HPS Corporate Lending Fund
09/11/2026 | Press release | Distributed by Public on 09/11/2026 06:02
Regulation FD Presentation (Form 8-K)
HPS Investment Partners, LLC | 40 West 57th Street, 33rd Floor, New York, NY 10019
Dear Shareholders,
The HPS Corporate Lending Fund ("HLEND" or the "Fund") was designed to bring individual investors the core benefits of
HPS's institutional direct lending platform: attractive risk-adjusted returns, durable current income and a defensively
positioned portfolio.
We believe HLEND continues to deliver on that objective. Since inception through July 31, 2026, the Fund generated a
9.9% annualized total net return for Class I shareholders,¹ representing a 3.5% premium to broadly syndicated loan total
returns over the same period.² As of August 2026, HLEND also delivered an annualized distribution rate of 9.8% for Class I
shareholders.³
During the third quarter, HLEND received repurchase requests totaling approximately 11.5% of shares outstanding as of
June 30, 2026,⁴ down from approximately 13.3% in the second quarter. Consistent with the Fund's established framework,
HLEND will repurchase 5.0% of shares outstanding as of June 30, 2026, or approximately $600 million.
HLEND's quarterly liquidity framework is designed to align investor capital with the expected duration of private credit
investments, enabling the Fund to maintain a long-term investment approach while also providing recurring liquidity to
shareholders.⁵
HLEND continues to maintain significant capital flexibility. The Fund repurchased shares with an aggregate value of
approximately $1.7 billion across the three repurchase periods ending June 30, 2026 while keeping leverage essentially
stable at the low end of its target range and maintaining substantial available liquidity.
HLEND's portfolio remains highly diversified and conservatively positioned. As of June 30, 2026, HLEND held
investments across 359 companies and 53 industries,6 with approximately 95% of the portfolio invested in first-lien senior
secured loans7 and a weighted average loan-to-value ratio of 39%.8 The Fund continues to focus on larger, established
companies, with a weighted average EBITDA of approximately $262 million.8
Underlying portfolio company performance also remains strong. Over the twelve months ended June 30, 2026, HLEND's
private portfolio companies grew revenue by 12.4% and EBITDA by 14.1%,9 while weighted average interest coverage
remained healthy at 2.3x.10
At the same time, we believe the direct lending opportunity set has become more attractive, supported by higher base rates,
wider spreads and resilient fundamentals among larger upper-middle-market companies.11 We believe HLEND's available
capital, broad sourcing capabilities and disciplined underwriting approach position the Fund to capitalize on attractive
opportunities as they emerge.
We remain focused on delivering attractive risk-adjusted returns and consistent income while maintaining a high-quality
portfolio and providing recurring shareholder liquidity within HLEND's established framework.
We thank you for your continued trust and partnership.
Sincerely,
HPS Corporate Lending Fund
HPS Investment Partners, LLC | 40 West 57th Street, 33rd Floor, New York, NY 10019
Important Disclosures:
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS and there can be no assurance that HLEND will
achieve its objectives or avoid substantial losses. Opinions expressed herein reflect the current opinions of HPS as of the date hereof (unless
otherwise specified) and are based on HPS's opinions of the current market environment, which is subject to change.
HPS Corporate Lending Fund published this content on September 11, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on September 11, 2026 at 12:02 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]