# EDGAR Filing Document

**Accession Number:** 0001661306
**File Stem:** 0001661306-25-000087
**Filing Date:** 2025-11
**Character Count:** 233461
**Document Hash:** 41c47cec928ebab9a7f8ee4844378330
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001661306-25-000087.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001661306-25-000087

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 70

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hancock Park Corporate Income, Inc.
- **CENTRAL INDEX KEY:** 0001661306

**ORGANIZATION NAME:**
- **EIN:** 810850535
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01185
- **FILM NUMBER:** 251461523

**BUSINESS ADDRESS:**
- **STREET 1:** 222 WEST ADAMS STREET
- **STREET 2:** SUITE 1850
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 847-734-2000

**MAIL ADDRESS:**
- **STREET 1:** 222 WEST ADAMS STREET
- **STREET 2:** SUITE 1850
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

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

**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 814-01185

**Hancock Park Corporate Income, Inc.**

**(Exact name of registrant as specified in its charter)** 

---

| | | |
|:---|:---|:---|
| Maryland |  | 81-0850535 |
| State or Other Jurisdiction of |  | I.R.S. Employer Identification No. |
| Incorporation or Organization |  |  |
| 222 W. Adams Street, Suite 1850, Chicago, Illinois |  | 60606 |
| Address of Principal Executive Offices |  | Zip Code |
|  | (847) 734-2000 |  |
| Registrant's Telephone Number, Including Area Code | Registrant's Telephone Number, Including Area Code | Registrant's Telephone Number, Including Area Code |
| Not applicable | Not applicable | Not applicable |
| Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report | Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report | Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report |

---

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

Title of Each Class Trading Symbol Name of Each Exchange on Which Registered <br> 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).&nbsp;&nbsp;&nbsp;&nbsp;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, a smaller reporting company, or an emerging growth company. See definitions 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 Exchange Act).

Yes ◻No ⌧

The number of shares of the issuer's common stock, $0.001 par value, outstanding as of November 5, 2025 was 1,534,942.

------

**Defined Terms**

We have used "we," "us," "our," "our company," and "the Company" to refer to Hancock Park Corporate Income, Inc. in this report. We also have used several other terms in this report, which are explained or defined below:

---

| | |
|:---|:---|
| **Term** | **Explanation or Definition** |
| 1940 Act | Investment Company Act of 1940, as amended |
| Administration Agreement | Administration agreement between the Company and OFS Services, dated July 15, 2016 |
| Advisers Act | Investment Advisers Act of 1940, as amended |
| Affiliated Account | An account, other than the Company, managed by OFS Advisor or an affiliate of OFS Advisor |
| Affiliated Fund | Certain other funds, including other BDCs and registered investment companies managed by OFS Advisor or by registered investment advisers controlling, controlled by, or under common control with, OFS Advisor |
| ASC | Accounting Standards Codification, as issued by the FASB |
| Banc of California Credit Facility | A senior secured revolving credit facility, as amended, with Banc of California (formerly known as Pacific Western Bank), as lender, that provides for borrowings to the Company in an aggregate principal amount up to $15,000,000 |
| BDC | Business Development Company under the 1940 Act |
| BLA | Business Loan Agreement, as amended, with Banc of California, as lender, which provides the Company with a senior secured revolving credit facility |
| Board | The Company's board of directors |
| CCO | CCO Capital, LLC, a Delaware limited liability company and the Company's dealer manager and an affiliate of OFS Advisor |
| CLO | Collateralized Loan Obligation |
| Code | Internal Revenue Code of 1986, as amended |
| Company | Hancock Park Corporate Income, Inc. and its consolidated subsidiaries |
| Contractual Issuer Expenses | Salaries and direct expenses of OFS Advisor's employees, employees of their affiliates and others while engaged in offering and other contractually-defined activities |
| Dealer Manager Agreement | Broker-dealer management agreement dated August 3, 2020 by and among the Company, OFS Advisor, International Assets Advisory, LLC and CCO, and amended and restated on February 2, 2022 |
| EBITDA | Earnings before interest, taxes, depreciation, and amortization |
| ESA Termination Agreement | An agreement between OFS Advisor and the Company dated November 26, 2024, which terminated the Second Amended Expense Support Agreement |
| Exchange Act | Securities Exchange Act of 1934, as amended |
| FASB | Financial Accounting Standards Board |
| FDIC | Federal Deposit Insurance Corporation |
| GAAP | Accounting principles generally accepted in the United States |
| HPCI-MB | HPCI-MB, Inc., a wholly owned subsidiary taxed under subchapter C of the Code that generally holds the equity investments of the Company that are taxed as pass-through entities |
| ICTI | Investment company taxable income, which is generally net ordinary income plus net short-term capital gains in excess of net long-term capital losses |
| Indicative Prices | Market quotations, prices from pricing services or bids from brokers or dealers |
| Investment Advisory Agreement | Investment Advisory and Management Agreement between the Company and OFS Advisor, dated July 15, 2016 |
| NAV | Net asset value. NAV is calculated as consolidated total assets less consolidated total liabilities, and can be expressed in the aggregate or on a per share basis |
| Net Loan Fees | The cumulative amount of fees, such as origination fees, discounts, premiums and amendment fees that are deferred and recognized as income over the life of the loan |
| Note Purchase Agreement | The Note Purchase Agreement between the Company and a qualified institutional investor dated November 27, 2019, as amended, in which the Company sold in a private placement the Unsecured Note |
| OCCI | OFS Credit Company, Inc., a Delaware corporation and a non-diversified, closed-end management investment company, for which OFS Advisor serves as investment adviser |

---

------

---

| | |
|:---|:---|
| **Term** | **Explanation or Definition** |
| Offering | Continuous offering of up to $200,000,000 of shares of the Company's common stock |
| OFS Advisor | OFS Capital Management, LLC, a wholly owned subsidiary of OFSAM and registered investment advisor under the Advisers Act, focusing primarily on investments in middle market loans and broadly syndicated loans, debt and equity positions in CLOs and other structured credit investments |
| OFS Capital | OFS Capital Corporation, a Delaware corporation and publicly traded BDC, for which OFS Advisor serves as investment adviser |
| OFS Services | OFS Capital Services, LLC, a wholly owned subsidiary of OFSAM and affiliate of OFS Advisor |
| OFSAM | Orchard First Source Asset Management, LLC, a subsidiary of OFSAM Holdings, and a full-service provider of capital and leveraged finance solutions to U.S. corporations |
| OFSAM Holdings | Orchard First Source Asset Management Holdings, LLC, a holding company consisting of asset management businesses, including OFS Advisor, a registered investment adviser focusing primarily on investments in middle-market loans and broadly syndicated loans, debt and equity positions in CLOs and other structured credit investments, and OFS CLO Management, LLC, OFS CLO Management II, LLC and OFS CLO Management III, LLC, each a registered investment adviser focusing primarily on investments in broadly syndicated loans |
| Order | An exemptive relief order from the SEC to permit us to co-invest in portfolio companies with Affiliated Funds in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with certain conditions |
| PIK | Payment-in-kind, non-cash interest or dividends payable as an addition to the loan or equity security producing the income |
| Portfolio Company Investment | A debt or equity investment in a portfolio company. Portfolio Company Investments exclude Structured Finance Securities |
| Prime Rate | United States Prime interest rate |
| RIC | Regulated investment company under the Code |
| SEC | United States Securities and Exchange Commission |
| Second Amended Expense Support Agreement | Second Amended and Restated Expense Support and Conditional Reimbursement Agreement dated February 2, 2022, between the Company and OFS Advisor, agreed to and accepted by CIM Capital IC Management, LLC, and terminated effective January 1, 2025 |
| Securities Act | Securities Act of 1933, as amended |
| SOFR | Secured Overnight Financing Rate |
| Structured Finance Securities | CLO mezzanine debt, CLO subordinated notes, CLO loan accumulation facility securities and other CLO related investments |
| Unsecured Note | An agreement, as amended, with The HCM Master Fund Limited, an exempted company incorporated with limited liability under the laws of the Cayman Islands in which the Company sold, in a private placement, an unsecured note in an aggregate principal amount of $15,000,000 |

---

------

**HANCOCK PARK CORPORATE INCOME, INC.**

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
| <u>[PART I. FINANCIAL INFORMATION](#i84076ff9ff4749abaf38e6d17d963dde_16)</u> | <u>[PART I. FINANCIAL INFORMATION](#i84076ff9ff4749abaf38e6d17d963dde_16)</u> | [3](#i84076ff9ff4749abaf38e6d17d963dde_16) |
| &nbsp;&nbsp;&nbsp;Item 1. | <u>[Financial Statements](#i84076ff9ff4749abaf38e6d17d963dde_19)</u> | [3](#i84076ff9ff4749abaf38e6d17d963dde_19) |
|  | <u>[Consolidated Statements of Assets and Liabilities as of](#i84076ff9ff4749abaf38e6d17d963dde_22)[September](#i84076ff9ff4749abaf38e6d17d963dde_22)[3](#i84076ff9ff4749abaf38e6d17d963dde_22)[0](#i84076ff9ff4749abaf38e6d17d963dde_22)[, 202](#i84076ff9ff4749abaf38e6d17d963dde_22)[5](#i84076ff9ff4749abaf38e6d17d963dde_22)[(unaudited) and December 31, 202](#i84076ff9ff4749abaf38e6d17d963dde_22)[4](#i84076ff9ff4749abaf38e6d17d963dde_22)</u> | [3](#i84076ff9ff4749abaf38e6d17d963dde_22) |
|  | <u>[Consolidated Statements of Operations for the Three](#i84076ff9ff4749abaf38e6d17d963dde_25)[and](#i84076ff9ff4749abaf38e6d17d963dde_25)[Ni](#i84076ff9ff4749abaf38e6d17d963dde_25)[ne](#i84076ff9ff4749abaf38e6d17d963dde_25)[Months Ended](#i84076ff9ff4749abaf38e6d17d963dde_25)[September](#i84076ff9ff4749abaf38e6d17d963dde_25)[3](#i84076ff9ff4749abaf38e6d17d963dde_25)[0](#i84076ff9ff4749abaf38e6d17d963dde_25)[, 202](#i84076ff9ff4749abaf38e6d17d963dde_25)[5](#i84076ff9ff4749abaf38e6d17d963dde_25)[(unaudited) and 202](#i84076ff9ff4749abaf38e6d17d963dde_25)[4](#i84076ff9ff4749abaf38e6d17d963dde_25)[(unaudited)](#i84076ff9ff4749abaf38e6d17d963dde_25)</u> | [4](#i84076ff9ff4749abaf38e6d17d963dde_25) |
|  | <u>[Consolidated Statements of Changes in Net Assets for the Three](#i84076ff9ff4749abaf38e6d17d963dde_28)[and](#i84076ff9ff4749abaf38e6d17d963dde_28)[Nine](#i84076ff9ff4749abaf38e6d17d963dde_28)[Months Ended](#i84076ff9ff4749abaf38e6d17d963dde_28)[September](#i84076ff9ff4749abaf38e6d17d963dde_28)[3](#i84076ff9ff4749abaf38e6d17d963dde_28)[0](#i84076ff9ff4749abaf38e6d17d963dde_28)[, 202](#i84076ff9ff4749abaf38e6d17d963dde_28)[5](#i84076ff9ff4749abaf38e6d17d963dde_28)[(unaudited) and 202](#i84076ff9ff4749abaf38e6d17d963dde_28)[4](#i84076ff9ff4749abaf38e6d17d963dde_28)[(unaudited)](#i84076ff9ff4749abaf38e6d17d963dde_28)</u> | [5](#i84076ff9ff4749abaf38e6d17d963dde_28) |
|  | <u>[Consolidated Statements of Cash Flows for the](#i84076ff9ff4749abaf38e6d17d963dde_31)[Nine](#i84076ff9ff4749abaf38e6d17d963dde_31)[Months Ended](#i84076ff9ff4749abaf38e6d17d963dde_31)[September](#i84076ff9ff4749abaf38e6d17d963dde_31)[3](#i84076ff9ff4749abaf38e6d17d963dde_31)[0](#i84076ff9ff4749abaf38e6d17d963dde_31)[, 202](#i84076ff9ff4749abaf38e6d17d963dde_31)[5](#i84076ff9ff4749abaf38e6d17d963dde_31)[(unaudited) and 202](#i84076ff9ff4749abaf38e6d17d963dde_31)[4](#i84076ff9ff4749abaf38e6d17d963dde_31)[(unaudited)](#i84076ff9ff4749abaf38e6d17d963dde_31)</u> | [7](#i84076ff9ff4749abaf38e6d17d963dde_31) |
|  | <u>[Consolidated Schedules of Investments as of](#i84076ff9ff4749abaf38e6d17d963dde_34)[September](#i84076ff9ff4749abaf38e6d17d963dde_34)[3](#i84076ff9ff4749abaf38e6d17d963dde_34)[0](#i84076ff9ff4749abaf38e6d17d963dde_34)[, 202](#i84076ff9ff4749abaf38e6d17d963dde_34)[5](#i84076ff9ff4749abaf38e6d17d963dde_34)[(unaudited) and December 31, 202](#i84076ff9ff4749abaf38e6d17d963dde_34)[4](#i84076ff9ff4749abaf38e6d17d963dde_34)</u> | [8](#i84076ff9ff4749abaf38e6d17d963dde_34) |
|  | <u>[Notes to Consolidated Financial Statements (unaudited)](#i84076ff9ff4749abaf38e6d17d963dde_40)</u> | [20](#i84076ff9ff4749abaf38e6d17d963dde_40) |
| &nbsp;&nbsp;&nbsp;Item 2. | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i84076ff9ff4749abaf38e6d17d963dde_73)</u> | [37](#i84076ff9ff4749abaf38e6d17d963dde_73) |
| &nbsp;&nbsp;&nbsp;Item 3. | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i84076ff9ff4749abaf38e6d17d963dde_94)</u> | [50](#i84076ff9ff4749abaf38e6d17d963dde_94) |
| &nbsp;&nbsp;&nbsp;Item 4. | <u>[Controls and Procedures](#i84076ff9ff4749abaf38e6d17d963dde_97)</u> | [51](#i84076ff9ff4749abaf38e6d17d963dde_97) |
| <u>[PART II. OTHER INFORMATION](#i84076ff9ff4749abaf38e6d17d963dde_100)</u> | <u>[PART II. OTHER INFORMATION](#i84076ff9ff4749abaf38e6d17d963dde_100)</u> | [52](#i84076ff9ff4749abaf38e6d17d963dde_103) |
| &nbsp;&nbsp;&nbsp;Item 1. | <u>[Legal Proceedings](#i84076ff9ff4749abaf38e6d17d963dde_103)</u> | [52](#i84076ff9ff4749abaf38e6d17d963dde_103) |
| &nbsp;&nbsp;&nbsp;Item 1A. | <u>[Risk Factors](#i84076ff9ff4749abaf38e6d17d963dde_106)</u> | [52](#i84076ff9ff4749abaf38e6d17d963dde_106) |
| &nbsp;&nbsp;&nbsp;Item 2 | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i84076ff9ff4749abaf38e6d17d963dde_109)</u> | [52](#i84076ff9ff4749abaf38e6d17d963dde_109) |
| &nbsp;&nbsp;&nbsp;Item 3. | <u>[Defaults Upon Senior Securities](#i84076ff9ff4749abaf38e6d17d963dde_112)</u> | [53](#i84076ff9ff4749abaf38e6d17d963dde_112) |
| &nbsp;&nbsp;&nbsp;Item 4. | <u>[Mine Safety Disclosures](#i84076ff9ff4749abaf38e6d17d963dde_115)</u> | [53](#i84076ff9ff4749abaf38e6d17d963dde_115) |
| &nbsp;&nbsp;&nbsp;Item 5. | <u>[Other Information](#i84076ff9ff4749abaf38e6d17d963dde_118)</u> | [53](#i84076ff9ff4749abaf38e6d17d963dde_118) |
| &nbsp;&nbsp;&nbsp;Item 6. | <u>[Exhibits](#i84076ff9ff4749abaf38e6d17d963dde_121)</u> | [54](#i84076ff9ff4749abaf38e6d17d963dde_121) |
| <u>SIGNATURES</u> | <u>SIGNATURES</u> | [55](#i84076ff9ff4749abaf38e6d17d963dde_124) |

---

OFS<sup>®</sup>, HPCI<sup>®</sup>, OFS Capital<sup>®</sup> and OFS Credit<sup>®</sup> are registered trademarks of Orchard First Source Asset Management, LLC.

OFS Capital Management™ is a trademark of Orchard First Source Asset Management, LLC.

All other trademarks or trade names referred to in this Quarterly Report on Form 10-Q are the property of their respective owners.

------

**Forward-Looking Statements**

This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our prospective portfolio investments, our industry, our beliefs, and our assumptions. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "would," "should," "targets," "projects," 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;• our ability and experience operating a BDC or maintaining our qualification as a RIC under the Code;

&nbsp;&nbsp;&nbsp;&nbsp;• our dependence on key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain or develop referral relationships;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to replicate historical results;

&nbsp;&nbsp;&nbsp;&nbsp;• the ability of OFS Advisor to identify, invest in and monitor companies that meet our investment criteria;

&nbsp;&nbsp;&nbsp;&nbsp;• the belief that the carrying amounts of our financial instruments, such as cash, cash equivalents, receivables and payables approximate the fair value of such items due to the short maturity of such instruments and that such financial instruments are held with high credit quality institutions to mitigate the risk of loss due to credit risk;

&nbsp;&nbsp;&nbsp;&nbsp;• actual and potential conflicts of interest with OFS Advisor and other affiliates of OFSAM Holdings;

&nbsp;&nbsp;&nbsp;&nbsp;• constraint on investment due to access to material nonpublic information;

&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on our ability to enter into transactions with our affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;• the use of borrowed money to finance a portion of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to incur additional leverage pursuant to Section 61(a)(2) of the 1940 Act and the impact of such leverage on our net investment income and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;• competition for investment opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;• the belief that the seniority of our debt investments in a borrower's capital structure may provide greater downside protection against adverse economic changes, including those caused by the impacts of interest rate and inflation rate changes, the ongoing war between Russia and Ukraine, the escalated armed conflict and heightened regional tensions in the Middle East, instability in the U.S. and international banking systems, the agenda of the U.S. presidential administration, including the impact of tariff enactment and tax reductions, trade disputes with other countries, the risk of recession or the impact of the prolonged shutdown of U.S. government services, and related market volatility on our business, our portfolio companies, our industry and the global economy;

&nbsp;&nbsp;&nbsp;&nbsp;• the percentage of investments that bear interest on a floating rate or fixed rate basis;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to raise debt or equity capital as a BDC;

&nbsp;&nbsp;&nbsp;&nbsp;• the success of our current borrowings, and issuances of senior securities or future borrowings to fund the growth of our investment portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;• the timing, form and amount of any distributions from our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;• the timing or amount of distribution payments to our stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;• the holding period of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;• the impact of alternative reference rates on our business, including potential additional interest rate reductions approved by the U.S. Federal Reserve, which may impact our investment income, cost of funding and the valuation of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;• the general economy and its impact on the industries in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;• the impact of current political, economic and industry conditions, including changes in the interest rate environment, inflation, significant market volatility, supply chain and labor market disruptions, including those as a result of strikes, work stoppages or accidents, resource shortages and other conditions affecting the financial and capital markets, which, in turn, impacts our business prospects and the prospects of our portfolio companies;

------

&nbsp;&nbsp;&nbsp;&nbsp;• the general uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the Middle East, the European Union and China;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to consummate credit facilities in the future on commercially reasonable terms, if at all;

&nbsp;&nbsp;&nbsp;&nbsp;• the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, cybersecurity attacks and the increasing use of artificial intelligence and machine learning technology;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to generate cash from: (i) the net proceeds of the Offering; (ii) cash flows from our operations; (iii) the Banc of California Credit Facility and any other financing arrangements we may enter into in the future; (iv) investment repayments or dispositions; and (v) any future offerings of our equity or debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;• the belief that we have sufficient levels of liquidity to operate our business and support our existing portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;• the belief that our cash and cash equivalent balances are not exposed to any significant credit risk;

&nbsp;&nbsp;&nbsp;&nbsp;• the impact that environmental, social and governance matters could have on our brand and reputation and our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;• the fluctuation of the fair value of our investments due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value; and

&nbsp;&nbsp;&nbsp;&nbsp;• the effect of new or modified laws or regulations, including accounting pronouncements and rule issuances, governing our operations.

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, those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report on Form 10-Q should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include, among others, those described or identified in "Part I—Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024, filed on March 14, 2025 and in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025, filed on May 9, 2025 and August 8, 2025, respectively. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report on Form 10-Q.

We have based the forward-looking statements on information available to us on the date of this Quarterly Report on Form 10-Q. Except as required by the federal securities laws, we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to consult any additional disclosures that we may make directly to you or through reports that we may file with the SEC in the future, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The forward-looking statements and projections contained in this Quarterly Report on Form 10-Q are excluded from the safe harbor protection provided by Section 21E of the Exchange Act.

The following should be read in conjunction with our financial statements and the related notes thereto contained elsewhere in this Quarterly Report on Form 10-Q.

------

**PART I. FINANCIAL INFORMATION**

**Item 1. Consolidated Financial Statements**

**Hancock Park Corporate Income, Inc.**

**Consolidated Statements of Assets and Liabilities (unaudited)**

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **Assets:** | | |
| Non-control/non-affiliate investments, at fair value (amortized cost of $35,441,212 and $39,509,053, respectively) | $30740401 | $36054042 |
| Cash and cash equivalents | 1089063 | 980084 |
| Interest receivable | 133604 | 163585 |
| Receivable for investments sold | 220000 | 1501861 |
| Prepaid expenses and other assets | 30599 | 84137 |
| **Total assets** | $32213667 | $38783709 |
| **Liabilities:** |  |  |
| Revolving line of credit | $2150000 | $5265000 |
| Unsecured note (net of discount and deferred debt issuance costs of $84,801 and $139,317, respectively) | 14915199 | 14860683 |
| Payable for investments purchased |  | 257393 |
| Due to adviser and affiliates (Note 3) | 419777 | 507133 |
| Payable for repurchases of common stock | 391621 | 294331 |
| Distributions payable | 281332 | 140785 |
| Interest payable | 78454 | 81861 |
| Other liabilities | 307641 | 385519 |
| **Total liabilities** | 18544024 | 21792705 |
| Commitments and contingencies (Notes 3 and 6) |  |  |
| **Net assets:** |  |  |
| Common stock, par value of $0.001 per share; 20,000,000 shares authorized, 1,534,942 and 1,664,123 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 1535 | 1664 |
| Paid-in capital in excess of par | 20938943 | 22203936 |
| Total accumulated losses | (7270835) | (5214596) |
| **Total net assets** | 13669643 | 16991004 |
| **Total liabilities and net assets** | $32213667 | $38783709 |
| Number of common shares outstanding | 1534942 | 1664123 |
| Net asset value per share | $8.91 | $10.21 |

---

See Notes to Consolidated Financial Statements (unaudited).

------

**Hancock Park Corporate Income, Inc.**

**Consolidated Statements of Operations (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** |  |  |  |  |
| Interest income | $1001286 | $1361546 | $3313809 | $4371675 |
| PIK interest income | 79237 | 57974 | 227205 | 177858 |
| Dividend income | 1082 | 1090 | 3231 | 3196 |
| Fee income | 26247 | 1775 | 43982 | 38063 |
| &nbsp;&nbsp;&nbsp;**Total investment income** | 1107852 | 1422385 | 3588227 | 4590792 |
| **Operating expenses** |  |  |  |  |
| Interest expense | 290697 | 377659 | 969082 | 1199631 |
| Base management fees | 103499 | 121696 | 330346 | 377842 |
| Incentive fees | 36741 | 96023 | 149884 | 330146 |
| Administrative fees | 149454 | 166324 | 495344 | 514369 |
| Professional fees | 163758 | 161936 | 514372 | 518803 |
| Transfer agent expenses | 45159 | 57253 | 128745 | 169259 |
| Excise taxes |  | 9723 |  | 9723 |
| Other expenses | 51731 | 47680 | 145057 | 150434 |
| Contractual Issuer Expenses (credits) (Note 3) | 2871 | (6023) | 17253 | 91840 |
| Amortization of deferred offering costs | 2078 | 3765 | 5312 | 18211 |
| &nbsp;&nbsp;&nbsp;**Total operating expenses** | 845988 | 1036036 | 2755395 | 3380258 |
| &nbsp;&nbsp;&nbsp;Net expense (limitations) under agreement with the adviser (Note 3) | (4949) | 2258 | (22565) | (110051) |
| &nbsp;&nbsp;&nbsp;**Net operating expenses** | 841039 | 1038294 | 2732830 | 3270207 |
| &nbsp;&nbsp;&nbsp;**Net investment income** | 266813 | 384091 | 855397 | 1320585 |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |
| Net realized loss on investments | (773945) |  | (809620) | (803625) |
| Income tax expense on net realized gains on investments |  | (8000) |  | (8000) |
| Net unrealized appreciation (depreciation) on investments | (334049) | (909460) | (1245800) | 47067 |
| Deferred tax (expense) benefit on net unrealized appreciation (depreciation) | (11465) | (14589) | 11041 | (44651) |
| &nbsp;&nbsp;&nbsp;**Net loss on investments** | (1119459) | (932049) | (2044379) | (809209) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | $(852646) | $(547958) | $(1188982) | $511376 |
| Net investment income per common share – basic and diluted | $0.17 | $0.22 | $0.53 | $0.74 |
| Net increase (decrease) in net assets resulting from operations per common share – basic and diluted | $(0.54) | $(0.32) | $(0.73) | $0.29 |
| Distributions declared per common share | $0.18 | $0.25 | $0.54 | $0.76 |
| Basic and diluted weighted-average common shares outstanding | 1574678 | 1737056 | 1617702 | 1784610 |

---

See Notes to Consolidated Financial Statements (unaudited).

------

**Hancock Park Corporate Income, Inc.**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | | | |
| | **Number of shares** | **Par value** | **Paid-in capital in excess of par** | **Total accumulated losses** |<br>**Total net assets** |
| **Balances at December 31, 2023** | 1835599 | $1835 | $23990525 | $(4744874) | $19247486 |
| Net increase in net assets resulting from operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  | 1320585 | 1320585 |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments, net of taxes |  |  |  | (811625) | (811625) |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation on investments, net of deferred taxes |  |  |  | 2416 | 2416 |
| Repurchases of common stock | (142478) | (142) | (1482563) |  | (1482705) |
| Distributions to stockholders |  |  |  | (1348860) | (1348860) |
| Net decrease for the nine month period ended September 30, 2024 | (142478) | (142) | (1482563) | (837484) | (2320189) |
| **Balances at September 30, 2024** | 1693121 | $1693 | $22507962 | $(5582358) | $16927297 |
| **Balances at June 30, 2024** | 1739581 | $1739 | $22979949 | $(4596826) | $18384862 |
| Net decrease in net assets resulting from operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  |  | 384091 | 384091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense on net realized investment gains |  |  |  | (8000) | (8000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized depreciation on investments, net of deferred taxes |  |  |  | (924049) | (924049) |
| Repurchase of common stock | (46460) | (46) | (471987) |  | (472033) |
| Distributions to stockholders |  |  |  | (437574) | (437574) |
| Net decrease for the three month period ended September 30, 2024 | (46460) | (46) | (471987) | (985532) | (1457565) |
| **Balances at September 30, 2024** | 1693121 | $1693 | $22507962 | $(5582358) | $16927297 |

---

------

**Hancock Park Corporate Income, Inc.**

**Consolidated Statements of Changes in Net Assets - Continued (unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | | | |
| | **Number of shares** | **Par value** | **Paid-in capital in excess of par** | **Total accumulated losses** |<br>**Total net assets** |
| **Balances at December 31, 2024** | 1664123 | $1664 | $22203936 | $(5214596) | $16991004 |
| Net decrease in net assets resulting from operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  |  | 855397 | 855397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on investments, net of taxes |  |  |  | (809620) | (809620) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized depreciation on investments, net of deferred taxes |  |  |  | (1234759) | (1234759) |
| Repurchases of common stock | (129181) | (129) | (1264993) |  | (1265122) |
| Distributions to stockholders |  |  |  | (867257) | (867257) |
| Net decrease for the nine month period ended September 30, 2025 | (129181) | (129) | (1264993) | (2056239) | (3321361) |
| **Balances at September 30, 2025** | 1534942 | $1535 | $20938943 | $(7270835) | $13669643 |
| **Balances at June 30, 2025** | 1576962 | $1577 | $21330522 | $(6136857) | $15195242 |
| Net decrease in net assets resulting from operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  |  | 266813 | 266813 |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments, net of taxes |  |  |  | (773945) | (773945) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized depreciation on investments, net of deferred taxes |  |  |  | (345514) | (345514) |
| Repurchase of common stock | (42020) | (42) | (391579) |  | (391621) |
| Distributions to stockholders |  |  |  | (281332) | (281332) |
| Net decrease for the three month period ended September 30, 2025 | (42020) | (42) | (391579) | (1133978) | (1525599) |
| **Balances at September 30, 2025** | 1534942 | $1535 | $20938943 | $(7270835) | $13669643 |

---

See Notes to Consolidated Financial Statements (unaudited).

------

**Hancock Park Corporate Income, Inc.**

**Consolidated Statements of Cash Flows (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 | $(1188982) | $511376 |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (appreciation) depreciation on investments, net of deferred taxes | 1234759 | (2416) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on investments | 809620 | 803625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense from realized gains on investments |  | 8000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of Net Loan Fees on investments | (226599) | (310339) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment fees received | 5993 | 23046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred debt issuance costs | 115428 | 130614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of interest income on Structured Finance Securities | (692106) | (866726) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in-kind interest income | (227205) | (177858) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of portfolio investments | (2618588) | (7387414) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from principal payments on portfolio investments | 4258897 | 10976950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale or redemption of portfolio investments | 1671477 | 68252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from distributions received from portfolio investments | 1086312 | 1155518 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 29981 | 60027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for investment sold | 1281861 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable | (3407) | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to adviser and affiliates | (87356) | (435320) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | (257393) | 2025369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | (74172) | (22474) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | 5118520 | 6560503 |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions paid to common stockholders | (726710) | (1360914) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings under revolving line of credit | 3350000 | 2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments under revolving line of credit | (6465000) | (4500000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock | (1167831) | (1536634) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in financing activities** | (5009541) | (4897548) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase in cash and cash equivalents** | 108979 | 1662955 |
| **Cash and cash equivalents** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 980084 | 807831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $1089063 | $2470786 |
| **Supplemental disclosure of cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred offering costs limited by investment advisor (see Note 3) | $5312 | $18211 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | 857061 | 1068744 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Consolidated Financial Statements (unaudited).

------

**Hancock Park Corporate Income, Inc.**

**Consolidated Schedule of Investments (unaudited)**

**September 30, 2025&nbsp;&nbsp;&nbsp;&nbsp;**

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)(8)</sup><br>**Investment Type** | **Industry** | **Interest Rate**<sup>(3)</sup> | **Spread Above**<br>**Index**<sup>(3)</sup> | **Spread Above**<br>**Index**<sup>(3)</sup> | **Initial Acquisition Date** | **Maturity** | **Principal<br>Amount** | **Amortized Cost** | **Fair Value**<sup>(4)</sup> | **Percent of<br>Net Assets** |
| **<u>Non-control/Non-affiliate Investments</u>** | **<u>Non-control/Non-affiliate Investments</u>** | **<u>Non-control/Non-affiliate Investments</u>** | | | | | | | | |
| ***Debt and Equity Investments*** | | | | | | | | | | |
| *12 Interactive, LLC (D/B/A PerkSpot)* | &nbsp;&nbsp;&nbsp;Software Publishers |  |  |  |  |  |  |  |  |  |
| First Lien Debt |  | 9.90% | SOFR+ | 5.75% | 9/5/2025 | 9/5/2030 | $778050 | $773229 | $773229 | 5.7% |
| First Lien Debt (Revolver) (12) |  | n/m (5) | SOFR+ | 5.75% | 9/5/2025 | 9/5/2030 |  | (591) | (591) |  |
| First Lien Debt (Delayed Draw) (12) |  | n/m (5) | SOFR+ | 5.75% | 9/5/2025 | 3/5/2027 |  | (1429) | (1429) |  |
|  |  |  |  |  |  |  | 778050 | 771209 | 771209 | 5.7 |
| *AIDC IntermediateCo 2, LLC* | &nbsp;&nbsp;&nbsp;Computer Systems Design Services |  |  |  |  |  |  |  |  |  |
| First Lien Debt |  | 9.66% | SOFR+ | 5.50% | 7/8/2022 | 7/22/2027 | 486250 | 481859 | 486250 | 3.5 |
| First Lien Debt |  | 9.66% | SOFR+ | 5.50% | 7/31/2023 | 7/22/2027 | 11373 | 11234 | 11373 | 0.1 |
|  |  |  |  |  |  |  | 497623 | 493093 | 497623 | 3.6 |
| *Allen Media, LLC* | &nbsp;&nbsp;&nbsp;Cable and Other Subscription Programming |  |  |  |  |  |  |  |  |  |
| First Lien Debt |  | 9.65% | SOFR+ | 5.50% | 9/15/2022 | 2/10/2027 | 1208430 | 1166430 | 939393 | 6.9 |
| *Associated Springs, LLC* | &nbsp;&nbsp;&nbsp;Spring Manufacturing |  |  |  |  |  |  |  |  |  |
| First Lien Debt |  | 10.00% | SOFR+ | 5.75% | 12/10/2024 | 4/4/2030 | 558297 | 548829 | 556064 | 4.1 |
| First Lien Debt (Delayed Draw) (12) |  | 10.01% | SOFR+ | 5.75% | 12/10/2024 | 4/4/2030 | 59968 | 57866 | 58245 | 0.4 |
|  |  |  |  |  |  |  | 618265 | 606695 | 614309 | 4.5 |
| *Asurion, LLC (9)* | &nbsp;&nbsp;&nbsp;Communication Equipment Repair and Maintenance |  |  |  |  |  |  |  |  |  |
| Second Lien Debt |  | 9.53% | SOFR+ | 5.25% | 8/20/2024 | 1/31/2028 | 1500000 | 1437076 | 1464375 | 10.7 |
| *BayMark Health Services, Inc. (16)* | &nbsp;&nbsp;&nbsp;Outpatient Mental Health and Substance Abuse Centers |  |  |  |  |  |  |  |  |  |
| Second Lien Debt |  | 12.76% | SOFR+ | 8.50% | 6/10/2021 | 6/11/2028 | 1325758 | 1317356 | 1002273 | 7.3 |
| Second Lien Debt |  | 13.05% | SOFR+ | 8.50% | 6/10/2021 | 6/11/2028 | 357657 | 355369 | 270388 | 2.0 |
|  |  |  |  |  |  |  | 1683415 | 1672725 | 1272661 | 9.3 |
| *BCPE North Star US Holdco 2, Inc. (F/K/A Dessert Holdings)* | &nbsp;&nbsp;&nbsp;Ice Cream and Frozen Dessert Manufacturing |  |  |  |  |  |  |  |  |  |
| Second Lien Debt |  | 11.53% | SOFR+ | 7.25% | 2/2/2022 | 6/8/2029 | 1272109 | 1197186 | 1259388 | 9.2 |

---

------

**Hancock Park Corporate Income, Inc.**

**Consolidated Schedule of Investments (unaudited)**

**September 30, 2025&nbsp;&nbsp;&nbsp;&nbsp;**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)(8)</sup><br>**Investment Type** | **Industry** | **Interest Rate**<sup>(3)</sup> | **Spread Above**<br>**Index**<sup>(3)</sup> | **Spread Above**<br>**Index**<sup>(3)</sup> | **Initial Acquisition Date** | **Maturity** | **Principal<br>Amount** | **Amortized Cost** | **Fair Value**<sup>(4)</sup> | **Percent of<br>Net Assets** |
| *Boca Home Care Holdings, Inc.* | &nbsp;&nbsp;&nbsp;Services for the Elderly and Persons with Disabilities |  |  |  |  |  |  |  |  |  |
| First Lien Debt |  | 11.06% | SOFR+ | 6.50% | 2/25/2022 | 2/25/2027 | $908952 | $904611 | $908952 | 6.6% |
| First Lien Debt (Revolver) (12) |  | 11.07% | SOFR+ | 6.50% | 2/25/2022 | 2/25/2027 | 38710 | 38271 | 38710 | 0.3 |
| Common Equity (129 Class A units) (7) |  |  |  |  | 2/25/2022 |  |  | 129032 | 73345 | 0.5 |
| Preferred Equity (345 Class A units) 12.0% cash / 2.0% PIK |  |  |  |  | 3/3/2023 |  |  | 34464 | 36265 | 0.3 |
|  |  |  |  |  |  |  | 947662 | 1106378 | 1057272 | 7.7 |
| *Clevertech Bidco, LLC* | &nbsp;&nbsp;&nbsp;Commodity Contracts Dealing |  |  |  |  |  |  |  |  |  |
| First Lien Debt |  | 10.90% | SOFR+ | 6.75% | 11/3/2023 | 12/30/2027 | 1346280 | 1323297 | 1289736 | 9.4 |
| First Lien Debt (Revolver) (12) |  | 10.90% | SOFR+ | 6.75% | 11/3/2023 | 12/30/2027 | 47893 | 45742 | 42599 | 0.3 |
|  |  |  |  |  |  |  | 1394173 | 1369039 | 1332335 | 9.7 |
| *Constellis Holdings, LLC* | &nbsp;&nbsp;&nbsp;Other Justice, Public Order, and Safety Activities |  |  |  |  |  |  |  |  |  |
| Common Equity (1,362 units) (7) |  |  |  |  | 3/27/2020 |  |  | 46403 | 2663 |  |
| *DRS Imaging Services, LLC* | &nbsp;&nbsp;&nbsp;Data Processing, Hosting, and Related Services |  |  |  |  |  |  |  |  |  |
| Common Equity (115 units) (7) (13) |  |  |  |  | 3/8/2018 |  |  | 115154 | 215055 | 1.6 |
| *Excelin Home Health, LLC* | &nbsp;&nbsp;&nbsp;Home Health Care Services |  |  |  |  |  |  |  |  |  |
| Second Lien Debt |  | 18.00% PIK | N/A |  | 10/25/2018 | 10/1/2026 | 1601330 | 1591668 | 1225017 | 9.0 |
| *GoTo Group (F/K/A LogMeIn, Inc.) (9)* | &nbsp;&nbsp;&nbsp;Data Processing, Hosting, and Related Services |  |  |  |  |  |  |  |  |  |
| First Lien Debt |  | 9.22% | SOFR+ | 4.75% | 9/28/2022 | 4/28/2028 | 606483 | 606483 | 204082 | 1.5 |
| First Lien Debt |  | 9.22% | SOFR+ | 4.75% | 9/28/2022 | 4/28/2028 | 439177 | 439177 | 374763 | 2.7 |
|  |  |  |  |  |  |  | 1045660 | 1045660 | 578845 | 4.2 |
| *Heritage Grocers Group, LLC (F/K/A Tony's Fresh Market / Cardenas Markets) (9)* | &nbsp;&nbsp;&nbsp;Supermarkets and Other Grocery (except Convenience) Stores |  |  |  |  |  |  |  |  |  |
| First Lien Debt |  | 10.85% | SOFR+ | 6.75% | 7/20/2022 | 8/1/2029 | 1773505 | 1715175 | 1517579 | 11.1 |
| *Honor HN Buyer, Inc.* | &nbsp;&nbsp;&nbsp;Services for the Elderly and Persons with Disabilities |  |  |  |  |  |  |  |  |  |
| First Lien Debt |  | 9.90% | SOFR+ | 5.75% | 10/15/2021 | 10/15/2027 | 828360 | 822784 | 828361 | 6.1 |
| First Lien Debt |  | 9.90% | SOFR+ | 5.75% | 10/15/2021 | 10/15/2027 | 523875 | 519704 | 523875 | 3.8 |
| First Lien Debt (Revolver) (12) |  | 12.00% | Prime + | 4.75% | 10/15/2021 | 10/15/2027 | 12376 | 11704 | 12376 | 0.1 |
| First Lien Debt |  | 9.90% | SOFR+ | 5.75% | 3/31/2023 | 10/15/2027 | 582895 | 579630 | 582895 | 4.3 |
|  |  |  |  |  |  |  | 1947506 | 1933822 | 1947507 | 14.3 |

---

------

**Hancock Park Corporate Income, Inc.**

**Consolidated Schedule of Investments (unaudited)**

**September 30, 2025&nbsp;&nbsp;&nbsp;&nbsp;**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)(8)</sup><br>**Investment Type** | **Industry** | **Interest Rate**<sup>(3)</sup> | **Spread Above**<br>**Index**<sup>(3)</sup> | **Spread Above**<br>**Index**<sup>(3)</sup> | **Initial Acquisition Date** | **Maturity** | **Principal<br>Amount** | **Amortized Cost** | **Fair Value**<sup>(4)</sup> | **Percent of<br>Net Assets** |
| *Idera Inc.* | &nbsp;&nbsp;&nbsp;Computer and Computer Peripheral Equipment and Software Merchant Wholesalers |  |  |  |  |  |  |  |  |  |
| Second Lien Debt |  | 11.20% | SOFR+ | 6.75% | 1/27/2022 | 3/2/2029 | $670732 | $670732 | $627134 | 4.6% |
| *Inergex Holdings, LLC* | &nbsp;&nbsp;&nbsp;Other Computer Related Services |  |  |  |  |  |  |  |  |  |
| First Lien Debt |  | 11.15% | SOFR+ | 7.00% | 10/1/2018 | 10/1/2026 | 977204 | 972412 | 977204 | 7.1 |
| First Lien Debt (Revolver) |  | 11.15% | SOFR+ | 7.00% | 10/1/2018 | 10/1/2026 | 156250 | 156250 | 156250 | 1.1 |
|  |  |  |  |  |  |  | 1133454 | 1128662 | 1133454 | 8.2 |
| *Medrina LLC* | &nbsp;&nbsp;&nbsp;All Other Outpatient Care Centers |  |  |  |  |  |  |  |  |  |
| First Lien Debt |  | 10.13% | SOFR+ | 6.00% | 10/20/2023 | 10/20/2029 | 731649 | 719299 | 731649 | 5.4 |
| First Lien Debt |  | 10.22% | SOFR+ | 6.00% | 10/20/2023 | 10/20/2029 | 122787 | 121469 | 122787 | 0.9 |
| First Lien Debt (Revolver) (12) |  | n/m (5) | SOFR+ | 6.00% | 10/20/2023 | 10/20/2029 |  | (1796) |  |  |
|  |  |  |  |  |  |  | 854436 | 838972 | 854436 | 6.3 |
| *Metasource, LLC* | &nbsp;&nbsp;&nbsp;All Other Business Support Services |  |  |  |  |  |  |  |  |  |
| First Lien Debt |  | 10.51% cash / 0.50% PIK | SOFR+ | 6.25% | 5/17/2022 | 5/17/2027 | 682567 | 676935 | 653217 | 4.8 |
| *One GI LLC* | &nbsp;&nbsp;&nbsp;Offices of Other Holding Companies |  |  |  |  |  |  |  |  |  |
| First Lien Debt |  | 11.01% | SOFR+ | 6.75% | 12/13/2021 | 12/22/2025 | 842188 | 841265 | 789973 | 5.8 |
| First Lien Debt |  | 11.01% | SOFR+ | 6.75% | 12/13/2021 | 12/22/2025 | 443896 | 443363 | 416374 | 3.0 |
| First Lien Debt (Revolver) |  | 11.01% | SOFR+ | 6.75% | 12/13/2021 | 12/22/2025 | 166667 | 166481 | 156333 | 1.1 |
|  |  |  |  |  |  |  | 1452751 | 1451109 | 1362680 | 9.9 |
| *PSB Group, LLC* | &nbsp;&nbsp;&nbsp;Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) |  |  |  |  |  |  |  |  |  |
| First Lien Debt |  | 10.81% | SOFR+ | 6.50% | 4/17/2025 | 4/17/2030 | 877941 | 873953 | 869160 | 6.4 |
| First Lien Debt (Revolver) (12) |  | 10.66% | SOFR+ | 6.50% | 4/17/2025 | 4/17/2030 | 45098 | 44564 | 43921 | 0.3 |
|  |  |  |  |  |  |  | 923039 | 918517 | 913081 | 6.7 |
| *RideNow Group, Inc. (F/K/A RumbleOn, Inc.) (11)* | &nbsp;&nbsp;&nbsp;Other Industrial Machinery Manufacturing |  |  |  |  |  |  |  |  |  |
| First Lien Debt (6) |  | 11.82% cash / 1.00% PIK | SOFR+ | 8.25% | 8/31/2021 | 9/30/2027 | 600111 | 593491 | 567705 | 4.2 |
| First Lien Debt (6) |  | 11.82% cash / 1.00% PIK | SOFR+ | 8.25% | 8/31/2021 | 9/30/2027 | 181105 | 179756 | 171325 | 1.3 |
| Warrants (warrants to purchase up to $50,000 in stock) (7) |  |  |  |  | 8/31/2021 | 8/10/2030 (15) |  | 50082 | 7259 | 0.1 |
|  |  |  |  |  |  |  | 781216 | 823329 | 746289 | 5.6 |

---

------

**Hancock Park Corporate Income, Inc.**

**Consolidated Schedule of Investments (unaudited)**

**September 30, 2025&nbsp;&nbsp;&nbsp;&nbsp;**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)(8)</sup><br>**Investment Type** | **Industry** | **Interest Rate**<sup>(3)</sup> | **Spread Above**<br>**Index**<sup>(3)</sup> | **Spread Above**<br>**Index**<sup>(3)</sup> | **Initial Acquisition Date** | **Maturity** | **Principal<br>Amount** | **Amortized Cost** | **Fair Value**<sup>(4)</sup> | **Percent of<br>Net Assets** |
| *RPLF Holdings, LLC* | &nbsp;&nbsp;&nbsp;Software Publishers |  |  |  |  |  |  |  |  |  |
| Common Equity (62,365 units) (7) (13) |  |  |  |  | 1/17/2018 |  |  | $— | $198431 | 1.5% |
| *SS Acquisition, LLC* | &nbsp;&nbsp;&nbsp;Sports and Recreation Instruction |  |  |  |  |  |  |  |  |  |
| First Lien Debt |  | 10.00% | SOFR+ | 6.00% | 12/20/2024 | 12/20/2029 | $1346964 | 1341281 | 1336189 | 9.8 |
| First Lien Debt (Revolver) (12) |  | 10.00% | SOFR+ | 6.00% | 12/20/2024 | 12/20/2029 | 40000 | 39397 | 38857 | 0.3 |
|  |  |  |  |  |  |  | 1386964 | 1380678 | 1375046 | 10.1 |
| *Tolemar Acquisition, Inc.* | &nbsp;&nbsp;&nbsp;Motorcycle, Bicycle, and Parts Manufacturing |  |  |  |  |  |  |  |  |  |
| First Lien Debt |  | 10.26% cash/ 1.25% PIK | SOFR+ | 6.00% | 10/14/2021 | 10/14/2027 | 1234023 | 1228020 | 1097046 | 8.0 |
| First Lien Debt (Revolver) (12) |  | 10.26% | SOFR+ | 6.00% | 10/14/2021 | 10/14/2027 | 39706 | 39345 | 25015 | 0.2 |
|  |  |  |  |  |  |  | 1273729 | 1267365 | 1122061 | 8.2 |
| *TruGreen Limited Partnership* | &nbsp;&nbsp;&nbsp;Landscaping Services |  |  |  |  |  |  |  |  |  |
| Second Lien Debt |  | 13.07% | SOFR+ | 8.50% | 5/13/2021 | 11/2/2028 | 1500000 | 1519510 | 1425000 | 10.4 |
| *Wellful Inc. (F/K/A KNS Acquisition Corp.)* | &nbsp;&nbsp;&nbsp;Electronic Shopping and Mail-Order Houses |  |  |  |  |  |  |  |  |  |
| First Lien Debt (6) (9) |  | 8.78% cash / 1.75% PIK | SOFR+ | 6.25% | 7/26/2021 | 10/19/2030 | 624587 | 624587 | 564861 | 4.1 |
| **Total Debt and Equity Investments** |  |  |  |  |  |  | $27551203 | $27568109 | $25670921 | 187.9% |
| **Structured Finance Securities (11)** |  |  |  |  |  |  |  |  |  |  |
| **<u>Subordinated Notes, Mezzanine Debt and Other CLO-Equity Related Investments</u>** | **<u>Subordinated Notes, Mezzanine Debt and Other CLO-Equity Related Investments</u>** |  |  |  |  |  |  |  |  |  |
| *Apex Credit CLO 2020 Ltd.* |  |  |  |  |  |  |  |  |  |  |
| Subordinated Notes (2) (14) |  | 15.38% | N/A |  | 11/16/2020 | 4/20/2035 | $3650000 | $3050138 | $2054722 | 15.0% |
| *Apex Credit CLO 2021 Ltd.* |  |  |  |  |  |  |  |  |  |  |
| Subordinated Notes (2) (14) |  | 14.09% | N/A |  | 5/28/2021 | 7/18/2034 | 1480000 | 983098 | 647063 | 4.7 |
| *Apex Credit CLO 2022-1 Ltd.* |  |  |  |  |  |  |  |  |  |  |
| Subordinated Notes (2) (14) |  | 6.30% | N/A |  | 4/28/2022 | 4/22/2033 | 1892824 | 1378071 | 852236 | 6.2 |
| *CLO other (10) (14)* |  | 0.26% | N/A |  |  |  |  | 5672 | 16236 |  |

---

------

**Hancock Park Corporate Income, Inc.**

**Consolidated Schedule of Investments (unaudited)**

**September 30, 2025&nbsp;&nbsp;&nbsp;&nbsp;**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)(8)</sup><br>**Investment Type** | **Industry** | **Interest Rate**<sup>(3)</sup> | **Spread Above**<br>**Index**<sup>(3)</sup> | **Initial Acquisition Date** | **Maturity** | **Principal<br>Amount** | **Amortized Cost** | **Fair Value**<sup>(4)</sup> | **Percent of<br>Net Assets** |
| *Elevation CLO 2021-14, Ltd.* |  |  |  |  |  |  |  |  |  |
| Subordinated Notes (2) (14) |  | 12.94% | N/A | 9/21/2021 | 10/20/2034 | $2894659 | $1677725 | $1156019 | 8.5% |
| *Elevation CLO 2021-15, Ltd.* |  |  |  |  |  |  |  |  |  |
| Subordinated Notes (2) (14) |  | 0.26% | N/A | 12/6/2021 | 1/5/2035 | 1250000 | 778399 | 343204 | 2.5 |
| **Total Structured Finance Securities** |  |  |  |  |  | $11167483 | $7873103 | $5069480 | 37.0% |
| **Total Investments** |  |  |  |  |  | $38718686 | $35441212 | $30740401 | 224.9% |

---

(1)Equity ownership may be held in shares or units of companies affiliated with the portfolio company. The Company's investments are generally classified as "restricted securities" as such term is defined under Rule 6-03(f) of Regulation S-X or Rule 144 of the Securities Act.

(2)Amortized cost reflects accretion of effective yield less any cash distributions received or entitled to be received from CLO subordinated note investments. CLO subordinated note investments are entitled to recurring distributions which are generally equal to the residual cash flow of payments received on underlying securities less contractual payments to debt holders and fund expenses.

(3)A majority of the Company's debt investments bear interest at rates determined by reference to SOFR or Prime, and reset monthly, quarterly, or semi-annually. For all variable-rate investments, the schedule presents the spread over SOFR or Prime and the interest rate as of September 30, 2025. Unless otherwise noted with footnote 6, all investments with a stated PIK rate require interest payments with the issuance of additional securities as payment of the entire PIK provision.

(4)Unless otherwise noted in footnote 9, fair value was determined using significant unobservable inputs for all of the Company's investments and are considered Level 3 under GAAP. See **Note 5** for further details.

(5)Not meaningful as there is no outstanding balance on the revolver or delayed draw. The Company earns unfunded commitment fees on undrawn revolving lines of credit and delayed draw facility balances, which are reported in fee income. The Company considers undrawn amounts in the determination of fair value.

(6)The interest rate on these investments contains a PIK provision, whereby the issuer has the option to make interest payments in cash or with the issuance of additional securities as payment of the entire PIK provision. The interest rate in the schedule represents the current interest rate in effect for these investments. The following table provides additional details on these PIK investments, including the maximum PIK interest rate allowed as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Maximum PIK<br>Rate Allowed** | **Range of PIK<br>Option** | **Range of Cash<br>Option** |
| RideNow Group, Inc. (F/K/A RumbleOn, Inc.) | First Lien Debt | 1.00% | 0% to 1.00% | 11.82% to 12.82% |
| RideNow Group, Inc. (F/K/A RumbleOn, Inc.) | First Lien Debt | 1.00% | 0% to 1.00% | 11.82% to 12.82% |
| Wellful Inc. (F/K/A KNS Acquisition Corp.) | First Lien Debt | 1.75% | 0% to 1.75% | 8.78% to 10.53% |

---

(7)Non-income producing. The Company has not recognized income on the security during the prior twelve-month period preceding the period-end date.

(8)Investments pledged as collateral under the Banc of California Credit Facility.

(9)Fair value was determined by reference to observable inputs other than quoted prices in active markets and are considered Level 2 under GAAP. See **Note 5** for further details.

(10) Fair value represents discounted cash flows associated with fees earned from CLO equity-related investments.

------

**Hancock Park Corporate Income, Inc.**

**Consolidated Schedule of Investments (unaudited)**

**September 30, 2025&nbsp;&nbsp;&nbsp;&nbsp;**

(11) Non-qualifying assets under Section 55(a) of the 1940 Act. Qualifying assets as defined in Section 55 of the 1940 Act must represent at least 70% of the Company's assets immediately following the acquisition of any additional non-qualifying assets. As of September 30, 2025, approximately 82% of the Company's assets were qualifying assets.

(12) Subject to unfunded commitments. The Company considers undrawn amounts in the determination of fair value on revolving lines of credit and delayed draw term loans. See **Note 6**.

(13) Investment held by HPCI-MB, a wholly owned subsidiary of the Company subject to corporate income tax.

(14) The rate disclosed on subordinated note investments is the estimated effective yield, generally established at purchase, and reevaluated upon the receipt of the initial distribution and each subsequent quarter thereafter. The estimated effective yield is based upon projected amounts and timing of future distributions and the projected amounts and timing of terminal principal payments at the time of estimation. The estimated effective yield and investment cost may ultimately not be realized. Projected cash flows, including the amounts and timing of terminal principal payments, which generally are projected to occur prior to the contractual maturity date, were utilized in deriving the effective yield of the investments. The estimated yield and investment amortized cost may ultimately not be realized.

(15) Represents expiration date of the warrants.

(16) Investment was on non-accrual status as of September 30, 2025, meaning the Company suspended recognition of all or a portion of income on the investment. See **Note 4** for further details.

See Notes to Consolidated Financial Statements (unaudited).

------

**Hancock Park Corporate Income, Inc.**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (8)</sup><br>**Investment Type**  | **Industry** | **Interest Rate**<sup>(3)</sup> | **Spread Above Index** <sup>(3)</sup> | **Spread Above Index** <sup>(3)</sup> | **Initial Acquisition Date** | **Maturity** | **Principal<br>Amount** | **Amortized Cost** | **Fair Value**<sup>(4)</sup> | **Percent of<br>Net Assets** |
| **<u>Non-control/Non-affiliate Investments</u>** | **<u>Non-control/Non-affiliate Investments</u>** | **<u>Non-control/Non-affiliate Investments</u>** | | | | | | | | |
| *AIDC IntermediateCo 2, LLC* | Computer Systems Design Services |  |  |  |  |  |  |  |  |  |
| First Lien Debt |  | 9.59% | SOFR+ | 5.25% | 7/22/2022 | 7/22/2027 | $490000 | $483744 | $490000 | 2.9% |
| First Lien Debt |  | 9.61% | SOFR+ | 5.25% | 7/31/2023 | 7/22/2027 | 11460 | 11262 | 11460 | 0.1 |
|  |  |  |  |  |  |  | 501460 | 495006 | 501460 | 3.0 |
| *Allen Media, LLC* | Cable and Other Subscription Programming |  |  |  |  |  |  |  |  |  |
| First Lien Debt |  | 9.98% | SOFR+ | 5.50% | 9/15/2022 | 2/10/2027 | 1218026 | 1152440 | 856740 | 5.0 |
| *Associated Springs, LLC* | Spring Manufacturing |  |  |  |  |  |  |  |  |  |
| First Lien Debt |  | 10.33% | SOFR+ | 5.75% | 12/10/2024 | 4/4/2030 | 568966 | 557715 | 557715 | 3.3 |
| First Lien Debt (Delayed Draw) (12) |  | n/m (5) | SOFR+ | 5.75% | 12/10/2024 | 4/4/2030 |  | (2131) | (2131) |  |
|  |  |  |  |  |  |  | 568966 | 555584 | 555584 | 3.3 |
| *Asurion, LLC (9)* | Communication Equipment Repair and Maintenance |  |  |  |  |  |  |  |  |  |
| Second Lien Debt |  | 9.72% | SOFR+ | 5.25% | 8/20/2024 | 1/31/2028 | 1500000 | 1416914 | 1469468 | 8.6 |
| *BayMark Health Services, Inc.* | Outpatient Mental Health and Substance Abuse Centers |  |  |  |  |  |  |  |  |  |
| Second Lien Debt |  | 13.09% | SOFR+ | 8.50% | 6/10/2021 | 6/11/2028 | 1325758 | 1315943 | 1240909 | 7.3 |
| Second Lien Debt |  | 13.12% | SOFR+ | 8.50% | 6/10/2021 | 6/11/2028 | 357657 | 354984 | 334767 | 2.0 |
|  |  |  |  |  |  |  | 1683415 | 1670927 | 1575676 | 9.3 |
| *BCPE North Star US Holdco 2, Inc. (F/K/A Dessert Holdings)* | Ice Cream and Frozen Dessert Manufacturing |  |  |  |  |  |  |  |  |  |
| Second Lien Debt |  | 11.72% | SOFR+ | 7.25% | 2/2/2022 | 6/8/2029 | 1833333 | 1703488 | 1772833 | 10.4 |
| *Boca Home Care Holdings, Inc.* | Services for the Elderly and Persons with Disabilities |  |  |  |  |  |  |  |  |  |
| First Lien Debt |  | 10.96% | SOFR+ | 6.50% | 2/25/2022 | 2/25/2027 | 962742 | 956678 | 956003 | 5.6 |
| First Lien Debt (Revolver) (12) |  | n/m (5) | SOFR+ | 6.50% | 2/25/2022 | 2/25/2027 |  | (555) | (903) |  |
| Common Equity (129 Class A units) (7) |  |  |  |  | 2/25/2022 |  |  | 129032 | 67915 | 0.4 |
| Preferred Equity (345 Class A units) 12.0% cash / 2.0% PIK |  |  |  |  |  |  |  | 34464 | 35763 | 0.2 |
|  |  |  |  |  |  |  | 962742 | 1119619 | 1058778 | 6.2 |
| *Clevertech Bidco, LLC* | Commodity Contracts Dealing |  |  |  |  |  |  |  |  |  |
| First Lien Debt |  | 11.23% | SOFR+ | 6.75% | 11/3/2023 | 12/30/2027 | 1356662 | 1327357 | 1339026 | 7.9 |
| First Lien Debt (Revolver) (12) |  | n/m (5) | SOFR+ | 6.75% | 11/3/2023 | 12/30/2027 |  | (2722) | (1638) |  |
|  |  |  |  |  |  |  | 1356662 | 1324635 | 1337388 | 7.9 |

---

------

**Hancock Park Corporate Income, Inc.**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (8)</sup><br>**Investment Type**  | **Industry** | **Interest Rate**<sup>(3)</sup> | **Spread Above Index** <sup>(3)</sup> | **Spread Above Index** <sup>(3)</sup> | **Initial Acquisition Date** | **Maturity** | **Principal<br>Amount** | **Amortized Cost** | **Fair Value**<sup>(4)</sup> | **Percent of<br>Net Assets** |
| *Constellis Holdings, LLC* | Other Justice, Public Order, and Safety Activities |  |  |  |  |  |  |  |  |  |
| Common Equity (1,362 Common shares) (7) |  |  |  |  | 3/27/2020 |  |  | $46403 | $4026 | —% |
| *Convergint Technologies Holdings, LLC* | Security Systems Services (except Locksmiths) |  |  |  |  |  |  |  |  |  |
| Second Lien Debt |  | 11.22% | SOFR+ | 6.75% | 9/28/2018 | 3/30/2029 | $2068608 | 2038513 | 2068608 | 12.2 |
| *DRS Imaging Services, LLC* | Data Processing, Hosting, and Related Services |  |  |  |  |  |  |  |  |  |
| Common Equity (115 units) (7) (13) |  |  |  |  | 3/8/2018 |  |  | 115154 | 121000 | 0.7 |
| *Excelin Home Health, LLC* | Home Health Care Services |  |  |  |  |  |  |  |  |  |
| Second Lien Debt |  | 18.00% PIK | N/A |  | 10/25/2018 | 10/1/2026 | 1401228 | 1379829 | 1156013 | 6.8 |
| *First Brands Group, LLC (9)* | Other Motor Vehicle Parts Manufacturing |  |  |  |  |  |  |  |  |  |
| First Lien Debt |  | 9.85% | SOFR+ | 5.00% | 8/23/2024 | 3/30/2027 | 735523 | 726035 | 692620 | 4.1 |
| First Lien Debt |  | 9.85% | SOFR+ | 5.00% | 8/26/2024 | 3/30/2027 | 358961 | 354976 | 337201 | 2.0 |
|  |  |  |  |  |  |  | 1094484 | 1081011 | 1029821 | 6.1 |
| *GoTo Group (F/K/A LogMeIn, Inc.) (9)* | Data Processing, Hosting, and Related Services |  |  |  |  |  |  |  |  |  |
| First Lien Debt |  | 9.30% | SOFR+ | 4.75% | 9/28/2022 | 4/28/2028 | 611101 | 611101 | 280801 | 1.7 |
| First Lien Debt |  | 9.30% | SOFR+ | 4.75% | 9/28/2022 | 4/28/2028 | 442521 | 442521 | 404354 | 2.4 |
|  |  |  |  |  |  |  | 1053622 | 1053622 | 685155 | 4.1 |
| *Heritage Grocers Group, LLC (F/K/A Tony's Fresh Market / Cardenas Markets) (9)* | Supermarkets and Other Grocery (except Convenience) Stores |  |  |  |  |  |  |  |  |  |
| First Lien Debt |  | 11.18% | SOFR+ | 6.75% | 7/20/2022 | 8/1/2029 | 1787218 | 1716975 | 1706051 | 10.0 |
| *Honor HN Buyer Inc.* | Services for the Elderly and Persons with Disabilities |  |  |  |  |  |  |  |  |  |
| First Lien Debt |  | 10.23% | SOFR+ | 5.75% | 10/15/2021 | 10/15/2027 | 834815 | 827106 | 834815 | 4.9 |
| First Lien Debt |  | 10.23% | SOFR+ | 5.75% | 10/15/2021 | 10/15/2027 | 527928 | 522205 | 527928 | 3.1 |
| First Lien Debt (Revolver) (12) |  | 12.25% | Prime+ | 4.75% | 10/15/2021 | 10/15/2027 | 12376 | 11457 | 12376 | 0.1 |
| First Lien Debt |  | 10.23% | SOFR+ | 5.75% | 4/28/2023 | 10/15/2027 | 587350 | 582888 | 587350 | 3.5 |
|  |  |  |  |  |  |  | 1962469 | 1943656 | 1962469 | 11.6 |

---

------

**Hancock Park Corporate Income, Inc.**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (8)</sup><br>**Investment Type**  | **Industry** | **Interest Rate**<sup>(3)</sup> | **Spread Above Index** <sup>(3)</sup> | **Spread Above Index** <sup>(3)</sup> | **Initial Acquisition Date** | **Maturity** | **Principal<br>Amount** | **Amortized Cost** | **Fair Value**<sup>(4)</sup> | **Percent of<br>Net Assets** |
| *Idera Inc.* | Computer and Computer Peripheral Equipment and Software Merchant Wholesalers |  |  |  |  |  |  |  |  |  |
| Second Lien Debt |  | 11.47% | SOFR+ | 6.75% | 1/27/2022 | 3/2/2029 | $670732 | $670732 | $670732 | 3.9% |
| *Inergex Holdings, LLC (2)* | Other Computer Related Services |  |  |  |  |  |  |  |  |  |
| First Lien Debt |  | 11.47% cash / 2.0% PIK | SOFR+ | 7.00% | 10/1/2018 | 10/1/2026 | 985595 | 977219 | 985595 | 5.8 |
| First Lien Debt (Revolver) |  | 11.74% cash / 2.0% PIK | SOFR+ | 7.00% | 10/1/2018 | 10/1/2026 | 156250 | 156250 | 156250 | 0.9 |
|  |  |  |  |  |  |  | 1141845 | 1133469 | 1141845 | 6.7 |
| *Medrina LLC* | All Other Outpatient Care Centers |  |  |  |  |  |  |  |  |  |
| First Lien Debt |  | 10.44% | SOFR+ | 6.00% | 10/20/2023 | 10/20/2029 | 737234 | 722494 | 744606 | 4.4 |
| First Lien Debt (Revolver) (12) |  | n/m (5) | SOFR+ | 6.00% | 10/20/2023 | 10/20/2029 |  | (2127) |  |  |
| First Lien Debt (Delayed Draw) (12) |  | n/m (5) | SOFR+ | 6.00% | 10/20/2023 | 10/20/2029 |  | (370) | 1489 |  |
|  |  |  |  |  |  |  | 737234 | 719997 | 746095 | 4.4 |
| *Metasource, LLC* | All Other Business Support Services |  |  |  |  |  |  |  |  |  |
| First Lien Debt |  | 10.84% cash / 0.50% PIK | SOFR+ | 6.25% | 5/17/2022 | 5/17/2027 | 685222 | 676976 | 648220 | 3.8 |
| *One GI LLC* | Offices of Other Holding Companies |  |  |  |  |  |  |  |  |  |
| First Lien Debt |  | 11.21% | SOFR+ | 6.75% | 12/13/2021 | 12/22/2025 | 848750 | 844595 | 824136 | 4.9 |
| First Lien Debt |  | 11.21% | SOFR+ | 6.75% | 12/13/2021 | 12/22/2025 | 447310 | 445005 | 434338 | 2.6 |
| First Lien Debt (Revolver) |  | 11.25% | SOFR+ | 6.75% | 12/13/2021 | 12/22/2025 | 166667 | 165862 | 161833 | 1.0 |
|  |  |  |  |  |  |  | 1462727 | 1455462 | 1420307 | 8.5 |
| *Redstone Holdco 2 LP (F/K/A RSA Security)* | Computer and Computer Peripheral Equipment and Software Merchant Wholesalers |  |  |  |  |  |  |  |  |  |
| Second Lien Debt |  | 12.60% | SOFR+ | 7.75% | 4/16/2021 | 4/27/2029 | 1000000 | 992942 | 576000 | 3.3 |
| *RPLF Holdings, LLC* | Software Publishers |  |  |  |  |  |  |  |  |  |
| Common Equity (62,365 Class A units) (7) (13) |  |  |  |  | 1/17/2018 |  |  |  | 331221 | 1.9 |

---

------

**Hancock Park Corporate Income, Inc.**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (8)</sup><br>**Investment Type**  | **Industry** | **Interest Rate**<sup>(3)</sup> | **Spread Above Index** <sup>(3)</sup> | **Spread Above Index** <sup>(3)</sup> | **Initial Acquisition Date** | **Maturity** | **Principal<br>Amount** | **Amortized Cost** | **Fair Value**<sup>(4)</sup> | **Percent of<br>Net Assets** |
| *RideNow Group, Inc. (F/K/A RumbleOn, Inc.) (11)* | Other Industrial Machinery Manufacturing |  |  |  |  |  |  |  |  |  |
| First Lien Debt (2) |  | 12.10% Cash / 1.50% PIK | SOFR+ | 8.75% | 8/31/2021 | 8/31/2026 | $652202 | $637164 | $618940 | 3.6% |
| First Lien Debt (2) |  | 12.10% Cash / 1.50% PIK | SOFR+ | 8.75% | 8/31/2021 | 8/31/2026 | 196825 | 194387 | 186787 | 1.1 |
| Warrants (warrants to purchase up to $55,000 in common stock) (7) |  |  |  |  | 8/31/2021 | 8/14/2028 (6) |  | 50082 | 8521 | 0.1 |
|  |  |  |  |  |  |  | 849027 | 881633 | 814248 | 4.8 |
| *SS Acquisition, LLC* | Sports and Recreation Instruction |  |  |  |  |  |  |  |  |  |
| First Lien Debt |  | 10.35% | SOFR+ | 6.00% | 12/20/2024 | 12/20/2029 | 1357143 | 1350402 | 1350402 | 7.9 |
| First Lien Debt (Revolver) (12) |  | n/m (5) | SOFR+ | 6.00% | 12/20/2024 | 12/20/2029 |  | (710) | (710) |  |
|  |  |  |  |  |  |  | 1357143 | 1349692 | 1349692 | 7.9 |
| *Tolemar Acquisition, Inc.* | Motorcycle, Bicycle, and Parts Manufacturing |  |  |  |  |  |  |  |  |  |
| First Lien Debt |  | 10.46% Cash / 1.00% PIK | SOFR+ | 6.00% | 10/14/2021 | 10/14/2026 | 1311608 | 1306942 | 1239469 | 7.3 |
| First Lien Debt (Revolver) (12) |  | 10.55% | SOFR+ | 6.00% | 10/14/2021 | 10/14/2026 | 88235 | 87764 | 80956 | 0.5 |
|  |  |  |  |  |  |  | 1399843 | 1394706 | 1320425 | 7.8 |
| *TruGreen Limited Partnership* | Landscaping Services |  |  |  |  |  |  |  |  |  |
| Second Lien Debt |  | 13.35% | SOFR+ | 8.50% | 5/13/2021 | 11/2/2028 | 1500000 | 1524232 | 1431000 | 8.4 |
| *Wellful Inc. (F/K/A KNS Acquisition Corp.)* | Electronic Shopping and Mail-Order Houses |  |  |  |  |  |  |  |  |  |
| First Lien Debt |  | 9.48% | SOFR+ | 5.00% | 12/19/2024 | 4/19/2030 | 406334 | 406334 | 406334 | 2.4 |
| First Lien Debt |  | 10.72% | SOFR+ | 6.25% | 7/26/2021 | 10/19/2030 | 621955 | 621955 | 621955 | 3.7 |
|  |  |  |  |  |  |  | 1028289 | 1028289 | 1028289 | 6.1 |
| **Total Debt and Equity Investments** |  |  |  |  |  |  | $30824295 | $30641906 | $29339144 | 172.7% |
| **Structured Finance Securities (11)** |  |  |  |  |  |  |  |  |  |  |
| *Apex Credit CLO 2020 Ltd.* |  |  |  |  |  |  |  |  |  |  |
| Subordinated Notes (14) (15) |  | 18.21% | N/A |  | 11/16/2020 | 4/20/2035 | $3650000 | $3092684 | $2542284 | 15.0% |
| *Apex Credit CLO 2021 Ltd.* |  |  |  |  |  |  |  |  |  |  |
| Subordinated Notes (14) (15) |  | 18.66% | N/A |  | 5/28/2021 | 7/18/2034 | 1480000 | 1097629 | 905908 | 5.3 |
| *Apex Credit CLO 2022-1 Ltd.* |  |  |  |  |  |  |  |  |  |  |
| Subordinated Notes (14) (15) |  | 13.26% | N/A |  | 4/28/2022 | 4/22/2033 | 1892824 | 1517260 | 1096334 | 6.5 |

---

------

**Hancock Park Corporate Income, Inc.**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (8)</sup><br>**Investment Type**  | **Industry** | **Interest Rate**<sup>(3)</sup> | **Spread Above Index** <sup>(3)</sup> | **Spread Above Index** <sup>(3)</sup> | **Initial Acquisition Date** | **Maturity** | **Principal<br>Amount** | **Amortized Cost** | **Fair Value**<sup>(4)</sup> | **Percent of<br>Net Assets** |
| *CLO other (10)* |  | 4.84% | N/A |  |  |  |  | $10348 | $18975 | 0.1% |
| *Elevation CLO 2021-14, Ltd.* |  |  |  |  |  |  |  |  |  |  |
| Subordinated Notes (14) (15) |  | 4.77% | N/A |  | 9/21/2021 | 10/20/2034 | $1750000 | 1337887 | 705025 | 4.1 |
| *Elevation CLO 2021-15, Ltd.* |  |  |  |  |  |  |  |  |  |  |
| Subordinated Notes (14) (15) |  | 4.84% | N/A |  | 12/6/2021 | 1/5/2035 | 1250000 | 833762 | 446404 | 2.6 |
| *Monroe Capital MML CLO X, Ltd.* |  |  |  |  |  |  |  |  |  |  |
| Mezzanine Debt - Class E-R |  | 13.27% | SOFR+ | 8.75% | 4/22/2022 | 5/20/2034 | 1000000 | 977577 | 999968 | 5.9 |
| **Total Structured Finance Securities** |  |  |  |  |  |  | $11022824 | $8867147 | $6714898 | 39.5% |
| **Total Investments** |  |  |  |  |  |  | $41847119 | $39509053 | $36054042 | 212.2% |

---

(1) The Company's investments are generally classified as "restricted securities" as such term is defined under Rule 6-03(f) of Regulation S-X or Rule 144 of the Securities Act. Equity ownership may be held in shares or units of companies affiliated with the portfolio company.

(2) The interest rate on this investment contains a PIK provision, whereby the issuer has the option to make interest payments in cash or with the issuance of additional securities as payment of the entire PIK provision. The interest rate in the schedule represents the current interest rate in effect for this investment. The following table provides additional details on this PIK investment, including the maximum annual PIK interest rate allowed as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Maximum PIK<br>Rate Allowed** | **Range of PIK<br>Option** | **Range of Cash<br>Option** |
| Inergex Holdings, LLC | First Lien Debt | 2.00% | 0% to 2.00% | 11.47% to 13.47% |
| Inergex Holdings, LLC | First Lien Debt (Revolver) | 2.00% | 0% to 2.00% | 11.74% to 13.74% |
| RideNow Group, Inc. (F/K/A RumbleOn, Inc.) | First Lien Debt | 1.50% | 0% to 1.50% | 12.10% to 13.60% |
| RideNow Group, Inc. (F/K/A RumbleOn, Inc.) | First Lien Debt | 1.50% | 0% to 1.50% | 12.10% to 13.60% |

---

(3) A majority of the debt investments bear interest at rates determined by reference to SOFR or Prime, and reset monthly, quarterly, or semi-annually. For each variable-rate investment, the Company has provided the spread over the reference rate and current interest rate in effect at December 31, 2024.

(4) Unless otherwise noted in footnote 9, fair value was determined using significant unobservable inputs for all of the Company's investments and are considered Level 3 under GAAP. See **Note 5** for further details.

(5) Not meaningful as there is no outstanding balance on the revolver or delayed draw loan. The Company generally earns unfunded commitment fees on undrawn revolving lines of credit and delayed draw term loan balances, which are reported in fee income.

(6) Represents expiration date of the warrants.

(7) Non-income producing.

------

**Hancock Park Corporate Income, Inc.**

**Consolidated Schedule of Investments**

**December 31, 2024**

(8) Investments pledged as collateral under the Banc of California Credit Facility.

(9) Fair value was determined by reference to observable inputs other than quoted prices in active markets and are considered Level 2 under GAAP. See **Note 5** for further details.

(10) Fair value represents discounted cash flows associated with fees earned from CLO equity-related investments.

(11) Non-qualifying assets under Section 55(a) of the 1940 Act. Qualifying assets as defined in Section 55 of the 1940 Act must represent at least 70% of the Company's assets immediately following the acquisition of any additional non-qualifying assets. As of December 31, 2024, approximately 82% of the Company's assets were qualifying assets.

(12) Subject to unfunded commitments. The Company considers undrawn amounts in the determination of fair value on revolving lines of credit and delayed draw term loans. See **Note 6**.

(13) Investment held by HPCI-MB, a wholly owned subsidiary subject to corporate income tax.

(14) The rate disclosed on subordinated note investments is the estimated effective yield, generally established at purchase, and reevaluated upon the receipt of the initial distribution and each subsequent quarter thereafter. The estimated effective yield is based upon projected amounts and timing of future distributions and the projected amounts and timing of terminal principal payments at the time of estimation. The estimated effective yield and investment cost may ultimately not be realized. Projected cash flows, including the amounts and timing of terminal principal payments, which generally are projected to occur prior to the contractual maturity date, were utilized in deriving the effective yield of the investments.

(15) Amortized cost reflects accretion of effective yield less any cash distributions received or entitled to be received from CLO subordinated note investments. CLO subordinated note positions are entitled to recurring distributions, which are generally equal to the residual cash flow of payments received on underlying securities less contractual payments to debt holders and fund expenses.

See Notes to Consolidated Financial Statements (unaudited).

------

**Hancock Park Corporate Income, Inc.**

Notes to Consolidated Financial Statements (unaudited)

**Note 1. Organization**

The Company is a Maryland corporation formed on December 8, 2015 as an externally managed, non-diversified, closed-end investment company. The Company has elected to be regulated as a BDC under the 1940 Act and as a RIC under Subchapter M of the Code.

The Company's objective is to provide stockholders with both current income and capital appreciation primarily through debt investments and, to a lesser extent, equity investments, primarily in middle-market companies located principally in the United States. In addition, the Company may make investments in Structured Finance Securities.

OFS Advisor, an affiliate of the Company and a registered investment adviser, manages the day-to-day operations of, and provides investment advisory services to, the Company. In addition, OFS Advisor serves as the investment adviser to OFS Capital, a publicly traded BDC with an investment strategy similar to that of the Company. OFS Advisor also serves as the investment adviser to OCCI, a non-diversified, externally managed, closed-end management investment company that is registered as an investment company under the 1940 Act and primarily invests in Structured Finance Securities. Additionally, OFS Advisor serves as the investment adviser to separately-managed accounts and sub-adviser to investment companies managed by an affiliate.

The Company intends to raise up to $200,000,000 through offering shares of its common stock to investors in a continuous offering in reliance on exemptions from the registration requirements of the Securities Act. Since August 3, 2020, CCO has served as the dealer manager in the Offering. From time to time, the Company may enter into agreements with placement agents to sell, distribute and market shares of its common stock in the Offering. The Company may pay certain placement or "finder's" fees to placement agents engaged by the Company in connection with the Offering. In addition, investors who are purchasing shares through a placement agent may be required to pay a fee or commission directly to the placement agent.

The Company may make investments through HPCI-MB, a wholly owned and consolidated subsidiary taxed under subchapter C of the Code that generally holds the Company's equity investments in portfolio companies that are taxed as pass-through entities. Under normal market conditions, the Company will invest at least 80% of its total assets in "corporate income-related investments." "Corporate income-related investments" are defined as loans, bonds and securities, such as subordinated debt and stock, where the counterparty is a corporate entity and the investment is expected to provide the Company with income over time. The Company intends for "corporate income related investments" to consist of investments in: (i) floating and fixed rate senior secured loans, which are comprised of first lien, second lien and unitranche loans of United States middle-market companies; (ii) broadly syndicated senior secured corporate loans; (iii) unsecured loans; (iv) collateralized loan obligation debt, subordinated debt, income notes and loan accumulation facility positions; (v) opportunistic credit investments, including stressed and distressed credit situations and long/short credit investments; and (vi) warrants and other equity securities of United States middle-market companies.

**Note 2. Summary of Significant Accounting Policies**

**Basis of presentation:** The accompanying interim consolidated financial statements of the Company and related financial information have been prepared in accordance with GAAP in the United States of America for interim financial information and pursuant to ASC Topic 946, *Financial Services–Investment Companies*, the requirements for reporting on Form 10-Q, and Articles 6, 10 and 12 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. However, in the opinion of management, the consolidated financial statements include all adjustments, consisting only of normal and recurring accruals and adjustments, necessary for fair presentation as of, and for, the periods presented. These consolidated financial statements and notes hereto should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10 K for the year ended December 31, 2024, filed on March 14, 2025. The results of operations for any interim period are not necessarily indicative of the results of operations to be expected for the full year.

**Significant Accounting Policies:** The following information supplements the description of significant accounting policies contained in **Note 2** to the Company's financial statements included in the Company's Annual Report on Form 10 K for the year ended December 31, 2024.

**Reclassifications:** Certain prior period amounts may have been reclassified to conform to the current period presentation in the consolidated financial statements and the accompanying notes thereto. Reclassifications did not impact net increase (decrease) in net assets resulting from operations, total assets, total liabilities or total net assets, or consolidated statements of changes in net assets and consolidated statements of cash flows classifications.

**Use of estimates:** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of investment income, expenses, gains and losses during the reporting period. Actual results could differ significantly from those estimates.

------

**Hancock Park Corporate Income, Inc.**

Notes to Consolidated Financial Statements (unaudited)

**Cash and cash equivalents:** The Company's cash and cash equivalent balances are maintained with a member bank of the FDIC and such balances generally exceed the FDIC insurance limits. The Company does not believe its cash and cash equivalent balances are exposed to any significant credit risk. Cash and cash equivalent balances are held in a U.S. Bank Trust Company, National Association money market deposit account.

**Concentration of credit risk:** Aside from the Company's investments, financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash deposits at financial institutions. At various times during the year, the Company exceeds the federally insured limit. The Company places cash deposits only with high credit quality institutions that it believes will mitigate the risk of loss due to credit risk. If borrowers completely fail to perform according to the terms of the contracts, the amount of loss due to credit risk from the Company's investments is equal to the sum of the Company's recorded investments and the unfunded commitments disclosed in **Note 6.**

**Note 3. Related Party Transactions**

**Investment Advisory and Management Agreement:** OFS Advisor manages the day-to-day operations of, and provides investment advisory services to, the Company pursuant to an Investment Advisory Agreement, which became effective on August 30, 2016. Under the terms of the Investment Advisory Agreement, which are in accordance with the 1940 Act and subject to the overall supervision of the Board, OFS Advisor is responsible for sourcing potential investments, conducting research and diligence on potential investments and equity sponsors, analyzing investment opportunities, structuring investments, and monitoring investments and portfolio companies on an ongoing basis. OFS Advisor is a subsidiary of OFSAM and a registered investment advisor under the Advisers Act.

OFS Advisor's services under the Investment Advisory Agreement are not exclusive to the Company and OFS Advisor is free to furnish similar services to other entities, including other funds advised or sub-advised by OFS Advisor, so long as its services to the Company are not impaired. OFS Advisor also serves as the investment adviser or sub-adviser to various clients, including OFS Capital and OCCI.

OFS Advisor receives fees for providing services to the Company, consisting of two components: a base management fee and an incentive fee. The base management fee is calculated at an annual rate of 1.25% and based on the average value of the Company's total assets (other than cash and cash equivalents, but including assets purchased with borrowed amounts and including assets owned by any consolidated entity) at the end of the two most recently completed calendar quarters.

The incentive fee has two parts. The first part of the incentive fee (the "Income Incentive Fee") is calculated and payable quarterly in arrears based on the Company's pre-incentive fee net investment income for the immediately preceding calendar quarter. For this purpose, pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees such as commitment, origination and sourcing, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies, but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the quarter (including the base management fee, any expenses payable under the Administration Agreement and any interest expense and dividends paid on any outstanding preferred stock, but excluding the incentive fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest or dividend feature (such as OID, debt instruments with PIK interest, equity investments with accruing or PIK dividend and zero coupon securities), accrued income that the Company has not yet received in cash.

Pre-incentive fee net investment income is expressed as a rate of return on the value of the Company's net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the end of the immediately preceding calendar quarter. The incentive fee with respect to pre-incentive fee net income is 100.0% of the amount, if any, by which the pre-incentive fee net investment income for the immediately preceding calendar quarter exceeds a 1.75% (or 7.0% annualized) "hurdle rate" but is less than 2.1875% (or 8.75% annually), referred to as the "catch-up" provision, and 20.0% of the amount of pre-incentive fee net investment income, if any, that exceeds 2.1875%. The "catch-up" is meant to provide OFS Advisor with 20.0% of the pre-incentive fee net investment income as if a hurdle rate did not apply if pre-incentive fee net investment income exceeds 2.1875% in any calendar quarter.

Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Because of the structure of the incentive fee, it is possible that the Company may pay an incentive fee in a quarter in which the Company incurs a loss. For example, if the Company receives pre-incentive fee net investment income in excess of the quarterly minimum hurdle rate, the Company will pay the applicable incentive fee even if the Company has incurred a loss in that quarter due to realized and unrealized capital losses. The Company's net investment income used to calculate this part of the incentive fee is also included in the amount of the Company's gross assets used to calculate the base management fee. These calculations are appropriately prorated for any period of less than three months and adjusted for any share issuances or repurchases during such quarter.

------

**Hancock Park Corporate Income, Inc.**

Notes to Consolidated Financial Statements (unaudited)

The second part of the incentive fee (the "Capital Gains Fee") is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date), and will equal 20.0% of the Company's aggregate realized capital gains, if any, on a cumulative basis through the end of each calendar year, computed net of all realized capital losses, income taxes from realized capital gains and unrealized capital depreciation through the end of such year, less all previous amounts paid in respect of the Capital Gains Fee.

The Company accrues the Capital Gains Fee if, on a cumulative basis, the sum of net realized capital gains (losses) plus net unrealized appreciation (depreciation) is positive. An accrued Capital Gains Fee relating to net unrealized appreciation is deferred, and not due to OFS Advisor, until the close of the year in which such gains are realized. If, on a cumulative basis, the sum of net realized capital gains (losses) plus net unrealized appreciation (depreciation) decreases during a period, the Company will reverse any excess Capital Gains Fee previously accrued such that the amount of Capital Gains Fee accrued is no more than 20% of the sum of net realized capital gains (losses) plus net unrealized appreciation (depreciation). Since inception through September 30, 2025, the Company has not made a Capital Gains Fee payment.

The Investment Advisory Agreement will remain in effect from year-to-year upon annual approval by the Board or by the affirmative vote of the holders of a majority of the Company's outstanding voting securities, and, in either case, if also approved by a majority of the Company's directors who are not "interested persons" as defined in the 1940 Act. The Board most recently approved the continuation of the Investment Advisory Agreement on April 3, 2025. The Investment Advisory Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act, and may be terminated by the Company or OFS Advisor without penalty upon not less than 60 days written notice to the other. The holders of a majority of our outstanding voting securities may also terminate the Investment Advisory Agreement without penalty upon not less than 60 days written notice.

**Dealer Manager Agreement:** Pursuant to the Dealer Manager Agreement, CCO provides certain sales, promotional and marketing services to the Company in connection with the Offering. The Company pays CCO an aggregate dealer manager fee of an amount up to 3.0% of the gross proceeds from sales of the Offering. CCO may, in its discretion, reallow a portion of the dealer manager fee to participating broker-dealers in support of the Offering.

**Administration Agreement:** OFS Services furnishes the Company with office facilities and equipment, necessary software licenses and subscriptions, and clerical, bookkeeping and record keeping services at such facilities pursuant to the Administration Agreement. The Board most recently approved the continuation of the Administration Agreement on April 3, 2025. Under the Administration Agreement, OFS Services performs, or oversees the performance of, the Company's required administrative services, which include being responsible for the financial records that the Company is required to maintain and preparing reports to its stockholders and all other reports and materials required to be filed with the SEC or any other regulatory authority. In addition, OFS Services assists the Company in determining and publishing its net asset value, oversees the preparation and filing of its tax returns and the printing and dissemination of reports to its stockholders, and generally oversees the payment of the Company's expenses and the performance of administrative and professional services rendered to the Company by others. Under the Administration Agreement, OFS Services also provides managerial assistance on the Company's behalf to those portfolio companies that have accepted the Company's offer to provide such assistance. Payment under the Administration Agreement is equal to an amount based upon the Company's allocable portion of OFS Services's overhead in performing its obligations under the Administration Agreement, including, but not limited to, rent, information technology services and the Company's allocable portion of the cost of its officers, including its chief executive officer, chief financial officer, chief compliance officer, chief accounting officer, and their respective staffs. To the extent that OFS Services outsources any of its functions, the Company will pay the fees associated with such functions on a direct basis without profit to OFS Services. Amounts charged under the Administration Agreement exclude Contractual Issuer Expenses.

**Equity Ownership:** As of September 30, 2025, affiliates of OFS Advisor held 74,084 shares of common stock, which is approximately 4.8% of the Company's outstanding shares of common stock.

Expenses recognized under agreements with OFS Advisor and OFS Services and distributions paid to affiliates for the three and nine months ended September 30, 2025 and 2024 are presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Base management fees | $103499 | $121696 | $330346 | $377842 |
| Incentive fees<sup>(1)</sup> | 36741 | 96023 | 149884 | 330146 |
| Administrative fees | 149454 | 166324 | 495344 | 514369 |
| Distributions paid to affiliates | 13335 | 18803 | 40005 | 56408 |

---

(1) During the three and nine months ended September 30, 2025 and 2024, incentives fees were comprised of Income Incentive Fees.

------

**Hancock Park Corporate Income, Inc.**

Notes to Consolidated Financial Statements (unaudited)

**Expense Limitation Agreements:** 

*Expenses Limited under the Investment Advisory Agreement*

The Investment Advisory Agreement provides expense support in regard to offering-related expenses, including Contractual Issuer Expenses and the amortization of deferred offering costs. Contractual Issuer Expenses are expensed as incurred and offering costs are deferred and amortized over the twelve-months following the period incurred on a straight-line basis. OFS Advisor's obligation to provide expense support to the Company under the Investment Advisory Agreement can be terminated at any time.

Expense limitation provided under the Investment Advisory Agreement for the three and nine months ended September 30, 2025 and 2024, is presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net offering costs and Contractual Issuer Expenses limitations (credits) | $4949 | $(2258) | $22565 | $110051 |

---

During the three months ended September 30, 2024, the Company was issued net credits of $2,258 on previously incurred Contractual Issuer Expenses, resulting in a negative balance for the quarter. The Company did not experience any net cash outflow related to these credits and there was no impact to net operating expenses.

The Company is conditionally liable for offering costs and Contractual Issuer Expenses that OFS Advisor and affiliates have incurred, or OFS Advisor expects to incur, on its behalf, throughout the Offering. The Investment Advisory Agreement entitles OFS Advisor to receive up to 1.5% of the gross proceeds raised in the Offering until all reimbursable offering costs and Contractual Issuer Expenses paid have been recovered.

As of September 30, 2025 and December 31, 2024, the Company is conditionally obligated under the Investment Advisory Agreement to reimburse OFS Advisor for expense support as follows:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Unreimbursed offering costs and Contractual Issuer Expenses | $585774 | $875049 |

---

Unreimbursed offering costs and Contractual Issuer Expenses subject to conditional reimbursement as of September 30, 2025, are summarized below based on the period in which the costs were incurred:

---

| | | |
|:---|:---|:---|
| **Period Incurred** | **Unreimbursed<br>Total** | **Expiration of Reimbursement** <br>**Eligibility**<sup>(1)</sup> |
| Three months ended December 31, 2022 | $61052 | December 31, 2025 |
| Year ended December 31, 2023 | 395986 | December 31, 2026 |
| Year ended December 31, 2024 | 103240 | December 31, 2027 |
| Nine months ended September 30, 2025 | 25496 | September 30, 2028 |
| Total unreimbursed offering costs and Contractual Issuer Expenses | $585774 |  |

---

(1) Expenses are pooled monthly for the determination of their reimbursement expiration date and are summarized into quarterly and yearly pools for presentation purposes. Expiration of reimbursement eligibility for portions of each pool occurs at each month-end within the periods presented above.

*Expenses Limited under the Second Amended Expense Support Agreement*

The Second Amended Expense Support Agreement provided expense support for all operating expenses not supported under the Investment Advisory Agreement through December 31, 2024.

On November 26, 2024, the Company and OFS Advisor entered into the ESA Termination Agreement to terminate the Second Amended Expense Support Agreement. Pursuant to the ESA Termination Agreement, the Company and OFS Advisor agreed to: (i) terminate the expense support provided by OFS Advisor effective January 1, 2025; and (ii) waive payment by the Company to OFS Advisor for any accrued and unpaid reimbursement payments (other than any reimbursement payments with respect to the quarter ending December 31, 2024, for which there were none).

In accordance with the ESA Termination Agreement, effective January 1, 2025, the Company was no longer conditionally obligated to reimburse OFS Advisor for previously provided operating support of $144,315.

------

**Hancock Park Corporate Income, Inc.**

Notes to Consolidated Financial Statements (unaudited)

No operating expense payments or reimbursements were provided for the three and nine months ended September 30, 2024.

**Note 4. Investments**

As of September 30, 2025, the Company had loans to 24 portfolio companies, of which 71% were first lien loans and 29% were second lien loans, at fair value, respectively. The Company also had equity investments in five portfolio companies and investments in five Structured Finance Securities.

As of September 30, 2025, the Company's investments consisted of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Percentage of Total** | **Percentage of Total** | | **Percentage of Total** | **Percentage of Total** |
| |<br>**Amortized Cost** | **Amortized Cost** | **Net Assets** |<br>**Fair Value** | **Fair Value** | **Net Assets** |
| First lien debt investments<sup>(1)</sup> | $19104077 | 53.9% | 139.7% | $17864328 | 58.1% | 130.7% |
| Second lien debt investments | 8088897 | 22.8 | 59.2 | 7273575 | 23.7 | 53.2 |
| Preferred equity investments | 34464 | 0.1 | 0.3 | 36265 | 0.1 | 0.3 |
| Common equity and warrant investments | 340671 | 1.0 | 2.5 | 496753 | 1.6 | 3.7 |
| &nbsp;&nbsp;**Total debt and equity investments** | 27568109 | 77.8 | 201.7 | 25670921 | 83.5 | 187.9 |
| Structured Finance Securities | 7873103 | 22.2 | 57.6 | 5069480 | 16.5 | 37.0 |
| &nbsp;&nbsp;**Total investments** | $35441212 | 100.0% | 259.3% | $30740401 | 100.0% | 224.9% |

---

(1) Includes unitranche investments (which are loans that combine both senior and subordinated debt, in a first lien position) with an amortized cost and fair value of $13,796,179 and $13,314,783, respectively. Includes secondary priority debt investments governed under a first lien credit agreement, if applicable.

As of September 30, 2025, all of the Company's debt and equity investments were domiciled in the United States, while its Structured Finance Securities were domiciled in the Cayman Islands. These CLO investments generally hold underlying portfolios of debt investments of United States domiciled companies. Geographic composition is determined by the location of the corporate headquarters of the portfolio company. The industry compositions of the Company's portfolio were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Percentage of Total** | **Percentage of Total** | | **Percentage of Total** | **Percentage of Total** |
|<br>**Industry** |<br>**Amortized Cost** | **Amortized Cost** | **Net Assets** |<br>**Fair Value** | **Fair Value** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;Administrative and Support and Waste Management and Remediation Services | $2196445 | 6.2% | 16.1% | $2078217 | 6.8% | 15.2% |
| &nbsp;&nbsp;&nbsp;Education Services | 1380678 | 3.9 | 10.1 | 1375046 | 4.5 | 10.1 |
| &nbsp;&nbsp;&nbsp;Finance and Insurance | 1369039 | 3.9 | 10.0 | 1332335 | 4.3 | 9.7 |
| &nbsp;&nbsp;&nbsp;Health Care and Social Assistance | 7143565 | 20.1 | 52.3 | 6356893 | 20.6 | 46.6 |
| &nbsp;&nbsp;&nbsp;Information | 3098453 | 8.7 | 22.7 | 2702933 | 8.8 | 19.8 |
| &nbsp;&nbsp;&nbsp;Management of Companies and Enterprises | 1451109 | 4.1 | 10.6 | 1362680 | 4.4 | 10.0 |
| &nbsp;&nbsp;&nbsp;Manufacturing | 3894575 | 11.0 | 28.5 | 3742047 | 12.2 | 27.4 |
| &nbsp;&nbsp;&nbsp;Other Services (except Public Administration) | 1437076 | 4.1 | 10.5 | 1464375 | 4.8 | 10.7 |
| &nbsp;&nbsp;&nbsp;Professional, Scientific, and Technical Services | 1621755 | 4.6 | 11.9 | 1631077 | 5.3 | 11.9 |
| &nbsp;&nbsp;&nbsp;Public Administration | 46403 | 0.1 | 0.3 | 2663 |  |  |
| &nbsp;&nbsp;&nbsp;Real Estate and Rental and Leasing | 918517 | 2.6 | 6.7 | 913081 | 3.0 | 6.7 |
| &nbsp;&nbsp;&nbsp;Retail Trade | 2339762 | 6.6 | 17.1 | 2082440 | 6.8 | 15.2 |
| &nbsp;&nbsp;&nbsp;Wholesale Trade | 670732 | 1.9 | 4.9 | 627134 | 2.0 | 4.6 |
| **Total debt and equity investments** | $27568109 | 77.8% | 201.7% | $25670921 | 83.5% | 187.9% |
| &nbsp;&nbsp;&nbsp;Structured Finance Securities | 7873103 | 22.2 | 57.6 | 5069480 | 16.5 | 37.0 |
| **Total investments** | $35441212 | 100.0% | 259.3% | $30740401 | 100.0% | 224.9% |

---

------

**Hancock Park Corporate Income, Inc.**

Notes to Consolidated Financial Statements (unaudited)

As of December 31, 2024, the Company had loans to 25 portfolio companies, of which 63% were first lien loans and 37% were second lien loans, at fair value, respectively. The Company also had equity investments in five portfolio companies and six investments in Structured Finance Securities.

As of December 31, 2024, the Company's investments consisted of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Percentage of Total** | **Percentage of Total** | | **Percentage of Total** | **Percentage of Total** |
| |<br>**Amortized Cost** | **Amortized Cost** | **Net Assets** |<br>**Fair Value** | **Fair Value** | **Net Assets** |
| First lien debt investments<sup>(1)</sup> | $18869194 | 47.8% | 111.0% | $18050368 | 50.1% | 106.3% |
| Second lien debt investments | 11397577 | 28.8 | 67.1 | 10720330 | 29.7 | 63.1 |
| Preferred equity investments | 34464 | 0.1 | 0.2 | 35763 | 0.1 | 0.2 |
| Common equity and warrant investments | 340671 | 0.9 | 2.0 | 532683 | 1.5 | 3.1 |
| &nbsp;&nbsp;**Total debt and equity investments** | 30641906 | 77.6 | 180.3 | 29339144 | 81.4 | 172.7 |
| Structured Finance Securities | 8867147 | 22.4 | 52.2 | 6714898 | 18.6 | 39.5 |
| &nbsp;&nbsp;**Total investments** | $39509053 | 100.0% | 232.5% | $36054042 | 100.0% | 212.2% |

---

(1) Includes unitranche investments (which are loans that combine both senior and subordinated debt, in a first lien position) with an amortized cost and fair value of $12,118,634 and $12,008,672, respectively.

As of December 31, 2024, all of the Company's debt and equity investments were domiciled in the United States, while its Structured Finance Securities were domiciled in the Cayman Islands. These CLO investments generally hold underlying portfolios of debt investments of United States domiciled companies. Geographic composition is determined by the location of the corporate headquarters of the portfolio company.

The industry compositions of the Company's portfolio were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Percentage of Total** | **Percentage of Total** | | **Percentage of Total** | **Percentage of Total** |
|<br>**Industry** |<br>**Amortized Cost** | **Amortized Cost** | **Net Assets** |<br>**Fair Value** | **Fair Value** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;Administrative and Support and Waste Management and Remediation Services | $4239721 | 10.8% | 24.9% | $4147828 | 11.6% | 24.4% |
| &nbsp;&nbsp;&nbsp;Education Services | 1349692 | 3.4 | 7.9 | 1349692 | 3.7 | 7.9 |
| &nbsp;&nbsp;&nbsp;Finance and Insurance | 1324635 | 3.4 | 7.8 | 1337388 | 3.7 | 7.9 |
| &nbsp;&nbsp;&nbsp;Health Care and Social Assistance | 6834028 | 17.3 | 40.1 | 6499031 | 18.0 | 38.3 |
| &nbsp;&nbsp;&nbsp;Information | 2321216 | 5.9 | 13.7 | 1994116 | 5.5 | 11.7 |
| &nbsp;&nbsp;&nbsp;Management of Companies and Enterprises | 1455462 | 3.7 | 8.6 | 1420307 | 3.9 | 8.4 |
| &nbsp;&nbsp;&nbsp;Manufacturing | 5616422 | 14.2 | 33.1 | 5492911 | 15.2 | 32.4 |
| &nbsp;&nbsp;&nbsp;Other Services (except Public Administration) | 1416914 | 3.6 | 8.3 | 1469468 | 4.1 | 8.6 |
| &nbsp;&nbsp;&nbsp;Professional, Scientific, and Technical Services | 1628475 | 4.1 | 9.6 | 1643305 | 4.6 | 9.7 |
| &nbsp;&nbsp;&nbsp;Public Administration | 46403 | 0.1 | 0.3 | 4026 |  |  |
| &nbsp;&nbsp;&nbsp;Retail Trade | 2745264 | 6.9 | 16.2 | 2734340 | 7.6 | 16.1 |
| &nbsp;&nbsp;&nbsp;Wholesale Trade | 1663674 | 4.2 | 9.8 | 1246732 | 3.5 | 7.3 |
| **Total debt and equity investments** | $30641906 | 77.6% | 180.3% | $29339144 | 81.4% | 172.7% |
| &nbsp;&nbsp;&nbsp;Structured Finance Securities | 8867147 | 22.4 | 52.2 | 6714898 | 18.6 | 39.5 |
| **Total investments** | $39509053 | 100.0% | 232.5% | $36054042 | 100.0% | 212.2% |

---

**Non-Accrual Loans:** Management reviews, for placement on non-accrual status, all loans and CLO mezzanine debt investments that become past due on principal and interest, and/or when there is reasonable doubt that principal or interest will be collected. When a loan is placed on non-accrual status, accrued and unpaid cash interest is reversed. Additionally, Net Loan Fees are no longer recognized as of the date the loan is placed on non-accrual status. Depending upon management's judgment, interest payments subsequently received on non-accrual investments may be recognized as interest income or applied as a reduction to amortized cost. Interest accruals and Net Loan Fee amortization are resumed on non-accrual investments only when they are brought current with respect to principal and interest payments or until a restructuring occurs, and, in the judgment of management, it is probable that the Company will collect all principal and interest from the investment.

------

**Hancock Park Corporate Income, Inc.**

Notes to Consolidated Financial Statements (unaudited)

For the three months ended September 30, 2025, loans to a portfolio company with an aggregate amortized cost and fair value of $1,672,725 and $1,272,661, respectively, were placed on non-accrual status. The aggregate amortized cost and fair value of loans on non-accrual status as of September 30, 2025 was $1,672,725 and $1,272,661, respectively. As of December 31, 2024, the Company had no loans on non-accrual status.

**Portfolio Concentration:** The following table presents the Company's issuers based on fair value that comprise greater than 10% of the Company's total net assets as of September 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Percentage of Total** | **Percentage of Total** |
|<br>**Issuer Name** |<br>**Investment Type** |<br>**Industry** |<br>**Amortized Cost** |<br>**Fair Value** | **Fair Value** | **Net Assets** |
| Apex Credit CLO 2020 Ltd.<sup>(1)</sup> | Subordinated Note | Structured Finance Securities | $3050138 | $2054722 | 6.7% | 15.0% |
| Honor HN Buyer, Inc.<sup>(2)</sup> | First Lien Debt | Health Care and Social Assistance | 1933822 | 1947507 | 6.3 | 14.3 |
| Heritage Grocers Group, LLC (F/K/A Tony's Fresh Market / Cardenas Markets) | First Lien Debt | Retail Trade | 1715175 | 1517579 | 4.9 | 11.1 |
| Asurion, LLC | Second Lien Debt | Other Services (except Public Administration) | 1437076 | 1464375 | 4.8 | 10.7 |
| TruGreen Limited Partnership | Second Lien Debt | Administrative and Support and Waste Management and Remediation Services | 1519510 | 1425000 | 4.6 | 10.4 |
| SS Acquisition, LLC<sup>(2)</sup> | First Lien Debt | Education Services | 1380678 | 1375046 | 4.5 | 10.1 |

---

(1) As of September 30, 2025, approximately 12% and 26% of the Company's total portfolio at fair value and its net assets, respectively, were comprised of Structured Finance Securities managed by a single adviser.

(2) As of September 30, 2025, the Company had aggregate outstanding commitments of $189,490 to fund the portfolio companies' undrawn revolver facilities.

**Note 5. Fair Value of Financial Instruments**

The Company's investments are carried at fair value and determined in accordance with ASC 820 and a documented valuation policy that is applied in a consistent manner. Pursuant to Rule 2a-5 of the 1940 Act ("Rule 2a-5"), the Board designated OFS Advisor as the valuation designee to perform fair value determinations relating to the Company's investments, and the Board maintains oversight of OFS Advisor in its capacity as valuation designee, as prescribed in Rule 2a-5. The Company engages third-party valuation firms to provide assistance to OFS Advisor in determining the fair value for a majority of its investments.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair values are determined with models or other valuation techniques, valuation inputs, and assumptions that market participants would use in pricing an asset or liability. Valuation inputs are organized in a hierarchy that gives the highest priority to prices for identical assets or liabilities quoted in active markets (Level 1) and the lowest priority to fair values based on unobservable inputs (Level 3). The three levels of inputs in the fair value hierarchy are described below:

*Level 1:* Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

*Level 2:* Inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly.

*Level 3:* Unobservable inputs for the asset or liability, and situations where there is little, if any, market activity for the asset or liability at the measurement date.

The inputs into the determination of fair value are based upon the best information under the circumstances and may require management to exercise significant judgment or estimation. 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 fair value measurement. The Company'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. The Company generally categorizes its investment portfolio into Level 3 of the hierarchy, with certain investments falling into Level 2.

------

**Hancock Park Corporate Income, Inc.**

Notes to Consolidated Financial Statements (unaudited)

The Company assesses the levels of the investments at each measurement date, and transfers between levels are recognized on the measurement date. The following table presents the Company's transfers of Level 2 and Level 3 debt investments for the three and nine months ended September 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Transfers from Level 2 to Level 3 | $1259388 | $— | $— | $— |
| Transfers from Level 3 to Level 2 | 564861 |  | 564861 | 4471313 |

---

Transfers between levels during the reporting periods were due to the availability of reliable Indicative Prices in those periods. The Company classifies loan investments as Level 2 when sufficient Indicative Prices are available, and the depth of the market is sufficient, in management's judgment, to transact at those prices in amounts approximating the Company's investment position at the measurement date.

Due to the inherent uncertainty of determining the fair value of Level 3 investments, including the use of significant unobservable inputs, the fair value of the investments may differ significantly from the values that would have been used had a ready market or observable inputs existed for such investments and may differ materially from the values that may ultimately be received or settled. Further, such investments are generally subject to legal and other restrictions, or otherwise are less liquid than publicly traded instruments. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, the Company might realize significantly less than the value at which such investment had previously been recorded and incur a realized capital loss. The Company's investments are subject to market risk as a result of economic and political developments, including impacts from interest rate and inflation rate changes, the ongoing war between Russia and Ukraine, the escalated armed conflict and heightened regional tensions in the Middle East, instability in the U.S. and international banking systems, the agenda of the U.S. presidential administration, including the impact of tariff enactment and tax reductions, trade disputes with other countries, the risk of recession or the impact of the prolonged shutdown of U.S. government services, and related market volatility. Market risk is directly impacted by the volatility and liquidity in the markets in which certain investments are traded and can affect the fair value of the Company's investments. The Company's investments are also subject to interest rate risk. Changes in interest rates, including potential additional interest rate reductions enacted by the U.S. Federal Reserve, may impact the Company's investment income, cost of funding and the valuation of its investment portfolio.

The following tables present the Company's investment portfolio measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024, respectively:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Level 1** | **Level 2** | **Level 3** | **Fair Value as of September 30, 2025** |
| Debt investments | $— | $4125659 | $21012244 | $25137903 |
| Equity investments |  |  | 533018 | 533018 |
| Structured Finance Securities |  |  | 5069480 | 5069480 |
|  | $— | $4125659 | $26614742 | $30740401 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Level 1** | **Level 2** | **Level 3** | **Fair Value as of December 31, 2024** |
| Debt investments | $— | $4890495 | $23880203 | $28770698 |
| Equity investments |  |  | 568446 | 568446 |
| Structured Finance Securities |  |  | 6714898 | 6714898 |
|  | $— | $4890495 | $31163547 | $36054042 |

---

------

**Hancock Park Corporate Income, Inc.**

Notes to Consolidated Financial Statements (unaudited)

The following tables provide the primary quantitative information about valuation techniques and the Company's unobservable inputs to its Level 3 fair value measurements as of September 30, 2025 and December 31, 2024. The Company may make changes to the valuation techniques, among techniques otherwise commonly utilized in accordance with its valuation policies, and/or the weighting of techniques used for particular investments based on changes in facts-and-circumstances and depending on the availability of, or changes in, information in order to produce the best estimate of fair value as of the measurement date. In addition to the techniques and unobservable inputs noted in the tables below and in accordance with OFS Advisor's valuation policy, OFS Advisor, as valuation designee, may also use other valuation techniques and methodologies when determining the fair value measurements of the Company's investment assets. The tables are not intended to be all-inclusive and only present the most significant unobservable input(s) relevant to the valuation designee's determination of fair value.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value as of September 30, 2025** | **Valuation techniques** | **Unobservable input** | **Range<br>(Weighted average)** |
| **Debt investments:** | | | | |
| &nbsp;&nbsp;First Lien | $13309774 | Discounted cash flow | Discount rates | 8.22% - 33.00% (12.72%) |
|  | 1122061 | Market approach | EBITDA multiples | 8.00x - 8.00x (8.00x) |
|  | 771209 | Market approach | Transaction Price |  |
| &nbsp;&nbsp;Second Lien | 2052134 | Discounted cash flow | Discount rates | 12.17% - 15.49% (14.48%) |
|  | 1272661 | Market approach | EBITDA multiples | 10.00x - 10.00x (10.00x) |
|  | 1225017 | Market approach | Revenue multiples | 0.90x - 0.90x (0.90x) |
|  | 1259388 | Market approach | Transaction Price |  |
| **Structured Finance Securities**<sup>(1)</sup>**:** |  |  |  |  |
| &nbsp;&nbsp;Subordinated notes and other CLO equity related investments | 5069480 | Discounted cash flow | Discount rates | 8.00% - 28.00% (20.10%) |
|  |  |  | Constant default rate | 2.00% - 2.00% (2.00%) |
|  |  |  | Recovery rate | 65.00% - 65.00% (65.00%) |
| **Equity investments:** |  |  |  |  |
| &nbsp;&nbsp;Preferred equity | 36265 | Market approach | EBITDA multiples | 7.00x - 7.00x (7.00x) |
| &nbsp;&nbsp;Common equity and warrants | 496753 | Market approach | EBITDA multiples | 6.25x - 15.25x (10.01x) |
|  | $26614742 |  |  |  |

---

(1) The cash flows utilized in the discounted cash flow calculations assume: (i) liquidation of (a) certain distressed investments and (b) all investments currently in default held by the issuing CLO at their current market prices; and (ii) redeployment of proceeds at the issuing CLO's assumed reinvestment rate.

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**Hancock Park Corporate Income, Inc.**

Notes to Consolidated Financial Statements (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value as of December 31, 2024** | **Valuation techniques** | **Unobservable inputs** | **Range<br>(Weighted average)** |
| **Debt investments:** | | | | |
| &nbsp;&nbsp;&nbsp;First lien | $12724065 | Discounted cash flow | Discount rates | 9.01% - 32.50% (13.75%) |
|  | 1905276 | Market approach | Transaction Price |  |
| &nbsp;&nbsp;&nbsp;Second lien | 8094849 | Discounted cash flow | Discount rates | 10.84% - 33.45% (14.56%) |
|  | 1156013 | Market approach | EBITDA multiples | 8.04x - 8.04x (8.04x) |
| **Structured Finance Securities**<sup>(1)</sup>**:** |  |  |  |  |
| &nbsp;&nbsp;Subordinated notes and other CLO equity related investments | 5714930 | Discounted cash flow | Discount rates | 9.94% - 32.00% (25.81%) |
|  |  |  | Constant default rate | 2.00% - 2.00% (2.00%) |
|  |  |  | Recovery rate | 65.00% - 65.00% (65.00%) |
| &nbsp;&nbsp;&nbsp;Mezzanine debt | 999968 | Discounted cash flow | Discount margin | 8.75% - 8.75% (8.75%) |
|  |  |  | Constant default rate | 3.00% - 3.00% (3.00%) |
|  |  |  | Recovery rate | 65.00% - 65.00% (65.00%) |
| **Equity investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred equity | 35763 | Market Approach | EBITDA multiples | 7.00x - 7.00x (7.00x) |
| &nbsp;&nbsp;&nbsp;Common equity and warrants | 532683 | Market approach | EBITDA multiples | 5.85x - 15.75x (12.27x) |
|  | $31163547 |  |  |  |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;The cash flows utilized in the discounted cash flow calculations assume: (i) liquidation of (a) certain distressed investments and (b) all investments currently in default held by the issuing CLO at their current market prices; and (ii) redeployment of proceeds at the issuing CLO's assumed reinvestment rate.

Averages in the preceding two tables were weighted by the fair value of the related instruments.

Changes in market credit spreads or events impacting the credit quality of the underlying portfolio company (both of which could impact the discount rate), as well as changes in enterprise value and/or EBITDA multiples, among other things, could have a significant impact on fair values, with the fair value of a particular debt investment susceptible to change in inverse relation to the changes in the discount rate. Changes in enterprise value and/or EBITDA multiples, as well as changes in the discount rate, could have a significant impact on fair values, with the fair value of an equity investment susceptible to change in tandem with the changes in enterprise value and/or EBITDA multiples, and in inverse relation to changes in the discount rate. Due to the wide range of approaches in developing input assumptions to these valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company's disclosures and those of other companies may not be meaningful.

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**Hancock Park Corporate Income, Inc.**

Notes to Consolidated Financial Statements (unaudited)

The following tables present changes in the investments measured at fair value using Level 3 inputs for the nine months ended September 30, 2025 and 2024, respectively:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **First Lien Debt Investments** | **Second Lien Debt Investments** | **Preferred Equity** | **Common Equity and Warrants** | **Structured Finance Securities** | **Total** |
| Level 3 assets, December 31, 2024 | $14629341 | $9250862 | $35763 | $532683 | $6714898 | $31163547 |
| Net realized losses on investments | (3688) | (774074) |  |  |  | (777762) |
| Net unrealized appreciation (depreciation) on investments | (187132) | (112820) | 502 | (35930) | (651372) | (986752) |
| Amortization of Net Loan Fees | 74522 | 94963 |  |  | 22423 | 191908 |
| Capitalized PIK interest | 27103 | 200102 |  |  |  | 227205 |
| Accretion of interest income on Structured Finance Securities | **—** | **—** | **—** | **—** | 692106 | 692106 |
| Purchase of portfolio investments | 2240851 |  |  |  | 377737 | 2618588 |
| Proceeds from principal payments on portfolio investments | (604315) | (2629833) |  |  | (1000000) | (4234148) |
| Sale or redemption of portfolio investments | (402784) | (220000) |  |  |  | (622784) |
| Proceeds from distributions received from portfolio investments |  |  |  |  | (1086312) | (1086312) |
| Amendment fees received | (5993) |  |  |  |  | (5993) |
| Transfers from Level 3 to Level 2 | (564861) |  |  |  |  | (564861) |
| Level 3 assets, September 30, 2025 | $15203044 | $5809200 | $36265 | $496753 | $5069480 | $26614742 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **First Lien Debt Investments** | **Second Lien Debt Investments** | **Preferred Equity** | **Common Equity and Warrants** | **Structured Finance Notes** | **Total** |
| Level 3 assets, December 31, 2023 | $19960500 | $11486832 | $34410 | $356733 | $7096541 | $38935016 |
| Net realized loss on investments |  | (797032) |  |  |  | (797032) |
| Net unrealized appreciation (depreciation) on investments | (235549) | 647073 | 1173 | 149010 | 139832 | 701539 |
| Amortization of Net Loan Fees | 109650 | 106675 |  |  | 12190 | 228515 |
| Capitalized PIK interest | 11491 | 166367 |  |  |  | 177858 |
| Accretion of interest income on Structured Finance Securities | **—** | **—** | **—** | **—** | 866726 | 866726 |
| Purchase of portfolio investments | 1484843 | 860000 |  |  |  | 2344843 |
| Proceeds from principal payments on portfolio investments | (6157584) | (3245211) |  |  |  | (9402795) |
| Sale or redemption of portfolio investments |  | (68252) |  |  |  | (68252) |
| Proceeds from distributions received from portfolio investments |  |  |  |  | (1155518) | (1155518) |
| Amendment fees received | (23046) |  |  |  |  | (23046) |
| Transfers from Level 3 to Level 2 | (2520357) | (1950956) |  |  |  | (4471313) |
| Level 3 assets, September 30, 2024 | $12629948 | $7205496 | $35583 | $505743 | $6959771 | $27336541 |

---

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**Hancock Park Corporate Income, Inc.**

Notes to Consolidated Financial Statements (unaudited)

The net unrealized appreciation (depreciation) reported in the Company's consolidated statements of operations for the nine months ended September 30, 2025 and 2024, attributable to the Company's Level 3 assets still held at those respective period ends, was as follows:

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| Debt investments | $(627033) | $83547 |
| Equity investments | (35428) | 150183 |
| Structured Finance Securities | (628981) | 139832 |
| Net unrealized appreciation (depreciation) on investments held | $(1291442) | $373562 |

---

**Other Financial Assets and Liabilities**

GAAP requires disclosure of the fair value of financial instruments for which it is practical to estimate such values. The Company believes that the carrying amounts of its other financial instruments, such as cash, cash equivalents, receivables and payables, approximate the fair value of such items due to the short maturity of such financial instruments. The Banc of California Credit Facility is a variable rate instrument and fair value approximates book value as of September 30, 2025 and December 31, 2024.

The following tables present the fair value measurements of the Company's debt and the level within the fair value hierarchy of the significant unobservable inputs used to determine such fair values as of September 30, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|<br>**Description** | **Level 1** | **Level 2** | **Level 3**<sup>(1)</sup> | **Total** |
| Banc of California Credit Facility | $— | $— | $2150000 | $2150000 |
| Unsecured Note |  |  | 14726974 | 14726974 |
| Total debt, at fair value | $— | $— | $16876974 | $16876974 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|<br>**Description** | **Level 1** | **Level 2** | **Level 3**<sup>(1)</sup> | **Total** |
| Banc of California Credit Facility | $— | $— | $5265000 | $5265000 |
| Unsecured Note |  |  | 14386806 | 14386806 |
| Total debt, at fair value | $— | $— | $19651806 | $19651806 |

---

(1) For Level 3 measurements, fair value is estimated by discounting remaining payments using current market rates for similar instruments at the measurement date and considering such factors as the legal maturity date.

The following table sets forth the carrying values and fair values of the Company's debt as of September 30, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|<br>**Description** | **Carrying Value**<sup>(1)</sup> | **Fair Value** | **Carrying Value**<sup>(1)</sup> | **Fair Value** |
| Banc of California Credit Facility | $2150000 | $2150000 | $5265000 | $5265000 |
| Unsecured Note | 14915199 | 14726974 | 14860683 | 14386806 |
| Total debt | $17065199 | $16876974 | $20125683 | $19651806 |

---

(1) Carrying value of the Unsecured Note is calculated as the outstanding principal amount less unamortized deferred debt issuance costs.

The information presented should not be interpreted as an estimate of the fair value of the entire Company since fair value measurements are only required for a portion of the Company's assets and liabilities. Due to the wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company's disclosures and those of other companies may not be meaningful.

------

**Hancock Park Corporate Income, Inc.**

Notes to Consolidated Financial Statements (unaudited)

**Note 6. Commitments and Contingencies**

The following table presents the Company's outstanding commitments to fund investments to portfolio companies as of September 30, 2025:

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Commitment** |
| 12 Interactive, LLC (D/B/A PerkSpot) | First Lien Debt (Revolver) | $120000 |
| 12 Interactive, LLC (D/B/A PerkSpot) | First Lien Debt (Delayed Draw) | 600000 |
| Associated Springs, LLC | First Lien Debt (Delayed Draw) | 370690 |
| Boca Home Care Holdings, Inc. | First Lien Debt (Revolver) | 90323 |
| Clevertech Bidco, LLC | First Lien Debt (Revolver) | 78141 |
| Honor HN Buyer, Inc. | First Lien Debt (Revolver) | 86633 |
| Medrina LLC | First Lien Debt (Revolver) | 106383 |
| PSB Group, LLC | First Lien Debt (Revolver) | 72549 |
| SS Acquisition, LLC | First Lien Debt (Revolver) | 102857 |
| Tolemar Acquisition, Inc. | First Lien Debt (Revolver) | 92647 |
|  |  | $1720223 |

---

As of September 30, 2025, the Company had cash and cash equivalents of $1,089,063 and an unused commitment of $12,850,000 under the Banc of California Credit Facility, which is subject to the terms of the borrowing base, to fund these outstanding commitments to portfolio companies.

The following table shows the Company's outstanding commitments to fund investments to portfolio companies as of December 31, 2024:

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Commitment** |
| Associated Springs, LLC | First Lien Debt (Delayed Draw) | $431035 |
| Boca Home Care Holdings, Inc. | First Lien Debt (Revolver) | 129032 |
| Clevertech Bidco, LLC | First Lien Debt (Revolver) | 126033 |
| Honor HN Buyer, Inc. | First Lien Debt (Revolver) | 86634 |
| Medrina LLC | First Lien Debt (Revolver) | 106383 |
| Medrina LLC | First Lien Debt (Delayed Draw) | 148936 |
| SS Acquisition, LLC | First Lien Debt (Revolver) | 142857 |
| Tolemar Acquisition, Inc. | First Lien Debt (Revolver) | 44118 |
|  |  | $1215028 |

---

**Legal and regulatory proceedings:** From time to time, the Company is involved in legal proceedings in the normal course of its business. Although the outcome of such litigation cannot be predicted with any certainty, management is of the opinion, based on the advice of legal counsel, that final disposition of any litigation should not have a material adverse effect on the financial position of the Company as of September 30, 2025.

Additionally, the Company is subject to periodic inspection by regulators to assess compliance with applicable BDC regulations.

**Indemnifications:** In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties that provide general indemnification. The Company's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. The Company believes the risk of any material obligation under these indemnifications to be low.

**Note 7. Borrowings** 

**Banc of California Credit Facility:** On September 12, 2018, the Company entered into the Banc of California Credit Facility. The Banc of California Credit Facility currently bears interest at a variable rate of the Prime Rate plus a 0.25% margin, with a 5.00% floor, and includes an annual commitment fee of 0.50% (based upon the current maximum principal amount of the facility). The Banc of California Credit Facility is scheduled to mature on February 28, 2026.

------

**Hancock Park Corporate Income, Inc.**

Notes to Consolidated Financial Statements (unaudited)

On December 17, 2024, the Company amended the Banc of California Credit Facility to, among other things: (i) decrease the maximum commitment amount from $20,000,000 to $15,000,000; (ii) decrease the minimum tangible net asset value covenant from $15,000,000 to $12,000,000; and (iii) decrease the covenant requiring minimum quarterly net investment income after management/incentive fees from $300,000 to $200,000.

The maximum availability of the Banc of California Credit Facility is equal to 50% of the aggregate outstanding principal amount of eligible loans included in the borrowing base, which typically excludes Structured Finance Securities and non-performing loans, and as otherwise specified in the BLA, subject to an overall maximum principal amount of $15,000,000. The Company has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities.

As of September 30, 2025 and December 31, 2024, the Company had outstanding debt under the Banc of California Credit Facility of $2,150,000 and $5,265,000, respectively. As of September 30, 2025, the unused commitment under the Banc of California Credit Facility was $12,850,000, subject to the terms of the borrowing base and other covenants.

For the three and nine months ended September 30, 2025 and 2024, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the Banc of California Credit Facility were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Stated interest expense | $45823 | $127870 | $234904 | $450267 |
| Amortization of debt issuance costs | 20453 | 25366 | 60913 | 76099 |
| Total interest and debt financing costs | $66276 | $153236 | $295817 | $526366 |
| Cash paid for interest expense | $45591 | $128913 | $238311 | $449994 |
| Effective interest rate | 11.32% | 10.64% | 9.82% | 10.36% |
| Average outstanding balance | $2322935 | $5760652 | $4028114 | $6775219 |

---

**Unsecured Note:** On November 27, 2019, the Company entered into the Note Purchase Agreement under which the Company sold the Unsecured Note.

On September 23, 2021, the Company executed an amendment to the Note Purchase Agreement. The amendment, among other things: (i) extended the scheduled maturity date of the Unsecured Note from November 27, 2024 to November 27, 2026; (ii) reduced the coupon rate of the Unsecured Note from 6.50% to 5.50%; and (iii) reduced the default rate of the Unsecured Note, if applicable, from 8.50% to 7.50%.

The Company may, at its option, upon notice to the purchaser, redeem at any time all, or from time to time, any part of, the Unsecured Note, in an amount not less than 10% of the aggregate principal amount of the Unsecured Note then outstanding in the case of a partial redemption, at 100% of the principal amount so redeemed, together with interest on such Unsecured Note accrued to, but excluding, the date of redemption, and with no redemption settlement amount paid by the Company in connection with any such redemption. Fees and legal costs incurred with the Unsecured Note are amortized over the life of the facility.

The Note Purchase Agreement, as amended, contains customary terms and conditions for unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants, such as information reporting, maintenance of the Company's status as a business development company within the meaning of the 1940 Act and a minimum asset coverage ratio. The Note Purchase Agreement, as amended, also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, certain judgments and orders and certain events of bankruptcy.

On each of September 30, 2025 and December 31, 2024, the Company's Unsecured Note had an aggregate outstanding principal of $15,000,000.

------

**Hancock Park Corporate Income, Inc.**

Notes to Consolidated Financial Statements (unaudited)

For the three and nine months ended September 30, 2025 and 2024, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the Unsecured Note were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Stated interest expense | $206250 | $206250 | $618750 | $618750 |
| Amortization of debt issuance costs | 18171 | 18173 | 54515 | 54515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest and debt financing costs | $224421 | $224423 | $673265 | $673265 |
| Cash paid for interest expense | $206250 | $206250 | $618750 | $618750 |
| Effective interest rate | 5.98% | 5.98% | 5.98% | 5.98% |
| Average outstanding balance | $15000000 | $15000000 | $15000000 | $15000000 |

---

For the three and nine months ended September 30, 2025 and 2024, the average dollar borrowings and weighted average effective interest rate on the Company's outstanding borrowings were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Average dollar borrowings | $17322935 | $20760652 | $19028114 | $21775219 |
| Weighted average effective interest rate | 6.66% | 7.28% | 6.81% | 7.35% |

---

**Note 8. Financial Highlights**

The following is a schedule of financial highlights for the three and nine months ended September 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Per Share Operating Performance:** |  |  |  |  |
| Net asset value per share at beginning of period | $9.64 | $10.57 | $10.21 | $10.49 |
| Net investment income<sup>(1)</sup> | 0.17 | 0.22 | 0.53 | 0.74 |
| Net realized loss, net of taxes<sup>(1)</sup> | (0.49) |  | (0.50) | (0.45) |
| Net unrealized depreciation on investments, net of deferred taxes<sup>(1)</sup> | (0.22) | (0.54) | (0.76) |  |
| &nbsp;&nbsp;&nbsp;Total net income (loss) from operations<sup>(1)</sup> | (0.54) | (0.32) | (0.73) | 0.29 |
| Distributions<sup>(2)</sup> | (0.18) | (0.25) | (0.54) | (0.76) |
| Repurchase of common stock<sup>(1)(3)</sup> | (0.01) |  | (0.03) | (0.02) |
| **Net asset value per share at end of period** | $8.91 | $10.00 | $8.91 | $10.00 |
| Total return based on net asset value<sup>(4)(5)</sup> | (5.7)% | (3.0)% | (7.6)% | 2.5% |
| Shares outstanding at end of period | 1534942 | 1693121 | 1534942 | 1693121 |
| Weighted average shares outstanding | 1574678 | 1737056 | 1617702 | 1784610 |
| **Ratio/Supplemental Data** |  |  |  |  |
| Average net asset value<sup>(6)</sup> | $14432443 | $17656080 | $15445349 | $18329561 |
| Net asset value at end of period | $13669643 | $16927297 | $13669643 | $16927297 |
| Net investment income | $266813 | $384091 | $855397 | $1320585 |
| Ratio of net operating expenses to average net assets<sup>(7)</sup> | 23.3% | 23.5% | 23.6% | 23.8% |
| Ratio of net investment income to average net assets<sup>(7)</sup> | 7.4% | 8.7% | 7.4% | 9.6% |
| Portfolio turnover<sup>(8)</sup> | 3.0% | 13.5% | 7.7% | 18.4% |

---

(1)Calculated on the average share method.

(2)The per share data for distributions is the actual amount of distributions declared per share during the period. The determination of the tax attributes of the Company's distributions is made annually as of the end of its fiscal year based upon its estimated ICTI for the full year and distributions paid for the full year.

------

**Hancock Park Corporate Income, Inc.**

Notes to Consolidated Financial Statements (unaudited)

(3)The repurchase of common stock on a per share basis reflects the incremental net asset value change as a result of the retirement of shares from the Company's repurchases of common stock, the dilutive or anti-dilutive impact from significant changes in weighted-average shares outstanding during the period, and the difference between the per share amount distributed to common stockholders of record and the per share amount distributed based on the weighted-average shares of common stock outstanding during the applicable period.

(4)Calculated as ending net asset value less beginning net asset value, adjusting for cumulative monthly distributions reinvested at the Company's quarter-end net asset value.

(5)Not annualized.

(6)Based on the average of the net asset value at the beginning and end of the indicated period and, if applicable, the preceding calendar quarters.

(7)Annualized.

(8)Portfolio turnover rate is calculated using the lesser of period-to-date sales, portfolio investment distributions and principal payments or period-to-date purchases over the average of the total investments at fair value.

**Note 9. Capital Transactions**

**Common Stock Transactions**

During the three and nine months ended September 30, 2025 and 2024, the Company did not sell or issue any share shares of common stock in the Offering.

**Repurchases of Shares**

The following table summarizes the common stock repurchases by the Company for the three and nine months ended September 30, 2025 and 2024:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| Repurchase of common stock | 42020 | $391621 | 46460 | $472033 | 129181 | $1265122 | 142478 | $1482705 |

---

All repurchased shares were retired upon acquisition.

------

**Hancock Park Corporate Income, Inc.**

Notes to Consolidated Financial Statements (unaudited)

**Distributions**

The following table reflects the cash distributions per share that the Company declared on its common stock during the nine months ended September 30, 2025 and 2024. Stockholders of record as of each respective record date were entitled to receive the distribution.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Dates** | **Payment Date** | **Per Share Amount** | **Cash Distribution** |
| **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | | | |
| January 29, 2025 | January 29, 2025 | April 15, 2025 | $0.06 | $99846 |
| February 26, 2025 | February 26, 2025 | April 15, 2025 | 0.06 | 99846 |
| March 27, 2025 | March 27, 2025 | April 15, 2025 | 0.06 | 97206 |
| April 26, 2025 | April 28, 2025 | July 15, 2025 | 0.06 | 97205 |
| May 28, 2025 | May 28, 2025 | July 15, 2025 | 0.06 | 97205 |
| June 26, 2025 | June 26, 2025 | July 15, 2025 | 0.06 | 94617 |
| July 29, 2025 | July 29, 2025 | October 15, 2025 | 0.06 | 94617 |
| August 27, 2025 | August 27, 2025 | October 15, 2025 | 0.06 | 94617 |
| September 26, 2025 | September 26, 2025 | October 15, 2025 | 0.06 | 92098 |
| **Total** |  |  | $0.54 | $867257 |
| **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |  |  |  |
| January 27, 2024 | January 29, 2024 | February 5, 2024 | $0.0846 | $155292 |
| February 27, 2024 | February 27, 2024 | March 5, 2024 | 0.0846 | 155292 |
| March 27, 2024 | March 27, 2024 | April 5, 2024 | 0.0846 | 151178 |
| April 26, 2024 | April 26, 2024 | May 6, 2024 | 0.0846 | 151178 |
| May 29, 2024 | May 29, 2024 | June 5, 2024 | 0.0846 | 151178 |
| June 26, 2024 | June 26, 2024 | July 5, 2024 | 0.0846 | 147168 |
| July 27, 2024 | July 29, 2024 | August 5, 2024 | 0.0846 | 147168 |
| August 28, 2024 | August 28, 2024 | September 5, 2024 | 0.0846 | 147168 |
| September 26, 2024 | September 26, 2024 | October 7, 2024 | 0.0846 | 143238 |
| **Total** |  |  | $0.7614 | $1348860 |

---

The Second Amended Expense Support Agreement was designed to ensure no portion of the Company's distribution to stockholders was paid from Offering proceeds (i.e., no return of capital), and provided expense reduction payments to the Company in any quarterly period in which the Company's aggregate distributions to stockholders exceeds the Company's cumulative ICTI and net realized gains.

On November 26, 2024, the Company and OFS Advisor entered into the ESA Termination Agreement to terminate the Second Amended Expense Support Agreement effective January 1, 2025. Effective upon the termination date, OFS Advisor is no longer obligated to provide expense support payments to the Company under the Second Amended Expense Support Agreement.

The determination of the tax attributes of the Company's distributions is made annually as of the end of its fiscal year based upon its estimated ICTI for the full year and distributions paid for the full year. Each year, a statement on Form 1099-DIV identifying the tax character of distributions is mailed to the Company's stockholders.

**Note 10. Subsequent Events Not Disclosed Elsewhere**

On October 29, 2025, the Board declared a distribution of $0.04375 per common share, which represents a 5.25% annualized distribution yield based on the Company's common stock offering price as of October 30, 2025, which will be paid on January 15, 2026 to stockholders of record on October 29, 2025.

On November 4, 2025, the Board approved a tender offer, commencing on November 28, 2025, to purchase 2.5% of the weighted average number of shares of the outstanding common stock for the trailing 12-month period ending September 30, 2025.

------

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

The following analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes thereto contained elsewhere in this Quarterly Report on Form 10-Q. For additional overview information on the Company, see "Item 1. Business" in our Annual Report on Form 10-K for the year ended December 31, 2024, filed on March 14, 2025.

**Overview**

Key performance metrics per common share are presented below:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **June 30, 2025** |
| Net asset value | $8.91 | $9.64 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **June 30, 2025** | **September 30, 2025** | **September 30, 2024** |
| Net investment income | $0.17 | $0.18 | $0.53 | $0.74 |
| Net increase (decrease) in net assets resulting from operations | (0.54) | (0.01) | (0.73) | 0.29 |
| Distributions declared | 0.18 | 0.18 | 0.54 | 0.76 |

---

Our NAV per common share decreased from $9.64 at June 30, 2025 to $8.91 at September 30, 2025, primarily due to a net loss on investments of $0.71 per common share.

For the three months ended September 30, 2025, total investment income decreased $148,343 compared to the prior quarter, primarily due to the placement of a portfolio company on non-accrual status during the quarter and the reversal of accrued and unpaid interest from the prior quarter. See "—Results of Operations" for additional information.

For the three months ended September 30, 2025, we recognized a net loss on investments of $1,119,459 due to a net realized loss of $773,945 and net unrealized depreciation of $345,514, net of taxes. For the three months ended September 30, 2025, our net realized loss of $773,945 was primarily due to the sale of a debt investment, resulting in a current quarter impact to our NAV of $252,322. For the three months ended September 30, 2025, our net unrealized depreciation of $345,514, net of taxes, was primarily attributable to net unrealized depreciation of $580,611 on our Structured Finance Securities.

As of September 30, 2025, we had non-accrual loans with an aggregate fair value of $1,272,661, or 4.1% of our total investments at fair value. See "—Portfolio Composition and Investment Activity" for additional information.

Our total outstanding debt decreased from $19,015,000 at June 30, 2025 to $17,150,000 at September 30, 2025. For the three months ended September 30, 2025, our weighted-average debt interest costs decreased to 6.7%, compared to 6.9% during the prior quarter, primarily due to a decrease in the outstanding balance on our Banc of California Credit Facility. As of September 30, 2025, 87% of our total outstanding debt was fixed rate and all of our total outstanding debt contractually matures in 2026.

As of September 30, 2025, our asset coverage ratio of 180% exceeded the minimum asset coverage requirement of 150% under the 1940 Act, and we remained in compliance with all applicable covenants under our outstanding debt obligations. As of September 30, 2025, we had an unused commitment of $12,850,000 under our Banc of California Credit Facility, subject to the terms of the borrowing base and other covenants. As of September 30, 2025, we had unfunded commitments of $1,720,223 to fund various undrawn revolvers and other portfolio investments. We continue to believe that we have sufficient levels of liquidity to support our commitments to existing portfolio companies and selectively deploy capital in new investment opportunities. See "—Liquidity and Capital Resources" for additional information.

On October 29, 2025, our Board declared a distribution of $0.04375 per common share, which represents a 5.25% annualized distribution yield based on our common stock offering price as of October 30, 2025, which will be paid on January 15, 2026 to stockholders of record on October 29, 2025.

On November 4, 2025, our Board approved a tender offer, commencing on November 28, 2025, to purchase 2.5% of the weighted average number of shares of the outstanding common stock for the trailing 12-month period ending September 30, 2025. Commencing with the tender offer in March 2026, our Board expects to approve offers to purchase approximately 4.0% of the weighted average number of outstanding shares of our common stock in any 12-month period, subject to a 1.0% limit in each quarter.

------

**Related Party Transactions**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Investment Advisory Agreement with OFS Advisor to manage our operating and investment activities. Under the Investment Advisory Agreement, we have agreed to pay OFS Advisor an annual base management fee based on the average value of our total assets (other than cash and cash equivalents but including assets purchased with borrowed amounts and including assets owned by any consolidated entity) as well as an incentive fee based on our investment performance. See "Item 1. Financial Statements––Notes to Consolidated Financial Statements— **Note 3**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Dealer Manager Agreement with CCO, an affiliate of OFS Advisor, to provide sales, promotional and marketing services to us in connection with the Offering. See "Item 1. Financial Statements––Notes to Consolidated Financial Statements— **Note 3**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Administration Agreement with OFS Services, an affiliate of OFS Advisor, to provide us with the office facilities and administrative services necessary to conduct our operations. See "Item 1. Financial Statements—Notes to Consolidated Financial Statements—**Note 3**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expense Limitation Agreement: OFS Advisor limits certain of our incurred expenses under the Investment Advisory Agreement which contains provisions limiting organization and offering costs and Contractual Issuer Expenses. The agreement contains conditions pursuant to which we may become obligated to reimburse OFS Advisor for expense limitation provided thereunder. See "Item 1. Financial Statements—Notes to Consolidated Financial Statements—**Note 3**.

The Second Amended Expense Support Agreement limited certain operating expenses. On November 26, 2024, we entered into the ESA Termination Agreement with OFS Advisor to terminate the Second Amended Expense Support Agreement effective January 1, 2025.

OFS Advisor's services under the Investment Advisory Agreement are not exclusive to us and OFS Advisor is free to furnish similar services to other entities, including other funds advised or sub-advised by OFS Advisor, so long as its services to us are not impaired. OFS Advisor also serves as the investment adviser to other funds, including OFS Capital and OCCI. Additionally, OFS Advisor provides sub-advisory services to: (i) CMFT Securities Investments, LLC, a wholly owned subsidiary of CIM Real Estate Finance Trust, Inc., a corporation that qualifies as a real estate investment trust; and (ii) CIM Real Assets & Credit Fund, an externally managed registered investment company that operates as an interval fund that invests primarily in a combination of real estate, credit and related investments.

The 1940 Act generally prohibits BDCs from making certain negotiated co-investments with certain affiliates absent an order from the SEC permitting the BDC to do so. On August 4, 2020, we received our existing Order, which superseded a previous order that we received on October 12, 2016, and provides us with greater flexibility to enter into co-investment transactions with certain Affiliated Funds in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with certain conditions. We are generally permitted to co-invest with Affiliated Funds if, under the terms of the Order, a "required majority" (as defined in Section 57(o) of the 1940 Act) of our independent directors make certain conclusions in connection with a co-investment transaction, including that: (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to us and our stockholders and do not involve overreaching in respect of us or our stockholders on the part of any person concerned; (2) the transaction is consistent with the interests of our stockholders and is consistent with our investment objective and strategies; (3) the investment by our affiliates would not disadvantage us, and our participation would not be on a basis different from or less advantageous than that on which our affiliates are investing; and (4) the proposed investment by us would not benefit OFS Advisor, the other Affiliated Funds that are participating in the investment, or any affiliated person of any of them (other than parties to the transaction), except to the extent permitted by the exemptive relief and applicable law, including the limitations set forth in Section 57(k) of the 1940 Act.

In addition, we may file a new application for exemptive relief that, if granted, would supersede our existing Order and permit us to co-invest pursuant to a different set of conditions than those in our existing Order. However, if filed, there is no guarantee that such application will be granted.

Conflicts may arise when an account managed by OFS Advisor makes an investment in conjunction with an investment being made by an Affiliated Account, or in a transaction where an Affiliated Account has already made an investment. Investment opportunities are, from time to time, appropriate for more than one account in the same, different or overlapping securities of a portfolio company's capital structure. Conflicts arise in determining the terms of investments, particularly where these accounts may invest in different types of securities in a single portfolio company. Potential conflicts arise when addressing, among other things, questions as to whether payment obligations and covenants should be enforced, modified or waived, or whether debt should be restructured, modified or refinanced. For additional information see "Item 1.

------

Business—Regulation—Conflicts of Interest" and "Item 1A. Risk Factors—Risks Related to OFS Advisor and its Affiliates—We have potential conflicts of interest related to obligations that OFS Advisor or its affiliates may have to other clients" in our Annual Report on Form 10-K for the year ended December 31, 2024, filed on March 14, 2025.

**Critical Accounting Policies and Estimates**

Our critical accounting policies and estimates are those relating to revenue recognition, expense limitation agreements and fair value estimates. Management has discussed the development and selection of each critical accounting policy and estimate with the Audit Committee of the Board. For descriptions of our revenue recognition and fair value policies, see "Item 8. Financial Statements—Notes to Consolidated Financial Statements—**Note 2**" and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations— Critical Accounting Policies and Significant Estimates" in our Annual Report on Form 10-K for the year ended December 31, 2024, filed on March 14, 2025.

The following table illustrates the impact of our fair value measures if we selected the low or high end of the range of values for all investments as of September 30, 2025:

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| | | | |
|:---|:---|:---|:---|
| | **Fair Value as of September 30, 2025** | **Range of Fair Value**<sup>(1)</sup> | **Range of Fair Value**<sup>(1)</sup> |
|<br>**Investment Type** | **Fair Value as of September 30, 2025** | **Low-end** | **High-end** |
| Debt investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;First lien | $17864328 | $17589331 | $18171669 |
| &nbsp;&nbsp;&nbsp;Second lien | 7273575 | 6989511 | 7557641 |
| Structured Finance Securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Subordinated notes and other CLO equity related investments | 5069480 | 4783720 | 5355242 |
| Equity investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred equity | 36265 | 36265 | 36265 |
| &nbsp;&nbsp;&nbsp;Common equity and warrants | 496753 | 437428 | 550590 |
|  | $30740401 | $29836255 | $31671407 |

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(1) A majority of our investments are classified as Level 3 under ASC Topic 820. This means that our portfolio valuations are based on unobservable inputs and assumptions about how market participants would price the asset in question. Inputs into the determination of fair value of our portfolio investments require significant management judgment and estimation.

**Portfolio Composition and Investment Activity** 

**Portfolio Composition**

The following table summarizes the composition of our investment 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** |
| | **Amortized Cost** | **Fair Value** | **Amortized Cost** | **Fair Value** |
| First lien debt investments<sup>(1)</sup> | $19104077 | $17864328 | $18869194 | $18050368 |
| Second lien debt investments | 8088897 | 7273575 | 11397577 | 10720330 |
| Preferred equity investments | 34464 | 36265 | 34464 | 35763 |
| Common equity and warrant investments | 340671 | 496753 | 340671 | 532683 |
| &nbsp;&nbsp;Total Portfolio Company Investments | 27568109 | 25670921 | 30641906 | 29339144 |
| Structured Finance Securities | 7873103 | 5069480 | 8867147 | 6714898 |
| &nbsp;&nbsp;Total Investments | $35441212 | $30740401 | $39509053 | $36054042 |
| Total number of Portfolio Companies and Structured Finance Securities | 32 | 32 | 34 | 34 |

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(1) As of September 30, 2025 and December 31, 2024, first lien debt investments include unitranche investments (which are loans that combine both senior and subordinated debt, in a first lien position) with an amortized cost and fair value of

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$13,796,179 and $13,314,783, respectively, and $12,118,634 and $12,008,672, respectively. May also include secondary priority debt investments held through a first lien position.

As of September 30, 2025, 100% and 82% of our loan portfolio and total portfolio consisted of first lien and second lien debt investments, respectively, based on fair value.

As of September 30, 2025, the three largest industries of our Portfolio Company Investments by fair value, were: (1) Health Care and Social Assistance of 24.8%; (2) Manufacturing of 14.6%; and (3) Information of 10.5%, totaling an aggregate of approximately 49.9% of our debt and equity investment portfolio. For a full summary of our investment portfolio by industry, see "Item 1. Financial Statements—**Note 4**."

The following table presents our ten largest investments by issuer based on fair value as of September 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Type** | **Amortized Cost** | **Fair Value** | **% of Total Portfolio, at Fair Value** | **% of Net Assets, at Fair Value** |
| Apex Credit CLO 2020 Ltd. | Structured Finance Security<sup>(1)</sup> | $3050138 | $2054722 | 6.7% | 15.0% |
| Honor HN Buyer, Inc. | Debt | 1933822 | 1947507 | 6.3 | 14.3 |
| Heritage Grocers Group, LLC (F/K/A Tony's Fresh Market / Cardenas Markets) | Debt | 1715175 | 1517579 | 4.9 | 11.1 |
| Asurion, LLC | Debt | 1437076 | 1464375 | 4.8 | 10.7 |
| TruGreen Limited Partnership | Debt | 1519510 | 1425000 | 4.6 | 10.4 |
| SS Acquisition, LLC | Debt | 1380678 | 1375046 | 4.5 | 10.1 |
| One GI LLC | Debt | 1451109 | 1362680 | 4.4 | 9.9 |
| Clevertech Bidco, LLC | Debt | 1369039 | 1332335 | 4.3 | 9.7 |
| BayMark Health Services, Inc.<sup>(2)</sup> | Debt | 1672725 | 1272661 | 4.1 | 9.3 |
| BCPE North Star US Holdco 2, Inc. (F/K/A Dessert Holdings) | Debt | 1197186 | 1259388 | 4.1 | 9.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  | $16726458 | $15011293 | 48.7% | 109.7% |

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(1) As of September 30, 2025, approximately 11.6% and 26.0% of our total portfolio at fair value and net assets, respectively, were comprised of Structured Finance Securities managed by a single adviser.

(2) As of September 30, 2025, the investment was on non-accrual status, meaning we have suspended recognition of all or a portion of income on the investment.

A deterioration or improvement in the operating performance of these portfolio investments, or other factors underlying the valuation of these investments, could have a material impact on our NAV.

*Structured Finance Securities*

The following table summarizes the composition of our Structured Finance Securities 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** |
| | **Amortized Cost** | **Fair Value** | **Amortized Cost** | **Fair Value** |
| Subordinated notes and other CLO equity related investments | $7873103 | $5069480 | $7889570 | $5714930 |
| Mezzanine debt |  |  | 977577 | 999968 |
| Total Structured Finance Securities | $7873103 | $5069480 | $8867147 | $6714898 |
| Number of Structured Finance Security Issuers | 5 | 5 | 6 | 6 |

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Non-performing Structured Finance Securities are securities that have not been optionally redeemed and have an effective yield of 0.0%, as remaining residual distributions are anticipated to be recognized as a return of capital. As of September 30, 2025, we had no non-performing Structured Finance Securities.

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**Portfolio Yields** 

The following table presents weighted-average yield metrics for our investment portfolio for the three months ended September 30, 2025 and June 30, 2025:

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| | | |
|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** |
| | **September 30, 2025** | **June 30, 2025** |
| Weighted-average performing income yield<sup>(1)</sup>: |  |  |
| &nbsp;&nbsp;Debt investments | 12.3% | 12.6% |
| &nbsp;&nbsp;Structured Finance Securities | 11.4 | 13.4 |
| &nbsp;&nbsp;Interest-bearing investments | 12.1% | 12.8% |
| Weighted-average realized yield<sup>(2)</sup>: |  |  |
| &nbsp;&nbsp;Interest-bearing investments | 11.8% | 12.8% |

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(1)&nbsp;&nbsp;&nbsp;&nbsp;Performing income yield is calculated as (a) the actual amount earned on performing interest-bearing investments, including interest, prepayment fees and amortization of Net Loan Fees, divided by (b) the weighted-average of total performing interest-bearing investments at amortized cost.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Realized yield is calculated as (a) the actual amount earned on interest-bearing investments, including interest, prepayment fees and amortization of Net Loan Fees, divided by (b) the weighted-average of total interest-bearing investments at amortized cost, in each case, including debt investments on non-accrual status and non-performing Structured Finance Securities.

For the three months ended September 30, 2025, the weighted average performing income yield on interest-bearing investments decreased from 12.8% during the prior quarter to 12.1%. The 0.7% decrease in the performing income yield was due to a 2.0% decrease in earned yields on our Structured Finance Securities and a 0.3% decrease in earned yields on our debt investments. As of September 30, 2025, 95% of our total loan portfolio, at fair value, consisted of variable rate investments, generally indexed to SOFR. See additional information under "Item 3. Quantitative and Qualitative Disclosures About Market Risk".

Weighted-average yields of our investments are not the same as a return on investment for our stockholders, but rather the gross investment income from our investment portfolio before the payment of all of our fees and expenses. There can be no assurance that the weighted average yields will remain at their current levels.

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**Investment Activity**

The following is a summary of our investment activity for the three months ended September 30, 2025 and June 30, 2025, and the nine months ended September 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
| | **September 30, 2025** | **June 30, 2025** | **September 30, 2025** | **September 30, 2024** |
| Investments in debt and equity securities | $954451 | $1006745 | $2240851 | $7387414 |
| Investments in Structured Finance Securities |  |  | 377737 |  |
| Total investment purchases and originations | $954451 | $1006745 | $2618588 | $7387414 |
| Proceeds from principal payments on portfolio investments | $2794769 | $1240058 | $4258897 | $10976950 |
| Proceeds from sale or redemption of portfolio investments | 220000 | 1451477 | 1671477 | 68252 |
| Proceeds from distributions received from portfolio investments | 371493 | 347956 | 1086312 | 1155518 |
| Total proceeds from principal payments and distributions received from portfolio investments | $3386262 | $3039491 | $7016686 | $12200720 |

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We categorize debt investments into seven risk categories based on relevant information about the ability of borrowers to service their debt. For additional information regarding our risk categories, see "Item 1. Business—Portfolio Review/Risk Monitoring" in our Annual Report on Form 10-K for the year ended December 31, 2024. The following table shows the classification of our debt securities, excluding Structured Finance Securities, by credit risk rating as of September 30, 2025 and December 31, 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Debt Investments** | **Debt Investments** | **Debt Investments** | **Debt Investments** | **Debt Investments** | **Debt Investments** |
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|<br>**Risk Category** | **Amortized Cost** | **Fair Value** | **% of Debt Investments, at Fair Value** | **Amortized Cost** | **Fair Value** | **% of Debt Investments, at Fair Value** |
| 1 (Low Risk) | $— | $— | —% | $— | $— | —% |
| 2 (Below Average Risk) |  |  |  |  |  |  |
| 3 (Average) | 19147603 | 18781849 | 74.7 | 22994301 | 22906190 | 79.6 |
| 4 (Special Mention) | 8045371 | 6356054 | 25.3 | 7272470 | 5864508 | 20.4 |
| 5 (Substandard) |  |  |  |  |  |  |
| 6 (Doubtful) |  |  |  |  |  |  |
| 7 (Loss) |  |  |  |  |  |  |
|  | $27192974 | $25137903 | 100.0% | $30266771 | $28770698 | 100.0% |

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***Non-Accrual Loans***

Management reviews, for placement on non-accrual status, all loans and CLO mezzanine debt investments that become past due on principal and interest, and/or when there is reasonable doubt that principal or interest will be collected. When a loan is placed on non-accrual status, accrued and unpaid cash interest is reversed. Additionally, Net Loan Fees are no longer recognized as of the date the loan is placed on non-accrual status. Depending upon management's judgment, interest payments subsequently received on non-accrual investments may be recognized as interest income or applied as a reduction to amortized cost. Interest accruals and Net Loan Fee amortization are resumed on non-accrual investments only when they are brought current with respect to principal and interest payments or until a restructuring occurs, and, in the judgment of management, it is probable that the Company will collect all principal and interest from the investment.

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<u>As of September 30, 2025</u>

The following table shows the classification of our debt investments on non-accrual status:

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** |
| | **Amortized Cost** | **Fair Value** |
| First lien debt | $— | $— |
| Second lien debt | 1672725 | 1272661 |
| Total | $1672725 | $1272661 |

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For the three and nine months ended September 30, 2025, loans to a portfolio company with an aggregate amortized cost and fair value of $1,672,725 and $1,272,661, respectively, were placed on non-accrual status.

<u>As of December 31, 2024</u>

As of December 31, 2024, we had no debt investments on non-accrual status.

**Results of Operations**

Our key financial measures are described in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations—Key Financial Measures" in our Annual Report on Form 10-K for the year ended December 31, 2024, filed on March 14, 2025. The following is a discussion of the key financial measures that management uses in reviewing the performance of our operations.

We do not believe that our historical operating performance is necessarily indicative of our future results of operations. We are primarily focused on debt investments in middle-market and larger companies in the United States and, to a lesser extent, equity investments, including warrants and other minority equity securities. In addition, we may make investments in Structured Finance Securities. Moreover, as a BDC and a RIC, we are also subject to certain constraints on our operations, including, but not limited to, limitations imposed by the 1940 Act and the Code. For the reasons described above, the results of operations described below may not necessarily be indicative of the results we expect to report in future periods.

Net increase (decrease) in net assets resulting from operations can vary substantially from period to period for various reasons, including the recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, comparisons of net increase (decrease) in net assets resulting from operations may not be meaningful.

The following analysis compares our quarterly results of operations to the preceding quarter, as well as our year-to-date results of operations to the corresponding period in the prior year. We believe a comparison of our current quarterly results to the preceding quarter is more meaningful and transparent than a comparison to the corresponding prior-year quarter as our results of operations are not influenced by seasonal factors the latter comparison is designed to elicit and highlight.

***Comparison of the three months ended September 30, 2025 and June 30, 2025, and comparison of the nine months ended September 30, 2025 and 2024***

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **June 30, 2025** | **September 30, 2025** | **September 30, 2024** |
| Interest income | $1001286 | $1164790 | $3313809 | $4371675 |
| PIK interest income | 79237 | 74763 | 227205 | 177858 |
| Dividend income | 1082 | 1077 | 3231 | 3196 |
| Fee income | 26247 | 15565 | 43982 | 38063 |
| **Total investment income** | 1107852 | 1256195 | 3588227 | 4590792 |
| **Total operating expenses** | 845988 | 976449 | 2755395 | 3380258 |
| Net expense limitation | (4949) | (10222) | (22565) | (110051) |
| **Net investment income** | 266813 | 289968 | 855397 | 1320585 |
| **Net loss on investments** | (1119459) | (306086) | (2044379) | (809209) |
| **Net increase (decrease) in net assets resulting from operations** | $(852646) | $(16118) | $(1188982) | $511376 |

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***Investment Income***

*For the three months ended September 30, 2025 and June 30, 2025*

For the three months ended September 30, 2025, cash interest income decreased $163,504 compared to the prior quarter, primarily due to the placement of a portfolio company on non-accrual status during the quarter and the reversal of accrued and unpaid interest from the prior quarter.

For the three months ended September 30, 2025, fee income increased $10,682 compared to the prior quarter, primarily due to the recognition of non-recurring syndication fee income of $24,000 during the current quarter.

*For the nine months ended September 30, 2025 and 2024*

Total investment income for the nine months ended September 30, 2025 decreased $1,002,565 compared to the corresponding period in the prior year, primarily due to a decrease in cash interest income of $1,057,866 attributable to a smaller investment portfolio.

For the nine months ended September 30, 2025, PIK interest income increased $49,347 compared to the corresponding period in the prior year, primarily due to the compounding effect of a second lien debt investment that has an all-PIK interest rate of 18.00%. During the nine months ended September 30, 2025, total PIK interest income represented 6.3% of total investment income.

***Operating Expenses***

Total operating expenses for the three months ended September 30, 2025 and June 30, 2025, and the nine months ended September 30, 2025 and 2024 are presented below:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **June 30, 2025** | **September 30, 2025** | **September 30, 2024** |
| Expenses subject to limitation under the Investment Advisory Agreement: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contractual Issuer Expenses | $2871 | $8671 | $17253 | $91840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred offering costs | 2078 | 1551 | 5312 | 18211 |
| Total expenses subject to limitation under the Investment Advisory Agreement | 4949 | 10222 | 22565 | 110051 |
| Other operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense | 290697 | 344141 | 969082 | 1199631 |
| &nbsp;&nbsp;&nbsp; Base management fees | 103499 | 111323 | 330346 | 377842 |
| &nbsp;&nbsp;&nbsp; Incentive fees | 36741 | 72492 | 149884 | 330146 |
| &nbsp;&nbsp;&nbsp; Administrative fees | 149454 | 175468 | 495344 | 514369 |
| &nbsp;&nbsp;&nbsp; Professional fees | 163758 | 167351 | 514372 | 518803 |
| &nbsp;&nbsp;&nbsp; Transfer agent expenses | 45159 | 45409 | 128745 | 169259 |
| &nbsp;&nbsp;&nbsp; Excise taxes |  |  |  | 9723 |
| &nbsp;&nbsp;&nbsp; Other expenses | 51731 | 50043 | 145057 | 150434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other operating expenses | 841039 | 966227 | 2732830 | 3270207 |
| Total operating expenses | $845988 | $976449 | $2755395 | $3380258 |

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**Expenses Limited under the Investment Advisory Agreement**

During the nine months ended September 30, 2025 and September 30, 2024, OFS Advisor incurred offering costs on our behalf of $8,243 and $6,826, respectively.

Contractual Issuer Expenses relate to the direct involvement of OFS Advisor's employees and employees of its affiliates in the Offering process. OFS Advisor incurred, on our behalf, Contractual Issuer Expenses of $2,871 and $8,671 during the three months ended September 30, 2025 and June 30, 2025, respectively. For the nine months ended September 30, 2025, Contractual Issuer Expenses decreased $74,587 compared to the corresponding period in the prior year, primarily due to a decrease in activity under the Offering process.

We are conditionally obligated to pay OFS Advisor up to 1.5% of the gross proceeds raised in the Offering until all reimbursable offering costs and Contractual Issuer Expenses paid by OFS Advisor and their affiliates have been recovered.

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During the nine months ended September 30, 2025 and 2024, we did not reimburse OFS Advisor for any offering costs and Contractual Issuer Expenses due to no sales of common stock under the Offering. As of September 30, 2025, reimbursable offering costs and Contractual Issuer Expenses were $585,774. See "Item 1. Financial Statements—Notes to Consolidated Financial Statements—**Note 3**" for additional information.

**Other Operating Expenses**

*For the three months ended September 30, 2025 and June 30, 2025*

For the three months ended September 30, 2025, total other operating expenses decreased $125,188 compared to the prior quarter, primarily due to decreases in interest expense and incentive fees.

Interest expense for the three months ended September 30, 2025 decreased $53,444 compared to the prior quarter, primarily due to a decrease in our average outstanding debt balance on our Banc of California Credit Facility.

Incentive fees for the three months ended September 30, 2025 decreased $35,751 compared to the prior quarter, primarily due to a decrease in net investment income return on net assets in the current quarter.

*For the nine months ended September 30, 2025 and 2024*

For the nine months ended September 30, 2025, total other operating expenses decreased $537,377 compared to the corresponding period in the prior year, primarily due to a decrease of $230,549 in interest expense related to the reduction in our average outstanding debt balance on our Banc of California Credit Facility.

For the nine months ended September 30, 2025, expenses payable to OFS Advisor and affiliates (base management fees, incentive fees and administrative fees) decreased $246,783 compared to the corresponding period in the prior year primarily due to a $180,262 decrease in the incentive fee attributable to lower net investment income.

**Net realized and unrealized gain (loss) on investments**

*Net gain (loss) on investments for the three months ended September 30, 2025 and June 30, 2025*

For the three months ended September 30, 2025, we recognized a net loss on investments of $1,119,459 due to a net realized loss of $773,945 and net unrealized depreciation of $345,514, net of taxes. For the quarter ended September 30, 2025, our net realized loss of $773,945 was primarily due to the sale of a debt investment, resulting in a current quarter impact to our NAV of $252,322. For the quarter ended September 30, 2025, our net unrealized depreciation of $345,514, net of taxes, was primarily attributable to net unrealized depreciation of $580,611 on our Structured Finance Securities.

For the three months ended June 30, 2025, net loss on investments of $306,086 was primarily due to net unrealized depreciation of $265,868. The net unrealized depreciation was comprised of net unrealized depreciation of $163,308 on our Structured Finance Securities and $102,560 on our debt and equity securities.

*Net gain (loss) on investments for the nine months ended September 30, 2025 and 2024*

For the nine months ended September 30, 2025, net loss on investments of $2,044,379 was comprised of net unrealized depreciation of $558,998 on our debt investments and $651,374 on our Structured Finance Securities. Our net loss on investments of $2,044,379 also included a net realized loss of $809,620 on our debt investments.

For the nine months ended September 30, 2024, net loss on investments of $809,209 was primarily due to net unrealized depreciation of $1,136,551 on our current loan portfolio, partially offset by net unrealized appreciation of $150,183 on our equity investments.

**Liquidity and Capital Resources**

As of September 30, 2025, we held cash of $1,089,063 and had an unused commitment of $12,850,000 under our Banc of California Credit Facility, subject to the terms of the borrowing base and other covenants. The Banc of California Credit Facility is scheduled to mature on February 28, 2026. Our liquidity position could be significantly impacted if the maturity date of this facility is not extended.

As of September 30, 2025, we had unfunded commitments of $1,720,223 to fund various undrawn revolvers and other portfolio investments. We continue to believe that we have sufficient levels of liquidity to support our commitments to existing portfolio companies and selectively deploy capital in new investment opportunities.

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**Sources and Uses of Cash**

We expect to generate cash primarily from: (i) the net proceeds of the Offering; (ii) cash flows from our operations; (iii) the Banc of California Credit Facility and any other financing arrangements we may enter into in the future; (iv) investment repayments or dispositions; and (v) any future offerings of our equity or debt securities. We may fund a portion of our investments through borrowings from banks, including the Banc of California Credit Facility, and issuances of senior securities. Our primary use of cash will be for: (i) investments in portfolio companies and other investments to comply with certain portfolio diversification requirements; (ii) the cost of operations (including paying OFS Advisor); (iii) debt service of any borrowings, including the Unsecured Note; and (iv) cash distributions to the holders of our stock. These principal sources and uses of cash and liquidity are presented below:

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| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| Cash from net investment income<sup>(1)</sup> | $388060 | $588554 |
| Net repayments of portfolio investments<sup>(1)</sup> | 4730460 | 5971949 |
| Net cash provided by operating activities | 5118520 | 6560503 |
| Distributions paid to common stockholders | (726710) | (1360914) |
| Net repayments under revolving line of credit | (3115000) | (2000000) |
| Repurchases of common stock | (1167831) | (1536634) |
| Net cash used in financing activities | (5009541) | (4897548) |
| Net change in cash and cash equivalents | $108979 | $1662955 |

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(1) Cash from net investment income includes all other cash flows from operating activities reported in our statements of cash flows. Net purchases and originations/repayments and sales of portfolio investments includes the purchase and origination of portfolio investments, proceeds from principal payments on portfolio investments, proceeds from sale or redemption of portfolio investments, changes in receivables for investments sold, payable from investments purchased as reported in our statements of cash flows, as well as the excess of proceeds from distributions received from Structured Finance Securities over accretion of interest income on Structured Finance Securities.

Our operating activities provided $5,118,520 and $6,560,503 in cash for the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, the principal source of operating liquidity was the sale and repayment of portfolio investments. Net cash provided by operating activities benefited from the positive cash flow impact of expense limitation under the Investment Advisory Agreement of $22,565 and $110,051 for the nine months ended September 30, 2025 and 2024, respectively, which reduced the net amount paid to OFS Advisor. Expense support and limitation under the Investment Advisory Agreement is cancelable at any time.

Net purchases and origination of portfolio investments relates to the investment activity of our portfolio. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Portfolio Composition and Investment Activity."

During the nine months ended September 30, 2025 and 2024, we paid $1,167,831 and $1,536,634, respectively, in connection with our tender offers to repurchase shares of our common stock. Subsequent to September 30, 2025, we paid $391,621 in connection with our third quarter 2025 tender offer to repurchase shares of our common stock.

During the nine months ended September 30, 2025, we paid $726,710 in dividends to common stockholders and, subsequent to September 30, 2025, we paid $281,332 in dividends to our common stockholders.

**Borrowings**

*Banc of California Credit Facility*. The Banc of California Credit Facility is available for general corporate purposes, including investment funding, and is scheduled to mature on February 28, 2026. On December 17, 2024, we amended the Banc of California Credit Facility to, among other things: (i) decrease the maximum commitment amount from $20,000,000 to $15,000,000; (ii) decrease the minimum tangible net asset value covenant from $15,000,000 to $12,000,000; and (iii) decrease the covenant requiring minimum quarterly net investment income after management/incentive fees from $300,000 to $200,000. The maximum amount available to borrow under the Banc of California Credit Facility is equal to 50% of the aggregate outstanding principal amount of eligible loans included in the borrowing base, which typically excludes Structured Finance

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Securities and non-performing loans, and as otherwise specified in the BLA, subject to a maximum principal amount of $15,000,000.

The Banc of California Credit Facility currently bears interest at a variable Prime Rate plus a 0.25% margin, with a 5.00% floor, and includes an annual commitment fee equal to 0.50% of the maximum principal amount of the facility. As of September 30, 2025, the stated interest rate on the Banc of California Credit Facility was 7.50%. As of September 30, 2025, the Banc of California Credit Facility bore an effective interest rate of 11.09%, inclusive of interest on the outstanding balance, deferred financing cost amortization and commitment fees.

As of September 30, 2025, we had $2,150,000 outstanding and an unused commitment of $12,850,000 under the Banc of California Credit Facility, subject to the terms of the borrowing base and other covenants. As of September 30, 2025, we were in compliance in all material respects with the applicable covenants under the Banc of California Credit Facility.

*Unsecured Note.* On November 27, 2019, we entered into the Note Purchase Agreement pursuant to which we issued a $15,000,000 Unsecured Note. The purchase price of the Unsecured Note was $14,700,000 after deducting the offering price discount. Interest on the Unsecured Note is due quarterly. We are obligated to repay the Unsecured Note at par if certain change in control events occur. The Unsecured Note is a general unsecured obligation that ranks pari passu with all outstanding and future unsecured unsubordinated indebtedness we may issue.

On September 23, 2021, we executed an amendment to the Note Purchase Agreement. The amendment, among other things: (i) extended the scheduled maturity date of the Unsecured Note from November 27, 2024 to November 27, 2026; (ii) reduced the coupon rate of the Unsecured Note from 6.50% to 5.50%; and (iii) reduced the default rate of the Unsecured Note, if applicable, from 8.50% to 7.50%. In addition, under the Note Purchase Agreement, as amended, we may, at our option, upon notice to the purchaser, redeem at any time all, or from time to time any part of, the Unsecured Note, in an amount not less than 10% of the aggregate principal amount of the Unsecured Note then outstanding in the case of a partial redemption, at 100% of the principal amount so redeemed, together with interest on such Unsecured Note accrued to, but excluding, the date of redemption, and with no redemption settlement amount paid by us in connection with any such redemption.

The Note Purchase Agreement contains customary terms and conditions for unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of our status as a business development company within the meaning of the 1940 Act and a minimum asset coverage ratio. The Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, certain judgments and orders, and certain events of bankruptcy. As of September 30, 2025, we were in compliance in all material respects with the applicable covenants under the Note Purchase Agreement.

As of September 30, 2025, the Unsecured Note had the following terms and balances:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal** | **Unamortized Discount and Issuance Costs** | **Stated Interest Rate** | **Effective Interest Rate**<sup>(1)</sup> | **Maturity** |
| Unsecured Note | $15000000 | $84801 | 5.50% | 5.98% | 11/27/2026 |

---

(1) The effective interest rate on the Unsecured Note includes deferred debt issuance cost amortization.

**Other Liquidity Matters**

We expect to fund the growth of our investment portfolio through the private placement of our common shares and issuances of senior securities or future borrowings to the extent permitted by the 1940 Act. We cannot assure stockholders that our plans to raise capital will be successful. In addition, we intend to distribute to our stockholders substantially all of our taxable income in order to satisfy the requirements applicable to RICs under Subchapter M of the Code. Consequently, we may not have the ability to fund new investments or make additional investments in our portfolio companies. The illiquidity of certain of our portfolio investments may make it difficult for us to sell these investments when desired and, if we are required to sell these investments, we may realize significantly less than their current fair value and incur significant realized losses on our invested capital.

From time to time, we may enter into agreements with placement agents to sell, distribute and market shares of our common stock in the Offering. We may pay certain placement or "finder's" fees to placement agents engaged by us in connection with the Offering. In addition, investors who are purchasing shares through a placement agent may be required to pay a fee or commission directly to the placement agent.

BDCs are generally required to meet a coverage ratio of total assets, less liabilities and indebtedness not represented by senior securities, to total senior securities. Our required asset coverage ratio of 150% limits the amount that we may borrow. To fund growth in our investment portfolio in the future, we anticipate needing to raise additional capital from various sources,

------

including the equity markets and the securitization or other debt-related markets, which may or may not be available on favorable terms, if at all.

As of September 30, 2025, the aggregate amount of senior securities outstanding was $17,150,000, for which our asset coverage was 180%. The asset coverage ratio for a class of senior securities representing indebtedness is calculated by aggregating our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by total senior securities representing indebtedness.

In addition, as a BDC, we must not acquire any assets other than "qualifying assets" specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our assets, as defined by the 1940 Act, are qualifying assets (with certain limited exceptions). Qualifying assets include investments in "eligible portfolio companies." Under the relevant SEC rules, the term "eligible portfolio company" includes all private companies, companies whose securities are not listed on a national securities exchange, and certain public companies that have listed their securities on a national securities exchange and have a market capitalization of less than $250 million, in each case organized in the United States. Conversely, we may invest up to 30% of our portfolio in opportunistic investments not otherwise eligible under BDC regulations. Specifically, as part of this 30% basket, we may consider investments in investment funds that are operating pursuant to certain exceptions to the 1940 Act and in advisers to similar investment funds, as well as in debt or equity of middle-market portfolio companies located outside of the United States and debt and equity of public companies that do not meet the definition of eligible portfolio companies because their market capitalization of publicly traded equity securities exceeds the levels provided for in the 1940 Act. We have made, and may continue to make, opportunistic investments in Structured Finance Securities and other non-qualifying assets, consistent with our investment strategy. Investments in Structured Finance Securities are generally made in non-U.S. entities and therefore are generally deemed to be non-qualifying. As of September 30, 2025, approximately 82% of our investments were qualifying assets.

We continue to monitor the current banking environment. If the banks and financial institutions with whom we have credit facilities enter into receivership, undergo consolidation or become insolvent in the future, our liquidity may be reduced significantly. At various times, our cash and cash equivalent balances at third-party financial institutions exceed the federally insured limit. Our cash balances are retained in custodian accounts with U.S. Bank Trust Company, National Association, and we do not believe they are exposed to any significant credit risk. We continue to monitor our portfolio and believe the deposit risk and counterparty risk to be minimal.

**Contractual Obligations**

We, with approval of our Board, entered into the Investment Advisory Agreement, the Dealer Manager Agreement and the Administration Agreement. See "Item 1. Financial Statements—Notes to Consolidated Financial Statements—**Note 1** and **Note 3**."

As of September 30, 2025, we had $1,089,063 of cash and cash equivalents and an unused commitment of $12,850,000 under our Banc of California Credit Facility, subject to the terms of the borrowing base and other covenants, to meet our short-term contractual obligations, such as $1,720,223 in outstanding commitments to fund investments under various undrawn revolvers and other portfolio company credit facilities. As of September 30, 2025, our Banc of California Credit Facility that matures on February 28, 2026 and had $2,150,000 outstanding, and our Unsecured Note that matures in November 2026 and had $15,000,000 outstanding, could be repaid by selling portfolio investments that have a fair value of $30,740,401. We cannot, however, be certain that this source of funds will be available and upon terms acceptable to us in sufficient amounts in the future. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than its current fair value and incur significant realized losses on our invested capital.

We may become a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized on the balance sheet. There is no guarantee that these amounts will be funded to the borrowing party now or in the future. We continue to believe that we have sufficient levels of liquidity to support our existing portfolio companies and will meet these unfunded commitments by using our cash on hand or utilizing our available borrowings under the Banc of California Credit Facility. Our liquidity position could be significantly impacted if the maturity date of the Banc of California Credit Facility is not extended. In addition, our portfolio includes more liquid broadly syndicated loans in larger portfolio companies, with an aggregate fair value of $8,376,574 at September 30, 2025, that can be sold over a relatively short period to generate cash.

**Off-Balance Sheet Arrangements**

*Amounts Conditionally Reimbursable to OFS Advisor.* OFS Advisor and affiliates have incurred offering costs and Contractual Issuer Expenses, of which $585,774 and $875,049 were unreimbursed as of September 30, 2025 and December 31,

------

2024, respectively. We remain conditionally liable to OFS Advisor for organization and offering costs incurred on our behalf. See "Item 1. Financial Statements—Notes to Consolidated Financial Statements—**Note 3**."

***Distributions***

We have elected to be taxed as a RIC under Subchapter M of the Code. In order to maintain our status as a RIC, we are required to distribute annually to our stockholders at least 90% of our ICTI, as defined by the Code. Additionally, to avoid a 4% excise tax on undistributed earnings we are required to distribute each calendar year the sum of: (i) 98% of our ordinary income for such calendar year; (ii) 98.2% of our net capital gains for the one-year period ending October 31 of that calendar year; and (iii) any income recognized, but not distributed, in preceding years and on which we paid no federal income tax. Maintenance of our RIC status also requires adherence to certain source of income and asset diversification requirements. Generally, a RIC is entitled to deduct dividends it pays to its stockholders from its income to determine "taxable income." Taxable income includes our taxable interest, dividend and fee income, and taxable net capital gains. Taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized appreciation or depreciation, as gains or losses are not included in taxable income until they are realized. In addition, gains realized for financial reporting purposes may differ from gains included in taxable income as a result of our election to recognize gains using installment sale treatment, which generally results in the deferment of gains for tax purposes until notes or other amounts, including amounts held in escrow received as consideration from the sale of investments, are collected in cash. Taxable income includes non-cash income, such as changes in accrued and reinvested interest and dividends, which includes contractual PIK interest, and the amortization of discounts and fees. Cash collections of income resulting from contractual PIK interest and dividends or the amortization of discounts and fees generally occur upon the repayment of the loans or debt securities that include such items. Non-cash taxable income is reduced by non-cash expenses, such as realized losses and depreciation, and amortization expense.

Our Board maintains a variable dividend policy with the objective of distributing twelve monthly distributions in an amount not less than 90% of our annual taxable income for a particular year. In addition, during the year, we may pay a special dividend, such that we may distribute approximately all of our annual taxable income in the year it was earned, while maintaining the option to spill over our excess taxable income to a following year. We may choose to retain a portion of our taxable income in any year and pay the 4% U.S. federal excise tax on the retained amounts. Each year, a statement on Form 1099-DIV identifying the source of the distribution is mailed to the Company's stockholders.

We do not currently qualify as a "publicly offered regulated investment company" as defined in the Code. Since the Company is not a publicly offered RIC, a non-corporate stockholder's allocable portion of the Company's affected expenses, including a portion of its base management fee, incentive fee and certain other expenses, will be treated as an additional ordinary dividend to the stockholder. A non-corporate stockholder's allocable portion of these expenses are also treated as miscellaneous itemized deductions that are not currently deductible by such stockholders under the Code.

Certain historical distributions were supported by expense limitation payments under the Second Amended Expense Support Agreement to ensure no portion of our distributions to stockholders were paid from Offering proceeds (i.e., no return of capital). On November 26, 2024, we entered into the ESA Termination Agreement with OFS Advisor to terminate the Second Amended Expense Support Agreement effective January 1, 2025.

***Share Repurchases***

Since November 2018, the Board has approved quarterly tender offers to purchase shares of our outstanding common stock. Since November 2019, we have conducted quarterly tender offers to purchase, in each case, 2.5% of the weighted average number of shares of the outstanding common stock for the trailing 12-month period. The repurchase offers allowed our stockholders to sell their shares back to us at a price equal to the most recently determined net asset value per share of our common stock immediately prior to the date of repurchase. See "Item 1. Financial Statements—Notes to Consolidated Financial Statements—**Note 9**" for details on share repurchases. Commencing with the tender offer in March 2026, the Board expects to approve offers to purchase approximately 4.0% of the weighted average number of outstanding shares of our common stock in any 12-month period, subject to a 1.0% limit in each quarter.

***Recent Developments***

On October 29, 2025, our Board declared a distribution of $0.04375 per common share, which represents a 5.25% annualized distribution yield based on our common stock offering price as of October 30, 2025, which will be paid on January 15, 2026 to stockholders of record on October 29, 2025.

On November 4, 2025, our Board approved a tender offer, commencing on November 28, 2025, to purchase 2.5% of the weighted average number of shares of the outstanding common stock for the trailing 12-month period ending September 30, 2025.

------

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

We are subject to financial market risks, including changes in interest rates and the valuations of our investment portfolio. The economic effects of the ongoing war between Russia and Ukraine, the escalated armed conflict and heightened regional tensions in the Middle East, interest rate and inflation rate changes, ongoing supply chain and labor market disruptions, including those as a result of strikes, work stoppages or accidents, the agenda of the U.S. presidential administration, including the impact of tariff enactment and tax reductions, trade disputes with other countries, instability in the U.S. and international banking systems and the risk of recession or the impact of the prolonged shutdown of U.S. government services has introduced significant volatility in the financial markets, and the effects of this volatility has impacted and could continue to impact our market risks. For additional information concerning risks and their potential impact on our business and our operating results, see *"*Part I—Item 1A. Risk Factors*"* in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed on March 14, 2025.

***Investment Valuation Risk***

Because there is not a readily available market value for most of the investments in our portfolio, we value a significant portion of our portfolio investments at fair value as determined in good faith by OFS Advisor, as valuation designee, based, in part, on independent third-party valuation firms that have been engaged at the direction of OFS Advisor to assist in the valuation of most portfolio investments without a readily available market quotation. 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 our investments may fluctuate significantly from period-to-period. Additionally, the fair value of our 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 we may ultimately realize. Further, some investments may be subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than its current fair value. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Significant Estimates" as well as Notes 2 and 5 to our consolidated financial statements for the nine months ended September 30, 2025 for more information relating to our investment valuation.

***Interest Rate Risk***

As of September 30, 2025, 95% of our loans, with an aggregate fair value of $23.9 million, bore interest at floating interest rates and contained interest rate reset provisions that adjust applicable interest rates to current rates on a periodic basis. The aggregate 100 basis point reduction in the U.S. Federal Reserve target federal funds rate enacted from September 2024 through December 2024 has resulted in our variable rate debt investments generating less interest income. The 25 basis point reduction in the U.S. Federal Reserve target federal funds rate on September 17, 2025 will continue to decrease the amount of interest income earned from our variable rate debt investments, and the full impact of this reduction is not reflected in our results for the three months ended September 30, 2025. Changes in interest rates, including potential additional interest rate reductions approved by the U.S. Federal Reserve, may impact our results of operations, cost of funding and the valuation of our investments. Additional reductions in interest rates would reduce our interest income, which could in turn decrease our net investment income if such decreases in base interest rates are not offset by other factors, such as increases in the spread over such base interest rates or decreases in our operating expenses.

As of September 30, 2025, our outstanding Unsecured Note comprised 87% of our outstanding debt. Our Unsecured Note bears interest at a fixed rate, which may result in net interest margin compression in a period of falling interest rates. Our Banc of California Credit Facility has a floating interest rate provision based on the Prime Rate, which resulted in a stated interest rate of 7.50% as of September 30, 2025.

Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates as of September 30, 2025. As of September 30, 2025, 1-month and 3-month SOFR were 4.13% and 3.98%, respectively. Assuming that the interim, unaudited Statement of Assets and Liabilities as of September 30, 2025 were to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates:

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---

| | | | |
|:---|:---|:---|:---|
| **Basis point increase** | **Interest income** | **Interest expense** | **Net change** |
| 25 | $33658 | $(5375) | $28283 |
| 50 | 97701 | (10750) | 86951 |
| 75 | 161745 | (16125) | 145620 |
| 100 | 225788 | (21500) | 204288 |
| 125 | 289832 | (26875) | 262957 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Basis point decrease** | **Interest income** | **Interest expense** | **Net change** |
| 25 | $(94429) | $5375 | $(89054) |
| 50 | (158472) | 10750 | (147722) |
| 75 | (222516) | 16125 | (206391) |
| 100 | (286372) | 21500 | (264872) |
| 125 | (348436) | 26875 | (321561) |

---

Although we believe that the foregoing analysis is indicative of our net interest margin sensitivity to interest rate changes as of September 30, 2025, it does not adjust for potential changes in the credit market, credit quality, size and composition of the assets in our portfolio, and other business developments, including borrowings under our credit facilities, that could affect net increase (decrease) in net assets resulting from operations, or net income. Accordingly, no assurances can be given that actual results would not differ materially from the table above.

**Item 4. Controls and Procedures**

**Evaluation of Disclosure Controls and Procedures**

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of September 30, 2025. The term "disclosure controls and procedures" (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of the Company's disclosure controls and procedures as of September 30, 2025, our Chief Executive Officer and Chief Financial Officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

**Changes in Internal Control over Financial Reporting**

During the quarter ended September 30, 2025, there were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) 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, OFS Advisor and OFS Services, are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings incidental to the normal course of our business, including the enforcement of our rights under contracts with our portfolio companies. Furthermore, third parties may try to seek to impose liability on us in connection with the activities of our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

**Item 1A. Risk Factors**

Investing in our common stock may be speculative and involves a high degree of risk. In addition to the other information contained in this Quarterly Report on Form 10-Q, including our financial statements, and the related notes, schedules and exhibits, you should carefully consider the risk factors described in "Part I— Item 1A. Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed on March 14, 2025 (the "Annual Report on Form 10-K"), which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business, financial condition and/or operating results.

There have been no material changes from the risk factors previously disclosed in "Part I—Item 1A. Risk Factors" in our Annual Report on Form 10-K. The risks previously disclosed in our Annual Report on Form 10-K should be read together with the other information disclosed elsewhere in this Quarterly Report on Form 10-Q and our other reports filed with the SEC.

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

***Sales of Unregistered Securities, Use of Proceeds***

During the three months ended September 30, 2025, we did not sell any shares of our common stock.

Because shares of our common stock have been acquired by investors in one or more transactions "not involving a public offering", they are "restricted securities" and may be required to be held indefinitely. Our common stock may not be sold, transferred, assigned, pledged or otherwise disposed of unless: (i) the transferor provides OFS Advisor with at least 10 days written notice of the transfer; (ii) the transfer is made in accordance with applicable securities laws; and (iii) the transferee agrees in writing to be bound by these restrictions and the other restrictions imposed on the common stock and to execute such other instruments or certifications as are reasonably required by us. Accordingly, an investor must be willing to bear the economic risk of investment in the common stock until we are liquidated. No sale, transfer, assignment, pledge or other disposition, whether voluntary or involuntary, of the common shares may be made except by registration of the transfer on our books.

***Issuer Purchases of Equity Securities***

Since November 2018, the Board has approved quarterly tender offers to purchase shares of our outstanding common stock. Since November 2019, we have conducted quarterly tender offers to purchase, in each case, 2.5% of the weighted average number of shares of the outstanding common stock for the trailing 12-month period. The repurchase offers allowed our stockholders to sell their shares back to us at a price equal to the most recently determined net asset value per share of our common stock immediately prior to the date of repurchase.

The following table summarizes the common stock repurchases by us for the three months ended September 30, 2025:

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| | | |
|:---|:---|:---|
| **Three Months Ended September 30, 2025** | **Number of Shares** | **Amount** |
| July 1, 2025 through July 31, 2025 |  | $— |
| August 1, 2025 through August 31, 2025 |  |  |
| September 1, 2025 through September 30, 2025 | 42020 | 391621 |

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Commencing with the tender offer in March 2026, the Board expects to approve offers to purchase approximately 4.0% of the weighted average number of outstanding shares of our common stock in any 12-month period, subject to a 1.0% limit in each quarter.

------

**Item 3. Defaults Upon Senior Securities**

Not applicable.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;During the three months ended September 30, 2025, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

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**Item 6. Exhibits**

Listed below are the exhibits that are filed as part of this report (according to the number assigned to them in Item 601 of Regulation S-K):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Incorporated by Reference** | **Incorporated by Reference** | |
|<br>**Exhibit<br>Number** |<br>**Description** | **Form and SEC File No.** | **Filing Date with SEC** |<br>**Filed with this 10-Q** |
| 3.1 | <u>[Certificate of Incorporation of Hancock Park Corporate Incom](https://www.sec.gov/Archives/edgar/data/1661306/000114420415071976/v427331_ex3-1.htm)[e, In](https://www.sec.gov/Archives/edgar/data/1661306/000114420415071976/v427331_ex3-1.htm)[c.](https://www.sec.gov/Archives/edgar/data/1661306/000114420415071976/v427331_ex3-1.htm)</u> | Form 10-12G (000-55552) | December 21, 2015 | |
| 3.2 | <u>[Form of Articles of Amendment and Restatement of Hancock Park Corporate Income, Inc.](https://www.sec.gov/Archives/edgar/data/1661306/000114420416079368/v430036_ex3-2.htm)</u> | Form 10-12G/A (000-55552) | February 8, 2016 | |
| 3.3 | <u>[First Amended and Restated Bylaws of Hancock Park Corporate Incom](https://www.sec.gov/Archives/edgar/data/1661306/000166130617000052/hpci-firstamendedbylawsaug.htm)[e, Inc.](https://www.sec.gov/Archives/edgar/data/1661306/000166130617000052/hpci-firstamendedbylawsaug.htm)</u> | 8-K (814-001185) | August 24, 2017 | |
| 31.1 | <u>[Certification of Chief Executive Officer pursuant to Rules 13a-14 and 15d-14(a) of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act](hpci2025q3ex311.htm)</u> | | | \* |
| 31.2 | <u>[Certification of Chief Financial Officer pursuant to Rules 13a-14 and 15d-14(a) of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act](hpci2025q3ex312.htm)</u> | | | \* |
| 32.1 | <u>[Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](hpci2025q3ex321.htm)</u> | | | † |
| 32.2 | <u>[Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](hpci2025q3ex322.htm)</u> | | | † |
| 101 | Inline XBRL Document Set for the consolidated financial statements and accompanying notes in Part I, Item 1, "Financial Statements" of this Quarterly Report on Form 10-Q. | | | \* |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | | | \* |

---

\* Filed herewith. <br> † Furnished herewith.

------

**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
| Dated: November 7, 2025 | HANCOCK PARK CORPORATE INCOME, INC. | HANCOCK PARK CORPORATE INCOME, INC. |
|  | By: | /s/ Bilal Rashid |
|  | Name: | Bilal Rashid |
|  | Title: | Chief Executive Officer |
|  | By: | /s/ Kyle Spina |
|  | Name: | Kyle Spina |
|  | Title: | Chief Financial Officer |

---

## Exhibit 31.1

**Exhibit 31.1**

**Certification of Chief Executive Officer**

I, Bilal Rashid, Chief Executive Officer of Hancock Park Corporate Income, Inc. certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of Hancock Park Corporate Income, Inc. (the "Registrant");

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

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

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

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

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

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

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

Dated this 7th day of November 2025.

---

| | |
|:---|:---|
| By: | /s/ Bilal Rashid |
|  | **Bilal Rashid** |
|  | **Chief Executive Officer** |

---

## Exhibit 31.2

**Exhibit 31.2**

**Certification of Chief Financial Officer**

I, Kyle Spina, Chief Financial Officer of Hancock Park Corporate Income, Inc. certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of Hancock Park Corporate Income, Inc. (the "Registrant");

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

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

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

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

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

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

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

Dated this 7th day of November 2025.

---

| | |
|:---|:---|
| By: | /s/ Kyle Spina |
|  | **Kyle Spina** |
|  | **Chief Financial Officer** |

---

## Exhibit 32.1

**Exhibit 32.1**

**Certification of Chief Executive Officer**

**Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Quarterly Report on Form 10-Q for the period ended September 30, 2025 (the "Report") of Hancock Park Corporate Income, Inc. (the "Registrant"), as filed with the Securities and Exchange Commission on the date hereof, I, Bilal Rashid, the Chief Executive Officer of the Registrant, hereby certify, to the best of my knowledge pursuant to 18 U.S.C. Section 1350, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| | /s/ Bilal Rashid |
| **Name:** | **Bilal Rashid** |
| **Date:** | **November 7, 2025** |

---

## Exhibit 32.2

**Exhibit 32.2**

**Certification of Chief Financial Officer**

**Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Quarterly Report on Form 10-Q for the period ended September 30, 2025 (the "Report") of Hancock Park Corporate Income, Inc. (the "Registrant"), as filed with the Securities and Exchange Commission on the date hereof, I, Kyle Spina, the Chief Financial Officer of the Registrant, hereby certify, to the best of my knowledge pursuant to 18 U.S.C. Section 1350, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| | /s/ Kyle Spina |
| **Name:** | **Kyle Spina** |
| **Date:** | **November 7, 2025** |

---

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