HPS Real Assets Lending Company LP: Transactional NAV $177.3M, $25.49 and $25.57 per Share at Sep 30, 2026

What the fund is, and what it is not

The name suggests a real estate lender. The filings describe something wider. The Form 10 calls the fund “a lending conglomerate” that will acquire, originate and hold “Asset-Based Finance Assets” in three groups: “(i) hard assets, which are physical assets with secondary resale value” such as equipment and power generation, “(ii) real estate assets, including commercial real estate and residential real estate,” and “(iii) financial assets,” meaning payment streams such as royalties, receivables and legal claims. It was formed on September 26, 2025, and its registration statement became effective on March 10, 2026, which is why it files 10-Qs and 8-Ks even though the shares are privately placed.

What is actually in it so far is narrower than the menu. Before it had any investor money, the fund signed forward purchase agreements with Macquarie entities to warehouse loans it would buy once it raised money. The June 30, 2026 10-Q lists them. Of $139.4 million of portfolio investments at fair value (our sums):

So about 61% was power and renewables, and about 21% was a loan to a mortgage REIT, which lends against commercial property but is itself a company, not a mortgage on a building. A further $25 million first-lien loan to TWG Sports LLC, transacted shortly before quarter-end, is listed separately, with its early financing cost guaranteed by a Manager affiliate. Treat this as a snapshot of the warehouse, not of the portfolio the fund will hold: on August 10 it bought $147.7 million of principal ($141.2 million funded) from the warehouse, and the September 30 exhibit shows $189.3 million of investments, with no list of holdings. The next 10-Q (for September 30) should be the first with a schedule of what the fund actually owns.

The NAV history, from the filings

Only two month-end NAVs exist so far. The “transactional” NAV is the price at which new shares are sold. It differs from the GAAP NAV because the fund recognizes the distribution and servicing fee month by month for pricing, and accrues it for the estimated life of the shares in GAAP.

Two things stand out. First, investments at fair value are $0.9 million below cost at September 30 against $0.2 million at August 31, so the rise in price per share is coming from income, not from marks above cost (our arithmetic). Second, the two series do not have the same price even though the Form 10 says they invest “in the same portfolio of Asset-Based Finance Assets on a pro rata basis.” The gap went from $0.06 to $0.08. The filings do not explain it. They do say the tax treatment differs: Series I “has elected to be treated as a corporation for U.S. federal income tax purposes,” and Series II “operates so that it will qualify to be treated as a partnership.” Because the units are separate, a buyer is choosing a series, not just a share class.

The exhibit's balance also shows “other liabilities” of $23.5 million at September 30 (up from $17.4 million) and does not say what they are, so leverage cannot be read from it. The June 10-Q said there were no borrowings and no credit facility, and the only debt disclosed since is $660,000 of 12.0% promissory notes issued by Series I on August 10.

How much money, in which classes

The fund filed a Form D on August 7, 2026 claiming Rule 506(b) with an indefinite offering amount; it showed $0 sold then. After the escrow break, every month's 8-K lists sales by class.

Class by class at September 30, 2026 (8-K Exhibit 99.1, NAV in thousands):

The Founder classes are sold “exclusively through certain financial intermediaries that the Company has designated in its sole discretion,” up to a maximum of $600,000,000 of subscriptions for Investor Shares. Excluding E Shares, subscriptions through October 1 were about $189.8 million, roughly 32% of that cap (our arithmetic). The F-D class in Series II had $35.3 million of sales on October 1 alone. The ordinary I, D and S classes, which have different fees and a lower minimum for D and S, have taken no real money yet.

E Shares are $36.5 million, 20.6% of NAV (our arithmetic). The Form 10 says they are offered to HPS affiliates and employees, certain other HPS investors, the fund's directors and officers, and others at the manager's discretion, that they are “not subject to the Management Fee or the Performance Fee,” and that HPS affiliates and employees “plan to invest up to $25 million.” The 8-K does not say who holds the $36.3 million in Series II.

Fees, minimums and the exit

All from the Form 10 amendment of April 24, 2026. Fees are the same in both series.

The minimum for I-type shares can be waived: the Dealer Manager “waives or reduces to $10,000 or less investment minimums for I Shares and F-I Shares for certain categories of investors.” The manager also intends to waive the management fee for the first six months after the first subscription, which for an August 10 start would run to about February 2027 (our arithmetic; the filing gives the rule, not the end date).

Redemptions. The fund “expect[s]” to run a redemption each calendar quarter for up to 5% of the aggregate NAV of Investor Shares and HPS Shares, measured across both series at the previous quarter-end. The board can amend or suspend the program. Requests are due about 30 days before quarter-end, payment is about 30 days after, and unfilled requests do not carry over: they must be resubmitted. Applying 5% to the September 30 NAV gives about $8.9 million for one quarter's window (our arithmetic), a base that includes the E Shares. The manager may take part of its management fee in E Shares and submit them for redemption inside the same limit. No redemption has been offered yet, and none appears in the filings.

Worked example (our arithmetic). A holder of $100,000 of Series II F-D shares pays 0.75% management plus 0.25% servicing, $1,000 a year before any performance fee, and nothing at the outset if the intermediary charges no upfront fee. If that holder is redeemed after 18 months, the proceeds are 95% of NAV, so $5,000 less per $100,000 of NAV than at the full price. In F-S the annual fee drag is 1.60% ($1,600) before performance fee.

Compared with the two HPS funds we already cover

HPS also runs HPS Corporate Lending Fund (HLEND) and HPS Corporate Capital Solutions Fund (HCAP), both business development companies. HREAL is a different structure, and the comparison is mostly about what the filings let you read. Figures for HLEND and HCAP are from their June 30, 2026 10-Qs.

The point for an investor: the headline fee is the same, but the other terms differ. The early-exit deduction is 5%, not 2%, the leverage is not capped by the 1940 Act, and the fund has no repurchase history. HLEND shows what a 5% window does under pressure (it has been prorating); HREAL has not yet been tested. Another private asset-based vehicle with a similar structure is PIMCO Asset-Based Lending Company, and the private credit redemptions tracker puts the quarterly windows of the larger funds side by side.

What a reader can do with this

• If you are offered it: ask which class and which series. Series I is taxed as a corporation, and Series II sends a K-1. The class also decides the exit price, because Founder classes sell at 95% of NAV for two years.
• Ask for the asset mix in writing. The name says real assets and lending; the only holdings listed so far are about 61% power and renewables loans and 21% a loan to a mortgage REIT. The September 10-Q, due about November 16, 2026, is the first filing that should list what the fund owns.
• Check fee layers against your own numbers: management, a 0.25% or 0.85% servicing fee, a performance fee on income and gains, an intermediary's upfront fee of up to 2.0% or 3.5%, and the 5% early-exit deduction.
• If you already hold it, the first redemption window is the thing to watch. The 8-K will not announce it; the program says redemptions are “expected,” not promised.
• What this page cannot tell you: returns (two months of history), credit quality (no holdings schedule), or whether the 5% window will hold when requests rise.

FAQ

All figures are from SEC filings of HPS Real Assets Lending Company LP (CIK 2089975), read on EDGAR on November 6, 2026: the Form 10-12G/A of April 24, 2026 (accession 0001193125-26-177671), the Form 10-Qs for March 31 and June 30, 2026 (0001193125-26-224210, 0001193125-26-348882), the Form 8-Ks of September 3, October 2 and October 29, 2026 with their NAV exhibits (0001193125-26-381738, 0001193125-26-412040, 0001193125-26-437736), and the Form D of August 7, 2026 (0002089975-26-000001). HLEND and HCAP terms are from their June 30, 2026 10-Qs (0001628280-26-056772, 0001628280-26-056793). Percentages, sums across series and classes, and fee examples are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.