HPS Corporate Lending Fund
Sponsored by HPS Investment Partners. BDC structure focused on private credit.
BDCPrivate Credit
- Net assets
- $12.43B
source
Quarterly report (Form 10-Q) · filed 2026-05-11 · period 2026-03-31
Stockholders equity
“{'end': '2026-03-31', 'val': 12434974000, 'accn': '0001628280-26-033248', 'fy': 2026, 'fp': 'Q1', 'form': '10-Q', 'filed': '2026-05-11', 'frame': 'CY2026Q1I', 'unit': 'USD'}”
Method Direct: structured XBRL tag
Open the filing on SEC.gov · Full observation history
Technical locator
as of 2026-03-31 - NAV / share
- $24.53
source
Current report (Form 8-K) · filed 2026-06-24 · period 2026-05-31
8-K per-class NAV table — filed class Class I; cache sha256 fab985c928275d848d5ec682534efe52e6221c087cdc4652359cc51702d82774; ledger sha256 27b326bf3225e8f1dabc2ebb63398ccf74a68cd4b0e23ef188b59daea3eb526b
“NAV per share as of May 31, 2026 Class I Common Shares $ 24.53 Class D Common Shares $ 24.53 Class F Common Shares $ 24.53 Class S Common Shares $ 24.53 ”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
Class I · as of 2026-05-31 - Net flows, last qtr
- +1.9% qtr ended 2026-03-31
- Distribution coverage (NII)
- 98% period ended 2026-03-31
- Leverage in use
- 77% debt / equity 1.04x
- Total return, 12m
- Pending SEC-filed periodic NAV + distributions
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
Credit facility new or amended: 57 occurrence(s), 2022-02-03 to 2026-05-19
Most recent (2026-05-19): National Association (the “ Trustee ”) entered into an Eleventh Supplemental Indenture (the “ Eleventh Supplemental Indenture ”) relating to the Fund’s issuance of $ 600,000,000 in aggregate principal amount of its 6.300% notes due 2031 (the “ Notes ”), which supplements that certain Base Indenture, dated as of January 30, 2024 (the “ Base Indenture ” and, together with the Eleventh Supplemental Indenture, the “ Indenture ”). The Notes will mature on August 19, 2031, and may be redeemed in whole or in part at the Fund’s option at any time or from time to time at the redemption prices set forth
Why it matters and what changed
Financing terms set the fund's cost of leverage and its dry powder. Amendments also reveal what lenders currently think of the collateral: improving spreads and rising commitments signal lender confidence; shrinking availability or margin increases signal the opposite. This fund logged 57 of these in the covered window; the cadence itself is part of the signal.
57 occurrence(s) of this event type stored; earlier instances are on the Fired Flags tab.
Source: https://www.sec.gov/Archives/edgar/data/1838126/000119312526230754/d141474d8k.htm | Item 1.01
Sedgwick Claims Management Services Inc marked down -97% (2025-09-30 $732,893,000 -> 2025-12-31 $18,951,000) with par balance unchanged (+-2%) -- a valuation mark, not a trade. (2025-12-31)
Sedgwick Claims Management Services Inc marked down -97% (2025-09-30 $732,893,000 -> 2025-12-31 $18,951,000) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 3.07% of portfolio value.
Why it matters and what changed
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: nport-diff:2025-12-31:mark:sedgwick claims management services inc
The Board of Trustees (the “ Board ”) of HPS Corporate Lending Fund (the “ Company ”) appointed Eric Smith as Chief Compliance Officer of the Company, effective as of October 9,... (2025-10-09)
The Board of Trustees (the “ Board ”) of HPS Corporate Lending Fund (the “ Company ”) appointed Eric Smith as Chief Compliance Officer of the Company, effective as of October 9, 2025. Mr. Smith will serve until his successor is duly appointed and qualified or until his earlier resignation or removal. Mr. Smith, age 41, is a Senior Principal Consultant at ACA Group. Mr. Smith serves as outsourced chief compliance officer and consultant for various registered investment advisers, registered investment companies, business development companies and other entities. He has over 17 years of regulator
Why it matters and what changed
Key-person changes at externally managed funds are one of the few governance signals these structures emit. A single departure is usually routine; a pattern (or a departure near other stress signals) is not.
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: https://www.sec.gov/Archives/edgar/data/1838126/000119312525235357/d58764d8k.htm | Item 5.02
Historical findings (13)
1, 2025 (the “ Closing Date ”), HPS Corporate Lending Fund (the “ Company ”) entered into a new investment advisory agreement (the “ New Investment Advisory Agreement ”) between... (2025-07-01)
Redemptions accelerated to $210.4M from $110.8M the prior period (period ended 2025-06-30).
The fund leaned harder on leverage: 69% -> 72% of its allowed leverage in use in one period (period ended 2025-03-31).
On January 15, 2025, Grishma Parekh notified the Board of Trustees (the “ Board ”) of the HPS Corporate Lending Fund (the “ Company ”) that she is resigning from the Board of the... (2025-01-15)
The fund leaned harder on leverage: 62% -> 69% of its allowed leverage in use in one period (period ended 2024-12-31).
On November 27, 2024, the Board of Trustees of the Fund adopted the Fund’s Seventh Amended and Restated Declaration of Trust (the “ Seventh Amended and Restated Declaration of... (2024-11-27)
On November 27, 2024, HPS Corporate Lending Fund (the “ Fund ”) entered into a Second Amended and Restated Investment Advisory Agreement (the “ Second Amended and Restated... (2024-11-27)
Net investment income covered only 88% of distributions in the period ended 2023-12-31; the gap was funded from capital or gains.
On June 30, 2023, HPS Corporate Lending Fund (the “ Fund ”) entered into an Amended and Restated Investment Advisory Agreement (the “ A&R Investment Advisory Agreement ”) with HPS... (2023-06-30)
New share sales fell 83% versus the same period last year ($910.6M -> $152.7M, period ended 2023-03-31).
Effective as of February 28, 2023, the Board of Trustees (the “Board”) appointed Donna Milia as a trustee of HPS Corporate Lending Fund (the “Fund”). (2023-02-28)
On April 28, 2022, the Board of Trustees of the Fund appointed Robert Busch as Chief Financial Officer and Principal Accounting Officer of the Fund, effective as of the close of... (2022-04-28)
On February 1, 2022, the board of trustees of the Fund approved the Fund’s Fourth Amended and Restated Declaration of Trust (the “Fourth Amended and Restated Declaration of... (2022-02-01)
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
Monthly performance eligibility
Canonical class: Class I · basis: no qualifying monthly chain · qualifying history: 0 months.
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
- Non-accruals
- 0.8% 2026-03-31
- PIK income share
- 4.7% 2023-12-31
| Date | Position change |
|---|---|
| 2026-03-31 | Daphne S.P.A. 1 (1.5% of portfolio value in the 2025-12-31 report, $378,996,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | Sedgwick Claims Management Services, Inc. (1.2% of portfolio value in the 2025-12-31 report, $303,399,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | New position Indicor LLC: 3.6% of portfolio value ($894,910,000) as of 2026-03-31; absent from the 2025-12-31 report. |
| 2026-03-31 | New position J.P. Morgan U.S. Government Fund, Institutional Shares: 1.7% of portfolio value ($426,214,000) as of 2026-03-31; absent from the 2025-12-31 report. |
| 2025-12-31 | Brown Group Holding LLC (9.6% of portfolio value in the 2025-09-30 report, $2,279,466,000) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | Eagle LNG Partners Jacksonville II LLC 1 (1.6% of portfolio value in the 2025-09-30 report, $389,492,000) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | J.P. Morgan U.S. Government Fund, Institutional Shares (1.4% of portfolio value in the 2025-09-30 report, $328,116,000) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | Sedgwick Claims Management Services Inc marked down -97% (2025-09-30 $732,893,000 -> 2025-12-31 $18,951,000) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 3.07% of portfolio value. |
| 2025-12-31 | New position Aspire Bakeries Holdings LLC: 5.4% of portfolio value ($1,378,834,000) as of 2025-12-31; absent from the 2025-09-30 report. |
| 2025-12-31 | New position Sedgwick Claims Management Services, Inc.: 1.2% of portfolio value ($303,399,000) as of 2025-12-31; absent from the 2025-09-30 report. |
| 2025-12-31 | New position Sentinel Buyer Corp. 2: 1.0% of portfolio value ($254,476,000) as of 2025-12-31; absent from the 2025-09-30 report. |
| 2025-09-30 | Omega II AB 2 marked up +27% (2025-06-30 $79,298,000 -> 2025-09-30 $100,643,000) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.38% of portfolio value. |
Filed portfolio-health history
Where exit demand met the cap.
Stated cap: 5% of shares/quarter. Rationed in 1 of 16 disclosed periods; last gated Q1 2026.
| Period | Requested | Filled | Cap used | Status |
|---|---|---|---|---|
| 2026-03-04 | 9.3% | 54% | 100% | rationed |
| 2025-12-02 | 4.1% | 100% | 82% | filled |
| 2025-08-29 | 1.6% | 100% | 33% | filled |
| 2025-05-30 | 2.0% | 100% | 39% | filled |
| 2025-03-04 | 2.4% | 100% | 48% | filled |
| 2024-12-02 | 1.4% | 100% | 28% | filled |
| 2024-08-29 | 0.6% | 100% | 13% | filled |
| 2024-05-30 | 0.9% | 100% | 18% | filled |
| 2024-03-01 | 1.1% | 100% | 23% | filled |
| 2023-12-01 | 1.4% | 100% | 28% | filled |
| 2023-08-31 | 0.9% | 100% | 17% | filled |
| 2023-05-30 | 2.6% | 100% | 53% | filled |
| 2023-03-02 | 0.7% | 100% | 15% | filled |
| 2022-11-30 | 0.3% | 100% | 6% | filled |
| 2022-08-30 | 0.0% | 100% | 1% | filled |
| 2022-05-31 | 0.1% | 100% | 2% | filled |
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
Pending
How the offering is divided.
A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.
Not attributed 100.0%
| Class | Terms-based role description | Load | Servicing | Minimum | Assets |
|---|---|---|---|---|---|
| Class I | Pending | Pending | Pending | Pending | Pending |
Management fee: 1.25% of net assets per year, current as of latest filed disclosure. Research only: not used in a fee distribution. SEC source 0001193125-25-026762.
Filed fee conditions
The Adviser receives, as compensation for the services provided, a base management fee and an incentive fee. The management fee is payable monthly in arrears at an annual rate of 1.25% of the Company's net assets as of the beginning of the first business day of the month.
Canonical-class fee profile
| Class | Management | Incentive | Load | Servicing | Gross expenses | Net expenses |
|---|---|---|---|---|---|---|
| Class I | 1.25% | Pending | Pending | Pending | Pending | 9.09%filed basis*Filed label: Ratio of net expenses to average net assets; period 2025-12-31. After waiver: yes; interest: not separately stated; tax: not separately stated; incentive compensation: not separately stated; acquired-fund expenses: not separately stated. SEC source 0001628280-26-020206 |
Expense-ratio caution. These are the issuer’s filed figures for the designated analysis class. They are not placed in a fee ranking because denominators and included expenses are not yet normalized across funds. Hover or click * for the filed label, period, components, and SEC source.
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (3)
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | The Adviser receives, as compensation for the services provided, a base management fee and an incentive fee. The management fee is payable monthly in arrears at an annual rate of 1.25% of the Company's net assets as of the beginning of the first business day of the month. | 1.25 pct_annual_of_net_assets | Pending |
| incentive_fee_schedule | All material terms remain unchanged from the Prior Investment Advisory Agreement to the Investment Advisory Agreement, including the management and incentive fees payable by the Company. The Adviser is responsible for determining the portfolio composition, making investment decisions, monitoring investments, performing due diligence on prospective portfolio companies and providing the Company with such other investment advisory and related services as may reasonably be required for the investment of capital. Unless earlier terminated as described below, the Investment Advisory Agreement will remain in effect for an initial period of two years , and thereafter will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the Independent Trustees. The Company may terminate the Investment Advisory Agreement upon 60 days’ written notice, without payment of any penalty. The decision to terminate the Investment Advisory Agreement may be made by a majority of the Board or the shareholders of the Company holding a majority of the Company’s outstanding voting securities, which means the lesser of (1) 67 % or more of the voting securities present at a meeting if more than 50 % of the outstanding voting securities are present or represented by proxy, or (2) more than 50 % of the outstanding voting securities. In addition, without payment of any penalty, the Adviser may terminate the Investment Advisory Agreement upon 120 days’ written notice. The Investment Advisory Agreement will automatically terminate in the event of its assignment within the meaning of the 1940 Act and related SEC guidance and interpretations. Under both the Prior Investment Advisory Agreement and the Investment Advisory Agreement, the Company pays the Adviser a fee for its services. The fee consists of two components: a management fee and an incentive fee. The cost of both the management fee and the incentive fee are ultimately borne by the shareholders. Base Management Fee The management fee is payable monthly in arrears at an annual rate of 1.25 % of the value of the Company’s net assets as of the beginning of the first calendar day of the applicable month. For purposes of both the Investment Advisory Agreement and the Prior Investment Advisory Agreement, “net assets” means the Company’s total assets less the carrying value of liabilities, determined in accordance with U.S. GAAP. For the three months ended March 31, 2026 and 2025, base management fees were $ 39.9 million and $ 29.1 million, respectively . As of March 31, 2026 and December 31, 2025, $ 26.5 million and $ 13.7 million, respectively, were payable to the Adviser related to management fees. Incentive Fees The incentive fee, under both the Prior Investment Advisor Agreement and the Investment Advisory Agreement, consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of the Company’s income and a portion is based on a pe rcentage of the Company’s capital gains, each as described below. (i) Income based incentive fee The income based incentive fee is based on the Company’s Pre-Incentive Fee Net Investment Income Returns, as defined below. “Pre-Incentive Fee Net Investment Income Returns” means interest income, dividends, cash interest or other distributions or other cash income and any third-party fees received from portfolio companies (such as upfront fees, commitment fees, origination fee, amendment fees, ticking fees and break-up fees, as well as prepayments premiums, but excluding fees for providing managerial assistance) accrued during the quarter, minus operating expenses for the quarter (including the management fee, taxes, any expenses payable under the 78 Table of Contents HPS Corporate Lending Fund Notes to Consolidated Financial Statements (Unaudited) (in thousands, except per share data, percentages and as otherwise noted) Investment Advisory Agreement and an administration agreement with the administrator, any expense of securitizations, and interest expense or other financing fees and any dividends paid on preferred stock, but excluding incentive fees and shareholder servicing and/or distribution fees). Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero-coupon securities), accrued income that we have not yet received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns. Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding quarter, is compared to a “Hurdle Rate” defined as a return of 1.25 % per quarter ( 5.0 % annualized). The Company pays the Adviser an incentive fee quarterly in arrears with respect to the Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows: i. No incentive fee will be paid on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which the Pre-Incentive Fee Net Investment Income Returns do not exceed the Hurdle Rate; ii. 100 % of the dollar amount of the Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the Hurdle Rate but is less than a rate of return of 1.43 % ( 5.72 % annualized). This portion of the Pre-Incentive Fee Net Investment Income Returns (which exceeds the Hurdle Rate but is less than 1.43 %) is referred to as the “Catch-Up.” The Catch-Up is meant to provide the Adviser with 12.5 % of the Company’s Pre-Incentive Fee Net Investment Income Returns as if a Hurdle Rate did not apply if this net investment income exceeds 1.43 % in any calendar quarter; and iii. 12.5 % of the dollar amount of the Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43 % ( 5.72 % annualized). These calculations are prorated for any period of less than three months, including the first quarter the Company commenced operations, and are adjusted for any share issuances or repurchases during the relevant quarter. For the three months ended March 31, 2026 and 2025, income based incentive fees were $ 46.0 million and $ 33.7 million, respectively. As of March 31, 2026 and December 31, 2025, $ 46.0 million and $ 47.3 million, respectively, were payable to the Adviser relating to income based incentive f ees. (ii) Capital gains incentive fee The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears. The amount payable equals 12.5 % of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with U.S. | Text disclosure | Pending |
| repurchase_program_terms | Discretionary quarterly tender offer program: the Fund's Schedule TO offers have consistently stated up to 5% of Shares outstanding per quarter (most recently confirmed 2026-06-08). HPS Corporate Lending Fund | 5.0 pct_of_shares_outstanding_per_quarter | Pending |
Recent filings
| Filed | Form | Accession |
|---|---|---|
| 2026-06-24 | 8-K | 0001628280-26-045277 |
| 2026-06-12 | 8-K | 0001628280-26-042649 |
| 2026-05-28 | 8-K | 0001628280-26-038702 |
| 2026-05-19 | 8-K | 0001193125-26-230754 |
| 2026-05-13 | 8-K | 0001193125-26-221675 |
| 2026-05-11 | 10-Q | 0001628280-26-033248 |
| 2026-05-11 | SC TO-I | 0001628280-26-033166 |
| 2026-05-01 | SC TO-I/A | 0001628280-26-029282 |
| 2026-04-27 | 8-K | 0001628280-26-027600 |
| 2026-04-14 | 8-K | 0001628280-26-024994 |
| 2026-03-27 | 8-K | 0001628280-26-021603 |
| 2026-03-26 | 8-K | 0001193125-26-126619 |
| 2026-03-20 | 10-K | 0001628280-26-020206 |
| 2026-03-06 | 8-K | 0001628280-26-015493 |
| 2026-03-03 | 8-K | 0001628280-26-013698 |