# EDGAR Filing Document

**Accession Number:** 0002027232
**File Stem:** 0001213900-26-040578
**Filing Date:** 2026-4
**Character Count:** 88777
**Document Hash:** a519ae02506a8e26104b41df938042c1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-040578.hdr.sgml**: 20260407

**ACCESSION NUMBER**: 0001213900-26-040578

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20260407

**DATE AS OF CHANGE**: 20260406

**EFFECTIVENESS DATE**: 20260407

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hamilton Lane Credit Income Fund
- **CENTRAL INDEX KEY:** 0002027232

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-287392
- **FILM NUMBER:** 26842391

**BUSINESS ADDRESS:**
- **STREET 1:** 110 WASHINGTON STREET
- **STREET 2:** SUITE 1300
- **CITY:** CONSHOHOCKEN
- **STATE:** PA
- **ZIP:** 19428
- **BUSINESS PHONE:** 610-617-6004

**MAIL ADDRESS:**
- **STREET 1:** 110 WASHINGTON STREET
- **STREET 2:** SUITE 1300
- **CITY:** CONSHOHOCKEN
- **STATE:** PA
- **ZIP:** 19428

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Hamilton Lane European Investors SCA SICAV-RAIF - Impact III-C Parallel Sub-Fund
- **DATE OF NAME CHANGE:** 20240617

?xml version='1.0' encoding='ASCII'?

As filed with the Securities and Exchange Commission on April 6, 2026

**Securities Act File No. 333-287392 1940 Act File No. 811-24091**

**SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549**

**FORM N-2**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ☒ Pre-Effective Amendment No. Post-Effective Amendment No. 1**

**and**

**REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 ☒ Amendment No. 4**

**Hamilton Lane Credit Income Fund**

(Exact Name of Registrant as Specified in Charter)

110 Washington Street, Suite 1300

Conshohocken, Pennsylvania 19428

(Address of Principal Executive Offices)

(866) 361-1720

(Registrant's Telephone Number)

**Keith Kleinman Hamilton Lane Advisors, L.L.C. 110 Washington Street, Suite 1300 Conshohocken, Pennsylvania 19428** (Name and Address of Agent for Service)

Copy to:

**Ryan P. Brizek, Esq. Simpson Thacher & Bartlett LLP 900 G Street, N.W. Washington, D.C. 20001**

**Approximate date of commencement of proposed public offering**: As soon as practicable after the effective date of this Registration Statement

☐ Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans.

☒ Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 (the "**Securities Ac**t"), other than securities offered in connection with dividend or interest reinvestment plans.

☐ Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto.

☐ Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act.

☐ Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act.

It is proposed that this filing will become effective (check appropriate box):

&nbsp;&nbsp;&nbsp;&nbsp;☒ immediately upon filing pursuant to Rule 462(d) under the Securities Act.

If appropriate, check the following box:

☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

☐ This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is:

☐ This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is:

☒ This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: 333-287392

Check each box that appropriately characterizes the Registrant:

☒ Registered Closed End Fund (closed-end company that is registered under the Investment Company Act of 1940 (the "**Investment Company Act**")).

☐ Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act).

☒ Interval Fund (Registered Closed End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c 3 under the Investment Company Act).

☐ A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).

☐ Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).

☐ Emerging Growth Company (as defined by Rule 12b 2 under the Securities and Exchange Act of 1934).

☐ 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 7(a)(2)(B) of the Securities Act.

☒ New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).

**EXPLANATORY NOTE**

This Post-Effective Amendment to the Registration Statement on Form N-2 (File Nos. 333-287392 and 811-24091) of Hamilton Lane Credit Income Fund (the "Registration Statement") is being filed pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the "Securities Act"), solely for the purpose of adding exhibits to the Registration Statement. Accordingly, this Post-Effective Amendment consists only of a facing page, this explanatory note and Part C of the Registration Statement setting forth the exhibits to the Registration Statement. This Post-Effective Amendment does not modify any other part of the Registration Statement. Pursuant to Rule 462(d) under the Securities Act, this Post-Effective Amendment shall become effective immediately upon filing with the Securities and Exchange Commission. The contents of the Registration Statement are hereby incorporated by reference.

**PART C:**

OTHER INFORMATION

Hamilton Lane Credit Income Fund (the "**Registrant**")

**Item 25. Financial Statements and Exhibits**

---

| | | |
|:---|:---|:---|
| (1) | Financial Statements. | Financial Statements. |
|  | Part A: | None. |
|  | Part B: | Report of Independent Registered Public Accounting Firm, Statement of Assets and Liabilities, Statement of Operations, Notes to Financial Statements |
| (2) | Exhibits | Exhibits |
|  | (a)(1) | [Certificate of Trust<sup>(1)</sup>](http://www.sec.gov/Archives/edgar/data/2027232/000121390025045351/ea024208502_ex99-a1.htm) |
|  | (a)(2) | [Amended and Restated Agreement and Declaration of Trust<sup>(3)</sup>](http://www.sec.gov/Archives/edgar/data/2027232/000121390026005285/ea0273053-02_ex99a2.htm) |
|  | (b) | [Bylaws<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/2027232/000121390025111047/ea0264294-01_ex99b.htm) |
|  | (c) | Not applicable. |
|  | (d) | [Multiple Class Plan<sup>(3)</sup>](http://www.sec.gov/Archives/edgar/data/2027232/000121390026005285/ea0273053-02_ex99d.htm) |
|  | (e) | [Dividend Reinvestment Plan<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/2027232/000121390025111047/ea0264294-01_ex99e.htm) |
|  | (f) | Not applicable. |
|  | (g)(1) | [Investment Management Agreement<sup>(3)</sup>](http://www.sec.gov/Archives/edgar/data/2027232/000121390026005285/ea0273053-02_ex99g1.htm) |
|  | (g)(2) | [Form of Subsidiary Investment Management Agreement<sup>(4)</sup>](http://www.sec.gov/Archives/edgar/data/2027232/000121390026031965/ea0279142-01_ex99g2.htm) |
|  | (h)(1) | [Form of Distribution Agreement<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/2027232/000121390025111047/ea0264294-01_ex99h1.htm) |
|  | (h)(2) | [Form of Dealer Agreement<sup>(4)</sup>](http://www.sec.gov/Archives/edgar/data/2027232/000121390026031965/ea0279142-01_ex99h2.htm) |
|  | (h)(3) | [Distribution and Service Plan<sup>(3)</sup>](http://www.sec.gov/Archives/edgar/data/2027232/000121390026005285/ea0273053-02_ex99h3.htm) |
|  | (i) | Not applicable. |
|  | (j) | [Custody Agreement<sup>(3)</sup>](http://www.sec.gov/Archives/edgar/data/2027232/000121390026005285/ea0273053-02_ex99j.htm) |
|  | (k)(1) | [Form of Administration and Fund Accounting Agreement<sup>(4)</sup>](http://www.sec.gov/Archives/edgar/data/2027232/000121390026031965/ea0279142-01_ex99k1.htm) |
|  | (k)(2) | [Transfer Agency Agreement<sup>(3)</sup>](http://www.sec.gov/Archives/edgar/data/2027232/000121390026005285/ea0273053-02_ex99k2.htm) |
|  | (k)(3) | [Amended and Restated Expense Limitation and Reimbursement Agreement<sup>(5)</sup>](ea0285096-01_ex99k3.htm) |
|  | (k)(4) | [Management Fee Waiver Agreement<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/2027232/000121390025111047/ea0264294-01_ex99k4.htm) |
|  | (k)(5) | [Legal Administration Agreement<sup>(3)</sup>](http://www.sec.gov/Archives/edgar/data/2027232/000121390026005285/ea0273053-02_ex99k5.htm) |
|  | (l) | [Opinion and Consent of Delaware Counsel<sup>(4)</sup>](http://www.sec.gov/Archives/edgar/data/2027232/000121390026031965/ea0279142-01_ex99l.htm) |
|  | (m) | Not applicable. |
|  | (n)(1) | [Consent of Independent Registered Public Accounting Firm<sup>(4)</sup>](http://www.sec.gov/Archives/edgar/data/2027232/000121390026031965/ea0279142-01_ex99n.htm) |
|  | (n)(2) | [Consent of Independent Registered Public Accounting Firm for HL Credit Income Private Fund LP<sup>(5)</sup>](ea0285096-01_ex99n2.htm) |
|  | (o) | [Audited Financial Statements of HL Credit Income Fund Private Fund LP for the period ended December 31, 2025<sup>(5)</sup>](ea0285096-01_ex99o.htm) |
|  | (p) | Not applicable. |
|  | (q) | Not applicable. |
|  | (r)(1) | [Code of Ethics of Registrant<sup>(3)</sup>](http://www.sec.gov/Archives/edgar/data/2027232/000121390026005285/ea0273053-02_ex99r1.htm) |
|  | (r)(2) | [Code of Ethics of Adviser<sup>(3)</sup>](http://www.sec.gov/Archives/edgar/data/2027232/000121390026005285/ea0273053-02_ex99r2.htm) |
|  | (r)(3) | [Code of Ethics of Distributor<sup>(3)</sup>](http://www.sec.gov/Archives/edgar/data/2027232/000121390026005285/ea0273053-02_ex99r3.htm) |
|  | (s) | Not applicable. |
|  | (t) | [Power of Attorney<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/2027232/000121390025111047/ea0264294-01_ex99t.htm) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Incorporated by reference to the corresponding exhibit of the Registrant's Registration Statement on Form N-2 (File No. 333-287392), filed on May 19, 2025.

(2) Incorporated by reference to the corresponding exhibit of the Registrant's Registration Statement on Form N-2 (File No. 333-287392), filed on November 14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Incorporated by reference to the corresponding exhibit of the Registrant's Registration Statement on Form N-2 (File No. 333-287392), filed on January 16, 2026.

(4) Incorporated by reference to the corresponding exhibit of the Registrant's Registration Statement on Form N-2 (File No. 333-287392), filed on March 19, 2026.

(5) Filed herewith.

**Item 26. Marketing Arrangements**

Not applicable.

**Item 27. Other Expenses of Issuance and Distribution of Securities Being Registered**

Not applicable.

**Item 28. Persons Controlled by or Under Common Control With Registrant**

No other person is directly or indirectly controlled by or under common control with the Registrant, except that the Registrant may be deemed to be controlled by Hamilton Lane Advisors, L.L.C., the investment adviser to the Registrant, and Hamilton Lane Inc., the ultimate parent company of the Adviser. The Adviser was formed under the laws of the Commonwealth of Pennsylvania. Additional information regarding the Adviser is set out in its Form ADV, as filed with the Securities and Exchange Commission (SEC File No. 801-55813).

**Item 29. Number of Holders of Securities**

---

| | |
|:---|:---|
| **Title of Class** | **Number of<br> Shareholders\*** |
| Class R | None |
| Class I | None |
| Class Y | None |
| Class S | 1 |

---

\* As of January 31, 2026.

**Item 30. Indemnification**

Reference is made to Article V, Section 5.3 of the Registrant's Amended and Restated Declaration of Trust. The Registrant, its Trustees and officers are insured against certain expenses in connection with the defense of claims, demands, actions, suits, or proceedings, and certain liabilities that might be imposed as a result of such actions, suits or proceedings.

Insofar as indemnification for liabilities arising under the Securities Act, may be permitted to directors, trustees, officers and controlling persons of the Registrant and the principal underwriter pursuant to the foregoing provisions or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, trustee, officer, or controlling person of the Registrant and the principal underwriter in connection with the successful defense of any action, suite or proceeding) is asserted against the Registrant by such director, trustee, officer or controlling person or principal underwriter in connection with the shares being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**Item 31. Business and Other Connections of Investment Adviser**

Information as to the directors and officers of the Registrant's investment adviser, Hamilton Lane Advisors, L.L.C. (the "**Investment Manager**"), together with information as to any other business, profession, vocation, or employment of a substantial nature in which the Investment Manager, and each director, executive officer, managing member or partner of the Investment Manager, is or has been, at any time during the past two fiscal years, engaged in for his or her own account or in the capacity of director, officer, employee, managing member, partner or trustee, is included in its Form ADV as filed with the Securities and Exchange Commission (File No. 801-55813), and is incorporated herein by reference.

**Item 32. Location of Accounts and Records**

All accounts, books, and other documents required to be maintained by Section 31(a) of the 1940 Act and the rules promulgated thereunder are maintained by the Adviser, the Administrator and/or the Transfer Agent. The address of each is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Hamilton Lane Advisors, L.L.C. 110 Washington Street, Suite 1300 Conshohocken, PA 19428

2. UMB Fund Services, Inc. 235 West Galena Street Milwaukee, WI 53212

**Item 33. Management Services**

Not applicable.

**Item 34. Undertakings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Not applicable.

2. Not applicable.

3. The Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to file, during any period in which offers or sales are being made, a post-effective amendment to the registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to reflect in the prospectus any facts or events after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement; and

(3) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered herein, and the offering of those securities at that time shall be deemed to be the initial bona fide offering thereof;

(c) to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that, for the purpose of determining liability under the Securities Act to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) if the Registrant is relying on Rule 430B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (x), or (xi) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. *Provided*, *however*, that No statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if the Registrant is subject to Rule 430C: each prospectus filed pursuant to Rule 424(b) under the Securities Act as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness; Provided, however, that No statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that, for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of securities:

The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424 under the Securities Act;

(2) any free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the portion of any other free writing prospectus or advertisement pursuant to Rule 482 under the Securities Act relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and

(4) any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.

4. The Registrant undertakes:

(a) for the purpose of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant under Rule 424(b)(1) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective; and

(b) for the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering thereof.

5. Not applicable.

6. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

7. The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of a written or oral request, any Statement of Additional Information.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, and the 1940 Act, as amended, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Conshohocken in the Commonwealth of Pennsylvania on the 6th day of April 2026.

---

| | |
|:---|:---|
| **Hamilton Lane Credit Income Fund** | **Hamilton Lane Credit Income Fund** |
| By: | /s/ Andrew Schardt\* |
| Name: | Andrew Schardt |
| Title: | Trustee, Co-President and Co-Principal Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| /s/ Andrew Schardt\* | Trustee, Co-President and Co-Principal | April 6, 2026 |
| Andrew Schardt | Executive Officer |  |
| /s/ Kaylin Liu\* | Treasurer and Principal Financial Officer | April 6, 2026 |
| Kaylin Liu |  |  |
| /s/ Jeffrey P. Ladouceur\* | Trustee | April 6, 2026 |
| Jeffrey P. Ladouceur |  |  |
| /s/ Timothy S. Galbraith\* | Trustee | April 6, 2026 |
| Timothy S. Galbraith |  |  |
| /s/ Brian Charles Gildea \* | Trustee | April 6, 2026 |
| Brian Charles Gildea |  |  |
| /s/ Gail Susan Ball\* | Trustee | April 6, 2026 |
| Gail Susan Ball |  |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ Keith Kleinman |
|  | Keith Kleinman |
|  | As Attorney-in-Fact |

---

The original Power of Attorney authorizing Keith Kleinman to execute the Registration Statement, and any amendments thereto, for the Trustees and officers of the Registrant on whose behalf this Registration Statement is filed, has been executed and is incorporated by reference to Item 25, Exhibit (t) of the Registrant's Registration Statement on [Form N-2](https://www.sec.gov/Archives/edgar/data/2027232/000121390025111047/ea0264294-01_n2a.htm) (File No. 333-287392), filed on November 14, 2025.

**<u>EXHIBIT INDEX</u>**

---

| | |
|:---|:---|
| (k)(3) | [Amended and Restated Expense Limitation and Reimbursement Agreement](ea0285096-01_ex99k3.htm) |
| (n)(2) | [Consent of Independent Registered Public Accounting Firm for HL Credit Income Private Fund LP](ea0285096-01_ex99n2.htm) |
| (o) | [Audited Financial Statements of HL Credit Income Private Fund LP for the period ended December 31, 2025](ea0285096-01_ex99o.htm) |

---

## Ex-99.(K)(3)

**Exhibit (k)(3)**

**SECOND AMENDED AND RESTATED EXPENSE LIMITATION AND <br> REIMBURSEMENT AGREEMENT**

Hamilton Lane Credit Income Fund

AGREEMENT made as of the 6th day of April 2026, by and between Hamilton Lane Credit Income Fund, a Delaware statutory trust (the "Fund"), and Hamilton Lane Advisors, L.L.C. (the "Adviser"), an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended.

WITNESSETH:

WHEREAS, the Fund is registered under the Investment Company Act of 1940 (the "1940 Act") as a closed-end management investment company;

WHEREAS, the Adviser acts as investment adviser to the Fund pursuant to an Investment Management Agreement with the Fund dated as of September 24, 2025 (the "Investment Management Agreement"), pursuant to which it is paid an Investment Management Fee (as defined below); and

WHEREAS, the Fund and the Adviser previously entered into an Amended and Restated Expense Limitation and Reimbursement Agreement dated as of February 19, 2026, and desire to amend and restate such agreement in its entirety;

NOW, THEREFORE, in consideration of the Fund engaging the Adviser pursuant to the Investment Management Agreement and other good and valuable consideration, the parties to this Agreement agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Fund's prospectus (the "Prospectus")
as currently in effect.

&nbsp;&nbsp;&nbsp;&nbsp;2. The Adviser agrees to waive the Investment Management Fee and other fees payable to it by the Fund, and to pay, absorb or reimburse
expenses of the Fund (a "Waiver") so that the Total Annual Expenses of the Fund (as defined below) will not exceed 0.65% of
the average daily net assets of each of the Class R Shares, Class I Shares, Class Y Shares and Class S Shares of the Fund on an annualized
basis (the "Expense Limitation").

"Total Annual Expenses" includes all expenses incurred in the business of the Fund, including organizational and offering costs, with the following exceptions: (i) taxes, (ii) interest, (iii) brokerage commissions, (iv) certain transaction-related expenses (including interest and structuring costs for borrowings and line(s) of credit), (v) the Investment Management Fee, (vi) distribution and/or servicing fees, (vii) sub-transfer agency, sub-accounting and shareholder servicing fees, (viii) any acquired fund fees and expenses, (ix) dividend and interest expenses relating to short sales, (x) borrowing costs, (xi) merger or reorganization expenses, (xii) shareholder meetings expenses, (xiii) litigation expenses and (xiv) extraordinary expenses. "Investment Management Fee" has the meaning ascribed to it in the Fund's Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;3. Unless sooner terminated by the Board of Trustees of the Fund (the "Trustees") as provided in Paragraph 4 of this Agreement,
this Agreement will have a term ending on July 31, 2027. This Agreement will automatically renew for consecutive one-year terms thereafter,
with the consent of the Adviser, provided that such continuance is specifically approved at least annually by a majority of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;4. This Agreement may be terminated at any time, and without payment of any penalty, by the Trustees, on behalf of the Fund, upon thirty
(30) days' written notice to the Adviser. This Agreement may not be terminated by the Adviser without the consent of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;5. For a period not to exceed three (3) years from the date on which a Waiver is made by the Adviser, the Adviser may recoup amounts
waived or assumed, provided it is able to effect such recoupment without causing the Fund's expense ratio (after recoupment) to
exceed the lesser of (a) the expense limit in effect at the time of the waiver, and (b) the expense limit in effect at the time of the
recoupment. To the extent that such repayment is due, it shall be made as promptly as possible, in conjunction with the next succeeding
payment of the Investment Management Fee to the Adviser. To the extent that the full amount of such waived amount or expense paid cannot
be repaid as provided in the previous sentence within such applicable three-year period, such repayment obligation shall be extinguished.

&nbsp;&nbsp;&nbsp;&nbsp;6. If this Agreement is terminated by the Fund, the Fund agrees to repay to the Adviser any amounts payable pursuant to paragraph 5 that
have not been previously repaid and, subject to the 1940 Act, such repayment will be made to the Adviser not later than three (3) years
from the date on which a Waiver was made by the Adviser (regardless of the date of termination of this Agreement), so long as the Fund
is able to effect such reimbursement and remain in compliance with the Expense Limitation as if such Expense Limitation was still in effect.
If this Agreement is terminated by the Adviser, the Fund agrees to repay to the Adviser any amounts payable pursuant to paragraph 5 that
have not been previously repaid and, subject to the 1940 Act, such repayment will be made to the Adviser not later than thirty (30) days
after the termination of this Agreement, so long as the Fund is able to effect such reimbursement and remain in compliance with the Expense
Limitation as if such Expense Limitation was still in effect.

&nbsp;&nbsp;&nbsp;&nbsp;7. This Agreement will be construed in accordance with the laws of the state of Delaware and the applicable provisions of the 1940 Act.
To the extent the applicable law of the State of Delaware, or any of the provisions in this Agreement, conflict with the applicable provisions
of the 1940 Act, the applicable provisions of the 1940 Act will control.

&nbsp;&nbsp;&nbsp;&nbsp;8. This Agreement constitutes the entire agreement between the parties to this Agreement with respect to the matters described in this
Agreement.

[Signature page follows]

IN WITNESS WHEREOF, the parties to this Agreement have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| Hamilton Lane CREDIT INCOME FUND | Hamilton Lane CREDIT INCOME FUND |
| /s/ Keith Kleinman | /s/ Keith Kleinman |
| By: | Keith Kleinman |
| Title: | Secretary |

---

---

| | |
|:---|:---|
| Hamilton Lane Advisors, L.L.C. | Hamilton Lane Advisors, L.L.C. |
| /s/ Keith Kleinman | /s/ Keith Kleinman |
| By: | Keith Kleinman |
| Title: | Authorized Signatory |

---

## Ex-99.(N)(2)

**Exhibit (n)(2)**

Consent of Independent Registered Public Accounting Firm

We consent to the use of our report dated April 1, 2026, with respect to the consolidated financial statements of HL Credit Income Private Fund LP for the period from August 25, 2025 (commencement of operations) to December 31, 2025, as included in this Post-Effective Amendment to the Registration Statement on Form N-2 of Hamilton Lane Credit Income Fund filed with the Securities and Exchange Commission.

/s/ KPMG LLP

Philadelphia, Pennsylvania<br> April 6, 2026

## Ex-99.(O)

**Exhibit (o)**

**HL Credit Income Private Fund LP**

**Consolidated Financial Statements**

**For the Period August 25, 2025 (commencement of operations) <br> through December 31, 2025**

**With Independent Auditors' Report**

**HL Credit Income Private Fund LP**

**Table of Contents**

**For the Period August 25, 2025\* through December 31, 2025**

---

| | |
|:---|:---|
| [Independent Auditors' Report](#o_001) | 1-2 |
| [Consolidated Schedule of Investments](#o_002) | 3-4 |
| [Consolidated Statement of Assets and Liabilities](#o_003) | 5 |
| [Consolidated Statement of Operations](#o_004) | 6 |
| [Consolidated Statement of Changes in Partners' Capital](#o_005) | 7 |
| [Consolidated Statement of Cash Flows](#o_006) | 8 |
| [Consolidated Financial Highlights](#o_007) | 9 |
| [Notes to Consolidated Financial Statements](#o_008) | 10-16 |

---

\*Commencement of Operations

i

![](ex99o_001.jpg)

KPMG LLP

Suite 4000

1735 Market Street <br> Philadelphia, PA 19103-7501

**Independent Auditors' Report**

To the General Partner and Limited Partners

HL Credit Income Private Fund LP:

*Opinion*

We have audited the consolidated financial statements of HL Credit Income Private Fund LP and its subsidiaries (the Partnership), which comprise the consolidated statement of assets and liabilities, including the consolidated schedule of investments, as of December 31, 2025, and the related consolidated statements of operations, changes in partners' capital, and cash flows for the period August 25, 2025 (commencement of operations) through December 31, 2025, and the related notes to the consolidated financial statements, and the financial highlights for the period August 25, 2025 through December 31, 2025.

In our opinion, the accompanying consolidated financial statements and financial highlights present fairly, in all material respects, the financial position of the Partnership as of December 31, 2025, and the results of its operations, changes in its partners' capital, and its cash flows for the period August 25, 2025 through December 31, 2025, and the financial highlights for the period August 25, 2025 through December 31, 2025, in accordance with U.S. generally accepted accounting principles.

*Basis for Opinion*

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are required to be independent of the Partnership, and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

*Responsibilities of Management for the Consolidated Financial Statements*

Management is responsible for the preparation and fair presentation of the consolidated financial statements and financial highlights in accordance with U.S. generally accepted accounting principles, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements and financial highlights that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements and financial highlights, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Partnership's ability to continue as a going concern for one year after the date that the consolidated financial statements and financial highlights are available to be issued.

*Auditors' Responsibilities for the Audit of the Consolidated Financial Statements*

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and financial highlights as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the consolidated financial statements and financial highlights.

KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of <br> the KPMG global organization of independent member firms affiliated with KPMG <br> International Limited, a private English company limited by guarantee.

![](ex99o_001.jpg)

In performing an audit in accordance with GAAS, we:

● Exercise professional judgment and maintain professional skepticism throughout the audit.

● Identify and assess the risks of material misstatement of the consolidated financial statements and financial highlights, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements and financial highlights.

● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Partnership's internal control. Accordingly, no such opinion is expressed.

● Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements and financial highlights.

● Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Partnership's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

![](ex99o_002.jpg)

Philadelphia, Pennsylvania

April 1, 2026

**HL Credit Income Private Fund LP**

**Consolidated Schedule of Investments**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments - 98.6%** | **Investment Type** | **Interest<br> rate** | **Reference<br> Rate** | **Spread** | **Maturity Date** | **Principal<br> Amount** | **Cost<sup>†</sup>** | **Fair Value** |
| **Direct Credit - 77.8%** |  | |  | |  | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;**North America - 77.8%** |  | |  | |  | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services and Supplies - 5.9%** |  | |  | |  | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PestCo, LLC. | Delayed Draw Term Loan | 8.59% | 1M SOFR | 4.75% | 8/6/2030 | $838926 | $216900 | $214262<sup>#</sup>1247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PestCo, LLC. | Revolving Loan | 0.50% |  |  | 8/6/2030 | 335570 | (487) | (503)<sup>#</sup>1237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PestCo, LLC. | Term A Loan | 8.59% | 1M SOFR | 4.75% | 8/6/2030 | 3815940 | 3810362 | 3798386<sup>#</sup>147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Services and Supplies** |  |  |  |  |  |  |  | 4012145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Distribution Services - 0.0%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC. | Third Amendment Incremental | 1.00% |  |  | 11/21/2031 | 5000000 | (24542) | (25000)<sup>#</sup>1237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Consumer Services - 6.5%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Med Learning Group, LLC. | Fifth Amendment Delayed Draw | 1.00% |  |  | 12/30/2027 | 520833 | 1690 | 1823<sup>#</sup>1237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Med Learning Group, LLC. | Fifth Amendment Term Loan | 9.42% | 3M SOFR | 5.75% | 12/30/2027 | 4456771 | 4440134 | 4401061<sup>#</sup>147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Diversified Consumer Services** |  |  |  |  |  |  |  | 4402884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare Providers and Services - 22.4%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Envision Management Holding, Inc. | Delayed Draw Term Loan | 9.22% | 3M SOFR | 5.50% | 12/31/2030 | 849515 | 647722 | 646289<sup>#</sup>1247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Envision Management Holding, Inc. | Initial Term Loan | 9.22% | 3M SOFR | 5.50% | 12/30/2032 | 4150485 | 4088244 | 4088228<sup>#</sup>147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medrina, LLC. | Second Amendment Incremental Delayed Draw Term Loan | 9.70% | 3M SOFR | 6.00% | 10/20/2029 | 2947368 | 500943 | 479663<sup>#</sup>1247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medrina, LLC. | Second Amendment Incremental Term Loan | 9.92% | 1M SOFR | 6.00% | 10/20/2029 | 5052632 | 4979447 | 4979874<sup>#</sup>147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KabaFusion Parent, LLC. | First Amendment Incremental Term Loan | 8.42% | 3M SOFR | 4.75% | 11/24/2031 | 4975000 | 4967590 | 4958583<sup>#</sup>17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare Providers and Services** |  |  |  |  |  |  |  | 15152637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Information Technology Services - 12.0%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovative Systems, LLC. | Delayed Draw Term Loan | 1.00% |  |  | 8/20/2032 | 1363636 | (2029) | (2045)<sup>#</sup>1237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovative Systems, LLC. | Initial Term Loan | 8.42% | 3M SOFR | 4.75% | 8/20/2032 | 3181818 | 3161259 | 3151591<sup>#</sup>157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovative Systems, LLC. | Revolving Loan | 1.00% |  |  | 8/20/2032 | 454545 | (2931) | (2955)<sup>#</sup>1237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penncomp, LLC. | Second Amendment Term Loan | 8.97% | 1M SOFR | 5.25% | 4/17/2030 | 5000000 | 4963009 | 4967500<sup>#</sup>17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Information Technology Services** |  |  |  |  |  |  |  | 8114091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals - 6.7%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NS and Associates, LLC. | New Term A Loan | 9.04% | 1M SOFR | 5.25% | 8/6/2030 | 4576442 | 4547006 | 4534339<sup>#</sup>147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NS and Associates, LLC. | Revolving Loan | 0.50% |  |  | 8/6/2030 | 412088 | (2642) | (2679)<sup>#</sup>1237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pharmaceuticals** |  |  |  |  |  |  |  | 4531660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Professional Services - 11.5%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KAMC Holdings, Inc. | Initial Term Loan | 9.10% | 3M SOFR | 5.25% | 10/31/2031 | 4554707 | 4502328 | 4490941<sup>#</sup>157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KAMC Holdings, Inc. | Revolving Credit Loan | 9.10% | 3M SOFR | 5.25% | 10/31/2031 | 445293 | 109514 | 108270<sup>#</sup>1257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harris & Co., LLC. | Delayed Draw Term B Loan | 8.72% | 1M SOFR | 5.00% | 10/31/2031 | 3094897 | 3105491 | 3094897<sup>#</sup>147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harris & Co., LLC. | Delayed Draw Term C Loan | 1.00% |  |  | 8/9/2030 | 1555244 | (375) | (389)<sup>#</sup>1237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harris & Co., LLC. | Revolving Loan | 8.72% | 1M SOFR | 5.00% | 10/31/2031 | 334269 | 65554 | 64514<sup>#</sup>1247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Professional Services** |  |  |  |  |  |  |  | 7758233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trading Companies and Distributors - 12.8%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lehr Upfitters, LLC. | Delayed Draw Term Loan | 0.50% |  |  | 9/19/2029 | 483333 | (1748) | (1813)<sup>#</sup>1237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lehr Upfitters, LLC. | Original Term Loan | 8.42% | 3M SOFR | 4.75% | 9/19/2029 | 4109916 | 4080007 | 4080325<sup>#</sup>167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lehr Upfitters, LLC. | Revolving Loan | 8.42% | 3M SOFR | 4.75% | 9/19/2029 | 500000 | 54715 | 54733<sup>#</sup>1267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lindstrom, LLC. | Initial Revolving Credit Loan | 9.20% | 1M SOFR | 5.50% | 12/30/2032 | 643087 | 226050 | 226045<sup>#</sup>157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lindstrom, LLC. | Initial Term Loan | 9.20% | 1M SOFR | 5.50% | 12/30/2032 | 4356913 | 4291595 | 4291559<sup>#</sup>157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Trading Companies and Distributors** |  |  |  |  |  |  |  | 8650849 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total North America** |  |  |  |  |  |  |  | 52597499 |
| **Total Direct Credit (Cost $52,724,806)** |  |  |  |  |  |  |  | 52597499 |

---

**HL Credit Income Private Fund LP**

**Consolidated Schedule of Investments - Continued**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Acquisition** | **Cost<sup>†</sup>** | **Fair Value** | **Footnotes** |
| **Partnership Investments - 20.8%** |  | | |  |
| &nbsp;&nbsp;&nbsp;**North America - 20.8%** |  | | |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financials - 20.8%** |  | | |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSP Debt Fund IV CV, L.P. | 8/26/2025 | 4840524 | 5091563 | \*8,9,10,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crescent Credit Solutions VII-A CV, L.P. | 12/30/2025 |  | 622647 | \*8,9,10,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Lakes III Unitranche Portfolio | 9/11/2025 | 3846779 | 3681749 | \*8,9,10,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Twin Brook Direct Lending Continuation Fund I, L.P | 12/30/2025 | 4650000 | 4653007 | \*8,9,10,11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Diversified Financials** |  |  | 14048966 |  |
| &nbsp;&nbsp;&nbsp;**Total North America** |  |  | 14048966 |  |
| **Total Partnership Investments (Cost $13,337,303)** |  |  | 14048966 |  |
| **Total Investments (Cost $66,062,109)** |  |  | 66646465 |  |
| Other assets in excess of liabilities - 1.4% |  |  | 947249 |  |
| **Total Net Assets - 100%** |  |  | $67593714 |  |

---

^ Direct Investments are private investments directly into the equity or debt of selected operating companies. Investments do not issue shares except where listed.

† Cost represents amortized cost.

# The fair value of the investment was determined using significant unobservable inputs.

\* Investment is non-income producing.

---

| | |
|:---|:---|
| 1 | Investments bear interest at rates that may be determined by reference to Secured Overnight Financing Rate ("SOFR"), which generally reset periodically. For each such investment, the Fund has provided the reference rate used and the spread and the current contractual interest rate in effect at December 31, 2025. The interest rate disclosed is based on the reference rate as of the last reset date which may differ from the reference rate as of December 31, 2025. As of December 31, 2025, effective rates for 1 Month SOFR and 3 Month SOFR are 3.72% and 3.67%, respectively. For companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of December 31, 2025. Certain investments are subject to a SOFR floor and have been provided. |

---

---

| | |
|:---|:---|
| 2 | Investment has an unfunded commitment balance. For private credit investments, unamortized capitalized fees reduce cost basis and may result in a negative cost. A negative fair value may result from the unfunded commitment being valued below par. The private credit investment may be subject to an unfunded commitment fee. |

---

3 Unfunded commitment. Interest reflects the unfunded commitment fee rate.

---

| | |
|:---|:---|
| 4 | Interest rate on funded balance is subject to a floor of 1.00%. |

---

---

| | |
|:---|:---|
| 5 | Interest rate on funded balance is subject to a floor of 0.75%. |

---

---

| | |
|:---|:---|
| 6 | Interest rate on funded balance is subject to a floor of 1.50%. |

---

7 All or a portion of this security is held through HL CIF Holdings Direct L.P. (See Note 1).

8 All or a portion of this security is held through HL CIF Holdings L.P. (See Note 1).

---

| | |
|:---|:---|
| 9 | Restricted Security. Investments generally issued in private placement transactions and as such generally restricted as to resale. Each investment may have been purchased on various dates and for different amounts. The date of the first purchase is reflected under Acquisition Date as shown in the Schedule of Investments. Total fair value of restricted investments as of December 31, 2025 was $66,646,465, or 98.6% of net assets. |

---

---

| | |
|:---|:---|
| 10 | Investment has been committed to but has not been fully funded by the Fund. Total unfunded commitments amount to $11,662,697 as of December 31, 2025. |

---

11 Investment does not allow redemptions or withdrawals except at discretion of its general partner, manager or advisor.

*See accompanying notes to consolidated financial statements*

**HL Credit Income Private Fund LP**

**Consolidated Statement of Assets and Liabilities**

**December 31, 2025**

 

---

| | |
|:---|:---|
| **Assets** | |
| Investments, at fair value (cost $66,062,109) | $66646465 |
| Cash | 1128356 |
| Receivable for unsettled transactions | 10301 |
| Interest receivable | 351236 |
| Prepaid expenses | 1997 |
| **Total Assets** | 68138355 |
| **Liabilities and Partners' Capital** |  |
| Payable for investments purchased | 70502 |
| Accounting and administration fees payable | 19638 |
| Professional fees payable | 454501 |
| **Total Liabilities** | 544641 |
| Commitments and contingencies (see Note 8) |  |
| **Limited Partners' Capital** | 67593714 |
| **Total liabilities and Partners' Capital** | $68138355 |

---

 

*See accompanying notes to consolidated financial statements.*

 

 

**HL Credit Income Private Fund LP**

**Consolidated Statement of Operations**

**For the Period August 25, 2025\* through December 31, 2025**

---

| | |
|:---|:---|
| **Investment Income** | |
| Interest income | $816411 |
| **Total Income** | 816411 |
| **Expenses** |  |
| Professional fees | 454501 |
| Accounting and administration fees | 19638 |
| **Total Expenses** | 474139 |
| **Net Investment Income** | 342272 |
| **Realized and Unrealized Gain on Investments** |  |
| Net change in unrealized appreciation/(depreciation) on investments | 584356 |
| **Net Realized and Unrealized Gain on Investments** | 584356 |
| **Net Increase in Limited Partners' Capital Resulting from Operations** | $926628 |

---

 

\*Commencement of Operations

*See accompanying notes to consolidated financial statements.*

 

 

**HL Credit Income Private Fund LP**

**Consolidated Statement of Changes in Partners' Capital**

**For the Period August 25, 2025\* through December 31, 2025**

 

---

| | |
|:---|:---|
|  | Partners' <br> Capital |
| **Changes in Limited Partners' Capital Resulting from Operations** |  |
| Net investment income | $342272 |
| Net change in unrealized appreciation/(depreciation) on investments | 584356 |
| **Net Change in Limited Partners' Capital Resulting from Operations** | 926628 |
| **Change in Limited Partners' Capital Resulting from Capital Transactions** |  |
| &nbsp;&nbsp;&nbsp;Capital contributions | 66667086 |
| **Net Change in Limited Partners' Capital Resulting from Capital Transactions** | 66667086 |
| **Total Net Increase in Limited Partners' Capital** | 67593714 |
| **Limited Partners' Capital** |  |
| Beginning of period | - |
| End of period | $67593714 |

---

 

\*Commencement of Operations

*See accompanying notes to consolidated financial statements.*

 

 

**HL Credit Income Private Fund LP**

**Consolidated Statement of Cash Flows**

**For the Period August 25, 2025\* through December 31, 2025**

 

---

| | |
|:---|:---|
| **Cash Flows From Operating Activities** | |
| Net increase in limited partners' capital from operations | $926628 |
| Adjustments to reconcile net increase in limited partners' capital resulting from <br> operations to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;Purchases of long-term investments | (66557403) |
| &nbsp;&nbsp;&nbsp;Proceeds from repayments of investments | 502948 |
| &nbsp;&nbsp;&nbsp;Net accretion on investments | (7422) |
| &nbsp;&nbsp;&nbsp;Net income from paydowns | (232) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments | (584356) |
| **(Increase)/Decrease in Assets:** |  |
| &nbsp;&nbsp;&nbsp;Receivable for unsettled transactions | (10301) |
| &nbsp;&nbsp;&nbsp;Interest receivable | (351236) |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | (1997) |
| **Increase/(Decrease) in Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 70502 |
| &nbsp;&nbsp;&nbsp;Accounting and administration fees payable | 19638 |
| &nbsp;&nbsp;&nbsp;Professional fees payable | 454501 |
| **Net Cash Used in Operating Activities** | (65538730) |
| **Cash Flows from Financing Activities** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from capital contributions | 66667086 |
| **Net Cash Provided by Financing Activities** | 66667086 |
| Net change in Cash | 1128356 |
| **Cash - Beginning of Period** | - |
| **Cash - End of Period** | $**1128356** |

---

 

\*Commencement of Operations

*See accompanying notes to consolidated financial statements.*

 

 

**HL Credit Income Private Fund LP**

**Consolidated Financial Highlights**

 

---

| | |
|:---|:---|
|  | For the Period<br> August 25, 2025\*<br> through<br> December 31, 2025 |
| **Ratios to average limited partners' capital:** |  |
| Net investment income | 3.50%<sup>2,3</sup> |
| Net expenses<sup>4,5</sup> | 4.85%<sup>2</sup> |
| Total Return<sup>7</sup> | 0.97%<sup>6</sup> |
| Portfolio turnover rate | 0.00%<sup>6</sup> |

---

<sup>1</sup> The ratios and total returns for an individual Partner may vary from these ratios based on the timing of capital transactions and differing fee arrangements.

<sup>2</sup> Net investment income and net expense have been annualized.

<sup>3</sup> Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratios do not include net investment income of the funds in which the Fund invests that have not been distributed.

<sup>4</sup> Represents the ratio of expenses to average limited partners' capital.

<sup>5</sup> Expenses do not include expenses from underlying funds in which the Fund is invested.

<sup>6</sup> Not annualized.

<sup>7</sup> Total Return reflects the change in partners' capital based on the effects of the performance of the Partnership during the period.

\* Commencement of Operations.

*See accompanying notes to consolidated financial statements.*

 

 

**HL Credit Income Private Fund LP**

**CONSOLIDATED NOTES TO FINANCIAL STATEMENTS**

**December 31, 2025**

**Note 1 – Organization**

HL Credit Income Private Fund LP (the "**Partnership**") a Delaware limited partnership, commenced operations on August 25, 2025. HL Credit Income Private GP LLC is the general partner (the "**General Partner**") of the Partnership. The General Partner is responsible for managing the business and affairs of the Partnership. Hamilton Lane Advisors, L.L.C. (the "**Manager**" or "**Hamilton Lane**"), a Pennsylvania limited liability company, serves as the investment advisor of the Partnership. The Manager is a registered investment adviser under the Investment Advisers Act of 1940, as amended. The Partnership was formed on May 16, 2025, and the General Partner and the limited partners (the "**Limited Partners**" or "**Partners**") subsequently entered into an Amended and Restated Limited Partnership Agreement (the "**Partnership Agreement**") on October 27, 2025.

The Partnership's principal purpose is to seek to make investments in portfolio of direct or indirect private credit investments through the investment in the debt of companies in either primary or secondary market, including the Warehoused Investments, other credit investments and opportunistic equity investments and investments in underlying funds which are fundraising at the time of such investment, including without limitation funds-of-funds, in an effort to enhance access to private investments and expand portfolio construction ("**Primary Fund Investments**"), privately negotiated transactions on the secondary market in identified or partially identified assets primarily through purchases on the secondary market of interest in the private equity or similar funds and direct private equity and credit investments, as well as other investments that the General Partner determines to have similar risk/return profile ("**Secondary Investments**") (the securities or instruments in which the Partnership actually invests are referred to herein as "**Portfolio Investments**," and the issuers thereof are referred to herein as "**Portfolio Companies**") and to engage in such other transactions and activities (including, for the avoidance of doubt, in respect of any Conversion Event) as are permitted hereby or are incidental or ancillary thereto as the General Partner shall deem necessary or advisable. In addition, at such time as any funds of the Partnership are not invested in Portfolio Investments, distributed to the Partners or applied toward the expenses of the Partnership, the Partnership may invest such funds in temporary investments or in cash. In connection with seeking to achieve this purpose, the Partnership will generally invest indirectly through one or more subsidiary, acquisition and/or holding entities in Portfolio Investments and temporary investments. The terms Portfolio Investments, temporary investments and other references and discussions relating to the investment activities of the Partnership shall be deemed to include investments and temporary investments made indirectly through one or more subsidiary, acquisition and/or holding entities and the Partnership's indirect activities and obligations through any such acquisition and/or holding entities. Capitalized terms used, but not defined herein, shall have the meaning assigned to them in the Partnership Agreement.

(a) Consolidation of Subsidiaries

The Partnership invests all or substantially all of its assets through one or more wholly-owned subsidiaries (each a "Subsidiary" and together, the "Subsidiaries"). Such Subsidiaries are not registered under the Investment Company Act of 1940, as amended. However, the Partnership wholly owns and controls each Subsidiary. In addition, the Partnership has not created or acquired primary control of any entity which primarily engages in investment activities in securities or other assets, other than entities wholly-owned or majority-owned by the Fund. To the extent applicable to the investment activities of a Subsidiary, the Subsidiary will follow the same compliance policies and procedures as the Fund. The Partnership "looks through" the Subsidiaries to determine compliance with its investment policies.

As of December 31, 2025, there are two active Subsidiaries in the Fund:

---

| | | | |
|:---|:---|:---|:---|
| **Subsidiary** | **Formation Date** | **Domicile** | **% of the Fund's Total<br> Assets** |
| HL CIF Holdings L.P. | May 9, 2025 | United States | 20.62% |
| HL CIF Holdings Direct L.P. | August 24, 2025 | United States | 77.19% |

---

**HL Credit Income Private Fund LP**

**CONSOLIDATED NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

**Note 2 – Accounting Policies**

The following is a summary of the significant accounting policies consistently followed by the Partnership in the preparation of its financial statements. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("**U.S. GAAP**").

(a) Basis of Accounting

The Partnership is an investment company and follows the accounting and reporting guidance in Financial Accounting Standards Board ("**FASB**") Accounting Standards Codification ("**ASC**") Topic 946, *Financial Services – Investment Companies* ("**ASC 946**"). U.S. GAAP for an investment company requires investments to be recorded at their estimated fair value.

(b) 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

(c) Cash

Cash represents cash deposits held at financial institutions. Cash is held at major financial institutions and are subject to credit risk to the extent those balances exceed applicable Federal Deposit Insurance Corporation or Securities Investor Protection Corporation limitations.

(d) Concentration of Market, Credit and Industry Risks

The Partnership's portfolio investments are generally illiquid, non-publicly traded securities and are realized as distributions from portfolio investments are made and when portfolio investments are disposed of. These portfolio investments are subject to various risk factors including market, credit and industry risk. Market risk represents the potential loss in value of financial instruments caused by movements in market variables, such as interest rates. Other risks affecting these portfolio investments include, but are not limited to, increasing competition, rapid changes in technology and changes in economic conditions. Additionally, certain portfolio investments are denominated in foreign currencies that may be negatively affected by movements in the rate of exchange between the U.S. dollar and such foreign currencies. These risk factors could have a material effect on the ultimate realizable value of the Partnership's portfolio investments.

(e) Fair Value of Financial Instruments

The Partnership values its investments at fair value in accordance with FASB ASC 820, Fair Value Measurement ("ASC 820"). The fair value of the Partnership's assets which qualify as financial instruments approximates the carrying amounts presented in the Statement of Assets and Liabilities.

Certain Investment Partnerships and Direct Investments are valued based on the latest NAV reported by the third-party Partnership manager or General Partner. This is commonly referred to as using NAV as a practical expedient which allows under ASC 820 for estimation of the fair value of a private investment based on NAV or its equivalent if the NAV of the private Partnership is calculated in a manner consistent with ASC 946.

The Partnership's direct investments are in private credit and equity-related investments that are generally not publicly traded, and thus, market quotations are not available to be used for valuation purposes. Additionally, if a direct investment's reporting is not permitted to be used as a NAV as a practical expedient or is unavailable, the Manager is required to value these direct investments at estimated fair values in accordance with ASC 820, consistently applying generally accepted valuation techniques that involve unobservable inputs. These may include references to market multiples, market yields, valuations for comparable companies, public market or private transactions, developments concerning the companies to which the securities relate, results of operations, financial condition, cash flows, and projections of such companies provided to the Manager and such other factors as the Manager may deem relevant. Depending on the circumstances, company multiples will not always be comparable due to the size of the related companies or associated transactions being used as comparable data in valuation.

**HL Credit Income Private Fund LP**

**CONSOLIDATED NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

The Manager utilizes a valuation committee, consisting of senior members of the management team, to review and approve the valuation results related to the investments. The Manager also utilizes independent valuation firms to provide third-party valuation consulting services for Direct Investments.

For portfolio investments that are publicly traded and for which market quotations are available, valuations are generally based on the closing sales prices, or an average of the closing bid and ask prices, as of the valuation date.

(f) Investment Transactions and Related Income

The Fund's primary source of income is interest income. Interest income, including amortization of premium or discount using the effective interest method and interest on paid-in-kind instruments, is recorded on an accrual basis. The Fund may also receive dividend income, which is recorded on the ex-dividend date or the date the Fund becomes aware of the dividend. The Fund generally recognizes investment income and realized gains/losses sourced from fund of funds based on the characterization of distributions provided by the administrator/investment manager of the portfolio investment on the date notice is received. Such distributions often occur at irregular intervals, and the exact timing of distributions from the investments may not be known until notice is received. It is estimated that distributions will occur over the life of the investments.

Realized gains and losses from the sale of investments will represent the difference between the original cost of the investments, as adjusted for return of capital distributions, amortization and paid in kind interest (net cost), and the net proceeds received at the time of the sale, disposition or distribution date. The Fund records realized gains and losses on investments when securities are sold, distributed to the partners or written-off as worthless. The Fund recognizes the difference between the net cost and the estimated fair value of investments owned as the net change in unrealized appreciation/depreciation on investments in the Consolidated Statement of Operations.

(g) Income Taxes

Partners are required to report their share of the Partnership's income or loss in their individual income tax returns. Therefore, no provision has been made for federal or state income taxes. Due to the timing of tax information received from Portfolio Companies, tax basis information is not available as of the date of the financial statements. The partners of the Partnership may have an outside basis that differs from the Partnership's inside basis. The liquidation of a partner's interest may generate taxable gain or loss that is not reported on the Partnership's income tax return.

In accounting for income taxes, the Partnership follows the guidance in FASB ASC 740, *Accounting for Uncertainty in Income Taxes*. FASB ASC 740 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity before being measured and recognized in the financial statements. There were no material uncertain tax positions requiring recognition in the Partnership's financial statements as of December 31, 2025.

The Partnership could be subject to income tax examinations for its U.S. federal and state income taxes for the current tax year, which is still open under the statute of limitations.

**HL Credit Income Private Fund LP**

**CONSOLIDATED NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

**Note 3 – Portfolio Valuation**

ASC 820 defines fair value as the value that the Partnership would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the asset or liability. ASC 820 establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Partnership. Unobservable inputs reflect the Partnership's own assumptions about the assumptions that market participants would use in valuing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observation of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below:

Level I: Quoted prices (unadjusted) are available in active markets for identical investments as of the reporting date. The types of investments which would generally be included in Level I include listed equities.

Level II: Pricing inputs are other than quoted prices available in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. The types of investments which would generally be included in Level II include corporate bonds and loans, and less liquid and restricted equity securities.

Level III: Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. Those unobservable inputs, that are not corroborated by market data, generally reflect the reporting entity's own assumptions about the assumptions market participants would use in determining the fair value of the investment. The types of investments which would generally be included in Level III include equity and/or debt securities issued by private entities and investments in private equity partnerships.

The Partnership has established valuation processes and procedures to ensure that the valuation techniques are fair and consistent, and valuation inputs are supportable. The Partnership's investments in Investment Partnerships are carried at fair value which generally represents the Partnership's pro-rata interest in the net assets of each Portfolio Partnership as reported by the administrators and/or investment managers of the underlying Investment Partnerships. All valuations utilize financial information supplied by each Investment Partnership and are net of management and incentive fees or allocations payable to the Investment Partnership's managers or pursuant to the Portfolio Partnership's agreements.

The fair value relating to certain underlying investments of these Investment Partnerships, for which there is no ready market, has been estimated by the respective Portfolio Partnership's management and is based upon available information in the absence of readily ascertainable fair values and does not necessarily represent amounts that might ultimately be realized. Due to the inherent uncertainty of valuation, those estimated fair values may differ significantly from the values that would have been used had a ready market for the investments existed. These differences could be material.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of December 31, 2025, in valuing the Partnership's assets and liabilities carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level I\*** | **Level II\*** | **Level III** | **Total** |
| **Assets** | | | | |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Direct Credit | $- | $- | $52597499 | $52597499 |
| Total Investments | $- | $- | $52597499 | $52597499 |

---

\*The Partnership did not hold any Level I or II securities as of December 31, 2025.

**HL Credit Income Private Fund LP**

**CONSOLIDATED NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

Certain portfolio investments fair valued using net asset value (or its equivalent) as a practical expedient are not included in the fair value hierarchy. As such, investments in securities with a fair value of $14,048,966 are excluded from the fair value hierarchy as of December 31, 2025.

The following is a reconciliation of assets in which significant unobservable inputs (Level III) were used in determining value:

---

| | |
|:---|:---|
| | Direct Credit |
| Balance as of August 25, 2025 | $- |
| &nbsp;&nbsp;&nbsp;Transfers into Level III |  |
| &nbsp;&nbsp;&nbsp;Purchases of investments | 53220101 |
| &nbsp;&nbsp;&nbsp;Proceeds from repayments of investments | (502948) |
| &nbsp;&nbsp;&nbsp;Net accretion on investments | 7422 |
| &nbsp;&nbsp;&nbsp;Net income from paydowns | 232 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | (127307) |
| &nbsp;&nbsp;&nbsp;Transfers out of Level III | - |
| Balance as of December 31, 2025 | $52597499 |
| Change in unrealized gains or losses for the period included in earnings (or changes in partners' capital) for Level III assets held at the end of the reporting period | $(127307) |

---

The following table presents additional quantitative information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level III as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Asset Class | Fair Value at<br> 12/31/2025 | Valuation<br> Technique(s) | Unobservable<br> Input<sup>(l)</sup> | Range of<br> Input | Weighted<br> Average of<br> Input<sup>(2)</sup> | Impact to<br> Valuation<br> from an<br> Increase in<br> Input<sup>(3)</sup> |
| Direct Credit | $42671416 | Recent Transaction Income | Recent transaction price | N/A<sup>(4)</sup> | N/A<sup>(4)</sup> | N/A<sup>(4)</sup> |
|  | 9926083 | Approach | Market Yield | 8.60% - 8.91% | 8.75% | Decrease |

---

<sup>(1)</sup> The Manager considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type, cost and recent purchases or sales of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security.

<sup>(2)</sup> Weighted average by the relative fair value of the investments in that asset class.

<sup>(3)</sup> This column represents the directional change in the fair value of the Level III investments that would result from an increase to the corresponding unobservable input.

<sup>(4)</sup> Inputs shown do not represent a range, but rather distinct inputs. Since there is no range, a weighted average calculation does not apply.

**HL Credit Income Private Fund LP**

**CONSOLIDATED NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

**Note 5 – Certain Risk Factors and Conflicts of Interest**

Investors considering an investment in the Partnership should be aware of potential risks. Prospective investors must rely upon their own examination of, and ability to understand, the nature of this investment, including the risks involved, in making a decision to invest in the Partnership. There can be no assurance that the Partnership will be able to achieve its investment objective or that investors will receive a return of their capital. In addition, there will be occasions when the Manager, the General Partner or their affiliates may encounter potential conflicts of interest. By acquiring an interest in the Partnership, each Limited Partner will be deemed to have acknowledged the existence of any such actual and potential conflicts of interest and to have waived any claim with respect to any liability arising from the existence of any such conflict of interest.

The Partnership will invest in highly illiquid, long-term investments. The Partnership does not expect to be able to transfer its investments in, or to withdraw from, the Investment Funds or Direct Investments. In addition, the investments of the Investment Funds and Direct Investments generally will be investments for which no liquid market exists or will be subject to legal or other restrictions on transfer, and the Partnership may be required to hold such investments until maturity or otherwise be restricted from disposing of such investments. Investment Funds or sponsors of Direct Investments in which the Partnership invests may face reduced opportunities to exit and realize value from their investments in the event of a general market downturn or a specific market dislocation. As a consequence, an Underlying Fund or the Partnership may not be able to sell its investments when it desires to do so or to realize what it perceives to be their fair value in the event of a sale. Furthermore, under certain circumstances, distributions may be made by the Partnership to Limited Partners in kind and could consist of securities for which there is no readily available market.

In some cases, the Partnership may dispose of its investments in one or more Investment Funds and Direct Investments in secondary transactions with third parties. Approval of the sponsors of Investment Funds and Direct Investments will generally be required to effect any such secondary sale and there can be no assurances that such approval will be given. Furthermore, due to the illiquid market for secondary transactions, there can be no assurance that any secondary sale will be successfully completed in the time the General Partner determines most appropriate for the Partnership or that the price paid by a third party purchaser will reflect Hamilton Lane's or the underlying Fund Sponsor's valuation for such investment. Depending on the circumstances of the Underlying Fund, the price received by the Partnership may represent a substantial discount relative to the valuation at which such investment is held or the amount of capital contributed to such investment. The Partnership may be required to agree to retain certain liabilities relating to the Underlying Fund or Direct Investment even after it is sold.

**Note 6 - Additional Risk Factors**

Certain local, regional or global events such as war, acts of terrorism, the spread of infectious illnesses and/or other public health issues, financial institution instability or other events may have a significant impact on a security or instrument. These types of events and others like them are collectively referred to as "Market Disruptions and Geopolitical Risks" and they may have adverse impacts on the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. Some of the impacts noted in recent times include but are not limited to embargos, political actions, supply chain disruptions, bank failures, restrictions to investment and/or monetary movement including the forced selling of securities or the inability to participate impacted markets. The duration of these events could adversely affect the Partnership's performance, the performance of the securities in which the Partnership invests and may lead to losses on your investment. The ultimate impact of "Market Disruptions and Geopolitical Risks" on the financial performance of the Partnership's investments is not reasonably estimable at this time. Management is actively monitoring these events.

The failure of certain financial institutions, namely banks, may increase the possibility of a sustained deterioration of financial market liquidity, or illiquidity at clearing, cash management and/or custodial financial institutions. The failure of a bank (or banks) with which the Partnership and/or the Portfolio Partnerships have a commercial relationship could adversely affect, among other things, the Partnership and/or the Portfolio Partnership's ability to pursue key strategic initiatives, including by affecting the Partnership's or a Portfolio Partnership's ability to borrow from financial institutions on favorable terms.

**HL Credit Income Private Fund LP**

**CONSOLIDATED NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

Economic problems in a single country are increasingly affecting other markets and economies, and a continuation of this trend could adversely affect global economic conditions and world markets. Uncertainty and volatility in the financial markets and political systems of the U.S. or any other country, including volatility as a result of the ongoing conflicts between Russia and Ukraine and Israel and Hamas and the rapidly evolving measures in response, may have adverse spill-over effects into the global financial markets generally. The Partnership's investments could be negatively impacted by the current hostilities in Eastern Europe and the Middle East, including direct and indirect effects on their operations and financial condition.

Inflation could directly adversely affect certain investments made by the Partnership. If an investment is unable to increase its revenue in times of higher inflation, its profitability and ability to distribute dividends may be adversely affected. Many of the entities in which the Partnership invests may have long-term rights to income linked to some extent to inflation, whether by government regulations, contractual arrangement or other factors. Typically, as inflation rises, the entity will earn more revenue, but will incur higher expenses; as inflation declines, the entity may not be able to reduce expenses in line with any resulting reduction in revenue.

**Note 7 – Commitments**

As of December 31, 2025, the Partnership has $11,662,697 in unfunded commitments to Partnership Investments. The commitments to Partnership Investments are subject to certain terms and conditions prior to closing of the relevant transactions. There can be no assurance that such transactions will close as expected or at all.

As of December 31, 2025, the Fund had the following unfunded commitments to investments in loans:

---

| | |
|:---|:---|
| Investments in loans | Unfunded Commitment |
| Apex Service Partners, LLC. Delayed Draw | $5000000 |
| Envision Management Holding, Inc. Delayed Draw | 190483 |
| Franklin Energy Revolver | 330789 |
| Harris & Co., LLC. Delayed Draw | 1555244 |
| Harris & Co., LLC. Revolver | 267415 |
| Innovative Systems, LLC. Delayed Draw | 1363636 |
| Innovative Systems, LLC. Revolver | 454545 |
| LEHR Upfitters, LLC. Delayed Draw | 483333 |
| LEHR Upfitters, LLC. Revolver | 441667 |
| Lindstrom, LLC. Revolver | 407395 |
| Med Learning Group, LLC. Delayed Draw | 520833 |
| Medrinac, LLC. Delayed Draw | 2425263 |
| NS and Associates, LLC. Revolver | 412088 |
| PestCo, LLC. Delayed Draw | 620805 |
| PestCo, LLC. Revolver | 335570 |

---

**Note 8 – Indemnifications**

In the normal course of business, the Partnership enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Partnership's maximum exposure under these arrangements is unknown, as any such exposure would result from future claims that may be, but have not yet been, made against the Partnership based on events which have not yet occurred. However, based on the Manager's experience, the Partnership believes the risk of loss from these arrangements to be remote.

**Note 9 – Subsequent Events**

The Partnership has adopted financial reporting rules regarding subsequent events which require an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. Management has evaluated the Partnership's related events and transactions that occurred through the date of issuance of the Partnership's consolidated financial statements.

There were no events or transactions that occurred during this period that materially impacted the amounts or disclosures in the Partnership's consolidated financial statements.