---
title: "Savers sought 11.5% of BlackRock's $23.1 billion HPS lending fund against a 5% cap; earnings come October 14"
description: "HPS's $23.1 billion lending fund drew withdrawal requests for 11.5% of shares last quarter, after 13.3%, against a customary 5% payout cap. BlackRock's October 14 report is the first firm-level read on whether the exit queue draining private credit is really clearing, even as the firm talks its way into OpenAI's $30 billion round."
publisher: "The Inference"
section: "Money"
published: 2026-10-12T21:24:31.028Z
modified: 2026-10-12T21:24:31.028Z
canonical: https://theinference.org/article/savers-sought-11-5-of-blackrock-s-23-1-billion-hps-lending-fund-against-a-5-cap-earnings-come-october-14
language: en
keywords: "BlackRock, Private Credit, Earnings, OpenAI"
---

# Savers sought 11.5% of BlackRock's $23.1 billion HPS lending fund against a 5% cap; earnings come October 14

> HPS's $23.1 billion lending fund drew withdrawal requests for 11.5% of shares last quarter, after 13.3%, against a customary 5% payout cap. BlackRock's October 14 report is the first firm-level read on whether the exit queue draining private credit is really clearing, even as the firm talks its way into OpenAI's $30 billion round.

[BlackRock](https://theinference.org/markets/companies/blackrock) [reports third-quarter results on Wednesday, October 14, before the opening bell](https://finance.yahoo.com/markets/stocks/articles/blackrock-slated-report-q3-earnings-141000567.html), and the number that decides the trade is not the asset total. It is the queue at the HPS Corporate Lending Fund, the $23.1 billion vehicle inside a private credit arm with more than $197 billion of assets that [BlackRock](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002012383) bought in 2024. Savers asked to redeem 11.5% of its shares last quarter, after 13.3% in the one before; the fund pays out 5% a quarter, the customary threshold. [1][2][3]

## The gate pays 5% while savers ask for double

Requests have run at more than twice the gate for two straight quarters. The fund has bought back about $1.7 billion of shares across the three repurchase periods ended June 30, and its Class I shares have returned 9.9% annualized since inception, numbers meant to say the portfolio is sound and the queue is the problem. Requests at BlackRock's smaller credit funds eased as well, and [Evercore](https://theinference.org/markets/companies/evercore)'s Glenn Schorr [wrote that "the redemption backlog is now clearing."](https://www.streetinsider.com/Reuters/BlackRock+private+credit+fund+redemptions+fall+in+third+quarter/27050913.html) The stock rose 2.4% the day that filing landed, September 11. [2]

## Mid-pack in an industry-wide exit queue

HPS is nowhere near the worst queue on the Street. Blue Owl's Technology Income Corp [took requests for 39% of shares, after 38.1% in Q2](https://finance.yahoo.com/markets/stocks/articles/blue-owl-investors-seek-pull-193426820.html), and has paid about $446 million over six months, roughly a third of what savers asked. Cliffwater faced about 16% and will fill a third; Blackstone's BCRED held its 5% cap against roughly 10%; KKR honored 5.06% in full rather than prorate. [4][5]

*Chart: **Q3 withdrawal requests ran past the 5% gate at every major private credit fund** Bar chart of third-quarter 2026 redemption request rates at six private credit funds: Blue Owl Technology Income 39%, Blue Owl Credit Income 16.8%, Cliffwater Corporate Lending 16%, HPS Corporate Lending 11.5%, Blackstone BCRED 10%, KKR FS Income Trust Select 5.06%, with a reference line at the customary 5% quarterly cap.*

*Percent of outstanding shares investors asked to redeem in Q3 2026, from regulatory filings and shareholder letters as reported by Reuters and Benzinga. Blue Owl Technology Income compares with 38.1% in Q2; HPS Corporate Lending with 13.3%. [2][4][5]*

## Both sides of the AI trade

The rest of the machine is minting. BlackRock [ended June with a record $15.34 trillion under management](https://www.techtimes.com/articles/320658/20260715/blackrock-posts-record-153-trillion-aum-aladdin-now-powers-rival-portfolios.htm), $192 billion of quarterly net inflows, and revenue up 31% at $7.08 billion. [6] Wednesday's consensus reads $7.45 billion of revenue and $14.04 of earnings per share, an estimate revised lower, with performance fees expected to fall 20%. [1]

*Chart: **Revenue set a record in three of the last four quarters, and the Q3 consensus points to another** Column chart of BlackRock quarterly revenue from the second quarter of 2024 to the second quarter of 2026, climbing from $4.8 billion to $7.08 billion, with the third-quarter 2026 consensus of $7.45 billion shown as an estimate.*

*BlackRock quarterly revenue in billions of US dollars, from its SEC filings; the Q3 2026 column is the analyst consensus of $7.45 billion, shown as an estimate. [9][1]*

Shares trade more than 8% below this year's high, against an average analyst target of $1,305, about 30% above the price. [3] Reuters attributes the saver retreat partly to "the potential impact of AI on software companies, a key borrower base" for direct lenders. [2] The same firm is in talks to join [OpenAI](https://theinference.org/markets/companies/openai)'s [$30 billion round at a set $1.4 trillion pre-money valuation](https://www.moneycontrol.com/news/business/openai-looks-to-uae-for-up-to-10-billion-as-it-lines-up-30-billion-round-blackrock-in-talks-14045202.html), alongside a UAE syndicate, MGX included, weighing up to $10 billion. [7][8] BlackRock is negotiating to buy equity in the AI boom while its lending funds' savers queue out of the loans exposed to it.

## What Wednesday decides

March is the caution: BlackRock gated a different credit fund and lost nearly 7% of its stock in a single session. [6] If the print shows the queue shrinking, the record-asset story leads. If requests stick above the gate, the $1,305 club is leaning on ETFs to carry the credit arm.

## Takeaway

BlackRock's October 14 print turns on whether the HPS Corporate Lending Fund's exit queue, 11.5% of shares against a 5% quarterly payout, keeps clearing; the rest of the firm runs at record revenue while it negotiates its way into OpenAI's $30 billion round.

## Sources

1. [Zacks Equity Research via Yahoo Finance, BlackRock Slated to Report Q3 Earnings: What's in the Cards?, 9 October 2026](https://finance.yahoo.com/markets/stocks/articles/blackrock-slated-report-q3-earnings-141000567.html)
2. [Reuters via StreetInsider, BlackRock private credit fund redemption requests ease in third quarter, 11 September 2026](https://www.streetinsider.com/Reuters/BlackRock+private+credit+fund+redemptions+fall+in+third+quarter/27050913.html)
3. [Benzinga, BlackRock Stock Faces a Test: Can AUM Growth Offset Private Credit Worries?, 12 October 2026](https://www.benzinga.com/markets/equities/26/10/62289764/blackrock-stock-faces-a-test-can-aum-growth-offset-private-credit-worries)
4. [Benzinga via Yahoo Finance, Blue Owl Investors Seek to Pull 39% From $5B Tech Credit Fund, 2 October 2026](https://finance.yahoo.com/markets/stocks/articles/blue-owl-investors-seek-pull-193426820.html)
5. [Benzinga via MSN, KKR private credit fund edges past redemption limit, 6 October 2026](https://www.msn.com/en-us/news/other/kkr-private-credit-fund-edges-past-redemption-limit/ar-AA2dHECG)
6. [TechTimes, BlackRock Posts Record $15.3 Trillion AUM, Aladdin Now Powers Rival Portfolios, 15 July 2026](https://www.techtimes.com/articles/320658/20260715/blackrock-posts-record-153-trillion-aum-aladdin-now-powers-rival-portfolios.htm)
7. [Bloomberg via Moneycontrol, OpenAI looks to UAE for up to $10 billion as it lines up $30 billion round; BlackRock in talks, 6 October 2026](https://www.moneycontrol.com/news/business/openai-looks-to-uae-for-up-to-10-billion-as-it-lines-up-30-billion-round-blackrock-in-talks-14045202.html)
8. [Briefs.co, OpenAI courts UAE money and BlackRock for a $30 billion raise at a $1.4 trillion price tag, 5 October 2026](https://www.briefs.co/news/openai-courts-uae-money-and-blackrock-for-a-30-billion-raise/)
9. [BlackRock, quarterly figures from its SEC filings, retrieved 12 October 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002012383)


---

Savers sought 11.5% of BlackRock's $23.1 billion HPS lending fund against a 5% cap; earnings come October 14 — The Inference. Canonical: https://theinference.org/article/savers-sought-11-5-of-blackrock-s-23-1-billion-hps-lending-fund-against-a-5-cap-earnings-come-october-14