HPS Advisors, LLC

• A percentage of assets under your management
• Performance-based fees

Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ

$28,546,149,242 as of October 2026, filing dated May 20, 2026.

A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means

A firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.

• Portfolio management for investment companies (and business development companies)

Registration

SEC-registered investment adviser. Status as filed: Approved.

Registered since

2023 (3 years)

Employees

Total: 826. Performing investment advisory functions: 402.

Wrap fee program participation

No.

Other offices (Schedule D, Section 1.F)

19 other offices, as of the June 2026 filing

Austin, TXChicago, ILClayton, MOColumbia, SCDallas, TXDubaiHong KongJackson, WYLondonLos Angeles, CALuxembourgMunichNew York, NYPalm Beach, FLSan Francisco, CASeattle, WASingaporeStamford, CTSydney

States registered or notice-filed

6 states or jurisdictions

CTFLOHSCTXWY

SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration

9 Reports 9 disclosure items on Form ADV Item 11. View on IAPD.

Questions answered yes on this filing

Regulatory matters Items 11.C to 11.G

• 11.C(2) Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?
• 11.C(4) Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?
• 11.C(5) Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?
• 11.D(2) Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?
• 11.D(4) In the past ten years, has another federal regulator, a state regulator, or a foreign financial regulator entered an order against the firm or an advisory affiliate in connection with investment-related activity?
• 11.E(2) Has a self-regulatory organization or a commodities exchange ever found that the firm or an advisory affiliate was involved in a violation of its rules, other than a minor rule violation under a plan the SEC approved?
• 11.G Is the firm or an advisory affiliate now the subject of a regulatory proceeding that could result in a yes answer to any part of 11.C, 11.D, or 11.E?

Civil court matters Item 11.H

• 11.H(1)(c) Has a domestic or foreign court ever dismissed, under a settlement agreement, an investment-related civil action brought against the firm or an advisory affiliate by a state or foreign financial regulator?
• 11.H(2) Is the firm or an advisory affiliate now the subject of a civil proceeding that could result in a yes answer to any part of 11.H(1)?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. What happened, and who was involved, is on the Disclosure Reporting Pages of the IAPD record. Reading a firm's disclosures

Regulatory assets under management: $9,715,419,857 in the October 2024 data and $28,546,149,242 in the October 2026 data, up 194%.

Total employees: 524 in October 2023 and 826 in October 2026.

As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.

1. April 2026
   • Employees performing advisory functions went from 346 to 402.
   • Regulatory assets under management went from $17,640,296,043 to $28,546,149,242 (+62%).
   • Added an office in Clayton, MO.
   • No longer lists an office in Raleigh, NC.
   • No longer lists an office in Toronto.

Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.

Not reported.