Please wait

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 814-01375

Stone Point Credit Corporation

(Exact name of registrant as specified in its charter)

Delaware

(State of Incorporation)

20 Horseneck Lane

Greenwich, Connecticut 06830

(Address of principal executive offices)

85-3149929

(I.R.S. Employer Identification No.)

(203) 862-2900

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

     Title of each class

     Trading
Symbol

     Name of each exchange
on which registered

     None

     None

     None

Securities registered pursuant to Section 12(g) of the Act:

Common Stock, par value $0.001 per share

(Title of class)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☐

		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). Yes ☐ No ☒

The issuer had 66,064,391 shares of Common Stock, $0.001 par value per share, outstanding as of November 12, 2025.

Table of Contents

Stone Point Credit Corporation

Form 10‑Q for the Quarter Ended September 30, 2025

TABLE OF CONTENTS


	Index	Page No.
PART I.	FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements	3
	Consolidated Statements of Assets and Liabilities as of September 30, 2025 (Unaudited) and December 31, 2024	3
	Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (Unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2025 and 2024 (Unaudited)	5
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (Unaudited)	6
	Consolidated Schedules of Investments as of September 30, 2025 (Unaudited) and December 31, 2024	7
	Notes to Consolidated Financial Statements (Unaudited)	26
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	54
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	70
Item 4.	Controls and Procedures	71

PART II.	OTHER INFORMATION	72
Item 1.	Legal Proceedings	72
Item 1A.	Risk Factors	72
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	72
Item 3.	Defaults Upon Senior Securities	73
Item 4.	Mine Safety Disclosures	73
Item 5.	Other Information	73
Item 6.	Exhibits	74

SIGNATURES		75

Table of Contents

Item 1. Consolidated Financial Statements

Stone Point Credit Corporation

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)


	September 30, 2025		December 31, 2024
	(unaudited)
Assets:
Investments at fair value:
Non-controlled/non-affiliated investments (amortized cost of $2,676,636 and $2,502,807, respectively)	$	2,679,727	$	2,504,242
Controlled/affiliated investments (amortized cost of $5,318 and zero, respectively)		5,661		-
Total Investments, at fair value (amortized cost of $2,681,954 and $2,502,807, respectively)		2,685,388		2,504,242
Cash and cash equivalents (Note 2)		141,162		51,760
Non-controlled/non-affiliated investments interest and dividends receivable		22,463		23,453
Unsettled trades receivable		1,187		15,471
Paydown receivable		516		2,247
Deferred offering expenses		26		25
Prepaid expenses and other assets		6		66
Total assets	$	2,850,748	$	2,597,264

Liabilities:
Revolving credit facilities payable (net of deferred financing costs of $9,195 and $11,346, respectively) (Note 6)	$	972,825	$	895,654
Notes payable (net of debt issuance costs of $5,346 and $2,728, respectively) (Note 6)		494,654		422,272
Unsettled trades payable		25,162		69
Base management fees payable (Note 3)		8,844		8,013
Incentive fees payable (Note 3)		5,684		-
Accounts payable and accrued expenses		3,191		2,434
Interest and financing fees payable		24,857		17,325
Total liabilities	$	1,535,217	$	1,345,767

Commitments and contingencies (Note 5)	$	—	$	—
Net Assets:
Preferred stock, $0.001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding at September 30, 2025 and December 31, 2024	$	—	$	—
Common stock, $0.001 par value, 250,000,000 shares authorized, 66,064,391 and 63,054,004 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively		66		63
Paid in capital in excess of par		1,310,948		1,251,041
Distributable earnings (accumulated losses)		4,517		393
Total net assets		1,315,531		1,251,497
Total liabilities and net assets	$	2,850,748	$	2,597,264
Net asset value per share of Common Stock	$	19.91	$	19.85

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Stone Point Credit Corporation

Consolidated Statements of Operations

(in thousands, except share and per share amounts)


	Three Months Ended September 30, 2025 (Unaudited)			Three Months Ended September 30, 2024 (Unaudited)		Nine Months Ended September 30, 2025 (Unaudited)			Nine Months Ended September 30, 2024 (Unaudited)
Investment income:
Interest income from non-controlled/non-affiliated investments	$	71,767		$	68,289	$	208,154		$	200,806
Dividend income from non-controlled/non-affiliated investments		1,494			1,335		3,892			2,370
Interest income from cash and cash equivalents		1			1		2			2
Total interest and dividend income		73,262			69,625		212,048			203,178

Fee income		390			24		558			1,380
Total fee income		390			24		558			1,380
Total investment income	$	73,652		$	69,649	$	212,606		$	204,558

Operating expenses:
Base management fees (Note 3)	$	8,844		$	8,108	$	25,842		$	22,058
Incentive fees (Note 3)		5,683			-		16,051			-
Interest and financing fees (Note 6)		24,750			24,498		73,123			69,008
Offering costs (Note 4)		12			12		35			44
Professional fees		2,063			2,024		6,283			5,582
Directors fees		92			92		276			276
Insurance expense		19			16		55			47
Total expenses		41,463			34,750		121,665			97,015
Net investment income (loss)	$	32,189		$	34,899	$	90,941		$	107,543
Net realized gains (losses) and unrealized appreciation (depreciation):
Net realized gains (losses):
Non-controlled/non-affiliated investments	$	909		$	1,152	$	2,251		$	1,561
Foreign currency transactions		8			-		8			-
Total net realized gains (losses)	$	917		$	1,152	$	2,259		$	1,561
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	$	(1,403	)	$	3,613	$	1,656		$	8,045
Controlled/affiliate investments		343			-		343			-
Translation of assets in foreign currencies		(17	)		-		(17	)		-
Total net change in unrealized appreciation (depreciation)	$	(1,077	)	$	3,613	$	1,982		$	8,045
Net increase (decrease) in net assets resulting from operations	$	32,029		$	39,664	$	95,182		$	117,149

Per share information - basic and diluted:
Net investment income (loss)	$	0.50		$	0.57	$	1.43		$	1.94
Net increase (decrease) in net assets resulting from operations	$	0.50		$	0.64	$	1.50		$	2.11
Weighted average shares outstanding		63,854,680			61,668,083		63,471,945			55,530,414

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Stone Point Credit Corporation

Consolidated Statements of Changes in Net Assets

(in thousands except shares and per share amounts)


	Three Months Ended September 30, 2025 (Unaudited)			Three Months Ended September 30, 2024 (Unaudited)			Nine Months Ended September 30, 2025 (Unaudited)			Nine Months Ended September 30, 2024 (Unaudited)
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)	$	32,189		$	34,899		$	90,941		$	107,543
Total net realized gains (losses)		917			1,152			2,259			1,561
Total net change in unrealized appreciation (depreciation)		(1,077	)		3,613			1,982			8,045
Net increase (decrease) in net assets resulting from operations		32,029			39,664			95,182			117,149

Decrease in net assets resulting from Stockholder distributions:
Shares distributed pursuant to dividend reinvestment plan		(9,511	)		(12,833	)		(23,160	)		(34,468	)
Distributions to Stockholders from earnings		(20,809	)		(27,234	)		(67,898	)		(73,518	)
Net decrease in net assets resulting from Stockholder distributions		(30,320	)		(40,067	)		(91,058	)		(107,986	)

Increase in net assets resulting from capital share transactions:
Issuance of Common Stock pursuant to dividend reinvestment plan		9,511			12,833			23,160			34,469
Issuance of shares of Common Stock		35,000			7,925			36,750			204,589
Net increase in net assets resulting from capital share transactions		44,511			20,758			59,910			239,058

Total increase in net assets		46,220			20,355			64,034			248,221
Net assets, beginning of period		1,269,311			1,219,288			1,251,497			991,422
Net assets, end of period	$	1,315,531		$	1,239,643		$	1,315,531		$	1,239,643
Net asset value per share	$	19.91		$	19.86		$	19.91		$	19.86
Common shares outstanding at the end of the period		66,064,391			62,406,323			66,064,391			62,406,323

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Stone Point Credit Corporation

Consolidated Statements of Cash Flows

(in thousands)


	Nine Months Ended September 30, 2025 (Unaudited)			Nine Months Ended September 30, 2024 (Unaudited)
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	95,182		$	117,149
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Net change in unrealized (appreciation) depreciation on investments		(1,999	)		(8,045	)
Net change in unrealized (appreciation) depreciation on translation of assets in foreign currencies		17			-
Net realized (gains) losses on investments		(2,251	)		(1,561	)
Net amortization and accretion of premiums and discounts		(11,890	)		(10,839	)
Purchases of investments, net		(824,356	)		(961,862	)
Sales and repayments of investments, net		659,384			524,437
Amortization of deferred financing costs		2,152			1,687
Amortization of debt issuance costs		1,119			806
Changes in operating assets and liabilities:
Interest and Dividends receivable		990			292
Dividend receivable		-			366
Unsettled trades receivable		14,284			(1,436	)
Paydown receivable		1,731			(1,531	)
Deferred offering expenses		(37	)		(35	)
Prepaid expenses and other assets		60			47
Base management fees payable		831			1,577
Incentive fees payable		5,684			-
Accounts payable and accrued expenses		757			(25	)
Interest and financing fees payable		7,532			15,053
Unsettled trades payable		25,093			33,966
Net cash used in operating activities		(25,717	)		(289,954	)

Cash flows from financing activities:
Borrowings under revolving credit facilities		561,504			942,500
Payments on revolving credit facilities		(486,500	)		(719,500	)
Borrowings of Notes		300,000			-
Repayments of Notes		(225,000	)		-
Deferred financing costs		-			(7,133	)
Debt issuance costs		(3,737	)		(2,516	)
Distributions paid in cash		(67,898	)		(73,519	)
Proceeds from issuance of shares of Common Stock		36,750			204,589
Net cash provided by financing activities		115,119			344,421

Net increase (decrease) in cash and cash equivalents		89,402			54,467
Cash and cash equivalents, beginning of period		51,760			41,629
Cash and cash equivalents, end of period	$	141,162		$	96,096

Supplemental and Non-Cash Information
Cash paid during the period for interest	$	62,320		$	48,732
Reinvestment of distributions pursuant to dividend reinvestment plan during the period	$	23,160		$	34,469

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Stone Point Credit Corporation

Consolidated Schedule of Investments

As of September 30, 2025 (Unaudited)

(in thousands)


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Reference Rate and Spread 5	Interest Rate 5	Maturity 6	Par Amount / Units		Cost 7			Fair Value			Percentage of Net Assets 8
Non-Controlled/Non-Affiliated Investments
Debt Investments - 199.5%
Capital Markets
Cliffwater, LLC	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	9.31%	4/22/2032		43,814	$	43,263		$	43,394		3.3%
Cliffwater, LLC	First Lien Revolving Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.31%	4/22/2032		-		(71	)		(57	)	0.0%
Payscape Buyer, Inc.	First Lien Term Loan		SOFR + 4.75%, 1.00% Floor	8.91%	10/29/2027		1,063		1,057			1,063		0.1%
Payscape Buyer, Inc.	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.91%	10/29/2027		14,765		14,635			14,766		1.1%
Payscape Buyer, Inc.	Second Lien Term Loan		SOFR + 8.00%, 1.00% Floor	12.16%	4/28/2028		245		244			244		0.0%
Payscape Buyer, Inc.	Second Lien Term Loan		SOFR + 8.00%, 1.00% Floor	12.16%	4/28/2028		1,250		1,214			1,250		0.1%
Payscape Buyer, Inc.	Second Lien Term Loan		SOFR + 8.00%, 1.00% Floor	12.16%	4/28/2028		3,461		3,461			3,461		0.3%
Payscape Buyer, Inc.	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.91%	10/29/2027		-		-			-		0.0%
Payscape Buyer, Inc.	Second Lien Delayed Draw Term Loan		SOFR + 8.00%, 1.00% Floor	12.16%	4/28/2028		539		539			539		0.0%
Wharf Street Ratings Acquisition LLC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.91%	9/16/2032		65,262		64,614			64,609		4.9%
Wharf Street Ratings Acquisition LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.91%	9/16/2027		-		(36	)		(73	)	0.0%
Wharf Street Ratings Acquisition LLC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.91%	9/16/2032		-		(74	)		(75	)	0.0%
Total Capital Markets									128,846			129,121

Consumer Finance
ACM ASOF VIII LClub LLC	First Lien Term Loan		N/A	13.00%	6/30/2030		8,159		8,123			8,317		0.6%
Equinox Buyer LLC	First Lien Term Loan		SOFR + 5.25%, 1.00% Floor	9.47%	9/9/2031		35,224		34,703			34,696		2.6%
Equinox Buyer LLC	First Lien Revolving Loan	(10)	SOFR + 5.25%, 1.00% Floor	9.47%	9/9/2031		-		(71	)		(72	)	0.0%
Exeter Short Term Funding LLC	First Lien Revolving Loan	(10)(13)	SOFR + 5.50%, 2.00% Floor	9.78%	2/9/2026		19,372		19,232			19,447		1.5%
Total Consumer Finance									61,987			62,388

Entertainment
Inizio Group Limited	First Lien Term Loan	(9)(13)	SOFR + 4.25%, 0.50% Floor	8.35%	8/19/2028		3,974		3,851			3,960		0.3%
Total Entertainment									3,851			3,960

Table of Contents

Stone Point Credit Corporation

Consolidated Schedule of Investments

As of September 30, 2025 (Unaudited) (Continued)

(in thousands)


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Reference Rate and Spread 5	Interest Rate 5	Maturity 6	Par Amount / Units		Cost 7			Fair Value			Percentage of Net Assets 8
Financial Services
ALP CFO 2024, L.P.	Unsecured Note	(13)	N/A	10.04%	10/15/2036		11,355		11,355			11,456		0.9%
Apex Group Treasury LLC	First Lien Term Loan	(9)(13)	SOFR + 3.50%	7.75%	2/27/2032		2,231		2,167			2,186		0.2%
Beacon Pointe Harmony, LLC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.91%	12/29/2028		23,049		22,798			23,049		1.8%
Beacon Pointe Harmony, LLC	First Lien Delayed Draw Term Loan		SOFR + 4.75%, 0.75% Floor	8.91%	12/29/2028		10,977		10,786			10,977		0.8%
Beacon Pointe Harmony, LLC	First Lien Delayed Draw Term Loan		SOFR + 4.75%, 0.75% Floor	8.91%	12/29/2028		11,109		11,046			11,109		0.8%
Beacon Pointe Harmony, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.91%	12/29/2028		2,584		2,542			2,584		0.2%
Beacon Pointe Harmony, LLC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.91%	12/29/2027		-		(22	)		-		0.0%
Best Egg Asset Structured Pass Through Master Trust	Unsecured Note	(11)(13)	N/A	0.00%	9/15/2035		5		938			937		0.1%
Best Egg Asset Structured Pass Through Master Trust	Unsecured Note	(11)(13)	N/A	0.00%	1/15/2035		3		458			610		0.0%
Best Egg Asset Structured Pass Through Master Trust	Unsecured Note	(11)(13)	N/A	0.00%	3/15/2035		3		351			473		0.0%
Best Egg Asset Structured Pass Through Master Trust	Unsecured Note	(11)(13)	N/A	0.00%	2/21/2035		3		603			693		0.1%
Best Egg Asset Structured Pass Through Master Trust	Unsecured Note	(11)(13)	N/A	0.00%	4/15/2035		3		603			704		0.1%
Barings Middle Market CLO Ltd.	Unsecured Note	(13)	SOFR + 6.17%	10.49%	4/15/2037		5,475		5,422			5,283		0.4%
CFC USA 2025 LLC	First Lien Term Loan	(9)	SOFR + 3.75%	8.04%	7/1/2032		5,000		4,800			4,788		0.4%
Choreo Buyer LLC.	First Lien Term Loan		SOFR + 5.00%, 1.00% Floor	9.16%	2/18/2028		5,112		5,050			5,107		0.4%
Choreo Buyer LLC.	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 1.00% Floor	9.16%	2/18/2028		249		160			232		0.0%
Churchill Middle Market CLO Ltd.	Unsecured Note	(13)	SOFR + 6.85%	11.17%	4/27/2037		1,570		1,570			1,562		0.1%
Coller Private Equity Backed Notes & Loans II-A L.P.	Unsecured Note	(10)(13)	SOFR + 5.20%	9.44%	4/30/2037		1,907		1,876			1,907		0.1%
HBWM Intermediate II, LLC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.91%	11/17/2031		4,559		4,541			4,538		0.3%
HBWM Intermediate II, LLC	First Lien Delayed Draw Term Loan		SOFR + 4.75%, 0.75% Floor	8.91%	11/17/2031		5,471		5,449			5,446		0.4%
HBWM Intermediate II, LLC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.50% Floor	8.89%	8/18/2031		605		595			600		0.0%
Ivy Hill Asset Management, L.P.	Unsecured Note	(13)	N/A	9.00%	6/29/2028		4,300		4,300			4,492		0.3%
Ivy Hill Middle Market Credit Fund XII Ltd	Unsecured Note	(13)	SOFR + 6.25%	10.58%	4/20/2037		4,421		4,421			4,399		0.3%
LD Holdings Group LLC	Unsecured Note	(9)(11)(13)	N/A	8.75%	11/1/2027		800		753			791		0.1%
LendingTree, Inc.	First Lien Term Loan	(9)(13)	SOFR + 4.50%	8.66%	8/21/2030		4,500		4,456			4,493		0.3%
MAI Capital Management Intermediate LLC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.75%	8/29/2031		6,893		6,832			6,826		0.5%
MAI Capital Management Intermediate LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.75%	8/29/2031		2,134		2,107			2,095		0.2%
MAI Capital Management Intermediate LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.75%	6/14/2027		-		(22	)		(44	)	0.0%
MAI Capital Management Intermediate LLC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.91%	8/29/2031		358		341			339		0.0%
Minotaur Acquisition, Inc.	First Lien Term Loan		SOFR + 5.00%, 1.00% Floor	9.16%	5/10/2030		20,144		19,813			20,144		1.5%
Minotaur Acquisition, Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 1.00% Floor	9.16%	5/11/2026		-		(27	)		-		0.0%
Minotaur Acquisition, Inc.	First Lien Delayed Draw Term Loan		SOFR + 5.00%, 1.00% Floor	9.16%	5/10/2030		3,289		3,235			3,289		0.3%
Minotaur Acquisition, Inc.	First Lien Revolving Loan	(10)	SOFR + 5.00%, 1.00% Floor	9.16%	5/10/2030		-		(32	)		-		0.0%
New Mountain Guardian IV Income Rated Feeder II, Ltd.	Unsecured Note	(10)(13)	SOFR + 8.40%	12.40%	4/3/2037		830		830			847		0.1%
New Mountain Guardian IV Rated Feeder III, Ltd.	Unsecured Note	(10)(13)	SOFR + 5.10%	9.10%	8/28/2037		1,216		1,216			1,247		0.1%
New Mountain Guardian IV Rated Feeder III, Ltd.	Unsecured Note	(10)(13)	SOFR + 7.50%	11.50%	8/28/2037		5,796		5,796			5,928		0.5%
New Mountain Guardian IV Rated Feeder III, Ltd.	Unsecured Note	(10)(13)	SOFR + 8.02%	12.02%	8/28/2037		4,237		4,180			4,331		0.3%
Nexus Buyer LLC	Second Lien Term Loan	(9)	SOFR + 5.75%	9.91%	1/30/2032		23,124		22,895			23,127		1.8%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan		SOFR + 4.50%, 1.00% Floor	8.79%	10/2/2028		1,463		1,451			1,456		0.1%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan		SOFR + 4.50%, 1.00% Floor	8.79%	10/2/2028		1,466		1,442			1,459		0.1%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan		SOFR + 4.50%, 1.00% Floor	8.79%	10/2/2028		13,088		13,002			13,024		1.0%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan		SOFR + 4.50%, 1.00% Floor	8.79%	10/2/2028		15,445		15,407			15,369		1.2%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan		SOFR + 4.50%, 1.00% Floor	8.79%	10/2/2028		11,990		11,847			11,931		0.9%
TA/WEG Intermediate Holdings, LLC	First Lien Revolving Loan	(10)	SOFR + 4.50%, 1.00% Floor	8.79%	10/2/2028		-		(18	)		(9	)	0.0%
The Edelman Financial Engines Center LLC	Second Lien Term Loan	(9)	SOFR + 5.25%	9.41%	10/6/2028		10,100		10,084			10,135		0.8%
WEG Sub Intermediate Holdings, LLC	Unsecured Note		N/A	13.00%	5/26/2033		14,900		14,712			14,912		1.1%
Total Financial Services									242,109			244,822

Table of Contents

Stone Point Credit Corporation

Consolidated Schedule of Investments

As of September 30, 2025 (Unaudited) (Continued)

(in thousands)


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Reference Rate and Spread 5	Interest Rate 5	Maturity 6	Par Amount / Units		Cost 7			Fair Value			Percentage of Net Assets 8
Health Care Providers & Services
Acentra Holdings, LLC	First Lien Term Loan		SOFR + 5.50%, 0.50% Floor	9.50%	12/17/2029		14,742		14,316			14,626		1.1%
Acentra Holdings, LLC	First Lien Term Loan		SOFR + 5.50%, 0.50% Floor	9.50%	12/17/2029		2,854		2,820			2,831		0.2%
Acentra Holdings, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.50%, 0.50% Floor	9.50%	3/19/2026		-		(48	)		(69	)	0.0%
Acentra Holdings, LLC	First Lien Revolving Loan	(10)	SOFR + 5.50%, 0.50% Floor	9.50%	12/17/2029		-		(22	)		(11	)	0.0%
Action Behavior Centers Therapy LLC	First Lien Term Loan		SOFR + 5.25%, 0.75% Floor	9.47%	7/2/2031		33,532		33,091			33,281		2.5%
Action Behavior Centers Therapy LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.25%, 0.75% Floor	9.47%	7/2/2031		2,199		2,146			2,153		0.2%
Action Behavior Centers Therapy LLC	First Lien Revolving Loan	(10)	SOFR + 5.25%, 0.75% Floor	9.47%	7/2/2031		-		(38	)		(23	)	0.0%
Belmont Buyer, Inc.	First Lien Term Loan		SOFR + 5.25%, 1.00% Floor	9.57%	6/21/2029		16,326		16,172			16,050		1.2%
Belmont Buyer, Inc.	First Lien Term Loan		SOFR + 6.50%, 1.00% Floor	10.66%	6/21/2029		18,044		17,661			18,044		1.4%
Belmont Buyer, Inc.	First Lien Delayed Draw Term Loan		SOFR + 6.50%, 1.00% Floor	10.69%	6/21/2029		4,283		4,190			4,283		0.3%
Belmont Buyer, Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.25%, 1.00% Floor	9.57%	1/26/2026		-		(24	)		(72	)	0.0%
Belmont Buyer, Inc.	First Lien Revolving Loan	(10)	SOFR + 6.50%, 1.00% Floor	10.66%	6/21/2029		-		(41	)		-		0.0%
Chartis Group, LLC	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.52%	9/17/2031		8,162		8,092			8,107		0.6%
Chartis Group, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.52%	9/17/2026		-		(11	)		(17	)	0.0%
Chartis Group, LLC	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.52%	9/17/2031		-		(11	)		(8	)	0.0%
Continental Buyer Inc.	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.66%	4/2/2031		28,674		28,296			28,539		2.2%
Continental Buyer, Inc	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.66%	4/2/2031		262		253			245		0.0%
Continental Buyer Inc.	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.66%	4/2/2031		-		(43	)		(21	)	0.0%
CORA Health Holdings Corp.	First Lien Term Loan		SOFR + 5.75%, 1.00% Floor	10.10%	6/15/2027		14,192		14,125			13,196		1.0%
CORA Health Holdings Corp.	First Lien Delayed Draw Term Loan		SOFR + 5.75%, 1.00% Floor	10.10%	6/15/2027		235		234			218		0.0%
Covetrus, Inc.	First Lien Term Loan	(9)	SOFR + 5.00%, 0.50% Floor	9.00%	10/12/2029		8,195		7,875			7,340		0.6%
Giving Home Health Care	First Lien Term Loan		SOFR + 6.25%	10.53%	4/26/2029		46,540		46,467			46,084		3.5%
Headlands Buyer, Inc.	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.74%	9/29/2032		28,060		27,779			27,779		2.1%
Headlands Buyer, Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.74%	9/29/2027		-		(57	)		(114	)	0.0%
Headlands Buyer, Inc.	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.74%	9/29/2032		-		(56	)		(56	)	0.0%
Kwol Acquisition Inc	First Lien Term Loan		SOFR + 4.75%	8.75%	12/12/2029		2,385		2,380			2,361		0.2%
Kwol Acquisition Inc	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%	8.75%	8/25/2027		-		(7	)		(14	)	0.0%
Kwol Acquisition Inc	First Lien Revolving Loan	(10)	SOFR + 4.75%	8.75%	12/12/2029		-		(1	)		(5	)	0.0%
MB2 Dental Solutions, LLC	First Lien Term Loan		SOFR + 5.50%, 0.75% Floor	9.66%	2/13/2031		53,981		53,562			54,521		4.1%
MB2 Dental Solutions, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.50%, 0.75% Floor	9.66%	2/13/2031		5,097		5,052			5,209		0.4%
MB2 Dental Solutions, LLC	First Lien Delayed Draw Term Loan		SOFR + 5.50%, 0.75% Floor	9.66%	2/13/2031		4,622		4,595			4,668		0.4%
MB2 Dental Solutions, LLC	First Lien Revolving Loan	(10)	SOFR + 5.50%, 0.75% Floor	9.66%	2/13/2031		-		(17	)		-		0.0%
MIRRA-PRIMEACCESS Holdings, LLC	First Lien Term Loan		SOFR + 6.50%	11.07%	7/29/2026		24,000		23,901			20,320		1.5%
MIRRA-PRIMEACCESS Holdings, LLC	First Lien Revolving Loan	(10)	SOFR + 6.50%, 1.00% Floor	11.07%	7/29/2026		2,055		1,995			1,635		0.1%
NextGen Healthcare	First Lien Term Loan		SOFR + 5.25%, 0.75% Floor	9.48%	11/11/2030		9,103		8,999			8,934		0.7%
NextGen Healthcare	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.25%, 0.75% Floor	9.48%	11/10/2025		-		(13	)		(44	)	0.0%
NextGen Healthcare	First Lien Revolving Loan	(10)	SOFR + 5.25%, 0.75% Floor	9.48%	11/9/2029		-		(9	)		(16	)	0.0%
Project Ruby Ultimate Parent Corp	Second Lien Term Loan		SOFR + 5.25%, 0.75% Floor	9.53%	3/12/2029		15,000		14,938			15,000		1.1%
RCP Nats Purchaser, LLC	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	9.00%	3/19/2032		41,045		40,546			40,552		3.1%
RCP Nats Purchaser, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.00%	3/19/2027		-		(47	)		(99	)	0.0%
RCP Nats Purchaser, LLC	First Lien Revolving Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.00%	3/19/2032		-		(66	)		(69	)	0.0%
RxB Holdings, Inc.	First Lien Term Loan	(9)	SOFR + 4.50%, 0.75% Floor	8.78%	12/20/2027		2,984		2,948			3,003		0.2%
RxB Holdings, Inc.	First Lien Term Loan	(9)	SOFR + 5.25%, 0.75% Floor	9.53%	12/20/2027		9,328		9,275			9,363		0.7%
SpecialtyCare, Inc.	First Lien Term Loan		SOFR + 5.00%	9.33%	12/18/2029		13,790		13,759			13,652		1.0%
SpecialtyCare, Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%	9.33%	8/26/2027		-		(2	)		(5	)	0.0%
SpecialtyCare, Inc.	First Lien Revolving Loan	(10)	SOFR + 3.75%, 1.00% Floor	8.12%	6/18/2026		85		80			74		0.0%

Table of Contents

Stone Point Credit Corporation

Consolidated Schedule of Investments

As of September 30, 2025 (Unaudited) (Continued)

(in thousands)


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Reference Rate and Spread 5	Interest Rate 5	Maturity 6	Par Amount / Units		Cost 7			Fair Value		Percentage of Net Assets 8
Stepping Stones Healthcare Services, LLC	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	9.00%	1/2/2029		23,643		23,452			23,643	1.8%
Stepping Stones Healthcare Services, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.00%	1/2/2029		1,907		1,852			1,907	0.1%
Stepping Stones Healthcare Services, LLC	First Lien Delayed Draw Term Loan		SOFR + 5.00%, 0.75% Floor	9.00%	1/2/2029		5,307		5,269			5,307	0.4%
Stepping Stones Healthcare Services, LLC	First Lien Revolving Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.00%	12/29/2026		-		(13	)		-	0.0%
Trinity Partners Holdings, LLC	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	9.26%	12/31/2030		26,658		26,397			26,658	2.0%
Trinity Partners Holdings, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.26%	6/30/2027		-		(103	)		-	0.0%
TST Intermediate Holdings, LLC	First Lien Term Loan		SOFR + 5.50%, 1.00% Floor	9.91%	11/27/2028		15,766		15,717			15,177	1.2%
TST Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.50%, 1.00% Floor	9.91%	11/25/2028		12,717		12,603			12,024	0.9%
TST Intermediate Holdings, LLC	First Lien Revolving Loan	(10)	ABR + 5.00%	12.25%	11/27/2028		249		247			216	0.0%
Vital Care Buyer LLC	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.50%	7/30/2031		6,626		6,568			6,626	0.5%
Vital Care Buyer LLC	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.50%	7/30/2031		-		(7	)		-	0.0%
Total Health Care Providers & Services									497,016			492,983

Health Care Technology
Finthrive Software Intermediate Holdings, Inc.,	First Lien Term Loan	(9)	SOFR + 5.25%	9.25%	12/15/2028		10,244		10,126			10,216	0.8%
Homecare Software Solutions LLC	First Lien Term Loan		SOFR + 5.55%, 0.75% Floor	9.71%	6/16/2031		12,054		11,956			11,947	0.9%
Homecare Software Solutions LLC	First Lien Term Loan		SOFR + 5.55%, 0.75% Floor	9.71%	6/16/2031		5,142		5,098			5,096	0.4%
Homecare Software Solutions LLC	First Lien Delayed Draw Term Loan		SOFR + 5.55%, 0.75% Floor	9.71%	6/16/2031		4,477		4,440			4,438	0.3%
Imagine Acquisition, Inc.	First Lien Term Loan		SOFR + 5.00%, 1.00% Floor	9.29%	11/16/2027		27,854		27,702			27,854	2.1%
Imagine Acquisition, Inc.	First Lien Revolving Loan	(10)	SOFR + 5.00%, 1.00% Floor	9.29%	11/16/2027		-		(25	)		-	0.0%
Total Health Care Technology									59,297			59,551

Table of Contents

Stone Point Credit Corporation

Consolidated Schedule of Investments

As of September 30, 2025 (Unaudited) (Continued)

(in thousands)


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Reference Rate and Spread 5	Interest Rate 5	Maturity 6	Par Amount / Units		Cost 7			Fair Value			Percentage of Net Assets 8
Insurance
Alkeme Intermediary Holdings, LLC	First Lien Term Loan		SOFR + 5.00%, 1.00% Floor	9.00%	5/28/2027		11,550		11,536			11,492		0.9%
Alkeme Intermediary Holdings, LLC	First Lien Delayed Draw Term Loan		SOFR + 5.00%, 1.00% Floor	9.00%	5/28/2027		23,190		23,162			23,074		1.8%
Alkeme Intermediary Holdings, LLC	First Lien Delayed Draw Term Loan		SOFR + 5.00%, 1.00% Floor	9.16%	5/28/2027		9,985		9,962			9,935		0.8%
Amerilife Holdings LLC	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	9.17%	8/31/2029		55,939		55,426			55,693		4.2%
Amerilife Holdings LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.17%	8/31/2029		6,915		6,837			6,882		0.5%
Amerilife Holdings LLC	First Lien Delayed Draw Term Loan		SOFR + 5.00%, 0.75% Floor	9.17%	8/31/2029		147		146			147		0.0%
AmeriLife Holdings LLC	First Lien Revolving Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.17%	8/31/2028		945		906			920		0.1%
AP Highlands Holdings, L.P.	Unsecured Note		N/A	9.75%	10/16/2028		4,965		4,927			4,953		0.4%
AP Highlands Co-Invest, L.P.	Unsecured Note		N/A	9.75%	10/16/2028		3,035		3,012			3,028		0.2%
Arden Insurance Services LLC	First Lien Term Loan		SOFR + 5.00%, 1.00% Floor	9.00%	11/27/2030		13,072		12,903			12,960		1.0%
Arden Insurance Services LLC	First Lien Revolving Loan	(10)	SOFR + 5.00%, 1.00% Floor	9.00%	11/27/2030		-		(24	)		(16	)	0.0%
ARMStrong Receivable Management	First Lien Term Loan		SOFR + 4.75%, 1.00% Floor	8.85%	10/5/2029		8,787		8,770			8,757		0.7%
ARMStrong Receivable Management	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 1.00% Floor	8.85%	10/06/2026		-		(1	)		(1	)	0.0%
ARMStrong Receivable Management	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 1.00% Floor	9.14%	10/5/2029		309		306			304		0.0%
ARMStrong Receivable Management	First Lien Revolving Loan	(10)	SOFR + 4.75%, 1.00% Floor	8.85%	10/5/2029		-		-			(1	)	0.0%
Babylon Buyer, Inc.	First Lien Term Loan		SOFR + 5.50%, 0.75% Floor	9.64%	3/8/2030		36,065		35,343			35,647		2.7%
Babylon Buyer, Inc.	First Lien Revolving Loan	(10)	SOFR + 5.50%, 0.75% Floor	9.64%	3/8/2030		-		(27	)		(17	)	0.0%
Bellwether Buyer, LLC	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.64%	4/15/2032		14,458		14,390			14,388		1.1%
Bellwether Buyer, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.64%	10/15/2027		-		(18	)		(36	)	0.0%
Bellwether Buyer, LLC	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.66%	4/15/2032		753		739			739		0.1%
Captive Resources MIDCO, LLC	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.66%	7/2/2029		30,285		29,937			30,285		2.3%
Captive Resources MIDCO, LLC	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.66%	7/1/2028		-		(20	)		-		0.0%
Euclid Transactional, LLC	First Lien Term Loan		SOFR + 5.50%, 0.75% Floor	11.07%	10/2/2028		71,561		70,748			71,561		5.4%
Foundation Risk Partners, Corp.	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.75%	10/29/2030		3,627		3,627			3,610		0.3%
Foundation Risk Partners, Corp.	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.75%	10/29/2030		33,147		33,147			32,991		2.5%
Foundation Risk Partners, Corp.	First Lien Delayed Draw Term Loan		SOFR + 4.75%, 0.75% Floor	8.75%	10/29/2030		7,607		7,599			7,571		0.6%
Foundation Risk Partners, Corp.	First Lien Delayed Draw Term Loan		SOFR + 4.75%, 0.75% Floor	8.75%	10/29/2030		4,491		4,491			4,470		0.3%
Foundation Risk Partners, Corp.	First Lien Delayed Draw Term Loan		SOFR + 4.75%, 0.75% Floor	8.75%	10/29/2030		15,491		15,491			15,418		1.2%
Foundation Risk Partners, Corp.	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.75%	10/29/2029		-		-			(17	)	0.0%
Galway Borrower LLC	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.50%	9/29/2028		33,693		33,432			33,693		2.6%
Galway Borrower LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.50%	9/29/2028		1,746		1,712			1,683		0.1%
Galway Borrower LLC	First Lien Delayed Draw Term Loan		SOFR + 4.50%, 0.75% Floor	8.50%	9/29/2028		17,689		17,402			17,583		1.3%
Galway Borrower LLC	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.49%	9/29/2028		637		630			637		0.0%
OneDigital Borrower LLC	Second Lien Term Loan	(9)	SOFR + 5.25%, 0.50% Floor	9.41%	7/2/2032		5,000		4,968			5,053		0.4%
Redwood Purchaser, INC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.75%	3/3/2031		20,513		20,269			20,271		1.5%
Redwood Purchaser, INC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.75%	3/3/2027		-		(60	)		(126	)	0.0%
Redwood Purchaser, INC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.75%	3/3/2031		-		(57	)		(59	)	0.0%
THG Acquisition, LLC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.91%	10/31/2031		26,098		25,869			25,858		2.0%
THG Acquisition, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.91%	10/31/2031		949		919			895		0.1%
THG Acquisition, LLC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.91%	10/31/2031		217		192			190		0.0%
World Insurance Associates, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 1.00% Floor	9.00%	4/3/2030		2,563		2,531			2,512		0.2%
World Insurance Associates, LLC	First Lien Revolving Loan	(10)	SOFR + 5.00%, 1.00% Floor	9.00%	4/3/2030		-		(3	)		(3	)	0.0%
Worldwide Insurance Network, LLC	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	9.71%	5/28/2030		23,919		23,628			23,716		1.8%
Worldwide Insurance Network, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.71%	5/28/2030		17,413		17,300			17,250		1.3%
Worldwide Insurance Network, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.71%	5/24/2027		-		(70	)		(128	)	0.0%
Total Insurance									501,977			503,762

Table of Contents

Stone Point Credit Corporation

Consolidated Schedule of Investments

As of September 30, 2025 (Unaudited) (Continued)

(in thousands)


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Reference Rate and Spread 5	Interest Rate 5	Maturity 6	Par Amount / Units		Cost 7			Fair Value			Percentage of Net Assets 8
IT Services
Auctane Holdings, LLC	First Lien Term Loan		SOFR + 5.75%, 0.75% Floor	10.14%	10/5/2028		38,800		38,409			38,052		2.9%
Auctane Holdings, LLC	First Lien Term Loan		SOFR + 5.75%, 0.75% Floor	9.89%	10/5/2028		12,731		12,602			12,486		0.9%
Bottomline Technologies, Inc.	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.50%	5/14/2029		39,544		39,067			39,544		3.0%
Bottomline Technologies, Inc.	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.50%	5/15/2028		-		(34	)		-		0.0%
DCert Buyer, Inc.	Second Lien Term Loan	(9)	SOFR + 7.00%	11.16%	2/19/2029		8,259		8,175			7,536		0.6%
Evergreen Services Group PIK Holdco, LLC	Unsecured Note		N/A	13.75%	4/7/2031		7,824		7,688			7,772		0.6%
Evergreen Services Group PIK Holdco, LLC	Unsecured Note		N/A	13.75%	4/7/2031		4,296		4,222			4,268		0.3%
Helpsystems Holdings, Inc.	Second Lien Term Loan		SOFR + 6.75%, 0.75% Floor	11.16%	11/19/2027		10,000		10,000			8,468		0.6%
Kona Buyer, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.95%	6/28/2027		-		(8	)		(17	)	0.0%
Kona Buyer, LLC	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.95%	7/23/2031		-		(2	)		(2	)	0.0%
LYTX, INC.	First Lien Term Loan		SOFR + 5.00%, 1.00% Floor	9.26%	2/28/2028		19,661		19,661			19,661		1.5%
Ministry Brands Holdings, LLC	First Lien Term Loan		SOFR + 5.50%, 0.75% Floor	9.76%	12/28/2028		17,037		16,948			16,807		1.3%
Ministry Brands Holdings, LLC	First Lien Delayed Draw Term Loan		SOFR + 5.50%, 1.00% Floor	9.76%	12/28/2028		1,723		1,718			1,700		0.1%
Ministry Brands Holdings, LLC	First Lien Revolving Loan	(10)	ABR + 4.50%, 0.75% Floor	11.75%	12/30/2027		-		(6	)		(23	)	0.0%
Omega Systems Intermediate Holdings, INC	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	9.00%	1/15/2031		10,767		10,646			10,642		0.8%
Omega Systems Intermediate Holdings, INC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.00%	1/15/2027		-		(35	)		(73	)	0.0%
Omega Systems Intermediate Holdings, INC	First Lien Revolving Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.00%	1/15/2031		-		(21	)		(22	)	0.0%
Redwood Services Group, LLC	First Lien Term Loan		SOFR + 5.25%, 0.75% Floor	9.25%	6/15/2029		8,739		8,680			8,696		0.7%
Redwood Services Group, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.25%, 0.75% Floor	9.25%	6/15/2029		3,790		3,725			3,735		0.3%
Skywalker Purchaser, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	9.49%	6/27/2027		-		(5	)		(10	)	0.0%
Skywalker Purchaser, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	9.49%	6/27/2027		-		(5	)		(11	)	0.0%
Total IT Services									181,425			179,209

Table of Contents

Stone Point Credit Corporation

Consolidated Schedule of Investments

As of September 30, 2025 (Unaudited) (Continued)

(in thousands)


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Reference Rate and Spread	Interest Rate	Maturity 5	Par Amount / Units		Cost 6			Fair Value			Percentage of Net Assets 7
Professional Services
Accordion Partners LLC	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	9.00%	11/17/2031		32,559		32,366			32,445		2.5%
Accordion Partners LLC	Unsecured Note		N/A	12.75%	11/15/2034		16,766		16,466			16,646		1.3%
Accordion Partners LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.23%	11/17/2031		871		848			852		0.1%
Accordion Partners LLC	First Lien Revolving Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.00%	11/17/2031		-		(22	)		(13	)	0.0%
ALKU Intermediate Holdings, LLC	First Lien Term Loan		SOFR + 6.25%, 0.75% Floor	10.12%	5/23/2029		3,622		3,559			3,622		0.3%
ALKU Intermediate Holdings, LLC	First Lien Term Loan		SOFR + 5.50%, 0.75% Floor	9.37%	5/23/2029		400		395			393		0.0%
Aprio Advisory Group, LLC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.75%	8/1/2031		20,099		19,920			19,906		1.5%
Aprio Advisory Group, LLC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.62%	8/1/2031		2,756		2,703			2,730		0.2%
Aprio Advisory Group, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.75%	8/1/2031		3,112		2,917			2,980		0.2%
Aprio Advisory Group, LLC	First Lien Delayed Draw Term Loan		SOFR + 4.75%, 0.75% Floor	8.91%	8/1/2031		8,753		8,664			8,669		0.7%
Aprio Advisory Group, LLC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.75%	8/1/2031		-		(37	)		(42	)	0.0%
Baker Tilly Advisory Group, L.P.	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.91%	6/3/2031		20,724		20,454			20,724		1.6%
Baker Tilly Advisory Group, L.P.	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.66%	6/2/2032		6,716		6,653			6,649		0.5%
Baker Tilly Advisory Group, L.P.	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.66%	6/3/2027		-		(13	)		(23	)	0.0%
Baker Tilly Advisory Group, L.P.	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.66%	6/2/2032		-		(10	)		(10	)	0.0%
Baker Tilly Advisory Group, L.P.	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.66%	6/3/2030		-		(47	)		-		0.0%
BDO USA, P.C.	First Lien Term Loan		SOFR + 5.00%, 2.00% Floor	9.22%	8/31/2028		13,263		13,085			13,263		1.0%
Cherry Bekaert Advisory LLC	First Lien Term Loan		SOFR + 5.25%, 0.75% Floor	9.41%	6/30/2028		4,288		4,232			4,256		0.3%
Cherry Bekaert Advisory LLC	First Lien Delayed Draw Term Loan		SOFR + 5.25%, 0.75% Floor	9.41%	6/30/2028		5,582		5,505			5,541		0.4%
Explorer Investor, Inc	First Lien Term Loan		SOFR + 6.00%, 0.50% Floor	10.29%	6/28/2029		28,118		26,963			25,509		1.9%
IG Investments Holdings, LLC	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	9.31%	9/22/2028		46,730		46,292			46,482		3.5%
IG Investments Holdings, LLC	First Lien Revolving Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.31%	9/22/2028		-		(42	)		(19	)	0.0%
KRIV Acquisition Inc.	First Lien Term Loan		SOFR + 5.00%, 1.00% Floor	9.00%	7/31/2031		18,757		18,650			18,570		1.4%
KRIV Acquisition Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 1.00% Floor	9.00%	9/30/2027		-		(206	)		(217	)	0.0%
KRIV Acquisition Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 1.00% Floor	9.00%	9/30/2027		-		(8	)		(15	)	0.0%
KRIV Acquisition Inc.	First Lien Revolving Loan	(10)	SOFR + 5.00%, 1.00% Floor	9.21%	7/31/2031		37		33			33		0.0%
More Cowbell II LLC	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.67%	9/3/2030		27,224		26,731			27,224		2.1%
More Cowbell II LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.67%	9/3/2027		-		-			-		0.0%
More Cowbell II LLC	First Lien Revolving Loan	(10)	SOFR + 4.25%, 0.75% Floor	8.09%	9/4/2029		194		194			194		0.0%
OMNIA Partners LLC	Second Lien Term Loan		SOFR + 5.00%	9.31%	5/31/2032		10,000		9,956			10,000		0.8%
P20 Parent, Inc.	First Lien Term Loan		SOFR + 7.50%, 1.00% Floor	11.50%	7/12/2028		44,135		43,646			43,107		3.3%
PAS Parent Inc.	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.66%	8/18/2032		9,635		9,550			9,539		0.7%
PAS Parent Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.66%	8/18/2028		-		-			(67	)	0.0%
PAS Parent Inc.	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.66%	8/18/2031		-		-			(10	)	0.0%
Petra Borrower, LLC	First Lien Term Loan		SOFR + 5.75%, 1.00% Floor	10.07%	11/15/2030		15,726		15,416			15,545		1.2%
Petra Borrower, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.75%, 1.00% Floor	9.75%	11/15/2030		2,925		2,799			2,855		0.2%
Petra Borrower, LLC	First Lien Revolving Loan	(10)	SOFR + 5.75%, 1.00% Floor	9.92%	11/15/2029		491		446			463		0.0%
TRAK Purchaser, Inc	First Lien Term Loan		SOFR + 5.50%, 1.00% Floor	9.81%	6/20/2031		31,234		30,780			30,778		2.3%
TRAK Purchaser, Inc	First Lien Revolving Loan	(10)	SOFR + 5.50%, 1.00% Floor	9.50%	6/20/2031		656		625			624		0.0%
Williams Marston, LLC	First Lien Term Loan		SOFR + 5.75%, 1.00% Floor	10.05%	8/25/2028		15,483		15,018			15,483		1.2%
Williams Marston, LLC	First Lien Delayed Draw Term Loan		SOFR + 5.75%, 1.00% Floor	10.05%	8/25/2028		2,541		2,491			2,541		0.2%
Williams Marston, LLC	First Lien Revolving Loan	(10)	SOFR + 5.75%, 1.00% Floor	10.05%	8/25/2028		255		223			255		0.0%
Total Professional Services									387,195			387,462

Table of Contents

Stone Point Credit Corporation

Consolidated Schedule of Investments

As of September 30, 2025 (Unaudited) (Continued)

(in thousands)


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Reference Rate and Spread 5	Interest Rate 5	Maturity 6	Par Amount / Units		Cost 7			Fair Value			Percentage of Net Assets 8
Real Estate Management & Development
Accuserve Solutions, Inc.	First Lien Term Loan		SOFR + 5.25%, 1.00% Floor	9.48%	3/15/2030		64,696		64,321			63,020		4.8%
Accuserve Solutions, Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.25%, 1.00% Floor	9.48%	5/8/2026		-		(11	)		(109	)	0.0%
Accuserve Solutions, Inc.	First Lien Revolving Loan	(10)	SOFR + 5.25%, 1.00% Floor	9.49%	3/15/2030		5,850		5,850			5,680		0.4%
Claros Mortgage Trust Inc	First Lien Term Loan	(9)(13)	SOFR + 4.50%, 0.50% Floor	8.76%	8/9/2026		3,274		3,166			3,171		0.2%
Freedom Funding Center LLC	Unsecured Note	(9)(11)	N/A	12.00%	10/1/2037		15,000		15,000			16,087		1.2%
Guardian Restoration Partners Buyers, LLC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.75%	11/3/2031		8,187		8,097			8,093		0.6%
Guardian Restoration Partners Buyers, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.75%	11/3/2031		11,432		11,297			11,274		0.9%
Guardian Restoration Partners Buyers, LLC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.75%	11/3/2031		878		855			854		0.1%
Low Voltage Holdings Inc.	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.75%	4/28/2032		3,597		3,571			3,571		0.3%
Low Voltage Holdings Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.75%	10/28/2027		-		(4	)		(8	)	0.0%
Low Voltage Holdings Inc.	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.75%	4/28/2032		-		(4	)		(4	)	0.0%
Southpaw AP Buyer, LLC	First Lien Term Loan		SOFR + 5.50%, 1.00% Floor	9.96%	3/2/2028		10,595		10,491			10,512		0.8%
Southpaw AP Buyer, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.50%, 1.00% Floor	9.96%	3/2/2028		785		777			779		0.1%
Southpaw AP Buyer, LLC	First Lien Revolving Loan	(10)	SOFR + 5.50%, 1.00% Floor	9.97%	3/2/2028		198		190			191		0.0%
Titan Home Improvement, LLC	First Lien Term Loan		SOFR + 4.75%, 1.00% Floor	8.95%	5/31/2030		24,313		23,912			24,113		1.8%
Titan Home Improvement, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 1.00% Floor	8.95%	5/29/2026		-		(36	)		(38	)	0.0%
Titan Home Improvement, LLC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 1.00% Floor	8.95%	5/31/2030		-		(60	)		(31	)	0.0%
Total Real Estate Management & Development									147,412			147,155

Table of Contents

Stone Point Credit Corporation

Consolidated Schedule of Investments

As of September 30, 2025 (Unaudited) (Continued)

(in thousands)


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Reference Rate and Spread 5	Interest Rate 5	Maturity 6	Par Amount / Units		Cost 7			Fair Value			Percentage of Net Assets 8
Software
Anaplan Inc.	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.70%	6/21/2029		20,518		20,518			20,518		1.6%
Anaplan Inc.	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.70%	6/21/2028		-		-			-		0.0%
Cardinal Parent, Inc.	First Lien Term Loan	(9)	SOFR + 4.50%, 0.75% Floor	8.82%	11/12/2027		2,977		2,874			2,947		0.2%
Diligent Corporation	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	9.20%	8/6/2030		45,568		45,443			45,276		3.4%
Diligent Corporation	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	9.20%	8/6/2030		7,812		7,510			7,762		0.6%
Diligent Corporation	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.20%	4/30/2026		-		(24	)		(26	)	0.0%
Diligent Corporation	First Lien Revolving Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.20%	8/6/2030		660		610			621		0.0%
Eclipse Buyer, Inc.	First Lien Term Loan		SOFR + 4.50%, 0.50% Floor	8.68%	9/8/2031		12,590		12,483			12,552		1.0%
Eclipse Buyer, Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.50% Floor	8.68%	9/7/2026		-		(9	)		(6	)	0.0%
Eclipse Buyer, Inc.	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.50% Floor	8.68%	9/8/2031		-		(9	)		(3	)	0.0%
Flexera Software LLC	First Lien Term Loan		SOFR + 4.75%, 0.50% Floor	8.96%	8/16/2032		4,781		4,769			4,769		0.4%
Flexera Software LLC	First Lien Term Loan		EURIBOR + 4.75%	6.63%	8/16/2032		2,836		3,310			3,319		0.3%
Flexera Software LLC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.50% Floor	8.96%	8/16/2032		-		(3	)		(3	)	0.0%
Fullsteam Holdco L.P. LLC	Unsecured Note		N/A	13.00%	8/9/2032		17,500		17,238			17,238		1.3%
Fullsteam Operations LLC	First Lien Term Loan		SOFR + 5.25%, 0.75% Floor	9.48%	8/8/2031		27,500		27,228			27,225		2.1%
Fullsteam Operations LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.25%, 0.75% Floor	9.48%	8/8/2027		-		(45	)		(92	)	0.0%
Fullsteam Operations LLC	First Lien Revolving Loan	(10)	SOFR + 5.25%, 0.75% Floor	9.48%	8/8/2031		-		(33	)		(33	)	0.0%
GovDelivery Holdings LLC	First Lien Term Loan		SOFR + 5.75%, 0.75% Floor	10.06%	1/17/2031		15,834		15,719			15,834		1.2%
GovDelivery Holdings LLC	First Lien Delayed Draw Term Loan		SOFR + 5.25%, 0.75% Floor	9.56%	1/17/2031		2,346		2,323			2,320		0.2%
GovDelivery Holdings LLC	First Lien Revolving Loan	(10)	ABR + 4.25%	11.50%	1/17/2031		-		(17	)		-		0.0%
GS Acquisitionco, Inc.	First Lien Term Loan		SOFR + 5.25%, 1.00% Floor	9.25%	5/25/2028		38,938		38,875			38,938		3.0%
GS Acquisitionco, Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.25%, 1.00% Floor	9.25%	5/25/2028		529		524			529		0.0%
GS Acquisitionco, Inc.	First Lien Revolving Loan	(10)	SOFR + 5.25%, 1.00% Floor	9.25%	5/25/2028		360		357			360		0.0%
Harbor Purchaser Inc,	Second Lien Term Loan	(9)	SOFR + 8.50%, 0.50% Floor	12.66%	4/8/2030		12,500		12,330			11,469		0.9%
Houghton Mifflin Harcourt Co	First Lien Term Loan	(9)	SOFR + 5.25%, 0.50% Floor	9.51%	4/9/2029		4,949		4,901			4,447		0.3%
Hyland Software, Inc	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	9.16%	9/19/2030		24,858		24,572			24,858		1.9%
Hyland Software, Inc	First Lien Revolving Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.16%	9/19/2029		-		(12	)		-		0.0%
Mandolin Technology Intermediate Holdings, Inc.	Second Lien Term Loan		SOFR + 6.50%, 1.00% Floor	10.88%	7/30/2029		18,077		17,970			14,506		1.1%
Maverick 1 LLC	Second Lien Term Loan		SOFR + 6.75%, 0.75% Floor	11.21%	5/18/2029		9,000		8,975			8,826		0.7%
MEDX Holdings, LLC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.91%	7/21/2032		23,584		23,350			23,349		1.8%
MEDX Holdings, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.91%	7/21/2027		-		(48	)		(98	)	0.0%
MEDX Holdings, LLC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.91%	7/21/2032		-		(45	)		(46	)	0.0%
oneZero Financial Systems, LLC	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	9.31%	10/7/2031		26,788		26,551			26,700		2.0%
oneZero Financial Systems, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.31%	10/7/2031		1,581		1,553			1,565		0.1%
oneZero Financial Systems, LLC	First Lien Revolving Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.31%	10/7/2031		-		(29	)		(10	)	0.0%
Orion Advisor Solutions INC.	Second Lien Term Loan		SOFR + 7.50%, 1.00% Floor	11.81%	9/24/2028		11,978		11,925			11,978		0.9%
Orion Advisor Solutions INC.	Second Lien Delayed Draw Term Loan	(10)	SOFR + 7.50%, 1.00% Floor	11.81%	9/24/2028		3,668		3,645			3,668		0.3%
Orion US Finco	Second Lien Term Loan	(9)	SOFR + 5.50%	9.70%	5/20/2033		10,000		9,900			10,083		0.8%
Propio LS, LLC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.75%	5/13/2030		6,799		6,733			6,731		0.5%
Propio LS, LLC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.75%	5/13/2030		-		(2	)		(2	)	0.0%
Saab Purchaser, Inc	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.75%	11/12/2031		7,136		7,065			7,064		0.5%
Saab Purchaser, Inc	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.75%	9/22/2027		-		(34	)		(69	)	0.0%
Saab Purchaser, Inc	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.75%	11/12/2031		-		(10	)		(10	)	0.0%
Simplifi Holdings, Inc.	First Lien Term Loan		SOFR + 5.25%, 0.75% Floor	9.51%	12/29/2028		26,092		25,823			26,092		2.0%
Simplifi Holdings, Inc.	First Lien Revolving Loan	(10)	SOFR + 5.25%, 0.75% Floor	9.51%	6/29/2029		940		927			940		0.1%
Syntax Systems Limited	First Lien Term Loan	(13)	SOFR + 5.00%, 0.75% Floor	9.25%	10/29/2028		537		533			537		0.0%
Syntax Systems Limited	First Lien Term Loan	(13)	SOFR + 5.00%, 0.75% Floor	9.27%	10/29/2028		10,389		10,338			10,387		0.8%
Tamarack Intermediate, L.L.C.	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	9.15%	3/13/2028		20,786		20,538			20,589		1.6%
Tamarack Intermediate, L.L.C.	First Lien Revolving Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.15%	3/13/2028		-		(32	)		(33	)	0.0%
Total Software									417,058			413,566

Total Debt Investments									2,628,173			2,623,979

Table of Contents

Stone Point Credit Corporation

Consolidated Schedule of Investments

As of September 30, 2025 (Unaudited) (Continued)

(in thousands)


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Interest Rate 5	Acquisition Date	Par Amount / Units		Cost 7		Fair Value		Percentage of Net Assets 8
Preferred Equity - 2.8%
Financial Services
MC CIF Wealth Management (UK) Ltd.	Preferred Equity	(13)	12.00%	8/12/2025		2,500		2,475		2,475	0.2%
MC CIF Wealth Management (UK) Ltd.	Preferred Equity	(13)	13.50%	8/12/2025		2,500		2,475		2,475	0.2%
Total Financial Services								4,950		4,950

Health Care Technology
Imagine Acquisition, Inc.	Preferred Equity	(14)	N/A	11/16/2021		2,000		2,000		3,389	0.3%
Total Health Care Technology								2,000		3,389

Insurance
Galway Partners Holdings LLC	Preferred Equity		14.00%	4/28/2023		13,967		13,773		14,036	1.1%
Total Insurance								13,773		14,036

Software
Eclipse Buyer, Inc.	Preferred Equity		12.50%	9/6/2024		3,706		3,639		3,669	0.3%
GT Polaris Holdings, Inc	Preferred Equity		12.50%	6/6/2022		12,410		12,286		12,230	0.9%
Total Software								15,925		15,899

Total Preferred Equity Investments								36,648		38,274

Common Equity and Warrants - 1.3%
Capital Markets
Resolute Investment Managers, Inc.	Equity	(14)	N/A	12/29/2023		58		1,249		1,604	0.1%
Total Capital Markets								1,249		1,604

Health Care Providers & Services
New Giving Acquisition, Inc.	Equity	(14)	N/A	8/19/2022		2		-		997	0.1%
Total Health Care Providers & Services								-		997

Professional Services
THL Fund IX Investors (Plymouth), L.P.	Equity	(12)(14)	N/A	9/1/2023		3,182		3,181		5,506	0.4%
Total Professional Services								3,181		5,506

Real Estate Management & Development
ACC Ultimate Holdings, L.P.	Equity	(14)	N/A	5/8/2024		375		3,750		2,625	0.2%
Total Real Estate Management & Development								3,750		2,625

Table of Contents

Stone Point Credit Corporation

Consolidated Schedule of Investments

As of September 30, 2025 (Unaudited) (Continued)

(in thousands)


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Interest Rate 5	Acquisition Date	Par Amount / Units		Cost 7		Fair Value		Percentage of Net Assets 8
Software
Spirit RR Holdings, Inc.	Equity	(14)	N/A	9/19/2022		3,586		3,635		6,742	0.5%
Total Software								3,635		6,742

Total Common Equity and Warrants Investments								11,815		17,474

Total Non-Controlled/Non-Affiliated Investments							$	2,676,636	$	2,679,727

Controlled/Affiliated - Investments
Common Equity - 0.4%
Professional Services
SPV CA IX, LLC	Equity	(10)(12)(14)(15)	N/A	7/18/2025		5,549		5,318		5,661	0.4%
Total Professional Services								5,318		5,661

Total Common Equity Investments							$	5,318	$	5,661

Total Controlled/Affiliated Investments							$	5,318	$	5,661

TOTAL INVESTMENTS							$	2,681,954	$	2,685,388

Table of Contents

Stone Point Credit Corporation

Consolidated Schedule of Investments

As of September 30, 2025 (Unaudited) (Continued)

(in thousands)

(1)

All of the Company’s investments are domiciled in the United States except for Apex Group Treasury LLC, Barings Middle Market CLO Ltd., Inizio Group Limited, MC CIF Wealth Management Ltd, New Mountain Guardian IV Income Rated Feeder II Ltd & New Mountain Guardian IV Rated Feeder III Ltd, and Syntax Systems Limited, which are domiciled in Ireland, the Cayman Islands, United Kingdom, United Kingdom, Bermuda, and Canada, respectively.

(2)

Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of ASC 820 fair value hierarchy.

(3)

All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"), except for ALP CFO LP 2024-1, Apex Group Treasury LLC, Barings Middle Market CLO Ltd., Best Egg Asset Structured Pass Through Master Trust, Churchill Middle Market CLO Ltd., Claros Mortgage Trust, Inc., Coller Capital, Exeter Short Term Funding LLC, Inizio Group Limited, Ivy Hill Asset Management, Ivy Hill Middle Market Credit Fund XII Ltd, LD Holdings Group LLC., LendingTree, Inc., MC CIF Wealth Management (UK) Ltd. New Mountain Guardian IV Income Rated Feeder II, Ltd., New Mountain Guardian IV Rated Feeder III, LTD., and Syntax Systems Limited.

(4)

As of September 30, 2025, all investments are pledged as collateral unless otherwise stated.

(5)

The majority of the securities bear interest at a rate that may be determined by reference Secured Overnight Financing Rate ("SOFR"), which at September 30, 2025 was 4.24%; Alternate Base Rate ("ABR"), which at September 30, 2025 was 7.25%; and the Euro Interbank Offered Rate ("EURIBOR"), which at September 30, 2025 was 1.92 %. For each such security, the Fund has provided the applicable spread over SOFR, ABR and EURIBOR and the current contractual interest rate in effect at September 30, 2025. Certain investments contain a Payment-in-Kind (“PIK”) provision. SOFR based contracts may include a credit spread adjustment, which is included within the stated all-in interest rate, if applicable, that is charged in addition to the base rate and the stated spread.

(6)

The date disclosed represents the expiration of the commitment period of the unfunded term loan. Upon expiration of the commitment period, the funded portion of the term loan may be subject to a longer maturity date.

(7)

Cost represents the original cost adjusted for amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(8)

Percentage is based on net assets of $1,315,531 as of September 30, 2025.

(9)

Represents securities categorized as Level 2 assets under the definition of ASC 820 fair value hierarchy.

(10)

This investment has an unfunded commitment as of September 30, 2025. For further details, see Note 5. Fair value includes an analysis of the unfunded commitment.

(11)

Securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities represent a fair value of $20,295 or 1.5% of net assets as of September 30, 2025 and are considered restricted.

(12)

Investment measured at net asset value (“NAV”)

(13)

This investment is treated as a non-qualifying investment under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2025, non-qualifying assets totaled 3.8% of the Company's total assets.

(14)

Securities are non-income producing.

(15)

As defined in the 1940 Act, the Company is deemed to be both an "affiliated person" and "control" the portfolio company because it owns more than 25% of the portfolio company's outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions for the nine months ended September 30, 2025 in which the portfolio company is deemed to be a "Control Investment" of the Company were as follows:


Portfolio Company	Asset Type	Fair value at December 31, 2024		Transfers in (out)		Purchases (cost)		Sales and paydowns		PIK interest (cost)		Amortization		Net realized gain (loss)		Net unrealized gain (loss)		Fair value at September 30, 2025
Controlled/affiliated company investment:
SPV CA IX, LLC	Equity	$	—	$	—	$	5,318	$	—	$	—	$	—	$	—	$	343	$	5,661
Total controlled/affiliated company investments		$	—	$	—	$	5,318	$	—	$	—	$	—	$	—	$	343	$	5,661


		Nine Months Ended September 30,
		2025						2024
Portfolio Company	Asset Type	Interest Income		Dividend Income		Fee Income		Interest Income	Dividend Income	Fee Income
Controlled/affiliated company investments:
SPV CA IX, LLC	Equity	$	—	$	—	$	—	n/a	n/a	n/a
Total controlled affiliated company investments		$	—	$	—	$	—	n/a	n/a	n/a

The accompanying notes are an integral part of these consolidated unaudited financial statements.

Table of Contents

Stone Point Credit Corporation

Consolidated Schedule of Investments

As of December 31, 2024 (Continued)

(in thousands)


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Reference Rate and Spread	Interest Rate			Maturity 5	Par Amount / Units		Cost 6			Fair Value			Percentage of Net Assets 7
Non-Controlled/Non-Affiliated Investments
Debt Investments - 195.9%
Capital Markets
Cliffwater, LLC	First Lien Term Loan	(10)	SOFR + 4.50%, 0.75% Floor		8.86	%	10/7/2030		17,014	$	16,680		$	17,014			1.4	%
Cliffwater, LLC	First Lien Revolving Loan	(9)	SOFR + 4.50%, 0.75% Floor		8.86	%	10/7/2030		-		(47	)		-			0.0	%
NXGen Buyer, Inc.	First Lien Term Loan	(10)	SOFR + 4.75%, 0.75% Floor		9.11	%	10/29/2027		14,877		14,705			14,707			1.2	%
NXGen Buyer, Inc.	Second Lien Term Loan	(10)	SOFR + 8.00%, 1.00% Floor		12.36	%	4/28/2028		1,250		1,206			1,236			0.1	%
NXGen Buyer, Inc.	Second Lien Term Loan	(10)	SOFR + 8.00%, 1.00% Floor		12.36	%	4/28/2028		2,500		2,500			2,471			0.2	%
NXGen Buyer, Inc.	First Lien Revolving Loan	(9)	SOFR + 4.75%, 0.75% Floor		9.11	%	10/29/2027		-		(3	)		(4	)		0.0	%
Project K Buyerco, INC.	First Lien Term Loan	(10)	SOFR + 5.00%, 0.75% Floor		9.43	%	12/10/2027		74,955		74,126			75,644			6.0	%
Project K Buyerco, INC.	First Lien Revolving Loan	(9)	SOFR + 5.00%, 0.75% Floor		9.43	%	12/10/2027		-		(76	)		71			0.0	%
Project K Buyerco, Inc.	Unsecured Note		N/A		8.00	%	12/8/2028		13,813		13,185			13,130			1.0	%
Total Capital Markets											122,276			124,269

Consumer Finance
ACM ASOF VIII LCLUB LLC	First Lien Term Loan		N/A		13.00	%	6/30/2030		14,065		13,995			13,995			1.1	%
Exeter Short Term Funding LLC	First Lien Revolving Loan	(9)(10)	SOFR + 6.10%, 2.00% Floor		10.65	%	2/9/2026		23,758		23,595			23,595			1.9	%
Total Consumer Finance											37,590			37,590

Diversified Consumer Services
Harbor Purchaser, Inc.	Second Lien Term Loan	(8)(10)	SOFR + 8.50%, 0.50% Floor		12.86	%	4/8/2030		12,500		12,306			12,438			1.0	%
Houghton Mifflin Harcourt Co	First Lien Term Loan	(8)(10)	SOFR + 5.25%, 0.50% Floor		9.71	%	4/9/2029		4,987		4,888			4,925			0.4	%
Total Diversified Consumer Services											17,194			17,363

Financial Services
Advisor Group Holdings, Inc.	Unsecured Note	(8)(11)	N/A		10.75	%	8/1/2027		826		809			852			0.1	%
ALP CFO 2024, L.P.	Unsecured Note		N/A		10.04	%	10/15/2036		11,355		11,355			11,355			0.9	%
Beacon Pointe Harmony, LLC	First Lien Term Loan	(10)	SOFR + 4.75%, 0.75% Floor		9.11	%	12/29/2028		23,228		22,925			23,228			1.9	%
Beacon Pointe Harmony, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor		9.49	%	12/29/2028		11,061		10,831			11,061			0.9	%
Beacon Pointe Harmony, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor		9.49	%	12/29/2028		11,194		11,116			11,194			0.9	%
Beacon Pointe Harmony, LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR + 4.75%, 0.75% Floor		9.20	%	12/29/2028		2,603		2,552			2,603			0.2	%
Beacon Pointe Harmony, LLC	First Lien Revolving Loan	(9)	SOFR + 4.75%, 0.75% Floor		9.11	%	12/29/2027		-		(30	)		-			0.0	%
Choreo Buyer LLC.	First Lien Term Loan	(10)	SOFR + 5.00%, 1.00% Floor		9.36	%	2/18/2028		5,151		5,080			5,121			0.4	%
Choreo Buyer LLC.	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.00%, 1.00% Floor		9.36	%	3/20/2026		-		(102	)		(92	)		0.0	%
Edelman Financial Center	Second Lien Term Loan	(8)(10)	SOFR + 5.25%		9.61	%	10/6/2028		12,500		12,472			12,629			1.0	%
HBWM Intermediate II, LLC	First Lien Term Loan	(10)	SOFR + 4.50%, 0.75% Floor		8.90	%	11/17/2031		4,582		4,560			4,559			0.4	%
HBWM Intermediate II, LLC	First Lien Delayed Draw Term Loan	(9)	SOFR + 4.50%, 0.75% Floor		8.90	%	11/16/2026		-		(14	)		(27	)		0.0	%
HBWM Intermediate II, LLC	First Lien Revolving Loan	(9)(10)	SOFR + 4.50%, 0.75% Floor		8.88	%	8/18/2031		82		72			77			0.0	%
Ivy Hill Asset Management, L.P.	Unsecured Note		N/A		9.00	%	6/29/2028		4,300		4,300			4,430			0.4	%
LendingTree, Inc.	First Lien Term Loan	(10)	SOFR + 5.75%, 1.50% Floor		10.11	%	3/27/2031		6,938		6,774			6,938			0.6	%
LendingTree, Inc.	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.75%, 1.50% Floor		10.11	%	3/27/2025		-		(41	)		-			0.0	%
MAI Capital Management Intermediate LLC	First Lien Term Loan	(10)	SOFR + 4.75%, 0.75% Floor		9.08	%	8/29/2031		6,893		6,826			6,827			0.5	%
MAI Capital Management Intermediate LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR + 4.75%, 0.75% Floor		9.08	%	8/29/2026		1,289		1,264			1,251			0.1	%
MAI Capital Management Intermediate LLC	First Lien Revolving Loan	(9)(10)	SOFR + 4.75%, 0.75% Floor		9.08	%	8/29/2031		205		190			190			0.0	%
Minotaur Acquisition, Inc.	First Lien Term Loan	(10)	SOFR + 5.00%, 1.00% Floor		9.36	%	5/10/2030		20,356		19,976			20,187			1.6	%
Minotaur Acquisition, Inc.	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.00%, 1.00% Floor		9.36	%	5/11/2026		-		(31	)		(28	)		0.0	%
Minotaur Acquisition, Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 1.00% Floor		9.36	%	5/10/2030		3,401		3,337			3,371			0.3	%
Minotaur Acquisition, Inc.	First Lien Revolving Loan	(9)	SOFR + 5.00%, 1.00% Floor		9.36	%	5/10/2030		-		(37	)		(17	)		0.0	%
New Mountain Guardian IV Income Rated Feeder II, Ltd.	Unsecured Note	(9)(10)	SOFR + 8.40%		12.92	%	4/3/2037		650		650			668			0.1	%
New Mountain Guardian IV Rated Feeder III, Ltd.	Unsecured Note	(9)(10)	SOFR + 5.10%		9.43	%	8/28/2037		1,132		1,132			1,164			0.1	%

Table of Contents

Stone Point Credit Corporation

Consolidated Schedule of Investments

As of December 31, 2024 (Continued)

(in thousands)


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Reference Rate and Spread	Interest Rate			Maturity 5	Par Amount / Units		Cost 6			Fair Value			Percentage of Net Assets 7
New Mountain Guardian IV Rated Feeder III, Ltd.	Unsecured Note	(9)(10)	SOFR + 7.50%		11.83	%	8/28/2037		5,394		5,394			5,530			0.4	%
New Mountain Guardian IV Rated Feeder III, Ltd.	Unsecured Note	(9)(10)	SOFR + 8.02%		12.35	%	8/28/2037		3,943		3,884			4,040			0.3	%
Nexus Buyer LLC	Second Lien Term Loan	(8)(10)	SOFR + 6.25%		10.71	%	11/5/2029		19,998		20,007			20,012			1.6	%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 1.00% Floor		9.50	%	10/4/2027		21,739		21,549			21,487			1.7	%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 1.00% Floor		9.57	%	10/4/2027		2,430		2,404			2,402			0.2	%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 1.00% Floor		9.57	%	10/4/2027		2,435		2,383			2,407			0.2	%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 1.00% Floor		9.57	%	10/4/2027		25,650		25,564			25,352			2.0	%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 1.00% Floor		9.50	%	10/4/2027		14,255		14,006			14,025			1.1	%
TA/WEG Intermediate Holdings, LLC	First Lien Revolving Loan	(9)	SOFR + 5.00%, 1.00% Floor		9.57	%	10/4/2027		-		(6	)		(23	)		0.0	%
TA/WEG Intermediate Holdings, LLC	First Lien Revolving Loan	(9)	SOFR + 5.00%, 1.00% Floor		9.50	%	10/4/2027		-		(24	)		(13	)		0.0	%
WEG Sub Intermediate Holdings, LLC	Unsecured Note		N/A		13.00	%	5/26/2033		13,962		13,760			13,974			1.1	%
Total Financial Services											234,887			236,734

Health Care Providers & Services
Acentra Holdings, LLC	First Lien Term Loan	(10)	SOFR + 5.50%, 0.50% Floor		9.83	%	12/17/2029		14,856		14,362			14,654			1.2	%
Acentra Holdings, LLC	First Lien Term Loan	(10)	SOFR + 5.50%, 0.50% Floor		9.83	%	12/17/2029		2,876		2,837			2,837			0.2	%
Acentra Holdings, LLC	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.50%, 0.50% Floor		9.83	%	3/19/2026		-		(57	)		(119	)		0.0	%
Acentra Holdings, LLC	First Lien Revolving Loan	(9)(10)	SOFR + 5.50%, 0.50% Floor		9.82	%	12/17/2029		154		124			134			0.0	%
Action Behavior Centers Therapy LLC	First Lien Term Loan	(10)	SOFR + 5.25%, 0.75% Floor		9.84	%	7/2/2031		33,786		33,294			33,502			2.7	%
Action Behavior Centers Therapy LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR + 5.25%, 0.75% Floor		9.80	%	7/2/2031		421		375			370			0.0	%
Action Behavior Centers Therapy LLC	First Lien Revolving Loan	(9)	SOFR + 5.25%, 0.75% Floor		9.84	%	7/2/2031		-		(43	)		(26	)		0.0	%
Belmont Buyer, Inc.	First Lien Term Loan	(10)	SOFR + 5.25%, 1.00% Floor		9.88	%	6/21/2029		16,450		16,267			16,204			1.3	%
Belmont Buyer, Inc.	First Lien Term Loan	(10)	SOFR + 6.50%, 1.00% Floor		10.84	%	6/21/2029		18,182		17,735			18,261			1.5	%
Belmont Buyer, Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 6.50%, 1.00% Floor		10.93	%	6/21/2029		4,316		4,207			4,334			0.3	%
Belmont Buyer, Inc.	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.25%, 1.00% Floor		9.88	%	1/26/2026		-		(29	)		(63	)		0.0	%
Belmont Buyer, Inc.	First Lien Revolving Loan	(9)(10)	SOFR + 6.50%, 1.00% Floor		10.95	%	6/21/2029		727		678			727			0.1	%
Chartis Group, LLC	First Lien Term Loan	(10)	SOFR + 4.50%, 0.75% Floor		8.85	%	9/17/2031		8,224		8,147			8,146			0.7	%
Chartis Group, LLC	First Lien Delayed Draw Term Loan	(9)	SOFR + 4.50%, 0.75% Floor		8.85	%	9/17/2026		-		(12	)		(24	)		0.0	%
Chartis Group, LLC	First Lien Revolving Loan	(9)	SOFR + 4.50%, 0.75% Floor		8.85	%	9/17/2031		-		(12	)		(12	)		0.0	%
Continental Buyer Inc.	First Lien Term Loan	(10)	SOFR + 5.25%, 0.75% Floor		9.50	%	4/2/2031		20,738		20,442			20,448			1.6	%
Continental Buyer Inc.	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.25%, 0.75% Floor		9.50	%	4/2/2026		-		(55	)		(114	)		0.0	%
Continental Buyer Inc.	First Lien Revolving Loan	(9)	SOFR + 5.25%, 0.75% Floor		9.50	%	4/2/2031		-		(41	)		(43	)		0.0	%
CORA Health Holdings Corp.	First Lien Term Loan	(10)	SOFR + 5.75%, 1.00% Floor		10.74	%	6/15/2027		14,300		14,204			13,201			1.1	%
CORA Health Holdings Corp.	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.75%, 1.00% Floor		10.74	%	6/15/2027		236		235			218			0.0	%
Covetrus, Inc.	First Lien Term Loan	(8)(10)	SOFR + 5.00%, 0.50% Floor		9.33	%	10/12/2029		8,258		7,887			7,965			0.6	%
Kwol Acquisition Inc	First Lien Term Loan	(10)	SOFR + 4.75%, 0.75% Floor		9.08	%	12/12/2029		2,403		2,397			2,395			0.2	%
Kwol Acquisition Inc	First Lien Revolving Loan	(9)	SOFR + 4.75%, 0.75% Floor		9.08	%	12/12/2029		-		(1	)		(1	)		0.0	%
Giving Home Health Care	First Lien Term Loan	(10)	SOFR + 6.00%, 1.00% Floor		10.62	%	4/26/2029		48,125		48,036			47,778			3.8	%
MB2 Dental Solutions, LLC	First Lien Term Loan	(10)	SOFR + 5.50%, 0.75% Floor		9.86	%	2/13/2031		54,392		53,908			54,681			4.4	%
MB2 Dental Solutions, LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR + 5.50%, 0.75% Floor		9.86	%	2/13/2031		2,289		2,267			2,349			0.2	%
MB2 Dental Solutions, LLC	First Lien Delayed Draw Term Loan		SOFR + 5.50%, 0.75% Floor		10.02	%	2/13/2031		4,645		4,613			4,670			0.4	%
MB2 Dental Solutions, LLC	First Lien Revolving Loan	(9)	SOFR + 5.50%, 0.75% Floor		9.86	%	2/13/2031		-		(20	)		-			0.0	%
Mirra-PrimeAccess Holdings, LLC	First Lien Term Loan	(10)	SOFR + 6.50%, 1.00% Floor		11.09	%	7/29/2026		24,188		23,998			19,664			1.6	%
Mirra-PrimeAccess Holdings, LLC	First Lien Revolving Loan	(10)	SOFR + 6.50%, 1.00% Floor		11.09	%	7/29/2026		2,055		1,995			1,543			0.1	%
NextGen Healthcare	First Lien Term Loan	(10)	SOFR + 5.75%, 0.75% Floor		10.27	%	11/11/2030		9,172		9,051			9,146			0.7	%
NextGen Healthcare	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.75%, 0.75% Floor		10.27	%	11/10/2025		-		(15	)		(7	)		0.0	%
NextGen Healthcare	First Lien Revolving Loan	(9)	SOFR + 5.75%, 0.75% Floor		10.27	%	11/9/2029		-		(11	)		(2	)		0.0	%
One Call Corp	First Lien Term Loan	(8)(10)	SOFR + 5.50%, 0.75% Floor		10.39	%	4/22/2027		16,373		15,703			15,881			1.3	%
Project Ruby Ultimate Parent Corp.	Second Lien Term Loan	(10)	SOFR + 5.25%, 0.75% Floor		9.72	%	3/12/2029		15,000		14,927			14,925			1.2	%
SpecialtyCare, Inc.	First Lien Term Loan	(10)	SOFR + 5.75%, 1.00% Floor		10.60	%	6/19/2028		13,313		13,083			12,847			1.0	%
SpecialtyCare, Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.75%, 1.00% Floor		10.66	%	6/19/2028		104		103			100			0.0	%
SpecialtyCare, Inc.	First Lien Revolving Loan	(9)(10)	SOFR + 4.00%		8.67	%	6/18/2026		616		607			579			0.0	%
Stepping Stones Healthcare Services, LLC	First Lien Term Loan	(10)	SOFR + 4.75%, 0.75% Floor		9.08	%	1/2/2029		23,826		23,591			23,826			1.9	%
Stepping Stones Healthcare Services, LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR + 4.75%, 0.75% Floor		9.08	%	1/2/2029		697		644			696			0.1	%
Stepping Stones Healthcare Services, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 0.75% Floor		9.33	%	1/2/2029		5,348		5,300			5,348			0.4	%
Stepping Stones Healthcare Services, LLC	First Lien Revolving Loan	(9)	SOFR + 4.75%, 0.75% Floor		9.08	%	12/29/2026		-		(21	)		-			0.0	%

Table of Contents

Stone Point Credit Corporation

Consolidated Schedule of Investments

As of December 31, 2024 (Continued)

(in thousands)


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Reference Rate and Spread	Interest Rate			Maturity 5	Par Amount / Units		Cost 6			Fair Value			Percentage of Net Assets 7
Trinity Partners Holdings, LLC	First Lien Term Loan	(10)	SOFR + 5.50%, 0.75% Floor		9.96	%	12/21/2028		26,795		26,559			26,795			2.1	%
Trinity Partners Holdings, LLC	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.50%, 0.75% Floor		9.96	%	6/21/2025		-		(66	)		-			0.0	%
TST Intermediate Holdings, LLC	First Lien Term Loan	(10)	SOFR + 5.50%, 1.00% Floor		10.19	%	12/31/2028		15,885		15,826			15,647			1.3	%
TST Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.50%, 1.00% Floor		10.19	%	12/31/2028		12,813		12,623			12,533			1.0	%
TST Intermediate Holdings, LLC	First Lien Revolving Loan	(9)	SOFR + 5.50%, 1.00% Floor		10.19	%	12/31/2028		-		(13	)		(13	)		0.0	%
Vital Care Buyer LLC	First Lien Term Loan	(10)	SOFR + 4.50%, 0.75% Floor		8.83	%	7/30/2031		6,626		6,561			6,563			0.5	%
Vital Care Buyer LLC	First Lien Revolving Loan	(9)	SOFR + 4.50%, 0.75% Floor		8.83	%	7/30/2031		-		(8	)		(8	)		0.0	%
Total Health Care Providers & Services											422,182			418,535

Health Care Technology
Ellkay, LLC	First Lien Term Loan	(10)	SOFR + 7.50%, 1.00% Floor		12.55	%	9/14/2027		28,377		27,987			24,608			2.0	%
Ellkay, LLC	First Lien Revolving Loan	(9)	SOFR + 7.50%, 1.00% Floor		12.55	%	9/14/2027		-		(28	)		(288	)		0.0	%
Homecare Software Solutions LLC	First Lien Term Loan	(10)	SOFR + 5.55%, 0.75% Floor		9.93	%	6/16/2031		11,782		11,672			11,670			0.9	%
Homecare Software Solutions LLC	First Lien Term Loan	(10)	SOFR + 5.55%, 0.75% Floor		9.93	%	6/16/2031		5,026		4,977			4,978			0.4	%
Homecare Software Solutions LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.55%, 0.75% Floor		9.93	%	6/16/2031		4,376		4,335			4,335			0.3	%
Imagine Acquisitionco, LLC	First Lien Term Loan	(10)	SOFR + 5.00%, 1.00% Floor		9.59	%	11/16/2027		28,071		27,857			28,071			2.2	%
Imagine Acquisitionco, LLC	First Lien Revolving Loan	(10)	SOFR + 5.00%, 1.00% Floor		9.55	%	11/16/2027		232		198			232			0.0	%
Total Health Care Technology											76,998			73,606

Insurance
Alkeme Intermediary Holdings, LLC	First Lien Term Loan	(10)	SOFR + 5.75%, 1.00% Floor		10.11	%	10/28/2026		11,638		11,493			11,490			0.9	%
Alkeme Intermediary Holdings, LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR + 5.75%, 1.00% Floor		10.11	%	10/28/2026		10,822		10,597			10,526			0.8	%
Amerilife Holdings LLC	First Lien Term Loan	(10)	SOFR + 5.00%, 0.75% Floor		9.70	%	8/31/2029		68,480		67,880			68,179			5.4	%
Amerilife Holdings LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 0.75% Floor		9.70	%	8/31/2029		4,476		4,374			4,435			0.4	%
Amerilife Holdings LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 0.75% Floor		9.70	%	8/31/2029		180		179			180			0.0	%
AmeriLife Holdings LLC	First Lien Revolving Loan	(9)	SOFR + 5.00%, 0.75% Floor		9.70	%	8/31/2028		-		(64	)		(30	)		0.0	%
AP Highlands Holdings, L.P.	Unsecured Note		N/A		9.25	%	10/16/2028		4,965		4,918			4,915			0.4	%
AP Highlands Co-Invest, L.P.	Unsecured Note		N/A		9.25	%	10/16/2028		3,035		3,007			3,005			0.2	%
Arden Insurance Services LLC	First Lien Term Loan	(10)	SOFR + 5.25%, 1.00% Floor		9.58	%	11/27/2030		13,171		12,975			12,973			1.0	%
Arden Insurance Services LLC	First Lien Revolving Loan	(10)	SOFR + 5.25%, 1.00% Floor		9.58	%	11/27/2030		366		339			338			0.0	%
Ardonagh Finco B.V.	First Lien Term Loan	(10)	SOFR + 4.75%, 0.50% Floor		9.90	%	2/18/2031		4,410		4,350			4,428			0.4	%
ARMStrong Receivable Management	First Lien Term Loan	(10)	SOFR + 5.00%, 1.00% Floor		9.43	%	10/5/2029		14,599		14,581			14,542			1.2	%
ARMStrong Receivable Management	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 1.00% Floor		9.69	%	10/5/2029		392		390			387			0.0	%
ARMStrong Receivable Management	First Lien Revolving Loan	(9)	SOFR + 5.00%, 1.00% Floor		9.43	%	10/5/2029		-		-			(1	)		0.0	%
Babylon Buyer, Inc.	First Lien Term Loan	(10)	SOFR + 5.75%, 0.75% Floor		10.15	%	3/8/2030		36,339		35,513			35,866			2.9	%
Babylon Buyer, Inc.	First Lien Revolving Loan	(10)	SOFR + 5.75%, 0.75% Floor		10.13	%	3/8/2030		1,479		1,447			1,459			0.1	%
Captive Resources Midco, LLC	First Lien Term Loan	(10)	SOFR + 4.75%, 0.75% Floor		9.11	%	7/2/2029		30,945		30,529			30,945			2.5	%
Captive Resources Midco, LLC	First Lien Revolving Loan	(9)	SOFR + 4.75%, 0.75% Floor		9.11	%	7/1/2028		-		(26	)		-			0.0	%
Euclid Transactional, LLC	First Lien Term Loan	(10)	SOFR + 5.50%, 0.75% Floor		11.27	%	10/2/2028		71,561		70,575			71,561			5.7	%
Foundation Risk Partners, Corp.	First Lien Term Loan	(10)	SOFR + 5.25%, 0.75% Floor		9.58	%	10/29/2030		4,569		4,569			4,526			0.4	%
Foundation Risk Partners, Corp.	First Lien Term Loan	(10)	SOFR + 5.25%, 0.75% Floor		9.58	%	10/29/2030		41,751		40,640			41,359			3.3	%
Foundation Risk Partners, Corp.	First Lien Delayed Draw Term Loan	(9)(10)	SOFR + 5.25%, 0.75% Floor		9.58	%	10/29/2030		4,877		4,809			4,787			0.4	%
Foundation Risk Partners, Corp.	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.25%, 0.75% Floor		9.58	%	10/29/2030		5,657		5,657			5,604			0.4	%
Foundation Risk Partners, Corp.	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.25%, 0.75% Floor		9.58	%	10/29/2030		19,512		19,092			19,329			1.5	%
Foundation Risk Partners, Corp.	First Lien Revolving Loan	(9)	SOFR + 5.25%, 0.75% Floor		9.58	%	10/29/2029		-		(193	)		(41	)		0.0	%
Galway Borrower LLC	First Lien Term Loan	(10)	SOFR + 4.50%, 0.75% Floor		8.83	%	9/29/2028		33,977		33,656			34,032			2.7	%
Galway Borrower LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor		8.83	%	9/29/2028		17,826		17,474			17,697			1.4	%
Galway Borrower LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR + 5.75%, 0.75% Floor		8.82	%	9/29/2028		194		161			120			0.0	%
Galway Borrower LLC	First Lien Revolving Loan	(9)(10)	SOFR + 4.50%, 0.75% Floor		8.82	%	10/2/2028		253		244			253			0.0	%
OneDigital Borrower LLC	Second Lien Term Loan	(8)(10)	SOFR + 5.25%, 0.50% Floor		9.61	%	7/2/2032		20,000		19,903			19,956			1.6	%
RSC Acquisition, Inc	First Lien Term Loan	(10)	SOFR + 4.75%, 0.75% Floor		9.34	%	10/30/2029		5,940		5,940			5,912			0.5	%
RSC Acquisition, Inc	First Lien Term Loan	(10)	SOFR + 4.75%, 0.75% Floor		9.34	%	10/30/2029		2,243		2,243			2,232			0.2	%
RSC Acquisition, Inc	First Lien Term Loan	(10)	SOFR + 4.75%, 0.75% Floor		9.08	%	10/30/2029		4,297		4,298			4,277			0.3	%
RSC Acquisition, Inc	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor		9.26	%	10/30/2029		21,358		21,358			21,257			1.7	%
RSC Acquisition, Inc	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor		9.26	%	10/30/2029		15,911		15,911			15,836			1.3	%
THG Acquisition, LLC	First Lien Term Loan	(10)	SOFR + 4.75%		9.11	%	10/31/2031		26,229		25,969			25,967			2.1	%

Table of Contents

Stone Point Credit Corporation

Consolidated Schedule of Investments

As of December 31, 2024 (Continued)

(in thousands)


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Reference Rate and Spread	Interest Rate			Maturity 5	Par Amount / Units		Cost 6			Fair Value			Percentage of Net Assets 7
THG Acquisition, LLC	First Lien Delayed Draw Term Loan	(9)	SOFR + 4.75%		9.11	%	10/31/2026		-		(29	)		(58	)		0.0	%
THG Acquisition, LLC	First Lien Revolving Loan	(9)(10)	SOFR + 4.75%		9.11	%	10/31/2031		217		189			188			0.0	%
Worldwide Insurance Network, LLC	First Lien Term Loan	(10)	SOFR + 5.00%, 0.75% Floor		10.22	%	5/28/2030		24,100		23,761			23,761			1.9	%
Worldwide Insurance Network, LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR + 5.00%, 0.75% Floor		10.32	%	5/28/2030		7,070		6,939			6,799			0.5	%
Total Insurance											525,648			528,991

IT Services
Auctane Holdings, LLC	First Lien Term Loan	(10)	SOFR + 5.75%, 0.75% Floor		10.94	%	10/5/2028		38,900		38,417			38,398			3.1	%
Auctane Holdings, LLC	First Lien Term Loan	(10)	SOFR + 5.75%, 0.75% Floor		10.94	%	10/5/2028		12,764		12,605			12,599			1.0	%
Bottomline Technologies, Inc.	First Lien Term Loan	(10)	SOFR + 5.25%, 0.75% Floor		9.61	%	5/14/2029		76,421		75,327			75,650			6.0	%
Bottomline Technologies, Inc.	First Lien Revolving Loan	(9)	SOFR + 5.25%, 0.75% Floor		9.61	%	5/15/2028		-		(83	)		(74	)		0.0	%
DCert Buyer, Inc.	Second Lien Term Loan	(8)(10)	SOFR + 7.00%		11.36	%	2/19/2029		8,259		8,157			6,731			0.5	%
DS Admiral Bidco LLC	First Lien Term Loan	(8)(10)	SOFR + 4.25%		8.61	%	6/26/2031		4,988		4,789			4,863			0.4	%
Evergreen Services Group PIK Holdco, LLC	Unsecured Note		N/A		13.75	%	4/7/2031		7,071		6,923			6,965			0.6	%
Evergreen Services Group PIK Holdco, LLC	Unsecured Note		N/A		13.75	%	4/7/2031		3,883		3,800			3,825			0.3	%
Helpsystems Holdings, Inc.	Second Lien Term Loan	(10)	SOFR + 6.75%, 0.75% Floor		11.44	%	11/19/2027		10,000		10,000			8,100			0.6	%
Lytx, Inc.	First Lien Term Loan	(10)	SOFR + 5.00%, 1.00% Floor		9.48	%	2/28/2028		19,661		19,661			19,661			1.6	%
Ministry Brands Holdings, LLC	First Lien Term Loan	(10)	SOFR + 5.50%, 0.75% Floor		9.96	%	12/28/2028		17,170		17,061			16,966			1.4	%
Ministry Brands Holdings, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.50%, 0.75% Floor		9.96	%	12/28/2028		1,736		1,730			1,716			0.1	%
Ministry Brands Holdings, LLC	First Lien Revolving Loan	(9)	SOFR + 5.50%, 0.75% Floor		9.96	%	12/30/2027		-		(8	)		(20	)		0.0	%
Total IT Services											198,379			195,380

Professional Services
Accordion Partners Holdings LLC	Unsecured Note		N/A		12.75	%	11/15/2034		15,244		14,944			14,939			1.2	%
Accordion Partners LLC	First Lien Term Loan	(10)	SOFR + 5.25%, 0.75% Floor		9.58	%	11/17/2031		32,723		32,504			32,396			2.6	%
Accordion Partners LLC	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.25%, 0.75% Floor		9.58	%	11/16/2026		-		(27	)		(55	)		0.0	%
Accordion Partners LLC	First Lien Revolving Loan	(9)	SOFR + 5.25%, 0.75% Floor		9.58	%	11/17/2031		-		(24	)		(36	)		0.0	%
ALKU Intermediate Holdings, LLC	First Lien Term Loan	(10)	SOFR + 6.25%, 0.75% Floor		10.50	%	5/23/2029		3,649		3,576			3,665			0.3	%
ALKU Intermediate Holdings, LLC	First Lien Term Loan	(10)	SOFR + 5.50%, 0.50% Floor		9.75	%	5/23/2029		403		396			396			0.0	%
Aprio Advisory Group, LLC	First Lien Term Loan	(10)	SOFR + 4.75%, 0.75% Floor		9.32	%	8/1/2031		20,251		20,053			20,059			1.6	%
Aprio Advisory Group, LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR + 4.75%, 0.75% Floor		9.08	%	8/1/2031		4,063		4,002			3,980			0.3	%
Aprio Advisory Group, LLC	First Lien Revolving Loan	(9)(10)	SOFR + 4.75%, 0.75% Floor		9.32	%	8/1/2031		1,409		1,367			1,367			0.1	%
Baker Tilly Advisory Group, L.P.	First Lien Term Loan	(10)	SOFR + 4.75%, 0.75% Floor		9.11	%	6/3/2031		18,134		17,876			17,871			1.4	%
Baker Tilly Advisory Group, L.P.	First Lien Delayed Draw Term Loan	(9)	SOFR + 4.75%, 0.75% Floor		9.11	%	6/3/2026		-		(23	)		(40	)		0.0	%
Baker Tilly Advisory Group, L.P.	First Lien Revolving Loan	(9)	SOFR + 4.75%, 0.75% Floor		9.11	%	6/3/2030		-		(53	)		(54	)		0.0	%
BDO USA, P.C.	First Lien Term Loan	(10)	SOFR + 5.00%, 2.00% Floor		9.52	%	8/31/2028		13,365		13,144			13,311			1.1	%
Cherry Bekaert Advisory LLC	First Lien Term Loan	(10)	SOFR + 5.25%, 0.75% Floor		9.61	%	6/30/2028		4,320		4,251			4,266			0.3	%
Cherry Bekaert Advisory LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.25%, 0.75% Floor		9.61	%	6/30/2028		4,984		4,894			4,913			0.4	%
Explorer Investor, Inc	First Lien Term Loan	(10)	SOFR + 6.00%, 0.50% Floor		10.51	%	6/28/2029		28,336		27,130			26,655			2.1	%
IG Investments Holdings, LLC	First Lien Term Loan	(10)	SOFR + 5.00%, 0.75% Floor		9.57	%	9/22/2028		47,083		46,543			46,782			3.7	%
IG Investments Holdings, LLC	First Lien Revolving Loan	(9)	SOFR + 5.00%, 0.75% Floor		9.57	%	9/22/2028		-		(51	)		(22	)		0.0	%
KRIV Acquisition Inc.	First Lien Term Loan	(10)	SOFR + 5.75%, 1.00% Floor		10.11	%	7/6/2029		13,837		13,837			13,833			1.1	%
KRIV Acquisition Inc.	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.75%, 1.00% Floor		10.11	%	9/25/2026		-		(118	)		(7	)		0.0	%
KRIV Acquisition Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.75%, 1.00% Floor		10.11	%	7/6/2029		1,670		1,670			1,669			0.1	%
MBO Partners, Inc.	First Lien Term Loan	(10)	SOFR + 7.75%, 1.00% Floor		12.23	%	5/23/2028		43,763		42,788			43,369			3.5	%
MBO Partners, Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 7.75%, 1.00% Floor		12.56	%	5/23/2028		12,300		12,174			12,189			1.0	%
OMNIA Partners LLC	Second Lien Term Loan	(10)	SOFR + 5.00%, 0.00% Floor		9.62	%	5/31/2032		10,000		9,952			10,157			0.8	%
PAS Parent Inc.	First Lien Term Loan	(10)	SOFR + 4.75%, 0.75% Floor		9.11	%	12/29/2028		1,861		1,861			1,844			0.1	%
PAS Parent Inc.	First Lien Delayed Draw Term Loan	(9)	SOFR + 4.75%, 0.75% Floor		9.11	%	6/26/2026		-		(24	)		(52	)		0.0	%
PAS Parent Inc.	First Lien Delayed Draw Term Loan	(9)(10)	SOFR + 4.75%, 0.75% Floor		9.11	%	12/29/2028		7,481		7,343			7,399			0.6	%
PAS Parent Inc.	First Lien Revolving Loan	(9)	SOFR + 4.75%, 0.75% Floor		9.11	%	12/30/2027		-		(15	)		(9	)		0.0	%
People 2.0, Inc.	First Lien Term Loan	(10)	SOFR + 7.50%, 1.00% Floor		11.83	%	7/12/2028		44,476		43,862			43,533			3.5	%
Petra Borrower, LLC	First Lien Term Loan	(10)	SOFR + 5.75%, 1.00% Floor		10.32	%	11/15/2030		15,845		15,492			15,646			1.3	%
Petra Borrower, LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR + 5.75%, 1.00% Floor		10.19	%	11/15/2030		2,947		2,847			2,870			0.2	%
Petra Borrower, LLC	First Lien Revolving Loan	(9)	SOFR + 5.75%, 1.00% Floor		10.32	%	11/15/2029		-		(51	)		(31	)		0.0	%

Table of Contents

Stone Point Credit Corporation

Consolidated Schedule of Investments

As of December 31, 2024 (Continued)

(in thousands)


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Reference Rate and Spread	Interest Rate			Maturity 5	Par Amount / Units		Cost 6			Fair Value			Percentage of Net Assets 7
More Cowbell II LLC	First Lien Term Loan	(10)	SOFR + 5.00%, 0.75% Floor		8.89	%	9/2/2030		49,478		48,421			49,478			4.0	%
More Cowbell II LLC	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.00%, 0.75% Floor		8.89	%	9/1/2025		-		(23	)		-			0.0	%
More Cowbell II LLC	First Lien Revolving Loan	(9)(10)	SOFR + 5.00%, 0.75% Floor		9.26	%	9/3/2029		2,831		2,693			2,831			0.2	%
Williams Marston, LLC	First Lien Term Loan	(10)	SOFR + 5.75%, 1.00% Floor		10.36	%	8/25/2028		15,602		15,134			15,133			1.2	%
Williams Marston, LLC	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.75%, 1.00% Floor		10.36	%	8/25/2025		-		(32	)		(77	)		0.0	%
Williams Marston, LLC	First Lien Revolving Loan	(9)(10)	SOFR + 5.75%, 1.00% Floor		10.36	%	8/25/2028		-		(41	)		(67	)		0.0	%
Total Professional Services											408,272			410,101

Real Estate Management & Development
Accuserve Solutions, Inc.	First Lien Term Loan	(10)	SOFR + 5.25%, 1.00% Floor		10.03	%	3/15/2030		64,629		64,189			63,679			5.1	%
Accuserve Solutions, Inc.	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.25%, 1.00% Floor		10.03	%	3/16/2026		-		(9	)		(72	)		0.0	%
Accuserve Solutions, Inc.	First Lien Revolving Loan	(9)	SOFR + 5.25%, 1.00% Floor		10.03	%	3/15/2030		-		-			(97	)		0.0	%
Freedom Mortgage Corp	Unsecured Note	(8)(11)	N/A		12.25	%	10/1/2030		2,333		2,292			2,583			0.2	%
Guardian Restoration Partners Buyers, LLC	First Lien Term Loan	(10)	SOFR + 4.75%, 0.75% Floor		9.08	%	11/3/2031		8,229		8,128			8,126			0.6	%
Guardian Restoration Partners Buyers, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor		10.02	%	11/3/2031		4,632		4,526			4,461			0.4	%
Guardian Restoration Partners Buyers, LLC	First Lien Revolving Loan	(9)	SOFR + 4.75%, 0.75% Floor		9.08	%	11/3/2031		-		(25	)		(26	)		0.0	%
Southpaw AP Buyer, LLC	First Lien Term Loan	(10)	SOFR + 5.25%, 1.00% Floor		9.99	%	3/2/2028		10,679		10,545			10,610			0.8	%
Southpaw AP Buyer, LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR + 5.25%, 1.00% Floor		9.76	%	3/2/2028		607		600			601			0.0	%
Southpaw AP Buyer, LLC	First Lien Revolving Loan	(9)	SOFR + 5.25%, 1.00% Floor		9.99	%	3/2/2028		-		(12	)		(6	)		0.0	%
Titan Home Improvement, LLC	First Lien Term Loan	(10)	SOFR + 5.75%, 1.00% Floor		10.26	%	5/31/2030		24,497		24,037			24,031			1.9	%
Titan Home Improvement, LLC	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.75%, 1.00% Floor		10.26	%	6/2/2026		-		(42	)		(87	)		0.0	%
Titan Home Improvement, LLC	First Lien Revolving Loan	(9)	SOFR + 5.75%, 1.00% Floor		10.26	%	5/31/2030		-		(69	)		(73	)		0.0	%
Total Real Estate Management & Development											114,160			113,730

Table of Contents

Stone Point Credit Corporation

Consolidated Schedule of Investments

As of December 31, 2024 (Continued)

(in thousands)


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Reference Rate and Spread	Interest Rate			Maturity 5	Par Amount / Units		Cost 6			Fair Value			Percentage of Net Assets 7
Software
Anaplan Inc.	First Lien Term Loan	(10)	SOFR + 5.25%, 0.75% Floor		9.58	%	6/21/2029		20,672		20,364			20,672			1.7	%
Anaplan Inc.	First Lien Revolving Loan	(9)	SOFR + 5.25%, 0.75% Floor		9.58	%	6/21/2028		-		(18	)		-			0.0	%
Diligent Corporation	First Lien Term Loan	(10)	SOFR + 5.00%, 0.75% Floor		10.09	%	8/6/2030		45,568		45,422			45,249			3.6	%
Diligent Corporation	First Lien Term Loan	(10)	SOFR + 5.00%, 0.75% Floor		10.09	%	8/6/2030		7,812		7,471			7,757			0.6	%
Diligent Corporation	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.00%, 0.75% Floor		10.09	%	4/30/2026		-		(28	)		(29	)		0.0	%
Diligent Corporation	First Lien Revolving Loan	(9)	SOFR + 5.00%, 0.75% Floor		10.09	%	8/6/2030		-		(55	)		(42	)		0.0	%
Eclipse Buyer, Inc.	First Lien Term Loan	(10)	SOFR + 4.75%, 0.50% Floor		9.26	%	9/8/2031		12,590		12,469			12,474			1.0	%
Eclipse Buyer, Inc.	First Lien Delayed Draw Term Loan	(9)	SOFR + 4.75%, 0.50% Floor		9.26	%	9/7/2026		-		(10	)		(20	)		0.0	%
Eclipse Buyer, Inc.	First Lien Revolving Loan	(9)	SOFR + 4.75%, 0.50% Floor		9.26	%	9/8/2031		-		(10	)		(10	)		0.0	%
GovDelivery Holdings LLC	First Lien Term Loan	(10)	SOFR + 5.25%, 0.75% Floor		10.34	%	1/17/2031		15,682		15,547			15,682			1.3	%
GovDelivery Holdings LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.25%, 0.75% Floor		9.84	%	1/17/2031		2,323		2,297			2,301			0.2	%
GovDelivery Holdings LLC	First Lien Revolving Loan	(9)	SOFR + 5.25%, 0.75% Floor		10.34	%	1/17/2031		-		(19	)		-			0.0	%
GS Acquisitionco, Inc.	First Lien Term Loan	(10)	SOFR + 5.25%, 1.00% Floor		9.58	%	5/25/2028		39,247		39,131			39,247			3.1	%
GS Acquisitionco, Inc.	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.25%, 1.00% Floor		9.58	%	5/25/2028		316		310			316			0.0	%
GS Acquisitionco, Inc.	First Lien Revolving Loan	(9)(10)	SOFR + 5.25%, 1.00% Floor		9.58	%	5/25/2028		-		(4	)		-			0.0	%
Hyland Software, Inc	First Lien Term Loan	(10)	SOFR + 6.00%, 0.75% Floor		10.36	%	9/19/2030		25,048		24,723			24,980			2.0	%
Hyland Software, Inc	First Lien Revolving Loan	(9)	SOFR + 6.00%, 0.75% Floor		10.36	%	9/19/2029		-		(14	)		(3	)		0.0	%
Mandolin Technology Intermediate Holdings, Inc.	Second Lien Term Loan	(10)	SOFR + 6.50%, 1.00% Floor		10.98	%	7/30/2029		17,500		17,374			14,012			1.1	%
Maverick 1 LLC	Second Lien Term Loan	(10)	SOFR + 6.75%, 0.75% Floor		11.49	%	5/18/2029		9,000		8,968			8,739			0.7	%
oneZero Financial Systems, LLC	First Lien Term Loan	(10)	SOFR + 5.00%, 0.75% Floor		9.59	%	10/7/2031		26,923		26,658			26,654			2.1	%
oneZero Financial Systems, LLC	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.00%, 0.75% Floor		9.59	%	10/7/2026		-		(23	)		(47	)		0.0	%
oneZero Financial Systems, LLC	First Lien Revolving Loan	(9)	SOFR + 5.00%, 0.75% Floor		9.59	%	10/7/2031		-		(33	)		(34	)		0.0	%
Orion Advisor Solutions Inc.	Second Lien Term Loan	(10)	SOFR + 7.50%, 1.00% Floor		12.09	%	9/24/2028		16,623		16,535			16,573			1.3	%
Orion Advisor Solutions Inc.	Second Lien Delayed Draw Term Loan	(9)(10)	SOFR + 7.50%, 1.00% Floor		12.09	%	9/24/2028		3,413		3,383			3,383			0.3	%
Simplifi Holdings, Inc.	First Lien Term Loan	(10)	SOFR + 5.50%, 0.75% Floor		9.96	%	10/1/2027		26,295		26,003			26,295			2.1	%
Simplifi Holdings, Inc.	First Lien Revolving Loan	(9)(10)	SOFR + 5.50%, 0.75% Floor		9.96	%	10/1/2027		-		(20	)		-			0.0	%
Syntax Systems Limited	First Lien Term Loan	(10)	SOFR + 5.00%, 0.75% Floor		9.58	%	10/30/2028		541		536			542			0.0	%
Syntax Systems Limited	First Lien Term Loan	(10)	SOFR + 5.00%, 0.75% Floor		9.46	%	10/30/2028		10,480		10,417			10,480			0.8	%
Tamarack Intermediate, L.L.C.	First Lien Term Loan	(10)	SOFR + 5.75%, 0.75% Floor		10.30	%	3/13/2028		20,947		20,698			20,700			1.7	%
Tamarack Intermediate, L.L.C.	First Lien Revolving Loan	(9)	SOFR + 5.75%, 0.75% Floor		10.30	%	3/13/2028		-		(37	)		(41	)		0.0	%
Total Software											298,035			295,830

Total Debt Investments											2,455,621			2,452,129

Preferred Equity - 2.9%
Health Care Technology
Imagine Acquisitionco, LLC	Preferred Equity			N/A			11/16/2021		2,000		2,000			3,140			0.3	%
Total Health Care Technology											2,000			3,140

Table of Contents

Stone Point Credit Corporation

Consolidated Schedule of Investments

As of December 31, 2024 (Continued)

(in thousands)


Portfolio Company 1 2 3	Type of Investment	Footnotes	Reference Rate and Spread	Interest Rate			Acquisition Date	Par Amount / Units		Cost 4		Fair Value		Percentage of Net Assets 5
Insurance
Galway Borrower LLC	Preferred Equity				14.00	%	4/28/2023		12,601		12,370		12,679		1.0	%
RSC Topco, Inc.	Preferred Equity	(10)			13.25	%	8/14/2023		6,004		5,873		5,968		0.5	%
Total Insurance											18,243		18,647

Software
Eclipse Buyer, Inc.	Preferred Equity				12.50	%	9/6/2024		3,490		3,422		3,423		0.3	%
GT Polaris Holdings, Inc	Preferred Equity				12.50	%	6/6/2022		11,304		11,168		11,016		0.9	%
Total Software											14,590		14,439

Total Preferred Equity Investments											34,833		36,226

Common Equity and Warrants - 1.3%
Capital Markets
Resolute Investment Managers, Inc.	Equity			N/A			12/29/2023		55		1,236		1,276		0.1	%
Total Capital Markets											1,236		1,276

Health Care Providers & Services
New Giving Acquisition, Inc.	Equity			N/A			8/19/2022		2		-		998		0.1	%
Total Health Care Providers & Services											-		998

Professional Services
THL Fund IX Investors (Plymouth), L.P.	Equity			N/A			9/1/2023		3,732		3,732		4,191		0.3	%
Total Professional Services											3,732		4,191

Real Estate Management & Development
ACC Ultimate Holdings, L.P.	Equity			N/A			5/8/2024		375		3,750		3,750		0.3	%
Total Real Estate Management & Development											3,750		3,750

Software
Spirit RR Holdings, Inc.	Equity			N/A			9/19/2022		3,586		3,635		5,672		0.5	%
Total Software											3,635		5,672

Total Common Equity and Warrants Investments											12,353		15,887

Total Non-Controlled/Non-Affiliated Investments										$	2,502,807	$	2,504,242

(1)

All of the Company's investments are domiciled in the United States except for Ardonagh Finco B.V., New Mountain Guardian, and Syntax Systems Limited, which are domiciled in the United Kingdom, Bermuda, and Canada, respectively.

(2)

Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of ASC 820 fair value hierarchy.

(3)

All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940 except for Ardonagh Finco B.V., New Mountain Guardian, Syntax Systems Limited, Exeter Short Term Funding LLC, and ALP CFO 2024, L.P.

(4)

As of December 31, 2024, all investments are pledged as collateral unless otherwise stated.

(5)

(6)

Cost represents the original cost adjusted for amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(7)

Percentage is based on net assets of $1,251,497 as of December 31, 2024.

(8)

Represents securities categorized as Level 2 assets under the definition of ASC 820 fair value hierarchy.

(9)

This investment has an unfunded commitment as of December 31, 2024. For further details, see Note 5. Fair value includes an analysis of the unfunded commitment.

(10)

The interest rate on this security is subject to the Secured Overnight Financing Rate, which at December 31, 2024 was 4.49%.

(11)

Securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities represent a fair value of $3,435 or 0.3% of net assets as of December 31, 2024 and are considered restricted.

(12)

Investment measured at net asset value (“NAV”).

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

Stone Point Credit Corporation

Notes to Consolidated Financial Statements

September 30, 2025

(unaudited)

(in thousands, except share/per share data, percentages and as otherwise noted)

Note 1. Organization

Organization

Stone Point Credit Corporation (together with its consolidated subsidiaries, except where the context suggests otherwise, the “Company”) was formed as a Delaware limited liability company on September 8, 2020 with the name Stone Point Capital Credit LLC. The Company has elected to be regulated as a business development company (a “BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In connection with its election to be regulated as a BDC, the Company converted to a Delaware corporation, changed its name to Stone Point Credit Corporation, and commenced operations on December 21, 2020. In addition, for tax purposes, the Company has elected to be treated, and intends to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Company is managed by Stone Point Credit Adviser LLC (the “Adviser”). The Adviser is a Delaware limited liability company that is registered with the Securities Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Subject to the supervision of the Company’s board of directors (the “Board”), the Adviser manages the day-to-day operations of the Company and provides the Company with investment advisory and management services. The Adviser is an affiliate of Stone Point Capital LLC (“Stone Point Capital” or together with its credit-focused affiliates, as applicable, “Stone Point Credit”), which is an alternative investment management platform specializing in investments within the global financial services industry and related sectors.

The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company intends to invest primarily in senior secured or unsecured loans and, to a lesser extent, subordinated loans, mezzanine loans, and equity-related securities including rights and warrants that may be converted into or exchanged for the portfolio company's private equity or the cash value of the portfolio company’s common equity.

The Company formed SPCC Funding I LLC (“SPV I”) on June 11, 2021, and SPCC Funding II LLC (“SPV II” and together with SPV I, the “SPVs”) on April 24, 2023, as wholly-owned financing subsidiaries for the purpose of holding pledged investments as collateral under financing facilities. From time to time, the Company may form additional wholly-owned subsidiaries to facilitate its course of business.

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

Interim consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. Accordingly, they may not include all information and notes required by U.S. GAAP for annual consolidated financial statements. U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially.

All intercompany balances and transactions have been eliminated in consolidation. All references made to the “Company,” “we,” and “us” herein include Stone Point Credit Corporation and the consolidated SPVs. The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. The Company’s fiscal year ends on December 31. The functional currency of the Company is U.S. dollars.

Table of Contents

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates and such differences could be material.

Cash and Cash Equivalents

Cash and cash equivalents consists of deposits in a money market account and demand deposits held at a custodian bank. Cash and cash equivalents are carried at cost, which approximates fair value. The Company’s deposits may, at times, exceed the insured limits under applicable law. The Company's deposits in money market funds are considered Level 1 securities within the fair value hierarchy. As of September 30, 2025, there was $220 of cash denominated in foreign currencies included within “cash and cash equivalents” on the Consolidated Statement of Assets and Liabilities.

Investments at Fair Value

In accordance with Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the Company’s “Valuation Designee”. The Adviser, with the assistance of the Adviser’s Valuation Committee, subject to oversight by the Board, is responsible for determining the fair value of the Company’s investments in instances where there is no readily available market quotation. Investments for which market quotations are readily available may be priced by independent pricing services. From time to time, the Company retains external, independent valuation firms to provide input, data, and valuation analyses on the Company’s portfolio companies.

The Company’s investment portfolio is recorded at fair value as determined in good faith in accordance with procedures established by the Adviser and approved by the Board (“Valuation Policy”) and, as a result, there is and will be uncertainty as to the value of the Company’s portfolio investments. Under the 1940 Act, the Company is required to carry its portfolio investments at market value or, if there is no readily available market value, at fair value as determined in accordance with the Valuation Policy. There is not a public market or active secondary market for many of the types of investments in privately held companies that the Company intends to hold and make. The Company’s investments may not be publicly traded or actively traded on a secondary market but, instead, may be traded on a privately negotiated over-the-counter secondary market for institutional investors, if at all. As a result, these investments are valued quarterly at fair value as determined in good faith in accordance with the Valuation Policy approved by the Board.

The determination of fair value, and thus the amount of unrealized appreciation or depreciation the Company may recognize in any reporting period, is to a degree subjective, and the Adviser has a conflict of interest in making determinations of fair value. The types of factors that may be considered in determining the fair values of the Company’s investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flow, current market interest rates, precedent transactions and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, the valuations may fluctuate significantly over short periods of time due to changes in current market conditions. The determinations of fair value in accordance with the Valuation Policy may differ materially from the values that would have been used if an active market and market quotations existed for such investments. The Company’s net asset value could be adversely affected if the determinations regarding the fair value of the investments were materially higher than the values that the Company ultimately realizes upon the disposal of such investments.

Deferred Financing and Debt Issuance Costs

Financing costs incurred in connection with the Company’s borrowings (see Note 6) are deferred and amortized over the life of the corresponding facility. The Company records origination and other expenses related to its debt obligations as deferred financing and debt issuance costs. Deferred financing costs and debt issuance costs are presented on the Consolidated Statements of Assets and Liabilities as a direct deduction from the debt liability.

Net Asset Value per Common Share

In accordance with U.S. GAAP, the net asset value per share of the outstanding shares of Common Stock (as defined below) is determined at least quarterly by dividing the value of total assets minus liabilities by the total number of shares outstanding.

Table of Contents

Revenue Recognition

The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC Topic 606”), which requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company follows a five-step model to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, the Company includes variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. Significant judgments are required in the application of the five-step model including; when determining whether performance obligations are satisfied at a point in time or over time; how to allocate transaction prices where multiple performance obligations are identified; when to recognize revenue based on the appropriate measure of the Company’s progress under the contract; and whether constraints on variable consideration should be applied due to uncertain future events.

Revenue from contracts with customers includes fee income (underwriting and arranger fees). The Company earns underwriting and arranger fees in securities offerings in which the Company acts as an underwriter or arranger, such as initial public offerings, follow-on equity offerings, debt offerings, and convertible securities offerings. Fee revenue relating to underwriting and arranger commitments is recorded at the point in time when all significant items relating to the underwriting or arranger process has been completed and the amount of the underwriting or arranger revenue has been determined. This generally is the point at which all of the following have occurred: (i) the issuer’s registration statement has become effective with the SEC or the other offering documents are finalized; (ii) the Company has made a firm commitment for the purchase of securities from the issuer; (iii) the Company has been informed of the number of securities that it has been allotted; and (iv) the issuer obtains control and benefits of the offering; which generally occurs on trade date. The Company, or its affiliates, may receive fees for capital structuring services. These fees are generally non-recurring and are recognized as fee income by the Company on the investment closing date. The following table presents revenues from contracts with customers disaggregated by fee type:



($ in thousands)	Three Months Ended September 30, 2025		Three Months Ended September 30, 2024		Nine Months Ended September 30, 2025		Nine Months Ended September 30, 2024
Fee Income	$	390	$	24	$	558	$	1,380
Total revenue from contracts with customers	$	390	$	24	$	558	$	1,380

ASC Topic 606 does not apply to revenue associated with financial instruments and interest and dividend income.

Interest income is recorded on the accrual basis and includes amortization of premiums or accretion of discounts. Discounts to par value on securities purchased are accreted into interest income over the contractual life of the respective security using the effective interest method. Premiums to par value on securities purchased are amortized to the first call date into interest income using the effective interest method. The amortized cost of investments represents the original cost adjusted for the amortization of premiums or accretion of discounts, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. Discounts and premiums to par generally include loan origination fees, original issue discount and market discounts.

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of both September 30, 2025 and December 31, 2024, no investments were on non-accrual status.

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. During the three and nine months ended September 30, 2025, the Company earned dividend income of $1,494 and $3,892, respectively, that were included on the Consolidated Statements of Operations as dividend income. During the three and nine months ended September 30, 2024, the Company earned dividend income of $1,335 and $2,370, respectively, that were included on the Consolidated Statements of Operations as dividend income.

Table of Contents

Foreign Currency

Foreign currency amounts are translated into U.S. dollars on the following basis:

•

cash, fair value of investments, outstanding debt, other assets and liabilities: at the spot exchange rate on the last business day of the period; and

•

purchases and sales of investments, borrowings and repayments of such borrowings, income and expenses: at the rates of
exchange prevailing on the respective dates of such transactions.

The Company includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations with the net change in unrealized gains (losses) from foreign currency and other transactions on the Consolidated Statements of Operations.

Fluctuations arising from the translation of foreign currency borrowings are included with the net change in unrealized gains
(losses) from foreign currency and other transactions on the Consolidated Statements of Operations.

Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. dollar.

Organizational Expenses and Offering Costs

Organizational expenses are costs associated with the organization of the Company and are expensed as incurred. Offering expenses are costs associated with the offering of the Company's common stock, par value $0.001 per share (the “Common Stock”) and are capitalized as deferred offering expenses on the Consolidated Statement of Assets and Liabilities. Deferred offering expenses are amortized over a twelve-month period from incurrence.

Income Taxes

The Company has elected to be treated, and intends to qualify annually, as a RIC under Subchapter M of the Code. So long as the Company maintains its tax treatment as a RIC, it generally will not be subject to corporate-level U.S. federal income taxes on any ordinary income or capital gains distributed to common stockholders of the Company (“Stockholders”) as dividends. To qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements as well as distribute each taxable year dividends for U.S. federal income tax purposes of an amount generally at least equal to 90% of the Company’s “investment company taxable income,” which is generally the Company’s net ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses and is determined without regard to any deduction for dividends paid. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income.

The Company evaluates tax positions taken or expected to be taken while preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted later based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain income tax positions from inception through September 30, 2025. The Company’s federal and state tax returns remain open for the prior three or four years, depending upon the jurisdiction, and subject to examination by the Internal Revenue Service and state tax authorities.

As of September 30, 2025 and December 31, 2024, the tax cost of the Company’s investments approximates its amortized cost.

Table of Contents

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation

The Company measures realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment using the specific identification method, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized. During the three and nine months ended September 30, 2025, the Company recorded $917 and $2,259 of realized gains, respectively. During the three and nine months ended September 30, 2024, the Company recorded $1,152 and $1,561 of realized gains (losses), respectively. During the three and nine months ended September 30, 2025, the Company recorded $(1,077) and $1,982 of unrealized appreciation (depreciation), respectively. During the three and nine months ended September 30, 2024, the Company recorded $3,613 and $8,045 of unrealized appreciation, respectively.

Distributions to Common Stockholders

Distributions to Stockholders are recorded as of the record date. The amount to be paid out as a distribution is determined by the Board.

Dividend Reinvestment Plan

The Company has adopted an “opt out” dividend reinvestment plan (“DRIP”), under which a Stockholder’s distributions would automatically be reinvested under the DRIP in additional whole and fractional shares, unless the Stockholder “opts out” of the DRIP, thereby electing to receive cash dividends.

The Company uses newly issued shares of Common Stock to implement the DRIP. Shares of Common Stock are issued at a price per share equal to the most recent net asset value per share determined by the Board.

Stockholders who receive distributions in the form of additional shares of Common Stock generally will be subject to the same U.S. federal, state and local tax consequences as Stockholders who elect not to reinvest distributions. Participation in the DRIP will not in any way reduce the amount of a Stockholder’s capital commitment.

Consolidation

As provided under Regulation S-X and ASC Topic 946 - Financial Services - Investment Companies, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company or controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidates the accounts of the Company’s SPVs in its consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation.

Segment Reporting

In accordance with Topic 280 – Segment Reporting (“ASC 280”), the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets. The Company’s investment objective is to generate both current income
and to a lesser extent capital appreciation through its investments. The chief operating decision maker (“CODM”) is comprised of the Company’s chairman, president, chief financial officer and chief compliance officer. The CODM assesses the performance and makes decisions of the Company on a consolidated basis primarily based on the Company’s net increase in stockholders’ equity resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of distributions to be distributed to the Company’s stockholders. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets” and the significant segment expenses are listed on the accompanying consolidated statement of operations.

Recent Accounting Pronouncements

In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement (Topic 820),” which clarifies the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The amendments affect all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. ASU 2022-03 is effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. For all other entities the amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. An entity that qualifies as an investment company under Topic 946 should apply the amendments in ASU No. 2022-03 to an investment in an equity security subject to a contractual sale restriction that is executed or modified on or after the date of adoption. The Company has adopted ASU No. 2022-03 and does not believe that it had a material effect on its consolidated financial statements.

Table of Contents

In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740),” which updates income tax disclosure requirements related to rate reconciliation, income taxes paid and other disclosures. ASU No. 2023-09 is effective for public business entities for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company has adopted ASU 2023-09 for the fiscal year 2025 and concluded that the application of this guidance did not have any material impact on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 2200-40),” which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, in each relevant expense caption. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently assessing the impact of the guidance but does not expect it will have a material impact on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-04, “Debt – Debt with Conversion and Other Options (Subtopic 470-20)”, which clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. ASU 2024-04 is effective for annual reporting periods beginning after December 15, 2025 and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently assessing the impact of the guidance but does not expect it will have a material impact on its consolidated financial statements.

Other than the aforementioned guidance, the Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying consolidated financial statements.

Note 3. Agreements and Related Party Transactions

Investment Advisory Agreement

Subject to the supervision of the Board and pursuant to an investment advisory agreement between the Company and the Adviser (the “Investment Advisory Agreement”), the Adviser manages the day-to-day operations of the Company and provides the Company with investment advisory and management services. Among other things, the Adviser (i) determines the composition and allocation of the Company’s investment portfolio, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identifies, evaluates and negotiates the structure of the investments made by the Company; (iii) performs due diligence on prospective portfolio companies; (iv) executes, closes, services and monitors the Company’s investments; (v) determines the securities and other assets that the Company will purchase, retain or sell; (vi) arranges financings and borrowing facilities for the Company; (vii) provides the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds; and (viii) to the extent permitted under the 1940 Act and the Advisers Act, on the Company’s behalf, and in coordination with any sub-adviser and any administrator, provides significant managerial assistance to those portfolio companies to which the Company is required to provide such assistance under the 1940 Act, including utilizing appropriate personnel of the Adviser to, among other things, monitor the operations of the Company’s portfolio companies, participate in board and management meetings, consult with and advise officers of portfolio companies and provide other organizational and financial consultation. The Adviser’s services under the Investment Advisory Agreement are not exclusive, and the Adviser is generally free to furnish similar services to other entities so long as its performance under the Investment Advisory Agreement is not adversely affected.

Under the Investment Advisory Agreement, the Company pays the Adviser (i) a base management fee and (ii) an incentive fee as compensation for the investment advisory and management services it provides the Company thereunder.

Base Management Fee

The Company pays to the Adviser an asset-based fee (the “Management Fee”) for management services in an amount equal to an annual rate of 1.30% of the average value of the Company’s gross assets (excluding cash and cash equivalents) as of the last day of the most recently completed calendar quarter and the last day of the immediately preceding calendar quarter payable quarterly in arrears. The Management Fee for any partial quarter is appropriately prorated based on the actual number of days elapsed during such partial quarter as a fraction of the number of days in the relevant calendar year. For the three and nine months ended September 30, 2025, the Company incurred Management Fees of $8,844 and $25,842, respectively. For the three and nine months ended September 30, 2024, the Company incurred Management Fees of $8,108 and $22,058, respectively. As of September 30, 2025 and December 31, 2024, the Company recorded Management Fees payable of $8,844 and $8,013, respectively.

Table of Contents

Incentive Fee

Beginning December 21, 2024, on the fourth anniversary of the date on which Stockholders were required to fund their initial drawdown (the “Incentive Commencement Date”), the Company pays the Adviser an incentive fee (“Incentive Fee”) as set forth below. The Incentive Fee consists of two parts. The first part (the “Investment Income Incentive Fee”) is calculated and payable on a quarterly basis, in arrears, commencing December 31, 2024, following the Incentive Commencement Date, and equals 15% of “pre-incentive fee net investment income” for the immediately preceding calendar quarter, subject to a quarterly preferred return of 1.75% (i.e., 7% annualized) measured on a quarterly basis. For purposes of computing the initial installment of the Investment Income Incentive Fee, as the Incentive Commencement Date did not fall on the first day of a calendar quarter, the initial Investment Income Incentive Fee is calculated and payable for the period that commences on the Incentive Commencement Date through the last day of the first complete calendar quarter immediately following the Incentive Commencement Date (March 31, 2025). The second part (the “Capital Gains Incentive Fee”) is an annual fee that is calculated in arrears, as of the end of each calendar year (or as of the date of the termination of the Investment Advisory Agreement) in an amount equal to 15% of realized capital gains, if any, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from the Incentive Commencement Date (based on the fair market value of each investment as of such date) through the end of such calendar year, less the aggregate amount of any previously paid Capital Gains Incentive Fee. As the Incentive Commencement Date did not fall on the first day of a calendar year, the initial Capital Gains Incentive Fee shall be payable for the period that commences on the Incentive Commencement Date through December 31, 2025. For the three and nine months ended September 30, 2025, the Company incurred Investment Income Incentive Fees of $5,683 and $16,051, respectively. For the three and nine months ended September 30, 2025 and 2024, the Company did not incur any Capital Gains Incentive Fees.

Administration Agreement

The Adviser also serves as the administrator of the Company (in such capacity, the “Administrator”). Subject to the supervision of the Board, the Administrator provides the administrative services necessary for the Company to operate and the Company utilizes the Administrator’s office facilities, equipment and recordkeeping services. The Company reimburses the Administrator for all reasonable costs and expenses incurred by the Administrator in providing these services, facilities and personnel, as provided by the administration agreement by and between the Company and the Administrator (the “Administration Agreement”). In addition, the Administrator is permitted to delegate its duties under the Administration Agreement to affiliates or third parties, and the Company reimburses the expenses of these parties incurred directly and/or paid by the Administrator on the Company’s behalf.

The Company reimburses the Administrator for the allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including furnishing the Company with office facilities, equipment and clerical, bookkeeping and recordkeeping services at such facilities, as well as providing the Company with other administrative services. In addition, the Company reimburses the Administrator for the fees and expenses associated with performing compliance functions, and the Company’s allocable portion of the compensation of certain of the Company’s officers, including the Company’s Chief Financial Officer, Chief Compliance Officer and any support staff. The Adviser can waive any amounts owed to it under the Administration Agreement, at its discretion.

For the three and nine months ended September 30, 2025, the Company incurred $267 and $695, respectively, of administrative overhead expenses that were included on the Consolidated Statements of Operations as professional fees. For the three and nine months ended September 30, 2024 the Company incurred $262 and $764 respectively, of administrative overhead expenses that were included on the Consolidated Statements of Operations as professional fees. As of September 30, 2025 and December 31, 2024, $267 and $213, respectively, of administrative overhead expenses remained payable and were included on the Consolidated Statements of Assets and Liabilities as accounts payable and accrued expenses. For each of the three and nine months ended September 30, 2025 and 2024, the Administrator did not waive any charges that were eligible for reimbursement under the terms of the Administration Agreement.

Sub-Administration and Custodian Fees

On January 22, 2021, the Administrator entered into a sub-administration agreement with U.S. Bank Global Fund Services (in such capacity, the “Sub-Administrator”) under which the Sub-Administrator provides various accounting and other administrative services with respect to the Company. The Company pays the Sub-Administrator fees for services the Administrator determines are commercially reasonable in its sole discretion. The Company also reimburses the Sub-Administrator for all reasonable expenses. To the extent that the Sub-Administrator outsources any of its functions, the Sub-Administrator pays any compensation associated with such functions. The Sub-Administrator also serves as the Company’s custodian (the “Custodian”).

Table of Contents

For the three and nine months ended September 30, 2025, the Company incurred expenses for services provided by the Sub-Administrator and the Custodian of $543 and $1,548, respectively, that were included on the Consolidated Statements of Operations as professional fees. For the three and nine months ended September 30, 2024 the Company incurred $285 and $964, respectively, that were included on the Consolidated Statements of Operations as professional fees. As of September 30, 2025 and December 31, 2024, $555 and $470, respectively, remained payable on the Consolidated Statements of Assets and Liabilities as accounts payable and accrued expenses.

Transfer Agent Fees

The Company has entered into a transfer agent servicing agreement with U.S. Bank Global Fund Services (in such capacity, the “Transfer Agent”). For the three and nine months ended September 30, 2025, the Company incurred expenses for services provided by the Transfer Agent of $18 and $52, respectively, that were included on the Consolidated Statements of Operations as professional fees. For the three and nine months ended September 30, 2024, the Company incurred expenses for services provided by the Transfer Agent of $15 and $34, respectively, that were included on the Consolidated Statements of Operations as professional fees. As of September 30, 2025 and December 31, 2024, $16 and $11, respectively, remained payable and were included on the Consolidated Statements of Assets and Liabilities as accounts payable and accrued expenses.

Affiliated Capital Market Entities

The Adviser is an affiliate of SPC Capital Markets LLC, a Delaware limited liability company (the “Affiliated Broker-Dealer”), which is registered as a broker-dealer with the SEC and a member of FINRA and the Securities Investor Protection Corporation (together with the other Stone Point affiliated entities that conduct financial services, loan origination, structuring, placement or other similar business as a broker, dealer, distributor, syndicator, arranger or originator of securities or loans, collectively the “Affiliated Capital Market Entities”). During the three months ended September 30, 2025, the Company did not pay the Affiliated Broker-Dealer any fees. During the nine months ended September 30, 2025, the Company paid the Affiliated Broker-Dealer a fee of $1,500 for services provided by the Affiliated Broker-Dealer in connection with the closing of the Senior Notes. During the three and nine months ended September 30, 2024, the Company paid the Affiliated Broker-Dealer a fee of $750 for services provided by the Affiliated Broker-Dealer in connection with the closing of the 2029 Notes. The Affiliated Broker-Dealer may receive fees from other investors and portfolio companies in which the Company invests but will not collect fees from the Company for its portfolio investments.

To the extent permitted by the 1940 Act, the Affiliated Capital Market Entities may, among other assignments, arrange, structure, and/or place equity and debt securities to be issued by portfolio companies of the Company on a best efforts or firm commitment basis. These placements may from time to time include structuring of offerings, and placement of securities in public offerings of securities issued by portfolio companies of the Company. The Affiliated Capital Market Entities may act as a firm commitment underwriter (co-manager only) in public and private offerings of securities issued by portfolio companies of the Company. In certain limited circumstances, the Company may have a conflict resulting from the foregoing arrangements. When the Affiliated Capital Market Entities serve as underwriter with respect to the securities of a portfolio company of the Company, the Company may be subject to a “lock-up” period following the offering under applicable regulations or agreements during which time its ability to sell any securities that it continues to hold is restricted. This restriction may prevent the Company from disposing of such securities at an opportune time. To the extent permitted by the 1940 Act, the Company may make investments from time to time in transactions where Affiliated Capital Market Entities act as agent, broker, principal, arranger or syndicate manager or member on the other side of the transaction or for other parties in the transaction. The consent of the Board may be required to enter into certain of the Company’s potential investments and the failure of the Board to grant such consent would prevent the Company from consummating such investments, which could adversely affect the Company.

Table of Contents

Co-Investment Exemptive Relief

The 1940 Act generally prohibits BDCs from entering into negotiated co-investments with affiliates absent an order from the SEC. On June 14, 2022, the SEC granted the Company exemptive relief (the “Order”) that permits the Company to co-invest alongside other funds managed by the Adviser or certain of its affiliates, if, among other things, a “required majority” (as defined in Section 57(o) of the 1940 Act) of the directors who are not “interested persons” of the Company, the Adviser of their respective affiliates as defined in Section 2 (a)(19) of the 1940 Act (“Independent Directors”) make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to the Company and Stockholders and do not involve overreaching in respect of the Company or Stockholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of Stockholders and is consistent with the Company’s then-current investment objective and strategies. The Order provides that, in connection with any co-investment transaction, the Company may participate in any such co-investment transaction on terms that are the same as those applicable to the other funds managed by, or certain entities affiliated with, the Adviser or certain of its affiliates. To the extent an investment by such other fund or entity, as applicable, in an applicable co-investment opportunity is based on favorable terms, the Company will benefit from investing in such co-investment opportunity based on such favorable terms. In addition, the Order provides that, in connection with any such co-investment transaction, the Company will receive its pro rata share of any transaction fees (including break-up, structuring, monitoring or commitment fees but excluding brokerage or underwriting compensation permitted by section 17(e) or 57(k) of the 1940 Act), in respect of such co-investment transaction, based on the Company’s relative share of the amount invested or committed, as applicable, in such transaction.

Controlled/Affiliated Portfolio Companies

Under the 1940 Act, the Company is required to separately identify investments where it owns 5% or more of a portfolio
company’s outstanding voting securities as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is
required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities
and/or has the power to exercise control over the management or policies of such portfolio company as investments in “controlled”
companies. Under the 1940 Act, “non-affiliated investments” are defined as investments that are neither controlled investments nor
affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated and controlled affiliated
investments is contained in the accompanying consolidated financial statements, including the consolidated schedule of investments.

The Company has made investments in controlled, affiliated companies, which include its investment in SPV CA IX LLC, for purposes of holding a loan to an underlying portfolio company in lieu of the Company receiving its California lenders license.

Note 4. Offering Costs

The Company has and may continue to bear expenses relating to the offering of its Common Stock, including any listing of its Common Stock on a national securities exchange. Offering expenses include, without limitation, legal, accounting, printing and other offering costs including those associated with the preparation of a registration statement in connection with any offering of Common Stock.

For the three and nine months ended September 30, 2025, the Company incurred offering costs of $12 and $35, respectively. For the three and nine months ended September 30, 2024, the Company incurred offering costs of $12 and $44, respectively. As of both September 30, 2025 and December 31, 2024, there was no balance payable on the Consolidated Statements of Assets and Liabilities for offering expenses payable.

Table of Contents

Note 5. Commitments and Contingencies

Litigation and Regulatory Matters

From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with the Company’s portfolio companies. The Company and the Adviser are not currently a party to any material legal proceedings. Due to the delay in obtaining a California lending license, the Company incurred a de minimis penalty payment obligation to California, which amount has been borne entirely by the Adviser.

Unfunded Portfolio Company Commitments

From time to time, the Company enters into commitments to fund investments. As of September 30, 2025 and December 31, 2024, the Company had the following unfunded portfolio company commitments under loan and financing agreements:


($ in thousands)
Portfolio Company	Type of Investment	September 30, 2025 Par		December 31, 2024 Par
Accordion Partners LLC	First Lien Delayed Draw Term Loan	$	4,581	$	5,454
Accordion Partners LLC	First Lien Revolving Loan		3,636		3,636
ACCUSERVE SOLUTIONS, INC.	First Lien Delayed Draw Term Loan		4,226		4,876
ACCUSERVE SOLUTIONS, INC.	First Lien Revolving Loan		723		6,573
Acentra Holdings, LLC	First Lien Delayed Draw Term Loan		8,715		8,715
Acentra Holdings, LLC	First Lien Revolving Loan		1,441		1,287
Action Behavior Centers Therapy LLC	First Lien Delayed Draw Term Loan		3,928		5,722
Action Behavior Centers Therapy LLC	First Lien Revolving Loan		3,071		3,071
Alkeme Intermediary Holdings, LLC	First Lien Delayed Draw Term Loan		-		12,511
Amerilife Holdings LLC	First Lien Delayed Draw Term Loan		638		4,753
AmeriLife Holdings LLC	First Lien Revolving Loan		4,727		6,891
Anaplan Inc.	First Lien Revolving Loan		1,546		1,546
Aprio Advisory Group, LLC	First Lien Delayed Draw Term Loan		10,670		-
Aprio Advisory Group, LLC	First Lien Delayed Draw Term Loan		-		4,741
Aprio Advisory Group, LLC	First Lien Revolving Loan		4,402		2,994
Arden Insurance Services LLC	First Lien Revolving Loan		1,829		1,463
ARMStrong Receivable Management	First Lien Delayed Draw Term Loan		901		1,020
ARMStrong Receivable Management	First Lien Delayed Draw Term Loan		294		-
ARMStrong Receivable Management	First Lien Revolving Loan		299		299
Babylon Buyer, Inc.	First Lien Revolving Loan		1,479		-
Baker Tilly Advisory Group, L.P.	First Lien Delayed Draw Term Loan		2,314		-
Baker Tilly Advisory Group, L.P.	First Lien Delayed Draw Term Loan		-		2,736
Baker Tilly Advisory Group, L.P.	First Lien Revolving Loan		1,050		-
Baker Tilly Advisory Group, L.P.	First Lien Revolving Loan		3,835		3,835
Beacon Pointe Harmony, LLC	First Lien Delayed Draw Term Loan		9,390		9,390
Beacon Pointe Harmony, LLC	First Lien Revolving Loan		3,000		3,000
Bellwether Buyer, LLC	First Lien Delayed Draw Term Loan		7,530		-
Bellwether Buyer, LLC	First Lien Revolving Loan		2,259		-
Belmont Buyer, Inc.	First Lien Delayed Draw Term Loan		4,235		4,235
Belmont Buyer, Inc.	First Lien Revolving Loan		2,180		1,453
Bottomline Technologies, Inc.	First Lien Revolving Loan		3,849		7,365
CAPTIVE RESOURCES MIDCO, LLC	First Lien Revolving Loan		2,203		2,203

Table of Contents


($ in thousands)
Portfolio Company	Type of Investment	September 30, 2025 Par		December 31, 2024 Par
Chartis Group, LLC	First Lien Delayed Draw Term Loan		2,518		2,518
Chartis Group, LLC	First Lien Revolving Loan		1,259		1,259
Cherry Bekaert Advisory LLC	First Lien Delayed Draw Term Loan		-		638
Choreo Buyer LLC.	First Lien Delayed Draw Term Loan		15,311		15,560
Cliffwater, LLC	First Lien Revolving Loan		5,966		2,857
Coller Private Equity Backed Notes & Loans II-A L.P.	Unsecured Note		4,451		-
Continental Buyer Inc.	First Lien Delayed Draw Term Loan		-		8,153
Continental Buyer Inc.	First Lien Revolving Loan		4,545		3,057
Continental Buyer, Inc	First Lien Delayed Draw Term Loan		3,237		-
Diligent Corporation	First Lien Revolving Loan		5,337		5,997
Diligent Corporation	First Lien Delayed Draw Term Loan		4,124		4,124
Eclipse Buyer, Inc.	First Lien Delayed Draw Term Loan		2,134		2,134
Eclipse Buyer, Inc.	First Lien Revolving Loan		1,083		1,083
Ellkay, LLC	First Lien Revolving Loan		-		2,167
Equinox Buyer LLC	First Lien Revolving Loan		4,776		-
Exeter Short Term Funding LLC	First Lien Revolving Loan		13,183		8,797
Flexera Software LLC	First Lien Revolving Loan		1,056		-
Foundation Risk Partners, Corp.	First Lien Delayed Draw Term Loan		-		4,686
Foundation Risk Partners, Corp.	First Lien Revolving Loan		3,526		4,407
Fullsteam Operations LLC	First Lien Delayed Draw Term Loan		9,167		-
Fullsteam Operations LLC	First Lien Revolving Loan		3,333		-
Galway Borrower LLC	First Lien Delayed Draw Term Loan		9,038		10,596
Galway Borrower LLC	First Lien Revolving Loan		2,382		2,767
GovDelivery Holdings LLC	First Lien Revolving Loan		2,193		2,193
GS ACQUISITIONCO, INC.	First Lien Delayed Draw Term Loan		893		1,109
GS ACQUISITIONCO, INC.	First Lien Revolving Loan		720		1,080
Guardian Restoration Partners Buyers, LLC	First Lien Delayed Draw Term Loan		2,257		9,082
Guardian Restoration Partners Buyers, LLC	First Lien Revolving Loan		1,179		2,057
HBWM INTERMEDIATE II, LLC	First Lien Delayed Draw Term Loan		-		5,498
HBWM INTERMEDIATE II, LLC	First Lien Revolving Loan		495		1,017
Headlands Buyer, Inc.	First Lien Delayed Draw Term Loan		11,376		-
Headlands Buyer, Inc.	First Lien Revolving Loan		5,565		-
Heights Buyer, LLC	First Lien Delayed Draw Term Loan		-		2,554
Heights Buyer, LLC	First Lien Revolving Loan		1,979		2,235
Homecare Software Solutions LLC	First Lien Delayed Draw Term Loan		-		-
Hyland Software, Inc	First Lien Revolving Loan		1,199		1,199
IG Investments Holdings, LLC	First Lien Revolving Loan		3,509		3,509
IMAGINE ACQUISITIONCO, INC.	First Lien Revolving Loan		4,630		4,399
Kona Buyer, LLC	First Lien Delayed Draw Term Loan		3,188		-
Kona Buyer, LLC	First Lien Revolving Loan		355		-

Table of Contents


($ in thousands)
Portfolio Company	Type of Investment	September 30, 2025 Par		December 31, 2024 Par
KRIV Acquisition Inc.	First Lien Delayed Draw Term Loan		1,543		-
KRIV Acquisition Inc.	First Lien Delayed Draw Term Loan		21,688		24,923
KRIV Acquisition Inc.	First Lien Revolving Loan		349		-
Kwol Acquisition Inc	First Lien Delayed Draw Term Loan		1,397		-
Kwol Acquisition Inc	First Lien Revolving Loan		493		329
LENDINGTREE, INC.	First Lien Delayed Draw Term Loan		-		3,000
Low Voltage Holdings Inc.	First Lien Delayed Draw Term Loan		1,119		-
Low Voltage Holdings Inc.	First Lien Revolving Loan		606		-
MAI Capital Management Intermediate LLC	First Lien Delayed Draw Term Loan		1,937		2,782
MAI Capital Management Intermediate LLC	First Lien Delayed Draw Term Loan		4,536		-
MAI Capital Management Intermediate LLC	First Lien Revolving Loan		1,632		1,331
MB2 Dental Solutions, LLC	First Lien Delayed Draw Term Loan		6,104		8,932
MB2 Dental Solutions, LLC	First Lien Revolving Loan		2,244		2,244
MEDX HOLDINGS, LLC	First Lien Delayed Draw Term Loan		9,809		-
MEDX HOLDINGS, LLC	First Lien Revolving Loan		4,606		-
Ministry Brands Holdings, LLC	First Lien Delayed Draw Term Loan		-		4
Ministry Brands Holdings, LLC	First Lien Revolving Loan		1,695		1,691
Minotaur Acquisition, Inc.	First Lien Delayed Draw Term Loan		3,401		3,401
Minotaur Acquisition, Inc.	First Lien Revolving Loan		2,041		2,041
MIRRA-PRIMEACCESS HOLDINGS, LLC	First Lien Revolving Loan		685		685
More Cowbell II LLC	First Lien Revolving Loan		-		4,247
More Cowbell II LLC	First Lien Delayed Draw Term Loan		1,891		-
More Cowbell II LLC	First Lien Delayed Draw Term Loan		-		5,444
More Cowbell II LLC	First Lien Revolving Loan		3,692		-
New Mountain Guardian IV Income Rated Feeder II, Ltd.	Unsecured Note		170		350
New Mountain Guardian IV Rated Feeder III, Ltd.	Unsecured Note		473		557
New Mountain Guardian IV Rated Feeder III, Ltd.	Unsecured Note		2,254		2,657
New Mountain Guardian IV Rated Feeder III, Ltd.	Unsecured Note		1,648		1,942
NextGen Healthcare	First Lien Delayed Draw Term Loan		2,370		2,370
NextGen Healthcare	First Lien Revolving Loan		889		889
Omega Systems Intermediate Holdings, INC	First Lien Delayed Draw Term Loan		6,333		-
Omega Systems Intermediate Holdings, INC	First Lien Revolving Loan		1,900		-
oneZero Financial Systems, LLC	First Lien Delayed Draw Term Loan		3,123		4,712
oneZero Financial Systems, LLC	First Lien Revolving Loan		3,365		3,365
Orion Advisor Solutions, LLC	Second Lien Delayed Draw Term Loan		4,847		6,524
PAS Parent Inc.	First Lien Delayed Draw Term Loan		6,737		-
PAS Parent Inc.	First Lien Delayed Draw Term Loan		-		1,476
PAS Parent Inc.	First Lien Delayed Draw Term Loan		-		5,625
PAS Parent Inc.	First Lien Revolving Loan		1,000		1,000
Payscape Buyer, Inc.	First Lien Revolving Loan		326		326
Petra Borrower, LLC	First Lien Delayed Draw Term Loan		3,193		3,193
Petra Borrower, LLC	First Lien Revolving Loan		1,965		2,456

Table of Contents


($ in thousands)
Portfolio Company	Type of Investment	September 30, 2025 Par		December 31, 2024 Par
Project K Buyerco, INC.	First Lien Revolving Loan		-		7,727
Propio LS, LLC	First Lien Revolving Loan		184		-
RCP NATS PURCHASER, LLC	First Lien Delayed Draw Term Loan		8,209		-
RCP NATS PURCHASER, LLC	First Lien Revolving Loan		5,746		-
Redwood Purchaser, INC	First Lien Delayed Draw Term Loan		10,663		-
Redwood Purchaser, INC	First Lien Revolving Loan		5,022		-
Redwood Services Group, LLC	First Lien Delayed Draw Term Loan		7,404		-
Saab Purchaser, Inc	First Lien Delayed Draw Term Loan		6,905		-
Saab Purchaser, Inc	First Lien Revolving Loan		959		-
Simplifi Holdings, Inc.	First Lien Revolving Loan		1,952		2,892
Skywalker Purchaser, LLC	First Lien Delayed Draw Term Loan		1,881		-
Skywalker Purchaser, LLC	First Lien Delayed Draw Term Loan		2,112		-
SPV CA IX, LLC	Equity		20,087		-
Southpaw AP Buyer, LLC	First Lien Delayed Draw Term Loan		76		260
Southpaw AP Buyer, LLC	First Lien Revolving Loan		670		868
SpecialtyCare, Inc.	First Lien Delayed Draw Term Loan		476		-
SpecialtyCare, Inc.	First Lien Revolving Loan		977		446
Stepping Stones Healthcare Services, LLC	First Lien Delayed Draw Term Loan		5,075		6,300
Stepping Stones Healthcare Services, LLC	First Lien Revolving Loan		3,500		3,500
TA/WEG Holdings, LLC	First Lien Delayed Draw Term Loan		-		5,602
TA/WEG Holdings, LLC	First Lien Delayed Draw Term Loan		-		5
TA/WEG Holdings, LLC	First Lien Revolving Loan		1,902		1,995
TA/WEG Holdings, LLC	First Lien Revolving Loan		-		1,135
Tamarack Intermediate, L.L.C.	First Lien Revolving Loan		3,516		3,516
THG Acquisition, LLC	First Lien Delayed Draw Term Loan		4,896		5,847
THG Acquisition, LLC	First Lien Revolving Loan		2,706		2,706
Titan Home Improvement, LLC	First Lien Delayed Draw Term Loan		4,605		4,605
Titan Home Improvement, LLC	First Lien Revolving Loan		3,837		3,837
TRAK Purchaser, Inc	First Lien Revolving Loan		1,531		-
TRINITY PARTNERS HOLDINGS, LLC	First Lien Delayed Draw Term Loan		7,447		6,625
TST Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan		5,817		5,817
TST Intermediate Holdings, LLC	First Lien Revolving Loan		641		890
Vital Care Buyer LLC	First Lien Revolving Loan		874		874
Wharf Street Ratings Acquisition LLC	First Lien Delayed Draw Term Loan		7,251		-
Wharf Street Ratings Acquisition LLC	First Lien Revolving Loan		7,487		-
World Insurance Associates, LLC	First Lien Delayed Draw Term Loan		9,437		-
World Insurance Associates, LLC	First Lien Revolving Loan		649		-
Worldwide Insurance Network, LLC	First Lien Delayed Draw Term Loan		1,740		12,174
Worldwide Insurance Network, LLC	First Lien Delayed Draw Term Loan		15,000		-
Total Par.		$	508,210	$	402,618

The unrealized appreciation or depreciation associated with unfunded portfolio company commitments is recorded on the consolidated financial statements and reflected as an adjustment to the valuation of the related security on the Consolidated Schedule of Investments as of both September 30, 2025 and December 31, 2024. The par amount of the unfunded portfolio company commitments is not recognized by the Company until the commitment is funded.

The credit agreements of the unfunded portfolio company commitments contain customary lending provisions which are subject to the portfolio company’s achievement of certain milestones. In instances where the underlying company experiences material adverse effects that would impact the financial condition or business outlook of the company, there is relief to the Company from funding obligations for previously made commitments. Unfunded portfolio company commitments may expire without being drawn upon, and therefore, do not necessarily represent future cash requirements or future earning assets for the Company. The Company expects to maintain sufficient liquidity in the form of cash, financing capacity and undrawn capital commitments from its investors to cover any outstanding unfunded portfolio company commitments the Company may be required to fund.

Table of Contents

Note 6. Borrowings

In accordance with the 1940 Act, with certain limitations, BDCs are allowed to borrow amounts such that their asset coverage ratios, as defined in the 1940 Act, are at least 200% (or 150% if certain conditions are met) after such borrowing. Effective December 17, 2019, the asset coverage ratio under the 1940 Act Applicable to us decreased to 150% from 200%, so long as we meet certain disclosure requirements. As a result of complying with the requirements set forth in Section 61 of the 1940 Act, the Company is able to borrow amounts such that its asset coverage ratio is at least 150%, rather than 200%. As of September 30, 2025 and December 31, 2024, the Company’s asset coverage ratios were 189% and 194%, respectively. For the nine months ended September 30, 2025, the weighted average borrowing and interest rate on our floating rate credit facilities was $945,687 and 6.6% compared to $915,065 and 8.1% for the nine months ended September 30, 2024.

The following tables show the Company’s outstanding debt as of September 30, 2025 and December 31, 2024, respectively:


	September 30, 2025
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available (1)		Net Carrying Value (2)
Capital Call Facility	$	65,000	$	1,000	$	64,000	$	941
Revolving Credit Facility (3)		850,000		780,520		69,480		773,703
Secured Credit Facility		300,000		200,500		99,500		198,181
2029 Notes		200,000		200,000		—		197,983
Senior Notes		300,000		300,000		—		296,671
Total	$	1,715,000	$	1,482,020	$	232,980	$	1,467,479


	December 31, 2024
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available (1)		Net Carrying Value (2)
Capital Call Facility	$	65,000	$	27,000	$	38,000	$	26,757
Revolving Credit Facility		850,000		680,000		170,000		671,821
Secured Credit Facility		300,000		200,000		100,000		197,076
2025 Notes		225,000		225,000		—		224,612
2029 Notes		200,000		200,000		—		197,660
Total	$	1,640,000	$	1,332,000	$	308,000	$	1,317,926

(1)

The amount available may be subject to limitations related to the borrowing base under the Company's outstanding debt (collectively the "Financing Facilities"), outstanding letters of credit issued and asset coverage requirements.

(2)

As of September 30, 2025 and December 31, 2024, all of the Company’s outstanding debt was categorized as Level 3 within the fair value hierarchy.

(3)

As of September 30, 2025, the Fund recorded $(17) of unrealized translation gain/(loss) on borrowings denominated in foreign currency.

Capital Call Facility

Effective as of December 29, 2020 (the “Initial Closing Date”), the Company entered into a revolving credit facility (as amended, the “Capital Call Facility”) by and among, inter alios, the Company as the initial borrower, the lenders from time-to-time party thereto (collectively, the “Lenders”) and Capital One, National Association, as the administrative agent (the “Administrative Agent”), sole lead arranger and a Lender.

As of September 30, 2025 and December 31, 2024, the maximum borrowing capacity of the Company under the Capital Call Facility was $65,000.

At the Company’s option, the Capital Call Facility accrues interest at a rate per annum based on (i) a daily simple SOFR plus an applicable margin of 2.35% or (ii) the greatest of (1) the prime rate or (2) the federal funds effective rate plus 0.5% plus an applicable margin of 1.35%. If the average unused portion of the commitment is greater than 50% during a calendar month, the unused fee will be 0.50% per annum multiplied by the daily unused portion of the commitment.

The stated Maturity Date of the Capital Call Facility is December 26, 2025, unless otherwise terminated.

The Capital Call Facility includes customary covenants as well as usual and customary events of default for revolving credit facilities of this nature.

Table of Contents

As of each of September 30, 2025 and December 31, 2024, the carrying amount of the Company’s borrowings under the Capital Call Facility approximated its fair value. As of September 30, 2025, and December 31, 2024, unamortized financing costs of $59 and $243, respectively, are being deferred and amortized over the remaining term of the Capital Call Facility. As of September 30, 2025 and December 31, 2024, the Company had an outstanding balance of $1,000 and $27,000, respectively. As of September 30, 2025 and December 31, 2024, the Capital Call Facility is presented on the Consolidated Statements of Assets and Liabilities net of unamortized financing costs, which results in an outstanding balance totaling $941 and $26,757, respectively.

The following table shows additional information about the interest and financing costs related to the Capital Call Facility for the three and nine months ended September 30, 2025 and 2024:


($ in thousands)	Three Months Ended September 30, 2025		Three Months Ended September 30, 2024		Nine Months Ended September 30, 2025		Nine Months Ended September 30, 2024
Interest expense related to the Capital Call Facility	$	326	$	742	$	1,078	$	2,346
Financing expenses related to the Capital Call Facility		62		89		184		266
Total interest and financing expenses related to the Capital Call Facility	$	388	$	831	$	1,262	$	2,612

Revolving Credit Facility

On June 28, 2021, SPV I entered into a senior secured revolving credit facility (as amended, the “Revolving Credit Facility”) with JPMorgan Chase Bank, National Association (“JPM”). JPM serves as administrative agent and lender, U.S. Bank, National Association, serves as collateral agent, securities intermediary and collateral administrator, and the Adviser serves as portfolio manager under the Revolving Credit Facility.

On April 11, 2025, SPCC Funding I LLC executed a letter agreement (the “First Amendment”) to amend the Revolving Credit Facility. Under the First Amendment, the lenders party to the Revolving Credit Facility agreed to make advances to the respective financing commitment of such lender (a "Tranche A Advance" or a "Tranche B Advance," as applicable and together, an "Advance") with the following changes to the applicable margin: (a) with respect to interest based on the reference rate, 2.00% per annum; provided that, in the case of Tranche B Advances denominated in pound sterling, the applicable margin for Advances shall be 2.1193% per annum, (b) with respect to interest based on Term SOFR, 2.00% per annum, and (c) with respect to interest based on a base rate, 2.00% per annum; provided that, in the case of Tranche B Advances denominated in pound sterling, the applicable margin for Advances is 2.1193% per annum. The First Amendment also extended the non-call period to align with the reinvestment period of the Revolving Credit Facility. The other material terms of the Revolving Credit Facility were unchanged.

As of September 30, 2025, the financing commitment from the lenders under the Revolving Credit Facility was $850,000 and borrowings under the Revolving Credit Facility bore interest at an applicable margin of 2.00% per annum with respect to SOFR loans. As of December 31, 2024, the financing commitment from the lenders under the Revolving Credit Facility was $850,000 and borrowings under the Revolving Credit Facility bore interest at an applicable margin of 2.45% per annum with respect to SOFR loans. In connection with the Revolving Credit Facility, SPV I made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. The Revolving Credit Facility contains customary events of default for similar financing transactions. The stated Maturity Date of the Revolving Credit Facility is June 27, 2029, unless otherwise terminated.

As of each of September 30, 2025 and December 31, 2024, the carrying amount of the Company’s borrowings under the Revolving Credit Facility approximated its fair value. As of September 30, 2025 and December 31, 2024, unamortized financing costs of $6,817 and $8,179, respectively, are being deferred and amortized over the remaining term of the Revolving Credit Facility. As of September 30, 2025 and December 31, 2024, the Revolving Credit Facility had an outstanding balance of $780,520 and $680,000, respectively. As of September 30, 2025 and December 31, 2024, the Revolving Credit Facility is presented in the Consolidated Statements of Assets and Liabilities net of unamortized financing costs, which results in an outstanding balance, totaling $773,703 and $671,821, respectively.

Table of Contents

The following table shows additional information about the interest and financing costs related to the Revolving Credit Facility for the three and nine months ended September 30, 2025 and 2024:


($ in thousands)	Three Months Ended September 30, 2025		Three Months Ended September 30, 2024		Nine Months Ended September 30, 2025		Nine Months Ended September 30, 2024
Interest expense related to the Revolving Credit Facility	$	11,819	$	14,710	$	35,217	$	41,240
Financing expenses related to the Revolving Credit Facility		459		458		1,362		1,048
Total interest and financing expenses related to the Revolving Credit Facility	$	12,278	$	15,168	$	36,579	$	42,288

Secured Credit Facility

On August 14, 2023, SPV II entered into a Credit Agreement (as amended, the “Secured Credit Facility”), with the lenders from time to time party thereto, Goldman Sachs Bank USA, as syndication agent and administrative agent (the “Administrative Agent”), U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, and U.S. Bank National Association, as collateral custodian.

As of September 30, 2025 and December 31, 2024, the Secured Credit Facility is comprised of (i) a $250,000 asset-based revolving loan facility (the “ABL Facility”) and (ii) a $50,000 asset-based revolving loan facility (the “Revolver Facility”), each of which has its own borrowing base. The Secured Credit Facility contains customary covenants, including certain limitations on the activities of SPV II, and customary events of default.

On March 3, 2025, (the “First Amendment Date”), SPV II entered into an amendment to the Secured Credit Facility, which, among other things, reduced the applicable margin on borrowings from 3.10% to 2.00% per annum, extended the reinvestment period to March 3, 2028, and extended the maturity date to March 3, 2030.

As of each of September 30, 2025 and December 31, 2024, the carrying amount of the Company’s borrowings under the Secured Credit Facility approximated its fair value. As of September 30, 2025, and December 31, 2024, unamortized financing costs of $2,319 and $2,924, respectively, are being deferred and amortized over the remaining term of the Secured Credit Facility. As of both September 30, 2025, and December 31, 2024, the Secured Credit Facility had an outstanding balance of $200,500 and $200,000, respectively. As of September 30, 2025 and December 31, 2024, the Secured Credit Facility is presented in the Consolidated Statements of Assets and Liabilities net of unamortized financing costs, which results in an outstanding balance totaling $198,181 and $197,076, respectively.

The following table shows additional information about the interest and financing costs related to the Secured Credit Facility for the three and nine months ended September 30, 2025 and 2024:


($ in thousands)	Three Months Ended September 30, 2025		Three Months Ended September 30, 2024		Nine Months Ended September 30, 2025		Nine Months Ended September 30, 2024
Interest expense related to the Secured Credit Facility	$	3,514	$	4,518	$	11,177	$	12,830
Financing expenses related to the Secured Credit Facility		203		157		604		373
Total interest and financing expenses related to the Secured Credit Facility	$	3,717	$	4,675	$	11,781	$	13,203

2025 Notes

On May 19, 2022, the Company entered into a Note Purchase Agreement (the “NPA”) governing the issuance of $225,000 in aggregate principal amount of senior unsecured notes due May 19, 2025 (the “2025 Notes”) to qualified institutional investors in a private placement. $150,000 of the 2025 Notes were delivered and paid for on May 19, 2022, and $75,000 of the 2025 Notes were delivered and paid for on August 18, 2022. The 2025 Notes matured and were fully repaid on May 19, 2025.

The 2025 Notes had a fixed interest rate of 5.83% per year, subject to a step up of (1) 1.00% per year, to the extent and for so long as the 2025 Notes failed to satisfy certain investment grade rating conditions and/or (2) 1.50% per year, to the extent and for so

Table of Contents

long as either the ratio of the Company’s secured debt to total assets exceeded specified thresholds, measured as of each fiscal quarter-end, or the Company failed to deliver the required quarterly or annual financial statements and related certificates when due.

Interest on the 2025 Notes was due semiannually in May and November of each year, beginning in November 2022. In addition, the Company was obligated to offer to repay the 2025 Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occurred.

As of each of September 30, 2025 and December 31, 2024, the carrying amount of the Company’s borrowings under the 2025 Notes approximated its fair value. As of September 30, 2025 and December 31, 2024, unamortized debt issuance costs of zero and $388, respectively, were being deferred and amortized over the remaining term of the 2025 Notes. As of September 30, 2025 and December 31, 2024, the 2025 Notes had an outstanding balance of zero and $225,000, respectively. The 2025 Notes are presented on the Consolidated Statements of Assets and Liabilities net of unamortized debt issuance costs, which results in an outstanding balance, totaling zero as of September 30, 2025 and $224,612 as of December 31, 2024.

The following table shows additional information about the interest and financing costs related to the 2025 Notes for the three and nine months ended September 30, 2025 and 2024:


($ in thousands)	Three Months Ended September 30, 2025		Three Months Ended September 30, 2024		Nine Months Ended September 30, 2025		Nine Months Ended September 30, 2024
Interest expense related to the 2025 Notes	$	—	$	3,279	$	5,028	$	9,838
Financing expenses related to the 2025 Notes		—		266		388		789
Total interest and financing expenses related to the 2025 Notes	$	—	$	3,545	$	5,416	$	10,627

2029 Notes

On September 17, 2024, the Company entered into a Note Purchase Agreement (the “September 2024 NPA”) governing the issuance of $200,000 in aggregate principal amount of senior unsecured notes due September 15, 2029 (the “2029 Notes”) to qualified institutional investors in a private placement.

The 2029 Notes have a fixed interest rate of 6.70% per year, subject to a step up of (1) 1.00% per year, to the extent and for so long as the 2029 Notes fail to satisfy certain investment grade rating conditions and/or (2) 1.50% per year, to the extent and for so long as either the ratio of the Company’s secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter-end, or the Company fails to deliver the required quarterly or annual financial statements and related certificates when due.

The 2029 Notes will mature on September 15, 2029 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the September 2024 NPA. Interest on the 2029 Notes is due semiannually in April and October of each year, beginning in April 2025. In addition, the Company is obligated to offer to repay the 2029 Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the September 2024 NPA, the Company may redeem the 2029 Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before June 16, 2029, a make-whole premium.

As of each of September 30, 2025 and December 31, 2024 the carrying amount of the Company’s borrowings under the 2029 Notes approximated its fair value. As of September 30, 2025 and December 31, 2024, unamortized debt issuance costs of $2,017 and $2,340, respectively, are being deferred and amortized over the remaining term of the 2029 Notes. As of both September 30, 2025 and December 31, 2024, the 2029 Notes had an outstanding balance of $200,000. The 2029 Notes are presented on the Consolidated Statements of Assets and Liabilities net of unamortized debt issuance costs, which results in an outstanding balance, totaling $197,983 as of September 30, 2025 and $197,660 as of December 31, 2024.

Table of Contents

The following table shows additional information about the interest and financing costs related to the 2029 Notes for the three and nine months ended September 30, 2025:


($ in thousands)	Three Months Ended September 30, 2025		Three Months Ended September 30, 2024		Nine Months Ended September 30, 2025		Nine Months Ended September 30, 2024
Interest expense related to the 2029 Notes	$	3,350	$	261	$	10,311	$	261
Financing expenses related to the 2029 Notes		150		17		423		17
Total interest and financing expenses related to the 2029 Notes	$	3,500	$	278	$	10,734	$	278

Senior Notes

On March 21, 2025, the Company entered into a Note Purchase Agreement (the “March 2025 NPA”) governing the issuance of (i) $60,000 in aggregate principal amount of senior unsecured notes due May 15, 2028 (the “2028 Notes”) and (ii) $240,000 in aggregate principal amount of senior unsecured notes due May 15, 2030 (the “2030 Notes”) (together with the 2028 Notes, collectively, “Senior Notes”) to qualified institutional investors in a private placement.

The 2028 Notes have a fixed interest rate of 6.03% per year and the 2030 Notes have a fixed interest rate of 6.26% per year. Each of the 2028 Notes and 2030 Notes are subject to a step up of (1) 1.00% per year, to the extent and for so long as the 2028 Notes or 2030 Notes fail to satisfy certain investment grade rating conditions and/or (2) (a) if the 2028 Notes or 2030 Notes do not satisfy certain investment grade rating conditions, an additional 1.50% per year, to the extent and for so long as either the ratio of the Company’s secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter-end, or the Company fails to deliver the required quarterly or annual financial statements and related certificates when due or (b) if the 2028 Notes or 2030 Notes satisfy certain investment grade conditions, an additional 1.00% per year, to the extent and for so long as either the ratio of the Company’s secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter-end, or the Company fails to deliver the required quarterly or annual financial statements and related certificates when due.

The 2028 Notes will mature on May 15, 2028 and the 2030 Notes will mature on May 15, 2030, in each case, unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the March 2025 NPA. Interest on each of the 2028 Notes and 2030 Notes will be due semiannually in May and November of each year, beginning in November 2025. In addition, the Company is obligated to offer to repay each of the 2028 Notes and 2030 Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the March 2025 NPA, the Company may redeem each of the 2028 Notes and 2030 Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed, with respect to the 2028 Notes, on or before 90 days prior to the maturity date of such notes or, with respect to the 2030 Notes, on or before 180 days prior to the maturity date of such notes, a make-whole premium.

As of September 30, 2025 the carrying amount of the Company’s borrowings under the Senior Notes approximated its fair value. As of September 30, 2025, unamortized debt issuance costs of $3,329 are being deferred and amortized over the remaining term of the Senior Notes. As of September 30, 2025, the Senior Notes had an outstanding balance of $300,000. The Senior Notes are presented on the Consolidated Statements of Assets and Liabilities net of unamortized debt issuance costs, which results in an outstanding balance, totaling $296,671 as of September 30, 2025.

The following table shows additional information about the interest and financing costs related to the Senior Notes for the three and nine months ended September 30, 2025:


($ in thousands)	Three Months Ended September 30, 2025		Nine Months Ended September 30, 2025
Interest expense related to the Senior Notes	$	4,661	$	7,043
Financing expenses related to the Senior Notes		206		308
Total interest and financing expenses related to the Senior Notes	$	4,867	$	7,351

Table of Contents

Note 7. Net Assets

Issuances of Equity Securities

For the three and nine months ended September 30, 2025 and 2024, the Company has completed the following issuances of Common Stock:


($ in thousands, except share information) Common Share Issuance Date	Number of Common Shares Issued		Net Proceeds		Per Share
September 30, 2025 (1)		477,327		9,511		19.92
September 30, 2025		1,756,667		35,000		19.92
June 30, 2025(1)		335,985		6,666		19.84
March 31, 2025(1)		352,159		6,983		19.85
March 31, 2025		88,251		1,750		19.85
September 27, 2024 (1)		647,722		12,833		19.81
September 27, 2024		117,353		2,325		19.81
July 2, 2024		282,309		5,600		19.81
June 28, 2024		6,539,426		129,521		19.81
June 28, 2024 (1)		634,347		12,564		19.81
April 2, 2024		12,684		250		19.71
March 28, 2024		3,402,804		66,893		19.66
March 26, 2024(1)		461,503		9,072		19.66


(1)	Shares were issued to Stockholders participating in the Company’s DRIP.

The issuances of Common Stock were made at a price at least equal to the then-current net asset value, with such calculation carried out consistent with the Company’s Valuation Policy.

Except with respect to shares of Common Stock issued under the DRIP, sales of Common Stock were made pursuant to subscription agreements entered into by the Company and its investors. Each of the sales of Common Stock was exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) thereof and Regulation D thereunder. Under the terms of the subscription agreements, investors are required to fund drawdowns to purchase shares of Common Stock up to the amount of their respective capital commitments on an as-needed basis with a minimum of ten business days’ prior notice to the funding date. As of September 30, 2025, the Company has received capital commitments totaling $1,514.7 million, of which, $301.6 million remains unfunded. As of December 31, 2024, the Company had received capital commitments totaling $1,512.9 million, of which, $336.6 million remained unfunded.

Distributions

For the three and nine months ended September 30, 2025 and 2024, the Company declared the following distributions.


($ in thousands, except per share amounts)
Record Date	Payment Date	Distribution Rate per Share		Distribution Paid
September 26, 2025	September 30, 2025	$	0.475	$	30,320
June 27, 2025	June 30, 2025	$	0.470	$	29,842
March 27, 2025	March 31, 2025	$	0.490	$	30,896
September 26, 2024	September 27, 2024	$	0.650	$	40,067
June 26, 2024	June 28, 2024	$	0.650	$	35,220
March 25, 2024	March 26, 2024	$	0.650	$	32,700

Table of Contents

Note 8. Investments

The following table presents the composition of the Company’s investment portfolio at cost and fair value as of September 30, 2025 and December 31, 2024.


($ in thousands)	September 30, 2025							December 31, 2024
Investments:	Amortized Cost		Fair Value		Percent of Total Investments at Fair Value			Amortized Cost		Fair Value		Percent of Total Investments at Fair Value
First Lien Loans	$	2,349,017	$	2,348,072		87.4	%	$	2,207,578	$	2,209,392		88.2	%
Second Lien Loans		151,219		145,343		5.4			157,690		151,362		6.0
Unsecured Notes		127,937		130,564		4.9			90,353		91,375		3.7
Preferred Equity		36,648		38,274		1.4			34,833		36,226		1.5
Common Equity and Warrants		17,133		23,135		0.9			12,353		15,887		0.6
Total Investments	$	2,681,954	$	2,685,388		100.0	%	$	2,502,807	$	2,504,242		100.0	%

Table of Contents

The geographic composition of investments based on fair value as of September 30, 2025 and December 31, 2024 was as follows:


	September 30, 2025			December 31, 2024
U.S		98.5	%		98.9	%
Non-U.S.		1.5			1.1
Total		100.0	%		100.0	%

The industry composition of investments based on fair value as of September 30, 2025 and December 31, 2024 was as follows:


	September 30, 2025			December 31, 2024
Capital Markets		4.9	%		5.0	%
Consumer Finance		2.3			1.5
Diversified Consumer Services		—			0.7
Entertainment		0.1			0.0
Financial Services		9.3			9.5
Health Care Providers & Services		18.4			16.8
Health Care Technology		2.3			3.1
Insurance		19.3			21.9
IT Services		6.7			7.8
Professional Services		14.9			16.5
Real Estate Management & Development		5.6			4.6
Software		16.2			12.6
Total		100.0	%		100.0	%

Table of Contents

Note 9. Fair Value of Investments

Under ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between a willing buyer and a willing seller at the measurement date. For the Company’s portfolio securities, fair value is generally the amount that the Company might reasonably expect to receive upon the current sale of the security. The fair value measurement assumes that the sale occurs in the principal market for the security, or in the absence of a principal market, in the most advantageous market for the security. If no market for the security exists or if the Company does not have access to the principal market, the security should be valued based on the sale occurring in a hypothetical market.

ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below:

Level 1 Valuations – include quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 Valuations – include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3 Valuations – include inputs that are unobservable and significant to the fair value measurement.

A financial instrument is categorized within the ASC Topic 820 valuation hierarchy based upon the lowest level of input to the valuation process that is significant to the fair value measurement. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized as Level 3 investments within the tables below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3). Transfers between levels, if any, will be recognized at the beginning of the period in which the transfer occurred.

The Company’s investment portfolio includes certain debt and equity instruments of privately held companies for which quoted prices or other inputs falling within the categories of Level 1 and Level 2 are generally not available. In such cases, the Adviser determines the fair value of the Company’s investments in good faith primarily using Level 3 inputs. In certain cases, quoted prices or other observable inputs exist, and if so, the Adviser assesses the appropriateness of the use of these third-party quotes in determining fair value based on (i) the Adviser’s understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer and (ii) the depth and consistency of broker quotes and the correlation of changes in broker quotes with underlying performance of the portfolio company.

The Company applies the practical expedient provided by the ASC Topic 820 relating to investments in certain entities that calculate NAV per share (or its equivalent). ASC Topic 820 permits an entity holding investments in certain entities that either are investment companies, or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. Investments which are valued using NAV per share as a practical expedient are not categorized within the fair value hierarchy as per ASC Topic 820.

There is no single standard for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. The recorded fair values of the Company’s Level 3 investments may differ significantly from fair values that would have been used had an active market for the securities existed. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.

The following table presents the fair value hierarchy as of September 30, 2025.


					September 30, 2025
($ in thousands)		Level 1			Level 2			Level 3			Total
First Lien Loans	$		—	$		55,914	$		2,292,158	$		2,348,072
Second Lien Loans			—			67,403			77,940			145,343
Unsecured Notes			—			16,878			113,686			130,564
Preferred Equity			—			—			38,274			38,274
Common Equity & Warrants			—			—			11,968			11,968
Subtotal	$		—	$		140,195	$		2,534,026	$		2,674,221
Investments Measured at NAV	$		—	$		—	$		—	$		11,167
Total	$		—	$		140,195	$		2,534,026	$		2,685,388

Table of Contents

The following table presents the fair value hierarchy as of December 31, 2024.


	December 31, 2024
($ in thousands)		Level 1			Level 2			Level 3			Total
First Lien Loans	$		—	$		33,634	$		2,175,758	$		2,209,392
Second Lien Loans			—			71,766			79,596			151,362
Unsecured Notes			—			3,435			87,940			91,375
Preferred Equity			—			—			36,226			36,226
Common Equity & Warrants			—			—			11,696			11,696
Subtotal	$		—	$		108,835	$		2,391,216	$		2,500,051
Investments Measured at NAV	$		—	$		—	$		—	$		4,191
Total	$		—	$		108,835	$		2,391,216	$		2,504,242

The following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025
($ in thousands)	First Lien Loans			Second Lien Loans			Unsecured Note			Preferred Equity			Common Equity & Warrants		Total Investments
Fair value, beginning of period	$	2,283,936		$	82,078		$	103,970		$	38,584		$	11,932	$	2,520,500
Purchases of investments, net		255,705			2,039			22,419			5,806			-		285,969
Proceeds from sales and principal payments, net		(248,525	)		(6,067	)		(13,915	)		(6,410	)		-		(274,917	)
Realized gain (loss) on investments		1,991			25			531			117			-		2,664
Net change in unrealized appreciation/(depreciation)		(2,738	)		(143	)		643			159			36		(2,043	)
Net accretion of discount and amortization of investments		1,789			8			38			18			-		1,853
Ending balance	$	2,292,158		$	77,940		$	113,686		$	38,274		$	11,968	$	2,534,026


	Three Months Ended September 30, 2024
($ in thousands)	First Lien Loans			Second Lien Loans			Unsecured Note		Preferred Equity		Common Equity & Warrants		Total Investments
Fair value, beginning of period	$	1,961,280		$	186,594		$	38,657	$	33,685	$	10,675	$	2,230,891
Purchases of investments, net		260,979			5,471			2,122		874		3,750		273,196
Proceeds from sales and principal payments, net		(148,980	)		(5,308	)		—		—		—		(154,288	)
Realized gain (loss) on investments		837			33			—		—		—		870
Net change in unrealized appreciation/(depreciation)		2,114			(995	)		508		348		483		2,458
Net accretion of discount and amortization of investments		1,632			44			37		17		—		1,730
Transfers in (out) of Level 3		—			(19,900	)		—		—		—		(19,900	)
Ending balance	$	2,077,862		$	165,939		$	41,324	$	34,924	$	14,908	$	2,334,957

Table of Contents


	Nine Months Ended September 30, 2025
($ in thousands)	First Lien Loans			Second Lien Loans			Unsecured Note			Preferred Equity			Common Equity & Warrants		Total Investments
Fair value, beginning of period	$	2,175,756		$	79,596		$	87,941		$	36,227		$	11,696	$	2,391,216
Purchases of investments, net		595,117			3,998			38,162			8,044			14		645,335
Proceeds from sales and principal payments, net		(488,317	)		(6,072	)		(13,915	)		(6,410	)		-		(514,714	)
Realized gain (loss) on investments		4,538			25			532			117			-		5,212
Net change in unrealized appreciation/(depreciation)		(1,867	)		323			813			234			258		(239	)
Net accretion of discount and amortization of investments		6,931			70			153			62			-		7,216
Ending balance	$	2,292,158		$	77,940		$	113,686		$	38,274		$	11,968	$	2,534,026


	Nine Months Ended September 30, 2024
($ in thousands)	First Lien Loans			Second Lien Loans			Unsecured Note			Preferred Equity		Common Equity & Warrants		Total Investments
Fair value, beginning of period	$	1,723,677		$	151,404		$	48,333		$	27,540	$	10,593	$	1,961,547
Purchases of investments, net		745,586			103,801			12,308			6,378		3,750		871,823
Proceeds from sales and principal payments, net		(407,119	)		(59,109	)		(19,691	)		-		-		(485,919	)
Realized gain (loss) on investments		5,097			(779	)		-			-		-		4,318
Net change in unrealized appreciation/(depreciation)		5,249			2,179			240			949		565		9,182
Net accretion of discount and amortization of investments		5,372			206			134			57		-		5,769
Transfers in (out) of Level 3		-			(31,763	)		-			-		-		(31,763	)
Ending balance	$	2,077,862		$	165,939		$	41,324		$	34,924	$	14,908	$	2,334,957

During the three and nine months ended September 30, 2025, there were no transfers into or out of Level 2 or Level 3. During the three months ended September 30 2024, there was one transfer into Level 3 from Level 2 because of a decrease in observable inputs and one transfer into Level 2 from Level 3 because of an increase in observable inputs. During the nine months ended September 30, 2024, there was one transfer into Level 3 from Level 2 because of a decrease in observable inputs and two transfers into Level 2 from Level 3 because of an increase in observable inputs.

The following table presents the net change in unrealized appreciation (depreciation) for the Level 3 investments held by the Company at the three and nine months ended September 30, 2025 and 2024.


($ in thousands) Net Change in Unrealized Appreciation (Depreciation)	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024			Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
First Lien Loans	$	(2,738	)	$	2,114		$	(1,867	)	$	5,249
Second Lien Loans		(143	)		(995	)		323			2,179
Unsecured Notes		643			508			813			240
Preferred Equity		159			348			234			949
Common Equity & Warrants		36			483			258			565
Total	$	(2,043	)	$	2,458		$	(239	)	$	9,182

Table of Contents

The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of September 30, 2025. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Adviser’s determination of fair value.

         ($ in thousands)

         September 30, 2025

         Investments

         Fair Value

         Valuation Technique

         Unobservable Input

         Range (weighted average)

First Lien Loans

1,929,638

Discounted Cash Flow

Discount Rate

7.9% - 14.9% (9.3%)

First Lien Loans

21,955

Recovery Analysis

Recovery Rate

5.8x

First Lien Loans

340,565

Market Transaction

Market Transaction

98.5% - 100.0% (99.1%)

Second Lien Loan

62,446

Discounted Cash Flow

Discount Rate

8.4% - 20.7% (13.0%)

Second Lien Loan

15,494

Market Transaction

Market Transaction

99.5% - 100.0% (100.0%)

Unsecured Notes

93,603

Discounted Cash Flow

Discount Rate

6.5% - 15.5% (11.6%)

Unsecured Notes

938

Market Transaction

Market Transaction

184.5

Unsecured Notes

19,145

Market Transaction

Market Transaction

98.5% - 100.0% (98.6%)

Preferred Equity

29,935

Discounted Cash Flow

Discount Rate

13.1% - 15.0% (14.3%)

Preferred Equity

3,389

Enterprise Value Analysis

EBITDA Multiple

19.5x

Preferred Equity

4,950

Market Transaction

Market Transaction

99.0%

Common Equity & Warrants

11,968

Enterprise Value Analysis

EBITDA Multiple

7.25x – 21.5x (17.0x)

Total

2,534,026

The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of December 31, 2024. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Adviser’s determination of fair value.


($ in thousands)	December 31, 2024
Investments	Fair Value		Valuation Technique	Unobservable Input	Range (weighted average)
First Lien Loans	$	1,973,337	Discounted Cash Flow	Discount Rate	8.4% - 17.5% (10.1%)
First Lien Loans		181,212	Market Transaction	Market Transaction	98.5% - 99.5% (99.0%)
First Lien Loans		21,207	Recovery Analysis	Recovery Rate	6.5x
Second Lien Loan		64,671	Discounted Cash Flow	Discount Rate	9.0% - 21.2% (14.1%)
Second Lien Loan		14,925	Market Transaction	Market Transaction	99.5%
Unsecured Notes		53,726	Discounted Cash Flow	Discount Rate	8.0% - 16.1% (12.7%)
Unsecured Notes		34,215	Market Transaction	Market Transaction	98.0% - 100.0% (98.9%)
Preferred Equity		33,086	Discounted Cash Flow	Discount Rate	13.2% - 15.0% (14.4%)
Preferred Equity		3,140	Enterprise Value Analysis	EBITDA Multiple	20.5x
Common Equity & Warrants		11,696	Enterprise Value Analysis	EBITDA Multiple	6.5x – 25.0x (18.3x)
Total	$	2,391,216

Increases or decreases in unobservable inputs in isolation would result in a higher or lower fair value measurement for such assets. Generally, an increase in market yields may result in a decrease in the fair value of certain of the Company’s investments.

Table of Contents

Note 10. Earnings Per Share

In accordance with the provisions of ASC Topic 260, Earnings per Share (“ASC 260”), basic and diluted net increase in net assets resulting from operations per common share is computed by dividing the net increase in net assets resulting from operations by the weighted average number of shares outstanding during the period. The methodology for the weighted average number of shares outstanding during the period utilizes the weighted average number of shares from the beginning of the period through the end of the period. Other potentially dilutive shares of Common Stock, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. For the three and nine months ended September 30, 2025 and 2024, there were no dilutive shares.

The following table sets forth the computation of basic and diluted earnings per share of Common Stock for the three and nine months ended September 30, 2025 and 2024:


($ in thousands, except share and per share information)	Three Months Ended September 30, 2025 (Unaudited)		Three Months Ended September 30, 2024 (Unaudited)		Nine Months Ended September 30, 2025 (Unaudited)		Nine Months Ended September 30, 2024 (Unaudited)
Net increase (decrease) in net assets resulting from operations	$	32,029	$	39,664	$	95,182	$	117,149
Weighted average shares of common stock outstanding - basic and diluted		63,854,680		61,668,083		63,471,945		55,530,414
Basic and diluted net increase (decrease) in net assets resulting from operations per share of common stock	$	0.50	$	0.64	$	1.50	$	2.11

Table of Contents

Note 11. Financial Highlights

The following per share of Common Stock data has been derived from information provided on the consolidated financial statements. The following is a schedule of financial highlights for the nine months ended September 30, 2025 and 2024:


($ in thousands, except share and per share information)	Nine Months Ended September 30, 2025 (Unaudited)			Nine Months Ended September 30, 2024 (Unaudited)
Per share of Common Stock operating performance:
Net asset value, beginning of period	$	19.85		$	19.71
Results of operations:
Net investment income 1		1.43			1.94
Net realized gains (losses) and unrealized appreciation (depreciation) 2		0.07			0.16
Net increase (decrease) in net assets resulting from operations		1.50			2.10

Distributions to Common Stockholders
Distributions from earnings		(1.44	)		(1.95	)
Net decrease in net assets resulting from distributions		(1.44	)		(1.95	)
Net asset value, end of period	$	19.91		$	19.86

Shares outstanding, end of period		66,064,391			62,406,323
Ratio/Supplemental Data
Net assets, end of period	$	1,315,531		$	1,239,643
Weighted average shares outstanding		63,471,945			55,530,414
Total return 3		7.72	%		11.04	%
Portfolio turnover		25.21	%		21.34	%
Ratio of operating expenses to average net assets 4		12.77	%		11.47	%
Ratio of net investment income (loss) to average net assets 4		9.54	%		12.71	%

The per share of Common Stock data was derived by using weighted average shares outstanding during the period.

The amount shown at this caption is the balancing amount derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the year/period does not agree with the change in the aggregate appreciation and depreciation in portfolio securities for the period because of the timing of sales of the Company’s shares in relation to fluctuating market values for the portfolio.

Total return is based upon the change in net asset value per share between the opening and ending net asset values per share, assuming reinvestment of any distributions during the period. Total return is not annualized and does not include a sales load.

The ratios reflect an annualized amount. Non-recurring expenses were not annualized. During the nine months ended September 30, 2025 and 2024, the Company incurred $35 and $44 of Offering Expenses, respectively, which were deemed to be non-recurring.

Table of Contents

Note 12. Subsequent Events

Management has evaluated subsequent events and transactions for potential recognition and/or disclosure through the date the consolidated financial statements were issued. Except as set forth below, there have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized on the consolidated financial statements as of and for the three and nine months ended September 30, 2025.

Table of Contents

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including:

•

our future operating results;

•

our business prospects and the prospects of our portfolio companies;

•

risk associated with possible disruptions in our operations or the economy generally, including disruptions from the impact of any public health emergencies or crises;

•

interest rate volatility could adversely affect our results, particularly because we use leverage as part of our investment strategy;

•

the impacts of rising interest and inflation rates and the risk of recession on our business prospects and the prospects of our portfolio companies;

•

general economic, political and industry trends and other external factors, including uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union, China, Russia, Ukraine and the Middle East;

•

our contractual arrangements and relationships with third parties;

•

actual and potential conflicts of interest with our Adviser and its affiliates;

•

the dependence of our future success on the general economy and its effect on the industries in which we invest;

•

the ability of our portfolio companies to achieve their objectives;

•

the adequacy of our financing sources and working capital;

•

the timing of cash flows, if any, from the operations of our portfolio companies;

•

the ability of our Adviser to locate suitable investments for us and to monitor and administer our investments;

•

the ability of our Adviser and its affiliates to attract and retain highly talented professionals;

•

our ability to maintain our qualification as a BDC and as a RIC under the Code;

•

the effect of changes in tax laws and regulations and interpretations thereof; and

•

the risks, uncertainties and other factors we identify under “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K and elsewhere in this report.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K and elsewhere in this report. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the SEC, including Annual Reports on Form 10‑K, Quarterly Reports on Form 10‑Q and Current Reports on Form 8‑K.

You should understand that under Section 27A(b)(2)(B) of the Securities Act, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act.

Table of Contents

The following discussion and analysis should be read in conjunction with our consolidated financial statements and related notes and other financial information appearing elsewhere in this Quarterly Report on Form 10‑Q. Unless indicated otherwise, the “Company,” “we,” “us,” and “our” refer to Stone Point Credit Corporation, and the “Adviser” refers to Stone Point Credit Adviser LLC, an affiliate of Stone Point Capital LLC (“Stone Point Capital”) (together with the Adviser and their other affiliates, collectively, “Stone Point”).

Overview

We were incorporated under the laws of the State of Delaware on September 8, 2020. We have elected to be treated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”) and have elected to be treated, and intend to qualify annually, as a RIC for federal income tax purposes. As such, we are required to comply with various regulatory requirements, such as the requirement to invest at least 70% of our assets in “qualifying assets,” and tax requirements such as source of income limitations, asset diversification requirements, and the requirement to distribute annually at least 90% of our taxable income and tax-exempt interest.

As of September 30, 2025, we have called equity capital in the amount of $1,213.1 million. See “Subscriptions and Drawdowns” under “Financial Condition, Liquidity and Capital Resources” below for further details. Management anticipates calling additional equity capital for investment purposes through drawdowns in respect of capital commitments made by investors pursuant to Private Offerings.

Investment Objective and Strategy

Our investment objective is to generate current income and, to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. We seek to invest primarily in senior secured or unsecured loans and, to a lesser extent, subordinated loans, mezzanine loans, and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity. We may invest without limit in originated or syndicated debt. Under normal market conditions, we generally invest at least 80% of our total assets (net assets plus borrowings for investment purposes) in private credit investments (loans, bonds, and other credit instruments that are issued in private offerings or issued by private companies) (the “80% Policy”). If we change the 80% Policy, we will provide stockholders at least 60 days' notice of such change.

Our investment objective is to generate favorable risk-adjusted returns through current income and, to a lesser extent, capital appreciation by investing primarily in directly originated, senior secured first lien (including unitranche) loans. Although it is not our primary strategy, we also opportunistically invest in second lien loans, subordinated loans, mezzanine loans, structured finance securities and equity-related securities. We typically target loans issued by U.S. middle market companies with earnings before interest expense, income tax expense, depreciation and amortization, or “EBITDA,” between $30 million and $250 million annually. In the context of leveraged buyouts, acquisitions, debt refinancings, recapitalizations, and other opportunistic asset purchases. We may from time to time invest in smaller or larger companies if an attractive opportunity presents itself, especially when there are dislocations in the capital markets, including the high yield and syndicated loan markets. Our investment objective may be changed without a vote of the holders of a majority of our common stock.

We have adopted a non-fundamental policy to invest, under normal market conditions, at least 75% of the value of our total assets (measured at the time of each such investment) in portfolio companies that are in the financial services, business services, software and technology or healthcare services sectors. The remaining 25% of the value of our total assets (measured at the time of each such investment) may be invested across a wide range of sectors (although we expect to avoid businesses which at the time of our investment participate in certain sectors such as payday lending, pawn shops, automobile title and tax refund anticipation loans, credit repair services, strip mining, drug paraphernalia, marijuana related businesses, tax evasion gaming and pornography).

Key Components of our Results of Operations

Investments

Our level of investment activity can and will vary substantially from period to period depending on many factors, including the amount of debt available to middle market companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the type of investments we make.

As a BDC, we must invest at least 70% of our assets in “qualifying assets,” which may include investments in “eligible portfolio companies.” Under the relevant SEC rules, the term “eligible portfolio company” includes all U.S. private operating companies and small U.S. public operating companies with a market capitalization of less than $250 million.

As a BDC, we may also invest up to 30% of our portfolio opportunistically in “non-qualifying” portfolio investments, such as investments in non-U.S. companies.

Table of Contents

Revenue

We expect to generate revenues primarily through receipt of interest and dividend income from our investments. In addition, we may generate income from capital gains on the sales of loans and debt and equity related securities and various loan origination and other fees and dividends on direct equity investments.

Expenses

Our day-to-day investment operations are managed by the Adviser, and services necessary for our business, including the origination and administration of our investment portfolio, are provided by individuals who are employees of the Adviser, Administrator, and Sub-Administrator, pursuant to the terms of the Investment Advisory Agreement, the Administration Agreement, and Sub-Administration Agreement. We will reimburse the Administrator for its allocable portion of expenses incurred by it in performing its obligations under the Administration Agreement, including its allocable portion of the cost of certain of our officers and their respective staff, and the Adviser for certain expenses under the Investment Advisory Agreement. We bear our allocable portion of the compensation paid by Stone Point to the Company’s Chief Compliance Officer and Chief Financial Officer and their respective staff (based on a percentage of time such individuals devote, on an estimated basis, to our business affairs). We bear all other costs and expenses of our operations, administration and transactions, including, but not limited to (i) investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Investment Advisory Agreement; (ii) our allocable portion of overhead and other expenses incurred by Administrator in performing its administrative obligations under the Administration Agreement, (iii) fees for services rendered by the Sub-Administrator that the Administrator determines are commercially reasonable; and (iv) all other expenses of its operations and transactions including, without limitation, those relating to:

•

the cost of calculating our net asset value, including the cost of any third-party valuation services;

•

the cost of effecting sales and repurchases of shares of the Common Stock and other securities, including, as otherwise noted below, in connection with the Private Offering;

•

fees payable to third parties relating to making investments, including the Adviser’s or its affiliates’ travel expenses, research costs and out-of-pocket fees and expenses associated with performing due diligence and reviews of prospective investments;

•

interest expense and other costs associated with our indebtedness;

•

transfer agent, dividend reinvestment plan administrator, sub-administrator and custodial fees;

•

out-of-pocket fees and expenses associated with marketing efforts;

•

federal and state registration fees and any stock exchange listing fees;

•

U.S. federal, state and local taxes;

•

Independent Directors’ fees and expenses;

•

brokerage commissions and markups;

•

fidelity bond, directors’ and officers’ liability insurance and other insurance premiums;

•

direct costs, such as printing, mailing, long distance telephone and staff;

•

fees and expenses associated with independent audits and outside legal costs;

•

costs associated with our reporting and compliance obligations U.S. federal and state securities laws, including, the Securities Act, the Exchange Act and the 1940 Act; and

•

other expenses incurred by us or the Administrator in connection with administering our business, including payments under the Administration Agreement that will be based upon our allocable portion (subject to the review and approval of the Board) of overhead.

The Administrator can waive any amounts owed to it under the Administration Agreement, at its discretion. From time to time, the Adviser and the Administrator or its affiliates may pay third-party providers of goods or services. We will subsequently reimburse the Adviser or the Administrator, as applicable, for such amounts paid on our behalf.

We have entered into credit facilities to partially fund our operations, and may incur costs and expenses including commitment, origination, legal and/or structuring fees and the related interest costs associated with any amounts borrowed. See “Financing Facility” under “Financial Condition, Liquidity and Capital Resources” below for further details.

Table of Contents

Leverage

The amount of leverage that we employ will depend on the Adviser’s and the Board’s assessment of market and other factors at the time of any proposed borrowing. In accordance with the 1940 Act, with certain limitations, BDCs are allowed to borrow amounts such that their asset coverage ratios, as defined in the 1940 Act, are at least 200% (or 150% if certain conditions are met) after such borrowing. Effective November 20, 2020, the asset coverage ratio under the 1940 Act applicable to us decreased to 150% from 200%, so long as we meet certain disclosure requirements. As defined in the 1940 Act, asset coverage of 150% means that for every $100 of net assets we hold, we may raise $200 from borrowing and issuing senior securities as compared to $100 from borrowing and issuing senior securities for every $100 of net assets under 200% asset coverage. As a result of complying with the requirements set forth in Section 61 of the 1940 Act, we are able to borrow amounts such that our asset coverage ratio is at least 150%, rather than 200%. As of September 30, 2025 and December 31, 2024, our asset coverage ratio was 189% and 194%, respectively.

In any period, our interest expense will depend largely on the extent of our borrowing and we expect interest expense will increase as we increase our leverage over time within the limits of the 1940 Act. In addition, we may dedicate assets or capital commitments as collateral to financing facilities.

Financial and Operating Highlights


($ in thousands, except per share amounts)	Three Months Ended September 30, 2025			Nine Months Ended September 30, 2025
Total investment income	$	73,652		$	212,606
Total expenses		41,463			121,665
Net investment income (loss)		32,189			90,941
Total net realized gains (losses)		917			2,259
Total net change in unrealized appreciation (depreciation)		(1,077	)		1,982
Net increase (decrease) in net assets resulting from operations	$	32,029		$	95,182
Per share information - basic and diluted:
Net investment income (loss)	$	0.50		$	1.43
Net increase (decrease) in net assets resulting from operations	$	0.50		$	1.50
Distributions declared per share	$	0.48		$	1.44


($ in thousands, except per share amounts) Consolidated balance sheet data	As of September 30, 2025			As of December 31, 2024
Cash and cash equivalents	$	141,162		$	51,760
Investments at fair value		2,685,388			2,504,242
Total assets		2,850,748			2,597,264
Total debt (net of unamortized debt issuance costs)		1,467,479			1,317,926
Total liabilities		1,535,217			1,345,767
Total net assets		1,315,531			1,251,497
Net asset value per share	$	19.91		$	19.85
Other data:
Number of portfolio companies		123			100
Distributions declared per share		1.44			2.55
Total return based on net asset value1		7.72	%		14.34	%

Table of Contents

Portfolio and Investment Activity

Our investment activity for the three months ended September 30, 2025 is presented below (information presented herein is at par value unless otherwise indicated).


($ in thousands)	Three Months Ended September 30, 2025
New investment commitments:
Total new investment commitments	$	441,240
Principal amount of investments funded:
First lien loans	$	278,979
Second lien loans		99,732
Unsecured notes		35,274
Total principal amount of investments funded	$	413,985
Principal amount of investments sold or repaid:
First lien loans		(264,529	)
Second lien loans		(103,929	)
Unsecured notes		(21,472	)
Total principal amount of investments sold or repaid	$	(389,930	)
Number of new investment commitments		24
Average new investment commitment	$	18,385
Percentage of new investment commitments at floating rates		92.6	%
Percentage of new investment commitments at fixed rates		7.4	%
Weighted average yield to maturity on purchased or funded investments during the period (1)		9.6	%
Weighted average yield to maturity on investments sold or repaid during the period		10.4	%

Weighted average yield to maturity is calculated by weighting the yield to maturity of each investment by its ending funded par amount. Yield to maturity is calculated inclusive of a portfolio company’s spread, reference rate floor (if any) or actual reference rate in effect and original issue discount through maturity and excludes any upfront fees.

As of September 30, 2025, we had 313 debt investments in 123 portfolio companies with an aggregate fair value of $2,685.4 million. As of December 31, 2024, we had 254 debt investments in 100 portfolio companies with an aggregate value of $2,504.2 million.

As of September 30, 2025 and December 31, 2024, our investments consisted of the following:


($ in thousands)	September 30, 2025							December 31, 2024
Investments:	Amortized Cost		Fair Value		Percent of Total Investments at Fair Value			Amortized Cost		Fair Value		Percent of Total Investments at Fair Value
First Lien Loans	$	2,349,017	$	2,348,072		87.4	%	$	2,207,578	$	2,209,392		88.2	%
Second Lien Loans		151,219		145,343		5.4			157,690		151,362		6.0
Unsecured Notes		127,937		130,564		4.9			90,353		91,375		3.7
Preferred Equity		36,648		38,274		1.4			34,833		36,226		1.5
Common Equity and Warrants		17,133		23,135		0.9			12,353		15,887		0.6
Total Investments	$	2,681,954	$	2,685,388		100.0	%	$	2,502,807	$	2,504,242		100.0	%

Table of Contents

The geographic composition of investments based on fair value as of September 30, 2025 and December 31, 2024 was as follows:


	September 30, 2025			December 31, 2024
U.S		98.5	%		98.9	%
Non-U.S.		1.5			1.1
Total		100.0	%		100.0	%

The industry composition of investments based on fair value as of September 30, 2025 and December 31, 2024 was as follows:


	September 30, 2025			December 31, 2024
Capital Markets		4.9	%		5.0	%
Consumer Finance		2.3			1.5
Diversified Consumer Services		—			0.7
Entertainment		0.1			0.0
Financial Services		9.3			9.5
Health Care Providers & Services		18.4			16.8
Health Care Technology		2.3			3.1
Insurance		19.3			21.9
IT Services		6.7			7.8
Professional Services		14.9			16.5
Real Estate Management & Development		5.6			4.6
Software		16.2			12.6
Total		100.0	%		100.0	%

The following table presents certain selected information regarding our investment portfolio as of September 30, 2025 and December 31, 2024:


		As of
		September 30, 2025				December 31, 2024
Investments:
Number of portfolio companies			123				100
Median EBITDA	$	133.0 million			$	110.7 million
Percentage of performing debt bearing a floating rate			95.8	%			96.2	%
Percentage of performing debt bearing a fixed rate			4.2	%			3.8	%
Weighted average yield to maturity on investments1			10.1	%			10.6	%

Table of Contents

The following table presents the maturity schedule of our debt investments based on fair value as of September 30, 2025 and December 31, 2024:


($ in thousands)	September 30, 2025						December 31, 2024
Maturity Year	Fair Value			Percentage of Portfolio			Fair Value			Percentage of Portfolio
2025	$	(44	)		-	%	$	(84	)		-	%
2026		44,309			1.7			66,463			2.7
2027		124,875			4.8			273,196			11.1
2028		636,135			24.3			670,886			27.4
2029		412,075			15.7			527,977			21.5
2030		463,065			17.6			468,942			19.1
2031		540,730			20.6			362,966			14.8
2032		304,729			11.6			30,113			1.2
2033		24,995			1.0			13,974			0.6
2034		16,646			0.6			14,939			0.6
2035		3,417			0.1			—			—
2036		11,456			0.4			11,355			0.5
2037		41,591			1.6			11,402			0.5
	$	2,623,979			100.0	%	$	2,452,129			100.0	%

The Adviser monitors our portfolio companies on an ongoing basis. The Adviser believes that actively managing an investment allows it to identify problems early and work with companies to develop constructive solutions when necessary. The Adviser will monitor our portfolio with a focus toward anticipating negative credit events. In seeking to maintain portfolio company performance and help to ensure a successful exit, the Adviser will work closely with, as applicable, the lead equity sponsor, portfolio company management, consultants, advisers and other security holders to discuss financial position, compliance with covenants, financial requirements and execution of the company’s business plan. In addition, the Adviser’s personnel may occupy a seat or serve as an observer on a portfolio company’s board of directors or similar governing body.

Typically, the Adviser receives financial reports detailing operating performance, sales volumes, margins, cash flows, financial position and other key operating metrics on a quarterly basis from portfolio companies. The Adviser will use this data, combined with the knowledge gained through due diligence of the company’s customers, suppliers, competitors, market research and other methods, to conduct an ongoing assessment of the company’s operating performance and prospects.

As part of the monitoring process, the Adviser rates the risk of all portfolio investments on a scale of 1 to 5, no less frequently than quarterly. This internal performance rating is primarily intended to assess the underlying risk of a portfolio investment relative to such investments’ cost taking into account the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors. The Adviser’s internal performance ratings do not constitute any rating of investments by a nationally recognized rating organization or reflect any third-party assessment. The Adviser’s internal performance rating scale is as follows:

Table of Contents


Investment Risk Rating		Description
1		The portfolio company is performing above expectations, and the business trends and risk factors for this investment since origination or acquisition are generally favorable.
2		The portfolio company is generally performing as expected and the risk factors are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a rating of 2.
3		The portfolio company is performing below expectations and the investment’s risk has increased somewhat since origination or acquisition. For debt investments rated 3, the portfolio company could be out of compliance with debt covenants; however, loan payments are generally not past due.
4		The portfolio company is performing materially below expectations and indicates that the investment’s risk has increased materially since origination or acquisition. For debt investments rated 4, in addition to the portfolio company being generally out of compliance with debt covenants, loan payments may be past due.
5		The portfolio company is performing substantially below expectations and indicates that the investment’s risk has increased substantially since origination or acquisition. For debt investments rated 5, most or all of the debt covenants are out of compliance and payments are substantially delinquent. It is anticipated that we will not recoup our initial cost basis and may realize a substantial loss upon exit of the investment.

It is possible that the rating of a portfolio investment may change over time. For investments rated 3, 4 or 5, the Adviser enhances its level of scrutiny over the monitoring of such portfolio company.

The following table shows the composition of our portfolio investments on the Adviser’s internal performance rating scale:


($ in thousands)	September 30, 2025					December 31, 2024
Investment Rating	Fair Value		Percentage of Portfolio			Fair Value		Percentage of Portfolio
1	$	465,158		17.3	%	$	439,290		17.5	%
2		2,028,605		75.5			1,949,232		77.9
3		168,066		6.3			93,237		3.7
4		23,559		0.9			22,483		0.9
5		—		—			—		—
	$	2,685,388		100.00	%	$	2,504,242		100.0	%

The following table presents the amortized cost of our performing and non-accrual investments as of September 30, 2025 and December 31, 2024:


($ in thousands)	September 30, 2025					December 31, 2024
	Amortized Cost		Percentage			Amortized Cost		Percentage
Performing	$	2,681,954		100.0	%	$	2,502,807		100.0	%
Non-accrual		—		—			—		—
Total	$	2,681,954		100.0	%	$	2,502,807		100.0	%

The following table presents the fair value of our performing and non-accrual investments as of September 30, 2025 and December 31, 2024:


	September 30, 2025					December 31, 2024
($ in thousands)	Fair Value		Percentage			Fair Value		Percentage
Performing	$	2,685,388		100.0	%	$	2,504,242		100.0	%
Non-accrual		—		—			—		—
Total	$	2,685,388		100.0	%	$	2,504,242		100.0	%

Table of Contents

Results of Operations

The following table presents the operating results for the three and nine months ended September 30, 2025:


($ in thousands)	Three Months Ended September 30, 2025			Nine Months Ended September 30, 2025
Total investment income	$	73,652		$	212,606
Less: total expenses		41,463			121,665
Net investment income (loss)		32,189			90,941
Total net realized gains (losses)		917			2,259
Total net change in unrealized appreciation (depreciation)		(1,077	)		1,982
Net increase (decrease) in net assets resulting from operations	$	32,029		$	95,182

Investment Income

Total investment income was $73.7 million and $212.6 million for the three and nine months ended September 30, 2025, respectively. Total investment income consisted of interest income from investments, dividend income from investments, interest from cash and cash equivalents and fee income.


($ in thousands)	Three Months Ended September 30, 2025		Nine Months Ended September 30, 2025
Interest income from investments	$	71,767	$	208,154
Dividend income from investments		1,494		3,892
Interest from cash and cash equivalents		1		2
Fee income		390		558
Total investment income	$	73,652	$	212,606

For the three months ended September 30, 2025 and 2024, total investment income increased to $73.7 million from $69.6 million primarily due to an increase in the size of our debt portfolio. For the nine months ended September 30, 2025 and 2024, total investment income increased to $212.6 million from $204.6 million primarily due to an increase in the size of our debt portfolio, which at par, increased to $2,666.9 million from $2,533.0 million. As of September 30, 2025, the weighted average yield on our portfolio decreased to 10.1% from 11.2% as of September 30, 2024.

Expenses

Operating expenses for the three and nine months ended September 30, 2025 were as follows:


($ in thousands)	Three Months Ended September 30, 2025		Nine Months Ended September 30, 2025
Base management fees	$	8,844	$	25,842
Incentive fees		5,683		16,051
Interest and credit facility fees		24,750		73,123
Offering costs		12		35
Professional fees		2,063		6,283
Directors fees		92		276
Insurance expenses		19		55
Total expenses	$	41,463	$	121,665

Table of Contents

Under the Administration Agreement, we will reimburse the Administrator for all reasonable costs and expenses incurred for services performed for us. In addition, the Administrator is permitted to delegate its duties under the Administration Agreement to affiliates or third parties, and we will reimburse the expenses of these parties incurred directly and/or paid by the Administrator on our behalf. The Administrator can waive any amounts owed to it under the Administration Agreement, at its discretion.

For the three and nine months ended September 30, 2025, the Company incurred $0.3 million and $0.7 million of administrative overhead expenses, respectively. For the three and nine months ended September 30, 2024, the Company incurred $0.3 million and $0.8 million of administrative overhead expenses, respectively.

For the three months ended September 30, 2025 and 2024, total expenses increased to $41.5 million from $34.8 million primarily due to the incentive fee and an increase in the management fee. For the nine months ended September 30, 2025 and 2024, total expenses increased to $121.7 million from $97.0 million primarily due to incentive fees and an increase in interest and credit facility fees as a result of the 2029 Notes and Senior Notes. For the three months ended September 30, 2025, the Company incurred $5.7 million of incentive fees compared to zero for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company incurred $16.1 million of incentive fees compared to zero for the nine months ended September 30, 2024. For the nine months ended September 30, 2025, the weighted average borrowing and interest rate on our floating rate credit facilities was $945.7 million and 6.6% compared to $951.1 million and 8.1% for the nine months ended September 30, 2024. For the three and nine months ended September 30, 2025, management fees increased due to an overall increase in total assets compared to the three and nine months ended September 30, 2024.

Income Taxes, Including Excise Taxes

We have elected to be treated as a RIC under Code, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, we must, among other things, distribute to our Stockholders in each taxable year generally at least 90% of the sum of our investment company taxable income, as defined by the Code (without regard to the deduction for dividends paid), and net tax-exempt income, if any, for that taxable year. To maintain our tax treatment as a RIC, we, among other things, intend to make the requisite distributions to our Stockholders, which generally relieve us from corporate-level U.S. federal income taxes and excise tax to the extent of such distributions.

Net Realized Gains (Losses) and Unrealized Appreciation (Depreciation)

The following table summarizes our net realized gains (losses) and unrealized appreciation (depreciation) for the three and nine months ended September 30, 2025:


($ in thousands)	Three Months Ended September 30, 2025			Nine Months Ended September 30, 2025
Net realized gains (losses) and unrealized appreciation (depreciation)
Total net realized gains (losses)	$	917		$	2,259
Total net change in unrealized appreciation (depreciation) on investments		(1,060	)		1,999
Total net change in unrealized appreciation (depreciation) on translation of assets in foreign currencies		(17	)		(17	)

Net realized gains (losses) and unrealized appreciation (depreciation)	$	(160	)	$	4,241

The Adviser determines the fair value of our portfolio investments quarterly and any changes in fair value are recorded as unrealized appreciation or depreciation.

During the three months ended September 30, 2025 we had net change in unrealized (depreciation)/appreciation on our investment portfolio of $(1.1) million, driven primarily by an decrease in the fair value of our debt investments compared to June 30, 2025. During the nine months ended September 30, 2025, we had net change in unrealized appreciation (depreciation) on our investment portfolio of $2.0 million , driven primarily by an increase in the fair value of our debt investments compared to December 31, 2024.

Financial Condition, Liquidity and Capital Resources

We intend to generate further cash from (1) future offerings of our common or preferred stock, (2) cash flows from operations and (3) borrowings from banks or other lenders. We will seek to enter into bank debt, credit facility or other financing arrangements on at least customary market terms; however, we cannot assure you we will be able to do so.

Table of Contents

Our primary use of cash will be for (1) investments in portfolio companies and other investments to comply with certain portfolio diversification requirements, (2) the cost of operations (including paying the Adviser), (3) debt service of any borrowings and (4) cash distributions to the holders of our Common Stock.

Equity

For the nine months ended September 30, 2025 and 2024, we completed the following issuances of Common Stock:


($ in thousands) Common Share Issuance Date	Number of Common Shares Issued		Net Proceeds
September 30, 2025 (1)		477,327		9,511
September 30, 2025		1,756,667		35,000
June 30, 2025		335,985		6,666
March 31, 2025(1)		352,159		6,983
March 31, 2025		88,251		1,750
September 27, 2024 (1)		647,722		12,833
September 27, 2024		117,353		2,325
July 2, 2024		282,309		5,600
June 28, 2024		6,539,426		129,521
June 28, 2024 (1)		634,347		12,564
April 2, 2024		12,684		250
March 28, 2024		3,402,804		66,893
March 26, 2024(1)		461,503		9,072

(1)

Shares were issued to Stockholders participating in our DRIP.

The issuances of Common Stock were made at a price at least equal to the current net asset value, with such calculation to be carried out consistent with our Valuation Policy. We had 66,064,391 shares outstanding as of September 30, 2025 and 63,054,004 shares outstanding as of December 31, 2024. Except with respect to shares of Common Stock issued under the DRIP, sales of Common Stock were made pursuant to subscription agreements entered into by us and our investors. Each of the sales of Common Stock is exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2) thereof and Regulation D thereunder. Under the terms of the subscription agreements, investors are required to fund drawdowns to purchase shares of Common Stock up to the amount of their respective capital commitments on an as-needed basis with a minimum of ten business days’ prior notice to the funding date. As of September 30, 2025, we had received capital commitments totaling $1,514.7 million, of which $301.6 million remains unfunded. As of December 31, 2024, we had received capital commitments totaling $1,512.9 million, of which, $336.6 million remained unfunded.

Debt

Financing Facilities

The following tables show our outstanding debt, collectively referred to as the "Financing Facilities," as of September 30, 2025 and December 31, 2024:


	September 30, 2025
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available (1)		Net Carrying Value (2)
Capital Call Facility	$	65,000	$	1,000	$	64,000	$	941
Revolving Credit Facility (3)		850,000		780,520		69,480		773,703
Secured Credit Facility		300,000		200,500		99,500		198,181
2029 Notes		200,000		200,000		—		197,983
Senior Notes		300,000		300,000		—		296,671
Total	$	1,715,000	$	1,482,020	$	232,980	$	1,467,479

Table of Contents


	December 31, 2024
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available (1)		Net Carrying Value (2)
Capital Call Facility	$	65,000	$	27,000	$	38,000	$	26,757
Revolving Credit Facility		850,000		680,000		170,000		671,821
Secured Credit Facility		300,000		200,000		100,000		197,076
2025 Notes		225,000		225,000		—		224,612
2029 Notes		200,000		200,000		—		197,660
Total	$	1,640,000	$	1,332,000	$	308,000	$	1,317,926

(1)

The amount available may be subject to limitations related to the borrowing base under the Financing Facilities, outstanding letters of credit issued and asset coverage requirements.

(2)

As of September 30, 2025 and December 31, 2024, all of our outstanding debt was categorized as Level 3 within the fair value hierarchy.

(3)

As of September 30, 2025, the Fund recorded $(17.0) thousand of unrealized translation gain/(loss) on borrowings denominated in foreign currency.

Capital Call Facility - On December 29, 2020, we entered into the Capital Call Facility (as defined in "Consolidated unaudited financial statements as of and for the three months ended September 30, 2025 and 2024 - Notes to the Consolidated Financial Statements (unaudited) - Note 6. Borrowings"), which as of September 30, 2025, allowed the Company to borrow up to $65.0 million. At our option, the Capital Call Facility will accrue interest at a rate per annum based on (i) daily simple SOFR plus an applicable margin of 2.35% or (ii) the greatest of (1) the prime rate or (2) the federal funds effective rate plus 0.5% plus an applicable margin of 1.35%. As of September 30, 2025, and December 31, 2024, unamortized financing costs of $59 and $243, respectively, are being deferred and amortized over the remaining term of the Capital Call Facility. As of September 30, 2025 and December 31, 2024, we had an outstanding balance of $1,000 and $27,000, respectively. As of September 30, 2025, the Capital Call Facility is presented on the Consolidated Statements of Assets and Liabilities totaling $941 and $26,757 as of December 31, 2024.

Revolving Credit Facility - On June 28, 2021, SPV I entered into the Revolving Credit Facility (as defined in "Consolidated unaudited financial statements as of and for the three months ended September 30, 2025 and 2024 - Notes to the Consolidated Financial Statements (unaudited) - Note 6. Borrowings"), which as of September 30, 2025, allowed SPV I to borrow up to $850 million. As of September 30, 2025, advances under the Revolving Credit Facility bear interest at a per annum rate equal to: (a) for advances denominated in USD, Term SOFR, (b) for advances denominated in CAD, three-month term rate based on CORRA, (c) for advances denominated in GBP, the daily simple Sterling Overnight Index Average for each day, (d) for advances denominated in AUD, the three-month average bid reference rate administered by the Australian Financial Markets Association for Australian dollar bills, and (e) for advances denominated in Euros, the three-month Euro interbank offered rate, in each case, in effect, plus the applicable margin of 2.00% per annum (or, for advances denominated in GBP, 2.1193% per annum). SPV I has paid and will pay, as applicable, commitment fees set forth in the Revolving Credit Facility, on the average daily unused amount of the financing commitments, which as of September 30, 2025 is 0.60% per annum. As of September 30, 2025 and December 31, 2024, unamortized financing costs of $6,817 and $8,179, respectively, are being deferred and amortized over the remaining term of the Revolving Credit Facility. As of September 30, 2025 and December 31, 2024, the Revolving Credit Facility had an outstanding balance of $780,520 and $680,000, respectively. The Revolving Credit Facility is presented on the Consolidated Statements of Assets and Liabilities net of unamortized financing costs, which results in an outstanding balance, totaling $773,703 as of September 30, 2025 and $671,821 as of December 31, 2024.

Secured Credit Facility - On August 14, 2023, SPV II entered into the Secured Credit Facility (as defined in "Consolidated unaudited financial statements as of and for the three months ended September 30, 2025 and 2024 - Notes to the Consolidated Financial Statements (unaudited) - Note 6. Borrowings"), which, as of September 30, 2025, allowed SPV II to borrow up to $250.0 million under an asset-based revolving loan facility and up to $50 million under an asset-based revolving loan facility, each of which has its own borrowing base. The Secured Credit Facility will mature on August 14, 2028, unless terminated earlier as provided. SPV II may draw and redraw loans under the Secured Credit Facility during a commitment period ending on August 14, 2026, unless the commitments are terminated earlier. Loans drawn under the Secured Credit Facility will bear interest at Term SOFR plus 2.00% per annum and, in the case of loans drawn in euros or British pound sterling, an additional currency benchmark adjustment will apply. As of September 30, 2025, and December 31, 2024, unamortized financing costs of $2,319 and $2,924, respectively, are being deferred and amortized over the remaining term of the Secured Credit Facility. As of September 30, 2025, and December 31, 2024, the Secured Credit Facility had an outstanding balance of $200,500 and $200,000, respectively. The Secured Credit Facility is presented in the Consolidated Statements of Assets and Liabilities net of unamortized financing costs, which results in an outstanding balance, totaling $198,181 as of September 30, 2025 and $197,076 as of December 31, 2024.

Table of Contents

2025 Notes - On May 19, 2022, we entered into the NPA (as defined in "Consolidated unaudited financial statements as of and for the three months ended September 30, 2025 and 2024 - Notes to the Consolidated Financial Statements (unaudited) - Note 6. Borrowings") governing the issuance of $225.0 million in aggregate principal amount of senior unsecured notes due May 19, 2025 (the “2025 Notes”). On May 19, 2025, the 2025 Notes matured and were repaid in full . As of September 30, 2025 and December 31, 2024, the 2025 Notes had an outstanding balance of zero and $225,000. The 2025 Notes are presented on the Consolidated Statements of Assets and Liabilities net of unamortized debt issuance costs, which results in an outstanding balance, totaling zero as of September 30, 2025 and $224,612 as of December 31, 2024.

2029 Notes - On September 17, 2024, we entered into the September 2024 NBA (as defined in "Consolidated unaudited financial statements as of and for the three months ended September 30, 2025 and 2024 - Notes to the Consolidated Financial Statements (unaudited) - Note 6. Borrowings") governing the issuance of $200.0 million in aggregate principal amount of senior unsecured notes due September 15, 2029 (the “2029 Notes”). The 2029 Notes have a fixed interest rate of 6.70% per year, subject to a step up of (1) 1.00% per year, to the extent and for so long as the 2029 Notes fail to satisfy certain investment grade rating conditions and/or (2) 1.50% per year, to the extent and for so long as either our ratio of secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter-end, or we fail to deliver the required quarterly or annual financial statements and related certificates when due. The 2029 Notes will mature on September 15, 2029, unless redeemed, purchased or repaid prior to such date by us in accordance with the terms of the 2029 Notes. In addition, we are obligated to offer to repay the 2029 Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the 2029 Notes, we may redeem the 2029 Notes in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if redeemed on or before June 16, 2029, a make-whole premium. As of September 30, 2025 and December 31, 2024, unamortized debt issuance costs of $2,017 and $2,340, respectively, are being deferred and amortized over the remaining term of the 2029 Notes. As of both September 30, 2025 and December 31, 2024, the 2029 Notes had an outstanding balance of $200.0 million. The 2029 Notes are presented on the Consolidated Statements of Assets and Liabilities net of unamortized debt issuance costs, which results in an outstanding balance, totaling $197,983 as of September 30, 2025 and $197,660 as of December 31, 2024.

Senior Notes - On March 21, 2025, the Company entered into the March 2025 NPA (as defined in "Consolidated unaudited financial statements as of and for the three months ended September 30, 2025 and 2024 - Notes to the Consolidated Financial Statements (unaudited) - Note 6. Borrowings") governing the issuance of (i) $60.0 million in aggregate principal amount of senior unsecured notes due May 15, 2028 (the “2028 Notes”) and (ii) $240 million in aggregate principal amount of senior unsecured notes due May 15, 2030 (the “2030 Notes” and together with the 2028 Notes, the “Senior Notes”). The 2028 Notes have a fixed interest rate of 6.03% per year and the 2030 Notes have a fixed interest rate of 6.26% per year. The Senior Notes are subject to a step up of (1) 1.00% per year, to the extent and for so long as the Senior Notes fail to satisfy certain investment grade rating conditions and/or (2) (a) if the Senior Notes do not satisfy certain investment grade rating conditions, an additional 1.50% per year, to the extent and for so long as either the ratio of our secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter-end, or we fail to deliver the required quarterly or annual financial statements and related certificates when due or (b) if the Senior Notes satisfy certain investment grade conditions, an additional 1.00% per year, to the extent and for so long as either the ratio of our secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter-end, or we fail to deliver the required quarterly or annual financial statements and related certificates when due. The 2028 Notes will mature on May 15, 2028 and the 2030 Notes will mature on May 15, 2030, in each case, unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the March 2025 NPA. As of September 30, 2025 the carrying amount of the Company’s borrowings under the Senior Notes approximated its fair value. As of September 30, 2025, unamortized debt issuance costs of $3,329 are being deferred and amortized over the remaining term of the Senior Notes. As of September 30, 2025, the Senior Notes had an outstanding balance of $300,000. The Senior Notes are presented on the Consolidated Statements of Assets and Liabilities net of unamortized debt issuance costs, which results in an outstanding balance, totaling $296,671 as of September 30, 2025.

Table of Contents

Liquidity

Operating liquidity is our ability to meet our short-term liquidity needs. The following table presents our operating liquidity position as of September 30, 2025 and December 31, 2024:


	As of
($ in thousands)	September 30, 2025			December 31, 2024
Cash and cash equivalents	$	141,162		$	51,760
Unused borrowing capacity (1)		167,980			243,000
Unfunded portfolio company commitments		(508,210	)		(402,618	)
Undrawn capital commitments		301,596			336,596
Total operational liquidity	$	102,528		$	228,738

(1)

Unused borrowing capacity has been adjusted to remove the maximum borrowing capacity under the Capital Call Facility given the Capital Call Facility would need to be repaid in full if we were to draw the remaining capital commitments.

Distributions

For the three and nine months ended September 30, 2025 and 2024, we declared the following distributions:


($ in thousands, except per share amounts)
Record Date	Payment Date	Distribution Rate per Share		Annualized Distribution Yield (1)			Distribution Paid
September 26, 2025	September 30, 2025	$	0.475		9.5	%	$	30,320
June 27, 2025	June 30, 2025	$	0.470		9.5	%	$	29,842
March 27, 2025	March 31, 2025	$	0.490		10.0	%	$	30,896
September 26, 2024	September 27, 2024	$	0.650		13.0	%	$	40,067
June 26, 2024	June 28, 2024	$	0.650		13.1	%	$	35,220
March 25, 2024	March 26, 2024	$	0.650		13.2	%	$	32,700

Annualized distribution yield is calculated as annualized quarterly declared distribution divided by weighted average net asset value over the period. Weighted average net asset value is based on the net asset value at the beginning of the quarter plus capital called and distributions reinvested during the quarter.

Commitments and Off-Balance Sheet Arrangements

Litigation and Regulatory Matters

Unfunded Portfolio Company Commitments

From time to time, the Company may enter into commitments to fund investments. As of September 30, 2025 and December 31, 2024, the Company had unfunded portfolio company commitments under loan and financing agreements in the amount of $508,210 and $402,618, respectively. We expect to maintain sufficient liquidity in the form of cash, financing capacity and undrawn capital commitments from our investors to cover any outstanding unfunded portfolio company commitments we may be required to fund.

Contractual Obligations

Our payment obligations for repayment of debt, which total our contractual obligations on September 30, 2025, include the following:

Table of Contents


	Payments Due by Period
	Total		Less Than 1 year		1-3 years		3-5 years		More Than 5 years
Capital Call Facility	$	65,000	$	65,000	$	—	$	—	$	—
Revolving Credit Facility		850,000		—		—		850,000		—
Secured Credit Facility		300,000		—		—		300,000		—
2029 Notes		200,000		—		—		200,000		—
Senior Notes		300,000		—		60,000		240,000		—
Total Contractual Obligations	$	1,715,000	$	65,000	$	60,000	$	1,590,000	$	—

Hedging

In connection with certain portfolio investments, we may employ hedging techniques designed to reduce the risk of adverse movements in interest rates, securities prices and currency exchange rates. While such transactions may reduce certain risks, such transactions themselves may entail certain other risks. Thus, while the Company can benefit from the use of these hedging mechanisms, unanticipated changes in interest rates, securities prices, currency exchange rates and other factors could result in a poorer overall performance for the Company than if it had not entered into such hedging transactions. The successful utilization of hedging and risk management transactions requires skills that are separate from the skills used in selecting and monitoring investments. There were no hedging transactions for either of the three months ended September 30, 2025 and September 30, 2024.

Critical Accounting Policies

This discussion of our operating plan is based upon our consolidated financial statements, which are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of these financial statements requires our management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ. In addition to the discussion below, we describe our critical accounting policies in the notes to our consolidated financial statements.

Valuation of Investments

The Board has designated the Adviser as our “Valuation Designee” under Rule 2a-5 under the 1940 Act. The Adviser determines the value of our investments in accordance with fair value accounting guidance promulgated under U.S. GAAP, which establishes a hierarchical disclosure framework which ranks the observability inputs used in measuring financial instruments at fair value. See the Notes to Financial Statements for a description of the hierarchy for fair value measurements and a description of our valuation procedures.

Table of Contents

Revenue Recognition

We record records interest income on an accrual basis to the extent that we expect to collect such amounts. Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends. PIK interest and dividends represent accrued interest or dividends that are added to the principal amount or liquidation amount of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or at the occurrence of a liquidation event. We do not accrue as a receivable interest on loans and debt securities for accounting purposes if we have a reason to doubt our ability to collect such interest. Original issue discounts, market discounts or premiums are accreted or amortized over the life of the respective security using the effective interest method as interest income. We record prepayment premiums on loans and debt securities as interest income.

U.S. Federal Income Taxes

We have elected to be treated, and intend to qualify annually, to be taxed as a RIC under Subchapter M of the Code. As a RIC, we generally will not be subject to corporate-level U.S. federal income taxes on any ordinary income or capital gains distributed to stockholders. To qualify as a RIC, we must, among other things, maintain an election under the 1940 Act to be regulated as a BDC, meet specified source-of-income and asset diversification requirements as well as distribute each taxable year dividends for U.S. federal income tax purposes generally of an amount at least equal to 90% of the Company’s “investment company taxable income,” which is generally our net ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses and determined without regard to any deduction for dividends paid. See "Consolidated financial statements as of and for the years ended December 31, 2024 and 2023-Notes to the Consolidated Financial Statements-Note 11. Taxes" in our Annual Report on form 10-K on March 24, 2025.

Recent Developments

None.

Table of Contents

Item 3. Quantitative and Qualitative Disclosures about Market Risk

The Company is subject to financial market risks, including valuation risk and interest rate risk.

Valuation Risk

The Company invests primarily in illiquid debt securities of private companies. Most of the Company’s investments do not have a readily available market price, and the Adviser values these investments at fair value as determined in good faith in accordance with procedures approved by the Board. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments the Company makes.

Interest Rate Risk

Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because the Company expects to fund a portion of its investments with borrowings, the Company's net investment income is expected to be affected by the difference between the rate at which it invests and the rate at which it borrows. As a result, the Company can offer no assurance that a significant change in market interest rates will not have a material adverse effect on its net investment income.

As of September 30, 2025, 95.8% of the Company's debt investments based on fair value were at floating rates. The Company's credit facilities, including the Capital Call Facility, Revolving Credit Facility and Secured Credit Facility, also bear interest at floating rates.

Based on the Company's Consolidated Statement of Assets and Liabilities as of September 30, 2025, the following table shows the approximate annualized impact of hypothetical base rate changes in interest rates (considering interest rate floors and assuming no changes in our investment portfolio and borrowing structure):


	Change in
Basis point change	Interest Income (1)			Interest Expense			Net Investment Income (Loss)
300	$	76,356		$	(29,461	)	$	46,895
200		50,904			(19,640	)		31,264
100		25,452			(9,820	)		15,632
100		(25,452	)		9,820			(15,632	)
200		(50,904	)		19,640			(31,264	)
300		(76,356	)		29,461			(46,895	)

(1)

Assumes no defaults or prepayments by portfolio companies over the next twelve months.

The Company may in the future hedge against interest rate fluctuations by using hedging instruments such as interest rate swaps, futures, options and forward contracts, subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may mitigate the Company's exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit its ability to participate in the benefits of changes in interest rates with respect to its portfolio investments. The Company did not engage in interest rate hedging activities during the three months ended September 30, 2025.

Table of Contents

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of September 30, 2025 (the end of the period covered by this report), our management, including our Principal Executive Officer and Principal Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a‑15(e) of the Exchange Act). Based on that evaluation, our management, including the Principal Executive Officer and Principal Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

Changes in Internal Control over Financial Reporting

During the most recent fiscal quarter, there was no change in our internal controls over financial reporting, as defined under Rule 13a-a(f) under the Exchange Act, that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

Table of Contents

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Neither we nor our Adviser are currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened against us or the Adviser. From time to time, we or the Adviser may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of these legal or regulatory proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

Item 1A. Risk Factors

There have been no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K, as filed with the SEC on March 24, 2025, and our Quarterly Report on Form 10-Q, as filed August 13, 2025, except as provided below.

Risks Associated with Bankruptcy Cases

Leveraged companies may experience bankruptcy or similar financial distress. We may hold the debt securities of leveraged companies that may, due to the significant volatility of such companies, enter into bankruptcy proceedings. If one of our portfolio companies were to go bankrupt, depending on the facts and circumstances, including the extent to which we actually provided managerial assistance to that portfolio company or our representative or the Adviser sat on the board of directors of such portfolio company, a bankruptcy court might re-characterize our debt investment and subordinate all or a portion of our claim to that of other creditors. For example, lenders in certain cases can be subject to lender liability claims for actions taken by them when they become too involved in the borrower’s business or exercise control over a borrower. It is possible that we could become subject to a lender’s liability claim, including as a result of actions taken if we render significant managerial assistance to, or exercise control or influence over the board of directors of, the borrower.

Bankruptcy courts weigh equitable considerations when determining the recovery creditors may receive. As a result, it is difficult to predict with any certainty the situations in which our legal rights may be subordinated to other creditors in a bankruptcy. Many of the events within a bankruptcy case are adversarial and often beyond the control of the creditors. While creditors generally are afforded an opportunity to object to significant actions, we cannot assure investors that a bankruptcy court would not approve actions that may be contrary to our interests. For example, in situations where a bankruptcy carries a higher degree of political or broader economic significance, our recovery may be adversely affected.

The reorganization of a company can involve substantial legal, professional and administrative costs to a lender and the borrower. The administrative costs of a bankruptcy proceeding are frequently high and would be paid out of the debtor’s estate prior to any return to creditors. The duration of a bankruptcy proceeding is also difficult to predict, and a creditor’s return on investment can be adversely affected by delays until the plan of reorganization or liquidation ultimately becomes effective. During the process, a company’s competitive position may erode, key management may depart and a company may not be able to invest adequately. In some cases, the debtor company may not be able to reorganize and may be required to liquidate assets. The debt of companies in financial reorganization will, in most cases, not pay current interest, may not accrue interest during reorganization and may be adversely affected by an erosion of the issuer’s fundamental value. Further, a bankruptcy filing by a company may adversely and permanently affect such company. If such bankruptcy proceeding is converted to a liquidation, our value may not equal the liquidation value that was believed to exist at the time of investment.

Because the standards for classification of claims under bankruptcy law are vague, our influence with respect to the class of
securities or other obligations we own may be lost by increases in the number and amount of claims in the same class or by different classification and treatment. In the early stages of the bankruptcy process, it is often difficult to estimate the extent of, or even to identify, contingent claims that might be made. In addition, certain claims that have priority by law (for example, claims for taxes) may be substantial and may impair the recovery of other creditors.

Because the effectiveness of the judicial systems in the countries in which we may invest varies, we (or any portfolio company) may have difficulty in foreclosing or successfully pursuing claims in the courts of such countries, as compared to the United States or other countries. Further, to the extent we may obtain a judgment but is required to seek its enforcement in the courts of one of these countries in which we invest, there can be no assurance that such courts will enforce such judgment. The laws of other countries often lack the sophistication and consistency found in the United States with respect to foreclosure, bankruptcy, corporate reorganization or creditors’ rights.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Except as previously reported by the Company on its Current Reports on Form 8‑K, the Company did not sell any securities during the period covered by this Quarterly Report on Form 10‑Q that were not registered under the Securities Act.

Table of Contents

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosure

Not applicable.

Item 5. Other Information

Rule 10b5-1 Trading Plans

During the fiscal quarter ended September 30, 2025, none of our directors or executive officers adopted or terminated any contract, instruction, or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

Table of Contents

Item 6. Exhibits

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:



3.1		Amended and Restated Certificate of Incorporation1

3.2		Amended and Restated Bylaws2

31.1		Certification of Principal Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended*

31.2		Certification of Principal Financial Officer pursuant to Rule 13a‑14 of the Securities Exchange Act of 1934, as amended*

32.1		Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

32.2		Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

101.INS		Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH		Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

* Filed herewith.

** Furnished herewith

Previously filed as an exhibit to Amendment No. 1 to the Company’s registration statement on Form 10 (File No. 000-56209) filed with the SEC on November 25, 2020.

Previously filed as Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022.

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


			Stone Point Credit Corporation

Date:	November 12, 2025	By:	/s/ Scott J. Bronner
			Name: Scott J. Bronner
			Title: Principal Executive Officer

Date:	November 12, 2025	By:	/s/ Steven P. Henke
			Name: Steven P. Henke
			Title: Principal Financial Officer