Cox Capital Announces Tender Offers for Class I Shares of Blackstone Private Credit Fund and HPS Corporate Lending Fund

Offers provide a secondary cash-liquidity option for BCRED and HLEND shareholders following oversubscribed issuer repurchase programs

Cox Capital Partners (“Cox Capital”) announced today that Cox Capital Retail Secondaries Fund I, LP (the “Purchaser”), a private investment fund managed by an affiliate of Cox Capital, has commenced two separate cash tender offers to purchase Class I shares of Blackstone Private Credit Fund (“BCRED”) and HPS Corporate Lending Fund (“HLEND”).

Both funds recently reported that their Q3 2026 repurchase programs were substantially oversubscribed. BCRED and HLEND received repurchase requests representing an estimated 10% and 11.5%, respectively, of shares outstanding. The funds’ established frameworks generally target quarterly repurchases of 5% of shares outstanding, although the amount may be increased at the discretion of the applicable fund.

Cox Capital developed its secondary program to provide shareholders with an additional path to liquidity when a fund's own quarterly repurchase program does not satisfy their full request. The offers are independent of the target funds and do not modify or replace either fund's repurchase program.

The BCRED offer also responds to direct interest from specific shareholders seeking to sell their shares. Cox Capital is making the offer available more broadly to eligible Class I shareholders.

The Purchaser is offering to acquire BCRED shares at $20.65 per share, representing a 12.5% discount to the fund’s reported Class I NAV of $23.60 as of Aug. 31, 2026, and HLEND shares at $20.17 per share, representing a 17.5% discount to the fund’s reported Class I NAV of $24.45 as of July 31, 2026. Both offers are scheduled to expire at 5:00 p.m. Eastern Time on Nov. 3, 2026, unless extended or earlier terminated, and are subject to the terms and conditions contained in the Purchaser’s applicable Offer to Purchase and Assignment Form. Cox Capital and the Purchaser are not affiliated with BCRED, HLEND or their respective advisers.

The Purchaser is initially offering to purchase up to $20 million in aggregate value of Class I shares of each fund, for a total aggregate consideration of approximately $40 million. The Purchaser has reserved the right, but not the obligation, to accept up to an additional 2% of each fund’s outstanding Class I shares as of Aug. 10, 2026, without extending the offers, as permitted by Rule 14e-1(b) under the Securities Exchange Act of 1934 and subject to the applicable offer terms. At the offer prices, that reserve represents approximately $514 million of additional BCRED shares and approximately $80 million of additional HLEND shares.

Class I shareholders of BCRED and HLEND can review the applicable tender-offer materials and submit tender documents through CoxCapitalPortal.com.

“Retail shareholders deserve access to the kinds of secondary liquidity options for their private-market exposure that institutional investors have enjoyed for years,” said John Cox, Chief Executive Officer and Chief Investment Officer of Cox Capital Partners. “These offers are intended to provide financial advisors and their clients with an additional liquidity option when a fund’s own repurchase program cannot satisfy their full request.”

How to Participate

Class I shareholders and financial professionals can review the offer materials, obtain fund-specific instructions and submit tender documentation through CoxCapitalPortal.com. Shares held through a broker or custodian may require a countersignature and may be subject to separate platform requirements or earlier internal deadlines. Shareholders should begin the process promptly. Shareholders with questions or who would like to request copies of the applicable offer materials may contact the Purchaser at (484) 840-5281 or service@coxcp.com.

Important Information

This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any securities. Each tender offer is made solely pursuant to its applicable Offer to Purchase and Assignment Form. Those tender-offer documents contain important information that shareholders should read carefully before deciding whether to tender their shares. If this press release conflicts with an offer document, the offer document controls.

Each offer price is below the applicable fund’s reported net asset value, and no independent person has been retained to evaluate or render an opinion on the fairness of either offer price.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any interest in Cox Capital Retail Secondaries Fund I, LP or any other private investment vehicle managed by Cox Capital or any of its affiliates. No such interests are offered through this release or CoxCapitalPortal.com.

The tender offers have not been approved or disapproved by the U.S. Securities and Exchange Commission or any state securities commission, and no commission has passed upon the fairness or merits of the offers or the accuracy or adequacy of the offer materials. Any representation to the contrary is unlawful.

Tendering is voluntary. Shareholders should consider, among other relevant factors, the offer price, the discount to NAV, the absence of an established trading market for the shares and the tax consequences of tendering their shares. Shareholders are encouraged to consult their financial, tax and legal advisers in considering whether to tender. The offers are not being made in any jurisdiction in which they would be unlawful.

Forward-Looking Statements

This release contains forward-looking statements related to the commencement of the tender offers for BCRED and HLEND, including statements regarding the anticipated benefits and timing of the tender offers. These statements are based on the Purchaser’s expectations as of the date they were first made and involve risks and uncertainties that could cause actual results or transactions to differ materially from those expressed or implied.

These risks and uncertainties include, among other things, the extent to which the tender offers will serve as a meaningful liquidity option for shareholders and whether the tender offers will be completed. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of their respective dates.

Except as required by law, Cox Capital undertakes no obligation to update or revise forward-looking statements to reflect subsequent events, new information or future circumstances.

About Cox Capital Partners

Cox Capital Partners is a Conshohocken, Pennsylvania-based private investment firm focused on secondary-liquidity solutions for holders of non-traded and other illiquid alternative investments. Information about Cox Capital’s tender offers is available through CoxCapitalPortal.com. Additional information about the firm is available at coxcp.com.

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