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 March 31, 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 63,494,413 shares of Common Stock, $0.001 par value per share, outstanding as of May 14, 2025.

Stone Point Credit Corporation

Form 10‑Q for the Quarter Ended March 31, 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 March 31, 2025 (Unaudited) and December 31, 2024	3
	Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 (Unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2025 and 2024 (Unaudited)	5
	Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 (Unaudited)	6
	Consolidated Schedules of Investments as of March 31, 2025 (Unaudited) and December 31, 2024	7
	Notes to Consolidated Financial Statements (Unaudited)	24
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	47
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	61
Item 4.	Controls and Procedures	62
PART II.	OTHER INFORMATION	63
Item 1.	Legal Proceedings	63
Item 1A.	Risk Factors	63
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	63
Item 3.	Defaults Upon Senior Securities	63
Item 4.	Mine Safety Disclosures	63
Item 5.	Other Information	63
Item 6.	Exhibits	64
SIGNATURES		65

Item 1. Consolidated Financial Statements

Stone Point Credit Corporation

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)

	March 31, 2025			December 31, 2024
	(unaudited)
Assets:
Investments at fair value:
Non-controlled/non-affiliated investments (amortized cost of $2,617,991 and $2,502,807, respectively)	$	2,619,594		$	2,504,242
Cash and cash equivalents		50,479			51,760
Interest receivable		18,274			23,453
Dividend receivable		221			-
Unsettled trades receivable		15,405			15,471
Paydown receivable		774			2,247
Capital Call Receivable		1,750			-
Deferred offering expenses		25			25
Prepaid expenses and other assets		43			66
Total assets	$	2,706,565		$	2,597,264
Liabilities:
Revolving credit facilities payable (net of deferred financing costs of $10,637 and $11,346, respectively) (Note 6)	$	977,363		$	895,654
Notes payable (net of debt issuance costs of $2,346 and $2,728, respectively) (Note 6)		422,654			422,272
Unsettled trades payable		6,457			69
Base management fees payable (Note 3)		8,337			8,013
Incentive fees payable (Note 3)		5,216			-
Accounts payable and accrued expenses		2,579			2,434
Interest and financing fees payable		24,584			17,325
Total liabilities	$	1,447,190		$	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 March 31, 2025 and December 31, 2024	$	—		$	—
Common stock, $0.001 par value, 250,000,000 shares authorized, 63,494,413 and 63,054,004 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively		63			63
Paid in capital in excess of par		1,259,774			1,251,041
Distributable earnings (accumulated losses)		(462	)		393
Total net assets		1,259,375			1,251,497
Total liabilities and net assets	$	2,706,565		$	2,597,264
Net asset value per share of Common Stock	$	19.83		$	19.85

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

3

Stone Point Credit Corporation

Consolidated Statements of Operations

(in thousands, except share and per share amounts)

	Three Months Ended March 31, 2025 (Unaudited)		Three Months Ended March 31, 2024 (Unaudited)
Investment income:
Interest and dividend income from non-controlled/non-affiliated investments	$	68,417	$	63,142
Dividend income from non-controlled/non-affiliated investments		987		315
Interest income from cash and cash equivalents		1		1
Total interest income		69,405		63,458
Fee income		74		175
Total fee income		74		175
Total investment income	$	69,479	$	63,633
Operating expenses:
Base management fees (Note 3)	$	8,337	$	6,713
Incentive fees (Note 3)		5,216		—
Interest and financing fees (Note 6)		24,100		21,251
Offering costs (Note 4)		12		19
Professional fees		2,150		1,697
Directors fees		92		92
Insurance expense		18		16
Total expenses		39,925		29,788
Net investment income (loss)	$	29,554	$	33,845
Net realized gains (losses) and unrealized appreciation (depreciation) on investments:
Net realized gains (losses):
Non-controlled/non-affiliated investments	$	319	$	617
Total net realized gains (losses)	$	319	$	617
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	$	168	$	6,791
Total net change in unrealized appreciation (depreciation)	$	168	$	6,791
Net increase (decrease) in net assets resulting from operations	$	30,041	$	41,253
Per share information - basic and diluted:
Net investment income (loss)	$	0.47	$	0.67
Net increase (decrease) in net assets resulting from operations	$	0.48	$	0.82
Weighted average shares outstanding		63,058,843		50,567,410

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

4

Stone Point Credit Corporation

Consolidated Statements of Changes in Net Assets

(in thousands except shares and per share amounts)

	Three Months Ended March 31, 2025 (Unaudited)			Three Months Ended March 31, 2024 (Unaudited)
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)	$	29,554		$	33,845
Total net realized gains (losses)		319			617
Total net change in unrealized appreciation (depreciation)		168			6,791
Net increase (decrease) in net assets resulting from operations		30,041			41,253
Decrease in net assets resulting from Stockholder distributions:
Shares distributed pursuant to dividend reinvestment plan		(6,983	)		(9,072	)
Distributions to Stockholders from earnings		(23,913	)		(23,628	)
Net decrease in net assets resulting from Stockholder distributions		(30,896	)		(32,700	)
Increase in net assets resulting from capital share transactions:
Issuance of Common Stock pursuant to dividend reinvestment plan		6,983			9,072
Issuance of shares of Common Stock		1,750			66,893
Net increase in net assets resulting from capital share transactions		8,733			75,965
Total increase in net assets		7,878			84,518
Net assets, beginning of period		1,251,497			991,422
Net assets, end of period	$	1,259,375		$	1,075,940
Net asset value per share	$	19.83		$	19.86
Common shares outstanding at the end of the period		63,494,413			54,172,481

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

5

Stone Point Credit Corporation

Consolidated Statements of Cash Flows

(in thousands)

	Three Months Ended March 31, 2025 (Unaudited)			Three Months Ended March 31, 2024 (Unaudited)
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	30,041		$	41,253
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Total net change in unrealized (appreciation) depreciation		(168	)		(6,791	)
Total net realized (gains) losses		(319	)		(617	)
Net amortization and accretion of premiums and discounts		(3,901	)		(3,764	)
Purchases of investments, net		(193,821	)		(258,596	)
Sales and repayments of investments, net		82,868			165,127
Amortization of deferred financing costs		710			603
Amortization of debt issuance costs		382			259
Changes in operating assets and liabilities:
Interest receivable		5,179			(1,123	)
Dividend receivable		(221	)		(8	)
Unsettled trades receivable		66			3,551
Paydown receivable		1,473			(577	)
Capital call receivable		(1,750	)		—
Deferred offering expenses		(12	)		(12	)
Prepaid expenses and other assets		23			16
Base management fees payable		324			182
Incentive fees payable		5,216			—
Accounts payable and accrued expenses		145			(33	)
Interest and financing fees payable		7,259			13,065
Unsettled trades payable		6,388			(1,000	)
Net cash used in operating activities		(60,118	)		(48,465	)
Cash flows from financing activities:
Borrowings under revolving credit facilities		184,000			301,500
Payments on revolving credit facilities		(103,000	)		(301,500	)
Deferred financing costs		—			(14	)
Debt issuance costs		—			(100	)
Distributions paid in cash		(23,913	)		(23,628	)
Proceeds from issuance of shares of Common Stock		1,750			66,893
Net cash provided by financing activities		58,837			43,151
Net increase (decrease) in cash and cash equivalents		(1,281	)		(5,314	)
Cash and cash equivalents, beginning of period		51,760			41,629
Cash and cash equivalents, end of period	$	50,479		$	36,315
Supplemental and Non-Cash Information
Cash paid during the period for interest	$	15,816		$	7,325
Reinvestment of distributions during the period	$	6,983		$	9,072

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

6

Stone Point Credit Corporation

Consolidated Schedule of Investments

As of March 31, 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
Non-Controlled/Non-Affiliated Investments
Debt Investments - 203.0%
Capital Markets
Cliffwater, LLC	First Lien Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.82%	10/7/2030		16,971	$	16,654		$	16,971		1.3%
Cliffwater, LLC	First Lien Revolving Loan	(9)	SOFR + 4.50%, 0.75% Floor	8.82%	10/7/2030		-		(45	)		-		0.0%
NXGen Buyer, Inc.	First Lien Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	9.07%	10/29/2027		14,839		14,686			14,682		1.2%
NXGen Buyer, Inc.	Second Lien Term Loan	(10)	SOFR + 8.00%, 1.00% Floor	12.32%	4/28/2028		1,250		1,209			1,236		0.1%
NXGen Buyer, Inc.	Second Lien Term Loan	(10)	SOFR + 8.00%, 1.00% Floor	12.32%	4/28/2028		2,500		2,500			2,473		0.2%
NXGen Buyer, Inc.	First Lien Revolving Loan	(9)	SOFR + 4.75%, 0.75% Floor	9.07%	10/29/2027		-		(2	)		(3	)	0.0%
Project K Buyerco, INC.	First Lien Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.42%	12/10/2027		74,761		74,021			75,397		6.0%
Project K Buyerco, INC.	First Lien Revolving Loan	(9)	SOFR + 5.00%, 0.75% Floor	9.42%	12/10/2027		-		(69	)		-		0.0%
Wharf Street Ratings Acquisition LLC	Unsecured Note		N/A	8.00%	12/8/2028		13,813		13,222			13,162		1.0%
Total Capital Markets									122,176			123,918
Consumer Finance
ACM ASOF VIII LClub LLC	First Lien Term Loan		N/A	13.00%	6/30/2030		11,725		11,672			11,725		0.9%
Exeter Short Term Funding LLC	First Lien Revolving Loan	(9)(10)	SOFR + 5.50%, 2.00% Floor	9.82%	2/9/2026		12,392		12,230			12,392		1.0%
Total Consumer Finance									23,902			24,117

7

Stone Point Credit Corporation

Consolidated Schedule of Investments

As of March 31, 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
Financial Services
Advisor Group Holdings, Inc.	Unsecured Note	(8)(11)	N/A	10.75%	8/1/2027		826		810			837		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	9.07%	12/29/2028		23,168		22,890			23,168		1.8%
Beacon Pointe Harmony, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	9.07%	12/29/2028		11,033		10,820			11,033		0.9%
Beacon Pointe Harmony, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	9.07%	12/29/2028		11,166		11,097			11,166		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		2,597		2,549			2,597		0.2%
Beacon Pointe Harmony, LLC	First Lien Revolving Loan	(9)	SOFR + 4.75%, 0.75% Floor	9.07%	12/29/2027		-		(27	)		-		0.0%
Best Egg Asset Structured Pass Through Master Trust	Unsecured Note	(11)	N/A	0.00%	1/15/2035		3		458			458		0.0%
Best Egg Asset Structured Pass Through Master Trust	Unsecured Note	(11)	N/A	0.00%	3/15/2035		3		351			351		0.0%
Best Egg Asset Structured Pass Through Master Trust	Unsecured Note	(11)	N/A	0.00%	2/21/2035		3		603			603		0.0%
Barings Middle Market CLO Ltd.	Unsecured Note	(10)	SOFR + 6.17%	10.47%	4/15/2037		5,475		5,420			5,420		0.4%
Churchill Middle Market CLO Ltd.	Unsecured Note	(10)	SOFR + 6.85%	11.17%	4/27/2037		1,570		1,570			1,570		0.1%
Choreo Buyer LLC.	First Lien Term Loan	(10)	SOFR + 5.00%, 1.00% Floor	9.32%	2/18/2028		5,138		5,071			5,137		0.4%
Choreo Buyer LLC.	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.00%, 1.00% Floor	9.32%	3/20/2026		-		(97	)		(2	)	0.0%
Congress Buyer, Inc	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.50%, 1.00% Floor	9.91%	2/26/2027		-		(105	)		(108	)	0.0%
The Edelman Financial Engines Center, LLC	Second Lien Term Loan	(8)(10)	SOFR + 5.25%	9.57%	10/6/2028		12,500		12,479			12,541		1.0%
HBWM Intermediate II, LLC	First Lien Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.82%	11/17/2031		4,582		4,562			4,555		0.4%
HBWM Intermediate II, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.82%	11/17/2031		5,498		5,474			5,466		0.4%
HBWM Intermediate II, LLC	First Lien Revolving Loan	(9)(10)	SOFR + 4.50%, 0.75% Floor	8.82%	8/18/2031		357		347			351		0.0%
Ivy Hill Asset Management, L.P.	Unsecured Note		N/A	9.00%	6/29/2028		4,300		4,300			4,422		0.4%
Ivy Hill Middle Market Credit Fund XII Ltd	Unsecured Note	(10)	SOFR + 6.25%	10.55%	4/20/2037		4,421		4,421			4,421		0.4%
LendingTree, Inc.	First Lien Term Loan	(10)	SOFR + 5.75%, 1.50% Floor	10.07%	3/27/2031		6,750		6,598			6,750		0.5%
LendingTree, Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.75%, 1.50% Floor	10.07%	3/27/2031		3,000		2,931			3,000		0.2%
LD Holdings Group LLC	Unsecured Note	(8)(11)	N/A	8.75%	11/1/2027		2,500		2,275			2,286		0.2%
MAI Capital Management Intermediate LLC	First Lien Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	9.05%	8/29/2031		6,893		6,829			6,829		0.5%
MAI Capital Management Intermediate LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR + 4.75%, 0.75% Floor	9.05%	8/29/2031		1,611		1,585			1,573		0.1%
MAI Capital Management Intermediate LLC	First Lien Revolving Loan	(9)(10)	SOFR + 4.75%, 0.75% Floor	9.04%	8/29/2031		371		357			356		0.0%
Minotaur Acquisition, Inc.	First Lien Term Loan	(10)	SOFR + 5.00%, 1.00% Floor	9.32%	5/10/2030		20,305		19,946			20,305		1.6%
Minotaur Acquisition, Inc.	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.00%, 1.00% Floor	9.32%	5/11/2026		-		(29	)		-		0.0%
Minotaur Acquisition, Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 1.00% Floor	9.32%	5/10/2030		3,367		3,307			3,367		0.3%
Minotaur Acquisition, Inc.	First Lien Revolving Loan	(9)	SOFR + 5.00%, 1.00% Floor	9.32%	5/10/2030		-		(35	)		-		0.0%
New Mountain Guardian IV Income Rated Feeder II, Ltd.	Unsecured Note	(9)(10)	SOFR + 8.40%	12.72%	4/3/2037		650		650			667		0.1%
New Mountain Guardian IV Rated Feeder III, Ltd.	Unsecured Note	(9)(10)	SOFR + 5.10%	9.40%	8/28/2037		1,132		1,132			1,163		0.1%
New Mountain Guardian IV Rated Feeder III, Ltd.	Unsecured Note	(9)(10)	SOFR + 7.50%	11.80%	8/28/2037		5,394		5,394			5,528		0.4%
New Mountain Guardian IV Rated Feeder III, Ltd.	Unsecured Note	(9)(10)	SOFR + 8.02%	12.32%	8/28/2037		3,943		3,888			4,038		0.3%
Nexus Buyer LLC	Second Lien Term Loan	(8)(10)	SOFR + 6.25%	10.67%	11/5/2029		22,998		23,001			22,937		1.8%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 1.00% Floor	9.32%	10/2/2028		21,683		21,516			21,579		1.7%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 1.00% Floor	9.29%	10/2/2028		2,424		2,400			2,412		0.2%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 1.00% Floor	9.29%	10/2/2028		2,429		2,382			2,417		0.2%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 1.00% Floor	9.29%	10/2/2028		25,585		25,513			25,462		2.0%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR + 5.00%, 1.00% Floor	9.32%	10/2/2028		18,552		18,292			18,457		1.5%
TA/WEG Intermediate Holdings, LLC	First Lien Revolving Loan	(9)	SOFR + 5.00%, 1.00% Floor	9.29%	10/2/2028		-		(6	)		(10	)	0.0%
TA/WEG Intermediate Holdings, LLC	First Lien Revolving Loan	(9)	SOFR + 5.00%, 1.00% Floor	9.29%	10/2/2028		-		(23	)		(5	)	0.0%
WEG Sub Intermediate Holdings, LLC	Unsecured Note		N/A	13.00%	5/26/2033		13,977		13,782			13,990		1.1%
Total Financial Services									266,033			268,442

8

Stone Point Credit Corporation

Consolidated Schedule of Investments

As of March 31, 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
Health Care Providers & Services
Acentra Holdings, LLC	First Lien Term Loan	(10)	SOFR + 5.50%, 0.50% Floor	9.80%	12/17/2029		14,818		14,351			14,613		1.2%
Acentra Holdings, LLC	First Lien Term Loan	(10)	SOFR + 5.50%, 0.50% Floor	9.80%	12/17/2029		2,868		2,832			2,829		0.2%
Acentra Holdings, LLC	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.50%, 0.50% Floor	9.80%	3/19/2026		-		(54	)		(121	)	0.0%
Acentra Holdings, LLC	First Lien Revolving Loan	(9)(10)	SOFR + 5.50%, 0.50% Floor	9.80%	12/17/2029		384		357			364		0.0%
Action Behavior Centers Therapy LLC	First Lien Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.32%	7/2/2031		33,701		33,236			33,539		2.7%
Action Behavior Centers Therapy LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR + 5.00%, 0.75% Floor	9.32%	7/2/2031		1,870		1,816			1,841		0.1%
Action Behavior Centers Therapy LLC	First Lien Revolving Loan	(9)	SOFR + 5.00%, 0.75% Floor	9.32%	7/2/2031		-		(41	)		(15	)	0.0%
Belmont Buyer, Inc.	First Lien Term Loan	(10)	SOFR + 5.25%, 1.00% Floor	9.51%	6/21/2029		16,408		16,239			16,105		1.3%
Belmont Buyer, Inc.	First Lien Term Loan	(10)	SOFR + 6.50%, 1.00% Floor	10.80%	6/21/2029		18,136		17,717			18,136		1.4%
Belmont Buyer, Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 6.50%, 1.00% Floor	10.79%	6/21/2029		4,305		4,203			4,305		0.3%
Belmont Buyer, Inc.	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.25%, 1.00% Floor	9.51%	1/26/2026		-		(27	)		(78	)	0.0%
Belmont Buyer, Inc.	First Lien Revolving Loan	(9)(10)	SOFR + 6.50%, 1.00% Floor	10.95%	6/21/2029		727		681			727		0.1%
Chartis Group, LLC	First Lien Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.80%	9/17/2031		8,203		8,131			8,128		0.6%
Chartis Group, LLC	First Lien Delayed Draw Term Loan	(9)	SOFR + 4.50%, 0.75% Floor	8.80%	9/17/2026		-		(12	)		(23	)	0.0%
Chartis Group, LLC	First Lien Revolving Loan	(9)	SOFR + 4.50%, 0.75% Floor	8.80%	9/17/2031		-		(12	)		(12	)	0.0%
Continental Buyer Inc.	First Lien Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.72%	4/2/2031		28,817		28,417			28,673		2.3%
Continental Buyer, Inc	First Lien Delayed Draw Term Loan	(9)	SOFR + 4.50%, 0.75% Floor	8.72%	8/14/2027		-		(8	)		(17	)	0.0%
Continental Buyer Inc.	First Lien Revolving Loan	(9)	SOFR + 4.50%, 0.75% Floor	8.72%	4/2/2031		-		(47	)		(23	)	0.0%
CORA Health Holdings Corp.	First Lien Term Loan	(10)	SOFR + 5.75%, 1.00% Floor	10.25%	6/15/2027		14,264		14,181			13,298		1.1%
CORA Health Holdings Corp.	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.75%, 1.00% Floor	10.25%	6/15/2027		236		235			220		0.0%
Covetrus, Inc.	First Lien Term Loan	(8)(10)	SOFR + 5.00%, 0.50% Floor	9.30%	10/12/2029		8,237		7,885			7,942		0.6%
Giving Home Health Care	First Lien Term Loan	(10)	SOFR + 5.75%, 1.00% Floor	10.05%	4/26/2029		46,875		46,795			46,546		3.7%
Kwol Acquisition Inc	First Lien Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	9.05%	12/12/2029		2,397		2,392			2,391		0.2%
Kwol Acquisition Inc	First Lien Revolving Loan	(9)	SOFR + 4.75%, 0.75% Floor	9.05%	12/12/2029		-		-			(1	)	0.0%
MB2 Dental Solutions, LLC	First Lien Term Loan	(10)	SOFR + 5.50%, 0.75% Floor	9.82%	2/13/2031		54,255		53,809			54,798		4.4%
MB2 Dental Solutions, LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR + 5.50%, 0.75% Floor	9.82%	2/13/2031		3,631		3,597			3,743		0.3%
MB2 Dental Solutions, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.50%, 0.75% Floor	9.82%	2/13/2031		4,645		4,616			4,692		0.4%
MB2 Dental Solutions, LLC	First Lien Revolving Loan	(9)	SOFR + 5.50%, 0.75% Floor	9.82%	2/13/2031		-		(19	)		-		0.0%
Mirra-PrimeAccess Holdings, LLC	First Lien Term Loan	(10)	SOFR + 6.50%, 1.00% Floor	11.06%	7/29/2026		24,125		23,966			19,614		1.6%
Mirra-PrimeAccess Holdings, LLC	First Lien Revolving Loan	(9)(10)	SOFR + 6.50%, 1.00% Floor	11.06%	7/29/2026		2,055		1,995			1,543		0.1%
NextGen Healthcare	First Lien Term Loan	(10)	SOFR + 5.25%, 0.75% Floor	9.55%	11/11/2030		9,149		9,035			8,969		0.7%
NextGen Healthcare	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.25%, 0.75% Floor	9.55%	11/10/2025		-		(14	)		(47	)	0.0%
NextGen Healthcare	First Lien Revolving Loan	(9)	SOFR + 5.25%, 0.75% Floor	9.55%	11/9/2029		-		(10	)		(18	)	0.0%
One Call Corp	First Lien Term Loan	(8)(10)	SOFR + 5.50%, 0.75% Floor	10.06%	4/22/2027		16,330		15,731			15,921		1.3%
Project Ruby Ultimate Parent Corp	Second Lien Term Loan	(10)	SOFR + 5.25%, 0.75% Floor	9.69%	3/12/2029		15,000		14,935			14,897		1.2%
RCP NATS Purchaser, LLC	First Lien Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.30%	3/19/2032		41,045		40,533			40,532		3.2%
RCP NATS Purchaser, LLC	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.00%, 0.75% Floor	9.30%	3/19/2027		-		(51	)		(103	)	0.0%
RCP NATS Purchaser, LLC	First Lien Revolving Loan	(9)	SOFR + 5.00%, 0.75% Floor	9.30%	3/19/2032		-		(71	)		(72	)	0.0%

9

Stone Point Credit Corporation

Consolidated Schedule of Investments

As of March 31, 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
SpecialtyCare, Inc.	First Lien Term Loan	(10)	SOFR + 5.75%, 1.00% Floor	10.32%	6/19/2028		13,279		13,067			12,896		1.0%
SpecialtyCare, Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.75%, 1.00% Floor	10.31%	6/19/2028		103		103			101		0.0%
SpecialtyCare, Inc.	First Lien Revolving Loan	(9)(10)	SOFR + 4.00%	8.44%	6/18/2026		446		438			416		0.0%
Stepping Stones Healthcare Services, LLC	First Lien Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.30%	1/2/2029		23,765		23,551			23,765		1.9%
Stepping Stones Healthcare Services, LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR + 5.00%, 0.75% Floor	9.30%	1/2/2029		1,917		1,858			1,916		0.2%
Stepping Stones Healthcare Services, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.30%	1/2/2029		5,334		5,291			5,334		0.4%
Stepping Stones Healthcare Services, LLC	First Lien Revolving Loan	(9)	SOFR + 5.00%, 0.75% Floor	9.30%	12/29/2026		-		(18	)		-		0.0%
Trinity Partners Holdings, LLC	First Lien Term Loan	(10)	SOFR + 5.50%, 0.75% Floor	9.92%	12/21/2028		26,727		26,527			26,727		2.1%
Trinity Partners Holdings, LLC	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.50%, 0.75% Floor	9.92%	6/21/2025		-		(66	)		-		0.0%
TST Intermediate Holdings, LLC	First Lien Term Loan	(10)	SOFR + 5.50%, 1.00% Floor	9.89%	12/31/2028		15,845		15,788			15,674		1.2%
TST Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR + 5.50%, 1.00% Floor	9.89%	12/31/2028		12,781		12,617			12,580		1.0%
TST Intermediate Holdings, LLC	First Lien Revolving Loan	(9)(13)	ABR + 5.00%	12.50%	12/31/2028		71		62			62		0.0%
Vital Care Buyer LLC	First Lien Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.80%	7/30/2031		6,626		6,565			6,565		0.5%
Vital Care Buyer LLC	First Lien Revolving Loan	(9)	SOFR + 4.50%, 0.75% Floor	8.80%	7/30/2031		-		(8	)		(8	)	0.0%
Total Health Care Providers & Services									473,094			469,864
Health Care Technology
Ellkay, LLC	First Lien Term Loan	(10)	SOFR + 7.50%, 1.00% Floor	11.97%	9/14/2027		28,380		28,033			25,533		2.0%
Ellkay, LLC	First Lien Revolving Loan	(9)(10)	SOFR + 7.50%, 1.00% Floor	12.03%	9/14/2027		722		695			505		0.0%
Homecare Software Solutions LLC	First Lien Term Loan	(10)	SOFR + 5.55%, 0.75% Floor	9.87%	6/16/2031		11,871		11,769			11,762		0.9%
Homecare Software Solutions LLC	First Lien Term Loan	(10)	SOFR + 5.55%, 0.75% Floor	9.87%	6/16/2031		5,064		5,019			5,017		0.4%
Homecare Software Solutions LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.55%, 0.75% Floor	9.87%	6/16/2031		4,409		4,371			4,369		0.3%
Imagine Acquisitionco, Inc.	First Lien Term Loan	(10)	SOFR + 5.00%, 1.00% Floor	9.42%	11/16/2027		27,998		27,809			27,998		2.2%
Imagine Acquisitionco, Inc.	First Lien Revolving Loan	(9)(10)	SOFR + 5.00%, 1.00% Floor	9.55%	11/16/2027		81		51			81		0.0%
Total Health Care Technology									77,747			75,265

10

Stone Point Credit Corporation

Consolidated Schedule of Investments

As of March 31, 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
Insurance
Alkeme Intermediary Holdings, LLC	First Lien Term Loan	(10)	SOFR + 5.25%, 1.00% Floor	9.55%	10/28/2026		11,608		11,485			11,492		0.9%
Alkeme Intermediary Holdings, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.25%, 1.00% Floor	9.55%	10/28/2026		23,306		23,030			23,073		1.8%
Alkeme Intermediary Holdings, LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR + 5.25%, 1.00% Floor	9.57%	10/28/2026		24		(13	)		(76	)	0.0%
Amerilife Holdings LLC	First Lien Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.26%	8/31/2029		56,223		55,663			55,953		4.4%
Amerilife Holdings LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR + 5.00%, 0.75% Floor	9.26%	8/31/2029		3,675		3,596			3,638		0.3%
Amerilife Holdings LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.26%	8/31/2029		148		147			147		0.0%
Amerilife Holdings LLC	First Lien Revolving Loan	(9)	SOFR + 5.00%, 0.75% Floor	9.26%	8/31/2028		-		(46	)		(27	)	0.0%
AP Highlands Holdings, L.P.	Unsecured Note		N/A	9.25%	10/16/2028		4,965		4,921			4,895		0.4%
AP Highlands Co-Invest, L.P.	Unsecured Note		N/A	9.25%	10/16/2028		3,035		3,009			2,993		0.2%
Arden Insurance Services LLC	First Lien Term Loan	(10)	SOFR + 5.25%, 1.00% Floor	9.55%	11/27/2030		13,138		12,956			12,949		1.0%
Arden Insurance Services LLC	First Lien Revolving Loan	(9)(10)	SOFR + 5.25%, 1.00% Floor	9.55%	11/27/2030		366		340			340		0.0%
ARMStrong Receivable Management	First Lien Term Loan	(10)	SOFR + 5.00%, 1.00% Floor	9.40%	10/5/2029		14,562		14,550			14,508		1.2%
ARMStrong Receivable Management	First Lien Delayed Draw Term Loan	(9)(10)	SOFR + 5.00%, 1.00% Floor	9.41%	10/5/2029		391		390			386		0.0%
ARMStrong Receivable Management	First Lien Revolving Loan	(9)	SOFR + 5.00%, 1.00% Floor	9.40%	10/5/2029		-		-			(1	)	0.0%
Babylon Buyer, Inc.	First Lien Term Loan	(10)	SOFR + 5.75%, 0.75% Floor	10.07%	3/8/2030		36,247		35,470			35,794		2.8%
Babylon Buyer, Inc.	First Lien Revolving Loan	(9)(10)	SOFR + 5.75%, 0.75% Floor	10.07%	3/8/2030		1,035		1,005			1,017		0.1%
Captive Resources Midco, LLC	First Lien Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	9.07%	7/2/2029		30,725		30,340			30,725		2.4%
Captive Resources Midco, LLC	First Lien Revolving Loan	(9)	SOFR + 4.75%, 0.75% Floor	9.07%	7/1/2028		-		(24	)		-		0.0%
Euclid Transactional, LLC	First Lien Term Loan	(10)	SOFR + 5.50%, 0.75% Floor	11.24%	10/2/2028		71,561		70,658			71,561		5.7%
Foundation Risk Partners, Corp.	First Lien Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.30%	10/29/2030		3,646		3,646			3,627		0.3%
Foundation Risk Partners, Corp.	First Lien Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.30%	10/29/2030		33,316		33,316			33,150		2.6%
Foundation Risk Partners, Corp.	First Lien Delayed Draw Term Loan	(9)(10)	SOFR + 5.00%, 0.75% Floor	9.30%	10/29/2030		5,995		5,994			5,957		0.5%
Foundation Risk Partners, Corp.	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.30%	10/29/2030		4,514		4,514			4,492		0.4%
Foundation Risk Partners, Corp.	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.30%	10/29/2030		15,570		15,570			15,492		1.2%
Foundation Risk Partners, Corp.	First Lien Revolving Loan	(9)	SOFR + 5.00%, 0.75% Floor	9.30%	10/29/2029		-		-			(18	)	0.0%
Galway Borrower LLC	First Lien Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.80%	9/29/2028		33,883		33,592			33,882		2.7%
Galway Borrower LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR + 4.50%, 0.75% Floor	8.80%	9/29/2028		610		577			539		0.0%
Galway Borrower LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.80%	9/29/2028		17,780		17,455			17,659		1.4%
Galway Borrower LLC	First Lien Revolving Loan	(9)(10)	SOFR + 4.50%, 0.75% Floor	8.80%	10/2/2028		987		979			987		0.1%
OneDigital	Second Lien Term Loan	(8)(10)	SOFR + 5.25%, 0.50% Floor	9.57%	7/2/2032		20,000		19,914			20,025		1.6%
Redwood Purchaser, INC	First Lien Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.32%	3/3/2031		20,564		20,308			20,307		1.6%
Redwood Purchaser, INC	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.00%, 0.75% Floor	9.32%	3/3/2027		-		(66	)		(133	)	0.0%
Redwood Purchaser, INC	First Lien Revolving Loan	(9)	SOFR + 5.00%, 0.75% Floor	9.32%	3/3/2031		-		(62	)		(63	)	0.0%
RSC Acquisition, Inc	First Lien Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	9.04%	10/30/2029		5,925		5,925			5,898		0.5%
RSC Acquisition, Inc	First Lien Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	9.04%	10/30/2029		2,237		2,237			2,227		0.2%
RSC Acquisition, Inc	First Lien Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	9.05%	10/30/2029		4,287		4,287			4,267		0.3%
RSC Acquisition, Inc	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	9.06%	10/30/2029		21,303		21,303			21,207		1.7%
RSC Acquisition, Inc	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	9.06%	10/30/2029		15,871		15,871			15,799		1.3%
THG Acquisition, LLC	First Lien Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	9.07%	10/31/2031		26,229		25,986			25,980		2.1%
THG Acquisition, LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR + 4.75%, 0.75% Floor	9.07%	10/31/2031		104		76			48		0.0%
THG Acquisition, LLC	First Lien Revolving Loan	(9)(10)	SOFR + 4.75%, 0.75% Floor	9.07%	10/31/2031		134		106			106		0.0%
World Insurance Associates, LLC	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.00%, 1.00% Floor	9.41%	8/14/2026		-		(29	)		(60	)	0.0%
World Insurance Associates, LLC	First Lien Revolving Loan	(9)	SOFR + 5.00%, 1.00% Floor	9.41%	4/3/2030		-		(3	)		(3	)	0.0%
Worldwide Insurance Network, LLC	First Lien Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	10.03%	5/28/2030		24,040		23,724			23,713		1.9%
Worldwide Insurance Network, LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR + 5.00%, 0.75% Floor	10.11%	5/28/2030		8,214		8,092			7,953		0.6%
Total Insurance									530,789			532,405

11

Stone Point Credit Corporation

Consolidated Schedule of Investments

As of March 31, 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
IT Services
Auctane Holdings, LLC	First Lien Term Loan	(10)	SOFR + 5.75%, 0.75% Floor	10.14%	10/5/2028		38,800		38,359			38,299		3.0%
Auctane Holdings, LLC	First Lien Term Loan	(10)	SOFR + 5.75%, 0.75% Floor	10.14%	10/5/2028		12,731		12,586			12,567		1.0%
Bottomline Technologies, Inc.	First Lien Term Loan	(10)	SOFR + 5.25%, 0.75% Floor	9.57%	5/14/2029		76,226		75,210			76,226		6.1%
Bottomline Technologies, Inc.	First Lien Revolving Loan	(9)	SOFR + 5.25%, 0.75% Floor	9.57%	5/15/2028		-		(76	)		-		0.0%
DCert Buyer, Inc.	Second Lien Term Loan	(8)(10)	SOFR + 7.00%	11.32%	2/19/2029		8,259		8,166			6,752		0.5%
DS Admiral Bidco LLC	First Lien Term Loan	(8)(10)	SOFR + 4.25%	8.57%	6/26/2031		4,975		4,784			4,807		0.4%
Evergreen Services Group PIK Holdco, LLC	Unsecured Note		N/A	13.75%	4/7/2031		7,311		7,169			7,258		0.6%
Evergreen Services Group PIK Holdco, LLC	Unsecured Note		N/A	13.75%	4/7/2031		4,015		3,935			3,986		0.3%
Helpsystems Holdings, Inc.	Second Lien Term Loan	(10)	SOFR + 6.75%, 0.75% Floor	11.14%	11/19/2027		10,000		10,000			8,220		0.7%
LYTX, INC.	First Lien Term Loan	(10)	SOFR + 5.00%, 1.00% Floor	9.42%	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	9.92%	12/28/2028		17,126		17,029			16,900		1.3%
Ministry Brands Holdings, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.50%, 1.00% Floor	9.92%	12/28/2028		1,732		1,726			1,709		0.1%
Ministry Brands Holdings, LLC	First Lien Revolving Loan	(9)	SOFR + 5.50%, 0.75% Floor	9.92%	12/30/2027		-		(8	)		(22	)	0.0%
Omega Systems Intermediate Holdings, INC	First Lien Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.30%	1/15/2031		10,767		10,638			10,632		0.8%
Omega Systems Intermediate Holdings, INC	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.00%, 0.75% Floor	9.30%	1/15/2027		-		(38	)		(79	)	0.0%
Omega Systems Intermediate Holdings, INC	First Lien Revolving Loan	(9)	N/A	9.30%	1/15/2031		-		(23	)		(24	)	0.0%
Redwood Services Group, LLC	First Lien Term Loan	(10)	SOFR + 5.25%, 0.75% Floor	9.55%	6/15/2029		8,806		8,720			8,699		0.7%
Redwood Services Group, LLC	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.25%, 0.75% Floor	9.55%	1/3/2027		-		(53	)		(107	)	0.0%
Total IT Services									217,785			215,484

12

Stone Point Credit Corporation

Consolidated Schedule of Investments

As of March 31, 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	(10)	SOFR + 5.25%, 0.75% Floor	9.55%	11/17/2031		32,723		32,519			32,409		2.6%
Accordion Partners LLC	Unsecured Note		N/A	12.75%	11/15/2034		15,730		15,430			15,427		1.2%
Accordion Partners LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR + 5.25%, 0.75% Floor	9.57%	11/17/2031		873		847			820		0.1%
Accordion Partners LLC	First Lien Revolving Loan	(9)	SOFR + 5.25%, 0.75% Floor	9.55%	11/17/2031		-		(23	)		(35	)	0.0%
ALKU Intermediate Holdings, LLC	First Lien Term Loan	(10)	SOFR + 6.25%, 0.75% Floor	10.47%	5/23/2029		3,640		3,571			3,654		0.3%
ALKU Intermediate Holdings, LLC	First Lien Term Loan	(10)	SOFR + 5.50%, 0.75% Floor	9.72%	5/23/2029		402		396			396		0.0%
Aprio Advisory Group, LLC	First Lien Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	9.05%	8/1/2031		20,200		20,012			20,015		1.6%
Aprio Advisory Group, LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR + 4.75%, 0.75% Floor	9.07%	8/1/2031		8,010		7,933			7,929		0.6%
Aprio Advisory Group, LLC	First Lien Revolving Loan	(9)(10)	SOFR + 4.75%, 0.75% Floor	9.04%	8/1/2031		2,729		2,690			2,689		0.2%
Baker Tilly Advisory Group, L.P.	First Lien Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	9.07%	6/3/2031		18,088		17,845			17,853		1.4%
Baker Tilly Advisory Group, L.P.	First Lien Delayed Draw Term Loan	(9)	SOFR + 4.75%, 0.75% Floor	9.07%	6/3/2026		-		(22	)		(36	)	0.0%
Baker Tilly Advisory Group, L.P.	First Lien Revolving Loan	(9)	SOFR + 4.75%, 0.75% Floor	9.07%	6/3/2030		-		(51	)		(50	)	0.0%
BDO USA, P.C.	First Lien Term Loan	(10)	SOFR + 5.00%, 2.00% Floor	9.32%	8/31/2028		13,331		13,128			13,280		1.1%
Cherry Bekaert Advisory LLC	First Lien Term Loan	(10)	SOFR + 5.25%, 0.75% Floor	9.57%	6/30/2028		4,309		4,246			4,258		0.3%
Cherry Bekaert Advisory LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR + 5.25%, 0.75% Floor	9.57%	6/30/2028		4,971		4,889			4,905		0.4%
Explorer Investor, Inc	First Lien Term Loan	(10)	SOFR + 6.00%, 0.50% Floor	10.31%	6/28/2029		28,263		27,122			25,991		2.1%
IG Investments Holdings, LLC	First Lien Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.29%	9/22/2028		46,966		46,465			46,684		3.7%
IG Investments Holdings, LLC	First Lien Revolving Loan	(9)	SOFR + 5.00%, 0.75% Floor	9.29%	9/22/2028		-		(48	)		(21	)	0.0%
KRIV Acquisition Inc.	First Lien Term Loan	(10)	SOFR + 5.75%, 1.00% Floor	10.05%	7/6/2029		13,802		13,802			13,800		1.1%
KRIV Acquisition Inc.	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.75%, 1.00% Floor	10.05%	9/25/2026		-		(111	)		(2	)	0.0%
KRIV Acquisition Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.75%, 1.00% Floor	10.05%	7/6/2029		1,666		1,666			1,665		0.1%
MBO Partners, Inc.	First Lien Term Loan	(10)	SOFR + 7.75%, 1.00% Floor	12.20%	5/23/2028		43,650		42,748			43,650		3.5%
MBO Partners, Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 7.75%, 1.00% Floor	12.19%	5/23/2028		12,268		12,156			12,268		1.0%
OMNIA Partners LLC	Second Lien Term Loan	(10)	SOFR + 5.00%	9.30%	5/31/2032		10,000		9,954			10,029		0.8%
PAS Parent Inc.	First Lien Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	9.07%	12/29/2028		1,856		1,856			1,838		0.1%
PAS Parent Inc.	First Lien Delayed Draw Term Loan	(9)	SOFR + 4.75%, 0.75% Floor	9.07%	6/26/2026		-		(23	)		(54	)	0.0%
PAS Parent Inc.	First Lien Delayed Draw Term Loan	(9)(10)	SOFR + 4.75%, 0.75% Floor	9.07%	12/29/2028		7,656		7,527			7,570		0.6%
PAS Parent Inc.	First Lien Revolving Loan	(9)(10)	SOFR + 4.75%, 0.75% Floor	9.07%	12/30/2027		9		(4	)		-		0.0%
P20 PARENT, INC.	First Lien Term Loan	(10)	SOFR + 7.50%, 1.00% Floor	11.80%	7/12/2028		44,363		43,803			43,471		3.5%
Petra Borrower, LLC	First Lien Term Loan	(10)	SOFR + 5.75%, 1.00% Floor	10.04%	11/15/2030		15,806		15,470			15,613		1.2%
Petra Borrower, LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR + 5.75%, 1.00% Floor	9.95%	11/15/2030		2,940		2,844			2,865		0.2%
Petra Borrower, LLC	First Lien Revolving Loan	(9)(10)	SOFR + 5.75%, 1.00% Floor	10.07%	11/15/2029		2,088		2,038			2,058		0.2%
More Cowbell II LLC	First Lien Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.89%	9/2/2030		49,353		48,347			49,353		3.9%
More Cowbell II LLC	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.00%, 0.75% Floor	8.89%	9/1/2025		-		(14	)		-		0.0%
More Cowbell II LLC	First Lien Revolving Loan	(9)(10)	SOFR + 5.00%, 0.75% Floor	9.20%	9/3/2029		1,307		1,176			1,307		0.1%
Williams Marston, LLC	First Lien Term Loan	(10)	SOFR + 5.75%, 1.00% Floor	10.16%	8/25/2028		15,562		15,096			15,097		1.2%
Williams Marston, LLC	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.75%, 1.00% Floor	10.16%	8/25/2025		-		(30	)		(76	)	0.0%
Williams Marston, LLC	First Lien Revolving Loan	(9)(10)	SOFR + 5.75%, 1.00% Floor	10.14%	8/25/2028		415		377			349		0.0%
Total Professional Services									415,627			416,969
Real Estate Management & Development
Accuserve Solutions, Inc.	First Lien Term Loan	(10)	SOFR + 5.25%, 1.00% Floor	9.53%	3/15/2030		65,086		64,668			64,129		5.1%
Accuserve Solutions, Inc.	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.25%, 1.00% Floor	9.53%	3/16/2026		-		(12	)		(62	)	0.0%
Accuserve Solutions, Inc.	First Lien Revolving Loan	(9)(10)	SOFR + 5.25%, 1.00% Floor	9.55%	3/15/2030		1,643		1,643			1,547		0.1%
Claros Mortgage Trust Inc	First Lien Term Loan	(8)(10)	SOFR + 4.50%, 0.50% Floor	8.92%	8/9/2026		3,291		3,133			3,151		0.3%
Freedom Mortgage Corp	Unsecured Note	(8)(11)	N/A	12.25%	10/1/2030		2,333		2,294			2,567		0.2%
Guardian Restoration Partners Buyers, LLC	First Lien Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	9.05%	11/3/2031		8,229		8,133			8,131		0.6%
Guardian Restoration Partners Buyers, LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR + 4.75%, 0.75% Floor	9.07%	11/3/2031		5,691		5,583			5,529		0.4%
Guardian Restoration Partners Buyers, LLC	First Lien Revolving Loan	(9)(10)	SOFR + 4.75%, 0.75% Floor	9.05%	11/3/2031		178		154			154		0.0%
Southpaw AP Buyer, LLC	First Lien Term Loan	(10)	SOFR + 5.25%, 1.00% Floor	9.69%	3/2/2028		10,651		10,529			10,581		0.8%
Southpaw AP Buyer, LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR + 5.25%, 1.00% Floor	9.70%	3/2/2028		668		658			662		0.1%
Southpaw AP Buyer, LLC	First Lien Revolving Loan	(9)	SOFR + 5.25%, 1.00% Floor	9.69%	3/2/2028		-		(11	)		(6	)	0.0%
Titan Home Improvement, LLC	First Lien Term Loan	(10)	SOFR + 5.75%, 1.00% Floor	10.06%	5/31/2030		24,435		24,001			24,008		1.9%
Titan Home Improvement, LLC	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.75%, 1.00% Floor	10.06%	6/2/2026		-		(40	)		(81	)	0.0%
Titan Home Improvement, LLC	First Lien Revolving Loan	(9)	SOFR + 5.75%, 1.00% Floor	10.06%	5/31/2030		-		(66	)		(67	)	0.0%
Total Real Estate Management & Development									120,667			120,243

13

Stone Point Credit Corporation

Consolidated Schedule of Investments

As of March 31, 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
Software
Anaplan Inc.	First Lien Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.30%	6/21/2029		20,621		20,335			20,621		1.6%
Anaplan Inc.	First Lien Revolving Loan	(9)	SOFR + 5.00%, 0.75% Floor	9.30%	6/21/2028		-		(17	)		-		0.0%
Cardinal Parent, Inc.	First Lien Term Loan	(8)(10)	SOFR + 4.50%, 0.75% Floor	8.79%	11/12/2027		2,992		2,867			2,921		0.2%
Diligent Corporation	First Lien Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.31%	8/6/2030		45,568		45,434			45,258		3.6%
Diligent Corporation	First Lien Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.31%	8/6/2030		7,812		7,487			7,759		0.6%
Diligent Corporation	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.00%, 0.75% Floor	9.31%	4/30/2026		-		(26	)		(28	)	0.0%
Diligent Corporation	First Lien Revolving Loan	(9)	SOFR + 5.00%, 0.75% Floor	9.31%	8/6/2030		-		(53	)		(41	)	0.0%
Eclipse Buyer, Inc.	First Lien Term Loan	(10)	SOFR + 4.75%, 0.50% Floor	9.06%	9/8/2031		12,590		12,477			12,551		1.0%
Eclipse Buyer, Inc.	First Lien Delayed Draw Term Loan	(9)	SOFR + 4.75%, 0.50% Floor	9.06%	9/7/2026		-		(10	)		(7	)	0.0%
Eclipse Buyer, Inc.	First Lien Revolving Loan	(9)	SOFR + 4.75%, 0.50% Floor	9.06%	9/8/2031		-		(10	)		(3	)	0.0%
GovDelivery Holdings LLC	First Lien Term Loan	(10)	SOFR + 5.75%, 0.75% Floor	10.04%	1/17/2031		15,733		15,608			15,733		1.2%
GovDelivery Holdings LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.25%, 0.75% Floor	9.54%	1/17/2031		2,331		2,306			2,308		0.2%
GovDelivery Holdings LLC	First Lien Revolving Loan	(9)	ABR + 4.25%	11.75%	1/17/2031		-		(18	)		-		0.0%
GS ACQUISITIONCO, INC.	First Lien Term Loan	(10)	SOFR + 5.25%, 1.00% Floor	9.55%	5/25/2028		39,144		39,053			39,143		3.1%
GS ACQUISITIONCO, INC.	First Lien Delayed Draw Term Loan	(9)	SOFR + 5.25%, 1.00% Floor	9.55%	5/25/2028		315		310			315		0.0%
GS ACQUISITIONCO, INC.	First Lien Revolving Loan	(9)	SOFR + 5.25%, 1.00% Floor	9.55%	5/25/2028		-		(4	)		-		0.0%
HARBOR PURCHASER INC,	Second Lien Term Loan	(8)(10)	SOFR + 8.50%, 0.50% Floor	12.82%	4/8/2030		12,500		12,319			12,461		1.0%
Houghton Mifflin Harcourt Co	First Lien Term Loan	(8)(10)	SOFR + 5.25%, 0.50% Floor	9.67%	4/9/2029		4,974		4,882			4,925		0.4%
Hyland Software, Inc	First Lien Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.32%	9/19/2030		24,985		24,680			24,920		2.0%
Hyland Software, Inc	First Lien Revolving Loan	(9)	SOFR + 5.00%, 0.75% Floor	9.32%	9/19/2029		-		(13	)		(3	)	0.0%
Mandolin Technology Intermediate Holdings, Inc.	Second Lien Term Loan	(10)	SOFR + 6.50%, 1.00% Floor	10.97%	7/30/2029		17,500		17,382			13,708		1.1%
Maverick 1 LLC	Second Lien Term Loan	(10)	SOFR + 6.75%, 0.75% Floor	11.19%	5/18/2029		9,000		8,972			8,745		0.7%
oneZero Financial Systems, LLC	First Lien Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.29%	10/7/2031		26,923		26,669			26,673		2.1%
oneZero Financial Systems, LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR + 5.00%, 0.75% Floor	9.30%	10/7/2031		1,588		1,559			1,545		0.1%
oneZero Financial Systems, LLC	First Lien Revolving Loan	(9)	SOFR + 5.00%, 0.75% Floor	9.29%	10/7/2031		-		(31	)		(32	)	0.0%
Orion Advisor Solutions INC.	Second Lien Term Loan	(10)	SOFR + 7.50%, 1.00% Floor	11.79%	9/24/2028		16,623		16,544			16,575		1.3%
Orion Advisor Solutions INC.	Second Lien Delayed Draw Term Loan	(9)(10)	SOFR + 7.50%, 1.00% Floor	11.79%	9/24/2028		5,091		5,060			5,062		0.4%
Simplifi Holdings, Inc.	First Lien Term Loan	(10)	SOFR + 5.50%, 0.75% Floor	9.92%	10/1/2027		26,227		25,968			26,227		2.1%
Simplifi Holdings, Inc.	First Lien Revolving Loan	(9)(10)	SOFR + 5.50%, 0.75% Floor	9.92%	10/1/2027		687		669			687		0.1%
Syntax Systems Limited	First Lien Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.42%	10/30/2028		540		535			540		0.0%
Syntax Systems Limited	First Lien Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.42%	10/30/2028		10,450		10,394			10,450		0.8%
Tamarack Intermediate, L.L.C.	First Lien Term Loan	(10)	SOFR + 5.75%, 0.75% Floor	10.20%	3/13/2028		20,894		20,668			20,664		1.6%
Tamarack Intermediate, L.L.C.	First Lien Revolving Loan	(9)	SOFR + 5.75%, 0.75% Floor	10.20%	3/13/2028		-		(35	)		(39	)	0.0%
Total Software									321,961			319,638
Total Debt Investments									2,569,781			2,566,345

14

Stone Point Credit Corporation

Consolidated Schedule of Investments

As of March 31, 2025 (Unaudited) (Continued)

(in thousands)

Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Interest Rate	Acquisition Date	Par Amount / Units		Cost 6		Fair Value		Percentage of Net Assets 7
Preferred Equity - 2.8%
Health Care Technology
Imagine Acquisitionco, Inc.	Preferred Equity		N/A	11/16/2021		2,000		2,000		3,159	0.3%
Total Health Care Technology								2,000		3,159
Insurance
Galway Partners Holdings LLC	Preferred Equity		14.00%	4/28/2023		13,036		12,816		13,111	1.0%
RSC Topco, Inc.	Preferred Equity		13.25%	8/14/2023		6,203		6,079		6,168	0.5%
Total Insurance								18,895		19,279
Software
Eclipse Buyer, Inc.	Preferred Equity		12.50%	9/6/2024		3,490		3,422		3,447	0.3%
GT Polaris Holdings, Inc	Preferred Equity		12.50%	6/6/2022		11,657		11,527		11,373	0.9%
Total Software								14,949		14,820
Total Preferred Equity Investments								35,844		37,258
Common Equity and Warrants - 1.3%
Capital Markets
Resolute Investment Managers, Inc.	Equity		N/A	12/29/2023		58		1,249		1,353	0.1%
Total Capital Markets								1,249		1,353
Health Care Providers & Services
New Giving Acquisition, Inc.	Equity		N/A	8/19/2022		2		-		1,025	0.1%
Total Health Care Providers & Services								-		1,025
Professional Services
THL Fund IX Investors (Plymouth), L.P.	Equity	(12)	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								12,366		15,991
Total Non-Controlled/Non-Affiliated Investments							$	2,617,991	$	2,619,594

15

Stone Point Credit Corporation

Consolidated Schedule of Investments

As of March 31, 2025 (Unaudited) (Continued)

(in thousands)

(1)All of the Company’s investments are domiciled in the United States except for Ardonagh Finco B.V., Barings Middle Market CLO Ltd., New Mountain Guardian, and Syntax Systems Limited, which are domiciled in the United Kingdom, Cayman Islands, 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., Barings Middle Market CLO Ltd., New Mountain Guardian, and Syntax Systems Limited.

(4)As of March 31, 2025, all investments are pledged as collateral unless otherwise stated.

(5)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.

(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 $1,259,375 as of March 31, 2025.

(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 March 31, 2025. 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 (“SOFR”), which at March 31, 2025 was 4.41%.

(11)Securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities represent a fair value of $7,102 or 0.6% of net assets as of March 31, 2025 and are considered restricted.

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

(13)The interest rate on this security is subject to the Alternate Base Rate, which at March 31, 2025 was 7.5%.

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

16

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	%

17

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	%

18

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	%

19

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	%

20

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

21

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

22

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)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.

(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.

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Stone Point Credit Corporation

Notes to Consolidated Financial Statements

March 31, 2025

(unaudited)

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

Note 1. Organization

Organization

Stone Point Credit Corporation (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, Stone Point Credit Corporation 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.

On June 11, 2021, the Company formed SPCC Funding I LLC (the “SPV I”), a wholly-owned financing subsidiary, for the purpose of holding pledged investments as collateral under a financing facility.

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

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 warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity.

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.

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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.

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 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 procedures established by the Board. 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 is determined at least quarterly by dividing the value of total assets minus liabilities by the total number of shares outstanding.

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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 March 31, 2025		Three Months Ended March 31, 2024
Fee Income	$	74	$	175
Total revenue from contracts with customers	$	74	$	175

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 March 31, 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 months ended March 31, 2025 and 2024, the Company earned dividend income of $987 and $315, respectively, that were included on the Consolidated Statements of Operations as dividend income.

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”)

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

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 months ended March 31, 2025 and 2024, the Company recorded $319 and $617 of realized gains, respectively. During the three months ended March 31, 2025 and 2024, the Company recorded $168 and $6,791 of unrealized appreciation, respectively.

Distributions to Common Stockholders

Distributions to common 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.

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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 and to a lesser extentcapital appreciation through its investments. The chief operating decision maker (“CODM”) is comprised of the Company’s chairman, president, chief financial officer and chief operating 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 of ASU No. 2022-03 and does not believe that it had a material effect on its consolidated financial statements.

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 and (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

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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 months ended March 31, 2025 and 2024, the Company incurred Management Fees of $8,337 and $6,713, respectively. As of March 31, 2025 and December 31, 2024, the Company recorded Management Fees payable of $8,337 and $8,013, respectively.

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 ending after the Incentive Commencement Date (or upon 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 months ended March 31, 2025 and 2024, the Company incurred Incentive Income Incentive Fees of $5,216 and $0, respectively. For the three months ended March 31, 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 months ended March 31, 2025 and 2024, the Company incurred $216 and $249, respectively, of administrative overhead expenses that were included on the Consolidated Statements of Operations as professional fees. As of March 31, 2025 and December 31, 2024, $216 and $213, respectively, of administrative overhead expenses remained payable and were included on the

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Consolidated Statements of Assets and Liabilities as accounts payable and accrued expenses. For each of the three months ended March 31, 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”).

For the three months ended March 31, 2025 and 2024, the Company incurred expenses for services provided by the Sub-Administrator and the Custodian of $478 and $338, respectively, that were included on the Consolidated Statements of Operations as professional fees. As of March 31, 2025 and December 31, 2024, $508 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 months ended March 31, 2025 and 2024, the Company incurred expenses for services provided by the Transfer Agent of $19 and $20, respectively, that were included on the Consolidated Statements of Operations as professional fees. As of March 31, 2025 and December 31, 2024, $15 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 March 31, 2025 and 2024, the Company did not pay the Affiliated Broker-Dealer any fees. 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.

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

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that are same to 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.

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 months ended March 31, 2025 and 2024, the Company incurred offering costs of $12 and $19, respectively. As of both March 31, 2025 and December 31, 2024, there was no balance payable on the Consolidated Statements of Assets and Liabilities for offering expenses payable.

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.

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Unfunded Portfolio Company Commitments

From time to time, the Company enters into commitments to fund investments. As of March 31, 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	March 31, 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		4,930		6,573
Acentra Holdings, LLC	First Lien Delayed Draw Term Loan		8,715		8,715
Acentra Holdings, LLC	First Lien Revolving Loan		1,057		1,287
Action Behavior Centers Therapy LLC	First Lien Delayed Draw Term Loan		4,268		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		9,976		-
Alkeme Intermediary Holdings, LLC	First Lien Delayed Draw Term Loan		-		12,511
Amerilife Holdings LLC	First Lien Delayed Draw Term Loan		3,912		4,753
Amerilife Holdings LLC	First Lien Revolving Loan		5,672		6,891
Anaplan Inc.	First Lien Revolving Loan		1,546		1,546
Aprio Advisory Group, LLC	First Lien Delayed Draw Term Loan		785		4,741
Aprio Advisory Group, LLC	First Lien Revolving Loan		1,673		2,994
Arden Insurance Services LLC	First Lien Revolving Loan		1,463		1,463
ARMStrong Receivable Management	First Lien Delayed Draw Term Loan		1,020		1,020
ARMStrong Receivable Management	First Lien Revolving Loan		299		299
Babylon Buyer, Inc.	First Lien Revolving Loan		444		-
Baker Tilly Advisory Group, L.P.	First Lien Delayed Draw Term Loan		2,736		2,736
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
Belmont Buyer, Inc.	First Lien Delayed Draw Term Loan		4,235		4,235
Belmont Buyer, Inc.	First Lien Revolving Loan		1,453		1,453
Bottomline Technologies, Inc.	First Lien Revolving Loan		7,365		7,365
Captive Resources Midco, LLC	First Lien Revolving Loan		2,203		2,203
Chartis Group, LLC	First Lien Delayed Draw Term Loan		2,517		2,517
Chartis Group, LLC	First Lien Revolving Loan		1,259		1,259
Cherry Bekaert Advisory LLC	First Lien Delayed Draw Term Loan		638		638
Choreo Buyer LLC.	First Lien Delayed Draw Term Loan		15,560		15,560
Cliffwater, LLC	First Lien Revolving Loan		2,857		2,857
Congress Buyer, Inc	First Lien Delayed Draw Term Loan		21,500		-
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		3,500		-
Diligent Corporation	First Lien Revolving Loan		5,997		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		1,444		2,167
Exeter Short Term Funding LLC	First Lien Revolving Loan		20,162		8,797
Foundation Risk Partners, Corp.	First Lien Delayed Draw Term Loan		1,645		4,686
Foundation Risk Partners, Corp.	First Lien Revolving Loan		3,526		4,407

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($ in thousands)
Portfolio Company	Type of Investment	March 31, 2025 Par		December 31, 2024 Par
Galway Borrower LLC	First Lien Revolving Loan		2,032		2,767
Galway Borrower LLC	First Lien Delayed Draw Term Loan		10,180		10,596
GovDelivery Holdings LLC	First Lien Revolving Loan		2,193		2,193
GS ACQUISITIONCO, INC.	First Lien Delayed Draw Term Loan		1,109		1,109
GS ACQUISITIONCO, INC.	First Lien Revolving Loan		1,080		1,080
Guardian Restoration Partners Buyers, LLC	First Lien Delayed Draw Term Loan		8,024		9,082
Guardian Restoration Partners Buyers, LLC	First Lien Revolving Loan		1,879		2,057
HBWM Intermediate II, LLC	First Lien Delayed Draw Term Loan		-		5,498
HBWM Intermediate II, LLC	First Lien Revolving Loan		742		1,017
Williams Marston, LLC	First Lien Delayed Draw Term Loan		2,554		2,554
Williams Marston, LLC	First Lien Revolving Loan		1,820		2,235
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		4,549		4,399
Kwol Acquisition Inc	First Lien Revolving Loan		329		329
KRIV Acquisition Inc.	First Lien Delayed Draw Term Loan		24,923		24,923
LendingTree, Inc.	First Lien Delayed Draw Term Loan		-		3,000
MAI Capital Management Intermediate LLC	First Lien Delayed Draw Term Loan		2,460		2,782
MAI Capital Management Intermediate LLC	First Lien Revolving Loan		1,165		1,331
MB2 Dental Solutions, LLC	First Lien Delayed Draw Term Loan		7,585		8,932
MB2 Dental Solutions, LLC	First Lien Revolving Loan		2,244		2,244
Ministry Brands Holdings, LLC	First Lien Revolving Loan		1,695		1,695
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
New Mountain Capital LLC	Unsecured Notes		350		350
More Cowbell II LLC	First Lien Delayed Draw Term Loan		5,444		5,444
More Cowbell II LLC	First Lien Revolving Loan		5,771		4,247
New Mountain Capital LLC	Unsecured Notes		557		557
New Mountain Capital LLC	Unsecured Notes		2,657		2,657
New Mountain Capital LLC	Unsecured Notes		1,942		1,942
NextGen Healthcare	First Lien Delayed Draw Term Loan		2,370		2,370
NextGen Healthcare	First Lien Revolving Loan		889		889
NXGen Buyer, Inc.	First Lien Revolving Loan		326		326
Omega Systems Intermediate Holdings, INC	First Lien Revolving 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 INC.	Second Lien Delayed Draw Term Loan		4,847		6,524
PAS Parent Inc.	First Lien Delayed Draw Term Loan		1,283		1,476
PAS Parent Inc.	First Lien Delayed Draw Term Loan		5,625		5,625
PAS Parent Inc.	First Lien Revolving Loan		991		1,000
Petra Borrower, LLC	First Lien Delayed Draw Term Loan		3,193		3,193
Petra Borrower, LLC	First Lien Revolving Loan		368		2,456
Project K Buyerco, INC.	First Lien Revolving Loan		7,727		7,727

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($ in thousands)
Portfolio Company	Type of Investment	March 31, 2025 Par		December 31, 2024 Par
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		11,194		-
Simplifi Holdings, Inc.	First Lien Revolving Loan		2,205		2,892
Southpaw AP Buyer, LLC	First Lien Delayed Draw Term Loan		198		260
Southpaw AP Buyer, LLC	First Lien Revolving Loan		868		868
SpecialtyCare, Inc.	First Lien Revolving Loan		616		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 Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan		1,291		5,602
TA/WEG Intermediate Holdings, LLC	First Lien Revolving Loan		2,000		2,000
TA/WEG Intermediate Holdings, LLC	First Lien Revolving Loan		1,135		1,135
Tamarack Intermediate, L.L.C.	First Lien Revolving Loan		3,516		3,516
THG Acquisition, LLC	First Lien Delayed Draw Term Loan		5,744		5,847
THG Acquisition, LLC	First Lien Revolving Loan		2,790		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
Trinity Partners Holdings, LLC	First Lien Delayed Draw Term Loan		6,625		6,625
TST Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan		5,817		5,817
TST Intermediate Holdings, LLC	First Lien Revolving Loan		819		890
Vital Care Buyer LLC	First Lien Revolving Loan		874		874
World Insurance Associates, LLC	First Lien Delayed Draw Term Loan		12,000		-
World Insurance Associates, LLC	First Lien Revolving Loan		649		-
Worldwide Insurance Network, LLC	First Lien Delayed Draw Term Loan		11,010		12,174
Total Par.		$	450,449	$	402,617

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 March 31, 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 our investors to cover any outstanding unfunded portfolio company commitments we may be required to fund.

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. 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 March 31, 2025 and December 31, 2024, the Company’s asset coverage ratios were 189% and 194%, respectively.

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

	March 31, 2025
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available		Net Carrying Value (2)
Capital Call Facility	$	65,000	$	22,000	$	43,000	$	21,818
Revolving Credit Facility		850,000		721,000		129,000		713,270
Secured Credit Facility		300,000		245,000		55,000		242,275
2025 Notes		225,000		225,000		—		224,872
2029 Notes		200,000		200,000		—		197,782
Total	$	1,640,000	$	1,413,000	$	227,000	$	1,400,017

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	December 31, 2024
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available		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 December 31, 2024 and 2023, all of the Company’s outstanding debt was categorized as Level 3 within the fair value hierarchy.

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 March 31, 2025 and December 31, 2024, the maximum borrowing capacity of the Company under the Capital Call Facility was $65 million.

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 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.

As of each of March 31, 2025 and December 31, 2024, the carrying amount of the Company’s borrowings under the Capital Call Facility approximated its fair value. As of March 31, 2025, and December 31, 2024, unamortized financing costs of $182 and $243, respectively, are being deferred and amortized over the remaining term of the Capital Call Facility. As of March 31, 2025 and December 31, 2024, the Company had an outstanding balance of $22,000 and $27,000, respectively. As of March 31, 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 $21,818 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 months ended March 31, 2025 and 2024:

($ in thousands)	Three Months Ended March 31, 2025		Three Months Ended March 31, 2024
Interest expense related to the Capital Call Facility	$	492	$	821
Financing expenses related to the Capital Call Facility		61		88
Total interest and financing expenses related to the Capital Call Facility	$	553	$	909

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.

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As of March 31, 2025 and December 31, 2024, the financing commitment from the lenders under the Revolving Credit Facility was $850 million 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 March 31, 2025 and December 31, 2024, the carrying amount of the Company’s borrowings under the Revolving Credit Facility approximated its fair value. As of March 31, 2025 and December 31, 2024, unamortized financing costs of $7,730 and $8,179, respectively, are being deferred and amortized over the remaining term of the Revolving Credit Facility. As of March 31, 2025 and December 31, 2024, the Revolving Credit Facility had an outstanding balance of $721,000 and $680,000, respectively. As of March 31, 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 $713,270 and $671,821, respectively.

The following table shows additional information about the interest and financing costs related to the Revolving Credit Facility for the three months ended March 31, 2025 and 2024:

($ in thousands)	Three Months Ended March 31, 2025		Three Months Ended March 31, 2024
Interest expense related to the Revolving Credit Facility	$	11,851	$	12,327
Financing expenses related to the Revolving Credit Facility		449		407
Total interest and financing expenses related to the Revolving Credit Facility	$	12,300	$	12,734

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 parties 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 March 31, 2025 and December 31, 2024, the Secured Credit Facility is comprised of (i) a $250 million asset-based revolving loan facility (the “ABL Facility”) and (ii) a $50 million 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 March 31, 2025 and December 31, 2024, the carrying amount of the Company’s borrowings under the Secured Credit Facility approximated its fair value. As of March 31, 2025, and December 31, 2024, unamortized financing costs of $2,725 and $2,924, respectively, are being deferred and amortized over the remaining term of the Secured Credit Facility. As of both March 31, 2025, and December 31, 2024, the Secured Credit Facility had an outstanding balance of $245,000 and $200,000, respectively. As of March 31, 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 $242,275 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 months ended March 31, 2025 and 2024:

($ in thousands)	Three Months Ended March 31, 2025		Three Months Ended March 31, 2024
Interest expense related to the Secured Credit Facility	$	3,777	$	3,962
Financing expenses related to the Secured Credit Facility		199		108
Total interest and financing expenses related to the Secured Credit Facility	$	3,976	$	4,070

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2025 Notes

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

The 2025 Notes have 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 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 2025 Notes mature on May 19, 2025 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the NPA. Interest on the 2025 Notes is due semiannually in May and November of each year, beginning in November 2022. In addition, the Company is 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 occur. Subject to the terms of the NPA, the Company may redeem the 2025 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 February 17, 2025, a make-whole premium.

As of each of March 31, 2025 and December 31, 2024, the carrying amount of the Company’s borrowings under the 2025 Notes approximated its fair value. As of March 31, 2025 and December 31, 2024, unamortized debt issuance costs of $128 and $388, respectively, are being deferred and amortized over the remaining term of the 2025 Notes. As of both March 31, 2025 and December 31, 2024, the 2025 Notes had an outstanding balance of $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 $224,872 as of March 31, 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 months ended March 31, 2025 and 2024:

($ in thousands)	Three Months Ended March 31, 2025		Three Months Ended March 31, 2024
Interest expense related to the 2025 Notes	$	3,279	$	3,279
Financing expenses related to the 2025 Notes		260		259
Total interest and financing expenses related to the 2025 Notes	$	3,539	$	3,538

2029 Notes

On September 17, 2024, the Company entered into a Note Purchase Agreement (the “September 2024 NPA”) governing the issuance of $200 million 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 Company intends to use the net proceeds from the offering of the 2029 Notes to repay existing Indebtedness and for general corporate purposes.

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 will be 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 March 31, 2025 and December 31, 2024 the carrying amount of the Company’s borrowings under the 2029 Notes approximated its fair value. As of March 31, 2025 and December 31, 2024, unamortized debt issuance costs of $2,218 and $2,340, respectively, are being deferred and amortized over the remaining term of the 2029 Notes. As of both March 31, 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 $197,782 as of March 31, 2025 and $197,660 as of December 31, 2024.

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The following table shows additional information about the interest and financing costs related to the 2029 Notes for the three months ended March 31, 2025:

($ in thousands)	Three Months Ended March 31, 2025
Interest expense related to the 2029 Notes	$	3,350
Financing expenses related to the 2029 Notes		123
Total interest and financing expenses related to the 2029 Notes	$	3,473

Senior Notes

On March 21, 2025, the Company entered into a Note Purchase Agreement (the “March 2025 NPA”) governing the issuance of (i) $60 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”) 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.

Note 7. Net Assets

Issuances of Equity Securities

Except as previously reported by the Company on its current reports on Form 8-K, the Company did not sell any equity securities during the three months ended March 31, 2025 and 2024 that were not registered under the Securities Act. For the three months ended March 31, 2025 and March 31, 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
March 31, 2025(1)		352,159		6,983		19.85
March 31, 2025		88,251		1,750		19.85
March 28, 2024		3,402,804		66,893		19.66
March 26, 2024(1)		461,503		9,072		19.64

(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 current net asset value, with such calculation to be carried out consistent with the Company’s valuation policies and procedures.

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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 is 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 March 31, 2025, the Company has received capital commitments totaling $1,514.7 million, of which, $336.6 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 months ended March 31, 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
March 27, 2025	March 31, 2025	$	0.490	$	30,896
March 25, 2024	March 26, 2024	$	0.650	$	32,700

Note 8. Investments

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

($ in thousands)	March 31, 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	$	2,300,957	$	2,303,287		88.0	%	$	2,207,578	$	2,209,392		88.2	%
Second Lien Loans		162,435		155,661		5.9			157,690		151,362		6.0
Unsecured Notes		106,389		107,397		4.1			90,353		91,375		3.7
Preferred Equity		35,844		37,258		1.4			34,833		36,226		1.5
Common Equity and Warrants		12,366		15,991		0.6			12,353		15,887		0.6
Total Investments	$	2,617,991	$	2,619,594		100.0	%	$	2,502,807	$	2,504,242		100.0	%

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

	March 31, 2025			December 31, 2024
U.S		98.9	%		98.9	%
Non-U.S.		1.1			1.1
Total		100.0	%		100.0	%

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

	March 31, 2025			December 31, 2024
Capital Markets		4.8	%		5.0	%
Diversified Consumer Services		0.0			0.7
Financial Services		10.2			9.5
Health Care Providers & Services		18.0			16.8
Health Care Technology		3.0			3.1
Insurance		21.1			21.9
IT Services		8.2			7.8
Professional Services		16.1			16.5
Real Estate Management & Development		4.7			4.6
Software		13.0			12.6
Consumer Finance		0.9			1.5
Total		100.0	%		100.0	%

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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 March 31, 2025.

					March 31, 2025
($ in thousands)		Level 1			Level 2			Level 3			Total
First Lien Loans	$		—	$		39,667	$		2,263,620	$		2,303,287
Second Lien Loans			—			74,716			80,945			155,661
Unsecured Notes			—			5,690			101,707			107,397
Preferred Equity			—			—			37,258			37,258
Common Equity & Warrants			—			—			11,800			11,800
Subtotal	$		—	$		120,073	$		2,495,330	$		2,615,403
Investments Measured at NAV	$		—	$		—	$		—	$		4,191
Total	$		—	$		120,073	$		2,495,330	$		2,619,594

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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 months ended March 31, 2025 and 2024:

	Three Months Ended March 31, 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		166,164			1,678			13,696		987		13		182,538
Proceeds from sales and principal payments, net		(82,758	)		(4	)		—		—		—		(82,762	)
Realized gain (loss) on investments		624			—			1		—		—		625
Net change in unrealized appreciation/(depreciation)		500			(363	)		8		19		91		255
Net accretion of discount and amortization of investments		3,334			38			61		25		—		3,458
Transfers in (out) of Level 3		—			—			—		—		—		—
Ending balance	$	2,263,620		$	80,945		$	101,707	$	37,258	$	11,800	$	2,495,330

	Three Months Ended March 31, 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	$	27,539	$	10,593	$	1,961,546
Purchases of investments, net		187,256			68,357			444		866		—		256,923
Proceeds from sales and principal payments, net		(131,842	)		(18,883	)		—		—		—		(150,725	)
Realized gain (loss) on investments		—			—			—		—		—		—
Net change in unrealized appreciation/(depreciation)		5,255			892			525		527		362		7,561
Net accretion of discount and amortization of investments		2,966			125			45		19		—		3,155
Transfers in (out) of Level 3		—			—			—		—		—		—
Ending balance	$	1,787,312		$	201,895		$	49,347	$	28,951	$	10,955	$	2,078,460

During the three months ended March 31, 2025, there were no transfers into Level 3 from Level 2 because of a decrease in observable inputs and no transfers into Level 2 from Level 3 because of an increase in observable inputs. During the three months ended March 31, 2024, there were no transfers into Level 3 from Level 2 because of a decrease in observable inputs and no transfers into Level 2 from Level 3 because of an increase in observable inputs.

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The following table presents the net change in unrealized appreciation (depreciation) for the Level 3 investments held by the Company at the three months ended March 31, 2025 and 2024.

($ in thousands) Net Change in Unrealized Appreciation (Depreciation)	Three Months Ended March 31, 2025			Three Months Ended March 31, 2024
First Lien Loans	$	500		$	5,255
Second Lien Loans		(363	)		892
Unsecured Note		8			525
Preferred Equity		19			527
Common Equity & Warrants		91			362
Total	$	255		$	7,561

The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of March 31, 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)	March 31, 2025
Investments	Fair Value		Valuation Technique	Unobservable Input	Range (weighted average)
First Lien Loans	$	1,903,991	Discounted Cash Flow	Discount Rate	8.3% - 16.2% (9.9%)
First Lien Loans		312,939	Market Transaction	Market Transaction	98.3% - 100.4% (99.1%)
First Lien Loans		46,689	Recovery Analysis	Recovery Rate	5.5x-18.0x (12.3x)
Second Lien Loan		47,274	Discounted Cash Flow	Discount Rate	12.0% - 21.1% (15.2%)
Second Lien Loan		33,671	Market Transaction	Market Transaction	97.2%-100.3% (99.1%)
Unsecured Notes		65,220	Discounted Cash Flow	Discount Rate	9.0% - 14.6% (12.8%)
Unsecured Notes		35,077	Market Transaction	Market Transaction	98.6% - 102.9% (99.9%)
Unsecured Notes		1,412	Market Transaction	Market Transaction	$12,199.2-$20,928.2($17,131.2)
Preferred Equity		34,099	Discounted Cash Flow	Discount Rate	13.1% - 15.0% (14.4%)
Preferred Equity		3,159	Enterprise Value Analysis	EBITDA Multiple	20.5x
Common Equity & Warrants		11,800	Enterprise Value Analysis	EBITDA Multiple	6.5x – 25.0x (18.3x)
Total	$	2,495,330

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.

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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 months ended March 31, 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 months ended March 31, 2025 and 2024:

($ in thousands, except share and per share information)	Three Months Ended March 31, 2025 (Unaudited)		Three Months Ended March 31, 2024 (Unaudited)
Net increase (decrease) in net assets resulting from operations	$	30,041	$	41,253
Weighted average shares of common stock outstanding - basic and diluted		63,058,843		50,567,410
Basic and diluted net increase (decrease) in net assets resulting from operations per share of common stock	$	0.48	$	0.82

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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 three months ended March 31, 2025 and 2024:

($ in thousands, except share and per share information)	Three Months Ended March 31, 2025 (Unaudited)			Three Months Ended March 31, 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		0.47			0.67
Net realized gains (losses) and unrealized appreciation (depreciation) 2		—			0.13
Net increase (decrease) in net assets resulting from operations		0.47			0.80
Distributions to Common Stockholders
Distributions from earnings		(0.49	)		(0.65	)
Net decrease in net assets resulting from distributions		(0.49	)		(0.65	)
Net asset value, end of period	$	19.83		$	19.86
Shares outstanding, end of period		63,494,413			54,172,481
Ratio/Supplemental Data
Net assets, end of period	$	1,259,375		$	1,075,941
Weighted average shares outstanding		63,058,843			50,567,410
Total return 3		2.37	%		4.09	%
Portfolio turnover		3.16	%		7.85	%
Ratio of operating expenses to average net assets 4		12.90	%		11.55	%
Ratio of net investment income (loss) to average net assets 4		9.55	%		13.14	%

1The per share of Common Stock data was derived by using weighted average shares outstanding during the period.

2The 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.

3Total 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.

4The ratios reflect an annualized amount. Non-recurring expenses were not annualized. During the three months ended March 31, 2025 and 2024, the Company incurred $12 and $19 of Offering Expenses, respectively, which were deemed to be non-recurring.

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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 months ended March 31, 2025.

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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.

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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. The Company has elected to be treated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”) and has elected to be treated, and intends 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 March 31, 2025, the Company has called equity capital in the amount of $1,178.1 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

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 seeks 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. The Company may invest without limit in originated or syndicated debt.

The Company generally expects to invest in middle market companies with earnings before interest expense, income tax expense, depreciation and amortization, or “EBITDA,” between $30 million and $250 million annually. Typical middle market senior loans may be issued by middle market companies in the context of leveraged buyouts, acquisitions, debt refinancings, recapitalizations, and other similar transactions. Notwithstanding the foregoing, the Adviser may determine whether companies qualify as “middle market” in its sole discretion, and the Company may from time to time invest in larger or smaller companies if an attractive opportunity presents itself, especially when there are dislocations in the capital markets, including the high yield and syndicated loan markets. The Company’s target credit investments typically have maturities between 3 and 6 years and generally range in size between $20 million and $100 million. The investment size will vary with the size of the Company’s capital base. The Company has adopted a non-fundamental policy to invest, under normal market conditions, at least 75% of the value of its total assets (measured at the time of each such investment taking into account certain initial assumptions regarding the expected amount of total assets of the Company once fully invested) 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 the Company’s total assets (measured at the time of each such investment taking into account certain initial assumptions regarding the expected amount of total assets of the Company once fully invested) may be invested across a wide range of sectors (although the Company expects to avoid businesses which at the time of the Company’s 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 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, the Company must invest at least 70% of its 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.

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Revenues

The Company expects to generate revenues primarily through receipt of interest income from its investments. In addition, the Company 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

The Company’s day-to-day investment operations are managed by the Adviser, and services necessary for the Company’s business, including the origination and administration of its 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. The Company 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 the Company’s officers and their respective staff, and the Adviser for certain expenses under the Investment Advisory Agreement. The Company bears its 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 the Company’s business affairs). The Company bears all other costs and expenses of the Company’s 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) the Company’s 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 the Company’s 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 the Company’s 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 the Company’s 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 the Administrator or the Company in connection with administering the Company’s business, including payments under the Administration Agreement that will be based upon the Company’s 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 or its affiliates may pay third-party providers of goods or services. The Company will subsequently reimburse the Adviser or the Administrator, as applicable, for such amounts paid on the Company’s behalf. The Adviser has agreed to bear the aggregate organizational and offering costs in connection with the Private Offering in excess of $1.3 million.

The Company has entered into credit facilities to partially fund the Company’s 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 “Revolving Credit Facility” under “Financial Condition, Liquidity and Capital Resources” below for further details.

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Leverage

The amount of leverage that the Company employs 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. As a result of complying with the requirements set forth in the Small Business Credit Availability Act, the Company is able to borrow amounts such that its asset coverage ratio is at least 150%, rather than 200%. As of March 31, 2025 and December 31, 2024, the Company’s 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 March 31, 2025		Three Months Ended March 31, 2024
Total investment income	$	69,479	$	63,633
Total expenses		39,925		29,788
Net investment income (loss)		29,554		33,845
Total net realized gains (losses)		319		617
Total net change in unrealized appreciation (depreciation)		168		6,791
Net increase (decrease) in net assets resulting from operations	$	30,041	$	41,253
Per share information - basic and diluted:
Net investment income (loss)	$	0.47	$	0.67
Net increase (decrease) in net assets resulting from operations	$	0.48	$	0.82
Distributions declared per share	$	0.49	$	0.65

($ in thousands, except per share amounts) Consolidated balance sheet data	As of March 31, 2025			As of December 31, 2024
Cash and cash equivalents	$	50,479		$	51,760
Investments at fair value		2,619,594			2,504,242
Total assets		2,706,565			2,597,264
Total debt (net of unamortized debt issuance costs)		1,400,017			1,317,926
Total liabilities		1,447,190			1,345,767
Total net assets		1,259,375			1,251,497
Net asset value per share	$	19.83		$	19.85
Other data:
Number of portfolio companies		110			100
Distributions declared per share		0.49			2.55
Total return based on net asset value1		2.37	%		14.34	%

1Total 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.

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Portfolio and Investment Activity

Our investment activity for the three months ended March 31, 2025 is presented below (information presented herein is at par value unless otherwise indicated).

($ in thousands)	Three Months Ended March 31, 2025
New investment commitments:
Total new investment commitments	$	204,568
Principal amount of investments funded:
First lien loans	$	173,707
Second lien loans		4,678
Unsecured notes		13,975
Total principal amount of investments funded	$	192,360
Principal amount of investments sold or repaid:
First lien loans		(82,642	)
Second lien loans		-
Unsecured notes		-
Total principal amount of investments sold or repaid	$	(82,642	)
Number of new investment commitments		17
Average new investment commitment	$	12,033
Percentage of new investment commitments at floating rates		98.8	%
Percentage of new investment commitments at fixed rates		1.2	%
Weighted average yield to maturity on purchased or funded investments during the period1		12.1	%
Weighted average yield to maturity on investments sold or repaid during the period		10.4	%

1Weighted 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 March 31, 2025, the Company had 272 debt investments in 110 portfolio companies with an aggregate fair value of $2,619.6 million. As of December 31, 2024, the Company had 254 debt investments in 100 portfolio companies with an aggregate value of $2,504.2 million.

As of March 31, 2025 and December 31, 2024, the Company’s investments consisted of the following:

($ in thousands)	March 31, 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	$	2,300,957	$	2,303,287		88.0	%	$	2,207,578	$	2,209,392		88.2	%
Second Lien Loans		162,435		155,661		5.9			157,690		151,362		6.0
Unsecured Notes		106,389		107,397		4.1			90,353		91,375		3.7
Preferred Equity		35,844		37,258		1.4			34,833		36,226		1.5
Common Equity and Warrants		12,366		15,991		0.6			12,353		15,887		0.6
Total Investments	$	2,617,991	$	2,619,594		100.0	%	$	2,502,807	$	2,504,242		100.0	%

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

	March 31, 2025			December 31, 2024
U.S		98.9	%		98.9	%
Non-U.S.		1.1			1.1
Total		100.0	%		100.0	%

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

	March 31, 2025			December 31, 2024
Capital Markets		4.8	%		5.0	%
Diversified Consumer Services		0.0			0.7
Financial Services		10.2			9.5
Health Care Providers & Services		18.0			16.8
Health Care Technology		3.0			3.1
Insurance		21.1			21.9
IT Services		8.2			7.8
Professional Services		16.1			16.5
Real Estate Management & Development		4.7			4.6
Software		13.0			12.6
Consumer Finance		0.9			1.5
Total		100.0	%		100.0	%

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

		As of
		March 31, 2025				December 31, 2024
Investments:
Number of portfolio companies			110				100
Median EBITDA (based on par)	$	110.3 million			$	110.7 million
Percentage of performing debt bearing a floating rate			96.4	%			96.2	%
Percentage of performing debt bearing a fixed rate			3.6	%			3.8	%
Weighted average yield to maturity on investments1			10.6	%			10.6	%

1Weighted 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.

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

($ in thousands)	March 31, 2025						December 31, 2024
Maturity Year	Fair Value			Percentage of Portfolio			Fair Value			Percentage of Portfolio
2024	$	—			-	%	$	-			-	%
2025		(123	)		-			(84	)		-
2026		71,051			2.8			66,463			2.7
2027		214,241			8.3			273,196			11.1
2028		744,208			29.0			670,886			27.4
2029		526,068			20.5			527,977			21.5
2030		456,140			17.8			468,942			19.1
2031		419,255			16.3			362,966			14.8
2032		70,514			2.7			30,113			1.2
2033		13,990			0.5			13,974			0.6
2034		15,427			0.6			14,939			0.6
2035		1,412			0.1			—			—
2036		11,355			0.4			11,355			0.5
2037		22,807			0.9			11,402			0.5
2038		-			-			—			—
	$	2,566,345			99.9	%	$	2,452,129			100.0	%

Our 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:

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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)	March 31, 2025					December 31, 2024
Risk Rating	Fair Value		Percentage of Portfolio			Fair Value		Percentage of Portfolio
Level 1	$	434,155		16.6	%	$	439,290		17.5	%
Level 2		2,068,702		78.9			1,949,232		77.9
Level 3		94,227		3.6			93,237		3.7
Level 4		22,510		0.9			22,483		0.9
Level 5		—		—			—		—
	$	2,619,594		100.00	%	$	2,504,242		100.0	%

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

($ in thousands)	March 31, 2025					December 31, 2024
	Amortized Cost		Percentage			Amortized Cost		Percentage
Performing	$	2,617,991		100.0	%	$	2,502,807		100.0	%
Non-accrual		—		—			—		—
Total	$	2,617,991		100.0	%	$	2,502,807		100.0	%

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

	March 31, 2025					December 31, 2024
($ in thousands)	Fair Value		Percentage			Fair Value		Percentage
Performing	$	2,619,594		100.0	%	$	2,504,242		100.0	%
Non-accrual		—		—			—		—
Total	$	2,619,594		100.0	%	$	2,504,242		100.0	%

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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.

Results of Operations

The following table presents the operating results for the three months ended March 31, 2025 and 2024:

($ in thousands)	Three Months Ended March 31, 2025		Three Months Ended March 31, 2024
Total investment income	$	69,479	$	63,633
Less: total expenses		39,925		29,788
Net investment income (loss)		29,554		33,845
Total net realized gains (losses)		319		617
Net change in unrealized appreciation (depreciation) on investments		168		6,791
Net increase (decrease) in net assets resulting from operations	$	30,041	$	41,253

Investment Income

Total investment income was $69.5 million and $63.6 million for the three months ended March 31, 2025 and 2024, 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 March 31, 2025		Three Months Ended March 31, 2024
Interest income from investments	$	68,417	$	63,142
Dividend income from investments		987		315
Interest from cash and cash equivalents		1		1
Fee income		74		175
Total investment income	$	69,479	$	63,633

For the three months ended March 31, 2025 and 2024, total investment income increased to $69.5 million from $63.6 million primarily due to an increase in the size of our debt portfolio, which at par, increased to $2,608.4 million from $2,109.1 million. For the three months ended March 31, 2025, the weighted average yield on our portfolio decreased to 10.6% from 12.1% for the three months ended March 31, 2024.

Expenses

Operating expenses for the three months ended March 31, 2025 and 2024 were as follows:

($ in thousands)	Three Months Ended March 31, 2025		Three Months Ended March 31, 2024
Base management fees	$	8,337	$	6,713
Incentive fees		5,216		—
Interest and credit facility fees		24,100		21,251
Offering costs		12		19
Professional fees		2,150		1,697
Directors fees		92		92
Insurance expenses		18		16
Total expenses	$	39,925	$	29,788

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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 the Company’s behalf. The Administrator can waive any amounts owed to it under the Administration Agreement, at its discretion.

For the three months ended March 31, 2025 and 2024, the Company incurred $0.2 million and $0.2 million of administrative overhead expenses, respectively.

For the three months ended March 31, 2025 and 2024, total expenses increased to $39.9 million from $29.8 million primarily due to the incentive fee and an increase in interest and credit facility fees as a result of the 2029 Notes. For the three months ended March 31, 2025, the Company incurred $5.2 million of incentive fees compared to zero for the three months ended March 31, 2024. For the three months ended March 31, 2025, the weighted average borrowings and interest rate on our floating rate credit facilities was $927.1 million and 6.8% compared to $820.5 million and 8.2% for the three months ended March 31, 2024. For the three months ended March 31, 2025, management fees increased due to an overall increase in total assets compared to the three months ended March 31, 2024.

Income Taxes, Including Excise Taxes

We have elected to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the “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.

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

The following table summarizes our net realized gains (losses) and unrealized appreciation (depreciation) for the three months ended March 31, 2025 and 2024:

($ in thousands)	Three Months Ended March 31, 2025		Three Months Ended March 31, 2024
Net realized gains (losses) and unrealized appreciation (depreciation) on    investments
Total net realized gains (losses)	$	319	$	617
Total net change in unrealized appreciation (depreciation)		168		6,791
Net realized gains (losses) and unrealized appreciation (depreciation) on    investments	$	487	$	7,408

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

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 March 31, 2025, we had net change in unrealized appreciation (depreciation) on our investment portfolio of $0.2 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

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

The Company’s 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 the Company’s stock.

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Equity

For the three months ended March 31, 2025 and 2024, the Company completed the following issuances of Common Stock:

($ in thousands, except per share information) Common Share Issuance Date	Number of Common Shares Issued		Net Proceeds
March 31, 2025(1)		352,159		6,983
March 31, 2025		88,251		1,750
March 28, 2024		3,402,804		66,893
March 26, 2024(1)		461,503		9,072

(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 current net asset value, with such calculation to be carried out consistent with the Company's valuation policies and procedures. The Company had 63,494,413 shares outstanding as of March 31, 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 the Company and its 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 March 31, 2025, the Company has received capital commitments totaling $1,514.7 million, of which $336.6 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.

Debt

Financing Facilities

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

	March 31, 2025
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available		Net Carrying Value (2)
Capital Call Facility	$	65,000	$	22,000	$	43,000	$	21,818
Revolving Credit Facility		850,000		721,000		129,000		713,270
Secured Credit Facility		300,000		245,000		55,000		242,275
2025 Notes		225,000		225,000		—		224,872
2029 Notes		200,000		200,000		—		197,782
Total	$	1,640,000	$	1,413,000	$	227,000	$	1,400,017

	December 31, 2024
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available		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 March 31, 2025 and December 31, 2024, all of the Company’s outstanding debt was categorized as Level 3 within the fair value hierarchy.

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Capital Call Facility - On December 29, 2020, the Company entered into the Capital Call Facility (as defined in Note 6. Borrowings of the consolidated financial statements), which as of March 31, 2025, allowed the Company to borrow up to $65 million. As of March 31, 2025, and December 31, 2024, unamortized financing costs of $182 and $243, respectively, are being deferred and amortized over the remaining term of the Capital Call Facility. As of both March 31, 2025 and December 31, 2024, the Company had an outstanding balance of $22,000 and $27,000, respectively. As of March 31, 2025, the Capital Call Facility is presented on the Consolidated Statements of Assets and Liabilities totaling $21,818 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 Note 6. Borrowings of the consolidated financial statements), which as of March 31, 2025, allowed SPV I to borrow up to $850 million. As of March 31, 2025 and December 31, 2024, unamortized financing costs of $7,730 and $8,179, respectively, are being deferred and amortized over the remaining term of the Revolving Credit Facility. As of March 31, 2025 and December 31, 2024, the Revolving Credit Facility had an outstanding balance of $721,000 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 $713,270 as of March 31, 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 Note 6. Borrowings of the consolidated financial statements), which, as of March 31, 2025, allowed SPV II to borrow up to $250 million under the ABL Facility (as defined in Note 6. Borrowings of the consolidated financial statements) and $50 million under the Revolver Facility (as defined in Note 6. Borrowings of the consolidated financial statements). As of March 31, 2025, and December 31, 2024, unamortized financing costs of $2,725 and $2,924, respectively, are being deferred and amortized over the remaining term of the Secured Credit Facility. As of March 31, 2025, and December 31, 2024, the Secured Credit Facility had an outstanding balance of $245,000 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 $242,275 as of March 31, 2025 and $197,076 as of December 31, 2024.

2025 Notes - On May 19, 2022, the Company entered into a Note Purchase Agreement (as defined in Note 6. Borrowings of the consolidated financial statements) governing the issuance of $225.0 million in aggregate principal amount of senior unsecured notes due May 19, 2025 (the “2025 Notes”). As of March 31, 2025 and December 31, 2024, unamortized debt issuance costs of $128 and $388, respectively, are being deferred and amortized over the remaining term of the 2025 Notes. As of both March 31, 2025 and December 31, 2024, the 2025 Notes had an outstanding balance of $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 $224,872 as of March 31, 2025 and $224,612 as of December 31, 2024.

2029 Notes - On September 17, 2024, the Company entered into a Note Purchase Agreement (as defined in Note 6. Borrowings of the consolidated financial statements) governing the issuance of $200.0 million in aggregate principal amount of senior unsecured notes due September 15, 2029 (the “2029 Notes”). As of March 31, 2025 and December 31, 2024, unamortized debt issuance costs of $2,218 and 2,340, respectively, are being deferred and amortized over the remaining term of the 2029 Notes. As of both March 31, 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 $197,782 as of March 31, 2025 and $197,660 as of December 31, 2024.

Senior Notes - On March 21, 2025, the Company entered into a Note Purchase Agreement (as defined in Note 6. Borrowings of the consolidated financial statements) governing the issuance of (i) $60 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”). 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 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.

Liquidity

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

	As of
($ in thousands)	March 31, 2025			December 31, 2024
Cash and cash equivalents	$	50,479		$	51,760
Unused borrowing capacity (1)		162,000			243,000
Unfunded portfolio company commitments		(450,448	)		(402,618	)
Undrawn capital commitments		336,596			336,596
Total operational liquidity	$	98,627		$	228,738

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(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 the Company were to draw the remaining capital commitments.

Distributions

For the three months ended March 31, 2025 and 2024, the Company declared the following distributions:

($ in thousands, except per share amounts)
Record Date	Payment Date	Distribution Rate per Share		Annualized Distribution Rate1			Distribution Paid
March 27, 2025	March 31, 2025	$	0.490		10.0	%	$	30,896
March 25, 2024	March 26, 2024	$	0.650		13.2	%	$	32,700

1Annualized 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

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.

Unfunded Portfolio Company Commitments

From time to time, the Company may enter into commitments to fund investments. As of March 31, 2025 and December 31, 2024, the Company had unfunded portfolio company commitments under loan and financing agreements in the amount of $450,448 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 March 31, 2025, include the following:

	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		—
2025 Notes		225,000		225,000		—		—		—
2029 Notes		200,000		—		—		200,000		—
Total Contractual Obligations	$	1,640,000	$	290,000	$	—	$	1,350,000	$	—

Hedging

In connection with certain portfolio investments, the Company 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 March 31, 2025 and March 31, 2024.

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Critical Accounting Policies

This discussion of the Company’s operating plan is based upon the Company’s 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 consolidated financial statements requires the Company’s 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, the Company describes its critical accounting policies in the notes to the Company’s consolidated financial statements.

Valuation of Investments

The Board has designated the Adviser as the Company’s “Valuation Designee” under Rule 2a-5 under the 1940 Act. The Adviser determines the value of the Company’s 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 Consolidated Financial Statements for a description of the hierarchy for fair value measurements and a description of the Company’s valuation procedures.

Revenue Recognition

The Company records interest income on an accrual basis to the extent that the Company expects 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. The Company does not accrue as a receivable interest on loans and debt securities for accounting purposes if the Company has reason to doubt the Company’s 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. The Company records prepayment premiums on loans and debt securities as interest income.

U.S. Federal Income Taxes

The Company has elected to be treated, and intends to qualify annually, to be taxed as a RIC under Subchapter M of the Code. As a RIC, the Company 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, the Company 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 the Company’s 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.

Recent Developments

On April 11, 2025, SPV I executed a letter agreement (the “First Amendment”) to amend the Revolving Credit Facility.

Under the terms of the First Amendment, JPM and each other lender agreed to make certain advances with the following changes to the applicable margin: (a) with respect to interest based on a reference rate, 2.00% per annum; provided that, in the case of certain advances denominated in pound sterling, the applicable margin for such 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 an applicable base rate, 2.00% per annum; provided that, in the case of certain advances denominated in pound sterling, the applicable margin for such advances shall be 2.1193% per annum. The First Amendment also extended the non-call period to terminate at the end of the reinvestment period. The other material terms of the Revolving Credit Facility were unchanged.

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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 we expect to fund a portion of our investments with borrowings, our net investment income is expected to be affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of March 31, 2025, 96.4% of our debt investments based on fair value were at floating rates. Our credit facilities, including our Capital Call Facility, Revolving Credit Facility and Secured Credit Facility, also bear interest at floating rates.

Based on our Consolidated Statement of Assets and Liabilities as of March 31, 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	$	74,114		$	(29,640	)	$	44,474
200		49,409			(19,760	)		29,649
100		24,705			(9,880	)		14,825
100		(24,705	)		9,880			(14,825	)
200		(49,409	)		19,760			(29,649	)
300		(74,114	)		29,640			(44,474	)

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

We 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 our 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 our ability to participate in the benefits of changes in interest rates with respect to our portfolio investments. We did not engage in interest rate hedging activities during the three months ended March 31, 2025.

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Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of March 31, 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.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Neither we nor the 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, except as provided below.

New or Modified Laws or Regulations

We and our portfolio companies are subject to regulation by laws at the U.S. federal, state and local levels. These laws and
regulations, including those relating to taxation, as well as their interpretation, could change from time to time, including as the result
of interpretive guidance or other directives from the U.S. President and others in the executive branch, or in state or local government,
as applicable, and new laws, regulations and interpretations could also come into effect. The effects of legislative and regulatory
proposals directed at the financial services industry or affecting taxation, could negatively impact the operations, cash flows or
financial condition of us or our portfolio companies, impose additional costs on us or our portfolio companies, intensify the
regulatory supervision of us or our portfolio companies or otherwise adversely affect our business or the business of our portfolio
companies. In addition, if we do not comply with applicable laws and regulations, we could lose any licenses that we then hold for the
conduct of our business and could be subject to civil fines and criminal penalties. Any such new or changed laws or regulations could
have a material adverse effect on our business, and political uncertainty could increase regulatory uncertainty in the near term.

In addition, there have been significant changes to United States trade policies, treaties and tariffs, and in the future there may
be additional significant changes. These and any future developments, and continued uncertainty surrounding trade policies, treaties
and tariffs, may have a material adverse effect on global economic conditions, inflation and the stability of global financial markets,
and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States. Any of these
factors could depress economic activity and restrict our portfolio companies’ access to suppliers or customers, increase their
supply-chain costs and expenses and could have material adverse effects on our business, financial condition and results of
operations.

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.

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 March 31, 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.”

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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
10.1	Note Purchase Agreement by and between the Company and the purchasers party thereto, dated March 31, 20253
10.2	First Amendment to Credit Agreement by and among SPC Funding II LLC, as borrower, the lenders from time to time party thereto, Goldman Sachs Bank USA, as syndication agent and administrative agent, Stone Point Credit Corporation, as the limited guarantor, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator and U.S. Bank National Association as collateral custodian, dated March 3, 20254
10.3	First Amendment to Amended and Restated Loan and Security Agreement, dated as of April 11, 2025, among SPCC Funding I LLC, as borrower, Stone Point Credit Adviser LLC, as portfolio manager, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, U.S. Bank National Association, as securities intermediary, and JPMorgan Chase Bank, National Association, as administrative agent and lender5
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

1.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.

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

3.Previously filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on March 6, 2025.

4.Previously filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed on March 24, 2025.

5.Previously filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed on April 15, 2025.

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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:	May 14, 2025	By:	/s/ Scott J. Bronner
			Name: Scott J. Bronner
			Title: Principal Executive Officer
Date:	May 14, 2025	By:	/s/ Steven P. Henke
			Name: Steven P. Henke
			Title: Principal Financial Officer

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