Stone Point Credit Income Fund Reports Zero Operations, $1K Net Assets

TL;DR

**Stone Point Credit Income Fund is a pre-operational BDC with no investment activity, so hold off until they actually start deploying capital.**

AI Summary

Stone Point Credit Income Fund - Select, a Delaware statutory trust formed on June 13, 2025, reported total assets of $384,775 and total liabilities of $383,775 as of September 30, 2025. The Fund had not commenced operations or investment activities by this date, resulting in zero revenue and a net investment income (loss) of $0 for both the three months and the period since inception ended September 30, 2025. Key expenses incurred since inception include organizational expenses of $125,137, trustees fees of $40,390, and professional fees of $42,468, totaling $207,995, which were fully offset by an expense support reimbursement of $207,995. The Fund's net assets remained at $1,000, with 40 common shares outstanding, resulting in a net asset value per share of $25.00. The Fund aims to generate current income and capital appreciation by investing primarily in senior secured loans and intends to elect to be treated as a business development company (BDC) and a regulated investment company (RIC).

Why It Matters

For investors, this 10-Q indicates Stone Point Credit Income Fund - Select is in its nascent stages, having not yet commenced investment operations. While the fund has incurred organizational and offering expenses, these have been fully offset by expense support, maintaining a stable net asset value of $25.00 per share. This pre-operational status means there's no performance data to evaluate, making it a speculative investment based purely on its stated strategy to target senior secured loans. Competitively, other BDCs already have established portfolios and track records, placing Stone Point Credit Income Fund at a disadvantage until it begins deploying capital.

Risk Assessment

Risk Level: high — The Fund is classified as 'high risk' because it 'had not commenced operations as of September 30, 2025' and 'had not commenced investment activity' since its formation on June 13, 2025. This means there is no operational history, no investment portfolio, and no revenue generation, making its future performance entirely speculative.

Analyst Insight

Investors should exercise extreme caution and consider this a highly speculative opportunity. Do not invest until the Fund commences operations, builds a diversified portfolio, and demonstrates a track record of generating income and capital appreciation as per its stated objectives.

Financial Highlights

debt To Equity

383.78

revenue

$0

operating Margin

N/A

total Assets

$384,775

total Debt

$383,775

net Income

$0

eps

$25.00

gross Margin

N/A

cash Position

$1,000

revenue Growth

N/A

Key Numbers

• $384,775 — Total Assets (As of September 30, 2025, indicating initial capitalization and deferred expenses.)
• $383,775 — Total Liabilities (As of September 30, 2025, primarily organizational and offering expenses payable.)
• $1,000 — Total Net Assets (Remained constant since inception, reflecting no operational income or losses.)
• $25.00 — Net Asset Value per Share (Consistent since inception, with 40 shares outstanding.)
• $0 — Net Investment Income (Loss) (For the three months and period since inception, due to no commenced operations.)
• $207,995 — Total Expenses (Incurred since inception, fully offset by expense support reimbursement.)
• 40 — Common Shares Outstanding (As of November 13, 2025, and September 30, 2025.)
• June 13, 2025 — Fund Inception Date (The date the Delaware statutory trust was formed.)
• September 30, 2025 — Quarter End Date (The reporting period for this 10-Q.)
• 1.25% — Annual Management Fee Rate (Will apply after January 31, 2028; currently 0.75%.)

Key Players & Entities

• Stone Point Credit Income Fund - Select (company) — Registrant and investment fund
• Stone Point Credit Income Adviser LLC (company) — Investment Adviser to the Fund
• Stone Point Credit Adviser LLC (company) — Parent company of the Investment Adviser
• Stone Point Capital LLC (company) — Affiliate of the Investment Adviser, specializing in financial services investments
• $384,775 (dollar_amount) — Total assets as of September 30, 2025
• $383,775 (dollar_amount) — Total liabilities as of September 30, 2025
• $1,000 (dollar_amount) — Total net assets as of September 30, 2025
• $25.00 (dollar_amount) — Net asset value per share as of September 30, 2025
• $125,137 (dollar_amount) — Organizational expenses incurred since inception through September 30, 2025
• $207,995 (dollar_amount) — Total expenses and expense support reimbursement since inception

FAQ

Risk Factors

• Uncommenced Operations [high — operational]: The Fund had not commenced operations or investment activities as of September 30, 2025. This resulted in zero revenue and a net investment income (loss) of $0 for the reporting period. The Fund's assets and liabilities are primarily related to organizational and offering expenses.
• Reliance on Expense Support [medium — financial]: Total expenses of $207,995 incurred since inception were fully offset by an expense support reimbursement of $207,995. This indicates a reliance on external support for initial operating costs, which may not be sustainable long-term.
• BDC and RIC Election [medium — regulatory]: The Fund intends to elect to be treated as a Business Development Company (BDC) and a Regulated Investment Company (RIC). These elections come with specific regulatory requirements and compliance obligations that must be met to maintain their status.
• Investment Strategy Concentration [medium — market]: The Fund aims to invest primarily in senior secured loans. While this strategy can offer attractive yields, it also exposes the Fund to specific market risks associated with the credit quality and liquidity of the senior loan market.

Industry Context

The credit income fund industry is characterized by a focus on generating yield in a low-interest-rate environment, often through investments in corporate debt. Funds like Stone Point Credit Income Fund - Select typically target senior secured loans, which offer a degree of protection due to collateralization. However, the sector is sensitive to credit cycles, interest rate fluctuations, and regulatory changes impacting BDCs and RICs.

Regulatory Implications

The Fund's intention to elect BDC and RIC status subjects it to the Investment Company Act of 1940 and Subchapter M of the Internal Revenue Code, respectively. Compliance with these regulations is critical for maintaining operational efficiency, tax advantages, and investor confidence. Failure to meet these requirements could lead to penalties or loss of favorable tax treatment.

What Investors Should Do

1. Monitor commencement of operations
2. Evaluate expense structure post-reimbursement
3. Assess BDC/RIC compliance
4. Understand senior loan market risks

Key Dates

• 2025-06-13: Fund Formation — The Delaware statutory trust was formed, marking the legal inception of the Stone Point Credit Income Fund - Select.
• 2025-09-30: Quarter End Date — The reporting date for the 10-Q filing, reflecting the Fund's initial financial position before commencing operations.
• 2028-01-31: Management Fee Change — The annual management fee rate is scheduled to increase from 0.75% to 1.25% after this date, impacting future operating expenses.

Glossary

BDC

Business Development Company. A type of closed-end investment company that invests in small and medium-sized businesses and distressed companies. (The Fund intends to elect to be regulated as a BDC, which subjects it to specific investment and operational rules.)

RIC

Regulated Investment Company. A tax designation for investment funds that meet certain distribution and diversification requirements, allowing them to avoid corporate income tax. (The Fund intends to elect RIC status for tax purposes, which is crucial for its operational and return structure.)

Senior Secured Loans

Debt instruments that are backed by specific collateral and have a priority claim on the borrower's assets in case of default. (This is the primary investment target for the Fund, defining its core investment strategy and associated risks.)

Expense Support Reimbursement

An agreement where an external party (likely the Adviser or an affiliate) covers certain expenses of the Fund and is later reimbursed. (The Fund's initial expenses were fully covered by such a reimbursement, highlighting its reliance on sponsor support.)

Deferred Offering Expenses

Costs incurred in connection with the issuance and sale of the Fund's shares that are capitalized and will be amortized over time or expensed upon completion of the offering. (These represent a significant portion of the Fund's initial assets, reflecting the costs of setting up and launching the Fund.)

Year-Over-Year Comparison

As this is the Fund's initial 10-Q filing, there is no prior period data available for comparison. The financial statements reflect the Fund's pre-operational status as of September 30, 2025, with total assets of $384,775 and total liabilities of $383,775, resulting in net assets of $1,000. All reported expenses were fully offset by reimbursements, and no investment income was generated.

Key Financial Figures

• $0.001 — of the Act: Common Shares, par value $0.001 per share (Title of class) Indicate

Filing Documents

• tmb-20250930x10q.htm (10-Q) — 411KB
• tmb-20250930xex31d1.htm (EX-31.1) — 12KB
• tmb-20250930xex31d2.htm (EX-31.2) — 12KB
• tmb-20250930xex32d1.htm (EX-32.1) — 5KB
• tmb-20250930xex32d2.htm (EX-32.2) — 5KB
• 0001104659-25-111360.txt ( ) — 1779KB
• tmb-20250930.xsd (EX-101.SCH) — 23KB
• tmb-20250930_cal.xml (EX-101.CAL) — 14KB
• tmb-20250930_def.xml (EX-101.DEF) — 34KB
• tmb-20250930_lab.xml (EX-101.LAB) — 131KB
• tmb-20250930_pre.xml (EX-101.PRE) — 101KB
• tmb-20250930x10q_htm.xml (XML) — 132KB

Financial Statements

Financial Statements 3 3 4 5 6

Notes to Financial Statements (Unaudited)

Notes to Financial Statements (Unaudited) 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 21 Item 4.

Controls and Procedures

Controls and Procedures 22 PART II. OTHER INFORMATION 22 Item 1.

Legal Proceedings

Legal Proceedings 22 Item 1A.

Risk Factors

Risk Factors 22 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 22 Item 3. Defaults Upon Senior Securities 22 Item 4. Mine Safety Disclosure 22 Item 5. Other Information 23 Item 6. Exhibits 23

SIGNATURES

SIGNATURES 24 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Stone Point Credit Income Fund - Select September 30, 2025 (Unaudited) (1) Assets: Cash and cash equivalents 1,000 Deferred offering expenses $ 175,780 Expense support receivable 207,995 Total assets $ 384,775 Liabilities: Organizational and offering expenses payable $ 300,917 Trustees fees payable 40,390 Professional fees payable 42,468 Total liabilities $ 383,775 Commitments and Contingencies (Note 5) — Net Assets: Common shares of beneficial interest, $ 0.001 par value, unlimited shares authorized, 40 shares issued and outstanding at September 30, 2025 — Additional paid-in capital 1,000 Total net assets 1,000 Total liabilities and net assets $ 384,775 Net asset value per share of Common Shares $ 25.00 (1) No comparative information has been presented as the Fund had not commenced operations as of September 30, 2025. The accompanying notes are an integral part of these unaudited financial statements. 3 Table of Contents Stone Point Credit Income Fund - Select Three Months June 13, 2025 Ended (Inception) through September 30, 2025 September 30, 2025 (Unaudited) (1) (Unaudited) (1) Expenses: Organizational expenses (Note 4) $ 15,353 $ 125,137 Trustees fees — 40,390 Professional fees 42,468 42,468 Total Expenses $ 57,821 $ 207,995 Expense support reimbursement ( 57,821 ) ( 207,995 ) Net Investment Income (Loss) — — Net Increase (Decrease) in Net Assets Resulting from Operations $ — $ — (1) No comparative information has been presented as the Fund had not commenced operations as of September 30, 2025. The accompanying notes are an integral part of these unaudited financial statements. 4 Table of Contents Stone Point Credit Income Fund - Select Three Months June 13, 2025 Ended (Inception) through S

Notes to Financial Statements

Notes to Financial Statements September 30, 2025 (Unaudited) Note 1. Organization Organization Stone Point Credit Income Fund - Select (the "Fund") is a Delaware statutory trust formed on June 13, 2025. The Fund had not commenced operations as of September 30, 2025. The Fund has elected to be regulated as a business development company (a "BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, for tax purposes, the Fund intends to elect to be treated, and to qualify annually thereafter, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). The Fund is managed by Stone Point Credit Income Adviser LLC (the "Adviser"). The Adviser is a Delaware limited liability company that is registered with the Securities Exchange Commission ("SEC") as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). Subject to the supervision of the Fund's board of trustees (the "Board"), the Adviser manages the day-to-day operations of the Fund and provides the Fund with investment advisory and management services. The Adviser is a wholly-owned subsidiary of Stone Point Credit Adviser LLC ("Stone Point Credit Adviser" or together with its wholly-owned subsidiary, "Stone Point Credit") and an affiliate of Stone Point Capital LLC ("Stone Point Capital" or together with its credit-focused affiliates, "Stone Point"), which is an alternative investment management platform specializing in investments within the global financial services industry and related sectors. Since inception, the Fund has incurred costs relating to its organization and the offering of the Fund's common shares of beneficial interest (the "Shares"). The Fund's investment objective is to generate current income and, to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Fund intends to invest primarily in

View Full Filing

View this 10-Q filing on SEC EDGAR