Cox Capital Announces Commencement of Three Tender Offers for Class I Shares of HLEND, ADS and ASIF

Offers provide a separate cash-liquidity option following oversubscribed issuer repurchase programs; offer materials and tender-document submission are available through CoxCapitalPortal.com

PHILADELPHIA--(BUSINESS WIRE)--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, commenced three separate cash tender offers to purchase Class I shares of HPS Corporate Lending Fund (“HLEND”), Apollo Debt Solutions BDC (“ADS”) and Ares Strategic Income Fund (“ASIF”). The initial offers represent aggregate consideration of approximately $30.5 million, at prices representing discounts of 15% to 30% to each fund’s reported Class I net asset value (“NAV”) as of May 31, 2026. Each offer is voluntary, is independent of the applicable fund, and is subject to the terms of the Purchaser’s applicable Offer to Purchase and Assignment Form. Each of the offers will commence on July 14, 2026. Cox Capital and the Purchaser are not affiliated with the target funds or their advisers.

Offer Terms at a Glance

Target Fund	Offer Price	May 31, 2026 Reported NAV	Discount to NAV	Expiration*
HPS Corporate Lending Fund (HLEND)	$18.40	$24.53	25%	Aug. 17, 2026
Apollo Debt Solutions BDC (ADS)	$16.71	$23.87	30%	Aug. 24, 2026
Ares Strategic Income Fund (ASIF)	$22.95	$27.00	15%	Aug. 24, 2026
* 5:00 p.m. Eastern Time on the stated date, unless extended or earlier terminated. NAV and discount references are as stated in the applicable Offer to Purchase.

Recent Repurchase Demand

In the second quarter of 2026, repurchase requests at all three funds substantially exceeded the 5% of shares outstanding that each fund repurchased — requests were submitted for approximately 13.3% of shares outstanding at HLEND, 16.8% at ADS and 14.4% at ASIF — and requests were prorated accordingly. The Purchaser’s offers are separate, non-affiliated liquidity alternatives and do not modify or replace any fund’s repurchase program.

“Comparable traded BDCs trade at meaningful discounts to net asset value. We priced each offer on three things — portfolio quality, the liquidity characteristics, and those observable traded-market discounts — not on a negative view of these funds,” said John Cox, Chief Executive Officer and Chief Investment Officer of Cox Capital Partners. “Repurchase demand ran well ahead of issuer program capacity again last quarter, and we believe the industry needs a standing utility for the unfilled remainder. For a holder seeking full liquidity, the practical arithmetic is a blended exit: shares accepted by an issuer program are repurchased at or near net asset value, remaining shares can be sold to us.”

Offer Amounts Are Not a Ceiling

For each offer, the Purchaser has expressly reserved the right, exercisable in its sole discretion and as permitted by Rule 14e-1(b) under the Securities Exchange Act of 1934, to accept additional Class I shares representing up to 2% of the applicable fund’s outstanding Class I shares without amending or extending the offer. The Purchaser is under no obligation to do so, and shareholders should not tender in the expectation that it will. In no event will the Purchaser and its affiliates beneficially own 5% or more of a fund’s outstanding shares as a result of the tender offers. Tenders of shares in excess of the amount accepted by the Purchaser will be subject to pro rata acceptance.

How to Participate

Class I shareholders and financial professionals can review offer materials and 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; holders should begin promptly. Shareholders with questions or who would like to request copies of the offer materials should contact the Purchaser at: [phone] or [e-mail].

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 Offer to Purchase and Assignment Form. Such tender offer documents contain important information that shareholders should read carefully before making a decision regarding tendering 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 any 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, and no such interests are offered through this press 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.

Forward-Looking Statements

This document and the materials attached hereto contain forward-looking statements related to the commencement of tender offers for HLEND, ADS and ASIF, including statements regarding the anticipated benefits and timing of the tender offer. Such 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 in such forward-looking statements. These risks and uncertainties include, among others, the extent to which the tender offers would serve as a meaningful liquidity solution for shareholders and whether the tender offers will be completed. Readers are cautioned not to place undue reliance on these 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 any forward-looking statements to reflect subsequent events, new information, or future circumstances.

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 also encouraged to consult their own 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.

About Cox Capital Partners

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