# EDGAR Filing Document

**Accession Number:** 0001838126
**File Stem:** 0001838126-25-000073
**Filing Date:** 2025-11
**Character Count:** 643125
**Document Hash:** 66c1cb8dbc9cdea03ef5f098eda61c4f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001838126-25-000073.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001838126-25-000073

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 92

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HPS Corporate Lending Fund
- **CENTRAL INDEX KEY:** 0001838126

**ORGANIZATION NAME:**
- **EIN:** 876391045
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01431
- **FILM NUMBER:** 251484269

**BUSINESS ADDRESS:**
- **STREET 1:** 40 WEST 57TH STREET, 33RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212.287.6767

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

?xml version='1.0' encoding='ASCII'? hps-20250930

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</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 September 30, 2025**

**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 814-01431**

________________________________________________________________________________________________

**HPS Corporate Lending Fund**

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

________________________________________________________________________________________________

---

| | |
|:---|:---|
| **Delaware** | **87-6391045** |
| **(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 November 8, 2025 was 31,509,218, 179,296,503, 46,601,755 and 222,246,307 of Class S, Class I, Class D, and Class F common shares, respectively. Common shares outstanding exclude November 1, 2025 subscriptions since the issuance price is not yet finalized at the date of this filing.

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**Table of Contents**

---

| | | |
|:---|:---|:---|
| | | **Page** |
| **[PART I](#i82509767f04249269a22e5af039164ed_13)** | **<u>[FINANCIAL INFORMATION](#i82509767f04249269a22e5af039164ed_13)</u>** | |
| [Item 1.](#i82509767f04249269a22e5af039164ed_16) | <u>[Consolidated Financial Statements](#i82509767f04249269a22e5af039164ed_16)</u> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Assets and Liabilities as of](#i82509767f04249269a22e5af039164ed_19)[September](#i82509767f04249269a22e5af039164ed_19)[30, 2025 (Unaudited) and December 31, 2024](#i82509767f04249269a22e5af039164ed_19)</u> | [2](#i82509767f04249269a22e5af039164ed_19) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Operations for the three and](#i82509767f04249269a22e5af039164ed_22)[nine](#i82509767f04249269a22e5af039164ed_22)[months ended](#i82509767f04249269a22e5af039164ed_22)[September](#i82509767f04249269a22e5af039164ed_22)[30, 2025 (Unaudited) and](#i82509767f04249269a22e5af039164ed_22)[September](#i82509767f04249269a22e5af039164ed_22)[30, 2024 (Unaudited)](#i82509767f04249269a22e5af039164ed_22)</u> | [4](#i82509767f04249269a22e5af039164ed_22) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Changes in Net Assets for the three and](#i82509767f04249269a22e5af039164ed_25)[nine](#i82509767f04249269a22e5af039164ed_25)[months ended](#i82509767f04249269a22e5af039164ed_25)[September](#i82509767f04249269a22e5af039164ed_25)[30, 2025 (Unaudited) and](#i82509767f04249269a22e5af039164ed_25)[September](#i82509767f04249269a22e5af039164ed_25)[30, 2024 (Unaudited)](#i82509767f04249269a22e5af039164ed_25)</u> | [5](#i82509767f04249269a22e5af039164ed_25) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Cash Flows for the](#i82509767f04249269a22e5af039164ed_28)[nine](#i82509767f04249269a22e5af039164ed_28)[months ended](#i82509767f04249269a22e5af039164ed_28)[September](#i82509767f04249269a22e5af039164ed_28)[30, 2025 (Unaudited) and](#i82509767f04249269a22e5af039164ed_28)[September](#i82509767f04249269a22e5af039164ed_28)[30, 2024 (Unaudited)](#i82509767f04249269a22e5af039164ed_28)</u> | [6](#i82509767f04249269a22e5af039164ed_28) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Schedules of Investments as of](#i82509767f04249269a22e5af039164ed_31)[September](#i82509767f04249269a22e5af039164ed_31)[30, 2025 (Unaudited) and December 31, 2024](#i82509767f04249269a22e5af039164ed_31)</u> | [8](#i82509767f04249269a22e5af039164ed_31) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to Consolidated Financial Statements (Unaudited)](#i82509767f04249269a22e5af039164ed_37)</u> | [58](#i82509767f04249269a22e5af039164ed_37) |
| [Item 2.](#i82509767f04249269a22e5af039164ed_88) | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i82509767f04249269a22e5af039164ed_88)</u> | [116](#i82509767f04249269a22e5af039164ed_88) |
| [Item 3.](#i82509767f04249269a22e5af039164ed_118) | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i82509767f04249269a22e5af039164ed_118)</u> | [140](#i82509767f04249269a22e5af039164ed_118) |
| [Item 4.](#i82509767f04249269a22e5af039164ed_121) | <u>[Controls and Procedures](#i82509767f04249269a22e5af039164ed_121)</u> | [141](#i82509767f04249269a22e5af039164ed_121) |
| **[PART II](#i82509767f04249269a22e5af039164ed_124)** | **<u>[OTHER INFORMATION](#i82509767f04249269a22e5af039164ed_124)</u>** |  |
| [Item 1.](#i82509767f04249269a22e5af039164ed_127) | <u>[Legal Proceedings](#i82509767f04249269a22e5af039164ed_127)</u> | [142](#i82509767f04249269a22e5af039164ed_127) |
| [Item 1A.](#i82509767f04249269a22e5af039164ed_130) | <u>[Risk Factors](#i82509767f04249269a22e5af039164ed_130)</u> | [142](#i82509767f04249269a22e5af039164ed_130) |
| [Item 2.](#i82509767f04249269a22e5af039164ed_133) | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i82509767f04249269a22e5af039164ed_133)</u> | [142](#i82509767f04249269a22e5af039164ed_133) |
| [Item 3.](#i82509767f04249269a22e5af039164ed_136) | <u>[Defaults Upon Senior Securities](#i82509767f04249269a22e5af039164ed_136)</u> | [143](#i82509767f04249269a22e5af039164ed_136) |
| [Item 4.](#i82509767f04249269a22e5af039164ed_139) | <u>[Mine Safety Disclosures](#i82509767f04249269a22e5af039164ed_139)</u> | [143](#i82509767f04249269a22e5af039164ed_139) |
| [Item 5.](#i82509767f04249269a22e5af039164ed_142) | <u>[Other Information](#i82509767f04249269a22e5af039164ed_142)</u> | [143](#i82509767f04249269a22e5af039164ed_142) |
| [Item 6.](#i82509767f04249269a22e5af039164ed_145) | <u>[Exhibits](#i82509767f04249269a22e5af039164ed_145)</u> | [143](#i82509767f04249269a22e5af039164ed_145) |
| <u>[Signatures](#i82509767f04249269a22e5af039164ed_148)</u> |  |  |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</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 Lending Fund (together, with its consolidated subsidiaries, the "Company", "we" or "our"), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," "outlook," "potential," "predicts" and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

&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;• 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**](#i82509767f04249269a22e5af039164ed_7)</u>**

**PART I - FINANCIAL INFORMATION**

**Item 1. Consolidated Financial Statements.**

 **HPS Corporate Lending Fund**

**Consolidated Statements of Assets and Liabilities**

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

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **ASSETS** | (Unaudited) |  |
| Investments at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments (amortized cost of $23,179,530 and $15,753,920 at September 30, 2025 and December 31, 2024, respectively) | $23408973 | $15790937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/affiliated investments (amortized cost of $99,213 and $19,411 at September 30, 2025 and December 31, 2024, respectively) | 99531 | 19969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Controlled/affiliated investments (amortized cost of $306,422 and $297,747 at September 30, 2025 and December 31, 2024, respectively) | 328116 | 320350 |
| Total investments at fair value (amortized cost of $23,585,165 and $16,071,078 at September 30, 2025 and December 31, 2024, respectively) | 23836620 | 16131256 |
| Cash and cash equivalents | 419328 | 228899 |
| Interest receivable from non-controlled/non-affiliated investments | 187650 | 140686 |
| Interest receivable from non-controlled/affiliated investments | 200 |  |
| Dividend receivable from non-controlled/non-affiliated investments | 43 | 68 |
| Deferred financing costs | 49905 | 41633 |
| Deferred offering costs | 332 | 915 |
| Derivative assets, at fair value (Note 6) | 60013 | 43003 |
| Receivable for investments | 35759 | 32428 |
| Other assets | 768 | 10851 |
| **Total assets** | $24590618 | $16629739 |
| **LIABILITIES** |  |  |
| Debt (net of unamortized debt issuance costs of $94,323 and $51,573 at September 30, 2025 and December 31, 2024, respectively) | $12201884 | $7445580 |
| Payable for investments purchased | 105033 | 75489 |
| Interest payable | 153293 | 104735 |
| Derivative liabilities, at fair value (Note 6) | 8661 | 11510 |
| Due to affiliates | 10501 | 13881 |
| Distribution payable (Note 9) | 98172 | 71896 |
| Payable for share repurchases (Note 9) | 176365 | 110784 |
| Management fees payable (Note 3) | 12185 | 9377 |
| Income based incentive fees payable (Note 3) | 43474 | 32014 |
| Capital gains incentive fees payable (Note 3) |  | 12950 |
| Shareholder servicing and/or distribution fees payable | 3072 | 2456 |
| Accrued expenses and other liabilities | 58383 | 5135 |
| **Total liabilities** | 12871023 | 7895807 |
| Commitments and contingencies (Note 8) |  |  |
| **NET ASSETS** |  |  |
| Common Shares, $0.01 par value (463,690,115 and 341,366,636 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively) | 4637 | 3414 |
| Additional paid in capital | 11625584 | 8521659 |
| Distributable earnings (loss) | 89374 | 208859 |
| **Total net assets** | 11719595 | 8733932 |
| **Total liabilities and net assets** | $24590618 | $16629739 |

---

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

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Statements of Assets and Liabilities**

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

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **NET ASSET VALUE PER SHARE** | (Unaudited) |  |
| **Class I Shares:** |  |  |
| Net assets | $4280282 | $2717857 |
| Common Shares outstanding ($0.01 par value, unlimited shares authorized) | 169350179 | 106227563 |
| Net asset value per share | $25.27 | $25.59 |
| **Class D Shares:** |  |  |
| Net assets | $1174151 | $1103246 |
| Common Shares outstanding ($0.01 par value, unlimited shares authorized) | 46455932 | 43120380 |
| Net asset value per share | $25.27 | $25.59 |
| **Class F Shares:** |  |  |
| Net assets | $5499754 | $4506823 |
| Common Shares outstanding ($0.01 par value, unlimited shares authorized) | 217600686 | 176150014 |
| Net asset value per share | $25.27 | $25.59 |
| **Class S Shares:** |  |  |
| Net assets | $765408 | $406006 |
| Common Shares outstanding ($0.01 par value, unlimited shares authorized) | 30283318 | 15868679 |
| Net asset value per share | $25.27 | $25.59 |

---

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

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Statements of Operations**

**(in thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Investment income:** |  |  |  |  |
| From non-controlled/non-affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | $529534 | $345624 | $1403241 | $940968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest income | 33862 | 17916 | 82545 | 52856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 1264 | 1131 | 3617 | 2899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 569 | 966 | 1098 | 5230 |
| From non-controlled/affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 196 |  | 665 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest income | 111 |  | 263 |  |
| From controlled/affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 10953 | 7616 | 34566 | 16061 |
| **Total investment income** | 576489 | 373253 | 1525995 | 1018014 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 184795 | 106274 | 480218 | 281035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees | 36223 | 24001 | 97992 | 63547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income based incentive fee | 43473 | 29258 | 115364 | 81848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains incentive fee |  | 427 | (12950) | 9955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing and/or distribution fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class D | 749 | 642 | 2132 | 1699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class F | 6879 | 5144 | 18964 | 14177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 1534 | 604 | 3788 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 1448 | 1083 | 4764 | 2682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Trustees' fees | 149 | 149 | 463 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative service expenses (Note 3) | 578 | 931 | 3335 | 2600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other general & administrative | 3535 | 2506 | 9959 | 7299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of continuous offering costs | 200 | 608 | 1132 | 1424 |
| **Total expenses** | 279563 | 171627 | 725161 | 467915 |
| **Net investment income before excise tax** | 296926 | 201626 | 800834 | 550099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excise tax expense | 1773 | 3643 | 5218 | 4197 |
| **Net investment income after excise tax** | 295153 | 197983 | 795616 | 545902 |
| **Net realized and change in unrealized gain (loss):** |  |  |  |  |
| Realized gain (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | 13709 | (4548) | (33597) | (16022) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward contracts | (28365) | (763) | (132739) | (3417) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 1669 | 791 | 1111 | 9912 |
| **Net realized gain (loss)** | (12987) | (4520) | (165225) | (9527) |
| Net change in unrealized appreciation (depreciation): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | (42637) | 72233 | 191291 | 110952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/affiliated investments | (258) | 31 | 895 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Controlled/affiliated investments | 1903 | 7763 | (909) | 20685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward contracts | 60336 | (49758) | (48816) | (32510) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Translation of assets and liabilities in foreign currencies | 9728 | (22335) | (118051) | (10363) |
| **Net change in unrealized appreciation (depreciation)** | 29072 | 7934 | 24410 | 89169 |
| **Net realized and change in unrealized gain (loss)** | 16085 | 3414 | (140815) | 79642 |
| **Net increase (decrease) in net assets resulting from operations** | $311238 | $201397 | $654801 | $625544 |

---

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

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Statements of Changes in Net Assets**

**(in thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Increase (decrease) in net assets from operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income after excise tax | $295153 | $197983 | $795616 | $545902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (12987) | (4520) | (165225) | (9527) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 29072 | 7934 | 24410 | 89169 |
| Net increase (decrease) in net assets resulting from operations | 311238 | 201397 | 654801 | 625544 |
| **Distributions to common shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (105715) | (56652) | (280073) | (145219) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class D | (29702) | (25224) | (84893) | (67493) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class F | (132748) | (98312) | (367661) | (274483) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | (16809) | (6547) | (41660) | (13122) |
| Net decrease in net assets resulting from distributions | (284974) | (186735) | (774287) | (500317) |
| **Share transactions:** |  |  |  |  |
| **Class I:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 521356 | 246413 | 1746721 | 981460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share transfers between classes | 638 | 2513 | 83176 | 4961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | 28310 | 15805 | 80688 | 42614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchased shares, net of early repurchase deduction | (50978) | (15533) | (307031) | (71512) |
| Net increase (decrease) from share transactions | 499326 | 249198 | 1603554 | 957523 |
| **Class D:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 65057 | 134820 | 202182 | 313142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share transfers between classes | 10933 | (1846) | (64899) | 14630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | 13348 | 11658 | 39423 | 32923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchased shares, net of early repurchase deduction | (36357) | (3022) | (92313) | (13560) |
| Net increase (decrease) from share transactions | 52981 | 141610 | 84393 | 347135 |
| **Class F:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 354817 | 288584 | 1064623 | 946493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share transfers between classes | (14609) | (512) | (18684) | (20867) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | 60774 | 42721 | 166942 | 126842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchased shares, net of early repurchase deduction | (82088) | (26756) | (161344) | (75874) |
| Net increase (decrease) from share transactions | 318894 | 304037 | 1051537 | 976594 |
| **Class S:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 136639 | 87965 | 361123 | 289012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share transfers between classes | 3038 | (155) | 407 | 1276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | 6561 | 2828 | 16854 | 5269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchased shares, net of early repurchase deduction | (7021) | (5) | (12719) |  |
| Net increase (decrease) from share transactions | 139217 | 90633 | 365665 | 295557 |
| Total increase (decrease) in net assets | 1036682 | 800140 | 2985663 | 2702036 |
| Net assets, beginning of period | 10682913 | 7087260 | 8733932 | 5185364 |
| **Net assets, end of period** | $11719595 | $7887400 | $11719595 | $7887400 |

---

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

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Statements of Cash Flows**

**(in thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| Net increase (decrease) in net assets resulting from operations | $654801 | $625544 |
| &nbsp;&nbsp;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 | (191277) | (132042) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on investments | 33597 | 16022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on foreign currency forward contracts | 48816 | 32510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies | 118691 | 9696 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net accretion of discount and amortization of premium, net | (61593) | (65436) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 7998 | 6057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of original issue discount and debt issuance costs | 17839 | 6469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of offering costs | 1132 | 1424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest capitalized | (78425) | (50350) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind dividends capitalized | (3561) | (2789) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (9041880) | (5238438) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of investments and principal repayments | 1637775 | 1795781 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable from non-controlled/non-affiliated investments | (46964) | (45237) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable from non-controlled/affiliated investments | (200) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend receivable from non-controlled/non-affiliated investments | 25 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments | (3331) | (263885) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 10083 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | 29544 | (40841) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 48558 | 16918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to affiliates | (3380) | (1084) |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees payable | 2808 | 2539 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income based incentive fees payable | 11460 | 8910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains incentive fees payable | (12950) | 9955 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing and/or distribution fees payable | 616 | 648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 53248 | 45187 |
| **Net cash provided by (used in) operating activities** | (6766570) | (3262057) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings on debt | 13922657 | 5240200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of debt | (9310969) | (3926833) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs paid | (16270) | (8889) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs paid | (60589) | (49291) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred offering costs paid | (549) | (1848) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of Common Shares | 3374649 | 2530107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Shares repurchased, net of early repurchase deduction | (507826) | (179260) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions paid in cash | (444104) | (302901) |
| **Net cash provided by (used in) financing activities** | 6956999 | 3301285 |
| **Net increase (decrease) in cash and cash equivalents** | 190429 | 39228 |
| Cash and cash equivalents, beginning of period | 228899 | 188775 |
| **Cash and cash equivalents, end of period** | $419328 | $228003 |

---

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

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Statements of Cash Flows**

**(in thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| **Supplemental information and non-cash activities:** |  |  |
| Interest paid during the period | $405823 | $251591 |
| Taxes paid during the period | $5428 | $1522 |
| Distribution payable | $98172 | $64675 |
| Share repurchases accrued but not paid | $176365 | $45160 |
| Reinvestment of distributions during the period | $303907 | $207648 |
| Non-cash purchases of investments | $73288 | $3045 |
| Non-cash sales of investments | $(73288) | $(3045) |

---

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

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | | | | | | | | |
| **First Lien Debt** | | | | | | | | |
| **Aerospace and Defense** | | | | | | | | |
| Arcfield Acquisition Corp (4)(8) | SF + | 5.00% | 9.31% | 10/28/2031 | $81082 | $80906 | $81893 |  |
| Arcfield Acquisition Corp (4)(6)(8) |  |  |  | 10/28/2031 | 11100 | (24) |  |  |
| Asdam Operations Pty Ltd (4)(5)(8) | B + | 5.25% | 8.84% | 8/22/2028 | 41558 | 28139 | 27482 |  |
| Asdam Operations Pty Ltd (4)(5)(6)(8) | B + | 5.25% | 8.84% | 8/22/2028 | 5421 | 2252 | 2390 |  |
| Asdam Operations Pty Ltd (4)(5)(8) | B + | 5.25% | 8.84% | 8/22/2028 | 3614 | 2438 | 2390 |  |
| Cadence - Southwick, Inc. (4)(10) | SF + | 5.25% | 9.60% | 5/3/2029 | 40697 | 39959 | 41104 |  |
| Cadence - Southwick, Inc. (4)(10) | SF + | 4.75% | 9.18% | 5/3/2029 | 3057 | 3017 | 3088 |  |
| Cadence - Southwick, Inc. (4)(6)(10) | SF + | 4.75% | 9.03% | 5/3/2028 | 17561 | 9149 | 9366 |  |
| Carbon Topco, Inc. (4)(6)(9) |  |  |  | 5/1/2030 | 11985 | (200) | (120) |  |
| Carbon Topco, Inc. (4)(9) | SF + | 6.00% | 10.30% | 11/1/2030 | 71750 | 70534 | 70936 |  |
| Fastener Distribution Holdings, LLC (4)(9) | SF + | 4.75% | 8.75% | 11/4/2031 | 75253 | 74598 | 75251 |  |
| Fastener Distribution Holdings, LLC (4)(6)(9) | SF + | 4.75% | 8.75% | 11/4/2031 | 28345 | 10663 | 10926 |  |
| Frontgrade Technologies Holdings Inc. (4)(9) | SF + | 5.00% | 9.19% | 1/9/2030 | 36769 | 36087 | 36766 |  |
| Frontgrade Technologies Holdings Inc. (4)(9) | SF + | 5.00% | 9.19% | 1/9/2030 | 7741 | 7639 | 7741 |  |
| Frontgrade Technologies Holdings Inc. (4)(6)(9) |  |  |  | 1/10/2028 | 6864 | (86) |  |  |
| Frontgrade Technologies Holdings Inc. (4)(9) | SF + | 5.00% | 9.19% | 1/9/2030 | 8682 | 8605 | 8682 |  |
| Frontgrade Technologies Holdings Inc. (4)(9) | SF + | 5.00% | 9.29% | 1/9/2030 | 1985 | 1975 | 1985 |  |
| Goat Holdco LLC (5)(7) | SF + | 2.75% | 6.91% | 1/27/2032 | 12022 | 11902 | 12050 |  |
| RH Buyer Inc (4)(10) | SF + | 6.50% | 10.92% | 1/17/2031 | 117918 | 115834 | 114553 |  |
| RH Buyer Inc (4)(6)(10) | SF + | 6.50% | 10.80% | 1/17/2031 | 13792 | 5825 | 5675 |  |
| Tex-Tech Industries, Inc. (4)(9) | SF + | 5.00% | 9.14% | 1/13/2031 | 81014 | 80301 | 80626 |  |
| Tex-Tech Industries, Inc. (4)(6)(9) | SF + | 5.00% | 9.17% | 1/13/2031 | 18094 | 5258 | 5342 |  |
| Tex-Tech Industries, Inc. (4)(6)(9) | SF + | 5.00% | 9.14% | 1/13/2031 | 17192 | 923 | 992 |  |
| Titan BW Borrower L.P. (4)(8) | SF + | 5.25% (incl 2.88% PIK) | 9.45% | 7/24/2032 | 249092 | 246674 | 246666 |  |
| Titan BW Borrower L.P. (4)(6)(8) |  |  |  | 7/24/2032 | 21056 | (208) | (205) |  |
| Titan BW Borrower L.P. (4)(6)(8) |  |  |  | 7/24/2032 | 48935 | (476) | (476) |  |
| Valence Surface Technologies LLC (4)(10) | SF + | 8.25% (incl 6.50% PIK) | 12.40% | 6/13/2031 | 154682 | 151432 | 151662 |  |
| Valence Surface Technologies LLC (4)(10) | SF + | 7.00% | 11.13% | 6/13/2031 | 18107 | 17716 | 17754 |  |
| Valence Surface Technologies LLC (4)(6)(10) |  |  |  | 6/13/2031 | 27161 | (596) | (530) |  |
| Valence Surface Technologies LLC (4)(6)(10) |  |  |  | 6/13/2031 | 13777 | (294) | (269) |  |
| West Star Aviation Acquisition, LLC (4)(6)(9) | SF + | 4.50% | 8.66% | 5/20/2032 | 7418 | 1431 | 1484 |  |
| West Star Aviation Acquisition, LLC (4)(6)(9) |  |  |  | 5/20/2032 | 11127 | (81) | 25 |  |
| West Star Aviation Acquisition, LLC (4)(9) | SF + | 4.50% | 8.66% | 5/20/2032 | 53038 | 52661 | 53157 |  |
| WP CPP Holdings, LLC (4)(10) | SF + | 7.00% (incl 3.88% PIK) | 11.17% | 11/30/2029 | 205193 | 201990 | 209847 |  |
| WP CPP Holdings, LLC (4)(6)(10) |  |  |  | 11/30/2029 | 26285 | (456) |  |  |
|  |  |  |  |  |  | 1265487 | 1278233 | 10.91% |
| **Alternative Energy** |  |  |  |  |  |  |  |  |
| Braya Renewable Fuels (Newfoundland) LP (4)(5)(15) | SF + | 10.00% | 14.10% | 11/9/2026 | 12445 | 12353 | 11316 |  |
| Braya Renewable Fuels (Newfoundland) LP (4)(5)(15) | SF + | 10.00% | 14.10% | 11/9/2026 | 950 | 943 | 864 |  |
| Braya Renewable Fuels (Newfoundland) LP (4)(5)(15) | SF + | 10.00% | 14.10% | 11/9/2026 | 957 | 949 | 870 |  |
| Braya Renewable Fuels (Newfoundland) LP (4)(5)(15) | SF + | 10.00% | 14.10% | 11/9/2026 | 10458 | 10367 | 9509 |  |
|  |  |  |  |  |  | 24612 | 22559 | 0.19% |
| **Asset Based Lending and Fund Finance** |  |  |  |  |  |  |  |  |
| Montagu Lux Finco Sarl (4)(5)(6)(10) | E + | 5.50% | 7.53% | 2/13/2032 | 65158 | 33359 | 37256 |  |
|  |  |  |  |  |  | 33359 | 37256 | 0.32% |
| **Automobiles and Parts** |  |  |  |  |  |  |  |  |
| ABC Group Holdings Inc (4)(5)(9) | E + | 5.88% | 7.81% | 8/22/2031 | 93391 | 105444 | 105558 |  |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| ABC Technologies Inc (4)(5)(9) | SF + | 5.75% | 9.89% | 8/22/2031 | 148066 | 142612 | 142613 |  |
| Clarios Global LP (7) | SF + | 2.50% | 6.66% | 5/6/2030 | 10643 | 10603 | 10661 |  |
| Clarios Global LP (7) | SF + | 2.75% | 6.91% | 1/28/2032 | 5366 | 5360 | 5376 |  |
| Foundation Automotive Corp (4)(5)(10)(19) | SF + | 7.75% PIK |  | 12/24/2027 | 15156 | 15032 | 7893 |  |
| Foundation Automotive US Corp (4)(10)(19) | SF + | 7.75% PIK |  | 12/24/2027 | 16105 | 15897 | 8389 |  |
| Foundation Automotive US Corp (4)(10)(19) | SF + | 7.75% PIK |  | 12/24/2027 | 4755 | 4714 | 2477 |  |
| Foundation Automotive US Corp (4)(6)(14)(19) | SF + | 7.75% |  | 12/24/2027 | 2701 | 1454 | 327 |  |
| Oil Changer Holding Corporation (4)(10) | SF + | 6.75% | 11.07% | 2/8/2027 | 7995 | 7972 | 7995 |  |
| Oil Changer Holding Corporation (4)(10) | SF + | 6.75% | 11.07% | 2/8/2027 | 38083 | 37972 | 38083 |  |
| Tenneco Inc (8) | SF + | 5.00% | 9.30% | 11/17/2028 | 8000 | 7874 | 7853 |  |
| Tenneco Inc (8) | SF + | 4.75% | 9.05% | 11/17/2028 | 3872 | 3817 | 3795 |  |
|  |  |  |  |  |  | 358751 | 341020 | 2.91% |
| **Chemicals** |  |  |  |  |  |  |  |  |
| Fortis 333 Inc (7) | SF + | 3.50% | 7.50% | 3/27/2032 | 2934 | 2927 | 2923 |  |
| Lummus Technology Holdings V LLC (7) | SF + | 2.50% | 6.66% | 12/31/2029 | 24915 | 24725 | 25001 |  |
|  |  |  |  |  |  | 27652 | 27924 | 0.24% |
| **Construction and Materials** |  |  |  |  |  |  |  |  |
| Enstall Group B.V. (4)(5)(8)(19) | E + | 6.50% |  | 8/30/2028 | 66462 | 70994 | 47603 |  |
| Fire Flow Intermediate Corporation (4)(9) | SF + | 4.75% | 9.06% | 7/10/2031 | 123061 | 122034 | 124292 |  |
| Hobbs & Associates LLC (7) | SF + | 2.75% | 6.91% | 7/23/2031 | 15396 | 15342 | 15408 |  |
| Nexus Intermediate III, LLC (4)(9) | SF + | 4.75% | 8.97% | 12/6/2027 | 1044 | 1053 | 1044 |  |
| NRO Holdings III Corp. (4)(6)(9) | SF + | 5.25% | 9.40% | 7/15/2030 | 100 | 48 | 50 |  |
| NRO Holdings III Corp. (4)(9) | SF + | 5.25% | 9.57% | 7/15/2031 | 679 | 668 | 683 |  |
| NRO Holdings III Corp. (4)(6)(9) | SF + | 5.25% | 9.57% | 7/15/2031 | 214 | 15 | 21 |  |
|  |  |  |  |  |  | 210154 | 189101 | 1.61% |
| **Consumer Services** |  |  |  |  |  |  |  |  |
| Aesthetics Australia Group Pty Ltd (4)(5)(8) | B + | 9.38% PIK | 13.61% | 3/21/2028 | 57807 | 36914 | 31161 |  |
| AI Learning (Singapore) PTE. LTD. (4)(5)(12) | SORA + | 7.50% | 9.01% | 5/25/2027 | 45400 | 33137 | 34586 |  |
| American Academy Holdings, LLC (4)(17) | SF + | 9.75% (incl 5.25% PIK) | 14.01% | 6/30/2027 | 58278 | 58278 | 57656 |  |
| Auctane Inc (4)(9) | SF + | 5.75% | 10.14% | 10/5/2028 | 24250 | 24250 | 22880 |  |
| Club Car Wash Operating, LLC (4)(10) | SF + | 5.50% | 9.65% | 6/16/2027 | 25457 | 25330 | 25444 |  |
| Club Car Wash Operating, LLC (4)(10) | SF + | 5.50% | 9.65% | 6/16/2027 | 12441 | 12347 | 12434 |  |
| Club Car Wash Operating, LLC (4)(10) | SF + | 5.50% | 9.65% | 6/16/2027 | 39098 | 38618 | 39078 |  |
| Club Car Wash Operating, LLC (4)(10) | SF + | 5.50% | 9.65% | 6/16/2027 | 76746 | 76289 | 76707 |  |
| Club Car Wash Operating, LLC (4)(6)(10) | SF + | 5.50% | 9.65% | 6/16/2027 | 39466 | 12013 | 12383 |  |
| Corporation Service Company (8) | SF + | 2.00% | 6.16% | 11/2/2029 | 1578 | 1550 | 1565 |  |
| Ensemble RCM LLC (7) | SF + | 3.00% | 7.31% | 8/1/2029 | 11608 | 11555 | 11653 |  |
| Express Wash Concepts, LLC (4)(10) | SF + | 5.00% | 9.26% | 4/30/2027 | 26055 | 25969 | 26155 |  |
| Express Wash Concepts, LLC (4)(10) | SF + | 5.00% | 9.26% | 4/30/2027 | 46394 | 46246 | 46572 |  |
| Houghton Mifflin Harcourt Company (8) | SF + | 5.25% | 9.51% | 4/9/2029 | 24803 | 24409 | 22290 |  |
| ImageFIRST Holdings, LLC (7) | SF + | 3.25% | 7.31% | 3/12/2032 | 4655 | 4644 | 4672 |  |
| IXM Holdings, Inc. (4)(11) | SF + | 6.25% | 10.54% | 12/14/2029 | 18287 | 18094 | 18278 |  |
| IXM Holdings, Inc. (4)(11) | SF + | 6.25% | 10.54% | 12/14/2029 | 1630 | 1611 | 1629 |  |
| IXM Holdings, Inc. (4)(6)(11) | SF + | 6.25% | 10.46% | 12/14/2029 | 4013 | 1788 | 1833 |  |
| IXM Holdings, Inc. (4)(11) | SF + | 6.25% | 10.42% | 12/14/2029 | 976 | 962 | 975 |  |
| KUEHG Corp. (5)(8) | SF + | 2.75% | 6.75% | 6/12/2030 | 2368 | 2364 | 2369 |  |
| Learning Care Group, Inc. (8) | SF + | 4.00% | 8.31% | 8/11/2028 | 1960 | 1943 | 1931 |  |
| Mckissock Investment Holdings LLC (9) | SF + | 5.00% | 9.47% | 3/12/2029 | 12294 | 12231 | 12241 |  |
| Mckissock Investment Holdings LLC (9) | SF + | 5.00% | 9.33% | 3/12/2029 | 45981 | 45233 | 45780 |  |
| Mckissock Investment Holdings LLC (9) | SF + | 5.00% | 9.47% | 3/12/2029 | 31244 | 31106 | 31107 |  |
| Polyconcept North America Holdings, Inc. (9) | SF + | 5.50% | 9.50% | 5/18/2029 | 4627 | 4577 | 4200 |  |
| Spotless Brands, LLC (4)(10) | SF + | 5.75% | 9.62% | 7/25/2028 | 103461 | 102458 | 103494 |  |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Spotless Brands, LLC (4)(6)(10) | SF + | 5.75% | 9.75% | 7/25/2028 | 5175 | 2022 | 2064 |  |
| Spotless Brands, LLC (4)(10) | SF + | 5.75% | 9.62% | 7/25/2028 | 21157 | 20956 | 21164 |  |
| Spotless Brands, LLC (4)(10) | SF + | 5.75% | 9.62% | 7/25/2028 | 15700 | 15552 | 15705 |  |
| Spotless Brands, LLC (4)(6)(10) | SF + | 5.50% | 9.83% | 7/25/2028 | 30924 | 26954 | 27094 |  |
| Thrasio LLC (4)(10) | SF + | 10.00% PIK | 14.58% | 6/18/2029 | 405 | 403 | 405 |  |
| Thrasio LLC (4)(10)(19) | SF + | 10.00% PIK |  | 6/18/2029 | 1055 | 1029 | 794 |  |
| TruGreen Limited Partnership (9) | SF + | 4.00% | 8.26% | 11/2/2027 | 8420 | 8374 | 8283 |  |
| Wharf Street Ratings Acquisition LLC (4)(9) | SF + | 4.75% | 8.91% | 9/16/2032 | 306937 | 303885 | 303884 |  |
| Wharf Street Ratings Acquisition LLC (4)(6)(9) |  |  |  | 9/16/2032 | 34104 | (340) | (339) |  |
| Wharf Street Ratings Acquisition LLC (4)(6)(9) |  |  |  | 9/16/2032 | 36506 | (363) | (363) |  |
|  |  |  |  |  |  | 1032388 | 1027764 | 8.77% |
| **Electricity** |  |  |  |  |  |  |  |  |
| Cricket Valley Energy Center LLC (4)(18) | SF + | 5.00% | 9.16% | 6/26/2030 | 78903 | 77035 | 77513 |  |
| Hamilton Projects Acquiror LLC (7) | SF + | 2.50% | 6.66% | 5/30/2031 | 19855 | 19806 | 19942 |  |
| IP Operating Portfolio I, LLC (4)(7) |  | 7.88% | 7.88% | 12/31/2029 | 26998 | 26638 | 25966 |  |
| IP Operations II Investco, LLC (4)(15) | SF + | 5.50% | 9.67% | 6/26/2029 | 25810 | 25425 | 25844 |  |
| Lackawanna Energy Center LLC (7) | SF + | 3.00% | 7.25% | 8/5/2032 | 8511 | 8490 | 8594 |  |
| Sunzia UpperCo LLC (4)(16) | SF + | 5.00% | 9.02% | 12/21/2025 | 25000 | 25000 | 25000 |  |
|  |  |  |  |  |  | 182394 | 182859 | 1.56% |
| **Electronic and Electrical Equipment** |  |  |  |  |  |  |  |  |
| Dwyer Instruments Inc (4)(9) | SF + | 4.75% | 8.75% | 7/20/2029 | 111609 | 110694 | 111361 |  |
| Dwyer Instruments Inc (4)(6)(9) |  |  |  | 7/20/2029 | 13403 | (122) | (30) |  |
| Dwyer Instruments Inc (4)(6)(9) | SF + | 4.75% | 8.75% | 7/20/2029 | 19177 | 1390 | 1504 |  |
|  |  |  |  |  |  | 111962 | 112835 | 0.96% |
| **Finance and Credit Services** |  |  |  |  |  |  |  |  |
| PCP CW Aggregator Holdings II, L.P. (4)(5)(10) | SF + | 7.75% PIK | 11.98% | 2/9/2028 | 24828 | 24727 | 24923 |  |
| Yes Energy LLC (4)(10) | SF + | 4.75% | 8.92% | 4/21/2028 | 39715 | 39397 | 39715 |  |
| Yes Energy LLC (4)(10) | SF + | 4.75% | 8.92% | 4/21/2028 | 14259 | 14163 | 14259 |  |
| Yes Energy LLC (4)(10) | SF + | 4.75% | 8.92% | 4/21/2028 | 9662 | 9573 | 9662 |  |
| Yes Energy LLC (4)(6)(10) |  |  |  | 4/21/2028 | 3417 | (72) |  |  |
| Yes Energy LLC (4)(6)(10) |  |  |  | 4/21/2028 | 2443 |  |  |  |
| Yes Energy LLC (4)(10) | SF + | 4.75% | 8.92% | 4/21/2028 | 4231 | 4193 | 4231 |  |
|  |  |  |  |  |  | 91981 | 92790 | 0.79% |
| **Food Producers** |  |  |  |  |  |  |  |  |
| Alpine US Bidco LLC (7) | SF + | 3.50% | 7.66% | 12/23/2030 | 9466 | 9435 | 9534 |  |
| Specialty Ingredients, LLC (4)(9) | SF + | 6.00% | 10.26% | 2/12/2029 | 88214 | 87278 | 88214 |  |
| Specialty Ingredients, LLC (4)(6)(9) | SF + | 6.00% | 10.26% | 2/12/2029 | 11278 | 7214 | 7331 |  |
| Sugar PPC Buyer LLC (4)(10) | SF + | 4.75% | 9.07% | 10/2/2030 | 58653 | 57710 | 58653 |  |
| Sugar PPC Buyer LLC (4)(10) | SF + | 4.75% | 9.07% | 10/2/2030 | 16293 | 16023 | 16293 |  |
| Sugar PPC Buyer LLC (4)(6)(10) | SF + | 4.75% | 9.06% | 10/2/2030 | 14464 | 4202 | 4331 |  |
| SW Ingredients Holdings, LLC (4)(6)(9) | SF + | 5.00% | 9.16% | 5/2/2030 | 32714 | 15729 | 15779 |  |
| SW Ingredients Holdings, LLC (4)(9) | SF + | 5.00% | 9.16% | 5/2/2030 | 191998 | 189350 | 189648 |  |
| SW Ingredients Holdings, LLC (4)(6)(9) |  |  |  | 5/2/2030 | 23763 | (342) | (291) |  |
|  |  |  |  |  |  | 386599 | 389492 | 3.32% |
| **Gas, Water and Multi-utilities** |  |  |  |  |  |  |  |  |
| Eagle LNG Partners Jacksonville II LLC (4)(7) |  | 13.50% (incl 6.35% PIK) | 13.50% | 4/26/2029 | 829 | 813 | 776 |  |
| Eagle LNG Partners Jacksonville II LLC (4)(7) |  | 13.50% (incl 6.35% PIK) | 13.50% | 4/26/2029 | 76 | 74 | 71 |  |
| Floating Infrastructure Holdings Finance LLC (4)(5)(10) | SF + | 5.75% | 9.85% | 8/13/2027 | 39099 | 38813 | 39099 |  |
|  |  |  |  |  |  | 39700 | 39946 | 0.34% |
| **General Industrials** |  |  |  |  |  |  |  |  |
| Bakelite US Holdco Inc (7) | SF + | 3.75% | 7.75% | 12/23/2031 | 6160 | 6105 | 6160 |  |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| BP Purchaser, LLC (4)(9) | SF + | 5.50% | 9.80% | 12/11/2028 | 28472 | 28214 | 23817 |  |
| Bright Light Buyer, Inc. (4)(10) | SF + | 6.00% | 10.16% | 11/8/2029 | 72283 | 71048 | 72283 |  |
| Capripack Debtco PLC (4)(5)(10) | E + | 5.75% (incl 2.50% PIK) | 7.71% | 1/3/2030 | 13653 | 14557 | 16061 |  |
| Capripack Debtco PLC (4)(5)(10) | E + | 5.75% (incl 2.50% PIK) | 7.71% | 1/3/2030 | 73494 | 78358 | 86454 |  |
| Capripack Debtco PLC (4)(5)(10) | E + | 5.75% (incl 2.50% PIK) | 7.77% | 1/3/2030 | 30250 | 30474 | 35584 |  |
| Capripack Debtco PLC (4)(5)(10) | E + | 5.75% (incl 2.50% PIK) | 7.77% | 1/3/2030 | 26468 | 26664 | 31136 |  |
| Clydesdale Acquisition Holdings Inc (8) | SF + | 3.18% | 7.34% | 4/13/2029 | 7576 | 7561 | 7574 |  |
| Formerra LLC (4)(10) | SF + | 7.25% | 11.63% | 11/1/2028 | 103818 | 102043 | 102731 |  |
| Formerra LLC (4)(6)(10) | SF + | 7.25% | 11.51% | 11/1/2028 | 12031 | 1003 | 1077 |  |
| Formerra LLC (4)(10) | SF + | 7.25% | 11.63% | 11/1/2028 | 4177 | 4104 | 4133 |  |
| Marcone Group Inc (4)(9) | SF + | 7.00% (incl 3.25% PIK) | 11.44% | 6/23/2028 | 50716 | 50359 | 42313 |  |
| Marcone Group Inc (4)(9) | SF + | 7.00% (incl 3.25% PIK) | 11.44% | 6/23/2028 | 12153 | 12098 | 10140 |  |
| Marcone Group Inc (4)(9) | SF + | 7.00% (incl 3.25% PIK) | 11.44% | 6/23/2028 | 13453 | 13393 | 11224 |  |
| Marcone Group Inc (4)(9) | SF + | 7.00% (incl 3.25% PIK) | 11.44% | 6/23/2028 | 4470 | 4450 | 3730 |  |
|  |  |  |  |  |  | 450431 | 454417 | 3.88% |
| **Health Care Providers** |  |  |  |  |  |  |  |  |
| 123Dentist Inc (4)(5)(6)(9) | C + | 5.00% | 7.55% | 8/10/2029 | 23754 | 13790 | 14021 |  |
| 123Dentist Inc (4)(5)(9) | C + | 5.00% | 7.55% | 8/10/2029 | 56338 | 43127 | 40461 |  |
| AB Centers Acquisition Corporation (4)(9) | SF + | 5.25% | 9.47% | 7/2/2031 | 157416 | 155477 | 156265 |  |
| AB Centers Acquisition Corporation (4)(6)(9) | SF + | 5.25% | 9.47% | 7/2/2031 | 28763 | 9939 | 10113 |  |
| AB Centers Acquisition Corporation (4)(9) | SF + | 5.25% | 9.41% | 7/2/2031 | 52977 | 52593 | 52589 |  |
| AB Centers Acquisition Corporation (4)(9) | SF + | 5.25% | 9.47% | 7/2/2031 | 130083 | 129132 | 129132 |  |
| AB Centers Acquisition Corporation (4)(6)(9) |  |  |  | 7/2/2031 | 24356 | (261) | (178) |  |
| Aspen Dental Management Inc. (ADMI Corp) (8) | SF + | 3.75% | 8.03% | 12/23/2027 | 3276 | 3234 | 3112 |  |
| Aspen Dental Management Inc. (ADMI Corp) (7) | SF + | 5.75% | 9.91% | 12/23/2027 | 847 | 852 | 824 |  |
| AthenaHealth Group Inc. (8) | SF + | 2.75% | 6.91% | 2/15/2029 | 18085 | 17948 | 18072 |  |
| ATI Holdings Acquisition, Inc. (4)(5)(10) | SF + | 7.25% | 11.03% | 2/24/2028 | 41092 | 40759 | 38311 |  |
| Baart Programs, Inc. (4)(10)(19) | SF + | 5.00% |  | 6/11/2027 | 9968 | 9935 | 7881 |  |
| Blazing Star Shields Direct Parent, LLC (4)(10) | SF + | 6.00% | 10.20% | 8/28/2030 | 495632 | 485903 | 485898 |  |
| Blazing Star Shields Direct Parent, LLC (4)(6)(10) | SF + | 6.00% | 10.00% | 8/28/2030 | 21972 | 1766 | 1766 |  |
| Charlotte Buyer Inc (8) | SF + | 4.25% | 8.43% | 2/11/2028 | 24875 | 24180 | 24866 |  |
| Diagnostic Services Holdings, Inc. (4)(10) | SF + | 5.50% | 9.78% | 3/15/2027 | 122090 | 121497 | 120915 |  |
| Diagnostic Services Holdings, Inc. (4)(10) | SF + | 5.50% | 9.78% | 3/15/2027 | 15663 | 15587 | 15512 |  |
| Diagnostic Services Holdings, Inc. (4)(6)(10) | SF + | 5.50% | 9.78% | 3/15/2027 | 2993 | 1582 | 1567 |  |
| EPFS Buyer, Inc. (4)(9) | SF + | 4.75% | 8.75% | 7/31/2031 | 33567 | 33241 | 33241 |  |
| EPFS Buyer, Inc. (4)(6)(9) |  |  |  | 7/31/2031 | 5722 | (56) | (56) |  |
| EPFS Buyer, Inc. (4)(6)(9) |  |  |  | 7/31/2031 | 3814 | (37) | (37) |  |
| ERC Topco Holdings, LLC (4)(10)(19) | SF + | 6.50% PIK |  | 3/31/2030 | 7055 | 7055 | 7055 |  |
| ERC Topco Holdings, LLC (4)(6)(10)(19) | SF + | 5.50% |  | 3/31/2030 | 1560 | 1081 | 1189 |  |
| FC Compassus LLC (4)(6)(7) |  |  |  | 11/26/2030 | 19127 | (246) | (95) |  |
| FC Compassus LLC (4)(9) | SF + | 5.75% (incl 1.50% PIK) | 9.91% | 11/26/2030 | 145979 | 144106 | 145245 |  |
| FC Compassus LLC (4)(6)(9) | SF + | 5.75% (incl 1.50% PIK) | 9.91% | 11/26/2030 | 15819 | 1554 | 1693 |  |
| FC Compassus LLC (4)(9)(23) | SF + | 7.03% (incl 2.09% PIK) | 11.19% | 11/26/2030 | 1177 | 1162 | 1171 |  |
| FC Compassus LLC (4)(6)(9)(23) | SF + | 7.08% (incl 2.17% PIK) | 11.25% | 11/26/2030 | 128 | 13 | 14 |  |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Global Medical Response Inc (7) | SF + | 3.50% | 7.63% | 10/1/2032 | 25000 | 24938 | 25036 |  |
| Indigo Purchaser, Inc. (4)(9) | SF + | 5.00% | 9.00% | 11/21/2031 | 111549 | 110081 | 112664 |  |
| Indigo Purchaser, Inc. (4)(6)(9) | SF + | 5.00% | 9.24% | 11/21/2031 | 25604 | 1122 | 1738 |  |
| Indigo Purchaser, Inc. (4)(6)(9) |  |  |  | 11/21/2031 | 17478 | (230) |  |  |
| Kabafusion Parent LLC (4)(9) | SF + | 5.00% | 9.00% | 11/24/2031 | 89550 | 88762 | 89804 |  |
| Kabafusion Parent LLC (4)(6)(9) |  |  |  | 11/24/2031 | 11700 | (103) |  |  |
| Kabafusion Parent LLC (4)(9) | SF + | 5.00% | 9.00% | 11/24/2031 | 58811 | 58248 | 58978 |  |
| MB2 Dental Solutions, LLC (4)(9) | SF + | 5.50% | 9.66% | 2/13/2031 | 153743 | 151843 | 153610 |  |
| MB2 Dental Solutions, LLC (4)(6)(9) |  |  |  | 2/13/2031 | 13909 | (213) | (12) |  |
| MB2 Dental Solutions, LLC (4)(6)(9) | SF + | 5.50% | 9.66% | 2/13/2031 | 53953 | 23622 | 24505 |  |
| MB2 Dental Solutions, LLC (4)(9) | SF + | 5.50% | 9.66% | 2/13/2031 | 22263 | 21880 | 22244 |  |
| Medline Borrower LP (8) | SF + | 2.00% | 6.16% | 10/23/2030 | 14947 | 14847 | 14955 |  |
| Pareto Health Intermediate Holdings, Inc. (4)(10) | SF + | 4.75% | 8.75% | 6/3/2030 | 43979 | 43262 | 43835 |  |
| Pareto Health Intermediate Holdings, Inc. (4)(10) | SF + | 4.75% | 8.75% | 6/3/2030 | 14660 | 14421 | 14612 |  |
| Pareto Health Intermediate Holdings, Inc. (4)(6)(10) |  |  |  | 6/1/2029 | 4032 | (74) | (16) |  |
| Pareto Health Intermediate Holdings, Inc. (4)(6)(10) |  |  |  | 6/3/2030 | 9160 | (85) | (30) |  |
| Pareto Health Intermediate Holdings, Inc. (4)(10) | SF + | 4.75% | 8.75% | 6/3/2030 | 16521 | 16380 | 16467 |  |
| Phoenix Newco Inc (8) | SF + | 2.50% | 6.66% | 11/15/2028 | 16590 | 16530 | 16623 |  |
| Pinnacle Fertility, Inc. (4)(9) | SF + | 5.00% | 9.42% | 3/14/2028 | 26538 | 26313 | 26538 |  |
| Pinnacle Fertility, Inc. (4)(9) | SF + | 5.00% | 9.25% | 3/14/2028 | 9094 | 9024 | 9094 |  |
| PPV Intermediate Holdings, LLC (4)(9) | SF + | 5.75% | 9.95% | 8/31/2029 | 41770 | 41337 | 41609 |  |
| PPV Intermediate Holdings, LLC (4)(6)(9) |  |  |  | 8/31/2029 | 4746 | (53) | (18) |  |
| Precision Medicine Group, LLC (7) | SF + | 3.50% | 7.66% | 8/20/2032 | 8000 | 7961 | 7978 |  |
| Project Alliance Buyer, LLC (4)(9) | SF + | 5.00% | 9.20% | 8/27/2031 | 52783 | 52004 | 52003 |  |
| Project Alliance Buyer, LLC (4)(6)(9) |  |  |  | 8/27/2031 | 10101 | (149) | (149) |  |
| PTSH Intermediate Holdings, LLC (4)(9) | SF + | 5.50% | 9.65% | 12/17/2027 | 20310 | 20153 | 20310 |  |
| PTSH Intermediate Holdings, LLC (4)(9) | SF + | 5.50% | 9.65% | 12/17/2027 | 3872 | 3840 | 3872 |  |
| Raven Acquisition Holdings LLC (7) | SF + | 3.00% | 7.16% | 11/19/2031 | 19682 | 19570 | 19698 |  |
| Raven Acquisition Holdings LLC (6)(7) |  |  |  | 11/19/2031 | 1413 | (8) | 1 |  |
| Southern Veterinary Partners LLC (7) | SF + | 2.50% | 6.82% | 12/4/2031 | 5838 | 5800 | 5833 |  |
| Tenet Healthcare Corp (5)(7) |  | 5.13% | 5.13% | 11/1/2027 | 2695 | 2711 | 2691 |  |
| Tivity Health Inc (4)(9) | SF + | 5.00% | 9.16% | 6/28/2029 | 128842 | 127368 | 128842 |  |
| TTF Lower Intermediate LLC (7) | SF + | 3.75% | 7.79% | 7/18/2031 | 11996 | 11828 | 11397 |  |
| United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9) | SF + | 5.75% | 10.07% | 7/17/2028 | 42522 | 42111 | 42269 |  |
| United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9) | SF + | 5.75% | 10.07% | 7/17/2028 | 26078 | 25835 | 25922 |  |
| United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9) | SF + | 5.75% | 10.05% | 7/17/2028 | 32258 | 31957 | 32066 |  |
| Vaxcare Intermediate II LLC (4)(8) | SF + | 4.50% | 8.79% | 6/17/2032 | 59706 | 59134 | 59624 |  |
| Vaxcare Intermediate II LLC (4)(6)(8) |  |  |  | 6/17/2032 | 11986 | (115) | (16) |  |
| WCAS XIII Primary Care Investors, L.P. (4)(10) | SF + | 6.25% | 10.25% | 12/31/2029 | 135630 | 133971 | 133388 |  |
| WCAS XIV Primary Care Investors, L.P. (4)(10) | SF + | 6.25% | 10.25% | 12/31/2032 | 56433 | 55500 | 55445 |  |
| WCAS XIV Primary Care Investors, L.P. (4)(10) | SF + | 6.25% | 10.25% | 12/31/2032 | 8342 | 8200 | 8196 |  |
| WCAS XIV Primary Care Investors, L.P. (4)(10) | SF + | 6.25% | 10.25% | 12/31/2032 | 15932 | 15653 | 15653 |  |
| WCAS XIV Primary Care Investors, L.P. (4)(10) | SF + | 6.25% | 10.25% | 12/31/2032 | 13613 | 13350 | 13375 |  |
| WCAS XIV Primary Care Investors, L.P. (4)(10) | SF + | 6.25% | 10.25% | 12/31/2032 | 3581 | 3509 | 3518 |  |
|  |  |  |  |  |  | 2616948 | 2624699 | 22.40% |
| **Household Goods and Home Construction** |  |  |  |  |  |  |  |  |
| Hunter Douglas Inc (7) | SF + | 3.25% | 7.25% | 1/17/2032 | 2289 | 2278 | 2295 |  |
| SWF Holdings I Corp (10) | SF + | 4.50% | 8.66% | 12/19/2029 | 73 | 70 | 73 |  |
| SWF Holdings I Corp (10) | SF + | 4.00% | 8.28% | 10/6/2028 | 667 | 633 | 547 |  |
| SWF Holdings I Corp (6)(10) |  |  |  | 12/19/2029 | 94 |  | 1 |  |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
|  |  |  |  |  |  | 2981 | 2916 | 0.02% |
| **Industrial Engineering** |  |  |  |  |  |  |  |  |
| Arcline FM Holdings LLC (9)(21) | SF + | 2.75% | 6.73% | 6/23/2030 | 15714 | 15714 | 15741 |  |
| LSF12 Donnelly Bidco, LLC (4)(10) | SF + | 6.50% | 10.66% | 10/2/2029 | 19529 | 19203 | 19529 |  |
| Radwell Parent, LLC (4)(9) | SF + | 5.50% | 9.50% | 4/2/2029 | 151105 | 148577 | 151104 |  |
| Radwell Parent, LLC (4)(6)(9) | SF + | 5.50% | 9.50% | 4/3/2028 | 13271 | 3384 | 3539 |  |
| Roper Industrial Products Investment Co (8) | SF + | 2.75% | 6.75% | 11/22/2029 | 20344 | 19964 | 20394 |  |
| Rotation Buyer, LLC (4)(6)(9) | SF + | 4.75% | 8.95% | 12/27/2031 | 17040 | 4067 | 4188 |  |
| Rotation Buyer, LLC (4)(6)(9) | SF + | 4.75% | 8.75% | 12/27/2031 | 8731 | 3450 | 3507 |  |
| Rotation Buyer, LLC (4)(9) | SF + | 4.75% | 8.75% | 12/27/2031 | 66208 | 65618 | 66056 |  |
| Time Manufacturing Holdings LLC (4)(9) | SF + | 6.50% | 10.76% | 12/1/2027 | 12320 | 12221 | 9703 |  |
| Time Manufacturing Holdings LLC (4)(9) | E + | 6.50% | 8.41% | 12/1/2027 | 8546 | 9579 | 7772 |  |
| Time Manufacturing Holdings LLC (4)(6)(9) | SF + | 6.50% | 10.76% | 12/1/2027 | 1002 | 974 | 769 |  |
| Time Manufacturing Holdings LLC (4)(9) | E + | 6.50% | 8.41% | 12/1/2027 | 4852 | 5085 | 4413 |  |
| TK Elevator US Newco Inc (5)(8) | SF + | 3.00% | 7.20% | 4/30/2030 | 14955 | 14819 | 15009 |  |
| Wec US Holdings Inc (7) | SF + | 2.25% | 6.53% | 1/27/2031 | 9900 | 9841 | 9914 |  |
|  |  |  |  |  |  | 332496 | 331638 | 2.83% |
| **Industrial Metals and Mining** |  |  |  |  |  |  |  |  |
| Alchemy US Holdco 1 LLC (4)(10) | SF + | 6.50% | 10.81% | 7/31/2029 | 119064 | 115047 | 113917 |  |
| Alchemy US Holdco 1 LLC (4)(10) | E + | 6.50% | 8.53% | 7/31/2029 | 25122 | 26275 | 28194 |  |
| Alchemy US Holdco 1 LLC (4)(6)(10) | SF + | 6.50% | 10.81% | 7/31/2029 | 10237 | 909 | 853 |  |
| BLY US Holdings Inc. (4)(5)(10) | SF + | 6.00% | 10.00% | 4/10/2029 | 58039 | 57003 | 56639 |  |
| Star Holding LLC (7) | SF + | 4.50% | 8.66% | 7/31/2031 | 4253 | 4234 | 4227 |  |
|  |  |  |  |  |  | 203468 | 203830 | 1.74% |
| **Industrial Support Services** |  |  |  |  |  |  |  |  |
| ABC Legal Holdings, LLC (4)(9) | SF + | 4.50% | 8.65% | 8/13/2032 | 80660 | 79869 | 79868 |  |
| ABC Legal Holdings, LLC (4)(6)(9) |  |  |  | 8/13/2032 | 24138 | (239) | (237) |  |
| ABC Legal Holdings, LLC (4)(6)(9) |  |  |  | 8/13/2032 | 16200 | (159) | (159) |  |
| AI Circle Bidco Limited (4)(5)(10) | E + | 5.75% | 7.83% | 2/8/2031 | 44620 | 46606 | 51199 |  |
| AI Circle Bidco Limited (4)(5)(10) | E + | 5.75% | 7.83% | 2/8/2031 | 6374 | 6745 | 7314 |  |
| AI Circle Bidco Limited (4)(5)(6)(10) | E + | 5.75% | 7.83% | 2/8/2031 | 66803 | 21785 | 22337 |  |
| Allied Universal Holdco LLC (7) | SF + | 3.25% | 7.51% | 8/20/2032 | 13112 | 13096 | 13176 |  |
| Argos Health Holdings, Inc. (4)(9) | SF + | 5.25% | 9.57% | 12/3/2029 | 642 | 637 | 646 |  |
| Atlas Intermediate III LLC (4)(10) | SF + | 8.50% (incl 4.00% PIK) | 12.81% | 10/31/2029 | 120296 | 118391 | 116157 |  |
| Atlas Intermediate III LLC (4)(6)(10) | SF + | 7.75% | 11.89% | 10/31/2029 | 13445 | 1116 | 882 |  |
| AVSC Holding Corp. (4)(9) | SF + | 5.00% | 9.16% | 12/5/2031 | 73818 | 72513 | 72990 |  |
| AVSC Holding Corp. (4)(6)(9) |  |  |  | 12/5/2029 | 8660 | (145) | (104) |  |
| Axiom Buyer, LLC (4)(10) | SF + | 6.50% | 10.66% | 1/14/2030 | 148826 | 145932 | 146814 |  |
| Axiom Buyer, LLC (4)(6)(10) |  |  |  | 1/14/2030 | 16189 | (360) | (219) |  |
| Axiom Buyer, LLC (4)(6)(10) | SF + | 6.50% | 10.66% | 1/14/2030 | 18189 | 8741 | 8848 |  |
| Azalea Topco, Inc. (7) | SF + | 3.00% | 7.16% | 4/30/2031 | 11889 | 11817 | 11870 |  |
| Captive Resources Midco LLC (4)(9) | SF + | 4.50% | 8.66% | 7/2/2029 | 90960 | 90023 | 90960 |  |
| Captive Resources Midco LLC (4)(6)(9) |  |  |  | 7/3/2028 | 7558 | (69) |  |  |
| Chartis Group LLC (4)(9) | SF + | 4.50% | 8.52% | 9/17/2031 | 81183 | 80492 | 81995 |  |
| Chartis Group LLC (4)(6)(9) |  |  |  | 9/17/2031 | 25040 | (232) | 250 |  |
| Chartis Group LLC (4)(6)(9) |  |  |  | 9/17/2031 | 14716 | (124) |  |  |
| Core & Main LP (5)(7) | SF + | 2.00% | 6.17% | 2/9/2031 | 1813 | 1813 | 1813 |  |
| Coretrust Purchasing Group LLC (4)(6)(9) |  |  |  | 10/1/2029 | 11656 | (200) |  |  |
| Coretrust Purchasing Group LLC (4)(6)(9) |  |  |  | 10/1/2029 | 10736 | (243) | 107 |  |
| Coretrust Purchasing Group LLC (4)(9) | SF + | 5.25% | 9.41% | 10/1/2029 | 79673 | 78357 | 80470 |  |
| Coretrust Purchasing Group LLC (4)(6)(9) |  |  |  | 10/1/2029 | 4423 | (33) | 44 |  |
| Currahee Borrower Sub LLC (7) | SF + | 3.50% | 7.50% | 3/31/2032 | 9435 | 9391 | 9464 |  |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Currahee Borrower Sub LLC (6)(7) |  |  |  | 3/31/2032 | 2189 | (11) | 7 |  |
| Eagle 2021 Lower Merger Sub, LLC (4)(9) | SF + | 5.25% | 9.57% | 12/3/2029 | 802 | 796 | 808 |  |
| EIS Legacy Holdco, LLC (4)(9) | SF + | 4.50% | 8.82% | 11/5/2031 | 63949 | 63392 | 63951 |  |
| EIS Legacy Holdco, LLC (4)(6)(9) | SF + | 4.50% | 8.82% | 11/5/2031 | 30645 | 14553 | 14837 |  |
| EIS Legacy Holdco, LLC (4)(6)(9) |  |  |  | 11/5/2030 | 13000 | (110) | (12) |  |
| Empower Payments Investor, LLC (4)(9) | SF + | 4.75% | 8.75% | 3/12/2031 | 100417 | 98855 | 99423 |  |
| Empower Payments Investor, LLC (4)(9) | SF + | 4.75% | 8.75% | 3/12/2031 | 14354 | 14106 | 14212 |  |
| Empower Payments Investor, LLC (4)(6)(9) |  |  |  | 3/12/2030 | 9704 | (144) | (114) |  |
| Empower Payments Investor, LLC (4)(6)(9) |  |  |  | 3/12/2031 | 14123 | (138) | (140) |  |
| Empower Payments Investor, LLC (4)(9) | SF + | 4.75% | 8.74% | 3/12/2031 | 24420 | 24187 | 24178 |  |
| Guidehouse Inc. (4)(9) | SF + | 5.00% (incl 2.00% PIK) | 9.16% | 12/16/2030 | 190358 | 188582 | 190358 |  |
| IG Investments Holdings, LLC (4)(6)(13) |  |  |  | 9/22/2028 | 10221 | (91) |  |  |
| IG Investments Holdings, LLC (4)(9) | SF + | 5.00% | 9.31% | 9/22/2028 | 88234 | 87871 | 88234 |  |
| Madison IAQ LLC (8) | SF + | 2.50% | 6.70% | 6/21/2028 | 1244 | 1214 | 1246 |  |
| Madison IAQ LLC (8) | SF + | 3.25% | 7.45% | 5/6/2032 | 13825 | 13646 | 13908 |  |
| Madison Safety & Flow LLC (7) | SF + | 2.75% | 6.91% | 9/26/2031 | 3464 | 3457 | 3472 |  |
| NBG Acquisition Corp. (4)(9) | SF + | 6.00% (incl 3.50% PIK) | 10.31% | 11/4/2030 | 21144 | 21072 | 17085 |  |
| NBG Acquisition Corp. (4)(6)(9) | SF + | 6.00% (incl 3.50% PIK) | 10.15% | 11/4/2030 | 2878 | 1779 | 1240 |  |
| NBG Acquisition Corp. (4)(9) | SF + | 6.00% (incl 3.50% PIK) | 10.00% | 11/6/2028 | 3330 | 3294 | 2690 |  |
| NDT Global Holding Inc. (4)(5)(8) | SF + | 4.50% | 8.65% | 6/4/2032 | 120000 | 118856 | 119063 |  |
| NDT Global Holding Inc. (4)(5)(6)(8) | SF + | 4.50% | 8.65% | 6/4/2032 | 60522 | 26042 | 26157 |  |
| NDT Global Holding Inc. (4)(5)(6)(8) |  |  |  | 6/4/2032 | 30474 | (291) | (238) |  |
| Neon Maple US Debt Mergersub Inc (5)(7) | SF + | 2.75% | 6.91% | 11/17/2031 | 3144 | 3123 | 3149 |  |
| NTH Degree Purchaser Inc (4)(10) | SF + | 5.25% | 9.32% | 9/10/2030 | 100857 | 99196 | 99935 |  |
| NTH Degree Purchaser Inc (4)(6)(10) |  |  |  | 9/10/2030 | 30800 | (562) | (281) |  |
| NTH Degree Purchaser Inc (4)(6)(10) |  |  |  | 9/10/2030 | 16125 | (266) | (147) |  |
| PEX Holdings LLC (7) | SF + | 2.75% | 6.75% | 11/26/2031 | 14925 | 14892 | 14956 |  |
| PG Polaris BidCo Sarl (5)(7) | SF + | 2.75% | 6.75% | 3/26/2031 | 11877 | 11863 | 11932 |  |
| Planet US Buyer LLC (5)(7) | SF + | 3.00% | 7.20% | 2/7/2031 | 7406 | 7392 | 7455 |  |
| Priority Holdings, LLC (5)(8) | SF + | 3.75% | 7.91% | 7/30/2032 | 4118 | 4108 | 4136 |  |
| QXO Inc (5)(7) | SF + | 3.00% | 7.16% | 4/30/2032 | 1995 | 1976 | 2014 |  |
| Railpros Parent LLC (4)(9) | SF + | 4.50% | 8.70% | 5/24/2032 | 34833 | 34502 | 34828 |  |
| Railpros Parent LLC (4)(6)(9) |  |  |  | 5/24/2032 | 10718 | (104) | (1) |  |
| Railpros Parent LLC (4)(6)(9) |  |  |  | 5/24/2032 | 5375 | (51) | (1) |  |
| Retail Services WIS Corporation (4)(10) | SF + | 7.00% | 11.20% | 8/29/2030 | 109702 | 107547 | 107546 |  |
| Retail Services WIS Corporation (4)(6)(10) |  |  |  | 8/29/2030 | 25930 | (514) | (510) |  |
| Sedgwick Claims Management Services Inc (7) | SF + | 2.50% | 6.66% | 7/31/2031 | 18918 | 18768 | 18915 |  |
| Shift4 Payments LLC (5)(7) | SF + | 2.50% | 6.50% | 6/30/2032 | 1341 | 1338 | 1353 |  |
| SimpliSafe Holding Corporation (4)(9) | SF + | 6.25% | 10.41% | 5/2/2028 | 116924 | 115890 | 116924 |  |
| SimpliSafe Holding Corporation (4)(9) | SF + | 6.25% | 10.41% | 5/2/2028 | 14877 | 14735 | 14877 |  |
| Spirit RR Holdings, Inc. (4)(9) | SF + | 4.50% | 8.60% | 9/13/2028 | 42341 | 41883 | 42521 |  |
| Spirit RR Holdings, Inc. (4)(6)(9) |  |  |  | 9/13/2028 | 3579 | (37) |  |  |
| Spirit RR Holdings, Inc. (4)(9) | SF + | 4.50% | 8.88% | 9/13/2028 | 5919 | 5857 | 5944 |  |
| Spirit RR Holdings, Inc. (4)(9) | SF + | 4.50% | 8.88% | 9/13/2028 | 2978 | 2952 | 2991 |  |
| Team, Inc. (4)(10) | SF + | 6.50% | 10.73% | 3/12/2030 | 52098 | 51057 | 51377 |  |
| Team, Inc. (4)(6)(10) |  |  |  | 3/12/2030 | 14960 | (318) | (207) |  |
| Transnetwork LLC (8) | SF + | 4.75% | 8.75% | 12/29/2030 | 68543 | 67857 | 68486 |  |
| TruckPro, LLC (4)(12) | SF + | 7.75% | 12.10% | 8/16/2028 | 66027 | 64889 | 59985 |  |
| W3 TopCo LLC (4)(10) | SF + | 6.50% | 10.84% | 3/22/2029 | 88545 | 86088 | 83571 |  |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| YA Intermediate Holdings II LLC (4)(9) | SF + | 4.75% | 8.94% | 10/1/2031 | 47211 | 47009 | 47683 |  |
| YA Intermediate Holdings II LLC (4)(6)(9) | SF + | 4.75% | 8.99% | 10/1/2031 | 19804 | 1952 | 2291 |  |
| YA Intermediate Holdings II LLC (4)(6)(9) | SF + | 4.75% | 8.59% | 10/1/2031 | 9750 | 852 | 894 |  |
|  |  |  |  |  |  | 2270311 | 2279466 | 19.45% |
| **Industrial Transportation** |  |  |  |  |  |  |  |  |
| Brown Group Holding LLC (8) | SF + | 2.75% | 7.06% | 7/1/2031 | 1990 | 1983 | 1996 |  |
| Tikehau Motion Midco SARL (4)(5)(7) | E + | 6.50% | 8.59% | 8/22/2031 | 23823 | 27377 | 27407 |  |
| Tikehau Motion Midco SARL (4)(5)(7) | E + | 6.50% | 8.59% | 8/22/2031 | 51456 | 59133 | 59198 |  |
| Tikehau Motion Midco SARL (4)(5)(6)(7) |  |  |  | 8/22/2031 | 38175 | (887) | (880) |  |
| Truck-Lite Co, LLC (4)(6)(9) |  |  |  | 2/13/2031 | 11973 | (174) |  |  |
| Truck-Lite Co, LLC (4)(6)(9) | SF + | 5.75% | 9.91% | 2/13/2032 | 32845 | 12541 | 13023 |  |
| Truck-Lite Co, LLC (4)(6)(9) |  |  |  | 2/13/2032 | 16303 | (239) |  |  |
| Truck-Lite Co, LLC (4)(9) | SF + | 5.00% | 9.14% | 2/13/2032 | 91013 | 89606 | 91013 |  |
| Truck-Lite Co, LLC (4)(9) | SF + | 5.00% | 9.14% | 2/13/2032 | 3407 | 3374 | 3407 |  |
| Truck-Lite Co, LLC (4)(6)(9) |  |  |  | 2/13/2032 | 3362 | (52) |  |  |
| Zeppelin US Buyer Inc. (4)(6)(9) |  |  |  | 8/2/2032 | 26224 | (259) | (256) |  |
| Zeppelin US Buyer Inc. (4)(6)(9) | SF + | 4.75% | 8.91% | 8/2/2032 | 13112 | 4555 | 4555 |  |
| Zeppelin US Buyer Inc. (4)(9) | SF + | 4.75% | 8.93% | 8/2/2032 | 85664 | 84828 | 84828 |  |
|  |  |  |  |  |  | 281786 | 284291 | 2.43% |
| **Investment Banking and Brokerage Services** |  |  |  |  |  |  |  |  |
| Apex Group Treasury LLC (5)(7) | SF + | 3.50% | 7.75% | 2/27/2032 | 13514 | 13391 | 13244 |  |
| Ascensus Holdings, Inc. (8) | SF + | 3.00% | 7.16% | 8/2/2028 | 14005 | 13947 | 14011 |  |
| Baker Tilly Advisory Group, LP (4)(9) | SF + | 4.75% | 8.91% | 6/3/2031 | 117520 | 116075 | 118692 |  |
| Baker Tilly Advisory Group, LP (4)(9) | SF + | 4.50% | 8.66% | 6/3/2031 | 43427 | 43016 | 43330 |  |
| Baker Tilly Advisory Group, LP (4)(6)(9) |  |  |  | 6/3/2031 | 14960 | (146) | (33) |  |
| Baker Tilly Advisory Group, LP (4)(6)(9) |  |  |  | 6/3/2030 | 30537 | (340) | (96) |  |
| Citrin Cooperman Advisors LLC (7) | SF + | 3.00% | 7.00% | 4/1/2032 | 13599 | 13453 | 13559 |  |
| Citrin Cooperman Advisors LLC (6)(7) |  |  |  | 4/1/2032 | 877 | (9) | (3) |  |
| DRW Holdings LLC (7) | SF + | 3.50% | 7.50% | 6/26/2031 | 13209 | 13150 | 13197 |  |
| Earps Bidco Limited (4)(5)(7) | SN + | 5.00% | 9.01% | 3/28/2032 | 37700 | 48117 | 50140 |  |
| Earps Bidco Limited (4)(5)(6)(7) |  |  |  | 3/28/2032 | 12044 | (226) | (173) |  |
| Earps Bidco Limited (4)(5)(7) | E + | 5.00% | 7.02% | 3/28/2032 | 1105 | 1267 | 1283 |  |
| Eisner Advisory Group LLC (8) | SF + | 4.00% | 8.16% | 2/28/2031 | 8523 | 8457 | 8585 |  |
| Focus Financial Partners, LLC (7) | SF + | 2.75% | 6.91% | 9/15/2031 | 17912 | 17844 | 17936 |  |
| Grant Thornton Advisors Holdings LLC (7) | SF + | 2.50% | 6.66% | 6/2/2031 | 15128 | 15128 | 15056 |  |
| Harp Finco LTD (4)(5)(7) | SN + | 5.50% | 9.47% | 3/27/2032 | 113774 | 144607 | 150597 |  |
| Jump Financial LLC (7) | SF + | 3.50% | 7.50% | 2/26/2032 | 3896 | 3885 | 3928 |  |
| June Purchaser LLC (7) | SF + | 2.75% | 6.75% | 11/28/2031 | 9666 | 9631 | 9706 |  |
| June Purchaser LLC (6)(7) |  |  |  | 11/28/2031 | 1619 | (9) | 7 |  |
| Madonna Bidco Ltd (4)(5)(7) | SN + | 5.25% | 9.29% | 10/25/2031 | 51131 | 65127 | 69422 |  |
| Madonna Bidco Ltd (4)(5)(6)(7) | SN + | 5.25% | 9.29% | 10/25/2031 | 10435 | 445 | 856 |  |
| MAI Capital Management Intermediate LLC (4)(9) | SF + | 4.75% | 8.75% | 8/29/2031 | 27600 | 27367 | 27542 |  |
| MAI Capital Management Intermediate LLC (4)(6)(9) | SF + | 4.75% | 8.75% | 8/29/2031 | 16300 | 8398 | 8510 |  |
| MAI Capital Management Intermediate LLC (4)(6)(9) |  |  |  | 8/29/2031 | 9231 | (90) | (19) |  |
| MAI Capital Management Intermediate LLC (4)(6)(9) | SF + | 4.75% | 8.75% | 8/29/2031 | 6869 | 1178 | 1222 |  |
| More Cowbell II, LLC (4)(6)(9) | SF + | 4.25% | 8.09% | 9/1/2029 | 7610 | 282 | 306 |  |
| More Cowbell II, LLC (4)(9) | SF + | 4.25% | 8.02% | 9/1/2030 | 51476 | 50779 | 50968 |  |
| More Cowbell II, LLC (4)(6)(9) |  |  |  | 9/1/2030 | 3575 | (45) | (35) |  |
| Orthrus Ltd (4)(5)(7) | SN + | 6.25% (incl 2.75% PIK) | 10.23% | 12/5/2031 | 35038 | 44049 | 46670 |  |
| Orthrus Ltd (4)(5)(7) | E + | 6.25% (incl 2.75% PIK) | 8.33% | 12/5/2031 | 31298 | 32679 | 36405 |  |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Orthrus Ltd (4)(5)(10) | SF + | 6.25% (incl 2.75% PIK) | 10.40% | 12/5/2031 | 82691 | 81440 | 81930 |  |
| Orthrus Ltd (4)(5)(6)(7) |  |  |  | 12/5/2031 | 7149 | (151) | (88) |  |
| Orthrus Ltd (4)(5)(10) | SF + | 6.25% (incl 2.75% PIK) | 10.57% | 12/5/2031 | 11939 | 11749 | 11829 |  |
| Osaic Holdings Inc (7) | SF + | 3.00% | 7.16% | 7/30/2032 | 15160 | 15123 | 15168 |  |
| PF Finco PTY LTD (4)(5)(10) | B + | 6.25% | 10.07% | 5/30/2030 | 41852 | 26411 | 27299 |  |
| PF Finco PTY LTD (4)(5)(6)(10) |  |  |  | 5/30/2030 | 5707 | (75) | (52) |  |
| Rockefeller Capital Management (4)(8) | SF + | 4.75% | 8.75% | 4/4/2031 | 69300 | 68750 | 69300 |  |
| Rockefeller Capital Management (4)(8) | SF + | 4.75% | 8.75% | 4/4/2031 | 14925 | 14824 | 14925 |  |
| Rockefeller Capital Management (4)(6)(8) |  |  |  | 4/4/2031 | 15000 | (73) |  |  |
| Travelex Issuerco 2 PLC (4)(5)(14) | SN + | 8.00% | 11.97% | 9/22/2028 | 22026 | 26320 | 30125 |  |
| Violin Finco Guernsey Limited (4)(5)(7) | SN + | 5.25% | 9.23% | 6/24/2031 | 80205 | 100932 | 108898 |  |
| Violin Finco Guernsey Limited (4)(5)(6)(7) |  |  |  | 6/24/2031 | 6211 | (72) | 83 |  |
|  |  |  |  |  |  | 1036585 | 1074230 | 9.17% |
| **Life Insurance** |  |  |  |  |  |  |  |  |
| OneDigital Borrower LLC (8) | SF + | 3.00% | 7.16% | 7/2/2031 | 14699 | 14644 | 14718 |  |
|  |  |  |  |  |  | 14644 | 14718 | 0.13% |
| **Media** |  |  |  |  |  |  |  |  |
| 2080 Media, Inc. (4)(9) | SF + | 4.75% | 8.91% | 3/14/2029 | 53555 | 53003 | 53785 |  |
| 2080 Media, Inc. (4)(6)(9) | SF + | 4.75% | 8.91% | 3/14/2028 | 13795 | 4617 | 4730 |  |
| 2080 Media, Inc. (4)(9) | SF + | 4.75% | 8.91% | 3/14/2029 | 12425 | 12310 | 12479 |  |
| 2080 Media, Inc. (4)(9) | SF + | 4.75% | 8.91% | 3/14/2029 | 10008 | 9921 | 10050 |  |
| 2080 Media, Inc. (4)(6)(9) |  |  |  | 3/14/2029 | 27282 | (258) | 117 |  |
| 2080 Media, Inc. (4)(6)(9) | SF + | 4.75% | 9.06% | 3/14/2029 | 8786 | 5834 | 5957 |  |
| AMR GP Ltd (4)(5)(7) |  | 10.50% (incl 5.25% PIK) | 10.50% | 7/10/2034 | 1071 | 1044 | 1071 |  |
| Arc Media Holdings Limited (4)(5)(10) | SF + | 7.25% | 11.71% | 10/29/2027 | 39914 | 39493 | 39472 |  |
| Arc Media Holdings Limited (4)(5)(6)(10) | SF + | 7.25% | 11.47% | 10/29/2027 | 2766 | 2309 | 2307 |  |
| Aventine Intermediate LLC (4)(9) | SF + | 6.00% (incl 3.50% PIK) | 10.10% | 6/18/2029 | 11826 | 11748 | 11812 |  |
| Aventine Intermediate LLC (4)(9) | SF + | 6.00% (incl 3.50% PIK) | 10.10% | 6/18/2029 | 673 | 669 | 672 |  |
| Endeavor Operating Co LLC (5)(7) | SF + | 3.00% | 7.16% | 3/24/2032 | 8199 | 8161 | 8218 |  |
| Global Music Rights, LLC (4)(9) | SF + | 4.50% | 8.50% | 12/20/2031 | 439167 | 435265 | 438167 |  |
| Global Music Rights, LLC (4)(6)(9) |  |  |  | 12/20/2031 | 46796 | (416) | (107) |  |
| Law Business Research Inc. (4)(5)(8) | SF + | 5.25% | 9.38% | 5/19/2031 | 46320 | 45316 | 46783 |  |
| LOCI Bidco Limited (4)(5)(8) | SN + | 5.25% | 9.24% | 5/19/2031 | 73522 | 91540 | 99824 |  |
| LOCI Bidco Limited (4)(5)(8) | SF + | 5.25% | 9.59% | 5/19/2031 | 12087 | 11844 | 12208 |  |
| Renaissance Financiere (4)(5)(7) | E + | 7.00% | 9.04% | 7/26/2028 | 34871 | 35729 | 34674 |  |
| Wasserman Media Group, LLC (7) | SF + | 3.00% | 7.16% | 6/23/2032 | 4167 | 4147 | 4188 |  |
|  |  |  |  |  |  | 772276 | 786407 | 6.71% |
| **Medical Equipment and Services** |  |  |  |  |  |  |  |  |
| ABB/CON-CISE Optical Group LLC (4)(9) | SF + | 7.50% | 11.65% | 2/23/2028 | 21259 | 21034 | 20341 |  |
| Agiliti Health, Inc. (7) | SF + | 3.00% | 7.22% | 5/1/2030 | 5390 | 5119 | 5181 |  |
| Bamboo US BidCo LLC (4)(6)(10) | SF + | 5.25% | 9.41% | 9/30/2030 | 2855 | 2607 | 2633 |  |
| Bamboo US BidCo LLC (4)(6)(10) |  |  |  | 9/30/2030 | 2855 | (27) |  |  |
| Bamboo US BidCo LLC (4)(10) | SF + | 5.25% | 9.56% | 9/30/2030 | 82765 | 81055 | 82765 |  |
| Bamboo US BidCo LLC (4)(6)(10) |  |  |  | 10/1/2029 | 21254 | (424) |  |  |
| Bamboo US BidCo LLC (4)(10) | SF + | 5.25% | 9.56% | 9/30/2030 | 15404 | 15049 | 15404 |  |
| Bamboo US BidCo LLC (4)(10) | E + | 5.25% | 7.28% | 9/30/2030 | 62644 | 64900 | 73512 |  |
| Bausch + Lomb Corporation (5)(7) | SF + | 4.00% | 8.17% | 9/29/2028 | 9988 | 9988 | 10001 |  |
| Bausch + Lomb Corporation (5)(7) | SF + | 4.25% | 8.41% | 1/15/2031 | 39861 | 39671 | 39936 |  |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Bayou Intermediate II, LLC (4)(9) | SF + | 5.25% (incl 2.88% PIK) | 9.25% | 9/30/2032 | 148054 | 146575 | 146574 |  |
| Bayou Intermediate II, LLC (4)(6)(9) |  |  |  | 9/30/2032 | 40378 | (404) | (404) |  |
| Bayou Intermediate II, LLC (4)(6)(9) |  |  |  | 9/30/2032 | 25989 | (260) | (260) |  |
| Coding Solutions Acquisition, Inc. (4)(6)(9) |  |  |  | 8/7/2031 | 6558 | (94) | 66 |  |
| Coding Solutions Acquisition, Inc. (4)(6)(9) |  |  |  | 8/7/2031 | 16674 | (209) |  |  |
| Coding Solutions Acquisition, Inc. (4)(9) | SF + | 5.00% | 9.16% | 8/7/2031 | 170556 | 168705 | 172262 |  |
| Coding Solutions Acquisition, Inc. (4)(9) | SF + | 5.00% | 9.16% | 8/7/2031 | 19166 | 18896 | 19357 |  |
| Coding Solutions Acquisition, Inc. (4)(6)(9) |  |  |  | 8/7/2031 | 25062 | (364) | 251 |  |
| Femur Buyer Inc (4)(10) | SF + | 8.50% | 12.74% | 9/18/2029 | 13350 | 13110 | 11417 |  |
| Femur Buyer Inc (4)(10) | SF + | 9.25% (incl 5.00% PIK) | 13.28% | 3/18/2030 | 147291 | 144734 | 125970 |  |
| Limpio Bidco GMBH (4)(5)(7) | E + | 5.20% | 7.22% | 10/31/2030 | 63783 | 66109 | 76346 |  |
| PerkinElmer U.S. LLC (4)(10) | SF + | 4.75% | 8.91% | 3/13/2029 | 110096 | 107801 | 110096 |  |
| PerkinElmer U.S. LLC (4)(10) | SF + | 4.75% | 8.91% | 3/13/2029 | 61495 | 60694 | 61495 |  |
| PerkinElmer U.S. LLC (4)(10) | SF + | 4.75% | 8.91% | 3/13/2029 | 66577 | 65825 | 66577 |  |
| Plasma Buyer LLC (4)(9) | SF + | 5.75% | 9.75% | 5/12/2029 | 82784 | 81894 | 72133 |  |
| Plasma Buyer LLC (4)(9) | SF + | 6.25% | 10.25% | 5/12/2029 | 3124 | 3087 | 2732 |  |
| Plasma Buyer LLC (4)(6)(9) | SF + | 5.75% | 9.75% | 5/12/2028 | 9458 | 9334 | 8421 |  |
| Resonetics, LLC (9) | SF + | 2.75% | 7.06% | 6/18/2031 | 38251 | 38173 | 38260 |  |
| SDC US Smilepay SPV (4)(14)(19) | P + | 9.75% |  | 10/27/2025 | 12256 | 4185 | 371 |  |
| Solis Mammography Buyer, Inc. (4)(9) | SF + | 5.00% | 9.00% | 5/29/2032 | 191713 | 188978 | 189280 |  |
| Solis Mammography Buyer, Inc. (4)(6)(9) |  |  |  | 5/29/2032 | 27720 | (406) | (352) |  |
| Solis Mammography Buyer, Inc. (4)(6)(9) |  |  |  | 5/29/2030 | 33548 | (469) | (385) |  |
| Spruce Bidco II Inc (4)(6)(9) |  |  |  | 1/31/2032 | 43899 | (596) | (532) |  |
| Spruce Bidco II Inc (4)(9) | SF + | 5.00% | 9.13% | 1/31/2032 | 164118 | 161891 | 162128 |  |
| Spruce Bidco II Inc (4)(9) | C + | 5.00% | 7.68% | 1/31/2032 | 34913 | 23777 | 24770 |  |
| Spruce Bidco II Inc (4)(9) | TN + | 5.25% | 6.00% | 1/31/2032 | 3734853 | 23789 | 24938 |  |
| Spruce Bidco II Inc (4)(9)(23) | SF + | 6.04% | 10.17% | 1/31/2032 | 951 | 938 | 939 |  |
| TecoStar Holdings Inc (4)(10) | SF + | 8.00% | 12.33% | 7/6/2029 | 126897 | 125042 | 126382 |  |
| Viant Medical Holdings, Inc. (7) | SF + | 4.00% | 8.16% | 10/29/2031 | 17369 | 17293 | 17407 |  |
| Vital Care Buyer, LLC (4)(9) | SF + | 4.50% | 8.50% | 7/30/2031 | 90262 | 89511 | 90262 |  |
| Vital Care Buyer, LLC (4)(6)(9) |  |  |  | 7/30/2031 | 13271 | (110) |  |  |
| Zeus Company LLC (4)(9) | SF + | 6.00% (incl 3.00% PIK) | 10.00% | 2/28/2031 | 123491 | 122068 | 119367 |  |
| Zeus Company LLC (4)(6)(9) | SF + | 5.50% | 9.50% | 2/28/2031 | 23048 | 11208 | 10734 |  |
| Zeus Company LLC (4)(6)(9) |  |  |  | 2/28/2030 | 21506 | (237) | (638) |  |
|  |  |  |  |  |  | 1929440 | 1925737 | 16.43% |
| **Non-life Insurance** |  |  |  |  |  |  |  |  |
| Acrisure LLC (7) | SF + | 3.00% | 7.16% | 11/6/2030 | 19907 | 19898 | 19898 |  |
| Acrisure LLC (7) | SF + | 3.25% | 7.41% | 6/20/2032 | 4988 | 4976 | 4992 |  |
| Alera Group Intermediate Holdings, Inc. (8) | SF + | 3.25% | 7.41% | 5/30/2032 | 8000 | 7962 | 8039 |  |
| Alliant Holdings Intermediate, LLC (7) | SF + | 2.50% | 6.67% | 9/19/2031 | 18557 | 18425 | 18526 |  |
| AmWINS Group Inc (9) | SF + | 2.25% | 6.25% | 1/30/2032 | 10142 | 10131 | 10149 |  |
| Amynta Agency Borrower Inc (7) | SF + | 2.75% | 6.91% | 12/29/2031 | 20040 | 19693 | 19992 |  |
| Broadstreet Partners Group LLC (7) | SF + | 2.75% | 6.91% | 6/13/2031 | 12066 | 11999 | 12090 |  |
| CRC Insurance Group LLC (7) | SF + | 2.75% | 6.75% | 5/6/2031 | 10049 | 10009 | 10064 |  |
| Galway Borrower LLC (4)(9) | SF + | 4.50% | 8.50% | 9/29/2028 | 132542 | 132227 | 132542 |  |
| Galway Borrower LLC (4)(6)(9) | SF + | 4.50% | 8.49% | 9/29/2028 | 5017 | 1038 | 1059 |  |
| Galway Borrower LLC (4)(6)(9) | SF + | 4.50% | 8.50% | 9/29/2028 | 6380 | 996 | 1033 |  |
| Global Gruppe GmbH (4)(5)(6)(7) |  |  |  | 2/1/2030 | 38764 | (904) | (900) |  |
| Goosehead Insurance Holdings LLC (4)(5)(7) | SF + | 3.00% | 7.18% | 1/8/2032 | 3500 | 3492 | 3531 |  |
| Higginbotham Insurance Agency Inc (4)(6)(10) | SF + | 4.75% | 8.91% | 11/24/2028 | 14263 | 8054 | 8166 |  |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Higginbotham Insurance Agency Inc (4)(10) | SF + | 4.50% | 8.67% | 11/24/2028 | 31723 | 31523 | 31723 |  |
| HUB International Ltd (7) |  | 7.25% | 7.25% | 6/15/2030 | 10517 | 10517 | 10973 |  |
| HUB International Ltd (7) | SF + | 2.25% | 6.58% | 6/20/2030 | 11672 | 11582 | 11702 |  |
| Integrity Marketing Acquisition LLC (4)(6)(9) |  |  |  | 8/25/2028 | 362 | (2) |  |  |
| Integrity Marketing Acquisition LLC (4)(6)(9) |  |  |  | 8/25/2028 | 1321 | (11) |  |  |
| Integrity Marketing Acquisition LLC (4)(9) | SF + | 5.00% | 9.20% | 8/25/2028 | 65850 | 65549 | 65850 |  |
| Jones Deslauriers Insurance Management Inc (5)(7) |  | 8.50% | 8.50% | 3/15/2030 | 14487 | 14472 | 15234 |  |
| Koala Investment Holdings Inc (4)(9) | SF + | 4.50% | 8.50% | 8/29/2032 | 118126 | 116960 | 116959 |  |
| Koala Investment Holdings Inc (4)(6)(9) |  |  |  | 8/29/2032 | 11529 | (114) | (114) |  |
| Koala Investment Holdings Inc (4)(6)(9) |  |  |  | 8/29/2032 | 22775 | (226) | (225) |  |
| Netrisk Group Luxco 4 S.A.R.L. (4)(5)(6)(7) | E + | 5.25% | 7.25% | 2/5/2032 | 4060 | 768 | 803 |  |
| Netrisk Group Luxco 4 S.A.R.L. (4)(5)(7) | E + | 5.25% | 7.25% | 2/5/2032 | 53590 | 55043 | 62420 |  |
| Netrisk Group Luxco 4 S.A.R.L. (4)(5)(6)(7) |  |  |  | 2/5/2032 | 9744 | (152) | (85) |  |
| Sig Parent Holdings, LLC (4)(6)(9) |  |  |  | 8/21/2031 | 3045 | (13) |  |  |
| Sig Parent Holdings, LLC (4)(9) | SF + | 4.75% | 8.91% | 8/21/2031 | 26190 | 26080 | 26246 |  |
| Sig Parent Holdings, LLC (4)(6)(9) | SF + | 4.75% | 8.91% | 8/21/2031 | 15216 | 1055 | 1161 |  |
| Summit Acquisition Inc. (7) | SF + | 3.50% | 7.66% | 10/16/2031 | 17456 | 17381 | 17580 |  |
| Trucordia Insurance Services LLC (7) | SF + | 3.25% | 7.41% | 6/17/2032 | 6915 | 6898 | 6941 |  |
| Trupanion Inc (4)(5)(9) | SF + | 5.00% | 9.15% | 3/25/2027 | 15120 | 15049 | 15120 |  |
| Trupanion Inc (4)(5)(9) | SF + | 5.00% | 9.15% | 3/25/2027 | 25559 | 25446 | 25559 |  |
| Trupanion Inc (4)(5)(6)(9) |  |  |  | 3/25/2027 | 6576 | (29) |  |  |
| USI Inc/NY (7) | SF + | 2.25% | 6.25% | 9/29/2030 | 12775 | 12758 | 12773 |  |
| USI Inc/NY (7) | SF + | 2.25% | 6.25% | 11/21/2029 | 1909 | 1909 | 1909 |  |
|  |  |  |  |  |  | 660439 | 671710 | 5.73% |
| **Oil, Gas and Coal** |  |  |  |  |  |  |  |  |
| Camin Cargo Control Holdings, Inc. (4)(10) | SF + | 5.50% | 9.65% | 12/7/2029 | 63438 | 62574 | 63311 |  |
| Camin Cargo Control Holdings, Inc. (4)(6)(10) | SF + | 5.50% | 9.66% | 12/7/2029 | 9674 | 2646 | 2811 |  |
| Camin Cargo Control Holdings, Inc. (4)(6)(10) | SF + | 5.50% | 9.83% | 12/7/2029 | 9702 | 7015 | 7128 |  |
| CVR CHC LP (5)(7) | SF + | 4.00% | 8.00% | 12/30/2027 | 3876 | 3851 | 3886 |  |
|  |  |  |  |  |  | 76086 | 77136 | 0.66% |
| **Personal Care, Drug and Grocery Stores** |  |  |  |  |  |  |  |  |
| DIA Finance S.L.U. (4)(5)(9) | E + | 6.75% | 8.78% | 12/27/2029 | 170600 | 173344 | 196369 |  |
| MRO Maryruth LLC (4)(7)(21) | SF + | 4.00% | 8.00% | 9/30/2030 | 49000 | 48694 | 48694 |  |
| MRO Maryruth LLC (4)(9)(21) | SF + | 4.75% | 8.75% | 9/30/2031 | 19000 | 18834 | 18834 |  |
| Parfums Holding Company, Inc. (4)(10) | SF + | 5.25% | 9.25% | 6/27/2030 | 118525 | 117589 | 119711 |  |
| Parfums Holding Company, Inc. (4)(6)(10) |  |  |  | 6/27/2029 | 9034 | (68) |  |  |
| Puma Buyer LLC (4)(8) | SF + | 4.25% | 8.25% | 3/29/2032 | 59685 | 59270 | 59685 |  |
| Puma Buyer LLC (4)(6)(12) |  |  |  | 3/29/2032 | 9853 | (68) |  |  |
| Vermont Aus Pty Ltd (4)(5)(9) | B + | 5.75% | 9.38% | 3/23/2028 | 34499 | 25469 | 22814 |  |
| Vermont Aus Pty Ltd (4)(5)(9) | B + | 5.75% | 9.38% | 3/23/2028 | 20792 | 14160 | 13750 |  |
| Vital Bidco AB (4)(5)(10) | SF + | 4.25% | 8.41% | 10/29/2031 | 97161 | 95453 | 98132 |  |
| Vital Bidco AB (4)(5)(6)(10) |  |  |  | 10/29/2030 | 16892 | (286) |  |  |
|  |  |  |  |  |  | 552391 | 577989 | 4.93% |
| **Personal Goods** |  |  |  |  |  |  |  |  |
| Daphne S.P.A. (4)(5)(7)(19) | E + | 6.25% |  | 5/23/2028 | 45354 | 47923 | 42578 |  |
| Daphne S.P.A. (4)(5)(7)(19) | E + | 6.25% |  | 5/23/2028 | 3978 | 4674 | 3735 |  |
| S&S Holdings LLC (8) | SF + | 5.00% | 9.17% | 10/1/2031 | 11880 | 11723 | 11553 |  |
| Spanx, LLC (4)(9) | SF + | 5.50% | 9.76% | 11/20/2028 | 28875 | 28604 | 24886 |  |
| Spanx, LLC (4)(6)(9) | SF + | 5.25% | 9.52% | 11/18/2027 | 5000 | 1297 | 808 |  |
|  |  |  |  |  |  | 94221 | 83560 | 0.71% |
| **Pharmaceuticals and Biotechnology** |  |  |  |  |  |  |  |  |
| Advarra Holdings, Inc. (4)(10) | SF + | 4.50% | 8.66% | 9/13/2031 | 126600 | 126062 | 127866 |  |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Advarra Holdings, Inc. (4)(6)(10) |  |  |  | 9/13/2031 | 6020 | (28) | 60 |  |
| Advarra Holdings, Inc. (4)(10) | SF + | 4.50% | 8.66% | 9/13/2031 | 68244 | 67218 | 68927 |  |
| Amneal Pharmaceuticals LLC (5)(8) | SF + | 3.50% | 7.66% | 8/1/2032 | 7800 | 7781 | 7806 |  |
| Atlas Borrower, LLC (4)(8) | SF + | 4.50% | 8.50% | 9/4/2032 | 88232 | 87359 | 87359 |  |
| Atlas Borrower, LLC (4)(6)(8) |  |  |  | 9/4/2032 | 15234 | (151) | (151) |  |
| Azurity Pharmaceuticals Inc (4)(10) | SF + | 7.00% | 11.24% | 3/14/2030 | 232897 | 228748 | 229058 |  |
| Azurity Pharmaceuticals Inc (4)(6)(10) | SF + | 7.00% | 11.01% | 3/14/2030 | 20537 | 16749 | 16776 |  |
| Cambrex Corporation (4)(9) | SF + | 4.50% | 8.66% | 3/6/2032 | 110282 | 109270 | 109394 |  |
| Cambrex Corporation (4)(6)(9) |  |  |  | 3/6/2032 | 18341 | (168) | (148) |  |
| Cambrex Corporation (4)(6)(9) |  |  |  | 3/6/2032 | 16460 | (158) | (133) |  |
| Cambrex Corporation (4)(6)(9) |  |  |  | 3/6/2032 | 6121 | (61) | (49) |  |
| Creek Parent, Inc. (4)(9) | SF + | 5.00% | 9.14% | 12/18/2031 | 120542 | 118791 | 119857 |  |
| Creek Parent, Inc. (4)(6)(9) |  |  |  | 12/18/2031 | 22379 | (323) | (127) |  |
| Creek Parent, Inc. (4)(9)(23) | SF + | 6.08% | 10.22% | 12/18/2031 | 1213 | 1195 | 1206 |  |
| Dechra Finance US LLC (5)(7) | SF + | 3.25% | 7.45% | 1/27/2032 | 4146 | 4136 | 4160 |  |
| Endo Finance Holdings Inc (8) | SF + | 4.00% | 8.16% | 4/23/2031 | 8133 | 8063 | 8159 |  |
| Gusto Aus Bidco Pty Ltd (4)(5)(8) | B + | 4.75% | 8.61% | 11/15/2031 | 243533 | 156063 | 161307 |  |
| Gusto Aus Bidco Pty Ltd (4)(5)(6)(8) |  |  |  | 11/15/2031 | 24086 | (112) | 26 |  |
| Phantom Purchaser Inc (4)(9) | SF + | 4.75% | 8.75% | 9/19/2031 | 100799 | 99848 | 99995 |  |
| Phantom Purchaser Inc (4)(6)(9) |  |  |  | 9/19/2031 | 15545 | (146) | (124) |  |
| Syneos Health Inc (7) | SF + | 4.00% | 8.00% | 9/27/2030 | 14922 | 14845 | 14941 |  |
| WCG Intermediate Corp (10) | SF + | 3.00% | 7.16% | 2/25/2032 | 15286 | 15190 | 15196 |  |
|  |  |  |  |  |  | 1060171 | 1071361 | 9.14% |
| **Real Estate Investment and Services** |  |  |  |  |  |  |  |  |
| Associations Inc. (4)(10) | SF + | 6.50% | 11.08% | 7/3/2028 | 55135 | 55099 | 55687 |  |
| Associations Inc. (4)(6)(10) | SF + | 6.50% | 11.08% | 7/3/2028 | 4304 | 1627 | 1673 |  |
| Associations Inc. (4)(6)(10) |  |  |  | 7/3/2028 | 3459 | (2) |  |  |
|  |  |  |  |  |  | 56724 | 57360 | 0.49% |
| **Retailers** |  |  |  |  |  |  |  |  |
| AI Grace Aus Bidco Pty Ltd (4)(5)(9) | E + | 5.25% | 7.33% | 12/5/2029 | 21626 | 22829 | 25506 |  |
| Belron Finance 2019 LLC (8) | SF + | 2.50% | 6.74% | 10/16/2031 | 14536 | 14498 | 14627 |  |
| BradyplusUS Holdings, LLC (4)(6)(10) | SF + | 5.00% | 9.31% | 10/31/2029 | 426 | 136 | 140 |  |
| BradyplusUS Holdings, LLC (4)(10) | SF + | 5.00% | 9.31% | 10/31/2029 | 14387 | 14282 | 14387 |  |
| Constellation Automotive Limited (4)(5)(7) | E + | 6.25% | 8.59% | 4/3/2031 | 18107 | 19694 | 21102 |  |
| Constellation Automotive Limited (4)(5)(7) | SN + | 6.25% | 10.24% | 4/3/2031 | 43803 | 56523 | 58458 |  |
| Great Outdoors Group, LLC (9) | SF + | 3.25% | 7.41% | 1/23/2032 | 13522 | 13461 | 13532 |  |
| Johnstone Supply LLC (7) | SF + | 2.50% | 6.64% | 6/9/2031 | 6243 | 6236 | 6239 |  |
| Knitwell Borrower LLC (4)(10) | SF + | 7.75% | 12.21% | 7/28/2027 | 39599 | 39058 | 39180 |  |
| Knitwell Borrower LLC (4)(10) | SF + | 7.75% | 12.21% | 7/28/2027 | 34550 | 33843 | 34184 |  |
| Knitwell Borrower LLC (4)(10) | SF + | 7.75% | 12.21% | 7/28/2027 | 89074 | 87873 | 88131 |  |
| PetSmart LLC (7) | SF + | 4.00% | 8.14% | 8/18/2032 | 16738 | 16573 | 16508 |  |
| Staples, Inc. (8) | SF + | 5.75% | 10.05% | 9/4/2029 | 30952 | 29861 | 29430 |  |
| Thermostat Purchaser III Inc (9) | SF + | 4.25% | 8.25% | 8/31/2028 | 7920 | 7920 | 7957 |  |
| White Cap Buyer, LLC (7) | SF + | 3.25% | 7.42% | 10/19/2029 | 16442 | 16381 | 16464 |  |
|  |  |  |  |  |  | 379168 | 385845 | 3.29% |
| **Software and Computer Services** |  |  |  |  |  |  |  |  |
| Armstrong Bidco Limited (4)(5)(7) | SN + | 5.25% | 9.22% | 6/28/2029 | 91991 | 110572 | 123664 |  |
| Armstrong Bidco Limited (4)(5)(7) | SN + | 5.25% | 9.22% | 6/28/2029 | 47995 | 56191 | 64520 |  |
| Artifact Bidco, Inc. (4)(8) | SF + | 4.25% | 8.25% | 7/26/2031 | 45788 | 45408 | 45788 |  |
| Artifact Bidco, Inc. (4)(6)(8) |  |  |  | 7/26/2031 | 11207 | (103) |  |  |
| Artifact Bidco, Inc. (4)(6)(8) |  |  |  | 7/26/2030 | 5443 | (44) |  |  |
| Artifact Bidco, Inc. (4)(6)(8) |  |  |  | 7/26/2030 | 2562 | (21) |  |  |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Artisan Bidco, Inc. (4)(10) | E + | 7.00% | 8.94% | 11/7/2029 | EUR | 18288 | 19228 | 20834 |  |
| Artisan Bidco, Inc. (4)(10) | SF + | 7.00% | 11.32% | 11/7/2029 | 39300 | 39300 | 38629 | 38179 |  |
| Artisan Bidco, Inc. (4)(6)(10) | SF + | 7.00% | 11.04% | 11/7/2029 | 6000 | 6000 | 3698 | 3629 |  |
| Artisan Bidco, Inc. (4)(10) | SF + | 7.00% | 11.32% | 11/7/2029 | 993 | 993 | 984 | 964 |  |
| Auditboard, Inc. (4)(6)(9) |  |  |  | 7/14/2031 | 30286 | 30286 | (250) |  |  |
| Auditboard, Inc. (4)(9) | SF + | 4.50% | 8.50% | 7/14/2031 | 159000 | 159000 | 157688 | 159795 |  |
| Auditboard, Inc. (4)(6)(9) |  |  |  | 7/14/2031 | 75714 | 75714 | (691) | 379 |  |
| Aurelia Netherlands Midco 2 B.V. (4)(5)(7) | E + | 4.75% | 6.78% | 5/29/2031 | EUR | 125373 | 137729 | 147017 |  |
| Avalara, Inc. (7) | SF + | 3.25% | 7.25% | 3/26/2032 | 13325 | 13325 | 13257 | 13345 |  |
| BMC Software Inc. (7) | SF + | 3.00% | 7.20% | 7/30/2031 | 2985 | 2985 | 2953 | 2984 |  |
| Boreal Bidco (4)(5)(7) | E + | 7.25% (incl 5.75% PIK) | 9.25% | 3/26/2032 | EUR | 50412 | 53256 | 58113 |  |
| Bottomline Technologies, Inc. (4)(6)(9) |  |  |  | 5/15/2028 | 385 | 385 | (2) |  |  |
| Bottomline Technologies, Inc. (4)(9) | SF + | 4.50% | 8.50% | 5/13/2029 | 4478 | 4478 | 4453 | 4499 |  |
| Calabrio, Inc. (4)(10) | SF + | 5.50% | 9.70% | 4/16/2027 | 22034 | 22034 | 22034 | 22034 |  |
| Calabrio, Inc. (4)(6)(10) | SF + | 5.50% | 9.70% | 4/16/2027 | 2687 | 2687 | 1152 | 1152 |  |
| Calabrio, Inc. (4)(10) | SF + | 5.50% | 9.70% | 4/16/2027 | 3232 | 3232 | 3201 | 3232 |  |
| Central Parent LLC (7) | SF + | 3.25% | 7.25% | 7/6/2029 | 20097 | 20097 | 20043 | 17435 |  |
| Certinia Inc. (4)(10) | SF + | 5.25% | 9.56% | 8/4/2030 | 51941 | 51941 | 51037 | 52461 |  |
| Certinia Inc. (4)(6)(10) |  |  |  | 8/2/2030 | 5449 | 5449 | (109) |  |  |
| Cloud Software Group Inc (7) |  | 6.50% | 6.50% | 3/31/2029 | 7740 | 7740 | 7033 | 7816 |  |
| Cloud Software Group Inc (7) | SF + | 3.25% | 7.25% | 8/13/2032 | 14000 | 14000 | 14000 | 14059 |  |
| Cloud Software Group Inc (7) | SF + | 3.25% | 7.48% | 3/21/2031 | 4765 | 4765 | 4765 | 4788 |  |
| Coupa Holdings, LLC (4)(9) | SF + | 5.25% | 9.56% | 2/27/2030 | 78780 | 78780 | 77615 | 79568 |  |
| Coupa Holdings, LLC (4)(6)(9) |  |  |  | 2/27/2029 | 6211 | 6211 | (88) |  |  |
| Coupa Holdings, LLC (4)(6)(9) |  |  |  | 2/27/2030 | 7123 | 7123 | (107) | 71 |  |
| Databricks Inc (4)(7) | SF + | 4.50% | 8.72% | 1/3/2031 | 137478 | 137478 | 136868 | 137433 |  |
| Databricks Inc (4)(6)(7) |  |  |  | 1/3/2031 | 30597 | 30597 | (153) | (10) |  |
| Delta Topco, Inc. (7) | SF + | 2.75% | 7.02% | 11/30/2029 | 19052 | 19052 | 19002 | 18870 |  |
| DigiCert Inc (4)(9) | SF + | 5.75% | 9.91% | 7/30/2030 | 360814 | 360814 | 355588 | 357222 |  |
| DigiCert Inc (4)(9)(23) | SF + | 6.40% | 10.56% | 7/30/2030 | 2000 | 2000 | 1971 | 1971 |  |
| DigiCert Inc (4)(6)(9) |  |  |  | 7/30/2030 | 38437 | 38437 | (557) | (383) |  |
| EasyPark Strategy AB (4)(5)(8) | SF + | 4.75% | 8.92% | 12/19/2030 | 45577 | 45577 | 44980 | 45245 |  |
| EasyPark Strategy AB (4)(5)(8) | N + | 4.75% | 9.15% | 12/19/2030 | NOK | 234246 | 20222 | 23286 |  |
| EasyPark Strategy AB (4)(5)(8) | E + | 4.75% | 6.79% | 12/19/2030 | EUR | 74735 | 76536 | 87088 |  |
| EasyPark Strategy AB (4)(5)(8) | SN + | 5.00% (incl 2.25% PIK) | 8.98% | 12/19/2031 | GBP | 29019 | 35669 | 38737 |  |
| EasyPark Strategy AB (4)(5)(8) | E + | 4.75% | 6.85% | 12/19/2030 | EUR | 8569 | 9880 | 9985 |  |
| Einstein Parent Inc (4)(9) | SF + | 6.50% | 10.83% | 1/22/2031 | 94062 | 94062 | 92397 | 92760 |  |
| Einstein Parent Inc (4)(6)(9) |  |  |  | 1/22/2031 | 9745 | 9745 | (172) | (135) |  |
| Elements Finco Limited (4)(5)(7) | SN + | 5.50% (incl 2.50% PIK) | 9.47% | 4/29/2031 | GBP | 33930 | 42328 | 45612 |  |
| Elements Finco Limited (4)(5)(7) | SF + | 5.25% (incl 2.25% PIK) | 9.41% | 4/29/2031 | 10603 | 10603 | 10520 | 10603 |  |
| Elements Finco Limited (4)(5)(7) | SF + | 5.25% (incl 2.25% PIK) | 9.41% | 4/29/2031 | 8824 | 8824 | 8755 | 8824 |  |
| Elements Finco Limited (4)(5)(7) | SN + | 5.25% (incl 2.25% PIK) | 9.22% | 4/29/2031 | GBP | 50699 | 62870 | 68155 |  |
| Elements Finco Limited (4)(5)(7) | SN + | 5.50% (incl 2.50% PIK) | 9.47% | 4/29/2031 | GBP | 15210 | 18967 | 20447 |  |
| Enverus Holdings Inc (4)(9) | SF + | 5.50% | 9.66% | 12/24/2029 | 65971 | 65971 | 65272 | 65971 |  |
| Enverus Holdings Inc (4)(6)(9) |  |  |  | 12/24/2029 | 856 | 856 | (12) |  |  |
| Enverus Holdings Inc (4)(6)(9) | SF + | 5.50% | 9.64% | 12/24/2029 | 4913 | 4913 | 157 | 209 |  |
| Espresso Bidco Inc. (4)(9) | SF + | 5.75% (incl 3.13% PIK) | 9.75% | 3/25/2032 | 52612 | 52612 | 51894 | 52048 |  |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Espresso Bidco Inc. (4)(6)(9) |  |  |  | 3/25/2032 | 14333 | (207) | (154) |  |
| Espresso Bidco Inc. (4)(6)(9) |  |  |  | 3/25/2032 | 6370 | (88) | (68) |  |
| Flexera Software LLC (4)(8) | E + | 4.75% | 6.63% | 8/15/2032 | 65335 | 76287 | 76482 |  |
| Flexera Software LLC (4)(8) | SF + | 4.75% | 8.96% | 8/15/2032 | 199944 | 199453 | 199453 |  |
| Flexera Software LLC (4)(6)(8) |  |  |  | 8/15/2032 | 16806 | (41) | (41) |  |
| GovCIO Buyer Company (4)(9) | SF + | 5.25% | 9.42% | 7/9/2031 | 144788 | 142649 | 145476 |  |
| HT Intermediary III, Inc. (4)(6)(9) |  |  |  | 11/12/2030 | 10286 | (51) | 103 |  |
| HT Intermediary III, Inc. (4)(9) | SF + | 4.50% | 8.66% | 11/12/2030 | 42110 | 41930 | 42531 |  |
| HT Intermediary III, Inc. (4)(6)(9) | SF + | 4.50% | 8.66% | 11/12/2030 | 3857 | 112 | 129 |  |
| Huskies Parent Inc (4)(9) | SF + | 5.25% | 9.51% | 11/3/2028 | 24706 | 24482 | 23876 |  |
| Huskies Parent Inc (4)(6)(9) | SF + | 5.25% | 9.51% | 11/3/2027 | 1000 | 699 | 681 |  |
| ION Platform Finance US Inc (7)(21) | SF + | 3.75% | 7.88% | 9/30/2032 | 20000 | 19800 | 19875 |  |
| IRI Group Holdings, Inc. (4)(9) | SF + | 4.50% | 8.66% | 12/1/2029 | 206163 | 204658 | 206332 |  |
| IRI Group Holdings, Inc. (4)(6)(13) |  |  |  | 12/1/2028 | 19562 | (133) |  |  |
| Kaseya Inc (7) | SF + | 3.25% | 7.41% | 3/20/2032 | 20365 | 20255 | 20419 |  |
| Kona Buyer, LLC (4)(6)(9) |  |  |  | 7/23/2031 | 15463 | (128) |  |  |
| Kona Buyer, LLC (4)(9) | SF + | 4.50% | 8.82% | 7/23/2031 | 112280 | 111349 | 112575 |  |
| Kona Buyer, LLC (4)(9) | SF + | 4.50% | 8.82% | 7/23/2031 | 6588 | 6532 | 6606 |  |
| Kona Buyer, LLC (4)(9) | SF + | 4.50% | 8.82% | 7/23/2031 | 1854 | 1838 | 1859 |  |
| Kona Buyer, LLC (4)(6)(9) |  |  |  | 7/23/2031 | 61081 | (305) | 160 |  |
| Kona Buyer, LLC (4)(6)(9) |  |  |  | 6/27/2032 | 7096 | (35) |  |  |
| Kpler Finance SA (4)(5)(8) | SF + | 6.75% (incl 3.63% PIK) | 10.84% | 4/25/2031 | 70000 | 69026 | 69486 |  |
| Kpler Finance SA (4)(5)(8) | SF + | 6.75% (incl 3.63% PIK) | 10.84% | 4/25/2031 | 70000 | 69026 | 69486 |  |
| Kpler Finance SA (4)(5)(6)(8) | SF + | 6.25% | 10.37% | 10/25/2030 | 20000 | 11722 | 11846 |  |
| Kpler Finance SA (4)(5)(6)(8) |  |  |  | 10/25/2030 | 20000 | (288) | (154) |  |
| Kryptona Bidco US, LLC (4)(6)(9) |  |  |  | 12/18/2031 | 16852 | (299) | (193) |  |
| Kryptona Bidco US, LLC (4)(9) | SF + | 6.00% (incl 3.25% PIK) | 10.03% | 12/18/2031 | 158023 | 155288 | 156212 |  |
| Kryptona Bidco US, LLC (4)(7) | E + | 6.00% (incl 3.25% PIK) | 8.02% | 12/18/2031 | 36570 | 37356 | 42440 |  |
| McAfee Corp (8) | SF + | 3.00% | 7.22% | 3/1/2029 | 8751 | 8619 | 8385 |  |
| Medallia Inc (4)(9) | SF + | 6.50% (incl 4.00% PIK) | 10.47% | 10/29/2028 | 82387 | 82387 | 70043 |  |
| Mediaocean LLC (8) | SF + | 3.50% | 7.76% | 12/15/2028 | 6772 | 6768 | 6791 |  |
| Meralm Bidco AB (4)(5)(8) | E + | 6.00% (incl 2.25% PIK) | 8.06% | 8/29/2031 | 33596 | 36673 | 37495 |  |
| Meralm Bidco AB (4)(5)(8) | SF + | 6.00% (incl 2.25% PIK) | 10.26% | 8/29/2031 | 14008 | 13835 | 13323 |  |
| Meralm Bidco AB (4)(5)(8) | ST + | 6.00% (incl 2.25% PIK) | 8.12% | 8/29/2031 | 422944 | 40695 | 42739 |  |
| Meralm Bidco AB (4)(5)(8) | N + | 6.00% (incl 2.25% PIK) | 10.32% | 8/29/2031 | 269391 | 25086 | 25657 |  |
| Meralm Bidco AB (4)(5)(8) | E + | 9.25% (incl 4.75% PIK) | 11.31% | 8/29/2031 | 48964 | 53465 | 56609 |  |
| Meralm Bidco AB (4)(5)(6)(8) |  |  |  | 8/29/2031 | 5188 | (79) | (298) |  |
| Mitchell International Inc (8) | SF + | 3.25% | 7.41% | 6/17/2031 | 9900 | 9859 | 9902 |  |
| OEConnection LLC (9) | SF + | 5.25% | 9.41% | 4/22/2031 | 66781 | 66251 | 67004 |  |
| OEConnection LLC (9) | SF + | 5.25% | 9.41% | 4/22/2031 | 11653 | 11555 | 11692 |  |
| OEConnection LLC (6)(9) |  |  |  | 4/22/2031 | 7338 | (58) | 24 |  |
| Omega II AB (4)(5)(6)(7) |  |  |  | 6/18/2032 | 255591 | (130) | 108 |  |
| Omega II AB (4)(5)(7) | ST + | 4.75% | 6.96% | 6/18/2032 | 943460 | 97160 | 100643 |  |
| Onesource Virtual, Inc. (4)(6)(10) |  |  |  | 5/28/2030 | 25318 | (295) |  |  |
| Onesource Virtual, Inc. (4)(10) | SF + | 4.75% | 8.91% | 5/28/2030 | 172756 | 170747 | 174484 |  |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Ping Identity Holding Corp. (4)(9) | SF + | 4.75% | 8.75% | 10/17/2029 | 81444 | 80566 | 82258 |  |
| Ping Identity Holding Corp. (4)(6)(9) |  |  |  | 10/17/2028 | 8513 | (79) |  |  |
| Prism Parent Co., Inc. (4)(9) | SF + | 5.00% | 9.14% | 9/19/2028 | 42033 | 41608 | 42033 |  |
| Prism Parent Co., Inc. (4)(6)(9) | SF + | 5.00% | 9.14% | 9/19/2028 | 4320 | 1688 | 1729 |  |
| Project Alpha Intermediate Holding, Inc. (8) | SF + | 3.25% | 7.25% | 10/26/2030 | 24966 | 24704 | 25064 |  |
| Project Ruby Ultimate Parent Corp (7) | SF + | 2.75% | 7.03% | 3/10/2028 | 22691 | 22619 | 22729 |  |
| Proofpoint, Inc. (8) | SF + | 3.00% | 7.16% | 8/31/2028 | 16954 | 16808 | 17042 |  |
| Proofpoint, Inc. (8)(21) | SF + | 3.00% | 7.16% | 8/31/2028 | 2000 | 1990 | 2010 |  |
| QBS Parent Inc (4)(9) | SF + | 4.50% | 8.50% | 6/3/2032 | 39526 | 39352 | 39663 |  |
| QBS Parent Inc (4)(6)(9) |  |  |  | 6/3/2032 | 3820 | (17) |  |  |
| Quail Buyer, Inc. (4)(9) | SF + | 5.00% | 9.38% | 10/1/2027 | 7180 | 7130 | 7180 |  |
| Quail Buyer, Inc. (4)(9) | SF + | 5.00% | 9.38% | 10/1/2027 | 22798 | 22593 | 22798 |  |
| Red Planet Borrower, LLC (8) | SF + | 4.00% | 8.16% | 9/8/2032 | 5487 | 5433 | 5350 |  |
| Riley MergeCo LLC (4)(10)(23) | SF + | 8.30% | 12.58% | 9/23/2027 | 1786 | 1773 | 1683 |  |
| Riley MergeCo LLC (4)(6)(10) |  |  |  | 9/23/2027 | 197 | (2) | (11) |  |
| Rocket Software Inc (8) | SF + | 3.75% | 7.91% | 11/28/2028 | 12166 | 11915 | 12207 |  |
| Severin Acquisition LLC (4)(9) | SF + | 5.00% (incl 2.25% PIK) | 9.16% | 10/1/2031 | 303937 | 301389 | 303937 |  |
| Severin Acquisition LLC (4)(6)(9) |  |  |  | 10/1/2031 | 44454 | (381) |  |  |
| Severin Acquisition LLC (4)(6)(9) | SF + | 5.00% (incl 2.25% PIK) | 9.16% | 10/1/2031 | 63054 | 10046 | 10627 |  |
| Skywalker Purchaser, LLC (4)(6)(9) |  |  |  | 7/23/2031 | 24424 | (225) | 64 |  |
| Skywalker Purchaser, LLC (4)(6)(9) |  |  |  | 7/23/2031 | 27425 | (137) | 72 |  |
| Smarsh Inc. (4)(6)(9) |  |  |  | 2/16/2029 | 2143 | (31) |  |  |
| Smarsh Inc. (4)(9) | SF + | 4.75% | 8.75% | 2/16/2029 | 22500 | 22291 | 22499 |  |
| Smarsh Inc. (4)(6)(9) | SF + | 4.75% | 8.75% | 2/16/2029 | 3214 | 876 | 900 |  |
| Smarsh Inc. (4)(6)(9) |  |  |  | 2/16/2029 | 2143 | (15) |  |  |
| Sophos Holdings LLC (5)(10) | SF + | 3.50% | 7.78% | 3/5/2027 | 2359 | 2357 | 2365 |  |
| Stack Sports Buyer, LLC (4)(9) | SF + | 5.25% | 9.25% | 3/31/2031 | 131871 | 130059 | 130263 |  |
| Stack Sports Buyer, LLC (4)(6)(9) |  |  |  | 3/31/2031 | 29305 | (421) | (357) |  |
| Stack Sports Buyer, LLC (4)(6)(9) |  |  |  | 3/31/2031 | 21553 | (296) | (263) |  |
| Storable Inc (7) | SF + | 3.25% | 7.41% | 4/16/2031 | 5725 | 5711 | 5751 |  |
| Tango Bidco SAS (4)(5)(6)(7) |  |  |  | 10/17/2031 | 3130 | (49) | 2 |  |
| Tango Bidco SAS (4)(5)(6)(7) | E + | 5.25% | 7.28% | 10/17/2031 | 16592 | 11699 | 13452 |  |
| Tango Bidco SAS (4)(5)(7) | E + | 5.25% | 7.28% | 10/17/2031 | 41812 | 44696 | 49098 |  |
| Tango Bidco SAS (4)(5)(6)(7) |  |  |  | 10/17/2031 | 7161 | (83) | 5 |  |
| Technology Growth Capital Pty Ltd (4)(5)(10) | SF + | 6.50% | 10.79% | 7/2/2030 | 30127 | 29471 | 30047 |  |
| Tricentis Operations Holdings Inc (4)(9) | SF + | 6.25% (incl 4.88% PIK) | 10.48% | 2/11/2032 | 137709 | 136487 | 136685 |  |
| Tricentis Operations Holdings Inc (4)(6)(9) |  |  |  | 2/11/2032 | 26875 | (257) | (200) |  |
| Tricentis Operations Holdings Inc (4)(6)(9) |  |  |  | 2/11/2032 | 19449 | (177) | (145) |  |
| TriMech Acquisition Corp. (4)(10) | SF + | 4.75% | 8.75% | 3/10/2028 | 20951 | 20816 | 20951 |  |
| TriMech Acquisition Corp. (4)(10) | SN + | 4.75% | 8.72% | 3/10/2028 | 35609 | 43307 | 47869 |  |
| TriMech Acquisition Corp. (4)(6)(14) | P + | 3.75% | 11.00% | 3/10/2028 | 3289 | 172 | 197 |  |
| UKG Inc (7) | SF + | 2.50% | 6.81% | 2/10/2031 | 16495 | 16389 | 16497 |  |
| User Zoom Technologies, Inc. (4)(9) | SF + | 7.00% | 11.13% | 4/5/2029 | 18948 | 18747 | 18948 |  |
| WorkWave Intermediate II, LLC (4)(9) | SF + | 6.25% (incl 3.13% PIK) | 10.25% | 9/30/2032 | 94004 | 93064 | 93064 |  |
| WorkWave Intermediate II, LLC (4)(6)(13) | SF + | 5.75% | 9.75% | 9/30/2032 | 11593 | 609 | 609 |  |
| Zelis Payments Buyer, Inc. (7) | SF + | 2.75% | 6.91% | 9/28/2029 | 10829 | 10791 | 10816 |  |
| Zelis Payments Buyer, Inc. (7) | SF + | 3.25% | 7.41% | 11/26/2031 | 4963 | 4941 | 4969 |  |
| Zendesk Inc (4)(6)(9) | SF + | 5.00% | 9.00% | 11/22/2028 | 39259 | 11755 | 12277 |  |
| Zendesk Inc (4)(9) | SF + | 5.00% | 9.00% | 11/22/2028 | 159807 | 158142 | 159807 |  |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Zendesk Inc (4)(6)(9) |  |  |  | 11/22/2028 | 17940 | (188) |  |  |
|  |  |  |  |  |  | 5059554 | 5172823 | 44.14% |
| **Technology Hardware and Equipment** |  |  |  |  |  |  |  |  |
| Altar Bidco Inc (8) | SF + | 3.10% | 7.08% | 2/1/2029 | 8712 | 8675 | 8722 |  |
| CC WDW Borrower, Inc. (4)(10) | SF + | 6.75% | 11.21% | 1/27/2028 | 44303 | 43768 | 43913 |  |
| CC WDW Borrower, Inc. (4)(6)(10) | SF + | 6.75% | 11.21% | 1/27/2028 | 5122 | 2707 | 2721 |  |
| CC WDW Borrower, Inc. (4)(10) | SF + | 6.75% | 10.90% | 1/27/2028 | 2300 | 2300 | 2280 |  |
| TechInsights Inc (4)(5)(10) | SF + | 6.31% | 10.46% | 11/9/2027 | 2507 | 2487 | 2507 |  |
| TechInsights Inc (4)(5)(10) | SF + | 6.31% | 10.46% | 11/9/2027 | 965 | 957 | 965 |  |
|  |  |  |  |  |  | 60894 | 61108 | 0.52% |
| **Telecommunications Equipment** |  |  |  |  |  |  |  |  |
| Guardian US Holdco LLC (8) | SF + | 3.50% | 7.50% | 1/31/2030 | 7821 | 7722 | 7835 |  |
| Ribbon Communications Operating Company, Inc (4)(5)(10) | SF + | 6.25% | 10.41% | 6/21/2029 | 55345 | 54522 | 55872 |  |
| Ribbon Communications Operating Company, Inc (4)(5)(6)(10) |  |  |  | 6/21/2029 | 6365 | (95) |  |  |
|  |  |  |  |  |  | 62149 | 63707 | 0.54% |
| **Telecommunications Service Providers** |  |  |  |  |  |  |  |  |
| CCI Buyer, Inc. (4)(6)(9) |  |  |  | 5/13/2032 | 23387 | (221) | (186) |  |
| CCI Buyer, Inc. (4)(9) | SF + | 5.00% | 9.00% | 5/13/2032 | 303985 | 301112 | 301561 |  |
| Directv Financing, LLC (9) | SF + | 5.00% | 9.57% | 8/2/2027 | 806 | 799 | 807 |  |
| Meriplex Communications, LTD (4)(9) | SF + | 5.00% | 9.26% | 7/17/2028 | 13608 | 13509 | 13025 |  |
| Meriplex Communications, LTD (4)(9) | SF + | 5.00% | 9.26% | 7/17/2028 | 2882 | 2865 | 2759 |  |
| Meriplex Communications, LTD (4)(9) | SF + | 5.00% | 9.26% | 7/17/2028 | 1143 | 1135 | 1094 |  |
|  |  |  |  |  |  | 319199 | 319060 | 2.72% |
| **Travel and Leisure** |  |  |  |  |  |  |  |  |
| ClubCorp Holdings Inc (4)(10) | SF + | 5.00% | 9.16% | 7/9/2032 | 125011 | 123196 | 123196 |  |
| ClubCorp Holdings Inc (4)(6)(10) |  |  |  | 7/9/2032 | 8153 | (120) | (118) |  |
| ClubCorp Holdings Inc (4)(6)(10) |  |  |  | 7/10/2031 | 16153 | (233) | (233) |  |
| Crunch Holdings LLC (4)(9) | SF + | 4.75% | 8.91% | 9/26/2031 | 58500 | 58222 | 58661 |  |
| Crunch Holdings LLC (4)(6)(9) |  |  |  | 9/26/2031 | 7922 | (38) |  |  |
| Fertitta Entertainment LLC/NV (8) | SF + | 3.25% | 7.41% | 1/27/2029 | 9777 | 9581 | 9774 |  |
| Flynn Restaurant Group LP (7) | SF + | 3.75% | 7.91% | 1/28/2032 | 20091 | 20000 | 20146 |  |
| Havila Kystruten Operations AS (4)(5)(15) | E + | 6.50% | 9.00% | 1/26/2027 | 23844 | 22359 | 24872 |  |
| HB AcquisitionCo Pty Ltd (4)(5)(8) | B + | 6.50% | 10.24% | 8/7/2029 | 32211 | 21266 | 20962 |  |
| HB AcquisitionCo Pty Ltd (4)(5)(6)(8) | B + | 6.50% | 10.12% | 8/7/2029 | 3579 | 1362 | 1382 |  |
| IRB Holding Corp. (9) | SF + | 2.50% | 6.66% | 12/15/2027 | 2650 | 2650 | 2653 |  |
| LC Ahab US Bidco LLC (7) | SF + | 3.00% | 7.16% | 5/1/2031 | 10112 | 9957 | 10122 |  |
| Legends Hospitality Holding Company, LLC (4)(9) | SF + | 5.50% (incl 2.75% PIK) | 9.71% | 8/22/2031 | 95812 | 93578 | 94367 |  |
| Legends Hospitality Holding Company, LLC (4)(6)(9) | SF + | 5.50% (incl 2.75% PIK) | 9.71% | 8/22/2031 | 5513 | 3314 | 3332 |  |
| Legends Hospitality Holding Company, LLC (4)(6)(9) | SF + | 5.00% | 9.16% | 8/22/2030 | 14733 | 1233 | 1047 |  |
| Saga Mid Co Limited (4)(5)(10) | SN + | 6.75% | 10.73% | 2/27/2031 | 100868 | 124255 | 135862 |  |
| Saga Mid Co Limited (4)(5)(6)(10) |  |  |  | 2/27/2031 | 30110 | (901) | 79 |  |
| Saga Mid Co Limited (4)(5)(6)(10) |  |  |  | 2/27/2031 | 4998 | (147) | 13 |  |
| The One Group, LLC (4)(10) | SF + | 6.50% | 10.81% | 5/1/2029 | 50092 | 49018 | 49455 |  |
| The One Group, LLC (4)(6)(7) | SF + | 6.00% | 10.16% | 10/31/2028 | 6649 | 778 | 758 |  |
| Travel Leaders Group, LLC (4)(14) | SF + | 7.50% (incl 3.50% PIK) | 11.76% | 3/27/2028 | 142722 | 141047 | 142780 |  |
| Voyager Parent LLC (7) | SF + | 4.75% | 8.75% | 7/1/2032 | 14819 | 14390 | 14868 |  |
|  |  |  |  |  |  | 694767 | 713978 | 6.09% |
| **Total First Lien Debt** |  |  |  |  |  | $22752168 | $22979765 | 196.07% |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| **Second Lien Debt** | | | | | | | | |
| **Industrial Support Services** | | | | | | | | |
| Sedgwick Claims Management Services Inc (4)(7) | SF + | 5.00% | 9.20% | 7/30/2032 | $25000 | $24783 | $25181 |  |
|  |  |  |  |  |  | 24783 | 25181 | 0.21% |
| **Total Second Lien Debt** |  |  |  |  |  | $24783 | $25181 | 0.21% |
| **Other Secured Debt** |  |  |  |  |  |  |  |  |
| **Asset Based Lending and Fund Finance** |  |  |  |  |  |  |  |  |
| Inflexion BFVI Financing Limited (4)(5)(7) | SN + | 4.50% PIK | 8.47% | 4/30/2030 | 21240 | $27802 | $28357 |  |
| Inflexion BFVI Financing Limited (4)(5)(7) | SN + | 4.50% PIK | 8.47% | 4/30/2030 | 19051 | 25543 | 25434 |  |
| TPG VIII Merlin New Holdings I, L.P. (4)(5)(10) | SF + | 6.50% | 10.79% | 3/15/2027 | 37017 | 36658 | 36803 |  |
|  |  |  |  |  |  | 90003 | 90594 | 0.77% |
| **Investment Banking and Brokerage Services** |  |  |  |  |  |  |  |  |
| Stanford Midco Limited (4)(5)(7) | SN + | 10.00% PIK | 13.99% | 8/5/2026 | 16916 | 22111 | 22356 |  |
|  |  |  |  |  |  | 22111 | 22356 | 0.19% |
| **Media** |  |  |  |  |  |  |  |  |
| Chord Searchlight, L.P (4)(5)(6)(10) | SF + | 6.25% (incl 4.34% PIK) | 10.48% | 7/16/2030 | 110725 | 67791 | 67808 |  |
|  |  |  |  |  |  | 67791 | 67808 | 0.58% |
| **Real Estate Investment and Services** |  |  |  |  |  |  |  |  |
| Link Apartments Opportunity Zone REIT, LLC (4)(16) | SF + | 7.50% | 11.50% | 12/27/2029 | 16371 | 16093 | 16201 |  |
| Link Apartments Opportunity Zone REIT, LLC (4)(6)(16) | SF + | 7.50% | 11.50% | 12/27/2029 | 9355 | 6390 | 6451 |  |
|  |  |  |  |  |  | 22483 | 22652 | 0.19% |
| **Total Other Secured Debt** |  |  |  |  |  | $202388 | $203410 | 1.73% |
| **Unsecured Debt** |  |  |  |  |  |  |  |  |
| **Consumer Services** |  |  |  |  |  |  |  |  |
| Wildcat Car Wash Holdings, LLC (4)(7) |  | 15.00% PIK | 15.00% | 7/16/2029 | $17327 | $17327 | $17327 |  |
|  |  |  |  |  |  | 17327 | 17327 | 0.15% |
| **Health Care Providers** |  |  |  |  |  |  |  |  |
| VetCor Group Holdings LLC (4)(7) |  | 13.75% PIK | 13.75% | 9/3/2030 | 1136 | 1124 | 1061 |  |
| VetCor Group Holdings LLC (4)(7) |  | 13.75% PIK | 13.75% | 9/3/2030 | 358 | 355 | 334 |  |
| VetCor Group Holdings LLC (4)(7) |  | 14.75% PIK | 14.75% | 9/3/2030 | 310 | 305 | 300 |  |
|  |  |  |  |  |  | 1784 | 1695 | 0.01% |
| **Medical Equipment and Services** |  |  |  |  |  |  |  |  |
| DCA Acquisition Holdings LLC (4)(7)(19) |  | 13.13% PIK |  | 12/28/2032 | 1190 | 1176 | 128 |  |
| DCA Acquisition Holdings LLC (4)(7)(19) |  | 13.13% PIK |  | 12/28/2032 | 112 | 111 | 12 |  |
| DCA Acquisition Holdings LLC (4)(7)(19) |  | 13.13% PIK |  | 12/28/2032 | 202 | 198 | 22 |  |
|  |  |  |  |  |  | 1485 | 162 | 0.00% |
| **Non-life Insurance** |  |  |  |  |  |  |  |  |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (7) |  | 6.75% | 6.75% | 10/15/2027 | 6255 | 5984 | 6273 |  |
|  |  |  |  |  |  | 5984 | 6273 | 0.05% |
| **Real Estate Investment and Services** |  |  |  |  |  |  |  |  |
| Associations Finance, Inc. (4)(7) |  | 14.25% PIK | 14.25% | 5/3/2030 | 9947 | 9916 | 9947 |  |
| Associations Finance, Inc. (4)(7) |  | 14.25% PIK | 14.25% | 5/3/2030 | 3799 | 3787 | 3799 |  |
|  |  |  |  |  |  | 13703 | 13746 | 0.12% |
| **Software and Computer Services** |  |  |  |  |  |  |  |  |
| Elements Midco 1 Limited (4)(5)(8) | SN + | 8.25% PIK | 12.22% | 4/29/2032 | 1856 | 2303 | 2495 |  |
|  |  |  |  |  |  | 2303 | 2495 | 0.02% |
| **Telecommunications Service Providers** |  |  |  |  |  |  |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp (7) |  | 5.50% | 5.50% | 5/1/2026 | 7000 | 7018 | 6996 |  |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
|  |  |  |  |  |  | 7018 | 6996 | 0.06% |
| **Total Unsecured Debt** |  |  |  |  |  | $49604 | $48694 | 0.41% |
| **Structured Finance** |  |  |  |  |  |  |  |  |
| **Structured Finance Investments** |  |  |  |  |  |  |  |  |
| 720 East CLO V Ltd (5)(7) - Class E | SF + | 6.30% | 10.63% | 7/20/2037 | $4000 | $4000 | $4100 |  |
| ABPCI Direct Lending Fund CLO XVII LLC (5)(7) - Class E | SF + | 8.00% | 12.30% | 8/1/2036 | 3500 | 3519 | 3593 |  |
| 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 | 12500 | 12500 | 12500 |  |
| Alp CFO 2025, L.P. (4)(5)(7) - Class C |  | 12.24% | 12.24% | 7/15/2037 | 16000 | 16000 | 16000 |  |
| AMMC CLO 21 LTD (5)(7) - Class E | SF + | 6.76% | 11.06% | 11/2/2030 | 4126 | 3783 | 4157 |  |
| AMMC CLO XII Ltd (5)(7) - Class ER | SF + | 6.44% | 10.67% | 11/10/2030 | 2000 | 2002 | 2010 |  |
| ARES CLO Ltd (5)(7) - Class E | SF + | 6.70% | 11.03% | 4/20/2037 | 5000 | 5000 | 5082 |  |
| Ares Secondaries Pbn Finance Co IV LLC (4)(5)(6)(7) - Class A | SF + | 2.90% | 7.19% | 4/14/2039 | 1000 | 10 | 10 |  |
| Ares Secondaries Pbn Finance Co IV LLC (4)(5)(6)(7) - Class C | SF + | 8.50% | 12.79% | 4/14/2039 | 5000 | 52 | 52 |  |
| Bain Capital Credit CLO 2024-3 Ltd (5)(7) - Class E | SF + | 6.25% | 10.57% | 7/16/2037 | 2000 | 2000 | 2036 |  |
| Barings CLO Ltd 2024-IV (5)(7) - Class E | SF + | 5.95% | 10.28% | 10/20/2037 | 4500 | 4500 | 4569 |  |
| Benefit Street Partners CLO XXXVI Ltd (5)(7) - Class E1 | SF + | 5.50% | 9.82% | 1/25/2038 | 4750 | 4750 | 4782 |  |
| Columbia Cent CLO 33 Ltd (5)(7) - Class E | SF + | 7.16% | 11.49% | 4/20/2037 | 2000 | 1964 | 2017 |  |
| Dryden 108 CLO Ltd (5) - Subordinated Note |  |  |  | 7/18/2035 | 2900 | 2291 | 2030 |  |
| Fort Washington CLO 2019-1 (5)(7) - Class ER2 | SF + | 7.99% | 12.32% | 10/20/2037 | 4500 | 4560 | 4593 |  |
| Monroe Capital Mml Clo XVII Ltd (5)(7) - Class E | SF + | 7.91% | 12.23% | 1/15/2037 | 5000 | 4907 | 5102 |  |
| Monroe Capital Mml Clo XVII Ltd (5)(7) - Class D | SF + | 4.65% | 8.97% | 1/15/2037 | 1000 | 1000 | 1009 |  |
| Ocp Clo 2024-33 Ltd (5)(7) - Class E | SF + | 6.00% | 10.33% | 7/20/2037 | 5000 | 5000 | 5126 |  |
| Octagon 52 Ltd (5)(7) - Class ER | SF + | 7.33% | 11.65% | 7/23/2037 | 3000 | 2973 | 3041 |  |
| Octagon 63 Ltd (5)(7) - Class E | SF + | 6.50% | 10.83% | 7/20/2037 | 3000 | 3000 | 3075 |  |
| Rad CLO Ltd (5)(7) - Class E | SF + | 6.51% | 10.83% | 4/15/2034 | 2500 | 2504 | 2522 |  |
| Shackleton 2019-XV CLO Ltd (5)(7) - Class ER | SF + | 6.92% | 11.24% | 1/15/2032 | 3000 | 2724 | 3023 |  |
| Voya CLO Ltd (5)(7) - Class E | SF + | 6.00% | 10.33% | 7/20/2037 | 4000 | 4000 | 4042 |  |
|  |  |  |  |  |  | 94039 | 95471 | 0.81% |
| **Total Structured Finance** |  |  |  |  |  | $94039 | $95471 | 0.81% |
| **Equity Investments** |  |  |  |  |  |  |  |  |
| **Consumer Services** |  |  |  |  |  |  |  |  |
| CG Parent Intermediate Holdings, Inc. (4)(22) - Preferred Stock |  |  |  |  | 2000 | $1940 | $2574 |  |
| Club Car Wash Preferred, LLC (4)(7)(22) - Preferred Stock |  | 15.00% PIK | 15.00% |  | 15672 | 15672 | 15672 |  |
| Club Car Wash Preferred, LLC (4)(7)(22) - Preferred Stock |  | 15.00% PIK | 15.00% |  | 8817 | 8817 | 8817 |  |
| Rapid Express Preferred, LLC (4)(7)(22) - Preferred Stock |  | 15.00% PIK | 15.00% |  | 6876 | 6876 | 6876 |  |
| Rapid Express Preferred, LLC (4)(7)(22) - Preferred Stock |  | 15.00% PIK | 15.00% |  | 2784 | 2784 | 2784 |  |
| Thrasio Holdings, Inc. (4)(22) - Common Stock |  |  |  |  | 19015 |  |  |  |
|  |  |  |  |  |  | 36089 | 36723 | 0.31% |
| **Gas, Water and Multi-utilities** |  |  |  |  |  |  |  |  |
| Eagle LNG Partners Jacksonville II LLC (4)(22) - Warrants |  |  |  |  |  |  |  |  |
| ELNG Equity LLC (4)(22) - Warrants |  |  |  |  | 78038 |  |  |  |
| ELNG Equity LLC (4)(22) - Warrants |  |  |  |  | 31427 |  |  |  |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
|  |  |  |  |  |  |  |  | 0.00% |
| **Health Care Providers** |  |  |  |  |  |  |  |  |
| Eating Recovery Center TopCo, LLC (4)(22) - Class A Common Units |  |  |  |  | 3528 | 4634 | 2428 |  |
|  |  |  |  |  |  | 4634 | 2428 | 0.02% |
| **Industrial Support Services** |  |  |  |  |  |  |  |  |
| BCPE Virginia Holdco, Inc. (4)(22) - Preferred Stock |  |  |  |  | 2000 | 1960 | 2601 |  |
|  |  |  |  |  |  | 1960 | 2601 | 0.02% |
| **Media** |  |  |  |  |  |  |  |  |
| AMR GP Holdings Ltd (4)(5)(22) - Ordinary Shares |  |  |  |  | 168 | 1008 | 1249 |  |
| OneTeam Partners, LLC (4)(7)(22) - Class D Units |  | 8.00% | 8.00% |  | 177651 | 947 | 1208 |  |
|  |  |  |  |  |  | 1955 | 2457 | 0.02% |
| **Pharmaceuticals and Biotechnology** |  |  |  |  |  |  |  |  |
| Creek Feeder, L.P. (4)(22) - LP Interest |  |  |  |  | 9000 | 9000 | 9000 |  |
|  |  |  |  |  |  | 9000 | 9000 | 0.08% |
| **Telecommunications Service Providers** |  |  |  |  |  |  |  |  |
| CCI Topco, Inc. (4)(22) - Preferred Stock |  |  |  |  | 20 | 1960 | 2104 |  |
|  |  |  |  |  |  | 1960 | 2104 | 0.02% |
| **Travel and Leisure** |  |  |  |  |  |  |  |  |
| The One Group Hospitality, Inc. (4)(22) - Preferred Stock |  |  |  |  | 1000 | 877 | 1102 |  |
| The One Group Hospitality, Inc. (22) - Warrants |  |  |  |  | 11911 | 61 | 35 |  |
| The One Group Hospitality, Inc. (4)(22) - Warrants |  |  |  |  | 6667 | 12 | 2 |  |
|  |  |  |  |  |  | 950 | 1139 | 0.01% |
| **Total Equity Investments** |  |  |  |  |  | $56548 | $56452 | 0.48% |
| **Total Investments - Non-Controlled/Non-Affiliated** |  |  |  |  |  | $23179530 | $23408973 | 199.74% |
| **Non-Controlled/Affiliated Investments** |  |  |  |  |  |  |  |  |
| **First Lien Debt** |  |  |  |  |  |  |  |  |
| **Consumer Services** |  |  |  |  |  |  |  |  |
| Wash & Wax Systems LLC (4)(10)(20) | SF + | 5.50% | 9.81% | 4/30/2028 | $14450 | $14450 | $14450 |  |
| Wash & Wax Systems LLC (4)(6)(10)(20) | SF + | 5.50% | 9.81% | 4/30/2028 | 947 | (1) | 19 |  |
|  |  |  |  |  |  | 14449 | 14469 | 0.12% |
| **Industrial Support Services** |  |  |  |  |  |  |  |  |
| Galaxy US Opco Inc (5)(8)(20) | SF + | 5.75% (incl 3.75% PIK) | 10.06% | 7/31/2030 | 11593 | 11439 | 10593 |  |
| Logo Holdings III Corporation (4)(10)(20) | SF + | 7.50% PIK | 11.80% | 5/1/2028 | 5397 | 5249 | 5397 |  |
|  |  |  |  |  |  | 16688 | 15990 | 0.14% |
| **Software and Computer Services** |  |  |  |  |  |  |  |  |
| New Era Technology Inc (4)(10)(19)(20) | SF + | 6.25% PIK |  | 6/30/2030 | 7488 | 7488 | 7488 |  |
|  |  |  |  |  |  | 7488 | 7488 | 0.06% |
| **Travel and Leisure** |  |  |  |  |  |  |  |  |
| Artemis Bidco Limited (4)(5)(7)(19)(20) | SN + | 6.00% PIK |  | 9/8/2028 | 1124 | 1542 | 1511 |  |
| Artemis Bidco Limited (4)(5)(7)(19)(20) | SN + | 6.00% PIK |  | 9/8/2028 | 1166 | 1599 | 1567 |  |
| Artemis Bidco Limited (4)(5)(7)(19)(20) | SN + | 6.00% PIK |  | 9/8/2028 | 1931 | 2649 | 2596 |  |
| Artemis Bidco Limited (4)(5)(6)(7)(19)(20) | SN + | 6.00% PIK |  | 9/8/2028 | 1461 | 70 | 90 |  |
| Artemis Bidco Limited (4)(5)(7)(19)(20) | SN + | 6.00% PIK |  | 9/8/2028 | 790 | 997 | 1063 |  |
|  |  |  |  |  |  | 6857 | 6827 | 0.06% |
| **Total First Lien Debt** |  |  |  |  |  | $45482 | $44774 | 0.38% |
| **Second Lien Debt** |  |  |  |  |  |  |  |  |
| **Industrial Support Services** |  |  |  |  |  |  |  |  |
| Logo Holdings III Corporation (4)(10)(20) | SF + | 7.50% PIK | 11.80% | 10/30/2028 | $1932 | $1881 | $1932 |  |
|  |  |  |  |  |  | 1881 | 1932 | 0.02% |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| **Total Second Lien Debt** |  |  |  |  | $1881 | $1932 | 0.02% |
| **Other Secured Debt** |  |  |  |  |  |  |  |
| **Consumer Services** |  |  |  |  |  |  |  |
| Wash & Wax Holdings LLC (4)(7)(20) | 12.00% PIK | 12.00% | 7/30/2028 | $9468 | $9468 | $9468 |  |
|  |  |  |  |  | 9468 | 9468 | 0.08% |
| **Total Other Secured Debt** |  |  |  |  | $9468 | $9468 | 0.08% |
| **Equity Investments** |  |  |  |  |  |  |  |
| **Consumer Services** |  |  |  |  |  |  |  |
| Wash & Wax Group LP (4)(20)(22) - Class A Common Units |  |  |  | 6312 | $8547 | $8547 |  |
|  |  |  |  |  | 8547 | 8547 | 0.07% |
| **Industrial Support Services** |  |  |  |  |  |  |  |
| Southern Graphics Holdings LLC (4)(20)(22) - Class A Units |  |  |  | 274 | 2333 | 3918 |  |
| Velocity Cayman Holding L.P. (4)(5)(20)(22) - Class A-1 Units |  |  |  | 91605 | 2224 | 2450 |  |
| Velocity Cayman Holding L.P. (4)(5)(20)(22) - Class A-2 Units |  |  |  | 159628 | 3938 | 3938 |  |
| Velocity Cayman Holding L.P. (4)(5)(20)(22) - Class A-3 Units |  |  |  | 36642 |  |  |  |
| Velocity Cayman Holdings GP LLC (4)(5)(20)(22) - Class A-1 Units |  |  |  | 91605 |  |  |  |
| Velocity Cayman Holdings GP LLC (4)(5)(20)(22) - Class A-2 Units |  |  |  | 159628 |  |  |  |
| Velocity Cayman Holdings GP LLC (4)(5)(20)(22) - Class A-3 Units |  |  |  | 36642 |  |  |  |
|  |  |  |  |  | 8495 | 10306 | 0.09% |
| **Software and Computer Services** |  |  |  |  |  |  |  |
| NE SPV Holdco, LLC (4)(20)(22) - Common Units |  |  |  | 7185 |  |  |  |
| NE SPV Holdco, LLC (4)(20)(22) - Preferred Units |  |  |  | 7185 | 5239 | 5239 |  |
|  |  |  |  |  | 5239 | 5239 | 0.04% |
| **Travel and Leisure** |  |  |  |  |  |  |  |
| Ark Newco Limited (4)(5)(20)(22) - A2 Ordinary Shares |  |  |  | 1291 |  |  |  |
| Ark Newco Limited (4)(5)(20)(22) - Preferred Stock |  |  |  | 7884250 | 10210 | 10006 |  |
| SLF V AD1 Holdings, LLC (4)(20)(21)(22) - LLC Interest |  |  |  | 10101 | 9891 | 9259 |  |
|  |  |  |  |  | 20101 | 19265 | 0.16% |
| **Total Equity Investments** |  |  |  |  | $42382 | $43357 | 0.36% |
| **Total Investments - Non-Controlled/Affiliated** |  |  |  |  | $99213 | $99531 | 0.85% |
| **Controlled/Affiliated Investments** |  |  |  |  |  |  |  |
| **Investments in Joint Ventures** |  |  |  |  |  |  |  |
| ULTRA III, LLC (5)(20)(22) - LLC Interest |  |  |  |  | $306422 | $328116 |  |
| **Total Investments in Joint Ventures** |  |  |  |  | $306422 | $328116 | 2.80% |
| **Total Investments - Controlled/Affiliated** |  |  |  |  | $306422 | $328116 | 2.80% |
| **Total Investment Portfolio** |  |  |  |  | $23585165 | $23836620 | 203.39% |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| **Cash and Cash Equivalents** | | | | | | | |
| J.P. Morgan U.S. Government Fund, Institutional Shares (5) |  | 3.99% |  | $289805 | $289805 | $289805 |  |
| Cash |  |  |  |  | 129523 | 129523 |  |
| **Total Cash and Cash Equivalents** |  |  |  |  | $419328 | $419328 | 3.58% |
| **Total Investment Portfolio, Cash and Cash Equivalents** |  |  |  |  | $24004493 | $24255948 | 206.97% |

---

(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 September 30, 2025, the Company had investments denominated in Canadian Dollars ("CAD"), Euros ("EUR"), British Pounds ("GBP"), Japanese Yen ("JPY"), Swedish Krona ("SEK"), Norwegian Krone ("NOK"), Singapore Dollar ("SGD"), and Australian Dollars ("AUD"). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments and the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company's investments is pledged as collateral under its credit facilities and debt securitization issuances unless otherwise indicated.

(2) The majority of the investments bear interest at a rate that may be determined by reference to the Prime Rate ("Prime" or "P"), Sterling Overnight Index Average ("SONIA" or "SN"), Euro Interbank Offer Rate ("Euribor" or "E"), Secured Overnight Financing Rate ("SOFR" or "SF"), Canadian Overnight Repo Rate Average ("CORRA" or "C"), Singapore Overnight Rate Average ("SORA"), Stockholm Interbank Offered Rate ("STIBOR" or "ST"), Norwegian Interbank Offered Rate ("NIBOR" or "N"), Tokyo Overnight Average Rate ("TONA" or "TN"), or Bank Bill Swap Bid Rate ("BBSY" or "B") which reset daily, monthly, quarterly, semiannually or annually. For each such investment, the Company has provided the spread over Prime, SONIA, Euribor, SOFR, CORRA, SORA, STIBOR, TONA, NIBOR, or BBSY and the current contractual interest rate in effect at September 30, 2025. Certain investments are subject to a Prime, or SOFR interest rate floor, or rate cap. Certain investments contain a payment-in-kind ("PIK") provision. SOFR-based contracts may include a credit spread adjustment, which is included within the stated all-in interest rate, if applicable, that is charged in addition to the base rate and the stated spread.

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

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

(5) The investment is not a qualifying asset, in whole or in part, under Section 55(a) of the 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 September 30, 2025, non-qualifying assets represented 22.3% 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** | **Commitment Type** | **Unfunded Commitment** | **Fair Value** |
| **Non-Controlled/Non-Affiliated** | | | |
| 123Dentist Inc | 1st Lien Senior Secured Delayed Draw Loan | $3039 | $— |
| 2080 Media, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 27282 | 117 |
| 2080 Media, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 2867 | 12 |
| 2080 Media, Inc. | 1st Lien Senior Secured Revolving Loan | 9065 |  |
| AB Centers Acquisition Corporation | 1st Lien Senior Secured Delayed Draw Loan | 18441 | (135) |
| AB Centers Acquisition Corporation | 1st Lien Senior Secured Revolving Loan | 24356 | (178) |
| ABC Legal Holdings, LLC | 1st Lien Senior Secured Delayed Draw Loan | 24138 | (237) |
| ABC Legal Holdings, LLC | 1st Lien Senior Secured Revolving Loan | 16200 | (159) |
| Advarra Holdings, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 6020 | 60 |
| AI Circle Bidco Limited | 1st Lien Senior Secured Delayed Draw Loan | 54315 | (1206) |
| Alchemy US Holdco 1 LLC | 1st Lien Senior Secured Delayed Draw Loan | 8935 | (392) |
| Arc Media Holdings Limited | 1st Lien Senior Secured Revolving Loan | 429 | (5) |
| Arcfield Acquisition Corp | 1st Lien Senior Secured Revolving Loan | 11100 |  |
| Ares Secondaries Pbn Finance Co IV LLC | Structured Finance Obligations - Debt Instruments | 4948 |  |
| Ares Secondaries Pbn Finance Co IV LLC | Structured Finance Obligations - Debt Instruments | 990 |  |
| Artifact Bidco, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 11207 |  |
| Artifact Bidco, Inc. | 1st Lien Senior Secured Revolving Loan | 5443 |  |
| Artifact Bidco, Inc. | 1st Lien Senior Secured Revolving Loan | 2562 |  |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Unfunded Commitment** | **Fair Value** |
| Artisan Bidco, Inc. | 1st Lien Senior Secured Revolving Loan | 2200 | (63) |
| ASDAM Operations Pty Ltd | 1st Lien Senior Secured Delayed Draw Loan | 1195 |  |
| Associations Inc. | 1st Lien Senior Secured Delayed Draw Loan | 2675 | 27 |
| Associations Inc. | 1st Lien Senior Secured Revolving Loan | 3459 |  |
| Atlas Borrower, LLC | 1st Lien Senior Secured Revolving Loan | 15234 | (151) |
| Atlas Intermediate III LLC | 1st Lien Senior Secured Revolving Loan | 12101 | (416) |
| Auditboard, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 75714 | 379 |
| Auditboard, Inc. | 1st Lien Senior Secured Revolving Loan | 30286 |  |
| AVSC Holding Corp. | 1st Lien Senior Secured Revolving Loan | 8660 | (104) |
| Axiom Buyer, LLC | 1st Lien Senior Secured Delayed Draw Loan | 16189 | (219) |
| Axiom Buyer, LLC | 1st Lien Senior Secured Revolving Loan | 9095 | (123) |
| Azurity Pharmaceuticals Inc | 1st Lien Senior Secured Revolving Loan | 3423 | (56) |
| Baker Tilly Advisory Group, LP | 1st Lien Senior Secured Delayed Draw Loan | 14960 | (33) |
| Baker Tilly Advisory Group, LP | 1st Lien Senior Secured Revolving Loan | 30537 | (96) |
| Bamboo US BidCo LLC | 1st Lien Senior Secured Delayed Draw Loan | 222 |  |
| Bamboo US BidCo LLC | 1st Lien Senior Secured Delayed Draw Loan | 2855 |  |
| Bamboo US BidCo LLC | 1st Lien Senior Secured Revolving Loan | 21254 |  |
| Bayou Intermediate II, LLC | 1st Lien Senior Secured Delayed Draw Loan | 40378 | (404) |
| Bayou Intermediate II, LLC | 1st Lien Senior Secured Revolving Loan | 25989 | (260) |
| Blazing Star Shields Direct Parent, LLC | 1st Lien Senior Secured Revolving Loan | 19774 | (388) |
| Bottomline Technologies, Inc. | 1st Lien Senior Secured Revolving Loan | 385 |  |
| BradyplusUS Holdings, LLC | 1st Lien Senior Secured Delayed Draw Loan | 286 |  |
| Cadence - Southwick, Inc. | 1st Lien Senior Secured Revolving Loan | 8195 |  |
| Calabrio, Inc. | 1st Lien Senior Secured Revolving Loan | 1536 |  |
| Cambrex Corporation | 1st Lien Senior Secured Delayed Draw Loan | 16460 | (133) |
| Cambrex Corporation | 1st Lien Senior Secured Delayed Draw Loan | 6121 | (49) |
| Cambrex Corporation | 1st Lien Senior Secured Revolving Loan | 18341 | (148) |
| Camin Cargo Control Holdings, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 6844 | (14) |
| Camin Cargo Control Holdings, Inc. | 1st Lien Senior Secured Revolving Loan | 2555 | (5) |
| Captive Resources Midco LLC | 1st Lien Senior Secured Revolving Loan | 7558 |  |
| Carbon Topco, Inc. | 1st Lien Senior Secured Revolving Loan | 11985 | (120) |
| CC WDW Borrower, Inc. | 1st Lien Senior Secured Revolving Loan | 2356 | (21) |
| CCI Buyer, Inc. | 1st Lien Senior Secured Revolving Loan | 23387 | (186) |
| Certinia Inc. | 1st Lien Senior Secured Revolving Loan | 5449 |  |
| Chord Searchlight, L.P | Other Secured Debt Delayed Draw Loan | 41325 | (594) |
| Citrin Cooperman Advisors LLC | 1st Lien Senior Secured Delayed Draw Loan | 877 | (3) |
| Club Car Wash Operating, LLC | 1st Lien Senior Secured Delayed Draw Loan | 27062 | (14) |
| ClubCorp Holdings Inc | 1st Lien Senior Secured Delayed Draw Loan | 8153 | (118) |
| ClubCorp Holdings Inc | 1st Lien Senior Secured Revolving Loan | 16153 | (233) |
| Coding Solutions Acquisition, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 6558 | 66 |
| Coding Solutions Acquisition, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 25062 | 251 |
| Coding Solutions Acquisition, Inc. | 1st Lien Senior Secured Revolving Loan | 16674 |  |
| Coretrust Purchasing Group LLC | 1st Lien Senior Secured Delayed Draw Loan | 4423 | 44 |
| Coretrust Purchasing Group LLC | 1st Lien Senior Secured Delayed Draw Loan | 10736 | 107 |
| Coretrust Purchasing Group LLC | 1st Lien Senior Secured Revolving Loan | 11656 |  |
| Coupa Holdings, LLC | 1st Lien Senior Secured Delayed Draw Loan | 7123 | 71 |
| Coupa Holdings, LLC | 1st Lien Senior Secured Revolving Loan | 6211 |  |
| Creek Parent, Inc. | 1st Lien Senior Secured Revolving Loan | 22379 | (127) |
| Crunch Holdings LLC | 1st Lien Senior Secured Revolving Loan | 7922 |  |
| Currahee Borrower Sub LLC | 1st Lien Senior Secured Delayed Draw Loan | 2189 | 7 |
| Databricks Inc | 1st Lien Senior Secured Delayed Draw Loan | 30597 | (10) |
| Diagnostic Services Holdings, Inc. | 1st Lien Senior Secured Revolving Loan | 1397 | (13) |
| DigiCert Inc | 1st Lien Senior Secured Revolving Loan | 38437 | (383) |
| Dwyer Instruments Inc | 1st Lien Senior Secured Delayed Draw Loan | 13403 | (30) |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Unfunded Commitment** | **Fair Value** |
| Dwyer Instruments Inc | 1st Lien Senior Secured Revolving Loan | 17630 | (39) |
| Earps Bidco Limited | 1st Lien Senior Secured Delayed Draw Loan | 16191 | (173) |
| Einstein Parent Inc | 1st Lien Senior Secured Revolving Loan | 9745 | (135) |
| EIS Legacy Holdco, LLC | 1st Lien Senior Secured Delayed Draw Loan | 15809 | 1 |
| EIS Legacy Holdco, LLC | 1st Lien Senior Secured Revolving Loan | 13000 | (12) |
| Empower Payments Investor, LLC | 1st Lien Senior Secured Delayed Draw Loan | 14123 | (140) |
| Empower Payments Investor, LLC | 1st Lien Senior Secured Revolving Loan | 9704 | (114) |
| Enverus Holdings Inc | 1st Lien Senior Secured Delayed Draw Loan | 856 |  |
| Enverus Holdings Inc | 1st Lien Senior Secured Revolving Loan | 4704 |  |
| EPFS Buyer, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 5722 | (56) |
| EPFS Buyer, Inc. | 1st Lien Senior Secured Revolving Loan | 3814 | (37) |
| ERC Topco Holdings, LLC | 1st Lien Senior Secured Revolving Loan | 372 |  |
| Espresso Bidco Inc. | 1st Lien Senior Secured Delayed Draw Loan | 14333 | (154) |
| Espresso Bidco Inc. | 1st Lien Senior Secured Revolving Loan | 6370 | (68) |
| Fastener Distribution Holdings, LLC | 1st Lien Senior Secured Delayed Draw Loan | 17418 | (1) |
| FC Compassus LLC | 1st Lien Senior Secured Delayed Draw Loan | 14046 | (71) |
| FC Compassus LLC | 1st Lien Senior Secured Delayed Draw Loan | 114 | (1) |
| FC Compassus LLC | 1st Lien Senior Secured Revolving Loan | 19127 | (95) |
| Flexera Software LLC | 1st Lien Senior Secured Revolving Loan | 16806 | (41) |
| Formerra LLC | 1st Lien Senior Secured Revolving Loan | 10828 | (113) |
| Foundation Automotive US Corp | 1st Lien Senior Secured Revolving Loan | 1080 | (518) |
| Frontgrade Technologies Holdings Inc. | 1st Lien Senior Secured Revolving Loan | 6864 |  |
| Galway Borrower LLC | 1st Lien Senior Secured Delayed Draw Loan | 5347 |  |
| Galway Borrower LLC | 1st Lien Senior Secured Revolving Loan | 3958 |  |
| Global Gruppe GmbH | 1st Lien Senior Secured Delayed Draw Loan | 45490 | (900) |
| Global Music Rights, LLC | 1st Lien Senior Secured Revolving Loan | 46796 | (107) |
| Gusto Aus Bidco Pty Ltd | 1st Lien Senior Secured Delayed Draw Loan | 15928 | 26 |
| HB AcquisitionCo Pty Ltd | 1st Lien Senior Secured Delayed Draw Loan | 947 | (15) |
| Higginbotham Insurance Agency Inc | 1st Lien Senior Secured Delayed Draw Loan | 6097 |  |
| HT Intermediary III, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 10286 | 103 |
| HT Intermediary III, Inc. | 1st Lien Senior Secured Revolving Loan | 3729 |  |
| Huskies Parent Inc | 1st Lien Senior Secured Revolving Loan | 294 | (7) |
| IG Investments Holdings, LLC | 1st Lien Senior Secured Revolving Loan | 10221 |  |
| Indigo Purchaser, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 24123 | 241 |
| Indigo Purchaser, Inc. | 1st Lien Senior Secured Revolving Loan | 17478 |  |
| Integrity Marketing Acquisition LLC | 1st Lien Senior Secured Delayed Draw Loan | 1321 |  |
| Integrity Marketing Acquisition LLC | 1st Lien Senior Secured Revolving Loan | 362 |  |
| IRI Group Holdings, Inc. | 1st Lien Senior Secured Revolving Loan | 19562 |  |
| IXM Holdings, Inc. | 1st Lien Senior Secured Revolving Loan | 2179 | (1) |
| June Purchaser LLC | 1st Lien Senior Secured Delayed Draw Loan | 1619 | 7 |
| Kabafusion Parent LLC | 1st Lien Senior Secured Revolving Loan | 11700 |  |
| Koala Investment Holdings Inc | 1st Lien Senior Secured Delayed Draw Loan | 22775 | (225) |
| Koala Investment Holdings Inc | 1st Lien Senior Secured Revolving Loan | 11529 | (114) |
| Kona Buyer, LLC | 1st Lien Senior Secured Delayed Draw Loan | 61081 | 160 |
| Kona Buyer, LLC | 1st Lien Senior Secured Revolving Loan | 7096 |  |
| Kona Buyer, LLC | 1st Lien Senior Secured Revolving Loan | 15463 |  |
| Kpler Finance SA | 1st Lien Senior Secured Delayed Draw Loan | 20000 | (154) |
| Kpler Finance SA | 1st Lien Senior Secured Revolving Loan | 8000 | (62) |
| Kryptona Bidco US, LLC | 1st Lien Senior Secured Revolving Loan | 16852 | (193) |
| Legends Hospitality Holding Company, LLC | 1st Lien Senior Secured Delayed Draw Loan | 2098 | (32) |
| Legends Hospitality Holding Company, LLC | 1st Lien Senior Secured Revolving Loan | 13259 | (384) |
| Link Apartments Opportunity Zone REIT, LLC | Other Secured Debt Delayed Draw Loan | 2806 | (29) |
| Madonna Bidco Ltd | 1st Lien Senior Secured Delayed Draw Loan | 13312 | 133 |
| MAI Capital Management Intermediate LLC | 1st Lien Senior Secured Delayed Draw Loan | 7756 | (16) |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Unfunded Commitment** | **Fair Value** |
| MAI Capital Management Intermediate LLC | 1st Lien Senior Secured Delayed Draw Loan | 9231 | (19) |
| MAI Capital Management Intermediate LLC | 1st Lien Senior Secured Revolving Loan | 5633 | (12) |
| MB2 Dental Solutions, LLC | 1st Lien Senior Secured Delayed Draw Loan | 29401 | (25) |
| MB2 Dental Solutions, LLC | 1st Lien Senior Secured Revolving Loan | 13909 | (12) |
| Meralm Bidco AB | 1st Lien Senior Secured Delayed Draw Loan | 6088 | (298) |
| Montagu Lux Finco Sarl | 1st Lien Senior Secured Delayed Draw Loan | 38232 | (488) |
| More Cowbell II, LLC | 1st Lien Senior Secured Delayed Draw Loan | 3575 | (35) |
| More Cowbell II, LLC | 1st Lien Senior Secured Revolving Loan | 7230 | (71) |
| NBG Acquisition Corp. | 1st Lien Senior Secured Revolving Loan | 1086 | (208) |
| NDT Global Holding Inc. | 1st Lien Senior Secured Delayed Draw Loan | 33892 | (265) |
| NDT Global Holding Inc. | 1st Lien Senior Secured Revolving Loan | 30474 | (238) |
| Netrisk Group Luxco 4 S.A.R.L. | 1st Lien Senior Secured Revolving Loan | 3926 | (29) |
| Netrisk Group Luxco 4 S.A.R.L. | 1st Lien Senior Secured Delayed Draw Loan | 11434 | (85) |
| NRO Holdings III Corp. | 1st Lien Senior Secured Delayed Draw Loan | 195 | 1 |
| NRO Holdings III Corp. | 1st Lien Senior Secured Revolving Loan | 50 |  |
| NTH Degree Purchaser Inc | 1st Lien Senior Secured Delayed Draw Loan | 30800 | (281) |
| NTH Degree Purchaser Inc | 1st Lien Senior Secured Revolving Loan | 16125 | (147) |
| OEConnection LLC | 1st Lien Senior Secured Revolving Loan | 7338 | 24 |
| Omega II AB | 1st Lien Senior Secured Delayed Draw Loan | 27157 | 108 |
| Onesource Virtual, Inc. | 1st Lien Senior Secured Revolving Loan | 25318 |  |
| Orthrus Ltd | 1st Lien Senior Secured Delayed Draw Loan | 9610 | (88) |
| Pareto Health Intermediate Holdings, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 9160 | (30) |
| Pareto Health Intermediate Holdings, Inc. | 1st Lien Senior Secured Revolving Loan | 4032 | (16) |
| Parfums Holding Company, Inc. | 1st Lien Senior Secured Revolving Loan | 9034 |  |
| PF Finco PTY LTD | 1st Lien Senior Secured Delayed Draw Loan | 3774 | (52) |
| Phantom Purchaser Inc | 1st Lien Senior Secured Revolving Loan | 15545 | (124) |
| Ping Identity Holding Corp. | 1st Lien Senior Secured Revolving Loan | 8513 |  |
| Plasma Buyer LLC | 1st Lien Senior Secured Revolving Loan | 42 | (4) |
| PPV Intermediate Holdings, LLC | 1st Lien Senior Secured Revolving Loan | 4746 | (18) |
| Prism Parent Co., Inc. | 1st Lien Senior Secured Delayed Draw Loan | 2591 |  |
| Project Alliance Buyer, LLC | 1st Lien Senior Secured Revolving Loan | 10101 | (149) |
| Puma Buyer LLC | 1st Lien Senior Secured Revolving Loan | 9853 |  |
| QBS Parent Inc | 1st Lien Senior Secured Revolving Loan | 3820 |  |
| Radwell Parent, LLC | 1st Lien Senior Secured Revolving Loan | 9732 |  |
| Railpros Parent LLC | 1st Lien Senior Secured Delayed Draw Loan | 10718 | (1) |
| Railpros Parent LLC | 1st Lien Senior Secured Revolving Loan | 5375 | (1) |
| Raven Acquisition Holdings LLC | 1st Lien Senior Secured Delayed Draw Loan | 1413 | 1 |
| Retail Services WIS Corporation | 1st Lien Senior Secured Delayed Draw Loan | 25930 | (510) |
| RH Buyer Inc | 1st Lien Senior Secured Revolving Loan | 7724 | (220) |
| Ribbon Communications Operating Company, Inc | 1st Lien Senior Secured Revolving Loan | 6365 |  |
| Riley MergeCo LLC | 1st Lien Senior Secured Revolving Loan | 197 | (11) |
| Rockefeller Capital Management | 1st Lien Senior Secured Delayed Draw Loan | 15000 |  |
| Rotation Buyer, LLC | 1st Lien Senior Secured Delayed Draw Loan | 12813 | (29) |
| Rotation Buyer, LLC | 1st Lien Senior Secured Revolving Loan | 5204 | (12) |
| Saga Mid Co Limited | 1st Lien Senior Secured Delayed Draw Loan | 40477 | 79 |
| Saga Mid Co Limited | 1st Lien Senior Secured Delayed Draw Loan | 6719 | 13 |
| Severin Acquisition LLC | 1st Lien Senior Secured Delayed Draw Loan | 52427 |  |
| Severin Acquisition LLC | 1st Lien Senior Secured Revolving Loan | 44454 |  |
| Sig Parent Holdings, LLC | 1st Lien Senior Secured Delayed Draw Loan | 14087 | 30 |
| Sig Parent Holdings, LLC | 1st Lien Senior Secured Revolving Loan | 3045 |  |
| Skywalker Purchaser, LLC | 1st Lien Senior Secured Delayed Draw Loan | 27425 | 72 |
| Skywalker Purchaser, LLC | 1st Lien Senior Secured Delayed Draw Loan | 24424 | 64 |
| Smarsh Inc. | 1st Lien Senior Secured Delayed Draw Loan | 2143 |  |
| Smarsh Inc. | 1st Lien Senior Secured Delayed Draw Loan | 2143 |  |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Unfunded Commitment** | **Fair Value** |
| Smarsh Inc. | 1st Lien Senior Secured Revolving Loan | 2314 |  |
| Solis Mammography Buyer, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 27720 | (352) |
| Solis Mammography Buyer, Inc. | 1st Lien Senior Secured Revolving Loan | 33548 | (385) |
| Spanx, LLC | 1st Lien Senior Secured Revolving Loan | 3667 | (385) |
| Specialty Ingredients, LLC | 1st Lien Senior Secured Revolving Loan | 3947 |  |
| Spirit RR Holdings, Inc. | 1st Lien Senior Secured Revolving Loan | 3579 |  |
| Spotless Brands, LLC | 1st Lien Senior Secured Delayed Draw Loan | 3729 | (12) |
| Spotless Brands, LLC | 1st Lien Senior Secured Revolving Loan | 3105 | (3) |
| Spruce Bidco II Inc | 1st Lien Senior Secured Revolving Loan | 43899 | (532) |
| Stack Sports Buyer, LLC | 1st Lien Senior Secured Delayed Draw Loan | 29305 | (357) |
| Stack Sports Buyer, LLC | 1st Lien Senior Secured Revolving Loan | 21553 | (263) |
| Sugar PPC Buyer LLC | 1st Lien Senior Secured Delayed Draw Loan | 10132 |  |
| SW Ingredients Holdings, LLC | 1st Lien Senior Secured Delayed Draw Loan | 23763 | (291) |
| SW Ingredients Holdings, LLC | 1st Lien Senior Secured Revolving Loan | 16536 | (202) |
| SWF Holdings I Corp | 1st Lien Senior Secured Delayed Draw Loan | 94 | 1 |
| Tango Bidco SAS | 1st Lien Senior Secured Delayed Draw Loan | 6032 | 4 |
| Tango Bidco SAS | 1st Lien Senior Secured Delayed Draw Loan | 3673 | 2 |
| Tango Bidco SAS | 1st Lien Senior Secured Delayed Draw Loan | 8404 | 5 |
| Team, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 14960 | (207) |
| Tex-Tech Industries, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 12665 | (61) |
| Tex-Tech Industries, Inc. | 1st Lien Senior Secured Revolving Loan | 16118 | (77) |
| The Chartis Group, LLC | 1st Lien Senior Secured Delayed Draw Loan | 25040 | 250 |
| The Chartis Group, LLC | 1st Lien Senior Secured Revolving Loan | 14716 |  |
| The One Group, LLC | 1st Lien Senior Secured Revolving Loan | 5735 | (135) |
| Tikehau Motion Midco SARL | 1st Lien Senior Secured Delayed Draw Loan | 44798 | (880) |
| Time Manufacturing Holdings LLC | 1st Lien Senior Secured Revolving Loan | 20 | (4) |
| Titan BW Borrower L.P. | 1st Lien Senior Secured Delayed Draw Loan | 21056 | (205) |
| Titan BW Borrower L.P. | 1st Lien Senior Secured Revolving Loan | 48935 | (476) |
| Tricentis Operations Holdings Inc | 1st Lien Senior Secured Delayed Draw Loan | 26875 | (200) |
| Tricentis Operations Holdings Inc | 1st Lien Senior Secured Revolving Loan | 19449 | (145) |
| TriMech Acquisition Corp. | 1st Lien Senior Secured Revolving Loan | 3092 |  |
| Truck-Lite Co, LLC | 1st Lien Senior Secured Delayed Draw Loan | 19822 |  |
| Truck-Lite Co, LLC | 1st Lien Senior Secured Delayed Draw Loan | 16303 |  |
| Truck-Lite Co, LLC | 1st Lien Senior Secured Delayed Draw Loan | 3362 |  |
| Truck-Lite Co, LLC | 1st Lien Senior Secured Revolving Loan | 11973 |  |
| Trupanion Inc | 1st Lien Senior Secured Revolving Loan | 6576 |  |
| Valence Surface Technologies LLC | 1st Lien Senior Secured Delayed Draw Loan | 27161 | (530) |
| Valence Surface Technologies LLC | 1st Lien Senior Secured Revolving Loan | 13777 | (269) |
| Vaxcare Intermediate II LLC | 1st Lien Senior Secured Revolving Loan | 11986 | (16) |
| Violin Finco Guernsey Limited | 1st Lien Senior Secured Delayed Draw Loan | 8349 | 83 |
| Vital Bidco AB | 1st Lien Senior Secured Revolving Loan | 16892 |  |
| Vital Care Buyer, LLC | 1st Lien Senior Secured Revolving Loan | 13271 |  |
| West Star Aviation Acquisition, LLC | 1st Lien Senior Secured Delayed Draw Loan | 11127 | 25 |
| West Star Aviation Acquisition, LLC | 1st Lien Senior Secured Revolving Loan | 5934 |  |
| Wharf Street Ratings Acquisition LLC | 1st Lien Senior Secured Delayed Draw Loan | 34104 | (339) |
| Wharf Street Ratings Acquisition LLC | 1st Lien Senior Secured Revolving Loan | 36506 | (363) |
| WorkWave Intermediate II, LLC | 1st Lien Senior Secured Revolving Loan | 10869 | (109) |
| WP CPP Holdings, LLC | 1st Lien Senior Secured Revolving Loan | 26285 |  |
| YA Intermediate Holdings II LLC | 1st Lien Senior Secured Delayed Draw Loan | 17712 | 177 |
| YA Intermediate Holdings II LLC | 1st Lien Senior Secured Revolving Loan | 8856 |  |
| Yes Energy LLC | 1st Lien Senior Secured Delayed Draw Loan | 3417 |  |
| Yes Energy LLC | 1st Lien Senior Secured Revolving Loan | 2443 |  |
| Zendesk Inc | 1st Lien Senior Secured Delayed Draw Loan | 26982 |  |
| Zendesk Inc | 1st Lien Senior Secured Revolving Loan | 17940 |  |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Unfunded Commitment** | **Fair Value** |
| Zeppelin US Buyer Inc. | 1st Lien Senior Secured Delayed Draw Loan | 26224 | (256) |
| Zeppelin US Buyer Inc. | 1st Lien Senior Secured Revolving Loan | 8429 | (82) |
| Zeus Company LLC | 1st Lien Senior Secured Delayed Draw Loan | 11544 | (386) |
| Zeus Company LLC | 1st Lien Senior Secured Revolving Loan | 21506 | (638) |
| **Total Non-Controlled/Non-Affiliated** |  | $3252991 | $(19720) |
| **Non-Controlled/Affiliated** |  |  |  |
| Artemis Bidco Limited | 1st Lien Senior Secured Delayed Draw Loan | $1875 | $— |
| Wash & Wax Systems LLC | 1st Lien Senior Secured Revolving Loan | 928 |  |
| **Total Non-Controlled/Affiliated** |  | $2803 | $— |
| **Total** |  | $3255794 | $(19720) |

---

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

(8)The interest rate floor on these investments as of September 30, 2025 was 0.50%.

(9)The interest rate floor on these investments as of September 30, 2025 was 0.75%.

(10)The interest rate floor on these investments as of September 30, 2025 was 1.00%.

(11)The interest rate floor on these investments as of September 30, 2025 was 1.25%.

(12)The interest rate floor on these investments as of September 30, 2025 was 1.50%.

(13)The interest rate floor on these investments as of September 30, 2025 was 1.75%.

(14)The interest rate floor on these investments as of September 30, 2025 was 2.00%.

(15)The interest rate floor on these investments as of September 30, 2025 was 2.50%.

(16)The interest rate floor on these investments as of September 30, 2025 was 3.00%.

(17)The interest rate floor on these investments as of September 30, 2025 was 3.25%.

(18)The interest rate floor on these investments as of September 30, 2025 was 3.75%.

(19)Loan was on non-accrual status as of September 30, 2025.

(20)Under the 1940 Act, the Company is deemed to "control" a portfolio company if the Company owns more than 25% of its outstanding voting securities and/or holds the power to exercise control over the management or policies of the portfolio company. Under the 1940 Act, the Company is deemed an "affiliated person" of a portfolio company if the Company owns between 5% and 25% or if the Company and/or its affiliates owns 25% or more, inclusive of the portfolio company's outstanding voting securities. For purposes of determining the "control" classification of its investment portfolio, the Company has excluded consideration of any voting securities or board appointment rights held by third-party investment funds advised by the Adviser and/or its affiliates. As of September 30, 2025, the Company's controlled/affiliated and 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 September 30, 2025** | **Dividend and Interest Income** |
| **Non-Controlled/Affiliated Investments** | | | | | | | |
| Logo Holdings III Corporation | $7386 | $— | $(57) | $— | $— | $7329 | $— |
| Southern Graphics Holdings LLC | 3069 |  |  | 849 |  | 3918 |  |
| Velocity Cayman Holding L.P. |  | 6162 |  | 226 |  | 6388 |  |
| Velocity Cayman Holdings GP LLC |  |  |  |  |  |  |  |
| Galaxy US Opco Inc |  | 12528 | (2330) | 395 |  | 10593 | 928 |
| Artemis Bidco Limited |  | 6963 |  | (136) |  | 6827 |  |
| Ark Newco Limited |  | 10210 |  | (204) |  | 10006 |  |
| Wash & Wax Systems LLC |  | 14505 | (56) | 20 |  | 14469 |  |
| Wash & Wax Holdings LLC |  | 9468 |  |  |  | 9468 |  |
| Wash & Wax Group LP |  | 8547 |  |  |  | 8547 |  |
| New Era Technology Inc |  | 7488 |  |  |  | 7488 |  |
| NE SPV Holdco, LLC |  | 5239 |  |  |  | 5239 |  |
| SLF V AD1 Holdings, LLC | 9514 |  |  | (255) |  | 9259 |  |
| **Total Non-Controlled/Affiliated Investments** | $19969 | $81110 | $(2443) | $895 | $— | $99531 | $928 |
| **Controlled/Affiliated Investments** |  |  |  |  |  |  |  |
| **Majority Owned Subsidiaries** |  |  |  |  |  |  |  |
| ULTRA III, LLC | $320350 | $11062 | $(2387) | $(909) | $— | $328116 | $34566 |
| **Total Controlled/Affiliated Investments** | $320350 | $11062 | $(2387) | $(909) | $— | $328116 | $34566 |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

&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 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.

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

(22)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be "restricted security" under the Securities Act. As of September 30, 2025, the aggregate fair value of these securities is $427,925, or 3.65% of the Company's net assets. The acquisition dates of the restricted securities are as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **Investment** | **Acquisition Date** |
| CG Parent Intermediate Holdings, Inc. | Senior Preferred Stock | November 20, 2023 |
| Club Car Wash Preferred, LLC | Preferred Stock | November 15, 2023 |
| Club Car Wash Preferred, LLC | Preferred Stock | November 15, 2023 |
| Rapid Express Preferred, LLC | Preferred Stock | November 15, 2023 |
| Rapid Express Preferred, LLC | Preferred Stock | November 15, 2023 |
| Thrasio Holdings, Inc. | Common Stock | June 18, 2024 |
| Eagle LNG Partners Jacksonville II LLC | Warrants | March 8, 2023 |
| ELNG Equity LLC | Warrants | April 26, 2024 |
| ELNG Equity LLC | Warrants | September 25, 2025 |
| Eating Recovery Center TopCo, LLC | Class A Common Units | March 31, 2025 |
| BCPE Virginia HoldCo, Inc. | Senior Preferred Stock | December 14, 2023 |
| AMR GP Holdings Ltd | Ordinary Shares | July 9, 2024 |
| OneTeam Partners, LLC | Preferred Equity-Class D Units | September 15, 2022 |
| Creek Feeder, L.P. | LP Interest | December 16, 2024 |
| CCI Topco, Inc. | Series B Preferred Stock | May 13, 2025 |
| The ONE Group Hospitality, Inc. | A-2 Warrants | May 1, 2024 |
| The ONE Group Hospitality, Inc. | B-2 Warrants | May 1, 2024 |
| The ONE Group Hospitality, Inc. | Series A Preferred Stock | May 1, 2024 |
| Wash & Wax Group LP | Class A Common Units | April 30, 2025 |
| Southern Graphics Holdings LLC | Class A Units | April 28, 2023 |
| Velocity Cayman Holding L.P. | Class A-1 Units | February 24, 2025 |
| Velocity Cayman Holding L.P. | Class A-2 Units | February 24, 2025 |
| Velocity Cayman Holding L.P. | Class A-3 Units | February 24, 2025 |
| Velocity Cayman Holdings GP LLC | Class A-1 Units | February 24, 2025 |
| Velocity Cayman Holdings GP LLC | Class A-2 Units | February 24, 2025 |
| Velocity Cayman Holdings GP LLC | Class A-3 Units | February 24, 2025 |
| NE SPV Holdco, LLC | Common Units | August 21, 2025 |
| NE SPV Holdco, LLC | Preferred Units | August 21, 2025 |
| Ark Newco Limited | A2 Ordinary Shares | June 27, 2025 |
| Ark Newco Limited | Preferred Stock | June 27, 2025 |
| SLF V AD1 Holdings, LLC | LLC Interest | September 6, 2023 |
| ULTRA III, LLC | LLC Interest | June 1, 2023 |

---

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

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

**ADDITIONAL INFORMATION**

**Foreign currency forward contracts:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Notional Purchased** | **Currency Sold** | **Notional Sold** | **Counterparty** | **Settlement Date** | **Unrealized Appreciation (Depreciation)** |
| U.S. Dollars | 24395 | Australian Dollars | 36947 | BNP PARIBAS | 12/23/2025 | $(61) |
| U.S. Dollars | 628824 | British Pound | 468295 | BNP PARIBAS | 12/23/2025 | (754) |
| U.S. Dollars | 53960 | Euro | 45736 | Deutsche Bank AG | 12/23/2025 | 35 |
| U.S. Dollars | 62125 | British Pound | 45885 | Deutsche Bank AG | 12/23/2025 | 437 |
| U.S. Dollars | 107235 | Swedish Krona | 992351 | Deutsche Bank AG | 12/23/2025 | 1252 |
| U.S. Dollars | 7056 | Canadian Dollars | 9709 | Goldman Sachs Bank USA | 12/23/2025 | 56 |
| U.S. Dollars | 267717 | Euro | 226929 | Goldman Sachs Bank USA | 12/23/2025 | 158 |
| U.S. Dollars | 2545 | Euro | 2215 | Goldman Sachs Bank USA | 3/23/2026 | (77) |
| U.S. Dollars | 63950 | British Pound | 47260 | Goldman Sachs Bank USA | 12/23/2025 | 413 |
| U.S. Dollars | 23896 | Norwegian Krone | 235621 | Goldman Sachs Bank USA | 12/23/2025 | 296 |
| U.S. Dollars | 35681 | Singaporean Dollars | 45400 | Goldman Sachs Bank USA | 12/23/2025 | 278 |
| U.S. Dollars | 212057 | Australian Dollars | 322129 | SMBC Capital Markets, Inc. | 12/23/2025 | (1171) |
| U.S. Dollars | 74952 | Canadian Dollars | 102994 | SMBC Capital Markets, Inc. | 12/23/2025 | 696 |
| U.S. Dollars | 586261 | Euro | 497525 | SMBC Capital Markets, Inc. | 12/23/2025 | (342) |
| U.S. Dollars | 3388 | British Pound | 2533 | SMBC Capital Markets, Inc. | 12/23/2025 | (16) |
| U.S. Dollars | 130686 | British Pound | 103440 | SMBC Capital Markets, Inc. | 12/23/2026 | (7943) |
| U.S. Dollars | 25937 | Japanese Yen | 3799764 | SMBC Capital Markets, Inc. | 12/23/2025 | 41 |
| U.S. Dollars | 27724 | Norwegian Krone | 273349 | SMBC Capital Markets, Inc. | 12/23/2025 | 345 |
| U.S. Dollars | 46617 | Swedish Krona | 431403 | SMBC Capital Markets, Inc. | 12/23/2025 | 544 |
| **Total** |  |  |  |  |  | $(5813) |

---

**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> |
| Goldman Sachs Bank USA | November 2027 Notes | 8.43% | SOFR + 4.42% | 11/14/2027 | $77500 | $711 | $— | $1046 |
| Goldman Sachs Bank USA | March 2026 Notes | 8.12% | SOFR + 3.76% | 3/15/2026 | 276000 | 552 |  | 679 |
| Goldman Sachs Bank USA | March 2028 Notes | 8.18% | SOFR + 4.24% | 3/15/2028 | 124000 | 1356 |  | 2644 |
| Goldman Sachs Bank USA | September 2027 Notes | 8.67% | SOFR + 4.31% | 9/14/2027 | 75000 | 1202 |  | 1020 |
| Goldman Sachs Bank USA | September 2028 Notes | 8.80% | SOFR + 4.54% | 9/14/2028 | 250000 | 5544 |  | 5486 |
| SMBC Capital Markets, Inc. | January 2029 Notes | 6.75% | SOFR + 2.88% | 1/30/2029 | 550000 | 6994 |  | 15733 |
| Goldman Sachs Bank USA | September 2029 Notes | 6.25% | SOFR + 2.06% | 9/30/2029 | 400000 | 11276 |  | 12501 |
| Goldman Sachs Bank USA | January 2028 Notes | 5.45% | SOFR + 1.29% | 1/14/2028 | 750000 | 11437 |  | 11437 |
| BNP PARIBAS | April 2032 Notes | 5.95% | SOFR + 1.76% | 4/14/2032 | 500000 | 18238 |  | 18238 |
| Goldman Sachs Bank USA | June 2027 Notes | 5.30% | SOFR + 1.54% | 6/5/2027 | 400000 | 756 |  | 756 |
| BNP PARIBAS | June 2030 Notes | 5.85% | SOFR + 2.15% | 6/5/2030 | 500000 | 4037 |  | 4037 |
| SMBC Capital Markets, Inc. | September 2028-1 Notes | 4.90% | SOFR + 1.59% | 9/11/2028 | 600000 | (1868) |  | (1868) |
| BNP PARIBAS | November 2030 Notes | 5.45% | SOFR + 2.09% | 11/15/2030 | 500000 | (3070) |  | (3070) |
| **Total Interest Rate Swaps** |  |  |  |  |  | $57165 | $— | $68639 |

---

(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 September 30, 2025 was 3.98% other than the swaps on the November 2027 Notes which are subject to the daily SOFR which was 4.24% at September 30, 2025.

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

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

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(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 and Defense** | | | | | | | | |
| Arcfield Acquisition Corp (4)(6)(8) |  |  |  | 10/28/2031 | $11100 | $(27) | $(27) |  |
| Arcfield Acquisition Corp (4)(8) | SF + | 5.00% | 9.62% | 10/28/2031 | 81695 | 81496 | 81496 |  |
| Asdam Operations Pty Ltd (4)(5)(8) | B + | 5.75% | 10.12% | 8/22/2028 | 3614 | 2428 | 2237 |  |
| Asdam Operations Pty Ltd (4)(5)(6)(8) |  |  |  | 8/22/2028 | 5421 | (73) |  |  |
| Asdam Operations Pty Ltd (4)(5)(8) | B + | 5.75% | 10.12% | 8/22/2028 | 41558 | 28023 | 25720 |  |
| Cadence - Southwick, Inc. (4)(6)(10) | SF + | 5.00% | 9.61% | 5/3/2028 | 17561 | 7720 | 8000 |  |
| Cadence - Southwick, Inc. (4)(10) | SF + | 5.00% | 9.63% | 5/3/2029 | 41009 | 40111 | 41419 |  |
| Cadence - Southwick, Inc. (4)(10) | SF + | 5.00% | 9.47% | 5/3/2029 | 3081 | 3031 | 3112 |  |
| Carbon Topco, Inc. (4)(6)(9) |  |  |  | 5/1/2030 | 11985 | (232) | (233) |  |
| Carbon Topco, Inc. (4)(9) | SF + | 6.75% (incl 3.75% PIK) | 11.17% | 11/1/2030 | 72110 | 70708 | 70707 |  |
| Fastener Distribution Holdings, LLC (4)(6)(9) |  |  |  | 11/4/2031 | 28345 | (280) | (277) |  |
| Fastener Distribution Holdings, LLC (4)(9) | SF + | 4.75% | 9.31% | 11/4/2031 | 75822 | 75081 | 75081 |  |
| Frontgrade Technologies Holdings Inc. (4)(6)(9) |  |  |  | 1/10/2028 | 6864 | (114) |  |  |
| Frontgrade Technologies Holdings Inc. (4)(9) | SF + | 5.00% | 9.49% | 1/9/2030 | 37052 | 36245 | 37052 |  |
| Frontgrade Technologies Holdings Inc. (4)(9) | SF + | 5.00% | 9.49% | 1/9/2030 | 7801 | 7679 | 7801 |  |
| Goat Holdco LLC (5)(7) | SF + | 3.00% | 7.33% | 12/10/2031 | 4375 | 4364 | 4384 |  |
| WP CPP Holdings, LLC (4)(6)(10) |  |  |  | 11/30/2029 | 26285 | (538) |  |  |
| WP CPP Holdings, LLC (4)(10) | SF + | 7.50% (incl 4.13% PIK) | 11.97% | 11/30/2029 | 202524 | 198716 | 202825 |  |
|  |  |  |  |  |  | 554338 | 559297 | 6.40% |
| **Alternative Energy** |  |  |  |  |  |  |  |  |
| Braya Renewable Fuels (Newfoundland) LP (4)(5)(15) | SF + | 7.00% | 11.43% | 11/9/2026 | 12830 | 12671 | 11971 |  |
| Braya Renewable Fuels (Newfoundland) LP (4)(5)(15) | SF + | 7.00% | 11.43% | 11/9/2026 | 984 | 971 | 918 |  |
| Braya Renewable Fuels (Newfoundland) LP (4)(5)(15) | SF + | 7.00% | 11.43% | 11/9/2026 | 10736 | 10579 | 10017 |  |
| Braya Renewable Fuels (Newfoundland) LP (4)(5)(15) | SF + | 7.00% | 11.43% | 11/9/2026 | 976 | 963 | 910 |  |
|  |  |  |  |  |  | 25184 | 23816 | 0.27% |
| **Automobiles and Parts** |  |  |  |  |  |  |  |  |
| Clarios Global LP (7) | SF + | 2.50% | 6.86% | 5/6/2030 | 10723 | 10677 | 10781 |  |
| Foundation Automotive US Corp (4)(7)(18) | SF + | 7.75% PIK |  | 12/24/2027 | 4755 | 4714 | 3011 |  |
| Foundation Automotive Corp (4)(5)(7)(18) | SF + | 7.75% PIK |  | 12/24/2027 | 15156 | 15032 | 9597 |  |
| Foundation Automotive US Corp (4)(7)(18) | SF + | 7.75% PIK |  | 12/24/2027 | 20940 | 20732 | 13259 |  |
| Foundation Automotive US Corp (4)(6)(7)(18) | SF + | 7.75% |  | 12/24/2027 | 2701 | 782 | 810 |  |
| Oil Changer Holding Corporation (4)(10) | SF + | 6.75% | 11.41% | 2/8/2027 | 40181 | 40000 | 40181 |  |
| Oil Changer Holding Corporation (4)(10) | SF + | 6.75% | 11.56% | 2/8/2027 | 8436 | 8398 | 8436 |  |
|  |  |  |  |  |  | 100335 | 86075 | 0.99% |
| **Chemicals** |  |  |  |  |  |  |  |  |
| Lummus Technology Holdings V LLC (7) | SF + | 3.00% | 7.36% | 12/31/2029 | 18130 | 17946 | 18292 |  |
|  |  |  |  |  |  | 17946 | 18292 | 0.21% |
| **Construction and Materials** |  |  |  |  |  |  |  |  |
| Enstall Group B.V. (4)(5)(6)(8) |  |  |  | 8/30/2028 | 1117 | (23) | (77) |  |
| Enstall Group B.V. (4)(5)(8) | E + | 6.25% | 9.31% | 8/30/2028 | 66970 | 71315 | 64756 |  |
| Fire Flow Intermediate Corporation (4)(9) | SF + | 5.00% | 9.59% | 7/10/2031 | 123991 | 122823 | 125148 |  |
| Hobbs & Associates LLC (7) | SF + | 3.25% | 7.65% | 7/23/2031 | 907 | 907 | 913 |  |
| Hobbs & Associates LLC (7) | SF + | 3.25% | 7.61% | 7/23/2031 | 9091 | 9070 | 9152 |  |
| Nexus Intermediate III, LLC (4)(9) | SF + | 4.75% | 9.18% | 12/6/2027 | 1052 | 1065 | 1051 |  |
| NRO Holdings III Corp. (4)(6)(9) |  |  |  | 7/15/2031 | 214 | (4) |  |  |
| NRO Holdings III Corp. (4)(6)(9) | SF + | 5.25% | 9.59% | 7/15/2030 | 100 | 7 | 8 |  |
| NRO Holdings III Corp. (4)(9) | SF + | 5.25% | 9.91% | 7/15/2031 | 684 | 671 | 684 |  |
|  |  |  |  |  |  | 205831 | 201635 | 2.31% |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(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** |
| **Consumer Services** | | | | | | | | |
| Aesthetics Australia Group Pty Ltd (4)(5)(8) | B + | 6.25% | 10.93% | 3/21/2028 | 57095 | 36246 | 33048 |  |
| AI Learning (Singapore) PTE. LTD. (4)(5)(12) | SORA + | 7.50% | 9.82% | 5/25/2027 | 45400 | 32957 | 33059 |  |
| American Academy Holdings, LLC (4)(17) | SF + | 9.75% (incl 5.25% PIK) | 14.22% | 6/30/2027 | 56763 | 56763 | 55821 |  |
| Auctane Inc (4)(9) | SF + | 5.75% | 10.94% | 10/5/2028 | 24313 | 24313 | 24313 |  |
| Club Car Wash Operating, LLC (4)(10) | SF + | 5.50% | 9.98% | 6/16/2027 | 39203 | 38658 | 39192 |  |
| Club Car Wash Operating, LLC (4)(10) | SF + | 5.50% | 9.98% | 6/16/2027 | 12441 | 12307 | 12437 |  |
| Club Car Wash Operating, LLC (4)(10) | SF + | 5.50% | 9.98% | 6/16/2027 | 25457 | 25274 | 25450 |  |
| Club Car Wash Operating, LLC (4)(6)(10) | SF + | 5.50% | 9.98% | 6/16/2027 | 77108 | 28233 | 28874 |  |
| Corporation Service Company (8) | SF + | 2.50% | 6.86% | 11/2/2029 | 1662 | 1627 | 1672 |  |
| Express Wash Concepts, LLC (4)(10) | SF + | 5.00% | 9.46% | 4/30/2027 | 46751 | 46530 | 46751 |  |
| Express Wash Concepts, LLC (4)(10) | SF + | 5.00% | 9.46% | 4/30/2027 | 26258 | 26130 | 26258 |  |
| Houghton Mifflin Harcourt Company (8) | SF + | 5.25% | 9.71% | 4/9/2029 | 24995 | 24514 | 24680 |  |
| IXM Holdings, Inc. (4)(11) | SF + | 6.25% | 10.82% | 12/14/2029 | 18426 | 18197 | 18611 |  |
| IXM Holdings, Inc. (4)(6)(11) | SF + | 6.25% | 10.80% | 12/14/2029 | 1638 | 1125 | 1163 |  |
| IXM Holdings, Inc. (4)(6)(11) | SF + | 6.25% | 10.77% | 12/14/2029 | 2184 | 104 | 131 |  |
| KUEHG Corp. (8) | SF + | 3.25% | 7.84% | 6/12/2030 | 2386 | 2381 | 2414 |  |
| Learning Care Group, Inc. (8) | SF + | 4.00% | 8.60% | 8/11/2028 | 1975 | 1954 | 1997 |  |
| Mckissock Investment Holdings, LLC (9) | SF + | 5.00% | 9.62% | 3/12/2029 | 46332 | 45414 | 46112 |  |
| Mckissock Investment Holdings, LLC (9) | SF + | 5.00% | 9.80% | 3/12/2029 | 12390 | 12312 | 12331 |  |
| Polyconcept North America Holdings, Inc. (9) | SF + | 5.50% | 9.83% | 5/18/2029 | 22776 | 22477 | 22292 |  |
| Spotless Brands, LLC (4)(10) | SF + | 5.75% | 10.03% | 7/25/2028 | 21320 | 21064 | 21379 |  |
| Spotless Brands, LLC (4)(10) | SF + | 5.75% | 10.03% | 7/25/2028 | 15821 | 15632 | 15865 |  |
| Spotless Brands, LLC (4)(10) | SF + | 5.75% | 10.03% | 7/25/2028 | 104263 | 102984 | 104550 |  |
| Spotless Brands, LLC (4)(6)(10) |  |  |  | 7/25/2028 | 5175 | (60) |  |  |
| Spotless Brands, LLC (4)(6)(10) | SF + | 5.50% | 10.06% | 7/25/2028 | 31069 | 16690 | 16783 |  |
| Thrasio LLC (4)(10) | SF + | 10.00% PIK | 14.89% | 6/18/2029 | 362 | 360 | 362 |  |
| Thrasio LLC (4)(7)(18) | SF + | 10.00% PIK |  | 6/18/2029 | 1055 | 1029 | 819 |  |
| TruGreen Limited Partnership (9) | SF + | 4.00% | 8.46% | 11/2/2027 | 8487 | 8423 | 8285 |  |
| Zips Car Wash, LLC (4)(7)(18) | SF + | 7.25% PIK |  | 2/3/2025 | 26854 | 26854 | 23103 |  |
| Zips Car Wash, LLC (4)(7)(18) | SF + | 7.25% PIK |  | 2/3/2025 | 15850 | 15848 | 13635 |  |
| Zips Car Wash, LLC (4)(7)(18) | SF + | 7.25% PIK |  | 2/3/2025 | 1016 | 1016 | 874 |  |
|  |  |  |  |  |  | 667356 | 662261 | 7.58% |
| **Electricity** |  |  |  |  |  |  |  |  |
| Hamilton Projects Acquiror, LLC (7) | SF + | 3.00% | 7.33% | 5/31/2031 | 16788 | 16750 | 16941 |  |
| IP Operating Portfolio I, LLC (4)(7) |  | 7.88% | 7.88% | 12/31/2029 | 27116 | 26691 | 26848 |  |
| IP Operations II Investco, LLC (4)(15) | SF + | 5.50% | 9.85% | 6/26/2029 | 26547 | 26072 | 26292 |  |
| IP Operations II Investco, LLC (4)(6)(15) | SF + | 5.50% | 9.86% | 12/31/2025 | 24986 | 14035 | 14139 |  |
| Sunzia UpperCo LLC (4)(16) | SF + | 5.00% | 9.43% | 6/27/2025 | 25000 | 24900 | 24997 |  |
| Thunder Generation Funding LLC (7) | SF + | 3.00% | 7.33% | 10/3/2031 | 5868 | 5839 | 5913 |  |
|  |  |  |  |  |  | 114287 | 115130 | 1.32% |
| **Electronic and Electrical Equipment** |  |  |  |  |  |  |  |  |
| Dwyer Instruments Inc(4)(6)(9) |  |  |  | 7/20/2029 | 13403 | (132) | (131) |  |
| Dwyer Instruments Inc(4)(6)(13) |  |  |  | 7/20/2029 | 19177 | (187) | (187) |  |
| Dwyer Instruments Inc(4)(9) | SF + | 4.75% | 9.27% | 7/20/2029 | 112452 | 111352 | 111355 |  |
|  |  |  |  |  |  | 111033 | 111037 | 1.27% |
| **Finance and Credit Services** |  |  |  |  |  |  |  |  |
| PCP CW Aggregator Holdings II, L.P. (4)(5)(10) | SF + | 9.25% PIK | 13.93% | 2/9/2027 | 22478 | 22322 | 22568 |  |
| Yes Energy LLC (4)(10) | SF + | 5.00% | 9.36% | 4/21/2028 | 9925 | 9800 | 9925 |  |
| Yes Energy LLC (4)(10) | SF + | 5.00% | 9.36% | 4/21/2028 | 4837 | 4721 | 4885 |  |
| Yes Energy LLC (4)(6)(10) | SF + | 5.00% | 9.37% | 4/21/2028 | 4208 | 1021 | 1152 |  |
| Yes Energy LLC (4)(10) | SF + | 5.00% | 9.36% | 4/21/2028 | 25805 | 25392 | 25805 |  |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(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** |
|  |  |  |  |  |  | 63256 | 64335 | 0.74% |
| **Food Producers** |  |  |  |  |  |  |  |  |
| Aspire Bakeries Holdings LLC (7) | SF + | 4.25% | 8.61% | 12/23/2030 | 7299 | 7263 | 7381 |  |
| Specialty Ingredients, LLC (4)(6)(9) | SF + | 6.00% | 10.46% | 2/12/2029 | 11279 | 6625 | 6767 |  |
| Specialty Ingredients, LLC (4)(9) | SF + | 6.00% | 10.46% | 2/12/2029 | 88894 | 87742 | 88894 |  |
| Sugar PPC Buyer LLC (4)(6)(10) |  |  |  | 10/2/2030 | 14474 | (139) | 145 |  |
| Sugar PPC Buyer LLC (4)(10) | SF + | 5.25% | 9.65% | 10/2/2030 | 16417 | 16104 | 16581 |  |
| Sugar PPC Buyer LLC (4)(10) | SF + | 5.25% | 9.70% | 10/2/2030 | 59100 | 58007 | 59691 |  |
|  |  |  |  |  |  | 175602 | 179459 | 2.05% |
| **Gas, Water and Multi-utilities** |  |  |  |  |  |  |  |  |
| Core & Main LP (5)(7) | SF + | 2.00% | 6.38% | 2/9/2031 | 1826 | 1826 | 1834 |  |
| Eagle LNG Partners Jacksonville II LLC (4)(7) |  | 13.50% (incl 6.35% PIK) | 13.50% | 4/26/2029 | 791 | 771 | 772 |  |
| Floating Infrastructure Holdings Finance LLC (4)(5)(10) | SF + | 5.75% | 10.18% | 8/13/2027 | 40936 | 40517 | 40936 |  |
|  |  |  |  |  |  | 43114 | 43542 | 0.50% |
| **General Industrials** |  |  |  |  |  |  |  |  |
| Bakelite US Holdco Inc (7) | SF + | 3.75% | 8.09% | 12/23/2031 | 6207 | 6145 | 6191 |  |
| BP Purchaser, LLC (4)(9) | SF + | 5.50% | 10.16% | 12/11/2028 | 27303 | 26982 | 25389 |  |
| Bright Light Buyer, Inc. (4)(10) | SF + | 6.00% | 10.40% | 11/8/2029 | 74250 | 72749 | 74105 |  |
| Capripack Debtco PLC (4)(5)(10) | E + | 6.75% (incl 2.50% PIK) | 10.00% | 1/3/2030 | 13398 | 14213 | 13989 |  |
| Capripack Debtco PLC (4)(5)(10) | E + | 6.75% (incl 2.50% PIK) | 10.00% | 1/3/2030 | 72123 | 76509 | 75300 |  |
| Capripack Debtco PLC (4)(5)(6)(10) |  |  |  | 1/3/2030 | 29873 | (1138) | 241 |  |
| Capripack Debtco PLC (4)(5)(6)(10) |  |  |  | 1/3/2030 | 26139 | (996) | 211 |  |
| Formerra, LLC (4)(10) | SF + | 7.25% | 11.71% | 11/1/2028 | 4209 | 4118 | 4175 |  |
| Formerra, LLC (4)(6)(10) |  |  |  | 11/1/2028 | 12031 | (249) | (96) |  |
| Formerra, LLC (4)(10) | SF + | 7.25% | 11.71% | 11/1/2028 | 104619 | 102398 | 103781 |  |
| Marcone Group Inc (4)(9) | SF + | 7.00% | 11.67% | 6/23/2028 | 11861 | 11791 | 11147 |  |
| Marcone Group Inc (4)(9) | SF + | 7.00% (incl 3.25% PIK) | 11.74% | 6/23/2028 | 49482 | 49034 | 46501 |  |
| Marcone Group Inc (4)(9) | SF + | 7.00% | 11.74% | 6/23/2028 | 4362 | 4336 | 4099 |  |
| Marcone Group Inc (4)(9) | SF + | 7.00% (incl 3.25% PIK) | 11.74% | 6/23/2028 | 13126 | 13049 | 12335 |  |
|  |  |  |  |  |  | 378941 | 377368 | 4.32% |
| **Health Care Providers** |  |  |  |  |  |  |  |  |
| 123Dentist Inc (4)(5)(6)(9) | C + | 5.00% | 8.30% | 8/10/2029 | 23866 | 4133 | 4243 |  |
| 123Dentist Inc (4)(5)(9) | C + | 5.00% | 8.30% | 8/10/2029 | 56771 | 43361 | 39584 |  |
| AB Centers Acquisition Corporation (4)(9) | SF + | 5.25% | 9.84% | 7/2/2031 | 158606 | 156397 | 158908 |  |
| AB Centers Acquisition Corporation (4)(6)(9) | SF + | 5.25% | 9.89% | 7/2/2031 | 28837 | 1560 | 2032 |  |
| AB Centers Acquisition Corporation (4)(6)(9) |  |  |  | 7/2/2031 | 16655 | (232) |  |  |
| AB Centers Acquisition Corporation (4)(9) | SF + | 5.25% | 9.61% | 7/2/2031 | 53243 | 52807 | 53345 |  |
| Aspen Dental Management Inc. (8) | SF + | 3.75% | 8.22% | 12/23/2027 | 3302 | 3245 | 3252 |  |
| Aspen Dental Management Inc. (7) | SF + | 5.75% | 10.11% | 12/23/2027 | 854 | 860 | 859 |  |
| Accelerated Health Systems LLC (8) | SF + | 4.25% | 8.73% | 2/15/2029 | 7871 | 7857 | 6104 |  |
| ATI Holdings Acquisition, Inc. (4)(5)(10) | SF + | 7.25% | 11.50% | 2/24/2028 | 41092 | 40655 | 39597 |  |
| Baart Programs, Inc. (4)(10) | SF + | 5.00% | 9.59% | 6/11/2027 | 10019 | 9972 | 9633 |  |
| Charlotte Buyer Inc (8) | SF + | 4.75% | 9.20% | 2/11/2028 | 23755 | 22855 | 23928 |  |
| Diagnostic Services Holdings, Inc. (4)(6)(10) | SF + | 5.50% | 9.95% | 3/15/2027 | 2993 | 676 | 676 |  |
| Diagnostic Services Holdings, Inc. (4)(10) | SF + | 5.50% | 9.95% | 3/15/2027 | 122322 | 121428 | 121427 |  |
| Diagnostic Services Holdings, Inc. (4)(10) | SF + | 5.50% | 9.95% | 3/15/2027 | 15692 | 15578 | 15577 |  |
| ERC Topco Holdings, LLC (4)(6)(7)(18) | SF + | 6.25% (incl 3.25% PIK) |  | 11/10/2027 | 1000 | 708 | 354 |  |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(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** |
| ERC Topco Holdings, LLC (4)(7)(18) | SF + | 6.25% (incl 3.25% PIK) |  | 11/10/2028 | 25291 | 23852 | 14157 |  |
| ERC Topco Holdings, LLC (4)(7)(18) | SF + | 6.25% PIK |  | 11/10/2028 | 417 | 417 | 233 |  |
| ERC Topco Holdings, LLC (4)(7)(18) | SF + | 6.25% PIK |  | 11/10/2028 | 11 | 11 | 7 |  |
| FC Compassus, LLC (4)(6)(9) |  |  |  | 11/26/2030 | 15811 | (235) | (233) |  |
| FC Compassus, LLC (4)(6)(9) |  |  |  | 11/26/2030 | 128 | (2) | (2) |  |
| FC Compassus, LLC (4)(9) | SF + | 5.75% (incl 1.50% PIK) | 11.45% | 11/26/2030 | 1163 | 1146 | 1145 |  |
| FC Compassus, LLC (4)(6)(7) |  |  |  | 11/26/2030 | 19127 | (282) | (282) |  |
| FC Compassus, LLC (4)(9) | SF + | 5.75% (incl 1.50% PIK) | 10.27% | 11/26/2030 | 144937 | 142797 | 142798 |  |
| Indigo Purchaser, Inc. (4)(6)(9) |  |  |  | 11/21/2031 | 25608 | (381) | (378) |  |
| Indigo Purchaser, Inc. (4)(6)(9) |  |  |  | 11/21/2031 | 17478 | (258) | (258) |  |
| Indigo Purchaser, Inc. (4)(9) | SF + | 5.00% | 9.33% | 11/21/2031 | 112394 | 110735 | 110734 |  |
| Kabafusion Parent LLC (4)(6)(9) |  |  |  | 11/24/2031 | 11700 | (115) | (115) |  |
| Kabafusion Parent LLC (4)(9) | SF + | 5.00% | 9.33% | 11/24/2031 | 90000 | 89113 | 89114 |  |
| MB2 Dental Solutions, LLC (4)(6)(9) |  |  |  | 2/13/2031 | 13909 | (243) | (136) |  |
| MB2 Dental Solutions, LLC (4)(9) | SF + | 5.50% | 9.86% | 2/13/2031 | 154914 | 152732 | 153401 |  |
| MB2 Dental Solutions, LLC (4)(6)(9) | SF + | 5.50% | 9.86% | 2/13/2031 | 54046 | 10016 | 10498 |  |
| MB2 Dental Solutions, LLC (4)(9) | SF + | 5.50% | 10.02% | 2/13/2031 | 22375 | 21937 | 22156 |  |
| Medline Borrower LP (8) | SF + | 2.25% | 6.61% | 10/23/2028 | 15060 | 14959 | 15130 |  |
| MPH Acquisition Holdings LLC (8) | SF + | 4.25% | 9.03% | 9/1/2028 | 2246 | 2209 | 1938 |  |
| Pareto Health Intermediate Holdings, Inc. (4)(10) | SF + | 5.00% | 9.28% | 6/3/2030 | 44311 | 43473 | 43871 |  |
| Pareto Health Intermediate Holdings, Inc. (4)(10) | SF + | 5.00% | 9.28% | 6/3/2030 | 14770 | 14491 | 14624 |  |
| Pareto Health Intermediate Holdings, Inc. (4)(6)(10) |  |  |  | 6/1/2029 | 4032 | (89) | (40) |  |
| Pareto Health Intermediate Holdings, Inc. (4)(6)(10) |  |  |  | 6/3/2030 | 9160 | (91) | (91) |  |
| Pareto Health Intermediate Holdings, Inc. (4)(10) | SF + | 5.00% | 9.36% | 6/3/2030 | 16646 | 16481 | 16481 |  |
| Phoenix Newco Inc (8) | SF + | 3.00% | 7.36% | 11/15/2028 | 16715 | 16641 | 16851 |  |
| Pinnacle Fertility, Inc. (4)(9) | SF + | 5.00% | 9.53% | 3/14/2028 | 9164 | 9072 | 9164 |  |
| Pinnacle Fertility, Inc. (4)(9) | SF + | 5.00% | 9.53% | 3/14/2028 | 26744 | 26448 | 26744 |  |
| PPV Intermediate Holdings, LLC (4)(9) | SF + | 5.75% | 10.26% | 8/31/2029 | 107652 | 106322 | 107652 |  |
| PPV Intermediate Holdings, LLC (4)(6)(9) |  |  |  | 8/31/2029 | 8145 | (108) |  |  |
| PTSH Intermediate Holdings, LLC (4)(9) | SF + | 5.50% | 9.98% | 12/17/2027 | 3901 | 3858 | 3900 |  |
| PTSH Intermediate Holdings, LLC (4)(9) | SF + | 5.50% | 9.98% | 12/17/2027 | 20468 | 20256 | 20460 |  |
| Raven Acquisition Holdings LLC (6)(7) |  |  |  | 11/19/2031 | 1333 | (7) | 5 |  |
| Raven Acquisition Holdings LLC (7) | SF + | 3.25% | 7.61% | 11/19/2031 | 18667 | 18575 | 18732 |  |
| Southern Veterinary Partners LLC (7) | SF + | 3.25% | 7.71% | 12/4/2031 | 4673 | 4650 | 4712 |  |
| Tenet Healthcare Corp (5)(7) |  | 5.13% | 5.13% | 11/1/2027 | 2695 | 2716 | 2642 |  |
| Tivity Health Inc (4)(9) | SF + | 5.00% | 9.36% | 6/28/2029 | 129821 | 128039 | 131119 |  |
| United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9) | SF + | 5.75% | 10.32% | 7/17/2028 | 32506 | 32125 | 32122 |  |
| United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9) | SF + | 5.75% | 10.38% | 7/17/2028 | 26279 | 25972 | 25969 |  |
| United Musculoskeletal Partners Acquisition Holdings, LLC (4)(9) | SF + | 5.75% | 10.40% | 7/17/2028 | 42851 | 42326 | 42345 |  |
| WCAS XIV Primary Care Investors, L.P. (4)(10) | SF + | 6.25% | 10.58% | 12/31/2032 | 56433 | 55404 | 55664 |  |
| WCAS XIV Primary Care Investors, L.P. (4)(10) | SF + | 6.25% | 10.58% | 12/31/2032 | 8342 | 8185 | 8228 |  |
| WCAS XIV Primary Care Investors, L.P. (4)(10) | SF + | 6.25% | 10.58% | 12/31/2032 | 15932 | 15624 | 15715 |  |
| WCAS XIII Primary Care Investors, L.P. (4)(10) | SF + | 6.25% | 10.58% | 12/31/2029 | 135630 | 133680 | 133326 |  |
|  |  |  |  |  |  | 1774311 | 1769621 | 20.26% |
| **Household Goods and Home Construction** |  |  |  |  |  |  |  |  |
| LHS Borrower LLC (8) | SF + | 4.75% | 9.21% | 2/16/2029 | 6876 | 6835 | 6589 |  |
|  |  |  |  |  |  | 6835 | 6589 | 0.08% |
| **Industrial Engineering** |  |  |  |  |  |  |  |  |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(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** |
| LSF12 Donnelly Bidco, LLC (4)(10) | SF + | 6.50% | 10.86% | 10/2/2029 | 19678 | 19288 | 19678 |  |
| Radwell Parent, LLC (4)(6)(9) | SF + | 5.50% | 9.83% | 4/3/2028 | 13271 | 2452 | 2654 |  |
| Radwell Parent, LLC (4)(9) | SF + | 5.50% | 9.83% | 4/2/2029 | 152270 | 149181 | 152510 |  |
| Roper Industrial Products Investment Co (8) | SF + | 2.75% | 7.08% | 11/22/2029 | 18184 | 17745 | 18252 |  |
| Rotation Buyer, LLC (4)(6)(9) |  |  |  | 12/27/2031 | 17062 | (170) | (170) |  |
| Rotation Buyer, LLC (4)(6)(9) | SF + | 4.75% | 9.08% | 12/27/2031 | 8731 | 1869 | 1869 |  |
| Rotation Buyer, LLC (4)(9) | SF + | 4.75% | 9.08% | 12/27/2031 | 66540 | 65876 | 65876 |  |
| Time Manufacturing Holdings, LLC (4)(9) | E + | 6.50% (incl 2.00% PIK) | 9.89% | 12/1/2027 | 4779 | 4986 | 4289 |  |
| Time Manufacturing Holdings, LLC (4)(6)(9) | SF + | 6.50% (incl 2.00% PIK) | 11.31% | 12/1/2027 | 1000 | 476 | 365 |  |
| Time Manufacturing Holdings, LLC (4)(9) | SF + | 6.50% (incl 2.00% PIK) | 11.49% | 12/1/2027 | 12133 | 12000 | 10653 |  |
| Time Manufacturing Holdings, LLC (4)(9) | E + | 6.50% (incl 2.00% PIK) | 9.89% | 12/1/2027 | 8416 | 9408 | 7553 |  |
| TK Elevator US Newco Inc (5)(8) | SF + | 3.50% | 8.59% | 4/30/2030 | 12448 | 12313 | 12553 |  |
| Wec US Holdings Inc (7) | SF + | 2.25% | 6.80% | 1/27/2031 | 9975 | 9907 | 9995 |  |
|  |  |  |  |  |  | 305331 | 306077 | 3.50% |
| **Industrial Metals and Mining** |  |  |  |  |  |  |  |  |
| Alchemy US Holdco 1 LLC (4)(10) | SF + | 6.50% | 11.09% | 7/31/2029 | 121353 | 116459 | 116634 |  |
| Alchemy US Holdco 1 LLC (4)(10) | E + | 6.50% | 9.56% | 7/31/2029 | 25605 | 26597 | 25496 |  |
| Alchemy US Holdco 1 LLC (4)(6)(10) | SF + | 6.50% | 11.02% | 7/31/2029 | 10262 | 894 | 920 |  |
| BLY US Holdings Inc. (4)(5)(10) | SF + | 6.00% | 10.33% | 4/10/2029 | 60360 | 59054 | 59341 |  |
|  |  |  |  |  |  | 203004 | 202391 | 2.32% |
| **Industrial Support Services** |  |  |  |  |  |  |  |  |
| AI Circle Bidco Limited (4)(5)(6)(10) |  |  |  | 2/8/2031 | 6374 | (257) | 13 |  |
| AI Circle Bidco Limited (4)(5)(10) | E + | 6.75% | 10.24% | 2/8/2031 | 44620 | 46399 | 46316 |  |
| Allied Universal Holdco LLC (8) | SF + | 3.75% | 8.21% | 5/12/2028 | 7459 | 7431 | 7492 |  |
| Argos Health Holdings, Inc. (4)(9) | SF + | 6.25% | 10.90% | 12/6/2027 | 647 | 640 | 613 |  |
| Atlas Intermediate III, L.L.C. (4)(10) | SF + | 8.50% (incl 4.00% PIK) | 13.09% | 10/31/2029 | 116720 | 114465 | 115480 |  |
| Atlas Intermediate III, L.L.C. (4)(6)(10) |  |  |  | 10/31/2029 | 13445 | (271) | (143) |  |
| AVSC Holding Corp. (4)(6)(9) |  |  |  | 12/5/2029 | 8660 | (171) | (171) |  |
| AVSC Holding Corp. (4)(9) | SF + | 5.00% | 9.36% | 12/5/2031 | 74189 | 72720 | 72720 |  |
| Axiom Buyer, LLC (4)(6)(10) |  |  |  | 1/14/2030 | 16189 | (387) | (346) |  |
| Axiom Buyer, LLC (4)(6)(10) | SF + | 6.50% | 10.86% | 1/14/2030 | 18189 | 2183 | 2210 |  |
| Axiom Buyer, LLC (4)(10) | SF + | 6.50% | 10.86% | 1/14/2030 | 149954 | 146528 | 146749 |  |
| Captive Resources Midco LLC (4)(6)(9) |  |  |  | 7/3/2028 | 7558 | (88) |  |  |
| Captive Resources Midco LLC (4)(9) | SF + | 4.75% | 9.11% | 7/2/2029 | 92942 | 91794 | 92942 |  |
| CD&R Galaxy UK Intermediate 3 Limited (4)(5)(6)(10)(18) |  |  |  | 1/15/2026 | 1115 |  |  |  |
| CD&R Galaxy UK Intermediate 3 Limited (4)(5)(7)(18) | SF + | 11.50% PIK |  | 1/15/2026 | 422 | 422 | 422 |  |
| Chartis Group LLC (4)(9) | SF + | 4.50% | 8.85% | 9/17/2031 | 81797 | 81013 | 81454 |  |
| Chartis Group LLC (4)(6)(9) |  |  |  | 9/17/2031 | 25040 | (245) | (105) |  |
| Chartis Group LLC (4)(6)(9) |  |  |  | 9/17/2031 | 14716 | (140) | (62) |  |
| Coretrust Purchasing Group LLC (4)(6)(9) |  |  |  | 10/1/2029 | 10736 | (258) | 107 |  |
| Coretrust Purchasing Group LLC (4)(6)(9) |  |  |  | 10/1/2029 | 11656 | (237) |  |  |
| Coretrust Purchasing Group LLC (4)(9) | SF + | 5.25% | 9.61% | 10/1/2029 | 80280 | 78706 | 81083 |  |
| Coretrust Purchasing Group LLC (4)(6)(9) |  |  |  | 10/1/2029 | 4423 | (39) | 44 |  |
| Eagle 2021 Lower Merger Sub, LLC (4)(9) | SF + | 6.25% | 10.90% | 12/6/2027 | 808 | 800 | 766 |  |
| EIS Legacy Holdco, LLC (4)(6)(9) |  |  |  | 11/5/2031 | 30682 | (303) | (300) |  |
| EIS Legacy Holdco, LLC (4)(6)(9) |  |  |  | 11/5/2030 | 13000 | (127) | (127) |  |
| EIS Legacy Holdco, LLC (4)(9) | SF + | 4.75% | 9.30% | 11/5/2031 | 64432 | 63802 | 63802 |  |
| Employbridge, LLC (9) | SF + | 4.75% | 9.62% | 7/19/2028 | 9707 | 9675 | 6450 |  |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(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** |
| Empower Payments Investor, LLC (4)(6)(9) |  |  |  | 3/12/2031 | 14426 | (272) |  |  |
| Empower Payments Investor, LLC (4)(6)(9) |  |  |  | 3/12/2030 | 9704 | (168) |  |  |
| Empower Payments Investor, LLC (4)(9) | SF + | 4.50% | 8.86% | 3/12/2031 | 101182 | 99391 | 101182 |  |
| Galaxy US Opco Inc. (5)(8) | SF + | 4.75% | 9.34% | 4/29/2029 | 13769 | 13547 | 12306 |  |
| Guidehouse Inc. (4)(9) | SF + | 5.75% (incl 2.00% PIK) | 10.11% | 12/16/2030 | 188878 | 186766 | 190767 |  |
| IG Investments Holdings, LLC (4)(6)(13) |  |  |  | 9/22/2028 | 10221 | (126) | (39) |  |
| IG Investments Holdings, LLC (4)(9) | SF + | 5.00% | 9.57% | 9/22/2028 | 88901 | 88443 | 88560 |  |
| Madison Safety & Flow LLC (7) | SF + | 3.25% | 7.61% | 9/26/2031 | 3679 | 3670 | 3711 |  |
| NBG Acquisition Corp. (4)(6)(9) | SF + | 5.50% | 9.93% | 11/6/2028 | 2876 | 2120 | 2018 |  |
| NBG Acquisition Corp. (4)(9) | SF + | 5.50% | 9.93% | 11/6/2028 | 3325 | 3281 | 3188 |  |
| NBG Acquisition Corp. (4)(9) | SF + | 5.50% | 10.24% | 11/6/2028 | 21118 | 21029 | 20251 |  |
| NTH Degree Purchaser, Inc (4)(6)(10) |  |  |  | 9/10/2030 | 30800 | (600) | (442) |  |
| NTH Degree Purchaser, Inc (4)(6)(10) |  |  |  | 9/10/2030 | 16125 | (306) | (231) |  |
| NTH Degree Purchaser, Inc (4)(10) | SF + | 5.25% | 9.68% | 9/10/2030 | 101621 | 99694 | 100162 |  |
| PEX Holdings LLC (4)(7) | SF + | 2.75% | 7.08% | 11/26/2031 | 15000 | 14963 | 15094 |  |
| PG Polaris BidCo Sarl (5)(7) | SF + | 3.00% | 7.33% | 3/26/2031 | 11967 | 11951 | 12080 |  |
| Planet US Buyer LLC (5)(7) | SF + | 3.00% | 7.52% | 2/7/2031 | 7463 | 7446 | 7536 |  |
| Royal Buyer, LLC (4)(9) | SF + | 5.50% | 10.24% | 8/31/2028 | 8939 | 8828 | 8939 |  |
| Royal Buyer, LLC (4)(6)(9) |  |  |  | 8/31/2028 | 7000 | (85) |  |  |
| Royal Buyer, LLC (4)(9) | SF + | 5.50% | 10.01% | 8/31/2028 | 44100 | 43548 | 44100 |  |
| Royal Buyer, LLC (4)(6)(9) | SF + | 5.50% | 10.02% | 8/31/2028 | 23538 | 9087 | 9297 |  |
| Royal Buyer, LLC (4)(9) | SF + | 5.50% | 10.24% | 8/31/2028 | 70318 | 69750 | 70318 |  |
| Sedgwick Claims Management Services, Inc. (7) | SF + | 3.00% | 7.59% | 7/31/2031 | 19061 | 18890 | 19199 |  |
| SimpliSafe Holding Corporation (4)(9) | SF + | 6.25% | 10.61% | 5/2/2028 | 14991 | 14806 | 14991 |  |
| SimpliSafe Holding Corporation (4)(9) | SF + | 6.25% | 10.61% | 5/2/2028 | 117830 | 116488 | 117830 |  |
| Spirit RR Holdings, Inc. (4)(6)(9) |  |  |  | 9/13/2028 | 3579 | (47) |  |  |
| Spirit RR Holdings, Inc. (4)(9) | SF + | 4.75% | 9.18% | 9/13/2028 | 42668 | 42089 | 42668 |  |
| Spirit RR Holdings, Inc. (4)(6)(9) | SF + | 4.75% | 9.43% | 9/13/2028 | 5956 | 2888 | 2963 |  |
| Transnetwork LLC (4)(8) | SF + | 4.75% | 9.08% | 12/29/2030 | 72578 | 71747 | 73122 |  |
| TruckPro, LLC (4)(12) | SF + | 7.75% | 12.49% | 8/16/2028 | 69649 | 68135 | 67475 |  |
| TTF Lower Intermediate LLC (7) | SF + | 3.75% | 8.11% | 7/18/2031 | 8249 | 8172 | 8208 |  |
| Vaco Holdings LLC (9) | SF + | 5.00% | 9.48% | 1/21/2029 | 13103 | 13064 | 12164 |  |
| W3 TopCo LLC (4)(10) | SF + | 6.50% | 11.14% | 3/22/2029 | 89237 | 86225 | 86561 |  |
| YA Intermediate Holdings II, LLC (4)(6)(9) |  |  |  | 10/1/2031 | 19820 | (147) | (191) |  |
| YA Intermediate Holdings II, LLC (4)(6)(13) | P + | 4.00% | 11.50% | 10/1/2031 | 9750 | 441 | 393 |  |
| YA Intermediate Holdings II, LLC (4)(9) | SF + | 5.00% | 9.59% | 10/1/2031 | 47568 | 47339 | 47109 |  |
|  |  |  |  |  |  | 1886102 | 1898698 | 21.74% |
| **Industrial Transportation** |  |  |  |  |  |  |  |  |
| E.S.G. Movilidad, S.L.U. (4)(5)(6)(7) | E + | 6.25% | 8.94% | 5/31/2029 | 11245 | 3404 | 3495 |  |
| E.S.G. Movilidad, S.L.U. (4)(5)(7) | E + | 6.25% | 8.94% | 5/31/2029 | 8096 | 8522 | 8387 |  |
| E.S.G. Movilidad, S.L.U. (4)(5)(7) | E + | 6.25% | 8.94% | 5/31/2029 | 22264 | 23436 | 23066 |  |
| Truck-Lite Co, LLC (4)(6)(9) |  |  |  | 2/13/2031 | 9338 | (163) | 11 |  |
| Truck-Lite Co, LLC (4)(6)(9) |  |  |  | 2/13/2030 | 11973 | (204) |  |  |
| Truck-Lite Co, LLC (4)(9) | SF + | 5.75% | 10.27% | 2/13/2031 | 85725 | 84227 | 85826 |  |
|  |  |  |  |  |  | 119222 | 120785 | 1.38% |
| **Investment Banking and Brokerage Services** |  |  |  |  |  |  |  |  |
| Apex Group Treasury LLC (5)(8) | SF + | 4.00% | 9.08% | 7/27/2028 | 6912 | 6834 | 6984 |  |
| Ascensus Holdings, Inc. (7) | SF + | 3.00% | 7.36% | 8/2/2028 | 7563 | 7515 | 7639 |  |
| Baker Tilly Advisory Group, LP (4)(9) | SF + | 4.75% | 9.11% | 6/3/2031 | 102831 | 101414 | 103312 |  |
| Baker Tilly Advisory Group, LP (4)(6)(9) |  |  |  | 6/3/2031 | 15518 | (223) | 73 |  |
| Baker Tilly Advisory Group, LP (4)(6)(9) |  |  |  | 6/3/2030 | 23539 | (319) |  |  |
| DRW Holdings LLC (7) | SF + | 3.50% | 8.59% | 6/26/2031 | 10000 | 9950 | 10019 |  |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(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** |
| Eisner Advisory Group LLC (8) | SF + | 4.00% | 8.36% | 2/28/2031 | 6002 | 5949 | 6078 |  |
| Grant Thornton LLP (6)(7) |  |  |  | 6/2/2031 | 380 |  | 1 |  |
| Grant Thornton LLP (7) | SF + | 2.75% | 7.08% | 6/2/2031 | 6860 | 6860 | 6870 |  |
| June Purchaser LLC (6)(7) |  |  |  | 11/28/2031 | 1619 | (6) | 20 |  |
| June Purchaser LLC (7) | SF + | 3.25% | 7.58% | 11/28/2031 | 9714 | 9675 | 9834 |  |
| Madonna Bidco Limited (4)(5)(6)(7) |  |  |  | 10/25/2031 | 10435 | (267) | (254) |  |
| Madonna Bidco Limited (4)(5)(7) | SN + | 5.25% | 9.99% | 10/25/2031 | 51131 | 64985 | 62764 |  |
| MAI Capital Management Intermediate LLC (4)(6)(9) | SF + | 4.75% | 9.11% | 8/29/2031 | 16300 | 5003 | 5081 |  |
| MAI Capital Management Intermediate LLC (4)(6)(9) | SF + | 4.75% | 9.08% | 8/29/2031 | 6100 | 755 | 783 |  |
| MAI Capital Management Intermediate LLC (4)(9) | SF + | 4.75% | 9.11% | 8/29/2031 | 27600 | 27337 | 27463 |  |
| More Cowbell II, LLC (4)(6)(9) |  |  |  | 9/3/2030 | 5484 | (102) | 55 |  |
| More Cowbell II, LLC (4)(6)(9) | SF + | 5.00% | 9.26% | 9/4/2029 | 7590 | 2918 | 3036 |  |
| More Cowbell II, LLC (4)(9) | SF + | 5.00% | 8.89% | 9/3/2030 | 49839 | 49031 | 50337 |  |
| Neon Maple US Debt Mergersub Inc (5)(7) | SF + | 3.00% | 7.44% | 11/17/2031 | 3160 | 3137 | 3171 |  |
| Orthrus Limited (4)(5)(6)(7) |  |  |  | 12/5/2031 | 15961 | (354) | (346) |  |
| Orthrus Limited (4)(5)(7) | E + | 6.25% (incl 2.75% PIK) | 9.13% | 12/5/2031 | 30652 | 31887 | 31206 |  |
| Orthrus Limited (4)(5)(7) | SN + | 6.25% (incl 2.75% PIK) | 10.97% | 12/5/2031 | 34325 | 43016 | 42227 |  |
| Orthrus Limited (4)(5)(10) | SF + | 6.25% (incl 2.75% PIK) | 10.72% | 12/5/2031 | 80984 | 79582 | 79581 |  |
| Osaic Holdings Inc (7) | SF + | 3.50% | 7.86% | 8/17/2028 | 11793 | 11752 | 11856 |  |
| Rockefeller Capital Management (4)(8) | SF + | 4.75% | 9.08% | 4/4/2031 | 69825 | 69195 | 69734 |  |
| Rockefeller Capital Management (4)(6)(8) |  |  |  | 4/4/2031 | 15000 | (112) | (20) |  |
| Summit Acquisition Inc (4)(7) | SF + | 3.75% | 8.08% | 10/16/2031 | 17500 | 17415 | 17631 |  |
| Travelex Issuerco 2 PLC (4)(5)(14) | SN + | 8.00% | 12.71% | 9/22/2028 | 22553 | 26785 | 28650 |  |
| Violin Finco Guernsey Limited (4)(5)(7) | SN + | 5.50% | 10.20% | 6/24/2031 | 93262 | 117236 | 117793 |  |
| Violin Finco Guernsey Limited (4)(5)(6)(7) |  |  |  | 6/24/2031 | 6211 | (76) | 69 |  |
|  |  |  |  |  |  | 696772 | 701647 | 8.03% |
| **Leisure Goods** |  |  |  |  |  |  |  |  |
| Jam City, Inc. (4)(10) | SF + | 7.00% | 11.59% | 9/7/2027 | 1966 | 1957 | 1986 |  |
|  |  |  |  |  |  | 1957 | 1986 | 0.02% |
| **Life Insurance** |  |  |  |  |  |  |  |  |
| OneDigital Borrower LLC (8) | SF + | 3.25% | 7.61% | 7/2/2031 | 14811 | 14748 | 14867 |  |
|  |  |  |  |  |  | 14748 | 14867 | 0.17% |
| **Media** |  |  |  |  |  |  |  |  |
| 2080 Media, Inc. (4)(9) | SF + | 5.25% | 9.58% | 3/14/2029 | 12521 | 12380 | 12521 |  |
| 2080 Media, Inc. (4)(6)(9) |  |  |  | 3/14/2028 | 13795 | (147) |  |  |
| 2080 Media, Inc. (4)(9) | SF + | 5.25% | 9.58% | 3/14/2029 | 53939 | 53262 | 53939 |  |
| 2080 Media, Inc. (4)(6)(9) |  |  |  | 3/14/2029 | 18859 | (189) |  |  |
| AMR GP Limited (4)(5)(7) |  | 10.50% (incl 5.25% PIK) | 10.50% | 7/10/2034 | 1030 | 1001 | 1025 |  |
| Arc Media Holdings Limited (4)(5)(6)(10) | SF + | 7.25% | 11.83% | 10/29/2027 | 2766 | 1745 | 1766 |  |
| Arc Media Holdings Limited (4)(5)(10) | SF + | 7.25% | 11.99% | 10/29/2027 | 39914 | 39342 | 39651 |  |
| Aventine Intermediate LLC (4)(9) | SF + | 6.00% (incl 3.00% PIK) | 10.43% | 6/18/2027 | 1118 | 1109 | 1065 |  |
| Aventine Intermediate LLC (4)(9) | SF + | 6.00% (incl 3.00% PIK) | 10.43% | 6/18/2027 | 19648 | 19481 | 18718 |  |
| Global Music Rights, LLC (4)(6)(9) | SF + | 4.75% | 9.10% | 12/20/2031 | 46796 | 4214 | 4214 |  |
| Global Music Rights, LLC (4)(9) | SF + | 5.25% (incl 2.88% PIK) | 9.60% | 12/20/2031 | 439167 | 434796 | 434794 |  |
| IEHL US Holdings, Inc. (4)(12) | SF + | 7.00% | 11.59% | 10/29/2029 | 6604 | 6455 | 6670 |  |
| International Entertainment Investments Ltd (4)(5)(12) | SN + | 7.40% | 12.14% | 10/29/2029 | 15493 | 18879 | 19590 |  |
| International Entertainment Investments Ltd (4)(5)(10) | E + | 7.00% | 10.06% | 10/29/2029 | 2540 | 2737 | 2658 |  |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(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** |
| International Entertainment Investments Ltd (4)(5)(10) | E + | 7.00% | 10.06% | 10/29/2029 | EUR | 3048 | 3192 | 3189 |  |
| International Entertainment Investments Ltd (4)(5)(6)(12) |  |  |  | 4/27/2029 | 5080 | 5080 | (129) | 51 |  |
| International Entertainment Investments Ltd (4)(5)(12) | SF + | 7.00% | 11.59% | 10/29/2029 | 30478 | 30478 | 29811 | 30783 |  |
| LOCI Bidco Limited (4)(5)(8) | SF + | 5.25% | 9.64% | 5/19/2031 | 12087 | 12087 | 11812 | 12029 |  |
| LOCI Bidco Limited (4)(5)(8) | SN + | 5.25% | 9.98% | 5/19/2031 | GBP | 73522 | 91290 | 91583 |  |
| LOCI Bidco Limited (4)(5)(6)(8) |  |  |  | 5/19/2031 | 46320 | 46320 | (1106) | (225) |  |
| McGraw-Hill Education Inc (8) | SF + | 4.00% | 8.33% | 8/6/2031 | 10010 | 10010 | 9877 | 10136 |  |
| Renaissance Financiere (4)(5)(7) | E + | 7.00% | 10.65% | 7/26/2028 | EUR | 34871 | 35637 | 35169 |  |
| Renaissance Holding Corp. (8) | SF + | 4.00% | 8.36% | 4/5/2030 | 7900 | 7900 | 7764 | 7891 |  |
|  |  |  |  |  |  |  | 783213 | 787217 | 9.01% |
| **Medical Equipment and Services** |  |  |  |  |  |  |  |  |  |
| ABB/CON-CISE Optical Group LLC (4)(9) | SF + | 7.50% | 11.98% | 2/23/2028 | 21259 | 21259 | 20963 | 19686 |  |
| Bamboo US BidCo LLC (4)(6)(10) | SF + | 5.25% | 9.77% | 9/30/2030 | 15520 | 15520 | 8728 | 9110 |  |
| Bamboo US BidCo LLC (4)(6)(10) |  |  |  | 9/30/2030 | 2855 | 2855 | (28) | (5) |  |
| Bamboo US BidCo LLC (4)(6)(10) |  |  |  | 9/30/2030 | 2855 | 2855 | (29) | (5) |  |
| Bamboo US BidCo LLC (4)(6)(10) |  |  |  | 10/1/2029 | 21254 | 21254 | (504) |  |  |
| Bamboo US BidCo LLC (4)(10) | E + | 5.25% | 8.25% | 9/30/2030 | EUR | 63105 | 65172 | 65377 |  |
| Bamboo US BidCo LLC (4)(10) | SF + | 5.25% | 9.77% | 9/30/2030 | 83371 | 83371 | 81391 | 83223 |  |
| Coding Solutions Acquisition, Inc. (4)(6)(9) |  |  |  | 8/7/2031 | 23581 | 23581 | (345) | (181) |  |
| Coding Solutions Acquisition, Inc. (4)(6)(9) | SF + | 5.00% | 9.33% | 8/7/2031 | 16674 | 16674 | 14354 | 14461 |  |
| Coding Solutions Acquisition, Inc. (4)(9) | SF + | 5.00% | 9.25% | 8/7/2031 | 154751 | 154751 | 152904 | 153560 |  |
| Femur Buyer, Inc. (4)(6)(10) | SF + | 7.50% | 11.86% | 9/18/2029 | 13350 | 13350 | 515 | 218 |  |
| Femur Buyer, Inc. (4)(10) | SF + | 8.25% (incl 4.50% PIK) | 12.60% | 3/18/2030 | 142359 | 142359 | 139373 | 139567 |  |
| Limpio Bidco GMBH (4)(5)(7) | E + | 5.20% | 8.25% | 10/31/2030 | EUR | 63783 | 65912 | 67269 |  |
| PerkinElmer U.S. LLC (4)(10) | SF + | 5.00% | 9.34% | 3/13/2029 | 110940 | 110940 | 108126 | 112050 |  |
| PerkinElmer U.S. LLC (4)(10) | SF + | 5.00% | 9.34% | 3/13/2029 | 61964 | 61964 | 60981 | 62583 |  |
| PerkinElmer U.S. LLC (4)(6)(10) | SF + | 5.00% | 9.34% | 3/13/2029 | 67039 | 67039 | 49332 | 50918 |  |
| Plasma Buyer LLC (4)(6)(9) | SF + | 6.25% | 10.58% | 5/12/2029 | 3140 | 3140 | 2464 | 2413 |  |
| Plasma Buyer LLC (4)(6)(9) | SF + | 5.75% | 10.08% | 5/12/2028 | 9458 | 9458 | 5191 | 5023 |  |
| Plasma Buyer LLC (4)(9) | SF + | 5.75% | 10.08% | 5/12/2029 | 83210 | 83210 | 82130 | 80495 |  |
| Resonetics, LLC (9) | SF + | 3.25% | 7.60% | 6/18/2031 | 38540 | 38540 | 38451 | 38837 |  |
| SDC US Smilepay SPV (4)(7)(18) | P + | 9.75% |  | 10/27/2025 | 14798 | 14798 | 8057 | 3275 |  |
| TecoStar Holdings Inc (4)(10) | SF + | 8.50% (incl 4.50% PIK) | 13.18% | 7/6/2029 | 125455 | 125455 | 123229 | 124215 |  |
| Viant Medical Holdings, Inc. (7) | SF + | 4.00% | 8.60% | 10/29/2031 | 1738 | 1738 | 1730 | 1759 |  |
| Viant Medical Holdings, Inc. (7) | SF + | 4.00% | 8.60% | 10/29/2031 | 15762 | 15762 | 15684 | 15955 |  |
| Vital Care Buyer, LLC (4)(9) | SF + | 4.50% | 8.83% | 7/30/2031 | 90262 | 90262 | 89414 | 90262 |  |
| Vital Care Buyer, LLC (4)(6)(9) |  |  |  | 7/30/2031 | 13271 | 13271 | (125) | (1) |  |
| Zeus Company LLC (4)(6)(9) | SF + | 5.50% | 9.83% | 2/28/2031 | 23088 | 23088 | 7757 | 8312 |  |
| Zeus Company LLC (4)(6)(9) |  |  |  | 2/28/2030 | 21506 | 21506 | (277) |  |  |
| Zeus Company LLC (4)(9) | SF + | 5.50% | 9.83% | 2/28/2031 | 123480 | 123480 | 121847 | 124715 |  |
|  |  |  |  |  |  |  | 1262397 | 1273091 | 14.58% |
| **Non-life Insurance** |  |  |  |  |  |  |  |  |  |
| Accession Risk Management Group, Inc. (4)(9) | SF + | 4.75% | 9.26% | 10/30/2029 | 7932 | 7932 | 7850 | 7932 |  |
| Accession Risk Management Group, Inc. (4)(9) | SF + | 4.75% | 9.26% | 11/1/2029 | 39250 | 39250 | 39037 | 39250 |  |
| Accession Risk Management Group, Inc. (4)(9) | SF + | 4.75% | 9.34% | 11/1/2029 | 14125 | 14125 | 14125 | 14125 |  |
| Accession Risk Management Group, Inc. (4)(6)(9) | SF + | 4.75% | 9.34% | 11/1/2029 | 21852 | 21852 | 3200 | 3301 |  |
| Accession Risk Management Group, Inc. (4)(6)(9) |  |  |  | 11/1/2029 | 2903 | 2903 | (11) |  |  |
| Acrisure LLC (7) | SF + | 3.00% | 7.36% | 11/6/2030 | 20058 | 20058 | 20047 | 20116 |  |
| Alera Group, Inc. (4)(9) | SF + | 5.25% | 9.61% | 10/2/2028 | 21337 | 21337 | 21201 | 21337 |  |
| Alera Group, Inc. (4)(9) | SF + | 5.25% | 9.61% | 10/2/2028 | 12271 | 12271 | 12265 | 12271 |  |
| Alera Group, Inc. (4)(9) | SF + | 5.25% | 9.61% | 10/2/2028 | 43278 | 43278 | 43255 | 43278 |  |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(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** |
| Alera Group, Inc. (4)(6)(9) | SF + | 5.75% | 10.09% | 10/2/2028 | 5177 | 4855 | 4952 |  |
| Alliant Holdings Intermediate, LLC (7) | SF + | 2.75% | 7.11% | 9/19/2031 | 18698 | 18547 | 18769 |  |
| AmWINS Group Inc (9) | SF + | 2.25% | 6.72% | 2/19/2028 | 7497 | 7475 | 7528 |  |
| Amynta Agency Borrower Inc (7) | SF + | 3.00% | 7.34% | 12/29/2031 | 20015 | 19626 | 20040 |  |
| BroadStreet Partners, Inc. (7) | SF + | 3.00% | 7.36% | 6/13/2031 | 11118 | 11043 | 11169 |  |
| Galway Borrower LLC (4)(6)(9) | SF + | 4.50% | 8.82% | 9/29/2028 | 5017 | 394 | 420 |  |
| Galway Borrower LLC (4)(6)(9) | SF + | 4.50% | 8.82% | 9/29/2028 | 6384 | 76 | 115 |  |
| Galway Borrower LLC (4)(9) | SF + | 4.50% | 8.83% | 9/29/2028 | 133662 | 133266 | 133662 |  |
| Goosehead Insurance Holdings LLC (4)(5)(7) | SF + | 3.50% | 7.83% | 1/8/2032 | 3509 | 3500 | 3500 |  |
| Higginbotham Insurance Agency Inc (4)(6)(10) | SF + | 4.75% | 9.11% | 11/24/2028 | 14317 | 4015 | 4145 |  |
| Higginbotham Insurance Agency Inc (4)(14) | SF + | 4.50% | 8.86% | 11/24/2028 | 31964 | 31714 | 31964 |  |
| HUB International Ltd (7) |  | 7.25% | 7.25% | 6/15/2030 | 10517 | 10517 | 10789 |  |
| HUB International Ltd (7) | SF + | 2.75% | 7.37% | 6/20/2030 | 13749 | 13626 | 13850 |  |
| Integrity Marketing Acquisition LLC (4)(6)(9) |  |  |  | 8/27/2028 | 2638 | (22) | 7 |  |
| Integrity Marketing Acquisition LLC (4)(6)(9) |  |  |  | 8/27/2028 | 362 | (2) |  |  |
| Integrity Marketing Acquisition LLC (4)(9) | SF + | 5.00% | 9.51% | 8/27/2028 | 65028 | 64658 | 65194 |  |
| Jones Deslauriers Insurance Management Inc. (5)(7) |  | 8.50% | 8.50% | 3/15/2030 | 14487 | 14470 | 15319 |  |
| Patriot Growth Insurance Services LLC (4)(9) | SF + | 5.00% | 9.48% | 10/16/2028 | 18047 | 17823 | 18047 |  |
| Patriot Growth Insurance Services LLC (4)(6)(9) | SF + | 5.00% | 9.46% | 10/14/2028 | 822 | 402 | 411 |  |
| Patriot Growth Insurance Services LLC (4)(9) | SF + | 5.00% | 9.48% | 10/16/2028 | 7114 | 7033 | 7114 |  |
| Sig Parent Holdings, LLC (4)(6)(9) | SF + | 5.00% | 9.48% | 8/21/2031 | 15223 | 258 | 258 |  |
| Sig Parent Holdings, LLC (4)(6)(9) |  |  |  | 8/21/2031 | 3045 | (14) | (15) |  |
| Sig Parent Holdings, LLC (4)(9) | SF + | 5.00% | 9.36% | 8/21/2031 | 26388 | 26263 | 26256 |  |
| TIH Insurance Holdings LLC (7) | SF + | 2.75% | 7.08% | 5/6/2031 | 6129 | 6115 | 6157 |  |
| Trupanion, Inc. (4)(5)(9) | SF + | 5.00% | 9.48% | 3/25/2027 | 25756 | 25585 | 25756 |  |
| Trupanion, Inc. (4)(5)(6)(9) |  |  |  | 3/25/2027 | 6576 | (44) |  |  |
| Trupanion, Inc. (4)(5)(9) | SF + | 5.00% | 9.48% | 3/25/2027 | 20423 | 20278 | 20423 |  |
| USI Inc/NY (7) | SF + | 2.25% | 6.58% | 9/29/2030 | 12872 | 12853 | 12869 |  |
| USI Inc/NY (7) | SF + | 2.25% | 6.58% | 11/21/2029 | 1924 | 1924 | 1923 |  |
|  |  |  |  |  |  | 617203 | 622232 | 7.12% |
| **Oil, Gas and Coal** |  |  |  |  |  |  |  |  |
| Camin Cargo Control Holdings, Inc. (4)(6)(10) |  |  |  | 12/7/2029 | 9685 | (200) | (95) |  |
| Camin Cargo Control Holdings, Inc. (4)(6)(10) | SF + | 5.50% | 9.93% | 12/7/2029 | 9702 | 5213 | 5273 |  |
| Camin Cargo Control Holdings, Inc. (4)(10) | SF + | 5.50% | 9.98% | 12/7/2029 | 63922 | 62895 | 63295 |  |
| CVR CHC LP (4)(5)(7) | SF + | 4.00% | 8.35% | 12/30/2027 | 5417 | 5371 | 5372 |  |
|  |  |  |  |  |  | 73279 | 73845 | 0.85% |
| **Personal Care, Drug and Grocery Stores** |  |  |  |  |  |  |  |  |
| DIA Finance S.L.U. (4)(5)(9) | E + | 6.75% | 9.50% | 12/27/2029 | 170600 | 172546 | 171451 |  |
| Parfums Holding Company, Inc. (4)(10) | SF + | 5.25% | 9.58% | 6/27/2030 | 119426 | 118333 | 120277 |  |
| Parfums Holding Company, Inc. (4)(6)(10) |  |  |  | 6/27/2029 | 9034 | (81) |  |  |
| Puma Buyer LLC (4)(8) | SF + | 5.50% | 9.93% | 7/16/2029 | 60760 | 57870 | 60760 |  |
| SWF Holdings I Corp (6)(10) |  |  |  | 12/19/2029 | 94 |  | 1 |  |
| SWF Holdings I Corp (10) | SF + | 4.50% | 8.86% | 12/19/2029 | 73 | 69 | 74 |  |
| SWF Holdings I Corp (10) | SF + | 4.00% | 8.47% | 10/6/2028 | 667 | 625 | 600 |  |
| Vermont Aus Pty Ltd (4)(5)(9) | B + | 5.75% | 10.22% | 3/23/2028 | 20953 | 14223 | 12968 |  |
| Vermont Aus Pty Ltd (4)(5)(9) | B + | 5.75% | 10.22% | 3/23/2028 | 34767 | 25582 | 21517 |  |
| Vital Bidco AB (4)(5)(6)(10) | SF + | 4.50% | 8.86% | 10/29/2030 | 16892 | 3793 | 3793 |  |
| Vital Bidco AB (4)(5)(10) | SF + | 4.50% | 8.83% | 10/29/2031 | 97895 | 95984 | 95985 |  |
|  |  |  |  |  |  | 488944 | 487426 | 5.58% |
| **Personal Goods** |  |  |  |  |  |  |  |  |
| Daphne S.P.A. (4)(5)(6)(7) |  |  |  | 5/23/2028 | 3978 | (106) | (362) |  |
| Daphne S.P.A. (4)(5)(7) | E + | 6.75% | 9.36% | 5/23/2028 | 45354 | 47871 | 42855 |  |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(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** |
| Spanx, LLC (4)(6)(9) |  |  |  | 11/18/2027 | 5000 | (50) |  |  |
| Spanx, LLC (4)(9) | SF + | 5.25% | 9.71% | 11/20/2028 | 29100 | 28762 | 29100 |  |
| S&S Holdings LLC (8) | SF + | 5.00% | 9.36% | 10/1/2031 | 11970 | 11792 | 11966 |  |
|  |  |  |  |  |  | 88269 | 83559 | 0.96% |
| **Pharmaceuticals and Biotechnology** |  |  |  |  |  |  |  |  |
| Advarra Holdings, Inc. (4)(10) | SF + | 4.50% | 8.86% | 9/13/2031 | 68762 | 67599 | 68915 |  |
| Advarra Holdings, Inc. (4)(6)(10) |  |  |  | 9/13/2031 | 6020 | (29) | 13 |  |
| Advarra Holdings, Inc. (4)(10) | SF + | 4.50% | 8.86% | 9/13/2031 | 127562 | 126951 | 127844 |  |
| CPI Buyer, LLC (4)(9) | SF + | 5.50% | 10.28% | 11/1/2028 | 1331 | 1321 | 1297 |  |
| CPI Buyer, LLC (4)(6)(9) |  |  |  | 10/30/2026 | 2115 | (17) | (30) |  |
| CPI Buyer, LLC (4)(9) | SF + | 5.50% | 10.28% | 11/1/2028 | 24703 | 24478 | 24068 |  |
| Creek Parent, Inc. (4)(6)(9) |  |  |  | 12/18/2031 | 22379 | (362) | (362) |  |
| Creek Parent, Inc. (4)(9) | SF + | 5.25% | 9.63% | 12/18/2031 | 122875 | 120889 | 120888 |  |
| Dechra Finance US LLC (5)(7) | SF + | 3.25% | 7.58% | 12/4/2031 | 4167 | 4156 | 4191 |  |
| Dolcetto HoldCo S.P.A. (4)(5)(6)(7) |  |  |  | 10/27/2028 | 8400 | (163) |  |  |
| Dolcetto HoldCo S.P.A. (4)(5)(7) | E + | 5.50% | 8.39% | 10/27/2028 | 82300 | 80711 | 85263 |  |
| Gusto Aus Bidco Pty Ltd (4)(5)(6)(8) |  |  |  | 11/15/2031 | 24086 | (126) | (121) |  |
| Gusto Aus Bidco Pty Ltd (4)(5)(8) | B + | 4.75% | 9.46% | 11/15/2031 | 243533 | 155947 | 149498 |  |
| Syneos Health Inc (7) | SF + | 4.00% | 8.33% | 9/27/2030 | 15036 | 14947 | 14714 |  |
|  |  |  |  |  |  | 596302 | 596178 | 6.83% |
| **Real Estate Investment and Services** |  |  |  |  |  |  |  |  |
| Associations Finance, Inc. (4)(10) | SF + | 6.50% | 11.32% | 7/3/2028 | 55555 | 55509 | 56111 |  |
| Associations Finance, Inc. (4)(6)(10) | SF + | 6.50% | 11.32% | 7/3/2028 | 4316 | 717 | 763 |  |
| Associations Finance, Inc. (4)(6)(10) | SF + | 6.50% | 11.28% | 7/3/2028 | 3459 | 1726 | 1729 |  |
|  |  |  |  |  |  | 57952 | 58603 | 0.67% |
| **Retailers** |  |  |  |  |  |  |  |  |
| AI Grace Aus Bidco Pty Ltd (4)(5)(9) | E + | 5.25% | 8.13% | 12/5/2029 | 21626 | 22770 | 22405 |  |
| Belron Finance 2019 LLC (8) | SF + | 2.75% | 7.27% | 10/16/2031 | 14106 | 14072 | 14258 |  |
| BradyplusUS Holdings, LLC (4)(6)(10) | SF + | 5.00% | 9.40% | 10/31/2029 | 427 | 87 | 92 |  |
| BradyplusUS Holdings, LLC (4)(10) | SF + | 5.00% | 9.52% | 10/31/2029 | 14496 | 14370 | 14496 |  |
| Johnstone Supply LLC (7) | SF + | 2.50% | 6.88% | 6/9/2031 | 6291 | 6282 | 6319 |  |
| Knitwell Borrower LLC (4)(10) | SF + | 7.75% | 12.49% | 7/28/2027 | 44549 | 43690 | 44218 |  |
| Knitwell Borrower LLC (4)(10) | SF + | 7.75% | 12.49% | 7/28/2027 | 38537 | 37424 | 38250 |  |
| Knitwell Borrower LLC (4)(10) | SF + | 7.75% | 12.42% | 7/28/2027 | 98288 | 96418 | 97557 |  |
| Petsmart LLC (9) | SF + | 3.75% | 8.21% | 2/11/2028 | 15275 | 15212 | 15244 |  |
| Staples, Inc. (8) | SF + | 5.75% | 10.18% | 9/4/2029 | 31186 | 29878 | 29885 |  |
| Thermostat Purchaser III Inc (9) | SF + | 4.25% | 8.58% | 8/31/2028 | 7980 | 7980 | 7980 |  |
| White Cap Buyer, LLC (7) | SF + | 3.25% | 7.61% | 10/19/2029 | 15393 | 15332 | 15442 |  |
|  |  |  |  |  |  | 303515 | 306146 | 3.51% |
| **Software and Computer Services** |  |  |  |  |  |  |  |  |
| Acuris Finance US, Inc (7) | SF + | 3.75% | 8.08% | 2/16/2028 | 8362 | 8242 | 8427 |  |
| Armstrong Bidco Limited (4)(5)(7) | SN + | 5.25% | 9.95% | 6/28/2029 | 47995 | 56036 | 59920 |  |
| Armstrong Bidco Limited (4)(5)(7) | SN + | 5.25% | 9.95% | 6/28/2029 | 91991 | 110265 | 114847 |  |
| Artifact Bidco, Inc. (4)(6)(8) |  |  |  | 7/26/2031 | 11207 | (109) | 107 |  |
| Artifact Bidco, Inc. (4)(8) | SF + | 4.50% | 8.83% | 7/26/2031 | 45788 | 45359 | 46230 |  |
| Artifact Bidco, Inc. (4)(6)(8) |  |  |  | 7/26/2030 | 2562 | (24) | (1) |  |
| Artifact Bidco, Inc. (4)(6)(8) |  |  |  | 7/26/2030 | 5443 | (50) | (1) |  |
| Artisan Bidco, Inc. (4)(10) | SF + | 7.00% | 11.39% | 11/7/2029 | 39600 | 38800 | 39503 |  |
| Artisan Bidco, Inc. (4)(6)(10) |  |  |  | 11/7/2029 | 6000 | (121) | (15) |  |
| Artisan Bidco, Inc. (4)(10) | E + | 7.00% | 10.05% | 11/7/2029 | 18428 | 19312 | 19059 |  |
| Artisan Bidco, Inc. (4)(10) | SF + | 7.00% | 11.44% | 11/7/2029 | 1000 | 990 | 998 |  |
| Auditboard, Inc. (4)(6)(9) |  |  |  | 7/14/2031 | 75714 | (732) | 379 |  |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(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** |
| Auditboard, Inc. (4)(6)(9) |  |  |  | 7/14/2031 | 30286 | (282) |  |  |
| Auditboard, Inc. (4)(9) | SF + | 4.75% | 9.08% | 7/14/2031 | 159000 | 157518 | 159795 |  |
| Aurelia Netherlands Midco 2 B.V. (4)(5)(7) | E + | 5.75% | 8.93% | 5/22/2031 | 46878 | 49811 | 49052 |  |
| Avalara, Inc. (4)(6)(13) |  |  |  | 10/19/2028 | 6324 | (100) |  |  |
| Avalara, Inc. (4)(9) | SF + | 6.25% | 10.58% | 10/19/2028 | 56918 | 55997 | 57345 |  |
| Barracuda Networks Inc (8) | SF + | 4.50% | 9.09% | 8/15/2029 | 13722 | 13450 | 12729 |  |
| Bottomline Technologies, Inc. (4)(6)(9) |  |  |  | 5/15/2028 | 385 | (2) |  |  |
| Bottomline Technologies, Inc. (4)(9) | SF + | 5.25% | 9.61% | 5/14/2029 | 4512 | 4482 | 4512 |  |
| Calabrio, Inc. (4)(6)(10) | SF + | 5.50% | 10.02% | 4/16/2027 | 2687 | 1152 | 1152 |  |
| Calabrio, Inc. (4)(10) | SF + | 5.50% | 10.01% | 4/16/2027 | 22201 | 22201 | 22201 |  |
| Calabrio, Inc. (4)(10) | SF + | 5.50% | 10.01% | 4/16/2027 | 3256 | 3211 | 3256 |  |
| Central Parent LLC (7) | SF + | 3.25% | 7.58% | 7/6/2029 | 24938 | 24856 | 24640 |  |
| Certinia Inc. (4)(6)(10) |  |  |  | 8/2/2030 | 5449 | (125) | (53) |  |
| Certinia Inc. (4)(10) | SF + | 5.25% | 9.74% | 8/4/2030 | 52071 | 51026 | 51561 |  |
| Cloud Software Group Inc (8) | SF + | 3.75% | 8.08% | 3/21/2031 | 4789 | 4789 | 4810 |  |
| Cloud Software Group Inc (8) | SF + | 3.50% | 7.83% | 3/30/2029 | 13835 | 13276 | 13893 |  |
| Cloud Software Group Inc (7) |  | 6.50% | 6.50% | 3/31/2029 | 7740 | 6881 | 7607 |  |
| Coupa Holdings, LLC (4)(6)(9) |  |  |  | 2/27/2030 | 7123 | (151) | 71 |  |
| Coupa Holdings, LLC (4)(6)(9) |  |  |  | 2/27/2029 | 6211 | (108) |  |  |
| Coupa Holdings, LLC (4)(9) | SF + | 5.50% | 10.09% | 2/27/2030 | 79378 | 78006 | 80172 |  |
| Denali Bidco Limited (4)(5)(7) | E + | 5.75% | 8.43% | 8/29/2030 | 9441 | 9835 | 9976 |  |
| Denali Bidco Limited (4)(5)(7) | E + | 5.75% | 8.43% | 8/29/2030 | 6742 | 7190 | 7124 |  |
| Denali Bidco Limited (4)(5)(7) | SN + | 5.75% | 10.45% | 8/29/2030 | 23265 | 28834 | 29708 |  |
| Denali Bidco Limited (4)(5)(6)(7) |  |  |  | 8/29/2030 | 14557 | (340) | 182 |  |
| Denali Bidco Limited (4)(5)(7) | E + | 5.25% | 7.93% | 8/29/2030 | 15916 | 16655 | 16654 |  |
| EasyPark Strategy AB (4)(5)(6)(8) |  |  |  | 12/19/2031 | 34030 | (528) | (526) |  |
| EasyPark Strategy AB (4)(5)(8) | E + | 5.00% | 7.65% | 12/19/2031 | 73844 | 75383 | 75361 |  |
| EasyPark Strategy AB (4)(5)(8) | N + | 5.00% | 9.68% | 12/19/2031 | 231454 | 19912 | 20034 |  |
| EasyPark Strategy AB (4)(5)(8) | SF + | 5.00% | 9.27% | 12/19/2031 | 45034 | 44362 | 44362 |  |
| Elements Finco Limited (4)(5)(7) | SF + | 4.75% | 9.11% | 4/29/2031 | 10431 | 10337 | 10535 |  |
| Elements Finco Limited (4)(5)(7) | SF + | 4.75% | 9.11% | 4/29/2031 | 8681 | 8603 | 8768 |  |
| Elements Finco Limited (4)(5)(7) | SN + | 5.00% | 9.70% | 4/29/2031 | 33323 | 41482 | 41809 |  |
| Elements Finco Limited (4)(5)(7) | SN + | 5.00% | 9.70% | 4/29/2031 | 14938 | 18587 | 18742 |  |
| Elements Finco Limited (4)(5)(7) | SN + | 5.00% | 9.70% | 4/29/2031 | 49854 | 61683 | 62550 |  |
| Enverus Holdings Inc (4)(9) | SF + | 5.50% | 9.86% | 12/24/2029 | 64093 | 63296 | 64734 |  |
| Enverus Holdings Inc (4)(6)(9) |  |  |  | 12/24/2029 | 3229 | (44) | 32 |  |
| Enverus Holdings Inc (4)(6)(9) | SF + | 5.50% | 9.86% | 12/24/2029 | 4913 | 85 | 146 |  |
| HT Intermediary III, Inc. (4)(6)(9) |  |  |  | 11/12/2030 | 10286 | (51) | (50) |  |
| HT Intermediary III, Inc. (4)(6)(9) | SF + | 4.75% | 9.23% | 11/12/2030 | 3857 | 495 | 495 |  |
| HT Intermediary III, Inc. (4)(9) | SF + | 4.75% | 9.20% | 11/12/2030 | 42429 | 42221 | 42221 |  |
| Huskies Parent, Inc. (4)(6)(9) | SF + | 5.50% | 9.96% | 11/3/2027 | 1000 | 637 | 641 |  |
| Huskies Parent, Inc. (4)(9) | SF + | 5.50% | 9.96% | 11/3/2028 | 24898 | 24618 | 24721 |  |
| IRI Group Holdings, Inc. (4)(9) | SF + | 5.00% | 9.59% | 12/1/2028 | 152782 | 151014 | 154309 |  |
| IRI Group Holdings, Inc. (4)(6)(13) | SF + | 5.00% | 9.36% | 12/1/2027 | 9023 | 1701 | 1805 |  |
| Kona Buyer, LLC (4)(6)(9) | SF + | 4.50% | 9.13% | 7/23/2031 | 33256 | 6307 | 6959 |  |
| Kona Buyer, LLC (4)(6)(9) |  |  |  | 7/23/2031 | 33273 | (322) | 321 |  |
| Kona Buyer, LLC (4)(9) | SF + | 4.50% | 9.13% | 7/23/2031 | 113129 | 112069 | 114220 |  |
| Kona Buyer, LLC (4)(6)(9) |  |  |  | 7/23/2031 | 15463 | (145) |  |  |
| Kryptona Bidco US, LLC (4)(6)(9) |  |  |  | 12/18/2031 | 16852 | (335) | (335) |  |
| Kryptona Bidco US, LLC (4)(7) | E + | 5.75% | 8.61% | 12/18/2031 | 35648 | 36225 | 36197 |  |
| Kryptona Bidco US, LLC (4)(9) | SF + | 5.75% | 10.10% | 12/18/2031 | 154039 | 150975 | 150974 |  |
| LMI Inc/DE (8) | SF + | 3.50% | 7.96% | 10/2/2028 | 2176 | 2168 | 2146 |  |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(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** |
| McAfee Corp (8) | SF + | 3.00% | 7.37% | 3/1/2029 | 7840 | 7819 | 7857 |  |
| Medallia, Inc. (4)(9) | SF + | 6.50% (incl 4.00% PIK) | 10.85% | 10/30/2028 | 79937 | 79937 | 75427 |  |
| Meralm Bidco AB (4)(5)(6)(8) |  |  |  | 8/29/2031 | 5188 | (84) | (51) |  |
| Meralm Bidco AB (4)(5)(8) | E + | 5.25% | 8.64% | 8/29/2031 | 32844 | 35785 | 33701 |  |
| Meralm Bidco AB (4)(5)(8) | SF + | 5.25% | 9.69% | 8/29/2031 | 13695 | 13500 | 13564 |  |
| Meralm Bidco AB (4)(5)(8) | ST + | 5.25% | 8.33% | 8/29/2031 | 413484 | 39690 | 37016 |  |
| Meralm Bidco AB (4)(5)(8) | N + | 5.25% | 9.99% | 8/29/2031 | 263366 | 24479 | 22921 |  |
| Meralm Bidco AB (4)(5)(8) | E + | 8.50% | 11.89% | 8/29/2031 | 46695 | 50875 | 47891 |  |
| Mitchell International, Inc. (8) | SF + | 3.25% | 7.61% | 6/17/2031 | 9975 | 9929 | 9993 |  |
| NAB Holdings, LLC (8) | SF + | 2.75% | 7.08% | 11/23/2028 | 2909 | 2906 | 2929 |  |
| Newfold Digital Holdings Group Inc (9) | SF + | 3.50% | 8.14% | 2/10/2028 | 1775 | 1768 | 1206 |  |
| New Era Technology, Inc. (4)(10) | SF + | 6.25% | 10.99% | 10/31/2026 | 19013 | 19013 | 18036 |  |
| OEConnection LLC (9) | SF + | 5.00% | 9.36% | 4/22/2031 | 67288 | 66682 | 67162 |  |
| OEConnection LLC (6)(9) |  |  |  | 4/22/2031 | 11741 | (112) | (22) |  |
| OEConnection LLC (6)(9) |  |  |  | 4/22/2031 | 7338 | (66) | (14) |  |
| Onesource Virtual, Inc. (4)(10) | SF + | 5.00% | 9.33% | 5/28/2030 | 205136 | 202366 | 205668 |  |
| Onesource Virtual, Inc. (4)(6)(10) |  |  |  | 5/28/2030 | 25318 | (342) |  |  |
| Oranje Holdco, Inc. (4)(6)(10) |  |  |  | 2/1/2029 | 4657 | (79) | (39) |  |
| Oranje Holdco, Inc. (4)(10) | SF + | 7.75% | 12.32% | 2/1/2029 | 33837 | 33262 | 33552 |  |
| Oranje Holdco, Inc. (4)(10) | SF + | 7.25% | 11.82% | 2/1/2029 | 15917 | 15635 | 15657 |  |
| Peraton Inc. (9) | SF + | 3.75% | 8.21% | 2/1/2028 | 6265 | 6230 | 5846 |  |
| Ping Identity Holding Corp. (4)(6)(9) |  |  |  | 10/17/2028 | 8513 | (99) |  |  |
| Ping Identity Holding Corp. (4)(9) | SF + | 4.75% | 9.08% | 10/17/2029 | 82061 | 81013 | 82405 |  |
| Prism Parent Co., Inc. (4)(6)(9) | SF + | 5.00% | 9.34% | 9/19/2028 | 4333 | 1695 | 1742 |  |
| Prism Parent Co., Inc. (4)(9) | SF + | 5.00% | 9.37% | 9/19/2028 | 42358 | 41822 | 42358 |  |
| Project Alpha Intermediate Holding, Inc. (8) | SF + | 3.25% | 7.58% | 10/26/2030 | 18957 | 18704 | 19102 |  |
| Project Ruby Ultimate Parent Corp (7) | SF + | 3.00% | 7.47% | 3/10/2028 | 14469 | 14400 | 14555 |  |
| Proofpoint, Inc. (8) | SF + | 3.00% | 7.36% | 8/31/2028 | 2366 | 2366 | 2381 |  |
| QBS Parent, Inc. (6)(9) |  |  |  | 11/7/2031 | 3820 | (19) | (31) |  |
| QBS Parent, Inc. (9) | SF + | 4.75% | 9.27% | 11/7/2031 | 36180 | 36003 | 36135 |  |
| Quail Buyer, Inc. (4)(9) | SF + | 5.50% | 10.02% | 10/1/2027 | 7236 | 7167 | 7236 |  |
| Quail Buyer, Inc. (4)(9) | SF + | 5.50% | 10.02% | 10/1/2027 | 39638 | 39150 | 39638 |  |
| Red Planet Borrower, LLC (8) | SF + | 5.25% | 9.61% | 10/2/2028 | 2188 | 2103 | 2196 |  |
| Riley MergeCo LLC (4)(6)(10) |  |  |  | 9/23/2027 | 197 | (2) |  |  |
| Riley MergeCo LLC (4)(10) | SF + | 5.50% | 9.97% | 9/23/2027 | 1799 | 1780 | 1799 |  |
| Severin Acquisition, LLC (4)(6)(9) |  |  |  | 10/1/2031 | 63014 | (619) | (608) |  |
| Severin Acquisition, LLC (4)(6)(9) |  |  |  | 10/1/2031 | 44454 | (429) | (429) |  |
| Severin Acquisition, LLC (4)(9) | SF + | 5.00% (incl 2.25% PIK) | 9.36% | 10/1/2031 | 301020 | 298133 | 298117 |  |
| Smarsh Inc. (4)(6)(9) | SF + | 5.75% | 10.08% | 2/16/2029 | 4286 | 2086 | 2143 |  |
| Smarsh Inc. (4)(6)(9) | SF + | 5.75% | 10.11% | 2/16/2029 | 1071 | 416 | 429 |  |
| Smarsh Inc. (4)(9) | SF + | 5.75% | 10.08% | 2/16/2029 | 17143 | 16935 | 17143 |  |
| Tango Bidco SAS (4)(5)(6)(7) | E + | 5.00% | 7.85% | 10/17/2031 | 16592 | 9228 | 9178 |  |
| Tango Bidco SAS (4)(5)(6)(7) |  |  |  | 10/17/2031 | 3130 | (51) | (46) |  |
| Tango Bidco SAS (4)(5)(7) | E + | 5.00% | 8.18% | 10/17/2031 | 41812 | 44636 | 42700 |  |
| Technology Growth Capital Pty Ltd (4)(5)(10) | SF + | 6.50% | 11.09% | 7/2/2030 | 30127 | 29367 | 29833 |  |
| TriMech Acquisition Corp. (4)(6)(14) | P + | 3.75% | 11.25% | 3/10/2028 | 3289 | 164 | 197 |  |
| TriMech Acquisition Corp. (4)(10) | SF + | 4.75% | 9.08% | 3/10/2028 | 21113 | 20936 | 21113 |  |
| TriMech Acquisition Corp. (4)(10) | SN + | 4.75% | 9.39% | 3/10/2028 | 35885 | 43555 | 44925 |  |
| UKG Inc (7) | SF + | 3.00% | 7.62% | 2/10/2031 | 9878 | 9868 | 9960 |  |
| User Zoom Technologies, Inc. (4)(9) | SF + | 7.00% | 12.25% | 4/5/2029 | 18948 | 18704 | 18948 |  |
| Wave Distribution Holdings LLC (10) | SF + | 3.50% | 7.95% | 3/5/2027 | 2378 | 2375 | 2396 |  |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(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** |
| Zelis Payments Buyer, Inc. (7) | SF + | 2.75% | 7.11% | 9/28/2029 | 10911 | 10866 | 10942 |  |
| Zelis Payments Buyer, Inc. (7) | SF + | 3.25% | 7.61% | 11/26/2031 | 5000 | 4975 | 5024 |  |
| Zendesk Inc (4)(6)(9) |  |  |  | 11/22/2028 | 39321 | (620) |  |  |
| Zendesk Inc (4)(6)(9) |  |  |  | 11/22/2028 | 17940 | (233) |  |  |
| Zendesk Inc (4)(9) | SF + | 5.00% | 9.33% | 11/22/2028 | 160987 | 158911 | 160987 |  |
|  |  |  |  |  |  | 3221244 | 3247779 | 37.19% |
| **Technology Hardware and Equipment** |  |  |  |  |  |  |  |  |
| Altar Bidco Inc (8) | SF + | 3.10% | 7.25% | 2/1/2029 | 8780 | 8734 | 8774 |  |
| CC WDW Borrower, Inc. (4)(6)(10) | SF + | 6.75% | 11.49% | 1/27/2028 | 5122 | 972 | 907 |  |
| CC WDW Borrower, Inc. (4)(10) | SF + | 6.75% | 11.49% | 1/27/2028 | 44646 | 43933 | 43403 |  |
| CC WDW Borrower, Inc. (4)(10) | SF + | 6.75% | 11.23% | 1/27/2028 | 2318 | 2318 | 2253 |  |
| TechInsights Inc (4)(5)(10) | SF + | 6.63% | 11.11% | 11/9/2027 | 973 | 962 | 973 |  |
| TechInsights Inc (4)(5)(10) | SF + | 6.63% | 11.11% | 11/9/2027 | 2526 | 2499 | 2526 |  |
|  |  |  |  |  |  | 59418 | 58836 | 0.67% |
| **Telecommunications Equipment** |  |  |  |  |  |  |  |  |
| Delta Topco, Inc. (7) | SF + | 3.50% | 8.20% | 11/30/2029 | 18242 | 18201 | 18407 |  |
| Guardian US Holdco LLC (8) | SF + | 3.50% | 7.83% | 1/31/2030 | 7880 | 7763 | 7906 |  |
| Ribbon Communications Operating Company, Inc (4)(5)(10) | SF + | 6.25% | 10.59% | 6/21/2029 | 55978 | 54978 | 55057 |  |
| Ribbon Communications Operating Company, Inc (4)(5)(6)(10) |  |  |  | 6/21/2029 | 6365 | (114) | (105) |  |
|  |  |  |  |  |  | 80828 | 81265 | 0.93% |
| **Telecommunications Service Providers** |  |  |  |  |  |  |  |  |
| Directv Financing, LLC (9) | SF + | 5.00% | 9.85% | 8/2/2027 | 7360 | 7274 | 7398 |  |
| Meriplex Communications, LTD (4)(9) | SF + | 5.00% | 9.46% | 7/17/2028 | 2912 | 2890 | 2912 |  |
| Meriplex Communications, LTD (4)(9) | SF + | 5.00% | 9.46% | 7/17/2028 | 1143 | 1133 | 1143 |  |
| Meriplex Communications, LTD (4)(9) | SF + | 5.00% | 9.46% | 7/17/2028 | 13707 | 13580 | 13707 |  |
|  |  |  |  |  |  | 24877 | 25160 | 0.29% |
| **Travel and Leisure** |  |  |  |  |  |  |  |  |
| Artemis Bidco Limited (4)(5)(6)(7)(18) | SN + | 6.00% |  | 9/8/2028 | 2437 | 315 | 189 |  |
| Artemis Bidco Limited (4)(5)(7)(18) | SN + | 6.00% |  | 9/8/2028 | 7749 | 10099 | 6990 |  |
| Artemis Bidco Limited (4)(5)(7)(18) | SN + | 6.00% |  | 9/8/2028 | 4509 | 5909 | 4068 |  |
| Artemis Bidco Limited (4)(5)(7)(18) | SN + | 6.00% |  | 9/8/2028 | 4676 | 6126 | 4219 |  |
| Fertitta Entertainment LLC/NV (8) | SF + | 3.50% | 7.86% | 1/27/2029 | 9853 | 9613 | 9901 |  |
| Havila Kystruten Operations AS (4)(5)(15) | E + | 8.75% (incl 2.00% PIK) | 11.82% | 7/27/2026 | 19254 | 21342 | 20894 |  |
| HB AcquisitionCo PTY LTD (4)(5)(6)(8) | B + | 6.50% | 10.97% | 8/7/2029 | 3579 | 417 | 351 |  |
| HB AcquisitionCo PTY LTD (4)(5)(8) | B + | 6.50% | 10.97% | 8/7/2029 | 32211 | 21202 | 19107 |  |
| IRB Holding Corp. (9) | SF + | 2.50% | 6.86% | 12/15/2027 | 2670 | 2670 | 2676 |  |
| Legends Hospitality Holding Company, LLC (4)(6)(9) |  |  |  | 8/22/2031 | 5522 | (108) | (132) |  |
| Legends Hospitality Holding Company, LLC (4)(6)(9) | SF + | 5.00% | 9.37% | 8/22/2030 | 14733 | 1196 | 892 |  |
| Legends Hospitality Holding Company, LLC (4)(9) | SF + | 5.50% (incl 2.75% PIK) | 10.02% | 8/22/2031 | 94534 | 91998 | 92276 |  |
| Life Time, Inc. (7) | SF + | 2.50% | 7.03% | 11/5/2031 | 3318 | 3310 | 3335 |  |
| The One Group, LLC (4)(10) | SF + | 6.50% | 11.09% | 5/1/2029 | 50665 | 49350 | 49421 |  |
| The One Group, LLC (4)(6)(7) |  |  |  | 10/31/2028 | 6649 | (170) | (250) |  |
| Travel Leaders Group, LLC (4)(14) | SF + | 8.50% (incl 3.00% PIK) | 12.96% | 3/27/2028 | 140024 | 137830 | 141425 |  |
| UFC Holdings LLC (5)(7) | SF + | 2.25% | 6.77% | 11/21/2031 | 2105 | 2103 | 2119 |  |
|  |  |  |  |  |  | 363202 | 357481 | 4.09% |
| **Total First Lien Debt** |  |  |  |  |  | $15486148 | $15523726 | 177.74% |
| **Second Lien Debt** |  |  |  |  |  |  |  |  |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(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** |
| **Health Care Providers** | | | | | | | | |
| Charlotte Buyer Inc (4)(8) | SF + | 8.25% | 12.70% | 8/11/2028 | $535 | $511 | $532 |  |
|  |  |  |  |  |  | 511 | 532 | 0.01% |
| **Industrial Support Services** |  |  |  |  |  |  |  |  |
| Galaxy US Opco Inc. (4)(5)(7)(18) | SF + | 8.25% |  | 4/29/2030 | 9000 | 8832 | 3938 |  |
| Sedgwick Claims Management Services, Inc. (4)(7) | SF + | 5.00% | 9.59% | 7/30/2032 | 25000 | 24760 | 24938 |  |
|  |  |  |  |  |  | 33592 | 28876 | 0.33% |
| **Total Second Lien Debt** |  |  |  |  |  | $34103 | $29408 | 0.34% |
| **Other Secured Debt** |  |  |  |  |  |  |  |  |
| **Asset Based Lending and Fund Finance** |  |  |  |  |  |  |  |  |
| TPG VIII Merlin New Holdings I, L.P. (4)(5)(10) | SF + | 6.50% | 11.09% | 3/15/2027 | $53265 | $52483 | $52644 |  |
|  |  |  |  |  |  | $52483 | $52644 | 0.60% |
| **Real Estate Investment and Services** |  |  |  |  |  |  |  |  |
| Link Apartments Opportunity Zone REIT, LLC(4)(6)(16) |  |  |  | 12/27/2029 | 9355 | (187) | (187) |  |
| Link Apartments Opportunity Zone REIT, LLC(4)(16) | SF + | 7.50% | 11.83% | 12/27/2029 | 16371 | 16044 | 16044 |  |
|  |  |  |  |  |  | 15857 | 15857 | 0.18% |
| **Total Other Secured Debt** |  |  |  |  |  | $68340 | $68501 | 0.78% |
| **Unsecured Debt** |  |  |  |  |  |  |  |  |
| **Consumer Services** |  |  |  |  |  |  |  |  |
| Wildcat Car Wash Holdings, LLC (4)(7) |  | 15.00% PIK | 15.00% | 7/16/2029 | $15520 | $15520 | $15520 |  |
|  |  |  |  |  |  | 15520 | 15520 | 0.18% |
| **Health Care Providers** |  |  |  |  |  |  |  |  |
| VetCor Group Holdings LLC (4)(7) |  | 13.75% PIK | 13.75% | 9/3/2030 | 323 | 319 | 320 |  |
| VetCor Group Holdings LLC (4)(7) |  | 14.75% PIK | 14.75% | 9/3/2030 | 277 | 272 | 283 |  |
| VetCor Group Holdings LLC (4)(7) |  | 13.75% PIK | 13.75% | 9/3/2030 | 1025 | 1012 | 1016 |  |
|  |  |  |  |  |  | 1603 | 1619 | 0.02% |
| **Medical Equipment and Services** |  |  |  |  |  |  |  |  |
| DCA Acquisition Holdings LLC (4)(7) |  | 13.13% PIK | 13.13% | 12/28/2032 | 112 | 111 | 89 |  |
| DCA Acquisition Holdings LLC (4)(7) |  | 13.13% PIK | 13.13% | 12/28/2032 | 202 | 198 | 161 |  |
| DCA Acquisition Holdings LLC (4)(7) |  | 13.13% PIK | 13.13% | 12/28/2032 | 1190 | 1175 | 947 |  |
|  |  |  |  |  |  | 1484 | 1197 | 0.01% |
| **Non-life Insurance** |  |  |  |  |  |  |  |  |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (7) |  |  | 6.75% | 10/15/2027 | 6255 | 5885 | 6210 |  |
|  |  |  |  |  |  | 5885 | 6210 | 0.07% |
| **Real Estate Investment and Services** |  |  |  |  |  |  |  |  |
| Associations Finance, Inc. (4)(7) |  | 14.25% PIK | 14.25% | 5/3/2030 | 8946 | 8909 | 8946 |  |
| Associations Finance, Inc. (4)(7) |  | 14.25% PIK | 14.25% | 5/3/2030 | 3416 | 3402 | 3416 |  |
|  |  |  |  |  |  | 12311 | 12362 | 0.14% |
| **Software and Computer Services** |  |  |  |  |  |  |  |  |
| Elements Midco 1 Limited (4)(5)(8) | SN + | 8.00% PIK | 12.74% | 4/29/2032 | 1688 | 2079 | 2128 |  |
|  |  |  |  |  |  | 2079 | 2128 | 0.02% |
| **Telecommunications Service Providers** |  |  |  |  |  |  |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp (7) |  | 5.50% | 5.50% | 5/1/2026 | 7000 | 7041 | 6986 |  |
|  |  |  |  |  |  | 7041 | 6986 | 0.08% |
| **Total Unsecured Debt** |  |  |  |  |  | $45923 | $46022 | 0.53% |
| **Structured Finance** |  |  |  |  |  |  |  |  |
| **Structured Finance Investments** |  |  |  |  |  |  |  |  |
| 720 East CLO V Ltd (5)(7) | SF + | 6.30% | 11.33% | 7/20/2037 | $4000 | $4000 | $4076 |  |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(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** |
| AMMC CLO 21 LTD (5)(7) | SF + | 6.76% | 11.32% | 11/2/2030 | 4126 | 3733 | 4121 |  |
| AMMC CLO XII Ltd (5)(7) | SF + | 6.18% | 11.30% | 11/10/2030 | 2000 | 2002 | 2014 |  |
| ARES CLO Ltd (5)(7) | SF + | 6.70% | 11.32% | 4/20/2037 | 5000 | 5000 | 5126 |  |
| Bain Capital Credit CLO 2024-3 Ltd (5)(7) | SF + | 6.25% | 11.49% | 7/16/2037 | 2000 | 2000 | 2060 |  |
| Barings CLO Ltd 2024-IV (5)(7) | SF + | 5.95% | 10.77% | 10/20/2037 | 4500 | 4500 | 4639 |  |
| Benefit Street Partners CLO XXXVI Ltd (5)(7) | SF + | 5.50% | 9.91% | 1/25/2038 | 4750 | 4750 | 4762 |  |
| Carlyle Global Market Strategies (5)(7) | L + | 5.40% | 10.28% | 7/27/2031 | 1200 | 975 | 1194 |  |
| Columbia Cent CLO 33 Ltd (5)(7) | SF + | 7.16% | 11.78% | 4/20/2037 | 2000 | 1962 | 2031 |  |
| Dryden 108 CLO Ltd (5)(7) |  |  |  | 7/18/2035 | 2900 | 2291 | 2219 |  |
| Monroe Capital MML CLO XIV LLC (5)(7) | SF + | 10.02% | 14.65% | 10/24/2034 | 2500 | 2356 | 2518 |  |
| Monroe Capital Mml Clo XVII Ltd (5)(7) | SF + | 4.65% | 9.09% | 1/15/2037 | 1000 | 1000 | 1016 |  |
| Monroe Capital Mml Clo XVII Ltd (5)(7) | SF + | 7.91% | 12.35% | 1/15/2037 | 5000 | 4901 | 5046 |  |
| Oaktree CLO 2019-4 Ltd (5)(7) | SF + | 6.59% | 11.21% | 7/20/2037 | 3000 | 2971 | 3070 |  |
| OCP CLO 2017-14 Ltd (5)(7) | SF + | 6.80% | 11.46% | 1/15/2033 | 1469 | 1309 | 1477 |  |
| OCP CLO Ltd (5)(7) | L + | 6.52% | 11.43% | 10/17/2030 | 2008 | 2010 | 2011 |  |
| Octagon 52 Ltd (5)(7) | SF + | 7.33% | 11.96% | 7/23/2037 | 5000 | 4952 | 5116 |  |
| Octagon 63 Ltd (5)(7) | SF + | 6.50% | 11.12% | 7/20/2037 | 3000 | 3000 | 3066 |  |
| Octagon Investment Partners 29 Ltd (5)(7) | SF + | 7.17% | 11.80% | 7/18/2039 | 3000 | 2986 | 3086 |  |
| Onex Clo Subsidiary 2024-3 Ltd (5)(7) | SF + | 6.00% | 11.02% | 7/20/2037 | 5000 | 5000 | 5092 |  |
| Rad CLO Ltd (5)(7) | SF + | 6.51% | 11.17% | 4/15/2034 | 2500 | 2504 | 2522 |  |
| Shackleton 2019-XV CLO Ltd (5)(7) | SF + | 6.92% | 11.58% | 1/15/2032 | 3000 | 2691 | 3027 |  |
| Vibrant CLO XII Ltd (5)(7) | SF + | 6.94% | 11.56% | 4/20/2034 | 2000 | 2000 | 2000 |  |
| Voya CLO Ltd (5)(7) | SF + | 6.00% | 10.82% | 7/20/2037 | 4000 | 4000 | 4103 |  |
|  |  |  |  |  |  | 72893 | 75392 | 0.86% |
| **Total Structured Finance** |  |  |  |  |  | $72893 | $75392 | 0.86% |
| **Equity Investments** |  |  |  |  |  |  |  |  |
| **Consumer Services** |  |  |  |  |  |  |  |  |
| CG Parent Intermediate Holdings, Inc. (4)(21) |  |  |  |  | 2000 | $1940 | $2325 |  |
| Club Car Wash Preferred, LLC (4)(21) |  | 15.00% PIK | 15.00% |  | 8817 | 8817 | 8817 |  |
| Club Car Wash Preferred, LLC (4)(21) |  | 15.00% PIK | 15.00% |  | 13118 | 13118 | 13118 |  |
| Rapid Express Preferred, LLC (4)(21) |  | 15.00% PIK | 15.00% |  | 2784 | 2784 | 2784 |  |
| Rapid Express Preferred, LLC (4)(21) |  | 15.00% PIK | 15.00% |  | 5868 | 5868 | 5868 |  |
| Thrasio Holdings, Inc. (4)(21) |  |  |  |  | 19015 |  |  |  |
|  |  |  |  |  |  | 32527 | 32912 | 0.38% |
| **Electricity** |  |  |  |  |  |  |  |  |
| IP Operating Portfolio I, LLC (4)(21) |  |  |  |  | 3 | 68 | 433 |  |
|  |  |  |  |  |  | 68 | 433 | —% |
| **Gas, Water and Multi-utilities** |  |  |  |  |  |  |  |  |
| Eagle LNG Partners Jacksonville II LLC (4)(21) |  |  |  |  |  |  |  |  |
| ELNG Equity LLC (4)(21) |  |  |  |  | 78038 |  |  |  |
|  |  |  |  |  |  |  |  | —% |
| **Industrial Support Services** |  |  |  |  |  |  |  |  |
| BCPE Virginia HoldCo, Inc. (4)(21) |  |  |  |  | 2000 | 1960 | 2350 |  |
|  |  |  |  |  |  | 1960 | 2350 | 0.03% |
| **Media** |  |  |  |  |  |  |  |  |
| OneTeam Partners, LLC (4)(21) |  | 8.00% | 8.00% |  | 1000 | 1000 | 1209 |  |
| Racing Point UK Holdings Limited (4)(5)(21) |  |  |  |  | 168 | 1008 | 976 |  |
|  |  |  |  |  |  | 2008 | 2185 | 0.03% |
| **Pharmaceuticals and Biotechnology** |  |  |  |  |  |  |  |  |
| Creek Feeder, L.P.(4)(21) |  |  |  |  | 9000 | 9000 | 9000 |  |
|  |  |  |  |  |  | 9000 | 9000 | 0.10% |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(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** |
| **Travel and Leisure** | | | | | | | | |
| The ONE Group Hospitality, Inc. (4)(21) |  |  |  |  | 6667 | 12 | 3 |  |
| The ONE Group Hospitality, Inc. (4)(21) |  |  |  |  | 11911 | 61 | 35 |  |
| The ONE Group Hospitality, Inc. (4)(21) |  |  |  |  | 1000 | 877 | 970 |  |
|  |  |  |  |  |  | 950 | 1008 | 0.01% |
| **Total Equity Investments** |  |  |  |  |  | $46513 | $47888 | 0.55% |
| **Total Investments - Non-Controlled/Non-Affiliated** |  |  |  |  |  | $15753920 | $15790937 | 180.80% |
| **Non-Controlled/Affiliated Investments** |  |  |  |  |  |  |  |  |
| **First Lien Debt** |  |  |  |  |  |  |  |  |
| **Industrial Support Services** |  |  |  |  |  |  |  |  |
| Southern Graphics Inc. (4)(7)(18)(19) | SF + | 7.50% PIK |  | 5/1/2028 | $5454 | $5306 | $5454 |  |
|  |  |  |  |  |  | 5306 | 5454 | 0.06% |
| **Total First Lien Debt** |  |  |  |  |  | $5306 | $5454 | 0.06% |
| **Second Lien Debt** |  |  |  |  |  |  |  |  |
| **Industrial Support Services** |  |  |  |  |  |  |  |  |
| Southern Graphics Inc. (4)(7)(18)(19) | SF + | 7.50% PIK |  | 10/30/2028 | $1932 | $1881 | $1932 |  |
|  |  |  |  |  |  | 1881 | 1932 | 0.02% |
| **Total Second Lien Debt** |  |  |  |  |  | $1881 | $1932 | 0.02% |
| **Equity Investments** |  |  |  |  |  |  |  |  |
| **Industrial Support Services** |  |  |  |  |  |  |  |  |
| Southern Graphics Holdings LLC (4)(19)(21) |  |  |  |  | 274 | $2333 | $3069 |  |
|  |  |  |  |  |  | 2333 | 3069 | 0.04% |
| **Travel and Leisure** |  |  |  |  |  |  |  |  |
| SLF V AD1 Holdings, LLC (4)(19)(20)(21) |  |  |  |  | 10101 | 9891 | 9514 |  |
|  |  |  |  |  |  | 9891 | 9514 | 0.11% |
| **Total Equity Investments** |  |  |  |  |  | $12224 | $12583 | 0.14% |
| **Total Investments - Non-Controlled/Affiliated** |  |  |  |  |  | $19411 | $19969 | 0.23% |
| **Controlled/Affiliated Investments** |  |  |  |  |  |  |  |  |
| **Investments in Joint Ventures** |  |  |  |  |  |  |  |  |
| ULTRA III, LLC (5)(19)(21) |  |  |  |  |  | $297747 | $320350 |  |
| **Total Investments in Joint Ventures** |  |  |  |  |  | $297747 | $320350 | 3.67% |
| **Total Investments - Controlled/Affiliated** |  |  |  |  |  | $297747 | $320350 | 3.67% |
| **Total Investment Portfolio** |  |  |  |  |  | $16071078 | $16131256 | 184.70% |
| **Cash Equivalents** |  |  |  |  |  |  |  |  |
| J.P. Morgan U.S. Government Fund, Institutional Shares (5) |  |  | 4.35% |  | $155290 | $155290 | $155290 |  |
| **Total Cash Equivalents** |  |  |  |  |  | $155290 | $155290 | 1.78% |
| **Total Investment Portfolio, Cash Equivalents** |  |  |  |  |  | $16226368 | $16286546 | 186.47% |

---

(1) Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term "Company" shall include the Company's consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. As of December 31, 2024, the Company had investments denominated in Canadian Dollars ("CAD"), Euros ("EUR"), British Pounds ("GBP"), Swedish Krona ("SEK"), Norwegian Krone ("NOK"), Singapore Dollar ("SGD"), and Australian Dollars ("AUD"). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments and the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company's investments is pledged as collateral under its credit facilities and debt securitization issuances unless otherwise indicated.

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

(2) The majority of the investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate ("LIBOR" or "L"), Prime Rate ("Prime" or "P"), Sterling Overnight Index Average ("SONIA" or "SN"), Euro Interbank Offer Rate ("Euribor" or "E"), Secured Overnight Financing Rate ("SOFR" or "SF"), Canadian Dollar Offered Rate ("CDOR" or "C"), Singapore Overnight Rate Average ("SORA"), Stockholm Interbank Offered Rate ("STIBOR" or "ST"), Norwegian Interbank Offered Rate ("NIBOR" or "N"), Bloomberg Short Term Bank Yield Index ("BS"), or Bank Bill Swap Bid Rate ("BBSY" or "B") which reset daily, monthly, quarterly, semiannually or annually. For each such investment, the Company has provided the spread over LIBOR, Prime, SONIA, E, SOFR, CDOR, SORA, STIBOR, NIBOR, BS or BBSW and the current contractual interest rate in effect at December 31, 2024. Certain investments are subject to a LIBOR, Prime, or SOFR interest rate floor, or rate cap. Certain investments contain a Payment-in-Kind ("PIK") provision. SOFR based contracts may include a credit spread adjustment, which is included within the stated all-in interest rate, if applicable, that is charged in addition to the base rate and the stated spread.

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

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

(5) The investment is not a qualifying asset, in whole or in part, under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2024, non-qualifying assets represented 21.0% of total assets as calculated in accordance with regulatory requirements.

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

---

| | | | |
|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated** | **Commitment Type** | **Unfunded Commitment** | **Fair Value** |
| 123Dentist Inc | 1st Lien Senior Secured Delayed Draw Loan | $12397 | $30 |
| 2080 Media, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 18859 |  |
| 2080 Media, Inc. | 1st Lien Senior Secured Revolving Loan | 13795 |  |
| AB Centers Acquisition Corporation | 1st Lien Senior Secured Revolving Loan | 16655 |  |
| AB Centers Acquisition Corporation | 1st Lien Senior Secured Delayed Draw Loan | 26860 | 51 |
| Accession Risk Management Group, Inc. | 1st Lien Senior Secured Revolving Loan | 2903 |  |
| Accession Risk Management Group, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 18551 |  |
| Advarra Holdings, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 6020 | 13 |
| AI Circle Bidco Limited | 1st Lien Senior Secured Delayed Draw Loan | 6604 | 13 |
| Alchemy US Holdco 1 LLC | 1st Lien Senior Secured Delayed Draw Loan | 8935 | (355) |
| Alera Group, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 277 | 3 |
| Arc Media Holdings Limited | 1st Lien Senior Secured Revolving Loan | 982 | (6) |
| Arcfield Acquisition Corp | 1st Lien Senior Secured Revolving Loan | 11100 | (27) |
| Artemis Bidco Limited | 1st Lien Senior Secured Delayed Draw Loan | 2716 | (52) |
| Artifact Bidco, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 11207 | 108 |
| Artifact Bidco, Inc. | 1st Lien Senior Secured Revolving Loan | 5443 |  |
| Artifact Bidco, Inc. | 1st Lien Senior Secured Revolving Loan | 2562 |  |
| Artisan Bidco, Inc. | 1st Lien Senior Secured Revolving Loan | 6000 | (15) |
| ASDAM Operations Pty Ltd | 1st Lien Senior Secured Delayed Draw Loan | 3355 |  |
| Associations Finance, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 3596 | 36 |
| Associations Finance, Inc. | 1st Lien Senior Secured Revolving Loan | 1729 |  |
| Atlas Intermediate III, L.L.C. | 1st Lien Senior Secured Revolving Loan | 13445 | (143) |
| Auditboard, Inc. | 1st Lien Senior Secured Revolving Loan | 30286 |  |
| Auditboard, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 75714 | 379 |
| Avalara, Inc. | 1st Lien Senior Secured Revolving Loan | 6324 |  |
| AVSC Holding Corp. | 1st Lien Senior Secured Revolving Loan | 8660 | (171) |
| Axiom Buyer, LLC | 1st Lien Senior Secured Delayed Draw Loan | 16189 | (347) |
| Axiom Buyer, LLC | 1st Lien Senior Secured Revolving Loan | 15590 | (333) |
| Baker Tilly Advisory Group, LP | 1st Lien Senior Secured Revolving Loan | 23539 |  |
| Baker Tilly Advisory Group, LP | 1st Lien Senior Secured Delayed Draw Loan | 15518 | 73 |
| Bamboo US BidCo LLC | 1st Lien Senior Secured Delayed Draw Loan | 2855 | (5) |
| Bamboo US BidCo LLC | 1st Lien Senior Secured Delayed Draw Loan | 2855 | (5) |
| Bamboo US BidCo LLC | 1st Lien Senior Secured Revolving Loan | 21254 |  |
| Bamboo US BidCo LLC | 1st Lien Senior Secured Delayed Draw Loan | 6383 | (11) |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

---

| | | | |
|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated** | **Commitment Type** | **Unfunded Commitment** | **Fair Value** |
| Bottomline Technologies, Inc. | 1st Lien Senior Secured Revolving Loan | 385 |  |
| BradyplusUS Holdings, LLC | 1st Lien Senior Secured Delayed Draw Loan | 335 |  |
| Cadence - Southwick, Inc. | 1st Lien Senior Secured Revolving Loan | 9561 |  |
| Calabrio, Inc. | 1st Lien Senior Secured Revolving Loan | 1536 |  |
| Camin Cargo Control Holdings, Inc. | 1st Lien Senior Secured Revolving Loan | 4333 | (43) |
| Camin Cargo Control Holdings, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 9685 | (95) |
| Capripack Debtco PLC | 1st Lien Senior Secured Delayed Draw Loan | 30948 | 241 |
| Capripack Debtco PLC | 1st Lien Senior Secured Delayed Draw Loan | 27080 | 211 |
| Captive Resources Midco LLC | 1st Lien Senior Secured Revolving Loan | 7558 |  |
| Carbon Topco, Inc. | 1st Lien Senior Secured Revolving Loan | 11985 | (233) |
| CC WDW Borrower, Inc. | 1st Lien Senior Secured Revolving Loan | 4072 | (113) |
| CD&R Galaxy UK Intermediate 3 Limited | 1st Lien Senior Secured Delayed Draw Loan | 1115 |  |
| Certinia Inc. | 1st Lien Senior Secured Revolving Loan | 5449 | (53) |
| Chartis Group LLC | 1st Lien Senior Secured Delayed Draw Loan | 25040 | (105) |
| Chartis Group LLC | 1st Lien Senior Secured Revolving Loan | 14716 | (62) |
| Club Car Wash Operating, LLC | 1st Lien Senior Secured Delayed Draw Loan | 48213 | (13) |
| Coding Solutions Acquisition, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 23581 | (181) |
| Coding Solutions Acquisition, Inc. | 1st Lien Senior Secured Revolving Loan | 2084 | (16) |
| Coretrust Purchasing Group LLC | 1st Lien Senior Secured Delayed Draw Loan | 10736 | 107 |
| Coretrust Purchasing Group LLC | 1st Lien Senior Secured Revolving Loan | 11656 |  |
| Coretrust Purchasing Group LLC | 1st Lien Senior Secured Delayed Draw Loan | 4423 | 44 |
| Coupa Holdings, LLC | 1st Lien Senior Secured Delayed Draw Loan | 7123 | 71 |
| Coupa Holdings, LLC | 1st Lien Senior Secured Revolving Loan | 6211 |  |
| CPI Buyer, LLC | 1st Lien Senior Secured Revolving Loan | 2115 | (30) |
| Creek Parent, Inc. | 1st Lien Senior Secured Revolving Loan | 22379 | (362) |
| Daphne S.P.A. | 1st Lien Senior Secured Delayed Draw Loan | 4122 | (363) |
| Denali Bidco Limited | 1st Lien Senior Secured Delayed Draw Loan | 18224 | 182 |
| Diagnostic Services Holdings, Inc. | 1st Lien Senior Secured Revolving Loan | 2294 | (17) |
| Dolcetto HoldCo S.P.A. | 1st Lien Senior Secured Delayed Draw Loan | 8702 |  |
| Dwyer Instruments Inc | 1st Lien Senior Secured Delayed Draw Loan | 13403 | (131) |
| Dwyer Instruments Inc | 1st Lien Senior Secured Revolving Loan | 19177 | (187) |
| E.S.G. Movilidad, S.L.U. | 1st Lien Senior Secured Delayed Draw Loan | 8155 |  |
| EasyPark Strategy AB | 1st Lien Senior Secured Delayed Draw Loan | 35255 | (527) |
| EIS Legacy Holdco, LLC | 1st Lien Senior Secured Delayed Draw Loan | 30682 | (300) |
| EIS Legacy Holdco, LLC | 1st Lien Senior Secured Revolving Loan | 13000 | (127) |
| Empower Payments Investor, LLC | 1st Lien Senior Secured Delayed Draw Loan | 14426 |  |
| Empower Payments Investor, LLC | 1st Lien Senior Secured Revolving Loan | 9704 |  |
| Enstall Group B.V. | 1st Lien Senior Secured Delayed Draw Loan | 1157 | (77) |
| Enverus Holdings Inc | 1st Lien Senior Secured Delayed Draw Loan | 3229 | 32 |
| Enverus Holdings Inc | 1st Lien Senior Secured Revolving Loan | 4767 |  |
| ERC Topco Holdings, LLC | 1st Lien Senior Secured Revolving Loan | 245 | (98) |
| Fastener Distribution Holdings, LLC | 1st Lien Senior Secured Delayed Draw Loan | 28345 | (277) |
| FC Compassus, LLC | 1st Lien Senior Secured Revolving Loan | 19127 | (282) |
| FC Compassus, LLC | 1st Lien Senior Secured Delayed Draw Loan | 128 | (2) |
| FC Compassus, LLC | 1st Lien Senior Secured Delayed Draw Loan | 15811 | (233) |
| Femur Buyer, Inc. | 1st Lien Senior Secured Revolving Loan | 12549 | (549) |
| Formerra, LLC | 1st Lien Senior Secured Revolving Loan | 12031 | (96) |
| Foundation Automotive US Corp | 1st Lien Senior Secured Revolving Loan | 1891 |  |
| Frontgrade Technologies Holdings Inc. | 1st Lien Senior Secured Revolving Loan | 6864 |  |
| Galway Borrower LLC | 1st Lien Senior Secured Revolving Loan | 4598 |  |
| Galway Borrower LLC | 1st Lien Senior Secured Delayed Draw Loan | 6269 |  |
| Global Music Rights, LLC | 1st Lien Senior Secured Revolving Loan | 42117 | (419) |
| Grant Thornton LLP | 1st Lien Senior Secured Delayed Draw Loan | 380 | 1 |
| Gusto Aus Bidco Pty Ltd | 1st Lien Senior Secured Delayed Draw Loan | 14907 | (121) |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

---

| | | | |
|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated** | **Commitment Type** | **Unfunded Commitment** | **Fair Value** |
| HB AcquisitionCo PTY LTD | 1st Lien Senior Secured Delayed Draw Loan | 1772 | (75) |
| Higginbotham Insurance Agency Inc | 1st Lien Senior Secured Delayed Draw Loan | 10172 |  |
| HT Intermediary III, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 10286 | (50) |
| HT Intermediary III, Inc. | 1st Lien Senior Secured Revolving Loan | 3343 | (16) |
| Huskies Parent, Inc. | 1st Lien Senior Secured Revolving Loan | 353 | (2) |
| IG Investments Holdings, LLC | 1st Lien Senior Secured Revolving Loan | 10221 | (39) |
| Indigo Purchaser, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 25608 | (379) |
| Indigo Purchaser, Inc. | 1st Lien Senior Secured Revolving Loan | 17478 | (258) |
| Integrity Marketing Acquisition LLC | 1st Lien Senior Secured Revolving Loan | 362 |  |
| Integrity Marketing Acquisition LLC | 1st Lien Senior Secured Delayed Draw Loan | 2638 | 7 |
| International Entertainment Investments Ltd | 1st Lien Senior Secured Delayed Draw Loan | 5080 | 51 |
| IP Operations II Investco, LLC | 1st Lien Senior Secured Delayed Draw Loan | 10606 | (102) |
| IRI Group Holdings, Inc. | 1st Lien Senior Secured Revolving Loan | 7218 |  |
| IXM Holdings, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 491 | 5 |
| IXM Holdings, Inc. | 1st Lien Senior Secured Revolving Loan | 2053 |  |
| June Purchaser LLC | 1st Lien Senior Secured Delayed Draw Loan | 1619 | 20 |
| Kabafusion Parent LLC | 1st Lien Senior Secured Revolving Loan | 11700 | (115) |
| Kona Buyer, LLC | 1st Lien Senior Secured Delayed Draw Loan | 33273 | 321 |
| Kona Buyer, LLC | 1st Lien Senior Secured Delayed Draw Loan | 26618 | 257 |
| Kona Buyer, LLC | 1st Lien Senior Secured Revolving Loan | 15463 |  |
| Kryptona Bidco US, LLC | 1st Lien Senior Secured Revolving Loan | 16852 | (335) |
| Legends Hospitality Holding Company, LLC | 1st Lien Senior Secured Delayed Draw Loan | 5522 | (132) |
| Legends Hospitality Holding Company, LLC | 1st Lien Senior Secured Revolving Loan | 13259 | (523) |
| Link Apartments Opportunity Zone REIT, LLC | Other Secured Debt Delayed Draw Loan | 9355 | (187) |
| LOCI Bidco Limited | 1st Lien Senior Secured Delayed Draw Loan | 46320 | (225) |
| Madonna Bidco Limited | 1st Lien Senior Secured Delayed Draw Loan | 13063 | (254) |
| MAI Capital Management Intermediate LLC | 1st Lien Senior Secured Revolving Loan | 5287 | (26) |
| MAI Capital Management Intermediate LLC | 1st Lien Senior Secured Delayed Draw Loan | 11138 | (55) |
| MB2 Dental Solutions, LLC | 1st Lien Senior Secured Delayed Draw Loan | 43020 | (420) |
| MB2 Dental Solutions, LLC | 1st Lien Senior Secured Revolving Loan | 13909 | (136) |
| Meralm Bidco AB | 1st Lien Senior Secured Delayed Draw Loan | 5375 | (51) |
| More Cowbell II, LLC | 1st Lien Senior Secured Delayed Draw Loan | 5484 | 55 |
| More Cowbell II, LLC | 1st Lien Senior Secured Revolving Loan | 4554 |  |
| NBG Acquisition Corp. | 1st Lien Senior Secured Revolving Loan | 740 | (30) |
| NRO Holdings III Corp. | 1st Lien Senior Secured Delayed Draw Loan | 214 |  |
| NRO Holdings III Corp. | 1st Lien Senior Secured Revolving Loan | 91 |  |
| NTH Degree Purchaser, INC | 1st Lien Senior Secured Delayed Draw Loan | 30800 | (443) |
| NTH Degree Purchaser, INC | 1st Lien Senior Secured Revolving Loan | 16125 | (231) |
| OEConnection LLC | 1st Lien Senior Secured Revolving Loan | 7338 | (14) |
| OEConnection LLC | 1st Lien Senior Secured Delayed Draw Loan | 11741 | (22) |
| Onesource Virtual, Inc. | 1st Lien Senior Secured Revolving Loan | 25318 |  |
| Oranje Holdco, Inc. | 1st Lien Senior Secured Revolving Loan | 4657 | (39) |
| Orthrus Limited | 1st Lien Senior Secured Delayed Draw Loan | 19982 | (346) |
| Pareto Health Intermediate Holdings, Inc. | 1st Lien Senior Secured Revolving Loan | 4032 | (40) |
| Pareto Health Intermediate Holdings, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 9160 | (91) |
| Parfums Holding Company, Inc. | 1st Lien Senior Secured Revolving Loan | 9034 |  |
| Patriot Growth Insurance Services LLC | 1st Lien Senior Secured Revolving Loan | 411 |  |
| PerkinElmer U.S. LLC | 1st Lien Senior Secured Delayed Draw Loan | 16791 | 168 |
| Ping Identity Holding Corp. | 1st Lien Senior Secured Revolving Loan | 8513 |  |
| Plasma Buyer LLC | 1st Lien Senior Secured Revolving Loan | 4162 | (120) |
| Plasma Buyer LLC | 1st Lien Senior Secured Delayed Draw Loan | 631 | (19) |
| PPV Intermediate Holdings, LLC | 1st Lien Senior Secured Revolving Loan | 8145 |  |
| Prism Parent Co., Inc. | 1st Lien Senior Secured Delayed Draw Loan | 2591 |  |
| QBS Parent, Inc. | 1st Lien Senior Secured Revolving Loan | 3820 | (31) |

---

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

---

| | | | |
|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated** | **Commitment Type** | **Unfunded Commitment** | **Fair Value** |
| Radwell Parent, LLC | 1st Lien Senior Secured Revolving Loan | 10617 |  |
| Raven Acquisition Holdings LLC | 1st Lien Senior Secured Delayed Draw Loan | 1333 | 5 |
| Ribbon Communications Operating Company, Inc | 1st Lien Senior Secured Revolving Loan | 6365 | (105) |
| Riley MergeCo LLC | 1st Lien Senior Secured Revolving Loan | 197 |  |
| Rockefeller Capital Management | 1st Lien Senior Secured Delayed Draw Loan | 15000 | (20) |
| Rotation Buyer, LLC | 1st Lien Senior Secured Delayed Draw Loan | 17062 | (170) |
| Rotation Buyer, LLC | 1st Lien Senior Secured Revolving Loan | 6776 | (68) |
| Royal Buyer, LLC | 1st Lien Senior Secured Revolving Loan | 7000 |  |
| Royal Buyer, LLC | 1st Lien Senior Secured Delayed Draw Loan | 14240 |  |
| Severin Acquisition, LLC | 1st Lien Senior Secured Delayed Draw Loan | 63014 | (608) |
| Severin Acquisition, LLC | 1st Lien Senior Secured Revolving Loan | 44454 | (429) |
| Sig Parent Holdings, LLC | 1st Lien Senior Secured Revolving Loan | 3045 | (15) |
| Sig Parent Holdings, LLC | 1st Lien Senior Secured Delayed Draw Loan | 14889 | (74) |
| Smarsh Inc. | 1st Lien Senior Secured Delayed Draw Loan | 2143 |  |
| Smarsh Inc. | 1st Lien Senior Secured Revolving Loan | 643 |  |
| Spanx, LLC | 1st Lien Senior Secured Revolving Loan | 5000 |  |
| Specialty Ingredients, LLC | 1st Lien Senior Secured Revolving Loan | 4511 |  |
| Spirit RR Holdings, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 2993 |  |
| Spirit RR Holdings, Inc. | 1st Lien Senior Secured Revolving Loan | 3579 |  |
| Spotless Brands, LLC | 1st Lien Senior Secured Delayed Draw Loan | 14086 | (90) |
| Spotless Brands, LLC | 1st Lien Senior Secured Revolving Loan | 5176 |  |
| Sugar PPC Buyer LLC | 1st Lien Senior Secured Delayed Draw Loan | 14474 | 145 |
| SWF Holdings I Corp | 1st Lien Senior Secured Delayed Draw Loan | 94 | 1 |
| Tango Bidco SAS | 1st Lien Senior Secured Delayed Draw Loan | 3243 | (46) |
| Tango Bidco SAS | 1st Lien Senior Secured Delayed Draw Loan | 7766 | (111) |
| The One Group, LLC | 1st Lien Senior Secured Revolving Loan | 6649 | (250) |
| Time Manufacturing Holdings, LLC | 1st Lien Senior Secured Revolving Loan | 513 | (63) |
| TriMech Acquisition Corp. | 1st Lien Senior Secured Revolving Loan | 3092 |  |
| Truck-Lite Co, LLC | 1st Lien Senior Secured Delayed Draw Loan | 9338 | 11 |
| Truck-Lite Co, LLC | 1st Lien Senior Secured Revolving Loan | 11973 |  |
| Trupanion, Inc. | 1st Lien Senior Secured Revolving Loan | 6576 |  |
| Violin FINCO Guernsey Limited | 1st Lien Senior Secured Delayed Draw Loan | 7776 | 69 |
| Vital Bidco AB | 1st Lien Senior Secured Revolving Loan | 12771 | (248) |
| Vital Care Buyer, LLC | 1st Lien Senior Secured Revolving Loan | 13271 |  |
| WP CPP Holdings, LLC | 1st Lien Senior Secured Revolving Loan | 26285 |  |
| YA Intermediate Holdings II, LLC | 1st Lien Senior Secured Revolving Loan | 9263 | (89) |
| YA Intermediate Holdings II, LLC | 1st Lien Senior Secured Delayed Draw Loan | 19820 | (191) |
| Yes Energy LLC | 1st Lien Senior Secured Delayed Draw Loan | 3098 | 31 |
| Zendesk Inc | 1st Lien Senior Secured Delayed Draw Loan | 39321 |  |
| Zendesk Inc | 1st Lien Senior Secured Revolving Loan | 17940 |  |
| Zeus Company LLC | 1st Lien Senior Secured Revolving Loan | 21506 |  |
| Zeus Company LLC | 1st Lien Senior Secured Delayed Draw Loan | 15007 | 150 |
| **Total** |  | $2128723 | $(11074) |

---

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

(8)The interest rate floor on these investments as of December 31, 2024 was 0.50%.

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

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

(11)The interest rate floor on these investments as of December 31, 2024 was 1.25%.

(12)The interest rate floor on these investments as of December 31, 2024 was 1.50%.

(13)The interest rate floor on these investments as of December 31, 2024 was 1.75%.

(14)The interest rate floor on these investments as of December 31, 2024 was 2.00%.

(15)The interest rate floor on these investments as of December 31, 2024 was 2.50%.

(16)The interest rate floor on these investments as of December 31, 2024 was 3.00%.

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**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

(17)The interest rate floor on these investments as of December 31, 2024 was 3.25%.

(18)Loan was on non-accrual status as of December 31, 2024.

(19)Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the "1940 Act"), the Company is deemed to "control" a portfolio company if the Company owns more than 25% of its outstanding voting securities and/or holds the power to exercise control over the management or policies of the portfolio company. Under the 1940 Act, the Company is deemed an "affiliated person" of a portfolio company if the Company owns between 5% and 25% (inclusive) of the portfolio company's outstanding voting securities. For purposes of determining the classification of its investment portfolio, the Company has excluded consideration of any voting securities or board appointment rights held by third-party investment funds advised by the Adviser and/or its affiliates. As of December 31, 2024, the Company's controlled/affiliated and non-controlled/affiliated investments were as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fair Value as of December 31, 2023** | **Gross Additions** | **Gross Reductions** | **Change in Unrealized Gains (Loss)** | **Net Realized Gain (Loss)** | **Fair Value as of December 31, 2024** | **Dividend and Interest Income** |
| **Non-Controlled/Affiliated Investments** | | | | | | | |
| Southern Graphics Inc. | $9947 | $— | $(228) | $736 | $— | $10455 | $— |
| SLF V AD1 Holdings, LLC | 9877 |  |  | (363) |  | 9514 |  |
| **Total Non-Controlled/Affiliated Investments** | $19824 | $— | $(228) | $373 | $— | $19969 | $— |
| **Controlled/Affiliated Investments** |  |  |  |  |  |  |  |
| **Majority Owned Subsidiaries** |  |  |  |  |  |  |  |
| ULTRA III, LLC | $124003 | $184157 | $(11923) | $24113 | $— | $320350 | $27828 |
| **Total Controlled/Affiliated Investments** | $124003 | $184157 | $(11923) | $24113 | $— | $320350 | $27828 |

---

(20)&nbsp;&nbsp;&nbsp;&nbsp;These investments are not pledged as collateral under the Credit Facilities, 2023 CLO Secured Notes and/or 2024 CLO Secured Notes.

(21) &nbsp;&nbsp;&nbsp;&nbsp;Security acquired in transaction exempt from registration under the Securities Act of 1933, and may be deemed to be "restricted security" under the Securities Act. As of December 31, 2024, the aggregate fair value of these securities is $380,821, or 4.36% of the Company's net assets. The acquisition dates of the restricted securities are as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **Investment** | **Acquisition Date** |
| CG Parent Intermediate Holdings, Inc. | Senior Preferred Stock | November 20, 2023 |
| Club Car Wash Preferred, LLC | Preferred Stock | November 15, 2023 |
| Rapid Express Preferred, LLC | Preferred Stock | November 15, 2023 |
| Club Car Wash Preferred, LLC | Preferred Stock | November 15, 2023 |
| Rapid Express Preferred, LLC | Preferred Stock | November 15, 2023 |
| Thrasio Holdings, Inc. | Common Stock | June 18, 2024 |
| IP Operating Portfolio I, LLC | Class B Units | February 3, 2022 |
| Eagle LNG Partners Jacksonville II LLC | Warrants | March 8, 2023 |
| ELNG Equity LLC | Warrants | April 26, 2024 |
| BCPE Virginia HoldCo, Inc. | Senior Preferred Stock | December 14, 2023 |
| Racing Point UK Holdings Limited | Ordinary Shares | July 9, 2024 |
| OneTeam Partners, LLC | Class D Units | September 15, 2022 |
| Creek Feeder, L.P. | LP Interest | December 16, 2024 |
| The ONE Group Hospitality, Inc. | A-2 Warrants | May 1, 2024 |
| The ONE Group Hospitality, Inc. | B-2 Warrants | May 1, 2024 |
| The ONE Group Hospitality, Inc. | Series A Preferred Stock | May 1, 2024 |
| Southern Graphics Holdings LLC | Class A Units | April 28, 2023 |
| SLF V AD1 Holdings, LLC | LLC Interest | September 6, 2023 |
| ULTRA III, LLC | LLC Interest | June 1, 2023 |

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**HPS Corporate Lending Fund**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

**ADDITIONAL INFORMATION**

**Foreign currency forward contracts**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Notional Purchased** | **Currency Sold** | **Notional Sold** | **Counterparty** | **Settlement Date** | **Unrealized Appreciation (Depreciation)** |
| U.S. Dollars | 37180 | Euro | 35328 | Deutsche Bank AG | 3/21/2025 | $454 |
| U.S. Dollars | 181128 | Euro | 171728 | Goldman Sachs Bank USA | 3/21/2025 | 2608 |
| U.S. Dollars | 4371 | Euro | 4118 | Goldman Sachs Bank USA | 6/23/2025 | 68 |
| U.S. Dollars | 2545 | Euro | 2215 | Goldman Sachs Bank USA | 3/23/2026 | 193 |
| U.S. Dollars | 9336 | British Pound | 7414 | Goldman Sachs Bank USA | 3/21/2025 | 59 |
| U.S. Dollars | 2893 | British Pound | 2294 | Goldman Sachs Bank USA | 6/23/2025 | 24 |
| U.S. Dollars | 21101 | Norwegian Krone | 235621 | Goldman Sachs Bank USA | 6/23/2025 | 402 |
| U.S. Dollars | 34141 | Singaporean Dollars | 45400 | Goldman Sachs Bank USA | 6/23/2025 | 651 |
| U.S. Dollars | 181862 | Australian Dollars | 285419 | SMBC Capital Markets, Inc. | 3/21/2025 | 5196 |
| U.S. Dollars | 22142 | Australian Dollars | 32855 | SMBC Capital Markets, Inc. | 6/23/2025 | 1797 |
| U.S. Dollars | 44863 | Canadian Dollars | 63603 | SMBC Capital Markets, Inc. | 3/21/2025 | 494 |
| U.S. Dollars | 325846 | Euro | 306562 | SMBC Capital Markets, Inc. | 3/21/2025 | 7156 |
| U.S. Dollars | 107880 | Euro | 96430 | SMBC Capital Markets, Inc. | 6/23/2025 | 7108 |
| U.S. Dollars | 99148 | Euro | 87833 | SMBC Capital Markets, Inc. | 9/23/2025 | 6860 |
| U.S. Dollars | 375774 | British Pound | 296306 | SMBC Capital Markets, Inc. | 3/21/2025 | 5046 |
| U.S. Dollars | 26734 | Norwegian Krone | 283987 | SMBC Capital Markets, Inc. | 6/23/2025 | 1786 |
| U.S. Dollars | 43783 | Swedish Kroner | 445859 | SMBC Capital Markets, Inc. | 6/23/2025 | 3101 |
| **Total** |  |  |  |  |  | $43003 |

---

**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> |
| Goldman Sachs Bank USA | November 2025 Notes | 8.37% | SOFR + 4.08% | 11/14/2025 | $85000 | $(36) | $— | $7 |
| Goldman Sachs Bank USA | November 2027 Notes | 8.43% | SOFR + 4.42% | 11/14/2027 | 77500 | (335) |  | (1068) |
| Goldman Sachs Bank USA | March 2026 Notes | 8.12% | SOFR + 3.76% | 3/15/2026 | 276000 | (127) |  | (689) |
| Goldman Sachs Bank USA | March 2028 Notes | 8.18% | SOFR + 4.24% | 3/15/2028 | 124000 | (1288) |  | (1826) |
| Goldman Sachs Bank USA | September 2027 Notes | 8.67% | SOFR + 4.31% | 9/14/2027 | 75000 | 182 |  | (1093) |
| Goldman Sachs Bank USA | September 2028 Notes | 8.80% | SOFR + 4.54% | 9/14/2028 | 250000 | 58 |  | (5230) |
| SMBC Capital Markets, Inc. | January 2029 Notes | 6.75% | SOFR + 2.88% | 1/30/2029 | 550000 | (8739) |  | (8739) |
| Goldman Sachs Bank USA | September 2029 Notes | 6.25% | SOFR + 2.06% | 9/30/2029 | 400000 | (1225) |  | (1225) |
| **Total Interest Rate Swaps** |  |  |  |  |  | $(11510) | $— | $(19863) |

---

(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, 2024 was 4.31% other than the swaps on the November 2025 and November 2027 Notes which are subject to the daily SOFR which was 4.37% at December 31, 2024.

(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.*

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**HPS Corporate Lending Fund** 

**Notes to Consolidated Financial Statements**

**(Unaudited)**

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

**Note 1. Organization**

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

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

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

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

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

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

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

**Note 2. Significant Accounting Policies**

***Basis of Presentation***

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

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opinion of management, all adjustments considered necessary for the fair statement of the consolidated financial statements for the interim periods presented have been included. All intercompany balances and transactions have been eliminated. The current period's results of operations are not necessarily indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2025.

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

***Basis of Consolidation***

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

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

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

***Use of Estimates***

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

***Cash and Cash Equivalents***

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

***Investments***

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

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

Investments that are listed or traded on an exchange and are freely transferable are valued at either the closing price (in the case of securities and futures) or the mean of the closing bid and offer (in the case of options) on the principal exchange on which the investment is listed or traded. Investments for which other market quotations are readily available will typically be valued at those market quotations. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Where it is possible to obtain reliable, independent market quotations from a third-party vendor, the Company uses these quotations to determine the value of its investments. The Company utilizes mid-market pricing (i.e., mid-point of average bid and ask prices) to value these investments. The Adviser obtains these market quotations from independent pricing services, if available; otherwise from one or more broker quotes. To assess the continuing appropriateness of pricing sources and methodologies, the Adviser regularly performs price verification procedures and issues challenges as necessary to independent pricing

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services or brokers, and any differences are reviewed in accordance with the valuation procedures. The Adviser does not adjust the prices unless it has a reason to believe market quotations are not reflective of the fair value of an investment.

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

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

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

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

The fair value of the Company's derivatives is recorded on the Consolidated Statements of Assets and Liabilities by security type and counterparty on a net basis, if subject to an enforceable master netting agreement, not taking into account collateral posted which is recorded separately. As of September 30, 2025 and December 31, 2024, there was $0.0 million and $10.6 million, respectively, of collateral pledged, which is included in other assets on the Consolidated Statements of Assets and Liabilities. As of September 30, 2025 and December 31, 2024, there was $53.5 million and $0.0 million, respectively, of collateral received which is included in accrued expenses and other liabilities on the Consolidated Statements of Asset and Liabilities. As of September 30, 2025 and December 31, 2024, $53.5 million and $10.6 million, respectively, of collateral was invested in a money market fund.

***Loan Participations***

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

***Foreign Currency Transactions***

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

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

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

***Revenue Recognition***

*Interest Income*

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. For the three and nine months ended September 30, 2025, the Company recorded non-recurring interest income of $9.6 million and $19.2 million, respectively (e.g. prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts). For the three and nine months ended September 30, 2024, the Company recorded non-recurring interest income of $9.3 million and $45.6 million, respectively (e.g. prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts).

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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 September 30, 2025 and December 31, 2024, the Company had certain investments in ten and eight portfolio companies on non-accrual status, respectively.

*PIK Income*

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

*Dividend Income*

Dividend income on preferred equity securities and on the Company's membership interests in its joint ventures are recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies. To the extent a preferred equity security contains PIK provisions, PIK dividends, computed at the contractual rate specified in each applicable agreement, are accrued and recorded as dividend income and added to the principal balance of the preferred equity security. PIK dividends added to the principal balance are generally collected upon redemption of the equity. For the three and nine months ended September 30, 2025, the Company recorded $12.2 million and $38.2 million, respectively, of dividend income, of which, $1.2 million and $3.6 million, respectively, relate to PIK dividends. For the three and nine months ended September 30, 2024, the Company recorded $8.7 million and $19.0 million, respectively, of dividend income, of which, $1.1 million and $2.8 million, respectively, relate to PIK dividends.

*Other Income*

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

***Organization Costs***

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

***Offering Expenses***

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

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

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

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***Income Taxes***

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

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

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

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

For the three and nine months ended September 30, 2025, the Company accrued $1.8 million and $5.2 million of U.S. federal excise tax, respectively. For the three and nine months ended September 30, 2024, the Company accrued $3.6 million and $4.2 million of U.S. federal excise tax, respectively.

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

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

***Distributions***

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

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

***Segment Reporting***

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

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

***Recent Accounting Pronouncements***

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

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

In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 2200-40)," which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, in each relevant expense caption. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

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

As of September 30, 2025, the Company had payables due to affiliates of $10.5 million, comprised of $2.4 million of expenses reimbursable to the Administrator pursuant to the Administration Agreement and $8.1 million of other expenses paid on behalf of the Company, which includes $0.3 million due to the Board of Trustees. As of December 31, 2024, the Company had payables due to affiliates of $13.9 million, comprised of $4.0 million of expenses reimbursable to the Administrator pursuant to the Administration Agreement and $9.9 million of other expenses paid on behalf of the Company, which includes $0.3 million due to the Board of Trustees.

***Investment Advisory Agreement***

On June 30, 2023, the Company entered into an investment advisory agreement (as in effect prior to its deemed termination as of July 1, 2025, the "Prior Investment Advisory Agreement") with the Adviser. The closing of the HPS/BlackRock Transaction on July 1, 2025 resulted in the automatic termination of the Prior Investment Advisory Agreement under the 1940 Act. Prior thereto, the Board approved a new investment advisory agreement between the Company and the Adviser (the "Investment Advisory Agreement"), which replaced the Prior Investment Advisory Agreement and became effective at the closing of the HPS/BlackRock Transaction. At a special meeting of shareholders held on April 16, 2025, the shareholders of the Company approved the Investment Advisory Agreement, which became effective as of July 1, 2025. The Adviser is responsible for determining the portfolio composition, making investment decisions, monitoring investments, performing due diligence on prospective portfolio companies and providing the Company with such other investment advisory and related services as may reasonably be required for the investment of capital.

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

Unless earlier terminated as described below, the Investment Advisory Agreement will remain in effect for an initial period of two years, and thereafter will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company's outstanding voting securities and, in each case, a majority of the Independent Trustees. The Company may terminate the Investment Advisory Agreement upon 60 days' written notice, without payment of any penalty. The decision to terminate the

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Investment Advisory Agreement may be made by a majority of the Board or the shareholders of the Company holding a majority of the Company's outstanding voting securities, which means the lesser of (1) 67% or more of the voting securities present at a meeting if more than 50% of the outstanding voting securities are present or represented by proxy, or (2) more than 50% of the outstanding voting securities. In addition, without payment of any penalty, the Adviser may terminate the Investment Advisory Agreement upon 120 days' written notice. The Investment Advisory Agreement will automatically terminate in the event of its assignment within the meaning of the 1940 Act and related SEC guidance and interpretations.

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

***Base Management Fee***

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

For the three and nine months ended September 30, 2025, base management fees were $36.2 million and $98.0 million, respectively. For the three and nine months ended September 30, 2024, base management fees were $24.0 million and $63.5 million, respectively. As of September 30, 2025 and December 31, 2024, $12.2 million and $9.4 million, respectively, were payable to the Adviser related to management fees.

***Incentive Fees***

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

*(i) Income based incentive fee*

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.100% of the dollar amount of the Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre- Incentive Fee Net Investment Income Returns, if any, that exceeds the Hurdle Rate but is less than a rate of return of 1.43% (5.72% annualized). This portion of the Pre-Incentive Fee Net Investment Income Returns (which exceeds the Hurdle Rate but is less than 1.43%) is referred to as the "Catch-Up." The Catch-Up is meant to provide the Adviser with

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12.5% of the Company's Pre-Incentive Fee Net Investment Income Returns as if a Hurdle Rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and

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

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

For the three and nine months ended September 30, 2025, income based incentive fees were $43.5 million and $115.4 million, respectively. For the three and nine months ended September 30, 2024, income based incentive fees were $29.3 million and $81.8 million, respectively. As of September 30, 2025 and December 31, 2024, $43.5 million and $32.0 million, respectively, were payable to the Adviser relating to income based incentive fees.

*(ii) Capital gains incentive fee*

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

For the three months ended September 30, 2025 there were no capital gains incentive fees. For the nine months ended September 30, 2025, the Company recorded a reversal of previously recorded performance based incentive fees of $(12.9) million. For the three and nine months ended September 30, 2024, capital gains incentive fees accrued were $0.4 million and $10.0 million, respectively. As of September 30, 2025, there were no capital gains incentive fees payable. As of December 31, 2024, the Company accrued $12.9 million of capital gains incentive fees, none of which were payable under the Investment Advisory Agreement.

***Administration Agreement***

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

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

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

For the three and nine months ended September 30, 2025, the Company incurred $0.6 million and $3.3 million, respectively, in expenses under the Administration Agreement and the Prior Administration Agreement, which are recorded in "administrative service expenses" in the Company's Consolidated Statements of Operations. For the three and nine months ended September 30, 2024, the Company incurred $0.9 million and $2.6 million, respectively, in expenses under the Prior Administration Agreement. As of September 30, 2025 and December 31, 2024, there was $2.4 million and $4.0 million, respectively, of administrative service expenses payable by the Company which are included in "due to affiliates" in the Consolidated Statements of Assets and Liabilities.

***Sub-Administration Agreement***

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

***Managing Dealer Agreement***

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

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

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

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

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

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

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

Either party may terminate the Managing Dealer Agreement upon 60 days' written notice to the other party or immediately upon notice to the other party in the event such other party failed to comply with a material provision of the Managing Dealer Agreement. The Managing Dealer Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act. The Company's obligations under the Managing Dealer Agreement to pay the shareholder servicing and/or distribution fees with respect to the Class S, Class D shares and Class F shares distributed shall survive termination of the agreement until such shares are no longer outstanding (including such shares that have been converted into Class I shares, as described above).

***Distribution and Servicing Plan***

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

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| | |
|:---|:---|
| | **Shareholder<br>Servicing and/or<br>Distribution Fee as a % of NAV** |
| Class I shares | —% |
| Class D shares | 0.25% |
| Class F shares | 0.50% |
| Class S shares | 0.85% |

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

The Managing Dealer will reallow (pay) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services. Because the shareholder servicing

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and/or distribution fees with respect to Class D, Class F or Class S shares are calculated based on the aggregate net asset value for all of the outstanding shares of each such class, it reduces the net asset value with respect to all shares of each such class, including shares issued under the Company's distribution reinvestment plan.

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

For the three and nine months ended September 30, 2025, the Company incurred shareholder servicing and/or distribution fees of $0.7 million and $2.1 million attributable to Class D shares, respectively, $6.9 million and $19.0 million attributable to Class F shares, respectively, and $1.5 million and $3.8 million attributable to Class S shares, respectively. For the three and nine months ended September 30, 2024, the Company incurred shareholder servicing and/or distribution fees of $0.6 million and $1.7 million attributable to Class D shares, respectively, $5.1 million and $14.2 million attributable to Class F shares, respectively, and $0.6 million and $1.2 million attributable to Class S shares, respectively. As of September 30, 2025 and December 31, 2024, there was $3.1 million and $2.5 million, respectively, of shareholder servicing and/or distribution fees payable to the Managing Dealer.

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

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

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

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

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

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

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

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

For the three and nine months ended September 30, 2025 and 2024, the Adviser made no Expense Payments on behalf of the Company and there were no Reimbursement Payments made to the Adviser.

***Controlled/Affiliated Portfolio Companies***

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

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

**Note 4. Investments**

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** |
| First lien debt | $22797650 | $23024539 | 96.60% | $15491454 | $15529180 | 96.27% |
| Second lien debt | 26664 | 27113 | 0.11 | 35984 | 31340 | 0.19 |
| Other secured debt | 211856 | 212878 | 0.89 | 68340 | 68501 | 0.42 |
| Unsecured debt | 49604 | 48694 | 0.20 | 45923 | 46022 | 0.29 |
| Structured finance investments | 94039 | 95471 | 0.40 | 72893 | 75392 | 0.47 |
| Investments in joint ventures | 306422 | 328116 | 1.38 | 297747 | 320350 | 1.99 |
| Equity investments | 98930 | 99809 | 0.42 | 58737 | 60471 | 0.37 |
| **Total** | $23585165 | $23836620 | 100.00% | $16071078 | $16131256 | 100.00% |

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The industry composition of investments at fair value was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value** | **% of Total Investments at Fair Value** |
| Aerospace and Defense | $1278233 | 5.36% | $559297 | 3.47% |
| Alternative Energy | 22559 | 0.09 | 23816 | 0.15 |
| Asset Based Lending and Fund Finance | 127850 | 0.54 | 52644 | 0.33 |
| Automobiles and Parts | 341020 | 1.43 | 86075 | 0.53 |
| Chemicals | 27924 | 0.12 | 18292 | 0.11 |
| Construction and Materials | 189101 | 0.79 | 201635 | 1.25 |
| Consumer Services | 1114298 | 4.67 | 710693 | 4.41 |
| Electricity | 182859 | 0.77 | 115563 | 0.72 |
| Electronic and Electrical Equipment | 112835 | 0.47 | 111037 | 0.69 |
| Finance and Credit Services | 92790 | 0.39 | 64335 | 0.40 |
| Food Producers | 389492 | 1.63 | 179459 | 1.11 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Gas, Water and Multi-utilities | 39946 | 0.17 | 43542 | 0.27 |
| General Industrials | 454417 | 1.91 | 377368 | 2.34 |
| Health Care Providers | 2628822 | 11.03 | 1771772 | 10.98 |
| Household Goods and Home Construction | 2916 | 0.01 | 6589 | 0.04 |
| Industrial Engineering | 331638 | 1.39 | 306077 | 1.90 |
| Industrial Metals and Mining | 203830 | 0.86 | 202391 | 1.25 |
| Industrial Support Services | 2335476 | 9.80 | 1940379 | 12.03 |
| Industrial Transportation | 284291 | 1.19 | 120785 | 0.75 |
| Investment Banking and Brokerage Services | 1096586 | 4.60 | 701647 | 4.35 |
| Investments in Joint Ventures | 328116 | 1.38 | 320350 | 1.99 |
| Leisure Goods |  |  | 1986 | 0.01 |
| Life Insurance | 14718 | 0.06 | 14867 | 0.09 |
| Media | 856672 | 3.59 | 789402 | 4.89 |
| Medical Equipment and Services | 1925899 | 8.08 | 1274288 | 7.90 |
| Non-life Insurance | 677983 | 2.84 | 628442 | 3.90 |
| Oil, Gas and Coal | 77136 | 0.32 | 73845 | 0.46 |
| Personal Care, Drug and Grocery Stores | 577989 | 2.42 | 487426 | 3.02 |
| Personal Goods | 83560 | 0.35 | 83559 | 0.52 |
| Pharmaceuticals and Biotechnology | 1080361 | 4.53 | 605178 | 3.75 |
| Real Estate Investment and Services | 93758 | 0.39 | 86822 | 0.54 |
| Retailers | 385845 | 1.62 | 306146 | 1.90 |
| Software and Computer Services | 5188045 | 21.78 | 3249907 | 20.14 |
| Structured Finance | 95471 | 0.40 | 75392 | 0.47 |
| Technology Hardware and Equipment | 61108 | 0.26 | 58836 | 0.36 |
| Telecommunications Equipment | 63707 | 0.27 | 81265 | 0.50 |
| Telecommunications Service Providers | 328160 | 1.38 | 32146 | 0.20 |
| Travel and Leisure | 741209 | 3.11 | 368003 | 2.28 |
| **Total** | $23836620 | 100.00% | $16131256 | 100.00% |

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value as % of Net Assets** |
| United States | $19950934 | $20000693 | 83.92% | 170.65% |
| United Kingdom | 1395738 | 1490272 | 6.26 | 12.71 |
| Sweden | 549159 | 578749 | 2.43 | 4.94 |
| Australia | 314287 | 310911 | 1.30 | 2.65 |
| Spain | 258967 | 282094 | 1.18 | 2.41 |
| France | 220384 | 236194 | 0.99 | 2.02 |
| Germany | 202934 | 222463 | 0.93 | 1.90 |
| Austria | 150053 | 169235 | 0.71 | 1.44 |
| Belgium | 163984 | 165291 | 0.69 | 1.41 |
| Canada | 149104 | 145684 | 0.61 | 1.24 |
| Czech Republic | 55659 | 63138 | 0.26 | 0.54 |
| Taiwan | 48775 | 48914 | 0.21 | 0.42 |
| Italy | 52597 | 46313 | 0.19 | 0.40 |
| Singapore | 33137 | 34586 | 0.15 | 0.30 |
| Norway | 22359 | 24872 | 0.10 | 0.21 |
| Luxembourg | 11863 | 11932 | 0.05 | 0.10 |
| Ireland | 2953 | 2984 | 0.01 | 0.03 |
| Netherlands | 2278 | 2295 | 0.01 | 0.02 |
| **Total** | $23585165 | $23836620 | 100.00% | 203.39% |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value as % of Net Assets** |
| United States | $13526427 | $13615550 | 84.40% | 155.90% |
| United Kingdom | 963353 | 970468 | 6.02 | 11.11 |
| Sweden | 403151 | 394051 | 2.44 | 4.51 |
| Australia | 283869 | 264325 | 1.64 | 3.03 |
| Spain | 207908 | 206399 | 1.28 | 2.36 |
| France | 135592 | 133330 | 0.83 | 1.53 |
| Italy | 128313 | 127756 | 0.79 | 1.46 |
| Germany | 115723 | 116321 | 0.72 | 1.33 |
| Austria | 88588 | 89741 | 0.56 | 1.03 |
| Canada | 90609 | 86461 | 0.54 | 0.99 |
| Taiwan | 47223 | 46563 | 0.29 | 0.53 |
| Singapore | 32957 | 33059 | 0.20 | 0.38 |
| Norway | 21342 | 20894 | 0.13 | 0.24 |
| Belgium | 14072 | 14258 | 0.09 | 0.16 |
| Luxembourg | 11951 | 12080 | 0.07 | 0.14 |
| **Total** | $16071078 | $16131256 | 100.00% | 184.70% |

---

As of September 30, 2025 and December 31, 2024, the Company had certain investments in ten and eight portfolio companies on non-accrual status, respectively, which represented 0.62% and 0.70% of total debt and income producing investments (excluding investments in joint ventures), at fair value, respectively.

As of September 30, 2025 and December 31, 2024, on a fair value basis, 99.4% and 99.3% of performing debt investments bore interest at a floating rate and 0.6% and 0.7%, of performing debt investments bore interest at a fixed rate, respectively.

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**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;&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;&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.

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

*Derivative Instruments:* Derivative instruments can be exchange-traded or privately negotiated over the-counter ("OTC") and include forward currency contracts and swap contracts. Forwards currency contracts and swap contracts are valued by the Adviser using observable inputs, such as market-based quotations received from the counterparty, dealers or brokers, whenever available and considered reliable. In instances where models are used, the value of an OTC derivative depends upon the contractual terms of, and specific risks

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inherent in the contract, as well as the availability and reliability of observable inputs. Such inputs include market prices for reference securities, yield curves, volatility assumptions and correlations of such inputs. Certain OTC derivatives can generally be corroborated by market data and are therefore classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded.

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First lien debt | $— | $1736929 | $21287610 | $23024539 |
| Second lien debt |  |  | 27113 | 27113 |
| Other secured debt |  |  | 212878 | 212878 |
| Unsecured debt |  | 13269 | 35425 | 48694 |
| Structured finance investments |  | 65909 | 29562 | 95471 |
| Equity investments |  | 35 | 99774 | 99809 |
| **Total investments** |  | 1816142 | 21692362 | 23508504 |
| Investments measured at NAV<sup>(1)</sup> |  |  |  | 328116 |
| **Total** | $— | $1816142 | $21692362 | $23836620 |
| Cash equivalents | $289805 | $— | $— | $289805 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First lien debt | $— | $1175758 | $14353422 | $15529180 |
| Second lien debt |  |  | 31340 | 31340 |
| Other secured debt |  |  | 68501 | 68501 |
| Unsecured debt |  | 13196 | 32826 | 46022 |
| Structured finance investments |  | 75392 |  | 75392 |
| Equity investments |  |  | 60471 | 60471 |
| **Total investments** |  | 1264346 | 14546560 | 15810906 |
| Investments measured at NAV<sup>(1)</sup> |  |  |  | 320350 |
| **Total** | $— | $1264346 | $14546560 | $16131256 |
| Cash equivalents | $155290 | $— | $— | $155290 |

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

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
| | **First Lien Debt** | **Second Lien Debt** | **Other Secured Debt** | **Unsecured Debt** | **Structured Finance Investments** | **Equity Investments** | **Total Investments** |
| Fair value, beginning of period | $18298232 | $26904 | $98846 | $34489 | $62 | $92857 | $18551390 |
| Purchases of investments<sup>(1)</sup> | 3634881 |  | 119222 | 1254 | 29500 | 6483 | 3791340 |
| Proceeds from principal repayments and sales of investments | (681582) |  | (5416) |  |  | (74) | (687072) |
| Accretion of discount/amortization of premium | 22700 | 9 | 289 | 5 |  |  | 23003 |
| Net realized gain (loss) | 17169 |  | (10) |  |  | 20 | 17179 |
| Net change in unrealized appreciation (depreciation) | (42167) | 200 | (53) | (323) |  | 488 | (41855) |
| Transfers into Level 3<sup>(2)</sup> | 43050 |  |  |  |  |  | 43050 |
| Transfers out of Level 3<sup>(2)</sup> | (4673) |  |  |  |  |  | (4673) |
| **Fair value, end of period** | $21287610 | $27113 | $212878 | $35425 | $29562 | $99774 | $21692362 |
| Net change in unrealized appreciation (depreciation) related to financial instruments still held as of September 30, 2025 | $(14562) | $200 | $(53) | $(323) | $— | $488 | $(14250) |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| | **First Lien Debt** | **Second Lien Debt** | **Other Secured Debt** | **Unsecured Debt** | **Structured Finance Investments** | **Equity Investments** | **Total Investments** |
| Fair value, beginning of period | $14353422 | $31340 | $68501 | $32826 | $— | $60471 | $14546560 |
| Purchases of investments<sup>(1)</sup> | 8149262 |  | 159123 | 3588 | 29562 | 40313 | 8381848 |
| Proceeds from principal repayments and sales of investments | (1375066) | (4470) | (16248) |  |  | (790) | (1396574) |
| Accretion of discount/amortization of premium | 56231 | 25 | 650 | 15 |  |  | 56921 |
| Net realized gain (loss) | (9868) | (4874) | (10) |  |  | 608 | (14144) |
| Net change in unrealized appreciation (depreciation) | 188744 | 5092 | 862 | (1004) |  | (793) | 192901 |
| Transfers into Level 3<sup>(2)</sup> | 36104 |  |  |  |  |  | 36104 |
| Transfers out of Level 3<sup>(2)</sup> | (111219) |  |  |  |  | (35) | (111254) |
| **Fair value, end of period** | $21287610 | $27113 | $212878 | $35425 | $29562 | $99774 | $21692362 |
| Net change in unrealized appreciation (depreciation) related to financial instruments still held as of September 30, 2025 | $186024 | $219 | $862 | $(1004) | $— | $(429) | $185672 |

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

(2)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three and nine months ended September 30, 2025, transfers out of level 3 of $(4.7) million and $(111.3) million, respectively, were due to an increase in the number of market quotations and/or an increase in the reliability of market quotations obtained by the Adviser. For the three and nine months ended September 30, 2025 transfers into level 3 of $43.1 million and $36.1 million, respectively, were due to a decrease in the number of market quotations and/or a decrease in the reliability of market quotations obtained by the Adviser.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** |
| | **First Lien Debt** | **Second Lien Debt** | **Other Secured Debt** | **Unsecured Debt** | **Equity Investments** | **Total Investments** |
| Fair value, beginning of period | $9543295 | $19071 | $64304 | $30568 | $47935 | $9705173 |
| Purchases of investments<sup>(1)</sup> | 2118632 | 24750 |  | 1140 | 2082 | 2146604 |
| Proceeds from principal repayments and sales of investments | (423012) | (6676) | (6319) |  |  | (436007) |
| Accretion of discount/amortization of premium | 15723 | 35 | 213 | 6 |  | 15977 |
| Net realized gain (loss) | 696 | 222 |  |  |  | 918 |
| Net change in unrealized appreciation (depreciation) | 72829 | (3041) | (395) | 118 | 258 | 69769 |
| Transfers into Level 3<sup>(2)</sup> |  |  |  |  |  |  |
| Transfers out of Level 3<sup>(2)</sup> | (19600) |  |  |  |  | (19600) |
| **Fair value, end of period** | $11308563 | $34361 | $57803 | $31832 | $50275 | $11482834 |
| Net change in unrealized appreciation (depreciation) related to financial instruments still held as of September 30, 2024 | $78992 | $(3041) | $(395) | $118 | $258 | $75932 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
| | **First Lien Debt** | **Second Lien Debt** | **Other Secured Debt** | **Unsecured Debt** | **Equity Investments** | **Total Investments** |
| Fair value, beginning of period | $7956235 | $19441 | $— | $15936 | $36656 | $8028268 |
| Purchases of investments<sup>(1)</sup> | 4604971 | 24750 | 63700 | 15731 | 12637 | 4721789 |
| Proceeds from principal repayments and sales of investments | (1390222) | (6676) | (6319) |  | (385) | (1403602) |
| Accretion of discount/amortization of premium | 53794 | 113 | 341 | 12 |  | 54260 |
| Net realized gain (loss) | (7791) | 222 |  |  | 60 | (7509) |
| Net change in unrealized appreciation (depreciation) | 117912 | (3489) | 81 | 153 | 1307 | 115964 |
| Transfers into Level 3<sup>(2)</sup> |  |  |  |  |  |  |
| Transfers out of Level 3<sup>(2)</sup> | (26336) |  |  |  |  | (26336) |
| **Fair value, end of period** | $11308563 | $34361 | $57803 | $31832 | $50275 | $11482834 |
| Net change in unrealized appreciation (depreciation) related to financial instruments still held as of September 30, 2024 | $126239 | $(3489) | $81 | $153 | $1363 | $124347 |

---

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

(2)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three and nine months ended September 30, 2024, transfers out of level 3 of $(19.6) million and $(26.3) million, respectively, were due to an increase in the number of market quotations and/or an increase in the reliability of market quotations obtained by the Adviser.

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**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | | | | **Range** | **Range** | |
| |<br>**Fair Value**<sup>(1)</sup> |<br>**Valuation Technique** |<br>**Unobservable Input** | **Low** | **High** |<br>**Weighted Average**<sup>(2)</sup> |
| Investments in first lien debt | $14645249 | Yield analysis | Discount rate | 6.77% | 28.21% | 10.07% |
|  | 75861 | Discounted cash flow | Discount rate | 9.50% | 20.00% | 12.71% |
|  |  |  | Exit multiple | 2.90x  | 11.57x  | 9.30x  |
|  | 19457 | Recovery analysis | Recovery rate | 3.03% | 52.09% | 51.15% |
| Investments in second lien debt | 25181 | Yield analysis | Discount rate | 9.02% | 9.02% | 9.02% |
|  | 1932 | Discounted cash flow | Discount rate | 9.50% | 9.50% | 9.50% |
|  |  |  | Exit multiple | 8.40x | 8.40x | 8.40x |
| Investments in other secured debt | 113246 | Yield analysis | Discount rate | 8.65% | 11.97% | 10.11% |
| Investments in unsecured debt | 35263 | Yield analysis | Discount rate | 12.71% | 15.70% | 14.58% |
|  | 162 | Recovery analysis | Recovery rate | 10.74% | 10.74% | 10.74% |
| Investments in structured finance obligations - debt instruments | 62 | Yield analysis | Discount rate | 5.73% | 11.28% | 10.36% |
| Investments in preferred equity | 43737 | Yield analysis | Discount rate | 6.84% | 15.00% | 13.66% |
|  | 10006 | Discounted cash flow | Discount rate | 9.50% | 9.50% | 9.50% |
|  |  |  | Exit multiple | 10.00x | 10.00x | 10.00x |
| Investments in common equity | 16854 | Discounted cash flow | Discount rate | 6.98% | 20.00% | 12.01% |
|  |  |  | Exit multiple | 5.24x  | 10.90x  | 9.70x  |
|  | 6388 | Yield analysis | Discount rate | 15.00% | 15.00% | 15.00% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | | | | **Range** | **Range** | |
| |<br>**Fair Value**<sup>(1)</sup> |<br>**Valuation Technique** |<br>**Unobservable Input** | **Low** | **High** |<br>**Weighted Average**<sup>(2)</sup> |
| Investments in first lien debt | $9059762 | Yield analysis | Discount rate | 7.69% | 33.16% | 10.23% |
|  | 54259 | Discounted cash flow | Discount rate | 13.80% | 16.00% | 15.26% |
|  |  |  | Exit multiple | 2.90x | 10.00x | 8.46x |
|  | 29952 | Recovery analysis | Recovery rate | 22.13% | 100.00% | 59.81% |
| Investments in second lien debt | 3938 | Discounted cash flow | Discount rate | 8.80% | 8.80% | 8.80% |
|  |  |  | Exit multiple | 11.50x | 11.50x | 11.50x |
|  | 2464 | Yield analysis | Discount rate | 12.04% | 12.77% | 12.20% |
| Investments in other secured debt | 52644 | Yield analysis | Discount rate | 11.55% | 11.55% | 11.55% |
| Investments in unsecured debt | 32827 | Yield analysis | Discount rate | 10.52% | 17.99% | 14.58% |
| Investments in preferred equity | 37443 | Yield analysis | Discount rate | 12.19% | 15.00% | 14.66% |
| Investments in common equity | 13016 | Discounted cash flow | Discount rate | 8.00% | 13.61% | 12.33% |
|  |  |  | Exit multiple | 7.85x | 7.85x | 7.85x |

---

(1)As of September 30, 2025, included within the fair value of Level 3 assets of $21,692,362 is an amount of $6,698,964 for which the Adviser did not develop the unobservable inputs (examples include third-party pricing and transaction prices). As of December 31, 2024, included within the fair value of Level 3 assets of $14,546,560 is an amount of $5,260,255 for which the Adviser did not develop the unobservable inputs (examples include third-party pricing and transaction prices).

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

The significant unobservable input used in the yield analysis is the discount rate based on comparable market yields. The significant unobservable inputs used in the income approach are the discount rate used to discount the estimated future cash flows expected to be received from the underlying investment. Significant increases in discount rates would result in a significantly lower fair value measurement. The significant unobservable input used in the recovery analysis is the recovery rate. The recovery rate represents the extent

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**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

to which proceeds can be recovered and an increase or decrease in the recovery rate would result in an increase or decrease, respectively, in the fair value.

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

*Financial Instruments Not Carried at Fair Value*

The following table presents fair value measurements of the Company's debt obligations as of September 30, 2025 and December 31, 2024, had they been accounted for at fair value:

*Debt*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Carrying Value** | **Fair Value** | **Carrying Value** | **Fair Value** |
| HLEND A Funding Facility | $757530 | $757530 | $683184 | $683184 |
| HLEND B Funding Facility | 833659 | 833659 | 955572 | 955572 |
| HLEND C Funding Facility | 510000 | 510000 | 487500 | 487500 |
| HLEND D Funding Facility | 751376 | 751376 | 830343 | 830343 |
| HLEND E Funding Facility | 913705 | 913705 | 642800 | 642800 |
| Revolving Credit Facility | 969772 | 969772 | 1186264 | 1186264 |
| November 2025 Notes<sup>(1)</sup> |  |  | 169403 | 174101 |
| November 2027 Notes<sup>(1)</sup> | 154962 | 165802 | 153652 | 166551 |
| March 2026 Notes<sup>(1)</sup> | 276284 | 279737 | 274866 | 284394 |
| March 2028 Notes<sup>(1)</sup> | 124801 | 133040 | 121989 | 133054 |
| September 2027 Notes<sup>(1)</sup> | 75817 | 80194 | 74649 | 80748 |
| September 2028 Notes<sup>(1)</sup> | 253990 | 275429 | 248111 | 274528 |
| January 2029 Notes<sup>(1)</sup> | 548525 | 573810 | 530894 | 565224 |
| September 2029 Notes<sup>(1)</sup> | 403928 | 413428 | 390055 | 407636 |
| January 2028 Notes<sup>(1)</sup> | 752408 | 757365 |  |  |
| April 2032 Notes<sup>(1)</sup> | 505723 | 509155 |  |  |
| June 2027 Notes<sup>(1)</sup> | 397265 | 402636 |  |  |
| June 2030 Notes<sup>(1)</sup> | 496700 | 509100 |  |  |
| September 2028-1 Notes<sup>(1)</sup> | 590895 | 597018 |  |  |
| November 2030 Notes<sup>(1)</sup> | 491871 | 499525 |  |  |
| 2023 CLO Secured Notes<sup>(1)</sup> | 321816 | 321816 | 320018 | 320018 |
| 2024 CLO Secured Notes<sup>(1)</sup> | 380318 | 380318 | 376280 | 376280 |
| 2025 CLO Secured Debt<sup>(1)</sup> | 845516 | 845516 |  |  |
| 2025-4 CLO Secured Notes<sup>(1)</sup> | 845023 | 845023 |  |  |
| **Total** | $12201884 | $12324954 | $7445580 | $7568197 |

---

(1)As of September 30, 2025 and December 31, 2024, the carrying value of the Company's Unsecured Notes, 2023 CLO Secured Notes, 2024 CLO Secured Notes, 2025 CLO Secured Debt, and 2025-4 CLO Secured Notes (each as defined below), as applicable, are presented net of unamortized debt issuance costs and original issue discount, as applicable, in the below table. Additionally, the carrying value of the Company's Unsecured Notes includes the increase (decrease) in the notes carrying value as a result of the qualifying fair value hedge relationship as disclosed in the below table, as applicable, and as further described in Note 6.

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**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Unamortized Debt Issuance Costs and Original Issue Discount** | **Change in the Notes Carrying Value as a Result of the Qualifying Fair Value Hedge Relationship** | **Unamortized Debt Issuance Costs and Original Issue Discount** | **Change in the Notes Carrying Value as a Result of the Qualifying Fair Value Hedge Relationship** |
| November 2025 Notes | $— | $— | $(562) | $(36) |
| November 2027 Notes | (749) | 711 | (1013) | (335) |
| March 2026 Notes | (268) | 552 | (1007) | (127) |
| March 2028 Notes | (555) | 1356 | (723) | (1288) |
| September 2027 Notes | (385) | 1202 | (533) | 182 |
| September 2028 Notes | (1554) | 5544 | (1947) | 58 |
| January 2029 Notes | (8469) | 6994 | (10367) | (8739) |
| September 2029 Notes | (7348) | 11276 | (8721) | (1225) |
| January 2028 Notes | (9029) | 11437 |  |  |
| April 2032 Notes | (12515) | 18238 |  |  |
| June 2027 Notes | (3491) | 756 |  |  |
| June 2030 Notes | (7337) | 4037 |  |  |
| September 2028-1 Notes | (7237) | (1868) |  |  |
| November 2030 Notes | (5059) | (3070) |  |  |
| 2023 CLO Secured Notes | (1184) |  | (2982) |  |
| 2024 CLO Secured Notes | (19682) |  | (23718) |  |
| 2025 CLO Secured Debt | (4484) |  |  |  |
| 2025-4 CLO Secured Notes | (4977) |  |  |  |
| **Total** | $(94323) | $57165 | $(51573) | $(11510) |

---

The following table presents the fair value hierarchy of the Company's debt obligations as of September 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Level 1 | $— | $— |
| Level 2 | 4262037 | 972860 |
| Level 3 | 8062917 | 6595337 |
| **Total** | $12324954 | $7568197 |

---

As of September 30, 2025 and December 31, 2024, the carrying amounts of the Company's assets and liabilities, other than investments at fair value and debt, approximate fair value due to their short maturities. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company's marketplace credit ratings, if applicable, or market quotes, if available.

**Note 6. Derivative Instruments**

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

During the three and nine months ended September 30, 2025, the average notional exposure for foreign currency forward contracts were $2,370.4 million and $2,116.7 million, respectively, and the average notional exposure for interest rate swaps were $4,220.0 million and $3,415.5 million, respectively. During the three and nine months ended September 30, 2024, the average notional exposure for foreign currency forward contracts were $1,333.2 million and $1,005.3 million, respectively, and the average notional exposure for interest rate swaps were $1,837.5 million and $1,542.5 million, respectively.

The following tables summarize the aggregate notional amount and fair value of the Company's derivative financial instruments as of September 30, 2025 and December 31, 2024.

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**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Level 1** | **Level 2** | **Level 3** | **Total Fair Value** | **Notional** |
| **Derivative Assets** | | | | | |
| Foreign currency forward contracts | $— | $4551 | $— | $4551 | $796850 |
| Interest rates swaps |  | 62103 |  | 62103 | 3902500 |
| **Total derivative assets, at fair value** | $— | $66654 | $— | $66654 | $4699350 |
| **Derivative Liabilities** |  |  |  |  |  |
| Foreign currency forward contracts | $— | $(10364) | $— | $(10364) | $1588156 |
| Interest rate swaps |  | (4938) |  | (4938) | 1100000 |
| **Total derivative liabilities, at fair value** | $— | $(15302) | $— | $(15302) | $2688156 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Level 1** | **Level 2** | **Level 3** | **Total Fair Value** | **Notional** |
| **Derivative Assets** | | | | | |
| Foreign currency forward contracts | $— | $43003 | $— | $43003 | $1520726 |
| Interest rate swaps |  | 240 |  | 240 | 325000 |
| **Total derivative assets, at fair value** | $— | $43243 | $— | $43243 | $1845726 |
| **Derivative Liabilities** |  |  |  |  |  |
| Interest rate swaps | $— | $(11750) | $— | $(11750) | $1512500 |
| **Total derivative liabilities, at fair value** | $— | $(11750) | $— | $(11750) | $1512500 |

---

The effect of transactions in derivative instruments that are not designated in a qualifying hedge accounting relationship on the Consolidated Statements of Operations during the three and nine months ended September 30, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| | **2025** | **2024** |
| Net change in unrealized gain (loss) on foreign currency forward contracts | $60336 | $(49758) |
| Realized gain (loss) on foreign currency forward contracts | $(28365) | $(763) |

---

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| Net change in unrealized gain (loss) on foreign currency forward contracts | $(48816) | $(32510) |
| Realized gain (loss) on foreign currency forward contracts | $(132739) | $(3417) |

---

The following table presents both gross and net information about derivative instruments eligible for offset in the Consolidated Statements of Assets and Liabilities as of September 30, 2025 and December 31, 2024:

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**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|<br>**Counterparty** |<br>**Instrument** |<br>**Account in the Consolidated Statements of Asset 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> |
| BNP PARIBAS | Interest rate swaps | Derivative assets, at fair value | $22275 | $(3070) | $19205 | $(18268) | $937 |
| SMBC Capital Markets, Inc. | Interest rate swaps | Derivative assets, at fair value | $6994 | $(1868) | $5126 | $(4250) | $876 |
| Goldman Sachs Bank USA | Interest rate swaps | Derivative assets, at fair value | $32834 | $— | $32834 | $(30940) | $1894 |
| Deutsche Bank AG | Foreign currency forward contracts | Derivative assets, at fair value | $1724 | $— | $1724 | $— | $1724 |
| Goldman Sachs Bank USA | Foreign currency forward contracts | Derivative assets, at fair value | $1201 | $(77) | $1124 | $— | $1124 |
| BNP PARIBAS | Foreign currency forward contracts | Derivative liabilities, at fair value | $— | $(815) | $(815) | $— | $(815) |
| SMBC Capital Markets, Inc. | Foreign currency forward contracts | Derivative liabilities, at fair value | $1626 | $(9472) | $(7846) | $— | $(7846) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|<br>**Counterparty** |<br>**Instrument** |<br>**Account in the Consolidated Statements of Asset 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> |
| Goldman Sachs Bank USA | Foreign currency forward contracts | Derivative assets, at fair value | $4005 | $— | $4005 | $— | $4005 |
| SMBC Capital Markets, Inc. | Foreign currency forward contracts | Derivative assets, at fair value | $38544 | $— | $38544 | $— | $38544 |
| Deutsche Bank AG | Foreign currency forward contracts | Derivative assets, at fair value | $454 | $— | $454 | $— | $454 |
| Goldman Sachs Bank USA | Interest rate swaps | Derivative liabilities, at fair value | $240 | $(3011) | $(2771) | $2210 | $(561) |
| SMBC Capital Markets, Inc. | Interest rate swaps | Derivative liabilities, at fair value | $— | $(8739) | $(8739) | $8390 | $(349) |

---

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

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

*Hedging*

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

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

The table below presents the carrying value of unsecured borrowings as of September 30, 2025 and December 31, 2024, that are designated in a qualifying hedging relationship and the related cumulative hedging adjustment increase (decrease) from current and prior hedging relationships included in such carrying values:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|<br>**Description** | **Carrying Value** | **Cumulative Hedging Adjustments** | **Carrying Value** | **Cumulative Hedging Adjustments** |
| Unsecured Notes | $4995688 | $20092 | $1802092 | $(38729) |

---

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**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 September 30, 2025 and December 31, 2024, the Company's asset coverage was 195.8% and 216.3%, respectively.

As of September 30, 2025 and December 31, 2024, the Company was in compliance with all covenants and other requirements of the Credit Facilities, the Unsecured Notes and the CLO Debt, as applicable.

***SPV Financing Facilities***

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

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

As of each of September 30, 2025 and December 31, 2024, the Company had five SPV Financing Facilities, as discussed below.

*<u>HLEND A Funding Facility</u>*

On February 3, 2022, HLEND A, entered into a SPV Financing Facility with Morgan Stanley Bank, N.A. (as amended, the "HLEND A Funding Facility"). Morgan Stanley Senior Funding, Inc. serves as administrative agent and U.S. Bank Trust Company, National Association services as collateral agent. On May 15, 2025, HLEND A entered into an amendment to, among other things, increase the aggregate commitments under the HLEND A Funding Facility from $800 million to $1,250 million, adjust the applicable margin, and extend the stated maturity and commitment termination date of the HLEND A Funding Facility.

Loans under the HLEND A Funding Facility bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advances then in effect, plus an applicable margin that is a blended rate based on the percentage of the aggregate outstanding balance that are liquid loans, subject to a floor of 1.90%. On or after the amortization period commencing on May 11, 2028, the applicable margin on any remaining outstanding advances will be increased by 0.10% per annum.

As of September 30, 2025, the maximum borrowing capacity under the HLEND A Funding Facility was $1,250 million, subject to availability under the borrowing base. Proceeds from borrowings under the HLEND A Funding Facility may be used to fund portfolio investments by HLEND A and to make advances under revolving loans or delayed draw term loans where HLEND A is a lender. The period during which HLEND A may make borrowings under the HLEND A Funding Facility expires on May 11, 2028 and the HLEND A Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by May 15, 2030.

*<u>HLEND B Funding Facility</u>*

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

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

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syndicated loans equal to 2.00% per annum, the applicable margin attributable to large corporate loans equal to 2.40% per annum and the applicable margin applicable to middle market loans equal to 2.65% per annum, subject to a blended floor of 2.35%.

Pursuant to the HLEND B Amendment, effective on and after October 1, 2025, loans under the HLEND B Funding Facility will bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advances, plus an applicable margin adjusted at one-month or three-month intervals based on the proportion of the broadly syndicated loans, large corporate loans and middle market loans in the portfolio, with the applicable margin attributable to broadly syndicated loans equal to 1.50% per annum, the applicable margin attributable to large corporate loans equal to 1.90% per annum and the applicable margin applicable to middle market loans equal to 1.90% per annum, subject to a blended floor of 1.75%.

As of September 30, 2025, the maximum borrowing capacity under the HLEND B Funding Facility was $1,500 million, subject to availability under the borrowing base. Proceeds from borrowings under the HLEND B Funding Facility may be used to fund portfolio investments by HLEND B, to make advances under revolving loans or delayed draw term loans where HLEND B is a lender. The period during which HLEND B may make borrowings under the HLEND B Funding Facility expires on September 17, 2028 and the HLEND B Funding Facility will mature and all amounts outstanding under the credit facility must be repaid by September 17, 2030.

*<u>HLEND C Funding Facility</u>*

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

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

As of September 30, 2025, the maximum borrowing capacity under the HLEND C Funding Facility was $850 million, subject to availability under the borrowing base. Proceeds from borrowings under the HLEND C Funding Facility may be used to fund portfolio investments by HLEND C. All amounts outstanding under the credit facility must be repaid by April 12, 2032.

*<u>HLEND D Funding Facility</u>*

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

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

As of September 30, 2025, the maximum borrowing capacity under the HLEND D Funding Facility was $1,000 million, subject to availability under the borrowing base. Proceeds from borrowings under the HLEND D Funding Facility may be used to fund portfolio investments by HLEND D. The period during which HLEND D may make borrowings under the HLEND D Funding Facility expires on March 31, 2026 and amounts outstanding under the credit facility must be repaid by March 31, 2028.

*<u>HLEND E Funding Facility</u>*

On March 28, 2024, HLEND E, as borrower, and the Company, as equity holder and as collateral manager, entered into a SPV Financing Facility with the lenders from time to time party thereto, Wells Fargo Bank, National Association, as administrative agent, U.S.

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Bank Trust Company, National Association, as collateral agent, and U.S. Bank National Association, as document custodian (as amended, the "HLEND E Funding Facility"). On November 18, 2024, HLEND E entered into an amendment to, among other things, decrease the applicable spread. On April 17, 2025, HLEND E entered into an amendment to, among other things, increase the maximum borrowing capacity under the HLEND E Funding Facility from $1,000 million to $1,500 million, extend the scheduled reinvestment period end date and facility maturity date, and include a swingline sub-facility of up to $200 million.

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

As of September 30, 2025, the maximum borrowing capacity under the HLEND E Funding Facility was $1,500 million, subject to availability under the borrowing base. Proceeds from borrowings under the HLEND E Funding Facility may be used to fund portfolio investments by HLEND E. The period during which HLEND E may make borrowings under the HLEND E Funding Facility expires on April 17, 2028, and amounts outstanding under the credit facility must be repaid by April 17, 2030.

***Revolving Credit Facility***

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

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

The maximum borrowing capacity of the Revolving Credit Facility is $2,125 million (increased from $1,625 million to $1,975 million on April 29, 2025, increased on June 26, 2025, from $1,975 million to $2,050 million, and further increased on August 6, 2025, from $2,050 million to $2,125 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 $2,962.5 million subject to the satisfaction of certain conditions.

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

The Revolving Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each Guarantor, subject to certain exceptions, and includes a $275 million limit for swingline loans.

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

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***Private Unsecured Notes***

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

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

*<u>November 2025 Notes</u>*

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

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

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

*<u>November 2027 Notes</u>*

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

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

*<u>March 2026 Notes</u>*

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

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

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*<u>March 2028 Notes</u>*

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

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

*<u>September 2027 Notes</u>*

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

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

*<u>September 2028 Notes</u>*

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

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

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***144A Unsecured Notes***

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

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

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

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

*<u>January 2029 Notes</u>*

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

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

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

*<u>September 2029 Notes</u>*

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

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

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

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*<u>January 2028 Notes</u>*

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

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

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

*<u>April 2032 Notes</u>*

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

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

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

*<u>June 2027 Notes</u>*

On June 5, 2025, the Company issued $400.0 million aggregate principal amount of 5.30% notes due in 2027 (the "June 2027 Notes") pursuant to a fifth supplemental indenture, dated as of June 5, 2025, to the Base Indenture between the Company and the 144A Unsecured Notes Trustee.

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

In connection with the June 2027 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company's liabilities with the Company's investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 5.30% per annum and pays a floating interest rate of 3-month Term SOFR plus 1.54% per annum on $400.0 million of the June 2027 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

*<u>June 2030 Notes</u>*

On June 5, 2025, the Company issued $500.0 million aggregate principal amount of 5.85% notes due in 2030 (the "June 2030 Notes") pursuant to a sixth supplemental indenture, dated as of June 5, 2025, to the Base Indenture between the Company and the 144A Unsecured Notes Trustee.

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

In connection with the June 2030 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company's liabilities with the Company's investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 5.85% per annum and pays a floating interest rate of 3-month Term

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SOFR plus 2.1475% per annum on $500.0 million of the June 2030 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

*<u>September 2028-1 Notes</u>*

On September 11, 2025, the Company issued $600.0 million aggregate principal amount of 4.90% notes due in 2028 (the "September 2028-1 Notes") pursuant to a seventh supplemental indenture, dated as of September 11, 2025, to the Base Indenture between the Company and the 144A Unsecured Notes Trustee.

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

In connection with the September 2028-1 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company's liabilities with the Company's investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 4.90% per annum and pays a floating interest rate of 3-month Term SOFR plus 1.5935% per annum on $600.0 million of the September 2028-1 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

*<u>November 2030 Notes</u>*

On September 11, 2025, the Company issued $500.0 million aggregate principal amount of 5.45% notes due in 2030 (the "November 2030 Notes") pursuant to an eighth supplemental indenture, dated as of September 11, 2025, to the Base Indenture between the Company and the 144A Unsecured Notes Trustee.

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

In connection with the November 2030 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company's liabilities with the Company's investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 5.45% per annum and pays a floating interest rate of 3-month Term SOFR plus 2.085% per annum on $500.0 million of the November 2030 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

***Debt Securitizations***

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

*2023 Debt Securitization*

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

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The following table presents information on the 2023 Debt Securitization as of September 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Type** | **Principal Outstanding** | **Interest Rate** | **Credit Rating** |
| Class A Notes | Senior Secured Floating Rate | $246500 | SF + 2.60% | AAA |
| Class B Notes | Senior Secured Floating Rate | 42500 | SF + 3.35% | AA |
| Class C Notes | Secured Deferrable Floating Rate | 34000 | SF + 4.15% | A |
| **Total Secured Notes** |  | $323000 |  |  |
| Subordinated Notes<sup>(1)</sup> |  | 106100 |  | Not rated |
| **Total Notes** |  | $429100 |  |  |

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

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

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

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

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

*2024 Debt Securitization*

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

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The following table presents information on the 2024 Debt Securitization as of September 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Type** | **Principal Outstanding** | **Interest Rate** | **Credit Rating** | **Price** |
| Class A-1 Notes | Senior Secured Floating Rate | $255000 | SF + 0.250% | AAA(sf) | 93.22 |
| Class A-2 Notes | Senior Secured Floating Rate | 40850 | SF + 1.875% | AAA(sf) | 100.00 |
| Class A-F Notes | Senior Secured Fixed Rate | 9150 | 6.275% | AAA(sf) | 100.00 |
| Class B-1 Notes | Senior Secured Floating Rate | 35000 | SF + 0.500% | AA(sf) | 89.93 |
| Class B-2 Notes | Senior Secured Floating Rate | 13500 | SF + 2.400% | AA(sf) | 100.00 |
| Class B-F Notes | Senior Secured Fixed Rate | 1500 | 6.714% | AA(sf) | 100.00 |
| Class C-1 Notes | Secured Deferrable Floating Rate | 31500 | SF + 0.750% | A(sf) | 86.54 |
| Class C-2 Notes | Secured Deferrable Floating Rate | 12150 | SF + 3.200% | A(sf) | 100.00 |
| Class C-F Notes | Secured Deferrable Fixed Rate | 1350 | 7.490% | A(sf) | 100.00 |
| **Total Secured Notes** |  | $400000 |  |  |  |
| Subordinated Notes<sup>(1)</sup> |  | 126000 |  | Not rated |  |
| **Total Notes** |  | $526000 |  |  |  |

---

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

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

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

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

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

*2025 Debt Securitization*

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

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

------

at the written direction of (i) a majority of the 2025 CLO Subordinated Notes with the consent of the Company or (ii) the Company, in each case, on any business day on or after March 5, 2027.

The following table presents information on the 2025 CLO Debt Securitization as of September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Principal Outstanding** | **Interest Rate** | **Credit Rating** |
| 2025 CLO Class A Loans | $25000 | SF + 1.40% | AAA(sf) |
| 2025 CLO Class A Notes | 700000 | SF + 1.40% | AAA(sf) |
| 2025 CLO Class B Notes | 125000 | SF + 1.70% | AA(sf) |
| **Total Secured Debt** | $850000 |  |  |
| 2025 CLO Subordinated Notes<sup>(1)</sup> | 404075 |  | Not rated |
| **Total Debt** | $1254075 |  |  |

---

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

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

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

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

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

*2025-4 Debt Securitization*

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

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

------

The following table presents information on the 2025-4 Debt Securitization as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Principal Outstanding** | **Interest Rate** | **Credit Rating (S&P)** | **Credit Rating (Fitch)** |
| 2025-4 CLO Class A Notes | $681250 | SF + 1.54% | AAA(sf) | AAA(sf) |
| 2025-4 CLO Class B Notes | 168750 | SF + 1.85% | AA(sf) | Not rated |
| **Total Secured Notes** | $850000 |  |  |  |
| 2025-4 CLO Subordinated Notes<sup>(1)</sup> | 400000 |  | Not rated | Not rated |
| **Total Notes** | $1250000 |  |  |  |

---

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

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

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

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

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

***Short-Term Borrowings***

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

In accordance with ASC 860, Transfers and Servicing, the Short Term Financing Transactions meet the criteria for secured borrowings. Accordingly, the investment financed by these agreements remains on the Company's Consolidated Statements of Assets and Liabilities as an asset, and the Company records a liability to reflect its repurchase obligation to a third party which is reported as debt on the Company's Consolidated Statements of Assets and Liabilities. The repurchase obligation is secured by the respective investment that is the subject of the repurchase agreement. Interest expense associated with the repurchase obligation is reported on the Company's Consolidated Statements of Operations within interest expense. As of each of September 30, 2025 and December 31, 2024, there were no short-term borrowings outstanding.

------

The Company's outstanding debt obligations were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Aggregate Principal Committed** | **Outstanding Principal** | **Carrying Value** | **Unused Portion**<sup>(1)</sup> | **Amount Available**<sup>(2)</sup> |
| HLEND A Funding Facility<sup>(3)</sup> | $1250000 | $757530 | $757530 | $492470 | $249169 |
| HLEND B Funding Facility<sup>(3)</sup> | 1500000 | 833659 | 833659 | 666341 | 380983 |
| HLEND C Funding Facility | 850000 | 510000 | 510000 | 340000 | 25124 |
| HLEND D Funding Facility<sup>(3)</sup> | 1000000 | 751376 | 751376 | 248624 | 184562 |
| HLEND E Funding Facility<sup>(3)</sup> | 1500000 | 913705 | 913705 | 586295 | 248733 |
| Revolving Credit Facility<sup>(3)</sup> | 2125000 | 969772 | 969772 | 1155228 | 1155228 |
| November 2027 Notes<sup>(4)</sup> | 155000 | 155000 | 154962 |  |  |
| March 2026 Notes<sup>(4)</sup> | 276000 | 276000 | 276284 |  |  |
| March 2028 Notes<sup>(4)</sup> | 124000 | 124000 | 124801 |  |  |
| September 2027 Notes<sup>(4)</sup> | 75000 | 75000 | 75817 |  |  |
| September 2028 Notes<sup>(4)</sup> | 250000 | 250000 | 253990 |  |  |
| January 2029 Notes<sup>(4)</sup> | 550000 | 550000 | 548525 |  |  |
| September 2029 Notes<sup>(4)</sup> | 400000 | 400000 | 403928 |  |  |
| January 2028 Notes<sup>(4)</sup> | 750000 | 750000 | 752408 |  |  |
| April 2032 Notes<sup>(4)</sup> | 500000 | 500000 | 505723 |  |  |
| June 2027 Notes<sup>(4)</sup> | 400000 | 400000 | 397265 |  |  |
| June 2030 Notes<sup>(4)</sup> | 500000 | 500000 | 496700 |  |  |
| September 2028-1 Notes<sup>(4)</sup> | 600000 | 600000 | 590895 |  |  |
| November 2030 Notes<sup>(4)</sup> | 500000 | 500000 | 491871 |  |  |
| 2023 CLO Secured Notes<sup>(4)</sup> | 323000 | 323000 | 321816 |  |  |
| 2024 CLO Secured Notes<sup>(4)</sup> | 400000 | 400000 | 380318 |  |  |
| 2025 CLO Secured Debt<sup>(4)</sup> | 850000 | 850000 | 845516 |  |  |
| 2025-4 CLO Secured Notes<sup>(4)</sup> | 850000 | 850000 | 845023 |  |  |
| **Total** | $15728000 | $12239042 | $12201884 | $3488958 | $2243799 |

---

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

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

(3)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of September 30, 2025, the Company had outstanding borrowings denominated in the following non-USD currencies:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Currency** | **Currency** | **Currency** | **Currency** | **Currency** |
|<br>**Facility** | **Australian Dollars (AUD)** | **Australian Dollars (AUD)** | **Euros (EUR)** | **Euros (EUR)** | **British Pound (GBP)** |
| HLEND A Funding Facility | A$ | 94413 | € | 45500 | £— |
| HLEND B Funding Facility | 25519 | 25519 | 105352 | 105352 | 90346 |
| HLEND D Funding Facility |  |  | 167513 | 167513 |  |
| HLEND E Funding Facility |  |  | 67836 | 67836 |  |
| Revolving Credit Facility | 43310 | 43310 | 448857 | 448857 | 225692 |

---

------

(4)As of September 30, 2025, the carrying value of the Company's Unsecured Notes, 2023 CLO Secured Notes, 2024 CLO Secured Notes, 2025 CLO Secured Debt, and 2025-4 CLO Secured Notes are presented net of unamortized debt issuance costs and original issue discount, as applicable, in the below table. Additionally, the carrying value of the Company's Unsecured Notes includes the increase (decrease) in the notes carrying value as a result of the qualifying fair value hedge relationship as disclosed in the below table, and as further described above.

---

| | | |
|:---|:---|:---|
| | **Unamortized Debt Issuance Costs and Original Issue Discount** | **Change in the Notes Carrying Value as a Result of the Qualifying Fair Value Hedge Relationship** |
| November 2027 Notes | $(749) | $711 |
| March 2026 Notes | (268) | 552 |
| March 2028 Notes | (555) | 1356 |
| September 2027 Notes | (385) | 1202 |
| September 2028 Notes | (1554) | 5544 |
| January 2029 Notes | (8469) | 6994 |
| September 2029 Notes | (7348) | 11276 |
| January 2028 Notes | (9029) | 11437 |
| April 2032 Notes | (12515) | 18238 |
| June 2027 Notes | (3491) | 756 |
| June 2030 Notes | (7337) | 4037 |
| September 2028-1 Notes | (7237) | (1868) |
| November 2030 Notes | (5059) | (3070) |
| 2023 CLO Secured Notes | (1184) |  |
| 2024 CLO Secured Notes | (19682) |  |
| 2025 CLO Secured Debt | (4484) |  |
| 2025-4 CLO Secured Notes | (4977) |  |
| **Total** | $(94323) | $57165 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Aggregate Principal Committed** | **Outstanding Principal** | **Carrying Value** | **Unused Portion**<sup>(1)</sup> | **Amount Available**<sup>(2)</sup> |
| HLEND A Funding Facility<sup>(3)</sup> | $800000 | $683184 | $683184 | $116816 | $94431 |
| HLEND B Funding Facility<sup>(3)</sup> | 1250000 | 955572 | 955572 | 294428 | 148973 |
| HLEND C Funding Facility | 750000 | 487500 | 487500 | 262500 | 31775 |
| HLEND D Funding Facility<sup>(3)</sup> | 1000000 | 830343 | 830343 | 169657 | 96737 |
| HLEND E Funding Facility | 1000000 | 642800 | 642800 | 357200 | 81202 |
| Revolving Credit Facility<sup>(3)</sup> | 1525000 | 1186264 | 1186264 | 338736 | 338736 |
| November 2025 Notes<sup>(4)</sup> | 170000 | 170000 | 169403 |  |  |
| November 2027 Notes<sup>(4)</sup> | 155000 | 155000 | 153652 |  |  |
| March 2026 Notes<sup>(4)</sup> | 276000 | 276000 | 274866 |  |  |
| March 2028 Notes<sup>(4)</sup> | 124000 | 124000 | 121989 |  |  |
| September 2027 Notes<sup>(4)</sup> | 75000 | 75000 | 74649 |  |  |
| September 2028 Notes<sup>(4)</sup> | 250000 | 250000 | 248111 |  |  |
| January 2029 Notes<sup>(4)</sup> | 550000 | 550000 | 530894 |  |  |
| September 2029 Notes<sup>(4)</sup> | 400000 | 400000 | 390055 |  |  |
| 2023 CLO Secured Notes<sup>(4)</sup> | 323000 | 323000 | 320018 |  |  |
| 2024 CLO Secured Notes<sup>(4)</sup> | 400000 | 400000 | 376280 |  |  |
| **Total** | $9048000 | $7508663 | $7445580 | $1539337 | $791854 |

---

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

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

(3)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of December 31, 2024, the Company had outstanding borrowings denominated in the following non-USD currencies:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Currency** | **Currency** | **Currency** | **Currency** |
|<br>**Facility** | **Australian Dollars (AUD)** | **Australian Dollars (AUD)** | **Euros (EUR)** | **British Pound (GBP)** |
| HLEND A Funding Facility | A$ | 34413 | € | £12929 |
| HLEND B Funding Facility | 25519 | 25519 | 3352 | 90347 |
| HLEND D Funding Facility |  |  | 42513 |  |
| Revolving Credit Facility | 62500 | 62500 | 457831 | 212692 |

---

(4)As of December 31, 2024, the carrying value of the Company's Unsecured Notes, 2023 CLO Secured Notes and 2024 CLO Secured Notes are presented net of unamortized debt issuance costs and original issue discount, as applicable, in the below table. Additionally, the carrying value of the Company's Unsecured Notes includes the increase (decrease) in the notes carrying value as a result of the qualifying fair value hedge relationship as disclosed in the below table, and as further described above.

---

| | | |
|:---|:---|:---|
| | **Unamortized Debt Issuance Costs and Original Issue Discount** | **Change in the Notes Carrying Value as a Result of the Qualifying Fair Value Hedge Relationship** |
| November 2025 Notes | $(562) | $(36) |
| November 2027 Notes | (1013) | (335) |
| March 2026 Notes | (1007) | (127) |
| March 2028 Notes | (723) | (1288) |
| September 2027 Notes | (533) | 182 |
| September 2028 Notes | (1947) | 58 |
| January 2029 Notes | (10367) | (8739) |
| September 2029 Notes | (8721) | (1225) |
| 2023 CLO Secured Notes | (2982) |  |
| 2024 CLO Secured Notes | (23718) |  |
| **Total** | $(51573) | $(11510) |

---

------

As of September 30, 2025 and December 31, 2024, $151.7 million and $103.0 million, respectively, of interest expense and $1.6 million and $1.7 million, respectively, of facility unused commitment fees were included in interest payable. For the three months ended September 30, 2025 and 2024, the weighted average interest rate on all borrowings outstanding was 6.71% and 8.82% (including unused fees, amortization of deferred financing costs, debt issuance costs and original issue discounts, and the net interest on interest rate swaps accounted for as hedges), respectively, and the average principal debt outstanding was $10,932.2 million and $4,794.1 million, respectively. For the nine months ended September 30, 2025 and 2024, the weighted average interest rate on all borrowings outstanding was 6.88% and 8.98% (including unused fees, amortization of deferred financing costs, debt issuance costs and original issue discounts, and the net interest on interest rate swaps accounted for as hedges), respectively, and the average principal debt outstanding was $9,329.4 million and $4,180.9 million, respectively.

The components of interest expense were as follows:

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| | | |
|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| | **2025** | **2024** |
| Borrowing interest expense | $167209 | $91203 |
| Facility unused commitment fees | 1517 | 3268 |
| Amortization of deferred financing costs | 2810 | 1686 |
| Amortization of original issue discount and debt issuance costs | 8003 | 3222 |
| Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items: |  |  |
| &nbsp;&nbsp;Interest rate swaps | (2636) | 55764 |
| &nbsp;&nbsp;Hedged items | 7892 | (48869) |
| **Total interest expense** | $184795 | $106274 |
| Cash paid for interest expense | $165377 | $103429 |

---

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| Borrowing interest expense | $437716 | $241745 |
| Facility unused commitment fees | 6812 | 10439 |
| Amortization of deferred financing costs | 7998 | 6057 |
| Amortization of original issue discount and debt issuance costs | 17839 | 6469 |
| Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items: |  |  |
| &nbsp;&nbsp;Interest rate swaps | 68674 | 29510 |
| &nbsp;&nbsp;Hedged items | (58821) | (13185) |
| **Total interest expense** | $480218 | $281035 |
| Cash paid for interest expense | $405823 | $251591 |

---

**Note 8. Commitments and Contingencies** 

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

The Company's investment portfolio may contain debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of September 30, 2025 and December 31, 2024, the Company had unfunded delayed draw term loans and revolvers in the aggregate principal amount of $3,255.8 million and $2,128.7 million, respectively.

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of September 30, 2025, management is not aware of any material pending or threatened litigation.

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**Note 9. Net Assets**

In connection with its formation, the Company has the authority to issue an unlimited number of Class I, Class D, Class F and Class S common shares of beneficial interest at $0.01 per share par value. As of September 30, 2025 and December 31, 2024, 0.10% and 0.14% of shares outstanding were held by certain affiliates of the Adviser, respectively.

The following table summarizes transactions in common shares of beneficial interest during the three months ended September 30, 2025:

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| | | |
|:---|:---|:---|
| | **Shares** | **Amount** |
| **CLASS I** | | |
| Subscriptions | 20669851 | $521356 |
| Share transfers between classes | 25263 | 638 |
| Distributions reinvested | 1122512 | 28310 |
| Share repurchases | (2017858) | (50991) |
| Early repurchase deduction |  | 13 |
| **Net increase (decrease)** | 19799768 | $499326 |
| **CLASS D** |  |  |
| Subscriptions | 2578928 | $65057 |
| Share transfers between classes | 433715 | 10933 |
| Distributions reinvested | 529293 | 13348 |
| Share repurchases | (1438900) | (36361) |
| Early repurchase deduction |  | 4 |
| **Net increase (decrease)** | 2103036 | $52981 |
| **CLASS F** |  |  |
| Subscriptions | 14068012 | $354817 |
| Share transfers between classes | (579532) | (14609) |
| Distributions reinvested | 2409745 | 60774 |
| Share repurchases | (3249115) | (82105) |
| Early repurchase deduction |  | 17 |
| **Net increase (decrease)** | 12649110 | $318894 |
| **CLASS S** |  |  |
| Subscriptions | 5417493 | $136639 |
| Share transfers between classes | 120554 | 3038 |
| Distributions reinvested | 260155 | 6561 |
| Share repurchases | (277905) | (7023) |
| Early repurchase deduction |  | 2 |
| **Net increase (decrease)** | 5520297 | $139217 |
| **Total net increase (decrease)** | 40072211 | $1010418 |

---

------

The following table summarizes transactions in common shares of beneficial interest during the nine months ended September 30, 2025:

---

| | | |
|:---|:---|:---|
| | **Shares** | **Amount** |
| **CLASS I** | | |
| Subscriptions | 68786183 | $1746721 |
| Share transfers between classes | 3269342 | 83176 |
| Distributions reinvested | 3180411 | 80688 |
| Share repurchases | (12113319) | (307091) |
| Early repurchase deduction |  | 60 |
| **Net increase (decrease)** | 63122617 | $1603554 |
| **CLASS D** |  |  |
| Subscriptions | 7974481 | $202182 |
| Share transfers between classes | (2547455) | (64899) |
| Distributions reinvested | 1553535 | 39423 |
| Share repurchases | (3645010) | (92332) |
| Early repurchase deduction |  | 19 |
| **Net increase (decrease)** | 3335551 | $84393 |
| **CLASS F** |  |  |
| Subscriptions | 41993991 | $1064623 |
| Share transfers between classes | (739533) | (18684) |
| Distributions reinvested | 6581420 | 166942 |
| Share repurchases | (6385207) | (161427) |
| Early repurchase deduction |  | 83 |
| **Net increase (decrease)** | 41450671 | $1051537 |
| **CLASS S** |  |  |
| Subscriptions | 14235984 | $361123 |
| Share transfers between classes | 17646 | 407 |
| Distributions reinvested | 664733 | 16854 |
| Share repurchases | (503723) | (12729) |
| Early repurchase deduction |  | 10 |
| **Net increase (decrease)** | 14414640 | $365665 |
| **Total net increase (decrease)** | 122323479 | $3105149 |

---

------

The following table summarizes transactions in common shares of beneficial interest during the three months ended September 30, 2024:

---

| | | |
|:---|:---|:---|
| | **Shares** | **Amount** |
| **CLASS I** | | |
| Subscriptions | 9657377 | $246413 |
| Share transfers between classes | 98267 | 2513 |
| Distributions reinvested | 619207 | 15805 |
| Share repurchases | (605984) | (15489) |
| Early repurchase deduction |  | (44) |
| **Net increase (decrease)** | 9768867 | $249198 |
| **CLASS D** |  |  |
| Subscriptions | 5278810 | $134820 |
| Share transfers between classes | (72175) | (1846) |
| Distributions reinvested | 456733 | 11658 |
| Share repurchases | (117463) | (3002) |
| Early repurchase deduction |  | (20) |
| **Net increase (decrease)** | 5545905 | $141610 |
| **CLASS F** |  |  |
| Subscriptions | 11307936 | $288584 |
| Share transfers between classes | (20000) | (512) |
| Distributions reinvested | 1673756 | 42721 |
| Share repurchases | (1043540) | (26673) |
| Early repurchase deduction |  | (83) |
| **Net increase (decrease)** | 11918152 | $304037 |
| **CLASS S** |  |  |
| Subscriptions | 3444921 | $87965 |
| Share transfers between classes | (6092) | (155) |
| Distributions reinvested | 110794 | 2828 |
| Share repurchases |  |  |
| Early repurchase deduction |  | (5) |
| **Net increase (decrease)** | 3549623 | $90633 |
| **Total net increase (decrease)** | 30782547 | $785478 |

---

------

The following table summarizes transactions in common shares of beneficial interest during the nine months ended September 30, 2024:

---

| | | |
|:---|:---|:---|
| | Shares | Amount |
| **CLASS I** |  |  |
| Subscriptions | 38699330 | $981460 |
| Share transfers between classes | 195275 | 4961 |
| Distributions reinvested | 1679267 | 42614 |
| Share repurchases | (2809501) | (71513) |
| Early repurchase deduction |  | 1 |
| **Net increase (decrease)** | 37764371 | $957523 |
| **CLASS D** |  |  |
| Subscriptions | 12341218 | $313142 |
| Share transfers between classes | 578230 | 14630 |
| Distributions reinvested | 1297734 | 32923 |
| Share repurchases | (533783) | (13561) |
| Early repurchase deduction |  | 1 |
| **Net increase (decrease)** | 13683399 | $347135 |
| **CLASS F** |  |  |
| Subscriptions | 37355053 | $946493 |
| Share transfers between classes | (824344) | (20867) |
| Distributions reinvested | 5001056 | 126842 |
| Share repurchases | (2975480) | (75876) |
| Early repurchase deduction |  | 2 |
| **Net increase (decrease)** | 38556285 | $976594 |
| **CLASS S** |  |  |
| Subscriptions | 11392887 | $289012 |
| Share transfers between classes | 50839 | 1276 |
| Distributions reinvested | 206907 | 5269 |
| Share repurchases |  |  |
| Early repurchase deduction |  |  |
| **Net increase (decrease)** | 11650633 | $295557 |
| **Total net increase (decrease)** | 101654688 | $2576809 |

---

*Net Asset Value per Share and Offering Price* 

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

*Distributions* 

The Company declares monthly distribution amounts per share of Class I, Class D, Class F, and Class S common shares of beneficial interest payable monthly in arrears. The record date for each distribution was the last calendar date of the month in which such distribution was declared. The following tables present distributions that were declared during the nine months ended September 30, 2025:

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|<br>**Declaration Date** |<br>**Payment Date** | **Base Distribution Per Share** | **Variable Supplemental Distribution Per Share** | **Special Distribution Per Share** | **Total Distribution Per Share** | **Distribution Amount** |
| January 29, 2025 | February 28, 2025 | $0.1600 | $0.0550 | $— | $0.2150 | $24733 |
| February 26, 2025 | March 31, 2025 | 0.1600 | 0.0550 |  | 0.2150 | 27355 |
| March 27, 2025 | April 30, 2025 | 0.1600 | 0.0550 |  | 0.2150 | 28558 |
| April 25, 2025 | May 30, 2025 | 0.1600 | 0.0550 |  | 0.2150 | 29299 |
| May 27, 2025 | June 30, 2025 | 0.1600 | 0.0550 |  | 0.2150 | 31373 |
| June 24, 2025 | July 31, 2025 | 0.1600 | 0.0550 |  | 0.2150 | 33040 |
| July 23, 2025 | August 29, 2025 | 0.1600 | 0.0550 |  | 0.2150 | 33412 |
| August 26, 2025 | September 30, 2025 | 0.1600 | 0.0550 |  | 0.2150 | 35458 |
| September 24, 2025 | October 31, 2025 | 0.1600 | 0.0550 |  | 0.2150 | 36845 |
| **Total** |  | $1.4400 | $0.4950 | $— | $1.9350 | $280073 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Class D** | **Class D** | **Class D** | **Class D** | **Class D** |
|<br>**Declaration Date** |<br>**Payment Date** | **Base Distribution Per Share** <sup>(1)</sup> | **Variable Supplemental Distribution Per Share** | **Special Distribution Per Share** | **Total Distribution Per Share** <sup>(1)</sup> | **Distribution Amount** |
| January 29, 2025 | February 28, 2025 | $0.1546 | $0.0550 | $— | $0.2096 | $8871 |
| February 26, 2025 | March 31, 2025 | 0.1551 | 0.0550 |  | 0.2101 | 9116 |
| March 27, 2025 | April 30, 2025 | 0.1546 | 0.0550 |  | 0.2096 | 9339 |
| April 25, 2025 | May 30, 2025 | 0.1548 | 0.0550 |  | 0.2098 | 9178 |
| May 27, 2025 | June 30, 2025 | 0.1546 | 0.0550 |  | 0.2096 | 9198 |
| June 24, 2025 | July 31, 2025 | 0.1548 | 0.0550 |  | 0.2098 | 9489 |
| July 23, 2025 | August 29, 2025 | 0.1546 | 0.0550 |  | 0.2096 | 9703 |
| August 26, 2025 | September 30, 2025 | 0.1546 | 0.0550 |  | 0.2096 | 9950 |
| September 24, 2025 | October 31, 2025 | 0.1548 | 0.0550 |  | 0.2098 | 10049 |
| **Total** |  | $1.3925 | $0.4950 | $— | $1.8875 | $84893 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Class F** | **Class F** | **Class F** | **Class F** | **Class F** |
|<br>**Declaration Date** |<br>**Payment Date** | **Base Distribution Per Share** <sup>(1)</sup> | **Variable Supplemental Distribution Per Share** | **Special Distribution Per Share** | **Total Distribution Per Share** <sup>(1)</sup> | **Distribution Amount** |
| January 29, 2025 | February 28, 2025 | $0.1491 | $0.0550 | $— | $0.2041 | $36177 |
| February 26, 2025 | March 31, 2025 | 0.1502 | 0.0550 |  | 0.2052 | 37444 |
| March 27, 2025 | April 30, 2025 | 0.1492 | 0.0550 |  | 0.2042 | 38611 |
| April 25, 2025 | May 30, 2025 | 0.1495 | 0.0550 |  | 0.2045 | 39480 |
| May 27, 2025 | June 30, 2025 | 0.1493 | 0.0550 |  | 0.2043 | 40814 |
| June 24, 2025 | July 31, 2025 | 0.1496 | 0.0550 |  | 0.2046 | 42387 |
| July 23, 2025 | August 29, 2025 | 0.1493 | 0.0550 |  | 0.2043 | 43253 |
| August 26, 2025 | September 30, 2025 | 0.1493 | 0.0550 |  | 0.2043 | 44310 |
| September 24, 2025 | October 31, 2025 | 0.1496 | 0.0550 |  | 0.2046 | 45185 |
| **Total** |  | $1.3451 | $0.4950 | $— | $1.8401 | $367661 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
|<br>**Declaration Date** |<br>**Payment Date** | **Base Distribution Per Share** <sup>(1)</sup> | **Variable Supplemental Distribution Per Share** | **Special Distribution Per Share** | **Total Distribution Per Share** <sup>(1)</sup> | **Distribution Amount** |
| January 29, 2025 | February 28, 2025 | $0.1415 | $0.0550 | $— | $0.1965 | $3363 |
| February 26, 2025 | March 31, 2025 | 0.1433 | 0.0550 |  | 0.1983 | 3627 |
| March 27, 2025 | April 30, 2025 | 0.1416 | 0.0550 |  | 0.1966 | 3978 |
| April 25, 2025 | May 30, 2025 | 0.1422 | 0.0550 |  | 0.1972 | 4374 |
| May 27, 2025 | June 30, 2025 | 0.1417 | 0.0550 |  | 0.1967 | 4585 |
| June 24, 2025 | July 31, 2025 | 0.1424 | 0.0550 |  | 0.1974 | 4924 |
| July 23, 2025 | August 29, 2025 | 0.1418 | 0.0550 |  | 0.1968 | 5157 |
| August 26, 2025 | September 30, 2025 | 0.1418 | 0.0550 |  | 0.1968 | 5619 |
| September 24, 2025 | October 31, 2025 | 0.1424 | 0.0550 |  | 0.1974 | 6033 |
| **Total** |  | $1.2787 | $0.4950 | $— | $1.7737 | $41660 |

---

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

The following tables present distributions that were declared during the nine months ended September 30, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|<br>**Declaration Date** |<br>**Payment Date** | **Base Distribution Per Share** | **Variable Supplemental Distribution Per Share** | **Special Distribution Per Share** | **Total Distribution Per Share** | **Distribution Amount** |
| January 30, 2024 | February 29, 2024 | $0.1600 | $0.0550 | $— | $0.2150 | $11811 |
| February 29, 2024 | March 29, 2024 | 0.1600 | 0.0550 |  | 0.2150 | 13391 |
| March 26, 2024 | April 30, 2024 | 0.1600 | 0.0550 |  | 0.2150 | 14482 |
| April 25, 2024 | May 31, 2024 | 0.1600 | 0.0550 |  | 0.2150 | 15054 |
| May 31, 2024 | June 28, 2024 | 0.1600 | 0.0550 |  | 0.2150 | 16339 |
| June 26, 2024 | July 31, 2024 | 0.1600 | 0.0550 |  | 0.2150 | 17490 |
| July 26, 2024 | August 30, 2024 | 0.1600 | 0.0550 |  | 0.2150 | 18130 |
| August 27, 2024 | September 30, 2024 | 0.1600 | 0.0550 |  | 0.2150 | 18993 |
| September 26, 2024 | October 31, 2024 | 0.1600 | 0.0550 |  | 0.2150 | 19529 |
| **Total** |  | $1.4400 | $0.4950 | $— | $1.9350 | $145219 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Class D** | **Class D** | **Class D** | **Class D** | **Class D** |
|<br>**Declaration Date** |<br>**Payment Date** | **Base Distribution Per Share** <sup>(1)</sup> | **Variable Supplemental Distribution Per Share** | **Special Distribution Per Share** | **Total Distribution Per Share** <sup>(1)</sup> | **Distribution Amount** |
| January 30, 2024 | February 29, 2024 | $0.1547 | $0.0550 | $— | $0.2097 | $6514 |
| February 29, 2024 | March 29, 2024 | 0.1550 | 0.0550 |  | 0.2100 | 6670 |
| March 26, 2024 | April 30, 2024 | 0.1547 | 0.0550 |  | 0.2097 | 6834 |
| April 25, 2024 | May 31, 2024 | 0.1548 | 0.0550 |  | 0.2098 | 7225 |
| May 31, 2024 | June 28, 2024 | 0.1546 | 0.0550 |  | 0.2096 | 7404 |
| June 26, 2024 | July 31, 2024 | 0.1548 | 0.0550 |  | 0.2098 | 7622 |
| July 26, 2024 | August 30, 2024 | 0.1546 | 0.0550 |  | 0.2096 | 8144 |
| August 27, 2024 | September 30, 2024 | 0.1546 | 0.0550 |  | 0.2096 | 8270 |
| September 26, 2024 | October 31, 2024 | 0.1548 | 0.0550 |  | 0.2098 | 8810 |
| **Total** |  | $1.3926 | $0.4950 | $— | $1.8876 | $67493 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Class F** | **Class F** | **Class F** | **Class F** | **Class F** |
|<br>**Declaration Date** |<br>**Payment Date** | **Base Distribution Per Share** <sup>(1)</sup> | **Variable Supplemental Distribution Per Share** | **Special Distribution Per Share** | **Total Distribution Per Share** <sup>(1)</sup> | **Distribution Amount** |
| January 30, 2024 | February 29, 2024 | $0.1494 | $0.0550 | $— | $0.2044 | $26889 |
| February 29, 2024 | March 29, 2024 | 0.1500 | 0.0550 |  | 0.2050 | 28278 |
| March 26, 2024 | April 30, 2024 | 0.1493 | 0.0550 |  | 0.2043 | 29404 |
| April 25, 2024 | May 31, 2024 | 0.1496 | 0.0550 |  | 0.2046 | 29919 |
| May 31, 2024 | June 28, 2024 | 0.1492 | 0.0550 |  | 0.2042 | 30325 |
| June 26, 2024 | July 31, 2024 | 0.1495 | 0.0550 |  | 0.2045 | 31356 |
| July 26, 2024 | August 30, 2024 | 0.1492 | 0.0550 |  | 0.2042 | 31763 |
| August 27, 2024 | September 30, 2024 | 0.1492 | 0.0550 |  | 0.2042 | 32810 |
| September 26, 2024 | October 31, 2024 | 0.1495 | 0.0550 |  | 0.2045 | 33739 |
| **Total** |  | $1.3449 | $0.4950 | $— | $1.8399 | $274483 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
|<br>**Declaration Date** |<br>**Payment Date** | **Base Distribution Per Share** <sup>(1)</sup> | **Variable Supplemental Distribution Per Share** | **Special Distribution Per Share** | **Total Distribution Per Share** <sup>(1)</sup> | **Distribution Amount** |
| January 30, 2024 | February 29, 2024 | $0.1420 | $0.0550 | $— | $0.1970 | $357 |
| February 29, 2024 | March 29, 2024 | 0.1431 | 0.0550 |  | 0.1981 | 743 |
| March 26, 2024 | April 30, 2024 | 0.1418 | 0.0550 |  | 0.1968 | 954 |
| April 25, 2024 | May 31, 2024 | 0.1423 | 0.0550 |  | 0.1973 | 1204 |
| May 31, 2024 | June 28, 2024 | 0.1417 | 0.0550 |  | 0.1967 | 1550 |
| June 26, 2024 | July 31, 2024 | 0.1422 | 0.0550 |  | 0.1972 | 1767 |
| July 26, 2024 | August 30, 2024 | 0.1416 | 0.0550 |  | 0.1966 | 1954 |
| August 27, 2024 | September 30, 2024 | 0.1417 | 0.0550 |  | 0.1967 | 2126 |
| September 26, 2024 | October 31, 2024 | 0.1422 | 0.0550 |  | 0.1972 | 2467 |
| **Total** |  | $1.2786 | $0.4950 | $— | $1.7736 | $13122 |

---

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

*Distribution Reinvestment Plan* 

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

*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 September 30, 2025, a portion of the Company's distributions resulted from expense support from the Adviser, and future distributions may result from expense support from the Adviser, each of which is subject to repayment by the Company within three years from the date of payment. The purpose of this arrangement avoids distributions being characterized as a return of capital for U.S. federal income tax purposes. Shareholders should understand that any such distribution is not based solely on the Company's investment performance, and can only be sustained if the Company achieves positive investment performance in future periods and/or the Adviser continues to provide expense support. Shareholders should also understand that the Company's future repayments of expense support will

------

reduce the distributions that they would otherwise receive. There can be no assurance that the Company will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all.

Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following table reflects the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its Common Shares during the nine months ended September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class D** | **Class D** | **Class F** | **Class F** | **Class S** | **Class S** |
|<br>**Source of Distribution** | **Per Share** | **Amount** | **Per Share** | **Amount** | **Per Share** | **Amount** | **Per Share** | **Amount** |
| Net investment income | $1.9350 | $280073 | $1.8875 | $84893 | $1.8401 | $367661 | $1.7737 | $41660 |
| Net realized gains |  |  |  |  |  |  |  |  |
| **Total** | $1.9350 | $280073 | $1.8875 | $84893 | $1.8401 | $367661 | $1.7737 | $41660 |

---

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 nine months ended September 30, 2024:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class D** | **Class D** | **Class F** | **Class F** | **Class S** | **Class S** |
|<br>**Source of Distribution** | **Per Share** | **Amount** | **Per Share** | **Amount** | **Per Share** | **Amount** | **Per Share** | **Amount** |
| Net investment income | $1.9350 | $145219 | $1.8876 | $67493 | $1.8399 | $274483 | $1.7736 | $13122 |
| Net realized gains |  |  |  |  |  |  |  |  |
| **Total** | $1.9350 | $145219 | $1.8876 | $67493 | $1.8399 | $274483 | $1.7736 | $13122 |

---

*Share Repurchase Program*

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

Under the Company's share repurchase program, to the extent the Company offers to repurchase shares in any particular quarter, the Company expects to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an "Early Repurchase Deduction"). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived, at the Company's discretion, in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders across all shares.

------

The following tables summarize the share repurchases completed during the nine months ended September 30, 2025 and 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Repurchase Deadline Request** | **Percentage of Outstanding Shares the Company Offered to Repurchase**<sup>(1)</sup> | **Repurchase Pricing Date** | **Amount Repurchased (all classes)**<sup>(2)</sup> | **Number of Shares Repurchased (all classes)** | **Percentage of Outstanding Shares Repurchased**<sup>(1)</sup> |
| March 4, 2025 | 5.00% | March 31, 2025 | $210490 | 8264218 | 2.42% |
| May 30, 2025 | 5.00% | June 30, 2025 | $186609 | 7399263 | 1.96% |
| August 29, 2025 | 5.00% | September 30, 2025 | $176480 | 6983778 | 1.65% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Repurchase Deadline Request** | **Percentage of Outstanding Shares the Company Offered to Repurchase**<sup>(1)</sup> | **Repurchase Pricing Date** | **Amount Repurchased (all classes)**<sup>(2)</sup> | **Number of Shares Repurchased (all classes)** | **Percentage of Outstanding Shares Repurchased**<sup>(1)</sup> |
| March 1, 2024 | 5.00% | March 31, 2024 | $59526 | 2347231 | 1.13% |
| May 30, 2024 | 5.00% | June 30, 2024 | $56260 | 2204546 | 0.89% |
| August 29, 2024 | 5.00% | September 30, 2024 | $45164 | 1766987 | 0.64% |

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

(2)Amounts not inclusive of Early Repurchase Deduction.

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

The following are the financial highlights for the nine months ended September 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| | **Class I** | **Class D** | **Class F** | **Class S** |
| **Per Share Data:** | | | | |
| Net asset value, beginning of period | $25.59 | $25.59 | $25.59 | $25.59 |
| Net investment income <sup>(1)</sup> | 1.98 | 1.94 | 1.89 | 1.82 |
| Net unrealized and realized gain (loss) <sup>(2)</sup> | (0.36) | (0.37) | (0.37) | (0.37) |
| Net increase (decrease) in net assets resulting from operations | 1.62 | 1.57 | 1.52 | 1.45 |
| Distributions from net investment income <sup>(3)</sup> | (1.94) | (1.89) | (1.84) | (1.77) |
| Distributions from net realized gains <sup>(3)</sup> |  |  |  |  |
| Net increase (decrease) in net assets from shareholders' distributions | (1.94) | (1.89) | (1.84) | (1.77) |
| Early repurchase deduction fees <sup>(6)</sup> | 0.00 | 0.00 | 0.00 | 0.00 |
| Total increase (decrease) in net assets | (0.32) | (0.32) | (0.32) | (0.32) |
| Net asset value, end of period | $25.27 | $25.27 | $25.27 | $25.27 |
| Shares outstanding, end of period | 169350179 | 46455932 | 217600686 | 30283318 |
| Total return based on NAV <sup>(4)</sup> | 6.55% | 6.35% | 6.16% | 5.88% |
| **Ratios:** |  |  |  |  |
| Ratio of net expenses to average net assets <sup>(5)</sup> | 9.00% | 9.23% | 9.49% | 9.87% |
| Ratio of net investment income to average net assets <sup>(5)</sup> | 10.40% | 10.17% | 9.91% | 9.56% |
| Portfolio turnover rate | 8.32% | 8.32% | 8.32% | 8.32% |
| **Supplemental Data:** |  |  |  |  |
| Net assets, end of period | $4280282 | $1174151 | $5499754 | $765408 |
| Asset coverage ratio | 195.8% | 195.8% | 195.8% | 195.8% |

---

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

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

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

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

(5)For the nine months ended September 30, 2025, amounts are annualized except for excise tax and capital gains incentive fee.

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

------

The following are the financial highlights for the nine months ended September 30, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
| | **Class I** | **Class D** | **Class F** | **Class S** |
| **Per Share Data:** | | | | |
| Net asset value, beginning of period | $25.06 | $25.06 | $25.06 | $25.06 |
| Net investment income <sup>(1)</sup> | 2.10 | 2.06 | 2.01 | 1.91 |
| Net unrealized and realized gain (loss) <sup>(2)</sup> | 0.34 | 0.33 | 0.33 | 0.36 |
| Net increase (decrease) in net assets resulting from operations | 2.44 | 2.39 | 2.34 | 2.27 |
| Distributions from net investment income <sup>(3)</sup> | (1.94) | (1.89) | (1.84) | (1.77) |
| Distributions from net realized gains <sup>(3)</sup> |  |  |  |  |
| Net increase (decrease) in net assets from shareholders' distributions | (1.94) | (1.89) | (1.84) | (1.77) |
| Early repurchase deduction fees <sup>(6)</sup> | 0.00 | 0.00 | 0.00 | 0.00 |
| Total increase (decrease) in net assets | 0.50 | 0.50 | 0.50 | 0.50 |
| Net asset value, end of period | $25.56 | $25.56 | $25.56 | $25.56 |
| Shares outstanding, end of period | 90221882 | 41876118 | 163937746 | 12508512 |
| Total return based on NAV <sup>(4)</sup> | 10.02% | 9.82% | 9.62% | 9.33% |
| **Ratios:** |  |  |  |  |
| Ratio of net expenses to average net assets <sup>(5)</sup> | 8.82% | 9.09% | 9.35% | 9.57% |
| Ratio of net investment income to average net assets <sup>(5)</sup> | 11.06% | 10.84% | 10.61% | 10.05% |
| Portfolio turnover rate | 16.65% | 16.65% | 16.65% | 16.65% |
| **Supplemental Data:** |  |  |  |  |
| Net assets, end of period | $2306380 | $1070491 | $4190766 | $319763 |
| Asset coverage ratio | 242.5% | 242.5% | 242.5% | 242.5% |

---

(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 fee, if any.

(5)For the nine months ended September 30, 2024, amounts are annualized except for excise tax and capital gains incentive fee.

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

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> |
| **HLEND A Funding Facility** | | | | |
| September 30, 2025 | $757530 | 1957.6 |  | N/A |
| December 31, 2024 | 683184 | 2163.2 |  | N/A |
| December 31, 2023 | 615838 | 2231.6 |  | N/A |
| December 31, 2022 | 453663 | 2473.7 |  | N/A |
| **HLEND B Funding Facility** |  |  |  |  |
| September 30, 2025 | 833659 | 1957.6 |  | N/A |
| December 31, 2024 | 955572 | 2163.2 |  | N/A |
| December 31, 2023 | 513747 | 2231.6 |  | N/A |
| December 31, 2022 | 482084 | 2473.7 |  | N/A |
| **HLEND C Funding Facility** |  |  |  |  |
| September 30, 2025 | 510000 | 1957.6 |  | N/A |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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> |
| December 31, 2024 | 487500 | 2163.2 |  | N/A |
| December 31, 2023 | 487500 | 2231.6 |  | N/A |
| **HLEND D Funding Facility** |  |  |  |  |
| September 30, 2025 | 751376 | 1957.6 |  | N/A |
| December 31, 2024 | 830343 | 2163.2 |  | N/A |
| December 31, 2023 | 195000 | 2231.6 |  | N/A |
| **HLEND E Funding Facility** |  |  |  |  |
| September 30, 2025 | 913705 | 1957.6 |  | N/A |
| December 31, 2024 | 642800 | 2163.2 |  | N/A |
| **Revolving Credit Facility** |  |  |  |  |
| September 30, 2025 | 969772 | 1957.6 |  | N/A |
| December 31, 2024 | 1186264 | 2163.2 |  | N/A |
| December 31, 2023 | 1025294 | 2231.6 |  | N/A |
| December 31, 2022 | 704819 | 2473.7 |  | N/A |
| **November 2025 Notes** |  |  |  |  |
| September 30, 2025 |  |  |  | N/A |
| December 31, 2024 | 170000 | 2163.2 |  | N/A |
| December 31, 2023 | 170000 | 2231.6 |  | N/A |
| December 31, 2022 | 170000 | 2473.7 |  | N/A |
| **November 2027 Notes** |  |  |  |  |
| September 30, 2025 | 155000 | 1957.6 |  | N/A |
| December 31, 2024 | 155000 | 2163.2 |  | N/A |
| December 31, 2023 | 155000 | 2231.6 |  | N/A |
| December 31, 2022 | 155000 | 2473.7 |  | N/A |
| **March 2026 Notes** |  |  |  |  |
| September 30, 2025 | 276000 | 1957.6 |  | N/A |
| December 31, 2024 | 276000 | 2163.2 |  | N/A |
| December 31, 2023 | 276000 | 2231.6 |  | N/A |
| **March 2028 Notes** |  |  |  |  |
| September 30, 2025 | 124000 | 1957.6 |  | N/A |
| December 31, 2024 | 124000 | 2163.2 |  | N/A |
| December 31, 2023 | 124000 | 2231.6 |  | N/A |
| **September 2027 Notes** |  |  |  |  |
| September 30, 2025 | 75000 | 1957.6 |  | N/A |
| December 31, 2024 | 75000 | 2163.2 |  | N/A |
| December 31, 2023 | 75000 | 2231.6 |  | N/A |
| **September 2028 Notes** |  |  |  |  |
| September 30, 2025 | 250000 | 1957.6 |  | N/A |
| December 31, 2024 | 250000 | 2163.2 |  | N/A |
| December 31, 2023 | 250000 | 2231.6 |  | N/A |
| **January 2029 Notes** |  |  |  |  |
| September 30, 2025 | 550000 | 1957.6 |  | N/A |
| December 31, 2024 | 550000 | 2163.2 |  | N/A |
| **September 2029 Notes** |  |  |  |  |
| September 30, 2025 | 400000 | 1957.6 |  | N/A |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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> |
| December 31, 2024 | 400000 | 2163.2 |  | N/A |
| **January 2028 Notes** |  |  |  |  |
| September 30, 2025 | 750000 | 1957.6 |  | N/A |
| **April 2032 Notes** |  |  |  |  |
| September 30, 2025 | 500000 | 1957.6 |  | N/A |
| **June 2027 Notes** |  |  |  |  |
| September 30, 2025 | 400000 | 1957.6 |  | N/A |
| **June 2030 Notes** |  |  |  |  |
| September 30, 2025 | 500000 | 1957.6 |  | N/A |
| **September 2028-1 Notes** |  |  |  |  |
| September 30, 2025 | 600000 | 1957.6 |  | N/A |
| **November 2030 Notes** |  |  |  |  |
| September 30, 2025 | 500000 | 1957.6 |  | N/A |
| **2023 CLO Secured Notes** |  |  |  |  |
| September 30, 2025 | 323000 | 1957.6 |  | N/A |
| December 31, 2024 | 323000 | 2163.2 |  | N/A |
| December 31, 2023 | 323000 | 2231.6 |  | N/A |
| **2024 CLO Secured Notes** |  |  |  |  |
| September 30, 2025 | 400000 | 1957.6 |  | N/A |
| December 31, 2024 | 400000 | 2163.2 |  | N/A |
| **2025 CLO Secured Debt** |  |  |  |  |
| September 30, 2025 | 850000 | 1957.6 |  | N/A |
| **2025-4 CLO Secured Notes** |  |  |  |  |
| September 30, 2025 | 850000 | 1957.6 |  | N/A |
| **Short-Term Borrowings** |  |  |  |  |
| September 30, 2025 |  |  |  | N/A |
| December 31, 2024 |  |  |  | N/A |
| December 31, 2023 |  |  |  | N/A |
| December 31, 2022 | 379081 | 2473.7 |  | N/A |

---

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

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

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

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

**Note 11. Joint Venture**

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

------

unless such investment is transferred to an affiliate and satisfies certain representations and warranties or in certain other limited circumstances.

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

The Company and COM may, from time-to-time, make additional contributions of capital or may receive returns of capital from ULTRA III. As of September 30, 2025 and December 31, 2024, the Company had made capital contributions (net of returns of capital) of $316.5 million and $307.4 million, respectively, and COM had made capital contributions (net of returns of capital) of $45.2 million and $43.9 million, respectively. As of September 30, 2025 and December 31, 2024, $225.1 million and $236.2 million, respectively, of capital remained uncalled from the Company and $32.2 million and $33.7 million, respectively, of capital remained uncalled from COM. As of September 30, 2025 and December 31, 2024, the Company and COM's membership interests are 87.5% and 12.5%, respectively, for both periods.

All portfolio decisions and generally all other decisions in respect of ULTRA III must be approved by a credit committee of ULTRA III consisting of representatives of the Company and COM (generally with approval from a representative of each required). A Capital One entity is providing a senior revolving financing facility to ULTRA III. COM receives sourcing fees in connection with investments made by ULTRA III that are sourced by COM. When COM sources investments for ULTRA III, the percentage of sourcing fees that are paid to COM is substantially greater than its percentage membership interest in ULTRA III (the "Effective Sourcing Fee"). In this regard, for the three months ended September 30, 2025 and 2024, the Company, through its investment in ULTRA III, paid an Effective Sourcing Fee to COM of $0.2 million and $0.3 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company, through its investment in ULTRA III, paid an Effective Sourcing Fee to COM of $0.3 million and $4.2 million, respectively.

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

The Company's investment in ULTRA III is disclosed on the Company's Consolidated Schedules of Investments as of September 30, 2025 and December 31, 2024.

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

The following table presents the schedule of investments of ULTRA III as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| **First Lien Debt** | | | | | | | | |
| **General Industrials** | | | | | | | | |
| Bright Light Buyer, Inc. (4)(7) | SF + | 6.00% | 10.16% | 11/8/2029 | $236608 | $232562 | $236608 |  |
|  |  |  |  |  |  | 232562 | 236608 | 63.10% |
| **Health Care Providers** |  |  |  |  |  |  |  |  |
| Compsych Investments Corp. (4)(6) | SF + | 4.75% | 9.08% | 7/22/2031 | 150240 | 149617 | 151743 |  |
| Compsych Investments Corp. (4)(5)(6) |  |  |  | 7/22/2031 | 43333 | (198) | 433 |  |
| Emerus Holdings, Inc. (4)(7) | SF + | 6.25% | 10.25% | 1/5/2028 | 157600 | 154927 | 159176 |  |
| Rsource Holdings, LLC (4)(5)(6) |  |  |  | 11/8/2031 | 50000 | (702) | (222) |  |
| Rsource Holdings, LLC (4)(6) | SF + | 4.75% | 8.75% | 11/8/2031 | 173688 | 171415 | 172916 |  |
|  |  |  |  |  |  | 475059 | 484046 | 129.08% |
| **Medical Equipment and Services** |  |  |  |  |  |  |  |  |
| EHOB, LLC (4)(7) | SF + | 4.50% | 8.50% | 12/18/2029 | 111875 | 110108 | 112994 |  |
| FH BMX Buyer, Inc. (4)(5)(6) |  |  |  | 6/21/2031 | 57128 | (566) | 339 |  |
| FH BMX Buyer, Inc. (4)(6) | SF + | 4.75% | 9.00% | 6/21/2031 | 29072 | 28690 | 29244 |  |
| FH BMX Buyer, Inc.(4)(6) | SF + | 4.75% | 8.75% | 6/21/2031 | 129096 | 127513 | 129862 |  |
|  |  |  |  |  |  | 265745 | 272439 | 72.65% |
| **Software and Computer Services** |  |  |  |  |  |  |  |  |
| Brandt Information Services, LLC (4)(5)(6) |  |  |  | 5/31/2030 | 50000 | (666) | (97) |  |
| Brandt Information Services, LLC (4)(6) | SF + | 4.75% | 8.91% | 5/31/2030 | 114138 | 112807 | 113916 |  |
| Brandt Information Services, LLC (4)(6) | SF + | 4.75% | 8.91% | 5/31/2030 | 40000 | 39604 | 39922 |  |
|  |  |  |  |  |  | 151745 | 153741 | 41.00% |
| **Total First Lien Debt** |  |  |  |  |  | $1125111 | $1146834 | 305.83% |
| **Total Investment Portfolio** |  |  |  |  |  | $1125111 | $1146834 | 305.83% |

---

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

(2) The investments bear interest at a rate that is determined by reference to the Secured Overnight Financing Rate ("SOFR" or "SF"), which reset, monthly or quarterly. For each such investment, the Company has provided the spread over SOFR and the current contractual interest rate in effect at September 30, 2025. Certain investments are subject to a SOFR interest rate floor, or rate cap. SOFR based contracts may include a credit spread adjustment, which is included within the stated all-in interest rate, if applicable, that is charged in addition to the base rate and the stated spread.

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Unfunded Commitment** | **Fair Value** |
| Brandt Information Services, LLC | 1st Lien Senior Secured Delayed Draw Loan | $50000 | $(97) |
| Compsych Investments Corp. | 1st Lien Senior Secured Delayed Draw Loan | 43333 | 433 |
| FH BMX Buyer, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 57128 | 339 |
| Rsource Holdings, LLC | 1st Lien Senior Secured Delayed Draw Loan | 50000 | (222) |
| **Total** |  | $200461 | $453 |

---

(6) The interest rate floor on these investments as of September 30, 2025 was 0.75%.

(7) The interest rate floor on these investments as of September 30, 2025 was 1.00%.

------

**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

The following table presents the schedule of investments of ULTRA III as of December 31, 2024:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| **First Lien Debt** | | | | | | | | |
| **General Industrials** | | | | | | | | |
| Bright Light Buyer, Inc. (4)(7) | SF + | 6.00% | 10.40% | 11/8/2029 | $243045 | $238133 | $242570 |  |
|  |  |  |  |  |  | 238133 | 242570 | 66.26% |
| **Health Care Providers** |  |  |  |  |  |  |  |  |
| Compsych Investments Corp. (4)(6) | SF + | 4.75% | 9.38% | 7/22/2031 | 151378 | 150669 | 152892 |  |
| Compsych Investments Corp. (4)(5)(6) |  |  |  | 7/22/2031 | 43333 | (210) | 433 |  |
| Emerus Holdings, Inc. (4)(7) | SF + | 6.25% | 10.50% | 1/5/2028 | 158800 | 155216 | 161059 |  |
| Rsource Holdings, LLC (4)(5)(6) |  |  |  | 11/8/2031 | 50000 | (742) | (734) |  |
| Rsource Holdings, LLC (4)(6) | SF + | 4.75% | 9.27% | 11/8/2031 | 175000 | 172431 | 172429 |  |
|  |  |  |  |  |  | 477364 | 486079 | 132.77% |
| **Medical Equipment and Services** |  |  |  |  |  |  |  |  |
| EHOB, LLC (4)(7) | SF + | 4.75% | 9.08% | 12/18/2029 | 116875 | 114701 | 118044 |  |
| FH BMX Buyer, Inc. (4)(5)(6) |  |  |  | 6/21/2031 | 34600 | (499) | 346 |  |
| FH BMX Buyer, Inc.(4)(6) | SF + | 5.25% | 9.58% | 6/21/2031 | 130074 | 128271 | 131375 |  |
|  |  |  |  |  |  | 242473 | 249765 | 68.22% |
| **Software and Computer Services** |  |  |  |  |  |  |  |  |
| Brandt Information Services, LLC (4)(5)(6) |  |  |  | 5/31/2030 | 50000 | (713) | 128 |  |
| Brandt Information Services, LLC (4)(6) | SF + | 5.00% | 9.36% | 5/31/2030 | 114713 | 113161 | 115006 |  |
|  |  |  |  |  |  | 112448 | 115134 | 31.45% |
| **Total First Lien Debt** |  |  |  |  |  | $1070418 | $1093548 | 298.70% |
| **Total Investment Portfolio** |  |  |  |  |  | $1070418 | $1093548 | 298.70% |

---

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Unfunded Commitment** | **Fair Value** |
| Brandt Information Services, LLC | 1st Lien Senior Secured Delayed Draw Loan | $50000 | $128 |
| Compsych Investments Corp. | 1st Lien Senior Secured Delayed Draw Loan | 43333 | 433 |
| FH BMX Buyer, Inc. | 1st Lien Senior Secured Delayed Draw Loan | 34600 | 346 |
| Rsource Holdings, LLC | 1st Lien Senior Secured Delayed Draw Loan | 50000 | (734) |
| **Total** |  | $177933 | $173 |

---

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

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

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The following table presents the selected statements of assets and liabilities information of ULTRA III as of September 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **ASSETS** | (Unaudited) |  |
| Investments at fair value (amortized cost of $1,125,111 and $1,070,418 at September 30, 2025 and December 31, 2024, respectively) | $1146834 | $1093548 |
| Cash | 31052 | 24652 |
| Interest receivable | 7872 | 13217 |
| Receivable for investments | 326 |  |
| **Total assets** | $1186084 | $1131417 |
| **LIABILITIES** |  |  |
| Debt | $796488 | $751554 |
| Interest payable and other liabilities | 14606 | 13748 |
| **Total liabilities** | 811094 | 765302 |
| **MEMBERS' EQUITY** |  |  |
| Members' Equity | 374990 | 366115 |
| **Total Members' Equity** | 374990 | 366115 |
| **Total liabilities and members' equity** | $1186084 | $1131417 |

---

The following table presents the selected statements of operations information of ULTRA III for the three and nine months ended September 30, 2025 and 2024 (Unaudited):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Investment income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | $28492 | $25720 | $83861 | $58718 |
| **Total investment income** | 28492 | 25720 | 83861 | 58718 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 13915 | 12633 | 40947 | 28246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 674 | 527 | 1960 | 1241 |
| **Total expenses** | 14589 | 13160 | 42907 | 29487 |
| **Net investment income before taxes** | 13903 | 12560 | 40954 | 29231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax expense |  |  | 289 |  |
| **Net investment income after taxes** | 13903 | 12560 | 40665 | 29231 |
| **Net realized and change in unrealized gain (loss) on investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 1143 | 5388 | (1407) | 17514 |
| **Net realized and change in unrealized gain (loss) on investments** | 1143 | 5388 | (1407) | 17514 |
| **Net increase (decrease) in net assets resulting from operations** | $15046 | $17948 | $39258 | $46745 |

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**Note 12. Subsequent Events**

The Company's management evaluated subsequent events through the date of issuance of the consolidated financial statements. There have been no additional subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in the consolidated financial statements as of September 30, 2025, except as discussed below.

*Subscriptions*

The Company received $366.7 million of net proceeds relating to the issuance of Class I shares, Class D shares, Class F and Class S shares for subscriptions effective October 1, 2025.

The Company received $463.8 million of net proceeds relating to the issuance of Class I shares, Class D shares, Class F and Class S shares for subscriptions effective November 1, 2025.

*Distributions Declarations*

On October 27, 2025, the Company declared net distributions of $0.1600 per Class I share, $0.1546 per Class D share, $0.1493 per Class F share, and $0.1418 per Class S share, all of which are payable on or about November 28, 2025 to shareholders of record as of October 31, 2025. Additionally, the Company declared variable supplemental distributions of $0.0550 for all share classes outstanding, all of which are payable on or about November 28, 2025 to shareholders of record as of October 31, 2025.

*Financing Transactions*

On November 4, 2025, the Company provided notice that on December 16, 2025 it will redeem $276.0 million of March 2026 Notes, inclusive of any accrued interest. As a part of the redemption, the Company also intends to terminate the $276.0 million of notional value associated with the interest rate swap that the Company entered into in connection with the March 2026 Notes issuance.

On November 5, 2025, the Company entered into a Commitment Increase Agreement (the "Commitment Increase Agreement") with Crédit Agricole Corporate and Investment Bank, as the assuming lender (the "Assuming Lender"), JPMorgan Chase Bank, N.A., as administrative agent and as issuing bank, and the issuing banks party thereto, pursuant to the Revolving Credit Facility. The Commitment Increase Agreement provides for the Assuming Lender's multicurrency commitment, thereby bringing aggregate commitments of the lenders under the Revolving Credit Facility from $2,125.0 million to $2,250.0 million through the accordion feature in the Revolving Credit Facility.

On October 22, 2025 (the "Refinancing Date"), the Company completed an $849.0 million term debt securitization refinancing (the "2023-1 Refinancing"), also known as a collateralized loan obligation refinancing. The proceeds of the 2023-1 Refinancing were used in part to refinance all of the 2023 CLO Secured Notes. The 2023-1 Refinancing is subject to the Company's overall asset coverage requirement.

The debt offered in the 2023-1 Refinancing was issued by the 2023 Issuer and consists of (i) Class A-1-R Senior Secured Floating Rate Notes (the "Class A-1-R Notes"), (ii) Class A-2-R Senior Secured Floating Rate Notes (the "Class A-2-R Notes"), (iii) Class B-R Senior Secured Floating Rate Notes (the "Class B-R Notes" and, together with the Class A-1-R Notes and the Class A-2-R Notes, collectively, the "Secured Notes") and (iv) additional subordinated notes (the "Additional Subordinated Notes"). The 2023 CLO Subordinated Notes (together with the Additional Subordinated Notes, the "Subordinated Notes") were not redeemed and remain outstanding following the Refinancing Date. The terms of the Secured Notes and the Subordinated Notes (collectively, the "Debt") are summarized in the table below:

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **Par Size** | **Rating (S&P)** | **Coupon** |
| Class A-1-R | $493000 | AAA(sf) | SOFR + 1.44% |
| Class A-2-R | $34000 | AAA(sf) | SOFR + 1.65% |
| Class B-R | $51000 | AA(sf) | SOFR + 1.80% |
| Subordinated Notes\* | $271100 | N/A | N/A |

---

\*Includes $165.0 million of the Additional Subordinated Notes newly issued on the Refinancing Date and $106.1 million of Existing Subordinated Notes issued on the Closing Date.

On the Refinancing Date and in connection with the 2023-1 Refinancing, the 2023 Issuer entered into a note purchase agreement (the "Note Purchase Agreement") with BofA Securities, Inc., as the refinancing initial purchaser (the "Refinancing Initial Purchaser"),

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pursuant to which the Refinancing Initial Purchaser placed the Secured Notes issued pursuant to an amended and restated indenture (the "Indenture"), between the 2023 Issuer and U.S. Bank Trust Company, National Association, as trustee, as part of the 2023-1 Refinancing. The 2023 Depositor retained all of the Subordinated Notes in connection with the 2023-1 Refinancing.

As part of the 2023-1 Refinancing, the Company, the 2023 Depositor and the 2023 Issuer entered into a second amended and restated sale and contribution agreement on the Refinancing Date (the "Sale Agreement"), pursuant to which the Company sold, transferred, assigned, contributed or otherwise conveyed to the 2023 Depositor and the 2023 Depositor subsequently sold, transferred, assigned, contributed or otherwise conveyed to the 2023 Issuer the loans securing the 2023-1 Refinancing for the purchase price and other consideration set forth in the Sale Agreement. Following this sale and transfer, the 2023 Issuer, and not the 2023 Depositor or the Company, holds all of the ownership interest in such loans. The Company made customary representations, warranties and covenants in the Sale Agreement.

*Chief Compliance Officer*

The Board appointed Eric Smith as Chief Compliance Officer of the Company, effective as of October 9, 2025. Mr. Smith will serve until his successor is duly appointed and qualified or until his earlier resignation or removal. Mr. Smith is a Senior Principal Consultant at ACA Group. Mr. Smith's appointment coincides with the resignation, effective as of October 9, 2025, of Gregory MacCordy as the Chief Compliance Officer of the Company. Mr. MacCordy's decision to resign was not the result of any disagreement relating to the Company's operations, policies or practices.

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

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

**Overview and Investment Framework**

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

On July 1, 2025, BlackRock acquired the business and assets of HPS, with 100% of consideration paid in BlackRock equity. The HPS/BlackRock Transaction brings together BlackRock's corporate and asset owner relationships with HPS's diversified origination and capital flexibility and creates an integrated private credit franchise with approximately $280 billion in client assets, including $190 billion of private credit assets. BlackRock and HPS have formed a new private financing solutions business unit, led by Scott Kapnick, Scot French, and Michael Patterson, founding partners of HPS. This combined platform, which has more than 520 investment professionals and approximately 1,200 employees globally, offers broad capabilities across senior and junior credit solutions, asset-based finance, real estate, CLOs and GP-LP solutions. As part of the HPS/BlackRock Transaction, Scott Kapnick, Scot French, and Michael Patterson have joined BlackRock's Global Executive Committee, and Scott Kapnick has been appointed as an observer to the BlackRock board of directors. The Adviser remains responsible for our investment activities. Grishma Parekh 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. Ms. Parekh continues to serve as President of the Company and in her existing role at HPS and the Adviser. See "*Risk Factors—Risks Related to the HPS/BlackRock Transaction—The HPS/BlackRock Transaction*" for further details.

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

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

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

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unsecured debt instruments, structured debt that is not secured by financial or other assets, debtor-in-possession financings and equity in loan portfolios or portfolios of receivables ("Opportunistic Investments"), in each case taking into account availability of leverage for such investments and our target risk/return profile. In addition, we may also participate in programmatic investments through partnerships or joint ventures with one or more unaffiliated banks or other financial institutions, including structures where a partner assumes senior exposure to each investment, and we participate in the junior exposure.

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

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

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

**Key Components of Our Results of Operations**

***Investments***

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

***Revenues***

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

***Expenses***

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

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all other expenses of the Company's operations, administrations and transactions.

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

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

*Expense Support and Conditional Reimbursement Agreement*

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

**Portfolio and Investment Activity**

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

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| | | |
|:---|:---|:---|
| | **As of and for the three months ended September 30,** | **As of and for the three months ended September 30,** |
| | **2025** | **2024** |
| Total investments, beginning of period | $20464154 | $10984581 |
| New investments purchased | 3927107 | 2219511 |
| Payment-in-kind interest and dividends capitalized | 32194 | 18108 |
| Net accretion of discount on investments | 25396 | 17450 |
| Net realized gain (loss) on investments | 13709 | (4548) |
| Investments sold or repaid | (877395) | (486091) |
| **Total investments, end of period** | $23585165 | $12749011 |

---

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

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Weighted average yield on debt and income producing investments, at amortized cost<sup>(1)</sup>  | 9.9% | 10.4% |
| Weighted average yield on debt and income producing investments, at fair value<sup>(1)</sup> | 9.8% | 10.4% |
| Weighted average yield on total portfolio, at amortized cost<sup>(2)</sup> | 9.8% | 10.3% |
| Weighted average yield on total portfolio, at fair value<sup>(2)</sup> | 9.7% | 10.3% |
| Number of portfolio companies | 382 | 315 |
| Weighted average EBITDA<sup>(3)</sup>  | $249 | $215 |
| Weighted average loan-to-value ("LTV") <sup>(4)</sup> | 40% | 40% |
| Percentage of performing debt investments bearing a floating rate, at fair value | 99.4% | 99.3% |
| Percentage of performing debt investments bearing a fixed rate, at fair value | 0.6% | 0.7% |

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

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

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

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

Our investments consisted of the following:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** |
| First lien debt | $22797650 | $23024539 | 96.60% | $15491454 | $15529180 | 96.27% |
| Second lien debt | 26664 | 27113 | 0.11 | 35984 | 31340 | 0.19 |
| Other secured debt | 211856 | 212878 | 0.89 | 68340 | 68501 | 0.42 |
| Unsecured debt | 49604 | 48694 | 0.20 | 45923 | 46022 | 0.29 |
| Structured finance investments | 94039 | 95471 | 0.40 | 72893 | 75392 | 0.47 |
| Investments in joint ventures | 306422 | 328116 | 1.38 | 297747 | 320350 | 1.99 |
| Equity investments | 98930 | 99809 | 0.42 | 58737 | 60471 | 0.37 |
| **Total** | $23585165 | $23836620 | 100.00% | $16071078 | $16131256 | 100.00% |

---

As of September 30, 2025 and December 31, 2024, we had certain investments in ten and eight portfolio companies on non-accrual status, respectively. The following table shows the fair value of our performing debt and other income producing securities, and non-accrual investments as of September 30, 2025 and December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Fair Value** | **Percentage** | **Fair Value** | **Percentage** |
| Performing debt and income producing investments<sup>(1)</sup> | $23299283 | 99.38% | $15671885 | 99.30% |
| Non-accrual<sup>(2)</sup> | 144769 | 0.62 | 110346 | 0.70 |
| **Total** | $23444052 | 100.00% | $15782231 | 100.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Excludes investments in joint ventures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Investments on non-accrual represented 0.86% and 1.00% of amortized cost of total debt and income producing investments as of September 30, 2025 and December 31, 2024, respectively.

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

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Aerospace and Defense | 5.36% | 3.47% |
| Alternative Energy | 0.09 | 0.15 |
| Asset Based Lending and Fund Finance | 0.54 | 0.33 |
| Automobiles and Parts | 1.43 | 0.53 |
| Chemicals | 0.12 | 0.11 |
| Construction and Materials | 0.79 | 1.25 |
| Consumer Services | 4.67 | 4.41 |
| Electricity | 0.77 | 0.72 |
| Electronic and Electrical Equipment | 0.47 | 0.69 |
| Finance and Credit Services | 0.39 | 0.40 |
| Food Producers | 1.63 | 1.11 |
| Gas, Water and Multi-utilities | 0.17 | 0.27 |
| General Industrials | 1.91 | 2.34 |
| Health Care Providers | 11.03 | 10.98 |
| Household Goods and Home Construction | 0.01 | 0.04 |
| Industrial Engineering | 1.39 | 1.90 |
| Industrial Metals and Mining | 0.86 | 1.25 |
| Industrial Support Services | 9.80 | 12.03 |
| Industrial Transportation | 1.19 | 0.75 |
| Investment Banking and Brokerage Services | 4.60 | 4.35 |
| Investments in Joint Ventures | 1.38 | 1.99 |
| Leisure Goods | 0.00 | 0.01 |
| Life Insurance | 0.06 | 0.09 |
| Media | 3.59 | 4.89 |
| Medical Equipment and Services | 8.08 | 7.90 |
| Non-life Insurance | 2.84 | 3.90 |
| Oil, Gas and Coal | 0.32 | 0.46 |
| Personal Care, Drug and Grocery Stores | 2.42 | 3.02 |
| Personal Goods | 0.35 | 0.52 |
| Pharmaceuticals and Biotechnology | 4.53 | 3.75 |
| Real Estate Investment and Services | 0.39 | 0.54 |
| Retailers | 1.62 | 1.90 |
| Software and Computer Services | 21.78 | 20.14 |
| Structured Finance | 0.40 | 0.47 |
| Technology Hardware and Equipment | 0.26 | 0.36 |
| Telecommunications Equipment | 0.27 | 0.50 |
| Telecommunications Service Providers | 1.38 | 0.20 |
| Travel and Leisure | 3.11 | 2.28 |
| **Total** | 100.00% | 100.00% |

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

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| United States | 83.92% | 84.40% |
| United Kingdom | 6.26 | 6.02 |
| Sweden | 2.43 | 2.44 |
| Australia | 1.30 | 1.64 |
| Spain | 1.18 | 1.28 |
| France | 0.99 | 0.83 |
| Germany | 0.93 | 0.72 |
| Austria | 0.71 | 0.56 |
| Belgium | 0.69 | 0.09 |
| Canada | 0.61 | 0.54 |
| Czech Republic | 0.26 |  |
| Taiwan | 0.21 | 0.29 |
| Italy | 0.19 | 0.79 |
| Singapore | 0.15 | 0.20 |
| Norway | 0.10 | 0.13 |
| Luxembourg | 0.05 | 0.07 |
| Ireland | 0.01 |  |
| Netherlands | 0.01 |  |
| **Total** | 100.00% | 100.00% |

---

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

&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.

***ULTRA III, LLC***

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

As of September 30, 2025, the Company and COM have committed to contribute up to $550.0 million and $78.6 million, respectively, of capital to ULTRA III. As of September 30, 2025, the Company had contributed (net of returns of capital) $316.5 million and COM had contributed (net of returns of capital) $45.2 million of capital and $225.1 million and $32.2 million of capital remained uncalled from the Company and COM, respectively. The Company and COM own 87.5% and 12.5%, respectively, of the membership interests of ULTRA III. All portfolio decisions and generally all other decisions in respect of ULTRA III must be approved by a credit committee of ULTRA III consisting of representatives of the Company and COM (generally with approval from a representative of each required). The Company and COM have equal voting rights with respect to the joint venture. The Company does not consolidate the ULTRA III joint venture.

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The following table is a summary of ULTRA III's portfolio as of September 30, 2025 and December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| Total senior secured debt investments at fair value | $| 1146834 | $| 1093548 |
| Number of portfolio companies | 7 | 7 | 7 | 7 |
| Weighted average yield on debt investments, at amortized cost<sup>(1)</sup>  | 9.8% | 9.8% | 10.3% | 10.3% |
| Weighted average yield on debt investments, at fair value<sup>(1)</sup> | 9.6% | 9.6% | 10.1% | 10.1% |
| Percentage of performing debt investments bearing a floating rate, at fair value | 100% | 100% | 100% | 100% |
| Percentage of performing debt investments bearing a fixed rate, at fair value | —% | —% | —% | —% |
| Percentage of assets on non-accrual<sup>(2)</sup> | —% | —% | —% | —% |

---

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

(2)As a percentage of fair value of investments of ULTRA III. ULTRA III had no assets on non-accrual as of September 30, 2025 and December 31, 2024.

**Results of Operations**

The following table represents our operating results:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Total investment income | $576489 | $373253 | $1525995 | $1018014 |
| Total expenses | 279563 | 171627 | 725161 | 467915 |
| Net investment income before excise tax | 296926 | 201626 | 800834 | 550099 |
| Excise tax expense | 1773 | 3643 | 5218 | 4197 |
| Net investment income after excise tax | 295153 | 197983 | 795616 | 545902 |
| Net realized gain (loss) | (12987) | (4520) | (165225) | (9527) |
| Net change in unrealized appreciation (depreciation) | 29072 | 7934 | 24410 | 89169 |
| **Net increase (decrease) in net assets resulting from operations** | $311238 | $201397 | $654801 | $625544 |

---

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:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Interest income | $529730 | $345624 | $1403906 | $940968 |
| Payment-in-kind interest income | 33973 | 17916 | 82808 | 52856 |
| Dividend Income | 12217 | 8747 | 38183 | 18960 |
| Other income | 569 | 966 | 1098 | 5230 |
| **Total investment income** | $576489 | $373253 | $1525995 | $1018014 |

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Total investment income increased to $576.5 million for the three months ended September 30, 2025 from $373.3 million for the same period in the prior year primarily driven by our deployment of capital, the increased balance of our investments and by increased dividend income. Interest income increased as a result of an increase in our accruing debt investment's funded par, which increased to $23,522.4 million as of September 30, 2025, from $12,705.4 million in the prior year. This was partially offset by a decline in benchmark interest rates during the three months ended September 30, 2025, as compared to the same period in the prior year. The increase in

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dividend income is primarily from ULTRA III, which was $11.0 million for the three months ended September 30, 2025, as compared to $7.6 million for the same period in the prior year. At September 30, 2025, the size of our investment portfolio at fair value was $23,836.6 million and our weighted average yield on debt and income producing securities at fair value was 9.8%.

Total investment income increased to $1,526.0 million for the nine months ended September 30, 2025 from $1,018.0 million for the same period in the prior year primarily driven by our deployment of capital, the increased balance of our investments and by increased dividend income. This was partially offset by a decline in benchmark interest rates during the nine months ended September 30, 2025, as compared to the same period in the prior year. The increase in dividend income is primarily from ULTRA III, which was $34.6 million for the nine months ended September 30, 2025, as compared to $16.1 million for the same period in the prior year.

For the three months ended September 30, 2025 and 2024, PIK income represented 6.1% and 5.1% of total investment income, respectively. We expect that PIK income will vary based on the elections of certain borrowers.

For the nine months ended September 30, 2025 and 2024, PIK income represented 5.7% and 5.5% of total investment income, respectively. We expect that PIK income will vary based on the elections of certain borrowers.

***Expenses***

Expenses were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | $184795 | $106274 | $480218 | $281035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees | 36223 | 24001 | 97992 | 63547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income based incentive fee | 43473 | 29258 | 115364 | 81848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains incentive fee |  | 427 | (12950) | 9955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing and/or distribution fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class D | 749 | 642 | 2132 | 1699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class F | 6879 | 5144 | 18964 | 14177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 1534 | 604 | 3788 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 1448 | 1083 | 4764 | 2682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Trustees' fees | 149 | 149 | 463 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative service expenses | 578 | 931 | 3335 | 2600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other general & administrative | 3535 | 2506 | 9959 | 7299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of continuous offering costs | 200 | 608 | 1132 | 1424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excise tax expense | 1773 | 3643 | 5218 | 4197 |
| **Total expenses (including excise tax expense)** | $281336 | $175270 | $730379 | $472112 |

---

*Interest Expense*

Total interest expense (including unused fees, amortization of deferred financing costs, debt issuance costs and original issue discounts) increased to $184.8 million for the three months ended September 30, 2025 from $106.3 million for the same period in the prior year primarily driven by increased borrowings under the Credit Facilities, Unsecured Notes, and debt securitization issuances. The average principal debt outstanding increased to $10,932.2 million for the three months ended September 30, 2025 from $4,794.1 million for the same period in the prior year. This was partially offset by a decrease in our weighted average interest rate (including unused fees, amortization of deferred financing costs, debt issuance costs and original issue discounts) for the three months ended September 30, 2025 to 6.71% from 8.82% for the same period in the prior year.

Total interest expense (including unused fees, amortization of deferred financing costs, debt issuance costs and original issue discounts) increased to $480.2 million for the nine months ended September 30, 2025 from $281.0 million for the same period in the prior year primarily driven by increased borrowings under the Credit Facilities, Unsecured Notes, and debt securitization issuances. The average principal debt outstanding increased to $9,329.4 million for the nine months ended September 30, 2025 from $4,180.9 million for the same period in the prior year. This was partially offset by a decrease in our weighted average interest rate (including unused fees, amortization of deferred financing costs, debt issuance costs and original issue discounts) for the nine months ended September 30, 2025 to 6.88% from 8.98% for the same period in the prior year.

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*Management Fees*

Management fees increased to $36.2 million for the three months ended September 30, 2025 from $24.0 million for the same period in the prior year primarily due to an increase in net assets. Management fees increased to $98.0 million for the nine months ended September 30, 2025 from $63.5 million for the same period in the prior year primarily due to an increase in net assets. Management fees are payable monthly in arrears at an annual rate of 1.25% of the value of our net assets as of the beginning of the first calendar day of the applicable month.

*Income Based Incentive Fee*

Income based incentive fees increased to $43.5 million for the three months ended September 30, 2025 from $29.3 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. Income based incentive fees increased to $115.4 million for the nine months ended September 30, 2025 from $81.8 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.

*Capital Gains Incentive Fees*

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

There were no capital gains based incentive fees incurred for the three months ended September 30, 2025, as compared to $0.4 million for the same period in the prior year due to the Company being in a cumulative net realized and unrealized loss position during the current period, compared to net realized and unrealized gains earned in the prior period. Capital gains based incentive fees were $(12.9) million for the nine months ended September 30, 2025, as compared to $10.0 million for the same period in the prior year due to net realized and unrealized losses incurred in the period, compared to net unrealized gains earned in the prior period. The accrual for any capital gains incentive fee under U.S. GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less in the prior period. If such cumulative amount is negative, then there is no accrual.

*Other Expenses*

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

Total other expenses increased to $5.9 million for the three months ended September 30, 2025, from $5.3 million for the same period in the prior year primarily driven by an increase of professional fees and other general & administrative expenses due to servicing a growing portfolio.

Total other expenses increased to $19.7 million for the nine months ended September 30, 2025, from $14.5 million for the same period in the prior year primarily driven by an increase of professional fees, administrative service expenses and other general & administrative expenses due to servicing a growing portfolio.

Under the terms of the Prior Administration Agreement, the Administration Agreement, the Prior Investment Advisory Agreement and Investment Advisory Agreement, we reimburse the Administrator and Adviser, respectively, for services performed for us. In addition, pursuant to the terms of these agreements, the Administrator and Adviser may delegate its obligations under these agreements to an affiliate or to a third party and we reimburse the Administrator and Adviser for any services performed for us by such affiliate or third party. For the three months ended September 30, 2025, the Administrator charged $0.6 million, a decrease from $0.9 million for the same period in the prior year, for certain costs and expenses allocable to the Company under the terms of the Administration Agreement. For the

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nine months ended September 30, 2025, the Administrator charged $3.3 million, an increase from $2.6 million for the same period in the prior year, for certain costs and expenses allocable to the Company under the terms of the Administration Agreement.

Shareholder servicing and/or distributions fees increased to $9.2 million for the three months ended September 30, 2025 from $6.4 million for the same period in the prior year primarily due to an increase in shares outstanding. Shareholder servicing and/or distributions fees increased to $24.9 million for the nine months ended September 30, 2025 from $17.1 million for the same period in the prior year primarily due to an increase in shares outstanding.

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

*Income Taxes, Including Excise Taxes*

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

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

For the three months ended September 30, 2025 and 2024, we incurred U.S. federal excise tax of $1.8 million and $3.6 million, respectively. For the nine months ended September 30, 2025 and 2024, we incurred U.S. federal excise tax of $5.2 million and $4.2 million, respectively.

***Net Realized Gain (Loss)***

Net realized gains and losses were comprised of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Non-controlled/non-affiliated investments | $13709 | $(4548) | $(33597) | $(16022) |
| Foreign currency forward contracts | (28365) | (763) | (132739) | (3417) |
| Foreign currency transactions | 1669 | 791 | 1111 | 9912 |
| **Net realized gain (loss)** | $(12987) | $(4520) | $(165225) | $(9527) |

---

For the three months ended September 30, 2025, we generated net realized gains (losses) on investments of $13.7 million, primarily driven by foreign currency realized gains of $23.3 million on investments (included in realized gains on non-controlled/non-affiliated investments), which was partially offset by the restructuring of a private debt investment (realized loss on New Era Technology Inc. of $(6.3) million) and net realized losses of $(3.5) million from the sales of syndicated loans. We generated realized losses on foreign currency forwards contracts, primarily as a result of fluctuations in the EUR exchange rate, which was offset by unrealized gains on foreign currency as described below.

For the three months ended September 30, 2024, we generated net realized gains (losses) of $(4.5) million, driven primarily by net realized losses of $(5.5) million from the sales of syndicated loans, offset by a $0.4 million gain on sales of private debt investments and foreign currency realized gains of $0.5 million on investments (included in realized losses on non-controlled/non-affiliated investments) primarily due to the sale of a EUR denominated investment.

For the nine months ended September 30, 2025, we generated net realized gains (losses) on investments of $(33.6) million, primarily driven by realized losses of $(41.4) million on the restructuring of five private debt investments (realized losses on ERC Topco Holdings, LLC of $(13.3) million, Zips Car Wash, LLC of $(9.7) million, Artemis Bidco Limited of $(7.2) million, New Era Technology Inc. of $(6.3) million and Galaxy US Opco Inc. of $(4.9) million) and net realized losses of $(19.5) million primarily from the sale of syndicated loans, which were offset by net realized gains of $0.6 million on the exit of an equity investment, and foreign currency net

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realized gains on investments of $26.5 million (included in realized losses on non-controlled/non-affiliated investments). We generated realized losses on foreign currency forwards contracts, primarily as a result of fluctuations in the EUR and GBP exchange rates, which was largely offset by unrealized gains on foreign currency as described below.

For the nine months ended September 30, 2024, we generated net realized gains (losses) of $(9.5) million, driven by net realized losses on non-controlled/non-affiliated investments of $(8.9) million primarily from the sales of syndicated loans and bonds and the restructuring of a private debt investment, and foreign currency realized losses of $(7.1) million on investments (included in realized losses on non-controlled/non-affiliated investments) primarily due to a repayment of an AUD denominated investment. We generated realized losses on foreign currency forwards contracts, primarily as a result of fluctuations in the AUD, EUR and GBP exchange rates. Realized losses were partially offset by $9.9 million of gains on foreign currency transactions, as a result of repayments of foreign borrowings and conversions of foreign cash balances, primarily attributable to fluctuations in the AUD, EUR, GBP and CAD exchange rates.

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Non-controlled/non-affiliated investments | $(42637) | $72233 | $191291 | $110952 |
| Non-controlled/affiliated investments | (258) | 31 | 895 | 405 |
| Controlled/affiliated investments | 1903 | 7763 | (909) | 20685 |
| Foreign currency forward contracts | 60336 | (49758) | (48816) | (32510) |
| Translation of assets and liabilities in foreign currencies | 9728 | (22335) | (118051) | (10363) |
| **Net change in unrealized appreciation (depreciation)** | $29072 | $7934 | $24410 | $89169 |

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For the three months ended September 30, 2025, the change in unrealized appreciation (depreciation) on the investment portfolio was $15.3 million (excluding the impact of foreign currency) due to spread tightening in the private credit market, which was offset by foreign currency unrealized losses of $(56.3) million on investments (included in unrealized losses on investments) primarily as a result of fluctuations in the EUR and GBP exchange rates. The remaining $70.1 million of the net unrealized appreciation (depreciation) represents the net unrealized gains as a result of foreign currency fluctuations impacting the value of our foreign currency forward contracts, foreign debt and cash balances.

For the three months ended September 30, 2024, the fair value of the investment portfolio remained relatively flat as there were net unrealized gains of $4.6 million, excluding the impact of foreign currency. The remaining $3.3 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.

For the nine months ended September 30, 2025, the change in unrealized appreciation (depreciation) on the investment portfolio was $(82.4) million (excluding the impact of foreign currency) due to certain credit specific write-downs in the private portfolio, which were offset by foreign currency unrealized gains of $273.7 million on investments (included in unrealized gains on investments) primarily as a result of fluctuations in the AUD, EUR and GBP exchange rates. The remaining $(166.9) million of the net unrealized appreciation (depreciation) represents the net unrealized losses as a result of foreign currency fluctuations impacting the value of our foreign currency forward contracts, foreign debt and cash balances.

For the nine months ended September 30, 2024, the fair value of the investment portfolio increased $79.6 million primarily resulting from spread tightening in both the public and private credit markets. The remaining $9.6 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.

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Realized gain/(losses) on: |  |  |  |  |
| &nbsp;&nbsp;Investments | $23328 | $495 | $26529 | $(7125) |
| &nbsp;&nbsp;Foreign currency forward contracts | (28365) | (763) | (132739) | (3417) |
| &nbsp;&nbsp;Translation of assets and liabilities in foreign currencies | 1669 | 791 | 1111 | 9912 |
| Net realized gains/(losses) | $(3368) | $523 | $(105099) | $(630) |
| Unrealized gain/(losses) on: |  |  |  |  |
| &nbsp;&nbsp;Investments | (56281) | 75405 | 273677 | 52459 |
| &nbsp;&nbsp;Foreign currency forward contracts | 60336 | (49758) | (48816) | (32510) |
| &nbsp;&nbsp;Translation of assets and liabilities in foreign currencies | 9728 | (22335) | (118051) | (10363) |
| Net unrealized gains/(losses) | $13783 | $3312 | $106810 | $9586 |
| **Net realized and unrealized gains/(losses):** | $10415 | $3835 | $1711 | $8956 |

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For the three and nine months ended September 30, 2025, the net realized and unrealized gains/(losses) on foreign currency fluctuations impacting the value of the investment portfolio, foreign currency forward contracts, and foreign debt and cash balances was $10.4 million and $1.7 million, respectively. When we are hedging foreign currency exposure through forward contracts and the local currency base rate (i.e., funding cost) is lower or higher than our functional currency, there is positive or negative "carry" embedded in the forward contract. For the three and nine months ended September 30, 2025, 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 and nine months ended September 30, 2024, 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 $3.8 million and $9.0 million, respectively.

***Interest Rate Swaps***

We use interest rate swaps to mitigate interest rate risk associated with our fixed rate liabilities. We have designated certain interest rate swaps to be in a hedge accounting relationship. See "*Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements - Note 2. Significant Accounting Policies*" for additional disclosure regarding our accounting for derivative instruments designated in a hedge accounting relationship. See our schedule of investments for additional disclosure regarding these derivative instruments. See "*Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 7. Borrowings*" for additional disclosure regarding the carrying value of our debt.

**Financial Condition, Liquidity and Capital Resources**

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

As of September 30, 2025 and December 31, 2024, we had several asset-based leverage facilities, a corporate-level revolving credit facility, unsecured note issuances and debt securitization issuances. From time to time, we may enter into additional credit facilities,

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increase the size of our existing credit facilities and/or issue debt securities, including additional unsecured notes and debt securitizations. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of September 30, 2025 and December 31, 2024, we had an aggregate amount of $12,239.0 million and $7,508.7 million, respectively, of principal debt outstanding and our asset coverage ratio was 195.8% and 216.3%, respectively. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage.

Cash and cash equivalents as of September 30, 2025, taken together with our $3,489.0 million of available capacity under our credit facilities (subject to borrowing base availability) and the continuous offering of our Common Shares is expected to be sufficient for our investing activities and to conduct our operations in the near term. This determination is based in part on our expectations for the timing of funding investment purchases and the timing and amount of future proceeds from sales of our Common Shares and the use of existing and future financing arrangements. As of September 30, 2025, we had significant amounts payable and commitments for existing and new investments, which we planned to fund using our available borrowing capacity under our credit facilities. Additionally, we held $1,816.1 million of syndicated loans and other liquid investments as of September 30, 2025, which could provide additional liquidity if necessary.

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

As of September 30, 2025, we had $419.3 million in cash and cash equivalents. During the nine months ended September 30, 2025, cash used in operating activities was $6,766.6 million, primarily as a result of funding portfolio investments of $9,041.9 million and partially offset by proceeds from sale of investments and principal repayments of $1,637.8 million and other operating uses of $637.5 million. Cash provided by financing activities was $6,957.0 million during the period, primarily as a result of new share issuances related to $3,374.6 million of subscriptions and net borrowings (repayments) of $4,611.7 million.

***Equity***

The following table summarizes transactions in common shares of beneficial interest during the three months ended September 30, 2025:

---

| | | |
|:---|:---|:---|
| | **Shares** | **Amount** |
| **CLASS I** | | |
| Subscriptions | 20669851 | $521356 |
| Share transfers between classes | 25263 | 638 |
| Distributions reinvested | 1122512 | 28310 |
| Share repurchases | (2017858) | (50991) |
| Early repurchase deduction |  | 13 |
| **Net increase (decrease)** | 19799768 | $499326 |
| **CLASS D** |  |  |
| Subscriptions | 2578928 | $65057 |
| Share transfers between classes | 433715 | 10933 |
| Distributions reinvested | 529293 | 13348 |
| Share repurchases | (1438900) | (36361) |
| Early repurchase deduction |  | 4 |
| **Net increase (decrease)** | 2103036 | $52981 |
| **CLASS F** |  |  |
| Subscriptions | 14068012 | $354817 |
| Share transfers between classes | (579532) | (14609) |
| Distributions reinvested | 2409745 | 60774 |
| Share repurchases | (3249115) | (82105) |
| Early repurchase deduction |  | 17 |

---

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**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>** 

---

| | | |
|:---|:---|:---|
| **Net increase (decrease)** | 12649110 | $318894 |
| **CLASS S** |  |  |
| Subscriptions | 5417493 | $136639 |
| Share transfers between classes | 120554 | 3038 |
| Distributions reinvested | 260155 | 6561 |
| Share repurchases | (277905) | (7023) |
| Early repurchase deduction |  | 2 |
| **Net increase (decrease)** | 5520297 | $139217 |
| **Total net increase (decrease)** | 40072211 | $1010418 |

---

The following table summarizes transactions in common shares of beneficial interest during the nine months ended September 30, 2025:

---

| | | |
|:---|:---|:---|
| | **Shares** | **Amount** |
| **CLASS I** | | |
| Subscriptions | 68786183 | $1746721 |
| Share transfers between classes | 3269342 | 83176 |
| Distributions reinvested | 3180411 | 80688 |
| Share repurchases | (12113319) | (307091) |
| Early repurchase deduction |  | 60 |
| **Net increase (decrease)** | 63122617 | $1603554 |
| **CLASS D** |  |  |
| Subscriptions | 7974481 | $202182 |
| Share transfers between classes | (2547455) | (64899) |
| Distributions reinvested | 1553535 | 39423 |
| Share repurchases | (3645010) | (92332) |
| Early repurchase deduction |  | 19 |
| **Net increase (decrease)** | 3335551 | $84393 |
| **CLASS F** |  |  |
| Subscriptions | 41993991 | $1064623 |
| Share transfers between classes | (739533) | (18684) |
| Distributions reinvested | 6581420 | 166942 |
| Share repurchases | (6385207) | (161427) |
| Early repurchase deduction |  | 83 |
| **Net increase (decrease)** | 41450671 | $1051537 |
| **CLASS S** |  |  |
| Subscriptions | 14235984 | $361123 |
| Share transfers between classes | 17646 | 407 |
| Distributions reinvested | 664733 | 16854 |
| Share repurchases | (503723) | (12729) |
| Early repurchase deduction |  | 10 |
| **Net increase (decrease)** | 14414640 | $365665 |
| **Total net increase (decrease)** | 122323479 | $3105149 |

---

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**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>** 

The following table summarizes transactions in common shares of beneficial interest during the three months ended September 30, 2024:

---

| | | |
|:---|:---|:---|
| | **Shares** | **Amount** |
| **CLASS I** | | |
| Subscriptions | 9657377 | $246413 |
| Share transfers between classes | 98267 | 2513 |
| Distributions reinvested | 619207 | 15805 |
| Share repurchases | (605984) | (15489) |
| Early repurchase deduction |  | (44) |
| **Net increase (decrease)** | 9768867 | $249198 |
| **CLASS D** |  |  |
| Subscriptions | 5278810 | $134820 |
| Share transfers between classes | (72175) | (1846) |
| Distributions reinvested | 456733 | 11658 |
| Share repurchases | (117463) | (3002) |
| Early repurchase deduction |  | (20) |
| **Net increase (decrease)** | 5545905 | $141610 |
| **CLASS F** |  |  |
| Subscriptions | 11307936 | $288584 |
| Share transfers between classes | (20000) | (512) |
| Distributions reinvested | 1673756 | 42721 |
| Share repurchases | (1043540) | (26673) |
| Early repurchase deduction |  | (83) |
| **Net increase (decrease)** | 11918152 | $304037 |
| **CLASS S** |  |  |
| Subscriptions | 3444921 | $87965 |
| Share transfers between classes | (6092) | (155) |
| Distributions reinvested | 110794 | 2828 |
| Share repurchases |  |  |
| Early repurchase deduction |  | (5) |
| **Net increase (decrease)** | 3549623 | $90633 |
| **Total net increase (decrease)** | 30782547 | $785478 |

---

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**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>** 

The following table summarizes transactions in common shares of beneficial interest during the nine months ended September 30, 2024:

---

| | | |
|:---|:---|:---|
| | **Shares** | **Amount** |
| **CLASS I** | | |
| Subscriptions | 38699330 | $981460 |
| Share transfers between classes | 195275 | 4961 |
| Distributions reinvested | 1679267 | 42614 |
| Share repurchases | (2809501) | (71513) |
| Early repurchase deduction |  | 1 |
| **Net increase (decrease)** | 37764371 | $957523 |
| **CLASS D** |  |  |
| Subscriptions | 12341218 | $313142 |
| Share transfers between classes | 578230 | 14630 |
| Distributions reinvested | 1297734 | 32923 |
| Share repurchases | (533783) | (13561) |
| Early repurchase deduction |  | 1 |
| **Net increase (decrease)** | 13683399 | $347135 |
| **CLASS F** |  |  |
| Subscriptions | 37355053 | $946493 |
| Share transfers between classes | (824344) | (20867) |
| Distributions reinvested | 5001056 | 126842 |
| Share repurchases | (2975480) | (75876) |
| Early repurchase deduction |  | 2 |
| **Net increase (decrease)** | 38556285 | $976594 |
| **CLASS S** |  |  |
| Subscriptions | 11392887 | $289012 |
| Share transfers between classes | 50839 | 1276 |
| Distributions reinvested | 206907 | 5269 |
| Share repurchases |  |  |
| Early repurchase deduction |  |  |
| **Net increase (decrease)** | 11650633 | $295557 |
| **Total net increase (decrease)** | 101654688 | $2576809 |

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**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>** 

***Distributions and Distribution Reinvestment***

The following tables summarize our distributions declared and payable for the nine months ended September 30, 2025 (dollar amounts in thousands, except per share amounts), and the record date for each distribution was the last calendar date of the month in which such distribution was declared:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|<br>**Declaration Date** |<br>**Payment Date** | **Base Distribution Per Share** | **Variable Supplemental Distribution Per Share** | **Special Distribution Per Share** | **Total Distribution Per Share** | **Distribution Amount** |
| January 29, 2025 | February 28, 2025 | $0.1600 | $0.0550 | $— | $0.2150 | $24733 |
| February 26, 2025 | March 31, 2025 | 0.1600 | 0.0550 |  | 0.2150 | 27355 |
| March 27, 2025 | April 30, 2025 | 0.1600 | 0.0550 |  | 0.2150 | 28558 |
| April 25, 2025 | May 30, 2025 | 0.1600 | 0.0550 |  | 0.2150 | 29299 |
| May 27, 2025 | June 30, 2025 | 0.1600 | 0.0550 |  | 0.2150 | 31373 |
| June 24, 2025 | July 31, 2025 | 0.1600 | 0.0550 |  | 0.2150 | 33040 |
| July 23, 2025 | August 29, 2025 | 0.1600 | 0.0550 |  | 0.2150 | 33412 |
| August 26, 2025 | September 30, 2025 | 0.1600 | 0.0550 |  | 0.2150 | 35458 |
| September 24, 2025 | October 31, 2025 | 0.1600 | 0.0550 |  | 0.2150 | 36845 |
| **Total** |  | $1.4400 | $0.4950 | $— | $1.9350 | $280073 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Class D** | **Class D** | **Class D** | **Class D** | **Class D** |
|<br>**Declaration Date** |<br>**Payment Date** | **Base Distribution Per Share**<sup>(1)</sup> | **Variable Supplemental Distribution Per Share** | **Special Distribution Per Share** | **Total Distribution Per Share** <sup>(1)</sup> | **Distribution Amount** |
| January 29, 2025 | February 28, 2025 | $0.1546 | $0.0550 | $— | $0.2096 | $8871 |
| February 26, 2025 | March 31, 2025 | 0.1551 | 0.0550 |  | 0.2101 | 9116 |
| March 27, 2025 | April 30, 2025 | 0.1546 | 0.0550 |  | 0.2096 | 9339 |
| April 25, 2025 | May 30, 2025 | 0.1548 | 0.0550 |  | 0.2098 | 9178 |
| May 27, 2025 | June 30, 2025 | 0.1546 | 0.0550 |  | 0.2096 | 9198 |
| June 24, 2025 | July 31, 2025 | 0.1548 | 0.0550 |  | 0.2098 | 9489 |
| July 23, 2025 | August 29, 2025 | 0.1546 | 0.0550 |  | 0.2096 | 9703 |
| August 26, 2025 | September 30, 2025 | 0.1546 | 0.0550 |  | 0.2096 | 9950 |
| September 24, 2025 | October 31, 2025 | 0.1548 | 0.0550 |  | 0.2098 | 10049 |
| **Total** |  | $1.3925 | $0.4950 | $— | $1.8875 | $84893 |

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**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Class F** | **Class F** | **Class F** | **Class F** | **Class F** |
|<br>**Declaration Date** |<br>**Payment Date** | **Base Distribution Per Share**<sup>(1)</sup> | **Variable Supplemental Distribution Per Share** | **Special Distribution Per Share** | **Total Distribution Per Share** <sup>(1)</sup> | **Distribution Amount** |
| January 29, 2025 | February 28, 2025 | $0.1491 | $0.0550 | $— | $0.2041 | $36177 |
| February 26, 2025 | March 31, 2025 | 0.1502 | 0.0550 |  | 0.2052 | 37444 |
| March 27, 2025 | April 30, 2025 | 0.1492 | 0.0550 |  | 0.2042 | 38611 |
| April 25, 2025 | May 30, 2025 | 0.1495 | 0.0550 |  | 0.2045 | 39480 |
| May 27, 2025 | June 30, 2025 | 0.1493 | 0.0550 |  | 0.2043 | 40814 |
| June 24, 2025 | July 31, 2025 | 0.1496 | 0.0550 |  | 0.2046 | 42387 |
| July 23, 2025 | August 29, 2025 | 0.1493 | 0.0550 |  | 0.2043 | 43253 |
| August 26, 2025 | September 30, 2025 | 0.1493 | 0.0550 |  | 0.2043 | 44310 |
| September 24, 2025 | October 31, 2025 | 0.1496 | 0.0550 |  | 0.2046 | 45185 |
| **Total** |  | $1.3451 | $0.4950 | $— | $1.8401 | $367661 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
|<br>**Declaration Date** |<br>**Payment Date** | **Base Distribution Per Share**<sup>(1)</sup> | **Variable Supplemental Distribution Per Share** | **Special Distribution Per Share** | **Total Distribution Per Share** <sup>(1)</sup> | **Distribution Amount** |
| January 29, 2025 | February 28, 2025 | $0.1415 | $0.0550 | $— | $0.1965 | $3363 |
| February 26, 2025 | March 31, 2025 | 0.1433 | 0.0550 |  | 0.1983 | 3627 |
| March 27, 2025 | April 30, 2025 | 0.1416 | 0.0550 |  | 0.1966 | 3978 |
| April 25, 2025 | May 30, 2025 | 0.1422 | 0.0550 |  | 0.1972 | 4374 |
| May 27, 2025 | June 30, 2025 | 0.1417 | 0.0550 |  | 0.1967 | 4585 |
| June 24, 2025 | July 31, 2025 | 0.1424 | 0.0550 |  | 0.1974 | 4924 |
| July 23, 2025 | August 29, 2025 | 0.1418 | 0.0550 |  | 0.1968 | 5157 |
| August 26, 2025 | September 30, 2025 | 0.1418 | 0.0550 |  | 0.1968 | 5619 |
| September 24, 2025 | October 31, 2025 | 0.1424 | 0.0550 |  | 0.1974 | 6033 |
| **Total** |  | $1.2787 | $0.4950 | $— | $1.7737 | $41660 |

---

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

The following tables summarize our distributions declared and payable for the nine months ended September 30, 2024 (dollar amounts in thousands, except per share amounts), and the record date for each distribution was the last calendar date of the month in which such distribution was declared:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|<br>**Declaration Date** |<br>**Payment Date** | **Base Distribution Per Share** | **Variable Supplemental Distribution Per Share** | **Special Distribution Per Share** | **Total Distribution Per Share** | **Distribution Amount** |
| January 30, 2024 | February 29, 2024 | $0.1600 | $0.0550 | $— | $0.2150 | $11811 |
| February 29, 2024 | March 29, 2024 | 0.1600 | 0.0550 |  | 0.2150 | 13391 |
| March 26, 2024 | April 30, 2024 | 0.1600 | 0.0550 |  | 0.2150 | 14482 |
| April 25, 2024 | May 31, 2024 | 0.1600 | 0.0550 |  | 0.2150 | 15054 |
| May 31, 2024 | June 28, 2024 | 0.1600 | 0.0550 |  | 0.2150 | 16339 |
| June 26, 2024 | July 31, 2024 | 0.1600 | 0.0550 |  | 0.2150 | 17490 |
| July 26, 2024 | August 30, 2024 | 0.1600 | 0.0550 |  | 0.2150 | 18130 |
| August 27, 2024 | September 30, 2024 | 0.1600 | 0.0550 |  | 0.2150 | 18993 |
| September 26, 2024 | October 31, 2024 | 0.1600 | 0.0550 |  | 0.2150 | 19529 |
| **Total** |  | $1.4400 | $0.4950 | $— | $1.9350 | $145219 |

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**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Class D** | **Class D** | **Class D** | **Class D** | **Class D** |
|<br>**Declaration Date** |<br>**Payment Date** | **Base Distribution Per Share**<sup>(1)</sup> | **Variable Supplemental Distribution Per Share** | **Special Distribution Per Share** | **Total Distribution Per Share** <sup>(1)</sup> | **Distribution Amount** |
| January 30, 2024 | February 29, 2024 | $0.1547 | $0.0550 | $— | $0.2097 | $6514 |
| February 29, 2024 | March 29, 2024 | 0.1550 | 0.0550 |  | 0.2100 | 6670 |
| March 26, 2024 | April 30, 2024 | 0.1547 | 0.0550 |  | 0.2097 | 6834 |
| April 25, 2024 | May 31, 2024 | 0.1548 | 0.0550 |  | 0.2098 | 7225 |
| May 31, 2024 | June 28, 2024 | 0.1546 | 0.0550 |  | 0.2096 | 7404 |
| June 26, 2024 | July 31, 2024 | 0.1548 | 0.0550 |  | 0.2098 | 7622 |
| July 26, 2024 | August 30, 2024 | 0.1546 | 0.0550 |  | 0.2096 | 8144 |
| August 27, 2024 | September 30, 2024 | 0.1546 | 0.0550 |  | 0.2096 | 8270 |
| September 26, 2024 | October 31, 2024 | 0.1548 | 0.0550 |  | 0.2098 | 8810 |
| **Total** |  | $1.3926 | $0.4950 | $— | $1.8876 | $67493 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Class F** | **Class F** | **Class F** | **Class F** | **Class F** |
|<br>**Declaration Date** |<br>**Payment Date** | **Base Distribution Per Share**<sup>(1)</sup> | **Variable Supplemental Distribution Per Share** | **Special Distribution Per Share** | **Total Distribution Per Share** <sup>(1)</sup> | **Distribution Amount** |
| January 30, 2024 | February 29, 2024 | $0.1494 | $0.0550 | $— | $0.2044 | $26889 |
| February 29, 2024 | March 29, 2024 | 0.1500 | 0.0550 |  | 0.2050 | 28278 |
| March 26, 2024 | April 30, 2024 | 0.1493 | 0.0550 |  | 0.2043 | 29404 |
| April 25, 2024 | May 31, 2024 | 0.1496 | 0.0550 |  | 0.2046 | 29919 |
| May 31, 2024 | June 28, 2024 | 0.1492 | 0.0550 |  | 0.2042 | 30325 |
| June 26, 2024 | July 31, 2024 | 0.1495 | 0.0550 |  | 0.2045 | 31356 |
| July 26, 2024 | August 30, 2024 | 0.1492 | 0.0550 |  | 0.2042 | 31763 |
| August 27, 2024 | September 30, 2024 | 0.1492 | 0.0550 |  | 0.2042 | 32810 |
| September 26, 2024 | October 31, 2024 | 0.1495 | 0.0550 |  | 0.2045 | 33739 |
| **Total** |  | $1.3449 | $0.4950 | $— | $1.8399 | $274483 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
|<br>**Declaration Date** |<br>**Payment Date** | **Base Distribution Per Share**<sup>(1)</sup> | **Variable Supplemental Distribution Per Share** | **Special Distribution Per Share** | **Total Distribution Per Share** <sup>(1)</sup> | **Distribution Amount** |
| January 30, 2024 | February 29, 2024 | $0.1420 | $0.0550 | $— | $0.1970 | $357 |
| February 29, 2024 | March 29, 2024 | 0.1431 | 0.0550 |  | 0.1981 | 743 |
| March 26, 2024 | April 30, 2024 | 0.1418 | 0.0550 |  | 0.1968 | 954 |
| April 25, 2024 | May 31, 2024 | 0.1423 | 0.0550 |  | 0.1973 | 1204 |
| May 31, 2024 | June 28, 2024 | 0.1417 | 0.0550 |  | 0.1967 | 1550 |
| June 26, 2024 | July 31, 2024 | 0.1422 | 0.0550 |  | 0.1972 | 1767 |
| July 26, 2024 | August 30, 2024 | 0.1416 | 0.0550 |  | 0.1966 | 1954 |
| August 27, 2024 | September 30, 2024 | 0.1417 | 0.0550 |  | 0.1967 | 2126 |
| September 26, 2024 | October 31, 2024 | 0.1422 | 0.0550 |  | 0.1972 | 2467 |
| **Total** |  | $1.2786 | $0.4950 | $— | $1.7736 | $13122 |

---

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

With respect to distributions, we have adopted an "opt out" distribution reinvestment plan for shareholders. As a result, in the event of a declared cash distribution or other distribution, each shareholder, other than a shareholder that has "opted out" of the distribution reinvestment plan or who is located in a state that does not permit automatic enrollment in the distribution reinvestment plan, will have their distributions automatically reinvested in additional shares rather than receiving cash distributions. Shareholders who receive

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**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>** 

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 nine months ended September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class D** | **Class D** | **Class F** | **Class F** | **Class S** | **Class S** |
|<br>**Source of Distribution** | **Per Share** | **Amount** | **Per Share** | **Amount** | **Per Share** | **Amount** | **Per Share** | **Amount** |
| Net investment income | $1.9350 | $280073 | $1.8875 | $84893 | $1.8401 | $367661 | $1.7737 | $41660 |
| Net realized gains |  |  |  |  |  |  |  |  |
| **Total** | $1.9350 | $280073 | $1.8875 | $84893 | $1.8401 | $367661 | $1.7737 | $41660 |

---

The following table reflects the sources of cash distributions on a U.S. GAAP basis that we declared on our Common Shares during the nine months ended September 30, 2024:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class D** | **Class D** | **Class F** | **Class F** | **Class S** | **Class S** |
|<br>**Source of Distribution** | **Per Share** | **Amount** | **Per Share** | **Amount** | **Per Share** | **Amount** | **Per Share** | **Amount** |
| Net investment income | $1.9350 | $145219 | $1.8876 | $67493 | $1.8399 | $274483 | $1.7736 | $13122 |
| Net realized gains |  |  |  |  |  |  |  |  |
| **Total** | $1.9350 | $145219 | $1.8876 | $67493 | $1.8399 | $274483 | $1.7736 | $13122 |

---

*Share Repurchase Program*

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

Under the share repurchase program, to the extent we offer to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an "Early Repurchase Deduction"). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived, at our discretion, in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by us for the benefit of remaining shareholders.

The following tables summarize the share repurchases completed during the nine months ended September 30, 2025 and 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Repurchase Deadline Request** | **Percentage of Outstanding Shares the Company Offered to Repurchase**<sup>(1)</sup> | **Repurchase Pricing Date** | **Amount Repurchased (all classes)**<sup>(2)</sup> | **Number of Shares Repurchased (all classes)** | **Percentage of Outstanding Shares Repurchased**<sup>(1)</sup> |
| March 4, 2025 | 5.00% | March 31, 2025 | $210490 | 8264218 | 2.42% |
| May 30, 2025 | 5.00% | June 30, 2025 | $186609 | 7399263 | 1.96% |
| August 29, 2025 | 5.00% | September 30, 2025 | $176480 | 6983778 | 1.65% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Repurchase Deadline Request** | **Percentage of Outstanding Shares the Company Offered to Repurchase**<sup>(1)</sup> | **Repurchase Pricing Date** | **Amount Repurchased (all classes)**<sup>(2)</sup> | **Number of Shares Repurchased (all classes)** | **Percentage of Outstanding Shares Repurchased**<sup>(1)</sup> |
| March 1, 2024 | 5.00% | March 31, 2024 | $59526 | 2347231 | 1.13% |
| May 30, 2024 | 5.00% | June 30, 2024 | $56260 | 2204546 | 0.89% |
| August 29, 2024 | 5.00% | September 30, 2024 | $45164 | 1766987 | 0.64% |

---

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

(2)Amounts not inclusive of Early Repurchase Deduction.

***Borrowings***

Our outstanding debt obligations were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Aggregate Principal Committed** | **Outstanding Principal** | **Carrying Value** | **Unused Portion**<sup>(1)</sup> | **Amount Available**<sup>(2)</sup> |
| HLEND A Funding Facility<sup>(3)</sup> | $1250000 | $757530 | $757530 | $492470 | $249169 |
| HLEND B Funding Facility<sup>(3)</sup> | 1500000 | 833659 | 833659 | 666341 | 380983 |
| HLEND C Funding Facility | 850000 | 510000 | 510000 | 340000 | 25124 |
| HLEND D Funding Facility<sup>(3)</sup> | 1000000 | 751376 | 751376 | 248624 | 184562 |
| HLEND E Funding Facility<sup>(3)</sup> | 1500000 | 913705 | 913705 | 586295 | 248733 |
| Revolving Credit Facility<sup>(3)</sup> | 2125000 | 969772 | 969772 | 1155228 | 1155228 |
| November 2027 Notes<sup>(4)</sup> | 155000 | 155000 | 154962 |  |  |
| March 2026 Notes<sup>(4)</sup> | 276000 | 276000 | 276284 |  |  |
| March 2028 Notes<sup>(4)</sup> | 124000 | 124000 | 124801 |  |  |
| September 2027 Notes<sup>(4)</sup> | 75000 | 75000 | 75817 |  |  |
| September 2028 Notes<sup>(4)</sup> | 250000 | 250000 | 253990 |  |  |
| January 2029 Notes<sup>(4)</sup> | 550000 | 550000 | 548525 |  |  |
| September 2029 Notes<sup>(4)</sup> | 400000 | 400000 | 403928 |  |  |
| January 2028 Notes<sup>(4)</sup> | 750000 | 750000 | 752408 |  |  |
| April 2032 Notes<sup>(4)</sup> | 500000 | 500000 | 505723 |  |  |
| June 2027 Notes<sup>(4)</sup> | 400000 | 400000 | 397265 |  |  |
| June 2030 Notes<sup>(4)</sup> | 500000 | 500000 | 496700 |  |  |
| September 2028-1 Notes<sup>(4)</sup> | 600000 | 600000 | 590895 |  |  |
| November 2030 Notes<sup>(4)</sup> | 500000 | 500000 | 491871 |  |  |
| 2023 CLO Secured Notes<sup>(4)</sup> | 323000 | 323000 | 321816 |  |  |
| 2024 CLO Secured Notes<sup>(4)</sup> | 400000 | 400000 | 380318 |  |  |
| 2025 CLO Secured Debt<sup>(4)</sup> | 850000 | 850000 | 845516 |  |  |
| 2025-4 CLO Secured Notes<sup>(4)</sup> | 850000 | 850000 | 845023 |  |  |
| **Total** | $15728000 | $12239042 | $12201884 | $3488958 | $2243799 |

---

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

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

(3)We may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of September 30, 2025, we had outstanding borrowings denominated in the following non-USD currencies:

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Currency** | **Currency** | **Currency** | **Currency** | **Currency** |
|<br>**Facility** | **Australian Dollars (AUD)** | **Australian Dollars (AUD)** | **Euros (EUR)** | **Euros (EUR)** | **British Pound (GBP)** |
| HLEND A Funding Facility | A$ | 94413 | € | 45500 | £— |
| HLEND B Funding Facility | 25519 | 25519 | 105352 | 105352 | 90346 |
| HLEND D Funding Facility |  |  | 167513 | 167513 |  |
| HLEND E Funding Facility |  |  | 67836 | 67836 |  |
| Revolving Credit Facility | 43310 | 43310 | 448857 | 448857 | 225692 |

---

(4)As of September 30, 2025, the carrying value of our Unsecured Notes, 2023 CLO Secured Notes, 2024 CLO Secured Notes, 2025 CLO Secured Debt, and 2025-4 CLO Secured Notes are presented net of unamortized debt issuance costs and original issue discount, as applicable, in the below table. Additionally, the carrying value of our Unsecured Notes includes the increase (decrease) in the notes carrying value as a result of the qualifying fair value hedge relationship as disclosed in the below table, and as further described above.

---

| | | |
|:---|:---|:---|
| | **Unamortized Debt Issuance Costs and Original Issue Discount** | **Change in the Notes Carrying Value as a Result of the Qualifying Fair Value Hedge Relationship** |
| November 2027 Notes | $(749) | $711 |
| March 2026 Notes | (268) | 552 |
| March 2028 Notes | (555) | 1356 |
| September 2027 Notes | (385) | 1202 |
| September 2028 Notes | (1554) | 5544 |
| January 2029 Notes | (8469) | 6994 |
| September 2029 Notes | (7348) | 11276 |
| January 2028 Notes | (9029) | 11437 |
| April 2032 Notes | (12515) | 18238 |
| June 2027 Notes | (3491) | 756 |
| June 2030 Notes | (7337) | 4037 |
| September 2028-1 Notes | (7237) | (1868) |
| November 2030 Notes | (5059) | (3070) |
| 2023 CLO Secured Notes | (1184) |  |
| 2024 CLO Secured Notes | (19682) |  |
| 2025 CLO Secured Debt | (4484) |  |
| 2025-4 CLO Secured Notes | (4977) |  |
| **Total** | $(94323) | $57165 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Aggregate Principal Committed** | **Outstanding Principal** | **Carrying Value** | **Unused Portion**<sup>(1)</sup> | **Amount Available**<sup>(2)</sup> |
| HLEND A Funding Facility<sup>(3)</sup> | $800000 | $683184 | $683184 | $116816 | $94431 |
| HLEND B Funding Facility<sup>(3)</sup> | 1250000 | 955572 | 955572 | 294428 | 148973 |
| HLEND C Funding Facility | 750000 | 487500 | 487500 | 262500 | 31775 |
| HLEND D Funding Facility<sup>(3)</sup> | 1000000 | 830343 | 830343 | 169657 | 96737 |
| HLEND E Funding Facility | 1000000 | 642800 | 642800 | 357200 | 81202 |
| Revolving Credit Facility<sup>(3)</sup> | 1525000 | 1186264 | 1186264 | 338736 | 338736 |
| November 2025 Notes<sup>(4)</sup> | 170000 | 170000 | 169403 |  |  |
| November 2027 Notes<sup>(4)</sup> | 155000 | 155000 | 153652 |  |  |
| March 2026 Notes<sup>(4)</sup> | 276000 | 276000 | 274866 |  |  |
| March 2028 Notes<sup>(4)</sup> | 124000 | 124000 | 121989 |  |  |
| September 2027 Notes<sup>(4)</sup> | 75000 | 75000 | 74649 |  |  |
| September 2028 Notes<sup>(4)</sup> | 250000 | 250000 | 248111 |  |  |
| January 2029 Notes<sup>(4)</sup> | 550000 | 550000 | 530894 |  |  |
| September 2029 Notes<sup>(4)</sup> | 400000 | 400000 | 390055 |  |  |
| 2023 CLO Secured Notes<sup>(4)</sup> | 323000 | 323000 | 320018 |  |  |
| 2024 CLO Secured Notes<sup>(4)</sup> | 400000 | 400000 | 376280 |  |  |
| **Total** | $9048000 | $7508663 | $7445580 | $1539337 | $791854 |

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**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>** 

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

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

(3)We may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of December 31, 2024, we had outstanding borrowings denominated in the following non-USD currencies:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Currency** | **Currency** | **Currency** | **Currency** |
|<br>**Facility** | **Australian Dollars (AUD)** | **Australian Dollars (AUD)** | **Euros (EUR)** | **British Pound (GBP)** |
| HLEND A Funding Facility | A$ | 34413 | € | £12929 |
| HLEND B Funding Facility | 25519 | 25519 | 3352 | 90347 |
| HLEND D Funding Facility |  |  | 42513 |  |
| Revolving Credit Facility | 62500 | 62500 | 457831 | 212692 |

---

(4)As of December 31, 2024, the carrying value of our Unsecured Notes, 2023 CLO Secured Notes and 2024 CLO Secured Notes are presented net of unamortized debt issuance costs and original issue discount, as applicable, in the below table. Additionally, the carrying value of our Unsecured Notes includes the increase (decrease) in the notes carrying value as a result of the qualifying fair value hedge relationship as disclosed in the below table, and as further described above.

---

| | | |
|:---|:---|:---|
| | **Unamortized Debt Issuance Costs and Original Issue Discount** | **Change in the Notes Carrying Value as a Result of the Qualifying Fair Value Hedge Relationship** |
| November 2025 Notes | $(562) | $(36) |
| November 2027 Notes | (1013) | (335) |
| March 2026 Notes | (1007) | (127) |
| March 2028 Notes | (723) | (1288) |
| September 2027 Notes | (533) | 182 |
| September 2028 Notes | (1947) | 58 |
| January 2029 Notes | (10367) | (8739) |
| September 2029 Notes | (8721) | (1225) |
| 2023 CLO Secured Notes | (2982) |  |
| 2024 CLO Secured Notes | (23718) |  |
| **Total** | $(51573) | $(11510) |

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**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>** 

A summary of our contractual payment obligations under our credit facilities, unsecured notes and debt securitization issuances as of September 30, 2025, is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Total** | **Less than 1 year** | **1-3 years** | **3-5 years** | **After 5 years** |
| HLEND A Funding Facility | $757530 | $— | $— | $757530 | $— |
| HLEND B Funding Facility | 833659 |  |  | 833659 |  |
| HLEND C Funding Facility | 510000 |  |  |  | 510000 |
| HLEND D Funding Facility | 751376 |  | 751376 |  |  |
| HLEND E Funding Facility | 913705 |  |  | 913705 |  |
| Revolving Credit Facility | 969772 |  |  | 969772 |  |
| November 2027 Notes | 155000 |  | 155000 |  |  |
| March 2026 Notes | 276000 | 276000 |  |  |  |
| March 2028 Notes | 124000 |  | 124000 |  |  |
| September 2027 Notes | 75000 |  | 75000 |  |  |
| September 2028 Notes | 250000 |  | 250000 |  |  |
| January 2029 Notes | 550000 |  |  | 550000 |  |
| September 2029 Notes | 400000 |  |  | 400000 |  |
| January 2028 Notes | 750000 |  | 750000 |  |  |
| April 2032 Notes | 500000 |  |  |  | 500000 |
| June 2027 Notes | 400000 |  | 400000 |  |  |
| June 2030 Notes | 500000 |  |  | 500000 |  |
| September 2028-1 Notes | 600000 |  | 600000 |  |  |
| November 2030 Notes | 500000 |  |  |  | 500000 |
| 2023 CLO Secured Notes | 323000 |  |  |  | 323000 |
| 2024 CLO Secured Notes | 400000 |  |  |  | 400000 |
| 2025 CLO Secured Debt | 850000 |  |  |  | 850000 |
| 2025-4 CLO Secured Notes | 850000 |  |  |  | 850000 |
| **Total** | $12239042 | $276000 | $3105376 | $4924666 | $3933000 |

---

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

**Off-Balance Sheet Arrangements**

***Portfolio Company Commitments***

Our investment portfolio contains and is expected to continue to contain debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of September 30, 2025 and December 31, 2024, we had unfunded delayed draw term loans and revolvers with an aggregate principal amount of $3,255.8 million and $2,128.7 million, respectively.

***Other Commitments and Contingencies***

As of September 30, 2025 and December 31, 2024, $225.1 million and $236.2 million, respectively, of capital committed remained uncalled from the Company in relation to capital commitments to ULTRA III. Such amount is subject to the approval of each joint venture member.

From time to time, we may become a party to certain legal proceedings incidental to the normal course of its business. As of September 30, 2025, management is not aware of any material pending or threatened litigation.

**Related-Party Transactions**

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

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&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, the Adviser and its affiliates 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 "Item 1. Financial Statements – Notes to Consolidated Financial Statements – Note 12. Subsequent Events" for a summary of recent developments.

**Critical Accounting Estimates**

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

For a description of our critical accounting policies, see *"Note 2. Significant Accounting Policies* in our consolidated financial statements included in this report. We consider the most significant accounting policies to be those related to our Investments, Revenue Recognition, Distributions, and Income Taxes. We consider the most significant critical estimate to be the fair value measurement of investments. The critical accounting policies and estimates should be read in connection with our risk factors listed under "Risk Factors" in our annual report on Form 10-K for the year ended December 31, 2024.

***Investments and Fair Value Measurements***

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

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

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

***Valuation Risk***

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and we value these investments at fair value as determined in good faith by the Adviser as the Company's 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 the Company, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to

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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 September 30, 2025, 99.4% of our performing debt investments at fair value were at floating rates. Additionally, we entered into interest rate swaps with certain of our Unsecured Notes in order to align the interest rates of our liabilities with our investment portfolio. Based on our Consolidated Statements of Assets and Liabilities as of September 30, 2025, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates (considering base rate floors and ceilings for floating rate instruments) and assuming no changes in our investment and borrowing structure:

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| | | | |
|:---|:---|:---|:---|
| | **Interest Income** | **Interest Expense** | **Net Income** |
| Up 300 basis points | $701101 | $(364486) | $336615 |
| Up 200 basis points | $467401 | $(242991) | $224410 |
| Up 100 basis points | $233700 | $(121495) | $112205 |
| Down 100 basis points | $(232919) | $121495 | $(111424) |
| Down 200 basis points | $(464316) | $242991 | $(221325) |
| Down 300 basis points | $(691552) | $364486 | $(327066) |

---

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

&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 September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**PART II - OTHER INFORMATION**

**Item 1. Legal Proceedings.**

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

**Item 1A. Risk Factors.**

In addition to the other information set forth in this quarterly report on Form 10-Q 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, 2024 and our quarterly report on Form 10-Q for the period ended June 30, 2025, and the risk factors set forth in "Risk Factors" of the Post-Effective Amendment No. 1 to our registration statement on Form N-2 filed on April 24, 2025 (our "Prospectus"), 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 September 30, 2025 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, 2024 and our quarterly report on Form 10-Q for the period ended June 30, 2025.

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

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

*Share Repurchases*

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

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

The following table sets forth information regarding repurchases of our common shares during the nine months ended September 30, 2025 (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Offer Date** | **Repurchase Deadline Request** | **Purchase Price per Share** | **Number of Shares Repurchased (all classes)** | **Amount Repurchased (all classes)** |
| February 3, 2025 | March 4, 2025 | $25.47 | 8264218 | 2.42% |
| May 1, 2025 | May 30, 2025 | $25.22 | 7399263 | 1.96% |
| August 1, 2025 | August 29, 2025 | $25.27 | 6983778 | 1.65% |

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

None.

**Item 4. Mine Safety Disclosures.**

Not applicable.

**Item 5. Other Information.**

During the fiscal quarter ended September 30, 2025, none of our directors or executive officers adopted, modified or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."

**Item 6. Exhibits.**

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Exhibits** |
| <u>[3.1](https://www.sec.gov/Archives/edgar/data/1838126/000119312524266960/d899689dex31.htm)</u> | <u>[Seventh Amended and Restated Agreement and Declaration of Trust of the Company (incorporated by reference to Exhibit 3.1 to the Report on Form 8-K (File No. 814-01431), filed on November 27, 2024).](https://www.sec.gov/Archives/edgar/data/1838126/000119312524266960/d899689dex31.htm)</u> |
| <u>[4.1](https://www.sec.gov/Archives/edgar/data/0001838126/000119312525201401/d42281dex42.htm)</u> | <u>[Seventh Supplemental Indenture, dated as of September 11, 2025, relating to the 4.900% Notes due 2028, by and between the Company and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K (File No. 814-01431), filed on September 11, 2025).](https://www.sec.gov/Archives/edgar/data/0001838126/000119312525201401/d42281dex42.htm)</u> |
| <u>[4.2](https://www.sec.gov/Archives/edgar/data/0001838126/000119312525201401/d42281dex43.htm)</u> | <u>[Eighth Supplemental Indenture, dated as of September 11, 2025, relating to the 5.450% Notes due 2030, by and between the Company and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K (File No. 814-01431), filed on September 11, 2025).](https://www.sec.gov/Archives/edgar/data/0001838126/000119312525201401/d42281dex43.htm)</u> |
| <u>[4.3](https://www.sec.gov/Archives/edgar/data/0001838126/000119312525201401/d42281dex46.htm)</u> | <u>[Registration Rights Agreement, dated as of September 11, 2025, relating to the 4.900% Notes due 2028, by and among the Company and Wells Fargo Securities, LLC, BNP Paribas Securities Corp., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Scotia Capital (USA) Inc., as the representatives of the Initial Purchasers (incorporated by reference to Exhibit 4.6 to the Company's Current Report on Form 8-K (File No. 814-01431), filed on September 11, 2025).](https://www.sec.gov/Archives/edgar/data/0001838126/000119312525201401/d42281dex46.htm)</u> |
| <u>[4.4](https://www.sec.gov/Archives/edgar/data/0001838126/000119312525201401/d42281dex47.htm)</u> | <u>[Registration Rights Agreement, dated as of September 11, 2025, relating to the 5.450% Notes due 2030, by and among the Company and Wells Fargo Securities, LLC, BNP Paribas Securities Corp., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Barclays Capital Inc. and SMBC Nikko Securities America, Inc., as representatives of the Initial Purchasers (incorporated by reference to Exhibit 4.7 to the Company's Current Report on Form 8-K (File No. 814-01431), filed on September 11, 2025).](https://www.sec.gov/Archives/edgar/data/0001838126/000119312525201401/d42281dex47.htm)</u> |
| <u>[10.1](https://www.sec.gov/Archives/edgar/data/0001838126/000119312525153864/d38845dex101.htm)</u> | <u>[Investment Advisory Agreement, dated as of July 1, 2025, by and between the Company and HPS Advisors, LLC (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 814-01431), filed on July 1, 2025).](https://www.sec.gov/Archives/edgar/data/0001838126/000119312525153864/d38845dex101.htm)</u> |
| <u>[10.2](https://www.sec.gov/Archives/edgar/data/0001838126/000119312525153864/d38845dex102.htm)</u> | <u>[Managing Dealer Agreement, dated as of July 1, 2025, by and between the Company and HPS Securities, LLC (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K (File No. 814-01431), filed on July 1, 2025).](https://www.sec.gov/Archives/edgar/data/0001838126/000119312525153864/d38845dex102.htm)</u> |
| <u>[10.3](https://www.sec.gov/Archives/edgar/data/0001838126/000119312525153864/d38845dex103.htm)</u> | <u>[Administration Agreement, dated as of July 1, 2025, by and between the Company and HPS Investment Partners, LLC (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K (File No. 814-01431), filed on July 1, 2025).](https://www.sec.gov/Archives/edgar/data/0001838126/000119312525153864/d38845dex103.htm)</u> |
| <u>[10.4](https://www.sec.gov/Archives/edgar/data/0001838126/000119312525175558/d60258dex101.htm)</u> | <u>[Commitment Increase Agreement, dated as of August 6, 2025, by and among HPS Corporate Lending Fund, JPMorgan Chase Bank, N.A., as administrative agent and Natixis, New York Branch, as the increasing lender. (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 814-01431), filed on August 7, 2025).](https://www.sec.gov/Archives/edgar/data/0001838126/000119312525175558/d60258dex101.htm)</u> |
| <u>[10.5](https://www.sec.gov/Archives/edgar/data/0001838126/000119312525178668/d446851dex101.htm)</u> | <u>[Placement Agreement, dated as of August 12, 2025, by and between HLEND CLO 2025-4, LLC, as Issuer, and Natixis Securities Americas LLC, as Placement Agent. (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 814-01431), filed on August 12, 2025).](https://www.sec.gov/Archives/edgar/data/0001838126/000119312525178668/d446851dex101.htm)</u> |
| <u>[10.6](https://www.sec.gov/Archives/edgar/data/0001838126/000119312525178668/d446851dex102.htm)</u> | <u>[Indenture, dated as of August 12, 2025, by and between HLEND CLO 2025-4, LLC, as Issuer, and U.S. Bank Trust Company, National Association, as Trustee (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K (File No. 814-01431), filed on August 12, 2025).](https://www.sec.gov/Archives/edgar/data/0001838126/000119312525178668/d446851dex102.htm)</u> |
| <u>[10.7](https://www.sec.gov/Archives/edgar/data/0001838126/000119312525178668/d446851dex103.htm)</u> | <u>[Collateral Management Agreement, dated as of August 12, 2025, by and between HLEND CLO 2025-4, LLC, as Issuer, and the Company, as Collateral Manager (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K (File No. 814-01431), filed on August 12, 2025).](https://www.sec.gov/Archives/edgar/data/0001838126/000119312525178668/d446851dex103.htm)</u> |

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**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</u>** 

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| | |
|:---|:---|
| <u>[10.8](https://www.sec.gov/Archives/edgar/data/0001838126/000119312525178668/d446851dex104.htm)</u> | <u>[Sale and Contribution Agreement, dated as of August 12, 2025, by and among the Company, as Seller, HLEND CLO 2025-4 Investments, LLC, as Intermediate Seller, and HLEND CLO 2025-4, LLC, as Purchaser (incorporated by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K (File No. 814-01431), filed on August 12, 2025).](https://www.sec.gov/Archives/edgar/data/0001838126/000119312525178668/d446851dex104.htm)</u> |
| <u>[10.9](https://www.sec.gov/Archives/edgar/data/0001838126/000119312525178668/d446851dex105.htm)</u> | <u>[Master Participation Agreement, dated as of August 12, 2025, by and between the Company, as Seller, and HLEND CLO 2025-4, LLC, as Buyer (incorporated by reference to Exhibit 10.5 to the Company's Current Report on Form 8-K (File No. 814-01431), filed on August 12, 2025).](https://www.sec.gov/Archives/edgar/data/0001838126/000119312525178668/d446851dex105.htm)</u> |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1838126/000119312525194140/d95905dex101.htm)[10](https://www.sec.gov/Archives/edgar/data/1838126/000119312525194140/d95905dex101.htm)</u> | <u>[Credit Agreement, dated as of August 28, 2025, by and between the Company, as equity holder and as collateral manager, HLEND Holdings C, L.P., as borrower, U.S. Bank Trust Company, National Association, as administrative agent and U.S. collateral agent, U.S. Bank National Association, as U.S. custodian and document custodian, Blackstone Asset Based Finance Advisors LP, as Blackstone representative, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 814-01431), filed on September 2, 2025).](https://www.sec.gov/Archives/edgar/data/0001838126/000119312525194140/d95905dex101.htm)</u> |
| <u>[10.11](https://www.sec.gov/Archives/edgar/data/0001838126/000119312525206931/d163189dex101.htm)</u> | <u>[Amendment No. 4 to Credit Agreement, dated as of September 17, 2025, by and between the Company, as servicer, HLEND Holdings B, L.P., as borrower, Bank of America, N.A., as administrative agent, U.S. Bank Trust Company, National Association, as collateral administrator, U.S. Bank National Association, as collateral custodian, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 814-01431), filed on September 18, 2025).](https://www.sec.gov/Archives/edgar/data/0001838126/000119312525206931/d163189dex101.htm)</u> |
| <u>[31](exhibit311q3202510q.htm)[.](exhibit311q3202510q.htm)[1](exhibit311q3202510q.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.\*](exhibit311q3202510q.htm)</u> |
| <u>[31.2](exhibit312q3202510q.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.\*](exhibit312q3202510q.htm)</u> |
| <u>[32.1](exhibit321q3202510q.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.\*](exhibit321q3202510q.htm)</u> |
| <u>[32.2](exhibit322q3202510q.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.\*](exhibit322q3202510q.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)\* |

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\*Filed herewith.

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**<u>[**Table of Contents**](#i82509767f04249269a22e5af039164ed_7)</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 Lending Fund |
| November 14, 2025 | /s/ Michael Patterson |
| | Michael Patterson |
| | Chief Executive Officer |
| November 14, 2025 | /s/ Robert Busch |
| | Robert Busch |
| | Chief Financial Officer |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION PURSUANT TO**

**RULES 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**

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

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

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;

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;

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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&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;(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;(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;(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

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;(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;(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: November 14, 2025 | By: | /s/ Michael Patterson |
|  |  | Michael Patterson |
|  |  | Chief Executive Officer |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION PURSUANT TO**

**RULES 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**

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

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

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;

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;

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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&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;(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;(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;(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

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;(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;(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: November 14, 2025 | By: | /s/ Robert Busch |
|  |  | Robert Busch |
|  |  | Chief Financial Officer |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

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 Lending Fund (the "Company"), does hereby certify that to the undersigned's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the Company's Form 10-Q for the quarter ended September 30, 2025 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;(2)the information contained in the Company's Form 10-Q for the quarter ended September 30, 2025 fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: November 14, 2025 | By: | /s/ Michael Patterson |
|  |  | Michael Patterson |
|  |  | Chief Executive Officer |

---

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

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 Lending Fund (the "Company"), does hereby certify that to the undersigned's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the Company's Form 10-Q for the quarter ended September 30, 2025 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;(2)the information contained in the Company's Form 10-Q for the quarter ended September 30, 2025 fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: November 14, 2025 | By: | /s/ Robert Busch |
|  |  | Robert Busch |
|  |  | Chief Financial Officer |

---

<br>