,389 
Share transfers between classes56,931 1,431 
Distributions reinvested22,956 578 
Share repurchases— — 
Early repurchase deduction— — 
Net increase (decrease)3,991,809 $100,398 
Total net increase (decrease)39,483,221 $992,523 

Distributions and Distribution Reinvestment

The following tables summarize our distributions declared and payable for the three months ended March 31, 2025 (dollar amounts in thousands, except per share amounts), and the record date for each distribution was the last calendar date of the month in which such distribution was declared:

Class I
Declaration DatePayment DateBase Distribution Per ShareVariable Supplemental Distribution Per ShareSpecial Distribution Per ShareTotal Distribution Per ShareDistribution Amount
January 29, 2025February 28, 2025$0.1600 $0.0550 $— $0.2150 $24,733 
February 26, 2025March 31, 20250.1600 0.0550 — 0.2150 27,355 
March 27, 2025April 30, 20250.1600 0.0550 — 0.2150 28,558 
Total$0.4800 $0.1650 $— $0.6450 $80,646 

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Class D
Declaration DatePayment Date
Base Distribution Per Share(1)
Variable Supplemental Distribution Per ShareSpecial Distribution Per ShareTotal Distribution Per ShareDistribution Amount
January 29, 2025February 28, 2025$0.1546 $0.0550 $— $0.2096 $8,871 
February 26, 2025March 31, 20250.1551 0.0550 — 0.2101 9,116 
March 27, 2025April 30, 20250.1546 0.0550 — 0.2096 9,339 
Total$0.4643 $0.1650 $— $0.6293 $27,326 
Class F
Declaration DatePayment Date
Base Distribution Per Share(1)
Variable Supplemental Distribution Per ShareSpecial Distribution Per ShareTotal Distribution Per ShareDistribution Amount
January 29, 2025February 28, 2025$0.1491 $0.0550 $— $0.2041 $36,177 
February 26, 2025March 31, 20250.1502 0.0550 — 0.2052 37,444 
March 27, 2025April 30, 20250.1492 0.0550 — 0.2042 38,611 
Total$0.4485 $0.1650 $— $0.6135 $112,232 
Class S
Declaration DatePayment Date
Base Distribution Per Share(1)
Variable Supplemental Distribution Per ShareSpecial Distribution Per ShareTotal Distribution Per ShareDistribution Amount
January 29, 2025February 28, 2025$0.1415 $0.0550 $— $0.1965 $3,363 
February 26, 2025March 31, 20250.1433 0.0550 — 0.1983 3,627 
March 27, 2025April 30, 20250.1416 0.0550 — 0.1966 3,978 
Total$0.4264 $0.1650 $— $0.5914 $10,968 
(1)Distributions per share are net of shareholder servicing and/or distribution fees.



The following tables summarize our distributions declared and payable for the three months ended March 31, 2024 (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 DatePayment DateBase Distribution Per ShareVariable Supplemental Distribution Per ShareSpecial Distribution Per ShareTotal Distribution Per ShareDistribution Amount
January 30, 2024February 29, 2024$0.1600 $0.0550 $— $0.2150 $11,811 
February 29, 2024March 29, 20240.1600 0.0550 — 0.2150 13,391 
March 26, 2024April 30, 20240.1600 0.0550 — 0.2150 14,482 
Total$0.4800 $0.1650 $— $0.6450 $39,684 

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Class D
Declaration DatePayment Date
Base Distribution Per Share(1)
Variable Supplemental Distribution Per ShareSpecial Distribution Per ShareTotal Distribution Per ShareDistribution Amount
January 30, 2024February 29, 2024$0.1547 $0.0550 $— $0.2097 $6,514 
February 29, 2024March 29, 20240.1550 0.0550 — 0.2100 6,670 
March 26, 2024April 30, 20240.1547 0.0550 — 0.2097 6,834 
Total$0.4644 $0.1650 $— $0.6294 $20,018 
Class F
Declaration DatePayment Date
Base Distribution Per Share(1)
Variable Supplemental Distribution Per ShareSpecial Distribution Per ShareTotal Distribution Per ShareDistribution Amount
January 30, 2024February 29, 2024$0.1494 $0.0550 $— $0.2044 $26,889 
February 29, 2024March 29, 20240.1500 0.0550 — 0.2050 28,278 
March 26, 2024April 30, 20240.1493 0.0550 — 0.2043 29,404 
Total$0.4487 $0.1650 $— $0.6137 $84,571 
Class S
Declaration DatePayment Date
Base Distribution Per Share(1)
Variable Supplemental Distribution Per ShareSpecial Distribution Per ShareTotal Distribution Per ShareDistribution Amount
January 30, 2024February 29, 2024$0.1420 $0.0550 $— $0.1970 $357 
February 29, 2024March 29, 20240.1431 0.0550 — 0.1981 743 
March 26, 2024April 30, 20240.1418 0.0550 — 0.1968 954 
Total$0.4269 $0.1650 $— $0.5919 $2,054 
(1)Distributions per share are net of shareholder servicing and/or distribution fees

With respect to distributions, we have adopted an “opt out” distribution reinvestment plan for shareholders. As a result, in the event of a declared cash distribution or other distribution, each shareholder, other than a shareholder that has “opted out” of the distribution reinvestment plan or who is located in a state that does not permit automatic enrollment in the distribution reinvestment plan, will have their distributions automatically reinvested in additional shares rather than receiving cash distributions. Shareholders who receive distributions in the form of shares will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.
Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following table reflects the sources of cash distributions on a U.S. GAAP basis that we declared on our Common Shares during the three months ended March 31, 2025:
Class IClass DClass FClass S
Source of DistributionPer ShareAmountPer ShareAmountPer ShareAmountPer ShareAmount
Net investment income$0.6450 $80,646 $0.6293 $27,326 $0.6135 $112,232 $0.5914 $10,968 
Net realized gains— — — — — — — — 
Total$0.6450 $80,646 $0.6293 $27,326 $0.6135 $112,232 $0.5914 $10,968 

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The following table reflects the sources of cash distributions on a U.S. GAAP basis that we declared on our Common Shares during the three months ended March 31, 2024:
Class IClass DClass FClass S
Source of DistributionPer ShareAmountPer ShareAmountPer ShareAmountPer ShareAmount
Net investment income$0.6450 $39,684 $0.6294 $20,018 $0.6137 $84,571 $0.5919 $2,054 
Net realized gains— — — — — — — — 
Total$0.6450 $39,684 $0.6294 $20,018 $0.6137 $84,571 $0.5919 $2,054 
Share Repurchase Program

At the discretion of the Board, we have commenced a share repurchase program in which we may repurchase, in each quarter, up to 5% of the NAV of our Common Shares outstanding (by number of shares) as of the close of the previous calendar quarter (the “Baseline Repurchase Amount”). The Board may amend or suspend the share repurchase program if it deems such action to be in the best interest of shareholders, such as when a repurchase offer would place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on us as a whole that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares. In the event the Board determines, in any particular quarter, that the Company shall offer to repurchase less than the Baseline Repurchase Amount, or to amend the share repurchase program such that the Company will offer to repurchase less than the Baseline Repurchase Amount on a going forward basis, the Board will consider, on an at least quarterly basis, whether it is in the best interest of shareholders for the Company to resume offering to repurchase at least the Baseline Repurchase Amount.
Under the share repurchase program, to the extent we offer to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived, at our discretion, in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by us for the benefit of remaining shareholders.
The following tables summarize the share repurchases completed during the three months ended March 31, 2025 and 2024:
Repurchase Deadline Request
Percentage of Outstanding Shares the Company Offered to Repurchase(1)
Repurchase Pricing Date
Amount Repurchased (all classes)(2)
Number of Shares Repurchased (all classes)
Percentage of Outstanding Shares Repurchased(1)
March 4, 20255.00 %March 31, 2025$210,490 8,264,218 2.42 %

Repurchase Deadline Request
Percentage of Outstanding Shares the Company Offered to Repurchase(1)
Repurchase Pricing Date
Amount Repurchased (all classes)(2)
Number of Shares Repurchased (all classes)
Percentage of Outstanding Shares Repurchased(1)
March 1, 20245.00 %March 31, 2024$59,526 2,347,231 1.13 %
(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.









Borrowings
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Our outstanding debt obligations were as follows:
March 31, 2025
Aggregate
Principal
Committed
Outstanding
Principal
Carrying
Value
Unused
Portion(1)
Amount
Available(2)
HLEND A Funding Facility(3)
$800,000 $522,873 $522,873 $277,127 $229,615 
HLEND B Funding Facility(3)
1,250,000 755,323 755,323 494,677 325,915 
HLEND C Funding Facility750,000 487,500 487,500 262,500 31,397 
HLEND D Funding Facility(3)
1,000,000 737,498 737,498 262,502 194,094 
HLEND E Funding Facility(3)
1,000,000 701,927 701,927 298,073 135,593 
Revolving Credit Facility(3)
1,625,000 956,956 956,956 668,044 668,044 
November 2025 Notes(4)
170,000 170,000 169,538 — — 
November 2027 Notes(4)
155,000 155,000 154,390 — — 
March 2026 Notes(4)
276,000 276,000 275,844 — — 
March 2028 Notes(4)
124,000 124,000 123,797 — — 
September 2027 Notes(4)
75,000 75,000 75,454 — — 
September 2028 Notes(4)
250,000 250,000 251,880 — — 
January 2029 Notes(4)
550,000 550,000 541,966 — — 
September 2029 Notes(4)
400,000 400,000 398,833 — — 
January 2028 Notes(4)
750,000 750,000 747,175 — — 
April 2032 Notes(4)
500,000 500,000 498,371 — — 
2023 CLO Secured Notes(4)
323,000 323,000 320,086 — — 
2024 CLO Secured Notes(4)
400,000 400,000 377,612 — — 
2025 CLO Secured Debt(4)
850,000 850,000 845,009 — — 
Total$11,248,000 $8,985,077 $8,942,032 $2,262,923 $1,584,658 
(1)The unused portion is the amount upon which commitment fees, if any, are based.
(2)The amount available reflects any limitations related to each respective credit facility’s borrowing base.
(3)We may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of March 31, 2025, we had outstanding borrowings denominated in the following non-USD currencies:
Currency
FacilityAustralian Dollars (AUD)Euros (EUR)British Pound (GBP)
HLEND A Funding FacilityA$94,413 25,500 £— 
HLEND B Funding Facility25,519 105,352 90,347 
HLEND D Funding Facility— 167,513 — 
HLEND E Funding Facility— 37,836 — 
Revolving Credit Facility2,500 257,763 225,692 

(4)As of March 31, 2025, the carrying value of our Unsecured Notes, 2023 CLO Secured Notes, 2024 CLO Secured Notes and 2025 CLO Secured Debt are presented net of unamortized debt issuance costs and original issue discount, as applicable, in the below table. Additionally, the carrying value of our 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.
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Unamortized Debt Issuance Costs and Original Issue DiscountChange in the Notes Carrying Value as a Result of the Qualifying Fair Value Hedge Relationship
November 2025 Notes$(403)$(59)
November 2027 Notes(926)316 
March 2026 Notes(800)644 
March 2028 Notes(668)465 
September 2027 Notes(484)938 
September 2028 Notes(1,818)3,698 
January 2029 Notes(9,897)1,862 
September 2029 Notes(8,382)7,215 
January 2028 Notes(10,845)8,020 
April 2032 Notes(13,366)11,737 
2023 CLO Secured Notes(2,914)— 
2024 CLO Secured Notes(22,387)— 
2025 CLO Secured Debt(4,991)— 
Total$(77,881)$34,836



December 31, 2024
Aggregate
Principal
Committed
Outstanding
Principal
Carrying
Value
Unused
Portion(1)
Amount
Available(2)
HLEND A Funding Facility(3)
$800,000 $683,184 $683,184 $116,816 $94,431 
HLEND B Funding Facility(3)
1,250,000 955,572 955,572 294,428 148,973 
HLEND C Funding Facility750,000 487,500 487,500 262,500 31,775 
HLEND D Funding Facility(3)
1,000,000 830,343 830,343 169,657 96,737 
HLEND E Funding Facility1,000,000 642,800 642,800 357,200 81,202 
Revolving Credit Facility(3)
1,525,000 1,186,264 1,186,264 338,736 338,736 
November 2025 Notes(4)
170,000 170,000 169,403 — — 
November 2027 Notes(4)
155,000 155,000 153,652 — — 
March 2026 Notes(4)
276,000 276,000 274,866 — — 
March 2028 Notes(4)
124,000 124,000 121,989 — — 
September 2027 Notes(4)
75,000 75,000 74,649 — — 
September 2028 Notes(4)
250,000 250,000 248,111 — — 
January 2029 Notes(4)
550,000 550,000 530,894 — — 
September 2029 Notes(4)
400,000 400,000 390,055 — — 
2023 CLO Secured Notes(4)
323,000 323,000 320,018 — — 
2024 CLO Secured Notes(4)
400,000 400,000 376,280 — — 
Total$9,048,000 $7,508,663 $7,445,580 $1,539,337 $791,854 
(1)The unused portion is the amount upon which commitment fees, if any, are based.
(2)The amount available reflects any limitations related to each respective credit facility’s borrowing base.
(3)We may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of December 31, 2024, we had outstanding borrowings denominated in the following non-USD currencies:
Currency
FacilityAustralian Dollars (AUD)Euros (EUR)British Pound (GBP)
HLEND A Funding FacilityA$34,413 — £12,929 
HLEND B Funding Facility25,519 3,352 90,347 
HLEND D Funding Facility— 42,513 — 
Revolving Credit Facility62,500 457,831 212,692 
(4)As of December 31, 2024, the carrying value of our Unsecured Notes, 2023 CLO Secured Notes and 2024 CLO Secured Notes are presented net of unamortized debt issuance costs and original issue discount, as applicable, in the below table. Additionally, the carrying value of our Unsecured Notes includes the increase (decrease) in the notes carrying value as a result of the qualifying fair value hedge relationship as disclosed in the below table, and as further described above.
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Unamortized Debt Issuance Costs and Original Issue DiscountChange in the Notes Carrying Value as a Result of the Qualifying Fair Value Hedge Relationship
November 2025 Notes$(562)$(36)
November 2027 Notes(1,013)(335)
March 2026 Notes(1,007)(127)
March 2028 Notes(723)(1,288)
September 2027 Notes(533)182 
September 2028 Notes(1,947)58 
January 2029 Notes(10,367)(8,739)
September 2029 Notes(8,721)(1,225)
2023 CLO Secured Notes(2,982)— 
2024 CLO Secured Notes(23,718)— 
Total$(51,573)$(11,510)
A summary of our contractual payment obligations under our credit facilities, unsecured notes and debt securitization issuances as of March 31, 2025, is as follows:
March 31, 2025
TotalLess than 1 year1-3 years
3-5 years
After 5 years
HLEND A Funding Facility$522,873 $— $522,873 $— $— 
HLEND B Funding Facility755,323 — — 755,323 — 
HLEND C Funding Facility487,500 — — — 487,500 
HLEND D Funding Facility737,498 — 737,498 — — 
HLEND E Funding Facility701,927 — — 701,927 — 
Revolving Credit Facility956,956 — 58,200 898,756 — 
November 2025 Notes170,000 170,000 — — — 
November 2027 Notes155,000 — 155,000 — — 
March 2026 Notes276,000 276,000 — — — 
March 2028 Notes124,000 — 124,000 — — 
September 2027 Notes75,000 — 75,000 — — 
September 2028 Notes250,000 — — 250,000 — 
January 2029 Notes550,000 — — 550,000 — 
September 2029 Notes400,000 — — 400,000 — 
January 2028 Notes750,000 — 750,000 — — 
April 2032 Notes500,000 — — — 500,000 
2023 CLO Secured Notes323,000 — — — 323,000 
2024 CLO Secured Notes400,000 — — — 400,000 
2025 CLO Secured Debt850,000 — — — 850,000 
Total$8,985,077 $446,000 $2,422,571 $3,556,006 $2,560,500 

For additional information on our debt obligations see “Note 7. Borrowings” to the consolidated financial statements.
Off-Balance Sheet Arrangements
Portfolio Company Commitments
Our investment portfolio contains and is expected to continue to contain debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of March 31, 2025 and December 31, 2024, we had unfunded delayed draw term loans and revolvers with an aggregate principal amount of $2,370.3 million and $2,128.7 million, respectively.
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Other Commitments and Contingencies
As of March 31, 2025 and December 31, 2024, $236.2 million and $236.2 million, respectively, of capital committed remained uncalled from the Company in relation to capital commitments to ULTRA III. Such amount is subject to the approval of each joint venture member.

From time to time, we may become a party to certain legal proceedings incidental to the normal course of its business. As of March 31, 2025, 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, our Adviser and certain of our Adviser’s affiliates have been granted exemptive relief by the SEC to co-invest with other funds and accounts sponsored or managed by our Adviser or its affiliates 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 Transactionsto the consolidated financial statements.
Recent Developments
See “Item 1. Financial Statements – Notes to Consolidated Financial Statements – Note 12. Subsequent Events” for a summary of recent developments.
Critical Accounting Estimates

The preparation of the consolidated financial statements requires us 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.
Investments and Fair Value Measurements
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, 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, 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.

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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 our 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 Adviser’s 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 our investments for which reliable market quotations are not readily available, many of which are loans, including and in combination, as relevant, of: (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 Company and the Adviser 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.
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 Company’s accounting policy on the fair value of our investments is critical because the determination of fair value involves subjective judgments and estimates. Accordingly, the notes to the Company’s 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.
See “Note 5. Fair Value Measurements” to the consolidated financial statements for more information on the fair value of the Company’s investments.
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 the Company’s valuation designee under Rule 2a-5 under the 1940 Act, based on, among other things, the input of independent
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third-party valuation firms retained by the Company, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.
Interest Rate Risk
Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We intend to fund portions of our investments with borrowings, and at such time, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure shareholders that a significant change in market interest rates will not have a material adverse effect on our net investment income.
As of March 31, 2025, 99.4% of our performing debt 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 March 31, 2025, 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 IncomeInterest ExpenseNet Income
Up 300 basis points$539,744 $(264,677)$275,067 
Up 200 basis points$359,829 $(176,451)$183,378 
Up 100 basis points$179,915 $(88,226)$91,689 
Down 100 basis points$(179,915)$88,226 $(91,689)
Down 200 basis points$(358,837)$176,451 $(182,386)
Down 300 basis points$(535,307)$264,677 $(270,630)
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 hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of changes in interest rates with respect to our portfolio investments.
Item 4. Controls and Procedures.
(a) Evaluation of Disclosure Controls and Procedures

In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended, we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.
(b) Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during the quarter ended March 31, 2025 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, 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, 2024 as well as the risk factors set forth in “Risk Factors” of the Post-Effective Amendment No. 1 to our registration statement on Form N-2 filed on April 24, 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 March 31, 2025 to the risk factors set forth in “Risk Factors” of the Post-Effective Amendment No. 1 to our registration statement on Form N-2 filed on April 24, 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 (the “Baseline Repurchase Amount”). Our Board of Trustees may amend or suspend the share repurchase program at any time if it deems such action to be in our best interest and the best interest of our shareholders, such as when a repurchase offer would place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on the Company as a whole, or should we otherwise determine that investing our liquid assets in originated loans or other illiquid investments rather than repurchasing our shares is in the best interests of the Company as a whole. As a result, share repurchases may not be available each quarter. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares. In the event the Board determines, in any particular quarter, that the Company shall offer to repurchase less than the Baseline Repurchase Amount, or to amend the share repurchase program such that the Company will offer to repurchase less than the Baseline Repurchase Amount on a going forward basis, the Board will consider, on an at least quarterly basis, whether it is in the best interest of shareholders for the Company to resume offering to repurchase at least the Baseline Repurchase Amount.
Under our share repurchase program, to the extent we offer to repurchase shares in any particular quarter, we expect to repurchase shares pursuant to quarterly tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV.

The following table sets forth information regarding repurchases of our common shares during the three months ended March 31, 2025 (dollars in thousands):
Offer DateRepurchase Deadline RequestPurchase Price per ShareNumber of Shares Repurchased (all classes)Amount Repurchased (all classes)
February 3, 2025March 4, 2025$25.47 8,264,218 2.42 %

Item 3. Defaults Upon Senior Securities.

None.
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Item 4. Mine Safety Disclosures.

Not applicable.
Item 5. Other Information.

During the fiscal quarter ended March 31, 2025, none of our directors or executive officers adopted, modified or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
Item 6. Exhibits.

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Exhibit
Number
Description of Exhibits
101.INSInline 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.SCHInline XBRL Taxonomy Extension Schema Document*
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document*
101.LABInline XBRL Taxonomy Extension Label Linkbase Document*
101.PREInline 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 Lending Fund
May 14, 2025/s/ Michael Patterson
Michael Patterson
Chief Executive Officer
May 14, 2025/s/ Robert Busch
Robert Busch
Chief Financial Officer

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