BlackRock HPS Credit Strategies Fund
Data through 2026-06-02 · latest filing N-23C3A filed 2026-07-08
Sponsored by BlackRock / HPS. Interval Fund structure focused on private credit.
Interval FundPrivate Credit
- Net assets
- $530.0M
source
Monthly portfolio report (Form N-PORT) · filed 2026-05-28 · period 2026-03-31
Net assets (N-PORT Part B, Item B.2)
Method Direct: read from a structured filing field
Open the filing on SEC.gov · Full observation history
Technical locator
as of 2026-03-31 - NAV / share
- $8.18
source
Shareholder report (Form N-CSR) · filed 2026-03-05 · period 2025-12-31
financial-highlights end-of-period NAV (fallback)
“Net asset value, end of year $ 8.18”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
Filed fund value · as of 2025-12-31 - Net flows, last qtr
- -3.3% qtr ended 2026-03-31
- Distribution coverage (NII)
- Pending Pending
- Leverage in use
- 5% debt / equity 0.04x
- Total return, 12m
- Pending SEC-filed periodic NAV + distributions
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
Redemptions prorated for the period ending 2025-11-06: 11.1% requested, only 63.4% of requests fulfilled. (2025-11-06)
Redemptions prorated for the period ending 2025-11-06: 11.1% requested, only 63.4% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.
Why it matters and what changed
Redemption requests exceeded the offer and were paid only in part, pro rata. Investors who wanted out are still holding; unmet demand usually rolls into the next offer, making repeat proration -- the defining liquidity-stress pattern for a semi-liquid fund -- worth watching for.
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: https://www.sec.gov/Archives/edgar/data/1752019/000119312526093570/d105828dncsr.htm | redemption proration (2025-11-06)
Net outflow of 5.1% of NAV in the period ended 2026-02-28.
Net outflow of 5.1% of NAV in the period ended 2026-02-28. (Rule B6: Single-period outflow at gate scale: net outflow >= 5% of NAV in one period; Notify.)
Why it matters and what changed
Net outflows in a single period reached the scale of a typical quarterly repurchase cap. Demand for the exit is at or beyond what the fund's liquidity program is designed to handle.
swung from 1.16 to -5.08 vs prior period; trailing 4-period average -1.91; same period prior year -3.30
Source: derived: net_flows / total_net_assets (parent equity) (nearest prior instant value) * 100
Net outflow of 5.6% of NAV in the period ended 2025-11-30.
Net outflow of 5.6% of NAV in the period ended 2025-11-30. (Rule B6: Single-period outflow at gate scale: net outflow >= 5% of NAV in one period; Notify.)
Why it matters and what changed
Net outflows in a single period reached the scale of a typical quarterly repurchase cap. Demand for the exit is at or beyond what the fund's liquidity program is designed to handle.
swung from 1.50 to -5.62 vs prior period; trailing 4-period average -1.92; same period prior year -0.17
Source: derived: net_flows / total_net_assets (parent equity) (nearest prior instant value) * 100
Net outflow of 5.6% of NAV in the period ended 2025-08-31.
Net outflow of 5.6% of NAV in the period ended 2025-08-31. (Rule B6: Single-period outflow at gate scale: net outflow >= 5% of NAV in one period; Notify.)
Why it matters and what changed
Net outflows in a single period reached the scale of a typical quarterly repurchase cap. Demand for the exit is at or beyond what the fund's liquidity program is designed to handle.
swung from 1.47 to -5.62 vs prior period; trailing 4-period average -1.69; same period prior year -1.39
Source: derived: net_flows / total_net_assets (parent equity) (nearest prior instant value) * 100
Historical findings (5)
Redemptions prorated for the period ending 2023-02-08: 7.1% requested, only 70.3% of requests fulfilled. (2023-02-08)
NAV per share fell 13.8% from $9.96 to $8.59 (2022-06-30).
NAV per share ($8.60) is 3.5% below its trailing four-observation average ($8.91) as of 2023-06-30.
NAV per share ($8.48) is 9.6% below its trailing four-observation average ($9.38) as of 2022-12-31.
NAV per share fell 5.3% from $10.24 to $9.70 (2020-06-30).
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
Filed performance
Pending. no exact Class I or accession-backed lowest-fee equivalent evidence; classes checked=0 [none]; filings catalogued=73; accession-bound class-term rows=0; raw class-term snippets=0
Monthly performance eligibility
Canonical class: not designated · basis: no qualifying monthly chain · qualifying history: 0 months.
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
Pending
Where exit demand met the cap.
Stated cap: 5% of shares/quarter. Rationed in 2 of 10 disclosed periods; last gated Q4 2025.
| Period | Requested | Filled | Cap used | Status |
|---|---|---|---|---|
| 2025-11-06 | 11.1% of shares
sourceShareholder report (Form N-CSR) · filed 2026-03-05 · period 2025-11-06 redemption disclosure (redemptions_requested_pct) “Valuation date 11/06/25 (commencement 10/07/25): fund-wide 11.05% of outstanding shares tendered, 63.41% filled (per-class: 4,300,413 tendered (8.17%), 2,726,892 purchased (5.18%); 3,336,031 tendered (26.29%), 2,115,378 purchased (16.67%); 246,710 tendered (4.11%), 156,439 purchased (2.61%)). No fixed per-quarter offer%/cap is disclosed in this table (fund policy is a 5%-25% range), so cap_utiliza” Method Matched text template against the filing Open the filing on SEC.gov · Full observation history Technical locator | 63% | 100% | rationed |
| 2025-08-07 | 7.0% of shares
sourceShareholder report (Form N-CSR) · filed 2026-03-05 · period 2025-08-07 redemption disclosure (redemptions_requested_pct) “Valuation date 08/07/25 (commencement 07/08/25): fund-wide 6.96% of outstanding shares tendered, 100.00% filled (per-class: 3,976,856 tendered (7.38%), 3,976,856 purchased (7.38%); 867,663 tendered (6.68%), 869,396 purchased (6.68%); 234,915 tendered (3.87%), 234,915 purchased (3.87%)). No fixed per-quarter offer%/cap is disclosed in this table (fund policy is a 5%-25% range), so cap_utilization i” Method Matched text template against the filing Open the filing on SEC.gov · Full observation history Technical locator | 100% | Pending | filled |
| 2025-05-08 | 5.7% of shares
sourceShareholder report (Form N-CSR) · filed 2026-03-05 · period 2025-05-08 redemption disclosure (redemptions_requested_pct) “Valuation date 05/08/25 (commencement 04/08/25): fund-wide 5.74% of outstanding shares tendered, 100.00% filled (per-class: 3,014,274 tendered (5.56%), 3,014,274 purchased (5.56%); 1,021,896 tendered (7.49%), 1,025,315 purchased (7.49%); 200,873 tendered (3.38%), 200,873 purchased (3.38%)). No fixed per-quarter offer%/cap is disclosed in this table (fund policy is a 5%-25% range), so cap_utilizati” Method Matched text template against the filing Open the filing on SEC.gov · Full observation history Technical locator | 100% | Pending | filled |
| 2025-02-07 | 5.1% of shares
sourceShareholder report (Form N-CSR) · filed 2026-03-05 · period 2025-02-07 redemption disclosure (redemptions_requested_pct) “Valuation date 02/07/25 (commencement 01/08/25): fund-wide 5.14% of outstanding shares tendered, 100.00% filled (per-class: 3,273,284 tendered (6.04%), 3,273,284 purchased (6.04%); 361,019 tendered (2.67%), 361,019 purchased (2.67%); 140,613 tendered (2.45%), 140,613 purchased (2.45%)). No fixed per-quarter offer%/cap is disclosed in this table (fund policy is a 5%-25% range), so cap_utilization i” Method Matched text template against the filing Open the filing on SEC.gov · Full observation history Technical locator | 100% | Pending | filled |
| 2024-05-08 | 3.5% of shares
sourceSemiannual shareholder report (Form N-CSRS) · filed 2024-09-05 · period 2024-05-08 redemption disclosure (redemptions_requested_pct) “Valuation date 05/08/24 (commencement 04/08/24): fund-wide 3.47% of outstanding shares tendered, 100.00% filled (per-class: 1,768,913 tendered (3.81%), 1,768,913 purchased (3.81%); 116,792 tendered (1.01%), 116,792 purchased (1.01%); 314,981 tendered (5.81%), 314,981 purchased (5.81%)). No fixed per-quarter offer%/cap is disclosed in this table (fund policy is a 5%-25% range), so cap_utilization i” Method Matched text template against the filing Open the filing on SEC.gov · Full observation history Technical locator | 100% | Pending | filled |
| 2024-02-07 | 2.9% of shares
sourceSemiannual shareholder report (Form N-CSRS) · filed 2024-09-05 · period 2024-02-07 redemption disclosure (redemptions_requested_pct) “Valuation date 02/07/24 (commencement 01/08/24): fund-wide 2.88% of outstanding shares tendered, 100.00% filled (per-class: 1,251,004 tendered (2.82%), 1,251,004 purchased (2.82%); 347,253 tendered (3.09%), 347,253 purchased (3.09%); 152,926 tendered (2.94%), 152,926 purchased (2.94%)). No fixed per-quarter offer%/cap is disclosed in this table (fund policy is a 5%-25% range), so cap_utilization i” Method Matched text template against the filing Open the filing on SEC.gov · Full observation history Technical locator | 100% | Pending | filled |
| 2023-11-08 | 4.2% of shares
sourceSemiannual shareholder report (Form N-CSRS) · filed 2024-09-05 · period 2023-11-08 redemption disclosure (redemptions_requested_pct) “Valuation date 11/08/23 (commencement 10/09/23): fund-wide 4.25% of outstanding shares tendered, 100.00% filled (per-class: 1,591,775 tendered (4.36%), 1,591,775 purchased (4.36%); 479,441 tendered (4.38%), 479,441 purchased (4.38%); 147,910 tendered (3.07%), 147,910 purchased (3.07%)). No fixed per-quarter offer%/cap is disclosed in this table (fund policy is a 5%-25% range), so cap_utilization i” Method Matched text template against the filing Open the filing on SEC.gov · Full observation history Technical locator | 100% | Pending | filled |
| 2023-08-09 | 3.8% of shares
sourceSemiannual shareholder report (Form N-CSRS) · filed 2024-09-05 · period 2023-08-09 redemption disclosure (redemptions_requested_pct) “Valuation date 08/09/23 (commencement 07/10/23): fund-wide 3.78% of outstanding shares tendered, 100.00% filled (per-class: 1,540,620 tendered (4.51%), 1,540,620 purchased (4.51%); 250,029 tendered (2.30%), 250,029 purchased (2.30%); 93,356 tendered (1.96%), 93,356 purchased (1.96%)). No fixed per-quarter offer%/cap is disclosed in this table (fund policy is a 5%-25% range), so cap_utilization is ” Method Matched text template against the filing Open the filing on SEC.gov · Full observation history Technical locator | 100% | Pending | filled |
| 2023-05-10 | 5.2% of shares
sourceSemiannual shareholder report (Form N-CSRS) · filed 2024-09-05 · period 2023-05-10 redemption disclosure (redemptions_requested_pct) “Valuation date 05/10/23 (commencement 04/10/23): fund-wide 5.23% of outstanding shares tendered, 100.00% filled (per-class: 1,774,797 tendered (5.21%), 1,774,797 purchased (5.21%); 662,387 tendered (5.89%), 662,387 purchased (5.89%); 184,096 tendered (3.84%), 184,096 purchased (3.84%)). No fixed per-quarter offer%/cap is disclosed in this table (fund policy is a 5%-25% range), so cap_utilization i” Method Matched text template against the filing Open the filing on SEC.gov · Full observation history Technical locator | 100% | Pending | filled |
| 2023-02-08 | 7.1% of shares
sourceSemiannual shareholder report (Form N-CSRS) · filed 2024-09-05 · period 2023-02-08 redemption disclosure (redemptions_requested_pct) “Valuation date 02/08/23 (commencement 01/09/23): fund-wide 7.11% of outstanding shares tendered, 70.27% filled (per-class: 2,957,747 tendered (8.44%), 2,078,409 purchased (5.93%); 608,674 tendered (5.29%), 427,776 purchased (3.72%); 82,501 tendered (1.74%), 57,883 purchased (1.22%)). No fixed per-quarter offer%/cap is disclosed in this table (fund policy is a 5%-25% range), so cap_utilization is a” Method Matched text template against the filing Open the filing on SEC.gov · Full observation history Technical locator | 70% | 100% | rationed |
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
Pending
How the offering is divided.
A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.
Pending
Management fee: 1.00% of avg daily managed assets per year, current as of latest filed disclosure. Research only: not used in a fee distribution. SEC source 0001193125-26-093570.
Filed fee conditions
For its services, the Fund pays the Manager (an indirect, majority-owned subsidiary of BlackRock, Inc.) a monthly fee at an annual rate equal to 1.00% of the average daily value of the Fund's managed assets. 'Managed assets' are total assets of the Fund (including any assets attributable to money borrowed for investment purposes) less accrued liabilities other than money borrowed for investment purposes -- gross of the Fund's $20M leverage, consistent with the fund actually using leverage (see ingest/extract_tier1_leverage.py).
Canonical-class fee profile
| Class | Management | Incentive | Load | Servicing | Gross expenses | Net expenses |
|---|---|---|---|---|---|---|
| not designated | 1.00% | None
*
None. The standardized prospectus fee table contains no incentive/performance-fee line. SEC source 0001193125-26-191156 |
Pending | Pending | Pending | Pending |
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (1)
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | For its services, the Fund pays the Manager (an indirect, majority-owned subsidiary of BlackRock, Inc.) a monthly fee at an annual rate equal to 1.00% of the average daily value of the Fund's managed assets. 'Managed assets' are total assets of the Fund (including any assets attributable to money borrowed for investment purposes) less accrued liabilities other than money borrowed for investment purposes -- gross of the Fund's $20M leverage, consistent with the fund actually using leverage (see ingest/extract_tier1_leverage.py). | 1.0 pct_annual_of_avg_daily_managed_assets | Pending |
Recent filings
| Filed | Form | Accession |
|---|---|---|
| 2026-07-08 | N-23C3A | 0001193125-26-298052 |
| 2026-06-02 | DEF 14A | 0001193125-26-253562 |
| 2026-05-28 | NPORT-P | 0001410368-26-054499 |
| 2026-04-29 | 486BPOS | 0001193125-26-191156 |
| 2026-04-08 | N-23C3A | 0001193125-26-146253 |
| 2026-03-24 | 424B3 | 0001193125-26-122142 |
| 2026-03-05 | N-CSR | 0001193125-26-093570 |
| 2026-02-24 | NPORT-P | 0001410368-26-017003 |
| 2026-01-08 | N-23C3A | 0001193125-26-007676 |
| 2025-11-26 | NPORT-P | 0001410368-25-032214 |
| 2025-10-07 | N-23C3A | 0001193125-25-233482 |
| 2025-09-04 | N-CSRS | 0001193125-25-196211 |
| 2025-08-26 | NPORT-P | 0001752724-25-204422 |
| 2025-07-08 | N-23C3A | 0001193125-25-156627 |
| 2025-05-28 | NPORT-P | 0001752724-25-125655 |