# EDGAR Filing Document

**Accession Number:** 0001989817
**File Stem:** 0001628280-26-035294
**Filing Date:** 2026-5
**Character Count:** 410515
**Document Hash:** f196bcb9f2fc53ed36b1c20da434f0f7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-035294.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001628280-26-035294

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 81

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260514

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HPS Corporate Capital Solutions Fund
- **CENTRAL INDEX KEY:** 0001989817

**ORGANIZATION NAME:**
- **EIN:** 936616284
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01715
- **FILM NUMBER:** 26981622

**BUSINESS ADDRESS:**
- **STREET 1:** 40 WEST 57TH STREET, 33RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-287-5161

**MAIL ADDRESS:**
- **STREET 1:** 40 WEST 57TH STREET, 33RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

?xml version='1.0' encoding='ASCII'? hps-20260331

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

_____________________________________________________

**FORM 10-Q**

_____________________________________________________

**(Mark One)**

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

**For the quarterly period ended March 31, 2026**

**OR**

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

**For the transition period from __________ to __________**

**Commission File Number 814-01715**

________________________________________________________________________________________________

**HPS Corporate Capital Solutions Fund**

**(Exact name of Registrant as specified in its Charter)**

________________________________________________________________________________________________

---

| | |
|:---|:---|
| **Delaware** | **93-6616284** |
| **(State or other jurisdiction of<br>incorporation or organization)** | **(I.R.S. Employer<br>Identification No.)** |
| **40 West 57th Street, 33rd Floor**<br>**New York, NY** | **10019** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

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

________________________________________________________________________________________________

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **None** | **None** | **None** |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | □ | Accelerated filer | □ |
| Non-accelerated filer | ⌧ | Smaller reporting company | □ |
| Emerging growth company | ⌧ | | |

---

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).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

The Registrant's Common Shares, $0.01 par value per share, outstanding as of May 11, 2026 was 12,054,844, 37,807,045 and 515 of Class I, Class D and Class S common shares, respectively. Common Shares outstanding exclude May 1, 2026 subscriptions since the issuance price is not yet finalized at the date of this filing.

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**Table of Contents**

---

| | | |
|:---|:---|:---|
| | | **Page** |
| **[PART I](#iab6eadf3804c48fa906b7b63f84d54fc_208)** | **<u>[FINANCIAL INFORMATION](#iab6eadf3804c48fa906b7b63f84d54fc_208)</u>** | |
| [Item 1.](#iab6eadf3804c48fa906b7b63f84d54fc_211) | <u>[Consolidated Financial Statements](#iab6eadf3804c48fa906b7b63f84d54fc_211)</u> | [4](#iab6eadf3804c48fa906b7b63f84d54fc_211) |
|  | <u>[Consolidated Statements of Assets and Liabilities as of March 31, 202](#iab6eadf3804c48fa906b7b63f84d54fc_91)[6](#iab6eadf3804c48fa906b7b63f84d54fc_91)[(Unaudited) and December 31, 2025](#iab6eadf3804c48fa906b7b63f84d54fc_91)</u> | [4](#iab6eadf3804c48fa906b7b63f84d54fc_91) |
|  | <u>[Consolidated Statements of Operations for the three](#iab6eadf3804c48fa906b7b63f84d54fc_97)[months](#iab6eadf3804c48fa906b7b63f84d54fc_97)[ended](#iab6eadf3804c48fa906b7b63f84d54fc_97)[Mar](#iab6eadf3804c48fa906b7b63f84d54fc_97)[ch](#iab6eadf3804c48fa906b7b63f84d54fc_97)[3](#iab6eadf3804c48fa906b7b63f84d54fc_97)[1](#iab6eadf3804c48fa906b7b63f84d54fc_97)[, 202](#iab6eadf3804c48fa906b7b63f84d54fc_97)[6](#iab6eadf3804c48fa906b7b63f84d54fc_97)[(Unaudited) and](#iab6eadf3804c48fa906b7b63f84d54fc_97)[March 31](#iab6eadf3804c48fa906b7b63f84d54fc_97)[, 202](#iab6eadf3804c48fa906b7b63f84d54fc_97)[5](#iab6eadf3804c48fa906b7b63f84d54fc_97)[(Unaudited)](#iab6eadf3804c48fa906b7b63f84d54fc_97)</u> | [6](#iab6eadf3804c48fa906b7b63f84d54fc_97) |
|  | <u>[Consolidated Statements of Changes in Net Assets for the three](#iab6eadf3804c48fa906b7b63f84d54fc_1172)[months](#iab6eadf3804c48fa906b7b63f84d54fc_1172)[ended](#iab6eadf3804c48fa906b7b63f84d54fc_1172)[March](#iab6eadf3804c48fa906b7b63f84d54fc_1172)[3](#iab6eadf3804c48fa906b7b63f84d54fc_1172)[1](#iab6eadf3804c48fa906b7b63f84d54fc_1172)[, 202](#iab6eadf3804c48fa906b7b63f84d54fc_1172)[6](#iab6eadf3804c48fa906b7b63f84d54fc_1172)[(Unaudited) and](#iab6eadf3804c48fa906b7b63f84d54fc_1172)[March](#iab6eadf3804c48fa906b7b63f84d54fc_1172)[3](#iab6eadf3804c48fa906b7b63f84d54fc_1172)[1](#iab6eadf3804c48fa906b7b63f84d54fc_1172)[, 202](#iab6eadf3804c48fa906b7b63f84d54fc_1172)[5](#iab6eadf3804c48fa906b7b63f84d54fc_1172)[(Unaudited)](#iab6eadf3804c48fa906b7b63f84d54fc_1172)</u> | [7](#iab6eadf3804c48fa906b7b63f84d54fc_1172) |
|  | <u>[Consolidated Statements of Cash Flows for the](#iab6eadf3804c48fa906b7b63f84d54fc_103)[three](#iab6eadf3804c48fa906b7b63f84d54fc_103)[months ended](#iab6eadf3804c48fa906b7b63f84d54fc_103)[March](#iab6eadf3804c48fa906b7b63f84d54fc_103)[3](#iab6eadf3804c48fa906b7b63f84d54fc_103)[1](#iab6eadf3804c48fa906b7b63f84d54fc_103)[, 202](#iab6eadf3804c48fa906b7b63f84d54fc_103)[6](#iab6eadf3804c48fa906b7b63f84d54fc_103)[(Unaudited) and](#iab6eadf3804c48fa906b7b63f84d54fc_103)[Mar](#iab6eadf3804c48fa906b7b63f84d54fc_103)[ch](#iab6eadf3804c48fa906b7b63f84d54fc_103)[3](#iab6eadf3804c48fa906b7b63f84d54fc_103)[1](#iab6eadf3804c48fa906b7b63f84d54fc_103)[, 202](#iab6eadf3804c48fa906b7b63f84d54fc_103)[5](#iab6eadf3804c48fa906b7b63f84d54fc_103)[(Unaudited)](#iab6eadf3804c48fa906b7b63f84d54fc_103)</u>  | [8](#iab6eadf3804c48fa906b7b63f84d54fc_103) |
|  | <u>[Consolidated Schedule of Investments as of](#iab6eadf3804c48fa906b7b63f84d54fc_106)[Mar](#iab6eadf3804c48fa906b7b63f84d54fc_106)[ch](#iab6eadf3804c48fa906b7b63f84d54fc_106)[3](#iab6eadf3804c48fa906b7b63f84d54fc_106)[1](#iab6eadf3804c48fa906b7b63f84d54fc_106)[, 202](#iab6eadf3804c48fa906b7b63f84d54fc_106)[6](#iab6eadf3804c48fa906b7b63f84d54fc_106)[(Unaudited)](#iab6eadf3804c48fa906b7b63f84d54fc_106)</u> | [9](#iab6eadf3804c48fa906b7b63f84d54fc_106) |
|  | <u>[Consolidated Schedule of Investments as of December 31, 2025](#iab6eadf3804c48fa906b7b63f84d54fc_1391)</u> | [25](#iab6eadf3804c48fa906b7b63f84d54fc_1391) |
|  | <u>[Notes to Consolidated Financial Statements (Unaudited)](#iab6eadf3804c48fa906b7b63f84d54fc_118)</u> | [40](#iab6eadf3804c48fa906b7b63f84d54fc_118) |
| [Item 2.](#iab6eadf3804c48fa906b7b63f84d54fc_214) | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#iab6eadf3804c48fa906b7b63f84d54fc_214)</u> | [72](#iab6eadf3804c48fa906b7b63f84d54fc_214) |
| [Item 3.](#iab6eadf3804c48fa906b7b63f84d54fc_217) | <u>[Quantitative and Qualitative Disclosures About Market Risk](#iab6eadf3804c48fa906b7b63f84d54fc_217)</u> | [87](#iab6eadf3804c48fa906b7b63f84d54fc_217) |
| [Item 4.](#iab6eadf3804c48fa906b7b63f84d54fc_220) | <u>[Controls and Procedures](#iab6eadf3804c48fa906b7b63f84d54fc_220)</u> | [88](#iab6eadf3804c48fa906b7b63f84d54fc_220) |
| **[PART II](#iab6eadf3804c48fa906b7b63f84d54fc_223)** | **<u>[OTHER INFORMATION](#iab6eadf3804c48fa906b7b63f84d54fc_223)</u>** |  |
| [Item 1.](#iab6eadf3804c48fa906b7b63f84d54fc_226) | <u>[Legal Proceedings](#iab6eadf3804c48fa906b7b63f84d54fc_226)</u> | [89](#iab6eadf3804c48fa906b7b63f84d54fc_226) |
| [Item 1A.](#iab6eadf3804c48fa906b7b63f84d54fc_229) | <u>[Risk Factors](#iab6eadf3804c48fa906b7b63f84d54fc_229)</u> | [89](#iab6eadf3804c48fa906b7b63f84d54fc_229) |
| [Item 2.](#iab6eadf3804c48fa906b7b63f84d54fc_232) | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#iab6eadf3804c48fa906b7b63f84d54fc_232)</u> | [89](#iab6eadf3804c48fa906b7b63f84d54fc_232) |
| [Item 3.](#iab6eadf3804c48fa906b7b63f84d54fc_235) | <u>[Defaults Upon Senior Securities](#iab6eadf3804c48fa906b7b63f84d54fc_235)</u> | [89](#iab6eadf3804c48fa906b7b63f84d54fc_235) |
| [Item 4.](#iab6eadf3804c48fa906b7b63f84d54fc_238) | <u>[Mine Safety Disclosures](#iab6eadf3804c48fa906b7b63f84d54fc_238)</u> | [89](#iab6eadf3804c48fa906b7b63f84d54fc_238) |
| [Item 5.](#iab6eadf3804c48fa906b7b63f84d54fc_241) | <u>[Other Information](#iab6eadf3804c48fa906b7b63f84d54fc_241)</u> | [90](#iab6eadf3804c48fa906b7b63f84d54fc_241) |
| [Item 6.](#iab6eadf3804c48fa906b7b63f84d54fc_244) | <u>[Exhibits](#iab6eadf3804c48fa906b7b63f84d54fc_244)</u> | [90](#iab6eadf3804c48fa906b7b63f84d54fc_244) |
| <u>[Signatures](#iab6eadf3804c48fa906b7b63f84d54fc_247)</u> |  |  |

---

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our current and expected financing arrangements and investments;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our contractual arrangements and relationships with third parties;

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our use of financial leverage;

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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").

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**PART I - FINANCIAL INFORMATION**

**Item 1. Consolidated Financial Statements.**

**HPS Corporate Capital Solutions Fund**

**Consolidated Statements of Assets and Liabilities**

**(in thousands, except share and per share amounts)**

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| **ASSETS** | (Unaudited) |  |
| Investments at fair value |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliated investments (amortized cost of $2,172,559 and $2,128,768 at March 31, 2026 and December 31, 2025, respectively) | $2197284 | $2169305 |
| &nbsp;&nbsp;Non-controlled/affiliated investments (amortized cost of $9,556 and $9,436 at March 31, 2026 and December 31, 2025, respectively) | 8288 | 8516 |
| Total investments at fair value (amortized cost of $2,182,115 and $2,138,204 at March 31, 2026 and December 31, 2025, respectively) | 2205572 | 2177821 |
| Cash | 44265 | 14402 |
| Cash equivalents | 5812 | 9700 |
| Interest receivable from non-controlled/non-affiliated investments | 20023 | 19386 |
| Interest receivable from non-controlled/affiliated investments | 92 | 46 |
| Dividend receivable from non-controlled/non-affiliated investments | 8 |  |
| Deferred financing costs | 5527 | 5865 |
| Deferred offering costs | 105 | 196 |
| Derivative assets, at fair value (Note 6) | 1290 | 733 |
| Receivable for investments | 62134 | 13310 |
| Other assets | 1315 | 263 |
| **Total assets** | $2346143 | $2241722 |
| **LIABILITIES** |  |  |
| Debt (net of unamortized debt issuance costs of $1,653 and $1,778 at March 31, 2026 and December 31, 2025, respectively) | $961820 | $927664 |
| Payable for investments purchased | 4876 | 154 |
| Interest payable | 4095 | 10194 |
| Due to affiliates | 4075 | 5593 |
| Distribution payable (Note 9) | 14724 | 22664 |
| Derivative liabilities, at fair value (Note 6) | 2010 | 3094 |
| Payable for share repurchases (Note 9) | 28958 | 10725 |
| Management fees payable (Note 3) | 4048 | 3772 |
| Income based incentive fees payable (Note 3) | 4970 | 4683 |
| Capital gains incentive fees payable (Note 3) | 2036 | 3685 |
| Shareholder servicing and/or distribution fees payable | 217 | 580 |
| Accrued expenses and other liabilities | 354 | 900 |
| **Total liabilities** | 1032183 | 993708 |
| Commitments and contingencies (Note 8) |  |  |
| **NET ASSETS** |  |  |
| Common Shares, $0.01 par value (48,889,809 and 46,096,135 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively) | 489 | 461 |
| Additional paid in capital | 1270604 | 1194869 |
| Distributable earnings (loss) | 42867 | 52684 |
| **Total net assets** | 1313960 | 1248014 |
| **Total liabilities and net assets** | $2346143 | $2241722 |

---

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

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund**

**Consolidated Statements of Assets and Liabilities**

**(in thousands, except share and per share amounts)**

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| **NET ASSET VALUE PER SHARE** | (Unaudited) |  |
| **Class I Shares:** |  |  |
| Net assets | $317338 | $308404 |
| Common Shares outstanding ($0.01 par value, unlimited shares authorized) | 11807434 | 11391034 |
| Net asset value per share | $26.88 | $27.07 |
| **Class D Shares (Note 1):** |  |  |
| Net assets | $996608 | $939596 |
| Common Shares outstanding ($0.01 par value, unlimited shares authorized) | 37081860 | 34704586 |
| Net asset value per share | $26.88 | $27.07 |
| **Class S Shares:** |  |  |
| Net assets | $14 | $14 |
| Common Shares outstanding ($0.01 par value, unlimited shares authorized) | 515 | 515 |
| Net asset value per share | $26.88 | $27.07 |

---

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

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund**

**Consolidated Statements of Operations (Unaudited)**

**(in thousands)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Investment income:** |  |  |
| From non-controlled/non-affiliated investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | $47947 | $25508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest income | 5193 | 4162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 410 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 389 | 8 |
| From non-controlled/affiliated investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 52 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest income | 113 |  |
| **Total investment income** | 54104 | 29678 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 14619 | 6548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees | 4048 | 2301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income based incentive fee | 4970 | 2815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains incentive fee | (1649) | (335) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing and/or distribution fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class D | 611 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 630 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Trustees' fees | 99 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative service expenses (Note 3) | 518 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other general & administrative | 611 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of continuous offering costs | 91 | 445 |
| **Total expenses** | 24548 | 13782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense support (Note 3) |  | (2061) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recoupment of expense support (Note 3) | 414 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing and/or distribution fees waived (Note 3) |  | (462) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees waived (Note 3) |  | (2301) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income based incentive fees waived (Note 3) |  | (2815) |
| **Net expenses** | 24962 | 6143 |
| **Net investment income before excise tax** | 29142 | 23535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excise tax expense | 354 | 70 |
| **Net investment income after excise tax** | 28788 | 23465 |
| **Net realized and change in unrealized gain (loss):** |  |  |
| Realized gain (loss): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | 731 | (364) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward contracts | 587 | (931) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (49) | (267) |
| **Net realized gain (loss)** | 1269 | (1562) |
| Net change in unrealized appreciation (depreciation): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | (15813) | 2190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/affiliated investments | (347) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward contracts | 3166 | (2137) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Translation of assets and liabilities in foreign currencies | 729 | (726) |
| **Net change in unrealized appreciation (depreciation)** | (12265) | (673) |
| **Net realized and change in unrealized gain (loss)** | (10996) | (2235) |
| **Net increase (decrease) in net assets resulting from operations** | $17792 | $21230 |

---

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

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund**

**Consolidated Statements of Changes in Net Assets (Unaudited)**

**(in thousands)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Increase (decrease) in net assets from operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income after excise tax | $28788 | $23465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 1269 | (1562) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (12265) | (673) |
| Net increase (decrease) in net assets resulting from operations | 17792 | 21230 |
| **Distributions to common shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (6882) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class D | (20727) | (14630) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 0 |  |
| Net decrease in net assets resulting from distributions | (27609) | (14630) |
| **Share transactions:** |  |  |
| **Class I:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 14240 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share transfers between classes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | 3688 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchased shares, net of early repurchase deduction | (6604) |  |
| Net increase (decrease) from share transactions | 11324 |  |
| **Class D:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 66708 | 135148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share transfers between classes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | 20085 | 16984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchased shares, net of early repurchase deduction | (22354) |  |
| Net increase (decrease) from share transactions | 64439 | 152132 |
| **Class S:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share transfers between classes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchased shares, net of early repurchase deduction | 0 |  |
| Net increase (decrease) from share transactions |  |  |
| Total increase (decrease) in net assets | 65946 | 158732 |
| Net assets, beginning of period | 1248014 | 651874 |
| **Net assets, end of period** | $1313960 | $810606 |

---

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

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund**

**Consolidated Statements of Cash Flows (Unaudited)**

**(in thousands)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Cash flows from operating activities:** |  |  |
| Net increase (decrease) in net assets resulting from operations | $17792 | $21230 |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | 16160 | (2190) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on investments | (731) | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on foreign currency forward contracts | (3166) | 2137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies | (744) | 741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net accretion of discount and amortization of premium | (3360) | (1227) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 338 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 125 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of offering costs | 91 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind income capitalized | (5982) | (3207) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (203337) | (344539) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of investments and principal repayments | 169499 | 17383 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable from non-controlled/non-affiliated investments | (637) | (3311) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable from non-controlled/affiliated investments | (46) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend receivable from non-controlled/non-affiliated investments | (8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments | (48824) | (23918) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | (1052) | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | 4722 | 5353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest payable | (6099) | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to affiliates | (1518) | (537) |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees payable | 276 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income based incentive fees payable | 287 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains incentive fees payable | (1649) | (335) |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing and/or distribution fees payable | (363) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | (546) |  |
| **Net cash provided by (used in) operating activities** | (68772) | (331024) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings on debt | 162400 | 382300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of debt | (126100) | (144800) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs paid |  | (249) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of Common Shares | 80948 | 135148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Shares repurchased, net of early repurchase deduction | (10725) | (23060) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions paid in cash | (11776) | (11924) |
| **Net cash provided by (used in) financing activities** | 94747 | 337415 |
| **Net increase (decrease) in cash and cash equivalents** | 25975 | 6391 |
| Cash and cash equivalents, beginning of period | 24102 | 10296 |
| **Cash and cash equivalents, end of period** | $50077 | $16687 |
| **Supplemental information and non-cash activities:** |  |  |
| Interest paid during the period | $20256 | $6285 |
| Distribution payable | $14724 | $14629 |
| Reinvestment of distributions during the period | $23773 | $16984 |
| Share repurchases accrued but not paid | $28958 | $— |
| Taxes paid during the period | $1229 | $— |

---

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

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund**

**Consolidated Schedule of Investments (Unaudited)**

**March 31, 2026**

**(in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** <sup>(1)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | **Par Amount/Units** | **Amortized Cost** <sup>(3)</sup> | **Fair Value** | **Percentage of Net Assets** |
| **Non-Controlled/Non-Affiliated Investments** | | | | | | | | |
| **First Lien Debt** | | | | | | | | |
| **Aerospace & Defense** | | | | | | | | |
| Carbon Topco, Inc. (4)(6)(9) |  |  |  | 5/1/2030 | $1065 | $(16) | $— |  |
| Carbon Topco, Inc. (4)(9)(23) | SF + | 6.00% | 9.67% | 11/1/2030 | 4549 | 4479 | 4549 |  |
| RH Buyer Inc (4)(10)(23) | SF + | 6.50% | 10.30% | 1/17/2031 | 32169 | 31654 | 30791 |  |
| RH Buyer Inc (4)(10)(23) | SF + | 6.50% | 10.30% | 1/17/2031 | 3831 | 3770 | 3667 |  |
| Tex-Tech Industries, Inc. (4)(9)(23) | SF + | 4.75% | 8.41% | 1/13/2031 | 8956 | 8885 | 8889 |  |
| Tex-Tech Industries, Inc. (4)(6)(9)(23) | SF + | 4.75% | 8.41% | 1/13/2031 | 2010 | 1189 | 1191 |  |
| Tex-Tech Industries, Inc. (4)(6)(9)(23) | SF + | 4.75% | 8.41% | 1/13/2031 | 1910 | 988 | 989 |  |
| Valence Surface Technologies LLC (4)(10)(23) | SF + | 7.00% | 10.67% | 6/13/2031 | 37636 | 36929 | 37637 |  |
| Valence Surface Technologies LLC (4)(10)(23) | SF + | 7.00% | 10.67% | 6/13/2031 | 4310 | 4225 | 4310 |  |
| Valence Surface Technologies LLC (4)(6)(10)(23) | SF + | 7.00% | 10.67% | 6/13/2031 | 6552 | 6284 | 6414 |  |
| Valence Surface Technologies LLC (4)(6)(10) |  |  |  | 6/13/2031 | 3280 | (64) |  |  |
| WP CPP Holdings, LLC (4)(10)(23) | SF + | 6.25% | 9.92% | 11/30/2029 | 41561 | 40981 | 42318 |  |
| **Total Aerospace & Defense** |  |  |  |  |  | 139304 | 140755 | 10.71% |
| **Asset Based Lending and Fund Finance** |  |  |  |  |  |  |  |  |
| Montagu Lux Finco Sarl (4)(5)(6)(10)(26) | E + | 5.50% | 7.49% | 2/13/2032 | 12327 | 6330 | 6902 |  |
| **Total Asset Based Lending and Fund Finance** |  |  |  |  |  | 6330 | 6902 | 0.53% |
| **Automobile Components** |  |  |  |  |  |  |  |  |
| ABC Group Holdings Inc (4)(5)(9)(25) | E + | 5.88% | 7.77% | 8/22/2031 | 8572 | 9710 | 9623 |  |
| ABC Group Holdings Inc (4)(5)(9)(21)(25) | E + | 6.88% | 8.77% | 8/22/2031 | 540 | 607 | 601 |  |
| ABC Technologies Inc (4)(5)(9)(22) | SF + | 5.75% | 9.42% | 8/22/2031 | 13578 | 13121 | 13187 |  |
| ABC Technologies Inc (4)(5)(9)(21)(22) | SF + | 6.71% | 10.38% | 8/22/2031 | 866 | 836 | 834 |  |
| Clarios Global LP (7)(22) | SF + | 2.75% | 6.42% | 1/28/2032 | 1059 | 1057 | 1057 |  |
| Tenneco Inc (8)(23) | SF + | 4.75% | 8.51% | 11/17/2028 | 5249 | 5191 | 5126 |  |
| **Total Automobile Components** |  |  |  |  |  | 30522 | 30428 | 2.32% |
| **Beverages** |  |  |  |  |  |  |  |  |
| Winebow Holdings, Inc. (4)(10)(22) | SF + | 6.25% | 10.02% | 12/31/2027 | 34283 | 34039 | 29185 |  |
| **Total Beverages** |  |  |  |  |  | 34039 | 29185 | 2.22% |
| **Capital Markets** |  |  |  |  |  |  |  |  |
| DRW Holdings LLC (7)(22) | SF + | 3.50% | 7.17% | 6/26/2031 | 2430 | 2426 | 2393 |  |
| Jump Financial LLC (4)(7)(23) | SF + | 3.50% | 7.20% | 2/26/2032 | 898 | 896 | 899 |  |
| **Total Capital Markets** |  |  |  |  |  | 3322 | 3292 | 0.25% |
| **Chemicals** |  |  |  |  |  |  |  |  |
| Discovery Purchaser Corp (8)(23) | SF + | 3.75% | 7.42% | 10/4/2029 | 3047 | 2962 | 3005 |  |
| Formerra LLC (4)(10)(22) | SF + | 7.25% | 11.02% | 11/1/2028 | 5738 | 5713 | 5647 |  |
| Formerra LLC (4)(10)(22) | SF + | 7.25% | 11.02% | 11/1/2028 | 231 | 230 | 227 |  |
| Fortis 333 Inc (7)(22) | SF + | 3.50% | 7.17% | 3/27/2032 | 744 | 743 | 725 |  |
| Kensing LLC (4)(10)(23) | SF + | 7.25% | 11.04% | 5/31/2028 | 2761 | 2756 | 2540 |  |
| Kensing LLC (4)(10)(23) | SF + | 7.25% | 11.04% | 5/31/2028 | 681 | 680 | 626 |  |
| Kensing LLC (4)(10)(23) | SF + | 7.25% | 11.04% | 5/31/2028 | 7732 | 7653 | 7111 |  |
| Lummus Technology Holdings V LLC (7)(22) | SF + | 2.50% | 6.17% | 12/31/2029 | 7351 | 7390 | 7308 |  |
| **Total Chemicals** |  |  |  |  |  | 28127 | 27189 | 2.07% |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |
| Allied Universal Holdco LLC (7)(22) | SF + | 3.25% | 6.92% | 8/20/2032 | 6523 | 6516 | 6531 |  |
| Apex Group Treasury LLC (5)(7)(23) | SF + | 3.50% | 7.17% | 2/27/2032 | 2245 | 2234 | 2053 |  |

---

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund**

**Consolidated Schedule of Investments (Unaudited)**

**March 31, 2026**

**(in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** <sup>(1)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | **Par Amount/Units** | **Amortized Cost** <sup>(3)</sup> | **Fair Value** | **Percentage of Net Assets** |
| AVSC Holding Corp. (4)(9)(22) | SF + | 5.00% | 8.67% | 12/5/2031 | 8161 | 8028 | 8161 |  |
| AVSC Holding Corp. (4)(6)(9)(22) | SF + | 5.00% | 8.67% | 12/5/2029 | 962 | 159 | 173 |  |
| Axiom Buyer, LLC (4)(10)(22) | SF + | 6.50% | 10.17% | 1/14/2030 | 17421 | 17121 | 17170 |  |
| Axiom Buyer, LLC (4)(6)(10) |  |  |  | 1/14/2030 | 1905 | (40) | (27) |  |
| Axiom Buyer, LLC (4)(6)(10)(22) | SF + | 6.50% | 10.17% | 1/14/2030 | 2140 | 1492 | 1498 |  |
| Certania Beteiligungen GmbH (4)(5)(6)(7)(25) | E + | 6.05% | 8.10% | 5/23/2029 | 4565 | 2660 | 2635 |  |
| Certania Beteiligungen GmbH (4)(5)(6)(7) |  |  |  | 5/23/2029 | 4206 | (109) | (112) |  |
| Guardian US Holdco LLC (8)(23) | SF + | 3.25% | 6.95% | 1/31/2030 | 1965 | 1960 | 1900 |  |
| ImageFIRST Holdings, LLC (7)(23) | SF + | 3.00% | 6.67% | 3/12/2032 | 1544 | 1541 | 1542 |  |
| NTH Degree Purchaser Inc (4)(10)(23) | SF + | 5.25% | 8.92% | 9/10/2030 | 11150 | 10985 | 11149 |  |
| NTH Degree Purchaser Inc (4)(6)(10) |  |  |  | 9/10/2030 | 3422 | (60) |  |  |
| NTH Degree Purchaser Inc (4)(6)(10) |  |  |  | 9/10/2030 | 1792 | (27) |  |  |
| Retail Services WIS Corporation (4)(10)(23) | SF + | 6.50% | 10.17% | 8/29/2030 | 21831 | 21444 | 21393 |  |
| Retail Services WIS Corporation (4)(6)(10) |  |  |  | 8/29/2030 | 5186 | (98) | (104) |  |
| Team, Inc. (4)(10)(23) | SF + | 5.75% | 9.42% | 3/12/2030 | 12959 | 12729 | 12767 |  |
| Team, Inc. (4)(6)(10) |  |  |  | 3/12/2030 | 3740 | (75) | (55) |  |
| Wasserman Media Group, LLC (7)(22) | SF + | 2.50% | 6.17% | 6/23/2032 | 2078 | 2069 | 2073 |  |
| **Total Commercial Services & Supplies** |  |  |  |  |  | 88529 | 88747 | 6.75% |
| **Communications Equipment** |  |  |  |  |  |  |  |  |
| IPC Corp. (4)(10)(21)(23) | SF + | 6.58% (incl 1.00% PIK) | 10.37% | 10/1/2027 | 5106 | 5021 | 5079 |  |
| Ribbon Communications Operating Company, Inc (4)(5)(10)(22) | SF + | 6.25% | 9.92% | 6/21/2029 | 7286 | 7192 | 7234 |  |
| Ribbon Communications Operating Company, Inc (4)(5)(6)(10) |  |  |  | 6/21/2029 | 849 | (11) | (6) |  |
| **Total Communications Equipment** |  |  |  |  |  | 12202 | 12307 | 0.94% |
| **Construction & Engineering** |  |  |  |  |  |  |  |  |
| Powerhouse Intermediate, LLC (4)(10)(23) | SF + | 6.25% | 10.21% | 1/12/2027 | 1648 | 1645 | 1634 |  |
| Powerhouse Intermediate, LLC (4)(10)(23) | SF + | 6.25% | 10.21% | 1/12/2027 | 819 | 818 | 812 |  |
| **Total Construction & Engineering** |  |  |  |  |  | 2463 | 2446 | 0.19% |
| **Consumer Staples Distribution & Retail** |  |  |  |  |  |  |  |  |
| SW Ingredients Holdings, LLC (4)(6)(9)(22) | SF + | 5.00% | 8.67% | 5/2/2030 | 3350 | 507 | 518 |  |
| SW Ingredients Holdings, LLC (4)(9)(22) | SF + | 5.00% | 8.67% | 5/2/2030 | 19564 | 19325 | 19389 |  |
| SW Ingredients Holdings, LLC (4)(6)(9) |  |  |  | 5/2/2030 | 2434 | (33) | (22) |  |
| **Total Consumer Staples Distribution & Retail** |  |  |  |  |  | 19799 | 19885 | 1.51% |
| **Containers & Packaging** |  |  |  |  |  |  |  |  |
| Capripack Debtco PLC (4)(5)(10)(26) | E + | 5.75% (incl 2.50% PIK) | 7.78% | 1/3/2030 | 5379 | 5759 | 6214 |  |
| Capripack Debtco PLC (4)(5)(10)(26) | E + | 5.75% (incl 2.50% PIK) | 7.78% | 1/3/2030 | 28955 | 30999 | 33451 |  |
| Clydesdale Acquisition Holdings Inc (8)(22) | SF + | 3.18% | 6.84% | 4/13/2029 | 2424 | 2420 | 2319 |  |
| **Total Containers & Packaging** |  |  |  |  |  | 39178 | 41984 | 3.20% |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |
| American Academy Holdings, LLC (4)(6)(16) |  |  |  | 6/30/2027 | 160 |  | (6) |  |
| American Academy Holdings, LLC (4)(16)(22) | SF + | 9.75% (incl 5.25% PIK) | 13.53% | 6/30/2027 | 6909 | 6909 | 6632 |  |
| Edmentum Ultimate Holdings LLC (4)(10)(21)(23) | SF + | 7.13% | 10.95% | 7/26/2027 | 5323 | 5256 | 5048 |  |
| University Support Services LLC (8)(22) | SF + | 2.75% | 6.42% | 2/10/2029 | 1883 | 1798 | 1850 |  |
| Xponential Fitness LLC (4)(5)(6)(10) |  |  |  | 12/6/2030 | 658 | (9) | (8) |  |
| Xponential Fitness LLC (4)(5)(10)(22) | SF + | 6.75% | 10.42% | 12/6/2030 | 11902 | 11735 | 11753 |  |

---

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund**

**Consolidated Schedule of Investments (Unaudited)**

**March 31, 2026**

**(in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** <sup>(1)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | **Par Amount/Units** | **Amortized Cost** <sup>(3)</sup> | **Fair Value** | **Percentage of Net Assets** |
| **Total Diversified Consumer Services** |  |  |  |  |  | 25689 | 25269 | 1.92% |
| **Diversified Telecommunication Services** |  |  |  |  |  |  |  |  |
| Grain Connect Limited (4)(5)(15)(28) | SN + | 8.50% (incl 6.00% PIK) | 12.23% | 8/8/2030 | 2245 | 2930 | 2885 |  |
| Grain Connect Limited (4)(5)(6)(15)(28) | SN + | 8.50% (incl 6.00% PIK) | 12.47% | 8/8/2030 | 5655 | 638 | 640 |  |
| Grain Connect Limited (4)(5)(6)(15)(28) | SN + | 8.50% (incl 6.00% PIK) | 12.23% | 8/3/2030 | 571 | 125 | 102 |  |
| Grain Connect Limited (4)(5)(6)(15)(28) | SN + | 8.50% (incl 6.00% PIK) | 12.23% | 8/3/2030 | 1074 | 9 | (32) |  |
| **Total Diversified Telecommunication Services** |  |  |  |  |  | 3702 | 3595 | 0.27% |
| **Electric Utilities** |  |  |  |  |  |  |  |  |
| IDF 8 Borrower, LLC (4)(15)(19)(21)(23) | SF + | 8.50% | 12.20% | 12/31/2028 | 2509 | 2385 | 2397 |  |
| IDF 8 Borrower, LLC (4)(15)(23) | SF + | 6.00% | 9.70% | 12/31/2028 | 3764 | 3578 | 3596 |  |
| **Total Electric Utilities** |  |  |  |  |  | 5963 | 5993 | 0.46% |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |
| Arcline FM Holdings LLC (9)(23) | SF + | 2.75% | 6.45% | 6/23/2030 | 8339 | 8338 | 8363 |  |
| **Total Electrical Equipment** |  |  |  |  |  | 8338 | 8363 | 0.64% |
| **Electronic Equipment, Instruments & Components** |  |  |  |  |  |  |  |  |
| CC WDW Borrower, Inc. (4)(10)(23) | SF + | 6.75% | 10.57% | 1/27/2028 | 3148 | 2995 | 3148 |  |
| Hobbs & Associates LLC (7)(22) | SF + | 2.75% | 6.42% | 7/23/2031 | 2473 | 2464 | 2458 |  |
| Resilience Parent LLC (7)(23) | SF + | 2.50% | 6.13% | 2/28/2033 | 1087 | 1084 | 1083 |  |
| **Total Electronic Equipment, Instruments & Components** |  |  |  |  |  | 6543 | 6689 | 0.51% |
| **Entertainment** |  |  |  |  |  |  |  |  |
| AMR GP Ltd (4)(5)(7) |  | 10.50% (incl 5.25% PIK) | 10.50% | 7/10/2034 | 11023 | 10770 | 11023 |  |
| Endeavor Operating Co LLC (5)(7)(22) | SF + | 2.75% | 6.42% | 3/24/2032 | 906 | 903 | 905 |  |
| MBS Services Holdings, LLC (4)(10)(17)(23) | SF + | 9.50% PIK |  | 4/15/2026 | 119 | 111 | 87 |  |
| MBS Services Holdings, LLC (4)(10)(17)(23) | SF + | 9.50% PIK |  | 4/15/2026 | 4232 | 3950 | 3088 |  |
| MBS Services Holdings, LLC (4)(10)(17)(23) | SF + | 9.50% PIK |  | 4/15/2026 | 1109 | 1036 | 810 |  |
| MBS Services Holdings, LLC (4)(10)(17)(23) | SF + | 9.50% PIK |  | 4/15/2026 | 1641 | 1533 | 1198 |  |
| MBS Services Holdings, LLC (4)(12)(17)(33) | P + | 10.00% |  | 4/15/2026 | 176 | 164 | 128 |  |
| MBS Services Holdings, LLC (4)(12)(17)(33) | P + | 10.00% |  | 4/15/2026 | 109 | 105 | 80 |  |
| **Total Entertainment** |  |  |  |  |  | 18572 | 17319 | 1.32% |
| **Financial Services** |  |  |  |  |  |  |  |  |
| Ascensus Holdings, Inc. (8)(22) | SF + | 3.00% | 6.67% | 11/25/2032 | 433 | 432 | 427 |  |
| Eisner Advisory Group LLC (8)(22) | SF + | 4.00% | 7.67% | 2/28/2031 | 1750 | 1738 | 1672 |  |
| Focus Financial Partners, LLC (7)(22) | SF + | 2.50% | 6.17% | 9/15/2031 | 3503 | 3480 | 3398 |  |
| Madonna Bidco Ltd (4)(5)(7)(28) | SN + | 5.00% | 8.73% | 10/25/2031 | 5681 | 7247 | 7594 |  |
| Madonna Bidco Ltd (4)(5)(6)(7)(28) | SN + | 5.00% | 8.73% | 10/25/2031 | 1159 | 51 | 94 |  |
| Neon Maple US Debt Mergersub Inc (5)(7)(22) | SF + | 2.50% | 6.17% | 11/17/2031 | 3960 | 3952 | 3886 |  |
| Orthrus Ltd (4)(5)(7)(28) | SN + | 6.25% (incl 2.75% PIK) | 9.99% | 12/5/2031 | 3946 | 4972 | 5161 |  |
| Orthrus Ltd (4)(5)(7)(26) | E + | 6.25% (incl 2.75% PIK) | 8.29% | 12/5/2031 | 3526 | 3692 | 4028 |  |
| Orthrus Ltd (4)(5)(10)(23) | SF + | 6.25% (incl 2.75% PIK) | 9.92% | 12/5/2031 | 9315 | 9188 | 9205 |  |
| Orthrus Ltd (4)(5)(6)(7) |  |  |  | 12/5/2031 | 794 | (16) | (12) |  |

---

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund**

**Consolidated Schedule of Investments (Unaudited)**

**March 31, 2026**

**(in thousands)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** <sup>(1)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | **Par Amount/Units** | **Par Amount/Units** | **Amortized Cost** <sup>(3)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Orthrus Ltd (4)(5)(10)(23) | SF + | 6.25% (incl 2.75% PIK) | 9.92% | 12/5/2031 | 1348 | 1348 | 1329 | 1332 |  |
| Osaic Holdings Inc (7)(23) | SF + | 2.50% | 6.20% | 7/30/2032 | 5053 | 5053 | 5042 | 4968 |  |
| PF Finco PTY LTD (4)(5)(10)(29) | B + | 6.25% | 10.36% | 5/30/2030 | AUD | 10463 | 6617 | 7114 |  |
| PF Finco PTY LTD (4)(5)(6)(10) |  |  |  | 5/30/2030 | AUD | 1427 | (17) | (15) |  |
| Priority Holdings, LLC (5)(8)(22) | SF + | 3.75% | 7.42% | 8/2/2032 | 2029 | 2029 | 2025 | 1984 |  |
| Travelex Issuerco 2 PLC (4)(5)(12)(28) | SN + | 8.00% | 11.73% | 9/22/2028 | GBP | 1675 | 2010 | 2223 |  |
| **Total Financial Services** |  |  |  |  |  |  | 51742 | 53059 | 4.04% |
| **Food Products** |  |  |  |  |  |  |  |  |  |
| Aspire Bakeries Holdings LLC (7)(22) | SF + | 3.00% | 6.67% | 12/23/2030 | 618 | 618 | 618 | 620 |  |
| **Total Food Products** |  |  |  |  |  |  | 618 | 620 | 0.05% |
| **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |  |
| Agiliti Health, Inc. (7)(23) | SF + | 3.00% | 6.58% | 5/1/2030 | 1397 | 1397 | 1333 | 1361 |  |
| Bausch + Lomb Corporation (5)(7)(22) | SF + | 3.75% | 7.42% | 1/15/2031 | 24862 | 24862 | 24776 | 24947 |  |
| Ensemble RCM LLC (7)(23) | SF + | 3.00% | 6.63% | 2/9/2033 | 4828 | 4828 | 4822 | 4782 |  |
| Femur Buyer Inc (4)(10)(23) | SF + | 7.50% PIK | 11.17% | 10/23/2030 | 15762 | 15762 | 15497 | 15440 |  |
| Femur Buyer Inc (4)(6)(10) |  |  |  | 10/23/2030 | 340 | 340 |  | (7) |  |
| Patriot Acquisition Topco Sarl (4)(5)(10)(23) | SF + | 4.75% | 8.42% | 1/28/2028 | 61 | 61 | 60 | 61 |  |
| Patriot Acquisition Topco Sarl (4)(5)(10)(23) | SF + | 4.75% | 8.42% | 1/28/2028 | 331 | 331 | 330 | 331 |  |
| Patriot Acquisition Topco Sarl (4)(5)(6)(10)(23) |  |  |  | 1/28/2028 | 78 | 78 |  |  |  |
| Patriot Acquisition Topco Sarl (4)(5)(10)(23) | SF + | 4.75% | 8.42% | 1/28/2028 | 513 | 513 | 512 | 513 |  |
| Spruce Bidco II Inc (4)(6)(9)(23) | SF + | 4.75% | 8.37% | 1/31/2032 | 4493 | 4493 | 942 | 959 |  |
| Spruce Bidco II Inc (4)(9)(23) | SF + | 4.75% | 8.45% | 1/31/2032 | 15472 | 15472 | 15279 | 15337 |  |
| Spruce Bidco II Inc (4)(9)(31) | C + | 4.75% | 7.00% | 1/31/2032 | CAD | 3509 | 2392 | 2501 |  |
| Spruce Bidco II Inc (4)(9)(32) | TN + | 5.00% | 5.75% | 1/31/2032 | JPY | 376927 | 2403 | 2355 |  |
| Spruce Bidco II Inc (4)(9)(21)(23) | SF + | 5.73% | 9.43% | 1/31/2032 | 946 | 946 | 934 | 938 |  |
| **Total Health Care Equipment & Supplies** |  |  |  |  |  |  | 69280 | 69518 | 5.29% |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |  |
| Blazing Star Shields Direct Parent, LLC (4)(10)(23) | SF + | 6.00% | 9.67% | 8/28/2030 | 47826 | 47826 | 46981 | 48783 |  |
| Blazing Star Shields Direct Parent, LLC (4)(6)(10) |  |  |  | 8/28/2030 | 2131 | 2131 | (38) |  |  |
| BW NHHC Holdco Inc. (4)(12)(23) | SF + | 7.25% | 10.92% | 10/30/2026 | 25250 | 25250 | 25056 | 25053 |  |
| Connect America.com LLC (4)(14)(21)(23) | SF + | 5.92% | 9.62% | 10/11/2029 | 34738 | 34738 | 34360 | 31760 |  |
| Diagnostic Services Holdings, Inc. (4)(10)(22) | SF + | 5.50% | 9.17% | 3/15/2028 | 15287 | 15287 | 15235 | 15085 |  |
| Diagnostic Services Holdings, Inc. (4)(6)(10)(22) | SF + | 5.50% | 9.17% | 3/15/2028 | 333 | 333 | 195 | 192 |  |
| FC Compassus LLC (4)(6)(7) |  |  |  | 11/26/2030 | 2716 | 2716 | (32) | (20) |  |
| FC Compassus LLC (4)(7)(22) | SF + | 5.75% (incl 1.50% PIK) | 9.42% | 11/26/2030 | 1658 | 1658 | 1639 | 1646 |  |
| FC Compassus LLC (4)(6)(7)(22) | SF + | 5.75% (incl 1.50% PIK) | 9.42% | 11/26/2030 | 179 | 179 | 18 | 19 |  |
| FC Compassus LLC (4)(7)(21)(22) | SF + | 7.03% (incl 2.09% PIK) | 10.69% | 11/26/2030 | 13847 | 13847 | 13690 | 13741 |  |
| FC Compassus LLC (4)(6)(7)(21)(22) | SF + | 6.99% (incl 2.07% PIK) | 10.65% | 11/26/2030 | 1502 | 1502 | 150 | 158 |  |
| Global Medical Response Inc (7)(23) | SF + | 3.50% | 7.17% | 10/1/2032 | 6983 | 6983 | 6966 | 6969 |  |
| Indigo Purchaser, Inc. (4)(9)(23) | SF + | 4.75% | 8.45% | 11/21/2031 | 12332 | 12332 | 12183 | 12455 |  |
| Indigo Purchaser, Inc. (4)(6)(9)(23) | SF + | 4.75% | 8.45% | 11/21/2031 | 2844 | 2844 | 540 | 607 |  |
| Indigo Purchaser, Inc. (4)(6)(9) |  |  |  | 11/21/2031 | 1942 | 1942 | (23) |  |  |
| Parexel International, Inc. (8)(19)(22) | SF + | 2.75% | 6.42% | 12/12/2031 | 2494 | 2494 | 2494 | 2489 |  |
| Precision Medicine Group, LLC (7)(22) | SF + | 3.50% | 7.17% | 8/20/2032 | 995 | 995 | 990 | 995 |  |
| Raven Acquisition Holdings LLC (7)(22) | SF + | 3.00% | 6.67% | 11/19/2031 | 3082 | 3082 | 3062 | 3027 |  |
| Raven Acquisition Holdings LLC (6)(7) |  |  |  | 11/19/2031 | 222 | 222 | (1) | (4) |  |
| Solis Mammography Buyer, Inc. (4)(9)(23) | SF + | 5.00% | 8.70% | 5/29/2032 | 20056 | 20056 | 19791 | 19741 |  |

---

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund**

**Consolidated Schedule of Investments (Unaudited)**

**March 31, 2026**

**(in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** <sup>(1)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | **Par Amount/Units** | **Amortized Cost** <sup>(3)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Solis Mammography Buyer, Inc. (4)(6)(9) |  |  |  | 5/29/2032 | 1996 | (28) | (31) |  |
| Solis Mammography Buyer, Inc. (4)(6)(9) |  |  |  | 5/29/2030 | 3387 | (42) | (45) |  |
| Southern Veterinary Partners LLC (7)(22) | SF + | 2.50% | 6.18% | 12/4/2031 | 1890 | 1880 | 1876 |  |
| Syneos Health Inc (7)(23) | SF + | 4.00% | 7.70% | 9/27/2030 | 4900 | 4907 | 4851 |  |
| TTF Lower Intermediate LLC (7)(23) | SF + | 3.75% | 7.38% | 7/18/2031 | 3599 | 3555 | 2699 |  |
| WCAS XIII Primary Care Investors, L.P. (4)(10)(23) | SF + | 6.25% | 9.95% | 12/31/2029 | 16090 | 15807 | 15828 |  |
| WCAS XIII Primary Care Investors, L.P. (4)(10)(23) | SF + | 6.25% | 9.95% | 12/31/2029 | 9562 | 9384 | 9406 |  |
| WCAS XIII Primary Care Investors, L.P. (4)(10)(23) | SF + | 6.25% | 9.96% | 12/31/2029 | 2901 | 2844 | 2854 |  |
| WCAS XIV Primary Care Investors, L.P. (4)(10)(23) | SF + | 6.25% | 9.95% | 12/31/2032 | 19580 | 19216 | 19240 |  |
| WCAS XIV Primary Care Investors, L.P. (4)(10)(23) | SF + | 6.25% | 9.95% | 12/31/2032 | 1690 | 1658 | 1661 |  |
| WCAS XIV Primary Care Investors, L.P. (4)(10)(23) | SF + | 6.25% | 9.96% | 12/31/2032 | 4116 | 4034 | 4045 |  |
| **Total Health Care Providers & Services** |  |  |  |  |  | 246471 | 245080 | 18.65% |
| **Health Care Technology** |  |  |  |  |  |  |  |  |
| AthenaHealth Group Inc. (8)(22) | SF + | 2.75% | 6.42% | 2/15/2029 | 9824 | 9842 | 9659 |  |
| Azalea Topco, Inc. (7)(22) | SF + | 3.00% | 6.67% | 4/30/2031 | 2318 | 2304 | 2317 |  |
| Project Ruby Ultimate Parent Corp (7)(22) | SF + | 2.75% | 6.53% | 3/10/2028 | 6222 | 6216 | 6201 |  |
| Zelis Payments Buyer, Inc. (7)(22) | SF + | 2.75% | 6.42% | 9/28/2029 | 3830 | 3670 | 3718 |  |
| **Total Health Care Technology** |  |  |  |  |  | 22032 | 21895 | 1.67% |
| **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |
| Azzurri Bidco Ltd (4)(5)(12)(28) | SN + | 7.75% | 11.48% | 3/30/2030 | 32703 | 41814 | 41053 |  |
| Azzurri Bidco Ltd (4)(5)(12)(28) | SN + | 7.75% | 11.48% | 3/30/2030 | 3270 | 4182 | 4105 |  |
| Equinox Holdings, Inc. (4)(10)(23) | SF + | 7.25% | 10.95% | 3/8/2029 | 10553 | 10411 | 10578 |  |
| Fertitta Entertainment LLC (8)(22) | SF + | 3.25% | 6.92% | 1/27/2029 | 4910 | 4926 | 4825 |  |
| Flynn Restaurant Group LP (7)(22) | SF + | 3.75% | 7.42% | 1/28/2032 | 5057 | 5022 | 4978 |  |
| HB AcquisitionCo Pty Ltd (4)(5)(8)(30) | B + | 6.50% | 10.49% | 8/7/2029 | 3789 | 2514 | 2614 |  |
| HB AcquisitionCo Pty Ltd (4)(5)(8)(30) | B + | 6.50% | 10.51% | 8/7/2029 | 421 | 273 | 290 |  |
| HB AcquisitionCo Pty Ltd (4)(5)(8)(30) | B + | 6.00% | 10.04% | 8/7/2029 | 683 | 477 | 465 |  |
| HB AcquisitionCo Pty Ltd (4)(5)(8)(30) | B + | 6.00% | 10.04% | 8/7/2029 | 5012 | 3500 | 3409 |  |
| HB AcquisitionCo Pty Ltd (4)(5)(6)(8) |  |  |  | 8/7/2029 | 1595 | (17) | (16) |  |
| Lakeland Tours LLC (4)(9)(23) | SF + | 7.75% | 11.55% | 3/31/2028 | 2803 | 2740 | 2699 |  |
| Lakeland Tours LLC (4)(6)(9) |  |  |  | 4/1/2027 | 1126 | (4) | (26) |  |
| Lakeland Tours LLC (4)(9)(23) | SF + | 7.75% | 11.55% | 3/31/2028 | 3600 | 3519 | 3466 |  |
| LC Ahab US Bidco LLC (7)(22) | SF + | 2.50% | 6.17% | 5/1/2031 | 2795 | 2742 | 2773 |  |
| ONE Group, LLC (4)(10)(23) | SF + | 6.50% | 10.17% | 5/1/2029 | 6594 | 6472 | 6425 |  |
| ONE Group, LLC (4)(6)(7)(23) | SF + | 6.00% | 9.67% | 10/31/2028 | 887 | 51 | 38 |  |
| Saga Mid Co Limited (4)(5)(10)(28) | SN + | 6.75% | 10.49% | 2/27/2031 | 28019 | 34589 | 38193 |  |
| Saga Mid Co Limited (4)(5)(6)(10) |  |  |  | 2/27/2031 | 8364 | (239) | 332 |  |
| Saga Mid Co Limited (4)(5)(6)(10) |  |  |  | 2/27/2031 | 1388 | (37) | 55 |  |
| Sparkle Holdco 2 Corp. (4)(10)(23) | SF + | 7.25% | 10.93% | 1/16/2031 | 26907 | 26132 | 26134 |  |
| Sparkle Holdco 2 Corp. (4)(6)(10) |  |  |  | 1/16/2031 | 4329 | (125) | (125) |  |
| Travel Leaders Group, LLC (4)(12)(22) | SF + | 7.50% (incl 3.50% PIK) | 11.27% | 3/27/2028 | 3772 | 3807 | 3735 |  |
| Voyager Parent LLC (7)(23) | SF + | 4.25% | 7.95% | 7/1/2032 | 3932 | 3827 | 3910 |  |
| **Total Hotels, Restaurants & Leisure** |  |  |  |  |  | 156576 | 159910 | 12.17% |
| **Independent Power and Renewable Electricity Producers** |  |  |  |  |  |  |  |  |
| Distributed Solar Development LLC (4)(12)(23) | SF + | 9.50% PIK | 13.15% | 9/19/2028 | 10542 | 10377 | 10022 |  |
| Distributed Solar Development LLC (4)(6)(12)(23) | SF + | 9.50% | 13.16% | 5/30/2026 | 2308 | 1125 | 1125 |  |
| Hamilton Projects Acquiror LLC (7)(22) | SF + | 2.50% | 6.17% | 5/30/2031 | 9015 | 8998 | 9050 |  |
| Matrix Renewables USA LLC (4)(5)(11)(26) | E + | 6.00% | 8.03% | 9/30/2030 | 10647 | 12125 | 12051 |  |
| NG Energy Fund 1 LLC (4)(11)(23) | SF + | 7.50% | 11.20% | 3/22/2028 | 7060 | 6935 | 7060 |  |

---

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund**

**Consolidated Schedule of Investments (Unaudited)**

**March 31, 2026**

**(in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** <sup>(1)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | **Par Amount/Units** | **Amortized Cost** <sup>(3)</sup> | **Fair Value** | **Percentage of Net Assets** |
| NRD Construction, LLC (4)(13)(23) | SF + | 6.25% | 9.95% | 11/6/2029 | 35934 | 35303 | 35380 |  |
| Palmetto Solar, LLC (4)(12)(23) | SF + | 6.25% | 9.95% | 9/13/2027 | 6020 | 5984 | 5980 |  |
| Palmetto Solar, LLC (4)(12)(23) | SF + | 6.25% | 9.95% | 9/13/2027 | 5268 | 5236 | 5232 |  |
| Palmetto Solar, LLC (4)(12)(23) | SF + | 6.25% | 9.95% | 9/13/2027 | 25808 | 25627 | 25635 |  |
| Palmetto Solar, LLC (4)(12)(23) | SF + | 6.25% | 9.95% | 9/13/2027 | 12904 | 12813 | 12817 |  |
| Sunraycer HPS Borrower LLC (4)(13)(23) | SF + | 6.50% | 10.20% | 10/28/2029 | 6625 | 6535 | 6479 |  |
| Sunraycer HPS Borrower LLC (4)(13)(23) | SF + | 6.50% | 10.20% | 10/28/2029 | 35629 | 35154 | 34845 |  |
| Sunraycer HPS Borrower LLC (4)(13)(23) | SF + | 6.50% | 10.20% | 10/28/2029 | 7911 | 7803 | 7737 |  |
| Westlands Electric Power Company Investor, LLC (4)(6)(12)(23) | SF + | 6.00% | 9.70% | 12/6/2030 | 50000 | 32188 | 32278 |  |
| **Total Independent Power and Renewable Electricity Producers** |  |  |  |  |  | 206203 | 205691 | 15.65% |
| **Insurance** |  |  |  |  |  |  |  |  |
| Acrisure LLC (7)(22) | SF + | 3.25% | 6.92% | 6/21/2032 | 3675 | 3666 | 3566 |  |
| Alera Group, Inc. (8)(22) | SF + | 2.75% | 6.42% | 5/30/2032 | 3980 | 3962 | 3868 |  |
| Alliant Holdings Intermediate, LLC (7)(22) | SF + | 2.50% | 6.17% | 9/19/2031 | 371 | 363 | 369 |  |
| Amynta Agency Borrower Inc (7)(22) | SF + | 2.50% | 6.17% | 12/29/2031 | 374 | 374 | 369 |  |
| CRC Insurance Group LLC (7)(23) | SF + | 2.75% | 6.45% | 5/6/2031 | 2802 | 2790 | 2769 |  |
| Global Service GmbH (4)(5)(7)(27) | E + | 6.75% | 8.85% | 2/1/2030 | 7753 | 8842 | 9051 |  |
| HUB International Ltd (7)(23) | SF + | 2.25% | 5.92% | 6/20/2030 | 7998 | 7998 | 7990 |  |
| International Construction Products, LLC (4)(5)(7) |  | 15.25% PIK | 15.25% | 9/5/2034 | 1241 | 1241 | 1241 |  |
| Kowalski Trust (4)(5)(7) |  | 16.00% PIK | 16.00% | 5/31/2034 | 20998 | 20724 | 20536 |  |
| OneDigital Borrower LLC (8)(22) | SF + | 3.00% | 6.67% | 7/2/2031 | 4913 | 4913 | 4762 |  |
| Trucordia Insurance Services LLC (4)(7)(22) | SF + | 3.25% | 6.92% | 6/17/2032 | 3440 | 3433 | 3182 |  |
| **Total Insurance** |  |  |  |  |  | 58306 | 57703 | 4.39% |
| **IT Services** |  |  |  |  |  |  |  |  |
| Delta Topco, Inc. (7)(22) | SF + | 2.75% | 6.42% | 11/30/2029 | 5178 | 5199 | 5020 |  |
| Mediaocean LLC (8)(22) | SF + | 3.50% | 7.27% | 12/15/2028 | 1684 | 1683 | 1591 |  |
| **Total IT Services** |  |  |  |  |  | 6882 | 6611 | 0.50% |
| **Leisure Products** |  |  |  |  |  |  |  |  |
| Beckett Collectibles Holdings, LLC (4)(15)(23) | SF + | 8.50% | 12.27% | 12/13/2029 | 11210 | 10938 | 11674 |  |
| **Total Leisure Products** |  |  |  |  |  | 10938 | 11674 | 0.89% |
| **Life Sciences Tools & Services** |  |  |  |  |  |  |  |  |
| WCG Intermediate Corp (7)(22) | SF + | 2.75% | 6.42% | 2/25/2032 | 1519 | 1519 | 1485 |  |
| **Total Life Sciences Tools & Services** |  |  |  |  |  | 1519 | 1485 | 0.11% |
| **Machinery** |  |  |  |  |  |  |  |  |
| Indicor LLC (7)(23) | SF + | 2.50% | 6.20% | 11/22/2029 | 2618 | 2607 | 2621 |  |
| Lsf12 Helix Parent LLC (7)(22) | SF + | 3.50% | 7.17% | 2/10/2033 | 2298 | 2236 | 2271 |  |
| Time Manufacturing Holdings LLC (4)(9)(23) | SF + | 6.50% | 10.32% | 12/1/2027 | 2594 | 2541 | 1998 |  |
| TK Elevator US Newco Inc (5)(8)(24) | SF + | 2.75% | 6.38% | 4/30/2030 | 4159 | 4146 | 4172 |  |
| **Total Machinery** |  |  |  |  |  | 11530 | 11062 | 0.84% |
| **Metals & Mining** |  |  |  |  |  |  |  |  |
| Alchemy US Holdco 1 LLC (4)(10)(23) | SF + | 6.50% | 10.17% | 7/31/2029 | 13828 | 13422 | 12919 |  |
| Alchemy US Holdco 1 LLC (4)(10)(26) | E + | 6.50% | 8.53% | 7/31/2029 | 2918 | 3065 | 3138 |  |
| Alchemy US Holdco 1 LLC (4)(10)(23) | SF + | 6.50% | 10.17% | 7/31/2029 | 151 | 147 | 141 |  |
| Star Holding LLC (7)(22) | SF + | 4.50% | 8.17% | 7/31/2031 | 705 | 702 | 698 |  |
| **Total Metals & Mining** |  |  |  |  |  | 17336 | 16896 | 1.29% |

---

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund**

**Consolidated Schedule of Investments (Unaudited)**

**March 31, 2026**

**(in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** <sup>(1)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | **Par Amount/Units** | **Amortized Cost** <sup>(3)</sup> | **Fair Value** | **Percentage of Net Assets** |
| **Mortgage Real Estate Investment Trusts (REITs)** | | | | | | | | |
| Claros Mortgage Trust, Inc. (4)(5)(13)(22) | SF + | 6.75% | 10.42% | 1/30/2030 | 12500 | 12004 | 12260 |  |
| **Total Mortgage Real Estate Investment Trusts (REITs)** |  |  |  |  |  | 12004 | 12260 | 0.93% |
| **Multi-Utilities** |  |  |  |  |  |  |  |  |
| Forgent Intermediate IV (7)(23) | SF + | 3.00% | 6.66% | 12/20/2032 | 2586 | 2561 | 2602 |  |
| **Total Multi-Utilities** |  |  |  |  |  | 2561 | 2602 | 0.20% |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |
| Alvogen Pharma US, Inc. (4)(15)(23) | SF + | 9.50% | 13.20% | 11/30/2028 | 18960 | 18599 | 18615 |  |
| Azurity Pharmaceuticals Inc (4)(10)(24) | SF + | 7.00% | 10.67% | 3/14/2030 | 45206 | 44491 | 43918 |  |
| Azurity Pharmaceuticals Inc (4)(10)(24) | SF + | 7.00% | 10.65% | 3/14/2030 | 4037 | 3974 | 3922 |  |
| Creek Parent, Inc. (4)(9)(22) | SF + | 5.00% | 8.67% | 12/18/2031 | 13326 | 13150 | 13210 |  |
| Creek Parent, Inc. (4)(6)(9) |  |  |  | 12/18/2031 | 2754 | (37) | (24) |  |
| Creek Parent, Inc. (4)(9)(21)(22) | SF + | 5.75% | 9.42% | 12/18/2031 | 1207 | 1191 | 1196 |  |
| Endo Finance Holdings Inc (8)(22) | SF + | 3.75% | 7.42% | 4/23/2031 | 3940 | 3947 | 3925 |  |
| **Total Pharmaceuticals** |  |  |  |  |  | 85315 | 84762 | 6.45% |
| **Professional Services** |  |  |  |  |  |  |  |  |
| Citrin Cooperman Advisors LLC (7)(23) | SF + | 3.00% | 6.70% | 4/1/2032 | 2933 | 2906 | 2826 |  |
| CohnReznick Advisory LLC (7)(23) | SF + | 3.25% | 6.95% | 3/31/2032 | 334 | 332 | 325 |  |
| CohnReznick Advisory LLC (6)(7) |  |  |  | 3/31/2032 | 19 |  | (1) |  |
| Grant Thornton Advisors Holdings LLC (7)(22) | SF + | 2.75% | 6.42% | 6/2/2031 | 5541 | 5541 | 5187 |  |
| YA Intermediate Holdings II LLC (4)(9)(24) | SF + | 5.00% | 8.85% | 10/1/2031 | 5219 | 5199 | 5218 |  |
| YA Intermediate Holdings II LLC (4)(6)(9)(23) | SF + | 5.00% | 8.69% | 10/1/2031 | 2199 | 388 | 403 |  |
| YA Intermediate Holdings II LLC (4)(6)(9)(23) | SF + | 5.00% | 8.86% | 10/1/2031 | 1083 | 317 | 321 |  |
| **Total Professional Services** |  |  |  |  |  | 14683 | 14279 | 1.09% |
| **Software** |  |  |  |  |  |  |  |  |
| Boreal Bidco (4)(5)(7)(26) | E + | 7.00% (incl 4.00% PIK) | 9.13% | 3/26/2032 | 14351 | 15223 | 15937 |  |
| Central Parent LLC (7)(23) | SF + | 3.25% | 6.95% | 7/6/2029 | 1600 | 1594 | 1145 |  |
| CF Newco Inc (4)(11)(22) | SF + | 6.00% | 9.66% | 12/10/2029 | 31281 | 31050 | 31141 |  |
| CF Newco Inc (4)(11)(22) | SF + | 6.25% | 9.91% | 12/10/2029 | 11910 | 11772 | 11856 |  |
| CF Newco Inc (4)(6)(11)(22) | SF + | 6.00% | 9.66% | 12/10/2029 | 5500 | 1872 | 1900 |  |
| DigiCert Inc (4)(9)(22) | SF + | 5.75% | 9.42% | 7/30/2030 | 1990 | 1964 | 1931 |  |
| DigiCert Inc (4)(9)(21)(22) | SF + | 6.40% | 10.07% | 7/30/2030 | 43461 | 42896 | 42138 |  |
| DigiCert Inc (4)(6)(9) |  |  |  | 7/30/2030 | 4746 | (62) | (141) |  |
| Einstein Parent Inc (4)(9)(23) | SF + | 5.25% | 8.92% | 1/22/2031 | 26128 | 25710 | 25290 |  |
| Einstein Parent Inc (4)(6)(9) |  |  |  | 1/22/2031 | 2707 | (43) | (87) |  |
| Espresso Bidco Inc. (4)(9)(23) | SF + | 5.75% (incl 3.13% PIK) | 9.45% | 3/25/2032 | 13362 | 13192 | 12921 |  |
| Espresso Bidco Inc. (4)(6)(9)(23) | SF + | 5.75% (incl 3.13% PIK) | 9.45% | 3/25/2032 | 3595 | 3256 | 3188 |  |
| Espresso Bidco Inc. (4)(6)(9) |  |  |  | 3/25/2032 | 1593 | (21) | (52) |  |
| ION Platform Finance US Inc (7)(23) | SF + | 3.75% | 7.45% | 10/7/2032 | 9282 | 9196 | 7511 |  |
| McAfee Corp (8)(22) | SF + | 3.00% | 6.67% | 3/1/2029 | 509 | 481 | 456 |  |
| Project Alpha Intermediate Holding, Inc. (8)(23) | SF + | 3.25% | 6.95% | 10/26/2030 | 6951 | 6890 | 5299 |  |
| Stack Sports Buyer, LLC (4)(9)(22) | SF + | 5.75% (incl 3.13% PIK) | 9.22% | 3/31/2031 | 18558 | 18329 | 18254 |  |
| Stack Sports Buyer, LLC (4)(6)(9) |  |  |  | 3/31/2031 | 4071 | (56) | (67) |  |
| Stack Sports Buyer, LLC (4)(6)(9) |  |  |  | 3/31/2031 | 2994 | (37) | (49) |  |
| Tango Bidco SAS (4)(5)(6)(7) |  |  |  | 10/17/2031 | 348 | (5) | (14) |  |
| Tango Bidco SAS (4)(5)(6)(7)(26) | E + | 5.25% | 7.27% | 10/17/2031 | 1844 | 1527 | 1617 |  |

---

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund**

**Consolidated Schedule of Investments (Unaudited)**

**March 31, 2026**

**(in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** <sup>(1)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | **Par Amount/Units** | **Amortized Cost** <sup>(3)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Tango Bidco SAS (4)(5)(7)(26) | E + | 5.25% | 7.27% | 10/17/2031 | 4646 | 4972 | 5189 |  |
| Technology Growth Capital Pty Ltd (4)(5)(10)(23) | SF + | 6.50% | 10.16% | 7/2/2030 | 3544 | 3475 | 3475 |  |
| Tricentis Operations Holdings Inc (4)(9)(23) | SF + | 6.00% (incl 3.25% PIK) | 9.64% | 2/11/2032 | 19689 | 19532 | 19438 |  |
| Tricentis Operations Holdings Inc (4)(6)(9) |  |  |  | 2/11/2032 | 3748 | (34) | (48) |  |
| Tricentis Operations Holdings Inc (4)(6)(9) |  |  |  | 2/11/2032 | 2713 | (23) | (35) |  |
| **Total Software** |  |  |  |  |  | 212650 | 208193 | 15.84% |
| **Specialty Retail** |  |  |  |  |  |  |  |  |
| Constellation Automotive Limited (4)(5)(7)(27) | E + | 6.25% | 8.37% | 4/3/2031 | 4527 | 4930 | 5223 |  |
| Constellation Automotive Limited (4)(5)(7)(28) | SN + | 6.25% | 10.00% | 4/3/2031 | 10951 | 14149 | 14460 |  |
| Great Outdoors Group, LLC (9)(22) | SF + | 3.25% | 6.92% | 1/23/2032 | 2018 | 2010 | 2017 |  |
| Knitwell Borrower LLC (4)(10)(23) | SF + | 7.75% | 11.57% | 7/28/2027 | 1604 | 1588 | 1590 |  |
| Knitwell Borrower LLC (4)(10)(23) | SF + | 7.75% | 11.57% | 7/28/2027 | 11257 | 11094 | 11159 |  |
| PetSmart LLC (7)(22) | SF + | 4.00% | 7.67% | 8/18/2032 | 8369 | 8292 | 8329 |  |
| Staples, Inc. (8)(23) | SF + | 5.75% | 9.41% | 9/4/2029 | 11252 | 10906 | 10256 |  |
| The Michaels Companies, Inc. (7)(23) | SF + | 5.00% | 8.67% | 3/15/2033 | 5043 | 4942 | 4904 |  |
| White Cap Supply Holdings LLC (7)(22) | SF + | 3.25% | 6.92% | 10/19/2029 | 1809 | 1803 | 1745 |  |
| **Total Specialty Retail** |  |  |  |  |  | 59714 | 59683 | 4.54% |
| **Trading Companies & Distributors** |  |  |  |  |  |  |  |  |
| Atlas Intermediate III LLC (4)(10)(23) | SF + | 7.75% | 11.42% | 10/31/2029 | 9391 | 9261 | 9031 |  |
| W3 TopCo LLC (4)(10)(23) | SF + | 6.50% | 10.17% | 3/22/2029 | 13443 | 13124 | 11769 |  |
| **Total Trading Companies & Distributors** |  |  |  |  |  | 22385 | 20800 | 1.58% |
| **Transportation Infrastructure** |  |  |  |  |  |  |  |  |
| Tikehau Motion Midco SARL (4)(5)(7)(27) | E + | 6.50% | 8.64% | 8/22/2031 | 4765 | 5485 | 5422 |  |
| Tikehau Motion Midco SARL (4)(5)(7)(27) | E + | 6.50% | 8.64% | 8/22/2031 | 10291 | 11847 | 11710 |  |
| Tikehau Motion Midco SARL (4)(5)(6)(7) |  |  |  | 8/22/2031 | 7635 | (170) | (137) |  |
| **Total Transportation Infrastructure** |  |  |  |  |  | 17162 | 16995 | 1.29% |
| **Wireless Telecommunication Services** |  |  |  |  |  |  |  |  |
| CCI Buyer, Inc. (4)(6)(9) |  |  |  | 5/13/2032 | 144 | (1) | (1) |  |
| CCI Buyer, Inc. (4)(9)(23) | SF + | 5.00% | 8.70% | 5/13/2032 | 1864 | 1848 | 1845 |  |
| **Total Wireless Telecommunication Services** |  |  |  |  |  | 1847 | 1844 | 0.14% |
| **Total First Lien Debt** |  |  |  |  |  | $1760376 | $1752970 | 133.41% |
| **Second Lien Debt** |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |
| Albers Aerospace Holdings LLC (4)(7) |  | 13.00% (incl 4.00% PIK) | 13.00% | 6/22/2031 | $3050 | $3007 | $2994 |  |
| Albers Aerospace Holdings LLC (4)(6)(7) |  |  |  | 6/22/2031 | 1983 | (29) | (37) |  |
| **Total Aerospace & Defense** |  |  |  |  |  | 2978 | 2957 | 0.23% |
| **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |
| Equinox Holdings, Inc. (4)(7) |  | 16.00% PIK | 16.00% | 6/30/2027 | 1729 | 1714 | 1722 |  |
| **Total Hotels, Restaurants & Leisure** |  |  |  |  |  | 1714 | 1722 | 0.13% |
| **Insurance** |  |  |  |  |  |  |  |  |
| International Construction Products, LLC (4)(5)(7) |  | 15.25% PIK | 15.25% | 9/5/2034 | 3303 | 3303 | 3303 |  |
| **Total Insurance** |  |  |  |  |  | 3303 | 3303 | 0.25% |
| **Total Second Lien Debt** |  |  |  |  |  | $7995 | $7982 | 0.61% |
| **Other Secured Debt** |  |  |  |  |  |  |  |  |

---

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund**

**Consolidated Schedule of Investments (Unaudited)**

**March 31, 2026**

**(in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** <sup>(1)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | **Par Amount/Units** | **Amortized Cost** <sup>(3)</sup> | **Fair Value** | **Percentage of Net Assets** |
| **Asset Based Lending and Fund Finance** | | | | | | | | |
| RGP Holdings 2, LLC (4)(5)(10)(23) | SF + | 6.50% PIK | 10.20% | 10/11/2032 | $6947 | $6818 | $6810 |  |
| TPG VIII Merlin New Holdings I, L.P. (4)(5)(10)(23) | SF + | 6.50% | 10.15% | 3/15/2027 | 8057 | 8006 | 8021 |  |
| **Total Asset Based Lending and Fund Finance** |  |  |  |  |  | 14824 | 14831 | 1.13% |
| **Communications Equipment** |  |  |  |  |  |  |  |  |
| IPC Intermediate Holdings Corp. (4)(7) |  | 12.00% PIK | 12.00% | 6/30/2026 | 923 | 910 | 891 |  |
| **Total Communications Equipment** |  |  |  |  |  | 910 | 891 | 0.07% |
| **Electric Utilities** |  |  |  |  |  |  |  |  |
| IDF 9 Financeco, LLC (4)(15)(23) | SF + | 8.50% | 12.20% | 3/28/2031 | 2518 | 2497 | 2496 |  |
| **Total Electric Utilities** |  |  |  |  |  | 2497 | 2496 | 0.19% |
| **Entertainment** |  |  |  |  |  |  |  |  |
| Chord Searchlight, L.P (4)(5)(6)(10)(23) | SF + | 6.75% PIK | 10.39% | 7/16/2030 | 22656 | 17127 | 17196 |  |
| **Total Entertainment** |  |  |  |  |  | 17127 | 17196 | 1.31% |
| **Financial Services** |  |  |  |  |  |  |  |  |
| GAPCO AIV Interholdco (CP), L.P. (4)(5)(10)(23) | SF + | 6.75% PIK | 10.45% | 3/31/2033 | 12818 | 12335 | 12427 |  |
| **Total Financial Services** |  |  |  |  |  | 12335 | 12427 | 0.95% |
| **Independent Power and Renewable Electricity Producers** |  |  |  |  |  |  |  |  |
| Flatiron Energy Holdco LLC (4)(13)(23) | SF + | 6.38% | 10.07% | 10/1/2029 | 4029 | 3963 | 3958 |  |
| Flatiron Energy Holdco LLC (4)(13)(23) | SF + | 6.38% | 10.07% | 10/1/2029 | 5554 | 5470 | 5457 |  |
| Flatiron Energy Holdco LLC (4)(6)(13)(23) | SF + | 6.38% | 10.09% | 10/1/2029 | 41261 | 14138 | 14035 |  |
| **Total Independent Power and Renewable Electricity Producers** |  |  |  |  |  | 23571 | 23450 | 1.78% |
| **Real Estate Management & Development** |  |  |  |  |  |  |  |  |
| Link Apartments Opportunity Zone REIT, LLC (4)(15)(23) | SF + | 7.50% | 11.20% | 12/27/2029 | 1819 | 1792 | 1798 |  |
| Link Apartments Opportunity Zone REIT, LLC (4)(15)(23) | SF + | 7.50% | 11.20% | 12/27/2029 | 1039 | 1024 | 1027 |  |
| **Total Real Estate Management & Development** |  |  |  |  |  | 2816 | 2825 | 0.21% |
| **Total Other Secured Debt** |  |  |  |  |  | $74080 | $74116 | 5.64% |
| **Unsecured Debt** |  |  |  |  |  |  |  |  |
| **Capital Markets** |  |  |  |  |  |  |  |  |
| Constellation Wealth Capital Fund-A-Blocker (LIDO), LLC (4) |  |  |  | 2/1/2038 | $48 | $— | $— |  |
| **Total Capital Markets** |  |  |  |  |  |  |  | —% |
| **Financial Services** |  |  |  |  |  |  |  |  |
| Freedom Funding Center LLC (4)(7) |  | 12.00% | 12.00% | 10/1/2032 | 27876 | 27876 | 27994 |  |
| **Total Financial Services** |  |  |  |  |  | 27876 | 27994 | 2.13% |
| **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |
| Corza Medical Srl (4)(5)(7) |  | 14.00% PIK | 14.00% | 2/13/2030 | 20037 | 19845 | 20639 |  |
| **Total Health Care Equipment & Supplies** |  |  |  |  |  | 19845 | 20639 | 1.57% |
| **Total Unsecured Debt** |  |  |  |  |  | $47721 | $48633 | 3.70% |
| **Structured Finance Investments** |  |  |  |  |  |  |  |  |
| **Structured Finance** |  |  |  |  |  |  |  |  |
| Alp CFO 2025, L.P. (4)(5)(7) - Class A |  | 7.09% | 7.09% | 7/15/2037 | $1000 | $1000 | $997 |  |

---

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund**

**Consolidated Schedule of Investments (Unaudited)**

**March 31, 2026**

**(in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** <sup>(1)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | **Par Amount/Units** | **Amortized Cost** <sup>(3)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Alp CFO 2025, L.P. (4)(5)(7) - Class B |  | 9.44% | 9.44% | 7/15/2037 | 2500 | 2500 | 2500 |  |
| Alp CFO 2025, L.P. (4)(5)(7) - Class C |  | 12.24% | 12.24% | 7/15/2037 | 4000 | 4000 | 4000 |  |
| Alp CFO 2025, L.P. (4)(5)(19) - Subordinated Note |  |  |  | 7/15/2037 | 4000 | 4000 | 4000 |  |
| Ares Secondaries Pbn Finance Co IV LLC (4)(5)(6)(7)(23) - Class A | SF + | 2.90% | 6.57% | 4/14/2039 | 997 | 134 | 140 |  |
| Ares Secondaries Pbn Finance Co IV LLC (4)(5)(6)(7)(23) - Class C | SF + | 8.50% | 12.17% | 4/14/2039 | 7000 | 959 | 1152 |  |
| Coller Private Equity Backed Notes & Loans II-A LP (4)(5)(6)(7)(23) - Class A | SF + | 2.95% | 6.61% | 4/30/2037 | 1000 | 459 | 451 |  |
| Coller Private Equity Backed Notes & Loans II-A LP (4)(5)(6)(7)(23) - Class B | SF + | 5.20% | 8.86% | 4/30/2037 | 1000 | 459 | 445 |  |
| PBN II-A Equity Holdings L.P. (4)(5)(6)(19) - Limited Partnership Interest |  |  |  |  | 10000 | 5310 | 5259 |  |
| **Total Structured Finance** |  |  |  |  |  | 18821 | 18944 | 1.44% |
| **Total Structured Finance Investments** |  |  |  |  |  | $18821 | $18944 | 1.44% |
| **Preferred Equity** |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |
| Albers Aerospace Holdings LLC (4)(19)(20)(34) - Preferred Units |  |  |  |  | 5000 | $4292 | $4426 |  |
| **Total Aerospace & Defense** |  |  |  |  |  | 4292 | 4426 | 0.34% |
| **Beverages** |  |  |  |  |  |  |  |  |
| CC Investor Aggregator, L.P. (4)(20)(34) - Class A Units |  |  |  |  | 40582 | 40582 | 45140 |  |
| **Total Beverages** |  |  |  |  |  | 40582 | 45140 | 3.44% |
| **Capital Markets** |  |  |  |  |  |  |  |  |
| CB Lido Offshore Blocker X, LLC (4)(20)(34) - Class Z Units |  |  |  |  | 2947104 | 2947 | 3084 |  |
| Constellation Wealth Capital Fund-A-Blocker (LIDO), LLC (4)(20)(34) - Class Z Units |  |  |  |  | 21755 | 121 | 126 |  |
| LAL Group Holdings, LLC (4)(19)(20)(34) - Class Z Units |  |  |  |  | 21932329 | 21932 | 22954 |  |
| **Total Capital Markets** |  |  |  |  |  | 25000 | 26164 | 1.99% |
| **Electric Utilities** |  |  |  |  |  |  |  |  |
| IDF 9 Financeco, LLC (4)(19)(20)(34) - Series B Units |  |  |  |  | 1055303 | 1045 | 1185 |  |
| **Total Electric Utilities** |  |  |  |  |  | 1045 | 1185 | 0.09% |
| **Financial Services** |  |  |  |  |  |  |  |  |
| Holdings 2, L.P. (4)(5)(7)(19)(20) - L.P. Interest |  | 11.50% | 11.50% |  | 25000 | 24563 | 24571 |  |
| **Total Financial Services** |  |  |  |  |  | 24563 | 24571 | 1.87% |
| **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |
| Femur Holdings LP (4)(20) - Preferred Stock |  |  |  |  | 5161701 | 5064 | 4066 |  |
| **Total Health Care Equipment & Supplies** |  |  |  |  |  | 5064 | 4066 | 0.31% |
| **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |
| Sparkle Aggregator, LP (4)(20)(34) - Preferred Units |  |  |  |  | 12500 | 12500 | 12942 |  |
| The ONE Group Hospitality, Inc. (4)(20)(34) - Preferred Stock |  |  |  |  | 1000 | 877 | 1075 |  |
| **Total Hotels, Restaurants & Leisure** |  |  |  |  |  | 13377 | 14017 | 1.07% |
| **Insurance** |  |  |  |  |  |  |  |  |
| Navacord Intermediate Holdings Inc (4)(5)(6)(20) - Preferred Stock |  |  |  |  | 3424 | (43) | 1 |  |

---

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund**

**Consolidated Schedule of Investments (Unaudited)**

**March 31, 2026**

**(in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** <sup>(1)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | **Par Amount/Units** | **Amortized Cost** <sup>(3)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Navacord Intermediate Holdings Inc (4)(5)(20)(34) - Preferred Stock |  |  |  | 13696 | 9844 | 9854 |  |
| **Total Insurance** |  |  |  |  | 9801 | 9855 | 0.75% |
| **Software** |  |  |  |  |  |  |  |
| Lava Topco, Inc. (4)(20) - Preferred Stock |  |  |  | 25000 | 25000 | 25000 |  |
| **Total Software** |  |  |  |  | 25000 | 25000 | 1.90% |
| **Textiles, Apparel & Luxury Goods** |  |  |  |  |  |  |  |
| Kendra Scott Design Inc (4)(20)(34) - Preferred Stock |  |  |  | 2316836 | 24270 | 34836 |  |
| **Total Textiles, Apparel & Luxury Goods** |  |  |  |  | 24270 | 34836 | 2.65% |
| **Wireless Telecommunication Services** |  |  |  |  |  |  |  |
| CCI Topco, Inc. (4)(20)(34) - Preferred Stock |  |  |  | 500 | 49005 | 55800 |  |
| **Total Wireless Telecommunication Services** |  |  |  |  | 49005 | 55800 | 4.25% |
| **Total Preferred Equity** |  |  |  |  | $221999 | $245060 | 18.66% |
| **Other Equity Investments** |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |
| Albers Aerospace Holdings LLC (4)(19)(20) - Class D Units |  |  |  | 24 | $633 | $633 |  |
| **Total Aerospace & Defense** |  |  |  |  | 633 | 633 | 0.05% |
| **Consumer Staples Distribution & Retail** |  |  |  |  |  |  |  |
| AP Himalaya Co-Invest, L.P. (4)(20) - LP Interest |  |  |  | 20006 | 20087 | 22262 |  |
| **Total Consumer Staples Distribution & Retail** |  |  |  |  | 20087 | 22262 | 1.69% |
| **Electric Utilities** |  |  |  |  |  |  |  |
| IDF 8 Topco, LLC (4)(19)(20) - Series B-1 Units |  |  |  | 230248 | 230 |  |  |
| IDF 8 Topco, LLC (4)(19)(20) - Series B-2 Units |  |  |  | 230248 | 230 |  |  |
| **Total Electric Utilities** |  |  |  |  | 460 |  | —% |
| **Entertainment** |  |  |  |  |  |  |  |
| AMR GP Holdings Ltd (4)(5)(20) - Ordinary Shares |  |  |  | 1675 | 10047 | 15350 |  |
| **Total Entertainment** |  |  |  |  | 10047 | 15350 | 1.17% |
| **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |
| The ONE Group Hospitality, Inc. (20) - A-2 Warrants |  |  |  | 11911 | 61 | 21 |  |
| The ONE Group Hospitality, Inc. (4)(20) - B-2 Warrants |  |  |  | 6667 | 12 |  |  |
| **Total Hotels, Restaurants & Leisure** |  |  |  |  | 73 | 21 | —% |
| **Mortgage Real Estate Investment Trusts (REITs)** |  |  |  |  |  |  |  |
| Claros Mortgage Trust, Inc. (4)(5)(20) - Warrants |  |  |  | 188556 | 267 | 268 |  |
| **Total Mortgage Real Estate Investment Trusts (REITs)** |  |  |  |  | 267 | 268 | 0.02% |
| **Pharmaceuticals** |  |  |  |  |  |  |  |
| Creek Feeder, L.P. (4)(20) - LP Interest |  |  |  | 10000 | 10000 | 11045 |  |
| **Total Pharmaceuticals** |  |  |  |  | 10000 | 11045 | 0.84% |
| **Total Other Equity Investments** |  |  |  |  | $41567 | $49579 | 3.77% |
| **Total Investments - Non-Controlled/Non-Affiliated** |  |  |  |  | $2172559 | $2197284 | 167.23% |
| **Non-Controlled/Affiliated Investments** |  |  |  |  |  |  |  |
| **First Lien Debt** |  |  |  |  |  |  |  |
| **Household Durables** |  |  |  |  |  |  |  |

---

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund**

**Consolidated Schedule of Investments (Unaudited)**

**March 31, 2026**

**(in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** <sup>(1)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | **Par Amount/Units** | **Amortized Cost** <sup>(3)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Lasko Operation Holdings, LLC (4)(10)(18)(23) | SF + | 6.50% | 10.30% | 6/4/2030 | $1768 | $1705 | $1768 |  |
| **Total Household Durables** |  |  |  |  |  | 1705 | 1768 | 0.13% |
| **IT Services** |  |  |  |  |  |  |  |  |
| New Era Technology Inc (4)(10)(18)(23) | SF + | 6.25% PIK | 10.10% | 6/30/2030 | 4594 | 4546 | 4593 |  |
| **Total IT Services** |  |  |  |  |  | 4546 | 4593 | 0.35% |
| **Total First Lien Debt** |  |  |  |  |  | $6251 | $6361 | 0.48% |
| **Preferred Equity** |  |  |  |  |  |  |  |  |
| **IT Services** |  |  |  |  |  |  |  |  |
| NE SPV Holdco, LLC (4)(18)(20) - Preferred Units |  |  |  |  | 4139 | $3018 | $1849 |  |
| **Total IT Services** |  |  |  |  |  | 3018 | 1849 | 0.14% |
| **Total Preferred Equity** |  |  |  |  |  | $3018 | $1849 | 0.14% |
| **Other Equity Investments** |  |  |  |  |  |  |  |  |
| **Household Durables** |  |  |  |  |  |  |  |  |
| Lasko Operation Holdings, LLC (4)(18)(20) - Common Shares |  |  |  |  | 891 | $287 | $78 |  |
| **Total Household Durables** |  |  |  |  |  | 287 | 78 | 0.01% |
| **IT Services** |  |  |  |  |  |  |  |  |
| NE SPV Holdco, LLC (4)(18)(20) - Common Units |  |  |  |  | 4139 |  |  |  |
| **Total IT Services** |  |  |  |  |  |  |  | —% |
| **Total Other Equity Investments** |  |  |  |  |  | $287 | $78 | 0.01% |
| **Total Investments - Non-Controlled/Affiliated** |  |  |  |  |  | $9556 | $8288 | 0.63% |
| **Total Investment Portfolio** |  |  |  |  |  | $2182115 | $2205572 | 167.86% |
| **Cash and Cash Equivalents** |  |  |  |  |  |  |  |  |
| Dreyfus Government Cash Management (5) |  |  | 3.54% |  | $5326 | $5326 | $5326 |  |
| Goldman Sachs Financial Square Government Fund (5) |  |  | 3.55% |  | 486 | 486 | 486 |  |
| Cash |  |  |  |  |  | 44265 | 44265 |  |
| **Total Cash and Cash Equivalents** |  |  |  |  |  | $50077 | $50077 | 3.81% |
| **Total Investment Portfolio, Cash and Cash Equivalents** |  |  |  |  |  | $2232192 | $2255649 | 171.67% |

---

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

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

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

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

(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, 2026, non-qualifying assets represented 22.9% 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:

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund**

**Consolidated Schedule of Investments (Unaudited)**

**March 31, 2026**

**(in thousands)**

---

| | | | |
|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated** | **Commitment Type** | **Unfunded Commitment** | **Fair Value** |
| Albers Aerospace Holdings LLC | 2nd Lien Senior Secured Delayed Draw Loan | $1983 | $(37) |
| American Academy Holdings, LLC | 1st Lien Senior Secured Revolving Loan | 160 | (6) |
| Ares Secondaries Pbn Finance Co IV LLC | Structured Finance Obligations - Debt Instruments | 6041 | 166 |
| Ares Secondaries Pbn Finance Co IV LLC | Structured Finance Obligations - Debt Instruments | 863 | 5 |
| AVSC Holding Corp. | 1st Lien Senior Secured Revolving Loan | 789 |  |
| Axiom Buyer, LLC | 1st Lien Senior Secured Delayed Draw Loan | 1905 | (27) |
| Axiom Buyer, LLC | 1st Lien Senior Secured Revolving Loan | 611 | (10) |
| Blazing Star Shields Direct Parent, LLC | 1st Lien Senior Secured Revolving Loan | 2131 |  |
| Carbon Topco, Inc. | 1st Lien Senior Secured Revolving Loan | 1065 |  |
| CCI Buyer, Inc. | 1st Lien Senior Secured Revolving Loan | 144 | (1) |
| Certania Beteiligungen GmbH | 1st Lien Senior Secured Delayed Draw Loan | 2520 | (58) |
| Certania Beteiligungen GmbH | 1st Lien Senior Secured Delayed Draw Loan | 4862 | (112) |
| CF Newco Inc | 1st Lien Senior Secured Revolving Loan | 3575 | (16) |
| Chord Searchlight, L.P | Other Secured Debt Delayed Draw Loan | 5234 | (52) |
| CohnReznick Advisory LLC | 1st Lien Senior Secured Delayed Draw Loan | 19 | (1) |
| Coller Private Equity Backed Notes & Loans II-A LP | Structured Finance Obligations - Debt Instruments | 541 | (8) |
| Coller Private Equity Backed Notes & Loans II-A LP | Structured Finance Obligations - Debt Instruments | 541 | (4) |
| Creek Parent, Inc. | 1st Lien Senior Secured Revolving Loan | 2754 | (24) |
| Diagnostic Services Holdings, Inc. | 1st Lien Senior Secured Revolving Loan | 136 | (2) |
| DigiCert Inc | 1st Lien Senior Secured Revolving Loan | 4746 | (141) |
| Distributed Solar Development LLC | 1st Lien Senior Secured Delayed Draw Loan | 1154 | (15) |
| Einstein Parent Inc | 1st Lien Senior Secured Revolving Loan | 2707 | (87) |
| Espresso Bidco Inc. | 1st Lien Senior Secured Delayed Draw Loan | 289 | (10) |
| Espresso Bidco Inc. | 1st Lien Senior Secured Revolving Loan | 1593 | (52) |
| FC Compassus LLC | 1st Lien Senior Secured Delayed Draw Loan | 1332 | (10) |
| FC Compassus LLC | 1st Lien Senior Secured Delayed Draw Loan | 159 | (1) |
| FC Compassus LLC | 1st Lien Senior Secured Revolving Loan | 2716 | (20) |
| Femur Buyer Inc | 1st Lien Senior Secured Revolving Loan | 340 | (7) |
| Flatiron Energy Holdco LLC | Other Secured Debt Delayed Draw Loan | 26504 | (463) |
| Grain Connect Limited | 1st Lien Senior Secured Delayed Draw Loan | 6630 | (190) |
| Grain Connect Limited | 1st Lien Senior Secured Delayed Draw Loan | 632 | (18) |
| Grain Connect Limited | 1st Lien Senior Secured Delayed Draw Loan | 1412 | (40) |
| HB AcquisitionCo Pty Ltd | 1st Lien Senior Secured Delayed Draw Loan | 1101 | (16) |
| Indigo Purchaser, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 2265 | 23 |
| Indigo Purchaser, Inc. | 1st Lien Senior Secured Revolving Loan | 1942 |  |
| Lakeland Tours LLC | 1st Lien Senior Secured Revolving Loan | 1126 | (26) |
| Madonna Bidco Ltd | 1st Lien Senior Secured Delayed Draw Loan | 1456 | 15 |
| Montagu Lux Finco Sarl | 1st Lien Senior Secured Delayed Draw Loan | 7125 | (111) |
| Navacord Intermediate Holdings Inc | Delayed Draw Preferred Equity | 2462 | 1 |
| NTH Degree Purchaser Inc | 1st Lien Senior Secured Delayed Draw Loan | 3422 |  |
| NTH Degree Purchaser Inc | 1st Lien Senior Secured Revolving Loan | 1792 |  |
| ONE Group, LLC | 1st Lien Senior Secured Revolving Loan | 820 | (27) |
| Orthrus Ltd | 1st Lien Senior Secured Delayed Draw Loan | 1051 | (12) |
| Patriot Acquisition Topco Sarl | 1st Lien Senior Secured Revolving Loan | 78 |  |
| PBN II-A Equity Holdings L.P. | Structured Finance Obligations - Limited Partnership Interest | 4741 |  |
| PF Finco PTY LTD | 1st Lien Senior Secured Delayed Draw Loan | 985 | (15) |
| Raven Acquisition Holdings LLC | 1st Lien Senior Secured Delayed Draw Loan | 222 | (4) |
| Retail Services WIS Corporation | 1st Lien Senior Secured Delayed Draw Loan | 5186 | (104) |
| Ribbon Communications Operating Company, Inc | 1st Lien Senior Secured Revolving Loan | 849 | (6) |
| Saga Mid Co Limited | 1st Lien Senior Secured Delayed Draw Loan | 11069 | 332 |
| Saga Mid Co Limited | 1st Lien Senior Secured Delayed Draw Loan | 1837 | 55 |
| Solis Mammography Buyer, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 1996 | (31) |
| Solis Mammography Buyer, Inc. | 1st Lien Senior Secured Revolving Loan | 3387 | (45) |

---

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund**

**Consolidated Schedule of Investments (Unaudited)**

**March 31, 2026**

**(in thousands)**

---

| | | | |
|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated** | **Commitment Type** | **Unfunded Commitment** | **Fair Value** |
| Sparkle Holdco 2 Corp. | 1st Lien Senior Secured Revolving Loan | 4329 | (125) |
| Spruce Bidco II Inc | 1st Lien Senior Secured Revolving Loan | 3494 | (30) |
| Stack Sports Buyer, LLC | 1st Lien Senior Secured Delayed Draw Loan | 4071 | (67) |
| Stack Sports Buyer, LLC | 1st Lien Senior Secured Revolving Loan | 2994 | (49) |
| SW Ingredients Holdings, LLC | 1st Lien Senior Secured Delayed Draw Loan | 2434 | (22) |
| SW Ingredients Holdings, LLC | 1st Lien Senior Secured Revolving Loan | 2802 | (25) |
| Tango Bidco SAS | 1st Lien Senior Secured Delayed Draw Loan | 442 | (15) |
| Tango Bidco SAS | 1st Lien Senior Secured Delayed Draw Loan | 402 | (14) |
| Team, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 3740 | (55) |
| Tex-Tech Industries, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 804 | (6) |
| Tex-Tech Industries, Inc. | 1st Lien Senior Secured Revolving Loan | 907 | (7) |
| Tikehau Motion Midco SARL | 1st Lien Senior Secured Delayed Draw Loan | 8825 | (137) |
| Tricentis Operations Holdings Inc | 1st Lien Senior Secured Delayed Draw Loan | 3748 | (48) |
| Tricentis Operations Holdings Inc | 1st Lien Senior Secured Revolving Loan | 2713 | (35) |
| Valence Surface Technologies LLC | 1st Lien Senior Secured Delayed Draw Loan | 138 |  |
| Valence Surface Technologies LLC | 1st Lien Senior Secured Revolving Loan | 3280 |  |
| Westlands Electric Power Company Investor, LLC | 1st Lien Senior Secured Delayed Draw Loan | 16875 | (286) |
| Xponential Fitness LLC | 1st Lien Senior Secured Revolving Loan | 658 | (8) |
| YA Intermediate Holdings II LLC | 1st Lien Senior Secured Delayed Draw Loan | 1795 |  |
| YA Intermediate Holdings II LLC | 1st Lien Senior Secured Revolving Loan | 762 |  |
| **Total** |  | $206213 | $(2141) |

---

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

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

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

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

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

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

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

(14) The interest rate floor on these investments as of March 31, 2026 was 2.75%.

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fair Value as of December 31, 2025** | **Gross Additions**<sup>(a)</sup> | **Gross Reductions**<sup>(b)</sup> | **Change in Unrealized Gains (Loss)** | **Net Realized Gain (Loss)** | **Fair Value as of March 31, 2026** | **Dividend and Interest Income** |
| **Non-Controlled/Affiliated Investments** | | | | | | | |
| Lasko Operation Holdings, LLC | $2055 | $4 | $— | $(213) | $— | $1846 | $49 |
| New Era Technology Inc | 4481 | 115 |  | (3) |  | 4593 | 116 |
| NE SPV Holdco, LLC | 1980 |  |  | (131) |  | 1849 |  |
| **Total Non-Controlled/Affiliated Investments** | $8516 | $119 | $— | $(347) | $— | $8288 | $165 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund**

**Consolidated Schedule of Investments (Unaudited)**

**March 31, 2026**

**(in thousands)**

(20) 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, 2026, the aggregate fair value of these securities is $296,566, or 22.57% of the Company's net assets. The acquisition dates of the restricted securities are as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **Investment** | **Acquisition Date** |
| Albers Aerospace Holdings LLC | Preferred Units | December 22, 2025 |
| CC Investor Aggregator, L.P. | Class A Units | May 19, 2025 |
| CB Lido Offshore Blocker X, LLC | Class Z Units | August 5, 2025 |
| Constellation Wealth Capital Fund-A-Blocker (Lido), LLC | Class Z Units | August 5, 2025 |
| LAL Group Holdings, LLC | Class Z Units | August 5, 2025 |
| IDF 9 Financeco, LLC | Series B Units | March 28, 2025 |
| Holdings 2, L.P. | L.P. Interest | February 12, 2026 |
| Femur Holdings LP | Preferred Stock | October 23, 2025 |
| Sparkle Aggregator, LP | Preferred Stock | January 16, 2026 |
| The ONE Group Hospitality, Inc. | Preferred Stock | May 1, 2024 |
| Navacord Intermediate Holdings Inc | Preferred Stock | February 2, 2026 |
| Navacord Intermediate Holdings Inc | Preferred Stock | February 2, 2026 |
| Lava Topco, Inc. | Preferred Stock | November 10, 2025 |
| Kendra Scott Design Inc | Preferred Stock | September 12, 2024 |
| CCI Topco, Inc. | Preferred Stock | May 13, 2025 |
| Albers Aerospace Holdings LLC | Class D Units | December 22, 2025 |
| AP Himalaya Co-Invest, L.P. | LP Interest | September 18, 2024 |
| IDF 8 Topco, LLC | Series B-1 Units | November 18, 2024 |
| IDF 8 Topco, LLC | Series B-2 Units | November 18, 2024 |
| AMR GP Holdings Ltd | Ordinary Shares | July 9, 2024 |
| The ONE Group Hospitality, Inc. | A-2 Warrants | May 1, 2024 |
| The ONE Group Hospitality, Inc. | B-2 Warrants | May 1, 2024 |
| Claros Mortgage Trust, Inc. | Warrants | January 30, 2026 |
| Creek Feeder, L.P. | LP Interest | December 16, 2024 |
| NE SPV Holdco, LLC | Preferred Units | August 21, 2025 |
| Lasko Operation Holdings, LLC | Common Shares | June 4, 2025 |
| NE SPV Holdco, LLC | Common Units | August 21, 2025 |

---

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

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

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

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

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

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

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

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

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

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

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

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

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

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

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund**

**Consolidated Schedule of Investments (Unaudited)**

**March 31, 2026**

**(in thousands)**

**ADDITIONAL INFORMATION**

**Foreign currency forward contracts:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Notional Purchased** | **Currency Sold** | **Notional Sold** | **Counterparty** | **Settlement Date** | **Unrealized Appreciation (Depreciation)** |
| U.S. Dollars | 36302 | British Pounds | 28733 | SMBC Capital Markets, Inc. | December 23, 2026 | $(1622) |
| U.S. Dollars | 7081 | Australian Dollars | 10088 | SMBC Capital Markets, Inc. | June 23, 2026 | 127 |
| U.S. Dollars | 2600 | Canadian Dollars | 3537 | SMBC Capital Markets, Inc. | June 23, 2026 | 47 |
| U.S. Dollars | 2467 | Japanese Yen | 385409 | SMBC Capital Markets, Inc. | June 23, 2026 | 21 |
| U.S. Dollars | 28055 | British Pounds | 21072 | SMBC Capital Markets, Inc. | June 23, 2026 | 177 |
| U.S. Dollars | 73432 | Euros | 63264 | SMBC Capital Markets, Inc. | June 23, 2026 | 32 |
| U.S. Dollars | 60755 | British Pounds | 45650 | Morgan Stanley | June 23, 2026 | 357 |
| U.S. Dollars | 19994 | Euros | 17166 | Morgan Stanley | June 23, 2026 | 78 |
| U.S. Dollars | 24646 | Australian Dollars | 34920 | Morgan Stanley | June 23, 2026 | 573 |
| U.S. Dollars | 2020 | New Zealand Dollars | 3408 | Morgan Stanley | June 23, 2026 | 56 |
| U.S. Dollars | 12058 | Canadian Dollars | 16397 | Morgan Stanley | June 23, 2026 | 226 |
| **Total** |  |  |  |  |  | $72 |

---

**Interest rate swaps:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Hedged Instrument** | **Company Receives** | **Company Pays**<sup>(1)(2)</sup> | **Maturity Date** | **Notional Amount** | **Fair Market Value** | **Upfront Payments / Receipts** | **Change in Unrealized Gains / (Losses)**<sup>(3)</sup> |
| Morgan Stanley | August 2028 Notes | 5.86% | SOFR + 2.27% | 8/13/2028 | 150000 | $(303) | $— | $(629) |
| Morgan Stanley | August 2030 Notes | 6.20% | SOFR + 2.58% | 8/13/2030 | 200000 | (489) |  | (896) |
| **Total Interest Rate Swaps** |  |  |  |  |  | $(792) | $— | $(1525) |

---

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

(2)The interest rate on the interest rate swaps are subject to 3 month SOFR, which as of March 31, 2026 was 3.68%.

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

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

 *24*

------

**HPS Corporate Capital Solutions Fund**

**Consolidated Schedule of Investments**

**December 31, 2025**

**(in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** <sup>(1)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | **Par Amount/Units** | **Amortized Cost** <sup>(3)</sup> | **Fair Value** | **Percentage of Net Assets** |
| **Non-Controlled/Non-Affiliated Investments** | | | | | | | | |
| **First Lien Debt** | | | | | | | | |
| **Aerospace & Defense** | | | | | | | | |
| Carbon Topco, Inc. (4)(6)(9) |  |  |  | 5/1/2030 | $1332 | $(21) | $— |  |
| Carbon Topco, Inc. (4)(9)(24) | SF + | 5.75% | 9.59% | 11/1/2030 | 7952 | 7824 | 7952 |  |
| Goat Holdco LLC (7)(23) | SF + | 2.75% | 6.47% | 1/27/2032 | 2060 | 2034 | 2068 |  |
| RH Buyer Inc (4)(10)(24) | SF + | 6.50% | 10.48% | 1/17/2031 | 32504 | 31957 | 31646 |  |
| RH Buyer Inc (4)(6)(10)(24) | SF + | 6.50% | 10.42% | 1/17/2031 | 3831 | 2541 | 2504 |  |
| Tex-Tech Industries, Inc. (4)(9)(23) | SF + | 4.75% | 8.48% | 1/13/2031 | 8979 | 8904 | 9069 |  |
| Tex-Tech Industries, Inc. (4)(6)(9)(23) | SF + | 4.75% | 8.48% | 1/13/2031 | 2010 | 1188 | 1226 |  |
| Tex-Tech Industries, Inc. (4)(6)(9)(23) | SF + | 4.75% | 8.48% | 1/13/2031 | 1910 | 533 | 549 |  |
| Valence Surface Technologies LLC (4)(10)(24) | SF + | 8.25% (incl 6.50% PIK) | 12.15% | 6/13/2031 | 37021 | 36281 | 37097 |  |
| Valence Surface Technologies LLC (4)(10)(24) | SF + | 7.00% | 10.74% | 6/13/2031 | 4310 | 4221 | 4319 |  |
| Valence Surface Technologies LLC (4)(6)(10)(24) | SF + | 8.25% (incl 6.50% PIK) | 11.92% | 6/13/2031 | 6466 | 6191 | 6341 |  |
| Valence Surface Technologies LLC (4)(6)(10) |  |  |  | 6/13/2031 | 3280 | (67) |  |  |
| WP CPP Holdings, LLC (4)(10)(24) | SF + | 7.00% (incl 3.88% PIK) | 10.77% | 11/30/2029 | 41259 | 40638 | 42194 |  |
|  |  |  |  |  |  | 142224 | 144965 | 11.62% |
| **Asset Based Lending and Fund Finance** |  |  |  |  |  |  |  |  |
| Montagu Lux Finco Sarl (4)(5)(6)(10)(27) | E + | 5.50% | 7.53% | 2/13/2032 | 12327 | 6320 | 7085 |  |
|  |  |  |  |  |  | 6320 | 7085 | 0.57% |
| **Automobile Components** |  |  |  |  |  |  |  |  |
| ABC Group Holdings Inc (4)(5)(9)(26) | E + | 5.88% | 7.78% | 8/22/2031 | 8594 | 9719 | 9756 |  |
| ABC Group Holdings Inc (4)(5)(9)(22)(26) | E + | 6.88% | 8.78% | 8/22/2031 | 542 | 607 | 615 |  |
| ABC Technologies Inc (4)(5)(9)(23) | SF + | 5.75% | 9.42% | 8/22/2031 | 13613 | 13133 | 13136 |  |
| ABC Technologies Inc (4)(5)(9)(22)(23) | SF + | 6.71% | 10.38% | 8/22/2031 | 868 | 837 | 838 |  |
| Belron Finance 2019 LLC (8)(24) | SF + | 2.25% | 6.12% | 10/16/2031 | 150 | 148 | 151 |  |
| Clarios Global LP (7)(23) | SF + | 2.75% | 6.47% | 1/28/2032 | 1061 | 1060 | 1068 |  |
| Tenneco Inc (8)(24) | SF + | 4.75% | 8.74% | 11/17/2028 | 5263 | 5199 | 5171 |  |
|  |  |  |  |  |  | 30703 | 30735 | 2.46% |
| **Beverages** |  |  |  |  |  |  |  |  |
| Winebow Holdings, Inc. (4)(10)(23) | SF + | 6.25% | 10.07% | 12/31/2027 | 34360 | 34081 | 30110 |  |
|  |  |  |  |  |  | 34081 | 30110 | 2.41% |
| **Capital Markets** |  |  |  |  |  |  |  |  |
| DRW Holdings LLC (7)(23) | SF + | 3.50% | 7.22% | 6/26/2031 | 2430 | 2426 | 2402 |  |
| Jump Financial LLC (7)(24) | SF + | 3.50% | 7.17% | 2/26/2032 | 900 | 898 | 891 |  |
|  |  |  |  |  |  | 3324 | 3293 | 0.27% |
| **Chemicals** |  |  |  |  |  |  |  |  |
| Discovery Purchaser Corp (8)(24) | SF + | 3.75% | 7.61% | 10/4/2029 | 3008 | 2920 | 2897 |  |
| Formerra LLC (4)(10)(23) | SF + | 7.25% | 11.22% | 11/1/2028 | 5753 | 5725 | 5699 |  |
| Formerra LLC (4)(10)(23) | SF + | 7.25% | 11.22% | 11/1/2028 | 231 | 230 | 229 |  |
| Fortis 333 Inc (7)(24) | SF + | 3.50% | 7.17% | 3/27/2032 | 746 | 744 | 742 |  |
| Kensing LLC (4)(10)(24) | SF + | 7.25% | 11.24% | 5/31/2028 | 2768 | 2763 | 2451 |  |
| Kensing LLC (4)(10)(24) | SF + | 7.25% | 11.24% | 5/31/2028 | 683 | 682 | 605 |  |
| Kensing LLC (4)(10)(24) | SF + | 7.25% | 11.24% | 5/31/2028 | 7752 | 7663 | 6865 |  |
| Lummus Technology Holdings V LLC (7)(23) | SF + | 2.50% | 6.22% | 12/31/2029 | 7370 | 7411 | 7384 |  |
|  |  |  |  |  |  | 28138 | 26872 | 2.15% |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |
| Allied Universal Holdco LLC (7)(23) | SF + | 3.25% | 6.97% | 8/20/2032 | 6540 | 6532 | 6581 |  |
| Apex Group Treasury LLC (5)(7)(24) | SF + | 3.50% | 7.39% | 2/27/2032 | 2251 | 2239 | 2127 |  |
| AVSC Holding Corp. (4)(9)(23) | SF + | 5.00% | 8.72% | 12/5/2031 | 8181 | 8043 | 8263 |  |
| AVSC Holding Corp. (4)(6)(9) |  |  |  | 12/5/2029 | 962 | (15) |  |  |

---

------

**HPS Corporate Capital Solutions Fund**

**Consolidated Schedule of Investments**

**December 31, 2025**

**(in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** <sup>(1)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | **Par Amount/Units** | **Amortized Cost** <sup>(3)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Axiom Buyer, LLC (4)(10)(23) | SF + | 6.50% | 10.22% | 1/14/2030 | 17465 | 17145 | 17260 |  |
| Axiom Buyer, LLC (4)(6)(10) |  |  |  | 1/14/2030 | 1905 | (41) | (22) |  |
| Axiom Buyer, LLC (4)(6)(10)(23) | SF + | 6.50% | 10.22% | 1/14/2030 | 2140 | 1275 | 1289 |  |
| Certania Beteiligungen GmbH (4)(5)(6)(7) |  |  |  | 5/23/2029 | 4565 | (119) | (117) |  |
| Guardian US Holdco LLC (8)(24) | SF + | 3.50% | 7.17% | 1/31/2030 | 1970 | 1964 | 1976 |  |
| ImageFIRST Holdings, LLC (7)(24) | SF + | 3.00% | 6.73% | 3/12/2032 | 1548 | 1544 | 1552 |  |
| NTH Degree Purchaser Inc (4)(10)(24) | SF + | 5.25% | 8.99% | 9/10/2030 | 11178 | 11003 | 11120 |  |
| NTH Degree Purchaser Inc (4)(6)(10) |  |  |  | 9/10/2030 | 3422 | (61) | (18) |  |
| NTH Degree Purchaser Inc (4)(6)(10) |  |  |  | 9/10/2030 | 1792 | (28) | (9) |  |
| Retail Services WIS Corporation (4)(10)(24) | SF + | 7.00% | 10.82% | 8/29/2030 | 21885 | 21478 | 21512 |  |
| Retail Services WIS Corporation (4)(6)(10) |  |  |  | 8/29/2030 | 5186 | (100) | (89) |  |
| Team, Inc. (4)(10)(23) | SF + | 6.25% | 10.00% | 3/12/2030 | 12992 | 12747 | 12836 |  |
| Team, Inc. (4)(6)(10) |  |  |  | 3/12/2030 | 3740 | (77) | (45) |  |
| Wasserman Media Group, LLC (7)(23) | SF + | 3.00% | 6.72% | 6/23/2032 | 2078 | 2068 | 2086 |  |
|  |  |  |  |  |  | 85597 | 86302 | 6.92% |
| **Communications Equipment** |  |  |  |  |  |  |  |  |
| IPC Corp. (4)(10)(22)(24) | SF + | 6.76% (incl 1.04% PIK) | 10.69% | 10/1/2027 | 6736 | 6606 | 6324 |  |
| Ribbon Communications Operating Company, Inc (4)(5)(10)(23) | SF + | 6.25% | 9.97% | 6/21/2029 | 7333 | 7231 | 7407 |  |
| Ribbon Communications Operating Company, Inc (4)(5)(6)(10) |  |  |  | 6/21/2029 | 849 | (12) |  |  |
|  |  |  |  |  |  | 13825 | 13731 | 1.10% |
| **Construction & Engineering** |  |  |  |  |  |  |  |  |
| Powerhouse Intermediate, LLC (4)(10)(24) | SF + | 6.25% | 10.18% | 1/12/2027 | 1763 | 1759 | 1745 |  |
| Powerhouse Intermediate, LLC (4)(10)(24) | SF + | 6.25% | 10.18% | 1/12/2027 | 819 | 817 | 811 |  |
|  |  |  |  |  |  | 2576 | 2556 | 0.20% |
| **Consumer Staples Distribution & Retail** |  |  |  |  |  |  |  |  |
| SW Ingredients Holdings, LLC (4)(6)(9)(23) | SF + | 5.00% | 8.72% | 5/2/2030 | 3350 | 870 | 895 |  |
| SW Ingredients Holdings, LLC (4)(9)(23) | SF + | 5.00% | 8.72% | 5/2/2030 | 19614 | 19359 | 19505 |  |
| SW Ingredients Holdings, LLC (4)(6)(9) |  |  |  | 5/2/2030 | 2434 | (34) | (13) |  |
|  |  |  |  |  |  | 20195 | 20387 | 1.64% |
| **Containers & Packaging** |  |  |  |  |  |  |  |  |
| Capripack Debtco PLC (4)(5)(10)(27) | E + | 5.75% (incl 2.50% PIK) | 7.75% | 1/3/2030 | 5345 | 5710 | 6300 |  |
| Capripack Debtco PLC (4)(5)(10)(27) | E + | 5.75% (incl 2.50% PIK) | 7.75% | 1/3/2030 | 28769 | 30739 | 33912 |  |
| Clydesdale Acquisition Holdings Inc (8)(23) | SF + | 3.18% | 6.89% | 4/13/2029 | 2424 | 2419 | 2429 |  |
|  |  |  |  |  |  | 38868 | 42641 | 3.42% |
| **Distributors** |  |  |  |  |  |  |  |  |
| Johnstone Supply LLC (7)(23) | SF + | 2.50% | 6.23% | 6/9/2031 | 13466 | 13459 | 13558 |  |
|  |  |  |  |  |  | 13459 | 13558 | 1.09% |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |
| American Academy Holdings, LLC (4)(6)(17) |  |  |  | 6/30/2027 | 160 |  | (1) |  |
| American Academy Holdings, LLC (4)(17)(23) | SF + | 9.75% (incl 5.25% PIK) | 13.58% | 6/30/2027 | 6839 | 6839 | 6790 |  |
| Edmentum Ultimate Holdings LLC (4)(10)(22)(24) | SF + | 7.29% | 11.13% | 7/26/2027 | 5338 | 5259 | 5062 |  |
| Xponential Fitness LLC (4)(5)(6)(10) |  |  |  | 12/6/2030 | 658 | (10) | (10) |  |
| Xponential Fitness LLC (4)(5)(10)(24) | SF + | 6.75% | 10.49% | 12/6/2030 | 11932 | 11755 | 11755 |  |
|  |  |  |  |  |  | 23843 | 23596 | 1.89% |
| **Diversified Telecommunication Services** |  |  |  |  |  |  |  |  |
| Grain Connect Limited (4)(5)(16)(29) | SN + | 8.50% (incl 6.00% PIK) | 12.23% | 8/8/2030 | 2212 | 2882 | 2902 |  |
| Grain Connect Limited (4)(5)(6)(16)(29) | SN + | 8.50% (incl 6.00% PIK) | 12.22% | 8/8/2030 | 5603 | 28 | 68 |  |

---

------

**HPS Corporate Capital Solutions Fund**

**Consolidated Schedule of Investments**

**December 31, 2025**

**(in thousands)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** <sup>(1)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | **Par Amount/Units** | **Par Amount/Units** | **Amortized Cost** <sup>(3)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Grain Connect Limited (4)(5)(6)(16)(29) | SN + | 8.50% (incl 6.00% PIK) | 12.23% | 8/3/2030 | GBP | 570 | 76 | 56 |  |
| Grain Connect Limited (4)(5)(6)(16)(29) | SN + | 8.50% (incl 6.00% PIK) | 12.23% | 8/3/2030 | GBP | 1074 | 1 | (37) |  |
|  |  |  |  |  |  |  | 2987 | 2989 | 0.24% |
| **Electric Utilities** |  |  |  |  |  |  |  |  |  |
| IDF 8 Borrower, LLC (4)(16)(20)(22)(24) | SF + | 8.50% | 12.17% | 12/31/2028 | 2761 | 2761 | 2613 | 2634 |  |
| IDF 8 Borrower, LLC (4)(16)(24) | SF + | 6.00% | 9.67% | 12/31/2028 | 4141 | 4141 | 3918 | 3952 |  |
|  |  |  |  |  |  |  | 6531 | 6586 | 0.53% |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |  |
| Arcline FM Holdings LLC (9)(24) | SF + | 2.75% | 6.42% | 6/23/2030 | 8360 | 8360 | 8360 | 8405 |  |
|  |  |  |  |  |  |  | 8360 | 8405 | 0.67% |
| **Electronic Equipment, Instruments & Components** |  |  |  |  |  |  |  |  |  |
| CC WDW Borrower, Inc. (4)(10)(24) | SF + | 6.75% | 10.74% | 1/27/2028 | 3156 | 3156 | 2982 | 3156 |  |
| Hobbs & Associates LLC (7)(23) | SF + | 2.75% | 6.47% | 7/23/2031 | 2479 | 2479 | 2470 | 2482 |  |
|  |  |  |  |  |  |  | 5452 | 5638 | 0.45% |
| **Entertainment** |  |  |  |  |  |  |  |  |  |
| AMR GP Ltd (4)(5)(7) |  | 10.50% (incl 5.25% PIK) | 10.50% | 7/10/2034 | 10882 | 10882 | 10622 | 10883 |  |
| Endeavor Operating Co LLC (5)(7)(23) | SF + | 3.00% | 6.72% | 3/24/2032 | 909 | 909 | 905 | 914 |  |
| MBS Services Holdings, LLC (4)(10)(18)(24) | SF + | 9.50% PIK |  | 1/30/2026 | 115 | 115 | 111 | 93 |  |
| MBS Services Holdings, LLC (4)(10)(18)(23) | SF + | 9.50% PIK |  | 1/30/2026 | 3958 | 3958 | 3951 | 3226 |  |
| MBS Services Holdings, LLC (4)(10)(18)(23) | SF + | 9.50% PIK |  | 1/30/2026 | 1037 | 1037 | 1036 | 845 |  |
| MBS Services Holdings, LLC (4)(10)(18)(24) | SF + | 9.50% PIK |  | 1/30/2026 | 1586 | 1586 | 1533 | 1292 |  |
| MBS Services Holdings, LLC (4)(6)(13)(18)(35) | P + | 10.00% |  | 1/30/2026 | 164 | 164 | 144 | 114 |  |
|  |  |  |  |  |  |  | 18302 | 17367 | 1.39% |
| **Financial Services** |  |  |  |  |  |  |  |  |  |
| Ascensus Holdings, Inc. (8)(23) | SF + | 3.00% | 6.72% | 11/24/2032 | 433 | 433 | 432 | 433 |  |
| Eisner Advisory Group LLC (8)(23) | SF + | 4.00% | 7.72% | 2/28/2031 | 1755 | 1755 | 1742 | 1769 |  |
| Focus Financial Partners, LLC (7)(23) | SF + | 2.50% | 6.22% | 9/15/2031 | 3512 | 3512 | 3488 | 3522 |  |
| Madonna Bidco Ltd (4)(5)(7)(29) | SN + | 5.25% | 8.98% | 10/25/2031 | GBP | 5681 | 7242 | 7735 |  |
| Madonna Bidco Ltd (4)(5)(6)(7)(29) | SN + | 5.25% | 8.98% | 10/25/2031 | GBP | 1159 | 50 | 95 |  |
| Neon Maple US Debt Mergersub Inc (5)(7)(23) | SF + | 2.50% | 6.22% | 11/17/2031 | 3970 | 3970 | 3962 | 3980 |  |
| Orthrus Ltd (4)(5)(7)(29) | SN + | 6.25% (incl 2.75% PIK) | 9.99% | 12/5/2031 | GBP | 3920 | 4933 | 5244 |  |
| Orthrus Ltd (4)(5)(7)(27) | E + | 6.25% (incl 2.75% PIK) | 8.28% | 12/5/2031 | EUR | 3502 | 3661 | 4085 |  |
| Orthrus Ltd (4)(5)(10)(24) | SF + | 6.25% (incl 2.75% PIK) | 10.01% | 12/5/2031 | 9252 | 9252 | 9118 | 9183 |  |
| Orthrus Ltd (4)(5)(6)(7) |  |  |  | 12/5/2031 | GBP | 794 | (16) | (8) |  |
| Orthrus Ltd (4)(5)(10)(24) | SF + | 6.25% (incl 2.75% PIK) | 10.15% | 12/5/2031 | 1336 | 1336 | 1316 | 1326 |  |
| Osaic Holdings Inc (7)(24) | SF + | 3.00% | 6.60% | 7/30/2032 | 5053 | 5053 | 5041 | 5080 |  |
| PF Finco PTY LTD (4)(5)(10)(32) | B + | 6.75% | 10.57% | 5/30/2030 | AUD | 10463 | 6610 | 6899 |  |
| PF Finco PTY LTD (4)(5)(6)(10) |  |  |  | 5/30/2030 | AUD | 1427 | (18) | (11) |  |
| Priority Holdings, LLC (5)(8)(23) | SF + | 3.75% | 7.47% | 7/30/2032 | 2029 | 2029 | 2024 | 1999 |  |
| Travelex Issuerco 2 PLC (4)(5)(13)(29) | SN + | 8.00% | 11.72% | 9/22/2028 | GBP | 1688 | 2022 | 2315 |  |
|  |  |  |  |  |  |  | 51607 | 53646 | 4.30% |
| **Food Products** |  |  |  |  |  |  |  |  |  |
| Aspire Bakeries Holdings LLC (7)(23) | SF + | 3.50% | 7.22% | 12/23/2030 | 618 | 618 | 618 | 622 |  |
|  |  |  |  |  |  |  | 618 | 622 | 0.05% |
| **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |  |
| Agiliti Health, Inc. (7)(24) | SF + | 3.00% | 6.86% | 5/1/2030 | 1400 | 1400 | 1333 | 1375 |  |
| Bausch + Lomb Corporation (5)(7)(23) | SF + | 4.00% | 7.72% | 1/15/2031 | 4981 | 4981 | 4981 | 4994 |  |
| Bausch + Lomb Corporation (5)(7)(23) | SF + | 4.25% | 7.97% | 1/15/2031 | 19880 | 19880 | 19790 | 20114 |  |

---

------

**HPS Corporate Capital Solutions Fund**

**Consolidated Schedule of Investments**

**December 31, 2025**

**(in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** <sup>(1)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | **Par Amount/Units** | **Amortized Cost** <sup>(3)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Ensemble RCM LLC (7)(24) | SF + | 3.00% | 6.84% | 8/1/2029 | 3705 | 3689 | 3728 |  |
| Femur Buyer Inc (4)(10)(24) | SF + | 7.50% PIK | 11.36% | 10/23/2030 | 15317 | 15039 | 14754 |  |
| Femur Buyer Inc (4)(6)(10) |  |  |  | 10/23/2030 | 340 |  | (12) |  |
| Patriot Acquisition Topco Sarl (4)(5)(10)(24) | SF + | 4.75% | 8.59% | 1/28/2028 | 61 | 60 | 61 |  |
| Patriot Acquisition Topco Sarl (4)(5)(10)(24) | SF + | 4.75% | 8.59% | 1/28/2028 | 331 | 331 | 331 |  |
| Patriot Acquisition Topco Sarl (4)(5)(6)(10)(24) | SF + | 4.75% | 8.59% | 1/28/2028 | 78 | 5 | 6 |  |
| Patriot Acquisition Topco Sarl (4)(5)(10)(24) | SF + | 4.75% | 8.59% | 1/28/2028 | 514 | 514 | 514 |  |
| Spruce Bidco II Inc (4)(6)(12) |  |  |  | 1/31/2032 | 4493 | (59) | (17) |  |
| Spruce Bidco II Inc (4)(9)(24) | SF + | 4.75% | 8.45% | 1/31/2032 | 15511 | 15309 | 15452 |  |
| Spruce Bidco II Inc (4)(9)(33) | C + | 4.75% | 7.00% | 1/31/2032 | 3517 | 2397 | 2554 |  |
| Spruce Bidco II Inc (4)(9)(34) | TN + | 5.00% | 5.75% | 1/31/2032 | 377876 | 2408 | 2404 |  |
| Spruce Bidco II Inc (4)(9)(22)(24) | SF + | 6.24% | 9.93% | 1/31/2032 | 948 | 936 | 945 |  |
|  |  |  |  |  |  | 66733 | 67203 | 5.38% |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |
| Blazing Star Shields Direct Parent, LLC (4)(10)(24) | SF + | 6.00% | 9.82% | 8/28/2030 | 47946 | 47053 | 47124 |  |
| Blazing Star Shields Direct Parent, LLC (4)(6)(10) |  |  |  | 8/28/2030 | 2131 | (40) | (36) |  |
| Connect America.com LLC (4)(15)(22)(24) | SF + | 6.29% | 9.96% | 10/11/2029 | 34738 | 34334 | 33598 |  |
| Diagnostic Services Holdings, Inc. (4)(10)(23) | SF + | 5.50% | 9.37% | 3/15/2027 | 13557 | 13503 | 13453 |  |
| Diagnostic Services Holdings, Inc. (4)(10)(23) | SF + | 5.50% | 9.37% | 3/15/2027 | 1739 | 1732 | 1726 |  |
| Diagnostic Services Holdings, Inc. (4)(6)(10)(23) | SF + | 5.50% | 9.37% | 3/15/2027 | 333 | 187 | 186 |  |
| FC Compassus LLC (4)(6)(7) |  |  |  | 11/26/2030 | 2716 | (33) |  |  |
| FC Compassus LLC (4)(9)(23) | SF + | 5.75% (incl 1.50% PIK) | 9.47% | 11/26/2030 | 1656 | 1636 | 1672 |  |
| FC Compassus LLC (4)(6)(9)(23) | SF + | 5.75% (incl 1.50% PIK) | 9.47% | 11/26/2030 | 179 | 18 | 22 |  |
| FC Compassus LLC (4)(9)(22)(23) | SF + | 7.02% (incl 2.09% PIK) | 10.74% | 11/26/2030 | 13809 | 13644 | 13947 |  |
| FC Compassus LLC (4)(6)(9)(22)(23) | SF + | 6.99% (incl 2.07% PIK) | 10.70% | 11/26/2030 | 1501 | 149 | 184 |  |
| Global Medical Response Inc (7)(24) | SF + | 3.50% | 7.38% | 10/1/2032 | 7000 | 6983 | 7052 |  |
| Indigo Purchaser, Inc. (4)(9)(24) | SF + | 5.00% | 8.67% | 11/21/2031 | 12363 | 12207 | 12487 |  |
| Indigo Purchaser, Inc. (4)(6)(9)(24) | SF + | 5.00% | 8.87% | 11/21/2031 | 2845 | 182 | 250 |  |
| Indigo Purchaser, Inc. (4)(6)(9) |  |  |  | 11/21/2031 | 1942 | (24) |  |  |
| Kabafusion Parent LLC (4)(9)(24) | SF + | 4.75% | 8.42% | 11/24/2031 | 9925 | 9841 | 9925 |  |
| Kabafusion Parent LLC (4)(6)(9) |  |  |  | 11/24/2031 | 1300 | (11) |  |  |
| Precision Medicine Group, LLC (7)(24) | SF + | 3.50% | 7.17% | 8/20/2032 | 998 | 993 | 1004 |  |
| Raven Acquisition Holdings LLC (7)(23) | SF + | 3.00% | 6.72% | 11/19/2031 | 3090 | 3069 | 3103 |  |
| Raven Acquisition Holdings LLC (6)(7) |  |  |  | 11/19/2031 | 222 | (2) | 1 |  |
| Solis Mammography Buyer, Inc. (4)(9)(24) | SF + | 5.00% | 8.67% | 5/29/2032 | 19901 | 19628 | 19686 |  |
| Solis Mammography Buyer, Inc. (4)(6)(9) |  |  |  | 5/29/2032 | 2201 | (32) | (24) |  |
| Solis Mammography Buyer, Inc. (4)(6)(9) |  |  |  | 5/29/2030 | 3387 | (45) | (33) |  |
| Southern Veterinary Partners LLC (7)(24) | SF + | 2.50% | 6.37% | 12/4/2031 | 1895 | 1885 | 1894 |  |
| Syneos Health Inc (7)(24) | SF + | 4.00% | 7.67% | 9/27/2030 | 4913 | 4920 | 4924 |  |
| TTF Lower Intermediate LLC (7)(25) | SF + | 3.75% | 7.79% | 7/18/2031 | 3599 | 3553 | 2932 |  |
| WCAS XIII Primary Care Investors, L.P. (4)(10)(24) | SF + | 6.25% | 9.92% | 12/31/2029 | 16090 | 15788 | 15825 |  |
| WCAS XIII Primary Care Investors, L.P. (4)(10)(24) | SF + | 6.25% | 9.94% | 12/31/2029 | 9562 | 9372 | 9404 |  |
| WCAS XIV Primary Care Investors, L.P. (4)(10)(24) | SF + | 6.25% | 9.92% | 12/31/2032 | 19580 | 19203 | 19241 |  |
| WCAS XIV Primary Care Investors, L.P. (4)(10)(24) | SF + | 6.25% | 9.94% | 12/31/2032 | 1690 | 1656 | 1661 |  |
|  |  |  |  |  |  | 221349 | 221208 | 17.72% |
| **Health Care Technology** |  |  |  |  |  |  |  |  |
| AthenaHealth Group Inc. (8)(23) | SF + | 2.75% | 6.47% | 2/15/2029 | 9849 | 9868 | 9881 |  |
| Azalea Topco, Inc. (7)(23) | SF + | 3.00% | 6.72% | 4/30/2031 | 2324 | 2309 | 2331 |  |
| Project Ruby Ultimate Parent Corp (7)(23) | SF + | 2.75% | 6.58% | 3/10/2028 | 6238 | 6231 | 6261 |  |
|  |  |  |  |  |  | 18408 | 18473 | 1.48% |

---

------

**HPS Corporate Capital Solutions Fund**

**Consolidated Schedule of Investments**

**December 31, 2025**

**(in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** <sup>(1)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | **Par Amount/Units** | **Amortized Cost** <sup>(3)</sup> | **Fair Value** | **Percentage of Net Assets** |
| **Hotels, Restaurants & Leisure** | | | | | | | | |
| Azzurri Bidco Ltd (4)(5)(13)(29) | SN + | 7.75% | 11.47% | 3/30/2030 | 32703 | 41682 | 41831 |  |
| Azzurri Bidco Ltd (4)(5)(6)(13)(29) | SN + | 7.75% | 11.48% | 3/30/2030 | 3270 | 1967 | 1979 |  |
| Equinox Holdings, Inc. (4)(10)(24) | SF + | 8.25% (incl 4.13% PIK) | 11.92% | 3/8/2029 | 10473 | 10318 | 10525 |  |
| Fertitta Entertainment LLC (8)(23) | SF + | 3.25% | 6.97% | 1/27/2029 | 4923 | 4941 | 4927 |  |
| Flynn Restaurant Group LP (7)(23) | SF + | 3.75% | 7.47% | 1/28/2032 | 3870 | 3852 | 3890 |  |
| HB AcquisitionCo Pty Ltd (4)(5)(8)(31) | B + | 6.50% | 10.19% | 8/7/2029 | 3789 | 2510 | 2493 |  |
| HB AcquisitionCo Pty Ltd (4)(5)(8)(31) | B + | 6.50% | 10.18% | 8/7/2029 | 421 | 272 | 277 |  |
| Lakeland Tours LLC (4)(9)(24) | SF + | 7.75% | 11.84% | 3/31/2028 | 2803 | 2732 | 2693 |  |
| Lakeland Tours LLC (4)(9)(24) | SF + | 7.75% | 11.57% | 4/1/2027 | 1126 | 1109 | 1095 |  |
| Lakeland Tours LLC (4)(9)(24) | SF + | 7.75% | 11.84% | 3/31/2028 | 3600 | 3509 | 3458 |  |
| LC Ahab US Bidco LLC (7)(23) | SF + | 3.00% | 6.72% | 5/1/2031 | 2802 | 2746 | 2814 |  |
| ONE Group, LLC (4)(10)(24) | SF + | 6.50% | 10.34% | 5/1/2029 | 6637 | 6504 | 6474 |  |
| ONE Group, LLC (4)(6)(7)(24) | SF + | 6.00% | 9.84% | 10/31/2028 | 887 | 138 | 126 |  |
| Saga Mid Co Limited (4)(5)(10)(29) | SN + | 6.75% | 10.49% | 2/27/2031 | 28019 | 34552 | 38644 |  |
| Saga Mid Co Limited (4)(5)(6)(10) |  |  |  | 2/27/2031 | 8364 | (245) | 262 |  |
| Saga Mid Co Limited (4)(5)(6)(10) |  |  |  | 2/27/2031 | 1388 | (39) | 43 |  |
| Travel Leaders Group, LLC (4)(13)(23) | SF + | 7.50% (incl 3.50% PIK) | 11.32% | 3/27/2028 | 3748 | 3787 | 3715 |  |
| Voyager Parent LLC (7)(23) | SF + | 4.75% | 8.42% | 7/1/2032 | 3942 | 3832 | 3950 |  |
|  |  |  |  |  |  | 124167 | 129196 | 10.35% |
| **Independent Power and Renewable Electricity Producers** |  |  |  |  |  |  |  |  |
| Distributed Solar Development LLC (4)(13)(24) | SF + | 8.50% PIK | 12.44% | 9/19/2028 | 10063 | 9882 | 9887 |  |
| Hamilton Projects Acquiror LLC (7)(23) | SF + | 2.50% | 6.22% | 5/30/2031 | 9215 | 9197 | 9294 |  |
| Lackawanna Energy Center LLC (7)(24) | SF + | 3.00% | 6.78% | 8/5/2032 | 2089 | 2084 | 2107 |  |
| Matrix Renewables USA LLC (4)(5)(11)(27) | E + | 7.50% PIK | 9.51% | 9/30/2030 | 10647 | 12113 | 12269 |  |
| NG Energy Fund 1 LLC (4)(11)(24) | SF + | 7.50% | 11.19% | 3/22/2028 | 7060 | 6919 | 7025 |  |
| NRD Construction, LLC (4)(14)(24) | SF + | 6.25% | 9.92% | 11/6/2029 | 35934 | 35261 | 35447 |  |
| Palmetto Solar, LLC (4)(13)(24) | SF + | 6.25% | 9.92% | 9/13/2027 | 6020 | 5978 | 5984 |  |
| Palmetto Solar, LLC (4)(13)(24) | SF + | 6.25% | 9.92% | 9/13/2027 | 5268 | 5231 | 5236 |  |
| Palmetto Solar, LLC (4)(13)(24) | SF + | 6.25% | 9.92% | 9/13/2027 | 25808 | 25597 | 25649 |  |
| Palmetto Solar, LLC (4)(13)(24) | SF + | 6.25% | 9.92% | 9/13/2027 | 12904 | 12798 | 12825 |  |
| Sunraycer HPS Borrower LLC (4)(14)(24) | SF + | 6.50% | 10.17% | 10/28/2029 | 11781 | 11621 | 11546 |  |
| Sunraycer HPS Borrower LLC (4)(14)(24) | SF + | 6.50% | 10.19% | 10/28/2029 | 23734 | 23386 | 23259 |  |
| Sunraycer HPS Borrower LLC (4)(14)(24) | SF + | 6.50% | 10.17% | 10/28/2029 | 6574 | 6478 | 6442 |  |
| Sunraycer HPS Borrower LLC (4)(6)(14) |  |  |  | 10/28/2029 | 7911 | (116) | (158) |  |
| Westlands Power Company Investor, LLC (4)(6)(13)(24) | SF + | 6.00% | 9.67% | 12/6/2030 | 50000 | 32139 | 32138 |  |
|  |  |  |  |  |  | 198568 | 198950 | 15.94% |
| **Insurance** |  |  |  |  |  |  |  |  |
| Acrisure LLC (7)(23) | SF + | 3.25% | 6.97% | 6/20/2032 | 5970 | 5956 | 5985 |  |
| Alera Group Intermediate Holdings, Inc. (8)(23) | SF + | 3.25% | 6.97% | 5/30/2032 | 3990 | 3972 | 4014 |  |
| Alliant Holdings Intermediate, LLC (7)(23) | SF + | 2.50% | 6.22% | 9/19/2031 | 372 | 363 | 374 |  |
| Amynta Agency Borrower Inc (7)(23) | SF + | 2.75% | 6.47% | 12/29/2031 | 374 | 374 | 375 |  |
| Broadstreet Partners Group LLC (7)(23) | SF + | 2.75% | 6.47% | 6/13/2031 | 641 | 640 | 644 |  |
| CRC Insurance Group LLC (7)(24) | SF + | 2.75% | 6.42% | 5/6/2031 | 2802 | 2789 | 2810 |  |
| Global Gruppe GmbH (4)(5)(7)(28) | E + | 6.75% | 8.85% | 2/1/2030 | 7753 | 8833 | 8947 |  |
| HUB International Ltd (7)(24) | SF + | 2.25% | 6.12% | 6/20/2030 | 8022 | 8022 | 8073 |  |
| International Construction Products, LLC (4)(5)(7) |  | 15.25% PIK | 15.25% | 9/5/2034 | 1241 | 1241 | 1241 |  |
| Kowalski Trust (4)(5)(7) |  | 16.00% PIK | 16.00% | 5/31/2034 | 20998 | 20717 | 20531 |  |
| OneDigital Borrower LLC (8)(23) | SF + | 3.00% | 6.72% | 7/2/2031 | 4925 | 4925 | 4944 |  |
| Trucordia Insurance Services LLC (7)(23) | SF + | 3.25% | 6.97% | 6/17/2032 | 3449 | 3441 | 3432 |  |
|  |  |  |  |  |  | 61273 | 61370 | 4.92% |

---

------

**HPS Corporate Capital Solutions Fund**

**Consolidated Schedule of Investments**

**December 31, 2025**

**(in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** <sup>(1)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | **Par Amount/Units** | **Amortized Cost** <sup>(3)</sup> | **Fair Value** | **Percentage of Net Assets** |
| **IT Services** | | | | | | | | |
| Delta Topco, Inc. (7)(23) | SF + | 2.75% | 6.58% | 11/30/2029 | 5191 | 5213 | 5172 |  |
| Mediaocean LLC (8)(23) | SF + | 3.50% | 7.32% | 12/15/2028 | 1689 | 1688 | 1668 |  |
|  |  |  |  |  |  | 6901 | 6840 | 0.55% |
| **Leisure Products** |  |  |  |  |  |  |  |  |
| Beckett Collectibles Holdings, LLC (4)(16)(24) | SF + | 8.50% | 12.24% | 12/13/2029 | 11210 | 10920 | 11736 |  |
|  |  |  |  |  |  | 10920 | 11736 | 0.94% |
| **Life Sciences Tools & Services** |  |  |  |  |  |  |  |  |
| WCG Intermediate Corp (10)(23) | SF + | 3.00% | 6.72% | 2/25/2032 | 3044 | 3023 | 3054 |  |
|  |  |  |  |  |  | 3023 | 3054 | 0.24% |
| **Machinery** |  |  |  |  |  |  |  |  |
| Roper Industrial Products Investment Co (8)(24) | SF + | 2.75% | 6.42% | 11/22/2029 | 2618 | 2606 | 2635 |  |
| Time Manufacturing Holdings LLC (4)(9)(24) | SF + | 6.50% | 10.49% | 12/1/2027 | 2611 | 2549 | 2007 |  |
| TK Elevator US Newco Inc (5)(8)(25) | SF + | 2.75% | 6.95% | 4/30/2030 | 4169 | 4156 | 4201 |  |
|  |  |  |  |  |  | 9311 | 8843 | 0.71% |
| **Media** |  |  |  |  |  |  |  |  |
| Mediaworks Holdings Limited (4)(5)(9)(30) | BB + | 6.00% | 8.54% | 10/17/2028 | 3223 | 1836 | 1841 |  |
| Shelley Bidco Pty Ltd (4)(5)(6)(9)(32) | B + | 6.00% | 10.02% | 10/17/2028 | 1682 | 130 | 132 |  |
| Shelley Bidco Pty Ltd (4)(5)(9)(32) | B + | 6.00% | 9.69% | 10/17/2028 | 14400 | 9293 | 9542 |  |
|  |  |  |  |  |  | 11259 | 11515 | 0.92% |
| **Metals & Mining** |  |  |  |  |  |  |  |  |
| Alchemy US Holdco 1 LLC (4)(10)(24) | SF + | 6.50% | 10.34% | 7/31/2029 | 13918 | 13479 | 13026 |  |
| Alchemy US Holdco 1 LLC (4)(10)(27) | E + | 6.50% | 8.57% | 7/31/2029 | 2937 | 3078 | 3218 |  |
| Alchemy US Holdco 1 LLC (4)(6)(10)(24) | SF + | 6.50% | 10.34% | 7/31/2029 | 1203 | 107 | 75 |  |
| Star Holding LLC (7)(23) | SF + | 4.50% | 8.22% | 7/31/2031 | 707 | 704 | 696 |  |
|  |  |  |  |  |  | 17368 | 17015 | 1.36% |
| **Multi-Utilities** |  |  |  |  |  |  |  |  |
| Forgent Intermediate IV (4)(7)(23) | SF + | 3.25% | 6.98% | 12/20/2032 | 2586 | 2560 | 2573 |  |
|  |  |  |  |  |  | 2560 | 2573 | 0.21% |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |
| Alvogen Pharma US, Inc. (4)(16)(24) | SF + | 9.50% | 13.17% | 11/30/2028 | 19210 | 18810 | 18880 |  |
| Amneal Pharmaceuticals LLC (5)(8)(23) | SF + | 3.50% | 7.22% | 8/1/2032 | 1037 | 1035 | 1048 |  |
| Azurity Pharmaceuticals Inc (4)(10)(24) | SF + | 7.00% | 10.71% | 3/14/2030 | 45496 | 44732 | 43564 |  |
| Azurity Pharmaceuticals Inc (4)(6)(10) |  |  |  | 3/14/2030 | 4037 | (68) | (171) |  |
| Creek Parent, Inc. (4)(9)(23) | SF + | 5.00% | 8.73% | 12/18/2031 | 13360 | 13175 | 13307 |  |
| Creek Parent, Inc. (4)(6)(9) |  |  |  | 12/18/2031 | 2754 | (38) | (11) |  |
| Creek Parent, Inc. (4)(9)(22)(23) | SF + | 5.77% | 9.51% | 12/18/2031 | 1210 | 1193 | 1205 |  |
| Endo Finance Holdings Inc (8)(23) | SF + | 3.75% | 7.47% | 4/23/2031 | 3950 | 3958 | 3923 |  |
| RBP Global Holdings Ltd (4)(5)(9)(24) | SF + | 5.25% | 9.17% | 11/4/2030 | 16465 | 15967 | 16073 |  |
| RBP Global Holdings Ltd (4)(5)(6)(9) |  |  |  | 11/4/2030 | 3878 | (117) | (92) |  |
|  |  |  |  |  |  | 98647 | 97726 | 7.83% |
| **Professional Services** |  |  |  |  |  |  |  |  |
| Citrin Cooperman Advisors LLC (7)(24) | SF + | 3.00% | 6.67% | 4/1/2032 | 2940 | 2913 | 2952 |  |
| CohnReznick Advisory LLC (7)(24) | SF + | 3.50% | 7.17% | 3/31/2032 | 305 | 304 | 307 |  |
| CohnReznick Advisory LLC (6)(7) |  |  |  | 3/31/2032 | 49 |  |  |  |
| Grant Thornton Advisors Holdings LLC (7)(23) | SF + | 2.75% | 6.47% | 6/2/2031 | 5555 | 5555 | 5573 |  |
| YA Intermediate Holdings II LLC (4)(9)(25) | SF + | 5.00% | 8.85% | 10/1/2031 | 5232 | 5211 | 5258 |  |
| YA Intermediate Holdings II LLC (4)(6)(9)(24) | SF + | 5.00% | 8.69% | 10/1/2031 | 2200 | 317 | 343 |  |
| YA Intermediate Holdings II LLC (4)(6)(9)(24) | SF + | 5.00% | 8.86% | 10/1/2031 | 1083 | 275 | 280 |  |
|  |  |  |  |  |  | 14575 | 14713 | 1.18% |
| **Software** |  |  |  |  |  |  |  |  |
| Alegeus Technologies Holdings Corp (4)(10)(24) | SF + | 6.50% | 10.34% | 11/5/2029 | 34475 | 33813 | 34580 |  |

---

------

**HPS Corporate Capital Solutions Fund**

**Consolidated Schedule of Investments**

**December 31, 2025**

**(in thousands)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** <sup>(1)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | **Par Amount/Units** | **Par Amount/Units** | **Amortized Cost** <sup>(3)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Boreal Bidco (4)(5)(7)(27) | E + | 7.25% (incl 5.75% PIK) | 9.27% | 3/26/2032 | EUR | 14209 | 15047 | 16434 |  |
| Calabrio, Inc. (7)(24) | SF + | 4.00% | 7.84% | 11/26/2032 | 3640 | 3640 | 3460 | 3440 |  |
| Central Parent LLC (7)(24) | SF + | 3.25% | 6.92% | 7/6/2029 | 1604 | 1604 | 1598 | 1364 |  |
| CF Newco Inc (4)(11)(23) | SF + | 6.00% | 9.66% | 12/10/2029 | 31525 | 31525 | 31277 | 31613 |  |
| CF Newco Inc (4)(11)(23) | SF + | 6.25% | 9.99% | 12/10/2029 | 12000 | 12000 | 11852 | 12034 |  |
| CF Newco Inc (4)(6)(11)(23) | SF + | 6.00% | 9.74% | 12/10/2029 | 5500 | 5500 | 1868 | 1925 |  |
| DigiCert Inc (4)(9)(23) | SF + | 5.75% | 9.47% | 7/30/2030 | 1995 | 1995 | 1968 | 1972 |  |
| DigiCert Inc (4)(9)(22)(23) | SF + | 6.40% | 10.12% | 7/30/2030 | 43570 | 43570 | 42973 | 43034 |  |
| DigiCert Inc (4)(6)(9) |  |  |  | 7/30/2030 | 4746 | 4746 | (65) | (54) |  |
| Einstein Parent Inc (4)(9)(24) | SF + | 6.50% | 10.36% | 1/22/2031 | 26128 | 26128 | 25688 | 25815 |  |
| Einstein Parent Inc (4)(6)(9) |  |  |  | 1/22/2031 | 2707 | 2707 | (46) | (32) |  |
| Espresso Bidco Inc. (4)(9)(24) | SF + | 5.75% (incl 3.13% PIK) | 9.42% | 3/25/2032 | 13258 | 13258 | 13081 | 13140 |  |
| Espresso Bidco Inc. (4)(6)(9) |  |  |  | 3/25/2032 | 3583 | 3583 | (51) | (32) |  |
| Espresso Bidco Inc. (4)(6)(9) |  |  |  | 3/25/2032 | 1593 | 1593 | (22) | (14) |  |
| Finastra USA, Inc. (10)(24) | SF + | 7.25% | 10.97% | 9/13/2029 | 4601 | 4601 | 4544 | 4636 |  |
| ION Platform Finance US Inc (7)(24) | SF + | 3.75% | 7.42% | 10/7/2032 | 10000 | 10000 | 9903 | 9414 |  |
| Kaseya Inc (7)(23) | SF + | 3.00% | 6.72% | 3/20/2032 | 5747 | 5747 | 5717 | 5759 |  |
| McAfee Corp (8)(23) | SF + | 3.00% | 6.72% | 3/1/2029 | 510 | 510 | 480 | 473 |  |
| Mitchell International Inc (8)(23) | SF + | 3.25% | 6.97% | 6/17/2031 | 4938 | 4938 | 4918 | 4960 |  |
| Project Alpha Intermediate Holding, Inc. (8)(24) | SF + | 3.25% | 6.92% | 10/26/2030 | 6969 | 6969 | 6904 | 6966 |  |
| Proofpoint, Inc. (8)(24) | SF + | 3.00% | 6.67% | 8/31/2028 | 2483 | 2483 | 2465 | 2500 |  |
| Rocket Software Inc (8)(23) | SF + | 3.75% | 7.47% | 11/28/2028 | 2017 | 2017 | 1978 | 2019 |  |
| Stack Sports Buyer, LLC (4)(9)(23) | SF + | 5.75% (incl 3.13% PIK) | 9.47% | 3/31/2031 | 18465 | 18465 | 18226 | 18376 |  |
| Stack Sports Buyer, LLC (4)(6)(9) |  |  |  | 3/31/2031 | 4071 | 4071 | (57) | (19) |  |
| Stack Sports Buyer, LLC (4)(6)(9) |  |  |  | 3/31/2031 | 2994 | 2994 | (39) | (14) |  |
| Storable Inc (7)(23) | SF + | 3.25% | 6.97% | 4/16/2031 | 1867 | 1867 | 1863 | 1878 |  |
| Tango Bidco SAS (4)(5)(6)(7) |  |  |  | 10/17/2031 | EUR | 348 | (5) | (9) |  |
| Tango Bidco SAS (4)(5)(6)(7)(27) | E + | 5.25% | 7.28% | 10/17/2031 | EUR | 1844 | 1301 | 1449 |  |
| Tango Bidco SAS (4)(5)(7)(27) | E + | 5.25% | 7.28% | 10/17/2031 | EUR | 4646 | 4969 | 5343 |  |
| Technology Growth Capital Pty Ltd (4)(5)(10)(24) | SF + | 6.50% | 10.48% | 7/2/2030 | 3544 | 3544 | 3471 | 3541 |  |
| Tricentis Operations Holdings Inc (4)(9)(24) | SF + | 6.25% (incl 4.88% PIK) | 10.09% | 2/11/2032 | 19447 | 19447 | 19283 | 19455 |  |
| Tricentis Operations Holdings Inc (4)(6)(9) |  |  |  | 2/11/2032 | 3748 | 3748 | (35) | 2 |  |
| Tricentis Operations Holdings Inc (4)(6)(9) |  |  |  | 2/11/2032 | 2713 | 2713 | (24) |  |  |
| UKG Inc (7)(24) | SF + | 2.50% | 6.34% | 2/10/2031 | 5209 | 5209 | 5199 | 5220 |  |
|  |  |  |  |  |  |  | 273502 | 277168 | 22.21% |
| **Specialty Retail** |  |  |  |  |  |  |  |  |  |
| Constellation Automotive Limited (4)(5)(7)(28) | E + | 6.25% | 8.37% | 4/3/2031 | EUR | 4527 | 4927 | 5403 |  |
| Constellation Automotive Limited (4)(5)(7)(29) | SN + | 6.25% | 10.00% | 4/3/2031 | GBP | 10951 | 14140 | 14975 |  |
| Great Outdoors Group, LLC (9)(23) | SF + | 3.25% | 6.97% | 1/23/2032 | 2023 | 2023 | 2014 | 2038 |  |
| Knitwell Borrower LLC (4)(10)(24) | SF + | 7.75% | 11.72% | 7/28/2027 | 1880 | 1880 | 1858 | 1864 |  |
| Knitwell Borrower LLC (4)(10)(24) | SF + | 7.75% | 11.72% | 7/28/2027 | 13139 | 13139 | 12913 | 13024 |  |
| PetSmart LLC (7)(23) | SF + | 4.00% | 7.73% | 8/18/2032 | 8369 | 8369 | 8289 | 8345 |  |
| Staples, Inc. (8)(24) | SF + | 5.75% | 9.60% | 9/4/2029 | 12283 | 12283 | 11878 | 11696 |  |
| White Cap Buyer, LLC (7)(23) | SF + | 3.25% | 6.97% | 10/19/2029 | 2131 | 2131 | 2122 | 2142 |  |
|  |  |  |  |  |  |  | 58141 | 59487 | 4.77% |
| **Trading Companies & Distributors** |  |  |  |  |  |  |  |  |  |
| Atlas Intermediate III LLC (4)(10)(24) | SF + | 7.75% | 11.59% | 10/31/2029 | 9391 | 9391 | 9253 | 9107 |  |
| W3 TopCo LLC (4)(10)(24) | SF + | 6.50% | 10.36% | 3/22/2029 | 13478 | 13478 | 13131 | 12288 |  |
|  |  |  |  |  |  |  | 22384 | 21395 | 1.71% |
| **Transportation Infrastructure** |  |  |  |  |  |  |  |  |  |

---

------

**HPS Corporate Capital Solutions Fund**

**Consolidated Schedule of Investments**

**December 31, 2025**

**(in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** <sup>(1)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | **Par Amount/Units** | **Amortized Cost** <sup>(3)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Tikehau Motion Midco SARL (4)(5)(7)(28) | E + | 6.50% | 8.59% | 8/22/2031 | 4765 | 5480 | 5534 |  |
| Tikehau Motion Midco SARL (4)(5)(7)(28) | E + | 6.50% | 8.59% | 8/22/2031 | 10291 | 11837 | 11954 |  |
| Tikehau Motion Midco SARL (4)(5)(6)(7) |  |  |  | 8/22/2031 | 7635 | (174) | (102) |  |
|  |  |  |  |  |  | 17143 | 17386 | 1.39% |
| **Wireless Telecommunication Services** |  |  |  |  |  |  |  |  |
| CCI Buyer, Inc. (4)(6)(9) |  |  |  | 5/13/2032 | 144 | (1) |  |  |
| CCI Buyer, Inc. (4)(9)(24) | SF + | 5.00% | 8.67% | 5/13/2032 | 1869 | 1852 | 1869 |  |
|  |  |  |  |  |  | 1851 | 1869 | 0.15% |
| **Total First Lien Debt** |  |  |  |  |  | $1775093 | $1788804 | 143.33% |
| **Second Lien Debt** |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |
| Albers Aerospace Holdings LLC (4)(7) |  | 13.00% (incl 4.00% PIK) | 13.00% | 6/22/2031 | $3020 | $2975 | $2975 |  |
| Albers Aerospace Holdings LLC (4)(6)(7) |  |  |  | 6/22/2031 | 1983 | (30) | (30) |  |
|  |  |  |  |  |  | 2945 | 2945 | 0.24% |
| **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |
| Equinox Holdings, Inc. (4)(7) |  | 16.00% PIK | 16.00% | 6/30/2027 | 1663 | 1646 | 1658 |  |
|  |  |  |  |  |  | 1646 | 1658 | 0.13% |
| **Insurance** |  |  |  |  |  |  |  |  |
| International Construction Products, LLC (4)(5)(7) |  | 15.25% PIK | 15.25% | 9/5/2034 | 3303 | 3303 | 3303 |  |
|  |  |  |  |  |  | 3303 | 3303 | 0.26% |
| **Total Second Lien Debt** |  |  |  |  |  | $7894 | $7906 | 0.63% |
| **Other Secured Debt** |  |  |  |  |  |  |  |  |
| **Asset Based Lending and Fund Finance** |  |  |  |  |  |  |  |  |
| TPG VIII Merlin New Holdings I, L.P. (4)(5)(10)(24) | SF + | 6.50% | 10.44% | 3/15/2027 | $9723 | $9646 | $9680 |  |
| RGP Holdings 2, LLC (4)(5)(10)(24) | SF + | 6.50% PIK | 10.17% | 10/11/2032 | 3583 | 3515 | 3514 |  |
|  |  |  |  |  |  | 13161 | 13194 | 1.06% |
| **Electric Utilities** |  |  |  |  |  |  |  |  |
| IDF 9 Financeco, LLC (4)(16)(24) | SF + | 8.50% | 12.17% | 3/28/2031 | 2518 | 2496 | 2505 |  |
|  |  |  |  |  |  | 2496 | 2505 | 0.20% |
| **Entertainment** |  |  |  |  |  |  |  |  |
| Chord Searchlight, L.P (4)(5)(6)(10)(24) | SF + | 6.75% PIK | 10.59% | 7/16/2030 | 22299 | 16756 | 16922 |  |
|  |  |  |  |  |  | 16756 | 16922 | 1.36% |
| **Financial Services** |  |  |  |  |  |  |  |  |
| GAPCO AIV Interholdco (CP), L.P. (4)(5)(6)(10) |  |  |  | 3/31/2033 | 12500 | (500) | (365) |  |
| Stanford Midco Limited (4)(5)(7)(29) | SN + | 10.00% PIK | 13.79% | 8/5/2026 | 1880 | 2469 | 2506 |  |
|  |  |  |  |  |  | 1969 | 2141 | 0.17% |
| **Independent Power and Renewable Electricity Producers** |  |  |  |  |  |  |  |  |
| Flatiron Energy Holdco LLC (4)(14)(24) | SF + | 7.38% PIK | 11.05% | 10/1/2029 | 4027 | 3957 | 3966 |  |
| Flatiron Energy Holdco LLC (4)(14)(24) | SF + | 7.38% PIK | 11.05% | 10/1/2029 | 5554 | 5464 | 5469 |  |
| Flatiron Energy Holdco LLC (4)(6)(14)(25) | SF + | 7.38% PIK | 11.22% | 10/1/2029 | 41156 | 4935 | 4970 |  |
|  |  |  |  |  |  | 14356 | 14405 | 1.15% |
| **Media** |  |  |  |  |  |  |  |  |
| Shelley Midco 1 Pty Ltd (4)(5)(7) |  | 13.50% PIK | 13.50% | 4/17/2029 | 19023 | 12305 | 12634 |  |
|  |  |  |  |  |  | 12305 | 12634 | 1.01% |
| **Real Estate Management & Development** |  |  |  |  |  |  |  |  |
| Link Apartments Opportunity Zone REIT, LLC (4)(16)(24) | SF + | 7.50% | 11.17% | 12/27/2029 | 1819 | 1790 | 1803 |  |
| Link Apartments Opportunity Zone REIT, LLC (4)(6)(16)(24) | SF + | 7.50% | 11.17% | 12/27/2029 | 1039 | 768 | 776 |  |
|  |  |  |  |  |  | 2558 | 2579 | 0.21% |

---

------

**HPS Corporate Capital Solutions Fund**

**Consolidated Schedule of Investments**

**December 31, 2025**

**(in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** <sup>(1)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | **Par Amount/Units** | **Amortized Cost** <sup>(3)</sup> | **Fair Value** | **Percentage of Net Assets** |
| **Total Other Secured Debt** |  |  |  |  |  | $63601 | $64380 | 5.16% |
| **Unsecured Debt** |  |  |  |  |  |  |  |  |
| **Capital Markets** |  |  |  |  |  |  |  |  |
| Constellation Wealth Capital Fund-A-Blocker (LIDO), LLC (4) |  |  |  | 2/1/2038 | $47 | $— | $— |  |
|  |  |  |  |  |  |  |  | —% |
| **Financial Services** |  |  |  |  |  |  |  |  |
| Freedom Funding Center LLC (4)(7) |  | 12.00% | 12.00% | 9/30/2032 | 27876 | 27876 | 28161 |  |
|  |  |  |  |  |  | 27876 | 28161 | 2.26% |
| **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |
| Corza Medical Srl (4)(5)(7) |  | 14.00% PIK | 14.00% | 2/13/2030 | 19369 | 19164 | 19950 |  |
|  |  |  |  |  |  | 19164 | 19950 | 1.60% |
| **Total Unsecured Debt** |  |  |  |  |  | $47040 | $48111 | 3.86% |
| **Structured Finance Investments** |  |  |  |  |  |  |  |  |
| **Structured Finance** |  |  |  |  |  |  |  |  |
| Alp CFO 2025, L.P. (4)(5)(7) - Class A |  | 7.09% | 7.09% | 7/15/2037 | $1000 | $1000 | $1000 |  |
| Alp CFO 2025, L.P. (4)(5)(7) - Class B |  | 9.44% | 9.44% | 7/15/2037 | 2500 | 2500 | 2500 |  |
| Alp CFO 2025, L.P. (4)(5)(7) - Class C |  | 12.24% | 12.24% | 7/15/2037 | 4000 | 4000 | 4000 |  |
| Alp CFO 2025, L.P. (4)(5)(20) - Subordinated Note |  |  |  | 7/15/2037 | 4000 | 4000 | 4000 |  |
| Ares Secondaries Pbn Finance Co IV LLC (4)(5)(6)(7)(24) - Class A | SF + | 2.90% | 6.89% | 4/14/2039 | 997 | 7 | 27 |  |
| Ares Secondaries Pbn Finance Co IV LLC (4)(5)(6)(7)(24) - Class C | SF + | 8.50% | 12.49% | 4/14/2039 | 7000 | 73 | 297 |  |
| Coller Private Equity Backed Notes & Loans II-A LP (4)(5)(6)(7)(24) - Class A | SF + | 2.95% | 6.95% | 4/30/2037 | 1000 | 401 | 404 |  |
| Coller Private Equity Backed Notes & Loans II-A LP (4)(5)(6)(7)(24) - Class B | SF + | 5.20% | 9.20% | 4/30/2037 | 1000 | 401 | 398 |  |
| PBN II-A Equity Holdings L.P. (4)(5)(6)(20) - Limited Partnership Interest |  |  |  |  | 10000 | 4631 | 4580 |  |
|  |  |  |  |  |  | 17013 | 17206 | 1.38% |
| **Total Structured Finance Investments** |  |  |  |  |  | $17013 | $17206 | 1.38% |
| **Preferred Equity** |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |
| Albers Aerospace Holdings LLC (4)(20)(21) - Preferred Units |  |  |  |  | 5000 | $4292 | $4306 |  |
|  |  |  |  |  |  | 4292 | 4306 | 0.35% |
| **Asset Based Lending and Fund Finance** |  |  |  |  |  |  |  |  |
| LC8 Cirrostratus L.P. (4)(5)(10)(21)(24) - Class A Units | SF + | 7.00% PIK | 10.69% | 2/8/2029 | 1714 | 1692 | 1702 |  |
|  |  |  |  |  |  | 1692 | 1702 | 0.14% |
| **Beverages** |  |  |  |  |  |  |  |  |
| CC Investor Aggregator, L.P. (4)(21) - Class A Units |  |  |  |  | 40582 | 40582 | 43835 |  |
|  |  |  |  |  |  | 40582 | 43835 | 3.51% |
| **Capital Markets** |  |  |  |  |  |  |  |  |
| CB Lido Offshore Blocker X, LLC (4)(21) - Class Z Units |  |  |  |  | 2947104 | 2947 | 3031 |  |
| Constellation Wealth Capital Fund-A-Blocker (LIDO), LLC (4)(21) - Class Z Units |  |  |  |  | 21755 | 121 | 124 |  |
| LAL Group Holdings, LLC (4)(20)(21) - Class Z Units |  |  |  |  | 21932329 | 21932 | 22559 |  |
|  |  |  |  |  |  | 25000 | 25714 | 2.06% |
| **Electric Utilities** |  |  |  |  |  |  |  |  |
| IDF 9 Financeco, LLC (4)(20)(21) - Series B Units |  |  |  |  | 1055303 | 1045 | 1150 |  |
|  |  |  |  |  |  | 1045 | 1150 | 0.09% |
| **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |
| Femur Holdings LP (4)(21) - Preferred Stock |  |  |  |  | 5161701 | 5064 | 3468 |  |

---

------

**HPS Corporate Capital Solutions Fund**

**Consolidated Schedule of Investments**

**December 31, 2025**

**(in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** <sup>(1)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | **Par Amount/Units** | **Amortized Cost** <sup>(3)</sup> | **Fair Value** | **Percentage of Net Assets** |
|  |  |  |  |  |  | 5064 | 3468 | 0.28% |
| **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |
| The ONE Group Hospitality, Inc. (4)(21) - Preferred Stock |  |  |  |  | 1000 | 877 | 1134 |  |
|  |  |  |  |  |  | 877 | 1134 | 0.09% |
| **Software** |  |  |  |  |  |  |  |  |
| Lava Topco, Inc. (4)(21) - Preferred Stock |  |  |  |  | 25000 | 25000 | 25000 |  |
|  |  |  |  |  |  | 25000 | 25000 | 2.00% |
| **Textiles, Apparel & Luxury Goods** |  |  |  |  |  |  |  |  |
| Kendra Scott Design Inc (4)(21) - Preferred Stock |  |  |  |  | 2316836 | 24270 | 33117 |  |
|  |  |  |  |  |  | 24270 | 33117 | 2.65% |
| **Wireless Telecommunication Services** |  |  |  |  |  |  |  |  |
| CCI Topco, Inc. (4)(21) - Preferred Stock |  |  |  |  | 500 | 49005 | 54604 |  |
|  |  |  |  |  |  | 49005 | 54604 | 4.38% |
| **Total Preferred Equity** |  |  |  |  |  | $176827 | $194030 | 15.55% |
| **Other Equity Investments** |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |
| Albers Aerospace Holdings LLC (4)(20)(21) - Class D Units |  |  |  |  | 24 | $633 | $633 |  |
|  |  |  |  |  |  | 633 | 633 | 0.05% |
| **Consumer Staples Distribution & Retail** |  |  |  |  |  |  |  |  |
| AP Himalaya Co-Invest, L.P. (4)(21) - LP Interest |  |  |  |  | 20006 | 20087 | 21745 |  |
|  |  |  |  |  |  | 20087 | 21745 | 1.74% |
| **Electric Utilities** |  |  |  |  |  |  |  |  |
| IDF 8 Topco, LLC (4)(20)(21) - Series B-1 Units |  |  |  |  | 230248 | 230 |  |  |
| IDF 8 Topco, LLC (4)(20)(21) - Series B-2 Units |  |  |  |  | 230248 | 230 |  |  |
|  |  |  |  |  |  | 460 |  | —% |
| **Entertainment** |  |  |  |  |  |  |  |  |
| AMR GP Holdings Ltd (4)(5)(21) - Ordinary Shares |  |  |  |  | 1675 | 10047 | 15634 |  |
|  |  |  |  |  |  | 10047 | 15634 | 1.26% |
| **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |
| The ONE Group Hospitality, Inc. (21) - A-2 Warrants |  |  |  |  | 11911 | 61 | 21 |  |
| The ONE Group Hospitality, Inc. (4)(21) - B-2 Warrants |  |  |  |  | 6667 | 12 |  |  |
|  |  |  |  |  |  | 73 | 21 | —% |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |
| Creek Feeder, L.P. (4)(21) - LP Interest |  |  |  |  | 10000 | 10000 | 10835 |  |
|  |  |  |  |  |  | 10000 | 10835 | 0.87% |
| **Total Other Equity Investments** |  |  |  |  |  | $41300 | $48868 | 3.92% |
| **Total Investments - Non-Controlled/Non-Affiliated** |  |  |  |  |  | $2128768 | $2169305 | 173.83% |
| **Non-Controlled/Affiliated Investments** |  |  |  |  |  |  |  |  |
| **First Lien Debt** |  |  |  |  |  |  |  |  |
| **Household Durables** |  |  |  |  |  |  |  |  |
| Lasko Operation Holdings, LLC (4)(10)(19)(24) | SF + | 6.50% | 10.59% | 6/4/2030 | $1768 | $1701 | $1768 |  |
|  |  |  |  |  |  | 1701 | 1768 | 0.14% |
| **IT Services** |  |  |  |  |  |  |  |  |
| New Era Technology Inc (4)(10)(19)(24) | SF + | 6.25% PIK | 10.07% | 6/30/2030 | 4481 | 4430 | 4481 |  |
|  |  |  |  |  |  | 4430 | 4481 | 0.36% |
| **Total First Lien Debt** |  |  |  |  |  | $6131 | $6249 | 0.50% |
| **Preferred Equity** |  |  |  |  |  |  |  |  |
| **IT Services** |  |  |  |  |  |  |  |  |
| NE SPV Holdco, LLC (4)(19)(21) - Preferred Units |  |  |  |  | 4139 | $3018 | $1980 |  |

---

------

**HPS Corporate Capital Solutions Fund**

**Consolidated Schedule of Investments**

**December 31, 2025**

**(in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** <sup>(1)</sup> | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | **Par Amount/Units** | **Amortized Cost** <sup>(3)</sup> | **Fair Value** | **Percentage of Net Assets** |
|  |  |  |  |  | 3018 | 1980 | 0.16% |
| **Total Preferred Equity** |  |  |  |  | $3018 | $1980 | 0.16% |
| **Other Equity Investments** |  |  |  |  |  |  |  |
| **Household Durables** |  |  |  |  |  |  |  |
| Lasko Operation Holdings, LLC (4)(19)(21) - Common Shares |  |  |  | 891 | $287 | $287 |  |
|  |  |  |  |  | 287 | 287 | 0.02% |
| **IT Services** |  |  |  |  |  |  |  |
| NE SPV Holdco, LLC (4)(19)(21) - Common Units |  |  |  | 4139 |  |  |  |
|  |  |  |  |  |  |  | —% |
| **Total Other Equity Investments** |  |  |  |  | $287 | $287 | 0.02% |
| **Total Investments - Non-Controlled/Affiliated** |  |  |  |  | $9436 | $8516 | 0.68% |
| **Total Investment Portfolio** |  |  |  |  | $2138204 | $2177821 | 174.51% |
| **Cash and Cash Equivalents** |  |  |  |  |  |  |  |
| Dreyfus Government Cash Management (5) |  | 3.67% |  | $9305 | $9305 | $9305 |  |
| Dreyfus Treasury Obligations Cash Management (5) |  | 3.68% |  | 5 | 5 | 5 |  |
| Goldman Sachs Financial Square Government Fund (5) |  | 3.69% |  | 390 | 390 | 390 |  |
| Cash |  |  |  |  | 14402 | 14402 |  |
| **Total Cash and Cash Equivalents** |  |  |  |  | $24102 | $24102 | 1.93% |
| **Total Investment Portfolio, Cash and Cash Equivalents** |  |  |  |  | $2162306 | $2201923 | 176.44% |

---

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

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

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

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

(5) The investment is not a qualifying asset, in whole or in part, under Section 55(a) of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the "1940 Act"). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2025, non-qualifying assets represented 23.1% of total assets as calculated in accordance with regulatory requirements.

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

---

| | | | |
|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated** | **Commitment Type** | **Unfunded Commitment** | **Fair Value** |
| Albers Aerospace Holdings LLC | 2nd Lien Senior Secured Delayed Draw Loan | $1983 | $(30) |
| Alchemy US Holdco 1 LLC | 1st Lien Senior Secured Delayed Draw Loan | 1051 | (69) |
| American Academy Holdings, LLC | 1st Lien Senior Secured Revolving Loan | 160 | (1) |
| Ares Secondaries Pbn Finance Co IV LLC | Structured Finance Obligations - Debt Instruments | 6927 | 221 |
| Ares Secondaries Pbn Finance Co IV LLC | Structured Finance Obligations - Debt Instruments | 990 | 20 |
| AVSC Holding Corp. | 1st Lien Senior Secured Revolving Loan | 962 |  |
| Axiom Buyer, LLC | 1st Lien Senior Secured Delayed Draw Loan | 1905 | (22) |

---

------

**HPS Corporate Capital Solutions Fund**

**Consolidated Schedule of Investments**

**December 31, 2025**

**(in thousands)**

---

| | | | |
|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated** | **Commitment Type** | **Unfunded Commitment** | **Fair Value** |
| Axiom Buyer, LLC | 1st Lien Senior Secured Revolving Loan | 825 | (10) |
| Azurity Pharmaceuticals Inc | 1st Lien Senior Secured Revolving Loan | 4037 | (171) |
| Azzurri Bidco Ltd | 1st Lien Senior Secured Delayed Draw Loan | 2204 | (113) |
| Blazing Star Shields Direct Parent, LLC | 1st Lien Senior Secured Revolving Loan | 2131 | (36) |
| Carbon Topco, Inc. | 1st Lien Senior Secured Revolving Loan | 1332 |  |
| CCI Buyer, Inc. | 1st Lien Senior Secured Revolving Loan | 144 |  |
| Certania Beteiligungen GmbH | 1st Lien Senior Secured Delayed Draw Loan | 5363 | (117) |
| CF Newco Inc | 1st Lien Senior Secured Revolving Loan | 3575 |  |
| Chord Searchlight, L.P | Other Secured Debt Delayed Draw Loan | 5234 | (33) |
| CohnReznick Advisory LLC | 1st Lien Senior Secured Delayed Draw Loan | 49 |  |
| Coller Private Equity Backed Notes & Loans II-A LP | Structured Finance Obligations - Debt Instruments | 599 | 2 |
| Coller Private Equity Backed Notes & Loans II-A LP | Structured Finance Obligations - Debt Instruments | 599 | (2) |
| Creek Parent, Inc. | 1st Lien Senior Secured Revolving Loan | 2754 | (11) |
| Diagnostic Services Holdings, Inc. | 1st Lien Senior Secured Revolving Loan | 144 | (1) |
| DigiCert Inc | 1st Lien Senior Secured Revolving Loan | 4746 | (54) |
| Einstein Parent Inc | 1st Lien Senior Secured Revolving Loan | 2707 | (32) |
| Espresso Bidco Inc. | 1st Lien Senior Secured Delayed Draw Loan | 3583 | (32) |
| Espresso Bidco Inc. | 1st Lien Senior Secured Revolving Loan | 1593 | (14) |
| FC Compassus LLC | 1st Lien Senior Secured Delayed Draw Loan | 159 | 2 |
| FC Compassus LLC | 1st Lien Senior Secured Delayed Draw Loan | 1332 | 13 |
| FC Compassus LLC | 1st Lien Senior Secured Revolving Loan | 2716 |  |
| Femur Buyer Inc | 1st Lien Senior Secured Revolving Loan | 340 | (12) |
| Flatiron Energy Holdco LLC | Other Secured Debt Delayed Draw Loan | 35559 | (543) |
| GAPCO AIV Interholdco (CP), L.P. | Other Secured Debt Delayed Draw Loan | 12500 | (365) |
| Grain Connect Limited | 1st Lien Senior Secured Delayed Draw Loan | 1446 | (38) |
| Grain Connect Limited | 1st Lien Senior Secured Delayed Draw Loan | 692 | (18) |
| Grain Connect Limited | 1st Lien Senior Secured Delayed Draw Loan | 7285 | (193) |
| Indigo Purchaser, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 2623 | 26 |
| Indigo Purchaser, Inc. | 1st Lien Senior Secured Revolving Loan | 1942 |  |
| Kabafusion Parent LLC | 1st Lien Senior Secured Revolving Loan | 1300 |  |
| Link Apartments Opportunity Zone REIT, LLC | Other Secured Debt Delayed Draw Loan | 255 | (2) |
| Madonna Bidco Ltd | 1st Lien Senior Secured Delayed Draw Loan | 1483 | 15 |
| MBS Services Holdings, LLC | 1st Lien Senior Secured Delayed Draw Loan | 20 | (4) |
| Montagu Lux Finco Sarl | 1st Lien Senior Secured Delayed Draw Loan | 7242 | (79) |
| NTH Degree Purchaser Inc | 1st Lien Senior Secured Delayed Draw Loan | 3422 | (18) |
| NTH Degree Purchaser Inc | 1st Lien Senior Secured Revolving Loan | 1792 | (9) |
| ONE Group, LLC | 1st Lien Senior Secured Revolving Loan | 731 | (24) |
| Orthrus Ltd | 1st Lien Senior Secured Delayed Draw Loan | 1071 | (8) |
| Patriot Acquisition Topco Sarl | 1st Lien Senior Secured Revolving Loan | 72 |  |
| PBN II-A Equity Holdings L.P. | Structured Finance Obligations - Limited Partnership Interest | 5420 |  |
| PF Finco PTY LTD | 1st Lien Senior Secured Delayed Draw Loan | 952 | (11) |
| Raven Acquisition Holdings LLC | 1st Lien Senior Secured Delayed Draw Loan | 222 | 1 |
| RBP Global Holdings Ltd | 1st Lien Senior Secured Revolving Loan | 3878 | (92) |
| Retail Services WIS Corporation | 1st Lien Senior Secured Delayed Draw Loan | 5186 | (89) |
| RH Buyer Inc | 1st Lien Senior Secured Revolving Loan | 1226 | (32) |
| Ribbon Communications Operating Company, Inc | 1st Lien Senior Secured Revolving Loan | 849 |  |
| Saga Mid Co Limited | 1st Lien Senior Secured Delayed Draw Loan | 11274 | 262 |
| Saga Mid Co Limited | 1st Lien Senior Secured Delayed Draw Loan | 1871 | 43 |
| Shelley Bidco Pty Ltd | 1st Lien Senior Secured Delayed Draw Loan | 982 | (7) |
| Solis Mammography Buyer, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 2201 | (24) |
| Solis Mammography Buyer, Inc. | 1st Lien Senior Secured Revolving Loan | 3387 | (33) |
| Spruce Bidco II Inc | 1st Lien Senior Secured Revolving Loan | 4493 | (17) |
| Stack Sports Buyer, LLC | 1st Lien Senior Secured Delayed Draw Loan | 4071 | (19) |
| Stack Sports Buyer, LLC | 1st Lien Senior Secured Revolving Loan | 2994 | (14) |

---

------

**HPS Corporate Capital Solutions Fund**

**Consolidated Schedule of Investments**

**December 31, 2025**

**(in thousands)**

---

| | | | |
|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated** | **Commitment Type** | **Unfunded Commitment** | **Fair Value** |
| Sunraycer HPS Borrower LLC | 1st Lien Senior Secured Delayed Draw Loan | 7911 | (158) |
| SW Ingredients Holdings, LLC | 1st Lien Senior Secured Delayed Draw Loan | 2434 | (13) |
| SW Ingredients Holdings, LLC | 1st Lien Senior Secured Revolving Loan | 2437 | (13) |
| Tango Bidco SAS | 1st Lien Senior Secured Delayed Draw Loan | 409 | (9) |
| Tango Bidco SAS | 1st Lien Senior Secured Delayed Draw Loan | 671 | (14) |
| Team, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 3740 | (45) |
| Tex-Tech Industries, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 804 | 8 |
| Tex-Tech Industries, Inc. | 1st Lien Senior Secured Revolving Loan | 1361 |  |
| Tikehau Motion Midco SARL | 1st Lien Senior Secured Delayed Draw Loan | 8970 | (102) |
| Tricentis Operations Holdings Inc | 1st Lien Senior Secured Delayed Draw Loan | 3748 | 2 |
| Tricentis Operations Holdings Inc | 1st Lien Senior Secured Revolving Loan | 2713 |  |
| Valence Surface Technologies LLC | 1st Lien Senior Secured Delayed Draw Loan | 138 |  |
| Valence Surface Technologies LLC | 1st Lien Senior Secured Revolving Loan | 3280 |  |
| Westlands Power Company Investor, LLC | 1st Lien Senior Secured Delayed Draw Loan | 16875 | (334) |
| Xponential Fitness LLC | 1st Lien Senior Secured Revolving Loan | 658 | (10) |
| YA Intermediate Holdings II LLC | 1st Lien Senior Secured Delayed Draw Loan | 1867 | 9 |
| YA Intermediate Holdings II LLC | 1st Lien Senior Secured Revolving Loan | 803 |  |
| **Total** |  | $247404 | $(2473) |

---

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

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

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

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

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

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

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

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

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fair Value as of December 31, 2024** | **Gross Additions**<sup>(a)</sup> | **Gross Reductions**<sup>(b)</sup> | **Change in Unrealized Gains (Loss)** | **Net Realized Gain (Loss)** | **Fair Value as of December 31, 2025** | **Dividend and Interest Income** |
| **Non-Controlled/Affiliated Investments** | | | | | | | |
| Lasko Operation Holdings, LLC | $— | $2070 | $(81) | $66 | $— | $2055 | $46 |
| New Era Technology Inc |  | 4430 |  | 51 |  | 4481 | 117 |
| NE SPV Holdco, LLC |  | 3018 |  | (1038) |  | 1980 |  |
| **Total Non-Controlled/Affiliated Investments** | $— | $9518 | $(81) | $(921) | $— | $8516 | $163 |

---

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

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

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

------

**HPS Corporate Capital Solutions Fund**

**Consolidated Schedule of Investments**

**December 31, 2025**

**(in thousands)**

(21) Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be "restricted security" under the Securities Act. As of December 31, 2025, the aggregate fair value of these securities is $245,165, or 19.64% of the Company's net assets. The acquisition dates of the restricted securities are as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **Investment** | **Acquisition Date** |
| Albers Aerospace Holdings LLC | Preferred Units | December 22, 2025 |
| LC8 Cirrostratus L.P. | Class A Units | August 8, 2024 |
| CC Investor Aggregator, L.P. | Class A Units | May 19, 2025 |
| CB Lido Offshore Blocker X, LLC | Class Z Units | August 5, 2025 |
| Constellation Wealth Capital Fund-A-Blocker (Lido), LLC | Class Z Units | August 5, 2025 |
| LAL Group Holdings, LLC | Class Z Units | August 5, 2025 |
| IDF 9 Financeco, LLC | Series B Units | March 28, 2025 |
| Femur Holdings LP | Preferred Stock | October 23, 2025 |
| The ONE Group Hospitality, Inc. | Preferred Stock | May 1, 2024 |
| Lava Topco, Inc. | Preferred Stock | November 10, 2025 |
| Kendra Scott Design Inc | Preferred Stock | September 12, 2024 |
| CCI Topco, Inc. | Preferred Stock | May 13, 2025 |
| Albers Aerospace Holdings LLC | Class D Units | December 22, 2025 |
| AP Himalaya Co-Invest, L.P. | LP Interest | September 18, 2024 |
| IDF 8 Topco, LLC | Series B-1 Units | November 18, 2024 |
| IDF 8 Topco, LLC | Series B-2 Units | November 18, 2024 |
| AMR GP Holdings Ltd | Ordinary Shares | July 9, 2024 |
| The ONE Group Hospitality, Inc. | A-2 Warrants | May 1, 2024 |
| The ONE Group Hospitality, Inc. | B-2 Warrants | May 1, 2024 |
| Creek Feeder, L.P. | LP Interest | December 16, 2024 |
| NE SPV Holdco, LLC | Preferred Units | August 21, 2025 |
| Lasko Operation Holdings, LLC | Common Shares | June 4, 2025 |
| NE SPV Holdco, LLC | Common Units | August 21, 2025 |

---

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

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

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

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

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

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

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

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

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

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

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

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

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

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

------

**HPS Corporate Capital Solutions Fund**

**Consolidated Schedule of Investments**

**December 31, 2025**

**(in thousands)**

**ADDITIONAL INFORMATION**

**Foreign currency forward contracts:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Notional Purchased** | **Currency Sold** | **Notional Sold** | **Counterparty** | **Settlement Date** | **Unrealized Appreciation (Depreciation)** |
| U.S. Dollars | 36301 | British Pounds | 28733 | SMBC Capital Markets, Inc. | December 23, 2026 | $(2372) |
| U.S. Dollars | 2836 | Australian Dollars | 4278 | SMBC Capital Markets, Inc. | March 23, 2026 | (20) |
| U.S. Dollars | 2628 | Canadian Dollars | 3599 | SMBC Capital Markets, Inc. | March 23, 2026 | (3) |
| U.S. Dollars | 2512 | Japanese Yen | 385409 | SMBC Capital Markets, Inc. | March 23, 2026 | 36 |
| U.S. Dollars | 28849 | British Pounds | 21574 | SMBC Capital Markets, Inc. | March 23, 2026 | (225) |
| U.S. Dollars | 74631 | Euros | 63235 | SMBC Capital Markets, Inc. | March 23, 2026 | 67 |
| U.S. Dollars | 61637 | British Pounds | 46060 | Morgan Stanley | March 23, 2026 | (436) |
| U.S. Dollars | 16879 | Euros | 14303 | Morgan Stanley | March 23, 2026 | 14 |
| U.S. Dollars | 23593 | Australian Dollars | 35603 | Morgan Stanley | March 23, 2026 | (167) |
| U.S. Dollars | 1979 | New Zealand Dollars | 3408 | Morgan Stanley | March 23, 2026 | 12 |
| **Total** |  |  |  |  |  | $(3094) |

---

**Interest rate swaps:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Hedged Instrument** | **Company Receives** | **Company Pays**<sup>(1)(2)</sup> | **Maturity Date** | **Notional Amount** | **Fair Market Value** | **Upfront Payments / Receipts** | **Change in Unrealized Gains / (Losses)**<sup>(3)</sup> |
| Morgan Stanley | August 2028 Notes | 5.86% | SOFR + 2.27% | 8/13/2028 | 150000 | $326 | $— | $326 |
| Morgan Stanley | August 2030 Notes | 6.20% | SOFR + 2.58% | 8/13/2030 | 200000 | 407 |  | 407 |
| **Total Interest Rate Swaps** |  |  |  |  |  | $733 | $— | $733 |

---

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

(2)The interest rate on the interest rate swaps are subject to 3 month SOFR, which as of December 31, 2025 was 3.65%.

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

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund** 

**Notes to Consolidated Financial Statements (Unaudited)**

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

**Note 1. Organization**

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

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

The Company may from time to time invest in smaller or larger companies if the opportunity presents attractive investment characteristics and risk-adjusted returns. While the Company's investment strategy primarily focuses on companies in the United States, the Company also intends to leverage HPS's global presence to invest in companies in Europe, Australia and other locations outside the U.S., subject to compliance with BDC requirements to invest at least 70% of assets in "eligible portfolio companies."

The Company's investment strategy also includes a smaller allocation to more liquid credit investments such as non-investment grade broadly syndicated loans, leveraged loans, secured and unsecured corporate bonds, and securitized credit. The Company intends to use these investments to maintain liquidity for the Company's share repurchase program and to manage cash before investing subscriptions into directly originated, privately negotiated loans, while seeking attractive risk-adjusted investment returns. The Company also may invest in publicly traded securities of larger corporate issuers on an opportunistic basis when market conditions create compelling potential return opportunities, subject to compliance with BDC requirements to invest at least 70% of assets in "eligible portfolio companies."

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

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

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

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

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund** 

**Notes to Consolidated Financial Statements (Unaudited)**

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

**Note 2. Significant Accounting Policies**

***Basis of Presentation***

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 6 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments considered necessary for the fair statement of the consolidated financial statements for the interim periods presented have been included. All intercompany balances and transactions have been eliminated. The current period's results of operations are not necessarily indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2026.

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

***Basis of Consolidation***

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

The Company consolidated the results of its wholly-owned subsidiaries HCAP Holdings, LLC, HCAP IDF Holdings, LLC, HCAP Lux Sarl, HCAP ALP Holdings, LLC, HCAP HWD Holdings, LLC, HCAP QS Lux Sarl, and HCAP CLR Holdings, LLC. All intercompany transactions have been eliminated in consolidation.

***Use of Estimates***

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

***Cash and Cash Equivalents***

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

***Investments***

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

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

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

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund** 

**Notes to Consolidated Financial Statements (Unaudited)**

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

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

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

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

***Derivative Instruments***

The Company may enter into foreign currency forward contracts to reduce the Company's exposure to foreign currency exchange rate fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Foreign currency forward contracts are marked-to-market at the applicable forward rate. Unrealized appreciation (depreciation) on foreign currency forward contracts are recorded on the Consolidated Statements of Assets and Liabilities by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable. Notional amounts of foreign currency forward contract assets and liabilities are presented separately on the Consolidated

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**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund** 

**Notes to Consolidated Financial Statements (Unaudited)**

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

Schedules of Investments. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date. As it relates to foreign currency forward contracts, the Company does not utilize hedge accounting and as such, the Company recognizes its derivatives at fair value with changes in the net unrealized appreciation (depreciation) on foreign currency forward contracts recorded on the Consolidated Statements of Operations.

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

The fair value of the Company's derivatives is recorded on the Consolidated Statements of Assets and Liabilities by security type and counterparty on a net basis, if subject to an enforceable master netting agreement, not taking into account collateral posted which is recorded separately. As of March 31, 2026, $1.1 million of cash collateral pledged was included in other assets on the Consolidated Statements of Assets and Liabilities. As of December 31, 2025, $0.9 million of cash collateral received was invested in a money market fund and included in accrued expenses and other liabilities on the Consolidated Statements of Assets and Liabilities.

***Loan Participations***

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

***Foreign Currency Transactions***

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

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

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

***Revenue Recognition***

*Interest Income*

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and

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**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund** 

**Notes to Consolidated Financial Statements (Unaudited)**

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

unamortized discounts are recorded as interest income in the current period. For the three months ended March 31, 2026 and 2025, the Company recorded non-recurring interest income of $2.0 million, and $0.1 million, respectively (e.g. prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts).

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

*PIK Income*

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

*Dividend Income*

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies. To the extent a preferred equity security contains PIK provisions, PIK dividends, computed at the contractual rate specified in each applicable agreement, are accrued and recorded as dividend income and added to the principal balance of the preferred equity security. PIK dividends added to the principal balance are generally collected upon redemption of the equity. For the three months ended March 31, 2026, the Company recorded $0.4 million of dividend income. For the three months ended March 31, 2025, the company did not record any dividend income.

*Other Income*

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

***Organization Expenses***

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

***Offering Expenses***

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

***Deferred Financing Costs and Debt Issuance Costs***

Deferred financing costs and debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company's borrowings. These expenses are deferred and amortized into interest expense over the life of the related debt instrument using the straight-line method. Deferred financing costs related to revolving credit facilities are presented separately as an asset on the

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**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund** 

**Notes to Consolidated Financial Statements (Unaudited)**

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

Company's Consolidated Statements of Assets and Liabilities. Debt issuance costs related to any issuance of installment debt or notes are presented net against the outstanding debt balance of the related security.

***Income Taxes***

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

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

To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of the sum of (i) its "investment company taxable income" for that year (without regard to the deduction for dividends paid), which is generally its net ordinary taxable income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax exempt income. The Company intends to make the requisite distributions to its shareholders, which will generally relieve the Company from corporate-level income taxes.

In addition, pursuant to the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. To the extent that it determines that estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such taxable income, the Company will accrue excise taxes, if any, on estimated undistributed taxable income.

For the three months ended March 31, 2026 and 2025, the Company accrued $0.4 million and $0.1 million, respectively, of U.S. federal excise tax.

***Allocation of Income, Expenses, Gains and Losses***

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

***Distributions***

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

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

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**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund** 

**Notes to Consolidated Financial Statements (Unaudited)**

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

***Segment Reporting***

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

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

***Recent Accounting Pronouncements***

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

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

In November 2025, the FASB issued ASU 2025-09, "Hedge Accounting Improvements." This ASU better aligns hedge accounting with the entity's risk management activities. This ASU expands on hedge accounting guidance for both financial and non-financial risk components and aligns the recognition and presentation of the effects of the hedging instruments and the hedged items in the financial statements. This ASU is effective for the Company beginning in January 2027 under a prospective approach. Early adoption is permitted. Adoption of this ASU is not expected to have a material impact on the Company's consolidated financial statements.

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

As of March 31, 2026, the Company had payables due to affiliates of $4.1 million, comprised of $1.7 million of expenses reimbursable to the Administrator pursuant to the Administration Agreement and $2.4 million of other expenses paid on behalf of the Company, which includes $0.2 million of Board of Trustees' fees. As of December 31, 2025, the Company had payables due to affiliates of $5.6 million, comprised of $1.2 million of expenses reimbursable to the Administrator pursuant to the Administration Agreement and $4.4 million of other expenses paid on behalf of the Company, which includes $0.4 million of Board of Trustees' fees.

***Investment Advisory Agreement***

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

In connection with the closing of the HPS/BlackRock Transaction, effective July 1, 2025, the Prior Investment Advisory Agreement was automatically terminated. Prior thereto, the Board approved a new investment advisory agreement (the "Investment Advisory Agreement") between the Company and the Adviser, subject to shareholder approval. At a special meeting of shareholders on April 16, 2025, shareholders approved the Investment Advisory Agreement, which became effective upon the closing of the HPS/BlackRock Transaction. The Adviser is responsible for determining the portfolio composition, making investment decisions, monitoring investments, performing due diligence on prospective portfolio companies and providing the Company with such other investment advisory and related services as may reasonably be required for the investment of capital.

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**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund** 

**Notes to Consolidated Financial Statements (Unaudited)**

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

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

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

***Base Management Fee***

The management fee will be payable quarterly in arrears at an annual rate of 1.25% of the value of the Company's net assets as of the beginning of the first calendar day of the applicable quarter, as adjusted for any share issuances or repurchases during the quarter that do not occur on the first calendar day of the quarter. For purposes of the Investment Advisory Agreement, net assets means the Company's total assets less the carrying value of liabilities, determined in accordance with U.S. GAAP. The payment and calculation of the management fee will be pro-rated for any period of less than three months. For the first calendar quarter in which the Company had operations, net assets were measured as the beginning net assets as of the date on which the Company broke escrow for the Private Offering.

The Adviser agreed to waive its base management fee from the Initial Closing through June 30, 2025. For the three months ended March 31, 2026, base management fees were $4.0 million. For the three months ended March 31, 2025, base management fees were $2.3 million, all of which were voluntarily waived by the Adviser. As of March 31, 2026 and December 31, 2025, $4.0 million and $3.8 million, respectively, was payable to the Adviser relating to management fees.

***Incentive Fees***

The Company will pay the Adviser an incentive fee. The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of the Company's income and a portion is based on a percentage of the Company's capital gains, each as described below.

***Income based incentive fee***

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

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Company's net assets at the end of the immediately preceding quarter, is compared to a "Hurdle Rate" defined as a return of 1.5% per quarter (6.0% annualized).

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.No incentive fee will be paid on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which the Pre- Incentive Fee Net Investment Income Returns do not exceed the Hurdle Rate of 1.5% (6.0% annualized);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.100% of the dollar amount of the Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre- Incentive Fee Net Investment Income Returns, if any, that exceeds the Hurdle Rate but is less than a rate of return of 1.76%

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**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund** 

**Notes to Consolidated Financial Statements (Unaudited)**

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

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

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

The Adviser agreed to waive its income based incentive fee from the Initial Closing through June 30, 2025. For the three months ended March 31, 2026, income based incentive fees were $5.0 million. For the three months ended March 31, 2025, income based incentive fees were $2.8 million, all of which was voluntarily waived by the Adviser. As of March 31, 2026 and December 31, 2025, $5.0 million and $4.7 million, respectively, was payable to the Adviser relating to income based incentive fees.

***Capital gains based incentive fee***

The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears. The amount payable equals 15.0% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with U.S. GAAP. U.S. GAAP requires that the capital gains incentive fee accrual consider the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement. This U.S. GAAP accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital depreciation included in the calculation of the capital gains incentive fee plus the aggregate cumulative unrealized capital appreciation, net of any expense associated with cumulative unrealized capital depreciation or appreciation. If such amount is positive at the end of a period, then U.S. GAAP requires the Company to record a capital gains incentive fee equal to 15.0% of such cumulative amount, less the aggregate amount of actual capital gains incentive fees paid or capital gains incentive fees accrued under U.S. GAAP in all prior periods.

For the three months ended March 31, 2026, capital gains incentive fees were $(1.6) million. For the three months ended March 31, 2025, capital gains incentive fees were $(0.3) million. As of March 31, 2026 and December 31, 2025, the Company accrued $2.0 million and $3.7 million, respectively, of capital gains incentive fees, none of which were payable under the Investment Advisory Agreement.

***Administration Agreement***

On January 9, 2024, the Company entered into an administration agreement with HPS (as in effect prior to its termination as of July 1, 2025, the "Prior Administration Agreement"). In connection with the closing of the HPS/BlackRock Transaction on July 1, 2025, the Company entered into a new administration agreement, dated as of July 1, 2025, with HPS (the "Administration Agreement") with the material terms unchanged from the Prior Administration Agreement. Under the Administration Agreement, HPS will provide, or oversee the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of the NAV, compliance monitoring (including diligence and oversight of other service providers), preparing reports to shareholders and reports filed with the SEC and other regulators, preparing materials and coordinating meetings of the Company's Board, managing the payment of expenses, the payment and receipt of funds for investments and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. The Company will reimburse HPS for the costs and expenses incurred by HPS in performing its obligations under the Administration Agreement. Such reimbursement includes the Company's allocable portion of compensation (including salaries, bonuses and benefits), overhead (including rent, office equipment and utilities) and other expenses incurred by HPS in performing its administrative obligations under the Administration Agreement, including but not limited to compensation paid to: (i) the Company's chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for the Company; and (iii) any internal audit group personnel of HPS or any of its affiliates, subject to the limitations described in Advisory and Administration Agreements. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company will reimburse the Administrator for any services performed for the Company by such affiliate or third party.

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**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund** 

**Notes to Consolidated Financial Statements (Unaudited)**

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

The amount of the reimbursement payable to HPS for administrative services will be the lesser of (1) HPS's actual costs incurred in providing such services and (2) the amount that the Company estimates it would be required to pay alternative service providers for comparable services in the same geographic location. HPS will be required to allocate the cost of such services to the Company based on factors such as assets, revenues, time allocations and/or other reasonable metrics. The Company will not reimburse HPS for any services for which it receives a separate fee, or for rent, depreciation, utilities, capital equipment or other administrative items allocated to a controlling person of HPS.

For the three months ended March 31, 2026 and 2025, the Company incurred $0.5 million and $0.4 million, respectively, in expenses under the Administration Agreement and the Prior Administration Agreement, which were recorded in "administrative service expenses" in the Company's Consolidated Statements of Operations. As of March 31, 2026 and December 31, 2025 there were $1.7 million and $1.2 million, respectively, of administration service expenses payable by the Company which are included in "due to affiliates" in the Consolidated Statements of Assets and Liabilities.

***Sub-Administration Agreement***

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

***Certain Terms of the Investment Advisory Agreement and Administration Agreement***

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

***Managing Dealer Agreement***

In connection with the closing of the HPS/BlackRock Transaction on July 1, 2025, the Company's prior managing dealer agreement (the "Prior Managing Dealer Agreement") was terminated and the Company entered into a new managing dealer agreement with the Managing Dealer (the "Managing Dealer Agreement"), with the material terms unchanged from the Prior Managing Dealer Agreement. Under the Managing Dealer Agreement, the Managing Dealer is entitled to receive shareholder servicing and/or distribution fees in arrears on the same frequency with which the Company pays distributions (i.e. monthly) in arrears, commencing no later than the first full calendar quarter after the Initial Closing, at an annual rate of (i) with respect to Class D Shares, a fee equal to 0.25% per annum of the aggregate NAV of Class D Shares (including any Class D Shares issued pursuant to our distribution reinvestment plan) (ii) with respect to Class S Shares, a fee equal to 0.85% per annum of aggregate NAV of Class S Shares (including any Class S Shares issued pursuant to our distribution reinvestment plan), in each case, as of the first calendar day of the applicable subscription period, and subject to FINRA and other limitations on underwriting compensation. We accrue the shareholder servicing and/or distribution fee on the same frequency with which we accept subscriptions (i.e. monthly). No shareholder servicing and/or distribution fees are paid with respect to the Class I Shares. The shareholder servicing and/or distribution fees are payable to the Managing Dealer, but the Managing Dealer anticipates that all or a portion of the shareholder servicing and/or distribution fees will be retained by, or reallowed (paid) to, participating broker-dealers.

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

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**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund** 

**Notes to Consolidated Financial Statements (Unaudited)**

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

Under the terms of the Managing Dealer Agreement, the Managing Dealer will serve as the Managing Dealer for the Private Offering. The Company will accrue the shareholder servicing and/or distribution fees on the same frequency with which the Company accepts subscriptions (i.e. monthly), and will pay the shareholder servicing and/or distribution fees to the Managing Dealer in arrears on the same frequency with which it pays regular distributions (i.e. monthly) in accordance with the Offering Memorandum. The Managing Dealer will be entitled to receive shareholder servicing and/or distribution fees in arrears at an annual rate of 0.25%, and 0.85% of the value of the Company's net assets attributable to Class D Common Shares and Class S Common Shares, respectively, as of the beginning of the first calendar day of the month. No shareholder servicing and/or distribution fees will be paid with respect to Class I.

The Managing Dealer is a broker-dealer registered with the SEC and is a member of the Financial Industry Regulatory Authority, or FINRA.

The Managing Dealer Agreement may be terminated at any time, without the payment of any penalty, by vote of a majority of the Company's Independent Trustees who have no direct or indirect financial interest in the operation of the Company's distribution plan or the Managing Dealer Agreement or by vote of a majority of the outstanding voting securities of the Company, on not more than 60 days' written notice to the Managing Dealer or the Adviser. The Managing Dealer Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act.

Either party may terminate the Managing Dealer Agreement upon 60 days' written notice to the other party or immediately upon notice to the other party in the event such other party failed to comply with a material provision of the Managing Dealer Agreement. The Company's obligations under the Managing Dealer Agreement to pay the shareholder servicing and/or distribution fees with respect to the Common Shares distributed shall survive termination of the agreement until such shares are no longer outstanding.

**Distribution and Servicing Plan** 

On March 9, 2026, the Board approved the continuation of the distribution and servicing plan (the "Distribution and Servicing Plan"). The following table shows the shareholder servicing and/or distribution fees the Company pays the Managing Dealer with respect to the Class I Common Shares, Class D Common Shares, and Class S Common Shares on an annualized basis as a percentage of the Company's NAV for such class.

---

| | |
|:---|:---|
| | **Shareholder Servicing and/or Distribution Fee as a % of NAV** |
| Class I Common Shares | —% |
| Class D Common Shares | 0.25% |
| Class S Common Shares | 0.85% |

---

The shareholder servicing and/or distribution fees will be paid on the same frequency with which the Company pays distributions (i.e. monthly) in arrears, and calculated at an annual rate of (i) with respect to the Class D Shares, a fee equal to 0.25% per annum of the aggregate NAV of Class D Shares (including any Class D Shares issued pursuant to our distribution reinvestment plan) (ii) with respect to Class S Shares, a fee equal to 0.85% per annum of aggregate NAV of Class S Shares (including any Class S Shares issued pursuant to our distribution reinvestment plan), in each case, as of the first calendar day of the applicable subscription period, and subject to FINRA and other limitations on underwriting compensation. We accrue the shareholder servicing and/or distribution fee on the same frequency with which we accept subscriptions (i.e. monthly). No shareholder servicing and/or distribution fees are paid with respect to the Class I Shares.

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

Eligibility to receive the shareholder servicing and/or distribution fees is conditioned on a broker providing the following ongoing services with respect to the Common Shares: assistance with recordkeeping, answering investor inquiries regarding us, including regarding distribution payments and reinvestments, helping shareholders understand their investments upon their request, and assistance with share repurchase requests. If the applicable broker is not eligible to receive the shareholder servicing and/or distribution fees due to failure to

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**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund** 

**Notes to Consolidated Financial Statements (Unaudited)**

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

provide these services, the Managing Dealer will waive the shareholder servicing and/or distribution fees that broker would have otherwise been eligible to receive. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase.

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

For the three months ended March 31, 2026, the Company incurred shareholder servicing and/or distribution fees of $0.6 million. For the three months ended March 31, 2025, the Company incurred shareholder servicing and/or distribution fees of $0.5 million, all of which were waived. As of March 31, 2026 and December 31, 2025, there was $0.2 million and $0.6 million, respectively, of shareholder servicing and/or distribution fees payable to the Managing Dealer.

***Expense Support and Conditional Reimbursement Agreement***

On January 9, 2024, the Company entered into an Expense Support and Conditional Reimbursement Agreement with the Adviser (the "Expense Support Agreement"). Pursuant to the Expense Support Agreement, the Adviser may elect to pay certain expenses on the Company's behalf (an "Expense Payment"), provided that no portion of the payment will be used to pay any interest expense or shareholder servicing and/or distribution fees of the Company. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Company in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Company to the Adviser or its affiliates.

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

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

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

The Company's obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar quarter, except to the extent the Adviser has waived its right to receive such payment for the applicable calendar quarter. $0.4 million of Adviser-advanced expenses met the conditions for expense recoupment during the three months ended March 31, 2026.

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**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund** 

**Notes to Consolidated Financial Statements (Unaudited)**

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

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

---

| | | | |
|:---|:---|:---|:---|
| **For the Quarter Ended** | **Expense Payments <br>by Adviser** | **Reimbursement <br>Payments to Adviser** | **Unreimbursed <br>Expense Payments** |
| June 30, 2024<sup>(1)</sup> | $2678 | $(414) | $2264 |
| September 30, 2024 | 1855 |  | 1855 |
| December 31, 2024 | 1555 |  | 1555 |
| March 31, 2025 | 2061 |  | 2061 |
| June 30, 2025 | 1256 |  | 1256 |
| September 30, 2025 | 374 |  | 374 |
| December 31, 2025 | 730 |  | 730 |
| March 31, 2026 |  |  |  |
| **Total** | $10509 | $(414) | $10095 |

---

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

***Controlled/Affiliated Portfolio Companies***

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

**Note 4. Investments**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Amortized Cost** | **Fair Value** | **% of Total<br>Investments at<br>Fair Value** | **Amortized Cost** | **Fair Value** | **% of Total<br>Investments at<br>Fair Value** |
| First lien debt | $1766627 | $1759331 | 79.77% | $1781224 | $1795053 | 82.42% |
| Second lien debt | 7995 | 7982 | 0.36 | 7894 | 7906 | 0.36 |
| Other secured debt | 74080 | 74116 | 3.36 | 63601 | 64380 | 2.96 |
| Unsecured debt | 47721 | 48633 | 2.21 | 47040 | 48111 | 2.21 |
| Structured finance investments | 18821 | 18944 | 0.86 | 17013 | 17206 | 0.79 |
| Preferred equity | 225017 | 246909 | 11.19 | 179845 | 196010 | 9.00 |
| Other equity investments | 41854 | 49657 | 2.25 | 41587 | 49155 | 2.26 |
| **Total** | $2182115 | $2205572 | 100.00% | $2138204 | $2177821 | 100.00% |

---

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund** 

**Notes to Consolidated Financial Statements (Unaudited)**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| | **Fair Value** | **Percentage of Total Investments at Fair Value** | **Fair Value** | **Percentage of Total Investments at Fair Value** |
| Aerospace & Defense | $148771 | 6.75% | $152849 | 7.02% |
| Asset Based Lending and Fund Finance | 21733 | 0.99 | 21981 | 1.01 |
| Automobile Components | 30428 | 1.38 | 30735 | 1.41 |
| Beverages | 74325 | 3.37 | 73945 | 3.40 |
| Capital Markets | 29456 | 1.34 | 29007 | 1.33 |
| Chemicals | 27189 | 1.23 | 26872 | 1.23 |
| Commercial Services & Supplies | 88747 | 4.02 | 86302 | 3.96 |
| Communications Equipment | 13198 | 0.60 | 13731 | 0.63 |
| Construction & Engineering | 2446 | 0.11 | 2556 | 0.12 |
| Consumer Staples Distribution & Retail | 42147 | 1.91 | 42132 | 1.93 |
| Containers & Packaging | 41984 | 1.90 | 42641 | 1.96 |
| Distributors |  |  | 13558 | 0.62 |
| Diversified Consumer Services | 25269 | 1.15 | 23596 | 1.08 |
| Diversified Telecommunication Services | 3595 | 0.16 | 2989 | 0.14 |
| Electric Utilities | 9674 | 0.44 | 10241 | 0.47 |
| Electrical Equipment | 8363 | 0.38 | 8405 | 0.39 |
| Electronic Equipment, Instruments & Components | 6689 | 0.30 | 5638 | 0.26 |
| Entertainment | 49865 | 2.26 | 49923 | 2.29 |
| Financial Services | 118051 | 5.35 | 83948 | 3.85 |
| Food Products | 620 | 0.03 | 622 | 0.03 |
| Health Care Equipment & Supplies | 94223 | 4.27 | 90621 | 4.16 |
| Health Care Providers & Services | 245080 | 11.12 | 221208 | 10.17 |
| Health Care Technology | 21895 | 0.99 | 18473 | 0.85 |
| Hotels, Restaurants & Leisure | 175670 | 7.96 | 132009 | 6.06 |
| Household Durables | 1846 | 0.08 | 2055 | 0.09 |
| Independent Power and Renewable Electricity Producers | 229141 | 10.39 | 213355 | 9.80 |
| Insurance | 70861 | 3.21 | 64673 | 2.97 |
| IT Services | 13053 | 0.59 | 13301 | 0.61 |
| Leisure Products | 11674 | 0.53 | 11736 | 0.54 |
| Life Sciences Tools & Services | 1485 | 0.07 | 3054 | 0.14 |
| Machinery | 11062 | 0.50 | 8843 | 0.41 |
| Media |  |  | 24149 | 1.11 |
| Metals & Mining | 16896 | 0.77 | 17015 | 0.78 |
| Mortgage Real Estate Investment Trusts (REITs) | 12528 | 0.57 |  |  |
| Multi-Utilities | 2602 | 0.12 | 2573 | 0.12 |
| Pharmaceuticals | 95807 | 4.34 | 108561 | 4.98 |
| Professional Services | 14279 | 0.65 | 14713 | 0.68 |
| Real Estate Management & Development | 2825 | 0.13 | 2579 | 0.12 |
| Software | 233193 | 10.57 | 302168 | 13.87 |
| Specialty Retail | 59683 | 2.71 | 59487 | 2.73 |
| Structured Finance | 18944 | 0.86 | 17206 | 0.79 |
| Textiles, Apparel & Luxury Goods | 34836 | 1.58 | 33117 | 1.52 |
| Trading Companies & Distributors | 20800 | 0.94 | 21395 | 0.98 |
| Transportation Infrastructure | 16995 | 0.77 | 17386 | 0.80 |
| Wireless Telecommunication Services | 57644 | 2.61 | 56473 | 2.59 |
| **Total** | $2205572 | 100.00% | $2177821 | 100.00% |

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**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund** 

**Notes to Consolidated Financial Statements (Unaudited)**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value as % of Net Assets** |
| United States | $1846227 | $1853685 | 84.05% | 141.08% |
| United Kingdom | 184016 | 195212 | 8.85 | 14.86 |
| Austria | 36758 | 39665 | 1.80 | 3.02 |
| Canada | 36375 | 36652 | 1.66 | 2.79 |
| Spain | 29287 | 29046 | 1.32 | 2.21 |
| France | 21717 | 22729 | 1.03 | 1.73 |
| Australia | 13347 | 13861 | 0.63 | 1.05 |
| Germany | 11393 | 11574 | 0.52 | 0.88 |
| Taiwan | 2995 | 3148 | 0.14 | 0.24 |
| **Total** | $2182115 | $2205572 | 100.00% | 167.86% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value as % of Net Assets** |
| United States | $1823283 | $1840885 | 84.53% | 147.51% |
| United Kingdom | 158499 | 172951 | 7.94 | 13.86 |
| Austria | 36449 | 40212 | 1.85 | 3.22 |
| Australia | 32938 | 33807 | 1.55 | 2.71 |
| Spain | 29256 | 29655 | 1.36 | 2.38 |
| Canada | 24771 | 25108 | 1.15 | 2.01 |
| France | 21312 | 23217 | 1.07 | 1.86 |
| Germany | 8714 | 8830 | 0.41 | 0.71 |
| Taiwan | 2982 | 3156 | 0.14 | 0.25 |
| **Total** | $2138204 | $2177821 | 100.00% | 174.51% |

---

As of March 31, 2026 and December 31, 2025, there was one and one portfolio company on non-accrual status, respectively, which represented 0.28% and 0.29% of total debt and income producing investments at fair value, respectively.

As of March 31, 2026 and December 31, 2025, on a fair value basis, 93.6% and 94.3% of performing debt and income producing investments bore interest at a floating rate, respectively, and 6.4% and 5.7% of performing debt and income producing investments bore interest at a fixed rate, respectively.

**Note 5. Fair Value Measurements**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

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**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund** 

**Notes to Consolidated Financial Statements (Unaudited)**

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

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

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

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

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

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

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

Investments in senior loans primarily include first and second lien term loans, delayed draws, revolving credit and other secured debt. The Adviser analyzes enterprise value based on the weighted average of discounted cash flows, public comparables and merger and acquisition comparables. This analysis is done to ensure, among other things, that the investments have adequate collateral and asset coverage. Once the investment is determined to have adequate asset coverage, the Adviser monitors yields for senior loan investments made from the time of purchase to the month end average yields for similar investments and risk profiles. The Company uses market data, including newly funded transactions, and secondary market data with respect to high-yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield. The change in yield is utilized by the Adviser to discount the anticipated cash flows of the debt investment in order to arrive at a fair value. Further, the Adviser adjusts for material changes in the underlying fundamentals of the issuer, including changes in leverage, as necessary. If the investment does not have adequate coverage, a tranched valuation approach is considered.

*Derivative Instruments*

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

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

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**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund** 

**Notes to Consolidated Financial Statements (Unaudited)**

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

lack of observable inputs may significantly impact the resulting fair value and therefore the Company's Consolidated Statements of Operations.

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First lien debt | $— | $267146 | $1492185 | $1759331 |
| Second lien debt |  |  | 7982 | 7982 |
| Other secured debt |  |  | 74116 | 74116 |
| Unsecured debt |  |  | 48633 | 48633 |
| Structured finance investments |  |  | 18944 | 18944 |
| Preferred equity |  |  | 246909 | 246909 |
| Other equity investments |  | 21 | 49636 | 49657 |
| **Total Investments** | $— | $267167 | $1938405 | $2205572 |
| Cash equivalents | $5812 | $— | $— | $5812 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First lien debt | $— | $313595 | $1481458 | $1795053 |
| Second lien debt |  |  | 7906 | 7906 |
| Other secured debt |  |  | 64380 | 64380 |
| Unsecured debt |  |  | 48111 | 48111 |
| Structured finance investments |  |  | 17206 | 17206 |
| Preferred equity |  |  | 196010 | 196010 |
| Other equity investments |  | 21 | 49134 | 49155 |
| **Total Investments** | $— | $313616 | $1864205 | $2177821 |
| Cash equivalents | $9700 | $— | $— | $9700 |

---

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund** 

**Notes to Consolidated Financial Statements (Unaudited)**

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| | **First Lien<br>Debt** | **Second Lien Debt** | **Other Secured Debt** | **Unsecured Debt** | **Structured Finance Investments** | **Preferred Equity** | **Other Equity Investments** | **Total Investments** |
| Fair value, beginning of period | $1481458 | $7906 | $64380 | $48111 | $17206 | $196010 | $49134 | $1864205 |
| Purchases of investments<sup>(1)</sup> | 108948 | 96 | 26343 | 669 | 1809 | 46862 | 267 | 184994 |
| Principal repayments and sales of investments | (89347) |  | (17805) |  |  | (1902) |  | (109054) |
| Accretion of discount/amortization of premium | 2931 | 5 | 209 | 12 |  |  |  | 3157 |
| Net realized gain (loss) | 1061 |  | 824 |  |  | 210 |  | 2095 |
| Net change in unrealized appreciation (depreciation) | (13709) | (25) | (742) | (159) | (71) | 5729 | 235 | (8742) |
| Transfers in<sup>(2)</sup> | 4323 |  | 907 |  |  |  |  | 5230 |
| Transfers out<sup>(2)</sup> | (3480) |  |  |  |  |  |  | (3480) |
| **Fair value, end of period** | $1492185 | $7982 | $74116 | $48633 | $18944 | $246909 | $49636 | $1938405 |
| Net change in unrealized appreciation (depreciation) related to financial instruments still held as of March 31, 2026 | $(12458) | $(25) | $(377) | $(159) | $(71) | $5739 | $235 | $(7116) |

---

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

(2)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended March 31, 2026, transfers into and out of level 3 were $4.3 million and $2.6 million, respectively, due to decreased or increased price transparency, including the number of market quotations and/or the reliability of such market quotations obtained by the Adviser. For the three months ended March 31, 2026, transfers between investment types were $0.9 million.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| | **First Lien<br>Debt** | **Second Lien Debt** | **Other Secured Debt** | **Unsecured Debt** | **Preferred Equity** | **Other Equity Investments** | **Total Investments** |
| Fair value, beginning of period | $701826 | $5329 | $17960 | $17385 | $28588 | $45225 | $816313 |
| Purchases of investments<sup>(1)</sup> | 306155 | 56 | 1946 | 583 | 745 | 73 | 309558 |
| Principal repayments and sales of investments | (6239) |  | (1666) |  |  |  | (7905) |
| Accretion of discount/amortization of premium | 1114 | 3 | 51 | 12 | 2 |  | 1182 |
| Net realized gain (loss) | 1 |  |  |  |  |  | 1 |
| Net change in unrealized appreciation (depreciation) | 875 | 1 | 16 | (9) | 1852 | 1855 | 4590 |
| Transfers in<sup>(2)</sup> | 1075 |  |  |  |  |  | 1075 |
| Transfers out<sup>(2)</sup> |  | (1075) |  |  |  |  | (1075) |
| **Fair value, end of period** | $1004807 | $4314 | $18307 | $17971 | $31187 | $47153 | $1123739 |
| Net change in unrealized appreciation (depreciation) related to financial instruments still held as of March 31, 2025 | $905 | $1 | $16 | $(9) | $1852 | $1855 | $4620 |

---

(1)Purchases include PIK interest, if applicable.

(2)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended March 31, 2025, transfers into or out of Level 3 were primarily due to decreased or increased price transparency, respectively.

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund** 

**Notes to Consolidated Financial Statements (Unaudited)**

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Fair Value**<sup>(1)</sup> | **Valuation<br>Technique** | **Unobservable<br>Input** | **Range** | **Range** | **Weighted**<br>**Average**<sup>(2)</sup> |
| | **Fair Value**<sup>(1)</sup> | **Valuation<br>Technique** | **Unobservable<br>Input** | **Low** | **High** | **Weighted**<br>**Average**<sup>(2)</sup> |
| Investments in first lien debt | $1319107 | Yield analysis | Discount rate | 5.92% | 28.03% | 10.98% |
|  | 11753 | Discounted cash flow | Discount rate | 5.40% | 20.00% | 11.87% |
|  |  |  | Exit multiple | 6.40x | 8.75x | 7.35x |
| Investments in second lien debt | 7982 | Yield analysis | Discount rate | 13.50% | 16.33% | 14.83% |
| Investments in other secured debt | 66415 | Yield analysis | Discount rate | 10.21% | 12.41% | 10.72% |
| Investments in unsecured debt | 48634 | Yield analysis | Discount rate | 11.90% | 13.00% | 12.37% |
| Investments in structured finance investments | 13684 | Yield analysis | Discount rate | 6.39% | 11.88% | 9.37% |
| Investments in preferred equity | 172693 | Yield analysis | Discount rate | 6.69% | 19.64% | 10.71% |
|  | 1848 | Discounted cash flow | Discount rate | 20.00% | 20.00% | 20.00% |
|  |  |  | Exit multiple | 8.75x | 8.75x | 8.75x |
| Investments in other equity | 33307 | Yield analysis | Discount rate | 8.00% | 10.00% | 9.34% |
|  | 15427 | Discounted cash flow | Discount rate | 6.83% | 10.50% | 6.85% |
|  |  |  | Exit multiple | 5.67x | 6.62x | 5.68x |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Fair Value**<sup>(1)</sup> | **Valuation<br>Technique** | **Unobservable<br>Input** | **Range** | **Range** | **Weighted**<br>**Average**<sup>(2)</sup> |
| | **Fair Value**<sup>(1)</sup> | **Valuation<br>Technique** | **Unobservable<br>Input** | **Low** | **High** | **Weighted**<br>**Average**<sup>(2)</sup> |
| Investments in first lien debt | $1183807 | Yield analysis | Discount rate | 6.06% | 26.10% | 10.89% |
|  | 11819 | Discounted cash flow | Discount rate | 5.66% | 20.00% | 11.82% |
|  |  |  | Exit multiple | 6.43x | 8.75x | 7.34x |
| Investments in second lien debt | 4961 | Yield analysis | Discount rate | 15.25% | 16.24% | 15.58% |
| Investments in other secured debt | 31310 | Yield analysis | Discount rate | 10.63% | 15.91% | 11.71% |
| Investments in unsecured debt | 48111 | Yield analysis | Discount rate | 12.78% | 13.04% | 12.89% |
| Investments in structured finance investments | 8626 | Yield analysis | Discount rate | 6.23% | 12.24% | 10.35% |
| Investments in preferred equity | 164724 | Yield analysis | Discount rate | 6.80% | 24.23% | 11.07% |
|  | 1980 | Discounted cash flow | Discount rate | 20.00% | 20.00% | 20.00% |
|  |  |  | Exit multiple | 8.75x | 8.75x | 8.75x |
| Investments in other equity | 32580 | Yield analysis | Discount rate | 8.00% | 10.00% | 9.33% |
|  | 15634 | Discounted cash flow | Discount rate | 7.31% | 7.31% | 7.31% |
|  |  |  | Exit multiple | 5.55x | 5.55x | 5.55x |

---

(1)As of March 31, 2026, included within the fair value of Level 3 assets of $1,938,405 is an amount of $247,555 for which the Adviser did not develop the unobservable inputs (examples include third-party pricing and transaction prices). As of December 31, 2025, included within the fair value of Level 3 assets of $1,864,205 is an amount of $360,653 for which the Adviser did not develop the unobservable inputs (examples include third-party pricing and transaction prices).

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

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

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

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund** 

**Notes to Consolidated Financial Statements (Unaudited)**

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

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.

*Financial Instruments Not Carried at Fair Value*

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

*Debt*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| | **Carrying Value** | **Fair Value** | **Carrying Value** | **Fair Value** |
| Revolving Credit Facility | $614265 | $614265 | $578709 | $578709 |
| August 2028 Notes<sup>(1)</sup> | 149029 | 150200 | 149589 | 151264 |
| August 2030 Notes<sup>(1)</sup> | 198526 | 200369 | 199366 | 202099 |
| **Total** | $961820 | $964834 | $927664 | $932072 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| | **Unamortized Debt Issuance Costs** | **Cumulative Change in the Notes Carrying Value as a Result of the Qualifying Fair Value Hedge Relationship** | **Unamortized Debt Issuance Costs** | **Cumulative Change in the Notes Carrying Value as a Result of the Qualifying Fair Value Hedge Relationship** |
| August 2028 Notes | $(668) | $(303) | $(737) | $326 |
| August 2030 Notes | (985) | (489) | (1041) | 407 |
| **Total** | $(1653) | $(792) | $(1778) | $733 |

---

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

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| Level 1 | $— | $— |
| Level 2 |  |  |
| Level 3 | 964834 | 932072 |
| **Total** | $964834 | $932072 |

---

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

**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.

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund** 

**Notes to Consolidated Financial Statements (Unaudited)**

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

During the three months ended March 31, 2026 and 2025, the average notional exposure for foreign currency forward contracts were $262.8 million and $96.3 million, respectively, and the average notional exposure for interest rate swaps were $350.0 million and $0.0 million, respectively.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Level 1** | **Level 2** | **Level 3** | **Total Fair Value** | **Notional** |
| **Derivative Assets** | | | | | |
| Foreign currency forward contracts | $— | $1694 | $— | $1694 | $233108 |
| **Total derivative assets, at fair value** | $— | $1694 | $— | $1694 | $233108 |
| **Derivative Liabilities** |  |  |  |  |  |
| Foreign currency forward contracts | $— | $(1622) | $— | $(1622) | $36302 |
| Interest rates swaps |  | (792) |  | (792) | 350000 |
| **Total derivative liabilities, at fair value** | $— | $(2414) | $— | $(2414) | $386302 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Level 1** | **Level 2** | **Level 3** | **Total Fair Value** | **Notional** |
| **Derivative Assets** | | | | | |
| Foreign currency forward contracts | $— | $129 | $— | $129 | $96001 |
| Interest rates swaps |  | 733 |  | 733 | 350000 |
| **Total derivative assets, at fair value** | $— | $862 | $— | $862 | $446001 |
| **Derivative Liabilities** |  |  |  |  |  |
| Foreign currency forward contracts | $— | $(3223) | $— | $(3223) | $155844 |
| **Total derivative liabilities, at fair value** | $— | $(3223) | $— | $(3223) | $155844 |

---

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

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Net change in unrealized gain (loss) on foreign currency forward contracts | $3166 | $(2137) |
| Realized gain (loss) on foreign currency forward contracts | $587 | $(931) |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|<br>**Counterparty** |<br>**Instrument** |<br>**Account in the Consolidated Statements of Assets and Liabilities** | **Gross Amount of Assets** | **Gross Amount of (Liabilities)** | **Net Amounts Presented in the Consolidated Statements of Assets and Liabilities** | **Collateral Received/Pledged**<sup>(1)</sup> | **Net Amounts**<sup>(2)</sup> |
| SMBC Capital Markets, Inc. | Foreign currency forward contracts | Derivative liabilities, at fair value | $404 | $(1622) | $(1218) | $— | $(1218) |
| Morgan Stanley | Foreign currency forward contracts | Derivative assets, at fair value | $1290 | $— | $1290 | $— | $1290 |
| Morgan Stanley | Interest rate swaps | Derivative liabilities, at fair value | $— | $(792) | $(792) | $792 | $— |

---

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund** 

**Notes to Consolidated Financial Statements (Unaudited)**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|<br>**Counterparty** |<br>**Instrument** |<br>**Account in the Consolidated Statements of Assets and Liabilities** | **Gross Amount of Assets** | **Gross Amount of (Liabilities)** | **Net Amounts Presented in the Consolidated Statements of Assets and Liabilities** | **Collateral Received/Pledged**<sup>(1)</sup> | **Net Amounts**<sup>(2)</sup> |
| SMBC Capital Markets, Inc. | Foreign currency forward contracts | Derivative liabilities, at fair value | $103 | $(2620) | $(2517) | $— | $(2517) |
| Morgan Stanley | Foreign currency forward contracts | Derivative liabilities, at fair value | $26 | $(603) | $(577) | $— | $(577) |
| Morgan Stanley | Interest rate swaps | Derivative assets, at fair value | $733 | $— | $733 | $(733) | $— |

---

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

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

*Hedging*

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|<br>**Description** | **Carrying Value** | **Cumulative Hedging Adjustments** | **Carrying Value** | **Cumulative Hedging Adjustments** |
| Unsecured Notes | $347555 | $(792) | $348955 | $733 |

---

**Note 7. Borrowings** 

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of March 31, 2026 and December 31, 2025, the Company's asset coverage was 236.3% and 234.4%, respectively.

***Revolving Credit Facility***

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

The Company may borrow amounts in U.S. dollars or certain other permitted currencies under the Revolving Credit Facility. Advances under the Revolving Credit Facility drawn in U.S. dollars will initially bear interest at a per annum rate equal to 0.65% or 0.775% plus an "alternate base rate" in the case of any ABR Loan and 1.65% or 1.775% plus the Adjusted Term SOFR Rate (including any applicable credit adjustment spread) in the case of any other Loan, in each case, depending on the Company's rate option election and

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund** 

**Notes to Consolidated Financial Statements (Unaudited)**

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

borrowing base. Advances under the Revolving Credit Facility drawn in currencies other than U.S. dollars will initially bear interest at a per annum rate equal to 1.65% or 1.775%, in each case depending on the Company's borrowing base, plus any applicable credit spread adjustment, plus certain local rates consistent with market standards. The Company also pays a fee of 0.325% on average daily undrawn amounts under the Revolving Credit Facility.

The maximum principal amount of the Revolving Credit Facility is $1,125 million, subject to availability under the borrowing base, which is based on the Company's portfolio investments and other outstanding indebtedness, with an accordion provision to permit increases to the total facility amount up to $1,350 million subject to the satisfaction of certain conditions.

The Revolving Credit Facility is guaranteed by certain subsidiaries of the Company, including certain additional domestic subsidiaries (direct or indirect) of the Company that may be formed or acquired in the future (collectively, the "Revolving Credit Facility Guarantors"). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including, without limitation, repaying outstanding indebtedness, making distributions, contributions and investments, and acquisition and funding of portfolio investments, and such other uses as permitted under the Revolving Credit Agreement.

The Revolving Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each Revolving Credit Facility Guarantor, subject to certain exceptions, and includes a $150 million limit for swingline loans.

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

***Unsecured Notes***

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

Interest on the Unsecured Notes will be due semiannually. The interest rates are subject to increase (up to a maximum increase of 2.00% above the stated rate for each of the Unsecured Notes) in the event that, subject to certain exceptions, the Unsecured Notes cease to have an investment grade rating and the Company's minimum secured debt ratio exceeds certain thresholds. In addition, the Company is obligated to offer to repay the Unsecured Notes at a price equal to 100% of the principal amount, plus accrued and unpaid interest if a certain change in control event occurs. The Unsecured Notes are general unsecured obligations of the Company that rank *pari passu* with all outstanding and future unsecured, unsubordinated indebtedness issued by the Company.

<u>August 2028 Notes</u>

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

In connection with the August 2028 Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company's liabilities with the Company's investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement related to the August 2028 Notes, the Company receives a fixed interest rate of 5.86% per annum and pays a floating interest rate of SOFR + 2.2735% per annum on $150 million of the August 2028 Notes. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

<u>August 2030 Notes</u>

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

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund** 

**Notes to Consolidated Financial Statements (Unaudited)**

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

In connection with the August 2030 Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company's liabilities with the Company's investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement related to the August 2030 Notes, the Company receives a fixed interest rate of 6.20% per annum and pays a floating interest rate of SOFR + 2.581% per annum on $200 million of the August 2030 Notes. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

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

The Company's outstanding debt obligations were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** |
| | **Maximum Principal** | **Outstanding<br>Principal** | **Carrying<br>Value** | **Unused**<br>**Portion**<sup>(1)</sup> | **Amount**<br>**Available**<sup>(2)</sup> |
| Revolving Credit Facility<sup>(3)</sup> | $1125000 | $614265 | $614265 | $510735 | $510735 |
| August 2028 Notes<sup>(4)</sup> | 150000 | 150000 | 149029 |  |  |
| August 2030 Notes<sup>(4)</sup> | 200000 | 200000 | 198526 |  |  |
| **Total** | $1475000 | $964265 | $961820 | $510735 | $510735 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** |
| | **Maximum Principal** | **Outstanding<br>Principal** | **Carrying<br>Value** | **Unused**<br>**Portion**<sup>(1)</sup> | **Amount**<br>**Available**<sup>(2)</sup> |
| Revolving Credit Facility<sup>(3)</sup> | $1125000 | $578709 | $578709 | $546291 | $546291 |
| August 2028 Notes<sup>(4)</sup> | 150000 | 150000 | 149589 |  |  |
| August 2030 Notes<sup>(4)</sup> | 200000 | 200000 | 199366 |  |  |
| **Total** | $1475000 | $928709 | $927664 | $546291 | $546291 |

---

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

(2)The amount available reflects any limitations related to the Revolving Credit Facility's borrowing base.

(3)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of March 31, 2026 and December 31, 2025, the Company had outstanding borrowings denominated in the following non-USD currencies:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** |
| | **Australian Dollars (AUD)** | **Australian Dollars (AUD)** | **Euros (EUR)** | **Euros (EUR)** | **British Pounds (GBP)** |
| Revolving Credit Facility | A$ | 10203 | € | 39421 | £9299 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** |
|  | **Australian Dollars (AUD)** | **Australian Dollars (AUD)** | **Euros (EUR)** | **Euros (EUR)** | **British Pounds (GBP)** |
| Revolving Credit Facility | A$ | 10203 | € | 39421 | £9299 |

---

(4)As of March 31, 2026 and December 31, 2025, the carrying value of the Company's Unsecured Notes are presented net of unamortized debt issuance costs, in the below table. Additionally, the carrying value of the Company's Unsecured Notes includes the increase (decrease) in the notes carrying value as a result of the qualifying fair value hedge relationship as disclosed in the below table, and as further described above.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| | **Unamortized Debt Issuance Costs** | **Cumulative Change in the Notes Carrying Value as a Result of the Qualifying Fair Value Hedge Relationship** | **Unamortized Debt Issuance Costs** | **Cumulative Change in the Notes Carrying Value as a Result of the Qualifying Fair Value Hedge Relationship** |
| August 2028 Notes | $(668) | $(303) | $(737) | $326 |
| August 2030 Notes | (985) | (489) | (1041) | 407 |
| **Total** | $(1653) | $(792) | $(1778) | $733 |

---

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund** 

**Notes to Consolidated Financial Statements (Unaudited)**

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

As of March 31, 2026 and December 31, 2025, $3.7 million and $9.7 million, respectively, of interest expense and $0.4 million and $0.5 million, respectively, of unused commitment fees were included in interest payable.

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

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Average principal debt outstanding | $956952 | $379764 |
| Weighted average interest rate<sup>(1)</sup> | 6.2% | 7.0% |

---

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

The components of interest expense were as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Borrowing interest expense | $13558 | $6034 |
| Facility unused fees | 422 | 293 |
| Amortization of financing costs | 338 | 221 |
| Amortization of debt issuance costs | 125 |  |
| Net (gain) loss from interest rate swaps accounted for as hedges and the related hedged items | 176 |  |
| **Total interest expense** | $14619 | $6548 |
| Cash paid for interest expense | $20256 | $6285 |

---

**Note 8. Commitments and Contingencies** 

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

The Company's investment portfolio may contain investments, such as revolving loans or delayed draw loans, which require the Company to provide funding when requested by portfolio companies in accordance with underlying agreements. As of March 31, 2026 and December 31, 2025, the Company had unfunded investment commitments in the aggregate principal amount of $206.2 million and $247.4 million, respectively.

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

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

**Note 9. Net Assets**

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

As of April, 8, 2024, the Company had satisfied the minimum offering requirement, and the Company's Board had authorized the release of proceeds from escrow. As of such date, the Company issued and sold 8,827,880 shares at an offering price of $25.00 per share, and the Board authorized the release of $220.7 million to the Company as payment for such shares. Under the terms of the Company's

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund** 

**Notes to Consolidated Financial Statements (Unaudited)**

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

Declaration of Trust, all Common Shares have equal rights as to voting and, when they are issued, will be duly authorized, validly issued, fully paid and nonassessable.

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

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

The following table summarizes transactions in Common Shares during the three months ended March 31, 2026:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| | **Shares** | **Amount** |
| **CLASS I** | | |
| Subscriptions | 526119 | $14240 |
| Share transfers between classes |  |  |
| Distributions reinvested | 136256 | 3688 |
| Share repurchases | (245975) | (6612) |
| Early repurchase deduction |  | 8 |
| **Net increase (decrease)** | 416400 | $11324 |
| **CLASS D** |  |  |
| Subscriptions | 2467741 | $66708 |
| Share transfers between classes |  |  |
| Distributions reinvested | 742121 | 20085 |
| Share repurchases | (832588) | (22380) |
| Early repurchase deduction |  | 26 |
| **Net increase (decrease)** | 2377274 | $64439 |
| **CLASS S** |  |  |
| Subscriptions |  | $— |
| Share transfers between classes |  |  |
| Distributions reinvested |  |  |
| Share repurchases |  |  |
| Early repurchase deduction |  | 0 |
| **Net increase (decrease)** |  | $— |
| **Total net increase (decrease)** | 2793674 | $75763 |

---

The following table summarizes transactions in Common Shares during the three months ended March 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| | **Shares** | **Amount** |
| **CLASS D** | | |
| Subscriptions | 5173424 | $135148 |
| Distributions reinvested | 653479 | 16984 |
| Share repurchases |  |  |
| Early repurchase deduction |  |  |
| **Net increase (decrease)** | 5826903 | $152132 |

---

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund** 

**Notes to Consolidated Financial Statements (Unaudited)**

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

*Net Asset Value per Share and Offering Price*

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

*Distributions*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Class I** | **Class I** | **Class I** | **Class I** |
|<br>**Declaration Date** |<br>**Payment Date** | **Base Distribution Per Share** | **Special Distribution <br>Per Share** | **Total Distribution <br>Per Share** | **Distribution Amount** |
| January 27, 2026 | February 27, 2026 | $0.1390 | $— | $0.1390 | $1624 |
| February 27, 2026 | March 31, 2026 | 0.1390 |  | 0.1390 | 1654 |
| March 26, 2026 | April 29, 2026 | 0.1390 |  | 0.1390 | 1675 |
| March 26, 2026 | April 30, 2026 |  | 0.1600 | 0.1600 | 1929 |
| **Total** |  | $0.4170 | $0.1600 | $0.5770 | $6882 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Class D** | **Class D** | **Class D** | **Class D** |
|<br>**Declaration Date** |<br>**Payment Date** | **Base Distribution Per Share**<sup>(1)</sup> | **Special Distribution <br>Per Share** | **Total Distribution <br>Per Share** | **Distribution Amount** |
| January 27, 2026 | February 27, 2026 | $0.1333 | $— | $0.1333 | $4760 |
| February 27, 2026 | March 31, 2026 | 0.1338 |  | 0.1338 | 4847 |
| March 26, 2026 | April 29, 2026 | 0.1333 |  | 0.1333 | 5054 |
| March 26, 2026 | April 30, 2026 |  | 0.1600 | 0.1600 | 6066 |
| **Total** |  | $0.4004 | $0.1600 | $0.5604 | $20727 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Class S** | **Class S** | **Class S** | **Class S** |
|<br>**Declaration Date** |<br>**Payment Date** | **Base Distribution Per Share**<sup>(1)</sup> | **Special Distribution <br>Per Share** | **Total Distribution <br>Per Share** | **Distribution Amount** |
| January 27, 2026 | February 27, 2026 | $0.1195 | $— | $0.1195 | $0 |
| February 27, 2026 | March 31, 2026 | 0.1213 |  | 0.1213 | 0 |
| March 26, 2026 | April 29, 2026 | 0.1195 |  | 0.1195 | 0 |
| March 26, 2026 | April 30, 2026 |  | 0.1600 | 0.1600 | 0 |
| **Total** |  | $0.3603 | $0.1600 | $0.5203 | $0 |

---

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

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund** 

**Notes to Consolidated Financial Statements (Unaudited)**

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

The following table presents distributions that were declared during the three months ended March 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Class D** | **Class D** | **Class D** | **Class D** |
|<br>**Declaration Date** |<br>**Payment Date** | **Base Distribution Per Share**<sup>(1)</sup> | **Special Distribution <br>Per Share** | **Total Distribution <br>Per Share** | **Distribution Amount** |
| January 29, 2025 | April 30, 2025 | $0.1340 | $— | $0.1340 | $3620 |
| February 26, 2025 | April 30, 2025 | 0.1340 |  | 0.1340 | 3777 |
| March 27, 2025 | April 28, 2025 | 0.1340 |  | 0.1340 | 4142 |
| March 27, 2025 | April 30, 2025 |  | 0.1000 | 0.1000 | 3091 |
| **Total** |  | $0.4020 | $0.1000 | $0.5020 | $14630 |

---

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

*Distribution Reinvestment Plan* 

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

*Character of Distributions* 

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class D** | **Class D** | **Class S** | **Class S** |
|<br>**Source of Distribution** | **Per Share** | **Amount** | **Per Share** | **Amount** | **Per Share** | **Amount** |
| Net investment income | $0.5770 | $6882 | $0.5604 | $20727 | $0.5203 | $0 |
| Net realized gains |  |  |  |  |  |  |
| **Total** | $0.5770 | $6882 | $0.5604 | $20727 | $0.5203 | $0 |

---

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund** 

**Notes to Consolidated Financial Statements (Unaudited)**

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

The following table 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 D** | **Class D** |
|<br>**Source of Distribution** | **Per Share** | **Amount** |
| Net investment income | $0.5020 | $14630 |
| Net realized gains |  |  |
| **Total** | $0.5020 | $14630 |

---

*Share Repurchase Program*

The Company has commenced a share repurchase program in which the Company intends to repurchase, in each quarter, up to 5% of the Company's Common Shares outstanding (by number of shares) as of the close of the previous calendar quarter. The Company's Board may amend, suspend or terminate the share repurchase program if it deems such action to be in the Company's best interest and the best interest of the Company's shareholders. As a result, share repurchases may not be available each quarter.

The Company expects to repurchase shares pursuant to tender offers each quarter using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of the applicable NAV per share (the "Early Repurchase Deduction"). The one year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived, at the Company's discretion, in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders. The Company intends to conduct the repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased by the Company pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Repurchase Request Deadline** | **Percentage of Outstanding Shares the Company Offered to Repurchase**<sup>(1)</sup> | **Repurchase Pricing Date** | **Amount Repurchased**<sup>(2)</sup> | **Number of Shares Repurchased** | **Percentage of Outstanding Shares Repurchased**<sup>(1)</sup> |
| March 3, 2026 | 5.00% | March 31, 2026 | $28992 | 1078563 | 2.34% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Repurchase Request Deadline** | **Percentage of Outstanding Shares the Company Offered to Repurchase**<sup>(1)</sup> | **Repurchase Pricing Date** | **Amount Repurchased**<sup>(2)</sup> | **Percentage of Outstanding Shares Repurchased**<sup>(1)</sup> |
| March 4, 2025 | 5.00% | March 31, 2025 | $– — | —% |

---

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

(2)Amounts not inclusive of Early Repurchase Deduction, if applicable.

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund** 

**Notes to Consolidated Financial Statements (Unaudited)**

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

**Note 10. Financial Highlights and Senior Securities**

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

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Three Months Ended March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Three Months Ended March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Three Months Ended March 31, 2026** |
| | **Class I** | **Class D** | **Class S** |
| **Per Share Data:** | | | |
| Net asset value, beginning of period | $27.07 | $27.07 | $27.07 |
| Net investment income <sup>(1)</sup> | 0.61 | 0.59 | 0.55 |
| Net unrealized and realized gain (loss) <sup>(2)</sup> | (0.22) | (0.22) | (0.22) |
| Net increase (decrease) in net assets resulting from operations | 0.39 | 0.37 | 0.33 |
| Distributions from net investment income <sup>(3)</sup> | (0.58) | (0.56) | (0.52) |
| Distributions from net realized gains <sup>(3)</sup> |  |  |  |
| Net increase (decrease) in net assets from shareholders' distributions | (0.58) | (0.56) | (0.52) |
| Early repurchase deduction fees <sup>(6)</sup> |  |  |  |
| Total increase (decrease) in net assets | (0.19) | (0.19) | (0.19) |
| Net asset value, end of period | $26.88 | $26.88 | $26.88 |
| Shares outstanding, end of period | 11807434 | 37081860 | 515 |
| Total return based on NAV <sup>(4)</sup> | 1.44% | 1.38% | 1.23% |
| **Ratios:** |  |  |  |
| Ratio of net expenses to average net assets <sup>(5)</sup> | 8.00% | 8.25% | 8.85% |
| Ratio of net investment income to average net assets <sup>(5)</sup> | 8.68% | 8.43% | 7.83% |
| Portfolio turnover rate | 7.58% | 7.58% | 7.58% |
| **Supplemental Data:** |  |  |  |
| Net assets, end of period | $317338 | $996608 | $14 |
| Asset coverage ratio | 236.3% | 236.3% | 236.3% |

---

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

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

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

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

(5)For the three months ended March 31, 2026, amounts are annualized except for the capital gains incentive fee. For the three months ended March 31, 2026, the ratio of total Operating Expenses to average net assets was 7.87%, 8.12% and 8.73% on an annualized basis for Class I Common Shares, Class D Common Shares and Class S Common Shares, respectively, excluding the effect of expense recoupment which represented 0.13%, 0.13% and 0.12% of average net assets for Class I Common Shares, Class D Common Shares and Class S Common Shares, respectively.

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

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**HPS Corporate Capital Solutions Fund** 

**Notes to Consolidated Financial Statements (Unaudited)**

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

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

---

| | |
|:---|:---|
| | **Three Months Ended March 31, 2025** |
| | **Class D** |
| **Per Share Data:** | |
| Net asset value, beginning of period | $25.99 |
| Net investment income <sup>(1)</sup> | 0.82 |
| Net unrealized and realized gain (loss) <sup>(2)</sup> | (0.09) |
| Net increase (decrease) in net assets resulting from operations | 0.73 |
| Distributions from net investment income <sup>(3)</sup> | (0.50) |
| Distributions from net realized gains <sup>(3)</sup> |  |
| Net increase (decrease) in net assets from shareholders' distributions | (0.50) |
| Early repurchase deduction fees |  |
| Total increase (decrease) in net assets | 0.23 |
| Net asset value, end of period | $26.22 |
| Shares outstanding, end of period | 30911188 |
| Total return based on NAV <sup>(4)</sup> | 2.82% |
| **Ratios:** |  |
| Ratio of net expenses to average net assets <sup>(5)</sup> | 3.48% |
| Ratio of net investment income to average net assets <sup>(5)</sup> | 12.49% |
| Portfolio turnover rate | 1.46% |
| **Supplemental Data:** |  |
| Net assets, end of period | $810606 |
| Asset coverage ratio | 253.5% |

---

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

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

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

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

(5)For the three months ended March 31, 2025, amounts are annualized except for the capital gains incentive fee and excise tax expense. For the three months ended March 31, 2025, the ratio of total Operating Expenses to average net assets was 7.56% on an annualized basis, excluding the effect of expense support, shareholder servicing and/or distribution fees waiver, and management fee and income based incentive fee waivers by the Adviser which represented 4.08% of average net assets.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Amount Outstanding Exclusive of Treasury Securities**<sup>(1)</sup> | **Asset Coverage per Unit**<sup>(2)</sup> | **Involuntary Liquidating Preference per Unit**<sup>(3)</sup> | **Average Market Value per Unit**<sup>(4)</sup> |
| **Revolving Credit Facility** | | | | |
| March 31, 2026 | $614265 | 2362.7 |  | N/A |
| December 31, 2025 | $578709 | 2343.8 |  | N/A |
| December 31, 2024 | $289761 | 3249.7 |  | N/A |
| **August 2028 Notes** |  |  |  |  |
| March 31, 2026 | $150000 | 2362.7 |  | N/A |
| December 31, 2025 | $150000 | 2343.8 |  | N/A |
| **August 2030 Notes** |  |  |  |  |
| March 31, 2026 | $200000 | 2362.7 |  | N/A |
| December 31, 2025 | $200000 | 2343.8 |  | N/A |

---

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

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

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**HPS Corporate Capital Solutions Fund** 

**Notes to Consolidated Financial Statements (Unaudited)**

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

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

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

**Note 11. Subsequent Events**

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

*Subscriptions*

The Company received $16.3 million of net proceeds relating to the issuance of Class I Common Shares, Class D Common Shares, and Class S Common Shares for subscriptions effective April 1, 2026.

The Company received $19.5 million of net proceeds relating to the issuance of Class I Common Shares, Class D Common Shares, and Class S Common Shares for subscriptions effective May 1, 2026.

*Distributions Declarations*

On April 24, 2026, the Company declared net distributions of $0.1390 per Class I Common Share, $0.1335 per Class D Common Share, and $0.1202 per Class S Common Share, all of which are payable on or about May 29, 2026 to shareholders of record as of April 30, 2026.

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

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

**Overview and Investment Framework**

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

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

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

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

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

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

Under our Investment Advisory Agreement, we have agreed to pay the Adviser a fee for its services. The fee consists of two components: a management fee and an incentive fee. The cost of both the management and incentive fee will ultimately be borne by the shareholders. Also, under the Administration Agreement, we have agreed to reimburse the Administrator for the costs and expenses incurred by the Administrator in performing its obligations under the Administration Agreement. Such reimbursement includes our allocable portion of compensation (including salaries, bonuses and benefits), overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to compensation paid to: (i) our chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for us; and (iii) any internal

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audit group personnel of the Administrator or any of its affiliates, subject to the limitations described in the Investment Advisory and Administration Agreements. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and we will reimburse the Administrator for any services performed for us by such affiliate or third party.

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

We have and may continue to invest in smaller or larger companies if the opportunity presents attractive investment characteristics and risk-adjusted returns. While our investment strategy focuses primarily on companies in the United States, we also intend to leverage HPS's global presence to invest in companies in Europe, Australia and other locations outside of the U.S. subject to compliance with BDC requirements to invest at least 70% assets in "eligible portfolio companies".

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

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

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

Finally, our investment portfolio also includes a smaller allocation to more liquid credit investments such as non-investment grade broadly syndicated loans, leveraged loans, secured and unsecured corporate bonds, and securitized credit. We intend to use these investments to maintain liquidity for our share repurchase program and manage cash before investing subscription proceeds into originated loans, while seeking attractive risk-adjusted investment returns. We may also invest in publicly traded securities of larger corporate issuers on an opportunistic basis when market conditions create compelling potential return opportunities, subject to compliance with BDC requirements to invest at least 70% of assets in "eligible portfolio companies."

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

We have used and intend to continue to use leverage to seek to enhance our returns. Our leverage levels will vary over time in response to general market conditions, the size and composition of our investment portfolio and the views of our Adviser and Board. We expect that our debt-to-equity ratio will generally range between 0.5x and 1.0x. While our leverage employed may be greater or less than these levels from time to time, we are subject to the limitations set forth in the 1940 Act, which currently allows us to borrow up to a 2:1 debt-to-equity ratio.

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

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

**Key Components of Our Results of Operations**

***Investments***

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

***Revenues***

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

***Expenses***

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our allocable portion of compensation (including salaries, bonuses and benefits), overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) our chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for us; and (iii) any internal audit group personnel of HPS or any of its affiliates; and

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

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

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

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

*Expense Support and Conditional Reimbursement Agreement*

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

**Portfolio and Investment Activity**

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

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Total investments, beginning of period | $2138204 | $982565 |
| New investments purchased | 203337 | 344539 |
| Payment-in-kind income capitalized | 5982 | 3207 |
| Net accretion of discount on investments | 3360 | 1227 |
| Net realized gain (loss) on investments | 731 | (364) |
| Investments sold or repaid | (169499) | (17383) |
| **Total investments, end of period** | $2182115 | $1313791 |

---

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

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| Weighted average yield on debt and income producing investments, at amortized cost<sup>(1)</sup> | 10.3% | 10.4% |
| Weighted average yield on debt and income producing investments, at fair value<sup>(1)</sup> | 10.4% | 10.3% |
| Weighted average yield on total portfolio, at amortized cost<sup>(2)</sup> | 9.1% | 9.3% |
| Weighted average yield on total portfolio, at fair value<sup>(2)</sup> | 9.0% | 9.1% |
| Number of portfolio companies | 180 | 188 |
| Weighted average EBITDA (in millions)<sup>(3)</sup> | $241 | $229 |
| Weighted average loan-to-value ("LTV")<sup>(4)</sup> | 45% | 46% |
| Percentage of performing debt and income producing investments bearing a floating rate, at fair value | 93.6% | 94.3% |
| Percentage of performing debt and income producing investments bearing a fixed rate, at fair value | 6.4% | 5.7% |

---

(1)Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts and less any annual amortization of premiums, as applicable, on accruing (i) debt and (ii) other income producing securities, divided by (b) total accruing (i) debt and (ii) other income producing securities (at fair value or amortized cost, as applicable). Actual yields earned over the life of each investment could differ materially from the yields presented above.

(2)Computed as the annual stated interest rate or yield plus the annual accretion of discounts and less any annual amortization of premiums, as applicable, on all of our investments, divided by our total investments (at fair value or amortized cost, as applicable). Actual yields earned over the life of each investment could differ materially from the yields presented above.

(3)Calculated with respect to all level 3 investments in our investment portfolio for which fair value is determined by the Adviser (in its capacity as our investment adviser, with assistance, at least quarterly, from a third-party valuation firm, and overseen by our Board), and excludes quoted assets, restructured debt and equity, investments on non-accrual status, and investments with no reported EBITDA or where EBITDA, in the Adviser's judgment made in its discretion, was not a material component of the original investment thesis, such as LTV-based loans and NAV-based loans. Weighted average EBITDA is weighted based on the fair value of the total applicable level 3 investments. Figures are derived from the most recent financial statements from portfolio companies.

(4)Calculated with respect to all level 3 debt investments in our investment portfolio for which fair value is determined by the Adviser (in its capacity as our investment adviser, with assistance, at least quarterly, from a third-party valuation firm, and overseen by our Board), and excludes quoted assets, restructured debt and investments on non-accrual status. LTV is calculated as net debt through each respective investment tranche in which we hold an investment divided by enterprise value or value of underlying collateral of the portfolio company. Weighted average LTV is weighted based on the fair value of the total applicable level 3 debt investments. Figures are derived from the most recent financial statements from portfolio companies.

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Our investments consisted of the following:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Amortized Cost** | **Fair Value** | **% of Total<br>Investments at<br>Fair Value** | **Amortized Cost** | **Fair Value** | **% of Total<br>Investments at<br>Fair Value** |
| First lien debt | $1766627 | $1759331 | 79.77% | $1781224 | $1795053 | 82.42% |
| Second lien debt | 7995 | 7982 | 0.36 | 7894 | 7906 | 0.36 |
| Other secured debt | 74080 | 74116 | 3.36 | 63601 | 64380 | 2.96 |
| Unsecured debt | 47721 | 48633 | 2.21 | 47040 | 48111 | 2.21 |
| Structured finance investments | 18821 | 18944 | 0.86 | 17013 | 17206 | 0.79 |
| Preferred equity | 225017 | 246909 | 11.19 | 179845 | 196010 | 9.00 |
| Other equity investments | 41854 | 49657 | 2.25 | 41587 | 49155 | 2.26 |
| **Total** | $2182115 | $2205572 | 100.00% | $2138204 | $2177821 | 100.00% |

---

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| | **Fair Value** | **Percentage** | **Fair Value** | **Percentage** |
| Performing debt and income producing investments | $1918925 | 99.72% | $1920208 | 99.71% |
| Non-accrual<sup>(1)</sup> | 5391 | 0.28 | 5570 | 0.29 |
| **Total** | $1924316 | 100.00% | $1925778 | 100.00% |

---

(1)Investments on non-accrual represented 0.36% and 0.35% of amortized cost of total debt and other income producing investments as of March 31, 2026 and December 31, 2025, respectively.

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

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| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| Aerospace & Defense | 6.75% | 7.02% |
| Asset Based Lending and Fund Finance | 0.99 | 1.01 |
| Automobile Components | 1.38 | 1.41 |
| Beverages | 3.37 | 3.40 |
| Capital Markets | 1.34 | 1.33 |
| Chemicals | 1.23 | 1.23 |
| Commercial Services & Supplies | 4.02 | 3.96 |
| Communications Equipment | 0.60 | 0.63 |
| Construction & Engineering | 0.11 | 0.12 |
| Consumer Staples Distribution & Retail | 1.91 | 1.93 |
| Containers & Packaging | 1.90 | 1.96 |
| Distributors |  | 0.62 |
| Diversified Consumer Services | 1.15 | 1.08 |
| Diversified Telecommunication Services | 0.16 | 0.14 |
| Electric Utilities | 0.44 | 0.47 |
| Electrical Equipment | 0.38 | 0.39 |
| Electronic Equipment, Instruments & Components | 0.30 | 0.26 |
| Entertainment | 2.26 | 2.29 |
| Financial Services | 5.35 | 3.85 |
| Food Products | 0.03 | 0.03 |
| Health Care Equipment & Supplies | 4.27 | 4.16 |
| Health Care Providers & Services | 11.12 | 10.17 |
| Health Care Technology | 0.99 | 0.85 |
| Hotels, Restaurants & Leisure | 7.96 | 6.06 |

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| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| Household Durables | 0.08 | 0.09 |
| Independent Power and Renewable Electricity Producers | 10.39 | 9.80 |
| Insurance | 3.21 | 2.97 |
| IT Services | 0.59 | 0.61 |
| Leisure Products | 0.53 | 0.54 |
| Life Sciences Tools & Services | 0.07 | 0.14 |
| Machinery | 0.50 | 0.41 |
| Media |  | 1.11 |
| Metals & Mining | 0.77 | 0.78 |
| Mortgage Real Estate Investment Trusts (REITs) | 0.57 |  |
| Multi-Utilities | 0.12 | 0.12 |
| Pharmaceuticals | 4.34 | 4.98 |
| Professional Services | 0.65 | 0.68 |
| Real Estate Management & Development | 0.13 | 0.12 |
| Software | 10.57 | 13.87 |
| Specialty Retail | 2.71 | 2.73 |
| Structured Finance | 0.86 | 0.79 |
| Textiles, Apparel & Luxury Goods | 1.58 | 1.52 |
| Trading Companies & Distributors | 0.94 | 0.98 |
| Transportation Infrastructure | 0.77 | 0.80 |
| Wireless Telecommunication Services | 2.61 | 2.59 |
| **Total** | 100.00% | 100.00% |

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

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| United States | 84.05% | 84.53% |
| United Kingdom | 8.85 | 7.94 |
| Austria | 1.80 | 1.85 |
| Canada | 1.66 | 1.15 |
| Spain | 1.32 | 1.36 |
| France | 1.03 | 1.07 |
| Australia | 0.63 | 1.55 |
| Germany | 0.52 | 0.41 |
| Taiwan | 0.14 | 0.14 |
| **Total** | 100.00% | 100.00% |

---

Our Adviser monitors the financial trends of each portfolio company on an ongoing basis to determine if it is meeting its respective business plan and to assess the appropriate course of action for each company. Our Adviser has several methods of evaluating and monitoring the performance and fair value of our investments, which may include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assessment of success in adhering to the portfolio company's business plan and compliance with covenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• periodic or regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor to discuss financial position, requirements and accomplishments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• comparisons to our other portfolio companies in the industry, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• attendance at and participation in board meetings or presentations by portfolio companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review of monthly and quarterly financial statements and financial projections of portfolio companies.

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**Results of Operations**

The following table represents our operating results:

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Total investment income | $54104 | $29678 |
| Net expenses | 24962 | 6143 |
| Net investment income before excise tax | 29142 | 23535 |
| Excise tax expense | 354 | 70 |
| Net investment income after excise tax | 28788 | 23465 |
| Net realized gain (loss) | 1269 | (1562) |
| Net change in unrealized appreciation (depreciation) | (12265) | (673) |
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | $17792 | $21230 |

---

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,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Interest income | $47999 | $25508 |
| Payment-in-kind interest income | 5306 | 4162 |
| Dividend income | 410 |  |
| Other income | 389 | 8 |
| **Total investment income** | $54104 | $29678 |

---

Total investment income increased to $54.1 million for the three months ended March 31, 2026, from $29.7 million for the same period in the prior year, primarily driven by an increased investment portfolio as we continued to deploy capital. This was partially offset by a decline in benchmark rates during the three months ended March 31, 2026, as compared to the same period in the prior year. As of March 31, 2026, the fair value of our accruing debt and income producing investments was $1,918.9 million, with a weighted average yield of 10.4%. As of March 31, 2025, the fair value of our accruing debt and income producing investments was $1,231.1 million, with a weighted average yield of 11.0%.

For the three months ended March 31, 2026 and 2025, PIK income represented 10.1% and 14.0% of total investment income, respectively. We expect that PIK income will vary based on the elections of certain borrowers.

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***Expenses***

Expenses were as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Interest expense | $14619 | $6548 |
| Management fees | 4048 | 2301 |
| Income based incentive fee | 4970 | 2815 |
| Capital gains incentive fee | (1649) | (335) |
| Shareholder servicing and/or distribution fees |  |  |
| &nbsp;&nbsp;&nbsp;Class D | 611 | 462 |
| &nbsp;&nbsp;&nbsp;Class S | 0 |  |
| Professional fees | 630 | 518 |
| Board of Trustees' fees | 99 | 84 |
| Administrative service expenses | 518 | 439 |
| Other general & administrative | 611 | 505 |
| Amortization of continuous offering costs | 91 | 445 |
| Excise tax expense | 354 | 70 |
| **Total expenses (including excise tax expense)** | 24902 | 13852 |
| Expense support |  | (2061) |
| Recoupment of expense support (Note 3) | 414 |  |
| Shareholder servicing and/or distribution fees waived |  | (462) |
| Management fees waived |  | (2301) |
| Income based incentive fees waived |  | (2815) |
| **Net expenses (including excise tax expense)** | $25316 | $6213 |

---

*Interest Expense*

Total interest expense increased to $14.6 million for the three months ended March 31, 2026, from $6.5 million for the same period in the prior year, primarily driven by increased borrowings and issuance of unsecured notes. The average principal debt outstanding increased to $957.0 million for the three months ended March 31, 2026, from $379.8 million for the same period in the prior year. This was partially offset by a decrease in our costs of debt. The weighted average interest rate (including unused fees, amortization of deferred financing costs and debt issuance costs, and the net interest on interest rate swaps accounted for as hedges) decreased to 6.2% for the three months ended March 31, 2026, from 7.0% for the same period in the prior year.

*Management Fees*

Management fees increased to $4.0 million for the three months ended March 31, 2026, from $2.3 million for the same period in the prior year, primarily due to an increase in net assets. Management fees are accrued monthly at an annual rate of 1.25% of the value of our net assets as of the beginning of the first calendar day of the applicable quarter, as adjusted for any share issuances or repurchases during the quarter that do not occur on the first calendar day of the quarter. The Adviser agreed to waive its base management fee from the Initial Closing through June 30, 2025.

*Income Based Incentive Fees*

Income based incentive fees increased to $5.0 million for the three months ended March 31, 2026, from $2.8 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. The Adviser agreed to waive its income based incentive fee from the Initial Closing through June 30, 2025.

*Capital Gains Incentive Fees*

U.S. GAAP requires that the capital gains incentive fee accrual consider the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized, even though such 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

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unrealized capital appreciation, net of any expense associated with cumulative unrealized capital depreciation or appreciation. If such amount is positive at the end of a period, then U.S. GAAP requires us to record a capital gains incentive fee equal to 15.0% of such cumulative amount, less the aggregate amount of actual capital gains incentive fees paid or capital gains incentive fees accrued under U.S. GAAP in all prior periods. The accrual for any capital gains incentive fee under U.S. GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less in the prior period. If such cumulative amount is negative, then there is no accrual.

Reversal of previously accrued capital gains based incentive fees were $(1.6) million for the three months ended March 31, 2026, as compared to a $(0.3) million for the same period in the prior year, as a result of net realized and unrealized losses incurred during the respective period. See "*Net Realized Gain (Loss)*" and "*Net Change in Unrealized Appreciation (Depreciation)*" sections below for further details.

*Shareholder Servicing and/or Distribution Fees* 

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

*Other Expenses*

Organization costs and offering costs include expenses incurred in our initial formation and our continuous offering. Professional fees include legal, audit, tax, valuation and other professional fees incurred related to our management. Administrative service expenses represent fees incurred and payable to the Administrator for our allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the administration agreement, including our allocable portion of the cost of certain of our executive officers, their respective staff and other non-investment professionals that perform duties for us. Other general and administrative expenses include insurance, filing, research, our sub-administrator, subscriptions and other costs.

Total other expenses decreased to $1.9 million for the three months ended March 31, 2026, from $2.0 million for the same period in the prior year primarily driven by a decrease of amortization of continuous offering costs.

Under the terms of the Prior Administration Agreement, the Administration Agreement, the Prior Investment Advisory Agreement and the Investment Advisory Agreement, we reimburse the Administrator and Adviser, respectively, for services performed for us. In addition, pursuant to the terms of these agreements, the Administrator and Adviser may delegate their obligations under these agreements to an affiliate or to a third party and we reimburse the Administrator and Adviser for any services performed for us by such affiliate or third party. For the three months ended March 31, 2026, the Administrator charged $0.5 million, an increase from $0.4 million for the same period in the prior year, for certain costs and expenses allocable to us under the terms of the Administration Agreement.

We entered into an Expense Support Agreement with the Adviser. Certain other expenses were borne by the Adviser, subject to conditional reimbursement pursuant to terms of the Expense Support Agreement. $0.4 million of Adviser-advanced expenses met the conditions for expense recoupment during the three months ended March 31, 2026. For additional information see *"Note 3. Fees, Expenses, Agreements and Related Party Transactions"* to the consolidated financial statements.

*Income Taxes, Including Excise Taxes*

We have elected to be treated for federal income tax purposes as a RIC under Subchapter M of the Code beginning with our tax year ended December 31, 2024, and we intend to operate in a manner so as to continue to qualify as a RIC in each taxable year thereafter. To qualify for tax treatment as a RIC, we must, among other things, distribute to our shareholders in each taxable year generally at least 90% of the sum of our investment company taxable income, as defined by the Code (without regard to the deduction for dividends paid), and net tax-exempt income (if any) for that taxable year. To maintain our tax treatment as a RIC, we, among other things, intend to make the requisite distributions to our shareholders, which generally relieve us from corporate-level U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, we may carry forward taxable income (including net capital gains, if any) in excess of current year distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year distributions from such income, we will accrue excise tax on estimated excess taxable income.

For the three months ended March 31, 2026 and 2025 we incurred U.S. federal excise tax of $0.4 million and $0.1 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,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Non-controlled/non-affiliated investments | $731 | $(364) |
| Foreign currency forward contracts | 587 | (931) |
| Foreign currency transactions | (49) | (267) |
| **Net realized gain (loss)** | $1269 | $(1562) |

---

For the three months ended March 31, 2026, we generated net realized gains (losses) on investments of $0.7 million, which consisted of (i) $1.4 million of realized foreign currency gains on the repayments of private debt investments (primarily from the full repayments from Shelley Bidco Pty Ltd and Shelley Midco 1 Pty Ltd) that was partially offset by (ii) $(0.7) million of net realized losses primarily from the sales of syndicated loans. We generated $0.6 million of net realized gains on foreign currency forwards contracts, primarily as a result of fluctuations in the EUR, GBP and AUD exchange rates.

For the three months ended March 31, 2025, we generated net realized gains (losses) of $(1.6) million, which consisted of $(1.2) million of net realized losses on foreign currency transactions and foreign currency forward contracts, primarily as a result of fluctuations in the GBP and EUR exchange rates, and $(0.4) million of realized losses on the sale of a syndicated loan.

***Net Change in Unrealized Appreciation (Depreciation)***

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

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Non-controlled/non-affiliated investments | $(15813) | $2190 |
| Non-controlled/affiliated investments | (347) |  |
| Foreign currency forward contracts | 3166 | (2137) |
| Translation of assets and liabilities in foreign currencies | 729 | (726) |
| **Net change in unrealized appreciation (depreciation)** | $(12265) | $(673) |

---

For the three months ended March 31, 2026, the unrealized losses on the investment portfolio were $(16.2) million, which consisted of (i) $(11.1) million of unrealized losses due to spread widening in both the public and private credit markets, and (ii) $(5.1) million of unrealized losses on foreign currency primarily as a result of fluctuations in the EUR, GBP and AUD exchange rates. The remaining $3.9 million of net unrealized gains were a result of foreign currency fluctuations impacting the value of our foreign currency forward contracts, foreign debt and cash balances.

For the three months ended March 31, 2025, the fair value of the investment portfolio decreased $1.9 million (excluding the impact of foreign currency) primarily due to spread widening in the public credit markets. The remaining $1.2 million represents the net unrealized gains as a result of foreign currency fluctuations impacting the value of the investment portfolio, foreign currency forward contracts, foreign debt and cash balances.

***Realized and Unrealized Gains/(Losses) on Foreign Currency***

In the ordinary course of business, we may invest in securities denominated in foreign currencies. This exposes us to foreign exchange rate risk should the value of local currencies decline relative to the United States dollar. As a result, we aim to hedge substantially all of our foreign currency exposure by entering into foreign currency forward contracts and borrowing in foreign currency from our credit facilities, which reduces our exposure to foreign currency exchange rate fluctuations in the value of foreign currencies.

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---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Realized gain/(losses) on: |  |  |
| &nbsp;&nbsp;Investments | $1417 | $1 |
| &nbsp;&nbsp;Foreign currency forward contracts | 587 | (931) |
| &nbsp;&nbsp;Translation of assets and liabilities in foreign currencies | (49) | (267) |
| Net realized gains/(losses) | $1955 | $(1197) |
| Unrealized gain/(losses) on: |  |  |
| &nbsp;&nbsp;Investments | $(5067) | $4026 |
| &nbsp;&nbsp;Foreign currency forward contracts | 3166 | (2137) |
| &nbsp;&nbsp;Translation of assets and liabilities in foreign currencies | 729 | (726) |
| Net unrealized gains/(losses) | $(1172) | $1163 |
| **Net realized and unrealized gains/(losses):** | $783 | $(34) |

---

For the three months ended March 31, 2026, the net realized and unrealized gains/(losses) on foreign currency fluctuations impacting the value of the investment portfolio, foreign currency forward contracts, and foreign debt and cash balances was $0.8 million. When we are hedging foreign currency exposure through forward contracts and the local currency base rate (i.e., funding cost) is lower or higher than our functional currency, there is positive or negative "carry" embedded in the forward contract. For the three months ended March 31, 2026, the net gains on foreign currency were driven primarily by the positive carry from base rate differentials on forward contracts for local currencies versus the U.S. Dollar.

For the three months ended March 31, 2025, the net realized and unrealized gains/(losses) on foreign currency fluctuations impacting the value of the investment portfolio, foreign currency forward contracts, and foreign debt and cash balances was $(0.0) million.

***Interest Rate Swaps***

We use interest rate swaps to mitigate interest rate risk associated with our fixed rate liabilities. We have designated certain interest rate swaps to be in a hedge accounting relationship. See "*Note 2. Significant Accounting Policies*" to the consolidated financial statements for additional disclosure regarding our accounting for derivative instruments designated in a hedge accounting relationship. See our schedule of investments for additional disclosure regarding these derivative instruments. See "*Note 7. Borrowings*" to the consolidated financial statements for additional disclosure regarding the carrying value of our debt.

**Financial Condition, Liquidity and Capital Resources**

We generate cash primarily from the net proceeds of our continuous offering of Common Shares, proceeds from net borrowings on our credit facility, unsecured note issuances, short-term borrowings, income earned and repayments on principal on our investments and proceeds from investment sales. The primary uses of our cash and cash equivalents are for (i) originating and purchasing investments, (ii) funding the costs of our operations (including fees paid to our Adviser and expense reimbursements paid to our Administrator), (iii) debt service, repayment and other financing costs of our borrowings, (iv) funding repurchases under our share repurchase program and (v) cash distributions to our shareholders.

As of March 31, 2026, we had one corporate-level revolving credit facility and unsecured note issuances. From time to time, we may enter into additional credit facilities, increase the size of our existing credit facilities and/or issue debt securities, including unsecured notes. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of March 31, 2026, we had an aggregate amount of $964.3 million of debt outstanding and our asset coverage ratio was 236.3%. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage.

As of March 31, 2026, we had $50.1 million in cash and cash equivalents. Taken together with our $510.7 million of available capacity under our credit facility (subject to borrowing base availability) and the continuous offering of our Common Shares, our sources of liquidity are expected to be sufficient for our investing activities and to conduct our operations in the near term and for the foreseeable future. This determination is based in part on our expectations for the timing of funding investment purchases and the timing and amount of future proceeds from sales of our Common Shares and the use of existing and future financing arrangements. As of March 31, 2026, we had significant amounts payable and commitments for existing and new investments, which we planned to fund using available borrowing

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capacity under our credit facility. Additionally, we held $267.2 million of Level 2 investments as of March 31, 2026, which could provide additional liquidity if necessary.

Although we have historically been able to obtain sufficient borrowing capacity, any disruption in the financial markets or any other negative economic development could restrict our access to financing in the future. We may not be able to find new financing for future investments or liquidity needs and, even if we are able to obtain such financing, such financing may not be on as favorable terms as we could have obtained in the past. These factors may limit our ability to make new investments and adversely impact our results of operations.

During the three months ended March 31, 2026, cash used in operating activities was $68.8 million, primarily as a result of funding portfolio investments of $203.3 million and other operating uses of $34.9 million, partially offset by proceeds from sale of investments and principal repayments of $169.5 million. Cash provided by financing activities was $94.7 million during the period, primarily as a result of new share issuances related to $80.9 million of subscriptions and net borrowings of $36.3 million.

***Equity***

The following table summarizes transactions in Common Shares during the three months ended March 31, 2026:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| | **Shares** | **Amount** |
| **CLASS I** | | |
| Subscriptions | 526119 | $14240 |
| Share transfers between classes |  |  |
| Distributions reinvested | 136256 | 3688 |
| Share repurchases | (245975) | (6612) |
| Early repurchase deduction |  | 8 |
| **Net increase (decrease)** | 416400 | $11324 |
| **CLASS D** |  |  |
| Subscriptions | 2467741 | $66708 |
| Share transfers between classes |  |  |
| Distributions reinvested | 742121 | 20085 |
| Share repurchases | (832588) | (22380) |
| Early repurchase deduction |  | 26 |
| **Net increase (decrease)** | 2377274 | $64439 |
| **CLASS S** |  |  |
| Subscriptions |  | $— |
| Share transfers between classes |  |  |
| Distributions reinvested |  |  |
| Share repurchases |  |  |
| Early repurchase deduction |  | 0 |
| **Net increase (decrease)** |  | $— |
| **Total net increase (decrease)** | 2793674 | $75763 |

---

The following table summarizes transactions in Common Shares during the three months ended March 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| | **Shares** | **Amount** |
| **CLASS D** | | |
| Subscriptions | 5173424 | $135148 |
| Distributions reinvested | 653479 | 16984 |
| Share repurchases |  |  |
| Early repurchase deduction |  |  |
| **Net increase (decrease)** | 5826903 | $152132 |

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***Distributions and Distribution Reinvestment***

The following tables summarize our distributions declared and payable for the three months ended March 31, 2026 (dollar amounts in thousands, except per share amounts), and the record date for each distribution was the last calendar date of the month in which such distribution was declared:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Class I** | **Class I** | **Class I** | **Class I** |
|<br>**Declaration Date** |<br>**Payment Date** | **Base Distribution Per Share** | **Special Distribution <br>Per Share** | **Total Distribution <br>Per Share** | **Distribution Amount** |
| January 27, 2026 | February 27, 2026 | $0.1390 | $— | $0.1390 | $1624 |
| February 27, 2026 | March 31, 2026 | 0.1390 |  | 0.1390 | 1654 |
| March 26, 2026 | April 29, 2026 | 0.1390 |  | 0.1390 | 1675 |
| March 26, 2026 | April 30, 2026 |  | 0.1600 | 0.1600 | 1929 |
| **Total** |  | $0.4170 | $0.1600 | $0.5770 | $6882 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Class D** | **Class D** | **Class D** | **Class D** |
|<br>**Declaration Date** |<br>**Payment Date** | **Base Distribution Per Share**<sup>(1)</sup> | **Special Distribution <br>Per Share** | **Total Distribution <br>Per Share** | **Distribution Amount** |
| January 27, 2026 | February 27, 2026 | $0.1333 | $— | $0.1333 | $4760 |
| February 27, 2026 | March 31, 2026 | 0.1338 |  | 0.1338 | 4847 |
| March 26, 2026 | April 29, 2026 | 0.1333 |  | 0.1333 | 5054 |
| March 26, 2026 | April 30, 2026 |  | 0.1600 | 0.1600 | 6066 |
| **Total** |  | $0.4004 | $0.1600 | $0.5604 | $20727 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Class S** | **Class S** | **Class S** | **Class S** |
|<br>**Declaration Date** |<br>**Payment Date** | **Base Distribution Per Share**<sup>(1)</sup> | **Special Distribution <br>Per Share** | **Total Distribution <br>Per Share** | **Distribution Amount** |
| January 27, 2026 | February 27, 2026 | $0.1195 | $— | $0.1195 | $0 |
| February 27, 2026 | March 31, 2026 | 0.1213 |  | 0.1213 | 0 |
| March 26, 2026 | April 29, 2026 | 0.1195 |  | 0.1195 | 0 |
| March 26, 2026 | April 30, 2026 |  | 0.1600 | 0.1600 | 0 |
| **Total** |  | $0.3603 | $0.1600 | $0.5203 | $0 |

---

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

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The following tables summarize our distributions declared and payable for the 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 D** | **Class D** | **Class D** | **Class D** |
|<br>**Declaration Date** |<br>**Payment Date** | **Base Distribution Per Share**<sup>(1)</sup> | **Special Distribution <br>Per Share** | **Total Distribution <br>Per Share** | **Distribution Amount** |
| January 29, 2025 | April 30, 2025 | $0.1340 | $— | $0.1340 | $3620 |
| February 26, 2025 | April 30, 2025 | 0.1340 |  | 0.1340 | 3777 |
| March 27, 2025 | April 28, 2025 | 0.1340 |  | 0.1340 | 4142 |
| March 27, 2025 | April 30, 2025 |  | 0.1000 | 0.1000 | 3091 |
| **Total** |  | $0.4020 | $0.1000 | $0.5020 | $14630 |

---

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

With respect to distributions, we have adopted an "opt out" distribution reinvestment plan for shareholders. As a result, in the event of a declared cash distribution or other distribution, each shareholder that has not "opted out" of the distribution reinvestment plan will have their distributions automatically reinvested in additional shares rather than receiving cash distributions. Shareholders who receive distributions in the form of shares will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class D** | **Class D** | **Class S** | **Class S** |
|<br>**Source of Distribution** | **Per Share** | **Amount** | **Per Share** | **Amount** | **Per Share** | **Amount** |
| Net investment income | $0.5770 | $6882 | $0.5604 | $20727 | $0.5203 | $0 |
| Net realized gains |  |  |  |  |  |  |
| **Total** | $0.5770 | $6882 | $0.5604 | $20727 | $0.5203 | $0 |

---

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

---

| | | |
|:---|:---|:---|
| | **Class D** | **Class D** |
|<br>**Source of Distribution** | **Per Share** | **Amount** |
| Net investment income | $0.5020 | $14630 |
| Net realized gains |  |  |
| **Total** | $0.5020 | $14630 |

---

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

*Share Repurchase Program*

We have commenced a share repurchase program in which we intend to repurchase, in each quarter, up to 5% of our Common Shares outstanding (by number of shares) as of the close of the previous calendar quarter. Our Board may amend, suspend or terminate the share repurchase program at any time in its discretion. As a result, share repurchases may not be available each quarter. Upon a suspension of our share repurchase program, our Board will consider at least quarterly whether the continued suspension of our share repurchase program remains in our best interest and the best interest of our shareholders. However, our Board is not required to authorize the recommencement of our share repurchase program within any specified period of time. Our Board may also determine to terminate our share repurchase program if required by applicable law or in connection with a transaction in which our shareholders receive liquidity for their Common Shares, such as a sale or merger of us or listing of our Common Shares on a national securities exchange.

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Under the share repurchase program, to the extent we offer to repurchase shares in any particular quarter, we expect to repurchase shares pursuant to tender offers each quarter using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of the applicable NAV per share (the "Early Repurchase Deduction"). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived, at our discretion, in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by us for the benefit of remaining shareholders. We intend to conduct the repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

The following table summarizes the share repurchases completed during the three months ended March 31, 2026:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Repurchase Request Deadline** | **Percentage of** <br>**Outstanding Shares We Offered to Repurchase**<sup>(1)</sup> | **Repurchase Pricing Date** | **Amount Repurchased** <br>**(all classes)**<sup>(2)</sup> | **Number of Shares Repurchased <br>(all classes)** | **Percentage of Outstanding Shares Repurchased**<sup>(1)</sup> |
| March 3, 2026 | 5.00% | March 31, 2026 | $28992 | 1078563 | 2.34% |

---

The following table summarizes the share repurchase completed during the three months ended March 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Repurchase Request Deadline** | **Percentage of** <br>**Outstanding Shares We Offered to Repurchase**<sup>(1)</sup> | **Repurchase Pricing Date** | **Amount Repurchased**<sup>(2)</sup> | **Percentage of Outstanding Shares Repurchased**<sup>(1)</sup> |
| March 4, 2025 | 5.00% | March 31, 2025 | $– — | —% |

---

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

(2)Amounts not inclusive of Early Repurchase Deduction, if applicable.

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

***Borrowings***

As of March 31, 2026 and December 31, 2025, we had an aggregate principal amount of $964.3 million and $928.7 million, respectively, of debt outstanding. Additionally, as of March 31, 2026 and December 31, 2025, the unused portion of the Revolving Credit Facility was $510.7 million and $546.3 million, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;A summary of our contractual payment obligations under our Revolving Credit Facility and Unsecured Notes as of March 31, 2026, is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** |
| | **Total** | **Less than 1 year** | **1-3 years** | **3-5 years** | **After 5 years** |
| Revolving Credit Facility | $614265 | $— | $— | $614265 | $— |
| August 2028 Notes | 150000 |  | 150000 |  |  |
| August 2030 Notes | 200000 |  |  | 200000 |  |
| **Total** | $964265 | $— | $150000 | $814265 | $— |

---

For additional information on our debt obligations see "*Note 7. Borrowings*" to the consolidated financial statements.

**Off-Balance Sheet Arrangements**

***Portfolio Company Commitments***

Our investment portfolio contains and is expected to continue to contain investments, such as revolving loans or delayed draw loans, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of March 31, 2026 and December 31, 2025, we had unfunded investment commitments with an aggregate principal amount of $206.2 million and $247.4 million, respectively.

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

***Other Commitments and Contingencies***

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

**Related-Party Transactions**

We entered into a number of business relationships with affiliated or related parties, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Investment Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Administration Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Expense Support Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Managing Dealer Agreement

In addition to the aforementioned agreements, we and affiliates of the Adviser have received an exemptive order from the SEC that permits us, among other things, to co-invest with certain other persons, including certain affiliates of the Adviser and certain funds and accounts managed and controlled by the Adviser and its affiliates, subject to certain terms and conditions and in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. For additional information, see "*Note 3. Fees, Expenses, Agreements and Related Party Transactions*" to the consolidated financial statements.

**Recent Developments** 

See *"Note 11. Subsequent Events"* to the consolidated financial statements for a summary of recent developments.

**Critical Accounting Policies and Estimates**

Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ materially.

For a description of our critical accounting policies, see *"Note 2. Significant Accounting Policies"* to the consolidated financial statements included in this report. We consider the most significant accounting policies to be those related to our Investments, Revenue Recognition, Distributions, and Income Taxes. We consider the most significant critical estimate to be the fair value measurement of investments. The critical accounting policies and estimates should be read in connection with our risk factors listed under "Risk Factors" in our annual report on Form 10-K for the year ended December 31, 2025.

***Investments and Fair Value Measurements***

Consistent with U.S. GAAP and the 1940 Act, we conduct a valuation of our investments, pursuant to which our NAV is determined. Our investments are valued on a quarterly basis, or more frequently if required under the 1940 Act. The determination of fair value involves subjective judgments and estimates. The majority of investments are not quoted or traded in an active market, and as such, their fair values are determined using valuation techniques, primarily discounted cash flows, and to a lesser extent, market multiples and recent comparable transactions. The most significant inputs in applying the discounted cash flow approach and the market multiples approach are the selected discount rates and multiples, respectively. The selection of these inputs is based on a combination of factors that are specific to the underlying portfolio companies such as financial performance and certain factors that are observable in the market, such as current interest rates. Accordingly, the notes to our consolidated financial statements express the uncertainty with respect to the possible effect of these valuations, and any change in these valuations on the consolidated financial statements. For further details of our investments and fair value measurement accounting policy, see *"Note 2. Significant Accounting Policies—Investments"* and "*Note 5. Fair Value Measurements"*.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk.**

We are subject to financial market risks, including valuation risk and interest rate risk.

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

***Valuation Risk***

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and we value these investments at fair value as determined in good faith by the Adviser as our valuation designee under Rule 2a-5 under the 1940 Act, based on, among other things, the input of independent third-party valuation firms retained by us, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

***Interest Rate Risk***

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We intend to fund portions of our investments with borrowings, and at such time, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure shareholders that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of March 31, 2026, 93.6% of our performing debt and income producing investments at fair value were at floating rates. Additionally, we entered into interest rate swaps with certain of our Unsecured Notes in order to align the interest rates of our liabilities with our investment portfolio. Based on our Consolidated Statements of Assets and Liabilities as of March 31, 2026, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates (considering base rate floors and ceilings for floating rate instruments) and assuming no changes in our investment and borrowing structure:

---

| | | | |
|:---|:---|:---|:---|
| | **Interest Income** | **Interest Expense** | **Net Income** |
| Up 300 basis points | $55194 | $(28928) | $26266 |
| Up 200 basis points | 36796 | (19285) | 17511 |
| Up 100 basis points | 18398 | (9643) | 8755 |
| Down 100 basis points | (18190) | 9643 | (8547) |
| Down 200 basis points | (34157) | 19285 | (14872) |
| Down 300 basis points | (45718) | 28928 | (16790) |

---

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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a) Evaluation of Disclosure Controls and Procedures***

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b) Changes in Internal Controls Over Financial Reporting***

There have been no changes in our internal control over financial reporting that occurred during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**PART II - OTHER INFORMATION**

**Item 1. Legal Proceedings.**

We are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us.

**Item 1A. Risk Factors.**

In addition to the other information set forth in this Quarterly Report on Form 10-Q and set forth below, you should carefully consider the risk factors set forth in "Item 1A Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025, which could materially affect our business, financial condition and/or operating results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially affect our business, financial condition and/or operating results. There have been no material changes during the three months ended March 31, 2026 to the risk factors set forth in Part 1. Item 1A "Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2025.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

Except as described and as previously reported by the Company on its current reports on Form 8-K, we did not sell any securities during the period covered by this Quarterly Report on Form 10-Q that were not registered under the Securities Act.

*Share Repurchases*

We have commenced a share repurchase program in which we intend to offer to repurchase, in each quarter, up to 5% of our Common Shares outstanding (by number of shares) as of the close of the previous calendar quarter. Our Board may amend or suspend the share repurchase program at any time if it deems such action to be in our best interest and the best interest of our shareholders, such as when a repurchase offer would place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on the Company as a whole, or should we otherwise determine that investing our liquid assets in originated loans or other illiquid investments rather than repurchasing our shares is in the best interests of the Company as a whole. As a result, share repurchases may not be available each quarter. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

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

The following table sets forth information regarding repurchases of our common shares during the three months ended March 31, 2026 (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Offer Date** | **Repurchase Request Deadline** | **Purchase Price per Share** | **Number of Shares Repurchased (all classes)** | **Amount Repurchased (all classes)** |
| February 2, 2026 | March 3, 2026 | $26.88 | 1078563 | 2.34% |

---

**Item 3. Defaults Upon Senior Securities.**

None.

**Item 4. Mine Safety Disclosures.**

Not applicable.

------

**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**Item 5. Other Information.**

**Rule 10b5-1 Trading Plans**

During the fiscal quarter ended March 31, 2026, none of our trustees or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."

**Section 13(r)**

Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, which added Section 13(r) of the Exchange Act, we hereby incorporate by reference herein Exhibit 99.1 of this report, which includes disclosures regarding activities at Malaysia Airport Holdings Berhad, in which certain funds and entities affiliated with Global Infrastructure Management, LLC, a consolidated subsidiary of BlackRock, Inc., obtained a minority non-controlling interest.

**Item 6. Exhibits.**

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Exhibits** |
| <u>[3.1](https://www.sec.gov/Archives/edgar/data/1989817/000119312524092912/d763547dex31.htm)</u> | <u>[Second Amended and Restated Declaration of Trust (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K (File No. 814-01715), filed on April 11, 2024).](https://www.sec.gov/Archives/edgar/data/1989817/000119312524092912/d763547dex31.htm)</u> |
| <u>[31](exhibit311-q1202610q.htm)[.](exhibit311-q1202610q.htm)[1](exhibit311-q1202610q.htm)</u> | <u>[Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\*](exhibit311-q1202610q.htm)</u> |
| <u>[31.2](exhibit312-q1202610q.htm)</u> | <u>[Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\*](exhibit312-q1202610q.htm)</u> |
| <u>[32.1](exhibit321-q1202610q.htm)</u> | <u>[Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.\*](exhibit321-q1202610q.htm)</u> |
| <u>[32.2](exhibit322-q1202610q.htm)</u> | <u>[Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.\*](exhibit322-q1202610q.htm)</u> |
| <u>[99.1](exhibit9913312026.htm)</u> | <u>[Disclosure Pursuant to Section 13(r) of the Exchange Act\*](exhibit9913312026.htm)</u> |
| 101.INS | Inline XBRL Instance Document (the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)\* |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document\* |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document\* |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document\* |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document\* |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document\* |
| 104\* | Cover Page Interactive Data File (embedded within the Inline XBRL document)\* |

---

\*Filed herewith.

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**<u>[**Table of Contents**](#iab6eadf3804c48fa906b7b63f84d54fc_205)</u>**

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
| | HPS Corporate Capital Solutions Fund |
| May 14, 2026 | /s/ Michael Patterson |
| | Michael Patterson |
| | Chief Executive Officer |
| May 14, 2026 | /s/ Robert Busch |
| | Robert Busch |
| | Chief Financial Officer |

---

## Exhibit 31.1

**Exhibit 31.1**

**<u>CERTIFICATION PURSUANT TO</u>**

**<u>RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,</u>**

**<u>AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</u>**

I, Michael Patterson, Chief Executive Officer of HPS Corporate Capital Solutions Fund, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of HPS Corporate Capital Solutions Fund (the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent function):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 14, 2026

---

| | |
|:---|:---|
| By: | /s/ Michael Patterson |
|  | Michael Patterson |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**<u>CERTIFICATION PURSUANT TO</u>**

**<u>RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,</u>**

**<u>AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</u>**

I, Robert Busch, Chief Financial Officer of HPS Corporate Capital Solutions Fund, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of HPS Corporate Capital Solutions Fund (the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent function):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 14, 2026

---

| | |
|:---|:---|
| By: | /s/ Robert Busch |
|  | Robert Busch |
|  | Chief Financial Officer |
|  | (Principal Financial Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**<u>CERTIFICATION PURSUANT TO</u>**

**<u>18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO</u>**

**<u>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</u>**

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Executive Officer of HPS Corporate Capital Solutions Fund (the "Company"), does hereby certify that to the undersigned's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Company's Form 10-Q for the quarter ended March 31, 2026 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Company's Form 10-Q for the quarter ended March 31, 2026 fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 14, 2026

---

| | |
|:---|:---|
| By: | /s/ Michael Patterson |
|  | Michael Patterson |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |

---

## Exhibit 32.2

**Exhibit 32.2**

**<u>CERTIFICATION PURSUANT TO</u>**

**<u>18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO</u>**

**<u>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</u>**

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Financial Officer of HPS Corporate Capital Solutions Fund (the "Company"), does hereby certify that to the undersigned's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Company's Form 10-Q for the quarter ended March 31, 2026 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Company's Form 10-Q for the quarter ended March 31, 2026 fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 14, 2026

---

| | |
|:---|:---|
| By: | /s/ Robert Busch |
|  | Robert Busch |
|  | Chief Financial Officer |
|  | (Principal Financial Officer) |

---

## Exhibit 99.1

**EXHIBIT 99.1**

**Section 13(r) Disclosure**

*The disclosure reproduced below was initially included in the Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission by BlackRock, Inc. ("BlackRock" or the "Company") with respect to its fiscal quarter ended March 31, 2026, in accordance with Section 13(r) of the Securities Exchange Act of 1934, as amended, regarding activities at Malaysia Airport Holdings Berhad, in which certain funds and entities affiliated with Global Infrastructure Management, LLC ("Global Infrastructure Partners"), a consolidated subsidiary of BlackRock, obtained a minority non-controlling interest. HPS Corporate Capital Solutions Fund did not independently verify or participate in the preparation of the disclosure reproduced below.*

<u>BlackRock included the following disclosure in its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2026:</u>

Certain funds and entities affiliated with Global Infrastructure Partners, a consolidated subsidiary of the Company, obtained a minority non-controlling interest in Malaysia Airport Holdings Berhad in March 2025. Malaysia Airport Holdings Berhad is the operator of Kuala Lumpur International Airport (KUL) and 38 other airports in Malaysia, as well as Sabiha Gokcen International Airport (SAW) in Istanbul, Turkey.

Malaysia Airport Holdings Berhad provided the below information in connection with activities during the fiscal quarter ended March 31, 2026. We have not independently verified this information or confirmed whether activities contained therein are subject to the Iran Threat Reduction and Syria Human Rights Act of 2012.

Malaysia Airport Holdings Berhad informed the registrant that through February 28, 2026, Iran Airtour operated flights to one airport that Malaysia Airport Holdings Berhad operates. Malaysia Airport Holdings Berhad does not track profits specifically attributable to these activities.

This disclosure does not relate to any activities conducted directly by the registrant and relates solely to activities conducted by Malaysia Airport Holdings Berhad.

<br>