Stone Point Capital Credit 10-Q 2024 Q3 Quarterly report

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Martson, LLC, First Lien Revolving Loan, Due 8/25/20282024-01-012024-09-300001825384Beacon Pointe Harmony, LLC, First Lien Delayed Draw Term Loan, Due 12/29/20282023-12-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the Quarterly Period ended September 30, 2024

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

Commission File Number: 814-01375

Stone Point Credit Corporation

(Exact name of registrant as specified in its charter)

Delaware

(State of Incorporation)

20 Horseneck Lane

Greenwich, Connecticut 06830

(Address of principal executive offices)

85-3149929

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

(203) 862-2900

(Registrant’s telephone number, including area code)

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

Title of each class	Trading Symbol	Name of each exchange on which registered
None	None	None

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

Common Stock, par value $0.001 per share

(Title of class)

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

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

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

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
		Emerging growth company	☒

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

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

The issuer had 62,406,323 shares of Common Stock, $0.001 par value per share, outstanding as of November 12, 2024.

Stone Point Credit Corporation

Form 10-Q for the Quarter Ended September 30, 2024

TABLE OF CONTENTS

	Index	Page No.
PART I.	FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements	3
	Consolidated Statements of Assets and Liabilities as of September 30, 2024 (Unaudited) and December 31, 2023	3
	Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 (Unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2024 and 2023 (Unaudited)	5
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 (Unaudited)	6
	Consolidated Schedules of Investments as of September 30, 2024 (Unaudited) and December 31, 2023	7
	Notes to Consolidated Financial Statements (Unaudited)	17
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	41
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	59
Item 4.	Controls and Procedures	60
PART II.	OTHER INFORMATION	61
Item 1.	Legal Proceedings	61
Item 1A.	Risk Factors	61
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	61
Item 3.	Defaults Upon Senior Securities	61
Item 4.	Mine Safety Disclosures	61
Item 5.	Other Information	61
Item 6.	Exhibits	62
SIGNATURES		63

Item 1.Consolidated Financial Statements

Stone Point Credit Corporation

Consolidated Statements of Assets and Liabilities

	September 30, 2024
	(Unaudited)		December 31, 2023
Assets:
Investments at fair value:
Non-controlled/non-affiliated investments (amortized cost of $2,462,494,635 and $2,012,624,733, respectively)	$	2,457,540,015	$	1,999,625,235
Cash and cash equivalents		96,096,004		41,629,071
Interest receivable		21,129,353		21,421,366
Dividend receivable		—		366,431
Unsettled trades receivable		4,987,500		3,551,064
Paydown receivable		2,734,459		1,203,615
Deferred offering expenses		25,277		33,582
Prepaid expenses and other assets		19,352		66,314
Total assets	$	2,582,531,960	$	2,067,896,678
Liabilities:
Revolving credit facilities payable (net of deferred financing costs of $11,850,712 and $6,404,300, respectively) (Note 6)	$	855,149,288	$	837,595,700
Notes payable (net of debt issuance costs of $3,053,445 and $1,343,257, respectively) (Note 6)		421,946,555		223,656,743
Unsettled trades payable		34,966,277		1,000,000
Base management fees payable (Note 3)		8,108,431		6,531,640
Accounts payable and accrued expenses		2,523,146		2,547,933
Interest and financing fees payable		20,195,369		5,142,570
Total liabilities	$	1,342,889,066	$	1,076,474,586
Commitments and contingencies (Note 5)	$	—	$	—
Net Assets:
Preferred stock, $0.001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding at September 30, 2024 and December 31, 2023	$	—	$	—
Common Stock, $0.001 par value, 250,000,000 shares authorized, 62,406,323 and 50,308,175 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively		62,406		50,308
Paid in capital in excess of par		1,238,399,946		999,354,216
Distributable earnings (accumulated losses)		1,180,542		(7,982,432)
Total net assets		1,239,642,894		991,422,092
Total liabilities and net assets	$	2,582,531,960	$	2,067,896,678
Net asset value per share of Common Stock	$	19.86	$	19.71

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

3

Stone Point Credit Corporation

Consolidated Statements of Operations

	Three Months		Three Months		Nine Months		Nine Months
	Ended		Ended		Ended		Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Investment income:
Interest income from non-controlled/non-affiliated investments	$	68,288,936	$	58,811,687	$	200,806,292	$	161,103,193
Dividend income from non-controlled/non-affiliated investments		1,334,574		299,320		2,369,935		1,112,440
Interest income from cash and cash equivalents		1,143		490		2,239		1,094
Total interest income		69,624,653		59,111,497		203,178,466		162,216,727
Fee income		23,501		—		1,379,586		487,500
Total fee income		23,501		—		1,379,586		487,500
Total investment income	$	69,648,154	$	59,111,497	$	204,558,052	$	162,704,227
Operating expenses:
Base management fees (Note 3)	$	8,108,431	$	6,286,880	$	22,057,958	$	17,772,397
Interest and financing fees (Note 6)		24,497,902		19,735,996		69,007,585		54,482,977
Offering costs (Note 4)		12,072		24,315		43,730		76,939
Professional fees		2,024,330		1,724,881		5,582,395		4,753,930
Directors fees		91,875		91,875		275,625		275,625
Insurance expense		15,524		15,629		46,621		46,471
Total expenses		34,750,134		27,879,576		97,013,914		77,408,339
Net investment income (loss)	$	34,898,020	$	31,231,921	$	107,544,138	$	85,295,888
Net realized gains (losses) and unrealized appreciation (depreciation) on investments:
Net realized gains (losses):
Non-controlled/non-affiliated investments	$	1,151,870	$	276,340	$	1,561,437	$	1,135,647
Total net realized gains (losses)	$	1,151,870	$	276,340	$	1,561,437	$	1,135,647
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	$	3,613,065	$	8,731,313	$	8,044,881	$	9,726,657
Total net change in unrealized appreciation (depreciation)	$	3,613,065	$	8,731,313	$	8,044,881	$	9,726,657
Net increase (decrease) in net assets resulting from operations	$	39,662,955	$	40,239,574	$	117,150,456	$	96,158,192
Per share information - basic and diluted:
Net investment income (loss)	$	0.57	$	0.69	$	1.94	$	1.95
Net increase (decrease) in net assets resulting from operations	$	0.64	$	0.89	$	2.11	$	2.20
Weighted average shares outstanding		61,668,083		45,006,570		55,530,414		43,662,348

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

4

Stone Point Credit Corporation

Consolidated Statements of Changes in Net Assets

	Three Months		Three Months		Nine Months		Nine Months
	Ended		Ended		Ended		Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)	$	34,898,020	$	31,231,921	$	107,544,138	$	85,295,888
Total net realized gains (losses)		1,151,870		276,340		1,561,437		1,135,647
Total net change in unrealized appreciation (depreciation)		3,613,065		8,731,313		8,044,881		9,726,657
Net increase (decrease) in net assets resulting from operations		39,662,955		40,239,574		117,150,456		96,158,192
Decrease in net assets resulting from Stockholder distributions:
Shares distributed pursuant to dividend reinvestment plan		(12,832,667)		(4,228,747)		(34,468,969)		(13,536,906)
Distributions to Stockholders from earnings		(27,234,143)		(25,207,617)		(73,518,513)		(69,155,875)
Net decrease in net assets resulting from Stockholder distributions		(40,066,810)		(29,436,364)		(107,987,482)		(82,692,781)
Increase in net assets resulting from capital share transactions:
Issuance of Common Stock pursuant to dividend reinvestment plan		12,832,667		4,228,747		34,468,969		13,536,906
Issuance of shares of Common Stock		7,925,000		49,900,000		204,588,859		91,700,000
Net increase in net assets resulting from capital share transactions		20,757,667		54,128,747		239,057,828		105,236,906
Total increase in net assets		20,353,812		64,931,957		248,220,802		118,702,317
Net assets, beginning of period		1,219,289,082		870,955,949		991,422,092		817,185,589
Net assets, end of period	$	1,239,642,894	$	935,887,906	$	1,239,642,894	$	935,887,906
Net asset value per share	$	19.86	$	19.60	$	19.86	$	19.60
Common Stock outstanding at the end of the period		62,406,323		47,738,090		62,406,323		47,738,090

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

5

Stone Point Credit Corporation

Consolidated Statements of Cash Flows

	Nine Months Ended		Nine Months Ended
	September 30, 2024		September 30, 2023
	(Unaudited)		(Unaudited)
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	117,150,456	$	96,158,192
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Total net change in unrealized (appreciation) depreciation		(8,044,881)		(9,726,657)
Total net realized (gains) losses		(1,561,437)		(1,135,647)
Net amortization and accretion of premiums and discounts		(10,839,485)		(6,346,670)
Purchases of investments, net		(961,862,048)		(362,346,465)
Sales and repayments of investments, net		524,436,800		135,505,773
Amortization of deferred financing costs		1,686,652		1,766,794
Amortization of debt issuance costs		806,170		771,609
Changes in operating assets and liabilities:
Interest receivable		292,013		(808,663)
Dividend receivable		366,431		—
Unsettled trades receivable		(1,436,436)		(6,541,025)
Paydown receivable		(1,530,844)		864,653
Deferred offering expenses		(35,424)		10,491
Prepaid expenses and other assets		46,962		421,211
Base management fees payable		1,576,791		738,017
Accounts payable and accrued expenses		(24,787)		685,290
Interest and financing fees payable		15,052,799		6,581,437
Unsettled trades payable		33,966,277		(1,543,754)
Net cash used in operating activities		(289,953,991)		(144,945,414)
Cash flows from financing activities:
Borrowings under revolving credit facilities		942,500,000		478,000,000
Payments on revolving credit facilities		(719,500,000)		(337,500,000)
Deferred financing costs		(7,133,064)		(2,196,400)
Debt issuances costs		(2,516,358)		(100,000)
Distributions paid in cash		(73,518,513)		(69,155,875)
Proceeds from issuance of shares of Common Stock		204,588,859		91,700,000
Net cash provided by financing activities		344,420,924		160,747,725
Net increase (decrease) in cash and cash equivalents		54,466,933		15,802,311
Cash and cash equivalents, beginning of period		41,629,071		33,791,187
Cash and cash equivalents, end of period	$	96,096,004	$	49,593,498
Supplemental and Non-Cash Information
Cash paid during the period for interest	$	48,731,624	$	44,984,417
Reinvestment of distributions during the period	$	34,468,969	$	13,536,906

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

6

Stone Point Credit Corporation

Consolidated Schedule of Investments

As of September 30, 2024 (Unaudited)

											Par					Percentage
	Type of		Reference Rate					Interest			Amount /					of Net
Portfolio Company 1 2 3 4	Investment	Footnotes	and Spread					Rate		Maturity 5	Units	Cost 6		Fair Value		Assets 7
Non-Controlled/Non-Affiliated Investments
Debt Investments – 194.2%
Capital Markets
Cliffwater, LLC	First Lien Term Loan	(10)	SOFR +	4.50	%,	0.75	% Floor	9.35	%	10/7/2030	17,057,143	$	16,712,538	$	17,057,143	1.4	%
Cliffwater, LLC	First Lien Revolving Loan	(9)	SOFR +	4.50	%,	0.75	% Floor	9.35	%	10/7/2030	—		(49,069)		—	0.0	%
NXGen Buyer, Inc.	First Lien Term Loan	(10)	SOFR +	4.75	%,	0.75	% Floor	9.60	%	10/29/2027	14,914,042		14,728,340		14,727,617	1.2	%
NXGen Buyer, Inc.	First Lien Revolving Loan	(9)	SOFR +	4.75	%,	0.75	% Floor	9.60	%	10/29/2027	—		—		(4,080)	0.0	%
NXGen Buyer, Inc.	Second Lien Term Loan	(10)	SOFR +	8.00	%,	1.00	% Floor	12.85	%	4/28/2028	1,250,000		1,203,395		1,234,375	0.1	%
NXGen Buyer, Inc.	Second Lien Term Loan	(10)	SOFR +	8.25	%,	1.00	% Floor	13.10	%	4/28/2028	2,500,000		2,500,000		2,468,750	0.2	%
Project K Buyerco, INC.	First Lien Term Loan	(10)	SOFR +	5.00	%,	0.75	% Floor	9.70	%	12/10/2027	75,147,727		74,247,780		75,636,187	6.1	%
Project K Buyerco, INC.	First Lien Revolving Loan	(9)	SOFR +	5.00	%,	0.75	% Floor	9.70	%	12/10/2027	—		(82,175)		50,227	0.0	%
Project K Buyerco, INC.	Unsecured Note		N/A					8.00	%	12/8/2028	13,812,624		13,150,789		12,975,579	1.0	%
Total Capital Markets													122,411,598		124,145,798	10.0	%
Diversified Consumer Services
Harbor Purchaser, Inc.	Second Lien Term Loan	(8)(10)	SOFR +	8.50	%,	0.50	% Floor	13.35	%	4/8/2030	12,500,000		12,303,024		11,859,375	1.0	%
Total Diversified Consumer Services													12,303,024		11,859,375	1.0	%
Financial Services
Advisor Group Holdings, Inc.	Unsecured Note	(8)(11)	N/A					10.75	%	8/1/2027	825,629		807,121		837,956	0.1	%
Beacon Pointe Harmony, LLC	First Lien Term Loan	(10)	SOFR +	4.75	%,	0.75	% Floor	9.60	%	12/29/2028	23,287,788		22,967,103		23,287,788	1.9	%
Beacon Pointe Harmony, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR +	5.50	%,	0.75	% Floor	10.24	%	12/29/2028	11,089,750		10,844,422		11,089,750	0.9	%
Beacon Pointe Harmony, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR +	5.50	%,	0.75	% Floor	10.24	%	12/29/2028	11,222,548		11,137,408		11,222,548	0.9	%
Beacon Pointe Harmony, LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR +	4.75	%,	0.75	% Floor	9.04	%	12/29/2028	312,000		280,272		312,000	0.0	%
Beacon Pointe Harmony, LLC	First Lien Revolving Loan	(9)	SOFR +	4.75	%,	0.75	% Floor	9.60	%	12/29/2027	—		(32,424)		—	0.0	%
Choreo Buyer LLC.	First Lien Term Loan	(10)	SOFR +	5.00	%,	1.00	% Floor	9.85	%	2/18/2028	5,164,050		5,090,251		5,083,491	0.4	%
Choreo Buyer LLC.	First Lien Delayed Draw Term Loan	(9)	SOFR +	5.00	%,	1.00	% Floor	9.85	%	3/20/2026	—		(106,439)		(242,736)	0.0	%
Edelman Financial Center	Second Lien Term Loan	(8)(10)	SOFR +	5.25	%			10.10	%	10/6/2028	15,000,000		14,964,946		14,993,775	1.2	%
Ivy Hill Asset Management, L.P.	Unsecured Note		N/A					9.00	%	6/29/2028	4,300,000		4,300,000		4,431,967	0.4	%
GC Two Intermediate Holdings, Inc.	First Lien Term Loan	(8)(10)	SOFR +	4.00	%			8.85	%	8/9/2030	4,526,144		4,381,698		4,440,012	0.4	%
Kestra Advisor Services Holdings A, Inc.	Second Lien Term Loan	(10)	SOFR +	6.00	%,			11.06	%	9/22/2031	50,000,000		49,513,055		50,405,000	4.1	%
LendingTree, Inc..	First Lien Term Loan	(10)	SOFR +	5.75	%,	1.50	% Floor	10.60	%	3/27/2031	7,125,000		6,952,687		7,115,738	0.6	%
LendingTree, Inc.	First Lien Delayed Draw Term Loan	(9)	SOFR +	5.75	%,	1.50	% Floor	10.60	%	3/27/2025	—		(42,270)		(3,900)	0.0	%
MAI Capital Management Intermediate LLC	First Lien Term Loan	(10)	SOFR +	4.75	%,	0.75	% Floor	9.35	%	8/29/2031	6,892,857		6,824,265		6,823,929	0.6	%
MAI Capital Management Intermediate LLC	First Lien Delayed Draw Term Loan	(9)	SOFR +	4.75	%,	0.75	% Floor	9.35	%	8/29/2026	—		(20,357)		(40,714)	0.0	%
MAI Capital Management Intermediate LLC	First Lien Revolving Loan	(9)	SOFR +	4.75	%,	0.75	% Floor	9.35	%	8/29/2031	—		(15,126)		(15,357)	0.0	%
Minotaur Acquisition, Inc.	First Lien Term Loan	(10)	SOFR +	5.00	%,	1.00	% Floor	9.85	%	5/10/2030	20,406,977		20,016,989		20,009,041	1.6	%
Minotaur Acquisition, Inc.	First Lien Delayed Draw Term Loan	(9)	SOFR +	5.00	%,	1.00	% Floor	9.85	%	5/11/2026	—		(32,184)		(66,323)	0.0	%
Minotaur Acquisition, Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR +	5.00	%,	1.00	% Floor	9.85	%	5/12/2030	3,401,163		3,335,433		3,334,840	0.3	%
Minotaur Acquisition, Inc.	First Lien Revolving Loan	(9)	SOFR +	5.00	%,	1.00	% Floor	9.85	%	5/10/2030	—		(38,579)		(39,794)	0.0	%
New Mountain Guardian IV Income Rated Feeder II, Ltd.	Unsecured Note	(9)(10)	SOFR +	8.40	%			13.53	%	4/3/2037	600,000		600,000		601,300	0.0	%
New Mountain Guardian IV Rated Feeder III, Ltd.	Unsecured Note	(9)	SOFR +	5.10	%			10.23	%	8/28/2037	—		—		—	0.0	%
New Mountain Guardian IV Rated Feeder III, Ltd.	Unsecured Note	(9)	SOFR +	7.50	%			12.63	%	8/28/2037	—		—		—	0.0	%
New Mountain Guardian IV Rated Feeder III, Ltd.	Unsecured Note	(9)	SOFR +	8.02	%			13.15	%	8/28/2037	—		—		—	0.0	%
Nexus Buyer LLC	Second Lien Term Loan	(8)(10)	SOFR +	6.25	%			11.20	%	11/5/2029	19,998,227		20,007,672		19,960,730	1.6	%
Provident Funding Associates	Unsecured Note	(8)(11)	N/A					6.38	%	6/15/2025	1,441,143		1,395,253		1,442,872	0.1	%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR +	5.50	%,	1.00	% Floor	10.52	%	10/4/2027	21,795,455		21,620,262		21,525,191	1.7	%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR +	5.50	%,	1.00	% Floor	10.75	%	10/4/2027	2,436,250		2,411,155		2,406,040	0.2	%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR +	5.50	%,	1.00	% Floor	10.75	%	10/4/2027	2,441,486		2,388,698		2,411,213	0.2	%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR +	5.50	%,	1.00	% Floor	10.75	%	10/4/2027	25,714,924		25,664,477		25,396,064	2.0	%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR +	5.50	%,	1.00	% Floor	10.52	%	10/4/2027	5,706,892		5,543,746		5,460,568	0.4	%
TA/WEG Intermediate Holdings, LLC	First Lien Revolving Loan	(9)	SOFR +	5.50	%,	1.00	% Floor	10.75	%	10/4/2027	—		—		(18,600)	0.0	%
TA/WEG Intermediate Holdings, LLC	First Lien Revolving Loan	(9)	SOFR +	5.50	%,	1.00	% Floor	10.75	%	10/4/2027	—		(1,346)		(6,200)	0.0	%
TA/WEG Intermediate Holdings, LLC	First Lien Revolving Loan	(9)	SOFR +	5.50	%,	1.00	% Floor	10.75	%	10/4/2027	—		(24,719)		(14,076)	0.0	%
WEG Sub Intermediate Holdings, LLC	Unsecured Note		N/A					15.00	%	5/26/2033	12,960,378		12,647,414		12,973,338	1.0	%
Total Financial Services													253,380,884		255,117,451	20.6	%

7

											Par			Percentage
	Type of		Reference Rate					Interest			Amount /			of Net
Portfolio Company 1 2 3 4	Investment	Footnotes	and Spread					Rate		Maturity 5	Units	Cost 6	Fair Value	Assets 7
Health Care Providers & Services
Acentra Holdings, LLC	First Lien Term Loan	(10)	SOFR +	5.50	%,	0.50	% Floor	10.10	%	12/17/2029	14,894,018	14,376,847	14,691,459	1.2	%
Acentra Holdings, LLC	First Lien Term Loan	(10)	SOFR +	5.50	%,	0.50	% Floor	10.10	%	12/17/2029	2,882,992	2,842,171	2,843,784	0.2	%
Acentra Holdings, LLC	First Lien Delayed Draw Term Loan	(9)	SOFR +	5.50	%,	0.50	% Floor	10.10	%	3/19/2026	—	(59,372)	(118,524)	0.0	%
Acentra Holdings, LLC	First Lien Revolving Loan	(9)(10)	SOFR +	5.50	%,	0.50	% Floor	10.14	%	12/17/2029	96,046	63,980	76,453	0.0	%
Action Behavior Centers Therapy LLC	First Lien Term Loan	(10)	SOFR +	5.25	%,	0.75	% Floor	10.57	%	7/2/2031	33,785,714	33,286,219	33,278,929	2.7	%
Action Behavior Centers Therapy LLC	First Lien Delayed Draw Term Loan	(9)	SOFR +	5.25	%,	0.75	% Floor	10.57	%	7/2/2026	—	(44,514)	(92,143)	0.0	%
Action Behavior Centers Therapy LLC	First Lien Revolving Loan	(9)	SOFR +	5.25	%,	0.75	% Floor	10.57	%	7/2/2031	—	(44,431)	(46,071)	0.0	%
Belmont Buyer, Inc.	First Lien Term Loan	(10)	SOFR +	5.25	%,	1.00	% Floor	10.53	%	6/21/2029	16,490,914	16,285,179	16,251,796	1.3	%
Belmont Buyer, Inc.	First Lien Term Loan	(10)	SOFR +	6.50	%,	1.00	% Floor	11.25	%	6/21/2029	18,228,561	17,757,702	18,306,944	1.5	%
Belmont Buyer, Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR +	6.50	%,	1.00	% Floor	11.78	%	6/21/2029	4,326,762	4,212,057	4,345,367	0.4	%
Belmont Buyer, Inc.	First Lien Delayed Draw Term Loan	(9)	SOFR +	5.25	%,	1.00	% Floor	10.53	%	1/26/2026	—	(30,542)	(61,403)	0.0	%
Belmont Buyer, Inc.	First Lien Revolving Loan	(9)	SOFR +	6.50	%,	1.00	% Floor	11.25	%	6/21/2029	—	(51,442)	9,375	0.0	%
Chartis Group, LLC	First Lien Term Loan	(10)	SOFR +	4.50	%,	0.75	% Floor	9.44	%	9/17/2031	8,223,776	8,142,240	8,141,538	0.7	%
Chartis Group, LLC	First Lien Delayed Draw Term Loan	(9)	SOFR +	4.50	%,	0.75	% Floor	9.44	%	9/17/2026	—	(12,517)	(25,175)	0.0	%
Chartis Group, LLC	First Lien Revolving Loan	(9)	SOFR +	4.50	%,	0.75	% Floor	9.44	%	9/17/2031	—	(12,518)	(12,587)	0.0	%
Continental Buyer Inc.	First Lien Term Loan	(10)	SOFR +	5.25	%,	0.75	% Floor	9.50	%	4/2/2031	20,789,809	20,489,889	20,486,278	1.7	%
Continental Buyer Inc.	First Lien Delayed Draw Term Loan	(9)	SOFR +	5.25	%,	0.75	% Floor	9.50	%	4/2/2026	—	(56,856)	(119,032)	0.0	%
Continental Buyer Inc.	First Lien Revolving Loan	(9)	SOFR +	5.25	%,	0.75	% Floor	9.50	%	4/2/2031	—	(42,594)	(44,637)	0.0	%
CORA Health Holdings Corp.	First Lien Term Loan	(10)	SOFR +	5.75	%,	1.00	% Floor	10.74	%	6/15/2027	14,223,573	14,115,206	13,049,142	1.1	%
CORA Health Holdings Corp.	First Lien Delayed Draw Term Loan	(10)	SOFR +	5.75	%,	1.00	% Floor	10.74	%	6/15/2027	236,658	235,751	217,118	0.0	%
Covetrus, Inc.	First Lien Term Loan	(8)(10)	SOFR +	5.00	%,	0.50	% Floor	9.60	%	10/12/2029	8,278,987	7,893,857	7,870,254	0.6	%
Giving Home Health Care	First Lien Term Loan	(10)	SOFR +	6.00	%,	1.00	% Floor	11.28	%	4/26/2029	49,375,000	49,204,177	48,999,750	4.0	%
Kwol Acquisition Inc	First Lien Term Loan	(10)	SOFR +	6.25	%,	0.75	% Floor	11.51	%	12/12/2029	2,409,143	2,354,097	2,368,669	0.2	%
Kwol Acquisition Inc	First Lien Revolving Loan	(9)(10)	SOFR +	6.25	%,	0.75	% Floor	11.11	%	12/12/2029	41,094	33,820	35,571	0.0	%
MB2 Dental Solutions, LLC	First Lien Term Loan	(10)	SOFR +	6.00	%,	0.75	% Floor	10.85	%	2/13/2031	54,528,980	54,038,332	54,818,935	4.4	%
MB2 Dental Solutions, LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR +	6.00	%,	0.75	% Floor	10.85	%	2/13/2031	1,795,289	1,777,393	1,854,954	0.1	%
MB2 Dental Solutions, LLC	First Lien Delayed Draw Term Loan	(9)	SOFR +	6.00	%,	0.75	% Floor	10.85	%	2/15/2027	—	—	35,799	0.0	%
MB2 Dental Solutions, LLC	First Lien Revolving Loan	(9)	SOFR +	6.00	%,	0.75	% Floor	10.85	%	2/13/2031	—	(20,414)	—	0.0	%
Mirra-PrimeAccess Holdings, LLC	First Lien Term Loan	(10)	SOFR +	6.50	%,	1.00	% Floor	11.46	%	7/29/2026	24,250,000	24,035,403	20,942,860	1.7	%
Mirra-PrimeAccess Holdings, LLC	First Lien Revolving Loan	(9)(10)	SOFR +	6.50	%,	1.00	% Floor	11.46	%	7/29/2026	2,055,000	1,994,948	1,681,327	0.1	%
NextGen Healthcare	First Lien Term Loan	(10)	SOFR +	6.00	%,	0.75	% Floor	11.06	%	11/11/2030	9,194,941	9,070,909	9,115,865	0.7	%
NextGen Healthcare	First Lien Delayed Draw Term Loan	(9)	SOFR +	6.00	%,	0.75	% Floor	11.06	%	11/10/2025	—	(15,554)	(20,378)	0.0	%
NextGen Healthcare	First Lien Revolving Loan	(9)	SOFR +	6.00	%,	0.75	% Floor	11.06	%	11/9/2029	—	(11,349)	(7,648)	0.0	%
One Call Corp	First Lien Term Loan	(8)(10)	SOFR +	5.50	%,	0.75	% Floor	11.05	%	4/22/2027	16,415,167	15,682,910	16,070,449	1.3	%
SpecialtyCare, Inc.	First Lien Term Loan	(10)	SOFR +	5.75	%,	1.00	% Floor	11.34	%	6/19/2028	13,347,769	13,102,198	12,706,424	1.0	%
SpecialtyCare, Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR +	5.75	%,	1.00	% Floor	11.30	%	6/19/2028	104,108	103,103	99,105	0.0	%
SpecialtyCare, Inc.	First Lien Revolving Loan	(9)(10)	SOFR +	4.00	%			9.32	%	6/18/2026	403,685	392,732	352,639	0.0	%
Stepping Stones Healthcare Services, LLC	First Lien Term Loan	(10)	SOFR +	5.00	%,	0.75	% Floor	9.60	%	1/2/2029	23,887,500	23,642,668	23,911,388	1.9	%
Stepping Stones Healthcare Services, LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR +	5.00	%,	0.75	% Floor	9.60	%	1/2/2029	698,250	643,709	705,248	0.1	%
Stepping Stones Healthcare Services, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR +	5.00	%,	0.75	% Floor	9.60	%	1/2/2029	5,361,444	5,312,127	5,366,806	0.4	%
Stepping Stones Healthcare Services, LLC	First Lien Revolving Loan	(9)	SOFR +	5.00	%,	0.75	% Floor	9.60	%	12/29/2026	—	(23,576)	—	0.0	%
Trinity Partners Holdings, LLC	First Lien Term Loan	(10)	SOFR +	5.50	%,	0.75	% Floor	10.90	%	12/21/2028	26,864,362	26,598,503	26,864,362	2.2	%
Trinity Partners Holdings, LLC	First Lien Delayed Draw Term Loan	(9)	SOFR +	5.50	%,	0.75	% Floor	10.90	%	6/21/2025	—	(29,645)	—	0.0	%
TST Intermediate Holdings, LLC	First Lien Term Loan	(10)	SOFR +	5.75	%,	1.00	% Floor	11.10	%	11/27/2026	12,136,975	12,049,082	12,061,119	1.0	%
TST Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR +	5.75	%,	1.00	% Floor	11.10	%	11/27/2026	9,598,798	9,577,119	9,598,798	0.8	%
Vital Care Buyer LLC	First Lien Term Loan	(10)	SOFR +	4.75	%,	0.75	% Floor	9.35	%	7/30/2031	6,626,250	6,560,382	6,559,988	0.5	%
Vital Care Buyer LLC	First Lien Revolving Loan	(9)	SOFR +	4.75	%,	0.75	% Floor	9.35	%	7/30/2031	—	(8,522)	(8,738)	0.0	%
Total Health Care Providers & Services												395,410,866	393,162,156	31.7	%

8

											Par			Percentage
	Type of		Reference Rate					Interest			Amount /			of Net
Portfolio Company 1 2 3 4	Investment	Footnotes	and Spread					Rate		Maturity 5	Units	Cost 6	Fair Value	Assets 7
Health Care Technology
Ellkay, LLC	First Lien Term Loan	(10)	SOFR +	7.50	%,	1.00	% Floor	12.55	%	9/14/2027	28,304,224	27,875,280	23,590,206	1.9	%
Ellkay, LLC	First Lien Revolving Loan	(9)	SOFR +	7.50	%,	1.00	% Floor	12.55	%	9/14/2027	—	(30,022)	(360,854)	0.0	%
FINThrive Software Intermediate Holdings, Inc.	Second Lien Term Loan	(10)	SOFR +	6.75	%,	0.50	% Floor	11.71	%	12/17/2029	21,518,900	21,157,486	15,489,304	1.3	%
Homecare Software Solutions LLC	First Lien Term Loan	(10)	SOFR +	5.25	%,	0.75	% Floor	10.35	%	6/16/2031	11,721,698	11,608,255	11,604,481	0.9	%
Homecare Software Solutions LLC	First Lien Term Loan	(10)	SOFR +	5.25	%,	0.75	% Floor	10.10	%	6/16/2031	5,000,000	4,950,171	4,950,000	0.4	%
Homecare Software Solutions LLC	First Lien Delayed Draw Term Loan	(10)	SOFR +	5.25	%,	0.75	% Floor	10.10	%	6/16/2031	4,353,774	4,311,360	4,310,236	0.3	%
Imagine Acquisitionco, LLC	First Lien Term Loan	(10)	SOFR +	5.00	%,	1.00	% Floor	10.20	%	11/16/2027	28,143,087	27,914,136	28,143,087	2.3	%
Imagine Acquisitionco, LLC	First Lien Revolving Loan	(9)	SOFR +	5.00	%,	1.00	% Floor	10.20	%	11/16/2027	—	(36,169)	—	0.0	%
Total Health Care Technology												97,750,497	87,726,460	7.1	%
Insurance
Alkeme Intermediary Holdings, LLC	First Lien Term Loan	(10)	SOFR +	5.75	%,	1.00	% Floor	10.60	%	10/28/2026	11,666,667	11,503,233	11,491,667	0.9	%
Alkeme Intermediary Holdings, LLC	First Lien Delayed Draw Term Loan	(9)	SOFR +	5.75	%,	1.00	% Floor	10.60	%	2/21/2026	—	(167,216)	(350,000)	0.0	%
Amerilife Holdings LLC	First Lien Term Loan	(10)	SOFR +	5.00	%,	0.75	% Floor	9.70	%	8/31/2029	68,652,899	68,010,607	68,378,288	5.5	%
Amerilife Holdings LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR +	5.00	%,	0.75	% Floor	9.70	%	8/31/2029	2,914,873	2,811,134	2,877,913	0.2	%
Amerilife Holdings LLC	First Lien Delayed Draw Term Loan	(10)	SOFR +	5.00	%,	0.75	% Floor	9.70	%	8/31/2029	180,796	179,021	180,073	0.0	%
Amerilife Holdings LLC	First Lien Revolving Loan	(9)	SOFR +	5.00	%,	0.75	% Floor	9.70	%	8/31/2028	—	(68,796)	(27,564)	0.0	%
Ardonagh Finco B.V.	First Lien Term Loan	(10)	SOFR +	4.75	%,	0.50	% Floor	9.90	%	2/18/2031	4,409,639	4,348,515	4,433,186	0.4	%
ARMStrong Receivable Management	First Lien Term Loan	(10)	SOFR +	5.75	%,	1.00	% Floor	10.45	%	10/5/2029	14,635,638	14,439,843	14,505,380	1.2	%
ARMStrong Receivable Management	First Lien Delayed Draw Term Loan	(9)(10)	SOFR +	5.75	%,	1.00	% Floor	10.45	%	10/5/2029	393,047	358,932	348,954	0.0	%
ARMStrong Receivable Management	First Lien Revolving Loan	(9)	SOFR +	5.75	%,	1.00	% Floor	10.45	%	10/5/2029	—	(3,751)	(2,657)	0.0	%
Babylon Buyer, Inc.	First Lien Term Loan	(10)	SOFR +	5.50	%,	0.75	% Floor	10.86	%	3/8/2030	36,430,097	35,573,312	35,763,427	2.9	%
Babylon Buyer, Inc.	First Lien Revolving Loan	(10)	SOFR +	5.75	%,	0.75	% Floor	10.85	%	3/8/2030	1,478,599	1,445,126	1,451,541	0.1	%
Captive Resources Midco, LLC	First Lien Term Loan	(10)	SOFR +	5.25	%,	0.75	% Floor	10.10	%	7/2/2029	31,415,290	30,978,360	31,355,601	2.5	%
Captive Resources Midco, LLC	First Lien Revolving Loan	(9)	SOFR +	5.25	%,	0.75	% Floor	10.10	%	7/1/2028	—	(27,530)	(4,185)	0.0	%
Euclid Transactional, LLC	First Lien Term Loan	(10)	SOFR +	5.50	%,	0.75	% Floor	11.76	%	10/2/2028	71,560,889	70,525,805	71,560,889	5.8	%
Foundation Risk Partners, Corp.	First Lien Term Loan	(10)	SOFR +	5.25	%,	0.75	% Floor	9.85	%	10/29/2030	4,580,561	4,580,561	4,535,213	0.4	%
Foundation Risk Partners, Corp.	First Lien Term Loan	(10)	SOFR +	5.25	%,	0.75	% Floor	9.85	%	10/29/2030	41,857,053	40,689,566	41,442,668	3.3	%
Foundation Risk Partners, Corp.	First Lien Delayed Draw Term Loan	(9)	SOFR +	5.25	%,	0.75	% Floor	9.85	%	5/22/2026	—	(45,139)	(94,668)	0.0	%
Foundation Risk Partners, Corp.	First Lien Delayed Draw Term Loan	(10)	SOFR +	5.25	%,	0.75	% Floor	9.85	%	10/29/2030	5,671,812	5,671,812	5,615,661	0.5	%
Foundation Risk Partners, Corp.	First Lien Delayed Draw Term Loan	(10)	SOFR +	5.25	%,	0.75	% Floor	9.85	%	10/27/2028	19,561,549	19,121,262	19,367,890	1.6	%
Foundation Risk Partners, Corp.	First Lien Revolving Loan	(9)	SOFR +	5.25	%,	0.75	% Floor	9.85	%	10/29/2029	—	(194,887)	(43,631)	0.0	%
Galway Borrower LLC	First Lien Term Loan	(10)	SOFR +	4.50	%,	0.75	% Floor	9.10	%	9/29/2028	34,072,356	33,726,145	34,075,056	2.7	%
Galway Borrower LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR +	4.50	%,	0.75	% Floor	9.10	%	9/29/2028	16,525,289	16,262,113	16,357,331	1.3	%
Galway Borrower LLC	First Lien Delayed Draw Term Loan	(9)	SOFR +	4.50	%,	0.75	% Floor	9.10	%	2/9/2026	—	(34,460)	(98,194)	0.0	%
Galway Borrower LLC	First Lien Revolving Loan	(9)(10)	SOFR +	4.50	%,	0.75	% Floor	9.14	%	10/2/2028	792,168	783,129	787,337	0.1	%
OneDigital	Second Lien Term Loan	(8)(10)	SOFR +	5.25	%,	0.50	% Floor	10.10	%	7/2/2032	20,000,000	19,902,539	19,850,000	1.6	%
RSC Acquisition, Inc	First Lien Term Loan	(10)	SOFR +	4.75	%,	0.75	% Floor	10.00	%	11/1/2029	5,955,874	5,955,874	5,926,690	0.5	%
RSC Acquisition, Inc	First Lien Term Loan	(10)	SOFR +	4.75	%,	0.75	% Floor	10.00	%	11/1/2029	2,248,354	2,248,354	2,237,337	0.2	%
RSC Acquisition, Inc	First Lien Term Loan	(10)	SOFR +	4.75	%,	0.75	% Floor	9.35	%	11/1/2029	4,308,666	4,308,666	4,287,554	0.3	%
RSC Acquisition, Inc	First Lien Delayed Draw Term Loan	(10)	SOFR +	4.75	%,	0.75	% Floor	9.81	%	11/1/2029	21,412,075	21,412,075	21,307,156	1.7	%
RSC Acquisition, Inc	First Lien Delayed Draw Term Loan	(10)	SOFR +	4.75	%,	0.75	% Floor	9.81	%	11/1/2029	14,713,147	14,713,147	14,641,053	1.2	%
RSC Acquisition, Inc	First Lien Delayed Draw Term Loan	(9)	SOFR +	4.75	%,	0.75	% Floor	9.81	%	11/2/2026	—	—	(6,066)	0.0	%
Worldwide Insurance Network, LLC	First Lien Term Loan	(10)	SOFR +	5.00	%,	0.75	% Floor	10.77	%	5/28/2030	24,161,037	23,809,022	23,803,454	1.9	%
Worldwide Insurance Network, LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR +	5.00	%,	0.75	% Floor	10.77	%	5/28/2030	6,339,277	6,202,500	6,054,192	0.5	%
Total Insurance												459,018,874	462,008,544	37.3	%
IT Services
Auctane Holdings, LLC	First Lien Term Loan	(10)	SOFR +	5.75	%,	0.75	% Floor	10.94	%	10/5/2028	39,000,000	38,489,800	38,800,756	3.1	%
Auctane Holdings, LLC	First Lien Term Loan	(10)	SOFR +	5.75	%,	0.75	% Floor	10.94	%	10/5/2028	12,796,875	12,628,734	12,731,498	1.0	%
Bottomline Technologies, Inc.	First Lien Term Loan	(10)	SOFR +	5.25	%,	0.75	% Floor	10.10	%	5/14/2029	86,616,923	85,330,550	85,066,480	6.9	%
Bottomline Technologies, Inc.	First Lien Revolving Loan	(9)	SOFR +	5.25	%,	0.75	% Floor	10.10	%	5/15/2028	—	(88,707)	(131,840)	0.0	%
DCert Buyer, Inc.	Second Lien Term Loan	(8)(10)	SOFR +	7.00	%			11.85	%	2/19/2029	8,259,167	8,152,638	7,173,706	0.6	%
Ensono, Inc.	Second Lien Term Loan	(10)	SOFR +	8.00	%			12.96	%	5/28/2029	6,750,000	6,705,457	6,629,850	0.5	%
Evergreen Services Group PIK Holdco, LLC	Unsecured Note		N/A					13.75	%	4/7/2031	6,835,129	6,683,757	6,675,871	0.5	%
Evergreen Services Group PIK Holdco, LLC	Unsecured Note		N/A					13.75	%	4/7/2031	3,753,335	3,668,242	3,665,883	0.3	%
Helpsystems Holdings, Inc.	Second Lien Term Loan	(10)	SOFR +	5.00	%,	0.75	% Floor	11.70	%	11/19/2027	10,000,000	10,000,000	9,026,000	0.7	%
Lytx, Inc.	First Lien Term Loan	(10)	SOFR +	5.00	%,	1.00	% Floor	10.20	%	2/28/2028	19,660,804	19,660,804	19,660,804	1.6	%
Ministry Brands Holdings, LLC	First Lien Term Loan	(10)	SOFR +	5.50	%,	0.75	% Floor	10.45	%	12/28/2028	17,213,983	17,098,966	17,154,199	1.4	%
Ministry Brands Holdings, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR +	5.50	%,	0.75	% Floor	10.45	%	12/28/2028	1,740,632	1,733,528	1,734,586	0.1	%
Ministry Brands Holdings, LLC	First Lien Revolving Loan	(9)	SOFR +	5.50	%,	0.75	% Floor	10.45	%	12/30/2027	—	(9,171)	(5,886)	0.0	%
Vision Solutions, Inc.	Second Lien Term Loan	(10)	SOFR +	7.25	%,	0.75	% Floor	12.76	%	4/23/2029	10,000,000	9,916,692	9,600,000	0.8	%
WWEX Uni Topco Holdings, LLC	Second Lien Term Loan	(10)	SOFR +	7.00	%,	0.75	% Floor	11.87	%	7/26/2029	20,000,000	19,536,521	18,586,000	1.5	%
Total IT Services												239,507,811	236,367,907	19.1	%

9

											Par			Percentage
	Type of		Reference Rate					Interest			Amount /			of Net
Portfolio Company 1 2 3 4	Investment	Footnotes	and Spread					Rate		Maturity 5	Units	Cost 6	Fair Value	Assets 7
Professional Services
Accordion Partners LLC	First Lien Term Loan	(10)	SOFR +	6.25	%,	0.75	% Floor	10.85	%	8/29/2029	22,881,890	22,476,892	22,625,613	1.8	%
Accordion Partners LLC	First Lien Term Loan	(10)	SOFR +	6.50	%,	0.75	% Floor	11.52	%	8/29/2029	2,008,588	1,958,006	2,005,174	0.2	%
Accordion Partners LLC	First Lien Delayed Draw Term Loan	(10)	SOFR +	6.25	%,	0.75	% Floor	11.50	%	8/29/2029	2,517,092	2,471,761	2,488,900	0.2	%
Accordion Partners LLC	First Lien Delayed Draw Term Loan	(10)	SOFR +	6.50	%,	0.75	% Floor	11.10	%	8/29/2029	2,008,588	1,959,964	2,005,174	0.2	%
Accordion Partners LLC	First Lien Delayed Draw Term Loan	(10)	SOFR +	6.50	%,	0.75	% Floor	11.10	%	8/29/2029	3,042,656	2,969,099	3,037,483	0.2	%
Accordion Partners LLC	First Lien Revolving Loan	(9)(10)	SOFR +	6.50	%,	0.75	% Floor	11.10	%	8/29/2029	1,017,007	987,151	1,013,549	0.1	%
ALKU Intermediate Holdings, LLC	First Lien Term Loan	(10)	SOFR +	6.25	%,	0.75	% Floor	10.50	%	5/23/2029	3,658,696	3,581,961	3,674,428	0.3	%
ALKU Intermediate Holdings, LLC	First Lien Term Loan	(10)	SOFR +	5.50	%,	0.75	% Floor	9.75	%	5/23/2029	404,489	397,193	397,653	0.0	%
Aprio Advisory Group, LLC	First Lien Term Loan	(10)	SOFR +	4.75	%,	0.75	% Floor	10.00	%	8/1/2031	20,251,096	20,050,044	20,048,586	1.6	%
Aprio Advisory Group, LLC	First Lien Delayed Draw Term Loan	(9)	SOFR +	4.75	%,	0.75	% Floor	10.00	%	8/3/2026	—	(43,101)	(88,048)	0.0	%
Aprio Advisory Group, LLC	First Lien Revolving Loan	(9)(10)	SOFR +	4.75	%,	0.75	% Floor	10.00	%	8/1/2031	1,408,773	1,365,798	1,364,748	0.1	%
Baker Tilly Advisory Group, L.P.	First Lien Term Loan	(10)	SOFR +	5.00	%,	0.75	% Floor	9.85	%	6/3/2031	18,179,049	17,917,056	17,848,191	1.4	%
Baker Tilly Advisory Group, L.P.	First Lien Delayed Draw Term Loan	(9)	SOFR +	5.00	%,	0.75	% Floor	9.85	%	6/3/2026	—	(23,822)	(49,803)	0.0	%
Baker Tilly Advisory Group, L.P.	First Lien Revolving Loan	(9)	SOFR +	5.00	%,	0.75	% Floor	9.85	%	6/3/2030	—	(54,817)	(69,788)	0.0	%
BDO USA, P.C.	First Lien Term Loan	(10)	SOFR +	6.00	%,	2.00	% Floor	10.85	%	8/31/2028	13,398,496	13,166,644	13,360,980	1.1	%
Cherry Bekaert Advisory LLC	First Lien Term Loan	(10)	SOFR +	5.25	%,	0.75	% Floor	10.10	%	6/30/2028	4,331,250	4,258,488	4,251,122	0.3	%
Cherry Bekaert Advisory LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR +	5.25	%,	0.75	% Floor	10.10	%	6/30/2028	1,425,000	1,366,298	1,320,938	0.1	%
Explorer Investor, Inc	First Lien Term Loan	(10)	SOFR +	6.00	%,	0.50	% Floor	10.85	%	6/28/2029	28,408,187	27,147,877	26,882,667	2.2	%
IG Investments Holdings, LLC	First Lien Term Loan	(10)	SOFR +	6.00	%,	0.75	% Floor	11.35	%	9/22/2028	62,993,931	62,188,933	62,571,871	5.0	%
IG Investments Holdings, LLC	First Lien Term Loan	(10)	SOFR +	6.00	%,	0.75	% Floor	11.35	%	9/22/2028	4,862,155	4,832,006	4,829,579	0.4	%
IG Investments Holdings, LLC	First Lien Revolving Loan	(9)	SOFR +	6.00	%,	0.75	% Floor	11.35	%	9/22/2027	—	(50,094)	(33,887)	0.0	%
KRIV Acquisition Inc.	First Lien Term Loan	(10)	SOFR +	5.75	%,	1.00	% Floor	10.60	%	7/6/2029	10,808,859	10,808,859	10,808,859	0.9	%
KRIV Acquisition Inc.	First Lien Delayed Draw Term Loan	(9)(10)	SOFR +	5.75	%,	1.00	% Floor	10.60	%	7/6/2029	1,621,390	1,621,390	1,372,159	0.1	%
MBO Partners, Inc.	First Lien Term Loan	(10)	SOFR +	7.75	%,	1.00	% Floor	12.50	%	5/23/2028	43,875,000	42,850,136	43,449,413	3.5	%
MBO Partners, Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR +	7.75	%,	1.00	% Floor	12.50	%	5/23/2028	12,331,076	12,198,764	12,211,465	1.0	%
More Cowbell II LLC	First Lien Term Loan	(10)	SOFR +	5.00	%,	0.75	% Floor	8.89	%	9/2/2030	49,603,386	48,497,354	49,603,386	4.0	%
More Cowbell II LLC	First Lien Delayed Draw Term Loan	(9)	SOFR +	5.00	%,	0.75	% Floor	8.89	%	9/1/2025	—	(31,517)	—	0.0	%
More Cowbell II LLC	First Lien Revolving Loan	(9)(10)	SOFR +	5.00	%,	0.75	% Floor	9.74	%	9/3/2029	2,939,895	2,794,893	2,939,895	0.2	%
OMNIA Partners LLC	Second Lien Term Loan	(10)	SOFR +	5.00	%			10.28	%	5/31/2032	10,000,000	9,950,409	10,132,700	0.8	%
PAS Parent Inc.	First Lien Term Loan	(10)	SOFR +	5.00	%,	0.75	% Floor	9.85	%	12/29/2028	1,865,625	1,865,625	1,846,969	0.1	%
PAS Parent Inc.	First Lien Delayed Draw Term Loan	(9)	SOFR +	5.00	%,	0.75	% Floor	9.85	%	6/26/2026	—	(26,484)	(56,250)	0.0	%
PAS Parent Inc.	First Lien Delayed Draw Term Loan	(9)(10)	SOFR +	5.00	%,	0.75	% Floor	9.85	%	12/29/2028	6,909,131	6,769,621	6,819,385	0.6	%
PAS Parent Inc.	First Lien Revolving Loan	(9)(10)	SOFR +	5.50	%,	0.75	% Floor	9.85	%	12/30/2027	156,630	140,584	146,630	0.0	%
People 2.0, Inc.	First Lien Term Loan	(10)	SOFR +	7.50	%,	1.00	% Floor	12.10	%	7/12/2028	44,590,000	43,947,588	43,586,725	3.5	%
Petra Borrower, LLC	First Lien Term Loan	(10)	SOFR +	5.75	%,	1.00	% Floor	10.83	%	11/15/2030	15,885,404	15,521,987	15,677,305	1.3	%
Petra Borrower, LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR +	5.75	%,	1.00	% Floor	10.83	%	11/15/2030	2,947,427	2,843,174	2,866,987	0.2	%
Petra Borrower, LLC	First Lien Revolving Loan	(9)(10)	SOFR +	5.75	%,	1.00	% Floor	10.83	%	11/15/2029	736,857	683,161	704,681	0.1	%
Williams Marston, LLC	First Lien Term Loan	(10)	SOFR +	5.75	%,	1.00	% Floor	10.91	%	8/25/2028	15,642,308	15,173,038	15,129,240	1.2	%
Williams Marston, LLC	First Lien Delayed Draw Term Loan	(9)	SOFR +	5.75	%,	1.00	% Floor	10.91	%	8/25/2025	—	(33,795)	(83,766)	0.0	%
Williams Marston, LLC	First Lien Revolving Loan	(9)(10)	SOFR +	5.75	%,	1.00	% Floor	10.91	%	8/25/2028	127,692	83,982	54,397	0.0	%
Total Professional Services												404,582,106	406,695,308	32.8	%
Real Estate Management & Development
2-10 Holdco, Inc.	First Lien Term Loan	(10)	SOFR +	6.00	%,	0.75	% Floor	10.95	%	3/26/2026	46,978,924	46,685,182	46,978,924	3.8	%
2-10 Holdco, Inc.	First Lien Revolving Loan	(9)	SOFR +	6.00	%,	0.75	% Floor	10.95	%	3/26/2026	—	(15,892)	—	0.0	%
Accuserve Solutions, Inc.	First Lien Term Loan	(10)	SOFR +	5.25	%,	1.00	% Floor	10.03	%	3/15/2030	63,508,375	63,613,997	62,574,802	5.0	%
Accuserve Solutions, Inc.	First Lien Delayed Draw Term Loan	(9)	SOFR +	5.25	%,	1.00	% Floor	10.03	%	3/16/2026	—	337,781	(91,025)	0.0	%
Accuserve Solutions, Inc.	First Lien Revolving Loan	(9)	SOFR +	5.25	%,	1.00	% Floor	10.03	%	3/15/2030	—	—	(96,627)	0.0	%
Freedom Mortgage Corp	Unsecured Note	(8)(11)	N/A					12.25	%	10/1/2030	2,333,333	2,291,233	2,611,320	0.2	%
Freedom Mortgage Corp	Unsecured Note	(8)(11)	N/A					9.13	%	5/15/2031	15,061,729	14,929,157	15,472,010	1.2	%
Southpaw AP Buyer, LLC	First Lien Term Loan	(10)	SOFR +	5.50	%,	1.00	% Floor	10.66	%	3/2/2028	10,707,571	10,561,713	10,632,618	0.9	%
Southpaw AP Buyer, LLC	First Lien Delayed Draw Term Loan	(9)(10)	SOFR +	5.50	%,	1.00	% Floor	10.66	%	3/2/2028	155,841	148,908	149,768	0.0	%
Southpaw AP Buyer, LLC	First Lien Revolving Loan	(9)	SOFR +	5.50	%,	1.00	% Floor	10.66	%	3/2/2028	—	(12,104)	(6,076)	0.0	%
Titan Home Improvement, LLC	First Lien Term Loan	(10)	SOFR +	6.00	%,	1.00	% Floor	11.06	%	5/31/2030	24,558,140	24,081,309	24,071,888	1.9	%
Titan Home Improvement, LLC	First Lien Delayed Draw Term Loan	(9)	SOFR +	6.00	%,	1.00	% Floor	11.06	%	6/2/2026	—	(43,512)	(91,172)	0.0	%
Titan Home Improvement, LLC	First Lien Revolving Loan	(9)	SOFR +	6.00	%,	1.00	% Floor	11.06	%	5/31/2030	—	(72,434)	(75,977)	0.0	%
Total Real Estate Management & Development												162,505,338	162,130,453	13.1	%
Software
Anaplan Inc.	First Lien Term Loan	(10)	SOFR +	5.25	%,	0.75	% Floor	9.85	%	6/21/2029	20,672,334	20,348,951	20,672,334	1.7	%
Anaplan Inc.	First Lien Revolving Loan	(9)	SOFR +	5.25	%,	0.75	% Floor	9.85	%	6/21/2028	—	(19,170)	—	0.0	%

10

											Par					Percentage
	Type of		Reference Rate					Interest			Amount /					of Net
Portfolio Company 1 2 3 4	Investment	Footnotes	and Spread					Rate		Maturity 5	Units	Cost 6		Fair Value		Assets 7
Diligent Corporation	First Lien Term Loan	(10)	SOFR +	5.00	%,	0.75	% Floor	10.09	%	8/6/2030	45,567,846		45,419,098		45,230,644	3.6	%
Diligent Corporation	First Lien Term Loan	(10)	SOFR +	5.00	%,	0.75	% Floor	10.09	%	8/6/2030	7,811,626		7,461,653		7,753,820	0.6	%
Diligent Corporation	First Lien Delayed Draw Term Loan	(9)	SOFR +	5.00	%,	0.75	% Floor	10.09	%	4/30/2026	—		(28,881)		(30,517)	0.0	%
Diligent Corporation	First Lien Revolving Loan	(9)	SOFR +	5.00	%,	0.75	% Floor	10.09	%	8/6/2030	—		(56,544)		(44,375)	0.0	%
Eclipse Buyer, Inc.	First Lien Term Loan	(10)	SOFR +	5.25	%,	0.50	% Floor	9.74	%	9/8/2031	12,590,252		12,465,654		12,464,349	1.0	%
Eclipse Buyer, Inc.	First Lien Delayed Draw Term Loan	(9)	SOFR +	5.25	%,	0.50	% Floor	9.74	%	9/7/2026	—		(10,561)		(21,339)	0.0	%
Eclipse Buyer, Inc.	First Lien Revolving Loan	(9)	SOFR +	5.25	%,	0.50	% Floor	9.74	%	9/8/2031	—		(10,721)		(10,827)	0.0	%
GovDelivery Holdings LLC	First Lien Term Loan	(10)	SOFR +	5.75	%,	0.75	% Floor	11.00	%	1/17/2031	15,630,326		15,491,485		15,630,326	1.3	%
GovDelivery Holdings LLC	First Lien Delayed Draw Term Loan	(10)	SOFR +	5.25	%,	0.75	% Floor	10.10	%	1/17/2031	2,318,663		2,292,484		2,296,172	0.2	%
GovDelivery Holdings LLC	First Lien Revolving Loan	(9)	SOFR +	5.25	%,	0.75	% Floor	10.50	%	1/17/2031	—		(19,717)		—	0.0	%
GS Acquisitionco, Inc.	First Lien Term Loan	(10)	SOFR +	5.25	%,	1.00	% Floor	9.85	%	5/25/2028	39,349,664		39,210,831		39,349,664	3.2	%
GS Acquisitionco, Inc.	First Lien Delayed Draw Term Loan	(9)	SOFR +	5.25	%,	1.00	% Floor	9.85	%	3/26/2026	—		(5,205)		—	0.0	%
GS Acquisitionco, Inc.	First Lien Revolving Loan	(9)(10)	SOFR +	5.25	%,	1.00	% Floor	9.85	%	3/27/2034	140,000		135,271		140,000	0.0	%
Hyland Software, Inc	First Lien Term Loan	(10)	SOFR +	6.00	%,	0.75	% Floor	10.85	%	9/19/2030	25,111,148		24,778,223		24,900,215	2.0	%
Hyland Software, Inc	First Lien Revolving Loan	(9)	SOFR +	6.00	%,	0.75	% Floor	10.85	%	9/19/2029	—		(14,885)		(10,072)	0.0	%
Mandolin Technology Intermediate Holdings, Inc.	Second Lien Term Loan	(10)	SOFR +	6.50	%,	1.00	% Floor	11.25	%	7/30/2029	17,500,000		17,371,290		15,470,000	1.2	%
Maverick 1 LLC	Second Lien Term Loan	(10)	SOFR +	6.75	%,	0.75	% Floor	12.15	%	5/18/2029	9,000,000		8,968,456		8,631,000	0.7	%
Orion Advisor Solutions INC.	Second Lien Term Loan	(10)	SOFR +	8.00	%,	1.00	% Floor	13.25	%	9/24/2028	16,622,948		16,529,109		16,569,754	1.3	%
Orion Advisor Solutions, LLC	Second Lien Delayed Draw Term Loan	(9)(10)	SOFR +	8.00	%,	1.00	% Floor	13.25	%	9/24/2028	1,745,430		1,717,455		1,695,742	0.1	%
Simplifi Holdings, Inc.	First Lien Term Loan	(10)	SOFR +	5.50	%,	0.75	% Floor	10.45	%	10/1/2027	26,362,952		26,051,058		26,362,952	2.1	%
Simplifi Holdings, Inc.	First Lien Revolving Loan	(9)(10)	SOFR +	5.50	%,	0.75	% Floor	10.45	%	10/1/2027	397,590		374,471		397,590	0.0	%
Syntax Systems Limited	First Lien Term Loan	(10)	SOFR +	5.00	%,	0.75	% Floor	9.96	%	10/29/2028	10,510,068		10,443,538		10,406,018	0.8	%
Tamarack Intermediate, L.L.C.	First Lien Term Loan	(10)	SOFR +	5.00	%,	0.75	% Floor	10.83	%	3/13/2028	21,000,977		20,729,157		20,692,262	1.7	%
Tamarack Intermediate, L.L.C.	First Lien Revolving Loan	(9)	SOFR +	5.50	%,	0.75	% Floor	10.83	%	3/13/2028	—		(40,348)		(51,680)	0.0	%
Total Software													269,582,152		268,494,031	21.6	%
Total Debt Investments													2,416,453,150		2,407,707,483	194.2	%

					Par					Percentage
	Type of	Interest			Amount					of Net
Portfolio Company 1 2 3	Investment	Rate		Acquisition Date	/ Units	Cost 4		Fair Value		Assets 5
Preferred Equity - 2.8%
Health Care Technology
Imagine Acquisitionco, LLC	Preferred Equity	N/A		11/16/2021	2,000,000		2,000,000		2,993,665	0.2	%
Total Health Care Technology							2,000,000		2,993,665	0.2	%
Insurance
Galway Borrower, LLC	Preferred Equity	14.00	%	4/28/2023	12,172,948		11,928,998		12,253,289	1.0	%
RSC Topco, Inc.	Preferred Equity	13.25	%	8/14/2023	5,807,082		5,673,038		5,771,078	0.5	%
Total Insurance							17,602,036		18,024,367	1.5	%
Software
Eclipse Buyer, Inc.	Preferred Equity	12.50	%	9/6/2024	3,356,250		3,289,126		3,289,126	0.3	%
GT Polaris Holdings, Inc	Preferred Equity	12.50	%	6/6/2022	10,957,957		10,816,528		10,617,165	0.9	%
Total Software							14,105,654		13,906,291	1.2	%
Total Preferred Equity Investments							33,707,690		34,924,323	2.8	%
Common Equity and Warrants - 1.2%
Capital Markets
Resolute Investment Managers, Inc.	Equity	N/A		12/29/2023	48,483		1,216,681		1,267,200	0.1	%
Total Capital Markets							1,216,681		1,267,200	0.1	%
Financial Services
THL Fund IX Investors (Plymouth), L.P.	Equity	N/A		9/1/2023	3,731,779		3,731,779		3,747,766	0.3	%
Total Financial Services							3,731,779		3,747,766	0.3	%
Health Care Providers & Services
Giving Home Health Care	Equity	N/A		8/19/2022	1,667		17		976,212	0.1	%
Total Health Care Providers & Services							17		976,212	0.1	%
Real Estate Management & Development
ACC Ultimate Holdings, L.P.	Equity	N/A		5/8/2024	375,000		3,750,000		3,750,000	0.3	%
Total Real Estate Management & Development							3,750,000		3,750,000	0.3	%
Software
Spirit RR Holdings, Inc.	Equity	N/A		9/19/2022	3,585,975		3,635,318		5,167,031	0.4	%
Total Software							3,635,318		5,167,031	0.4	%
Total Common Equity and Warrants Investments							12,333,795		14,908,209	1.2	%
Total Non-Controlled/Non-Affiliated Investments						$	2,462,494,635	$	2,457,540,015	198.2	%

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

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

(3) All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940 except for Ardonagh Finco B.V., New Mountain Guardian, and Syntax Systems Limited.

(4) As of September 30, 2024, all investments are pledged as collateral unless otherwise stated.

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

11

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

(7) Percentage is based on net assets of $1,239,642,894 as of September 30, 2024.

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

(9) This investment has an unfunded commitment as of September 30, 2024. For further details, see Note 5. Fair value includes an analysis of the unfunded commitment.

(10) The interest rate on this security is subject to the Secured Overnight Financing Rate, which at September 30, 2024 was 5.34%.

(11) Securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities represent a fair value of $20,364,158 or 1.6% of net assets as of September 30, 2024 and are considered restricted.

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

12

Stone Point Credit Corporation

Consolidated Schedule of Investments

As of December 31, 2023

										Par					Percentage
	Type of	Reference Rate					Interest			Amount /			Fair		of Net
Portfolio Company 1 2 3 4	Investment	and Spread					Rate		Maturity 5	Units	Cost 6		Value		Assets 7
Non-Controlled/Non-Affiliated Investments
Debt Investments – 198.0%
Capital Markets
Project K BuyerCo, Inc.	First Lien Term Loan	SOFR +	6.00	%,	0.75	% Floor 10	11.46	%	12/10/2027	75,727,273	$	74,642,569	$	75,863,582	7.7	%
Project K BuyerCo, Inc.	First Lien Revolving Loan	SOFR +	6.00	%,	0.75	% Floor 9	11.46	%	12/10/2027	—		(101,502)		13,909	0.0	%
Project K BuyerCo, Inc.	Unsecured Note	N/A					10.00	%	12/11/2028	13,812,624		13,058,782		12,530,813	1.3	%
Resolute Investment Managers, Inc.	First Lien Term Loan	SOFR +	6.50	%,	1.00	% Floor 10	12.11	%	4/30/2027	3,403,352		3,403,352		3,403,352	0.3	%
Total Capital Markets												91,003,201		91,811,656	9.3	%
Diversified Consumer Services
Harbor Purchaser, Inc.	Second Lien Term Loan	SOFR +	8.50	%,	0.50	% Floor 10	13.86	%	4/8/2030	12,500,000		12,280,353		11,837,500	1.2	%
Total Diversified Consumer Services												12,280,353		11,837,500	1.2	%
Financial Services
Advisor Group Holdings, Inc. 8 11	Unsecured Note	N/A					10.75	%	8/1/2027	825,629		803,131		835,826	0.1	%
Beacon Pointe Harmony, LLC	First Lien Term Loan	SOFR +	5.50	%,	0.75	% Floor 10	10.86	%	12/29/2028	28,492,500		28,046,856		28,492,500	2.9	%
Beacon Pointe Harmony, LLC	First Lien Delayed Draw Term Loan	SOFR +	5.50	%,	0.75	% Floor 10	10.86	%	12/29/2028	11,174,575		10,893,615		11,174,575	1.1	%
Beacon Pointe Harmony, LLC	First Lien Delayed Draw Term Loan	SOFR +	5.50	%,	0.75	% Floor 9 10	10.86	%	12/29/2028	3,206,948		3,176,553		3,206,948	0.3	%
Beacon Pointe Harmony, LLC	First Lien Revolving Loan	SOFR +	5.50	%,	0.75	% Floor 9	10.86	%	12/29/2027	—		(39,927)		—	0.0	%
Cliffwater, LLC	First Lien Term Loan	SOFR +	6.00	%,	0.75	% Floor 10	11.36	%	10/7/2030	17,142,857		16,807,738		16,800,000	1.7	%
Cliffwater, LLC	First Lien Revolving Loan	SOFR +	6.00	%,	0.75	% Floor 9	11.36	%	10/7/2030	—		(55,197)		(57,143)	0.0	%
Edelman Financial Center 8	Second Lien Term Loan	SOFR +	6.75	% 10			12.22	%	7/20/2026	5,121,067		4,819,688		5,130,669	0.5	%
GC Two Intermediate Holdings, Inc. 8 11	Unsecured Note	N/A					7.50	%	4/1/2029	11,721,281		10,041,672		10,549,153	1.1	%
Ivy Hill Asset Management, L.P.	Unsecured Note	N/A					9.00	%	6/29/2028	4,300,000		4,300,000		4,300,000	0.4	%
Millennium Trust Co., LLC 8	First Lien Term Loan	SOFR +	4.75	%,	0.75	% Floor 10	10.21	%	3/27/2026	3,927,835		3,847,102		3,933,786	0.4	%
More Cowbell II LLC	First Lien Term Loan	SOFR +	6.00	%,	0.75	% Floor 10	11.73	%	9/2/2030	49,978,223		48,774,408		49,350,027	5.0	%
More Cowbell II LLC	First Lien Delayed Draw Term Loan	SOFR +	6.00	%,	0.75	% Floor 9	11.73	%	9/1/2025	—		(56,855)		(68,431)	0.0	%
More Cowbell II LLC	First Lien Revolving Loan	SOFR +	6.00	%,	0.75	% Floor 9 10	11.64	%	9/3/2029	1,306,620		1,139,521		1,217,660	0.1	%
Petra Borrower, LLC	First Lien Term Loan	SOFR +	5.75	%,	1.00	% Floor 10	11.13	%	11/15/2030	17,875,000		17,431,421		17,428,125	1.8	%
Petra Borrower, LLC	First Lien Delayed Draw Term Loan	SOFR +	5.75	%,	1.00	% Floor 9	11.13	%	5/15/2025	—		(84,504)		(171,875)	0.0	%
Petra Borrower, LLC	First Lien Revolving Loan	SOFR +	5.75	%,	1.00	% Floor 9	11.13	%	11/15/2029	—		(67,486)		(68,750)	0.0	%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	SOFR +	5.75	%,	1.00	% Floor 10	11.23	%	10/4/2027	21,964,205		21,840,298		21,777,509	2.2	%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	SOFR +	5.75	%,	1.00	% Floor 10	11.23	%	10/4/2027	2,455,000		2,426,283		2,434,133	0.2	%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	SOFR +	5.75	%,	1.00	% Floor 10	11.23	%	10/4/2027	2,460,220		2,398,089		2,439,308	0.2	%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	SOFR +	5.75	%,	1.00	% Floor 9 10	11.23	%	10/4/2027	21,937,388		21,896,547		21,717,423	2.2	%
TA/WEG Intermediate Holdings, LLC	First Lien Revolving Loan	SOFR +	5.75	%,	1.00	% Floor 9	11.23	%	10/4/2027	—		—		(12,750)	0.0	%
TA/WEG Intermediate Holdings, LLC	First Lien Revolving Loan	SOFR +	5.75	%,	1.00	% Floor 9	11.23	%	10/4/2027	—		(1,346)		(4,250)	0.0	%
TA/WEG Intermediate Holdings, LLC	Unsecured Note	N/A					15.00	%	5/26/2033	11,591,250		11,266,403		11,282,923	1.1	%
Total Financial Services												209,604,010		211,687,366	21.4	%

										Par			Percentage
	Type of	Reference Rate					Interest			Amount /		Fair	of Net
Portfolio Company 1 2 3	Investment	and Spread					Rate		Maturity	Units	Cost 4	Value	Assets 5
Health Care Providers & Services
Belmont Buyer, Inc.	First Lien Term Loan	SOFR +	6.50	%,	1.00	% Floor 10	11.97	%	6/21/2029	18,367,006	17,847,935	18,221,906	1.8	%
Belmont Buyer, Inc.	First Lien Delayed Draw Term Loan	SOFR +	6.50	%,	1.00	% Floor 9 10	11.97	%	6/21/2029	1,735,465	1,649,516	1,701,086	0.2	%
Belmont Buyer, Inc.	First Lien Revolving Loan	SOFR +	6.50	%,	1.00	% Floor 9	11.97	%	6/21/2029	—	(59,618)	(17,224)	0.0	%
CNSI Holdings, LLC	First Lien Term Loan	SOFR +	6.50	%,	0.50	% Floor 10	11.85	%	12/15/2028	15,007,713	14,595,283	14,718,064	1.5	%
CNSI Holdings, LLC	First Lien Revolving Loan	SOFR +	6.50	%,	0.50	% Floor 9 10	11.85	%	12/17/2027	528,254	488,692	500,449	0.1	%
CORA Health Holdings Corp.	First Lien Term Loan	SOFR +	5.75	%,	1.00	% Floor 10	11.39	%	6/15/2027	14,219,079	14,084,091	12,258,166	1.2	%
CORA Health Holdings Corp.	First Lien Delayed Draw Term Loan	SOFR +	5.75	%,	1.00	% Floor 10	11.39	%	6/15/2027	238,133	236,992	205,293	0.0	%
Giving Home Health Care	First Lien Term Loan	SOFR +	6.50	%,	1.00	% Floor 10	11.95	%	8/19/2027	32,480,469	32,626,904	32,805,273	3.3	%
Giving Home Health Care	First Lien Revolving Loan	SOFR +	6.50	%,	1.00	% Floor 9	11.95	%	8/19/2027	—	—	—	0.0	%
Giving Home Health Care	Second Lien Term Loan	N/A					12.50	%	2/18/2028	4,500,000	4,432,815	4,498,650	0.5	%
Kwol Acquisition Inc	First Lien Term Loan	SOFR +	6.25	%,	0.75	% Floor 10	11.43	%	12/12/2029	2,421,249	2,360,966	2,360,718	0.2	%
Kwol Acquisition Inc	First Lien Revolving Loan	SOFR +	6.25	%,	0.75	% Floor 9 10	11.43	%	12/12/2029	98,625	90,471	90,406	0.0	%
MB2 Dental Solutions, LLC	First Lien Term Loan	SOFR +	6.00	%,	1.00	% Floor 10	11.46	%	1/29/2027	10,729,401	10,584,444	10,523,378	1.1	%
MB2 Dental Solutions, LLC	First Lien Delayed Draw Term Loan	SOFR +	6.00	%,	1.00	% Floor 10	11.46	%	1/29/2027	3,868,757	3,848,077	3,794,470	0.4	%
MB2 Dental Solutions, LLC	First Lien Delayed Draw Term Loan	SOFR +	6.00	%,	1.00	% Floor 10	11.46	%	1/29/2027	26,496,990	26,150,769	25,988,203	2.6	%
MB2 Dental Solutions, LLC	First Lien Delayed Draw Term Loan	SOFR +	6.00	%,	1.00	% Floor 10	11.46	%	1/29/2027	4,948,056	4,872,204	4,853,044	0.5	%
MB2 Dental Solutions, LLC	First Lien Delayed Draw Term Loan	SOFR +	6.50	%,	1.00	% Floor 9 10	11.96	%	1/29/2027	6,774,340	6,525,640	6,712,561	0.7	%
Mirra-PrimeAccess Holdings, LLC	First Lien Term Loan	SOFR +	6.50	%,	1.00	% Floor 10	11.97	%	7/29/2026	24,437,500	24,151,306	24,229,197	2.4	%
Mirra-PrimeAccess Holdings, LLC	First Lien Revolving Loan	SOFR +	6.50	%,	1.00	% Floor 9 10	11.97	%	7/29/2026	685,000	624,948	661,645	0.1	%
Next Holdco, LLC	First Lien Term Loan	SOFR +	6.00	%,	0.75	% Floor 10	11.37	%	11/11/2030	9,241,147	9,104,757	9,102,530	0.9	%
Next Holdco, LLC	First Lien Delayed Draw Term Loan	SOFR +	6.00	%,	0.75	% Floor 9	11.37	%	11/10/2025	—	(17,427)	(35,543)	0.0	%
Next Holdco, LLC	First Lien Revolving Loan	SOFR +	6.00	%,	0.75	% Floor 9	11.37	%	11/9/2029	—	(13,017)	(13,340)	0.0	%
SpecialtyCare, Inc.	First Lien Term Loan	SOFR +	5.75	%,	1.00	% Floor 10	11.41	%	6/19/2028	13,450,708	13,166,033	12,335,784	1.2	%
SpecialtyCare, Inc.	First Lien Delayed Draw Term Loan	SOFR +	5.75	%,	1.00	% Floor 10	11.41	%	6/19/2028	104,904	103,722	96,209	0.0	%
SpecialtyCare, Inc.	First Lien Revolving Loan	SOFR +	4.00	% 9 10			9.46	%	6/18/2026	148,725	132,974	60,670	0.0	%
Stepping Stones Healthcare Services, LLC	First Lien Term Loan	SOFR +	5.75	%,	0.75	% Floor 10	11.20	%	1/2/2029	24,071,250	23,792,307	23,558,146	2.4	%
Stepping Stones Healthcare Services, LLC	First Lien Delayed Draw Term Loan	SOFR +	5.75	%,	0.75	% Floor 9 10	11.20	%	1/2/2029	5,402,357	5,329,872	5,254,262	0.5	%
Stepping Stones Healthcare Services, LLC	First Lien Revolving Loan	SOFR +	5.75	%,	0.75	% Floor 9	11.20	%	12/29/2026	—	(31,454)	(74,606)	0.0	%
Trinity Partners Holdings LLC	First Lien Term Loan	SOFR +	5.50	%,	0.75	% Floor 10	11.03	%	12/21/2028	27,071,011	26,721,997	27,071,011	2.7	%
Trinity Partners Holdings LLC	First Lien Delayed Draw Term Loan	SOFR +	5.50	%,	0.75	% Floor 9	11.03	%	6/21/2025	—	(44,249)	—	0.0	%
TST Intermediate Holdings, LLC	First Lien Term Loan	SOFR +	5.75	%,	1.00	% Floor 10	11.03	%	11/27/2026	12,230,778	12,113,817	11,901,539	1.2	%
TST Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	SOFR +	5.75	%,	1.00	% Floor 9 10	11.20	%	11/27/2026	6,673,558	6,647,499	6,338,611	0.6	%
Total Health Care Providers & Services											262,118,266	259,700,558	26.2	%
Health Care Technology
Ellkay, LLC	First Lien Term Loan	SOFR +	6.25	%,	1.00	% Floor 10	11.78	%	9/14/2027	28,238,889	27,864,692	23,496,470	2.4	%
Ellkay, LLC	First Lien Revolving Loan	SOFR +	6.25	%,	1.00	% Floor 9	11.78	%	9/14/2027	—	(44,566)	(606,447)	(0.1)	%

13

										Par			Percentage
	Type of	Reference Rate					Interest			Amount /			of Net
Portfolio Company 1 2 3	Investment	and Spread					Rate		Maturity	Units	Cost 4	Fair Value	Assets 5
FINThrive Software Intermediate Holdings, Inc.	Second Lien Term Loan	SOFR +	6.75	%,	0.50	% Floor 10	12.22	%	12/17/2029	21,518,900	21,118,162	17,010,690	1.7	%
GraphPAD Software, LLC	First Lien Term Loan	SOFR +	5.50	%,	1.00	% Floor 10	11.22	%	4/27/2027	4,089,638	4,063,046	4,030,747	0.4	%
GraphPAD Software, LLC	First Lien Term Loan	SOFR +	5.50	%,	1.00	% Floor 10	11.22	%	4/27/2027	19,600,000	19,467,716	19,317,760	1.9	%
GraphPAD Software, LLC	First Lien Term Loan	SOFR +	5.50	%,	1.00	% Floor 10	11.19	%	4/27/2027	17,062,500	16,963,745	16,816,800	1.7	%
GraphPAD Software, LLC	First Lien Delayed Draw Term Loan	SOFR +	5.50	%,	1.00	% Floor 10	11.19	%	4/27/2027	11,000,000	10,930,712	10,841,600	1.1	%
GraphPAD Software, LLC	First Lien Revolving Loan	ABR+	5.00	%,	1.00	% Floor 9 12	13.50	%	4/27/2027	1,250,000	1,236,133	1,214,000	0.1	%
Imagine Acquisitionco, LLC	First Lien Term Loan	SOFR +	5.25	%,	1.00	% Floor 10	10.74	%	11/16/2027	28,360,129	28,073,570	28,360,129	2.9	%
Imagine Acquisitionco, LLC	First Lien Revolving Loan	SOFR +	5.25	%,	1.00	% Floor 9	10.74	%	11/16/2027	—	(44,855)	—	0.0	%
Total Health Care Technology											129,628,355	120,481,749	12.2	%

										Par			Percentage of
	Type of	Reference Rate					Interest			Amount /			Net
Portfolio Company 1 2 3	Investment	and Spread					Rate		Maturity	Units	Cost 4	Fair Value	Assets 5
Insurance
Accuserve	First Lien Term Loan	SOFR +	7.38	% 10			12.80	%	8/13/2029	27,310,345	26,707,605	27,005,834	2.7	%
Accuserve	First Lien Delayed Draw Term Loan	SOFR +	7.38	% 9			12.80	%	8/13/2024	—	(31,584)	(29,990)	0.0	%
AmeriLife Group LLC	First Lien Term Loan	SOFR +	5.75	%,	0.75	% Floor 10	11.14	%	8/31/2029	41,760,000	41,053,296	41,037,552	4.1	%
AmeriLife Group LLC	First Lien Delayed Draw Term Loan	SOFR +	5.75	%,	0.75	% Floor 9 10	11.14	%	8/31/2029	8,702,663	8,534,130	8,521,518	0.9	%
AmeriLife Group LLC	First Lien Revolving Loan	SOFR +	5.75	%,	0.75	% Floor 9	11.14	%	8/31/2028	—	(81,977)	(91,218)	0.0	%
Archer Acquisition, LLC	First Lien Term Loan	SOFR +	6.25	%,	1.00	% Floor 10	11.70	%	10/5/2029	14,746,234	14,529,642	14,525,041	1.5	%
Archer Acquisition, LLC	First Lien Delayed Draw Term Loan	SOFR +	6.25	%,	1.00	% Floor 9	11.70	%	10/6/2025	—	(35,926)	(74,329)	0.0	%
Archer Acquisition, LLC	First Lien Revolving Loan	SOFR +	6.25	%,	1.00	% Floor 9	11.70	%	10/5/2029	—	(4,312)	(4,478)	0.0	%
Captive Resources Midco, LLC	First Lien Term Loan	SOFR +	5.25	%,	0.75	% Floor 10	11.11	%	6/29/2029	31,029,857	30,539,043	30,719,559	3.1	%
Captive Resources Midco, LLC	First Lien Revolving Loan	SOFR +	5.25	%,	0.75	% Floor 9	11.11	%	7/1/2028	—	(33,031)	(22,028)	0.0	%
Euclid Transactional, LLC	First Lien Term Loan	SOFR +	6.80	% 10			12.27	%	10/2/2028	71,740,741	70,556,436	71,747,915	7.2	%
Foundation Risk Partners, Corp.	First Lien Term Loan	SOFR +	6.75	%,	0.75	% Floor 10	12.20	%	10/27/2028	38,669,318	37,341,926	39,028,943	3.9	%
Foundation Risk Partners, Corp.	First Lien Delayed Draw Term Loan	SOFR +	6.75	%,	0.75	% Floor 10	12.20	%	10/27/2028	18,071,591	17,937,032	18,239,657	1.8	%
Galway Borrower, LLC	First Lien Term Loan	SOFR +	5.75	%,	0.75	% Floor 10	11.10	%	9/29/2028	13,930,000	13,674,014	13,884,031	1.4	%
Galway Borrower, LLC	First Lien Term Loan	SOFR +	5.25	%,	0.75	% Floor 10	10.70	%	9/29/2028	64,368,432	63,851,706	62,939,453	6.3	%
Galway Borrower, LLC	First Lien Delayed Draw Term Loan	SOFR +	5.75	%,	0.75	% Floor 9	11.10	%	04/26/2024	—	(186,106)	(69,300)	0.0	%
Galway Borrower, LLC	First Lien Revolving Loan	SOFR +	5.25	%,	0.75	% Floor 9	10.70	%	9/30/2027	—	(33,000)	(90,982)	0.0	%
Harrington Reinsurance Holdings Limited 11	Unsecured Note	N/A					7.25	%	6/29/2031	20,000,000	19,674,444	20,219,487	2.0	%
Neptune Flood Incorporated	First Lien Term Loan	SOFR +	6.25	%,	1.00	% Floor 10	11.72	%	5/8/2029	13,425,000	13,193,309	13,275,983	1.3	%
Neptune Flood Incorporated	First Lien Revolving Loan	SOFR +	6.25	%,	1.00	% Floor 9	11.72	%	5/8/2029	—	(11,711)	(8,325)	0.0	%
NFP Corp. 8 11	Unsecured Note	N/A					6.88	%	8/15/2028	5,638,891	4,765,536	5,742,618	0.6	%
OneDigital Borrower LLC	First Lien Term Loan	SOFR +	6.00	%,	0.50	% Floor 10	11.36	%	11/16/2027	18,599,247	18,431,982	18,403,955	1.9	%
OneDigital Borrower LLC	First Lien Delayed Draw Term Loan	SOFR +	6.00	%,	0.50	% Floor 9	11.36	%	9/16/2024	—	(143,664)	(102,600)	0.0	%
RSC Acquisition, Inc	First Lien Term Loan	SOFR +	5.50	%,	0.75	% Floor 10	11.03	%	11/1/2029	4,114,664	4,073,540	3,993,281	0.4	%
RSC Acquisition, Inc	First Lien Term Loan	SOFR +	5.50	%,	0.75	% Floor 10	11.03	%	11/1/2029	1,553,134	1,537,634	1,507,317	0.2	%
RSC Acquisition, Inc	First Lien Term Loan	SOFR +	5.50	%,	0.75	% Floor 10	11.00	%	11/1/2029	2,976,210	2,946,555	2,888,412	0.3	%
RSC Acquisition, Inc	First Lien Delayed Draw Term Loan	SOFR +	5.50	%,	0.75	% Floor 10	11.04	%	11/1/2029	32,705,119	32,705,119	31,740,318	3.2	%
RSC Acquisition, Inc	First Lien Delayed Draw Term Loan	SOFR +	5.50	%,	0.75	% Floor 10	11.04	%	11/1/2029	2,327,844	2,304,680	2,259,173	0.2	%
RSC Acquisition, Inc	First Lien Delayed Draw Term Loan	SOFR +	6.00	%,	0.75	% Floor 10	11.43	%	11/1/2029	3,000,000	2,992,898	2,956,500	0.3	%
RSC Acquisition, Inc	First Lien Delayed Draw Term Loan	SOFR +	6.00	%,	0.75	% Floor 9 10	11.43	%	11/1/2029	1,337,143	958,058	1,032,643	0.1	%
Total Insurance											427,747,274	431,175,940	43.5	%
IT Services
Auctane Holdings, LLC	First Lien Term Loan	SOFR +	5.75	%,	0.75	% Floor 10	11.23	%	10/5/2028	39,300,000	38,698,124	38,701,659	3.9	%
Auctane Holdings, LLC	First Lien Term Loan	SOFR +	5.75	%,	0.75	% Floor 10	11.23	%	10/5/2028	12,895,313	12,696,980	12,698,982	1.3	%
Bottomline Technologies, Inc.	First Lien Term Loan	SOFR +	5.25	%,	0.75	% Floor 10	10.61	%	5/14/2029	87,279,807	85,823,048	84,216,285	8.5	%
Bottomline Technologies, Inc.	First Lien Revolving Loan	SOFR +	5.25	%,	0.75	% Floor 9	10.61	%	5/15/2028	—	(107,121)	(258,525)	0.0	%
Dcert Buyer, Inc.8	Second Lien Term Loan	SOFR +	7.00	% 10			12.36	%	2/19/2029	10,202,500	10,077,136	9,335,288	0.9	%
Ensono, Inc.	Second Lien Term Loan	SOFR +	8.00	% 10			13.47	%	5/28/2029	11,250,000	11,163,608	10,703,250	1.1	%
Helpsystems Holdings, Inc.	Second Lien Term Loan	SOFR +	6.75	%,	0.75	% Floor 10	12.35	%	11/19/2027	10,000,000	10,000,000	9,191,000	0.9	%
Ministry Brands Purchaser, LLC	First Lien Term Loan	SOFR +	5.50	%,	0.75	% Floor 10	10.96	%	12/28/2028	17,346,398	17,212,080	16,721,783	1.7	%
Ministry Brands Purchaser, LLC	First Lien Delayed Draw Term Loan	SOFR +	5.50	%,	0.75	% Floor 10	10.96	%	12/28/2028	1,753,849	1,745,241	1,690,696	0.2	%
Ministry Brands Purchaser, LLC	First Lien Revolving Loan	SOFR +	5.50	%,	0.75	% Floor 9 10	10.96	%	12/30/2027	903,955	892,663	842,924	0.1	%
Neptune BidCo US, Inc.	Second Lien Term Loan	SOFR +	9.75	%,	0.75	% Floor 10	15.26	%	10/11/2029	12,500,000	12,164,426	12,165,000	1.2	%
Vision Solutions, Inc.	Second Lien Term Loan	SOFR +	7.25	%,	0.75	% Floor 10	12.89	%	4/23/2029	30,000,000	29,776,370	27,405,000	2.8	%

14

										Par			Percentage
	Type of	Reference Rate					Interest			Amount /			of Net
Portfolio Company 1 2 3	Investment	and Spread					Rate		Maturity	Units	Cost 4	Fair Value	Assets 5
WWEX Uni Topco Holdings, LLC	Second Lien Term Loan	SOFR +	7.00	%,	0.75	% Floor 10	12.61	%	7/26/2029	20,000,000	19,489,462	18,272,000	1.8	%
Total IT Services											249,632,017	241,685,342	24.4	%
Professional Services
Accordion Partners LLC	First Lien Term Loan	SOFR +	6.00	%,	0.75	% Floor 10	11.35	%	8/29/2029	23,056,561	22,606,134	22,454,785	2.3	%
Accordion Partners LLC	First Lien Term Loan	SOFR +	6.25	%,	0.75	% Floor 10	11.63	%	8/29/2029	2,023,844	1,966,992	2,015,546	0.2	%
Accordion Partners LLC	First Lien Delayed Draw Term Loan	SOFR +	6.00	%,	0.75	% Floor 10	11.38	%	8/29/2029	2,536,161	2,484,494	2,469,967	0.2	%
Accordion Partners LLC	First Lien Delayed Draw Term Loan	SOFR +	6.25	%,	0.75	% Floor 10	11.60	%	8/29/2029	2,023,844	1,969,783	2,015,546	0.2	%
Accordion Partners LLC	First Lien Delayed Draw Term Loan	SOFR +	6.25	%,	0.75	% Floor 9 10	11.63	%	8/29/2029	976,327	895,542	963,817	0.1	%
Accordion Partners LLC	First Lien Revolving Loan	SOFR +	6.25	%,	0.75	% Floor 9	11.63	%	8/31/2028	—	(35,577)	(8,339)	0.0	%
ALKU Intermediate Holdings, LLC	First Lien Term Loan	SOFR +	6.25	%,	0.75	% Floor 10	11.61	%	5/23/2029	3,686,413	3,599,809	3,601,257	0.4	%
Cherry Bekaert Advisory LLC	First Lien Term Loan	SOFR +	5.75	%,	0.75	% Floor 10	11.11	%	6/30/2028	4,364,063	4,279,255	4,276,781	0.4	%
Cherry Bekaert Advisory LLC	First Lien Delayed Draw Term Loan	SOFR +	5.75	%,	0.75	% Floor 9	11.11	%	6/30/2024	—	(53,607)	(112,500)	0.0	%
Explorer Investor, Inc.	First Lien Term Loan	SOFR +	6.00	%,	0.50	% Floor 10	11.36	%	6/28/2029	28,625,687	27,258,924	27,211,578	2.7	%
Geosyntec Consultants, Inc.	First Lien Term Loan	SOFR +	5.25	%,	0.75	% Floor 10	10.61	%	5/18/2029	10,336,590	10,184,648	9,983,079	1.0	%
Geosyntec Consultants, Inc.	First Lien Delayed Draw Term Loan	SOFR +	5.25	%,	0.75	% Floor 9 10	10.61	%	5/18/2029	2,191,975	2,145,068	2,042,221	0.2	%
Geosyntec Consultants, Inc.	First Lien Revolving Loan	SOFR +	5.25	%,	0.75	% Floor 9	10.61	%	5/18/2027	—	(21,627)	(55,028)	0.0	%
IG Investments Holdings, LLC	First Lien Term Loan	SOFR +	6.00	%,	0.75	% Floor 10	11.48	%	9/22/2028	63,480,997	62,538,064	63,004,890	6.4	%
IG Investments Holdings, LLC	First Lien Term Loan	SOFR +	6.00	%,	0.75	% Floor 10	11.48	%	9/22/2028	4,899,749	4,863,783	4,863,001	0.5	%
IG Investments Holdings, LLC	First Lien Revolving Loan	SOFR +	6.00	%,	0.75	% Floor 9	11.48	%	9/22/2027	—	(62,732)	(37,934)	0.0	%
MBO Partners, Inc.	First Lien Term Loan	SOFR +	7.75	%,	1.00	% Floor 10	13.25	%	5/23/2028	44,212,500	43,131,839	43,907,434	4.4	%
MBO Partners, Inc.	First Lien Delayed Draw Term Loan	SOFR +	7.75	%,	0.75	% Floor 9	13.25	%	5/23/2028	12,425,496	12,180,930	12,339,760	1.2	%
PAS Parent, Inc.	First Lien Delayed Draw Term Loan	SOFR +	5.75	%,	0.75	% Floor 9	11.13	%	12/15/2025	—	(90,000)	(180,000)	0.0	%
PAS Parent, Inc.	First Lien Revolving Loan	SOFR +	5.75	%,	0.50	% Floor 9	11.13	%	12/30/2027	—	(19,756)	(20,000)	0.0	%
People 2.0, Inc.	First Lien Term Loan	SOFR +	7.50	%,	1.00	% Floor 10	12.85	%	7/12/2028	44,931,250	44,192,837	44,198,871	4.5	%
Williams Martson, LLC	First Lien Term Loan	SOFR +	5.75	%,	1.00	% Floor 10	11.24	%	8/25/2028	15,762,019	15,289,159	15,372,697	1.6	%
Williams Martson, LLC	First Lien Delayed Draw Term Loan	SOFR +	5.75	%,	1.00	% Floor 9	11.24	%	8/26/2024	—	(40,078)	(63,080)	0.0	%
Williams Martson, LLC	First Lien Revolving Loan	SOFR +	5.75	%,	1.00	% Floor 9	11.24	%	8/25/2028	—	(52,121)	(55,195)	0.0	%
Total Professional Services											259,211,763	260,189,154	26.2	%
Real Estate Management & Development
2-10 Holdco, Inc.	First Lien Term Loan	SOFR +	6.00	%,	0.75	% Floor 10	11.46	%	3/26/2026	48,367,813	47,946,628	48,037,592	4.8	%
2-10 Holdco, Inc.	First Lien Revolving Loan	SOFR +	6.00	%,	0.75	% Floor 9	11.46	%	3/26/2026	—	(22,182)	(18,965)	0.0	%
Freedom Mortgage Corp 8 11	Unsecured Note	N/A					12.25	%	10/1/2030	2,333,333	2,287,824	2,551,376	0.3	%
Total Real Estate Management & Development											50,212,270	50,570,003	5.1	%
Software
Anaplan, Inc.	First Lien Term Loan	SOFR +	6.50	%,	0.75	% Floor 10	11.85	%	6/21/2029	20,672,334	20,317,906	20,504,888	2.1	%
Anaplan, Inc.	First Lien Revolving Loan	SOFR +	6.50	%,	0.75	% Floor 9	11.85	%	6/21/2028	—	(23,035)	(12,523)	0.0	%

										Par			Percentage
	Type of	Reference Rate					Interest			Amount /			of Net
Portfolio Company 1 2 3	Investment	and Spread					Rate		Maturity	Units	Cost 4	Fair Value	Assets 5
Diligent Corporation	First Lien Term Loan	SOFR +	5.75	%,	1.00	% Floor 10	11.28	%	8/4/2025	29,175,000	29,048,364	28,527,315	2.9	%
Diligent Corporation	First Lien Term Loan	SOFR +	5.75	%,	1.00	% Floor 10	11.28	%	8/4/2025	9,725,000	9,683,346	9,509,105	1.0	%
Diligent Corporation	First Lien Revolving Loan	SOFR +	6.25	%,	1.00	% Floor 9 10	11.71	%	8/4/2025	2,700,000	2,681,602	2,625,000	0.3	%
GovDelivery Holdings, LLC	First Lien Term Loan	SOFR +	5.50	%,	1.00	% Floor 10	10.98	%	1/29/2027	27,343,671	26,948,503	26,896,602	2.7	%
GovDelivery Holdings, LLC	First Lien Delayed Draw Term Loan	SOFR +	6.00	%,	1.00	% Floor 10	11.48	%	1/29/2027	33,573,300	33,140,923	33,024,377	3.3	%
GovDelivery Holdings, LLC	First Lien Revolving Loan	SOFR +	6.50	%,	1.00	% Floor 9 10	11.95	%	1/29/2027	504,003	485,428	473,227	0.0	%
GS Acquisitionco, Inc.	First Lien Term Loan	SOFR +	5.50	%,	1.00	% Floor 10	11.00	%	5/22/2026	36,749,553	36,682,335	36,411,685	3.7	%
Hyland Software, Inc.	First Lien Term Loan	SOFR +	6.00	%,	0.75	% Floor 10	11.36	%	9/19/2030	25,300,905	24,932,410	24,923,922	2.5	%
Hyland Software, Inc.	First Lien Revolving Loan	SOFR +	6.00	%,	0.75	% Floor 9	11.36	%	9/19/2029	—	(17,133)	(17,867)	0.0	%
Mandolin Technology Intermediate Holdings, Inc.	Second Lien Term Loan	SOFR +	6.50	%,	1.00	% Floor 10	12.00	%	7/30/2029	17,500,000	17,358,945	15,762,250	1.6	%
Maverick 1 LLC	Second Lien Term Loan	SOFR +	6.75	%,	0.75	% Floor 10	12.28	%	5/18/2029	9,000,000	8,965,525	8,563,500	0.9	%
Orion Advisor Solutions, Inc.	Second Lien Term Loan	SOFR +	8.50	%,	1.00	% Floor 10	13.98	%	9/24/2028	16,500,000	16,393,280	15,995,100	1.6	%
Simplifi Holdings, Inc.	First Lien Term Loan	SOFR +	5.50	%,	0.75	% Floor 10	10.96	%	10/1/2027	26,566,265	26,187,771	26,566,265	2.7	%
Simplifi Holdings, Inc.	First Lien Revolving Loan	SOFR +	5.50	%,	0.75	% Floor 9 10	10.96	%	10/1/2027	542,169	510,371	542,169	0.1	%
Syntax Systems Limited	First Lien Term Loan	SOFR +	5.50	%,	0.75	% Floor 10	10.96	%	10/29/2028	10,597,649	10,519,822	10,588,096	1.1	%
Syntax Systems Limited	First Lien Revolving Loan	SOFR +	5.50	%,	1.00	% Floor 10	10.96	%	10/29/2026	728,713	720,518	727,642	0.1	%
Tamarack Intermediate LLC	First Lien Term Loan	SOFR +	5.75	%,	0.75	% Floor 10	11.28	%	3/13/2028	21,162,109	20,843,681	20,802,354	2.1	%
Tamarack Intermediate LLC	First Lien Revolving Loan	SOFR +	5.75	%,	0.75	% Floor 9	11.28	%	3/13/2028	—	(49,129)	(59,766)	0.0	%
Total Software											285,331,433	282,353,341	28.5	%
Total Debt Investments											1,976,768,942	1,961,492,609	197.8	%

15

					Par					Percentage
	Type of	Interest		Acquisition	Amount /					of Net
Portfolio Company 1 2 3	Investment	Rate		Date	Units	Cost 4		Fair Value		Assets 5
Preferred Equity - 2.8%
Health Care Technology
Imagine Acquisitionco, LLC	Equity	N/A		11/16/2021	2,000,000		2,000,000		2,634,228	0.3	%
Total Health Care Technology							2,000,000		2,634,228	0.3	%
Insurance
Galway Borrower, LLC	Equity	14.00	%	4/28/2023	10,614,878		10,334,077		10,454,593	1.1	%
RSC Topco, Inc.	Equity	13.25	%	8/14/2023	5,258,727		5,111,846		5,110,431	0.5	%
Total Insurance							15,445,923		15,565,024	1.6	%
Software
GT Polaris Holdings, Inc	Equity	12.50	%	6/6/2022	9,974,860		9,826,061		9,340,459	0.9	%
Total Software							9,826,061		9,340,459	0.9	%
Total Preferred Equity Investments							27,271,984		27,539,711	2.8	%
Common Equity and Warrants - 1.1%
Capital Markets
Resolute Investment Managers, Inc.	Equity	N/A		12/29/2023	48,483		1,216,681		1,216,681	0.1	%
Total Capital Markets							1,216,681		1,216,681	0.1	%
Financial Services
THL Fund IX Investors (Plymouth), L.P.	Equity	N/A		9/1/2023	3,731,779		3,731,779		3,731,779	0.4	%
Total Financial Services							3,731,779		3,731,779	0.4	%
Software
Spirit RR Holdings, Inc.	Equity	N/A		9/19/2022	3,585,975		3,635,318		4,574,456	0.5	%
Total Software							3,635,318		4,574,456	0.5	%
Warrants – 0.1%
Health Care Providers & Services
Giving Home Health Care	Warrants	N/A		8/19/2022	2,917		29		1,069,999	0.1	%
Total Health Care Providers & Services							29		1,069,999	0.1	%
Total Common Equity and Warrant Investments							8,583,807		10,592,915	1.1	%
Total Non-Controlled/Non-Affiliated Investments						$	2,012,624,733	$	1,999,625,235	201.7	%

(1) All of the Company’s investments are domiciled in the United States except for Harrington Reinsurance Holdings Limited and Syntax Systems Limited, which are domiciled in 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 are qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940 except for Harrington Reinsurance Holdings Limited and Syntax Systems Limited.

(4) As of December 31, 2023, all investments are pledged as collateral unless otherwise stated.

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

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

(7) Percentage is based on net assets of $991,422,092 as of December 31, 2023.

(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, 2023. For further details, see Note 5. Fair value includes an analysis of the unfunded commitment.

(10) The interest rate on this security is subject to the Secured Overnight Financing Rate, which at December 31, 2023 was 5.38%.

(11) Securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities represent a fair value of $39,898,460 or 2.0% of net assets as of December 31, 2023 and are considered restricted.

(12) The interest rate on this security is subject to the Alternate Base Rate, which at December 31, 2023 was 8.50%.

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

16

Stone Point Credit Corporation

Notes to Consolidated Financial Statements

September 30, 2024

(unaudited)

Note 1. Organization

Organization

Stone Point Credit Corporation (the “Company”) was formed as a Delaware limited liability company on September 8, 2020 with the name Stone Point Capital Credit LLC. The Company has elected to be regulated as a business development company (a “BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In connection with its election to be regulated as a BDC, the Company converted to a Delaware corporation, changed its name to Stone Point Credit Corporation, and commenced operations on December 1, 2020. In addition, for tax purposes, Stone Point Credit Corporation has elected to be treated, and intends to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

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

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

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

The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company intends to invest primarily in senior secured or unsecured loans and, to a lesser extent, subordinated loans, mezzanine loans, and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity.

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

Interim consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. Accordingly, they may not include all information and notes required by U.S. GAAP for annual consolidated financial statements. U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending on December 31, 2024.

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

Use of Estimates

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

Cash and Cash Equivalents

Cash and cash equivalents consists of deposits in a money market account and demand deposits held at a custodian bank. Cash and cash equivalents are carried at cost, which approximates fair value. The Company’s deposits may, at times, exceed the insured limits under applicable law.

Investments at Fair Value

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

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

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

Deferred Financing and Debt Issuance Costs

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

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Net Asset Value per Common Share

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

Revenue Recognition

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

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

	Three Months		Three Months		Nine Months		Nine Months
	Ended		Ended		Ended		Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Fee Income	$	23,501	$	—	$	1,379,586	$	487,500
Total revenue from contracts with customers	$	23,501	$	—	$	1,379,586	$	487,500

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

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

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of both September 30, 2024 and December 31, 2023, no investments were on non-accrual status.

19

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. During the three and nine months ended September 30, 2024, the Company earned dividend income of $1,334,574 and $2,369,935, respectively, that were included on the Consolidated Statements of Operations as dividend income. During the three and nine months ended September 30, 2023, the Company earned dividend income of $299,320 and $1,112,440, respectively, that were included on the Consolidated Statements of Operations as dividend income.

Offering Costs

Offering expenses are costs associated with the offering of Common Stock of the Company and are capitalized as deferred offering expenses on the Consolidated Statement of Assets and Liabilities. Deferred offering expenses are amortized over a twelve-month period from incurrence.

Income Taxes

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

The Company evaluates tax positions taken or expected to be taken while preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not“ to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not“ threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted later based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain income tax positions from inception through September 30, 2024. The Company’s federal and state tax returns for the prior three fiscal years remain open, subject to examination by the Internal Revenue Service and state tax authorities.

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

The Company measures realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment using the specific identification method, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized. During the three and nine months ended September 30, 2024, the Company recorded $1,151,870 and $1,561,437 of realized loss and realized gains, respectively. During the three and nine months ended September 30, 2023, the Company recorded $276,340 and $1,135,647 of realized gains, respectively. During the three and nine months ended September 30, 2024, the Company recorded $3,613,065 and $8,044,881 of unrealized appreciation, respectively. During the three and nine months ended September 30, 2023, the Company recorded $8,731,313 and $9,726,657 of unrealized appreciation, respectively.

Distributions to Stockholders

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

20

Dividend Reinvestment Plan

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

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

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

Consolidation

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

Recent Accounting Pronouncements

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

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

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). This change is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance with respect to the consolidated financial statements and disclosures.

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

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Note 3. Agreements and Related Party Transactions

Investment Advisory Agreement

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

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

Base Management Fee

The Company pays to the Adviser an asset-based fee (the “Management Fee“) for management services in an amount equal to an annual rate of 1.30% of the average value of the Company’s gross assets (excluding cash and cash equivalents) for the most recently completed calendar quarter payable quarterly in arrears. The Management Fee for any partial quarter is appropriately prorated based on the actual number of days elapsed during such partial quarter as a fraction of the number of days in the relevant calendar year. For the three and nine months ended September 30, 2024, the Company incurred Management Fees of $8,108,431 and $22,057,958, respectively. For the three and nine months ended September 30, 2023, the Company incurred Management Fees of $6,286,880 and $17,772,397, respectively. As of September 30, 2024 and December 31, 2023, the Company recorded Management Fees payable of $8,108,431 and $6,531,640, respectively.

Incentive Fee

Beginning December 21, 2024, on the fourth anniversary of the date on which Stockholders were required to fund their initial drawdown (the “Incentive Commencement Date“), the Company will pay the Adviser an incentive fee (“Incentive Fee“) as set forth below. The Incentive Fee will consist of two parts. The first part (the “Investment Income Incentive Fee“) will be calculated and payable following the Incentive Commencement Date on a quarterly basis, in arrears, and will equal 15% of “pre-incentive fee net investment income“ for the immediately preceding calendar quarter, subject to a quarterly preferred return of 1.75% (i.e., 7% annualized) measured on a quarterly basis. For purposes of computing the initial installment of the Investment Income Incentive Fee, because the Incentive Commencement Date does not fall on the first day of a calendar quarter, the initial payment of the Investment Income Incentive Fee shall be payable for the period that commences on the Incentive Commencement Date through the last day of the first complete calendar quarter immediately following the Incentive Commencement Date (March 31, 2025) and, thereafter, at the end of each subsequent calendar quarter as described above. The second part (the “Capital Gains Incentive Fee“) will be an annual fee that will also commence with the period beginning on the Incentive Commencement Date and will be determined and payable following the Incentive Commencement Date, in arrears, as of the end of each calendar year (or upon termination of the Investment Advisory Agreement) in an amount equal to 15% of realized capital gains, if any, determined on a cumulative basis from the Incentive Commencement Date through the end of such calendar year (or upon termination of the Investment Advisory Agreement), computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from the Incentive Commencement Date (based on the fair market value of each investment as of such date) through the end of such calendar year (or upon termination of the Investment Advisory Agreement), less the aggregate amount of any previously paid Capital Gains Incentive Fees. Capital Gains Incentive Fee shall be payable for the period that commences on the Incentive Commencement Date through December 31, 2025. For the three and nine months ended September 30, 2024 and 2023, the Company did not incur any performance-based incentive fees.

22

Administration Agreement

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

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

For the three and nine months ended September 30, 2024, the Company incurred $262,066 and $763,695, respectively, of administrative overhead expenses that were included on the Consolidated Statements of Operations as professional fees. For the three and nine months ended September 30, 2023, the Company incurred $358,264 and $1,016,264, respectively, of administrative overhead expenses that were included on the Consolidated Statements of Operations as professional fees. As of September 30, 2024 and December 31, 2023, $262,066 and $312,184, 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 both the three and nine months ended September 30, 2024 and 2023, the Administrator did not waive any charges that were eligible for reimbursement under the terms of the Administration Agreement.

Sub-Administration and Custodian Fees

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

For the three and nine months ended September 30, 2024, the Company incurred expenses for services provided by the Sub-Administrator and the Custodian of $470,309 and $1,363,999, respectively, that were included on the Consolidated Statements of Operations as professional fees. For the three and nine months ended September 30, 2023, the Company incurred expenses for services provided by the Sub-Administrator and the Custodian of $284,709 and $963,859, respectively, that were included on the Consolidated Statements of Operations as professional fees. As of September 30, 2024 and December 31, 2023, $441,842 and $313,074, respectively, remained payable and were included on the Consolidated Statements of Assets and Liabilities as accounts payable and accrued expenses.

Transfer Agent Fees

The Company has entered into a transfer agent servicing agreement with U.S. Bank Global Fund Services (in such capacity, the “Transfer Agent”). For the three and nine months ended September 30, 2024, the Company incurred expenses for services provided by the Transfer Agent of $15,452 and $34,450, respectively, that were included on the Consolidated Statements of Operations as professional fees. For the three and nine months ended September 30, 2023, the Company incurred expenses for services provided by the Transfer Agent of $20,000 and $49,496, respectively, that were included on the Consolidated Statements of Operations as professional fees. As of September 30, 2024 and December 31, 2023, $15,810 and $25,878, respectively, remained payable and were included on the Consolidated Statements of Assets and Liabilities as accounts payable and accrued expenses.

23

Affiliated Broker-Dealer

The Adviser is an affiliate of SPC Capital Markets LLC, a Delaware limited liability company (the “Affiliated Broker-Dealer“), which is registered as a broker-dealer with the SEC and a member of the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation. The Affiliated Broker-Dealer is authorized to engage in the following activities: (i) acting as broker or dealer selling corporate debt securities, (ii) acting as firm commitment underwriter, (iii) acting as real estate syndicator, (iv) investment advisory services (incidental to its role as broker-dealer), including acting as financial advisor to issuers of securities, and participants in mergers, acquisitions, sales, and dispositions of companies, and (v) private placements of securities. The Company paid the Affiliated Broker-Dealer a fee of $750,000 for services provided by the Affiliated Broker-Dealer in connection with the closing of the 2029 Notes. The Affiliated Broker-Dealer may receive fees from other investors and portfolio companies in which the Company invests but will not collect fees from the Company for its portfolio investments.

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

Co-Investment Exemptive Relief

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

Note 4. Offering Costs

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

For the three and nine months ended September 30, 2024, the Company incurred offering costs of $12,072 and $43,730, respectively. For the three and nine months ended September 30, 2023, the Company incurred offering costs of $24,315 and $76,939, respectively. As of both September 30, 2024 and December 31, 2023, there was no balance payable on the Consolidated Statements of Assets and Liabilities for offering expenses payable.

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Note 5. Commitments and Contingencies

Litigation and Regulatory Matters

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

Unfunded Portfolio Company Commitments

From time to time, the Company may enter into commitments to fund investments. As of September 30, 2024 and December 31, 2023, the Company had the following unfunded portfolio company commitments under loan and financing agreements:

		September 30, 2024		December 31, 2023
Portfolio Company	Type of Investment	Par		Par
2-10 Holdco, Inc.	First Lien Revolving Loan	$	2,777,778	$	2,777,778
Accordion Partners LLC	First Lien Delayed Draw Term Loan		—		2,074,694
Accordion Partners LLC	First Lien Revolving Loan		1,017,007		2,034,014
Accuserve	First Lien Delayed Draw Term Loan		6,192,170		2,689,655
Accuserve	First Lien Revolving Loan		6,573,271		—
Acentra Holdings, LLC	First Lien Revolving Loan		1,344,648		—
Acentra Holdings, LLC	First Lien Delayed Draw Term Loan		8,715,000		—
Action Behavior Centers Therapy LLC	First Lien Revolving Loan		3,071,429		—
Action Behavior Centers Therapy LLC	First Lien Delayed Draw Term Loan		6,142,857		—
Alkeme Intermediary Holdings, LLC	First Lien Delayed Draw Term Loan		23,333,333		—
AmeriLife Group LLC	First Lien Delayed Draw Term Loan		6,325,222		1,768,121
AmeriLife Group LLC	First Lien Revolving Loan		6,891,022		5,272,727
Anaplan, Inc.	First Lien Revolving Loan		1,546,008		1,546,008
Aprio Advisory Group, LLC	First Lien Delayed Draw Term Loan		8,804,825		—
Aprio Advisory Group, LLC	First Lien Revolving Loan		2,993,640		—
ARMStrong Receivable Management	First Lien Delayed Draw Term Loan		4,561,218		4,955,250
ARMStrong Receivable Management	First Lien Revolving Loan		298,516		298,516
Baker Tilly Advisory Group, L.P.	First Lien Delayed Draw Term Loan		2,736,444		—
Baker Tilly Advisory Group, L.P.	First Lien Revolving Loan		3,834,507		—
Beacon Pointe Harmony, LLC	First Lien Delayed Draw Term Loan		11,688,000		9,873,511
Beacon Pointe Harmony, LLC	First Lien Revolving Loan		3,000,000		3,000,000
Belmont Buyer, Inc.	First Lien Revolving Loan		2,180,233		2,180,233
Belmont Buyer, Inc.	First Lien Delayed Draw Term Loan		4,234,694		2,616,279
Bottomline Technologies, Inc.	First Lien Revolving Loan		7,365,385		7,365,385
Captive Resources Midco, LLC	First Lien Revolving Loan		2,202,764		2,202,764
Chartis Group, LLC	First Lien Revolving Loan		2,517,483		—
Chartis Group, LLC	First Lien Delayed Draw Term Loan		1,258,741		—
Cherry Bekaert Advisory LLC	First Lien Delayed Draw Term Loan		4,200,000		5,625,000
Choreo Buyer, LLC	First Lien Delayed Draw Term Loan		15,560,000		—
Cliffwater, LLC	First Lien Revolving Loan		2,857,143		2,857,143
CNSI Holdings, LLC	First Lien Revolving Loan		—		912,440
Continental Buyer Inc.	First Lien Delayed Draw Term Loan		8,152,866		—
Continental Buyer Inc.	First Lien Revolving Loan		3,057,325		—
Diligent Corporation	First Lien Delayed Draw Term Loan		4,123,925		—
Diligent Corporation	First Lien Revolving Loan		5,996,603		2,300,000
Eclipse Buyer, Inc.	First Lien Revolving Loan		1,082,661		—
Eclipse Buyer, Inc.	First Lien Delayed Draw Term Loan		2,133,941		—
Ellkay, LLC	First Lien Revolving Loan		2,166,667		3,611,111
Foundation Risk Partners, Corp.	First Lien Revolving Loan		4,407,199		—
Foundation Risk Partners, Corp.	First Lien Delayed Draw Term Loan		9,562,465		—
Galway Borrower, LLC	First Lien Delayed Draw Term Loan		12,133,107		21,000,000
Galway Borrower, LLC	First Lien Revolving Loan		2,227,255		4,098,295
GaphPAD Software, LLC	First Lien Revolving Loan		—		1,250,000
Geosyntec Consultants, Inc.	First Lien Delayed Draw Term Loan		—		2,186,775
Geosyntec Consultants, Inc.	First Lien Revolving Loan		—		1,609,000
Giving Home Health Care	First Lien Revolving Loan		—		3,125,000
GovDelivery Holdings, LLC	First Lien Revolving Loan		2,192,982		1,909,804
GS Acquisitionco, Inc.	First Lien Revolving Loan		940,000		—
GS Acquisitionco, Inc.	First Lien Delayed Draw Term Loan		1,425,600		—
Hyland Software, Inc	First Lien Revolving Loan		1,199,095		1,199,095
IG Investments Holdings, LLC	First Lien Revolving Loan		5,057,803		5,057,803
Imagine Acquisitionco, LLC	First Lien Revolving Loan		4,630,225		4,630,225
KRIV Acquisition Inc.	First Lien Delayed Draw Term Loan		24,923,077		—
Kwol Acquisition Inc	First Lien Revolving Loan		287,657		230,126

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LendingTree, Inc.	First Lien Delayed Draw Term Loan		3,000,000		—
MAI Capital Management Intermediate LLC	First Lien Revolving Loan		1,535,714		—
MAI Capital Management Intermediate LLC	First Lien Delayed Draw Term Loan		4,071,429		—
MB2 Dental Solutions, LLC	First Lien Delayed Draw Term Loan		9,425,269		3,200,000
MB2 Dental Solutions, LLC	First Lien Delayed Draw Term Loan		6,732,335		—
MB2 Dental Solutions, LLC	First Lien Revolving Loan		2,244,112		—
Ministry Brands Purchaser, LLC	First Lien Revolving Loan		1,694,915		790,960
Minotaur Acquisition, Inc	First Lien Delayed Draw Term Loan		3,401,163		—
Minotaur Acquisition, Inc	First Lien Revolving Loan		2,040,698		—
Mirra-Prime Access Holdings, LLC	First Lien Revolving Loan		685,000		2,055,000
More Cowbell I LLC	First Lien Delayed Draw Term Loan		—		5,444,251
More Cowbell I LLC	First Lien Revolving Loan		—		5,770,906
More Cowbell II LLC	First Lien Delayed Draw Term Loan		5,444,251		—
More Cowbell II LLC	First Lien Revolving Loan		4,137,631		—
Neptune Flood Incorporated	First Lien Revolving Loan		—		750,000
New Mountain Capital LLC	Subordinated Unsecured		400,000		—
New Mountain Capital LLC	Subordinated Unsecured		1,688,900		—
New Mountain Capital LLC	Subordinated Unsecured		5,884,813		—
New Mountain Capital LLC	Subordinated Unsecured		8,050,292		—
OneDigital Borrower LLC	First Lien Delayed Draw Term Loan		—		9,771,429
Orion Advisor Solutions, LLC	Second Lien Delayed Draw Term Loan		8,192,070		—
NextGen Healthcare	First Lien Delayed Draw Term Loan		2,369,525		2,369,525
NextGen Healthcare	First Lien Revolving Loan		889,328		889,328
NXGen Buyer, Inc.	First Lien Revolving Loan		326,292		—
PAS Parent Inc.	First Lien Delayed Draw Term Loan		2,065,500		9,000,000
PAS Parent Inc.	First Lien Revolving Loan		843,370		1,000,000
PAS Parent Inc.	First Lien Delayed Draw Term Loan		5,625,000		—
Petra Borrower, LLC	First Lien Delayed Draw Term Loan		3,193,046		6,875,000
Petra Borrower, LLC	First Lien Revolving Loan		1,719,332		2,750,000
Project K BuyerCo, Inc.	First Lien Revolving Loan		7,727,273		7,727,273
RSC Acquisition, Inc	First Lien Delayed Draw Term Loan		1,237,946		19,662,857
Simplifi Holdings, Inc.	First Lien Revolving Loan		2,493,976		2,349,398
Southpaw AP Buyer, LLC	First Lien Revolving Loan		868,056		459,406
Southpaw AP Buyer, LLC	First Lien Delayed Draw Term Loan		711,806		—
SpecialtyCare, Inc.	First Lien Revolving Loan		658,640		913,598
Stepping Stones Healthcare Services, LLC	First Lien Revolving Loan		3,500,000		3,500,000
Stepping Stones Healthcare Services, LLC	First Lien Delayed Draw Term Loan		6,300,000		1,545,250
TA/WEG Intermediate Holdings, LLC	First Lien Revolving Loan		2,000,000		2,000,000
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan		14,157,973		3,940,858
TA/WEG Intermediate Holdings, LLC	First Lien Revolving Loan		1,135,135		—
Tamarack Intermediate LLC	First Lien Revolving Loan		3,515,625		3,515,625
Titan Home Improvement, LLC	First Lien Delayed Draw Term Loan		4,604,651		—
Titan Home Improvement, LLC	First Lien Revolving Loan		3,837,209		—
Trinity Partners Holdings LLC	First Lien Delayed Draw Term Loan		6,624,681		7,446,809
TST Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan		2,788,462		5,769,231
Vital Care Buyer LLC	First Lien Revolving Loan		873,750		—
Williams Martson, LLC	First Lien Delayed Draw Term Loan		2,553,846		2,553,846
Williams Martson, LLC	First Lien Revolving Loan		2,106,923		2,234,615
Worldwide Insurance Network, LLC	First Lien Delayed Draw Term Loan		12,923,244		—
Total Par		$	416,202,972	$	226,541,917

The unrealized appreciation or depreciation associated with unfunded portfolio company commitments is recorded on the consolidated financial statements and reflected as an adjustment to the valuation of the related security on the Consolidated Schedule of Investments as of both September 30, 2024 and December 31, 2023. The par amount of the unfunded portfolio company commitments is not recognized by the Company until the commitment is funded.

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

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Note 6. Borrowings

In accordance with the 1940 Act, with certain limitations, BDCs are allowed to borrow amounts such that their asset coverage ratios, as defined in the 1940 Act, are at least 200% (or 150% if certain conditions are met) after such borrowing. As a result of complying with the requirements set forth in Section 61 of the 1940 Act, the Company is able to borrow amounts such that its asset coverage ratio is at least 150%, rather than 200%. As of September 30, 2024 and December 31, 2023, the Company’s asset coverage ratios were 196% and 193%, respectively.

The following tables show the Company’s outstanding debt as of September 30, 2024 and December 31, 2023, respectively:

	September 30, 2024
	Aggregate Principal		Outstanding		Amount		Net Carrying
	Committed		Principal		Available (1)		Value
Capital Call Facility	$	85,000,000	$	1,000,000	$	84,000,000	$	914,694
Revolving Credit Facility		850,000,000		665,000,000		185,000,000		656,361,933
Secured Credit Facility		300,000,000		201,000,000		99,000,000		197,872,661
2025 Notes		225,000,000		225,000,000		—		224,345,691
2029 Notes		200,000,000		200,000,000		—		197,600,864
Total	$	1,660,000,000	$	1,292,000,000	$	368,000,000	$	1,277,095,843

	December 31, 2023
	Aggregate						Net
	Principal		Outstanding		Amount		Carrying
	Committed		Principal		Available (1)		Value
Capital Call Facility	$	85,000,000	$	52,000,000	$	33,000,000	$	51,663,310
Revolving Credit Facility		750,000,000		666,000,000		84,000,000		661,932,675
Secured Credit Facility		300,000,000		126,000,000		174,000,000		123,999,715
2025 Notes		225,000,000		225,000,000		—		223,656,743
Total	$	1,360,000,000	$	1,069,000,000	$	291,000,000	$	1,061,252,443

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

Capital Call Facility

Effective as of December 29, 2020 (the “Initial Closing Date“), the Company entered into a revolving credit facility (as amended, the “Capital Call Facility“) by and among, inter alios, the Company as the initial borrower, the lenders from time-to-time party thereto (collectively, the “Lenders“) and Capital One, National Association, as the administrative agent (the “Administrative Agent“), sole lead arranger and a Lender. On December 28, 2021, the Company executed an amendment (the “First Amendment“) to the Capital Call Facility (collectively, the “Capital Call Facility”). The First Amendment extended the scheduled maturity date of the loans under the Capital Call Facility from December 29, 2021 to December 28, 2022 in accordance with the maturity extension feature in the Capital Call Facility that allows the Company, under certain circumstances, to extend the scheduled maturity date for one additional term, not to exceed 364 days and makes certain changes to the Capital Call Facility relating to the transition of the benchmark interest rate from LIBOR to a Secured Overnight Financing Rate (“SOFR“) based rate.

On December 27, 2022, the Company executed a letter agreement (the “Second Amendment“) to amend its revolving credit agreement (as amended, the “Revolving Credit Agreement”), by and among, inter alios, the Company as the borrower, the Lenders and Capital One, National Association, as the administrative agent, sole lead arranger and a Lender.

The Second Amendment, among other things, reduces the maximum borrowing capacity of the Company under the Capital Call Facility to $125 million from $200 million and changed the applicable margin for advances under the Capital Call Facility to SOFR plus 1.95%. The Second Amendment extended the scheduled maturity date of the loans under the Capital Call Facility from December 28, 2022 to December 27, 2023. The other material terms of the Capital Call Facility were unchanged.

27

On December 22, 2023, the Company executed a letter agreement (the “Third Amendment”) to amend the Capital Call Facility. The Third Amendment, among other things, extends the maturity date to December 27, 2024 from December 28, 2023, reduces the maximum borrowing capacity of the Company under the Capital Call Facility to $85 million from $125 million and increases the applicable margin for advances under the Capital Call Facility to 235 basis points per annum from 195 basis points per annum with respect to SOFR Loans (as defined in the Capital Call Facility) and to 135 basis points per annum from 95 basis points per annum with respect to Reference Rate Loans (as defined in the Capital Call Facility). The other material terms of the Capital Call Facility were unchanged.

The Capital Call Facility provides for a maximum commitment of up to $85,000,000 for a period of up to two years (including extension terms) from the Amended Closing Date subject to the terms set forth in the Capital Call Facility. Under the Capital Call Facility, an unused commitment fee at the rate of 0.35% per annum on the unused portion of the commitment of the Lenders is payable by the Company to the Administrative Agent.

The proceeds of the loans under the Capital Call Facility may be used to acquire portfolio investments and such other uses as permitted under the Capital Call Facility. At the Company’s option, the Capital Call Facility will accrue interest at a rate per annum based on (i) a daily simple SOFR plus an applicable margin of 2.35% or (ii) the greatest of (1) the prime rate or (2) the federal funds effective rate plus 0.5% plus an applicable margin of 1.35%.

The maturity date is the earliest of: (a) December 27, 2024; (b) the date upon which the Administrative Agent declares the Company’s obligations under the Capital Call Facility (the “Obligations“) due and payable after the occurrence of an event of default under the Capital Call Facility; (c) 45 days prior to the termination of the Company’s Operative Documents (as defined in the Capital Call Facility); (d) 45 days prior to the date on which the Company’s ability to call capital commitments for the purpose of repaying the Obligations is terminated, and (e) the date upon which the Company terminates the commitments of the Lenders pursuant to Section 3.6 of the Capital Call Facility or otherwise.

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

As of both September 30, 2024 and December 31, 2023, the carrying amount of the Company’s borrowings under the Capital Call Facility approximated its fair value. As of September 30, 2024, and December 31, 2023, unamortized financing costs of $85,306 and $336,690, respectively, are being deferred and amortized over the remaining term of the Capital Call Facility. As of September 30, 2024 and December 31, 2023, the Company had an outstanding balance of $1,000,000 and $52,000,000, respectively. As of September 30, 2024, the Capital Call Facility is presented on the Consolidated Statements of Assets and Liabilities totaling $914,694. As of December 31, 2023, the Capital Call Facility is presented on the Consolidated Statements of Assets and Liabilities net of unamortized financing costs, which results in an outstanding balance totaling $51,663,310.

The following table shows additional information about the interest and financing costs related to the Capital Call Facility for the three and nine months ended September 30, 2024 and 2023:

	Three Months		Three Months		Nine Months		Nine Months
	Ended		Ended		Ended		Ended
	September 30,		September 30,		September 30,		September 30,
	2024		2023		2024		2023
Interest expense related to the Capital Call Facility	$	742,000	$	1,318,368	$	2,345,794	$	2,487,711
Financing expenses related to the Capital Call Facility		89,183		114,593		265,730		340,139
Total interest and financing expenses related to the Capital Call Facility	$	831,183	$	1,432,961	$	2,611,524	$	2,827,850

Revolving Credit Facility

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

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Advances under the Revolving Credit Facility bear interest at a per annum rate equal to: (a) for advances denominated in USD, Term SOFR, (b) for advances denominated in CAD, the average rate applicable to CAD bankers’ acceptances for a three-month period, (c) for advances denominated in GBP, the daily simple Sterling Overnight Index Average for each day, (d) for advances denominated in AUD, the three-month average bid reference rate administered by the Australian Financial Markets Association for Australian dollar bills, and (e) for advances denominated in Euros, the three-month Euro interbank offered rate, in each case, in effect, plus the applicable margin of 2.45% per annum (or, for advances denominated in GBP, 2.5693% per annum). SPV I paid and will pay, as applicable, a commitment fee of (x) initially, to but excluding September 28, 2021, 0.25% per annum, (y) from and including September 28, 2021 to but excluding the first anniversary of the Revolving Credit Facility, 0.50% per annum, and (z) from and including the first anniversary of the Revolving Credit Facility, 0.60% per annum, in each case, on the average daily unused amount of the financing commitments until the third anniversary of the Revolving Credit Facility.

On October 15, 2021, SPV I executed a letter agreement (the “Amendment“) to amend the Revolving Credit Facility. The Amendment increases the maximum borrowing capacity of SPV I under the Revolving Credit Facility between SPV I and JPM to $500 million from $250 million in accordance with the accordion feature in the Revolving Credit Facility that allows SPV I, under certain circumstances, to increase the size of the Revolving Credit Facility to an amount not to exceed $750 million in aggregate. The other material terms of the Revolving Credit Facility were unchanged. All amounts outstanding under the Revolving Credit Facility must be repaid by June 28, 2026.

On January 28, 2022, SPV I executed a letter agreement (the “Second Amendment“) to amend the Revolving Credit Facility. The Second Amendment increases the maximum borrowing capacity of SPV I under the Revolving Credit Facility by $250 million (the “Commitment Increase“) to an aggregate of $750 million from its previous $500 million borrowing capacity. The Second Amendment also (a) adds an accordion feature in the Revolving Credit Facility that allows SPV I, under certain circumstances, to increase the size of the Revolving Credit Facility by an additional $250 million (the “Accordion“) to an amount not to exceed $1 billion in the aggregate and (b) establishes a new tranche consisting of the Commitment Increase and the Accordion, whereby any new advances made under such tranche bear interest at a per annum rate equal to Term SOFR for a three-month tenor in effect, plus the applicable margin of 2.55% per annum.

On June 30, 2023, SPV I executed a letter agreement (the “Third Amendment”) to amend the Revolving Credit Facility. The Third Amendment revises the Revolving Credit Agreement to provide that all borrowings in U.S. dollars now bear interest at a rate based on Term SOFR. The Third Amendment also amends the accordion feature of the Revolving Credit Agreement to increase the maximum borrowing capacity of SPV I under the Revolving Credit Agreement to an aggregate of $1 billion. The other material terms of the Revolving Credit Facility were unchanged.

On June 27, 2024, SPV I executed a letter agreement (the “Fourth Amendment”) to amend the Revolving Credit Facility. The Fourth Amendment revises the Revolving Credit Agreement to effect an extension of the reinvestment period to June 27, 2027, and of the scheduled termination date to June 27, 2029. The amended Revolving Credit Agreement includes a non-call period from the effective date of the Fourth Amendment until June 27, 2026. The Fourth Amendment also increases the financing commitment from $750 million to $850 million and reduces the applicable margin from 2.55% per annum to 2.45% per annum with respect to SOFR loans, as well as changing the rate for Canadian Dollar advances from the Canadian Dollar Offered Rate (CDOR) to a three-month term rate based on the Canadian Overnight Repo Rate Average (CORRA). In connection with the Fourth Amendment, SPV I paid an upfront fee of $5,562,500. The other material terms of the Revolving Credit Facility were unchanged.

On September 12, 2024, SPV I executed a letter agreement (the “Fifth Amendment”) to amend the Revolving Credit Facility. Under the Fifth Amendment, JPM and each other lender party and each of their respective successors and permitted assigns have agreed to make Tranche A Advances and Tranche B Advances to the Company as specified according to a transaction schedule. The other material terms of the Revolving Credit Facility were unchanged. SPV I’s obligations to the lenders under the Revolving Credit Facility are secured by a first priority security interest in all of SPV I’s portfolio of investments and cash. The obligations of SPV I under the Revolving Credit Facility are non-recourse to the Company, and the Company’s exposure under the Revolving Credit Facility is limited to the value of the Company’s investment in SPV I.

The Revolving Credit Facility is secured by a security interest in the assets of SPV I and on any payments received by SPV I in respect of those assets. Assets pledged to the lenders under the Revolving Credit Facility will not be available to pay the debts of the Company if such assets have been used to repay or otherwise satisfy the obligations owed under the Revolving Credit Facility.

In connection with the Revolving Credit Facility, SPV I made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. The Revolving Credit Facility contains customary events of default for similar financing transactions, including if a change of control of SPV I occurs. Upon

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the occurrence and during the continuation of an event of default, the lenders may declare the outstanding advances and all other obligations under the Revolving Credit Facility immediately due and payable.

The occurrence of an event of default (as described above) or a Market Value Event (as defined in the Revolving Credit Facility) triggers a requirement that SPV I obtain the consent of JPM prior to entering into any sale or disposition with respect to portfolio assets, and the occurrence of a Market Value Event triggers the right of JPM to direct SPV I to enter into sales or dispositions with respect to any portfolio assets, in each case in JPM’s sole discretion.

As of both September 30, 2024 and December 31, 2023, the carrying amount of the Company’s borrowings under the Revolving Credit Facility approximated its fair value. As of September 30, 2024 and December 31, 2023, unamortized financing costs of $8,638,067 and $4,067,325, respectively, are being deferred and amortized over the remaining term of the Revolving Credit Facility. As of September 30, 2024 and December 31, 2023, the Revolving Credit Facility had an outstanding balance of $665,000,000 and $666,000,000, respectively. The Revolving Credit Facility is presented on the Consolidated Statements of Assets and Liabilities net of unamortized financing costs, which results in an outstanding balance, totaling $656,361,933 as of September 30, 2024 and $661,932,675 as of December 31, 2023.

The following table shows additional information about the interest and financing costs related to the Revolving Credit Facility for the three and nine months ended September 30, 2024 and 2023:

	Three Months		Three Months		Nine Months		Nine Months
	Ended		Ended		Ended		Ended
	September 30,		September 30,		September 30,		September 30,
	2024		2023		2024		2023
Interest expenses related to the Revolving Credit Facility	$	14,710,385	$	13,245,470	$	41,240,060	$	38,572,482
Financing expenses related to the Revolving Credit Facility		458,064		411,221		1,047,977		1,370,960
Total interest and financing expenses related to the Revolving Credit Facility	$	15,168,449	$	13,656,691	$	42,288,037	$	39,943,442

Secured Credit Facility

On August 14, 2023, SPV II entered into a $300 million Credit Agreement (as amended, the “Secured Credit Facility”), with the lenders from time to time parties thereto, Goldman Sachs Bank USA, as syndication agent and administrative agent (the “Administrative Agent”), U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, and U.S. Bank National Association, as collateral custodian.

The Secured Credit Facility is comprised of (i) a $250 million asset-based revolving loan facility (the “ABL Facility”) and (ii) a $50 million asset-based revolving loan facility (the “Revolver Facility”), each of which has its own borrowing base (comprised of its respective eligible assets, as approved by the Administrative Agent from time to time) but both of which are generally subject to the same terms under the Secured Credit Facility. No gain or loss is recognized on any purchases or sales to or from SPV II and the Company.

The Secured Credit Facility is secured by a security interest in the assets of SPV II and on any payments received by SPV II in respect of those assets. Assets pledged to the lenders under the Secured Credit Facility will not be available to pay the debts of the Company if such assets have been used to repay or otherwise satisfy the obligations owed under the Secured Credit Facility.

The Secured Credit Facility will mature on August 14, 2028, unless terminated earlier as provided in the Secured Credit Facility. For each of the ABL Facility and the Revolver Facility, SPV II may draw and redraw loans in U.S. dollars, euros or British pound sterling under the Secured Credit Facility during a commitment period ending on August 14, 2026, unless the commitments are terminated earlier as provided in the Secured Credit Facility. Loans drawn under the Secured Credit Facility will bear interest at Term SOFR plus 3.10% per annum and, in the case of loans drawn in euros or British pound sterling, an additional currency benchmark adjustment will apply. The Secured Credit Facility contains customary covenants, including certain limitations on the activities of SPV II, and customary events of default.

As of September 30, 2024 and December 31, 2023, the carrying amount of the Company’s borrowings under the Secured Credit Facility approximated its fair value. As of September 30, 2024, and December 31, 2023, unamortized financing costs of $3,127,339 and $2,000,285, respectively, are being deferred and amortized over the remaining term of the Secured Credit Facility. As of September 30, 2024, and December 31, 2023, the Secured Credit Facility had an outstanding balance of $201,000,000 and $126,000,000, respectively. The Secured Credit Facility is presented on the Consolidated Statements of Assets and Liabilities net of

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unamortized financing costs, which results in an outstanding balance, totaling $197,872,661 as of September 30, 2024 and $123,999,715 as of December 31, 2023.

The following table shows additional information about the interest and financing costs related to the Secured Credit Facility for the three and nine months ended September 30, 2024 and 2023:

	Three Months		Three Months		Nine Months		Nine Months
	Ended		Ended		Ended		Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Interest expense related to the Secured Credit Facility	$	4,517,578	$	1,046,256	$	12,830,228	$	1,046,256
Financing expenses related to the Secured Credit Facility		157,275		55,695		372,945		55,695
Total interest and financing expenses related to the Secured Credit Facility	$	4,674,853	$	1,101,951	$	13,203,173	$	1,101,951

2025 Notes

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

The 2025 Notes have a fixed interest rate of 5.83% per year, subject to a step up of (1) 1.00% per year, to the extent and for so long as the 2025 Notes fail to satisfy certain investment grade rating conditions and/or (2) 1.50% per year, to the extent and for so long as either the ratio of the Company’s secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter-end, or the Company fails to deliver the required quarterly or annual consolidated financial statements and related certificates when due.

The 2025 Notes mature on May 19, 2025 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the NPA. Interest on the 2025 Notes is due semiannually in May and November of each year, beginning in November 2022. In addition, the Company is obligated to offer to repay the 2025 Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the NPA, the Company may redeem the 2025 Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before February 17, 2025, a make-whole premium.

As of both September 30, 2024 and December 31, 2023, the carrying amount of the Company’s borrowings under the 2025 Notes approximated its fair value. As of September 30, 2024, and December 31, 2023, unamortized debt issuance costs of $654,309 and $1,343,257, respectively, are being deferred and amortized over the remaining term of the 2025 Notes. As of both September 30, 2024 and December 31, 2023, the 2025 Notes had an outstanding balance of $225,000,000. The 2025 Notes are presented on the Consolidated Statements of Assets and Liabilities net of unamortized debt issuance costs, which results in an outstanding balance, totaling $224,345,691 as of September 30, 2024 and $223,656,743 as of December 31, 2023.

The following table shows additional information about the interest and financing costs related to the 2025 Notes for the three and nine months ended September 30, 2024 and 2023:

	Three Months		Three Months		Nine Months		Nine Months
	Ended		Ended		Ended		Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Interest expense related to the 2025 Notes	$	3,279,375	$	3,279,375	$	9,838,125	$	9,838,125
Financing expenses related to the 2025 Notes		266,265		265,017		788,948		771,609
Total interest and financing expenses related to the 2025 Notes	$	3,545,640	$	3,544,392	$	10,627,073	$	10,609,734

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2029 Notes

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

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

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

As of September 30, 2024 the carrying amount of the Company’s borrowings under the 2029 Notes approximated its fair value. As of September 30, 2024 unamortized debt issuance costs of $2,399,136 are being deferred and amortized over the remaining term of the 2029 Notes. As of September 30, 2024 the 2029 Notes had an outstanding balance of $200,000,000. The 2029 Notes are presented on the Consolidated Statements of Assets and Liabilities net of unamortized debt issuance costs, which results in an outstanding balance, totaling $197,600,864 as of September 30, 2024.

The following table shows additional information about the interest and financing costs related to the 2029 Notes for the three months ended September 30, 2024 and 2023:

	Three Months		Three Months		Nine Months		Nine Months
	Ended		Ended		Ended		Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Interest expense related to the 2029 Notes	$	260,556	$	—	$	260,556	$	—
Financing expenses related to the 2029 Notes		17,222		—		17,222		—
Total interest and financing expenses related to the 2029 Notes	$	277,778	$	—	$	277,778	$	—

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Note 7. Net Assets

Unregistered Sales of Equity Securities

Since inception through September 30, 2024, the Company has completed the following issuances of Common Stock:

	Number of Common	Aggregate
Common Stock Issuance Date	Stock Issued	Offering Price
September 27, 2024 (1)	647,722	$	12,832,667
September 27, 2024	117,353		2,325,000
July 2, 2024	282,309		5,600,000
June 28, 2024	6,539,426		129,520,525
June 28, 2024 (1)	634,347		12,563,937
April 2, 2024	12,684		250,000
March 28, 2024	3,402,804		66,893,333
March 26, 2024(1)	461,503		9,072,365
December 28, 2023	2,305,457		45,036,647
December 26, 2023(1)	264,628		5,169,447
September 29, 2023	2,578,558		49,900,000
September 27, 2023(1)	218,518		4,228,747
June 28, 2023	1,126,918		21,800,000
June 26, 2023(1)	252,293		4,880,557
April 3, 2023	56,599		1,093,900
March 29, 2023	980,749		18,906,100
March 27, 2023(1)	229,681		4,427,602
December 30, 2022	2,467,892		48,500,000
December 27, 2022(1)	186,283		3,666,375
September 28, 2022	5,000,901		99,900,000
September 26, 2022(1)	138,540		2,767,536
June 29, 2022	2,498,950		50,000,000
June 27, 2022(1)	100,633		2,013,490
March 29, 2022	1,986,561		40,000,000
March 25, 2022	2,734,196		55,000,000
March 24, 2022(1)	87,065		1,751,362
December 22, 2021(1)	44,706		898,396
December 9, 2021	10,296,137		210,000,000
September 24, 2021	3,783,388		75,000,000
September 23, 2021(1)	17,842		353,695
August 25, 2021(1)	13,540		271,305
June 18, 2021	5,025,757		100,000,000
March 30, 2021	3,687,064		71,877,447
February 26, 2021	1,429,493		28,121,553
February 4, 2021	1,545,776		30,000,000
December 24, 2020	744,307		14,886,136
December 21, 2020	505,693		10,113,864
November 17, 2020	50		1,000

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

All issuances of common stock are to be made at a price at least equal to the current net asset value, with such calculation to be carried out consistent with the Company’s valuation policies and procedures. For the three months ended September 30, 2024, the Company issued 282,309 and 765,075 shares, respectively, of Common Stock at an average price of $19.84 and $19.81, respectively, through private placement offerings resulting in gross proceeds to the Company of $5.6 million and $15.2 million, respectively. For the three months ended September 30, 2023, the Company issued 2,797,076 shares of Common Stock at an average price of $19.35 through private placement offerings resulting in gross proceeds to the Company of $29.4 million. The Company had 62,406,323 shares outstanding as of September 30, 2024 and 50,308,175 shares outstanding as of December 31, 2023. As of September 30, 2024, the Company has received capital commitments totaling $1,511.3 million, of which, $336.6 million remains unfunded. As of December 31, 2023, the Company had received capital commitments totaling $1,282.1 million, of which, $311.9 million remained unfunded.

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The sales of Common Stock were made pursuant to subscription agreements entered into by the Company and its investors. Under the terms of the subscription agreements, investors are required to fund drawdowns to purchase shares of Common Stock up to the amount of their respective capital commitments on an as-needed basis with a minimum of ten business days’ prior notice to the funding date.

Each of the sales of Common Stock is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act“), pursuant to Section 4(a)(2) thereof and Regulation D thereunder. The Company is still accepting new commitments. The Company has not engaged in general solicitation or advertising with regard to the issuance and sale of the Common Stock and has not offered securities to the public in connection with such issuance and sale. The Company relied, in part, upon representations from the investors in the subscription agreements that each investor was an accredited investor as defined in Regulation D under the Securities Act.

Distributions

For the three and nine months ended September 30, 2024 and 2023, the Company declared the following distributions.

		Distribution Rate		Distribution
Record Date	Payment Date	per Share		Paid
September 26, 2024	September 27, 2024	$	0.650	$	40,066,810
June 26, 2024	June 28, 2024	$	0.650	$	35,220,358
March 25, 2024	March 26, 2024	$	0.650	$	32,700,314
September 25, 2023	September 27, 2023	$	0.655	$	29,436,364
June 23, 2023	June 26, 2023	$	0.640	$	27,879,553
March 24, 2023	March 27, 2023	$	0.600	$	25,376,864

Note 8. Investments

The following table presents the composition of the Company’s investment portfolio at cost and fair value as of September 30, 2024 and December 31, 2023.

	September 30, 2024						December 31, 2023
					Percent of						Percent of
	Amortized		Fair		Total Portfolio				Fair		Total Portfolio
Investments:	Cost		Value		at Fair Value		Amortized Cost		Value		at Fair Value
First Lien Loans	$	2,105,580,039	$	2,106,243,326	85.7	%	$	1,732,531,380	$	1,727,610,516	86.3	%
Second Lien Loans		250,400,145		239,776,061	9.8			178,039,770		165,869,897	8.3
Unsecured Notes		60,472,966		61,688,096	2.5			66,197,792		68,012,196	3.4
Preferred Equity		33,707,690		34,924,323	1.4			27,271,984		27,539,711	1.4
Common Equity and Warrants		12,333,795		14,908,209	0.6			8,583,807		10,592,915	0.6
Total Investments	$	2,462,494,635	$	2,457,540,015	100.0	%	$	2,012,624,733	$	1,999,625,235	100.0	%

The geographic composition of investments based on fair value as of September 30, 2024 and December 31, 2023 was as follows:

	September 30, 2024		December 31, 2023
U.S.	99.4	%	98.4	%
Non-U.S.	0.6		1.6
Total	100.0	%	100.0	%

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The industry composition of investments based on fair value as of September 30, 2024 and December 31, 2023 was as follows:

	September 30, 2024		December 31, 2023
Capital Markets	5.1	%	4.7	%
Diversified Consumer Services	0.5		0.6
Financial Services	10.4		10.8
Health Care Providers & Services	16.0		13.0
Health Care Technology	3.7		6.2
Insurance	19.5		22.3
IT Services	9.6		12.1
Professional Services	16.7		13.0
Real Estate Management & Development	6.8		2.5
Software	11.7		14.8
Total	100.0	%	100.0	%

Note 9. Fair Value of Investments

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

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

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

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

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

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

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

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

The following table presents the fair value hierarchy as of September 30, 2024.

	Fair Value Hierarchy as of September 30, 2024
Description	Level 1		Level 2		Level 3		Total
First Lien Loans	$	—	$	28,380,715	$	2,077,862,611	$	2,106,243,326
Second Lien Loans		—		73,837,586		165,938,475		239,776,061
Unsecured Notes		—		20,364,158		41,323,938		61,688,096
Preferred Equity		—		—		34,924,323		34,924,323
Common Equity & Warrants		—		—		14,908,209		14,908,209
Total	$	—	$	122,582,459	$	2,334,957,556	$	2,457,540,015

The following table presents the fair value hierarchy as of December 31, 2023.

	Fair Value Hierarchy as of December 31, 2023
Description	Level 1		Level 2		Level 3		Total
First Lien Loans	$	—	$	3,933,786	$	1,723,676,730	$	1,727,610,516
Second Lien Loans		—		14,465,957		151,403,940		165,869,897
Unsecured Notes		—		19,678,973		48,333,223		68,012,196
Preferred Equity		—		—		27,539,711		27,539,711
Common Equity & Warrants		—		—		10,592,915		10,592,915
Total	$	—	$	38,078,716	$	1,961,546,519	$	1,999,625,235

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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 nine months ended September 30, 2024 and 2023:

	First Lien		Second Lien		Unsecured		Preferred		Common Equity
Three Months Ended September 30, 2024	Loans		Loans		Notes		Equity		& Warrants		Total
Fair value, beginning of period	$	1,961,280,493	$	186,593,990	$	38,657,225	$	33,685,326	$	10,675,085	$	2,230,892,119
Purchases of investments, net		260,979,414		5,470,586		2,121,927		873,699		3,750,000		273,195,626
Proceeds from sales and principal payments, net		(148,980,154)		(5,307,936)		—		—		—		(154,288,090)
Realized gain (loss) on investments		836,863		32,611		—		—		—		869,474
Net change in unrealized appreciation/(depreciation)		2,113,928		(994,545)		507,796		348,065		483,124		2,458,368
Net accretion of discount and amortization of investments		1,632,067		44,169		36,990		17,233		—		1,730,459
Transfers into (out of) Level 3		—		(19,900,400)		—		—		—		(19,900,400)
Fair value, end of period	$	2,077,862,611	$	165,938,475	$	41,323,938	$	34,924,323	$	14,908,209	$	2,334,957,556

	First Lien		Second Lien		Unsecured
Three Months Ended September 30, 2023	Loans		Loans		Notes		Equity		Total
Fair value, beginning of period	$	1,531,787,783	$	161,057,781	$	46,630,169	$	24,401,174	$	1,763,876,907
Purchases of investments, net		139,204,504		—		340,544		9,597,217		149,142,265
Proceeds from sales and principal payments, net		(38,624,668)		(1,348,188)		—		—		(39,972,856)
Realized gain (loss) on investments		37,734		(105,669)		—		—		(67,935)
Net change in unrealized appreciation/(depreciation)		5,822,624		1,970,512		97,337		580,881		8,471,354
Net accretion of discount and amortization of investments		1,927,127		33,245		33,325		8,413		2,002,110
Transfers into (out of) Level 3		—		—		—		—		—
Fair value, end of period	$	1,640,155,104	$	161,607,681	$	47,101,375	$	34,587,685	$	1,883,451,845

	First Lien		Second Lien		Unsecured		Preferred		Common Equity
Nine Months Ended September 30, 2024	Loans		Loans		Notes		Equity		& Warrants		Total
Fair value, beginning of period	$	1,723,676,730	$	151,403,940	$	48,333,223	$	27,539,712	$	10,592,915	$	1,961,546,520
Purchases of investments, net		745,586,859		103,800,677		12,307,593		6,378,646		3,750,017		871,823,792
Proceeds from sales and principal payments, net		(407,118,469)		(59,108,671)		(19,690,913)		—		(17)		(485,918,070)
Realized gain (loss) on investments		5,096,580		(779,426)		—		—		(13)		4,317,141
Net change in unrealized appreciation/(depreciation)		5,248,584		2,178,602		240,142		948,907		565,307		9,181,542
Net accretion of discount and amortization of investments		5,372,327		206,253		133,893		57,058		—		5,769,531
Transfers into (out of) Level 3		—		(31,762,900)		—		—		—		(31,762,900)
Fair value, end of period	$	2,077,862,611	$	165,938,475	$	41,323,938	$	34,924,323	$	14,908,209	$	2,334,957,556

	First Lien		Second Lien		Unsecured
Nine Months Ended September 30, 2023	Loans		Loans		Notes		Equity		Total
Fair value, beginning of period	$	1,391,696,261	$	149,314,979	$	31,325,545	$	13,560,290	$	1,585,897,075
Purchases of investments, net		305,559,113		—		15,966,651		20,104,065		341,629,829
Proceeds from sales and principal payments, net		(61,539,360)		(1,348,188)		—		—		(62,887,548)
Realized gain (loss) on investments		56,067		(105,669)		—		—		(49,602)
Net change in unrealized appreciation/(depreciation)		5,035,878		2,830,316		(296,703)		905,440		8,474,931
Net accretion of discount and amortization of investments		4,954,868		224,023		105,882		17,890		5,302,663
Transfers into (out of) Level 3		(5,607,723)		10,692,220		—		—		5,084,497
Fair value, end of period	$	1,640,155,104	$	161,607,681	$	47,101,375	$	34,587,685	$	1,883,451,845

During the three months ended September 30 2024, there was one transfer into Level 3 from Level 2 because of a decrease in observable inputs and one transfer into Level 2 from Level 3 because of an increase in observable inputs. During the nine months ended September 30, 2024, there was one transfer into Level 3 from Level 2 because of a decrease in observable inputs and two transfers into Level 2 from Level 3 because of an increase in observable inputs. During the three months ended September 30, 2023, there were no transfers into or out of Level 2 or Level 3. During the nine months ended September 30, 2023, there was one transfer into Level 3 from Level 2 because of a decrease in observable inputs and one transfer into Level 2 from Level 3 because of an increase in observable inputs.

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The following table presents the net change in unrealized appreciation (depreciation) for the Level 3 investments held by the Company at the three and nine months ended September 30, 2024 and 2023.

	Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
Net Change in Unrealized Appreciation (Depreciation)	2024		2023		2024		2023
First Lien Loans	$	2,113,928	$	5,822,624	$	5,248,584	$	5,035,878
Second Lien Loans		(994,545)		1,970,512		2,178,602		2,830,316
Unsecured Notes		507,796		97,337		240,142		(296,703)
Preferred Equity		348,065		—		948,907		905,440
Common Equity & Warrants		483,124		580,881		565,307		—
Total	$	2,458,368	$	8,471,354	$	9,181,542	$	8,474,931

The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of September 30, 2024. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Adviser’s determination of fair value.

	September 30, 2024
Type of Investment	Fair Value		Valuation technique	Unobservable input	Range (weighted average)
First Lien Loans	$	537,398,917	Discounted Cash Flow	Discount Rate	8.2% - 19.5% (8.85)
First Lien Loans		1,540,463,694	Market Transaction	Market Transaction	94.6% - 100.7% (99.0%)
Second Lien Loan		165,938,475	Market Transaction	Market Transaction	72.0% - 101.3% (94.7%)
Unsecured Notes		41,323,938	Market Transaction	Market Transaction	93.9% - 103.1% (97.9%)
Preferred Equity		2,993,665	Discounted Cash Flow	Discount Rate	149.7%
Preferred Equity		31,930,658	Market Transaction	Market Transaction	96.9% - 100.7% (98.9%)
Common Equity		14,908,209	Market Transaction	Market Transaction	100.0% - 58,561.2% (4,157.2%)
Total	$	2,334,957,556

The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of December 31, 2023. 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, 2023
Type of Investment	Fair Value		Valuation technique	Unobservable input	Range (weighted average)
First Lien Loans	$	513,901,543	Discounted Cash Flow	Discount Rate	9.4% - 16.2% (11.0%)
First Lien Loans		1,209,775,187	Market Transaction	Market Transaction	95.1% - 101.0% (98.6%)
Second Lien Loan		151,403,940	Market Transaction	Market Transaction	79.1% - 100.0% (91.9%)
Unsecured Notes		20,219,487	Discounted Cash Flow	Discount Rate	10.6% - 10.6% (10.6%)
Unsecured Notes		28,113,736	Market Transaction	Market Transaction	90.7% - 100.0% (94.8%)
Preferred Equity		2,634,229	Discounted Cash Flow	Discount Rate	131.7%
Preferred Equity		24,905,482	Market Transaction	Market Transaction	93.6% - 98.5% (96.4%)
Common Equity		9,522,917	Market Transaction	Market Transaction	100.0% - 127.6% (113.2%)
Warrants		1,069,998	Market Transaction	Market Transaction	366.9%
Total	$	1,961,546,519

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

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 of Common Stock is computed by dividing the net increase in net assets resulting from operations by the weighted average number of shares outstanding during the period. The methodology for the weighted average number of shares outstanding during the period utilizes the weighted average number of shares from the beginning of the period through the end of the period. Other potentially dilutive shares of Common Stock, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. For the three and nine months ended September 30, 2024 and 2023, there were no dilutive shares.

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The following table sets forth the computation of basic and diluted earnings per share of Common Stock for the three and nine months ended September 30, 2024 and 2023:

	Three Months		Three Months		Nine Months		Nine Months
	Ended		Ended		Ended		Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Net increase in net assets resulting from operations	$	39,662,955	$	40,239,574	$	117,150,456	$	96,158,192
Weighted average shares of Common Stock outstanding—basic and diluted		61,668,083		45,006,570		55,530,414		43,662,348
Basic and diluted net increase in net assets resulting from operations per share of Common Stock	$	0.64	$	0.89	$	2.11	$	2.20

Note 11. Taxes

The Company has elected to be treated and intends to qualify annually as a RIC, to distribute substantially all of its income and to comply with the other requirements of the Code applicable to RICs. Accordingly, no provision for federal taxes is required. In addition, by distributing during each calendar year substantially all of its net investment income, net realized capital gains and certain other amounts, if any, the Company intends not to be subject to a material federal excise tax. The Company did not have any liabilities for uncertain tax positions or unrecognized tax benefits as of September 30, 2024.

As of both September 30, 2024 and December 31, 2023, the tax cost of the Company’s investments approximates its amortized cost.

Note 12. Financial Highlights

The following per share of Common Stock data has been derived from information provided on the consolidated financial statements. The following is a schedule of financial highlights for the nine months ended September 30, 2024 and 2023:

	Nine Months			Nine Months
	Ended			Ended
	September 30, 2024			September 30, 2023
	(Unaudited)			(Unaudited)
Per share of Common Stock operating performance:
Net asset value, beginning of year/period	$	19.71		$	19.32
Results of operations:
Net investment income 1		1.94			1.95
Net realized gains (losses) and unrealized appreciation (depreciation) 2		0.16			0.23
Net increase (decrease) in net assets resulting from operations		2.10			2.18
Distributions to Common Stockholders
Distributions from earnings		(1.95)			(1.90)
Net decrease in net assets resulting from distributions		(1.95)			(1.90)
Net asset value, end of year/period	$	19.86		$	19.60
Shares outstanding, end of year/period		62,406,323			47,738,090
Ratio/Supplemental data:
Net assets, end of year/period	$	1,239,642,894		$	935,887,906
Weighted average shares outstanding		55,530,414			43,662,348
Total return 3		11.04	%		11.73	%
Portfolio turnover		21.34	%		7.01	%
Ratio of operating expenses to average net assets 4		11.47	%		11.93	%
Ratio of net investment income (loss) to average net assets 4		12.71	%		13.16	%

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

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

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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. Non-recurring expenses were not annualized. During the nine months ended September 30, 2024 and 2023, the Company incurred $43,730 and $76,939 of Offering Expenses, respectively, which were deemed to be non-recurring.

Note 13. Subsequent Events

Management has evaluated subsequent events and transactions for potential recognition and/or disclosure through the date the consolidated financial statements were issued. There have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized on the consolidated financial statements as of and for the three and nine months ended September 30, 2024.

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

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

● our future operating results;

● our business prospects and the prospects of our portfolio companies;

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

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

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

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

● our contractual arrangements and relationships with third parties;

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

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

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

● the adequacy of our financing sources and working capital;

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

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

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

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

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

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

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

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

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

Overview

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

As of September 30, 2024, the Company has called equity capital in the amount of $1,174.7 million. See “Subscriptions and Drawdowns“ under “Financial Condition, Liquidity and Capital Resources“ below for further details. Management anticipates calling additional equity capital for investment purposes through drawdowns in respect of capital commitments made by investors pursuant to private placements (“Private Offering“) of Common Stock.

Investment Objective and Strategy

The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company seeks to invest primarily in senior secured or unsecured loans and, to a lesser extent, subordinated loans, mezzanine loans, and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity.

The Company generally expects to invest in middle market companies with earnings before interest expense, income tax expense, depreciation and amortization, or “EBITDA,“ between $30 million and $250 million annually. Typical middle market senior loans may be issued by middle market companies in the context of leveraged buyouts, acquisitions, debt refinancings, recapitalizations, and other similar transactions. Notwithstanding the foregoing, the Adviser may determine whether companies qualify as “middle market“ in its sole discretion, and the Company may from time to time invest in larger or smaller companies if an attractive opportunity presents itself, especially when there are dislocations in the capital markets, including the high yield and syndicated loan markets. The Company’s target credit investments typically have maturities between 3 and 6 years and generally range in size between $20 million and $100 million. The investment size will vary with the size of the Company’s capital base. The Company has adopted a non-fundamental policy to invest, under normal market conditions, at least 75% of the value of its total assets (measured at the time of each such investment taking into account certain initial assumptions regarding the expected amount of total assets of the Company once fully invested) in portfolio companies that are in the financial services, business services, software and technology or healthcare services sectors. The remaining 25% of the value of the Company’s total assets (measured at the time of each such investment taking into account certain initial assumptions regarding the expected amount of total assets of the Company once fully invested) may be invested across a wide range of sectors (although the Company expects to avoid businesses which at the time of the Company’s investment participate in certain sectors such as payday lending, pawn shops, automobile title and tax refund anticipation loans, credit repair services, strip mining, drug paraphernalia, marijuana related businesses, tax evasion gaming and pornography).

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Market Opportunity and Competitive Advantages

The Adviser believes the Company presents an attractive investment opportunity for several reasons, including:

Increasing Demand for Debt Capital. Private equity sponsors have significant levels of capital available for investment, which the Adviser believes will continue to drive demand for direct lending over the coming years as private equity firms seek to deploy capital through leveraged buyouts. The Company believes this dynamic, coupled with the Adviser’s strong relationships in the middle market, will provide significant investment opportunities for the Company.

Proactive Sourcing and Relationship-Driven Deal Flow. The Adviser believes that focusing its activities on proactive, outbound, multi-year searches produces higher quality investment opportunities. The Adviser seeks investment opportunities in sectors that it believes are attractive using a focused three-prong origination strategy. In sourcing investments for the Company, the Adviser leverages (i) its dedicated team of origination professionals and Stone Point’s broker-dealer professionals focusing on sponsor communities and financial intermediaries within targeted sectors, (ii) its extensive network of private equity investment professionals, focused on more than 75 financial services-related end markets, and (iii) its longstanding relationships with commercial banks who may provide investment opportunities to the Company.

Disciplined Underwriting Process. The Adviser seeks investment opportunities that it believes are attractive using a rigorous “top-down“ and “bottom-up“ process. The Adviser regularly evaluates and selects sectors on which to focus based on an investment thesis (top-down approach) and designates a team of investment professionals to identify leading companies and managers in these sectors (bottom-up approach). For more than 70 identified sectors of the financial services industry, this process includes:

● Firm-wide discussions to prioritize the identified sectors;

● Dedicating small teams of investment professionals to study these sectors;

● Interaction with industry experts and attendance at key industry conferences; and

● Proactive outbound calling efforts and meetings with private equity sponsors and management teams.

The Adviser employs a “triangulation“ approach in evaluating the quality of a credit, focused on borrower characteristics, loan structure and quality of sponsorship. The Adviser generally seeks to invest in companies that are led by experienced management teams, have market-leading positions and high barriers to entry, and generate predictable free cash flow across market cycles. In structuring a loan, the Adviser generally focuses on determining appropriate leverage levels (with a significant focus on adjustments and free cash flow), ensuring sufficient minimum sponsor equity and seeking to mitigate downside risk through structural protections. Finally, the Adviser seeks to invest in companies with strong financial sponsor ownership, focused on underwriting a sponsor’s ability to support the borrower.

Sector Focus. The Company makes its investments primarily in sectors in which Stone Point has developed a longstanding network and can leverage real-time insights from private portfolio companies to provide a discernible origination and underwriting edge. The Adviser currently focuses the Company’s investments in the financial services, business services, software and technology, and healthcare services sectors. As a result of this specialization by the investment team at the Adviser, the Adviser believes that it is well positioned to source proprietary deals and evaluate a broad range of investments with a deep understanding of the market dynamics and cycles for these sectors.

Further, the Adviser believes the Company’s focus on the financial services, business services, software and technology, and healthcare services sectors provides strong downside protection, given the low default rates in these industries, as well as Stone Point’s investment experience. The Company’s targeted sectors have performed well across market cycles, consistently generating lower cumulative default rates compared with non-financial sectors, which should contribute to enhanced risk-adjusted returns.

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Ability to Leverage Stone Point’s Experienced Investment Team. The Adviser intends to utilize Stone Point Capital’s significant resources and knowledge throughout the life cycle of each investment to support the Stone Point Credit Investment Team’s Credit Activities. On an as-needed basis, the Stone Point Capital Private Equity Team contributes a portion of its time, effort and resources to support Credit Activities. Stone Point Capital has a long, successful record of making investments and managing businesses in the financial services industry. Stone Point Capital has raised nine private equity funds with an investment track record of over 25 years and a focus on investments in companies in the global financial services industry and related sectors. Stone Point Capital and its affiliates have invested in 26 asset management platforms over 15 years and Stone Point believes that its experience investing in and building businesses across a variety of credit strategies, positions the Company for success in the direct lending middle market. The Stone Point Credit Investment Team is responsible for making all investment and disposition recommendations to the Adviser’s investment committee (the “Investment Committee”). The Investment Committee makes all investment and disposition decisions, subject to Board oversight. As of September 30, 2024, the Investment Team is comprised of 100 investment professionals, operating partners and senior advisors who bring to Stone Point considerable experience with Stone Point and/or from other leading private equity, private debt, investment banking, financial services, corporate law, and accounting firms. A majority of the Investment Team is focused on the private equity markets; however, Stone Point intends to continue to expand the Stone Point Credit Investment Team to support the ongoing growth of the Company and expansion of the Credit Activities¹. As of September 30, 2024, the Stone Point Credit Investment Team was comprised of more than 20 dedicated investment professionals².

Experienced Investment Committee³. The Investment Committee for the Adviser is comprised of Scott J. Bronner, James D. Carey, Eric L. Rosenzweig, David J. Wermuth and Nicolas D. Zerbib. The Investment Committee currently leads the investment activities of the Credit Funds and has worked together at Stone Point for more than ten years investing across multiple credit cycles and different investing environments.

● Mr. Bronner is the President of the Company, Head of Stone Point Credit, and a member of the Investment Committee, Allocation Committee and Valuation Committee of the Adviser. Prior to joining Stone Point in 2009, he was in the Private Equity Division at Lehman Brothers Inc.

● Mr. Carey is Co-Chief Executive Officer of Stone Point Capital, a member of the Investment Committees of the Adviser and the Trident Funds, and a member of the Allocation Committee of the Adviser. Prior to joining the Firm in 1997, he was in the Financial Institutions Investment Banking Group at Merrill Lynch & Co. and prior to that time was an attorney with Kelley Drye & Warren LLP.

● Mr. Rosenzweig is a Managing Director of Stone Point and a member of the Investment Committee and Valuation Committee of the Adviser. Prior to joining the Firm in 2006, he was in the Financial Institutions Investment Banking Group at UBS Investment Bank.

● Mr. Wermuth is the Chairman of the Company, Co-President and CCO of Stone Point Capital, a member of the Investment Committees of the Adviser and the Trident Funds, and a member of the Allocation Committee and Valuation Committee of the Adviser. Prior to joining the Firm in 1999, he was an attorney specializing in mergers and acquisitions at Cleary, Gottlieb, Steen & Hamilton LLP and prior to that time an auditor for KPMG Peat Marwick.

● Mr. Zerbib is Co-President and CIO of Stone Point Capital, a member of the Investment Committees of the Adviser and the Trident Funds, and a member of the Valuation Committee of the Adviser. Prior to joining the Firm in 1998, he was in the Financial Institutions Group at Goldman Sachs.

All investment decisions are reviewed and approved by the Investment Committee, which has principal responsibility for approving new investments and overseeing the management of existing investments. This senior management team is supported by a team of investment professionals who bring to Stone Point considerable experience with Stone Point and/or from other leading private equity, investment banking, financial services, corporate law and accounting firms.

1 Certain communications between professionals within the Stone Point Capital Private Equity Team and professionals within Stone Point Credit Investment Team may be restricted due to internal policy restrictions.

2 Includes one employee whose focus is shared across Stone Point Credit and Stone Point Capital.

3 From the Commencement of Operations through February 28, 2022, the Investment Committee for the Adviser was comprised of James D. Carey, Charles A. Davis, Stephen Friedman, David J. Wermuth and Nicolas D. Zerbib. Effective March 1, 2022, Scott J. Bronner and Eric L. Rosenzweig joined the Investment Committee and Charles A. Davis and Stephen Friedman have each assumed an advisory role to the Investment Committee.

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The following table sets forth the experience of the Adviser’s Investment Committee.

	Years in
	Financial	Years at
The Adviser’s Investment Committee	Services	Stone Point
Scott J. Bronner, Head of Stone Point Credit and Managing Director of Stone Point
Member of the Investment Committee	18	15
James D. Carey, Co-Chief Executive Officer of Stone Point Capital
Member of the Investment Committee	30	27
Eric L. Rosenzweig, Managing Director
Member of the Investment Committee	20	18
David J. Wermuth, General Counsel and Chairman of the Company, Co-President and CCO of Stone Point Capital
Member of the Investment Committee	28	25
Nicolas D. Zerbib, Co-President and CIO Chief Investment Officer of Stone Point Capital
Member of the Investment Committee	29	26

Key Components of Operations

Investments

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

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

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

Revenues

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

Expenses

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

● the cost of calculating the Company’s net asset value, including the cost of any third-party valuation services;

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

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

● interest expense and other costs associated with the Company’s indebtedness;

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

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

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

● U.S. federal, state and local taxes;

● Independent Directors’ fees and expenses;

● brokerage commissions and markups;

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

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

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

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

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

The Administrator can waive any amounts owed to it under the Administration Agreement, at its discretion. From time to time, the Adviser and the Administrator or its affiliates may pay third-party providers of goods or services. The Company will subsequently reimburse the Adviser or the Administrator, as applicable, for such amounts paid on the Company’s behalf. The Adviser has agreed to bear the aggregate organizational and offering costs in connection with the Private Offering in excess of $1,250,000.

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

Leverage

The amount of leverage that the Company employs will depend on the Adviser’s and the Board’s assessment of market and other factors at the time of any proposed borrowing. In accordance with the 1940 Act, with certain limitations, BDCs are allowed to borrow amounts such that their asset coverage ratios, as defined in the 1940 Act, are at least 200% (or 150% if certain conditions are met) after such borrowing. As a result of complying with the requirements set forth in Section 61 of the 1940 Act, the Company is able to borrow amounts such that its asset coverage ratio is at least 150%, rather than 200%. As of September 30, 2024 and December 31, 2023, the Company’s asset coverage ratio was 196% and 193%, respectively.

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

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Financial and Operating Highlights

	Three		Nine
	Months		Months
	Ended		Ended
	September 30,		September 30,
	2024		2024
Total investment income	$	69,648,154	$	204,558,052
Total expenses		34,750,134		97,013,914
Net investment income (loss)		34,898,020		107,544,138
Total net realized gains (losses)		1,151,870		1,561,437
Total net change in unrealized appreciation (depreciation)		3,613,065		8,044,881
Net increase (decrease) in net assets resulting from operations	$	39,662,955	$	117,150,456
Per share information - basic and diluted:
Net investment income (loss)	$	0.57	$	1.94
Net increase (decrease) in net assets resulting from operations	$	0.64	$	2.11
Distributions declared per share	$	0.65	$	1.95

	As of			As of
	September 30,			December 31,
Consolidated balance sheet data	2024			2023
Cash and cash equivalents	$	96,096,004		$	41,629,071
Investments at fair value		2,457,540,015			1,999,625,235
Total assets		2,582,531,960			2,067,896,678
Total debt (net of unamortized debt issuance costs)		1,277,095,843			1,061,252,443
Total liabilities		1,342,889,066			1,076,474,586
Total net assets	$	1,239,642,894		$	991,422,092
Net asset value per share	$	19.86		$	19.71
Other data:
Number of portfolio companies		97			74
Distributions declared per share		1.95			2.57
Total return based on net asset value 1		11.04	%		16.21	%

1 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.

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Portfolio and Investment Activity

Our investment activity for the three months ended September 30, 2024 is presented below (information presented herein is at par value unless otherwise indicated).

	Three Months Ended
	September 30, 2024
New investment commitments:
Total new investment commitments	$	354,733,333
Principal amount of investments funded:
First lien loans	$	275,847,792
Second lien loans		25,493,657
Unsecured notes		7,507,316
Total principal amount of investments funded	$	308,848,765
Principal amount of investments sold or repaid:
First lien loans		(148,735,504)
Second lien loans		(10,357,143)
Unsecured loans		(4,938,271)
Total principal amount of investments sold or repaid	$	(164,030,918)
Number of new investment commitments		20
Average new investment commitment	$	17,736,667
Percentage of new investment commitments at floating rates		98.2	%
Percentage of new investment commitments at fixed rates		1.8	%
Weighted average yield to maturity on purchased or funded investments during the period1		10.6	%
Weighted average yield to maturity on investments sold or repaid during the period		11.6	%

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

As of September 30, 2024, the Company had 239 debt investments in 97 portfolio companies with an aggregate fair value of $2,457.5 million. As of December 31, 2023, the Company had 161 debt investments in 72 portfolio companies with an aggregate value of $1,961.5 million.

As of September 30, 2024 and December 31, 2023, the Company’s investments consisted of the following:

	September 30, 2024						December 31, 2023
					Percent of						Percent of
	Amortized		Fair		Total Portfolio		Amortized		Fair		Total Portfolio
Investments:	Cost		Value		at Fair Value		Cost		Value		at Fair Value
First Lien Loans	$	2,105,580,039	$	2,106,243,326	85.7	%	$	1,732,531,380	$	1,727,610,516	86.3	%
Second Lien Loans		250,400,145		239,776,061	9.8			178,039,770		165,869,897	8.3
Unsecured Notes		60,472,966		61,688,096	2.5			66,197,792		68,012,196	3.4
Preferred Equity		33,707,690		34,924,323	1.4			27,271,984		27,539,711	1.4
Common Equity and Warrants		12,333,795		14,908,209	0.6			8,583,807		10,592,915	0.6
Total Investments	$	2,462,494,635	$	2,457,540,015	100.0	%	$	2,012,624,733	$	1,999,625,235	100.0	%

The geographic composition of investments based on fair value as of September 30, 2024 and December 31, 2023 was as follows:

	September 30, 2024		December 31, 2023
U.S.	99.4	%	98.4	%
Non-U.S.	0.6		1.6
Total	100.0	%	100.0	%

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The industry composition of investments based on fair value as of September 30, 2024 and December 31, 2023 was as follows:

	September 30, 2024		December 31, 2023
Capital Markets	5.1	%	4.7	%
Diversified Consumer Services	0.5		0.6
Financial Services	10.4		10.8
Health Care Providers & Services	16.0		13.0
Health Care Technology	3.7		6.2
Insurance	19.5		22.3
IT Services	9.6		12.1
Professional Services	16.7		13.0
Real Estate Management & Development	6.8		2.5
Software	11.7		14.8
Total	100.0	%	100.0	%

The following table presents certain selected information regarding our investment portfolio as of September 30, 2024 and December 31, 2023:

	As of			As of
	September 30, 2024			December 31, 2023
Number of portfolio companies		97			74
Median EBITDA (based on par)	$	110.7 million		$	102.0 million
Percentage of performing debt bearing a floating rate		97.5	%		96.5	%
Percentage of performing debt bearing a fixed rate		2.5	%		3.5	%
Weighted average yield to maturity on investments1		11.2	%		12.2	%

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

The following table presents the maturity schedule of our debt investments based on fair value as of September 30, 2024 and December 31, 2023:

	September 30, 2024				December 31, 2023
			Percentage				Percentage
Maturity Year	Fair Value		of Portfolio		Fair Value		of Portfolio
2024	$	—	—	%	$	(377,470)	0.0	%
2025		1,334,828	0.1			40,131,242	2.0
2026		107,418,392	4.5			137,339,465	7.0
2027		265,046,453	11.0			445,316,513	22.7
2028		668,860,374	27.8			634,661,681	32.4
2029		597,986,944	24.8			540,982,431	27.6
2030		413,392,046	17.2			131,936,337	6.7
2031		310,111,108	12.9			20,219,487	1.0
2032		29,982,700	1.2			—	—
2033		12,973,338	0.5			11,282,923	0.6
2034		—	—			—	—
2035		—	—			—	—
2036		—	—			—	—
2037		601,300	0.0			—	—
2038		—	—			—	—
Total	$	2,407,707,483	100.0	%	$	1,961,492,609	100.0	%

Our Adviser monitors our portfolio companies on an ongoing basis. The Adviser believes that actively managing an investment allows it to identify problems early and work with companies to develop constructive solutions when necessary. The Adviser will monitor our portfolio with a focus toward anticipating negative credit events. In seeking to maintain portfolio company performance and help to ensure a successful exit, the Adviser will work closely with, as applicable, the lead equity sponsor, portfolio company management, consultants, advisers and other security holders to discuss financial position, compliance with covenants, financial

49

requirements and execution of the company’s business plan. In addition, the Adviser’s personnel may occupy a seat or serve as an observer on a portfolio company’s board of directors or similar governing body.

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

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

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.
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:

	September 30, 2024				December 31, 2023
			Percentage				Percentage
Investment Rating	Fair Value		of Portfolio		Fair Value		of Portfolio
1	$	272,814,673	11.1	%	$	233,137,643	11.7	%
2		2,086,205,333	84.8	%		1,684,405,849	84.2	%
3		97,252,809	4.0	%		80,865,062	4.0	%
4		1,267,200	0.1	%		1,216,681	0.1
5		—	—			—	—
Total	$	2,457,540,015	100.0	%	$	1,999,625,235	100.0	%

The following table presents the amortized cost of our performing and non-accrual investments as of September 30, 2024 and December 31, 2023:

	September 30, 2024				December 31, 2023
	Amortized				Amortized
	Cost		Percentage		Cost		Percentage
Performing	$	2,462,494,635	100.0	%	$	1,976,768,942	100.0	%
Non-accrual		—	—			—	—
Total	$	2,462,494,635	100.0	%	$	1,976,768,942	100.0	%

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The following table presents the fair value of our performing and non-accrual investments as of September 30, 2024 and December 31, 2023:

	September 30, 2024				December 31, 2023
	Fair Value		Percentage		Fair Value		Percentage
Performing	$	2,457,540,015	100.0	%	$	1,961,492,609	100.0	%
Non-accrual		—	—			—	—
Total	$	2,457,540,015	100.0	%	$	1,961,492,609	100.0	%

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

Results of Operations

The following table presents the operating results for the three and nine months ended September 30, 2024:

	Three Months		Nine Months
	Ended		Ended
	September 30,		September 30,
	2024		2024
Total investment income	$	69,648,154	$	204,558,052
Less: total expenses		34,750,134		97,013,914
Net investment income (loss)		34,898,020		107,544,138
Total net realized gains (losses)		1,151,870		1,561,437
Net change in unrealized appreciation (depreciation) on investments		3,613,065		8,044,881
Net increase (decrease) in net assets resulting from operations	$	39,662,955	$	117,150,456

Investment Income

Total investment income was $69,648,154 and $204,558,052 for the three and nine months ended September 30, 2024, respectively. Total investment income was $59,111,497 and $162,704,227 for the three and nine months ended September 30, 2023, respectively. Total investment income consisted of interest income from investments, dividend income from investments, interest from cash and cash equivalents and fee income.

	Three Months		Nine Months
	Ended		Ended
	September 30,		September 30,
	2024		2024
Interest income from investments	$	68,288,936	$	200,806,292
Dividend income from investments		1,334,574		2,369,935
Interest from cash and cash equivalents		1,143		2,239
Fee income		23,501		1,379,586
Total investment income	$	69,648,154	$	204,558,052

For the three months ended September 30, 2024 and 2023, total investment income increased to $69.6 million from $59.1 million primarily due to an increase in the size of our debt portfolio, which at par, increased to $2,533 million from $1,957 million. For the nine months ended September 30, 2024 and 2023, total investment income increased to $204.6 million from $162.7 million primarily due to an increase in the weighted average yield on our portfolio as well as the size of our debt portfolio, which at par, increased to $2,533 million from $1,957 million. As of September 30, 2024, the weighted average yield on our portfolio decreased to 11.2% from 12.0% as of September 30, 2023.

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Expenses

Operating expenses for the three and nine months ended September 30, 2024 were as follows:

	Three Months		Nine Months
	Ended		Ended
	September 30,		September 30,
	2024		2024
Base management fees	$	8,108,431	$	22,057,958
Interest and credit facility fees		24,497,902		69,007,585
Offering costs		12,072		43,730
Professional fees		2,024,330		5,582,395
Directors fees		91,875		275,625
Insurance expenses		15,524		46,621
Total expenses	$	34,750,134	$	97,013,914

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

For the three and nine months ended September 30, 2024, the Company incurred $262,066 and $763,695 of administrative overhead expenses, respectively. For the three and nine months ended September 30, 2023, the Company incurred $358,264 and $1,016,264 of administrative overhead expenses, respectively.

For the three months ended September 30, 2024 and 2023, total expenses increased to $34.8 million from $27.9 million primarily due to an increase in interest and credit facility fees on our floating rate credit facilities. For the nine months ended September 30, 2024 and 2023, total expenses increased to $97.0 million from $77.4 million primarily due to an increase in interest and credit facility fees on our floating rate credit facilities. For the three months ended September 30, 2024, the weighted average borrowings and interest rate on our floating rate credit facilities was $975.9 million and 8.1% compared to $1,037.9 million and 5.9% for the three months ended September 30, 2023. For the nine months ended September 30, 2024, the weighted average borrowings and interest rate on our floating rate credit facilities was $915.1 million and 8.1% compared to $967.0 million and 5.7% for the nine months ended September 30, 2023. For the three and nine months ended September 30, 2024, management fees increased due to an overall increase in total assets compared to the three and nine months ended September 30, 2023.

Income Taxes, Including Excise Taxes

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

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

The following table summarizes our net realized gains (losses) and unrealized appreciation (depreciation) for the three and nine months ended September 30, 2024:

	Three Months		Nine Months
	Ended		Ended
	September 30,		September 30,
	2024		2024
Net realized gains (losses) and unrealized appreciation (depreciation) on investments
Total net realized gains (losses)	$	1,151,870	$	1,561,437
Total net change in unrealized appreciation (depreciation)		3,613,065		8,044,881
Net realized gains (losses) and unrealized appreciation (depreciation) on investments	$	4,764,935	$	9,606,318

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

The Adviser determines the fair value of our portfolio investments quarterly and any changes in fair value are recorded as unrealized appreciation or depreciation. During the three months ended September 30, 2024 we had net change in unrealized (depreciation)/appreciation on our investment portfolio of $3.6 million, driven primarily by an increase in the fair value of our debt investments compared to June 30, 2024. During the nine months ended September 30, 2024 we had a net change in unrealized (depreciation)/appreciation on our investment portfolio of $8.0 million, driven primarily by an increase in the fair value of our debt investments compared to December 31, 2023.

Financial Condition, Liquidity and Capital Resources

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

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

Equity

Subscriptions and Drawdowns

On November 17, 2020, the Adviser committed to contribute $1,000 of capital to the Company. In exchange for this contribution, the Adviser received 50 shares of the Company’s Common Stock.

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Since inception through September 30, 2024, the Company has completed the following share issuances:

	Number of Common	Aggregate
Common Stock Issuance Date	Stock Issued	Offering Price
September 27, 2024 (1)	647,722	$	12,832,667
September 27, 2024	117,353		2,325,000
July 2, 2024	282,309		5,600,000
June 28, 2024	6,539,426		129,520,525
June 28, 2024 (1)	634,347		12,563,937
April 2, 2024	12,684		250,000
March 28, 2024	3,402,804		66,893,333
March 26, 2024(1)	461,503		9,072,365
December 28, 2023	2,305,457		45,036,647
December 26, 2023(1)	264,628		5,169,447
September 29, 2023	2,578,558		49,900,000
September 27, 2023(1)	218,518		4,228,747
June 28, 2023	1,126,918		21,800,000
June 26, 2023(1)	252,293		4,880,557
April 3, 2023	56,599		1,093,900
March 29, 2023	980,749		18,906,100
March 27, 2023(1)	229,681		4,427,602
December 30, 2022	2,467,892		48,500,000
December 27, 2022(1)	186,283		3,666,375
September 28, 2022	5,000,901		99,900,000
September 26, 2022(1)	138,540		2,767,536
June 29, 2022	2,498,950		50,000,000
June 27, 2022(1)	100,633		2,013,490
March 29, 2022	1,986,561		40,000,000
March 25, 2022	2,734,196		55,000,000
March 24, 2022(1)	87,065		1,751,362
December 22, 2021(1)	44,706		898,396
December 9, 2021	10,296,137		210,000,000
September 24, 2021	3,783,388		75,000,000
September 23, 2021(1)	17,842		353,695
August 25, 2021(1)	13,540		271,305
June 18, 2021	5,025,757		100,000,000
March 30, 2021	3,687,064		71,877,447
February 26, 2021	1,429,493		28,121,553
February 4, 2021	1,545,776		30,000,000
December 24, 2020	744,307		14,886,136
December 21, 2020	505,693		10,113,864
November 17, 2020	50		1,000

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

The sales of Common Stock were made pursuant to subscription agreements entered into by the Company and its investors. Under the terms of the subscription agreements, investors are required to fund drawdowns to purchase shares of Common Stock up to the amount of their respective capital commitments on an as-needed basis with a minimum of ten business days’ prior notice to the funding date.

Each of the sales of Common Stock is exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2) thereof and Regulation D thereunder. The Company is still accepting new commitments. The Company has not engaged in general solicitation or advertising with regard to the issuance and sale of the Common Stock and has not offered securities to the public in connection with such issuance and sale. The Company relied, in part, upon representations from the investors in the subscription agreements that each investor was an accredited investor as defined in Regulation D under the Securities Act.

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Debt

Financing Facilities

The following tables show the Company’s outstanding debt as of September 30, 2024 and December 31, 2023:

	September 30, 2024
	Aggregate Principal		Outstanding		Amount		Net Carrying
	Committed		Principal		Available (1)		Value
Capital Call Facility	$	85,000,000	$	1,000,000	$	84,000,000	$	914,694
Revolving Credit Facility		850,000,000		665,000,000		185,000,000		656,361,933
Secured Credit Facility		300,000,000		201,000,000		99,000,000		197,872,661
2025 Notes		225,000,000		225,000,000		—		224,345,691
2029 Notes		200,000,000		200,000,000		—		197,600,864
Total	$	1,660,000,000	$	1,292,000,000	$	368,000,000	$	1,277,095,843

	December 31, 2023
	Aggregate Principal		Outstanding		Amount		Net Carrying
	Committed		Principal		Available (1)			Value
Capital Call Facility	$	85,000,000	$	52,000,000	$	33,000,000	$	51,663,310
Revolving Credit Facility		750,000,000		666,000,000		84,000,000		661,932,675
Secured Credit Facility		300,000,000		126,000,000		174,000,000		123,999,715
2025 Notes		225,000,000		225,000,000		—		223,656,743
Total	$	1,360,000,000	$	1,069,000,000	$	291,000,000	$	1,061,252,443

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

Liquidity

Operating liquidity is our ability to meet our short-term liquidity needs. The following table presents our operating liquidity position as of September 30, 2024 and December 31, 2023:

	As of
	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	96,096,004	$	41,629,071
Unused borrowing capacity (1)		284,000,000		206,000,000
Unfunded portfolio company commitments		(416,202,972)		(226,541,917)
Undrawn capital commitments		336,595,650		311,944,509
Total operational liquidity	$	300,488,682	$	333,031,663

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

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Distributions

For the three and nine months ended September 30, 2024 and 2023, the Company declared the following distributions:

		Distribution Rate		Distribution
Record Date	Payment Date	per Share		Paid
September 26, 2024	September 27, 2024	$	0.650	$	40,066,810
June 26, 2024	June 28, 2024	$	0.650	$	35,220,358
March 25, 2024	March 26, 2024	$	0.650	$	32,700,314
September 25, 2023	September 27, 2023	$	0.655	$	29,436,364
June 23, 2023	June 26, 2023	$	0.640	$	27,879,553
March 24, 2023	March 27, 2023	$	0.600	$	25,376,864

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

Commitments and Off-Balance Sheet Arrangements

Litigation and Regulatory Matters

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

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Unfunded Portfolio Company Commitments

From time to time, the Company may enter into commitments to fund investments. As of September 30, 2024 and December 31, 2023, the Company had the following unfunded portfolio company commitments under loan and financing agreements:

		September 30, 2024		December 31, 2023
Portfolio Company	Type of Investment	Par		Par
2-10 Holdco, Inc.	First Lien Revolving Loan	$	2,777,778	$	2,777,778
Accordion Partners LLC	First Lien Delayed Draw Term Loan		—		2,074,694
Accordion Partners LLC	First Lien Revolving Loan		1,017,007		2,034,014
Accuserve	First Lien Delayed Draw Term Loan		6,192,170		2,689,655
Accuserve	First Lien Revolving Loan		6,573,271		—
Acentra Holdings, LLC	First Lien Revolving Loan		1,344,648		—
Acentra Holdings, LLC	First Lien Delayed Draw Term Loan		8,715,000		—
Action Behavior Centers Therapy LLC	First Lien Revolving Loan		3,071,429		—
Action Behavior Centers Therapy LLC	First Lien Delayed Draw Term Loan		6,142,857		—
Alkeme Intermediary Holdings, LLC	First Lien Delayed Draw Term Loan		23,333,333		—
AmeriLife Group LLC	First Lien Delayed Draw Term Loan		6,325,222		1,768,121
AmeriLife Group LLC	First Lien Revolving Loan		6,891,022		5,272,727
Anaplan, Inc.	First Lien Revolving Loan		1,546,008		1,546,008
Aprio Advisory Group, LLC	First Lien Delayed Draw Term Loan		8,804,825		—
Aprio Advisory Group, LLC	First Lien Revolving Loan		2,993,640		—
ARMStrong Receivable Management	First Lien Delayed Draw Term Loan		4,561,218		4,955,250
ARMStrong Receivable Management	First Lien Revolving Loan		298,516		298,516
Baker Tilly Advisory Group, L.P.	First Lien Delayed Draw Term Loan		2,736,444		—
Baker Tilly Advisory Group, L.P.	First Lien Revolving Loan		3,834,507		—
Beacon Pointe Harmony, LLC	First Lien Delayed Draw Term Loan		11,688,000		9,873,511
Beacon Pointe Harmony, LLC	First Lien Revolving Loan		3,000,000		3,000,000
Belmont Buyer, Inc.	First Lien Revolving Loan		2,180,233		2,180,233
Belmont Buyer, Inc.	First Lien Delayed Draw Term Loan		4,234,694		2,616,279
Bottomline Technologies, Inc.	First Lien Revolving Loan		7,365,385		7,365,385
Captive Resources Midco, LLC	First Lien Revolving Loan		2,202,764		2,202,764
Chartis Group, LLC	First Lien Revolving Loan		2,517,483		—
Chartis Group, LLC	First Lien Delayed Draw Term Loan		1,258,741		—
Cherry Bekaert Advisory LLC	First Lien Delayed Draw Term Loan		4,200,000		5,625,000
Choreo Buyer, LLC	First Lien Delayed Draw Term Loan		15,560,000		—
Cliffwater, LLC	First Lien Revolving Loan		2,857,143		2,857,143
CNSI Holdings, LLC	First Lien Revolving Loan		—		912,440
Continental Buyer Inc.	First Lien Delayed Draw Term Loan		8,152,866		—
Continental Buyer Inc.	First Lien Revolving Loan		3,057,325		—
Diligent Corporation	First Lien Delayed Draw Term Loan		4,123,925		—
Diligent Corporation	First Lien Revolving Loan		5,996,603		2,300,000
Eclipse Buyer, Inc.	First Lien Revolving Loan		1,082,661		—
Eclipse Buyer, Inc.	First Lien Delayed Draw Term Loan		2,133,941		—
Ellkay, LLC	First Lien Revolving Loan		2,166,667		3,611,111
Foundation Risk Partners, Corp.	First Lien Revolving Loan		4,407,199		—
Foundation Risk Partners, Corp.	First Lien Delayed Draw Term Loan		9,562,465		—
Galway Borrower, LLC	First Lien Delayed Draw Term Loan		12,133,107		21,000,000
Galway Borrower, LLC	First Lien Revolving Loan		2,227,255		4,098,295
GaphPAD Software, LLC	First Lien Revolving Loan		—		1,250,000
Geosyntec Consultants, Inc.	First Lien Delayed Draw Term Loan		—		2,186,775
Geosyntec Consultants, Inc.	First Lien Revolving Loan		—		1,609,000
Giving Home Health Care	First Lien Revolving Loan		—		3,125,000
GovDelivery Holdings, LLC	First Lien Revolving Loan		2,192,982		1,909,804
GS Acquisitionco, Inc.	First Lien Revolving Loan		940,000		—
GS Acquisitionco, Inc.	First Lien Delayed Draw Term Loan		1,425,600		—
Hyland Software, Inc	First Lien Revolving Loan		1,199,095		1,199,095
IG Investments Holdings, LLC	First Lien Revolving Loan		5,057,803		5,057,803
Imagine Acquisitionco, LLC	First Lien Revolving Loan		4,630,225		4,630,225
KRIV Acquisition Inc.	First Lien Delayed Draw Term Loan		24,923,077		—
Kwol Acquisition Inc	First Lien Revolving Loan		287,657		230,126
LendingTree, Inc.	First Lien Delayed Draw Term Loan		3,000,000		—
MAI Capital Management Intermediate LLC	First Lien Revolving Loan		1,535,714		—
MAI Capital Management Intermediate LLC	First Lien Delayed Draw Term Loan		4,071,429		—
MB2 Dental Solutions, LLC	First Lien Delayed Draw Term Loan		9,425,269		3,200,000
MB2 Dental Solutions, LLC	First Lien Delayed Draw Term Loan		6,732,335		—
MB2 Dental Solutions, LLC	First Lien Revolving Loan		2,244,112		—
Ministry Brands Purchaser, LLC	First Lien Revolving Loan		1,694,915		790,960
Minotaur Acquisition, Inc	First Lien Delayed Draw Term Loan		3,401,163		—
Minotaur Acquisition, Inc	First Lien Revolving Loan		2,040,698		—
Mirra-Prime Access Holdings, LLC	First Lien Revolving Loan		685,000		2,055,000
More Cowbell I LLC	First Lien Delayed Draw Term Loan		—		5,444,251
More Cowbell I LLC	First Lien Revolving Loan		—		5,770,906
More Cowbell II LLC	First Lien Delayed Draw Term Loan		5,444,251		—
More Cowbell II LLC	First Lien Revolving Loan		4,137,631		—
Neptune Flood Incorporated	First Lien Revolving Loan		—		750,000
New Mountain Capital LLC	Subordinated Unsecured		400,000		—
New Mountain Capital LLC	Subordinated Unsecured		1,688,900		—
New Mountain Capital LLC	Subordinated Unsecured		5,884,813		—
New Mountain Capital LLC	Subordinated Unsecured		8,050,292		—
OneDigital Borrower LLC	First Lien Delayed Draw Term Loan		—		9,771,429
Orion Advisor Solutions, LLC	Second Lien Delayed Draw Term Loan		8,192,070		—
NextGen Healthcare	First Lien Delayed Draw Term Loan		2,369,525		2,369,525
NextGen Healthcare	First Lien Revolving Loan		889,328		889,328
NXGen Buyer, Inc.	First Lien Revolving Loan		326,292		—
PAS Parent Inc.	First Lien Delayed Draw Term Loan		2,065,500		9,000,000

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PAS Parent Inc.	First Lien Revolving Loan		843,370		1,000,000
PAS Parent Inc.	First Lien Delayed Draw Term Loan		5,625,000		—
Petra Borrower, LLC	First Lien Delayed Draw Term Loan		3,193,046		6,875,000
Petra Borrower, LLC	First Lien Revolving Loan		1,719,332		2,750,000
Project K BuyerCo, Inc.	First Lien Revolving Loan		7,727,273		7,727,273
RSC Acquisition, Inc	First Lien Delayed Draw Term Loan		1,237,946		19,662,857
Simplifi Holdings, Inc.	First Lien Revolving Loan		2,493,976		2,349,398
Southpaw AP Buyer, LLC	First Lien Revolving Loan		868,056		459,406
Southpaw AP Buyer, LLC	First Lien Delayed Draw Term Loan		711,806		—
SpecialtyCare, Inc.	First Lien Revolving Loan		658,640		913,598
Stepping Stones Healthcare Services, LLC	First Lien Revolving Loan		3,500,000		3,500,000
Stepping Stones Healthcare Services, LLC	First Lien Delayed Draw Term Loan		6,300,000		1,545,250
TA/WEG Intermediate Holdings, LLC	First Lien Revolving Loan		2,000,000		2,000,000
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan		14,157,973		3,940,858
TA/WEG Intermediate Holdings, LLC	First Lien Revolving Loan		1,135,135		—
Tamarack Intermediate LLC	First Lien Revolving Loan		3,515,625		3,515,625
Titan Home Improvement, LLC	First Lien Delayed Draw Term Loan		4,604,651		—
Titan Home Improvement, LLC	First Lien Revolving Loan		3,837,209		—
Trinity Partners Holdings LLC	First Lien Delayed Draw Term Loan		6,624,681		7,446,809
TST Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan		2,788,462		5,769,231
Vital Care Buyer LLC	First Lien Revolving Loan		873,750		—
Williams Martson, LLC	First Lien Delayed Draw Term Loan		2,553,846		2,553,846
Williams Martson, LLC	First Lien Revolving Loan		2,106,923		2,234,615
Worldwide Insurance Network, LLC	First Lien Delayed Draw Term Loan		12,923,244		—
Total Par		$	416,202,972	$	226,541,917

The Company expects to maintain sufficient liquidity in the form of cash, financing capacity and undrawn capital commitments from our investors to cover any outstanding unfunded portfolio company commitments we may be required to fund.

Investor Commitments

As of September 30, 2024, the Company had received capital commitments totaling $1,511.3 million, of which, $336.6 million remains unfunded. As of December 31, 2023, the Company had received capital commitments totaling $1,281.1 million, of which, $311.9 million remained unfunded.

Contractual Obligations

Our payment obligations for repayment of debt, which total our contractual obligations on September 30, 2024, include $85 million of financing under the Capital Call Facility and $225 million of financing under the 2025 Notes maturing in less than one year, and $1,350 million of financing under the Revolving Credit Facility, the Secured Credit Facility and the 2029 Notes maturing in three to five years.

	Payments Due by Period
			Less Than		1 – 3		3 – 5		More Than
	Total		1 Year		Years		Years		5 Years
Capital Call Facility	$	85,000,000	$	85,000,000	$	—	$	—	$	—
Revolving Credit Facility		850,000,000		—		—		850,000,000		—
Secured Credit Facility		300,000,000		—		—		300,000,000		—
2025 Notes		225,000,000		225,000,000		—		—		—
2029 Notes		200,000,000		—		—		200,000,000		—
Total Contractual Obligations	$	1,660,000,000	$	310,000,000	$	—	$	1,350,000,000	$	—

Hedging

In connection with certain portfolio investments, the Company may employ hedging techniques designed to reduce the risk of adverse movements in interest rates, securities prices and currency exchange rates. While such transactions may reduce certain risks, such transactions themselves may entail certain other risks. Thus, while the Company 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 the Company than if it had not entered into such hedging transactions. The successful utilization of hedging and risk management transactions requires skills that are separate from the skills used in selecting and monitoring investments. There were no hedging transactions through the three months ended September 30, 2024.

Critical Accounting Policies

This discussion of the Company’s operating plan is based upon the Company’s consolidated financial statements, which are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP“). The

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preparation of these consolidated financial statements requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ. In addition to the discussion below, the Company describes its critical accounting policies in the notes to the Company’s consolidated financial statements.

Valuation of Investments

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

Revenue Recognition

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

U.S. Federal Income Taxes

The Company has elected to be treated, and intends to qualify annually, to be taxed as a RIC under Subchapter M of the Code. As a RIC, the Company generally will not be subject to corporate-level U.S. federal income taxes on any ordinary income or capital gains distributed to stockholders. To qualify as a RIC, the Company must, among other things, maintain an election under the 1940 Act to be regulated as a BDC, meet specified source-of-income and asset diversification requirements as well as distribute each taxable year dividends for U.S. federal income tax purposes generally of an amount at least equal to 90% of the Company’s “investment company taxable income,“ which is generally the Company’s net ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses and determined without regard to any deduction for dividends paid. See “Note 11. Taxes.”

Recent Developments

None.

Item 3.Quantitative and Qualitative Disclosures about Market Risk

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

Valuation Risk

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

Interest Rate Risk

Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we expect to fund a portion of our investments with borrowings, our net investment income is expected to be affected by the difference

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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 September 30, 2024, 99.5% of our debt investments based on fair value were at floating rates. Our credit facilities, including our Capital Call Facility, Revolving Credit Facility and Secured Credit Facility, also bear interest at floating rates.

Based on our Consolidated Statement of Assets and Liabilities as of September 30, 2024, 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
					Net Investment
Basis point change	Interest Income (1)		Interest Expense		Income (Loss)
300	$	70,685,724	$	(26,010,000)	$	44,675,724
200		47,123,816		(17,340,000)		29,783,816
100		23,561,908		(8,670,000)		14,891,908
(100)		(23,561,908)		8,670,000		(14,891,908)
(200)		(47,123,816)		17,340,000		(29,783,816)
(300)		(70,685,724)		26,010,000		(44,675,724)

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

We may in the future hedge against interest rate fluctuations by using hedging instruments such as interest rate swaps, futures, options and forward contracts, subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of changes in interest rates with respect to our portfolio investments. We did not engage in interest rate hedging activities during the three months ended September 30, 2024.

Item 4.Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of September 30, 2024 (the end of the period covered by this report), our management, including our Principal Executive Officer and Principal Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act). Based on that evaluation, our management, including the Principal Executive Officer and Principal Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

Changes in Internal Control over Financial Reporting

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

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PART II. OTHER INFORMATION

Item 1.    Legal Proceedings

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

Item 1A.    Risk Factors

There have been no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K, as filed with the SEC on March 22, 2024.

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

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

Item 3.Defaults Upon Senior Securities

None.

Item 4.Mine Safety Disclosure

Not applicable.

Item 5.Other Information

Rule 10b5-1 Trading Plans

During the fiscal quarter ended September 30, 2024, none of our directors or executive officers adopted or terminated any contract, instruction, or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

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Item 6.Exhibits

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

3.1	Amended and Restated Certificate of Incorporation1
3.2	Amended and Restated Bylaws2
10.1	Fifth Amendment to Loan and Security Agreement, dated as of September 12, 2024, among SPCC Funding I LLC, as borrower; Stone Point Credit Adviser LLC, as portfolio manager; U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator; U.S. Bank National Association, as securities intermediary; and JPMorgan Chase Bank, National Association, as administrative agent and lender.
10.2	Note Purchase Agreement by and between the Company and the purchasers party thereto, dated September 17, 20243
10.3	Form of Fund of Funds Investment Agreement*
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

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

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

³ Previously filed as Exhibit 10.1 to the Company’s Form 8-K filed on September 19, 2024.

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SIGNATURES

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

		Stone Point Credit Corporation
Date: November 12, 2024	By:	/s/ Scott J. Bronner
		Name: Scott J. Bronner
		Title: Principal Executive Officer
Date: November 12, 2024	By:	/s/ Gene Basov
		Name: Gene Basov
		Title: Principal Financial Officer

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