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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2025

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

For the transition period from

Commission file number 814-01624

StepStone Private Credit Fund LLC

(Exact Name of Registrant as Specified in Its Charter)


Delaware		92-0758580
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

277 Park Avenue, 44th Floor New York, New York		10172
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: (212) 351-6100

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


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
N/A	N/A	N/A

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

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.

See

the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). Yes ☐ No ☒

As of April 30, 2025, the registrant had 43,707,844 shares of its limited liability company interests outstanding.

StepStone Private Credit Fund LLC

Consolidated Statements of Cash Flows

(Unaudited)


	Three Months Ended			Three Months Ended
	March 31, 2025			March 31, 2024
Operating activities
Net Increase (Decrease) in Net Assets Resulting from Operations	$	26,588,010		$	11,172,742
Adjustments to reconcile net increase (decrease) in net assets to net cash provided by/(used in) operating activities:
Purchases of investments		(370,032,619	)		(233,102,832	)
Proceeds from sales, exits and repayments of investments		54,167,636			36,432,810
Payment-in-kind interest capitalized		(589,264	)		(245,655	)
Accretion of original issue discount and amortized premiums on investments		(1,578,009	)		(438,499	)
Amortization of debt issuance costs		794,888			300,248
Net realized gain (loss) from investments in securities of unaffiliated issuers		—			(320,354	)
Net change in unrealized (appreciation) depreciation from investments in securities of unaffiliated issuers		(108,128	)		(505,973	)
Changes in Assets and Liabilities:
(Increase)/decrease in interest receivable		(2,977,510	)		(3,903,470	)
(Increase)/decrease in prepaid and other assets		(612,789	)		—
(Increase)/decrease in due from affiliate		(300,002	)		—
(Increase)/decrease in receivable from Advisor		731,511			(24,356	)
(Increase)/decrease in receivables for investments sold		—			(5,836,744	)
Increase/(decrease) in interest payable		(119,558	)		1,051,443
Increase/(decrease) in management fee payable		361,246			207,174
Increase/(decrease) in incentive fee payable		318,342			282,222
Increase/(decrease) in payables for investments purchased		(7,533,714	)		(2,757,335	)
Increase/(decrease) in accrued expenses		523,788			1,216,596

Net cash provided by/(used in) operating activities	$	(300,366,172	)	$	(196,471,983	)

Financing activities
Proceeds from issuance of shares	$	151,021,565		$	88,255,000
Repurchase of shares		(1,742,364	)		—
Distributions, net of distribution reinvestment plan and change in distributions payable		(11,897,320	)		(1,745,326	)
Borrowings under lines of credit		245,000,000			212,000,000
Repayments to lines of credit		(238,500,000	)		(88,500,000	)
Borrowings of debt securitization		174,000,000			—
Debt issuance costs paid		(5,861,332	)		—

Net cash provided by/(used in) financing activities	$	312,020,549		$	210,009,674

Net increase/(decrease) in cash and cash equivalents and restricted cash and restricted cash equivalents	$	11,654,377		$	13,537,691
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of the period		31,244,128			18,923,796

Cash and cash equivalents and restricted cash and restricted cash equivalents at end of the period	$	42,898,505		$	32,461,487

Supplemental information and non-cash activities
Interest paid on lines of credit	$	10,912,429		$	6,179,771
Issuance of shares in connection with distribution reinvestment plan		11,056,750			6,672,356
Investments purchased through participation agreements		—			7,800,000
Borrowings incurred through participation agreements		—			7,800,000
Reconciliation to the Consolidated Statement of Assets and Liabilities
Cash and cash equivalents	$	571,551		$	16,003,645
Restricted cash and restricted cash equivalents		42,326,954			16,457,842

Total cash and cash equivalents and restricted cash and restricted cash equivalents	$	42,898,505		$	32,461,487

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

Table of Contents

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured
Advertising
Carnegie Dartlet, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 0.50% / 1.00%		0.500	%	2/7/2030	$	42,000	$	41,278		$	42,000			0.00	%
Carnegie Dartlet, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 1.00%		9.824	%	2/7/2030		504,602		498,076			491,573			0.04	%
Carnegie Dartlet, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.50% / 1.00%		9.824	%	2/7/2030		5,100		4,346			5,100			0.00	%
Finn Partners, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.65% / 1.00%		10.949	%	7/1/2026		1,667,020		1,659,570			1,663,638			0.15	%
Finn Partners, Inc. Second Amendment Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 6.65% / 1.00%		10.949	%	7/1/2026		3,232,523		3,210,423			3,206,336			0.30	%
Kite Midco II LTD Term Loan B1	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 0.00%		9.433	%	11/19/2031		5,290,056		5,213,654			5,204,871			0.49	%
Kite Midco II LTD Term Loan B1	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 0.00%		9.433	%	11/19/2031		5,290,056		5,213,654			5,204,871			0.49	%
Kite Midco II LTD Term Loan B2	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 0.00% / 0.00%		0.000	%	11/19/2031		—		(9,452	)		(1,432	)		0.00	%
Kite Midco II LTD Term Loan B2	(1)(2)(3)(4)(5)(6)(7)(8)(12)	3M SOFR + 0.00% / 0.00%		0.000	%	11/19/2031		—		(9,452	)		(1,432	)		0.00	%
Minds Buyer, LLC Revolving Credit	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.500	%	10/29/2029		—		(4,295	)		(151	)		0.00	%
Minds Buyer, LLC Second Amendment Incremental Term Loan (First Lien)	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.549	%	5/3/2029		7,955,063		7,921,418			7,906,253			0.74	%
Minds Buyer, LLC Second Amendment Incremental Term Loan (First Lien)	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.25% / 1.00%		9.549	%	5/3/2029		3,391,500		3,369,289			3,370,691			0.32	%

									$	27,108,509		$	27,092,318			2.53	%
Aerospace & Defense
Aviation Technical Services, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.75% / 1.00%		10.07	%	7/12/2029	$	200,000	$	196,768		$	196,189			0.02	%
Aviation Technical Services, Inc. Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.75% / 1.00%		10.05	%	7/12/2029		588,521		584,763			583,661			0.06	%
Aviation Technical Services, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.75% / 1.00%		10.05	%	7/12/2029		3,391,479		3,367,706			3,363,471			0.31	%
Heads Up Technologies, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.50% / 1.00%		9.95	%	8/10/2028		4,899,498		4,859,156			4,899,498			0.46	%
PAG Holding Corp. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 3.75% / 1.00%		11.25	%	12/21/2029		245,266		234,120			240,214			0.02	%
PAG Holding Corp. Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 4.75% / 1.00%		9.05	%	12/21/2029		11,217,300		11,117,199			11,171,083			1.04	%
PPW Aero Buyer, Inc. 2024 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	2/15/2029		—		(18,575	)		—			0.00	%
PPW Aero Buyer, Inc. Delayed Draw Term Loan-1	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.50% / 1.00%		9.80	%	2/15/2029		2,387,167		2,367,400			2,387,167			0.22	%
PPW Aero Buyer, Inc. Term Loan (Whitcraft LLC )	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.50% / 1.00%		10.81	%	2/15/2029		4,924,623		4,924,623			4,924,623			0.46	%
Sigma Defense Systems LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 6.90% / 1.00%		11.23	%	12/18/2027		1,767,779		1,738,095			1,736,189			0.16	%
Sigma Defense Systems LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 6.75% / 1.00%		11.05	%	12/18/2027		57,692		56,288			57,484			0.01	%

									$	29,427,543		$	29,559,579			2.76	%
Air Freight & Logistics
AMEX Holding III Corp Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.75% / 1.00%		0.00 9.99	% / %	3/31/2028	$	221,989	$	220,780		$	195,016			0.02	%
AMEX Holding III Corp Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.75% / 1.00%		0.00 9.99	% / %	3/31/2028		4,992,354		4,965,944			4,385,757			0.41	%
Gulf Winds International Acquisition, LLC Term Loan	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 7.60% / 1.00%		11.92	%	12/16/2028		4,912,060		4,912,060			4,906,323			0.46	%
Solairus Holdings, LLC 2025 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	7/22/2030		—		(1,159	)		(1,235	)		0.00	%
Solairus Holdings, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 5.35% / 1.00%		9.15	%	7/22/2030		1,189,477		1,168,112			1,189,477			0.11	%
Solairus Holdings, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(13)	1M SOFR + 5.35% / 1.00%		9.15	%	7/22/2030		3,225,655		3,225,655			3,225,655			0.30	%
Solairus Holdings, LLC Revolver	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	1/24/2029		—		296			276			0.00	%

									$	14,491,688		$	13,901,269			1.30	%
Alternative Carriers
Meriplex Communications, Ltd. Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.10% / 0.75%		9.42	%	7/17/2028	$	1,743,128	$	1,743,128		$	1,743,128			0.16	%
Meriplex Communications, Ltd. Initial Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.10% / 0.75%		9.42	%	7/17/2028		3,194,209		3,194,209			3,194,209			0.30	%

									$	4,937,337		$	4,937,337			0.46	%

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

Table of Contents

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

March 31, 2025


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets

Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Apparel Retail
Brightmore Brands LLC Original Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 9.42% / 1.50%		13.73	%	9/10/2029	$	6,590,084	$	6,499,496		$	6,522,790			0.61	%
Brightmore Brands LLC Original Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 9.42% / 1.50%		13.73	%	9/10/2029		3,400,000		3,351,595			3,365,281			0.31	%

									$	9,851,091		$	9,888,071			0.92	%
Apparel, Accessories & Luxury Goods
Halo Buyer, Inc. Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.00% / 1.00%		10.32	%	8/7/2029	$	11,872,292	$	11,644,260		$	11,634,846			1.09	%
Halo Buyer, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 6.00% / 1.00%		6.00	%	8/7/2029		89,042		54,531			85,798			0.01	%

									$	11,698,791		$	11,720,644			1.10	%
Application Software
Anaplan, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 5.00% / 0.75%		9.30	%	6/21/2029	$	4,987,500	$	4,968,510		$	4,979,707			0.47	%
Aptean Acquiror Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.25% / 0.75%		9.55	%	1/30/2031		103,597		43,323			103,597			0.01	%
Aptean Acquiror Inc. First Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.75%		0.50	%	1/30/2031		—		(10,905	)		(11,195	)		0.00	%
Aptean Acquiror Inc. Revolving Credit	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.75%		0.50	%	1/30/2031		—		(1,395	)		(2,169	)		0.00	%
Aptean Acquiror Inc. Specified Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.75%		0.50	%	1/30/2031		—		—			(12,591	)		0.00	%
Aptean Acquiror Inc. Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.25% / 0.75%		9.56	%	1/30/2031		355,604		306,754			355,604			0.03	%
Aptean Acquiror Inc. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 0.75%		9.56	%	1/30/2031		4,932,962		4,894,725			4,932,962			0.46	%
ARI Network Services, Inc. Third Amendment Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 0.75%		9.32	%	8/28/2026		3,421,774		3,386,821			3,381,205			0.32	%
BASYS LLC First Amendment Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 4.75% / 1.00%		9.05	%	12/9/2027		4,809,904		4,786,528			4,809,904			0.45	%
Dealer Services Network, LLC Second Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 1.00%		10.06	%	2/9/2027		5,367,856		5,325,741			5,314,177			0.50	%
Dealer Services Network, LLC Second Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.75% / 1.00%		10.06	%	2/9/2027		3,394,290		3,366,430			3,360,347			0.31	%
Echo Purchaser, Inc. Delayed Draw Term Loan (Exostar)	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.50% / 0.75%		9.81	%	11/19/2029		54,942		54,247			54,942			0.01	%
Echo Purchaser, Inc. Term Loan (Exostar)	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.50% / 0.75%		9.82	%	11/19/2029		641,032		635,311			630,817			0.06	%
Einstein Parent, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.75%		0.50	%	1/22/2031		—		(19,420	)		(882	)		0.00	%
Einstein Parent, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.50% / 0.75%		10.79	%	1/22/2031		9,687,940		9,501,928			9,494,181			0.89	%
Everbridge Holdings, LLC Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 0.75%		9.31	%	7/2/2031		5,541,667		5,516,485			5,508,827			0.51	%
Everbridge Holdings, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.00% / 0.75%		9.31	%	7/2/2031		543,083		539,010			541,909			0.05	%
Everbridge Holdings, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.75%		0.50	%	7/2/2031		—		(2,496	)		(470	)		0.00	%
GS Acquisitionco, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.55	%	5/25/2028		3,181,999		3,171,709			3,181,999			0.30	%
GS Acquisitionco, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 5.25% / 1.00%		5.25	%	5/25/2028		—		(5,634	)		(4,806	)		0.00	%
GS Acquisitionco, Inc. Seventh Suplemental Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(12)	3M SOFR + 5.25% / 1.00%		9.55	%	5/25/2028		349,308		342,277			349,308			0.03	%
LeadVenture, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 0.75%		9.32	%	7/3/2030		298,511		291,006			295,868			0.03	%
LeadVenture, Inc. Revolver	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.00% / 0.75%		9.32	%	8/28/2026		443,350		439,371			440,247			0.04	%
LeadVenture, Inc. Supplemental No. 4 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.00% / 0.75%		9.29	%	8/28/2026		4,432,332		4,413,256			4,374,579			0.41	%
Legal Spend Holdings, LLC 2nd Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.75% / 0.75%		10.05	%	5/14/2029		254,868		254,868			254,868			0.02	%
Legitscript LLC Delayed Draw Loan	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 5.75% / 0.75%		10.07	%	6/24/2029		99,521		98,343			99,521			0.01	%
Legitscript LLC Term Loan	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 5.75% / 0.75%		10.07	%	6/24/2029		3,880,353		3,835,982			3,843,953			0.36	%
Mountain Parent, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.75%		0.50	%	6/27/2031		—		(5,220	)		(1,063	)		0.00	%
Mountain Parent, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 4.75% / 0.75%		9.08	%	6/27/2031		5,683,873		5,632,464			5,620,803			0.53	%
Mountain Parent, Inc. Revolving Credit Facility	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.38% / 0.75%		0.38	%	6/27/2031		—		(5,574	)		(567	)		0.00	%

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

Table of Contents

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

March 31, 2025


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Application Software (continued)
NinjaTrader Group, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.65% / 1.00%		10.96	%	12/18/2026		3,540,209		3,522,843			3,506,569			0.33	%
NMI Acquisitionco, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.10% / 0.75%		9.42	%	9/6/2028		1,151,512		1,134,529			1,150,661			0.11	%
NMI Acquisitionco, Inc. October 2021 Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.10% / 0.75%		9.42	%	9/6/2028		351,538		346,353			345,037			0.03	%
NMI Acquisitionco, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.75%		0.50	%	9/6/2028		—		(4,855	)		(6,145	)		0.00	%
NMI Acquisitionco, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.10% / 0.75%		9.42	%	9/6/2028		1,887,755		1,859,914			1,852,844			0.17	%
Optimizely North America Inc. (USD) Revolving Credit	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.75%		0.50	%	10/30/2031		—		(11,593	)		(1,654	)		0.00	%
Optimizely North America Inc. (USD) Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 0.75%		9.32	%	10/30/2031		12,768,000		12,648,631			12,622,824			1.18	%
Pacific Purchaser, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 6.25% / 1.00%		10.56	%	10/2/2028		105,370		103,824			102,144			0.01	%
Pacific Purchaser, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.25% / 1.00%		10.53	%	10/2/2028		1,947,183		1,906,719			1,911,689			0.18	%
Pacific Purchaser, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	10/2/2028		—		—			(4,301	)		0.00	%
PDI TA Holdings, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 0.75%		1.00	%	2/3/2031		—		(1,342	)		—			0.00	%
PDI TA Holdings, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.48% / 0.75%		9.79	%	2/3/2031		675,712		674,087			669,542			0.06	%
PDI TA Holdings, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.48% / 0.75%		9.79	%	2/3/2031		5,187,844		5,148,109			5,140,469			0.48	%
PDI TA Holdings, Inc. Revolving Credit	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.50% / 0.75%		9.79	%	2/3/2031		74,667		74,667			69,553			0.01	%
PracticeTek Purchaser, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.75% / 1.00%		10.04	%	8/30/2029		28,101		25,628			23,304			0.00	%
PracticeTek Purchaser, LLC Term Loan	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 5.75% / 1.00%		10.04	%	8/30/2029		1,954,120		1,927,157			1,923,628			0.18	%
Spark Purchaser, Inc. Revolving Credit	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.75%		0.50	%	4/1/2030		—		—			(25,064	)		0.00	%
Spark Purchaser, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 0.75%		9.83	%	4/1/2031		1,758,033		1,726,703			1,721,310			0.16	%
Spark Purchaser, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.50% / 0.75%		9.83	%	4/1/2031		3,391,479		3,327,026			3,320,636			0.31	%
Superjet Buyer, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.50% / 0.75%		9.80	%	5/23/2030		684,985		635,874			681,529			0.06	%
Superjet Buyer, LLC Initial Term Loan (EFI Productivity Software)	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 5.76% / 0.75%		10.06	%	12/30/2027		1,502,938		1,499,060			1,502,938			0.14	%
Superjet Buyer, LLC Third Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 0.75%		9.80	%	5/23/2030		1,496,082		1,482,878			1,481,641			0.14	%
Superjet Buyer, LLC Third Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.50% / 0.75%		9.80	%	5/23/2030		3,391,457		3,360,765			3,358,721			0.31	%
Synchronoss Technologies, Inc. Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.60% / 2.50%		9.90	%	6/28/2028		4,906,250		4,697,636			4,660,371			0.44	%
Tau Buyer, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 4.75% / 0.75%		9.06	%	1/31/2032		60,978		53,244			53,355			0.00	%
Tau Buyer, LLC Revolving Credit	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.75%		0.50	%	1/31/2032		—		(5,584	)		(5,717	)		0.00	%
Tau Buyer, LLC Term B Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 4.75% / 0.75%		9.05	%	1/31/2032		4,382,767		4,340,959			4,338,940			0.40	%
TCP Hawker / TimeClock Plus 11/24 9th Amendment Rollover Incremental Term Loan 12/24	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 1.00%		9.33	%	8/30/2029		464,515		461,647			460,874			0.04	%
TCP Hawker Intermediate LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 1.00%		1.00	%	8/30/2029		—		(878	)		(243	)		0.00	%
TCP Hawker Intermediate LLC Ninth Amendment DDTL 11/24	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 1.00%		1.00	%	8/30/2029		—		(349	)		(577	)		0.00	%
TCP Hawker Intermediate LLC Ninth Amendment Incremental Term Loan 11/24	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 1.00%		9.30	%	8/30/2029		17,396		17,247			17,092			0.00	%
Trintech Inc. Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.50% / 1.00%		9.82	%	7/25/2029		4,937,500		4,860,278			4,850,112			0.45	%

									$	117,565,622		$	117,617,664			10.99	%
Asset Management & Custody Banks
Allworth Financial Group, L.P. Fourth Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 4.75% / 1.00%		9.07	%	12/23/2027	$	1,361,999	$	1,355,222		$	1,361,999			0.13	%
Allworth Financial Group, L.P. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	12/23/2027		—		(2,641	)		—			0.00	%
Cerity Partners Equity Holding LLC 2024 Incremental Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.25% / 0.75%		9.55	%	7/28/2029		4,795,791		4,782,553			4,795,791			0.45	%

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

Table of Contents

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

March 31, 2025


Investments	Footnotes	Reference Rate Spread /Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Asset Management & Custody Banks (continued)
Cerity Partners Equity Holding LLC 2025 Incremental Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 0.75%		1.00	%	7/30/2029		—		(21,540	)		(22,676	)		0.00	%
Cerity Partners Equity Holding LLC Initial Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.25% / 0.75%		9.56	%	7/28/2028		614,315		612,461			614,315			0.06	%
Cerity Partners Equity Holding LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.56	%	7/28/2029		4,647,054		4,647,054			4,647,054			0.43	%
Congress Buyer, Inc. Delayed Draw Term Loan D	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	6/30/2029		—		—			(349	)		0.00	%
Danforth Global, Inc. Delayed Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.00%		9.55	%	12/9/2027		539,049		532,153			539,049			0.05	%
Danforth Global, Inc. First Amendment Additional Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.56	%	12/9/2027		285,947		282,795			282,262			0.03	%
Danforth Global, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.55	%	12/9/2027		451,996		446,643			446,171			0.04	%
Danforth Global, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.57	%	12/9/2027		5,691,054		5,625,990			5,618,896			0.53	%
Danforth Global, Inc. Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.25% / 1.00%		9.56	%	12/9/2027		688,021		679,630			679,061			0.06	%
Danforth Global, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.56	%	12/9/2027		895,500		885,574			883,838			0.08	%
Danforth Global, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.25% / 1.00%		9.56	%	12/9/2027		3,391,479		3,345,464			3,347,312			0.31	%
Danforth Global, Inc. Third Amendment Additional Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.00%		9.54	%	12/9/2027		478,200		472,296			478,200			0.04	%
IEQ Capital, LLC 2024 Incremental Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 4.50% / 0.75%		8.69	%	12/22/2028		3,066,409		3,036,022			3,066,409			0.29	%
Obra Capital, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 7.61% / 1.00%		11.93	%	6/21/2029		7,481,250		7,351,672			7,336,892			0.69	%
Petra Borrower, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.75% / 1.00%		9.95	%	11/15/2030		598,500		582,503			594,348			0.06	%
Petra Borrower, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.75% / 1.00%		10.04	%	11/15/2030		3,217,500		3,157,339			3,153,451			0.29	%
Petra Borrower, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 10.07% / 1.00%		10.07	%	11/15/2029		425,000		417,019			423,337			0.04	%
PMA Parent Holdings, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.25% / 0.75%		9.55	%	1/31/2031		4,186,500		4,148,783			4,147,955			0.39	%
PMA Parent Holdings, LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.38% / 0.75%		0.38	%	1/31/2031		—		(2,902	)		—			0.00	%
Wealth Enhancement Group, LLC 2021 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 1.00%		9.29	%	10/2/2028		3,775,587		3,769,187			3,764,043			0.35	%
Wealth Enhancement Group, LLC December 2020 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 1.00%		9.32	%	10/4/2028		1,148,127		1,143,490			1,144,617			0.11	%
Wealth Enhancement Group, LLC May 2022 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 1.00%		9.31	%	10/4/2028		1,980,851		1,980,851			1,961,042			0.18	%
Wealth Enhancement Group, LLC Revolver Incremental 12/24	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.00% / 1.00%		0.00	%	2/10/2028		—		—			(37	)		0.00	%
Wealth Enhancement Group, LLC_Delayed Draw Term Loan 12/24	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.00% / 1.00%		0.00	%	2/10/2028		—		15,557			15,827			0.00	%

									$	49,243,175		$	49,278,807			4.61	%
Auto Parts & Equipment
ETE Intermediate II LLC Amendment No. 2 Incremental Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.50% / 1.00%		9.72	%	5/29/2029	$	157,143	$	155,180		$	155,179			0.01	%
ETE Intermediate II LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 6.50% / 1.00%		10.82	%	5/29/2029		55,000		49,943			48,924			0.00	%
ETE Intermediate II LLC Term Loan A	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.50% / 1.00%		10.81	%	5/29/2029		1,929,911		1,889,335			1,880,165			0.18	%
M&D MidCo, Inc. Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.15% / 1.00%		9.46	%	8/31/2028		1,749,915		1,730,582			1,701,843			0.16	%
M&D MidCo, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.15% / 1.00%		9.44	%	8/31/2028		586,112		578,780			586,112			0.05	%
M&D MidCo, Inc. Term Loan Third Amendment	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.15% / 1.00%		9.45	%	12/31/2032		366,897		364,838			366,897			0.03	%
M&D MidCo, Inc. Third Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	8/31/2028		—		1,202			1,298			0.00	%
Premier Tires & Service Acquisition, LLC Incremental Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.50% / 1.00%		9.82	%	5/17/2029		1,052,175		1,056,759			1,057,380			0.10	%
Premier Tires & Service Acquisition, LLC Incremental Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.50% / 1.00%		9.82	%	5/17/2029		1,052,175		1,043,086			1,057,380			0.10	%
Premier Tires & Service Acquisition, LLC Incremental Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 0.50% / 0.00%		0.50	%	5/17/2029		396,105		391,340			396,105			0.04	%
Premier Tires & Service Acquisition, LLC Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 1.00%		9.82	%	5/17/2029		291,155		288,569			291,155			0.03	%

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

Table of Contents

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

March 31, 2025


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Auto Parts & Equipment (continued)
Premier Tires & Service Acquisition, LLC Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50 % / 1.00 %		9.82	%	6/6/2025		923,175		920,262			913,887			0.09	%
Premier Tires & Service Acquisition, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.50 % / 1.00 %		9.82	%	5/17/2029		1,707,009		1,707,009			1,707,009			0.16	%
Premier Tires & Service Acquisition, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.50 % / 1.00 %		9.82	%	5/17/2029		3,205,491		3,205,491			3,205,491			0.30	%
Transgo, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75 % / 2.00 %		10.07	%	12/29/2028		2,247,839		2,219,067			2,226,451			0.21	%
Transgo, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.75 % / 2.00 %		10.07	%	12/29/2028		3,296,483		3,266,137			3,265,117			0.31	%
Transgo, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 2.00%		0.50	%	12/29/2028		—		—			(1,795	)		0.00	%
Truck-Lite Co., LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 1.00% / 0.75%		1.00	%	2/13/2031		397,227		388,726			388,048			0.04	%
Truck-Lite Co., LLC Initial Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.75% / 0.75%		10.05	%	2/13/2030		41,481		32,948			32,288			0.00	%
Truck-Lite Co., LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 0.75%		10.07	%	2/13/2031		5,698,000		5,638,458			5,613,524			0.52	%

									$	24,927,712		$	24,892,458			2.33	%
Automobile Manufacturers
JHCC Holdings LLC 2021-A Incremental Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.00%		9.55	%	9/9/2027	$	900,623	$	896,822		$	900,623			0.08	%
JHCC Holdings LLC 2024-A Incremental Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.00%		9.55	%	9/9/2027		797,147		791,325			797,147			0.07	%
JHCC Holdings LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.00%		9.55	%	9/9/2027		4,024,377		4,016,301			4,024,377			0.38	%
JHCC Holdings LLC_Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 1.00% / 1.00%		1.00	%	9/9/2027		204,811		202,484			204,792			0.02	%

									$	5,906,932		$	5,926,939			0.55	%
Building Products
AllMark Acquisition, LLC Initial Term Loan (AllMark Door)	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.50% / 1.00%		9.80	%	5/4/2028	$	4,911,616	$	4,882,470		$	4,797,210			0.45	%
Arch Cutting Tools Corp. Initial Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 4.85% / 0.00%		9.15	%	4/1/2026		4,897,320		4,889,243			4,877,656			0.46	%
Big Top Holdings, LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	3/1/2030		—		(1,482	)		—			0.00	%
Big Top Holdings, LLC Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.75% / 1.00%		10.04	%	3/1/2030		2,426,334		2,378,114			2,382,660			0.22	%
Hills Distribution, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 6.00% / 1.00%		10.32	%	11/8/2029		794,306		787,243			794,306			0.07	%
Hills Distribution, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 6.00% / 1.00%		10.32	%	11/8/2029		97,883		96,996			97,883			0.01	%
Hills Distribution, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.00% / 1.00%		10.32	%	11/8/2029		191,554		190,057			189,840			0.02	%
Hills Distribution, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.00% / 1.00%		10.32	%	11/8/2029		1,554,398		1,534,791			1,540,490			0.15	%
Vybond Buyer, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 0.75%		1.00	%	2/3/2032		—		(17,400	)		(17,805	)		0.00	%
Vybond Buyer, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 0.75%		9.29	%	2/3/2032		9,393,224		9,257,211			9,252,326			0.86	%
Vybond Buyer, LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.75%		0.50	%	2/3/2032		—		(26,109	)		(1,649	)		0.00	%

									$	23,971,134		$	23,912,917			2.24	%
Commodity Chemicals
Guy Chemical Company, LLC U.S. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 4.85% / 1.00%		9.17	%	11/9/2027	$	4,899,244	$	4,865,469		$	4,899,244			0.46	%
Communications Equipment
Owl Cyber Defense Solutions, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	9/11/2029	$	—	$	(8,404	)	$	—			0.00	%
Owl Cyber Defense Solutions, LLC Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.75% / 1.00%		10.07	%	9/11/2029		688,021		681,973			678,993			0.06	%
Owl Cyber Defense Solutions, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 1.00%		10.07	%	9/11/2029		2,317,147		2,274,121			2,286,742			0.22	%
Owl Cyber Defense Solutions, LLC Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.75% / 1.00%		10.07	%	9/11/2029		3,391,479		3,361,412			3,346,976			0.31	%

									$	6,309,102		$	6,312,711			0.59	%

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

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

March 31, 2025


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Construction & Engineering
Ambient Enterprises Holdco LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.75% / 1.00%		0.75	%	6/30/2030	$	—	$	(11,505	)	$	(17,347	)		0.00	%
Ambient Enterprises Holdco LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	12/7/2029		—		(1,736	)		—			0.00	%
Ambient Enterprises Holdco LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 1.00%		10.05	%	6/28/2030		6,793,071		6,688,661			6,683,816			0.62	%
Ambient Enterprises Holdco LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 1.00%		10.05	%	6/30/2030		6,326,854		6,252,818			6,230,650			0.58	%
ATI Restoration, LLC Second Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.65% / 0.75%		9.95	%	7/31/2026		525,652		522,983			487,699			0.05	%
Best Roofing Services LLC Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.00% / 1.00%		10.30	%	4/2/2029		5,104,478		5,019,159			4,992,548			0.47	%
Best Roofing Services LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	4/2/2029		—		—			(19,637	)		0.00	%
Diverzify Intermediate LLC Second Amendment Incremental Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 6.01% / 1.00%		10.31	%	5/11/2027		485,929		483,913			483,411			0.05	%
Diverzify Intermediate LLC Second Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)(11)	6M SOFR + 6.01% / 1.00%		10.30	%	5/11/2027		4,413,368		4,393,235			4,383,217			0.41	%
Eskola LLC Delayed Draw Term A Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.50%		9.94	%	12/19/2029		2,907,542		2,884,809			2,889,361			0.27	%
Eskola LLC Delayed Draw Term B Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.50%		1.00	%	12/19/2029		—		(21,751	)		(25,517	)		0.00	%
Eskola LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.50%		9.96	%	12/19/2029		8,141,117		8,073,756			8,064,771			0.75	%
ESP Associates, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.60% / 1.00%		10.93	%	7/24/2028		1,480,282		1,461,752			1,447,314			0.14	%
ESP Associates, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 6.60% / 1.00%		10.93	%	7/24/2028		3,300,000		3,245,849			3,226,504			0.30	%
G-A-I Consultants, Inc. First Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 1.00%		1.00	%	10/7/2028		—		(27,646	)		—			0.00	%
G-A-I Consultants, Inc. First Amendment Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.60% / 1.00%		9.92	%	10/7/2028		2,938,322		2,896,296			2,891,651			0.27	%
G-A-I Consultants, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 0.50% / 1.00%		0.50	%	10/7/2028		414,474		406,237			414,474			0.04	%
HP RSS Buyer, Inc. Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 0.75%		9.33	%	12/11/2029		676,836		674,942			672,591			0.06	%
HP RSS Buyer, Inc. General Purpose Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 0.75%		9.33	%	12/11/2029		435,574		432,856			432,842			0.04	%
HP RSS Buyer, Inc. Special Purpose Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 0.75%		9.33	%	12/11/2029		144,670		144,670			143,762			0.01	%
Kelso Industries LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 5.75% / 1.00%		5.75	%	12/26/2029		—		(58,412	)		19,529			0.00	%
Kelso Industries LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.75% / 1.00%		10.07	%	12/30/2029		824,404		818,614			816,160			0.08	%
Kelso Industries LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 1.00%		10.07	%	12/30/2029		7,547,362		7,478,142			7,471,888			0.70	%
KENE Acquisition, Inc. Initial Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.25% / 1.00%		9.54	%	2/7/2031		44,358		43,932			44,358			0.00	%
KENE Acquisition, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.00%		9.54	%	2/7/2031		958,138		958,138			958,138			0.09	%
MKD Electric, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 6.25% / 1.25%		10.57	%	5/31/2029		885,870		861,760			885,870			0.08	%
MKD Electric, LLC Sea-Tac Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.25% / 1.25%		10.57	%	5/31/2029		2,600,000		2,549,088			2,549,031			0.24	%
MKD Electric, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.25% / 1.25%		10.57	%	5/31/2029		8,630,158		8,485,863			8,451,472			0.79	%
MKD Electric, LLC Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 6.25% / 1.25%		10.57	%	5/31/2029		3,400,000		3,337,602			3,329,603			0.31	%
MOREgroup Holdings, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.58	%	1/16/2030		1,163,312		1,148,396			1,146,581			0.11	%
MOREgroup Holdings, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.25% / 1.00%		9.58	%	1/16/2030		3,291,688		3,247,173			3,244,344			0.30	%
OSR Opco LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.50%		1.00	%	3/15/2029		—		(11,645	)		(16,171	)		0.00	%
OSR Opco LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 1.00%		10.07	%	3/15/2029		1,888,564		1,868,529			1,863,510			0.17	%
OSR Opco LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.75% / 1.00%		10.07	%	3/15/2029		3,391,436		3,352,905			3,346,444			0.31	%
OSR Opco LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.75% / 1.00%		5.75	%	3/15/2029		960,000		960,000			951,873			0.09	%

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

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

March 31, 2025


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Construction & Engineering (continued)
PK Purchaser, LLC Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.00% / 1.00%		9.29	%	9/19/2029		688,021		681,641			680,577			0.06	%
PK Purchaser, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.29	%	9/19/2029		8,358,000		8,259,247			8,267,564			0.77	%
PK Purchaser, LLC Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.00% / 1.00%		9.29	%	9/19/2029		3,391,479		3,358,918			3,354,782			0.31	%
Puris LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 1.00%		10.05	%	6/30/2031		7,926,027		7,850,644			7,800,934			0.73	%
Puris LLC Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.75% / 1.00%		10.05	%	6/30/2031		3,392,944		3,338,786			3,339,395			0.31	%
PVI Holdings, Inc. Last Out Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.05% / 1.00%		9.34	%	1/18/2028		6,842,148		6,833,868			6,842,148			0.64	%
RRA Corporate, LLC Delayed Draw Term Loan 2	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	8/15/2029		—		(256	)		(259	)		0.00	%
RRA Corporate, LLC Revolver	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 0.50% / 1.00%		0.50	%	12/31/2032		18,789		17,889			17,882			0.00	%
RRA Corporate, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.54	%	8/15/2029		3,061,916		3,019,803			3,019,049			0.28	%
SuperHero Fire Protection, LLC Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.40% / 1.00%		10.70	%	9/1/2026		5,444,337		5,357,448			5,356,200			0.50	%
SuperHero Fire Protection, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 6.40% / 1.00%		10.70	%	9/1/2026		348,570		341,736			341,523			0.03	%
USIC Holdings, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.50% / 0.75%		9.81	%	9/10/2031		10,511,151		10,460,178			10,459,777			0.98	%
USIC Holdings, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.25% / 0.75%		9.55	%	9/10/2031		728,045		721,117			721,490			0.07	%
USIC Holdings, Inc. Specified Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.50% / 0.75%		9.81	%	9/10/2031		137,302		136,987			137,302			0.01	%
Valkyrie Buyer, LLC Delayed Draw Term Loan A	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 0.75%		1.00	%	5/6/2031		—		(3,689	)		—			0.00	%
Valkyrie Buyer, LLC Delayed Draw Term Loan B	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 0.75%		1.00	%	5/6/2031		—		(4,919	)		(392	)		0.00	%
Valkyrie Buyer, LLC Delayed Draw Term Loan C	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.00% / 0.75%		9.57	%	5/6/2031		1,555,565		1,533,094			1,555,565			0.15	%
Valkyrie Buyer, LLC Delayed Draw Term Loan D	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 0.75%		1.00	%	5/6/2031		—		(27,867	)		(2,557	)		0.00	%
Valkyrie Buyer, LLC Delayed Draw Term Loan E	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	5/6/2031		—		(14,003	)		(1,279	)		0.00	%
Valkyrie Buyer, LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 0.50% / 0.75%		0.50	%	5/6/2030		—		(5,969	)		(245	)		0.00	%
Valkyrie Buyer, LLC Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 0.75%		9.57	%	5/6/2031		1,072,970		1,058,449			1,063,851			0.10	%
Valkyrie Buyer, LLC Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.25% / 0.75%		9.57	%	5/6/2031		3,291,709		3,246,466			3,263,732			0.32	%
Vertex Companies, Inc., Term Loan D	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.31	%	8/31/2028		6,864,153		6,805,943			6,792,838			0.64	%
Vertex Companies, Inc., The Delayed Draw Term Loan-B	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	8/31/2028		—		(10,610)			(1,720	)		0.00	%
Vertex Companies, Inc., The Fourth Amendment Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	8/31/2028		—		(21,240	)		(860	)		0.00	%
Vertex Service Partners, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.00% / 0.75%		10.30	%	11/8/2030		319,480		319,480			319,233			0.03	%
Vertex Service Partners, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 6.00% / 0.75%		10.30	%	11/8/2030		3,291,694		3,291,694			3,289,156			0.31	%
Vertex Service Partners, LLC First Amendment Incremental Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.25% / 1.00%		9.56	%	11/8/2030		865,627		841,362			865,627			0.08	%
Vertex Service Partners, LLC Revolving Facility	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 6.00% / 0.75%		10.30	%	11/8/2030		142,644		141,730			142,296			0.01	%
Vertex Service Partners, LLC Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.00% / 0.75%		10.30	%	11/8/2030		1,877,034		1,857,261			1,839,493			0.17	%

									$	147,944,571		$	147,907,842			13.83	%
Construction Materials
Javelin Acquisition Vehicle, LLC Last Out Term Loan (Lindsay Precast)	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 5.02% / 1.00%		9.34	%	11/3/2026	$	903,486	$	903,486		$	877,922			0.08	%
Javelin Acquisition Vehicle, LLC Last Out Term Loan (Lindsay Precast)	(1)(2)(3)(4)(5)(7)(13)	1M SOFR + 5.02% / 1.00%		9.34	%	11/3/2026		776,575		776,575			754,602			0.07	%
Javelin Acquisition Vehicle, LLC Second Amendment Incremental Term Loan (Lindsay Precast)	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.03% / 1.00%		9.36	%	11/3/2026		40,111		39,661			40,111			0.01	%
Javelin Acquisition Vehicle, LLC Second Amendment Incremental Term Loan (Lindsay Precast)	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.03% / 1.00%		9.36	%	11/3/2026		2,573,959		2,526,997			2,573,959			0.24	%

									$	4,246,719		$	4,246,594			0.40	%

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

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

March 31, 2025


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Consumer Electronics
Lakewood Acquisition Corporation Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 1.00%		9.80	%	1/24/2030	$	10,181,087	$	9,997,621		$	9,990,191			0.93	%
Lakewood Acquisition Corporation Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 0.50% / 1.00%		0.50	%	1/24/2030		323,944		273,732			320,211			0.03	%

									$	10,271,353		$	10,310,402			0.96	%
Data Processing & Outsourced Services
Penncomp, LLC Delayed Draw Term Loan A	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 0.75%		9.32	%	10/17/2028	$	2,400,107	$	2,356,106		$	2,398,982			0.23	%
Penncomp, LLC Delayed Draw Term Loan B	(1)(2)(3)(4)(5)(6)(7 )(8 )	3M SOFR + 1.00% / 1.50%		1.00	%	4/17/2030		—		(3,489	)		(3,650	)		0.00	%
Penncomp, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7 )(8 )	3M SOFR + 0.50% / 0.75%		0.50	%	10/17/2028		—		(238	)		(243	)		0.00	%
Penncomp, LLC Term Loan A	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 1.50%		9.32	%	10/17/2028		2,548,492		2,505,211			2,494,954			0.23	%

									$	4,857,590		$	4,890,043			0.46	%
Distributors
RPM Purchaser, Inc. Delayed Draw Term Loan B	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 6.36% / 2.00%		10.69	%	9/11/2028	$	548,036	$	528,779		$	520,346			0.05	%
RPM Purchaser, Inc. Effective Date Term Loan B	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 6.36% / 2.00%		10.69	%	9/11/2028		577,997		560,374			567,450			0.05	%
RPM Purchaser, Inc. Effective Date Term Loan B	(1)(2)(3)(4)(5)(7)(13)	1M SOFR + 6.36% / 2.00%		10.69	%	9/11/2028		3,291,646		3,236,932			3,231,579			0.30	%

									$	4,326,085		$	4,319,375			0.40	%
Diversified Capital Markets
GC Waves Holdings, Inc. 2024 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 4.85% / 1.00%		9.17	%	10/4/2030	$	1,640,433	$	1,609,747		$	1,689,434			0.16	%
Diversified Chemicals
Opta Inc. 2024 Incremental Delayed Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 7.01% / 1.50%		11.30	%	11/9/2028	$	1,741,250	$	1,685,600		$	1,741,250			0.16	%
Opta Inc. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 7.01% / 1.50%		11.30	%	11/8/2028		3,521,086		3,493,044			3,480,622			0.33	%
Opta Inc. Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 7.01% / 1.50%		11.30	%	11/8/2028		3,391,414		3,361,558			3,352,441			0.31	%
V Global Holdings LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.90% / 0.75%		10.20	%	12/22/2027		4,911,616		4,900,371			4,843,935			0.45	%

									$	13,440,573		$	13,418,248			1.25	%
Diversified Support Services
Accent Building Materials Holdings LLC Term B Delayed Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 6.25% / 1.00%		10.68	%	8/6/2029	$	900,000	$	856,712			895,288			0.08	%
Accent Building Materials Holdings LLC Term Loan B	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.25% / 1.00%		10.54	%	8/6/2029		628,571		589,845			618,594			0.06	%
Accent Building Materials Holdings LLC Term Loan B	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 6.25% / 1.00%		10.54	%	8/6/2029		3,300,000		3,250,987			3,247,620			0.30	%
AIDC IntermediateCo. 2, LLC Initial Term Loan (Peak Technologies)	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.50% / 1.00%		9.82	%	7/22/2027		2,863,671		2,857,842			2,863,671			0.27	%
AIDC IntermediateCo. 2, LLC Initial Term Loan (Peak Technologies)	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.50% / 1.00%		9.82	%	7/22/2027		3,291,582		3,288,551			3,291,582			0.31	%
Centex Acquisition, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.35% / 1.00%		9.67	%	5/9/2029		405,927		405,927			401,795			0.04	%
Centex Acquisition, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.35% / 1.00%		9.67	%	5/9/2029		3,965,258		3,899,448			3,868,637			0.36	%
Certified Collision Group Acquisition Corp. Initial Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.00% / 1.00%		9.30	%	5/17/2027		173,223		173,223			171,771			0.02	%
Certified Collision Group Acquisition Corp. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.30	%	5/17/2027		2,071,647		2,052,695			2,054,278			0.19	%
CMG HoldCo, LLC Delayed Draw Loan (Crete Mechanical Group)	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 4.75% / 1.00%		9.18	%	5/19/2028		531,822		523,797			531,822			0.05	%
ESCP DTFS INC. Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.50% / 1.00%		9.80	%	9/28/2029		787,771		782,745			779,029			0.07	%
ESCP DTFS INC. Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.50% / 1.00%		9.80	%	9/28/2029		6,218,750		6,179,074			6,149,742			0.57	%
ESCP DTFS INC. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 1.00%		9.80	%	9/28/2029		2,139,250		2,108,977			2,115,511			0.20	%
ESCP DTFS INC. Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.50% / 1.00%		9.80	%	9/28/2029		3,291,729		3,267,999			3,255,202			0.30	%
FLS Holding, Inc. Term B Loan (FLS Transportation Services)	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.40% / 1.00%		9.69	%	12/15/2028		4,912,060		4,866,420			4,634,934			0.43	%

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

Table of Contents

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

March 31, 2025


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Diversified Support Services (continued)
FMG Suite Holdings, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.50% / 1.00%		9.68	%	10/30/2026		852,645		847,782			845,096			0.08	%
FMG Suite Holdings, LLC Revolving Credit	(1)(2)(3)(4)(5)(6)(7)( 8)( 10)	3M SOFR + 0.38% / 1.00%		0.38	%	10/30/2026		—		(2,482	)		(3,871	)		0.00	%
FMG Suite Holdings, LLC Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.10% / 1.00%		9.39	%	10/30/2026		396,983		394,854			393,198			0.04	%
FMG Suite Holdings, LLC Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.10% / 1.00%		9.39	%	10/30/2026		3,300,000		3,269,491			3,268,535			0.31	%
Integrated Power Services Holdings, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 4.61% / 1.00%		8.94	%	11/22/2028		6,218,593		6,192,962			6,146,431			0.57	%
Integrated Power Services Holdings, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 4.61% / 1.00%		8.94	%	11/22/2028		6,218,593		6,192,962			6,146,431			0.57	%
PrimeFlight Acquisition, LLC Amendment No. 5 Additional Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.54	%	5/1/2029		1,292,536		1,286,810			1,286,073			0.12	%
PrimeFlight Acquisition, LLC Amendment No.4 Additional Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.00%		9.55	%	5/1/2029		634,156		630,486			623,772			0.06	%
Primeflight Acquisition, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.50% / 1.00%		9.79	%	5/1/2029		3,595,750		3,569,863			3,580,170			0.34	%
Primeflight Acquisition, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.50% / 1.00%		9.79	%	5/1/2029		3,291,624		3,262,976			3,277,362			0.31	%
TL Voltron Purchaser, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.25% / 1.00%		9.57	%	12/31/2030		1,993,055		1,955,114			1,953,193			0.18	%
TL Voltron Purchaser, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.57	%	12/31/2030		9,725,625		9,540,485			9,531,113			0.89	%
TL Voltron Purchaser, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.25% / 1.00%		9.57	%	12/31/2030		3,241,875		3,181,219			3,177,038			0.30	%
Visu-Sewer, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 6.00% / 1.00%		10.25	%	11/8/2029		4,937,500		4,884,966			4,910,486			0.46	%

									$	80,311,730		$	80,014,503			7.48	%
Drug Retail
Puma Buyer, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 0.00% / 1.00%		0.00	%	3/29/2032	$	13,863,889	$	13,759,910		$	13,759,910			1.28	%
Puma Buyer, LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7 )(8 )	3M SOFR + 0.50% / 1.00%		0.50	%	4/2/2032		—		(16,751	)		(16,771	)		0.00	%

									$	13,743,159		$	13,743,139			1.28	%
Education Services
Cambium Learning Group, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.60% / 0.75%		9.89	%	7/20/2028		5,898,154		5,855,215			5,898,154			0.55	%
Electrical Components & Equipment
C3 AcquisitionCo, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(9)	3M SOFR + 6.00% / 1.50%		10.32	%	11/26/2030	$	617,258	$	583,163		$	615,661			0.06	%
C3 AcquisitionCo, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.00% / 1.50%		10.32	%	11/26/2030		7,847,340		7,756,139			7,744,092			0.72	%
C3 AcquisitionCo, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 6.00% / 1.50%		10.30	%	11/26/2030		121,031		110,296			120,432			0.01	%
Inventus Power, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)( 8)( 10)	3M SOFR + 0.50% / 1.00%		0.50	%	6/30/2025		—		(1,495	)		(538	)		0.00	%
Inventus Power, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 7.61% / 1.00%		11.94	%	6/30/2025		3,088,609		3,069,635			3,076,039			0.29	%
Principal Lighting Group, LLC Closing Date Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.00%		9.54	%	11/4/2030		6,982,500		6,920,857			6,982,500			0.65	%
Principal Lighting Group, LLC Closing Date Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.54	%	11/4/2030		2,051,665		2,033,553			2,051,665			0.19	%
Principal Lighting Group, LLC Closing Date Initial Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.25% / 1.00%		9.54	%	11/4/2030		3,291,750		3,261,918			3,291,750			0.31	%
Principal Lighting Group, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7 )(8 )	3M SOFR + 0.50% / 1.00%		0.50	%	11/4/2030		—		(15,332	)		(1,119	)		0.00	%
Spark Buyer, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7 )(8 )	3M SOFR + 0.50% / 0.75%		0.50	%	10/15/2031		—		(17,501	)		(257	)		0.00	%
Spark Buyer, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.25% / 0.75%		9.57	%	10/15/2031		1,539,891		1,513,608			1,517,926			0.14	%
Spark Buyer, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 0.75%		9.57	%	10/15/2031		1,402,734		1,382,853			1,382,726			0.13	%
Spark Buyer, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.25% / 0.75%		9.57	%	10/15/2031		3,291,750		3,245,211			3,244,797			0.31	%
Spark Buyer, LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7 )(8 )	3M SOFR + 0.50% / 0.75%		0.50	%	10/15/2031		—		(17,572	)		(128	)		0.00	%

									$	29,825,333		$	30,025,546			2.81	%

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

Table of Contents

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

March 31, 2025


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Electronic Equipment & Instruments
Dwyer Instruments, LLC Fourth Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7 )(8 )	3M SOFR + 1.00% / 0.75%		1.00	%	7/20/2029	$	—	$	(6,468	)	$	—			0.00	%
Dwyer Instruments, LLC Fourth Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 4.75% / 0.75%		9.05	%	7/20/2029		10,861,667		10,763,958			10,773,773			1.01	%
Dwyer Instruments, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 0.00% / 0.75%		0.00	%	7/20/2029		97,752		82,134			97,752			0.01	%
REE Holdings III Corp. Term Loan (Rees Scientific Corporation)	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.25% / 1.00%		9.50	%	11/4/2028		4,899,749		4,850,957			4,899,749			0.45	%

									$	15,690,581		$	15,771,274			1.47	%
Electronic Manufacturing Services
AEP Passion Intermediate Holdings, Inc. 2023 Incremental Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 9.40% / 1.00%		13.72 2.99	% / %	10/5/2027	$	155,088	$	155,085		$	150,818			0.01	%
AEP Passion Intermediate Holdings, Inc. 2023 Incremental Term A Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.65% / 1.00%		10.96 1.90	% / %	10/5/2027		2,602,456		2,582,720			2,511,752			0.24	%

									$	2,737,805		$	2,662,570			0.25	%
Environmental & Facilities Services
AVW WV Buyer, Inc. Fourth Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)( 8)( 10)	3M SOFR + 1.00% / 1.00%		1.00	%	3/17/2027	$	—	$	—		$	(4,606	)		0.00	%
AVW WV Buyer, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 1.00%		10.08	%	3/17/2027		3,994,077		3,990,296			3,994,077			0.37	%
AVW WV Buyer, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.75% / 1.00%		10.08	%	3/17/2027		3,391,333		3,356,315			3,391,332			0.32	%
CARDS Acquisition, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.50% / 1.00%		9.82	%	8/12/2029		543,478		497,819			360,054			0.03	%
CARDS Acquisition, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.50% / 1.00%		9.79	%	8/12/2029		1,036,722		1,021,644			975,581			0.09	%
CARDS Acquisition, Inc. Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.50% / 1.00%		9.82	%	8/12/2029		688,021		680,483			679,611			0.06	%
CARDS Acquisition, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 1.00%		9.82	%	8/12/2029		2,950,391		2,902,260			2,914,328			0.27	%
CARDS Acquisition, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.50% / 1.00%		9.82	%	8/12/2029		3,391,479		3,352,094			3,350,024			0.31	%
Creative Multicare, LLC Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 4.75% / 1.00%		9.04	%	3/27/2030		4,950,000		4,899,519			4,888,624			0.46	%
HEF Safety Ultimate Holdings, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7 )(8 )	3M SOFR + 1.00% / 1.00%		1.00	%	11/19/2029		—		(11,630	)		—			0.00	%
HEF Safety Ultimate Holdings, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.55	%	11/19/2029		2,573,255		2,531,440			2,491,830			0.23	%
O6 Environmental, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.15% / 1.00%		10.44	%	6/30/2027		1,045,488		1,040,834			1,045,488			0.10	%
O6 Environmental, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.15% / 1.00%		10.48	%	6/30/2027		1,423,071		1,407,422			1,405,734			0.13	%
Rotolo Consultants, Inc. Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 1.00%		9.80	%	12/20/2026		3,136,449		3,086,469			3,116,974			0.29	%
Rotolo Consultants, Inc. Delayed Draw Term Loan (2025)	(1)(2)(3)(4)(5)(6)(7 )(8 )	3M SOFR + 1.00% / 1.00%		1.00	%	1/31/2031		—		1,530			1,245			0.00	%
Vortex Companies, LLC Amendment No. 4 Incremental Delay Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.00% / 1.00%		9.32	%	9/4/2029		2,826,050		2,792,072			2,824,075			0.27	%
Vortex Companies, LLC Amendment No. 4 Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.32	%	9/4/2029		2,244,375		2,229,301			2,226,642			0.21	%
Vortex Companies, LLC Term Loan Delayed Draw Incremental	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 1.00%		9.32	%	12/31/2032		2,924,838		2,894,670			2,923,598			0.28	%
Vortex Companies, LLC Term Loan Incremental	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 1.00%		9.32	%	12/31/2032		3,020,588		2,989,499			2,986,228			0.28	%
Vortex Intermediate, LLC Revolver Amendment No. 4 Incremental	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 4.50% / 1.00%		4.50	%	9/4/2029		73,971		68,677			73,675			0.01	%

									$	39,730,714		$	39,644,514			3.71	%
Food Distributors
Costanzo’s Bakery, LLC Delayed Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.50% / 1.00%		9.80	%	6/18/2027	$	304,538	$	303,120		$	302,516			0.03	%
Costanzo’s Bakery, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 1.00%		9.80	%	6/18/2027		2,954,331		2,931,201			2,924,788			0.27	%
Heritage Foodservice Investment, LLC First Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7 )(8 )	3M SOFR + 1.00% / 1.00%		1.00	%	8/1/2030		—		(26,586	)		(14,585	)		0.00	%
Heritage Foodservice Investment, LLC First Amendment Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.60% / 1.00%		9.89	%	8/1/2030		676,299		669,010			666,529			0.06	%
Heritage Foodservice Investment, LLC First Amendment Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.60% / 1.00%		9.89	%	8/1/2030		597,366		589,101			588,736			0.06	%
Heritage Foodservice Investment, LLC First Amendment Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.60% / 1.00%		9.89	%	8/1/2030		3,391,457		3,352,657			3,342,461			0.31	%

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

Table of Contents

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

March 31, 2025


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Food Distributors (continued)
Heritage Foodservice Investment, LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	8/1/2030		—		(6,704	)		(1,823	)		0.00	%
Recipe Acquisition Corp. Delayed Draw Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	7/31/2031		—		—			(7,062	)		0.00	%
Recipe Acquisition Corp. Revolving Credit	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 4.25% / 1.00%		4.25	%	7/31/2031		380,468		376,482			377,643			0.04	%
Recipe Acquisition Corp. Term Loan (First Lien)	(1)(2)(3)(4)(5)(7)	3M SOFR + 4.75% / 1.00%		9.05	%	7/31/2031		4,326,306		4,307,630			4,326,306			0.40	%
Recipe Acquisition Corp. Term Loan (First Lien)	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 4.75% / 1.00%		9.05	%	7/31/2031		3,391,479		3,376,860			3,391,479			0.32	%
Rushmore Investment III LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.00% / 1.00%		9.30	%	10/18/2030		3,979,900		3,943,576			3,948,625			0.37	%
Rushmore Investment III LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.30	%	10/18/2030		8,416,244		8,262,752			8,350,107			0.78	%

									$	28,079,099		$	28,195,720			2.64	%
Health Care Distributors
ASP Global Holdings, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.25% / 1.00%		9.57	%	7/31/2029	$	1,529,863	$	1,511,457		$	1,529,863			0.14	%
ASP Global Holdings, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.57	%	7/31/2029		1,882,806		1,866,681			1,863,999			0.18	%
ASP Global Holdings, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.25% / 1.00%		9.57	%	7/31/2029		3,291,729		3,262,438			3,258,848			0.31	%
ASP Global Holdings, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.25% / 1.00%		9.57	%	7/31/2029		409,152		403,615			409,152			0.04	%
HEC Purchaser Corp. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	6/17/2029		—		(9,972	)		(1,636	)		0.00	%
HEC Purchaser Corp. Term Loan A	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 1.00%		9.72	%	6/17/2029		8,405,234		8,297,443			8,387,630			0.78	%
IDC Infusion Services, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 6.00% / 1.00%		10.30	%	7/7/2028		5,984,962		5,926,603			5,920,358			0.55	%

									$	21,258,265		$	21,368,214			2.00	%
Health Care Equipment
Artivion, Inc. Closing Date Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.50% / 2.00%		10.81	%	1/18/2030	$	1,059,457	$	1,057,814		$	1,059,457			0.10	%
Artivion, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 2.00%		1.00	%	1/18/2030		—		(183	)		—			0.00	%
Blades Buyer, Inc. Term A Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.10% / 1.00%		9.42	%	3/28/2028		4,911,616		4,899,932			4,911,616			0.46	%
Life Science Intermediate Holdings, LLC Delayed Draw Dollar Term Loan D	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 5.60% / 1.00%		9.92	%	6/10/2027		1,632,253		1,631,489			1,631,550			0.15	%
Life Science Intermediate Holdings, LLC Delayed Draw Dollar Term Loan D	(1)(2)(3)(4)(5)(7)(13)	1M SOFR + 5.60% / 1.00%		9.92	%	6/10/2027		3,291,644		3,291,644			3,290,226			0.31	%
Life Science Intermediate Holdings, LLC Delayed Draw Dollar Term Loan F	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.60% / 1.00%		9.92	%	6/10/2027		3,899,859		3,810,964			3,899,859			0.36	%
Medical Device Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.35% / 1.00%		9.68	%	7/11/2029		1,086,132		1,067,214			1,070,118			0.10	%
Medical Device Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 6.35% / 1.00%		9.68	%	7/11/2029		3,291,646		3,222,289			3,243,113			0.30	%
Medical Device Inc. Initial Term Loan 2	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.00% / 1.00%		6.00	%	7/11/2029		1,861,616		1,839,273			1,838,454			0.17	%
Medical Device Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 0.50% / 1.00%		0.50	%	7/11/2029		—		—			(12,081	)		0.00	%
Par Excellence Holdings, Inc. Term B-1 Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.29	%	9/3/2030		11,497,695		11,326,356			11,325,230			1.06	%
Pediatric Home Respiratory Services, LLC Delayed Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	12/23/2030		—		(2,921	)		(610	)		0.00	%
Pediatric Home Respiratory Services, LLC Revolving Credit	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.50% / 1.00%		9.78	%	12/23/2030		214,667		211,451			214,328			0.02	%
Pediatric Home Respiratory Services, LLC Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.50% / 1.00%		9.78	%	12/23/2030		6,171,667		6,156,886			6,156,238			0.58	%
Pediatric Home Respiratory Services, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 1.00%		9.78	%	12/23/2030		2,771,667		2,765,029			2,764,737			0.26	%
Pediatric Home Respiratory Services, LLC Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.50% / 1.00%		9.78	%	12/23/2030		3,400,000		3,350,589			3,391,500			0.32	%
Spruce Bidco II Inc. Initial U.S. Dollar Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.00% / 0.75%		9.32	%	2/2/2032		14,594,902		14,379,420			14,375,978			1.34	%
SunMed Group Holdings, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.60% / 0.75%		9.89	%	6/16/2028		1,619,469		1,591,815			1,578,693			0.15	%
SunMed Group Holdings, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.60% / 0.75%		9.89	%	6/16/2028		3,291,473		3,215,110			3,208,600			0.30	%

									$	63,814,171		$	63,947,006			5.98	%

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

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

March 31, 2025


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Health Care Facilities
AAH Topco, LLC Class C Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 0.00%		1.00	%	3/31/2031	$	—	$	(28,994	)	$	(29,010	)		0.00	%
Capitol Imaging Acquisition Corp. Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 1.00%		9.31	%	1/3/2030		6,407,400		6,347,883			6,343,326			0.59	%
Capitol Imaging Acquisition Corp. Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.31	%	1/3/2030		6,407,400		6,347,883			6,343,326			0.59	%
Capitol Imaging Acquisition Corp. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	1/3/2030		—		(5,631	)		(24,260	)		0.00	%
Capitol Imaging Acquisition Corp. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	1/3/2030		—		(7,852	)		(8,271	)		0.00	%
Community Care Partners, LLC Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 6.11% / 1.00%		10.44	%	6/10/2026		1,967,349		1,959,248			1,900,965			0.18	%
IPC Pain Acquisition, LLC Delayed Draw Tem Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.86% / 1.00%		10.19	%	5/19/2027		2,667,421		2,643,244			2,665,230			0.25	%
SDG Mgmt Company, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.60% / 0.75%		10.05	%	7/3/2028		790,329		789,879			789,050			0.08	%
SDG Mgmt Company, LLC Delayed Draw Term Loan B	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 0.75%		1.00	%	12/31/2032		—		—			(216	)		0.00	%
SDG Mgmt Company, LLC Delayed Draw Term Loan C	(1)(2)(3)(4)(5)(7)	3M SOFR + 6.10% / 0.75%		10.41	%	12/31/2032		747,498		741,938			747,142			0.07	%
SDG Mgmt Company, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.60% / 0.75%		9.88	%	7/3/2028		1,557,012		1,541,091			1,532,643			0.14	%
SDG Mgmt Company, LLC Third Amendment Delayed Draw Term Loan A	(1)(2)(3)(4)(5)(6)(7)(12)	3M SOFR + 5.60% / 0.75%		9.91	%	7/3/2028		16,196		16,095			16,196			0.00	%

									$	20,344,784		$	20,276,121			1.90	%
Health Care Services
Advanced Medical Management, LLC Amendment No. 8 Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.65% / 1.00%		10.94	%	6/18/2028	$	7,958,586	$	7,844,127		$	7,859,567			0.73	%
Advanced Medical Management, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.15% / 1.00%		10.45	%	12/18/2026		3,310,175		3,233,864			3,235,696			0.30	%
Advanced Medical Management, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 6.15% / 1.00%		10.45	%	12/18/2026		3,291,750		3,225,747			3,217,686			0.30	%
Advanced Medical Management, LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	12/18/2026		—		(29,601	)		(35,955	)		0.00	%
Apex Dental Partners, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 1.00% / 1.00%		1.00	%	10/29/2030		1,928,071		1,918,326			1,902,273			0.18	%
Apex Dental Partners, LLC Revolving Credit	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 0.50% / 1.00%		0.50	%	10/29/2030		90,323		88,311			90,323			0.01	%
Apex Dental Partners, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.85	%	10/29/2030		8,559,194		8,543,225			8,544,077			0.80	%
BCDI Rodeo Dental Buyer, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.40% / 1.00%		9.71	%	12/31/2026		1,253,008		1,246,027			1,245,900			0.12	%
BCDI Rodeo Dental Buyer, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.40% / 1.00%		9.71	%	12/31/2026		5,622,778		5,591,452			5,590,884			0.52	%
BCDI Rodeo Dental Buyer, LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.40% / 1.00%		9.91	%	12/31/2026		1,163,562		1,149,555			1,149,752			0.11	%
BCDI Rodeo Dental Buyer, LLC Second Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.40% / 1.00%		9.71	%	12/31/2025		121,765		121,587			121,074			0.01	%
Beacon Oral Specialists Management LLC Sixth Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 6.00% / 1.00%		10.29	%	12/14/2026		1,836,374		1,836,374			1,836,374			0.17	%
CCHN Holdings, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 0.75%		9.57	%	4/1/2030		2,662,393		2,616,093			2,660,778			0.25	%
CCHN Holdings, LLC Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.25% / 0.75%		9.57	%	4/1/2030		3,291,729		3,291,729			3,289,732			0.31	%
CVAUSA Management, LLC Primary Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.25% / 1.00%		9.57	%	5/22/2029		1,080,104		1,058,801			1,073,520			0.10	%
CVAUSA Management, LLC Primary Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.00%		9.57	%	5/22/2029		712,428		692,483			708,086			0.07	%
CVAUSA Management, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	5/22/2028		—		(1,626	)		(1,751	)		0.00	%
CVAUSA Management, LLC Secondary Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.25% / 1.00%		9.57	%	5/22/2029		452,136		443,220			449,381			0.04	%
CVAUSA Management, LLC Secondary Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.00%		9.57	%	5/22/2029		298,226		288,101			296,408			0.03	%
CVAUSA Management, LLC Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.00%		9.57	%	5/22/2029		1,952,532		1,935,035			1,933,006			0.18	%
CVAUSA Management, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.57	%	5/22/2029		2,965,244		2,952,240			2,935,592			0.27	%
Dentive, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.75% / 0.75%		11.08	%	12/22/2028		2,237,488		2,211,919			2,190,737			0.20	%

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

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

March 31, 2025


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Health Care Services (continued)
Dentive, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.75% / 0.75%		11.05	%	12/22/2028		1,228,252		1,219,683			1,217,067			0.11	%
Dentive, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 6.75% / 0.75%		11.05	%	12/22/2028		3,275,741		3,236,773			3,245,912			0.30	%
Dentive, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 0.50% / 0.75%		0.50	%	12/22/2028		565,651		558,026			559,735			0.05	%
DermCare Management, LLC Fourth Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.85% / 1.00%		10.17	%	4/21/2028		6,917,916		6,855,385			6,917,916			0.65	%
Elevate HD Parent, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 6.10% / 1.00%		10.42	%	8/20/2029		1,633,354		1,607,496			1,599,818			0.15	%
Elevate HD Parent, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(13)	1M SOFR + 6.10% / 1.00%		10.42	%	8/20/2029		3,291,646		3,229,789			3,224,060			0.30	%
Eval Home Health Solutions Intermediate, L.L.C. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 1.00%		10.06	%	5/10/2030		2,090,139		2,061,621			2,073,571			0.19	%
Eval Home Health Solutions Intermediate, L.L.C. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	5/10/2030		—		(1,064	)		—			0.00	%
Fort B.V. 2024 Term Loan	(1)(2)(3)(4)(5)(7)	6M SOFR + 6.00% / 0.00%		8.85	%	5/3/2029		2,700,000		2,677,586			2,673,216			0.25	%
Fort B.V. 2024 Term Loan	(1)(2)(3)(4)(5)(7)(13)	6M SOFR + 6.00% / 0.00%		8.85	%	5/3/2029		3,300,000		3,268,475			3,267,264			0.31	%
Gen4 Dental Partners OPCO, LLC Closing Date Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	5/13/2030		—		—			(5,749	)		0.00	%
Gen4 Dental Partners OPCO, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 1.00%		10.07	%	5/13/2030		2,379,720		2,360,009			2,377,594			0.22	%
Gen4 Dental Partners OPCO, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.75% / 1.00%		10.07	%	5/13/2030		3,291,709		3,262,413			3,288,768			0.31	%
Gen4 Dental Partners OPCO, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	5/13/2030		—		—			(3,090	)		0.00	%
Hardenbergh Group, Inc., The Second Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.60% / 2.00%		10.89	%	8/7/2028		7,065,773		7,002,256			6,995,115			0.65	%
Home Care Assistance, LLC Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.10% / 1.00%		9.53	%	3/30/2027		2,978,991		2,965,553			2,891,845			0.27	%
Houseworks Holdings, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.00%		9.54	%	12/15/2028		1,515,536		1,507,871			1,497,155			0.14	%
Houseworks Holdings, LLC Fourth Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	12/15/2028		—		2,197			(15,906	)		0.00	%
Houseworks Holdings, LLC Fourth Amendment Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.50	%	12/15/2028		1,617,064		1,588,279			1,578,167			0.15	%
Houseworks Holdings, LLC Fourth Amendment Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.25% / 1.00%		9.50	%	12/15/2028		3,291,709		3,230,633			3,212,529			0.30	%
Houseworks Holdings, LLC Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.00%		9.50	%	12/15/2028		2,462,500		2,365,889			2,383,700			0.22	%
KabaFusion Parent LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 0.75%		9.30	%	11/24/2031		5,700,059		5,675,095			5,675,810			0.53	%
KabaFusion Parent LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.75%		0.50	%	11/24/2031		—		(6,760	)		—			0.00	%
KabaFusion Parent LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 0.75%		9.30	%	11/24/2031		5,700,059		5,675,095			5,675,810			0.53	%
MB2 Dental Solutions, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 0.75%		9.82	%	2/13/2031		4,269,164		4,234,837			4,241,281			0.40	%
MB2 Dental Solutions, LLC Revolving Commitment	(1)(2)(3)(4)(5)(6)(7)(8)(12)	3M SOFR + 0.50% / 0.75%		0.50	%	2/13/2031		—		(2,527	)		(2,710	)		0.00	%
MB2 Dental Solutions, LLC Tranche 1 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.50% / 0.75%		9.83	%	2/13/2031		483,191		480,897			483,191			0.05	%
MB2 Dental Solutions, LLC Tranche 2 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 0.75%		9.82	%	2/13/2031		618,170		614,178			612,560			0.06	%
Medina Health, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	10/20/2028		—		(5,691	)		—			0.00	%
Medina Health, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.25% / 1.00%		10.54	%	10/20/2028		3,059,649		3,010,791			3,009,061			0.28	%
Medrina, LLC Initial Delayed Draw Term Loan Facility	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 6.00% / 1.00%		10.25	%	10/20/2029		617,021		602,036			617,021			0.06	%
Medrina, LLC Initial Term Loan Facility	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.00% / 1.00%		10.44	%	10/20/2029		385,195		377,062			381,307			0.03	%
Medrina, LLC Initial Term Loan Facility	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 6.00% / 1.00%		10.44	%	10/20/2029		3,291,667		3,213,107			3,258,443			0.30	%
Medrina, LLC Revolving Facility	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 0.50% / 1.00%		0.50	%	10/20/2029		—		(10,200	)		—			0.00	%
NORA Acquisition, LLC Revolving Credit	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 6.35% / 1.00%		10.65	%	8/31/2029		58,333		50,655			39,900			0.00	%
NORA Acquisition, LLC Term Loan A	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.35% / 1.00%		10.65	%	8/31/2029		3,063,964		2,999,532			2,845,302			0.27	%

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

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

March 31, 2025


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Health Care Services (continued)
North Haven USHC Acquisition, Inc. Fourth Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.10% / 1.00%		9.39	%	10/29/2027		335,606		316,114			334,759			0.03	%
North Haven USHC Acquisition, Inc. Fourth Amendment Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.10% / 1.00%		9.40	%	10/29/2027		2,679,333		2,661,715			2,663,049			0.25	%
OIA Acquisition, LLC Effective Date Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.60% / 1.00%		9.82	%	10/19/2027		4,898,734		4,871,513			4,898,734			0.46	%
Point Quest Acquisition, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.65% / 1.00%		9.97	%	8/14/2028		617,256		609,059			608,422			0.06	%
Point Quest Acquisition, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 1.00%		10.18	%	8/14/2028		4,799,082		4,736,000			4,699,813			0.44	%
Point Quest Acquisition, LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.40% / 1.00%		9.70	%	8/14/2028		1,140,194		1,126,250			1,140,194			0.11	%
Point Quest Acquisition, LLC Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.65% / 1.00%		9.97	%	11/14/2031		4,311,229		4,249,102			4,272,709			0.40	%
Premise Health Holding Corp. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 0.75%		9.80	%	3/3/2031		1,535,018		1,524,595			1,534,770			0.14	%
PTSH Intermediate Holdings, LLC 2024 Second Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 0.75%		10.04	%	12/17/2027		11,637,027		11,471,203			11,462,472			1.07	%
RBFD Buyer, LLC Initial Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.00% / 1.00%		9.32	%	10/31/2030		785,535		760,142			761,164			0.07	%
RBFD Buyer, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.00% / 1.00%		9.32	%	10/31/2030		6,468,497		6,391,777			6,385,557			0.60	%
RBFD Buyer, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.32	%	10/31/2030		2,772,213		2,739,333			2,736,667			0.25	%
RBFD Buyer, LLC Revolving Credit	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	10/31/2030		—		(11,408	)		(12,145	)		0.00	%
Rcp Nats Purchaser, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 0.75%		1.00	%	3/19/2032		—		(2,576	)		(2,576	)		0.00	%
Rcp Nats Purchaser, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 0.75%		9.30	%	3/19/2032		10,304,727		10,227,441			10,227,441			0.96	%
Rcp Nats Purchaser, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.75%		0.50	%	3/19/2032		—		(10,810	)		(10,820	)		0.00	%
RCP TCT, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(11)	1M SOFR + 4.75% / 1.00%		9.32	%	12/31/2027		4,048,230		4,029,797			3,856,552			0.36	%
Salt Dental Collective, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.85% / 1.00%		11.17	%	2/15/2028		1,639,594		1,628,090			1,613,211			0.15	%
Salt Dental Collective, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 6.85% / 1.00%		11.17	%	2/15/2028		3,291,656		3,231,440			3,238,690			0.30	%
Surgical Center Solutions, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	3/25/2031		—		(21,769	)		(21,769	)		0.00	%
Surgical Center Solutions, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 0.00% / 1.00%		0.00	%	3/25/2031		7,765,647		7,664,525			7,664,344			0.72	%
Surgical Center Solutions, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 0.00% / 1.00%		0.00	%	3/25/2031		3,328,134		3,284,797			3,284,719			0.31	%
Surgical Center Solutions, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 0.00% / 1.00%		0.00	%	3/25/2031		100,124		78,362			78,356			0.01	%
TheKey, LLC Tranche B-1 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.10% / 1.00%		9.53	%	3/30/2027		1,830,352		1,822,912			1,769,773			0.16	%
TheKey, LLC Tranche B-1 Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.10% / 1.00%		9.53	%	3/30/2027		89,808		89,443			86,836			0.01	%
TVG Shelby Buyer, Inc. Amendment No. 6 Incremental Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.50% / 1.00%		9.80	%	3/27/2028		475,931		461,564			475,931			0.04	%
TVG Shelby Buyer, Inc. Amendment No. 6 Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 1.00%		9.80	%	3/27/2028		2,481,250		2,450,547			2,432,686			0.23	%
TVG Shelby Buyer, Inc. Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 0.50% / 1.00%		0.50	%	3/27/2028		—		(2,972	)		—			0.00	%
Vital Purchaser, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.50% / 1.00%		9.80	%	8/7/2030		787,771		773,369			776,337			0.07	%
Vital Purchaser, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 1.00%		9.80	%	8/7/2030		1,400,960		1,388,233			1,380,627			0.13	%
Vital Purchaser, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.50% / 1.00%		9.80	%	8/7/2030		3,291,729		3,230,124			3,243,954			0.30	%
Vital Purchaser, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	8/7/2030		—		20,218			—			0.00	%

									$	207,952,096		$	207,689,260			19.41	%
Health Care Technology
Bobcat Purchaser, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 4.75% / 0.75%		9.05	%	6/14/2030	$	469,047	$	459,955		$	469,047			0.04	%
Bobcat Purchaser, LLC Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 4.75% / 0.75%		9.05	%	6/14/2030		1,500,953		1,471,830			1,491,499			0.14	%

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

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

March 31, 2025


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Health Care Technology (continued)
GHA Buyer, Inc. (aka Cedar Gate) Amendment Number Five Term Loan	(1)(2)(3)(4)(5)(7)(12)	1M SOFR + 5.50% / 1.00%		9.80	%	6/24/2026		164,599		163,812			163,865			0.02	%
GHA Buyer, Inc. (aka Cedar Gate) Amendment Number Four Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 1.00%		9.80	%	6/24/2026		2,010,468		2,000,851			2,001,526			0.19	%
GHA Buyer, Inc. (aka Cedar Gate) Amendment Number Six Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 1.00%		9.80	%	6/24/2026		574,320		571,573			571,766			0.05	%
GHA Buyer, Inc. (aka Cedar Gate) Amendment Number Three Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 1.00%		9.80	%	6/24/2026		549,814		549,814			547,368			0.05	%
GHA Buyer, Inc. (aka Cedar Gate) Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 1.00%		9.80	%	6/24/2026		155,469		154,725			154,777			0.01	%
GHA Buyer, Inc. (aka Cedar Gate) Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	6/24/2026		—		(1,254	)		—			0.00	%
Iodine Software, LLC Closing Date Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.57	%	5/19/2027		53,930		53,930			53,910			0.01	%
Iodine Software, LLC Closing Date Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.25% / 1.00%		9.57	%	5/19/2027		1,994,832		1,994,832			1,994,118			0.19	%
Iodine Software, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	5/19/2027		—		—			—			0.00	%
Iodine Software, LLC Term B Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.25% / 1.00%		9.57	%	5/19/2027		1,404,883		1,404,883			1,404,344			0.13	%
Medical Technology Solutions, LLC Delayed Draw C Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 10.69% / 1.00%		10.69	%	4/27/2026		1,284,828		1,274,285			1,284,828			0.12	%
Medical Technology Solutions, LLC Sixth Amendment Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.40% / 1.00%		10.69	%	4/27/2026		1,407,268		1,390,271			1,396,027			0.13	%

									$	11,489,507		$	11,533,075			1.08	%
Heavy Electrical Equipment
Faraday Buyer, LLC Delayed Draw Term Loan (MacLean Power Systems)	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 1.00%		1.00	%	10/11/2028	$	—	$	(683	)	$	(1,507	)		0.00	%
Faraday Buyer, LLC First Amendment Term Loan (MacLean Power Systems)	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.00% / 1.00%		10.30	%	10/11/2028		579,246		571,844			576,955			0.05	%

									$	571,161		$	575,448			0.05	%
Highways & Railtracks
R1 Holdings, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.25% / 1.00%		10.49	%	12/29/2028	$	4,912,060	$	4,876,293		$	4,869,345			0.46	%
Home Improvement Retail
TMSC OpCo, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	4/30/2026	$	—	$	—		$	—			0.00	%
TMSC OpCo, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.10% / 1.00%		10.42	%	4/30/2026		3,608,220		3,608,220			3,608,220			0.34	%

									$	3,608,220		$	3,608,220			0.34	%
Homebuilding
Campany Roof Maintenance, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.85% / 1.50%		11.17	%	11/27/2028	$	1,608,981	$	1,586,687		$	1,608,981			0.15	%
Campany Roof Maintenance, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 6.85% / 1.50%		11.17	%	11/27/2028		3,298,288		3,252,610			3,298,288			0.31	%

									$	4,839,297		$	4,907,269			0.46	%
Hotels, Resorts & Cruise Lines
Pyramid Management Advisors, LLC Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.25%		9.54	%	1/19/2028	$	1,620,678	$	1,582,036		$	1,605,761			0.15	%
Pyramid Management Advisors, LLC Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.25% / 1.25%		9.54	%	1/19/2028		3,291,603		3,261,759			3,261,307			0.30	%

									$	4,843,795		$	4,867,068			0.45	%
Household Appliances
Dusk Acquisition II Corporation Term Loan Incremental	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.00% / 1.00%		10.33	%	12/19/2029	$	6,982,500	$	6,850,399		$	6,844,264			0.64	%
Dusk Acquisition II Corporation Term Loan Incremental	(1)(2)(3)(4)(5)(7)(1 2 )	3M SOFR + 6.00% / 1.00%		10.33	%	12/19/2029		6,982,500		6,850,399			6,844,264			0.64	%
Evriholder Acquisition, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.90% / 1.50%		11.20	%	1/24/2028		3,871,905		3,835,793			3,848,201			0.36	%
WF Enterprises, Inc. Term Loan A	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 4.60% / 1.00%		8.90	%	11/9/2027		4,578,187		4,554,624			4,563,999			0.43	%

									$	22,091,215		$	22,100,728			2.07	%
Housewares & Specialties
AmerCareRoyal, LLC Delayed Draw Term Loan A	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	9/10/2030	$	—	$	—		$	—			0.00	%
AmerCareRoyal, LLC Delayed Draw Term Loan B	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.32	%	9/10/2030		1,291,943		1,291,943			1,290,307			0.12	%

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

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

March 31, 2025


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Housewares & Specialties (continued)
AmerCareRoyal, LLC Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.00% / 1.00%		9.32	%	9/6/2031		698,250		691,934			692,417			0.07	%
AmerCareRoyal, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.32	%	9/6/2031		4,022,449		3,985,364			3,988,849			0.37	%
AmerCareRoyal, LLC Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.00% / 1.00%		9.32	%	9/6/2031		3,391,500		3,360,871			3,363,170			0.32	%
AmerCareRoyal, LLC U.S. Revolving Credit	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.00% / 1.00%		9.32	%	9/6/2031		1,009,036		998,191			1,009,036			0.09	%
Axis Portable Air, LLC Fifth Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 1.00% / 1.00%		1.00	%	3/22/2028		309,513		307,208			302,704			0.03	%
Axis Portable Air, LLC Fifth Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 1.00% / 1.00%		1.00	%	3/22/2028		3,291,689		3,210,228			3,219,280			0.30	%
Axis Portable Air, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.00%		9.55	%	3/22/2028		870,556		863,930			864,703			0.08	%
Axis Portable Air, LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	3/22/2028		—		(7,309	)		—			0.00	%
Axis Portable Air, LLC Seventh Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	12/31/2032		—		(3,610	)		—			0.00	%
Axis Portable Air, LLC Sixth Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 0.50% / 1.00%		0.50	%	3/22/2028		3,773,993		3,748,924			3,773,993			0.35	%
TPC US Parent, LLC Fourth Amendment Incremental Term Loan A	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.90% / 1.00%		10.21	%	11/22/2025		742,500		737,222			736,202			0.07	%

									$	19,184,896		$	19,240,661			1.80	%
Human Resource & Employment Services
Accurate Background, LLC Fourth Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.43% / 1.00%		11.85	%	3/26/2029	$	4,548,543	$	4,469,166		$	4,478,022			0.42	%
Accurate Background, LLC Fourth Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 6.43% / 1.00%		11.85	%	3/26/2029		3,391,457		3,326,693			3,338,876			0.31	%
PCS Midco, Inc. Closing Date Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.75% / 1.00%		10.05	%	3/1/2030		1,819,081		1,793,454			1,792,855			0.17	%
PCS Midco, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.75% / 1.00%		10.05	%	3/1/2030		9,206		8,891			8,937			0.00	%
PCS Midco, Inc. Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.75% / 1.00%		10.05	%	3/1/2030		3,281		3,035			3,011			0.00	%

									$	9,601,239		$	9,621,701			0.90	%
Industrial Machinery
Astro Acquisition, LLC 2024 Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.25% / 1.00%		9.47	%	12/13/2027	$	7,920,000	$	7,859,834		$	7,818,101			0.73	%
Helios Service Partners, LLC Delayed Draw Term Loan 2022	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.00% / 1.00%		0.00	%	3/19/2027		—		(12,003	)		(14,805	)		0.00	%
Helios Service Partners, LLC Third Amendement Incremental Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	3/19/2027		—		(24,852	)		(24,675	)		0.00	%
ISG Enterprises, LLC Delayed Draw Term Loan (2023)	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.75% / 1.00%		10.04	%	12/7/2028		5,653,800		5,585,071			5,564,817			0.52	%
Orion Group HoldCo, LLC Term Loan (Astra Services Partners)	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 0.00% / 1.00%		0.00	%	3/19/2027		4,393,524		4,368,654			4,383,650			0.41	%
Sonny’s Enterprises, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.65% / 1.00%		9.94	%	8/5/2028		891,720		882,581			873,304			0.08	%
Sonny’s Enterprises, LLC Restatement Date Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.65% / 1.00%		9.95	%	8/5/2028		4,027,051		3,986,306			3,955,711			0.37	%
Sonny’s Enterprises, LLC Amendment No.1 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.65% / 1.00%		9.94	%	8/5/2028		35,820		32,940			31,466			0.00	%
Tank Holding Corp. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 6.10% / 0.75%		10.43	%	3/31/2028		4,976,805		4,925,553			5,001,689			0.47	%
Tank Holding Corp. Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.85% / 0.75%		10.17	%	3/31/2028		4,911,616		4,857,429			4,860,673			0.45	%

									$	32,461,513		$	32,449,931			3.03	%
Insurance Brokers
Alera Group, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.75% / 1.00%		10.07	%	10/2/2028	$	661,904	$	643,832		$	643,166			0.06	%
Alkeme Acquisition, LLC Delayed Draw Term Loan Amendment No. 10	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 1.00% / 1.00%		1.00	%	2/18/2031		6,409		(6,982	)		(7,050	)		0.00	%
Alkeme Intermediary Holdings, LLC Seventh Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.55	%	10/28/2026		4,976,686		4,913,740			4,926,644			0.46	%
Arden Insurance Services LLC Revolving Credit	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.25% / 1.00%		9.58	%	11/22/2030		326,800		311,478			311,426			0.03	%
Arden Insurance Services LLC Term A Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.55	%	11/26/2030		8,443,622		8,367,058			8,365,085			0.78	%

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

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

March 31, 2025


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate		Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Insurance Brokers (continued)
Arden Insurance Services LLC Term A Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.25% / 1.00%		9.55%	11/26/2030		3,291,750		3,261,807			3,261,132			0.30	%
High Street Buyer, Inc. 3/2024 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.25% / 1.00%		9.57%	4/14/2028		1,079,967		1,070,670			1,049,129			0.10	%
Inszone Mid, LLC A&R Delayed Draw Term Loan Facility	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 1.00% / 1.00%		1.00%	11/30/2029		671,081		664,239			671,081			0.06	%
Inszone Mid, LLC A&R Term Loan Facility	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.00%		9.55%	11/30/2029		741,820		739,177			741,820			0.07	%
Integrity Marketing Acquisition, LLC Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.00% / 0.75%		9.31%	8/25/2028		12,437,500		12,423,672			12,437,500			1.16	%
Keystone Agency Partners LLC Delayed Draw Term Loan E	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00%	5/3/2027		—		1,555			1,517			0.00	%
Keystone Agency Partners LLC Seventh Amendment Term Loan A	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 4.75% / 1.00%		9.04%	5/3/2027		177,271		177,271			177,258			0.02	%
Keystone Agency Partners LLC Term A Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 4.75% / 1.00%		9.05%	5/3/2027		2,954,223		2,935,572			2,913,442			0.27	%
Oakbridge Insurance Agency LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.75% / 0.75%		10.07%	11/1/2029		92,948		92,104			92,948			0.01	%
Oakbridge Insurance Agency LLC Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.75% / 0.75%		10.06%	11/1/2029		449,456		446,843			449,456			0.04	%
Peter C. Foy & Associates Insurance Services, LLC Incremental Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.50% / 0.75%		10.81%	11/1/2028		2,462,500		2,422,204			2,413,783			0.23	%
Peter C. Foy & Associates Insurance Services, LLC Tranche E Delayed Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.50% / 0.75%		9.82%	11/1/2028		1,558,942		1,550,374			1,558,942			0.15	%
Peter C. Foy & Associates Insurance Services, LLC Tranche E Delayed Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.50% / 0.75%		9.82%	11/1/2028		4,870,291		4,828,153			4,870,291			0.46	%
SageSure Holdings, LLC Amendment No. 1 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 0.50%		1.00%	1/28/2030		—		(24,132	)		(25,943	)		0.00	%
SageSure Holdings, LLC Amendment No. 1 Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.11% / 0.50%		9.44%	1/28/2030		5,361,475		5,323,502			5,307,861			0.49	%
Tricor, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.15% / 1.00%		9.44%	10/22/2026		1,189,591		1,189,591			1,189,591			0.11	%
Tricor, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50%	10/22/2026		—		—			—			0.00	%
Tricor, LLC Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.10% / 1.00%		9.42%	10/22/2026		3,165,053		3,165,053			3,165,053			0.30	%
World Insurance Associates A&R Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.30%	4/3/2030		16,100,000		16,101,409			16,100,000			1.50	%
Worldwide Insurance Network, LLC DDTL	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.81% / 0.75%		10.12%	5/28/2030		849,726		841,502			849,726			0.08	%
Worldwide Insurance Network, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.70% / 0.75%		10.00%	5/28/2030		2,486,889		2,466,121			2,472,659			0.23	%

								$	73,905,813		$	73,936,517			6.91	%
Interactive Home Entertainment
Five Star Buyer, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 8.15% / 1.50%		12.46%	2/23/2028	$	55,808	$	54,642		$	53,675			0.00	%
Track Branson Opco, LLC, The Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 0.50% / 1.50%		0.50%	2/23/2028		—		(2,319	)		(2,022	)		0.00	%
Track Branson OpCo, LLC, The Term Loan A	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 8.15% / 1.50%		12.45 % / 1.00 %	2/23/2028		1,579,948		1,548,977			1,554,669			0.15	%

								$	1,601,300		$	1,606,322			0.15	%
Internet & Direct Marketing Retail
Berlin Rosen Acquisition, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.60% / 1.00%		9.92%	1/14/2027	$	1,333,775	$	1,273,112		$	1,263,839			0.12	%
Berlin Rosen Acquisition, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.60% / 1.00%		9.92%	1/14/2027		765,619		756,856			725,473			0.07	%
Berlin Rosen Acquisition, LLC Small Girls Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.60% / 1.00%		9.92%	1/14/2027		1,818,247		1,800,966			1,801,630			0.17	%
Berlin Rosen Acquisition, LLC Small Girls Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.60% / 1.00%		9.92%	1/14/2027		1,818,247		1,800,966			1,801,630			0.17	%
Berlin Rosen Acquisition, LLC Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.60% / 1.00%		9.92%	1/14/2027		2,261,421		2,239,685			2,234,932			0.21	%
Berlin Rosen Acquisition, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.60% / 1.00%		9.92%	1/14/2027		1,361,646		1,350,413			1,345,697			0.12	%
Berlin Rosen Acquisition, LLC Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.60% / 1.00%		9.92%	1/14/2027		3,394,605		3,359,103			3,354,843			0.31	%

									12,581,101		$	12,528,044			1.17	%

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

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

March 31, 2025


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Internet Services & Infrastructure
Bridgepointe Technologies, LLC Delayed Draw Term Loan (2024)	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.00% / 1.00%		9.30	%	12/31/2027	$	4,790,463	$	4,702,218		$	4,790,463			0.45	%
Salute Mission Critical, LLC Delayed Draw Term Loan Commitment	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.00% / 1.00%		9.32	%	11/30/2029		125,906		117,116			121,399			0.01	%
Salute Mission Critical, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.00% / 1.00%		9.32	%	11/30/2029		279,792		273,457			278,890			0.03	%
Salute Mission Critical, LLC Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.00% / 1.00%		9.32	%	11/30/2029		791,384		784,081			783,470			0.07	%
Salute Mission Critical, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.32	%	11/30/2029		4,185,807		4,145,673			4,143,949			0.39	%
Salute Mission Critical, LLC Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.00% / 1.00%		9.32	%	11/30/2029		3,291,723		3,259,644			3,258,806			0.30	%

									$	13,282,189		$	13,376,977			1.25	%
Investment Banking & Brokerage
Cherry Bekaert Advisory LLC Amendment No. 1 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.25% / 0.75%		9.57	%	6/30/2028	$	2,488,456	$	2,486,373		$	2,488,456			0.23	%
Cherry Bekaert Advisory LLC Amendment No. 1 Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 0.75%		9.57	%	6/30/2028		2,157,047		2,135,956			2,146,695			0.20	%
DOXA Insurance Holdings LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.25% / 0.75%		9.55	%	12/20/2030		455,007		452,893			455,007			0.04	%
DOXA Insurance Holdings LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 0.75%		9.55	%	12/20/2030		495,336		495,336			495,336			0.05	%

									$	5,570,558		$	5,585,494			0.52	%
IT Consulting & Other Services
ACP Avenu Buyer, LLC Delayed TL	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.25% / 1.00%		9.56	%	10/2/2029	$	272,051	$	271,995		$	272,051			0.03	%
ACP Avenu Buyer, LLC Revolving Credit	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.25% / 1.00%		9.56	%	10/2/2029		59,598		54,175			53,778			0.01	%
ACP Avenu Buyer, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.56	%	10/2/2029		1,541,809		1,509,983			1,506,347			0.14	%
Alta Buyer, LLC 2025 Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.30	%	12/21/2027		208,630		208,630			208,458			0.02	%
Alta Buyer, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.30	%	12/21/2027		1,105,701		1,093,194			1,103,660			0.10	%
Alta Buyer, LLC Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.30	%	12/21/2027		571,297		571,470			565,977			0.05	%
Alta Buyer, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.30	%	12/21/2027		3,752,125		3,710,399			3,697,335			0.35	%
Argano, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	9/13/2029		—		(9,844	)		(14,509	)		0.00	%
Argano, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.75% / 1.00%		10.07	%	9/13/2029		688,021		678,777			676,697			0.06	%
Argano, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 1.00%		10.07	%	9/13/2029		5,834,449		5,767,380			5,738,415			0.54	%
Argano, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.75% / 1.00%		10.07	%	9/13/2029		3,391,479		3,345,253			3,335,655			0.31	%
Argano, LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	9/13/2029		—		(4,851	)		(2,418	)		0.00	%
BCM One, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 4.50% / 1.00%		8.84	%	11/17/2027		4,652,546		4,635,874			4,652,546			0.43	%
By Light Professional IT Services LLC Existing Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.47% / 1.00%		10.79	%	11/16/2026		1,837,460		1,824,186			1,837,460			0.17	%
By Light Professional IT Services LLC Seventh Additional Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.47% / 1.00%		10.79	%	11/16/2026		3,767,106		3,717,849			3,710,599			0.35	%
Cyber Advisors, LLC Delayed Draw Term Loan Amendment No. 5	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 1.00% / 1.00%		1.00	%	12/31/2031		7,410,340		7,334,544			7,389,641			0.69	%
Cyber Advisors, LLC Term Loan Amendment No. 6	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.57	%	7/18/2028		4,678,036		4,632,999			4,631,256			0.43	%
Enverus Holdings, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.75%		0.50	%	12/24/2029		—		(1,218	)		—			0.00	%
Enverus Holdings, Inc.Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 0.75%		1.00	%	12/24/2029		—		(1,745	)		(571	)		0.00	%
Enverus Holdings, Inc.Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.50% / 0.75%		9.82	%	12/24/2029		164,770		164,770			162,583			0.02	%
Enverus Holdings, Inc.Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 0.75%		9.82	%	12/24/2029		5,275,307		5,211,430			5,205,264			0.49	%
Guidepoint Security Holdings, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 1.00%		1.00	%	10/2/2029		—		—			—			0.00	%
Guidepoint Security Holdings, LLC First Amendment Term A Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.00% / 1.00%		10.32	%	10/2/2029		140,463		138,504			138,356			0.01	%

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

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

March 31, 2025


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
IT Consulting & Other Services (continued)
Guidepoint Security Holdings, LLC Term Loan A	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.00% / 1.00%		10.31	%	10/2/2029		298,834		298,834			298,834			0.03	%
IG Investments Holdings, LLC 2024 Refinancing Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 0.75%		9.29	%	9/22/2028		5,939,077		5,939,077			5,939,077			0.56	%
Improving Holdco, Inc. Term Loan (Improving Enterprises)	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.75% / 1.00%		11.05	%	7/26/2027		3,430,263		3,364,619			3,363,411			0.31	%
Improving Holdco, Inc. Term Loan (Improving Enterprises)	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.75% / 1.00%		11.05	%	7/26/2027		3,640,131		3,577,218			3,569,190			0.33	%
Improving Holdco, Inc. Term Loan (Improving Enterprises)	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 6.75% / 1.00%		11.05	%	7/26/2027		3,291,855		3,231,413			3,227,701			0.30	%
Lighthouse Technologies Holding Corp. First Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.15% / 1.00%		9.45	%	4/30/2027		174,483		174,245			174,483			0.02	%
Lighthouse Technologies Holding Corp. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.15% / 1.00%		9.45	%	4/30/2027		7,986,462		7,961,034			7,986,462			0.75	%
Lighthouse Technologies Holding Corp. Initial Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.15% / 1.00%		9.45	%	4/30/2027		3,391,029		3,391,029			3,391,029			0.32	%
Lighthouse Technologies Holding Corp. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	4/30/2027		—		—			—			0.00	%
Redwood Services Group, LLC Sixth Amendment Incremental Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 0.75%		1.00	%	6/15/2029		—		(42,842	)		(45,063	)		0.00	%
Redwood Services Group, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 0.75%		9.55	%	6/15/2029		7,069,393		7,001,331			6,998,699			0.65	%
Rural Sourcing Holdings, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.75% / 1.00%		10.05	%	6/15/2029		348,480		340,355			342,919			0.03	%
Rural Sourcing Holdings, Inc. Delayed Draw Term Loan Amendment No. 1	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 1.00%		1.00	%	6/15/2029		—		(1,490	)		(2,365	)		0.00	%
Rural Sourcing Holdings, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.75% / 1.00%		10.05	%	6/15/2029		61,600		56,129			50,683			0.00	%
Rural Sourcing Holdings, Inc. Term Loan Amendment No. 1	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.75% / 1.00%		10.05	%	12/31/2032		262,020		259,551			257,606			0.02	%
Rural Sourcing Holdings, Inc. Tranche B Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.75% / 1.00%		10.03	%	6/15/2029		1,556,280		1,520,221			1,486,479			0.14	%
Upstack Holdco Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.00% / 0.75%		9.24	%	8/23/2031		625,000		607,448			625,000			0.06	%
Upstack Holdco Inc. Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.00% / 0.75%		9.30	%	8/25/2031		281,250		269,905			281,250			0.03	%
Upstack Holdco Inc. Term B Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.00% / 0.75%		9.32	%	8/25/2031		800,000		792,285			792,563			0.07	%
Upstack Holdco Inc. Term B Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 0.75%		9.32	%	8/25/2031		4,025,000		3,987,730			3,987,581			0.37	%
Upstack Holdco Inc. Term B Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.00% / 0.75%		9.32	%	8/25/2031		3,300,000		3,269,307			3,269,321			0.31	%
VRC Companies, LLC Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.76% / 1.00%		10.05	%	6/29/2027		5,898,029		5,871,140			5,887,202			0.55	%
VRC Companies, LLC Fourth Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.25% / 1.00%		9.54	%	6/29/2027		2,419,188		2,398,611			2,401,406			0.22	%
VRC Companies, LLC Third Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.75% / 1.00%		10.07	%	6/29/2027		1,988,611		1,982,573			1,986,057			0.18	%

									$	101,103,477		$	101,138,105			9.45	%
Leisure Facilities
Concert Golf Partners Holdco LLC Initial Term Loan (2022)	(1)(2)(3)(4)(5)(7)(10)	6M SOFR + 4.75% / 0.75%		9.06	%	4/1/2030	$	4,911,616	$	4,899,315		$	4,859,859			0.45	%
Excel Fitness Holdings, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.50% / 1.00%		9.80	%	4/27/2029		1,662,500		1,614,724			1,662,500			0.16	%
Excel Fitness Holdings, Inc. Delayed Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.50% / 0.75%		9.80	%	4/27/2029		470,704		467,618			449,359			0.04	%
Excel Fitness Holdings, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.50% / 1.00%		9.80	%	4/27/2029		3,308,333		3,230,888			3,300,063			0.31	%

									$	10,212,545		$	10,271,781			0.96	%
Leisure Products
BCI Burke Holding Corp. Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.75% / 1.00%		10.05	%	12/14/2027	$	1,181,355	$	1,173,686		$	1,181,355			0.11	%
BCI Burke Holding Corp. Seventh Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	12/14/2027		—		(8,681	)		(3,278	)		0.00	%
BCI Burke Holding Corp. Seventh Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 1.00%		1.00	%	12/14/2027		—		(10,630	)		(4,014	)		0.00	%
BCI Burke Holding Corp. Seventh Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.75% / 1.00%		10.05	%	12/14/2027		369,010		365,879			366,307			0.03	%
BCI Burke Holding Corp. Seventh Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.75% / 1.00%		10.05	%	12/14/2027		4,604,422		4,565,356			4,570,702			0.43	%

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

Table of Contents

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

March 31, 2025


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Leisure Products (continued)
BCI Burke Holding Corp. Seventh Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.75% / 1.00%		10.05 %		12/14/2027		3,391,268		3,359,482			3,366,433			0.31	%
KSKI Holdings 2, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(10)	6M SOFR + 7.50% / 1.25%		11.80 %		6/30/2028		1,533,608		1,500,618			1,489,584			0.14	%
KSKI Holdings 2, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(13)	6M SOFR + 7.50% / 1.25%		11.80 %		6/30/2028		3,391,392		3,300,200			3,294,039			0.31	%
Painful Pleasures, LLC Term Loan fka Artifex	(1)(2)(3)(4)(5)(7)(11)	1M SOFR + 5.50% / 1.00%		9.94 % 5.50 %	/	8/31/2026		1,201,354		1,200,701			1,201,354			0.11	%
Painful Pleasures, LLC Third Incremental Term Loan	(1)(2)(3)(4)(5)(7)(11)	1M SOFR + 5.50% / 1.00%		9.94 % 5.50 %	/	8/31/2026		3,723,894		3,712,593			3,723,894			0.35	%

									$	19,159,204		$	19,186,376			1.79	%
Life & Health Insurance
AmeriLife Holdings LLC Amendment No. 5 Incremental Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 0.75%		1.00 %		8/31/2029	$	—	$	(8,136	)	$	(8,223	)		0.00	%
AmeriLife Holdings LLC Amendment No. 5 Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 0.75%		9.26 %		8/31/2029		9,843,265		9,794,048			9,794,048			0.92	%
AmeriLife Holdings LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.75%		0.50 %		8/31/2028		—		(7,981	)		(8,149	)		0.00	%
Pareto Health Intermediate Holdings Inc. A-1 Cash Pay Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.22%		6/1/2030		12,217,371		12,103,668			12,099,056			1.13	%
Pareto Health Intermediate Holdings Inc. Amendment No. 1 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00%		6/1/2030		—		(14,967	)		—			0.00	%

									$	21,866,632		$	21,876,732			2.05	%
Life Sciences Tools & Services
Bamboo US BidCo LLC (aka Baxter) Delayed Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.00%		9.54 %		9/30/2030	$	107,844	$	106,019		$	107,790			0.01	%
Bamboo US BidCo LLC (aka Baxter) Tranche B-1 Delayed TL	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 1.00%		1.00%		9/30/2030		—		(196	)		(37	)		0.00	%
Bamboo US BidCo LLC (aka Baxter) Tranche B-2 Delayed Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 1.00%		1.00%		9/30/2030		—		(196	)		(37	)		0.00	%
Bamboo US BidCo LLC (aka Baxter) USD TL	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.00%		9.54 %		9/30/2030		704,808		698,845			701,550			0.06	%
KL Charlie Acquisition Company Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 0.00%		1.00 %		12/31/2032		—		2,469			494			0.00	%
KL Charlie Acquisition Company Fourth Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.60% / 1.00%		9.92%		12/30/2026		2,595,000		2,583,694			2,547,027			0.24	%
KL Charlie Acquisition Company Fourth Amendment Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.60% / 1.00%		9.92%		12/30/2026		1,955,992		1,935,015			1,900,527			0.18	%
KL Charlie Acquisition Company Sixth Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.60% / 0.00%		9.92%		12/30/2026		215,918		219,328			215,897			0.02	%
KL Moon Acquisition, LLC 2024 Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 7.75% / 1.00%		12.04 % 2.75 %	/	2/1/2029		658,571		643,710			622,176			0.06	%
KL Moon Acquisition, LLC Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 7.75% / 1.00%		12.04 % 2.75 %	/	2/1/2029		1,651,124		1,633,884			1,575,541			0.15	%
KL Moon Acquisition, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 7.75% / 1.00%		12.04 % 2.75 %	/	2/1/2029		354,106		354,106			343,118			0.03	%

									$	8,176,678		$	8,014,046			0.75	%
Metal & Glass Containers
Keg Logistics LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.90% / 1.00%		11.22%		11/23/2027	$	4,421,051	$	4,379,348		$	4,398,555			0.41	%
Office Services & Supplies
Advanced Web Technologies Holding Company Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.25% / 1.00%		10.44%		12/17/2026	$	782,072	$	772,373		$	771,401			0.07	%
Advanced Web Technologies Holding Company Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50%		12/17/2026		—		—			(44	)		0.00	%
Advanced Web Technologies Holding Company Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.25% / 1.00%		10.40%		12/17/2026		1,987,909		1,963,352			1,960,785			0.19	%
Ergotron Acquisition, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 5.25% / 0.75%		9.57%		7/6/2028		4,508,816		4,508,816			4,508,816			0.42	%
Forward Solutions, LLC Third Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 6.15% / 1.00%		10.45%		12/15/2026		550,634		519,430			526,018			0.05	%
Forward Solutions, LLC Third Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.15% / 1.00%		10.45%		12/15/2026		655,356		646,163			648,624			0.06	%

									$	8,410,134		$	8,415,600			0.79	%

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

Table of Contents

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

March 31, 2025


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Oil & Gas Equipment & Services
Jones Industrial Holdings, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 6.85% / 2.00%		11.17%		7/31/2028	$	471,144	$	462,639		$	471,037			0.05	%
Jones Industrial Holdings, Inc. Term A Loan	(1)(2)(3)(4)(5)(7)(13)	1M SOFR + 6.85% / 2.00%		11.17%		7/31/2028		1,981,981		1,981,981			1,942,832			0.18	%

									$	2,444,620		$	2,413,869			0.23	%
Other Diversified Financial Services
Citrin Cooperman Advisors LLC 2022-2 Incremental Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 0.75%		9.28%		10/1/2027	$	1,125,881	$	1,119,089		$	1,118,698			0.10	%
Citrin Cooperman Advisors LLC 2022-2 Incremental Term Loan	(1)(2)(3)(4)(5)(7)(10)	6M SOFR + 5.00% / 0.75%		9.28%		10/1/2027		3,792,150		3,732,004			3,753,886			0.35	%
Convera International Financial S.a r.l. Incremental Term Loan	(1)(3)(5)(7)(9)(10)(21)	3M SOFR + 6.15% / 0.75%		10.45%		3/1/2028		2,947,500		2,903,169			2,897,040			0.27	%
Convera International Financial S.a r.l. Incremental Term Loan 2024	(1)(3)(5)(7)(9)(10)(21)	3M SOFR + 6.15% / 0.75%		10.45%		3/1/2028		403,082		397,619			397,457			0.04	%
Lido Advisors, LLC Fourth Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 1.00%		9.30%		6/15/2029		1,706,972		1,679,042			1,696,891			0.16	%
Lido Advisors, LLC Seventh Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.00% / 1.00%		9.32%		6/15/2029		1,269,367		1,254,403			1,269,367			0.12	%

									$	11,085,326		$	11,133,339			1.04	%
Packaged Foods & Meats
Chef Merito, LLC Delayed Draw Term Loan A	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 6.15% / 1.00%		10.45%		7/15/2028	$	423,125	$	423,125		$	418,155			0.04	%
Chef Merito, LLC Delayed Draw Term Loan B	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 6.15% / 1.00%		10.45%		7/15/2028		423,125		423,125			418,155			0.04	%
Chef Merito, LLC Delayed Draw Term Loan C	(1)(2)(3)(4)(5)(7)	3M SOFR + 6.15% / 1.00%		10.45%		7/15/2028		340,515		344,217			333,060			0.03	%
Chef Merito, LLC First Amendment Term Loan A	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 6.15% / 1.00%		10.38%		7/15/2028		2,551,798		2,494,224			2,538,166			0.24	%
Chef Merito, LLC Second Amendment Term Loan A	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.15% / 1.00%		10.45%		7/15/2028		1,132,990		1,113,784			1,100,961			0.10	%
Demakes Borrower, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 0.75%		1.00%		12/12/2029		—		—			—			0.00	%
Demakes Borrower, LLC Term B Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.00% / 0.75%		10.30%		12/12/2029		343,757		343,757			343,757			0.03	%
Gastronome Acquisition, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.15% / 1.00%		9.45%		11/18/2027		4,729,986		4,708,544			4,684,105			0.44	%
Huron Bidco, INC. Incremental Term Loan B1 (KNPC Holdco)	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 7.10% / 1.00%		11.36%		10/22/2029		735,121		726,402			696,882			0.07	%
KNPC Holdco, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.85% / 1.00%		10.11%		10/22/2029		4,876,225		4,817,731			4,771,084			0.45	%
KNPC Holdco, LLC Tranche D-1 Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.85% / 1.00%		10.11%		10/22/2029		5,000,000		5,000,000			5,000,000			0.47	%
Nellson Nutraceutical, LLC Term A-1 Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.90% / 1.00%		10.21%		12/23/2025		4,918,531		4,900,911			4,905,436			0.46	%
Patriot Foods Buyer, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.25% / 1.00%		9.47%		12/24/2029		4,937,500		4,877,967			4,851,566			0.45	%
Signature Brands, LLC Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	1M SOFR + 9.76% / 1.75%		14.07% 3.00%	/	5/4/2028		4,678,703		4,603,856			4,096,670			0.38	%
Signature Brands, LLC Term Loan A	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.76% / 1.75%		11.05%		5/4/2028		266,212		263,281			252,901			0.02	%
Signature Investor LLC Term Loan B	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.00% / 1.50%		0.00%		5/4/2028		—		—			(247	)		0.00	%
Western Smokehouse Partners, LLC Delayed Draw Term Loan C	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.50% / 1.00%		9.92%		3/31/2029		2,292,169		2,176,604			2,251,802			0.21	%
Western Smokehouse Partners, LLC Revolver	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.00%		0.50%		3/31/2028		—		(2,508	)		(2,510	)		0.00	%
Western Smokehouse Partners, LLC Term Loan Third Ammendment	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 1.00%		10.79%		3/31/2028		6,229,613		6,133,712			6,136,169			0.57	%
ZB Holdco LLC 2023-1 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.65% / 1.00%		9.94%		2/9/2028		193,497		190,452			192,206			0.02	%
ZB Holdco LLC 2023-1 Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.65% / 1.00%		9.95%		2/9/2028		153,860		151,508			151,891			0.01	%

									$	43,690,692		$	43,140,209			4.03	%
Paper Packaging
Arctic Holdco, LLC 2025 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 1.00% / 1.00%		1.00%		1/31/2032	$	354,894	$	347,134		$	348,704			0.03	%
Arctic Holdco, LLC Initial Refinancing Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.25% / 1.00%		9.57%		1/31/2031		396,160		388,190			387,907			0.04	%

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

Table of Contents

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

March 31, 2025


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Paper Packaging (continued)
Arctic Holdco, LLC Tranche B Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.25 % / 1.00 %		9.55%		1/31/2032		7,607,023		7,536,484			7,530,952			0.70	%
Arctic Holdco, LLC Tranche B Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25 % / 1.00 %		9.55%		1/31/2032		3,260,153		3,229,922			3,227,551			0.30	%
WCHG Buyer, Inc. First Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.30%		4/10/2031		12,957,746		12,895,772			12,892,958			1.21	%

									$	24,397,502		$	24,388,072			2.28	%
Personal Products
Kinetic Purchaser, LLC - Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.15% / 1.00%		10.45%		11/10/2027	$	2,019,299	$	1,967,003		$	1,954,682			0.18	%
Loving Tan Intermediate II Inc. Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.00% / 1.00%		10.32%		5/31/2028		2,721,533		2,665,972			2,688,927			0.25	%
Loving Tan Intermediate II Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 6.00% / 1.00%		10.30%		5/31/2028		145,185		139,094			138,984			0.01	%
Phoenix YW Buyer, Inc. Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50%		5/31/2030		—		(2,987	)		—			0.00	%
Phoenix YW Buyer, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.32%		5/31/2030		4,605,186		4,543,391			4,589,873			0.43	%
Phoenix YW Buyer, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.00% / 1.00%		9.32%		5/31/2030		3,305,041		3,257,727			3,294,052			0.31	%
RoC Holdco LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 0.75%		10.08%		2/21/2031		833,884		827,559			824,104			0.08	%
RoC Holdco LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.75% / 0.75%		10.08%		2/21/2031		3,391,436		3,360,683			3,351,657			0.31	%
RoC Holdco LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50%		2/21/2030		—		(5,164	)		(3,168	)		0.00	%

									$	16,753,278		$	16,839,111			1.57	%
Pharmaceuticals
Creek Parent, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 0.75%		9.57%		12/18/2031	$	14,076,000	$	13,944,795		$	13,926,513			1.30	%
Creek Parent, Inc. Revolving Credit	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.75%		0.50%		12/18/2031		—		(19,468	)		(21,495	)		0.00	%
Packaging Coordinators Midco, Inc. Initial Dollar Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.75%		0.50%		1/22/2032		—		—			(2,432	)		0.00	%
Packaging Coordinators Midco, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 4.75% / 0.75%		9.04%		1/22/2032		10,456,613		10,433,538			10,430,472			0.97	%
Packaging Coordinators Midco, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.75%		0.50%		1/1/2032		—		(2,554	)		(2,633	)		0.00	%
PAI Middle Tier, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 4.75% / 0.75%		9.07%		2/13/2032		8,017,606		7,900,613			7,897,342			0.74	%
PAI Middle Tier, LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.75%		0.50%		2/13/2032		—		(24,999	)		(1,041	)		0.00	%
Pet FLavor, LLC Term A Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 6.00% / 1.00%		0.00% 10.30%	/	12/15/2026		4,999,238		4,981,089			4,916,495			0.46	%
PharmaLogic Holdings Corp. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00%		6/21/2030		—		(16,887	)		(18,339	)		0.00	%
PharmaLogic Holdings Corp. Initial U.S. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.32%		6/21/2030		3,962,299		3,907,259			3,901,570			0.36	%
PharmaLogic Holdings Corp. Initial U.S. Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.00% / 1.00%		9.32%		6/21/2030		3,391,457		3,342,155			3,339,477			0.31	%
Sequon, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.76% / 1.00%		10.06%		12/29/2026		4,900,426		4,864,834			4,868,677			0.46	%

									$	49,310,375		$	49,234,606			4.60	%
Real Estate Development
Discovery SL Management, LLC Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 1.00%		9.81%		3/18/2030	$	1,732,500	$	1,721,566		$	1,710,205			0.16	%
Discovery SL Management, LLC Delayed Draw Term Loan A	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.50% / 1.00%		9.81%		3/18/2030		290,114		289,459			289,175			0.03	%
Discovery SL Management, LLC Delayed Draw Term Loan B	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.50% / 1.00%		9.81%		3/18/2030		121,500		118,013			120,705			0.01	%
Discovery SL Management, LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50%		3/18/2030		—		(590	)		(168	)		0.00	%
Liberty Purchaser, LLC Revolving Loan (Magna Legal Services)	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50%		11/22/2028		—		—			(46	)		0.00	%

									$	2,128,448		$	2,119,871			0.20	%

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

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

March 31, 2025


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost *			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Real Estate Operating Companies
Associations, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 6.76% / 1.00%		11.08%		7/2/2028	$	321,173	$	320,887		$	321,046			0.03	%
Associations, Inc. Special Purpose Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 6.76% / 1.00%		11.06%		7/3/2028		134,370		133,997			134,211			0.01	%
Associations, Inc. Term Loan A	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.76% / 0.00%		11.06 %		7/2/2028		6,954,085		6,923,833			6,912,830			0.65	%

									$	7,378,717		$	7,368,087			0.69	%
Real Estate Services
BBG, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 6.76% / 1.00%		11.06 % 5.75 %	/	1/8/2026	$	6,281,276	$	6,137,247		$	5,923,413			0.55	%
Vacation Rental Brands, LLC Delayed Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.25% / 1.00%		9.58%		9/6/2031		1,379,929		1,323,589			1,374,813			0.13	%
Vacation Rental Brands, LLC Delayed Term Loan Amendment No. 1	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.25% / 1.00%		9.56 %		9/6/2031		6,267,840		6,174,385			6,267,840			0.59	%
Vacation Rental Brands, LLC Revolving Credit	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.25% / 1.00%		9.54%		9/6/2031		261,183		252,676			261,183			0.03	%
Vacation Rental Brands, LLC Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.25% / 1.00%		9.55%		9/6/2031		688,021		678,508			680,422			0.06	%
Vacation Rental Brands, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.55%		9/6/2031		1,270,910		1,258,774			1,256,872			0.12	%
Vacation Rental Brands, LLC Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.25% / 1.00%		9.55 %		9/6/2031		3,391,479		3,342,142			3,354,020			0.31	%

									$	19,167,321		$	19,118,563			1.79	%
Research & Consulting Services
Accelevation LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 0.75%		1.00 %		1/2/2031	$	—	$	(26,748	)	$	(27,865	)		0.00	%
Accelevation LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 0.75%		9.32 %		1/2/2031		9,907,692		9,767,974			9,759,077			0.91	%
Accelevation LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.00% / 0.75%		9.32 %		1/2/2031		307,138		271,617			306,891			0.03	%
Accordion Partners LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.25% / 0.75%		9.57%		11/17/2031		292,174		283,636			291,891			0.03	%
Accordion Partners LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 0.75%		9.55%		11/17/2031		7,556,522		7,512,825			7,509,169			0.70	%
Accordion Partners LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.25% / 0.75%		9.55 %		11/17/2031		3,400,000		3,380,619			3,378,694			0.32	%
Accordion Partners LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.75%		0.50%		11/17/2031		—		(9,079	)		(189	)		0.00	%
BDO USA, P.C. Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 2.00%		9.32%		8/31/2028		4,925,000		4,850,994			4,875,750			0.46	%
BNI Global, LLC Dollar Delayed Draw Term Loan (2021)	(1)(2)(3)(4)(5)(7)(12)	1M SOFR + 5.60% / 1.00%		9.92%		5/1/2027		1,896,353		1,879,859			1,879,871			0.18	%
BNI Global, LLC Initial Dollar Term Loan	(1)(2)(3)(4)(5)(7)(12)	1M SOFR + 5.60% / 1.00%		9.92%		5/1/2027		1,382,477		1,370,268			1,366,127			0.13	%
BNI Global, LLC Initial Dollar Term Loan	(1)(2)(3)(4)(5)(7)(13)	1M SOFR + 5.60% / 1.00%		9.92 %		5/1/2027		3,391,414		3,355,271			3,351,306			0.31	%
BNI Global, LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50%		5/1/2027		—		—			(2,233	)		0.00	%
Crete PA Holdco, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00%		11/26/2030		—		9,511			8,825			0.00	%
Crete PA Holdco, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 1.00%		9.32%		11/26/2030		6,511,628		6,480,138			6,477,872			0.61	%
Crete PA Holdco, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50%		11/26/2030		—		1,413			1,324			0.00	%
CSG Buyer, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00%		7/29/2029		—		(2,414	)		(12	)		0.00	%
CSG Buyer, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.00% / 1.00%		10.29%		7/29/2029		2,093,411		2,070,744			2,045,263			0.19	%
CSG Buyer, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 6.00% / 1.00%		10.29 %		7/29/2029		3,391,457		3,352,489			3,313,454			0.31	%
CSG Buyer, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50%		7/29/2029		—		(3,999	)		(4	)		0.00	%
Ethos Risk Services, LLC Delayed Draw Term C Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.75% / 1.00%		0.75%		5/1/2027		—		(9,242	)		—			0.00	%
Ethos Risk Services, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 1.00%		10.07%		5/1/2027		1,875,253		1,855,291			1,856,758			0.17	%
Ethos Risk Services, LLC Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.75% / 1.00%		10.07 %		5/1/2027		3,391,414		3,347,658			3,357,967			0.31	%

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

Table of Contents

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

March 31, 2025


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Research & Consulting Services (continued)
First Legal Buyer, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.00% / 1.00%		9.31	%	7/1/2031		498,997		490,934			498,831			0.05	%
First Legal Buyer, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	7/1/2030		—		(5,984	)		(83	)		0.00	%
First Legal Buyer, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.30	%	7/1/2031		1,701,744		1,690,729			1,688,757			0.16	%
First Legal Buyer, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.00% / 1.00%		9.30	%	7/1/2031		3,391,479		3,368,076			3,365,597			0.31	%
Gerson Lehrman Group, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.15% / 1.00%		9.45	%	12/13/2027		4,974,490		4,903,022			4,958,026			0.46	%
Liberty Purchaser, LLC Delayed Draw Term Loan (Magna Legal Services)	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 0.75%		9.32	%	11/22/2029		1,171,427		1,171,427			1,159,712			0.11	%
Liberty Purchaser, LLC Initial Term Loan (Magna Legal Services)	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 0.75%		9.32	%	11/22/2029		793,087		793,087			792,868			0.07	%
Liberty Purchaser, LLC Initial Term Loan (Magna Legal Services)	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.00% / 0.75%		9.32	%	11/22/2029		3,391,327		3,391,327			3,390,390			0.32	%
ManTech International Corporation 2024 Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 0.75%		9.29	%	9/14/2029		4,193,139		4,193,139			4,112,627			0.38	%
ManTech International Corporation Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 0.75%		1.00	%	9/14/2029		—		(141,153	)		(90	)		0.00	%
PRGX Global, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	12/20/2030		—		(4,017	)		(4,030	)		0.00	%
PRGX Global, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 1.00%		9.85	%	12/20/2030		13,433,856		13,366,687			13,366,687			1.25	%
Sagebrush Buyer, LLC Revolving Credit	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	7/1/2030		—		(10,213	)		(6,246	)		0.00	%
Sagebrush Buyer, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.32	%	7/1/2030		2,890,086		2,851,197			2,846,367			0.27	%
Sagebrush Buyer, LLC Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.00% / 1.00%		9.32	%	7/1/2030		3,300,000		3,254,331			3,250,080			0.30	%
SourceHOV Tax, LLC Initial Term A Loan	(1)(2)(3)(4)(5)(7)(11)	6M SOFR + 6.01% / 1.00%		10.34	%	4/6/2028		4,899,244		4,873,274			4,658,378			0.44	%
Vensure Employer Services, Inc. Initial Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.50%		0.50	%	9/27/2031		—		(6,278	)		(116	)		0.00	%
Vensure Employer Services, Inc. Initial Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 0.50% / 0.50%		0.50	%	9/27/2031		—		(6,899	)		(116	)		0.00	%
Vensure Employer Services, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.00% / 0.50%		9.31	%	9/27/2031		355,375		353,368			351,720			0.03	%
Vensure Employer Services, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 0.50%		9.31	%	9/27/2031		5,211,141		5,165,308			5,157,549			0.48	%
Vensure Employer Services, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 0.50%		9.31	%	9/27/2031		4,855,766		4,812,084			4,805,829			0.45	%

									$	104,242,271		$	104,142,673			9.74	%
Restaurants
Ampler Qsr Holdings LLC 2024 Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.85% / 1.00%		10.17	%	7/21/2027	$	1,709,993	$	1,698,693		$	1,687,666			0.16	%
Ampler Qsr Holdings LLC 2024 Incremental Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.85% / 1.00%		10.17	%	7/21/2027		3,391,457		3,360,213			3,347,176			0.31	%
Ampler Qsr Holdings LLC 2025 Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.85% / 2.00%		10.17	%	7/21/2027		242,290		240,152			239,867			0.02	%

									$	5,299,058		$	5,274,709			0.49	%
Soft Drinks
Refresh Buyer, LLC Delayed Term Loan (Sunny Sky Products)	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 4.75% / 0.75%		9.05	%	12/23/2028	$	4,899,498	$	4,870,518		$	4,883,652			0.46	%
Specialized Consumer Services
3 Step Sports LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 8.00% / 1.00%		12.31 1.50	% / %	10/2/2029	$	143,656	$	134,849		$	113,878			0.01	%
3 Step Sports LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 8.00% / 1.00%		12.30 1.50	% / %	10/2/2029		683,786		674,077			638,547			0.06	%
Anderson Group Holdings, LLC Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 4.76% / 1.00%		9.05	%	12/25/2028		4,911,392		4,888,435			4,911,392			0.46	%
Any Hour LLC Delayed Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.25% / 0.50%		9.55	%	5/23/2030		200,047		185,470			200,047			0.02	%
Any Hour LLC Revolving Credit	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.00% / 0.50%		9.55	%	5/23/2030		561,039		547,685			545,627			0.05	%
Any Hour LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 0.50%		9.55	%	5/23/2030		3,672,049		3,623,293			3,593,773			0.34	%
Any Hour LLC Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.25% / 0.50%		9.55	%	5/23/2030		3,391,457		3,344,389			3,319,162			0.31	%

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

Table of Contents

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

March 31, 2025


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Specialized Consumer Services (continued)
Arcticom Group Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 7.50% / 1.00%		11.82 4.00	% / %	12/22/2027		46,963		46,619			46,963			0.00	%
Arcticom Group Delayed Draw Term Loan D	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 7.50% / 1.00%		11.82 4.00	% / %	12/22/2027		11,894		11,894			11,894			0.00	%
Arcticom Group Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 7.50% / 1.00%		11.82 4.00	% / %	12/22/2027		200,395		199,692			200,395			0.02	%
Arcticom Group Third Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 7.50% / 1.00%		11.82 4.00	% / %	12/22/2027		50,235		49,473			49,280			0.01	%
KL Stockton Intermediate II, LLC PIK Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 13.00% / 0.50%		0.00 13.00	% / %	5/23/2031		1,965,768		1,933,819			1,926,650			0.18	%
Modigent, LLC Delayed Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 4.75% / 0.75%		9.05	%	8/23/2028		228,274		226,044			228,274			0.02	%
Oil Changer Holding Corporation Amendment No.4 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 6.90% / 1.00%		11.20	%	2/8/2027		3,529,179		3,439,768			3,453,793			0.32	%
Oil Changer Holding Corporation Amendment No.4 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(12)	3M SOFR + 6.90% / 1.00%		11.20	%	2/8/2027		4,822,332		4,760,164			4,749,997			0.44	%
Oil Changer Holding Corporation Amendment No.4 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 6.90% / 1.00%		11.20	%	2/8/2027		3,393,793		3,350,142			3,342,886			0.31	%
VPP Intermediate Holdings, LLC Amendment No. 3 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 5.75% / 1.00%		10.07	%	12/1/2027		669,544		660,311			654,003			0.06	%
W. A. Kendall And Company, LLC Incremental Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.50% / 1.00%		10.06	%	4/22/2030		2,977,500		2,943,243			2,960,223			0.28	%
W.A. Kendall and Company, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.80% / 1.00%		10.34	%	4/22/2030		4,895,122		4,863,401			4,826,694			0.45	%

									$	35,882,768		$	35,773,478			3.34	%
Specialty Chemicals
Charkit Chemical Company, LLC Term Loan A	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.03% / 1.00%		9.33	%	12/29/2026	$	4,267,616	$	4,249,940		$	4,261,218			0.40	%
Rocket BidCo, Inc. Term Loan (Recochem)	(1)(3)(5)(7)(12)(20)(21)	3M SOFR + 5.75% / 1.00%		10.04	%	11/1/2030		11,221,875		11,020,710			10,921,476			1.02	%

									$	15,270,650		$	15,182,694			1.42	%
Specialty Stores
Saldon Holdings, Inc. Fourth Amendment Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.10% / 1.00%		10.42	%	3/13/2026	$	596,946	$	596,946		$	596,946			0.06	%
Saldon Holdings, Inc. Initial DDTL Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	3/13/2026		—		(3	)		—			0.00	%

									$	596,943		$	596,946			0.06	%
Systems Software
ACP Falcon Buyer, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 0.50% / 1.00%		0.50	%	8/1/2029		—		(6,402	)		—			0.00	%
ACP Falcon Buyer, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.50% / 1.00%		9.81	%	8/1/2029		2,141,232		2,093,845			2,089,331			0.19	%
Computer Services, Inc. 2024-1 Incremental Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.00%		9.57	%	11/15/2029		514,505		507,008			514,432			0.05	%
Computer Services, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 0.50% / 1.00%		0.50	%	11/15/2029		—		—			(106	)		0.00	%
ES Ventures LLC Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 1.00%		10.06	%	12/13/2028		1,320,054		1,306,813			1,302,881			0.12	%
ES Ventures LLC Term A Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 1.00%		10.06	%	12/13/2028		930,714		920,972			918,606			0.08	%
Saturn Borrower Inc Tenth Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	11/13/2028		—		(15,337	)		(16,197	)		0.00	%
Saturn Borrower Inc Tenth Amendment Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	11/13/2028		—		(13,841	)		(14,577	)		0.00	%
Saturn Borrower Inc Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.00% / 1.00%		10.30	%	11/10/2028		5,938,967		5,855,841			5,849,883			0.55	%

									$	10,648,899		$	10,644,253			0.99	%
Technology Distributors
Thames Technology Holdings, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.75% / 1.00%		10.56	%	8/31/2029		784,700		776,263			780,343			0.07	%
Thames Technology Holdings, Inc. First Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.25% / 1.00%		10.56	%	8/31/2029		1,583,521		1,562,973			1,559,399			0.15	%
Thames Technology Holdings, Inc. First Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 6.25% / 1.00%		10.56	%	8/31/2029		3,391,479		3,342,788			3,339,816			0.31	%
Thames Technology Holdings, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.75% / 1.00%		10.56	%	8/31/2029		3,371,372		3,280,713			3,256,746			0.30	%
Thames Technology Holdings, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 0.50% / 1.00%		0.50	%	8/31/2029		—		—			(7,827	)		0.00	%

									$	8,962,737		$	8,928,477			0.83	%

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

Table of Contents

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

March 31, 2025


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate		Maturity Date	Outstanding Principal		Cost*		Fair Value		Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Trading Companies & Distributors
AFC-Dell Holding Corp. Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50 % / 1.00 %		9.79 %	4/9/2027		2,141,240		2,118,808		2,084,271		0.19	%
Apex Service Partners, LLC 2024 Replacement Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.00 % / 1.00 %		9.31%	10/24/2030		493,344		488,850		488,258		0.05	%
Apex Service Partners, LLC 2024 Replacement Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00 % / 1.00 %		9.31%	10/24/2030		1,103,909		1,075,089		1,092,529		0.10	%
Apex Service Partners, LLC 2024 Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.00 % / 1.00 %		9.31%	10/24/2030		2,072,789		2,053,813		2,051,421		0.19	%
Apex Service Partners, LLC 2024 Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00 % / 1.00 %		9.31%	10/24/2030		4,638,077		4,533,362		4,590,265		0.43	%
Apex Service Partners, LLC Incremental Delayed Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.00 % / 1.00 %		9.30%	10/24/2030		2,328,389		2,301,210		2,328,389		0.22	%
Apex Service Partners, LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.00 % / 1.00 %		9.32%	10/24/2029		138,709		137,227		137,020		0.01	%
Apex Service Partners, LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.00 % / 1.00 %		9.32%	10/24/2029		255,902		252,307		252,786		0.03	%
Hultec Buyer, LLC Term Loan A	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.75 % / 1.00 %		10.19%	3/31/2029		1,540,342		1,513,898		1,540,342		0.14	%
Hultec Buyer, LLC Term Loan A	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.75 % / 1.00 %		10.19 %	3/31/2029		3,300,000		3,238,090		3,300,000		0.31	%
P.T. International LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 4.60 % / 1.00 %		8.92%	6/30/2027		4,924,242		4,904,771		4,913,267		0.46	%
Red Fox CD Acquisition Corparation Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.00 % / 1.00 %		10.30%	3/4/2030		3,538,564		3,477,928		3,465,198		0.32	%
Red Fox CD Acquisition Corparation Initial Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 6.00 % / 1.00 %		10.30 %	3/4/2030		3,391,436		3,326,124		3,321,120		0.31	%
SureWerx Purchaser III, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.25 % / 0.75 %		9.55%	12/28/2029		114,383		113,244		112,480		0.01	%
SureWerx Purchaser III, LLC Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25 % / 0.75 %		9.55%	12/28/2029		2,050,863		2,036,306		2,050,488		0.19	%
Trench Plate Rental Co. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.60 % / 1.00 %		9.90%	12/3/2026		5,365,517		5,365,518		5,353,570		0.50	%
Trench Plate Rental Co. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 0.50 % / 1.00 %		0.50%	12/3/2026		499,310		499,310		498,587		0.05	%

								$	37,435,855	$	37,579,991		3.51	%
Trucking
EVDR Purchaser, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00 % / 0.75 %		1.00%	2/14/2031		—		—		—		0.00	%
EVDR Purchaser, Inc. Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.50 % / 0.75 %		9.82%	2/14/2031		82,353		82,353		82,353		0.01	%
EVDR Purchaser, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50 % / 0.75 %		9.82%	2/14/2031		1,364,447		1,340,732		1,335,934		0.12	%
EVDR Purchaser, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.50 % / 0.75 %		9.82 %	2/14/2031		3,391,436		3,327,979		3,320,567		0.31	%

								$	4,751,064	$	4,738,854		0.44	%

Total First Lien Senior Secured								$	1,844,476,852	$	1,843,567,366		172.33	%

Second Lien Senior Secured
Insurance Brokers
SageSure Holdings, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(8)(10)	3M SOFR + 5.26 % / 1.00 %		9.57%	1/28/2030		1,041,211		1,031,636		1,037,040		0.09	%
SageSure Holdings, LLC Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.11 % / 0.50 %		9.44%	1/28/2030		1,468,609		1,455,007		1,468,609		0.14	%
SageSure Holdings, LLC Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.11 % / 0.50 %		9.44 %	1/28/2030		2,992,462		2,992,462		2,992,462		0.28	%

Total Second Lien Senior Secured								$	5,479,105	$	5,498,111		0.51	%

Subordinated Notes
Other Diverdified Financial Services
Audax Senior Debt CLO 12 LLC Sub Notes	(1)(2)(3)(5)(21)(22)(23)	N/A + N/A / N/A		N/A	4/22/2037		—		2,081,250		2,081,250		0.19	%
CIFC Funding 2024-V Sub Notes Reg S	(1)(2)(3)(5)(21)(23)	N/A + N/A / N/A		N/A	1/22/2038		5,716,500		4,994,226		5,130,233		0.48	%

Total Non-Controlled, Non-Affiliated Debt Investments								$	7,075,476	$	7,211,483		0.67	%

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

Table of Contents

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

March 31, 2025


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate		Maturity Date	Outstanding Principal		Cost*		Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Private Credit Funds
Limited Partnership Interests
Asset Management & Custody Banks
Castlelake Consumer Receivables Opportunity III, L.P. Fund	(1)(2)(6)(14)(15)(16)(21)	N/A + N/A / N/A		N/A	6/12/2031		6,247,924		6,305,336		6,684,533			0.63	%
Castlelake Consumer Receivables Opportunity IV, L.P.	(1)(2)(6)(14)(15)(17)(21)	N/A + N/A / N/A		N/A	12/31/2032		3,985,190		4,008,301		4,072,340			0.38	%
Fidelity Evergreen Private Credit Fund LP	(1)(2)(6)(14)(15)(18)(21)	N/A + N/A / N/A		N/A	5/21/2031		18,443,110		18,443,110		21,648,623			2.02	%

								$	28,756,747	$	32,405,496			3.03	%

Total Non-Controlled, Non-Affiliated Private Credit Funds								$	28,756,747	$	32,405,496			3.03	%

Total Investments								$	1,885,788,180	$	1,888,682,456			176.54	%

Cash and Cash Equivalents and Restricted Cash and Restricted Cash Equivalents
Morgan Stanley Institutional Liquidity Funds Treasury Portfolio - Institutional Class, 4.15% (36,870,454 shares)	(1)(2)(3)(4)(5)(7)(19)	N/A		N/A	N/A		N/A	$	36,870,454	$	36,870,454			3.45	%
Other cash accounts									6,028,051		6,028,051			0.56	%

Total Cash and Cash Equivalents and Restricted Cash and Restricted Cash Equivalents								$	42,898,505	$	42,898,505			4.01	%

Liabilities Less Other Assets										$	(861,783,315	)		(80.32	)

Net Assets										$	1,069,797,646			100.00	%

*	For non-controlled, non-affiliated debt investments, cost represents amortized cost.

(1)

Investment is non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The 1940 Act classifies investments based on the level of control that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when the Company owns 25% or less of the portfolio company’s voting securities and “controlled” when the Company owns more than 25% of the portfolio company’s voting securities and/or has the power to exercise control over the management or policies of such portfolio company. The 1940 Act also classifies investments further based on the level of ownership that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when the Company owns less than 5% of a portfolio company’s voting securities and “affiliated” when the Company owns 5% or more of a portfolio company’s voting securities (and is not otherwise “controlled”). The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act.

(2)	Investment is U.S. domiciled and no investment represents a 5% or more interest in any outstanding class of voting security of the portfolio company.

(3)	Income-producing debt investment and pays all cash interest.

(4)	Investment is treated as a qualifying asset under Section 55(a) of the 1940 Act.

(5)	The fair value of the investment was valued using significant unobservable inputs.

(6)

Investment has undrawn commitments. Unamortized fees are classified as unearned income which reduces cost basis, which may result in a negative cost basis. A negative fair value may result from the unfunded commitment being valued below par. The investment may be subject to an unused/letter of credit facility fee.

(7)

The investments bear interest at rates that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “S”) or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate (“PRIME”)). which reset monthly or quarterly. For each such investment, the Company has provided the reference rate used and provided the spread and the current contractual interest rate in effect at March 31, 2025. The interest rate disclosed is based on the reference rate as of the last reset date which may differ from the reference rate as of March 31, 2025. As of March 31, 2025, effective rates for 1 Month (“M”) S, 3M S, 6M S and PRIME are 4.334%, 4.354%, 4.549% and 7.500%, respectively. For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of March 31, 2025. Certain investments are subject to a floor and have been provided.

(8)	Position is an unfunded delayed draw term loan with no rate setting.

(9)	Investment is domiciled in Jersey.

(10)	Designates that the investment is collateral for MassMutual SPV I Credit Facility.

(11)	Designates that the investment is collateral for BMO SPV II Credit Facility.

(12)	Designates that the investment is collateral for Wells Fargo SPV III Credit Facility.

(13)	Designates that the investment is collateral held at StepStone CLO 2024-I LLC.

(14)	Investment does not allow redemptions or withdrawals except at the discretion of its general partner, manager or advisor and the final distribution date is not known at this time.

(15)

Private credit funds are generally issued in private placement transactions and as such are generally restricted to resale. There are no circumstances that could cause a lapse in the restriction to resale. Each investment may have been purchased on various dates and for different amounts. Total fair value of restricted private credit funds as of March 31, 2025 was $32,405,496 or 3.03% of net assets.

(16)	Investment was acquired on June 26, 2024.

(17)	Investment was acquired on November 15, 2024.

(18)	Investment was acquired on May 22, 2024.

(19)	The rate reported is the 7-day effective yield at the period end.

(20)	Investment is domiciled in Canada.

(21)

The Company has determined the indicated investments are non-qualifying assets under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company’s total assets.

(22)	Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended.

(23)

Security has no stated coupon and is considered an equity position in the collateralized loan obligation (“CLO”). CLO equity investments are entitled to recurring distributions which are generally equal to the excess cash flow generated from the underlying investments after payment of the contractual payments to debt holders and fund expenses.

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

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited)

December 31, 2024


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured
Advertising
Carnegie Dartlet, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.500	%	2/7/2030	$	—	$	(748	)	$	—			0.00	%
Carnegie Dartlet, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	1M SOFR + 5.50% / 1.00%		9.857	%	2/7/2030		505,877		498,884			493,466			0.06	%
Carnegie Dartlet, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.50% / 1.00%		10.053	%	2/7/2030		3,600		2,796			3,600			0.00	%
Finn Partners, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.65% / 1.00%		10.98	%	7/1/2026		1,671,350		1,661,915			1,668,691			0.18	%
Finn Partners, Inc. Second Amendment Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.65% / 1.00%		10.98	%	7/1/2026		3,240,769		3,222,317			3,235,571			0.35	%
Kite Midco II LTD Term Loan B1	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 0.00%		9.43	%	11/19/2031		5,290,056		5,211,443			5,210,705			0.57	%
Kite Midco II LTD Term Loan B1	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 0.00%		9.43	%	11/19/2031		5,290,056		5,211,443			5,210,705			0.57	%
Kite Midco II LTD Term Loan B2	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 0.00% / 0.00%		0.00	%	11/19/2031		—		(9,800	)		(9,919	)		0.00	%
Kite Midco II LTD Term Loan B2	(1)(2)(3)(4)(5)(6)(7)(8)(12)	3M SOFR + 0.00% / 0.00%		0.00	%	11/19/2031		—		(9,800	)		(9,919	)		0.00	%
Minds Buyer Incremental Revolving Credit	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	5/3/2029		—		(4,557	)		(4,688	)		0.00	%
Minds Buyer, LLC Second Amendment Incremental Term Loan (First Lien)	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.85	%	5/3/2029		11,375,000		11,318,719			11,289,688			1.23	%

									$	27,102,612		$	27,087,900			2.96	%
Aerospace & Defense
Aviation Technical Services, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	7/12/2029	$	—	$	(3,468	)	$	(3,473	)		0.00	%
Aviation Technical Services, Inc. Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.75% / 1.00%		10.41	%	7/12/2029		3,990,000		3,962,436			3,962,282			0.43	%
Heads Up Technologies, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.50% / 1.00%		9.95	%	8/10/2028		4,912,060		4,866,295			4,912,060			0.53	%
PAG Holding Corp. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	PRIME + 4.25% / 1.00%		11.75	%	12/21/2029		245,266		233,500			245,266			0.03	%
PAG Holding Corp. Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.25% / 1.00%		9.85	%	12/21/2029		11,245,484		11,141,121			11,245,484			1.23	%
PPW Aero Buyer, Inc. 2024 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	2/15/2029		—		(24,528	)		—			0.00	%
PPW Aero Buyer, Inc. Delayed Draw Term Loan-1	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.50% / 1.00%		10.12	%	2/15/2029		1,442,167		1,435,437			1,442,167			0.16	%
PPW Aero Buyer, Inc. Term Loan (Whitcraft LLC )	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.50% / 1.00%		11.01	%	2/15/2029		4,937,186		4,937,186			4,932,603			0.54	%
Sigma Defense Systems LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 6.90% / 1.00%		11.23	%	12/18/2027		1,775,792		1,743,876			1,742,958			0.19	%
Sigma Defense Systems LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	12/18/2027		—		(1,334	)		—			0.00	%

									$	28,290,521		$	28,479,347			3.11	%
Air Freight & Logistics
AMEX Holding III Corp Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 6.65% / 1.00%		11.98 1.00	% / %	3/31/2028	$	210,662	$	209,519		$	185,399			0.02	%
AMEX Holding III Corp Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 6.65% / 1.00%		11.98 1.00	% / %	3/31/2028		4,737,698		4,712,354			4,169,547			0.45	%
Gulf Winds International Acquisition, LLC Term Loan	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 7.60% / 1.00%		11.96	%	6/12/2028		4,924,623		4,922,196			4,909,849			0.54	%
Solairus Holdings, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 5.35% / 1.00%		10.49	%	7/23/2029		4,516,892		4,516,892			4,516,389			0.49	%

									$	14,360,961		$	13,781,184			1.50	%
Alternative Carriers
Meriplex Communications, Ltd. Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.10% / 0.75%		9.46	%	7/17/2028	$	4,946,288	$	4,946,288		$	4,935,241			0.54	%
Apparel Retail
Brightmore Brands LLC Original Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 4.59% / 1.50%		14.05	%	9/10/2029	$	9,990,084	$	9,846,098		$	9,796,905			1.07	%
Application Software
Anaplan, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 5.25% / 0.75%		9.58	%	6/21/2029	$	5,000,000	$	4,980,512		$	4,997,356			0.55	%
ARI Network Services, Inc. Third Amendment Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 0.75%		9.36	%	8/28/2026		3,430,875		3,388,994			3,394,783			0.37	%

Table of Contents

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

December 31, 2024


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Application Software (continued)
BASYS LLC First Amendment Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 4.76% / 1.00%		9.09	%	12/9/2027		4,822,563		4,797,699			4,822,563			0.53	%
Dealer Services Network, LLC Second Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.75% / 1.00%		10.34	%	2/9/2027		2,284,106		2,263,634			2,261,265			0.25	%
Dealer Services Network, LLC Second Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 1.00%		10.34	%	2/9/2027		6,500,000		6,438,717			6,435,000			0.70	%
Echo Purchaser, Inc. Delayed Draw Term Loan (Exostar)	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 0.75%		1.00	%	11/19/2029		—		(158	)		—			0.00	%
Echo Purchaser, Inc. Term Loan (Exostar)	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.50% / 0.75%		9.86	%	11/19/2029		642,655		636,408			633,052			0.07	%
Everbridge Holdings, LLC Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 0.75%		9.59	%	7/2/2031		5,555,556		5,527,778			5,528,039			0.60	%
Everbridge Holdings, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.00% / 0.75%		9.59	%	7/2/2031		544,444		540,032			544,444			0.06	%
Everbridge Holdings, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.75%		0.50	%	7/2/2031		—		(2,603	)		—			0.00	%
GS Acquisitionco, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.58	%	5/25/2028		3,190,375		3,177,691			3,190,375			0.35	%
GS Acquisitionco, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)(12)	3M SOFR + 0.50% / 1.00%		0.50	%	5/25/2028		—		(4,948	)		—			0.00	%
GS Acquisitionco, Inc. Seventh Suplemental Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(12)	3M SOFR + 5.25% / 1.00%		9.58	%	5/25/2028		350,186		342,966			350,186			0.04	%
LeadVenture, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.57	%	8/28/2026		299,315		291,418			296,169			0.03	%
LeadVenture, Inc. Revolver	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.00% / 0.75%		9.57	%	8/28/2026		443,350		438,519			443,350			0.05	%
LeadVenture, Inc. Supplemental No. 4 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.00% / 0.75%		9.36	%	8/28/2026		1,986,569		1,975,394			1,986,569			0.22	%
Legal Spend Holdings, LLC 2nd Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.75% / 0.75%		10.11	%	5/14/2029		255,511		255,511			255,511			0.03	%
Legitscript LLC Delayed Draw Loan	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 5.75% / 0.75%		10.11	%	6/24/2029		99,775		98,502			99,775			0.01	%
Legitscript LLC Term Loan	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 5.75% / 0.75%		10.11	%	6/24/2029		3,890,302		3,842,326			3,890,302			0.42	%
Mountain Parent, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.75%		0.50	%	6/27/2031		—		(5,424	)		—			0.00	%
Mountain Parent, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 0.75%		9.64	%	6/27/2031		5,698,154		5,646,211			5,641,159			0.62	%
Mountain Parent, Inc. Revolving Credit Facility	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.75%		0.50	%	6/27/2031		—		(5,782	)		—			0.00	%
NinjaTrader Group, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.65% / 1.00%		11.24	%	12/18/2026		3,562,903		3,543,735			3,527,274			0.38	%
NMI Acquisitionco, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.10% / 1.00%		9.46	%	9/6/2028		1,154,466		1,135,995			1,154,466			0.13	%
NMI Acquisitionco, Inc. October 2021 Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.10% / 0.75%		9.46	%	9/6/2028		352,446		346,807			346,198			0.04	%
NMI Acquisitionco, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	9/6/2028		—		(5,203	)		(5,892	)		0.00	%
NMI Acquisitionco, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.10% / 1.00%		9.46	%	9/6/2028		1,892,857		1,862,572			1,859,300			0.20	%
Optimizely North America Inc. (USD) Revolving Credit	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.75%		0.50	%	10/30/2031		—		(12,021	)		(12,320	)		0.00	%
Optimizely North America Inc. (USD) Term Loan	(1)(2)(3)(4)(5)(7)(12)	1M SOFR + 5.00% / 0.75%		9.36	%	10/30/2031		12,768,000		12,640,409			12,636,075			1.38	%
Pacific Purchaser, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	10/2/2028		—		—			(2,744	)		0.00	%
Pacific Purchaser, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	6M SOFR + 6.25% / 1.00%		10.53	%	10/2/2028		1,952,113		1,909,173			1,905,868			0.21	%
Pacific Purchaser, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	10/2/2028		—		—			(4,155	)		0.00	%
PDI TA Holdings, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.25% / 0.75%		9.75	%	2/3/2031		677,413		677,413			677,413			0.07	%
PDI TA Holdings, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 0.75%		9.84	%	2/3/2031		5,200,904		5,157,349			5,158,858			0.56	%
PDI TA Holdings, Inc. Revolving Credit	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.75%		0.50	%	2/3/2031		—		—			(4,527	)		0.00	%
PracticeTek Purchaser, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.75% / 1.00%		10.11	%	8/30/2029		28,172		25,548			23,292			0.00	%
PracticeTek Purchaser, LLC Term Loan	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 5.75% / 1.00%		10.11	%	8/30/2029		1,959,080		1,930,104			1,926,702			0.21	%

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

Table of Contents

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

December 31, 2024


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Application Software (continued)
Spark Purchaser, Inc. Revolving Credit	(1)(2)(3)(4)(5)(6)(7)(8)(12)	3M SOFR + 0.50% / 0.75%		0.50	%	4/1/2030		—		(14,208	)		—			0.00	%
Spark Purchaser, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 0.75%		9.83	%	4/1/2031		5,162,450		5,065,940			5,066,957			0.55	%
Superjet Buyer, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.50% / 0.75%		9.83	%	12/30/2027		686,706		634,858			686,706			0.08	%
Superjet Buyer, LLC Initial Term Loan (EFI Productivity Software)	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 5.76% / 0.75%		10.09	%	12/30/2027		1,506,822		1,502,777			1,506,822			0.16	%
Superjet Buyer, LLC Third Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 0.75%		9.83	%	12/30/2027		4,899,850		4,852,569			4,854,340			0.53	%
Synchronoss Technologies, Inc. Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.60% / 2.50%		9.93	%	6/28/2028		4,937,500		4,714,915			4,695,148			0.51	%
TCP Hawker / TimeClock Plus 11/24 9th Amendment Rollover Incremental Term Loan 12/24	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 0.00%		9.33	%	8/30/2029		465,680		462,599			462,599			0.05	%
TCP Hawker Intermediate LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 1.00%		1.00	%	8/30/2029		—		(878	)		—			0.00	%
TCP Hawker Intermediate LLC Ninth Amendment DDTL 11/24	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 1.00%		1.00	%	8/30/2029		—		(368	)		(379	)		0.00	%
TCP Hawker Intermediate LLC Ninth Amendment Incremental Term Loan 11/24	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 1.00%		9.33	%	8/30/2029		17,439		17,281			17,265			0.00	%
Thrive Buyer, Inc. Initial Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	PRIME + 5.00% / 1.00%		12.50	%	1/22/2027		194,243		194,815			194,243			0.02	%
Thrive Buyer, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.15% / 1.00%		10.48	%	1/22/2027		1,966,679		1,970,287			1,966,679			0.21	%
Thrive Buyer, Inc., Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.15% / 1.00%		10.75	%	1/22/2027		1,474,154		1,476,660			1,474,154			0.16	%
Thrive Buyer, Inc.,Tenth Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 4.90% / 1.00%		10.48	%	1/22/2027		263,571		259,775			259,979			0.03	%
Trintech Inc. Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.50% / 1.00%		9.86	%	7/25/2029		4,950,000		4,867,325			4,865,286			0.53	%

									$	99,839,625		$	100,005,505			10.91	%
Asset Management & Custody Banks
Allworth Financial Group, L.P. Fourth Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.00% / 1.00%		9.36	%	12/23/2027	$	250,278	$	249,048		$	250,278			0.03	%
Allworth Financial Group, L.P. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	12/23/2027		—		(2,868	)		(3,092	)		0.00	%
Cerity Partners Equity Holding LLC 2024 Incremental Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.25% / 1.00%		9.57	%	7/28/2029		3,005,227		2,990,133			3,005,227			0.33	%
Cerity Partners Equity Holding LLC Initial Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	7/28/2028		—		(2,009	)		—			0.00	%
Cerity Partners Equity Holding LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.76	%	7/28/2029		4,658,970		4,658,970			4,658,970			0.51	%
Danforth Global, Inc. Delayed Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.00%		9.88	%	12/9/2027		540,400		532,899			540,400			0.06	%
Danforth Global, Inc. First Amendment Additional Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.76	%	12/9/2027		286,679		283,192			282,782			0.03	%
Danforth Global, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.58	%	12/9/2027		453,164		447,416			447,005			0.05	%
Danforth Global, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.77	%	12/9/2027		5,705,389		5,633,531			5,630,038			0.61	%
Danforth Global, Inc. Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.25% / 1.00%		9.76	%	12/9/2027		4,089,750		4,034,842			4,036,490			0.44	%
Danforth Global, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.76	%	12/9/2027		897,750		886,774			886,059			0.10	%
Danforth Global, Inc. Third Amendment Additional Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.00%		9.84	%	12/9/2027		479,100		472,600			479,100			0.05	%
IEQ Capital, LLC 2024 Incremental Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 4.75% / 0.75%		9.04	%	12/22/2028		3,074,114		3,049,733			3,074,114			0.34	%
Obra Capital, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 7.61% / 1.00%		11.97	%	6/21/2029		7,500,000		7,359,376			7,359,427			0.80	%
Petra Borrower, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.75% / 1.00%		10.19	%	11/15/2030		600,000		583,422			596,412			0.07	%
Petra Borrower, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.75% / 1.00%		10.32	%	11/15/2030		3,225,625		3,168,656			3,148,840			0.34	%
Petra Borrower, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	11/15/2029		—		(8,419	)		(1,435	)		0.00	%
PMA Parent Holdings, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.25% / 0.75%		9.58	%	1/31/2031		4,186,500		4,145,505			4,144,635			0.45	%
PMA Parent Holdings, LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.38% / 0.75%		0.38	%	1/31/2031		—		(3,033	)		(3,135	)		0.00	%

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

Table of Contents

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

December 31, 2024


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Asset Management & Custody Banks (continued)
Wealth Enhancement Group, LLC 2021 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 1.00%		9.57	%	10/2/2028		3,785,323		3,777,393			3,761,832			0.41	%
Wealth Enhancement Group, LLC December 2020 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 1.00%		9.50	%	10/4/2028		1,151,106		1,145,771			1,143,962			0.12	%
Wealth Enhancement Group, LLC May 2022 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.50% / 1.00%		9.59	%	10/4/2028		1,985,883		1,985,622			1,983,495			0.22	%
Wealth Enhancement Group, LLC Revolver Incremental 12/24	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.00% / 0.00%		0.00	%	2/10/2028		—		1,131			—			0.00	%
Wealth Enhancement Group, LLC_Delayed Draw Term Loan 12/24	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.00% / 1.00%		0.00	%	2/10/2028		—		16,919			16,934			0.00	%

									$	45,406,604		$	45,438,338			4.96	%
Auto Parts & Equipment
ETE Intermediate II LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 6.50% / 1.00%		11.09	%	5/29/2029	$	204,286	$	198,935		$	201,929			0.02	%
ETE Intermediate II LLC Term Loan A	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.50% / 1.00%		11.01	%	5/29/2029		1,934,821		1,891,743			1,915,473			0.21	%
M&D MidCo, Inc. Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.66	%	8/31/2028		1,754,402		1,733,351			1,705,278			0.19	%
M&D MidCo, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.15% / 1.00%		10.74	%	8/31/2028		587,599		579,653			587,599			0.07	%
M&D MidCo, Inc. Delayed Draw Term Loan Third Amendment	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	8/31/2028		—		1,296			1,298			0.00	%
M&D MidCo, Inc. Term Loan Third Amendment	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.48	%	8/31/2028		367,816		365,619			367,816			0.04	%
Premier Tire& Service Finace Merger Sub, LLC Term Loan Incremental	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 0.00%		9.98	%	5/17/2029		927,814		918,735			918,536			0.10	%
Premier Tires & Service Acquisition, LLC Incremental Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.50% / 1.00%		9.87	%	5/17/2029		1,054,825		1,064,267			1,053,179			0.11	%
Premier Tires & Service Acquisition, LLC Incremental Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.50% / 1.00%		9.87	%	5/17/2029		1,054,825		1,036,172			1,053,179			0.11	%
Premier Tires & Service Acquisition, LLC Incremental Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.50% / 0.00%		9.95	%	5/17/2029		217,679		212,513			212,327			0.02	%
Premier Tires & Service Acquisition, LLC Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 0.00%		10.26	%	5/17/2029		292,618		289,758			289,692			0.03	%
Premier Tires & Service Acquisition, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.50% / 1.00%		9.87	%	5/17/2029		4,925,000		4,925,000			4,925,000			0.54	%
Transgo, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 2.00%		10.11	%	12/29/2028		5,718,426		5,650,998			5,660,752			0.62	%
Transgo, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 2.00%		0.50	%	12/29/2028		—		—			(2,256	)		0.00	%
Truck-Lite Co., LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 0.75%		1.00	%	2/13/2031		—		(8,955	)		(9,440	)		0.00	%
Truck-Lite Co., LLC Initial Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.75%		0.50	%	2/13/2030		—		(8,917	)		(9,440	)		0.00	%
Truck-Lite Co., LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 0.75%		10.27	%	2/13/2031		5,712,389		5,647,425			5,625,290			0.61	%

									$	24,497,593		$	24,496,212			2.67	%
Automobile Manufacturers
JHCC Holdings LLC 2021-A Incremental Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.00%		9.58	%	9/9/2027	$	902,909	$	899,098		$	900,192			0.10	%
JHCC Holdings LLC 2024-A Incremental Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(10 )	3M SOFR + 5.25% / 1.00%		9.58	%	9/9/2027		729,636		723,375			729,636			0.08	%
JHCC Holdings LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.00%		9.58	%	9/9/2027		4,034,591		4,026,494			4,022,448			0.44	%
JHCC Holdings LLC_Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.00% / 1.00%		0.00	%	9/9/2027		—		(2,553	)		(5,334	)		0.00	%

									$	5,646,414		$	5,646,942			0.62	%
Building Products
AllMark Acquisition, LLC Initial Term Loan (AllMark Door)	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.50% / 1.00%		9.75	%	5/4/2028	$	4,924,242	$	4,893,282		$	4,875,000			0.53	%
Arch Cutting Tools Corp. Initial Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 4.85% / 0.00%		9.18	%	4/1/2026		4,910,155		4,898,622			4,887,162			0.53	%
Big Top Holdings, LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	3/1/2030		—		(1,547	)		—			0.00	%
Big Top Holdings, LLC Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.75% / 1.00%		10.11	%	3/1/2030		2,432,708		2,381,651			2,359,328			0.26	%
Hills Distribution, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 6.00% / 1.00%		10.40	%	11/8/2029		796,296		788,403			796,296			0.09	%

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

Table of Contents

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

December 31, 2024


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Building Products (continued)
Hills Distribution, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 6.00% / 1.00%		10.40	%	11/8/2029		98,129		97,139			98,129			0.01	%
Hills Distribution, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.00% / 1.00%		10.40	%	11/8/2029		192,039		190,376			189,276			0.02	%
Hills Distribution, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.00% / 1.00%		10.40	%	11/8/2029		1,558,333		1,537,105			1,535,907			0.17	%

									$	14,785,031		$	14,741,098			1.61	%
Commodity Chemicals
Guy Chemical Company, LLC U.S. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 4.85% / 1.00%		9.21	%	11/9/2027	$	4,911,839	$	4,873,458		$	4,911,839			0.54	%
Communications Equipment
Owl Cyber Defense Solutions, LLC Revolver	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	9/11/2029	$	—	$	(8,849	)	$	—			0.00	%
Owl Cyber Defense Solutions, LLC Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.75% / 1.00%		10.11	%	9/11/2029		4,089,750		4,050,454			4,036,085			0.44	%
Owl Cyber Defense Solutions, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 1.00%		10.11	%	9/11/2029		2,322,969		2,277,086			2,292,487			0.25	%

									$	6,318,691		$	6,328,572			0.69	%
Construction & Engineering
Ambient Enterprises Holdco LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.75% / 1.00%		0.75	%	6/30/2030	$	—	$	(12,074	)	$	(12,098	)		0.00	%
Ambient Enterprises Holdco LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	12/7/2029		—		(1,841	)		(5,950	)		0.00	%
Ambient Enterprises Holdco LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.00% / 1.00%		10.44	%	6/28/2030		6,810,291		6,701,872			6,717,804			0.73	%
Ambient Enterprises Holdco LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.00% / 1.00%		10.08	%	6/30/2030		6,342,711		6,263,668			6,263,427			0.68	%
ATI Restoration, LLC Second Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.65% / 0.75%		10.24	%	7/31/2026		465,360		462,601			423,899			0.05	%
Best Roofing Services LLC Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.00% / 1.00%		10.33	%	4/2/2029		5,104,478		5,013,102			4,997,718			0.55	%
Best Roofing Services LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	4/2/2029		—		—			(18,730	)		0.00	%
Diverzify Intermediate LLC Second Amendment Incremental Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.75% / 1.00%		10.67	%	5/11/2027		487,171		484,719			486,131			0.05	%
Diverzify Intermediate LLC Second Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)(11)	6M SOFR + 6.01% / 1.00%		10.60	%	5/11/2027		4,424,713		4,399,724			4,407,428			0.48	%
Eskola LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.50%		9.96	%	12/19/2029		8,161,521		8,090,567			8,090,107			0.88	%
Eskola LLC_Delayed Draw Term Loan A	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.50%		9.94	%	12/19/2029		2,914,830		2,889,350			2,898,434			0.32	%
Eskola LLC_Delayed Draw Term Loan B	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.00% / 1.50%		0.00	%	12/19/2029		—		(22,789	)		(22,954	)		0.00	%
ESP Associates, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.60% / 1.00%		10.94	%	7/24/2028		4,792,384		4,728,836			4,684,467			0.51	%
G-A-I Consultants, Inc. First Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 1.00%		1.00	%	10/7/2028		—		(29,522	)		—			0.00	%
G-A-I Consultants, Inc. First Amendment Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.60% / 1.00%		10.15	%	10/7/2028		2,945,724		2,900,331			2,895,494			0.32	%
G-A-I Consultants, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.50% / 1.00%		9.97	%	10/7/2028		78,947		70,087			78,947			0.01	%
HP RSS Buyer, Inc. Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 0.75%		9.33	%	12/11/2029		678,545		676,573			674,888			0.07	%
HP RSS Buyer, Inc. General Purpose Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 0.75%		9.33	%	12/11/2029		436,673		433,838			434,319			0.05	%
HP RSS Buyer, Inc. Special Purpose Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 0.75%		9.33	%	12/11/2029		145,036		145,036			144,254			0.02	%
Kelso Industries LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 0.00%		1.00	%	12/26/2029		—		29,211			29,211			0.00	%
Kelso Industries LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 0.00%		10.09	%	12/26/2029		7,594,830		7,518,881			7,518,881			0.82	%
KENE Acquisition, Inc. Initial Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.25% / 1.00%		9.59	%	2/7/2031		44,469		44,025			44,469			0.00	%
KENE Acquisition, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.00%		9.84	%	2/7/2031		960,551		960,551			960,551			0.10	%
MKD Electric, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.60% / 1.25%		10.15	%	5/31/2029		503,839		478,070			503,839			0.05	%

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

Table of Contents

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

December 31, 2024


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Construction & Engineering (continued)
MKD Electric, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	1M SOFR + 5.60% / 1.25%		10.15	%	5/31/2029		6,045,310		5,932,973			5,931,328			0.65	%
MOREgroup Holdings, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.58	%	1/16/2030		4,466,250		4,405,120			4,378,809			0.48	%
OSR Opco LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.50%		1.00	%	3/15/2029		—		(12,395	)		(17,565	)		0.00	%
OSR Opco LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 1.00%		10.11	%	3/15/2029		5,293,333		5,232,003			5,205,851			0.57	%
OSR Opco LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 6.00% / 1.00%		10.53	%	3/15/2029		746,667		746,667			740,244			0.08	%
PK Purchaser, LLC Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.00% / 1.00%		9.62	%	9/19/2029		4,089,750		4,050,256			4,045,498			0.44	%
PK Purchaser, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.62	%	9/19/2029		8,379,000		8,275,927			8,288,337			0.90	%
Puris LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 1.00%		10.07	%	6/30/2031		8,409,398		8,290,867			8,241,056			0.90	%
PVI Holdings, Inc. Last Out Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 4.94% / 1.00%		11.13	%	1/18/2028		6,859,692		6,850,263			6,859,692			0.75	%
SuperHero Fire Protection, LLC Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.40% / 1.00%		10.73	%	9/1/2026		5,454,727		5,354,806			5,345,632			0.58	%
SuperHero Fire Protection, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 6.40% / 1.00%		10.73	%	9/1/2026		373,487		365,562			364,781			0.04	%
USIC Holdings, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.50% / 0.75%		10.09	%	9/10/2031		10,537,495		10,478,010			10,493,596			1.15	%
USIC Holdings, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.25% / 0.75%		9.84	%	9/10/2031		306,545		299,186			300,958			0.03	%
USIC Holdings, Inc. Specified Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.50% / 0.75%		10.09	%	9/10/2031		41,052		40,663			41,052			0.00	%
Valkyrie Buyer, LLC Delayed Draw Term Loan A	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 0.75%		1.00	%	5/6/2031		—		(3,871	)		—			0.00	%
Valkyrie Buyer, LLC Delayed Draw Term Loan B	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 0.75%		1.00	%	5/6/2031		—		(5,161	)		—			0.00	%
Valkyrie Buyer, LLC Delayed Draw Term Loan C	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.00% / 0.75%		9.55	%	5/6/2031		1,127,467		1,106,833			1,127,467			0.12	%
Valkyrie Buyer, LLC Delayed Draw Term Loan D	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 0.75%		1.00	%	5/6/2031		—		(29,253	)		(30,000	)		0.00	%
Valkyrie Buyer, LLC Delayed Draw Term Loan E	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	5/6/2031		—		(14,627	)		(15,000	)		0.00	%
Valkyrie Buyer, LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 0.50% / 0.75%		0.50	%	5/6/2030		—		(6,271	)		—			0.00	%
Valkyrie Buyer, LLC Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 0.75%		9.45	%	5/6/2031		4,375,673		4,312,818			4,338,170			0.47	%
Vertex Companies, Inc., Term Loan D	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.52	%	8/31/2028		6,881,356		6,815,636			6,812,543			0.74	%
Vertex Companies, Inc., The Delayed Draw Term Loan-B	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	8/31/2028		—		(11,270	)		(11,864	)		0.00	%
Vertex Companies, Inc., The Fourth Amendment Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	8/31/2028		—		(22,717	)		(23,729	)		0.00	%
Vertex Service Partners, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.75% / 0.75%		10.34	%	11/8/2030		3,620,286		3,614,084			3,620,286			0.40	%
Vertex Service Partners, LLC First Amendment Incremental Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.00% / 0.75%		9.50	%	11/8/2030		93,131		71,538			75,335			0.01	%
Vertex Service Partners, LLC Revolving Facility	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.75% / 0.75%		10.19	%	11/8/2030		360,465		359,341			357,879			0.04	%
Vertex Service Partners, LLC Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.75% / 0.75%		10.11	%	11/8/2030		1,881,774		1,860,312			1,872,227			0.20	%

									$	130,582,116		$	130,537,119			14.24	%
Construction Materials
Javelin Acquisition Vehicle, LLC Last Out Term Loan (Lindsay Precast)	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 5.33% / 1.00%		9.69	%	11/3/2026	$	1,717,266	$	1,717,266		$	1,666,742			0.18	%
Javelin Acquisition Vehicle, LLC Second Amendment Incremental Term Loan (Lindsay Precast)	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.35% / 1.00%		9.71	%	11/3/2026		2,671,960		2,634,257			2,637,417			0.29	%

									$	4,351,523		$	4,304,159			0.47	%
Data Processing & Outsourced Services
Penncomp, LLC Delayed Draw Term Loan A	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 6.35% / 1.50%		10.71	%	10/17/2028	$	1,833,123	$	1,792,239		$	1,825,829			0.20	%
Penncomp, LLC Term Loan A	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.35% / 1.50%		10.71	%	10/17/2028		2,554,960		2,508,100			2,501,108			0.27	%

									$	4,300,339		$	4,326,937			0.47	%

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

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

December 31, 2024


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Distributors
RPM Purchaser, Inc. Delayed Draw Term Loan B	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 6.36% / 2.00%		10.72	%	9/11/2028	$	549,420	$	529,486		$	522,677			0.06	%
RPM Purchaser, Inc. Effective Date Term Loan B	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 6.36% / 2.00%		10.72	%	9/11/2028		3,879,464		3,791,572			3,731,679			0.40	%

									$	4,321,058		$	4,254,356			0.46	%
Diversified Capital Markets
GC Waves Holdings, Inc. 2024 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 4.85% / 1.00%		9.21	%	10/4/2030	$	599,498	$	572,742		$	648,520			0.07	%
Diversified Chemicals
Opta Inc. 2024 Incremental Delayed Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 7.01% / 1.50%		11.60	%	11/9/2028	$	1,745,625	$	1,685,656		$	1,745,625			0.19	%
Opta Inc. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 7.01% / 1.50%		11.69	%	11/8/2028		6,930,000		6,867,235			6,915,896			0.75	%
V Global Holdings LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.90% / 0.75%		10.42	%	12/22/2027		4,924,242		4,910,929			4,724,869			0.52	%

									$	13,463,820		$	13,386,390			1.46	%
Diversified Support Services
Accent Building Materials Holdings LLC Term B Delayed Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 6.25% / 1.00%		10.68	%	8/6/2029	$	900,000	$	856,517		$	896,108			0.10	%
Accent Building Materials Holdings LLC Term Loan B	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.25% / 1.00%		10.68	%	8/6/2029		3,928,571		3,762,283			3,848,083			0.42	%
AI Fire Buyer, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.75% / 1.00%		10.89	%	3/22/2027		190,796		187,742			190,796			0.02	%
AI Fire Buyer, Inc.Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.75% / 1.00%		10.84	%	3/22/2027		154,883		152,960			153,072			0.02	%
AIDC IntermediateCo. 2, LLC Initial Term Loan (Peak Technologies)	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.00%		9.59	%	7/22/2027		6,170,995		6,154,550			6,170,995			0.67	%
Centex Acquisition, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	1M SOFR + 5.60% / 1.00%		10.15	%	5/9/2029		202,963		202,963			202,963			0.02	%
Centex Acquisition, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	1M SOFR + 5.60% / 1.00%		10.15	%	5/9/2029		3,975,221		3,904,383			3,898,758			0.43	%
Certified Collision Group Acquisition Corp. Initial Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.00% / 1.00%		9.34	%	5/17/2027		173,667		173,667			172,140			0.02	%
Certified Collision Group Acquisition Corp. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.34	%	5/17/2027		2,076,961		2,054,877			2,058,691			0.22	%
CMG HoldCo, LLC Delayed Draw Loan (Crete Mechanical Group)	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.25% / 1.00%		9.74	%	5/19/2028		533,156		525,298			533,156			0.06	%
ESCP DTFS INC. Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.50% / 1.00%		10.09	%	9/28/2029		4,089,750		4,062,137			4,044,367			0.44	%
ESCP DTFS INC. Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.50% / 1.00%		10.09	%	9/28/2029		6,234,375		6,192,282			6,165,193			0.67	%
ESCP DTFS INC. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 1.00%		10.09	%	9/28/2029		2,144,625		2,112,999			2,120,826			0.23	%
FLS Holding, Inc. Term B Loan (FLS Transportation Services)	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.35% / 1.00%		9.71	%	12/15/2028		4,924,623		4,876,905			4,614,372			0.50	%
FMG Suite Holdings, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.50% / 1.00%		9.68	%	10/30/2026		852,645		846,801			844,291			0.09	%
FMG Suite Holdings, LLC Revolving Credit	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 0.38% / 1.00%		0.38	%	10/30/2026		—		(2,873	)		(4,284	)		0.00	%
FMG Suite Holdings, LLC Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.50% / 1.00%		9.68	%	10/30/2026		3,696,983		3,673,462			3,660,758			0.40	%
Integrated Power Services Holdings, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(8)(10)	3M SOFR + 4.61% / 1.00%		8.97	%	11/22/2028		—		6,204,290			6,203,125			0.68	%
Integrated Power Services Holdings, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 4.61% / 1.00%		8.97	%	11/22/2028		6,234,296		6,204,290			6,203,125			0.68	%
PrimeFlight Acquisition, LLC Amendment No.4 Additional Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.00%		9.58	%	5/1/2029		635,753		631,568			626,189			0.07	%
Primeflight Acquisition, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.50% / 1.00%		10.58	%	5/1/2029		6,904,899		6,832,288			6,878,427			0.75	%
TL Voltron Purchaser, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.25% / 1.00%		9.61	%	12/31/2030		1,998,050		1,958,092			1,958,089			0.21	%
TL Voltron Purchaser, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.61	%	12/31/2030		13,000,000		12,740,020			12,740,000			1.39	%
Visu-Sewer, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 6.00% / 1.00%		10.66	%	11/8/2029		4,950,000		4,897,915			4,926,348			0.54	%

									$	79,205,416		$	79,105,588			8.63	%

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

Table of Contents

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

December 31, 2024


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Education Services
Cambium Learning Group, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.60% / 0.75%		10.23	%	7/20/2028	$	5,913,434	$	5,866,274		$	5,913,434			0.65	%
Electrical Components & Equipment
C3 AcquisitionCo, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.50%		1.00	%	11/26/2030	$	—	$	(30,068	)	$	(30,258	)		0.00	%
C3 AcquisitionCo, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.00% / 1.50%		10.34	%	11/26/2030		7,867,008		7,769,010			7,768,670			0.85	%
C3 AcquisitionCo, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.50%		0.50	%	11/26/2030		—		(11,277	)		(11,347	)		0.00	%
Inventus Power, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 0.50% / 1.00%		0.50	%	6/30/2025		—		(2,982	)		(1,637	)		0.00	%
Inventus Power, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 7.61% / 1.00%		11.97	%	6/30/2025		3,096,468		3,067,796			3,068,274			0.33	%
Spark Buyer, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.75%		0.50	%	10/15/2031		—		(18,201	)		(18,750	)		0.00	%
Spark Buyer, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.25% / 0.75%		9.77	%	10/15/2031		4,843,750		4,757,900			4,771,094			0.52	%
Spark Buyer, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 0.75%		9.77	%	10/15/2031		1,406,250		1,385,503			1,385,156			0.15	%
Spark Buyer, LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.75%		0.50	%	10/15/2031		—		(18,250	)		(15,130	)		0.00	%
WC PLG Buyer, Inc Revolver	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.00% / 1.00%		0.00	%	12/31/2049		—		(16,349	)		(16,432	)		0.00	%
WC PLG Buyer, Inc Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.00%		9.81	%	12/31/2049		7,000,000		6,930,000			6,930,000			0.75	%
WC PLG Buyer, Inc Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.81	%	12/31/2049		5,356,808		5,303,239			5,303,239			0.58	%

									$	29,116,321		$	29,132,879			3.18	%
Electronic Equipment & Instruments
Dwyer Instruments, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(8)	3M SOFR + 0.00% / 0.75%		0.00	%	7/20/2029	$	—	$	(7,039	)	$	(7,071	)		0.00	%
Dwyer Instruments, LLC Revolver	(1)(2)(3)(4)(5)(7)(8)	3M SOFR + 0.00% / 0.75%		0.00	%	7/20/2029		—		(16,893	)		(16,807	)		0.00	%
Dwyer Intrumnets, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 4.75% / 0.75%		9.27	%	7/20/2029		10,888,889		10,780,000			10,780,000			1.18	%
Fortis Payment Systems, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.25% / 1.00%		9.95	%	2/13/2026		4,910,256		4,896,680			4,910,256			0.54	%
REE Holdings III Corp. Term Loan (Rees Scientific Corporation)	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.25% / 1.00%		9.99	%	11/4/2028		4,912,281		4,860,630			4,912,281			0.53	%

									$	20,513,378		$	20,578,659			2.25	%
Electronic Manufacturing Services
AEP Passion Intermediate Holdings, Inc. 2023 Incremental Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 6.65% / 1.00%		10.98	%	10/5/2027	$	154,717	$	154,715		$	150,385			0.02	%
AEP Passion Intermediate Holdings, Inc. 2023 Incremental Term A Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.50% / 1.00%		11.02% / 1.90	%	10/5/2027		2,596,293		2,574,515			2,523,596			0.27	%

									$	2,729,230		$	2,673,981			0.29	%
Environmental & Facilities Services
AVW WV Buyer, Inc. Fourth Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 1.00%		1.00	%	6/14/2026	$	—	$	—		$	—			0.00	%
AVW WV Buyer, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 1.00%		10.08	%	3/17/2027		7,404,285		7,378,404			7,380,378			0.80	%
CARDS Acquisition, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	8/12/2026		—		(37,637	)		—			0.00	%
CARDS Acquisition, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.25% / 1.00%		9.80	%	8/12/2029		870,924		858,167			870,924			0.10	%
CARDS Acquisition, Inc. Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.25% / 1.00%		9.58	%	8/12/2029		4,089,750		4,052,123			4,039,760			0.44	%
CARDS Acquisition, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.58	%	8/12/2029		2,957,804		2,914,083			2,921,650			0.32	%
Creative Multicare, LLC Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.00% / 1.00%		9.59	%	3/27/2030		4,962,500		4,908,789			4,902,912			0.54	%
HEF Safety Ultimate Holdings, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	11/19/2029		—		(12,256	)		—			0.00	%
HEF Safety Ultimate Holdings, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.58	%	11/19/2029		2,579,769		2,534,759			2,503,689			0.27	%
O6 Environmental, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.15% / 1.00%		10.78	%	6/30/2027		1,048,141		1,042,793			1,048,141			0.11	%

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

Table of Contents

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

December 31, 2024


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Environmental & Facilities Services (continued)
O6 Environmental, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.15% / 1.00%		10.67	%	6/30/2027		1,426,706		1,408,990			1,408,180			0.15	%
Rotolo Consultants, Inc. Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 7.21% / 1.00%		11.73	%	12/20/2026		3,144,310		3,097,104			3,131,220			0.34	%
Vortex Companies, LLC Amendment No. 4 Incremental Delay Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	PRIME + 4.00% / 1.00%		11.50	%	9/4/2029		1,580,000		1,549,676			1,561,250			0.17	%
Vortex Companies, LLC Amendment No. 4 Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.38	%	9/4/2029		2,250,000		2,233,328			2,233,125			0.24	%
Vortex Companies, LLC Term Loan Delayed Draw Incremental	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 0.00%		9.36	%	9/4/2029		2,932,191		2,900,161			2,900,086			0.32	%
Vortex Companies, LLC Term Loan Incremental	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 0.00%		9.36	%	9/4/2029		3,028,235		2,995,238			2,995,079			0.33	%
Vortex Intermediate, LLC Revolver Amendment No. 4 Incremental	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.00% / 1.00%		9.57	%	4/9/2029		73,971		68,530			68,449			0.01	%

									$	37,892,252		$	37,964,843			4.14	%
Food Distributors
Costanzo’s Bakery, LLC Delayed Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.25% / 1.00%		9.58	%	6/18/2027	$	203,681	$	203,220		$	202,187			0.02	%
Costanzo’s Bakery, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.58	%	6/18/2027		2,961,943		2,936,867			2,932,323			0.32	%
Heritage Foodservice Investment, LLC First Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	8/1/2030		—		(28,105	)		(4,267	)		0.00	%
Heritage Foodservice Investment, LLC First Amendment Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.60% / 1.00%		10.17	%	8/1/2030		4,078,003		4,031,234			4,019,088			0.44	%
Heritage Foodservice Investment, LLC First Amendment Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.60% / 1.00%		10.17	%	8/1/2030		598,871		590,028			590,219			0.06	%
Heritage Foodservice Investment, LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	8/1/2030		—		(7,034	)		(533	)		0.00	%
Recipe Acquisition Corp. Delayed Draw Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	7/31/2031		—		—			(24,160	)		0.00	%
Recipe Acquisition Corp. Revolving Credit	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.00% / 1.00%		9.60	%	7/31/2031		205,673		201,445			196,008			0.02	%
Recipe Acquisition Corp. Term Loan (First Lien)	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.00% / 1.00%		9.60	%	7/31/2031		7,737,176		7,699,198			7,611,049			0.83	%
Rushmore Investment III LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.00% / 1.00%		9.34	%	10/18/2030		3,989,950		3,950,978			3,943,230			0.43	%
Rushmore Investment III LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.34	%	10/18/2030		8,437,497		8,275,648			8,338,699			0.91	%

									$	27,853,479		$	27,803,843			3.03	%
Health Care Distributors
ASP Global Holdings, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.25% / 1.00%		9.61	%	7/31/2029	$	1,533,707	$	1,513,597		$	1,533,707			0.17	%
ASP Global Holdings, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.61	%	7/31/2029		5,187,537		5,139,044			5,174,177			0.57	%
ASP Global Holdings, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	PRIME + 4.25% / 1.00%		11.75	%	7/31/2029		215,343		209,364			215,343			0.02	%
HEC Purchaser Corp. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	6/17/2029		—		(10,532	)		(1,148	)		0.00	%
HEC Purchaser Corp. Term Loan A	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 1.00%		9.75	%	6/17/2029		8,426,406		8,314,112			8,380,190			0.91	%
IDC Infusion Services, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 6.00% / 1.00%		10.26	%	7/7/2028		6,000,000		5,934,453			5,931,544			0.65	%

									$	21,100,038		$	21,233,813			2.32	%
Health Care Equipment
Artivion, Inc. Closing Date Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.50% / 2.00%		11.09	%	1/18/2030	$	1,059,457	$	1,057,339		$	1,059,457			0.12	%
Artivion, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 2.00%		1.00	%	1/18/2030		—		(134	)		—			0.00	%
Blades Buyer, Inc. Term A Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.10% / 1.00%		9.60	%	4/1/2026		4,924,242		4,910,295			4,924,242			0.54	%
Life Science Intermediate Holdings, LLC Delayed Draw Dollar Term Loan D	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 5.60% / 1.00%		9.96	%	6/10/2027		4,936,396		4,930,681			4,936,396			0.54	%
Life Science Intermediate Holdings, LLC Delayed Draw Dollar Term Loan F	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.60% / 1.00%		9.96	%	6/10/2027		3,853,299		3,753,415			3,853,299			0.42	%
Medical Device Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.35% / 1.00%		10.68	%	7/11/2029		4,388,889		4,307,375			4,326,876			0.47	%

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

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

December 31, 2024


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Health Care Equipment (continued)
Medical Device Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 0.00 % / 1.00 %		0.50	%	7/11/2029		—		—			(11,805	)		0.00	%
Pediatric Home Respiratory Services, LLC Delayed Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00 % / 1.00%		1.00	%	12/23/2030		—		(3,010	)		(3,019	)		0.00	%
Pediatric Home Respiratory Services, LLC Revolving Credit	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.50% / 1.00%		9.78	%	12/23/2030		214,667		211,326			211,313			0.02	%
Pediatric Home Respiratory Services, LLC Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.50% / 1.00%		9.78	%	12/23/2030		6,171,667		6,156,308			6,156,238			0.67	%
Pediatric Home Respiratory Services, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 1.00%		9.78	%	12/23/2030		6,171,667		6,156,308			6,156,237			0.67	%
SunMed Group Holdings, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.60% / 0.75%		10.19	%	6/16/2028		4,923,664		4,833,084			4,899,034			0.53	%

									$	36,312,987		$	36,508,268			3.98	%
Health Care Facilities
Community Care Partners, LLC Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 6.11% / 1.00%		10.47	%	6/10/2026	$	1,972,409	$	1,961,982		$	1,899,801			0.21	%
IPC Pain Acquisition, LLC Delayed Draw Tem Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.01% / 1.00%		10.34	%	5/19/2027		2,674,208		2,645,943			2,673,704			0.29	%
SDG Mgmt Company, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.60% / 0.75%		10.34	%	7/3/2028		792,328		791,458			792,328			0.08	%
SDG Mgmt Company, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	1M SOFR + 5.60% / 0.75%		9.88	%	7/3/2028		1,561,004		1,544,033			1,546,426			0.17	%

									$	6,943,416		$	6,912,259			0.75	%
Health Care Services
Advanced Medical Management, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.40% / 0.00%		11.00	%	12/18/2026	$	6,618,471	$	6,448,266		$	6,469,556			0.71	%
Advanced Medical Management, LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	12/18/2026		—		(22,892	)		(20,895	)		0.00	%
Apex Dental Partners, LLC Revolver	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	10/29/2030		—		(2,193	)		(24,166	)		0.00	%
Apex Dental Partners, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.85	%	10/29/2030		8,580,645		8,559,644			8,559,194			0.93	%
Apex Dental Partners, LLC_Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.25% / 1.00%		9.77	%	10/29/2030		1,932,903		1,922,119			1,921,613			0.21	%
BCDI Rodeo Dental Buyer, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.40% / 1.00%		9.91	%	5/14/2025		1,256,229		1,249,194			1,246,933			0.14	%
BCDI Rodeo Dental Buyer, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.40% / 1.00%		9.91	%	5/14/2025		5,635,288		5,603,733			5,593,587			0.61	%
BCDI Rodeo Dental Buyer, LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.40% / 1.00%		9.91	%	5/14/2025		1,002,023		989,305			984,488			0.11	%
BCDI Rodeo Dental Buyer, LLC Second Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.40% / 1.00%		9.91	%	5/14/2025		122,076		121,805			121,172			0.01	%
Beacon Oral Specialists Management LLC Sixth Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 6.00% / 0.00%		10.33	%	7/9/2025		1,749,452		1,749,452			1,749,452			0.19	%
CCHN Holdings, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 0.75%		9.61	%	4/1/2030		5,969,083		5,859,251			5,950,130			0.65	%
CVAUSA Management, LLC Primary Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 1.00%		1.00	%	5/22/2029		—		(9,836	)		—			0.00	%
CVAUSA Management, LLC Secondary Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 1.00%		1.00	%	5/22/2029		—		(5,994	)		—			0.00	%
CVAUSA Management, LLC Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.50% / 1.00%		11.12	%	5/22/2029		1,960,067		1,948,275			1,958,775			0.21	%
Dentive, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.75% / 0.75%		11.35	%	12/22/2028		2,243,144		2,216,220			2,219,115			0.24	%
Dentive, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 6.75% / 0.75%		11.08	%	12/22/2028		1,734,098		1,714,013			1,718,307			0.19	%
Dentive, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.75% / 0.75%		11.08	%	12/22/2028		2,781,385		2,761,024			2,756,057			0.30	%
Dentive, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 6.75% / 0.75%		11.39	%	12/22/2028		353,532		345,469			353,532			0.04	%
DermCare Management, LLC Fourth Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.85% / 1.00%		10.21	%	4/21/2028		5,935,304		5,865,612			5,935,304			0.65	%
Elevate HD Parent, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 6.10% / 1.00%		10.46	%	8/20/2029		4,937,500		4,854,020			4,900,496			0.53	%
Eval Home Health Solutions Intermediate, L.L.C. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 1.00%		10.11	%	5/10/2030		2,136,452		2,106,324			2,105,474			0.23	%
Eval Home Health Solutions Intermediate, L.L.C. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	5/10/2030		—		(1,116	)		(1,044	)		0.00	%

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

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

December 31, 2024


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Health Care Services (continued)
Fort B.V. 2024 Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 6.00% / 0.00%		11.21	%	1/12/2034		6,000,000		5,948,105			5,971,353			0.65	%
Gen4 Dental Partners OPCO, LLC Closing Date Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	5/13/2030		—		—			(4,154	)		0.00	%
Gen4 Dental Partners OPCO, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 1.00%		10.31	%	5/13/2030		5,685,714		5,636,644			5,681,008			0.62	%
Gen4 Dental Partners OPCO, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	5/13/2030		—		—			(2,838	)		0.00	%
GI MSO, Inc. Second Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)(11)	1M SOFR + 4.50% / 1.00%		8.94	%	6/5/2025		4,924,433		4,916,313			4,919,408			0.54	%
Home Care Assistance, LLC Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.10% / 1.00%		9.53	%	3/30/2027		2,986,649		2,971,073			2,896,388			0.31	%
Houseworks Holdings, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.25% / 1.00%		9.76	%	12/15/2028		463,125		456,926			435,010			0.05	%
Houseworks Holdings, LLC Fourth Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	12/15/2028		—		—			(13,826	)		0.00	%
Houseworks Holdings, LLC Fourth Amendment Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.76	%	12/15/2028		4,921,137		4,826,570			4,798,860			0.52	%
Houseworks Holdings, LLC Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.00%		9.76	%	12/15/2028		2,468,750		2,365,642			2,381,155			0.26	%
Kabafusion Parent LLC Revolver	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.75%		0.50	%	11/24/2031		—		(7,026	)		(3,563	)		0.00	%
Kabafusion Parent LLC Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 0.75%		9.33	%	11/24/2031		5,700,059		5,671,585			5,675,208			0.62	%
Kabafusion Parent LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 0.75%		9.33	%	11/24/2031		5,700,059		5,671,585			5,675,208			0.62	%
MB2 Dental Solutions, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 0.75%		9.86	%	2/13/2031		4,279,945		4,242,303			4,255,798			0.46	%
MB2 Dental Solutions, LLC Revolving Commitment	(1)(2)(3)(4)(5)(6)(7)(8)(12)	3M SOFR + 0.50% / 0.75%		0.50	%	2/13/2031		—		(2,643	)		(2,509	)		0.00	%
MB2 Dental Solutions, LLC Tranche 1 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.50% / 0.75%		9.86	%	2/13/2031		304,608		303,965			304,608			0.03	%
MB2 Dental Solutions, LLC Tranche 2 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 0.75%		10.02	%	2/13/2031		618,170		613,913			612,976			0.07	%
Medina Health, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	10/20/2028		—		(6,090	)		(5,628	)		0.00	%
Medina Health, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.25% / 1.00%		10.58	%	10/20/2028		3,067,395		3,014,472			3,021,703			0.33	%
Medrina, LLC Initial Delayed Draw Term Loan Facility	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 1.00%		1.00	%	10/20/2029		—		(7,609	)		—			0.00	%
Medrina, LLC Initial Term Loan Facility	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.00% / 1.00%		10.44	%	10/20/2029		3,686,170		3,604,687			3,646,715			0.40	%
Medrina, LLC Revolving Facility	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 0.50% / 1.00%		0.50	%	10/20/2029		—		(10,755	)		—			0.00	%
NORA Acquisition, LLC Revolving Credit	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 0.50% / 1.00%		0.50	%	8/31/2029		—		(8,083	)		(237	)		0.00	%
NORA Acquisition, LLC Term Loan A	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.35% / 1.00%		10.68	%	8/31/2029		3,071,741		3,004,358			2,991,393			0.32	%
North Haven USHC Acquisition, Inc. Fourth Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.10% / 1.00%		9.78	%	10/29/2027		336,456		315,197			335,374			0.04	%
North Haven USHC Acquisition, Inc. Fourth Amendment Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.10% / 1.00%		9.73	%	10/29/2027		2,686,220		2,665,994			2,664,104			0.29	%
OIA Acquisition, LLC Effective Date Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.35% / 1.00%		9.60	%	10/19/2027		4,911,392		4,881,950			4,911,391			0.53	%
Point Quest Acquisition, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.65% / 1.00%		10.12	%	8/14/2028		618,807		609,807			609,525			0.07	%
Point Quest Acquisition, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.65% / 1.00%		10.17	%	8/14/2028		4,811,281		4,741,971			4,739,111			0.52	%
Point Quest Acquisition, LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.65% / 1.00%		10.29	%	8/14/2028		684,988		669,552			678,843			0.07	%
Point Quest Acquisition, LLC Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.65% / 1.00%		10.17	%	8/14/2028		4,322,034		4,255,939			4,235,243			0.46	%
Premise Health Holding Corp. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 0.75%		9.82	%	3/3/2031		1,538,894		1,528,071			1,538,893			0.17	%
RBFD Buyer, LLC Revolver	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	12/9/2030		—		(11,947	)		(12,077	)		0.00	%
RBFD Buyer, LLC Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.00% / 1.00%		9.57	%	12/9/2030		6,484,709		6,402,138			6,402,029			0.70	%
RBFD Buyer, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.57	%	12/9/2030		2,779,161		2,743,773			2,743,727			0.30	%

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

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

December 31, 2024


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Health Care Services (continued)
RBFD Buyer, LLC_Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	12/9/2030		—		(23,871	)		(24,154	)		0.00	%
RCP TCT, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(11)	1M SOFR + 5.01% / 1.00%		9.53	%	12/31/2027		4,048,230		4,027,342			4,035,502			0.44	%
Salt Dental Collective, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.85% / 1.00%		11.21	%	2/15/2028		4,943,750		4,904,402			4,844,443			0.53	%
TheKey, LLC Tranche B-1 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.10% / 1.00%		9.53	%	3/30/2027		1,835,068		1,826,408			1,771,798			0.19	%
TheKey, LLC Tranche B-1 Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.10% / 1.00%		9.53	%	3/30/2027		90,040		89,615			86,936			0.01	%
TVG Shelby Buyer, Inc. Amendment No. 6 Incremental Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 1.00%		1.00	%	6/10/2026		—		(10,535	)		—			0.00	%
TVG Shelby Buyer, Inc. Amendment No. 6 Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 1.00%		9.83	%	3/27/2028		2,487,500		2,454,811			2,454,156			0.27	%
TVG Shelby Buyer, Inc. Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 0.50% / 1.00%		0.50	%	3/27/2028		—		(3,188	)		—			0.00	%
Vital Purchaser, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.50% / 1.00%		9.83	%	8/7/2030		4,089,750		4,010,319			4,030,393			0.44	%
Vital Purchaser, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 1.00%		9.83	%	8/7/2030		1,404,480		1,390,566			1,384,096			0.15	%
Vital Purchaser, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	8/7/2030		—		20,218			—			0.00	%

									$	154,966,162		$	155,160,449			16.93	%
Health Care Technology
Bobcat Purchaser, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 4.75% / 0.75%		9.07	%	6/14/2030	$	470,238	$	460,793		$	470,238			0.05	%
Bobcat Purchaser, LLC Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 4.75% / 0.75%		9.07	%	6/14/2030		1,504,762		1,474,511			1,496,044			0.16	%
GHA Buyer, Inc. (aka Cedar Gate) Amendment Number Five Term Loan	(1)(2)(3)(4)(5)(7)(12)	1M SOFR + 5.50% / 1.00%		9.83	%	6/24/2026		165,003		164,103			164,178			0.02	%
GHA Buyer, Inc. (aka Cedar Gate) Amendment Number Four Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 1.00%		9.83	%	6/24/2026		2,015,429		2,004,427			2,005,410			0.22	%
GHA Buyer, Inc. (aka Cedar Gate) Amendment Number Six Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 1.00%		9.83	%	6/24/2026		575,712		572,569			572,850			0.06	%
GHA Buyer, Inc. (aka Cedar Gate) Amendment Number Three Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.00% / 1.00%		10.10	%	6/24/2026		551,178		551,178			548,438			0.06	%
GHA Buyer, Inc. (aka Cedar Gate) Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 1.00%		9.83	%	6/24/2026		155,851		155,000			155,076			0.02	%
GHA Buyer, Inc. (aka Cedar Gate) Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	6/24/2026		—		(1,497	)		—			0.00	%
Iodine Software, LLC Closing Date Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.61	%	5/19/2027		2,054,069		2,054,069			2,054,069			0.23	%
Iodine Software, LLC Delayed Draw Term Loan Amend No. 3	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	5/31/2027		—		—			—			0.00	%
Iodine Software, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	5/19/2027		—		—			—			0.00	%
Iodine Software, LLC Term Loan B	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.25% / 1.00%		9.61	%	5/31/2027		1,408,541		1,408,541			1,408,541			0.15	%
Medical Technology Solutions, LLC Delayed Draw C Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 10.97% / 1.00%		10.97	%	4/27/2026		1,288,150		1,269,131			1,288,150			0.14	%
Medical Technology Solutions, LLC Sixth Amendment Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.40% / 1.00%		10.97	%	4/27/2026		1,410,906		1,390,008			1,397,713			0.15	%

									$	11,502,833		$	11,560,707			1.26	%
Heavy Electrical Equipment
Faraday Buyer, LLC Delayed Draw Term Loan (MacLean Power Systems)	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 1.00%		1.00	%	10/11/2028	$	—	$	(741	)	$	(1,070	)		0.00	%
Faraday Buyer, LLC First Amendment Term Loan (MacLean Power Systems)	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.00% / 1.00%		10.33	%	10/11/2028		580,716		572,651			579,085			0.06	%

									$	571,910		$	578,015			0.06	%
Highways & Railtracks
R1 Holdings, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.25% / 1.00%		10.84	%	12/29/2028	$	4,924,623	$	4,885,621		$	4,885,036			0.53	%
Home Improvement Retail
TMSC OpCo, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	4/30/2026	$	—	$	—		$	—			0.00	%
TMSC OpCo, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.10% / 1.00%		10.46	%	4/30/2026		3,617,565		3,617,565			3,617,565			0.39	%

									$	3,617,565		$	3,617,565			0.39	%

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

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

December 31, 2024


Investments	Footnotes	Reference Rate Spread /Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Homebuilding
Campany Roof Maintenance, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 6.85% / 1.50%		11.21	%	11/27/2028	$	2,486,742	$	2,445,957		$	2,449,441			0.27	%
Campany Roof Maintenance, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.85% / 1.50%		11.21	%	11/27/2028		2,486,742		2,445,957			2,449,441			0.27	%

									$	4,891,914		$	4,898,882			0.54	%
Hotels, Resorts & Cruise Lines
Pyramid Management Advisors, LLC Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.25%		9.88	%	1/19/2028	$	4,924,812	$	4,797,372		$	4,924,796			0.54	%
Household Appliances
Dusk Acquisition II Corporation Term Loan Incremental	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.00% / 1.00%		10.33	%	12/19/2029	$	7,000,000	$	6,862,279		$	6,860,000			0.75	%
Dusk Acquisition II Corporation Term Loan Incremental	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.00% / 1.00%		10.33	%	12/19/2029		7,000,000		6,862,279			6,860,000			0.75	%
Evriholder Acquisition, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.90% / 1.50%		11.23	%	1/24/2028		3,897,184		3,856,566			3,874,467			0.42	%
WF Enterprises, Inc. Term Loan A	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 4.35% / 1.00%		8.60	%	11/9/2027		4,578,187		4,552,519			4,567,076			0.50	%

									$	22,133,643		$	22,161,543			2.42	%
Housewares & Specialties
AmerCareRoyal, LLC Delayed Draw Term Loan A	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	9/10/2030	$	—	$	—		$	—			0.00	%
AmerCareRoyal, LLC Delayed Draw Term Loan B	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.00% / 1.00%		9.36	%	9/10/2030		1,295,181		1,282,570			1,295,181			0.14	%
AmerCareRoyal, LLC Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.00% / 1.00%		9.36	%	9/10/2030		4,100,000		4,059,970			4,065,752			0.44	%
AmerCareRoyal, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.36	%	9/10/2030		4,032,530		3,992,449			3,998,846			0.44	%
AmerCareRoyal, LLC U.S. Revolving Credit	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.00% / 1.00%		9.34	%	9/10/2030		1,009,036		997,392			1,009,036			0.11	%
Axis Portable Air, LLC Fifth Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.90% / 1.00%		10.23	%	3/22/2028		3,610,294		3,581,860			3,529,976			0.39	%
Axis Portable Air, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.90% / 1.00%		10.23	%	3/22/2028		872,759		865,732			867,616			0.09	%
Axis Portable Air, LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	3/22/2028		—		(7,889	)		—			0.00	%
Axis Portable Air, LLC Sixth Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.90% / 1.00%		10.23	%	3/22/2028		1,789,998		1,763,542			1,789,996			0.20	%
TPC US Parent, LLC Fourth Amendment Incremental Term Loan A	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.90% / 1.00%		10.49	%	11/22/2025		744,375		736,987			736,050			0.08	%

									$	17,272,613		$	17,292,453			1.89	%
Human Resource & Employment Services
Accurate Background, LLC Fourth Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.43% / 1.00%		11.85	%	3/26/2029	$	7,980,000	$	7,834,330		$	7,851,834			0.86	%
PCS Midco, Inc. Closing Date Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.75% / 1.00%		10.08	%	3/1/2030		1,823,675		1,797,004			1,799,177			0.19	%
PCS Midco, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.75% / 1.00%		10.41	%	3/1/2030		9,229		8,901			8,978			0.00	%
PCS Midco, Inc. Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.75% / 1.00%		10.08	%	3/1/2030		3,281		3,024			3,029			0.00	%

									$	9,643,259		$	9,663,018			1.05	%
Industrial Machinery
Astro Acquisition, LLC 2024 Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.50% / 1.00%		9.82	%	12/13/2027	$	7,940,000	$	7,875,732		$	7,835,312			0.86	%
Helios Service Partners, LLC_Delayed Draw Term Loan 2022	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.00% / 1.00%		0.00	%	3/19/2027		—		(13,527	)		(15,000	)		0.00	%
Helios Service Partners, LLC_Delayed Draw Term Loan Third Amendment	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.00% / 1.00%		0.00	%	3/19/2027		—		(28,371	)		(30,000	)		0.00	%
Helios Service Partners, LLC_Delayed Draw Term Loan Third Amendment Incremental	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.00% / 1.00%		0.00	%	3/19/2027		—		134			(15,000	)		0.00	%
ISG Enterprises, LLC Delayed Draw Term Loan (2023)	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.75% / 1.00%		10.38	%	12/7/2028		5,668,104		5,594,111			5,615,276			0.61	%
Orion Group HoldCo, LLC Term Loan (Astra Services Partners)	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 6.00% / 1.00%		11.19	%	3/19/2027		4,404,250		4,377,226			4,395,248			0.48	%
Sonny’s Enterprises, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.40% / 1.00%		9.99	%	8/5/2028		893,970		883,746			877,664			0.10	%

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

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

December 31, 2024


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Industrial Machinery (continued)
Sonny’s Enterprises, LLC Restatement Date Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.40% / 1.00%		9.92	%	8/5/2028		4,037,472		3,992,384			3,978,434			0.43	%
Sonny’s Enterprises, LLC Amendment No.1 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.65% / 1.00%		10.24	%	8/5/2028		35,910		32,697			35,910			0.00	%
Tank Holding Corp. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 6.10% / 0.75%		10.44	%	3/31/2028		4,231,374		4,191,364			4,256,320			0.46	%
Tank Holding Corp. Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.00% / 0.75%		10.25	%	3/31/2028		4,924,242		4,863,612			4,875,636			0.53	%

									$	31,769,108		$	31,809,800			3.47	%
Insurance Brokers
Alera Group, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.75% / 1.00%		10.09	%	10/2/2028	$	628,053	$	608,800		$	609,352			0.07	%
Alkeme Intermediary Holdings, LLC Seventh Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 1.00%		10.08	%	10/28/2026		4,989,186		4,915,262			4,932,233			0.54	%
Arden Purchaser, LLC Revolver	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.25% / 1.00%		5.25	%	11/22/2030		326,800		310,611			310,460			0.03	%
Arden Purchaser, LLC Term Loan A	(1)(2)(3)(4)(5)(7)(12)	1M SOFR + 5.25% / 1.00%		9.58	%	11/22/2030		11,764,784		11,648,280			11,647,136			1.27	%
High Street Buyer, Inc. 3/2024 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	4/14/2028		—		—			(32,110	)		0.00	%
Inszone Mid, LLC A&R Delayed Draw Term Loan Facility	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.75% / 1.00%		10.00	%	11/30/2029		623,819		617,066			623,819			0.07	%
Inszone Mid, LLC A&R Term Loan Facility	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.00%		9.50	%	11/30/2029		743,698		740,902			743,698			0.08	%
Integrity Marketing Acquisition, LLC Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.00% / 0.75%		9.51	%	8/25/2028		12,468,750		12,448,440			12,468,750			1.36	%
Keystone Agency Partners LLC Term A Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.33	%	5/3/2027		2,961,852		2,939,615			2,916,220			0.32	%
Oakbridge Insurance Agency LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.75% / 0.75%		10.26	%	11/1/2029		84,432		83,577			84,432			0.01	%
Oakbridge Insurance Agency LLC Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.75% / 0.75%		10.23	%	11/1/2029		450,591		447,579			450,591			0.05	%
Peter C. Foy & Associates Insurance Services, LLC Incremental Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.50% / 0.75%		10.86	%	11/1/2028		2,468,750		2,424,789			2,419,650			0.26	%
Peter C. Foy & Associates Insurance Services, LLC Tranche E Delayed Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.50% / 0.75%		9.83	%	11/1/2028		1,210,563		1,202,734			1,199,092			0.13	%
Peter C. Foy & Associates Insurance Services, LLC Tranche E Delayed Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.50% / 0.75%		9.83	%	11/1/2028		4,395,954		4,352,211			4,364,455			0.48	%
Tricor, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.15% / 1.00%		9.74	%	10/22/2026		1,192,728		1,192,728			1,192,728			0.13	%
Tricor, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.10% / 1.00%		9.46	%	10/22/2026		144,231		144,231			144,231			0.01	%
Tricor, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.10% / 1.00%		9.46	%	10/22/2026		3,173,112		3,173,112			3,173,112			0.35	%
Worldwide Insurance Network, LLC DDTL	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.81% / 0.75%		10.32	%	5/28/2030		731,407		722,398			731,407			0.08	%
Worldwide Insurance Network, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.70% / 0.75%		10.22	%	5/28/2030		2,493,153		2,470,389			2,476,880			0.27	%

									$	50,442,724		$	50,456,136			5.51	%
Interactive Home Entertainment
Five Star Buyer, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 7.15% / 1.50%		11.66	%	2/23/2028	$	55,696	$	54,429		$	53,980			0.01	%
Track Branson Opco, LLC, The Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 0.50% / 1.50%		0.50	%	2/23/2028		—		(2,496	)		(362	)		0.00	%
Track Branson OpCo, LLC, The Term Loan A	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 7.15% / 1.50%		11.66% / 1.00	%	2/23/2028		1,590,123		1,555,779			1,529,021			0.17	%

									$	1,607,712		$	1,582,639			0.18	%
Internet & Direct Marketing Retail
Berlin Rosen Acquisition, LLC Revolver	(1)(2)(3)(4)(5)(6)(7)	1M SOFR + 5.50% / 1.00%		9.98	%	1/14/2027	$	600,485	$	590,437		$	591,585			0.06	%
Berlin Rosen Acquisition, LLC Revolver	(1)(2)(3)(4)(5)(6)(7)(10)	1M SOFR + 5.50% / 1.00%		9.98	%	1/14/2027		600,485		590,437			591,585			0.06	%
Berlin Rosen Acquisition, LLC Small Girls Term Loan	(1)(2)(3)(4)(5)(7)	1M SOFR + 5.60% / 1.00%		10.15	%	1/14/2027		1,822,804		1,802,151			1,804,792			0.20	%
Berlin Rosen Acquisition, LLC Small Girls Term Loan	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 5.60% / 1.00%		10.15	%	1/14/2027		1,822,804		1,802,151			1,804,792			0.20	%
Berlin Rosen Acquisition, LLC Term Loan	(1)(2)(3)(4)(5)(7)	1M SOFR + 5.50% / 1.00%		10.15	%	1/14/2027		2,152,585		2,127,460			2,131,186			0.23	%

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

Table of Contents

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

December 31, 2024


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Internet & Direct Marketing Retail (continued)
Berlin Rosen Acquisition, LLC Term Loan	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 5.50% / 1.00%		10.15	%	1/14/2027		3,517,652		3,476,594			3,482,684			0.38	%
Berlin Rosen Acquisition, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	1M SOFR + 5.50% / 1.00%		10.15	%	1/14/2027		1,365,067		1,351,772			1,351,496			0.15	%

										11,741,002		$	11,758,120			1.28	%
Internet Services & Infrastructure
Bridgepointe Technologies, LLC Delayed Draw Term Loan (2024)	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.00% / 1.00%		9.33	%	12/31/2027	$	2,775,112	$	2,693,114		$	2,775,112			0.30	%
Salute Mission Critical, LLC Delayed Draw Term Loan Commitment	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	11/30/2029		—		(8,230	)		(8,414	)		0.00	%
Salute Mission Critical, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	11/30/2029		—		(6,664	)		(6,783	)		0.00	%
Salute Mission Critical, LLC Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.00% / 1.00%		9.36	%	11/30/2029		4,093,373		4,052,440			4,052,440			0.44	%
Salute Mission Critical, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.36	%	11/30/2029		4,196,332		4,154,560			4,154,368			0.46	%

									$	10,885,220		$	10,966,723			1.20	%
Investment Banking & Brokerage
Cherry Bekaert Advisory LLC Amendment No. 1 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.25% / 0.75%		9.61	%	6/30/2028	$	2,494,697	$	2,490,904		$	2,494,697			0.27	%
Cherry Bekaert Advisory LLC Amendment No. 1 Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 0.75%		9.61	%	6/30/2028		2,162,522		2,139,258			2,153,058			0.24	%
DOXA Insurance Holdings LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.25% / 0.75%		9.91	%	12/20/2030		456,156		453,873			456,156			0.05	%
DOXA Insurance Holdings LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 0.75%		9.60	%	12/20/2030		496,587		496,587			496,587			0.05	%

									$	5,580,622		$	5,600,498			0.61	%
IT Consulting & Other Services
ACP Avenu Buyer, LLC Delayed TL	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.25% / 1.00%		9.84	%	10/2/2029	$	272,737	$	272,664		$	272,737			0.03	%
ACP Avenu Buyer, LLC Revolving Credit	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.25% / 1.00%		9.85	%	10/2/2029		59,598		53,870			53,901			0.01	%
ACP Avenu Buyer, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.84	%	10/2/2029		1,545,712		1,511,908			1,512,344			0.17	%
Alta Buyer, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.33	%	12/21/2027		1,108,536		1,095,128			1,107,477			0.12	%
Alta Buyer, LLC Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.33	%	12/21/2027		572,733		572,906			567,626			0.06	%
Alta Buyer, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.33	%	12/21/2027		3,761,820		3,717,091			3,705,717			0.40	%
Aptean Acquiror Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.00% / 0.75%		9.32	%	1/30/2031		85,148		64,873			85,148			0.01	%
Aptean Acquiror Inc. Revolving Credit	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.75%		0.50	%	1/30/2031		—		—			(769	)		0.00	%
Aptean Acquiror Inc. Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.18% / 0.75%		9.81	%	1/30/2031		271,288		264,401			271,288			0.03	%
Aptean Acquiror Inc. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.18% / 0.75%		9.81	%	1/30/2031		4,944,502		4,902,985			4,944,502			0.54	%
Argano, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	9/13/2029		—		(10,197	)		(12,162	)		0.00	%
Argano, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.75% / 1.00%		10.15	%	9/13/2029		4,089,750		4,030,540			4,022,433			0.44	%
Argano, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 1.00%		10.15	%	9/13/2029		5,849,109		5,776,192			5,752,833			0.63	%
Argano, LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	9/13/2029		—		(5,141	)		(2,027	)		0.00	%
BCM One, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 4.60% / 1.00%		8.85	%	11/17/2027		4,665,588		4,646,101			4,665,588			0.51	%
By Light Professional IT Services LLC Existing Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.98% / 1.00%		11.53	%	5/16/2025		1,859,233		1,851,797			1,859,233			0.20	%
Enverus Holdings, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.50% / 0.75%		9.86	%	12/24/2029		12,076		12,076			12,076			0.00	%
Enverus Holdings, Inc.Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 0.75%		1.00	%	12/24/2029		—		—			(1,200	)		0.00	%
Enverus Holdings, Inc.Term Loan	(1)(2)(3)(4)(5)(7)(12)	1M SOFR + 5.50% / 0.75%		9.86	%	12/24/2029		5,288,224		5,219,431			5,224,303			0.57	%
Guidepoint Security Holdings, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 1.00%		1.00	%	10/2/2029		—		—			—			0.00	%

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

Table of Contents

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

December 31, 2024


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
IT Consulting & Other Services (continued)
Guidepoint Security Holdings, LLC Term Loan A	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.00 % / 1.00 %		10.36	%	10/2/2029		299,591		299,591			299,591			0.03	%
Guidepoint Security Holdings, LLC_Term Loan First Amendment	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.00% / 1.00%		6.00	%	2/10/2029		140,815		138,704			138,703			0.01	%
IG Investments Holdings, LLC 2024 Refinancing Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 0.75%		9.57	%	9/22/2028		5,953,964		5,953,964			5,953,964			0.65	%
Improving Holdco, Inc. Term Loan (Improving Enterprises)	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.75% / 1.00%		11.19	%	7/26/2027		3,438,750		3,367,453			3,382,301			0.37	%
Improving Holdco, Inc. Term Loan (Improving Enterprises)	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.75% / 1.00%		11.19	%	7/26/2027		6,949,138		6,818,820			6,835,065			0.75	%
Lighthouse Technologies Holding Corp. First Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.15% / 1.00%		9.48	%	4/30/2027		174,935		174,578			174,935			0.02	%
Lighthouse Technologies Holding Corp. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.15% / 1.00%		9.48	%	4/30/2027		11,407,591		11,368,214			11,407,591			1.24	%
Lighthouse Technologies Holding Corp. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	4/30/2027		—		—			—			0.00	%
Rural Sourcing Holdings, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.75% / 1.00%		10.08	%	6/15/2029		349,360		340,849			346,229			0.04	%
Rural Sourcing Holdings, Inc. Delayed Draw Term Loan Amendment No. 1	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 0.00%		1.00	%	6/15/2029		—		(1,567	)		(1,567	)		0.00	%
Rural Sourcing Holdings, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.75% / 1.00%		10.08	%	6/15/2029		26,400		20,616			17,385			0.00	%
Rural Sourcing Holdings, Inc. Term Loan Amendment No. 1	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.75% / 0.00%		10.35	%	6/15/2029		262,680		260,053			260,053			0.03	%
Rural Sourcing Holdings, Inc. Tranche B Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.75% / 1.00%		11.01	%	6/15/2029		1,560,240		1,522,363			1,499,748			0.16	%
Upstack Holdco Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.75% / 0.75%		0.75	%	8/23/2031		—		(15,061	)		—			0.00	%
Upstack Holdco Inc. Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.00% / 0.75%		9.38	%	8/25/2031		187,500		175,579			187,500			0.02	%
Upstack Holdco Inc. Term B Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.00% / 0.75%		9.52	%	8/25/2031		4,100,000		4,059,393			4,061,883			0.44	%
Upstack Holdco Inc. Term B Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 0.75%		9.52	%	8/25/2031		4,025,000		3,985,292			3,987,581			0.44	%
VRC Companies, LLC Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.76% / 1.00%		10.35	%	6/29/2027		5,913,328		5,882,966			5,906,158			0.64	%
VRC Companies, LLC Fourth Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.25% / 1.00%		9.65	%	6/29/2027		272,249		249,630			234,704			0.03	%
VRC Companies, LLC Third Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.75% / 1.00%		10.34	%	6/29/2027		1,993,611		1,986,502			1,981,281			0.22	%

									$	80,564,564		$	80,714,153			8.81	%
Leisure Facilities
Concert Golf Partners Holdco LLC Initial Term Loan (2022)	(1)(2)(3)(4)(5)(7)(10)	6M SOFR + 4.75% / 0.75%		9.13	%	4/1/2030	$	4,924,242	$	4,924,242		$	4,924,242			0.54	%
Excel Fitness Holdings, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.50% / 1.00%		9.83	%	4/27/2029		1,666,667		1,615,882			1,666,667			0.18	%
Excel Fitness Holdings, Inc. Delayed Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.50% / 0.75%		9.83	%	4/27/2029		471,884		468,387			450,547			0.05	%
Excel Fitness Holdings, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.50% / 1.00%		9.83	%	4/27/2029		3,316,667		3,249,161			3,312,533			0.36	%

									$	10,257,672		$	10,353,989			1.13	%
Leisure Products
BCI Burke Holding Corp. Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.75% / 1.00%		10.08	%	12/14/2027	$	1,185,551	$	1,177,364		$	1,185,551			0.13	%
BCI Burke Holding Corp. Seventh Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	10/10/2026		—		(9,429	)		(10,273	)		0.00	%
BCI Burke Holding Corp. Seventh Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 1.00%		1.00	%	10/10/2026		—		(11,545	)		(12,580	)		0.00	%
BCI Burke Holding Corp. Seventh Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.75% / 1.00%		10.08	%	12/14/2027		3,769,960		3,735,831			3,732,260			0.41	%
BCI Burke Holding Corp. Seventh Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.75% / 1.00%		10.08	%	12/14/2027		4,616,277		4,574,487			4,570,114			0.50	%
KSKI Holdings 2, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(10)	6M SOFR + 7.25% / 1.25%		11.58	%	6/30/2028		4,937,500		4,822,746			4,709,503			0.51	%
Painful Pleasures, LLC Term Loan fka Artifex	(1)(2)(3)(4)(5)(7)(11)	1M SOFR + 5.50% / 1.00%		10.19	%	8/31/2026		1,202,446		1,201,194			1,197,904			0.13	%
Painful Pleasures, LLC Third Incremental Term Loan	(1)(2)(3)(4)(5)(7)(11)	1M SOFR + 5.61% / 1.00%		10.19	%	8/31/2026		3,728,732		3,714,108			3,726,448			0.41	%

									$	19,204,756		$	19,098,927			2.09	%

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

Table of Contents

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

December 31, 2024


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Life & Health Insurance
Pareto Health Intermediate Holdings Inc. A-1 Cash Pay Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.60	%	6/1/2030	$	12,247,991	$	12,127,118		$	12,125,511			1.32	%
Pareto Health Intermediate Holdings Inc. Amendment No. 1 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	6/1/2030		—		(15,572	)		(15,667	)		0.00	%

									$	12,111,546		$	12,109,844			1.32	%
Life Sciences Tools & Services
Bamboo US BidCo LLC (aka Baxter) Delayed Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.25% / 1.00%		9.77	%	9/30/2030	$	63,653	$	62,858		$	63,653			0.01	%
Bamboo US BidCo LLC (aka Baxter) Tranche B-1 Delayed TL	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 1.00%		1.00	%	9/30/2030		—		(203	)		(210	)		0.00	%
Bamboo US BidCo LLC (aka Baxter) Tranche B-2 Delayed Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 1.00%		1.00	%	9/30/2030		—		(203	)		(210	)		0.00	%
Bamboo US BidCo LLC (aka Baxter) USD TL	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.00%		9.77	%	9/30/2030		706,492		700,072			703,812			0.08	%
KL Charlie Acquisition Company Fourth Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.60% / 1.00%		9.96	%	12/30/2026		2,601,620		2,587,926			2,548,565			0.28	%
KL Charlie Acquisition Company Fourth Amendment Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.60% / 1.00%		9.96	%	12/30/2026		1,955,992		1,931,647			1,920,183			0.21	%
KL Charlie Acquisition Company Sixth Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 0.00%		1.00	%	12/30/2026		—		1,770			—			0.00	%
KL Moon Acquisition, LLC 2024 Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.57% / 2.75%		2/1/2029		655,497		639,332			622,783			0.07	%
KL Moon Acquisition, LLC Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.57% / 2.75%		2/1/2029		1,643,447		1,623,991			1,562,918			0.17	%
KL Moon Acquisition, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 7.75% / 1.00%		12.32% / 2.75%		2/1/2029		352,453		352,452			335,183			0.03	%

									$	7,899,642		$	7,756,677			0.85	%
Metal & Glass Containers
Keg Logistics LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.15% / 1.00%		10.67	%	11/23/2027	$	4,432,475	$	4,384,991		$	4,388,150			0.48	%
Movies & Entertainment
Broadcast Music, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 0.75%		10.39	%	2/8/2030	$	1,572,103	$	1,566,182		$	1,567,016			0.17	%
Office Services & Supplies
Advanced Web Technologies Holding Company Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 1.00%		10.56	%	12/17/2026	$	779,682	$	768,704		$	768,220			0.08	%
Advanced Web Technologies Holding Company Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 6.25% / 1.00%		10.58	%	12/17/2026		48,875		48,875			48,875			0.01	%
Advanced Web Technologies Holding Company Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 1.00%		8.31	%	12/17/2026		1,981,892		1,953,988			1,952,758			0.21	%
Ergotron Acquisition, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 5.25% / 0.75%		9.61	%	7/6/2028		4,521,411		4,521,411			4,521,411			0.49	%
Forward Solutions, LLC Third Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 6.15% / 1.00%		10.48	%	12/15/2026		552,017		516,502			525,101			0.06	%
Forward Solutions, LLC Third Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.15% / 1.00%		10.48	%	12/15/2026		657,006		646,702			649,637			0.07	%

									$	8,456,182		$	8,466,002			0.92	%
Oil & Gas Equipment & Services
Jones Industrial Holdings, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 7.10% / 2.00%		11.46	%	7/31/2028	$	474,145	$	451,813		$	461,337			0.05	%
Jones Industrial Holdings, Inc. Term A Loan	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 7.10% / 2.00%		11.46	%	7/31/2028		1,994,605		1,916,742			1,901,495			0.21	%

									$	2,368,555		$	2,362,832			0.26	%
Other Diversified Financial Services
Citrin Cooperman Advisors LLC 2022-2 Incremental Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 0.75%		9.28	%	10/1/2027	$	1,128,731	$	1,121,338		$	1,120,958			0.12	%
Citrin Cooperman Advisors LLC 2022-2 Incremental Term Loan	(1)(2)(3)(4)(5)(7)(10)	6M SOFR + 5.00% / 0.75%		9.28	%	10/1/2027		3,801,824		3,736,317			3,761,511			0.41	%
Convera International Financial S.a r.l. Incremental Term Loan	(1)(3)(5)(7)(9)(10)	3M SOFR + 6.15% / 0.75%		10.48	%	3/1/2028		2,955,000		2,907,650			2,904,453			0.32	%
Convera International Holdings Limited Term Loan	(1)(3)(5)(7)(9)(10)	3M SOFR + 6.00% / 0.75%		10.33	%	1/3/2028		404,092		398,204			398,031			0.04	%
Lido Advisors, LLC Fourth Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 1.00%		9.59	%	6/15/2029		1,711,273		1,681,625			1,698,304			0.19	%
Lido Advisors, LLC_Delayed Draw Term Loan Seventh Amendment	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.00% / 1.00%		9.52	%	6/15/2029		725,544		712,326			715,522			0.08	%

									$	10,557,460		$	10,598,779			1.16	%

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

Table of Contents

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

December 31, 2024


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Packaged Foods & Meats
Chef Merito, LLC Delayed Draw Term Loan A	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.90% / 1.00%		10.23	%	7/15/2028	$	424,191	$	414,162		$	424,191			0.05	%
Chef Merito, LLC Delayed Draw Term Loan B	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.90% / 1.00%		10.23	%	7/15/2028		424,191		414,162			424,191			0.05	%
Chef Merito, LLC Delayed Draw Term Loan C	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	7/15/2028		—		(7,885	)		(3,468	)		0.00	%
Chef Merito, LLC First Amendment Term Loan A	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.15% / 1.00%		10.67	%	7/15/2028		2,558,274		2,494,972			2,525,991			0.27	%
Chef Merito, LLC Second Amendment Term Loan A	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.90% / 1.00%		10.23	%	7/15/2028		1,135,844		1,114,981			1,116,810			0.12	%
Demakes Borrower, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 0.75%		1.00	%	12/12/2029		—		—			—			0.00	%
Demakes Borrower, LLC Term B Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.00% / 0.75%		10.45	%	12/12/2029		344,627		344,627			344,627			0.04	%
Gastronome Acquisition, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.15% / 1.00%		9.48	%	11/18/2027		4,729,986		4,704,195			4,729,986			0.51	%
Huron Bidco, INC. Incremental Term Loan B1 (KNPC Holdco)	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 7.10% / 1.00%		12.24	%	10/22/2029		737,001		728,362			709,732			0.08	%
KNPC Holdco, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.85% / 1.00%		10.99	%	10/22/2029		4,888,761		4,829,934			4,749,252			0.52	%
KNPC Holdco, LLC Tranche D-1 Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.85% / 1.00%		10.27	%	10/22/2029		5,000,000		5,000,000			5,000,000			0.54	%
Nellson Nutraceutical, LLC Term A-1 Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.85% / 1.00%		10.40	%	12/23/2025		4,932,109		4,909,885			4,848,264			0.53	%
Patriot Foods Buyer, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 6.00% / 1.00%		10.11	%	12/24/2029		4,950,000		4,894,378			4,900,500			0.53	%
Signature Brands, LLC Term Loan	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 9.76% / 1.75%		14.28 3.00	% / %	5/4/2028		4,516,394		4,445,379			4,299,919			0.47	%
Signature Brands, LLC Term Loan A	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.61% / 1.75%		10.97	%	5/4/2028		259,007		255,849			247,086			0.03	%
Western Smokehouse Partners, LLC Delayed Draw Term Loan C	(1)(2)(3)(4)(5)(6)(7)	1M SOFR + 5.50% / 1.00%		10.15	%	3/31/2029		2,292,169		2,220,375			2,232,476			0.24	%
Western Smokehouse Partners, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	1M SOFR + 5.50% / 1.00%		10.15	%	3/31/2029		2,292,169		2,264,253			2,263,516			0.25	%
ZB Holdco LLC 2023-1 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.65% / 1.00%		10.28	%	2/9/2028		193,985		190,593			192,493			0.02	%
ZB Holdco LLC 2023-1 Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.65% / 1.00%		9.98	%	2/9/2028		154,250		151,628			151,052			0.02	%

									$	39,369,850		$	39,156,618			4.27	%
Paper Packaging
Arctic Holdco, LLC Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.10% / 1.00%		10.46	%	12/23/2026	$	5,528,350	$	5,528,350		$	5,528,350			0.60	%
Arctic Holdco, LLC Initial Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 6.10% / 1.00%		10.46	%	12/23/2026		353,592		353,592			353,592			0.04	%
Innopak Industries, Inc. Fourth Amendment Term Loan Part 1	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 6.35% / 1.50%		10.75	%	3/5/2027		2,715,625		2,665,916			2,671,267			0.29	%
Innopak Industries, Inc. Fourth Amendment Term Loan Part 2	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 6.35% / 1.50%		10.75	%	3/5/2027		2,221,875		2,181,173			2,207,256			0.24	%

									$	10,729,031		$	10,760,465			1.17	%
Personal Products
Kinetic Purchaser, LLC - Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.15% / 1.00%		10.75	%	11/10/2027	$	2,019,299	$	1,960,651		$	1,949,495			0.21	%
Loving Tan Intermediate II Inc. Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.00% / 1.00%		10.35	%	5/31/2028		2,728,088		2,668,982			2,703,213			0.30	%
Loving Tan Intermediate II Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 6.00% / 1.00%		10.35	%	5/31/2028		103,704		97,172			103,704			0.01	%
Phoenix YW Buyer, Inc. Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	5/31/2030		—		(3,115	)		—			0.00	%
Phoenix YW Buyer, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.33	%	5/31/2030		8,137,500		8,023,046			8,109,312			0.88	%
RoC Holdco LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.00% / 0.75%		11.13	%	2/21/2031		4,235,990		4,200,372			4,210,646			0.46	%
RoC Holdco LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	2/21/2030		—		(5,370	)		—			0.00	%

									$	16,941,738		$	17,076,370			1.86	%
Pharmaceuticals
Creek Parent, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	1M SOFR + 5.25% / 0.75%		12.75	%	12/18/2031	$	14,076,000	$	13,935,240		$	13,935,240			1.52	%

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

Table of Contents

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

December 31, 2024


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Pharmaceuticals (continued)
Creek Parent, Inc. Revolving Credit	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50 % / 0.75%		0.50	%	12/18/2031		—		(20,149	)		(20,240	)		0.00	%
Pet FLavor, LLC Term A Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 6.00 % / 1.00%		10.33	%	12/15/2026		5,002,549		4,982,715			4,952,523			0.54	%
PharmaLogic Holdings Corp. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00 % / 1.00%		1.00	%	6/21/2030		—		(17,749	)		(16,571	)		0.00	%
PharmaLogic Holdings Corp. Initial U.S. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.57	%	6/21/2030		7,372,280		7,266,734			7,268,509			0.79	%
Sequon, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 6.00% / 1.00%		10.59	%	12/29/2026		4,912,990		4,892,390			4,859,211			0.53	%

									$	31,039,181		$	30,978,672			3.38	%
Real Estate Development
Discovery SL Management, LLC Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 1.00%		9.88	%	3/18/2030	$	1,736,875	$	1,725,266		$	1,714,938			0.19	%
Discovery SL Management, LLC Delayed Draw Term Loan A	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.50% / 1.00%		9.88	%	3/18/2030		290,844		290,109			289,915			0.03	%
Discovery SL Management, LLC Delayed Draw Term Loan B	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	3/18/2030		—		(2,940	)		(774	)		0.00	%
Discovery SL Management, LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	3/18/2030		—		(616	)		(142	)		0.00	%
Liberty Purchaser, LLC Revolving Loan (Magna Legal Services)	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	11/22/2028		—		—			—			0.00	%

									$	2,011,819		$	2,003,937			0.22	%
Real Estate Operating Companies
Associations, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 6.76% / 1.00%		11.28	%	7/2/2028	$	217,009	$	216,651		$	216,902			0.02	%
Associations, Inc. Special Purpose Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 6.76% / 1.00%		11.32	%	7/3/2028		90,392		89,946			90,258			0.01	%
Associations, Inc. Term Loan A	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.76% / 0.00%		11.32	%	7/2/2028		6,971,645		6,936,562			6,930,033			0.76	%

									$	7,243,159		$	7,237,193			0.79	%
Real Estate Services
BBG, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	1M SOFR + 1.00% / 1.00%		5.59 5.75	% / %	1/8/2026	$	6,292,398	$	6,101,294		$	5,841,552			0.64	%
Vacation Rental Brands, LLC Delayed Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.50% / 1.00%		10.09	%	9/6/2031		1,121,550		1,057,119			1,121,550			0.12	%
Vacation Rental Brands, LLC Revolving Credit	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.25% / 1.00%		9.58	%	9/6/2031		184,364		175,565			184,364			0.02	%
Vacation Rental Brands, LLC Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.25% / 1.00%		10.24	%	9/6/2031		4,089,750		4,031,343			4,044,579			0.44	%
Vacation Rental Brands, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.58	%	9/6/2031		1,274,103		1,261,537			1,260,030			0.14	%

									$	12,626,858		$	12,452,075			1.36	%
Research & Consulting Services
Accordion Partners LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.75%		0.50	%	11/17/2031	$	—	$	(8,956	)	$	(8,956	)		0.00	%
Accordion Partners LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 0.75%		9.58	%	11/17/2031		10,956,522		10,886,237			10,886,237			1.19	%
Accordion Partners LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.75%		0.50	%	11/17/2031		—		(9,546	)		(9,546	)		0.00	%
BDO USA, P.C. Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 2.00%		9.52	%	8/31/2028		4,937,500		4,857,176			4,888,125			0.53	%
BNI Global, LLC Dollar Delayed Draw Term Loan (2021)	(1)(2)(3)(4)(5)(7)(12)	1M SOFR + 5.60% / 1.00%		9.96	%	5/1/2027		1,896,789		1,877,902			1,879,325			0.20	%
BNI Global, LLC Initial Dollar Term Loan	(1)(2)(3)(4)(5)(7)(12)	1M SOFR + 5.60% / 1.00%		9.96	%	5/1/2027		4,785,977		4,737,617			4,743,881			0.52	%
BNI Global, LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	5/1/2027		—		—			(2,366	)		0.00	%
Crete PA Holdco, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	11/26/2030		—		9,796			9,909			0.00	%
Crete PA Holdco, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 1.00%		9.52	%	11/26/2030		6,511,628		6,479,070			6,479,070			0.71	%
Crete PA Holdco, LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	11/26/2030		—		1,465			1,486			0.00	%
CSG Buyer, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	7/29/2029		—		(2,589	)		(25,421	)		0.00	%

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

Table of Contents

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

December 31, 2024


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Research & Consulting Services (continued)
CSG Buyer, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.00% / 1.00%		10.59	%	7/29/2029		5,498,684		5,434,029			5,372,214			0.58	%
CSG Buyer, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	7/29/2029		—		(4,232	)		(8,474	)		0.00	%
Ethos Risk Services, LLC Delayed Draw Term C Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.75% / 1.00%		0.75	%	5/1/2027		—		(10,381	)		(10,319	)		0.00	%
Ethos Risk Services, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 1.00%		10.11	%	5/1/2027		5,280,000		5,216,048			5,196,913			0.57	%
First Legal Buyer, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.75% / 1.00%		0.75	%	7/1/2031		—		(6,501	)		—			0.00	%
First Legal Buyer, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50	%	7/1/2030		—		(6,280	)		(816	)		0.00	%
First Legal Buyer, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.58	%	7/1/2030		5,106,019		5,070,325			5,099,045			0.55	%
Gerson Lehrman Group, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.40% / 1.00%		9.73	%	12/13/2027		4,974,490		4,897,909			4,974,490			0.54	%
Liberty Purchaser, LLC Delayed Draw Term Loan (Magna Legal Services)	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.60% / 0.75%		9.67	%	11/22/2029		1,174,413		1,174,413			1,174,413			0.13	%
Liberty Purchaser, LLC Initial Term Loan (Magna Legal Services)	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 0.75%		9.67	%	11/22/2029		4,195,115		4,195,115			4,195,115			0.46	%
ManTech International Corporation 2024 Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 0.75%		9.59	%	9/14/2029		4,203,728		4,203,555			4,161,691			0.45	%
ManTech International Corporation Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 0.75%		1.00	%	9/14/2029		—		(106,363	)		—			0.00	%
Sagebrush Buyer, LLC Revolving Credit	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.00%		0.50	%	7/1/2030		—		(10,703	)		(5,837	)		0.00	%
Sagebrush Buyer, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.36	%	7/1/2030		6,190,086		6,101,700			6,062,128			0.66	%
Smartronix, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.10% / 1.00%		10.35	%	11/23/2028		4,936,387		4,925,714			4,907,447			0.54	%
SourceHOV Tax, LLC Initial Term A Loan	(1)(2)(3)(4)(5)(7)(11)	6M SOFR + 6.01% / 1.00%		10.34	%	4/6/2028		4,911,839		4,882,178			4,655,756			0.51	%
Vensure Employer Services, Inc. Initial Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.50%		0.50	%	9/27/2027		—		(6,326	)		—			0.00	%
Vensure Employer Services, Inc. Initial Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 0.50% / 0.50%		0.50	%	9/27/2031		—		(6,980	)		—			0.00	%
Vensure Employer Services, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.00% / 0.50%		9.51	%	9/27/2027		307,433		305,713			304,431			0.03	%
Vensure Employer Services, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 0.50%		9.51	%	9/27/2027		5,175,369		5,126,671			5,124,840			0.56	%
Vensure Employer Services, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 0.50%		9.51	%	9/27/2027		4,867,936		4,821,072			4,820,409			0.53	%

									$	85,024,848		$	84,865,190			9.26	%
Restaurants
Ampler Qsr Holdings LLC 2024 Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.10% / 1.00%		10.42	%	7/21/2027	$	5,114,300	$	5,077,982		$	5,043,735			0.55	%
Soft Drinks
Refresh Buyer, LLC Delayed Term Loan (Sunny Sky Products)	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 4.25% / 0.75%		9.33%		12/23/2028	$	4,912,060	$	4,881,632		$	4,878,841			0.53	%
Specialized Consumer Services
3 Step Sports LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 7.75% / 1.00%		13.02 1.50	% / %	10/2/2029	$	148,859	$	139,078		$	128,874			0.01	%
3 Step Sports LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 8.00% / 1.00%		12.60 1.50	% / %	10/2/2029		682,933		669,886			660,396			0.07	%
Anderson Group Holdings, LLC Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 4.50% / 1.00%		9.35	%	12/25/2028		4,924,051		4,898,785			4,924,051			0.54	%
Any Hour LLC Delayed Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.00% / 0.50%		9.33	%	5/23/2030		200,551		185,141			200,551			0.02	%
Any Hour LLC Revolving Credit	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.00% / 0.50%		9.65	%	5/23/2030		498,701		484,554			482,778			0.05	%
Any Hour LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 0.50%		9.33	%	5/23/2030		7,081,299		6,980,337			6,972,768			0.76	%
Arcticom Group Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 8.00% / 1.00%		12.07 4.00	% / %	12/22/2027		46,611		46,226			46,611			0.01	%
Arcticom Group Delayed Draw Term Loan D	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 0.00%		1.00 4.00	% / %	12/22/2027		—		—			—			0.00	%
Arcticom Group Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 7.50% / 1.00%		8.07 4.00	% / %	12/22/2027		198,896		198,013			198,896			0.02	%

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

Table of Contents

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

December 31, 2024


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Specialized Consumer Services (continued)
Arcticom Group Third Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 8.07% / 1.00%		12.07	%	12/22/2027		49,858		49,013			48,973			0.01	%
KL Stockton Intermediate II, LLC PIK Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 13.00% / 0.50%		0.00 13.00	% / %	5/23/2031		1,903,892		1,869,768			1,864,605			0.20	%
Modigent, LLC Delayed Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 6.50% / 0.75%		10.83	%	8/23/2028		126,764		126,764			126,764			0.01	%
PD BridgeCo, LLC Delayed Draw Term Loan Fourth Amendment	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	2/2/2027		—		(75,470	)		(75,469	)		-0.01	%
PD BridgeCo, LLC Delayed Draw Term Loan Fourth Amendment	(1)(2)(3)(4)(5)(6)(7)(12)	3M SOFR + 1.00% / 1.00%		1.00	%	2/2/2027		8,231,152		8,106,576			8,107,685			0.89	%
VPP Intermediate Holdings, LLC Amendment No. 3 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 5.75% / 1.00%		10.20	%	12/1/2027		671,229		660,935			654,335			0.07	%
W. A. Kendall And Company, LLC Incremental Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.68% / 1.00%		10.06	%	4/22/2030		2,985,000		2,949,254			2,966,763			0.33	%
W.A. Kendall and Company, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.80% / 1.00%		10.09	%	4/22/2030		4,908,747		4,873,971			4,859,659			0.53	%

									$	32,162,831		$	32,168,240			3.51	%
Specialty Chemicals
Charkit Chemical Company, LLC Term Loan A	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.03% / 1.00%		9.36	%	12/29/2026	$	4,267,616	$	4,248,323		$	4,264,472			0.47	%
Rocket BidCo, Inc. Term Loan (Recochem)	(1)(3)(5)(7)(12)(19)	3M SOFR + 5.75% / 1.00%		10.32	%	11/1/2030		11,250,000		11,037,199			11,037,304			1.20	%

									$	15,285,522		$	15,301,776			1.67	%
Specialty Stores
Saldon Holdings, Inc. Fourth Amendment Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.10% / 1.00%		10.46	%	3/13/2026	$	598,454	$	598,454		$	598,454			0.07	%
Saldon Holdings, Inc. Initial DDTL Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00	%	3/13/2026		—		—			—			0.00	%

									$	598,454		$	598,454			0.07	%
Systems Software
ACP Falcon Buyer, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 0.50% / 1.00%		0.50	%	8/1/2029	$	—	$	(6,769	)	$	—			0.00	%
ACP Falcon Buyer, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.50% / 1.00%		10.09	%	8/1/2029		2,146,653		2,095,876			2,109,469			0.23	%
Computer Services, Inc. 2024-1 Incremental Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.00%		9.75	%	11/15/2029		515,804		507,787			515,804			0.06	%
Computer Services, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 0.50% / 1.00%		0.50	%	11/15/2029		—		—			—			0.00	%
ES Ventures LLC Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.00% / 1.00%		10.59	%	12/13/2028		1,323,931		1,309,311			1,307,735			0.14	%
ES Ventures LLC Term A Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.00% / 1.00%		10.59	%	12/13/2028		933,089		923,029			921,674			0.10	%

									$	4,829,234		$	4,854,682			0.53	%
Technology Distributors
Thames Technology Holdings, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.75% / 1.00%		10.34	%	8/31/2029	$	786,672	$	777,830		$	778,139			0.09	%
Thames Technology Holdings, Inc. First Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 1.00%		10.34	%	8/31/2029		4,987,500		4,919,865			4,885,138			0.53	%
Thames Technology Holdings, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.75% / 1.00%		10.34	%	8/31/2029		3,379,929		3,285,058			3,243,760			0.35	%
Thames Technology Holdings, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 0.50% / 1.00%		0.50	%	8/31/2029		—		—			(11,898	)		0.00	%

									$	8,982,753		$	8,895,139			0.97	%
Trading Companies & Distributors
AFC-Dell Holding Corp. Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 1.00%		10.09	%	4/9/2027	$	2,146,742	$	2,121,205		$	2,084,778			0.23	%
Apex Service Partners, LLC 2024 Replacement Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.00% / 1.00%		9.51	%	10/24/2030		494,583		489,779			489,637			0.05	%
Apex Service Partners, LLC 2024 Replacement Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 1.00%		9.51	%	10/24/2030		1,106,682		1,076,500			1,095,616			0.12	%
Apex Service Partners, LLC 2024 Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.00% / 1.00%		9.51	%	10/24/2030		2,077,997		2,057,713			2,057,217			0.22	%
Apex Service Partners, LLC 2024 Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 1.00%		9.51	%	10/24/2030		4,649,731		4,539,870			4,603,233			0.50	%
Apex Service Partners, LLC Incremental Delayed Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.00% / 1.00%		9.51	%	10/24/2030		1,058,434		1,036,013			1,058,434			0.12	%

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

Table of Contents

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

December 31, 2024


Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate			Maturity Date	Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Trading Companies & Distributors (continued)
Apex Service Partners, LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.00% / 1.00%		9.51	%	10/24/2029		111,404		109,827			109,766			0.01	%
Apex Service Partners, LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.00% / 1.00%		9.51	%	10/24/2029		205,527		201,703			202,505			0.02	%
Hultec Buyer, LLC Term Loan A	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.75% / 1.00%		10.19	%	3/31/2029		4,840,342		4,752,267			4,722,607			0.52	%
P.T. International LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 4.60% / 1.00%		9.15	%	6/30/2027		4,936,869		4,912,711			4,927,304			0.54	%
Red Fox CD Acquisition Corparation Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.00% / 1.00%		10.60	%	3/4/2030		6,947,500		6,823,933			6,860,970			0.75	%
SureWerx Purchaser III, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 0.75%		1.00	%	12/28/2029		—		—			(1,599	)		0.00	%
SureWerx Purchaser III, LLC Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 0.75%		9.58	%	12/28/2029		2,056,094		2,040,925			2,056,094			0.22	%
Trench Plate Rental Co. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.60% / 1.00%		9.93	%	12/3/2026		5,379,310		5,379,310			5,379,310			0.59	%
Trench Plate Rental Co. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.60% / 1.00%		9.94	%	12/3/2026		433,103		433,103			433,103			0.05	%

									$	35,974,859		$	36,078,975			3.94	%
Trucking
EVDR Purchaser, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 0.75%		1.00	%	2/14/2031	$	—	$	—		$	—			0.00	%
EVDR Purchaser, Inc. Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)	PRIME + 4.50% / 0.75%		12.00	%	2/14/2031		137,255		137,255			137,255			0.02	%
EVDR Purchaser, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 0.75%		9.86	%	2/14/2031		4,767,892		4,680,714			4,711,769			0.51	%

									$	4,817,969		$	4,849,024			0.53	%

Total First Lien Senior Secured									$	1,532,316,837		$	1,532,466,267			167.23	%

Second Lien Senior Secured Insurance Brokers
SageSure Holdings, LLC Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.26% / 0.00%		11.65	%	1/28/2030	$	4,472,308	$	4,427,963		$	4,472,308			0.49	%
SageSure Holdings, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 0.00%		1.00	%	1/28/2030		—		(5,105	)		(5,206	)		0.00	%

Total Second Lien Senior Secured									$	4,422,858		$	4,467,102			0.49	%

Collateralized Loan Obligations
Asset Management & Custody Banks
CIFC Funding 2024-V	(1)(2)(3)(5)(7)(8)	N/A		N/A		1/22/2038	$	—	$	4,994,226		$	4,994,226			0.54	%

Total Non-Controlled, Non-Affiliated Debt Investments									$	4,994,226		$	4,994,226			0.54	%

Non-Controlled, Non-Affiliated Private Credit Funds Limited Partnership Interests
Asset Management & Custody Banks
Castlelake Consumer Receivables Opportunity III, L.P. Fund	(1)(2)(6)(13)(14)(15)	N/A		N/A		N/A		—	$	5,461,966		$	5,646,530		$	0.61	%
Castlelake Consumer Receivables Opportunity IV, L.P.	(1)(2)(6)(13)(14)(16)	N/A		N/A		N/A		—		4,008,998			4,009,032			0.44	%
Fidelity Evergreen Private Credit Fund LP	(1)(2)(6)(13)(14)(17)	N/A		N/A		N/A		—		16,551,039			18,958,915			2.07	%

									$	26,022,003		$	28,614,477			3.12	%

Total Non-Controlled, Non-Affiliated Private Credit Funds									$	26,022,003		$	28,614,477			3.12	%

Total Investments									$	1,567,755,924		$	1,570,542,072			171.38	%

Cash and Cash Equivalents and Restricted Cash and Restricted Cash Equivalents
Morgan Stanley Institutional Liquidity Funds Treasury Portfolio—Institutional Class, 4.29% (23,291,535 shares)	(1)(2)(3)(4)(5)(7)(18)	N/A		N/A		N/A		N/A	$	23,291,535		$	23,291,535			2.54	%
Other cash accounts										7,952,593			7,952,593			0.87	%

Total Cash and Cash Equivalents and Restricted Cash and Restricted Cash Equivalents									$	31,244,128		$	31,244,128			3.41	%

Liabilities Less Other Assets												$	(685,400,906	)		(74.79	%)

Net Assets												$	916,385,294			100.00	%

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

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StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

December 31, 2024

*	For non-controlled, non-affiliated debt investments, cost represents amortized cost.

(1)

(2)	Investment is U.S. domiciled and no investment represents a 5% or more interest in any outstanding class of voting security of the portfolio company.

(3)	Income-producing debt investment and pays all cash interest.

(4)	Investment is treated as a qualifying asset under Section 55(a) of the 1940 Act.

(5)	The fair value of the investment was valued using significant unobservable inputs.

(6)

(7)

The investments bear interest at rates that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “S”) or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate (“PRIME”)). which reset monthly or quarterly. For each such investment, the Company has provided the reference rate used and provided the spread and the current contractual interest rate in effect at December 31, 2024. The interest rate disclosed is based on the reference rate as of the last reset date which may differ from the reference rate as of December 31, 2024. As of December 31, 2024, effective rates for 1 Month (“M”) S, 3M S, 6M S and PRIME are 4.528%, 4.692%, 5.028% and 7.500%, respectively. For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of December 31, 2024. Certain investments are subject to a floor and have been provided.

(8)	Position is an unfunded delayed draw term loan with no rate setting.

(9)	Investment is domiciled in Jersey and not treated as a qualifying asset under Section 55(a) of the 1940 Act.

(10)	Designates that the investment is collateral for MassMutual SPV I Credit Facility.

(11)	Designates that the investment is collateral for BMO SPV II Credit Facility.

(12)	Designates that the investment is collateral for Wells Fargo SPV III Credit Facility.

(13)	Investment does not allow redemptions or withdrawals except at the discretion of its general partner, manager or advisor and the final distribution date is not known at this time.

(14)

Private credit funds are generally issued in private placement transactions and as such are generally restricted to resale. There are no circumstances that could cause a lapse in the restriction to resale. Each investment may have been purchased on various dates and for different amounts. Total fair value of restricted private credit funds as of December 31, 2024 was $28,614,477 or 3.12% of net assets.

(15)	Investment was acquired on June 26, 2024.

(16)	Investment was acquired on November 15, 2024.

(17)	Investment was acquired on May 22, 2024.

(18)	The rate reported is the 7-day effective yield at the period end.

(19)	Investment is domiciled in Canada and not treated as a qualifying asset under Section 55(a) of the 1940 Act.

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

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StepStone Private Credit Fund LLC

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2025

1. Organization

StepStone Private Credit Fund LLC (collectively with its consolidated subsidiaries, the “Company”) is a Delaware limited liability company which was formed on September 26, 2022 and operates as an externally managed, non-diversified closed-end management 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 U.S. federal income tax purposes, the Company elected to be treated as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and expects to maintain its qualification as a RIC annually thereafter. The liability of each member of the Company is limited to the value of capital contributed of such member in accordance with the provisions of the Company’s Limited Liability Company Agreement.

The Company seeks to achieve attractive risk-adjusted returns mainly by investing in various credit-related strategies. StepStone Group Private Debt LLC (the “Advisor”) serves as the Company’s external investment advisor pursuant to an investment advisory agreement with the Company (the “Advisory Agreement”). The Advisor is an investment advisor registered with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Advisor also serves as the Company’s administrator pursuant to an amended and restated administration agreement (the “Administration Agreement”). SEI Investments Global Funds Services (the “Sub-Administrator”) provides certain outsourced administration and outsourced accounting services for the Company.

The Advisor has engaged StepStone Group Europe Alternative Investments Limited (“SGEAIL” or the “Sub-Advisor” and, together with the Advisor, the “Advisor”) to act as the Company’s sub-advisor pursuant to a sub-advisory agreement by and among the Advisor, SGEAIL, and the Company (the “Sub-Advisory Agreement”), to provide certain ongoing, non-discretionary investment advice and services to the Advisor in regard to the Advisor’s management of the Company.

The Company is conducting a continuous private offering (the “Private Offering”) of up to $10,000,000,000 of its limited liability company interests (“Shares”) in reliance on the exemption provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Regulation D promulgated thereunder, and pursuant to Regulation S under the Securities Act. In connection with the Private Offering, the Company has entered into, and expects to continue to enter into, subscription agreements with investors (each, a “Subscription Agreement”).

The organizational meeting of the Board of Directors (the “Board”) of the Company was held on January 11, 2023. On January 4, 2023, the Advisor contributed $10,000 of capital to the Company in exchange for 400 shares of the Company’s Shares. There were no operations prior to April 3, 2023 (commencement of operations).

2. Significant Accounting Policies

Basis of Accounting

The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The Company is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946,

Financial Services – Investment Companies

. These consolidated financial statements reflect adjustments that in the opinion of management are necessary for the fair statement of the financial position and results of operations for the period presented herein. The functional and reporting currency for the Company is the U.S. dollar.

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. The current period’s results of operations are not necessarily indicative of results that ultimately may be achieved for the full fiscal year.

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that may affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Basis of Consolidation

As provided under ASC Topic 946 and Regulation S-X, the Company will generally not consolidate its investment in a company other than a wholly-owned or substantially wholly-owned investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company has consolidated the results of the Company’s direct and

Table of Contents

indirect wholly-owned subsidiaries, SPV Facility I LLC (“SPV Facility I”), StepStone Great Lakes SPV Facility II LLC (“SPV Facility II”), Stepstone SPV Facility III LLC (“SPV Facility III”), StepStone SPV Facility IV Intermediate Holdco LLC (“SPV Facility IV Intermediate Holdco”), Stepstone SPV Facility IV LLC (“SPV Facility IV”), StepStone CLO 2024-I LLC (“2024-I Issuer”) and StepStone CLO 2025-I LLC (“2025-I Issuer”) all of which are bankruptcy remote special purpose vehicles (“SPVs”) organized as Delaware limited liability companies. SPV Facility I, SPV Facility II, SPV Facility III, SPV Facility IV Intermediate Holdco, SPV Facility IV, 2024-I Issuer and 2025-I Issuer were established to be utilized in connection with existing or future secured revolving credit facilities or other secured financing arrangements whereby creditors have a claim on the relevant SPV’s assets prior to those assets becoming available to the Company. The effects of all intercompany transactions between the Company and its wholly-owned subsidiaries have been eliminated in consolidation.

Fair Value of Investments

The Company applies fair value to its investments in securities of unaffiliated issuers in accordance with ASC Topic 820 -

Fair Value Measurement

(“ASC Topic 820”). In accordance with ASC Topic 820, fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date.

Fair Value Hierarchy

ASC Topic 820 establishes a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability as of the

repor

ting date.

Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three levels of valuation inputs under ASC Topic 820 are as follows:

•

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities as of the measurement date.

•

Level 2 – Other significant observable inputs (including quoted prices for similar assets or liabilities, interest rates, prepayment speeds, credit risk, etc.).

•

Level 3 – Significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments at the reporting date).

In accordance with ASC Topic 820, investments in private investment companies measured using net asset value (“NAV”) as a practical expedient are not categorized within the fair value hierarchy.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of observable input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.

The fair values of loan investments based upon pricing data vendors or observable market price quotations are generally categorized as Level 2 but may be categorized as Level 3 when significant unobservable inputs are also used in measuring fair value. Loan investments priced primarily using internal models with significant unobservable inputs are categorized as Level 3.

Direct Loans

The Company’s direct loans primarily include secured debt (including first lien senior secured and second lien senior secured), but may also include unsecured debt (including senior unsecured and subordinated debt) and mezzanine loans, as well as broadly syndicated loans and club deals (generally investments made by a small group of investment firms). First lien senior secured debt has first claim to any underlying collateral of a loan, second lien senior secured debt is secured but subordinated in payment and/or lower in lien priority to first lien holders, and unitranche loans are secured loans that combine both senior and subordinated debt into one tranche of debt, generally in a first lien position. In connection with a direct loan, the Company may receive non-cash income features, including payment-in-kind (“PIK”) interest and OID.

Collateralized Loan Obligations (“CLOs”)

The Company may invest in CLOs. CLOs are created by the grouping of certain private loans and other lender assets/collateral into pools. A sponsoring organization establishes a special purpose vehicle to hold the assets/collateral and issue securities. Interests in these pools are sold as individual securities. Payments of principal and interest are passed through to investors and are typically supported by

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some form of credit enhancement, such as a letter of credit, surety bond, limited guaranty or senior/subordination. Payments from the asset pools may be divided into several different tranches of debt securities, offering investors various maturity and credit risk characteristics. Some tranches are entitled to receive regular installments of principal and interest, other tranches are entitled to receive regular installments of interest, with principal payable at maturity or upon specified call dates, and other tranches only are entitled to receive payments of principal and accrued interest at maturity or upon specified call dates. Different tranches of securities will bear different interest rates, which may be fixed or floating.

CLOs are typically privately offered and sold, and thus, are not registered under the securities laws, which means less information about the security may be available as compared to publicly offered securities and only certain institutions may buy and sell them. As a result, investments in CLOs may be characterized by the Company as illiquid securities. An active dealer market may exist for CLOs that can be resold in Rule 144A transactions, but there can be no assurance that such a market will exist or will be active enough for the Company to sell such securities.

CLO Warehouses

A CLO Warehouse is an entity organized for the purpose of holding syndicated bank loans, also known as leveraged loans, prior to the issuance of securities from that same vehicle. During the warehouse period, a CLO Warehouse will secure investments and build a portfolio of primarily leveraged loans and other debt obligations. The warehouse period terminates when the collateralized loan obligation vehicle issues various tranches of securities to the market. At this time, financing through the issuance of debt and equity securities is used to repay the bank financing.

The fair value of a CLO Warehouse is determined by adding the excess spread (accrued interest plus interest received less financing cost) to the CLO Warehouse equity contribution made by the Company, discounted to present value, unless the Advisor determines that the securitization will not be achieved, in which case, the fair value of a CLO Warehouse will be established based on the fair value of the underlying bank loan positions which are valued in a manner consistent with the Advisor’s valuation policy and procedures. CLO warehouses can be exposed to credit events, mark to market changes, rating agency downgrades and financing cost changes. Changes in the fair value of a CLO Warehouse are reported in net change in unrealized appreciation (depreciation) from investments in securities of unaffiliated issuers in the consolidated statements of operations.

Private Credit Funds

Private credit funds are investment funds that primarily invest in or acquire non-marketable private credit investments. Investments in private credit funds are reported in the consolidated statements of assets and liabilities generally equal to the Company’s proportionate share of the net assets of the private credit funds, as represented by its reported capital account balance provided by the general partner or investment manager of the private credit funds.

Private credit funds normally do not have readily available market prices and therefore will be fair valued according to the Valuation Procedures at each determination date. Ordinarily, the fair value of the Company’s investment in a private credit fund is based on the NAV of the investment reported by its investment manager (“Investment Manager”). If the Advisor determines that the most recent NAV reported by the Investment Manager does not represent fair value or if the Investment Manager fails to report a NAV to the Company, a fair value determination is made by the Advisor in accordance with the Valuation Procedures. In making that determination, the Advisor will consider whether it is appropriate, in light of all relevant circumstances, to value such investment at the NAV last reported by its Investment Manager, or whether to adjust such NAV to reflect a premium or discount (adjusted NAV). The NAVs or adjusted NAVs are net of management fees and performance/incentive fees (carried interest) payable by the private credit fund investees pursuant to their respective organizational documents. The value assigned to the investments in private credit funds is based on available information and does not necessarily represent amounts that might be realized, since such amounts depend on future circumstances and cannot reasonably be determined until the underlying investments are actually liquidated. In determining whether valuation adjustments are appropriate, factors assessed include but are not limited to, reviewing the private credit funds’ compliance with U.S. GAAP and valuation procedures in place, current performance and market conditions. The Advisor will consider such information and consider whether it is appropriate, in light of all relevant circumstances, to value the private credit funds at their capital account balance as reported, or adjust such value.

Cost represents capital contributions made by the Company, less return of capital proceeds received from such private credit funds. As of March 31, 2025 and December 31, 2024, the Company had remaining unfunded commitments of $11,323,776 and $14,052,188, respectively, to private credit funds.

The Advisor has, as a practical expedient, estimated fair value of the private credit funds within its scope using the NAV (or its equivalent) as of the reporting measurement date, as further discussed under “Fair Value Measurement.” The Advisor’s estimates of fair value may differ from the fair value that would have been used had a ready market price existed for the investments, and such differences could be material.

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Valuation Process and Oversight

Investments are valued at fair value as determined in good faith by the Advisor, subject to the oversight of the Board, based on input from management and independent valuation firms that have been engaged to assist in the valuation of portfolio investments without readily available market quotations. This valuation process is conducted no less frequently than quarterly, at the end of each fiscal quarter.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act and ASC Topic 820. Pursuant to Rule 2a-5, the Board has designated the Advisor as the valuation designee for the Company to perform the fair value determinations relating to the value of the Company’s investments. The Advisor may carry out its designated responsibilities as valuation designee through various teams and committees. The Advisor’s valuation policies and procedures govern the Advisor’s selection and application of methodologies for determining and calculating the fair value of Company investments. The Board has approved the Advisor’s valuation procedures for the Company (the “Valuation Procedures”). The Board has ultimate oversight responsibility for pricing the securities held in the Company’s portfolio. Under the Valuation Procedures, the Advisor may value Company portfolio securities for which market quotations are not readily available and other Company assets utilizing inputs from pricing sources, quotation reporting systems, valuation agents and other third-party sources.

Valuation Procedures

For securities or investments that are quoted, traded or exchanged in an accessible, active market, the value of the asset is determined by multiplying the number of securities held by the quoted market price as of the measurement (or reporting) date. There is no liquidity or restriction discount regardless of ownership structure or the ability to control the sale of the asset. These securities are categorized as Level 1 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter (absent unusual circumstances) assuming a constant accretion or amortization to maturity, regardless of the impact of fluctuations in general market rates of interest on the value of the instrument.

If a quoted market price is not available or not deemed to be indicative of fair value, the Advisor may elect to obtain broker quotes directly from a broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced broker quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker quotes are typically received from established market participants. Although independently received, the Advisor does not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the broker quote would have direct and proportional changes in the fair value of the security.

If the quotations obtained from pricing vendors or brokers are determined to not be reliable or are not readily available, the Company may value such investments using a variety of valuation techniques. For debt investments, the Advisor generally uses a market interest rate yield analysis to determine fair value. To determine fair value using a yield analysis, the expected cash flows are projected based on the contractual terms of the debt security and discounted back to the measurement date based on a market yield. A market yield is determined based upon an assessment of current and expected market yields for similar investments and risk profiles. The Company considers the current contractual interest rate, the expected life and other terms of the investment relative to risk of the company and the specific investment. These securities are categorized as Level 3 of the fair value hierarchy.

In determining the estimated fair value of performing private credit/debt or debt-like securities for which there is no actively traded market, the estimate of fair value will consider such factors as the current market environment relative to that of the investment held, the tenor of maturity date of the investment, the operating performance of the issuer, the concern for maintaining any covenant levels embedded in the instrument, the ability of the issuer to call the security (and the associated redemption price), market interest rate spreads, and the general overall credit quality of the security over the life of the investment.

Each private credit investment is assigned an internal credit rating. The ratings are based on available fundamental information and used in conjunction with market inputs to create an estimate of fair value. The ratings are updated when updated fundamental information is available. For private credit investments with higher ratings, no additional steps are taken, but assets with lower internal credit ratings are considered for additional or alternative procedures for obtaining a fair value, which will include, but are not limited to, a review of additional market inputs and performance and other relevant information on comparable assets.

Defaulted private debt/credit positions are valued using several methods including the following: discounting the expected cash flows

of the investment; valuing the net assets of the company; reviewing comparable precedent transactions involving similar companies; and using a performance multiple or market-based approach.

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For defaulted private debt/credit positions, discounted cash flow valuation uses an internal analysis based on the Advisor’s expectation of future income and expenses, capital structure, exit multiples of a security, and other unobservable inputs which may include contractual and loan factors, estimated future payments and credit rating.

Generally, an increase in market yields or discount rates or a decrease in EBITDA may result in a decrease in the fair value of certain of the Company’s investments.

Due to the inherent uncertainty of valuations, however, estimated fair values may differ from the values that would have been used had a readily available market for the securities existed and the differences could be material.

CLOs are not traded on a national securities exchange and instead are valued utilizing a market approach. The market approach is a method of determining the valuation of a security based on the selling price of similar securities. The types of factors that may be taken into account in pricing CLOs include: the yield of similar CLOs where pricing is available in the market; the riskiness of the underlying pool of loans; the features of the CLO, including the weighted average life, liability pricing, management fees, covenant cushions, the weighted average spread of underlying loans and net asset value.

Secured Borrowings

Securities sold and simultaneously repurchased at a premium are reported as financing transactions in accordance with FASB ASC Topic 860, Transfers and Servicing (“ASC 860”). Amounts payable to the counterparty are due on the repurchase settlement date and, excluding accrued interest, such amounts are presented in the accompanying consolidated statements of assets and liabilities as secured borrowings. Premiums payable are separately reported as accrued interest. There were no secured borrowings as of March 31, 2025 and December 31, 2024.

Securities Transactions and Revenue Recognition

Loans transactions are recorded as of the trade date for financial reporting purposes. Realized gains and losses from loans sold are recorded on the identified cost basis. Dividend income, if any, is recorded on the ex-dividend date.

Purchases of investments in private credit funds are recorded as of the first day of legal ownership of an investment and redemptions from investments are recorded as of the last day of legal ownership. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income, if any, is recorded on the record date.

Interest income is recognized on an accrual basis. Interest income on debt instruments is accrued and recognized for those issuers who are currently paying in full or are expected to pay in full. For those issuers who are in default or are expected to default, interest is not accrued and is only recognized when received unless the cash received is applied to principal based upon management’s judgment. Loan origination fees, original issue discounts and market discounts or premiums are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income using the effective interest method.

Loans are generally placed on non-accrual status when a payment default occurs or if management otherwise believes that the issuer of the loan will not be able to make contractual interest payments or principal payments. The Company will cease recognizing interest income on that loan until all principal and interest is current through payment or until a restructuring occurs, such that the interest income is deemed to be collectible. However, the Company remains contractually entitled to this interest. The Company may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. Accrued interest is written-off by reversing interest income in the period when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. None of the Company’s investments in the consolidated financial statements as of March 31, 2025 and December 31, 2024 have defaulted or are on non-accrual status.

The Company may earn various fees during the life of the loans. Such fees include, but are not limited to, administration and amendment fees, some of which are paid to the Company on an ongoing basis. These fees, if any, are recognized as earned as a component of “fee income” on the consolidated statements of operations. No such fee income was recorded for three months ended March 31, 2025 and 2024.

Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees, unamortized syndication fees, unamortized commitment fees and unamortized discounts are recorded as interest income. The Company had prepayments that resulted in $173,539 and $320,354, in the foregoing fees for the three months ended March 31, 2025 and 2024, respectively.

The Company may have investments that contain PIK provisions. PIK income, computed at the contractual rate specified in the Company’s respective investment agreement, is added to the principal balance of the investment and collected upon repayment of the outstanding principal, and recorded as interest income on the consolidated statements of operations. The Company prospectively ceases recognition of PIK income and the associated principal balance if such amounts and balances are deemed to be doubtful of collection. For investments with PIK income, the Company calculates interest income accruals based on the principal balance including any PIK.

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When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is reversed through interest income. To maintain the Company’s status as a RIC, this non-cash source of income must be paid out to shareholders in the form of dividends, if still considered taxable income, even though the Company has not yet collected cash.

For the Company’s secured borrowings, the interest earned on the entire loan balance is recorded within interest income and the interest earned by the counterparty is recorded within interest expense in the consolidated statements of operations.

Interest income from investments in the “equity” class of CLO funds will be recorded based upon an estimate of an effective yield to expected maturity utilizing expected cash flows in accordance with FASB ASC 325-40, Beneficial Interests in Securitized Financial Assets. Effective yields for the CLO equity positions are updated generally once a quarter or in connection with a transaction such as an add-on purchase, refinancing or reset. The estimated yield and investment cost may ultimately not be realized.

Distributions received from private credit funds occur at irregular intervals and the exact timing of the distributions cannot be determined. The classification of distributions received in cash or in-kind, including return of capital, realized gains, interest income and dividend income, is based on information received from the Investment Manager of the private credit fund. Distributions received from investment funds occur at irregular intervals and the exact timing of the distributions is not known. The classification and timing of distributions received in cash or in-kind, including return of capital, realized gains, interest income and dividend income, is based on information received from the Investment Manager of the investment fund.

Debt Issuance Costs

Debt issuance costs consist of fees and expenses paid in connection with the closing of and amendments to the Company’s borrowings. The aforementioned costs are amortized over each instrument’s term. Unamortized debt issuance costs related to any notes are presented net against the outstanding lines of credit balance and debt securitization balance, if any, on the consolidated statements of assets and liabilities.

Organizational Costs

Organizational costs are expensed as incurred and are subject to the Amended Expense Limitation Agreement, discussed below. The Company had no obligation to reimburse or pay the Advisor for any payments of organizational costs made by the Advisor until the Company had received at least $100 million in gross proceeds from the issuance and sale of Shares, excluding Shares purchased by the Advisor and by the Company’s directors and officers. Following such time, such organizational cost payments shall be subject to recoupment by the Advisor to the extent that such recoupment would not cause the Company to exceed the expense cap as outlined in the Amended Expense Limitation Agreement. During 2023, the Company received over $100 million in gross proceeds from the issuance and sale of Shares. Any Expense Payments (as defined below) will be subject to recoupment by the Advisor in accordance with the below-described limitations and provisions to the extent that such recoupment would not cause the Company to exceed the Expense Cap (as defined below).

Expense Limitation and Reimbursement Agreement

Refer to Note 3 in these consolidated financial statements for information regarding the Amended Expense Limitation Agreement. The Company will accrue for recoupment payments to the Advisor subject to terms of the Amended Expense Limitation Agreement when such recoupment is determined to be probable and reasonably estimable.

Cash and Cash Equivalents, including Restricted Cash and Restricted Cash Equivalents

Cash and cash equivalents consist of highly liquid investments. Cash equivalents are categorized as Level 1 of the fair value hierarchy. Custodian balances are insured up to $250,000 by the Federal Deposit Insurance Corporation.

Restricted cash and restricted cash equivalents include amounts that are collected and are held in connection with assets securing certain of the Company’s financing transactions. Restricted cash and restricted cash equivalents are restricted for payment of interest expense and principal on the outstanding borrowings or reinvestment into new assets.

Income Taxes

The Company elected to be treated as a RIC under the Code and intends each year to qualify and be eligible to be treated as such, so that it generally will not be subject to U.S. federal income tax on its net investment income or net short-term or long-term capital gains, that are distributed (or deemed distributed, as described below) to shareholders. In order to qualify and be eligible for such treatment, the Company must meet certain asset diversification tests, derive at least 90% of its gross income for such year from certain types of qualifying income, and distribute to its shareholders at least 90% of its “investment company taxable income” as that term is defined in the Code (which includes, among other things, dividends, taxable interest and the excess of any net short-term capital gains over net long-term capital losses, as reduced by certain deductible expenses).

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In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. For the three months ended March 31, 2025 and 2024, the Company did not incur any excise tax.

The Company’s investment strategy will potentially be limited by its intention to continue qualifying for treatment as a RIC and can limit the Company’s ability to continue qualifying as such. An adverse determination or future guidance by the IRS or a change in law might affect the Company’s ability to qualify or be eligible for such treatment.

If, in any year, the Company were to fail to qualify for treatment as a RIC under the Code and were ineligible to or did not otherwise cure such failure, the Company would be subject to U.S. federal corporate tax on its taxable income at corporate rates and, when such income is distributed, shareholders would be subject to further tax on such distributions to the extent of the Company’s current or accumulated earnings and profits.

The Company accounts for income taxes in conformity with ASC Topic 740 -

Income Taxes

(“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in consolidated financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions deemed to meet the more-likely-than-not threshold that would result in a tax benefit or expense to the Company would be recorded as a tax benefit or expense in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized tax benefits or unrecognized tax liabilities related to uncertain income tax positions through March 31, 2025 and December 31, 2024. During the three months ended March 31, 2025 and 2024, the Company did not incur any interest or penalties.

The Company’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three fiscal years after they are filed. Tax year 2023 is open to examination.

Distributions

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of income and capital gains may be different for U.S. federal income tax compared to U.S. GAAP. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Company’s consolidated financial statements presented under U.S. GAAP.

Distributions to shareholders are recorded on the record date. The amount to be paid out as a dividend is determined by the Board each quarter and is generally based upon the earnings estimated by management and considers the level of undistributed taxable income carried forward from the prior year for distribution in the current year. Net realized capital gains, if any, are generally distributed, although the Company may decide to retain such capital gains for investment.

The Company has adopted an “opt out” distribution reinvestment plan (“DRIP”). As a result, unless shareholders elect to “opt out” of the DRIP, shareholders will have their dividends or distributions automatically reinvested in additional Shares, rather than receiving cash. Shareholders who receive distributions in the form of Shares will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, those shareholders will not receive cash with which to pay any applicable taxes.

Segment Reporting

An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Investment Committee of the Company’s Advisor acts as the Company’s CODM. The Company represents a single operating segment, as the CODM monitors the operating results of the Company as a whole. The Company’s long-term strategic asset allocation is pre-determined in accordance with the terms of its private offering memorandum, based on a defined investment strategy which is executed by the Company’s Advisor. The financial information in the form of the Company’s portfolio composition, total returns, expense ratios, changes in net assets resulting from operations, subscriptions and redemptions, that is used by the CODM

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to assess the Company’s performance versus comparative benchmarks and to make resource allocation decisions for the Company’s single segment, is consistent with that presented within the Company’s consolidated financial statements. Segment assets are reflected on the accompanying consolidated statements of assets and liabilities as “total assets” and significant segment expenses are listed on the accompanying consolidated statements of operations.

New Accounting Pronouncement

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The primary purpose of the amendments within ASU 2023-09 is t

o enha

nce the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by federal, state, foreign, and individual jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted. The Company does not expect this guidance to materially impact its consolidated financial statements.

3. Related Party Transactions

Advisory Agreement

Pursuant to the terms of the Advisory Agreement, the Advisor manages the Company’s day-to-day operations and provides the Company with investment advisory and management services. The Advisor is a wholly-owned subsidiary of StepStone Group Private Debt AG (f/k/a Swiss Capital Alternative Investments AG), which is a member of the StepStone Group LP (“StepStone Group”). StepStone Group makes certain personnel and resources available to the Advisor pursuant to the terms of a resource sharing agreement (the “Resource Sharing Agreement”).

Under the Advisory Agreement, the Company will pay the Advisor fees for investment management services consisting of a base management fee (the “Base Management Fee”) and an incentive fee (the “Incentive Fee”).

Any of the fees payable to the Advisor under the Advisory Agreement for any partial month or calendar quarter are appropriately prorated. The Advisor may agree to temporarily defer or permanently waive, in whole or in part, the Base Management Fee and/or the Incentive Fee. Any portion of a deferred fee payable to the Advisor and not paid over to the Advisor with respect to any month, calendar quarter or year shall be deferred without interest and may be paid over in any such other month prior to the termination of Advisory Agreement, as the Advisor may determine upon written notice to the Company.

The Base Management Fee is payable monthly in arrears at an annual rate of 1.00% of the value of the Company’s net assets as of the beginning of the first calendar day of the applicable month, commencing with the first calendar day of the first full calendar month following the date of the Company’s election to be treated as a BDC under the 1940 Act. For purposes of the Advisory Agreement, the value of the Company’s “net assets” means the Company’s total assets less liabilities determined on a consolidated basis in accordance with U.S. GAAP. All or any part of the Base Management Fee not taken as to any month is deferred without interest and may be taken in such other month as the Advisor determines.

For the three months ended March 31, 2025 and 2024, the Company incurred a Base Management Fee of $2,528,232 and $983,189, respectively.

The Incentive Fee consists of two components: an income-based incentive fee and a capital gains-based incentive fee, that are independent of each other, with the result that one component may be payable even if the other is not.

The first part of the Incentive Fee, referred to as the “Income Incentive Fee,” is calculated and payable quarterly in arrears based on the Company’s “Pre-Incentive Fee Net Investment Income” for the immediately preceding quarter. The payment of the Income Incentive Fee is subject to a quarterly hurdle rate, expressed as a rate of return on the value of the Company’s net assets at the end of the most recently completed calendar quarter, of 1.25% (5.0% annualized) (the “Hurdle Rate”), subject to a “catch up” feature (as described below).

For this purpose, “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance) such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company (or its wholly-owned subsidiaries) receives from portfolio companies) accrued during the calendar quarter, minus the Company’s and its subsidiaries’ operating expenses for the quarter (including the Base Management Fee, expenses and fees paid to the Advisor under the Administration Agreement and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Incentive Fee and any shareholder servicing and/or distribution fees), net of

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any expense waivers or expense payments by the Advisor. Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount debt instruments with payment-in-kind interest and zero-coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

The calculation of the Income Incentive Fee for each quarter is as follows:

•

No Income Incentive Fee will be payable to the Advisor in any calendar quarter in which the Company’s Pre-Incentive Fee Net Investment Income does not exceed the Hurdle Rate;

•

100% of the dollar amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds the Hurdle Rate but is less than or equal to 1.3514% in any calendar quarter (5.4056% annualized) will be payable to the Advisor. This portion of the Company’s Income Incentive Fee that exceeds the Hurdle Rate but is less than or equal to 1.3514% is referred to as the “catch up” and is intended to provide the Advisor with an Incentive Fee of 7.5% on all of the Company’s Pre-Incentive Fee Net Investment Income when the Company’s Pre-Incentive Fee Net Investment Income reaches 1.3514% (5.4056% annualized) on net assets in any calendar quarter; and

•

7.5% of the dollar amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds 1.3514% (5.4056% annualized) on net assets in any calendar quarter will be payable to the Advisor once the Hurdle Rate and catch-up have been achieved (7.5% of the Company’s Pre-Incentive Fee Net Investment Income thereafter will be allocated to the Advisor).

For the three months ended March 31, 2025 and 2024, the Company incurred Income Incentive Fee of $2,147,772 and $837,526, respectively.

The second part of the Incentive Fee, referred to as the “Capital Gains-Based Incentive Fee,” is an incentive fee on capital gains and is determined and payable in arrears as of the end of each calendar year (or upon termination of the Advisory Agreement). This fee equals 7.5% of the Company’s incentive fee capital gains, which will equal the Company’s realized capital gains on a cumulative basis from the effective date of the Advisory Agreement, calculated as of the end of the applicable period, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from effective date of the Advisory Agreement, less the aggregate amount of any previously paid Capital Gains-Based Incentive Fee.

The Capital Gains-Based Incentive Fee is subject to calculation under the Advisory Agreement and under U.S. GAAP (i.e., assuming hypothetical liquidation). The U.S. GAAP calculation is computed based on realized gains and unrealized gains, net of realized and unrealized losses.

Each year, the fee paid for the Capital Gains-Based Incentive Fee is net of the aggregate amount of any previously paid Capital Gains-Based Incentive Fee for all prior periods. The Company accrues, but does not pay, a Capital Gains-Based Incentive Fee with respect to unrealized appreciation because a Capital Gains-Based Incentive Fee would be owed to the Advisor if the Company were to sell the relevant investment and realize a capital gain.

For the three months ended March 31, 2025 and 2024, the Company accrued a Capital Gains-Based Incentive Fee of $9,259 and $35,198, respectively, under U.S. GAAP.

Administration Agreement

0.30%

on an annualized basis of the Company’s net assets. Effective March 25, 2025, the Administration Fee has been reduced to 0.20% of the Company’s net assets on an annualized basis. The Administration Fee is calculated based on the Company’s month-end net NAV (as of the close of business on the last calendar day of the applicable month) and is payable monthly in arrears. The Administration Fee is an expense paid out of the Company’s net assets. The Advisor may delegate or sub-contract certain of its services under the Administration Agreement to other entities, including a sub-administrator, and has done so as described below.

For the three months ended March 31, 2025 and 2024, the Company incurred an Administration Fee of $748,566 and $296,454, respectively.

Expense Limitation and Reimbursement Agreement

The Company entered into an Expense Limitation and Reimbursement Agreement (the “Expense Limitation Agreement”) with the Advisor for an initial one-year term beginning on the initial closing date for subscriptions, April 3, 2023, for Shares and ending on the one-year anniversary thereof (the “Limitation Period”) subject to annual renewal by the mutual agreement of the Advisor and the Company. On November 8, 2023, the Company and the Advisor amended and restated the Expense Limitation Agreement (the “Amended Expense Limitation Agreement”). Under the Amended Expense Limitation Agreement, which is in effect for the same Limitation Period, unless extended by the Company and the Advisor pursuant to its terms, the Advisor agrees that it will pay, absorb or reimburse the Company’s aggregate monthly Other Operating Expenses (as defined below) on the Company’s behalf (which, for the

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avoidance of doubt, may include any Other Operating Expenses incurred prior to the effective date of the Advisory Agreement) (each such payment, absorption or reimbursement, a “Required Expense Payment”), such that the aggregate monthly Other Operating Expenses borne by the Company during the Limitation Period shall not exceed 1.00%, on an annualized basis, of the Company’s month-end net assets (the “Expense Cap”). For any month in which the Company’s aggregate monthly Other Operating Expenses exceed the Expense Cap, the Advisor shall make a Required Expense Payment to the extent necessary to eliminate such excess. The Advisor may also directly pay expenses on behalf of the Company and waive reimbursement under the Amended Expense Limitation Agreement. “Other Operating Expenses” shall include all of the Company’s operating expenses, including O&O Expenses, but shall exclude Specified Expenses (as defined below). “O&O Expenses” shall include all of the fees, costs, charges, expenses, liabilities and obligations incurred in relation to or in connection with the establishment of the Company, the marketing and offering of the Shares (including, among other things, legal, accounting, subscription processing and filing fees and expenses and other expenses pertaining to this offering), and the establishment, organization and creation of the operational structure of the Company and its special purpose vehicle subsidiaries, including travel, lodging, meals, entertainment, legal, accounting, regulatory compliance, fees of professional advisors, printing, postage, regulatory and tax filing fees, and other costs of establishment.

Voluntary Expense Support

. At such times as the Advisor determines, the Advisor may also elect to pay or reimburse certain additional fees and expenses of the Company on the Company’s behalf, including all or any portion of a Specified Expense (each such payment or reimbursement, a “Voluntary Expense Payment” and, together with a Required Expense Payment, the “Expense Payments”); provided that no portion of a Voluntary Expense Payment will be used to pay any interest expense or shareholder servicing and/or distribution fees of the Company. In making a Voluntary Expense Payment, the Advisor designates, as it deems necessary or advisable, what type of expense it is paying.

Company Obligation

. The Company had no obligation to reimburse or pay the Advisor for any Expense Payment until the Company received at least $100 million in gross proceeds from the sale of Shares in the agreement (the “Offering Proceeds Threshold”), following which time, such Expense Payments were subject to recoupment by the Advisor in accordance with Excess Expenses below to the extent that such recoupment would not cause the Company to exceed the Expense Cap. Calculation of the Offering Proceeds Threshold excludes gross proceeds from Shares in the agreement purchased by the Advisor and by the Company’s directors and officers.

Specified Expenses

. The Expense Cap applies only to the Company’s aggregate monthly Other Operating Expenses, which excludes Specified Expenses. “Specified Expenses” include: (i) the base management fee under the Advisory Agreement; (ii) all fees and expenses charged by the non-affiliated investment managers of the Underlying Funds and other investments in which the Company invests (including management fees, performance or incentive fees and redemption or withdrawal fees, however titled or structured); (iii) the incentive fee under the Advisory Agreement; (iv) transactional costs and expenses associated with the acquisition and disposition of the Company’s investments (whether or not consummated), including due diligence costs, legal costs and brokerage commissions, and sourcing and servicing or related fees incurred by the Company in connection with the servicing by non-affiliated third parties of, and other related administrative services provided by non-affiliated third parties with respect to, the Company’s investments; (v) interest payments incurred on borrowings by the Company or its subsidiaries; (vi) fees and expenses incurred in connection with any credit facility obtained by the Company or any of its subsidiaries, including any expenses for acquiring ratings related to the credit facilities; (vii) distribution and shareholder servicing fees, as applicable; (viii) taxes; and (ix) extraordinary expenses resulting from events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence, including, without limitation, costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or similar proceeding, indemnification expenses, and expenses in connection with holding and/or soliciting proxies for all annual and other meetings of the Company’s shareholders.

Term

. The Amended Expense Limitation Agreement will remain in effect throughout the Limitation Period (including any extensions thereof), unless terminated by the Company’s Board of Directors upon thirty (30) days written notice to the Advisor.

The Amended Expense Limitation Agreement may be renewed by the mutual agreement of the Advisor and the Company for successive terms of one year. Unless so renewed, it will terminate automatically at the end of the Limitation Period. The Amended Expense Limitation Agreement will also terminate automatically upon the termination of the Advisory Agreement, unless a new investment advisory agreement with the Advisor (or with an affiliate under common control with the Advisor) becomes effective upon such termination. The Limitation Period under the Amended Expense Limitation Agreement was most recently extended on March 25, 2025 for an additional one-year term, ending on April 3, 2026.

Excess Expenses

. If the Other Operating Expenses for any month exceed the Expense Cap, the Advisor will waive the Base Management Fee, Incentive Fee and/or reimburse the Company for expenses to the extent necessary to eliminate such excess. Under the Amended Expense Limitation Agreement, the Company has agreed to carry forward the amount of any Expense Payment made by the Advisor (“Excess Expenses”) for a period not to exceed three years from the end of the month in which such fees and expenses were waived, reimbursed or paid by the Advisor, and to reimburse the Advisor in the amount of such Excess Expenses (other than Excess Expenses attributable to Specified Expenses) as promptly as possible, on a monthly basis, even if such reimbursement occurs after the termination of the Limitation Period, provided that the Other Operating Expenses have fallen to a level below the Expense Cap and such reimbursement amount does not raise the level of waived fees, reimbursed expenses or directly paid expenses in the month the reimbursement is being made to a level that exceeds the Expense Cap applicable at that time. Subject to the limitations set forth in the

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Amended Expense Limitation Agreement, the Company shall be obligated to reimburse or pay the Advisor for all or any portion of the Excess Expenses attributable to Specified Expenses upon receiving a written request from the Advisor for recoupment (which request may be for all or any portion of such Excess Expenses attributable to Specified Expenses), regardless of whether the Other Operating Expenses have fallen to a level below the Expense Cap.

For the avoidance of doubt, if at the end of any fiscal year in which the Company has reimbursed the Advisor for any Excess Expenses, the Other Operating Expenses for such fiscal year exceed the Expense Cap applicable at that time, the Advisor shall promptly pay the Company an amount equal to the lesser of: (i) the amount by which the Other Operating Expenses for such fiscal year exceed the Expense Cap; and (ii) the amount of reimbursements for Excess Expenses (other than Excess Expenses attributable to Specified Expenses) paid by the Company to the Advisor in such fiscal year. Any payment by the Advisor to the Company pursuant to the foregoing sentence shall be subject to later reimbursement by the Company in accordance with the terms of the Amended Expense Limitation Agreement.

For the period from April 3, 2023 (commencement of operations) to December 31, 2024, the Advisor incurred Other Operating Expenses of $1,075,628, and organizational costs of $1,296,462, on behalf of the Company, all subject to recoupment pursuant to the terms of the Amended Expense Limitation Agreement. For the three months ended March 31, 2025 and 2024, the Company made recoupment payments to the Advisor of $731,511 and incurred Other Operating Expenses of $24,357 on behalf of the Company, respectively. See Note 8 for further information, including the balance of amounts subject to recoupment payments to be made by the Company to the Advisor as of March 31, 2025 and as of December 31, 2024.

Other Related Party Transactions

During the three months ended March 31, 2025 and 2024, StepStone Private Credit Fund SP, a segregated portfolio (the “Segregated Portfolio”) of StepStone Private Credit Platform (Cayman) SPC, a Cayman Islands exempted company with limited liability and registered with the Cayman Islands Monetary Authority as a segregated portfolio company, who shares the same investment advisor as the Company, purchased 5,740,108 and 3,362,468, respectively, Shares from the Company in exchange for aggregate proceeds totaling $150,871,565 and $87,525,000, respectively. For the three months ended March 31, 2025 and 2024, the Segregated Portfolio received 422,595 and 255,090, respectively, of Shares in connection with reinvestments under the Company’s DRIP, which Shares represented distributions in amounts equal to $10,987,091 and $6,566,889, respectively. As of March 31, 2025 and December 31, 2024, $1,066,793,072 and $913,450,373, respectively, or 99.7% and 99.7%, respectively, of the Company’s outstanding Shares are held indirectly through the Segregated Portfolio.

4. Borrowings

MassMutual SPV I Facility

On April 3, 2023, in connection with the acquisition of the Initial Portfolio, the Company, through SPV Facility I as borrower, entered into a Loan and Security Agreement (as amended from time to time, the “MassMutual SPV I Facility”) with Massachusetts Mutual Life Insurance Company (“MassMutual”), as the administrative agent and facility servicer, and the lenders party thereto from time to time.

Under the MassMutual SPV I Facility, the lenders made initial commitments of $200,000,000. On September 26, 2023, SPV Facility I and MassMutual amended the MassMutual SPV I Facility (the “MassMutual First Amendment”). The MassMutual First Amendment, among other things, increased the aggregate commitments by the lenders to $250,000,000. Borrowings under the MassMutual SPV I Facility will generally bear interest at a rate per annum equal to 3-Month Term SOFR plus a margin of 3.25%, with a 1.0% floor on Term SOFR. The MassMutual SPV I Facility is secured by a first priority security interest in substantially all of the assets of SPV Facility I and a pledge over 100% of the Company’s equity interest in SPV Facility I. The MassMutual SPV I Facility requires payment of (a) a non-use fee during the 18-month availability period of 0.40% on the difference between the average daily outstanding balance under the facility relative to the maximum amount of commitments at such time, and (b) after the 18-month availability period until the stated maturity date, a utilization fee equal to the positive difference, if any, in respect of any period between (i) the amount of interest that would have accrued under the MassMutual SPV I Facility if the principal outstanding thereunder were equal to 75% of the maximum commitment amount in that period, and (ii) the amount of interest that actually accrued under the MassMutual SPV I Facility for such period on the loans advanced thereunder. The Advisor paid, on the Company’s behalf, a customary upfront 1.25% commitment fee in connection with the MassMutual SPV I Facility, which amount was subject to reimbursement by the Company under the Amended Expense Limitation Agreement.

The MassMutual SPV I Facility matures on March 31, 2033, unless sooner terminated in accordance with its terms.

As of March 31, 2025 and December 31, 2024, the Company had an outstanding principal balance under the MassMutual SPV I Facility of $187,500,000 and $204,500,000, respectively. For the three months ended March 31, 2025 and 2024, the Company’s borrowings under the MassMutual SPV I Facility bore interest at a weighted average interest rate of 7.57% and 8.62%, respectively. For the three months ended March 31, 2025 and 2024, the daily average amount of outstanding borrowings under the MassMutual SPV I Facility were $192,677,778 and $155,516,484, respectively.

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BMO SPV II Credit Facility

On May 1, 2023, the Company, through SPV Facility II as borrower, entered into a Loan and Security Agreement (the “BMO Loan and Security Agreement”) with Bank of Montreal, a (“BMO”), as the administrative agent, as collateral agent, and as a lender, and the other lenders party thereto from time to time, to provide SPV Facility II with a revolving credit facility (the “BMO SPV II Credit Facility”). BMO had made an initial commitment of $81,250,000 under the BMO SPV II Credit Facility, with an accordion provision to permit increases to the total facility amount up to $100,000,000, subject to satisfaction of certain conditions. On July 3, 2023, SPV Facility II and BMO entered into an amendment (the “BMO First Amendment”) to the BMO Loan and Security Agreement. The BMO First Amendment provides for, among other things, (1) a funded amount from the lenders of $100,750,000 as of the amendment effective date and (2) an increase in the maximum total commitments of the lenders under the accordion provision in the BMO Loan and Security Agreement to $125,000,000. On March 21, 2024, SPV Facility II and BMO entered into an amendment (the “BMO Second Amendment”) to the BMO Loan and Security Agreement. The BMO Second Amendment provides, among other things, a funded amount from the lenders of $109,500,000 as of the amendment effective date. Borrowings under the BMO SPV II Credit Facility generally bear interest at a rate per annum equal to 3-Month Term SOFR plus a margin of 2.50% (subject to credit spread adjustments based on the weighted average spread of certain loan assets). The BMO SPV II Credit Facility is secured by a first priority security interest in substantially all of the assets of SPV Facility II and a pledge over 100% of the Company’s equity interest in SPV Facility II.

The BMO SPV II Credit Facility matures on May 1, 2030, unless sooner terminated in accordance with its terms.

As of March 31, 2025 and December 31, 2024, the Company had an outstanding principal balance under the BMO SPV II Credit Facility of $97,670,535 and $97,670,535, respectively, in connection with investments purchased through participation agreements from BMO. For the three months ended March 31, 2025 and 2024, the Company’s borrowings under the BMO SPV II Credit Facility bore interest at a weighted average interest rate of 6.83% and 7.84%, respectively. For the three months ended March 31, 2025 and 2024, the daily average amount of outstanding borrowings under the BMO SPV II Credit Facility were $97,670,535 and $95,901,304, respectively.

Wells Fargo SPV III Credit Facility

On December 1, 2023, the Company, through SPV Facility III as borrower, entered into a Loan and Security Agreement (the “Wells Fargo Loan and Security Agreement”) with Wells Fargo Bank, National Association (“Wells Fargo”), as the administrative agent, UMB Bank, National Association, as the collateral agent, and the lenders party thereto from time to time, to provide SPV Facility III with a revolving credit facility (the “Wells Fargo SPV III Credit Facility”). The lenders initially made aggregate commitments of

$250,000,000 under the Wells Fargo SPV III Credit Facility.

$400,000,000 and decreased the applicable margin on borrowings from 2.65% to 2.25%.

On February 27, 2025, the Company amended the Wells Fargo SPV III Credit Facility (the “Wells Fargo Second Amendment”). The Wells Fargo Second Amendment, among other things, (1) increased the aggregate commitments by the lenders under the Wells Fargo SPV III Credit Facility to $650,000,000, with an accordion feature providing SPV Facility III the right to request increases in commitments under the facility from new and existing lenders on the same terms and conditions as the existing commitments up to an aggregate maximum of $900,000,000, and (2) decreased the applicable margin on borrowings to 2.15% under the Wells Fargo SPV III Credit Facility.

Borrowings under the Wells Fargo SPV III Credit Facility will generally bear interest at a rate per annum equal to Daily Simple SOFR plus a margin of

2.15

%, with a

0.0

floor on Daily Simple SOFR. Amounts available for borrowing under the Wells Fargo SPV III Credit Facility are subject to a borrowing base that applies different advance rates to different types of assets held by SPV Facility III and are subject to limitations with respect to the loans securing the Wells Fargo SPV III Credit Facility, which may affect the borrowing base and therefore amounts available to borrow under the Wells Fargo SPV III Credit Facility. The Wells Fargo SPV III Credit Facility is secured by a first priority security interest in substantially all of the assets of SPV Facility III.

The Wells Fargo Loan and Security Agreement requires payment of a non-use fee equal to, (i) during the six-month period following the date of the Wells Fargo Second Amendment,

0.50%

on the difference between the daily outstanding balance under the Wells Fargo SPV III Credit Facility relative to the maximum amount of available commitments at such time up to

65%

of the maximum amount of available commitments, plus

2.00%

on any such amount in excess of

65%

of the maximum amount of available commitments, and (ii) after the initial six-month period following the date of the Wells Fargo Second Amendment,

0.50%

on the difference between the daily outstanding balance under the Wells Fargo SPV III Credit Facility relative to the maximum amount of available commitments at such time up to

35%

of the maximum amount of available commitments, plus 2.00% on any such amount in excess of 35% of the maximum amount of available commitments.

The reinvestment period end date (after which

borrowings may be drawn under the Wells Fargo SPV III Credit Facility) and the maturity date under the Wells Fargo SPV III Credit Facility are scheduled for

February 27, 2028

and

February 27, 2030

respectively, unless the Wells Fargo Loan and Security Agreement is sooner terminated in accordance with its terms.

As of March 31, 2025 and December 31, 2024, the Company had an outstanding principal balance under the Wells Fargo SPV III Credit Facility of $

383,500,000

and $

360,000,000

, respectively. For the three months ended March 31, 2025 and 2024, the Company’s borrowings under the Wells Fargo SPV III Credit Facility bore interest at a weighted average interest rate of

6.59

% and

7.97

%, respectively. For the three months ended March 31, 2025 and 2024, the daily average amount of outstanding borrowings under the Wells Fargo SPV III Credit Facility was $

317,022,222

and $

74,730,337

, respectively.

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Atalaya Capital Management LP

Effective April 19, 2024, the Company, through its subsidiary SPV Facility IV, may from time-to-time purchase or originate loans and sell a participation in all or a portion of such loans to Macquarie Bank Limited and its affiliates (“Macquarie”), and concurrently with entering into such participation arrangement, agree to repurchase, or otherwise pay for the termination of, within 90 days, such participation arrangement. SPV Facility IV may have obligations to repurchase assets arising from such transactions that collectively have an aggregate principal amount at any one time outstanding of up to $100,000,000. In connection therewith, for repurchase transactions entered into by the Company, certain affiliates of Atalaya Capital Management LP will guarantee such repurchase transactions in an aggregate principal amount at any time outstanding not to exceed $100,000,000 subject to certain terms and conditions. The agreement to guarantee such repurchases has a term of one year that can be extended on the consent of both parties. SPV Facility IV will pay the guarantors any accrued interest, whether in the form of cash or payment in kind in accordance with the underlying payment terms for each loan during the guaranty period, less any interest, fees, expenses, indemnification payments and other similar compensation or reimbursements paid, or accrued and unpaid, to Macquarie as required under the participation documents for such loan. The amounts paid to Macquarie are determined at the time of the transaction and there is no obligation of Macquarie or the Company to utilize this arrangement in any way. The Company had no outstanding borrowings with Macquarie as of March 31, 2025 and December 31, 2024.

For the three months ended March 31, 2025 and 2024, the Company’s aggregate weighted average interest rate under the MassMutual SPV I Facility, the BMO SPV II Credit Facility and the Wells Fargo SPV III Credit Facility (the “Lines of Credit”) amounted to 6.94% and 8.37%, respectively. The Company’s aggregate daily average amount of borrowings under the Lines of Credit for the three months ended March 31, 2025 and 2024 amounted to $607,370,535 and $324,505,700, respectively.

The Lines of Credit each include customary affirmative and negative covenants, including financial covenants requiring the Company to maintain a minimum shareholders’ equity and asset coverage ratio, and certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature.

2024-I CLO

On January 15, 2025, the Company completed the 2024-I CLO, in connection with which the 2024-I Issuer issued the 2024-I CLO Debt.

The debt offered in the 2024-I CLO was issued and incurred by the 2024-I Issuer and consists of the 2024-I CLO Debt, the terms of which are summarized in the table below:


Class	Par Size ($)		Ratings (S&P)	Coupon
Class A 2024 Notes		174,000,000	AAA(sf)	3M SOFR + 1.70%
Class B 2024 Notes		30,000,000	AA(sf)	3M SOFR + 2.00%
2024-I CLO Subordinated Notes		96,360,000	N/A	N/A

The Company directly retained all of the Class B 2024 Notes and 2024-I CLO Subordinated Notes issued in the 2024-I CLO.

The 2024-I CLO is backed by a diversified portfolio of senior secured middle-market loans and participation interests therein. Through January 15, 2029, all principal collections received on the underlying collateral may be used by the 2024-I Issuer to purchase new collateral in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the 2024-I CLO.

The portfolio is managed by the Company pursuant to the Collateral Management Agreement. The Company has agreed to irrevocably waive all collateral management fees payable to it so long as it is the collateral manager under the Collateral Management Agreement. The 2024-I CLO Debt is scheduled to mature on January 15, 2037; however, the 2024-I CLO Secured Debt may be redeemed by the 2024-I Issuer, at the direction of the Company, on any business day after January 15, 2027 (i) in whole in order of seniority (with respect to all classes of 2024-I CLO Secured Debt) but not in part from sale proceeds, contributions of cash, refinancing proceeds and/or any other amounts available in accordance with the 2024-I CLO Indenture or (ii) in part by class from refinancing proceeds, contributions of cash, partial refinancing interest proceeds and/or any other amounts available in accordance with the 2024-I CLO Indenture, and the 2024-I CLO Subordinated Notes may be redeemed, in whole but not in part, on any business day on or after the redemption of the 2024-I CLO Secured Debt in full.

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As part of the 2024-I CLO, the Company and the 2024-I Issuer entered into a the 2024-I CLO Sale Agreement, pursuant to which the Company sold, transferred, assigned, contributed or otherwise conveyed to the 2024-I Issuer certain loans and participation interests therein securing the 2024-I CLO for the purchase price and other consideration set forth in the 2024-I CLO Sale Agreement. The remainder of the initial collateral portfolio was acquired as participation interests by the 2024-I Issuer pursuant to the 2024-I CLO Participation Agreement for the purchase price and other consideration set forth in the 2024-I CLO Participation Agreement. Following the foregoing transfers, the 2024-I Issuer, and not the Company or the Participation Sellers, holds all of the ownership interest in such loans and participation interests. The Company and the Participation Sellers, as applicable, made customary representations, warranties and covenants pursuant to the 2024-I CLO Transfer Agreements.

The 2024-I CLO Secured Debt is a secured obligation of the 2024-I Issuer, the 2024-I CLO Subordinated Notes are the unsecured obligations of the 2024-I Issuer, and the 2024-I CLO Indenture secures (as applicable) and governs the 2024-I CLO Debt pursuant to customary covenants and events of default. The 2024-I CLO Debt has not been, and will not be, registered under the Securities Act or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

As of March 31, 2025, the Company had an outstanding principal balance under the Class A 2024 Notes of $174,000,000.

The following table provides a summary of the interest expense incurred by the Company on all its borrowings for the noted periods:


	Three Months Ended March 31, 2025		Three Months Ended March 31, 2024
Coupon interest	$	10,792,871	$	7,231,213
Amortization of debt issuance costs		794,888		300,249

Total	$	11,587,759	$	7,531,462

5. Investments

In accordance with the provisions of the 1940 Act, the Company classifies investments by level of control. The 1940 Act classifies investments based on the level of control that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when the Company owns 25% or less of the portfolio company’s voting securities and “controlled” when the Company owns more than 25% of the portfolio company’s voting securities and/or has the power to exercise control over the management or policies of such portfolio company. The 1940 Act also classifies investments further based on the level of ownership that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when the Company owns less than 5% of a portfolio company’s voting securities and “affiliated” when the Company owns 5% or more of a portfolio company’s voting securities (and is not otherwise “controlled”). Under the 1940 Act, “non-affiliated investments” are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s non-controlled and non-affiliated investments is contained in the consolidated financial statements, including the consolidated schedules of investments. The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled, non-affiliated; non-controlled, affiliated; or controlled investments.

Investments at fair value and cost consisted of the following as of March 31, 2025:


	Cost		% of Total Investments			Fair Value		% of Total Investments			% of Net Assets
First Lien Senior Secured	$	1,844,476,852		97.81	%		1,843,567,366		97.61	%		172.33	%
Second Lien Senior Secured		5,479,105		0.29	%		5,498,111		0.29	%		0.51	%
Subordinated Notes		7,075,476		0.38	%		7,211,483		0.38	%		0.67	%
Private Credit Funds		28,756,747		1.52	%		32,405,496		1.72	%		3.03	%

Total investments	$	1,885,788,180		100.00	%	$	1,888,682,456		100.00	%		176.54	%

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Investments at fair value and cost consisted of the following as of December 31, 2024:


	Cost		% of Total Investments			Fair Value		% of Total Investments			% of Net Assets
First Lien Senior Secured	$	1,532,316,837		97.74	%		1,532,466,267		97.58	%		167.23	%
Second Lien Senior Secured		4,422,858		0.28	%		4,467,102		0.28	%		0.49	%
CLO		4,994,226		0.32	%		4,994,226		0.32	%		0.54	%
Private Credit Funds		26,022,003		1.66	%		28,614,477		1.82	%		3.12	%

Total investments	$	1,567,755,924		100.00	%	$	1,570,542,072		100.00	%		171.38	%

The industry composition of investments as a percentage of total investments based on cost and fair value and as a percentage of net assets based on fair value as of March 31, 2025 and December 31, 2024 was as follows:


	March 31, 2025									December 31, 2024
	% of Total Investments Based on Cost			% of Total Investments Based on Fair Value			% of Net Assets Based on Fair Value			% of Total Investments Based on Amortized Cost			% of Total Investments Based on Fair Value			% of Net Assets Based on Fair Value
Advertising		1.44	%		1.43	%		2.53	%		1.73	%		1.72	%		2.96	%
Aerospace & Defense		1.56	%		1.57	%		2.76	%		1.80	%		1.81	%		3.11	%
Air Freight & Logistics		0.77	%		0.74	%		1.30	%		0.92	%		0.88	%		1.50	%
Alternative Carriers		0.26	%		0.26	%		0.46	%		0.32	%		0.31	%		0.54	%
Apparel Retail		0.52	%		0.52	%		0.92	%		0.63	%		0.62	%		1.07	%
Apparel, Accessories & Luxury Goods		0.62	%		0.62	%		1.10	%		0.00	%		0.00	%		0.00	%
Application Software		6.23	%		6.23	%		10.99	%		6.37	%		6.37	%		10.91	%
Asset Management & Custody Banks		4.14	%		4.32	%		7.64	%		4.87	%		5.03	%		8.62	%
Auto Parts & Equipment		1.32	%		1.32	%		2.33	%		1.56	%		1.56	%		2.67	%
Automobile Manufacturers		0.31	%		0.31	%		0.55	%		0.36	%		0.36	%		0.62	%
Building Products		1.27	%		1.27	%		2.24	%		0.94	%		0.94	%		1.61	%
Commodity Chemicals		0.26	%		0.26	%		0.46	%		0.31	%		0.31	%		0.54	%
Communications Equipment		0.33	%		0.33	%		0.59	%		0.40	%		0.40	%		0.69	%
Construction & Engineering		7.85	%		7.83	%		13.83	%		8.33	%		8.31	%		14.24	%
Construction Materials		0.23	%		0.22	%		0.40	%		0.28	%		0.27	%		0.47	%
Consumer Electronics		0.54	%		0.55	%		0.96	%		0.00	%		0.00	%		0.00	%
Data Processing & Outsourced Services		0.26	%		0.26	%		0.46	%		0.27	%		0.28	%		0.47	%
Distributors		0.23	%		0.23	%		0.40	%		0.28	%		0.27	%		0.46	%
Diversified Capital Markets		0.09	%		0.09	%		0.16	%		0.04	%		0.04	%		0.07	%
Diversified Chemicals		0.71	%		0.71	%		1.25	%		0.86	%		0.85	%		1.46	%
Diversified Support Services		4.26	%		4.24	%		7.48	%		5.05	%		5.04	%		8.63	%
Drug Retail		0.73	%		0.73	%		1.28	%		0.00	%		0.00	%		0.00	%
Education Services		0.31	%		0.31	%		0.55	%		0.37	%		0.38	%		0.65	%
Electric Utilities		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Electrical Components & Equipment		1.58	%		1.59	%		2.81	%		1.86	%		1.85	%		3.18	%
Electronic Equipment & Instruments		0.83	%		0.84	%		1.47	%		1.31	%		1.31	%		2.25	%
Electronic Manufacturing Services		0.15	%		0.14	%		0.25	%		0.17	%		0.17	%		0.29	%
Environmental & Facilities Services		2.11	%		2.10	%		3.71	%		2.42	%		2.42	%		4.14	%
Food Distributors		1.49	%		1.49	%		2.64	%		1.78	%		1.77	%		3.03	%
Health Care Distributors		1.13	%		1.13	%		2.00	%		1.35	%		1.35	%		2.32	%
Health Care Equipment		3.38	%		3.39	%		5.98	%		2.32	%		2.32	%		3.98	%
Health Care Facilities		1.08	%		1.07	%		1.90	%		0.44	%		0.44	%		0.75	%
Health Care Services		11.03	%		11.00	%		19.41	%		9.88	%		9.88	%		16.93	%
Health Care Technology		0.61	%		0.61	%		1.08	%		0.73	%		0.74	%		1.26	%
Heavy Electrical Equipment		0.03	%		0.03	%		0.05	%		0.04	%		0.04	%		0.06	%
Highways & Railtracks		0.26	%		0.26	%		0.46	%		0.31	%		0.31	%		0.53	%
Home Improvement Retail		0.19	%		0.19	%		0.34	%		0.23	%		0.23	%		0.39	%
Homebuilding		0.26	%		0.26	%		0.46	%		0.32	%		0.32	%		0.54	%
Hotels, Resorts & Cruise Lines		0.26	%		0.26	%		0.45	%		0.31	%		0.31	%		0.54	%
Household Appliances		1.17	%		1.17	%		2.07	%		1.41	%		1.41	%		2.42	%
Housewares & Specialties		1.02	%		1.02	%		1.80	%		1.10	%		1.10	%		1.89	%
Human Resource & Employment Services		0.51	%		0.51	%		0.90	%		0.62	%		0.62	%		1.05	%
Industrial Machinery		1.72	%		1.72	%		3.03	%		2.03	%		2.03	%		3.47	%
Insurance Brokers		4.21	%		4.21	%		7.42	%		3.51	%		3.50	%		6.00	%

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	March 31, 2025									December 31, 2024
	% of Total Investments Based on Cost			% of Total Investments Based on Fair Value			% of Net Assets Based on Fair Value			% of Total Investments Based on Amortized Cost			% of Total Investments Based on Fair Value			% of Net Assets Based on Fair Value
Interactive Home Entertainment		0.08	%		0.09	%		0.15	%		0.11	%		0.10	%		0.18	%
Internet & Direct Marketing Retail		0.67	%		0.66	%		1.17	%		0.75	%		0.75	%		1.28	%
Internet Services & Infrastructure		0.70	%		0.71	%		1.25	%		0.69	%		0.70	%		1.20	%
Investment Banking & Brokerage		0.30	%		0.30	%		0.52	%		0.36	%		0.36	%		0.61	%
IT Consulting & Other Services		5.36	%		5.35	%		9.45	%		5.14	%		5.14	%		8.81	%
Leisure Facilities		0.54	%		0.54	%		0.96	%		0.65	%		0.66	%		1.13	%
Leisure Products		1.02	%		1.02	%		1.79	%		1.22	%		1.22	%		2.09	%
Life & Health Insurance		1.16	%		1.16	%		2.05	%		0.77	%		0.77	%		1.32	%
Life Sciences Tools & Services		0.43	%		0.42	%		0.75	%		0.50	%		0.49	%		0.85	%
Metal & Glass Containers		0.23	%		0.23	%		0.41	%		0.28	%		0.28	%		0.48	%
Movies & Entertainment		0.00	%		0.00	%		0.00	%		0.10	%		0.10	%		0.17	%
Office Services & Supplies		0.45	%		0.45	%		0.79	%		0.54	%		0.54	%		0.92	%
Oil & Gas Equipment & Services		0.13	%		0.13	%		0.23	%		0.15	%		0.15	%		0.26	%
Other Diversified Financial Services		0.96	%		0.97	%		1.71	%		0.67	%		0.67	%		1.16	%
Packaged Foods & Meats		2.32	%		2.28	%		4.03	%		2.51	%		2.49	%		4.27	%
Paper Packaging		1.29	%		1.29	%		2.28	%		0.68	%		0.69	%		1.17	%
Personal Products		0.89	%		0.89	%		1.57	%		1.08	%		1.09	%		1.86	%
Pharmaceuticals		2.61	%		2.61	%		4.60	%		1.98	%		1.97	%		3.38	%
Property & Casualty Insurance		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Real Estate Development		0.11	%		0.11	%		0.20	%		0.13	%		0.13	%		0.22	%
Real Estate Operating Companies		0.39	%		0.39	%		0.69	%		0.46	%		0.46	%		0.79	%
Real Estate Services		1.02	%		1.01	%		1.79	%		0.81	%		0.79	%		1.36	%
Research & Consulting Services		5.52	%		5.52	%		9.74	%		5.42	%		5.40	%		9.26	%
Restaurants		0.28	%		0.28	%		0.49	%		0.32	%		0.32	%		0.55	%
Soft Drinks		0.26	%		0.26	%		0.46	%		0.31	%		0.31	%		0.53	%
Specialized Consumer Services		1.90	%		1.89	%		3.34	%		2.05	%		2.05	%		3.51	%
Specialty Chemicals		0.81	%		0.80	%		1.42	%		0.97	%		0.97	%		1.67	%
Specialty Stores		0.03	%		0.03	%		0.06	%		0.04	%		0.04	%		0.07	%
Systems Software		0.56	%		0.56	%		0.99	%		0.31	%		0.31	%		0.53	%
Technology Distributors		0.48	%		0.47	%		0.83	%		0.57	%		0.57	%		0.97	%
Trading Companies & Distributors		1.99	%		1.99	%		3.51	%		2.29	%		2.30	%		3.94	%
Trucking		0.25	%		0.25	%		0.44	%		0.31	%		0.31	%		0.53	%

Total		100.00	%		100.00	%		176.54	%		100.00	%		100.00	%		171.38	%

As of March 31, 2025, 98% of investments held were based in the United States within the following regions (based on fair value): Northeast 30%, Southeast 22%, Midwest 17%, Southwest 15% and West 14%. The remaining 2% of investments held were based in Canada 1% and Jersey 1%.

As of December 31, 2024, 98% of investments held were based in the United States within the following regions (based on fair value): Northeast 33%, Southeast 20%, Midwest 15%, Southwest 16% and West 14%. The remaining 2% of investments held were based in Canada 1% and Jersey 1%.

For the three months ended March 31, 2025 and 2024, purchases of investments were $370 million and $233 million, respectively. For the three months ended March 31, 2025 and 2024, total proceeds received from sales, exits and repayments of investments were $54 million and $36 million, respectively.

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6. Fair Value Measurement

The following table summarizes the fair value of the Company’s investments as of March 31, 2025:


Assets	Level 1		Level 2		Level 3		Practical Expedient		Total
First Lien Senior Secured	$	—	$	—	$	1,843,567,366	$	—	$	1,843,567,366
Second Lien Senior Secured		—		—		5,498,111		—		5,498,111
Subordinated Notes		—		—		7,211,483		—		7,211,483
Private Credit Funds		—		—		—		32,405,496		32,405,496

Total assets	$	—	$	—	$	1,856,276,960	$	32,405,496	$	1,888,682,456

The following table summarizes the fair value of the Company’s investments as of December 31, 2024:


Assets	Level 1		Level 2		Level 3		Practical Expedient		Total
First Lien Senior Secured	$	—	$	—	$	1,532,466,267	$	—	$	1,532,466,267
Second Lien Senior Secured		—		—		4,467,102		—		4,467,102
CLO		—		—		4,994,226		—		4,994,226
Private Credit Funds		—		—		—		28,614,477		28,614,477

Total assets	$	—	$	—	$	1,541,927,595	$	28,614,477	$	1,570,542,072

The below table presents a summary of changes in fair value of Level 3 assets by investment type for the three months ended March 31, 2025:


	Beginning Balance at 12/31/2024		Net Purchases		Net Sales, Exits and Repayments			PIK		Accreted Discounts/ Amortized Premiums		Net Change in Unrealized Appreciation/ (Depreciation)			Transfers into Level 3		Transfers out of Level 3		Balance 3/31/2025		Change in Unrealized Appreciation/ Depreciation for Level 3 Assets Still Held as of 3/31/2025
First Lien Senior Secured	$	1,532,466,267	$	364,173,383	$	(54,151,193	)	$	589,264	$	1,548,562	$	(1,058,917	)	$	—	$	—	$	1,843,567,366	$	(2,701,606	)
Second Lien Senior Secured		4,467,102		1,041,211		(16,443	)		—		31,478		(25,237	)		—		—		5,498,111		(20,740	)
Subordinated Notes		4,994,226		2,081,250		—			—		—		136,007			—		—		7,211,483		136,007

Total	$	1,541,927,595	$	367,295,844	$	(54,167,636	)	$	589,264	$	1,580,040	$	(948,147	)	$	—	$	—	$	1,856,276,960	$	(2,586,339	)

The below table presents a summary of changes in fair value of Level 3 assets by investment type for the year ended December 31, 2024:


	Beginning Balance at 12/31/2023		Net Purchases			Net Sales, Exits and Repayments			PIK		Accreted Discounts/ Amortized Premiums		Net Change in Unrealized Appreciation/ (Depreciation)		Transfers into Level 3		Transfers out of Level 3		Balance 12/31/2024		Change in Unrealized Appreciation/ Depreciation for Level 3 Assets Still Held as of 12/31/2024
First Lien Senior Secured	$	531,616,973	$	1,148,364,676		$	(153,680,922	)	$	1,062,817	$	4,206,663	$	896,060	$	—	$	—	$	1,532,466,267	$	1,642,689
Second Lien Senior Secured		4,493,852		(20,608	)		(45,928	)		—		19,913		19,873		—		—		4,467,102		(4,497	)
CLO		—		4,994,226			—			—		—		—		—		—		4,994,226		—
CLO Warehouse		29,250,000		21,547,500			(50,797,500	)		—		—		—		—		—		—		—

Total	$	565,360,825	$	1,174,885,794		$	(204,524,350	)	$	1,062,817	$	4,226,576	$	915,933	$	—	$	—	$	1,541,927,595	$	1,638,192

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The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.


	Fair Value as of March 31, 2025		Valuation Techniques		Unobservable Input		Range / Percentage		Weighted Average (1)			Impact to Valuation from Increase in Unobservable Input
First Lien Senior Secured Debt	$	1,762,492,104		Yield Method		Market Yield Discount Spreads		3.34%-16.25%		6.05	%		Decrease
First Lien Senior Secured Debt		81,075,262		Recent Transactions		Transaction Price		98.50-100.25		99.14			Increase
Second Lien Senior Secured Debt		5,498,111		Yield Method		Market Yield Discount Spreads		3.82%-6.93%		5.41	%		Decrease
Subordinated Notes		5,130,233		Yield Method		Market Yield Discount Spreads		14.00%		14.00	%		Decrease
Subordinated Notes		2,081,250		Recent Transactions		Transaction Price		92.50		92.50			Increase

Total Assets	$	1,856,276,960

(1)	Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.


	Fair Value as of December 31, 2024		Valuation Techniques	Unobservable Input	Range / Percentage	Weighted Average (1)			Impact to Valuation from Increase in Unobservable Input
First Lien Senior Secured Debt	$	1,393,652,151	Yield Method	Market Yield Discount Spreads	3.26%-15.14%		6.05	%		Decrease
First Lien Senior Secured Debt		138,814,116	Recent Transactions	Transaction Price	98.00-101.00		98.95			Increase
CLO		4,994,226	Recent Transactions	Transaction Price	87.37		87.37			Increase
Second Lien Senior Secured Debt		4,467,102	Yield Method	Market Yield Discount Spreads	5.15%-6.29%		5.72	%		Decrease

Total Assets	$	1,541,927,595

(1)	Weighted average is caclulated by weighing the significant unobservable input by the relative fair value of each investment in the category.

Debt Not Carried at Fair Value

As of December 31, 2024 and December 31, 2023, the principal value of the MassMutual SPV I Facility, the BMO SPV II Credit Facility, the Wells Fargo SPV III Credit Facility and the Class A 2024 Notes approximate fair value due to their variable rates and are included in Level 3 of the fair value hierarchy.

7. Income Taxes

The Company’s taxable income generally differs from net increase (decrease) in net assets resulting from operations due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in the Company’s taxable income until they are realized. For the year ended December 31, 2024, the Company has temporary differences that are primarily due to differences between book and tax treatment of partnership income from underlying investments and the amortization of organizational costs. For the year ended December 31, 2024, the Company had no permanent differences.

The Company’s taxable income is an estimate and will not be finally determined until the Company files its tax return for each year. Therefore, the final taxable income, and the taxable income earned in each period and carried forward for distribution in the following period, may be different than this estimate. The estimated tax character of distributions declared for the periods indicated were as follows:


	Three Months Ended March 31, 2025		Three Months Ended March 31, 2024
Ordinary income	$	27,750,043	$	10,777,485
Long-term capital gains		—		—
Tax return of capital		—		—

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As of December 31, 2024, the Company’s last tax year end, the components of distributable earnings (accumulated loss) on a tax basis was as follows:


	December 31, 2024
Undistributed ordinary income	$	1,575,517
Other book/tax temporary differences		(955,570	)
Capital loss carryforwards		—
Undistributable capital gains		—
Net realized gain (loss) from investments in securities of unaffiliated issuers		—
Net unrealized depreciation from investments in securities of unaffiliated issuers		409,046

Total distributable earnings (accumulated loss)	$	1,028,993

As of December 31, 2024, the aggregate cost of investments for U.S. federal income tax purposes is $1,570,133,017. As of December 31, 2024, net unrealized appreciation on the Company’s investments (tax basis) was $409,046, consisting of gross unrealized appreciation, where the fair value of

the

Company’s investments exceeds their tax cost, of $5,012,499 and gross unrealized depreciation, where the tax cost of the Company’s investments exceeds their fair value, of $4,603,453.

8. Commitments & Contingencies

The Advisor had agreed to pay the Company’s Other Operating Expenses and, at the Advisor’s discretion, certain of the Company’s Specified Expenses under the Amended Expense Limitation Agreement described in Note 3. The Company had no obligation to reimburse the Advisor for such advanced expenses until the time at which the Company received

$100,000,000

in gross proceeds from the sale of Shares, excluding Shares purchased by the Advisor and by the Company’s directors and officers. Following such time, all expenses of the Company paid by the Advisor will be subject to recoupment by the Advisor. The recoupment is limited to the amount of the Expense Cap under the Amended Expense Limitation Agreement (each as defined in Note 3 in these consolidated financial statements), unless the recoupment payment relates to Specified Expenses. Under the Amended Expense Limitation Agreement, the Advisor is permitted to recoup from the Company any such amounts for a period not to exceed three years from the month in which such fees and expenses were paid. As of March 31, 2025 and December 31, 2024, the Company had

$46,858 and $778,369, respectively, in expenses subject to recoupment by the Advisor.

In the normal course of business, the Company enters into contracts that provide a variety of general indemnifications or warranties. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications.

The Company’s investment portfolio may contain debt investments that are in the form of revolving lines of credit and unfunded delayed draw commitments and limited partnership interests, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements and subscription agreements, respectively. Unfunded commitments on debt investments are presented on the consolidated schedules of investments at fair value. Unrealized appreciation or depreciation, if any, is included in the consolidated statements of assets and liabilities and the change in unrealized appreciation or depreciation, if any, is included in net change in unrealized appreciation (depreciation) from investments in securities of unaffiliated issuers in the consolidated statements of operations.

As of March 31, 2025 and December 31, 2024, the Company had the following outstanding commitments to investments:

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Investments	March 31, 2025		December 31, 2024
3 Step Sports LLC Delayed Draw Term Loan	$	462,081	$	456,755
AAH Topco, LLC Class C Delayed Draw Term Loan		5,801,901		—
Accelevation LLC Delayed Draw Term Loan		3,715,385		—
Accelevation LLC Revolving Credit Loan		2,169,785		—
Accent Building Materials Holdings LLC Term B Delayed Term Loan		171,429		165,312
Accordion Partners LLC Delayed Draw Term Loan		1,533,913		1,826,087
Accordion Partners LLC Revolving Loan		1,217,391		1,217,391
ACP Avenu Buyer, LLC Delayed TL		395,536		395,536
ACP Avenu Buyer, LLC Revolving Credit		208,259		208,259
ACP Falcon Buyer, Inc. Revolving Loan		333,333		333,333
Advanced Medical Management, LLC Revolving Credit Loan		1,504,941		710,526
Advanced Web Technologies Holding Company Revolving Credit Loan		342,127		293,252
AI Fire Buyer, Inc. Delayed Draw Term Loan		—		120,902
Alera Group, Inc. Delayed Draw Term Loan		—		35,516
Alkeme Acquisition, LLC Delayed Draw Term Loan Amendment No. 10		2,685,272		—
Allworth Financial Group, L.P. Fourth Amendment Delayed Draw Term Loan		12,015,585		13,130,720
Allworth Financial Group, L.P. Revolving Loan		618,375		618,375
Ambient Enterprises Holdco LLC Delayed Draw Term Loan		1,935,706		1,935,706
Ambient Enterprises Holdco LLC Revolving Loan		951,979		951,979
AmerCareRoyal, LLC Delayed Draw Term Loan A		1,867,470		1,867,470
AmerCareRoyal, LLC U.S. Revolving Credit		195,783		195,783
AmeriLife Holdings LLC Amendment No. 5 Incremental Delayed Draw Term Loan		3,289,365		—
AmeriLife Holdings LLC Revolving Loan		1,629,866		—
Any Hour LLC Delayed Term Loan		1,876,364		1,876,363
Any Hour LLC Revolving Credit		477,922		540,260
Apex Dental Partners, LLC Delayed Draw Term Loan		2,583,226		2,583,226
Apex Dental Partners, LLC Revolving Credit		812,903		903,226
Apex Service Partners, LLC Incremental Delayed Term Loan		1,322,919		2,598,709
Apex Service Partners, LLC Revolving Credit Loan		25,121		52,425
Apex Service Partners, LLC Revolving Credit Loan		46,344		96,719
Aptean Acquiror Inc. Delayed Draw Term Loan		134,818		238,414
Aptean Acquiror Inc. First Amendment Delayed Draw Term Loan		4,478,174		—
Aptean Acquiror Inc. Revolving Credit		722,358		436,880
Aptean Acquiror Inc. Specified Delayed Draw Term Loan		5,036,348		—
Arctic Holdco, LLC 2025 Delayed Draw Term Loan		883,108		—
Arctic Holdco, LLC Initial Refinancing Revolving Loan		429,174		—
Arctic Holdco, LLC Initial Revolving Loan		—		58,360
Arcticom Group Delayed Draw Term Loan D		1,971		13,796
Arden Insurance Services LLC Revolving Credit		1,307,198		—
Arden Purchaser, LLC Revolver		—		1,307,198
Argano, LLC Delayed Draw Term Loan		2,173,913		2,173,913
Argano, LLC Revolving Credit Loan		362,319		362,319
Artivion, Inc. Delayed Draw Term Loan		557,604		557,604
ASP Global Holdings, LLC Delayed Draw Term Loan		615,882		615,882
ASP Global Holdings, LLC Revolving Loan		236,878		430,686
Associations, Inc. Revolving Loan		112,845		217,009
Associations, Inc. Special Purpose Delayed Draw Term Loan		406,721		451,262
ATI Restoration, LLC Second Amendment Delayed Draw Term Loan		1,200,722		1,262,187
Aviation Technical Services, Inc. Revolving Loan		300,000		500,000
AVW WV Buyer, Inc. Fourth Amendment Delayed Draw Term Loan		1,142,132		1,142,132
Axis Portable Air, LLC Revolving Credit Loan		1,163,990		1,163,990
Axis Portable Air, LLC Seventh Amendment Delayed Draw Term Loan		731,031		—
Axis Portable Air, LLC Sixth Amendment Delayed Draw Term Loan		96,999		2,085,481
Bamboo US BidCo LLC (aka Baxter) Delayed Term Loan		—		44,461
Bamboo US BidCo LLC (aka Baxter) Tranche B-1 Delayed TL		83,849		83,849
Bamboo US BidCo LLC (aka Baxter) Tranche B-2 Delayed Term Loan		83,849		83,849
BCDI Rodeo Dental Buyer, LLC Revolving Credit Loan		451,823		613,362
BCI Burke Holding Corp. Seventh Amendment Delayed Draw Term Loan		1,027,326		1,027,326
BCI Burke Holding Corp. Seventh Amendment Delayed Draw Term Loan		1,257,951		1,257,951
Beacon Oral Specialists Management LLC Sixth Amendment Delayed Draw Term Loan		5,155,652		5,246,957
Berlin Rosen Acquisition, LLC Revolving Loan		235,372		300,243
Berlin Rosen Acquisition, LLC Revolving Loan		135,109		300,243
Best Roofing Services LLC Revolving Loan		895,522		895,522
Big Top Holdings, LLC Revolving Credit Loan		75,000		75,000
BNI Global, LLC Revolving Credit Loan		267,147		267,147
Bridgepointe Technologies, LLC Delayed Draw Term Loan (2024)		5,209,537		7,224,888
C3 AcquisitionCo, LLC Delayed Draw Term Loan		1,803,360		2,420,618

Table of Contents


Investments	March 31, 2025		December 31, 2024
C3 AcquisitionCo, LLC Revolving Loan	$	786,701	$	907,732
Capitol Imaging Acquisition Corp. Delayed Draw Term Loan		2,426,027		—
Capitol Imaging Acquisition Corp. Revolving Loan		827,055		—
CARDS Acquisition, Inc. Delayed Draw Term Loan		3,532,609		4,076,087
CARDS Acquisition, Inc. Revolving Loan		321,974		487,772
Carnegie Dartlet, LLC Delayed Draw Term Loan		138,000		180,000
Carnegie Dartlet, LLC Revolving Loan		54,900		56,400
Castlelake Consumer Receivables Opportunity III, L.P. Fund		1,252,076		2,088,417
Castlelake Consumer Receivables Opportunity IV, L.P.		3,514,810		3,514,810
Centex Acquisition, LLC Revolving Loan		608,890		811,853
Cerity Partners Equity Holding LLC 2024 Incremental Delayed Draw Term Loan		1,927,465		3,725,542
Cerity Partners Equity Holding LLC 2025 Incremental Delayed Draw Term Loan		2,267,606		—
Cerity Partners Equity Holding LLC Initial Revolving Loan		448,284		1,062,599
Chef Merito, LLC Delayed Draw Term Loan C		—		340,515
Cherry Bekaert Advisory LLC Amendment No. 1 Delayed Draw Term Loan		319,099		319,099
CMG HoldCo, LLC Delayed Draw Loan (Crete Mechanical Group)		403,588		403,588
Computer Services, Inc. Delayed Draw Term Loan		753,173		753,173
Congress Buyer, Inc. Delayed Draw Term Loan D		6,478,873		—
Costanzo’s Bakery, LLC Delayed Term Loan		201,074		302,442
Creek Parent, Inc. Revolving Credit		2,024,000		2,024,000
Crete PA Holdco, LLC Delayed Draw Term Loan		6,511,628		6,511,628
Crete PA Holdco, LLC Revolving Loan		976,744		976,744
CSG Buyer, Inc. Delayed Draw Term Loan		1,105,263		1,105,263
CSG Buyer, Inc. Revolving Loan		368,421		368,421
CVAUSA Management, LLC Revolving Loan		350,226		—
Cyber Advisors, LLC Delayed Draw Term Loan Amendment No. 5		869,370		—
CVAUSA Management, LLC Primary Delayed Draw Term Loan		—		712,428
CVAUSA Management, LLC Secondary Delayed Draw Term Loan		—		298,226
Demakes Borrower, LLC Delayed Draw Term Loan		97,905		97,905
Dentive, LLC Revolving Loan		141,413		353,532
DermCare Management, LLC Fourth Amendment Delayed Draw Term Loan		1,044,800		2,044,800
Discovery SL Management, LLC Delayed Draw Term Loan B		1,093,500		1,215,000
Discovery SL Management, LLC Revolving Credit Loan		243,000		243,000
DOXA Insurance Holdings LLC Delayed Draw Term Loan		16,049		16,049
Dwyer Instruments, LLC Fourth Amendment Delayed Draw Term Loan		1,414,141		1,414,141
Dwyer Instruments, LLC Revolving Loan		1,599,218		1,696,970
Echo Purchaser, Inc. Delayed Draw Term Loan (Exostar)		62,948		118,027
Einstein Parent, Inc. Revolving Loan		1,002,201		—
Enverus Holdings, Inc. Revolving Loan		405,405		393,329
Enverus Holdings, Inc.Delayed Draw Term Loan		101,236		266,409
Eskola LLC Delayed Draw Term B Loan		4,080,760		4,080,760
ETE Intermediate II LLC Revolving Loan		180,714		31,429
Ethos Risk Services, LLC Delayed Draw Term C Loan		2,666,667		2,666,667
Eval Home Health Solutions Intermediate, L.L.C. Revolving Loan		80,000		80,000
EVDR Purchaser, Inc. Delayed Draw Term Loan		1,372,549		1,372,549
EVDR Purchaser, Inc. Revolving Credit Loan		741,176		686,275
Everbridge Holdings, LLC Delayed Draw Term Loan		844,444		844,444
Everbridge Holdings, LLC Revolving Loan		555,556		555,556
Excel Fitness Holdings, Inc. Delayed Term Loan		1,887,534		1,887,534
Faraday Buyer, LLC Delayed Draw Term Loan (MacLean Power Systems)		380,895		380,895
Fidelity Evergreen Private Credit Fund LP		6,556,890		8,448,961
First Legal Buyer, Inc. Delayed Draw Term Loan		1,361,140		1,861,388
First Legal Buyer, Inc. Revolving Loan		930,694		930,694
FMG Suite Holdings, LLC Revolving Credit		437,254		437,254
Forward Solutions, LLC Third Amendment Delayed Draw Term Loan		1,752,436		1,752,436
G-A-I Consultants, Inc. First Amendment Delayed Draw Term Loan		3,947,368		3,947,368
G-A-I Consultants, Inc. Revolving Loan		177,632		513,158
GC Waves Holdings, Inc. 2024 Delayed Draw Term Loan		3,356,000		4,399,000
Gen4 Dental Partners OPCO, LLC Closing Date Delayed Draw Term Loan		1,904,762		1,904,762
Gen4 Dental Partners OPCO, LLC Revolving Loan		380,952		380,952
GHA Buyer, Inc. (aka Cedar Gate) Revolving Loan		269,823		269,823
GS Acquisitionco, Inc. Revolving Loan		1,196,809		1,196,809
GS Acquisitionco, Inc. Seventh Suplemental Delayed Draw Term Loan		1,228,723		1,228,723
Guidepoint Security Holdings, LLC Delayed Draw Term Loan		78,263		78,263
Halo Buyer, Inc. Revolving Loan		1,691,802		—
HEC Purchaser Corp. Revolving Loan		781,250		781,250
HEF Safety Ultimate Holdings, LLC Delayed Draw Term Loan		710,680		710,680

Table of Contents


Investments	March 31, 2025		December 31, 2024
Helios Service Partners, LLC Delayed Draw Term Loan 2022	$	6,000,000	$	6,000,000
Helios Service Partners, LLC Third Amendement Incremental Delayed Draw Term Loan		10,000,000		10,000,000
Heritage Foodservice Investment, LLC First Amendment Delayed Draw Term Loan		4,820,898		4,820,898
Heritage Foodservice Investment, LLC Revolving Credit Loan		602,612		602,612
High Street Buyer, Inc. 3/2024 Delayed Draw Term Loan		4,919,851		5,999,819
Hills Distribution, Inc. Delayed Draw Term Loan		129,630		129,630
Hills Distribution, Inc. Delayed Draw Term Loan		15,974		15,974
Houseworks Holdings, LLC Delayed Draw Term Loan		—		2,035,714
Houseworks Holdings, LLC Fourth Amendment Delayed Draw Term Loan		2,554,134		2,554,134
IEQ Capital, LLC 2024 Incremental Delayed Draw Term Loan		4,418,182		4,418,182
Inszone Mid, LLC A&R Delayed Draw Term Loan Facility		75,424		124,376
Inventus Power, Inc. Revolving Loan		355,932		355,932
Iodine Software, LLC Revolving Loan		290,765		290,765
ISG Enterprises, LLC Delayed Draw Term Loan (2023)		278,400		278,400
JHCC Holdings LLC 2024-A Incremental Delayed Draw Term Loan		—		69,337
JHCC Holdings LLC_Delayed Draw Term Loan		328,551		533,362
KabaFusion Parent LLC Revolving Credit Loan		1,425,015		1,425,015
Kelso Industries LLC Delayed Draw Term Loan		2,091,499		2,921,089
KENE Acquisition, Inc. Initial Delayed Draw Term Loan		383,117		383,117
Keystone Agency Partners LLC Delayed Draw Term Loan E		329,218		—
Kite Midco II LTD Term Loan B2		1,322,514		1,322,514
Kite Midco II LTD Term Loan B2		1,322,514		1,322,514
KL Charlie Acquisition Company Delayed Draw Term Loan		197,598		—
KL Charlie Acquisition Company Sixth Amendment Delayed Draw Term Loan		169,650		385,568
Lakewood Acquisition Corporation Revolving Loan		2,452,716		—
LeadVenture, Inc. Revolver		591,133		591,133
LeadVenture, Inc. Supplemental No. 4 Delayed Draw Term Loan		2,012,069		4,468,966
Liberty Purchaser, LLC Revolving Loan (Magna Legal Services)		562,030		562,030
Lido Advisors, LLC Seventh Amendment Delayed Draw Term Loan		734,897		1,278,720
Life Science Intermediate Holdings, LLC Delayed Draw Dollar Term Loan F		3,578,626		3,634,834
Lighthouse Technologies Holding Corp. Revolving Loan		815,899		815,899
Loving Tan Intermediate II Inc. Revolving Loan		165,926		207,407
M&D MidCo, Inc. Third Amendment Delayed Draw Term Loan		259,635		259,635
ManTech International Corporation Delayed Draw Term Loan		614,940		614,940
MB2 Dental Solutions, LLC Revolving Commitment		298,635		298,635
MB2 Dental Solutions, LLC Tranche 1 Delayed Draw Term Loan		1,009,386		1,188,567
Medical Device Inc. Revolving Loan		551,739		551,739
Medina Health, LLC Revolving Loan		393,258		393,258
Medrina, LLC Initial Delayed Draw Term Loan Facility		127,660		744,681
Medrina, LLC Revolving Facility		531,915		531,915
Minds Buyer, LLC Revolving Credit		625,000		625,000
MKD Electric, LLC Revolving Loan		553,669		935,701
Modigent, LLC Delayed Term Loan		173,414		275,244
Mountain Parent, Inc. Delayed Draw Term Loan		1,165,803		1,165,803
Mountain Parent, Inc. Revolving Credit Facility		621,762		621,762
NMI Acquisitionco, Inc. Revolving Loan		332,302		332,302
NORA Acquisition, LLC Revolving Credit		330,556		388,889
Oakbridge Insurance Agency LLC Delayed Draw Term Loan		127,160		135,909
Oil Changer Holding Corporation Amendment No.4 Delayed Draw Term Loan		1,496,558		—
Optimizely North America Inc. (USD) Revolving Credit		1,232,000		1,232,000
OSR Opco LLC Delayed Draw Term Loan		1,066,667		1,066,667
OSR Opco LLC Revolving Loan		640,000		853,333
Owl Cyber Defense Solutions, LLC Revolving Loan		945,410		945,410
Pacific Purchaser, LLC Delayed Draw Term Loan		246,479		352,113
Pacific Purchaser, LLC Revolving Loan		176,056		176,056
Packaging Coordinators Midco, Inc. Initial Dollar Delayed Draw Term Loan		4,404,800		—
Packaging Coordinators Midco, Inc. Revolving Loan		1,053,322		—
PAG Holding Corp. Revolving Loan		981,065		981,065
PAI Middle Tier, LLC Revolving Credit Loan		1,700,704		—
Pareto Health Intermediate Holdings Inc. Amendment No. 1 Delayed Draw Term Loan		3,133,337		3,133,337
PCS Midco, Inc. Delayed Draw Term Loan		9,488		9,488
PCS Midco, Inc. Revolving Credit Loan		15,469		15,469
PD BridgeCo, LLC Delayed Draw Term Loan Fourth Amendment				5,031,287
PDI TA Holdings, Inc. Delayed Draw Term Loan		535,547		535,547
PDI TA Holdings, Inc. Revolving Credit		485,333		560,000
Pediatric Home Respiratory Services, LLC Delayed Term Loan		2,415,000		2,415,000
Pediatric Home Respiratory Services, LLC Revolving Credit		1,127,000		1,127,000

Table of Contents


Investments	March 31, 2025		December 31, 2024
Penncomp, LLC Delayed Draw Term Loan A	$	—	$	573,016
Penncomp, LLC Delayed Draw Term Loan B		7,785,736		—
Penncomp, LLC Revolving Loan		519,049		—
Peter C. Foy & Associates Insurance Services, LLC Tranche E Delayed Term Loan		429,184		785,465
Peter C. Foy & Associates Insurance Services, LLC Tranche E Delayed Term Loan		599,500		1,084,875
Petra Borrower, LLC Delayed Draw Term Loan		650,000		650,000
Petra Borrower, LLC Revolving Loan		75,000		500,000
PharmaLogic Holdings Corp. Delayed Draw Term Loan		2,590,674		2,590,674
Phoenix YW Buyer, Inc. Revolving Credit Loan		1,136,364		1,136,364
PMA Parent Holdings, LLC Revolving Credit Loan		313,500		313,500
Point Quest Acquisition, LLC Revolving Credit Loan		566,828		1,022,034
Point Quest Acquisition, LLC Term Loan		2,542,373		2,542,373
PPW Aero Buyer, Inc. 2024 Delayed Draw Term Loan		1,349,940		2,300,940
PracticeTek Purchaser, LLC Delayed Draw Term Loan		587,190		587,190
Premier Tires & Service Acquisition, LLC Incremental Delayed Draw Term Loan		—		940,000
Premier Tires & Service Acquisition, LLC Incremental Delayed Draw Term Loan		—		940,000
Premier Tires & Service Acquisition, LLC Incremental Revolving Loan		139,172		317,598
PRGX Global, Inc. Delayed Draw Term Loan		1,612,063		—
Principal Lighting Group, LLC Revolving Loan		1,643,192		—
Puma Buyer, LLC Revolving Credit Loan		2,236,111		—
RBFD Buyer, LLC Initial Delayed Draw Term Loan		3,002,706		3,788,904
RBFD Buyer, LLC Revolving Credit		947,226		947,226
Rcp Nats Purchaser, LLC Delayed Draw Term Loan		2,060,945		—
Rcp Nats Purchaser, LLC Revolving Loan		1,442,662		—
Recipe Acquisition Corp. Delayed Draw Loan		2,184,949		2,184,949
Recipe Acquisition Corp. Revolving Credit		493,511		668,307
Redwood Services Group, LLC Sixth Amendment Incremental Delayed Draw Term Loan		9,012,680		—
RoC Holdco LLC Revolving Credit Loan		732,000		732,000
Rotolo Consultants, Inc. Delayed Draw Term Loan (2025)		613,486		—
RPM Purchaser, Inc. Delayed Draw Term Loan B		517,857		517,857
RRA Corporate, LLC Delayed Draw Term Loan 2		64,789		—
RRA Corporate, LLC Revolver		46,000		—
Rural Sourcing Holdings, Inc. Delayed Draw Term Loan Amendment No. 1		352,000		352,000
Rural Sourcing Holdings, Inc. Revolving Loan		202,400		237,600
Sagebrush Buyer, LLC Revolving Credit		775,862		775,862
SageSure Holdings, LLC Amendment No. 1 Delayed Draw Term Loan		5,188,525		1,041,211
Saldon Holdings, Inc. Initial DDTL Loan		126,942		126,942
Salute Mission Critical, LLC Delayed Draw Term Loan Commitment		3,371,490		3,497,396
Salute Mission Critical, LLC Revolving Loan		419,688		699,479
Saturn Borrower Inc Tenth Amendment Delayed Draw Term Loan		2,159,624		—
Saturn Borrower Inc Tenth Amendment Revolving Loan		971,831		—
SDG Mgmt Company, LLC Delayed Draw Term Loan B		498,332		—
SDG Mgmt Company, LLC Third Amendment Delayed Draw Term Loan A		606,720		—
Sigma Defense Systems LLC Revolving Loan		61,377		75,000
Signature Brands, LLC Term Loan		518,015		—
Signature Investor LLC Term Loan B		345,343		—
Solairus Holdings, LLC 2025 Delayed Draw Term Loan		494,044		—
Solairus Holdings, LLC Revolver		123,511		—
Sonny’s Enterprises, LLC Amendment No.1 Delayed Draw Term Loan		414,000		414,000
Spark Buyer, LLC Delayed Draw Term Loan		2,500,000		2,500,000
Spark Buyer, LLC Revolving Credit Loan		1,250,000		1,250,000
Spark Purchaser, Inc. Revolving Credit		808,654		808,654
SuperHero Fire Protection, LLC Revolving Loan		87,477		62,560
Superjet Buyer, LLC Delayed Draw Term Loan		4,349,906		4,349,906
SureWerx Purchaser III, Inc. Delayed Draw Term Loan		315,341		430,010
Surgical Center Solutions, LLC Delayed Draw Term Loan		3,337,479		—
Surgical Center Solutions, LLC Revolving Loan		1,568,615		—
Tank Holding Corp. Delayed Draw Term Loan		—		757,890
Tau Buyer, LLC Delayed Draw Term Loan		1,463,463		—
Tau Buyer, LLC Revolving Credit		571,665		—
TCP Hawker Intermediate LLC Delayed Draw Term Loan		79,755		79,755
TCP Hawker Intermediate LLC Ninth Amendment DDTL 11/24		75,824		75,824
Thames Technology Holdings, Inc. Revolving Loan		788,644		788,643
Thrive Buyer, Inc. Initial Revolving Loan		—		97,122
TMSC OpCo, LLC Revolving Loan		1,050,348		1,050,348
Track Branson Opco, LLC, The Revolving Loan		118,919		118,919
Transgo, LLC Revolving Loan		605,000		605,000

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Investments	March 31, 2025		December 31, 2024
Trench Plate Rental Co. Revolving Loan	$	52,414	$	118,621
Tricor, LLC Revolving Loan		288,462		144,231
Truck-Lite Co., LLC Delayed Draw Term Loan		224,000		622,222
Truck-Lite Co., LLC Initial Revolving Credit Loan		580,741		622,222
TVG Shelby Buyer, Inc. Amendment No. 6 Incremental Delayed Draw Term Loan		2,024,069		2,500,000
TVG Shelby Buyer, Inc. Revolving Credit Loan		250,000		250,000
Upstack Holdco Inc. Delayed Draw Term Loan		2,500,000		3,125,000
Upstack Holdco Inc. Revolving Credit Loan		968,750		1,062,500
USIC Holdings, Inc. Revolving Loan		613,091		1,034,590
USIC Holdings, Inc. Specified Delayed Draw Term Loan		483,723		580,317
Vacation Rental Brands, LLC Delayed Term Loan		—		261,183
Vacation Rental Brands, LLC Revolving Credit		353,365		430,184
Valkyrie Buyer, LLC Delayed Draw Term Loan A		561,404		561,404
Valkyrie Buyer, LLC Delayed Draw Term Loan B		748,538		748,538
Valkyrie Buyer, LLC Delayed Draw Term Loan C		262,550		694,269
Valkyrie Buyer, LLC Delayed Draw Term Loan D		4,000,000		4,000,000
Valkyrie Buyer, LLC Delayed Draw Term Loan E		2,000,000		2,000,000
Valkyrie Buyer, LLC Revolving Credit Loan		467,836		467,836
Vensure Employer Services, Inc. Initial Delayed Draw Term Loan		1,025,798		1,074,631
Vensure Employer Services, Inc. Initial Delayed Draw Term Loan		1,025,798		1,074,631
Vertex Companies, Inc., The Delayed Draw Term Loan-B		4,745,763		4,745,763
Vertex Companies, Inc., The Fourth Amendment Revolving Loan		2,372,881		2,372,881
Vertex Service Partners, LLC First Amendment Incremental Delayed Draw Term Loan		3,548,637		4,321,132
Vertex Service Partners, LLC Revolving Facility		264,332		46,512
Vital Purchaser, LLC Revolving Loan		492,000		492,000
Vortex Companies, LLC Amendment No. 4 Incremental Delay Draw Term Loan		2,170,000		3,420,000
Vortex Intermediate, LLC Revolver Amendment No. 4 Incremental		676,029		662,314
VRC Companies, LLC Fourth Amendment Delayed Draw Term Loan		505,123		2,652,742
Vybond Buyer, LLC Delayed Draw Term Loan		2,374,024		—
Vybond Buyer, LLC Revolving Credit Loan		1,780,517		—
WC PLG Buyer, Inc Revolver		—		1,643,192
Wealth Enhancement Group, LLC Revolver Incremental 12/24		226,185		226,186
Wealth Enhancement Group, LLC_Delayed Draw Term Loan 12/24		6,773,687		6,773,687
Western Smokehouse Partners, LLC Delayed Draw Term Loan C		7,398,000		7,258,534
Western Smokehouse Partners, LLC Revolver		167,358		—
Worldwide Insurance Network, LLC DDTL		1,138,972		1,259,430

Total unfunded commitments	$	391,093,779	$	333,895,728

9. Net Assets

Share Issuances

The following table summarizes total Shares issued (including DRIP), related amounts and offering price for the share issuances during the three months ended March 31, 2025:


Share Issuance Date	Shares Issued		Amount		Offering Price
January 1		1,191,393	$	30,975,179	$	26.00
February 1		2,949,039		77,358,000		26.23
March 1		2,030,616		53,745,136		26.47

Total issuance of shares		6,171,048	$	162,078,315

The following table summarizes total Shares issued (including DRIP), related amounts and offering price for the share issuances during the three months ended March 31, 2024:


Share Issuance Date	Shares Issued		Amount		Offering Price
January 1		1,166,604	$	30,032,356	$	25.74
February 1		809,925		21,040,000		25.98
March 1		1,653,938		43,355,000		26.21

Total issuance of shares		3,630,467	$	94,427,356

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Distributions

On March 25, 2025, the Board declared a distribution on the Shares payable on April 30, 2025 to shareholders of record as of the close of business on March 28, 2025 (the “Q1 2025 Distribution”). The amount of the Q1 2025 Distribution equaled $0.67 per Share and was paid in cash or reinvested in additional Shares for shareholders participating in the Company’s DRIP. 425,274 Shares were issued in April 2025 in connection with the Company’s DRIP for the Q1 2025 Distribution.

The following table identifies distributions declared for the three months ended March 31, 2025:

Date Declared

Record Date

Payment Date

Distribution Per Share

Distribution Amount

March 25, 2025

March 28, 2025

April 30, 2025

0.67

27,750,043

The following table identifies distributions declared for the year ended December 31, 2024:

Date Declared

Record Date

Payment Date

Distribution Per Share

Distribution Amount

March 14, 2024

March 29, 2024

April 30, 2024

0.65

10,777,485

May 7, 2024

June 28, 2024

July 31, 2024

0.65

14,030,149

August 8, 2024

September 30, 2024

October 31, 2024

0.65

17,154,639

November 11, 2024

December 30, 2024

January 30, 2025

0.65

22,954,070

During the three months ended March 31, 2025 and 2024, the Company issued 425,274 and 259,187 Shares, respectively, in connection with the DRIP for an aggregate amount of $11,056,750 and $6,672,356, respectively.

Discretionary Share Repurchase Program

Beginning with the quarter ended December 31, 2023, the Company commenced a share repurchase program, in which the Company intends, subject to market conditions and the discretion of the Board, to offer to repurchase, in each quarter, up to 5% of the Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. The Board may amend or suspend the share repurchase program at any time if in its reasonable judgment it deems such action to be in the Company’s best interest and the best interest the Company’s shareholders. As a result, share repurchases may not be available each quarter, such as when a repurchase offer would place an undue burden on the Company’s liquidity, adversely affect the Company’s operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. In the event the amount of Shares tendered exceeds the repurchase offer amount, Shares will be repurchased on a pro rata basis. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the 1940 Act. All Shares purchased by the Company pursuant to the terms of each repurchase offer will be retired and thereafter will be authorized and unissued Shares.

Under the share repurchase program, to the extent the Company offers to repurchase Shares in any particular quarter, the Company expects to repurchase Shares using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter (the “Valuation Date”). If shareholders tender Shares in a repurchase offer with a Valuation Date that is within the 12-month period following the initial issue date of their tendered Shares, the Company may repurchase such Shares subject to an “early repurchase deduction” of 2% of the aggregate NAV of the Shares repurchased (an “Early Repurchase Deduction”). The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders. Shares may be sold to certain feeder vehicles primarily created to hold the Shares that in turn offer interests in such feeder vehicles to non-U.S. persons. For such feeder vehicles and similar arrangements in certain markets, the Company may not apply the Early Repurchase Deduction to the feeder vehicles or underlying investors, often because of administrative or systems limitations.

In the event that any shareholder fails to maintain a minimum balance of $500 of the Company’s Shares, the Company may repurchase all of the Shares held by that shareholder at the repurchase price in effect on the date the Company determines that the shareholder has failed to meet the minimum balance, less any Early Repurchase Deduction. In the alternative, the Company reserves the right to reduce the number of Shares requested to be repurchased from a shareholder so that the required account balance is maintained. Minimum account repurchases will apply even in the event that the failure to meet the minimum balance is caused solely by a decline in the Company’s NAV. Minimum account repurchases are subject to an Early Repurchase Deduction.

On February 3, 2025, the Company offered to purchase up to 1,762,346

Shares at a purchase price equal to the NAV per Share as of March 31, 2025 (the “February 2025 Repurchase Offer”), upon the terms and subject to the conditions set forth in the offer to purchase for the February 2025 Repurchase Offer. The February 2025 Repurchase Offer expired on March 3, 2025 and 288,512 Shares were validly tendered by the shareholders and not properly withdrawn in connection with the February 2025 Repurchase Offer. On April 28, 2025, the Company determined that, as of March 31, 2025, the NAV per Share was $26.01 per Share. Based on such NAV per Share, the aggregate purchase price for the Shares accepted for repurchase by the Company in the February 2025 Repurchase Offer equaled approximately $7,503,930.

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During the three months ended March 31, 2025 and 2024, the Company repurchased 288,512 and no Shares, respectively, pursuant to its discretionary share repurchase program.

The following table summarizes the capital activity during the three months ended March 31, 2025:


	Three Months Ended March 31, 2025			Three Months Ended March 31, 2024
Shares outstanding as of December 31, 2024 and 2023, respectively		35,246,926			12,950,280
Shares issued in private offerings		5,745,774			3,371,280
Shares issued in connection with DRIP		425,274			259,187
Shares repurchased		(288,512	)		—

Shares outstanding as of March 31, 2025 and 2024, respectively		41,129,462			16,580,747

10. Financial Highlights


	Three Months Ended March 31, 2025			Three Months Ended March 31, 2024
Per share data:
Net asset value, beginning of period	$	26.00		$	25.74
Net investment income (loss) (1)		0.67			0.68
Realized and unrealized gain (loss) on investment transactions (2)		0.01			0.06

Total from operations		0.68			0.74
Distributions from net investment income		(0.67	)		(0.62	)
Distributions from net realized capital gains/losses		—			(0.03	)

Total increase (decrease) in net assets		0.01			0.09

Net asset value, end of period	$	26.01		$	25.83

Shares outstanding, end of period		41,129,462			16,580,747
Total return (3)		2.62	%		2.84	%
Ratios / supplemental data
Ratio of gross expenses to average net assets (4)(5)(7)(8)		1.85	%		2.95	%
Ratio of net expenses to average net assets (4)(6)(7)(8)		1.92	%		2.94	%
Ratio of net investment income (loss) to average net assets (4)(8)		2.66	%		2.72	%
Net assets, end of period	$	1,069,797,646		$	428,206,743
Weighted average shares outstanding		39,286,807			15,214,330
Portfolio turnover rate (9)		3.02	%		5.07	%

(1)	Per share amounts are calculated based on the weighted average shares outstanding during the period.

(2)	Includes balancing amounts necessary to reconcile the change in NAV per share for the period.

(3)

Total return is calculated as the change in NAV per share during the period, plus distributions per share, if any, divided by the beginning NAV per share, assuming a distribution reinvestment price in accordance with the Company’s DRIP. Total return has not been annualized for periods less than one year.

(4)	Average net assets are computed using the average balance of net assets at the end of each month of the reporting period.

(5)	Ratio of gross expenses to average net assets is computed using expenses before waivers and expense support payments (recoupments), if applicable.

(6)	Ratio of net expenses to average net assets is computed using total expenses, including the effects of expense support payments (recoupments), which represented (0.07)% and 0.01% on average net assets for the three months ended March 31, 2025 and 2024, respectively.

(7)

Ratio of gross expenses to average net assets and ratio of net expenses to average net assets are inclusive of the income incentive fee and capital gains-based incentive fee. The income incentive fee ratio and capital gains-based incentive fee are 0.22% and 0.00%, respectively, for the three months ended March 31, 2025. The income incentive fee ratio and capital gains-based incentive fee are 0.22% and 0.01%, respectively, for the three months ended March 31, 2024.

(8)	Ratios do not reflect the proportionate share of income and expenses of the underlying private credit funds in which the Company invests. Ratios have not been annualized.

(9)

Portfolio turnover rate is calculated using the lesser of total sales, exits and repayments of investments or total purchases over the monthly average of the investments at fair value for the period reported and has not been annualized. Such monthly average is calculated by totaling the values of the portfolio securities as of the beginning and end of the first month of the particular period and as of the end of each of the succeeding months.

Table of Contents

11. Subsequent Events

The Company’s management has evaluated events subsequent to March 31, 2025 through the date the consolidated financial statements were issued. The Company has concluded that there are no events requiring adjustment or disclosure in the consolidated financial statements other than as set forth below.

April 1, 2025, the Company sold 2,578,382 Shares in the Private Offering pursuant to Subscription Agreements entered into with the participating investors for aggregate consideration of $67.1 million

On May 1, 2025, the Company offered to purchase up to 2,056,473 shares of its Shares at a purchase price equal to the NAV per Share as of June 30, 2025 (the “May 2025 Repurchase Offer”), upon the terms and subject to the conditions set forth in the offer to purchase for the May 2025 Repurchase Offer. The May 2025 Repurchase Offer is set to expire on May 29, 2025.

On May 7, 2025, the Board declared a distribution on the Shares equal to an aggregate amount up to the (i) Company’s taxable earnings, including net investment income (if positive) and capital gains, for the three months ended June 30, 2025 and (ii) such other amounts as may be required to allow the Company to qualify for taxation as a RIC under the Code and eliminate any income and excise tax imposed on the Company (the “Q2 2025 Distribution”). The Q2 2025 Distribution is payable on July 31, 2025 to shareholders of record as of the close of business on June 27, 2025. The final amount of the Q2 2025 Distribution will be determined by the Company’s management at a later date, in accordance with the Board’s authorization. The Q2 2025 Distribution will be paid in cash or reinvested in additional Shares for shareholders participating in the Company’s DRIP.

The Company received approximately $21.8 million of subscriptions effective May 1, 2025 in connection with its monthly closing for the Private Offering.

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

This Quarterly Report on Form 10-Q (“Report”) contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors. These forward-looking statements (including those relating to current and future market conditions and trends in respect thereof) 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 and the Advisor’s beliefs and opinions and our and the Advisor’s assumptions. We are externally managed by the Advisor, a registered investment adviser under the Advisers Act, which is affiliated with StepStone Group. For the avoidance of doubt, we are not a subsidiary of or consolidated with StepStone Group. Furthermore, StepStone Group does not have any obligation, contractual or otherwise, to financially support us. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “potential,” “predicts,” and variations of these words and similar expressions are intended to identify forward-looking statements.

The information contained in this section should be read in conjunction with “Item 1. Unaudited Consolidated Financial Statements” in this Report. Although the Company believes that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate; as a result, the forward-looking statements based on those assumptions also could prove to 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 the Company’s plans and objectives will be achieved. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date of this Report. The Company does not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law.

The forward-looking statements in this Report relate to future events or the Company’s future performance or financial condition, are not guarantees, and involve numerous risks and uncertainties. Some of these risks and uncertainties are beyond our control and difficult to predict and could cause actual events or results to differ materially from those expressed or forecasted in the forward-looking statements, including, but not limited to, those described in “Risk Factors” in Part II, Item 1A of this Report, in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 and the below items:

•

the Company’s future operating results;

•

conditions affecting the financial and capital markets, including with respect to changes from the impact of any global pandemic;

•

general economic, political and industry trends and other external factors, including uncertainty surrounding the financial and political stability of the United States and other countries;

•

actual and potential conflicts of interest with the Advisor and its affiliates;

•

interest rate volatility;

•

the Company’s business prospects and the prospects of the Company’s prospective portfolio companies;

•

the impact of increased competition;

•

the Company’s contractual arrangements and relationships with third parties;

•

the dependence of the Company’s future success on the general economy and its impact on the industries in which the Company invests;

•

the ability of the Company’s portfolio companies to achieve their objectives;

•

the relative and absolute performance of the Advisor;

•

the ability of the Advisor and their affiliates to attract and retain talented professionals;

•

the Company’s use of borrowings and expected financings to fund investments;

•

the adequacy of the Company’s financing sources and working capital;

•

the timing and amount of cash flows, if any, from the operations of the Company’s portfolio companies;

•

the ability of the Advisor to locate suitable investments for the Company, to monitor and administer the Company’s investments and to implement plans to achieve the Company’s investment objectives;

•

the Company’s ability to pay dividends or make distributions;

•

the risks associated with possible disruptions due to terrorism in the Company’s operations or the economy generally;

•

the impact of future acquisitions and divestitures;

•

the Company’s ability to qualify and maintain our qualification as a RIC under the Code; and

•

future changes in laws or regulations, including tax laws and regulations and interpretations thereof, and conditions in the Company’s operating areas.

Investors are advised to consult any additional disclosures that the Company makes directly to investors or through reports that the Company has filed or will file with the U.S. Securities and Exchange Commission (the “SEC”), including our future annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

The Company is not able to rely on the safe harbor for forward-looking statements provided in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

Overview

The Company is a non-diversified, externally managed closed-end management investment company that was organized to achieve attractive risk-adjusted returns mainly by investing in various credit-related strategies. We have elected to be regulated as a BDC under the 1940 Act. In addition, for U.S. federal income tax purposes, we have elected to be treated, and intend to comply with the requirements to qualify annually, as a RIC under the Code.

We are a non-exchange traded, perpetual-life BDC, which is a BDC whose shares are not listed for trading on a stock exchange or other securities market. We use the term “perpetual-life BDC” to describe an investment vehicle of indefinite duration, whose shares are intended to be sold by the BDC monthly on a continuous basis at a price generally equal to the BDC’s monthly NAV per share. In our perpetual-life structure, we may offer investors an opportunity to repurchase their shares on a quarterly basis at NAV, but we are not obligated to offer to repurchase any Shares in any particular quarter. We believe that our perpetual nature enables us to execute a patient and opportunistic strategy and be able to invest across different market environments. This may reduce the risk of the Company being a forced seller of assets in market downturns compared to non-perpetual funds. While we may consider a liquidity event at any time in the future, we currently do not intend to undertake a liquidity event, and we are not obligated by our Limited Liability Company Agreement or otherwise to effect a liquidity event at any time.

The Company’s investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation, mainly by investing in various credit-related strategies. The Company intends to primarily use a “multi-lender” approach to achieve its investment objectives, whereby the Advisor utilizes a variety of non-bank or corporate lenders “Lending Sources” to source investment opportunities for the Company. There can be no assurance that the Company will achieve its investment objectives.

Under normal circumstances, we will invest at least 80% of our total assets (net assets plus borrowings for investment purposes) in Private Credit, primarily through our lending strategy and underlying funds strategy, each as discussed more fully in “Item 1. Business” in our annual report on Form 10-K for the fiscal year ended December 31, 2024. Except as otherwise disclosed in our annual report on Form 10-K for the fiscal year ended December 31, 2024, we may modify or waive our investment objectives and any of our investment policies, restrictions, strategies, and techniques without prior notice and without shareholder approval. However, absent requisite shareholder approval under the 1940 Act, we may not change the nature of our business so as to cease to be, or withdraw our election as, a BDC. If we change our 80% Private Credit test, we will provide shareholders with at least 60 days advance notice of such change.

The Company’s investments in Underlying Funds are primarily made on a fund-of-funds basis in private investment funds and investment vehicles that are excluded from the definition of “investment company” pursuant to Sections 3(c)(1) or 3(c)(7) of the 1940 Act, which are managed by non-affiliated third-party managers that operate various Private Credit-related strategies. Some of these Underlying Funds may from time to time sell seasoned loans to the Company or other third parties.

The managers or general partners of the Underlying Funds may impose management fees or performance-based fees, a proportionate share of which will be borne by the Company and, indirectly, its shareholders. With respect to investments approved by the Advisor that are sourced by Lending Sources or through Underlying Funds, the Company may be required to pay an origination or similar fee in connection with making such investment, as well as any ongoing fees for administrative services provided by the Lending Sources to the Company with respect to such investments, which fees will be indirectly borne by the Company’s shareholders and are in addition to the fees charged to the Underlying Funds by their managers or general partners.

The direct loans to which we have exposure will generally be made to middle-market companies, which we define as companies with an annual EBITDA of approximately $10 million to $100 million. The loans we invest in generally pay floating interest rates based on a variable base rate. The secured debt (including first lien senior secured, unitranche and second lien debt) in which we invest generally have stated terms of five to eight years, and the mezzanine, unsecured or subordinated debt investments that we make will generally have stated terms of up to ten years, but the expected average life of such securities is generally between three and five years. However, there is no limit on the maturity or duration of any security we hold in our portfolio. Loans and securities purchased in the secondary market generally have shorter remaining terms to maturity than newly issued investments. Most of our debt investments are unrated. Our debt investments may also be rated by a nationally recognized statistical rating organization, and, in such case, generally will carry a rating below investment grade (rated lower than “Baa3” by Moody’s Investors Service, Inc. or lower than “BBB” by Standard & Poor’s Ratings Services). Our unrated debt investments will generally have credit quality consistent with below investment grade securities.

The Company generates revenues primarily in the form of interest income from debt investments it holds. In addition, the Company generates income from dividends or distributions of income on any direct equity investments, capital gains on the sale of loans and equity securities and various other loan origination and other fees, including commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.

As a BDC regulated under the 1940 Act, the Company is subject to certain limitations relating to co-investments and joint transactions with affiliates, which, in certain circumstances, likely may limit the Company’s ability to make investments or enter into other transactions alongside other clients. The Advisor has applied for an exemptive order from the SEC that will permit the Company, among other things, to co-invest with certain other persons, including certain affiliates of the Advisor and certain funds managed and controlled by the Advisor and its affiliates, subject to certain terms and conditions. There is no assurance that the co-investment exemptive order will be granted by the SEC.

Please refer to “Item 1. Business” in our annual report on Form 10-K for the fiscal year ended December 31, 2024 for more information on the Company and its investment objectives and strategy.

We are externally managed by the Advisor, which manages our day-to-day operations and provides us with investment advisory and administrative services pursuant to the terms of the Advisory Agreement and the Administration Agreement. The Advisor is registered as an investment adviser with the SEC under the Advisers Act. We are not a subsidiary of, or consolidated with, the Advisor. The Advisor oversees (subject to the oversight of the Board) the management of our operations and is responsible for making investment decisions with respect to our portfolio pursuant to the terms of the Advisory Agreement. Under the Advisory Agreement, we have agreed to pay the Advisor a management fee as well as an incentive fee based on our investment performance.

The Advisor has also entered into the Resource Sharing Agreement with StepStone Group, under which certain designated employees of StepStone Group will provide services, including investment advisory, portfolio management and other services, to the Advisor. The Resource Sharing Agreement (i) provides the Company with access to deal flow generated by StepStone Group in the ordinary course of its business; and (ii) provides the Advisor with access to StepStone Group’s investment professionals and non-investment employees. The Advisor is responsible for determining if the Company will participate in deal flow generated by StepStone Group. StepStone Group will also make available its premises, facilities and systems to the Advisor in order for the Advisor to conduct its daily operations. In return for personnel provided and services rendered under the Resource Sharing Agreement, the Advisor will pay StepStone Group on a cost-plus basis.

By virtue of the Resource Sharing Agreement, our Advisor is served by experienced investment professionals within StepStone Group, including the members of the Investment Committee, which has primary responsibility for portfolio management regarding the Company’s investment portfolio.

The Advisor also serves as the Company’s administrator pursuant to the Administration Agreement and performs certain administrative, accounting and other services for the Company. In consideration of these administrative services, the Company pays the Advisor the Administration Fee in an amount up to 0.20% on an annualized basis of the Company’s net assets (prior to March 25, 2025, the Administration Fee was equal to 0.30% of the Company’s net assets on an annualized basis). The Administration Fee is calculated based on the Company’s month-end NAV (as of the close of business on the last calendar day of the applicable month) and payable monthly in arrears. The Administration Fee is an expense paid out of the Company’s net assets. The Advisor may delegate or sub-contract certain of its services under the Administration Agreement to other entities, including a sub-administrator, and has done so as described below.

From the proceeds of the Administration Fee, the Advisor pays the Sub-Administrator a sub-administration fee to provide certain outsourced administration and outsourced accounting services for the Company.

The Advisor has engaged SGEAIL to act as our sub-advisor pursuant to the Sub-Advisory Agreement to provide certain ongoing, non-discretionary investment advice and services to the Advisor in regard to the Advisor’s management of the Company.

Private Offering

We are conducting the continuous Private Offering of Shares in reliance on the exemption provided by Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder and/or pursuant to Regulation S under the Securities Act, in connection with which we have entered into, and expect to continue to enter into, Subscription Agreements with investors. Investors whose subscriptions for Shares are accepted by the Company will be admitted as members of the Company following payment of their capital contribution to the Company, pursuant to the terms of the Limited Liability Company Agreement. See “Item 1. Business – Private Offering of Shares” in our annual report on Form 10-K for the fiscal year ended December 31, 2024 for more information.

Key Components of Our Results of Operations

Investments

The Company’s level of investment activity can, does, and will vary substantially from period to period depending on many factors, including the amount of debt available to middle-market companies, the general economic environment and the competitive environment for the type of investments the Company makes.

Revenue

The Company generates revenue primarily in the form of interest income, including PIK interest and OID, on debt investments it holds. In addition, the Company generates income from dividends or distributions of income on any direct equity investments, capital gains on the sales of loans and equity securities and various loan origination and other fees. The secured debt (including first lien senior secured,

unitranche and second lien debt) in which the Company invests generally has stated terms of five to eight years, and the mezzanine, unsecured or subordinated debt investments that the Company may make will generally have stated terms of up to ten years, but the expected average life of such securities is generally between three and five years. The Company’s debt investments typically bear interest at a floating rate usually determined on the basis of a benchmark such as SOFR. Interest on these debt investments is paid quarterly. In some instances, the Company receives payments on its debt investments based on scheduled amortization of the outstanding balances. In addition, the Company may receive repayments of some of its debt investments prior to their scheduled maturity date. The frequency or volume of these repayments is expected to fluctuate significantly from period to period. The Company’s portfolio activity also reflects the proceeds of sales of securities. The Company may also generate revenue in the form of commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees. Distributions received from private credit funds occur at irregular intervals and the exact timing of the distributions cannot be determined. The classification of distributions received in cash or in-kind, including return of capital, realized gains, interest income and dividend income, is based on information received from the investment manager of the private credit funds. Dividend income and interest income are recorded on a trade date and accrual basis.

Expenses

The Advisor bears all of its own costs incurred in providing investment advisory services to the Company. As described below, however, the Company bears all other expenses related to its investment program. The Advisor provides or arranges for certain administrative services to be provided to the Company. Among those services are: providing office space, adequate personnel, and communications and other facilities necessary for administration of the Company, performing certain administrative functions to support the Company and its service providers, supporting the Board and providing it with information, providing accounting and legal services in support of the Company, compliance testing services (not including any compliance services performed by an outsourced Chief Compliance Officer) analyzing the value of the Company’s assets, and reviewing and arranging for payment of the Company’s expenses and other support services. Such administrative services are included in the Administration Fee. In addition to the services above, the Advisor is responsible for overseeing the Sub-Administrator.

The Company’s primary operating expenses include the payment of: (i) investment advisory fees to the Advisor pursuant to the Advisory Agreement (unless waived); (ii) the Administration Fee to the Advisor in performing its administrative obligations under the Administration Agreement; and (iii) and other expenses necessary for its operations, including the below:

•

all expenses related to its investment program, including, but not limited to, expenses borne indirectly through the Company’s investments in the underlying assets, including any fees and expenses charged by the investment managers or general partners of the Underlying Funds (including management fees, performance or incentive fees and redemption or withdrawal fees, however titled or structured), all costs and expenses directly related to due diligence of portfolio transactions for the Company such as direct and indirect expenses associated with the Company’s investments (whether or not consummated), and enforcing the Company’s rights in respect of such investments, transfer taxes and premiums, taxes withheld on non-U.S. dividends, fees for data and software providers, research expenses, professional fees (including, without limitation, the fees and expenses of consultants, attorneys and experts) and, if applicable, brokerage commissions, origination or similar fees on investments sourced through Lending Sources or Underlying Funds, interest and commitment fees on loans and debit balances, borrowing charges on securities sold short, dividends on securities sold but not yet purchased and margin fees;

•

attorneys’ fees and disbursements associated with preparing and updating the Company’s registration statement on Form 10 and other regulatory filings, and with reviewing potential investments to be made and executing the Company’s investments;

•

attorneys’ fees and disbursements associated with preparing and filing exemptive applications with the SEC in respect of certain co-investment transactions and the ability to offer multiple classes of shares;

•

fees and disbursements of all accountants or auditors engaged by the Company, expenses related to the annual audit of the Company, expenses related to the financial statements of the Company and expenses related to the preparation, review, approval and filing of the Company’s tax information;

•

recordkeeping, custody and transfer agency fees and expenses;

•

the costs of errors and omissions/directors’ and officers’ liability insurance and a fidelity bond;

•

the Base Management Fee and the Administration Fee;

•

the Incentive Fee;

•

fees paid to third-party consultants or service providers relating to the Company’s establishment or operations and fees paid to third-party providers for due diligence and valuation services;

•

the costs of preparing and mailing reports and other communications, including proxy, tender offer correspondence, annual reports or similar materials, to shareholders;

•

fees of directors who are not “interested persons” and travel and administrative expenses of directors who are not “interested persons” relating to meetings of the Board and committees thereof;

•

costs and charges related to electronic platforms through which investors may access, complete and submit subscription and other fund documents or otherwise facilitate activity with respect to their investment in the Company;

•

all costs and charges for equipment or services used in communicating information regarding the Company’s transactions among the Advisor and any custodian or other agent engaged by the Company;

•

any extraordinary expenses (as defined below), including indemnification expenses as provided for in the Company’s organizational documents;

•

the allocable portion of cost, including the rent and overhead, of our Chief Compliance Officer and their administrative support staff, including the costs of any outsourced third-party Chief Compliance Officer; and

•

other expenses not explicitly borne by the Advisor associated with the investment operations of the Company and its subsidiaries; and all reasonable costs and expenses incurred in connection with the formation and organization of, and offering and sale of Shares in, the Company, as determined by the Advisor, including all out-of-pocket legal, accounting, registration and filing fees and expenses will be borne by the Company. The Company will also bear certain administrative costs.

We reimburse the Advisor, subject to the Amended Expense Limitation Agreement, for amounts paid or costs borne that properly constitute Company expenses as set forth in the Administration Agreement and Advisory Agreement or otherwise. We expect our general and administrative expenses to be relatively stable or to decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.

Portfolio and Investment Activity

As of March 31, 2025, the Company had 829 investments in 323 portfolio companies across 73 industries. Based on fair value as of March 31, 2025, 100% of the Company’s debt portfolio was invested in debt bearing a floating interest rate. The weighted average interest rate across the Company’s portfolio investments was approximately 9.8% as of March 31, 2025.

As of December 31, 2024, the Company had 667 investments in 299 portfolio companies across 71 industries. Based on fair value as of December 31, 2024, 100% of the Company’s debt portfolio was invested in debt bearing a floating interest rate. The weighted average interest rate across the Company’s portfolio investments was approximately 9.8% as of December 31, 2024.

As of March 31, 2025 and December 31, 2024, the Company’s portfolio median EBITDA was $56.1 million and $54.4 million, respectively. The portfolio median EBITDA is based on the most recently reported trailing twelve-month EBITDA received from the portfolio company.

As of March 31, 2025 and December 31, 2024, the Company’s median loan-to-value (“LTV”) was 42.6% and 43.0%, respectively. LTV is calculated as net debt through each respective investment tranche in which the Company holds an investment divided by value of underlying collateral of the portfolio company.

Portfolio Asset Quality

We utilize an internally developed investment rating system to rate the performance of each portfolio company and to monitor our expected level of returns on each of our investments in relation to our expectations for the portfolio company. The investment rating system takes into consideration various factors, including each investment’s expected level of returns, the collectability of our debt investments and the ability to receive a return of the invested capital in our equity investments, comparisons to competitors and other industry participants, the portfolio company’s future outlook and other factors that are deemed to be significant to the portfolio company.

As of March 31, 2025 and December 31, 2024, our investment portfolio had no investments on non-accrual status.

The operating results of our portfolio companies are impacted by changes in the broader fundamentals of the United States economy. In periods during which the United States economy contracts, it is likely that the financial results of small to mid-sized companies, like those in which we invest, could experience deterioration or limited growth from current levels, which could ultimately lead to difficulty in meeting their debt service requirements, to an increase in defaults on our debt investments or in realized losses on our investments and to difficulty in maintaining historical dividend payment rates and unrealized appreciation on our equity investments. Consequently, we can provide no assurance that the performance of certain portfolio companies will not be negatively impacted by future economic cycles or other conditions, which could also have a negative impact on our future results.

Consolidated Results of Operations

Set forth below is a comparison of the results of operations and changes in financial condition for the three months ended March 31, 2025 and 2024. The following tables represent our operating results for the periods indicated:


	Three Months Ended March 31, 2025			Three Months Ended March 31, 2024
Total investment income	$	45,602,938		$	21,512,894
Less: Net expenses		(19,123,056	)		(11,166,479	)

Net investment income (loss)		26,479,882			10,346,415

Net realized gain (loss)		—			320,354
Net change in unrealized appreciation (depreciation)		108,128			505,973

Net increase (decrease) in Net Assets resulting from operations	$	26,588,010		$	11,172,742

Net increases (decreases) in net assets resulting from operations can vary substantially from period to period due to various factors, including recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, comparisons of net changes in net assets resulting from operations may not be meaningful. The unrealized gains for the three months ended March 31, 2025 and 2024 were largely due to increases in NAV on private credit fund investments.


	Three Months Ended March 31, 2025		Three Months Ended March 31, 2024
Investment income:
Interest income	$	45,107,767	$	21,392,779
Payment-in-kind		495,171		120,115

Total Investment Income	$	45,602,938	$	21,512,894

For the three months ended March 31, 2025, total investment income was driven by the Company’s deployment of capital and increasing invested balance of investments. The size of the Company’s investment portfolio at fair value was $1,889 million as of March 31, 2025 and, as of such date, all of the Company’s debt investments were income-producing.

For the three months ended March 31, 2024, total investment income was driven by the Company’s deployment of capital and increasing invested balance of investments. The size of the Company’s investment portfolio at fair value was $771 million as of March 31, 2024 and, as of such date, all of the Company’s debt investments were income-producing.

Interest income on the Company’s debt investments is dependent on the composition and credit quality of the portfolio. Generally, the Company expects the portfolio to generate predictable quarterly interest income based on the terms stated in each loan’s credit agreement. As of March 31, 2025 and December 31, 2024, all of the Company’s debt investments were performing and current on their interest payments.

Expenses

Expenses were as follows for the periods indicated:


	Three Months Ended March 31, 2025			Three Months Ended March 31, 2024
Expenses
Interest expense	$	11,587,759		$	7,531,462
Management fee		2,528,232			983,189
Income incentive fee		2,147,772			837,526
Capital gains-based incentive fee		9,259			35,198
Administration fee		748,566			296,454
Professional fees		569,551			337,580
Legal fees		101,902			667,738
Custody fees		68,662			28,654
Directors’ fees		37,500			50,000
Other expenses		592,342			423,035

Total expenses	$	18,391,545		$	11,190,836

Less expense (recoupment) support payments (to) by the Advisor		(731,511	)		24,357
Waiver for management and incentive fees		—			—

Net expenses	$	19,123,056		$	11,166,479

Other expenses include valuation, insurance, filing, research, subscriptions, professional fees and other costs. The increase in expenses period over period has generally been a result of the growth of the Company.

Expense support payments include operating expenses and organizational costs.

Income Taxes, Including Excise Taxes

The Company has elected to be treated as a RIC under the Code and intends each year to qualify and be eligible to be treated as such, so that it generally will not be subject to U.S. federal income tax on its net investment income or net short-term or long-term capital gains, that are distributed (or deemed distributed, as described below) to shareholders. In order to qualify and be eligible for such treatment, the Company must meet certain asset diversification tests, derive at least 90% of its gross income for such year from certain types of qualifying income, and distribute to its shareholders at least 90% of its “investment company taxable income” as that term is defined in the Code (which includes, among other things, dividends, taxable interest and the excess of any net short-term capital gains over net long-term capital losses, as reduced by certain deductible expenses).

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. For three months ended March 31, 2025, the Company did not incur any excise tax.

The Company’s investment strategy will potentially be limited by its intention to continue qualifying for treatment as a RIC and can limit the Company’s ability to continue qualifying as such. The tax treatment of certain of the Company’s investments under one or more of the qualification or distribution tests applicable to RICs is uncertain. An adverse determination or future guidance by the IRS or a change in law might affect the Company’s ability to qualify or be eligible for such treatment.

The Company accounts for income taxes in conformity with ASC Topic 740 - Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in consolidated financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions

not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense or tax benefit in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized tax benefits or unrecognized tax liabilities related to uncertain income tax positions during the three months ended March 31, 2025.

The Company’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three fiscal years after they are filed.

Financial Condition, Liquidity and Capital Resources

The Company generates cash from the net proceeds from the Private Offering and from cash flows from interest and fees earned from its investments and principal repayments and proceeds from sales of its investments. The Company also funds a portion of its investments through net borrowings from banks and issuances of senior securities, including CLO debt issuances, and intends to continue to do so during times prior to when the Company has fully invested the proceeds of any closing on Shares in the Private Offering. The Company’s primary use of cash will be to make investments in portfolio companies, payments of Company expenses, payments of cash distributions to shareholders and repurchases of Shares under the Company’s discretionary share repurchase program.

Due to the diverse capital resources available to us at this time, including our net borrowings from our credit facilities and CLO debt issuances, our anticipated cash flows from the net proceeds from the Private Offering, our anticipated cash flows from interest and fees earned from our investments and principal repayments and proceeds from sales of our investments, we believe we have adequate liquidity to support our near-term capital requirements, including to fund our unfunded commitment obligations.

Cash Flows

As of March 31, 2025 we had $42.9 million in cash and cash equivalents and restricted cash and restricted cash equivalents. During the three months ended March 31, 2025, we used $(300.4) million in cash for operating activities, primarily as a result of funding of portfolio investments of $(370.0) million, partially offset by repayment of portfolio investments of $54.2 million, and other operating activities of $15.4 million. Cash provided by financing activities was $312.0 million during the period, which was primarily the result of proceeds from the issuance of Shares in the Private Offering of $151.0 million and borrowings of $418.0 million under our financing arrangements, partially offset by distributions paid and repurchase of shares of $(13.6) million and repayments of borrowings, including debt issuance costs paid of $(243.4) million.

As of March 31, 2024 we had $32.5 million in cash and cash equivalents and restricted cash and restricted cash equivalents. During the three months ended March 31, 2024, we used $(196.5) million in cash for operating activities, primarily as a result of funding of portfolio investments of $(233.1) million, partially offset by repayment of portfolio investments of $36.4 million, and other operating activities of $0.2 million. Cash provided by financing activities was $210.0 million during the period, which was primarily the result of proceeds from the issuance of Shares in the Private Offering of $88.3 million and borrowings of $212.0 million under our financing arrangements, partially offset by distributions paid of $(1.7) million and repayments of borrowings of $(88.5) million.

Financing Transactions

The Company intends to utilize leverage (including through the establishment of wholly-owned financing subsidiaries), to finance its investments and operations. The amount of leverage that the Company employs will be subject to the restrictions of the 1940 Act and the supervision of the Board. At the time of any proposed borrowing, the amount of leverage the Company employs will also depend on the Advisor’s assessment of market and other factors.

Under the provisions of the 1940 Act, following approval from our initial shareholder of the reduced asset coverage requirements under Section 61(a)(2) of the 1940 Act, which approval became effective on January 21, 2023, we are currently permitted to issue “senior securities” only in amounts such that our asset coverage, as defined in the 1940 Act, equals at least 150% after each issuance of senior securities. For purposes of the 1940 Act, “asset coverage” means the ratio of (1) the total assets of a BDC, less all liabilities and indebtedness not represented by senior securities, to (2) the aggregate amount of senior securities representing indebtedness (plus, in the case of senior securities represented by preferred stock, the aggregate involuntary liquidation preference of such BDC’s preferred stock). Under the 1940 Act, any shares of preferred stock that we may issue will constitute a “senior security” for purposes of the 150% asset coverage test. In addition, while any senior securities remain outstanding, we will be required to make provisions to prohibit any dividend distribution to our shareholders or the repurchase of such securities or shares unless we meet the applicable asset coverage ratios at the time of the dividend distribution or repurchase. As of March 31, 2025 and December 31, 2024, our asset coverage ratio, as defined under the 1940 Act, was 227.0% and 238.4%, respectively.

The Company intends to use leverage in the form of borrowings, including loans from certain financial institutions and the issuance of debt, as well as debt securitizations, and has used and intends to use one or more wholly-owned financing subsidiaries in the future in connection therewith. The Company may also use leverage in the form of the issuance of preferred shares, but does not currently intend to do so, or by using reverse repurchase agreements or similar transactions and derivatives. The Company may use leverage for investments, working capital, expenses and general corporate purposes (including to pay dividends or distributions).

In determining whether to borrow money or issue debt on behalf of the Company, the Advisor will analyze, as applicable, the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to the Company’s investment outlook. Any such leverage, if incurred, would be expected to increase the total capital available for investment by the Company.

As of March 31, 2025 and December 31, 2024, the Company had outstanding borrowings of $668,670,535 and $662,170,535, respectively. The Company may also from time to time enter into new credit facilities, increase the size of existing credit facilities or issue debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

MassMutual SPV I Facility

The MassMutual SPV I Facility matures on March 31, 2033, unless sooner terminated in accordance with its terms.

BMO SPV II Credit Facility

The BMO SPV II Credit Facility matures on May 1, 2030, unless sooner terminated in accordance with its terms.

Wells Fargo SPV III Credit Facility

On October 31, 2024, the Company and Wells Fargo amended the Wells Fargo SPV III Credit Facility (the “Wells Fargo First Amendment”). The Wells Fargo First Amendment, among other things, increased the aggregate commitments by the lenders to $400,000,000 and decreased the applicable margin on borrowings from 2.65% to 2.25%. On February 27, 2025, the Company amended the Wells Fargo SPV III Credit Facility (the “Wells Fargo Second Amendment”). The Wells Fargo Second Amendment, among other things, (1) increased the aggregate commitments by the lenders under the Wells Fargo SPV III Credit Facility to $650,000,000, with an accordion feature providing SPV Facility III the right to request increases in commitments under the facility from new and existing lenders on the same terms and conditions as the existing commitments up to an aggregate maximum of $900,000,000, and (2) decreased the applicable margin on borrowings to 2.15% under the Wells Fargo SPV III Credit Facility.

Borrowings under the Wells Fargo SPV III Credit Facility will generally bear interest at a rate per annum equal to Daily Simple SOFR plus a margin of 2.15%, with a 0.0% floor on Daily Simple SOFR. Amounts available for borrowing under the Wells Fargo SPV III Credit Facility are subject to a borrowing base that applies different advance rates to different types of assets held by SPV Facility III and are subject to limitations with respect to the loans securing the Wells Fargo SPV III Credit Facility, which may affect the borrowing base and therefore amounts available to borrow under the Wells Fargo SPV III Credit Facility. The Wells Fargo SPV III Credit Facility is secured by a first priority security interest in substantially all of the assets of SPV Facility III.

The Wells Fargo Loan and Security Agreement requires payment of a non-use fee equal to, (i) during the six-month period following the date of the Wells Fargo Second Amendment, 0.50% on the difference between the daily outstanding balance under the Wells Fargo SPV III Credit Facility relative to the maximum amount of available commitments at such time up to 65% of the maximum amount of available commitments, plus 2.00% on any such amount in excess of 65% of the maximum amount of available commitments, and (ii) after the initial six-month period following the date of the Wells Fargo Second Amendment, 0.50% on the difference between the daily outstanding balance under the Wells Fargo SPV III Credit Facility relative to the maximum amount of available commitments at such time up to 35% of the maximum amount of available commitments, plus 2.00% on any such amount in excess of 35% of the maximum amount of available commitments.

The reinvestment period end date (after which no borrowings may be drawn under the Wells Fargo SPV III Credit Facility) and the maturity date under the Wells Fargo SPV III Credit Facility are scheduled for February 27, 2028 and February 27, 2030, respectively, unless the Wells Fargo Loan and Security Agreement is sooner terminated in accordance with its terms.

As of March 31, 2025 and December 31, 2024, the Company had an outstanding principal balance under the Wells Fargo SPV III Credit Facility of $383,500,000 and $360,000,000, respectively. For the three months ended March 31, 2025 and 2024, the Company’s borrowings under the Wells Fargo SPV III Credit Facility bore interest at a weighted average interest rate of 6.59% and 7.97%, respectively. For the three months ended March 31, 2025 and 2024, the daily average amount of outstanding borrowings under the Wells Fargo SPV III Credit Facility was $317,022,222 and $74,730,337, respectively.

Atalaya Capital Management LP

For the three months ended March 31, 2025 and 2024, the Company’s aggregate weighted average interest rate under the MassMutual SPV I Facility, the BMO SPV II Credit Facility and the Wells Fargo SPV III Credit Facility (the “Lines of Credit”) amounted to 6.94% and 8.37%, respectively. The Company’s aggregate daily average amount of borrowings under the Lines of Credit for the three months ended March 31, 2025 amounted to $607,370,535 and $324,505,700, respectively.

2024-I CLO

On January 15, 2025, the Company completed the 2024-I CLO, in connection with which the 2024-I Issuer issued the 2024-I CLO Debt.

The debt offered in the 2024-I CLO was issued and incurred by the 2024-I Issuer and consists of the 2024-I CLO Debt, the terms of which are summarized in the table below:


Class	Par Size ($)		Ratings (S&P)	Coupon
Class A 2024 Notes		174,000,000	AAA(sf)	3M SOFR + 1.70%
Class B 2024 Notes		30,000,000	AA(sf)	3M SOFR + 2.00%
2024-I CLO Subordinated Notes		96,360,000	N/A	N/A

The Company directly retained all of the Class B 2024 Notes and 2024-I CLO Subordinated Notes issued in the 2024-I CLO.

As of March 31, 2025, the Company had an outstanding principal balance under the Class A 2024 Notes of $172,997,446.

Distributions and Distribution Reinvestment

We expect to pay regular quarterly distributions. Any distributions we make will be at the discretion of our Board, considering factors such as our earnings, cash flow, capital needs and general financial condition and the requirements of Delaware law. As a result, our distribution rates and payment frequency may vary from time to time.

Our Board’s discretion as to the payment of distributions will be directed, in substantial part, by its determination to cause us to comply with the RIC requirements. To maintain our treatment as a RIC, we generally are required to make aggregate annual distributions to our shareholders of at least 90% of our investment company taxable income.

There is no assurance we will pay distributions in any particular amount, if at all. We may fund any distributions from sources other than cash flow from operations, such as borrowings, return of capital or offering proceeds, and although we generally expect to fund distributions from cash flow from operations, we have not established limits on the amounts we may pay from such sources. The extent to which we pay distributions from sources other than cash flow from operations will depend on various factors, including the level of participation in our distribution reinvestment plan, how quickly we invest the proceeds from this and any future offering and the performance of our investments. Funding distributions from borrowings, return of capital or proceeds of the Private Offering will result in us having less funds available to acquire investments. As a result, the return investors realize on their investment may be reduced. Doing so may also negatively impact our ability to generate cash flows. Likewise, funding distributions from offering proceeds will dilute investors’ interest in us on a percentage basis and may impact the value of their investment especially if we sell these securities at prices less than the price an investor paid for their Shares.

We have not established limits on the amount of funds we may use from any available sources to make distributions. There can be no assurance that we will achieve the performance necessary to sustain our distributions or that we will be able to pay distributions at a specific rate or at all. The Advisor and its affiliates have no obligation to waive advisory fees or otherwise reimburse expenses in future periods.

Consistent with the Code, shareholders will be notified of the source of our distributions. Our distributions may exceed our earnings and profits, especially during the period before we have substantially invested the proceeds from the Private Offering. As a result, a portion of the distributions we make may represent a return of capital for tax purposes. The tax basis of Shares must be reduced by the amount of any return of capital distributions, which will result in an increase in the amount of any taxable gain (or a reduction in any deductible loss) on the sale of Shares.

Portions of our distributions may be funded through reimbursement of certain expenses by our Advisor and its affiliates, including through the waiver of management and incentive fees by our Advisor. Any such distributions funded through expense reimbursements or waivers of management and incentive fees are not based on our investment performance, and can only be sustained if we achieve positive investment performance in future periods and/or the Advisor or its affiliates continues to advance such expenses or waive such fees. Our future reimbursement of amounts advanced or waived by the Advisor and its affiliates will reduce the distributions that you would otherwise receive in the future. Other than as set forth in this Report, the Advisor and its affiliates have no obligation to advance expenses or waive advisory fees.

We have adopted a distribution reinvestment plan, pursuant to which we will reinvest all dividends declared by the Board on behalf of our shareholders who do not elect to receive their dividends in cash. As a result, if the Board authorizes, and we declare, a cash distribution, then our shareholders who have not opted out of our distribution reinvestment plan will have their cash distributions automatically reinvested in additional Shares, rather than receiving the cash dividend or other distribution. Shares will be issued pursuant to the distribution reinvestment plan at their NAV per Share for such Shares at the time the distribution is payable. There is no sales load or other charge for reinvestment, but shareholder servicing fees and distribution fees will be charged where applicable. The Company may terminate the distribution reinvestment plan at any time upon 30 days’ notice to shareholders. Any expenses of the distribution reinvestment plan will be borne by the Company. The reinvestment of dividends and distributions pursuant to the distribution reinvestment plan will increase the Company’s assets on which the Base Management Fee is payable to the Advisor.

Generally, for U.S. federal income tax purposes, shareholders receiving Shares under the distribution reinvestment plan will be treated as having received a distribution equal to the amount payable to them in cash as a distribution had the shareholder not participated in the distribution reinvestment plan.

Discretionary Share Repurchase Program

We do not intend to list our Shares on a securities exchange and we do not expect there to be a public market for our shares. As a result, if you purchase our Shares, your ability to sell your shares will be limited. We have commenced a share repurchase program in which we intend to offer to repurchase in each quarter, subject to market conditions and the discretion of the Board, up to 5% of our Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. Our Board may amend or suspend the share repurchase program at any time if in its reasonable judgment it deems such action to be in our best interest and the best interest of our shareholders. As a result, share repurchases may not be available each quarter, such as when a repurchase offer would place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All Shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued Shares.

During the three months ended March 31, 2025, we repurchased 288,512 Shares pursuant to our discretionary share repurchase program. See “Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities” in Part II of this Report for more information.

Critical Accounting Estimates

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Management will utilize available information, which includes our history, industry standards and the current economic environment, among other factors, in forming the estimates and judgments, giving due consideration to materiality. Actual results may differ from these estimates. In addition, other companies may utilize different estimates, which may impact the comparability of our results of operations to those of companies in similar businesses. Understanding our accounting policies and the extent to which we use management judgment and estimates in applying these policies is integral to understanding our consolidated financial statements.

Critical accounting estimates are those that require the application of management’s most difficult, subjective or complex judgments, often because of the need to make estimates about the effect of matters that are inherently uncertain and that may change in subsequent periods. We will evaluate our critical accounting estimates and judgments required by our policies on an ongoing basis and update them as necessary based on changing conditions. We have identified the valuation of portfolio investments, specifically the valuation of Level 3 investments, as critical because it involves significant judgments and assumptions about highly complex and inherently uncertain matters, and the use of reasonably different estimates and assumptions could have a material impact on our reported results of operations or financial condition.

We have also identified revenue recognition as a critical accounting policy. See “Note 2. Significant Accounting Policies” in “Item 1. Unaudited Consolidated Financial Statements” in this Report for more information regarding the Company’s most significant accounting policies, including those relating to the valuation of its investment portfolio and revenue recognition. These significant accounting policies should be read in conjunction with the Company’s unaudited consolidated financial statements in Item 1. Unaudited Consolidated Financial Statements” of Part I of this Report, “Item 1A. Risk Factors” in Part I of our annual report on Form 10-K for the year ended December 31, 2024.

As of March 31, 2025 and December 31, 2024, our investment portfolio, valued at fair value in accordance with the Board-approved valuation policies, represented approximately 176.5% and 171.4%, respectively, of our total net assets.

Contractual Obligations and Off-Balance Sheet Arrangements

We have entered into certain contracts under which we may have material future commitments. We have entered into each of the Advisory Agreement and the Administration Agreement with the Advisor to provide us with investment advisory services and administrative services. Payments for investment advisory services under the Advisory Agreement and payment of the Administration Fee under the Administration Agreement are described in “Note 3. Related Party Transactions” in “Item 1. Unaudited Consolidated Financial Statements”.

Under the Sub-Advisory Agreement, the Advisor has engaged SGEAIL to provide certain ongoing, non-discretionary investment advice and services to the Advisor in regard to the Advisor’s management of the Company, in exchange for which the Sub-Advisor will receive from the Advisor 20% of the Base Management Fee and Incentive Fee payable to the Advisor by the Company.

In addition, we have entered into the Amended Expense Limitation Agreement with the Advisor which was most recently extended on March 25, 2025 for an additional one-year term, ending on April 3, 2026, and which may be extended for additional one-year periods on an annual basis. Under the Amended Expense Limitation Agreement, any Expense Payments will be subject to recoupment by the Advisor to the extent that such recoupment would not cause the Company to exceed the Expense Cap. See “Note 3. Related Party Transactions” in “Item 1 Unaudited Consolidated Financial Statements” in this Report for more information. As of March 31, 2025 and December 31, 2024, the Company had $46,858 and $778,369, respectively, in expenses subject to recoupment by the Advisor. Recoupment must occur within three years from the end of the month in which such fees and expenses were waived, reimbursed or paid by the Advisor.

If any of our contractual obligations are terminated, our costs may increase under any new agreements that we enter into as replacements. We would also likely incur expenses in locating alternative parties to provide the services we receive under the Advisory Agreement, the Sub-Advisory Agreement and the Administration Agreement.

We may become a party to financial instruments with off-balance sheet risk in the normal course of our business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in our balance sheet. Our investment portfolio may contain debt investments that are in the form of revolving lines of credit and unfunded delayed draw commitments and limited partnership interests, which require us to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements and subscription agreements, respectively. Unfunded commitments on debt investments are presented on our consolidated schedule of investments at fair value. Unrealized appreciation or depreciation, if any, is included in our consolidated statement of assets and liabilities and consolidated statement of operations.

As of March 31, 2025 and December 31, 2024, we had the following outstanding commitments to fund investments. As of March 31, 2025 and December 31, 2024, we believe we have adequate financial resources to satisfy such commitments.


Investments	March 31, 2025		December 31, 2024
3 Step Sports LLC Delayed Draw Term Loan	$	462,081	$	456,755
AAH Topco, LLC Class C Delayed Draw Term Loan		5,801,901		—
Accelevation LLC Delayed Draw Term Loan		3,715,385		—
Accelevation LLC Revolving Credit Loan		2,169,785		—
Accent Building Materials Holdings LLC Term B Delayed Term Loan		171,429		165,312
Accordion Partners LLC Delayed Draw Term Loan		1,533,913		1,826,087
Accordion Partners LLC Revolving Loan		1,217,391		1,217,391
ACP Avenu Buyer, LLC Delayed TL		395,536		395,536
ACP Avenu Buyer, LLC Revolving Credit		208,259		208,259
ACP Falcon Buyer, Inc. Revolving Loan		333,333		333,333
Advanced Medical Management, LLC Revolving Credit Loan		1,504,941		710,526
Advanced Web Technologies Holding Company Revolving Credit Loan		342,127		293,252
AI Fire Buyer, Inc. Delayed Draw Term Loan		—		120,902
Alera Group, Inc. Delayed Draw Term Loan		—		35,516
Alkeme Acquisition, LLC Delayed Draw Term Loan Amendment No. 10		2,685,272		—
Allworth Financial Group, L.P. Fourth Amendment Delayed Draw Term Loan		12,015,585		13,130,720
Allworth Financial Group, L.P. Revolving Loan		618,375		618,375
Ambient Enterprises Holdco LLC Delayed Draw Term Loan		1,935,706		1,935,706
Ambient Enterprises Holdco LLC Revolving Loan		951,979		951,979
AmerCareRoyal, LLC Delayed Draw Term Loan A		1,867,470		1,867,470
AmerCareRoyal, LLC U.S. Revolving Credit		195,783		195,783
AmeriLife Holdings LLC Amendment No. 5 Incremental Delayed Draw Term Loan		3,289,365		—
AmeriLife Holdings LLC Revolving Loan		1,629,866		—
Any Hour LLC Delayed Term Loan		1,876,364		1,876,363
Any Hour LLC Revolving Credit		477,922		540,260
Apex Dental Partners, LLC Delayed Draw Term Loan		2,583,226		2,583,226
Apex Dental Partners, LLC Revolving Credit		812,903		903,226
Apex Service Partners, LLC Incremental Delayed Term Loan		1,322,919		2,598,709
Apex Service Partners, LLC Revolving Credit Loan		25,121		52,425
Apex Service Partners, LLC Revolving Credit Loan		46,344		96,719
Aptean Acquiror Inc. Delayed Draw Term Loan		134,818		238,414
Aptean Acquiror Inc. First Amendment Delayed Draw Term Loan		4,478,174		—
Aptean Acquiror Inc. Revolving Credit		722,358		436,880
Aptean Acquiror Inc. Specified Delayed Draw Term Loan		5,036,348		—
Arctic Holdco, LLC 2025 Delayed Draw Term Loan		883,108		—
Arctic Holdco, LLC Initial Refinancing Revolving Loan		429,174		—
Arctic Holdco, LLC Initial Revolving Loan		—		58,360
Arcticom Group Delayed Draw Term Loan D		1,971		13,796
Arden Insurance Services LLC Revolving Credit		1,307,198		—
Arden Purchaser, LLC Revolver		—		1,307,198
Argano, LLC Delayed Draw Term Loan		2,173,913		2,173,913
Argano, LLC Revolving Credit Loan		362,319		362,319
Artivion, Inc. Delayed Draw Term Loan		557,604		557,604
ASP Global Holdings, LLC Delayed Draw Term Loan		615,882		615,882
ASP Global Holdings, LLC Revolving Loan		236,878		430,686


Investments	March 31, 2025		December 31, 2024
Associations, Inc. Revolving Loan	$	112,845	$	217,009
Associations, Inc. Special Purpose Delayed Draw Term Loan		406,721		451,262
ATI Restoration, LLC Second Amendment Delayed Draw Term Loan		1,200,722		1,262,187
Aviation Technical Services, Inc. Revolving Loan		300,000		500,000
AVW WV Buyer, Inc. Fourth Amendment Delayed Draw Term Loan		1,142,132		1,142,132
Axis Portable Air, LLC Revolving Credit Loan		1,163,990		1,163,990
Axis Portable Air, LLC Seventh Amendment Delayed Draw Term Loan		731,031		—
Axis Portable Air, LLC Sixth Amendment Delayed Draw Term Loan		96,999		2,085,481
Bamboo US BidCo LLC (aka Baxter) Delayed Term Loan		—		44,461
Bamboo US BidCo LLC (aka Baxter) Tranche B-1 Delayed TL		83,849		83,849
Bamboo US BidCo LLC (aka Baxter) Tranche B-2 Delayed Term Loan		83,849		83,849
BCDI Rodeo Dental Buyer, LLC Revolving Credit Loan		451,823		613,362
BCI Burke Holding Corp. Seventh Amendment Delayed Draw Term Loan		1,027,326		1,027,326
BCI Burke Holding Corp. Seventh Amendment Delayed Draw Term Loan		1,257,951		1,257,951
Beacon Oral Specialists Management LLC Sixth Amendment Delayed Draw Term Loan		5,155,652		5,246,957
Berlin Rosen Acquisition, LLC Revolving Loan		235,372		300,243
Berlin Rosen Acquisition, LLC Revolving Loan		135,109		300,243
Best Roofing Services LLC Revolving Loan		895,522		895,522
Big Top Holdings, LLC Revolving Credit Loan		75,000		75,000
BNI Global, LLC Revolving Credit Loan		267,147		267,147
Bridgepointe Technologies, LLC Delayed Draw Term Loan (2024)		5,209,537		7,224,888
C3 AcquisitionCo, LLC Delayed Draw Term Loan		1,803,360		2,420,618
C3 AcquisitionCo, LLC Revolving Loan		786,701		907,732
Capitol Imaging Acquisition Corp. Delayed Draw Term Loan		2,426,027		—
Capitol Imaging Acquisition Corp. Revolving Loan		827,055		—
CARDS Acquisition, Inc. Delayed Draw Term Loan		3,532,609		4,076,087
CARDS Acquisition, Inc. Revolving Loan		321,974		487,772
Carnegie Dartlet, LLC Delayed Draw Term Loan		138,000		180,000
Carnegie Dartlet, LLC Revolving Loan		54,900		56,400
Castlelake Consumer Receivables Opportunity III, L.P. Fund		1,252,076		2,088,417
Castlelake Consumer Receivables Opportunity IV, L.P.		3,514,810		3,514,810
Centex Acquisition, LLC Revolving Loan		608,890		811,853
Cerity Partners Equity Holding LLC 2024 Incremental Delayed Draw Term Loan		1,927,465		3,725,542
Cerity Partners Equity Holding LLC 2025 Incremental Delayed Draw Term Loan		2,267,606		—
Cerity Partners Equity Holding LLC Initial Revolving Loan		448,284		1,062,599
Chef Merito, LLC Delayed Draw Term Loan C		—		340,515
Cherry Bekaert Advisory LLC Amendment No. 1 Delayed Draw Term Loan		319,099		319,099
CMG HoldCo, LLC Delayed Draw Loan (Crete Mechanical Group)		403,588		403,588
Computer Services, Inc. Delayed Draw Term Loan		753,173		753,173
Congress Buyer, Inc. Delayed Draw Term Loan D		6,478,873		—
Costanzo’s Bakery, LLC Delayed Term Loan		201,074		302,442
Creek Parent, Inc. Revolving Credit		2,024,000		2,024,000
Crete PA Holdco, LLC Delayed Draw Term Loan		6,511,628		6,511,628
Crete PA Holdco, LLC Revolving Loan		976,744		976,744
CSG Buyer, Inc. Delayed Draw Term Loan		1,105,263		1,105,263
CSG Buyer, Inc. Revolving Loan		368,421		368,421
CVAUSA Management, LLC Revolving Loan		350,226		—
Cyber Advisors, LLC Delayed Draw Term Loan Amendment No. 5		869,370		—
CVAUSA Management, LLC Primary Delayed Draw Term Loan		—		712,428
CVAUSA Management, LLC Secondary Delayed Draw Term Loan		—		298,226
Demakes Borrower, LLC Delayed Draw Term Loan		97,905		97,905
Dentive, LLC Revolving Loan		141,413		353,532
DermCare Management, LLC Fourth Amendment Delayed Draw Term Loan		1,044,800		2,044,800
Discovery SL Management, LLC Delayed Draw Term Loan B		1,093,500		1,215,000
Discovery SL Management, LLC Revolving Credit Loan		243,000		243,000
DOXA Insurance Holdings LLC Delayed Draw Term Loan		16,049		16,049
Dwyer Instruments, LLC Fourth Amendment Delayed Draw Term Loan		1,414,141		1,414,141
Dwyer Instruments, LLC Revolving Loan		1,599,218		1,696,970
Echo Purchaser, Inc. Delayed Draw Term Loan (Exostar)		62,948		118,027
Einstein Parent, Inc. Revolving Loan		1,002,201		—
Enverus Holdings, Inc. Revolving Loan		405,405		393,329
Enverus Holdings, Inc.Delayed Draw Term Loan		101,236		266,409
Eskola LLC Delayed Draw Term B Loan		4,080,760		4,080,760
ETE Intermediate II LLC Revolving Loan		180,714		31,429
Ethos Risk Services, LLC Delayed Draw Term C Loan		2,666,667		2,666,667
Eval Home Health Solutions Intermediate, L.L.C. Revolving Loan		80,000		80,000
EVDR Purchaser, Inc. Delayed Draw Term Loan		1,372,549		1,372,549


Investments	March 31, 2025		December 31, 2024
EVDR Purchaser, Inc. Revolving Credit Loan	$	741,176	$	686,275
Everbridge Holdings, LLC Delayed Draw Term Loan		844,444		844,444
Everbridge Holdings, LLC Revolving Loan		555,556		555,556
Excel Fitness Holdings, Inc. Delayed Term Loan		1,887,534		1,887,534
Faraday Buyer, LLC Delayed Draw Term Loan (MacLean Power Systems)		380,895		380,895
Fidelity Evergreen Private Credit Fund LP		6,556,890		8,448,961
First Legal Buyer, Inc. Delayed Draw Term Loan		1,361,140		1,861,388
First Legal Buyer, Inc. Revolving Loan		930,694		930,694
FMG Suite Holdings, LLC Revolving Credit		437,254		437,254
Forward Solutions, LLC Third Amendment Delayed Draw Term Loan		1,752,436		1,752,436
G-A-I Consultants, Inc. First Amendment Delayed Draw Term Loan		3,947,368		3,947,368
G-A-I Consultants, Inc. Revolving Loan		177,632		513,158
GC Waves Holdings, Inc. 2024 Delayed Draw Term Loan		3,356,000		4,399,000
Gen4 Dental Partners OPCO, LLC Closing Date Delayed Draw Term Loan		1,904,762		1,904,762
Gen4 Dental Partners OPCO, LLC Revolving Loan		380,952		380,952
GHA Buyer, Inc. (aka Cedar Gate) Revolving Loan		269,823		269,823
GS Acquisitionco, Inc. Revolving Loan		1,196,809		1,196,809
GS Acquisitionco, Inc. Seventh Suplemental Delayed Draw Term Loan		1,228,723		1,228,723
Guidepoint Security Holdings, LLC Delayed Draw Term Loan		78,263		78,263
Halo Buyer, Inc. Revolving Loan		1,691,802		—
HEC Purchaser Corp. Revolving Loan		781,250		781,250
HEF Safety Ultimate Holdings, LLC Delayed Draw Term Loan		710,680		710,680
Helios Service Partners, LLC Delayed Draw Term Loan 2022		6,000,000		6,000,000
Helios Service Partners, LLC Third Amendement Incremental Delayed Draw Term Loan		10,000,000		10,000,000
Heritage Foodservice Investment, LLC First Amendment Delayed Draw Term Loan		4,820,898		4,820,898
Heritage Foodservice Investment, LLC Revolving Credit Loan		602,612		602,612
High Street Buyer, Inc. 3/2024 Delayed Draw Term Loan		4,919,851		5,999,819
Hills Distribution, Inc. Delayed Draw Term Loan		129,630		129,630
Hills Distribution, Inc. Delayed Draw Term Loan		15,974		15,974
Houseworks Holdings, LLC Delayed Draw Term Loan		—		2,035,714
Houseworks Holdings, LLC Fourth Amendment Delayed Draw Term Loan		2,554,134		2,554,134
IEQ Capital, LLC 2024 Incremental Delayed Draw Term Loan		4,418,182		4,418,182
Inszone Mid, LLC A&R Delayed Draw Term Loan Facility		75,424		124,376
Inventus Power, Inc. Revolving Loan		355,932		355,932
Iodine Software, LLC Revolving Loan		290,765		290,765
ISG Enterprises, LLC Delayed Draw Term Loan (2023)		278,400		278,400
JHCC Holdings LLC 2024-A Incremental Delayed Draw Term Loan		—		69,337
JHCC Holdings LLC_Delayed Draw Term Loan		328,551		533,362
KabaFusion Parent LLC Revolving Credit Loan		1,425,015		1,425,015
Kelso Industries LLC Delayed Draw Term Loan		2,091,499		2,921,089
KENE Acquisition, Inc. Initial Delayed Draw Term Loan		383,117		383,117
Keystone Agency Partners LLC Delayed Draw Term Loan E		329,218		—
Kite Midco II LTD Term Loan B2		1,322,514		1,322,514
Kite Midco II LTD Term Loan B2		1,322,514		1,322,514
KL Charlie Acquisition Company Delayed Draw Term Loan		197,598		—
KL Charlie Acquisition Company Sixth Amendment Delayed Draw Term Loan		169,650		385,568
Lakewood Acquisition Corporation Revolving Loan		2,452,716		—
LeadVenture, Inc. Revolver		591,133		591,133
LeadVenture, Inc. Supplemental No. 4 Delayed Draw Term Loan		2,012,069		4,468,966
Liberty Purchaser, LLC Revolving Loan (Magna Legal Services)		562,030		562,030
Lido Advisors, LLC Seventh Amendment Delayed Draw Term Loan		734,897		1,278,720
Life Science Intermediate Holdings, LLC Delayed Draw Dollar Term Loan F		3,578,626		3,634,834
Lighthouse Technologies Holding Corp. Revolving Loan		815,899		815,899
Loving Tan Intermediate II Inc. Revolving Loan		165,926		207,407
M&D MidCo, Inc. Third Amendment Delayed Draw Term Loan		259,635		259,635
ManTech International Corporation Delayed Draw Term Loan		614,940		614,940
MB2 Dental Solutions, LLC Revolving Commitment		298,635		298,635
MB2 Dental Solutions, LLC Tranche 1 Delayed Draw Term Loan		1,009,386		1,188,567
Medical Device Inc. Revolving Loan		551,739		551,739
Medina Health, LLC Revolving Loan		393,258		393,258
Medrina, LLC Initial Delayed Draw Term Loan Facility		127,660		744,681
Medrina, LLC Revolving Facility		531,915		531,915
Minds Buyer, LLC Revolving Credit		625,000		625,000
MKD Electric, LLC Revolving Loan		553,669		935,701
Modigent, LLC Delayed Term Loan		173,414		275,244
Mountain Parent, Inc. Delayed Draw Term Loan		1,165,803		1,165,803
Mountain Parent, Inc. Revolving Credit Facility		621,762		621,762


Investments	March 31, 2025		December 31, 2024
NMI Acquisitionco, Inc. Revolving Loan	$	332,302	$	332,302
NORA Acquisition, LLC Revolving Credit		330,556		388,889
Oakbridge Insurance Agency LLC Delayed Draw Term Loan		127,160		135,909
Oil Changer Holding Corporation Amendment No.4 Delayed Draw Term Loan		1,496,558		—
Optimizely North America Inc. (USD) Revolving Credit		1,232,000		1,232,000
OSR Opco LLC Delayed Draw Term Loan		1,066,667		1,066,667
OSR Opco LLC Revolving Loan		640,000		853,333
Owl Cyber Defense Solutions, LLC Revolving Loan		945,410		945,410
Pacific Purchaser, LLC Delayed Draw Term Loan		246,479		352,113
Pacific Purchaser, LLC Revolving Loan		176,056		176,056
Packaging Coordinators Midco, Inc. Initial Dollar Delayed Draw Term Loan		4,404,800		—
Packaging Coordinators Midco, Inc. Revolving Loan		1,053,322		—
PAG Holding Corp. Revolving Loan		981,065		981,065
PAI Middle Tier, LLC Revolving Credit Loan		1,700,704		—
Pareto Health Intermediate Holdings Inc. Amendment No. 1 Delayed Draw Term Loan		3,133,337		3,133,337
PCS Midco, Inc. Delayed Draw Term Loan		9,488		9,488
PCS Midco, Inc. Revolving Credit Loan		15,469		15,469
PD BridgeCo, LLC Delayed Draw Term Loan Fourth Amendment				5,031,287
PDI TA Holdings, Inc. Delayed Draw Term Loan		535,547		535,547
PDI TA Holdings, Inc. Revolving Credit		485,333		560,000
Pediatric Home Respiratory Services, LLC Delayed Term Loan		2,415,000		2,415,000
Pediatric Home Respiratory Services, LLC Revolving Credit		1,127,000		1,127,000
Penncomp, LLC Delayed Draw Term Loan A		—		573,016
Penncomp, LLC Delayed Draw Term Loan B		7,785,736		—
Penncomp, LLC Revolving Loan		519,049		—
Peter C. Foy & Associates Insurance Services, LLC Tranche E Delayed Term Loan		429,184		785,465
Peter C. Foy & Associates Insurance Services, LLC Tranche E Delayed Term Loan		599,500		1,084,875
Petra Borrower, LLC Delayed Draw Term Loan		650,000		650,000
Petra Borrower, LLC Revolving Loan		75,000		500,000
PharmaLogic Holdings Corp. Delayed Draw Term Loan		2,590,674		2,590,674
Phoenix YW Buyer, Inc. Revolving Credit Loan		1,136,364		1,136,364
PMA Parent Holdings, LLC Revolving Credit Loan		313,500		313,500
Point Quest Acquisition, LLC Revolving Credit Loan		566,828		1,022,034
Point Quest Acquisition, LLC Term Loan		2,542,373		2,542,373
PPW Aero Buyer, Inc. 2024 Delayed Draw Term Loan		1,349,940		2,300,940
PracticeTek Purchaser, LLC Delayed Draw Term Loan		587,190		587,190
Premier Tires & Service Acquisition, LLC Incremental Delayed Draw Term Loan		—		940,000
Premier Tires & Service Acquisition, LLC Incremental Delayed Draw Term Loan		—		940,000
Premier Tires & Service Acquisition, LLC Incremental Revolving Loan		139,172		317,598
PRGX Global, Inc. Delayed Draw Term Loan		1,612,063		—
Principal Lighting Group, LLC Revolving Loan		1,643,192		—
Puma Buyer, LLC Revolving Credit Loan		2,236,111		—
RBFD Buyer, LLC Initial Delayed Draw Term Loan		3,002,706		3,788,904
RBFD Buyer, LLC Revolving Credit		947,226		947,226
Rcp Nats Purchaser, LLC Delayed Draw Term Loan		2,060,945		—
Rcp Nats Purchaser, LLC Revolving Loan		1,442,662		—
Recipe Acquisition Corp. Delayed Draw Loan		2,184,949		2,184,949
Recipe Acquisition Corp. Revolving Credit		493,511		668,307
Redwood Services Group, LLC Sixth Amendment Incremental Delayed Draw Term Loan		9,012,680		—
RoC Holdco LLC Revolving Credit Loan		732,000		732,000
Rotolo Consultants, Inc. Delayed Draw Term Loan (2025)		613,486		—
RPM Purchaser, Inc. Delayed Draw Term Loan B		517,857		517,857
RRA Corporate, LLC Delayed Draw Term Loan 2		64,789		—
RRA Corporate, LLC Revolver		46,000		—
Rural Sourcing Holdings, Inc. Delayed Draw Term Loan Amendment No. 1		352,000		352,000
Rural Sourcing Holdings, Inc. Revolving Loan		202,400		237,600
Sagebrush Buyer, LLC Revolving Credit		775,862		775,862
SageSure Holdings, LLC Amendment No. 1 Delayed Draw Term Loan		5,188,525		1,041,211
Saldon Holdings, Inc. Initial DDTL Loan		126,942		126,942
Salute Mission Critical, LLC Delayed Draw Term Loan Commitment		3,371,490		3,497,396
Salute Mission Critical, LLC Revolving Loan		419,688		699,479
Saturn Borrower Inc Tenth Amendment Delayed Draw Term Loan		2,159,624		—
Saturn Borrower Inc Tenth Amendment Revolving Loan		971,831		—
SDG Mgmt Company, LLC Delayed Draw Term Loan B		498,332		—
SDG Mgmt Company, LLC Third Amendment Delayed Draw Term Loan A		606,720		—
Sigma Defense Systems LLC Revolving Loan		61,377		75,000
Signature Brands, LLC Term Loan		518,015		—


Investments	March 31, 2025		December 31, 2024
Signature Investor LLC Term Loan B	$	345,343	$	—
Solairus Holdings, LLC 2025 Delayed Draw Term Loan		494,044		—
Solairus Holdings, LLC Revolver		123,511		—
Sonny’s Enterprises, LLC Amendment No.1 Delayed Draw Term Loan		414,000		414,000
Spark Buyer, LLC Delayed Draw Term Loan		2,500,000		2,500,000
Spark Buyer, LLC Revolving Credit Loan		1,250,000		1,250,000
Spark Purchaser, Inc. Revolving Credit		808,654		808,654
SuperHero Fire Protection, LLC Revolving Loan		87,477		62,560
Superjet Buyer, LLC Delayed Draw Term Loan		4,349,906		4,349,906
SureWerx Purchaser III, Inc. Delayed Draw Term Loan		315,341		430,010
Surgical Center Solutions, LLC Delayed Draw Term Loan		3,337,479		—
Surgical Center Solutions, LLC Revolving Loan		1,568,615		—
Tank Holding Corp. Delayed Draw Term Loan		—		757,890
Tau Buyer, LLC Delayed Draw Term Loan		1,463,463		—
Tau Buyer, LLC Revolving Credit		571,665		—
TCP Hawker Intermediate LLC Delayed Draw Term Loan		79,755		79,755
TCP Hawker Intermediate LLC Ninth Amendment DDTL 11/24		75,824		75,824
Thames Technology Holdings, Inc. Revolving Loan		788,644		788,643
Thrive Buyer, Inc. Initial Revolving Loan		—		97,122
TMSC OpCo, LLC Revolving Loan		1,050,348		1,050,348
Track Branson Opco, LLC, The Revolving Loan		118,919		118,919
Transgo, LLC Revolving Loan		605,000		605,000
Trench Plate Rental Co. Revolving Loan		52,414		118,621
Tricor, LLC Revolving Loan		288,462		144,231
Truck-Lite Co., LLC Delayed Draw Term Loan		224,000		622,222
Truck-Lite Co., LLC Initial Revolving Credit Loan		580,741		622,222
TVG Shelby Buyer, Inc. Amendment No. 6 Incremental Delayed Draw Term Loan		2,024,069		2,500,000
TVG Shelby Buyer, Inc. Revolving Credit Loan		250,000		250,000
Upstack Holdco Inc. Delayed Draw Term Loan		2,500,000		3,125,000
Upstack Holdco Inc. Revolving Credit Loan		968,750		1,062,500
USIC Holdings, Inc. Revolving Loan		613,091		1,034,590
USIC Holdings, Inc. Specified Delayed Draw Term Loan		483,723		580,317
Vacation Rental Brands, LLC Delayed Term Loan		—		261,183
Vacation Rental Brands, LLC Revolving Credit		353,365		430,184
Valkyrie Buyer, LLC Delayed Draw Term Loan A		561,404		561,404
Valkyrie Buyer, LLC Delayed Draw Term Loan B		748,538		748,538
Valkyrie Buyer, LLC Delayed Draw Term Loan C		262,550		694,269
Valkyrie Buyer, LLC Delayed Draw Term Loan D		4,000,000		4,000,000
Valkyrie Buyer, LLC Delayed Draw Term Loan E		2,000,000		2,000,000
Valkyrie Buyer, LLC Revolving Credit Loan		467,836		467,836
Vensure Employer Services, Inc. Initial Delayed Draw Term Loan		1,025,798		1,074,631
Vensure Employer Services, Inc. Initial Delayed Draw Term Loan		1,025,798		1,074,631
Vertex Companies, Inc., The Delayed Draw Term Loan-B		4,745,763		4,745,763
Vertex Companies, Inc., The Fourth Amendment Revolving Loan		2,372,881		2,372,881
Vertex Service Partners, LLC First Amendment Incremental Delayed Draw Term Loan		3,548,637		4,321,132
Vertex Service Partners, LLC Revolving Facility		264,332		46,512
Vital Purchaser, LLC Revolving Loan		492,000		492,000
Vortex Companies, LLC Amendment No. 4 Incremental Delay Draw Term Loan		2,170,000		3,420,000
Vortex Intermediate, LLC Revolver Amendment No. 4 Incremental		676,029		662,314
VRC Companies, LLC Fourth Amendment Delayed Draw Term Loan		505,123		2,652,742
Vybond Buyer, LLC Delayed Draw Term Loan		2,374,024		—
Vybond Buyer, LLC Revolving Credit Loan		1,780,517		—
WC PLG Buyer, Inc Revolver		—		1,643,192
Wealth Enhancement Group, LLC Revolver Incremental 12/24		226,185		226,186
Wealth Enhancement Group, LLC_Delayed Draw Term Loan 12/24		6,773,687		6,773,687
Western Smokehouse Partners, LLC Delayed Draw Term Loan C		7,398,000		7,258,534
Western Smokehouse Partners, LLC Revolver		167,358		—
Worldwide Insurance Network, LLC DDTL		1,138,972		1,259,430

Total unfunded commitments	$	391,093,779	$	333,895,728

100

Recent Developments

On April 1, 2025, the Company sold 2,578,382 Shares in the Private Offering pursuant to Subscription Agreements entered into with the participating investors for aggregate consideration of $67.1 million.

The Company received approximately $21.8 million of subscriptions effective May 1, 2025 in connection with its monthly closing for the Private Offering.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates. To the extent that we borrow money to make investments, our net investment income is dependent upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. A rise in the general level of interest rates can be expected to lead to higher interest rates applicable to the variable rate investments we may hold and to declines in the value of any fixed rate investments we may hold. A rise in interest rates would also be expected to lead to higher cost on our floating rate borrowings which may reduce our net investment income.

We expect that our long-term investments will be financed primarily with equity and debt. If deemed prudent, we may use interest rate risk management techniques in an effort to minimize our exposure to interest rate fluctuations. These techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations.

We invest primarily in illiquid debt securities of private middle-market companies. Most of our investments will not have a readily available market price, and we will value these investments at fair value as determined in good faith pursuant to procedures adopted by the Advisor and overseen by the Board in accordance with the Advisor’s valuation policy. 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 we make. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.

Because most of our investments bear interest at floating rates, we anticipate that an increase in interest rates would have a corresponding increase in our interest income that would likely offset any increase in our cost of funds and, thus, net investment income would not be reduced. A prolonged reduction in interest rates could reduce our gross investment income and could result in a decrease in our net investment income if such decreases in interest rates are not offset by a corresponding increase in the spread over the applicable interest rate that we earn on any portfolio investments, a decrease in our operating expenses or a decrease in the interest rate of our floating interest rate liabilities. There can be no assurance that a significant change in market interest rates will not have an adverse effect on our net investment income.

As of March 31, 2025, on a fair value basis, approximately 0% of our debt investments bear interest at a fixed rate and approximately 100% of our debt investments bear interest at a floating rate. As of March 31, 2025, 97% of our floating rate debt investments are subject to interest rate floors. Our credit facilities along with our debt issued in our collateralized loan obligations are predominantly subject to floating interest rates and are currently paid based on floating SOFR rates.

101

Assuming that the consolidated statement of assets and liabilities as of March 31, 2025 were to remain constant and that the Company took no actions to alter its existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates.


	Increase (Decrease) in			Decrease (Increase) in			Net Increase (Decrease) in
Change in Interest Rates	Interest Income			Interest Expense			Net Investment Income
Down 200 basis points	$	(902,155	)	$	231,755		$	(678,581	)
Down 150 basis points		(676,617	)		173,816			(508,935	)
Down 100 basis points		(451,078	)		115,878			(339,290	)
Down 50 basis points		(225,539	)		57,939			(169,645	)
Up 50 basis points		225,539			(57,939	)		169,645
Up 100 basis points		451,078			(115,878	)		339,290
Up 150 basis points		676,617			(173,816	)		508,935
Up 200 basis points		902,155			(231,755	)		678,581

This analysis is indicative of the potential impact on our net investment income as of March 31, 2025, assuming an immediate and sustained change in interest rates as noted. It should be noted that we anticipate growth in our portfolio funded in part with additional borrowings.

Our credit facilities and collateralized loan obligations, and potentially other borrowings, to the extent they are floating rate borrowings, all else being equal, will increase our sensitivity to interest rates, and such changes could be material. In addition, this analysis does not adjust for potential changes in our portfolio or our borrowing facilities after March 31, 2025, nor does it take into account any changes in the credit performance of our loans that might occur should interest rates change.

Because it is our intention to hold loans to maturity, the fluctuating relative value of these loans that may occur due to changes in interest rates may have an impact on unrealized gains and losses during quarterly reporting periods. Based on our assessment of the interest rate risk, as of March 31, 2025, we had no hedging transactions in place as we deemed the risk acceptable, and we did not believe it was necessary to mitigate this risk at that time.

From time to time, we may make investments that are denominated in a foreign currency that are subject to the effects of exchange rate movements between the foreign currency of each such investment and the U.S. dollar, which may affect future fair values and cash flows, as well as amounts translated into U.S. dollars for inclusion in our consolidated financial statements. We may use derivative instruments from time to time, including foreign currency forward contracts and cross currency swaps, to manage the impact of fluctuations in foreign currency exchange rates. In addition, we may have the ability to borrow in foreign currencies under any credit facilities or enter into other financing arrangements, which provides a natural hedge with regard to changes in exchange rates between the foreign currencies and U.S. dollar and reduces our exposure to foreign exchange rate differences. We expect to typically be a net receiver of these foreign currencies as related for our international investment positions, and, as a result, our investments denominated in foreign currencies, to the extent not hedged, are expected to benefit from a weaker U.S. dollar and are adversely affected by a stronger U.S. dollar.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this Report, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act). Based on that evaluation, the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, have concluded that the Company’s disclosure controls and procedures are effective in timely alerting them to material information relating to the Company that is required to be disclosed by the Company in the reports it files or submits under the Exchange Act.

Changes in Internal Control Over Financial Reporting

Management has not identified any changes in the Company’s internal control over financial reporting that occurred during the three months ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

102

PART II OTHER INFORMATION

Item 1. Legal Proceedings

Neither the Company, the Advisor nor the Company’s subsidiaries are currently subject to any material legal proceedings, nor, to the Company’s knowledge, are any material legal proceedings threatened against the Company, the Advisor or the Company’s subsidiaries. From time to time, the Company, the Advisor, and/or the Company’s subsidiaries may be party to certain legal proceedings in the ordinary course of business or otherwise, including, without limitation, proceedings relating to the enforcement of the Company’s or its subsidiaries’ rights under contracts with portfolio companies. The Company’s and the Advisor’s respective businesses are also subject to extensive regulation, which may result in regulatory proceedings against the Company and/or the Advisor. The outcome of any legal proceedings cannot be predicted with certainty, and there can be no assurance whether any legal proceedings will have a material adverse effect on the Company’s or the Advisor’s financial condition or results of operations in any future reporting period.

Item 1A. Risk Factors

Before making a decision to transact in our securities, you should carefully consider the risks referenced below and all other information contained in this Report, including our interim financial statements and the related notes thereto, which could materially affect the Company’s business, financial condition and/or operating results, as well as the value of the Company’s securities. The risks referenced herein are not the only risks the Company faces. Additional risks and uncertainties that are not currently known to the Company or that the Company currently deems to be immaterial also may materially adversely affect the Company’s business, financial condition and/or operating results, as well as the value of the Company’s securities.

There have been no material changes during the three months ended March 31, 2025 to the risk factors previously disclosed in our annual report on Form 10-K for the year ended December 31, 2024, which you should carefully consider before transacting in our securities. If any of such risks actually occur, the Company’s business, financial condition and/or operating results could be materially adversely affected. If that happens, the value of the Company’s securities could decline, and you may lose all or part of your investment.

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities

Sales of Unregistered Equity Securities

We have entered into Subscription Agreements with investors and expect to enter into additional Subscription Agreements with a number of investors in connection with the Private Offering, pursuant to which have issued and sold, and expect to continue to issue and sell, Shares under the exemption provided by Section 4(a)(2) of the Securities Act, Rule 506 of Regulation D promulgated thereunder and/or pursuant to Regulation S under the Securities Act.

Except as previously reported by the Company on its current reports on Form 8-K, the Company did not sell any equity securities during the three months ended March 31, 2025 that were not registered under the Securities Act.

Issuer Purchases of Equity Securities

On February 3, 2025, the Company offered to purchase up to 1,762,346 Shares at a purchase price equal to the NAV per Share as of March 31, 2025 (the “February 2025 Repurchase Offer”), upon the terms and subject to the conditions set forth in the offer to purchase for the February 2025 Repurchase Offer. The February 2025 Repurchase Offer expired on March 3, 2025 and 288,512 Shares were validly tendered by the shareholders, and not properly withdrawn in connection with the February 2025 Repurchase Offer. On April 28, 2025, the Company determined that, as of March 31, 2025, the NAV per Share was $26.01 per Share. Based on such NAV per Share, the aggregate purchase price for the Shares accepted for repurchase by the Company in the February 2025 Repurchase Offer equaled approximately $7,503,930.

The following table sets forth information regarding repurchases of Shares effectuated under Company tender offers during the three months ended March 31, 2025:


Offer Date	Tender Offer Expiration		Purchase Price per Share		Total Number of Shares Repurchased (1)		Aggregate Dollar Amount of Shares Repurchased (in thousands) (2)		Maximum number of Shares that may yet be Purchased under the Repurchase Plan
February 3, 2025		March 3, 2025	$	26.01		288,512	$	7,504		—

(1)	All repurchase requests were satisfied in full.

(2)	Amounts shown net of any early repurchase deduction.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Rule 10b5-1 Trading Plans

During the fiscal quarter ended March 31, 2025, none of our directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any “non Rule 10b5-1 trading arrangement.”

103


	March 31, 2025 (Unaudited)			December 31, 2024
Assets
Investments in securities of unaffiliated issuers at fair value (cost $1,885,788,180 and $1,567,755,924, respectively)	$	1,888,682,456		$	1,570,542,072
Cash and cash equivalents		571,551			1,875,772
Restricted cash and restricted cash equivalents		42,326,954			29,368,356
Interest receivable		14,249,163			11,271,653
Prepaid and other assets		612,789			—
Due from affiliate		300,016			14
Receivable from Advisor		—			731,511

Total assets	$	1,946,742,929		$	1,613,789,378

Liabilities
Lines of credit (net of unamortized debt issuance costs of $10,979,897 and $7,466,444, respectively)	$	657,831,138		$	654,704,091
Debt securitization (net of unamortized debt issuance costs of $1,693,491 and $0, respectively)		172,306,509			—
Distributions payable		27,750,043			22,954,070
Repurchase offer payable		7,503,930			1,742,364
Interest payable		4,393,859			4,513,417
Management fee payable		2,528,232			2,166,986
Incentive fee payable		2,301,000			1,982,658
Directors’ fees payable		37,500			37,500
Payables for investments purchased		20,878			7,554,592
Accrued expenses		2,272,194			1,748,406

Total liabilities	$	876,945,283		$	697,404,084

Commitments and contingencies (Note 8); Recoupments (Note 3)
Net assets
Shares, no par value, unlimited shares authorized, 41,129,462 and 35,246,926, respectively, shares issued and outstanding	$	1,069,930,686		$	915,356,301
Distributable earnings (accumulated loss)		(133,040	)		1,028,993

Total net assets	$	1,069,797,646		$	916,385,294

Total liabilities and net assets	$	1,946,742,929		$	1,613,789,378

Net asset value per share	$	26.01		$	26.00


PART I	FINANCIAL INFORMATION

Item 1.	Consolidated Financial Statements (Unaudited)

	Consolidated Statements of Assets and Liabilities as of March 31, 2025 (Unaudited) and December 31, 2024	2

	Consolidated Statements of Operations (Unaudited) for the three months ended March 31, 2025 and 2024	3

	Consolidated Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2025 and 2024	4

	Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 31, 2025 and 2024	5

	Consolidated Schedule of Investments as of March 31, 2025 (Unaudited)	6

	Consolidated Schedule of Investments as of December 31, 2024	33

	Notes to Consolidated Financial Statements (Unaudited)	56

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	83

Item 3.	Quantitative and Qualitative Disclosure About Market Risk	101

Item 4.	Controls and Procedures	102

PART II	OTHER INFORMATION

Item 1.	Legal Proceedings	103

Item 1A.	Risk Factors	103

Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity	103

Item 3.	Defaults Upon Senior Securities	103

Item 4.	Mine Safety Disclosures	103

Item 5.	Other Information	103

Item 6.	Exhibits	104

SIGNATURES		105


	Limited Liability Company Interests						Total Distributable Earnings (Accumulated Loss)
	Number of Shares			Shares Transactions			Total Distributable Earnings (Accumulated Loss)			Total Net Assets
Three Months Ended March 31, 2025
Balance, December 31, 2024		35,246,926		$	915,356,301		$	1,028,993		$	916,385,294
Net investment income		—			—			26,479,882			26,479,882
Net realized gain (loss) from investments in securities of unaffiliated issuers		—			—			—			—
Net change in unrealized appreciation (depreciation) from investments in securities of unaffiliated issuers		—			—			108,128			108,128
Distributions		—			—			(27,750,043	)		(27,750,043	)
Issuance of Shares		6,171,048			162,078,315			—			162,078,315
Repurchase of Shares		(288,512	)		(7,503,930	)		—			(7,503,930	)

Balance, March 31, 2025		41,129,462		$	1,069,930,686		$	(133,040	)	$	1,069,797,646

Three Months Ended March 31, 2024
Balance, December 31, 2023		12,950,280		$	333,712,935		$	(328,805	)	$	333,384,130
Net investment income		—			—			10,346,415			10,346,415
Net realized gain (loss) from investments in securities of unaffiliated issuers		—			—			320,354			320,354
Net unrealized appreciation from investments in securities of unaffiliated issuers		—			—			505,973			505,973
Distributions		—			—			(10,777,485	)		(10,777,485	)
Issuance of Shares		3,630,467			94,427,356			—			94,427,356

Balance, March 31, 2024		16,580,747		$	428,140,291		$	66,452		$	428,206,743


3.1		Certificate of Formation of the Company.⁽¹⁾

3.2		Limited Liability Company Agreement of the Company.⁽¹⁾

10.1		Indenture, dated as of January 15, 2025, by and between StepStone CLO 2024-I LLC, as issuer, and UMB Bank, National Association, as trustee,^⁽²⁾

10.2		Collateral Management Agreement, dated as of January 15, 2025, by and between StepStone CLO 2024-I LLC, as issuer, and StepStone Private Credit Fund LLC, as collateral manager.⁽²⁾

10.3		Master Loan Sale Agreement, dated as of January 15, 2025 by and between StepStone Private Credit Fund LLC, as seller, and StepStone CLO 2024-I, as issuer.^⁽²⁾

10.4		Master Participation Agreement for Par/Near Par Trades, dated as of January 15, 2025, by and among StepStone CLO 2024-I LLC, as buyer, and StepStone Private Credit Fund LLC, SPV Facility I LLC and StepStone SPV Facility III LLC, as sellers.^⁽²⁾

10.5		Amendment No. 2 to Loan and Security Agreement, dated as of February 27, 2025, by and among the Company, as collateral manager and as equityholder, StepStone SPV Facility III LLC, as borrower, Wells Fargo Bank, National Association, as administrative agent and lender, and Raymond James Bank, as a lender.^⁽³⁾

10.6		Amended and Restated Administration Agreement, dated as of March 25, 2025.⁽⁴⁾

10.7		Letter Agreement, dated March 25, 2025, Relating to Extension of Limitation Period Under Amended and Restated Expense Limitation and Reimbursement Agreement.⁽⁴⁾

31.1		Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended.*

31.2		Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended.*

32.1		Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended.**

101.INS		Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document).*

101.SCH		Inline XBRL Taxonomy Extension Schema Document.*

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document.*

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document.*

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document.*

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document.*

104		Cover Page Interactive Data File (embedded within the Inline XBRL Document).*