spcif-20260630

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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, 2026


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 16,171,228 Common Shares of beneficial interest, $0.001 par value per share, outstanding as of July 31, 2026.

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Stone Point Credit Income Fund

Form 10-Q for the Quarter Ended June 30, 2026

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		Page
PART I.	FINANCIAL INFORMATION	3
Item 1.	Consolidated Financial Statements	3
	Consolidated Statements of Assets and Liabilities as of June 30 , 2026 (Unaudited) and December 31, 2025	3
	Consolidated Statements of Operations for the three and six months ended June 30 , 2026 and for the three month s ended June 30, 2025 and for the period January 22, 2025 (Commencement of Operations) through Ju ne 30 , 2025 (Unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30 , 2026 and for the three months ended June 30, 2025 and for the period January 22, 2025 (Commencement of Operations) through June 30 , 2025 (Unaudited)	6
	Consolidated Statements of Cash Flows for the six months ended June 30 , 2026 and for the period January 22, 2025 (Commencement of Operations) through June 30 , 2025 (Unaudited)	7
	Consolidated Schedule of Investments as of June 30 , 2026 (Unaudited) and December 31, 2025	9
	Notes to Consolidated Financial Statements (Unaudited)	26
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	53
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	69
Item 4.	Controls and Procedures	70

PART II.	OTHER INFORMATION	70
Item 1.	Legal Proceedings	70
Item 1A.	Risk Factors	70
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	70
Item 3.	Defaults Upon Senior Securities	70
Item 4.	Mine Safety Disclosure	70
Item 5.	Other Information	71
Item 6.	Exhibits	71

	SIGNATURES	72

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PART I.FINANCIAL INFORMATION

Item 1.Consolidated Financial Statements

Stone Point Credit Income Fund

Consolidated Statements of Assets and Liabilities


	June 30, 2026		December 31, 2025
	(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliated investments (amortized cost of $789,932,416 and $596,795,744, respectively)	$	783,517,430	$	596,303,214
Non-controlled/affiliated investments (amortized cost of $3,290,213 and $1,652,037, respectively)	3,476,105		1,736,093
Total investments at fair value (amortized cost of $793,222,629 and $598,447,781, respectively)	786,993,535		598,039,307
Cash and cash equivalents (Note 2)	45,557,268		33,824,479
Interest receivable from non-controlled/non-affiliated investments	3,960,322		3,669,509
Dividend receivable from non-controlled/non-affiliated investments	631		604
Fee receivable	—		88,253
Unsettled trades receivable	8,781,110		—

Paydowns receivable	37,815		39,996
Deferred offering expenses	17,186		63,810
Prepaid expenses and other assets	2,297,630		18,812
Expense support receivable	368,770		451,691
Total assets	$	848,014,267	$	636,196,461

Liabilities
Credit facility payable (net of deferred financing costs of $4,543,531 and $2,817,958, respectively) (Note 6)	$	438,540,228	$	340,608,437
Interest and financing fees payable	6,135,967		4,314,016
Unsettled trades payable	4,277,491		7,558,304
Base management fees payable (Note 3)	242,854		144,988
Incentive fees payable	766,330		—


Distribution payable (Note 7)	3,512,708		2,287,413
Payable for share repurchases	63,368		—
Accounts payable and accrued expenses	1,434,441		1,084,684
Total liabilities	$	454,973,387	$	355,997,842

Commitments and contingencies (Note 5)	$	—	$	—
Net Assets:
Common shares of beneficial interest, $0.001 par value, unlimited shares authorized, 15,964,280 and 11,185,580 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	$	15,964	$	11,186
Additional paid-in capital	398,531,662		279,844,520
Distributable earnings (accumulated losses)	(5,506,746)		342,913
Total net assets	393,040,880		280,198,619
Total liabilities and net assets	$	848,014,267	$	636,196,461
Net asset value per common share of beneficial interest	$	24.62	$	25.05

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

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Stone Point Credit Income Fund

Consolidated Statements of Operations


	Three Months Ended June 30, 2026 (Unaudited)		Three Months Ended June 30, 2025 (Unaudited)		Six Months Ended June 30, 2026 (Unaudited)		For the period January 22, 2025 (Commencement of Operations) through June 30, 2025 (Unaudited)
Investment income
Interest income from non-controlled/non-affiliated investments	$	17,684,138	$	7,627,546	$	32,929,514	$	12,075,088
Dividend income from non-controlled/non-affiliated investments	55,565		—		109,903		—
Interest income from cash and cash equivalents	205,609		49,442		351,464		70,848
Total interest and dividend income	17,945,312		7,676,988		33,390,881		12,145,936

Fee income from non-controlled/non-affiliated investments	97,704		—		135,821		—

Total investment income	$	18,043,016	$	7,676,988	$	33,526,702	$	12,145,936

Operating expenses

Base management fees (Note 3)	$	688,171	$	239,381	$	1,272,458	$	373,496
Incentive fees (Note 3)	766,330		—		1,212,020		—
Interest and financing fees (Note 6)	6,873,008		3,089,191		12,457,078		4,998,381
Offering costs (Note 4)	10,096		159,750		57,694		279,139
Professional fees	1,033,433		599,511		1,735,394		1,234,340
Trustee fees	87,500		68,750		175,000		137,500
Insurance expense	2,531		11,895		5,033		28,599
Total expenses before expense support	9,461,069		4,168,478		16,914,677		7,051,455
Expense support reimbursement (Note 3)	(869,453)		(670,761)		(1,089,803)		(1,456,522)
Net expenses	8,591,616		3,497,717		15,824,874		5,594,933
Net investment income (loss)	$	9,451,400	$	4,179,271	$	17,701,828	$	6,551,003
Net realized gains (losses) and unrealized appreciation (depreciation):
Net realized gains (losses):
Non-controlled/non-affiliated investments	$	263,023	$	110,460	$	187,362	$	138,668

Foreign currency transactions	45,898		—		23,330		—
Total net realized gains (losses)	$	308,921	$	110,460	$	210,692	$	138,668
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	$	(2,475,941)	$	64,634	$	(5,922,456)	$	(245,400)
Non-controlled/affiliated investments	51,744		—		101,836		—
Translation of assets and liabilities in foreign currencies	377,643		—		497,475		—
Total net change in unrealized appreciation (depreciation)	$	(2,046,554)	$	64,634	$	(5,323,145)	$	(245,400)
Net increase (decrease) in net assets resulting from operations	$	7,713,767	$	4,354,365	$	12,589,375	$	6,444,271

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Per share information - basic and diluted:
Net investment income (loss)	$	0.64	$	0.77	$	1.28	$	1.56
Net increase (decrease) in net assets resulting from operations	$	0.52	$	0.80	$	0.91	$	1.54
Weighted average shares outstanding	14,882,181		5,442,927		13,776,226		4,188,496

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

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Stone Point Credit Income Fund

Consolidated Statements of Changes in Net Assets


	Three Months Ended June 30, 2026 (Unaudited)		Three Months Ended June 30, 2025 (Unaudited)		Six Months Ended June 30, 2026 (Unaudited)		For the period January 22, 2025 (Commencement of Operations) through June 30, 2025 (Unaudited)
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)	$	9,451,400	$	4,179,271	$	17,701,828	$	6,551,003
Total net realized gains (losses)	308,921		110,460		210,692		138,668
Total net change in unrealized appreciation (depreciation)	(2,046,554)		64,634		(5,323,145)		(245,400)
Net increase (decrease) in net assets resulting from operations	7,713,767		4,354,365		12,589,375		6,444,271

Decrease in net assets resulting from shareholder distributions:
Shares distributed pursuant to dividend reinvestment plan	(2,710,160)		(666,937)		(4,668,840)		(718,066)
Distributions to shareholders from earnings	(7,115,479)		(3,520,784)		(13,770,194)		(5,378,995)
Net decrease in net assets resulting from shareholder distributions	(9,825,639)		(4,187,721)		(18,439,034)		(6,097,061)

Increase in net assets resulting from capital share transactions:
Issuance of Shares pursuant to dividend reinvestment plan	2,710,160		666,937		4,668,840		718,066
Issuance of Shares	51,816,956		37,460,710		114,238,883		159,614,285
Repurchased Shares	(63,368)		—		(215,803)		—
Net increase in net assets resulting from capital share transactions	54,463,748		38,127,647		118,691,920		160,332,351

Total increase in net assets	52,351,876		38,294,291		112,842,261		160,679,561
Net assets, beginning of period	340,689,004		122,386,270		280,198,619		1,000
Net assets, end of period	$	393,040,880	$	160,680,561	$	393,040,880	$	160,680,561
Net asset value per share	$	24.62	$	25.06	$	24.62	$	25.06
Common shares outstanding at the end of the period	15,964,280		6,412,196		15,964,280		6,412,196

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

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Stone Point Credit Income Fund

Consolidated Statements of Cash Flows


	Six Months Ended June 30, 2026 (Unaudited)		For the period January 22, 2025 (Commencement of Operations) through June 30, 2025 (Unaudited)
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	12,589,375	$	6,444,271
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net change in unrealized (appreciation) depreciation on non-controlled/non-affiliated investments	5,922,456		245,400
Net change in unrealized (appreciation) depreciation on non-controlled/affiliated investments	(101,836)		—
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	(507,187)		—
Net realized (gains) losses on non-controlled/non-affiliated investments	(187,362)		(138,668)
Net amortization and accretion of premiums and discounts	(1,051,062)		(390,258)
Purchases of investments, net	(235,319,697)		(358,276,454)
Sales and repayments of investments, net	43,011,146		11,152,228
Interest and dividends received in kind	(1,227,872)		(129,302)
Amortization of deferred financing costs	827,295		300,279
Amortization of deferred offering costs	57,694		—
Changes in operating assets and liabilities:
Interest receivable from non-controlled/non-affiliated investments	(290,813)		(2,761,818)
Dividend receivable from non-controlled/non-affiliated investments	(27)		—
Fee receivable	88,253		—
Unsettled trades receivable	(8,781,110)		(2,000,000)

Paydown receivable	2,181		(124,221)

Deferred offering expenses	—		222,867
Prepaid expenses and other assets	(2,278,818)		(2,186)
Expense support receivable	82,921		73,664

Interest and financing fees payable	1,821,951		2,541,811
Base management fees payable	97,866		85,443
Incentive fees payable	766,330		—
Offering costs and organizational expenses payable	—		(815,456)
Due to Adviser	—		(25,000)
Unsettled trades payable	(3,280,813)		7,465,342
Accounts payable and accrued expenses	349,755		620,549
Net cash provided by (used in) operating activities	(187,409,374)		(335,511,509)

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Cash flows from financing activities
Borrowings under revolving credit facility	164,564,552		257,570,000
Payments on revolving credit facility	(64,400,000)		(60,570,000)
Deferred financing costs	(2,552,868)		(3,433,470)
Deferred offering costs	(11,070)		—
Distributions paid in cash	(12,544,899)		(3,917,008)
Proceeds from issuance of Shares	114,238,883		159,614,285
Shares repurchased	(152,435)		—
Net cash provided by (used in) financing activities	$	199,142,163	$	349,263,807


Net increase (decrease) in cash and cash equivalents	11,732,789		13,752,298
Cash and cash equivalents, beginning of period	33,824,479		26,001
Cash and cash equivalents, end of period	$	45,557,268	$	13,778,299

Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	9,807,831	$	2,156,291
Reinvestment of distributions pursuant to dividend reinvestment plan during the period	$	4,668,840	$	718,066

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

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Stone Point Credit Income Fund

Consolidated Schedule of Investments

As of June 30, 2026 (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
Non-controlled/non-affiliated investments
Debt Investments - 198.7%
Capital Markets
Cliffwater LLC	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor		8.14%	4/22/2032	13,286,357	$	13,187,410	$	13,243,840	3.4	%
Cliffwater LLC	First Lien Revolver	SOFR+	4.50%	0.75%	Floor	(9)	8.14%	4/22/2032	—	(10,651)		(4,791)		0.0	%
Wharf Street Ratings Acquisition LLC	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor		8.14%	9/16/2032	22,296,041	22,168,289		22,184,561		5.6	%
Wharf Street Ratings Acquisition LLC	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor	(9)	8.14%	9/16/2027	—	(8,043)		(12,449)		0.0	%
Wharf Street Ratings Acquisition LLC	First Lien Revolver	SOFR+	4.50%	0.75%	Floor	(9)	8.14%	9/16/2032	—	(19,730)		(12,743)		0.0	%
Total Capital Markets										35,317,275		35,398,418

Consumer Finance
Best Egg Asset Structured Pass Through Master Trust	Unsecured Note	N/A				(10)	0.00%	9/15/2035	5,082	657,058		683,072		0.2	%
Best Egg Asset Structured Pass Through Master Trust	Unsecured Note	N/A				(10)	0.00%	11/15/2035	5,386	684,246		743,445		0.2	%
Equinox Buyer, LLC	First Lien Term Loan	SOFR+	5.25%	1.00%	Floor		8.87%	9/9/2031	10,961,332	10,819,050		10,817,739		2.8	%
Equinox Buyer, LLC	First Lien Revolver	SOFR+	5.25%	1.00%	Floor	(9)	8.87%	9/9/2031	—	(19,257)		(19,435)		0.0	%
LendDirect Trust	Second Lien Revolver	N/A				(9)	12.00%	2/28/2030	4,490,187	3,221,849		3,105,416		0.8	%
Total Consumer Finance										15,362,946		15,330,237

Diversified Consumer Services
Houghton Mifflin Harcourt Company	First Lien Term Loan	SOFR+	5.25%	0.50%	Floor	(8)	9.01%	4/9/2029	2,953,964	2,922,598		2,347,028		0.6	%
Total Diversified Consumer Services										2,922,598		2,347,028

Financial Services
Apex Group Treasury LLC	First Lien Term Loan	SOFR+	3.50%			(8)	7.15%	2/27/2032	11,746,457	11,237,558		11,157,313		2.8	%
Ares Global Structured Solutions Rated Notes Feeder LLC	Unsecured Note	N/A				(9)	12.15%	9/30/2038	110,598	110,598		110,598		0.0	%
Barings Middle Market CLO Ltd.	Unsecured Note	SOFR+	6.17%				9.84%	4/15/2037	5,475,000	5,425,984		5,360,025		1.4	%
Beacon Pointe Harmony, LLC	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor		8.14%	12/29/2028	2,455,144	2,455,144		2,455,144		0.6	%
Beacon Pointe Harmony, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor		8.14%	12/29/2028	11,827,556	11,795,626		11,827,556		3.0	%
Bottomline Technologies, Inc.	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor		8.23%	5/14/2029	9,824,617	9,761,805		9,824,617		2.5	%
Cerity Partners Equity Holding LLC	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor	(9)	8.15%	12/20/2027	—	(28,481)		(18,752)		0.0	%
Cerity Partners Equity Holding LLC	First Lien Revolver	SOFR+	4.50%	0.75%	Floor	(9)	8.15%	7/28/2031	568,467	563,119		566,702		0.1	%
Churchill Middle Market CLO Ltd.	Unsecured Note	SOFR+	6.85%				10.52%	4/27/2037	1,570,000	1,570,000		1,558,953		0.4	%
Coller Evergreen CFO I, L.P.	Unsecured Note	SOFR+	5.20%			(9)	8.87%	10/30/2056	1,190,993	1,190,993		1,190,993		0.3	%
Coller Private Equity Backed Notes & Loans II-A L.P.	Unsecured Note	SOFR+	5.20%			(9)	8.89%	4/30/2037	2,054,793	2,037,675		2,054,793		0.5	%
Flow Traders Holding, LLC	First Lien Term Loan	SOFR+	5.00%				8.73%	10/29/2031	13,593,465	13,412,364		13,427,625		3.4	%
Flow Traders Holding, LLC	First Lien Revolver	SOFR+	5.00%			(9)	8.67%	10/29/2031	2,489,696	2,418,783		2,424,608		0.6	%
GC Waves Holdings, Inc.	First Lien Delayed Draw Term Loan	SOFR+	4.50%			(9)	8.14%	10/4/2030	3,271,883	3,244,800		3,251,906		0.8	%
HBWM Intermediate II, LLC	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor		8.39%	11/17/2031	2,244,416	2,235,799		2,233,194		0.6	%
HBWM Intermediate II, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor	(9)	8.14%	11/17/2031	584,888	574,989		566,292		0.1	%
HBWM Intermediate II, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor		8.39%	11/17/2031	2,693,299	2,683,152		2,679,833		0.7	%

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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
HBWM Intermediate II, LLC	First Lien Revolver	SOFR+	4.75%	0.50%	Floor	(9)	8.40%	8/18/2031	281,371	280,337	278,644	0.1	%
Ivy Hill Middle Market Credit Fund XII Ltd	Unsecured Note	SOFR+	6.25%				9.93%	4/20/2037	4,421,052	4,421,052	4,421,052	1.1	%
LendingTree, Inc.	First Lien Term Loan	SOFR+	4.25%			(8)	7.89%	8/21/2030	4,912,875	4,891,300	4,835,497	1.2	%
MAI Capital Management Intermediate LLC	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor		8.48%	8/29/2031	2,446,606	2,431,736	2,422,140	0.6	%
MAI Capital Management Intermediate LLC	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor		8.48%	8/29/2031	4,017,823	3,986,748	3,962,625	1.0	%
MAI Capital Management Intermediate LLC	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(9)	8.48%	12/11/2028	—	(42,996)	(86,905)	0.0	%
MAI Capital Management Intermediate LLC	First Lien Revolver	SOFR+	4.75%	0.75%	Floor	(9)	8.48%	8/29/2031	—	(4,384)	(12,817)	0.0	%
Minotaur Acquisition, Inc.	First Lien Term Loan	SOFR+	5.00%	1.00%	Floor		8.64%	5/10/2030	13,926,361	13,805,011	13,802,416	3.5	%
New Mountain Guardian IV Income Rated Feeder II, Ltd.	Unsecured Note	SOFR+	8.40%				12.14%	4/3/2037	2,325,000	2,292,588	2,362,665	0.6	%
Nexus Buyer LLC	Second Lien Term Loan	SOFR+	5.75%			(8)	9.39%	1/30/2032	8,999,749	8,921,765	8,773,360	2.2	%
Orion US Finco	Second Lien Term Loan	SOFR+	5.50%			(8)	9.17%	10/10/2033	3,500,000	3,467,985	3,466,452	0.9	%
Payscape Buyer, Inc.	Second Lien Term Loan	SOFR+	8.00%	1.00%	Floor		11.64%	4/28/2028	1,280,992	1,280,992	1,277,277	0.3	%
Payscape Buyer, Inc.	Second Lien Delayed Draw Term Loan	SOFR+	8.00%	1.00%	Floor		11.64%	4/28/2028	719,008	719,008	716,923	0.2	%
SRS Acquiom Holdings LLC	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor		8.38%	1/14/2032	5,453,795	5,403,439	5,408,692	1.4	%
SRS Acquiom Holdings LLC	First Lien Revolver	SOFR+	4.75%	0.75%	Floor	(9)	8.38%	1/14/2032	—	(9,070)	(8,124)	0.0	%
TA/WEG Holdings, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.25%	1.00%	Floor	(9)	7.91%	10/2/2028	6,206,806	6,193,919	6,179,272	1.6	%
TA/WEG Holdings, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.25%	1.00%	Floor		7.94%	10/2/2028	11,791,008	11,759,050	11,746,203	3.0	%
TA/WEG Holdings, LLC	First Lien Revolver	SOFR+	4.25%	1.00%	Floor	(9)	7.94%	10/2/2028	—	—	(3,166)	0.0	%
The Edelman Financial Engines Center, LLC	First Lien Term Loan	SOFR+	4.00%			(8)	7.64%	11/30/2031	4,340,000	4,297,795	4,357,295	1.1	%
Total Financial Services										144,786,183	144,570,901

Health Care Providers & Services
Action Behavior Centers Therapy LLC	First Lien Term Loan	SOFR+	5.25%	0.75%	Floor		8.89%	7/2/2031	12,797,647	12,713,572	12,701,665	3.2	%
Action Behavior Centers Therapy LLC	First Lien Delayed Draw Term Loan	SOFR+	5.25%	0.75%	Floor	(9)	8.89%	7/2/2031	698,980	694,637	688,329	0.2	%
Action Behavior Centers Therapy LLC	First Lien Revolver	SOFR+	5.25%	0.75%	Floor	(9)	8.89%	7/2/2031	—	—	(5,357)	0.0	%
Belmont Buyer, Inc.	First Lien Term Loan	SOFR+	6.50%	1.00%	Floor		10.23%	6/21/2029	5,192,602	5,207,644	5,192,602	1.3	%
Belmont Buyer, Inc.	First Lien Delayed Draw Term Loan	SOFR+	6.50%	1.00%	Floor		10.16%	6/21/2029	1,232,633	1,236,204	1,232,633	0.3	%
Belmont Buyer, Inc.	First Lien Revolver	SOFR+	6.50%	1.00%	Floor	(9)	10.20%	6/21/2029	168,605	168,605	168,605	0.0	%
Continental Buyer, Inc.	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor		8.39%	4/2/2031	8,262,820	8,215,668	8,226,685	2.1	%
Continental Buyer, Inc.	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor		8.39%	4/2/2031	6,399,048	6,371,913	6,367,349	1.6	%
Continental Buyer, Inc.	First Lien Revolver	SOFR+	4.75%	0.75%	Floor	(9)	8.39%	4/2/2031	—	(12,949)	(15,027)	0.0	%
Covetrus, Inc.	First Lien Term Loan	SOFR+	5.00%	0.50%	Floor	(8)	8.73%	10/12/2029	2,954,198	2,887,950	2,869,265	0.7	%
Headlands Buyer, Inc.	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor		8.19%	9/29/2032	10,912,083	10,814,698	10,812,783	2.8	%
Headlands Buyer, Inc.	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor	(9)	8.19%	9/29/2027	—	(19,740)	(40,257)	0.0	%
Headlands Buyer, Inc.	First Lien Revolver	SOFR+	4.50%	0.75%	Floor	(9)	8.23%	9/29/2032	185,494	166,181	165,801	0.0	%
Jerry Erwin Associates, LLC	First Lien Term Loan	SOFR+	6.75%	1.00%	Floor		10.39%	10/15/2030	7,030,825	6,849,818	6,833,962	1.7	%
MB2 Dental Solutions, LLC	First Lien Delayed Draw Term Loan	SOFR+	6.00%	0.75%	Floor	(9)	9.65%	2/13/2031	467,116	457,020	483,679	0.1	%
MB2 Dental Solutions, LLC	First Lien Delayed Draw Term Loan	SOFR+	5.50%	0.75%	Floor		9.14%	2/13/2031	2,754,923	2,751,781	2,782,472	0.7	%
MB2 Dental Solutions, LLC	First Lien Revolver	SOFR+	5.50%	0.75%	Floor	(9)	9.14%	2/13/2031	83,333	83,333	83,333	0.0	%
MedX Holdings, LLC	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor		8.14%	7/21/2032	7,860,267	7,788,274	7,712,887	2.0	%
MedX Holdings, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor	(9)	8.14%	7/21/2032	17,353	854	(43,817)	0.0	%
MedX Holdings, LLC	First Lien Revolver	SOFR+	4.50%	0.75%	Floor	(9)	8.14%	7/21/2032	—	(13,880)	(28,598)	0.0	%
OpCo Borrower, LLC	First Lien Term Loan	SOFR+	5.25%				8.86%	4/26/2029	11,623,729	11,556,362	11,536,551	2.9	%
Outcomes Group Holdings Inc	Second Lien Term Loan	N/A					10.00%	3/31/2034	4,454,933	4,433,353	4,432,659	1.1	%
RCP Nats Purchaser, LLC	First Lien Term Loan	SOFR+	5.00%	0.75%	Floor		8.70%	3/19/2032	11,110,075	10,996,671	10,998,974	2.8	%

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
RCP Nats Purchaser, LLC	First Lien Delayed Draw Term Loan	SOFR+	5.00%	0.75%	Floor	(9)	8.70%	3/19/2032	1,336,567	1,314,458	1,314,246	0.3	%
RCP Nats Purchaser, LLC	First Lien Revolver	SOFR+	5.00%	0.75%	Floor	(9)	8.70%	3/19/2032	—	(15,996)	(15,672)	0.0	%
RXB Holdings, Inc.	First Lien Term Loan	SOFR+	5.00%			(8)	8.64%	12/23/2030	4,716,192	4,628,264	4,710,320	1.2	%
Stepping Stones Healthcare Services, LLC	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor		8.48%	1/5/2033	8,748,343	8,707,629	8,704,602	2.2	%
Stepping Stones Healthcare Services, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(9)	8.48%	1/5/2028	—	(5,708)	(12,264)	0.0	%
Stepping Stones Healthcare Services, LLC	First Lien Revolver	SOFR+	4.75%	0.75%	Floor	(9)	8.48%	1/5/2033	—	(6,140)	(6,597)	0.0	%
Superior Biologics Inc	First Lien Term Loan	SOFR+	5.00%	0.75%	Floor		8.83%	5/27/2033	15,551,352	15,321,185	15,318,082	3.9	%
The Chartis Group, LLC	First Lien Term Loan	SOFR+	4.25%	0.75%	Floor		7.98%	9/17/2031	1,687,587	1,675,026	1,676,618	0.4	%
The Chartis Group, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.25%	0.75%	Floor	(9)	7.98%	9/17/2031	128,604	128,022	125,200	0.0	%
The Chartis Group, LLC	First Lien Revolver	SOFR+	4.25%	0.75%	Floor	(9)	7.98%	9/17/2031	—	—	(1,705)	0.0	%
Total Health Care Providers & Services										125,094,709	124,970,008

Health Care Technology
FinThrive Software Intermediate Holdings Inc.	First Lien Term Loan	SOFR+	5.25%			(8)	8.95%	12/15/2028	5,093,420	5,036,498	2,597,644	0.7	%
Homecare Software Solutions LLC	First Lien Term Loan	SOFR+	5.25%	0.75%	Floor		8.89%	6/16/2031	7,353,498	7,301,236	7,277,022	1.9	%
Homecare Software Solutions LLC	First Lien Delayed Draw Term Loan	SOFR+	5.25%	0.75%	Floor		8.89%	6/16/2031	1,915,332	1,903,899	1,895,412	0.5	%
Total Health Care Technology										14,241,633	11,770,078

Insurance
Alkeme Intermediary Holdings, LLC	First Lien Term Loan	SOFR+	5.00%	1.00%	Floor		8.73%	5/28/2027	818,750	818,231	816,621	0.2	%
Alkeme Intermediary Holdings, LLC	First Lien Delayed Draw Term Loan	SOFR+	5.00%	1.00%	Floor		8.73%	5/28/2027	13,114,555	13,091,243	13,074,072	3.3	%
AmeriLife Holdings LLC	First Lien Term Loan	SOFR+	5.00%	0.75%	Floor		8.66%	8/31/2029	8,791,216	8,762,490	8,729,677	2.2	%
AmeriLife Holdings LLC	First Lien Delayed Draw Term Loan	SOFR+	5.00%	0.75%	Floor	(9)	8.66%	8/31/2029	2,755,902	2,746,992	2,728,139	0.7	%
AmeriLife Holdings LLC	First Lien Revolver	SOFR+	5.00%	0.75%	Floor	(9)	8.66%	8/31/2028	340,716	337,845	331,175	0.1	%
Arden Insurance Services LLC	First Lien Term Loan	SOFR+	5.00%	1.00%	Floor		8.73%	11/27/2030	3,567,622	3,528,822	3,540,865	0.9	%
Arden Insurance Services LLC	First Lien Revolver	SOFR+	5.00%	1.00%	Floor	(9)	8.73%	11/27/2030	398,415	396,975	394,692	0.1	%
ARMStrong Receivable Management	First Lien Term Loan	SOFR+	4.75%	1.00%	Floor		8.58%	10/5/2029	3,796,106	3,777,357	3,785,097	1.0	%
ARMStrong Receivable Management	First Lien Delayed Draw Term Loan	SOFR+	4.75%	1.00%	Floor		8.58%	10/9/2029	526,497	522,545	524,970	0.1	%
ARMStrong Receivable Management	First Lien Delayed Draw Term Loan	SOFR+	4.75%	1.00%	Floor		8.49%	10/5/2029	128,771	127,463	128,398	0.0	%
ARMStrong Receivable Management	First Lien Revolver	SOFR+	4.75%	1.00%	Floor	(9)	8.58%	10/5/2029	—	(160)	(379)	0.0	%
Babylon Buyer, Inc.	First Lien Term Loan	SOFR+	5.25%	0.75%	Floor		8.90%	3/8/2030	17,970,294	17,812,028	17,808,562	4.5	%
Babylon Buyer, Inc.	First Lien Term Loan	SOFR+	5.75%	0.75%	Floor		9.40%	3/8/2030	3,540,901	3,507,886	3,540,901	0.9	%
Babylon Buyer, Inc.	First Lien Revolver	SOFR+	5.75%	0.75%	Floor	(9)	9.40%	3/8/2030	—	(1,227)	—	0.0	%
Bellwether Buyer, L.L.C.	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor		8.15%	4/15/2032	5,783,133	5,759,215	5,758,265	1.5	%
Bellwether Buyer, L.L.C.	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor	(9)	8.15%	4/15/2032	421,687	414,420	408,735	0.1	%
Bellwether Buyer, L.L.C.	First Lien Revolver	SOFR+	4.50%	0.75%	Floor	(9)	8.15%	4/15/2032	—	(4,980)	(5,181)	0.0	%
Fetch, Inc.	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor		8.39%	3/31/2033	14,767,950	14,625,584	14,657,191	3.7	%
Fetch, Inc.	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(9)	8.39%	9/30/2028	—	(20,936)	(32,576)	0.0	%
Fetch, Inc.	First Lien Revolver	SOFR+	4.75%	0.75%	Floor	(9)	8.39%	3/31/2033	—	(26,573)	(20,674)	0.0	%
Foundation Risk Partners, Corp.	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor		8.48%	10/29/2030	2,760,511	2,760,511	2,748,641	0.7	%
Foundation Risk Partners, Corp.	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor		8.48%	10/29/2030	12,068,558	12,055,001	12,014,790	3.1	%
Foundation Risk Partners, Corp.	First Lien Revolver	SOFR+	4.75%			(9)	8.49%	10/29/2029	340,933	340,540	336,668	0.1	%
Galway Borrower LLC	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor		8.23%	9/29/2028	11,787,479	11,770,565	11,736,793	3.0	%

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
Galway Borrower LLC	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor		8.23%	9/29/2028	4,047,829	4,030,508	4,030,424	1.0	%
Galway Borrower LLC	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor	(9)	8.23%	2/7/2028	—	(5,102)	(10,379)	0.0	%
Galway Borrower LLC	First Lien Revolver	SOFR+	4.50%	0.75%	Floor	(9)	8.24%	9/29/2028	191,728	191,728	189,131	0.0	%
Howden UK Refinance PLC	Unsecured Note	N/A				(8)	8.13%	2/16/2032	5,844,000	5,591,885	5,237,855	1.3	%
People Corp Holdco LP	Unsecured Note	N/A					12.50% PIK	10/28/2030	13,761,007	9,894,642	9,508,751	2.4	%
Redwood Purchaser, Inc.	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor		8.48%	3/3/2031	7,020,293	6,951,870	6,914,988	1.8	%
Redwood Purchaser, Inc.	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(9)	8.48%	3/3/2027	—	(15,884)	(55,154)	0.0	%
Redwood Purchaser, Inc.	First Lien Revolver	SOFR+	4.75%	0.75%	Floor	(9)	8.48%	3/3/2031	—	(16,873)	(25,978)	0.0	%
THG Acquisition, LLC	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor		8.39%	10/31/2031	11,100,537	11,015,971	11,009,513	2.8	%
THG Acquisition, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(9)	8.39%	10/31/2031	1,850,402	1,841,764	1,829,936	0.5	%
THG Acquisition, LLC	First Lien Revolver	SOFR+	4.75%	0.75%	Floor	(9)	8.39%	10/31/2031	307,876	307,167	297,601	0.1	%
World Insurance Associates, LLC	First Lien Delayed Draw Term Loan	SOFR+	5.00%	1.00%	Floor	(9)	8.73%	4/3/2030	2,726,648	2,714,180	2,714,751	0.7	%
World Insurance Associates, LLC	First Lien Revolver	SOFR+	5.00%	1.00%	Floor	(9)	8.73%	4/3/2030	—	(791)	(644)	0.0	%
Total Insurance										145,602,902	144,646,237

IT Services
Auctane, Inc.	First Lien Term Loan	SOFR+	5.75%	0.75%	Floor		9.42%	6/1/2033	10,494,511	10,338,941	10,363,330	2.6	%
OneSource Virtual, Inc.	First Lien Term Loan	SOFR+	4.75%	0.50%	Floor		8.48%	1/31/2033	5,422,830	5,397,327	5,401,735	1.4	%
OneSource Virtual, Inc.	First Lien Revolver	SOFR+	4.75%	0.50%	Floor	(9)	8.48%	1/31/2033	—	(4,630)	(3,830)	0.0	%
Redwood Services Group, LLC	First Lien Term Loan	SOFR+	5.25%	0.75%	Floor		8.98%	6/15/2029	2,384,820	2,368,922	2,384,820	0.6	%
Redwood Services Group, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(9)	8.48%	6/15/2029	3,055,903	3,007,105	2,972,175	0.8	%
Redwood Services Group, LLC	First Lien Delayed Draw Term Loan	SOFR+	5.25%	0.75%	Floor		8.99%	6/15/2029	3,066,931	3,054,132	3,066,931	0.8	%
Total IT Services										24,161,797	24,185,161

Professional Services
Accordion Partners Holdings LLC	Unsecured Note	N/A					12.75% PIK	11/15/2034	5,030,173	4,963,918	4,959,248	1.3	%
Accordion Partners LLC	First Lien Term Loan	SOFR+	5.00%	0.75%	Floor		8.67%	11/17/2031	16,346,095	16,287,112	16,308,499	4.1	%
Accordion Partners LLC	First Lien Delayed Draw Term Loan	SOFR+	5.00%	0.75%	Floor		8.67%	11/17/2031	5,018,436	4,996,952	5,006,894	1.3	%
Accordion Partners LLC	First Lien Revolver	SOFR+	5.00%	0.75%	Floor	(9)	8.67%	11/17/2031	—	—	(2,994)	0.0	%
Aprio Advisory Group, LLC	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor		8.48%	8/1/2031	2,481,250	2,440,999	2,435,595	0.6	%
Aprio Advisory Group, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor		8.48%	8/1/2031	13,192,708	12,932,141	12,759,072	3.2	%
Baker Tilly Advisory Group, LP	First Lien Term Loan	SOFR+	4.25%	0.75%	Floor		7.89%	6/3/2031	6,689,567	6,632,620	6,591,900	1.7	%
Baker Tilly Advisory Group, LP	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor		8.39%	6/3/2031	2,082,015	2,060,111	2,074,728	0.5	%
Baker Tilly Advisory Group, LP	First Lien Revolver	SOFR+	4.75%	0.75%	Floor	(9)	8.39%	6/3/2030	—	—	(1,007)	0.0	%
Baker Tilly Advisory Group, LP	First Lien Revolver	SOFR+	4.75%	0.75%	Floor	(9)	7.89%	6/3/2031	—	(6,524)	(10,626)	0.0	%
Beacon Global Strategies LLC	First Lien Term Loan	SOFR+	4.25%	0.75%	Floor		8.73%	4/25/2033	6,991,458	6,923,429	6,921,544	1.8	%
Beacon Global Strategies LLC	First Lien Delayed Draw Term Loan	SOFR+	4.25%	0.75%	Floor	(9)	8.73%	4/23/2028	—	(12,756)	(26,218)	0.0	%
Cherry Bekaert Advisory LLC	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor		8.48%	6/28/2030	5,185,485	5,147,547	5,096,814	1.3	%
Cherry Bekaert Advisory LLC	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor		8.48%	6/28/2030	3,562,876	3,540,882	3,501,952	0.9	%
Eisner Advisory Group LLC	First Lien Term Loan	SOFR+	4.00%	0.50%	Floor	(8)	7.64%	2/28/2031	1,440,274	1,396,575	1,417,575	0.4	%
Heights Buyer, LLC	First Lien Term Loan	SOFR+	5.00%	1.00%	Floor		8.77%	8/25/2028	1,183,188	1,175,157	1,169,108	0.3	%
Heights Buyer, LLC	First Lien Delayed Draw Term Loan	SOFR+	5.00%	1.00%	Floor	(9)	8.77%	6/24/2027	—	(5,495)	(19,268)	0.0	%
Inizio Group Limited	First Lien Term Loan	SOFR+	4.25%	0.50%	Floor	(8)	8.08%	8/19/2028	3,579,659	3,537,651	3,435,363	0.9	%
KRIV Acquisition Inc.	First Lien Term Loan	SOFR+	4.75%	1.00%	Floor		8.48%	7/31/2031	7,388,612	7,331,383	7,353,886	1.9	%
KRIV Acquisition Inc.	First Lien Delayed Draw Term Loan	SOFR+	4.75%	1.00%	Floor	(9)	8.48%	9/30/2027	—	(11,712)	(12,869)	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
KRIV Acquisition Inc.	First Lien Revolver	SOFR+	4.75%	1.00%	Floor	(9)	8.48%	7/31/2031	476,396	466,251	470,799	0.1	%
London Buyer, LLC	First Lien Term Loan	SOFR+	5.00%	0.75%	Floor		8.73%	6/24/2033	7,485,675	7,411,023	7,410,818	1.9	%
London Buyer, LLC	First Lien Delayed Draw Term Loan	SOFR+	5.00%	0.75%	Floor	(9)	8.73%	6/24/2028	—	(4,147)	(8,317)	0.0	%
London Buyer, LLC	First Lien Revolver	SOFR+	5.00%	0.75%	Floor	(9)	8.73%	6/24/2033	—	(12,940)	(12,976)	0.0	%
MacKay Sposito, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.25%	0.75%	Floor	(9)	7.92%	4/22/2033	597,232	555,278	517,067	0.1	%
MacKay Sposito, LLC	First Lien Revolver	SOFR+	4.25%	0.75%	Floor	(9)	7.92%	4/22/2033	—	(8,592)	(8,834)	0.0	%
More Cowbell II, LLC	First Lien Term Loan	SOFR+	4.25%	0.75%	Floor		7.74%	9/3/2030	12,497,133	12,497,133	12,497,133	3.2	%
More Cowbell II, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.25%	0.75%	Floor	(9)	7.74%	9/3/2027	—	—	—	0.0	%
More Cowbell II, LLC	First Lien Revolver	SOFR+	4.25%	0.75%	Floor	(9)	7.74%	9/4/2029	—	—	—	0.0	%
PAS Parent Inc.	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor		8.14%	8/18/2032	4,111,472	4,093,463	4,074,468	1.0	%
PAS Parent Inc.	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor	(9)	8.14%	8/18/2028	—	(18,247)	(37,493)	0.0	%
PAS Parent Inc.	First Lien Revolver	SOFR+	4.50%	0.75%	Floor	(9)	8.14%	8/18/2031	—	(1,604)	(3,375)	0.0	%
Petra Borrower, LLC	First Lien Term Loan	SOFR+	5.75%	1.00%	Floor		9.41%	11/15/2030	4,256,185	4,215,838	4,213,198	1.1	%
Petra Borrower, LLC	First Lien Delayed Draw Term Loan	SOFR+	5.75%	1.00%	Floor		9.45%	11/15/2030	1,660,440	1,648,031	1,643,669	0.4	%
Petra Borrower, LLC	First Lien Revolver	SOFR+	5.75%	1.00%	Floor	(9)	9.37%	11/15/2029	200,961	198,894	194,195	0.0	%
Portage Point Partners, LLC	First Lien Term Loan	SOFR+	5.00%	0.75%	Floor		8.66%	5/2/2033	4,496,411	4,452,537	4,451,447	1.1	%
Portage Point Partners, LLC	First Lien Revolver	SOFR+	5.00%	0.75%	Floor	(9)	8.66%	5/2/2033	—	(6,034)	(6,184)	0.0	%
SAM Holding Company, Inc.	First Lien Term Loan	SOFR+	5.00%	0.75%	Floor		8.73%	6/30/2033	3,334,337	3,317,671	3,317,665	0.8	%
SAM Holding Company, Inc.	First Lien Delayed Draw Term Loan	SOFR+	5.00%	0.75%	Floor	(9)	8.73%	6/30/2028	—	(18,748)	(37,511)	0.0	%
TRAK Purchaser, Inc.	First Lien Term Loan	SOFR+	5.75%	1.00%	Floor		9.41%	6/20/2031	11,182,464	11,041,341	11,145,562	2.8	%
TRAK Purchaser, Inc.	First Lien Revolver	SOFR+	5.75%	1.00%	Floor	(9)	9.41%	6/20/2031	—	(8,099)	(2,155)	0.0	%
True Talent Advisory Borrower LLC	First Lien Term Loan	SOFR+	5.25%	1.00%	Floor		8.98%	1/10/2033	8,684,573	8,522,628	8,641,150	2.2	%
True Talent Advisory Borrower LLC	First Lien Delayed Draw Term Loan	SOFR+	5.25%	1.00%	Floor	(9)	8.98%	1/10/2033	405,280	363,535	385,016	0.1	%
True Talent Advisory Borrower LLC	First Lien Revolver	SOFR+	5.25%	1.00%	Floor	(9)	8.98%	1/9/2032	—	(38,624)	(10,484)	0.0	%
Wasteology Group Transportation, LLC	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor		8.41%	11/3/2032	6,020,340	5,965,787	5,960,137	1.5	%
Wasteology Group Transportation, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(9)	8.41%	11/3/2027	—	(31,796)	(70,179)	0.0	%
Wasteology Group Transportation, LLC	First Lien Revolver	SOFR+	4.75%	0.75%	Floor	(9)	8.41%	11/3/2032	—	(19,678)	(21,716)	0.0	%
Total Professional Services										143,910,891	143,662,296

Real Estate Management & Development
Accuserve Solutions, Inc.	First Lien Term Loan	SOFR+	6.00% (incl. 3.38% PIK)	1.00%	Floor		9.63%	3/15/2030	8,714,277	8,623,876	8,385,748	2.1	%
Accuserve Solutions, Inc.	First Lien Revolver	SOFR+	5.25%	1.00%	Floor		8.98%	3/15/2030	226,699	226,699	211,631	0.1	%
AKAM Buyer, Inc.	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor		8.48%	2/27/2032	9,032,356	8,947,144	8,920,355	2.3	%
AKAM Buyer, Inc.	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(9)	8.48%	2/27/2028	—	(23,030)	(60,541)	0.0	%
AKAM Buyer, Inc.	First Lien Revolver	SOFR+	4.75%	0.75%	Floor	(9)	8.48%	2/27/2032	—	(17,604)	(23,138)	0.0	%
Conservice Midco, LLC	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor		8.23%	2/25/2033	3,840,726	3,822,469	3,827,207	1.0	%
Conservice Midco, LLC	First Lien Revolver	SOFR+	4.50%	0.75%	Floor	(9)	8.23%	2/25/2033	—	(2,945)	(2,181)	0.0	%
Freedom Funding Center LLC	Unsecured Note	N/A				(8)(10)	12.00%	10/1/2037	5,000,000	5,000,000	5,134,278	1.3	%
Low Voltage Holdings Inc.	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor		8.23%	4/28/2032	1,937,266	1,925,180	1,938,099	0.5	%
Low Voltage Holdings Inc.	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor	(9)	8.23%	10/28/2027	—	(855)	118	0.0	%
Low Voltage Holdings Inc.	First Lien Revolver	SOFR+	4.75%	0.75%	Floor	(9)	8.42%	4/28/2032	35,600	33,823	35,723	0.0	%
Metropolis Technologies Inc.	First Lien Term Loan	SOFR+	5.25%			(8)	8.92%	11/3/2032	7,392,850	7,325,624	7,291,198	1.9	%
Redwood Trust, Inc.	First Lien Revolver	SOFR+	5.00%	2.00%	Floor	(9)	8.73%	3/31/2027	7,985,565	7,878,012	7,870,771	2.0	%
Southpaw AP Buyer, LLC	First Lien Term Loan	SOFR+	5.50%	1.00%	Floor		9.31%	3/2/2028	2,732,719	2,723,181	2,691,728	0.7	%
Southpaw AP Buyer, LLC	First Lien Delayed Draw Term Loan	SOFR+	5.50%	1.00%	Floor	(9)	9.32%	3/2/2028	202,598	201,833	199,261	0.1	%
Southpaw AP Buyer, LLC	First Lien Revolver	SOFR+	5.50%	1.00%	Floor	(9)	9.33%	3/2/2028	51,458	51,458	48,073	0.0	%
Titan Home Improvement, LLC	First Lien Term Loan	SOFR+	4.75%	1.00%	Floor		8.42%	5/31/2030	2,559,070	2,523,523	2,550,983	0.6	%

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
Titan Home Improvement, LLC	First Lien Revolver	SOFR+	4.75%	1.00%	Floor	(9)	8.42%	5/31/2030	—	—	(1,286)	0.0	%
Total Real Estate Management & Development										49,238,388	49,018,027

Software
Archduke Buyer, Inc.	First Lien Term Loan	SOFR+	5.50%	0.50%	Floor		9.16%	12/3/2032	3,907,684	3,871,816	3,784,592	1.0	%
Archduke Buyer, Inc.	First Lien Revolver	SOFR+	5.50%	0.50%	Floor	(9)	9.16%	12/3/2032	—	(3,711)	(12,737)	0.0	%
Boxer Parent Company Inc.	First Lien Term Loan	SOFR+	2.75%			(8)	6.42%	7/30/2031	1,696,835	1,594,442	1,533,693	0.4	%
Cardinal Parent Inc	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor	(8)	8.17%	11/12/2027	2,953,728	2,889,149	2,584,512	0.7	%
Diligent Corporation	First Lien Term Loan	SOFR+	5.00%	0.75%	Floor		8.67%	8/2/2030	4,738,285	4,713,747	4,671,949	1.2	%
Diligent Corporation	First Lien Term Loan	SOFR+	8.42% PIK	0.75%	Floor		12.09% PIK	8/2/2030	812,276	808,069	800,904	0.2	%
Diligent Corporation	First Lien Revolver	SOFR+	5.00%	0.75%	Floor	(9)	8.67%	8/2/2030	149,870	149,870	144,558	0.0	%
Flexera Software LLC	First Lien Term Loan	SOFR+	4.50%	0.50%	Floor		8.15%	8/16/2032	2,067,379	2,062,857	2,021,897	0.5	%
Flexera Software LLC	First Lien Term Loan	EURIBOR+	4.50%	0.50%	Floor		6.71%	8/16/2032	1,226,096	1,431,578	1,370,116	0.3	%
Flexera Software LLC	First Lien Revolver	SOFR+	4.50%	0.50%	Floor	(9)	8.15%	8/16/2032	—	(999)	(10,044)	0.0	%
Fullsteam Holdco, L.P.	Unsecured Note	N/A					13.00% PIK	8/9/2032	5,611,343	5,545,930	5,455,347	1.4	%
Fullsteam Operations LLC	First Lien Term Loan	SOFR+	5.25%	0.75%	Floor		8.90%	8/8/2031	10,312,500	10,224,766	10,118,625	2.6	%
Fullsteam Operations LLC	First Lien Delayed Draw Term Loan	SOFR+	5.25%	0.75%	Floor	(9)	8.90%	8/8/2027	—	(14,622)	(64,625)	0.0	%
Fullsteam Operations LLC	First Lien Revolver	SOFR+	5.25%	0.75%	Floor	(9)	8.88%	8/8/2031	406,250	395,619	382,750	0.1	%
GovDelivery Holdings, LLC	First Lien Term Loan	SOFR+	5.75% (incl. 2.25% PIK)	0.75%	Floor		9.41%	1/17/2031	2,778,912	2,778,912	2,778,912	0.7	%
GovDelivery Holdings, LLC	First Lien Delayed Draw Term Loan	SOFR+	5.25% (incl. 2.25% PIK)	0.75%	Floor		8.91%	1/17/2031	411,640	411,640	411,640	0.1	%
GovDelivery Holdings, LLC	First Lien Revolver	ABR+	4.25%			(9)	11.00%	1/17/2031	30,702	30,702	30,702	0.0	%
GS Acquisitionco, Inc.	First Lien Delayed Draw Term Loan	SOFR+	5.25%	0.75%	Floor	(9)	8.98%	5/16/2027	—	(7,851)	(437,500)	-0.1	%
Kona Buyer, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor	(9)	8.16%	6/27/2027	—	(3,447)	(5,401)	0.0	%
Kona Buyer, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor		8.16%	7/23/2031	1,858,784	1,847,782	1,852,037	0.5	%
Kona Buyer, LLC	First Lien Revolver	SOFR+	4.50%	0.75%	Floor	(9)	8.16%	7/23/2031	17,700	16,935	17,101	0.0	%
Modena Buyer LLC	First Lien Term Loan	SOFR+	4.25%			(8)	7.91%	7/1/2031	1,637,615	1,523,567	1,517,250	0.4	%
MRI Software LLC	First Lien Term Loan	SOFR+	4.75%	1.00%	Floor		8.48%	2/10/2028	2,295,786	2,294,215	2,279,485	0.6	%
MRI Software LLC	First Lien Delayed Draw Term Loan	SOFR+	4.75%	1.00%	Floor	(9)	8.48%	2/10/2028	4,154,988	4,133,147	4,101,619	1.0	%
MRI Software LLC	First Lien Revolver	SOFR+	4.75%	1.00%	Floor	(9)	8.48%	2/10/2028	289,903	286,205	281,670	0.1	%
oneZero Financial Systems, LLC	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor		8.41%	10/7/2031	8,545,673	8,518,899	8,432,870	2.1	%
oneZero Financial Systems, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(9)	8.41%	10/7/2031	601,550	597,394	581,644	0.1	%
oneZero Financial Systems, LLC	First Lien Revolver	SOFR+	4.75%	0.75%	Floor	(9)	8.41%	10/7/2031	—	-	(14,387)	0.0	%
Orion Advisor Solutions, LLC	Second Lien Term Loan	SOFR+	5.75%	1.00%	Floor		9.42%	12/31/2030	6,895,014	6,865,121	6,838,475	1.7	%
Propio LS, LLC	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor		8.48%	5/13/2030	3,373,816	3,347,548	3,356,643	0.9	%
Propio LS, LLC	First Lien Revolver	SOFR+	4.75%	0.75%	Floor	(9)	8.48%	5/13/2030	21,184	20,473	20,715	0.0	%
Saab Purchaser, Inc.	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor		8.23%	11/12/2031	3,567,785	3,536,594	3,504,278	0.9	%
Saab Purchaser, Inc.	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor	(9)	8.23%	9/22/2027	—	(15,092)	(61,458)	0.0	%
Saab Purchaser, Inc.	First Lien Revolver	SOFR+	4.50%	0.75%	Floor	(9)	8.23%	11/12/2031	—	(4,192)	(8,535)	0.0	%
Sovos Compliance, LLC	First Lien Term Loan	SOFR+	3.25%			(8)	6.89%	8/13/2029	1,391,365	1,282,239	1,307,667	0.3	%
Trintech, Inc.	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor		8.39%	1/28/2033	8,121,346	8,044,994	7,964,604	2.0	%
Trintech, Inc.	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(9)	8.39%	1/29/2028	—	(6,363)	(26,124)	0.0	%
Trintech, Inc.	First Lien Revolver	SOFR+	4.75%	0.75%	Floor	(9)	8.39%	1/28/2033	—	(10,637)	(21,836)	0.0	%
Total Software										79,157,296	77,483,608

Technology Hardware, Storage & Peripherals
Lytx, Inc.	First Lien Term Loan	SOFR+	5.00%	1.00%	Floor		8.75%	2/28/2028	7,500,000	7,500,000	7,500,000	1.9	%
Total Technology Hardware, Storage & Peripherals										7,500,000	7,500,000

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

Total Debt Investments

787,296,618

780,881,999

Table of Contents


Portfolio Company	Investment Type	Footnotes	Interest Rate	Acquisition Date	Par Amount / Units	Cost		Fair Value		Sum of % of NAV
Non-controlled/non-affiliated investments
Preferred Equity - 0.6%
Financial Services
Ares Global Structured Solutions Rated Notes Feeder LLC	Preferred Equity	(9)	N/A	5/22/2026	318,561	318,561		318,561		0.1	%
Coller Evergreen CFO I Equity Holdings Feeder B, L.P.	Preferred Equity	(9)	N/A	6/23/2026	441,109	441,109		441,109		0.1	%
MC CIF Wealth Management (UK) Ltd.	Preferred Equity		12.00% (incl. 6.00% PIK)	8/12/2025	971,298	962,548		964,499		0.2	%
MC CIF Wealth Management (UK) Ltd.	Preferred Equity		12.00% PIK	8/12/2025	922,330	913,580		911,262		0.2	%
Total Financial Services						2,635,798		2,635,431

Total Preferred Equity						2,635,798		2,635,431

Total non-controlled/non-affiliated investments						789,932,416		783,517,430

Non-controlled/affiliated investments
Common Equity - 0.9%
Professional Services
SPV CA IX, LLC	Common Equity	(9)(12)(13)		7/18/2025	3,290,213	3,290,213		3,476,105		0.9	%
Total Professional Services						3,290,213		3,476,105

Total Common Equity						3,290,213		3,476,105

Total non-controlled/affiliated investments						3,290,213		3,476,105

Total investments						$	793,222,629	$	786,993,535

(1)All of the Fund's investments are domiciled in the United States, except for Apex Group Treasury LLC, Barings Middle Market CLO Ltd., Flow Traders Holdings LLC, Howden UK Refinance PLC, Inizio Group Limited, LendDirect Trust, MC CIF Wealth Management (UK) Ltd, New Mountain Guardian IV Income Rated Feeder II, Ltd. and People Corp Holdco LP which are domiciled in Ireland, Cayman Islands, Bermuda, United Kingdom, United Kingdom, Canada, United Kingdom, Bermuda and Canada, respectively.

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

(3)All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"), except for Apex Group Treasury LLC, Ares Global Structured Solutions Rated Notes Feeder LLC, Barings Middle Market CLO Ltd., Best Egg Asset Structured Pass Through Master Trust, Churchill Middle Market CLO Ltd., Coller Evergreen CFO I Equity Holdings Feeder B, L.P., Coller Evergreen CFO I, L.P., Coller Private Equity Backed Notes & Loans II-A L.P., Flow Traders Holding, LLC, Howden UK Refinance PLC, Inizio Group Limited, Ivy Hill Middle Market Credit Fund XII Ltd., LendDirect Trust, LendingTree Inc., MC CIF Wealth Management (UK) Ltd., New Mountain Guardian IV Income Rated Feeder II, Ltd, Redwood Trust, Inc. and People Corp Holdco LP As of June 30, 2026, non-qualifying assets totaled 9.7% of the Fund's total assets.

(4)As of June 30, 2026, all investments are pledged as collateral except for issuer Ares Global Structured Solutions Rated Notes Feeder LLC, Barings Middle Market CLO Ltd., Best Egg Asset Structured Pass Through Master Trust, Churchill Middle Market CLO Ltd., Coller Evergreen CFO I Equity Holdings Feeder B, L.P., Coller Evergreen CFO I, L.P., Howden UK Refinance PLC, Ivy Hill Middle Market Credit Fund XII Ltd., LendDirect Trust, London Buyer, LLC, MC CIF Wealth Management (UK) Ltd., SAM Holding Company, Inc. and SPV CA IX, LLC.

(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 $393,040,880 as of June 30, 2026.

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(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, 2026. For further details, see Note 5. Fair value includes an analysis of the unfunded commitment.

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

(11)The majority of the securities bear interest at a rate that may be determined by reference Secured Overnight Financing Rate ("SOFR"), which at June 30, 2026 was 3.68%; Alternate Base Rate ("ABR"), which at June 30, 2026 was 6.75%; and the Euro Interbank Offered Rate ("EURIBOR"), which at June 30, 2026 was 2.2%. For each such security, the Fund has provided the applicable spread over SOFR, ABR and EURIBOR and the current contractual interest rate in effect at June 30, 2026. Certain investments contain a Payment-in-Kind (“PIK”) provision. SOFR based contracts may include a credit spread adjustment, which is included within the stated all-in interest rate, if applicable, that is charged in addition to the base rate and the stated spread.

(12)Investment measured at net asset value ("NAV").

(13)As defined in the 1940 Act, the Fund is deemed to be an "affiliated person" because it owns more than 5% but less than 25% of the portfolio company's voting securities, or it has power to exercise control over the management or policies of such portfolio company ('non-controlled affiliate"). As of June 30, 2026, the Fund's “Non-Controlled/Affiliated Investments” were as follows:


	Fair Value as of January 1, 2026		Gross Additions		Gross Reductions		Change in Unrealized Gains (Loss)		Net Realized Gain (Loss)		Fair Value as of June 30, 2026		Income
Non-Controlled/Affiliated Investments
SPV CA IX, LLC	$	1,736,093	$	1,638,176	$	-	$	101,836	$	-	$	3,476,105	$	-
Total Non-Controlled/Affiliated Investments	$	1,736,093	$	1,638,176	$	-	$	101,836	$	-	$	3,476,105	$	-

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

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Stone Point Credit Income Fund

Consolidated Schedule of Investments

As of December 31, 2025


Portfolio Company1234	Investment Type	Reference Rate and Floor11				Footnotes	Interest Rate11	Maturity Date5	Par Amount / Units	Cost6		Fair Value		Percentage of Net Assets7
Non-controlled/non-affiliated investments
Debt Investments - 212.2%
Capital Markets
Cliffwater, LLC	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor		8.47%	4/22/2032	13,353,629	$	13,245,699	$	13,306,892	4.7	%
Cliffwater, LLC	First Lien Revolver	SOFR+	4.75%	0.75%	Floor	(9)	8.47%	4/22/2032	-	(11,559)		(5,100)		0.0	%
Wharf Street Ratings Acquisition LLC	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor		8.47%	9/16/2032	22,408,081	22,221,415		22,296,041		8.0	%
Wharf Street Ratings Acquisition LLC	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(9)	8.47%	9/16/2027	-	(8,685)		(12,449)		0.0	%
Wharf Street Ratings Acquisition LLC	First Lien Revolver	SOFR+	4.75%	0.75%	Floor	(9)	8.47%	9/16/2032	-	(21,304)		(12,743)		0.0	%
Total Capital Markets										35,425,566		35,572,641

Consumer Finance
Best Egg Asset Structured Pass Through Master Trust	Unsecured Note	N/A				(10)	0.00%	9/15/2035	5,082	906,300		906,174		0.3	%
Best Egg Asset Structured Pass Through Master Trust	Unsecured Note	N/A				(10)	0.00%	11/15/2035	5,386	937,281		937,164		0.3	%
Equinox Buyer LLC	First Lien Term Loan	SOFR+	5.25%	1.00%	Floor		9.11%	9/9/2031	11,016,414	10,859,766		10,859,981		3.9	%
Equinox Buyer LLC	First Lien Revolver	SOFR+	5.25%	1.00%	Floor	(9)	9.11%	9/9/2031	-	(21,096)		(21,067)		0.0	%
Total Consumer Finance										12,682,251		12,682,252

Diversified Consumer Services
Houghton Mifflin Harcourt Company	First Lien Term Loan	SOFR+	5.25%	0.50%	Floor	(8)	9.07%	4/9/2029	2,969,309	2,932,146		2,628,195		0.9	%
Total Diversified Consumer Services										2,932,146		2,628,195

Financial Services
Apex Group Treasury LLC	First Lien Term Loan	SOFR+	3.50%			(8)	7.39%	2/27/2032	11,805,932	11,249,669		11,156,606		4.0	%
Barings Middle Market CLO Ltd.	Unsecured Note	SOFR+	6.17%				10.07%	4/15/2037	5,475,000	5,423,733		5,420,250		1.9	%
Beacon Pointe Harmony, LLC	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor		8.22%	12/29/2028	2,467,965	2,467,965		2,467,965		0.9	%
Beacon Pointe Harmony, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor	(9)	8.22%	4/14/2027	-	(13,552)		-		0.0	%
Beacon Pointe Harmony, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor		8.23%	12/29/2028	9,953,250	9,933,989		9,953,250		3.6	%
Bottomline Technologies, Inc.	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor		8.17%	5/14/2029	9,874,362	9,800,328		9,874,362		3.5	%
Cerity Partners Equity Holding LLC	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor	(9)	8.17%	12/20/2027	-	(31,263)		(62,926)		0.0	%
Cerity Partners Equity Holding LLC	First Lien Revolver	SOFR+	4.50%	0.75%	Floor	(9)	8.17%	7/28/2031	189,489	183,614		183,567		0.1	%
Churchill Middle Market CLO Ltd.	Unsecured Note	SOFR+	6.85%				10.71%	4/27/2037	1,570,000	1,570,000		1,570,000		0.6	%
Coller Private Equity Backed Notes & Loans II-A L.P.	Unsecured Note	SOFR+	5.20%			(9)	9.19%	4/30/2037	1,487,146	1,469,247		1,502,619		0.5	%
Flow Traders Holding, LLC	First Lien Term Loan	SOFR+	5.00%				8.84%	10/29/2031	13,661,946	13,463,003		13,457,017		4.8	%
Flow Traders Holding, LLC	First Lien Revolver	SOFR+	5.00%			(9)	8.84%	10/29/2031	-	(77,679)		(80,026)		0.0	%
GC Waves Holdings, Inc.	First Lien Delayed Draw Term Loan	SOFR+	4.50%			(9)	8.22%	10/4/2030	464,720	441,819		419,051		0.1	%
HBWM Intermediate II, LLC	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor		8.47%	11/17/2031	2,255,780	2,246,322		2,245,855		0.8	%
HBWM Intermediate II, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor		8.47%	11/17/2031	2,706,936	2,695,799		2,695,026		1.0	%
HBWM Intermediate II, LLC	First Lien Revolver	SOFR+	4.75%	0.50%	Floor	(9)	8.47%	8/18/2031	300,013	298,878		297,613		0.1	%
Ivy Hill Middle Market Credit Fund XII Ltd	Unsecured Note	SOFR+	6.25%				10.13%	4/20/2037	4,421,052	4,421,052		4,421,052		1.6	%
LendingTree, Inc.	First Lien Term Loan	SOFR+	4.50%			(8)	8.22%	8/21/2030	4,937,625	4,913,345		4,937,625		1.8	%

Table of Contents


Portfolio Company1234	Investment Type	Reference Rate and Floor11				Footnotes	Interest Rate11	Maturity Date5	Par Amount / Units	Cost6	Fair Value	Percentage of Net Assets7
MAI Capital Management Intermediate LLC	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor		8.42%	8/29/2031	2,750,250	2,727,861	2,724,398	1.0	%
MAI Capital Management Intermediate LLC	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor		8.42%	8/29/2031	1,624,500	1,615,015	1,609,230	0.6	%
MAI Capital Management Intermediate LLC	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(9)	8.42%	8/29/2031	2,430,964	2,398,526	2,388,378	0.9	%
MAI Capital Management Intermediate LLC	First Lien Revolver	SOFR+	4.75%	0.75%	Floor	(9)	8.42%	8/29/2031	197,767	192,959	187,719	0.1	%
Minotaur Acquisition, Inc.	First Lien Term Loan	SOFR+	5.00%	1.00%	Floor		8.72%	5/10/2030	13,996,342	13,858,716	13,856,379	4.9	%
New Mountain Guardian IV Income Rated Feeder II, Ltd.	Unsecured Note	SOFR+	8.40%				12.09%	4/3/2037	2,325,000	2,291,095	2,364,572	0.8	%
Nexus Buyer LLC	Second Lien Term Loan	SOFR+	5.75%			(8)	9.47%	1/30/2032	8,999,749	8,914,842	8,936,480	3.2	%
Orion US Finco	Second Lien Term Loan	SOFR+	5.50%			(8)	9.43%	10/10/2033	3,500,000	3,465,804	3,535,000	1.3	%
Payscape Buyer Inc.	Second Lien Term Loan	SOFR+	8.00%	1.00%	Floor		11.72%	4/28/2028	1,280,992	1,280,992	1,280,992	0.5	%
Payscape Buyer Inc.	Second Lien Delayed Draw Term Loan	SOFR+	8.00%	1.00%	Floor		11.72%	4/28/2028	719,008	719,008	719,008	0.3	%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.50%	1.00%	Floor		8.49%	10/2/2028	423,463	423,463	421,557	0.2	%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.50%	1.00%	Floor		8.49%	10/2/2028	1,330,622	1,330,622	1,324,634	0.5	%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.50%	1.00%	Floor		8.49%	10/2/2028	424,390	424,390	422,480	0.2	%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.50%	1.00%	Floor		8.49%	10/2/2028	1,758,665	1,758,665	1,750,751	0.6	%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.50%	1.00%	Floor		8.49%	10/2/2028	7,914,111	7,874,797	7,878,497	2.8	%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.50%	1.00%	Floor	(9)	8.49%	10/2/2028	2,950,303	2,943,537	2,917,651	1.0	%
TA/WEG Intermediate Holdings, LLC	First Lien Revolver	SOFR+	4.50%	1.00%	Floor	(9)	8.49%	10/2/2028	-	-	(3,750)	0.0	%
The Edelman Financial Engines Center, LLC	Second Lien Term Loan	SOFR+	5.25%			(8)	8.97%	10/6/2028	1,008,694	988,532	1,009,117	0.4	%
Total Financial Services										123,665,093	123,781,999

Health Care Providers & Services
Action Behavior Centers Therapy LLC	First Lien Term Loan	SOFR+	5.25%	0.75%	Floor		8.97%	7/2/2031	7,778,571	7,722,812	7,720,232	2.8	%
Action Behavior Centers Therapy LLC	First Lien Term Loan	SOFR+	5.25%	0.75%	Floor		8.97%	7/2/2031	5,071,039	5,034,020	5,033,006	1.8	%
Action Behavior Centers Therapy LLC	First Lien Delayed Draw Term Loan	SOFR+	5.25%	0.75%	Floor	(9)	8.97%	7/2/2031	510,136	506,799	499,459	0.2	%
Action Behavior Centers Therapy LLC	First Lien Revolver	SOFR+	5.25%	0.75%	Floor	(9)	8.97%	7/2/2031	-	-	(5,357)	0.0	%
Belmont Buyer, Inc.	First Lien Term Loan	SOFR+	6.50%	1.00%	Floor		10.19%	6/21/2029	5,219,368	5,237,008	5,219,368	1.9	%
Belmont Buyer, Inc.	First Lien Delayed Draw Term Loan	SOFR+	6.50%	1.00%	Floor		10.24%	6/21/2029	1,238,956	1,243,143	1,238,956	0.4	%
Belmont Buyer, Inc.	First Lien Revolver	SOFR+	6.50%	1.00%	Floor	(9)	10.19%	6/21/2029	-	-	-	0.0	%
Chartis Group, LLC	First Lien Term Loan	SOFR+	4.25%	0.75%	Floor		7.95%	9/17/2031	1,696,154	1,682,328	1,691,065	0.6	%
Chartis Group, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.25%	0.75%	Floor	(9)	7.92%	9/17/2031	87,192	86,775	85,620	0.0	%
Chartis Group, LLC	First Lien Revolver	SOFR+	4.25%	0.75%	Floor	(9)	7.95%	9/17/2031	-	-	(787)	0.0	%
Continental Buyer Inc.	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor		8.22%	4/2/2031	2,234,475	2,211,395	2,223,526	0.8	%
Continental Buyer Inc.	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor		8.22%	4/2/2031	6,039,651	6,010,546	6,010,057	2.1	%
Continental Buyer Inc.	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor	(9)	8.22%	4/21/2028	-	(2,772)	(5,637)	0.0	%
Continental Buyer Inc.	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor		8.22%	4/2/2031	6,098,537	6,072,076	6,068,654	2.2	%
Continental Buyer Inc.	First Lien Revolver	SOFR+	4.50%	0.75%	Floor	(9)	8.22%	4/2/2031	-	(14,299)	(17,123)	0.0	%
Covetrus, Inc.	First Lien Term Loan	SOFR+	5.00%	0.50%	Floor	(8)	8.67%	10/12/2029	2,969,466	2,892,822	2,676,632	1.0	%
Giving Home Health Care	First Lien Term Loan	SOFR+	6.25%				10.23%	4/26/2029	11,623,729	11,544,524	11,515,628	4.1	%
Headlands Buyer, Inc.	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor		8.49%	9/29/2032	10,912,083	10,806,974	10,805,145	3.9	%
Headlands Buyer, Inc.	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor	(9)	8.49%	9/29/2027	-	(21,306)	(43,353)	0.0	%
Headlands Buyer, Inc.	First Lien Revolver	SOFR+	4.50%	0.75%	Floor	(9)	8.49%	9/29/2032	-	(20,845)	(21,208)	0.0	%
Jerry Erwin Associates, LLC	First Lien Term Loan	SOFR+	6.75%	1.00%	Floor		10.49%	10/15/2030	7,700,000	7,478,867	7,469,000	2.7	%
MB2 Dental Solutions, LLC	First Lien Delayed Draw Term Loan	SOFR+	5.50%	0.75%	Floor	(9)	9.22%	2/13/2031	1,437,194	1,431,037	1,464,900	0.5	%
MB2 Dental Solutions, LLC	First Lien Delayed Draw Term Loan	SOFR+	5.50%	0.75%	Floor		9.22%	2/13/2031	1,141,367	1,146,026	1,152,781	0.4	%
MB2 Dental Solutions, LLC	First Lien Revolver	SOFR+	5.50%	0.75%	Floor	(9)	9.22%	2/13/2031	100,000	100,000	100,000	0.0	%
MEDX Holdings, LLC	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor		8.47%	7/21/2032	7,447,727	7,378,027	7,376,229	2.6	%
MEDX Holdings, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(9)	8.47%	7/21/2027	-	(14,495)	(29,738)	0.0	%

Table of Contents


Portfolio Company1234	Investment Type	Reference Rate and Floor11				Footnotes	Interest Rate11	Maturity Date5	Par Amount / Units	Cost6	Fair Value	Percentage of Net Assets7
MEDX Holdings, LLC	First Lien Revolver	SOFR+	4.75%	0.75%	Floor	(9)	8.47%	7/21/2032	-	(13,613)	(13,964)	0.0	%
RCP NATS Purchaser, LLC	First Lien Term Loan	SOFR+	5.00%	0.75%	Floor		8.69%	3/19/2032	11,166,045	11,042,190	11,102,398	4.0	%
RCP NATS Purchaser, LLC	First Lien Delayed Draw Term Loan	SOFR+	5.00%	0.75%	Floor	(9)	8.69%	3/19/2027	-	(11,099)	(12,761)	0.0	%
RCP NATS Purchaser, LLC	First Lien Revolver	SOFR+	5.00%	0.75%	Floor	(9)	8.69%	3/19/2032	-	(17,383)	(8,933)	0.0	%
RxB Holdings, Inc.	First Lien Term Loan	SOFR+	5.00%			(8)	8.73%	12/20/2027	7,510,962	7,360,743	7,426,501	2.7	%
Total Health Care Providers & Services										96,872,300	96,720,296

Health Care Technology
FINThrive Software Intermediate Holdings, Inc.	First Lien Term Loan	SOFR+	5.25%			(8)	8.94%	12/15/2028	5,119,276	5,050,532	4,753,452	1.7	%
Homecare Software Solutions LLC	First Lien Term Loan	SOFR+	5.55% (incl 2.93% PIK)	0.75%	Floor		9.28%	6/16/2031	5,118,307	5,077,996	5,064,565	1.8	%
Homecare Software Solutions LLC	First Lien Term Loan	SOFR+	5.55% (incl 2.93% PIK)	0.75%	Floor		9.28%	6/16/2031	2,180,496	2,163,323	2,157,601	0.8	%
Homecare Software Solutions LLC	First Lien Delayed Draw Term Loan	SOFR+	5.55% (incl 2.93% PIK)	0.75%	Floor		9.28%	6/16/2031	1,901,086	1,888,511	1,881,124	0.7	%
Total Health Care Technology										14,180,362	13,856,742

Insurance
Alkeme Intermediary Holdings, LLC	First Lien Term Loan	SOFR+	5.00%	1.00%	Floor		8.67%	5/28/2027	822,917	822,110	819,625	0.3	%
Alkeme Intermediary Holdings, LLC	First Lien Delayed Draw Term Loan	SOFR+	5.00%	1.00%	Floor		8.67%	5/28/2027	1,652,234	1,650,615	1,645,625	0.6	%
Alkeme Intermediary Holdings, LLC	First Lien Delayed Draw Term Loan	SOFR+	5.00%	1.00%	Floor		8.67%	5/28/2027	9,960,084	9,942,172	9,920,243	3.5	%
Amerilife Holdings LLC	First Lien Term Loan	SOFR+	5.00%	0.75%	Floor		8.79%	8/31/2029	8,836,138	8,802,749	8,765,449	3.1	%
Amerilife Holdings LLC	First Lien Delayed Draw Term Loan	SOFR+	5.00%	0.75%	Floor	(9)	8.79%	2/28/2027	-	(2,695)	(11,799)	0.0	%
Amerilife Holdings LLC	First Lien Delayed Draw Term Loan	SOFR+	5.00%	0.75%	Floor		8.79%	8/31/2029	47,911	47,743	47,528	0.0	%
Amerilife Holdings LLC	First Lien Delayed Draw Term Loan	SOFR+	5.00%	0.75%	Floor	(9)	8.79%	8/31/2029	2,349,381	2,342,906	2,329,725	0.8	%
Amerilife Holdings LLC	First Lien Revolver	SOFR+	5.00%	0.75%	Floor	(9)	8.79%	8/31/2028	227,144	223,617	216,241	0.1	%
Arden Insurance Services LLC	First Lien Term Loan	SOFR+	4.75%	1.00%	Floor		8.42%	11/27/2030	3,259,756	3,219,805	3,232,700	1.2	%
Arden Insurance Services LLC	First Lien Revolver	ABR+	3.75%	1.00%	Floor	(9)	10.50%	11/27/2030	124,390	123,270	120,640	0.0	%
ARMStrong Receivable Management	First Lien Term Loan	SOFR+	4.75%	1.00%	Floor		8.52%	10/5/2029	3,828,363	3,811,994	3,816,113	1.4	%
ARMStrong Receivable Management	First Lien Delayed Draw Term Loan	SOFR+	4.75%	1.00%	Floor	(9)	8.52%	10/6/2026	-	(598)	(399)	0.0	%
ARMStrong Receivable Management	First Lien Delayed Draw Term Loan	SOFR+	4.75%	1.00%	Floor	(9)	8.74%	10/5/2029	356,565	354,208	354,926	0.1	%
ARMStrong Receivable Management	First Lien Revolver	SOFR+	4.75%	1.00%	Floor	(9)	8.52%	10/5/2029	-	-	(418)	0.0	%
Babylon Buyer, Inc.	First Lien Term Loan	SOFR+	5.25%	0.75%	Floor		8.97%	3/8/2030	18,015,333	17,835,297	17,835,179	6.4	%
Babylon Buyer, Inc.	First Lien Term Loan	SOFR+	5.50%	0.75%	Floor		9.23%	3/8/2030	3,558,966	3,521,322	3,558,966	1.3	%
Babylon Buyer, Inc.	First Lien Revolver	SOFR+	5.50%	0.75%	Floor	(9)	9.23%	3/8/2030	-	(1,392)	-	0.0	%
Bellwether Buyer, LLC	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor		8.23%	4/15/2032	5,783,133	5,757,168	5,756,530	2.1	%
Bellwether Buyer, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor	(9)	8.23%	10/15/2027	-	(6,762)	(13,855)	0.0	%
Bellwether Buyer, LLC	First Lien Revolver	SOFR+	4.50%	0.75%	Floor	(9)	8.23%	4/15/2032	-	(5,408)	(5,542)	0.0	%
Foundation Risk Partners, Corp.	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor		8.42%	10/29/2030	703,145	703,145	699,981	0.2	%
Foundation Risk Partners, Corp.	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor		8.42%	10/29/2030	2,071,734	2,071,734	2,062,411	0.7	%
Foundation Risk Partners, Corp.	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor		8.42%	10/29/2030	327,576	327,576	326,102	0.1	%
Foundation Risk Partners, Corp.	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor		8.42%	10/29/2030	7,886,800	7,886,800	7,851,309	2.8	%
Foundation Risk Partners, Corp.	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor		8.42%	10/29/2030	1,935,345	1,931,661	1,926,636	0.7	%
Foundation Risk Partners, Corp.	First Lien Revolver	SOFR+	4.75%	0.75%	Floor	(9)	8.42%	10/29/2029	224,814	224,814	220,767	0.1	%
Galway Borrower LLC	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor		8.17%	9/29/2028	6,529,106	6,536,432	6,529,106	2.3	%
Galway Borrower LLC	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor		8.17%	9/29/2028	3,528,684	3,509,785	3,508,923	1.3	%
Galway Borrower LLC	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor	(9)	8.17%	9/29/2028	440,214	438,369	428,571	0.2	%
Galway Borrower LLC	First Lien Revolver	SOFR+	4.50%	0.75%	Floor	(9)	8.19%	9/29/2028	105,622	105,622	105,622	0.0	%
Redwood Purchaser, INC	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor		8.42%	3/3/2031	7,055,749	6,979,685	6,976,019	2.5	%

Table of Contents


Portfolio Company1234	Investment Type	Reference Rate and Floor11				Footnotes	Interest Rate11	Maturity Date5	Par Amount / Units	Cost6	Fair Value	Percentage of Net Assets7
Redwood Purchaser, INC	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(9)	8.42%	3/3/2027	-	(17,569)	(41,549)	0.0	%
Redwood Purchaser, INC	First Lien Revolver	SOFR+	4.75%	0.75%	Floor	(9)	8.42%	3/3/2031	346,375	327,707	326,805	0.1	%
THG Acquisition, LLC	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor		8.47%	10/31/2031	11,156,742	11,063,851	11,057,447	3.9	%
THG Acquisition, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(9)	8.47%	10/31/2031	726,908	723,432	704,632	0.3	%
THG Acquisition, LLC	First Lien Revolver	SOFR+	4.75%	0.75%	Floor	(9)	8.47%	10/31/2031	164,678	163,903	153,526	0.1	%
World Insurance Associates LLC	First Lien Delayed Draw Term Loan	SOFR+	5.00%	1.00%	Floor	(9)	8.67%	4/3/2030	2,246,400	2,233,579	2,228,800	0.8	%
World Insurance Associates LLC	First Lien Revolver	SOFR+	5.00%	1.00%	Floor	(9)	8.67%	4/3/2030	-	(896)	(951)	0.0	%
Total Insurance										103,647,751	103,451,634

IT Services
Redwood Services Group, LLC	First Lien Term Loan	SOFR+	5.25%	0.75%	Floor		8.93%	6/15/2029	2,397,070	2,378,413	2,386,044	0.9	%
Redwood Services Group, LLC	First Lien Delayed Draw Term Loan	SOFR+	5.25%	0.75%	Floor	(9)	8.93%	6/15/2029	2,511,916	2,500,224	2,497,768	0.9	%
Total IT Services										4,878,637	4,883,812

Professional Services
Accordion Partners LLC	First Lien Term Loan	SOFR+	5.00%	0.75%	Floor		8.70%	11/17/2031	9,733,696	9,678,026	9,709,361	3.5	%
Accordion Partners LLC	First Lien Term Loan	SOFR+	5.00%	0.75%	Floor		8.70%	11/17/2031	6,653,367	6,644,433	6,636,734	2.4	%
Accordion Partners LLC	First Lien Delayed Draw Term Loan	SOFR+	5.00%	0.75%	Floor		8.70%	11/17/2031	5,031,850	5,008,155	5,006,691	1.8	%
Accordion Partners LLC	First Lien Revolver	SOFR+	5.00%	0.75%	Floor	(9)	8.70%	11/17/2031	-	-	(6,509)	0.0	%
Accordion Partners Holdings LLC	Unsecured Note	N/A					12.75% PIK	11/15/2034	4,723,304	4,653,129	4,652,455	1.7	%
Aprio Advisory Group, LLC	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor		8.42%	8/1/2031	2,493,750	2,449,354	2,470,558	0.9	%
Aprio Advisory Group, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(9)	8.42%	12/23/2027	-	(55,372)	(103,446)	0.0	%
Aprio Advisory Group, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(9)	8.42%	8/1/2031	8,194,484	7,988,852	8,078,300	2.9	%
Baker Tilly Advisory Group, L.P.	First Lien Term Loan	SOFR+	4.25%	0.75%	Floor		7.97%	6/2/2032	4,996,802	4,950,968	4,949,832	1.8	%
Baker Tilly Advisory Group, L.P.	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor		8.47%	6/3/2031	2,092,602	2,068,370	2,092,602	0.7	%
Baker Tilly Advisory Group, L.P.	First Lien Delayed Draw Term Loan	SOFR+	4.25%	0.75%	Floor	(9)	7.97%	6/3/2027	-	(7,890)	(16,181)	0.0	%
Baker Tilly Advisory Group, L.P.	First Lien Revolver	SOFR+	4.75%	0.75%	Floor	(9)	8.47%	6/3/2030	-	-	-	0.0	%
Baker Tilly Advisory Group, L.P.	First Lien Revolver	SOFR+	4.50%	0.75%	Floor	(9)	8.47%	6/2/2032	-	(7,163)	(7,345)	0.0	%
Cherry Bekaert Advisory LLC	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor		8.22%	6/28/2030	1,069,141	1,066,582	1,058,449	0.4	%
Cherry Bekaert Advisory LLC	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor		8.22%	6/28/2030	2,188,758	2,167,804	2,166,870	0.8	%
Cherry Bekaert Advisory LLC	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor		8.22%	6/28/2030	1,953,768	1,934,419	1,934,230	0.7	%
Cherry Bekaert Advisory LLC	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor	(9)	8.22%	6/28/2030	1,179,741	1,163,375	1,157,853	0.4	%
Cherry Bekaert Advisory LLC	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor		8.22%	6/28/2030	1,392,094	1,388,762	1,378,173	0.5	%
Heights Buyer, LLC	First Lien Term Loan	SOFR+	5.00%	1.00%	Floor		8.92%	8/25/2028	1,189,179	1,179,249	1,178,952	0.4	%
Heights Buyer, LLC	First Lien Delayed Draw Term Loan	SOFR+	5.00%	1.00%	Floor	(9)	8.92%	6/24/2027	-	(6,760)	(13,925)	0.0	%
Inizio Group Limited	First Lien Term Loan	SOFR+	4.25%	0.50%	Floor	(8)	8.02%	8/19/2028	4,967,427	4,875,485	4,849,450	1.7	%
KRIV Acquisition Inc.	First Lien Term Loan	SOFR+	5.00%	1.00%	Floor		8.67%	7/31/2031	2,888,719	2,870,010	2,861,276	1.0	%
KRIV Acquisition Inc.	First Lien Delayed Draw Term Loan	SOFR+	5.00%	1.00%	Floor	(9)	8.67%	9/30/2027	-	(12,373)	(24,881)	0.0	%
KRIV Acquisition Inc.	First Lien Delayed Draw Term Loan	SOFR+	5.00%	1.00%	Floor	(9)	8.67%	9/30/2027	-	(21,783)	(44,232)	0.0	%
KRIV Acquisition Inc.	First Lien Revolver	SOFR+	4.50%	1.00%	Floor	(9)	8.49%	7/31/2031	93,578	82,436	82,263	0.0	%
More Cowbell II LLC	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor		7.99%	9/3/2030	12,559,933	12,559,933	12,559,933	4.5	%
More Cowbell II LLC	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor	(9)	7.99%	9/3/2027	-	-	-	0.0	%
More Cowbell II LLC	First Lien Revolver	SOFR+	4.50%	0.75%	Floor	(9)	7.99%	9/4/2029	-	-	-	0.0	%
PAS Parent Inc.	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor		8.22%	8/18/2032	4,132,237	4,112,674	4,092,154	1.5	%
PAS Parent Inc.	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor	(9)	8.22%	8/18/2028	-	(19,722)	(40,410)	0.0	%
PAS Parent Inc.	First Lien Revolver	SOFR+	4.50%	0.75%	Floor	(9)	8.22%	8/18/2031	-	(1,759)	(3,638)	0.0	%
Petra Borrower, LLC	First Lien Term Loan	SOFR+	5.75%	1.00%	Floor		9.65%	11/15/2030	4,277,956	4,232,809	4,230,471	1.5	%
Petra Borrower, LLC	First Lien Delayed Draw Term Loan	SOFR+	5.75%	1.00%	Floor		9.45%	11/15/2030	1,666,636	1,652,776	1,648,136	0.6	%

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Portfolio Company1234	Investment Type	Reference Rate and Floor11				Footnotes	Interest Rate11	Maturity Date5	Par Amount / Units	Cost6	Fair Value	Percentage of Net Assets7
Petra Borrower, LLC	First Lien Revolver	SOFR+	5.75%	1.00%	Floor	(9)	9.65%	11/15/2029	-	(2,373)	(7,436)	0.0	%
TRAK Purchaser, Inc	First Lien Term Loan	SOFR+	5.50%	1.00%	Floor		9.34%	6/20/2031	9,300,326	9,173,237	9,217,553	3.3	%
TRAK Purchaser, Inc	First Lien Term Loan	SOFR+	5.50%	1.00%	Floor		9.20%	6/20/2031	1,938,566	1,909,676	1,909,488	0.7	%
TRAK Purchaser, Inc	First Lien Revolver	SOFR+	5.50%	1.00%	Floor	(9)	9.34%	6/20/2031	-	(8,907)	(5,811)	0.0	%
Wasteology Group Transportation, LLC	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor		8.60%	11/3/2032	6,035,428	5,976,467	5,975,074	2.1	%
Wasteology Group Transportation, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(9)	8.60%	11/3/2027	-	(34,280)	(70,179)	0.0	%
Wasteology Group Transportation, LLC	First Lien Revolver	SOFR+	4.75%	0.75%	Floor	(9)	8.60%	11/3/2032	-	(21,215)	(21,716)	0.0	%
Total Professional Services										99,587,384	99,531,149

Real Estate Management & Development
Accuserve Solutions, Inc.	First Lien Term Loan	SOFR+	6.00% (incl 3.38% PIK)	1.00%	Floor		9.84%	3/15/2030	8,598,920	8,495,727	8,331,493	3.0	%
Accuserve Solutions, Inc.	First Lien Revolver	SOFR+	6.00% (incl 3.38% PIK)	1.00%	Floor	(9)	9.84%	3/15/2030	99,432	99,432	87,063	0.0	%
Claros Mortgage Trust, Inc.	First Lien Term Loan	SOFR+	4.50%	0.50%	Floor	(8)	8.32%	8/9/2026	2,556,920	2,495,257	2,489,801	0.9	%
Freedom Funding Center LLC	Unsecured Note	N/A				(8)(10)	12.00%	10/1/2037	5,000,000	5,000,000	5,360,275	1.9	%
Low Voltage Holdings Inc.	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor		8.42%	4/28/2032	1,846,120	1,833,566	1,844,274	0.7	%
Low Voltage Holdings Inc.	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(9)	8.42%	10/28/2027	-	(1,252)	(370)	0.0	%
Low Voltage Holdings Inc.	First Lien Revolver	SOFR+	4.75%	0.75%	Floor	(9)	8.42%	4/28/2032	-	(1,929)	(285)	0.0	%
Metropolis Technologies Inc	First Lien Term Loan	SOFR+	5.25%			(8)	8.98%	11/3/2032	7,430,000	7,357,158	7,374,275	2.6	%
Southpaw AP Buyer, LLC	First Lien Term Loan	SOFR+	5.50%	1.00%	Floor		9.49%	3/2/2028	2,747,362	2,734,927	2,727,855	1.0	%
Southpaw AP Buyer, LLC	First Lien Delayed Draw Term Loan	SOFR+	5.50%	1.00%	Floor	(9)	9.35%	3/2/2028	203,675	202,678	202,088	0.1	%
Southpaw AP Buyer, LLC	First Lien Revolver	SOFR+	5.50%	1.00%	Floor	(9)	9.53%	3/2/2028	51,458	51,458	49,856	0.0	%
Titan Home Improvement, LLC	First Lien Term Loan	SOFR+	4.75%	1.00%	Floor		8.57%	5/31/2030	2,572,093	2,531,843	2,563,605	0.9	%
Titan Home Improvement, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.75%	1.00%	Floor	(9)	8.57%	5/29/2026	-	-	(1,612)	0.0	%
Titan Home Improvement, LLC	First Lien Revolver	SOFR+	4.75%	1.00%	Floor	(9)	8.57%	5/31/2030	-	-	(1,343)	0.0	%
Total Real Estate Management & Development										30,798,865	31,026,975

Software
Archduke Buyer, Inc.	First Lien Term Loan	SOFR+	5.50%	0.50%	Floor		9.27%	12/3/2032	3,907,684	3,869,050	3,868,607	1.4	%
Archduke Buyer, Inc.	First Lien Revolver	SOFR+	5.50%	0.50%	Floor	(9)	9.27%	12/3/2032	-	(3,998)	(4,043)	0.0	%
Cardinal Parent Inc	First Lien Term Loan	SOFR+	4.50%	0.75%	Floor	(8)	8.41%	11/12/2027	2,969,152	2,880,689	2,894,923	1.0	%
Diligent Corporation	First Lien Term Loan	SOFR+	5.00%	0.75%	Floor		8.82%	8/6/2030	4,738,285	4,710,774	4,709,381	1.7	%
Diligent Corporation	First Lien Term Loan	SOFR+	5.00%	0.75%	Floor		8.82%	8/6/2030	812,276	807,559	807,321	0.3	%
Diligent Corporation	First Lien Delayed Draw Term Loan	SOFR+	5.00%	0.75%	Floor	(9)	8.82%	4/30/2026	-	-	(9,577)	0.0	%
Diligent Corporation	First Lien Revolver	SOFR+	5.00%	0.75%	Floor	(9)	8.69%	8/6/2030	89,163	89,163	86,849	0.0	%
Flexera Software LLC	First Lien Term Loan	SOFR+	4.50%	0.50%	Floor		8.35%	8/16/2032	2,067,379	2,062,492	2,067,379	0.7	%
Flexera Software LLC	First Lien Term Loan	EURIBOR+	4.50%	0.50%	Floor		6.43%	8/16/2032	1,226,096	1,431,324	1,439,620	0.5	%
Flexera Software LLC	First Lien Revolver	SOFR+	4.50%	0.50%	Floor	(9)	8.35%	8/16/2032	-	(1,079)	-	0.0	%
Fullsteam Holdco, L.P.	Unsecured Note	N/A					13.00% PIK	8/9/2032	5,261,806	5,191,086	5,187,088	1.9	%
Fullsteam Operations LLC	First Lien Term Loan	SOFR+	5.25%	0.75%	Floor		9.11%	8/8/2031	10,312,500	10,216,248	10,214,534	3.6	%
Fullsteam Operations LLC	First Lien Delayed Draw Term Loan	SOFR+	5.25%	0.75%	Floor	(9)	9.11%	8/8/2027	-	(16,042)	(32,656)	0.0	%
Fullsteam Operations LLC	First Lien Revolver	SOFR+	5.25%	0.75%	Floor	(9)	9.11%	8/8/2031	-	(11,667)	(11,875)	0.0	%
GovDelivery Holdings, LLC	First Lien Term Loan	SOFR+	5.50% (incl 2.00% PIK)	0.75%	Floor		9.34%	1/17/2031	2,764,185	2,764,185	2,764,185	1.0	%
GovDelivery Holdings, LLC	First Lien Delayed Draw Term Loan	SOFR+	5.50% (incl 2.00% PIK)	0.75%	Floor		8.84%	1/17/2031	409,478	409,478	408,413	0.1	%
GovDelivery Holdings, LLC	First Lien Revolver	ABR+	4.25%			(9)	9.34%	1/17/2031	-	-	-	0.0	%
GS Acquisitionco Inc	First Lien Delayed Draw Term Loan	SOFR+	5.25%	0.75%	Floor	(9)	9.12%	5/16/2027	-	(9,898)	(50,000)	0.0	%

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Portfolio Company1234	Investment Type	Reference Rate and Floor11				Footnotes	Interest Rate11	Maturity Date5	Par Amount / Units	Cost6		Fair Value		Percentage of Net Assets7
Kona Buyer, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor	(9)	8.37%	6/27/2027	-	-		(4,761)		0.0	%
Kona Buyer, LLC	First Lien Revolver	SOFR+	4.50%	0.75%	Floor	(9)	8.37%	7/23/2031	-	-		(529)		0.0	%
MRI Software LLC	First Lien Term Loan	SOFR+	4.75%	1.00%	Floor		8.42%	2/10/2028	2,308,024	2,305,960		2,305,716		0.8	%
MRI Software LLC	First Lien Delayed Draw Term Loan	SOFR+	4.75%	1.00%	Floor	(9)	8.42%	2/10/2028	903,149	884,260		865,518		0.3	%
MRI Software LLC	First Lien Revolver	SOFR+	4.75%	1.00%	Floor	(9)	8.44%	2/10/2028	231,923	227,087		226,473		0.1	%
oneZero Financial Systems, LLC	First Lien Term Loan	SOFR+	5.00%	0.75%	Floor		8.84%	10/7/2031	8,588,942	8,518,237		8,561,458		3.1	%
oneZero Financial Systems, LLC	First Lien Delayed Draw Term Loan	SOFR+	5.00%	0.75%	Floor	(9)	8.84%	10/7/2031	506,748	502,690		501,914		0.2	%
oneZero Financial Systems, LLC	First Lien Revolver	SOFR+	5.00%	0.75%	Floor	(9)	8.84%	10/7/2031	-	-		(3,245)		0.0	%
Orion Advisor Solutions, LLC	Second Lien Term Loan	SOFR+	5.75%	1.00%	Floor		9.65%	12/31/2030	9,135,000	9,091,035		9,135,000		3.3	%
Propio LS, LLC	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor		8.47%	5/13/2030	3,390,855	3,361,071		3,382,039		1.2	%
Propio LS, LLC	First Lien Revolver	SOFR+	4.75%	0.75%	Floor	(9)	8.42%	5/13/2030	40,526	39,723		40,287		0.0	%
Saab Purchaser, Inc	First Lien Term Loan	SOFR+	4.75%	0.75%	Floor		8.42%	11/12/2031	3,567,785	3,533,714		3,549,946		1.3	%
Saab Purchaser, Inc	First Lien Delayed Draw Term Loan	SOFR+	4.75%	0.75%	Floor	(9)	8.42%	9/22/2027	-	(16,486)		(17,263)		0.0	%
Saab Purchaser, Inc	First Lien Revolver	SOFR+	4.75%	0.75%	Floor	(9)	8.42%	11/12/2031	-	(4,579)		(2,398)		0.0	%
Skywalker Purchaser, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor	(9)	8.37%	6/27/2027	-	-		(2,809)		0.0	%
Skywalker Purchaser, LLC	First Lien Delayed Draw Term Loan	SOFR+	4.50%	0.75%	Floor	(9)	8.37%	6/27/2027	-	-		(3,154)		0.0	%
Total Software										62,832,076		62,874,341

Technology Hardware, Storage & Peripherals
Lytx, Inc.	First Lien Term Loan	SOFR+	5.00%	1.00%	Floor		8.83%	2/28/2028	7,500,000	7,500,000		7,500,000		2.7	%
Total Technology Hardware, Storage & Peripherals										7,500,000		7,500,000

Total Debt Investments										$	595,002,431	$	594,510,036

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Portfolio Company	Investment Type	Footnotes	Interest Rate11	Acquisition Date	Par Amount / Units	Cost	Fair Value	Sum of % of NAV
Non-controlled/non-affiliated investments
Preferred Equity - 0.6%
Financial Services
MC CIF Wealth Management (UK) Ltd.	Preferred Equity		12.00% PIK	8/12/2025	915,542	906,792	907,576	0.3%
MC CIF Wealth Management (UK) Ltd.	Preferred Equity		12.00% (incl 6.00% PIK)	8/12/2025	895,271	886,521	885,602	0.3%
Total Financial Services						1,793,313	1,793,178

Total Preferred Equity						1,793,313	1,793,178

Total non-controlled/non-affiliated investments						596,795,744	596,303,214

Non-controlled/affiliated investments
Common Equity - 0.6%
Professional Services
SPV CA IX, LLC	Common Equity	(9)(12)(13)		7/18/2025	1,652,037	1,652,037	1,736,093	0.6%
Total Professional Services						1,652,037	1,736,093

Total Common Equity						1,652,037	1,736,093

Total non-controlled/affiliated investments						1,652,037	1,736,093

Total investments						598,447,781	598,039,307

(1)All of the Fund's investments are domiciled in the United States, except for Apex Group Treasury LLC, Barings Middle Market CLO Ltd., Flow Traders Holdings, LLC, Inizio Group Limited, MC CIF Wealth Management (UK) Ltd. and New Mountain Guardian IV Income Rated Feeder II, Ltd., which are domiciled in Ireland, Cayman Islands, Bermuda, United Kingdom, United Kingdom and Bermuda, respectively.

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

(3)All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"), except for Apex Group Treasury LLC, Barings Middle Market CLO Ltd., Best Egg Asset Structured Pass Through Master Trust, Churchill Middle Market CLO Ltd., Claros Mortgage Trust Inc., Coller Private Equity Backed Notes & Loans II-A L.P., Flow Traders Holdings, LLC, Inizio Group Limited, Ivy Hill Middle Market Credit Fund XII Ltd., LendingTree Inc., MC CIF Wealth Management (UK) Ltd. and New Mountain Guardian IV Income Rated Feeder II, Ltd. As of December 31, 2025, non-qualifying assets totaled 8.8% of the Fund's total assets.

(4)As of December 31, 2025, all investments are pledged as collateral except for Barings Middle Market CLO Ltd., Best Egg Asset Structured Pass Through Master Trust, Churchill Middle Market CLO Ltd., Ivy Hill Middle Market Credit Fund XII Ltd., MC CIF Wealth Management (UK) Ltd. and SPV CA IX, LLC.

(5)The date disclosed may represent the expiration of the commitment period of an 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 $280,198,619 as of December 31, 2025.

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

(9)This investment has an unfunded commitment as of December 31, 2025. For further details, see Note 5. Fair value includes an analysis of the unfunded commitment.

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

(11)The majority of the securities bear interest at a rate that may be determined by reference Secured Overnight Financing Rate ("SOFR"), which at December 31, 2025 was 3.87%; Alternate Base Rate ("ABR"), which at December 31, 2025 was 6.75%; and the Euro Interbank Offered Rate ("EURIBOR"), which at December 31, 2025 was 1.94%. For each

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such security, the Fund has provided the applicable spread over SOFR, ABR and EURIBOR and the current contractual interest rate in effect at December 31, 2025. Certain investments contain a Payment-in-Kind (“PIK”) provision. SOFR based contracts may include a credit spread adjustment, which is included within the stated all-in interest rate, if applicable, that is charged in addition to the base rate and the stated spread.

(12)Investment measured at net asset value ("NAV").

(13)As defined in the 1940 Act, the Fund is deemed to be an "affiliated person" because it owns more than 5% but less than 25% of the portfolio company's voting securities, or it has power to exercise control over the management or policies of such portfolio company ('non-controlled affiliate"). Transactions for the year ended December 31, 2025 in which the portfolio company is deemed to be a “Non-Control/Affiliated Investment” of the Fund were as follows:


	Fair Value as of January 22, 2025 (Commencement of Operations)		Gross Additions		Gross Reductions		Change in Unrealized Gains (Losses)		Net Realized Gains (Losses)		Fair Value as of December 31, 2025		Income
Non-Controlled/Affiliated Investments
SPV CA IX, LLC	$	-	$	1,652,037	$	-	$	84,056	$	-	$	1,736,093	$	-
Total Non-Controlled/Affiliated Investments	$	-	$	1,652,037	$	-	$	84,056	$	-	$	1,736,093	$	-

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Stone Point Credit Income Fund

Notes to Consolidated Financial Statements

June 30, 2026

(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 "Commencement of Operations"). 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 intends to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The 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 and 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 an affiliate of Stone Point Capital LLC (“Stone Point Capital”, and together with its credit-focused affiliates, as applicable, “Stone Point Credit”), which is an alternative investment management platform specializing in investments within the global financial services industry and related sectors.

The 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.

Stone Point Credit formed SPV CA IV LLC (“SPV I”), and SPCIF Funding II LLC ("SPV II", and together with SPV I, the "SPVs") which are wholly-owned financing subsidiaries of the Fund for the purpose of holding pledged investments as collateral under financing facilities. From time to time, the Fund may form additional wholly-owned subsidiaries to facilitate its 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 accompanying interim consolidated financial statements include the accounts of the Fund and its consolidated subsidiaries. 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 subsidiaries, except where context is otherwise required. The Fund is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. The 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

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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 a money market account and demand deposits held at a custodian bank. Cash and cash equivalents are carried at cost, which approximates fair value. The 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. As of June 30, 2026 and December 31, 2025, there was $362,278 and $114,267, respectively, of cash denominated in foreign currencies included within "cash and cash equivalents" on the Consolidated Statement of Assets and Liabilities.

Investments at Fair Value

In accordance with Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the 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 external, independent valuation firms to provide input 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 the Valuation Policy. There is not a public market or active secondary market for many of the types of investments in privately held companies that the 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 determinations of fair value. 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 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 NAV per Share (see definition in Note 7) 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.

Revenue Recognition

The Fund recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC Topic 606”), which requires that an entity recognize revenue to depict the transfer of promised goods or services to

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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 follows a five-step model to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, the Fund includes variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. Significant judgments are required in the application of the five-step model including: when determining whether performance obligations are satisfied at a point in time or over time; how to allocate transaction prices where multiple performance obligations are identified; when to recognize revenue based on the appropriate measure of the 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 includes fee income (underwriting and arranger fees). The Fund earns underwriting and arranger fees in securities offerings in which the Fund acts as an underwriter or arranger, such as initial public offerings, follow-on equity offerings, debt offerings, and convertible securities offerings. Fee revenue relating to underwriting and arranger commitments is recorded at the point in time when all significant items relating to the underwriting or arranger process has been completed and the amount of the underwriting or arranger revenue has been determined. This generally is the point at which all of the following have occurred: (i) the issuer’s registration statement has become effective with the SEC or the other offering documents are finalized; (ii) the 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 are generally non-recurring and are recognized as fee income by the Fund on the investment closing date. The following table presents revenues from contracts with customers disaggregated by fee type:


	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2026		For the period January 22, 2025 (Commencement of Operations) through June 30 2025
Fee income	$	97,704	$	—	$	135,821	$	—
Total revenue from contracts with customers	$	97,704	$	—	$	135,821	$	—

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

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of both June 30, 2026 and December 31, 2025, no investments were on non-accrual status.

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. During the three and six months ended June 30, 2026, the Fund earned dividend income of $55,565 and $109,903, respectively, that was included on the Consolidated Statements of Operations as dividend income. For the three

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months ended June 30, 2025 and for the period from the Commencement of Operations through June 30, 2025, the Fund did not earn any dividend income.

Foreign Currency

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

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

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

The Fund includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations with the net change in unrealized appreciation (depreciation) from the translation of assets and liabilities in foreign currencies and other transactions on the Consolidated Statements of Operations.

The Fund records realized gains and losses resulting from transactions in foreign currency on the Consolidated Statements of Operations. During the three and six months ended June 30, 2026, the Fund recorded $45,898 and $23,330 of net realized gains on foreign currency transactions, respectively. For the three months ended June 30, 2025 and for the period from the Commencement of Operations through June 30, 2025, the Fund did not record any realized gains and losses on foreign currency transactions.

Fluctuations arising from the translation of foreign currency borrowings are included with the net change in unrealized appreciation (depreciation) from translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. During the three and six months ended June 30, 2026, the Fund recorded a net change of $377,643 and $497,475 in unrealized appreciation on the translation of assets and liabilities in foreign currencies, respectively. For the three months ended June 30, 2025 and for the period from the Commencement of Operations through June 30, 2025, the Fund did not record any unrealized appreciation or depreciation on the translation of assets and liabilities in foreign currency.

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

Organizational Expenses and Offering Costs

Organizational expenses are costs associated with the organization of the 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 the date incurred.

Income Taxes

The Fund intends to elect to be treated, and intends to qualify annually, as a RIC under Subchapter M of 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 is 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 while preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax

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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 Commencement of Operations through June 30, 2026. As of June 30, 2026 and December 31, 2025, the tax cost of the Fund's investments approximates its amortized cost.

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

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, 2026 , the Fund recorded $263,023 and $187,362 of net realized gains on investments, respectively. For three months ended June 30, 2025 and for the period from the Commencement of Operations through June 30, 2025, the Fund recorded $110,460 and $138,668 of net realized gains on investments, respectively. During the three and six months ended June 30, 2026, the Fund recorded $2,424,197 and $5,820,620 of net unrealized depreciation on investments, respectively. For three months ended June 30, 2025 and for the period from the Commencement of Operations through June 30, 2025, the Fund recorded $64,634 of net unrealized appreciation on investments and $245,400 of net unrealized depreciation on investments, respectively.

Distributions to Shareholders

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 under the DRIP 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 SPVs and any additional wholly-owned subsidiaries in its consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation.

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, chief financial officer and chief compliance 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

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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 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. The Fund has adopted ASU 2024-04 for fiscal year 2026, and concluded that the application of this guidance did not have any 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.

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 the 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 will 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 based on a percentage of net assets 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

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basis in accordance with U.S. GAAP. 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 Commencement of Operations. For periods ending on or prior to January 31, 2028, the Management Fee shall be calculated at an annual rate of 0.75% of Net Assets; and for periods ending after January 31, 2028, the Management Fee shall be calculated at an annual rate of 1.25% of Net Assets.

For the three and six months ended June 30, 2026, the Fund incurred Management Fees of $688,171 and $1,272,458, respectively. For the three months ended June 30, 2025 and for the period from the Commencement of Operations through June 30, 2025, the Fund incurred Management Fees of $239,381 and $373,496, respectively. As of June 30, 2026 and December 31, 2025, the Fund recorded Management Fees payable of $242,854 and $144,988, respectively.

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 consists of two parts, consisting of the “Investment Income Incentive Fee” and the “Capital Gains Incentive Fee”.

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

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•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, 2026, the Fund incurred investment income-based incentive fees of $766,330 and $1,212,020, respectively. For the three months ended June 30, 2025 and for the period from the Commencement of Operations through June 30, 2025, the Fund did not incur any investment income-based incentive fees. As of June 30, 2026, the Fund recorded investment income-based incentive fees payable of $766,330. The Fund did not record any income-based incentive fee payable as of December 31, 2025.

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, 2026, the Fund did not accrue any Capital Gains Incentive Fees. For the three months ended June 30, 2025 and for the period from the Commencement of Operations through 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

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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, 2026, the Fund incurred $221,114 and $459,547, respectively, of administrative overhead expenses that were included on the Consolidated Statements of Operations as professional fees. For the three months ended June 30, 2025 and for the period from the Commencement of Operations through 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, 2026 and December 31, 2025, $221,114 and $449,359, respectively, of administrative overhead expenses remained payable and were included on the Consolidated Statements of Assets and Liabilities as accounts payable and accrued expenses. For the three and six months ended June 30, 2026 and for the period from the Commencement of Operations through June 30, 2025, the Administrator did not waive any charges that were eligible for reimbursement under the terms of the Administration Agreement.

Sub-Administration and Custodian Fees

The Adviser, in its capacity as the Administrator to the Fund, 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, 2026, the Fund incurred expenses for services provided by the Sub-Administrator of $119,597 and $224,528, respectively, that were included on the Consolidated Statements of Operations as professional fees. For the three months ended June 30, 2025 and for the period from the Commencement of Operations through 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, 2026 and December 31, 2025, $204,528 and $144,718, respectively, remained payable and were 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, 2026, the Fund incurred expenses for services provided by the Custodian of $156,985 and $145,980, respectively, that were included on the Consolidated Statements of Operations as professional fees. For the three months ended June 30, 2025 and for the period from the Commencement of Operations through 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, 2026 and December 31, 2025, $151,985 and $59,788, respectively, remained payable and were 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, 2026, the Fund incurred expenses for services

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provided by the Transfer Agent of $26,013 and $54,042, respectively, that were included on the Consolidated Statements of Operations as professional fees. For the three months ended June 30, 2025 and for the period from the Commencement of Operations through 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, 2026 and December 31, 2025, $34,771 and $23,996, respectively, remained payable and were 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 any 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 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, 2026, the Adviser provided expense support of $869,453 and $1,089,803, respectively, which were included in the Consolidated Statements of Operations as expense support reimbursement. For the three months ended June 30, 2025 and for the period from the Commencement of Operations through June 30, 2025, the Adviser provided expense support of $670,761 and $1,456,522, respectively, which were included on the Consolidated Statements of Operations as expense support reimbursement. For the three and six months ended June 30, 2026, and for the period from the Commencement of Operations through June 30, 2025, the Fund did not make any reimbursement payments

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to the Adviser. As of June 30, 2026 and December 31, 2025, $368,770 and $451,691, respectively, remained receivable and were 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 trustees 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 Trustees”) 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 the same as those applicable to the other funds managed by, or certain entities affiliated with, the Adviser or certain of its affiliates. To the extent an investment by such other fund or entity, as applicable, in an applicable co-investment opportunity is based on favorable terms, the 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.

Controlled/Affiliated Portfolio Companies

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

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

Note 4. Offering Costs

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

For the three and six months ended June 30, 2026, the Fund incurred offering costs of $10,096 and $57,694, respectively. For the three months ended June 30, 2025 and for the period from the Commencement of Operations through June 30, 2025, the Fund incurred offering costs of $159,750 and $279,139, respectively. As of both June 30, 2026 and December 31, 2025, there was no balance payable on the Consolidated Statements of Assets and Liabilities for offering costs 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.

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Unfunded Portfolio Company Commitments

From time to time, the Fund may enter into commitments to fund investments. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. As of June 30, 2026, and December 31, 2025, the Fund had the following unfunded portfolio company commitments at par under loan and financing agreements:


Portfolio Company	Type of Investment	June 30, 2026		December 31, 2025
Accordion Partners LLC	First Lien Revolving Loan	$	1,301,891	$	1,301,891
Accuserve Solutions, Inc.	First Lien Revolving Loan	173,011		298,295
Action Behavior Centers Therapy LLC	First Lien Delayed Draw Term Loan	721,101		913,482
Action Behavior Centers Therapy LLC	First Lien Revolving Loan	714,286		714,286
AKAM Buyer, Inc.	First Lien Delayed Draw Term Loan	4,882,355		—
AKAM Buyer, Inc.	First Lien Revolving Loan	1,865,957		—
Alkeme Intermediary Holdings, LLC	First Lien Delayed Draw Term Loan	2,455,709		—
AmeriLife Holdings LLC	First Lien Delayed Draw Term Loan	1,210,411		1,474,911
AmeriLife Holdings LLC	First Lien Delayed Draw Term Loan	—		107,544
AmeriLife Holdings LLC	First Lien Revolving Loan	1,022,147		1,135,718
Aprio Advisory Group, LLC	First Lien Delayed Draw Term Loan	—		4,298,459
Aprio Advisory Group, LLC	First Lien Delayed Draw Term Loan	10,374,490		11,123,263
Archduke Buyer, Inc.	First Lien Revolving Loan	404,341		404,341
Arden Insurance Services LLC	First Lien Revolving Loan	104,634		332,927
Ares Global Structured Solutions Rated Notes Feeder LLC	Unsecured Note	879,977		-
Ares Global Structured Solutions Rated Notes Feeder LLC	Preferred Equity	1,662,589		-
ARMStrong Receivable Management	First Lien Delayed Draw Term Loan	—		172,163
ARMStrong Receivable Management	First Lien Delayed Draw Term Loan	—		128,771
ARMStrong Receivable Management	First Lien Revolving Loan	130,587		130,587
Babylon Buyer, Inc.	First Lien Revolving Loan	145,914		145,914
Baker Tilly Advisory Group, LP	First Lien Delayed Draw Term Loan	—		1,721,374
Baker Tilly Advisory Group, LP	First Lien Revolving Loan	387,324		387,324
Baker Tilly Advisory Group, LP	First Lien Revolving Loan	781,349		781,349
Beacon Global Strategies LLC	First Lien Delayed Draw Term Loan	2,621,797		—
Beacon Pointe Harmony, LLC	First Lien Delayed Draw Term Loan	3,882,702		5,812,428
Bellwether Buyer, L.L.C.	First Lien Delayed Draw Term Loan	2,590,361		3,012,048
Bellwether Buyer, L.L.C.	First Lien Revolving Loan	1,204,819		1,204,819
Belmont Buyer, Inc.	First Lien Revolving Loan	463,663		632,267
Cerity Partners Equity Holding LLC	First Lien Delayed Draw Term Loan	12,585,187		12,585,187
Cerity Partners Equity Holding LLC	First Lien Revolving Loan	615,839		994,817
Chartis Group, LLC	First Lien Delayed Draw Term Loan	395,105		437,063
Chartis Group, LLC	First Lien Revolving Loan	262,238		262,238
Cherry Bekaert Advisory LLC	First Lien Delayed Draw Term Loan	—		1,009,017
Cliffwater LLC	First Lien Revolving Loan	1,545,462		1,545,462
Coller Evergreen CFO I Equity Holdings Feeder B, L.P.	Preferred Equity	3,969,978		—

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Portfolio Company	Type of Investment	June 30, 2026	December 31, 2025
Coller Evergreen CFO I, L.P.	Unsecured Note	3,220,093	—
Coller Private Equity Backed Notes & Loans II-A L.P.	Unsecured Note	1,654,013	2,221,661
Conservice Midco, LLC	First Lien Revolving Loan	619,472	—
Continental Buyer, Inc.	First Lien Delayed Draw Term Loan	805,287	1,150,410
Continental Buyer, Inc.	First Lien Revolving Loan	3,494,584	3,494,584
Diligent Corporation	First Lien Delayed Draw Term Loan	—	1,570,022
Diligent Corporation	First Lien Revolving Loan	229,547	290,254
Equinox Buyer, LLC	First Lien Revolving Loan	1,483,586	1,483,586
Fetch, Inc	First Lien Delayed Draw Term Loan	4,343,515	—
Fetch, Inc	First Lien Revolving Loan	2,756,468	—
Flexera Software LLC	First Lien Revolving Loan	456,525	456,525
Flow Traders Holding, LLC	First Lien Revolving Loan	2,845,367	5,335,063
Foundation Risk Partners, Corp.	First Lien Delayed Draw Term Loan	435,569	—
Foundation Risk Partners, Corp.	First Lien Revolving Loan	650,871	674,442
Fullsteam Operations LLC	First Lien Delayed Draw Term Loan	3,437,500	3,437,500
Fullsteam Operations LLC	First Lien Revolving Loan	843,750	1,250,000
Galway Borrower LLC	First Lien Delayed Draw Term Loan	—	1,715,736
Galway Borrower LLC	First Lien Delayed Draw Term Loan	2,358,856	—
Galway Borrower LLC	First Lien Revolving Loan	412,157	498,262
GC Waves Holdings, Inc.	First Lien Delayed Draw Term Loan	5,850,054	8,669,115
GovDelivery Holdings, LLC	First Lien Revolving Loan	353,070	383,772
GS Acquisitionco, Inc.	First Lien Delayed Draw Term Loan	5,000,000	5,000,000
HBWM Intermediate II, LLC	First Lien Delayed Draw Term Loan	3,134,163	—
HBWM Intermediate II, LLC	First Lien Revolving Loan	264,107	245,465
Headlands Buyer, Inc.	First Lien Delayed Draw Term Loan	4,423,818	4,423,818
Headlands Buyer, Inc.	First Lien Revolving Loan	1,978,605	2,164,099
Heights Buyer, LLC	First Lien Delayed Draw Term Loan	1,619,142	1,619,142
Kona Buyer, LLC	First Lien Delayed Draw Term Loan	1,487,779	1,487,779
Kona Buyer, LLC	First Lien Revolving Loan	147,504	165,205
KRIV Acquisition Inc.	First Lien Delayed Draw Term Loan	1,752,245	4,656,023
KRIV Acquisition Inc.	First Lien Delayed Draw Term Loan	985,662	2,619,077
KRIV Acquisition Inc.	First Lien Revolving Loan	714,594	1,097,413
LendDirect Trust	Second Lien Revolving Loan	1,681,188	—
London Buyer, LLC	First Lien Delayed Draw Term Loan	831,742	—
London Buyer, LLC	First Lien Revolving Loan	1,297,590	—
Low Voltage Holdings Inc.	First Lien Delayed Draw Term Loan	273,848	369,850
Low Voltage Holdings Inc.	First Lien Revolving Loan	249,203	284,803
MacKay Sposito, LLC	First Lien Delayed Draw Term Loan	7,419,307	—
MacKay Sposito, LLC	First Lien Revolving Loan	883,388	—
MAI Capital Management Intermediate LLC	First Lien Delayed Draw Term Loan	1,501,947	2,099,370
MAI Capital Management Intermediate LLC	First Lien Delayed Draw Term Loan	8,690,470	—
MAI Capital Management Intermediate LLC	First Lien Revolving Loan	1,281,671	871,245
MB2 Dental Solutions, LLC	First Lien Delayed Draw Term Loan	—	1,333,333
MB2 Dental Solutions, LLC	First Lien Delayed Draw Term Loan	1,189,162	—

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Portfolio Company	Type of Investment	June 30, 2026	December 31, 2025
MB2 Dental Solutions, LLC	First Lien Revolving Loan	472,222	455,556
MedX Holdings, LLC	First Lien Delayed Draw Term Loan	3,245,075	3,097,727
MedX Holdings, LLC	First Lien Revolving Loan	1,525,253	1,454,545
More Cowbell II, LLC	First Lien Delayed Draw Term Loan	872,218	872,218
More Cowbell II, LLC	First Lien Revolving Loan	1,792,850	1,792,850
MRI Software LLC	First Lien Delayed Draw Term Loan	3,361,722	6,623,094
MRI Software LLC	First Lien Revolving Loan	869,710	927,691
OneSource Virtual, Inc.	First Lien Revolving Loan	984,544	—
oneZero Financial Systems, LLC	First Lien Delayed Draw Term Loan	906,490	1,003,846
oneZero Financial Systems, LLC	First Lien Revolving Loan	1,081,731	1,081,731
PAS Parent Inc.	First Lien Delayed Draw Term Loan	4,165,937	4,165,937
PAS Parent Inc.	First Lien Revolving Loan	375,000	375,000
Petra Borrower, LLC	First Lien Revolving Loan	468,909	669,870
Portage Point Partners, LLC	First Lien Revolving Loan	618,421	—
Propio LS, LLC	First Lien Revolving Loan	70,921	51,579
RCP Nats Purchaser, LLC	First Lien Delayed Draw Term Loan	895,522	2,238,806
RCP Nats Purchaser, LLC	First Lien Revolving Loan	1,567,164	1,567,164
Redwood Purchaser, Inc.	First Lien Delayed Draw Term Loan	3,676,921	3,676,921
Redwood Purchaser, Inc.	First Lien Revolving Loan	1,731,875	1,385,500
Redwood Services Group, LLC	First Lien Delayed Draw Term Loan	15,550,385	—
Redwood Services Group, LLC	First Lien Delayed Draw Term Loan	—	563,907
Redwood Trust, Inc.	First Lien Revolving Loan	626,935	—
Saab Purchaser, Inc.	First Lien Delayed Draw Term Loan	3,452,695	3,452,695
Saab Purchaser, Inc.	First Lien Revolving Loan	479,520	479,520
SAM Holding Company, Inc.	First Lien Delayed Draw Term Loan	3,334,337	—
SAM Holding Company, Inc.	First Lien Delayed Draw Term Loan	833,584	—
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	19,861	19,861
Southpaw AP Buyer, LLC	First Lien Revolving Loan	174,236	174,236
SPV CA IX, LLC	Common Equity	4,587,963	6,240,741
SRS Acquiom Holdings LLC	First Lien Revolving Loan	982,399	—
Stepping Stones Healthcare Services, LLC	First Lien Delayed Draw Term Loan	2,452,802	—
Stepping Stones Healthcare Services, LLC	First Lien Revolving Loan	1,319,302	—
TA/WEG Holdings, LLC	First Lien Delayed Draw Term Loan	1,039,052	4,305,786
TA/WEG Holdings, LLC	First Lien Revolving Loan	833,266	833,266
THG Acquisition, LLC	First Lien Delayed Draw Term Loan	645,465	1,776,014
THG Acquisition, LLC	First Lien Revolving Loan	945,107	1,088,306
Titan Home Improvement, LLC	First Lien Delayed Draw Term Loan	—	488,372
Titan Home Improvement, LLC	First Lien Revolving Loan	406,977	406,977
TRAK Purchaser, Inc.	First Lien Revolving Loan	652,939	652,939
Trintech, Inc.	First Lien Delayed Draw Term Loan	1,353,558	—
Trintech, Inc.	First Lien Revolving Loan	1,131,390	—
True Talent Advisory Borrower LLC	First Lien Delayed Draw Term Loan	3,647,521	—
True Talent Advisory Borrower LLC	First Lien Revolving Loan	2,096,752	—

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Portfolio Company	Type of Investment	June 30, 2026		December 31, 2025
Wasteology Group Transportation, LLC	First Lien Delayed Draw Term Loan	7,017,940		7,017,940
Wasteology Group Transportation, LLC	First Lien Revolving Loan	2,171,631		2,171,631
Wharf Street Ratings Acquisition LLC	First Lien Delayed Draw Term Loan	2,489,787		2,489,787
Wharf Street Ratings Acquisition LLC	First Lien Revolving Loan	2,548,610		2,548,610
World Insurance Associates, LLC	First Lien Delayed Draw Term Loan	1,265,600		1,753,600
World Insurance Associates, LLC	First Lien Revolving Loan	216,216		216,216
Total Par		$	233,370,958	$	184,119,382

The unrealized appreciation or depreciation associated with unfunded portfolio company commitments is recorded on the consolidated financial statements and reflected as an adjustment to the valuation of the related security on the Consolidated Schedule of Investments as of both June 30, 2026 and December 31, 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. On September 30, 2024, the Adviser, as sole shareholder of the Fund, approved a proposal that, effective October 1, 2024, permits the Fund to reduce its asset coverage ratio to 150%. As of June 30, 2026 and December 31, 2025, the Fund’s asset coverage ratios were 189% and 182%, respectively. For the three months ended June 30, 2026, the weighted average borrowing and interest rate on the Fund's floating rate credit facility was $412,030,530 and 5.9%, compared to $171,777,363 and 6.6% for the three months ended June 30, 2025. For the six months ended June 30, 2026, the weighted average borrowing and interest rate on the Fund's floating rate credit facility was $383,970,280 and 5.9% compared to $156,861,887 and 6.6% for the period from the Commencement of Operations through June 30, 2025.

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The following tables show the Fund’s outstanding debt as of June 30, 2026 and December 31, 2025:


	June 30, 2026
	Aggregate Principal Committed		Outstanding Principal		Amount Available (1)		Net Carrying Value(2)(3)
Credit Facility	$	500,000,000	$	443,083,759	$	56,916,241	$	438,540,228
Truist Facility	200,000,000		—		200,000,000		(2,270,064)
Total	$	700,000,000	$	443,083,759	$	256,916,241	$	436,270,164


	December 31, 2025
	Aggregate Principal Committed		Outstanding Principal		Amount Available (1)		Net Carrying Value(2)(3)
Credit Facility	$	500,000,000	$	343,426,395	$	156,573,605	$	340,608,437
Total	$	500,000,000	$	343,426,395	$	156,573,605	$	340,608,437

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

(2)As of June 30, 2026 and December 31, 2025, all of the Fund's outstanding debt was categorized as Level 3 within the fair value hierarchy.

(3)As of June 30, 2026 and December 31, 2025, the Fund recorded an unrealized loss on borrowings denominated in foreign currency of $491,067 and an unrealized gain on borrowings denominated in foreign currency of $16,120, respectively.

Credit Facility

On January 22, 2025, SPV I 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”). After September 22, 2025 (“Scheduled Financing Commitment Increase Date”), the Credit Facility committed amount increased 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 an applicable margin of 2.20% per annum. For any day on which the aggregate principal amount of the outstanding Advances is less than the applicable Minimum Funding Amount, then SPV I 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.

SPV I 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.

SPV I’s obligations to the lenders under the Credit Facility are secured by, inter alia, (a) all of SPV I’s portfolio investments, and accounts for receiving payments in respect of SPV I’s portfolio investments, (b) the uncalled capital commitments of SPV I's sole member, the Fund, and related capital call rights and accounts of SPV I, and (c) SPV I’s right,

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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 SPV I 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 SPV I and the Fund Collateral.

In connection with the Credit Facility, SPV I has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. The Credit Facility contains customary events of default for similar financing transactions, including if a change of control of SPV I 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 each of June 30, 2026 and December 31, 2025, the carrying amount of the Fund’s borrowings under the Credit Facility approximated its fair value. As of June 30, 2026 and December 31, 2025, unamortized financing costs of $4,543,531 and $2,817,958, respectively, were being deferred and amortized over the remaining term of the Credit Facility. As of June 30, 2026 and December 31, 2025, the Credit Facility had an outstanding principal balance of $443,083,759 and $343,426,395, respectively. As of June 30, 2026 and December 31, 2025, 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 $438,540,228 and $340,608,437, respectively.

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, 2026 and for three months ended June 30, 2025 and for the period from the Commencement of Operations through June 30, 2025:


	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2026		For the period January 22, 2025 (Commencement of Operations) through June 30, 2025
Interest expense related to the Credit Facility	$	6,216,729	$	2,918,161	$	11,629,783	$	4,698,102
Financing expenses related to the Credit Facility	618,360		171,030		789,376		300,279
Total interest and financing expenses related to the Credit Facility	$	6,835,089	$	3,089,191	$	12,419,159	$	4,998,381

Truist Facility

On June 1, 2026, SPV II entered into a revolving credit and security agreement (the “Truist Credit Agreement”), by and among SPV II, as the borrower, Truist Bank, as administrative agent and swingline lender, Truist Securities, Inc., as lead arranger, the Adviser, as collateral manager, The Bank of New York Mellon Trust Company, National Association, as collateral agent and collateral administrator, and the lenders from time to time parties thereto (the "Truist Facility"). Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Truist Credit Agreement.

From time to time, the Fund expects to sell and contribute certain investments to SPV II pursuant to a Purchase and Contribution Agreement, dated as of June 1, 2026, by and between the Fund and SPV II. The maximum principal amount of the Truist Facility as of June 1, 2026, is $200,000,000, which can be drawn in multiple currencies subject to certain conditions; the availability of this amount is subject to a borrowing base, which is determined on the basis of the value and types of assets held by SPV II from time to time, and satisfaction of certain conditions, including certain concentration limits. The Truist Facility contains an accordion feature that permits an increase to the maximum principal amount up to $750,000,000.

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The Truist Facility will terminate on the earlier of May 31, 2030 and the occurrence of a Trigger Event. Unless otherwise terminated, the Truist Facility will mature on May 31, 2031, at which point all amounts outstanding must be repaid.

Amounts drawn under the Truist Facility will bear interest, depending on the advance type, at the applicable benchmark rate (which, for U.S. dollar advances, is three-month Term SOFR), in each case, plus an applicable margin of 1.90% per annum, which applicable margin will increase by 0.125% per annum after the end of the revolving period. The Truist Credit Agreement contains customary covenants and customary events of default. The Truist Credit Agreement is secured by a security interest in the assets of SPV II and on any payments received by SPV II in respect of such assets. Assets pledged to the lenders under the Truist Facility will not be available to pay the debts of the Fund.

As of June 30, 2026, the carrying amount of the Fund’s borrowings under the Truist Facility approximated its fair value. As of June 30, 2026, unamortized financing costs of $2,270,064 were being deferred and amortized over the remaining term of the Truist Facility. As of June 30, 2026, the Truist Facility did not have an outstanding principal balance. As of June 30, 2026, the Truist Facility unamortized financing costs of $2,270,064 are presented as prepaid expenses and other assets on the Consolidated Statements of Assets and Liabilities.

The following table shows additional information about the interest and financing costs related to the Truist Facility for the three and six months ended June 30, 2026:


	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026
Interest expense related to the Truist Facility	$	-	$	-
Financing expenses related to the Truist Facility	37,919		37,919
Total interest and financing expenses related to the Truist Facility	$	37,919	$	37,919

Note 7. Net Assets

Issuance of Equity Securities

For the six months ended June 30, 2026, 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 (1)	Proceeds
June 1, 2026	1,545,598	$	38,135,788
May 1, 2026	147,372	3,648,912
April 1, 2026	514,623	12,742,416
March 1, 2026	963,942	23,934,574
February 1, 2026	1,380,340	34,545,363
January 1, 2026	235,556	5,900,670

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

For the period from Commencement of Operations through June 30, 2025, the Fund has completed the following issuances of Shares:

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Share Issuance Date	Number of Shares Issued (1)	Proceeds
June 30, 2025	564,249	$	14,139,285
June 1, 2025	313,784	7,858,974
May 1, 2025	608,121	15,212,518
April 2, 2025	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 Policy and procedures.The Fund had 15,964,280 Shares outstanding as of June 30, 2026.

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, 2026, the Fund received capital commitments totaling $1,167,602,883, of which, $776,606,946 remains unfunded. As of December 31, 2025, the Fund received capital commitments totaling $736,491,000, of which, $551,740,000 remains unfunded.

Distributions

The Fund declared the following distributions with a record date during the six months ended June 30, 2026:


Record Date	Payment Date	Distribution Rate per Share		Distributions Paid
June 30, 2026 (1)	July 22, 2026	$	0.22	$	3,512,708
May 31, 2026	June 22, 2026	$	0.22	$	3,172,676
April 30, 2026	May 20, 2026	$	0.22	$	3,140,254
March 31, 2026 (2)	April 20, 2026	$	0.22	$	3,028,392
February 28, 2026 (3)	March 23, 2026	$	0.02	$	256,029
February 28, 2026	March 23, 2026	$	0.22	$	2,816,325
January 31, 2026	February 20, 2026	$	0.22	$	2,512,650

(1)Shareholders of record were determined immediately prior to the close of business on June 30, 2026, prior to the effectiveness of the Fund's repurchase of Shares pursuant to the Share Repurchase Program.

(2)Shareholders of record were determined immediately prior to the close of business on March 31, 2026, prior to the effectiveness of the Fund's repurchase of Shares pursuant to the Share Repurchase Program.

(3)Represents a special cash distribution.

The Fund declared the following distributions with a record date during the period from Commencement of Operations through June 30, 2025:

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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

Share Repurchase Program

The Fund has commenced a discretionary share repurchase program pursuant to which, in each quarter, the Fund may offer to repurchase a number of Shares as determined by the Board in its sole discretion. Any repurchase offers will be conducted in accordance with the requirements of Rule 13e-4 under the Securities Exchange Act of 1934 and the Investment Company Act of 1940. The Board may amend, suspend or terminate the repurchase program at any time, in its reasonable judgment, such action is deemed to be in the best interests of the Fund or its shareholders. All Shares repurchased by the Fund pursuant to the repurchase program will be retired and will thereafter be classified as authorized and unissued Shares.

The following table summarizes the share repurchases completed during the six months ended June 30, 2026:


Repurchase Request Deadline	Valuation Date	Amount Repurchased		Number of Shares Repurchased	Percentage of Outstanding Shares Repurchased (1), (2)
March 17, 2026	March 31, 2026	$	152,435	6,156	0.04%(1)
June 16, 2026	June 30, 2026	$	63,368	2,574	0.02%(2)

(1)Percentage is based on total Shares outstanding as of March 31, 2026. All Shares validly tendered for repurchase and not withdrawn were accepted for repurchase and deemed effective as of close of business on the Valuation Date.

(2)Percentage is based on total Shares outstanding as of June 30, 2026. All Shares validly tendered for repurchase and not withdrawn were accepted for repurchase and deemed effective as of close of business on the Valuation Date.

Note 8. Investments

The following table presents the composition of the Fund’s investment portfolio at cost and fair value as of June 30, 2026 and December 31, 2025.


	June 30, 2026						December 31, 2025
Investments	Amortized Cost		Fair Value		Percent of Total Portfolio at Fair Value		Amortized Cost		Fair Value		Percent of Total Portfolio at Fair Value
First Lien Loans	$	708,999,976	$	703,490,362	89.4	%	$	538,679,295	$	537,572,790	89.9	%
Second Lien Loans	28,910,073		28,610,562		3.6		24,460,213		24,615,597		4.1
Unsecured Notes	49,386,569		48,781,075		6.2		31,862,923		32,321,649		5.4
Preferred Equity	2,635,798		2,635,431		0.3		1,793,313		1,793,178		0.3
Common Equity	3,290,213		3,476,105		0.4		1,652,037		1,736,093		0.3
Total Investments	$	793,222,629	$	786,993,535	100.0	%	$	598,447,781	$	598,039,307	100.0	%

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The geographic composition of investments based on fair value as of June 30, 2026 and December 31, 2025 was as follows:


	June 30, 2026		December 31, 2025
U.S.	92.6	%	93.5	%
Non-U.S.	7.4		6.5
Total	100.0	%	100.0	%

The industry composition of investments based on fair value as of June 30, 2026 and December 31, 2025 was as follows:


	June 30, 2026		December 31, 2025


Capital Markets	4.5	%	5.9	%
Consumer Finance	1.9		2.1
Diversified Consumer Services	0.3		0.4
Financial Services	18.7		21.1
Health Care Providers & Services	15.9		16.2
Health Care Technology	1.5		2.3
Insurance	18.4		17.3
IT Services	3.1		0.8
Professional Services	18.7		16.9
Real Estate Management & Development	6.2		5.2
Software	9.8		10.5
Technology Hardware, Storage & Peripherals	1.0		1.3
Total	100.0	%	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 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.

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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, 2026:


	Fair Value Hierarchy as of June 30, 2026
Description	Level 1		Level 2		Level 3		Total
First Lien Loans	$	—	$	51,961,620	$	651,528,742	$	703,490,362
Second Lien Loans	—		12,239,812		16,370,750		28,610,562
Unsecured Notes	—		10,372,133		38,408,942		48,781,075
Preferred Equity	—		—		2,635,431		2,635,431

Sub Total	$	—	$	74,573,565	$	708,943,865	$	783,517,430
Measured at NAV	—		—		—		3,476,105
Total	$	—	$	74,573,565	$	708,943,865	$	786,993,535

The following table presents the fair value hierarchy as of December 31, 2025:


	Fair Value Hierarchy as of December 31, 2025
Description	Level 1		Level 2		Level 3		Total
First Lien Loans	$	—	$	51,187,460	$	486,385,330	$	537,572,790
Second Lien Loans	—		13,480,597		11,135,000		24,615,597
Unsecured Notes	—		5,360,275		26,961,374		32,321,649
Preferred Equity	—		—		1,793,178		1,793,178

Sub Total	$	—	$	70,028,332	$	526,274,882	$	596,303,214
Measured at NAV	—		—		—		1,736,093
Total	$	—	$	70,028,332	$	526,274,882	$	598,039,307

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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, 2026 and for the three months ended June 30, 2025 and for the period from the Commencement of Operations through June 30, 2025:


Three Months Ended June 30, 2026	First Lien Loans		Second Lien Loans		Unsecured Notes		Preferred Equity		Total
Fair value, beginning of period	$	583,462,936	$	15,757,212	$	27,119,991	$	1,830,903	$	628,171,042
Purchases of investments, net	77,254,644		4,411,532		11,781,248		801,591		94,249,015
Proceeds from sales and principal payments, net	(8,862,074)		(3,954,833)		—		—		(12,816,907)
Realized gain (loss) on investments	—		(4,284)		—		—		(4,284)
Net change in unrealized appreciation/(depreciation)	(753,933)		143,574		(507,012)		2,937		(1,114,434)
Net accretion of discount and amortization of investments	427,169		17,549		14,715		—		459,433
Transfers into (out of) Level 3	—		—		—		—		—
Fair value, end of period	$	651,528,742	$	16,370,750	$	38,408,942	$	2,635,431	$	708,943,865


Three Months Ended June 30, 2025	First Lien Loans		Second Lien Loans		Unsecured Notes		Preferred Equity		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, 2026	First Lien Loans		Second Lien Loans		Unsecured Notes		Preferred Equity		Total
Fair value, beginning of period	$	486,385,330	$	11,135,000	$	26,961,374	$	1,793,178	$	526,274,882
Purchases of investments, net	185,667,683		9,304,213		11,910,332		842,486		207,724,714
Proceeds from sales and principal payments, net	(19,495,177)		(3,892,149)		—		—		(23,387,326)
Realized gain (loss) on investments	—		(4,284)		—		—		(4,284)
Net change in unrealized appreciation/(depreciation)	(1,733,907)		(193,538)		(484,194)		(233)		(2,411,872)
Net accretion of discount and amortization of investments	704,813		21,508		21,430		—		747,751
Transfers into (out of) Level 3	—		—		—		—		—
Fair value, end of period	$	651,528,742	$	16,370,750	$	38,408,942	$	2,635,431	$	708,943,865

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For the period January 22, 2025 (Commencement of Operations) through June 30, 2025	First Lien Loans		Second Lien Loans		Unsecured Notes		Preferred Equity		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, 2026, there were no transfers in or out of Level 3. For the three months ended June 30, 2025 and for the period from the Commencement of Operations through 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, 2026 and for the three months ended June 30, 2025 and for the period from the Commencement of Operations through June 30, 2025:


Net Change in Unrealized Appreciation (Depreciation)	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2026		For the period January 22, 2025 (Commencement of Operations) through June 30, 2025
First Lien Loans	$	(753,933)	$	249,580	$	(1,733,907)	$	(181,567)
Second Lien Loans	143,574		—		(193,538)		—
Unsecured Notes	(507,012)		(236,752)		(484,194)		(236,802)
Preferred Equity	2,937		—		(233)		—

Total	$	(1,114,434)	$	12,828	$	(2,411,872)	$	(418,369)

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The following table presents quantitative information about the significant unobservable inputs of the Fund’s Level 3 investments as of June 30, 2026. 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, 2026

Type of Investment

Fair Value

Valuation technique

Unobservable
input

Range (weighted
average)

First Lien Loans

492,457,427

Discounted Cash Flow

Discount Rate

8.1% - 15.4% (9.6%)

First Lien Loans

159,071,315

Market Transaction

98.1% - 100.0% (99.2%)

Second Lien Loans

11,938,091

Discounted Cash Flow

Discount Rate

10.4% - 12.8% (11.2%)

Second Lien Loans

4,432,659

Market Transaction

99.5% - 99.5% (99.5%)

Unsecured Notes

27,598,600

Discounted Cash Flow

Discount Rate

6.6% - 15.5% (10.7%)

Unsecured Notes

10,810,342

Market Transaction

98.0% - 100.0% (98.2%)

Preferred Equity

1,875,761

Discounted Cash Flow

Discount Rate

13.1% - 14.2% (13.6%)

Preferred Equity

759,670

Market Transaction

100.0% - 100.0% (100.0%)

Total

708,943,865

The following table presents quantitative information about the significant unobservable inputs of the Fund’s Level 3 investments as of December 31, 2025. The table is not intended to be all-inclusive, but instead captures the significant unobservable inputs relevant to the Adviser’s determination of fair value.

December 31, 2025

Type of Investment

Fair Value

Valuation technique

Unobservable
input

Range (weighted
average)

First Lien Loans

353,693,110

Discounted Cash Flow

Discount Rate

7.6% - 10.4% (8.8%)

First Lien Loans

132,692,220

Market Transaction

97.0% - 99.9% (99.1%)

Second Lien Loans

11,135,000

Discounted Cash Flow

Discount Rate

9.6% - 11.9% (10.0%)

Unsecured Notes

21,371,755

Discounted Cash Flow

Discount Rate

6.5% - 15.5% (9.6%)

Unsecured Notes

4,652,455

Market Transaction

98.5% - 98.5% (98.5%)

Unsecured Notes

937,164

Market Transaction

$174.0 - $174.0 ($174.0)

Preferred Equity

1,793,178

Discounted Cash Flow

Discount Rate

13.1% - 14.2% (13.6%)

Total

$526,274,882

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 three and six months ended June 30, 2026 and for the period from the Commencement of Operations through June 30, 2025, there were no dilutive Shares.

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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, 2026 and for the three months ended June 30, 2025 and for the period from the Commencement of Operations through June 30, 2025:


	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2026		For the period January 22, 2025 (Commencement of Operations) through June 30, 2025
Net increase in net assets resulting from operations	$	7,713,767	$	4,354,365	$	12,589,375	$	6,444,271
Weighted average shares outstanding—basic and diluted	14,882,181		5,442,927		13,776,226		4,188,496
Basic and diluted net increase in net assets resulting from operations per Share	$	0.52	$	0.80	$	0.91	$	1.54

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, 2026 and for the period from the Commencement of Operations through June 30, 2025:


Per Share operating performance:	Six Months Ended June 30, 2026		For the period January 22, 2025 (Commencement of Operations) through June 30 2025
Net asset value, beginning of year/period	$	25.05	$	25.00
Results of operations:
Net investment income1	1.28		1.56
Net realized gains (losses) and unrealized appreciation (depreciation)2	(0.37)		(0.23)
Net increase (decrease) in net assets resulting from operations	0.91		1.33
	-
Distribution to Common Shareholders	-
Distribution from earnings	(1.34)		(1.27)
Net decrease in net assets resulting from distributions	(1.34)		(1.27)
Net asset value, end of year/period	$	24.62	$	25.06

Shares outstanding, end of year/period	15,964,280		6,412,196
Ratio/Supplemental data:
Net assets, end of year/period	$	393,040,880	$	160,680,561
Weighted average Shares outstanding	13,776,226		4,188,496
Total return3	3.7%		5.4%
Portfolio turnover	6.1%		3.6%
Ratio of net expenses to net assets4	9.9%		12.0%
Ratio of net investment income to net assets4	11.0%		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

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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, 2026 and for the period from the Commencement of Operations through June 30, 2025, the ratio of total Operating Expenses to average net assets was 10.5% and 15.1%, respectively, on an annualized basis, excluding the effect of the expense support. For the six months ended June 30, 2026 and for the period from the Commencement of Operations through June 30, 2025, the ratio of net investment income to average net assets was 10.3% and 10.9%, respectively, 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, 2026.

Issuance of Equity Securities

On July 1, 2026 (with final number of Shares being determined on July 21, 2026), the Fund issued and sold 167,749.797 of Shares, at a net asset value of $24.6200 per share, pursuant to the subscription agreements entered into by the Fund and its investors, for aggregate proceeds of $4,130,000.

ABL Credit Facility

On July 17, 2026, SPV I entered into an amended and restated loan and security agreement to the Credit Facility (the "ABL Credit Facility") with JPM as administrative agent, The Bank of New York Mellon, National Association, serves as the collateral agent, securities intermediary and collateral administrator, and the Adviser as portfolio manager.

The initial committed amount of the ABL Credit Facility is $380,000,000 and the ABL Credit Facility has an additional discretionary accordion feature, subject to JPM's consent and the satisfaction of applicable conditions, which could increase total commitments to up to $1,000,000,000. All amounts outstanding under the ABL Credit Facility must be repaid by January 22, 2030.

Advances under the ABL Credit Facility bear interest at a per annum rate equal to the applicable reference rate plus the Applicable Margin for Advances of 2.20% per annum (or 2.3193% per annum in the case of Advances denominated in GBP), in each case subject to increase in accordance with the terms of the ABL Credit Facility.

Subline Credit Facility

On July 17, 2026, the Fund entered into a senior secured credit facility (the "Subline Credit Facility"), with JPM as administrative agent and lender.

The initial committed amount of the Subline Credit Facility at closing is $210,000,000. All amounts outstanding under the Subline Credit Facility must be repaid by July 17, 2028. Advances under the Subline Credit Facility bear interest at a per annum rate equal to the applicable reference rate plus the applicable margin for Advances of 2.05% (or 2.1693% per annum in the case of Advances denominated in GBP), in each case subject to increase in accordance with the terms of the Subline Credit Facility.

SPV I's obligations to the lenders under the Subline Credit Facility are secured by, inter alia, the Fund's right, title and interest in the uncalled capital commitments of the Fund's investors and related capital call rights and accounts of the Fund, and similar rights with respect to Stone Point Credit Income Feeder Fund, L.P, a Cayman Islands exempted limited partnership that has made and makes certain capital commitments to the Fund.

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Distributions

On July 29, 2026, the Board of Trustees of the Fund declared a distribution with respect to the Fund's Shares as follows:

Distribution Period

Record Date

Payment Date (1)

Distribution Per Share

July 2026

July 31, 2026

August 20, 2026

0.21

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

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;

•our contractual arrangements and relationships with third parties;

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

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

•the ability of our portfolio companies to achieve their objectives;

•the adequacy of our financing sources and working capital;

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

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

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

•our ability to maintain our qualification as a 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

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•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 for the fiscal year ended December 31, 2025, 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 commenced investment operations on January 22, 2025 (the "Commencement of Operations"). We have elected to be treated as a BDC under the 1940 Act, and intend to elect to be treated and intend to qualify annually 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, 2026, we have called equity capital in the amount of $209,751,000. 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 our 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. Typical middle market senior loans may be issued by middle market companies in the context of leveraged buyouts, acquisitions, debt refinancings, recapitalizations, and other similar private credit transactions or a 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, as defined and determined by the

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Adviser. 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.

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

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.

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

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. On September 30, 2024, the Adviser, as our sole shareholder, approved a proposal that, effective October 1, 2024, permits us to reduce our asset coverage ratio to 150%. As of June 30, 2026 and December 31, 2025, our asset coverage ratio was 189% and 182%, respectively.

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

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Financial and Operating Highlights


	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026
Total investment income	$	18,043,016	33,526,702
Total net expenses	8,591,616		15,824,874
Net investment income (loss)	9,451,400		17,701,828
Total net realized gains (losses)	308,921		210,692
Total net change in unrealized appreciation/(depreciation)	(2,046,554)		(5,323,145)
Net increase (decrease) in net assets resulting from operations	$	7,713,767	12,589,375
Per share information – basic and diluted:
Net investment income (loss)	$	0.64	1.28
Net investment increase (decrease) in net assets resulting from operations	$	0.52	0.91
Distributions declared per share	$	0.66	1.34


Consolidated balance sheet data	As of June 30, 2026		As of December 31, 2025
Cash and cash equivalents	$	45,557,268	$	33,824,479
Investments at fair value	786,993,535		598,039,307
Total assets	848,014,267		636,196,461
Total debt (net of unamortized deferred financing costs)	438,540,228		340,608,437
Total liabilities	454,973,387		355,997,842
Total net assets	$	393,040,880	$	280,198,619
Net asset value per share	$	24.62	$	25.05
Other data
Number of portfolio companies	111		86
Distributions declared per share	1.34		2.81
Total return based on net asset value1	3.7%		12.1		%

________________________

1Total return is based upon the change in net asset value per share between the opening and ending net asset values per share, assuming reinvestment of any distributions during the period. Total return is not annualized and does not include a sales load.

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Portfolio and Investment Activity

Our investment activity for the three months ended June 30, 2026 is presented below (information presented herein is at par value unless otherwise indicated):


	Three Months Ended June 30, 2026
New investment commitments:
Total new investment commitments	$	109,578,114

Principal amount of investments funded:
First lien loans	$	84,007,042
Second lien loans	4,627,097
Unsecured notes	15,393,189
Total principal amount of investments funded	$	104,027,328
Principal amount of investments sold or repaid:
First lien loans	$	(20,190,270)
Second lien loans	(8,758,142)
Unsecured notes	(1,499,224)
Total principal amount of investments sold or repaid	$	(30,447,636)
Number of new investment commitments in new and existing portfolio companies	17
Average new investment commitment amount in new and existing portfolio companies	$	6,445,771
Percentage of new debt investment commitments at floating rates	82.5		%
Percentage of new debt investment commitments at fixed rates	17.5		%
Weighted average yield on funded debt and other income producing securities1	9.1		%
Weighted average yield to maturity on investments sold or repaid during the period1	9.7		%

___________________

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, 2026, we had 232 debt investments in 110 portfolio companies with an aggregate fair value of $780,881,999. As of December 31, 2025, we had 210 debt investments in 84 portfolio companies with an aggregate fair value of $594,510,036.

As of June 30, 2026 and December 31, 2025, our investments consisted of the following:


	June 30, 2026						December 31, 2025
Investments	Amortized Cost		Fair Value		Percent of Total Portfolio at Fair Value		Amortized Cost		Fair Value		Percent of Total Portfolio at Fair Value
First Lien Loans	$	708,999,976	$	703,490,362	89.4	%	$	538,679,295	$	537,572,790	89.9	%
Second Lien Loans	28,910,073		28,610,562		3.6		24,460,213		24,615,597		4.1
Unsecured Notes	49,386,569		48,781,075		6.2		31,862,923		32,321,649		5.4
Preferred Equity	2,635,798		2,635,431		0.3		1,793,313		1,793,178		0.3
Common Equity	3,290,213		3,476,105		0.4		1,652,037		1,736,093		0.3
Total Investments	$	793,222,629	$	786,993,535	100.0	%	$	598,447,781	$	598,039,307	100.0	%

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The industry composition of investments based on fair value as of June 30, 2026 and December 31, 2025, was as follows:


	June 30, 2026		December 31, 2025


Capital Markets	4.5	%	5.9	%
Consumer Finance	1.9		2.1
Diversified Consumer Services	0.3		0.4
Financial Services	18.7		21.1
Health Care Providers & Services	15.9		16.2
Health Care Technology	1.5		2.3
Insurance	18.4		17.3
IT Services	3.1		0.8
Professional Services	18.7		16.9
Real Estate Management & Development	6.2		5.2
Software	9.8		10.5
Technology Hardware, Storage & Peripherals	1.0		1.3
Total	100.0	%	100.0	%

The geographic composition of investments based on fair value as of June 30, 2026 and December 31, 2025, was as follows:


	June 30, 2026		December 31, 2025
U.S.	92.6	%	93.5	%
Non-U.S.	7.4		6.5
Total	100.0	%	100.0	%

The following table presents certain selected information regarding our investment portfolio as of June 30, 2026 and December 31, 2025:


	As of June 30, 2026			As of December 31, 2025
Number of debt investments	232			210
Number of debt investment in portfolio companies	110			84
Number of portfolio companies	111			86
Median EBITDA	$	156,500,000		$	145,300,000
Percentage of performing debt bearing a floating rate	94.5		%	97.5		%
Percentage of performing debt bearing a fixed rate	5.5		%	2.5		%
Weighted average yield to maturity on debt and other income producing investments (at fair value)1	9.1		%	9.8		%

_________________

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The following table presents the maturity schedule of our debt investments based on fair value as of June 30, 2026 and December 31, 2025:


	June 30, 2026				December 31, 2025
Maturity Year	Fair Value		Percentage of Portfolio		Fair Value		Percentage of Portfolio
2026	$	-	0.0	%	$	2,478,213	0.4	%
2027	23,548,182		3.0		22,094,630		3.7
2028	74,452,355		9.5		65,543,928		11.0
2029	59,329,659		7.6		53,563,607		9.0
2030	142,742,905		18.3		121,799,638		20.5
2031	202,700,120		26.0		170,926,714		28.8
2032	143,832,199		18.4		127,433,745		21.4
2033	101,264,798		13.0		3,535,000		0.6
2034	9,391,907		1.2		4,652,455		0.8
2035	1,426,517		0.2		1,843,338		0.3
2037	20,891,766		2.7		20,638,768		3.5
2038	110,598		0.0		-		0.0
2056	1,190,993		0.2		-		0.0
Total	$	780,881,999	100.0	%	$	594,510,036	100.0	%

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

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

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

The Adviser’s internal performance rating scale is as follows:


Investment Performance Rating						Description
1						The portfolio company is performing above expectations, and the business trends and risk factors for this investment since origination or acquisition are generally favorable.
2						The portfolio company is generally performing as expected and the risk factors are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a rating of 2.
3						The portfolio company is performing below expectations and the investment’s risk has increased somewhat since origination or acquisition. For debt investments rated 3, the portfolio company could be out of compliance with debt covenants; however, loan payments are generally not past due.

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Investment Performance Rating						Description
4						The portfolio company is performing materially below expectations and indicates that the investment’s risk has increased materially since origination or acquisition. For debt investments rated 4, in addition to the portfolio company being generally out of compliance with debt covenants, loan payments may be past due.
5						The portfolio company is performing substantially below expectations and indicates that the investment’s risk has increased substantially since origination or acquisition. For debt investments rated 5, most or all of the debt covenants are out of compliance and payments are substantially delinquent. It is anticipated that we will not recoup our initial cost basis and may realize a substantial loss upon exit of the investment.

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

The following table shows the composition of our portfolio investments on the Adviser’s internal performance rating scale as of June 30, 2026 and December 31, 2025:


	June 30, 2026				December 31, 2025
Investment Rating	Fair Value		Percentage of Portfolio		Fair Value		Percentage of Portfolio
1	$	129,169,547	16.4	%	$	124,502,638	20.8	%
2	647,066,465		82.2		465,118,113		77.8
3	10,757,523		1.4		8,418,556		1.4
4	—		—		—		—
5	—		—		—		—
	$	786,993,535	100.0	%	$	598,039,307	100.0	%

The following table presents the amortized cost of our performing and non-accrual investments as of June 30, 2026 and December 31, 2025:


	June 30, 2026				December 31, 2025
	Amortized Cost		Percentage		Amortized Cost		Percentage
Performing	$	793,222,629	100.0	%	$	598,447,781	100.0	%
Non-accrual	—		—		—		—
Total	$	793,222,629	100.0	%	$	598,447,781	100.0	%

The following table presents the fair value of our performing and non-accrual investments as of June 30, 2026 and December 31, 2025:


	June 30, 2026				December 31, 2025
	Fair Value		Percentage		Fair Value		Percentage
Performing	$	786,993,535	100.0	%	$	598,039,307	100.0	%
Non-accrual	—		—		—		—
Total	$	786,993,535	100.0	%	$	598,039,307	100.0	%

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Results of Operations

The following table presents the operating results for the three and six months ended June 30, 2026:


	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2026		For the period January 22, 2025 (Commencement of Operations) through June 30, 2025 (Unaudited)
Total investment income	$	18,043,016	$	7,676,988	$	33,526,702	$	12,145,936
Less: net expenses	8,591,616		3,497,717		15,824,874		5,594,933
Net investment income (loss)	9,451,400		4,179,271		17,701,828		6,551,003
Total net realized gains (losses)	308,921		110,460		210,692		138,668
Net change in unrealized appreciation (depreciation)	(2,046,554)		64,634		(5,323,145)		(245,400)
Net increase (decrease) in net assets resulting from operations	$	7,713,767	$	4,354,365	$	12,589,375	$	6,444,271

Investment Income

Total investment income consisted of interest income from non-controlled/non-affiliated investments, dividend income from non-controlled/non-affiliated investments, interest from cash and cash equivalents, and fee income. For the three and six months ended June 30, 2026, total investment income was comprised of the following:


	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2026		For the period January 22, 2025 (Commencement of Operations) through June 30, 2025 (Unaudited)
Interest income from investments from non-controlled/non-affiliated investments	$	17,684,138	$	7,627,546	$	32,929,514	$	12,075,088
Dividend income from non-controlled/non-affiliated investments	55,565		—		109,903		—
Interest income from cash and cash equivalents	205,609		49,442		351,464		70,848
Fee income from non-controlled/non-affiliated investments	97,704		—		135,821		—
Total investment income	$	18,043,016	$	7,676,988	$	33,526,702	$	12,145,936

For the three months ended June 30, 2026, and 2025, total investment income increased to $18,043,016 from $7,676,988, respectively, primarily due to an increase in the size of our debt portfolio, which, at par, increased to $793,475,287 from $351,285,278, respectively. For the six months ended June 30, 2026, and for the period from the Commencement of Operations through June 30, 2025, total investment income increased to $33,526,702 from $12,145,936, respectively, primarily due to an increase in the size of our debt portfolio, which, at par, increased to $793,475,287 from $351,285,278, respectively. As of June 30, 2026, the weighted average yield on our portfolio decreased to 9.1% from 9.8% as of June 30, 2025. For the three months ended June 30, 2026 and 2025, payment-in-kind ("PIK") income from investments was $683,919 and $84,640, respectively, which represented 3.8% and 1.1%, respectively, of total investment income. For the six months ended June 30, 2026 and for the period from the Commencement of Operations through June 30, 2025, PIK income from investments was $1,224,920 and $147,437, respectively, which represented 3.7% and 1.2%, respectively.

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Expenses

Operating expenses for the three and six months ended June 30, 2026, were as follows:


	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2026		For the period January 22, 2025 (Commencement of Operations) through June 30, 2025 (Unaudited)
Base management fees	$	688,171	$	239,381	$	1,272,458	$	373,496
Incentive fees	766,330		—		1,212,020		—
Interest and credit facility fees	6,873,008		3,089,191		12,457,078		4,998,381
Offering costs	10,096		159,750		57,694		279,139
Professional fees	1,033,433		599,511		1,735,394		1,234,340
Trustees fees	87,500		68,750		175,000		137,500
Insurance expenses	2,531		11,895		5,033		28,599
Total expenses before expense support	$	9,461,069	$	4,168,478	$	16,914,677	$	7,051,455
Expense support reimbursement	(869,453)		(670,761)		(1,089,803)		(1,456,522)
Net expenses	$	8,591,616	$	3,497,717	$	15,824,874	$	5,594,933

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

For the three and six months ended June 30, 2026, we incurred $221,114 and $459,547 of administrative overhead expenses, respectively. For the three months ended June 30, 2025 and for the period from the Commencement of Operations through June 30, 2025, we incurred $161,385 and $299,047 of administrative overhead expenses, respectively. Administrative overhead expenses are included on the Consolidated Statements of Operations as professional fees.

For the three months ended June 30, 2026 and 2025, total expenses increased to $8,591,616 from $3,497,717, respectively, primarily due to commencement of incentive fees, an increase in management fees, and an increase in interest and credit facility fees as a result of higher utilization on our Credit Facility. For the six months ended June 30, 2026 and for the period from the Commencement of Operations through June 30, 2025, total expenses increased to $15,824,874 from $5,594,933, respectively, primarily due to commencement of incentive fees, an increase in management fees, and an increase in interest and credit facility fees as a result of higher utilization on our Credit Facility. For the three and six months ended June 30, 2026, we incurred incentive fees of $766,330 and $1,212,020, respectively. We did not incur any incentive fees for the period from the Commencement of Operations through June 30, 2025. For the three months ended June 30, 2026, the weighted average borrowing and interest rate on our floating rate Credit Facility was $412,030,530 and 5.91% compared to $171,777,363 and 6.59% for the three months ended June 30, 2025. For the six months ended June 30, 2026, the weighted average borrowing and interest rate on our floating rate Credit Facility was $383,970,280 and 5.92% compared to $156,861,887 and 6.6% for the period from the Commencement of Operations through June 30, 2025. For the three and six months ended June 30, 2026, management fees increased due to an overall increase in our net assets compared to the three months ended June 30, 2025, and the period from the Commencement of Operations through June 30, 2025, respectively.

Income Taxes, Including Excise Taxes

We intend to elect to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, we must, among other things, distribute to our Shareholders in each taxable year

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generally at least 90% of the sum of our investment company taxable income, as defined by the Code (without regard to the deduction for dividends paid), and net tax-exempt income, if any, for that taxable year. To maintain our tax treatment as a RIC, we, among other things, intend to make the requisite distributions to our Shareholders, which generally relieve us from corporate-level U.S. federal income taxes and excise tax to the extent of such distributions.

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

The following table summarizes our net realized gains (losses) and unrealized appreciation (depreciation) for the three and six months ended June 30, 2026:


	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2026		For the period January 22, 2025 (Commencement of Operations) through June 30, 2025 (Unaudited)
Net realized gains (losses) and unrealized appreciation (depreciation)
Total net realized gains (losses)	$	308,921	$	110,460	$	210,692	$	138,668
Total net change in unrealized appreciation (depreciation)	(2,046,554)		64,634		(5,323,145)		(245,400)
Net realized gains (losses) and unrealized appreciation (depreciation)	$	(1,737,633)	$	175,094	$	(5,112,453)	$	(106,732)

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

During the three months ended June 30, 2026, we recorded a net change in unrealized depreciation on investments of $2,424,197, driven primarily by a decrease in the fair value of our debt investments compared to March 31, 2026. During the six months ended June 30, 2026, we recorded a net change in unrealized depreciation on investments of $5,820,620, respectively, driven primarily by a decrease in fair value of our debt investments compared to December 31, 2025.

During the three and six months ended June 30, 2026, we recorded net changes in unrealized appreciation on translation of assets and liabilities in foreign currency of $377,643 and $497,475, respectively, driven by fluctuations arising from the translation of foreign currency borrowings during the period. We did not record any unrealized appreciation or depreciation on translation of assets and liabilities in foreign currency for the period from the Commencement of Operations through June 30, 2025.

Financial Condition, Liquidity and Capital Resources

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

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

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Equity

Subscriptions and Drawdowns

For the three months ended June 30, 2026, we completed the following Share issuances:


Share Issuance Date	Number of Shares Issued (1)	Proceeds
June 1, 2026	1,545,598	$	38,135,788
May 1, 2026	147,372	3,648,912
April 1, 2026	514,623	12,742,416
March 1, 2026	963,942	23,934,574
February 1, 2026	1,380,340	34,545,363
January 1, 2026	235,556	5,900,670

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

For the period from the Commencement of Operations through June 30, 2025, we completed the following Share issuances:


Share Issuance Date	Number of Shares Issued (1)	Proceeds
June 30, 2025	564,249	$	14,139,285
June 1, 2025	313,784	7,858,974
May 1, 2025	608,121	15,212,518
April 2, 2025	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 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 our Valuation Policy and procedures. We had 15,964,280 Shares outstanding as of June 30, 2026, and 11,185,580 Shares outstanding as of December 31, 2025.

Except with respect to Shares issued under the DRIP, sales of Shares were made pursuant to subscription agreements entered into by us and our investors. 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. Each of the sales of Shares is exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2) thereof and Regulation D thereunder. As of June 30, 2026, we received capital commitments totaling $1,167,602,883, of which, $776,606,946 remains unfunded. As of December 31, 2025, we received capital commitments of $736,491,000, of which, $551,740,000 remains unfunded.

Debt

Credit Facility

On January 22, 2025, SPCIF Funding I LLC, a Delaware limited liability company and our wholly owned subsidiary (the "SPV I"), entered into a senior secured credit facility (the "Credit Facility") with JPMorgan Chase Bank, National Association ("JPM"), which, as of June 30, 2026, allowed us to borrow up to $500 million. As of June 30, 2026 and December 31, 2025, unamortized costs of $4,543,531 and $2,817,958, respectively, are being deferred and amortized over the remaining term of the Credit Facility. As of June 30, 2026 and December 31, 2025, the Credit Facility had an

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outstanding balance of $443,083,759 and $343,426,395. 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 $438,540,228 and $340,608,437 as of June 30, 2026 and December 31, 2025, respectively.

Truist Facility

On June 1, 2026, SPCIF Funding II LLC, a Delaware limited liability company and our wholly owned subsidiary, entered into a revolving credit and security agreement, with SPV II, as borrower, the lenders from time to time parties thereto, Truist Bank, as administrative agent and swingline lender, Truist Securities, Inc., as lead arranger, the Adviser, as collateral manager, and The Bank of New York Mellon Trust Company, National Association, as collateral agent and collateral administrator. As of June 30, 2026, unamortized costs of $2,270,064, are being deferred and amortized over the remaining term of the Truist Facility. As of June 30, 2026, the Truist Facility did not have an outstanding principal balance. As of June 30, 2026, the Truist Facility unamortized financing costs of $2,270,064 are presented as prepaid expenses and other assets on the Consolidated Statements of Assets and Liabilities.

The following table shows our outstanding debt as of June 30, 2026 and December 31, 2025:


	June 30, 2026
	Aggregate Principal Committed		Outstanding Principal		Amount Available (1)		Net Carrying Value(2)(3)
Credit Facility	$	500,000,000	$	443,083,759	$	56,916,241	$	438,540,228
Truist Facility	200,000,000		-		200,000,000		(2,270,064)
Total	$	700,000,000	$	443,083,759	$	256,916,241	$	436,270,164


	December 31, 2025
	Aggregate Principal Committed		Outstanding Principal		Amount Available (1)		Net Carrying Value(2)(3)
Credit Facility	$	500,000,000	$	343,426,395	$	156,573,605	$	340,608,437
Total	$	500,000,000	$	343,426,395	$	156,573,605	$	340,608,437

__________

(1)The amount available may be subject to limitations related to the borrowing base under our outstanding debt, outstanding letters of credit issued and asset coverage requirements.

(2)As of June 30, 2026 and December 31, 2025, all of our outstanding debt was categorized as Level 3 within in the fair value hierarchy.

(3)As of June 30, 2026 and December 31, 2025 , we recorded $491,067 and $16,120, respectively, of unrealized translation gain (loss) on borrowings denominated in foreign currency.

Liquidity

Operating liquidity is our ability to meet our short-term liquidity needs. The following table presents our operating liquidity position as of June 30, 2026 and December 31, 2025:


	As of
	June 30, 2026		December 31, 2025
Cash	$	45,557,268	$	33,824,479
Unused borrowing capacity	256,916,240		156,573,605
Unfunded portfolio company commitments	(233,370,958)		(184,119,382)
Undrawn capital commitments	776,606,946		551,740,000
Total operational liquidity	$	845,709,496	$	558,018,702

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Distributions

We declared the following distributions with a record date during the six months ended June 30, 2026:


Record Date	Payment Date	Distribution Rate per Share		Distributions Paid
June 30, 2026 (1)	July 22, 2026	$	0.22	$	3,512,708
May 31, 2026	June 22, 2026	$	0.22	$	3,172,676
April 30, 2026	May 20, 2026	$	0.22	$	3,140,254
March 31, 2026 (2)	April 20, 2026	$	0.22	$	3,028,392
February 28, 2026 (3)	March 23, 2026	$	0.02	$	256,029
February 28, 2026	March 23, 2026	$	0.22	$	2,816,325
January 31, 2026	February 20, 2026	$	0.22	$	2,512,650

(1)Shareholders of record were determined immediately prior to the close of business on June 30, 2026, prior to the effectiveness of our repurchase of Shares pursuant to its Share Repurchase Program.

(2)Shareholders of record were determined immediately prior to the close of business on March 31, 2026, prior to the effectiveness of our repurchase of Shares pursuant to its Share Repurchase Program.

(3)Represents a special cash distribution.

We declared the following distributions with a record date during the period from the Commencement of Operations through June 30, 2025:


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.

Share Repurchase Program

We have commenced a discretionary share repurchase program pursuant to which, in each quarter, we may offer to repurchase a number of Shares as determined by the Board in its sole discretion. Any repurchase offers will be conducted in accordance with the requirements of Rule 13e-4 under the Securities Exchange Act of 1934 and the 1940 Act. The Board may amend, suspend or terminate the repurchase program at any time, in its reasonable judgment, if such action is deemed to be in the best interests of us or our shareholders. All Shares repurchased by us pursuant to the repurchase program will be retired and will thereafter be classified as authorized and unissued Shares.

The following table summarizes the share repurchases completed during the six months ended June 30, 2026:


Repurchase Request Deadline	Valuation Date	Amount Repurchased		Number of Shares Repurchased	Percentage of Outstanding Shares Repurchased (1), (2)
March 17, 2026	March 31, 2026	$	152,435	6,156	0.04%(1)
June 16, 2026	June 30, 2026	$	63,368	2,574	0.02%(2)

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Commitments and Off-Balance Sheet Arrangements

Litigation and Regulatory Matters

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

Unfunded Portfolio Company Commitments

From time to time, we may enter into commitments to fund investments. As of June 30, 2026 and December 31, 2025, we had unfunded portfolio commitments under loan and financing agreements in the amount of $233,370,958 and $184,119,382, respectively. We expect to maintain sufficient liquidity in the form of cash, financing capacity and undrawn capital commitments from our investors to cover any outstanding unfunded portfolio company commitments we may be required to fund.

Investor Commitments

As of June 30, 2026, we had received $1,167,602,883 of capital commitments.

Contractual Obligations

Our payment obligations for repayment of debt, which total our contractual obligations on June 30, 2026, include $700,000,000 of financing under the Credit Facility and Truist Facility maturing in three to five years.


	Payments Due by Period
	Total		Less Than 1 Year		1-3 Years		3-5 Years		More than 5 Years
Credit Facility	$	500,000,000	$	—	$	—	$	500,000,000	$	—
Truist Facility	200,000,000		—		—		200,000,000		—
Total	$	700,000,000	$	—	$	—	$	700,000,000	$	—

Hedging

In connection with certain portfolio investments, we may employ hedging techniques designed to reduce the risk of adverse movements in interest rates, securities prices and currency exchange rates. While such transactions may reduce certain risks, such transactions themselves may entail certain other risks. Thus, while we may benefit from the use of these hedging mechanisms, unanticipated changes in interest rates, securities prices, currency exchange rates and other factors may result in a poorer overall performance for us than if we had not entered into such hedging transactions. The successful utilization of hedging and risk management transactions requires skills that are separate from the skills used in selecting and monitoring investments. There were no hedging transactions through the six months ended June 30, 2026 or for the period from the Commencement of Operations through June 30, 2025.

Critical Accounting Policies

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

Valuation of Investments

The Board has designated the Adviser as our “Valuation Designee” under Rule 2a-5 under the 1940 Act. The Adviser determines the value of our investments in accordance with our Valuation Policy and fair value accounting guidance promulgated under U.S. GAAP, which establishes a hierarchical disclosure framework which ranks the observability inputs

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used in measuring financial instruments at fair value. See the Notes to Consolidated Financial Statements for a description of the hierarchy for fair value measurements and a description of our valuation procedures.

Revenue Recognition

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

Offering and Organizational Expenses

We bear the expenses relating to our organization and the Private Offerings and any subsequent offering of Shares. Organizational expenses include, without limitation, the cost of formation, including legal fees related to our creation and organization, our related documents of organization and our election to be regulated as a BDC. Offering expenses include, without limitation, legal, accounting and other offering costs, including those associated with the preparation of a registration statement in connection with any offering of our Shares. Offering costs are capitalized as a deferred change and amortized to expense on a straight-line basis over a 12-month period, beginning as of the later of Commencement of Operations or the date incurred.

U.S. Federal Income Taxes

We intend to elect to be treated, and intend to qualify annually, to be subject to tax as a RIC under Subchapter M of the Code. As a RIC, we generally will not be subject to corporate-level U.S. federal income taxes on any ordinary income or capital gains distributed to shareholders. To qualify as a RIC, we must, among other things, maintain an election under the 1940 Act to be regulated as a BDC, meet specified source-of-income and asset diversification requirements as well as distribute each taxable year dividends for U.S. federal income tax purposes generally of an amount at least equal to 90% of our “investment company taxable income,” which is generally our net ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses and is determined without regard to any deduction for dividends paid.

Recent Developments

Issuance of Equity Securities

On July 1, 2026 (with final number of shares being determined on July 21, 2026), we issued and sold 167,749.797 of our common shares of beneficial interest, or Shares, at a net asset value of $24.6200 per share, pursuant to the subscription agreements entered into by us and our investors, for aggregate proceeds of $4,130,000.

ABL Credit Facility

On July 17, 2026, SPV CA IV LLC, our wholly-owned financing subsidiary, or SPV I, entered into an amended and restated loan and security agreement to the Credit Facility (the “ABL Credit Facility”) with JPMorgan Chase Bank, National Association (“JPM”) as administrative agent, The Bank of New York Mellon, National Association, as the collateral agent, securities intermediary and collateral administrator, and the Adviser as portfolio manager. The initial committed amount of the ABL Credit Facility is $380.0 million, and the ABL Credit Facility has an additional discretionary accordion feature, subject to JPM’s consent and the satisfaction of applicable conditions, which could increase total commitments to up to $1.0 billion. All amounts outstanding under the ABL Credit Facility must be repaid by January 22, 2030. Advances under the ABL Credit Facility bear interest at a per annum rate equal to the applicable reference rate plus the applicable margin of 2.20% per annum (or 2.3193% per annum in the case of Advances denominated in GBP), in each case subject to increase in accordance with the terms of the ABL Credit Facility.

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Subline Credit Facility

On July 17, 2026, we entered into a senior secured credit facility (the “Subline Credit Facility”), with JPM as administrative agent and lender. The initial committed amount of the Subline Credit Facility at closing is $210.0 million. All amounts outstanding under the Subline Credit Facility must be repaid by July 17, 2028. Advances under the Subline Credit Facility bear interest at a per annum rate equal to the applicable reference rate plus the applicable margin of 2.05% (or 2.1693% per annum in the case of Advances denominated in GBP), in each case subject to increase in accordance with the terms of the Subline Credit Facility. SPV I’s obligations to the lenders under the Subline Credit Facility are secured by, inter alia, our right, title and interest in the uncalled capital commitments of our investors and related capital call rights and accounts of ours, and similar rights with respect to Stone Point Credit Income Feeder Fund, L.P, a Cayman Islands exempted limited partnership that has made and makes certain capital commitments to us.

Distributions

On July 29, 2026, our Board of Trustees declared a distribution of $0.21 per Share with respect to the July 2026 distribution period payable to holders of our Shares with a record date of July 31, 2026 and a payment date of on or about August 20, 2026.

Item 3.Quantitative and Qualitative Disclosures about Market Risk

We are subject to financial market risks, including valuation risk and interest rate risk.

Valuation Risk

We invest primarily in illiquid debt securities of private companies. Most of our investments will not have a readily available market price, and we value these investments at fair value as determined in good faith by the Adviser in accordance with the Valuation Policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make.

Interest Rate Risk

We are subject to financial market risks, most significantly changes in interest rates. Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we expect to fund a portion of our investments with borrowings, our net investment income is expected to be affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of June 30, 2026, 94.5% of our debt investments based on fair value were at floating rates. The Credit Facility and Truist Facility, also bears interest at a floating rate.

Based on our Consolidated Statement of Assets and Liabilities as of June 30, 2026, the following table shows the approximate annualized impact of hypothetical base rate changes in interest rates (considering interest rate floors and assuming no changes in our investment portfolio and borrowing structure):


	Change in
Basis point change	Interest Income(1)		Interest Expense		Net Investment Income (Loss)
300	$	22,184,632	$	(13,292,513)	$	8,892,119
200	14,789,754		(8,861,675)		5,928,079
100	7,394,877		(4,430,838)		2,964,040
(100)	(7,394,877)		4,430,838		(2,964,040)
(200)	(14,764,302)		8,861,675		(5,902,626)
(300)	(21,379,867)		13,292,513		(8,087,355)

________________

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

We may in the future hedge against interest rate fluctuations by using hedging instruments such as interest rate swaps, futures, options and forward contracts, subject to the requirements of the 1940 Act and applicable commodities laws. While

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hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of changes in interest rates with respect to our portfolio investments. We did not engage in interest rate hedging activities during the three months ended June 30, 2026.

Item 4.Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of June 30, 2026 (the end of the period covered by this report), our management, including our Principal Executive Officer and Principal Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act). Based on that evaluation, our management, including the Principal Executive Officer and Principal Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

Changes in Internal Control over Financial Reporting

During the most recent fiscal quarter, there was no change in our internal controls over financial reporting, as defined under Rule 13a-15(f) under the Exchange Act, that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

PART II.OTHER INFORMATION

Item 1.Legal Proceedings

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

Item 1A. Risk Factors

There have been no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K, as filed with the SEC on March 19, 2026.

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

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

Item 3.Defaults Upon Senior Securities

None.

Item 4.Mine Safety Disclosure

Not applicable.

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Item 5.Other Information

Rule 10b5-1 Trading Plans

During the fiscal quarter ended June 30, 2026, none of our Trustees or executive officers adopted or terminated any contract, instruction, or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

Item 6.Exhibits

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


3.1			Amended and Restated Declaration of Trust1
3.2			Bylaws1
10.1			Revolving Credit and Security Agreement, dated as of June 1, 2026, by and among SPCIF Funding II LLC, as borrower, the lenders from time to time parties thereto, Truist Bank, as administrative agent and swingline lender, Truist Securities, Inc., as lead arranger, Stone Point Credit Income Adviser LLC, as collateral manager, and The Bank of New York Mellon Trust Company, National Association, as collateral agent and collateral administrator2
10.2			Purchase and Contribution Agreement, dated as of June 1, 2026, by and between Stone Point Credit Income Fund, as seller, and SPCIF Funding II LLC, as purchaser2
10.3			Amended and Restated Loan and Security Agreement, dated as of July 17, 2026, among SPCIF Funding I LLC, as borrower; Stone Point Credit Income Adviser LLC, as portfolio manager; The Bank of New York Mellon Trust Company, National Association, as collateral agent, securities intermediary, and collateral administrator; and JPMorgan Chase Bank, National Association, as administrative agent and lender3
10.4			Loan Agreement, dated as of July 17, 2026, among Stone Point Credit Income Fund, as borrower; Stone Point Credit Income Adviser LLC, as portfolio manager; and JPMorgan Chase Bank, National Association, as administrative agent and lender3
31.1			Certification of Principal Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended*
31.2			Certification of Principal Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended*
32.1			Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**
32.2			Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**
101.INS			Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH			Inline XBRL Taxonomy Extension Schema Document
101.CAL			Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF			Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB			Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE			Inline XBRL Taxonomy Extension Presentation Linkbase Document
104			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

*Filed herewith.

**Furnished herewith

______________________

1Previously filed as an exhibit to Amendment No. 1 to the Fund’s registration statement on Form 10 (File No. 000-56676) filed with the SEC on October 11, 2024.

2Previously filed as an exhibit to the Fund's Current Report on Form 8-K (File No. 814-01783) filed with the SEC on June 2, 2026.

3Previously filed as an exhibit to the Fund's Current Report on Form 8-K (File No. 814-01783) filed with the SEC on July 23, 2026.

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SIGNATURES

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


	Stone Point Credit Income Fund

Date: August 14, 2026	By:	/s/ Scott J. Bronner
		Name: Scott J. Bronner Title: Principal Executive Officer

Date: August 14, 2026	By:	/s/ Steven P. Henke
		Name: Steven P. Henke Title: Principal Financial Officer