HPS Corporate Lending Fund
NY
Private creditNon-traded BDC1099
Compared against Private credit non-traded bdcs.
1Y return
+9.1%
63th pctile · ahead of most peersas of 2026-03-20
Since inception
not stated in filings
Distribution rate
not stated in filings
Net assets
$12.44B
as of 2026-03-20
Net expenses
9.09%
54th pctile · pricier than median
Repurchase
5% quarterly
14 of 118 peers matchLevel 3
not stated yet
Last offer
Filled
2 offers on record · never prorated
What owning this fund costs per year
Hold period3 yrs
Net expense ratio (includes the 1.25% management fee)9.09%
Minus interest on borrowings, the cost of portfolio leverage6.16%
Minus incentive fees accrued this period, which vary with returns1.36%
Ongoing cost, determined from the filings1.58%
Class I holders pay 9.09% of net assets in total expenses, but 6.16% of that is interest on borrowings and 1.36% is performance based incentive fees. Removing both leaves about 1.58% that is paid regardless of performance, mostly the 1.25% management fee plus administration, professional fees and excise tax. Class S pays 0.85% more in servicing fees, about 2.43%.
Sales loadnone
Total drag per year1.58%
This is the cost for class I.
Based on fiscal year2025 annual (year ended 12/31/2025); the 9.09% Class I net expense ratio is the filing's own annual figure, not annualized by me. Interest .
This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly. Parts were derived from dollar amounts the filing states.
Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (12.5% of pre-incentive fee net investment income above a 1.25% quarterly hurdle (5.0% annualized) with 100% catch-up to 1.43% quarterly, plus 12.5% of cumulative realized capital gains net of losses and unrealized depreciation, paid annually) apply only to returns earned. How this is calculated
Against Private credit non-traded bdcs
Total drag
28th pctile · cheaper than most
1Y return
63th pctile · ahead of most
Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.
Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover FY2025 annual (year ended 12/31/2025); the 9.09% Class I net expense ratio is the filing's own annual figure, not annualized by me. Interest and incentive fees converted to percentages from FY2025 dollars using average net assets of about $11.03bn, which I derived by dividing Class I applicable expenses ($1,002.3m of the $1,036.9m total less $34.6m class-specific servicing fees) by 9.09%; the 1.25% management fee of $137.6m corroborates that base. No change from the interim period or fee schedule; the new advisory agreement effective 7/1/2025 kept identical fee terms..
Open the filing on sec.gov (0001628280-26-020206)Size and leverage
Net assets$12.44B?
Borrowings$12.99B?
Leveragedebt to equity1.04x?
Asset coverage195.70%?
Investments held380
Started2022-02-03?
What the manager charges
Management feeof net assets1.25%?
Performance feeTwo parts: (1) income fee of 12.5% of pre-incentive fee net investment income above a 1.25% quarterly hurdle, with a 100% catch-up between 1.25% and 1.43% quarterly; (2) capital gains fee payable annually equal to 12.5% of cumulative realized capital gains net of realized losses and unrealized depreciation, less fees previously paid. FY2025 income fee $162.7m; capital gains accrual reversed by $12.95m.?
Hurdle5.00%?
High water markNo?
Expense cap1.00%?
Adviser is subsidising costsNo?
Getting your money back
Repurchase offersquarterly
Share of the fund offered5.00%
Early repurchase fee2.00%
The last repurchase offer was oversubscribed, and about 53.8% of what investors asked to sell was actually bought back.
Where distributions come from
Paid out of income100.00%
Return of your own capital0.00%
What it holds
Floating rate99.40%
Not paying interestloans on non-accrual0.74%
Priced by the managerno market price available91.60%
MostlySoftware (18.83% of investments at fair value)
Who is involved
AdviserHPS Advisors, LLC (wholly-owned subsidiary of HPS Investment Partners, LLC, part of BlackRock Inc.)
AuditorPricewaterhouseCoopers LLP
ValuedNAV determined monthly as of the last day of each calendar month; full multi-step valuation process quarterly
Independent valuation agentYes
Deals with affiliatesYes
Share classes
| Class | Ongoing fee | Entry charge | Expense ratio | Minimum |
|---|---|---|---|---|
| Class I | 0.00% | 0.00% | 9.09% | $1.0M |
| Class D | 0.25% | 0.00% | 9.31% | $2,500 |
| Class F | 0.50% | 0.00% | 9.57% | $2,500 |
| Class S | 0.85% | 0.00% | 9.96% | $2,500 |
Also worth knowing
- Q1 2026 repurchase offer was oversubscribed: shareholders requested approximately 9.3% of shares outstanding against a 5% offer, and requests will be prorated to 5%.
- BlackRock acquired the business and assets of HPS on July 1, 2025; the prior advisory agreement automatically terminated and a new agreement with identical fee terms took effect, with a fee provision preventing early or duplicate payment of advisory fees.
- Seven portfolio companies were on non-accrual at 12/31/2025 (0.74% of debt and income producing investments at fair value; 1.08% at amortized cost), and FY2025 net realized losses on investments were $37.0m including six restructurings.
- Principal debt rose to $12.99bn from $7.51bn and asset coverage fell to 195.7% from 216.3%, giving debt to equity of about 1.04x.
- Unfunded portfolio commitments: 3,421,942,000 USD (Delayed draw and revolver commitments equal about 28% of net assets and must be funded on borrower demand, which constrains liquidity available for share repurchases and new investments.)
- Uncalled commitment to ULTRA III joint venture: 325,200,000 USD (An additional off balance sheet funding obligation to the Capital One joint venture, which supplied $47.9m of dividend income in 2025.)
- Joint venture expenses borne indirectly: ULTRA III non-interest expenses of $2.83m in FY2025 (Company owns 87.5%), about 0.02% of average net assets USD/percent (These are fees and expenses inside an unconsolidated vehicle that reduce the dividend the fund receives, so they sit outside the reported expense ratio.)
- Effective sourcing fee paid to Capital One via the joint venture: 1,700,000 USD (A deal sourcing fee paid at a rate far above Capital One's 12.5% ownership share, an economic leakage that is not part of the fund's stated expense ratio.)
- Payment-in-kind income share of total investment income: 6.1 percent (PIK income is non-cash and must still be distributed to keep RIC status, so a rising PIK share pressures cash coverage of distributions and inflates the fee base.)
- Capital gains incentive fee reversal in FY2025: -12,950,000 USD (The reported expense ratio is flattered by a negative accrual that reversed prior year gains fees; it is contingent on performance and could reverse again upward.)
- Weighted average cost of debt: 6.69 percent (Interest is the single largest line in the expense ratio at 6.16% of net assets; the cost fell from 8.59% in 2024, and further rate moves will swing the reported ratio without changing the manager's take.)
- Available borrowing capacity versus unused commitments: $1,237.0m available under borrowing bases out of $3,192.3m unused commitments USD (Borrowing base limits, not commitment size, determine real liquidity for funding the $3.4bn of unfunded commitments and quarterly repurchases.)
Fees
Liquidity terms
Valuation
Fair value determined byunchanged, 6 filingsAdviser as valuation designee
Independent valuation firmunchanged, 6 filingsEngaged, name in filing
Structure
Legal structurevaries across filings
Use of derivativesvaries across filingsyes
Tax reporting formunchanged, 3 filings1099
Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.
What the fund reported over time, each point sourced to its filing. Series deepen as older shareholder reports are read.
2025-12-312026-06-30
Each point is a value from one SEC filing, dated as reported. Hover a point for its value.
Net assets$12.44B
Total annual expenses, net of waiver9.09%
Total annual expenses, gross9.09%
Total return, 1 yearvaries across filings1.83%
Offer dateOfferedRequestedAcceptedSource
2026-08-04·5%·SC TO-I/A
2026-05-01·5%·SC TO-I/A
2026-08-14N-2/AAmended registration statement2026-08-1310-QQuarterly report2026-08-10SC TO-IIssuer tender offer2026-08-04SC TO-I/AAmended issuer tender offer2026-05-11SC TO-IIssuer tender offer2026-05-1110-QQuarterly report2026-05-01SC TO-I/AAmended issuer tender offer2026-04-20486BPOSPost-effective amendment, effective2026-03-23424B3Prospectus supplement2026-03-2010-KAnnual report2026-03-09424B3Prospectus supplement2026-02-03SC TO-I/AAmended issuer tender offer2026-02-03SC TO-IIssuer tender offer2025-12-30N-2Registration statement and prospectus2025-11-03SC TO-I/AAmended issuer tender offer2025-11-03SC TO-IIssuer tender offer2025-08-01SC TO-I/AAmended issuer tender offer2025-08-01SC TO-IIssuer tender offer2025-05-01SC TO-I/AAmended issuer tender offer2025-05-01SC TO-IIssuer tender offer2025-03-2010-KAnnual report2025-02-03SC TO-IIssuer tender offer2025-02-03SC TO-I/AAmended issuer tender offer2024-11-01SC TO-IIssuer tender offer2024-11-01SC TO-I/AAmended issuer tender offer2024-08-01SC TO-I/AAmended issuer tender offer2024-08-01SC TO-IIssuer tender offer2024-05-01SC TO-I/AAmended issuer tender offer2024-05-01SC TO-IIssuer tender offer2024-02-01SC TO-IIssuer tender offer2024-02-01SC TO-I/AAmended issuer tender offer2023-11-01SC TO-I/AAmended issuer tender offer2023-11-01SC TO-IIssuer tender offer2023-08-04SC TO-I/AAmended issuer tender offer2023-08-04SC TO-IIssuer tender offer2023-05-02SC TO-IIssuer tender offer2023-05-02SC TO-I/AAmended issuer tender offer2023-02-02SC TO-IIssuer tender offer2023-02-01SC TO-I/AAmended issuer tender offer2022-11-02SC TO-IIssuer tender offer2022-11-01SC TO-I/AAmended issuer tender offer2022-08-02SC TO-I/AAmended issuer tender offer2022-08-02SC TO-IIssuer tender offer2022-05-03SC TO-IIssuer tender offer
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Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.