SCHEDULE: Cliffwater Funds Disclose 10.9% Stake in Stone Point Credit

Cliffwater Corporate Lending Fund and its adviser, Cliffwater LLC, have reported a 10.895% beneficial ownership stake in Stone Point Credit Income Fund.

Summary

• Cliffwater Corporate Lending Fund and Cliffwater LLC (collectively, the "Reporting Persons") have filed an Amendment No. 1 to Schedule 13G regarding their beneficial ownership in Stone Point Credit Income Fund.
• As of December 31, 2025, the Reporting Persons beneficially own an aggregate of 1,218,626.82 Common Shares, par value $0.001 per share, of Stone Point Credit Income Fund.
• This ownership represents 10.895% of the class, based on 11,185,580 shares outstanding as of December 31, 2025, as provided by the Issuer.
• Cliffwater Corporate Lending Fund is the direct holder of the securities, and Cliffwater LLC is its investment adviser.
• The Reporting Persons hold shared voting power over 559,279.00 shares and shared dispositive power over 1,218,626.82 shares.
• The Reporting Person has waived voting rights above 4.99% of the class.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of the issuer.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as moderately positive. The disclosure of a significant institutional stake (10.895%) by a reputable investment firm generally signals confidence in the issuer, although the filing itself does not provide operational or financial performance details.

Positives

• A significant institutional investor, Cliffwater Corporate Lending Fund, has disclosed a substantial 10.895% stake in Stone Point Credit Income Fund, potentially signaling confidence in the fund's strategy and assets.
• The filing indicates the shares were acquired in the ordinary course of business, suggesting a long-term investment perspective rather than an activist or control-seeking agenda.

Negatives

• This filing is a disclosure of ownership and does not contain information regarding the operational or financial performance of Stone Point Credit Income Fund, thus no direct negatives can be inferred from this document alone.

Risks

• This filing is a disclosure of ownership and does not contain information regarding specific risks related to Stone Point Credit Income Fund's operations or financial health.

Future Outlook

This filing is a disclosure of beneficial ownership and does not contain any forward-looking statements or guidance from Stone Point Credit Income Fund.

Management Comments

• Stephen Nesbitt, President of Cliffwater Corporate Lending Fund and Chief Executive Officer of Cliffwater LLC, certified that 'to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11.'

Industry Context

StockSavvy.ai notes that the disclosure of a significant stake by an investment company like Cliffwater Corporate Lending Fund in a credit income fund can be interpreted as a positive signal for the sector. It suggests that institutional capital continues to find value and opportunity in credit-focused investment vehicles, potentially indicating broader confidence in the underlying credit markets or the specific strategy of Stone Point Credit Income Fund.

Comparison to Industry Standards

• This Schedule 13G filing is a disclosure of beneficial ownership and does not provide operational or financial results that can be directly compared to industry standards or specific comparable companies/projects. It solely reports the ownership stake of Cliffwater in Stone Point Credit Income Fund.

Stakeholder Impact

• Shareholders of Stone Point Credit Income Fund may view this significant institutional investment as a vote of confidence in the fund's strategy and future prospects, potentially leading to increased investor interest.
• The presence of a large institutional investor like Cliffwater could influence future strategic decisions or governance, even if the stated intent is not to influence control, due to the sheer size of the holding.

Key Dates

Recommendation

While the disclosure of a significant institutional stake is generally a positive signal, this Schedule 13G filing primarily provides ownership information rather than operational or financial performance data. A 'hold' recommendation is appropriate as it acknowledges the positive signal without providing a 'buy' or 'sell' based on limited fundamental operational insights from this specific document.

Keywords

Stone Point Credit Income Fund, Cliffwater Corporate Lending Fund, Cliffwater LLC, Beneficial Ownership, Schedule 13G, Institutional Investment, Credit Income Fund, Investment Adviser, Common Shares