Stone Point Credit Corp

Stone Point Credit Corporation, a BDC and RIC, reported total investment income of $283.1M for FY 2025 ending December 31, 2025, up 2.0% from $277.5M in FY 2024, driven by growth in interest income from non-controlled/non-affiliated investments ($277.4M vs. $271.4M) amid portfolio expansion to $2.88B fair value from $2.50B. Net investment income declined 17.0% to $120.3M from $144.9M due to higher expenses ($162.8M vs. $132.6M), including first-time incentive fees of $21.2M and interest/financing fees of $97.9M. Net increase in net assets from operations fell to $120.7M from $153.6M, with net realized gains of $2.3M offset by $2.0M unrealized depreciation. Balance sheet strengthened with total assets at $2.96B (up from $2.60B), investments at $2.88B (88% first lien loans), net assets $1.37B, and NAV per share stable at $20 (FY2024: $19.85). Leverage increased to $1.55B (asset coverage 188%), supporting portfolio growth. Operating cash flow was negative $215.3M due to $1.10B net purchases, offset by $219.9M financing inflows. FY2025 performance reflects portfolio scaling in financial services (15%), insurance (19%), and healthcare (21%), with weighted yield at 9.7% (down from 10.6%). Forward outlook emphasizes current income via senior secured loans amid middle-market opportunities.

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