000203128312-312025Q2falseP3MP9Mxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:purespcif:component00020312832025-01-012025-06-3000020312832025-07-3100020312832025-06-3000020312832024-12-3100020312832025-04-012025-06-3000020312832025-03-310002031283us-gaap:DebtSecuritiesMember2025-06-300002031283Cliffwater, LLC, First Lien Term Loan2025-06-300002031283Cliffwater, LLC, First Lien Revolver2025-06-300002031283spcif:CapitalMarketsSectorMember2025-06-300002031283Barings Middle Market CLO Ltd., Unsecured Note2025-06-300002031283Beacon Pointe Harmony, LLC, First Lien Term Loan2025-06-300002031283Beacon Pointe Harmony, LLC, First Lien Delayed Draw Term Loan2025-06-300002031283Churchill Middle Market CLO Ltd., Unsecured Note2025-06-300002031283Congress Buyer, Inc, First Lien Delayed Draw Term Loan2025-06-300002031283Edelman Financial Engines Center, LLC, Second Lien Term Loan2025-06-300002031283HBWM Intermediate II, LLC, First Lien Term Loan2025-06-300002031283HBWM Intermediate II, LLC, First Lien Delayed Draw Term Loan2025-06-300002031283HBWM Intermediate II, LLC, First Lien Revolver2025-06-300002031283Ivy Hill Middle Market Credit Fund XII Ltd, Unsecured Note2025-06-300002031283LD Holdings Group LLC, Unsecured Note2025-06-300002031283MAI Capital Management Intermediate LLC, First Lien Term Loan2025-06-300002031283MAI Capital Management Intermediate LLC, First Lien Delayed Draw Term Loan 12025-06-300002031283MAI Capital Management Intermediate LLC, First Lien Delayed Draw Term Loan 22025-06-300002031283MAI Capital Management Intermediate LLC, First Lien Revolver2025-06-300002031283Nexus Buyer LLC, Second Lien Term Loan2025-06-300002031283Osaic Holdings, Inc, Unsecured Note2025-06-300002031283TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan 12025-06-300002031283TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan 22025-06-300002031283TA/WEG Intermediate Holdings, LLC, First Lien Revolver 12025-06-300002031283TA/WEG Intermediate Holdings, LLC, First Lien Revolver 22025-06-300002031283us-gaap:FinancialServicesSectorMember2025-06-300002031283Action Behavior Centers Therapy LLC, First Lien Term Loan2025-06-300002031283Action Behavior Centers Therapy LLC, First Lien Delayed Draw Term Loan2025-06-300002031283Action Behavior Centers Therapy LLC, First Lien Revolver2025-06-300002031283Belmont Buyer, Inc., First Lien Term Loan2025-06-300002031283Belmont Buyer, Inc., First Lien Delayed Draw Term Loan2025-06-300002031283Belmont Buyer, Inc., First Lien Revolver2025-06-300002031283Chartis Group, LLC, First Lien Term Loan2025-06-300002031283Chartis Group, LLC, First Lien Delayed Draw Term Loan2025-06-300002031283Chartis Group, LLC, First Lien Revolver2025-06-300002031283Continental Buyer Inc., First Lien Term Loan2025-06-300002031283Continental Buyer Inc., First Lien Delayed Draw Term Loan2025-06-300002031283Continental Buyer Inc., First Lien Revolver2025-06-300002031283Covetrus, Inc., First Lien Term Loan2025-06-300002031283Giving Home Health Care, First Lien Term Loan2025-06-300002031283MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan 12025-06-300002031283MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan 22025-06-300002031283MB2 Dental Solutions, LLC, First Lien Revolver2025-06-300002031283One Call Corp, First Lien Term Loan2025-06-300002031283RCP NATS Purchaser, LLC, First Lien Term Loan2025-06-300002031283RCP NATS Purchaser, LLC, First Lien Delayed Draw Term Loan2025-06-300002031283RCP NATS Purchaser, LLC, First Lien Revolver2025-06-300002031283RxB Holdings, Inc., First Lien Term Loan 12025-06-300002031283RxB Holdings, Inc., First Lien Term Loan 22025-06-300002031283Vital Care Buyer LLC, First Lien Term Loan2025-06-300002031283Vital Care Buyer LLC, First Lien Revolver2025-06-300002031283spcif:HealthcareProvidersAndServicesSectorMember2025-06-300002031283FINThrive Software Intermediate Holdings, Inc., First Lien Term Loan2025-06-300002031283Homecare Software Solutions LLC, First Lien Term Loan 12025-06-300002031283Homecare Software Solutions LLC, First Lien Term Loan 22025-06-300002031283Homecare Software Solutions LLC, First Lien Delayed Draw Term Loan2025-06-300002031283spcif:HealthcareTechnologySectorMember2025-06-300002031283Alkeme Intermediary Holdings, LLC, First Lien Term Loan2025-06-300002031283Alkeme Intermediary Holdings, LLC, First Lien Delayed Draw Term Loan 12025-06-300002031283Alkeme Intermediary Holdings, LLC, First Lien Delayed Draw Term Loan 22025-06-300002031283Amerilife Holdings LLC, First Lien Term Loan2025-06-300002031283Amerilife Holdings LLC, First Lien Delayed Draw Term Loan 12025-06-300002031283Amerilife Holdings LLC, First Lien Delayed Draw Term Loan 22025-06-300002031283Amerilife Holdings LLC, First Lien Delayed Draw Term Loan 32025-06-300002031283Amerilife Holdings LLC, First Lien Revolver2025-06-300002031283ARMStrong Receivable Management, First Lien Term Loan2025-06-300002031283ARMStrong Receivable Management, First Lien Delayed Draw Term Loan2025-06-300002031283ARMStrong Receivable Management, First Lien Revolver2025-06-300002031283Arden Insurance Services LLC, First Lien Term Loan2025-06-300002031283Arden Insurance Services LLC, First Lien Revolver2025-06-300002031283Babylon Buyer, Inc., First Lien Term Loan2025-06-300002031283Babylon Buyer, Inc., First Lien Revolver2025-06-300002031283Bellwether Buyer, LLC, First Lien Term Loan2025-06-300002031283Bellwether Buyer, LLC, First Lien Delayed Draw Term Loan2025-06-300002031283Bellwether Buyer, LLC, First Lien Revolver2025-06-300002031283Foundation Risk Partners, Corp., First Lien Term Loan 12025-06-300002031283Foundation Risk Partners, Corp., First Lien Term Loan 22025-06-300002031283Foundation Risk Partners, Corp., First Lien Delayed Draw Term Loan 12025-06-300002031283Foundation Risk Partners, Corp., First Lien Delayed Draw Term Loan 22025-06-300002031283Foundation Risk Partners, Corp., First Lien Delayed Draw Term Loan 32025-06-300002031283Foundation Risk Partners, Corp., First Lien Revolver2025-06-300002031283Galway Borrower LLC, First Lien Term Loan2025-06-300002031283Galway Borrower LLC, First Lien Delayed Draw Term Loan 12025-06-300002031283Galway Borrower LLC, First Lien Delayed Draw Term Loan 22025-06-300002031283Galway Borrower LLC, First Lien Revolver2025-06-300002031283OneDigital Borrower LLC, Second Lien Term Loan2025-06-300002031283Redwood Purchaser, Inc, First Lien Term Loan2025-06-300002031283Redwood Purchaser, Inc, First Lien Delayed Draw Term Loan2025-06-300002031283Redwood Purchaser, Inc, First Lien Revolver2025-06-300002031283RSC Acquisition, Inc, First Lien Term Loan 12025-06-300002031283RSC Acquisition, Inc, First Lien Term Loan 22025-06-300002031283RSC Acquisition, Inc, First Lien Term Loan 32025-06-300002031283RSC Acquisition, Inc, First Lien Delayed Draw Term Loan 12025-06-300002031283RSC Acquisition, Inc, First Lien Delayed Draw Term Loan 22025-06-300002031283THG Acquisition, LLC, First Lien Term Loan2025-06-300002031283THG Acquisition, LLC, First Lien Delayed Draw Term Loan2025-06-300002031283THG Acquisition, LLC, First Lien Revolver2025-06-300002031283World Insurance Associates LLC, First Lien Delayed Draw Term Loan2025-06-300002031283World Insurance Associates LLC, First Lien Revolver2025-06-300002031283us-gaap:InsuranceSectorMember2025-06-300002031283Bottomline Technologies, Inc., First Lien Term Loan2025-06-300002031283Kona Buyer, LLC, First Lien Delayed Draw Term Loan2025-06-300002031283Kona Buyer, LLC, First Lien Revolver2025-06-300002031283Lytx, Inc., First Lien Term Loan2025-06-300002031283Redwood Services Group, LLC, First Lien Term Loan2025-06-300002031283Redwood Services Group, LLC, First Lien Delayed Draw Term Loan2025-06-300002031283Skywalker Purchaser, LLC, First Lien Delayed Draw Term Loan 12025-06-300002031283Skywalker Purchaser, LLC, First Lien Delayed Draw Term Loan 22025-06-300002031283us-gaap:TechnologySectorMember2025-06-300002031283Accordion Partners LLC, First Lien Term Loan2025-06-300002031283Accordion Partners LLC, First Lien Delayed Draw Term Loan2025-06-300002031283Accordion Partners LLC, First Lien Revolver2025-06-300002031283Aprio Advisory Group, LLC, First Lien Term Loan2025-06-300002031283Aprio Advisory Group, LLC, First Lien Delayed Draw Term Loan2025-06-300002031283Baker Tilly Advisory Group, L.P., First Lien Term Loan 12025-06-300002031283Baker Tilly Advisory Group, L.P., First Lien Term Loan 22025-06-300002031283Baker Tilly Advisory Group, L.P., First Lien Delayed Draw Term Loan2025-06-300002031283Baker Tilly Advisory Group, L.P., First Lien Revolver 12025-06-300002031283Baker Tilly Advisory Group, L.P., First Lien Revolver 22025-06-300002031283Cherry Bekaert Advisory LLC, First Lien Term Loan2025-06-300002031283Cherry Bekaert Advisory LLC, First Lien Delayed Draw Term Loan2025-06-300002031283Heights Buyer, LLC, First Lien Term Loan2025-06-300002031283Heights Buyer, LLC, First Lien Delayed Draw Term Loan2025-06-300002031283KRIV Acquisition Inc., First Lien Term Loan2025-06-300002031283KRIV Acquisition Inc., First Lien Delayed Draw Term Loan 12025-06-300002031283KRIV Acquisition Inc., First Lien Delayed Draw Term Loan 22025-06-300002031283More Cowbell II LLC, First Lien Term Loan2025-06-300002031283More Cowbell II LLC, First Lien Delayed Draw Term Loan2025-06-300002031283More Cowbell II LLC, First Lien Revolver2025-06-300002031283PAS Parent Inc., First Lien Term Loan2025-06-300002031283PAS Parent Inc., First Lien Delayed Draw Term Loan 12025-06-300002031283PAS Parent Inc., First Lien Delayed Draw Term Loan 22025-06-300002031283PAS Parent Inc., First Lien Revolver2025-06-300002031283Petra Borrower, LLC, First Lien Term Loan2025-06-300002031283Petra Borrower, LLC, First Lien Delayed Draw Term Loan2025-06-300002031283Petra Borrower, LLC, First Lien Revolver2025-06-300002031283TRAK Purchaser, Inc, First Lien Term Loan2025-06-300002031283TRAK Purchaser, Inc, First Lien Revolver2025-06-300002031283spcif:ProfessionalServicesSectorMember2025-06-300002031283Accuserve Solutions, Inc., First Lien Term Loan2025-06-300002031283Accuserve Solutions, Inc., First Lien Revolver2025-06-300002031283Claros Mortgage Trust, Inc., First Lien Term Loan2025-06-300002031283Low Voltage Holdings Inc., First Lien Term Loan2025-06-300002031283Low Voltage Holdings Inc., First Lien Delayed Draw Term Loan2025-06-300002031283Low Voltage Holdings Inc., First Lien Revolver2025-06-300002031283Southpaw AP Buyer, LLC, First Lien Term Loan2025-06-300002031283Southpaw AP Buyer, LLC, First Lien Delayed Draw Term Loan2025-06-300002031283Southpaw AP Buyer, LLC, First Lien Revolver2025-06-300002031283Titan Home Improvement, LLC, First Lien Term Loan2025-06-300002031283Titan Home Improvement, LLC, First Lien Delayed Draw Term Loan2025-06-300002031283Titan Home Improvement, LLC, First Lien Revolver2025-06-300002031283us-gaap:RealEstateSectorMember2025-06-300002031283Cardinal Parent Inc, First Lien Term Loan2025-06-300002031283Diligent Corporation, First Lien Term Loan2025-06-300002031283Diligent Corporation, First Lien Delayed Draw Term Loan2025-06-300002031283Diligent Corporation, First Lien Revolver2025-06-300002031283GovDelivery Holdings, LLC, First Lien Term Loan2025-06-300002031283GovDelivery Holdings, LLC, First Lien Delayed Draw Term Loan2025-06-300002031283GovDelivery Holdings, LLC, First Lien Revolver2025-06-300002031283GS Acquisitionco Inc, First Lien Delayed Draw Term Loan2025-06-300002031283Houghton Mifflin Harcourt Company, First Lien Term Loan2025-06-300002031283oneZero Financial Systems, LLC, First Lien Term Loan2025-06-300002031283oneZero Financial Systems, LLC, First Lien Delayed Draw Term Loan2025-06-300002031283oneZero Financial Systems, LLC, First Lien Revolver2025-06-300002031283Orion US Finco, Second Lien Term Loan2025-06-300002031283Propio LS, LLC, First Lien Term Loan2025-06-300002031283Propio LS, LLC, First Lien Revolver2025-06-300002031283spcif:SoftwareSectorMember2025-06-300002031283us-gaap:SecuredOvernightFinancingRateSofrMember2025-06-300002031283us-gaap:BaseRateMember2025-06-300002031283spcif:InvestmentAdvisoryAgreementMembersrt:AffiliatedEntityMember2025-01-222025-01-220002031283spcif:InvestmentAdvisoryAgreementMembersrt:AffiliatedEntityMember2025-01-220002031283spcif:InvestmentAdvisoryAgreementWaiverPeriodMembersrt:AffiliatedEntityMember2025-01-222025-01-220002031283spcif:InvestmentAdvisoryAgreementPriorToSecondAnniversaryIncentiveRatePreIncentiveFeeNetInvestmentIncomeMembersrt:AffiliatedEntityMember2025-01-222025-01-220002031283spcif:InvestmentAdvisoryAgreementPriorToSecondAnniversaryIncentiveRateQuarterlyHurdleRateMembersrt:AffiliatedEntityMember2025-01-222025-01-220002031283spcif:InvestmentAdvisoryAgreementPriorToSecondAnniversaryIncentiveRateAnnualizedHurdleRateMembersrt:AffiliatedEntityMember2025-01-222025-01-220002031283spcif:InvestmentAdvisoryAgreementPriorToSecondAnniversaryIncentiveRatePreIncentiveFeeNetInvestmentIncomeBelowCatchUpThresholdMembersrt:AffiliatedEntityMember2025-01-222025-01-220002031283spcif:InvestmentAdvisoryAgreementPriorToSecondAnniversaryIncentiveRateQuarterlyCatchUpThresholdMembersrt:AffiliatedEntityMember2025-01-222025-01-220002031283spcif:InvestmentAdvisoryAgreementPriorToSecondAnniversaryIncentiveRateAnnualizedCatchUpThresholdMembersrt:AffiliatedEntityMember2025-01-222025-01-220002031283spcif:InvestmentAdvisoryAgreementPriorToSecondAnniversaryIncentiveRatePreIncentiveFeeNetInvestmentIncomeExceedsCatchUpThresholdMembersrt:AffiliatedEntityMember2025-01-222025-01-220002031283spcif:InvestmentAdvisoryAgreementAfterSecondAnniversaryIncentiveRatePreIncentiveFeeNetInvestmentIncomeMembersrt:AffiliatedEntityMember2025-01-222025-01-220002031283spcif:InvestmentAdvisoryAgreementAfterSecondAnniversaryIncentiveRateQuarterlyHurdleRateMembersrt:AffiliatedEntityMember2025-01-222025-01-220002031283spcif:InvestmentAdvisoryAgreementAfterSecondAnniversaryIncentiveRateAnnualizedHurdleRateMembersrt:AffiliatedEntityMember2025-01-222025-01-220002031283spcif:InvestmentAdvisoryAgreementAfterSecondAnniversaryIncentiveRatePreIncentiveFeeNetInvestmentIncomeBelowCatchUpThresholdMembersrt:AffiliatedEntityMember2025-01-222025-01-220002031283spcif:InvestmentAdvisoryAgreementAfterSecondAnniversaryIncentiveRateQuarterlyCatchUpThresholdMembersrt:AffiliatedEntityMember2025-01-222025-01-220002031283spcif:InvestmentAdvisoryAgreementAfterSecondAnniversaryIncentiveRateAnnualizedCatchUpThresholdMembersrt:AffiliatedEntityMember2025-01-222025-01-220002031283spcif:InvestmentAdvisoryAgreementAfterSecondAnniversaryIncentiveRatePreIncentiveFeeNetInvestmentIncomeExceedsCatchUpThresholdMembersrt:AffiliatedEntityMember2025-01-222025-01-220002031283spcif:InvestmentAdvisoryAgreementIncentiveRateInvestmentIncomeBasedMembersrt:AffiliatedEntityMember2025-04-012025-06-300002031283spcif:InvestmentAdvisoryAgreementIncentiveRateInvestmentIncomeBasedMembersrt:AffiliatedEntityMember2025-01-012025-06-300002031283spcif:InvestmentAdvisoryAgreementPriorToSecondAnniversaryIncentiveRateRealizedCapitalGainsMembersrt:AffiliatedEntityMember2025-01-012025-06-300002031283spcif:InvestmentAdvisoryAgreementAfterSecondAnniversaryIncentiveRateRealizedCapitalGainsMembersrt:AffiliatedEntityMember2025-01-012025-06-300002031283spcif:InvestmentAdvisoryAgreementIncentiveRateRealizedCapitalGainsMembersrt:AffiliatedEntityMember2025-01-012025-06-300002031283spcif:InvestmentAdvisoryAgreementIncentiveRateRealizedCapitalGainsMembersrt:AffiliatedEntityMember2025-04-012025-06-300002031283spcif:AdministrativeAgreementMembersrt:AffiliatedEntityMember2025-04-012025-06-300002031283spcif:AdministrativeAgreementMembersrt:AffiliatedEntityMember2025-01-012025-06-300002031283spcif:AdministrativeAgreementMembersrt:AffiliatedEntityMember2025-06-300002031283spcif:SubAdministratorAgreementMembersrt:AffiliatedEntityMember2025-04-012025-06-300002031283spcif:SubAdministratorAgreementMembersrt:AffiliatedEntityMember2025-01-012025-06-300002031283spcif:SubAdministratorAgreementMembersrt:AffiliatedEntityMember2025-06-300002031283spcif:GlobalCustodyAgreementMembersrt:AffiliatedEntityMember2025-04-012025-06-300002031283spcif:GlobalCustodyAgreementMembersrt:AffiliatedEntityMember2025-01-012025-06-300002031283spcif:GlobalCustodyAgreementMembersrt:AffiliatedEntityMember2025-06-300002031283spcif:TransferAgentServicingAgreementMembersrt:AffiliatedEntityMember2025-04-012025-06-300002031283spcif:TransferAgentServicingAgreementMembersrt:AffiliatedEntityMember2025-01-012025-06-300002031283spcif:TransferAgentServicingAgreementMembersrt:AffiliatedEntityMember2025-06-300002031283spcif:ExpenseSupportAndConditionalReimbursementAgreementMembersrt:AffiliatedEntityMember2025-01-012025-06-300002031283Accordion Partners LLC, First Lien Delayed Draw Term Loan2024-12-310002031283Accordion Partners LLC, First Lien Revolving Loan2025-06-300002031283Accordion Partners LLC, First Lien Revolving Loan2024-12-310002031283Accuserve Solutions, Inc., First Lien Revolving Loan2025-06-300002031283Accuserve Solutions, Inc., First Lien Revolving Loan2024-12-310002031283Action Behavior Centers Therapy LLC, First Lien Delayed Draw Term Loan2024-12-310002031283Action Behavior Centers Therapy LLC, First Lien Revolving Loan2025-06-300002031283Action Behavior Centers Therapy LLC, First Lien Revolving Loan2024-12-310002031283Alkeme Intermediary Holdings, LLC, First Lien Delayed Draw Term Loan2025-06-300002031283Alkeme Intermediary Holdings, LLC, First Lien Delayed Draw Term Loan2024-12-310002031283Amerilife Holdings LLC, First Lien Delayed Draw Term Loan 12024-12-310002031283Amerilife Holdings LLC, First Lien Delayed Draw Term Loan 22024-12-310002031283Amerilife Holdings LLC, First Lien Revolving Loan2025-06-300002031283Amerilife Holdings LLC, First Lien Revolving Loan2024-12-310002031283Aprio Advisory Group, LLC, First Lien Delayed Draw Term Loan2024-12-310002031283ARMStrong Receivable Management, First Lien Delayed Draw Term Loan2024-12-310002031283ARMStrong Receivable Management, First Lien Revolving Loan2025-06-300002031283ARMStrong Receivable Management, First Lien Revolving Loan2024-12-310002031283Arden Insurance Services LLC, First Lien Revolving Loan2025-06-300002031283Arden Insurance Services LLC, First Lien Revolving Loan2024-12-310002031283Babylon Buyer, Inc., First Lien Revolving Loan2025-06-300002031283Babylon Buyer, Inc., First Lien Revolving Loan2024-12-310002031283Baker Tilly Advisory Group, L.P., First Lien Delayed Draw Term Loan2024-12-310002031283Baker Tilly Advisory Group, L.P., First Lien Revolving Loan 12025-06-300002031283Baker Tilly Advisory Group, L.P., First Lien Revolving Loan 12024-12-310002031283Baker Tilly Advisory Group, L.P., First Lien Revolving Loan 22025-06-300002031283Baker Tilly Advisory Group, L.P., First Lien Revolving Loan 22024-12-310002031283Beacon Pointe Harmony, LLC, First Lien Delayed Draw Term Loan2024-12-310002031283Bellwether Buyer, LLC, First Lien Delayed Draw Term Loan2024-12-310002031283Bellwether Buyer, LLC, First Lien Revolving Loan2025-06-300002031283Bellwether Buyer, LLC, First Lien Revolving Loan2024-12-310002031283Belmont Buyer, Inc., First Lien Revolving Loan2025-06-300002031283Belmont Buyer, Inc., First Lien Revolving Loan2024-12-310002031283Chartis Group, LLC, First Lien Delayed Draw Term Loan2024-12-310002031283Chartis Group, LLC, First Lien Revolving Loan2025-06-300002031283Chartis Group, LLC, First Lien Revolving Loan2024-12-310002031283Cliffwater, LLC, First Lien Revolving Loan2025-06-300002031283Cliffwater, LLC, First Lien Revolving Loan2024-12-310002031283Congress Buyer, Inc, First Lien Delayed Draw Term Loan2024-12-310002031283Continental Buyer Inc., First Lien Delayed Draw Term Loan2024-12-310002031283Continental Buyer Inc., First Lien Revolving Loan2025-06-300002031283Continental Buyer Inc., First Lien Revolving Loan2024-12-310002031283Diligent Corporation, First Lien Delayed Draw Term Loan2024-12-310002031283Diligent Corporation, First Lien Revolving Loan2025-06-300002031283Diligent Corporation, First Lien Revolving Loan2024-12-310002031283Foundation Risk Partners, Corp., First Lien Delayed Draw Term Loan2025-06-300002031283Foundation Risk Partners, Corp., First Lien Delayed Draw Term Loan2024-12-310002031283Foundation Risk Partners, Corp., First Lien Revolving Loan2025-06-300002031283Foundation Risk Partners, Corp., First Lien Revolving Loan2024-12-310002031283Galway Borrower LLC, First Lien Delayed Draw Term Loan2025-06-300002031283Galway Borrower LLC, First Lien Delayed Draw Term Loan2024-12-310002031283Galway Borrower LLC, First Lien Revolving Loan2025-06-300002031283Galway Borrower LLC, First Lien Revolving Loan2024-12-310002031283GovDelivery Holdings, LLC, First Lien Revolving Loan2025-06-300002031283GovDelivery Holdings, LLC, First Lien Revolving Loan2024-12-310002031283GS Acquisitionco Inc, First Lien Delayed Draw Term Loan2024-12-310002031283HBWM Intermediate II, LLC, First Lien Revolving Loan2025-06-300002031283HBWM Intermediate II, LLC, First Lien Revolving Loan2024-12-310002031283Heights Buyer, LLC, First Lien Delayed Draw Term Loan2024-12-310002031283Kona Buyer, LLC, First Lien Delayed Draw Term Loan2024-12-310002031283Kona Buyer, LLC, First Lien Revolving Loan2025-06-300002031283Kona Buyer, LLC, First Lien Revolving Loan2024-12-310002031283KRIV Acquisition Inc., First Lien Delayed Draw Term Loan2025-06-300002031283KRIV Acquisition Inc., First Lien Delayed Draw Term Loan2024-12-310002031283Low Voltage Holdings Inc., First Lien Delayed Draw Term Loan2024-12-310002031283Low Voltage Holdings Inc., First Lien Revolving Loan2025-06-300002031283Low Voltage Holdings Inc., First Lien Revolving Loan2024-12-310002031283MAI Capital Management Intermediate LLC, First Lien Delayed Draw Term Loan 12024-12-310002031283MAI Capital Management Intermediate LLC, First Lien Delayed Draw Term Loan 22024-12-310002031283MAI Capital Management Intermediate LLC, First Lien Revolving Loan2025-06-300002031283MAI Capital Management Intermediate LLC, First Lien Revolving Loan2024-12-310002031283MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan2025-06-300002031283MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan2024-12-310002031283MB2 Dental Solutions, LLC, First Lien Revolving Loan2025-06-300002031283MB2 Dental Solutions, LLC, First Lien Revolving Loan2024-12-310002031283More Cowbell II LLC, First Lien Delayed Draw Term Loan2024-12-310002031283More Cowbell II LLC, First Lien Revolving Loan2025-06-300002031283More Cowbell II LLC, First Lien Revolving Loan2024-12-310002031283oneZero Financial Systems, LLC, First Lien Delayed Draw Term Loan2024-12-310002031283oneZero Financial Systems, LLC, First Lien Revolving Loan2025-06-300002031283oneZero Financial Systems, LLC, First Lien Revolving Loan2024-12-310002031283PAS Parent Inc., First Lien Delayed Draw Term Loan 12024-12-310002031283PAS Parent Inc., First Lien Delayed Draw Term Loan 22024-12-310002031283PAS Parent Inc., First Lien Revolving Loan2025-06-300002031283PAS Parent Inc., First Lien Revolving Loan2024-12-310002031283Petra Borrower, LLC, First Lien Delayed Draw Term Loan2024-12-310002031283Petra Borrower, LLC, First Lien Revolving Loan2025-06-300002031283Petra Borrower, LLC, First Lien Revolving Loan2024-12-310002031283Propio LS, LLC, First Lien Revolving Loan2025-06-300002031283Propio LS, LLC, First Lien Revolving Loan2024-12-310002031283RCP NATS Purchaser, LLC, First Lien Delayed Draw Term Loan2024-12-310002031283RCP NATS Purchaser, LLC, First Lien Revolving Loan2025-06-300002031283RCP NATS Purchaser, LLC, First Lien Revolving Loan2024-12-310002031283Redwood Purchaser, INC, First Lien Delayed Draw Term Loan2025-06-300002031283Redwood Purchaser, INC, First Lien Delayed Draw Term Loan2024-12-310002031283Redwood Purchaser, INC, First Lien Revolving Loan2025-06-300002031283Redwood Purchaser, INC, First Lien Revolving Loan2024-12-310002031283Redwood Services Group, LLC, First Lien Delayed Draw Term Loan2024-12-310002031283Skywalker Purchaser, LLC, First Lien Delayed Draw Term Loan 12024-12-310002031283Skywalker Purchaser, LLC, First Lien Delayed Draw Term Loan 22024-12-310002031283Southpaw AP Buyer, LLC, First Lien Delayed Draw Term Loan2024-12-310002031283Southpaw AP Buyer, LLC, First Lien Revolving Loan2025-06-300002031283Southpaw AP Buyer, LLC, First Lien Revolving Loan2024-12-310002031283TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan2025-06-300002031283TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan2024-12-310002031283TA/WEG Intermediate Holdings, LLC, First Lien Revolving Loan 12025-06-300002031283TA/WEG Intermediate Holdings, LLC, First Lien Revolving Loan 12024-12-310002031283TA/WEG Intermediate Holdings, LLC, First Lien Revolving Loan 22025-06-300002031283TA/WEG Intermediate Holdings, LLC, First Lien Revolving Loan 22024-12-310002031283THG Acquisition, LLC, First Lien Delayed Draw Term Loan2024-12-310002031283THG Acquisition, LLC, First Lien Revolving Loan2025-06-300002031283THG Acquisition, LLC, First Lien Revolving Loan2024-12-310002031283Titan Home Improvement, LLC, First Lien Delayed Draw Term Loan2024-12-310002031283Titan Home Improvement, LLC, First Lien Revolving Loan2025-06-300002031283Titan Home Improvement, LLC, First Lien Revolving Loan2024-12-310002031283TRAK Purchaser, Inc, First Lien Revolving Loan2025-06-300002031283TRAK Purchaser, Inc, First Lien Revolving Loan2024-12-310002031283Vital Care Buyer LLC, First Lien Revolving Loan2025-06-300002031283Vital Care Buyer LLC, First Lien Revolving Loan2024-12-310002031283World Insurance Associates LLC, First Lien Delayed Draw Term Loan2024-12-310002031283World Insurance Associates LLC, First Lien Revolving Loan2025-06-300002031283World Insurance Associates LLC, First Lien Revolving Loan2024-12-3100020312832024-09-300002031283us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2025-01-012025-06-300002031283us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2025-06-300002031283us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2025-01-220002031283us-gaap:RevolvingCreditFacilityMemberspcif:EffectiveDateFinancingCommitmentPeriodOneMemberus-gaap:LineOfCreditMember2025-01-222025-01-220002031283us-gaap:RevolvingCreditFacilityMemberspcif:EffectiveDateFinancingCommitmentPeriodTwoMemberus-gaap:LineOfCreditMember2025-01-222025-01-220002031283us-gaap:RevolvingCreditFacilityMemberspcif:EffectiveDateFinancingCommitmentPeriodThreeMemberus-gaap:LineOfCreditMember2025-01-222025-01-220002031283us-gaap:RevolvingCreditFacilityMemberspcif:ScheduledFinancingCommitmentPeriodOneMemberus-gaap:LineOfCreditMember2025-01-222025-01-220002031283us-gaap:RevolvingCreditFacilityMemberspcif:ScheduledFinancingCommitmentPeriodTwoMemberus-gaap:LineOfCreditMember2025-01-222025-01-220002031283us-gaap:RevolvingCreditFacilityMemberspcif:ScheduledFinancingCommitmentPeriodThreeMemberus-gaap:LineOfCreditMember2025-01-222025-01-220002031283us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2025-04-012025-06-3000020312832025-06-302025-06-3000020312832025-06-012025-06-0100020312832025-05-012025-05-0100020312832025-04-022025-04-0200020312832025-03-312025-03-3100020312832025-03-012025-03-0100020312832025-01-222025-01-220002031283us-gaap:PrivatePlacementMember2025-01-012025-06-300002031283spcif:O2025M6DividendsMember2025-01-012025-06-300002031283spcif:S2025M5DividendsMember2025-01-012025-06-300002031283spcif:O2025M5DividendsMember2025-01-012025-06-300002031283spcif:O2025M3DividendsMember2025-01-012025-06-300002031283spcif:O2025M2DividendsMember2025-01-012025-06-300002031283spcif:O2025M1DividendsMember2025-01-012025-06-300002031283spcif:DebtSecuritiesFirstLienMember2025-06-300002031283spcif:DebtSecuritiesFirstLienMemberspcif:InvestmentTypeConcentrationRiskMemberspcif:InvestmentsOwnedAtFairValueMember2025-01-012025-06-300002031283spcif:DebtSecuritiesSecondLienMember2025-06-300002031283spcif:DebtSecuritiesSecondLienMemberspcif:InvestmentTypeConcentrationRiskMemberspcif:InvestmentsOwnedAtFairValueMember2025-01-012025-06-300002031283us-gaap:UnsecuredDebtMember2025-06-300002031283us-gaap:UnsecuredDebtMemberspcif:InvestmentTypeConcentrationRiskMemberspcif:InvestmentsOwnedAtFairValueMember2025-01-012025-06-300002031283spcif:InvestmentTypeConcentrationRiskMemberspcif:InvestmentsOwnedAtFairValueMember2025-01-012025-06-300002031283country:USus-gaap:GeographicConcentrationRiskMemberspcif:InvestmentsOwnedAtFairValueMember2025-01-012025-06-300002031283us-gaap:NonUsMemberus-gaap:GeographicConcentrationRiskMemberspcif:InvestmentsOwnedAtFairValueMember2025-01-012025-06-300002031283us-gaap:GeographicConcentrationRiskMemberspcif:InvestmentsOwnedAtFairValueMember2025-01-012025-06-300002031283spcif:CapitalMarketsSectorMemberspcif:IndustryConcentrationRiskMemberspcif:InvestmentsOwnedAtFairValueMember2025-01-012025-06-300002031283us-gaap:FinancialServicesSectorMemberspcif:IndustryConcentrationRiskMemberspcif:InvestmentsOwnedAtFairValueMember2025-01-012025-06-300002031283spcif:HealthcareProvidersAndServicesSectorMemberspcif:IndustryConcentrationRiskMemberspcif:InvestmentsOwnedAtFairValueMember2025-01-012025-06-300002031283spcif:HealthcareTechnologySectorMemberspcif:IndustryConcentrationRiskMemberspcif:InvestmentsOwnedAtFairValueMember2025-01-012025-06-300002031283us-gaap:InsuranceSectorMemberspcif:IndustryConcentrationRiskMemberspcif:InvestmentsOwnedAtFairValueMember2025-01-012025-06-300002031283us-gaap:TechnologySectorMemberspcif:IndustryConcentrationRiskMemberspcif:InvestmentsOwnedAtFairValueMember2025-01-012025-06-300002031283spcif:ProfessionalServicesSectorMemberspcif:IndustryConcentrationRiskMemberspcif:InvestmentsOwnedAtFairValueMember2025-01-012025-06-300002031283us-gaap:RealEstateSectorMemberspcif:IndustryConcentrationRiskMemberspcif:InvestmentsOwnedAtFairValueMember2025-01-012025-06-300002031283spcif:SoftwareSectorMemberspcif:IndustryConcentrationRiskMemberspcif:InvestmentsOwnedAtFairValueMember2025-01-012025-06-300002031283spcif:IndustryConcentrationRiskMemberspcif:InvestmentsOwnedAtFairValueMember2025-01-012025-06-300002031283spcif:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel1Member2025-06-300002031283spcif:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel2Member2025-06-300002031283spcif:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Member2025-06-300002031283spcif:DebtSecuritiesFirstLienMember2025-06-300002031283spcif:DebtSecuritiesSecondLienMemberus-gaap:FairValueInputsLevel1Member2025-06-300002031283spcif:DebtSecuritiesSecondLienMemberus-gaap:FairValueInputsLevel2Member2025-06-300002031283spcif:DebtSecuritiesSecondLienMemberus-gaap:FairValueInputsLevel3Member2025-06-300002031283spcif:DebtSecuritiesSecondLienMember2025-06-300002031283us-gaap:UnsecuredDebtMemberus-gaap:FairValueInputsLevel1Member2025-06-300002031283us-gaap:UnsecuredDebtMemberus-gaap:FairValueInputsLevel2Member2025-06-300002031283us-gaap:UnsecuredDebtMemberus-gaap:FairValueInputsLevel3Member2025-06-300002031283us-gaap:UnsecuredDebtMember2025-06-300002031283us-gaap:FairValueInputsLevel1Member2025-06-300002031283us-gaap:FairValueInputsLevel2Member2025-06-300002031283us-gaap:FairValueInputsLevel3Member2025-06-300002031283spcif:DebtSecuritiesFirstLienMember2025-03-310002031283spcif:DebtSecuritiesSecondLienMember2025-03-310002031283us-gaap:UnsecuredDebtMember2025-03-310002031283us-gaap:InvestmentsMember2025-03-310002031283spcif:DebtSecuritiesFirstLienMember2025-04-012025-06-300002031283spcif:DebtSecuritiesSecondLienMember2025-04-012025-06-300002031283us-gaap:UnsecuredDebtMember2025-04-012025-06-300002031283us-gaap:InvestmentsMember2025-04-012025-06-300002031283spcif:DebtSecuritiesFirstLienMemberspcif:DebtAndEquitySecuritiesRealizedGainLossMember2025-04-012025-06-300002031283spcif:DebtSecuritiesSecondLienMemberspcif:DebtAndEquitySecuritiesRealizedGainLossMember2025-04-012025-06-300002031283us-gaap:UnsecuredDebtMemberspcif:DebtAndEquitySecuritiesRealizedGainLossMember2025-04-012025-06-300002031283us-gaap:InvestmentsMemberspcif:DebtAndEquitySecuritiesRealizedGainLossMember2025-04-012025-06-300002031283spcif:DebtSecuritiesFirstLienMemberspcif:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-04-012025-06-300002031283spcif:DebtSecuritiesSecondLienMemberspcif:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-04-012025-06-300002031283us-gaap:UnsecuredDebtMemberspcif:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-04-012025-06-300002031283us-gaap:InvestmentsMemberspcif:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-04-012025-06-300002031283spcif:DebtSecuritiesFirstLienMember2025-06-300002031283spcif:DebtSecuritiesSecondLienMember2025-06-300002031283us-gaap:UnsecuredDebtMember2025-06-300002031283us-gaap:InvestmentsMember2025-06-300002031283spcif:DebtSecuritiesFirstLienMember2024-12-310002031283spcif:DebtSecuritiesSecondLienMember2024-12-310002031283us-gaap:UnsecuredDebtMember2024-12-310002031283us-gaap:InvestmentsMember2024-12-310002031283spcif:DebtSecuritiesFirstLienMember2025-01-012025-06-300002031283spcif:DebtSecuritiesSecondLienMember2025-01-012025-06-300002031283us-gaap:UnsecuredDebtMember2025-01-012025-06-300002031283us-gaap:InvestmentsMember2025-01-012025-06-300002031283spcif:DebtSecuritiesFirstLienMemberspcif:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-06-300002031283spcif:DebtSecuritiesSecondLienMemberspcif:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-06-300002031283us-gaap:UnsecuredDebtMemberspcif:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-06-300002031283us-gaap:InvestmentsMemberspcif:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-06-300002031283spcif:DebtSecuritiesFirstLienMemberspcif:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-01-012025-06-300002031283spcif:DebtSecuritiesSecondLienMemberspcif:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-01-012025-06-300002031283us-gaap:UnsecuredDebtMemberspcif:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-01-012025-06-300002031283us-gaap:InvestmentsMemberspcif:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-01-012025-06-300002031283spcif:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-06-300002031283spcif:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2025-06-300002031283spcif:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputDiscountRateMember2025-06-300002031283spcif:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMember2025-06-300002031283spcif:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2025-06-300002031283spcif:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberspcif:MeasurementInputMarketTransactionMember2025-06-300002031283spcif:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberspcif:MeasurementInputMarketTransactionMember2025-06-300002031283spcif:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberspcif:MeasurementInputMarketTransactionMember2025-06-300002031283us-gaap:UnsecuredDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-06-300002031283us-gaap:UnsecuredDebtMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2025-06-300002031283us-gaap:UnsecuredDebtMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputDiscountRateMember2025-06-300002031283us-gaap:UnsecuredDebtMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMember2025-06-300002031283us-gaap:PrivatePlacementMemberus-gaap:SubsequentEventMember2025-07-022025-07-020002031283us-gaap:PrivatePlacementMemberus-gaap:SubsequentEventMember2025-07-020002031283spcif:S2025M8DividendsMemberus-gaap:SubsequentEventMember2025-08-122025-08-120002031283spcif:O2025M8DividendsMemberus-gaap:SubsequentEventMember2025-08-122025-08-120002031283spcif:O2025M9DividendsMemberus-gaap:SubsequentEventMember2025-08-122025-08-120002031283spcif:O2025M10DividendsMemberus-gaap:SubsequentEventMember2025-08-122025-08-12

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


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

For the Quarterly Period ended June 30, 2025


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

Commission File Number: 814-01783

Stone Point Credit Income Fund

(Exact name of registrant as specified in its charter)

Delaware

(State of Incorporation)

20 Horseneck Lane

Greenwich, Connecticut 06830

(Address of principal executive offices)

99-6894706

(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

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

Common Shares, 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 x No o

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 x No o

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	o	Accelerated filer	o
Non-accelerated filer	x	Smaller reporting company	o
		Emerging growth company	x

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. o

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

The issuer had 6,872,242 Common Shares of beneficial interest, $0.001 par value per share, outstanding as of July 31, 2025.

Table of Contents

Stone Point Credit Income Fund

Form 10-Q for the Quarter Ended June 30, 2025

Table of Contents


		Page
PART I.	FINANCIAL INFORMATION	3
Item 1.	Consolidated Financial Statements	3
	Consolidated Statements of Assets and Liabilities as of June 30, 2025 (Unaudited) and December 31, 2024 (Unaudited)	3
	Consolidated Statements of Operations for the three and six months ended June 30, 2025 (Unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2025 (Unaudited)	5
	Consolidated Statements of Cash Flows for the six months ended June 30, 2025 (Unaudited)	6
	Consolidated Schedule of Investments as of June 30, 2025 (Unaudited)	7
	Notes to Consolidated Financial Statements (Unaudited)	12
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	44
Item 4.	Controls and Procedures	45

PART II.	OTHER INFORMATION	45
Item 1.	Legal Proceedings	45
Item 1A.	Risk Factors	46
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	47
Item 3.	Defaults Upon Senior Securities	47
Item 4.	Mine Safety Disclosure	47
Item 5.	Other Information	47
Item 6.	Exhibits	47

	SIGNATURES	49

Table of Contents

PART I.FINANCIAL INFORMATION

Item 1.Consolidated Financial Statements

Stone Point Credit Income Fund

Consolidated Statements of Assets and Liabilities


	June 30, 2025		December 31, 2024
	(Unaudited)		(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliated investments (amortized cost of $347,782,454 and $0, respectively)	$	347,537,054	$	—
Cash and cash equivalents	13,778,299		26,001
Interest receivable	2,761,818		—
Unsettled trades receivable	2,000,000		—
Paydown receivable	124,221		—
Deferred offering expenses	365,465		588,332
Prepaid expenses and other assets	12,661		10,475
Expense support receivable	445,357		519,021
Total assets	$	367,024,875	$	1,143,829

Liabilities
Credit facility payable (net of deferred financing costs of $3,133,191 and $0, respectively) (Note 6)	$	193,866,809	$	—
Interest and financing fees payable	2,541,811		—
Unsettled trades payable	7,465,342		—
Base management fees payable (Note 3)	85,443		—
Offering costs and organizational expenses payable (Note 4)	—		815,456
Due to Adviser	—		25,000
Distribution payable (Note 7)	1,461,987		—
Accounts payable and accrued expenses	922,922		302,373
Total liabilities	$	206,344,314	$	1,142,829

Commitments and contingencies (Note 5)	$	—	$	—
Net Assets:
Common shares of beneficial interest, $0.001 par value, unlimited shares authorized, 6,412,196 and 40 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively	$	6,412	$	—
Additional paid-in capital	160,326,939		1,000
Distributable earnings (accumulated losses)	347,210		—
Total net assets	160,680,561		1,000
Total liabilities and net assets	$	367,024,875	$	1,143,829
Net asset value per common share of beneficial interest	$	25.06	$	25.00

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

Table of Contents

Stone Point Credit Income Fund

Consolidated Statements of Operations


	Three Months Ended June 30, 2025 (Unaudited) (1)		Six Months Ended June 30, 2025 (Unaudited) (1)
Investment income
Interest income from non-controlled/non-affiliated investments	$	7,627,546	$	12,075,088
Interest income from cash and cash equivalents	49,442		70,848
Total interest income	7,676,988		12,145,936

Total investment income	$	7,676,988	$	12,145,936

Operating expenses
Base management fees (Note 3)	$	239,381	$	373,496
Interest and financing fees (Note 6)	3,089,191		4,998,381
Offering costs (Note 4)	159,750		279,139
Professional fees	599,511		1,234,340
Trustee fees	68,750		137,500
Insurance expense	11,895		28,599
Total expenses before expense support	4,168,478		7,051,455
Expense support reimbursement (Note 3)	(670,761)		(1,456,522)
Net expenses	3,497,717		5,594,933
Net investment income (loss)	$	4,179,271	$	6,551,003
Net realized gains (losses) and unrealized appreciation (depreciation) on investments:
Net realized gains (losses):
Non-controlled/non-affiliated investments	$	110,460	$	138,668
Total net realized gains (losses)	$	110,460	$	138,668
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	$	64,634	$	(245,400)
Total net change in unrealized appreciation (depreciation)	$	64,634	$	(245,400)
Net increase (decrease) in net assets resulting from operations	$	4,354,365	$	6,444,271

Per share information - basic and diluted:
Net investment income (loss)	$	0.77	$	1.56
Net increase (decrease) in net assets resulting from operations	$	0.80	$	1.54
Weighted average shares outstanding	5,442,927		4,188,496

(1)No comparative information has been presented as the Fund commenced operations on January 22, 2025.

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

Table of Contents

Stone Point Credit Income Fund

Consolidated Statements of Changes in Net Assets


	Three Months Ended June 30, 2025 (Unaudited) (1)		Six Months Ended June 30, 2025 (Unaudited) (1)
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)	$	4,179,271	$	6,551,003
Total net realized gains (losses)	110,460		138,668
Total net change in unrealized appreciation (depreciation)	64,634		(245,400)
Net increase (decrease) in net assets resulting from operations	4,354,365		6,444,271

Decrease in net assets resulting from shareholder distributions:
Shares distributed pursuant to dividend reinvestment plan	(666,937)		(718,066)
Distributions to shareholders from earnings	(3,520,784)		(5,378,995)
Net decrease in net assets resulting from shareholder distributions	(4,187,721)		(6,097,061)

Increase in net assets resulting from capital share transactions:
Issuance of Shares pursuant to dividend reinvestment plan	666,937		718,066
Issuance of Shares	37,460,710		159,614,285
Net increase in net assets resulting from capital share transactions	38,127,647		160,332,351

Total increase in net assets	38,294,291		160,679,561
Net assets, beginning of period	122,386,270		1,000
Net assets, end of period	$	160,680,561	$	160,680,561
Net asset value per share	$	25.06	$	25.06
Common shares outstanding at the end of the period	6,412,196		6,412,196

(1)No comparative information has been presented as the Fund commenced operations on January 22, 2025.

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

Table of Contents

Stone Point Credit Income Fund

Consolidated Statements of Cash Flows


	Six Months Ended June 30, 2025 (Unaudited) (1)
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	6,444,271
Adjustments to reconcile net increase (decrease) in partners’ capital resulting from operations to net cash provided by (used in) operating activities:
Total net change in unrealized (appreciation) depreciation	245,400
Total net realized (gains) losses	(138,668)
Net amortization and accretion of premiums and discounts	(390,258)
Purchases of investments, net	(358,276,454)
Sales and repayments of investments, net	11,152,228
Interest received in kind	(129,302)
Amortization of deferred financing costs	300,279
Changes in operating assets and liabilities:
Interest receivable	(2,761,818)

Unsettled trades receivable	(2,000,000)
Paydown receivable	(124,221)
Deferred offering expenses	222,867
Prepaid expenses and other assets	(2,186)
Expense support receivable	73,664

Interest and financing fees payable	2,541,811
Base management fees payable	85,443
Offering costs and organizational expenses payable	(815,456)
Due to Adviser	(25,000)
Unsettled trades payable	7,465,342
Accounts payable and accrued expenses	620,549
Net cash provided by (used in) operating activities	(335,511,509)

Cash flows from financing activities
Borrowings under revolving credit facility	257,570,000
Payments on revolving credit facility	(60,570,000)
Deferred financing costs	(3,433,470)
Distributions paid in cash	(3,917,008)
Proceeds from issuance of Shares	159,614,285
Net cash provided by (used in) financing activities	349,263,807

Net increase (decrease) in cash and cash equivalents	13,752,298
Cash and cash equivalents, beginning of period	26,001
Cash and cash equivalents, end of period	$	13,778,299

Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	2,156,291
Reinvestment of distributions during the period	$	718,066

(1)No comparative information has been presented as the Fund commenced operations on January 22, 2025.

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

Table of Contents

Stone Point Credit Income Fund

Consolidated Schedule of Investments

As of June 30, 2025 (Unaudited)


Portfolio Company 1 2 3 4	Investment Type	Reference Rate and Floor				Footnotes	Interest Rate	Maturity Date 5	Par Amount / Units	Cost 6		Fair Value		Percentage of Net Assets 7
Debt Investments - 216.3%
Capital Markets
Cliffwater, LLC	First Lien Term Loan	SOFR+	5.00%	0.75%	Floor	(10)	9.28%	4/22/2032	13,420,902	$	13,303,761	$	13,286,693	8.3	%
Cliffwater, LLC	First Lien Revolver	SOFR+	5.00%	0.75%	Floor	(9)	9.28%	4/22/2032	-	(12,483)		(15,455)		0.0	%
Total Capital Markets										13,291,278		13,271,238		8.3	%

Financial Services
Barings Middle Market CLO Ltd.	Unsecured Note	SOFR+	6.17%			(10)	10.46%	4/15/2037	5,475,000	5,421,444		5,258,738		3.3	%
Beacon Pointe Harmony, LLC	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor	(10)	9.08%	12/29/2028	2,480,786	2,480,786		2,480,786		1.5	%
Beacon Pointe Harmony, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(9) (10)	9.08%	12/29/2028	2,158,688	2,158,688		2,158,688		1.3	%
Churchill Middle Market CLO Ltd.	Unsecured Note	SOFR+	6.85%			(10)	11.17%	4/27/2037	1,570,000	1,570,000		1,560,894		1.0	%
Congress Buyer, Inc	First Lien Delayed Draw Term Loan	SOFR+	5.50%	1.00%	Floor	(9) (10)	9.90%	6/30/2029	8,207,500	8,114,308		8,207,500		5.1	%
Edelman Financial Engines Center, LLC	Second Lien Term Loan	SOFR+	5.25%			(8) (10)	9.58%	10/6/2028	1,008,694	984,855		1,014,115		0.6	%
HBWM Intermediate II, LLC	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor	(10)	9.08%	11/17/2031	2,267,144	2,256,823		2,256,489		1.4	%
HBWM Intermediate II, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(10)	9.08%	11/17/2031	2,720,573	2,708,420		2,707,787		1.7	%
HBWM Intermediate II, LLC	First Lien Revolver	SOFR+	4.50%	0.75%	Floor	(9) (10)	8.82%	8/18/2031	177,280	176,044		174,717		0.1	%
Ivy Hill Middle Market Credit Fund XII Ltd	Unsecured Note	SOFR+	6.25%			(10)	10.55%	4/20/2037	4,421,052	4,421,052		4,356,063		2.7	%
LD Holdings Group LLC	Unsecured Note	N/A				(8) (11)	8.75%	11/1/2027	2,500,000	2,296,561		2,276,128		1.4	%
MAI Capital Management Intermediate LLC	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor	(10)	9.05%	8/29/2031	2,757,143	2,732,699		2,729,571		1.7	%
MAI Capital Management Intermediate LLC	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(9) (10)	9.05%	8/29/2031	644,395	639,206		628,109		0.4	%
MAI Capital Management Intermediate LLC	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(5) (9)	9.05%	6/14/2027	-	(22,502)		(45,364)		0.0	%
MAI Capital Management Intermediate LLC	First Lien Revolver	SOFR+	4.75%	0.75%	Floor	(9) (10)	9.05%	8/29/2031	214,099	208,862		203,409		0.1	%
Nexus Buyer LLC	Second Lien Term Loan	SOFR+	6.25%			(8) (10)	10.68%	11/5/2029	5,000,000	4,993,820		4,979,450		3.1	%
Osaic Holdings, Inc	Unsecured Note	N/A				(8) (11)	10.75%	8/1/2027	1,050,000	1,045,007		1,053,768		0.7	%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	SOFR+	5.00%	1.00%	Floor	(10)	9.32%	10/2/2028	5,187,567	5,140,736		5,164,223		3.2	%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	SOFR+	5.00%	1.00%	Floor	(10)	9.31%	10/2/2028	789,980	788,069		757,319		0.5	%
TA/WEG Intermediate Holdings, LLC	First Lien Revolver	SOFR+	5.00%	1.00%	Floor	(9)	9.32%	10/2/2028	-	-		(1,338)		0.0	%
TA/WEG Intermediate Holdings, LLC	First Lien Revolver	SOFR+	5.00%	1.00%	Floor	(9)	9.32%	10/2/2028	-	-		(1,089)		0.0	%
Total Financial Services										48,114,878		47,919,963		29.8	%

Health Care Providers & Services
Action Behavior Centers Therapy LLC	First Lien Term Loan	SOFR+	5.00%	0.75%	Floor	(10)	9.32%	7/2/2031	7,817,857	7,756,681		7,799,094		4.9	%
Action Behavior Centers Therapy LLC	First Lien Delayed Draw Term Loan	SOFR+	5.00%	0.75%	Floor	(9) (10)	9.32%	7/2/2031	512,711	509,049		509,289		0.3	%
Action Behavior Centers Therapy LLC	First Lien Revolver	SOFR+	5.00%	0.75%	Floor	(9)	9.32%	7/2/2031	-	-		(1,714)		0.0	%
Belmont Buyer, Inc.	First Lien Term Loan	SOFR+	6.50%	1.00%	Floor	(10)	10.82%	6/21/2029	5,246,134	5,266,439		5,246,134		3.3	%
Belmont Buyer, Inc.	First Lien Delayed Draw Term Loan	SOFR+	6.50%	1.00%	Floor	(10)	10.81%	6/21/2029	1,245,277	1,250,097		1,245,277		0.8	%
Belmont Buyer, Inc.	First Lien Revolver	SOFR+	6.50%	1.00%	Floor	(9) (10)	10.78%	6/21/2029	337,209	337,209		337,209		0.2	%
Chartis Group, LLC	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor	(10)	8.81%	9/17/2031	1,704,720	1,689,598		1,689,378		1.1	%
Chartis Group, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor	(5) (9)	8.81%	9/17/2026	-	-		(4,720)		0.0	%
Chartis Group, LLC	First Lien Revolver	SOFR+	4.50%	0.75%	Floor	(9)	8.81%	9/17/2031	-	-		(2,360)		0.0	%
Continental Buyer Inc.	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor	(10)	8.83%	4/2/2031	2,245,780	2,220,357		2,235,225		1.4	%
Continental Buyer Inc.	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor	(9) (10)	8.83%	4/2/2031	457,562	443,441		428,888		0.3	%
Continental Buyer Inc.	First Lien Revolver	SOFR+	4.50%	0.75%	Floor	(9)	8.83%	4/2/2031	-	(12,172)		(13,310)		0.0	%
Covetrus, Inc.	First Lien Term Loan	SOFR+	5.00%	0.50%	Floor	(8) (10)	9.30%	10/12/2029	2,984,733	2,897,424		2,694,348		1.7	%
Giving Home Health Care	First Lien Term Loan	SOFR+	6.25%	1.00%	Floor	(10)	10.58%	4/26/2029	11,981,038	11,886,993		11,861,226		7.4	%
MB2 Dental Solutions, LLC	First Lien Delayed Draw Term Loan	SOFR+	5.50%	0.75%	Floor	(10)	9.83%	2/13/2031	1,147,117	1,152,263		1,158,588		0.7	%

Table of Contents


Portfolio Company 1 2 3 4	Investment Type	Reference Rate and Floor				Footnotes	Interest Rate	Maturity Date 5	Par Amount / Units	Cost 6	Fair Value	Percentage of Net Assets 7
MB2 Dental Solutions, LLC	First Lien Delayed Draw Term Loan	SOFR+	5.50%	0.75%	Floor	(9) (10)	9.83%	2/13/2031	986,361	984,450	1,014,114	0.6	%
MB2 Dental Solutions, LLC	First Lien Revolver	SOFR+	5.50%	0.75%	Floor	(9)	9.83%	2/13/2031	-	-	-	0.0	%
One Call Corp	First Lien Term Loan	SOFR+	5.50%	0.75%	Floor	(8) (10)	10.04%	4/22/2027	4,981,476	4,828,560	4,979,384	3.1	%
RCP NATS Purchaser, LLC	First Lien Term Loan	SOFR+	5.00%	0.75%	Floor	(10)	9.32%	3/19/2032	11,194,030	11,059,796	11,057,463	6.9	%
RCP NATS Purchaser, LLC	First Lien Delayed Draw Term Loan	SOFR+	5.00%	0.75%	Floor	(5) (9)	9.32%	3/19/2027	-	(11,999)	(27,313)	0.0	%
RCP NATS Purchaser, LLC	First Lien Revolver	SOFR+	5.00%	0.75%	Floor	(9)	9.32%	3/19/2032	-	(18,793)	(19,119)	0.0	%
RxB Holdings, Inc.	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor	(8) (10)	8.94%	12/20/2027	897,662	885,856	897,106	0.6	%
RxB Holdings, Inc.	First Lien Term Loan	SOFR+	5.25%	0.75%	Floor	(8) (10)	9.58%	12/20/2027	2,888,056	2,870,359	2,888,056	1.8	%
Vital Care Buyer LLC	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor	(10)	8.80%	7/30/2031	3,313,125	3,283,779	3,302,523	2.1	%
Vital Care Buyer LLC	First Lien Revolver	SOFR+	4.50%	0.75%	Floor	(9)	8.80%	7/30/2031	-	-	(1,398)	0.0	%
Total Health Care Providers & Services										59,279,387	59,273,368	37.2	%

Health Care Technology
FINThrive Software Intermediate Holdings, Inc.	First Lien Term Loan	SOFR+	5.25%			(8) (10)	9.57%	12/15/2028	1,487,444	1,456,993	1,491,161	0.9	%
Homecare Software Solutions LLC	First Lien Term Loan	SOFR+	5.55%	0.75%	Floor	(10)	9.87%	6/16/2031	5,040,409	4,996,374	4,995,045	3.1	%
Homecare Software Solutions LLC	First Lien Term Loan	SOFR+	5.55%	0.75%	Floor	(10)	9.87%	6/16/2031	2,147,310	2,128,550	2,127,984	1.3	%
Homecare Software Solutions LLC	First Lien Delayed Draw Term Loan	SOFR+	5.55%	0.75%	Floor	(10)	9.87%	6/16/2031	1,872,152	1,858,416	1,855,302	1.2	%
Total Health Care Technology										10,440,333	10,469,492	6.5	%

Insurance
Alkeme Intermediary Holdings, LLC	First Lien Term Loan	SOFR+	5.25%	1.00%	Floor	(10)	9.55%	10/28/2026	827,083	819,201	820,549	0.5	%
Alkeme Intermediary Holdings, LLC	First Lien Delayed Draw Term Loan	SOFR+	5.25%	1.00%	Floor	(10)	9.55%	10/28/2026	1,660,568	1,647,373	1,647,449	1.0	%
Alkeme Intermediary Holdings, LLC	First Lien Delayed Draw Term Loan	SOFR+	5.25%	1.00%	Floor	(9) (10)	9.56%	10/28/2026	5,942,611	5,883,600	5,863,612	3.6	%
Amerilife Holdings LLC	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor	(10)	9.01%	8/31/2029	8,881,061	8,842,886	8,840,207	5.5	%
Amerilife Holdings LLC	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(5) (9)	9.01%	2/28/2027	-	(3,066)	(6,785)	0.0	%
Amerilife Holdings LLC	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(9) (10)	9.01%	8/31/2029	2,077,250	2,070,587	2,065,895	1.3	%
Amerilife Holdings LLC	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(10)	9.01%	8/31/2029	48,155	47,964	47,934	0.0	%
Amerilife Holdings LLC	First Lien Revolver	SOFR+	4.75%	0.75%	Floor	(9) (10)	9.08%	8/31/2028	113,572	109,379	107,303	0.1	%
ARMStrong Receivable Management	First Lien Term Loan	SOFR+	5.00%	1.00%	Floor	(10)	9.40%	10/5/2029	6,354,761	6,332,300	6,331,884	3.9	%
ARMStrong Receivable Management	First Lien Delayed Draw Term Loan	SOFR+	5.00%	1.00%	Floor	(9) (10)	9.39%	10/5/2029	222,900	221,905	220,678	0.1	%
ARMStrong Receivable Management	First Lien Revolver	SOFR+	5.00%	1.00%	Floor	(9)	9.40%	10/5/2029	-	-	(470)	0.0	%
Arden Insurance Services LLC	First Lien Term Loan	SOFR+	5.00%	1.00%	Floor	(10)	9.30%	11/27/2030	3,276,220	3,231,942	3,247,061	2.0	%
Arden Insurance Services LLC	First Lien Revolver	SOFR+	5.00%	1.00%	Floor	(9)	9.30%	11/27/2030	-	(1,235)	(3,979)	0.0	%
Babylon Buyer, Inc.	First Lien Term Loan	SOFR+	5.50%	0.75%	Floor	(10)	9.82%	3/8/2030	3,577,032	3,534,637	3,533,392	2.2	%
Babylon Buyer, Inc.	First Lien Revolver	SOFR+	5.50%	0.75%	Floor	(9) (10)	9.82%	3/8/2030	29,183	27,623	27,403	0.0	%
Bellwether Buyer, LLC	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor	(10)	8.81%	4/15/2032	5,783,133	5,755,088	5,754,217	3.6	%
Bellwether Buyer, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor	(5) (9)	8.81%	10/15/2027	-	(7,303)	(15,060)	0.0	%
Bellwether Buyer, LLC	First Lien Revolver	SOFR+	4.50%	0.75%	Floor	(9)	8.81%	4/15/2032	-	(5,843)	(6,024)	0.0	%
Foundation Risk Partners, Corp.	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor	(10)	9.05%	10/29/2030	2,082,496	2,082,496	2,072,500	1.3	%
Foundation Risk Partners, Corp.	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor	(10)	9.05%	10/29/2030	706,751	706,751	703,358	0.4	%
Foundation Risk Partners, Corp.	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(10)	9.05%	10/29/2030	329,253	329,253	327,673	0.2	%
Foundation Risk Partners, Corp.	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(9) (10)	9.05%	10/29/2030	1,837,520	1,834,014	1,828,185	1.1	%
Foundation Risk Partners, Corp.	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(10)	9.05%	10/29/2030	7,926,800	7,926,800	7,888,750	4.9	%
Foundation Risk Partners, Corp.	First Lien Revolver	SOFR+	4.75%	0.75%	Floor	(9)	9.05%	10/29/2029	-	-	(4,496)	0.0	%
Galway Borrower LLC	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor	(10)	8.80%	9/29/2028	6,565,995	6,574,716	6,565,995	4.1	%
Galway Borrower LLC	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor	(10)	8.80%	9/29/2028	3,546,909	3,524,424	3,524,209	2.2	%
Galway Borrower LLC	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor	(9) (10)	8.80%	9/29/2028	350,031	348,355	336,653	0.2	%
Galway Borrower LLC	First Lien Revolver	SOFR+	4.50%	0.75%	Floor	(9) (10)	8.80%	10/2/2028	189,432	189,432	189,432	0.1	%
OneDigital Borrower LLC	Second Lien Term Loan	SOFR+	5.25%	0.50%	Floor	(8) (10)	9.58%	7/2/2032	1,000,000	983,801	1,003,750	0.6	%
Redwood Purchaser, Inc	First Lien Term Loan	SOFR+	5.00%	0.75%	Floor	(10)	9.30%	3/3/2031	7,091,205	7,007,304	7,006,110	4.4	%
Redwood Purchaser, Inc	First Lien Delayed Draw Term Loan	SOFR+	5.00%	0.75%	Floor	(5) (9)	9.30%	3/3/2027	-	(19,282)	(44,123)	0.0	%

Table of Contents


Portfolio Company 1 2 3 4	Investment Type	Reference Rate and Floor				Footnotes	Interest Rate	Maturity Date 5	Par Amount / Units	Cost 6	Fair Value	Percentage of Net Assets 7
Redwood Purchaser, Inc	First Lien Revolver	SOFR+	5.00%	0.75%	Floor	(9)	9.30%	3/3/2031	-	(20,491)	(20,782)	0.0	%
RSC Acquisition, Inc	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor	(10)	9.03%	10/30/2029	1,181,807	1,176,766	1,181,807	0.7	%
RSC Acquisition, Inc	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor	(10)	9.05%	10/30/2029	855,092	851,445	855,092	0.5	%
RSC Acquisition, Inc	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor	(10)	9.03%	10/30/2029	446,181	444,277	446,181	0.3	%
RSC Acquisition, Inc	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(10)	9.08%	10/30/2029	4,249,766	4,231,638	4,249,766	2.6	%
RSC Acquisition, Inc	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(10)	9.08%	10/30/2029	3,166,148	3,152,642	3,166,148	2.0	%
THG Acquisition, LLC	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor	(10)	8.83%	10/31/2031	11,212,947	11,111,519	11,107,545	6.9	%
THG Acquisition, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor	(9) (10)	8.83%	10/31/2031	79,990	79,552	56,436	0.0	%
THG Acquisition, LLC	First Lien Revolver	SOFR+	4.75%	0.75%	Floor	(9) (10)	9.08%	10/31/2031	93,079	92,237	81,301	0.1	%
World Insurance Associates LLC	First Lien Delayed Draw Term Loan	SOFR+	5.00%	1.00%	Floor	(5) (9)	9.45%	8/14/2026	-	(8,316)	(18,800)	0.0	%
World Insurance Associates LLC	First Lien Revolver	SOFR+	5.00%	1.00%	Floor	(9)	9.45%	4/3/2030	-	(1,002)	(1,016)	0.0	%
Total Insurance										91,105,369	90,976,940	56.4	%

IT Services
Bottomline Technologies, Inc.	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor	(10)	8.80%	5/14/2029	9,924,107	9,838,560	9,924,107	6.2	%
Kona Buyer, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor	(5) (9)	8.95%	6/27/2027	-	(3,719)	(7,439)	0.0	%
Kona Buyer, LLC	First Lien Revolver	SOFR+	4.50%	0.75%	Floor	(9)	8.95%	7/23/2031	-	(826)	(826)	0.0	%
Lytx, Inc.	First Lien Term Loan	SOFR+	5.00%	1.00%	Floor	(10)	9.42%	2/28/2028	7,500,000	7,500,000	7,500,000	4.7	%
Redwood Services Group, LLC	First Lien Term Loan	SOFR+	5.25%	0.75%	Floor	(10)	9.55%	6/15/2029	2,409,321	2,387,832	2,387,155	1.5	%
Redwood Services Group, LLC	First Lien Delayed Draw Term Loan	SOFR+	5.25%	0.75%	Floor	(9) (10)	9.55%	6/15/2029	1,042,268	1,037,090	1,013,946	0.6	%
Skywalker Purchaser, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor	(5) (9)	8.85%	6/27/2027	-	(2,464)	(4,928)	0.0	%
Skywalker Purchaser, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor	(5) (9)	8.85%	6/27/2027	-	(2,194)	(4,389)	0.0	%
Total IT Services										20,754,279	20,807,626	13.0	%

Professional Services
Accordion Partners LLC	First Lien Term Loan	SOFR+	5.25%	0.75%	Floor	(10)	9.55%	11/17/2031	9,758,152	9,697,558	9,666,426	6.0	%
Accordion Partners LLC	First Lien Delayed Draw Term Loan	SOFR+	5.25%	0.75%	Floor	(9) (10)	9.56%	11/17/2031	260,870	260,870	245,543	0.2	%
Accordion Partners LLC	First Lien Revolver	SOFR+	5.25%	0.75%	Floor	(9)	9.55%	11/17/2031	-	-	(10,217)	0.0	%
Aprio Advisory Group, LLC	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor	(10)	8.87%	8/1/2031	2,500,000	2,451,474	2,475,000	1.5	%
Aprio Advisory Group, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(9) (10)	9.08%	8/1/2031	2,600,195	2,405,439	2,475,195	1.5	%
Baker Tilly Advisory Group, L.P.	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor	(10)	8.83%	6/2/2032	4,690,048	4,643,679	4,643,147	2.9	%
Baker Tilly Advisory Group, L.P.	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor	(10)	9.08%	6/3/2031	2,103,188	2,076,569	2,103,188	1.3	%
Baker Tilly Advisory Group, L.P.	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor	(5) (9)	8.83%	6/3/2027	-	(10,026)	(20,281)	0.0	%
Baker Tilly Advisory Group, L.P.	First Lien Revolver	SOFR+	4.75%	0.75%	Floor	(9)	8.83%	6/3/2030	-	-	-	0.0	%
Baker Tilly Advisory Group, L.P.	First Lien Revolver	SOFR+	4.50%	0.75%	Floor	(9)	8.83%	6/2/2031	-	(7,725)	(7,813)	0.0	%
Cherry Bekaert Advisory LLC	First Lien Term Loan	SOFR+	5.25%	0.75%	Floor	(10)	9.58%	6/30/2028	1,074,609	1,062,805	1,066,120	0.7	%
Cherry Bekaert Advisory LLC	First Lien Delayed Draw Term Loan	SOFR+	5.25%	0.75%	Floor	(10)	9.58%	6/30/2028	1,399,125	1,383,978	1,388,072	0.9	%
Heights Buyer, LLC	First Lien Term Loan	SOFR+	5.00%	1.00%	Floor	(10)	9.42%	8/25/2028	1,195,170	1,183,290	1,183,218	0.7	%
Heights Buyer, LLC	First Lien Delayed Draw Term Loan	SOFR+	5.00%	1.00%	Floor	(5) (9)	9.42%	6/24/2027	-	(8,047)	(16,191)	0.0	%
KRIV Acquisition Inc.	First Lien Term Loan	SOFR+	5.75%	1.00%	Floor	(10)	10.05%	7/6/2029	1,706,052	1,705,591	1,705,882	1.1	%
KRIV Acquisition Inc.	First Lien Delayed Draw Term Loan	SOFR+	5.50%	0.75%	Floor	(5) (9)	9.82%	9/25/2026	-	-	(308)	0.0	%
KRIV Acquisition Inc.	First Lien Delayed Draw Term Loan	SOFR+	5.75%	1.00%	Floor	(10)	10.05%	7/6/2029	198,667	198,613	198,647	0.1	%
More Cowbell II LLC	First Lien Term Loan	SOFR+	5.00%	0.75%	Floor	(10)	8.80%	9/2/2030	9,845,710	9,845,710	9,845,709	6.1	%
More Cowbell II LLC	First Lien Delayed Draw Term Loan	SOFR+	5.00%	0.75%	Floor	(5) (9)	8.80%	9/1/2025	-	-	-	0.0	%
More Cowbell II LLC	First Lien Revolver	SOFR+	5.00%	0.75%	Floor	(9) (10)	9.24%	9/3/2029	283,101	283,101	283,101	0.2	%
PAS Parent Inc.	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor	(10)	9.08%	12/29/2028	1,231,266	1,221,207	1,221,046	0.8	%
PAS Parent Inc.	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(9) (10)	9.08%	12/29/2028	2,921,736	2,897,700	2,894,033	1.8	%
PAS Parent Inc.	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(5) (9)	9.32%	6/26/2026	-	-	(31,125)	0.0	%
PAS Parent Inc.	First Lien Revolver	SOFR+	4.75%	0.75%	Floor	(9) (10)	9.32%	12/30/2027	24,679	24,679	21,567	0.0	%
Petra Borrower, LLC	First Lien Term Loan	SOFR+	5.75%	1.00%	Floor	(10)	10.01%	11/15/2030	4,299,727	4,249,657	4,248,990	2.6	%
Petra Borrower, LLC	First Lien Delayed Draw Term Loan	SOFR+	5.75%	1.00%	Floor	(9) (10)	10.07%	11/15/2030	799,825	784,457	780,111	0.5	%

Table of Contents


Portfolio Company 1 2 3 4	Investment Type	Reference Rate and Floor				Footnotes	Interest Rate	Maturity Date 5	Par Amount / Units	Cost 6		Fair Value		Percentage of Net Assets 7
Petra Borrower, LLC	First Lien Revolver	SOFR+	5.75%	1.00%	Floor	(9) (10)	10.07%	11/15/2029	234,454	231,772		226,550		0.1	%
TRAK Purchaser, Inc	First Lien Term Loan	SOFR+	5.50%	1.00%	Floor	(10)	9.82%	6/20/2031	9,347,061	9,207,559		9,206,855		5.7	%
TRAK Purchaser, Inc	First Lien Revolver	SOFR+	5.50%	1.00%	Floor	(9) (10)	9.80%	6/20/2031	326,469	316,727		316,675		0.2	%
Total Professional Services										56,106,637		56,109,140		34.9	%

Real Estate Management & Development
Accuserve Solutions, Inc.	First Lien Term Loan	SOFR+	5.25%	1.00%	Floor	(10)	9.53%	3/15/2030	8,645,347	8,529,152		8,453,420		5.3	%
Accuserve Solutions, Inc.	First Lien Revolver	SOFR+	5.25%	1.00%	Floor	(9) (10)	9.55%	3/15/2030	238,636	238,636		229,807		0.1	%
Claros Mortgage Trust, Inc.	First Lien Term Loan	SOFR+	4.50%	0.50%	Floor	(8) (10)	8.93%	8/9/2026	3,282,468	3,146,896		3,192,200		2.0	%
Low Voltage Holdings Inc.	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor	(10)	9.05%	4/28/2032	1,690,220	1,677,861		1,677,543		1.0	%
Low Voltage Holdings Inc.	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(5) (9)	9.05%	10/28/2027	-	(1,922)		(3,943)		0.0	%
Low Voltage Holdings Inc.	First Lien Revolver	SOFR+	4.75%	0.75%	Floor	(9)	9.05%	4/28/2032	-	(2,083)		(2,136)		0.0	%
Southpaw AP Buyer, LLC	First Lien Term Loan	SOFR+	5.50%	1.00%	Floor	(10)	9.96%	3/2/2028	2,762,004	2,746,596		2,746,537		1.7	%
Southpaw AP Buyer, LLC	First Lien Delayed Draw Term Loan	SOFR+	5.50%	1.00%	Floor	(9) (10)	9.96%	3/2/2028	173,154	172,168		171,897		0.1	%
Southpaw AP Buyer, LLC	First Lien Revolver	SOFR+	5.50%	1.00%	Floor	(9) (10)	9.93%	3/2/2028	99,306	99,306		98,042		0.1	%
Titan Home Improvement, LLC	First Lien Term Loan	SOFR+	4.75%	1.00%	Floor	(10)	9.05%	5/31/2030	2,585,116	2,540,042		2,563,660		1.6	%
Titan Home Improvement, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.75%	1.00%	Floor	(5) (9)	9.05%	6/2/2026	-	-		(4,053)		0.0	%
Titan Home Improvement, LLC	First Lien Revolver	SOFR+	4.75%	1.00%	Floor	(9)	9.05%	5/31/2030	-	-		(3,378)		0.0	%
Total Real Estate Management & Development										19,146,652		19,119,596		11.9	%

Software
Cardinal Parent Inc	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor	(8) (10)	8.74%	11/12/2027	2,984,576	2,871,593		2,915,244		1.8	%
Diligent Corporation	First Lien Term Loan	SOFR+	5.00%	0.75%	Floor	(10)	9.33%	8/6/2030	5,550,561	5,514,799		5,513,927		3.4	%
Diligent Corporation	First Lien Delayed Draw Term Loan	SOFR+	5.00%	0.75%	Floor	(5) (9)	9.33%	4/30/2026	-	-		(10,362)		0.0	%
Diligent Corporation	First Lien Revolver	SOFR+	5.00%	0.75%	Floor	(9) (10)	9.33%	8/6/2030	28,456	28,456		25,952		0.0	%
GovDelivery Holdings, LLC	First Lien Term Loan	SOFR+	5.75%	0.75%	Floor	(10)	10.03%	1/17/2031	2,746,019	2,746,019		2,746,019		1.7	%
GovDelivery Holdings, LLC	First Lien Delayed Draw Term Loan	SOFR+	5.25%	0.75%	Floor	(10)	9.53%	1/17/2031	406,799	406,799		402,649		0.3	%
GovDelivery Holdings, LLC	First Lien Revolver	ABR+	4.25%			(9) (12)	11.75%	1/17/2031	53,728	53,728		53,728		0.0	%
GS Acquisitionco Inc	First Lien Delayed Draw Term Loan	SOFR+	5.25%	1.00%	Floor	(5) (9)	9.55%	5/25/2028	-	(11,980)		(25,000)		0.0	%
Houghton Mifflin Harcourt Company	First Lien Term Loan	SOFR+	5.25%	0.50%	Floor	(8) (10)	9.63%	4/9/2029	2,984,655	2,941,543		2,933,916		1.8	%
oneZero Financial Systems, LLC	First Lien Term Loan	SOFR+	5.00%	0.75%	Floor	(10)	9.28%	10/7/2031	8,632,212	8,554,938		8,557,111		5.3	%
oneZero Financial Systems, LLC	First Lien Delayed Draw Term Loan	SOFR+	5.00%	0.75%	Floor	(9) (10)	9.28%	10/7/2031	509,300	504,866		496,136		0.3	%
oneZero Financial Systems, LLC	First Lien Revolver	SOFR+	5.00%	0.75%	Floor	(9)	9.28%	10/7/2031	-	-		(9,411)		0.0	%
Orion US Finco	Second Lien Term Loan	SOFR+	3.50%			(8) (10)	7.82%	5/20/2033	3,500,000	3,465,000		3,522,610		2.2	%
Propio LS, LLC	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor	(10)	9.05%	5/13/2030	2,493,024	2,468,776		2,468,093		1.5	%
Propio LS, LLC	First Lien Revolver	SOFR+	4.75%	0.75%	Floor	(9)	9.05%	5/13/2030	-	(896)		(921)		0.0	%
Total Software										29,543,641		29,589,691		18.3	%

Total Debt Investments										347,782,454		347,537,054		216.3	%

Total Non-Controlled/Non-Affiliated Investments										$	347,782,454	$	347,537,054	216.3	%

(1) All of the Fund's investments are domiciled in the United States, except for Barings Middle Market CLO Ltd. which is domiciled in Cayman Islands.

(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 Churchill Middle Market CLO Ltd., Claros Mortgage Trust Inc. Ivy Hill Middle Market Credit Fund XII Ltd., Barings Middle Market CLO Ltd. and LD Holdings Group LLC. As of June 30, 2025, non-qualifying assets totaled 4.53% of the Fund's total assets.

Table of Contents

(4) As of June 30, 2025, all investments are pledged as collateral except for Churchill Middle Market CLO Ltd., Ivy Hill Middle Market Credit Fund XII Ltd., and Barings Middle Market CLO Ltd.

(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 $160,680,561 as of June 30, 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 June 30, 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 June 30, 2025 was 4.45%.

(11) Security is exempt from registration under Rule 144A of the Securities Act of 1933.

(12) The interest rate on this security is subject to the Alternate Base Rate, which at June 30, 2025 was 7.5%.

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

Table of Contents

Stone Point Credit Income Fund

Notes to Consolidated Financial Statements

June 30, 2025

(Unaudited)

Note 1. Organization

Organization

Stone Point Credit Income Fund (the “Fund”) is a Delaware statutory trust formed on June 24, 2024. The Fund commenced operations on January 22, 2025. The Fund 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 addition, for tax purposes, the Fund intends to elect to be treated, and to qualify annually thereafter, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Fund is managed by Stone Point Credit Income 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 Fund’s board of trustees (the “Board”), the Adviser manages the day-to-day operations of the Fund and provides the Fund with investment advisory and management services. The Adviser is a wholly-owned subsidiary of Stone Point Credit Adviser LLC ("Stone Point Credit Adviser" or together with its wholly-owned subsidiary, "Stone Point Credit") and an affiliate of Stone Point Capital LLC (“Stone Point Capital” or together with its credit-focused affiliates, “Stone Point”), which is an alternative investment management platform specializing in investments within the global financial services industry and related sectors.

The Fund’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 Fund intends to invest primarily in senior secured loans, including first lien, second lien and unitranche loans, or unsecured loans and, to a lesser extent, subordinated loans, mezzanine loans, notes, senior secured bonds, unsecured bonds and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into common equity. The Fund may invest without limit in originated or syndicated debt.

On July 14, 2023, Stone Point Credit formed SPV CA IV LLC (the “SPV”). On December 3, 2024, the Fund renamed and repurposed the SPV as “SPCIF Funding I LLC”, a wholly-owned financing subsidiary of the Fund, for the purpose of holding pledged investments as collateral under a financing facility. From time to time, the Fund may form additional wholly-owned subsidiaries to facilitate its course of business.

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

Interim consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. Accordingly, they may not include all information and notes required by U.S. GAAP for annual consolidated financial statements. U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending on December 31, 2025.

The accompanying consolidated financial statements include the accounts of the Fund and its consolidated subsidiary. All intercompany balances and transactions have been eliminated in consolidation. References to the “Fund,” “we,” and “us” herein include Stone Point Credit Income Fund and its consolidated subsidiary, except where context is otherwise required. The Fund is an investment company and, therefore, applies the specialized accounting and reporting guidance in

Table of Contents

Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. The Fund’s fiscal year ends on December 31. The functional currency of the Fund is U.S. dollars.

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 consist of deposits in money market funds and demand deposits held at a custodian bank. Cash and cash equivalents are carried at cost, which approximates fair value. The Fund’s deposits may, at times, exceed the insured limits under applicable law. The Fund's deposits in money market funds are considered Level 1 securities within the fair value hierarchy.

Investments at Fair Value

In accordance with Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the Fund’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 Fund’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 Fund retains an external, independent valuation firm to provide data and valuation analyses on the Fund’s portfolio companies.

The Fund’s investment portfolio is recorded at fair value as determined in good faith in accordance with procedures established by the Adviser and approved by the Board (the “Valuation Policy”) and, as a result, there is and will be uncertainty as to the value of the Fund’s portfolio investments. Under the 1940 Act, the Fund 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 Fund intends to hold and make. The Fund’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 Fund may recognize in any reporting period, is to a degree subjective, and the Adviser has a conflict of interest in making fair value determinations. The types of factors that may be considered in determining the fair values of the Fund’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 approved by the Board may differ materially from the values that would have been used if an active market and market quotations existed for such investments. The Fund’s net asset value ("NAV") could be adversely affected if the determinations regarding the fair value of the investments were materially higher than the values that the Fund ultimately realizes upon the disposal of such investments.

Deferred Financing

Financing costs incurred in connection with the Fund’s borrowings (see Note 6) are deferred and amortized over the life of the corresponding facility. The Fund records origination and other expenses related to its debt obligations as deferred financing costs. Deferred financing 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 is determined at least quarterly by dividing the value of total assets minus liabilities by the total number of Shares outstanding.

Table of Contents

Revenue Recognition

The Fund may recognize 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 Fund will follow 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 Fund may include 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 may be 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 Fund’s progress under the contract; and whether constraints on variable consideration should be applied due to uncertain future events.

Revenue from contracts with customers may include fee income (underwriting and arranger fees). The Fund may earn underwriting and arranger fees in securities offerings in which the Fund will act 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 will be 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 Fund has made a firm commitment for the purchase of securities from the issuer; (iii) the Fund 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 Fund, or its affiliates, may receive fees for capital structuring services. These fees will generally be non-recurring and recognized as fee income by the Fund on the investment closing date. During the three and six months ended June 30, 2025, the Fund did not earn any fee income.

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 June 30, 2025, no investments were on non-accrual status.

Dividend income on preferred equity securities will be 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 will be recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. During the three and six months ended June 30, 2025, the Fund did not earn any dividend income.

Organizational Expense and Offering Costs

Organizational expenses are costs associated with the organization of the Fund and are expensed as incurred. Offering expenses are costs associated with the offering of Shares and are capitalized as deferred offering expenses in the Consolidated Statement of Assets and Liabilities. Deferred offering expenses are amortized over a twelve-month period beginning with the later of either the commencement of operations or from incurrence.

Table of Contents

Income Taxes

The Fund intends to elect to be treated, and intends to qualify annually, as a RIC under the Code. So long as the Fund 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 shareholders as dividends. To qualify as a RIC, the Fund 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 Fund’s “investment company taxable income,” which is generally the Fund’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. In order for the Fund 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 Fund, 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 Fund evaluates tax positions taken or expected to be taken in the course of 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 at a later date 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 June 30, 2025. As of June 30, 2025, the tax cost of the Fund's investments approximates its amortized cost. There were no investments as of December 31 ,2024.

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

The Fund measures realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment using the specific identification method, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized. During the three and six months ended June 30, 2025, the Fund recorded $110,460 and $138,668 of net realized gain, respectively. During the three and six months ended June 30, 2025, the Fund recorded net unrealized appreciation of $64,634 and net unrealized depreciation of $245,400, respectively.

Distributions to Stockholders

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

The Fund uses newly issued Shares to implement the DRIP. Shares are issued at a price per Share equal to the most recent net asset value per Share determined by the Board.

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

Consolidation

As provided under Regulation S-X and ASC Topic 946 - Financial Services - Investment Companies, the Fund 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 Fund. Accordingly, the Fund consolidates the accounts of the Fund’s SPV and any additional wholly-owned subsidiaries in its consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation.

Table of Contents

Segment Reporting

In accordance with ASC Topic 280 – Segment Reporting (“ASC 280”), the Fund has determined that it has a single operating and reporting segment. As a result, the Fund’s segment accounting policies are the same as described herein and the Fund does not have any intra-segment sales and transfers of assets.

The Fund’s investment objective is to generate both current income and, to a lesser extent, capital appreciation through its investments. The chief operating decision maker (“CODM”) is comprised of the Fund’s chairman, president, and chief financial officer. The CODM assesses the performance and makes decisions of the Fund on a consolidated basis primarily based on the Fund’s net increase in shareholders’ 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 Fund’s shareholders. As the Fund’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 ASC 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 Fund has adopted 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 Fund 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 Fund 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 Fund 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 Fund'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.

Table of Contents

Note 3. Agreements and Related Party Transactions

Investment Advisory Agreement

Subject to the overall supervision of the Board and in accordance with the 1940 Act, the Adviser manages the Fund’s day-to-day operations and provides investment advisory services to the Fund. Under the terms of the Investment Advisory Agreement, the Adviser:

•determines the composition and allocation of the Fund’s investment portfolio, the nature and timing of any changes therein and the manner of implementing such changes;

•identifies, evaluates and negotiates the structure of the investments made by the Fund;

•performs due diligence on prospective portfolio companies;

•executes, closes, services and monitors the Fund’s investments;

•determines the securities and other assets that the Fund shall purchase, retain or sell;

•arranges financings and borrowing facilities for the Fund;

•provides the Fund with such other investment advisory, research and related services as the Fund may, from time to time, reasonably require for the investment of its funds; and

•to the extent permitted under the 1940 Act and the Advisers Act, on the Fund’s behalf, and in coordination with any sub-adviser and any administrator, provides significant managerial assistance to those portfolio companies to which the Fund 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 Fund’s portfolio companies, participate in board and management meetings, consult with and advise officers of portfolio companies and provide other organizational and financial consultation.

Under the Investment Advisory Agreement, the Fund pays the Adviser fees for investment management services consisting of the Base Management Fee and the Incentive Fees, each as defined below.

Base Management Fee

The Fund pays to the Adviser an asset-based fee (the “Management Fee”) for management services in an amount equal to an annual rate of 1.25% of the Fund’s net assets (excluding borrowings for investment purposes) as of the beginning of the first calendar day of the applicable month. For purposes of the Investment Advisory Agreement, “net assets” means the Fund’s total assets less liabilities, determined on a consolidated basis in accordance with U.S. generally accepted accounting principles. The Management Fee is payable monthly in arrears. The Management Fee for any partial month is appropriately prorated based on the actual number of days elapsed during such partial month as a fraction of the number of days in the relevant calendar year.

The Management Fee began to accrue from the date on which the fund made its first investment, January 22, 2025 (the “Commencement Date”). The Adviser has agreed to waive 0.50% of the Management Fee that would be otherwise payable for the period beginning on the Commencement Date and ending on January 31, 2028 (the “Waiver Period”). Therefore, during the Waiver Period, the Management Fee is calculated at an annual rate of 0.75% of net assets; for periods ending after the Waiver Period, the Management Fee will be calculated at an annual rate of 1.25% of net assets. The Management Fee is payable monthly in arrears.

For the three and six months ended June 30, 2025, the Fund incurred Management Fees of $239,381 and $373,496, respectively. As of June 30, 2025, the Fund recorded Management Fees payable of $85,443.

Incentive Fee

The Fund will pay to the Adviser an incentive fee (“Incentive Fee”) as set forth below. Beginning on February 1, 2026 (the “Incentive Fee Commencement Date”), the Fund shall pay the Adviser an Incentive Fee. The Incentive Fee will consist of two parts, consisting of the “Investment Income Incentive Fee” and the “Capital Gains Incentive Fee”.

Table of Contents

Investment Income Incentive Fee

The Investment Income Incentive Fee will be calculated and payable on a quarterly basis, in arrears.

For the periods ending on or prior to the second anniversary of the Incentive Fee Commencement Date, the Investment Income Incentive Fee will be calculated and payable on a quarterly basis, in arrears, and will equal 7.50% of pre-incentive fee net investment income of the Fund, subject to a quarterly preferred return to a “Hurdle Rate” of 1.25% per quarter (5.00% annualized). The Fund shall pay the Adviser an Investment Income Incentive Fee with respect to its pre-incentive fee net investment income as follows:

•no Investment Income Incentive Fee based on pre-incentive fee net investment income in any calendar quarter in which the Fund’s pre-incentive fee net investment income does not exceed the Hurdle Rate;

•100% of pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Rate but is less than 1.35% in any calendar quarter (5.41% annualized). This portion of the pre-incentive fee net investment income (which exceeds the Hurdle Rate but is less than 1.35%) is referred to as the “catch-up”. The catch-up is meant to provide the Adviser with approximately 7.50% of the Fund’s pre-incentive fee net investment income as if a Hurdle Rate did not apply if pre-incentive fee net investment income exceeds 1.35% in any calendar quarter; and

•7.50% of the pre-incentive fee net investment income, if any, that exceeds 1.35% in any calendar quarter (5.41% annualized), which reflects that once the Hurdle Rate is reached and the catch-up is achieved, 7.50% of all pre-incentive fee net investment income is paid to the Adviser.

For periods ending after the second anniversary of the Incentive Fee Commencement Date, the Investment Income Incentive Fee will be calculated and payable on a quarterly basis, in arrears, and will equal 12.50% of pre-incentive fee net investment income of the Fund, subject to a quarterly preferred return to a “Hurdle Rate” of 1.25% per quarter (5.00% annualized). The Fund shall pay the Adviser an Investment Income Incentive Fee with respect to its pre-incentive fee net investment income as follows:

•100% of pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Rate but is less than 1.43% in any calendar quarter (5.71% annualized). This portion of the pre-incentive fee net investment income (which exceeds the Hurdle Rate but is less than 1.43%) is referred to as the “catch-up.” The catch-up is meant to provide the Adviser with approximately 12.50% of the Fund’s pre-incentive fee net investment income as if a Hurdle Rate did not apply if pre-incentive fee net investment income exceeds 1.43% in any calendar quarter; and

•12.50% of the pre-incentive fee net investment income, if any, that exceeds 1.43% in any calendar quarter (5.71% annualized), which reflects that once the Hurdle Rate is reached and the catch-up is achieved, 12.50% of all pre-incentive fee net investment income is paid to the Adviser.

For purposes of calculating the Investment Income Incentive Fee, “pre-incentive fee net investment income” is defined as interest income, dividend income and any other income accrued during the calendar quarter, minus operating expenses for the quarter, including the Management Fee, expenses payable to the administrator under the administration agreement, any interest expense and distributions paid on any issued and outstanding preferred shares (if any), but excluding (x) the Incentive Fee and (y) any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as debt instruments with payment-in-kind (“PIK”) interest and zero-coupon securities), accrued income that the Fund has not yet received in cash. The Adviser is not obligated to return to the Fund the Incentive Fee it receives on PIK interest that is later determined to be uncollectible in cash.

For the three and six months ended June 30, 2025, the Fund did not incur any investment income-based incentive fees.

Table of Contents

Capital Gains Incentive Fee

The Capital Gains Incentive Fee is payable in cash at the end of each calendar year in arrears on or after the Incentive Fee Commencement Date or upon the termination of the Investment Advisory Agreement, to the extent it is terminated after the Incentive Fee Commencement Date. The Capital Gains Incentive Fee is calculated as follows:

•For calendar years ending on or prior to the second anniversary of the Incentive Fee Commencement Date, the Capital Gains Incentive Fee shall be an amount equal to 7.50% of the Fund’s realized capital gains, if any, on a cumulative basis, less the aggregate amount of any previously paid Capital Gains Incentive Fees.

•For calendar years ending after the second anniversary of the Incentive Fee Commencement Date, the Capital Gains Incentive Fee shall be an amount equal to 12.50% of the Fund’s realized capital gains, if any, on a cumulative basis, less the aggregate amount of any previously paid Capital Gains Incentive Fees.

Capital Gains Incentive Fees are computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from the Incentive Fee Commencement Date. For purposes of computing the Investment Income Incentive Fee and the Capital Gains Incentive Fee, the calculation methodology will look through derivative financial instruments or swaps as if the Fund owned the reference assets directly. Realized gains and realized losses on the disposition of any reference assets, as well as unrealized depreciation on reference assets retained in the derivative financial instrument or swap, will be included on a cumulative basis in the calculation of the Capital Gains Incentive Fee. With respect to the calculation of quarterly Pre-Incentive Fee Net Investment Income for purposes of calculating the Investment Income Incentive Fee, net interest, if any, associated with a derivative or swap (which is defined as the difference between (i) the interest income and transaction fees received in respect of the reference assets of the derivative or swap and (ii) all interest and other expenses paid by us to the derivative or swap counterparty) will be included in calculating the Investment Income Incentive Fee. The notional value of any such derivatives or swaps is not used for these purposes. With respect to the calculation of the Capital Gains Incentive Fee, realized gains and realized losses on the disposition of any reference assets, as well as unrealized depreciation on reference assets retained in the derivative or swap, will be included on a cumulative basis in calculating the Capital Gains Incentive Fee.

In no event will the Capital Gains Incentive Fee payable pursuant to the Investment Advisory Agreement exceed the amount permitted by the Advisers Act, including Section 205 thereof.

For the three and six months ended June 30, 2025, the Fund did not accrue any Capital Gains Incentive Fees.

Administration Agreement

The Fund has entered into an Administration Agreement, pursuant to which the Adviser serves as the Fund’s administrator (in such capacity, the “Administrator”) and provides the administrative services necessary for the Fund to operate. The Fund utilizes the Administrator’s office facilities, equipment and recordkeeping services. Pursuant to the Administration Agreement, the Administrator oversees the Fund’s public reporting requirements and tax reporting and monitors the Fund’s expenses and the performance of professional services rendered to the Fund by others. The Fund reimburses the Administrator for its costs and expenses, which may include an allocable portion of overhead incurred by the Administrator in performing its obligations under the Administration Agreement, including compensation paid to or compensatory distributions received by the Fund’s officers (including its Chief Compliance Officer and Chief Financial Officer) and any of their respective staff who provide services to the Fund, operations staff who provide services to the Fund, and internal audit staff. The Fund’s allocable portion of overhead will be determined by the Administrator, which will use various methodologies such as allocation based on the percentage of time certain individuals devote, on an estimated basis, to the business and affairs of the Fund, and will be subject to oversight by the Board. The Administrator may elect to waive certain charges that would have otherwise been eligible for reimbursement under the terms of the Administration Agreement which will not be subject to recoupment.

For the three and six months ended June 30, 2025, the Fund incurred $161,385 and $299,047, respectively, of administrative overhead expenses that were included on the Consolidated Statements of Operations as professional fees. As of June 30, 2025, $161,385 of administrative overhead expenses remained payable and were included on the Consolidated Statements of Assets and Liabilities as accounts payable and accrued expenses. For the three and six months ended June 30, 2025, the Administrator did not waive any charges that were eligible for reimbursement under the terms of the Administration Agreement.

Table of Contents

Sub-Administration and Custodian Fees

The Adviser, in its capacity as Administrator to the Fund, has entered into a sub-administration agreement with Harmonic Fund Services (in such capacity, the “Sub-Administrator“) under which the Sub-Administrator provides various accounting and other administrative services with respect to the Fund. The Fund pays the Sub-Administrator fees for services the Administrator determines are commercially reasonable in its sole discretion. The Fund 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 cost of such compensation, and any other costs or expenses under the Sub-Administration Agreement, is in addition to the cost of any services borne by the Fund under the Administration Agreement.

For the three and six months ended June 30, 2025, the Fund incurred expenses for services provided by the Sub-Administrator of $68,750 and $137,500, respectively, that were included on the Consolidated Statements of Operations as professional fees. As of June 30, 2025, $137,500 remained payable and is included on the Consolidated Statements of Assets and Liabilities as accounts payable and accrued expenses.

The Fund has entered into a global custody agreement with The Bank of New York Mellon Trust Company, National Association (in such capacity, the “Custodian”) under which the Custodian provides various custody services with respect to the Fund. The Fund pays the Custodian fees for services the Custodian determines are commercially reasonable in its sole discretion. The Fund also reimburses the Custodian for all reasonable expenses. To the extent that the Custodian outsources any of its functions, the Custodian pays any compensation associated with such functions.

For the three and six months ended June 30, 2025, the Fund incurred expenses for services provided by the Custodian of $38,873 and $77,745, respectively, that were included on the Consolidated Statements of Operations as professional fees. As of June 30, 2025, $77,745 remained payable and is included on the Consolidated Statements of Assets and Liabilities as accounts payable and accrued expenses.

Transfer Agent Fees

The Fund has entered into a transfer agent servicing agreement with U.S. Bank Global Fund Services (in such capacity, the “Transfer Agent”). For the three and six months ended June 30, 2025, the Fund incurred expenses for services provided by the Transfer Agent of $25,000 and $50,000, respectively, that were included on the Consolidated Statements of Operations as professional fees. As of June 30, 2025, $9,758 remained payable and is included on the Consolidated Statements of Assets and Liabilities as accounts payable and accrued expenses.

Expense Support and Conditional Reimbursement Agreement

The Fund entered into an Expense Support and Conditional Reimbursement Agreement (the “Expense Support and Conditional Reimbursement Agreement”) with the Adviser as of December 31, 2024. Pursuant to the Expense Support Agreement, the Adviser is obligated to advance all of the Fund’s Other Operating Expenses (defined below) that exceed 1.00% (on an annualized basis) of the Fund’s NAV on a monthly basis (each, a “Required Expense Payment”).

“Other Operating Expenses” means the Fund’s total organization and offering expenses, professional fees, trustee fees, administration fees, and other general and administrative expenses (including the Fund’s allocable portion of compensation (including salaries, bonuses and benefits), overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement).

Any Required Expense Payment must be paid by the Adviser to or on behalf of the Fund in any combination of cash or other immediately available funds and/or offset against amounts due from the Fund to the Adviser or its affiliates. The Adviser may elect to pay certain additional expenses on behalf of the Fund (each, a “Voluntary Expense Payment” and together with a Required Expense Payments, the “Expense Payments”), provided that no portion of the payment will be used to pay any interest expense of the Fund. Any Voluntary Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Fund in any combination of cash or other immediately available funds no later than 45 days after such commitment was made in writing, and/or offset against amounts due from the Fund to the Adviser or its affiliates.

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Fund’s shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Fund shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the

Table of Contents

Adviser to the Fund within three years prior to the last business day of such calendar month Expense Payments were made have been reimbursed. Any payments required to be made by the Fund shall be referred to herein as a “Reimbursement Payment.”

“Available Operating Funds” means the sum of (i) the Fund’s net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Fund’s net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Fund on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

No Reimbursement Payment for any month shall be made if: (1) the Fund’s Operating Expense Ratio at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relate, or (2) the Fund’s Other Operating Expenses at the time of such Reimbursement Payment exceeds 1.00% of the Fund’s NAV. The “Operating Expense Ratio” is calculated by dividing Operating Expenses, less Management Fees and Incentive Fees owed to the Adviser, and interest expense, by the Fund’s net assets. “Operating Expenses” means all of the Fund’s operating costs and expenses incurred, as determined in accordance with generally accepted accounting principles for investment companies.

The Fund’s obligation to make a Reimbursement Payment shall automatically become a liability of the Fund on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month.

For the three and six months ended June 30, 2025, the Adviser provided expense support of $670,761 and $1,456,522, respectively, which is included on the Consolidated Statements of Operations as expense support reimbursement. For the three and six months ended June 30, 2025, the Fund did not make any reimbursement payments to the Adviser. As of June 30, 2025, $445,357 remained receivable and is included on the Consolidated Statements of Assets and Liabilities as expense support receivable.

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 certain affiliates of the Fund exemptive relief (the “Order“) that permits the Fund 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 Fund, the Adviser or 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 Fund and shareholders and do not involve overreaching in respect of the Fund or shareholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of shareholders and is consistent with the Fund’s then-current investment objective and strategies. The Order provides that, in connection with any co-investment transaction, the Fund may participate in any such co-investment transaction on terms 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 Fund 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 Fund 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 Fund’s relative share of the amount invested or committed, as applicable, in such transaction.

Note 4. Offering Costs and Organizational Expenses

The Fund has and may continue to bear expenses relating to its offering of its Common Shares. 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 Shares.

Organizational expenses include, without limitation, the cost of formation, including legal fees related to the creation and organization of the Fund, its related documents of organization and its election to be regulated as a BDC.

For the three and six months ended June 30, 2025, the Fund incurred offering costs of $159,750 and $279,139, respectively. The Fund did not incur any organizational expenses during the six months ended June 30, 2025. As of

Table of Contents

June 30, 2025, there was no balance payable on the Consolidated Statements of Assets and Liabilities for offering costs and organizational expenses payable.

Note 5. Commitments and Contingencies

Litigation and Regulatory Matters

From time to time, the Fund may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Fund’s rights under contracts with the Fund’s portfolio companies. The Fund and the Adviser are not currently a party to any material legal proceedings.

Unfunded Portfolio Company Commitments

From time to time, the Fund may enter into commitments to fund investments. As of June 30, 2025 and December 31, 2024, the Fund had the following unfunded portfolio company commitments at par under loan and financing agreements:


Portfolio Company	Type of Investment	June 30, 2025		December 31, 2024
Accordion Partners LLC	First Lien Delayed Draw Term Loan	$	1,369,565	$	-
Accordion Partners LLC	First Lien Revolving Loan	1,086,957		-
Accuserve Solutions, Inc.	First Lien Revolving Loan	159,091		-
Action Behavior Centers Therapy LLC	First Lien Delayed Draw Term Loan	913,482		-
Action Behavior Centers Therapy LLC	First Lien Revolving Loan	714,286		-
Alkeme Intermediary Holdings, LLC	First Lien Delayed Draw Term Loan	4,057,329		-
Amerilife Holdings LLC	First Lien Delayed Draw Term Loan	391,294		-
Amerilife Holdings LLC	First Lien Delayed Draw Term Loan	1,474,911		-
Amerilife Holdings LLC	First Lien Revolving Loan	1,249,290		-
Aprio Advisory Group, LLC	First Lien Delayed Draw Term Loan	9,899,805		-
ARMStrong Receivable Management	First Lien Delayed Draw Term Loan	394,175		-
ARMStrong Receivable Management	First Lien Revolving Loan	130,587		-
Arden Insurance Services LLC	First Lien Revolving Loan	457,317		-
Babylon Buyer, Inc.	First Lien Revolving Loan	116,732		-
Baker Tilly Advisory Group, L.P.	First Lien Delayed Draw Term Loan	2,028,129		-
Baker Tilly Advisory Group, L.P.	First Lien Revolving Loan	781,349		-
Baker Tilly Advisory Group, L.P.	First Lien Revolving Loan	387,324		-
Beacon Pointe Harmony, LLC	First Lien Delayed Draw Term Loan	7,825,000		-
Bellwether Buyer, LLC	First Lien Delayed Draw Term Loan	3,012,048		-
Bellwether Buyer, LLC	First Lien Revolving Loan	1,204,819		-
Belmont Buyer, Inc.	First Lien Revolving Loan	295,058		-
Chartis Group, LLC	First Lien Delayed Draw Term Loan	524,476		-
Chartis Group, LLC	First Lien Revolving Loan	262,238		-
Cliffwater, LLC	First Lien Revolving Loan	1,545,462		-
Congress Buyer, Inc	First Lien Delayed Draw Term Loan	4,292,500		-
Continental Buyer Inc.	First Lien Delayed Draw Term Loan	5,643,263		-
Continental Buyer Inc.	First Lien Revolving Loan	2,831,997		-
Diligent Corporation	First Lien Delayed Draw Term Loan	1,570,022		-
Diligent Corporation	First Lien Revolving Loan	350,961		-
Foundation Risk Partners, Corp.	First Lien Delayed Draw Term Loan	107,313		-
Foundation Risk Partners, Corp.	First Lien Revolving Loan	899,256		-
Galway Borrower LLC	First Lien Delayed Draw Term Loan	1,807,671		-
Galway Borrower LLC	First Lien Revolving Loan	414,453		-
GovDelivery Holdings, LLC	First Lien Revolving Loan	330,044		-
GS Acquisitionco Inc	First Lien Delayed Draw Term Loan	5,000,000		-
HBWM Intermediate II, LLC	First Lien Revolving Loan	368,198		-
Heights Buyer, LLC	First Lien Delayed Draw Term Loan	1,619,142		-
Kona Buyer, LLC	First Lien Delayed Draw Term Loan	1,487,779		-
Kona Buyer, LLC	First Lien Revolving Loan	165,205		-
KRIV Acquisition Inc.	First Lien Delayed Draw Term Loan	3,076,923		-
Low Voltage Holdings Inc.	First Lien Delayed Draw Term Loan	525,750		-
Low Voltage Holdings Inc.	First Lien Revolving Loan	284,803		-
MAI Capital Management Intermediate LLC	First Lien Delayed Draw Term Loan	4,536,426		-
MAI Capital Management Intermediate LLC	First Lien Delayed Draw Term Loan	984,176		-
MAI Capital Management Intermediate LLC	First Lien Revolving Loan	854,913		-
MB2 Dental Solutions, LLC	First Lien Delayed Draw Term Loan	1,788,889		-
MB2 Dental Solutions, LLC	First Lien Revolving Loan	555,556		-
More Cowbell II LLC	First Lien Delayed Draw Term Loan	1,088,850		-
More Cowbell II LLC	First Lien Revolving Loan	1,132,404		-
oneZero Financial Systems, LLC	First Lien Delayed Draw Term Loan	1,003,846		-

Table of Contents


Portfolio Company	Type of Investment	June 30, 2025		December 31, 2024
oneZero Financial Systems, LLC	First Lien Revolving Loan	1,081,731		-
PAS Parent Inc.	First Lien Delayed Draw Term Loan	3,750,000		-
PAS Parent Inc.	First Lien Delayed Draw Term Loan	415,937		-
PAS Parent Inc.	First Lien Revolving Loan	350,321		-
Petra Borrower, LLC	First Lien Delayed Draw Term Loan	870,831		-
Petra Borrower, LLC	First Lien Revolving Loan	435,415		-
Propio LS, LLC	First Lien Revolving Loan	92,105		-
RCP NATS Purchaser, LLC	First Lien Delayed Draw Term Loan	2,238,806		-
RCP NATS Purchaser, LLC	First Lien Revolving Loan	1,567,164		-
Redwood Purchaser, INC	First Lien Delayed Draw Term Loan	3,676,921		-
Redwood Purchaser, INC	First Lien Revolving Loan	1,731,875		-
Redwood Services Group, LLC	First Lien Delayed Draw Term Loan	2,036,161		-
Skywalker Purchaser, LLC	First Lien Delayed Draw Term Loan	985,654		-
Skywalker Purchaser, LLC	First Lien Delayed Draw Term Loan	877,790		-
Southpaw AP Buyer, LLC	First Lien Delayed Draw Term Loan	51,458		-
Southpaw AP Buyer, LLC	First Lien Revolving Loan	126,389		-
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	6,468,085		-
TA/WEG Intermediate Holdings, LLC	First Lien Revolving Loan	241,935		-
TA/WEG Intermediate Holdings, LLC	First Lien Revolving Loan	297,297		-
THG Acquisition, LLC	First Lien Delayed Draw Term Loan	2,425,776		-
THG Acquisition, LLC	First Lien Revolving Loan	1,159,905		-
Titan Home Improvement, LLC	First Lien Delayed Draw Term Loan	488,372		-
Titan Home Improvement, LLC	First Lien Revolving Loan	406,977		-
TRAK Purchaser, Inc	First Lien Revolving Loan	326,469		-
Vital Care Buyer LLC	First Lien Revolving Loan	436,875		-
World Insurance Associates LLC	First Lien Delayed Draw Term Loan	4,000,000		-
World Insurance Associates LLC	First Lien Revolving Loan	216,216		-
Total Par		$	119,757,529	$	-

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 June 30, 2025. The par amount of the unfunded portfolio company commitments is not recognized by the Fund 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 Fund 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 Fund. The Fund 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 the Small Business Credit Availability Act, the Fund is able to borrow amounts such that its asset coverage ratio is at least 150%, rather than 200%. On September 30, 2024, the Adviser, as sole shareholder of the Fund, approved a proposal that permits the Fund to reduce its asset coverage ratio to 150%. As of June 30, 2025, the Fund’s asset coverage ratio was 182%. For the six months ended June 30, 2025, the weighted average borrowing and interest rate on our floating rate credit facility was $156,861,887 and 6.6%. The credit facility was not entered into as of December 31, 2024.

Table of Contents

The following tables show the Fund’s outstanding debt as of June 30, 2025:


	June 30, 2025
	Aggregate Principal Committed		Outstanding Principal		Amount Available (1)		Net Carrying Value (2)
Credit Facility	$	250,000,000	$	197,000,000	$	53,000,000	$	193,866,809
Total	$	250,000,000	$	197,000,000	$	53,000,000	$	193,866,809

(1)The amount available may be subject to limitations related to the borrowing base under the Credit Facility (as defined below), outstanding letters of credit issued and asset coverage requirements.

(2)As of June 30, 2025, all of the Fund's outstanding debt was categorized as Level 3 within in the fair value hierarchy.

Credit Facility

On January 22, 2025, the SPV entered into a senior secured credit facility (the “Credit Facility”) with JPMorgan Chase Bank, National Association (“JPM”). JPM serves as administrative agent, The Bank of New York Mellon Trust Company, National Association, serves as collateral agent, securities intermediary and collateral administrator, and the Adviser, serves as portfolio manager under the Credit Facility.

The initial committed amount of the Credit Facility at closing is $250,000,000 (“Effective Date Financing Commitment”), and after July 22, 2025 (“Scheduled Financing Commitment Increase Date”), subject to the satisfaction of applicable conditions, will increase in an amount equal to $250,000,000 (“Scheduled Financing Commitment") for a total committed amount of $500,000,000. The Credit Facility has an additional discretionary accordion feature, subject to JPM’s consent and the satisfaction of applicable conditions, which could increase total commitments under the Credit Facility to up to $1,000,000,000. All amounts outstanding under the Credit Facility must be repaid by January 22, 2030.

Advances under the Credit Facility bear interest at a per annum rate equal to: (a) in the case of Advances denominated in a Permitted Non-USD Currency, the applicable Reference Rate and (b) in the case of Advances denominated in USD, the Term SOFR Rate plus, in each case, the Applicable Margin for Advances set forth on Schedule 1 of the Credit Facility (“Transaction Schedule”). For any day on which the aggregate principal amount of the outstanding Advances is less than the applicable Minimum Funding Amount, then the SPV shall owe the Lenders interest on the amount of such difference at a per annum rate equal to the Applicable Margin set forth on the Transaction Schedule minus the per annum rate payable in respect of unused commitment fees.

The SPV paid and will pay, as applicable, an unused commitment fee (a) with respect to the Effective Date Financing Commitment (as defined herein) of (i) initially, to but excluding April 22, 2025, 0.35% per annum, (ii) from April 22, 2025 to, but excluding October 22, 2025, 0.50% per annum, and (iii) from October 22, 2025 and thereafter, 0.60% per annum, on the average daily unused facility amount of each lender with respect to each tranche during the period from and including the date of the Credit Facility to but excluding the last day of January 22, 2029; and (b) with respect to the Scheduled Financing Commitment, (i) until the day that is three (3) months after the Scheduled Financing Commitment Increase Date, 0.35% per annum, (ii) for the period from the date described in the foregoing clause (i) to, but excluding, the date that is nine (9) months after such Scheduled Financing Commitment Increase Date, 0.50% per annum and (iii) thereafter, 0.60% per annum.

The SPV’s obligations to the lenders under the Credit Facility are secured by, inter alia, (a) all of the SPV’s portfolio investments, and accounts for receiving payments in respect of the SPV’s portfolio investments, (b) the uncalled capital commitments of the SPV’s sole member, the Fund, and related capital call rights and accounts of the SPV, and (c) the SPV’s right, title and interest in the Fund Collateral. The “Fund Collateral” consists of (a) the uncalled capital commitments of the Fund’s investors and related capital call rights and accounts of the Fund, and (b) the Fund’s right, title and interest in the Feeder Collateral. The “Feeder Collateral” consists of (a) the uncalled capital commitments of the Feeder Fund’s (as defined below) investors, the related capital call rights and accounts of Stone Point Credit Income Feeder Fund, L.P., a Cayman Islands exempted limited partnership (the “Feeder Fund”), and (b) the related capital call rights of the Feeder Fund’s general partner, Stone Point Credit Corporation Feeder GP, L.P., a Cayman Islands exempted limited partnership. The obligations of the SPV under the Credit Facility are non-recourse to the Fund, and the Fund’s exposure under the Credit Facility is limited to the Fund’s uncalled capital commitments to the SPV and the Fund Collateral.

In connection with the Credit Facility, the SPV has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities.

Table of Contents

The Credit Facility contains customary events of default for similar financing transactions, including if a change of control of the SPV occurs. Upon the occurrence and during the continuation of an event of default, JPM may declare the outstanding advances and all other obligations under the Credit Facility immediately due and payable.

As of June 30, 2025, the carrying amount of the Fund’s borrowings under the Credit Facility approximated its fair value. As of June 30, 2025, unamortized financing costs of $3,133,191 were being deferred and amortized over the remaining term of the Credit Facility. As of June 30, 2025, the Credit Facility had an outstanding principal balance of $197,000,000. The Credit Facility is presented on the Consolidated Statements of Assets and Liabilities net of unamortized financing costs, which results in an outstanding balance totaling $193,866,809 as of June 30, 2025.

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


	Three Months Ended June 30, 2025		Six Months Ended June 30, 2025
Interest expense related to the Credit Facility	$	2,918,161	$	4,698,102
Financing expenses related to the Credit Facility	171,030		300,279
Total interest and financing expenses related to the Credit Facility	$	3,089,191	$	4,998,381

Note 7. Net Assets

Issuance of Equity Securities

For the three and six months ended June 30, 2025, the Fund has completed the following issuances of common shares of beneficial interest, $0.001 par value per share (“Shares”):


Share Issuance Date	Number of Shares Issued	Proceeds
June 30, 2025	564,249	$	14,139,285
June 1, 2025 (1)	313,784	7,858,974
May 1, 2025 (1)	608,121	15,212,518
April 2, 2025 (1)	36,630	916,869
March 31, 2025	852,090	21,328,576
March 1, 2025 (1)	437,282	10,876,129
January 22, 2025	3,600,000	90,000,000

(1)A portion of total Shares issued included Shares issued to Shareholders participating in the Fund's DRIP.

All issuances of Shares are to be made at a price per Share at least equal to the net asset value per Share, with such calculation to be carried out consistent with the Fund’s valuation policies and procedures.The Fund had 6,412,196 Shares outstanding as of June 30, 2025.

Except with respect to Shares issued under the DRIP, sales of Shares were made pursuant to subscription agreements entered into by the Fund and its investors. Each of the sales of Shares 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 up to the amount of their respective capital commitments on an as-needed basis with a minimum of five business days’ prior notice to the funding date. As of June 30, 2025, the Fund received capital commitments totaling $611,491,000, of which, $485,600,715 remained unfunded

Distributions

For the three and six months ended June 30, 2025, the Fund declared the following distributions:

Table of Contents


Record Date	Payment Date	Distribution Rate per Share		Distributions Paid
June 30, 2025	July 21, 2025	$	0.25	$	1,461,986
May 31, 2025 (1)	June 20, 2025	$	0.02	$	110,683
May 31, 2025	June 20, 2025	$	0.25	$	1,383,541
April 30, 2025	May 21, 2025	$	0.25	$	1,231,510
March 31, 2025	April 21, 2025	$	0.25	$	1,009,331
February 28, 2025	March 21, 2025	$	0.25	$	900,010

(1)Represents a special cash distribution.

Note 8. Investments

The following table presents the composition of the Fund’s investment portfolio at cost and fair value as of June 30, 2025. The Fund had not commenced investment activities as of December 31, 2024.


	June 30, 2025
Investments	Amortized Cost		Fair Value		Percent of Total Portfolio at Fair Value
First Lien Loans	$	322,600,914	$	322,511,538	92.8	%
Second Lien Loans	10,427,476		10,519,925		3.0	%
Unsecured Notes	14,754,064		14,505,591		4.2	%
Total Investments	$	347,782,454	$	347,537,054	100.0	%

The geographic composition of investments based on fair value as of June 30, 2025 was as follows:


	June 30, 2025
U.S.	98.5	%
Non-U.S.	1.5	%
Total	100.0	%

The industry composition of investments based on fair value as of June 30, 2025 was as follows:


	June 30, 2025


Capital Markets	3.8	%
Financial Services	13.8	%
Health Care Providers & Services	17.1	%
Health Care Technology	3.0	%
Insurance	26.2	%
IT Services	6.0	%
Professional Services	16.1	%
Real Estate Management & Development	5.5	%
Software	8.5	%
Total	100.0	%

Note 9. Fair Value of Investments

Under ASC Topic 820 ("ASC 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 Fund’s portfolio securities, fair value is generally the amount that the Fund 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

Table of Contents

the absence of a principal market, in the most advantageous market for the security. If no market for the security exists or if the Fund 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 820 valuation hierarchy based upon the lowest level of input to the valuation 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 Fund’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 Fund’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 Fund may apply the practical expedient provided by ASC 820 relating to investments in certain entities that calculate NAV per share (or its equivalent). ASC 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 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 Fund’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 June 30, 2025.


	Fair Value Hierarchy as of June 30, 2025
Description	Level 1		Level 2		Level 3		Total
First Lien Loans	$	-	$	21,991,415	$	300,520,123	$	322,511,538
Second Lien Loans	-		10,519,925		-		10,519,925
Unsecured Notes	-		3,329,896		11,175,695		14,505,591
Total	$	-	$	35,841,236	$	311,695,818	$	347,537,054

Table of Contents

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


Three Months Ended June 30, 2025	First Lien Loans		Second Lien Loans		Unsecured Notes		Total

Fair value, beginning of period	$	233,301,410	$	-	$	11,411,302	$	244,712,712
Purchases of investments, net	68,595,153		-		-		68,595,153
Proceeds from sales and principal payments, net	(1,749,656)		-		-		(1,749,656)
Realized gain (loss) on investments	-		-		-		-
Net change in unrealized appreciation/(depreciation)	249,580		-		(236,752)		12,828
Net accretion of discount and amortization of investments	123,636		-		1,145		124,781
Transfers into (out of) Level 3	-		-		-		-
Fair value, end of period	$	300,520,123	$	-	$	11,175,695	$	311,695,818


Six Months Ended June 30, 2025	First Lien Loans		Second Lien Loans		Unsecured Notes		Total
Fair value, beginning of period	$	-	$	-	$	-	$	-
Purchases of investments, net	307,408,405		-		11,411,303		318,819,708
Proceeds from sales and principal payments, net	(7,046,649)		-		-		(7,046,649)
Realized gain (loss) on investments	27,231		-		-		27,231
Net change in unrealized appreciation/(depreciation)	(181,567)		-		(236,802)		(418,369)
Net accretion of discount and amortization of investments	312,703		-		1,194		313,897
Transfers into (out of) Level 3	-		-		-		-
Fair value, end of period	$	300,520,123	$	-	$	11,175,695	$	311,695,818

During the three and six months ended June 30, 2025, there were no transfers in or out of Level 3.

The following table presents the net change in unrealized appreciation (depreciation) for the Level 3 investments that were still held at the three and six months ended June 30, 2025.


Net Change in Unrealized Appreciation (Depreciation)	Three Months Ended June 30, 2025		Six Months Ended June 30, 2025
First Lien Loans	$	249,580	$	(181,567)
Second Lien Loans	-		-
Unsecured Notes	(236,752)		(236,802)
Total	$	12,828	$	(418,369)

Table of Contents

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

June 30, 2025

Type of Investment

Fair Value

Valuation technique

Unobservable
input

Range (weighted
average)

First Lien Loans

229,759,644

Discounted Cash Flow

Discount Rate

8.6% - 10.3% (9.3%)

First Lien Loans

70,760,479

Market Transaction

98.5% - 100.0% (99.1%)

Unsecured Notes

11,175,695

Discounted Cash Flow

Discount Rate

7.0% - 7.5% (7.3%)

311,695,818

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 Fund’s investments.

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 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, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. For the six months ended June 30, 2025, there were no dilutive Shares.

The following table sets forth the computation of basic and diluted earnings per share of the Shares for the three and six months ended June 30, 2025:


	Three Months Ended June 30, 2025 (Unaudited)		Six Months Ended June 30, 2025 (Unaudited)
Net increase in net assets resulting from operations	$	4,354,365	$	6,444,271
Weighted average shares outstanding—basic and diluted	5,442,927		4,188,496
Basic and diluted net increase in net assets resulting from operations per Share	$	0.80	$	1.54

Table of Contents

Note 11. Financial Highlights

The following per Share data has been derived from information provided on the consolidated financial statements. The following is a schedule of financial highlights for the six months ended June 30, 2025. No comparative information has been presented as the Fund commenced operations on January 22, 2025.


Per Share operating performance:						Six Months Ended June 30, 2025 (Unaudited)
Net asset value, beginning of year/period						25.00
Results of operations:
Net investment income1						1.56
Net realized gains (losses) and unrealized appreciation (depreciation)2						(0.23)
Net increase (decrease) in net assets resulting from operations						1.33

Distribution to Common Shareholders
Distribution from earnings						(1.27)
Net decrease in net assets resulting from distributions						(1.27)
Net asset value, end of year/period						25.06

Shares outstanding, end of year/period						6,412,196
Ratio/Supplemental data:
Net assets, end of year/period						160,680,561
Weighted average Shares outstanding						4,188,496
Total return3						5.4%
Portfolio turnover						3.6%
Ratio of net expenses to net assets4						12.0%
Ratio of net investment income to net assets4						14.0%

1 The per Share data was derived by using the weighted average Shares outstanding during the period.

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

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

4 The ratios reflect an annualized amount. For the six months ended June 30, 2025, the ratio of total Operating Expenses to average net assets was 15.1% on an annualized basis, excluding the effect of the expense support. For the six months ended June 30, 2025, the ratio of net investment income to average net assets was 10.9% on an annualized basis, excluding the effect of the expense support.

Note 12. Subsequent Events

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

On July 2, 2025 (with final number of Shares being determined on July 17, 2025), the Fund issued and sold 446,178 of Shares, at a net asset value of $25.0586 per share, pursuant to a capital drawdown notice to its investors and to the subscription agreements entered into by the Fund and its investors, for an aggregate proceeds of $11,180,599.

On July 16, 2025, the Scheduled Financing Commitment Increase Date of the Credit Facility was amended from July 22, 2025 to September 22, 2025.

Table of Contents

On August 12, 2025, the Board of Trustees of the Fund declared distributions with respect to the Fund's Shares as follows (collectively, the "Distributions"):

Distribution Period

Record Date

Payment Date (1)

Distribution Per Share

August 2025

August 31, 2025

September 22, 2025

0.02

(2)

August 2025

August 31, 2025

September 22, 2025

0.25

September 2025

September 30, 2025

October 21, 2025

0.25

October 2025

October 31, 2025

November 21, 2025

0.25

1 The Distributions will be paid on or around the payment dates above.

2 Represents a special distribution.

The Distributions will be paid in cash or reinvested in Shares for shareholders participating in the Fund's distribution reinvestment plan.

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;

Table of Contents

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

•our ability to maintain our qualification as a business development company (“BDC”) and as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (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 Fund’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 our 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.

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 “Fund,” “we,” “us,” and “our” refer to Stone Point Credit Income Fund, and the “Adviser” refers to Stone Point Credit Income 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 formed as a statutory trust under the laws of the State of Delaware on June 24, 2024. We have elected to be treated as a BDC under the 1940 Act, and intends to elect to be treated, and intends to qualify annually thereafter, as a RIC under Subchapter M of the Code. As such, we will be required to comply with various regulatory requirements, such as the requirement to invest at least 70% of our assets in “qualifying assets,” 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 June 30, 2025, we have called equity capital in the amount of $125,890,285. 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 placements (“Private Offering”) of Shares.

Investment Objective and Strategy

Our investment objective is to generate current income and, to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. Under normal market conditions, we generally invest at least 80% of our total assets (net assets plus borrowings for investment purposes) in private credit investments (loans, bonds and other credit instruments that are issued in private offerings or issued by private companies) (the “80% Policy”). If we change the 80% Policy, we will provide shareholders with at least 60 days’ notice of such change. Under normal circumstances, we expect that the majority of its portfolio will be in privately originated and privately negotiated investments, predominantly direct lending to U.S. private companies through private credit.

We generally expect to invest in middle market companies with earnings before interest expense, income tax expense, depreciation and amortization, or “EBITDA,” between $30.0 million and $250.0 million annually, in the context of leveraged buyouts, acquisitions, debt refinancings, recapitalizations, and other similar private credit transactions or a

Table of Contents

combination of the foregoing in seeking to achieve our investment objective. We may from time to time invest in smaller or larger companies if an attractive opportunity presents itself, especially when there are dislocations in the capital markets, including the high yield and syndicated loan markets. We have adopted a non-fundamental policy to invest, under normal market conditions, at least 75% of the value of our total assets (measured at the time of each such investment) in investments that are in the financial services, business services, software and technology or healthcare services sectors. The remaining 25% of the value of our total assets (measured at the time of each such investment) may be invested across a wide range of sectors.

Key Components of Results of Operations

Investments

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

As a BDC, we must invest at least 70% of our assets in “qualifying assets,” which may include investments in “eligible portfolio companies.” Under the relevant SEC rules, the term “eligible portfolio company” includes all U.S. private operating companies and small U.S. public operating companies with a market capitalization of less than $250.0 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.

Revenues

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

Expenses

We do not currently have any employees and do not expect to have any employees. Our day-to-day investment operations are managed by the Adviser, and services necessary for our business, including the origination and administration of our investment portfolio, are provided by individuals who are employees of the Adviser, Administrator and Sub-Administrator, pursuant to the terms of the Investment Advisory Agreement, Administration Agreement and Sub-Administration Agreement. We reimburse the Administrator for its allocable portion of expenses incurred by it in performing its obligations under the Administration Agreement, including its allocable portion of the cost of certain of our officers and their respective staff, and the Adviser for certain expenses under the Investment Advisory Agreement. We will also reimburse the Sub-Administrator for all reasonable expenses incurred in providing services in respect to the Fund. We bear our allocable portion of the compensation paid by Stone Point to our 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 Fund’s business affairs). We bear all other costs and expenses of our operations, administration and transactions, including, but not limited to (i) investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Investment Advisory Agreement; (ii) our allocable portion of overhead and other expenses incurred by Administrator and Sub-Administrator in performing their administrative obligations under the Administration Agreement and Sub-Administration Agreement, respectively, and (iii) all other expenses of its operations and transactions including, without limitation, those relating to:

•Our initial organizational costs incurred prior to the commencement of our operations;

•operating costs incurred prior to the commencement of our operations;

•the cost of calculating our NAV, including the cost of any third-party valuation services;

•the cost of effecting sales and repurchases of Shares and other securities, including, except 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;

Table of Contents

•interest expense and other costs associated with our indebtedness;

•transfer agent, DRIP 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 Trustees’ fees and expenses;

•brokerage commissions and markups;

•fidelity bond, trustees’ and officers’ liability insurance and other insurance premiums;

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

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

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

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

From time to time, the Adviser and the Administrator or its affiliates may pay third-party providers of goods or services. We will subsequently reimburse the Adviser for such amounts paid on our behalf. There is no contractual cap on the amount of reasonable costs and expenses for which the Adviser will be reimbursed.

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

We have little operating history and therefore this statement concerning additional expenses is necessarily an estimate and may not match our actual results of operations in the future.

Leverage

The amount of leverage that we employ depends 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 of August 8th, 2024, as a result of complying with the requirements set forth in section 61 of the 1940 Act, we are able to borrow amounts such that our asset coverage ratio is at least 150%, rather than 200%. As defined in the 1940 Act, asset coverage of 150% means that for every $100 of net assets we hold, we may raise $200 from borrowing and issuing senior securities as compared to $100 from borrowing and issuing senior securities for every $100 of net assets under 200% asset coverage. On September 30, 2024, the Adviser, as sole shareholder of the Fund, approved a proposal that permits the Fund to reduce its asset coverage ratio to 150%. As of June 30, 2025, our asset coverage ratio was 182%. As of December 31, 2024, we had not incurred any borrowings.

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 as collateral to financing facilities.

Table of Contents

Financial and Operating Highlights


	Three Months Ended June 30, 2025		Six Months Ended June 30, 2025
Total investment income	$	7,676,988	$	12,145,936
Total net expenses	3,497,717		5,594,933
Net investment income (loss)	4,179,271		6,551,003
Total net realized gains (losses)	110,460		138,668
Total net change in unrealized appreciation/(depreciation)	64,634		(245,400)
Net increase (decrease) in net assets resulting from operations	$	4,354,365	$	6,444,271
Per share information – basic and diluted:
Net investment income (loss)	$	0.77	$	1.56
Net investment increase (decrease) in net assets resulting from operations	$	0.80	$	1.54
Distributions declared per share	$	(0.77)	$	(1.27)


Consolidated balance sheet data	As of June 30, 2025		As of December 31, 2024
Cash and cash equivalents	$	13,778,299	$	26,001
Investments at fair value	347,537,054		-
Total assets	367,024,875		1,143,829
Total debt (net of unamortized deferred financing costs)	193,866,809		-
Total liabilities	206,344,314		1,142,829
Total net assets	$	160,680,561	$	1,000
Net asset value per share	$	25.06	$	25.00
Other data
Number of portfolio companies	66		-
Distributions declared per share	(1.27)		-
Total return based on net asset value1	5.4%		-

________________________

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.

Table of Contents

Portfolio and Investment Activity

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


	Three Months Ended June 30, 2025
New investment commitments:
Total new investment commitments	$	92,303,675

Principal amount of investments funded:
First lien loans	$	77,698,668
Second lien loans	7,508,694
Unsecured notes	1,050,000
Total principal amount of investments funded	$	86,257,362
Principal amount of investments sold or repaid:
First lien loans	$	3,911,933
Second lien loans	2,000,000
Unsecured notes	-
Total principal amount of investments sold or repaid	$	5,911,933
Number of new investment commitments in new portfolio companies	17
Average new investment commitment amount in new portfolio companies	$	5,429,628
Percentage of new debt investment commitments at floating rates	98.9		%
Percentage of new debt investment commitments at fixed rates	1.1		%
Weighted average yield on funded debt and other income producing securities1	9.8		%
Weighted average yield to maturity on investments sold or repaid during the period1	9.0		%

___________________

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 June 30, 2025, we had 155 debt investments in 66 portfolio companies with an aggregate fair value of $347,537,054. As of December 31, 2024, we had not commenced investment activity.

As of June 30, 2025, our investments consisted of the following:


	June 30, 2025
Investments	Amortized Cost		Fair Value		Percent of Total Portfolio at Fair Value
First Lien Loans	$	322,600,914	$	322,511,538	92.8	%
Second Lien Loans	10,427,476		10,519,925		3.0	%
Unsecured Notes	14,754,064		14,505,591		4.2	%
Total Investments	$	347,782,454	$	347,537,054	100.0	%

Table of Contents

The industry composition of investments based on fair value as of June 30, 2025 was as follows:


	June 30, 2025


Capital Markets	3.8	%
Financial Services	13.8	%
Health Care Providers & Services	17.1	%
Health Care Technology	3.0	%
Insurance	26.2	%
IT Services	6.0	%
Professional Services	16.1	%
Real Estate Management & Development	5.5	%
Software	8.5	%
Total	100.0	%

The geographic composition of investments based on fair value as of June 30, 2025 was as follows:


	June 30, 2025
U.S.	98.5	%
Non-U.S.	1.5	%
Total	100.0	%

The following table presents certain selected information regarding our investment portfolio as of June 30, 2025:


			As of June 30, 2025
Number of portfolio companies			66
Median EBITDA (based on par)			$130,900,000
Percentage of performing debt bearing a floating rate			99.0%
Percentage of performing debt bearing a fixed rate			1.0%
Weighted average yield to maturity on debt and other income producing investments (at fair value)1			9.8%

_________________

Table of Contents

The following table presents the maturity schedule of our debt investments based on fair value as of June 30, 2025:


	June 30, 2025
Maturity Year	Fair Value		Percentage of Portfolio
2026	$	11,454,442	3.3	%
2027	14,835,437		4.3	%
2028	42,031,422		12.1	%
2029	80,645,074		23.2	%
2030	53,748,697		15.5	%
2031	92,743,598		26.7	%
2032	37,380,079		10.8	%
2033	3,522,610		1.0	%
2034	-		0.0	%
2035	-		0.0	%
2036	-		0.0	%
2037	11,175,695		3.2	%
Total	$	347,537,054	100.0	%

Stone Point Credit Income Fund 10-Q