# EDGAR Filing Document

**Accession Number:** 0001825384
**File Stem:** 0001104659-23-039118
**Filing Date:** 2023-3
**Character Count:** 754748
**Document Hash:** ea0ca72cac87de13db61058d7ea93be5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-039118.hdr.sgml**: 20230330

**ACCESSION NUMBER**: 0001104659-23-039118

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230330

**DATE AS OF CHANGE**: 20230330

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Stone Point Credit Corp
- **CENTRAL INDEX KEY:** 0001825384
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01375
- **FILM NUMBER:** 23780523

**BUSINESS ADDRESS:**
- **STREET 1:** 20 HORSENECK LANE
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830
- **BUSINESS PHONE:** (203) 862-2900

**MAIL ADDRESS:**
- **STREET 1:** 20 HORSENECK LANE
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Stone Point Capital Credit LLC
- **DATE OF NAME CHANGE:** 20200918

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K**

**(Mark One)**

⌧ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the Fiscal Year Ended December 31, 2022**

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| | |
|:---|:---|
| ¨ | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

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**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:**

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| | | |
|:---|:---|:---|
| **Title of each class** | &nbsp;&nbsp;**Trading<br> Symbol** | &nbsp;&nbsp;**Name of each exchange<br> on which registered** |
| **None** | **None** | **None** |

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**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 if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act &nbsp;&nbsp;&nbsp;&nbsp;Yes ◻&nbsp;&nbsp;&nbsp;&nbsp;No ⌧

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act &nbsp;&nbsp;&nbsp;&nbsp;Yes ◻&nbsp;&nbsp;&nbsp;&nbsp;No ⌧

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 ⌧&nbsp;&nbsp;&nbsp;&nbsp;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 ⌧&nbsp;&nbsp;&nbsp;&nbsp;No ¨

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

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ¨ | Accelerated filer | ¨ |
| Non-accelerated filer | x | Smaller reporting company | ¨ |
|  |  | Emerging growth company | x |

---

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

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ◻

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ◻

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).&nbsp;&nbsp;&nbsp;&nbsp;Yes ◻&nbsp;&nbsp;&nbsp;&nbsp;No ⌧

The issuer had 43,505,203 shares of common stock, $0.001 par value per share, outstanding as of March 30, 2023.

**Auditor Firm ID**: 185 **Auditor Name**: KMPG LLP **Auditor Location**: Stamford, Connecticut.

**Stone Point Credit Corporation**

**FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2022**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  | **Index** | **Page No.** |
| [**PART I.**](#a_001) |  |  |
| [Item 1.](#a_002) | [Business](#a_002) | [6](#a_002) |
| [Item 1A.](#a_003) | [Risk Factors](#a_003) | [23](#a_003) |
| [Item 1B.](#a_004) | [Unresolved Staff Comments](#a_004) | [50](#a_004) |
| [Item 2.](#a_005) | [Properties](#a_005) | [50](#a_005) |
| [Item 3.](#a_006) | [Legal Proceedings](#a_006) | [50](#a_006) |
| [Item 4.](#a_007) | [Mine Safety Disclosures](#a_007) | [50](#a_007) |
| [**PART II.**](#a_008) |  |  |
| [Item 5.](#a_009) | [Market Price of and Dividends on the Registrant's Common Equity and Related Stockholder Matters](#a_009) | [51](#a_009) |
| [Item 6.](#a_010) | [Selected Financial Data](#a_010) | [53](#a_010) |
| [Item 7.](#a_011) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_011) | [53](#a_011) |
| [Item 7A.](#a_012) | [Quantitative and Qualitative Disclosures About Market Risk](#a_012) | [69](#a_012) |
| [Item 8.](#a_013) | [Financial Statements and Supplementary Data](#a_013) | [72](#a_013) |
| [Item 9.](#item9) | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#item9) | [111](#item9) |
| [Item 9A.](#sp06_01) | [Controls and Procedures](#sp06_01) | [111](#sp06_01) |
| [Item 9B.](#sp06_02) | [Other Information](#sp06_02) | [112](#sp06_02) |
| [Item 9C.](#sp06_03) | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#sp06_03) | [112](#sp06_03) |
| [**PART III.**](#sp06_04) |  |  |
| [Item 10.](#sp06_05) | [Directors, Executive Officers and Corporate Governance](#sp06_05) | [112](#sp06_05) |
| [Item 11.](#sp06_06) | [Executive Compensation](#sp06_06) | [114](#sp06_06) |
| [Item 12.](#sp06_07) | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#sp06_07) | [115](#sp06_07) |
| [Item 13.](#sp06_08) | [Certain Relationships and Related Transactions, and Director Independence](#sp06_08) | [116](#sp06_08) |
| [Item 14.](#sp06_09) | [Principal Accounting Fees and Services](#sp06_09) | [122](#sp06_09) |
| [**PART IV.**](#sp06_10) |  |  |
| [Item 15.](#sp06_11) | [Exhibits and Financial Statement Schedules](#sp06_11) | [124](#sp06_11) |
| [**Signatures**](#sp06_12) |  | [126](#sp06_12) |

---

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

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 its credit-focused affiliates, as applicable, "Stone Point Credit"). This annual report on Form 10-K 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, such as the Coronavirus (also referred to as "COVID-19" or "Coronavirus")
 pandemic or similar pandemic;

• interest rate volatility, including the discontinuation of LIBOR,
 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 and Ukraine;

• our contractual arrangements and relationships with third parties;

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

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

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

• the adequacy of our financing sources and working capital;

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

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

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

• our ability to maintain our qualification as a business development
 company ("BDC") and as a regulated investment company ("RIC") under
 the Internal Revenue Code of 1986, as amended (the "Code");

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

• the risks, uncertainties and other factors we identify under "*Item 1A. Risk Factors*" and elsewhere in this report.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled "Item 1A. Risk Factors" 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 Securities and Exchange Commission (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 of 1933, as amended (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.

**<u>Summary of Risk Factors</u>**

Investing in the Company's common stock (the "Common Stock") involves a high degree of risk. Some, but not all, of the risks and uncertainties that the Company faces are summarized below. Please refer to "*Item 1A Risk Factors*" for a more fulsome description of each risk.

**Risks Relating to the Company's Business and Structure**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company has little operating history.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The success of the Company depends in substantial part on the
 experience and expertise of the Adviser and its Investment Team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Legal, tax and regulatory changes could occur that may adversely
 affect the Company at any time during its term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The business of identifying and structuring investments of the
 types contemplated by the Company is highly competitive and involves a high degree of uncertainty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's investments are subject to the risks of investing
 in the financial services industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain sectors targeted by the Company are highly cyclical and
 subject to significant fluctuation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The information and technology systems of the Company, the Adviser
 and their respective service providers may be vulnerable to cyber-attacks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Common Stock is an illiquid investment for which there is
 not a secondary market nor is it expected that any such secondary market will develop in
 the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stockholders of the Company ("Stockholders") may
 be subject to significant adverse consequences in the event such a Stockholder defaults on
 its capital commitment to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees of the Adviser may serve as directors of some portfolio
 companies and, as such, may have duties to persons other than the Company, including other
 shareholders of such portfolio companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser will not assume any responsibility to the Company
 other than to render the services described in its Investment Advisory Agreement with the
 Company, and it will not be responsible for any action of the Board in declining to follow
 the Adviser's advice or recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the Company does not maintain its status as a BDC, the Company
 might be regulated as a closed-end investment company under the 1940 Act, which would subject
 it to substantially more regulatory restrictions and correspondingly decrease the Company's
 operating flexibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company is and will remain an "emerging growth company"
 as defined in the JOBS Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a public entity, the Company is subject to the reporting requirements
 of the Exchange Act and requirements of the Sarbanes-Oxley Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have elected to be treated as a RIC under Subchapter M of
 the Internal Revenue Code of 1986, as amended (the "Code"), and we intend to
 operate in a manner so as to continue to qualify for the tax treatment applicable to RICs.
 To qualify for tax treatment as a RIC, we must, among other things, distribute to our Stockholders
 in each taxable year generally at least 90% of the sum of our investment company taxable
 income, as defined by the Code (without regard to the deduction for dividends paid), and
 net tax-exempt income for that taxable year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain of the Company's debt investments may contain provisions
 providing for the payment of paid-in-kind ("PIK") interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company is subject to certain restrictions imposed by ERISA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stockholders may experience dilution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The net asset value and liquidity, if any, of the market for
 shares of the Common Stock may be significantly affected by numerous factors, some of which
 are beyond the Company's control and may not be directly related to the Company's
 operating performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The amount of any distributions the Company may make on the Common
 Stock is uncertain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's business faces increasing public scrutiny
 related to environmental, social and governance ("ESG") activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company intends to operate as a non-diversified investment
 company within the meaning of the 1940 Act, which means that the Company will not be limited
 by the 1940 Act with respect to the proportion of its assets that it may invest in a single
 issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There can be no assurance that there will be a sufficient number
 of suitable investment opportunities satisfying the investment objectives of the Company
 to enable the Company to invest all of its committed capital, or that such investment opportunities
 will lead to completed investments by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company may co-invest in portfolio companies with third parties
 (including, in certain circumstances, investment funds, accounts and investment vehicles
 managed by the Adviser and its affiliates) through partnerships, joint ventures or other
 arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company may make minority investments, or may make investments
 in "club" deals alongside entities sponsored by other private credit or private
 equity firms, in portfolio companies where the Company may not have the right to appoint
 a director or otherwise be able to control or effectively influence the business or affairs
 of such entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company may make follow-on investments in certain portfolio
 companies or have the opportunity to increase an investment in certain portfolio companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company may, subject to the limitations described herein,
 incur leverage in connection with its operations, collateralized by its assets and/or capital
 commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• General interest rate fluctuations may have a substantial negative
 impact on the Company's investments, the value of the Company's Common Stock
 and the Company's rate of return on invested capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The discontinuation of London InterBank Offered Rate ("LIBOR")
 may adversely affect the value of the financial obligations to be held or issued by us that
 are linked to LIBOR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser and its affiliates may have actual and potential
 conflicts of interest.

**Risks Relating to the Company's Investments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increased interest rates and inflation will increase financing
 costs for portfolio companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company invests primarily by making loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company will acquire a significant percentage of its portfolio
 company investments from privately held companies in directly negotiated transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments in private and middle-market companies involves a
 number of significant risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's investment portfolio may contain securities
 or instruments issued by publicly held companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company will accept subscriptions and will maintain books
 and records in dollars although the Company may invest a portion of capital outside of the
 United States (and in various foreign currencies).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's investments will be subject to various risks,
 particularly the risk that the Company will be unable to realize its investment objectives
 by sale or other disposition at attractive prices or be unable to complete any exit strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investing in the Company presents certain risks, including, but
 not limited to, risks associated with: credit, investments in loans, "higher-yielding"
 debt securities, stressed and distressed investments, investments in public companies, credit
 ratings, prepayment, and interest rates.

**General Risk Factors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• General economic conditions may affect the Company's activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Economic recessions or downturns could impair the portfolio companies,
 and defaults by the portfolio companies will harm the Company's operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Public health emergencies could negatively affect portfolio companies
 and the Company's results of operations.

**<u>PART I.</u>**

**Item 1. Business**

**The Company – Stone Point Credit Corporation**

Stone Point Credit Corporation (the "Company" or "we") is a specialty finance company focused on lending to middle market companies. We are an externally-managed closed-end investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, for tax purposes we have elected to be treated and intend 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's investment objective is to generate current income and, to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. No assurance can be given that our investment objective will be achieved, and investment results may vary substantially on a monthly, quarterly and annual basis. Stone Point Credit Adviser LLC (the "Adviser" or together with its credit-focused affiliates, as applicable "Stone Point Credit") believes that our investment objective can be achieved by primarily investing in senior secured debt, including first lien, second lien and unitranche debt, or unsecured loans and, to a lesser extent, subordinated loans, mezzanine loans and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. We may invest without limit in originated or syndicated debt. The Adviser is an affiliate of Stone Point Capital LLC ("Stone Point Capital" or together with Stone Point Credit and Stone Point Capital's other affiliates, as applicable, "Stone Point" or the "Firm").

The instruments in which we invest typically are not rated by any rating agency, but the Adviser believes that if such instruments were rated, they would be below investment grade, which is an indication of having predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. Investments that are rated below investment grade are sometimes referred to as "high yield bonds," "junk bonds" or "leveraged loans." Therefore, our investments may result in an above average amount of risk and volatility or loss of principal.

The Adviser believes that the current market environment presents an attractive investment opportunity for the Company. 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. In addition to favorable market dynamics, the Adviser believes the Investment Team's extensive network of contacts, which includes financial sponsors, debt investors, banks and specialty lenders, as well as the Adviser's targeted outbound search model, combined with Stone Point's reputation and record as a leader in investing in the financial services industry, provides the Company with a significant competitive advantage in sourcing attractive investment opportunities. Stone Point has created a network in sourcing, monitoring and workouts/restructuring that may be utilized by the Adviser as needed in managing the Company's investments.

**Corporate Structure**

The Company was formed as Stone Point Capital Credit LLC, a Delaware limited liability company, on September 8, 2020. On December 1, 2020, in connection with its election to be regulated as a BDC, the Company changed its name and converted to Stone Point Credit Corporation, a Delaware corporation, and the member of Stone Point Capital Credit LLC became the sole stockholder of Stone Point Credit Corporation.

**The Adviser – Stone Point Credit Adviser LLC**

Subject to the supervision of the Board of Directors (the "Board"), pursuant to an investment advisory agreement between the Company and the Adviser dated December 1, 2020 (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. The Board, including a majority of the independent directors, most recently approved the renewal of the Investment Advisory Agreement for a one-year term in November 2022. The Adviser is an affiliate of Stone Point, which is an alternative investment management platform specializing in investments within the global financial services industry and related sectors with an investment track record of over 25 years. As of December 31, 2022, Stone Point had approximately $49 billion of assets under management, including approximately $4.4 billion managed by the Adviser.

Pursuant to a resource sharing agreement between Stone Point Capital and the Adviser (the "Resource Sharing Agreement"), Stone Point Capital makes the investment professionals on the Stone Point Credit investment team (the "Stone Point Credit Investment Team") available to the Adviser for purposes of originating and identifying investment opportunities, conducting research and due diligence on prospective investments, analyzing and underwriting investment opportunities, structuring investments and monitoring and servicing the Company's investments in accordance with the services provided by the Adviser under the Investment Advisory Agreement ("Credit Activities"). On an as needed basis, certain other investment professionals on the Stone Point Capital private equity investment team (the "Stone Point Capital Private Equity Team" and together with the Stone Point Credit Investment Team, the "Investment Team") contribute a portion of their time, effort and expertise to support Credit Activities. The Stone Point Credit Investment Team employs a blend of top-down and bottom-up analysis. The senior members of the Stone Point Credit Investment Team have been actively involved in the alternative credit investing market for many years and have built strong relationships with private equity sponsors, banks and financial intermediaries. As of December 31, 2022, the Investment Team was comprised of more than 85 investment professionals. A majority of the Investment Team is focused on the private equity markets; however, Stone Point intends to continue to expand the dedicated Stone Point Credit Investment Team to support the ongoing growth of the Company and expansion of Credit Activities<sup>1</sup>. As of December 31, 2022, the Stone Point Credit Investment Team was comprised of more than 15 dedicated investment professionals<sup>2</sup>. In addition, the Investment Team is supported by finance, tax, operational, administrative, legal, compliance, investor relations, business development and information technology professionals. Certain of these individuals have additional responsibilities other than those relating to the Company, including the other Credit Funds and private equity products sponsored by Stone Point Capital, but allocate a portion of their time in support of the Company's business and investment objective.

The Adviser's investment committee servicing the Company is comprised of Scott J. Bronner, James D. Carey, Eric L. Rosenzweig, David J. Wermuth and Nicolas D. Zerbib (the "Investment Committee"), who bring substantial private equity, investment banking, insurance, government and executive management experience. The Investment Committee is responsible for making all investment and disposition decisions subject to the supervision of the Board, a majority of which is made up of Independent Directors.

The Adviser believes that the Investment Team's and Investment Committee's extensive network of contacts, which includes financial sponsors, debt investors, banks and specialty lenders, as well as the Adviser's targeted outbound search model and its reputation and record as a leader in investing in the financial services industry, provide the Company with a significant competitive advantage in sourcing and underwriting attractive investment opportunities. Stone Point has created a network in sourcing, monitoring and workouts/restructuring that may be utilized by the Adviser as needed in managing the Company's investments.

<sup>1</sup> 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.

<sup>2</sup> Includes two investment team professionals whose focus is shared across Stone Point Credit and Stone Point Capital

**The Board of Directors**

The Company's business and affairs are managed under the direction of its Board. The Board consists of five members, three of whom are not "interested persons" of the Company, the Adviser or their respective affiliates as defined in Section 2(a)(19) of the 1940 Act. These individuals are referred to as the "Independent Directors." The Independent Directors compose a majority of the Board. Directors who are "interested persons," as defined in Section 2(a)(19) of the 1940 Act, of the Company or the Adviser are referred to herein as "Interested Directors." The Board elects the Company's officers, who serve at the discretion of the Board. The responsibilities of the Board include quarterly determinations of fair value of the Company's assets, corporate governance activities, oversight of the Company's financing arrangements and oversight of the Company's investment activities.

**History of Stone Point**

Stone Point Capital has a history of successfully investing in the global financial services industry over a period of more than thirty years. The platform began in 1985 and operated as MMC Capital under the ownership of Marsh & McLennan Companies, Inc. until 2005. Current Managing Directors of Stone Point Capital led the management of MMC Capital from 1998 until 2005, when they formed Stone Point Capital to acquire the business from Marsh & McLennan. Between 1985 and 1993, Stone Point Capital continued to execute a strategy of investing in property & casualty underwriting businesses on an opportunistic basis as market opportunities were identified. In 1994, Stone Point Capital formed its first private equity fund, Trident I, with committed capital to invest in underwriting companies operating principally within the insurance industry. During the last twenty five years, the scope of investment activities has broadened to include other financial services companies, including companies in the following sectors: insurance distribution and services, life insurance underwriting, property & casualty insurance underwriting, insurance run-off, banking institutions, business services and technology, HR and employer services, specialty finance and non-bank lenders, real estate finance and services, managed care and healthcare services, asset and wealth management, and advisory, broker-dealers and merchant trading. Stone Point Capital's expertise, reputation and contacts have enabled it to identify, evaluate and respond quickly to market opportunities, and to work actively in partnership with managers to enhance the value of portfolio companies in numerous segments within the financial services industry.

In 2020, the Managing Directors of Stone Point Capital formed Stone Point Credit to assume responsibility for managing the corporate and consumer credit-focused investment vehicles managed by Stone Point Capital. Stone Point Credit has raised and manages a comprehensive suite of credit strategies, which are accessible through commingled funds and customized separately managed accounts. Stone Point Credit seeks to leverage the Firm's deep industry expertise and extensive network to pursue credit-oriented investment opportunities across the financial services, business services, software and technology, and healthcare services sectors. As of December 31, 2022, the Adviser had aggregate committed capital of more than $3.0 billion.

**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).

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

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. See "*Item 1. Business – Qualifying Assets.*"

**Market Opportunity and Competitive Advantages**

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

**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 70 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Firm-wide discussions to prioritize the identified sectors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dedicating small teams of investment professionals to study these
 sectors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interaction with industry experts and attendance at key industry
 conferences; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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, 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.

**Ability to Leverage Stone Point's Experienced Investment Team**. The Adviser intends to utilize Stone Point Capital's significant resources and expertise throughout the life cycle of each investment to support the Stone Point Credit Investment Team's Credit Activities. On an as-needed basis, Stone Point Capital Private Equity Team contributes a portion of its time, effort and expertise 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 Investment Committee. The Investment Committee makes all investment and disposition decisions, subject to Board oversight. As of December 31, 2022, the Investment Team is comprised of more than 85 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 Activities. As of December 31, 2022, the Credit Investment Team was comprised of more than 15 dedicated investment professionals<sup>3</sup>.

**Experienced Investment Committee**<sup>4</sup>**.** 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.

<sup>3</sup> Includes two employees whose focus is shared across Stone Point Credit and Stone Point Capital.

<sup>4</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Bronner is the President of the Company, a Managing
 Director of Stone Point, and a member of the Investment Committee, Allocation Committee and
 Valuation Committee of the Adviser. Prior to joining the Firm in 2009, he was in the Private
 Equity Division at Lehman Brothers Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Carey is a Managing Director of Stone Point, 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Wermuth is the Chairman of the Company, a Managing Director
 and the General Counsel of Stone Point, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Zerbib is a Managing Director of Stone Point, 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.

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

---

| | | |
|:---|:---|:---|
| **The Adviser's Investment Committee** | **Years in<br> Financial<br> Services** | **Years at<br> Stone Point** |
| Scott J. Bronner, *Managing Director<br> Member of the Investment Committee* | 16 | 14 |
| James D. Carey, *Managing Director <br> Member of the Investment Committee* | 29 | 26 |
| Eric L. Rosenzweig, *Managing Director<br> Member of the Investment Committee* | 18 | 16 |
| David J. Wermuth, *Managing Director, General Counsel* <br> *Member of the Investment Committee* | 26 | 23 |
| Nicolas D. Zerbib, *Managing Director <br> Member of the Investment Committee* | 27 | 24 |

---

**Investment Advisory Agreement**

The Company entered into the Investment Advisory Agreement dated December 1, 2020 with the Adviser. The Board, including a majority of the independent directors, most recently approved the renewal of the Investment Advisory Agreement for a one-year term in November 2022. Pursuant to the Investment Advisory Agreement, the Adviser manages the Company's day-to-day operations and provides the Company with investment advisory 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 fund and (viii) to the extent permitted under the 1940 Act and the Investment Advisers Act of 1940 (the "Advisers Act"), on the Company's behalf, and in coordination with any sub-adviser and any administrator, provides significant managerial assistance to those portfolio companies to which the Company is required to provide such assistance under the 1940 Act, including utilizing appropriate personnel of the Adviser to, among other things, monitor the operations of the Company's portfolio companies, participate in board and management meetings, consult with and advise officers of portfolio companies and provide other organizational and financial consultation. The Adviser's services under the Investment Advisory Agreement are not exclusive, and the Adviser is generally free to furnish similar services to other entities so long as its performance under the Investment Advisory Agreement is not adversely affected.

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

*Base Management Fee*

The Company pays to the Adviser an asset-based fee (the "Management Fee") for management services in an amount equal to an annual rate of 1.30% of the average value of the Company's gross assets (excluding cash and cash equivalents) as of the last day of the most recently completed calendar quarter and the last day of the immediately preceding calendar quarter payable quarterly in arrears. The Management Fee for any partial quarter is appropriately prorated based on the actual number of days elapsed during such partial quarter as a fraction of the number of days in the relevant calendar year.

*Incentive Fee*

Beginning on the fourth anniversary of the date on which Stockholders are 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, if the Incentive Commencement Date does not fall on the first day of a calendar quarter, then 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 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 (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), 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. For the purpose of computing the Capital Gains Incentive Fees, the calculation methodology will look through derivative financial instruments or swaps as if the Company owned the reference assets directly.

Pre-incentive fee net investment income means interest income, dividend income and any other income accrued during the calendar quarter, minus operating expenses for the quarter, including the base Management Fee, expenses payable to the Administrator under the Administration Agreement, any interest expense and distributions paid on any issued and outstanding preferred stock, but excluding (x) the Incentive Fee and (y) any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as debt instruments with payment-in-kind ("PIK") interest and zero-coupon securities), accrued income that the Company has not yet received in cash. The Adviser is not obligated to return to the Company the Incentive Fee it receives on PIK interest that is later determined to be uncollectible in cash.

The following is a graphical representation of the calculation of the income incentive fee:

**Incentive Fee on**

**Pre-Incentive Fee Net Investment Income**

**Beginning on the Incentive Commencement Date**

***(expressed as a percentage of average adjusted capital)***

![](tm2310214d1_10ksp02img001.jpg)

**Percentage of Pre-Incentive Fee Net Investment Income**

**Allocated to Quarterly Incentive Fee**

The second component of the Incentive Fee is the Capital Gains Incentive Fee. The Capital Gains Incentive Fee is payable at the end of each calendar year in arrears and equals, commencing on the Incentive Commencement Date, 15.0% of cumulative realized capital gains, net of all realized capital losses and unrealized capital depreciation on a cumulative basis from the Incentive Commencement Date to the end of each calendar year. Each year, the Capital Gains Incentive Fee will be paid net of the aggregate amount of any previously paid Capital Gains Incentive Fee for prior periods. The Company will accrue, but will not pay, a Capital Gains Incentive Fee with respect to unrealized appreciation because a Capital Gains Incentive Fee would be owed to the Adviser if the Company were to sell the relevant investment and realize a capital gain. The fees that are payable under the Investment Advisory Agreement for any partial period will be appropriately prorated. For the sole purpose of calculating the Capital Gains Incentive Fee, the cost basis as of the Incentive Commencement Date for all of the Company's investments made prior to the date of the Exchange Listing will be equal to the fair market value of such investments as of the last day of the calendar quarter in which the date of the Exchange Listing occurs; provided, however, that in no event will the Capital Gains Incentive Fee payable pursuant to the Investment Advisory Agreement exceed the amount permitted by the Advisers Act, including Section 205 thereof.

*Indemnification*

Pursuant to the Investment Advisory Agreement, the Adviser and its directors, officers, Stockholders, members, agents, representatives, employees, controlling persons, and any other person or entity affiliated with, or acting on behalf of the Adviser will not be liable to the Company for their acts under the Investment Advisory Agreement, absent willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties. The Company will also agree to indemnify, defend and protect the Adviser and its directors, officers, Stockholders, members, agents, representatives, employees, controlling persons and any other person or entity affiliated with, or acting on behalf of the Adviser with respect to all damages, liabilities, costs and expenses resulting from acts of the Adviser not arising out of willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties.

**The Administrator; Sub-Administrator**

Stone Point Credit Adviser LLC 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. In addition, the Company will reimburse 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 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"). There is no separate fee paid in connection with the services provided under 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 Administrator may elect to waive certain charges that would have otherwise been eligible for reimbursement under the terms of the Administration Agreement which will not be subject to recoupment.

The Administrator has entered into a sub-administration agreement (the "Sub-Administration Agreement") with U.S. Bank Global Fund Services (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 Adviser 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 cost of such compensation, and any other costs or expenses under the Sub-Administration Agreement, is in addition to the cost of any services borne by the Company under the Administration Agreement.

**Expenses**

The Company's primary operating expenses include the payment of fees to the Adviser under the Investment Advisory Agreement, the Company's allocable portion of overhead expenses under the Administration Agreement, and all other costs and expenses relating to the Company's operations and transactions, including: operational and organizational costs; the costs of any public offerings of the Company's Common Stock and other securities, including registration and listing fees; the cost of calculating the Company's net asset value, including the cost and expenses of third-party valuation services; fees and expenses payable to third parties relating to evaluating, making and disposing of 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, monitoring investments and, if necessary, enforcing the Company's rights; interest payable on debt and other borrowing costs, if any, incurred to finance the Company's investments; costs of effecting sales and repurchases of the Company's Common Stock and other securities; the base Management Fee and any incentive fee; distributions on the Company's Common Stock; transfer agent and custody fees and expenses; the allocated costs incurred by the Administrator in providing managerial assistance to those portfolio companies that request it; other expenses incurred by the Administrator, the Adviser or the Company in connection with administering the Company's business, including payments made to third-party providers of goods or services; brokerage fees and commissions; federal and state registration fees; U.S. federal, state and local taxes; independent directors' fees and expenses; costs associated with the Company's reporting and compliance obligations under the 1940 Act and applicable U.S. federal and state securities laws; costs of any reports, proxy statements or other notices to Stockholders, including printing costs; costs of holding Stockholders meetings; the Company's fidelity bond; directors' and officers' errors and omissions liability insurance, and any other insurance premiums; litigation, indemnification and other non-recurring or extraordinary expenses; direct costs and expenses of administration and operation, including printing, mailing, long distance telephone, staff, audit, compliance, tax and legal costs; fees and expenses associated with marketing efforts; dues, fees and charges of any trade association of which the Company is a member; and all other expenses reasonably incurred by the Company, the Administrator or the Sub-Administrator in connection with administering the Company's business.

The Company makes use of certain "mixed-use" services, products and resources that are utilized by the Adviser to provide investment advisory and administrative services to other clients or for proprietary purposes, including but not limited to research and information services, information technology services and software platforms, and third-party service providers. To the extent that the cost of such services may be borne in part by the Company as an operating expense, the Administrator may use various methodologies to determine the Company's allocable portion of the total cost of such service, product or resource, including but not limited to allocating between the Company and other clients pro rata based on number of clients receiving such services, proportionately in accordance with asset size, or on such other basis that the Administrator determines to be fair and equitable under the circumstances.

The Company will reimburse 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 will reimburse 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.

**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.

Prior to an Exchange Listing, 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.

After an Exchange Listing, if any, the number of shares of Common Stock to be issued to a Stockholder is expected to be determined by dividing the total dollar amount of the distribution payable to such Stockholder by the market price per share of the Company's Common Stock at the close of regular trading on the national securities exchange on which the Company's Common Stock is traded on the date of such distribution. However, in the event the market price per share on the date of such distribution exceeds the most recently computed net asset value per share, the Company would expect to issue shares of Common Stock at the greater of the most recently computed net asset value per share or 95% of the current market price per share (or such lesser discount to the current market price per share that still exceeds the most recently computed net asset value per share). The market price per share on that date would be the closing price for the shares of Common Stock on the national securities exchange on which the Common Stock is traded or, if no sale is reported for such day, at the average of their reported bid and asked prices.

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.

**Regulation as a Business Development Company**

The Company has elected to be treated as a BDC under the 1940 Act. As with other companies regulated by the 1940 Act, a BDC must adhere to certain substantive regulatory requirements. The 1940 Act contains prohibitions and restrictions relating to transactions between BDCs and their affiliates (including any investment advisers or sub-advisers), principal underwriters and affiliates of those affiliates or underwriters and requires that a majority of the directors be persons other than "interested persons," as that term is defined in the 1940 Act.

In addition, the 1940 Act provides that the Company may not change the nature of the Company's business so as to cease to be, or to withdraw the Company's election as a BDC unless approved by a majority of the Company's outstanding voting securities. A majority of the outstanding voting securities of a company is defined under the 1940 Act as the lesser of: (i) 67% or more of the voting securities present at such meeting, if the holders of more than 50% of the outstanding voting securities of such company are present or represented by proxy or (ii) more than 50% of the outstanding voting securities of such company.

Any issuance of preferred stock must comply with the requirements of the 1940 Act. The 1940 Act requires, among other things, that (1) immediately after issuance and before any dividend or other distribution is made with respect to the Company's Common Stock and before any purchase of Common Stock is made, such preferred stock together with all other senior securities must not exceed an amount equal to 50% of the Company's total assets after deducting the amount of such dividend, distribution or purchase price, as the case may be, and (2) the holder of shares of preferred stock, if any are issued, must be entitled as a class to elect two directors at all times and to elect a majority of the directors if dividends on such preferred stock are in arrears by two full years or more.

Certain other matters under the 1940 Act require a separate class vote of the holders of any issued and outstanding preferred stock. For example, holders of preferred stock would be entitled to vote separately as a class from the holders of Common Stock on a proposal involving a plan of reorganization adversely affecting such securities.

The Company may invest up to 100% of the Company's assets in securities acquired directly from issuers in privately negotiated transactions. With respect to such securities, the Company may, for the purpose of public resale, be deemed a "principal underwriter" as that term is defined under the Securities Act. The Company may purchase or otherwise receive warrants which offer an opportunity (not a requirement) to purchase equity of a portfolio company in connection with an acquisition financing or other investments. Similarly, the Company may acquire rights that obligate an issuer of acquired securities or their affiliates to repurchase the securities at certain times, under certain circumstances.

The Company does not intend to acquire securities issued by any investment company whereby the Company's investment would exceed the limits imposed by the 1940 Act. Under those limits, the Company generally cannot acquire more than (i) 3% of the total outstanding voting stock of any investment company, (ii) invest more than 5% of the value of the Company's total assets in the securities of one investment company, or (iii) invest more than 10% of the value of the Company's total assets in the securities of investment companies in general. These limitations do not apply where the Company (i) makes investments through a subsidiary or (ii) acquires interests in a money market fund as long as the Company does not pay a sales charge or service fee in connection with the purchase. In October 2020, the SEC adopted certain regulatory changes related to the ability of investment companies, including BDCs, to invest in other investment companies in excess of the limits imposed by the 1940 Act. These changes include, among other things, the adoption of Rule 12d1-4 under the 1940 Act. Under Rule 12d1-4, the Company may acquire securities issued by any investment company in excess of the limits imposed by the 1940 Act as long as the Company complies with the conditions of Rule 12d1-4, which include, among other things, certain post-acquisition limits on control and voting of any acquired RIC. The portion of the Company's portfolio invested in securities issued by investment companies, if any, ordinarily will subject Stockholders to additional expenses. The Company's investment portfolio is also subject to diversification requirements by virtue of the Company's intention to be a RIC for U.S. tax purposes.

None of the Company's policies described above are fundamental and each such policy may be changed without Stockholder approval, subject to any limitations imposed by the 1940 Act.

Private funds that are excluded from the definition of "investment company" pursuant to either Section 3(c)(1) or 3(c)(7) of the 1940 Act are also subject to certain of the limits under the 1940 Act noted above. Specifically, such private funds generally may not acquire directly or through a controlled entity more than 3% of the Company's total outstanding voting stock (measured at the time of the acquisition). As a result, such private funds would be required to hold a smaller position in the Company's stock than if they were not subject to this restriction.

**Qualifying Assets**

The Company may invest up to 30% of the Company's portfolio opportunistically in "non-qualifying assets", which are driven primarily through opportunities sourced through the Adviser. However, under the 1940 Act, a BDC may not acquire any asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as "qualifying assets," unless, at the time the acquisition is made, qualifying assets represent at least 70% of the BDC's total assets. The principal categories of qualifying assets relevant to the Company's proposed business are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Securities purchased in transactions not involving any public offering
 from the issuer of such securities, which issuer (subject to certain limited exceptions)
 is an eligible portfolio company, or from any person who is, or has been during the preceding
 13 months, an affiliated person of an eligible portfolio company, or from any other person,
 subject to such rules as may be prescribed by the SEC. An eligible portfolio company
 is defined in the 1940 Act and rules adopted pursuant thereto as any issuer which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. is organized under the laws of, and has its principal place of business
 in, the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. is not an investment company (other than a small business investment
 company wholly owned by the BDC) or a company that would be an investment company but for
 certain exclusions under the 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. satisfies any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. does not have any class of securities that is traded on a national
 securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. has a class of securities listed on a national securities exchange,
 but has an aggregate market value of outstanding voting and non-voting common equity of less
 than $250 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. is controlled by a BDC or a group of companies including a BDC
 and the BDC has an affiliated person who is a director of the eligible portfolio company;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. is a small and solvent company having total assets of not more than
 $4.0 million and capital and surplus of not less than $2.0 million,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Securities of any eligible portfolio company which the Company controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Securities purchased in a private transaction from a U.S. issuer that
 is not an investment company or from an affiliated person of the issuer, or in transactions
 incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the
 issuer, immediately prior to the purchase of its securities, was unable to meet its obligations
 as they came due without material assistance other than conventional lending or financing
 arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Securities of an eligible portfolio company purchased from any person
 in a private transaction if there is no ready market for such securities and the Company
 already owns 60% of the outstanding equity of the eligible portfolio company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Securities received in exchange for or distributed on or with respect
 to securities described in (1) through (4) above, or pursuant to the exercise of
 warrants or rights relating to such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Cash, cash equivalents, U.S. government securities or high-quality
 debt securities maturing in one year or less from the time of investment.

In addition, a BDC must have been organized and have its principal place of business in the United States and must be operated for the purpose of making investments in the types of securities described in 1., 2., 3. or 4. above.

If at any time less than 70% of the Company's gross assets are comprised of qualifying assets, including as a result of an increase in the value of any non-qualifying assets or decrease in the value of any qualifying assets, the Company would generally not be permitted to acquire any additional non-qualifying assets, other than office furniture and equipment, interests in real estate and leasehold improvements and facilities maintained to conduct the business operations of the BDC, deferred organizational and operating expenses, and other non-investment assets necessary and appropriate to its operations as a BDC, until such time as 70% of the Company's then current gross assets were comprised of qualifying assets. The Company would not be required, however, to dispose of any non-qualifying assets in such circumstances.

**Managerial Assistance to Portfolio Companies**

A BDC must have been organized under the laws of, and have its principal place of business in, any state or states within the United States and must be operated for the purpose of making investments in the types of securities described in 1., 2. or 3. above. However, in order to count portfolio securities as qualifying assets for the purpose of the 70% test, the BDC must either control the issuer of the securities or must offer to make available to the issuer of the securities (other than small and solvent companies described above) significant managerial assistance; except that, where the BDC purchases such securities in conjunction with one or more other persons acting together, one of the other persons in the group may make available such managerial assistance. Making available managerial assistance means, among other things, any arrangement whereby the BDC, through its directors or officers, offers to provide, and, if accepted, does so provide, significant guidance and counsel concerning the management, operations or business objectives and policies of a portfolio company.

**Temporary Investments**

The Company generally expects to call capital for investment purposes only at the time the Company identifies an investment opportunity. Notwithstanding the foregoing, the Company expects to deploy all proceeds from each capital call for investment purposes within two years of calling such capital. Until such time as the Company invests the proceeds of such capital calls in portfolio companies and while new investments are pending, the Company's investments may consist of cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment, referred to herein, collectively, as "temporary investments," so that 70% of the Company's assets are qualifying assets. The Company may invest in U.S. Treasury bills or in repurchase agreements, provided that such agreements are fully collateralized by cash or securities issued by the U.S. government or its agencies. A repurchase agreement involves the purchase by an investor, such as the Company, of a specified security and the simultaneous agreement by the seller to repurchase it at an agreed-upon future date and at a price which is greater than the purchase price by an amount that reflects an agreed-upon interest rate. There is no percentage restriction on the proportion of the Company's assets that may be invested in such repurchase agreements. However, if more than 25% of the Company's net assets constitute repurchase agreements from a single counterparty, the Company may not meet the diversification tests in order to qualify as a RIC. Thus, the Company does not intend to enter into repurchase agreements with a single counterparty in excess of this limit. The Adviser will monitor the creditworthiness of the counterparties with which the Company enters into repurchase agreement transactions.

**Code of Ethics**

The Company and the Adviser have each adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act, respectively, that establishes procedures for personal investments and restricts certain transactions by the Company's personnel. These codes of ethics generally do not permit investments by the Company's and the Adviser's personnel in securities that may be purchased or sold by the Company.

**Compliance Policies and Procedures**

The Company and the Adviser have adopted and implemented written policies and procedures reasonably designed to detect and prevent violation of the federal securities laws and are required to review these compliance policies and procedures annually for their adequacy and the effectiveness of their implementation and designate a Chief Compliance Officer to be responsible for administering the policies and procedures. Jacqueline M. Giammarco currently serves as the Company's Chief Compliance Officer.

**Sarbanes-Oxley Act of 2002**

The Sarbanes-Oxley Act imposes a wide variety of regulatory requirements on publicly-held companies and their insiders. Many of these requirements will affect the Company. For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursuant to Rule 13a-14 of the Exchange Act, the Company's
 Principal Executive Officer and Principal Financial Officer must certify the accuracy of
 the financial statements contained in the Company's periodic reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursuant to Item 307 of Regulation S-K, the Company's periodic
 reports must disclose the Company's conclusions about the effectiveness of its disclosure
 controls and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursuant to Rule 13a-15 of the Exchange Act, the Company's
 management is required to prepare a report regarding its assessment of the Company's
 internal control over financial reporting and (once the Company ceases to be an emerging
 growth company under the JOBS Act or, if later, for the year following the Company's
 first annual report required to be filed with the SEC) must obtain an audit of the effectiveness
 of internal control over financial reporting performed by its independent registered public
 accounting firm; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursuant to Item 308 of Regulation S-K and Rule 13a-15 of
 the Exchange Act, the Company's periodic reports must disclose whether there were significant
 changes in the Company's internal control over financial reporting or in other factors
 that could significantly affect these controls subsequent to the date of their evaluation,
 including any corrective actions with regard to significant deficiencies and material weaknesses.

The Sarbanes-Oxley Act requires the Company to review its current policies and procedures to determine whether the Company complies with the Sarbanes-Oxley Act and the regulations promulgated thereunder. The Company will continue to monitor its compliance with all regulations that are adopted under the Sarbanes-Oxley Act and will take actions necessary to ensure that the Company is in compliance therewith.

**Proxy Voting Policies and Procedures**

The Company will delegate its proxy voting responsibility to the Adviser. As a fiduciary, the Adviser has a duty to monitor corporate events and to vote proxies, as well as a duty to cast votes in the best interest of the Company and not to subrogate Company interests to its own interests. To meet its fiduciary obligations, the Adviser seeks to ensure that it votes proxies in the best interest of the Company, and addresses how the Adviser will resolve any conflict of interest that may arise when voting proxies. The Adviser's proxy voting policy attempts to generalize a complex subject and the Adviser may, from time to time, determine that it is in the best interests of the Company to depart from specific policies described therein.

Stockholders may, without charge, obtain information regarding how the Company voted proxies with respect to the Company's portfolio securities by making a written request for proxy voting information to: Chief Compliance Officer, 20 Horseneck Lane, Greenwich, Connecticut 06830 or by contacting the Company's investor relations department at SPCreditIR@stonepoint.com.

**Privacy Principles**

The Company considers privacy to be fundamental to its relationship with its Stockholders. The Company is committed to maintaining the confidentiality, integrity and security of a Stockholder's non-public personal information. Accordingly, the Company has developed internal policies and practices to protect the confidentiality of non-public personal information while still meeting Stockholders' needs. The Company is providing this notice to Stockholders to describe what kinds of information the Company collects about Stockholders, how that information is used, the circumstances in which that information may be disclosed to third parties, and certain rights that Stockholders may have with respect to that information. Stockholders can find the Company's privacy policy at <u>www.stonepoint.com</u>. This notice may be changed at any time, provided a notice of such change is given to Stockholders. If you are an investor or prospective investor and you provide personal information on behalf of any natural person to us, you should provide a copy of this notice to that person.

**Reporting Obligations**

The Company will furnish the Stockholders with annual reports containing audited financial statements, quarterly reports, and such other periodic reports as the Company determines to be appropriate or as may be required by law. The Company is required to comply with all periodic reporting, proxy solicitation and other applicable requirements under the Exchange Act. Stockholders and the public may view materials the Company files with the SEC free of charge on its website (<u>http://www.sec.gov</u>) or by contacting the Company's investor relations department at <u>SPCreditIR@stonepoint.com</u>.

**Material U.S. Federal Income Tax Considerations**

The following discussion is a general summary of certain material U.S. federal income tax considerations applicable to the Company and an investment in shares of Common Stock. The discussion is based upon the Code, the regulations of the U.S. Department of Treasury promulgated thereunder, referred to herein as the "Treasury regulations," the legislative history of the Code, current administrative interpretations and practices of the Internal Revenue Service, referred to herein as the "IRS" (including administrative interpretations and practices of the IRS expressed in private letter rulings which are binding on the IRS only with respect to the particular taxpayers that requested and received those rulings) and judicial decisions, each as of the date of this Form 10-K and all of which are subject to change or differing interpretations, possibly retroactively, which could affect the continuing validity of this discussion. The Company has not sought, and will not seek, any ruling from the IRS regarding any matter discussed in this summary, and this summary is not binding on the IRS. Accordingly, there can be no assurance that the IRS will not assert, and a court will not sustain, a position contrary to any of the tax consequences discussed below.

Investors should note that this summary does not purport to be a complete description of all the tax aspects affecting the Company or the Stockholders. For example, this summary does not describe all of the U.S. federal income tax consequences that may be relevant to certain types of Stockholders subject to special treatment under the U.S. federal income tax laws, including Stockholders subject to the alternative minimum tax, tax-exempt organizations, insurance companies, partnerships or other pass-through entities and their owners, Non-U.S. Stockholders (as defined below) engaged in a trade or business in the United States or entitled to claim the benefits of an applicable income tax treaty, persons who have ceased to be U.S. citizens or to be taxed as residents of the United States, U.S. Stockholders (as defined below) whose functional currency is not the U.S. dollar, persons holding the Company's Common Stock in connection with a hedging, straddle, conversion or other integrated transaction, dealers in securities, traders in securities that elect to use a mark-to-market method of accounting for securities holdings, pension plans and trusts, and financial institutions. This summary assumes that Stockholders hold shares of Common Stock as capital assets for U.S. federal income tax purposes (generally, assets held for investment). This summary does not discuss any aspects of U.S. estate or gift taxation, U.S. state or local taxation or non-U.S. taxation. It does not discuss the special treatment under U.S. federal income tax laws that could result if the Company invests in tax-exempt securities or certain other investment assets.

For purposes of this discussion, a "U.S. Stockholder" is a beneficial owner of shares of Common Stock that is, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation, or other entity treated as a corporation for U.S.
 federal income tax purposes, created or organized in or under the laws of the United States
 or any state thereof, including, for this purpose, the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust if (i) a court within the United States is able
 to exercise primary supervision over the administration of the trust and one or more "United
 States persons" (as defined in the Code) have the authority to control all substantive
 decisions of the trust, or (ii) the trust has in effect a valid election to be treated
 as a domestic trust for U.S. federal income tax purposes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate, the income of which is subject to U.S. federal income
 taxation regardless of its source.

For purposes of this discussion, a "Non-U.S. Stockholder" is a beneficial owner of shares of Common Stock that is not a U.S. Stockholder or a partnership (or an entity or arrangement treated as a partnership) for U.S. federal income tax purposes.

If a partnership, or other entity or arrangement treated as a partnership for U.S. federal income tax purposes, holds shares of Common Stock, the U.S. federal income tax treatment of a partner in the partnership generally will depend on the status of the partner, the activities of the partnership and certain determinations made at the partner level. A Stockholder that is a partnership holding shares of Common Stock, and each partner in such a partnership, should consult his, her or its own tax adviser with respect to the tax consequences of the purchase, ownership and disposition of shares of Common Stock.

Tax matters are very complicated and the tax consequences to each Stockholder of the ownership and disposition of shares of Common Stock will depend on the facts of his, her or its particular situation. Investors should consult their own tax adviser regarding the specific tax consequences of the ownership and disposition of shares of Common Stock to them, including tax reporting requirements, the applicability of U.S. federal, state and local tax laws and non-U.S. tax laws, eligibility for the benefits of any applicable income tax treaty and the effect of any possible changes in the tax laws.

*Election to be Taxed as a RIC*

In 2020, the Company elected to be treated, and intends to qualify annually thereafter, as a RIC under Subchapter M of the Code. As a RIC, the Company generally will not pay corporate-level U.S. federal income taxes on any income or gains that the Company timely distributes as dividends to Stockholders. Rather, dividends the Company distributes generally will be taxable to Stockholders, and any net operating losses, foreign tax credits and other of the Company's tax attributes generally will not pass through to Stockholders, subject to special rules for certain items such as net capital gains and qualified dividend income the Company recognizes. To qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements (as described below). In addition, to qualify as a RIC, the Company must timely distribute dividends to Stockholders of an amount generally at least equal to 90% of the Company's investment company taxable income (determined without regard to the dividends paid deduction), 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, if any, and 90% of the Company's net tax-exempt income, if any, for each taxable year (the "Annual Distribution Requirement").

*Taxation as a RIC*

If the Company qualifies as a RIC and satisfies the Annual Distribution Requirement, then the Company will not be subject to U.S. federal income tax on the portion of the Company's investment company taxable income, net tax-exempt income, if any, and net capital gain (generally, net long-term capital gain in excess of net short-term capital loss) that the Company timely distributes (or is deemed to timely distribute) as dividends to Stockholders. The Company will be subject to U.S. federal income tax at the regular corporate rates on any income or capital gain not distributed (or deemed distributed) to Stockholders.

The Company generally will be subject to a 4% nondeductible U.S. federal excise tax on certain undistributed income or gains in respect of any calendar year unless the Company distributes dividends in a timely manner to Stockholders of an amount at least equal to the sum of (1) 98% of the Company's net ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of the Company's capital gain net income (adjusted for certain ordinary losses) generally for the one-year period ending October 31 in such calendar year and (3) any net ordinary income and capital gain net income recognized, but not distributed, in preceding years (the "Excise Tax Avoidance Requirement"). Any distribution declared by the Company during October, November or December of any calendar year, payable to Stockholders of record on a specified date in such a month and actually paid during January of the following calendar year, will be treated as if it had been paid by the Company, as well as received by U.S. Stockholders, on December 31 of the calendar year in which the distribution was declared. The Company will not be subject to the U.S. federal excise tax on amounts on which the Company is required to pay U.S. federal income tax (such as retained net capital gains). Depending upon the level of taxable income earned in a taxable year, the Company may choose to carry forward taxable income for distribution in the following taxable year and pay the applicable U.S. federal excise tax.

The Company may incur the 4% nondeductible U.S. federal excise tax in the future on a portion of its income and capital gains. While the Company intends to distribute income and capital gains to minimize exposure to 4% nondeductible U.S. federal excise tax, the Company may not be able to, or may choose not to, distribute amounts sufficient to avoid the imposition of the tax entirely. In that event, the Company generally will be liable for 4% nondeductible U.S. federal excise tax only on the amount by which the Company does not meet the Excise Tax Avoidance Requirement. The Company generally will endeavor in each taxable year to avoid any material U.S. federal excise tax on its earnings.

In order to qualify as a RIC for U.S. federal income tax purposes, the Company must, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• qualify and have in effect an election to be treated as a BDC
 under the 1940 Act at all times during each taxable year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• derive in each taxable year at least 90% of the Company's
 gross income from dividends, interest, payments with respect to loans of certain securities,
 gains from the sale of stock or other securities, net income derived from an interest in
 a "qualified publicly traded partnership" (as defined in the Code), or other
 income derived with respect to the Company's business of investing in such stock or
 securities (the "90% Income Test"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• diversify the Company's holdings so that at the end of
 each quarter of the taxable year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least 50% of the value of the Company's
 assets consists of cash, cash equivalents, U.S. government securities, securities of other
 RICs, and other securities if such other securities of any one issuer do not represent more
 than 5% of the value of the Company's assets or more than 10% of the outstanding voting
 securities of the issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no more than 25% of the value of the Company's assets
 is invested in (a) the securities, other than U.S. government securities or securities
 of other RICs, of one issuer or of two or more issuers that are controlled, as determined
 under applicable Code rules, by the Company and that are engaged in the same or similar or
 related trades or businesses or (b) the securities of one or more qualified publicly
 traded partnerships (the "Diversification Tests").

A RIC Is limited in its ability to deduct expenses in excess of its investment company taxable income. If the Company's expenses in a given taxable year exceed its investment company taxable income, the Company may experience a net operating loss for that taxable year. However, a RIC is not permitted to carry forward net operating losses to subsequent taxable years and such net operating losses do not pass through to its shareholders. In addition, deductible expenses can be used only to offset investment company taxable income, not net capital gain. A RIC may not use any net capital losses (that is, the excess of realized capital losses over realized capital gains) to offset its investment company taxable income, but may carry forward such net capital losses, and use them to offset future capital gains, indefinitely. In the event that a RIC were to experience an ownership change as defined under the Code, the capital loss carryforwards and other favorable tax attributes of the RIC, if any, may be subject to limitation. Due to these limits on deductibility of expenses and net capital losses, the Company may for tax purposes have aggregate taxable income for several years that the Company is required to distribute and that is taxable to Stockholders even if such taxable income is greater than the net income the Company actually earns during those taxable years.

For U.S. federal income tax purposes, the Company will include in its taxable income certain amounts that it has not yet received in cash. For example, if the Company holds debt obligations that are treated under applicable U.S. federal income tax rules as having original issue discount ("OID") (such as debt instruments with PIK interest or, in certain cases, that have increasing interest rates or are issued with warrants), the Company must include in its taxable income in each taxable year a portion of the OID that accrues over the life of the obligation, regardless of whether the Company receives cash representing such income in the same taxable year. The Company may also have to include in its taxable income other amounts that the Company has not yet received in cash, such as accruals on a contingent payment debt instrument or deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock. Further, the Company may elect to amortize market discount on debt investments and currently include such amounts in its taxable income, instead of upon their sale or other disposition, as any failure to make such election would limit the Company's ability to deduct interest expense for tax purposes. Because such OID or other amounts accrued will be included in the Company's investment company taxable income for the taxable year of accrual, the Company may be required to make distributions to Stockholders in order to satisfy the Annual Distribution Requirement and/or the Excise Tax Avoidance Requirement, even though the Company will have not received any corresponding cash payments. Accordingly, to enable the Company to make distributions to Stockholders that will be sufficient to enable the Company to satisfy the Annual Distribution Requirement, the Company may need to sell some of its assets at times and/or at prices that it would not consider advantageous, the Company may need to raise additional equity or debt capital or the Company may need to forego new investment opportunities or otherwise take actions that are disadvantageous to its business (or be unable to take actions that are advantageous to its business). If the Company is unable to obtain cash from other sources to enable the Company to satisfy the Annual Distribution Requirement, the Company may fail to qualify for the U.S. federal income tax benefits allowable to RICs and, thus, become subject to a corporate-level U.S. federal income tax (and any applicable state and local taxes).

Because the Company expects to use a subscription facility, the Company may be prevented from making distributions to Stockholders in certain circumstances. In addition, under the 1940 Act, the Company is generally not permitted to make distributions to Stockholders while its debt obligations and other senior securities are outstanding unless certain "asset coverage" tests are met. Limits on the Company's distributions to Stockholders may prevent the Company from satisfying the Annual Distribution Requirement and, therefore, may jeopardize the Company's qualification for taxation as a RIC, or may cause the Company to be subject to the 4% nondeductible U.S. federal excise tax.

Although the Company does not presently expect to do so, the Company may borrow funds and sell assets in order to make distributions to Stockholders that are sufficient for the Company to satisfy the Annual Distribution Requirement. However, the Company's ability to dispose of assets may be limited by (1) the illiquid nature of its portfolio and/or (2) other requirements relating to the Company's status as a RIC, including the Diversification Tests. If the Company disposes of assets in order to meet the Annual Distribution Requirement or the Excise Tax Avoidance Requirement, the Company may make such dispositions at times that, from an investment standpoint, are not advantageous. Alternatively, although the Company currently does not intend to do so, to satisfy the Annual Distribution Requirement, the Company may declare a taxable dividend payable in the Company's stock or cash at the election of each Stockholder. In such case, for U.S. federal income tax purposes, the amount of the dividend paid in the Company's Common Stock will generally be equal to the amount of cash that could have been received instead of the Company's stock.

Distributions the Company makes to Stockholders may be made from the Company's cash assets or by liquidation of its investments, if necessary. The Company may recognize gains or losses from such liquidations. In the event the Company recognizes net capital gains from such transactions, Stockholders may receive a larger capital gain distribution than they would have received in the absence of such transactions.

*Failure to Qualify as a RIC*

If the Company failed to satisfy the 90% Income Test for any taxable year or the Diversification Tests for any quarter of a taxable year, the Company might nevertheless continue to qualify as a RIC for such taxable year if certain relief provisions of the Code applied (which might, among other things, require the Company to pay certain corporate-level U.S. federal taxes or to dispose of certain assets). If the Company failed to qualify for treatment as a RIC and such relief provisions did not apply to the Company, the Company would be subject to U.S. federal income tax on all of its taxable income at regular corporate U.S. federal income tax rates (and the Company also would be subject to any applicable state and local taxes), regardless of whether the Company makes any distributions to Stockholders. The Company would not be able to deduct distributions to Stockholders, nor would distributions to Stockholders be required to be made for U.S. federal income tax purposes. Any distributions the Company makes generally would be taxable to U.S. Stockholders as ordinary dividend income and, subject to certain limitations under the Code, would be eligible for the 20% maximum rate generally applicable to individuals and other non-corporate U.S. Stockholders, to the extent of the Company's current or accumulated earnings and profits. Subject to certain limitations under the Code, U.S. Stockholders that are corporations for U.S. federal income tax purposes generally would be eligible for the dividends-received deduction. Distributions in excess of the Company's current and accumulated earnings and profits would be treated first as a return of capital to the extent of the Stockholder's adjusted tax basis, and any remaining distributions would be treated as a capital gain.

Subject to a limited exception applicable to RICs that qualified as such under Subchapter M of the Code for at least one taxable year prior to disqualification and that re-qualify as a RIC no later than the second consecutive taxable year following the non-qualifying taxable year, the Company could be subject to U.S. federal income tax on any unrealized net built-in gains in the assets held by the Company during the period in which the Company failed to qualify as a RIC that are recognized during the five-taxable year period after its requalification as a RIC, unless the Company made a special election to pay corporate-level U.S. federal income tax on such net built-in gains at the time of the Company's requalification as a RIC. The Company may decide to be taxed as a regular corporation even if the Company would otherwise qualify as a RIC if the Company determines that treatment as a corporation for a particular taxable year would be in the Company's best interests.

*The Company's Investments – General*

Certain of the Company's investment practices may be subject to special and complex U.S. federal income tax provisions that may, among other things, (1) treat dividends that would otherwise constitute qualified dividend income as non-qualified dividend income, (2) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (3) convert lower-taxed long-term capital gain into higher-taxed short-term capital gain or ordinary income, (4) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited), (5) cause the Company to recognize income or gain without receipt of a corresponding cash payment, (6) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (7) adversely alter the characterization of certain complex financial transactions and (8) produce income that will not be qualifying income for purposes of the 90% Income Test. The Company intends to monitor its transactions and may make certain tax elections to mitigate the potential adverse effect of these provisions, but there can be no assurance that the Company will be eligible for any such tax elections or that any adverse effects of these provisions will be mitigated.

The Company may invest a portion of its net assets in below investment grade instruments. Investments in these types of instruments may present special tax issues for the Company. U.S. federal income tax rules are not entirely clear about issues such as when the Company may cease to accrue interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. The Company intends to address these and other issues to the extent necessary in order to seek to ensure that the Company distributes sufficient income to avoid any material U.S. federal income or the 4% nondeductible U.S. federal excise tax.

A portfolio company in which the Company invests may face financial difficulties that require the Company to work-out, modify or otherwise restructure the Company's investment in the portfolio company. Any such transaction could, depending upon the specific terms of the transaction, result in unusable capital losses and future non-cash income. Any such transaction could also result in the Company receiving assets that give rise to non-qualifying income for purposes of the 90% Income Test or otherwise would not count toward satisfying the Diversification Tests. Furthermore, some of the income that the Company might otherwise earn, such as fees for providing managerial assistance, certain fees earned with respect to the Company's investments, income recognized in a work-out or restructuring of a portfolio investment, or income recognized from an equity investment in an operating partnership, may not satisfy the 90% Income Test. To manage the risk that such income might disqualify the Company as a RIC for failure to satisfy the 90% Income Test, one or more subsidiary entities treated as U.S. corporations for entity-level income tax purposes may be employed to earn such income and (if applicable) hold the related asset. Such subsidiary entities will be required to pay entity-level income tax on their earnings, which ultimately will reduce the yield to Stockholders on such fees and income.

Gain or loss recognized by the Company from warrants or other securities acquired by the Company, as well as any loss attributable to the lapse of such warrants, generally will be treated as capital gain or loss. Such gain or loss generally will be long-term or short-term depending on how long the Company held a particular warrant or security.

The Company's investment in non-U.S. securities may be subject to non-U.S. income, withholding and other taxes. In that case, the Company's yield on those securities would be decreased. U.S. Stockholders generally will not be entitled to claim a U.S. foreign tax credit or deduction with respect to non-U.S. taxes paid by the Company.

If the Company acquires shares in a passive foreign investment company ("PFIC"), the Company may be subject to U.S. federal income tax on a portion of any "excess distribution" received on, or any gain from the disposition of, such shares even if the Company distributes such income as a taxable dividend to Stockholders. Additional charges in the nature of interest generally will be imposed on the Company in respect of deferred taxes arising from any such excess distribution or gain. If the Company invests in the shares of a PFIC and elects to treat the PFIC as a "qualified electing fund" under the Code (a "QEF"), in lieu of the foregoing requirements, the Company will be required to include in income each year the Company's proportionate share of the ordinary earnings and net capital gain of the QEF, even if such income is not distributed by the QEF. Alternatively, the Company may be able to elect to mark its shares in a PFIC at the end of each taxable year to market; in this case, the Company will recognize as ordinary income any increase in the value of such shares, and as ordinary loss any decrease in such value to the extent that any such decrease does not exceed prior increases in such value included in the Company's income. The Company's ability to make either election will depend on factors beyond the Company's control and is subject to restrictions which may limit the availability of the benefit of these elections. Under either election, the Company may be required to recognize in a taxable year income in excess of any distributions the Company receives from PFICs and any proceeds from dispositions of PFIC stock during that taxable year, and such income will nevertheless be subject to the Annual Distribution Requirement and will be taken into account for purposes of determining whether the Company satisfies the Excise Tax Avoidance Requirement. See "– Taxation as a RIC" above.

Under Section 988 of the Code, gains or losses attributable to fluctuations in exchange rates between the time the Company accrues income, expenses or other liabilities denominated in a foreign currency and the time the Company actually collects such income or pay such expenses or liabilities are generally treated as ordinary income or loss. Similarly, gains or losses on foreign currency-denominated forward, futures, and option contracts, as well as certain other financial instruments, and the disposition of debt obligations denominated in a foreign currency, to the extent attributable to fluctuations in exchange rates between the acquisition and disposition dates, are also treated as ordinary income or loss.

**Item 1A. Risk Factors**

*Investing in shares of the Company's Common Stock involves a number of significant risks. Before you invest in shares of the Company's Common Stock, you should be aware of various risks, including those described below. The risks set out below are not the only risks the Company faces. Additional risks and uncertainties not presently known to the Company or not presently deemed material by the Company may also impair the Company's operations and performance. If any of the following events occur, the Company's business, financial condition, results of operations and cash flows could be materially and adversely affected. In such case, the Company's net asset value could decline, and you may lose all or part of your investment. The risk factors described below are the principal risk factors associated with an investment in the Company as well as those factors generally associated with an investment company with investment objectives, investment policies, capital structure or trading markets similar to the Company.*

**Risks Relating to the Company's Business and Structure**

*Little Operating History*

The Company has little operating history upon which to evaluate the Company's performance and the Adviser and its affiliates have not previously sponsored a BDC. The performance of the Investment Team's past portfolio investments associated with the Stone Point Funds is not necessarily indicative of the results that will be achieved by the Company. The Company is subject to all of the business risks and uncertainties associated with any new business, including the risk that the Company will not achieve its investment objective, or that the Company will not qualify or maintain the Company's qualification to be treated as a RIC under Subchapter M of the Code, and that the value of any Stockholder's investment could decline substantially.

The Adviser and its affiliates have limited experience managing a BDC, and the investment philosophy and techniques used by the Adviser to manage a BDC may differ from the investment philosophy and techniques previously employed by the Stone Point Funds in identifying and managing past investments. In addition, the 1940 Act and the Code impose numerous constraints on the operations of BDCs and RICs that do not apply to the other types of investment vehicles. For example, under the 1940 Act, BDCs are required to invest at least 70% of their total assets primarily in securities of qualifying U.S. private companies or thinly traded public companies, cash, cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less from the time of investment. The Adviser's limited experience in managing a portfolio of assets under such constraints may hinder its ability to take advantage of attractive investment opportunities and, as a result, achieve the Company's investment objective.

Based on the amount of proceeds raised in the Initial or Subsequent Closings, it could take some time to invest substantially all of the capital the Company expects to raise due to market conditions generally and the time necessary to identify, evaluate, structure, negotiate and close suitable investments. In order to comply with the RIC diversification requirements during the startup period, the Company may invest proceeds in temporary investments, such as cash, cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less from the time of investment, which the Company expects will earn yields substantially lower than the interest, dividend or other income that the Company seeks to receive in respect of suitable portfolio investments. The Company may not be able to pay any significant distributions during this period, and any such distributions may be substantially lower than the distributions the Company expects to pay when the Company's portfolio is fully invested. The Company will pay management fees to the Adviser throughout this interim period irrespective of the Company's performance. If the management fees and the Company's other expenses exceed the return on the temporary investments, the Company's equity capital will be eroded.

*Dependence on Key Personnel and Adviser*

The success of the Company depends in substantial part on the experience and expertise of the Adviser and its Investment Team. There can be no assurance that any individual will continue to be employed by the Adviser throughout the term of the Company. The loss of key personnel could have a material adverse effect on the Company.

*Business and Regulatory Risks of Alternative Asset Investments*

Legal, tax and regulatory changes could occur that may adversely affect the Company at any time during its term. The legal, tax and regulatory environment for BDCs and other vehicles that invest in alternative investments is evolving, and changes in the regulation and market perception of such vehicles, including changes to existing laws and regulations and increased criticism of the BDC, private credit, private equity and other sectors within the alternative asset industry by some politicians, government representatives, regulators and market commentators, may adversely affect the ability of the Company to pursue its investment strategy, its ability to obtain leverage and financing and the value of investments held by the Company. In recent years, market disruptions and the dramatic increase in the capital allocated to alternative investment strategies have led to increased governmental as well as self-regulatory scrutiny of the alternative investment fund industry in general, and certain legislation proposing greater regulation of the industry periodically is considered by the governing bodies of both U.S. and non-U.S. jurisdictions. It is impossible to predict what, if any, changes may be instituted with respect to the regulations applicable to the Company, the Adviser, their respective affiliates, the markets in which they trade and invest, the Stockholders or the counterparties with which they do business, or what effect such legislation or regulations might have. There can be no assurance that the Company, the Adviser or their respective affiliates will be able, for financial reasons or otherwise, to comply with future laws and regulations, and any regulations that restrict the ability of the Company to implement its investment strategy could have a material adverse impact on the Company's portfolio. To the extent that the Company or its investments are or may become subject to regulation by various agencies in the United States or non-U.S. jurisdictions, the costs of compliance will be borne by the Company.

The SEC and other various U.S. federal, state and local agencies may conduct examinations and inquiries into, and bring enforcement and other proceedings against, the Company, the Adviser or their respective affiliates. The Company, the Adviser or their respective affiliates may receive requests for information or subpoenas from the SEC and other state, federal and non-U.S. regulators from time to time in connection with such inquiries and proceedings and otherwise in the ordinary course of business. These requests may relate to a broad range of matters, including specific practices of the Company, the Adviser, the securities in which the Adviser invests on behalf of the Company and/or clients, or industry-wide practices. Certain costs of any such increased reporting, registration and compliance requirements are expected to be borne by the Company and may furthermore place the Company at a competitive disadvantage to the extent that the Company or the Adviser is required to disclose sensitive business information.

*Competitive Nature of the Adviser's Business*

The business of identifying and structuring investments of the types contemplated by the Company is highly competitive and involves a high degree of uncertainty. The Adviser expects to encounter competition from other entities having similar investment objectives, including other BDCs, private equity and credit funds, strategic industry acquirers, registered investment companies, specialty finance companies, banks, broker-dealers , investment partnerships and corporations, and other financial investors. Some of these competitors may have more relevant experience and contacts or better resources than the Adviser or may not be subject to the regulatory restrictions that the 1940 Act imposes on the Company as a BDC and that the Code imposes on the Company as a RIC. Such other investors may make competing offers for investment opportunities that are identified, and even after an agreement in principle has been reached with the board of directors or owners of an acquisition target, consummating the transaction will be subject to myriad uncertainties, only some of which are foreseeable or within the control of the Adviser. To the extent that the Adviser encounters competition with respect to the Company's investments, yields to Stockholders may be reduced. In addition to competition from other investors, the availability of investment opportunities generally will be subject to market conditions as well as, in many cases, the prevailing regulatory or political climate.

*Financial Services Industry Risks*

Many financial services companies have asset and liability structures that are essentially monetary in nature and are directly affected by many factors, including domestic and international economic and political conditions, broad trends in business and finance, legislation and regulation affecting the national and international business and financial communities, monetary and fiscal policies, interest rates, inflation, currency values, market conditions, the availability and cost of short-term and long-term funding and capital, the credit capacity or perceived creditworthiness of customers and counterparties and the level and volatility of trading markets. Such factors can adversely impact financial institutions and their customers, suppliers, service providers and counterparties, all of whom are potential investment targets for the Company. Moreover, the financial services industry is highly dependent on technology and communications and information systems, is exposed to many types of operational risks and operates in a highly regulated environment; each of these factors could have an adverse impact on financial institutions and their customers and counterparties.

*Cyclicality*

Certain sectors targeted by the Company are highly cyclical and subject to significant fluctuation due to competition, the high level of government regulation, general economic conditions, the level of interest rates, the state of the public equity markets and other factors. The returns on the Company's investments may therefore be lower in certain periods. For example, the financial performance of credit-related investments, which includes both regulated institutions, such as depositories, as well as specialty finance and asset management investments, are susceptible to the cyclicality associated with the sector. Although an individual credit platform's financial performance depends in part upon its own specific business characteristics, there are macroeconomic factors that could result in more benign or severe investment environments. The Company is expected to continue to experience the effects of this cyclicality.

*Systems Risk; Cyber Security Breaches and Identity Theft*

The Company and the Adviser rely extensively on computer programs and systems (and could rely on new systems and technology in the future) for various purposes, including trading, clearing, and settling transactions, evaluating certain investments, monitoring their portfolios and net capital, and generating risk management and other reports that are critical to oversight of the Company's activities. Certain of the Company's and the Adviser's operations will be dependent upon systems operated by third parties, including prime brokers, administrators, market counterparties and their sub-custodians and other service providers, though the Adviser could perform certain of these functions internally in reliance on their own systems (the cost of which could be borne by the Company). The Company's service providers could also depend on information technology systems that could or could not be controlled by them and, notwithstanding the diligence that the Company could perform on its service providers, the Company could not be able to verify the risks or reliability of such information technology systems.

The Company, the Adviser, and their affiliates and their service providers are subject to risks associated with a breach in cybersecurity. Cybersecurity is a generic term used to describe the technology, processes and practices designed to protect networks, systems, computers, programs, and data from both intentional cyber-attacks and hacking by other computer users, as well as unintentional damage or interruption that, in either case, can result in damage and disruption to hardware and software systems, loss or corruption of data and/or misappropriation of confidential information. Cyber security incidents and cyber-attacks have been occurring globally at a more frequent and severe level and will likely continue to increase in frequency in the future. The Adviser and its service providers' information and technology systems may be vulnerable to damage or interruption from computer viruses and other malicious code, network failures, computer and telecommunication failures, infiltration by unauthorized persons and security breaches, usage errors by their respective professionals or service providers, power, communications or other service outages and catastrophic events such as fires, tornadoes, floods, hurricanes, and earthquakes. If unauthorized parties gain access to such information and technology systems, they may be able to steal, publish, delete, or modify private and sensitive information. The failure of these systems and/or of disaster recovery plans for any reason could cause significant interruptions in Stone Point's, the Company's and/or a portfolio investment's operations and result in a failure to maintain the security, confidentiality, or privacy of sensitive data, including personal information relating to the Company's Stockholders and the intellectual property and trade secrets of Stone Point and/or portfolio entities. Such a failure could harm Stone Point, the Company's and/or a portfolio investment's reputation, subject any such entity and their respective affiliates to legal claims and adverse publicity and otherwise affect their business and financial performance. The use of internet or cloud-based programs, technologies and data storage applications generally heighten certain of these risks, and the risks of attack are heightened in remote work environments.

*FOIA/Public Disclosure*

As a result of the U.S. Freedom of Information Act ("FOIA"), any governmental public records access law, any state or other jurisdiction's laws similar in intent or effect to FOIA, or any other similar statutory or regulatory requirement, the Company, the Adviser, the Stockholders or any of their respective services providers or their affiliates may be required to disclose information relating to the Company, or their affiliates, and/or any entity in which an investment is made, which disclosure could, for example, affect the Company's competitive advantage in finding attractive investment opportunities. In addition, some of the shares of Common Stock may be held by Stockholders that are subject to public disclosure requirements, such as public pension plans and listed investment vehicles. The amount of information about their investments that is required to be disclosed has increased in recent years, and that trend may continue. While the Adviser may, in seeking to prevent any such potential disclosure, withhold all or any part of the information otherwise to be provided to certain or all Stockholders, such information may not be withheld in many circumstances. To the extent that disclosure of confidential information relating to the Company or its investments results from shares of Common Stock being held by such Stockholders, the Company may be adversely affected.

*Duties of the Adviser and the Stockholder's Rights*

The Adviser is engaged to provide the Company (and not any individual Stockholder) with portfolio management and certain administrative services. As such, and to the fullest extent permitted by law, none of the Stockholder will have direct rights against the Adviser and the Adviser does not represent or owe any duty to any individual Stockholder in the Company in connection with its appointment to provide such services.

*Interpretation of Governing Agreements and Legal Requirements*

The governing and related documents of the Company (the "Governing Agreements") are detailed agreements that establish complex arrangements among the Adviser, the Company and its investors, and other entities and individuals. Questions will arise from time to time under the Governing Agreements regarding the parties' rights and obligations in certain situations, some of which the parties may not have considered while drafting and executing the Governing Agreements. In these instances, the applicable provisions of the Governing Agreements, if any, may be broad, general, ambiguous, or conflicting, and may permit more than one reasonable interpretation. At times, there may not be provisions directly applicable to the situation at hand. While the Company will construe the provisions set forth in the Governing Agreements (including any "hedge clauses" discussed below) in good faith and in a manner consistent with its legal obligations, the interpretations it adopts may not necessarily be, and need not be, the most favorable interpretations for its Stockholders.

The Governing Agreements contain provisions (sometimes referred to as "hedge clauses") that provide that the Adviser and its agents have no responsibility or liability for any loss incurred by the Company or any Stockholder arising in connection with their activities on behalf of, or their association with, the Company provided that such exculpation will not apply where such person committed certain bad acts (including fraud, willful misfeasance or gross negligence). Hedge clauses are limited by, among other things, Section 206 of the Advisers Act, which the SEC has interpreted to impose certain duties on investment advisers that are not waivable.

*Restrictions on Transfer and Withdrawal*

The Common Stock has not been and may never be registered under the Securities Act and, unless so registered, may not be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Common Stock is an illiquid investment for which there is not a secondary market nor is it expected that any such secondary market will develop in the future. Stockholders generally may not sell, assign or transfer their shares without prior written consent of the Adviser (unless the transfer is to an affiliate), which the Adviser may grant or withhold in its sole discretion. Except in limited circumstances for legal or regulatory purposes, Stockholders are not entitled to redeem their shares of Common Stock. Stockholders must be prepared to bear the economic risk of an investment in the Company for an indefinite period. The Company is generally not able to issue or sell Common Stock at a price below net asset value per share. The Company may, however, sell Common Stock, or warrants, options or rights to acquire Common Stock, at a price below the then-current net asset value per share of Common Stock, if the Board determines that such sale is in the Company's best interests, and if Stockholders approve the sale. In any such case, the price at which the Company's securities are to be issued and sold may not be less than a price that, in the determination of the Board, closely approximates the market value of such securities (less any distributing commission or discount). If the Company raises additional funds by issuing Common Stock or senior securities convertible into, or exchangeable for, Common Stock, then the percentage ownership of Stockholders at that time will decrease, and Stockholders may experience dilution.

The Adviser does not know at this time what circumstances will exist in the future and therefore does not know what factors the Board will consider in determining whether to do an Exchange Listing. If the Company does undertake an Exchange Listing, there can be no assurances that a public trading market will develop or, if one develops, that such trading market can be sustained. Shares of companies offered in an initial public offering often trade at a discount to the initial offering price due to underwriting discounts and related offering expenses. Also, shares of closed-end investment companies and BDCs frequently trade at a discount from their net asset value. This characteristic of closed-end investment companies is separate and distinct from the risk that the Company's net asset value per share of Common Stock may decline. The Company cannot predict whether the Common Stock, if listed on a national securities exchange, will trade at, above or below net asset value.

*No Right to Control the Company's Operations*

Stockholders in the Company will have no opportunity to control the day-to-day operations of the Company, including investment and disposition decisions. In order to safeguard their limited liability from the liabilities and obligations of the Company, Stockholders must rely on the Adviser's ability to identify, structure and implement investments consistent with the investment objectives and policies of the Company.

*Consequences of Default*

Stockholders may be subject to significant adverse consequences in the event such a Stockholder defaults on its capital commitment to the Company. In addition to losing its right to participate in future Drawdowns, a defaulting Stockholder may be forced to transfer its shares of Common Stock to a third party for a price that is less than the net asset value of such shares of Common Stock.

*Board Participation*

Employees of the Adviser may serve as directors of some portfolio companies and, as such, may have duties to persons other than the Company, including other shareholders of such portfolio companies. Although holding board positions may be important to the Company's investment strategy and may improve the Adviser's management ability, board positions could impair the Company's ability to sell the relevant securities and/or loans when and upon the terms it wants, and may subject the Company and the Adviser to claims they would otherwise not be subject to as an investor, including claims of breach of duty of loyalty, corporate waste, securities claims and other director-related claims.

*Indemnification Obligations*

The Adviser will not assume any responsibility to the Company other than to render the services described in its Investment Advisory Agreement with the Company, and it will not be responsible for any action of the Board in declining to follow the Adviser's advice or recommendations. Pursuant to the Investment Advisory Agreement, the Adviser and its directors, officers, shareholders, members, agents, representatives, employees, controlling persons, and any other person or entity affiliated with, or acting on behalf of the Adviser will not be liable to the Company for their acts under the Investment Advisory Agreement, absent willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties. The Company will also agree to indemnify, defend and protect the Adviser and its directors, officers, shareholders, members, agents, representatives, employees, controlling persons and any other person or entity affiliated with, or acting on behalf of the Adviser with respect to all damages, liabilities, costs and expenses resulting from acts of the Adviser not arising out of willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties. These protections may lead the Adviser to act in a riskier manner when acting on the Company's behalf than it would when acting for its own account.

*Possibility of Fraud and Other Misconduct of Employees of the Adviser and Service Providers*

Misconduct by employees of the Adviser, service providers and/or their respective affiliates could cause significant losses. Misconduct could include entering into transactions without authorization, the failure to comply with operational and risk procedures, including due diligence procedures, misrepresentations as to investments being considered by the Company, the improper use or disclosure of confidential or material non-public information, which could result in litigation, regulatory enforcement or serious financial harm, including limiting the business prospects or future marketing activities of the Company, and noncompliance with applicable laws or regulations (including in the workplace via inappropriate or unlawful behavior or actions directed to other employees) and the concealing of any of the foregoing. Such activities could result in reputational damage, litigation, business disruption and/or financial losses to the Company. Stone Point has controls and procedures through which it seeks to minimize the risk of such misconduct occurring. However, no assurances can be given that Stone Point will be able to identify or prevent such misconduct.

*Qualifying Assets*

As a BDC, the 1940 Act prohibits the Company from acquiring any assets other than certain qualifying assets unless, at the time of and after giving effect to such acquisition, at least 70% of the Company's total assets are qualifying assets. Therefore, the Company may be precluded from investing in what the Adviser believes are attractive investments if such investments are not qualifying assets. Conversely, if the Company fails to invest a sufficient portion of its assets in qualifying assets, the Company could lose its status as a BDC, which would have a material adverse effect on the Company's business, financial condition, and results of operations. Similarly, these rules could prevent the Company from making additional investments in existing portfolio companies, which could result in the dilution of the Company's position or could require the Company to dispose of investments at an inopportune time to comply with the 1940 Act. If the Company is forced to sell non-qualifying investments in the portfolio for compliance purposes, the proceeds from such sale could be significantly less than the current value of such investments.

*Status as Business Development Company*

If the Company does not maintain its status as a BDC, the Company might be regulated as a closed-end investment company under the 1940 Act, which would subject it to substantially more regulatory restrictions and correspondingly decrease the Company's operating flexibility.

*Emerging Growth Company Status*

The Company expects to qualify as an "emerging growth company" as defined in the JOBS Act until the earlier of (a) the last day of the fiscal year (i) following the fifth anniversary of the completion of the Company's initial public offering of common equity securities, (ii) in which the Company has total annual gross revenue of at least $1.235 billion, or (iii) in which the Company is deemed to be a large accelerated filer, which means the market value of the Common Stock that is held by non-affiliates exceeds $700 million as of the prior June 30th, and (b) the date on which the Company has issued more than $1.0 billion in non-convertible debt during the prior three-year period. For so long as the Company remains an "emerging growth company," it will likely take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act"). It is not possible to predict if prospective investors will find the Common Stock less attractive because the Company will rely on some or all of these exemptions.

In addition, Section 107 of the JOBS Act also provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company may take advantage of such extended transition periods.

Because of the exemptions from various reporting requirements provided to the Company as an "emerging growth company" and because the Company may have an extended transition period for complying with new or revised financial accounting standards, the Company may be less attractive to investors and it may be difficult for the Company to raise additional capital as and when needed. Potential investors may be unable to compare the Company with other companies in the same industry if they believe that the Company's financial accounting is not as transparent as other companies in the industry. If the Company is perceived as being not as transparent as other companies in the industry, the Company's financial condition and results of operations may be materially and adversely affected.

*The Company is a Public Entity*

The Company is subject to the reporting requirements of the Exchange Act and requirements of the Sarbanes-Oxley Act. The Exchange Act will require the Company to file annual, quarterly and current reports with respect to the Company's business and financial condition which will cause the Company to incur certain legal, accounting and other expenses. The Sarbanes-Oxley Act will require the Company to maintain effective disclosure controls and procedures and internal control over financial reporting, which are discussed below. In order to maintain and improve the effectiveness of the Company's disclosure controls and procedures and internal controls, significant resources and management oversight will be required. The Company has implemented procedures, processes, policies and practices for the purpose of addressing the standards and requirements applicable to public companies. These activities may divert management's attention from other business concerns, which could have a material adverse effect on the Company's business, financial condition, results of operations and cash flows.

The systems and resources necessary to comply with public company reporting requirements will increase further once the Company ceases to be an "emerging growth company" under the JOBS Act. As long as the Company remains an emerging growth company, it intends to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies, including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act.

*Exchange Act Filing Requirements*

Because the Company is subject to the reporting requirements under the Exchange Act, ownership information for any person who beneficially owns 5% or more of the Common Stock will have to be disclosed in a Schedule 13G, Schedule 13D or other filings with the SEC. Beneficial ownership for these purposes is determined in accordance with the rules of the SEC, and includes having voting or investment power over the securities. In some circumstances, Stockholders who choose to reinvest their dividends may see their percentage stake in the Company increase to more than 5%, thus triggering this filing requirement. Each Stockholder is responsible for determining their filing obligations and preparing the filings. In addition, Stockholders who hold more than 10% of a class of the Company's shares may be subject to Section 16(b) of the Exchange Act, which recaptures for the benefit of the Company's profits from the purchase and sale, or sale and purchase, of registered stock within a six-month period.

*Internal Controls*

The Company will not be required to comply with the requirements of the Sarbanes-Oxley Act, including the internal control evaluation and certification requirements of Section 404 of that statute ("Section 404"), and will not be required to comply with all of those requirements until the Company has been subject to the reporting requirements of the Exchange Act for a specified period or the date the Company is no longer an emerging growth company under the JOBS Act. Accordingly, the Company's internal control over financial reporting will not initially meet all of the standards contemplated by Section 404 that the Company may eventually be required to meet. The Company will need to undertake the process of building out its internal control over financial reporting and establishing formal procedures, policies, processes and practices related to financial reporting and to the identification of key financial reporting risks, assessment of their potential impact and linkage of those risks to specific areas and activities within the Company.

Additionally, the Company has undertaken the process of documenting its internal control procedures to satisfy the requirements of Section 404, which requires annual management assessments of the effectiveness of its internal control over financial reporting. Additionally, the Company's independent registered public accounting firm is required to formally attest to the effectiveness of the internal control over financial reporting. If the Company is not able to adequately implement the requirements of Section 404, the Company's operations, financial reporting or financial results could be adversely affected. Matters impacting the Company's internal controls may cause the Company to be unable to report its financial information on a timely basis and thereby subject the Company to adverse regulatory consequences, including sanctions by the SEC or violations of applicable stock exchange listing rules, and may result in a breach of the covenants under the agreements governing any of its financing arrangements, if any. There could also be a negative reaction in the financial markets due to a loss of investor confidence in the Company and the reliability of its financial statements. Confidence in the reliability of the Company's financial statements could also suffer if the Company or its independent registered public accounting firm were to report a material weakness in the Company's internal control over financial reporting. This could materially adversely affect the Company and, following an Exchange Listing, lead to a decline in the market price of the Common Stock.

*RIC related Tax Risks*

The Company has elected to be treated, and intends to qualify annually, as a RIC under Subchapter M of the Code. To qualify for and maintain RIC tax treatment under the Code, the Company must meet, amongst other requirements, requirements related to annual distributions, source of income and asset diversification. Failure to meet these requirements may result in the Company having to dispose of certain investments quickly in order to prevent the loss of RIC status. If the Company fails to qualify for or maintain RIC tax treatment for any reason and is subject to corporate federal income tax, the resulting corporate taxes could substantially reduce its net assets, the amount of income available for distribution, and the amount of its distributions. See "Material U.S. Federal Income Tax Considerations – Taxation as a RIC."

As a result of the "Annual Distribution Requirement" (i.e., the requirements that the Company must distribute to its Stockholders, for each taxable year, at least 90% of the Company's "investment company taxable income," which is generally the Company's ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses, and 90% of the Company's net tax-exempt income, if any) to qualify for tax treatment as a RIC, the Company may need to access the capital markets periodically to raise cash to fund new investments in portfolio companies. The Company expects to be able to issue "senior securities," including borrowing money from banks or other financial institutions only in amounts such that the ratio of the Company's total assets (less total liabilities other than indebtedness represented by senior securities) to its total indebtedness represented by senior securities plus preferred stock, if any, equals at least 150% after such incurrence or issuance. If the Company issues senior securities, it will be exposed to risks associated with leverage, including an increased risk of loss. The Company's ability to issue different types of securities is also limited. Compliance with RIC distribution requirements may unfavorably limit the Company's investment opportunities and reduce its ability in comparison to other companies to profit from favorable spreads between the rates at which the Company can borrow and the rates at which it can lend. Therefore, the Company intends to seek to continuously issue equity securities, which may lead to Stockholder dilution.

The Company may borrow to fund investments. If the value of the Company's assets declines, the Company may be unable to satisfy the asset coverage test under the 1940 Act, which would prohibit the Company from paying distributions and could prevent it from qualifying for tax treatment as a RIC, which would generally result in a corporate-level U.S. federal income tax on any income and net gains. If the Company cannot satisfy the asset coverage test, it may be required to sell a portion of its investments and, depending on the nature of the Company's debt financing, repay a portion of its indebtedness at a time when such sales may be disadvantageous.

Until and unless the Company is treated as a publicly offered RIC as a result of either (1) shares of its Common Stock and preferred stock collectively being held by at least 500 persons at all times during a taxable year, (2) shares of its Common Stock being continuously offered pursuant to a public offering (within the meaning of Section 4 of the Securities Act) or (3) shares of its Common Stock being treated as regularly traded on an established securities market, each U.S. Stockholder that is an individual, trust or estate will be treated as having received a dividend for U.S. federal income tax purposes from the Company in the amount of such U.S. Stockholder's allocable share of the management and incentive fees paid to the Adviser and certain of the Company's other expenses for the calendar year, and these fees and expenses will be treated as miscellaneous itemized deductions of such U.S. Stockholder. For taxable years beginning before 2026, miscellaneous itemized deductions generally are not deductible by a U.S. Stockholder that is an individual, trust or estate. For taxable years beginning in 2026 or later, miscellaneous itemized deductions generally are deductible by a U.S. Stockholder that is an individual, trust or estate only to the extent that the aggregate of such U.S. Stockholder's miscellaneous itemized deductions exceeds 2% of such U.S. Stockholder's adjusted gross income for U.S. federal income tax purposes, are not deductible for purposes of the alternative minimum tax and are subject to the overall limitation on itemized deductions under Section 68 of the Code.

*Phantom Income*

For U.S. federal income tax purposes, the Company will include in its taxable income certain amounts that it has not yet received in cash. For example, if the Company holds debt obligations that are treated under applicable U.S. federal income tax rules as having OID (such as debt instruments with PIK interest or, in certain cases, that have increasing interest rates or are issued with warrants), the Company must include in its taxable income in each taxable year a portion of the OID that accrues over the life of the obligation, regardless of whether the Company receives cash representing such income in the same taxable year. The Company may also have to include in its taxable income other amounts that the Company has not yet received in cash, such as accruals on a contingent payment debt instrument or deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock. Further, the Company may elect to amortize market discount on debt investments and currently include such amounts in its taxable income, instead of upon their sale or other disposition, as any failure to make such election would limit the Company's ability to deduct interest expense for tax purposes. Because such OID or other amounts accrued are included in the Company's investment company taxable income for the taxable year of accrual, the Company may be required to make distributions to Stockholders in order to satisfy the Annual Distribution Requirement (as defined below) and/or excise tax avoidance requirement, even though the Company will have not received any corresponding cash payments. Accordingly, to enable the Company to make distributions to Stockholders that will be sufficient to enable the Company to satisfy the Annual Distribution Requirement, the Company may need to sell some of its assets at times and/or at prices that it would not consider advantageous, the Company may need to raise additional equity or debt capital or the Company may need to forego new investment opportunities or otherwise take actions that are disadvantageous to its business (or be unable to take actions that are advantageous to its business). If the Company is unable to obtain cash from other sources to enable the Company to satisfy the Annual Distribution Requirement, the Company may fail to qualify for the U.S. federal income tax benefits allowable to RICs and, thus, become subject to a corporate-level U.S. federal income tax (and any applicable state and local taxes).

*Stock Dividend*

Although the Company currently does not intend to do so, the Company may declare a large portion of a dividend in shares of the Company's stock at the election of each Stockholder. An IRS Revenue Procedures allows a publicly offered RIC to distribute its own stock as a dividend for the purpose of fulfilling its distribution requirements, if certain conditions are satisfied. Among other things, the aggregate amount of cash available to be distributed to all Stockholders is required to be at least 20% of the aggregate declared distribution. The Internal Revenue Service has also issued private letter rulings on cash/stock dividends paid by RICs and real estate investment trusts where the cash component is limited to 20% of the total distribution if certain requirements are satisfied. Stockholders receiving such dividends will be required to include the full amount of the dividend (including the portion payable in stock) as ordinary income (or, in certain circumstances, long-term capital gain) to the extent of the Company's current and accumulated earnings and profits for federal income tax purposes. As a result, Stockholders may be required to pay income taxes with respect to such dividends in excess of the cash dividends received. It is unclear whether the Company will be a publicly offered RIC and to what extent the Company will be able to pay taxable dividends in cash and Common Stock (whether pursuant to IRS Revenue Procedure, a private letter ruling or otherwise).

*Dividend Reinvestment*

Stockholders that participate in the Company's dividend reinvestment plan will be deemed to have received, and for U.S. federal income tax purposes will be taxed on, the amount reinvested in the Company's Common Stock to the extent the amount reinvested was not a tax-free return of capital. As a result, unless a Stockholder is a tax-exempt entity, the Stockholder may have to use funds from other sources to pay the tax liability on the value of the Company's Common Stock received as a result of the distribution.

*Certain ERISA Considerations*

The fiduciary responsibility standards and prohibited transaction restrictions of the Employee Retirement Income Security Act of 1974, as amended ("ERISA") apply to a variety of employee retirement and welfare benefit plans maintained by private employers ("ERISA Plans"). Although ERISA does not (with certain exceptions) apply to individual retirement accounts, "Keogh" plans and certain other plans, such plans (collectively with ERISA Plans, "Plans"), are generally subject to Section 4975 of the Code, which contains prohibited-transaction provisions that are similar to those contained in ERISA.

*Investment Considerations*

The assets of the Company are invested in accordance with the investment objective and policies described in its registration statement. The fiduciary of an ERISA Plan (and not the Adviser) will be solely responsible for the ERISA Plan's decision to invest in the Company, including, without limitation, the role that an investment in the Company would play in the ERISA Plan's portfolio and whether an investment in the Company is reasonably designed as part of the overall investment of the ERISA Plan's assets. Accordingly, an authorized fiduciary of an ERISA Plan proposing to invest in the Company should, in consultation with its own advisors, consider whether such investment is consistent with the terms of the ERISA Plan's governing documents (including any investment guidelines) and applicable law. Neither the Adviser nor the Company or any of their respective affiliates is responsible for determining, and none of them makes any representation regarding, whether the Company's Common Stock is an appropriate investment for Plans generally or any particular Plan.

*Prohibited Transactions*

Section 406 of ERISA and Section 4975 of the Code prohibit certain transactions involving the assets of Plans and certain persons, referred to as "parties in interest" under ERISA or "disqualified persons" under Section 4975 of the Code, having certain relationships to such Plans, unless a statutory or administrative exemption is applicable to the transaction. A purchase of the Company's Common Stock by an ERISA Plan having a relationship with the Adviser or the Company, or any of their respective affiliates could, under certain circumstances, be considered a transaction prohibited under ERISA or Section 4975 of the Code. Accordingly, an authorized fiduciary of an investing Plan will be deemed to have represented and agreed, among other things, that the ERISA Plan's purchase and holding of the Company's Common Stock are not and will not constitute or otherwise result in a non-exempt prohibited transaction. In addition, as discussed below, other issues under the rules governing prohibited transactions may arise to the extent that the assets of the Company constitute "plan assets."

Certain Effects on Company Investments Generally. If and for so long as the Company's assets are treated as "plan assets" for purposes of ERISA and Section 4975 of the Code, the Company may be prevented from making certain otherwise desirable investments and engaging in certain other transactions that might otherwise be permitted.

*Takeover Attempts*

The Company's charter, as well as certain statutory and regulatory requirements, contains certain provisions that may have the effect of discouraging a third party from attempting to acquire the Company. The Board is comprised of directors with staggered terms, which is intended to prevent Stockholders from removing a majority of directors in any given election. This, along with other anti-takeover provisions, may inhibit a change of control in circumstances that could give Stockholders the opportunity to realize a premium over the value of shares of the Common Stock.

*Dilution*

The Company's charter authorizes the issuance of additional shares of Common Stock without requiring the approval of the Stockholders. Stockholders will not have preemptive rights to purchase any shares issued by the Company in the future. The Company's charter authorizes the issue of up to 250,000,000 shares of Common Stock. The Board may elect to sell additional shares in the future or issue equity interests in private offerings. To the extent the Company issues additional equity interests at or below net asset value, an existing Stockholder's percentage ownership interest in the Company may be diluted. In addition, depending upon the terms and pricing of any additional offerings and the value of the Company's investments, Stockholders may also experience dilution in the book value and fair value of their shares.

Under the 1940 Act, the Company is generally prohibited from issuing or selling Common Stock at a price below net asset value per share, which may be a disadvantage as compared with certain public companies. The Company may, however, sell Common Stock, or warrants, options, or rights to acquire Common Stock, at a price below the current net asset value of the Common Stock if the Board and independent directors determine that such sale is in the Company's best interests and the best interests of Stockholders, and the Stockholders, including a majority of those Stockholders that are not affiliated with the Company, approve such sale. In any such case, the price at which the Company's securities are to be issued and sold may not be less than a price that, in the determination of the Board, closely approximates the fair value of such securities (less any distributing commission or discount). If the Company raises additional funds by issuing Common Stock or senior securities convertible into, or exchangeable for, Common Stock, then the percentage ownership of existing Stockholders at that time will decrease and such Stockholders will experience dilution.

All distributions declared in cash payable to Stockholders that are participants in the DRIP will generally be automatically reinvested in shares of Common Stock unless the investor opts out of the plan. As a result, Stockholders who opt out of participating in the DRIP may experience accretion to the net asset value of their shares if the Company's Common Stock is trading at a premium to net asset value and dilution if the Company's Common Stock is trading at a discount to net asset value. The level of accretion or discount would depend on various factors, including the proportion of Stockholders who participate in the DRIP, the level of premium or discount at which shares of Common Stock are trading and the amount of the distribution payable to Stockholders.

*Outstanding Shares Prior to an Exchange Listing*

The ability of Stockholders to liquidate their investments will be limited. If the Company conducts an Exchange Listing in the future, a large volume of sales of shares could decrease the prevailing market prices of the Common Stock and could impair the Company's ability to raise additional capital through the sale of equity securities in the future. The ability of Stockholders to liquidate their investments could further depress the market price of Common Stock and have a negative effect on the Company's ability to raise capital in the future. In addition, anticipated downward pressure on the Common Stock price due to actual or anticipated sales of Common Stock from this market overhang could cause some institutions or individuals to engage in short sales of the Common Stock, which may itself cause the price of the Common Stock to decline.

*Net Asset Value*

The net asset value and liquidity, if any, of the market for shares of the Common Stock may be significantly affected by numerous factors, some of which are beyond the Company's control and may not be directly related to the Company's operating performance. These factors include any, or a combination of any, of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the value of the Company's portfolio of investments
 and derivative instruments as a result of changes in market factors, such as interest rate
 shifts, and also portfolio specific performance, such as portfolio company defaults, among
 other reasons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in regulatory policies or tax guidelines, particularly
 with respect to RICs or BDCs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of RIC tax treatment or BDC status;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• distributions that exceed the Company's net investment
 income and net income as reported according to U.S. generally accepted accounting principles
 ("GAAP");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in earnings or variations in operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in accounting guidelines governing valuation of the
 Company's investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any shortfall in revenue or net income or any increase in losses
 from levels expected by the Stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• departure of the Adviser or certain of its key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic trends and other external factors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of a major funding source.

*Preferred Stock*

The Board may be authorized to issue shares of preferred stock in one or more series without Stockholder approval, which could potentially adversely affect the interests of existing Stockholders.

The Company cannot assure Stockholders that the issuance of preferred stock, debt securities and/or convertible debt securities would result in a higher yield or return to the holders of shares of Common Stock. The issuance of preferred stock, debt securities or convertible debt would likely cause the net asset value of the Common Stock to become more volatile. If the dividend rate on the preferred stock, or the interest rate on the debt securities and/or the convertible debt securities, were to approach the net rate of return on the Company's investment portfolio, the benefit of such leverage to the holders of the Common Stock would be reduced. If the dividend rate on the preferred stock, or the interest rate on the debt securities and/or convertible debt securities, were to exceed the net rate of return on the Company's portfolio, the use of leverage would result in a lower rate of return to the holders of Common Stock than if the Company had not issued the preferred stock, debt securities or convertible debt securities. Any decline in the net asset value of the Company's investment would be borne entirely by the holders of Common Stock. Therefore, if the market value of the Company's portfolio were to decline, the leverage would result in a greater decrease in net asset value to the holders of Common Stock than if the Company was not leveraged through the issuance of preferred stock, debt securities or convertible debt securities. This decline in net asset value would also tend to cause a greater decline in the market price, if any, for the Common Stock.

There is also a risk that, in the event of a sharp decline in the value of the Company's net assets, the Company would be in danger of failing to maintain required asset coverage ratios, which may be required by the preferred stock, debt securities or convertible debt, or the Company's current investment income might not be sufficient to meet the dividend requirements on the preferred stock or the interest payments on the debt securities and/or the convertible debt securities. In order to counteract such an event, the Company might need to liquidate investments in order to fund the redemption of some or all of the preferred stock, debt securities or convertible debt. In addition, the Company would pay (and the holders of Common Stock would bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred stock, debt securities, convertible debt, or any combination of these securities. Holders of preferred stock, debt securities or convertible debt may have different interests than holders of Common Stock and may at times have disproportionate influence over the Company's affairs.

The 1940 Act requires that holders of shares of preferred stock must be entitled as a class to elect two directors at all times and to elect a majority of the directors if dividends on such preferred stock are in arrears by two years or more, until such arrearage is eliminated. In addition, certain matters under the 1940 Act require the separate vote of the holders of any issued and outstanding preferred stock, including changes in fundamental investment restrictions and conversion to open-end status and, accordingly, preferred shareholders could veto any such changes. Restrictions imposed on the declarations and payment of dividends or other distributions to the holders of Common Stock and preferred stock, both by the 1940 Act and by requirements imposed by rating agencies, might impair the Company's ability to maintain its tax treatment as a RIC for U.S. federal income tax purposes.

*Unrealized Depreciation*

Under Rule 2a-5 of the 1940 Act, the Company is required to carry investments at market value or, if no quotation is readily available, at the fair value as determined in good faith in accordance with procedures established by the Board. Pursuant to Rule 2a-5, the Board has designated the Adviser as "Valuation Designee". The Adviser, with the assistance of its Valuation Committee, subject to oversight by the Board, is responsible for determining the fair value of the Company's investments in accordance with valuation policies and procedures approved by the Board. Decreases in the market values or fair values of the Company's investments relative to amortized cost are recorded as unrealized depreciation. Any unrealized losses in the Company's portfolio could be an indication of a portfolio company's inability to meet its repayment obligations to the Company with respect to the affected loans. This could result in realized losses in the future and ultimately in reductions of the Company's income available for distribution in future periods. In addition, decreases in the market value or fair value of the Company's investments will reduce the Company's net asset value.

Pre-incentive fee net income does not include any realized or unrealized capital gains or losses or unrealized capital appreciation or depreciation. Because of the structure of the incentive fee, it is possible that the Company may pay an incentive fee in a quarter where the Company incurs a loss. For example, this may occur if the Company receives pre-incentive fee net income even if the Company has incurred a loss in that quarter due to realized and unrealized capital losses.

*PIK Interest Payments*

Certain of the Company's debt investments may contain provisions providing for the payment of PIK interest. Because PIK interest results in an increase in the size of the loan balance of the underlying loan, the receipt by the Company of PIK interest will have the effect of increasing the Company's assets under management. As a result, because the base Management Fee that the Company pays to the Adviser is based on the average value of the Company's gross assets, the receipt by the Company of PIK interest will result in an increase in the amount of the base Management Fee. In addition, any such increase in a loan balance due to the receipt of PIK interest will cause such loan to accrue interest on the higher loan balance, which will result in an increase in the Company's pre-incentive fee net investment income and, as a result, an increase in incentive fees that are payable by the Company to the Adviser.

To the extent original issue discount instruments, such as zero coupon bonds and PIK loans, constitute a significant portion of the Company's income, investors will be exposed to typical risks associated with such income being required to be included in taxable and accounting income prior to receipt of cash, including the following: (a) the higher interest rates of PIK loans reflect the payment deferral and increased credit risk associated with these instruments, and PIK instruments generally represent a significantly higher credit risk than coupon loans; (b) PIK loans may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of any associated collateral; (c) market prices of zero-coupon or PIK securities are affected to a greater extent by interest rate changes and may be more volatile than securities that pay interest periodically and in cash, and PIKs are usually less volatile than zero-coupon bonds, but more volatile than cash pay securities; (d) because original issue discount income is accrued without any cash being received by the Company, required cash distributions may have to be paid from offering proceeds or the sale of Company assets without investors being given any notice of this fact; (e) the deferral of PIK interest increases the loan-to-value ratio, which is a measure of the riskiness of a loan; (f) even if the accounting conditions for income accrual are met, the borrower could still default when the Company's actual payment is due at the maturity of the loan; and (g) original issue discount creates risk of non-refundable cash payments to the Adviser based on non-cash accruals that may never be realized.

*Distributions*

The amount of any distributions the Company may make on the Common Stock is uncertain. The Company may not be able to pay distributions, or be able to sustain distributions at any particular level, and the Company's distributions per share, if any, may not grow over time, and the Company's distributions per share may be reduced. The Company has not established any limit on the extent to which it may use borrowings, if any, and the Company may use offering proceeds to fund distributions (which may reduce the amount of capital the Company ultimately invests in portfolio companies).

Subject to the Board's discretion and applicable legal restrictions, the Company generally intends to authorize and declare cash distributions on a quarterly basis and pay such distributions on a quarterly basis. The Company expects to pay distributions out of assets legally available for distribution. However, the Company cannot assure Stockholders that the Company will achieve investment results that will allow the Company to make a consistent targeted level of cash distributions or year-to-year increases in cash distributions. The Company's ability to pay distributions might be adversely affected by the impact of the risks described herein. In addition, the inability to satisfy the asset coverage test applicable to the Company as a BDC under the 1940 Act can limit the Company's ability to pay distributions. Distributions from offering proceeds also could reduce the amount of capital the Company ultimately invests in debt or equity securities of portfolio companies. The Company cannot assure Stockholders that the Company will pay distributions to Stockholders in the future.

Distributions on the Common Stock may exceed the Company's taxable earnings and profits, particularly during the period before the Company has substantially invested the net proceeds from this offering. Therefore, portions of the distributions that the Company pay may represent a return of capital to Stockholders. A return of capital is a return of a portion of Stockholders' original investment in shares of the Company's Common Stock. As a result, a return of capital will (i) lower Stockholders' tax basis in their shares and thereby increase the amount of capital gain (or decrease the amount of capital loss) realized upon a subsequent sale or redemption of such shares, and (ii) reduce the amount of funds the Company has for investment in portfolio companies. The Company has not established any limit on the extent to which the Company may use offering proceeds to fund distributions.

The Company may pay distributions from offering proceeds in anticipation of future cash flow, which may constitute a return of Stockholders' capital and will lower Stockholders' tax basis in their shares, thereby increasing the amount of capital gain (or decreasing the amount of capital loss) realized upon a subsequent sale or redemption of such shares, even if such shares have not increased in value or have, in fact, lost value. Distributions from offering proceeds also could reduce the amount of capital the Company ultimately has available to invest in portfolio companies.

*ESG Considerations*

The Company's business faces increasing public scrutiny related to environmental, social and governance ("ESG") activities. The Company risks damage to its brand and reputation if it fails to act responsibly in a number of areas, such as environmental stewardship, corporate governance and transparency and considering ESG factors in its investment processes. Adverse incidents with respect to ESG activities could impact the value of the Company's brand, the cost of its operations and relationships with Stockholders and potential investors, all of which could adversely affect the Company's business and results of operations. Additionally, new regulatory initiatives related to ESG could adversely affect the Company's business. The Company recognizes that a responsible approach to investing which takes into account ESG issues is an important element of its investment strategy. The Company is committed to considering material ESG issues relevant to its investment strategy in the course of its due diligence. In this regard, effective as of January 1, 2022, the Adviser has developed a Responsible Investment Policy and certain tools to assist the investment team in evaluating ESG risks on a pre-investment basis to determine the potential materiality of any downside risks. The Adviser's ESG-related materiality considerations include, but are not limited to, environmental liabilities, physical impacts of climate change, data security and the protection of customer information, labor practices, diversity, equity and inclusion practices, and compliance with applicable laws and regulations. While the Adviser will attempt to gather information regarding the portfolio company on a pre-investment basis, there are certain transactions that make it more difficult to gather relevant information. There is no guarantee that all ESG information will be available for all types of transactions. Where material ESG risks are identified during its initial due diligence with respect to a portfolio company, the Adviser will incorporate such risks into its investment analysis and decision-making process.

There is no guarantee that the Adviser will be able to successfully implement its ESG policy or to identify ESG risks while achieving the Company's investment objectives. In addition, applying ESG factors to investment decisions is qualitative and subjective by nature, and there is no guarantee that the criteria utilized by the Adviser, or any judgment exercised by the Adviser, will reflect the beliefs or values of any particular investor. There are also significant differences in interpretations of what positive ESG characteristics mean by region, industry, and topic. The Adviser's interpretations and decisions are expected to differ from others' views and could also evolve over time. In addition, in evaluating an investment, the Adviser expects to depend upon information and data provided by several sources, including the relevant target companies and/or various reporting sources which could be incomplete, inaccurate, or unavailable, and which could cause the Adviser to incorrectly assess a company's ESG practices and/or related risks. The Adviser does not intend independently to verify all ESG information reported by target companies or third parties. Further, considering ESG qualities when evaluating an investment could result in the selection or exclusion of certain investments based on the Adviser's view of certain ESG-related and other factors and could cause the Company not to make an investment that it would have made or to make a management decision with respect to an investment differently than they would have made in the absence of the ESG policies, which could negatively impact the Company's performance.

Further, ESG practices are evolving rapidly and there are different principles, frameworks, methodologies, and tracking tools being implemented by other asset managers, and the Adviser's adoption and adherence to various such principles, frameworks, methodologies, and tools is expected to vary over time. There is also a growing regulatory interest across jurisdictions in improving transparency regarding the definition, measurement, and disclosure of ESG factors. The Adviser's ESG policies could become subject to additional regulation in the future, and Stone Point cannot guarantee that its current approach will meet future regulatory requirements.

*Non-Diversified Investment Company*

The Company intends to operate as a non-diversified investment company within the meaning of the 1940 Act, which means that the Company will not be limited by the 1940 Act with respect to the proportion of its assets that it may invest in a single issuer. However, the Company from time to time in the future may be considered a diversified management investment company within the meaning of the 1940 Act. Beyond the asset diversification requirements associated with the Company's qualification as a RIC for U.S. federal income tax purposes, the Company does not have fixed guidelines for diversification. While the Company is not targeting any specific industries, its investments may be focused on relatively few industries. To the extent that the Company holds large positions in a small number of issuers, or within a particular industry, the Company's net asset value may be subject to greater fluctuation. The Company may also be more susceptible to any single economic or regulatory occurrence or a downturn in particular industry.

*Difficulty of Locating Suitable Investments*

There can be no assurance that there will be a sufficient number of suitable investment opportunities satisfying the investment objectives of the Company to enable the Company to invest all of its committed capital, or that such investment opportunities will lead to completed investments by the Company. Identification of attractive investment opportunities is difficult and the availability of investment opportunities generally will be subject to market conditions and the prevailing regulatory and economic climate.

*Co-investment with Third Parties*

The Company may co-invest in portfolio companies with third parties (including, Stone Point Credit and certain of its affiliates) through partnerships, joint ventures or other arrangements. Such investments may involve risks not present in investments where a third party is not involved, including the possibility that a third party co-venturer or partner may at any time have economic or business interests or goals that are inconsistent with those of the Company or may be in a position to take action contrary to the Company's investment objectives. In addition, the Company may under certain circumstances be liable for actions of their third-party co-venturers or partners.

The Company may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without the prior approval of the directors who are not interested persons and, in some cases, the prior approval of 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/vehicles managed by the Adviser or certain of its affiliates, or alongside the Adviser or certain of its affiliates in a principal capacity, in a manner consistent with the Company's investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors (the "Order"). The Order provides that, in connection with any co-investment transaction, the Company will receive its pro rata share of any transaction fees, based on its relative share of the amount invested or committed, as applicable, in the transaction. The Adviser's investment allocation policy seeks to ensure equitable allocation of investment opportunities between the Company and other Credit Funds and certain affiliates of the Adviser. While an affiliated broker-dealer or other financial affiliate ("Financial Affiliate") of the Adviser from time to time may be permitted, subject to the terms of the Order, to participate as principal in a co-investment transaction in which the Company also participates, in no event will the Financial Affiliate acquire any such investment at a price more favorable than that offered to the Company. As a result of the exemptive relief, there could be significant overlap in the Company's investment portfolio and the investment portfolio of other Credit Funds that could avail themselves of the exemptive relief.

In situations when co-investment with other Credit Funds is not permitted under the 1940 Act and related rules, existing or future staff guidance, or the terms and conditions the Order, the Adviser and/or its affiliates will need to decide which client or clients will proceed with the investment.

*Minority Investments*

The Company may make minority investments, or may make investments in "club" deals alongside entities sponsored by other private credit or private equity firms, in portfolio companies where the Company may not have the right to appoint a director or otherwise be able to control or effectively influence the business or affairs of such entities. The entity in which a Company investment is made may have economic or business interests or goals that are inconsistent with those of the Company, and the Company may not be able to limit or otherwise protect the value of its investment in the portfolio company. In addition, although the Company may seek board representation in connection with certain investments, there is no assurance that such representation, if sought, will be obtained. In all such cases, the Company will rely significantly on the existing management and boards of directors of portfolio companies, which may include representatives of investors with whom the Company is not affiliated and whose interests may conflict with the interests of the Company.

*Follow-On Investments*

The Company may make follow-on investments in certain portfolio companies or have the opportunity to increase an investment in certain portfolio companies. There can be no assurance that the Company will wish to make follow-on investments or that it will have sufficient funds to do so. Any decision by the Company not to make follow-on investments or its inability to make them may have a substantial negative impact on a portfolio company in need of such an investment or may diminish the Company's ability to influence the portfolio company's future development. The Company's ability to make follow-on investments may also be limited by the Adviser's allocation policies and procedures. In situations where co-investment with other clients of the Adviser or its affiliates is not permitted under the 1940 Act and related rules, existing or future staff guidance, or the terms and conditions of the Order (if granted), the Adviser will need to decide which client or clients will proceed with the investment. Under the Adviser's allocation policy, the Adviser is required to allocate follow-on investments in portfolio companies based on the order in which the Company invested in such portfolio companies, with priority to the Company's earlier investments.

*Risks Upon Disposition of Investments*

In connection with the disposition of an equity investment in a portfolio company, the Company may be required to make representations about the business and financial affairs of such portfolio company typical of those made in connection with the sale of any business, or may be responsible for the contents of disclosure documents under applicable securities laws. The Company may also be required to indemnify the purchasers of such investment or underwriters to the extent that any such representations or disclosure documents turn out to be incorrect, inaccurate or misleading. These arrangements may result in contingent liabilities, which might ultimately have to be funded by the Company.

*Limitations on Leverage*

The Company may, subject to the limitations described below, incur leverage in connection with its operations, collateralized by its assets and/or capital commitments. 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. The use of leverage by the Company may have important consequences to the Stockholders, including, but not limited to, the following: (a) greater fluctuations in the net asset value of the Company; (b) use of cash flow for debt service and related costs and expenses, rather than for additional investments, distributions or other purposes; (c) increased interest expense if interest rate levels were to increase significantly; (d) limitation on the flexibility of the Company to make distributions to the Stockholders; (e) the amount and timing of contributions and distributions to Stockholders may be affected in a manner that may have potentially adverse consequences to Stockholders; and (f) result in lower multiples of cost (but enhanced IRRs) for equity investments. There can be no assurance that the Company will have sufficient cash flow to meet its debt service obligations. As a result, the Company's exposure to losses may be increased due to the illiquidity of its investments generally. Finally, the Management Fee will be payable based on the average value of the Company's gross assets (excluding cash and cash equivalents), which may give the Adviser an incentive to use leverage to make additional investments.

In connection therewith, credit facilities may be secured by an assignment of the Stockholders' unfunded capital commitments or the Company's portfolio investments and assets. Stockholders may be required to acknowledge their obligation to pay their share of such indebtedness up to the amount of their unfunded capital commitments or to acknowledge the right of such lender to call on such Stockholders to fund their commitments. The Governing Agreements may provide a lender with the right to receive detailed due diligence and credit-related information regarding the Stockholders. The Adviser reserves the right, in its sole discretion, to waive these requirements for certain Stockholders, which may have an adverse effect on the Company's ability to obtain such credit facility or terms thereof.

As a BDC, generally, the ratio of the Company's total assets (less total liabilities other than indebtedness represented by senior securities) to the Company's total indebtedness represented by senior securities plus any preferred stock, if any, must be at least 200%; however, legislation enacted in March 2018 has modified the 1940 Act by allowing a BDC to increase the maximum amount of leverage it may incur from an asset coverage ratio of 200% to an asset coverage ratio of 150%, if certain requirements are met. This means that generally, the Company can borrow up to $1 for every $1 of investor equity (or, if certain conditions are met, the Company can borrow up to $2 for every $1 of investor equity). The Company may reduce its asset coverage ratio to 150% and, in connection with their subscription agreements, the Stockholders are required to acknowledge the Company's ability to operate with an asset coverage ratio that may be as low as 150%. If this ratio declines below 150%, the Company cannot incur additional debt and could be required to sell a portion of its investments to repay some indebtedness when it may be disadvantageous to do so. This could have a material adverse effect on the Company's operations, and the Company may not be able to service its debt or make distributions.

In addition, as market conditions permit, the Company may securitize its loans to generate cash for funding new investments. To securitize loans, the Company may create a wholly owned subsidiary, contribute a pool of loans to the subsidiary and have the subsidiary issue primarily investment grade debt securities to purchasers who would be expected to be willing to accept a substantially lower interest rate than the loans earn. The Company would retain all or a portion of the equity in the securitized pool of loans. The Company's retained equity would be exposed to any losses on the portfolio of loans before any of the debt securities would be exposed to such losses.

Leverage magnifies the potential for loss on investments in the Company's indebtedness and on invested equity capital. As the Company uses leverage to partially finance its investments, Stockholders experience increased risks of investing in the Company's securities. If the value of the Company's assets increases, then leveraging would cause the net asset value attributable to the Common Stock to increase more sharply than it would have had the Company not leveraged. Conversely, if the value of the Company's assets decreases, leveraging would cause net asset value to decline more sharply than it otherwise would have had the Company not leveraged its business. Similarly, any increase in the Company's income in excess of interest payable on the borrowed funds would cause the Company's net investment income to increase more than it would without the leverage, while any decrease in the Company's income would cause net investment income to decline more sharply than it would have had the Company not borrowed. Such a decline could negatively affect the Company's ability to pay dividends on its Common Stock, scheduled debt payments or other payments related to the Company's securities.

*LIBOR*

LIBOR, the London Interbank Offered Rate, is the basic rate of interest used in lending transactions between banks on the London interbank market and has been widely used as a reference for setting the interest rate on loans globally. We generally expect to use an alternative reference rate as the reference rate in term loans we extend to portfolio companies such that the interest due to us pursuant to a term loan extended to a portfolio company is calculated using the alternative reference rate. The terms of our debt investments generally include minimum interest rate floors which are calculated based on the applicable alternative reference rate.

On March 5, 2021, the United Kingdom's Financial Conduct Authority announced that all LIBOR settings will either cease to be provided by any administrator or no longer be representative (i) immediately after December 31, 2021 for all four non-U.S. dollar ("USD") LIBORs (British Pound, Euro, Swiss Franc and Japanese Yen) and for one-week and two-month USD LIBOR settings and (ii) immediately after June 30, 2023 for the remaining USD LIBOR settings. In addition, in connection with supervisory guidance from U.S. regulators, some U.S. regulated entities have ceased entering into most new LIBOR contracts. Central banks and regulators in a number of major jurisdictions (for example, United States, United Kingdom, European Union, Switzerland and Japan) have convened working groups to find, and implement the transition to, suitable replacements for LIBOR. To identify a successor rate for USD LIBOR, the Alternative Reference Rates Committee ("ARRC"), a U.S.-based group convened by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York, was formed. The ARRC has identified the Secured Overnight Financing Rate ("SOFR"), or other rates derived from SOFR, as its preferred alternative rate for USD LIBOR. SOFR is a measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities, and is based on directly observable U.S. Treasury-backed repurchase transactions. At this time, it is not possible to predict the effect of any such changes, any establishment of alternative reference rates or other reforms to LIBOR or any other alternative reference rates that may be enacted in the United States, United Kingdom or elsewhere.

The elimination of LIBOR, the adoption of one or more alternative reference rates such as SOFR or any other changes or reforms to the determination or supervision of LIBOR or any of these alternative reference rates could have an adverse impact on the market for or value of any securities, loans, and other financial obligations or extensions of credit held by or due to the Company linked to any such reference rate or on the Company's overall financial condition or results of operations. In addition, the Company may need to renegotiate any credit agreements with portfolio companies that utilize LIBOR as a factor in determining the interest rate that may be in place at such time, in order to replace LIBOR with an alternative reference rate, which may have an adverse effect on the Company's overall financial condition or results of operations. Following the replacement of LIBOR or as a result of using any alternative reference rate, some or all of the Company's credit agreements in place at such time may bear interest a lower interest rate then would have otherwise been in effect had use of LIBOR continued, which could have an adverse impact on the Company's results of operations. Moreover, the Company may need to renegotiate certain terms of its credit facilities in place at such time. If the Company is unable to do so, amounts drawn under the Company's credit facilities may bear interest at a higher rate, which would increase the cost of the Company's borrowings and, in turn, affect the Company's results of operations.

Alteration of the terms of a debt instrument or a modification of the terms of other types of contracts to replace LIBOR or another interbank offered rate ("IBOR") with a new reference rate could result in a taxable exchange and the realization of income and gain/loss for U.S. federal income tax purposes. The IRS has issued regulations regarding the tax consequences of the transition from IBOR to a new reference rate in debt instruments and non-debt contracts. Under the regulations, alteration or modification of the terms of a debt instrument to replace an operative rate that uses a discontinued IBOR with a qualified rate (as defined in the regulations) including true up payments equalizing the fair market value of contracts before and after such IBOR transaction, to add a qualified rate as a fallback rate to a contract whose operating rate uses a discontinued IBOR or to replace a fallback rate that uses a discontinued IBOR with a qualified rate would not be taxable. The IRS may provide additional guidance, with potential retroactive effect.

*Hedging Policies/Risks*

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.

*Derivatives and Financial Commitment Transactions*

The Company may invest in derivatives and other assets that are subject to many of the same types of risks related to the use of leverage. In October 2020, the SEC adopted Rule 18f-4 under the 1940 Act that governs the use of derivatives, (defined to include any swap, security-based swap, futures contract, forward contract, option or any similar instrument) as well as financial commitment transactions (defined to include reverse repurchase agreements, short sale borrowings and any firm or standby commitment agreement or similar agreement) by BDCs. Under Rule 18f-4, the Company is required to trade derivatives and other transactions that create future payment or delivery obligations (except reverse repurchase agreements and similar financing transactions) subject to a value-at-risk ("VaR") leverage limit and certain derivatives risk management program and reporting requirements. Generally, these requirements apply unless the Company satisfies a "limited derivatives users" exception that is included in Rule 18f-4. Under Rule 18f-4, when the Company trades reverse repurchase agreements or similar financing transactions, including certain tender option bonds, it needs to aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the Company's asset coverage ratio or treat all such transactions as derivatives transactions. Reverse repurchase agreements or similar financing transactions aggregated with other indebtedness do not need to be included in the calculation of whether the Company satisfies the limited derivatives users exception, but for funds subject to the VaR testing requirement, reverse repurchase agreements and similar financing transactions must be included for purposes of such testing whether treated as derivatives transactions or not. These requirements may limit the ability of the Company to use derivatives, short sales, and reverse repurchase agreements and similar financing transactions as part of its investment strategies. These requirements may increase the cost of the Company's investments and cost of doing business, which could adversely affect investors.

The Company has adopted updated policies and procedures in compliance with Rule 18f-4. The Company expects to qualify as a "limited derivatives user." Future legislation or rules may modify how the Company treats derivatives and other financial arrangements for purposes of the Company's compliance with the leverage limitations of the 1940 Act. Future legislation or rules may modify how leverage is calculated under the 1940 Act and, therefore, may increase or decrease the amount of leverage currently available to the Company under the 1940 Act, which may be materially adverse to the Company and the Company's investors.

*Portfolio Company Management*

Each portfolio company's day-to-day operations are the responsibility of such company's management team. Although the Adviser is responsible for monitoring the performance of each portfolio investment there can be no assurance that the existing management team, or any successor, will be able to successfully operate the portfolio company in accordance with the Company's plans. The success of each portfolio company depends in substantial part upon the skill and expertise of each portfolio company's management team.

*Operating and Financial Risks of Portfolio Companies*

Companies in which the Company invests could deteriorate as a result of, among other factors, an adverse development in their business, a change in the competitive environment, or an economic downturn. As a result, companies which the Company expects to be stable may operate, or expect to operate, at a loss or have significant variations in operating results, may require substantial additional capital to support their operations or to maintain their competitive position, or may otherwise have a weak financial condition or be experiencing financial distress. In some cases, the success of the Company's investment strategy will depend, in part, on the ability of the Company to restructure and/or effect improvements in the operations of a portfolio company. The activity of identifying and implementing restructuring programs and operating improvements at portfolio companies entails a high degree of uncertainty. There can be no assurance that the Company will be able to successfully identify and implement such restructuring programs and improvements.

*Projections and Third-Party Reports*

The Company will generally make investments based on projections of the operating results of portfolio companies, the market environment and views/assumptions on default rates, recoveries, interest rate movements and technical market factors. Projected operating results will normally be based primarily on the guidance of the company's management and be justified by the Adviser's judgments or third-party advice and reports. In all cases, projections are only estimates of future results that are based upon assumptions made at the time that the projections are developed. There can be no assurance that the projected results will be achieved and actual results may vary significantly from the projections. General economic, natural and other conditions, which are not predictable, can have an adverse impact on the reliability of such projections.

**Risks Relating to the Company's Investments**

*Interest Rates*

Because the Company may borrow money to make investments, the Company's net investment income will depend, in part, upon the difference between the rate at which the Company borrows funds and the rate at which the Company invests those funds. As a result, the Company can offer no assurance that a significant change in market interest rates will not have a material adverse effect on the Company's net investment income.

A reduction in interest rates on new investments relative to interest rates on current investments could have an adverse impact on the Company's net investment income. However, an increase in interest rates could decrease the value of any investments which earn fixed interest rates and also could increase the Company's interest expense, thereby decreasing the Company's net income. Also, an increase in interest rates available to investors could make an investment in shares of Common Stock less attractive if the Company is not able to increase its dividend rate, which could reduce the value of the Common Stock. Further, rising interest rates could also adversely affect the Company's performance if such increases cause its borrowing costs to rise at a rate in excess of the rate that the Company's investments yield.

The recent increases in interest rates have made it more expensive to finance our investments and to refinance our current financing arrangements. In addition, certain of our financing arrangements provide for adjustments in the loan interest rate along with changes in market interest rates. Therefore, in periods of rising interest rates, to the extent the Company borrows money subject to a floating interest rate, the Company's cost of funds would increase, which could reduce the Company's net investment income. Further, rising interest rates could also adversely affect the Company's performance if it holds investments with floating interest rates, subject to specified minimum interest rates (such as an applicable reference rate floor), while at the same time engaging in borrowings subject to floating interest rates not subject to such minimums. In such a scenario, rising interest rates may increase the Company's interest expense, even though its interest income from investments is not increasing in a corresponding manner as a result of such minimum interest rates.

If general interest rates continue to rise, there is a risk that the portfolio companies in which the Company hold floating rate securities will be unable to pay escalating interest amounts, which could result in a default under their loan documents with the Company. Rising interest rates could also cause portfolio companies to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. In addition, rising interest rates may increase pressure on the Company to provide fixed rate loans to the Company's portfolio companies, which could adversely affect the Company's net investment income, as increases in the Company's cost of borrowed funds would not be accompanied by increased interest income from such fixed-rate investments.

*Risks Related to Investments in Loans*

The Company invests primarily by making loans, either through primary issuances or in secondary transactions, including potentially on a synthetic basis (i.e., through the use of derivatives, participations or assignments). The value of such loans may be detrimentally affected to the extent a borrower defaults on its obligations. There can be no assurance that the value assigned by the Company to collateralize an underlying loan can be realized upon liquidation, nor can there be any assurance that any such collateral will retain its value. Furthermore, circumstances could arise (such as in the bankruptcy of a borrower) that could cause the Company's security interest in the loan's collateral to be invalidated. Also, much of the collateral will be subject to restrictions on transfer intended to satisfy securities regulations, which will limit the number of potential purchasers if the Company intends to liquidate such collateral. The amount realizable with respect to a loan may be detrimentally affected if a guarantor, if any, fails to meet its obligations under a guarantee. Finally, there may be a monetary, as well as a time cost involved in collecting on defaulted loans and, if applicable, taking possession of various types of collateral.

*Investments in Privately Held Companies*

The Company will acquire a significant percentage of its portfolio company investments from privately held companies in directly negotiated transactions. Substantially all of these investments are subject to legal and other restrictions on resale or are otherwise less liquid than exchange-listed securities or other securities for which there is an active trading market. The Company typically would be unable to exit these investments unless and until the portfolio company has a liquidity event such as a sale, refinancing, or initial public offering.

The illiquidity of the Company's investments may make it difficult or impossible for the Company to sell such investments if the need arises. In addition, if the Company is required to liquidate all or a portion of its portfolio quickly, the Company may realize significantly less than the value at which the Company has previously recorded its investments, which could have a material adverse effect on the Company's business, financial condition and results of operations.

Moreover, investments purchased by the Company that are liquid at the time of purchase may subsequently become illiquid due to events relating to the issuer, market events, economic conditions or investor perceptions.

*Investments in Private and Middle-Market Companies*

Investments in private and middle-market companies involve a number of significant risks. Generally, little public information exists about these companies, and the Company will rely on the ability of the Adviser's investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. If the Adviser is unable to uncover all material information about these companies, it may not make a fully informed investment decision, and the Company may lose money on its investments. Middle-market companies generally have less predictable operating results and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. Middle-market companies may have limited financial resources, may have difficulty accessing the capital markets to meet future capital needs and may be unable to meet their obligations under their debt securities held by the Company, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of the Company realizing any guarantees it may have obtained in connection with its investment. In addition, such companies typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors' actions and market conditions, as well as general economic downturns. Additionally, middle-market companies are more likely to depend on the management talents and efforts of a small group of persons. Therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on a portfolio company and, in turn, on the Company. Middle-market companies also may be parties to litigation and may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence. In addition, the Company's executive officers, directors and the Adviser may, in the ordinary course of business, be named as defendants in litigation arising from the Company's investments in the portfolio companies.

*Investments in Publicly Traded Companies*

The Company's investment portfolio may contain securities or instruments issued by publicly held companies. Such investments may subject the Company to risks that differ in type or degree from those involved with investments in privately held companies. Such risks include, without limitation, greater volatility in the valuation of such companies, increased obligations to disclose information regarding such companies, limitations on the ability of the Company to dispose of such securities or instruments at certain times, increased likelihood of shareholder litigation against such companies' board members and increased costs associated with each of the aforementioned risks. Moreover, the Company may not have the same access to information in connection with investments in public securities, either when investing in a potential investment or after making an investment, as compared to privately negotiated investments. Furthermore, the Company may be limited in its ability to make investments, and to sell existing investments, in public securities because the Adviser and/or Stone Point may be deemed to have material, non-public information regarding the issuers of those securities or as a result of other internal policies.

*Foreign Investments*

The Company will accept subscriptions and will maintain books and records in U.S. dollars although the Company may invest a portion of capital outside of the United States (and in various foreign currencies). Investment in foreign securities involves certain factors not typically associated with investing in U.S. securities, including risks relating to: (i) currency exchange matters, including fluctuations in the rate of exchange between the dollar and the various foreign currencies in which the Company's foreign investments are denominated, and costs associated with conversion of investment principal and income from one currency into another; (ii) differences between the U.S. and foreign securities markets, including potential price volatility in and relative liquidity of some foreign securities markets, the absence of uniform accounting, auditing and financial reporting standards, practices and disclosure requirements and less government supervision and regulation; (iii) certain economic, social and political risks, including potential exchange control regulations and restrictions on foreign investment and repatriation of capital, the risks of political, economic or social instability and the possibility of expropriation or confiscatory taxation; and (iv) the possible requirement of financing and structuring alternatives and exit strategies that differ substantially from those commonly used in the United States. In addition, the Company and the Stockholders could become subject to additional or unforeseen taxation in foreign jurisdictions in which the Company invests, and changes to taxation treaties (or their interpretation) between the jurisdiction of a Stockholder and the countries in which the Company invests may adversely affect the tax treatment of such Stockholder. The foregoing factors may increase transaction costs and adversely impact the value of the Company's investments in non-U.S. portfolio companies.

*Difficulties Upon Exit*

The Company's investments are subject to various risks, particularly the risk that the Company will be unable to realize its investment objectives by sale or other disposition at attractive prices or be unable to complete any exit strategy. Dispositions of investments may be subject to contractual and other limitations on transfer or other restrictions that would interfere with subsequent sales of such investments or adversely affect the terms that could be obtained upon any disposition thereof. There can be no assurance that a public market will develop for any of the Company's investments or that the Company will otherwise be able to realize such investments. Therefore, there can be no assurance that the Company will realize net profits or achieve returns commensurate with the risks associated with the investments, or that the Company will not experience losses in its investments, which may be substantial.

*Risks of Investing in a Credit Vehicle*

In addition to the foregoing risks, investing in the Company presents certain risks, including, but not limited to, risks associated with: credit, investments in loans, "higher-yielding" debt securities, stressed and distressed investments, investments in public companies, credit ratings, prepayment, and interest rates.

The Company has a very broad mandate with respect to the type and nature of securities in which it may invest. While some of the loans in which the Company will invest may be secured, the Company may also invest in debt or preferred equity securities that are either unsecured or subordinated to substantial amounts of senior indebtedness, or a significant portion of which may be unsecured. In such instances, the ability of the Company to influence a portfolio company's affairs, especially during periods of financial distress or following an insolvency is likely to be substantially less than that of senior creditors. For example, under terms of subordination agreements, senior creditors are typically able to block the acceleration of the debt or other exercises by the Company of its rights as a creditor. Accordingly, the Company may not be able to take the steps necessary to protect its investments in a timely

manner or at all. In addition, the debt securities in which the Company will invest may not be protected by financial covenants or limitations upon additional indebtedness, may have limited liquidity and may not be rated by a credit rating agency.

*Credit Risk*

One of the fundamental risks associated with investments by the Company is credit risk, which is the risk that an issuer will be unable to make principal and interest payments on its outstanding debt obligations when due. The return to Stockholders would be adversely impacted if an issuer of debt in which the Company invests becomes unable to make such payments when due. Although the Company may make investments that are believed to be secured by specific collateral, the value of which may initially exceed the principal amount of such investments or the fair value of such investments, there can be no assurance that the liquidation of any such collateral would satisfy the borrower's obligation in the event of non-payment of scheduled interest or principal payments with respect to such investment, or that such collateral could be readily liquidated. The Company may also invest in unsecured loans, which involves a higher degree of risk than senior secured loans. Furthermore, the Company's right to payment and its security interest, if any, may be subordinated to the payment rights and security interests of a senior lender, to the extent applicable. Certain of these investments may have an interest-only payment schedule, with the principal amount remaining outstanding and at risk until the maturity of the investment. In addition, loans may provide for payments-in-kind, which have a similar effect of deferring current cash payments. In such cases, a portfolio company's ability to repay the principal of an investment may depend on a liquidity event or the long-term success of the company, the occurrence of which is uncertain.

With respect to the Company's investments in any number of credit products, if the borrower or issuer breaches any of the covenants or restrictions under the credit agreement that governs loans of such issuer or borrower, it could result in a default under the applicable indebtedness as well as the indebtedness held by the Company. Such default may allow the creditors to accelerate the related debt and may result in the acceleration of any other debt to which a cross-acceleration or cross-default provision applies. This could result in an impairment or loss of the Company's investment or a pre-payment (in whole or in part) of the Company's investment.

Similarly, while the Company generally targets investing in companies it believes are of high quality, these companies could still present a high degree of business and credit risk. Companies in which the Company invests could deteriorate as a result of, among other factors, an adverse development in their business, a change in the competitive environment or the continuation or worsening of the current (or any future) economic and financial market downturns and dislocations. As a result, companies that the Company expected to be stable or improve may operate, or expect to operate, at a loss or have significant variations in operating results, may require substantial additional capital to support their operations or maintain their competitive position, or may otherwise have a weak financial condition or experience financial distress. In addition, exogenous factors such as fluctuations of the equity markets also could result in warrants and other equity securities or instruments owned by the Company becoming worthless.

*Risks Related to Loan Prepayments*

The loans in the Company's investment portfolio generally may be prepaid at any time, mostly with little advance notice. Whether a loan is prepaid will depend both on the continued positive performance of the portfolio company and the existence of favorable financing market conditions that allow such company the ability to replace existing financing with less expensive capital. As market conditions change, the Company does not know when, and if, prepayment may be possible for each portfolio company. In some cases, the prepayment of a loan may reduce the Company's achievable yield if the capital returned cannot be invested in transactions with equal or greater expected yields, which could have a material adverse effect on the Company's business, financial condition and results of operations.

*Risks Associated with Covenant-Lite Loans*

A significant number of leveraged loans in the market may consist of loans that either have no financial maintenance covenants or have financial maintenance covenants that apply to a revolving credit facility, as applicable ("Covenant-Lite Loans"). While the Company does not intend to invest in Covenant-Lite Loans as part of its principal investment strategy, it is possible that such loans may comprise a portion of the Company's portfolio. Such loans do not require the borrower to maintain debt service or other financial ratios. Ownership of Covenant-Lite Loans may expose the Company to different risks, including with respect to liquidity, price volatility, ability to restructure loans, credit risks and less protective loan documentation than is the case with loans that also contain financial maintenance covenants.

*Potential Material and Adverse Effects of Market Conditions on Debt and Equity Capital Markets*

From time to time, capital markets may experience periods of disruption and instability. For example, from 2008 to 2009, the global capital markets were unstable as evidenced by the lack of liquidity in the debt capital markets, significant write-offs in the financial services sector, the repricing of credit risk in the broadly syndicated credit market and the failure of major financial institutions. Despite actions of the U.S. federal government and various foreign governments, these events contributed to worsening general economic conditions that materially and adversely impacted the broader financial and credit markets and reduced the availability of debt and equity capital for the market as a whole and financial services firms in particular. While market conditions have improved from the beginning of the disruption, there have been recent periods of volatility, such as during the COVID-19 pandemic, and there can be no assurance that adverse market conditions will not repeat themselves in the future. If these adverse and volatile market conditions continue, the Company and other companies in the financial services sector may have to access, if available, alternative markets for debt and equity capital in order to grow. Equity capital may be particularly difficult to raise during periods of adverse or volatile market conditions because, subject to some limited exceptions, as a BDC, the Company is generally not able to issue additional shares of Common Stock at a price less than net asset value per share without first obtaining approval for such issuance from Stockholders and the Company's Independent Directors.

Moreover, the re-appearance of market conditions similar to those experienced from 2008 through 2009 for any substantial length of time could make it difficult for the Company to borrow money or to extend the maturity of or refinance any indebtedness the Company may have under similar terms and any failure to do so could have a material adverse effect on the Company's business. The debt capital that will be available to the Company in the future, if any, may be at a higher cost and on less favorable terms and conditions than what the Company is currently able to access. If the Company is unable to raise or refinance debt, the Company may be limited in its ability to make new commitments or to fund existing commitments to its portfolio companies.

Given the extreme volatility and dislocation in the capital markets over the past several years, many BDCs have faced, and may in the future face, a challenging environment in which to raise or access capital. In addition, significant changes in the capital markets, including the extreme volatility and disruption over the past several years, has had, and may in the future have, a negative effect on the valuations of the Company's investments and on the potential for liquidity events involving these investments.

As a BDC, the Company needs the ability to raise additional capital for investment purposes on an ongoing basis. Without sufficient access to the capital markets, the Company may be forced to curtail business operations or may not be able to pursue new investment opportunities. An inability to raise capital or access debt financing could negatively affect the Company's business, inhibit the Company's ability to scale operations, and lead to an increase in operating expenses as a percentage of the Company's net assets. Disruptive conditions in the financial industry and any new legislation in response to those conditions could restrict the Company's business operations and could adversely impact the Company's results of operations and financial condition.

*Use of Expert Networks and Data Analytics*

In connection with the evaluation of potential investment opportunities, the Adviser engages expert networks and uses data analytics, including data provided by third-party vendors. The Adviser seeks to avoid inadvertently obtaining confidential information from such sources and has therefore implemented policies and procedures to mitigate the risk that the use of expert networks (in the case of Stone Point Credit) or data analytics could result in the receipt of confidential information by investment professionals. However, because the Adviser's business operates on an integrated platform without information barriers, if such controls fail and an investment professional obtains material nonpublic information, the Adviser could be restricted in acquiring or disposing of investments on behalf of the Company, which could impact the returns generated for the Company.

**General Risk Factors**

*Market Risks*

General economic conditions may affect the Company's activities. Interest rates, the price of securities and participation by other investors in the financial markets may also affect the value of securities purchased by and the number of investments made by the Company.

*Inflation Risks*

Recently, inflation has increased to its highest level in decades. Typically, as inflation rises, a portfolio company will earn more revenue but also will incur higher expenses; as inflation declines, a portfolio company might be unable to reduce expenses in line with any resulting reduction in revenue. A rise in real interest rates would likely result in higher financing costs for portfolio companies and could therefore result in a reduction in the amount of cash available for distribution to investors or the value of the portfolio company. If a portfolio company is unable to increase its revenue or pass any increases in its costs along to its customers during times of higher inflation, its profitability and its ability to pay interest and principal on its loans could be adversely affected, particularly if interest rates rise in response to increases in inflation rates.

*Economic and Political Environment*

The U.S. economy has generally recovered from the depths of the 2008 financial crisis, however the impact of the outbreak of COVID-19 as discussed below, brings new uncertainty. The Standard and Poor's 500 had reached new record levels and leverage loan and high yield issuance had surged as investors once again pursued yield in the protracted low interest rate environment. However, there has been substantial recent volatility in the markets, and it is not possible to predict how long this volatility will continue or what impact it will have on the Company. While there appears to be some similarities to the run-up to the financial crisis, there has also been an overhaul of the U.S. financial regulatory system, resulting in increased oversight, transparency and accountability. In general, corporations have strong balance sheets and record profitability, banks have more tangible capital to absorb losses and the housing market does not appear to be overheated. Regulatory changes and credit cycles lead to dislocations in the various markets in which Stone Point invests, and provide an ever-changing landscape that inevitably will be different from the ones faced when investing prior funds. While the overarching fundamentals still appear to be generally favorable, the Adviser remains cognizant of the fact that the benign credit environment has been going on for a prolonged period of time, and as a result are wary of potential cracks in the economy, both from a corporate and consumer standpoint. The Adviser may explore counter-cyclical opportunities that could benefit in a more challenging economic environment as well as on business services that stand to grow in today's regulatory landscape. On the political front, the Adviser is consistently wary of changes that could result in market volatility; areas of heightened focus include trade wars, China and the evolving Brexit/Euro situation. The Adviser will continue to closely monitor the economic and political environment with a particular focus on protecting the downside.

It is uncertain whether regulatory actions will be able to prevent further losses and volatility in securities markets, or stimulate the credit markets. The Company may be adversely affected by the foregoing events, or by similar or other events, including tax reform, in the future. In the longer term, there may be significant new regulations that could limit the Company's activities and investment opportunities or change the functioning of the capital markets, and there is the possibility of a severe worldwide economic downturn. Consequently, the Company may not be capable of, or successful at, preserving the value of its assets, generating positive investment returns or effectively managing risks.

The activities of the Company could be materially adversely affected by the instability in the U.S. and/or global financial markets and supply chains and//or changes in market, economic, political, and/or regulatory conditions, as well as by numerous other factors outside the control of the Company, the investors in the Company and their respective affiliates.

Many of the portfolio companies in which the Company makes investments could be susceptible to economic slowdowns or recessions and could be unable to meet their debt obligations during these periods. Therefore, non-performing assets may increase, and the value of the Company's portfolio may decrease during these periods as the Company is required to record the investments at their current fair value. Adverse economic conditions could also decrease the value of the collateral securing some of the loans in the Company's portfolio and the value of its equity investments. Economic slowdowns or recessions could lead to financial losses in the Company's portfolio and a decrease in revenues, net income, and assets. Unfavorable economic conditions also could increase portfolio companies' funding costs, limit portfolio companies' access to the capital markets or result in a decision by lenders not to extend credit to such portfolio company. These events could prevent the Company from making more investments that it otherwise would have made and harm the Company's operating results.

A portfolio company's failure to satisfy financial or operating covenants under its debt agreements could lead to defaults and, potentially, acceleration of the time when the loans are due and eventual foreclosure on its assets to repay its debts, which could itself trigger cross-defaults under other agreements and ultimately jeopardize the portfolio company's ability to repay the debt investment that the Company holds. The Company may incur additional expenses to the extent necessary to seek recovery in these scenarios or to negotiate new terms with a defaulting portfolio company. In addition, if one of the portfolio companies were to go bankrupt, depending on the facts and circumstances, including the extent to which the Company will actually provide significant managerial assistance to that portfolio company, a bankruptcy court might subordinate all or a portion of the Company's claim to that of other creditors.

*Coronavirus and Public Health Emergencies*

The coronavirus ("COVID-19") outbreak has resulted in numerous deaths, adversely impacted global commercial activity, and contributed to significant volatility in certain equity, debt, derivatives, and commodities markets. While many countries, including the United States, have relaxed or eliminated the early public health restrictions adopted in response to the COVID-19 pandemic, the outbreak of new, worsening strains of COVID-19 may result in a resurgence in the number of reported cases and hospitalizations. Such increases in cases could lead to re-introduction of restrictions and business shutdowns in certain states, countries and cities in the United States and globally. The Company and the Adviser will continue to monitor developments concerning COVID-19, including guidance from federal, state and local public health authorities.

Any public health emergency, including any outbreak of COVID-19, SARS, H1N1/09 flu, avian flu, other coronavirus, Ebola or other existing or new epidemic diseases, or the threat thereof, could negatively impact the Company and its portfolio companies and could meaningfully affect the Company's ability to fulfill its investment objectives.

*Russian-Ukrainian Conflict*

Instability within Eastern Europe, particularly the commencement of open hostilities between the Ukraine and Russia may have an adverse impact on the Company. On February 21, 2022, the Russian Federation recognized the sovereignty of the "Donetsk People's Republic" and "Luhansk People's Republic" in the Donbas region of Eastern Ukraine. Shortly thereafter, tension has increased with the Russian Federation advancing troops and commencing large scale military operations in the Ukraine. The United States, the United Kingdom (the "UK") and the European Union (the "EU") have imposed a series of sanctions against certain financial institutions, businesses, key members and personnel associated with the Russian Federation. It is currently unclear what the outcome and impact will be of (a) the military activities and encroachment by the Russian Federation in the Ukraine and (b) the sanctions that have been imposed against key members and personnel of the Russian Federation, however, it is possible that the escalation of hostilities between the Russian Federation, the Ukraine, NATO member states and other states and the imposition of further economic sanctions may have an adverse impact on European and global markets and result in political and economic instability, increased sanctions, reduced investment activities and adverse effects on economies generally. It is currently unclear whether such open hostilities may spread to other geographies beyond the current conflict region and any such geopolitical and economic ramifications may, in turn, have an impact on the ability of the Company to achieve its investment objectives. Sanctions from the United States, the UK and the European Union and potential counter sanctions from Russia may affect prospective market counterparties of the Company. Capital markets may be impacted and international investors may seek to move capital to other regions.

*UK's Exit from the EU*

On January 31, 2020, the UK ended its membership in the EU ("Brexit"). The decision made in the UK to leave the EU led to volatility in global financial markets, and in particular in the markets of the UK and across Europe, and may also lead to weakening in consumer, corporate and financial confidence in the UK and Europe. Following the UK's withdrawal from the EU, the UK and the EU entered into a free trade agreement on January 1, 2021, to govern their future relationship on a number of areas (the "Treaty"). Although the EU and the UK agreed to the Treaty, trade in goods and services between the UK and the EU may be disrupted through the imposition of new customs checks and processes at the border. The UK's departure from the customs union and the single market has rendered its access to EU markets significantly more restricted than had previously been the case.

The Treaty does not cover the UK's future relationship with the EU on financial services. The EU and the UK have agreed on a memorandum of understanding establishing a framework for regulatory cooperation in financial services, which does not include a new framework for mutual market access. While some EU directives contemplate access to EU markets by financial services firms established in countries deemed to have equivalent standards, even if UK domestic law continues to be equivalent to EU law (which is not guaranteed), there is no certainty that the EU will facilitate equivalence decisions. Where the EU makes such equivalence decisions, it could unilaterally revoke them at short notice.

Notwithstanding the foregoing, the longer term economic, legal, political and social framework to be put in place between the UK and the EU are likely to lead to ongoing political and economic uncertainty and periods of exacerbated volatility in both the UK and in wider European markets for some time.

*Data Privacy Regulation*

The United States is in a period of active consideration of additional data privacy and cybersecurity laws. These include the California Consumer Privacy Act (the "CCPA"), effective since January 1, 2020, and the California Privacy Rights Act, enacted in November 2020 and effective in 2023; the Virginia Consumer Data Privacy Act, enacted in 2021 and effective in 2023; the New York SHIELD Act, aspects of which took effect on October 23, 2019 and March 21, 2020, respectively; a range of proposed additional laws in California, New York, Texas, Utah, Washington and other states; and a range of proposed additional laws at the federal level. The cumulative effects of the CCPA and other recently adopted laws – and the likely effect of additional laws that might be enacted – include an increased ability of individuals, relative to companies, to control the use of their personal data; increased obligations of companies to maintain the security of data; and increased exposure to fines or damages for companies that do not accord individuals their specified privacy rights, that experience data breaches, or that do not maintain cybersecurity at certain levels of quality. The Company will endeavor to maintain systems that promote compliance with the CCPA and these other laws to the extent applicable to the Company, both those laws adopted to date and those that may be adopted in the future, but there can be no assurance that these systems will be effective in mitigating the business impact of individuals' increased privacy rights or in ensuring compliance with such laws. In the event of fines or damages due to noncompliance with such data privacy and cybersecurity laws, or related expenses such as the cost of investigation or legal defense, there may be a business impact on the Company.

*Sanctions Laws*

Economic sanction laws in the United States and other jurisdictions prohibit Stone Point and the Company from transacting with certain countries, individuals, and companies. In the United States, the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") administers and enforces laws, Executive Orders and regulations establishing U.S. economic and trade sanctions, which prohibit, among other things, transactions with, and the provision of services to, certain foreign countries, territories, entities, and individuals. These types of trade sanctions significantly restrict or completely prohibit certain investment activities in regions outside the United States, and if the Company or its portfolio companies were to violate any such laws or regulations, it could face significant legal and monetary penalties. Some of these regulations provide that penalties can be imposed on Stone Point and the Company for the conduct of a portfolio company, even if such person has not violated any regulation.

*Terrorism, Natural Disasters and Major Events*

The threats of terrorist strikes, and the fear of prolonged global conflict have exacerbated volatility in the financial markets and caused consumer, corporate and financial confidence to weaken, increasing the risk of a "self-reinforcing" economic downturn. While new opportunities for portfolio companies may arise in the insurance and reinsurance industries as a result of catastrophic events and financial market problems, the climate of uncertainty may have an adverse effect upon the portfolio companies in which the Company makes investments. Economic and political uncertainty also increases the difficulty of modeling market conditions, which may reduce the accuracy of the Adviser's financial projections. The performance of the portfolio companies in which the Company makes investments may be affected by additional catastrophic events.

The performance of the portfolio companies in which the Company invests may be affected by additional catastrophic events. A major disruption to the operations of the Company and the portfolio companies in which the Company invests as a result of force majeure events (including, without limitation, severe weather, earthquakes, landslides or other natural disasters, strikes or war or the outbreak of disease, epidemics or pandemics or any other serious public health concern, war, terrorism, labor strikes, major plant breakdowns, pipeline or electricity line ruptures, failure of technology, defective design and construction, accidents, demographic changes, government macroeconomic policies, social instability, etc.) may cause the Company or their portfolio companies to suffer losses due to damage to the Company or its portfolio companies' operations as a result of any of the foregoing.

**Item 1B. Unresolved Staff Comments**

None.

**Item 2. Properties**

We do not own any real estate or other properties materially important to our operations. Our principal executive offices are located at 20 Horseneck Lane, Greenwich, Connecticut 06830. We believe that our office facilities are suitable and adequate for our business as it is contemplated to be conducted.

**Item 3. 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 4. Mine Safety Disclosures**

Not applicable.

**<u>PART II.</u>**

**Item 5. Market Price of and Dividends on the Registrant's Common Equity and Related Stockholder Matters**

**Market Information**

The Company's Common Stock is offered in private placements ("Private Offerings") and has not been registered under the Securities Act or the securities laws of any other jurisdiction. Accordingly, the Company is offering the Company's Common Stock only (1) to "accredited investors" (as defined in Rule 501 under the Securities Act) and (2) outside the United States in compliance with Regulation S, in reliance upon exemptions from the registration requirements of the Securities Act.

Each purchaser of the Company's Common Stock is required to complete and deliver to the Company, prior to the acceptance of any order, a subscription agreement substantiating the purchaser's investor status and including other limitations on resales and transfers of the Company's Common Stock.

Purchasers of shares of the Company's Common Stock will not be permitted to transfer their shares without the Company's prior written consent (unless the transfer is to an affiliate) until a date to be established by the Company. While the Company expects not to unreasonably withhold its prior written consent to transfers by the Company's Stockholders, the Company may withhold its consent if any such transfer would have adverse tax, regulatory or other consequences. Additionally, to the extent the Company approves any transfers or the foregoing restriction lapses, investors are subject to restrictions on resale and transfer associated with securities sold pursuant to Regulation D, Regulation S and other exemptions from registration under the Securities Act. Unless and until the Company's Common Stock were to become registered under the Securities Act, it may be transferred only in transactions that are exempt from registration under the Securities Act and the applicable securities laws of other jurisdictions.

Any transfers of shares of the Company's Common Stock in violation of the foregoing provisions will be void, and any intended recipient of the Company's Common Stock will acquire no rights in such shares and will not be treated as the Company's Stockholder for any purpose.

**Holders of the Company's Common Stock**

As of March 30, 2023, there were 109 holders of record of the Company's Common Stock.

**Valuation of Portfolio Securities**

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 its Valuation Committee, subject to oversight by the Board, is responsible for determining the fair value of the Company's investments in accordance with valuation policies and procedures approved by the Board ("Valuation Policy") 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. The Company generally retains an external, independent valuation firm to provide 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 the 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 quotation, 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 fair value determinations. 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.

**Distributions**

The Company intends to pay quarterly distributions to the Company's Stockholders out of assets legally available for distribution. The Company has elected to be treated, and intends to qualify annually, as a RIC under Subchapter M of the Code. To obtain and maintain the Company's ability to be subject to tax as a RIC, the Company must, among other things, timely distribute to the Company's Stockholders at least 90% of the Company's investment company taxable income for each taxable year. Please refer to "Item 1. Business – Material U.S. Federal Income Tax Consequences" for further information regarding the tax treatment of the Company's distributions and the tax consequences of the Company's retention of net capital gains.

**Reports to Stockholders**

We plan to furnish our Stockholders with an annual report for each fiscal year ending December 31 containing financial statements audited by our independent public accounting firm. Additionally, we intend to continue to comply with the periodic reporting requirements of the Exchange Act.

**Unregistered Sales of Equity Securities**

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 Annual Report that were not registered under the Securities Act.

**Item 6. Reserved.**

**Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations**

The following discussion and analysis should be read in conjunction with our financial statements and related notes and other financial information appearing elsewhere in this Annual Report on Form 10-K. 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," 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 December 31, 2022, the Company has called equity capital in the amount of $833.4 million. See "Subscriptions and Drawdowns" under "Financial Condition, Liquidity and Capital Resources" below for further details. Management anticipates calling additional equity capital for investment purposes through drawdowns in respect of capital commitments made by investors pursuant to Private Offerings.

**Investment Objective and Strategy**

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

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

**Key Components of Operations**

***Investments***

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

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

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

***Revenues***

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

***Expenses***

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of calculating the Company's net asset value,
 including the cost of any third-party valuation services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interest expense and other costs associated with the Company's
 indebtedness;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• federal and state registration fees and any stock exchange listing
 fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. federal, state and local taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Independent Directors' fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• brokerage commissions and markups;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fidelity bond, directors' and officers' liability
 insurance and other insurance premiums;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs associated with the Company's reporting and compliance
 obligations U.S. federal and state securities laws, including, the Securities Act of 1933,
 as amended (the "Securities Act"), the Securities Exchange Act of 1934, as amended
 (the "Exchange Act") and the 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 Adviser can waive any amounts owed to it under the Administration Agreement, at its discretion. From time to time, the Adviser or its affiliates may pay third-party providers of goods or services. The Company will subsequently reimburse the Adviser 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 "Revolving Credit Facility" under "Financial Condition, Liquidity and Capital Resources" below for further details.

The Company has had little operating history and therefore this statement concerning additional expenses is necessarily an estimate and may not match the Company's actual results of operations in the future.

**Leverage**

The amount of leverage that the Company employs will depend on the Adviser's and the Board's assessment of market and other factors at the time of any proposed borrowing. In accordance with the 1940 Act, with certain limitations, BDCs are allowed to borrow amounts such that their asset coverage ratios, as defined in the 1940 Act, are at least 200% (or 150% if certain conditions are met) after such borrowing. As a result of complying with the requirements set forth in the Small Business Credit Availability Act, the Company is able to borrow amounts such that its asset coverage ratio is at least 150%, rather than 200%. As of December 31, 2022 and December 31, 2021, the Company's asset coverage ratio was 189% and 186%, respectively.

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

**Financial and Operating Highlights**

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **For the Period <br> September 8, 2020<br>(inception)<br> through<br> December 31, 2020** |
| Total investment income | $129949996 | $32106052 | $29166 |
| Total expenses | 65033958 | 15349445 | 795047 |
| Net investment income (loss) | 64916038 | 16756607 | (765881) |
| Total net realized gains (losses) | 1072458 | 232805 |  |
| Total net change in unrealized appreciation (depreciation) | (34138126) | 4765621 | (2209) |
| Net increase (decrease) in net assets resulting from operations | $31850370 | $21755033 | $(768090) |
| **Per share information - basic and diluted:** |  |  |  |
| Net investment income (loss) | $1.94 | $1.51 | $(3.28) |
| Net increase (decrease) in net assets resulting from operations | $0.95 | $1.96 | $(3.29) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Consolidated balance sheet data** | **As of December 31,<br>2022** | **As of December 31,<br>2021** | **As of December 31, <br>2020** |
| Cash and cash equivalents | $33791187 | $15096474 | $27127738 |
| Investments at fair value | 1688521222 | 1158985986 | 14324987 |
| Total assets | 1744124451 | 1183075390 | 41853260 |
| Total debt (net of unamortized debt issuance costs) | 682730958 | 629540377 | 16464016 |
| Total liabilities | 926938862 | 637506031 | 17620350 |
| Total net assets | $817185589 | $545569359 | $24232910 |
| Net asset value per share | $19.32 | $20.14 | $19.39 |
| **Other data:** |  |  |  |
| Number of portfolio companies | 66 | 40 | 2 |
| Distributions declared per share | 1.89 | 0.96 | N/A |
| Total return based on net asset value <sup>1</sup> | 5.35% | 8.91% | (3.05)% |

---

<sup>1</sup> 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.

**Portfolio and Investment Activity**

Our investment activity for the years ended December 31, 2022 and 2021 is presented below (information presented herein is at par value unless otherwise indicated).

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | **Year Ended<br> December 31, 2021** |
| **New investment commitments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total new investment commitments | $775417980 | $1414287523 |
| **Principal amount of investments funded:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First lien loans | $618250622 | $1039784084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second lien loans | 86849863 | 136250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsecured notes | 90629542 | 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total principal amount of investments funded | $795730027 | $1201034084 |
| **Principal amount of investments sold or repaid:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First lien loans | 192893586 | 27215487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second lien loans | 15000000 | 15230532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsecured notes | 16056865 | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total principal amount of investments sold or repaid | $223950451 | $47446019 |
| Number of new investment commitments in new portfolio companies | 33 | 43 |
| Average new investment commitment amount in new portfolio companies | 23678561 | 32762501 |
| Percentage of new debt investment commitments at floating rates | 89.9% | 98.2% |
| Percentage of new debt investment commitments at fixed rates | 10.1% | 1.8% |
| Weighted average yield to maturity on funded debt and other income producing investments to new portfolio companies during the period<sup>1</sup> | 11.6% | 7.2% |
| Weighted average yield to maturity on debt and other income producing securities sold or repaid in full during the period | 7.2% | 7.7% |

---

<sup>1</sup> 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 December 31, 2022, the Company had 135 debt investments in 66 portfolio companies with an aggregate fair value of $1,675.0 million. As of December 31, 2021, the Company had 84 debt investments in 40 portfolio companies with an aggregate value of $1,157.0 million.

As of December 31, 2022 and December 31, 2021, the Company's investments consisted of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
| <br>**Investments:** | **Amortized<br> Cost** | **Fair<br> Value** | **Percent of<br> Total Portfolio<br> at Fair Value** | **Amortized<br> Cost** | **Fair<br> Value** | **Percent of<br> Total Portfolio<br> at Fair Value** |
| First Lien Loans | $1425048682 | $1412214024 | 83.6% | $1008537941 | $1011839638 | 87.3% |
| Second Lien Loans | 193720645 | 178146384 | 10.6% | 124070639 | 125146348 | 10.8% |
| Unsecured Notes | 84845719 | 84600524 | 5.0% | 19613993 | 20000000 | 1.7% |
| Equity and Warrants | 14280890 | 13560290 | 0.8% | 2000000 | 2000000 | 0.2% |
| Total Investments | $1717895936 | $1688521222 | 100.0% | $1154222573 | $1158985986 | 100.0% |

---

The industry composition of investments based on fair value as of December 31, 2022 and December 31, 2021 was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
| Capital Markets | 5.6% | 7.0% |
| Diversified Consumer Services | 0.7 |  |
| Financial Services | 8.5 | 6.0 |
| Health Care Providers & Services | 10.7 | 13.1 |
| Health Care Technology | 6.8 | 10.3 |
| Insurance | 16.6 | 19.2 |
| IT Services | 14.5 | 11.5 |
| Professional Services | 14.4 | 10.7 |
| Real Estate Management & Development | 2.9 | 4.3 |
| Software | 19.3 | 17.9 |
| Total | 100.0% | 100.0% |

---

The geographic composition of investments based on fair value as of December 31, 2022 and December 31, 2021 was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
| U.S. | 98.2% | 97.3% |
| Non-U.S. | 1.8 | 2.7 |
| Total | 100.0% | 100.0% |

---

The following table presents certain selected information regarding our investment portfolio as of December 31, 2022 and December 31, 2021:

---

| | | |
|:---|:---|:---|
|  | **As of<br> December 31, 2022** | **As of<br> <u>December 31, 2021</u>** |
| Number of portfolio companies | 66 | 40 |
| Weighted Average EBITDA (based on par) | $185.7 million | $142.9 million |
| Percentage of performing debt bearing a floating rate | 94.7% | 98.3% |
| Percentage of performing debt bearing a fixed rate | 5.3% | 1.7% |
| Weighted average yield to maturity on funded debt and other income producing investments<sup>1</sup> | 11.1% | 7.2% |

---

<sup>1</sup> 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 December 31, 2022 and December 31, 2021:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| <br>**Maturity Year** | **Fair Value** | **Percentage<br> of Portfolio** | **Fair Value** | **Percentage<br> of Portfolio** |
| 2024 | $15146311 | 0.9% | $5334098 | 0.5% |
| 2025 | 39540046 | 2.4 | 40007868 | 3.5 |
| 2026 | 160230268 | 9.6 | 110184615 | 9.5 |
| 2027 | 403461929 | 24.1 | 459333139 | 39.6 |
| 2028 | 598245358 | 35.7 | 383736271 | 33.2 |
| 2029 | 419976828 | 25.0 | 138389995 | 12.0 |
| 2030 | 18473274 | 1.1 |  |  |
| 2031 | 19886918 | 1.2 | 20000000 | 1.7 |
| Total | $1674960932 | 100.0% | $1156985986 | 100.0% |

---

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

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

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

---

| | |
|:---|:---|
| Investment <br> Performance<br> 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:

---

| | | |
|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2022** |
| <br>**Investment Rating** | **Fair Value** | **Percentage<br> of Portfolio** |
| 1 | $126349419 | 7.5% |
| 2 | 1509838451 | 89.4% |
| 3 | 52333352 | 3.1% |
| 4 |  |  |
| 5 |  |  |
| Total | $1688521222 | 100.0% |

---

The following table presents the amortized cost of our performing and non-accrual investments as of December 31, 2022 and December 31, 2021:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
|  | **Amortized Cost** | **Percentage** | **Amortized Cost** | **Percentage** |
| Performing | $1703615046 | 100.0% | $1152222573 | 100.0% |
| Non-accrual |  |  |  |  |
| Total | $1703615046 | 100.0% | $1152222573 | 100.0% |

---

The following table presents the fair value of our performing and non-accrual investments as of December 31, 2022 and December 31, 2021:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
|  | **Fair Value** | **Percentage** | **Fair Value** | **Percentage** |
| Performing | $1674960932 | 100.0% | $1156985986 | 100.0% |
| Non-accrual |  |  |  |  |
| Total | $1674960932 | 100.0% | $1156985986 | 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 years ended December 31, 2022 and 2021 and for the period from September 8, 2020 through December 31, 2020:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | **Year Ended<br> December 31, 2021** | **Period from<br> September 8, 2020<br> (inception) through<br> December 31, 2020** |
| Total investment income | $129949996 | $32106052 | $29166 |
| Less: total expenses | 65033958 | 15349445 | 795047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 64916038 | 16756607 | (765881) |
| Total net realized gains (losses) | 1072458 | 232805 |  |
| Net change in unrealized appreciation (depreciation) on investments | (34138126) | 4765621 | (2209) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $31850370 | $21755033 | $(768090) |

---

***Investment Income***

Total investment income consisted of interest income from investments, dividend income from investments, interest from cash and cash equivalents and fee income. For the years ended December 31, 2022 and 2021, and for the period from September 8, 2020 (inception) through December 31, 2020, total investment income was comprised of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | **Year Ended<br> December 31, 2021** | **Period from<br> September 8, 2020<br> (inception) through<br> December 31, 2020** |
| Interest income from investments | $128975333 | $30630063 | $29166 |
| Dividend income from investments | 599561 |  |  |
| Interest from cash and cash equivalents | 1352 | 1465 |  |
| Fee income | 373750 | 1474524 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $129949996 | $32106052 | $29166 |

---

***Expenses***

Operating expenses for the years ended December 31, 2022 and 2021, and for the period from September 8, 2020 (inception) through December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | **Year Ended<br> December 31, 2021** | **Period from<br> September 8, 2020<br> (inception) through<br> December 31, 2020** |
| Base management fees | $18937555 | $5326836 | $2877 |
| Interest and credit facility fees | 40043673 | 6635588 | 10245 |
| Organizational expenses |  |  | 271634 |
| Offering costs | 115986 | 364789 | 26220 |
| Professional fees | 5499655 | 2617828 | 422088 |
| Directors fees | 367500 | 362500 | 57158 |
| Insurance expenses | 69589 | 41904 | 4645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | $65033958 | $15349445 | $795047 |

---

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 Adviser can waive any amounts owed to it under the Administration Agreement, at its discretion.

For the years ended December 31, 2022 and 2021, the Company incurred $973,179 and $493,073 of administrative overhead expenses, respectively. For the period from September 8, 2020 (inception) through December 31, 2020, the Company incurred $26,646 of administrative overhead expenses. As of December 31, 2022 and 2021, administrator expenses of $278,561 and $147,102, respectively, remained payable to the Administrator. For the years ended December 31, 2022 and 2021, and for the period from September 8, 2020 (inception) through December 31, 2020, the Administrator has elected to waive additional charges that would have otherwise been eligible for reimbursement under the terms of the Administration Agreement which are not subject to recoupment.

*Income Taxes, Including Excise Taxes*

We have elected to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, we must, among other things, distribute to our Stockholders in each taxable year generally at least 90% of the sum of our investment company taxable income, as defined by the Code (without regard to the deduction for dividends paid), and net tax-exempt income 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 years ended December 31, 2022 and 2021, and for the period from September 8, 2020 (inception) through December 31, 2020:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | **Year Ended<br> December 31, 2021** | **Period from**<br> **September 8, 2020<br> (inception) through** **<br> December 31, 2020** |
| **Net realized gains (losses) and unrealized appreciation (depreciation) on investments** |  |  |  |
| Total net realized gains (losses) | $1072458 | $232805 | $— |
| Total net change in unrealized appreciation (depreciation) | $(34138126) | $4765621 | $(2209) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized gains (losses) and unrealized appreciation (depreciation) on investments** | $(33065668) | $4998426 | $(2209) |

---

For the year ended December 31, 2022, we had net realized gains on investments of $1.1 million. For the year ended December 31, 2021, we had net realized gains on investments of $0.2 million. For the period from September 8, 2020 (inception) through December 31, 2020, there were no net realized gains or losses.

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 years ended December 31, 2022 and 2021, we had net change in appreciation (depreciation) on our investment portfolio of $(34.1) million and $4.8 million, respectively. For the period from September 8, 2020 (inception) through December 31, 2020, we had net change in appreciation (depreciation) on our investment portfolio of $(0.0) million.

***Selected Quarterly Financial Data***

The tables below set forth certain quarterly financial data for the years ended December 31, 2022 and 2021

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
|  | **December 31, 2022** | **September 30, 2022** | **June 30, 2022** | **March 31, 2022** |
| Total investment income | $45853940 | $35640221 | $26741051 | $21714784 |
| Net investment income (loss) | 22825404 | 16836283 | 13480411 | 11773940 |
| Net realized gains (losses) and unrealized appreciation (depreciation) | (13322463) | (13959224) | (2495862) | (3288119) |
| Net increase (decrease) in net assets resulting from operations | 9502941 | 2877059 | 10984549 | 8485821 |
| Net investment income (loss) per common share | 0.57 | 0.49 | 0.42 | 0.43 |
| Basic and diluted earnings (loss) per common share | 0.24 | 0.08 | 0.34 | 0.31 |
| Net asset value per common stock at end of quarter | 19.32 | 19.61 | 19.98 | 20.04 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
|  | **December 31, 2021** | **September 30, 2021** | **June 30, 2021** | **March 31, 2021** |
| Total investment income | $15957517 | $8711521 | $4939670 | $2497344 |
| Net investment income (loss) | 8437432 | 4698801 | 2572249 | 1048125 |
| Net realized gains (losses) and unrealized appreciation (depreciation) | (709906) | 2565160 | 2669026 | 241341 |
| Net increase (decrease) in net assets resulting from operations | 7747206 | 7477086 | 5241275 | 1289466 |
| Net investment income (loss) per common share | 0.44 | 0.36 | 0.30 | 0.38 |
| Basic and diluted earnings (loss) per common share | 0.40 | 0.57 | 0.61 | 0.47 |
| Net asset value per common stock at end of quarter | 20.14 | 20.03 | 20.15 | 19.66 |

---

**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, par value $0.001 per share (the "Common Stock").

Since inception, the Company has completed the following share issuances:

---

| | | |
|:---|:---|:---|
| **Common Stock Issuance Date** | **Number of Common<br> Stock Issued** | **Aggregate Offering Price** |
| December 30, 2022 | 2467892 | $48500000 |
| December 27, 2022<sup>(1)</sup> | 186283 | 3666375 |
| September 28, 2022 | 5000901 | 99900000 |
| September 26, 2022<sup>(1)</sup> | 138540 | 2767536 |
| June 29, 2022 | 2498950 | 50000000 |
| June 27, 2022<sup>(1)</sup> | 100633 | 2013490 |
| March 29, 2022 | 1986561 | 40000000 |
| March 25, 2022 | 2734196 | 55000000 |
| March 24, 2022<sup>(1)</sup> | 87065 | 1751362 |
| December 22, 2021<sup>(1)</sup> | 44706 | 898396 |
| December 9, 2021 | 10296137 | 210000000 |
| September 24, 2021 | 3783388 | 75000000 |
| September 23, 2021<sup>(1)</sup> | 17842 | 353695 |
| August 25, 2021<sup>(1)</sup> | 13540 | 271305 |
| June 18, 2021 | 5025757 | 100000000 |
| March 30, 2021 | 3687064 | 71877447 |
| February 26, 2021 | 1429493 | 28121553 |
| February 4, 2021 | 1545776 | 30000000 |
| December 24, 2020 | 744307 | 14886136 |
| December 21, 2020 | 505693 | 10113864 |
| November 17, 2020 | 50 | 1000 |
| Total | 42294774 | $845122159 |

---

<sup>(1)</sup> 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 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.

***Debt***

*Financing Facilities*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
|  | **Aggregate Principal Committed** | **Outstanding Principal** | **Amount Available** | **Net Carrying Value** |
| Capital Call Facility | $125000000 | $5000000 | $120000000 | $4561000 |
| Revolving Credit Facility | $750000000 | $684000000 | $66000000 | $678169958 |
| 2025 Notes | $225000000 | $225000000 | $- | $222720117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $1100000000 | $914000000 | $186000000 | $905451075 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|  | **Aggregate Principal Committed** | **Outstanding Principal** | **Amount Available** | **Net Carrying Value** |
| Capital Call Facility | $200000000 | $200000000 | $— | $199454570 |
| Revolving Credit Facility | $500000000 | $435000000 | $65000000 | $430085807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $700000000 | $635000000 | $65000000 | $629540377 |

---

***Liquidity***

Operating liquidity is our ability to meet our short-term liquidity needs. The following table presents our operating liquidity position as of December 31, 2022 and December 31, 2021:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31, 2022** | **December 31, 2021** |
| Cash and cash equivalents | $33791187 | $15096474 |
| Unused borrowing capacity | 186000000 | 65000000 |
| Unfunded portfolio company commitments | (210252851) | (231355264) |
| Undrawn capital commitments | 318611256 | 532992792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operational liquidity | $328149592 | $381734002 |

---

***Distributions***

For the years ended December 31, 2022 and 2021, the Company declared the following distributions:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Record Date** | **Payment Date** | **Distribution Rate per Share** | **Annualized Distribution Yield** **<sup>1</sup>** | **Distribution Paid** |
| December 23, 2022 | &nbsp;&nbsp;December 27, 2022 | $0.550 | 11.1% | $21802329 |
| September 23, 2022 | &nbsp;&nbsp;September 26, 2022 | $0.510 | 10.1% | $17595590 |
| June 24, 2022 | &nbsp;&nbsp;June 27, 2022 | $0.405 | 8.1% | $12970138 |
| March 23, 2022 | &nbsp;&nbsp;March 24, 2022 | $0.425 | 8.5% | $11514845 |
| December 20, 2021 | &nbsp;&nbsp;December 22, 2021 | $0.32 | 8.8% | $8655695 |
| September 21, 2021 | &nbsp;&nbsp;September 23, 2021 | $0.36 | 7.1% | $4662605 |
| August 23, 2021 | &nbsp;&nbsp;August 25, 2021 | $0.28 | 6.3% | $3622679 |

---

<sup>1</sup> 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. Assumes distribution paid on August 25, 2021 relates to the Company's performance from January 1, 2021 through June 30, 2021. There were no distributions paid during the period from September 8, 2020 (inception) through December 31, 2020.

**Commitments and Off-Balance Sheet Arrangements**

*Litigation and Regulatory Matters*

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

*Unfunded Portfolio Company Commitments*

From time to time, the Company may enter into commitments to fund investments. As of December 31, 2022 and December 31, 2021, the Company had the following unfunded portfolio company commitments under loan and financing agreements:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Company** | **Type of Investment** | **December 31, 2022<br> Par** | **December 31, 2021<br> Par** |
| 2-10 Holdco, Inc. | &nbsp;&nbsp;First Lien Revolving Loan | $2777778 | $2777778 |
| Accordian Partners LLC | &nbsp;&nbsp;First Lien Delayed Draw Term Loan | 4576531 |  |
| Accordian Partners LLC | &nbsp;&nbsp;First Lien Revolving Loan | 2034014 |  |
| AmeriLife Group LLC | &nbsp;&nbsp;First Lien Delayed Draw Term Loan | 3515152 |  |
| AmeriLife Group LLC | &nbsp;&nbsp;First Lien Revolving Loan | 5272727 |  |
| Anaplan, Inc. | &nbsp;&nbsp;First Lien Revolving Loan | 1546008 |  |
| AxiomSL Group, Inc. | &nbsp;&nbsp;First Lien Delayed Draw Term Loan | 2273873 | 2273873 |
| AxiomSL Group, Inc. | &nbsp;&nbsp;First Lien Revolving Loan | 2481089 | 2481089 |
| Beacon Pointe Harmony, LLC | &nbsp;&nbsp;First Lien Delayed Draw Term Loan | 8010000 | 15000000 |
| Beacon Pointe Harmony, LLC | &nbsp;&nbsp;First Lien Revolving Loan | 3000000 | 3000000 |
| Bottomline Technologies, Inc. | &nbsp;&nbsp;First Lien Revolving Loan | 7365385 |  |
| Captive Resources Midco, LLC | &nbsp;&nbsp;First Lien Revolving Loan | 2202764 |  |
| CNSI Holdings, LLC | &nbsp;&nbsp;First Lien Revolving Loan | 1440694 |  |
| CORA Health Holdings Corp. | &nbsp;&nbsp;First Lien Delayed Draw Term Loan | 5376426 | 5618000 |
| Diligent Corporation | &nbsp;&nbsp;First Lien Revolving Loan | 3500000 | 5000000 |
| Elkay LLC | &nbsp;&nbsp;First Lien Revolving Loan | 3611111 | 3611111 |
| Explorer Investor, Inc. | &nbsp;&nbsp;First Lien Delayed Draw Term Loan | 5058140 |  |
| Galway Borrower, LLC | &nbsp;&nbsp;First Lien Delayed Draw Term Loan | 594253 | 9237537 |
| Galway Borrower, LLC | &nbsp;&nbsp;First Lien Revolving Loan | 4098295 | 4398827 |
| Geosyntec Consultants, Inc. | &nbsp;&nbsp;First Lien Delayed Draw Term Loan | 4397000 |  |
| Geosyntec Consultants, Inc. | &nbsp;&nbsp;First Lien Revolving Loan | 1609000 |  |
| GovDelivery Holdings, LLC | &nbsp;&nbsp;First Lien Delayed Draw Term Loan |  | 13464000 |
| GovDelivery Holdings, LLC | &nbsp;&nbsp;First Lien Revolving Loan | 1603843 | 2413807 |
| GraphPAD Software, LLC | &nbsp;&nbsp;First Lien Delayed Draw Term Loan | 11000000 | 11000000 |
| GraphPAD Software, LLC | &nbsp;&nbsp;First Lien Revolving Loan | 2500000 | 2500000 |
| GS Acquisitionco, Inc. | &nbsp;&nbsp;First Lien Delayed Draw Term Loan |  | 20974500 |
| IG Investments Holdings LLC | &nbsp;&nbsp;First Lien Revolving Loan | 3034682 | 2528901 |
| Imagine Acquisitionco, LLC | &nbsp;&nbsp;First Lien Delayed Draw Term Loan | 6430868 | 6430868 |
| Imagine Acquisitionco, LLC | &nbsp;&nbsp;First Lien Revolving Loan | 4630225 | 4630225 |
| Maverick 1 LLC | &nbsp;&nbsp;Second Lien Delayed Draw Term Loan |  | 1000000 |
| MB2 Dental Solutions, LLC | &nbsp;&nbsp;First Lien Delayed Draw Term Loan | 2777778 | 21060000 |
| MBO Partners, Inc. | &nbsp;&nbsp;First Lien Delayed Draw Term Loan | 9910664 |  |
| Ministry Brands Purchaser, LLC | &nbsp;&nbsp;First Lien Delayed Draw Term Loan | 5649718 | 5649718 |
| Ministry Brands Purchaser, LLC | &nbsp;&nbsp;First Lien Revolving Loan | 847458 | 1694915 |
| Mirra-Prime Access Holdings, LLC | &nbsp;&nbsp;First Lien Revolving Loan | 1712500 | 2740000 |
| More Cowbell I LLC | &nbsp;&nbsp;First Lien Delayed Draw Term Loan |  | 15000000 |
| Project K BuyerCo, Inc. | &nbsp;&nbsp;First Lien Revolving Loan | 7727273 | 7727273 |
| RSC Acquisition, Inc. | &nbsp;&nbsp;First Lien Delayed Draw Term Loan | 23325789 |  |
| Simplifi Holdings, Inc. | &nbsp;&nbsp;First Lien Revolving Loan | 2891566 | 2891566 |
| SpecialtyCare, Inc. | &nbsp;&nbsp;First Lien Delayed Draw Term Loan | 1168555 | 1274788 |
| SpecialtyCare, Inc. | &nbsp;&nbsp;First Lien Revolving Loan | 658640 | 1062323 |
| Spirit RR Holdings, Inc. | &nbsp;&nbsp;First Lien Revolving Loan | 1400226 |  |
| Stepping Stones Healthcare Services, LLC | &nbsp;&nbsp;First Lien Delayed Draw Term Loan | 4130000 | 7000000 |
| Stepping Stones Healthcare Services, LLC | &nbsp;&nbsp;First Lien Revolving Loan | 980000 | 3500000 |
| Syntax Systems Limited | &nbsp;&nbsp;First Lien Delayed Draw Term Loan | 2970297 | 2970297 |
| Syntax Systems Limited | &nbsp;&nbsp;First Lien Revolving Loan | 396040 | 668515 |
| TA/WEG Intermediate Holdings, LLC | &nbsp;&nbsp;First Lien Delayed Draw Term Loan | 13698286 | 1169692 |
| TA/WEG Intermediate Holdings, LLC | &nbsp;&nbsp;First Lien Revolving Loan | 2000000 | 307500 |
| Tamarack Intermediate LLC | &nbsp;&nbsp;First Lien Revolving Loan | 2890625 |  |
| Tempus, LLC | &nbsp;&nbsp;First Lien Delayed Draw Term Loan |  | 18351352 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Company** | **Type of Investment** | **December 31, 2022<br> Par** | **December 31, 2021<br> Par** |
| Trinity Partners Holdings LLC | &nbsp;&nbsp;First Lien Delayed Draw Term Loan | 7446809 | 7446809 |
| TST Intermediate Holdings, LLC | &nbsp;&nbsp;First Lien Delayed Draw Term Loan | 8942308 | 12500000 |
| Williams Martson, LLC | &nbsp;&nbsp;First Lien Delayed Draw Term Loan | 2553846 |  |
| Williams Martson, LLC | &nbsp;&nbsp;First Lien Revolving Loan | 2234615 |  |
| Total Par |  | $210252851 | $231355264 |

---

We believe that we 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 December 31, 2022, the Company has received capital commitments totaling $1,152 million, of which, $319 million remains unfunded.

**Recent Developments**

On March 21, 2023, our Board of Directors declared a distribution of $0.60 per share, or the Distribution, with respect to our Common Stock. The Distribution was paid on March 27, 2023 to stockholders of record on March 24, 2023. The Distribution represented an annualized distribution yield of approximately 12.6%.<sup>(1)</sup>

Pursuant to a capital drawdown notice to its investors, we issued and sold approximately 980,749 shares of our Common Stock, on March 29, 2023 for an aggregate offering price of $18,906,100. The sales of our Common Stock were made pursuant to subscription agreements entered into by us and our investors. Under the terms of the subscription agreements, investors are required to fund drawdowns to purchase shares of our Common Stock up to the amount of their respective capital commitments on an as-needed basis with a minimum of 10 business days' prior notice to the funding date.

Each of the sales of our Common Stock is exempt from the registration requirements of the Securities Act, as amended, pursuant to Section 4(a)(2) thereof and Regulation D thereunder. We have not engaged in general solicitation or advertising with regard to the issuance and sale of the Common Stock and have not offered securities to the public in connection with such issuance and sale. We 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.

**Contractual Obligations**

Our payment obligations for repayment of debt, which total our contractual obligations on December 31, 2022, include $5 million of financing under the Capital Call Facility maturing in less than one year, $684 million of financing under the Revolving Credit Facility maturing in three to five years, and $225 million of financing under the 2025 Notes maturing in one to three years.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
|  | **Total** | **Less Than<br> 1 Year** | **1 - 3<br> Years** | **3 - 5<br> Years** | **More Than<br> 5 Years** |
| Capital Call Facility | $5000000 | $5000000 | $— | $— | $— |
| Revolving Credit Facility | $684000000 | $— | $— | $684000000 | $— |
| 2025 Notes | $225000000 | $— | $225000000 | $— | $— |
| Total Contractual Obligations | $914000000 | $5000000 | $225000000 | $684000000 | $— |

---

**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 year ended December 31, 2022.

**Critical Accounting Policies**

This discussion of the Company's operating plan is based upon the Company's financial statements, which are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of these financial statements requires 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 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 Financial Statements for a description of the hierarchy for fair value measurements and a description of the Company's valuation procedures.

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

Investment transactions are recorded on the trade date. The Company measures net realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees and prepayment penalties. Net change in unrealized appreciation or depreciation will reflect the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation and depreciation, when gains or losses are realized.

*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. 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. OIDs, 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.

(1) Based on the Distribution declared during the quarter ending
March 31, 2023. Annualized distribution yield is calculated as annualized quarterly declared distribution divided by the weighted average
net asset value. Weighted average net asset value is based on net asset value at the beginning of the quarter plus capital called and
distributions reinvested during the quarter.

*Other Income*

Other income may include income such as consent, waiver, amendment, unused, syndication and prepayment fees associated with the Company's investment activities as well as any fees for managerial assistance services rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered. The Company may receive fees for guaranteeing the outstanding debt of a portfolio company. Such fees are amortized into other income over the life of the guarantee.

*Offering and Organizational Expenses*

The Company has and will continue to bear expenses relating to the organization of the Company and the Private Offering and any subsequent offering of Common Stock, including the listing of the Company's Common Stock on a national securities exchange. Organizational expenses include, without limitation, the cost of incorporation, including legal fees related to the creation and organization of the Company, its related documents of organization and its election to be regulated as a BDC. 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 subsequent offering of Common Stock. The Adviser has agreed to bear the aggregate organizational and offering costs in connection with the Private Offering in excess of $1,250,000. Organizational costs to establish the Company are charged to expense as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company. Offering costs in connection with the offering of common shares of the Company are capitalized as a deferred charge and amortized to expense on a straight-line basis over 12 months beginning with the latter of either the commencement of operations or from incurrence. These expenses consist primarily of legal fees and other costs incurred with the Company's share offerings, the preparation of the Company's registration statement, and registration fees.

*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."

**Item 7A. Quantitative and Qualitative Disclosures about Market Risk**

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

***<u>Valuation Risk</u>***

The Company plans to invest primarily in illiquid debt securities of private companies. Most of the Company's investments will not have a readily available market price, and the Adviser will value 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.

***<u>Interest Rate Risk</u>***

In March 2021, the U.K.'s Financial Conduct Authority publicly announced that all U.S. Dollar LIBOR settings will either cease to be provided by any administrator or no longer be representative (i) immediately after December 31, 2021 for one-week and two-month U.S. Dollar LIBOR settings and (ii) immediately after June 30, 2023 for the remaining U.S. Dollar LIBOR settings. Although most U.S. dollar LIBOR rates will continue to be published through June 30, 2023, the Financial Conduct Authority no longer compels panel banks to continue to contribute to LIBOR and the Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation have encouraged banks to cease entering into new contracts that use U.S. dollar LIBOR as a reference rate. The U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, supports replacing U.S.-dollar LIBOR with the Secured Overnight Financing Rate, or SOFR, a new index calculated by short-term repurchase agreements backed by Treasury securities. Some regulators have prohibited the use of any LIBOR benchmarks in new contracts and have required that regulated entities transition existing contracts to another benchmark prior to June 30, 2023.

Although settings of such LIBOR benchmarks may continue to be available, such prohibitions and requirements may adversely affect the value of floating-rate debt securities in our portfolio or issued by the Company. Moreover, at this time, no consensus exists as to what rate or rates will become accepted alternatives to LIBOR. Although there are an increasing number of issuances utilizing SOFR or the Sterling Over Night Index Average, or SONIA, an alternative reference rate that is based on transactions, these alternative reference rates may not attain market acceptance as replacements for LIBOR. All of our loan agreements with our portfolio companies include fallback language in the event that LIBOR becomes unavailable. This language generally either includes a clearly defined alternative reference rate after LIBOR's discontinuation or provides that the administrative agent may identify a replacement reference rate, typically with the consent of (or prior consultation with) the borrower. In certain cases, the administrative agent will be required to obtain the consent of either a majority of the lenders under the facility, or the consent of each lender, prior to identifying a replacement reference rate. In addition, any further changes or reforms to the determination or supervision of LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR, which could have an adverse impact on the market value for or value of any LIBOR-linked securities, loans, and other financial obligations or extensions of credit held by or due to us and could have a material adverse effect on our business, financial condition and results of operations.

The transition away from LIBOR to alternative reference rates is complex and could have a material adverse effect on our business, financial condition and results of operations, including as a result of any changes in the pricing of our investments, changes to the documentation for certain of our investments and the pace of such changes, disputes and other actions regarding the interpretation of current and prospective loan documentation or modifications to processes and systems.

The U.S. Federal Reserve is currently embarking on an aggressive campaign of raising interest rates to address significant and persistent inflation. The goal of these interest rate increases is to slow economic growth and reduce price pressure. There is a significant chance that this central bank tightening cycle could force the U.S. into a recession, at which point interest rates and base rates would likely decrease. A prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment income if such decreases in SOFR are not offset by a corresponding increase in the spread over SOFR that we earn on any portfolio investments, a decrease in our operating expenses, including with respect to our income incentive fee, or a decrease in the interest rate of our floating interest rate liabilities tied to SOFR.

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

As of December 31, 2022, 94.7% of our debt investments based on fair value were at floating rates. Our credit facilities, including our Capital Call Facility and Revolving Credit Facility, also bear interest at floating rates.

Based on our Consolidated Statement of Assets and Liabilities as of December 31, 2022, 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** | **Change in** | **Change in** |
| <br>**Basis point change** | **Interest Income** **<sup>(1)</sup>** | **Interest Expense** | **Net Investment<br> Income (Loss)** |
| 300 | $49381452 | $(20670000) | $28711452 |
| 200 | 32920968 | (13780000) | 19140968 |
| 100 | 16460484 | (6890000) | 9570484 |
| (100) | (16460484) | 6890000 | (9570484) |
| (200) | (32920968) | 13780000 | (19140968) |
| (300) | (48908419) | 20670000 | (28238419) |

---

<sup>(1)</sup> 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. During the periods covered by this Form 10-K, we did not engage in interest rate hedging activities.

**Item 8. Financial Statements and Supplementary Data**

Index to Financial Statements

---

| | |
|:---|:---|
|  | Page |
| [Report of Independent Registered Public Accounting Firm](#c_001) | [73](#c_001) |
| [Consolidated Statements of Assets and Liabilities as of December 31, 2022 and December 31, 2021](#c_002) | [74](#c_002) |
| [Consolidated Statements of Operations for the for the years ended December 31, 2022 and 2021, and for the period from September 8, 2020 (inception) through December 31, 2020](#c_003) | [75](#c_003) |
| [Consolidated Statements of Changes in Net Assets for the years ended December 31, 2022and 2021, and for the period from September 8, 2020 (inception) through December 31, 2020](#c_004) | [76](#c_004) |
| [Consolidated Statements of Cash Flows for the years ended December 31, 2022 and 2021, and for the period from September 8, 2020 (inception) through December 31, 2020](#c_005) | [77](#c_005) |
| [Consolidated Schedules of Investments as of December 31, 2022 and December 31, 2021](#ConsolidatedScheduleofInvestments) | [78](#ConsolidatedScheduleofInvestments) |
| [Notes to Consolidated Financial Statements](#notestofinancialstatements) | [89](#notestofinancialstatements) |

---

**Report of Independent Registered Public Accounting Firm**

To the Stockholders and Board of Directors

Stone Point Credit Corporation:

*Opinion on the Consolidated Financial Statements*

We have audited the accompanying consolidated statements of assets and liabilities of Stone Point Credit Corporation and subsidiary (the Company), including the consolidated schedules of investments as of December 31, 2022 and 2021, the related consolidated statements of operations, changes in net assets, and cash flows for each of the years in the two year period ended December 31, 2022 and for the period from September 8, 2020 (inception) through December 31, 2020 and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations, changes in its net assets, and its cash flows for each of the years in the two year period ended December 31, 2022 and for the period from September 8, 2020 (inception) through December 31, 2020, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Such procedures also included confirmation of securities owned as of December 31, 2022 and 2021, by correspondence with custodians, portfolio companies, agents, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the Company's auditor since 2020.

Stamford, Connecticut

March 30, 2023

**Stone Point Credit Corporation**

**Consolidated Statements of Assets and Liabilities**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
| **Assets:** | | |
| Investments at fair value: |  |  |
| Non-controlled/non-affiliated investments (amortized cost $1,717,895,936 and $1,154,222,573, respectively) | $1688521222 | $1158985986 |
| Cash and cash equivalents | 33791187 | 15096474 |
| Interest receivable | 19132554 | 8504961 |
| Unsettled trades receivable | 470520 |  |
| Paydown receivable | 1713709 | 419257 |
| Deferred offering expenses | 52286 | 41413 |
| Prepaid expenses and other assets | 442973 | 27299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $1744124451 | $1183075390 |
| **Liabilities:** |  |  |
| Revolving credit facilities payable (net of deferred financing costs of $6,269,042 and $5,459,623, respectively) (Note 6) | $682730958 | $629540377 |
| 2025 Notes payable (net of debt issuance costs of $2,279,883 and $0, respectively) | 222720117 |  |
| Unsettled trades payable | 1543754 |  |
| Base management fees payable (Note 3) | 5548862 | 2819269 |
| Organizational and offering expenses payable |  | 41057 |
| Accounts payable and accrued expenses | 2381877 | 2289807 |
| Interest and financing fees payable | 12013294 | 2815521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | $926938862 | $637506031 |
| Commitments and contingencies (Note 5) | $— | $— |
| **Net assets:** |  |  |
| Preferred stock, $0.001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding at December 31, 2022 and December 31, 2021 | $— | $— |
| Common stock, $0.001 par value, 250,000,000 shares authorized, 42,294,773 and 27,093,753 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively | 42295 | 27094 |
| Paid in capital in excess of par | 844066477 | 540600952 |
| Distributable (accumulated) earnings (losses) | (26923183) | 4941313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net assets** | 817185589 | 545569359 |
| **Total liabilities and net assets** | $1744124451 | $1183075390 |
| Net asset value per common share | $19.32 | $20.14 |

---

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

**Stone Point Credit Corporation**

**Consolidated Statements of Operations**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended<br> December 31, 2022** | **For the Year Ended<br> December 31, 2021** | **For the Period<br> from September 8, 2020<br> (inception) through<br> December 31, 2020**  |
| **Investment income:** |  |  |  |
| Interest income from non-controlled/non-affiliated investments | $128975333 | $30630063 | $29166 |
| Dividend income from non-controlled/non-affiliated investments | 599561 |  |  |
| Interest income from cash and cash equivalents | 1352 | 1465 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total interest and dividend income** | 129576246 | 30631528 | 29166 |
| Fee income | 373750 | 1474524 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total fee income** | 373750 | 1474524 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 129949996 | 32106052 | 29166 |
| **Operating expenses:** |  |  |  |
| Base management fees (Note 3) | $18937555 | $5326836 | $2877 |
| Interest and financing fees (Note 6) | 40043673 | 6635588 | 10425 |
| Organizational expense (Note 4) |  |  | 271634 |
| Offering costs (Note 4) | 115986 | 364789 | 26220 |
| Professional fees | 5499655 | 2617828 | 422088 |
| Directors fees | 367500 | 362500 | 57158 |
| Insurance expense | 69589 | 41904 | 4645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 65033958 | 15349445 | 795047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | $64916038 | $16756607 | $(765881) |
| **Net realized gains (losses) and unrealized appreciation (depreciation) on investments** |  |  |  |
| Net realized gains (losses): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | $1072458 | $232805 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net realized gains (losses)** | $1072458 | $232805 | $— |
| Net change in unrealized appreciation (depreciation): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | $(34138126) | $4765621 | $(2209) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net change in unrealized appreciation (depreciation)** | $(34138126) | $4765621 | $(2209) |
| **Net increase (decrease) in net assets resulting from operations** | $31850370 | $21755033 | $(768090) |
| **Per share information—basic and diluted:** |  |  |  |
| Net investment income (loss) | $1.94 | $1.51 | $(3.28) |
| Net increase (decrease) in net assets resulting from operations | $0.95 | $1.96 | $(3.29) |
| Weighted average shares outstanding | 33466524 | 11072368 | 233393 |

---

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

**Stone Point Credit Corporation**

**Consolidated Statements of Changes in Net Assets**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended<br> December 31, 2022** | **For the Year Ended<br> December 31, 2021** | **For the Period<br> from September 8, 2020<br> (inception) through<br> December 31, 2020**  |
| **Increase (decrease) in net assets resulting from operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $64916038 | $16756607 | $(765881) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net realized gains (losses) | 1072458 | 232805 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation (depreciation) | (34138126) | 4765621 | (2209) |
| **Net increase (decrease) in net assets resulting from operations** | 31850370 | 21755033 | (765090) |
| **Decrease in net assets resulting from stockholder distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares distributed pursuant to dividend reinvestment plan | (10198762) | (1523396) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to stockholders | (53634140) | (15417584) |  |
| **Net decrease in net assets resulting from stockholder distributions** | (63832902) | (16940980) |  |
| **Increase in net assets resulting from capital share transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of shares of Common Stock pursuant to dividend reinvestment plan | 10198762 | 1523396 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of shares of Common Stock | 293400000 | 514999000 | 25001000 |
| **Net increase in net assets resulting from capital share transactions** | 303598762 | 516522396 | 25001000 |
| **Total increase in net assets** | 271616230 | 521336449 | 24232910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, beginning of period | 545569359 | 24232910 |  |
| **Net assets, end of period** | $817185589 | $545569359 | $24232910 |
| **Net asset value per share** | $19.32 | $20.14 | $19.39 |
| **Common shares outstanding at the end of the period** | 42294773 | 27093753 | 1250050 |

---

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

**Stone Point Credit Corporation**

**Consolidated Statements of Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended<br> December 31, 2022** | **For the Year Ended<br> December 31, 2021** | **For the Period<br> from September 8, 2020<br> (inception) through<br> December 31, 2020**  |
| **Cash flows from operating activities:** |  |  |  |
| Net increase (decrease) in net assets resulting from operations | $31850370 | $21755033 | $(768090) |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net change in unrealized (appreciation) depreciation | 34138126 | (4765621) | (2209) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net realized (gains) losses | (1072458) | (232805) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization and accretion of premiums and discounts | (6832344) | (1833967) | 2209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (779689768) | (1181418948) | (14324987) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales of investments | 223921208 | 43590342 |  |
| Changes in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | (10627593) | (8478004) | (26957) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend receivable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsettled trades receivable | (470520) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paydown receivable | (1294452) | (419257) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred offering expenses | (10873) | 294857 | (336270) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (415674) | 10009 | (37308) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base management fees payable | 2729593 | 2816392 | 2877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organizational and offering expenses payable | (41057) | (518921) | 559978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 92070 | 1702311 | 587496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and financing fees payable | 9197773 | 2809538 | 5983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsettled trades payable | 1543754 |  |  |
| **Net cash used in operating activities** | (496981845) | (1124689041) | (14337278) |
| **Cash flows from financing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings under revolving credit facility | 912000000 | 978000000 | 17000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments on revolving credit facilities | (858000000) | (360000000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs | (809419) | (4923639) | (535984) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings under 2025 Notes | 225000000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs | (2279883) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions paid in cash | (53634140) | (15417584) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of Common Stock | 293400000 | 514999000 | 25001000 |
| **Net cash provided by financing activities** | 515676558 | 1112657777 | 41465016 |
| **Net increase (decrease) in cash and cash equivalents** | 18694713 | (12031264) | 27127738 |
| Cash and cash equivalents, beginning of period | 15096474 | 27127738 |  |
| **Cash and cash equivalents, end of period** | $33791187 | $15096474 | $27127738 |
| **Supplemental and Non-Cash Information** |  |  |  |
| Cash paid during the year for interest | $22365581 | $2648298 | $— |
| Reinvestment of distributions during the period | $10198762 | $1523396 | $— |

---

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

**Stone Point Credit Corporation**

**Consolidated Schedule of Investments**

**As of December 31, 2022**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company <sup>1 2 3</sup>** | **Type of<br> Investment** | **Reference Rate<br> and Spread** | **Interest<br> Rate** | **Maturity** | **Par<br> Amount /<br> Units** | **Cost <sup>4</sup>** | **Fair Value** | **Percentage<br> of Net<br> Assets <sup>5</sup>** |
| **Non-Controlled/Non-Affiliated Investments** |  |  |  |  |  |  |  |  |
| **Debt Investments – 205.0%** |  |  |  |  |  |  |  |  |
| **Capital Markets** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Project K BuyerCo, Inc. | First Lien Term Loan | LIBOR + 5.75%, 0.75% Floor <sup>7</sup> | 10.13% | &nbsp;&nbsp;12/10/2027 | 76500000 | $75183711 | $76500000 | 9.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Project K BuyerCo, Inc. | First Lien Revolving Loan | LIBOR + 5.75%, 0.75% Floor <sup>8</sup> | 10.13% | &nbsp;&nbsp;12/10/2027 |  | (127248) |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Project K BuyerCo, Inc. | Unsecured Note | N/A | 8.00% | &nbsp;&nbsp;12/10/2028 | 12815972 | 11952515 | 11438627 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Resolute Investment Managers, Inc. | First Lien Term Loan | LIBOR + 4.25%, 1.00% Floor <sup>10</sup> | 8.98% | &nbsp;&nbsp;4/30/2024 | 5254404 | 5225933 | 5076190 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Resolute Investment Managers, Inc. | Second Lien Term Loan | LIBOR + 8.00%, 1.00% Floor <sup>10</sup> | 12.41% | &nbsp;&nbsp;4/30/2025 | 846853 | 844404 | 782394 | 0.1% |
| **Total Capital Markets** |  |  |  |  |  | 93079315 | 93797211 | 11.5% |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Harbor Purchaser, Inc. | Second Lien Term Loan | SOFR + 8.50%, 0.50% Floor <sup>13</sup> | 12.82% | &nbsp;&nbsp;4/8/2030 | 12500000 | 12260116 | 12363750 | 1.5% |
| **Total Diversified Consumer Services** |  |  |  |  |  | 12260116 | 12363750 | 1.5% |
| **Financial Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisor Group Holdings, Inc. <sup>6</sup> | First Lien Term Loan | LIBOR + 4.50% <sup>7</sup> | 8.88% | &nbsp;&nbsp;7/31/2026 | 7328745 | 7046120 | 7183819 | 0.9% |
| &nbsp;&nbsp;&nbsp;Advisor Group Holdings, Inc. <sup>6</sup> | Unsecured Note | N/A | 10.75% | &nbsp;&nbsp;8/1/2027 | 7359830 | 7378265 | 7476624 | 0.9% |
| &nbsp;&nbsp;&nbsp;Beacon Pointe Harmony, LLC | First Lien Term Loan | SOFR + 5.25%, 0.75% Floor <sup>13</sup> | 9.38% | &nbsp;&nbsp;12/29/2028 | 28782500 | 28268743 | 27461588 | 3.4% |
| &nbsp;&nbsp;&nbsp;Beacon Pointe Harmony, LLC | First Lien Delayed Draw Term Loan | SOFR + 5.25%, 0.75% Floor <sup>8 13</sup> | 9.38% | &nbsp;&nbsp;12/29/2028 | 6961700 | 6765121 | 6274605 | 0.8% |
| &nbsp;&nbsp;&nbsp;Beacon Pointe Harmony, LLC | First Lien Revolving Loan | SOFR + 5.25%, 0.75% Floor <sup>8 13</sup> | 9.38% | &nbsp;&nbsp;12/29/2027 |  | (49922) | (137679) | 0.0% |
| &nbsp;&nbsp;&nbsp;Edelman Financial Center <sup>6</sup> | Second Lien Term Loan | LIBOR + 6.75% <sup>10</sup> | 11.13% | &nbsp;&nbsp;7/20/2026 | 14042404 | 12955636 | 12697072 | 1.6% |
| &nbsp;&nbsp;&nbsp;GC Two Intermediate Holdings, Inc. <sup>6</sup> | Unsecured Note | N/A | 7.50% | &nbsp;&nbsp;4/1/2029 | 10612237 | 9186822 | 8768945 | 1.1% |
| &nbsp;&nbsp;&nbsp;Midcap Financial <sup>6</sup> | Unsecured Note | N/A | 6.50% | &nbsp;&nbsp;5/1/2028 | 2118272 | 1781409 | 1823634 | 0.2% |
| &nbsp;&nbsp;&nbsp;Midcap Financial <sup>6</sup> | Unsecured Note | N/A | 5.63% | &nbsp;&nbsp;1/15/2030 | 5147168 | 4052598 | 4155566 | 0.5% |
| &nbsp;&nbsp;&nbsp;Millennium Trust Co., LLC <sup>6</sup> | First Lien Term Loan | SOFR + 4.75%, 0.75% Floor <sup>13</sup> | 9.17% | &nbsp;&nbsp;3/27/2026 | 3969072 | 3857702 | 3805348 | 0.5% |
| &nbsp;&nbsp;&nbsp;More Cowbell I LLC | First Lien Term Loan | LIBOR + 6.25%, 1.00% Floor <sup>9</sup> | 10.56% | &nbsp;&nbsp;4/10/2028 | 12782600 | 12425445 | 12782600 | 1.6% |
| &nbsp;&nbsp;&nbsp;More Cowbell I LLC | First Lien Delayed Draw Term Loan | LIBOR + 6.25% <sup>9</sup> | 11.18% | &nbsp;&nbsp;4/10/2028 | 12879900 | 12429409 | 12879900 | 1.6% |
| &nbsp;&nbsp;&nbsp;TA/WEG Intermediate Holdings, LLC | First Lien Delayed Draw Term Loan | SOFR + 6.00%, 1.00% Floor <sup>13</sup> | 9.41% | &nbsp;&nbsp;10/4/2027 | 22189205 | 21997655 | 21993554 | 2.7% |
| &nbsp;&nbsp;&nbsp;TA/WEG Intermediate Holdings, LLC | First Lien Delayed Draw Term Loan | SOFR + 6.00% <sup>13</sup> | 9.41% | &nbsp;&nbsp;10/4/2027 | 2480000 | 2444449 | 2458133 | 0.3% |
| &nbsp;&nbsp;&nbsp;TA/WEG Intermediate Holdings, LLC | First Lien Delayed Draw Term Loan | SOFR + 6.00% <sup>13</sup> | 10.75% | &nbsp;&nbsp;10/4/2027 | 2485196 | 2410199 | 2463283 | 0.3% |
| &nbsp;&nbsp;&nbsp;TA/WEG Intermediate Holdings, LLC | First Lien Delayed Draw Term Loan | SOFR + 6.00% <sup>13</sup> | 10.75% | &nbsp;&nbsp;10/4/2027 | 12301714 | 12272051 | 12072463 | 1.5% |
| &nbsp;&nbsp;&nbsp;TA/WEG Intermediate Holdings, LLC | First Lien Revolving Loan | LIBOR + 6.00%, 1.00% Floor <sup>8</sup> | 10.75% | &nbsp;&nbsp;10/4/2027 |  | (1346) | (4409) | 0.0% |
| &nbsp;&nbsp;&nbsp;TA/WEG Intermediate Holdings, LLC | First Lien Revolving Loan | SOFR + 6.00% <sup>8</sup> | 10.75% | &nbsp;&nbsp;10/4/2027 |  |  | (13226) | 0.0% |
| **Total Financial Services** |  |  |  |  |  | 145220356 | 144141820 | 17.6% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company <sup>1 2 3</sup>** | **Type of<br> Investment** | **Reference Rate<br> and Spread** | **Interest<br> Rate** | **Maturity** | **Par<br> Amount /<br> Units** | **Cost <sup>4</sup>** | **Fair Value** | **Percentage<br> of Net<br> Assets <sup>5</sup>** |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CNSI Holdings, LLC | First Lien Term Loan | SOFR + 6.50%, 0.50% Floor <sup>13</sup> | 10.62% | &nbsp;&nbsp;12/3/2029 | 15159698 | 14632698 | 14628730 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;CNSI Holdings, LLC | First Lien Revolving Loan | SOFR + 6.50%, 0.50% Floor <sup>8</sup> | 10.62% | &nbsp;&nbsp;12/17/2027 |  | (49549) | (50424) | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;CORA Health Holdings Corp. | First Lien Term Loan | LIBOR + 5.75%, 1.00% Floor <sup>10</sup> | 10.48% | &nbsp;&nbsp;6/15/2027 | 14166270 | 13997725 | 12695934 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;CORA Health Holdings Corp. | First Lien Delayed Draw Term Loan | LIBOR + 5.75%, 1.00% Floor <sup>8 10</sup> | 10.48% | &nbsp;&nbsp;6/15/2027 | 240099 | 207804 | (342847) | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Giving Home Health Care | Second Lien Term Loan | N/A | 12.50% | &nbsp;&nbsp;2/18/2028 | 4500000 | 4414912 | 4414050 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;MB2 Dental Solutions, LLC | First Lien Term Loan | SOFR + 6.00%, 1.00% Floor <sup>13</sup> | 10.42% | &nbsp;&nbsp;1/29/2027 | 10839729 | 10656338 | 10616832 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;MB2 Dental Solutions, LLC | First Lien Delayed Draw Term Loan | SOFR + 6.00%, 1.00% Floor <sup>13</sup> | 10.42% | &nbsp;&nbsp;1/29/2027 | 2146786 | 2130796 | 2102639 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;MB2 Dental Solutions, LLC | First Lien Delayed Draw Term Loan | SOFR + 6.00%, 1.00% Floor <sup>13</sup> | 10.42% | &nbsp;&nbsp;1/29/2027 | 1761647 | 1748526 | 1725421 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;MB2 Dental Solutions, LLC | First Lien Delayed Draw Term Loan | SOFR + 6.00%, 1.00% Floor <sup>13</sup> | 10.42% | &nbsp;&nbsp;1/29/2027 | 26766990 | 26329016 | 26216581 | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;MB2 Dental Solutions, LLC | First Lien Delayed Draw Term Loan | SOFR + 6.00%, 1.00% Floor <sup>8 13</sup> | 10.71% | &nbsp;&nbsp;1/29/2027 | 2216667 | 2149859 | 2113966 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mirra-PrimeAccess Holdings, LLC | First Lien Term Loan | LIBOR + 6.50%, 1.00% Floor <sup>7</sup> | 10.88% | &nbsp;&nbsp;7/29/2026 | 24687500 | 24312668 | 24549821 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mirra-PrimeAccess Holdings, LLC | First Lien Revolving Loan | LIBOR + 6.50%, 1.00% Floor <sup>7 8</sup> | 10.88% | &nbsp;&nbsp;7/29/2026 | 1027500 | 967448 | 901232 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;SpecialtyCare, Inc. | First Lien Term Loan | LIBOR + 5.75%, 1.00% Floor <sup>10</sup> | 9.49% | &nbsp;&nbsp;6/19/2028 | 13587960 | 13254345 | 12116973 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;SpecialtyCare, Inc. | First Lien Delayed Draw Term Loan | LIBOR + 5.75%, 1.00% Floor <sup>8 10</sup> | 9.49% | &nbsp;&nbsp;6/19/2028 | 105967 | 89378 | (32009) | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;SpecialtyCare, Inc. | First Lien Revolving Loan | LIBOR + 4.00% <sup>7 8</sup> | 8.29% | &nbsp;&nbsp;6/18/2026 | 403683 | 381537 | 288679 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stepping Stones Healthcare Services, LLC | First Lien Term Loan | LIBOR + 5.75%, 0.75% Floor <sup>10</sup> | 10.48% | &nbsp;&nbsp;1/2/2029 | 24316250 | 23992112 | 23259053 | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stepping Stones Healthcare Services, LLC | First Lien Term Loan | LIBOR + 5.75%, 0.75% Floor <sup>8 10</sup> | 10.48% | &nbsp;&nbsp;1/2/2029 | 2861075 | 2803017 | 2557124 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stepping Stones Healthcare Services, LLC | First Lien Delayed Draw Term Loan | ABR + 4.75%, 1.75% Floor <sup>8 11</sup> | 12.25% | &nbsp;&nbsp;12/29/2026 | 2520000 | 2478052 | 2367831 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trinity Partners Holdings LLC | First Lien Term Loan | ABR + 4.75%, 1.75% Floor <sup>8</sup> | 9.99% | &nbsp;&nbsp;12/21/2028 | 27346543 | 26892570 | 26799612 | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trinity Partners Holdings LLC | First Lien Revolving Loan | SOFR + 5.75%, 0.75% Floor <sup>13</sup> | 9.99% | &nbsp;&nbsp;12/21/2028 |  | (59134) | (148936) | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;TST Intermediate Holdings, LLC | First Lien Delayed Draw Term Loan | SOFR + 5.75%, 1.00% Floor <sup>8</sup> | 10.90% | &nbsp;&nbsp;11/27/2026 | 12355848 | 12204375 | 12051461 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;TST Intermediate Holdings, LLC | First Lien Term Loan | LIBOR + 5.75%, 1.00% Floor <sup>8 9</sup> | 10.90% | &nbsp;&nbsp;11/27/2026 | 3536779 | 3521421 | 3229355 | 0.4% |
| **Total Health Care Providers & Services** |  |  |  |  |  | 187055914 | 181061078 | 22.2% |
| **Health Care Technology** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ellkay, LLC | First Lien Term Loan | LIBOR + 6.25%, 1.00% Floor <sup>10</sup> | 11.00% | &nbsp;&nbsp;9/14/2027 | 28527778 | 28066130 | 27710123 | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ellkay, LLC | First Lien Revolving Loan | LIBOR + 6.25%, 1.00% Floor <sup>8</sup> | 11.00% | &nbsp;&nbsp;9/14/2027 |  | (56598) | (103501) | 0.0% |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company <sup>1 2 3</sup>** | **Type of<br> Investment** | **Interest<br> Rate** | **Maturity** | **Par<br> Amount /<br> Units** | **Cost <sup>4</sup>** | **Fair Value** | **Percentage<br> of Net<br> Assets <sup>5</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;FINThrive Software Intermediate Holdings, Inc. | Second Lien Term Loan LIBOR + 6.75%, 0.50% Floor <sup>7</sup> | 11.13% | &nbsp;&nbsp;12/17/2029 | 21518900 | 21075642 | 17718039 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;GraphPAD Software, LLC | First Lien Term Loan LIBOR + 5.50%, 1.00% Floor <sup>10</sup> | 10.23% | &nbsp;&nbsp;4/27/2027 | 4131476 | 4098211 | 4062886 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;GraphPAD Software, LLC | First Lien Term Loan LIBOR + 5.50%, 1.00% Floor <sup>10</sup> | 10.23% | &nbsp;&nbsp;4/1/2027 | 19800000 | 19634540 | 19471283 | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;GraphPAD Software, LLC | First Lien Term Loan LIBOR + 5.50%, 1.00% Floor <sup>9</sup> | 10.43% | &nbsp;&nbsp;4/27/2027 | 17237500 | 17111561 | 16951325 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;GraphPAD Software, LLC | First Lien Delayed Draw Term Loan LIBOR + 5.50%, 1.00% Floor <sup>8</sup> | 10.43% | &nbsp;&nbsp;4/1/2027 |  | (88947) | (182621) | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;GraphPAD Software, LLC | First Lien Revolving Loan LIBOR + 5.50%, 1.00% Floor <sup>8</sup> | 10.43% | &nbsp;&nbsp;4/27/2027 |  | (18043) | (41505) | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Imagine Acquisitionco, LLC | First Lien Term Loan LIBOR + 5.50%, 1.00% Floor <sup>10</sup> | 10.14% | &nbsp;&nbsp;11/16/2027 | 28649518 | 28292857 | 27564549 | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Imagine Acquisitionco, LLC | First Lien Delayed Draw Term Loan LIBOR + 5.50%, 1.00% Floor <sup>8</sup> | 10.14% | &nbsp;&nbsp;11/16/2023 |  | (26279) | (243540) | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Imagine Acquisitionco, LLC | First Lien Revolving Loan LIBOR + 5.50%, 1.00% Floor <sup>8</sup> | 10.14% | &nbsp;&nbsp;11/16/2027 |  | (56425) | (175348) | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Health Care Technology** |  |  |  |  | 118032649 | 112731690 | 13.8% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company <sup>1 2 3</sup>** | **Type of<br> Investment** | **Reference Rate<br> and Spread** | **Interest<br> Rate** | **Maturity** | **Par<br> Amount /<br> Units** | **Cost <sup>4</sup>** | **Fair Value** | **Percentage<br> of Net<br> Assets <sup>5</sup>** |
| **Insurance** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AmeriLife Group LLC | First Lien Term Loan | SOFR + 5.75%, 0.75% Floor <sup>13</sup> | 9.01% | &nbsp;&nbsp;8/31/2029 | 42181818 | 41382650 | 41346618 | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;AmeriLife Group LLC | First Lien Delayed Draw Term Loan | SOFR + 5.75%, 0.75% Floor <sup>8 13</sup> | 9.01% | &nbsp;&nbsp;8/30/2024 | 7030303 | 6860575 | 6821503 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;AmeriLife Group LLC | First Lien Revolving Loan | SOFR + 5.75%, 0.75% Floor <sup>8</sup> | 9.01% | &nbsp;&nbsp;8/31/2028 |  | (99537) | (104400) | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Assured Partners, Inc. <sup>6</sup> | First Lien Term Loan | SOFR + 3.50%, 0.50% Floor <sup>13</sup> | 7.82% | &nbsp;&nbsp;2/12/2027 | 4000 | 3778 | 3894 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Assured Partners, Inc. <sup>6</sup> | Unsecured Note | N/A | 5.63% | &nbsp;&nbsp;1/15/2029 | 5123753 | 4133391 | 4230939 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Captive Resources Midco, LLC | First Lien Term Loan | SOFR + 2.63%, 0.75% Floor <sup>13</sup> | 10.07% | &nbsp;&nbsp;6/29/2029 | 29625750 | 29057309 | 28840668 | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Captive Resources Midco, LLC | First Lien Revolving Loan | SOFR + 2.63%, 0.75% Floor <sup>8</sup> | 10.07% | &nbsp;&nbsp;7/1/2028 |  | (40361) | (58373) | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Euclid Transactional, LLC | First Lien Term Loan | SOFR + 6.80%, 0.75% Floor <sup>13</sup> | 11.23% | &nbsp;&nbsp;10/2/2028 | 80000000 | 78492342 | 80800001 | 9.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Galway Borrower, LLC | First Lien Term Loan | LIBOR + 5.25%, 0.75% Floor <sup>10</sup> | 9.98% | &nbsp;&nbsp;9/29/2028 | 64427499 | 63819163 | 63154664 | 7.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Galway Borrower, LLC | First Lien Delayed Draw Term Loan | LIBOR + 5.25%, 0.75% Floor <sup>8</sup> | 9.98% | &nbsp;&nbsp;9/29/2028 |  | (11665) | (11740) | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Galway Borrower, LLC | First Lien Revolving Loan | LIBOR + 5.25%, 0.75% Floor <sup>8</sup> | 9.98% | &nbsp;&nbsp;9/30/2027 |  | (41805) | (80966) | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Harrington Reinsurance Holdings Limited | Unsecured Note | N/A | 7.25% | &nbsp;&nbsp;6/29/2031 | 20000000 | 19643101 | 19886918 | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;NFP Corp. <sup>6</sup> | Unsecured Note | N/A | 6.88% | &nbsp;&nbsp;8/15/2028 | 27761417 | 23102618 | 23300157 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;NFP Corp. <sup>6</sup> | Unsecured Note | N/A | 7.50% | &nbsp;&nbsp;10/1/2030 | 2075000 | 2075000 | 1953958 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;RSC Acquisition, Inc. | First Lien Delayed Draw Term Loan | SOFR + 5.50%, 0.75% Floor <sup>8 13</sup> | 10.05% | &nbsp;&nbsp;11/1/2026 | 9652457 | 9440968 | 9418311 | 1.2% |
| **Total Insurance** |  |  |  |  |  | 277817527 | 279502152 | 34.2% |
| **IT Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Auctane Holdings, LLC | First Lien Term Loan | LIBOR + 5.75%, 0.75% Floor <sup>7</sup> | 10.13% | &nbsp;&nbsp;10/5/2028 | 39700000 | 39010786 | 38531467 | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Auctane Holdings, LLC | First Lien Term Loan | LIBOR + 5.75%, 0.75% Floor <sup>7</sup> | 10.13% | &nbsp;&nbsp;10/5/2028 | 13026563 | 12799437 | 12643138 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bottomline Technologies, Inc. | First Lien Term Loan | SOFR + 5.50%, 0.75% Floor <sup>13</sup> | 9.82% | &nbsp;&nbsp;5/14/2029 | 88163653 | 86500958 | 86585525 | 10.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bottomline Technologies, Inc. | First Lien Revolving Loan | SOFR + 5.50%, 1.00% Floor <sup>8</sup> | 9.82% | &nbsp;&nbsp;5/15/2028 |  | (131650) | (131840) | 0.0% |
| &nbsp;&nbsp;&nbsp;Dcert Buyer, Inc. <sup>6</sup> | Second Lien Term Loan | SOFR + 7.00% <sup>13</sup> | 11.70% | &nbsp;&nbsp;2/19/2029 | 11660000 | 11513443 | 10692220 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ensono, Inc. | Second Lien Term Loan | LIBOR + 8.00% <sup>9</sup> | 13.15% | &nbsp;&nbsp;5/28/2029 | 11250000 | 11149649 | 10461794 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Helpsystems Holdings, Inc. | Second Lien Term Loan | SOFR + 6.75%, 1.00% Floor <sup>13</sup> | 10.94% | &nbsp;&nbsp;11/19/2027 | 10000000 | 10000000 | 8954120 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ministry Brands Purchaser, LLC | First Lien Term Loan | LIBOR + 5.50%, 0.75% Floor <sup>7</sup> | 9.88% | &nbsp;&nbsp;12/28/2028 | 17522952 | 17367401 | 16648917 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ministry Brands Purchaser, LLC | First Lien Delayed Draw Term Loan | LIBOR + 5.50%, 0.75% Floor <sup>8</sup> | 9.88% | &nbsp;&nbsp;12/29/2028 |  | (24322) | (281805) | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ministry Brands Purchaser, LLC | First Lien Revolving Loan | LIBOR + 5.50%, 0.75% Floor <sup>7 8</sup> | 9.88% | &nbsp;&nbsp;12/24/2027 | 847458 | 833341 | 762916 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Neptune BidCo US Inc. | Second Lien Term Loan | SOFR + 9.75%, 0.75% Floor <sup>13</sup> | 13.57% | &nbsp;&nbsp;10/11/2029 | 12500000 | 12131165 | 12125000 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vision Solutions, Inc. | Second Lien Term Loan | LIBOR + 7.25%, 0.75% Floor <sup>10</sup> | 11.61% | &nbsp;&nbsp;4/23/2029 | 30000000 | 29748554 | 24083345 | 2.9% |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company <sup>1 2 3</sup>** | **Type of<br> Investment** | **Interest<br> Rate** | **Maturity** | **Par<br> Amount /<br> Units** | **Cost <sup>4</sup>** | **Fair Value** | **Percentage<br> of Net<br> Assets <sup>5</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;Watchguard Technologies, Inc. <sup>6</sup> | First Lien Term Loan SOFR + 5.25%, 1.00% Floor <sup>13</sup> | 9.57% | &nbsp;&nbsp;7/5/2029 | 5236875 | 4908425 | 5019545 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;WWEX Uni Topco Holdings, LLC | Second Lien Term Loan LIBOR + 7.00%, 0.75% Floor <sup>10</sup> | 11.73% | &nbsp;&nbsp;7/26/2029 | 20000000 | 19428935 | 18158188 | 2.2% |
| **Total IT Services** |  |  |  |  | 255236122 | 244252530 | 29.9% |
| **Professional Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accordion Partners LLC | First Lien Term Loan SOFR + 6.25%, 1.00% <sup>13</sup> | 10.83% | &nbsp;&nbsp;8/29/2029 | 23289456 | 22780454 | 22779417 | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Accordion Partners LLC | First Lien Delayed Draw Term Loan SOFR + 6.25% <sup>8</sup> | 10.83% | &nbsp;&nbsp;8/29/2029 |  | (64426) | (100226) | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Accordion Partners LLC | First Lien Revolving Loan SOFR + 6.25% <sup>8</sup> | 10.83% | &nbsp;&nbsp;8/31/2028 |  | (43197) | (44545) | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Explorer Investor, Inc. | First Lien Term Loan SOFR + 6.00%, 0.50% Floor <sup>13</sup> | 10.15% | &nbsp;&nbsp;6/28/2029 | 23822151 | 22453966 | 22507168 | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Explorer Investor, Inc. | First Lien Delayed Draw Term Loan SOFR + 6.00%, 0.50% Floor <sup>8</sup> | 10.15% | &nbsp;&nbsp;6/28/2024 |  | (288544) | (279209) | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;IG Investments Holdings | First Lien Term Loan LIBOR + 6.00%, 0.75% Floor <sup>7</sup> | 10.38% | &nbsp;&nbsp;9/22/2028 | 64130419 | 63038331 | 63105923 | 7.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;IG Investments Holdings | First Lien Term Loan LIBOR + 6.00%, 0.75% Floor <sup>7</sup> | 10.38% | &nbsp;&nbsp;9/22/2028 | 4949875 | 4906696 | 4870799 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;IG Investments Holdings | First Lien Revolving Loan LIBOR + 6.00%, 0.75% Floor <sup>7 8</sup> | 10.38% | &nbsp;&nbsp;9/22/2027 | 2023121 | 1943553 | 1942322 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Geosyntec Consultants, Inc. | First Lien Term Loan SOFR + 5.25%, 0.75% <sup>13</sup> | 9.57% | &nbsp;&nbsp;5/18/2029 | 10441530 | 10269340 | 10157520 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geosyntec Consultants, Inc. | First Lien Delayed Draw Term Loan SOFR + 5.25%, 0.75% <sup>8</sup> | 9.57% | &nbsp;&nbsp;5/18/2024 |  | (35135) | (119598) | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Geosyntec Consultants, Inc. | First Lien Revolving Loan SOFR + 5.25%, 1.00% <sup>8</sup> | 9.57% | &nbsp;&nbsp;5/18/2027 |  | (25647) | (43765) | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;MBO Partners, Inc. | First Lien Term Loan SOFR + 7.75%, 1.00% <sup>13</sup> | 12.48% | &nbsp;&nbsp;5/23/2028 | 44662500 | 43396705 | 43880906 | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;MBO Partners, Inc. | First Lien Delayed Draw Term Loan SOFR + 7.75%, 1.00% <sup>8 13</sup> | 12.48% | &nbsp;&nbsp;5/23/2028 | 10038889 | 9622276 | 9689772 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;People 2.0, Inc. | First Lien Term Loan SOFR + 7.50%, 1.00% <sup>13</sup> | 11.82% | &nbsp;&nbsp;7/12/2028 | 45386250 | 44519435 | 44537527 | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vaco Holdings | First Lien Term Loan SOFR + 5.00%, 0.75% <sup>13</sup> | 9.73% | &nbsp;&nbsp;1/19/2029 | 5759781 | 5591743 | 5607723 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Williams Martson, LLC | First Lien Term Loan SOFR + 5.75%, 1.00% <sup>13</sup> | 10.25% | &nbsp;&nbsp;8/25/2028 | 15921635 | 15443986 | 15305467 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Williams Martson, LLC | First Lien Delayed Draw Term Loan SOFR + 5.75%, 1.00% <sup>8</sup> | 10.25% | &nbsp;&nbsp;8/26/2024 |  | (48350) | (98834) | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Williams Martson, LLC | First Lien Revolving Loan SOFR + 5.75%, 1.00% <sup>8</sup> | 10.25% | &nbsp;&nbsp;8/25/2028 |  | (63324) | (86480) | 0.0% |
| **Total Professional Services** |  |  |  |  | 243397862 | 243611887 | 29.8% |
| **Real Estate Management & Development** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2-10 Holdco, Inc. | First Lien Term Loan SOFR + 6.00%, 1.00% Floor <sup>13</sup> | 10.42% | &nbsp;&nbsp;3/26/2026 | 49125000 | 48547918 | 49125000 | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;2-10 Holdco, Inc. | First Lien Revolving Loan SOFR + 6.00%, 1.00% Floor <sup>8</sup> | 10.42% | &nbsp;&nbsp;3/26/2026 |  | (30561) |  | 0.0% |
| **Total Real Estate Management & Development** |  |  |  |  | 48517357 | 49125000 | 6.0% |
| **Software** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Anaplan, Inc. | First Lien Term Loan SOFR + 6.50%, 1.00% Floor <sup>13</sup> | 10.82% | &nbsp;&nbsp;6/21/2029 | 20672334 | 20276632 | 20263022 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Anaplan, Inc. | First Lien Revolving Loan SOFR + 6.50%, 1.00% Floor <sup>8</sup> | 10.82% | &nbsp;&nbsp;6/21/2028 |  | (28184) | (30611) | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AxiomSL Group, Inc. | First Lien Term Loan LIBOR + 6.00%, 1.00% Floor <sup>7</sup> | 10.13% | &nbsp;&nbsp;12/3/2027 | 34716362 | 34141218 | 33792492 | 4.1% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company <sup>1 2 3</sup>** | **Type of<br> Investment** | **Reference Rate<br> and Spread** | **Interest<br> Rate** | **Maturity** | **Par<br> Amount /<br> Units** | **Cost <sup>4</sup>** | **Fair Value** | **Percentage<br> of Net<br> Assets <sup>5</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;AxiomSL Group, Inc. | First Lien Delayed Draw Term Loan | LIBOR + 6.00%, 1.00% Floor <sup>8</sup> | 10.13% | &nbsp;&nbsp;12/3/2027 |  | (17712) | (60512) | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AxiomSL Group, Inc. | First Lien Revolving Loan | LIBOR + 6.00%, 1.00% Floor <sup>8</sup> | 10.13% | &nbsp;&nbsp;12/3/2025 |  | (33174) | (66027) | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Diligent Corporation | First Lien Term Loan | LIBOR + 5.75%, 1.00% Floor <sup>7</sup> | 10.13% | &nbsp;&nbsp;8/4/2025 | 29475000 | 29283815 | 28138072 | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Diligent Corporation | First Lien Term Loan | LIBOR + 5.75%, 1.00% Floor <sup>7</sup> | 10.13% | &nbsp;&nbsp;8/4/2025 | 9825000 | 9759571 | 9379357 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Diligent Corporation | First Lien Revolving Loan | LIBOR + 6.25%, 1.00% Floor <sup>7 8</sup> | 10.13% | &nbsp;&nbsp;8/4/2025 | 1500000 | 1470044 | 1306250 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;GovDelivery Holdings, LLC | First Lien Term Loan | LIBOR + 6.50%, 1.00% Floor <sup>7</sup> | 11.14% | &nbsp;&nbsp;1/29/2027 | 27241366 | 26733717 | 26182580 | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;GovDelivery Holdings, LLC | First Lien Delayed Draw Term Loan | LIBOR + 6.00%, 1.00% Floor <sup>7 8</sup> | 10.14% | &nbsp;&nbsp;1/29/2027 | 33845980 | 33294989 | 31946561 | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;GovDelivery Holdings, LLC | First Lien Revolving Loan | LIBOR + 6.50%, 1.00% Floor <sup>7 8</sup> | 10.14% | &nbsp;&nbsp;1/29/2027 | 809964 | 785357 | 716147 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;GS Acquisitionco, Inc. | First Lien Term Loan | LIBOR + 5.75%, 1.00% Floor <sup>9</sup> | 9.92% | &nbsp;&nbsp;5/22/2026 | 37131476 | 37038235 | 35714830 | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ion Trading Technologies <sup>6</sup> | Unsecured Note | N/A | 5.75% | &nbsp;&nbsp;5/15/2028 | 1875000 | 1540000 | 1565156 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mandolin Technology Intermediate Holdings, Inc. | Second Lien Term Loan | LIBOR + 6.50%, 0.50% Floor <sup>10</sup> | 10.91% | &nbsp;&nbsp;7/30/2029 | 17500000 | 17337883 | 15935095 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Maverick 1 LLC | Second Lien Term Loan | LIBOR + 6.75%, 0.75% Floor <sup>10</sup> | 11.16% | &nbsp;&nbsp;5/18/2029 | 9000000 | 8960479 | 8909263 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;McAfee Enterprise <sup>6</sup> | First Lien Term Loan | LIBOR + 4.75%, 0.75% Floor <sup>10</sup> | 9.17% | &nbsp;&nbsp;7/27/2028 | 5232836 | 4786287 | 4505157 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Orion Advisor Solutions, Inc | Second Lien Term Loan | LIBOR + 8.50%, 1.00% Floor <sup>10</sup> | 12.91% | &nbsp;&nbsp;9/24/2028 | 16500000 | 16380886 | 15409941 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;RealPage, Inc. <sup>6</sup> | Second Lien Term Loan | LIBOR + 6.50%, 0.75% Floor <sup>7</sup> | 10.88% | &nbsp;&nbsp;4/23/2029 | 5628559 | 5518941 | 5442113 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Simplifi Holdings, Inc. | First Lien Term Loan | LIBOR + 5.50%, 0.75% Floor <sup>10</sup> | 9.25% | &nbsp;&nbsp;10/1/2027 | 26837349 | 26389048 | 26445644 | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Simplifi Holdings, Inc. | First Lien Revolving Loan | LIBOR + 5.50%, 0.75% Floor <sup>8</sup> | 9.25% | &nbsp;&nbsp;10/1/2026 |  | (43358) | (42204) | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spirit RR Holdings, Inc. | First Lien Term Loan | SOFR + 6.50%, 1.00% Floor <sup>13</sup> | 11.18% | &nbsp;&nbsp;9/13/2028 | 14002261 | 13588333 | 13597596 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spirit RR Holdings, Inc. | First Lien Delayed Draw Term Loan | SOFR + 6.50%, 1.00% Floor <sup>8 13</sup> | 11.18% | &nbsp;&nbsp;9/13/2024 | 3033823 | 2945142 | 2946146 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spirit RR Holdings, Inc. | First Lien Revolving Loan | SOFR + 6.50%, 1.00% Floor <sup>8</sup> | 11.18% | &nbsp;&nbsp;9/13/2028 |  | (39899) | (40467) | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Syntax Systems Limited | First Lien Term Loan | LIBOR + 5.50%, 0.75% Floor <sup>7</sup> | 10.13% | &nbsp;&nbsp;10/29/2028 | 10706064 | 10613050 | 10235218 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Syntax Systems Limited | First Lien Delayed Draw Term Loan | LIBOR + 5.50%, 0.75% Floor <sup>8</sup> | 10.13% | &nbsp;&nbsp;10/15/2028 |  | (24859) | (130632) | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Syntax Systems Limited | First Lien Revolving Loan | LIBOR + 5.50%, 0.75% Floor <sup>7 8</sup> | 10.04% | &nbsp;&nbsp;10/29/2026 | 792079 | 782190 | 739826 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tamarack Intermediate LLC | First Lien Revolving Loan | SOFR + 5.75%, 0.75% Floor <sup>13</sup> | 9.48% | &nbsp;&nbsp;3/13/2028 | 21376953 | 20995023 | 21009270 | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tamarack Intermediate LLC | First Lien Delayed Draw Term Loan | SOFR + 5.75%, 0.75% Floor <sup>8 13</sup> | 9.48% | &nbsp;&nbsp;3/13/2028 | 625000 | 564174 | 564531 | 0.1% |
| **Total Software** |  |  |  |  |  | 322997828 | 314373814 | 38.5% |
| **Equity and Warrants—1.7%** |  |  |  |  |  |  |  |  |
| **Health Care Technology** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Imagine Acquisitionco, LLC | Equity | N/A | N/A | &nbsp;&nbsp;N/A | 2000000 | 2000000 | 2103614 | 0.3% |
| **Total Health Care Technology** |  |  |  |  |  | 2000000 | 2103614 | 0.3% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company <sup>1 2 3</sup>** | **Type of<br> Investment** | **Reference Rate<br> and Spread** | **Interest<br> Rate** | **Maturity** | **Par<br> Amount /<br> Units** | **Cost <sup>4</sup>** | **Fair Value** | **Percentage<br> of Net<br> Assets <sup>5</sup>** |
| **Software** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GT Polaris Holdings | Equity | N/A | 12.50% | &nbsp;&nbsp;N/A | 8804811 | 8645543 | 7821358 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spirit RR Holdings, Inc. | Equity | N/A | N/A | &nbsp;&nbsp;N/A | 3585975 | 3635318 | 3635318 | 0.4% |
| **Total Software** |  |  |  |  |  | 12280861 | 11456676 | 1.4% |
| **Warrants– 0.0%** |  |  |  |  |  |  |  |  |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Giving Home Health Care | Warrants | N/A | N/A | &nbsp;&nbsp;N/A | 2917 | 29 |  | 0.0% |
| **Total Health Care Providers & Services** |  |  |  |  |  | 29 |  | 0.0% |
| **Total Non-Controlled/Non-Affiliated Investments** |  |  |  |  |  | $1717895936 | $**1688521222** | **206.6%** |

---

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

(5) Percentage
 is based on net assets of $817,185,589 as of December 31, 2022.

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

(7) The
 interest rate on this security is subject to a base rate plus 1 Month "1M" LIBOR,
 which at December 31, 2022 was 4.37%.

(8) This
 investment has an unfunded commitment as of December 31, 2022. For further details,
 see Note 5. Fair value includes an analysis of the unfunded commitment.

(9) The
 interest rate on this security is subject to a base rate plus 6 Month "6M" LIBOR,
 which at December 31, 2022 was 5.14%.

(10) The
 interest rate on this security is subject to a base rate plus 3 Month "3M" LIBOR,
 which at December 31, 2022 was 4.77%.

(11) The
 interest rate on this security is subject to the Alternate Base Rate, which at December 31,
 2022 was 7.50%.

(12) The
 interest rate on this security is subject to a base rate plus 12 Month "12M"
 LIBOR, which at December 31, 2022 was 5.48%.

(13) The
 interest rate on this security is subject to the Secured Overnight Financing Rate, which
 at December 31, 2022 was 4.30%.

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

**Stone Point Credit Corporation**

**Schedule of Investments**

**As of December 31, 2021**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company <sup>1 2 3</sup>** | **Type of<br> Investment** | **Interest<br> Rate** | **Maturity** | **Par<br> Amount /<br> Units** | **Cost <sup>4</sup>** | **Fair Value** | **Percentage<br> of Net<br> Assets <sup>5</sup>** |
| **Non-Controlled/Non-Affiliated Investments** | |  |  |  |  |  |  |
| **Debt Investments – 212.1%** |  |  |  |  |  |  |  |
| **Capital Markets** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Project K BuyerCo, Inc. | First Lien Term Loan LIBOR + 6.00%, 0.75% Floor <sup>10</sup> | 6.75% | 12/10/2027 | $77272727 | $75743674 | $75727273 | 13.9% |
| &nbsp;&nbsp;&nbsp;Project K BuyerCo, Inc. | First Lien Revolving Loan LIBOR + 6.00%, 0.75% Floor <sup>8</sup> | 6.75% | 12/10/2027 |  | (152994) | (154545) | 0.0% |
| &nbsp;&nbsp;&nbsp;Resolute Investment Managers, Inc. | First Lien Revolving Loan LIBOR + 4.25%, 1.00% Floor <sup>10</sup> | 5.25% | 4/30/2024 | 5334098 | 5286083 | 5334098 | 1.0% |
| &nbsp;&nbsp;&nbsp;Resolute Investment Managers, Inc. | Second Lien Term Loan LIBOR + 8.00%, 1.00% Floor <sup>10</sup> | 9.00% | 4/30/2025 | 846853 | 843712 | 846853 | 0.2% |
| **Total Capital Markets** |  |  |  |  | 81720475 | 81753679 | 15.0% |
| **Financial Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beacon Pointe Harmony, LLC | First Lien Term Loan LIBOR + 5.25%, 0.75% Floor <sup>10</sup> | 6.00% | 12/19/2028 | 29000000 | 28420747 | 28512553 | 5.2% |
| &nbsp;&nbsp;&nbsp;Beacon Pointe Harmony, LLC | First Lien Delayed Draw Term Loan LIBOR + 5.25%, 0.75% Floor <sup>8</sup> | 6.00% | 12/19/2028 |  | (149811) | (252128) | 0.0% |
| &nbsp;&nbsp;&nbsp;Beacon Pointe Harmony, LLC | First Lien Revolving Loan LIBOR + 5.25%, 0.75% Floor <sup>8</sup> | 6.00% | 12/19/2028 |  | (59918) | (50426) | 0.0% |
| &nbsp;&nbsp;&nbsp;More Cowbell I LLC | First Lien Term Loan LIBOR + 6.25%, 1.00% Floor <sup>9</sup> | 7.25% | 4/10/2028 | 14925000 | 14451428 | 14925000 | 2.7% |
| &nbsp;&nbsp;&nbsp;More Cowbell I LLC | First Lien Delayed Draw Term Loan LIBOR + 6.25%, 1.00% Floor <sup>8</sup> | 7.25% | 4/10/2028 |  | (326821) |  | 0.0% |
| &nbsp;&nbsp;&nbsp;TA/WEG Intermediate Holdings, LLC | First Lien Delayed Draw Term Loan LIBOR + 5.75%, 1.00% Floor <sup>10</sup> | 6.75% | 10/4/2027 | 22414205 | 22125703 | 22414205 | 4.1% |
| &nbsp;&nbsp;&nbsp;TA/WEG Intermediate Holdings, LLC | First Lien Delayed Draw Term Loan LIBOR + 5.75%, 1.00% Floor <sup>10</sup> | 6.75% | 10/4/2027 | 2500000 | 2456239 | 2500000 | 0.5% |
| &nbsp;&nbsp;&nbsp;TA/WEG Intermediate Holdings, LLC | First Lien Delayed Draw Term Loan LIBOR + 5.75%, 1.00% Floor <sup>8 10</sup> | 6.75% | 10/4/2027 | 1330308 | 1322080 | 1330308 | 0.2% |
| &nbsp;&nbsp;&nbsp;TA/WEG Intermediate Holdings, LLC | First Lien Revolving Loan LIBOR + 5.75%, 1.00% Floor <sup>8 10</sup> | 6.75% | 10/4/2027 | 192500 | 191154 | 192500 | 0.0% |
| **Total Financial Services** |  |  |  |  | 68430801 | 69572012 | 12.8% |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company <sup>1 2 3</sup>** | **Type of<br> Investment** | **Interest<br> Rate** | **Maturity** | **Par<br> Amount /<br> Units** | **Cost <sup>4</sup>** | **Fair Value** | **Percentage<br> of Net<br> Assets <sup>5</sup>** |
| **Health Care Providers & Services** | |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CORA Health Holdings Corp. | First Lien Term Loan LIBOR + 5.75%, 1.00% Floor <sup>10</sup> | 6.75% | 6/15/2027 | 14310090 | 14109039 | 14310090 | 2.6% |
| &nbsp;&nbsp;&nbsp;CORA Health Holdings Corp. | First Lien Delayed Draw Term Loan LIBOR + 5.75%, 1.00% Floor <sup>8</sup> | 6.75% | 6/15/2027 |  | (38457) |  | 0.0% |
| &nbsp;&nbsp;&nbsp;Mamba Purchaser, Inc. | Second Lien Term Loan LIBOR + 6.50%, 0.50% Floor <sup>7</sup> | 7.00% | 10/15/2029 | 15000000 | 14877318 | 14875000 | 2.7% |
| &nbsp;&nbsp;&nbsp;MB2 Dental Solutions, LLC | First Lien Term Loan LIBOR + 6.00%, 1.00% Floor <sup>10</sup> | 7.00% | 1/29/2027 | 10950057 | 10728154 | 10950057 | 2.0% |
| &nbsp;&nbsp;&nbsp;MB2 Dental Solutions, LLC | First Lien Delayed Draw Term Loan LIBOR + 6.00%, 1.00% Floor <sup>10</sup> | 7.00% | 1/29/2027 | 3530413 | 3496882 | 3530413 | 0.6% |
| &nbsp;&nbsp;&nbsp;MB2 Dental Solutions, LLC | First Lien Delayed Draw Term Loan ABR + 5.00%, 2.00% Floor <sup>11</sup> | 8.25% | 1/29/2027 | 417688 | 413721 | 417688 | 0.1% |
| &nbsp;&nbsp;&nbsp;MB2 Dental Solutions, LLC | First Lien Delayed Draw Term Loan LIBOR + 6.00%, 1.00% Floor <sup>8 10</sup> | 7.00% | 1/29/2027 | 5940000 | 5620291 | 5940000 | 1.1% |
| &nbsp;&nbsp;&nbsp;Mirra-PrimeAccess Holdings, LLC | First Lien Term Loan LIBOR + 6.50%, 1.00% Floor <sup>10</sup> | 7.50% | 7/29/2026 | 24937500 | 24472250 | 24625616 | 4.5% |
| &nbsp;&nbsp;&nbsp;Mirra-PrimeAccess Holdings, LLC | First Lien Revolving Loan LIBOR + 6.50%, 1.00% Floor <sup>8</sup> | 7.50% | 7/29/2026 |  | (60052) | (34268) | 0.0% |
| &nbsp;&nbsp;&nbsp;SpecialtyCare, Inc. | First Lien Term Loan LIBOR + 5.75%, 1.00% Floor <sup>7</sup> | 6.75% | 6/18/2028 | 13725212 | 13337609 | 13541199 | 2.5% |
| &nbsp;&nbsp;&nbsp;SpecialtyCare, Inc. | First Lien Delayed Draw Term Loan LIBOR + 5.75%, 1.00% Floor <sup>8</sup> | 6.75% | 6/18/2028 |  | (17749) | (17091) | 0.0% |
| &nbsp;&nbsp;&nbsp;SpecialtyCare, Inc. | First Lien Revolving Loan LIBOR + 4.00% <sup>7 8</sup> | 4.08% | 6/18/2026 |  | (28541) | (14243) | 0.0% |
| &nbsp;&nbsp;&nbsp;Stepping Stones Healthcare Services, LLC | First Lien Term Loan LIBOR + 5.75%, 0.75% Floor <sup>10</sup> | 6.50% | 1/2/2029 | 24500000 | 24133018 | 24181500 | 4.4% |
| &nbsp;&nbsp;&nbsp;Stepping Stones Healthcare Services, LLC | First Lien Delayed Draw Term Loan LIBOR + 5.75%, 0.75% Floor <sup>8</sup> | 6.50% | 1/2/2029 |  | (34973) | (91000) | 0.0% |
| &nbsp;&nbsp;&nbsp;Stepping Stones Healthcare Services, LLC | First Lien Revolving Loan LIBOR + 5.75%, 0.75% Floor <sup>8</sup> | 6.50% | 12/29/2026 |  | (52442) | (45500) | 0.0% |
| &nbsp;&nbsp;&nbsp;Trinity Partners Holdings LLC | First Lien Term Loan LIBOR + 5.75%, 0.75% Floor <sup>10</sup> | 6.50% | 12/21/2028 | 27553191 | 27005646 | 27060751 | 5.0% |
| &nbsp;&nbsp;&nbsp;Trinity Partners Holdings LLC | First Lien Delayed Draw Term Loan LIBOR + 5.75%, 0.75% Floor <sup>8</sup> | 6.50% | 12/21/2028 |  | (74019) | (133092) | 0.0% |
| &nbsp;&nbsp;&nbsp;TST Intermediate Holdings, LLC | First Lien Term Loan LIBOR + 5.75%, 1.00% Floor <sup>10</sup> | 6.75% | 11/27/2026 | 12480905 | 12296189 | 12387322 | 2.3% |
| &nbsp;&nbsp;&nbsp;TST Intermediate Holdings, LLC | First Lien Delayed Draw Term Loan LIBOR + 5.75%, 1.00% Floor <sup>8</sup> | 6.75% | 11/27/2026 |  |  | (93726) | 0.0% |
| **Total Health Care Providers & Services** |  |  |  |  | 150183884 | 151390716 | 27.8% |
| **Health Care Technology** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ellkay, LLC | First Lien Term Loan LIBOR + 5.75%, 1.00% Floor <sup>10</sup> | 6.75% | 9/14/2027 | 28816667 | 28266349 | 28326057 | 5.2% |
| &nbsp;&nbsp;&nbsp;Ellkay, LLC | First Lien Revolving Loan LIBOR + 5.75%, 1.00% Floor <sup>8</sup> | 6.75% | 9/14/2027 |  | (68629) | (61480) | 0.0% |
| &nbsp;&nbsp;&nbsp;GraphPAD Software, LLC | First Lien Term Loan LIBOR +5.50%, 1.00% Floor <sup>7</sup> | 6.50% | 4/27/2027 | 4173314 | 4132543 | 4131581 | 0.8% |
| &nbsp;&nbsp;&nbsp;GraphPAD Software, LLC | First Lien Term Loan LIBOR +5.50%, 1.00% Floor <sup>7</sup> | 6.50% | 4/1/2027 | 20000000 | 19801118 | 19800000 | 3.6% |
| &nbsp;&nbsp;&nbsp;GraphPAD Software, LLC | First Lien Term Loan LIBOR +5.50%, 1.00% Floor <sup>12</sup> | 6.50% | 4/27/2027 | 17412500 | 17255781 | 17238375 | 3.2% |
| &nbsp;&nbsp;&nbsp;GraphPAD Software, LLC | First Lien Delayed Draw Term Loan LIBOR +5.50%, 1.00% Floor <sup>8</sup> | 6.50% | 4/27/2027 |  | (109167) | (110000) | 0.0% |
| &nbsp;&nbsp;&nbsp;GraphPAD Software, LLC | First Lien Revolving Loan LIBOR + 6.00%, 1.00% Floor <sup>8</sup> | 7.00% | 4/27/2027 |  | (22220) | (25000) | 0.0% |
| &nbsp;&nbsp;&nbsp;Imagine Acquisitionco, LLC | First Lien Term Loan LIBOR +5.50%, 1.00% Floor <sup>10</sup> | 6.50% | 11/16/2027 | 28938907 | 28512050 | 28406654 | 5.2% |
| &nbsp;&nbsp;&nbsp;Imagine Acquisitionco, LLC | First Lien Delayed Draw Term Loan LIBOR +5.50%, 1.00% Floor <sup>8</sup> | 6.50% | 11/16/2027 |  | (31571) | (118278) | 0.0% |
| &nbsp;&nbsp;&nbsp;Imagine Acquisitionco, LLC | First Lien Revolving Loan LIBOR +5.50%, 1.00% Floor <sup>8</sup> | 6.50% | 11/16/2027 |  | (67995) | (85160) | 0.0% |
| &nbsp;&nbsp;&nbsp;FINThrive Software Intermediate Holdings, Inc. | Second Lien Term Loan LIBOR + 6.75%, 0.50% Floor <sup>10</sup> | 7.25% | 12/17/2029 | 20000000 | 19700093 | 19700000 | 3.6% |
| **Total Health Care Technology** |  |  |  |  | 117368352 | 117202749 | 21.5% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company <sup>1 2 3</sup>** | **Type of<br> Investment** | **Reference Rate<br> and Spread** | **Interest<br> Rate** | **Maturity** | **Par<br> Amount /<br> Units** | **Cost <sup>4</sup>** | **Fair Value** | **Percentage<br> of Net<br> Assets <sup>5</sup>** |
| **Insurance** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Captive Resources Midco, LLC | First Lien Term Loan | LIBOR + 5.50%, 0.75% Floor <sup>10</sup> | 6.25% | 5/31/2027 | 65000000 | 64273037 | 64187500 | 11.8% |
| &nbsp;&nbsp;&nbsp;Euclid Transactional, LLC | First Lien Term Loan | LIBOR + 7.22%, 0.75% Floor <sup>7</sup> | 7.97% | 10/2/2028 | 80000000 | 78294529 | 78250000 | 14.3% |
| &nbsp;&nbsp;&nbsp;Galway Borrower, LLC | First Lien Term Loan | LIBOR + 5.25%, 0.75% Floor <sup>10</sup> | 6.00% | 9/29/2028 | 61210227 | 60497358 | 60067470 | 11.0% |
| &nbsp;&nbsp;&nbsp;Galway Borrower, LLC | First Lien Delayed Draw Term Loan | LIBOR + 5.25%, 0.75% Floor <sup>8</sup> | 6.00% | 9/29/2028 |  | (84906) | (172459) | 0.0% |
| &nbsp;&nbsp;&nbsp;Galway Borrower, LLC | First Lien Revolving Loan | LIBOR + 5.25%, 0.75% Floor <sup>8</sup> | 6.00% | 9/30/2027 |  | (54321) | (82123) | 0.0% |
| &nbsp;&nbsp;&nbsp;Harrington Reinsurance Holdings Limited | Unsecured Note | N/A | 7.25% | 6/29/2031 | 20000000 | 19613993 | 20000000 | 3.7% |
| **Total Insurance** |  |  |  |  |  | 222539690 | 222250388 | 40.7% |
| **IT Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dcert Buyer, Inc. <sup>6</sup> | Second Lien Term Loan | LIBOR + 7.00% <sup>7</sup> | 7.10% | 2/19/2029 | 10000000 | 9976907 | 10041650 | 1.8% |
| &nbsp;&nbsp;&nbsp;Ensono, Inc. | Second Lien Term Loan | LIBOR + 8.00% <sup>9</sup> | 8.35% | 5/28/2029 | 11250000 | 11140822 | 11250000 | 2.1% |
| &nbsp;&nbsp;&nbsp;Helpsystems Holdings, Inc. | Second Lien Term Loan | LIBOR + 6.75%, 0.75% Floor <sup>10</sup> | 7.50% | 11/19/2027 | 10000000 | 10000000 | 10000000 | 1.8% |
| &nbsp;&nbsp;&nbsp;Ministry Brands Purchaser, LLC | First Lien Term Loan | LIBOR + 5.50%, 0.75% Floor <sup>10</sup> | 6.25% | 12/28/2028 | 17655367 | 17478911 | 17498763 | 3.2% |
| &nbsp;&nbsp;&nbsp;Ministry Brands Purchaser, LLC | First Lien Delayed Draw Term Loan | LIBOR + 5.50%, 0.75% Floor <sup>8</sup> | 6.25% | 12/28/2028 |  | (28236) | (50113) | 0.0% |
| &nbsp;&nbsp;&nbsp;Ministry Brands Purchaser, LLC | First Lien Revolving Loan | LIBOR + 5.50%, 0.75% Floor <sup>8</sup> | 6.25% | 12/24/2027 |  | (16941) | (15034) | 0.0% |
| &nbsp;&nbsp;&nbsp;Stamps.com Inc | First Lien Term Loan | LIBOR + 5.75%, 0.75% Floor <sup>10</sup> | 6.50% | 10/5/2028 | 53125000 | 52080388 | 52062500 | 9.5% |
| &nbsp;&nbsp;&nbsp;Vision Solutions, Inc. <sup>6</sup> | Second Lien Term Loan | LIBOR + 7.25%, 0.75% Floor <sup>10</sup> | 8.00% | 4/23/2029 | 13000000 | 12880544 | 13020345 | 2.4% |
| &nbsp;&nbsp;&nbsp;WWEX Uni Topco Holdings, LLC | Second Lien Term Loan | LIBOR + 7.00%, 0.75% Floor <sup>10</sup> | 7.75% | 7/26/2029 | 20000000 | 19369608 | 20000000 | 3.7% |
| **Total IT Services** |  |  |  |  |  | 132882003 | 133808111 | 24.5% |
| **Professional Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Eisner Advisory Group | First Lien Term Loan | LIBOR + 5.25%, 0.75% Floor <sup>10</sup> | 6.00% | 7/28/2028 | 17955000 | 17787148 | 17884465 | 3.3% |
| &nbsp;&nbsp;&nbsp;IG Investments Holdings | First Lien Term Loan | LIBOR + 6.00%, 0.75% Floor <sup>10</sup> | 6.75% | 9/22/2028 | 64779841 | 63526192 | 63374098 | 11.6% |
| &nbsp;&nbsp;&nbsp;IG Investments Holdings | First Lien Revolving Loan | LIBOR + 6.00%, 0.75% Floor <sup>8 10</sup> | 6.75% | 9/22/2027 | 2528902 | 2432497 | 2419146 | 0.4% |
| &nbsp;&nbsp;&nbsp;Tempus, LLC | First Lien Term Loan | LIBOR + 6.00%, 1.00% Floor <sup>10</sup> | 7.00% | 2/5/2027 | 34780144 | 34282162 | 34780144 | 6.4% |
| &nbsp;&nbsp;&nbsp;Tempus, LLC | First Lien Delayed Draw Term Loan | LIBOR + 6.00%, 1.00% Floor <sup>8 10</sup> | 7.00% | 2/5/2027 | 5297297 | 4838068 | 5297297 | 1.0% |
| **Total Professional Services** |  |  |  |  |  | 122866067 | 123755150 | 22.7% |
| **Real Estate Management & Development** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2-10 Holdco, Inc. | First Lien Term Loan | LIBOR + 6.00%, 0.75% Floor <sup>10</sup> | 6.75% | 3/26/2026 | 49625000 | 48975723 | 49625000 | 9.1% |
| &nbsp;&nbsp;&nbsp;2-10 Holdco, Inc. | First Lien Revolving Loan | LIBOR + 6.00%, 0.75% Floor <sup>8</sup> | 6.75% | 3/26/2026 |  | (35468) |  | 0.0% |
| **Total Real Estate Management & Development** |  |  |  |  |  | 48940255 | 49625000 | 9.1% |
| **Software** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AxiomSL Group, Inc. | First Lien Term Loan | LIBOR + 6.00%, 1.00% Floor <sup>10</sup> | 7.00% | 12/3/2027 | 35068812 | 34409007 | 34134174 | 6.3% |
| &nbsp;&nbsp;&nbsp;AxiomSL Group, Inc. | First Lien Delayed Draw Term Loan | LIBOR + 6.00%, 1.00% Floor <sup>8</sup> | 7.00% | 12/3/2027 |  | (21176) | (60602) | 0.0% |
| &nbsp;&nbsp;&nbsp;AxiomSL Group, Inc. | First Lien Revolving Loan | LIBOR + 6.00%, 1.00% Floor <sup>8</sup> | 7.00% | 12/3/2025 |  | (44523) | (66125) | 0.0% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company <sup>1 2 3</sup>** | **Type of<br> Investment** | **Reference Rate<br> and Spread** | **Interest<br> Rate** | **Maturity** | **Par<br> Amount /<br> Units** | **Cost <sup>4</sup>** | **Fair Value** | **Percentage<br> of Net<br> Assets <sup>5</sup>** |
| &nbsp;&nbsp;&nbsp;Diligent Corporation | First Lien Term Loan | LIBOR + 5.75%, 1.00% Floor <sup>10</sup> | 6.75% | 8/4/2025 | 29775000 | 29521553 | 29460025 | 5.4% |
| &nbsp;&nbsp;&nbsp;Diligent Corporation | First Lien Term Loan | LIBOR + 5.75%, 1.00% Floor <sup>10</sup> | 6.75% | 8/4/2025 | 9925000 | 9838228 | 9820008 | 1.8% |
| &nbsp;&nbsp;&nbsp;Diligent Corporation | First Lien Revolving Loan | LIBOR + 5.75%, 1.00% Floor <sup>8</sup> | 6.75% | 8/4/2025 |  | (41514) | (52893) | 0.0% |
| &nbsp;&nbsp;&nbsp;GovDelivery Holdings, LLC | First Lien Term Loan | LIBOR + 6.50%, 1.00% Floor <sup>10</sup> | 7.50% | 1/29/2027 | 27448262 | 26837034 | 27448262 | 5.0% |
| &nbsp;&nbsp;&nbsp;GovDelivery Holdings, LLC | First Lien Delayed Draw Term Loan | LIBOR + 6.00%, 1.00% Floor <sup>8 10</sup> | 7.00% | 1/29/2027 | 20536000 | 20029022 | 20047798 | 3.7% |
| &nbsp;&nbsp;&nbsp;GovDelivery Holdings, LLC | First Lien Revolving Loan | LIBOR + 6.50%, 1.00% Floor <sup>8</sup> | 7.50% | 1/29/2027 |  | (30638) |  | 0.0% |
| &nbsp;&nbsp;&nbsp;GS Acquisitionco, Inc. | First Lien Term Loan | LIBOR + 5.75%, 1.00% Floor <sup>10</sup> | 6.75% | 5/22/2026 | 23964504 | 23849189 | 23872644 | 4.4% |
| &nbsp;&nbsp;&nbsp;GS Acquisitionco, Inc. | First Lien Delayed Draw Term Loan | LIBOR + 5.75%, 1.00% Floor <sup>8</sup> | 6.75% | 5/22/2026 |  | (50813) | (80399) | 0.0% |
| &nbsp;&nbsp;&nbsp;Mandolin Technology Intermediate Holdings, Inc. | Second Lien Term Loan | LIBOR + 6.50%, 0.50% Floor <sup>10</sup> | 7.00% | 7/30/2029 | 17500000 | 17321118 | 17412500 | 3.2% |
| &nbsp;&nbsp;&nbsp;Maverick 1 LLC | Second Lien Term Loan | LIBOR + 6.75%, 0.75% Floor <sup>10</sup> | 7.50% | 5/18/2029 | 8000000 | 7960517 | 8000000 | 1.5% |
| &nbsp;&nbsp;&nbsp;Maverick 1 LLC | Second Lien Delayed Draw Term Loan | LIBOR + 6.75%, 0.75% Floor <sup>8</sup> | 7.50% | 5/18/2029 |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;Simplifi Holdings, Inc. | First Lien Term Loan | LIBOR + 5.50%, 0.75% Floor <sup>10</sup> | 6.25% | 10/1/2027 | 27108434 | 26581842 | 26566265 | 4.9% |
| &nbsp;&nbsp;&nbsp;Simplifi Holdings, Inc. | First Lien Revolving Loan | LIBOR + 5.50%, 0.75% Floor <sup>8</sup> | 6.25% | 10/1/2026 |  | (54918) | (57831) | 0.0% |
| &nbsp;&nbsp;&nbsp;Syntax Systems Limited | First Lien Term Loan | LIBOR + 5.50%, 0.75% Floor <sup>7</sup> | 6.25% | 10/31/2028 | 10814480 | 10708078 | 10706335 | 2.0% |
| &nbsp;&nbsp;&nbsp;Syntax Systems Limited | First Lien Delayed Draw Term Loan | LIBOR + 5.50%, 0.75% Floor <sup>7</sup> | 6.25% | 10/31/2028 |  | (28980) | (29703) | 0.0% |
| &nbsp;&nbsp;&nbsp;Syntax Systems Limited | First Lien Revolving Loan | LIBOR + 5.50%, 0.75% Floor <sup>7 8</sup> | 6.25% | 10/31/2028 | 519604 | 508020 | 507723 | 0.1% |
| **Total Software** |  |  |  |  |  | 207291046 | 207628181 | 38.1% |
| **Equity Investments—0.4% Health Care Technology** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Imagine Acquisitionco, LLC | Equity | N/A | N/A | N/A | 2000000 | 2000000 | 2000000 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Health Care Technology** |  |  |  |  |  | 2000000 | 2000000 | 0.4% |
| **Total Non-Controlled/Non-Affiliated Investments** |  |  |  |  |  | $1154222573 | $1158985986 | **212.4%** |

---

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

(5) Percentage is based on net assets of $545,569,359 as
 of December 31, 2021.

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

(7) The interest rate on this security is subject to a base
 rate plus 1 Month "1M" LIBOR, which at December 31, 2021 was 0.101%.

(8) This investment has an unfunded commitment as of December 31,
 2021. For further details, see Note 5. Fair value includes an analysis of the unfunded commitment.

(9) The interest rate on this security is subject to a base
 rate plus 6 Month "6M" LIBOR, which at December 31, 2021 was 0.339%.

(10) The interest rate on this security is subject to a base
 rate plus 3 Month "3M" LIBOR, which at December 31, 2021 was 0.209%.

(11) The interest rate on this security is subject to the
 Alternate Base Rate, which at December 31, 2021 was 3.25%.

(12) The interest rate on this security is subject to a base
 rate plus 12 Month "12M" LIBOR, which at December 31, 2021 was 0.583%.

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

**Stone Point Credit Corporation**

**Notes to Financial Statements**

**December 31, 2022**

**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"), a wholly-owned financing subsidiary, for the purpose of holding pledged investments as collateral under a financing facility.

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*

The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and include the accounts of the Company and the SPV. 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 SPV. 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 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 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.

*Deferred Financing Costs*

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

*Organizational and Offering Expenses*

Organizational expenses are costs associated with the organization of the Company and are expensed as incurred. Offering expenses are costs associated with the offering of common shares of the Company and are capitalized as deferred offering expenses in the Consolidated Statements 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 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 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 through December 31, 2022. The Company's federal and state tax returns for the prior two fiscal years remain open, subject to examination by the Internal Revenue Service and state tax authorities.

*Distributions*

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

*Dividend Reinvestment Plan*

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

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

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

*Valuation of Portfolio Securities*

Valuations of investments are approved by the Board at the end of each calendar quarter in accordance with procedures established by the Board ("Valuation Policy"). 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 its 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 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 the 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 recommendations 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.

*Company Common Stock Share Valuation*

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.

*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, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees and prepayment penalties. 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 year ended December 31, 2022 and the year ended December 31, 2021, the Company recorded $1,072,458 and $232,805 of realized gains, respectively. For the period from September 8, 2020 (inception) through December 31, 2020, the Company did not record any realized gains or losses.

*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.

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

Interest income and dividend income are recorded on the accrual basis and includes amortization of premiums or accretion of discounts. Discounts and premiums to par value on securities purchased are accreted and amortized, respectively, into interest income over the contractual life of the respective security 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. Loan origination fees, original issue discount and market discounts are capitalized and the amounts are amortized into income using the effective interest method.

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 December 31, 2022 and December 31, 2021, no investments were on non-accrual status.

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. During the year ended December 31, 2022, the Company earned $599,561 of dividend income. During the year ended December 31, 2021 and for the period from September 8, 2020 (inception) through December 31, 2020, the Company did not earn any dividend income.

*Fee Income*

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:

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | **Year Ended<br> December 31, 2021** | **For the Period from<br>September 8, 2020<br>(inception) through<br>December 31, 2020** |
| Fee Income | $373750 | $1474524 |  |
| Total revenue from contracts with customers | $373750 | $1474524 |  |

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*Recent Accounting Pronouncements*

In March 2020, the FASB issued ASU No. 2020-04, "Reference Rate Reform (Topic 848)," which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, "Reference Rate Reform (Topic 848)," which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. In December 2022, the FASB issued ASU No. 2022-06, "Reference Rate Reform (Topic 848)," which extended the transition period provided under ASU No. 2020-04 and 2021-01 for all entities from December 31, 2022 to December 31, 2024. The Company continues to evaluate the transition of reference rates and is currently evaluating the impact of adopting ASU No. 2020-04, 2021-01 and 2022-06 on the consolidated financial statements.

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

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

**Note 3. Agreements and Related Party Transactions**

*Investment Advisory Agreement*

Subject to the supervision of the Board and pursuant to an investment advisory agreement between the Company and the Adviser (the "Investment Advisory Agreement"), the Adviser manages the day-to-day operations of the Company and provides the Company with investment advisory and management services. Among other things, the Adviser (i) determines the composition and allocation of the Company's investment portfolio, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identifies, evaluates and negotiates the structure of the investments made by the Company; (iii) performs due diligence on prospective portfolio companies; (iv) executes, closes, services and monitors the Company's investments; (v) determines the securities and other assets that the Company will purchase, retain or sell; (vi) arranges financings and borrowing facilities for the Company and (vii) provides the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its fund 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 years ended December 31, 2022 and 2021, the Company incurred management fees of $18,937,555 and $5,326,836 respectively. For the period from September 8, 2020 (inception) through December 31, 2020, the Company incurred management fees of $2,877. As of December 31, 2022 and December 31, 2021, the Company recorded base management fees payable of $5,548,862 and $2,819,269 respectively.

*Incentive Fee*

Beginning on the fourth anniversary of the date on which Stockholders are 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, if the Incentive Commencement Date does not fall on the first day of a calendar quarter, then 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 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 (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), 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. For the years ended December 31, 2022 and 2021, and for the period from September 8, 2020 (inception) through December 31, 2020, the Company did not incur any performance-based incentive fees.

*Administration Agreement*

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

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

For the years ended December 31, 2022 and 2021, the Company incurred $973,179 and $493,073 of administrative overhead expenses that were included in the Consolidated Statements of Operations as professional fees, respectively. For the period from September 8, 2020 (inception) through December 31, 2020, the Company incurred $36,464 of administrative and overhead expenses. As of December 31, 2022 and December 31, 2021, $278,561 and $147,102, respectively, of administrative overhead expenses remained payable on the Consolidated Statements of Assets and Liabilities as accounts payable and accrued expenses. For the years ended December 31, 2022 and 2021 and for the period ended December 31, 2020 the Administrator has elected to waive additional charges that would have otherwise been eligible for reimbursement under the terms of the Administration Agreement which are not subject to recoupment.

*Sub-Administration and Custodian Fees*

On January 22, 2021, the Adviser entered into a sub-administration agreement with U.S. Bank Global Fund Services (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 Adviser determines are commercially reasonable in its sole discretion. The Company also reimburses the Sub-Administrator for all reasonable expenses. To the extent that the Sub-Administrator outsources any of its functions, the Sub-Administrator pays any compensation associated with such functions. The Sub-Administrator also serves as the Company's custodian (the "Custodian").

For the years ended December 31, 2022 and 2021, the Company incurred expenses for services provided by the Sub-Administrator and the Custodian of $1,154,902 and $350,289 that were included on the Consolidated Statements of Operations as professional fees, respectively. For the period from September 8, 2020 (inception) through December 31, 2020, the Company incurred Sub-Administrator and Custodian expenses of $51,383 that were included on the Consolidated Statements of Operations as professional fees. As of December 31, 2022 and December 31, 2021, $489,568 and $114,705, respectively, remained payable on the Consolidated Statements of Assets and Liabilities as accounts payable and accrued expenses.

*Transfer Agent Fees*

The Company has entered into a transfer agent servicing agreement with U.S. Bank Global Fund Services (the "Transfer Agent"). For the years ended December 31, 2022 and 2021, the Company incurred expenses for services provided by the Transfer Agent of $50,938 and $54,165 that were included on the Consolidated Statements of Operations as professional fees, respectively. For the period from September 8, 2020 (inception) through December 31, 2020, the Company incurred Transfer Agent expenses of $19,471. As of December 31, 2022 and December 31, 2021, $27,316 and $15,834, respectively, remained payable on the Consolidated Statements of Assets and Liabilities as accounts payable and accrued expenses.

*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 FINRA 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 $1,125,000 for services provided by the Affiliated Broker-Dealer in connection with the closing of the 2025 Notes (as defined herein). 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 subsidiary 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 Company's 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 and Organizational Expenses**

The Company has and may continue to bear expenses relating to its organization and offering of its Common Stock, including the listing of its Common Stock on a national securities exchange. Organizational expenses include, without limitation, the cost of incorporation, including legal fees related to the creation and organization of the Company, its related documents of organization and its election to be regulated as a BDC. 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 years ended December 31, 2022 and 2021, the Company incurred offering costs of $115,986 and $364,789 that were included on the Consolidated Statements of Operations, respectively. For the period ending December 31, 2020, the Company incurred offering costs of $26,220. For the years ended December 31, 2022 and 2021, the Company did not incur organizational expenses. For the period from September 8, 2020 (inception) through December 31, 2020, the Company incurred organizational expenses of $271,634. As of December 31, 2022 and December 31, 2021 $0 and $41,057, respectively, remained payable on the Consolidated Statements of Assets and Liabilities as organizational and offering expenses payable.

**Note 5. Commitments and Contingencies**

*Litigation and Regulatory Matters*

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

*Unfunded Portfolio Company Commitments*

From time to time, the Company may enter into commitments to fund investments. As of December 31, 2022 and December 31, 2021, the Company had the following unfunded portfolio company commitments under loan and financing agreements:

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Company** | **Type of Investment** | **December 31, 2022<br> Par** | **December 31, 2021<br> Par** |
| 2-10 Holdco, Inc. | First Lien Revolving Loan | $2777778 | $2777778 |
| Accordian Partners LLC | First Lien Delayed Draw Term Loan | 4576531 |  |
| Accordian Partners LLC | First Lien Revolving Loan | 2034014 |  |
| AmeriLife Group LLC | First Lien Delayed Draw Term Loan | 3515152 |  |
| AmeriLife Group LLC | First Lien Revolving Loan | 5272727 |  |
| Anaplan, Inc. | First Lien Revolving Loan | 1546008 |  |
| AxiomSL Group, Inc. | First Lien Delayed Draw Term Loan | 2273873 | 2273873 |
| AxiomSL Group, Inc. | First Lien Revolving Loan | 2481089 | 2481089 |
| Beacon Pointe Harmony, LLC | First Lien Delayed Draw Term Loan | 8010000 | 15000000 |
| Beacon Pointe Harmony, LLC | First Lien Revolving Loan | 3000000 | 3000000 |
| Bottomline Technologies, Inc. | First Lien Revolving Loan | 7365385 |  |
| Captive Resources Midco, LLC | First Lien Revolving Loan | 2202764 |  |
| CNSI Holdings, LLC | First Lien Revolving Loan | 1440694 |  |
| CORA Health Holdings Corp. | First Lien Delayed Draw Term Loan | 5376426 | 5618000 |
| Diligent Corporation | First Lien Revolving Loan | 3500000 | 5000000 |
| Elkay LLC | First Lien Revolving Loan | 3611111 | 3611111 |
| Explorer Investor, Inc. | First Lien Delayed Draw Term Loan | 5058140 |  |
| Galway Borrower, LLC | First Lien Delayed Draw Term Loan | 594253 | 9237537 |
| Galway Borrower, LLC | First Lien Revolving Loan | 4098295 | 4398827 |
| Geosyntec Consultants, Inc. | First Lien Delayed Draw Term Loan | 4397000 |  |
| Geosyntec Consultants, Inc. | First Lien Revolving Loan | 1609000 |  |
| GovDelivery Holdings, LLC | First Lien Delayed Draw Term Loan |  | 13464000 |
| GovDelivery Holdings, LLC | First Lien Revolving Loan | 1603843 | 2413807 |
| GraphPAD Software, LLC | First Lien Delayed Draw Term Loan | 11000000 | 11000000 |
| GraphPAD Software, LLC | First Lien Revolving Loan | 2500000 | 2500000 |
| GS Acquisitionco, Inc. | First Lien Delayed Draw Term Loan |  | 20974500 |
| IG Investments Holdings LLC | First Lien Revolving Loan | 3034682 | 2528901 |
| Imagine Acquisitionco, LLC | First Lien Delayed Draw Term Loan | 6430868 | 6430868 |
| Imagine Acquisitionco, LLC | First Lien Revolving Loan | 4630225 | 4630225 |
| Maverick 1 LLC | Second Lien Delayed Draw Term Loan |  | 1000000 |
| MB2 Dental Solutions, LLC | First Lien Delayed Draw Term Loan | 2777778 | 21060000 |
| MBO Partners, Inc. | First Lien Delayed Draw Term Loan | 9910664 |  |
| Ministry Brands Purchaser, LLC | First Lien Delayed Draw Term Loan | 5649718 | 5649718 |
| Ministry Brands Purchaser, LLC | First Lien Revolving Loan | 847458 | 1694915 |
| Mirra-Prime Access Holdings, LLC | First Lien Revolving Loan | 1712500 | 2740000 |
| More Cowbell I LLC | First Lien Delayed Draw Term Loan |  | 15000000 |
| Project K BuyerCo, Inc. | First Lien Revolving Loan | 7727273 | 7727273 |
| RSC Acquisition, Inc. | First Lien Delayed Draw Term Loan | 23325789 |  |
| Simplifi Holdings, Inc. | First Lien Revolving Loan | 2891566 | 2891566 |
| SpecialtyCare, Inc. | First Lien Delayed Draw Term Loan | 1168555 | 1274788 |
| SpecialtyCare, Inc. | First Lien Revolving Loan | 658640 | 1062323 |
| Spirit RR Holdings, Inc. | First Lien Revolving Loan | 1400226 |  |
| Stepping Stones Healthcare Services, LLC | First Lien Delayed Draw Term Loan | 4130000 | 7000000 |
| Stepping Stones Healthcare Services, LLC | First Lien Revolving Loan | 980000 | 3500000 |
| Syntax Systems Limited | First Lien Delayed Draw Term Loan | 2970297 | 2970297 |
| Syntax Systems Limited | First Lien Revolving Loan | 396040 | 668515 |

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Company** | **Type of Investment** | **December 31, 2022<br> Par** | **December 31, 2021<br> Par** |
| TA/WEG Intermediate Holdings, LLC | First Lien Delayed Draw Term Loan | 13698286 | 1169692 |
| TA/WEG Intermediate Holdings, LLC | First Lien Revolving Loan | 2000000 | 307500 |
| Tamarack Intermediate LLC | First Lien Delayed Draw Term Loan | 2890625 |  |
| Tempus, LLC | First Lien Delayed Draw Term Loan |  | 18351352 |
| Trinity Partners Holdings LLC | First Lien Delayed Draw Term Loan | 7446809 | 7446809 |
| TST Intermediate Holdings, LLC | First Lien Delayed Draw Term Loan | 8942308 | 12500000 |
| Williams Martson, LLC | First Lien Delayed Draw Term Loan | 2553846 |  |
| Williams Martson, LLC | First Lien Revolving Loan | 2234615 |  |
| Total Par |  | $210252851 | $231355264 |

---

The unrealized appreciation or depreciation associated with unfunded portfolio company commitments is recorded in the financial statements and reflected as an adjustment to the valuation of the related security in the Consolidated Schedule of Investments as of December 31, 2022 and December 31, 2021. 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. We believe that we maintain sufficient liquidity in the form of cash, financing capacity and undrawn capital commitments from our investors to cover any outstanding unfunded portfolio company commitments we may be required to fund.

**Note 6. Borrowings**

In accordance with the 1940 Act, with certain limitations, BDCs are allowed to borrow amounts such that their asset coverage ratios, as defined in the 1940 Act, are at least 200% (or 150% if certain conditions are met) after such borrowing. As a result of complying with the requirements set forth in the Small Business Credit Availability Act, the Company is able to borrow amounts such that its asset coverage ratio is at least 150%, rather than 200%. As of December 31, 2022 and December 31, 2021, the Company's asset coverage ratios were 189% and 186%, respectively.

The following table shows the Company's outstanding debt as of December 31, 2022 and December 31, 2021:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
|  | **Aggregate<br> Principal<br> Committed** | **Outstanding<br> Principal** | **Amount<br> Available** | **Net<br> Carrying<br> Value** |
| Capital Call Facility | $125000000 | $5000000 | $120000000 | $4561000 |
| Revolving Credit Facility | $750000000 | $684000000 | $66000000 | $678169958 |
| 2025 Notes | $225000000 | $225000000 | $- | $222720117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $1100000000 | $914000000 | $186000000 | $905451075 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|  | **Aggregate<br> Principal<br> Committed** | **Outstanding<br> Principal** | **Amount<br> Available** | **Net<br> Carrying<br> Value** |
| Capital Call Facility | $200000000 | $200000000 | $— | $199454570 |
| Revolving Credit Facility | $500000000 | $435000000 | $65000000 | $430085807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $700000000 | $635000000 | $65000000 | $629540377 |

---

*Capital Call Facility*

Effective as of December 29, 2020 (the "Closing Date"), the Company entered into a revolving credit facility (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").

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 Revolving Credit Agreement to $125 million from $200 million and changes the applicable margin for advances under the Revolving Credit Agreement to SOFR plus 1.95%. The other material terms of the Revolving Credit Agreement were unchanged.

The Capital Call Facility provides for a maximum commitment of up to $125,000,000 for a period of up to two years (including extension terms) from the 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) an daily simple SOFR plus an applicable margin of 1.95% or (ii) the greatest of (1) the prime rate or (2) the federal funds effective rate plus 0.5% plus an applicable margin of 0.95%.

The maturity date is the earliest of: (a) December 28, 2022; (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 € 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 December 31, 2022 and December 31, 2021, the carrying amount of the Company's borrowings under the Capital Call Facility approximated their fair value. As of December 31, 2022, and December 31, 2021, unamortized financing costs of $439,000 and $545,430, respectively, are being deferred over the remaining term of the Capital Call Facility. As of December 31, 2022 and December 31, 2021, the Company had an outstanding balance of $5,000,000 and $200,000,000, respectively. The Capital Call Facility is presented in the Consolidated Statements of Assets and Liabilities net of unamortized financing costs, which results in an outstanding balance totaling $4,561,000 as of December 31, 2022 and $199,454,570 as of December 31, 2021. The following table shows additional information about the interest and financing costs related to the Capital Call Facility for the years ended December 31, 2022 and 2021 and for the period from September 8, 2020 (inception) through December 31, 2020:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | **Year Ended<br> December 31, 2021** | **For the Period from<br> September 8, 2020 <br> (inception) through <br> December 31, 2020** |
| Interest expenses related to the Capital Call Facility | $2926744 | $2345247 | $5983 |
| Financing expenses related to the Capital Call Facility | 556024 | 778626 | 4442 |
| Total interest and financing expenses related to the Capital Call Facility | $3482768 | $3123873 | $10425 |

---

*Revolving Credit Facility*

On June 28, 2021, the SPV entered into a senior secured revolving credit facility (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.

Advances under the Revolving Credit Facility bear interest at a per annum rate equal to: (a) for advances denominated in USD, the three-month London interbank offered rate, (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). The SPV 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, the SPV executed a letter agreement (the "Amendment") to amend the Revolving Credit Facility. The Amendment increases the maximum borrowing capacity of the SPV under the Revolving Credit Facility between the SPV and JPM to $500 million from $250 million in accordance with the accordion feature in the Revolving Credit Facility that allows the SPV, 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 (See Note 14 – Subsequent Events). All amounts outstanding under the Revolving Credit Facility must be repaid by June 28, 2026.

On January 28, 2022, the SPV executed a letter agreement (the "Second Amendment") to amend the Revolving Credit Facility. The Second Amendment increases the maximum borrowing capacity of the SPV 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 the SPV, 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.

The SPV's obligations to the lenders under the Revolving Credit Facility are secured by a first priority security interest in all of the SPV's portfolio of investments and cash. The obligations of the SPV 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 the SPV.

In connection with the Revolving Credit Facility, the SPV 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 the SPV occurs. Upon 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 the SPV 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 the SPV to enter into sales or dispositions with respect to any portfolio assets, in each case in JPM's sole discretion.

As of December 31, 2022, the carrying amount of the Company's borrowings under the Revolving Credit Facility approximated its fair value. As of December 31, 2022, and December 31, 2021, unamortized financing costs of $5,830,043 and $4,914,192, respectively, are being deferred over the remaining term of the Revolving Credit Facility. As of December 31, 2022, and December 31, 2021, the Revolving Credit Facility had an outstanding balance of $684,000,000 and $435,000,000, respectively. The Revolving Credit Facility is presented in the Consolidated Statements of Assets and Liabilities net of unamortized financing costs, which results in an outstanding balance, totaling $678,169,958 as of December 31, 2022, and $430,085,807 as of December 31, 2021.

The Following table shows additional information about the interest and financing costs related to the Revolving Credit Facility for the years ended December 31, 2022 and 2021:

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | **Year Ended<br> December 31, 2021** |
| Interest expenses related to the Revolving Credit Facility | $27106234 | $3112589 |
| Financing expenses related to the Revolving Credit Facility | 1627286 | 399126 |
| Total interest and financing expenses related to the Revolving Credit Facility | $28733520 | $3511715 |

---

*2025 Notes*

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

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

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

As of December 31, 2022, the carrying amount of the Company's borrowings under the 2025 Notes approximated its fair value. As of December 31, 2022, unamortized debt issuance costs of $2,279,883 are being deferred over the remaining term of the 2025 Notes. As of December 31, 2022, the 2025 Notes had an outstanding balance of $225,000,000. The 2025 Notes are presented in the Consolidated Statements of Assets and Liabilities net of unamortized debt issuance costs, which results in an outstanding balance, totaling $222,720,117 as of December 31, 2022. The following table shows additional information about the interest and financing costs related to the 2025 Notes for the year ended December 31, 2022:

---

| | |
|:---|:---|
|  | **Year Ended<br> December 31, 2022** |
| Interest expenses related to the 2025 Notes | $7236030 |
| Financing expenses related to the 2025 Notes | 591355 |
| Total interest and financing expenses related to the 2025 Notes | $7827385 |

---

**Note 7. Net Assets**

*Unregistered Sales of Equity Securities*

Since inception, the Company has completed the following share issuances:

---

| | | |
|:---|:---|:---|
| **Common Share Issuance Date** | **Number of Common<br> Shares Issued** | **Aggregate Offering Price** |
| December 30, 2022 | 2467892 | $48500000 |
| December 27, 2022<sup>(1)</sup> | 186283 | 3666375 |
| September 28, 2022 | 5000901 | 99900000 |
| September 26, 2022<sup>(1)</sup> | 138540 | 2767536 |
| June 29, 2022 | 2498950 | 50000000 |
| June 27, 2022<sup>(1)</sup> | 100633 | 2013490 |
| March 29, 2022 | 1986561 | 40000000 |
| March 25, 2022 | 2734196 | 55000000 |
| March 24, 2022<sup>(1)</sup> | 87065 | 1751362 |
| December 22, 2021<sup>(1)</sup> | 44706 | 898396 |
| December 9, 2021 | 10296137 | 210000000 |
| September 24, 2021 | 3783388 | 75000000 |
| September 23, 2021<sup>(1)</sup> | 17842 | 353695 |
| August 25, 2021<sup>(1)</sup> | 13540 | 271305 |
| June 18, 2021 | 5025757 | 100000000 |
| March 30, 2021 | 3687064 | 71877447 |
| February 26, 2021 | 1429493 | 28121553 |
| February 4, 2021 | 1545776 | 30000000 |
| December 24, 2020 | 744307 | 14886136 |
| December 21, 2020 | 505693 | 10113864 |
| November 17, 2020 | 50 | 1000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 of 1933, as amended (the "Securities Act"), pursuant to Section 4(a)(2) thereof and Regulation D thereunder. 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 years ended December 31, 2022 and 2021 and for the period from September 8, 2020 (inception) through December 31, 2020, the Company declared the following distributions.

---

| | | | |
|:---|:---|:---|:---|
| **Record Date** | **Payment Date** | **Distribution Rate per<br> Share** | **Distribution Paid** |
| December 23, 2022 | December 27, 2022 | $0.550 | $21802329 |
| September 23, 2022 | September 26, 2022 | $0.510 | $17595590 |
| June 24, 2022 | June 27, 2022 | $0.405 | $12970138 |
| March 23, 2022 | March 24, 2022 | $0.425 | $11514845 |
| December 20, 2021 | December 22, 2021 | $0.320 | $8655695 |
| September 21, 2021 | September 23, 2021 | $0.360 | $4662605 |
| August 23, 2021 | August 25, 2021 | $0.280 | $3622679 |

---

**Note 8. Investments**

The following table presents the composition of the Company's investment portfolio at cost and fair value as of December 31, 2022 and December 31, 2021.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
| <br>**Investments:** | **Amortized<br> Cost** | **Fair<br> Value** | **Percent of<br> Total Portfolio<br> at Fair Value** | **Amortized<br> Cost** | **Fair<br> Value** | **Percent of<br> Total Portfolio<br> at Fair Value** |
| First Lien Loans | $1425048682 | $1412214024 | 83.6% | $1008537941 | $1011839638 | 87.3% |
| Second Lien Loans | 193720645 | 178146384 | 10.6% | 124070639 | 125146348 | 10.8% |
| Unsecured Notes | 84845719 | 84600524 | 5.0% | 19613993 | 20000000 | 1.7% |
| Equity and Warrants | 14280890 | 13560290 | 0.8% | 2000000 | 2000000 | 0.2% |
| Total Investments | $1717895936 | $1688521222 | 100.0% | $1154222573 | $1158985986 | 100.0% |

---

The geographic composition of investments based on fair value as of December 31, 2022 and December 31, 2021 as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
| U.S. | 98.2% | 97.3% |
| Non-U.S. | 1.8 | 2.7 |
| Total | 100.0% | 100.0% |

---

The industry composition of investments based on fair value as of December 31, 2022 and December 31, 2021 was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
| Capital Markets | 5.6% | 7.0% |
| Diversified Consumer Services | 0.7 |  |
| Financial Services | 8.5 | 6.0 |
| Health Care Providers & Services | 10.7 | 13.1 |
| Health Care Technology | 6.8 | 10.3 |
| Insurance | 16.6 | 19.2 |
| IT Services | 14.5 | 11.5 |
| Professional Services | 14.4 | 10.7 |
| Real Estate Management & Development | 2.9 | 4.3 |
| Software | 19.3 | 17.9 |
| 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 Inputs – include quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 Inputs – 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 Inputs – 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 quarter in which the transfer occurred.

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

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 December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Hierarchy as of December 31, 2022** | **Fair Value Hierarchy as of December 31, 2022** | **Fair Value Hierarchy as of December 31, 2022** | **Fair Value Hierarchy as of December 31, 2022** |
| <br>**Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First Lien Loans | $— | $20517763 | $1391696261 | $1412214024 |
| Second Lien Loans |  | 28831405 | 149314979 | 178146384 |
| Unsecured Notes |  | 53274979 | 31325545 | 84600524 |
| Equity |  |  | 13560290 | 13560290 |
| Total | $— | $102624147 | $1585897075 | $1688521222 |

---

The following table presents the fair value hierarchy as of December 31, 2021.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Hierarchy as of December 31, 2021** | **Fair Value Hierarchy as of December 31, 2021** | **Fair Value Hierarchy as of December 31, 2021** | **Fair Value Hierarchy as of December 31, 2021** |
| <br>**Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First Lien Loans | $— | $— | $1011839638 | $1011839638 |
| Second Lien Loans |  | 23061995 | 102084353 | 125146348 |
| Unsecured Notes |  |  | 20000000 | 20000000 |
| Equity |  |  | 2000000 | 2000000 |
| Total | $— | $23061995 | $1135923991 | $1158985986 |

---

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 years ended December 31, 2022 and 2021 and for the period from September 8, 2020 (inception) through December 31, 2020:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year Ended December 31, 2022** | **First Lien<br> Loans** | **Second Lien<br> Loans** | **Unsecured<br> Notes** | **Equity** | **Total** |
| Fair value, beginning of period | $1011839638 | $102084353 | $20000000 | $2000000 | $1135923991 |
| Purchases of investments | 551196344 | 64316827 | 11878472 | 12275386 | 639667029 |
| Proceeds from sales and principal payments | (161001076) | (15042500) |  |  | (176043576) |
| Realized gain (loss) on investments | 63370 | 153935 |  |  | 217305 |
| Net change in unrealized appreciation/(depreciation) | (16051805) | (15428612) | (656078) | (720600) | (32857095) |
| Net accretion of discount and amortization of investments | 5649790 | 210631 | 103151 | 5504 | 5969076 |
| Transfers into (out of) Level 3 |  | 13020345 |  |  | 13020345 |
| Fair value, end of period | $1391696261 | $149314979 | $31325545 | $13560290 | $1585897075 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year Ended December 31, 2021** | **First Lien<br> Loans** | **Second Lien<br> Loans** | **Unsecured<br> Notes** | **Equity** | **Total** |
| Fair value, beginning of period | $4499537 | $9825450 | $— | $— | $14324987 |
| Purchases of investments | 1020601673 | 111872500 | 19600000 | 2000000 | 1154074173 |
| Proceeds from principal payments | (18095110) | (20709833) |  |  | (38804943) |
| Realized gain (loss) on investments |  | 19680 |  |  | 19680 |
| Net change in unrealized appreciation/(depreciation) | 3320290 | 755109 | 386007 |  | 4481406 |
| Net accretion of discount and amortization of investments | 1513248 | 301447 | 13993 |  | 1828688 |
| Transfers into (out of) Level 3 |  |  |  |  |  |
| Fair value, end of period | $1011839638 | $102084353 | $20000000 | $2000000 | $1135923991 |

---

---

| | | | |
|:---|:---|:---|:---|
| **For the Period from September 8, 2020 (inception) through December 31, 2020** | **First Lien<br> Loans** | **Second Lien<br> Loans** | **Total** |
| Fair value, beginning of period | $— | $— | $— |
| Purchases of investments | 4499537 | 9825450 | 14324987 |
| Proceeds from principal payments |  |  |  |
| Net change in unrealized appreciation/(depreciation) | (1054) | (1155) | (2209) |
| Net accretion of discount and amortization of investments | 1054 | 1155 | 2209 |
| Transfers into (out of) Level 3 |  |  |  |
| Fair value, end of period | $4499537 | $9825450 | $14324987 |

---

During the year ended December 31, 2022, there was one transfer into Level 3 from Level 2 because of a decrease in unobservable inputs. During the year ended December 31, 2021 and for the period from September 8, 2020 (inception) through December 31, 2020, there were no transfers into Level 3 from Level 2 because of a decrease in observable inputs.

The following table presents the net change in unrealized appreciation (depreciation) for the period relating to these Level 3 assets that were still held by the Company at the years ended December 31, 2022 and 2021, and for the period from September 8, 2020 (inception) through December 31, 2020:

---

| | | | |
|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation)** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **For the Period from<br> September 8, 2020 <br> (inception) through <br> December 31, 2020** |
| First Lien Loans | $(16051805) | $3320290 | $(1054) |
| Second Lien Loans | (15428612) | 755109 | (1155) |
| Unsecured Notes | (656078) | 386007 |  |
| Equity | (720600) |  |  |
| Total | $(32857095) | $4481406 | $(2209) |

---

The following table presents quantitative information about the significant unobservable inputs of the Company's Level 3 investments as of December 31, 2022. 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, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Type of Investment** | **Fair Value** | **Valuation technique** | **Unobservable input** | **Range (weighted average)** |
| First Lien Loans | $960204411 | &nbsp;&nbsp;Discounted Cash Flow | &nbsp;&nbsp;Discount Rate | 10.2% - 13.4% (10.5%) |
| First Lien Loans | 431491850 | &nbsp;&nbsp;Market Transaction | &nbsp;&nbsp;Market Transaction | 94.5% - 99.3% (97.8%) |
| Second Lien Loan | 120412179 | &nbsp;&nbsp;Discounted Cash Flow | &nbsp;&nbsp;Discount Rate | 12.0% - 17.6% (14.8%) |
| Second Lien Loan | 28902800 | &nbsp;&nbsp;Market Transaction | &nbsp;&nbsp;Market Transaction | 97.0% - 98.9% (98.0%) |
| Unsecured Notes | 31325545 | &nbsp;&nbsp;Discounted Cash Flow | &nbsp;&nbsp;Discount Rate | 10.7% - 11.0% (10.8%) |
| Equity | 7821359 | &nbsp;&nbsp;Discounted Cash Flow | &nbsp;&nbsp;Discount Rate | 15.7% |
| Equity | 3635318 | &nbsp;&nbsp;Market Transaction | &nbsp;&nbsp;Market Transaction | 101.4% |
| Equity | 2103613 | &nbsp;&nbsp;Enterprise Value Analysis | &nbsp;&nbsp;EBITDA Multiple | 23.0x |
| Total | $1585897075 |  |  |  |

---

The following table presents quantitative information about the significant unobservable inputs of the Company's Level 3 investments as of December 31, 2021. 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, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
| **Type of Investment** | **Fair Value** | **Valuation technique** | **Unobservable input** | **Range (weighted average)** |
| First Lien Loans | $502133832 | &nbsp;&nbsp;Discounted Cash Flow | &nbsp;&nbsp;Discount Rate | 5.6% - 8.6% (7.7%) |
| First Lien Loans | 509705805 | &nbsp;&nbsp;Market Transaction | &nbsp;&nbsp;Market Transaction | 97.8% - 99.6% (98.4%) |
| Second Lien Loan | 50096854 | &nbsp;&nbsp;Discounted Cash Flow | &nbsp;&nbsp;Discount Rate | 8.3% - 9.5% (8.8%) |
| Second Lien Loan | 51987500 | &nbsp;&nbsp;Market Transaction | &nbsp;&nbsp;Market Transaction | 98.5% - 99.5% (99.0%) |
| Unsecured Notes | 20000000 | &nbsp;&nbsp;Discounted Cash Flow | &nbsp;&nbsp;Discount Rate | 7.9% |
| Equity | 2000000 | &nbsp;&nbsp;Market Transaction | &nbsp;&nbsp;Market Transaction | 1.00 |
| Total | $1135923991 |  |  |  |

---

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 common share is computed by dividing the net increase in net assets resulting from operations by the weighted average number of shares outstanding during the period. The methodology for the weighted average number of shares outstanding during the period utilizes the weighted average number of shares from December 31, 2020 through December 31, 2021 and December 31, 2021 through December 31, 2022. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. As of December 31, 2022 and December 31, 2021, there were no dilutive shares.

The following table sets forth the computation of basic and diluted earnings per common stock for the years ended December 31, 2022 and 2021, and for the period from September 8, 2020 (inception) through December 31, 2020:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | **Year Ended<br> December 31, 2021** | **For the Period from<br> September 8, 2020 <br> (inception) through <br> December 31, 2020** |
| Net increase in net assets resulting from operations | $31850370 | $21755033 | $(768090) |
| Weighted average common shares of common stock outstanding—basic and diluted | 33466524 | 11072368 | 233393 |
| Basic and diluted net increase in net assets resulting from operations per common share | $0.95 | $1.96 | $(3.29) |

---

**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 December 31, 2022.

For the year ended December 31, 2022, the Company had $2,655,300 of undistributed ordinary income, $29,374,714 of net unrealized depreciation on investments and $(203,768) of other temporary differences. For the year ended December 31, 2021, the Company had $397,445 of undistributed ordinary income, $4,763,412 of net unrealized appreciation on investments and $(219,543) of other temporary differences. Total distributions declared during the years ended December 31, 2022 and December 21, 2021 were comprised entirely of ordinary income. There were no distributions paid during the period from September 8, 2020 (inception) through December 31, 2020.

During the years ended December 31, 2022 and 2021, the Company recorded a Return of Capital Statement of Position ("ROCSOP") adjustment for permanent book to tax differences of $118,036 and $364,788, respectively, primarily due to the differing book and tax treatment of offering costs. During the period from September 8, 2020 (inception) through December 31, 2020, the Company recorded a ROCSOP adjustment for a net operating loss of $469,342 and for permanent book to tax differences of $61,220 primarily due to the differing book and tax treatment of offering costs.

As of December 31, 2022 and December 31, 2021, the tax cost of the Company's investments approximates its amortized cost.

**Note 12. Financial Highlights**

The following per common stock data has been derived from information provided in the financial statements. The following is a schedule of financial highlights for the years ended December 31, 2022 and 2021, and for the period from September 8, 2020 (inception) through December 31, 2020:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended<br> December 31, 2022** | **Year Ended<br> December 31, 2021** | **For the Period from<br> September 8, 2020<br> (inception) through<br> December 31, 2020** |
| **<u>Per common stock operating performance:</u>** |  |  |  |
| Net asset value, beginning of year/period | $20.14 | $19.39 | $20.00 |
| Results of operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | 1.94 | 1.51 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) and unrealized appreciation (depreciation) <sup>2</sup> | (0.87) | 0.20 |  |
| Net increase (decrease) in net assets resulting from operations | 1.07 | 1.71 | (0.61) |
| Distributions to Common Stockholders |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions from net income | (1.89) | (0.96) |  |
| Net decrease in net assets resulting from distributions | (1.89) | (0.96) |  |
| Net asset value, end of year/period | $19.32 | $20.14 | $19.39 |
| Shares outstanding, end of year/period | 42294773 | 27093753 | 1250050 |
| **<u>Ratio/Supplemental data:</u>** |  |  |  |
| Net assets, end of year/period | $817185589 | $545569359 | $24232910 |
| Weighted average shares outstanding | 33466524 | 11072368 | 233393<sup>3</sup> |
| Total return <sup>4</sup> | 5.35% | 8.91% | (3.05)% |
| Portfolio turnover | 13.26% | 9.90% | —<sup>5</sup> |
| Ratio of operating expenses to average net assets | 9.37% | 5.81% | 15.79%<sup>6</sup> |
| Ratio of net investment income (loss) to average net assets | 9.36% | 6.34% | (15.01)%<sup>6</sup> |

---

<sup>1</sup> The per common stock data was derived by using weighted average shares outstanding.

<sup>2</sup> 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.

<sup>3</sup> Calculated for the period November 17, 2020, the date of the first external issuance of shares, through December 31, 2020.

<sup>4</sup> Total return is based upon the change in net asset value per share between the opening and ending net asset values per share. Total return is not annualized and does not include a sales load.

<sup>5</sup> Portfolio turnover is not applicable.

<sup>6</sup> The ratios reflect an annualized amount. Non-recurring expenses were not annualized. During the years ended December 31, 2022, and 2021, the Company incurred $115,986 and $364,789 of Organizational and Offering Expenses, respectively. During the period from September 8, 2020 (inception) through December 31, 2020, the Company incurred $297,854 of Organizational and Offering expenses. Organizational and Offering Expenses were deemed to be non-recurring.

**Note 13. Equity**

For the year ended December 31, 2022, the Company issued 15,201,021 shares of Common Stock at an average price of $19.97 through private placement offerings resulting in gross proceeds to the Company of $303.6 million. For the year ended December 31, 2021, the Company issued 25,843,703 shares of Common Stock at an average price of $19.99 through private placement offerings resulting in gross proceeds to the Company of $516.5 million. For the period from September 8, 2020 (inception) through December 31, 2020, the Company issued 1,250,050 shares of common stock at an average price of $20.00 through private placement offerings resulting in gross proceeds to the company of $25.0 million. The Company had 42,294,773 shares outstanding as of December 31, 2022 and 27,093,753 shares outstanding as of December 31, 2021. As of December 31, 2022, the Company has received capital commitments totaling $1,152 million, of which, $319 million remains unfunded. As of December 31, 2021, the company had received commitments totaling $1,073 million, of which, $533 million remained unfunded.

**Note 14. Subsequent Events**

Management has evaluated subsequent events and transactions for potential recognition and/or disclosure through the date the financial statements were issued. Except as set forth below, there have been no subsequent events that occurred during such period that would require disclosure in this Form 10-K or would be required to be recognized in the consolidated financial statements as of and for the year ended December 31, 2022.

On March 21, 2023, the Board of Directors declared a distribution of $0.60 per share (the "Distribution") with respect to the Company's Common Stock. The Distribution was payable on March 27, 2023 to stockholders of record on March 24, 2023.

Pursuant to a capital drawdown notice to its investors, the Company issued and sold approximately 980,749 shares of Common Stock, on March 29, 2023 for an aggregate offering price of $18,906,100. 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 10 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, as amended, pursuant to Section 4(a)(2) thereof and Regulation D thereunder. 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.

**Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure**

There are not and have not been any disagreements between the Company and its accountant on any matter of accounting principles, practices, or financial statement disclosure.

**Item 9A. Controls and Procedures**

***(a) Evaluation of Disclosure Controls and Procedures***

As of December 31, 2022 (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 1934 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.

***(b) Report of Management on Internal Control over Financial Reporting***

Management is responsible for establishing and maintaining adequate internal control over financial reporting, and for performing an assessment of the effectiveness of internal control over financial reporting. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. GAAP. The Company's internal control over financial reporting includes those policies and procedures that (i) pertain to assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company's assets that could have a material effect on the financial statements.

Management performed an assessment of the effectiveness of the Company's internal control over financial reporting as of December 31, 2022 based upon the criteria in the 2013 Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on management's assessment, management determined that the Company's internal control over financial reporting was effective as of December 31, 2022.

Due to the Company's status as an "emerging growth company" under the JOBS Act, the Company was not required to obtain an attestation report from the Company's independent registered public accounting firm on the Company's internal control over financial reporting as of December 31, 2022.

**Item 9B. Other Information**

None

**Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections**

Not Applicable

**PART III.**

**Item 10. Directors, Executive Officers and Corporate Governance**

Holders of our common stock will vote for the election of directors. Each class of directors holds office for a three-year term. However, the initial members of the three classes will have initial terms of one, two and three years, respectively. At each annual meeting of Stockholders, the successors to the class of directors whose terms expire at such meeting will be elected to hold office for a term expiring at the annual meeting of Stockholders held in the third year following the year of their election.

Each director holds office for the term to which he or she is elected or appointed and until his or her successor is duly elected and qualifies, or until his or her earlier death, resignation, retirement, disqualification or removal.

**Directors**

Information regarding the board of directors is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Age** | **Position(s) Held** | **Expiration of<br> Term** |
| Interested Directors |  |  |  |
| David J. Wermuth | 54 | Chairman | 2023 |
| Scott J. Bronner | 39 | President | 2025 |
| Independent Directors |  |  |  |
| Jennifer J. Burleigh | 56 | Director | 2024 |
| Scott E. Heberton | 56 | Director | 2025 |
| Peter E. Roth | 64 | Director | 2023 |

---

The address for each director is c/o Stone Point Credit Corporation, 20 Horseneck Lane, Greenwich, Connecticut 06830.

**Executive Officers Who Are Not Directors**

Information regarding the Company's current executive officers who are not directors is as follows:

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position(s) Held** |
| Gene Basov | &nbsp;&nbsp;47 | Chief Financial Officer and Treasurer |
| Jacqueline M. Giammarco | &nbsp;&nbsp;54 | Chief Compliance Officer and Secretary |

---

The address for each executive officer is c/o Stone Point Credit Corporation, 20 Horseneck Lane, Greenwich, Connecticut 06830.

**Biographical Information**

***Interested Directors***

***David J. Wermuth*** is the Chairman of the Company, a Managing Director and the General Counsel of Stone Point, a member of the Investment Committees of the Adviser and the general partners of the Trident Funds, and a member of the Allocation Committee and Valuation Committee of the Adviser. He joined the Stone Point platform in 1999 from Cleary, Gottlieb, Steen & Hamilton LLP, where from 1996 to 1999 he was a corporate attorney specializing in mergers and acquisitions. Prior to joining Cleary Gottlieb, Mr. Wermuth served as a law clerk to a federal judge of the U.S. Court of Appeals for the Ninth Circuit and as an auditor for KPMG Peat Marwick. Mr. Wermuth holds a B.A. from Yale University, an M.B.A. from the New York University Leonard N. Stern School of Business and a J.D. from Cornell Law School.

***Scott J. Bronner*** is the President of the Company, a Managing Director of Stone Point, and a member of the Investment Committee, Allocation Committee and Valuation Committee of the Adviser. Prior to joining the Stone Point platform in 2009, Mr. Bronner was an Analyst in the Private Equity Division at Lehman Brothers Inc. Mr. Bronner holds a B.A. from Amherst College.

***Independent Directors***

***Jennifer J. Burleigh***, a retired partner of Debevoise & Plimpton ("Debevoise"), focused her legal practice on advising sponsors of private investment funds. Ms. Burleigh's experience covers a broad array of private fund strategies, including leveraged buyout, energy/infrastructure, real estate, mezzanine and distressed debt and equity. Ms. Burleigh has significant experience in emerging markets fund formation, including assisting emerging market-based sponsors in accessing international markets. Ms. Burleigh also has significant experience, representing both management teams and institutions, in asset manager spin-outs, strategic joint venture arrangements, investments in private investment firms, and the establishment of new investment firms. She has advised both sponsors and institutional buyers in connection with strategic investments in private investment firms. Ms. Burleigh has advised on the formation of "permanent capital" vehicles and evergreen investment vehicles, as well as the establishment of employee investment programs. Ms. Burleigh joined Debevoise in 1994, becoming a partner in 2002. She retired from practice in 2014, and has devoted her time to non-profit work and writing fiction. Ms. Burleigh currently serves on the board of Concord Academy in Concord, Massachusetts. Ms. Burleigh received her B.A. with honors from Stanford University in 1989, and her J.D. in 1994 from Columbia Law School, where she was a Harlan Fiske Stone Scholar and a managing editor of the Columbia Law Review.

***Scott E. Heberton*** currently serves as an advisor to Lovell Minnick Partners and a Board Member and Executive Chairman of Omni Healthcare Financial, LLC following his retirement from Wells Fargo Securities in 2019. During his tenure at Wells Fargo Securities, Mr. Heberton served for over 10 years as Head of FIG Investment Banking and Capital Markets. He was a member of the Investment Bank's Operating Committee as well as the Investment Banking Commitment Committee and Advisory Committee. Mr. Heberton's extensive career in Financial Services has been primarily focused on advisory work and capital raising for the industry verticals of Specialty Finance, Residential and Commercial Real Estate and Alternative Asset Management. Mr. Heberton earned his M.B.A. from The Fuqua School of Business at Duke University and holds a Bachelor of Arts degree in Economics from the University of Virginia.

***Peter E. Roth*** is the Managing Partner of the Rothpoint Group LLC, a consulting firm specializing in the financial services industry. Mr. Roth is a Non-Executive Director and Senior Independent Director of the City of London Investment Group plc, a publicly traded (London Stock Exchange) asset management firm and is Chairman of the Audit Committee and a member of the Nominations and Remuneration Committees. Mr. Roth serves as an Independent Trustee of the Guggenheim Credit Income Fund (and related entities) and is Chairman of the Audit Committee and a Member of the Nomination and Governance and Independent Trustee Committees. In the non-profit sector, he serves on the Board of St. Mary's Healthcare System for Children and is Chairman of the Finance and Investment Committee and a member of the Executive Committee. Prior to establishing Rothpoint, Mr. Roth had a 35 year plus career in the financial services industry. He was the head of investment banking at Fox, Pitt, Kelton Inc. for thirteen years and a member of the firm's Operating Committee. At Keefe, Bruyette & Woods, he joined as the Head of Insurance Investment Banking and later became the Chief Executive Officer of KBW Asset Management, an SEC registered investment firm specializing in the financial services sector. He served on the firm's Operating Committee and was a member of the Board of Directors of KBW, Inc. at the time of its initial public offering. Mr. Roth received a Bachelor of Arts degree from the University of Pennsylvania and Masters of Business Administration from The Wharton School at the University of Pennsylvania.

***Executive Officers Who are Not Directors***

***Gene Basov*** is the Chief Financial Officer and Treasurer of the Company and the Chief Financial Officer of Credit at Stone Point. Mr. Basov has been with Stone Point since 2020. Previously, Mr. Basov was Chief Financial Officer at Investcorp Credit Management US, a Vice President and Fund Group Controller at Cerberus Capital Management, a Financial Analyst at General Motors Asset Management and a Senior Auditor at Deloitte & Touche. Mr. Basov holds a B.B.A. from Baruch College, an M.B.A. from Fordham University and is a Certified Public Accountant.

***Jacqueline M. Giammarco*** is the Chief Compliance Officer and Secretary of the Company, a Managing Director and Counsel of Stone Point Capital, and Chief Compliance Officer of the Adviser and Stone Point Capital. She joined Stone Point in 2012 from MF Global where from 2007 to 2012, she was Senior Vice President and Assistant General Counsel. Prior to joining MF Global, Ms. Giammarco was a corporate partner at Katten Muchin Rosenman, joining the firm as an associate in the corporate department in 1997. Ms. Giammarco advised senior executives, boards of directors and in-house counsels on a variety of corporate legal matters. Ms. Giammarco holds a B.A. from Wilfrid Laurier University, an LL.B. from the University of Alberta Law School and an LL.M. in Corporate Law from the New York University School of Law

***Other Officers***

***Sally DeVino*** is a Vice President of the Company and a Managing Director and the Chief Financial Officer of Stone Point Capital. She joined Stone Point in 1995. Previously, she was a Senior Manager with BDO Seidman, where for eight years she provided audit, tax and consulting services in the manufacturing, construction, banking and not-for-profit industries. Ms. DeVino holds a B.S. from Manhattan College and was a Certified Public Accountant.

***Mike Hickey*** is a Managing Director and Tax Director at Stone Point. He joined Stone Point in 2019. Previously, he was a Principal in the Tax Finance Group at Apollo Global Management and an Executive Director in the Transaction Tax Group at Ernst & Young. Mr. Hickey holds an M.B.A. and LL.M. from New York University, a J.D. from Fordham University and a B.S. and B.E. from Manhattan College.

***Tracey Polito*** is a Senior Compliance Officer and Counsel at Stone Point. She joined Stone Point in 2015. Previously, she was Assistant General Counsel at BDO USA, LLP, a Corporate Attorney at Fried, Frank, Harris, Shriver & Jacobson LLP and a Corporate Attorney at Dechert LLP. Ms. Polito holds a J.D. from Brooklyn Law School and a B.A. from State University of New York at Cortland.

**Audit Committee**

The Audit Committee is currently composed of all of the Independent Directors. Peter E. Roth serves as Chair of the Audit Committee. The Board has determined that Mr. Roth is an "audit committee financial expert" as that term is defined under Item 407 of Regulation S-K, as promulgated under the Exchange Act. Mr. Roth, Ms. Burleigh, and Mr. Heberton meet the current requirements of Rule 10A-3 under the Exchange Act. The Audit Committee operates pursuant to a charter approved by the Board, which sets forth the responsibilities of the Audit Committee. The Audit Committee's responsibilities include establishing guidelines and making recommendations to the Board regarding the valuation of the Company's investments; selecting the Company's independent registered public accounting firm; reviewing with such independent registered public accounting firm the planning, scope and results of their audit of the Company's financial statements; pre-approving the fees for services performed; reviewing with the independent registered public accounting firm the adequacy of internal control systems; reviewing the Company's annual audited financial statements, and periodic filings; and receiving the Company's audit reports and financial statements.

**Nominating and Corporate Governance Committee**

The members of the Nominating and Corporate governance committee are the Independent Directors. Jennifer J. Burleigh serves as Chair of the Nominating and Corporate Governance Committee. The Nominating and Corporate Governance Committee is responsible for selecting, researching and nominating directors for election by the Stockholders, selecting nominees to fill vacancies on the Board or a committee of the Board, developing and recommending to the Board a set of corporate governance principles and overseeing the evaluation of the Board and management.

**Code of Ethics**

The Company and the Adviser have each adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act, respectively, that establishes procedures for personal investments and restricts certain transactions by the Company's personnel. These codes of ethics generally will not permit investments by the Company's and the Adviser's personnel in securities that may be purchased or sold by the Company.

**Item 11. Executive Compensation**

**Compensation of Executive Officers**

The Company does not currently have any employees and does not expect to have any employees. Each of the Company's initial executive officers is an employee of the Adviser and/or one of its affiliates. The Company's day-to-day investment operations will be managed by the Adviser. Most of the services necessary for the origination and management of the Company's investment portfolio will be provided by investment professionals employed by the Adviser and/or its affiliates.

None of the Company's executive officers will receive direct compensation from the Company. Certain of the Company's executive officers and other members of the Investment Team, through their ownership interest in or management positions with the Adviser, may be entitled to a portion of any profits earned by the Adviser or its affiliates (including any fees payable to the Adviser under the terms of the Investment Advisory Agreement, less expenses incurred by the Adviser in performing its services under the Investment Advisory Agreement). The Adviser or its affiliates may pay additional salaries, bonuses, and individual performance awards and/or individual performance bonuses to the Company's executive officers in addition to their ownership interest.

**Compensation of Independent Directors**

The Independent Directors' annual fee is $100,000 plus $2,500 per each scheduled quarterly Board of Directors meeting attended, plus an additional $35,000 per year to be paid to the Chair of the Audit Committee and an additional $2,500 per year to be paid to the Chair of the Nominating & Corporate Governance Committee. The Independent Directors also receive reimbursement of reasonable out-of-pocket expenses incurred in connection with attending any meeting. No compensation is expected to be paid to the Interested Directors with respect to the Company.

The following table sets forth compensation of the Company's independent directors for the fiscal year ended December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Fees<br> Earned (1)** | **Stock Awards (2)** | **All Other<br> Compensation** | **Total** |
| Jennifer J. Burleigh | $112500 | – |  | 112500 |
| Scott Heberton | $100000 | – |  | 100000 |
| Peter E. Roth | $145000 | – |  | 145000 |

---

(1) No compensation is paid to our directors who are "interested persons," as such term is defined in Section 2(a)(19)
of the 1940 Act.

(2) We do not maintain a stock or option plan, non-equity incentive plan or pension plan for our directors.

**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters**

The following table sets forth, as of March 30, 2023, the beneficial ownership of each director and executive officer of the Company, and the executive officers and directors as a group.

Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to the securities. Unless otherwise indicated, the Company believes that each beneficial owner set forth in the table has sole voting and investment power and has the same address as the Company. Our address is 20 Horseneck Lane, Greenwich, Connecticut 06830.

---

| | | |
|:---|:---|:---|
| **Name and Address of Beneficial Owner** | **Number of<br> Shares<br> Owned<br> Beneficially** **<sup>(1)</sup>** | **Percentage<br> of Class** **<sup>(2)(3)</sup>** |
| **Interested Directors** |  |  |
| David J. Wermuth |  | —% |
| Scott J. Bronner | 25030 | 0.06% |
| **Independent Directors** |  |  |
| Jennifer J. Burleigh |  | —% |
| Scott E. Heberton |  | —% |
| Peter E. Roth |  | —% |
| **Executive Officers** |  |  |
| Gene Basov |  | —% |
| Jacqueline M. Giammarco |  | —% |
| **All executive officers and directors as a group (nine persons)** | 25030 | 0.06% |

---

(1) Beneficial ownership has been determined in accordance with Rule 13d-3 under the Securities Exchange Act of 1934, as amended
(the "Exchange Act").

(2) Based on a total of 43,505,203 shares issued and outstanding on March 30, 2023.

(3) As of March 30, 2023, the Company had 109 holders of its Common Stock.

Set forth below is the dollar range of equity securities beneficially owned by each of our directors as of March 30, 2023. We are not part of a "family of investment companies," as that term is defined in the 1940 Act.

---

| | |
|:---|:---|
| **Name of Director** | **Dollar<br> Range of<br> Equity<br> Securities<br> Beneficially<br> Owned** **<sup>(1)(2)</sup>** |
| **Interested Directors** |  |
| David J. Wermuth |  |
| Scott J. Bronner | Over $100,000 |
| **Independent Directors** |  |
| Jennifer J. Burleigh |  |
| Scott E. Heberton |  |
| Peter E. Roth |  |

---

(1) The dollar ranges are: None, $1-$10,000, $10,001-$50,000, $50,001-$100,000, or Over $100,000.

(2) Beneficial ownership has been determined in accordance with Rule 16a-1(a)(2) of the Exchange Act.

**Item 13. Certain Relationships and Related Transactions, and Director Independence**

Various potential and actual conflicts of interest may arise from the overall investment activities of the Adviser for their own accounts and for the accounts of others. The following briefly summarizes some of these conflicts, but is not intended to be an exhaustive list of all such conflicts.

*Allocation of Time, Services or Functions.*

The Investment Team and other investment professionals and individuals providing services on behalf of the Adviser will continue to devote such time and attention to other present and future business activities and advisory relationships, including any other Stone Point Funds, as is required to discharge duties to them, and conflicts of interest may arise in allocating management time, services or functions among the Company, on the one hand, and any other present and future business activities and advisory relationships, on the other hand. As a result, certain members of the Investment Team and related business professionals may be unavailable to devote their time to the business activities of the Company. Also, in connection with prior investments by other Stone Point Funds, Stone Point and/or their portfolio companies may enter into confidentiality, exclusivity, non-competition or similar agreements that may limit the ability of the Company to pursue an investment in one or more companies. In addition, as a result of existing investments and activities, the Adviser and the Investment Team may from time to time acquire confidential information that they will not be able to use for the benefit of the Company.

*Other Investment Activities.*

Among other personal investments (including real property and start-up venture opportunities), certain members of the Adviser have established one or more partnerships to hold certain investments made on their behalf, including investments in certain investment management firms (such investment management firms, referred to herein as the "Other Sponsors"). The Other Sponsors may target investment opportunities for their own behalf, or on behalf of investment funds and accounts for which they provide investment advisory services (collectively, "Other Sponsor Funds"), in various sectors and asset classes, including investment opportunities in the credit space. It is therefore possible that a particular investment opportunity could be identified by the Company and, separately, by one of the Other Sponsors for its own benefit or for the benefit of an Other Sponsor Fund that it advises. In addition, portfolio companies owned or managed by the Other Sponsors, Other Sponsor Funds or their respective affiliates may compete with, or hold conflicting interests in, potential or existing portfolio companies of the Company. In the event that any Other Sponsor is considered to be an "affiliate" of the Company under the 1940 Act, the Company's participation in investment opportunities in which such Other Sponsors or Other Sponsor Funds also participate may be subject to restrictions similar to those discussed in "Co-investment with Third Parties" above, in which case any such transactions would need to be conducted pursuant to the terms of the Order. In situations when co-investment with Other Sponsor Funds is not permitted under the 1940 Act and related rules, existing or future staff guidance, or the terms and conditions of the Order, the Adviser, Other Sponsors and/or their respective affiliates will need to decide which client or clients will proceed with the investment.

*Compensation Arrangements.*

The Adviser and its affiliates, including the Company's officers and some of its directors, may face conflicts of interest caused by compensation arrangements with the Company and its affiliates, which could result in increased risk-taking by the Company. The Adviser and its affiliates will receive fees from the Company in return for their services, which may include certain incentive fees based on the amount of income or capital appreciation of the Company's investments. These fees could influence the advice provided to the Company. Generally, the more equity the Company sells and the greater the risk assumed by the Company with respect to its investments, the greater the potential for growth in the Company's assets and profits, and, correlatively, the fees payable by the Company to the Adviser or its affiliates. These compensation arrangements could affect the Adviser's or its affiliates' judgment with respect to recommending offerings of equity or the incurrence of debt and investments made by the Company, which allow the Adviser or the affiliate to earn increased management fees.

In particular, the fact that the base Management Fee is payable based upon the average value of the Company's gross assets (which includes any borrowings used for investment purposes) may encourage the Adviser or its affiliates to use leverage to make additional investments. Such a practice could make such investments more risky than would otherwise be the case, which could result in higher investment losses, particularly during cyclical economic downturns. Under certain circumstances, the use of substantial leverage (up to the limits prescribed by the 1940 Act) may increase the likelihood of the Company defaulting on its borrowings, which would be detrimental to Stockholders.

*Incentive Fees.*

Commencing on the fourth anniversary of the initial closing date, a portion of the Incentive Fee is based on the Company's pre-Incentive Fee net investment income regardless of any capital losses. In such case, the Company may be required to pay the Adviser an Incentive Fee for a fiscal quarter even if there is a decline in the value of the Company's portfolio or if the Company incurs a net loss for that quarter.

Any Incentive Fee payable by the Company that relates to the pre-Incentive Fee net investment income may be computed and paid on income that may include interest that has been accrued but not yet received or interest in the form of securities received rather than cash (PIK income). PIK income will be included in the pre-Incentive Fee net investment income used to calculate the Incentive Fee to the Adviser even though the Company does not receive the income in the form of cash. If a portfolio company defaults on a loan that is structured to provide accrued interest income, it is possible that accrued interest income previously included in the calculation of the Incentive Fee will become uncollectible. The Adviser is not obligated to reimburse the Company for any part of the Incentive Fee it received that was based on accrued interest income that the Company never receives as a result of a subsequent default.

The quarterly Incentive Fee on income will be recognized and paid without regard to: (i) the trend of pre-Incentive Fee net investment income as a percent of adjusted capital over multiple quarters in arrears which may in fact be consistently less than the quarterly preferred return, or (ii) the net income or net loss in the current calendar quarter, the current year or any combination of prior periods.

For U.S. federal income tax purposes, the Company may be required to recognize taxable income in some circumstances in which the Company does not receive a corresponding payment in cash and to make distributions with respect to such income to maintain the Company's tax treatment as a RIC and/or minimize corporate-level U.S. federal income or excise tax. Under such circumstances, the Company may have difficulty meeting the Annual Distribution Requirement (as described above) necessary to maintain RIC tax treatment under the Code. This difficulty in making the required distribution may be amplified to the extent that the Company is required to pay the Incentive Fee on income with respect to such accrued income. As a result, the Company may have to sell some of its investments at times and/or at prices the Company would not consider advantageous, raise additional debt or equity capital, or forgo new investment opportunities for this purpose. If the Company is not able to obtain cash from other sources, the Company may fail to qualify for RIC tax treatment and thus become subject to corporate-level U.S. federal income tax.

The Incentive Fee payable by the Company to the Adviser or its affiliates may create an incentive for the Adviser or such affiliates to incur additional leverage and to make investments on the Company's behalf that are risky or more speculative than would be the case in the absence of such compensation arrangements. The way in which the Incentive Fee is determined may encourage the Adviser or the affiliates to use leverage to increase the leveraged return on the Company's investment portfolio.

*The Adviser.*

The Adviser will experience conflicts of interest in connection with the management of the Company's business affairs relating to and arising from a number of matters, including: the allocation of investment opportunities by the Adviser and its affiliates; compensation to the Adviser; services that may be provided by the Adviser and its affiliates to issuers in which the Company invests; investments by the Company and other clients of the Adviser, subject to the limitations of the 1940 Act; the formation of additional investment funds managed by the Adviser; differing recommendations given by the Adviser to the Company versus other clients even though such other clients' investment objectives may be similar to the Company's; the Adviser's use of information gained from issuers in the Company's portfolio for investments by other clients, subject to applicable law; and restrictions on the Adviser's use of "inside information" with respect to potential investments by the Company.

Specifically, the Company may compete for investments with affiliated BDCs or funds that are advised by the Adviser and its affiliates, subjecting the Adviser and its affiliates to certain conflicts of interest in evaluating the suitability of investment opportunities and making or recommending investments on the Company's behalf. To mitigate these conflicts, the Adviser and its affiliates will seek to execute such transactions for all of the participating investment accounts, including the Company, on a fair and equitable basis and in accordance with the Adviser's investment allocation policy, taking into account such factors as the relative amounts of capital available for new investments; cash on hand; existing commitments and reserves; the investment programs and portfolio positions of the participating investment accounts, including portfolio construction, diversification and concentration considerations; the investment objectives, guidelines and strategies of each client; the clients for which participation is appropriate; each client's life cycle; targeted leverage level; targeted asset mix and any other factors deemed appropriate.

*Stone Point Funds.*

Actions taken by the Adviser and its affiliates on behalf of the Credit Funds or Stone Point Capital on behalf of the Trident Funds may be adverse to the Company and its investments, which could harm the Company's performance. For example, the Company may invest in the same credit obligations as other Credit Funds, although, to the extent permitted under the 1940 Act, the Company's investments may include different obligations or levels of the capital structure of the same issuer. The Trident Funds may be invested in portfolio companies that compete directly with the portfolio companies of the Company. Decisions made with respect to the securities held by one Stone Point Fund may cause (or have the potential to cause) harm to the securities of the issuer held by other Stone Point Funds (including the Company).

*Minority Investor in Adviser.*

As of January 1, 2021, an affiliate of WAFRA (the "Wafra Investor") holds an indirect, passive, minority stake in the Adviser, representing approximately 20% of the carry and net management company interest in the investment funds, accounts and investment vehicles managed by the Adviser, including the Company (the "Credit Vehicles"). Although the WAFRA Investor does not have the right to participate in the investment process or the day-to-day management of the Adviser or the Credit Vehicles, it may have financial or other interests that could conflict with the interests of the Credit Vehicles and its limited partners or shareholders. In addition, the Wafra Investor may invest in the same companies either at the same time, subject to regulatory requirements, or at different times, and may compete for investments directly and through other interests it holds.

*Material Non-Public Information.*

Certain members of the Adviser may serve on investment or similar governing committees of portfolio companies of the Company, including those that engage in asset management. As a result, the Adviser and its affiliates may from time to time acquire confidential or material non-public information that they will not be able to use for the benefit of the Company, which may lead to the Company not being able to initiate a transaction that it otherwise might have initiated and not being able to sell an investment that it otherwise might have sold. Also, in connection with investments by other Stone Point Funds, the Adviser and its affiliates and/or portfolio companies of such other Stone Point Funds may enter into confidentiality, exclusivity, non-competition or similar agreements that may limit the ability of the Company to pursue an investment in one or more companies. In addition, as a result of existing investments and activities, the Adviser and the Investment Team may from time to time acquire confidential information that they will not be able to use for the benefit of the Company. Furthermore, by reason of their responsibilities in connection with their other activities in general, certain of the Adviser's personnel may acquire confidential or material non-public information or be restricted from initiating transactions in certain securities. In those instances, the Company will not be free to act upon any such information. Due to these restrictions, the Company may not be able to initiate a transaction that it otherwise might have initiated and may not be able to sell a portfolio investment that it otherwise might have sold. Conversely, the Company may not have access to material non-public information in the possession of other Stone Point Funds which might be relevant to an investment decision to be made by the Company, and the Company may initiate a transaction or sell a portfolio investment which, if such information had been known to it, may not have been undertaken.

*Conflicts of Interest Relating to Investments.*

The Company does not expect to invest in, or hold securities of, companies that are controlled by the Adviser or an affiliate's other clients. However, the Adviser or an affiliate's other clients may invest in, and gain control over, one of the Company's portfolio companies. If the Adviser or an affiliate's other client, or clients, gains control over one of the Company's portfolio companies, it may create conflicts of interest and may subject the Company to certain restrictions under the 1940 Act. As a result of these conflicts and restrictions, the Adviser may be unable to implement the Company's investment strategies as effectively as it could have in the absence of such conflicts or restrictions. For example, as a result of a conflict or restriction, the Adviser may be unable to engage in certain transactions that it would otherwise pursue. In order to avoid these conflicts and restrictions, the Adviser may choose to exit such investments prematurely and, as a result, the Company may forego any positive returns associated with such investments. In addition, to the extent that an affiliate's other client holds a different class of securities than the Company as a result of such transactions, interests may not be aligned.

*Recommendations by the Adviser.*

The Adviser and its affiliates may give advice and recommend securities to other clients which may differ from advice given to, or securities recommended or bought for, the Company even though such other clients' investment objectives may be similar to the Company's, which could have an adverse effect on the Company's business, financial condition and results of operations.

*Potential Merger with or Purchase of Assets of Another Fund.*

The Adviser may in the future recommend to the Board that the Company merges with or acquires all or substantially all of the assets of one or more funds, including another Stone Point Fund. The Company does not expect that the Adviser would recommend any such merger or asset purchase unless it determines that it would be in the best interest of the Company and its Stockholders, with such determination dependent on factors it deems relevant, which may include the Company's historical and projected financial performance and any proposed merger partner, portfolio composition, potential synergies from the merger or asset sale, available alternative options and market conditions. In addition, no such merger or asset purchase would be consummated absent the meeting of various conditions required by applicable law or contract, at such time, which may include approval of the Board and common equity holders of both funds. If the Adviser is the investment adviser of both funds, various conflicts of interest would exist with respect to any such transaction. Such conflicts of interest may potentially arise from, among other things, differences between the compensation payable to the Adviser by the Company and by the entity resulting from such a merger or asset purchase or efficiencies or other benefits to the Adviser as a result of managing a single, larger fund instead of two separate funds.

*Service Providers.*

Certain advisors and other service providers, or their affiliates (including accountants, administrators, lenders, bankers, brokers, attorneys, consultants, investment or commercial banking firms and certain other advisors and agents) to the Company or their portfolio companies may also provide goods or services to or have business, personal, political, financial or other relationships with the Adviser. Such advisors and service providers may be Stockholders in the Company, affiliates of the Adviser, sources of investment opportunities or co-investors or counterparties therewith. These relationships may influence the Adviser in deciding whether to select or recommend such a service provider to perform services for the Company or a portfolio company (the cost of which will generally be borne directly or indirectly by the Company or such portfolio company, as applicable). In certain circumstances, advisors and service providers, or their affiliates, may charge different rates or have different arrangements for services provided to the Adviser or its respective affiliates as compared to services provided to the Company and its portfolio companies, which will result in more favorable rates or arrangements than those payable by the Company or such portfolio companies.

In addition, the portfolio companies of the Company may transact business with (or otherwise provide services and/or products to) one another. Those same portfolio companies may also transact business with the Adviser or the Company, employees or affiliates. Such arrangements will generally be negotiated and executed at arm's length, but certain factors may lead a portfolio company to pay higher fees in connection with the services and/or products provided as compared to other similar providers. Those factors include, without limitation, the complexity of the services and/or products being provided, the reputation of the portfolio company in providing such services and/or products, and the ability of the portfolio company to meet specified time, budget or other constraints. Furthermore, the Adviser and/or the portfolio companies of the Company may enter into agreements collectively with vendors, which provide products and services to the Adviser and/or the portfolio companies, generally in an effort to reduce costs and expenses. The Adviser may act as a host for the negotiation process associated with such agreements. Notwithstanding the foregoing, the Adviser acts solely as a liaison in connection with the evaluation of, and has no control over the entering into, definitive agreements by such portfolio companies. Any definitive agreements shall be executed solely by and between the applicable portfolio company and applicable counterparty, and such portfolio company (and not the Adviser, except where the Adviser is acting in its own capacity) shall be solely responsible for its obligations thereunder.

*Advisors and Consultants.*

The Adviser may work with or alongside one or more consultants, advisors (including senior advisors and CEOs) and/or operating partners who are retained by the Adviser on a consultancy or retainer or other basis, to provide services to the Company. The functions undertaken by such persons with respect to the Company will not be exclusive and such persons may perform similar functions and duties for other organizations which may give rise to conflicts of interest. Such persons may also be appointed to the board of directors of companies and have other business interests which give rise to conflicts of interest with the interests of the Company or a portfolio company of the Company. Stockholders should note that such persons may retain compensation that will not offset the Management Fee payable to the Adviser, including that: (a) such persons are permitted to retain all directors' fees, monitoring fees and other compensation received by them in respect of acting as a director or officer of, or providing other services to, a portfolio company and such amounts shall not be credited against the Management Fee; (b) certain of such persons may be paid a deal fee, a consultancy fee or other compensation where they are involved in a specific project relating to the Company, which fee will be paid either by the Company or, if applicable, the relevant portfolio company; and (c) such persons may be invited to invest in or alongside the Company in investments, as part of a participation scheme or otherwise, and will be entitled to retain all of the proceeds generated from such investments.

*Valuation Matters.*

Valuations of investments are approved by the Board at the end of each calendar quarter. 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 its Valuation Committee, subject to oversight by the Board, is responsible for determining the fair value of the Company's investments in 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 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 quotation, at fair value as determined in accordance with the Valuation Policy. There is not a public market or active secondary market for many of the types of investments in privately held companies that the Company intends to hold and make. The Company's investments may not be publicly traded or actively traded on a secondary market but, instead, may be traded on a privately negotiated over-the-counter secondary market for institutional investors, if at all. As a result, these investments are valued quarterly at fair value as determined in good faith in accordance with the Valuation Policy approved by the Board.

The determination of fair value, and thus the amount of unrealized appreciation or depreciation the Company may recognize in any reporting period, is to a degree subjective, and the Adviser has a conflict of interest in making recommendations 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 approved by the Board may differ materially from the values that would have been used if an active market and market quotations existed for such investments. The 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.

*Operating Policies.*

The Board will have the authority to modify or waive certain operating policies, investment criteria and strategies, in some cases without prior notice and without Stockholder approval. The Company cannot predict the effect any changes to current operating policies, investment criteria and strategies would have on its business, net asset value, operating results and the value of its securities. However, the effects might be adverse, which could negatively impact the Company's ability to pay distributions and may cause Stockholders to lose all or part of their investment. Moreover, the Company will have significant flexibility in investing the net proceeds of its offering and may use the net proceeds from the offering in ways with which Stockholders may not agree.

*Diverse Stockholders.*

The Stockholders are expected to include U.S. taxable and tax-exempt entities, and institutions from jurisdictions outside of the United States. Such Stockholders may have conflicting investment, tax and other interests with respect to their investments in the Company. The conflicting interests of individual Stockholders may relate to or arise from, among other things, the nature of investments made by the Company or the structuring of the acquisition of portfolio investments. As a consequence, conflicts of interest may arise in connection with decisions made by the Adviser, including in respect of the nature or structuring of investments, that may be more beneficial for one Stockholder than for another Stockholder, especially in respect of Stockholders' individual tax situations. In selecting and structuring investments appropriate for the Company, the Adviser will consider the investment and tax objectives of the Company, rather than the investment, tax or other objectives of any Stockholder individually.

*Other Transactions with Prospective and Actual Stockholders.*

Prospective investors should note that the Adviser and its affiliates from time to time engage in transactions with prospective and actual Stockholders or their affiliates that provide economic and business benefits to such Stockholders and the Adviser and its affiliates. Such transactions may be entered into prior to or coincident with a Stockholder's admission to the Company or during the term of their investment. The nature of such transactions can be diverse and may include benefits relating to the Company and their portfolio companies. Examples include the ability to co-invest alongside the Company, recommendations to underwriters for allocations in initial public offerings, a broad range of commercial transactions in the ordinary course of business with such Stockholders, their affiliates and portfolio companies, and the purchase or disposition of interests to or from portfolio companies. In addition, the Adviser may acquire Common Stock from existing Stockholders without offering such secondary opportunities to the other Stockholders. In such event, the Adviser will have oral and written information concerning the portfolio companies that may be non-public and may be deemed material to a decision to sell shares of Common Stock, including any information regarding the business, operations, property, financial and other condition and creditworthiness of the portfolio companies, which may not be disclosed to the selling Stockholder prior to such acquisition.

*Arrangements with Stone Point Capital.*

The Company has entered into a license agreement with Stone Point Capital, under which Stone Point has granted the Company a non-exclusive, royalty-free, non-perpetual license to use the name and trademark "Stone Point." Under this agreement, the Company has a right to use "Stone Point" for so long as the Company is a majority affiliate of Stone Point Capital and a private entity. Other than with respect to this limited license, the Company does not have a legal right to the "Stone Point" name. In the event the license agreement is terminated, the Company will be required to change its name and cease using "Stone Pont" as part of the Company's name.

**Item 14. Principal Accounting Fees and Services**

The Audit Committee and the independent directors of the board of directors have selected KPMG LLP ("KPMG") to serve as the independent registered public accounting firm for the Company for the years ended December 31, 2022 and 2021.

KPMG has advised us that neither the firm nor any present member or associate of it has any material financial interest, direct or indirect, in the Company or its affiliates.

---

| | | |
|:---|:---|:---|
| **Service:** | **Year Ended<br> December 31, 2022** | **Year Ended<br> December 31, 2021** |
| Audit Fees | $805000 | $585000 |
| Audit-Related Fees |  |  |
| Tax Fees | 44000 | 27000 |
| All Other Fees |  |  |
| **Total Fees:** | $849000 | $612000 |

---

**Audit Fees:** Audit fees consist of fees billed for professional services rendered for quarterly reviews and services that are normally provided by KPMG in connection with statutory and regulatory filings.

**Audit-Related Fees:** Audit-related services consist of fees billed for assurance and related services that are reasonably related to the performance of the audit or review of our financial statements and are not reported under "Audit Fees." These services include attest services that are not required by statute or regulation and consultations concerning financial accounting and reporting standards.

**Tax Services Fees:** Tax services fees consist of fees billed for professional tax services. These services also include assistance regarding federal, state, and local tax compliance.

**All Other Fees:** Other fees would include fees for products and services other than the services reported above.

**Pre-Approval Policy:** The Audit Committee has established a pre-approval policy that describes the permitted audit, audit-related, tax and other services to be provided by KPMG, the Company's independent registered public accounting firm. The policy requires that the Audit Committee pre-approve the audit and non-audit services performed by the independent auditor in order to assure that the provision of such service does not impair the auditor's independence.

Any requests for audit, audit-related, tax and other services that have not received general pre-approval must be submitted to the Audit Committee for specific pre-approval, irrespective of the amount, and cannot commence until such approval has been granted. Normally, pre-approval is provided at regularly scheduled meetings of the Audit Committee. The Audit Committee has delegated pre-approval authority to the Audit Committee Chair pursuant to Section 10A(i) of the Exchange Act. The member or members to whom such authority is delegated shall report any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Audit Committee does not delegate its responsibilities to pre-approve services performed by the independent registered public accounting firm to management.

**PART IV.**

**Item 15. Exhibits and Financial Statement Schedules**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Financial Statements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The following financial statements are set forth in Item 8 of Part II:

---

| | |
|:---|:---|
|  | Page |
| [Report of Independent Registered Public Accounting Firm](#c_001) | [73](#c_001) |
| [Statement of Assets and Liabilities as of December 31, 2022 and December 31, 2021](#c_002) | [74](#c_002) |
| [Statement of Operations for the years ended December 31, 2022 and 2021, and for the period from September 8, 2020 (inception) through December 31, 2020](#c_003) | [75](#c_003) |
| [Statement of Changes in Net Assets for the years ended December 31, 2022 and 2021, and for the period from September 8, 2020 (inception) through December 31, 2020](#c_004) | [76](#c_004) |
| [Statement of Cash Flows for the years ended December 31, 2022 and 2021, and for the period from September 8, 2020 (inception) through December 31, 2020](#c_005) | [77](#c_005) |
| [Schedule of Investments as of December 31, 2022 and December 31, 2021](#ConsolidatedScheduleofInvestments) | [78](#ConsolidatedScheduleofInvestments) |
| [Notes to Financial Statements](#notestofinancialstatements) | [89](#notestofinancialstatements) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Exhibits required to be filed by Item 601 of Regulation S-K** 

Please note that the agreements included as exhibits to this Form 10-K are included to provide information regarding their terms and are not intended to provide any other factual or disclosure information about us or the other parties to the agreements. The agreements contain representations and warranties by each of the parties to the applicable agreement that have been made solely for the benefit of the other parties to the applicable agreement and may not describe the actual state of affairs as of the date they were made or at any other time.

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

---

| | |
|:---|:---|
| [3.1](http://www.sec.gov/Archives/edgar/data/1825384/000119312520303331/d65277dex31.htm) | [Amended and Restated Certificate of Incorporation (1)](http://www.sec.gov/Archives/edgar/data/1825384/000119312520303331/d65277dex31.htm) |
| [3.2](http://www.sec.gov/Archives/edgar/data/1825384/000119312520303331/d65277dex32.htm) | [Bylaws (1)](http://www.sec.gov/Archives/edgar/data/1825384/000119312520303331/d65277dex32.htm) |
| [4.1](tm2310214d1_ex4-1.htm) | [Form of Subscription Agreement \*](tm2310214d1_ex4-1.htm) |
| [10.1](https://www.sec.gov/Archives/edgar/data/1825384/000119312523000686/d406704dex101.htm) | [Second Amendment to the Revolving Credit Agreement between Stone Point Credit Corporation, as the Initial Borrower, and Capital One, National Association, as the Administrative Agent, Sole Lead Arranger and a Lender, dated December 27, 2022 (8)](https://www.sec.gov/Archives/edgar/data/1825384/000119312523000686/d406704dex101.htm) |
| [10.2](https://www.sec.gov/Archives/edgar/data/1825384/000110465922064707/tm2216883d1_ex10-1.htm) | [Note Purchase Agreement by and between the Company and the purchasers party thereto, dated May 19, 2022 (9)](https://www.sec.gov/Archives/edgar/data/1825384/000110465922064707/tm2216883d1_ex10-1.htm) |
| [10.3](http://www.sec.gov/Archives/edgar/data/0001825384/000119312520303331/d65277dex106.htm) | [Custody Agreement between Stone Point Capital Corporation and U.S. Bank National Association, as the custodian (1)](http://www.sec.gov/Archives/edgar/data/0001825384/000119312520303331/d65277dex106.htm) |
| [10.4](http://www.sec.gov/Archives/edgar/data/1825384/000119312520303331/d65277dex103.htm) | [License Agreement between the Company and Stone Point Capital (1)](http://www.sec.gov/Archives/edgar/data/1825384/000119312520303331/d65277dex103.htm) |
| [10.5](http://www.sec.gov/Archives/edgar/data/0001825384/000119312520303331/d65277dex105.htm) | [Form of Indemnification Agreement (1)](http://www.sec.gov/Archives/edgar/data/0001825384/000119312520303331/d65277dex105.htm) |
| [10.6](http://www.sec.gov/Archives/edgar/data/0001825384/000089457921000004/stonepointexh10_1.htm) | [Revolving Credit Agreement with Capital One, National Association (2)](http://www.sec.gov/Archives/edgar/data/0001825384/000089457921000004/stonepointexh10_1.htm) |
| [10.7](http://www.sec.gov/Archives/edgar/data/0001825384/000119312521108948/d120766dex101.htm) | [Amendment to Revolving Credit Agreement with Capital One, National Association (3)](http://www.sec.gov/Archives/edgar/data/0001825384/000119312521108948/d120766dex101.htm) |
| [10.8](http://www.sec.gov/Archives/edgar/data/0001825384/000089457921000221/stonepointexh10_1.htm) | [Amendment to Revolving Credit Agreement with Capital One, National Association (4)](http://www.sec.gov/Archives/edgar/data/0001825384/000089457921000221/stonepointexh10_1.htm) |
| [10.9](http://www.sec.gov/Archives/edgar/data/0001825384/000119312521204287/d711638dex101.htm) | [Loan and Security Agreement between SPCC Funding I LLC and JPMorgan Chase Bank, National Association (5)](http://www.sec.gov/Archives/edgar/data/0001825384/000119312521204287/d711638dex101.htm) |
| [10.10](http://www.sec.gov/Archives/edgar/data/0001825384/000094562121000411/firstamendment.htm) | [Amendment to Loan and Security Agreement between SPCC Funding I LLC and JPMorgan Chase Bank, National Association (6)](http://www.sec.gov/Archives/edgar/data/0001825384/000094562121000411/firstamendment.htm) |
| [10.11](http://www.sec.gov/Archives/edgar/data/0001825384/000089457922000051/spccbdcexh10_1.htm) | [Amendment to Loan and Security Agreement between SPCC Funding I LLC and JPMorgan Chase Bank, National Association (7)](http://www.sec.gov/Archives/edgar/data/0001825384/000089457922000051/spccbdcexh10_1.htm) |
| [14.1](tm2310214d1_ex14-1.htm) | [Code of Ethics \*](tm2310214d1_ex14-1.htm) |
| [21.1](tm2310214d1_ex21-1.htm) | [List of Subsidiaries\*](tm2310214d1_ex21-1.htm) |
| [31.1](tm2310214d1_ex31-1.htm) | [Certification of Principal Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended\*](tm2310214d1_ex31-1.htm) |
| [31.2](tm2310214d1_ex31-2.htm) | [Certification of Principal Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended\*](tm2310214d1_ex31-2.htm) |
| [32.1](tm2310214d1_ex32-1.htm) | [Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002\*](tm2310214d1_ex32-1.htm) |
| [32.2](tm2310214d1_ex32-2.htm) | [Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002\*](tm2310214d1_ex32-2.htm) |

---

(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 10.1 to the Company's Form 8-K filed on January 4, 2021.

(3) Previously filed as Exhibit 10.1 to the Company's Form 8-K filed on April 7, 2021.

(4) Previously filed as Exhibit 10.1 to the Company's Form 8-K filed on December 30, 2021.

(5) Previously filed as Exhibit 10.1 to the Company's Form 8-K filed on June 30, 2021.

(6) Previously filed as Exhibit 10.1 to the Company's Form 8-K filed on October 20, 2021.

(7) Previously filed as Exhibit 10.1 to the Company's Form 8-K filed on February 1, 2022.

(8) Previously filed as Exhibit 10.1 to the Company's Form 8-K filed on January 3, 2023.

(9) Previously filed as Exhibit 10.1 to the Company's Form 8-K filed on May 25, 2022.

\* Filed herewith.

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) 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:** March 30, 2023 | **By:** | /s/ Scott J. Bronner |
|  |  | Name: Scott J. Bronner |
|  |  | Title: Principal Executive Officer |
| **Date:** March 30, 2023 | **By:** | /s/ Gene Basov |
|  |  | Name: Gene Basov |
|  |  | Title: Principal Financial Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this Annual Report on Form 10-K has been signed below by the following person on behalf of the registrant and in the following capacities on March 30, 2023.

---

| |
|:---|
| /s/ Scott J. Bronner |
| Scott J. Bronner |
| Director and Principal Executive Officer |
| /s/ David J. Wermuth |
| David J. Wermuth |
| Director and Chair of the Board of Directors |

---

---

| |
|:---|
| /s/ Peter E. Roth |
| Peter E. Roth |
| Director and Chair of the Audit Committee |
| /s/ Jennifer J. Burleigh |
| Jennifer J. Burleigh |
| Director and Chair of the Nominating and Corporate Governance Committee |
| /s/ Scott E. Heberton |
| Scott E. Heberton |
| Director |

---

## Exhibit 4.1

**Exhibit 4.1**

___________

**[Document #]<br> (for Stone Point use only)**

**<u>STONE POINT CREDIT CORPORATION</u>**

**<u>SUBSCRIPTION AGREEMENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **<u>Name of Subscriber</u>**: **______________________________________**<br>**<u>Requested Capital Commitment</u>**: $**____________________________**<br>*(See the instructions on page ii of this Subscription Agreement.)*<br>

&nbsp;&nbsp;***For Stone Point Use Only:***<br>Stone Point Related ◻<br>

**Table of Contents**

**Page**

---

| | |
|:---|:---|
| **Directions for the Completion of the Subscription Documents** | ii |
| **Subscription Agreement** | 1 |
| Schedule 1 to Subscription Agreement: Subscriber Information (For All Subscribers) | 26 |
| Schedule 2 to Subscription Agreement: Status as Benefit Plan Investor or Other Plan Investor (For ERISA Stockholders, including IRAs, and Other Plan Investors Only) | 36 |
| Annex A to Subscription Agreement: Subscriber Questionnaire for Individual Investors (including IRAs) | 41 |
| Annex B to Subscription Agreement: Subscriber Questionnaire for Institutional Investors | 44 |
| Exhibit A: Foreign Due Diligence Questionnaire | 49 |

---

- i -

**<u>Directions for the Completion of the Subscription Documents</u>**

The attached Subscription Agreement (including the Annexes, Schedules and Exhibits attached thereto, the *"Subscription Documents"*) relates to the offering by Stone Point Credit Corporation (the "*Company*") to you (the *"Subscriber"*) of common shares, par value $0.001, of the Company (*"Shares"*). Shares are being offered to qualified investors pursuant to the confidential Private Placement Memorandum of the Company. Capitalized terms not defined in these directions shall have the meanings given to them in the Subscription Agreement.

Subscription Documents that are missing requested information or signatures will not be considered for acceptance unless and until such information and signatures are provided.

1.  **<u>For Individual Subscribers (including IRAs)</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. Fill
 in the name of the Subscriber and the amount of the Capital Commitment on page 1 of
 the Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. Initial
 each category that applies to the Subscriber in Section 9.10 on pages 13-14 of
 the Subscription Agreement and, if applicable, provide the requested information in the last
 set of blanks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. Fill
 in the name of the Subscriber and the date (print name of Subscriber) on page 25 of
 the Subscription Agreement and sign in the blank provided. For individuals investing through
 an IRA, the name and signature of, and other information relating to, the Custodian/Trustee
 of the IRA is required on page 25.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. All
 Subscribers must complete Schedule 1; IRA subscribers must also complete Schedule 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. Complete
 Annex A by checking the appropriate box or boxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. Complete
 Exhibit A.

2.  **<u>For Institutional Subscribers</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. Fill
 in the name of the Subscriber and the amount of the Capital Commitment on page 1 of
 the Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. Initial
 each category that applies to the Subscriber in Section 9.10 on pages 13-14 of
 the Subscription Agreement and, if applicable, provide the requested information in the last
 set of blanks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. Fill
 in the name of the Subscriber and the date (print name and title of authorized signatory)
 on page 25 of the Subscription Agreement and sign in the blank provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. All
 Subscribers must complete Schedule 1 and Benefit Plan Investors and Other Plan Investors
 (each as defined in Schedule 2) must also complete Schedule 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. Complete
 Annex B by checking the appropriate box or boxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. Complete
 Exhibit A.

**<u>FOR ALL SUBSCRIBERS</u>**

- ii -

3.  **<u>Required IRS Certifications – For all Subscribers: Institutional and Individual Investors</u>** .
 Fill in, sign (print name and title of authorized signatory, if applicable) and date the
 applicable form of the U.S. Internal Revenue tax form W-9, W-8BEN, W-8BEN-E, W-8EXP, W-8IMY
 or W-8ECI (please use the most recent version of the applicable tax form). These tax forms
 are available on request from the Company and may also be obtained from <u>www.irs.gov</u>.

4.  **<u>Delivery of Subscription Documents</u>** . Please deliver <u>two</u> completed and original signed
 copies of the Subscription Documents and any required evidence of authorization to the Company
 via the +SUBSCRIBE platform or at the following address:

Stone Point Credit Corporation<br> 20 Horseneck Lane

Greenwich, Connecticut 06830

Attn: Investor Relations

5. If
 the Company accepts your subscription (in whole or in part), the Company will countersign
 the Subscription Agreement and deliver a copy of it to you following the Closing via the +SUBSCRIBE platform or at the address
 you provide in the Subscription Documents.

6.  **<u>Inquiries</u>** . If you have questions
concerning any of the information requested, you should ask your attorney, accountant or other financial advisor. Inquiries regarding
subscription procedures should be directed to William Bielefeld of Dechert LLP (william.bielefeld@dechert.com; (202) 261-3386). You may
also contact Jacqueline Giammarco (jgiammarco@stonepoint.com; (203) 862-3124) or the Company's investor relations department (SPCreditIR@stonepoint.com)
if you have questions about the Company.

**<u>FOR ALL SUBSCRIBERS</u>**

- iii -

___________

**[Document #]<br> (for Stone Point use only)**

**<u>Subscription Agreement</u>**

________________________________

Name of Subscriber

$_________________

Amount of Capital Commitment

Stone Point Credit Corporation

20 Horseneck Lane

Greenwich, Connecticut 06830USA

Ladies and Gentlemen:

The undersigned subscriber (the *"Subscriber"*) understands that Stone Point Credit Corporation, a Delaware corporation (the *"Company"*), is an externally managed, non-diversified closed-end management investment company that has elected to be treated as a business development company (a "*BDC*") under the Investment Company Act of 1940, as amended (the *"Investment Company Act*")*,* as described in the Private Placement Memorandum of the Company (as such document may be amended, amended and restated or supplemented from time to time and together with any appendices and supplements thereto, the *"Offering Document"*). Subject to the terms and conditions hereof, and in reliance upon the representations and warranties contained in this subscription agreement (the "*Subscription Agreement*"), the Subscriber irrevocably subscribes for and agrees to purchase shares of common stock, par value $0.001 per share, of the Company ("*Shares*"), on the terms and conditions described herein, in the Offering Document, in the Company's Amended and Restated Certificate of Incorporation (the "*Certificate of Incorporation*"), and in the Company's Bylaws (the "*Bylaws*" and together with the Certificate of Incorporation, the "*Governing Documents*").

1. **<u>Subscription for Shares</u>.** The Subscriber hereby subscribes for Shares in the Company with a capital commitment in the amount set forth above (having been accepted by the Company as indicated on the signature page hereto) (the *"Capital Commitment"*), subject to Section 15.11, on the terms described or appearing in the Offering Document and the Governing Documents. Subject to the terms of this Subscription Agreement and the Governing Documents, the Subscriber's obligation to pay for Shares hereunder shall be unconditional, complete and binding upon the completion of the Closing (as defined below), provided, however, that for the convenience of the Company, the Subscriber's Capital Commitment shall be payable in installments as provided herein. The Subscriber acknowledges and agrees that it has received full and adequate consideration on the Closing Date (defined below) for the entirety of its Capital Commitment and hereby waives any and all defenses of nonconsideration as to any capital drawdown occurring after the Closing Date, including any defenses resulting from any insolvency or bankruptcy proceeding of the Company, any material or total decrease in value of the Shares or any inability of the Company to actually issue Shares.

**<u>FOR ALL SUBSCRIBERS</u>**

2. **<u>Other Subscription Agreements</u>.** The Subscriber acknowledges that the Company has entered into or expects to enter into separate subscription agreements (the *"Other Subscription Agreements"* and, together with this Subscription Agreement, the *"Subscription Agreements"*) with other subscribers (*"Other Subscribers"*), providing for the sale to Other Subscribers of Shares in the Company and the admission of the Other Subscribers as stockholders of the Company ("*Stockholders*") at the Closing (as defined below) or at Subsequent Closings (as defined below). In the event that Subscriber or any Other Subscriber is permitted by the Company to make an additional Capital Commitment to purchase Shares on a date after its initial subscription has been accepted, Subscriber or such Other Subscriber will be required to enter into a separate short-form subscription agreement with the Company, it being understood and agreed that such separate short-form subscription agreement will be considered to be an Other Subscription Agreement and the sales of Shares to the Subscriber or Other Subscribers are separate sales for the purposes of this Subscription Agreement.

3. **<u>Closing</u>.** The closing of the sale to the Subscriber of Shares as provided for in Section 1, and the admission of the Subscriber as a Stockholder (the *"Closing"*), shall take place at the offices of the Company, 20 Horseneck Lane, Greenwich, Connecticut 06830, or at such other location as may be notified by the Company to the Subscriber in writing, on the date that this Subscription Agreement (having been properly and fully completed and signed by the Subscriber) has been accepted by the Company (the date of such acceptance, which shall be indicated on the signature page hereto, being hereinafter referred to as the *"Closing Date"*). On the date of the receipt of the Subscriber's first Drawdown Purchase (as defined below), assuming the Closing has taken place, the Subscriber shall be registered as a Stockholder. In addition, The Company may enter into Other Subscription Agreements with Other Subscribers after the Closing Date, with any closing thereunder referred to as a "*Subsequent Closing*" and any Other Subscriber whose subscription has been accepted at such Subsequent Closing referred to as an "*Additional Stockholder*." The Company expects to conduct Subsequent Closings on a monthly basis.

4. **<u>Capital Drawdowns</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 **<u>Drawdown Purchases</u>**. On each Drawdown Date (as defined below), the Subscriber shall purchase from the Company, and the Company shall issue to the Subscriber, a number of Shares equal to the Drawdown Share Amount at an aggregate price equal to the applicable Drawdown Purchase Price; <u>provided</u>, however, that in no circumstance will a Subscriber be required to purchase Shares for an amount in excess of its Unfunded Capital Commitment. "*Drawdown Purchase Price,*" except with respect to Common Stockholders (as defined below), shall mean, for each Drawdown Date, an amount in U.S. dollars determined by multiplying (i) the aggregate amount of Capital Commitments being drawn down by the Company from all Subscribers on that Drawdown Date, by (ii) a fraction, the numerator of which is the Unfunded Capital Commitment of the Subscriber and the denominator of which is the aggregate Unfunded Capital Commitments of all Subscribers that are not Defaulting Stockholders (as defined in Section 5) or Excused Subscribers (as defined in Section 4.2(f)). "*Drawdown Purchase Price*," with respect to Common Stockholders, shall mean an amount in U.S. dollars equal to the Capital Commitment of the Common Stockholder.

**<u>FOR ALL SUBSCRIBERS</u>**

"*Common Stockholder*" shall mean a Subscriber that was not a Stockholder as of January 1, 2022 and has a Capital Commitment that is less than or equal to $5,000,000 as of any Drawdown Date after January 1, 2022. Common Stockholders generally will be required to fund their first Drawdown in an amount equal to their entire respective Capital Commitment.

"*Additional Institutional Stockholder*" means a Subscriber that was not a Stockholder as of January 1, 2022 and has a Capital Commitment that is more than $5,000,000 as of any Drawdown Date after January 1, 2022.

Additional Institutional Stockholders and Stockholders as of January 1, 2022 ("*Existing Stockholders*" and together with Additional Institutional Stockholders, "*Institutional Stockholders*") generally will be required to fund Drawdowns pro rata to the percentage of their Capital Commitment. For example, if a Drawdown would require an Existing Stockholder to fund 10% of its Capital Commitment, each Additional Institutional Stockholder would also be required to fund 10% of its Capital Commitment in such Drawdown.

"*Drawdown Share Amount*" shall mean, for each Drawdown Date, a number of Shares determined by dividing (i) the applicable Drawdown Purchase Price for that Drawdown Date by (ii) the applicable Price Per Share.

"*Price Per Share*" shall mean, for any Drawdown Date, the Price Per Share determined by the Company's Board of Directors (the "*Board*") or an appropriately designated committee of the Board on the Drawdown Date, which price will be determined prior to the issuance of such Shares and in accordance with the limitations under Section 23 of the Investment Company Act. The Board may set the per-share price above the net asset value per Share based on a variety of factors, including the total amount of the Company's organizational and other expenses. Nothing in this Subscription Agreement shall prohibit the Company from issuing Shares at a per share price greater than the net asset value per Share.

"*Unfunded Capital Commitment*" shall mean, with respect to a Subscriber, the amount of such Subscriber's Capital Commitment as of any date reduced by the aggregate amount of purchases made by that Subscriber at all previous Drawdown Dates pursuant to Section 4.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 **<u>Drawdown Notices</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 4.2(f), purchases of Shares will take place on dates selected by the Company in its sole discretion (each, a "*Drawdown Date*") and shall be made in accordance with the provisions of Section 4.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall deliver to the Subscriber, at least ten (10) Business Days prior to each Drawdown Date, a notice (each, a "*Drawdown Notice*") setting forth (i) the amount of the Drawdown (the "*Drawdown Amount*"); (ii) the portion of the Drawdown Amount to be paid by such Stockholder; and (iii) the Drawdown Date on which such Drawdown Amount is due. For the avoidance of doubt, the terms of each Drawdown Notice will depend on several factors, including but not limited to the Stockholder's status as an institutional investor, a retail investor, a Common Stockholder, and/or Institutional Stockholder, as set forth in Section 4.1.

For the purposes of this Subscription Agreement, the term "*Business Day*" shall have the meaning ascribed to it in Rule 14d-1(g)(3) under the Securities Act of 1934, as amended (the "*Exchange Act*").

**<u>FOR ALL SUBSCRIBERS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The delivery of a Drawdown Notice to the Subscriber shall be the sole and exclusive condition to the Subscriber's obligation to pay the Drawdown Purchase Price, as applicable, identified in each Drawdown Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On each Drawdown Date, the Subscriber shall pay the applicable Drawdown Purchase Price to the Company by bank wire transfer in immediately available funds in U.S. dollars to the account specified in the Drawdown Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Following the completion of the Drawdown and purchase of Shares by a Subscriber, the Company will deliver to the Subscriber a confirmation statement setting forth the number of Shares purchased by the Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Except as provided below, at the earlier of (i) an Exchange Listing (as defined in Section 6) and (ii) the end of the Commitment Period (as defined below), Stockholders will be released from any further obligation under their respective Subscription Agreements to fund Drawdowns and purchase additional Shares, provided, however that for two years following the end of the Commitment Period and prior to an Exchange Listing, Stockholders will remain obligated to fund Drawdowns to the extent necessary to (a) pay Company expenses, including management fees, amounts that may become due under any borrowings or other financings or similar obligations, or indemnity obligations, (b) complete investments in any transactions for which there are binding written agreements as of the end of the Commitment Period (including investments that are funded in phases), (c) fund follow-on investments made in existing portfolio companies within three years from the end of the Commitment Period that, in the aggregate, do not exceed 5% of total capital commitments to the Company, (d) fund obligations under any Company guarantee, and/or (e) as necessary for the Company to preserve its status as a RIC. The "*Commitment Period*" will continue until the five year anniversary of the date (the "*Commencement Date*") on which the Company first issues Shares to investors not affiliated with the Company or Stone Point Credit Adviser (the "*Adviser*"); provided, however, that the Commitment Period for any Stockholder that makes its Capital Commitment after the two year anniversary of the Commencement Date will extend until the three year anniversary of such Stockholder's initial Capital Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding anything to the contrary contained in this Subscription Agreement, the Company shall have the right (a "*Limited Exclusion Right*") to exclude Subscriber or any Other Subscriber (such Subscriber or Other Subscriber, an "*Excused Subscriber*") from purchasing Shares from the Company on any Drawdown Date if, in the reasonable discretion of the Company, there is a substantial likelihood that such Excused Subscriber's purchase of Shares at such time would (i) result in a violation of, or noncompliance with, any law or regulation to which such Excused Subscriber, the Company, the Adviser, any Other Subscriber or a portfolio company would be subject or (ii) cause the investments of "Benefit Plan Investors" (within the meaning of Section 3(42) of the U.S. Employee Retirement Income Security Act of 1974, as amended ("*ERISA*") and certain Department of Labor regulations) to be significant and the assets of the Company to be considered "plan assets" under ERISA or Section 4975 of the U.S. Internal Revenue Code of 1986, as amended (the "*Code*").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding the foregoing, the Company reserves the right to permit Existing Stockholders to fund Drawdowns on a non-pro rata basis up to such Existing Stockholder's Capital Commitment in the Company's sole discretion upon the request of the Existing Stockholder.

**<u>FOR ALL SUBSCRIBERS</u>**

5. **<u>Remedies Upon Subscriber Default</u>**. In the event that a Subscriber fails to pay all or any portion of the purchase price due from such Subscriber on any Drawdown Date and such default remains uncured for a period of ten (10) Business Days, the Company shall be permitted to declare such Subscriber to be in default of its obligations under this Subscription Agreement (any such Subscriber, a "*Defaulting Stockholder*") and shall be permitted to pursue one or any combination of the following remedies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may prohibit the Defaulting Stockholder from purchasing additional Shares on any future Drawdown Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company may cause such Defaulting Stockholder to transfer its Shares to a third party for a readily available price, which may be less than the net asset value of such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company may pursue any other remedies against the Defaulting Stockholder available to the Company, subject to applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Issue an additional capital drawdown to non-Defaulting Stockholders, subject to the Limited Exclusion Right, to make up such shortfall, provided that in no event shall Subscriber be required to fund capital drawdowns in excess of its Unfunded Capital Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. **<u>Forfeiture of Shares</u>.** Subject to the Limited Exclusion Right, 50% of the Shares then held by the Defaulting Stockholder may be automatically forfeited and transferred on the books of the Company to the Other Subscribers (other than any other Defaulting Stockholders), pro rata in accordance with their respective number of Shares held; <u>provided</u> that no Shares shall be transferred to any Other Subscriber pursuant to this Section 5.1 in the event that such transfer would (i) violate the Securities Act of 1933, as amended (the "*Securities Act*"), the Investment Company Act or any state (or other jurisdiction) securities or "Blue Sky" laws applicable to the Company or such transfer, (ii) constitute a non-exempt "prohibited transaction" under Section 406 of ERISA or Section 4975 of the Code, or (iii) cause all or any portion of the assets of the Company to constitute "plan assets" under ERISA or Section 4975 of the Code (it being understood that this proviso shall operate only to the extent necessary to avoid the occurrence of the consequences contemplated herein and shall not prevent any Other Subscriber from receiving a partial allocation of its pro rata portion of Shares); and provided, further, that any Shares that have not been transferred to one or more Other Subscribers pursuant to the previous proviso shall be allocated among the participating Other Subscribers pro rata in accordance with their respective number of Shares held. The mechanism described in this Section 5.1 is intended to operate as a liquidated damage provision since the damage to the Company and the Other Subscribers resulting from a default by the Defaulting Stockholder is both significant and not easily susceptible to precise quantification. By entry into this Subscription Agreement, the Subscriber agrees to this Section 5.1 and acknowledges that the automatic transfer of 50% of its Shares constitutes a reasonable liquidated damages remedy for any default of the Subscriber's obligations to fund a Drawdown Purchase Price.

**<u>FOR ALL SUBSCRIBERS</u>**

6. **<u>Dividends; Dividend Reinvestment Plan</u>**. As described more fully in the Offering Document, the Company generally intends to make quarterly distributions in such amounts as determined by the Board in its discretion. The Company adopted an "opt out" dividend reinvestment plan (the "*DRIP*"), under which a Stockholder participating in the DRIP will have cash distributions declared by the Company and payable to such Stockholder automatically be reinvested under the DRIP in additional whole and fractional Shares. Stockholders will participate in the DRIP unless the Stockholder "opts out" of the DRIP, thereby electing to receive cash dividends. Stockholders who receive distributions in the form of additional Shares generally will be subject to the same U.S. federal, state and local tax consequences as Stockholders who elect not to participate in the DRIP and receive cash distributions. The Subscriber and the Company agree and acknowledge that any distributions received by the Subscriber or reinvested by the Company on the Subscriber's behalf shall have no effect on the amount of the Subscriber's Unfunded Capital Commitment.

7. **<u>Credit Facility</u>**. In connection with any financings, borrowings, indebtedness, or guarantees (any financing, borrowing, indebtedness or guaranty, a "*Credit Facility*") of the Company and any of its subsidiaries that are party to a Credit Facility, the Company shall be authorized to directly or indirectly collateralize such financings, borrowings, indebtedness or guaranty, and pledge, mortgage, assign, transfer and/or grant security interests directly or indirectly to the lender of such indebtedness or guaranty in (i) investments in portfolio companies and the proceeds thereof and any other assets, (ii) the Company's right to initiate capital calls and collect on the Unfunded Capital Commitment of Subscriber hereunder or the unfunded capital commitments of Other Subscribers; (iii) the Company's rights to enforce the funding of a Capital Commitment hereunder and under the Other Subscription Agreements; and (iv) a Company collateral account into which the payment by any Subscriber of its Unfunded Capital Commitment is to be made. Any such collateral pledge may be made directly by the Company to the lender of the Credit Facility or indirectly to such lender by first pledging such collateral to a subsidiary or agent of the Company, which subsidiary or agent then on pledges such rights ultimately to the lender under the Credit Facility. To the extent that the Company or any of its subsidiaries has outstanding obligations under a Credit Facility that relies upon any of the collateral referred to in clauses (ii) through (iv) above, and with the knowledge that the Credit Facility lender is relying on each of the following agreements and undertakings of the Subscriber and the Other Subscribers in connection with the extension of credit to the Company, Subscriber shall be obligated to fund any remaining portion of its Unfunded Capital Commitment when due pursuant to this Subscription Agreement (whether called by the Company or directly by the lender under the Credit Facility) without defense, counterclaim or offset of any kind, including any defense arising under Section 365(c) of the U.S. Bankruptcy Code, if applicable, provided that such agreement to fund shall not act as a waiver by such Subscriber of its right to assert independently any claim that the Subscriber may have against any Other Subscriber or the Company. In the event that, as a result of any such pledge, mortgage, assignment, transfer or grant of a security interest, a Subscriber makes a payment directly to the Company account as requested by a lender under a Credit Facility, such payment shall be deemed to be the payment of a Drawdown Purchase Price by Subscriber to the Company in all respects.

Subscriber hereby (i) acknowledges that the Company has informed Subscriber that the Company may enter into a Credit Facility at any time, including before and after the investment period, and that such Credit Facility may include a pledge of collateral referred to in clauses (ii) through (iv) above and, directly or indirectly, grant the related lender the right to initiate Drawdown Notices in the name of the Company when an event of default under such Credit Facility exists, which each Subscriber shall fund, to the Company, consistent with the terms hereof and its obligations hereunder; (ii) acknowledges that for so long as the Credit Facility is in place, except with the prior consent of the lender, the Company has agreed not to amend, modify, cancel, terminate, reduce, suspend or waive any of such Subscriber's obligations under this Subscription Agreement in a manner that could be materially adverse to the rights of the lender contemplated by this paragraph; and (iii) agrees, if requested by the Company, to provide to the Company: (A) to the extent publicly available, as soon as reasonably available after the end of Subscriber's fiscal year, a copy of such Subscriber's annual report, if available, or such Subscriber's balance sheet as of the end of such fiscal year and the related statements of operations for such fiscal year prepared or reviewed by independent public accountants in connection with such Subscriber's annual reporting requirements; (B) from time to time, a certificate confirming the remaining amount of such Subscriber's Unfunded Capital Commitment; and (C) such other consents and documents as may be reasonably requested by the Company to acknowledge the same.

**<u>FOR ALL SUBSCRIBERS</u>**

8. **<u>Representations and Warranties of the Company</u>.** The Company represents and warrants to the Subscriber (as of the Closing Date) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. **<u>Formation and Standing</u>.** The Company is existing and in good standing as a corporation under the laws of the State of Delaware, has all requisite power and authority to carry on its business as now conducted and as proposed to be conducted as described in this Subscription Agreement, the Offering Document and the Governing Documents and is duly qualified to transact business and is in good standing in every jurisdiction in which the character of its business makes such qualification necessary, except where the failure to so qualify would not have a material adverse effect on its business operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. **<u>Authorization of Agreement, etc.</u>** The execution, delivery and performance by the Company of this Subscription Agreement have been authorized by all necessary action, and this Subscription Agreement, when duly executed and delivered by the Subscriber and the Company, will constitute a legal, valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, subject to any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws now or hereafter in effect relating to creditors' rights generally or to general principles of equity. The execution, delivery and performance by the Company of the Governing Documents have been authorized by all necessary action, and the Governing Documents will constitute legal, valid and binding documents of the Company, enforceable against the Company in accordance with their terms, subject to any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws now or hereafter in effect relating to creditors' rights generally or to general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. **<u>Compliance with Laws and Other Instruments</u>.** Each of (a) the execution and delivery of this Subscription Agreement by the Company, the performance by the Company of its obligations under this Subscription Agreement and the consummation by the Company of the transactions contemplated hereby and (b) the execution and delivery of the Governing Documents by the Company, the performance by the Company of its obligations under the Governing Documents and the consummation by the Company of the transactions contemplated thereby: (i) does not conflict with or result in any breach or violation of or default under the organizational documents governing the Company, as applicable, (ii) does not conflict with or result in any breach or violation of or default under any material agreement or other instrument to which the Company is a party or by which the Company, or any of its properties or rights are bound, or any material license, permit, franchise, judgment, decree, award, statute, rule or regulation applicable to the Company or its business, properties or rights, other than such conflicts, breaches, violations or defaults that would not have a material adverse effect on the Company or otherwise are not material to the performance of the obligations of the Company under this Subscription Agreement or the Governing Documents, (iii) does not violate any applicable material statute or regulation, other than such violations that would not have a material adverse effect on the Company or otherwise are not material to the performance of the obligations of the Company under this Subscription Agreement or the Governing Documents or (iv) does not require the filing or registration with, or the approval, authorization, license or consent of, any court or governmental department, agency or authority, or any third party which has not already been duly and validly made or obtained, except where the failure to make such filing or registration or obtain such approval, authorization, license or consent would not have a material adverse effect on the Company.

**<u>FOR ALL SUBSCRIBERS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. **<u>No Legal Action Pending, etc.</u>** There is no legal action, suit, arbitration or other legal, administrative or other governmental investigation, inquiry or proceeding (whether federal, state, local or foreign) pending or, to the knowledge of the Company, threatened against (a) the Company, (b) the Adviser or (c) Stone Point Capital LLC, that in the case of each of (a), (b) and (c), if adversely determined, is reasonably likely to have a material adverse effect on the Company or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5. **<u>Issuance of Shares</u>.** The Shares of the Company have been duly authorized for issuance and, when issued and delivered against payment therefore in accordance with the terms, conditions, requirements and procedures described in the Governing Documents and the Subscription Agreement, will be validly issued and fully paid and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6. **<u>Certain Conflicts of Interest</u>.** The Company confirms that all service and other contractual arrangements (excluding arrangements specifically contemplated in the Governing Documents or the Subscription Agreements) that involve the payment of any fee or expense by the Company between (i) the Company and (ii) the Adviser or its affiliates, shall be reviewed by the Board in accordance with the Investment Company Act and the rules and regulations promulgated thereunder.

9. **<u>Representations, Warranties and Covenants of the Subscriber</u>.** The Subscriber represents, warrants and covenants to the Company and the Adviser, as of the date that this Subscription Agreement is signed by the Subscriber, as of the Closing Date, as of each date on which it makes a capital contribution to the Company and on the subsequent dates specified below (to the extent specified below) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. **<u>Authorization of Purchase and Compliance with Laws and Other Instruments</u>.** The persons signing this Subscription Agreement (taking into account the power of attorney granted to the Company pursuant to Section 10 of this Subscription Agreement) on the Subscriber's behalf are duly authorized to sign and enter into this Subscription Agreement on the Subscriber's behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.1. **<u>If the Subscriber is an Entity</u>**: (a) it is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization; (b) the execution, delivery and performance by it of this Subscription Agreement are within its powers, have been duly authorized by all necessary action on its behalf, require no action by or in respect of, or filing with, any governmental body, agency or official, or any third party (except as disclosed in writing to the Company as of the date that this Subscription Agreement is signed by the Subscriber) and do not and will not contravene, or constitute a default under, (i) any provision of its certificate of incorporation, limited liability company operating agreement, limited partnership agreement or other comparable organizational documents or (ii) any provision of applicable law, rule or regulation or of any agreement, judgment, injunction, order, decree or other instrument binding upon such Subscriber or any material agreement or other instrument to which the Subscriber is a party or by which the Subscriber or any of its respective properties is bound, or any material license, permit or franchise applicable to the Subscriber or its business, properties or rights other than such contraventions or defaults that do not impair or otherwise affect the Subscriber's ability to perform its obligations under this Subscription Agreement or are not material to the Subscriber's financial condition; and (c) this Subscription Agreement constitutes the legal, valid and binding obligation of the Subscriber enforceable against the Subscriber in accordance with its terms, subject to any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws now or hereafter in effect relating to creditors' rights generally or to general principles of equity. Neither the execution, delivery or performance of this Subscription Agreement by the Subscriber, nor the consummation of the transactions contemplated hereby, will result in the creation or imposition of any lien or encumbrance upon any of the assets or properties of such Subscriber.

**<u>FOR ALL SUBSCRIBERS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.2. **<u>If the Subscriber is an Individual</u>**, (a) the execution, delivery and performance by the Subscriber of this Subscription Agreement are within such person's legal right and power, require no action by or in respect of, or filing with, any governmental body, agency or official, or any third party (except as disclosed in writing to the Company as of the date that this Subscription Agreement is signed by the Subscriber), and do not and will not contravene, or constitute a default under, any provision of applicable law, rule or regulation or of any agreement, judgment, injunction, order, decree or other instrument binding upon such Subscriber or any material agreement or other instrument to which the Subscriber is a party or by which the Subscriber or any of his respective properties is bound, other than contraventions or defaults that do not impair or otherwise affect the Subscriber's ability to perform its obligations under this Subscription Agreement or are not material to the Subscriber's financial condition; and (b) this Subscription Agreement constitutes the legal, valid and binding obligation of the Subscriber enforceable against the Subscriber in accordance with its terms, subject to any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws now or hereafter in effect relating to creditors' rights generally or to general principles of equity. Neither the execution, delivery or performance of this Subscription Agreement by the Subscriber, nor the consummation of the transactions contemplated hereby, will result in the creation or imposition of any lien or encumbrance upon any of the assets or properties of such Subscriber. If the individual subscribing in the Company is investing assets on behalf of an IRA, the individual who established the IRA has signed the signature page of this Subscription Agreement and confirms that such individual (i) has directed the custodian or trustee of the IRA to execute the acknowledgement on the signature page and (ii) has signed below to indicate that he or she has reviewed, directed and certifies to the accuracy of the representations and warranties made herein with respect to the IRA and the individual Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.3. **<u>If the Subscriber is a Stockholder that is a Benefit Plan Investor or an Other Plan Investor or an IRA (each as defined on Schedule 2)</u>**, it has completed Schedule 2, which, without limiting any other assurances in this Subscription Agreement, it hereby specifically represents and agrees is correct and complete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. **<u>No Legal Action Pending, etc.</u>** There is no legal action, suit, arbitration or other legal, administrative or other governmental investigation, inquiry or proceeding (whether federal, state, local, or foreign) pending or, to the knowledge of the Subscriber, threatened against the Subscriber that, if adversely determined, is reasonably likely to impair or otherwise affect the Subscriber's ability to perform its obligations under this Subscription Agreement or is reasonably likely to have a material adverse effect on the Subscriber's financial condition.

**<u>FOR ALL SUBSCRIBERS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3. **<u>Acknowledgment of Risks; Access to Information</u>**. The Subscriber hereby acknowledges it has been provided and has carefully reviewed the Offering Document and the Governing Documents. The Subscriber understands the risks of, and other considerations relating to, the purchase of Shares, including, without limitation, the information appearing in the Offering Document under the headings *"Risk Factors", "Conflicts of Interests"* and *"Certain U.S. Federal Income Tax Considerations"* and the effect of the provisions of Section 5 of this Subscription Agreement (relating to Stockholders that default on their obligations to make Capital Commitments). The Subscriber also has been afforded the opportunity to obtain any additional information necessary to verify the accuracy of the information in the Offering Document and the Governing Documents. The Company has answered all of the Subscriber's inquiries, if any. In deciding to acquire Shares, the Subscriber has not relied upon any information from the Company or the Adviser or any of their respective partners, members, officers, counsel, representatives or agents, including, without limitation, any placement agents of the Company (the "*Placement Agents*"), or any other person, other than information contained in the Offering Document or Governing Documents. The Subscriber was not solicited to invest in the Company by any form of general solicitation and has previously provided information regarding the Subscriber's financial situation and sophistication as an investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4. **<u>Evaluation and Ability to Bear Risks</u>**. The Subscriber's decision to invest in the Company was made by the Subscriber as person(s) who (a) are independent of the Company, the Adviser and the Placement Agents and their respective affiliates, (b) are authorized to make such investment decisions, and (c) have relied on their own tax, legal and financial advisers with regard to all matters relating to the Subscriber's investment in the Company (including federal, state and local tax matters) and not on any advice or recommendation of the Company, the Adviser or the Placement Agent or any of their respective affiliates, notwithstanding anything in Section 9.3 to the contrary. The Subscriber's prior investment experience and its general knowledge about the management, proposed operations and prospects of the Company enable the Subscriber, together with the Subscriber's advisers, to make an informed decision with respect to the merits and risks of an investment in the Company. The Subscriber is able to bear the economic risk of its acquisition of Shares, including a complete loss of its investment in the Company. The Subscriber acknowledges and agrees that (i) it is not a client of the Adviser with respect to its investment in the Company, (ii) the Adviser provides services solely to the Company, in the case of (ii) including any reporting or consultation with investors thereof (except as may be described in the Offering Document).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5. **<u>Purchase of an Investment</u>**. The Subscriber represents and warrants that it is acquiring Shares for investment purposes only and not with a view to the resale or distribution of all or any part of such Shares and the Subscriber has no present intention, agreement or arrangement to divide its participation with others or to sell, assign, transfer or otherwise dispose of all or any part of such Shares. The Subscriber understands that it must bear the economic risk of its investment in Shares for an indefinite period of time, because, among other reasons, the offering and sale of Shares has not been registered under the Securities Act or any state securities laws and that they may not be resold or otherwise disposed of unless they are registered thereunder or an exemption from registration is available. The Subscriber also understands that transfers of Shares are further restricted by the provisions of this Subscription Agreement and the Governing Documents, and may be restricted by applicable state and non-U.S. securities laws, that no market exists or is expected to develop for the Shares.

**<u>FOR ALL SUBSCRIBERS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6. **<u>Share Transfer Restrictions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to an Exchange Listing, the Subscriber may not sell, offer for sale, exchange, transfer, assign, pledge, hypothecate or otherwise dispose of (each, a "*Transfer*") any of its Shares or its Capital Commitment unless (i) the Company provides prior written consent; provided, that the Company shall not unreasonably withhold, condition or delay its consent to any Transfer by the Subscriber to an affiliate of the Subscriber; (ii) the Transfer is made in accordance with applicable securities laws and (iii) the Transfer is otherwise in compliance with the transfer restrictions set forth in clauses (A) through (D) below. No Transfer will be effectuated except by registration of the Transfer on the Company books. Each transferee must agree to be bound by these restrictions and all other obligations as an investor in the Company. Following an Exchange Listing, the Subscriber may be restricted from selling or disposing of its Shares by applicable securities laws or contractually by a lock-up agreement with the underwriters of the Exchange Listing. Transfer restrictions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) In any event, the consent of the Company to a proposed Transfer may be withheld (1) if the creditworthiness of the proposed transferee, as determined by the Company in its sole discretion, is not sufficient to satisfy all obligations under the Subscription Agreement or (2) unless, in the opinion of counsel (who may be counsel for the Company or the Subscriber) satisfactory in form and substance to the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) such
 Transfer would not violate the Securities Act or any state (or other jurisdiction) securities
 or "Blue Sky" laws applicable to the Company or the Shares to be Transferred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) such
 Transfer would not cause all or any portion of the assets of the Company to constitute "plan
 assets" under ERISA, certain Department of Labor regulations or Section 4975 of
 the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III) such
 Transfer will not violate any law, regulation or other governmental rule applicable
 to such Transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(IV) such
 Transfer will not (A) subject the Company, the Adviser or any of their affiliates or
 any officer, director or employee of the Company or the Adviser or any of their affiliates
 to additional regulatory requirements the compliance with which would subject the Company
 or such other Person to material expense or burden (unless such affected person consents
 to such Transfer).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The Subscriber agrees that it will pay all reasonable expenses, including attorneys' fees, incurred by the Company in connection with any Transfer of all or any fraction of its Shares, prior to the consummation of such Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Any person that acquires all or any fraction of the Shares of the Subscriber in a Transfer permitted under this Subscription Agreement shall be obligated to pay to the Company the appropriate portion of any amounts thereafter becoming due in respect of the Capital Commitment committed to be made by its predecessor in interest. The Subscriber agrees that, notwithstanding the Transfer of all or any fraction of its Shares, as between it and the Company it will remain liable for its Capital Commitment and for all payments of any Drawdown Purchase Price required to be made by it (without taking into account the Transfer of all or a fraction of such Shares) prior to the time, if any, when the purchaser, assignee or transferee of such Shares, or fraction thereof, becomes a holder of such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) The Company shall not recognize for any purpose any purported Transfer of all or any fraction of the Shares and shall be entitled to treat the transferor of Shares as the absolute owner thereof in all respects, and shall incur no liability for distributions or dividends made in good faith to it, unless the Company shall have given its prior written consent thereto and there shall have been filed with the Company a dated notice of such Transfer, in form satisfactory to the Company, executed and acknowledged by both the seller, assignor or transferor and the purchaser, assignee or transferee, and such notice (1) contains the acceptance by the purchaser, assignee or transferee of all of the terms and provisions of this Subscription Agreement and its agreement to be bound thereby, and (2) represents that such Transfer was made in accordance with this Subscription Agreement, the provisions of the Offering Document and all applicable laws and regulations applicable to the transferee and the transferor.

**<u>FOR ALL SUBSCRIBERS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7. **<u>State Governing Subscription</u>**. ***(For U.S. domestic Subscribers only. Does not apply to foreign Subscribers.)*** The Subscriber was offered Shares in the state listed as the Subscriber's address on Schedule 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8. **<u>Obligation to Make Payments and Compliance with Laws and Regulations</u>**. The Subscriber confirms that (a) the Subscriber is obligated to pay the Company any amounts that the Company is required to withhold or pay with respect to or on behalf of the Subscriber and that exceed amounts then available for distribution to the Subscriber, whether or not the Subscriber has withdrawn from the Company or the Company has terminated or dissolved, (b) to the extent that the Subscriber owes any amounts to the Company hereunder, the Subscriber understands and agrees that the Company may withhold such amounts from any distributions that otherwise would be made to the Subscriber under the Governing Documents and this Subscription Agreement in satisfaction thereof (it being understood that such amounts shall be deemed distributed), without waiver of any other rights the Company may have hereunder or thereunder, and (c) the Subscriber is responsible for compliance with all tax, exchange control, reporting and other laws and regulations applicable to its investment in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9. **<u>Prohibited Categories</u>**. The Subscriber: (i) is not registered as an investment company under the Investment Company Act; (ii) has not elected to be regulated as a business development company under the Investment Company Act; and (iii) either (A) is not relying on the exception from the definition of "investment company" under the Investment Company Act set forth in Section 3(c)(1) or 3(c)(7) thereunder or (B) is otherwise permitted to acquire and hold more than 3% of the outstanding voting securities of a business development company.

**<u>FOR ALL SUBSCRIBERS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10. **<u>Applicable Categories</u>**. The Subscriber hereby certifies to the Company that the categories initialed below apply to the Subscriber. ***(The Subscriber must initial each applicable category.)***

____ The Subscriber is a Stockholder that is a Benefit Plan Investor (as defined in Schedule 2).

____ The Subscriber is an Other Plan Investor (as defined in Schedule 2 – e.g., a "governmental" plan).

____ The Subscriber is a Tax-Exempt Partner (*<u>i.e.</u>*, exempt from income taxation under §501 of the Internal Revenue Code).

____ The Subscriber is a BHC Subscriber<sup>1</sup> (*i.e.*, a bank holding company registered under the BHC Act or a non-bank subsidiary thereof).

____ The Subscriber is a Foundation Partner (as defined in §509 of the Internal Revenue Code).

____ The Subscriber is a "United States person" for U.S. federal income tax purposes.

**____** The Subscriber is a "charitable remainder trust" within the meaning of Section 664 of the Code.

____ The Subscriber is or may become a person (including an entity) that has discretionary authority or control with respect to the assets of the Company or a person who provides investment advice with respect to the assets of the Company or an "affiliate" of such a person. (For purposes of the foregoing, an "affiliate" is any person controlling, controlled by or under common control with any such person, including by reason of having the power to exercise a controlling influence over the management or policies of such person.)

____ The Subscriber is "Stone Point Related" (*<u>i.e.</u>*, an affiliate of the Company or the Adviser, or a director, officer, employee or agent of the Company or the Adviser or any of their respective affiliates).

<sup>1</sup> A BHC Subscriber is defined as a subscriber that is a bank holding company, as defined in Section 2(a) of the Bank Holding Company Act of 1956, as amended (the "*BHC Act*"), a non-bank subsidiary (for purposes of the BHC Act) of a bank holding company, a foreign banking organization, as defined in Regulation K of the Board of Governors of the Federal Reserve System (12 C.F.R. § 211.23) or any successor regulation, or a non-bank subsidiary (for purposes of the BHC Act) of a foreign banking organization which subsidiary is engaged, directly or indirectly in business in the United States and which in any case holds Shares for its own account.

**<u>FOR ALL SUBSCRIBERS</u>**

____ The Subscriber is subject to the Freedom of Information Act, 5 U.S.C § 552 (*"FOIA"*), any state public records access laws, any state or other jurisdiction's laws similar in intent or effect to FOIA, or any similar statutory or legal right that might result in the disclosure of confidential information relating to the Company (together with FOIA, *"Public Disclosure Laws"*). *Please indicate the relevant Public Disclosure Laws to which the Subscriber is subject.*

__________________________________________________________________

__________________________________________________________________

__________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11. **<u>Sale of Shares</u>**. The Subscriber understands and agrees that the Company may cause the Subscriber to sell all or a portion of its Shares in accordance with the provisions of the Governing Documents and this Subscription Agreement, including Section 4.2 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12. **<u>Swaps</u>**. The Subscriber represents and warrants that Subscriber will not enter into a swap, structured note or other derivative instrument, the return from which is based in whole or in part, directly or indirectly, on the return with respect to the Company or its Shares (a *"Swap"*) with a counterparty or counterparties (each, a *"Counterparty"*), such that the Counterparty would be deemed to be: (i) a beneficial owner of Shares in the Company for purposes of the Investment Company Act; (ii) the beneficial owner of Shares in the Company for purposes of the Commodity Exchange Act, as amended, or the rules of the CFTC; (iii) an offeree or purchaser of Shares for purposes of the Securities Act; (iv) a client of the Adviser for purposes of the Investment Advisers Act of 1940, as amended (the "*Advisers Act*"); (iv) a purchaser of Shares for purposes of the Exchange Act (including, without limitation the anti-fraud rules thereunder); or (v) a holder of Shares who is an investor in a Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13. **<u>Correctness of Information</u>**. The Subscriber represents and warrants that the information it has provided in this Subscription Agreement, its Annexes, Schedules and Exhibits (collectively "*Attachments*") (which Attachments are incorporated in this Subscription Agreement by reference as if expressly set forth herein), and, to its knowledge, in any U.S. Internal Revenue Service or other tax form delivered to the Company or the Adviser, is true, accurate and complete and may be relied upon by the Company for any purpose, including the establishment of subscriber-related facts underlying claims of exemption from the registration provisions of federal and state securities laws. The Subscriber acknowledges that the Company and the Adviser are relying on such information in connection with (a) the Subscriber being admitted as a Stockholder, (b) not registering the offer and sale of Shares under the Securities Act or any state securities laws, (c) if applicable, determining whether Benefit Plan Investors (as defined in Schedule 2) own less than 25% of the value of Shares, as determined under the Plan Asset Regulation (as defined in Schedule 2), from time to time, and (d) the management of the Company's business. If at any time during the term of the Company any of the representations and warranties contained in this Subscription Agreement (including the Annexes, Schedules and Exhibits attached hereto) shall cease to be true, the Subscriber will promptly notify the Company in writing.

**<u>FOR ALL SUBSCRIBERS</u>**

10. **<u>Power of Attorney</u>**<u>; **Appointment of Company as Attorney-in-fact and Agent**</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Subscriber hereby constitutes and appoints the Company its true and lawful attorney-in-fact and agent with full power of substitution and resubstitution for the Subscriber and in the Subscriber's name, place and stead, in any and all capacities and to take any and all other actions as are authorized by the power of attorney contained in this Subscription Agreement. The power of attorney granted hereby shall be deemed an irrevocable special power of attorney, coupled with an interest, which the Company may exercise for the Subscriber by the signature of the Company or by listing the Subscriber as a Stockholder executing any instrument with the signature of the Company as attorney-in-fact for the Subscriber. This grant of authority shall survive the assignment by the Subscriber of the whole or any portion of the Subscriber's Shares, except where the assignment is of all of the Subscriber's Shares in the Company and the assignee thereof, with the consent of the Company, is admitted as a Stockholder; provided, however, this power of attorney shall survive the delivery of such assignment for the sole purpose of enabling any such attorney-in-fact to effect such substitution. The Company, as attorney-in-fact for the Subscriber, may make, execute, sign, acknowledge, swear to, record and file:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all certificates and other instruments deemed advisable by the Company in order for the Company to enter into any borrowing or pledging arrangement, including any Credit Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all certificates and other instruments deemed advisable by the Company to comply with the provisions of this Subscription Agreement and applicable law or to permit the Company to become or to continue as a business development corporation, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all other instruments or papers not inconsistent with the terms of this Subscription Agreement which the Company considers advisable.

11. **<u>Agents; Nominees</u>**. In the event (as indicated on Schedule 1) that the Subscriber is acting as an agent pursuant to a power-of-attorney (*"Agent"*), or nominee (a *"Nominee"*) for an individual or entity that will be the beneficial owner of the Shares, (i) in the case of an Agent, the Agent represents and warrants that the representations, warranties, and agreements made in this Subscription Agreement are made by the Agent with respect to and on behalf of the beneficial owner as the Subscriber, and (ii) in the case of a Nominee who will be the Subscriber, the Nominee makes such representations on behalf of the Nominee, as the Subscriber, and the beneficial owner of the Shares subscribed for hereby. The Agent or Nominee, as the case may be, represents and warrants that the Agent or Nominee has all requisite power and authority from said beneficial owner to execute and perform the obligations on behalf of the beneficial owner (and, as applicable, on its own behalf as record owners of the Shares) under this Subscription Agreement and the Governing Documents, and hereby agrees to indemnify and hold harmless the Company, the Adviser and their respective affiliates, against any and all loss, liability, claim, damage, cost, and expense whatsoever (including, but not limited to, legal fees and expenses) arising out of, or resulting from, or based upon, any misrepresentation or breach of warranty of this Section 11.

12. **<u>Company Elections</u>**. The Subscriber understands that the Company has filed elections to be treated as (i) a business development company under the Investment Company Act and (ii) a regulated investment company within the meaning of Code Section 851, for U.S. federal income tax purposes; pursuant to those elections, the Subscriber will be required to furnish certain information to the Company as required under Treasury Regulations § 1.852-6(a) and other regulations. If the Subscriber is unable or refuses to provide such information directly to the Company, the Subscriber understands that it will be required to include additional information on its income tax return as provided in Treasury Regulation §1.852-7.

**<u>FOR ALL SUBSCRIBERS</u>**

13. **<u>Stone Point Name and Mark</u>**. The Subscriber acknowledges that: (i) the "Stone Point" name and mark are the property of the Stone Point Capital LLC or its affiliates; (ii) the Company's authority to use such name and mark may be withdrawn by Stone Point Capital LLC or its affiliates without compensation to the Company; (iii) no Subscriber shall, by virtue of its ownership of Shares in the Company, hold any right, title or interest in or to such name and mark; and (iv) following the dissolution and liquidation of the Company, all right, title and interest in and to such name and mark shall be held solely by Stone Point Capital LLC or its affiliates.

14. **<u>No Third-Party Beneficiaries</u>.** Except as provided with respect to a lender under a Credit Facility in accordance with Section 7, the provisions of this Subscription Agreement are not intended to be for the benefit of or enforceable by any third party. Without limiting the foregoing, no third party shall, except as permitted by law and this Subscription Agreement, have any right to (i) enforce or demand enforcement of a Subscriber's Capital Commitment, obligation to return distributions, or obligation to make other payments to the Company as set forth in this Subscription Agreement or (ii) demand that the Company issue any capital call.

15. **<u>Miscellaneous Provisions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1. **<u>Amendments and Waivers</u>**. This Subscription Agreement may be amended only with the written consent of the Subscriber and the Company. The observance of any provision of this Subscription Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) by the party hereto that is entitled to the benefit thereof, but no such waiver shall be effective unless set forth in a written instrument duly executed by or on behalf of such party waiving such term or condition. No waiver by any party hereto of any provision of this Subscription Agreement in any one or more instances shall be deemed to be or construed as a waiver of the same or other provision of this Subscription Agreement on any future occasion. No delay or omission in the exercise of any power, remedy or right herein provided or otherwise available to any party hereto shall impair or affect the right of such party thereafter to exercise the same. Any extension of time or other indulgence granted to any party hereto shall not otherwise alter or affect any power, remedy or right with respect to the other party hereto, or the obligations of the party hereto to whom such extension or indulgence is granted. All remedies, either under this Subscription Agreement or by law or otherwise afforded, shall be cumulative and not alternative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2. **<u>Survival of Representations and Warranties; Indemnity</u>**. All representations and warranties contained herein or in any Attachments hereto made by the Subscriber shall survive indefinitely following the execution and delivery of this Subscription Agreement, and the issue and sale of Shares. The Subscriber shall and hereby does agree to indemnify and hold the Company, the Adviser and their respective controlling persons, officers, directors, members, partners, employees, and affiliates, free and harmless from and in respect of any and all claims, actions, demands, causes of action, liabilities, losses and expenses whatsoever (including, without limitation, attorneys' fees) arising from the breach or alleged breach of any of the representations, warranties or covenants made by or on behalf of Subscriber in this Subscription Agreement or in any Attachments hereto, or in the Governing Documents. Any claims for indemnity may be offset against subsequent distributions subject to applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3. **<u>Successors and Assigns</u>**. This Subscription Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective successors of the parties hereto. However, the Subscriber shall not transfer this Subscription Agreement or any of its rights in, to or under this Subscription Agreement and any attempted transfer shall be void and without force or effect.

**<u>FOR ALL SUBSCRIBERS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4. **<u>Notices</u>**. All notices, requests and other communications hereunder must be in writing and shall be deemed to have been duly given only if delivered (a) in person, (b) by registered or certified mail, (c) by private courier, (d) by facsimile, (e) by e-mail or (f) through the +SUBSCRIBE platform. All notices to the Company shall be delivered to Stone Point Credit Corporation, 20 Horseneck Lane, Greenwich, Connecticut 06830, Attention: Investor Relations, facsimile number (203) 862-2951 or email SPCreditIR@StonePoint.com. All notices to the Subscriber shall be delivered to the address, facsimile number and email address provided by the Subscriber in Section 5 of Schedule 1 attached hereto or as last set forth in the records of the Company. The Subscriber may designate a new address for notices by giving written notice to that effect to the Company. The Company may designate a new address for notices by giving written notice to that effect to the Subscriber. A notice given in accordance with the foregoing clauses (a), (b) and (c) shall be deemed to have been effectively given three Business Days after such notice is mailed by registered or certified mail, return receipt requested, or one Business Day after such notice is sent by overnight FedEx or other one-day provider, to the proper address, or at the time delivered when delivered in person or by private courier. A notice given by facsimile or email shall be deemed to have been effectively given when sent unless the sender receives a message of "error in transmission," provided confirmatory notice is sent by first class mail, postage prepaid or receipt is confirmed by an officer or other authorized representative of the recipient by answerback or other written means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5. **<u>Applicable Law</u>**. Subject to Section 9.7, this Subscription Agreement shall be construed in accordance with and governed by the internal substantive laws (without giving effect to the choice of law or conflict of law rules or provisions that would cause the application of the laws of any jurisdiction other than the State of Delaware) of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6. **<u>Arbitration</u>**. Any dispute relating to this Subscription Agreement that arises prior to an initial public offering of the Shares which cannot be amicably resolved between the parties shall be resolved by binding arbitration conducted in accordance with the Commercial Arbitration Rules of the American Arbitration Association then prevailing, and the decision of the arbitrators shall be final and binding on all the parties. Notwithstanding the foregoing, the parties agree that no consequential, indirect, exemplary or punitive damages shall be awarded in any such arbitration. The costs of the arbitration (other than fees and expenses of counsel, which shall be the responsibility of the parties retaining such counsel) shall be shared equally by the parties, subject to the indemnification provisions set forth in Section 15.2. The parties agree that exclusive venue for any arbitration pursuant to this Section 15.6 shall be New York, New York and that notice of such arbitration may be provided in the manner set forth in Section 15.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7. **<u>Headings, etc</u>**. The table of contents and the headings of the sections of this Subscription Agreement are inserted for convenience only and shall not be deemed to constitute a part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8. **<u>Severability</u>**. In the event any provision of this Subscription Agreement is determined to be invalid or unenforceable, such provision shall be deemed severed from the remainder of this Subscription Agreement and replaced with a valid and enforceable provision as similar in intent as reasonably possible to the provision so severed, and shall not cause the invalidity or unenforceability of the remainder of this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.9. **<u>Entire Agreement</u>**. This Subscription Agreement, together with its Attachments (which Attachments are incorporated in this Subscription Agreement by reference), constitutes the entire agreement between the parties hereto with respect to the subject matter hereof, and any other prior or contemporaneous written or oral agreements, statements or assurances with respect to this subject matter are hereby rescinded and terminated.

**<u>FOR ALL SUBSCRIBERS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.10. **<u>Irrevocability and Acceptance</u>**. This Subscription Agreement is and shall be irrevocable by the undersigned but will not be binding on the Company unless and until it is agreed to and accepted by the Company. The Company in its sole discretion may accept this Subscription Agreement with respect to the Capital Commitment in whole or in part. Acceptance will be given either by delivery of this Subscription Agreement to the Subscriber with the form of acceptance executed by the Company or by such execution and written notice thereof to the Subscriber. This Subscription Agreement will expire if it is not accepted by the Company on or prior to nine months from the date Subscriber has executed this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11. **<u>Counterparts; Facsimile or PDF Signatures</u>**. This Subscription Agreement may be executed in several counterparts, each of which shall be deemed an original but all of which shall constitute one and the same instrument. Facsimile or PDF counterpart signatures to this Subscription Agreement shall be acceptable and binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.12. **<u>Electronic Delivery of Communications</u>**. The Subscriber hereby acknowledges and agrees that the Company and/or the Adviser may deliver and make reports, statements and other communications, including, without limitation, the Offering Documents, this Subscription Agreement, Form 1099s and other tax related information and documentation (*"Account Communications"*), available to the Subscriber in electronic form, such as e-mail or by posting on a web site (*<u>e.g.</u>*, the +SUBSCRIBE platform). It is the Subscriber's affirmative obligation to notify the Company in writing if the Subscriber's e-mail address(es) listed in Section 5 of Schedule 1 change(s). The Subscriber may revoke or restrict its consent to electronic delivery of Account Communications at any time by notifying the Company, in writing, of the Subscriber's intention to do so, and will thereafter receive such Account Communications in paper form.

16. **<u>Compliance with the U.S. Patriot Act; Solicitation Fee Acknowledgment</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1. **<u>Compliance with the U.S. Patriot Act</u>**. The Subscriber hereby understands that to help the United States government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify and record information that identifies each Subscriber who opens an account, all as set forth on Schedule 1. The responses provided on such Schedule are deemed to be made in this Subscription Agreement as if expressly set forth herein.

**<u>FOR ALL SUBSCRIBERS</u>**

17. **<u>Confidentiality.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Subscriber acknowledges that the Offering Document and other information relating to the Company have been submitted to the Subscriber on a confidential basis for use solely in connection with the Subscriber's consideration of the purchase of Shares. The Subscriber agrees that, without the prior written consent of the Company (which consent may be withheld at the sole discretion of the Company), the Subscriber shall not (i) reproduce the Offering Document or any other information relating to the Company, in whole or in part, or (ii) disclose the Offering Document or any other information relating to the Company to any person who is not an officer or employee of the Subscriber who is involved in its investments, or partner (general or limited) or affiliate of the Subscriber (it being understood and agreed that if the Subscriber is a pooled investment fund, it shall only be permitted to disclose the Offering Document or other information related to the Company to its limited partners or underlying investors if the Subscriber has required its limited partners or underlying investors to enter into confidentiality undertakings no less onerous than the provisions of this Section 17), except to the extent (A) such information has become generally available to the public other than as a result of the breach of this Section 17 by the Subscriber or any agent or affiliate of the Subscriber; (B) such information may be required to be included in any report, statement or testimony required to be submitted to any municipal, state or national regulatory body having jurisdiction over the Subscriber; (C) such information may be required in response to any summons or subpoena or in connection with any litigation; (D) necessary to comply with any law, order, regulation or ruling applicable to the Subscriber; (E) it is necessary to disclose such information to the Subscriber's employees and professional advisors (including the Subscriber's auditors and counsel and, for an ERISA Stockholder, such Persons as are necessary for the proper administration of the ERISA plan), so long as such Persons are advised of the confidentiality obligations contained herein; and (F) such information may be required in connection with an audit by any taxing authority. The Subscriber further agrees to return the Offering Document and any other information relating to the Company if no purchase of Shares is made or upon the Company's request therefore. The Subscriber acknowledges and agrees that monetary damages would not be sufficient remedy for any breach of this section by it, and that in addition to any other remedies available to the Company in respect of any such breach, the Company shall be entitled to specific performance and injunctive or other equitable relief as a remedy for any such breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Subscriber further acknowledges that all information received in connection with this Subscription Agreement and the Company is confidential, and agrees that in the event the Subscriber receives material non-public information, the Subscriber shall not engage in any securities trading on the basis of such information in violation of applicable law.

18. **<u>Tax Matters</u>**. The Subscriber agrees to furnish the Company or the Adviser with any information, representations and forms as shall reasonably be requested by the Company or the Adviser from time to time to assist it in complying with any applicable law or tax requirements or determining the extent of, and in fulfilling, its withholding obligations. The Subscriber agrees to furnish the Adviser with any representations and forms as shall reasonably be requested by the Adviser to assist it in obtaining any exemption, reduction or refund of any withholding or other taxes imposed by any taxing authority or other governmental agency upon the Company or amounts paid to the Company.

19. **<u>FATCA and CRS</u>**. The Subscriber agrees to provide to the Company or its agents, upon request, any documentation or other information regarding the Subscriber and its beneficial owners that the Company or its agents may require from time to time in connection with the Company's obligations under, and compliance with, applicable laws and regulations including, but not limited to, FATCA and the Common Reporting Standard ("<u>CRS</u>") developed by the Organisation for Economic Co-operation and Development, both FATCA and CRS as implemented in the Cayman Islands. By executing this Subscription Agreement, the Subscriber waives, to the fullest extent permitted by law, any provision under the laws and regulations of any jurisdiction that would, in the absence of such waiver, prevent or inhibit the Company's compliance with applicable law as described in this paragraph including, but not limited to preventing (a) the Subscriber from providing any requested information or documentation, or (b) the disclosure by the Company or its agents of the provided information or documentation to applicable governmental or regulatory authorities. The Subscriber further acknowledges that the Company and the Adviser may take such action as each of them considers necessary in relation to such Subscriber's holding and/or withdrawal proceeds to ensure that any withholding tax payable by the Company, and any related costs, interest, penalties and other losses and liabilities suffered by the Company, or any other investor, or any agent, delegate, employee, director, officer or affiliate of any of the foregoing persons, arising from such Company's failure to provide any requested documentation or other information to the Company, is economically borne by such Subscriber. Such actions may include, but are not limited to, the following

**<u>FOR ALL SUBSCRIBERS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The disclosure by the Company or such other service provider or delegate of the Company, of certain information relating to the Subscriber to the Cayman Islands Tax Information Authority ("<u>TIA</u>") or equivalent authority and any other foreign government body as required by FATCA or CRS. Such information may include, without limitation, confidential information such as financial information concerning the Subscriber's investment in the Company, and any information relating to any stockholders, principals, partners, beneficial owners (direct or indirect) or controlling persons (direct or indirect) of the Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company may compulsorily withdraw the Subscriber in accordance with the terms of the Investment Advisory Agreement and may deduct relevant amounts from the Subscriber so that any withholding tax payable by the Company or any related costs, debts, expenses, obligations or liabilities (whether internal or external to the Company) are recovered from the Subscriber whose action or inaction (directly or indirectly) gave rise or contributed to such taxes, costs or liabilities. The Subscriber expressly acknowledges that such documentation and the information therein may be provided to the TIA and/or the United States Internal Revenue Service and to any withholding agent that has control, receipt or custody of the income of which the Subscriber is the beneficial owner or any withholding agent that can disburse or make payments of the income of which the Subscriber is the beneficial owner. The Subscriber acknowledges that the Company or any relevant service provider or delegate of the Company will be required to report to the TIA on an annual basis, with account information being disseminated by the TIA to tax authorities around the globe. The Cayman Islands government may also enter into additional agreements with other countries in the future, and additional countries may adopt CRS, which will likely further increase the reporting and/or withholding obligations of the Company.

20. **<u>Compliance with Laws; Disclosure</u>**. The Company may disclose information concerning the Company or the Stockholders to the extent necessary to comply with applicable laws, including ERISA (if applicable), and regulations or policies, including any anti-money laundering or anti-terrorist laws or regulations or policies related thereto. Each Subscriber hereby agrees to provide the Company, promptly upon request, all information that the Company reasonably deems necessary to enable the Company and/or the Adviser to comply with applicable laws, including, without limitation, ERISA (if applicable) and the Investment Company Act, and regulations or policies thereunder. The Subscriber consents to disclosure by the Company and its agents of information pertaining to the Subscriber to relevant third parties as the Company or its agents reasonably deem appropriate or necessary in connection with the operations of the Company, including without limitation, to governmental, regulatory, national security, courts, law enforcement or other authorities, banks, financial intermediaries and counterparties, including, without limitation, to parties outside of the jurisdiction in which the information was initially collected by the Company. The Subscriber hereby agrees to provide the Company and the Company's custodian, promptly upon request, all information requested in connection with their anti-money laundering and know-your-customer requirements. Each Subscriber hereby represents and warrants that the Subscriber has obtained all consents and approvals, as required by all applicable laws, regulations, by-laws and ordinances that regulate the collection, processing, use or disclosure of information concerning the Subscriber, necessary to disclose such information to the Company, and as required for the Company to use and disclose such information in connection with the performance of its obligations hereunder, and that the disclosure of such information does not violate any applicable laws, regulations, by-laws or ordinances. The Subscriber shall fully indemnify the Company and the Company shall have no liability for any action taken or omitted by it in reliance upon the foregoing representation and warranty for claims or complaints for failure to comply with any applicable law that regulates the collection, processing, use or disclosure of information concerning the Subscriber.

**<u>FOR ALL SUBSCRIBERS</u>**

**<u>Privacy Policy</u>**

Stone Point Capital LLC ("**Stone Point**") has established policies with respect to nonpublic personal information provided to it with respect to individuals who are investors in the Company, which policies also apply to the Stone Point Credit Adviser LLC (the "**Adviser**" and "**Administrator**" of the Company). The Company has adopted the privacy policies of the Adviser as applicable to the Company.

The Company considers privacy to be fundamental to its relationship with its Stockholders. The Company is committed to maintaining the confidentiality, integrity and security of a Stockholder's non-public personal information. Accordingly, the Company has developed internal policies and practices to protect the confidentiality of non-public personal information while still meeting Stockholders' needs. The Company is providing this notice to Stockholders to describe what kinds of information the Company collects about Stockholders, how that information is used, the circumstances in which that information may be disclosed to third parties, and certain rights that Stockholders may have with respect to that information. Stockholders can find the Company's privacy policy at www.stonepoint.com. This notice may be changed at any time, provided a notice of such change is given to Stockholders. If you are an investor or prospective investor and you provide personal information on behalf of any natural person to us, you should provide a copy of this notice to that person.

***Collection of Information***

In order to conduct the Company's investment program in an accurate and efficient manner, the Company must collect and maintain certain non-public personal information about Stockholders. The Company may collect and maintain the following categories of personal information:

&nbsp;&nbsp;&nbsp;&nbsp;· Identifiers, including name, physical address, e-mail address, phone
number, Social Security number, passport number, driver's license information, bank account number, other financial information
and related non-public personal information that identifies Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;· Know Your Client (KYC) and anti-money laundering (AML) information,
including country of origin/nationality, country of domicile/tax residence, tax reference number, date of birth, occupation, information
relating to politically exposed persons and foreign political figures

&nbsp;&nbsp;&nbsp;&nbsp;· Commercial information, including Stockholders' financial transaction
information and creditworthiness

&nbsp;&nbsp;&nbsp;&nbsp;· Information reflecting a Stockholder's preferences or characteristics

***Sources of Information***

&nbsp;&nbsp;&nbsp;&nbsp;· The Company obtains the categories of personal information listed above from the following sources:

---

| | |
|:---|:---|
| ⮚ | Information directly from Stockholders through subscription agreements, questionnaires or other forms that Stockholders submit to the Company |
| ⮚ | Information from transactions made with the Company, its affiliates or third parties |
| ⮚ | Information the Company may acquire through meetings, telephone conversations, e-mail messages and other interactions the Company may have with Stockholders over the Internet or via other technologies |
| ⮚ | Information from publicly available sources (e.g., court records) |

---

 ****

⮚ Third-party service providers such as KYC service providers and consumer reporting agencies

 ****

**<u>FOR ALL SUBSCRIBERS</u>**

***Use of Information***

The Company may use or disclose the personal information it collects for one or more of the following business purposes:

&nbsp;&nbsp;&nbsp;&nbsp;· To complete the transaction for which the personal information was collected or to provide a service requested
by a Stockholder

&nbsp;&nbsp;&nbsp;&nbsp;· To create, maintain, customize and secure Stockholder accounts

&nbsp;&nbsp;&nbsp;&nbsp;· To communicate with Stockholders and provide information the Company believes may be of interest to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;· To process Stockholder requests, transactions, payments and prevent transactional fraud

&nbsp;&nbsp;&nbsp;&nbsp;· To help detect, prevent, investigate, and prosecute fraud and/or other criminal activity

&nbsp;&nbsp;&nbsp;&nbsp;· To help maintain the safety, security and integrity of the Company's business, services, website
and other technology assets

&nbsp;&nbsp;&nbsp;&nbsp;· To establish or defend the Company's legal rights

&nbsp;&nbsp;&nbsp;&nbsp;· To comply with applicable KYC and AML laws and regulations

&nbsp;&nbsp;&nbsp;&nbsp;· To comply with any other legal, compliance and/or regulatory obligations

&nbsp;&nbsp;&nbsp;&nbsp;· To comply with general business, research or operational purposes or for all other reasons as permitted
by law or regulation

***Disclosure of Information***

The Company will not disclose any non-public personal information about Stockholders to third parties, except as set out below.

The Company may disclose the categories of personal information described above to its affiliates and service providers as allowed by applicable law or regulation, including any anti-money laundering or anti-terrorist laws or regulations. In the normal course of serving Stockholders, information the Company collects may be shared with companies that perform various services to the Company such as its accountants, attorneys, auditors, banks, transfer agents, escrow agents, custodians, administrative agents, marketing service firms, broker-dealers and other similar relationships, to facilitate the acceptance and management of a Stockholder's investment. Specifically, the Company may disclose to these service providers non-public personal information including:

&nbsp;&nbsp;&nbsp;&nbsp;· Information
 received on subscription agreements or other forms, such as name, address, account or tax
 identification number and the types and amounts of investments.

&nbsp;&nbsp;&nbsp;&nbsp;· Information
 about transactions with the Company, its affiliates or others, such as participation in other
 investment programs, ownership of certain types of accounts such as IRAs or other account
 data; and

&nbsp;&nbsp;&nbsp;&nbsp;· Information
 the Company receives from a consumer reporting agency, such as an individual's creditworthiness
 and credit history.

**<u>FOR ALL SUBSCRIBERS</u>**

In addition, the Company may also disclose personal information (i) if compelled to do so by law or in connection with any government or regulatory organization request or investigation; (ii) with certain of the Company's portfolio investments and/or their advisors, when necessary, to meet withholding tax requirements or other legal and/or regulatory obligations or to facilitate transaction-related matters; (iii) in the event the Company sells or transfers (or is in negotiations to sell or transfer) all or a portion of its business or assets (including in the event of a reorganization, dissolution, or liquidation); or (iv) when a Stockholder directs the Company to do so.

Any third-party that receives non-public personal information is required to use Stockholder information only for the purposes for which the Company discloses the information to them and as allowed by applicable law or regulation. Such third-party is not permitted to share or use this information for any other purpose. The Company does not sell Stockholder personal information.

***Employee Access***

To protect non-public personal information, the Company permits access only to authorized employees who need access to that information to provide services to Stockholders or in connection with the administration of the Company. The Company maintains physical, electronic and procedural safeguards pursuant to applicable law which are designed to guard non-public personal information. An individual Stockholder's rights under this policy extend to all forms of contact with the Company, including telephone, written correspondence and electronic media, such as the Internet.

***California Residents***

This provision supplements the information contained above and applies solely to residents of California. Stockholders have the right to request that the Company disclose the following information to them about the Company's collection, disclosure, and use of personal information over the 12 months prior to the date of such request:

&nbsp;&nbsp;&nbsp;&nbsp;· The categories of personal information the Company collects about a
Stockholder.

&nbsp;&nbsp;&nbsp;&nbsp;· The categories of sources for the personal information the Company
collects about a Stockholder.

&nbsp;&nbsp;&nbsp;&nbsp;· The
 Company's business or commercial purpose for collecting that personal information.

&nbsp;&nbsp;&nbsp;&nbsp;· The
 categories of third parties with whom the Company shares that personal information.

&nbsp;&nbsp;&nbsp;&nbsp;· The specific pieces of personal information collected about a Stockholder.

If the Company disclosed personal information for a business purpose, a list of the categories of personal information the Company has disclosed in the prior 12 months.

Stockholders have the right to request that the Company delete any of a Stockholder's personal information that was collected and retained. The Company will, however, not delete personal information if it is needed (i) to fulfill the Company's obligation to a Stockholder, (ii) to comply with legal and regulatory obligations, (iii) to protect the security or functionality of our operations, or (iv) for certain other reasons in accordance with applicable law or regulation.

To exercise the rights described above, Stockholders may submit a verifiable consumer request to the Company by either e-mailing the Company at SPCprivacyrequests@stonepoint.com or calling the Company at (833) 786-7682. The request must provide sufficient information that allows the Company to reasonably verify a Stockholder is the person about whom the Company collected personal information and it must describe such Stockholder's request with sufficient detail that allows the Company to properly understand, evaluate, and respond to it. The Company will only use personal information provided in a verifiable consumer request to verify the requestor's identity or authority to make the request. The Company will not deny services, charge different prices, offer a different quality of service or otherwise discriminate against a Stockholder for exercising these rights.

If you have any questions concerning our privacy policies, please contact Jacqueline Giammarco (telephone: (203) 862-3124).

**<u>FOR ALL SUBSCRIBERS</u>**

**<u>SIGNATURE PAGE</u>**

INDIVIDUAL SUBSCRIBER: INSTITUTIONAL SUBSCRIBER\*: <br>     <br> Name of Individual Subscriber Name of Institutional Subscriber

Signature:   By:  

Print Name:   Print Name:  

Date:   Title:   <br> Date:  

\*If IRA, must be in the form of:<u>(the name of the IRA Custodian) for the benefit of (the name of the individual)</u> and must also be acknowledged by custodian or trustee below.

***Acknowledgment by IRA Custodian or Trustee with respect to Investment for an IRA***:

By signing below, the undersigned custodian or trustee of the IRA for the benefit of the Individual Subscriber named above (the "*<u>Client IRA</u>"*) acknowledges that investment in the Company is being made through the Client IRA from the below referenced account and certifies that the Client IRA has directed the custodian or trustee to sign this Subscription Agreement on behalf of the IRA. The trustee or custodian's contact, account reference number and Tax ID are set forth below.

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| |
|:---|
| &nbsp;&nbsp;Name of IRA Holder: |
| &nbsp;&nbsp;Name and Address of Custodian: |
| &nbsp;&nbsp;Contact Individual: |
| &nbsp;&nbsp;IRA Account or Other Reference Number: |
| &nbsp;&nbsp;Trustee/Custodian's Tax I.D. Number: |
| &nbsp;&nbsp;Acknowledgement by Custodian: |

---

By:   <br> Name:   <br> Title:  

**<u>ALL SUBSCRIBERS, PLEASE FOLLOW THESE INSTRUCTIONS:</u>**

***<u>ALL SUBSCRIBERS</u>: If you do not complete the applicable Schedule(s) or Annexes attached hereto, your Subscription Agreement shall be deemed incomplete and will be returned to you.<br><u>INDIVIDUAL SUBSCRIBERS</u>: Please complete Schedules 1 and 2 (if applicable) and Annex A attached hereto.<br><u>INSTITUTIONAL SUBSCRIBERS</u>: Please complete Schedules 1 and 2 (if applicable) and Annex B attached hereto.***

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THIS SUBSCRIPTION AGREEMENT SHALL NOT BE EFFECTIVE UNLESS AND UNTIL IT IS COUNTERSIGNED BY THE COMPANY:

***[Company's signature page follows]***

**<u>FOR ALL SUBSCRIBERS</u>**

**<u>SIGNATURE PAGE OF THE COMPANY</u>:**

Agreed to and Accepted by

STONE POINT CREDIT CORPORATION

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| | |
|:---|:---|
| as of ______________________________, 20___ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$___________________________ |
|  | &nbsp;&nbsp;&nbsp; Amount of Commitment Accepted |

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By:

Print Name:  

Title:

**<u>FOR ALL SUBSCRIBERS</u>**

**<u>Schedule 1 to Subscription Agreement</u>:**

**<u>Subscriber Information</u>**

**<u>(For All Subscribers)</u>**

**Instructions**: Please complete the applicable parts of this Schedule.

**Name and Address** (please print)

Name (Print both names if joint registration)

Street Address/Address of Principal Office (No P.O. Boxes)

                (<u> </u>)<u> </u> <br> City State Zip Code Telephone No.

1. **<u>Investment</u>**. The minimum Capital Commitment for an institutional investor that is a U.S. person is $250,000, and the minimum Capital Commitment of a retail investor that is a U.S. person is $50,000. Any subsequent Capital Commitments of such an institutional and a retail investor are expected to be in increments of $250,000 and $50,000, respectively. The minimum Capital Commitment of an institutional and a retail investor that are not U.S. persons are $500,000 and $100,000, respectively. Any subsequent Capital Commitments of such an institutional and a retail investor are expected to be in increments of $250,000 and $50,000, respectively. Please indicate below the amount of the Subscriber's Capital Commitment in the Company.

Amount of Capital Commitment: $________________

Payment made by wire direct to:

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| | |
|:---|:---|
| &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;ABA# | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;DDA# | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;Ultimate Acct Name: | &nbsp;&nbsp;Stone Point Credit Corporation |
| &nbsp;&nbsp;FFC: | &nbsp;&nbsp;Account Name |

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2. **<u>Primary Contact Person for this Account</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address:

Telephone Number:  

Telefax Number (if available):  

E-mail Address:  

**<u>FOR ALL SUBSCRIBERS</u>**

3. **<u>Persons authorized to act for the Subscriber</u> *(<u>i.e.</u> authorized to invest in funds, request redemptions or withdrawal, direct payment of funds, etc.)*.** In addition to the persons authorized by the power of attorney contained in Section 10 of the Subscription Agreement, the Subscriber hereby authorizes the person(s) noted below to act individually on behalf of this account unless otherwise noted. Please provide name, specimen signatures and titles in the form that such person would sign documents on behalf of this account, and telephone numbers. Without limiting the power of attorney contained in Section 10 of the Subscription Agreement, if there are circumstances under which more than one signature is required to take action with respect to this account, please state such circumstances. Requests to change the identity of persons authorized to act on behalf of a Subscriber which is a corporation, partnership, trust, estate or other fiduciary must be accompanied by appropriate documentation establishing the authority of the person seeking to act on behalf of the Subscriber. The Subscriber agrees that the Company may rely on the information provided herein until it receives written notice of superseding instructions.

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| | |
|:---|:---|
| **3.1** | **3.2** |
| Signature | Signature |
| Name (and title, if applicable) | Name (and title, if applicable) |
| Telephone number | Telephone number |

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| | |
|:---|:---|
| **3.3** | **3.4** |
| Signature | Signature |
| Name (and title, if applicable) | Name (and title, if applicable) |
| Telephone number | Telephone number |

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**<u>FOR ALL SUBSCRIBERS</u>**

4. **<u>Tax Information</u>:**

Please provide your Taxpayer I.D. Number/Social Security Number ***(as applicable)***:

Tax ID/SSN: ______________________________

For ***<u>Joint Accounts,</u>*** please provide the Taxpayer I.D. or Social Security Number (as applicable) for each Joint Account Holder.

Name:   Tax ID:   <br>Name:   Tax ID:  

The Subscriber is a (***please check the appropriate box)***:

◻Corporation

◻Limited Partnership

◻General Partnership

◻Limited Liability Company

◻S-Corporation

◻Charitable Trust

◻Tax-Exempt Endowment

◻Private Tax-Exempt Foundation

◻Employee Benefit Plan (self-directed)

◻Employee Benefit Plan (trustee directed)

◻Fund of Funds

◻Other Tax Exempt Organization_____________________________

◻Other _____________________________

Tax year ends: ____________________

State ***(if applicable)*** and country of residence for tax purposes: ____________________

For a domestic self-directed employee benefit plan (e.g. Keogh or self-directed 401k):

Keogh or Plan Account Number _______________

Tax year ends ____________________

Plan or Custodian Taxpayer I.D. Number ______________________________

**<u>SCHEDULE 1 - FOR ALL SUBSCRIBERS</u>**

**Cost Basis Election:**

All Subscribers, please elect a cost basis reporting method that will apply with respect to your investment in the Shares by checking the applicable box below (if you do not elect a cost basis method below, the default method that will apply to your Shares is First In, First Out (FIFO)):

◻First In, First Out (FIFO) (This is the default method if no election is made.)

◻Average Cost Basis

◻Specific Share Identification (SSI)

◻SSI – First In, First Out (SSI – FIFO)

◻SSI – Highest In, First Out (SSI – HIFO)

◻SSI - Low Cost Long Term

◻SSI - Low Cost

◻SSI - Low Cost Short Term

◻SSI - High Cost Long Term

◻SSI - High Cost Short Term

◻SSI – Last In, First Out (SSI – LIFO)

◻SSI – Proportional

◻SSI – Manual Selection

If you wish to change your cost basis election at any time in the future, please contact the Company and provide your account number, current cost-basis election and revised cost-basis election. The Company will provide the information to the Company's custodian to implement the change.

**<u>SCHEDULE 1 - FOR ALL SUBSCRIBERS</u>**

5.  **<u>Statements and Other Correspondence</u>.** Statements and other correspondence should be sent to (give name, address, fax number
 and email address, if available):

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| | | |
|:---|:---|:---|
|  | **<u>Primary Contact</u>** | **<u>Secondary Contact</u>** |
| &nbsp;&nbsp;Name |  |  |
| &nbsp;&nbsp;Company<br> (if applicable) |  |  |
| &nbsp;&nbsp;Title<br> (if applicable) |  |  |
| &nbsp;&nbsp;Address |  |  |
| &nbsp;&nbsp;Phone |  |  |
| &nbsp;&nbsp;Fax |  |  |
| &nbsp;&nbsp;E-mail |  |  |

---

**Type of Correspondence Contacts should receive *(please check all that apply)*:**

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>Primary Contact</u>** | &nbsp;&nbsp;**<u>Secondary Contact</u>** |
| &nbsp;&nbsp;Funding Notices |  |  |
| &nbsp;&nbsp;Annual Financial Statements |  |  |
| &nbsp;&nbsp;Quarterly Reports |  |  |
| &nbsp;&nbsp;1099s and Tax Information |  |  |
| &nbsp;&nbsp;Original Legal Documents |  |  |
| &nbsp;&nbsp;Copy of Legal Documents |  |  |
| &nbsp;&nbsp;Amendments or Other Documents to be Signed |  |  |
| &nbsp;&nbsp;Other Investor Correspondence |  |  |
| &nbsp;&nbsp;Distribution Notice |  |  |

---

**<u>SCHEDULE 1 - FOR ALL SUBSCRIBERS</u>**

6. **<u>Distributions</u>.** Please check the appropriate box to elect participation in the Company's Dividend Reinvestment Plan:

◻ Please check here if the Subscriber wishes to "opt in" to the Company's Dividend Reinvestment Plan prior to an Exchange Listing.

◻ Please check here if the Subscriber wishes to "opt out" of the Company's Dividend Reinvestment Plan and receive cash distributions.

Please indicate where cash distributions should be sent ***(please check and complete one)***:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>For All Subscribers</u>** | &nbsp;&nbsp;◻ Wire distributions to: | &nbsp;&nbsp;◻ Send check to: |
| &nbsp;&nbsp;Bank Name: | &nbsp;&nbsp;_________________________________ | &nbsp;&nbsp;_________________________________ |
| &nbsp;&nbsp;Bank Address: | &nbsp;&nbsp;_________________________________ | &nbsp;&nbsp;_________________________________ |
| &nbsp;&nbsp;Bank ABA #: | &nbsp;&nbsp;_________________________________ | &nbsp;&nbsp;_________________________________ |
| &nbsp;&nbsp;Account Number: | &nbsp;&nbsp;_________________________________ | &nbsp;&nbsp;_________________________________ |
| &nbsp;&nbsp;Account Name: | &nbsp;&nbsp;_________________________________ | &nbsp;&nbsp;_________________________________ |
| &nbsp;&nbsp;Reference: | &nbsp;&nbsp;_________________________________ | &nbsp;&nbsp;_________________________________ |
| &nbsp;&nbsp;Contact Name: | &nbsp;&nbsp;_________________________________ | &nbsp;&nbsp;_________________________________ |
| &nbsp;&nbsp;Phone: | &nbsp;&nbsp;_________________________________ | &nbsp;&nbsp;_________________________________ |
| &nbsp;&nbsp;Email: | &nbsp;&nbsp;_________________________________ | &nbsp;&nbsp;_________________________________ |
| &nbsp;&nbsp;SWIFT Code: | &nbsp;&nbsp;_________________________________ | &nbsp;&nbsp;_________________________________ |
| &nbsp;&nbsp;Comments: | &nbsp;&nbsp;_________________________________ | &nbsp;&nbsp;_________________________________ |
| &nbsp;&nbsp;**<u>For Non-US Subscribers Only:</u>** |  |  |
| &nbsp;&nbsp;US Correspondent Bank Name: | &nbsp;&nbsp;_________________________________ | &nbsp;&nbsp;_________________________________ |
| &nbsp;&nbsp;US Correspondent Bank's Routing Codes (either ABA # or CHIPS #): | &nbsp;&nbsp;<br> _________________________________ | &nbsp;&nbsp;<br> _________________________________ |
| &nbsp;&nbsp;Beneficiary's Bank's Name: | &nbsp;&nbsp;_________________________________ | &nbsp;&nbsp;_________________________________ |
| &nbsp;&nbsp;Beneficiary's Bank's Routing Codes (either BIC # or UID #): | &nbsp;&nbsp;<br> _________________________________ | &nbsp;&nbsp;<br> _________________________________ |
| &nbsp;&nbsp;Beneficiary's Name: | &nbsp;&nbsp;_________________________________ | &nbsp;&nbsp;_________________________________ |
| &nbsp;&nbsp;Beneficiary's Account Number: | &nbsp;&nbsp;_________________________________ | &nbsp;&nbsp;_________________________________ |
| &nbsp;&nbsp;Additional Reference Information: | &nbsp;&nbsp;_________________________________ | &nbsp;&nbsp;_________________________________ |

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**<u>SCHEDULE 1 - FOR ALL SUBSCRIBERS</u>**

7. **<u>Service of Process</u>. *(For foreign Subscribers only. Does not apply to U.S. domestic Subscribers.)*** If the Subscriber is either a foreign entity or is not a permanent resident of the United States, the Subscriber hereby irrevocably appoints the following as an agent within the United States to receive service of process on behalf of the Subscriber in connection with the enforcement of the obligation of the Subscriber to make capital contributions to the Company, or otherwise in connection with the Subscriber's subscription to contribute capital to the Company:

8. **<u>Additional Information</u>**. Please indicate your agreement with the statements below by checking "yes" or "no".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 You understand that the entire amount
 of your investment may be lost.<br> ◻ Yes ◻ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 You have prior experience investing in,
 and are familiar with, the types of investments in which the Company will invest. ◻ Yes ◻ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Following your investment in the Company,
 you will have adequate means of providing for your current needs and contingencies and you
 have no need for liquidity in this investment. ◻ Yes ◻ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 Your investment in the Company represents
 less than 5% of your net worth (excluding principal residence). ◻ Yes ◻ No

If not, estimate percentage of net worth (excluding principal residence)<u> </u>%.

9. **<u>Subscriber Status as Agent or Nominee</u>**

***(The Subscriber must initial each applicable category.)***

____ The Subscriber is acquiring the Shares for its own account, risk and beneficial interest.

OR

____ The Subscriber is acting as an Agent or Nominee on behalf of the beneficial owner.

10. **<u>Questionnaire regarding the Beneficial Owner of the Shares for Purposes of Rule 506(d) Under Regulation D of the Securities Act</u>**

Please complete the below questions on behalf of the beneficial owner<sup>2</sup> of the Shares in the Company.

<sup>2</sup> For purposes of this Section 10, the term "*<u>beneficial owner</u>*" is interpreted in the same manner as under Rule 13d-3 of the U.S. Securities Exchange Act of 1934, as amended, and includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, under Rule 13d-3 has or shares, or is deemed to have or share: (a) voting power, which includes the power to vote, or to direct the voting of, such security; and/or (b) investment power, which includes the power to dispose of, or to direct the disposition of, such security. Beneficial ownership includes both direct and indirect interests, determined as under Rule 13d-3. In addition, where holders of Shares have voting agreements in place, they may be required to aggregate their Shares to determine if they are beneficial owners of 20% or more of Shares in accordance with Rule 13d-3 and Rule 13d-5(b), and who within the voting group is deemed the beneficial owner.

**<u>SCHEDULE 1 - FOR ALL SUBSCRIBERS</u>**

***<u>(Please Check Each as Applicable)</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 Has the beneficial owner, within the
 last ten (10) years, been convicted of a felony or misdemeanor (a) in connection
 with the purchase or sale of any security, (b) involving the making of any false filing
 with the SEC or (c) arising out of the conduct of the business of an underwriter, broker,
 dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of
 securities?

◻Yes ◻ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Is the beneficial owner subject to any
 order, judgment or decree of any court of competent jurisdiction, entered in the last five
 (5) years, that restrains or enjoins the beneficial owner from engaging in or continuing
 to engage in any conduct or practice (a) in connection with the purchase or sale of
 any security, (b) involving the making of a false filing with the SEC or (c) arising
 out of the conduct of the business of an underwriter, broker, dealer, municipal securities
 dealer, investment adviser or paid solicitor of purchasers of securities?

◻Yes ◻ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 Is the beneficial owner subject to a
 Final Order <sup>3
</sup> of a state securities commission (or an agency or officer of a state performing
 like functions), a state authority that supervises or examines banks, savings associations,
 or credit unions, a state insurance commission (or an agency or officer of a state performing
 like functions), an appropriate federal banking agency, the U.S. Commodity Futures Trading
 Commission, or the National Credit Union Administration, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) bars the beneficial owner from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) association with an entity regulated
 by such commission, authority, agency, or officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) engaging in the business
 of securities, insurance, or banking; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) engaging in savings
 association or credit union activities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) constitutes a Final Order based on a violation
 of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct within
 the last ten (10) years?

◻Yes ◻ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 Is the beneficial owner subject to an
 order of the SEC pursuant to Section 15(b) or 15B(c) of the Exchange Act or
 Section 203(e) or (f) of the Advisers Act that (a) suspends or revokes
 the beneficial owner's registration as a broker, dealer, municipal securities dealer
 or investment adviser, (b) places limitations on the beneficial owner's activities,
 functions or operations, or (c) bars the beneficial owner from being associated with
 any entity or from participating in the offering of any penny stock?

◻Yes ◻ No

<sup>3</sup> The term "*<u>Final Order</u>*" means a written directive or declaratory statement issued by a federal or state agency described in (iii) above pursuant to applicable statutory authority that provides for notice and an opportunity for hearing, which constitutes a final disposition or action by that federal or state agency.

**<u>SCHEDULE 1 - FOR ALL SUBSCRIBERS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 Is the beneficial owner subject to any
 order of the SEC, entered in the last five (5) years, that orders the beneficial owner
 to cease and desist from committing or causing a violation or future violation of (a) any
 scienter-based anti-fraud provision of the federal securities laws (including without limitation
 Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange
 Act and Rule 10b-5 thereunder, Section 15(c)(1) of the Exchange Act and Section 206(1) of
 the Advisers Act, or any other rule or regulation thereunder) or (b) Section 5
 of the Securities Act?

◻Yes ◻ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 Is the beneficial owner suspended or
 expelled from membership in, or suspended or barred from association with a member of, a
 registered national securities exchange or a registered national or affiliated securities
 association for any act or omission to act constituting conduct inconsistent with just and
 equitable principles of trade?

◻Yes ◻ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 Has the beneficial owner filed as a registrant
 or issuer, or has the beneficial owner been named as an underwriter in, any registration
 statement or Regulation A offering statement filed with the SEC that, within the last five
 (5) years, (a) was the subject of a refusal order, stop order, or order suspending
 the Regulation A exemption or (b) is currently the subject of an investigation or a
 proceeding to determine whether such a stop order or suspension order should be issued?

◻Yes ◻ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 Is the beneficial owner subject to (a) a
 United States Postal Service false representation order entered into within the last five
 (5) years, or (b) a temporary restraining order or preliminary injunction with
 respect to conduct alleged by the United States Postal Service to constitute a scheme or
 device for obtaining money or property through the mail by means of false representations?

◻Yes ◻ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 If the answer is "yes" to
 any of questions 10.1 through 10.8 above, has the beneficial owner obtained a waiver from
 disqualification under Rule 506(d)(2) either (a) from the SEC or (b) from
 the court or regulatory authority that entered the relevant order, judgment or decree?

◻Yes ◻ No

**<u>SCHEDULE 1 - FOR ALL SUBSCRIBERS</u>**

If the answer is "Yes" to any of questions 10.1 through 10.9 above, provide an explanation of the matter in question and attach a copy of the order, judgment or other relevant documentation.

The Subscriber hereby confirms that the foregoing statements are true, accurate and complete. The Subscriber further acknowledges, represents, warrants and agrees that (a) the Company is relying on these responses in order to satisfy certain obligations the Company has under federal securities laws, including in connection with SEC filings made by or with respect to the Company, (b) the Subscriber has acted with reasonable care in conducting due diligence (including, in light of the circumstances, making factual inquiry into the existence of any disqualification) to confirm the veracity of the responses, and (c) for so long as the Subscriber holds any Shares in the Company, the Subscriber will notify the Company in writing as soon as reasonably practicable if there is any change in any of the responses set forth herein or if the Subscriber or beneficial owner becomes aware of any pending or threatened proceeding, judgment, order, or other action or circumstance that is reasonably likely to result in any change in the responses set forth in this Section 10.

**<u>SCHEDULE 1 - FOR ALL SUBSCRIBERS</u>**

**<u>Schedule 2 to Subscription Agreement</u>** **:**

**<u>Status as Benefit Plan Investor or Other Plan Investor</u>**

**<u>(For ERISA Stockholders, including IRAs, and Other Plan Investors Only)</u>**

(a) **<u>Overview</u>**

The U.S. Department of Labor (the "*<u>DOL</u>*") has promulgated a regulation, 29 C.F.R. Section 2510.3-101 (as modified by Section 3(42) of the Employee Retirement Income Security Act of 1974, as amended ("*<u>ERISA</u>*"), the "*<u>Plan Assets Regulation</u>*"). Pursuant to the Plan Assets Regulation, the term "*<u>Benefit Plan Investor</u>*" includes: (i) any employee benefit plan (as defined in Section 3(3) of ERISA) subject to Part 4 of Subtitle B of Title I of ERISA; (ii) any plan, account or arrangement that is subject to Section 4975 of the Code; (e.g., an individual retirement account); and (iii) any entity whose underlying assets include plan assets by reason of the investment in the entity, by any employee benefit plan or other plan described in (i) or (ii), or otherwise. For purposes of this determination, (i) the value of equity interests held by a person (other than a Benefit Plan Investor) that has discretionary authority or control with respect to the assets of the entity or that provides investment advice for a fee (direct or indirect) with respect to such assets (or any affiliate of any such person) is disregarded, and (ii) only that portion of the equity interests of an entity described in clause (iii) of the preceding sentence investing in another entity that are held by Benefit Plan Investors are included in the testing of such other entity. Benefit Plan Investors also include that portion of any insurance company's general account assets that are considered "plan assets" for purposes of ERISA or Section 4975 of the Code.

(b) **<u>Status as Benefit Plan Investor (Please Check Each as Applicable)</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Is the Subscriber or will the Subscriber be, or is the Subscriber or will the Subscriber be acting on behalf of any entity that is or will be, an employee benefit plan that is subject to Part 4 of Subtitle B of Title I of ERISA, or an entity any of the assets of which include assets of any such plan?

◻ Yes<br> ◻ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Is the Subscriber or will the Subscriber be, or is the Subscriber or will the Subscriber be acting on behalf of any entity that is or will be, a plan to which Section 4975 of the Code applies, or an entity any of the assets of which include assets of any such plan?

◻ Yes<br> ◻ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Is the Subscriber or will the Subscriber be, or is the Subscriber or will the Subscriber be acting on behalf of any entity that is or will be, an insurance company general account?

◻ Yes<br> ◻ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If the answer to the above question (iii) is "yes", please indicate the maximum percentage (if any) of the Subscriber's assets that constitutes or may in the future constitute assets of Benefit Plan Investors:

_______ %

**<u>SCHEDULE 2 – ERISA AND OTHER PLAN SUBSCRIBERS ONLY</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Is the Subscriber or will the Subscriber be, or is the Subscriber or will the Subscriber be acting on behalf of any entity that is or will be, an entity (other than an insurance company general account) whose underlying assets include plan assets by reason of a plan's investment in the entity?

◻ Yes<br> ◻ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) If the answer to the above question (v) is "yes", please indicate the maximum percentage of the Subscriber's assets that constitutes or may in the future constitute assets of Benefit Plan Investors:

_______ %

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) If the Subscriber is or will be, or is or will be acting on behalf of any entity that is or will be, investing as a trustee or custodian for an Individual Retirement Account (*"<u>IRA</u>"*), is the Subscriber a qualified IRA custodian or trustee? If yes, the Acknowledgement by IRA Custodian or Trustee with respect to Investment for an IRA on the signature page must be completed.

◻ Yes<br> ◻ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Is the Subscriber or will the Subscriber be, or is the Subscriber or will the Subscriber be acting on behalf of any entity that is or will be, a participant-directed plan?

◻ Yes<br> ◻ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) If the answer to the above question (viii) is "yes", have individual plan participants influenced or will they influence the investor's decision to invest the participants' funds in the Company?

◻ Yes

◻ No

**Without limiting the remedies available in the event of a breach, the Subscriber expressly agrees to promptly disclose to the Company in writing any changes with respect to the percentages set forth in question (iv) and (vi) above (as applicable), to promptly re-confirm such percentage at any time upon the request of the Company (or other person acting on behalf of the Company), and to provide such other information reasonably requested by the Company (or other person acting on behalf of the Company) for purposes of determining whether or not the Company is holding "plan assets."**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Is the Subscriber or will the Subscriber be, or is the Subscriber or will the Subscriber be acting on behalf of an entity that is or will be, a "governmental plan" within the meaning of Section 3(32) of ERISA, a "foreign plan," or another plan or retirement arrangement that is not subject to Part 4, subtitle B of Title I of ERISA and with respect to which Section 4975 of the Code does not apply, but is subject to laws similar to ERISA or Section 4975 of the Code or an entity or that is deemed to hold the assets of such a plan (each, an *"<u>Other Plan Investor</u>"*)?

◻ Yes<br> ◻ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) If the answer to the above question (x) is "yes", the Subscriber hereby represents and warrants to and agrees with the Company to the extent applicable, that its assets do not and will not constitute the assets of such Other Plan Investor under the provisions of applicable law.

**<u>SCHEDULE 2 – ERISA AND OTHER PLAN SUBSCRIBERS ONLY</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Is the Subscriber or will the Subscriber be obligated to file an annual return/report on an Internal Revenue Service Form 5500?

◻ Yes<br> ◻ No

*Subscribers answering "yes" to the above question (xii) are requested to provide the following information:*

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| |
|:---|
| &nbsp;&nbsp;Subscriber's plan name: |
| &nbsp;&nbsp;Subscriber's plan number: |
| &nbsp;&nbsp;Name of plan sponsor: |
| &nbsp;&nbsp;EIN of plan sponsor: |
| &nbsp;&nbsp;Name of plan trustee: |

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(c) **<u>For ERISA Stockholders and Other Plan Investors</u>.** If the Subscriber is, or is acting on behalf of, a Benefit Plan Investor or an Other Plan Investor (each, a *"<u>Plan</u>"*), as an inducement to the Company's sale, issuance of, or consent to transfer of, the Shares to the Subscriber, the Subscriber represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) ◻ The Subscriber has been informed of and understands the Company's investment objectives, policies and strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) ◻ The decision to invest in the Company was made by the applicable fiduciaries that have the authority and discretion to and are duly authorized to make such investment with appropriate consideration of relevant investment factors with regard to the Stockholder and is consistent with the duties and responsibilities imposed upon fiduciaries with regard to their investment decisions under ERISA or other applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) ◻ The Subscriber has the authority to invest plan assets in the Company under the appropriate investment policies and governing instruments applicable to the Stockholder for which the Subscriber is acting and under Title I of ERISA or similar applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) ◻ The Subscriber's decision to invest plan assets in the Company was made solely by the applicable fiduciary(ies), following appropriate consideration of the Offering Document and the Governing Documents, and the applicable fiduciary's duties and responsibilities as a fiduciary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) ◻ The Adviser has acted not as an "investment adviser" or otherwise as a fiduciary (within the meaning of Section 3(21) of ERISA, Section 4975 of the Code or other similar law) with respect to the decision of the ERISA Stockholder or Other Plan Investor to invest in the Company or to direct the Company to enter into the Investment Advisory Agreement with the Adviser;

**<u>SCHEDULE 2 – ERISA AND OTHER PLAN SUBSCRIBERS ONLY</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) ◻ The Adviser is responsible only for the assets of the Company and the Adviser has no responsibility or authority with respect to any other assets of the Stockholder or with respect to: (i) the contents of the employee benefit plan comprising the Stockholder and applicable trust documents, (ii) the role that the Stockholder's investment in the Company plays in the context of the ERISA Stockholder's overall portfolio; (iii) the composition of the Stockholder's portfolio with regard to diversification; (iv) the liquidity and anticipated current return of the Stockholder's portfolio relative to the anticipated cash flow requirements of the Stockholder; or (v) the projected return of the portfolio with respect to the funding objectives of the Stockholder. The Subscriber understands that this representation and warranty is being provided to the Company and the Adviser for the express purpose of assisting them in the performance of their duties with respect to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) ◻ The acquisition and holding of Shares by the Subscriber will not result in the occurrence of a non-exempt prohibited transaction under Part 4 of Title I of ERISA or under the related excise tax provisions of Section 4975 of the Code, or a violation of any Similar Law applicable to the Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) ◻ The Subscriber is aware of and has taken into consideration the diversification requirements of and other fiduciary duties under Section 404(a)(1) of ERISA or any other similar applicable law and have concluded that the proposed investment by the Company is a prudent one;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) ◻ The Subscriber has considered the investment in the Company and has determined that, in view of such considerations, the purchase of Shares is consistent with the Subscriber's responsibilities under ERISA or Section 4975 of the Code, including (i) whether the investment in the Company is prudent; (ii) whether the investment or investment course of action is reasonably designed as part of that portion of the portfolio managed by the Subscriber, taking into account both the risk of loss and the opportunity for gain that could result therefrom; (iii) whether the Stockholder's current and anticipated liquidity needs would be met, given the limited rights to redeem or transfer the Shares; (iv) whether the investment would permit the Stockholder's overall portfolio to remain adequately diversified; (v) whether the investment is permitted under documents governing the Stockholder; (vi) whether the investment may result in any adverse tax consequences to the Stockholder; and (vii) the risks associated with an investment in the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) ◻ The Subscriber (i) is responsible for the decision to invest in the Company; (ii) is independent of the Company, the Adviser and all of their respective affiliates; (iii) has determined that each of the Company and the Adviser is not a "party in interest" or "disqualified person" (as such terms are defined in ERISA and Section 4975 of the Code) with respect to the ERISA Stockholder; (iv) is qualified to make such investment decision and has, to the extent it deems necessary, consulted its own investment advisors and legal counsel regarding the investment in the Company; and (v) in making its decision to invest in the Company has not relied on any advice or recommendation of the Company, the Adviser or any of their affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) ◻ The Subscriber acknowledges that it is intended that the Company will not hold ERISA "plan assets" as defined by the Plan Assets Regulation. Accordingly, the Subscriber acknowledges that the Company has the authority to require the sale of any Shares if the continued holding of such Shares, in the opinion of the Company, could result in the Company being subject to, or violating, ERISA or Section 4975 of the Code;

**<u>SCHEDULE 2 – ERISA AND OTHER PLAN SUBSCRIBERS ONLY</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) ◻ The Subscriber agrees to from time to time hereafter to deliver to the Company, in writing, all of the information that the Company may reasonably request in order to avoid being subject to, or violations of, any provision of ERISA, Section 4975 of the Code or any other laws applicable to the Stockholder, and promptly will notify the Company, in writing, of any change in the information so furnished.

No information that the Company, the Adviser and any persons providing marketing services on their behalf, and their affiliates (collectively, the "*<u>Company Parties</u>*") is providing shall be considered to be or is advice on which the Subscriber may rely for its investment decisions. The Subscriber must make its own decision, with whatever third-party advice it may wish to obtain, and the Subscriber is not authorized to rely on any information any Company Party is providing as advice that is a basis for the Subscriber's decisions. It is expressly confirmed, and the Subscriber expressly acknowledges, that the Company Parties have not made and are not making a recommendation, and have not provided and are not providing investment advice of any kind whatsoever (whether impartial or otherwise), or are giving any advice in ‎a fiduciary capacity, in connection with the Subscriber's decision to execute this Subscription Agreement and consummate the transactions contemplated hereby. Further, the Subscriber acknowledges the Company Parties' financial interests as described in the Offering Document and any related materials.

The undersigned agrees to notify the Company promptly of any changes in the foregoing information which may occur prior to or following an investment in the Company.

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| |
|:---|
| Name of Subscriber (please print) |
| By: Name of Fiduciary |
| By: (Name of Signer, Title/Capacity) |

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**<u>SCHEDULE 2 – ERISA AND OTHER PLAN SUBSCRIBERS ONLY</u>**

**<u>Annex A to Subscription Agreement</u>** **:**

**<u>Subscriber Questionnaire for Individual Investors (including IRAs)</u>**

1. **<u>Subscriber</u>** **<u>as an Individual Investor</u>**. The Subscriber's investment in the Company is being made ***(please check one and any corresponding box underneath the appropriate category)***:

◻ as an individual.

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| | |
|:---|:---|
| ◻ | with the Subscriber's spouse ***(please check one)<sup>1</sup>***: |

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◻ as joint tenants with rights of survivorship.

◻ as tenants in common.

◻ as community property.

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| | |
|:---|:---|
| ◻ | through a revocable trust established to facilitate distribution of the Subscriber's estate and there are ___ living grantor(s) and ___ beneficiary (ies) other than the grantors (determined by treating any person indirectly owning an interest in the trust through one or more pass-through entities (*<u>i.e.</u>*, limited liability companies treated as a partnership for income tax purposes, partnerships, S corporations and trusts) as if such person were a beneficiary). |

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If the Subscriber is investing through a revocable trust, the Subscriber further represents that: ***(Please indicate whether the following representations are applicable by checking the appropriate box.)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. substantially all of the value of each beneficial owner's interest (direct or indirect) in the trust is <u>not</u> attributable to such trust's interest (direct or indirect) in the Company.

**(*Please check one.)*** ◻ Yes ◻No

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| | |
|:---|:---|
| ◻ | through an Individual Retirement Account ***(For U.S. domestic Subscribers only. Does not apply to foreign Subscribers.)*** |

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◻ through the Subscriber's self-directed Keogh Plan Account.

◻ through another self-directed employee benefit plan as defined in Title I of ERISA.

<sup>1</sup> Any Co-Owner other than a spouse must submit a separate subscription agreement.

**<u>ANNEX A – FOR INDIVIDUAL SUBSCRIBERS ONLY</u>**

2. **<u>Subscriber's Net Worth</u>*. (Please indicate whether the following representation is applicable by checking the appropriate box.)*** The Subscriber has a net worth, individually or jointly with the Subscriber's spouse, which exceeds $1,000,000 at the time of the Closing (excluding the value of the investor's primary residence)<sup>2</sup>, or had an individual income in excess of $200,000 in each of the two most recent years or joint income with the Subscriber's spouse of $300,000 in each of those years and the Subscriber has a reasonable expectation of reaching the same income level in the current year.

**(*Please check one)*** ◻ Yes ◻No

3. **<u>Subscriber</u>** **<u>Status as U.S./Foreign Person</u>**. ***(Please read Section 3.1 and check the box if you are described in such section. If not, check the box at 3.2.)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 ◻**<u>For U.S. Persons</u>**. Subscriber is a natural person who is (i) a citizen of the United States or (ii) a resident of the United States, even if not a citizen.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 ◻**<u>For Foreign Persons</u>**. The Subscriber is not a person described in Section 3.1.

4. **<u>Required IRS Certification</u>*. (Please read Section 4.1 if you are a U.S. domestic Subscriber or Section 4.2 if you are a foreign Subscriber and indicate whether either representation is applicable to you by checking the box next such statement)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 ◻ **<u>IRS/W-9 Certification for U.S. Subscribers</u>**. The Subscriber is a person described in Section 3.1 and has attached hereto a properly completed and duly executed copy of Form W-9 "Request for Taxpayer Identification Number and Certification" in accordance with the instructions accompanying such form. The Subscriber agrees to promptly notify the Company and provide the Company with a new properly completed and duly executed copy of such form in the event that such form has become obsolete and/or any information the Subscriber provided on Form W-9 becomes inaccurate. ***NOTE: Stockholders should consult their tax adviser regarding other forms that may be delivered to the Company to reduce or eliminate withholding or other taxes***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 ◻ **<u>IRS/W-8 Certification for Foreign Subscribers</u> (*<u>i.e.</u>* persons who cannot make the certification in 3.1 above)**. Attached hereto is a properly completed and duly executed copy of Form W-8BEN or such other Form W-8 applicable to the Subscriber. The Subscriber agrees to promptly notify the Company and provide the Company with a new properly completed and duly executed copy of such form in the event that such form has become obsolete and/or any information the Subscriber provided thereon becomes inaccurate. In addition, upon request of the Company, the Subscriber will provide the Company with a new properly completed and duly executed copy of Form W-8BEN or such other Form W-8 applicable to the Subscriber within every three calendar years of the date on which it initially invested in the Partnership. ***NOTE: Stockholders should consult their tax adviser regarding other forms that may be delivered to the Company to reduce or eliminate withholding or other taxes***.

<sup>2</sup> For purposes of calculating net worth hereunder, an individual need not deduct from his or her net worth the amount of mortgage debt secured by an excluded primary residence, except to the extent that the amount of the mortgage liability exceeds the fair value of the residence. The Subscriber must also subtract from his or her net worth any indebtedness secured by his or her primary residence that was obtained within sixty days preceding the effective date of his or her subscription, unless such indebtedness was used to acquire the residence (in which case, the rule set forth in the preceding sentence would govern the application of such indebtedness when calculating the Subscriber's net worth).

**<u>ANNEX A – FOR INDIVIDUAL SUBSCRIBERS ONLY</u>**

5. **<u>Anti-Money Laundering Confirmation</u>**. ***(Please indicate your response to the following representation by checking the appropriate box*** ***below. Also, please complete the separate Stone Point Anti-Money Laundering Supplement.)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The Subscriber does not know or have any reason to suspect that (i) the monies used to fund the Subscriber's acquisition of Shares have been or will be derived from or related to any activities that may contravene U.S. federal, state or international laws or regulations, including but not limited to, anti-money laundering laws or regulations; and (ii) the proceeds from the Subscriber's acquisition of Shares will be used to finance any illegal activities.

**(*Please check one)*** I ◻ agree ◻ disagree with the above statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 ***(Please indicate your response to the following representation by checking "yes" or "no" in the appropriate box below.)*** The Subscriber represents that he is not, and is not acting on behalf of any other person in connection with this subscription that is, (i) named on the List of Specially Designated Nationals and Blocked Persons maintained by the U.S. Office of Foreign Assets Control (OFAC) (the *"<u>SDN List</u>"*), or is otherwise subject to sanctions administered by OFAC<sup>3</sup>, (ii) a senior non-U.S. political figure or an immediate family member or close associate<sup>4</sup> of such figure; (iii) a non-U.S. bank that does not have a physical presence in any country (unless such bank is subject to the supervision of a banking authority that regulates an affiliate that does have a physical presence in a country); or (iv) otherwise prohibited from investing in the Company pursuant to applicable U.S. anti-money laundering, anti-terrorist and asset control laws, regulations, rules or orders (categories (i) through (iii) together, a *"<u>Prohibited Investor</u>"*).

**(*Please check one)*** ◻ Yes ◻ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 The Subscriber agrees to provide the Company, promptly upon request, all information that the Company reasonably deems necessary or appropriate to comply with applicable anti-money laundering, anti-terrorist and asset control laws, regulations, rules and orders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 The Subscriber consents to the disclosure to regulators and law enforcement authorities by the Company and its affiliates and agents of such information about me as the Company reasonably deems necessary or appropriate to comply with applicable anti-money laundering, anti-terrorist and asset control laws, regulations, rules and orders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 The Subscriber acknowledges that if, following his investment in the Company, the Company reasonably believes that he is a Prohibited Investor or otherwise engaged in suspicious activity or he refuses to provide promptly information that the Company requests, the Company has the right or may be obligated to prohibit additional investments, segregate the assets constituting the investment in accordance with applicable regulations or immediately require the Subscriber to withdraw from the Company. The Subscriber further acknowledges that he will have no claim against the Company or any of its affiliates or agents for any form of damages as a result of any of the foregoing actions.

**END OF ANNEX A**

<sup>3</sup> This information may be found online at www.treas.gov/ofac.

<sup>4</sup> A person who is widely and publicly known to maintain an unusually close relationship with the senior non-US political figure, including a person who is in a position to conduct substantial financial transactions on behalf of such figure.

**<u>ANNEX A – FOR INDIVIDUAL SUBSCRIBERS ONLY</u>**

**<u>Annex B to Subscription Agreement</u>** **:**

**<u>Subscriber Questionnaire for Institutional Investors</u>**

1. **<u>Accredited Investor Questionnaire</u>**. The Subscriber is an "accredited investor" within the meaning of Rule 501(a) of Regulation D ("*<u>Regulation D</u>*") promulgated pursuant to Section 4(a)(2) of the Securities Act because it is (please indicate by checking the applicable boxes):

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| | |
|:---|:---|
| ◻ | an employee benefit plan as defined in Title I of the Employee Retirement Income Security Act of 1974, as amended ("*<u>ERISA</u>*"), and ***(check appropriate box)***: |

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| | |
|:---|:---|
| ◻ | the investment decision is made by a plan fiduciary as defined in Section 3(21) of ERISA, which is either a bank, savings and loan association, insurance company or registered investment adviser and the name of the plan fiduciary is _________________________; or |

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| | |
|:---|:---|
| ◻ | the plan has total assets in excess of $5,000,000; or |

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◻ the plan is a self-directed plan, with investment decisions made solely by persons that are "accredited investors" within the meaning of Regulation D.

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| | |
|:---|:---|
| ◻ | a plan that is established and maintained by a state, its political subdivisions or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if the plan has total assets in excess of $5,000,000. |

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◻ an insurance company as defined in Section 2(13) of the Securities Act.

◻ an investment company registered under the Investment Company Act.

◻ a business development company (as defined in Section 2(a)(48) of the Investment Company Act).

◻ a private business development company as defined in Section 202(a)(22) of the Advisers Act.

◻ a Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958.

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| | |
|:---|:---|
| ◻ | a bank (as defined in Section 3(a)(2) of the Securities Act) or a savings and loan association or other institution (as defined in Section 3(a)(5)(A) of the Securities Act), whether acting in regard to this investment in its individual or a fiduciary capacity. |

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◻ a broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended (the "*<u>Exchange Act</u>*").

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| | |
|:---|:---|
| ◻ | an organization described in Section 501(c)(3) of the Code, with total assets in excess of $5,000,000. |

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| | |
|:---|:---|
| ◻ | a corporation, a Massachusetts or similar business trust, partnership or limited liability company, not formed for the specific purpose of acquiring Shares, with total assets in excess of $5,000,000. |

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**<u>ANNEX B - FOR INSTITUTIONAL SUBSCRIBERS ONLY</u>**

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| | |
|:---|:---|
| ◻ | a trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring Shares, whose purchase of Shares is directed by a sophisticated person who has such knowledge and experience in financial and business matters that such person is capable of evaluating the merits and risks of the prospective investment. |

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| | |
|:---|:---|
| ◻ | an entity in which all of the equity owners are "accredited investors" within the meaning of Regulation D. *(NOTE: This paragraph should only be checked if the Subscriber cannot establish it is an accredited investor under one of the categories described above. If the Subscriber checks this box, each equity owner of the Subscriber's securities must complete and submit to the Company a copy of Annex A or B, as applicable, along with an original executed signature page and may be requested to complete, execute and submit to the Company its own Subscription Agreement. If necessary, please request additional copies of this Subscription Agreement from the Company.)* |

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2. **<u>The Subscriber</u> *(Please check each applicable subsection below.)***

◻was ◻ was not formed, organized, reorganized, capitalized or recapitalized for the specific purpose of acquiring Shares;

◻ is ◻ is not operated for the specific purpose of acquiring Shares;

◻ is ◻ is not an investment entity for which the Subscriber's Stockholders, partners, members or other beneficial owners can have individual discretion as to their participation or non-participation through the Subscriber in (i) the Subscriber's purchase or Shares or (ii) particular investments made by the Company;

◻ will ◻ will not have more than 40% of the value of the Subscriber's total assets (or, if the Subscriber is a private investment fund with binding, unconditional capital commitments from the Subscriber's partners or members, more than 40% of the Subscriber's committed capital) invested in the Company upon making this investment.

3. **<u>Funds Invested by the Subscriber</u>. *(For domestic and foreign Subscribers.)*** The funds invested by the Subscriber in the Company ◻ do ◻do not ***(please check one)*** constitute the assets of (a) an employee benefit plan (as defined in Section 3(3) of ERISA) whether or not subject to Title I of ERISA, (b) a plan described in Section 4975(e)(1) of the Code, or (c) an entity whose underlying assets include assets of a plan described in (a) or (b).

4. **<u>Relationship with the Placement Agent</u>**. The Subscriber ◻ is ◻is not ***(please check one)*** an employee benefit plan maintained by the Placement Agent(s) or its/their affiliates.

5. **<u>For Insurance Company Subscribers</u>. *(For U.S. domestic Subscribers Only. Does not apply to foreign Subscribers.) (Please indicate whether the following representation is applicable by checking the appropriate box.)*** The Subscriber represents that (i) the source of the Subscriber's funds used to purchase Shares is an "insurance company general account" within the meaning of Department of Labor Prohibited Transaction Exemption 95-60 (issued July 12, 1995) and there is no "employee benefit plan" (within the meaning of Section (3)(3) of ERISA or Section 4975(e)(1) of the Code), treating as a single plan all plans maintained by the same employer or employee organization, with respect to which the amount of the general account reserves and liabilities for all contracts held by or on behalf of such plan, exceeds ten percent (10%) of the total reserves and liabilities of such general account (exclusive of separate account liabilities) plus surplus, as set forth in the NAIC Annual Statement filed with the Subscriber's state of domicile and (ii) less than 25% of the Subscriber's general account consists of "plan assets".

**(*Please check one)*** ◻ Yes ◻ No ◻ Not Applicable

**<u>ANNEX B – FOR INSTITUTIONAL SUBSCRIBERS ONLY</u>**

6. **<u>Subscriber Status as U.S./Foreign Person</u>. *(Please read Section 6.1 and check the box if you are described in such section. If not, check the box next to Section 6.2.)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 ◻**<u>For U.S. Persons</u>**. Subscriber is (i) an entity created or organized in the U.S. that is treated for U.S. income tax purposes as a partnership or corporation, (ii) a trust the administration of which a court within the United States is able to exercise primary supervision over or for which one or more United States persons (including individual citizens or residents of the U.S.) have the authority to control all substantial decisions, or (iii) an estate the income of which is subject to tax in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 ◻**<u>For Foreign Persons</u>**. The Subscriber is not a Person described in Section 6.1.

7. **<u>Required IRS Certification</u>**. (Please read Section 7.1 if you are a U.S. domestic Subscriber and Section 7.2 if you are a foreign Subscriber and indicate whether either representation is applicable to you by checking the box next such statement.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 ◻**<u>IRS/W-9 Certification for U.S. Subscribers</u>**. The Subscriber is a person of the type described in Section 6.1 and has attached hereto a properly completed and duly executed copy of Form W-9 "Request for Taxpayer Identification Number and Certification" in accordance with the instructions accompanying such form. The Subscriber agrees to promptly notify the Company and provide the Company with a new properly completed and duly executed copy of such form in the event that such form has become obsolete and/or any information the Subscriber provided on Form W-9 becomes inaccurate. ***NOTE: Stockholders should consult their tax adviser regarding other forms that may be delivered to the Company to reduce or eliminate withholding or other taxes.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 ◻**<u>IRS/W-8 Certification for Foreign Subscribers</u> (*<u>i.e.</u>* persons who cannot make the certification in Section 6.1 above)**. Attached hereto is a properly completed and duly executed copy of Form W-8BEN-E or such other Form W-8 applicable to the Subscriber. The Subscriber agrees to promptly notify the Company and provide the Company with a new properly completed and duly executed copy of such form in the event that such form has become obsolete and/or any information the Subscriber provided thereon becomes inaccurate. In addition, upon request of the Company, the Subscriber will provide the Company with a new properly completed and duly executed copy of Form W-8BEN-E or such other Form W-8 applicable to the Subscriber within every three calendar years of the date on which it initially invested in the Company. ***NOTE: Stockholders should consult their tax adviser regarding other forms that may be delivered to the Company to reduce or eliminate withholding or other taxes.***

8. **<u>U.S. Patriot Act Confirmation</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 *(Please indicate your response to the representation by checking in the appropriate box below Also, please complete Exhibit A.)* The Subscriber does not know or have any reason to suspect that (a) the monies used to fund the Subscriber's acquisition of Shares have been or will be derived from or related to any illegal activities, including but not limited to, money laundering activities and (b) the proceeds from the Subscriber's acquisition of Shares will be used to finance any illegal activities.

**(*Please check one)*** I ◻ agree ◻ disagree with the above statement.

**<u>ANNEX B – FOR INSTITUTIONAL SUBSCRIBERS ONLY</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 ***(Please check either 8.2.1 or 8.2.2)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.1 ◻ The Subscriber is NOT acting on behalf of one or more clients in connection with this subscription and neither the Subscriber nor its authorized contact persons are (a) named on the List of Specially Designated Nationals and Blocked Persons maintained by the U.S. Office of Foreign Assets Control (OFAC) (the *"<u>SDN List</u>"*)<sup>1</sup>, (b) residing in or organized in a country of, or owned or controlled by a government of a country subject to sanctions administered by OFAC,<sup>2</sup> (c) a non-U.S. shell bank<sup>3</sup> or providing banking services indirectly to a non-US shell bank, (d) a senior non-U.S. political figure or an immediate family member or close associate<sup>4</sup> of such figure or (e) otherwise prohibited from investing in the Company pursuant to applicable U.S. anti-money laundering, anti-terrorist and asset control laws, regulations, rules or orders (categories (a) through (e) together, *"<u>Prohibited Investors</u>"*).

**- OR -**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.2 ◻ If the Subscriber is acting on behalf of one or more clients in connection with this subscription, the Subscriber is a financial institution subject to the anti-money laundering program requirements of the USA Patriot Act, and Subscriber represents that it has (a) implemented a customer identification program as required under Section 326 of the Patriot Act and the regulations promulgated thereunder, (b) conducted the required due diligence on client(s) on whose behalf the Subscriber is acting, and (c) determined that such client(s) are NOT Prohibited Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 The Subscriber agrees to provide the Company, promptly upon request, all information that the Company reasonably deems necessary or appropriate to comply with applicable anti-money laundering, anti-terrorist and asset control laws, regulations, rules and orders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 The Subscriber consents to the disclosure to regulators and law enforcement authorities by the Company and its affiliates and agents of such information about the Subscriber and its constituents as the Company reasonably deems necessary or appropriate to comply with applicable anti-money laundering, anti-terrorist and asset control laws, regulations, rules and orders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 The Subscriber acknowledges that if, following its investment in the Company, the Company reasonably believes that the Subscriber (or its clients) are a Prohibited Investor or are otherwise engaged in suspicious activity or refuse to provide promptly information that the Company requests, the Company has the right or may be obligated to prohibit additional investments, segregate the assets constituting the investment in accordance with applicable regulations or immediately require the Subscriber to withdraw from the Company. The Subscriber further acknowledges that it will have no claim against the Company or any of its affiliates or agents for any form of damages as a result of any of the foregoing actions.

<sup>1</sup> This information may be found online at www.treas.gov/ofac.

<sup>2</sup> This information may be found online at www.treas.gov/ofac.

<sup>3</sup> A non-US shell bank is a non-US bank without a physical presence in its country of domicile/ incorporation.

<sup>4</sup> A person who is widely and publicly known to maintain an unusually close relationship with the senior non-US political figure, including a person who is in a position to conduct substantial financial transactions on behalf of such figure.

**<u>ANNEX B – FOR INSTITUTIONAL SUBSCRIBERS ONLY</u>**

9. **<u>Pay To Play Matters</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 If the Subscriber is an entity substantially owned by a "government entity"<sup>5</sup> (e.g., a single investor vehicle) and the investment decisions of such entity are made or directed by such government entity, please provide the name of the government entity:

________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 Please note that, if the Subscriber enters the name of a government entity in Section 9.1, the Company will treat the Subscriber as if it were the government entity for purposes of Rule 206(4)-5 of the Investment Advisers Act (the *"<u>Pay to Play Rule</u>"*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 If the Subscriber is (i) a government entity, (ii) acting as trustee, custodian or nominee for a beneficial owner that is a government entity, or (iii) an entity described in Section 9.1, the Subscriber hereby certifies that:

◻ other than the Pay to Play Rule, no "pay to play" or other similar compliance obligations would be imposed on the Company, the Adviser or their affiliates in connection with the Subscriber's subscription;

**- OR -**

◻ If the Subscriber cannot make the above certification, indicate in the space below all other "pay to play" laws, rules or guidelines, or lobbyist disclosure laws or rules, the Company, the Adviser or their affiliates, employees or Placement Agents would be subject to in connection with the Subscriber's subscription:

<sup>5</sup> Any U.S. state or political subdivision of a U.S. state, including:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Any agency, authority, or instrumentality of the U.S. state or political subdivision;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) A pool of assets sponsored or established by the U.S. state or political subdivision or any agency, authority or instrumentality thereof,
including, but not limited to a "defined benefit plan" as defined in section 414(j) of the Internal Revenue Code (26 U.S.C.
414(j)), or a U.S. state general fund;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any participant-directed investment program or plan sponsored or established by a U.S. state or political subdivision or any agency,
authority or instrumentality thereof, including, but not limited to, a "qualified tuition plan" authorized by section 529
of the Internal Revenue Code (26 U.S.C. 529), a retirement plan authorized by section 403(b) or 457 of the Internal Revenue Code (26 U.S.C.
403(b) or 457), or any similar program or plan; and

(iv) Officers, agents, or
employees of the U.S. state or political subdivision or any agency, authority or instrumentality thereof, acting in their official capacity.

**<u>ANNEX B – FOR INSTITUTIONAL SUBSCRIBERS ONLY</u>**

**END OF ANNEX B**

**<u>Exhibit A</u>** **:**

**<u>FOREIGN DUE DILIGENCE QUESTIONNAIRE</u>**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Subscriber Name: |  |  |  |
| &nbsp;&nbsp;Custodian: |  |  |  |
| &nbsp;&nbsp;List all nominal and beneficial owners of the account holding an interest therein of 25% or greater: | &nbsp;&nbsp;List all nominal and beneficial owners of the account holding an interest therein of 25% or greater: | &nbsp;&nbsp;List all nominal and beneficial owners of the account holding an interest therein of 25% or greater: | &nbsp;&nbsp;List all nominal and beneficial owners of the account holding an interest therein of 25% or greater: |
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Individual subscribing in his/her own name acting on his/her own behalf ◻ Check Box | &nbsp;&nbsp;Individual subscribing in his/her own name acting on his/her own behalf ◻ Check Box | &nbsp;&nbsp;Individual subscribing in his/her own name acting on his/her own behalf ◻ Check Box |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Individual subscribing on behalf of other persons ◻ Check Box | &nbsp;&nbsp;Individual subscribing on behalf of other persons ◻ Check Box | &nbsp;&nbsp;Individual subscribing on behalf of other persons ◻ Check Box |
|  | &nbsp;&nbsp;List of other persons: |  |  |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Closely held entity ◻ Check Box | &nbsp;&nbsp;Closely held entity ◻ Check Box | &nbsp;&nbsp;Closely held entity ◻ Check Box |
| &nbsp;&nbsp;List persons who exercise control over subscriber (either because of signing authority or significant economic interest): | &nbsp;&nbsp;List persons who exercise control over subscriber (either because of signing authority or significant economic interest): | &nbsp;&nbsp;List persons who exercise control over subscriber (either because of signing authority or significant economic interest): | &nbsp;&nbsp;List persons who exercise control over subscriber (either because of signing authority or significant economic interest): |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Trust ◻ Check Box | &nbsp;&nbsp;Trust ◻ Check Box | &nbsp;&nbsp;Trust ◻ Check Box |
| &nbsp;&nbsp;List persons who control funds in trust: | &nbsp;&nbsp;List persons who control funds in trust: | &nbsp;&nbsp;List persons who control funds in trust: | &nbsp;&nbsp;List persons who control funds in trust: |
| &nbsp;&nbsp;Attach an Investor Profile Form – Individual Account for all individuals listed above. | &nbsp;&nbsp;Attach an Investor Profile Form – Individual Account for all individuals listed above. | &nbsp;&nbsp;Attach an Investor Profile Form – Individual Account for all individuals listed above. | &nbsp;&nbsp;Attach an Investor Profile Form – Individual Account for all individuals listed above. |
| &nbsp;&nbsp;<br>**Subscriber Signature** | &nbsp;&nbsp;<br>**Subscriber Signature** | &nbsp;&nbsp;<br>**Subscriber Signature** | &nbsp;&nbsp;<br>**Subscriber Signature** |
| &nbsp;&nbsp;I hereby certify the information above and any information provided in connection herewith is true and correct. | &nbsp;&nbsp;I hereby certify the information above and any information provided in connection herewith is true and correct. | &nbsp;&nbsp;I hereby certify the information above and any information provided in connection herewith is true and correct. | &nbsp;&nbsp;I hereby certify the information above and any information provided in connection herewith is true and correct. |
| &nbsp;&nbsp;Name: |  | &nbsp;&nbsp;Signature: | &nbsp;&nbsp;Date: |

---

**<u>EXHIBIT A – FOREIGN DUE DILIGENCE QUESTIONNAIRE</u>**

## Exhibit 14.1

**Exhibit 14.1**

Stone Point Capital LLC<br>Stone Point Credit Adviser LLC<br>Stone Point Credit Corporation <br>

**Code of Ethics**

March 2023

**Code of Ethics**

General

This Code of Ethics (the "***Code***") has been adopted by each of Stone Point Capital LLC ("***Stone Point Capital***"), Stone Point Credit Adviser LLC ("***Stone Point Credit***" and, together with Stone Point Capital, "***Stone Point***") and Stone Point Credit Corporation (the "***Stone Point BDC or the Company***"), in compliance with Rule 204A-1 under the Investment Advisers Act of 1940, as amended (the "***Advisers Act***") and Rule 17j-1 under the Investment Company Act of 1940, as amended (the "***1940 Act***").<sup>1</sup> The purpose of the Code is to establish standards and procedures for the detection and prevention of activities by which persons having knowledge of the investments and investment intentions of Stone Point and Stone Point BDC may abuse their fiduciary duties, and otherwise to deal with the types of conflict of interest situations to which Rule 204A-1 under the Advisers Act ("***Rule 204A-1***") and Rule 17j-1 under the 1940 Act ("***Rule 17j-1***"), as applicable, are addressed. Together, Stone Point and Stone Point BDC are referred to herein as the "***Stone Point Entities***."

The Chief Compliance Officer of Stone Point Entities (the "***CCO***") may designate such deputy compliance officers (such persons, "***Compliance***") as the CCO may deem necessary or appropriate to fulfill the responsibilities of the CCO under this Code of Ethics.

Capitalized terms not defined in this Code of Ethics shall have the meanings given to them in Stone Point's Compliance Manual.

Definitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) "  ***Access Person***" means any Advisory Person and/or Supervised Person (as defined below)
 who has access to nonpublic information regarding the Funds' purchase or sale of securities,
 is involved in making securities recommendations to the Funds or the Stone Point BDC or who
 has access to such recommendations that are nonpublic. All of Stone Point's Supervised
 Persons are deemed Access Persons for purposes of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) An
 "  ***Advisory Person***" of Stone Point or Stone Point BDC means: (i)
 any director, officer or employee of Stone Point or Stone Point BDC, or any company in a
 control (as defined below) relationship to Stone Point or Stone Point BDC who in connection
 with his or her regular functions or duties makes, participates in, or obtains information
 regarding the purchase or sale of any Covered Security (as defined below) by Stone Point
 BDC, or whose functions relate to the making of any recommendation with respect to such purchases
 or sales; and (ii) any natural person in a control relationship to Stone Point or Stone Point
 BDC who obtains information concerning recommendations made to Stone Point BDC with regard
 to the purchase or sale of any Covered Security by Stone Point BDC.

<sup>1</sup> Stone Point's investment advisory clients include closed-end private funds and separately-managed accounts/funds of one (the "Funds"). Stone Point Credit is the investment adviser and administrator to Stone Point BDC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) "  ***Beneficial Ownership***" is interpreted in the same manner as it would be under Rule 16a-
 1(a)(2) under the Securities Exchange Act of 1934, as amended (the "  ***Exchange Act"*** or **"1934 Act** "), in determining whether a person is
 a beneficial owner of a security for purposes of Section 16 of the Exchange Act and the rules
 and regulations thereunder. <sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) "  ***control*** "
 shall have the same meaning as that set forth in Section 2(a)(9) of the 1940 Act, and generally
 means the power to exercise a controlling influence over the management or policies of a
 company, unless such power is solely the result of an official position with such company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) "  ***Covered Security***" means a security as defined in Section 2(a)(36) of the 1940 Act,
 including: any note, stock, treasury stock, security future, bond, debenture, evidence of
 indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust
 certificate, preorganization certificate or subscription, transferable share, investment
 contract, voting-trust certificate, certificate of deposit for a security, fractional undivided
 interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege
 on any security (including a certificate of deposit) or on any group or index of securities
 (including any interest therein or based on the value thereof), or any put, call, straddle,
 option, or privilege entered into on a national securities exchange relating to foreign currency,
 or, in general, any interest or instrument commonly known as a "security," or
 any certificate of interest or participation in, temporary or interim certificate for, receipt
 for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) "  ***Covered Security***" does not include: (i) direct obligations of the Government of the
 United States; (ii) bankers' acceptances, bank certificates of deposit, commercial
 paper and high quality short- term debt instruments, including repurchase agreements; and
 (iii) shares issued by open-end investment companies registered under the 1940 Act. <sup>3</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) "  ***Independent Director***" means a director of Stone Point BDC who is not an "interested
 person" of Stone Point BDC within the meaning of Section 2(a)(19) of the 1940 Act.

<sup>2</sup> "Beneficial Ownership" is defined by the rules of the SEC. Generally, under the SEC rules, a person is regarded as having beneficial ownership in securities held in the name of: a husband, wife or a minor child; a relative sharing the same house; anyone else, if the Access Person obtains benefits substantially equivalent to ownership of the securities, can obtain ownership of the securities immediately or at some future time or can vote or dispose of the securities. If an Access Person acts as a fiduciary with respect to funds and accounts managed outside of Stone Point (for example, if the Access Person acts as the executor of an estate for which s/he makes investment decisions), s/he will have beneficial ownership in the assets of that fund or account. Accordingly, any securities transactions an Access Person makes on behalf of that fund or account will be subject to the general trading restrictions set forth herein. An Access Person should review the restrictions on his or her availability to act as a fiduciary outside of Stone Point set forth in Chapter VI.

<sup>3</sup> For purposes of this Code of Ethics, "shares issued by open-end investment companies registered under the 1940 Act" includes shares issued by money market funds and by unit investment trusts that are invested exclusively in one or more open-end funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) "  ***Initial Public Offering***" means an offering of securities registered under the Securities
 Act of 1933, as amended (the "*1933 Act*") the issuer of which, immediately
 before the registration, was not subject to the reporting requirements of Sections 13 or
 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) "  ***Limited Offering***" means an offering that is exempt from registration under the 1933
 Act pursuant to Section 4(2) or Section 4(6) thereof or pursuant to Rule 504, Rule 505, or
 Rule 506 thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J) "  ***Security Held or to be Acquired***" by Stone Point BDC means: (i) any Covered Security
 which, within the most recent 15 days: (A) is or has been held by Stone Point BDC; or (B)
 is being or has been considered by Stone Point or Stone Point BDC for purchase by Stone Point
 BDC; and (ii) any option to purchase or sell, and any security convertible into or exchangeable
 for, a Covered Security described in clause (i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(K) "  ***Supervised Person***" means any partner, officer, director (or other person occupying a similar
 status or performing similar functions), or employee of Stone Point, or other person who
 provides investment advice on behalf of Stone Point and is subject to the supervision and
 control of Stone Point. The CCO will determine whether an operating partner, senior advisor
 or other consultant providing services to Stone Point will be treated as a Supervised Person
 depending on the role of, and services to be provided by, that operating partner, senior
 advisor or other consultant. In addition, the CCO will determine if all or part of this Code
 of Ethics Manual will apply to interns and other temporary employees.

Standard of Conduct

All Access Persons must always act in accordance with their fiduciary duties. As applicable, an Access Person should (i) at all times place the interests of the Funds and Stone Point BDC before his or her own interests, (ii) act with honesty and integrity with respect to the Funds and Stone Point BDC and their investors, (iii) never take inappropriate advantage of his or her position for his or her personal benefit, (iv) make full and fair disclosure of all material facts, particularly where Stone Point's or the Access Person's interests may conflict with the Funds' or Stone Point BDC's interests, and (v) have a reasonable, independent basis for his or her investment advice.

Access Persons may not engage in any investment transaction under circumstances in which the Access Person benefits from or interferes with the purchase or sale of investments by Stone Point BDC. In addition, Access Persons may not use information concerning the investments or investment intentions of Stone Point BDC, or their ability to influence such investment intentions, for personal gain or in a manner detrimental to the interests of Stone Point BDC. Access Persons may not engage in conduct that is deceitful, fraudulent or manipulative, or that involves false or misleading statements, in connection with the purchase or sale of investments by Stone Point BDC. In this regard, Access Persons should recognize that Rule 17j-1 makes it unlawful for any affiliated person of Stone Point BDC, or any affiliated person of an investment adviser for Stone Point BDC, in connection with the purchase or sale, directly or indirectly, by the person of a Security Held or to be Acquired by Stone Point BDC to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) employ any
 device, scheme or artifice to defraud Stone Point BDC or its investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) make
 any untrue statement of a material fact to Stone Point BDC or its investors or omit to state
 to Stone Point BDC or its investors a material fact necessary in order to make the statements
 made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) engage
 in any act, practice or course of business that operates or would operate as a fraud or deceit
 upon Stone Point BDC or its investors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) engage
 in any manipulative practice with respect to Stone Point BDC or its investors.

Access Persons should also recognize that a violation of this Code, of Rule 204A-1 or of Rule 17j-1 may result in the imposition of: (1) sanctions determined by the CCO, Risk & Compliance Committee or the senior management team, as appropriate; or (2) administrative, civil and, in certain cases, criminal fines, sanctions or penalties.

Access Persons are required to comply with applicable federal securities laws.

Although this Code of Ethics sets forth several specific guidelines and procedures, any Access Person who has a question about a specific conflict of interest, potential conflict of interest or any other situation, whether it appears in compliance with the letter of the law, this Code of Ethics and/or Stone Point's or Stone Point BDC's respective compliance manuals, should consult the CCO.

All Access Persons are expected to be familiar and comply with the laws and regulations applicable to their day-to-day responsibilities, including U.S. federal securities laws and regulations. If an Access Person has any question with respect to any such law or regulation, s/he should consult this Code of Ethics, the applicable compliance manual or the CCO.

Reporting Violations

Access Persons must report any violations of this Code of Ethics promptly to the CCO.

**To promote the confidentiality of information provided, the Stone Point Entities maintain a confidential 24/7 Ethics and Compliance Hotline to service the Access Persons and managed by an independent, third-party service provider. This means that if an Access Person wishes to report a possible violation of this Code of Ethics, Stone Point's or Stone Point BDC's compliance manual (or any other Stone Point policy), s/he will be able to do so either over the phone or via a web reporting system anonymously and in complete confidence. Access Persons are always encouraged to speak to the General Counsel or the CCO about potential violations of policies and procedures or generally regarding any unethical behavior, but it is understood that there could be situations where one might wish to remain anonymous. The information regarding the hotline can be found in the second floor main photocopy room.**

**Nothing contained in this Code of Ethics restricts the ability of an Access Person to report matters to the SEC or to take any other action in conformance with the SEC's Whistleblower Rules under Section 21F of the U.S. Securities and Exchange Act of 1934.**

Personal Securities Transactions

In order to avoid actual and perceived conflicts of interests with the Stone Point BDC and/or the Funds as well as the laws relating to insider trading, the Stone Point Entities have adopted a strict personal securities transactions policy. This policy governs any investment by an Access Person in securities, including any interest or instrument commonly known as a security, including stocks, bonds, options, warrants, financial commodities, futures, other directive products and interests in privately placed offerings, limited partnerships and other entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Material
 Non-Public Information

No Access Person may purchase or sell, directly or indirectly, for his or her own account, or any account in which s/he may have direct or indirect Beneficial Ownership any security where the Access Person has knowledge of material non-public information. Moreover, while it is the Stone Point Entities' intent to maintain an accurate and up-to-date Pre-Clearance List and Restricted List (described below), no Access Person may purchase or sell, directly or indirectly, for his or her own account, or any account in which he or she may have direct or indirect Beneficial Ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Any
 security (or related option or warrant) that to his or her knowledge Stone Point is buying
 or selling for the Funds or Stone Point BDC, until in the case of buying, such buying is
 determined not to occur on behalf of the Funds or Stone Point BDC or in the case of selling,
 such selling has been completed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Any
 security (or related option or warrant) that to his or her knowledge is under active consideration
 for purchase or sale by Stone Point for the Funds or Stone Point BDC.

No Access Person shall recommend any transaction in any Covered Securities by the Funds or Stone Point BDC without having disclosed to the CCO his or her interest, if any, in such Covered Securities or the issuer thereof, including: the Access Person's Beneficial Ownership of any Covered Securities of such issuer; any contemplated transaction by the Access Person in such Covered Securities; any position the Access Person (or any person to whom the Access Person is related, by blood or marriage, and is known) has with such issuer; and any present or proposed business relationship between such issuer and the Access Person (or a party in which the Access Person has a significant interest).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Pre-clearance
 Procedures

No Access Person can trade in a Covered Security without approval. In particular, each Access Person must obtain pre-clearance (as described below) for any personal investment transaction in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Stone
 Point BDC's securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Any
 U.S. initial public offering; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Any
 security sold in the United States in reliance on the private placement exemptions in Section
 4(a)(2) of the 1933 Act or Regulation D thereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transactions
 involving virtual currency and cryptocurrency coins and/or tokens to be acquired in an initial
 public offering or a private placement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Any
other public security not otherwise covered above (collectively, a "Pre- Clearance Security") <sup>4</sup> .

If you wish to trade in a Pre-Clearance Security (including with respect to the writing of an option to purchase or sell a Pre-Clearance Security), you must not trade on that security unless and until you have received approval to do so. Requests to trade should be made using the Compliance Tracking System, unless not required by Compliance (i.e. private placements in Stone Point-related vehicles when Stone Point maintains investor books and records). An Access Person will be required to make certain certifications each time s/he intends to trade, including that s/he has no knowledge that would violate the general principles set forth above.

The Trading Committee will not grant prior approval to an order or investment that anticipates (i.e., front runs) or competes with a customer/fund order. The Trading Committee will only grant prior approval to a transaction involving Pre-Clearance Securities if the transaction is determined to be in compliance with applicable laws and other contractual restrictions. Access Persons should not communicate any denial by the Trading Committee of any trade to any person.

Every effort will be made to provide the Access Person with a response to a pre-clearance request on the same business day such Access Person requests it under normal circumstances.

An Access Person must complete an approved securities transaction in a publicly-traded security within 48 hours of obtaining the approval. In connection with private placements, generally the Trading Committee will provide the Access Person with 60 days to complete the transaction. If the transaction is not completed within this time period, such Access Person must obtain a new pre-clearance, including one for any uncompleted portion of the transaction. The CCO may extend time periods, if appropriate.

<sup>4</sup> A Pre-Clearance Security shall not include a security in an account over which the Access Person has no direct or indirect influence or control (i.e., those done through a managed account or blind trust) so long as a current approved letter from the managed account adviser is on file with Compliance.

Stone Point may develop specific procedures involving trading in Stone Point BDC securities including pre-specified open trading windows.

Post-transaction approval is not permitted. If the Stone Point Entities determine that an Access Person completed a trade before approval or after the clearance expires, such Access Person will be considered to be in violation of this Code of Ethics. After the first such violation, the Access Person will typically receive a warning. If any additional violations occur, the sanctions to be imposed will be determined by the CCO, Risk & Compliance Committee or the senior management team, as appropriate. Such sanctions may include additional training and/or financial penalties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Trading Restrictions

In addition to the more general restrictions discussed above, the Stone Point Entities have adopted other restrictions on personal investment transactions.

No Access Person may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Buy
 or sell an interest in privately-placed securities of a product managed by a Fund or asset
 management portfolio company without receiving approval in advance; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Buy
 or sell an interest in a portfolio company without receiving approval in advance, except
 through the use of a co-investment vehicle established by Stone Point and otherwise permitted
 by the Fund's limited partnership agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Enter
 into a short-sale transaction or purchase a put option on any security of an issuer for which
 a position is held long by a Fund or Stone Point BDC; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Engage
 in any trade or order activity or investment if such activity is the result of exposure to
 material non-public information; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Enter
 an order or make an investment that anticipates (*i.e*., front runs) or competes with
 a Fund or Stone Point BDC order or investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Reporting
 of Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Personal
 Securities Holdings and Transactions Reports

All Access Persons are required to use the Compliance Tracking System to originate and provide personal securities holdings and transactions reports to Compliance. All Access Persons are required via the Compliance Tracking System to connect their brokerage information to the Compliance Tracking System so that all personal transactions in reportable securities by the Access Person and the Access Person's immediate family members are included in the Compliance Tracking System. If an Access Person is unable to use the Compliance Tracking System, such Access Person must, with the permission of the CCO, comply with all reporting obligations on forms distributed to him or her by Compliance.

All new Access Persons are responsible for providing a list of Personal Accounts (defined below) and generating an initial holdings report of all Covered Securities<sup>5</sup> in which they have a Beneficial Ownership as of a date no more than 45 days prior to the date the person became an Access Person using the Compliance Tracking System. New Access Persons must provide this initial holdings report within 10 calendar days of the date of hire. It is important that Access Persons keep the Compliance Tracking System up to date. For example, any new Personal Accounts must be added to the system promptly after the opening of the new account.

All Access Persons are required to generate quarterly transactions reports. While the Compliance Tracking System will distribute reminders to its Access Persons in connection with the Access Persons' reporting obligations, it remains the responsibility of each Access Person to complete his or her reports in a timely fashion. Quarterly transactions reports are due by the 30th day of January, April, July and October or, if that day is not a business day, then the first business day thereafter. Any effort by Compliance to facilitate the reporting process does not change or alter the Access Person's responsibility. If Compliance permits the submission of paper statements from a broker to comply with this Section, such paper statements must be uploaded to the Compliance Tracking System with respect to the applicable quarterly or annual period.

In each personal securities transactions report, the Access Person must report all personal investment transactions in Covered Securities in which they have any Beneficial Ownership which were transacted during the quarter (or the year, as applicable). Every Access Person must file a personal securities transactions report when due even if such person made no purchases or sales of securities during the period covered by the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Certain
 Exceptions

Quarterly transactions reports need not be filed with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transactions
 in an account over which the Access Person has no direct or indirect influence or control
 (*i.e.*, those done through a managed account or blind trust) so long as a current approved
 letter from the managed account adviser is on file with Compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transactions
 effected pursuant to an "automatic investment plan"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transactions
 that are reported on broker trade confirmations or account statements that are provided to
 the Stone Point Entities no later than 30 days after the end of the applicable calendar quarter,
 if permitted by Compliance.

<sup>5</sup> Investments by Access Persons in vehicles managed by Stone Point are reported to Stone Point at the time of investment, and therefore are deemed "reported" to Stone Point for purposes of the reporting obligations described herein. Accordingly, Access Persons need not specifically identify their investments in vehicles managed by Stone Point in their holdings or transaction reports.

An "automatic investment plan" is a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Annual
 Holdings Report

All Access Persons must also complete an annual holdings report along with the personal securities transactions report due by the 30th day in January or, if that day is not a business day, then the first business day thereafter. This annual holdings report must include a listing of all Covered Securities in which the Access Person has a Beneficial Ownership as of December 31 of the prior year. Any effort by the CCO to facilitate the reporting process does not change or alter the Access Person's responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Independent
 Directors.

Notwithstanding the reporting requirements set forth herein, an Independent Director who would be required to make a report solely by reason of being a director of Stone Point BDC is not required to file an initial or annual holdings report.

Such an Independent Director also need not file a quarterly transactions report unless such director knew or, in the ordinary course of fulfilling his or her official duties as a director of Stone Point BDC, should have known that during the 15-day period immediately preceding or after the date of the transaction in a Covered Security by the director, such Covered Security is or was purchased or sold by Stone Point BDC or Stone Point or Stone Point BDC considered purchasing or selling such Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Personal
 Accounts

This Code of Ethics applies to all Personal Accounts of all Access Persons where Covered Securities are held. A "Personal Account" includes an account maintained by or for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Access
 Person and/or Access Person's spouse (other than a legally separated or divorced spouse
 of the Access Person) and minor children;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Any
 individuals who live in the Access Person's household and over whose purchases, sales,
 or other trading activities the Access Person exercises control or investment discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Any
 persons to whom the Access Person provides primary financial support, and either (i) whose
 financial affairs the Access Person controls or (ii) for whom the Access Person provides
 discretionary advisory services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Any
 trust or other arrangement which names the Access Person as a beneficiary (other than a blind
 trust); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Any
 partnership, corporation, or other entity of which the Access Person either (i) is a general
 partner; (ii) in which the Access Person has a 25% or greater beneficial interest or in which
 the Access Person owns a controlling interest or exercises effective control; or (iii) with
 respect to which the Access Person makes or participates in making decisions to purchase
 or sell securities for the account of such entity (*i.e.*, sitting on an investment
 committee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Transactions
 involving Virtual Currency

For purposes of this Code of Ethics, virtual currency and cryptocurrency coins and/or tokens including those offered, or previously were offered, as part of an initial coin offering, will be treated as securities. As a result, transactions involving such currency, coins and tokens must be pre-cleared (where acquired in an initial public offering or a private placement) and reported in accordance with this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Acknowledgement
 of Receipt of Code of Ethics

Each Access Person must be provided with a copy of this Code of Ethics and any amendments. Each Access Person must provide Compliance with a written acknowledgement in the form provided in the Compliance Tracking System of his/her receipt of the Code of Ethics and any amendments. Access Persons must sign and deliver this acknowledgement electronically in the Compliance Tracking System upon becoming an Access Person and annually thereafter.

**EXHIBIT A: ACKNOWLEDGEMENT AND CERTIFICATION**<sup>6</sup>**

I acknowledge receipt of the Code of Ethics of Stone Point Credit Corporation dated [•][, as amended]. I have read and understand the Code of Ethics and agree to be governed by it at all times. Further, if I have been subject to the Code of Ethics during the preceding year, I certify that I have complied with the requirements of the Code of Ethics and have disclosed or reported all personal securities transactions required to be disclosed or reported pursuant to the requirements of the Code of Ethics.

---

| |
|:---|
| (signature) |
| (please print name) |
| (date) |

---

<sup>6</sup> This form to be used in the event Access Person is unable to complete on Compliance Tracking System.

## Exhibit 21.1

**Exhibit 21.1**

**LIST OF SUBSIDIARIES**

At the time of this filing, the following entity is a subsidiary of Stone Point Credit Corporation:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Company Name** | **Jurisdiction of Organization** |
| &nbsp;&nbsp;SPCC Funding I LLC | Delaware |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER**

I, Scott Bronner, Principal Executive Officer of Stone Point Credit Corporation, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this annual report on Form 10-K of Stone Point Credit Corporation (the "Company");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the Company is made known to us by others within those entities, particularly during the
period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the Company's internal control over financial reporting that occurred during the Company's
most recent fiscal quarter (the Company's fourth fiscal quarter in the case of an annual report) that has materially affected, or
is reasonably likely to materially affect, the Company's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the Company's auditors and the audit committee of the Company's board of directors (or persons performing the
equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's
internal control over financial reporting.

Dated this 30<sup>th</sup> day of March, 2023

---

| |
|:---|
| /s/ Scott J. Bronner |
| **Scott J. Bronner** |
| **Principal Executive Officer** |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER**

I, Gene Basov, Principal Financial Officer of Stone Point Credit Corporation, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this annual report on Form 10-K of Stone Point Credit Corporation (the "Company");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15I and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the Company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the Company is made known to us by others within those entities, particularly during the
period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the Company's internal control over financial reporting that occurred during the Company's
most recent fiscal quarter (the Company's fourth fiscal quarter in the case of an annual report) that has materially affected, or
is reasonably likely to materially affect, the Company's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the Company's auditors and the audit committee of the Company's board of directors (or persons performing the
equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's
internal control over financial reporting.

Dated this 30<sup>th</sup> day of March, 2023

---

| |
|:---|
| /s/ Gene Basov |
| **Gene Basov** |
| **Principal Financial Officer** |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER**

**PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)**

In connection with the Annual Report on Form 10-K for the year ended December 31, 2022 (the "Report") of Stone Point Credit Corporation (the "Company"), as filed with the Securities and Exchange Commission on the date hereof, I, Scott Bronner, the Principal Executive Officer of the Company, hereby certify, to the best of my knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as
amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.

---

| |
|:---|
| /s/ Scott J. Bronner |
| **Name: Scott J. Bronner** |
| **Date: March 30, 2023** |

---

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER**

**PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)**

In connection with the Annual Report on Form 10-K for the year ended December 31, 2022 (the "Report") of Stone Point Credit Corporation (the "Company"), as filed with the Securities and Exchange Commission on the date hereof, I, Gene Basov, the Principal Financial Officer of the Company, hereby certify, to the best of my knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as
amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.

---

| |
|:---|
| /s/ Gene Basov |
| **Name: Gene Basov** |
| **Date: March 30, 2023** |

---