HPS Corporate Capital Solutions Fund: Tenders Paid, NAV $27.29

What HCAP is, and what it is not

HCAP is not HPS Corporate Lending Fund (HLEND), the larger and better known HPS fund that has been prorating repurchase requests. It is a separate private BDC. It was formed on August 10, 2023, closed its first subscriptions on April 8, 2024 at $25.00 a share, and offers shares only to accredited investors (or, outside the United States, to non-U.S. persons) under Regulation D and Regulation S. It is not listed anywhere. Subscriptions are accepted monthly at the prior month-end NAV, and since July 1, 2025 the shares have come in three classes: I, D and S. At June 30, 2026 there were 11,673,712 Class I shares, 37,592,394 Class D shares and 515 Class S shares.

The mandate is different from HLEND's too. The 10-Q describes “a primary allocation to current income focused, first lien, senior secured” credit “with a smaller, dynamic allocation to more capital-appreciation oriented private junior capital investments.” In the portfolio that shows up as 11.58% preferred equity, which a plain direct-lending fund would not hold. BlackRock completed its acquisition of 100% of HPS on July 1, 2025, and the fund signed a new advisory agreement with HPS Advisors, LLC that day on substantively identical terms (Form 8-K, July 1, 2025).

The exit is a quarterly tender offer that the board is free to skip. The 10-Q says plainly that “share repurchases may not be available each quarter.” Shares held less than a year are bought at 98% of NAV (the early repurchase deduction). The price is NAV at the last day of the quarter, which is published after the offer has closed, and payment is by a non-interest-bearing promissory note settled about a month after that date.

Nine tender offers

Each row is the result the fund filed in a final Schedule TO-I/A, except the last, which is the fund's own estimate from a Form 8-K. The limit is the number of shares the fund offered to buy; the 10-Q puts it at 5.00% of outstanding shares for the 2025 and 2026 offers it lists.

Two things stand out. First, the offers of August 2024 and March 2025 drew nothing, while the December 2024 offer drew 904,819 shares, 84.6% of its limit. Second, since mid-2025 requests have grown quarter after quarter. The 10-Q puts the June 2026 repurchase at 4.67% of outstanding shares and the March 2026 one at 2.34%. The fund's June 12 estimate, filed before the result, was 2,280,500 shares, about 4.7%, and the final count was 2,280,983.

The September 2026 offer was filed on August 10, 2026 and closed on September 4, 2026, but the shares tendered are priced at the September 30, 2026 NAV, which the fund publishes in its monthly 8-K weeks later; a holder tenders without knowing the price. The Form 8-K of September 11 notes that its estimate “is based on preliminary information, is subject to adjustment and should not be regarded as final.”

Why HCAP's queue is short and HLEND's is long

Same sponsor, same quarter, opposite outcome. In the offer that expired June 8, 2026, HLEND holders tendered 66,718,586 shares and the fund accepted 25,076,907 pro rata, the 5% limit on shares outstanding at March 31, 2026. HCAP holders tendered 2,280,983 shares and the fund accepted all of them.

HLEND's own numbers are in the HLEND redemptions page. The comparison above is only the part that matters for a holder of HCAP: the funds share a sponsor but not a shareholder base. HCAP's NAV has not fallen: $27.29 against $27.07 at December 31, 2025, and the aggregate NAV is still growing, so the base of the 5% limit grows with it. HLEND's NAV is $24.45 and its holders asked to sell 13.3% of the fund. Nothing in the filings says why holders behave differently; the numbers just show that they do. For how every non-traded BDC fared in the same quarter, see the Q3 2026 BDC tender-offer results and the BDC list.

NAV, leverage and new money

The fund publishes a Form 8-K each month with the NAV for the previous month-end, the day's subscriptions and the next distribution. These are eleven of the thirteen monthly reports in the CSV.

NAV per share slipped from $27.11 on January 31, 2026 to $26.88 on March 31 (the first-half net unrealized loss was $11.4 million, per the 10-Q) and has since recovered to $27.29. The 10-Q puts the Class I total return based on NAV for the six months at 3.55%, against 3.42% for Class D and 3.12% for Class S.

New money is still coming in, at a slower pace than a year ago. The second-quarter 10-Q shows Class D proceeds from shares sold of $42.5 million, against $155.7 million in the same quarter of 2025, a fall of about 73% (our arithmetic); with Class I, proceeds were $52.8 million. Counting reinvested distributions and repurchases, share transactions added $10.2 million to net assets in the quarter (Class I minus $3.6 million, Class D plus $13.8 million), compared with $154.2 million a year earlier. Across the nine monthly closings from January 1 to September 1, 2026, the 8-Ks show $185.6 million of Class I and D subscriptions (our sum), against $90.3 million paid to tendering holders on April 30 and July 31 (our sum). Principal debt has fallen from $999.6 million at January 31 to $835.6 million at August 31 while aggregate NAV grew. On August 4, 2026 the fund also amended its revolver with JPMorgan Chase Bank, raising commitments from $1,125 million to $1,150 million and extending the commitment termination date from April 23, 2029 to August 4, 2030.

The distribution: a base plus a quarterly special

Class I and D holders receive two different payments. The regular distribution has been $0.1390 a share a month since November 2025 (it was $0.1380 in September and October 2025). Class D and S pay a shareholder servicing fee out of it: on September 22, 2026 it was $0.0056 for Class D and $0.0191 for Class S, leaving net distributions of $0.1334 and $0.1199. On top of that, the fund declares a special distribution each quarter-end.

For a Class I share, the regular distributions declared from October 2025 to September 2026 add up to $1.667 and the four specials in that span to $0.495, or $2.162 a share, 7.9% of the August NAV of $27.29 (our arithmetic). The regular part alone is $0.1390 times twelve, or $1.668, 6.1% of the same NAV. Whether the special continues is the fund's decision each quarter; none of the filings promises it.

Income has paid for it so far. Net investment income after excise tax was $26.4 million in the second quarter of 2026 against distributions of $26.2 million, which is 101.0%, and $55.2 million in the first half against $53.8 million, or 102.7% (10-Q; our arithmetic). Per Class I share, the six-month figures are $1.14 of net investment income and $1.10 of distributions.

What changed in the income statement: the waivers ended

The first-half 2025 numbers flatter the comparison. The Adviser waived its management fee and its income based incentive fee from the first closing through June 30, 2025, and expense support covered the rest. From July 1, 2025 the fund pays them.

Total investment income rose 30.9% and net expenses rose 2.65 times, so net investment income fell 11.4% (our arithmetic). The 10-Q gives a net expense ratio of 7.71% of average net assets for Class I, annualized for the half-year, and 7.95% for Class D. Interest expense is the biggest line at $13.6 million, on a revolver of $575.3 million and two series of unsecured notes (August 2028 and August 2030, $344.2 million together) at June 30, 2026. PIK income was 14.4% of total investment income in the quarter, against 11.6% a year earlier.

What the fund owns

At June 30, 2026 the fund held $2,271.0 million of investments at fair value in 179 portfolio companies, with a weighted average EBITDA of $247 million and a weighted average loan-to-value of 46%.

Floating-rate loans were 92.5% of performing debt and income producing investments. The weighted average yield on those investments was 10.6% at fair value and 9.2% across the whole portfolio. One portfolio company was on non-accrual at June 30, 2026 with a fair value of $5.3 million, 0.27% of debt and income producing investments at fair value (0.35% of amortized cost), against 0.29% at the end of 2025. The share of the portfolio in preferred equity rose from 9.00% to 11.58% in six months, which is the main way this fund differs from a pure direct-lending BDC. The asset coverage ratio was 243.3%, against a 150% minimum under the Investment Company Act.

What a reader can do with this

• If you hold HCAP and plan to sell: the Q3 2026 result is due in early November 2026, with the Q4 offer. The price is the September 30, 2026 NAV, published in the monthly 8-K around October 27. Past offers were priced at the quarter-end NAV and paid about a month later, on January 30, April 30 and July 31, 2026.
• How much room is there: the June 2026 offer used 93.3% of its limit. The limit is 5% of shares outstanding at the previous quarter-end; at June 30 that was 49,266,621 shares. With subscriptions still arriving, the Q4 limit should be somewhat above 2.5 million shares (our rough estimate, not a filed number). Requests above the limit would be filled pro rata, as HLEND's were. A single large holder tendering could change that for everyone.
• If you hold shares under a year: the early repurchase deduction pays 98% of NAV. The 10-Q says the fund may waive it for death, divorce or qualified disability.
• Taxes: a sale below your cost produces a capital loss. See Form 8949 and Schedule D for BDC and REIT sales.
• What to watch: the Q4 limit and the number tendered, whether a special distribution is declared at the end of December, and the Q3 10-Q (due mid-November) for net expenses and non-accruals.

FAQ

All figures are from HPS Corporate Capital Solutions Fund's SEC filings read on EDGAR on October 22, 2026: eight Schedule TO-I/A result filings (November 2024 to August 2026), the Schedule TO-I of August 10, 2026, the Form 8-K estimate of September 11, 2026, 13 monthly Form 8-Ks (September 2025 to September 2026), the June 2026 Form 10-Q (accession 0001628280-26-056793), the Form 8-Ks of July 1, 2025 and August 4, 2026, and HLEND's Schedule TO-I/A (accession 0001628280-26-052073) and Form 8-K (accession 0001628280-26-063120). Shares requested as a share of the limit, sums across offers, growth rates, coverage ratios and the 7.9% payout rate are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.