BlackRock-Backed HPS Corporate Lending Fund Aggregate NAV Rises 4%
HPS Corporate Lending Fund, a perpetual-life, non-traded business development company sponsored by BlackRock-owned HPS, announced an aggregate net asset value of over $12.62 billion as of Nov. 30, 2025, more than a 4% increase from the previous month’s approximate $12.12 billion.
The fair value of the BDC’s investment portfolio was approximately $24.87 billion, and it had principal debt outstanding of approximately $12.74 billion. The average debt-to-equity ratio during November 2025 was approximately 1.00 times.
At the end of October, the fair value of its investment portfolio was approximately $24.4 billion and it had principal debt outstanding of approximately $12.68 billion.
The net asset value per share for each class of the fund (Classes I, D, F, and S) as of Nov. 30, 2025, was $25.27, the same NAV per share for each class in the prior month.
Earlier this month, the BDC, also known as HLEND, declared regular and variable supplemental distributions for each class of its common shares of beneficial interest. The gross distribution for all classes was $0.16, and the variable supplemental distribution for all classes, prior to fees, was $0.055.
All distributions are payable to shareholders of record as of Dec. 31, 2025, and will be paid on or about Jan. 30, 2026. These distributions will be paid in cash or reinvested in additional shares for shareholders participating in the fund’s distribution reinvestment plan.
Recently, Moody’s Ratings upgraded the fund’s long-term issuer and senior unsecured ratings to Baa2 from Baa3, marking an important milestone, according to the company and positioning HLEND as one of only two non-traded BDCs with a Baa2 rating from Moody’s. The company said the upgrade reflects the strength and stability of its portfolio, which is predominantly comprised of first-lien senior secured loans diversified by both position size and industry concentration.
The company is currently offering on a continuous basis up to $15 billion in shares. As of Dec. 24 (through the Dec. 1 subscription date), HPS Corporate Lending Fund had issued and sold nearly than 517.3 million for total proceeds of approximately $13 billion.
Previously reported by AltsWire, the BDC announced a change in leadership – appointing Eric Smith as chief compliance officer. Smith succeeded Gregory MacCordy, whose resignation from the role also took effect in October. The company said that MacCordy’s departure was not the result of any disagreement related to the company’s operations, policies, or practices.
Smith brought over 17 years of regulatory and financial services experience to the BDC. He currently serves as a senior principal consultant at ACA Group, where he acts as an outsourced CCO and consultant for a variety of regulated entities, including registered investment advisers, registered investment companies, and business development companies. He has held this position since 2023.
Earlier this year, AltsWire reported that BlackRock Inc. (NYSE: BLK) had successfully completed its acquisition of HPS, formerly known as HPS Investment Partners.
HPS Corporate Lending Fund was formed to invest primarily in newly originated senior secured debt and other securities of private U.S. companies within the middle market and upper-middle market.
Click here to visit the AltsWire directory page.
