HPS Corporate Lending Fund 8-K

What Happened
HPS Corporate Lending Fund (HLEND) announced regular and variable supplemental distributions for July 2026 and reported June 30, 2026 net asset values and portfolio/debt metrics. The Fund’s board also issued a unanimous recommendation that Class I shareholders REJECT an unsolicited tender offer from Cox Capital Retail Secondaries Fund I, L.P.

Key Details

• Distributions: Gross regular distribution of $0.1600 per share plus a $0.0390 variable supplemental distribution. Total net distribution per share (after any servicing fees) by class: Class I $0.1990, Class D $0.1938, Class F $0.1886, Class S $0.1814. Payable to holders of record July 31, 2026 and payable on or about August 31, 2026; cash or reinvestment option available.
• NAV and balance sheet (as of June 30, 2026): NAV per share $24.42 for all classes; aggregate NAV $12,049.6 million; investment portfolio fair value $24,178.0 million; principal debt outstanding $12,238.5 million; average debt-to-equity ~0.97x for June 2026.
• Offering status: Continuous public offering up to $15.0 billion. Through July 1, 2026 the Fund had issued 560,693,114 shares for total consideration of $14,084.4 million (Class I: 234,244,662 shares / $5,904.7M; Class F: 238,825,192 / $5,975.1M; plus Class D and S totals).
• Cox tender offer: Cox Capital offered up to 550,000 Class I shares at $18.40 each (~25% discount to HLEND’s published May 31, 2026 NAV of $24.53). The shares tendered would be ~0.1% of outstanding shares (as of May 31, 2026). The Board concluded the offer is not in shareholders’ best interests and recommends rejecting it.

Why It Matters

• Income: The declared distributions (regular + supplemental) provide near-term cash or reinvestment options for shareholders and are specific per-class amounts investors can expect for the July payment.
• Financial position: NAV, portfolio fair value, and debt levels give investors a snapshot of HLEND’s size and leverage (aggregate NAV $12.05B vs. $12.24B debt; ~0.97x debt-to-equity).
• Liquidity and corporate defense: The Board’s rejection of Cox’s discounted tender offer highlights that shareholders seeking liquidity have the Fund’s quarterly repurchase program (at NAV) and that the Board views selling at $18.40 as transferring value away from HLEND shareholders. Shareholders should not tender and may withdraw previously tendered shares per the offer materials.