# EDGAR Filing Document

**Accession Number:** 0001950803
**File Stem:** 0001193125-25-279957
**Filing Date:** 2025-11
**Character Count:** 869604
**Document Hash:** ae0dfd9ce21f963f553dd284f9ff9bca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-279957.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001193125-25-279957

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 66

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Stepstone Private Credit Fund LLC
- **CENTRAL INDEX KEY:** 0001950803

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01624
- **FILM NUMBER:** 251477747

**BUSINESS ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **STREET 2:** 44TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172
- **BUSINESS PHONE:** 212-351-6100

**MAIL ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **STREET 2:** 44TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172

?xml version='1.0' encoding='ASCII'? 10-Q

##### [**Table of Contents**](#toc)

### 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 September 30, 2025

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

#### For the transition period from to

#### 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<br>Incorporation or Organization) | (I.R.S. Employer<br>Identification No.) |
| 277 Park Avenue, 44th Floor<br>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<br>Symbol(s) | Name of each exchange<br>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.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-Accelerated filer | ☒ | Smaller reporting company | ☐ |
|  |  | Emerging Growth Company | ☒ |

---

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 October 31, 2025, the registrant had 63,719,378 shares of its limited liability company interests outstanding.

------

##### [**Table of Contents**](#toc)

#### STEPSTONE PRIVATE CREDIT FUND LLC

#### QUARTERLY REPORT ON FORM 10-Q

#### FOR THE QUARTER ENDED SEPTEMBER 30, 2025

#### **TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  **PART I** | **[<u>FINANCIAL INFORMATION</u>](#fin202550_1)** |  |
|  Item 1. | [Consolidated Financial Statements (Unaudited)](#fin202550_2) |  |
|  | [Consolidated Statements of Assets and Liabilities as of September 30, 2025 (Unaudited) and December 31, 2024](#fin202550_3) | 2 |
|  | [Consolidated Statements of Operations (Unaudited) for the three and nine months ended September 30, 2025 and 2024](#fin202550_4) | 3 - 4 |
|  | [Consolidated Statements of Changes in Net Assets (Unaudited) for the three and nine months ended September 30, 2025 and 2024](#fin202550_5) | 5 |
|  | [Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024](#fin202550_6) | 6 |
|  | [Consolidated Schedule of Investments as of September 30, 2025 (Unaudited)](#fin202550_7) | 7 |
|  | [Consolidated Schedule of Investments as of December 31, 2024](#fin202550_8) | 43 |
|  | [Notes to Consolidated Financial Statements (Unaudited)](#fin202550_9) | 66 |
|  Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#fin202550_10) | 99 |
|  Item 3. | [Quantitative and Qualitative Disclosure About Market Risk](#fin202550_11) | 121 |
|  Item 4. | [Controls and Procedures](#fin202550_12) | 122 |
|  PART II | **[<u>OTHER INFORMATION</u>](#fin202550_13)** |  |
|  Item 1. | [Legal Proceedings](#fin202550_14) | 123 |
|  Item 1A. | [Risk Factors](#fin202550_15) | 123 |
|  Item 2. | [Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity](#fin202550_16) | 125 |
|  Item 3. | [Defaults Upon Senior Securities](#fin202550_17) | 125 |
|  Item 4. | [Mine Safety Disclosures](#fin202550_18) | 125 |
|  Item 5. | [Other Information](#fin202550_19) | 125 |
|  Item 6. | [Exhibits](#fin202550_20) | 126 |

---

[SIGNATURES](#fin202550_21)

------

##### [**Table of Contents**](#toc)

#### PART I. FINANCIAL INFORMATION

#### StepStone Private Credit Fund LLC

#### Consolidated Statements of Assets and Liabilities
(in thousands, except share and per share amounts)

---

| | | |
|:---|:---|:---|
|  | September 30, 2025<br> (Unaudited) | December 31, 2024 |
| Assets |  |  |
| Investments in securities of unaffiliated issuers at fair value (cost $2,640,965 and $1,567,756, respectively) | $2645502 | $1570542 |
| Cash and restricted cash | 9865 | 7952 |
| Cash equivalents and restricted cash equivalents | 61060 | 23292 |
| Interest receivable | 14401 | 11272 |
| Prepaid and other assets | 768 |  |
| Receivable from Advisor |  | 731 |
| Total assets | $2731596 | $1613789 |
| Liabilities |  |  |
| Lines of credit (net of unamortized debt issuance costs of $11,979 and $7,466, respectively) | $819592 | $654704 |
| Debt securitization (net of unamortized debt issuance costs of $3,192 and $0, respectively) | 344805 |  |
| Payables for investments purchased | 9369 | 7555 |
| Distributions payable | 35338 | 22954 |
| Repurchase offer payable |  | 1742 |
| Interest payable | 4337 | 4513 |
| Management fee payable | 3580 | 2167 |
| Incentive fee payable | 3102 | 1983 |
| Directors' fees payable | 63 | 38 |
| Accrued expenses | 2145 | 1748 |
| Total liabilities | $1222331 | $697404 |
| Commitments and contingencies (Note 8); Recoupments (Note 3) |  |  |
| Net assets |  |  |
| Shares, no par value, unlimited shares authorized, 57,931,326 and 35,246,926, respectively, shares issued and outstanding | $1510529 | $915356 |
| Distributable earnings (accumulated loss) | (1264) | 1029 |
| Total net assets | $1509265 | $916385 |
| Total liabilities and net assets | $2731596 | $1613789 |
| Net asset value per share | $26.05 | $26.00 |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Statements of Operations
(Unaudited)

(in thousands, except share and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended<br> September 30, 2025 | Three Months Ended<br> September 30, 2024 | Nine Months Ended<br> September 30, 2025 | Nine Months Ended<br> September 30, 2024 |
| Investment Income |  |  |  |  |
| Interest income on investments in securities of unaffiliated issuers | $62448 | $30875 | $160867 | $79042 |
| Payment in-kind interest on investments in securities of unaffiliated issuers | 438 | 97 | 1417 | 359 |
| Dividend income | 365 |  | 986 |  |
| Total investment income | $63251 | $30972 | $163270 | $79401 |
| Expenses |  |  |  |  |
| Interest expense | $19325 | $9220 | $48973 | $24952 |
| Management fee | 3580 | 1664 | 9111 | 3924 |
| Income incentive fee | 2812 | 1342 | 7289 | 3360 |
| Capital gains-based incentive fee | 191 | 193 | 146 | 148 |
| Professional fees | 969 | 282 | 2175 | 1012 |
| Administration fee | 711 | 497 | 2062 | 1179 |
| Custody fees | 137 | 26 | 312 | 77 |
| Legal fees | 129 | 147 | 263 | 955 |
| Directors' fees | 63 | 50 | 163 | 150 |
| Other expenses | 771 | 636 | 2039 | 1592 |
| Total expenses | $28688 | $14057 | $72533 | $37349 |
| Less expense (recoupment) support payments (to) by the Advisor (Note 3) | $— | $(608) | $(778) | $(747) |
| Net expenses | $28688 | $14665 | $73311 | $38096 |
| Net investment income | $34563 | $16307 | $89959 | $41305 |

---

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

------

#### Private Credit Fund LLC

#### Consolidated Statements of Operations – (Continued)
(Unaudited)

(in thousands, except share and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended<br> September 30, 2025 | Three Months Ended<br> September 30, 2024 | Nine Months Ended<br> September 30, 2025 | Nine Months Ended<br> September 30, 2024 |
| Realized and unrealized gain (loss) allocated from investments in securities of unaffiliated issuers |  |  |  |  |
| Net change in unrealized appreciation (depreciation) from investments in securities of unaffiliated issuers | 2487 | 2557 | 1751 | 2304 |
| Net gain (loss) from investments in securities of unaffiliated issuers | $2487 | $2557 | $1751 | $2304 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $37050 | $18864 | $91710 | $43609 |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Statements of Changes in Net Assets
(Unaudited)

(in thousands, except share and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Limited Liability Company Interests | Limited Liability Company Interests | | |
|  | Number<br> of Shares | Shares<br> Transactions | Total Distributable<br> Earnings<br> (Accumulated Loss) | Total Net<br> Assets |
| Three Months Ended September 30, 2025 |  |  |  |  |
| Balance, June 30, 2025 | 48305330 | $1257886 | $(2976) | $1254910 |
| Net investment income |  |  | 34563 | 34563 |
| Net change in unrealized appreciation (depreciation) from investments in securities of unaffiliated issuers |  |  | 2487 | 2487 |
| Distributions |  |  | (35338) | (35338) |
| Issuance of Shares | 9625996 | 252643 |  | 252643 |
| Repurchase of Shares |  |  |  |  |
| Balance, September 30, 2025 | 57931326 | $1510529 | $(1264) | $1509265 |
| Three Months Ended September 30, 2024 |  |  |  |  |
| Balance, June 30, 2024 | 21520505 | $556938 | $(391**)** | $556547 |
| Net investment income |  |  | 16307 | 16307 |
| Net change in unrealized appreciation (depreciation) from investments in securities of unaffiliated issuers |  |  | 2557 | 2557 |
| Distributions |  |  | (17155) | (17155) |
| Issuance of Shares | 4871254 | 126818 |  | 126818 |
| Repurchase of Shares | (84438) | (2192) |  | (2192) |
| Balance, September 30, 2024 | 26307321 | $681564 | $1318 | $682882 |
| Nine Months Ended September 30, 2025 |  |  |  |  |
| Balance, December 31, 2024 | 35246926 | $915356 | $1029 | $916385 |
| Net investment income |  |  | 89959 | 89959 |
| Net change in unrealized appreciation (depreciation) from investments in securities of unaffiliated issuers |  |  | 1751 | 1751 |
| Distributions |  |  | (94003) | (94003) |
| Issuance of Shares | 22972912 | 602677 |  | 602677 |
| Repurchase of Shares | (288512) | (7504) |  | (7504) |
| Balance, September 30, 2025 | 57931326 | $1510529 | $(1264) | $1509265 |
| Nine Months Ended September 30, 2024 |  |  |  |  |
| Balance, December 31, 2023 | 12950280 | $333713 | $(329**)** | $333384 |
| Net investment income |  |  | 41305 | 41305 |
| Net change in unrealized appreciation (depreciation) from investments in securities of unaffiliated issuers |  |  | 2304 | 2304 |
| Distributions |  |  | (41962) | (41962) |
| Issuance of Shares | 13505819 | 351707 |  | 351707 |
| Repurchase of Shares | (148778) | (3856) |  | (3856) |
| Balance, September 30, 2024 | 26307321 | $681564 | $1318 | $682882 |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Statements of Cash Flows
(Unaudited)

(in thousands, except share and per share amounts)

---

| | | |
|:---|:---|:---|
|  | Nine Months Ended<br> September 30, 2025 | Nine Months Ended<br> September 30, 2024 |
| Operating activities |  |  |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $91710 | $43609 |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by/(used in) operating activities: |  |  |
| Purchases of investments | (1345725) | (792005) |
| Proceeds from sales, exits and repayments of investments | 277169 | 165955 |
| Payment-in-kind interest capitalized | (1720) | (797) |
| Accretion of original issue discount, net of amortized premiums on investments | (2933) | (2653) |
| Amortization of debt issuance costs | 2192 | 1104 |
| Net change in unrealized (appreciation) depreciation from investments in securities of unaffiliated issuers | (1751) | (2304) |
| Changes in Assets and Liabilities: |  |  |
| (Increase)/decrease in receivables for investments sold |  | (1469) |
| (Increase)/decrease in interest receivable | (3129) | (3968) |
| (Increase)/decrease in prepaid and other assets | (768) |  |
| (Increase)/decrease in due from affiliate |  | (679) |
| (Increase)/decrease in receivable from Advisor | 731 | 747 |
| Increase/(decrease) in payables for investments purchased | 1815 | 9371 |
| Increase/(decrease) in interest payable | (176) | 1413 |
| Increase/(decrease) in management fee payable | 1413 | 2165 |
| Increase/(decrease) in incentive fee payable | 1119 | 2080 |
| Increase/(decrease) in directors' fees payable | 25 | 25 |
| Increase/(decrease) in accrued expenses | 397 | 524 |
| Net cash provided by/(used in) operating activities | $(979631) | $(576882) |
| Financing activities |  |  |
| Proceeds from issuance of shares | $563028 | $329990 |
| Repurchase of shares, net of change in repurchase offer payable | (9246) | (1664) |
| Distributions, net of distribution reinvestment plan and change in distributions payable | (41971) | (11508) |
| Borrowings under lines of credit | 862400 | 663000 |
| Repayments to lines of credit | (693000) | (402500) |
| Issuance of debt securitization | 348000 | 6435 |
| Debt issuance costs paid | (9899) | (571) |
| Net cash provided by/(used in) financing activities | $1019312 | $583182 |
| Net increase/(decrease) in cash and cash equivalents and restricted cash and restricted cash equivalents | $39681 | $6300 |
| Cash and restricted cash and cash equivalents and restricted cash equivalents at beginning of the period | 31244 | 18924 |
| Cash and restricted cash and cash equivalents and restricted cash equivalents at end of the period | $70925 | $25224 |
| Supplemental information and non-cash activities |  |  |
| Interest paid on lines of credit | $46957 | $22434 |
| Issuance of shares in connection with distribution reinvestment plan | 39649 | 21718 |
| Investments purchased through participation agreements |  | 7800 |
| Borrowings incurred through participation agreements |  | 7800 |
| Reconciliation to the Consolidated Statement of Assets and Liabilities |  |  |
| Cash and restricted cash | $9865 | $15184 |
| Cash equivalents and restricted cash equivalents | 61060 | 10040 |
| Total cash and restricted cash and cash equivalents and restricted cash equivalents | $70925 | $25224 |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments (Unaudited)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br> Rate<br> Spread / Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| First Lien Senior Secured Advertising |  |  |  |  |  |  |  |  |
| Amplify Buyer, Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 8.89% | 9/17/2032 | $9000 | $8955 | $8955 | 0.59% |
| Amplify Buyer, Inc. Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 0.75% | 8.89% | 9/17/2032 | 9000 | 8955 | 8955 | 0.59% |
| Carnegie Dartlet, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 1.00% | 9.66% | 2/7/2030 | 42 | 41 | 29 | 0.00% |
| Carnegie Dartlet, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.66% | 2/7/2030 | 502 | 496 | 467 | 0.03% |
| Carnegie Dartlet, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 2/7/2030 |  | (1) | (4) | 0.00% |
| Finn Partners, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.65% / 1.00% | 10.65% | 7/1/2026 | 1658 | 1653 | 1657 | 0.11% |
| Finn Partners, Inc. Second Amendment Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 6.65% / 1.00% | 10.65% | 7/1/2026 | 3216 | 3202 | 3201 | 0.21% |
| Gator Plastic Intermediate Holdings, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 7.00% / 1.50% | 11.14% | 10/14/2027 | 4125 | 4056 | 4062 | 0.27% |
| Gator Plastic Intermediate Holdings, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 7.00% / 1.50% | 11.22% | 10/14/2027 | 447 | 434 | 447 | 0.03% |
| Kite Midco II LTD Term Loan B1 | (3)(4)(5)(7)(10) | 3M SOFR + 5.00% / 0.00% | 9.27% | 11/19/2031 | 5290 | 5219 | 5212 | 0.35% |
| Kite Midco II LTD Term Loan B1 | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.00% | 9.27% | 11/19/2031 | 5290 | 5219 | 5212 | 0.35% |
| Kite Midco II LTD Term Loan B2 | (3)(4)(5)(6)(7)(8)(10) | 3M SOFR + 5.00% / 0.00% | 5.00% | 11/19/2031 |  | (9) |  | 0.00% |
| Kite Midco II LTD Term Loan B2 | (3)(4)(5)(6)(7)(8)(12) | 3M SOFR + 5.00% / 0.00% | 5.00% | 11/19/2031 |  | (9) |  | 0.00% |
| Minds Buyer, LLC Revolving Credit | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 5/3/2029 |  | (4) |  | 0.00% |
| Minds Buyer, LLC Second Amendment Incremental Term Loan (First Lien) | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 9.00% | 5/3/2029 | 3848 | 3846 | 3815 | 0.25% |
| Minds Buyer, LLC Second Amendment Incremental Term Loan (First Lien) | (3)(4)(5)(7)(14) | 3M SOFR + 5.00% / 1.00% | 9.00% | 5/3/2029 | 3375 | 3354 | 3346 | 0.22% |
| Minds Buyer, LLC Second Amendment Incremental Term Loan (First Lien) | (3)(4)(5)(7)(15) | 3M SOFR + 5.00% / 1.00% | 9.00% | 5/3/2029 | 4067 | 4032 | 4032 | 0.27% |
|  |  |  |  |  |  | $49439 | $49386 | 3.27% |
| Aerospace & Defense |  |  |  |  |  |  |  |  |
| Aviation Technical Services, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 7/12/2029 | $— | $(3) | $(3) | 0.00% |
| Aviation Technical Services, Inc. Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.75% / 1.00% | 10.07% | 7/12/2029 | 586 | 582 | 581 | 0.04% |
| Aviation Technical Services, Inc. Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.75% / 1.00% | 10.07% | 7/12/2029 | 3374 | 3352 | 3350 | 0.22% |
| Heads Up Technologies, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.57% | 7/23/2030 | 5818 | 5789 | 5713 | 0.38% |
| Heads Up Technologies, Inc. Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.25% / 1.00% | 9.57% | 7/23/2030 | 6000 | 6000 | 5891 | 0.39% |
| Heads Up Technologies, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 7/23/2030 |  | (6) | (6) | 0.00% |
| PAG Holding Corp. Amendment No. 2 Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.75% / 1.00% | 8.75% | 12/21/2029 | $1977 | 1968 | 1967 | 0.13% |
| PAG Holding Corp. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 3.75% / 1.00% | 11.00% | 12/21/2029 | 172 | 162 | 172 | 0.01% |
| PAG Holding Corp. Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.75% / 1.00% | 8.75% | 12/21/2029 | 5176 | 5133 | 5129 | 0.34% |
| PAG Holding Corp. Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 1.00% | 8.75% | 12/21/2029 | 5985 | 5957 | 5931 | 0.39% |
| PPW Aero Buyer, Inc. 2024 Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 2/15/2029 |  | (3) |  | 0.00% |
| PPW Aero Buyer, Inc. 2025 Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.00% / 1.00% | 9.00% | 2/15/2029 | 495 | 492 | 493 | 0.03% |
| PPW Aero Buyer, Inc. Delayed Draw Term Loan-1 | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 9.00% | 2/15/2029 | 3587 | 3543 | 3587 | 0.24% |
| PPW Aero Buyer, Inc. Term Loan (Whitcraft LLC) | (3)(4)(5)(7)(10) | 3M SOFR + 6.50% / 1.00% | 10.50% | 2/15/2029 | 4899 | 4899 | 4899 | 0.32% |
| Sigma Defense Systems LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 6.75% / 1.00% | 10.79% | 12/18/2027 | 1732 | 1704 | 1707 | 0.11% |
| Sigma Defense Systems LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 6.90% / 1.00% | 10.94% | 12/18/2027 | 17 | 17 | 17 | 0.00% |
| Systems Planning and Analysis, Inc Delayed Draw Term Loan 1L (Add-On) 2/24 | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 1.00% | 9.07% | 8/16/2027 | 59 | 59 | 59 | 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)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br> Rate<br> Spread / Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| Aerospace & Defense (continued) |  |  |  |  |  |  |  |  |
| Systems Planning and Analysis, Inc Delayed Draw Term Loan 1L 6/22 | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 1.00% | 8.92% | 8/16/2027 | 3162 | 3162 | 3162 | 0.21% |
| Systems Planning and Analysis, Inc. Fifth Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 1.00% | 8.62% | 8/16/2027 | 1207 | 1200 | 1207 | 0.08% |
| Systems Planning and Analysis, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 1.00% | 8.92% | 8/16/2027 | 2311 | 2311 | 2311 | 0.15% |
| Systems Planning and Analysis, Inc. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 1.00% | 8.90% | 8/16/2027 | 235 | 234 | 235 | 0.02% |
|  |  |  |  |  |  | $46552 | $46402 | 3.06% |
| Air Freight & Logistics |  |  |  |  |  |  |  |  |
| AMEX Holding III Corp Delayed Draw Term Loan | (3)(4)(5)(6)(7)(11) | 3M SOFR + 5.65% / 1.00% | 9.96% /<br>5.50% | 3/31/2028 | $232 | $231 | $186 | 0.01% |
| AMEX Holding III Corp Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 6.65% / 1.00% | 9.99% /<br>5.50% | 3/31/2028 | 5222 | 5197 | 4178 | 0.28% |
| Gulf Winds International Acquisition, LLC Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 7.00% / 1.00% | 11.16% | 12/16/2028 | 4904 | 4899 | 4732 | 0.31% |
| ITS Buyer, Inc. Term Loan | (3)(4)(5)(7) | 3M SOFR + 6.00% / 1.00% | 10.20% | 12/31/2032 | 5208 | 5157 | 5156 | 0.34% |
| ITS Buyer, Inc._Revolver | (3)(4)(5)(6)(7) | 3M SOFR + 6.00% / 1.00% | 10.46% | 9/3/2032 | 176 | 167 | 167 | 0.01% |
| Solairus Holdings, LLC 2025 Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 7/22/2030 |  | (1) |  | 0.00% |
| Solairus Holdings, LLC Initial Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 4.85% / 1.00% | 9.17% | 7/22/2030 | 1189 | 1169 | 1187 | 0.08% |
| Solairus Holdings, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 4.85% / 1.00% | 9.17% | 7/22/2030 | 3226 | 3226 | 3218 | 0.21% |
| Solairus Holdings, LLC Revolver | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 1/24/2029 |  |  |  | 0.00% |
|  |  |  |  |  |  | $20045 | $18824 | 1.24% |
| Alternative Carriers |  |  |  |  |  |  |  |  |
| Meriplex Communications, Ltd. Initial Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.10% / 0.75% | 9.26% | 7/17/2028 | $1737 | $1737 | $1737 | 0.12% |
| Meriplex Communications, Ltd. Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.10% / 0.75% | 9.26% | 7/17/2028 | 3183 | 3183 | 3183 | 0.21% |
|  |  |  |  |  |  | $4920 | $4920 | 0.33% |
| Apparel Retail |  |  |  |  |  |  |  |  |
| Brightmore Brands LLC Original Term Loan | (3)(4)(5)(7)(8) | 3M SOFR + 9.35% / 1.50% | 13.64% | 9/10/2029 | $— | $10 | $— | 0.00% |
| Brightmore Brands LLC Original Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 9.35% / 1.50% | 13.64% | 9/10/2029 | 2590 | 2550 | 2550 | 0.17% |
| Brightmore Brands LLC Original Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 9.35% / 1.50% | 13.64% | 9/10/2029 | 3400 | 3356 | 3348 | 0.22% |
| Brightmore Brands LLC Original Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 9.35% / 1.50% | 13.64% | 9/10/2029 | 4000 | 3939 | 3939 | 0.26% |
|  |  |  |  |  |  | $9855 | $9837 | 0.65% |
| Apparel, Accessories & Luxury Goods |  |  |  |  |  |  |  |  |
| Halo Buyer, Inc. Closing Date Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.00% / 1.00% | 10.16% | 8/7/2029 | $7788 | $7652 | $7618 | 0.50% |
| Halo Buyer, Inc. Closing Date Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 6.00% / 1.00% | 10.16% | 8/7/2029 | 4025 | 3938 | 3938 | 0.26% |
| Halo Buyer, Inc. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 6.00% / 1.00% | 10.16% | 8/7/2029 | 341 | 311 | 340 | 0.02% |
|  |  |  |  |  |  | $11901 | $11896 | 0.78% |
| Application Software |  |  |  |  |  |  |  |  |
| Anaplan, Inc. Fourth Amendment Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 4.50% / 0.75% | 8.70% | 6/21/2029 | $4963 | $4945 | $4955 | 0.33% |
| Aptean Acquiror Inc. First Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 1/30/2031 |  | (9) | (69) | 0.00% |
| Aptean Acquiror Inc. Revolving Credit | (3)(4)(5)(6)(7) | 3M SOFR + 3.75% / 0.75% | 11.00% | 1/30/2031 | 70 | 69 | 51 | 0.00% |
| Aptean Acquiror Inc. Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.93% / 0.75% | 8.95% | 1/30/2031 | 7620 | 7300 | 7620 | 0.50% |
| Aptean Acquiror Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.93% / 0.75% | 8.95% | 1/30/2031 | 4915 | 4879 | 4915 | 0.33% |
| BASYS LLC First Amendment Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 4.50% / 1.00% | 8.50% | 12/9/2027 | 4497 | 4478 | 4497 | 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)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br> Rate<br> Spread / Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| Application Software (continued) |  |  |  |  |  |  |  |  |
| Bottomline Technologies, Inc.(Legal Spend Holdings, LLC) 2025-1 Refinancing Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 4.50% / 0.75% | 8.50% | 5/14/2029 | 254 | 254 | 254 | 0.02% |
| Dealer Services Network, LLC Second Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.79% | 2/9/2027 | 1305 | 1297 | 1295 | 0.09% |
| Dealer Services Network, LLC Second Amendment Incremental Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.50% / 1.00% | 9.79% | 2/9/2027 | 3377 | 3356 | 3351 | 0.22% |
| Dealer Services Network, LLC Second Amendment Incremental Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.50% / 1.00% | 9.79% | 2/9/2027 | 4035 | 4005 | 4004 | 0.27% |
| Diversis Tempo HoldCo, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.25% / 0.75% | 10.55% | 8/22/2031 | 9232 | 9120 | 9119 | 0.60% |
| Durare Bidco, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.50% | 0.50% | 8/9/2032 |  | (17) | (34) | 0.00% |
| Durare Bidco, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.50% | 8.99% | 8/9/2032 | 6477 | 6445 | 6413 | 0.42% |
| Durare Bidco, LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 0.50% | 8.99% | 8/9/2032 | 6477 | 6445 | 6413 | 0.42% |
| Durare Bidco, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.50% | 0.50% | 8/9/2032 |  | (8) | (16) | 0.00% |
| Echo Purchaser, Inc. Delayed Draw Term Loan (Exostar) | (3)(4)(5)(6)(7)(10) | 3M SOFR + 5.50% / 0.75% | 9.66%<br> /3.50% | 11/19/2029 | 55 | 54 | 55 | 0.00% |
| Echo Purchaser, Inc. Term Loan (Exostar) | (3)(4)(5)(7)(10) | 3M SOFR + 5.50% / 0.75% | 9.66%<br> /3.50% | 11/19/2029 | 638 | 633 | 632 | 0.04% |
| Einstein Parent, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 1/22/2031 |  | (18) | (9) | 0.00% |
| Einstein Parent, Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.50% / 0.75% | 10.83% | 1/22/2031 | 9688 | 9514 | 9492 | 0.63% |
| Everbridge Holdings, LLC Closing Date Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 9.29% | 7/2/2031 | 5514 | 5490 | 5514 | 0.37% |
| Everbridge Holdings, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 0.75% | 9.29% | 7/2/2031 | 540 | 537 | 540 | 0.04% |
| Everbridge Holdings, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.38% / 0.75% | 0.38% | 7/2/2031 |  | (2) |  | 0.00% |
| Fullsteam Operations LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 8/8/2031 |  | (11) | (11) | 0.00% |
| Fullsteam Operations LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.25% / 0.75% | 9.48% | 8/8/2031 | 3413 | 3379 | 3379 | 0.22% |
| Fullsteam Operations LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 8/8/2031 |  | (4) | (4) | 0.00% |
| GS Acquisitionco, Inc. Eighth Suplemental Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 1M SOFR + 0.50% / 0.75% | 0.50% | 5/25/2028 |  | (1) |  | 0.00% |
| GS Acquisitionco, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.25% | 5/25/2028 | 3165 | 3155 | 3165 | 0.21% |
| GS Acquisitionco, Inc. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 9.25% | 5/25/2028 | 399 | 394 | 395 | 0.03% |
| GS Acquisitionco, Inc. Seventh Suplemental Delayed Draw Term Loan | (3)(4)(5)(6)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.25% | 5/25/2028 | 586 | 579 | 586 | 0.04% |
| LeadVenture, Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 0.75% | 9.25% | 6/23/2032 | 787 | 764 | 787 | 0.05% |
| LeadVenture, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 0.75% | 9.25% | 6/23/2032 | 6522 | 6473 | 6473 | 0.43% |
| LeadVenture, Inc. Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.25% / 0.75% | 9.25% | 6/23/2032 | 6000 | 5957 | 5955 | 0.39% |
| LeadVenture, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 6/23/2032 |  | (9) |  | 0.00% |
| Legitscript LLC Delayed Draw Loan | (3)(4)(5)(7)(10) | 1M SOFR + 5.75% / 0.75% | 9.91% | 6/24/2029 | 99 | 98 | 99 | 0.01% |
| Legitscript LLC Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 5.75% / 0.75% | 9.91% | 6/24/2029 | 3860 | 3821 | 3860 | 0.26% |
| Mountain Parent, Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 6/27/2031 |  | (5) | (8) | 0.00% |
| Mountain Parent, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 9.05% | 6/27/2031 | 5655 | 5607 | 5559 | 0.37% |
| Mountain Parent, Inc. Revolving Credit Facility | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.38% / 0.75% | 0.38% | 6/27/2031 |  | (5) | (4) | 0.00% |
| NMI Acquisitionco, Inc. Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.60% / 0.75% | 8.76% | 9/6/2028 | 1146 | 1131 | 1145 | 0.08% |
| NMI Acquisitionco, Inc. October 2021 Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.60% / 0.75% | 8.76% | 9/6/2028 | 350 | 345 | 343 | 0.02% |
| NMI Acquisitionco, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 9/6/2028 |  | (4) | (6) | 0.00% |
| NMI Acquisitionco, Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.60% / 0.75% | 8.76% | 9/6/2028 | 1878 | 1853 | 1840 | 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)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br> Rate<br> Spread / Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| Application Software (continued) |  |  |  |  |  |  |  |  |
| Optimizely North America Inc. (USD) Revolving Credit | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 10/30/2031 |  | (11) | (1) | 0.00% |
| Optimizely North America Inc. (USD) Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.00% / 0.75% | 9.16% | 10/30/2031 | 7481 | 7402 | 7402 | 0.49% |
| Optimizely North America Inc. (USD) Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 9.16% | 10/30/2031 | 5223 | 5177 | 5168 | 0.34% |
| Pacific Purchaser, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.25% / 1.00% | 10.42% | 10/2/2028 | 1937 | 1901 | 1903 | 0.13% |
| Pacific Purchaser, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 10/2/2028 |  |  | (4) | 0.00% |
| PDI TA Holdings, Inc. Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 0.75% | 9.81% | 2/3/2031 | 1206 | 1127 | 1206 | 0.08% |
| PDI TA Holdings, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 0.75% | 9.81% | 2/3/2031 | 5659 | 5623 | 5659 | 0.37% |
| PDI TA Holdings, Inc. Revolving Credit | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 0.75% | 9.81% | 2/3/2031 | 224 | 224 | 223 | 0.01% |
| PracticeTek Purchaser, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.75% / 1.00% | 9.91% | 8/30/2029 | 28 | 28 | 28 | 0.00% |
| PracticeTek Purchaser, LLC Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 5.75% / 1.00% | 9.91% | 8/30/2029 | 1944 | 1920 | 1915 | 0.13% |
| Saab Purchaser, Inc. First Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 11/12/2031 |  | (27) | (27) | 0.00% |
| SAAB Purchaser, Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 8.75% | 9/22/2032 | 5526 | 5499 | 5499 | 0.36% |
| SAAB Purchaser, Inc._Revolver | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.38% / 0.75% | 0.38% | 9/22/2032 |  | (4) | (4) | 0.00% |
| Spark Purchaser, Inc. Revolving Credit | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 4/1/2030 |  |  |  | 0.00% |
| Spark Purchaser, Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 0.75% | 9.80% | 4/1/2031 | 1749 | 1720 | 1713 | 0.11% |
| Spark Purchaser, Inc. Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.50% / 0.75% | 9.80% | 4/1/2031 | 3374 | 3314 | 3305 | 0.22% |
| Superjet Buyer, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR + 5.00% / 0.75% | 9.20% | 5/23/2030 | 993 | 985 | 943 | 0.06% |
| Superjet Buyer, LLC Initial Term Loan (EFI Productivity Software) | (3)(4)(5)(7)(10) | 1M SOFR + 5.00% / 0.75% | 9.20% | 12/30/2027 | 209 | 209 | 208 | 0.01% |
| Superjet Buyer, LLC Third Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 9.20% | 5/23/2030 | 1489 | 1476 | 1462 | 0.10% |
| Superjet Buyer, LLC Third Amendment Incremental Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.00% / 0.75% | 9.20% | 5/23/2030 | 3374 | 3345 | 3314 | 0.22% |
| Synchronoss Technologies, Inc. First Amendment Loan | (3)(4)(5)(7)(12) | 3M SOFR + 7.00% / 2.50% | 11.32% | 4/24/2029 | 6922 | 6799 | 6784 | 0.45% |
| Synchronoss Technologies, Inc. First Amendment Loan | (3)(4)(5)(7)(14) | 3M SOFR + 7.00% / 2.50% | 11.32% | 4/24/2029 | 3055 | 3000 | 2994 | 0.20% |
| Synchronoss Technologies, Inc. First Amendment Loan | (3)(4)(5)(7)(15) | 3M SOFR + 7.00% / 2.50% | 11.32% | 4/24/2029 | 4077 | 3996 | 3996 | 0.26% |
| Tau Buyer, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 0.75% | 8.75% | 2/2/2032 | 648 | 638 | 640 | 0.04% |
| Tau Buyer, LLC Revolving Credit | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 0.75% | 8.75% | 2/2/2032 | 61 | 56 | 55 | 0.00% |
| Tau Buyer, LLC Term B Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 8.75% | 2/2/2032 | 4383 | 4342 | 4338 | 0.29% |
| TCP Hawker / TimeClock Plus 11/24 9th Amendment Rollover Incremental Term Loan 12/24 | (3)(4)(5)(7)(10) | 3M SOFR + 5.00% / 1.00% | 9.30% | 8/30/2029 | 462 | 459 | 459 | 0.03% |
| TCP Hawker Intermediate LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8)(10) | 3M SOFR + 1.00% / 1.00% | 1.00% | 8/30/2029 |  | (1) |  | 0.00% |
| TCP Hawker Intermediate LLC Ninth Amendment Delayed Draw Term Loan 11/24 | (3)(4)(5)(6)(7)(8)(10) | 3M SOFR + 1.00% / 1.00% | 1.00% | 8/30/2029 |  |  | (1) | 0.00% |
| TCP Hawker Intermediate LLC Ninth Amendment Incremental Term Loan 11/24 | (3)(4)(5)(7)(10) | 3M SOFR + 5.00% / 1.00% | 9.00% | 8/30/2029 | 17 | 17 | 17 | 0.00% |
| Trintech Inc. Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.50% / 1.00% | 9.66% | 7/25/2029 | 4913 | 4843 | 4827 | 0.32% |
| Upland Software, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.50% | 0.50% | 7/25/2031 |  | (34) | (30) | 0.00% |
| Upland Software, Inc. Term Loan | (3)(4)(5)(7) | 3M SOFR + 6.00% / 1.50% | 10.00% | 7/25/2031 | 16000 | 15724 | 15720 | 1.04% |
| Vehlo Purchaser, LLC Tranche C Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 0.75% | 9.16% | 5/24/2028 | 7873 | 7817 | 7873 | 0.52% |
|  |  |  |  |  |  | $189848 | $190129 | 12.59% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments (Unaudited) – (Continued)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br>Rate<br> Spread / Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| Asset Management & Custody Banks |  |  |  |  |  |  |  |  |
| Allworth Financial Group, L.P. Fourth Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 1.00% | 8.91% | 12/23/2027 | $5577 | $5553 | $5577 | 0.37% |
| Allworth Financial Group, L.P. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 12/23/2027 |  | (2) |  | 0.00% |
| Cerity Partners Equity Holding LLC 2024 Incremental Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.25% / 0.75% | 9.45% | 7/28/2029 | 6699 | 6687 | 6699 | 0.44% |
| Cerity Partners Equity Holding LLC 2025 Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 0.75% | 9.25% | 7/30/2029 | 160 | 141 | 160 | 0.01% |
| Cerity Partners Equity Holding LLC Initial Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 0.75% | 9.41% | 7/30/2029 | 133 | 131 | 133 | 0.01% |
| Cerity Partners Equity Holding LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.45% | 7/30/2029 | 4623 | 4623 | 4623 | 0.31% |
| Cornerstone Advisors of Arizona LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 1.00% | 8.75% | 5/13/2032 | 3291 | 3275 | 3279 | 0.22% |
| Cornerstone Advisors of Arizona LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 1.00% | 8.75% | 5/13/2032 | 3291 | 3275 | 3279 | 0.22% |
| Cornerstone Advisors of Arizona, LLC Initial Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.38% / 1.00% | 0.38% | 5/13/2032 |  | (4) |  | 0.00% |
| Danforth Global, Inc. Delayed Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.50% / 1.00% | 9.82% | 12/9/2027 | 536 | 531 | 536 | 0.04% |
| Danforth Global, Inc. Fifth Amendment Additional Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.73% | 12/9/2027 | 2084 | 2056 | 2084 | 0.14% |
| Danforth Global, Inc. Fifth Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.82% | 12/9/2027 | 1039 | 1026 | 1032 | 0.07% |
| Danforth Global, Inc. First Amendment Additional Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.70% | 12/9/2027 | 284 | 282 | 283 | 0.02% |
| Danforth Global, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.50% | 12/9/2027 | 450 | 445 | 447 | 0.03% |
| Danforth Global, Inc. Revolving Credit Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 1.00% | 9.65% | 12/9/2027 | 104 | 98 | 104 | 0.01% |
| Danforth Global, Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.70% | 12/9/2027 | 1637 | 1622 | 1619 | 0.11% |
| Danforth Global, Inc. Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.50% / 1.00% | 9.70% | 12/9/2027 | 4025 | 3982 | 3981 | 0.26% |
| Danforth Global, Inc. Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.70% | 12/9/2027 | 685 | 678 | 680 | 0.05% |
| Danforth Global, Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.70% | 12/9/2027 | 891 | 883 | 885 | 0.06% |
| Danforth Global, Inc. Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.50% / 1.00% | 9.70% | 12/9/2027 | 3374 | 3338 | 3352 | 0.22% |
| Danforth Global, Inc. Third Amendment Additional Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.50% / 1.00% | 9.81% | 12/9/2027 | 476 | 472 | 476 | 0.03% |
| EdgeCo Buyer, Inc. Closing Date Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.50% / 1.00% | 8.66% | 6/1/2026 | 1048 | 1048 | 1048 | 0.07% |
| EdgeCo Buyer, Inc. Delayed Draw Term B Loan | (3)(4)(5)(7) | 3M SOFR + 4.50% / 1.00% | 8.66% | 6/1/2028 | 22 | 22 | 22 | 0.00% |
| EdgeCo Buyer, Inc. Delayed Draw Term C Loan | (3)(4)(5)(7) | 3M SOFR + 4.50% / 1.00% | 8.66% | 6/1/2026 | 59 | 59 | 59 | 0.00% |
| EdgeCo Buyer, Inc. Delayed Draw Term E Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.50% / 1.00% | 8.66% | 6/1/2028 | 794 | 793 | 794 | 0.05% |
| EdgeCo Buyer, Inc. Delayed Term Loan A | (3)(4)(5)(7) | 3M SOFR + 4.50% / 1.00% | 8.66% | 6/1/2026 | 204 | 204 | 204 | 0.01% |
| EdgeCo Buyer, Inc. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 3.50% / 1.00% | 10.75% | 6/1/2026 | 33 | 33 | 33 | 0.00% |
| EdgeCo Buyer, Inc. Sixth Amendment Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.50% / 1.00% | 8.82% | 6/1/2028 | 1183 | 1183 | 1183 | 0.08% |
| Horizon Investments, LLC_Term Loan 2nd Amendment | (3)(4)(5)(7)(11) | 3M SOFR + 5.00% / 1.00% | 9.30% | 8/6/2032 | 9975 | 9882 | 9882 | 0.65% |
| IEQ Capital, LLC 2024 Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.50% / 0.75% | 8.68% | 12/22/2028 | 5321 | 5278 | 5321 | 0.35% |
| IEQ Capital, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.50% / 0.75% | 8.37% | 12/22/2028 | 3520 | 3516 | 3520 | 0.23% |
| Obra Capital, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 7.36% / 1.00% | 11.50% | 6/21/2029 | 7444 | 7326 | 7350 | 0.49% |
| Petra Borrower, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.75% / 1.00% | 9.75% | 11/15/2030 | 596 | 581 | 596 | 0.04% |
| Petra Borrower, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.75% / 1.00% | 10.07% | 11/15/2030 | 3201 | 3146 | 3158 | 0.21% |
| Petra Borrower, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.75% / 1.00% | 9.92% | 11/15/2029 | 100 | 87 | 100 | 0.01% |
| PMA Parent Holdings, LLC Initial Term Loan | (3)(4)(5)(7)(8)(12) | 3M SOFR + 4.75% / 0.75% | 8.75% | 1/31/2031 |  |  |  | 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)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br>Rate<br> Spread / Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| Asset Management & Custody Banks (continued) |  |  |  |  |  |  |  |  |
| PMA Parent Holdings, LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 0.75% | 8.75% | 1/31/2031 | 6414 | 6356 | 6414 | 0.42% |
| PMA Parent Holdings, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 1/31/2031 |  | (5) | (5) | 0.00% |
| Wealth Enhancement Group, LLC 2021 Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 4.50% / 1.00% | 8.79% | 10/2/2028 | 3756 | 3751 | 3756 | 0.25% |
| Wealth Enhancement Group, LLC December 2020 Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 4.50% / 1.00% | 8.79% | 10/4/2028 | 1142 | 1138 | 1142 | 0.08% |
| Wealth Enhancement Group, LLC December 2024 Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.50% / 1.00% | 8.80% | 10/2/2028 | 1064 | 1076 | 1081 | 0.06% |
| Wealth Enhancement Group, LLC Initial Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 10/2/2028 |  |  |  | 0.00% |
| Wealth Enhancement Group, LLC May 2022 Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 4.50% / 1.00% | 8.80% | 10/4/2028 | 1971 | 1971 | 1912 | 0.13% |
| Wealth Enhancement Group, LLC August 2025 Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 10/2/2028 |  | 2 | 2 | 0.00% |
|  |  |  |  |  |  | $86539 | $86801 | 5.75% |
| Auto Parts & Equipment |  |  |  |  |  |  |  |  |
| ETE Intermediate II LLC Amendment No. 2 Incremental Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.00% / 1.00% | 9.16% | 5/29/2029 | $156 | $155 | $153 | 0.01% |
| ETE Intermediate II LLC Revolving Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR + 5.00% / 1.00% | 9.17% | 5/29/2029 | 24 | 19 | 12 | 0.00% |
| ETE Intermediate II LLC Term Loan A | (3)(4)(5)(7)(10) | 3M SOFR + 5.00% / 1.00% | 9.16% | 5/29/2029 | 1920 | 1884 | 1825 | 0.12% |
| M&D MidCo, Inc. Closing Date Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.40% / 1.00% | 9.60% | 8/31/2028 | 1741 | 1725 | 1709 | 0.11% |
| M&D MidCo, Inc. Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.40% / 1.00% | 9.60% | 8/31/2028 | 583 | 577 | 583 | 0.04% |
| M&D MidCo, Inc. Third Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 8/31/2028 |  | 1 | 1 | 0.00% |
| M&D MidCo, Inc. Third Amendment Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.40% / 1.00% | 9.60% | 8/31/2028 | 365 | 363 | 365 | 0.02% |
| PREMIER TIRE & SERVICE ACQUISITION, LLC 2024-3 Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.65% | 5/29/2029 | 919 | 911 | 896 | 0.06% |
| Premier Tires & Service Acquisition, LLC Incremental Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.72% | 5/17/2029 | 1047 | 1051 | 1031 | 0.07% |
| Premier Tires & Service Acquisition, LLC Incremental Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.50% / 1.00% | 9.72% | 5/17/2029 | 1047 | 1033 | 1031 | 0.07% |
| Premier Tires & Service Acquisition, LLC Incremental Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 0.00% | 9.65% | 5/17/2029 | 485 | 475 | 475 | 0.03% |
| Premier Tires & Service Acquisition, LLC Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.64% | 5/17/2029 | 290 | 287 | 283 | 0.02% |
| Premier Tires & Service Acquisition, LLC Initial Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.50% / 1.00% | 9.66% | 5/17/2029 | 1698 | 1698 | 1681 | 0.11% |
| Premier Tires & Service Acquisition, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.50% / 1.00% | 9.66% | 5/17/2029 | 3189 | 3189 | 3157 | 0.21% |
| Transgo, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.75% / 2.00% | 9.91% | 12/29/2028 | 2059 | 2034 | 2029 | 0.13% |
| Transgo, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.75% / 2.00% | 9.91% | 12/29/2028 | 3019 | 2992 | 2976 | 0.20% |
| Transgo, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 2.00% | 0.50% | 12/29/2028 |  |  | (5) | 0.00% |
| Truck-Lite Co., LLC 2025 Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 9.14% | 2/13/2032 | 185 | 176 | 182 | 0.01% |
| Truck-Lite Co., LLC 2025 Replacement Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 5.25% / 0.75% | 5.25% | 2/13/2031 |  | (8) | (12) | 0.00% |
| Truck-Lite Co., LLC 2025 Replacement Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 0.75% | 9.14% | 2/13/2032 | 395 | 390 | 387 | 0.03% |
| Truck-Lite Co., LLC 2025 Replacement Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 9.14% | 2/13/2032 | 5670 | 5613 | 5556 | 0.37% |
| Truck-Lite Co., LLC Delayed Draw Term Loan A | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 2/13/2032 |  | (3) | (4) | 0.00% |
| Truck-Lite Co., LLC Delayed Draw Term Loan B | (3)(4)(5)(6)(7) | 3M SOFR + 5.75% / 0.75% | 9.91% | 2/13/2032 | 708 | 675 | 673 | 0.04% |
| Truck-Lite Co., LLC Delayed Draw Term Loan C | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 2/13/2032 |  | (13) | (4) | 0.00% |
|  |  |  |  |  |  | $25224 | $24980 | 1.66% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments (Unaudited) – (Continued)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br> Rate<br> Spread / Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments | Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |
| First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| Automobile Manufacturers |  |  |  |  |  |  |  |  |
| JHCC Holdings LLC 2021-A Incremental Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.25% / 1.00% | 9.25% | 9/9/2027 | $896 | $892 | $891 | 0.06% |
| JHCC Holdings LLC 2024-A Incremental Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.25% / 1.00% | 9.25% | 9/9/2027 | 793 | 788 | 791 | 0.05% |
| JHCC Holdings LLC 2024-B Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 9.25% | 9/9/2027 | 283 | 281 | 281 | 0.02% |
| JHCC Holdings LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.25% / 1.00% | 9.25% | 9/9/2027 | 4004 | 3996 | 3983 | 0.26% |
|  |  |  |  |  |  | $5957 | $5946 | 0.39% |
| Automotive Retail |  |  |  |  |  |  |  |  |
| ABC Technologies Inc. Term Loan B | (3)(5)(7)(12)(24)(25) | 3M SOFR + 8.25% / 0.75% | 12.39% | 8/22/2031 | $9098 | $8763 | $8756 | 0.58% |
| Epika Fleet Services, Inc. Closing Date Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 0.75% | 9.25% | 4/17/2031 | 3501 | 3476 | 3475 | 0.23% |
| Epika Fleet Services, Inc. Closing Date Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.25% / 0.00% | 9.25% | 4/17/2031 | 2000 | 1986 | 1985 | 0.13% |
| Epika Fleet Services, Inc. Closing Date Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.25% / 0.75% | 9.25% | 4/17/2031 | 4000 | 3970 | 3970 | 0.26% |
| Epika Fleet Services, Inc. Delayed Draw Term A Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.25% / 0.75% | 9.45% | 4/17/2031 | 2515 | 2497 | 2515 | 0.17% |
| Epika Fleet Services, Inc. Delayed Draw Term B Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 0.75% | 9.25% | 4/17/2031 | 1257 | 1238 | 1257 | 0.08% |
|  |  |  |  |  |  | $21930 | $21958 | 1.45% |
| Building Products |  |  |  |  |  |  |  |  |
| AllMark Acquisition, LLC Initial Term Loan (AllMark Door) | (3)(4)(5)(7)(11) | 3M SOFR + 5.50% / 1.00% | 9.37% | 5/4/2028 | $4886 | $4860 | $4838 | 0.32% |
| Arch Cutting Tools Corp. Initial Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 4.75% / 0.00% | 8.91% | 4/1/2026 | 4872 | 4867 | 4830 | 0.32% |
| Big Top Holdings, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 3/1/2030 |  | (1) |  | 0.00% |
| Big Top Holdings, LLC Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.50% / 1.00% | 9.50% | 3/1/2030 | 2414 | 2338 | 2384 | 0.16% |
| Greenwood Operating Group, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.66% | 5/7/2031 | 5812 | 5701 | 5695 | 0.38% |
| Greenwood Operating Group, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.50% / 1.00% | 9.66% | 5/7/2031 | 3990 | 3911 | 3910 | 0.26% |
| Greenwood Operating Group, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 5/7/2031 |  | (37) |  | 0.00% |
| Vybond Buyer, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 2/3/2032 |  | (16) |  | 0.00% |
| Vybond Buyer, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 9.00% | 2/3/2032 | 5380 | 5305 | 5297 | 0.35% |
| Vybond Buyer, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.00% / 0.75% | 9.00% | 2/3/2032 | 3990 | 3929 | 3929 | 0.26% |
| Vybond Buyer, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 2/3/2032 |  | (24) |  | 0.00% |
|  |  |  |  |  |  | $30833 | $30883 | 2.05% |
| Commodity Chemicals |  |  |  |  |  |  |  |  |
| Guy Chemical Company, LLC U.S. Delayed Draw Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 4.85% / 1.00% | 9.01% | 11/9/2027 | $4874 | $4846 | $4874 | 0.32% |
| Communications Equipment |  |  |  |  |  |  |  |  |
| Owl Cyber Defense Solutions, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 9/11/2029 | $— | $(7) | $— | 0.00% |
| Owl Cyber Defense Solutions, LLC Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.82% | 9/11/2029 | 685 | 679 | 677 | 0.04% |
| Owl Cyber Defense Solutions, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.82% | 9/11/2029 | 5156 | 5076 | 5100 | 0.34% |
| Owl Cyber Defense Solutions, LLC Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.50% / 1.00% | 9.82% | 9/11/2029 | 3374 | 3348 | 3338 | 0.22% |
|  |  |  |  |  |  | $9096 | $9115 | 0.60% |
| Construction & Engineering |  |  |  |  |  |  |  |  |
| Ambient Enterprises Holdco LLC Delayed Draw Term B Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 9.24% | 6/28/2030 | $145 | $131 | $138 | 0.01% |
| Ambient Enterprises Holdco LLC Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.25% / 1.00% | 9.25% | 6/30/2030 | 1928 | 1910 | 1876 | 0.12% |
| Ambient Enterprises Holdco LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 12/7/2029 |  | (2) | (16) | 0.00% |
| Ambient Enterprises Holdco LLC Second Amendment Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.25% / 1.00% | 9.25% | 6/28/2030 | 701 | 693 | 692 | 0.05% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments (Unaudited) – (Continued)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br> Rate<br> Spread / Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| Construction & Engineering (continued) |  |  |  |  |  |  |  |  |
| Ambient Enterprises Holdco LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.25% | 6/28/2030 | 2692 | 2660 | 2638 | 0.17% |
| Ambient Enterprises Holdco LLC Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.25% / 1.00% | 9.25% | 6/28/2030 | 4067 | 3987 | 3987 | 0.26% |
| Ambient Enterprises Holdco LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.25% | 6/30/2030 | 6295 | 6226 | 6124 | 0.41% |
| ATI Restoration, LLC Second Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR + 5.65% / 0.75% | 9.96% | 7/31/2026 | 527 | 527 | 527 | 0.03% |
| Best Roofing Services LLC Closing Date Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.00% / 1.00% | 10.00% | 4/2/2029 | 1148 | 1150 | 1123 | 0.07% |
| Best Roofing Services LLC Closing Date Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 6.00% / 1.00% | 10.00% | 4/2/2029 | 3956 | 3872 | 3872 | 0.26% |
| Best Roofing Services LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 4/2/2029 |  |  | (19) | 0.00% |
| Diverzify Intermediate LLC Second Amendment Incremental Delayed Draw Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 6.01% / 1.00% | 10.33% | 5/11/2027 | 483 | 482 | 482 | 0.03% |
| Diverzify Intermediate LLC Second Amendment Incremental Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 6.01% / 1.00% | 10.32% | 5/11/2027 | 4391 | 4375 | 4370 | 0.29% |
| Eskola LLC Delayed Draw Term A Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.50% | 10.52% | 12/19/2029 | 2893 | 2870 | 2864 | 0.19% |
| Eskola LLC Delayed Draw Term B Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.50% | 1.00% | 12/19/2029 |  | (26) | (41) | 0.00% |
| Eskola LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.50% | 10.52% | 12/19/2029 | 8100 | 8021 | 7971 | 0.53% |
| ESP Associates, Inc. Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 6.60% / 1.00% | 10.92% | 7/24/2028 | 1473 | 1457 | 1458 | 0.10% |
| ESP Associates, Inc. Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 6.60% / 1.00% | 10.92% | 7/24/2028 | 3283 | 3237 | 3249 | 0.22% |
| G-A-I Consultants, Inc. First Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8)(10) | 3M SOFR + 1.00% / 1.00% | 1.00% | 10/7/2028 |  | (23) | (22) | 0.00% |
| G-A-I Consultants, Inc. First Amendment Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.35% / 1.00% | 9.63% | 10/7/2028 | 2924 | 2888 | 2855 | 0.19% |
| G-A-I Consultants, Inc. Revolving Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR + 5.35% / 1.00% | 9.63% | 10/7/2028 | 276 | 269 | 273 | 0.02% |
| HP RSS Buyer, Inc. Closing Date Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.00% / 0.75% | 9.00% | 12/11/2029 | 673 | 672 | 673 | 0.04% |
| HP RSS Buyer, Inc. General Purpose Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 9.00% | 12/11/2029 | 433 | 431 | 433 | 0.03% |
| HP RSS Buyer, Inc. Second Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 0.75% | 4.75% | 12/11/2029 | 3 | (2) | (2) | 0.00% |
| HP RSS Buyer, Inc. Special Purpose Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 9.00% | 12/11/2029 | 144 | 144 | 144 | 0.01% |
| JS Global, LLC Initial Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 1.00% | 9.70% | 7/31/2030 | 353 | 333 | 351 | 0.02% |
| JS Global, LLC Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.50% | 7/31/2030 | 3051 | 2999 | 3046 | 0.20% |
| Kelso Industries LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 12/30/2029 |  | (152) | 1 | 0.00% |
| Kelso Industries LLC Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.75% / 1.00% | 9.91% | 12/30/2029 | 522 | 388 | 517 | 0.03% |
| Kelso Industries LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.75% / 1.00% | 9.91% | 12/30/2029 | 1103 | 1094 | 1092 | 0.07% |
| Kelso Industries LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.75% / 1.00% | 9.91% | 12/30/2029 | 3456 | 3423 | 3421 | 0.23% |
| Kelso Industries LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.75% / 1.00% | 9.91% | 12/30/2029 | 4238 | 4196 | 4196 | 0.28% |
| KENE Acquisition, Inc. Initial Delayed Draw Term Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR + 5.25% / 1.00% | 9.56% | 2/7/2031 | 44 | 44 | 44 | 0.00% |
| KENE Acquisition, Inc. Initial Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.25% / 1.00% | 9.56% | 2/7/2031 | 953 | 953 | 953 | 0.06% |
| LJ Avalon Holdings, LLC Amendment No. 3 Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.50% / 1.00% | 8.67% | 2/1/2030 | 1403 | 1325 | 1322 | 0.09% |
| LJ Avalon Holdings, LLC Revolving Credit | (3)(4)(5)(6)(7)(8) | 3M SOFR + 4.00% / 1.00% | 4.00% | 2/1/2029 |  | (15) | (16) | 0.00% |
| MKD Electric, LLC Revolving Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR + 6.25% / 1.25% | 10.53% | 5/31/2029 | 1218 | 1197 | 1218 | 0.08% |
| MKD Electric, LLC Sea-Tac Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.25% / 1.25% | 10.53% | 5/31/2029 | 2587 | 2540 | 2543 | 0.17% |
| MKD Electric, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.25% / 1.25% | 10.53% | 5/31/2029 | 4631 | 4560 | 4537 | 0.30% |
| MKD Electric, LLC Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 6.25% / 1.25% | 10.53% | 5/31/2029 | 3383 | 3326 | 3315 | 0.22% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments (Unaudited) – (Continued)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br>Rate<br> Spread / Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| Construction & Engineering (continued) |  |  |  |  |  |  |  |  |
| MKD Electric, LLC Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 6.25% / 1.25% | 10.53% | 5/31/2029 | 3956 | 3877 | 3876 | 0.26% |
| MOREgroup Holdings, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.25% | 1/16/2030 | 1157 | 1144 | 1148 | 0.08% |
| MOREgroup Holdings, Inc. Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.25% / 1.00% | 9.25% | 1/16/2030 | 3275 | 3234 | 3248 | 0.22% |
| OSR Opco LLC Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.75% / 1.50% | 10.05% | 3/15/2029 | 1065 | 1042 | 1040 | 0.07% |
| OSR Opco LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.75% / 1.00% | 9.92% | 3/15/2029 | 1879 | 1861 | 1860 | 0.12% |
| OSR Opco LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.75% / 1.00% | 9.92% | 3/15/2029 | 3374 | 3340 | 3341 | 0.22% |
| OSR Opco LLC Revolving Loan | (3)(4)(5)(7) | 3M SOFR + 10.07% / 1.00% | 10.07% | 3/15/2029 | 1600 | 1600 | 1583 | 0.10% |
| OSR Opco LLC, Second Amendment Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 6.00% / 1.50% | 9.99% | 3/31/2026 | 244 | 242 | 242 | 0.02% |
| Pave America Holding, LLC Closing Date Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.25% / 0.75% | 9.25% | 8/27/2032 | 9360 | 9275 | 9266 | 0.61% |
| Pave America Holding, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 8/27/2032 |  | (32) |  | 0.00% |
| Pave America Holding, LLC Revolving Credit Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 0.75% | 8.91% | 8/27/2032 | 1169 | 1145 | 1145 | 0.08% |
| PK Purchaser, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 9.14% | 9/19/2029 | 4746 | 4695 | 4656 | 0.31% |
| PK Purchaser, LLC Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.00% / 1.00% | 9.14% | 9/19/2029 | 3374 | 3345 | 3310 | 0.22% |
| PK Purchaser, LLC Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.00% / 1.00% | 9.14% | 9/19/2029 | 4255 | 4212 | 4174 | 0.28% |
| Puris LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.75% / 1.00% | 10.08% | 6/30/2031 | 321 | 325 | 317 | 0.02% |
| Puris LLC Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.75% / 1.00% | 10.08% | 6/30/2031 | 3374 | 3323 | 3323 | 0.22% |
| Puris LLC Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.75% / 1.00% | 10.08% | 6/30/2031 | 3977 | 3917 | 3917 | 0.26% |
| PVI Holdings, Inc. Last Out Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.05% / 1.00% | 9.37% | 1/18/2028 | 2817 | 2814 | 2817 | 0.19% |
| PVI Holdings, Inc. Last Out Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.05% / 1.00% | 9.37% | 1/18/2028 | 3990 | 3990 | 3990 | 0.26% |
| RailPros Parent, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 5/24/2032 |  | (8) |  | 0.00% |
| RailPros Parent, LLC Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.50% / 0.75% | 8.70% | 5/24/2032 | 2660 | 2634 | 2638 | 0.17% |
| RailPros Parent, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 5/24/2032 |  | (4) |  | 0.00% |
| RRA Corporate, LLC Delayed Draw Term Loan 2 | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 9.00% | 8/15/2029 | 19 | 19 | 19 | 0.00% |
| RRA Corporate, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 9.25% | 8/15/2029 | 30 | 29 | 30 | 0.00% |
| RRA Corporate, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.25% | 8/15/2029 | 3047 | 3008 | 3004 | 0.20% |
| SuperHero Fire Protection, LLC Eleventh Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.50% | 12/31/2029 | 2865 | 2810 | 2832 | 0.19% |
| SuperHero Fire Protection, LLC Eleventh Amendment Incremental Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.50% / 1.00% | 9.50% | 12/31/2029 | 3947 | 3898 | 3902 | 0.26% |
| SuperHero Fire Protection, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.65% / 1.00% | 9.65% | 9/1/2026 | 43 | 37 | 37 | 0.00% |
| The Vertex Companies, Inc. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.85% / 1.00% | 9.03% | 8/31/2027 | 870 | 852 | 870 | 0.06% |
| USIC Holdings, Inc. Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 0.75% | 9.70% | 9/10/2031 | 4474 | 4456 | 4429 | 0.29% |
| USIC Holdings, Inc. Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.50% / 0.75% | 9.70% | 9/10/2031 | 5985 | 5956 | 5925 | 0.39% |
| USIC Holdings, Inc. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 0.75% | 9.48% | 9/10/2031 | 467 | 461 | 454 | 0.03% |
| USIC Holdings, Inc. Specified Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 0.75% | 9.70% | 9/10/2031 | 282 | 282 | 279 | 0.02% |
| Valkyrie Buyer, LLC Delayed Draw Term Loan A | (3)(4)(5)(6)(7)(10) | 3M SOFR + 5.25% / 0.75% | 9.25% | 5/6/2031 | 505 | 498 | 505 | 0.03% |
| Valkyrie Buyer, LLC Delayed Draw Term Loan C | (3)(4)(5)(7)(10) | 3M SOFR + 5.25% / 0.75% | 9.25% | 5/6/2031 | 1809 | 1786 | 1809 | 0.12% |
| Valkyrie Buyer, LLC Delayed Draw Term Loan D | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 0.75% | 9.25% | 5/6/2031 | 789 | 757 | 789 | 0.05% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments (Unaudited) – (Continued)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br>Rate<br> Spread / Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| Construction & Engineering (continued) |  |  |  |  |  |  |  |  |
| Valkyrie Buyer, LLC Delayed Draw Term Loan E | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 5/6/2031 |  | (13) |  | 0.00% |
| Valkyrie Buyer, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR + 5.25% / 0.75% | 9.25% | 5/6/2030 | 225 | 219 | 225 | 0.01% |
| Valkyrie Buyer, LLC Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.25% / 0.75% | 9.25% | 5/6/2031 | 1068 | 1054 | 1052 | 0.07% |
| Valkyrie Buyer, LLC Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.25% / 0.75% | 9.25% | 5/6/2031 | 3275 | 3232 | 3228 | 0.21% |
| Vertex Companies, Inc., Term Loan D | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 1.00% | 8.93% | 8/31/2028 | 2883 | 2871 | 2855 | 0.19% |
| Vertex Companies, Inc., Term Loan D | (3)(4)(5)(7)(15) | 3M SOFR + 4.75% / 1.00% | 8.93% | 8/31/2028 | 3947 | 3907 | 3907 | 0.26% |
| Vertex Companies, Inc., The Delayed Draw Term Loan-B | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 9.03% | 8/31/2028 | 4746 | 4702 | 4746 | 0.31% |
| Vertex Service Partners, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 6.00% / 0.75% | 10.00% | 11/8/2030 | 318 | 318 | 316 | 0.02% |
| Vertex Service Partners, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 6.00% / 0.75% | 10.00% | 11/8/2030 | 3275 | 3275 | 3256 | 0.22% |
| Vertex Service Partners, LLC First Amendment Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 9.25% | 11/8/2030 | 863 | 841 | 847 | 0.06% |
| Vertex Service Partners, LLC Revolving Facility | (3)(4)(5)(6)(7)(10) | 3M SOFR + 6.00% / 0.75% | 10.00% | 11/8/2030 | 326 | 326 | 324 | 0.02% |
| Vertex Service Partners, LLC Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 6.00% / 0.75% | 10.00% | 11/8/2030 | 1868 | 1849 | 1859 | 0.12% |
|  |  |  |  |  |  | $175561 | $175579 | 11.62% |
| Construction Materials |  |  |  |  |  |  |  |  |
| Javelin Acquisition Vehicle, LLC Last Out Term Loan (Lindsay Precast) | (3)(4)(5)(7)(10) | 1M SOFR + 5.02% / 1.00% | 9.18% | 11/3/2026 | $850 | $850 | $835 | 0.06% |
| Javelin Acquisition Vehicle, LLC Last Out Term Loan (Lindsay Precast) | (3)(4)(5)(7)(14) | 1M SOFR + 5.02% / 1.00% | 9.18% | 11/3/2026 | 731 | 731 | 718 | 0.05% |
| Javelin Acquisition Vehicle, LLC Second Amendment Incremental Term Loan (Lindsay Precast) | (3)(4)(5)(7)(10) | 3M SOFR + 5.03% / 1.00% | 9.35% | 11/3/2026 | 38 | 37 | 38 | 0.00% |
| Javelin Acquisition Vehicle, LLC Second Amendment Incremental Term Loan (Lindsay Precast) | (3)(4)(5)(7)(14) | 3M SOFR + 5.03% / 1.00% | 9.35% | 11/3/2026 | 2422 | 2391 | 2422 | 0.16% |
|  |  |  |  |  |  | $4009 | $4013 | 0.27% |
| Consumer Electronics |  |  |  |  |  |  |  |  |
| Lakewood Acquisition Corporation Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.82% | 1/24/2030 | $6184 | $6083 | $6060 | 0.40% |
| Lakewood Acquisition Corporation Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.50% / 1.00% | 9.82% | 1/24/2030 | 3947 | 3868 | 3867 | 0.26% |
| Lakewood Acquisition Corporation Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 1/24/2030 |  | (45) | (1) | 0.00% |
|  |  |  |  |  |  | $9906 | $9926 | 0.66% |
| Consumer Finance |  |  |  |  |  |  |  |  |
| CLGF Holdco 2, LLC Loan | (3)(4)(5)(7) | FIXED | 12.50% | 4/23/2030 | $6670 | $6578 | $6627 | 0.44% |
| Data Processing & Outsourced Services |  |  |  |  |  |  |  |  |
| Penncomp, LLC Delayed Draw Term Loan A | (3)(4)(5)(7)(10) | 3M SOFR + 5.00% / 0.75% | 9.16% | 10/17/2028 | $2388 | $2350 | $2381 | 0.16% |
| Penncomp, LLC Delayed Draw Term Loan B | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 4/17/2030 |  | (4) |  | 0.00% |
| Penncomp, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 10/17/2028 |  |  |  | 0.00% |
| Penncomp, LLC Term Loan A | (3)(4)(5)(7)(10) | 3M SOFR + 5.00% / 1.50% | 9.16% | 10/17/2028 | 2536 | 2498 | 2402 | 0.16% |
|  |  |  |  |  |  | $4844 | $4783 | 0.32% |
| Distributors |  |  |  |  |  |  |  |  |
| RPM Purchaser, Inc. Delayed Draw Term Loan B | (3)(4)(5)(7)(10) | 3M SOFR + 6.51% / 2.00% | 10.82% | 9/11/2028 | $545 | $536 | $531 | 0.04% |
| RPM Purchaser, Inc. Effective Date Term Loan B | (3)(4)(5)(7)(10) | 1M SOFR + 6.51% / 2.00% | 10.82% | 9/11/2028 | 575 | 556 | 564 | 0.04% |
| RPM Purchaser, Inc. Effective Date Term Loan B | (3)(4)(5)(7)(14) | 1M SOFR + 6.51% / 2.00% | 10.82% | 9/11/2028 | 3275 | 3213 | 3214 | 0.21% |
|  |  |  |  |  |  | $4305 | $4309 | 0.29% |
| Diversified Capital Markets |  |  |  |  |  |  |  |  |
| GC Waves Holdings, Inc. 2024 Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.85% / 0.75% | 9.01% | 10/4/2030 | $3905 | $3866 | $3953 | 0.26% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments (Unaudited) – (Continued)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br> Rate<br> Spread / Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| Diversified Chemicals |  |  |  |  |  |  |  |  |
| Opta Inc. 2024 Incremental Delayed Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 7.01% / 1.50% | 11.21% | 11/9/2028 | $1733 | $1684 | $1733 | 0.11% |
| Opta Inc. Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 7.01% / 1.50% | 11.24% | 11/8/2028 | 3374 | 3347 | 3338 | 0.22% |
| Opta Inc. Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 7.01% / 1.50% | 11.24% | 11/8/2028 | 3503 | 3466 | 3466 | 0.23% |
| V Global Holdings LLC Initial Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.90% / 0.75% | 10.14% | 12/22/2027 | 4886 | 4877 | 4730 | 0.31% |
|  |  |  |  |  |  | $13374 | $13267 | 0.87% |
| Diversified Metals & Mining |  |  |  |  |  |  |  |  |
| George Holding, Inc. Closing Date Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 4.75% / 1.00% | 8.99% | 1/31/2031 | $7232 | $7169 | $7166 | 0.47% |
| Diversified Support Services |  |  |  |  |  |  |  |  |
| Accent Building Materials Holdings LLC Term B Delayed Term Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR + 6.25% / 1.00% | 10.32% | 8/6/2029 | $900 | $861 | $897 | 0.06% |
| Accent Building Materials Holdings LLC Term Loan B | (3)(4)(5)(7)(10) | 3M SOFR + 6.25% / 1.00% | 10.32% | 8/6/2029 | 629 | 589 | 619 | 0.04% |
| Accent Building Materials Holdings LLC Term Loan B | (3)(4)(5)(7)(14) | 3M SOFR + 6.25% / 1.00% | 10.32% | 8/6/2029 | 3300 | 3232 | 3250 | 0.22% |
| AIDC IntermediateCo. 2, LLC Initial Term Loan (Peak Technologies) | (3)(4)(5)(7)(10) | 3M SOFR + 5.50% / 1.00% | 9.66% | 7/22/2027 | 2849 | 2845 | 2849 | 0.19% |
| AIDC IntermediateCo. 2, LLC Initial Term Loan (Peak Technologies) | (3)(4)(5)(7)(14) | 3M SOFR + 5.50% / 1.00% | 9.66% | 7/22/2027 | 3275 | 3273 | 3275 | 0.22% |
| Certified Collision Group Acquisition Corp. Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 9.00% | 5/17/2027 | 172 | 172 | 160 | 0.01% |
| Certified Collision Group Acquisition Corp. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 9.00% | 5/17/2027 | 2061 | 2046 | 1917 | 0.13% |
| CMG HoldCo, LLC Delayed Draw Loan (Crete Mechanical Group) | (3)(4)(5)(6)(7)(10) | 3M SOFR + 4.50% / 1.00% | 8.63% | 11/19/2030 | 653 | 639 | 650 | 0.04% |
| ESCP DTFS INC. Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.50% | 9/28/2029 | 784 | 779 | 779 | 0.05% |
| ESCP DTFS INC. Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.50% / 1.00% | 9.50% | 9/28/2029 | 2198 | 2185 | 2183 | 0.14% |
| ESCP DTFS INC. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.50% | 9/28/2029 | 2129 | 2101 | 2114 | 0.14% |
| ESCP DTFS INC. Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.50% / 1.00% | 9.50% | 9/28/2029 | 3275 | 3253 | 3253 | 0.22% |
| ESCP DTFS INC. Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.50% / 1.00% | 9.50% | 9/28/2029 | 3990 | 3963 | 3963 | 0.26% |
| FLS Holding, Inc. Term B Loan (FLS Transportation Services) | (3)(4)(5)(7)(10) | 3M SOFR + 5.35% / 1.00% | 9.51% | 12/15/2028 | 4887 | 4847 | 4476 | 0.30% |
| Integrated Power Services Holdings, Inc. Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 4.86% / 1.00% | 9.03% | 11/22/2028 | 6187 | 6165 | 6125 | 0.41% |
| Integrated Power Services Holdings, Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.86% / 1.00% | 9.03% | 11/22/2028 | 6187 | 6165 | 6125 | 0.41% |
| Moonlight Parent, Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 4.75% / 1.00% | 4.75% | 9/9/2032 |  | (26) | (26) | 0.00% |
| Moonlight Parent, Inc. Initial Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 4.75% / 1.00% | 8.91% | 9/9/2032 | 6453 | 6389 | 6388 | 0.42% |
| Moonlight Parent, Inc. Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 4.75% / 1.00% | 8.91% | 9/9/2032 | 3300 | 3267 | 3267 | 0.22% |
| Moonlight Parent, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 9/9/2032 |  | (16) | (16) | 0.00% |
| PrimeFlight Acquisition, LLC Amendment No. 5 Additional Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.58% | 5/1/2029 | 1286 | 1281 | 1286 | 0.09% |
| PrimeFlight Acquisition, LLC Amendment No. 7 Additional Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.56% | 5/1/2029 | 543 | 537 | 537 | 0.04% |
| PrimeFlight Acquisition, LLC Amendment No. 7 Additional Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.25% / 1.00% | 9.56% | 5/1/2029 | 578 | 572 | 572 | 0.04% |
| PrimeFlight Acquisition, LLC Amendment No.4 Additional Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.25% / 1.00% | 9.25% | 5/1/2029 | 631 | 627 | 625 | 0.04% |
| Primeflight Acquisition, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.50% / 1.00% | 9.80% | 5/1/2029 | 3275 | 3249 | 3244 | 0.21% |
| Primeflight Acquisition, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.50% / 1.00% | 9.80% | 5/1/2029 | 3577 | 3544 | 3544 | 0.23% |
| TL Voltron Purchaser, LLC Initial Term Loan | (3)(4)(5)(7)(8) | 3M SOFR + 5.25% / 1.00% | 9.41% | 12/31/2030 |  | 5 |  | 0.00% |
| TL Voltron Purchaser, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.41% | 12/31/2030 | 7392 | 7267 | 7249 | 0.48% |
| TL Voltron Purchaser, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.25% / 1.00% | 9.41% | 12/31/2030 | 3226 | 3170 | 3163 | 0.21% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments (Unaudited) – (Continued)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br> Rate<br> Spread / Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments | Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |
| First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| Diversified Support Services (continued) |  |  |  |  |  |  |  |  |
| TL Voltron Purchaser, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.25% / 1.00% | 9.41% | 12/31/2030 | 4268 | 4186 | 4186 | 0.28% |
| Visu-Sewer, LLC Initial Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 6.00% / 1.00% | 10.06% | 11/8/2029 | 4913 | 4862 | 4893 | 0.32% |
| W. A. Kendall And Company, LLC Incremental Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 6.18% / 1.00% | 10.34% | 4/22/2030 | 2958 | 2926 | 2958 | 0.20% |
| W.A. Kendall and Company, LLC Initial Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 6.30% / 1.00% | 10.47% | 4/22/2030 | 4862 | 4834 | 4843 | 0.32% |
| W.A. Kendall and Company, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 7.25% / 1.00% | 12.13% | 4/22/2030 | 203 | 198 | 199 | 0.01% |
| W.A. Kendall and Company, LLC Seventh Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.75% / 1.00% | 10.22% | 4/22/2030 | 668 | 635 | 668 | 0.04% |
| W.A. Kendall and Company, LLC Seventh Amendment Incremental Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 6.18% / 1.00% | 10.38% | 4/22/2030 | 2302 | 2279 | 2283 | 0.15% |
| W.A. Kendall and Company, LLC Specified Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.75% / 1.00% | 10.36% | 4/22/2030 | 141 | 139 | 141 | 0.01% |
|  |  |  |  |  |  | $93040 | $92639 | 6.15% |
| Drug Retail |  |  |  |  |  |  |  |  |
| Puma Buyer, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.25% / 0.50% | 8.25% | 3/29/2032 | $13829 | $13728 | $3829 | 0.92% |
| Puma Buyer, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.38% / 0.50% | 0.38% | 3/29/2032 |  | (16) |  | 0.00% |
|  |  |  |  |  |  | $13712 | $13829 | 0.92% |
| Education Services |  |  |  |  |  |  |  |  |
| Cambium Learning Group, Inc. Initial Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.60% / 0.75% | 9.93% | 7/20/2028 | $5868 | $5828 | $5827 | 0.39% |
| Med Learning Group, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 2/5/2027 |  | (11) | (9) | 0.00% |
| Med Learning Group, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.75% / 1.00% | 9.75% | 12/30/2027 | 5402 | 5351 | 5348 | 0.35% |
| Med Learning Group, LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.75% / 1.00% | 9.75% | 12/30/2027 | 5402 | 5351 | 5348 | 0.35% |
|  |  |  |  |  |  | $16519 | $16514 | 1.09% |
| Electrical Components & Equipment |  |  |  |  |  |  |  |  |
| C3 AcquisitionCo, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.75% / 1.50% | 9.91% | 11/26/2030 | $1364 | $1326 | $1364 | 0.09% |
| C3 AcquisitionCo, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.75% / 1.50% | 9.91% | 11/26/2030 | 3783 | 3742 | 3735 | 0.25% |
| C3 AcquisitionCo, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.75% / 1.50% | 9.91% | 11/26/2030 | 4025 | 3975 | 3974 | 0.26% |
| C3 AcquisitionCo, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.75% / 1.50% | 10.06% | 11/26/2030 | 545 | 535 | 545 | 0.04% |
| Inventus Power, Inc. Revolving Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR + 7.61% / 1.00% | 11.87% | 6/30/2026 | 83 | 68 | 82 | 0.01% |
| Inventus Power, Inc. Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 7.61% / 1.00% | 11.78% | 6/30/2026 | 3073 | 3043 | 3051 | 0.20% |
| Principal Lighting Group, LLC Closing Date Initial Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.25% / 1.00% | 9.56% | 11/4/2030 | 4514 | 4478 | 4468 | 0.30% |
| Principal Lighting Group, LLC Closing Date Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.25% / 1.00% | 9.56% | 11/4/2030 | 3204 | 3178 | 3171 | 0.21% |
| Principal Lighting Group, LLC Closing Date Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.25% / 1.00% | 9.56% | 11/4/2030 | 4279 | 4236 | 4235 | 0.28% |
| Principal Lighting Group, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 11/4/2030 |  | (14) |  | 0.00% |
| Spark Buyer, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 10/15/2031 |  | (16) |  | 0.00% |
| Spark Buyer, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 0.75% | 9.44% | 10/15/2031 | 1396 | 1377 | 1375 | 0.09% |
| Spark Buyer, LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.25% / 0.75% | 9.44% | 10/15/2031 | 1532 | 1508 | 1510 | 0.10% |
| Spark Buyer, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.25% / 0.75% | 9.44% | 10/15/2031 | 3275 | 3231 | 3227 | 0.21% |
| Spark Buyer, LLC Revolving Credit Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 0.75% | 9.48% | 10/15/2031 | 425 | 409 | 425 | 0.03% |
|  |  |  |  |  |  | $31076 | $31162 | 2.07% |
| Electronic Equipment & Instruments |  |  |  |  |  |  |  |  |
| Dwyer Instruments, LLC Fourth Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 7/20/2029 | $— | $— | $— | 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)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br> Rate<br> Spread / Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments | Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |
| First Lien Senior Secured (continued) | First Lien Senior Secured (continued) |  |  |  |  |  |  |  |
| Electronic Equipment & Instruments (continued) | Electronic Equipment & Instruments (continued) |  |  |  |  |  |  |  |
| Dwyer Instruments, LLC Fourth Amendment Incremental Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 4.75% / 0.75% | 8.75% | 7/20/2029 | 7481 | 7414 | 7420 | 0.49% |
| Dwyer Instruments, LLC Fourth Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 8.75% | 7/20/2029 | 3326 | 3299 | 3299 | 0.22% |
| Dwyer Instruments, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 0.75% | 8.75% | 7/20/2029 | 137 | 123 | 137 | 0.01% |
| Payscape Buyer, Inc. (NXGEN) Initial Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 4.75% / 1.00% | 8.91% | 10/31/2027 | 3604 | 3574 | 3571 | 0.24% |
| Payscape Buyer, Inc. Eleventh Amendment Incremental Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 4.75% / 1.00% | 8.91% | 11/1/2027 | 6370 | 6316 | 6312 | 0.42% |
| REE Holdings III Corp. Term Loan (Rees Scientific Corporation) | (3)(4)(5)(7)(11) | 3M SOFR + 5.25% / 1.00% | 9.41% | 11/4/2028 | 4671 | 4628 | 4671 | 0.31% |
|  |  |  |  |  |  | $25348 | $25410 | 1.69% |
| Electronic Manufacturing Services |  |  |  |  |  |  |  |  |
| AEP Passion Intermediate Holdings, Inc. 2023 Incremental Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 6.65% / 1.00% | 10.85% | 10/5/2027 | $157 | $157 | $146 | 0.01% |
| AEP Passion Intermediate Holdings, Inc. 2023 Incremental Term A Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.65% / 1.00% | 10.85%<br> /1.90% | 10/5/2027 | 2633 | 2616 | 2449 | 0.16% |
|  |  |  |  |  |  | $2773 | $2595 | 0.17% |
| Environmental & Facilities Services |  |  |  |  |  |  |  |  |
| AVW WV Buyer, Inc. Fourth Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR + 5.75% / 1.00% | 9.75% | 3/17/2027 | $396 | $396 | $393 | 0.03% |
| AVW WV Buyer, Inc. Term Loan | (3)(4)(5)(7)(8)(12) | 3M SOFR + 5.75% / 1.00% | 9.75% | 3/17/2027 |  | 2 |  | 0.00% |
| AVW WV Buyer, Inc. Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.75% / 1.00% | 9.75% | 3/17/2027 | 3374 | 3347 | 3374 | 0.22% |
| AVW WV Buyer, Inc. Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.75% / 1.00% | 9.75% | 3/17/2027 | 3974 | 3974 | 3974 | 0.26% |
| CARDS Acquisition, Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 6.00% / 1.00% | 10.31% | 8/12/2029 | 1086 | 1044 | 1086 | 0.07% |
| CARDS Acquisition, Inc. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 12.25% | 8/12/2029 | 1159 | 1145 | 1159 | 0.08% |
| CARDS Acquisition, Inc. Term Loan | (3)(4)(5)(7) | 3M SOFR + 6.00% / 1.00% | 10.00% | 8/12/2029 | 685 | 678 | 685 | 0.05% |
| CARDS Acquisition, Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.00% / 1.00% | 10.00% | 8/12/2029 | 2936 | 2891 | 2936 | 0.19% |
| CARDS Acquisition, Inc. Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 6.00% / 1.00% | 10.00% | 8/12/2029 | 3374 | 3338 | 3374 | 0.22% |
| Creative Multicare, LLC Closing Date Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 5.50% / 1.00% | 9.81% | 3/27/2030 | 4925 | 4868 | 4870 | 0.32% |
| Duke's Root Control, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.65% / 1.00% | 9.85% | 12/10/2029 | 2210 | 2205 | 2194 | 0.15% |
| Duke's Root Control, Inc. Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.65% / 1.00% | 9.85% | 12/10/2029 | 2210 | 2199 | 2194 | 0.15% |
| Duke's Root Control, Inc. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.65% / 1.00% | 9.82% | 12/8/2028 | 45 | 41 | 42 | 0.00% |
| Duke's Root Control, Inc. Second Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.65% / 1.00% | 9.94% | 12/10/2029 | 767 | 762 | 761 | 0.05% |
| Duke's Root Control, Inc. Second Amendment Incremental Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.65% / 1.00% | 9.94% | 12/10/2029 | 767 | 762 | 761 | 0.05% |
| HEF Safety Ultimate Holdings, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 9.42% | 11/19/2029 | 389 | 373 | 382 | 0.03% |
| HEF Safety Ultimate Holdings, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.42% | 11/19/2029 | 2560 | 2522 | 2482 | 0.16% |
| Rotolo Consultants, Inc. Closing Date Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.75% / 1.00% | 10.05% | 12/20/2026 | 3121 | 3083 | 3112 | 0.21% |
| Rotolo Consultants, Inc. Delayed Draw Term Loan (2025) | (3)(4)(5)(7) | 3M SOFR + 5.75% / 1.00% | 10.05% | 1/31/2031 | 491 | 489 | 491 | 0.03% |
| Vortex Companies, LLC Amendment No. 4 Incremental Delay Draw Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 1.00% | 9.16% | 9/4/2029 | 4971 | 4969 | 4971 | 0.33% |
| Vortex Companies, LLC Amendment No. 4 Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 9.16% | 9/4/2029 | 2233 | 2220 | 2233 | 0.15% |
| Vortex Companies, LLC Amendment No.2 Incremental Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.00% / 1.00% | 9.16% | 9/4/2029 | 3005 | 2978 | 2994 | 0.20% |
| Vortex Companies, LLC Delayed Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.00% / 1.00% | 11.25% | 5/7/2032 | 120 | 116 | 120 | 0.01% |
| Vortex Companies, LLC Incremental Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.00% / 1.00% | 9.16% | 9/4/2029 | 2910 | 2884 | 2910 | 0.19% |
| Vortex Companies, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 9.32% | 9/4/2029 | 288 | 284 | 288 | 0.02% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments (Unaudited) – (Continued)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br> Rate<br> Spread / Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments | Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |
| First Lien Senior Secured (continued) | First Lien Senior Secured (continued) |  |  |  |  |  |  |  |
| Environmental & Facilities Services (continued) | Environmental & Facilities Services (continued) |  |  |  |  |  |  |  |
| Vortex Companies, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 9.16% | 5/7/2032 | 1306 | 1297 | 1306 | 0.09% |
| VTC Buyer Corp. Advance | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 7/15/2031 |  | (14) | (14) | 0.00% |
| VTC Buyer Corp. Designated Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 7/15/2031 |  | (23) | (24) | 0.00% |
| VTC Buyer Corp. Future Expansion Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 7/15/2031 |  | (16) | (17) | 0.00% |
| VTC Buyer Corp. Term A Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.57% | 7/15/2031 | 3045 | 3022 | 3022 | 0.20% |
| VTC Buyer Corp. Term A Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.25% / 1.00% | 9.57% | 7/15/2031 | 3045 | 3023 | 3022 | 0.20% |
|  |  |  |  |  |  | $54859 | $55081 | 3.66% |
| Financial Exchanges & Data |  |  |  |  |  |  |  |  |
| Wharf Street Ratings Acquisition LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 9/16/2032 | $— | $(8) | $(8) | 0.00% |
| Wharf Street Ratings Acquisition LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 8.91% | 9/16/2032 | 7342 | 7306 | 7306 | 0.48% |
| Wharf Street Ratings Acquisition LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 0.75% | 8.91% | 9/16/2032 | 7342 | 7306 | 7306 | 0.48% |
| Wharf Street Ratings Acquisition LLC_Revolver | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 9/16/2032 |  | (8) | (8) | 0.00% |
|  |  |  |  |  |  | $14596 | $14596 | 0.96% |
| Food Distributors |  |  |  |  |  |  |  |  |
| Costanzo's Bakery, LLC Delayed Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.50% | 6/18/2027 | $504 | $501 | $504 | 0.03% |
| Costanzo's Bakery, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.50% | 6/18/2027 | 2939 | 2920 | 2922 | 0.19% |
| Heritage Foodservice Investment, LLC First Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.60% / 1.00% | 9.90% | 8/1/2030 | 180 | 155 | 180 | 0.01% |
| Heritage Foodservice Investment, LLC First Amendment Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.60% / 1.00% | 9.92% | 8/1/2030 | 673 | 666 | 669 | 0.05% |
| Heritage Foodservice Investment, LLC First Amendment Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.60% / 1.00% | 9.92% | 8/1/2030 | 594 | 586 | 590 | 0.04% |
| Heritage Foodservice Investment, LLC First Amendment Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.60% / 1.00% | 9.92% | 8/1/2030 | 3374 | 3337 | 3352 | 0.22% |
| Heritage Foodservice Investment, LLC Revolving Credit Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.60% / 1.00% | 9.92% | 8/1/2030 | 100 | 94 | 100 | 0.01% |
| Recipe Acquisition Corp. Delayed Draw Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 1.00% | 8.77% | 7/31/2031 | 142 | 141 | 138 | 0.01% |
| Recipe Acquisition Corp. Revolving Credit | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 1.00% | 8.75% | 7/31/2031 | 380 | 377 | 373 | 0.03% |
| Recipe Acquisition Corp. Term Loan (First Lien) | (3)(4)(5)(7) | 3M SOFR + 4.75% / 1.00% | 8.75% | 7/31/2031 | 322 | 320 | 319 | 0.02% |
| Recipe Acquisition Corp. Term Loan (First Lien) | (3)(4)(5)(7)(14) | 3M SOFR + 4.75% / 1.00% | 8.75% | 7/31/2031 | 3374 | 3360 | 3344 | 0.22% |
| Recipe Acquisition Corp. Term Loan (First Lien) | (3)(4)(5)(7)(15) | 3M SOFR + 4.75% / 1.00% | 8.75% | 7/31/2031 | 3983 | 3947 | 3947 | 0.26% |
| Rushmore Investment III LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 9.32% | 10/18/2030 | 8374 | 8231 | 8272 | 0.55% |
| Rushmore Investment III LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 1.00% | 9.32% | 10/18/2030 | 3960 | 3921 | 3911 | 0.26% |
| Sunset Distributing, LLC Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.75% / 1.00% | 9.75% | 5/30/2030 | 1427 | 1386 | 1427 | 0.10% |
| Sunset Distributing, LLC Term Loan A | (3)(4)(5)(7)(8) | 3M SOFR + 5.75% / 1.00% | 9.75% | 5/30/2030 |  |  |  | 0.00% |
| Sunset Distributing, LLC Term Loan A | (3)(4)(5)(7)(12) | 3M SOFR + 5.75% / 1.00% | 9.75% | 5/30/2030 | 3723 | 3651 | 3662 | 0.24% |
| Sunset Distributing, LLC Term Loan A | (3)(4)(5)(7)(13) | 3M SOFR + 5.75% / 1.00% | 9.75% | 5/30/2030 | 3723 | 3650 | 3662 | 0.24% |
| ZB Holdco LLC 2023-1 Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.90% / 1.00% | 10.23% | 2/9/2028 | 193 | 190 | 190 | 0.01% |
| ZB Holdco LLC 2023-1 Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.90% / 1.00% | 9.90% | 2/9/2028 | 153 | 151 | 152 | 0.01% |
|  |  |  |  |  |  | $37584 | $37714 | 2.50% |
| Health Care Distributors |  |  |  |  |  |  |  |  |
| ASP Global Holdings, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 9.56% | 7/31/2029 | $1522 | $1506 | $1522 | 0.10% |
| ASP Global Holdings, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.56% | 7/31/2029 | 1873 | 1859 | 1856 | 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)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br> Rate<br> Spread / Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments | Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |
| First Lien Senior Secured (continued) | First Lien Senior Secured (continued) |  |  |  |  |  |  |  |
| Health Care Distributors (continued) | Health Care Distributors (continued) |  |  |  |  |  |  |  |
| ASP Global Holdings, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.25% / 1.00% | 9.56% | 7/31/2029 | 3275 | 3249 | 3245 | 0.22% |
| ASP Global Holdings, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 9.56% | 7/31/2029 | 452 | 447 | 452 | 0.03% |
| HEC Purchaser Corp. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 9.16% | 6/17/2029 | 109 | 99 | 109 | 0.01% |
| HEC Purchaser Corp. Term Loan A | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 9.25% | 6/17/2029 | 970 | 968 | 969 | 0.06% |
| HEC Purchaser Corp. Term Loan A | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 1.00% | 9.25% | 6/17/2029 | 8698 | 8633 | 8687 | 0.58% |
| HEC Purchaser Corp. Term Loan A | (3)(4)(5)(7)(14) | 3M SOFR + 5.00% / 1.00% | 9.25% | 6/17/2029 | 3249 | 3244 | 3245 | 0.22% |
| HEC Purchaser Corp. Term Loan A | (3)(4)(5)(7)(15) | 3M SOFR + 5.00% / 1.00% | 9.25% | 6/17/2029 | 4035 | 4030 | 4030 | 0.27% |
| IDC Infusion Services, Inc. Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 6.00% / 1.00% | 10.30% | 7/7/2028 | 5955 | 5904 | 5901 | 0.39% |
|  |  |  |  |  |  | $29939 | $30016 | 2.00% |
| Health Care Equipment |  |  |  |  |  |  |  |  |
| ACP Oak Buyer, Inc. 2025 Refinancing Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 5/16/2031 | $— | $(10) | $(10) | 0.00% |
| ACP Oak Buyer, Inc. 2025 Refinancing Term Loan | (3)(4)(5)(7)(8) | 3M SOFR + 5.00% / 1.00% | 9.17% | 5/16/2031 |  |  |  | 0.00% |
| ACP Oak Buyer, Inc. 2025 Refinancing Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 9.17% | 5/16/2031 | 3515 | 3498 | 3498 | 0.23% |
| ACP Oak Buyer, Inc. 2025 Refinancing Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 1.00% | 9.17% | 5/16/2031 | 1995 | 1985 | 1985 | 0.13% |
| ACP Oak Buyer, Inc. 2025 Refinancing Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.00% / 1.00% | 9.17% | 5/16/2031 | 3990 | 3970 | 3970 | 0.26% |
| ACP Oak Buyer, Inc. 2025-1 Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 5/16/2031 |  | (11) | (11) | 0.00% |
| ACP Oak Buyer, Inc. 2025-2 Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 5/16/2031 |  | (11) | (11) | 0.00% |
| Artivion, Inc. Closing Date Initial Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 4.75% / 2.00% | 9.04% | 1/20/2031 | 1059 | 1056 | 1017 | 0.07% |
| Blades Buyer, Inc. Term A Loan | (3)(4)(5)(7)(11) | 3M SOFR + 5.10% / 1.00% | 9.38% | 3/28/2028 | 4886 | 4877 | 4886 | 0.32% |
| Life Science Intermediate Holdings, LLC Delayed Draw Dollar Term Loan D | (3)(4)(5)(7)(10) | 1M SOFR + 5.85% / 1.00% | 10.01% | 6/10/2027 | 1624 | 1624 | 1624 | 0.11% |
| Life Science Intermediate Holdings, LLC Delayed Draw Dollar Term Loan D | (3)(4)(5)(7)(14) | 1M SOFR + 5.85% / 1.00% | 10.01% | 6/10/2027 | 3275 | 3275 | 3275 | 0.22% |
| Life Science Intermediate Holdings, LLC Delayed Draw Dollar Term Loan F | (3)(4)(5)(6)(7) | 3M SOFR + 5.85% / 1.00% | 10.01% | 6/10/2027 | 3880 | 3810 | 3880 | 0.26% |
| Life Science Intermediate Holdings, LLC Revolving Dollar Loan (2025) | (3)(4)(5)(6)(7) | 3M SOFR + 5.85% / 1.00% | 10.05% | 6/10/2027 | 416 | 401 | 416 | 0.03% |
| Medical Device Inc. Initial Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.10% / 1.00% | 9.10% | 7/11/2029 | 1477 | 1455 | 1466 | 0.10% |
| Medical Device Inc. Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.10% / 1.00% | 9.10% | 7/11/2029 | 3275 | 3212 | 3251 | 0.22% |
| Medical Device Inc. Revolving Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR + 6.50% / 1.00% | 6.50% | 7/11/2029 | 607 | 607 | 592 | 0.04% |
| Medical Device Inc. Second Amendment Incremental Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.10% / 1.00% | 9.10% | 7/11/2029 | 1459 | 1443 | 1451 | 0.10% |
| OSP WILDCAT MERGER SUB, INC_Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 9.32% | 9/3/2030 | 1646 | 1627 | 1622 | 0.11% |
| Par Excellence Holdings, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 3/31/2033 |  | (1) |  | 0.00% |
| Par Excellence Holdings, Inc. Term B-1 Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 9.12% | 9/3/2030 | 7450 | 7348 | 7342 | 0.49% |
| Par Excellence Holdings, Inc. Term B-1 Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.00% / 1.00% | 9.12% | 9/3/2030 | 3990 | 3932 | 3932 | 0.26% |
| Pediatric Home Respiratory Services, LLC Delayed Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 12/23/2030 |  | (3) |  | 0.00% |
| Pediatric Home Respiratory Services, LLC Revolving Credit | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 9.25% | 12/23/2030 | 483 | 480 | 483 | 0.03% |
| Pediatric Home Respiratory Services, LLC Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.00% / 1.00% | 9.25% | 12/23/2030 | 2151 | 2145 | 2119 | 0.14% |
| Pediatric Home Respiratory Services, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 9.25% | 12/23/2030 | 2758 | 2751 | 2717 | 0.18% |
| Pediatric Home Respiratory Services, LLC Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.00% / 1.00% | 9.25% | 12/23/2030 | 3383 | 3337 | 3333 | 0.22% |
| Pediatric Home Respiratory Services, LLC Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.00% / 1.00% | 9.25% | 12/23/2030 | 3990 | 3931 | 3931 | 0.26% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments (Unaudited) – (Continued)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br> Rate<br> Spread / Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments | Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |
| First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| Health Care Distributors (continued) |  |  |  |  |  |  |  |  |
| Spruce Bidco II Inc. Initial U.S. Dollar Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 0.75% | 9.13% | 2/2/2032 | 8573 | 8454 | 8451 | 0.56% |
| Spruce Bidco II Inc. Initial U.S. Dollar Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 0.75% | 9.13% | 2/2/2032 | 5985 | 5896 | 5899 | 0.39% |
| SunMed Group Holdings, LLC Initial Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.60% / 0.75% | 9.91% | 6/16/2028 | 1611 | 1588 | 1575 | 0.10% |
| SunMed Group Holdings, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.60% / 0.75% | 9.91% | 6/16/2028 | 3274 | 3209 | 3201 | 0.21% |
|  |  |  |  |  |  | $75875 | $75884 | 5.04% |
| Health Care Facilities |  |  |  |  |  |  |  |  |
| AAH Topco, LLC Class C Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.10% / 0.75% | 9.26% | 12/22/2027 | $519 | $492 | $500 | 0.03% |
| American Family Care, LLC Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 1.00% | 9.05% | 12/31/2049 | 4826 | 4802 | 4826 | 0.32% |
| American Family Care, LLC_Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 9/10/2029 |  | (18) | (18) | 0.00% |
| American Family Care, LLC_Revolver | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 12/31/2032 |  | (5) | (5) | 0.00% |
| Beacon Oral Specialists Management LLC Eighth Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 12/14/2026 |  | (4) | (4) | 0.00% |
| Bristol Hospice, L.L.C. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 9.16% | 8/26/2032 | 7303 | 7231 | 7230 | 0.48% |
| Bristol Hospice, L.L.C. Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 0.75% | 9.16% | 8/26/2032 | 7303 | 7231 | 7230 | 0.48% |
| Bristol Hospice, L.L.C. Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 8/26/2032 |  | (14) | (14) | 0.00% |
| Capitol Imaging Acquisition Corp. Closing Date Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.00% / 1.00% | 9.30% | 1/3/2030 | 6375 | 6321 | 6354 | 0.42% |
| Capitol Imaging Acquisition Corp. Closing Date Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 9.30% | 1/3/2030 | 2350 | 2336 | 2342 | 0.15% |
| Capitol Imaging Acquisition Corp. Closing Date Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.00% / 1.00% | 9.30% | 1/3/2030 | 4025 | 4012 | 4012 | 0.27% |
| Capitol Imaging Acquisition Corp. Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 9.32% | 1/3/2030 | 1815 | 1797 | 1815 | 0.12% |
| Capitol Imaging Acquisition Corp. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 9.32% / 1.00% | 9.32% | 1/3/2030 | 221 | 213 | 221 | 0.01% |
| Community Care Partners, LLC Closing Date Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 6.11% / 1.00% | 10.28% | 6/10/2026 | 1957 | 1952 | 1942 | 0.13% |
| CRH Healthcare Purchaser, Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 9/17/2031 |  | (31) | (31) | 0.00% |
| CRH Healthcare Purchaser, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 9/17/2031 |  | (12) | (12) | 0.00% |
| CRH Healthcare Purchaser, Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.27% | 9/17/2031 | 6828 | 6760 | 6760 | 0.45% |
| CRH Healthcare Purchaser, Inc. Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.25% / 1.00% | 9.27% | 9/17/2031 | 6828 | 6760 | 6760 | 0.45% |
| Discovery SL Management, LLC Closing Date Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.66% | 3/18/2030 | 1724 | 1713 | 1706 | 0.11% |
| Discovery SL Management, LLC Delayed Draw Term Loan A | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.66% | 3/18/2030 | 289 | 288 | 289 | 0.02% |
| Discovery SL Management, LLC Delayed Draw Term Loan B | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 1.00% | 9.66% | 3/18/2030 | 665 | 658 | 665 | 0.04% |
| Discovery SL Management, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 3/18/2030 |  | (1) |  | 0.00% |
| IPC Pain Acquisition, LLC Delayed Draw Tem Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.61% / 1.00% | 9.78% | 5/19/2027 | 2654 | 2635 | 2654 | 0.18% |
| Liberty Purchaser, LLC Revolving Loan (Magna Legal Services) | (3)(4)(5)(6)(7)(8) | 3M SOFR + 4.63% / 1.00% | 4.63% | 11/22/2029 |  |  |  | 0.00% |
| SDG Mgmt Company, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.85% / 0.75% | 10.17% | 7/3/2028 | 786 | 787 | 786 | 0.05% |
| SDG Mgmt Company, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.85% / 0.75% | 10.15% | 7/3/2028 | 1549 | 1535 | 1546 | 0.10% |
| SDG Mgmt Company, LLC Third Amendment Delayed Draw Term Loan A | (3)(4)(5)(6)(7)(12) | 3M SOFR + 5.85% / 0.75% | 10.14% | 7/3/2028 | 255 | 253 | 255 | 0.02% |
| SDG Mgmt Company, LLC Third Amendment Delayed Draw Term Loan B | (3)(4)(5)(7) | 3M SOFR + 5.85% / 0.75% | 10.05% | 7/3/2028 | 744 | 739 | 740 | 0.05% |
| SDG Mgmt Company, LLC Third Amendment Delayed Draw Term Loan C | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 7/3/2028 |  |  |  | 0.00% |
| TVG Shelby Buyer, Inc. Amendment No. 6 Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR + 5.50% / 1.00% | 9.80% | 3/27/2028 | 474 | 461 | 466 | 0.03% |
| TVG Shelby Buyer, Inc. Amendment No. 6 Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.50% | 3/27/2028 | 2469 | 2442 | 2416 | 0.16% |
| TVG Shelby Buyer, Inc. Revolving Credit Loan | (3)(4)(5)(6)(7)(8)(10) | 3M SOFR + 0.50% / 1.00% | 0.50% | 3/27/2028 |  | (2) | (1) | 0.00% |
|  |  |  |  |  |  | $61331 | $61430 | 4.07% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments (Unaudited) – (Continued)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br> Rate<br> Spread / Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| Health Care Services |  |  |  |  |  |  |  |  |
| Advanced Medical Management, LLC Amendment No. 8 Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.15% / 1.00% | 10.47% | 6/18/2028 | $3852 | $3804 | $3796 | 0.25% |
| Advanced Medical Management, LLC Amendment No. 8 Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 6.15% / 1.00% | 10.47% | 6/18/2028 | 4067 | 4009 | 4008 | 0.27% |
| Advanced Medical Management, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.15% / 1.00% | 10.15% | 12/18/2026 | 3294 | 3238 | 3227 | 0.21% |
| Advanced Medical Management, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 6.15% / 1.00% | 10.15% | 12/18/2026 | 3275 | 3227 | 3209 | 0.21% |
| Advanced Medical Management, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 12/18/2026 |  | (21) | (25) | 0.00% |
| Apex Dental Partners, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 9.33% | 10/29/2030 | 2018 | 2008 | 1999 | 0.13% |
| Apex Dental Partners, LLC Revolving Credit | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 10/29/2030 |  | (2) |  | 0.00% |
| Apex Dental Partners, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 9.31% | 10/29/2030 | 4491 | 4485 | 4487 | 0.30% |
| Apex Dental Partners, LLC Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.00% / 1.00% | 9.31% | 10/29/2030 | 4025 | 4022 | 4022 | 0.27% |
| BCDI Rodeo Dental Buyer, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.40% / 1.00% | 9.60% | 12/31/2026 | 1247 | 1241 | 1245 | 0.08% |
| BCDI Rodeo Dental Buyer, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.40% / 1.00% | 9.60% | 12/31/2026 | 1650 | 1643 | 1643 | 0.11% |
| BCDI Rodeo Dental Buyer, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.40% / 1.00% | 9.60% | 12/31/2026 | 3948 | 3931 | 3931 | 0.26% |
| BCDI Rodeo Dental Buyer, LLC Revolving Credit Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.40% / 1.00% | 9.65% | 12/31/2026 | 1325 | 1315 | 1320 | 0.09% |
| BCDI Rodeo Dental Buyer, LLC Second Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.40% / 1.00% | 9.60% | 12/31/2025 | 121 | 121 | 121 | 0.01% |
| Beacon Oral Specialists Management LLC Sixth Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 1.00% | 9.80% | 12/14/2026 | 3837 | 3822 | 3820 | 0.25% |
| CCHN Holdings, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 0.75% | 9.66% | 4/1/2030 | 2649 | 2607 | 2556 | 0.17% |
| CCHN Holdings, LLC Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.50% / 0.75% | 9.66% | 4/1/2030 | 3275 | 3275 | 3161 | 0.21% |
| CVAUSA Management, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 2/1/2027 |  | (113) | (63) | 0.00% |
| CVAUSA Management, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 4.75% / 1.00% | 4.75% | 5/22/2028 |  | (1) |  | 0.00% |
| CVAUSA Management, LLC Term Loan | (3)(4)(5)(7)(8) | 3M SOFR + 5.25% / 1.00% | 9.57% | 5/22/2029 |  | 3 |  | 0.00% |
| CVAUSA Management, LLC Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.25% / 1.00% | 9.57% | 5/22/2029 | 2948 | 2905 | 2921 | 0.19% |
| CVAUSA Management, LLC Term Loan | (3)(4)(5)(7)(8)(12) | 3M SOFR + 5.25% / 1.00% | 9.57% | 5/22/2029 |  | 3 |  | 0.00% |
| CVAUSA Management, LLC Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.25% / 1.00% | 9.57% | 5/22/2029 | 4475 | 4433 | 4433 | 0.29% |
| Dentive, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 8.75% / 0.75% | 12.75% | 12/22/2028 | 2226 | 2203 | 2182 | 0.14% |
| Dentive, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 8.75% / 0.75% | 12.75% | 12/22/2028 | 1222 | 1214 | 1196 | 0.08% |
| Dentive, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 8.75% / 0.75% | 12.75% | 12/22/2028 | 3259 | 3224 | 3189 | 0.21% |
| Dentive, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 8.75% / 0.75% | 12.75% | 12/22/2028 | 622 | 615 | 617 | 0.04% |
| DermCare Management, LLC Fourth Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 6.10% / 1.00% | 10.26% | 4/21/2028 | 7923 | 7869 | 7868 | 0.52% |
| DermCare Management, LLC Fourth Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.10% / 1.00% | 10.26% | 4/21/2028 | 3178 | 3178 | 3156 | 0.21% |
| DermCare Management, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.10% / 1.00% | 10.26% | 4/21/2028 | 472 | 472 | 472 | 0.03% |
| DermCare Management, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 6.10% / 1.00% | 10.26% | 4/21/2028 | 3990 | 3990 | 3990 | 0.26% |
| DermCare Management, LLC Revolving Loan | (3)(4)(5)(7) | 3M SOFR + 6.10% / 1.00% | 10.26% | 4/21/2028 | 359 | 359 | 356 | 0.02% |
| Elder Care Opco LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.75% / 1.50% | 0.75% | 7/31/2030 |  | (20) | (21) | 0.00% |
| Elder Care Opco LLC Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.50% | 9.31% | 7/31/2030 | 3795 | 3762 | 3762 | 0.25% |
| Elder Care Opco LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.50% | 0.50% | 7/31/2030 |  | (6) | (6) | 0.00% |
| Elevate HD Parent, Inc. Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 6.10% / 1.00% | 10.26% | 8/20/2029 | 1625 | 1602 | 1593 | 0.11% |
| Elevate HD Parent, Inc. Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 6.10% / 1.00% | 10.26% | 8/20/2029 | 3275 | 3219 | 3211 | 0.21% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments (Unaudited) – (Continued)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br> Rate<br> Spread / Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| Health Care Services (continued) |  |  |  |  |  |  |  |  |
| Eval Home Health Solutions Intermediate, L.L.C. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.75% / 1.00% | 9.91% | 5/10/2030 | 2039 | 2013 | 2013 | 0.13% |
| Eval Home Health Solutions Intermediate, L.L.C. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 5/10/2030 |  | (1) |  | 0.00% |
| Gen4 Dental Partners OPCO, LLC Closing Date Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 5/13/2030 |  |  | (2) | 0.00% |
| Gen4 Dental Partners OPCO, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.75% / 1.00% | 9.89% | 5/13/2030 | 2368 | 2349 | 2346 | 0.16% |
| Gen4 Dental Partners OPCO, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.75% / 1.00% | 9.89% | 5/13/2030 | 3275 | 3247 | 3245 | 0.22% |
| Gen4 Dental Partners OPCO, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 5/13/2030 |  |  | (3) | 0.00% |
| Hardenbergh Group, Inc., The Second Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.60% / 2.00% | 10.60% | 8/7/2028 | 3084 | 3061 | 3054 | 0.20% |
| Hardenbergh Group, Inc., The Second Amendment Incremental Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 6.60% / 2.00% | 10.60% | 8/7/2028 | 3947 | 3909 | 3909 | 0.26% |
| HHS Buyer, Inc. First Incremental Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 8/31/2028 |  | (151) | (162) | -0.01% |
| HHS Buyer, Inc. First Incremental Amendment Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.76% / 1.00% | 9.96% | 8/31/2028 | 2071 | 2047 | 2045 | 0.14% |
| HHS Buyer, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 5.00% / 1.00% | 5.13% | 8/31/2028 |  | (31) | (4) | 0.00% |
| Home Care Assistance, LLC Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 6.10% / 1.00% | 10.41% | 3/30/2027 | 3047 | 3037 | 3017 | 0.20% |
| Houseworks Holdings, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.25% / 1.00% | 9.45% | 12/15/2028 | 1508 | 1502 | 1492 | 0.10% |
| Houseworks Holdings, LLC Fourth Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 12/15/2028 |  | 2 | (12) | 0.00% |
| Houseworks Holdings, LLC Fourth Amendment Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.45% | 12/15/2028 | 1609 | 1584 | 1568 | 0.10% |
| Houseworks Holdings, LLC Fourth Amendment Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.25% / 1.00% | 9.45% | 12/15/2028 | 3275 | 3222 | 3191 | 0.21% |
| Houseworks Holdings, LLC Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.25% / 1.00% | 9.45% | 12/15/2028 | 2450 | 2366 | 2368 | 0.16% |
| KabaFusion Parent LLC First Amendment Incremental Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 0.75% | 9.30% | 11/24/2031 | 5161 | 5161 | 5134 | 0.34% |
| KabaFusion Parent LLC Initial Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.00% / 0.75% | 9.00% | 11/24/2031 | 5672 | 5647 | 5672 | 0.38% |
| KabaFusion Parent LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 9.00% | 11/24/2031 | 5672 | 5647 | 5672 | 0.38% |
| KabaFusion Parent LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 11/24/2031 |  | (6) |  | 0.00% |
| MB2 Dental Solutions, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 0.75% | 9.66% | 2/13/2031 | 4248 | 4216 | 4226 | 0.28% |
| MB2 Dental Solutions, LLC Revolving Commitment | (3)(4)(5)(6)(7)(8)(12) | 3M SOFR + 0.50% / 0.75% | 0.50% | 2/13/2031 |  | (2) | (2) | 0.00% |
| MB2 Dental Solutions, LLC Tranche 1 Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 0.75% | 9.67% | 2/13/2031 | 678 | 674 | 678 | 0.04% |
| MB2 Dental Solutions, LLC Tranche 2 Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 0.75% | 9.66% | 2/13/2031 | 615 | 611 | 610 | 0.04% |
| Medina Health, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 10/20/2028 |  | (5) |  | 0.00% |
| Medina Health, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.25% / 1.00% | 10.31% | 10/20/2028 | 3017 | 2975 | 2969 | 0.20% |
| Medrina, LLC Initial Delayed Draw Term Loan Facility | (3)(4)(5)(7)(10) | 3M SOFR + 6.00% / 1.00% | 10.22% | 10/20/2029 | 614 | 602 | 614 | 0.04% |
| Medrina, LLC Initial Term Loan Facility | (3)(4)(5)(7)(10) | 3M SOFR + 6.00% / 1.00% | 10.13% | 10/20/2029 | 383 | 376 | 378 | 0.03% |
| Medrina, LLC Initial Term Loan Facility | (3)(4)(5)(7)(14) | 3M SOFR + 6.00% / 1.00% | 10.13% | 10/20/2029 | 3275 | 3202 | 3231 | 0.21% |
| Medrina, LLC Revolving Facility | (3)(4)(5)(6)(7)(8)(10) | 3M SOFR + 0.50% / 1.00% | 0.50% | 10/20/2029 |  | (9) |  | 0.00% |
| NORA Acquisition, LLC Revolving Credit | (3)(4)(5)(6)(7)(10) | 3M SOFR + 6.35% / 1.00% | 10.35% | 8/31/2029 | 58 | 51 | 43 | 0.00% |
| NORA Acquisition, LLC Term Loan A | (3)(4)(5)(7)(10) | 3M SOFR + 6.35% / 1.00% | 10.35% | 8/31/2029 | 3048 | 2990 | 2899 | 0.19% |
| North Haven USHC Acquisition, Inc. Fourth Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.10% / 1.00% | 9.68% | 10/29/2027 | 334 | 318 | 334 | 0.02% |
| North Haven USHC Acquisition, Inc. Fourth Amendment Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.10% / 1.00% | 9.41% | 10/29/2027 | 2666 | 2651 | 2664 | 0.18% |
| NS and Associates LLC New Term A Loan | (3)(4)(5)(7) | 3M SOFR + 5.25% / 1.00% | 9.50% | 8/6/2030 | 4955 | 4893 | 4892 | 0.32% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments (Unaudited) – (Continued)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br>Rate<br> Spread / Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments | Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |
| First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| Health Care Services (continued) |  |  |  |  |  |  |  |  |
| NS and Associates LLC New Term A Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.25% / 1.00% | 9.50% | 8/6/2030 | 11562 | 11416 | 11414 | 0.76% |
| NS and Associates LLC Revolving Loan (2025) | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 8/6/2030 |  | (18) | (19) | 0.00% |
| OIA Acquisition, LLC Effective Date Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 5.60% / 1.00% | 9.47% | 10/19/2027 | 4641 | 4620 | 4599 | 0.30% |
| Point Quest Acquisition, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.40% / 1.00% | 9.57% | 8/14/2028 | 614 | 607 | 606 | 0.04% |
| Point Quest Acquisition, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.63% | 8/14/2028 | 785 | 776 | 769 | 0.05% |
| Point Quest Acquisition, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.50% / 1.00% | 9.63% | 8/14/2028 | 3990 | 3911 | 3911 | 0.26% |
| Point Quest Acquisition, LLC Revolving Credit Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.40% / 1.00% | 9.60% | 8/14/2028 | 341 | 329 | 335 | 0.02% |
| Point Quest Acquisition, LLC Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.40% / 1.00% | 9.72% | 11/14/2031 | 6831 | 6751 | 6804 | 0.45% |
| Premise Health Holding Corp. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 0.75% | 9.25% | 3/3/2031 | 1527 | 1517 | 1527 | 0.10% |
| PTSH Intermediate Holdings, LLC 2024 Second Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.65% / 0.75% | 9.65% | 12/17/2027 | 11579 | 11441 | 11497 | 0.76% |
| RBFD Buyer, LLC Initial Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 1.00% | 8.90% | 10/31/2030 | 263 | 256 | 263 | 0.02% |
| RBFD Buyer, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 1.00% | 8.91% | 10/31/2030 | 2758 | 2728 | 2743 | 0.18% |
| RBFD Buyer, LLC Revolving Credit | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 10/31/2030 |  | (3) | (2) | 0.00% |
| Rcp Nats Purchaser, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.75% / 0.75% | 0.75% | 3/19/2032 |  | (2) |  | 0.00% |
| Rcp Nats Purchaser, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 9.00% | 3/19/2032 | 10305 | 10230 | 10238 | 0.68% |
| Rcp Nats Purchaser, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 3/19/2032 |  | (10) |  | 0.00% |
| RCP TCT, LLC Initial Term Loan | (3)(4)(5)(7)(11) | 1M SOFR + 5.01% / 1.00% | 9.34% | 12/31/2027 | 3783 | 3768 | 3745 | 0.25% |
| Salt Dental Collective 11th Amendment Inc Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.85% / 1.00% | 11.17% | 2/15/2028 | 434 | 434 | 434 | 0.03% |
| Salt Dental Collective 13th Amendment Inc Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.85% / 1.00% | 11.17% | 2/15/2028 | 30 | 30 | 30 | 0.00% |
| Salt Dental Collective 15th Amendment Inc Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.85% / 1.00% | 11.17% | 2/15/2028 | 21 | 21 | 21 | 0.00% |
| Salt Dental Collective District Acq. Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.85% / 1.00% | 11.17% | 2/15/2028 | 103 | 103 | 103 | 0.01% |
| Salt Dental Collective Eighth Amendment Inc Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.85% / 1.00% | 11.17% | 2/15/2028 | 866 | 866 | 866 | 0.06% |
| Salt Dental Collective First Amendment Inc Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.85% / 1.00% | 11.17% | 2/15/2028 | 538 | 538 | 538 | 0.04% |
| Salt Dental Collective Ninth Amendment Inc Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.85% / 1.00% | 11.17% | 2/15/2028 | 1708 | 1708 | 1708 | 0.11% |
| Salt Dental Collective Scott Acq. Inc Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.85% / 1.00% | 11.17% | 2/15/2028 | 158 | 158 | 158 | 0.01% |
| Salt Dental Collective Second Amendment Inc Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.85% / 1.00% | 11.17% | 2/15/2028 | 1184 | 1184 | 1184 | 0.08% |
| Salt Dental Collective Tenth Amendment Inc Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.85% / 1.00% | 11.17% | 2/15/2028 | 101 | 101 | 101 | 0.01% |
| Salt Dental Collective Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.85% / 1.00% | 11.17% | 2/15/2028 | 123 | 123 | 122 | 0.01% |
| Salt Dental Collective Third Amendment Inc Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.85% / 1.00% | 11.17% | 2/15/2028 | 2171 | 2171 | 2171 | 0.14% |
| Salt Dental Collective, LLC 2024 Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.85% / 1.00% | 11.01% | 2/15/2028 | 1514 | 1514 | 1504 | 0.10% |
| Salt Dental Collective, LLC Columbia Acquisition Revolving Credit | (3)(4)(5)(6)(7) | 3M SOFR + 6.75% / 1.00% | 11.17% | 2/15/2028 | 359 | 359 | 356 | 0.02% |
| Salt Dental Collective, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 6.85% / 1.00% | 11.01% | 2/15/2028 | 1631 | 1622 | 1621 | 0.11% |
| Salt Dental Collective, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 6.85% / 1.00% | 11.01% | 2/15/2028 | 3275 | 3224 | 3254 | 0.22% |
| Surgical Center Solutions, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 3/25/2031 |  | (20) |  | 0.00% |
| Surgical Center Solutions, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 1.00% | 8.91% | 3/25/2031 | 3311 | 3270 | 3291 | 0.22% |
| Surgical Center Solutions, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 1.00% | 8.91% | 3/25/2031 | 30 | 18 | 27 | 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)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br>Rate<br> Spread / Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments | Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |
| First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| Health Care Services (continued) |  |  |  |  |  |  |  |  |
| TheKey, LLC Tranche B-1 Delayed Draw Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 6.10% / 1.00% | 10.41% | 3/30/2027 | 1872 | 1866 | 1854 | 0.12% |
| TheKey, LLC Tranche B-1 Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 6.10% / 1.00% | 10.41% | 3/30/2027 | 92 | 92 | 91 | 0.01% |
| Vital Purchaser, LLC Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.50% | 8/7/2030 | 784 | 770 | 769 | 0.05% |
| Vital Purchaser, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.50% | 8/7/2030 | 1394 | 1382 | 1367 | 0.09% |
| Vital Purchaser, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.50% / 1.00% | 9.50% | 8/7/2030 | 3275 | 3217 | 3212 | 0.21% |
| Vital Purchaser, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 8/7/2030 |  | 20 |  | 0.00% |
|  |  |  |  |  |  | $232872 | $232667 | 15.42% |
| Health Care Supplies |  |  |  |  |  |  |  |  |
| Tender Products, Inc. Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.25% / 1.00% | 9.55% | 7/31/2030 | $8421 | $8296 | $8295 | 0.55% |
| Tender Products, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 7/31/2030 |  | (23) | (24) | 0.00% |
|  |  |  |  |  |  | $8273 | $8271 | 0.55% |
| Health Care Technology |  |  |  |  |  |  |  |  |
| Badge 21 Midco Holdings LLC Amendment No. 1 Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 6/30/2032 | $— | $(19) | $(19) | 0.00% |
| Badge 21 Midco Holdings LLC Amendment No. 1 Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 9.00% | 6/30/2032 | 4965 | 4915 | 4915 | 0.33% |
| Badge 21 Midco Holdings LLC Amendment No. 1 Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 0.75% | 9.00% | 6/30/2032 | 2000 | 1981 | 1980 | 0.13% |
| Badge 21 Midco Holdings LLC Amendment No. 1 Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.00% / 0.75% | 9.00% | 6/30/2032 | 4000 | 3960 | 3960 | 0.26% |
| Badge 21 Midco Holdings LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 4.50% / 0.75% | 4.50% | 6/30/2032 |  | (12) | (12) | 0.00% |
| Bobcat Purchaser, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 4.75% / 0.75% | 8.74% | 6/14/2030 | 467 | 458 | 467 | 0.03% |
| Bobcat Purchaser, LLC Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 4.75% / 0.75% | 8.74% | 6/14/2030 | 1493 | 1466 | 1486 | 0.10% |
| CT Technologies Intermediate Holdings, Inc. 2025-B Incremental Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 0.75% | 8.91% | 9/2/2031 | 5487 | 5474 | 5473 | 0.36% |
| CT Technologies Intermediate Holdings, Inc. 2025-B Special Purpose Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 4.75% / 0.75% | 4.75% | 9/2/2031 |  |  |  | 0.00% |
| GHA Buyer, Inc. (aka Cedar Gate) Amendment Number Five Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.50% / 1.00% | 9.50% | 6/24/2026 | 164 | 163 | 164 | 0.01% |
| GHA Buyer, Inc. (aka Cedar Gate) Amendment Number Four Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.50% | 6/24/2026 | 2001 | 1994 | 1999 | 0.13% |
| GHA Buyer, Inc. (aka Cedar Gate) Amendment Number Six Term Loan | (3)(4)(5)(6)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.50% | 6/24/2026 | 572 | 570 | 571 | 0.04% |
| GHA Buyer, Inc. (aka Cedar Gate) Amendment Number Three Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.50% | 6/24/2026 | 547 | 547 | 547 | 0.04% |
| GHA Buyer, Inc. (aka Cedar Gate) Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.50% | 6/24/2026 | 155 | 154 | 155 | 0.01% |
| GHA Buyer, Inc. (aka Cedar Gate) Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 6/24/2026 |  | (1) |  | 0.00% |
| Iodine Software, LLC Closing Date Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.41% | 5/19/2027 | 54 | 54 | 54 | 0.00% |
| Iodine Software, LLC Closing Date Delayed Draw Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.25% / 1.00% | 9.41% | 5/19/2027 | 1984 | 1984 | 1984 | 0.13% |
| Iodine Software, LLC Revolving Loan | (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 | (3)(4)(5)(7)(14) | 3M SOFR + 5.25% / 1.00% | 9.41% | 5/19/2027 | 1398 | 1398 | 1398 | 0.09% |
| mPulse Mobile, Inc. Initial Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 4.75% / 0.75% | 4.75% | 8/26/2032 |  | (10) | (10) | 0.00% |
| mPulse Mobile, Inc. Initial Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 8/26/2032 |  | (15) | (16) | 0.00% |
| mPulse Mobile, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 8.75% | 8/26/2032 | 7269 | 7215 | 7215 | 0.48% |
| mPulse Mobile, Inc. Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 0.75% | 8.75% | 8/26/2032 | 7269 | 7215 | 7215 | 0.48% |
|  |  |  |  |  |  | $39491 | $39526 | 2.62% |
| Heavy Electrical Equipment |  |  |  |  |  |  |  |  |
| Faraday Buyer, LLC Delayed Draw Term Loan (MacLean Power Systems) | (3)(4)(5)(6)(7)(8)(10) | 3M SOFR + 1.00% / 1.00% | 1.00% | 10/11/2028 | $— | $— | $— | 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)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br> Rate<br> Spread / Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments | Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |
| First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| Heavy Electrical Equipment (continued) | Heavy Electrical Equipment (continued) |  |  |  |  |  |  |  |
| Faraday Buyer, LLC First Amendment Term Loan (MacLean Power Systems) | (3)(4)(5)(7)(10) | 3M SOFR + 6.00% / 1.00% | 10.00% | 10/11/2028 | 576 | 570 | 575 | 0.04% |
|  |  |  |  |  |  | $569 | $574 | 0.04% |
| Highways & Railtracks |  |  |  |  |  |  |  |  |
| R1 Holdings, LLC Initial Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 6.25% / 1.00% | 10.56% | 12/29/2028 | $4887 | $4857 | $4850 | 0.32% |
| Home Improvement Retail |  |  |  |  |  |  |  |  |
| TMSC OpCo, LLC Revolving Loan | (3)(4)(5)(6)(7)(12) | 3M SOFR + 6.25% / 1.00% | 10.39% | 4/30/2026 | $263 | $256 | $263 | 0.02% |
| TMSC OpCo, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.25% / 1.00% | 10.38% | 4/30/2026 | 1790 | 1773 | 1790 | 0.12% |
| TMSC OpCo, LLC Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 6.25% / 1.00% | 10.38% | 4/30/2026 | 3617 | 3617 | 3617 | 0.24% |
|  |  |  |  |  |  | $5646 | $5670 | 0.38% |
| Homebuilding |  |  |  |  |  |  |  |  |
| Campany Roof Maintenance, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 7.10% / 1.50% | 11.26% | 11/27/2028 | $1550 | $1531 | $1510 | 0.10% |
| Campany Roof Maintenance, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 7.10% / 1.50% | 11.26% | 11/27/2028 | 3178 | 3139 | 3095 | 0.21% |
| Centex Acquisition, LLC (MDM Contracting, LLC) Second Amendment Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.48% | 5/9/2029 | 9128 | 8992 | 8992 | 0.60% |
| Centex Acquisition, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.35% / 1.00% | 9.63% | 5/9/2029 | 1564 | 1514 | 1499 | 0.10% |
| Centex Acquisition, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.35% / 1.00% | 9.63% | 5/9/2029 | 212 | 209 | 207 | 0.01% |
| Centex Acquisition, LLC Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.35% / 1.00% | 9.63% | 5/9/2029 | 4230 | 4125 | 4121 | 0.27% |
|  |  |  |  |  |  | $19510 | $19424 | 1.29% |
| Hotels, Resorts & Cruise Lines |  |  |  |  |  |  |  |  |
| Pyramid Management Advisors, LLC Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.25% / 1.25% | 9.57% | 1/19/2028 | $1612 | $1579 | $1612 | 0.11% |
| Pyramid Management Advisors, LLC Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.25% / 1.25% | 9.57% | 1/19/2028 | 3275 | 3248 | 3275 | 0.22% |
| Stonebridge Companies, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 5/16/2031 |  | (18) |  | 0.00% |
| Stonebridge Companies, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 5/16/2030 |  | (12) |  | 0.00% |
| Stonebridge Companies, LLC Term B Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 9.16% | 5/16/2031 | 3292 | 3276 | 3248 | 0.21% |
| Stonebridge Companies, LLC Term B Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 1.00% | 9.16% | 5/16/2031 | 3292 | 3260 | 3248 | 0.21% |
|  |  |  |  |  |  | $11333 | $11383 | 0.75% |
| Household Appliances |  |  |  |  |  |  |  |  |
| Dusk Acquisition II Corporation First Amendment Incremental Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 6.00% / 1.00% | 10.00% | 7/12/2029 | $6948 | 6829 | 6809 | 0.45% |
| Dusk Acquisition II Corporation First Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.00% / 1.00% | 10.00% | 7/12/2029 | 2958 | 2907 | 2898 | 0.19% |
| Dusk Acquisition II Corporation First Amendment Incremental Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 6.00% / 1.00% | 10.00% | 7/12/2029 | 3990 | 3911 | 3910 | 0.26% |
| Evriholder Acquisition, Inc. Initial Term Loan | (3)(4)(5)(7)(8)(12) | 3M SOFR + 6.85% / 1.50% | 11.01% | 1/24/2028 |  | 17 |  | 0.00% |
| Evriholder Acquisition, Inc. Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 6.85% / 1.50% | 11.01% | 1/24/2028 | 3821 | 3800 | 3800 | 0.25% |
| WF Enterprises, Inc. Term Loan A | (3)(4)(5)(7)(11) | 3M SOFR + 4.60% / 1.00% | 8.60% | 11/9/2027 | 4268 | 4251 | 4268 | 0.29% |
|  |  |  |  |  |  | $21715 | $21685 | 1.44% |
| Household Products |  |  |  |  |  |  |  |  |
| Zep Holdco Inc. Initial Term Loan (aka TL Atlas Merger) | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 9.00% | 6/30/2031 | $7987 | $7908 | $7907 | 0.52% |
| Zep Holdco Inc. Initial Term Loan (aka TL Atlas Merger) | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 1.00% | 9.00% | 6/30/2031 | 5985 | 5928 | 5925 | 0.39% |
| Zep Holdco Inc. Revolving Credit Loan (aka TL Atlas Merger) | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 5.00% | 6/30/2031 | 258 | 247 | 240 | 0.02% |
|  |  |  |  |  |  | $14083 | $14072 | 0.93% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments (Unaudited) – (Continued)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br> Rate<br> Spread / Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments | Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |
| First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| Housewares & Specialties |  |  |  |  |  |  |  |  |
| AmerCareRoyal, LLC Delayed Draw Term Loan A | (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 | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 9.16% | 9/10/2030 | 1285 | 1285 | 1285 | 0.09% |
| AmerCareRoyal, LLC Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 9.16% | 9/6/2031 | 695 | 689 | 687 | 0.05% |
| AmerCareRoyal, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 9.16% | 9/6/2031 | 302 | 299 | 298 | 0.02% |
| AmerCareRoyal, LLC Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.00% / 1.00% | 9.16% | 9/6/2031 | 3375 | 3346 | 3337 | 0.22% |
| AmerCareRoyal, LLC Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.00% / 1.00% | 9.16% | 9/6/2031 | 3701 | 3660 | 3660 | 0.24% |
| AmerCareRoyal, LLC U.S. Revolving Credit | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 9.16% | 9/6/2031 | 587 | 577 | 587 | 0.04% |
| Axis Portable Air LLC Seventh Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.50% / 1.00% | 9.50% | 3/22/2028 | 729 | 722 | 729 | 0.05% |
| Axis Portable Air, LLC Fifth Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.50% / 1.00% | 9.50% | 3/22/2028 | 308 | 306 | 302 | 0.02% |
| Axis Portable Air, LLC Fifth Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.50% / 1.00% | 9.50% | 3/22/2028 | 3275 | 3205 | 3214 | 0.21% |
| Axis Portable Air, LLC Initial Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.50% / 1.00% | 9.50% | 3/22/2028 | 866 | 860 | 856 | 0.06% |
| Axis Portable Air, LLC Revolving Credit Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 1.00% | 9.50% | 3/22/2028 | 175 | 168 | 175 | 0.01% |
| Axis Portable Air, LLC Sixth Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.50% / 1.00% | 9.50% | 3/22/2028 | 3852 | 3815 | 3852 | 0.25% |
| TPC US Parent, LLC Fourth Amendment Incremental Term Loan A | (3)(4)(5)(7)(12) | 3M SOFR + 5.90% / 1.00% | 10.19% | 11/22/2025 | 739 | 737 | 738 | 0.05% |
|  |  |  |  |  |  | $19669 | $19720 | 1.31% |
| Human Resource & Employment Services |  |  |  |  |  |  |  |  |
| Accurate Background, LLC Fourth Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.26% / 1.00% | 10.26% | 3/26/2029 | $332 | $345 | $327 | 0.02% |
| Accurate Background, LLC Fourth Amendment Incremental Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 6.26% / 1.00% | 10.26% | 3/26/2029 | 3374 | 3316 | 3324 | 0.22% |
| Accurate Background, LLC Fourth Amendment Incremental Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 6.26% / 1.00% | 10.26% | 3/26/2029 | 4193 | 4130 | 4131 | 0.27% |
| IG Investments Holdings, LLC 2024 Refinancing Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 9.31% | 9/22/2028 | 5909 | 5909 | 5909 | 0.39% |
| PCS Midco, Inc. Closing Date Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.75% / 1.00% | 9.75% | 3/1/2030 | 1810 | 1784 | 1795 | 0.12% |
| PCS Midco, Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.75% / 1.00% | 9.81% | 3/1/2030 | 10 | 10 | 9 | 0.00% |
| PCS Midco, Inc. Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 3/1/2030 |  |  |  | 0.00% |
| Prestige Employee Administrators, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 1.25% | 9.82% | 1/14/2030 | 319 | 310 | 311 | 0.02% |
| Prestige Employee Administrators, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.25% | 9.82% | 1/14/2030 | 6667 | 6577 | 6581 | 0.44% |
|  |  |  |  |  |  | $22381 | $22387 | 1.48% |
| Industrial Machinery |  |  |  |  |  |  |  |  |
| Helios Service Partners, LLC Delayed Draw Term Loan 2022 | (3)(4)(5)(6)(7)(8) | 3M SOFR + 5.00% / 1.00% | 5.00% | 3/19/2027 | $— | $(9) | $(8) | 0.00% |
| Helios Service Partners, LLC Third Amendement Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.26% / 1.00% | 9.43% | 3/19/2027 | 7888 | 7777 | 7888 | 0.52% |
| ICM Holdco III Corp. Closing Date Delayed Draw Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 5.65% / 1.00% | 9.85% | 12/17/2026 | 5369 | 5359 | 5356 | 0.35% |
| ICM Holdco III Corp. Closing Date Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 5.65% / 1.00% | 9.85% | 12/17/2026 | 5177 | 5167 | 5165 | 0.34% |
| Ideal Components Acquisition, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 6/30/2032 |  | (17) | (16) | 0.00% |
| Ideal Components Acquisition, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 9.00% | 6/30/2032 | 3670 | 3633 | 3637 | 0.24% |
| Ideal Components Acquisition, LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 0.75% | 9.00% | 6/30/2032 | 6000 | 5943 | 5947 | 0.39% |
| Ideal Components Acquisition, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 6/30/2032 |  | (14) | (13) | 0.00% |
| ISG Enterprises, LLC Delayed Draw Term Loan (2023) | (3)(4)(5)(7)(10) | 3M SOFR + 5.75% / 1.00% | 10.07% | 12/7/2028 | 5625 | 5569 | 5540 | 0.37% |
| Orion Group HoldCo, LLC Term Loan (Astra Services Partners) | (3)(4)(5)(7)(11) | 3M SOFR + 5.26% / 1.00% | 9.26% | 3/19/2027 | 4371 | 4352 | 4314 | 0.29% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments (Unaudited) – (Continued)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br>Rate<br> Spread / Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments | Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |
| First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| Industrial Machinery (continued) |  |  |  |  |  |  |  |  |
| RPMS LLC_Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.75% / 1.00% | 9.98% | 12/31/2032 | 1176 | 1150 | 1150 | 0.08% |
| Sonny's Enterprises, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.65% / 1.00% | 9.96% | 8/5/2028 | 887 | 879 | 844 | 0.06% |
| Sonny's Enterprises, LLC Restatement Date Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.65% / 1.00% | 9.89% | 8/5/2028 | 4006 | 3968 | 3810 | 0.25% |
| Sonny's Enterprises, LLC Amendment No.1 Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.65% / 1.00% | 9.96% | 8/5/2028 | 36 | 33 | 32 | 0.00% |
| Tank Holding Corp. Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 6.10% / 0.75% | 10.24% | 3/31/2028 | 4952 | 4901 | 4976 | 0.33% |
| Tank Holding Corp. Initial Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.85% / 0.75% | 10.01% | 3/31/2028 | 4886 | 4840 | 4846 | 0.32% |
|  |  |  |  |  |  | $53531 | $53468 | 3.54% |
| Insurance Brokers |  |  |  |  |  |  |  |  |
| Alkeme Intermediary Holdings, LLC Eleventh Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 9.00% | 5/28/2027 | $706 | $686 | $684 | 0.05% |
| Alkeme Intermediary Holdings, LLC Revolving Credit | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 10/28/2026 |  | (1) |  | 0.00% |
| Alkeme Intermediary Holdings, LLC Seventh Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 9.00% | 10/28/2026 | 4952 | 4904 | 4919 | 0.33% |
| Alkeme Intermediary Holdings, LLC Tenth Amendment Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 9.00% | 10/28/2026 | 2688 | 2665 | 2688 | 0.18% |
| Arden Insurance Services LLC Revolving Credit | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.35% / 1.00% | 0.35% | 11/26/2030 |  | (14) | (22) | 0.00% |
| Arden Insurance Services LLC Term A Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 9.00% | 11/26/2030 | 4376 | 4338 | 4333 | 0.29% |
| Arden Insurance Services LLC Term A Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.00% / 1.00% | 9.00% | 11/26/2030 | 3275 | 3247 | 3243 | 0.21% |
| Arden Insurance Services LLC Term A Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.00% / 1.00% | 9.00% | 11/26/2030 | 4025 | 3986 | 3986 | 0.26% |
| High Street Buyer, Inc. 2025 Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.50% / 0.75% | 8.75% | 4/14/2028 | 513 | 477 | 475 | 0.03% |
| High Street Buyer, Inc. 3/2024 Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.50% / 1.00% | 8.50% | 4/14/2028 | 5988 | 5936 | 5988 | 0.40% |
| Inszone Mid, LLC A&R Delayed Draw Term Loan Facility | (3)(4)(5)(7)(10) | 3M SOFR + 5.25% / 1.00% | 9.25% | 11/30/2029 | 743 | 736 | 743 | 0.05% |
| Inszone Mid, LLC A&R Term Loan Facility | (3)(4)(5)(7)(10) | 3M SOFR + 5.25% / 1.00% | 9.25% | 11/30/2029 | 738 | 736 | 738 | 0.05% |
| Integrity Marketing Acquisition, LLC Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 0.75% | 9.20% | 8/25/2028 | 6390 | 6383 | 6389 | 0.42% |
| Integrity Marketing Acquisition, LLC Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 0.75% | 9.20% | 8/25/2028 | 5985 | 5985 | 5984 | 0.40% |
| Oakbridge Insurance Agency LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR + 5.75% / 0.75% | 9.97% | 11/1/2029 | 216 | 214 | 216 | 0.01% |
| Oakbridge Insurance Agency LLC Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.75% / 0.75% | 9.97% | 11/1/2029 | 447 | 445 | 447 | 0.03% |
| SageSure Holdings, LLC Amendment No. 1 Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.11% / 0.50% | 9.27% | 1/28/2030 | 3459 | 3420 | 3399 | 0.22% |
| SageSure Holdings, LLC Amendment No. 1 Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.86% / 0.50% | 9.03% | 1/28/2030 | 1388 | 1379 | 1364 | 0.09% |
| SageSure Holdings, LLC Amendment No. 1 Incremental Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 4.86% / 0.50% | 9.03% | 1/28/2030 | 3947 | 3879 | 3878 | 0.26% |
| Tricor, LLC Amendment No. 6 Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 8/8/2031 |  | (51) | (28) | 0.00% |
| Tricor, LLC Amendment No. 6 Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.35% / 1.00% | 9.51% | 8/8/2031 | 4437 | 4396 | 4395 | 0.29% |
| Tricor, LLC Amendment No.5 Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.35% / 1.00% | 9.51% | 10/22/2026 | 291 | 284 | 291 | 0.02% |
| Tricor, LLC Amendment No.5 Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.35% / 1.00% | 9.51% | 10/22/2026 | 291 | 284 | 291 | 0.02% |
| Tricor, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.15% / 1.00% | 9.46% | 10/22/2026 | 1182 | 1169 | 1182 | 0.08% |
| Tricor, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 10/22/2026 |  | (9) |  | 0.00% |
| Tricor, LLC Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.35% / 1.00% | 9.51% | 10/22/2026 | 3146 | 3111 | 3146 | 0.21% |
| World Insurance Associates A&R Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 9.00% | 4/3/2030 | 16020 | 16020 | 16020 | 1.06% |
| Worldwide Insurance Network, LLC 2025 Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 5/28/2030 |  | (21) |  | 0.00% |
| Worldwide Insurance Network, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR + 5.81% / 0.75% | 9.81% | 5/28/2030 | 1801 | 1793 | 1801 | 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)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br> Rate<br> Spread /Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| Insurance Brokers (continued) |  |  |  |  |  |  |  |  |
| Worldwide Insurance Network, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.70% / 0.75% | 9.71% | 5/28/2030 | 2474 | 2455 | 2462 | 0.16% |
|  |  |  |  |  |  | $78832 | $79012 | 5.24% |
| Integrated Telecommunication Services |  |  |  |  |  |  |  |  |
| Socket Holdings Corporation Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 5.00% / 0.75% | 9.16% | 3/31/2031 | $177 | $159 | $177 | 0.01% |
| Socket Holdings Corporation IdeaTek Term Loan | (3)(4)(5)(7)(13) | 3M SOFR +<br> 5.00% / 0.75% | 9.16% | 3/31/2031 | 1793 | 1767 | 1783 | 0.12% |
| Socket Holdings Corporation Initial Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 5.00% / 0.75% | 9.16% | 3/31/2031 | 186 | 182 | 186 | 0.01% |
| Socket Holdings Corporation Term Loan | (3)(4)(5)(7)(8) | 3M SOFR +<br> 5.00% / 0.75% | 9.16% | 3/31/2031 |  |  |  | 0.00% |
| Socket Holdings Corporation Term Loan | (3)(4)(5)(7)(13) | 3M SOFR +<br> 5.00% / 0.75% | 9.16% | 3/31/2031 | 1817 | 1791 | 1798 | 0.12% |
|  |  |  |  |  |  | $3899 | $3944 | 0.26% |
| Interactive Home Entertainment |  |  |  |  |  |  |  |  |
| Five Star Buyer, Inc. Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 9.15% / 1.50% | 13.35% | 2/23/2028 | $56 | $55 | $54 | 0.00% |
| Track Branson Opco, LLC, The Revolving Loan | (3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 0.50% / 1.50% | 0.50% | 2/23/2028 |  | (2) | (4) | 0.00% |
| Track Branson OpCo, LLC, The Term Loan A | (3)(4)(5)(7)(10) | 1M SOFR +<br> 9.15% / 1.50% | 13.46%<br> /1.00% | 2/23/2028 | 1564 | 1539 | 1514 | 0.10% |
|  |  |  |  |  |  | $1592 | $1564 | 0.10% |
| Interactive Media & Services |  |  |  |  |  |  |  |  |
| Channel Factory, LLC Initial Term Loan | (3)(4)(5)(7)(11) | 3M SOFR +<br> 5.25% / 1.00% | 9.56% | 4/1/2030 | $9975 | 9884 | 9882 | 0.65% |
| Syndigo LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 0.75% | 9.17% | 9/2/2032 | 7934 | 7855 | 7855 | 0.52% |
| Syndigo LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR +<br> 5.00% / 0.75% | 9.17% | 9/2/2032 | 7934 | 7855 | 7855 | 0.52% |
| Syndigo LLC_Revolver | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 0.75% | 0.50% | 12/31/2032 |  | (21) | (21) | 0.00% |
|  |  |  |  |  |  | $25573 | $25571 | 1.69% |
| Internet & Direct Marketing Retail |  |  |  |  |  |  |  |  |
| Berlin Rosen Acquisition, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 5.60% / 1.00% | 9.88% | 1/14/2027 | $1334 | $1285 | $1318 | 0.09% |
| Berlin Rosen Acquisition, LLC Revolving Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 5.60% / 1.00% | 9.88% | 1/14/2027 | 766 | 759 | 757 | 0.05% |
| Berlin Rosen Acquisition, LLC Small Girls Term Loan | (3)(4)(5)(7)(13) | 3M SOFR +<br> 5.50% / 1.00% | 9.88% | 1/14/2027 | 1809 | 1796 | 1796 | 0.12% |
| Berlin Rosen Acquisition, LLC Small Girls Term Loan | (3)(4)(5)(7)(15) | 3M SOFR +<br> 5.50% / 1.00% | 9.88% | 1/14/2027 | 1809 | 1796 | 1796 | 0.12% |
| Berlin Rosen Acquisition, LLC Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 5.50% / 1.00% | 9.88% | 1/14/2027 | 1740 | 1728 | 1723 | 0.11% |
| Berlin Rosen Acquisition, LLC Term Loan | (3)(4)(5)(7)(14) | 3M SOFR +<br> 5.50% / 1.00% | 9.88% | 1/14/2027 | 3378 | 3352 | 3345 | 0.22% |
| Berlin Rosen Acquisition, LLC Term Loan | (3)(4)(5)(7)(15) | 3M SOFR +<br> 5.50% / 1.00% | 9.88% | 1/14/2027 | 1865 | 1848 | 1847 | 0.12% |
|  |  |  |  |  |  | $12564 | $12582 | 0.83% |
| Internet Services & Infrastructure |  |  |  |  |  |  |  |  |
| Bridgepointe Technologies, LLC Delayed Draw Term Loan (2024) | (3)(4)(5)(7) | 3M SOFR +<br> 5.00% / 1.00% | 9.00% | 12/31/2027 | $10000 | $9896 | $10000 | 0.66% |
| Bridgepointe Technologies, LLC Delayed Draw Term Loan 2025-A | (3)(4)(5)(6)(7) | 3M SOFR +<br> 5.00% / 1.00% | 9.04% | 12/31/2027 | 1432 | 1396 | 1413 | 0.09% |
| Bridgepointe Technologies, LLC Delayed Draw Term Loan 2025-B | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 12/31/2027 |  | (36) | (19) | 0.00% |
| Salute Mission Critical, LLC Delayed Draw Term Loan Commitment | (3)(4)(5)(7) | 3M SOFR +<br> 4.75% / 1.00% | 8.91% | 11/30/2029 | 3488 | 3457 | 3488 | 0.23% |
| Salute Mission Critical, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 4.75% / 1.00% | 8.91% | 11/30/2029 | 684 | 678 | 677 | 0.05% |
| Salute Mission Critical, LLC Term Loan | (3)(4)(5)(7)(14) | 3M SOFR +<br> 4.75% / 1.00% | 8.91% | 11/30/2029 | 3275 | 3248 | 3241 | 0.22% |
| Salute Mission Critical, LLC Term Loan | (3)(4)(5)(7)(15) | 3M SOFR +<br> 4.75% / 1.00% | 8.91% | 11/30/2029 | 4268 | 4225 | 4224 | 0.28% |
|  |  |  |  |  |  | $22864 | $23024 | 1.53% |
| Investment Banking & Brokerage |  |  |  |  |  |  |  |  |
| Cherry Bekaert Advisory LLC Amendment No. 1 Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR +<br> 5.25% / 0.75% | 9.41% | 6/30/2028 | $2794 | $2792 | $2794 | 0.19% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments (Unaudited) – (Continued)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br> Rate<br> Spread /Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| Investment Banking & Brokerage (continued) |  |  |  |  |  |  |  |  |
| Cherry Bekaert Advisory LLC Amendment No. 1 Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.25% / 0.75% | 9.41% | 6/30/2028 | 2146 | 2128 | 2138 | 0.14% |
| DOXA Insurance Holdings LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 5.25% / 0.75% | 9.25% | 12/20/2030 | 464 | 462 | 464 | 0.03% |
| DOXA Insurance Holdings LLC Initial Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 5.25% / 0.75% | 9.25% | 12/20/2030 | 493 | 493 | 493 | 0.03% |
|  |  |  |  |  |  | $5875 | $5889 | 0.39% |
| IT Consulting & Other Services |  |  |  |  |  |  |  |  |
| ACP Avenu Buyer, LLC Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR +<br> 5.00% / 1.00% | 9.29% | 10/2/2029 | $666 | $661 | $666 | 0.04% |
| ACP Avenu Buyer, LLC Delayed Term Loan | (3)(4)(5)(6)(7)(8) | 1M SOFR +<br> 1.00% / 1.00% | 1.00% | 10/2/2029 |  | (2) |  | 0.00% |
| ACP Avenu Buyer, LLC Fourth Amendment Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.00% | 9.32% | 10/2/2029 | 895 | 886 | 886 | 0.06% |
| ACP Avenu Buyer, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.00% | 9.29% | 10/2/2029 | 1534 | 1505 | 1471 | 0.10% |
| ACP Avenu Buyer, LLC Revolving Credit | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 10/2/2029 |  | (6) | (7) | 0.00% |
| ACP Avenu Buyer, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.00% | 9.29% | 10/2/2029 | 539 | 536 | 538 | 0.04% |
| Alta Buyer, LLC 2025 Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.00% | 9.00% | 12/21/2027 | 208 | 208 | 208 | 0.01% |
| Alta Buyer, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.00% | 9.00% | 12/21/2027 | 1100 | 1089 | 1093 | 0.07% |
| Alta Buyer, LLC Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.00% | 9.00% | 12/21/2027 | 91 | 91 | 90 | 0.01% |
| Alta Buyer, LLC Incremental Term Loan | (3)(4)(5)(7)(15) | 3M SOFR +<br> 5.00% / 1.00% | 9.00% | 12/21/2027 | 477 | 471 | 471 | 0.03% |
| Alta Buyer, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR +<br> 5.00% / 1.00% | 9.00% | 12/21/2027 | 3733 | 3667 | 3698 | 0.25% |
| Argano, LLC 2025 Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 5.75% / 1.00% | 9.91% | 9/13/2029 | 2479 | 2440 | 2479 | 0.16% |
| Argano, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.75% / 1.00% | 9.89% | 9/13/2029 | 3634 | 3593 | 3578 | 0.24% |
| Argano, LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR +<br> 5.75% / 1.00% | 9.89% | 9/13/2029 | 2848 | 2804 | 2804 | 0.19% |
| Argano, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR +<br> 5.75% / 1.00% | 9.89% | 9/13/2029 | 3375 | 3332 | 3323 | 0.22% |
| Argano, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR +<br> 5.75% / 1.00% | 9.89% | 9/13/2029 | 4067 | 4005 | 4005 | 0.27% |
| Argano, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 9/13/2029 |  | (5) |  | 0.00% |
| BCM One, Inc. Initial Term Loan | (3)(4)(5)(7)(11) | 3M SOFR +<br> 4.60% / 1.00% | 8.77% | 11/17/2027 | 4626 | 4612 | 4626 | 0.31% |
| Cyber Advisors, LLC Amendment No. 6 Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 5.40% / 1.00% | 9.70% | 7/18/2028 | 7373 | 7308 | 7370 | 0.49% |
| Cyber Advisors, LLC Amendment No. 6 Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.40% / 1.00% | 9.59% | 7/18/2028 | 665 | 665 | 657 | 0.04% |
| Cyber Advisors, LLC Amendment No. 6 Incremental Term Loan | (3)(4)(5)(7)(15) | 3M SOFR +<br> 5.40% / 1.00% | 9.59% | 7/18/2028 | 3990 | 3947 | 3947 | 0.26% |
| Denali Topco LLC Effective Date Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 4.75% / 0.75% | 4.75% | 8/26/2032 |  |  |  | 0.00% |
| Denali Topco LLC Initial Term Loan | (3)(4)(5)(7) | 3M SOFR +<br> 4.75% / 0.75% | 8.97% | 8/26/2032 | 12541 | 12541 | 12541 | 0.83% |
| Denali Topco LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 0.75% | 0.50% | 8/26/2032 |  |  |  | 0.00% |
| Eliassen Group, LLC Initial Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR +<br> 5.75% / 0.75% | 9.91% | 4/14/2028 | 161 | 156 | 156 | 0.01% |
| Eliassen Group, LLC Term Loan | (3)(4)(5)(7)(13) | 3M SOFR +<br> 5.75% / 0.75% | 10.05% | 12/31/2032 | 2232 | 2166 | 2165 | 0.14% |
| Enverus Holdings, Inc. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 5.50% / 0.75% | 9.64% | 12/24/2029 | 17 | 16 | 17 | 0.00% |
| Enverus Holdings, Inc.Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 0.75% | 1.00% | 12/24/2029 |  | (9) |  | 0.00% |
| Enverus Holdings, Inc.Term Loan | (3)(4)(5)(7) | 3M SOFR +<br> 5.50% / 0.75% | 9.66% | 12/24/2029 | 194 | 186 | 194 | 0.01% |
| Enverus Holdings, Inc.Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.50% / 0.75% | 9.66% | 12/24/2029 | 5249 | 5191 | 5248 | 0.35% |
| Guava Buyer LLC Initial Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 5.50% / 1.00% | 9.67% | 8/12/2032 | 755 | 721 | 731 | 0.05% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments (Unaudited) – (Continued)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br> Rate<br> Spread /Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| IT Consulting & Other Services (continued) |  |  |  |  |  |  |  |  |
| Guava Buyer LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.50% / 1.00% | 9.73% | 8/12/2032 | 7280 | 7136 | 7135 | 0.47% |
| Guava Buyer LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR +<br> 5.50% / 1.00% | 9.73% | 8/12/2032 | 7280 | 7136 | 7135 | 0.47% |
| Guava Buyer LLC RC Facility Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 5.50% / 1.00% | 9.73% | 8/12/2030 | 734 | 700 | 699 | 0.05% |
| Guidepoint Security Holdings, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 10/2/2029 |  |  |  | 0.00% |
| Guidepoint Security Holdings, LLC First Amendment Term A Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 5.25% / 1.00% | 9.41% | 10/2/2029 | 140 | 138 | 136 | 0.01% |
| Guidepoint Security Holdings, LLC Term Loan A | (3)(4)(5)(7)(10) | 3M SOFR +<br> 6.00% / 1.00% | 9.57% | 10/2/2029 | 297 | 297 | 297 | 0.02% |
| Improving Holdco, Inc. Revolving Loan (Improving Enterprises) | (3)(4)(5)(6)(7) | 3M SOFR +<br> 6.65% / 1.00% | 10.94% | 7/26/2027 | 37 | 32 | 37 | 0.00% |
| Improving Holdco, Inc. Term Loan (Improving Enterprises) | (3)(4)(5)(7)(8) | 3M SOFR +<br> 6.65% / 1.00% | 10.95% | 7/26/2027 |  | 9 |  | 0.00% |
| Improving Holdco, Inc. Term Loan (Improving Enterprises) | (3)(4)(5)(7)(10) | 3M SOFR +<br> 6.65% / 1.00% | 10.95% | 7/26/2027 | 3413 | 3361 | 3367 | 0.22% |
| Improving Holdco, Inc. Term Loan (Improving Enterprises) | (3)(4)(5)(7)(12) | 3M SOFR +<br> 6.65% / 1.00% | 10.95% | 7/26/2027 | 3572 | 3525 | 3523 | 0.23% |
| Improving Holdco, Inc. Term Loan (Improving Enterprises) | (3)(4)(5)(7)(13) | 3M SOFR +<br> 6.65% / 1.00% | 10.95% | 7/26/2027 | 1003 | 991 | 990 | 0.07% |
| Improving Holdco, Inc. Term Loan (Improving Enterprises) | (3)(4)(5)(7)(14) | 3M SOFR +<br> 6.65% / 1.00% | 10.95% | 7/26/2027 | 3275 | 3227 | 3231 | 0.21% |
| Improving Holdco, Inc. Term Loan (Improving Enterprises) | (3)(4)(5)(7)(15) | 3M SOFR +<br> 6.65% / 1.00% | 10.95% | 7/26/2027 | 4268 | 4210 | 4210 | 0.28% |
| Lighthouse Technologies Holding Corp. First Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.10% / 1.00% | 9.26% | 4/30/2027 | 153 | 153 | 153 | 0.01% |
| Lighthouse Technologies Holding Corp. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.10% / 1.00% | 9.26% | 4/30/2027 | 3919 | 3913 | 3919 | 0.26% |
| Lighthouse Technologies Holding Corp. Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR +<br> 5.10% / 1.00% | 9.26% | 4/30/2027 | 3373 | 3373 | 3372 | 0.22% |
| Lighthouse Technologies Holding Corp. Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR +<br> 5.10% / 1.00% | 9.26% | 4/30/2027 | 4025 | 4024 | 4024 | 0.27% |
| Lighthouse Technologies Holding Corp. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 4/30/2027 |  |  |  | 0.00% |
| Redwood Services Group, LLC Sixth Amendment Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 5.25% / 0.75% | 9.26% | 6/15/2029 | 3051 | 2999 | 3048 | 0.20% |
| Redwood Services Group, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.25% / 0.75% | 9.26% | 6/15/2029 | 7034 | 6972 | 6960 | 0.46% |
| Rural Sourcing Holdings, Inc. Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 5.75% / 1.00% | 9.75% | 6/15/2029 | 348 | 340 | 331 | 0.02% |
| Rural Sourcing Holdings, Inc. Delayed Draw Term Loan Amendment No. 1 | (3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 6/15/2029 |  | (1) | (4) | 0.00% |
| Rural Sourcing Holdings, Inc. Revolving Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 4.75% / 1.00% | 12.00% | 6/15/2029 | 150 | 145 | 136 | 0.01% |
| Rural Sourcing Holdings, Inc. Term Loan Amendment No. 1 | (3)(4)(5)(7)(10) | 3M SOFR +<br> 5.75% / 1.00% | 10.05% | 12/31/2032 | 261 | 259 | 259 | 0.02% |
| Rural Sourcing Holdings, Inc. Tranche B Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 5.75% / 1.00% | 9.92% | 6/15/2029 | 1552 | 1519 | 1476 | 0.10% |
| Upstack Holdco Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 5.00% / 0.75% | 9.20% | 8/23/2031 | 959 | 941 | 937 | 0.06% |
| Upstack Holdco Inc. Revolving Credit Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 5.00% / 0.75% | 9.32% | 8/25/2031 | 313 | 302 | 303 | 0.02% |
| Upstack Holdco Inc. Term B Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 0.75% | 9.04% | 8/25/2031 | 825 | 818 | 817 | 0.05% |
| Upstack Holdco Inc. Term B Loan | (3)(4)(5)(7)(14) | 3M SOFR +<br> 5.00% / 0.75% | 9.04% | 8/25/2031 | 3300 | 3271 | 3267 | 0.22% |
| Upstack Holdco Inc. Term B Loan | (3)(4)(5)(7)(15) | 3M SOFR +<br> 5.00% / 0.75% | 9.04% | 8/25/2031 | 4000 | 3960 | 3959 | 0.26% |
| VRC Companies, LLC Closing Date Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 5.25% / 1.00% | 9.56% | 6/29/2027 | 5867 | 5847 | 5860 | 0.39% |
| VRC Companies, LLC Fourth Amendment Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR +<br> 5.25% / 1.00% | 9.57% | 6/29/2027 | 2911 | 2895 | 2898 | 0.19% |
| VRC Companies, LLC Third Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 5.50% / 1.00% | 9.70% | 6/29/2027 | 1979 | 1975 | 1977 | 0.13% |
|  |  |  |  |  |  | $137242 | $137407 | 9.10% |
| Leisure Facilities |  |  |  |  |  |  |  |  |
| Concert Golf Partners Holdco LLC Initial Term Loan (2022) | (3)(4)(5)(7)(10) | 6M SOFR +<br> 4.50% / 0.75% | 8.66% | 4/1/2030 | $897 | $896 | $877 | 0.06% |
| Concert Golf Partners Holdco LLC Initial Term Loan (2022) | (3)(4)(5)(7)(15) | 6M SOFR +<br> 4.50% / 0.75% | 8.66% | 4/1/2030 | 3990 | 3901 | 3901 | 0.26% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments (Unaudited) – (Continued)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br> Rate<br> Spread /Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| Leisure Facilities (continued) |  |  |  |  |  |  |  |  |
| Concert Golf Partners Holdco LLC.Delayed Draw Term Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 4.50% / 0.75% | 8.66% | 3/31/2031 | 448 | 445 | 448 | 0.03% |
| Excel Fitness Holdings, Inc. Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 5.50% / 1.00% | 9.50% | 4/27/2029 | 1654 | 1611 | 1654 | 0.11% |
| Excel Fitness Holdings, Inc. Delayed Term Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 5.50% / 0.75% | 9.50% | 4/27/2029 | 468 | 466 | 468 | 0.03% |
| Excel Fitness Holdings, Inc. Term Loan | (3)(4)(5)(7)(14) | 3M SOFR +<br> 5.50% / 1.00% | 9.50% | 4/27/2029 | 3292 | 3222 | 3292 | 0.22% |
| Health Buyer LLC Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 5.25% / 0.75% | 9.55% | 12/31/2049 | 3019 | 3007 | 3007 | 0.20% |
| Health Buyer LLC_Revolver | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 0.75% | 0.50% | 12/31/2032 |  |  |  | 0.00% |
| North Haven Spartan US Holdco LLC_Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.75% / 1.00% | 9.82% | 12/31/2032 | 1559 | 1559 | 1559 | 0.10% |
| One World Fitness PFF, LLC Initial Term Loan | (3)(4)(5)(7)(11) | 3M SOFR +<br> 4.75% / 1.00% | 8.75% | 5/2/2030 | 9975 | 9882 | 9880 | 0.65% |
| Rocket Youth Brands HoldCo LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 6/20/2031 |  | (10) | (11) | 0.00% |
| Rocket Youth Brands HoldCo LLC Initial Term Loan | (3)(4)(5)(7) | 3M SOFR +<br> 5.00% / 1.00% | 9.00% | 6/20/2031 | 45 | 45 | 45 | 0.00% |
| Rocket Youth Brands HoldCo LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.00% | 9.00% | 6/20/2031 | 1073 | 1067 | 1067 | 0.07% |
| Rocket Youth Brands HoldCo LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR +<br> 5.00% / 1.00% | 9.00% | 6/20/2031 | 1028 | 1023 | 1023 | 0.07% |
| Rocket Youth Brands HoldCo LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 6/20/2031 |  | (2) |  | 0.00% |
|  |  |  |  |  |  | $27112 | $27210 | 1.80% |
| Leisure Products |  |  |  |  |  |  |  |  |
| BCI Burke Holding Corp. Closing Date Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 6.00% / 1.00% | 10.00% | 12/14/2027 | $1114 | $1108 | $1114 | 0.07% |
| BCI Burke Holding Corp. Seventh Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 12/14/2027 |  | (7) | (2) | 0.00% |
| BCI Burke Holding Corp. Seventh Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 12/14/2027 |  | (9) | (3) | 0.00% |
| BCI Burke Holding Corp. Seventh Amendment Incremental Term Loan | (3)(4)(5)(7) | 3M SOFR +<br> 6.00% / 1.00% | 10.00% | 12/14/2027 | 349 | 346 | 346 | 0.02% |
| BCI Burke Holding Corp. Seventh Amendment Incremental Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 6.00% / 1.00% | 10.00% | 12/14/2027 | 398 | 407 | 395 | 0.03% |
| BCI Burke Holding Corp. Seventh Amendment Incremental Term Loan | (3)(4)(5)(7)(14) | 3M SOFR +<br> 6.00% / 1.00% | 10.00% | 12/14/2027 | 3206 | 3181 | 3177 | 0.21% |
| BCI Burke Holding Corp. Seventh Amendment Incremental Term Loan | (3)(4)(5)(7)(15) | 3M SOFR +<br> 6.00% / 1.00% | 10.00% | 12/14/2027 | 3955 | 3918 | 3918 | 0.26% |
| KSKI Holdings 2, Inc. Term Loan | (3)(4)(5)(7)(10) | 6M SOFR +<br> 7.50% / 1.25% | 11.50% | 6/30/2028 | 1554 | 1526 | 1446 | 0.10% |
| KSKI Holdings 2, Inc. Term Loan | (3)(4)(5)(7)(14) | 6M SOFR +<br> 7.50% / 1.25% | 11.50% | 6/30/2028 | 3437 | 3359 | 3197 | 0.21% |
| Painful Pleasures, LLC Term Loan fka Artifex | (3)(4)(5)(7)(11) | 1M SOFR +<br> 5.50% / 1.00% | 9.93% | 8/31/2026 | 1199 | 1199 | 1199 | 0.08% |
| Painful Pleasures, LLC Third Incremental Term Loan | (3)(4)(5)(7)(11) | 1M SOFR +<br> 5.61% / 1.00% | 9.78% | 8/31/2026 | 3714 | 3706 | 3707 | 0.25% |
|  |  |  |  |  |  | $18734 | $18494 | 1.23% |
| Life & Health Insurance |  |  |  |  |  |  |  |  |
| AmeriLife Holdings LLC 2024 Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 4.75% / 0.75% | 8.92% | 8/31/2028 | $272 | $265 | $272 | 0.02% |
| AmeriLife Holdings LLC Amendment No. 5 Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 0.75% | 1.00% | 8/31/2029 |  | (7) |  | 0.00% |
| AmeriLife Holdings LLC Amendment No. 5 Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 0.75% | 9.17% | 8/31/2029 | 9794 | 9746 | 9794 | 0.65% |
| Pareto Health Intermediate Holdings Inc. A-1 Cash Pay Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 4.75% / 1.00% | 8.75% | 6/1/2030 | 7481 | 7410 | 7414 | 0.49% |
| Pareto Health Intermediate Holdings Inc. A-1 Cash Pay Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 4.75% / 1.00% | 8.75% | 6/1/2030 | 4675 | 4634 | 4633 | 0.31% |
| Pareto Health Intermediate Holdings Inc. Amendment No. 1 Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 6/1/2030 |  | (14) |  | 0.00% |
|  |  |  |  |  |  | $22034 | $22113 | 1.47% |
| Life Sciences Tools & Services |  |  |  |  |  |  |  |  |
| Bamboo US BidCo LLC (aka Baxter) Delayed Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 5.25% / 1.00% | 9.56%<br> /3.75% | 9/30/2030 | $107 | $106 | $107 | 0.01% |
| Bamboo US BidCo LLC (aka Baxter) Tranche B-1 Delayed Term Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 5.25% / 1.00% | 9.58% | 9/30/2030 | 77 | 77 | 76 | 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)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br>Rate<br>Spread /Floor | Cash Interest<br>Rate /<br>PIK Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of<br>Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| Life Sciences Tools & Services (continued) |  |  |  |  |  |  |  |  |
| Bamboo US BidCo LLC (aka Baxter) Tranche B-2 Delayed Term Loan | (3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 9/30/2030 |  |  | (2) | 0.00% |
| Bamboo US BidCo LLC (aka Baxter) USD Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 5.25% / 1.00% | 9.56%<br> /3.75% | 9/30/2030 | 701 | 696 | 686 | 0.05% |
| KL Charlie Acquisition Company Fourth Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.10% / 1.00% | 9.26% | 12/30/2026 | 543 | 541 | 535 | 0.03% |
| KL Charlie Acquisition Company Fourth Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(15) | 3M SOFR +<br> 5.10% / 1.00% | 9.26% | 12/30/2026 | 2039 | 2009 | 2008 | 0.13% |
| KL Charlie Acquisition Company Fourth Amendment Term Loan | (3)(4)(5)(7)(8)(12) | 3M SOFR +<br> 5.10% / 1.00% | 9.26% | 12/30/2026 |  |  |  | 0.00% |
| KL Charlie Acquisition Company Fourth Amendment Term Loan | (3)(4)(5)(7)(15) | 3M SOFR +<br> 5.10% / 1.00% | 9.26% | 12/30/2026 | 1956 | 1911 | 1911 | 0.13% |
| KL Charlie Acquisition Company Seventh Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 12/30/2026 |  | 1 |  | 0.00% |
| KL Charlie Acquisition Company Sixth Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 5.10% / 1.00% | 9.26% | 12/30/2026 | 215 | 218 | 212 | 0.01% |
| KL Moon Acquisition, LLC 2024 Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 7.00% / 1.00% | 11.30% | 2/1/2029 | 663 | 650 | 626 | 0.04% |
| KL Moon Acquisition, LLC Closing Date Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 7.00% / 1.00% | 11.28% | 2/1/2029 | 1662 | 1647 | 1570 | 0.10% |
| KL Moon Acquisition, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 7.75% / 1.00% | 12.05% | 2/1/2029 | 356 | 356 | 339 | 0.02% |
|  |  |  |  |  |  | $8212 | $8068 | 0.53% |
| Metal & Glass Containers |  |  |  |  |  |  |  |  |
| Keg Logistics LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 6.90% / 1.00% | 11.11%<br> /0.50% | 11/23/2027 | $424 | $420 | $419 | 0.03% |
| Keg Logistics LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR +<br> 6.90% / 1.00% | 11.11%<br> /0.50% | 11/23/2027 | 3990 | 3974 | 3950 | 0.26% |
|  |  |  |  |  |  | $4394 | $4369 | 0.29% |
| Office Services & Supplies |  |  |  |  |  |  |  |  |
| Advanced Web Technologies Holding Company Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 6.25% / 1.00% | 10.09%<br> /2.25% | 12/17/2026 | $787 | $780 | $781 | 0.05% |
| Advanced Web Technologies Holding Company Revolving Credit Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 5.75% / 1.00% | 9.75% | 12/17/2026 | 20 | 20 | 17 | 0.00% |
| Advanced Web Technologies Holding Company Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 6.25% / 1.00% | 10.09%<br> /2.25% | 12/17/2026 | 2001 | 1982 | 1984 | 0.13% |
| Ergotron Acquisition, LLC Initial Term Loan | (3)(4)(5)(7)(10) | 1M SOFR +<br> 5.25% / 0.75% | 9.42% | 7/6/2028 | 495 | 495 | 495 | 0.03% |
| Ergotron Acquisition, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 1M SOFR +<br> 5.25% / 0.75% | 9.42% | 7/6/2028 | 3989 | 3989 | 3989 | 0.27% |
| Forward Solutions, LLC Third Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 6.15% / 1.00% | 10.15% | 12/15/2026 | 548 | 526 | 519 | 0.04% |
| Forward Solutions, LLC Third Amendment Incremental Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 6.15% / 1.00% | 10.15% | 12/15/2026 | 652 | 645 | 644 | 0.04% |
|  |  |  |  |  |  | $8437 | $8429 | 0.56% |
| Other Diversified Financial Services |  |  |  |  |  |  |  |  |
| Archer Lewis, LLC Delayed Draw Term Loan A | (3)(4)(5)(7) | 3M SOFR +<br> 5.75% / 1.00% | 9.75% | 8/28/2029 | $32 | $32 | $32 | 0.00% |
| Archer Lewis, LLC Delayed Draw Term Loan B | (3)(4)(5)(6)(7) | 3M SOFR +<br> 5.75% / 1.00% | 10.05% | 8/28/2029 | 12 | 12 | 12 | 0.00% |
| Archer Lewis, LLC Initial Revolving Facility | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 8/28/2029 |  | (1) |  | 0.00% |
| Archer Lewis, LLC Initial Term Loan | (3)(4)(5)(7) | 3M SOFR +<br> 5.75% / 1.00% | 9.75% | 8/28/2029 | 2277 | 2249 | 2236 | 0.15% |
| Convera International Financial S.a r.l. Incremental Term Loan | (3)(5)(7)(9)(10)(25) | 3M SOFR +<br> 6.15% / 0.75% | 10.15% | 3/1/2028 | 2933 | 2895 | 2893 | 0.19% |
| Convera International Financial S.a r.l. Incremental Term Loan 2024 | (3)(5)(7)(9)(10)(25) | 3M SOFR +<br> 6.15% / 0.75% | 10.15% | 3/1/2028 | 401 | 396 | 397 | 0.03% |
| Harris & Co. LLC Delayed Draw Term A Loan | (3)(4)(5)(7) | 3M SOFR +<br> 5.00% / 1.00% | 9.16% | 8/9/2030 | 32 | 32 | 32 | 0.00% |
| Harris & Co. LLC Delayed Draw Term B Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 5.00% / 1.00% | 9.15% | 8/9/2030 | 21 | 21 | 21 | 0.00% |
| Harris & Co. LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR +<br> 5.00% / 1.00% | 9.16% | 8/9/2030 | 3046 | 3017 | 3046 | 0.20% |
| Harris & Co. LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 5.00% / 1.00% | 9.16% | 8/9/2030 | 203 | 195 | 203 | 0.01% |
| Harris & Co. LLC_Delayed Draw Term C Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 8/25/2031 |  | (102) |  | 0.00% |
| Lido Advisors, LLC Eight Amendment Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR +<br> 4.75% / 1.00% | 8.81% | 5/10/2032 | 173 | 171 | 171 | 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)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br> Rate<br> Spread /Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| Other Diversified Financial Services (continued) |  |  |  |  |  |  |  |  |
| Lido Advisors, LLC Eighth Amendment Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 4.75% / 1.00% | 9.07% | 5/10/2032 | 411 | 403 | 411 | 0.03% |
| Lido Advisors, LLC Fourth Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 4.75% / 1.00% | 8.99% | 5/10/2032 | 1707 | 1670 | 1691 | 0.11% |
| Lido Advisors, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 4.75% / 1.00% | 9.00% | 5/10/2032 | 118 | 116 | 118 | 0.01% |
| Lido Advisors, LLC Seventh Amendment Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR +<br> 4.75% / 1.00% | 9.07% | 5/10/2032 | 2004 | 1977 | 1994 | 0.13% |
|  |  |  |  |  |  | $13083 | $13257 | 0.87% |
| Packaged Foods & Meats |  |  |  |  |  |  |  |  |
| Chef Merito, LLC Delayed Draw Term Loan A | (3)(4)(5)(7)(14) | 3M SOFR +<br> 6.15% / 1.00% | 10.15% | 7/15/2028 | $421 | $421 | $419 | 0.03% |
| Chef Merito, LLC Delayed Draw Term Loan B | (3)(4)(5)(7)(14) | 3M SOFR +<br> 6.15% / 1.00% | 10.15% | 7/15/2028 | 421 | 421 | 419 | 0.03% |
| Chef Merito, LLC Delayed Draw Term Loan C | (3)(4)(5)(7) | 3M SOFR +<br> 6.15% / 1.00% | 10.15% | 7/15/2028 | 339 | 342 | 334 | 0.02% |
| Chef Merito, LLC First Amendment Term Loan A | (3)(4)(5)(7)(14) | 3M SOFR +<br> 6.15% / 1.00% | 10.38% | 7/15/2028 | 2539 | 2488 | 2515 | 0.17% |
| Chef Merito, LLC Second Amendment Term Loan A | (3)(4)(5)(7)(12) | 3M SOFR +<br> 6.15% / 1.00% | 10.15% | 7/15/2028 | 1127 | 1111 | 1105 | 0.07% |
| Demakes Borrower, LLC Term B Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 6.00% / 0.75% | 10.00% | 12/12/2029 | 342 | 342 | 342 | 0.02% |
| Gastronome Acquisition, LLC Initial Term Loan | (3)(4)(5)(7)(11) | 3M SOFR +<br> 5.15% / 1.00% | 9.15% | 11/18/2027 | 4730 | 4711 | 4730 | 0.31% |
| KNPC Holdco, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.85% / 1.00% | 10.05% | 10/22/2029 | 905 | 902 | 892 | 0.06% |
| KNPC Holdco, LLC Term Loan | (3)(4)(5)(7)(15) | 3M SOFR +<br> 5.85% / 1.00% | 10.05% | 10/22/2029 | 3946 | 3889 | 3889 | 0.26% |
| KNPC Holdco, LLC Tranche B-1 Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 7.10% / 1.00% | 11.30% | 10/22/2029 | 731 | 723 | 731 | 0.05% |
| KNPC Holdco, LLC Tranche D-1 Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.85% / 1.00% | 10.05% | 10/22/2029 | 4975 | 4975 | 4975 | 0.33% |
| Patriot Foods Buyer, Inc. Initial Term Loan | (3)(4)(5)(7)(11) | 3M SOFR +<br> 5.25% / 1.00% | 9.25% | 12/24/2029 | 4913 | 4856 | 4832 | 0.32% |
| Signature Brands, LLC Term Loan A | (3)(4)(5)(7)(10) | 3M SOFR +<br> 6.76% / 1.75% | 10.96% | 5/4/2028 | 281 | 279 | 270 | 0.02% |
| Signature Brands, LLC Term Loan B | (4)(5)(6)(7)(10)(29) | 3M SOFR +<br> 6.50% / 1.75% | 0.00%<br>/6.50% | 5/4/2028 | 4906 | 4841 | 3567 | 0.24% |
| Western Smokehouse Partners, LLC Delayed Draw Term Loan C | (3)(4)(5)(6)(7) | 3M SOFR +<br> 5.75% / 1.00% | 10.03% | 3/31/2029 | 6725 | 6577 | 6725 | 0.44% |
| Western Smokehouse Partners, LLC Closing Date Term Loan | (3)(4)(5)(7)(15) | 3M SOFR +<br> 5.75% / 1.00% | 10.03% | 3/31/2029 | 2964 | 2964 | 2964 | 0.20% |
| Western Smokehouse Partners, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.75% / 1.00% | 10.03% | 3/31/2029 | 3250 | 3199 | 3250 | 0.21% |
| Western Smokehouse Partners, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 3/31/2029 |  | (2) |  | 0.00% |
|  |  |  |  |  |  | $43039 | $41959 | 2.78% |
| Paper Packaging |  |  |  |  |  |  |  |  |
| Arctic Holdco, LLC 2025 Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 5.25% / 1.00% | 9.56% | 1/31/2032 | $229 | $226 | $227 | 0.02% |
| Arctic Holdco, LLC Initial Refinancing Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 5.25% / 1.00% | 9.56% | 1/31/2032 | 20 | 18 | 17 | 0.00% |
| Arctic Holdco, LLC Tranche B Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.25% / 1.00% | 9.25% | 1/31/2032 | 3244 | 3215 | 3207 | 0.21% |
| WCHG Buyer, Inc. First Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.00% | 9.17% | 4/10/2031 | 12893 | 12838 | 12809 | 0.85% |
|  |  |  |  |  |  | $16297 | $16260 | 1.08% |
| Personal Products |  |  |  |  |  |  |  |  |
| Curio Brands, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.25% / 0.75% | 9.25% | 4/2/2031 | $5936 | $5880 | $5887 | 0.39% |
| Curio Brands, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR +<br> 5.25% / 0.75% | 9.25% | 4/2/2031 | 2985 | 2960 | 2960 | 0.20% |
| Curio Brands, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR +<br> 5.25% / 0.75% | 9.25% | 4/2/2031 | 3990 | 3957 | 3957 | 0.26% |
| Curio Brands, LLC Multi Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 0.75% | 0.50% | 4/2/2031 |  | (10) | (1) | 0.00% |
| Curio Brands, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 0.75% | 0.50% | 4/2/2031 |  | (10) |  | 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)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br> Rate<br> Spread /Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| Personal Products (continued) |  |  |  |  |  |  |  |  |
| Kinetic Purchaser, LLC - Closing Date Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 6.15% / 1.00% | 10.15% | 11/10/2027 | 2019 | 1975 | 1941 | 0.13% |
| Loving Tan Intermediate II Inc. Closing Date Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 6.00% / 1.00% | 10.00% | 5/31/2028 | 2699 | 2650 | 2669 | 0.18% |
| Loving Tan Intermediate II Inc. Revolving Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 6.00% / 1.00% | 10.00% | 5/31/2028 | 207 | 202 | 198 | 0.01% |
| Phoenix YW Buyer, Inc. Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 5/31/2030 |  | (3) |  | 0.00% |
| Phoenix YW Buyer, Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 4.75% / 1.00% | 8.91% | 5/31/2030 | 323 | 329 | 317 | 0.02% |
| Phoenix YW Buyer, Inc. Term Loan | (3)(4)(5)(7)(14) | 3M SOFR +<br> 4.75% / 1.00% | 8.91% | 5/31/2030 | 3115 | 3074 | 3067 | 0.20% |
| Phoenix YW Buyer, Inc. Term Loan | (3)(4)(5)(7)(15) | 3M SOFR +<br> 4.75% / 1.00% | 8.91% | 5/31/2030 | 4018 | 3956 | 3955 | 0.26% |
| RoC Holdco LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.75% / 0.75% | 9.96% | 2/21/2031 | 830 | 822 | 820 | 0.06% |
| RoC Holdco LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR +<br> 5.75% / 0.75% | 9.96% | 2/21/2031 | 3374 | 3339 | 3334 | 0.22% |
| RoC Holdco LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 2/21/2030 |  | (6) | (3) | 0.00% |
|  |  |  |  |  |  | $29115 | $29101 | 1.93% |
| Pharmaceuticals |  |  |  |  |  |  |  |  |
| Creek Parent, Inc. Initial Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 5.00% / 0.75% | 9.14% | 12/18/2031 | $7481 | $7404 | $7409 | 0.49% |
| Creek Parent, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 0.75% | 9.14% | 12/18/2031 | 6524 | 6466 | 6461 | 0.43% |
| Creek Parent, Inc. Revolving Credit | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 4.50% / 0.75% | 4.50% | 12/18/2031 |  | (18) | (20) | 0.00% |
| Packaging Coordinators Midco, Inc. Initial Dollar Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 4.75% / 0.75% | 4.75% | 7/12/2032 |  |  |  | 0.00% |
| Packaging Coordinators Midco, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 4.75% / 0.75% | 9.06% | 1/22/2032 | 10430 | 10408 | 10412 | 0.69% |
| Packaging Coordinators Midco, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 4.25% / 0.75% | 4.25% | 7/12/2032 |  | (2) |  | 0.00% |
| PAI Middle Tier, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 4.50% / 0.75% | 8.50% | 2/13/2032 | 4008 | 3951 | 3946 | 0.26% |
| PAI Middle Tier, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR +<br> 4.50% / 0.75% | 8.50% | 2/13/2032 | 3990 | 3929 | 3929 | 0.26% |
| PAI Middle Tier, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 0.75% | 0.50% | 2/13/2032 |  | (23) |  | 0.00% |
| Pet FLavor, LLC Term A Loan | (3)(4)(5)(7)(11) | 3M SOFR +<br> 6.00% / 1.00% | 10.30% | 12/15/2026 | 4993 | 4979 | 4963 | 0.33% |
| PharmaLogic Holdings Corp. Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 6/21/2030 |  | (16) | (16) | 0.00% |
| PharmaLogic Holdings Corp. Initial U.S. Term Loan | (3)(4)(5)(7)(14) | 3M SOFR +<br> 5.00% / 1.00% | 9.16% | 6/21/2030 | 3374 | 3328 | 3322 | 0.22% |
| PharmaLogic Holdings Corp. Initial U.S. Term Loan | (3)(4)(5)(7)(15) | 3M SOFR +<br> 5.00% / 1.00% | 9.16% | 6/21/2030 | 3942 | 3882 | 3882 | 0.25% |
| Sequon, LLC Initial Term Loan | (3)(4)(5)(7)(11) | 3M SOFR +<br> 5.51% / 1.00% | 9.51% | 12/29/2026 | 4875 | 4848 | 4826 | 0.32% |
|  |  |  |  |  |  | $49136 | $49114 | 3.25% |
| Real Estate Operating Companies |  |  |  |  |  |  |  |  |
| Associations, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 7/2/2028 | $— | $— | $(2) | 0.00% |
| Associations, Inc. Special Purpose Delayed Draw Term Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 6.76% / 1.00% | 11.08% | 7/3/2028 | 204 | 204 | 202 | 0.01% |
| Associations, Inc. Term Loan A | (3)(4)(5)(7)(10) | 3M SOFR +<br> 6.76% / 0.00% | 11.08%<br> /2.50% | 7/2/2028 | 6919 | 6891 | 6821 | 0.45% |
|  |  |  |  |  |  | $7095 | $7021 | 0.46% |
| Real Estate Services |  |  |  |  |  |  |  |  |
| BBG, Inc. Initial Term Loan | (3)(4)(5)(7)(10) | 1M SOFR +<br> 7.01% / 1.00% | 11.01%<br> /0.25% | 1/8/2026 | $6259 | $6207 | $5800 | 0.38% |
| Vacation Rental Brands, LLC Closing Date Term Loan | (3)(4)(5)(7) | 3M SOFR +<br> 5.25% / 1.00% | 9.25% | 5/6/2032 | 1768 | 1754 | 1768 | 0.12% |
| Vacation Rental Brands, LLC Closing Date Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.25% / 1.00% | 9.25% | 5/6/2032 | 8431 | 8347 | 8431 | 0.56% |
| Vacation Rental Brands, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 5/6/2032 |  | (8) |  | 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)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br> Rate<br> Spread /Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| Real Estate Services (continued) |  |  |  |  |  |  |  |  |
| Vacation Rental Brands, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 5/6/2032 |  | (10) | (8) | 0.00% |
|  |  |  |  |  |  | $16290 | $15991 | 1.06% |
| Research & Consulting Services |  |  |  |  |  |  |  |  |
| Accelevation LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 4.50% / 0.75% | 8.68% | 1/2/2031 | $311 | $284 | $296 | 0.02% |
| Accelevation LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 4.50% / 0.75% | 8.78% | 1/2/2031 | 2855 | 2817 | 2814 | 0.19% |
| Accelevation LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR +<br> 4.50% / 0.75% | 8.78% | 1/2/2031 | 3003 | 2960 | 2960 | 0.20% |
| Accelevation LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR +<br> 4.50% / 0.75% | 8.78% | 1/2/2031 | 4025 | 3968 | 3968 | 0.26% |
| Accelevation LLC Revolving Credit Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 4.50% / 0.75% | 8.67% | 1/2/2031 | 413 | 380 | 402 | 0.03% |
| Accordion Partners LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 5.25% / 0.75% | 9.23% | 11/17/2031 | 292 | 284 | 292 | 0.02% |
| Accordion Partners LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 0.75% | 9.00% | 11/17/2031 | 3452 | 3435 | 3432 | 0.23% |
| Accordion Partners LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR +<br> 5.00% / 0.75% | 9.00% | 11/17/2031 | 3383 | 3364 | 3364 | 0.22% |
| Accordion Partners LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR +<br> 5.00% / 0.75% | 9.00% | 11/17/2031 | 4067 | 4044 | 4044 | 0.27% |
| Accordion Partners LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.38% / 0.75% | 0.38% | 11/17/2031 |  | (8) |  | 0.00% |
| BDO USA, P.C. Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 5.00% / 2.00% | 9.22% | 8/31/2028 | 4900 | 4834 | 4787 | 0.32% |
| BNI Global, LLC Dollar Delayed Draw Term Loan (2021) | (3)(4)(5)(7)(12) | 1M SOFR +<br> 5.60% / 1.00% | 9.76% | 5/1/2027 | 738 | 722 | 735 | 0.05% |
| BNI Global, LLC Initial Dollar Term Loan | (3)(4)(5)(7)(12) | 1M SOFR +<br> 5.60% / 1.00% | 9.76% | 5/1/2027 | 1375 | 1366 | 1367 | 0.09% |
| BNI Global, LLC Initial Dollar Term Loan | (3)(4)(5)(7)(14) | 1M SOFR +<br> 5.60% / 1.00% | 9.76% | 5/1/2027 | 3374 | 3346 | 3353 | 0.22% |
| BNI Global, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 5/1/2027 |  |  | (1) | 0.00% |
| Chronicle Parent, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 5.00% / 1.00% | 9.33% | 4/15/2031 | 293 | 284 | 293 | 0.02% |
| Chronicle Parent, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.00% | 9.32% | 4/15/2031 | 11301 | 11223 | 11245 | 0.75% |
| Chronicle Parent, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 4/15/2031 |  | (8) | (6) | 0.00% |
| Crete PA Holdco, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 5.00% / 1.00% | 9.20% | 11/26/2030 | 2605 | 2594 | 2614 | 0.17% |
| Crete PA Holdco, LLC Initial Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 5.00% / 1.00% | 9.20% | 11/26/2030 | 6512 | 6482 | 6512 | 0.43% |
| Crete PA Holdco, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 11/26/2030 |  | 1 | 1 | 0.00% |
| CSG Buyer, Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 7/29/2029 |  | (2) | (5) | 0.00% |
| CSG Buyer, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 6.25% / 1.00% | 10.56% | 7/29/2029 | 2083 | 2062 | 2059 | 0.14% |
| CSG Buyer, Inc. Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR +<br> 6.25% / 1.00% | 10.56% | 7/29/2029 | 3374 | 3338 | 3336 | 0.22% |
| CSG Buyer, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 7/29/2029 |  | (4) | (2) | 0.00% |
| DCCM, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.75% / 0.75% | 0.75% | 6/24/2032 |  | (45) |  | 0.00% |
| DCCM, LLC Initial Term Loan | (3)(4)(5)(7)(8) | 3M SOFR +<br> 4.75% / 0.75% | 8.91% | 6/24/2032 |  | 1 |  | 0.00% |
| DCCM, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 4.75% / 0.75% | 8.91% | 6/24/2032 | 3558 | 3523 | 3522 | 0.23% |
| DCCM, LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR +<br> 4.75% / 0.75% | 8.91% | 6/24/2032 | 1995 | 1976 | 1975 | 0.13% |
| DCCM, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR +<br> 4.75% / 0.75% | 8.91% | 6/24/2032 | 3990 | 3950 | 3950 | 0.26% |
| DCCM, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 4.25% / 0.75% | 4.25% | 6/24/2032 |  | (18) |  | 0.00% |
| Denali Intermediate Holdings, Inc. Initial Term Loan | (3)(4)(5)(7) | 3M SOFR +<br> 5.50% / 0.00% | 9.67% | 8/26/2032 | 6000 | 5940 | 5940 | 0.39% |
| Denali Intermediate Holdings, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.50% / 0.00% | 9.67% | 8/26/2032 | 9777 | 9679 | 9679 | 0.64% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments (Unaudited) – (Continued)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br> Rate<br> Spread /Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| Research & Consulting Services (continued) |  |  |  |  |  |  |  |  |
| Denali Intermediate Holdings, Inc. Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 5.50% / 0.75% | 5.50% | 8/26/2032 |  | (16) | (16) | 0.00% |
| Ethos Risk Services, LLC Delayed Draw Term C Loan | (3)(4)(5)(7) | 3M SOFR +<br> 5.50% / 1.00% | 9.75% | 5/1/2027 | 1867 | 1862 | 1863 | 0.12% |
| Ethos Risk Services, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.50% / 1.00% | 9.66% | 5/1/2027 | 1866 | 1850 | 1847 | 0.12% |
| Ethos Risk Services, LLC Term Loan | (3)(4)(5)(7)(14) | 3M SOFR +<br> 5.50% / 1.00% | 9.66% | 5/1/2027 | 3374 | 3340 | 3341 | 0.22% |
| First Legal Buyer, Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 5.00% / 1.00% | 9.00% | 7/1/2031 | 492 | 484 | 492 | 0.03% |
| First Legal Buyer, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 7/1/2031 |  | (6) |  | 0.00% |
| First Legal Buyer, Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.00% | 9.00% | 7/1/2031 | 1676 | 1666 | 1665 | 0.11% |
| First Legal Buyer, Inc. Term Loan | (3)(4)(5)(7)(14) | 3M SOFR +<br> 5.00% / 1.00% | 9.00% | 7/1/2031 | 3341 | 3320 | 3318 | 0.22% |
| Gerson Lehrman Group, Inc. Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 5.15% / 1.00% | 9.15% | 12/13/2027 | 4962 | 4902 | 4953 | 0.33% |
| Liberty Purchaser, LLC Delayed Draw Term Loan (Magna Legal Services) | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 0.75% | 9.31% | 11/22/2029 | 1165 | 1166 | 1131 | 0.07% |
| Liberty Purchaser, LLC Initial Term Loan (Magna Legal Services) | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 0.75% | 9.31% | 11/22/2029 | 789 | 789 | 789 | 0.05% |
| Liberty Purchaser, LLC Initial Term Loan (Magna Legal Services) | (3)(4)(5)(7)(14) | 3M SOFR +<br> 5.00% / 0.75% | 9.31% | 11/22/2029 | 3374 | 3374 | 3374 | 0.22% |
| ManTech International Corporation 2024 Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 5.00% / 0.75% | 9.31% | 9/14/2029 | 4153 | 4153 | 4078 | 0.27% |
| ManTech International Corporation Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 1.00% / 0.75% | 1.00% | 9/14/2029 |  | (207) |  | 0.00% |
| MGT Impact Holdings, LLC 2025-1 Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 5.00% / 1.00% | 9.15% | 4/10/2029 | 922 | 898 | 922 | 0.06% |
| MGT Impact Holdings, LLC 2025-1 Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.00% | 9.18% | 4/10/2029 | 4696 | 4653 | 4659 | 0.31% |
| MGT Impact Holdings, LLC Revolving Credit Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 4.00% / 1.00% | 11.25% | 4/10/2029 | 306 | 300 | 302 | 0.02% |
| PRGX Global, Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 12/20/2030 |  | (4) | (8) | 0.00% |
| PRGX Global, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.50% / 1.00% | 9.79% | 12/20/2030 | 9367 | 9322 | 9329 | 0.62% |
| PRGX Global, Inc. Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR +<br> 5.50% / 1.00% | 9.79% | 12/20/2030 | 4000 | 3984 | 3984 | 0.26% |
| Sagebrush Buyer, LLC Revolving Credit | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 7/1/2030 |  | (9) | (4) | 0.00% |
| Sagebrush Buyer, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.00% | 9.16% | 7/1/2030 | 2697 | 2663 | 2662 | 0.18% |
| Sagebrush Buyer, LLC Term Loan | (3)(4)(5)(7)(14) | 3M SOFR +<br> 5.00% / 1.00% | 9.16% | 7/1/2030 | 3079 | 3040 | 3040 | 0.20% |
| SourceHOV Tax, LLC Initial Term A Loan | (3)(4)(5)(7)(11) | 6M SOFR +<br> 6.01% / 1.00% | 10.01% | 4/6/2028 | 4874 | 4852 | 4754 | 0.32% |
| Vensure Employer Services, Inc. Initial Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 0.50% | 0.50% | 9/27/2031 |  | (4) |  | 0.00% |
| Vensure Employer Services, Inc. Initial Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 0.50% / 0.50% | 0.50% | 9/27/2031 |  | (4) |  | 0.00% |
| Vensure Employer Services, Inc. Initial Term Loan | (3)(4)(5)(7) | 3M SOFR +<br> 5.00% / 0.50% | 8.99% | 9/27/2031 | 967 | 960 | 952 | 0.06% |
| Vensure Employer Services, Inc. Initial Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 5.00% / 0.50% | 8.99% | 9/27/2031 | 5798 | 5749 | 5711 | 0.38% |
| Vensure Employer Services, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 0.50% | 8.99% | 9/27/2031 | 4831 | 4790 | 4758 | 0.32% |
| WSRP Advisory, LLC Term Loan | (3)(4)(5)(7)(11) | 3M SOFR +<br> 5.00% / 1.00% | 9.20% | 8/6/2032 | 10000 | 9907 | 9907 | 0.66% |
|  |  |  |  |  |  | $160546 | $160729 | 10.65% |
| Restaurants |  |  |  |  |  |  |  |  |
| Cooper's Hawk Intermediate Holding, LLC Closing Date Initial Term Loan | (3)(4)(5)(7) | 3M SOFR +<br> 5.50% / 0.75% | 9.70% | 7/29/2031 | $6000 | $5911 | $5910 | 0.39% |
| Cooper's Hawk Intermediate Holding, LLC Closing Date Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.50% / 0.75% | 9.70% | 7/29/2031 | 5262 | 5184 | 5183 | 0.34% |
| Cooper's Hawk Intermediate Holding, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 0.75% | 1.00% | 7/29/2031 |  | (33) | (32) | 0.00% |
| Cooper's Hawk Intermediate Holding, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 0.75% | 0.50% | 7/29/2031 |  | (16) | (15) | 0.00% |
|  |  |  |  |  |  | $11046 | $11046 | 0.73% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments (Unaudited) – (Continued)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br> Rate<br> Spread /Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| Soft Drinks |  |  |  |  |  |  |  |  |
| Refresh Buyer, LLC Delayed Term Loan (Sunny Sky Products) | (3)(4)(5)(7)(11) | 3M SOFR +<br> 4.75% / 0.75% | 8.75% | 12/23/2028 | $4874 | $4848 | $4874 | 0.32% |
| Specialized Consumer Services |  |  |  |  |  |  |  |  |
| 3 Step Sports LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 8.00% / 1.00% | 12.32%<br> /1.50% | 10/2/2029 | $78 | $70 | $48 | 0.00% |
| 3 Step Sports LLC Initial Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 8.00% / 1.00% | 12.00%<br> /1.50% | 10/2/2029 | 686 | 677 | 642 | 0.04% |
| Anderson Group Holdings, LLC Term Loan | (3)(4)(5)(7)(11) | 3M SOFR +<br> 4.51% / 1.00% | 8.71% | 12/25/2028 | 4886 | 4867 | 4866 | 0.32% |
| Any Hour LLC Delayed Term Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 5.25% / 0.50% | 9.25% | 5/23/2030 | 199 | 186 | 181 | 0.01% |
| Any Hour LLC Revolving Credit | (3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 5.25% / 0.50% | 9.57% | 5/23/2030 | 623 | 611 | 599 | 0.04% |
| Any Hour LLC Term Loan | (3)(4)(5)(7)(8)(12) | 3M SOFR +<br> 5.25% / 0.50% | 9.25% | 5/23/2030 |  | 9 |  | 0.00% |
| Any Hour LLC Term Loan | (3)(4)(5)(7)(14) | 3M SOFR +<br> 5.25% / 0.50% | 9.25% | 5/23/2030 | 3374 | 3330 | 3305 | 0.22% |
| Any Hour LLC Term Loan | (3)(4)(5)(7)(15) | 3M SOFR +<br> 5.25% / 0.50% | 9.25% | 5/23/2030 | 3654 | 3579 | 3579 | 0.24% |
| Apex Service Partners, LLC 2024 Replacement Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR +<br> 5.00% / 1.00% | 9.20% | 10/24/2030 | 491 | 487 | 487 | 0.03% |
| Apex Service Partners, LLC 2024 Replacement Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 5.00% / 1.00% | 9.20% | 10/24/2030 | 1098 | 1072 | 1089 | 0.07% |
| Apex Service Partners, LLC 2024 Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 5.00% / 1.00% | 9.20% | 10/24/2030 | 4615 | 4518 | 4575 | 0.30% |
| Apex Service Partners, LLC 2024 Term Loan | (3)(4)(5)(7)(13) | 3M SOFR +<br> 5.00% / 1.00% | 9.20% | 10/24/2030 | 2062 | 2045 | 2045 | 0.14% |
| Apex Service Partners, LLC Incremental Delayed Term Loan | (3)(4)(5)(7) | 3M SOFR +<br> 5.00% / 1.00% | 9.31% | 10/24/2030 | 3643 | 3612 | 3643 | 0.24% |
| Apex Service Partners, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 10/24/2029 |  | (1) | (1) | 0.00% |
| Apex Service Partners, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 10/24/2029 |  | (3) | (3) | 0.00% |
| Apex Service Partners, LLC Second Amendment Incremental Delayed DrawTerm Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 5.00% / 1.00% | 9.31% | 10/24/2030 | 1394 | 1376 | 1394 | 0.09% |
| Apex Service Partners, LLC Second Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.00% | 9.31% | 10/24/2030 | 838 | 830 | 831 | 0.06% |
| Arcticom Group Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 8.00% / 1.00% | 12.16%<br> /4.00% | 12/22/2027 | 48 | 47 | 46 | 0.00% |
| Arcticom Group Delayed Draw Term Loan D | (3)(4)(5)(7)(10) | 3M SOFR +<br> 8.00% / 1.00% | 12.32%<br> /4.00% | 12/22/2027 | 12 | 12 | 12 | 0.00% |
| Arcticom Group Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 8.00% / 1.00% | 12.32%<br> /4.00% | 12/22/2027 | 203 | 203 | 197 | 0.01% |
| Arcticom Group Third Incremental Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 8.00% / 1.00% | 12.32%<br> /4.00% | 12/22/2027 | 51 | 50 | 50 | 0.00% |
| KL Stockton Intermediate II, LLC PIK Term Loan | (3)(4)(5)(7) | 3M SOFR +<br> 13.00% /<br> 0.50% | 0.00%<br> /13.00% | 5/23/2031 | 2098 | 2067 | 2028 | 0.14% |
| Modigent, LLC Delayed Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 5.00% / 0.75% | 9.00% | 8/23/2028 | 281 | 279 | 281 | 0.02% |
| Oil Changer Holding Corporation Amendment No.4 Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 7.00% / 1.00% | 11.17% | 2/8/2027 | 3665 | 3597 | 3618 | 0.24% |
| Oil Changer Holding Corporation Amendment No.4 Delayed Draw Term Loan | (3)(4)(5)(6)(7)(12) | 3M SOFR +<br> 7.00% / 1.00% | 11.17% | 2/8/2027 | 4584 | 4535 | 4539 | 0.30% |
| Oil Changer Holding Corporation Amendment No.4 Delayed Draw Term Loan | (3)(4)(5)(7)(14) | 3M SOFR +<br> 7.00% / 1.00% | 11.17% | 2/8/2027 | 3226 | 3192 | 3194 | 0.21% |
| PestCo, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.75% / 1.00% | 0.75% | 8/6/2030 |  | (15) |  | 0.00% |
| PestCo, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 8/6/2030 |  | (6) | (6) | 0.00% |
| PestCo, LLC Term A Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 4.75% / 1.00% | 8.91% | 8/6/2030 | 6886 | 6853 | 6851 | 0.46% |
| PestCo, LLC Term A Loan | (3)(4)(5)(7)(13) | 3M SOFR +<br> 4.75% / 1.00% | 8.91% | 8/6/2030 | 6886 | 6853 | 6851 | 0.46% |
| Quick Quack Car Wash Holdings, LLC 2025 Funded Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR +<br> 4.75% / 0.75% | 8.91% | 6/10/2031 | 321 | 319 | 319 | 0.02% |
| Quick Quack Car Wash Holdings, LLC 2025 Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 4.75% / 0.75% | 8.91% | 6/10/2031 | 2576 | 2450 | 2576 | 0.17% |
| VPP Intermediate Holdings, LLC Amendment No. 3 Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 1M SOFR +<br> 5.75% / 1.00% | 9.91% | 12/1/2027 | 666 | 658 | 653 | 0.04% |
|  |  |  |  |  |  | $58359 | $58489 | 3.87% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments (Unaudited) – (Continued)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br> Rate<br> Spread /Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| Specialized Finance |  |  |  |  |  |  |  |  |
| Equinox Buyer, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 7/28/2031 | $— | $(7) | $(7) | 0.00% |
| Equinox Buyer, LLC Term Loan | (3)(5)(7) | 3M SOFR +<br> 5.25% / 1.00% | 9.47% | 7/28/2031 | 5443 | 5390 | 5390 | 0.36% |
|  |  |  |  |  |  | $5383 | $5383 | 0.36% |
| Specialty Chemicals |  |  |  |  |  |  |  |  |
| Charkit Chemical Company, LLC Term Loan A | (3)(4)(5)(7)(11) | 3M SOFR +<br> 5.03% / 1.00% | 9.03% | 12/29/2026 | $4268 | $4254 | $4263 | 0.28% |
| Rocket BidCo, Inc. Term Loan (Recochem) | (3)(5)(7)(12)(24)(25) | 3M SOFR +<br> 5.75% / 1.00% | 10.05% | 11/1/2030 | 11166 | 10975 | 10870 | 0.72% |
|  |  |  |  |  |  | $15229 | $15133 | 1.00% |
| Specialty Stores |  |  |  |  |  |  |  |  |
| Saldon Holdings, Inc. Fourth Amendment Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 6.10% / 1.00% | 10.26% | 3/13/2026 | $594 | $594 | $594 | 0.04% |
| Saldon Holdings, Inc. Initial Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 3/13/2026 |  |  |  | 0.00% |
|  |  |  |  |  |  | $594 | $594 | 0.04% |
| Systems Software |  |  |  |  |  |  |  |  |
| ACP Falcon Buyer, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 8/1/2029 | $— | $(6) | $— | 0.00% |
| ACP Falcon Buyer, Inc. Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 5.50% / 1.00% | 9.79% | 8/1/2029 | 2130 | 2087 | 2093 | 0.14% |
| Computer Services, Inc. 2024-1 Incremental Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 5.25% / 1.00% | 9.42% | 11/15/2029 | 512 | 505 | 512 | 0.03% |
| Computer Services, Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 11/15/2029 |  |  |  | 0.00% |
| Digicert, Inc. Revolver | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 0.75% | 0.50% | 7/10/2030 |  | (17) | (18) | 0.00% |
| DigiCert, Inc. Seventh Amendment Specified Refinancing Term B1 Loan | (3)(4)(5)(7) | 3M SOFR +<br> 5.75% / 0.75% | 9.91% | 7/10/2030 | 6000 | 5913 | 5910 | 0.39% |
| DigiCert, Inc. Seventh Amendment Specified Refinancing Term B1 Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.75% / 0.75% | 9.91% | 7/10/2030 | 10788 | 10632 | 10627 | 0.70% |
| ES Ventures LLC 4th Amend Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 4.75% / 1.00% | 9.05% | 8/6/2032 | 401 | 400 | 400 | 0.03% |
| ES Ventures LLC 5th Amend Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 4.75% / 1.00% | 8.98% | 8/6/2032 | 351 | 350 | 350 | 0.02% |
| ES Ventures LLC Illume Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 4.75% / 1.00% | 9.04% | 12/13/2028 | 167 | 164 | 164 | 0.01% |
| ES Ventures LLC Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 4.75% / 1.00% | 9.04% | 12/13/2028 | 1312 | 1301 | 1254 | 0.08% |
| ES Ventures LLC Term A Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 4.75% / 1.00% | 9.04% | 12/13/2028 | 926 | 917 | 885 | 0.06% |
| Saturn Borrower Inc Tenth Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 11/13/2028 |  | (13) |  | 0.00% |
| Saturn Borrower Inc Tenth Amendment Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 6.00% / 1.00% | 10.17% | 11/13/2028 | 233 | 221 | 233 | 0.02% |
| Saturn Borrower Inc Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 6.00% / 1.00% | 10.00% | 11/10/2028 | 5909 | 5835 | 5854 | 0.39% |
|  |  |  |  |  |  | $28289 | $28264 | 1.87% |
| Technology Distributors |  |  |  |  |  |  |  |  |
| DecisionPoint Technologies, Inc. Second Amendment Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR +<br> 5.75% / 1.00% | 9.75% | 8/31/2029 | $5548 | $5478 | $5478 | 0.36% |
| DecisionPoint Technologies, Inc. Second Amendment Incremental Term Loan | (3)(4)(5)(7) | 3M SOFR +<br> 5.75% / 1.00% | 9.81% | 8/31/2029 | 2452 | 2403 | 2403 | 0.16% |
| Ivy Technology Parent Intermediate III Holdings, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.38% / 1.00% | 9.54% | 2/5/2031 | 6472 | 6381 | 6396 | 0.43% |
| Ivy Technology Parent Intermediate III Holdings, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 5.38% / 1.00% | 9.54% | 2/5/2031 | 559 | 547 | 559 | 0.04% |
| Thames Technology Holdings, Inc. Delayed Draw Term Loan | (3)(4)(5)(7)(15) | 3M SOFR +<br> 5.75% / 1.00% | 9.75% | 8/31/2029 | 781 | 781 | 781 | 0.05% |
| Thames Technology Holdings, Inc. First Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.75% / 1.00% | 10.04% | 8/31/2029 | 1576 | 1553 | 1560 | 0.10% |
| Thames Technology Holdings, Inc. First Amendment Incremental Term Loan | (3)(4)(5)(7)(14) | 3M SOFR +<br> 5.75% / 1.00% | 10.04% | 8/31/2029 | 3374 | 3330 | 3341 | 0.22% |
| Thames Technology Holdings, Inc. Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR +<br> 6.25% / 1.00% | 10.04% | 8/31/2029 | 3354 | 3254 | 3265 | 0.22% |
| Thames Technology Holdings, Inc. Revolving Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 5.75% / 1.00% | 9.91% | 8/31/2029 | 473 | 473 | 465 | 0.03% |
|  |  |  |  |  |  | $24200 | $24248 | 1.61% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments (Unaudited) – (Continued)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br> Rate<br> Spread /Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| Trading Companies & Distributors |  |  |  |  |  |  |  |  |
| AFC-Dell Holding Corp. Closing Date Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.50% / 1.00% | 9.81% | 4/9/2027 | $2130 | $2112 | $2087 | 0.14% |
| Hills Distribution, Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 6.00% / 1.00% | 10.32% | 11/8/2029 | 788 | 782 | 788 | 0.05% |
| Hills Distribution, Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 6.00% / 1.00% | 10.32% | 11/8/2029 | 97 | 96 | 97 | 0.01% |
| Hills Distribution, Inc. Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 6.00% / 1.00% | 10.32% | 11/8/2029 | 191 | 189 | 188 | 0.01% |
| Hills Distribution, Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 6.00% / 1.00% | 10.32% | 11/8/2029 | 1547 | 1528 | 1526 | 0.10% |
| Hultec Buyer, LLC Term Loan A | (3)(4)(5)(7)(10) | 3M SOFR +<br> 5.65% / 1.00% | 9.65% | 3/31/2029 | 1540 | 1515 | 1538 | 0.10% |
| Hultec Buyer, LLC Term Loan A | (3)(4)(5)(7)(14) | 3M SOFR +<br> 5.65% / 1.00% | 9.65% | 3/31/2029 | 3298 | 3242 | 3295 | 0.22% |
| P.T. International LLC Delayed Draw Term Loan | (3)(4)(5)(7)(11) | 3M SOFR +<br> 4.60% / 1.00% | 8.88% | 6/30/2027 | 4899 | 4882 | 4893 | 0.32% |
| Red Fox CD Acquisition Corporation Amendment No. 2 Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 6.00% / 1.00% | 10.00% | 3/4/2030 | 1257 | 1171 | 1199 | 0.08% |
| Red Fox CD Acquisition Corparation Initial Term Loan | (3)(4)(5)(7)(8)(12) | 3M SOFR +<br> 6.00% / 1.00% | 10.00% | 3/4/2030 |  | 14 |  | 0.00% |
| Red Fox CD Acquisition Corparation Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR +<br> 6.00% / 1.00% | 10.00% | 3/4/2030 | 3374 | 3314 | 3306 | 0.22% |
| Red Fox CD Acquisition Corparation Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR +<br> 6.00% / 1.00% | 10.00% | 3/4/2030 | 3521 | 3450 | 3450 | 0.23% |
| SureWerx Purchaser III, Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 1.00% / 0.75% | 1.00% | 12/28/2029 |  | (43) | (2) | 0.00% |
| SureWerx Purchaser III, LLC Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 5.25% / 0.75% | 9.25% | 12/28/2029 | 2240 | 2213 | 2144 | 0.14% |
| Trench Plate Rental Co. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.60% / 1.00% | 9.60% | 12/3/2028 | 5338 | 5320 | 5333 | 0.35% |
| Trench Plate Rental Co. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 5.60% / 1.00% | 9.59% | 12/3/2028 | 243 | 241 | 243 | 0.02% |
|  |  |  |  |  |  | $30026 | $30085 | 1.99% |
| Trucking |  |  |  |  |  |  |  |  |
| EVDR Purchaser, Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 0.75% | 1.00% | 2/14/2031 | $— | $— | $— | 0.00% |
| EVDR Purchaser, Inc. Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 0.75% | 0.50% | 2/14/2031 |  |  |  | 0.00% |
| EVDR Purchaser, Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR +<br> 5.25% / 0.75% | 9.41% | 2/14/2031 | 1358 | 1336 | 1323 | 0.09% |
| EVDR Purchaser, Inc. Term Loan | (3)(4)(5)(7)(14) | 3M SOFR +<br> 5.25% / 0.75% | 9.41% | 2/14/2031 | 3374 | 3315 | 3287 | 0.22% |
|  |  |  |  |  |  | $4651 | $4610 | 0.31% |
| Water Utilities |  |  |  |  |  |  |  |  |
| United Flow Technologies Intermediate HoldCo II, LLC Amendment No. 1 Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR +<br> 5.25% / 1.00% | 9.57% | 6/23/2031 | $2129 | $2040 | $2037 | 0.13% |
| Total First Lien Senior Secured |  |  |  |  |  | $2553809 | $2552012 | 169.07% |
| Second Lien Senior Secured Insurance Brokers |  |  |  |  |  |  |  |  |
| SageSure Holdings, LLC Delayed Draw Term Loan B | (3)(4)(5)(7)(10) | 3M SOFR +<br> 4.86% / 1.00% | 9.03% | 1/28/2030 | $1036 | $1027 | $1024 | 0.07% |
| SageSure Holdings, LLC Term Loan | (3)(4)(5)(7)(10) | 3M SOFR +<br> 4.86% / 0.50% | 9.03% | 1/28/2030 | 1461 | 1449 | 1461 | 0.10% |
| SageSure Holdings, LLC Term Loan | (3)(4)(5)(7)(14) | 3M SOFR +<br> 4.86% / 0.50% | 9.03% | 1/28/2030 | 2977 | 2977 | 2977 | 0.20% |
| Total Second Lien Senior Secured |  |  |  |  |  | $5453 | $5462 | 0.37% |
| Subordinated Notes |  |  |  |  |  |  |  |  |
| Asset Management & Custody Banks |  |  |  |  |  |  |  |  |
| Carlyle US CLO 2025-2, Ltd Subordinated Notes | (3)(5)(25)(27)(28) | N/A | N/A | 7/25/2038 | $11407 | $10116 | $10457 | 0.69% |
| Other Diversified Financial Services |  |  |  |  |  |  |  |  |
| Audax Senior Debt CLO 12 LLC Sub Notes | (3)(5)(25)(26)(27) | N/A | N/A | 4/22/2037 | $2081 | $2081 | $2243 | 0.15% |
| CIFC Funding 2024-V Sub Notes Reg S | (3)(5)(25)(27)(28) | N/A | N/A | 1/22/2038 | 5717 | 4959 | 4834 | 0.32% |
| CIFC Stone Warehouse III LTD CLO | (3)(5)(25)(27)(28) | N/A | N/A | 12/31/2049 | 9474 | 9474 | 9474 | 0.63% |
| Jefferies Credit Partners Direct Lending CLO 2025-1 Ltd. | (3)(5)(25)(27)(28) | N/A | N/A | 4/24/2031 | 13577 | 13577 | 13577 | 0.90% |
|  |  |  |  |  |  | 30091 | 30128 | 2.00% |
| Total Subordinated Notes |  |  |  |  |  | $40207 | $40585 | 2.69% |
| Total Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  | $2599469 | $2598059 | 172.13% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments (Unaudited) – (Continued)

#### September 30, 2025
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)(2)</sup> | Footnotes | Reference<br> Rate<br> Spread /Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> Net Assets |
| Non-Controlled, Non-Affiliated Private Credit Funds |  |  |  |  |  |  |  |  |
| Limited Partnership Interests |  |  |  |  |  |  |  |  |
| Asset Management & Custody Banks |  |  |  |  |  |  |  |  |
| Castlelake Consumer Receivables Opportunity III, L.P. Fund | (6)(16)(17)(18)(25) | N/A | N/A | 6/12/2031 | $4495 | $4573 | $6025 | 0.40% |
| Castlelake Consumer Receivables Opportunity IV, L.P. Fund | (6)(16)(17)(19)(25) | N/A | N/A | 12/31/2032 | 7317 | 7340 | 7912 | 0.52% |
| Diameter Credity Company Common Shares | (6)(16)(17)(20)(25) | N/A | N/A | N/A | 8125 | 8125 | 8125 | 0.54% |
| Fidelity Evergreen Private Credit Fund LP | (6)(16)(17)(21)(25) | N/A | N/A | 5/21/2031 | 19094 | 19094 | 23017 | 1.53% |
| Hercules Growth Lending Fund IV LP | (6)(16)(17)(22)(25) | N/A | N/A | 8/5/2032 | 2364 | 2364 | 2364 | 0.16% |
|  |  |  |  |  |  | $41496 | $47443 | 3.15% |
| Total Non-Controlled, Non-Affiliated Private Credit Funds |  |  |  |  |  | $41496 | $47443 | 3.15% |
| Total Investments |  |  |  |  |  | $2640965 | $2645502 | 175.28% |
| Cash Equivalents and Restricted Cash Equivalents |  |  |  |  |  |  |  |  |
| Morgan Stanley Institutional Liquidity Funds Treasury Portfolio - Institutional Class, 3.194% (61,059,735 shares) | (3)(4)(5)(7)(23) | N/A | N/A | N/A | N/A | $61060 | $61060 | 4.05% |
| Liabilities Less Other Assets |  |  |  |  |  |  | $(1197297) | (79.33%) |
| Net Assets |  |  |  |  |  |  | $1509265 | 100.00% |

---

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

<sup>(1)</sup> 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. 

<sup>(2)</sup> Unless otherwise indicated, 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. 

<sup>(3)</sup> Income-producing debt investment and pays all cash interest.

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

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

<sup>(6)</sup> 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. 

<sup>(7)</sup> 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 September 30, 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 September 30, 2025. As of September 30, 2025, effective rates for 1 Month ("M") S, 3M S, 6M S and PRIME are 4.308%, 4.349%, 4.370% and 7.250%, respectively. For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of September 30, 2025. 

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

<sup>(9)</sup> Investment is domiciled in Jersey and no investment represents a 5% or more interest in any outstanding class of voting security of the portfolio company. 

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

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

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

<sup>(13)</sup> Designates that the investment is collateral for JPM SPV V Credit Facility.

<sup>(14)</sup> Designates that the investment is collateral held at StepStone CLO 2024-I LLC.

<sup>(15)</sup> Designates that the investment is collateral held at StepStone CLO 2025-I LLC.

<sup>(16)</sup> Income producing 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.

<sup>(17)</sup> 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 September 30, 2025 was $47,443 or 3.15% of net assets. 

<sup>(18)</sup> Investment was acquired on June 26, 2024.

<sup>(19)</sup> Investment was acquired on November 15, 2024.

<sup>(20)</sup> Investment was acquired on September 15, 2025.

<sup>(21)</sup> Investment was acquired on May 22, 2024.

<sup>(22)</sup> Investment was acquired on July 30, 2025.

<sup>(23)</sup> The rate reported is the 7-day effective yield at the period end.

<sup>(24)</sup> Investment is domiciled in Canada and no investment represents a 5% or more interest in any outstanding class of voting security of the portfolio company. 

<sup>(25)</sup> 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. 

<sup>(26)</sup> Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended.

<sup>(27)</sup> Security has no stated coupon and is considered an equity position in the collateralized loan obligation ("CLO") or CLO warehouse. 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. 

<sup>(28)</sup> Investment is domiciled in Cayman Islands and no investment represents a 5% or more interest in any outstanding class of voting security of the portfolio company. 

<sup>(29)</sup> Investment was on non-accrual status as of September 30, 2025.

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments

#### December 31, 2024
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments  | Footnotes | Reference<br> Rate<br> Spread /Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> 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 +<br> 0.50% / 1.00% | 0.500% | 2/7/2030 | $— | $(1) | $— | 0.00% |
| Carnegie Dartlet, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 1M SOFR +<br> 5.50% / 1.00% | 9.857% | 2/7/2030 | 506 | 499 | 493 | 0.06% |
| Carnegie Dartlet, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.50% / 1.00% | 10.053% | 2/7/2030 | 4 | 3 | 3 | 0.00% |
| Finn Partners, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.65% / 1.00% | 10.98% | 7/1/2026 | 1671 | 1662 | 1669 | 0.18% |
| Finn Partners, Inc. Second Amendment Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.65% / 1.00% | 10.98% | 7/1/2026 | 3241 | 3222 | 3236 | 0.35% |
| Kite Midco II LTD Term Loan B1 | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.00% / 0.00% | 9.43% | 11/19/2031 | 5290 | 5211 | 5211 | 0.57% |
| Kite Midco II LTD Term Loan B1 | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 0.00% | 9.43% | 11/19/2031 | 5290 | 5211 | 5211 | 0.57% |
| Kite Midco II LTD Term Loan B2 | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 0.00% / 0.00% | 0.00% | 11/19/2031 |  | (10) | (10) | 0.00% |
| Kite Midco II LTD Term Loan B2 | (1)(2)(3)(4)(5)(6)(7)(8)(12) | 3M SOFR +<br> 0.00% / 0.00% | 0.00% | 11/19/2031 |  | (10) | (10) | 0.00% |
| Minds Buyer Incremental Revolving Credit | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 5/3/2029 |  | (4) | (5) | 0.00% |
| Minds Buyer, LLC Second Amendment Incremental Term Loan (First Lien) | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.25% / 1.00% | 9.85% | 5/3/2029 | 11375 | 11319 | 11290 | 1.23% |
|  |  |  |  |  |  | $27102 | $27088 | 2.96% |
| Aerospace & Defense |  |  |  |  |  |  |  |  |
| Aviation Technical Services, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 7/12/2029 | $— | $(3) | $(3) | 0.00% |
| Aviation Technical Services, Inc. Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.75% / 1.00% | 10.41% | 7/12/2029 | 3990 | 3962 | 3962 | 0.43% |
| Heads Up Technologies, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br> 5.50% / 1.00% | 9.95% | 8/10/2028 | 4912 | 4866 | 4912 | 0.53% |
| PAG Holding Corp. Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | PRIME +<br> 4.25% / 1.00% | 11.75% | 12/21/2029 | 245 | 234 | 245 | 0.03% |
| PAG Holding Corp. Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.25% / 1.00% | 9.85% | 12/21/2029 | 11245 | 11141 | 11245 | 1.23% |
| PPW Aero Buyer, Inc. 2024 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 2/15/2029 |  | (25) |  | 0.00% |
| PPW Aero Buyer, Inc. Delayed Draw Term Loan-1 | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.50% / 1.00% | 10.12% | 2/15/2029 | 1442 | 1435 | 1442 | 0.16% |
| PPW Aero Buyer, Inc. Term Loan (Whitcraft LLC) | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 6.50% / 1.00% | 11.01% | 2/15/2029 | 4937 | 4937 | 4933 | 0.54% |
| Sigma Defense Systems LLC Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 6.90% / 1.00% | 11.23% | 12/18/2027 | 1776 | 1744 | 1743 | 0.19% |
| Sigma Defense Systems LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 12/18/2027 |  | (1) |  | 0.00% |
|  |  |  |  |  |  | $28290 | $28479 | 3.11% |
| Air Freight & Logistics |  |  |  |  |  |  |  |  |
| AMEX Holding III Corp Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br> 6.65% / 1.00% | 11.98%<br> / 1.00% | 3/31/2028 | $211 | $210 | $185 | 0.02% |
| AMEX Holding III Corp Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br> 6.65% / 1.00% | 11.98%<br> / 1.00% | 3/31/2028 | 4738 | 4712 | 4170 | 0.45% |
| Gulf Winds International Acquisition, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br> 7.60% / 1.00% | 11.96% | 6/12/2028 | 4925 | 4922 | 4910 | 0.54% |
| Solairus Holdings, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br> 5.35% / 1.00% | 10.49% | 7/23/2029 | 4517 | 4517 | 4516 | 0.49% |
|  |  |  |  |  |  | $14361 | $13781 | 1.50% |
| Alternative Carriers |  |  |  |  |  |  |  |  |
| Meriplex Communications, Ltd. Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.10% / 0.75% | 9.46% | 7/17/2028 | $4946 | $4946 | $4935 | 0.54% |
| Apparel Retail |  |  |  |  |  |  |  |  |
| Brightmore Brands LLC Original Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 4.59% / 1.50% | 14.05% | 9/10/2029 | $9990 | $9846 | $9797 | 1.07% |
| Application Software |  |  |  |  |  |  |  |  |
| Anaplan, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br> 5.25% / 0.75% | 9.58% | 6/21/2029 | $5000 | $4981 | $4997 | 0.55% |
| ARI Network Services, Inc. Third Amendment Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 0.75% | 9.36% | 8/28/2026 | 3431 | 3389 | 3395 | 0.37% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments – (Continued)

#### December 31, 2024
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments  | Footnotes | Reference<br> Rate<br> Spread /Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> 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 +<br> 4.76% / 1.00% | 9.09% | 12/9/2027 | 4823 | 4798 | 4823 | 0.53% |
| Dealer Services Network, LLC Second Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.75% / 1.00% | 10.34% | 2/9/2027 | 2284 | 2264 | 2261 | 0.25% |
| Dealer Services Network, LLC Second Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.75% / 1.00% | 10.34% | 2/9/2027 | 6500 | 6439 | 6435 | 0.70% |
| Echo Purchaser, Inc. Delayed Draw Term Loan (Exostar) | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 1.00% / 0.75% | 1.00% | 11/19/2029 |  |  |  | 0.00% |
| Echo Purchaser, Inc. Term Loan (Exostar) | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.50% / 0.75% | 9.86% | 11/19/2029 | 643 | 636 | 633 | 0.07% |
| Everbridge Holdings, LLC Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 0.75% | 9.59% | 7/2/2031 | 5556 | 5528 | 5528 | 0.60% |
| Everbridge Holdings, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.00% / 0.75% | 9.59% | 7/2/2031 | 544 | 540 | 545 | 0.06% |
| Everbridge Holdings, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 0.75% | 0.50% | 7/2/2031 |  | (3) |  | 0.00% |
| GS Acquisitionco, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.25% / 1.00% | 9.58% | 5/25/2028 | 3190 | 3178 | 3190 | 0.35% |
| GS Acquisitionco, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8)(12) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 5/25/2028 |  | (5) |  | 0.00% |
| GS Acquisitionco, Inc. Seventh Suplemental Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(12) | 3M SOFR +<br> 5.25% / 1.00% | 9.58% | 5/25/2028 | 350 | 343 | 350 | 0.04% |
| LeadVenture, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.00% | 9.57% | 8/28/2026 | 299 | 291 | 296 | 0.03% |
| LeadVenture, Inc. Revolver | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.00% / 0.75% | 9.57% | 8/28/2026 | 443 | 439 | 443 | 0.05% |
| LeadVenture, Inc. Supplemental No. 4 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.00% / 0.75% | 9.36% | 8/28/2026 | 1987 | 1975 | 1987 | 0.22% |
| Legal Spend Holdings, LLC 2nd Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.75% / 0.75% | 10.11% | 5/14/2029 | 256 | 256 | 256 | 0.03% |
| Legitscript LLC Delayed Draw Loan | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br> 5.75% / 0.75% | 10.11% | 6/24/2029 | 100 | 99 | 100 | 0.01% |
| Legitscript LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br> 5.75% / 0.75% | 10.11% | 6/24/2029 | 3890 | 3842 | 3890 | 0.42% |
| Mountain Parent, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 0.75% | 0.50% | 6/27/2031 |  | (5) |  | 0.00% |
| Mountain Parent, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 0.75% | 9.64% | 6/27/2031 | 5698 | 5646 | 5641 | 0.62% |
| Mountain Parent, Inc. Revolving Credit Facility | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 0.75% | 0.50% | 6/27/2031 |  | (6) |  | 0.00% |
| NinjaTrader Group, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.65% / 1.00% | 11.24% | 12/18/2026 | 3563 | 3544 | 3527 | 0.38% |
| NMI Acquisitionco, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.10% / 1.00% | 9.46% | 9/6/2028 | 1154 | 1136 | 1155 | 0.13% |
| NMI Acquisitionco, Inc. October 2021 Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.10% / 0.75% | 9.46% | 9/6/2028 | 352 | 347 | 346 | 0.04% |
| NMI Acquisitionco, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 9/6/2028 |  | (5) | (6) | 0.00% |
| NMI Acquisitionco, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.10% / 1.00% | 9.46% | 9/6/2028 | 1893 | 1863 | 1859 | 0.20% |
| Optimizely North America Inc. (USD) Revolving Credit | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 0.75% | 0.50% | 10/30/2031 |  | (12) | (12) | 0.00% |
| Optimizely North America Inc. (USD) Term Loan | (1)(2)(3)(4)(5)(7)(12) | 1M SOFR +<br> 5.00% / 0.75% | 9.36% | 10/30/2031 | 12768 | 12640 | 12636 | 1.38% |
| Pacific Purchaser, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 10/2/2028 |  |  | (3) | 0.00% |
| Pacific Purchaser, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 6M SOFR +<br> 6.25% / 1.00% | 10.53% | 10/2/2028 | 1952 | 1909 | 1906 | 0.21% |
| Pacific Purchaser, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 10/2/2028 |  |  | (4) | 0.00% |
| PDI TA Holdings, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.25% / 0.75% | 9.75% | 2/3/2031 | 677 | 677 | 677 | 0.07% |
| PDI TA Holdings, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.25% / 0.75% | 9.84% | 2/3/2031 | 5201 | 5157 | 5159 | 0.56% |
| PDI TA Holdings, Inc. Revolving Credit | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 0.75% | 0.50% | 2/3/2031 |  |  | (5) | 0.00% |
| PracticeTek Purchaser, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 5.75% / 1.00% | 10.11% | 8/30/2029 | 28 | 26 | 23 | 0.00% |
| PracticeTek Purchaser, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br> 5.75% / 1.00% | 10.11% | 8/30/2029 | 1959 | 1930 | 1927 | 0.21% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments – (Continued)

#### December 31, 2024
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments  | Footnotes | Reference<br> Rate<br> Spread /Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> 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 +<br> 0.50% / 0.75% | 0.50% | 4/1/2030 |  | (14) |  | 0.00% |
| Spark Purchaser, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.50% / 0.75% | 9.83% | 4/1/2031 | 5162 | 5066 | 5067 | 0.55% |
| Superjet Buyer, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 5.50% / 0.75% | 9.83% | 12/30/2027 | 687 | 635 | 687 | 0.08% |
| Superjet Buyer, LLC Initial Term Loan (EFI Productivity Software) | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br> 5.76% / 0.75% | 10.09% | 12/30/2027 | 1507 | 1503 | 1507 | 0.16% |
| Superjet Buyer, LLC Third Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.50% / 0.75% | 9.83% | 12/30/2027 | 4900 | 4853 | 4854 | 0.53% |
| Synchronoss Technologies, Inc. Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.60% / 2.50% | 9.93% | 6/28/2028 | 4938 | 4715 | 4695 | 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 +<br> 5.00% / 0.00% | 9.33% | 8/30/2029 | 466 | 463 | 463 | 0.05% |
| TCP Hawker Intermediate LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 8/30/2029 |  | (1) |  | 0.00% |
| TCP Hawker Intermediate LLC Ninth Amendment DDTL 11/24 | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 8/30/2029 |  |  |  | 0.00% |
| TCP Hawker Intermediate LLC Ninth Amendment Incremental Term Loan 11/24 | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.00% / 1.00% | 9.33% | 8/30/2029 | 17 | 17 | 17 | 0.00% |
| Thrive Buyer, Inc. Initial Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | PRIME +<br> 5.00% / 1.00% | 12.50% | 1/22/2027 | 194 | 195 | 194 | 0.02% |
| Thrive Buyer, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.15% / 1.00% | 10.48% | 1/22/2027 | 1967 | 1970 | 1967 | 0.21% |
| Thrive Buyer, Inc., Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.15% / 1.00% | 10.75% | 1/22/2027 | 1474 | 1477 | 1474 | 0.16% |
| Thrive Buyer, Inc.,Tenth Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 4.90% / 1.00% | 10.48% | 1/22/2027 | 264 | 260 | 260 | 0.03% |
| Trintech Inc. Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.50% / 1.00% | 9.86% | 7/25/2029 | 4950 | 4867 | 4865 | 0.53% |
|  |  |  |  |  |  | $99843 | $100005 | 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 +<br> 5.00% / 1.00% | 9.36% | 12/23/2027 | $250 | $249 | $250 | 0.03% |
| Allworth Financial Group, L.P. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 12/23/2027 |  | (3) | (3) | 0.00% |
| Cerity Partners Equity Holding LLC 2024 Incremental Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.25% / 1.00% | 9.57% | 7/28/2029 | 3005 | 2990 | 3005 | 0.33% |
| Cerity Partners Equity Holding LLC Initial Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 7/28/2028 |  | (2) |  | 0.00% |
| Cerity Partners Equity Holding LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.25% / 1.00% | 9.76% | 7/28/2029 | 4659 | 4659 | 4659 | 0.51% |
| Danforth Global, Inc. Delayed Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.25% / 1.00% | 9.88% | 12/9/2027 | 540 | 533 | 540 | 0.06% |
| Danforth Global, Inc. First Amendment Additional Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.25% / 1.00% | 9.76% | 12/9/2027 | 287 | 283 | 283 | 0.03% |
| Danforth Global, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.25% / 1.00% | 9.58% | 12/9/2027 | 453 | 447 | 447 | 0.05% |
| Danforth Global, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.25% / 1.00% | 9.77% | 12/9/2027 | 5705 | 5634 | 5630 | 0.61% |
| Danforth Global, Inc. Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.25% / 1.00% | 9.76% | 12/9/2027 | 4090 | 4035 | 4036 | 0.44% |
| Danforth Global, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.25% / 1.00% | 9.76% | 12/9/2027 | 898 | 887 | 886 | 0.10% |
| Danforth Global, Inc. Third Amendment Additional Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.25% / 1.00% | 9.84% | 12/9/2027 | 479 | 473 | 479 | 0.05% |
| IEQ Capital, LLC 2024 Incremental Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 4.75% / 0.75% | 9.04% | 12/22/2028 | 3074 | 3050 | 3074 | 0.34% |
| Obra Capital, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 7.61% / 1.00% | 11.97% | 6/21/2029 | 7500 | 7359 | 7359 | 0.80% |
| Petra Borrower, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.75% / 1.00% | 10.19% | 11/15/2030 | 600 | 583 | 596 | 0.07% |
| Petra Borrower, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.75% / 1.00% | 10.32% | 11/15/2030 | 3226 | 3169 | 3149 | 0.34% |
| Petra Borrower, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 11/15/2029 |  | (8) | (1) | 0.00% |
| PMA Parent Holdings, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.25% / 0.75% | 9.58% | 1/31/2031 | 4187 | 4146 | 4145 | 0.45% |
| PMA Parent Holdings, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.38% / 0.75% | 0.38% | 1/31/2031 |  | (3) | (3) | 0.00% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments – (Continued)

#### December 31, 2024
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments  | Footnotes | Reference<br> Rate<br> Spread /Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> 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 +<br> 5.00% / 1.00% | 9.57% | 10/2/2028 | 3785 | 3777 | 3762 | 0.41% |
| Wealth Enhancement Group, LLC December 2020 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.00% / 1.00% | 9.50% | 10/4/2028 | 1151 | 1146 | 1144 | 0.12% |
| Wealth Enhancement Group, LLC May 2022 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.50% / 1.00% | 9.59% | 10/4/2028 | 1986 | 1986 | 1984 | 0.22% |
| Wealth Enhancement Group, LLC Revolver Incremental 12/24 | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.00% / 0.00% | 0.00% | 2/10/2028 |  | 1 |  | 0.00% |
| Wealth Enhancement Group, LLC_Delayed Draw Term Loan 12/24 | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.00% / 1.00% | 0.00% | 2/10/2028 |  | 17 | 17 | 0.00% |
|  |  |  |  |  |  | $45408 | $45438 | 4.96% |
| Auto Parts & Equipment |  |  |  |  |  |  |  |  |
| ETE Intermediate II LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 6.50% / 1.00% | 11.09% | 5/29/2029 | $204 | $199 | $202 | 0.02% |
| ETE Intermediate II LLC Term Loan A | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 6.50% / 1.00% | 11.01% | 5/29/2029 | 1935 | 1892 | 1915 | 0.21% |
| M&D MidCo, Inc. Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.00% | 9.66% | 8/31/2028 | 1754 | 1733 | 1705 | 0.19% |
| M&D MidCo, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.15% / 1.00% | 10.74% | 8/31/2028 | 588 | 580 | 588 | 0.07% |
| M&D MidCo, Inc. Delayed Draw Term Loan Third Amendment | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 8/31/2028 |  | 1 | 1 | 0.00% |
| M&D MidCo, Inc. Term Loan Third Amendment | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.00% | 9.48% | 8/31/2028 | 368 | 366 | 368 | 0.04% |
| Premier Tire& Service Finace Merger Sub, LLC Term Loan Incremental | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.50% / 0.00% | 9.98% | 5/17/2029 | 928 | 919 | 919 | 0.10% |
| Premier Tires & Service Acquisition, LLC Incremental Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.50% / 1.00% | 9.87% | 5/17/2029 | 1055 | 1064 | 1053 | 0.11% |
| Premier Tires & Service Acquisition, LLC Incremental Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 5.50% / 1.00% | 9.87% | 5/17/2029 | 1055 | 1036 | 1053 | 0.11% |
| Premier Tires & Service Acquisition, LLC Incremental Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.50% / 0.00% | 9.95% | 5/17/2029 | 218 | 213 | 212 | 0.02% |
| Premier Tires & Service Acquisition, LLC Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.75% / 0.00% | 10.26% | 5/17/2029 | 293 | 290 | 290 | 0.03% |
| Premier Tires & Service Acquisition, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.50% / 1.00% | 9.87% | 5/17/2029 | 4925 | 4925 | 4925 | 0.54% |
| Transgo, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.75% / 2.00% | 10.11% | 12/29/2028 | 5718 | 5651 | 5661 | 0.62% |
| Transgo, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 2.00% | 0.50% | 12/29/2028 |  |  | (2) | 0.00% |
| Truck-Lite Co., LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 0.75% | 1.00% | 2/13/2031 |  | (9) | (9) | 0.00% |
| Truck-Lite Co., LLC Initial Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 0.75% | 0.50% | 2/13/2030 |  | (9) | (9) | 0.00% |
| Truck-Lite Co., LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.75% / 0.75% | 10.27% | 2/13/2031 | 5712 | 5647 | 5625 | 0.61% |
|  |  |  |  |  |  | $24498 | $24497 | 2.67% |
| Automobile Manufacturers |  |  |  |  |  |  |  |  |
| JHCC Holdings LLC 2021-A Incremental Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.25% / 1.00% | 9.58% | 9/9/2027 | $903 | $899 | $900 | 0.10% |
| JHCC Holdings LLC 2024-A Incremental Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 5.25% / 1.00% | 9.58% | 9/9/2027 | 730 | 723 | 730 | 0.08% |
| JHCC Holdings LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.25% / 1.00% | 9.58% | 9/9/2027 | 4035 | 4026 | 4022 | 0.44% |
| JHCC Holdings LLC_Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.00% / 1.00% | 0.00% | 9/9/2027 |  | (3) | (5) | 0.00% |
|  |  |  |  |  |  | $5645 | $5647 | 0.62% |
| Building Products |  |  |  |  |  |  |  |  |
| AllMark Acquisition, LLC Initial Term Loan (AllMark Door) | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br> 5.50% / 1.00% | 9.75% | 5/4/2028 | $4924 | $4893 | $4875 | 0.53% |
| Arch Cutting Tools Corp. Initial Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br> 4.85% / 0.00% | 9.18% | 4/1/2026 | 4910 | 4899 | 4887 | 0.53% |
| Big Top Holdings, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 3/1/2030 |  | (2) |  | 0.00% |
| Big Top Holdings, LLC Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.75% / 1.00% | 10.11% | 3/1/2030 | 2433 | 2382 | 2360 | 0.26% |
| Hills Distribution, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 6.00% / 1.00% | 10.40% | 11/8/2029 | 796 | 788 | 796 | 0.09% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments – (Continued)

#### December 31, 2024
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments  | Footnotes | Reference<br> Rate<br> Spread /Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> 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 +<br> 6.00% / 1.00% | 10.40% | 11/8/2029 | 98 | 97 | 98 | 0.01% |
| Hills Distribution, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 6.00% / 1.00% | 10.40% | 11/8/2029 | 192 | 190 | 189 | 0.02% |
| Hills Distribution, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.00% / 1.00% | 10.40% | 11/8/2029 | 1558 | 1537 | 1536 | 0.17% |
|  |  |  |  |  |  | $14784 | $14741 | 1.61% |
| Commodity Chemicals |  |  |  |  |  |  |  |  |
| Guy Chemical Company, LLC U.S. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br> 4.85% / 1.00% | 9.21% | 11/9/2027 | $4912 | $4873 | $4912 | 0.54% |
| Communications Equipment |  |  |  |  |  |  |  |  |
| Owl Cyber Defense Solutions, LLC Revolver | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 9/11/2029 | $— | $(9) | $— | 0.00% |
| Owl Cyber Defense Solutions, LLC Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.75% / 1.00% | 10.11% | 9/11/2029 | 4090 | 4050 | 4036 | 0.44% |
| Owl Cyber Defense Solutions, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.75% / 1.00% | 10.11% | 9/11/2029 | 2323 | 2277 | 2293 | 0.25% |
|  |  |  |  |  |  | $6318 | $6329 | 0.69% |
| Construction & Engineering |  |  |  |  |  |  |  |  |
| Ambient Enterprises Holdco LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.75% / 1.00% | 0.75% | 6/30/2030 | $— | $(12) | $(12) | 0.00% |
| Ambient Enterprises Holdco LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 12/7/2029 |  | (2) | (6) | 0.00% |
| Ambient Enterprises Holdco LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.00% / 1.00% | 10.44% | 6/28/2030 | 6810 | 6702 | 6718 | 0.73% |
| Ambient Enterprises Holdco LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.00% / 1.00% | 10.08% | 6/30/2030 | 6343 | 6264 | 6263 | 0.68% |
| ATI Restoration, LLC Second Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 5.65% / 0.75% | 10.24% | 7/31/2026 | 465 | 463 | 424 | 0.05% |
| Best Roofing Services LLC Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.00% / 1.00% | 10.33% | 4/2/2029 | 5104 | 5013 | 4998 | 0.55% |
| Best Roofing Services LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 4/2/2029 |  |  | (19) | 0.00% |
| Diverzify Intermediate LLC Second Amendment Incremental Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br> 5.75% / 1.00% | 10.67% | 5/11/2027 | 487 | 485 | 486 | 0.05% |
| Diverzify Intermediate LLC Second Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(11) | 6M SOFR +<br> 6.01% / 1.00% | 10.60% | 5/11/2027 | 4425 | 4400 | 4407 | 0.48% |
| Eskola LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.50% | 9.96% | 12/19/2029 | 8162 | 8091 | 8090 | 0.88% |
| Eskola LLC_Delayed Draw Term Loan A | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.50% | 9.94% | 12/19/2029 | 2915 | 2889 | 2898 | 0.32% |
| Eskola LLC_Delayed Draw Term Loan B | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.00% / 1.50% | 0.00% | 12/19/2029 |  | (23) | (23) | 0.00% |
| ESP Associates, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 6.60% / 1.00% | 10.94% | 7/24/2028 | 4792 | 4729 | 4685 | 0.51% |
| G-A-I Consultants, Inc. First Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 10/7/2028 |  | (30) |  | 0.00% |
| G-A-I Consultants, Inc. First Amendment Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.60% / 1.00% | 10.15% | 10/7/2028 | 2946 | 2900 | 2896 | 0.32% |
| G-A-I Consultants, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 5.50% / 1.00% | 9.97% | 10/7/2028 | 79 | 70 | 79 | 0.01% |
| HP RSS Buyer, Inc. Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.00% / 0.75% | 9.33% | 12/11/2029 | 679 | 677 | 675 | 0.07% |
| HP RSS Buyer, Inc. General Purpose Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 0.75% | 9.33% | 12/11/2029 | 437 | 434 | 434 | 0.05% |
| HP RSS Buyer, Inc. Special Purpose Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 0.75% | 9.33% | 12/11/2029 | 145 | 145 | 144 | 0.02% |
| Kelso Industries LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 0.00% | 1.00% | 12/26/2029 |  | 29 | 29 | 0.00% |
| Kelso Industries LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.75% / 0.00% | 10.09% | 12/26/2029 | 7595 | 7519 | 7519 | 0.82% |
| KENE Acquisition, Inc. Initial Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 5.25% / 1.00% | 9.59% | 2/7/2031 | 44 | 44 | 44 | 0.00% |
| KENE Acquisition, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.25% / 1.00% | 9.84% | 2/7/2031 | 961 | 961 | 961 | 0.10% |
| MKD Electric, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 5.60% / 1.25% | 10.15% | 5/31/2029 | 504 | 478 | 504 | 0.05% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments – (Continued)

#### December 31, 2024
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments  | Footnotes | Reference<br> Rate<br> Spread /Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> 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 +<br> 5.60% / 1.25% | 10.15% | 5/31/2029 | 6045 | 5933 | 5931 | 0.65% |
| MOREgroup Holdings, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.25% / 1.00% | 9.58% | 1/16/2030 | 4466 | 4405 | 4379 | 0.48% |
| OSR Opco LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.50% | 1.00% | 3/15/2029 |  | (12) | (18) | 0.00% |
| OSR Opco LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.75% / 1.00% | 10.11% | 3/15/2029 | 5293 | 5232 | 5206 | 0.57% |
| OSR Opco LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 6.00% / 1.00% | 10.53% | 3/15/2029 | 747 | 747 | 740 | 0.08% |
| PK Purchaser, LLC Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.00% / 1.00% | 9.62% | 9/19/2029 | 4090 | 4050 | 4046 | 0.44% |
| PK Purchaser, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.00% | 9.62% | 9/19/2029 | 8379 | 8276 | 8288 | 0.90% |
| Puris LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.75% / 1.00% | 10.07% | 6/30/2031 | 8409 | 8291 | 8241 | 0.90% |
| PVI Holdings, Inc. Last Out Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 4.94% / 1.00% | 11.13% | 1/18/2028 | 6860 | 6850 | 6860 | 0.75% |
| SuperHero Fire Protection, LLC Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.40% / 1.00% | 10.73% | 9/1/2026 | 5455 | 5355 | 5346 | 0.58% |
| SuperHero Fire Protection, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 6.40% / 1.00% | 10.73% | 9/1/2026 | 373 | 366 | 365 | 0.04% |
| USIC Holdings, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.50% / 0.75% | 10.09% | 9/10/2031 | 10537 | 10478 | 10494 | 1.15% |
| USIC Holdings, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.25% / 0.75% | 9.84% | 9/10/2031 | 307 | 299 | 301 | 0.03% |
| USIC Holdings, Inc. Specified Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.50% / 0.75% | 10.09% | 9/10/2031 | 41 | 41 | 41 | 0.00% |
| Valkyrie Buyer, LLC Delayed Draw Term Loan A | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 1.00% / 0.75% | 1.00% | 5/6/2031 |  | (4) |  | 0.00% |
| Valkyrie Buyer, LLC Delayed Draw Term Loan B | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 1.00% / 0.75% | 1.00% | 5/6/2031 |  | (5) |  | 0.00% |
| Valkyrie Buyer, LLC Delayed Draw Term Loan C | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 5.00% / 0.75% | 9.55% | 5/6/2031 | 1127 | 1107 | 1128 | 0.12% |
| Valkyrie Buyer, LLC Delayed Draw Term Loan D | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 0.75% | 1.00% | 5/6/2031 |  | (29) | (30) | 0.00% |
| Valkyrie Buyer, LLC Delayed Draw Term Loan E | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 5/6/2031 |  | (15) | (15) | 0.00% |
| Valkyrie Buyer, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 0.50% / 0.75% | 0.50% | 5/6/2030 |  | (6) |  | 0.00% |
| Valkyrie Buyer, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.00% / 0.75% | 9.45% | 5/6/2031 | 4376 | 4313 | 4338 | 0.47% |
| Vertex Companies, Inc., Term Loan D | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.00% | 9.52% | 8/31/2028 | 6881 | 6816 | 6813 | 0.74% |
| Vertex Companies, Inc., The Delayed Draw Term Loan-B | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 8/31/2028 |  | (11) | (12) | 0.00% |
| Vertex Companies, Inc., The Fourth Amendment Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 8/31/2028 |  | (23) | (24) | 0.00% |
| Vertex Service Partners, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.75% / 0.75% | 10.34% | 11/8/2030 | 3620 | 3614 | 3620 | 0.40% |
| Vertex Service Partners, LLC First Amendment Incremental Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.00% / 0.75% | 9.50% | 11/8/2030 | 93 | 72 | 75 | 0.01% |
| Vertex Service Partners, LLC Revolving Facility | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 5.75% / 0.75% | 10.19% | 11/8/2030 | 360 | 359 | 358 | 0.04% |
| Vertex Service Partners, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.75% / 0.75% | 10.11% | 11/8/2030 | 1882 | 1860 | 1872 | 0.20% |
|  |  |  |  |  |  | $130585 | $130537 | 14.24% |
| Construction Materials |  |  |  |  |  |  |  |  |
| Javelin Acquisition Vehicle, LLC Last Out Term Loan (Lindsay Precast) | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br> 5.33% / 1.00% | 9.69% | 11/3/2026 | $1717 | $1717 | $1667 | 0.18% |
| Javelin Acquisition Vehicle, LLC Second Amendment Incremental Term Loan (Lindsay Precast) | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.35% / 1.00% | 9.71% | 11/3/2026 | 2672 | 2634 | 2637 | 0.29% |
|  |  |  |  |  |  | $4351 | $4304 | 0.47% |
| Data Processing & Outsourced Services |  |  |  |  |  |  |  |  |
| Penncomp, LLC Delayed Draw Term Loan A | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 6.35% / 1.50% | 10.71% | 10/17/2028 | $1833 | $1792 | $1826 | 0.20% |
| Penncomp, LLC Term Loan A | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 6.35% / 1.50% | 10.71% | 10/17/2028 | 2555 | 2508 | 2501 | 0.27% |
|  |  |  |  |  |  | $4300 | $4327 | 0.47% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments – (Continued)

#### December 31, 2024
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments  | Footnotes | Reference<br> Rate<br> Spread /Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> 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 +<br> 6.36% / 2.00% | 10.72% | 9/11/2028 | $549 | $529 | $522 | 0.06% |
| RPM Purchaser, Inc. Effective Date Term Loan B | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br> 6.36% / 2.00% | 10.72% | 9/11/2028 | 3879 | 3792 | 3732 | 0.40% |
|  |  |  |  |  |  | $4321 | $4254 | 0.46% |
| Diversified Capital Markets |  |  |  |  |  |  |  |  |
| GC Waves Holdings, Inc. 2024 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 4.85% / 1.00% | 9.21% | 10/4/2030 | $599 | $573 | $649 | 0.07% |
| Diversified Chemicals |  |  |  |  |  |  |  |  |
| Opta Inc. 2024 Incremental Delayed Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 7.01% / 1.50% | 11.60% | 11/9/2028 | $1746 | $1686 | $1745 | 0.19% |
| Opta Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 7.01% / 1.50% | 11.69% | 11/8/2028 | 6930 | 6867 | 6916 | 0.75% |
| V Global Holdings LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.90% / 0.75% | 10.42% | 12/22/2027 | 4924 | 4911 | 4725 | 0.52% |
|  |  |  |  |  |  | $13464 | $13386 | 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 +<br> 6.25% / 1.00% | 10.68% | 8/6/2029 | $900 | $857 | $896 | 0.10% |
| Accent Building Materials Holdings LLC Term Loan B | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 6.25% / 1.00% | 10.68% | 8/6/2029 | 3929 | 3762 | 3848 | 0.42% |
| AI Fire Buyer, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 5.75% / 1.00% | 10.89% | 3/22/2027 | 191 | 188 | 191 | 0.02% |
| AI Fire Buyer, Inc.Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.75% / 1.00% | 10.84% | 3/22/2027 | 155 | 153 | 153 | 0.02% |
| AIDC IntermediateCo. 2, LLC Initial Term Loan (Peak Technologies) | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.25% / 1.00% | 9.59% | 7/22/2027 | 6171 | 6155 | 6171 | 0.67% |
| Centex Acquisition, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 1M SOFR +<br> 5.60% / 1.00% | 10.15% | 5/9/2029 | 203 | 203 | 203 | 0.02% |
| Centex Acquisition, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 1M SOFR +<br> 5.60% / 1.00% | 10.15% | 5/9/2029 | 3975 | 3904 | 3899 | 0.43% |
| Certified Collision Group Acquisition Corp. Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.00% / 1.00% | 9.34% | 5/17/2027 | 174 | 174 | 172 | 0.02% |
| Certified Collision Group Acquisition Corp. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.00% | 9.34% | 5/17/2027 | 2077 | 2055 | 2059 | 0.22% |
| CMG HoldCo, LLC Delayed Draw Loan (Crete Mechanical Group) | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 5.25% / 1.00% | 9.74% | 5/19/2028 | 533 | 525 | 533 | 0.06% |
| ESCP DTFS INC. Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.50% / 1.00% | 10.09% | 9/28/2029 | 4090 | 4062 | 4044 | 0.44% |
| ESCP DTFS INC. Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.50% / 1.00% | 10.09% | 9/28/2029 | 6234 | 6192 | 6165 | 0.67% |
| ESCP DTFS INC. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.50% / 1.00% | 10.09% | 9/28/2029 | 2145 | 2113 | 2121 | 0.23% |
| FLS Holding, Inc. Term B Loan (FLS Transportation Services) | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.35% / 1.00% | 9.71% | 12/15/2028 | 4925 | 4877 | 4615 | 0.50% |
| FMG Suite Holdings, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.50% / 1.00% | 9.68% | 10/30/2026 | 853 | 847 | 844 | 0.09% |
| FMG Suite Holdings, LLC Revolving Credit | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 0.38% / 1.00% | 0.38% | 10/30/2026 |  | (3) | (4) | 0.00% |
| FMG Suite Holdings, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.50% / 1.00% | 9.68% | 10/30/2026 | 3697 | 3673 | 3661 | 0.40% |
| Integrated Power Services Holdings, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(8)(10) | 3M SOFR +<br> 4.61% / 1.00% | 8.97% | 11/22/2028 |  | 6204 | 6203 | 0.68% |
| Integrated Power Services Holdings, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 4.61% / 1.00% | 8.97% | 11/22/2028 | 6234 | 6204 | 6203 | 0.68% |
| PrimeFlight Acquisition, LLC Amendment No.4 Additional Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.25% / 1.00% | 9.58% | 5/1/2029 | 636 | 632 | 626 | 0.07% |
| Primeflight Acquisition, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.50% / 1.00% | 10.58% | 5/1/2029 | 6905 | 6832 | 6879 | 0.75% |
| TL Voltron Purchaser, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.25% / 1.00% | 9.61% | 12/31/2030 | 1998 | 1958 | 1958 | 0.21% |
| TL Voltron Purchaser, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.25% / 1.00% | 9.61% | 12/31/2030 | 13000 | 12740 | 12740 | 1.39% |
| Visu-Sewer, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br> 6.00% / 1.00% | 10.66% | 11/8/2029 | 4950 | 4898 | 4926 | 0.54% |
|  |  |  |  |  |  | $79205 | $79106 | 8.63% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments – (Continued)

#### December 31, 2024
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments  | Footnotes | Reference<br> Rate<br> Spread /Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> 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 +<br> 5.60% / 0.75% | 10.23% | 7/20/2028 | $5913 | $5866 | $5913 | 0.65% |
| Electrical Components & Equipment |  |  |  |  |  |  |  |  |
| C3 AcquisitionCo, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.50% | 1.00% | 11/26/2030 | $— | $(30) | $— | 0.00% |
| C3 AcquisitionCo, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.00% / 1.50% | 10.34% | 11/26/2030 | 7867 | 7769 | 7769 | 0.85% |
| C3 AcquisitionCo, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.50% | 0.50% | 11/26/2030 |  | (11) | (11) | 0.00% |
| Inventus Power, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 6/30/2025 |  | (3) | (2) | 0.00% |
| Inventus Power, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 7.61% / 1.00% | 11.97% | 6/30/2025 | 3096 | 3068 | 3068 | 0.33% |
| Spark Buyer, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 0.75% | 0.50% | 10/15/2031 |  | (18) | (19) | 0.00% |
| Spark Buyer, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.25% / 0.75% | 9.77% | 10/15/2031 | 4844 | 4758 | 4771 | 0.52% |
| Spark Buyer, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.25% / 0.75% | 9.77% | 10/15/2031 | 1406 | 1386 | 1385 | 0.15% |
| Spark Buyer, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 0.75% | 0.50% | 10/15/2031 |  | (18) | (15) | 0.00% |
| WC PLG Buyer, Inc Revolver | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.00% / 1.00% | 0.00% | 12/31/2049 |  | (16) | (16) | 0.00% |
| WC PLG Buyer, Inc Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.25% / 1.00% | 9.81% | 12/31/2049 | 7000 | 6930 | 6930 | 0.75% |
| WC PLG Buyer, Inc Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.25% / 1.00% | 9.81% | 12/31/2049 | 5356808 | 5303 | 5303 | 0.58% |
|  |  |  |  |  |  | $29118 | $29133 | 3.18% |
| Electronic Equipment & Instruments |  |  |  |  |  |  |  |  |
| Dwyer Instruments, LLC_Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(8) | 3M SOFR +<br> 0.00% / 0.75% | 0.00% | 7/20/2029 | $— | $— | $— | 0.00% |
| Dwyer Instruments, LLC_Revolver | (1)(2)(3)(4)(5)(7)(8) | 3M SOFR +<br> 0.00% / 0.75% | 0.00% | 7/20/2029 |  | (17) | (17) | 0.00% |
| Dwyer Intrumnets, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 4.75% / 0.75% | 9.27% | 7/20/2029 | 10889 | 10780 | 10780 | 1.18% |
| Fortis Payment Systems, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br> 5.25% / 1.00% | 9.95% | 2/13/2026 | 4910 | 4897 | 4910 | 0.54% |
| REE Holdings III Corp. Term Loan (Rees Scientific Corporation) | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br> 5.25% / 1.00% | 9.99% | 11/4/2028 | 4912 | 4861 | 4913 | 0.53% |
|  |  |  |  |  |  | $20514 | $20579 | 2.25% |
| Electronic Manufacturing Services |  |  |  |  |  |  |  |  |
| AEP Passion Intermediate Holdings, Inc. 2023 Incremental Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 6.65% / 1.00% | 10.98% | 10/5/2027 | $155 | $155 | $150 | 0.02% |
| AEP Passion Intermediate Holdings, Inc. 2023 Incremental Term A Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.50% / 1.00% | 11.02%<br> /1.90% | 10/5/2027 | 2596 | 2575 | 2524 | 0.27% |
|  |  |  |  |  |  | $2730 | $2674 | 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 +<br> 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 +<br> 5.75% / 1.00% | 10.08% | 3/17/2027 | 7404 | 7378 | 7380 | 0.80% |
| CARDS Acquisition, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 8/12/2026 |  | (38) |  | 0.00% |
| CARDS Acquisition, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.25% / 1.00% | 9.80% | 8/12/2029 | 871 | 858 | 871 | 0.10% |
| CARDS Acquisition, Inc. Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.25% / 1.00% | 9.58% | 8/12/2029 | 4090 | 4052 | 4040 | 0.44% |
| CARDS Acquisition, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.25% / 1.00% | 9.58% | 8/12/2029 | 2958 | 2914 | 2922 | 0.32% |
| Creative Multicare, LLC Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br> 5.00% / 1.00% | 9.59% | 3/27/2030 | 4963 | 4909 | 4903 | 0.54% |
| HEF Safety Ultimate Holdings, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 11/19/2029 |  | (12) |  | 0.00% |
| HEF Safety Ultimate Holdings, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.25% / 1.00% | 9.58% | 11/19/2029 | 2580 | 2535 | 2504 | 0.27% |
| O6 Environmental, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.15% / 1.00% | 10.78% | 6/30/2027 | 1048 | 1043 | 1048 | 0.11% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments – (Continued)

#### December 31, 2024
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments  | Footnotes | Reference<br> Rate<br> Spread /Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> 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 +<br> 6.15% / 1.00% | 10.67% | 6/30/2027 | 1427 | 1409 | 1408 | 0.15% |
| Rotolo Consultants, Inc. Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 7.21% / 1.00% | 11.73% | 12/20/2026 | 3144 | 3097 | 3131 | 0.34% |
| Vortex Companies, LLC Amendment No. 4 Incremental Delay Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | PRIME +<br> 4.00% / 1.00% | 11.50% | 9/4/2029 | 1580 | 1550 | 1561 | 0.17% |
| Vortex Companies, LLC Amendment No. 4 Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.00% | 9.38% | 9/4/2029 | 2250 | 2233 | 2233 | 0.24% |
| Vortex Companies, LLC Term Loan Delayed Draw Incremental | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.00% / 0.00% | 9.36% | 9/4/2029 | 2932 | 2900 | 2900 | 0.32% |
| Vortex Companies, LLC Term Loan Incremental | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.00% / 0.00% | 9.36% | 9/4/2029 | 3028 | 2995 | 2995 | 0.33% |
| Vortex Intermediate, LLC Revolver Amendment No. 4 Incremental | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.00% / 1.00% | 9.57% | 4/9/2029 | 74 | 69 | 69 | 0.01% |
|  |  |  |  |  |  | $37892 | $37965 | 4.14% |
| Food Distributors |  |  |  |  |  |  |  |  |
| Costanzo's Bakery, LLC Delayed Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.25% / 1.00% | 9.58% | 6/18/2027 | $204 | $203 | $202 | 0.02% |
| Costanzo's Bakery, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.25% / 1.00% | 9.58% | 6/18/2027 | 2962 | 2937 | 2933 | 0.32% |
| Heritage Foodservice Investment, LLC First Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 8/1/2030 |  | (28) | (4) | 0.00% |
| Heritage Foodservice Investment, LLC First Amendment Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.60% / 1.00% | 10.17% | 8/1/2030 | 4078 | 4031 | 4019 | 0.44% |
| Heritage Foodservice Investment, LLC First Amendment Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.60% / 1.00% | 10.17% | 8/1/2030 | 599 | 590 | 590 | 0.06% |
| Heritage Foodservice Investment, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 8/1/2030 |  | (7) | (1) | 0.00% |
| Recipe Acquisition Corp. Delayed Draw Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 7/31/2031 |  |  | (24) | 0.00% |
| Recipe Acquisition Corp. Revolving Credit | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.00% / 1.00% | 9.60% | 7/31/2031 | 206 | 201 | 196 | 0.02% |
| Recipe Acquisition Corp. Term Loan (First Lien) | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.00% / 1.00% | 9.60% | 7/31/2031 | 7737 | 7699 | 7611 | 0.83% |
| Rushmore Investment III LLC Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.00% / 1.00% | 9.34% | 10/18/2030 | 3990 | 3951 | 3943 | 0.43% |
| Rushmore Investment III LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.00% | 9.34% | 10/18/2030 | 8437 | 8276 | 8339 | 0.91% |
|  |  |  |  |  |  | $27853 | $27804 | 3.03% |
| Health Care Distributors |  |  |  |  |  |  |  |  |
| ASP Global Holdings, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.25% / 1.00% | 9.61% | 7/31/2029 | $1534 | $1514 | $1534 | 0.17% |
| ASP Global Holdings, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.25% / 1.00% | 9.61% | 7/31/2029 | 5188 | 5139 | 5174 | 0.57% |
| ASP Global Holdings, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | PRIME +<br> 4.25% / 1.00% | 11.75% | 7/31/2029 | 215 | 209 | 215 | 0.02% |
| HEC Purchaser Corp. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 6/17/2029 |  | (11) | (1) | 0.00% |
| HEC Purchaser Corp. Term Loan A | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.50% / 1.00% | 9.75% | 6/17/2029 | 8426 | 8314 | 8380 | 0.91% |
| IDC Infusion Services, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br> 6.00% / 1.00% | 10.26% | 7/7/2028 | 6000 | 5934 | 5932 | 0.65% |
|  |  |  |  |  |  | $21099 | $21234 | 2.32% |
| Health Care Equipment |  |  |  |  |  |  |  |  |
| Artivion, Inc. Closing Date Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 6.50% / 2.00% | 11.09% | 1/18/2030 | $1059 | $1057 | $1060 | 0.12% |
| Artivion, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 1.00% / 2.00% | 1.00% | 1/18/2030 |  |  |  | 0.00% |
| Blades Buyer, Inc. Term A Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br> 5.10% / 1.00% | 9.60% | 4/1/2026 | 4924 | 4910 | 4924 | 0.54% |
| Life Science Intermediate Holdings, LLC Delayed Draw Dollar Term Loan D | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br> 5.60% / 1.00% | 9.96% | 6/10/2027 | 4936 | 4931 | 4937 | 0.54% |
| Life Science Intermediate Holdings, LLC Delayed Draw Dollar Term Loan F | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.60% / 1.00% | 9.96% | 6/10/2027 | 3853 | 3753 | 3853 | 0.42% |
| Medical Device Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 6.35% / 1.00% | 10.68% | 7/11/2029 | 4389 | 4307 | 4327 | 0.47% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments – (Continued)

#### December 31, 2024
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments  | Footnotes | Reference<br> Rate<br> Spread /Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> 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 +<br> 0.00% / 1.00% | 0.50% | 7/11/2029 |  |  | (12) | 0.00% |
| Pediatric Home Respiratory Services, LLC Delayed Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 12/23/2030 |  | (3) | (3) | 0.00% |
| Pediatric Home Respiratory Services, LLC Revolving Credit | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.50% / 1.00% | 9.78% | 12/23/2030 | 215 | 211 | 211 | 0.02% |
| Pediatric Home Respiratory Services, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.50% / 1.00% | 9.78% | 12/23/2030 | 6172 | 6156 | 6156 | 0.67% |
| Pediatric Home Respiratory Services, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.50% / 1.00% | 9.78% | 12/23/2030 | 6172 | 6156 | 6156 | 0.67% |
| SunMed Group Holdings, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.60% / 0.75% | 10.19% | 6/16/2028 | 4924 | 4833 | 4899 | 0.53% |
|  |  |  |  |  |  | $36311 | $36508 | 3.98% |
| Health Care Facilities |  |  |  |  |  |  |  |  |
| Community Care Partners, LLC Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br> 6.11% / 1.00% | 10.47% | 6/10/2026 | $1972 | $1962 | $1900 | 0.21% |
| IPC Pain Acquisition, LLC Delayed Draw Tem Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.01% / 1.00% | 10.34% | 5/19/2027 | 2674 | 2646 | 2674 | 0.29% |
| SDG Mgmt Company, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.60% / 0.75% | 10.34% | 7/3/2028 | 792 | 791 | 792 | 0.08% |
| SDG Mgmt Company, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 1M SOFR +<br> 5.60% / 0.75% | 9.88% | 7/3/2028 | 1561 | 1544 | 1546 | 0.17% |
|  |  |  |  |  |  | $6943 | $6912 | 0.75% |
| Health Care Services |  |  |  |  |  |  |  |  |
| Advanced Medical Management, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.40% / 0.00% | 11.00% | 12/18/2026 | $6618 | $6448 | $6470 | 0.71% |
| Advanced Medical Management, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 12/18/2026 |  | (23) | (21) | 0.00% |
| Apex Dental Partners, LLC Revolver | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 10/29/2030 |  | (2) | (24) | 0.00% |
| Apex Dental Partners, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.25% / 1.00% | 9.85% | 10/29/2030 | 8581 | 8560 | 8559 | 0.93% |
| Apex Dental Partners, LLC_Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.25% / 1.00% | 9.77% | 10/29/2030 | 1933 | 1922 | 1922 | 0.21% |
| BCDI Rodeo Dental Buyer, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.40% / 1.00% | 9.91% | 5/14/2025 | 1256 | 1249 | 1247 | 0.14% |
| BCDI Rodeo Dental Buyer, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.40% / 1.00% | 9.91% | 5/14/2025 | 5635 | 5604 | 5594 | 0.61% |
| BCDI Rodeo Dental Buyer, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.40% / 1.00% | 9.91% | 5/14/2025 | 1002 | 989 | 984 | 0.11% |
| BCDI Rodeo Dental Buyer, LLC Second Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.40% / 1.00% | 9.91% | 5/14/2025 | 122 | 122 | 121 | 0.01% |
| Beacon Oral Specialists Management LLC Sixth Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 6.00% / 0.00% | 10.33% | 7/9/2025 | 1749 | 1749 | 1749 | 0.19% |
| CCHN Holdings, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.25% / 0.75% | 9.61% | 4/1/2030 | 5969 | 5859 | 5950 | 0.65% |
| CVAUSA Management, LLC Primary Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 5/22/2029 |  | (10) |  | 0.00% |
| CVAUSA Management, LLC Secondary Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 5/22/2029 |  | (6) |  | 0.00% |
| CVAUSA Management, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 6.50% / 1.00% | 11.12% | 5/22/2029 | 1960 | 1948 | 1959 | 0.21% |
| Dentive, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.75% / 0.75% | 11.35% | 12/22/2028 | 2243 | 2216 | 2219 | 0.24% |
| Dentive, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 6.75% / 0.75% | 11.08% | 12/22/2028 | 1734 | 1714 | 1718 | 0.19% |
| Dentive, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.75% / 0.75% | 11.08% | 12/22/2028 | 2781 | 2761 | 2756 | 0.30% |
| Dentive, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 6.75% / 0.75% | 11.39% | 12/22/2028 | 354 | 345 | 354 | 0.04% |
| DermCare Management, LLC Fourth Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 5.85% / 1.00% | 10.21% | 4/21/2028 | 5935 | 5866 | 5935 | 0.65% |
| Elevate HD Parent, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br> 6.10% / 1.00% | 10.46% | 8/20/2029 | 4938 | 4854 | 4901 | 0.53% |
| Eval Home Health Solutions Intermediate, L.L.C. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.75% / 1.00% | 10.11% | 5/10/2030 | 2136 | 2106 | 2105 | 0.23% |
| Eval Home Health Solutions Intermediate, L.L.C. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 5/10/2030 |  | (1) | (1) | 0.00% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments – (Continued)

#### December 31, 2024
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments  | Footnotes | Reference<br> Rate<br> Spread /Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> 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 +<br> 6.00% / 0.00% | 11.21% | 1/12/2034 | 6000 | 5948 | 5971 | 0.65% |
| Gen4 Dental Partners OPCO, LLC Closing Date Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 5/13/2030 |  |  | (4) | 0.00% |
| Gen4 Dental Partners OPCO, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.50% / 1.00% | 10.31% | 5/13/2030 | 5686 | 5637 | 5681 | 0.62% |
| Gen4 Dental Partners OPCO, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 5/13/2030 |  |  | (3) | 0.00% |
| GI MSO, Inc. Second Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(11) | 1M SOFR +<br> 4.50% / 1.00% | 8.94% | 6/5/2025 | 4924 | 4916 | 4920 | 0.54% |
| Home Care Assistance, LLC Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br> 5.10% / 1.00% | 9.53% | 3/30/2027 | 2987 | 2971 | 2896 | 0.31% |
| Houseworks Holdings, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 5.25% / 1.00% | 9.76% | 12/15/2028 | 463 | 457 | 435 | 0.05% |
| Houseworks Holdings, LLC Fourth Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 12/15/2028 |  |  | (14) | 0.00% |
| Houseworks Holdings, LLC Fourth Amendment Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.25% / 1.00% | 9.76% | 12/15/2028 | 4921 | 4827 | 4799 | 0.52% |
| Houseworks Holdings, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.25% / 1.00% | 9.76% | 12/15/2028 | 2469 | 2366 | 2381 | 0.26% |
| Kabafusion Parent LLC Revolver | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 0.75% | 0.50% | 11/24/2031 |  | (7) | (4) | 0.00% |
| Kabafusion Parent LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.00% / 0.75% | 9.33% | 11/24/2031 | 5700 | 5672 | 5675 | 0.62% |
| Kabafusion Parent LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 0.75% | 9.33% | 11/24/2031 | 5700 | 5672 | 5675 | 0.62% |
| MB2 Dental Solutions, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.50% / 0.75% | 9.86% | 2/13/2031 | 4280 | 4242 | 4256 | 0.46% |
| MB2 Dental Solutions, LLC Revolving Commitment | (1)(2)(3)(4)(5)(6)(7)(8)(12) | 3M SOFR +<br> 0.50% / 0.75% | 0.50% | 2/13/2031 |  | (3) | (3) | 0.00% |
| MB2 Dental Solutions, LLC Tranche 1 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.50% / 0.75% | 9.86% | 2/13/2031 | 305 | 304 | 305 | 0.03% |
| MB2 Dental Solutions, LLC Tranche 2 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.50% / 0.75% | 10.02% | 2/13/2031 | 618 | 614 | 613 | 0.07% |
| Medina Health, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 10/20/2028 |  | (6) | (6) | 0.00% |
| Medina Health, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.25% / 1.00% | 10.58% | 10/20/2028 | 3067 | 3014 | 3022 | 0.33% |
| Medrina, LLC Initial Delayed Draw Term Loan Facility | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 10/20/2029 |  | (8) |  | 0.00% |
| Medrina, LLC Initial Term Loan Facility | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 6.00% / 1.00% | 10.44% | 10/20/2029 | 3686 | 3605 | 3647 | 0.40% |
| Medrina, LLC Revolving Facility | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 10/20/2029 |  | (11) |  | 0.00% |
| NORA Acquisition, LLC Revolving Credit | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 8/31/2029 |  | (8) |  | 0.00% |
| NORA Acquisition, LLC Term Loan A | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 6.35% / 1.00% | 10.68% | 8/31/2029 | 3072 | 3004 | 2991 | 0.32% |
| North Haven USHC Acquisition, Inc. Fourth Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.10% / 1.00% | 9.78% | 10/29/2027 | 336 | 315 | 335 | 0.04% |
| North Haven USHC Acquisition, Inc. Fourth Amendment Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.10% / 1.00% | 9.73% | 10/29/2027 | 2686 | 2666 | 2664 | 0.29% |
| OIA Acquisition, LLC Effective Date Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br> 5.35% / 1.00% | 9.60% | 10/19/2027 | 4911 | 4882 | 4911 | 0.53% |
| Point Quest Acquisition, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.65% / 1.00% | 10.12% | 8/14/2028 | 619 | 610 | 610 | 0.07% |
| Point Quest Acquisition, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.65% / 1.00% | 10.17% | 8/14/2028 | 4811 | 4742 | 4739 | 0.52% |
| Point Quest Acquisition, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.65% / 1.00% | 10.29% | 8/14/2028 | 685 | 670 | 679 | 0.07% |
| Point Quest Acquisition, LLC Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.65% / 1.00% | 10.17% | 8/14/2028 | 4322 | 4256 | 4235 | 0.46% |
| Premise Health Holding Corp. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.50% / 0.75% | 9.82% | 3/3/2031 | 1539 | 1528 | 1539 | 0.17% |
| RBFD Buyer, LLC Revolver | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 12/9/2030 |  | (12) | (12) | 0.00% |
| RBFD Buyer, LLC Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.00% / 1.00% | 9.57% | 12/9/2030 | 6485 | 6402 | 6402 | 0.70% |
| RBFD Buyer, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.00% | 9.57% | 12/9/2030 | 2779 | 2744 | 2744 | 0.30% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments – (Continued)

#### December 31, 2024
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments  | Footnotes | Reference<br> Rate<br> Spread /Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> 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 +<br> 1.00% / 1.00% | 1.00% | 12/9/2030 |  | (24) | (24) | 0.00% |
| RCP TCT, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(11) | 1M SOFR +<br> 5.01% / 1.00% | 9.53% | 12/31/2027 | 4048 | 4027 | 4036 | 0.44% |
| Salt Dental Collective, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 6.85% / 1.00% | 11.21% | 2/15/2028 | 4944 | 4904 | 4845 | 0.53% |
| TheKey, LLC Tranche B-1 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br> 5.10% / 1.00% | 9.53% | 3/30/2027 | 1835 | 1826 | 1772 | 0.19% |
| TheKey, LLC Tranche B-1 Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br> 5.10% / 1.00% | 9.53% | 3/30/2027 | 90 | 90 | 87 | 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 +<br> 1.00% / 1.00% | 1.00% | 6/10/2026 |  | (11) |  | 0.00% |
| TVG Shelby Buyer, Inc. Amendment No. 6 Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.50% / 1.00% | 9.83% | 3/27/2028 | 2488 | 2455 | 2454 | 0.27% |
| TVG Shelby Buyer, Inc. Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 3/27/2028 |  | (3) |  | 0.00% |
| Vital Purchaser, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.50% / 1.00% | 9.83% | 8/7/2030 | 4090 | 4010 | 4030 | 0.44% |
| Vital Purchaser, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.50% / 1.00% | 9.83% | 8/7/2030 | 1404 | 1391 | 1384 | 0.15% |
| Vital Purchaser, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 8/7/2030 |  | 20 |  | 0.00% |
|  |  |  |  |  |  | $154964 | $155160 | 16.93% |
| Health Care Technology |  |  |  |  |  |  |  |  |
| Bobcat Purchaser, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 4.75% / 0.75% | 9.07% | 6/14/2030 | $470 | $461 | $470 | 0.05% |
| Bobcat Purchaser, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 4.75% / 0.75% | 9.07% | 6/14/2030 | 1505 | 1475 | 1496 | 0.16% |
| GHA Buyer, Inc. (aka Cedar Gate) Amendment Number Five Term Loan | (1)(2)(3)(4)(5)(7)(12) | 1M SOFR +<br> 5.50% / 1.00% | 9.83% | 6/24/2026 | 165 | 164 | 164 | 0.02% |
| GHA Buyer, Inc. (aka Cedar Gate) Amendment Number Four Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.50% / 1.00% | 9.83% | 6/24/2026 | 2015 | 2004 | 2005 | 0.22% |
| GHA Buyer, Inc. (aka Cedar Gate) Amendment Number Six Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.50% / 1.00% | 9.83% | 6/24/2026 | 576 | 573 | 573 | 0.06% |
| GHA Buyer, Inc. (aka Cedar Gate) Amendment Number Three Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.00% / 1.00% | 10.10% | 6/24/2026 | 551 | 551 | 549 | 0.06% |
| GHA Buyer, Inc. (aka Cedar Gate) Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.50% / 1.00% | 9.83% | 6/24/2026 | 156 | 155 | 155 | 0.02% |
| GHA Buyer, Inc. (aka Cedar Gate) Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 6/24/2026 |  | (1) |  | 0.00% |
| Iodine Software, LLC Closing Date Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.25% / 1.00% | 9.61% | 5/19/2027 | 2054 | 2054 | 2054 | 0.23% |
| Iodine Software, LLC Delayed Draw Term Loan Amend No. 3 | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 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 +<br> 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 +<br> 5.25% / 1.00% | 9.61% | 5/31/2027 | 1409 | 1409 | 1409 | 0.15% |
| Medical Technology Solutions, LLC Delayed Draw C Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 10.97% /<br> 1.00% | 10.97% | 4/27/2026 | 1288 | 1269 | 1288 | 0.14% |
| Medical Technology Solutions, LLC Sixth Amendment Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.40% / 1.00% | 10.97% | 4/27/2026 | 1411 | 1390 | 1398 | 0.15% |
|  |  |  |  |  |  | $11504 | $11561 | 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 +<br> 1.00% / 1.00% | 1.00% | 10/11/2028 | $— | $(1) | $(1) | 0.00% |
| Faraday Buyer, LLC First Amendment Term Loan (MacLean Power Systems) | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 6.00% / 1.00% | 10.33% | 10/11/2028 | 581 | 573 | 579 | 0.06% |
|  |  |  |  |  |  | $572 | $578 | 0.06% |
| Highways & Railtracks |  |  |  |  |  |  |  |  |
| R1 Holdings, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 6.25% / 1.00% | 10.84% | 12/29/2028 | $4925 | $4886 | $4885 | 0.53% |
| Home Improvement Retail |  |  |  |  |  |  |  |  |
| TMSC OpCo, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 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 +<br> 6.10% / 1.00% | 10.46% | 4/30/2026 | 3618 | 3618 | 3618 | 0.39% |
|  |  |  |  |  |  | $3618 | $3618 | 0.39% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments – (Continued)

#### December 31, 2024
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments  | Footnotes | Reference<br> Rate<br> Spread /Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> 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 +<br> 6.85% / 1.50% | 11.21% | 11/27/2028 | $2487 | $2446 | $2449 | 0.27% |
| Campany Roof Maintenance, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 6.85% / 1.50% | 11.21% | 11/27/2028 | 2487 | 2446 | 2449 | 0.27% |
|  |  |  |  |  |  | $4892 | $4898 | 0.54% |
| Hotels, Resorts & Cruise Lines |  |  |  |  |  |  |  |  |
| Pyramid Management Advisors, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.25% / 1.25% | 9.88% | 1/19/2028 | $4925 | $4797 | $4925 | 0.54% |
| Household Appliances |  |  |  |  |  |  |  |  |
| Dusk Acquisition II Corporation Term Loan Incremental | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 6.00% / 1.00% | 10.33% | 12/19/2029 | $7000 | $6862 | $6860 | 0.75% |
| Dusk Acquisition II Corporation Term Loan Incremental | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.00% / 1.00% | 10.33% | 12/19/2029 | 7000 | 6862 | 6860 | 0.75% |
| Evriholder Acquisition, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.90% / 1.50% | 11.23% | 1/24/2028 | 3897 | 3857 | 3875 | 0.42% |
| WF Enterprises, Inc. Term Loan A | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br> 4.35% / 1.00% | 8.60% | 11/9/2027 | 4578 | 4553 | 4567 | 0.50% |
|  |  |  |  |  |  | $22134 | $22162 | 2.42% |
| Housewares & Specialties |  |  |  |  |  |  |  |  |
| AmerCareRoyal, LLC Delayed Draw Term Loan A | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 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 +<br> 5.00% / 1.00% | 9.36% | 9/10/2030 | 1295 | 1283 | 1295 | 0.14% |
| AmerCareRoyal, LLC Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.00% / 1.00% | 9.36% | 9/10/2030 | 4100 | 4060 | 4066 | 0.44% |
| AmerCareRoyal, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.00% | 9.36% | 9/10/2030 | 4033 | 3992 | 3999 | 0.44% |
| AmerCareRoyal, LLC U.S. Revolving Credit | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.00% / 1.00% | 9.34% | 9/10/2030 | 1009 | 997 | 1009 | 0.11% |
| Axis Portable Air, LLC Fifth Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.90% / 1.00% | 10.23% | 3/22/2028 | 3610 | 3582 | 3530 | 0.39% |
| Axis Portable Air, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.90% / 1.00% | 10.23% | 3/22/2028 | 873 | 866 | 868 | 0.09% |
| Axis Portable Air, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 3/22/2028 |  | (8) |  | 0.00% |
| Axis Portable Air, LLC Sixth Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.90% / 1.00% | 10.23% | 3/22/2028 | 1790 | 1764 | 1790 | 0.20% |
| TPC US Parent, LLC Fourth Amendment Incremental Term Loan A | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.90% / 1.00% | 10.49% | 11/22/2025 | 744 | 737 | 736 | 0.08% |
|  |  |  |  |  |  | $17273 | $17293 | 1.89% |
| Human Resource & Employment Services |  |  |  |  |  |  |  |  |
| Accurate Background, LLC Fourth Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.43% / 1.00% | 11.85% | 3/26/2029 | $7980 | $7834 | $7852 | 0.86% |
| PCS Midco, Inc. Closing Date Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.75% / 1.00% | 10.08% | 3/1/2030 | 1824 | 1797 | 1799 | 0.19% |
| PCS Midco, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.75% / 1.00% | 10.41% | 3/1/2030 | 9 | 9 | 9 | 0.00% |
| PCS Midco, Inc. Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.75% / 1.00% | 10.08% | 3/1/2030 | 3 | 3 | 3 | 0.00% |
|  |  |  |  |  |  | $9643 | $9663 | 1.05% |
| Industrial Machinery |  |  |  |  |  |  |  |  |
| Astro Acquisition, LLC 2024 Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br> 5.50% / 1.00% | 9.82% | 12/13/2027 | $7940 | $7876 | $7835 | 0.86% |
| Helios Service Partners, LLC_Delayed Draw Term Loan 2022 | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.00% / 1.00% | 0.00% | 3/19/2027 |  | (14) | (15) | 0.00% |
| Helios Service Partners, LLC_Delayed Draw Term Loan Third Amendment | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.00% / 1.00% | 0.00% | 3/19/2027 |  | (28) | (30) | 0.00% |
| Helios Service Partners, LLC_Delayed Draw Term Loan Third Amendment Incremental | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.00% / 1.00% | 0.00% | 3/19/2027 |  |  | (15) | 0.00% |
| ISG Enterprises, LLC Delayed Draw Term Loan (2023) | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 5.75% / 1.00% | 10.38% | 12/7/2028 | 5668 | 5594 | 5615 | 0.61% |
| Orion Group HoldCo, LLC Term Loan (Astra Services Partners) | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br> 6.00% / 1.00% | 11.19% | 3/19/2027 | 4404 | 4377 | 4395 | 0.48% |
| Sonny's Enterprises, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.40% / 1.00% | 9.99% | 8/5/2028 | 894 | 884 | 878 | 0.10% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments – (Continued)

#### December 31, 2024
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments  | Footnotes | Reference<br> Rate<br> Spread /Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> 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 +<br> 5.40% / 1.00% | 9.92% | 8/5/2028 | 4037 | 3992 | 3979 | 0.43% |
| Sonny's Enterprises, LLC Amendment No.1 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.65% / 1.00% | 10.24% | 8/5/2028 | 36 | 33 | 36 | 0.00% |
| Tank Holding Corp. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 6.10% / 0.75% | 10.44% | 3/31/2028 | 4231 | 4191 | 4256 | 0.46% |
| Tank Holding Corp. Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 6.00% / 0.75% | 10.25% | 3/31/2028 | 4924 | 4864 | 4876 | 0.53% |
|  |  |  |  |  |  | $31769 | $31810 | 3.47% |
| Insurance Brokers |  |  |  |  |  |  |  |  |
| Alera Group, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 5.75% / 1.00% | 10.09% | 10/2/2028 | $628 | $609 | $609 | 0.07% |
| Alkeme Intermediary Holdings, LLC Seventh Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.75% / 1.00% | 10.08% | 10/28/2026 | 4989 | 4915 | 4932 | 0.54% |
| Arden Purchaser, LLC Revolver | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.25% / 1.00% | 5.25% | 11/22/2030 | 327 | 311 | 311 | 0.03% |
| Arden Purchaser, LLC Term Loan A | (1)(2)(3)(4)(5)(7)(12) | 1M SOFR +<br> 5.25% / 1.00% | 9.58% | 11/22/2030 | 11765 | 11648 | 11647 | 1.27% |
| High Street Buyer, Inc. 3/2024 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 4/14/2028 |  |  | (32) | 0.00% |
| Inszone Mid, LLC A&R Delayed Draw Term Loan Facility | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 5.75% / 1.00% | 10.00% | 11/30/2029 | 624 | 617 | 624 | 0.07% |
| Inszone Mid, LLC A&R Term Loan Facility | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.25% / 1.00% | 9.50% | 11/30/2029 | 744 | 741 | 744 | 0.08% |
| Integrity Marketing Acquisition, LLC Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.00% / 0.75% | 9.51% | 8/25/2028 | 12469 | 12448 | 12469 | 1.36% |
| Keystone Agency Partners LLC Term A Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.00% | 9.33% | 5/3/2027 | 2962 | 2940 | 2916 | 0.32% |
| Oakbridge Insurance Agency LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 5.75% / 0.75% | 10.26% | 11/1/2029 | 84 | 84 | 84 | 0.01% |
| Oakbridge Insurance Agency LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.75% / 0.75% | 10.23% | 11/1/2029 | 451 | 448 | 451 | 0.05% |
| Peter C. Foy & Associates Insurance Services, LLC Incremental Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 6.50% / 0.75% | 10.86% | 11/1/2028 | 2469 | 2425 | 2420 | 0.26% |
| Peter C. Foy & Associates Insurance Services, LLC Tranche E Delayed Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.50% / 0.75% | 9.83% | 11/1/2028 | 1211 | 1203 | 1199 | 0.13% |
| Peter C. Foy & Associates Insurance Services, LLC Tranche E Delayed Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 5.50% / 0.75% | 9.83% | 11/1/2028 | 4396 | 4352 | 4364 | 0.48% |
| Tricor, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.15% / 1.00% | 9.74% | 10/22/2026 | 1193 | 1193 | 1193 | 0.13% |
| Tricor, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.10% / 1.00% | 9.46% | 10/22/2026 | 144 | 144 | 144 | 0.01% |
| Tricor, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.10% / 1.00% | 9.46% | 10/22/2026 | 3173 | 3173 | 3173 | 0.35% |
| Worldwide Insurance Network, LLC DDTL | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 5.81% / 0.75% | 10.32% | 5/28/2030 | 731 | 722 | 731 | 0.08% |
| Worldwide Insurance Network, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.70% / 0.75% | 10.22% | 5/28/2030 | 2493 | 2470 | 2477 | 0.27% |
|  |  |  |  |  |  | $50443 | $50456 | 5.51% |
| Interactive Home Entertainment |  |  |  |  |  |  |  |  |
| Five Star Buyer, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 7.15% / 1.50% | 11.66% | 2/23/2028 | $56 | $54 | $54 | 0.01% |
| Track Branson Opco, LLC, The Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 0.50% / 1.50% | 0.50% | 2/23/2028 |  | (2) |  | 0.00% |
| Track Branson OpCo, LLC, The Term Loan A | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br> 7.15% / 1.50% | 11.66%<br> /1.00% | 2/23/2028 | 1590 | 1556 | 1529 | 0.17% |
|  |  |  |  |  |  | $1608 | $1583 | 0.18% |
| Internet & Direct Marketing Retail |  |  |  |  |  |  |  |  |
| Berlin Rosen Acquisition, LLC Revolver | (1)(2)(3)(4)(5)(6)(7) | 1M SOFR +<br> 5.50% / 1.00% | 9.98% | 1/14/2027 | $600 | $590 | $592 | 0.06% |
| Berlin Rosen Acquisition, LLC Revolver | (1)(2)(3)(4)(5)(6)(7)(10) | 1M SOFR +<br> 5.50% / 1.00% | 9.98% | 1/14/2027 | 600 | 590 | 592 | 0.06% |
| Berlin Rosen Acquisition, LLC Small Girls Term Loan | (1)(2)(3)(4)(5)(7) | 1M SOFR +<br> 5.60% / 1.00% | 10.15% | 1/14/2027 | 1823 | 1802 | 1805 | 0.20% |
| Berlin Rosen Acquisition, LLC Small Girls Term Loan | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br> 5.60% / 1.00% | 10.15% | 1/14/2027 | 1823 | 1802 | 1805 | 0.20% |
| Berlin Rosen Acquisition, LLC Term Loan | (1)(2)(3)(4)(5)(7) | 1M SOFR +<br> 5.50% / 1.00% | 10.15% | 1/14/2027 | 2153 | 2127 | 2131 | 0.23% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments – (Continued)

#### December 31, 2024
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments  | Footnotes | Reference<br> Rate<br> Spread /Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> 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 +<br> 5.50% / 1.00% | 10.15% | 1/14/2027 | 3518 | 3477 | 3482 | 0.38% |
| Berlin Rosen Acquisition, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 1M SOFR +<br> 5.50% / 1.00% | 10.15% | 1/14/2027 | 1365 | 1352 | 1351 | 0.15% |
|  |  |  |  |  |  | $11740 | $11758 | 1.28% |
| Internet Services & Infrastructure |  |  |  |  |  |  |  |  |
| Bridgepointe Technologies, LLC Delayed Draw Term Loan (2024) | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.00% / 1.00% | 9.33% | 12/31/2027 | $2775 | $2693 | $2775 | 0.30% |
| Salute Mission Critical, LLC Delayed Draw Term Loan Commitment | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 11/30/2029 |  | (8) | (8) | 0.00% |
| Salute Mission Critical, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 11/30/2029 |  | (7) | (7) | 0.00% |
| Salute Mission Critical, LLC Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.00% / 1.00% | 9.36% | 11/30/2029 | 4093 | 4052 | 4052 | 0.44% |
| Salute Mission Critical, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.00% | 9.36% | 11/30/2029 | 4196 | 4155 | 4155 | 0.46% |
|  |  |  |  |  |  | $10885 | $10967 | 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 +<br> 5.25% / 0.75% | 9.61% | 6/30/2028 | $2495 | $2491 | $2494 | 0.27% |
| Cherry Bekaert Advisory LLC Amendment No. 1 Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.25% / 0.75% | 9.61% | 6/30/2028 | 2163 | 2139 | 2153 | 0.24% |
| DOXA Insurance Holdings LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 5.25% / 0.75% | 9.91% | 12/20/2030 | 456 | 454 | 456 | 0.05% |
| DOXA Insurance Holdings LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.25% / 0.75% | 9.60% | 12/20/2030 | 497 | 497 | 497 | 0.05% |
|  |  |  |  |  |  | $5581 | $5600 | 0.61% |
| IT Consulting & Other Services |  |  |  |  |  |  |  |  |
| ACP Avenu Buyer, LLC Delayed TL | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.25% / 1.00% | 9.84% | 10/2/2029 | $273 | $273 | $273 | 0.03% |
| ACP Avenu Buyer, LLC Revolving Credit | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.25% / 1.00% | 9.85% | 10/2/2029 | 60 | 54 | 54 | 0.01% |
| ACP Avenu Buyer, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.25% / 1.00% | 9.84% | 10/2/2029 | 1546 | 1512 | 1512 | 0.17% |
| Alta Buyer, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.00% | 9.33% | 12/21/2027 | 1109 | 1095 | 1107 | 0.12% |
| Alta Buyer, LLC Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.00% | 9.33% | 12/21/2027 | 573 | 573 | 568 | 0.06% |
| Alta Buyer, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.00% | 9.33% | 12/21/2027 | 3762 | 3717 | 3706 | 0.40% |
| Aptean Acquiror Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.00% / 0.75% | 9.32% | 1/30/2031 | 85 | 65 | 85 | 0.01% |
| Aptean Acquiror Inc. Revolving Credit | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 0.75% | 0.50% | 1/30/2031 |  |  | (1) | 0.00% |
| Aptean Acquiror Inc. Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.18% / 0.75% | 9.81% | 1/30/2031 | 271 | 264 | 271 | 0.03% |
| Aptean Acquiror Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.18% / 0.75% | 9.81% | 1/30/2031 | 4945 | 4903 | 4945 | 0.54% |
| Argano, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 9/13/2029 |  | (10) | (12) | 0.00% |
| Argano, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.75% / 1.00% | 10.15% | 9/13/2029 | 4090 | 4031 | 4022 | 0.44% |
| Argano, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.75% / 1.00% | 10.15% | 9/13/2029 | 5849 | 5776 | 5753 | 0.63% |
| Argano, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 9/13/2029 |  | (5) | (2) | 0.00% |
| BCM One, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br> 4.60% / 1.00% | 8.85% | 11/17/2027 | 4666 | 4646 | 4666 | 0.51% |
| By Light Professional IT Services LLC Existing Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 6.98% / 1.00% | 11.53% | 5/16/2025 | 1859 | 1852 | 1859 | 0.20% |
| Enverus Holdings, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.50% / 0.75% | 9.86% | 12/24/2029 | 12 | 12 | 12 | 0.00% |
| Enverus Holdings, Inc.Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 0.75% | 1.00% | 12/24/2029 |  |  | (1) | 0.00% |
| Enverus Holdings, Inc.Term Loan | (1)(2)(3)(4)(5)(7)(12) | 1M SOFR +<br> 5.50% / 0.75% | 9.86% | 12/24/2029 | 5288 | 5219 | 5224 | 0.57% |
| Guidepoint Security Holdings, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 10/2/2029 |  |  |  | 0.00% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments – (Continued)

#### December 31, 2024
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments  | Footnotes | Reference<br> Rate<br> Spread /Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> 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 +<br> 6.00% / 1.00% | 10.36% | 10/2/2029 | 300 | 300 | 300 | 0.03% |
| Guidepoint Security Holdings, LLC_Term Loan First Amendment | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 6.00% / 1.00% | 6.00% | 2/10/2029 | 141 | 139 | 139 | 0.01% |
| IG Investments Holdings, LLC 2024 Refinancing Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 0.75% | 9.57% | 9/22/2028 | 5954 | 5954 | 5954 | 0.65% |
| Improving Holdco, Inc. Term Loan (Improving Enterprises) | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 6.75% / 1.00% | 11.19% | 7/26/2027 | 3439 | 3367 | 3382 | 0.37% |
| Improving Holdco, Inc. Term Loan (Improving Enterprises) | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.75% / 1.00% | 11.19% | 7/26/2027 | 6949 | 6819 | 6835 | 0.75% |
| Lighthouse Technologies Holding Corp. First Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.15% / 1.00% | 9.48% | 4/30/2027 | 175 | 175 | 175 | 0.02% |
| Lighthouse Technologies Holding Corp. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.15% / 1.00% | 9.48% | 4/30/2027 | 11408 | 11368 | 11408 | 1.24% |
| Lighthouse Technologies Holding Corp. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 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 +<br> 5.75% / 1.00% | 10.08% | 6/15/2029 | 349 | 341 | 346 | 0.04% |
| Rural Sourcing Holdings, Inc. Delayed Draw Term Loan Amendment No. 1 | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 1.00% / 0.00% | 1.00% | 6/15/2029 |  | (2) | (2) | 0.00% |
| Rural Sourcing Holdings, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 5.75% / 1.00% | 10.08% | 6/15/2029 | 26 | 21 | 17 | 0.00% |
| Rural Sourcing Holdings, Inc. Term Loan Amendment No. 1 | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.75% / 0.00% | 10.35% | 6/15/2029 | 263 | 260 | 260 | 0.03% |
| Rural Sourcing Holdings, Inc. Tranche B Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.75% / 1.00% | 11.01% | 6/15/2029 | 1560 | 1522 | 1500 | 0.16% |
| Upstack Holdco Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.75% / 0.75% | 0.75% | 8/23/2031 |  | (15) |  | 0.00% |
| Upstack Holdco Inc. Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.00% / 0.75% | 9.38% | 8/25/2031 | 188 | 176 | 187 | 0.02% |
| Upstack Holdco Inc. Term B Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.00% / 0.75% | 9.52% | 8/25/2031 | 4100 | 4059 | 4062 | 0.44% |
| Upstack Holdco Inc. Term B Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 0.75% | 9.52% | 8/25/2031 | 4025 | 3985 | 3988 | 0.44% |
| VRC Companies, LLC Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.76% / 1.00% | 10.35% | 6/29/2027 | 5913 | 5883 | 5906 | 0.64% |
| VRC Companies, LLC Fourth Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.25% / 1.00% | 9.65% | 6/29/2027 | 272 | 250 | 235 | 0.03% |
| VRC Companies, LLC Third Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.75% / 1.00% | 10.34% | 6/29/2027 | 1994 | 1987 | 1981 | 0.22% |
|  |  |  |  |  |  | $80566 | $80714 | 8.81% |
| Leisure Facilities |  |  |  |  |  |  |  |  |
| Concert Golf Partners Holdco LLC Initial Term Loan (2022) | (1)(2)(3)(4)(5)(7)(10) | 6M SOFR +<br> 4.75% / 0.75% | 9.13% | 4/1/2030 | $4924 | $4924 | $4924 | 0.54% |
| Excel Fitness Holdings, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.50% / 1.00% | 9.83% | 4/27/2029 | 1667 | 1616 | 1667 | 0.18% |
| Excel Fitness Holdings, Inc. Delayed Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 5.50% / 0.75% | 9.83% | 4/27/2029 | 472 | 468 | 450 | 0.05% |
| Excel Fitness Holdings, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.50% / 1.00% | 9.83% | 4/27/2029 | 3317 | 3249 | 3313 | 0.36% |
|  |  |  |  |  |  | $10257 | $10354 | 1.13% |
| Leisure Products |  |  |  |  |  |  |  |  |
| BCI Burke Holding Corp. Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.75% / 1.00% | 10.08% | 12/14/2027 | $1186 | $1177 | $1186 | 0.13% |
| BCI Burke Holding Corp. Seventh Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 10/10/2026 |  | (9) | (10) | 0.00% |
| BCI Burke Holding Corp. Seventh Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 10/10/2026 |  | (12) | (13) | 0.00% |
| BCI Burke Holding Corp. Seventh Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.75% / 1.00% | 10.08% | 12/14/2027 | 3770 | 3736 | 3732 | 0.41% |
| BCI Burke Holding Corp. Seventh Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.75% / 1.00% | 10.08% | 12/14/2027 | 4616 | 4574 | 4570 | 0.50% |
| KSKI Holdings 2, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(10) | 6M SOFR +<br> 7.25% / 1.25% | 11.58% | 6/30/2028 | 4938 | 4823 | 4710 | 0.51% |
| Painful Pleasures, LLC Term Loan fka Artifex | (1)(2)(3)(4)(5)(7)(11) | 1M SOFR +<br> 5.50% / 1.00% | 10.19% | 8/31/2026 | 1202 | 1201 | 1198 | 0.13% |
| Painful Pleasures, LLC Third Incremental Term Loan | (1)(2)(3)(4)(5)(7)(11) | 1M SOFR +<br> 5.61% / 1.00% | 10.19% | 8/31/2026 | 3729 | 3714 | 3726 | 0.41% |
|  |  |  |  |  |  | $19204 | $19099 | 2.09% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments – (Continued)

#### December 31, 2024
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments  | Footnotes | Reference<br> Rate<br> Spread /Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> 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 +<br> 5.00% / 1.00% | 9.60% | 6/1/2030 | $12248 | $12127 | $12126 | 1.32% |
| Pareto Health Intermediate Holdings Inc. Amendment No. 1 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 6/1/2030 |  | (16) | (16) | 0.00% |
|  |  |  |  |  |  | $12111 | $12110 | 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 +<br> 5.25% / 1.00% | 9.77% | 9/30/2030 | $64 | $63 | $64 | 0.01% |
| Bamboo US BidCo LLC (aka Baxter) Tranche B-1 Delayed TL | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 9/30/2030 |  |  |  | 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 +<br> 1.00% / 1.00% | 1.00% | 9/30/2030 |  |  |  | 0.00% |
| Bamboo US BidCo LLC (aka Baxter) USD TL | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.25% / 1.00% | 9.77% | 9/30/2030 | 706 | 700 | 704 | 0.08% |
| KL Charlie Acquisition Company Fourth Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.60% / 1.00% | 9.96% | 12/30/2026 | 2602 | 2588 | 2548 | 0.28% |
| KL Charlie Acquisition Company Fourth Amendment Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.60% / 1.00% | 9.96% | 12/30/2026 | 1956 | 1932 | 1920 | 0.21% |
| KL Charlie Acquisition Company Sixth Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 0.00% | 1.00% | 12/30/2026 |  | 2 |  | 0.00% |
| KL Moon Acquisition, LLC 2024 Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.00% | 9.57%<br> /2.75% | 2/1/2029 | 655 | 639 | 623 | 0.07% |
| KL Moon Acquisition, LLC Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.00% | 9.57%<br> /2.75% | 2/1/2029 | 1643 | 1624 | 1563 | 0.17% |
| KL Moon Acquisition, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 7.75% / 1.00% | 12.32%<br> /2.75% | 2/1/2029 | 352 | 352 | 335 | 0.03% |
|  |  |  |  |  |  | $7900 | $7757 | 0.85% |
| Metal & Glass Containers |  |  |  |  |  |  |  |  |
| Keg Logistics LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.15% / 1.00% | 10.67% | 11/23/2027 | $4432 | $4385 | $4388 | 0.48% |
| Movies & Entertainment |  |  |  |  |  |  |  |  |
| Broadcast Music, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.75% / 0.75% | 10.39% | 2/8/2030 | $1572 | $1566 | $1567 | 0.17% |
| Office Services & Supplies |  |  |  |  |  |  |  |  |
| Advanced Web Technologies Holding Company Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.75% / 1.00% | 10.56% | 12/17/2026 | $780 | $769 | $768 | 0.08% |
| Advanced Web Technologies Holding Company Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 6.25% / 1.00% | 10.58% | 12/17/2026 | 49 | 49 | 49 | 0.01% |
| Advanced Web Technologies Holding Company Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.75% / 1.00% | 8.31% | 12/17/2026 | 1982 | 1954 | 1953 | 0.21% |
| Ergotron Acquisition, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br> 5.25% / 0.75% | 9.61% | 7/6/2028 | 4521 | 4521 | 4521 | 0.49% |
| Forward Solutions, LLC Third Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 6.15% / 1.00% | 10.48% | 12/15/2026 | 552 | 517 | 525 | 0.06% |
| Forward Solutions, LLC Third Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 6.15% / 1.00% | 10.48% | 12/15/2026 | 657 | 647 | 650 | 0.07% |
|  |  |  |  |  |  | $8457 | $8466 | 0.92% |
| Oil & Gas Equipment & Services |  |  |  |  |  |  |  |  |
| Jones Industrial Holdings, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 7.10% / 2.00% | 11.46% | 7/31/2028 | $474 | $452 | $461 | 0.05% |
| Jones Industrial Holdings, Inc. Term A Loan | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br> 7.10% / 2.00% | 11.46% | 7/31/2028 | 1995 | 1917 | 1902 | 0.21% |
|  |  |  |  |  |  | $2369 | $2363 | 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 +<br> 5.00% / 0.75% | 9.28% | 10/1/2027 | $1129 | $1121 | $1121 | 0.12% |
| Citrin Cooperman Advisors LLC 2022-2 Incremental Term Loan | (1)(2)(3)(4)(5)(7)(10) | 6M SOFR +<br> 5.00% / 0.75% | 9.28% | 10/1/2027 | 3802 | 3736 | 3762 | 0.41% |
| Convera International Financial S.a r.l. Incremental Term Loan | (1)(3)(5)(7)(9)(10) | 3M SOFR +<br> 6.15% / 0.75% | 10.48% | 3/1/2028 | 2955 | 2908 | 2904 | 0.32% |
| Convera International Holdings Limited Term Loan | (1)(3)(5)(7)(9)(10) | 3M SOFR +<br> 6.00% / 0.75% | 10.33% | 1/3/2028 | 404 | 398 | 398 | 0.04% |
| Lido Advisors, LLC Fourth Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.00% / 1.00% | 9.59% | 6/15/2029 | 1711 | 1682 | 1698 | 0.19% |
| Lido Advisors, LLC_Delayed Draw Term Loan Seventh Amendment | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.00% / 1.00% | 9.52% | 6/15/2029 | 726 | 712 | 716 | 0.08% |
|  |  |  |  |  |  | $10557 | $10599 | 1.16% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments – (Continued)

#### December 31, 2024
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments  | Footnotes | Reference<br> Rate<br> Spread /Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> 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 +<br> 5.90% / 1.00% | 10.23% | 7/15/2028 | $424 | $414 | $424 | 0.05% |
| Chef Merito, LLC Delayed Draw Term Loan B | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.90% / 1.00% | 10.23% | 7/15/2028 | 424 | 414 | 424 | 0.05% |
| Chef Merito, LLC Delayed Draw Term Loan C | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 7/15/2028 |  | (8) | (3) | 0.00% |
| Chef Merito, LLC First Amendment Term Loan A | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.15% / 1.00% | 10.67% | 7/15/2028 | 2558 | 2495 | 2526 | 0.27% |
| Chef Merito, LLC Second Amendment Term Loan A | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.90% / 1.00% | 10.23% | 7/15/2028 | 1136 | 1115 | 1117 | 0.12% |
| Demakes Borrower, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 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 +<br> 6.00% / 0.75% | 10.45% | 12/12/2029 | 345 | 345 | 345 | 0.04% |
| Gastronome Acquisition, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br> 5.15% / 1.00% | 9.48% | 11/18/2027 | 4730 | 4704 | 4730 | 0.51% |
| Huron Bidco, INC. Incremental Term Loan B1 (KNPC Holdco) | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 7.10% / 1.00% | 12.24% | 10/22/2029 | 737 | 728 | 710 | 0.08% |
| KNPC Holdco, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.85% / 1.00% | 10.99% | 10/22/2029 | 4889 | 4830 | 4749 | 0.52% |
| KNPC Holdco, LLC Tranche D-1 Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.85% / 1.00% | 10.27% | 10/22/2029 | 5000 | 5000 | 5000 | 0.54% |
| Nellson Nutraceutical, LLC Term A-1 Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.85% / 1.00% | 10.40% | 12/23/2025 | 4932 | 4910 | 4848 | 0.53% |
| Patriot Foods Buyer, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br> 6.00% / 1.00% | 10.11% | 12/24/2029 | 4950 | 4894 | 4901 | 0.53% |
| Signature Brands, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br> 9.76% / 1.75% | 14.28%<br> /3.00% | 5/4/2028 | 4516 | 4445 | 4300 | 0.47% |
| Signature Brands, LLC Term Loan A | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 6.61% / 1.75% | 10.97% | 5/4/2028 | 259 | 256 | 247 | 0.03% |
| Western Smokehouse Partners, LLC Delayed Draw Term Loan C | (1)(2)(3)(4)(5)(6)(7) | 1M SOFR +<br> 5.50% / 1.00% | 10.15% | 3/31/2029 | 2292 | 2220 | 2232 | 0.24% |
| Western Smokehouse Partners, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 1M SOFR +<br> 5.50% / 1.00% | 10.15% | 3/31/2029 | 2292 | 2264 | 2264 | 0.25% |
| ZB Holdco LLC 2023-1 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.65% / 1.00% | 10.28% | 2/9/2028 | 194 | 191 | 192 | 0.02% |
| ZB Holdco LLC 2023-1 Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.65% / 1.00% | 9.98% | 2/9/2028 | 154 | 152 | 151 | 0.02% |
|  |  |  |  |  |  | $39369 | $39157 | 4.27% |
| Paper Packaging |  |  |  |  |  |  |  |  |
| Arctic Holdco, LLC Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.10% / 1.00% | 10.46% | 12/23/2026 | $5528 | $5528 | $5528 | 0.60% |
| Arctic Holdco, LLC Initial Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 6.10% / 1.00% | 10.46% | 12/23/2026 | 354 | 354 | 354 | 0.04% |
| Innopak Industries, Inc. Fourth Amendment Term Loan Part 1 | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br> 6.35% / 1.50% | 10.75% | 3/5/2027 | 2716 | 2666 | 2671 | 0.29% |
| Innopak Industries, Inc. Fourth Amendment Term Loan Part 2 | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br> 6.35% / 1.50% | 10.75% | 3/5/2027 | 2222 | 2181 | 2207 | 0.24% |
|  |  |  |  |  |  | $10729 | $10760 | 1.17% |
| Personal Products |  |  |  |  |  |  |  |  |
| Kinetic Purchaser, LLC - Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 6.15% / 1.00% | 10.75% | 11/10/2027 | $2019 | $1961 | $1949 | 0.21% |
| Loving Tan Intermediate II Inc. Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 6.00% / 1.00% | 10.35% | 5/31/2028 | 2728 | 2669 | 2703 | 0.30% |
| Loving Tan Intermediate II Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 6.00% / 1.00% | 10.35% | 5/31/2028 | 104 | 97 | 104 | 0.01% |
| Phoenix YW Buyer, Inc. Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 5/31/2030 |  | (3) |  | 0.00% |
| Phoenix YW Buyer, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.00% | 9.33% | 5/31/2030 | 8138 | 8023 | 8109 | 0.88% |
| RoC Holdco LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.00% / 0.75% | 11.13% | 2/21/2031 | 4236 | 4200 | 4211 | 0.46% |
| RoC Holdco LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 2/21/2030 |  | (5) |  | 0.00% |
|  |  |  |  |  |  | $16942 | $17076 | 1.86% |
| Pharmaceuticals |  |  |  |  |  |  |  |  |
| Creek Parent, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 1M SOFR +<br> 5.25% / 0.75% | 12.75% | 12/18/2031 | $14076 | $13935 | $13935 | 1.52% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments – (Continued)

#### December 31, 2024
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments  | Footnotes | Reference<br> Rate<br> Spread /Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> 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 +<br> 0.50% / 0.75% | 0.50% | 12/18/2031 |  | (20) | (20) | 0.00% |
| Pet FLavor, LLC Term A Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br> 6.00% / 1.00% | 10.33% | 12/15/2026 | 5003 | 4983 | 4953 | 0.54% |
| PharmaLogic Holdings Corp. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 6/21/2030 |  | (18) | (17) | 0.00% |
| PharmaLogic Holdings Corp. Initial U.S. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.00% | 9.57% | 6/21/2030 | 7372 | 7267 | 7269 | 0.79% |
| Sequon, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br> 6.00% / 1.00% | 10.59% | 12/29/2026 | 4913 | 4892 | 4859 | 0.53% |
|  |  |  |  |  |  | $31039 | $30979 | 3.38% |
| Real Estate Development |  |  |  |  |  |  |  |  |
| Discovery SL Management, LLC Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.50% / 1.00% | 9.88% | 3/18/2030 | $1737 | $1725 | $1715 | 0.19% |
| Discovery SL Management, LLC Delayed Draw Term Loan A | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.50% / 1.00% | 9.88% | 3/18/2030 | 291 | 290 | 290 | 0.03% |
| Discovery SL Management, LLC Delayed Draw Term Loan B | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 3/18/2030 |  | (3) | (1) | 0.00% |
| Discovery SL Management, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 3/18/2030 |  | (1) |  | 0.00% |
| Liberty Purchaser, LLC Revolving Loan (Magna Legal Services) | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 11/22/2028 |  |  |  | 0.00% |
|  |  |  |  |  |  | $2011 | $2004 | 0.22% |
| Real Estate Operating Companies |  |  |  |  |  |  |  |  |
| Associations, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 6.76% / 1.00% | 11.28% | 7/2/2028 | $217 | $217 | $217 | 0.02% |
| Associations, Inc. Special Purpose Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 6.76% / 1.00% | 11.32% | 7/3/2028 | 90 | 90 | 90 | 0.01% |
| Associations, Inc. Term Loan A | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 6.76% / 0.00% | 11.32% | 7/2/2028 | 6972 | 6937 | 6930 | 0.76% |
|  |  |  |  |  |  | $7244 | $7237 | 0.79% |
| Real Estate Services |  |  |  |  |  |  |  |  |
| BBG, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 1M SOFR +<br> 1.00% / 1.00% | 5.59%<br> /5.75% | 1/8/2026 | $6292 | $6101 | $5842 | 0.64% |
| Vacation Rental Brands, LLC Delayed Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.50% / 1.00% | 10.09% | 9/6/2031 | 1122 | 1057 | 1121 | 0.12% |
| Vacation Rental Brands, LLC Revolving Credit | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.25% / 1.00% | 9.58% | 9/6/2031 | 184 | 176 | 184 | 0.02% |
| Vacation Rental Brands, LLC Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.25% / 1.00% | 10.24% | 9/6/2031 | 4090 | 4031 | 4045 | 0.44% |
| Vacation Rental Brands, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.25% / 1.00% | 9.58% | 9/6/2031 | 1274 | 1262 | 1260 | 0.14% |
|  |  |  |  |  |  | $12627 | $12452 | 1.36% |
| Research & Consulting Services |  |  |  |  |  |  |  |  |
| Accordion Partners LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 0.75% | 0.50% | 11/17/2031 | $— | $— | $— | 0.00% |
| Accordion Partners LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.25% / 0.75% | 9.58% | 11/17/2031 | 10957 | 10886 | 10886 | 1.19% |
| Accordion Partners LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 0.75% | 0.50% | 11/17/2031 |  | (10) | (10) | 0.00% |
| BDO USA, P.C. Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.00% / 2.00% | 9.52% | 8/31/2028 | 4938 | 4857 | 4888 | 0.53% |
| BNI Global, LLC Dollar Delayed Draw Term Loan (2021) | (1)(2)(3)(4)(5)(7)(12) | 1M SOFR +<br> 5.60% / 1.00% | 9.96% | 5/1/2027 | 1897 | 1878 | 1879 | 0.20% |
| BNI Global, LLC Initial Dollar Term Loan | (1)(2)(3)(4)(5)(7)(12) | 1M SOFR +<br> 5.60% / 1.00% | 9.96% | 5/1/2027 | 4786 | 4738 | 4744 | 0.52% |
| BNI Global, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 5/1/2027 |  |  | (2) | 0.00% |
| Crete PA Holdco, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 11/26/2030 |  | 10 | 10 | 0.00% |
| Crete PA Holdco, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.00% / 1.00% | 9.52% | 11/26/2030 | 6512 | 6479 | 6479 | 0.71% |
| Crete PA Holdco, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 11/26/2030 |  | 1 | 1 | 0.00% |
| CSG Buyer, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 7/29/2029 |  | (3) | (25) | 0.00% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments – (Continued)

#### December 31, 2024
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments  | Footnotes | Reference<br> Rate<br> Spread /Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> 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 +<br> 6.00% / 1.00% | 10.59% | 7/29/2029 | 5499 | 5434 | 5372 | 0.58% |
| CSG Buyer, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% /1.00% | 0.50% | 7/29/2029 |  | (4) | (8) | 0.00% |
| Ethos Risk Services, LLC Delayed Draw Term C Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.75% / 1.00% | 0.75% | 5/1/2027 |  | (10) | (10) | 0.00% |
| Ethos Risk Services, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.75% / 1.00% | 10.11% | 5/1/2027 | 5280 | 5216 | 5197 | 0.57% |
| First Legal Buyer, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.75% / 1.00% | 0.75% | 7/1/2031 |  | (7) |  | 0.00% |
| First Legal Buyer, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 7/1/2030 |  | (6) | (1) | 0.00% |
| First Legal Buyer, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.25% / 1.00% | 9.58% | 7/1/2030 | 5106 | 5070 | 5099 | 0.55% |
| Gerson Lehrman Group, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.40% / 1.00% | 9.73% | 12/13/2027 | 4974 | 4898 | 4975 | 0.54% |
| Liberty Purchaser, LLC Delayed Draw Term Loan (Magna Legal Services) | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.60% /0.75% | 9.67% | 11/22/2029 | 1174 | 1174 | 1175 | 0.13% |
| Liberty Purchaser, LLC Initial Term Loan (Magna Legal Services) | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 0.75% | 9.67% | 11/22/2029 | 4195 | 4195 | 4195 | 0.46% |
| ManTech International Corporation 2024 Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.00% / 0.75% | 9.59% | 9/14/2029 | 4204 | 4204 | 4162 | 0.45% |
| ManTech International Corporation Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 1.00% / 0.75% | 1.00% | 9/14/2029 |  | (106) |  | 0.00% |
| Sagebrush Buyer, LLC Revolving Credit | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 0.00% | 0.50% | 7/1/2030 |  | (11) | (6) | 0.00% |
| Sagebrush Buyer, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.00% | 9.36% | 7/1/2030 | 6190 | 6102 | 6062 | 0.66% |
| Smartronix, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 6.10% / 1.00% | 10.35% | 11/23/2028 | 4936 | 4926 | 4907 | 0.54% |
| SourceHOV Tax, LLC Initial Term A Loan | (1)(2)(3)(4)(5)(7)(11) | 6M SOFR +<br> 6.01% / 1.00% | 10.34% | 4/6/2028 | 4912 | 4882 | 4656 | 0.51% |
| Vensure Employer Services, Inc. Initial Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 0.50% | 0.50% | 9/27/2027 |  | (6) |  | 0.00% |
| Vensure Employer Services, Inc. Initial Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 0.50% / 0.50% | 0.50% | 9/27/2031 |  | (7) |  | 0.00% |
| Vensure Employer Services, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.00% / 0.50% | 9.51% | 9/27/2027 | 307 | 306 | 304 | 0.03% |
| Vensure Employer Services, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.00% / 0.50% | 9.51% | 9/27/2027 | 5175 | 5127 | 5125 | 0.56% |
| Vensure Employer Services, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 0.50% | 9.51% | 9/27/2027 | 4868 | 4821 | 4820 | 0.53% |
|  |  |  |  |  |  | $85025 | $84865 | 9.26% |
| Restaurants |  |  |  |  |  |  |  |  |
| Ampler Qsr Holdings LLC 202a4 Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.10% / 1.00% | 10.42% | 7/21/2027 | $5114 | $5078 | $5044 | 0.55% |
| Soft Drinks |  |  |  |  |  |  |  |  |
| Refresh Buyer, LLC Delayed Term Loan (Sunny Sky Products) | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br> 4.25% / 0.75% | 9.33% | 12/23/2028 | $4912 | $4882 | $4879 | 0.53% |
| Specialized Consumer Services |  |  |  |  |  |  |  |  |
| 3 Step Sports LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 7.75% / 1.00% | 13.02%<br> /1.50% | 10/2/2029 | $149 | $139 | $129 | 0.01% |
| 3 Step Sports LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 8.00% / 1.00% | 12.60%<br> /1.50% | 10/2/2029 | 683 | 670 | 660 | 0.07% |
| Anderson Group Holdings, LLC Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br> 4.50% / 1.00% | 9.35% | 12/25/2028 | 4924 | 4899 | 4924 | 0.54% |
| Any Hour LLC Delayed Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 5.00% / 0.50% | 9.33% | 5/23/2030 | 201 | 185 | 200 | 0.02% |
| Any Hour LLC Revolving Credit | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 5.00% / 0.50% | 9.65% | 5/23/2030 | 499 | 484 | 483 | 0.05% |
| Any Hour LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 0.50% | 9.33% | 5/23/2030 | 7081 | 6980 | 6973 | 0.76% |
| Arcticom Group Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 8.00% / 1.00% | 12.07%<br> /4.00% | 12/22/2027 | 47 | 46 | 46 | 0.01% |
| Arcticom Group Delayed Draw Term Loan D | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 1.00% / 0.00% | 1.00%<br> /4.00% | 12/22/2027 |  |  |  | 0.00% |
| Arcticom Group Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 7.50% / 1.00% | 8.07%<br> /4.00% | 12/22/2027 | 199 | 198 | 199 | 0.02% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments – (Continued)

#### December 31, 2024
(in thousands, except share amounts and percentages)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments  | Footnotes | Reference<br> Rate<br> Spread /Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> 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 +<br> 8.07% / 1.00% | 12.07% | 12/22/2027 | 50 | 49 | 49 | 0.01% |
| KL Stockton Intermediate II, LLC PIK Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 13.00% / 0.50% | 0.00%<br> /<br> 13.00% | 5/23/2031 | 1904 | 1870 | 1864 | 0.20% |
| Modigent, LLC Delayed Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 6.50% / 0.75% | 10.83% | 8/23/2028 | 127 | 127 | 127 | 0.01% |
| PD BridgeCo, LLC Delayed Draw Term Loan Fourth Amendment | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 2/2/2027 |  | (75) | (75) | -0.01% |
| PD BridgeCo, LLC Delayed Draw Term Loan Fourth Amendment | (1)(2)(3)(4)(5)(6)(7)(12) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 2/2/2027 | 8231 | 8107 | 8108 | 0.89% |
| VPP Intermediate Holdings, LLC Amendment No. 3 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br> 5.75% / 1.00% | 10.20% | 12/1/2027 | 671 | 661 | 654 | 0.07% |
| W. A. Kendall And Company, LLC Incremental Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br> 5.68% / 1.00% | 10.06% | 4/22/2030 | 2985 | 2949 | 2967 | 0.33% |
| W.A. Kendall and Company, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br> 5.80% / 1.00% | 10.09% | 4/22/2030 | 4909 | 4874 | 4860 | 0.53% |
|  |  |  |  |  |  | $32163 | $32168 | 3.51% |
| Specialty Chemicals |  |  |  |  |  |  |  |  |
| Charkit Chemical Company, LLC Term Loan A | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br> 5.03% / 1.00% | 9.36% | 12/29/2026 | $4268 | $4248 | $4264 | 0.47% |
| Rocket BidCo, Inc. Term Loan (Recochem) | (1)(3)(5)(7)(12)(19) | 3M SOFR +<br> 5.75% / 1.00% | 10.32% | 11/1/2030 | 11250 | 11037 | 11037 | 1.20% |
|  |  |  |  |  |  | $15285 | $15301 | 1.67% |
| Specialty Stores |  |  |  |  |  |  |  |  |
| Saldon Holdings, Inc. Fourth Amendment Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.10% / 1.00% | 10.46% | 3/13/2026 | $598 | $598 | $598 | 0.07% |
| Saldon Holdings, Inc. Initial DDTL Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 1.00% / 1.00% | 1.00% | 3/13/2026 |  |  |  | 0.00% |
|  |  |  |  |  |  | $598 | $598 | 0.07% |
| Systems Software |  |  |  |  |  |  |  |  |
| ACP Falcon Buyer, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 8/1/2029 | $— | $(7) | $— | 0.00% |
| ACP Falcon Buyer, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.50% / 1.00% | 10.09% | 8/1/2029 | 2147 | 2096 | 2109 | 0.23% |
| Computer Services, Inc. 2024-1 Incremental Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.25% / 1.00% | 9.75% | 11/15/2029 | 516 | 508 | 516 | 0.06% |
| Computer Services, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 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 +<br> 6.00% / 1.00% | 10.59% | 12/13/2028 | 1324 | 1309 | 1308 | 0.14% |
| ES Ventures LLC Term A Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.00% / 1.00% | 10.59% | 12/13/2028 | 933 | 923 | 922 | 0.10% |
|  |  |  |  |  |  | $4829 | $4855 | 0.53% |
| Technology Distributors |  |  |  |  |  |  |  |  |
| Thames Technology Holdings, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.75% / 1.00% | 10.34% | 8/31/2029 | $787 | $778 | $778 | 0.09% |
| Thames Technology Holdings, Inc. First Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.75% / 1.00% | 10.34% | 8/31/2029 | 4988 | 4920 | 4885 | 0.53% |
| Thames Technology Holdings, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.75% / 1.00% | 10.34% | 8/31/2029 | 3380 | 3285 | 3244 | 0.35% |
| Thames Technology Holdings, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 0.50% / 1.00% | 0.50% | 8/31/2029 |  |  | (12) | 0.00% |
|  |  |  |  |  |  | $8983 | $8895 | 0.97% |
| Trading Companies & Distributors |  |  |  |  |  |  |  |  |
| AFC-Dell Holding Corp. Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.50% / 1.00% | 10.09% | 4/9/2027 | $2147 | $2121 | $2085 | 0.23% |
| Apex Service Partners, LLC 2024 Replacement Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.00% / 1.00% | 9.51% | 10/24/2030 | 495 | 490 | 490 | 0.05% |
| Apex Service Partners, LLC 2024 Replacement Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.00% / 1.00% | 9.51% | 10/24/2030 | 1107 | 1076 | 1096 | 0.12% |
| Apex Service Partners, LLC 2024 Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.00% / 1.00% | 9.51% | 10/24/2030 | 2078 | 2058 | 2057 | 0.22% |
| Apex Service Partners, LLC 2024 Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.00% / 1.00% | 9.51% | 10/24/2030 | 4650 | 4540 | 4603 | 0.50% |
| Apex Service Partners, LLC Incremental Delayed Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.00% / 1.00% | 9.51% | 10/24/2030 | 1058 | 1036 | 1058 | 0.12% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments – (Continued)

#### December 31, 2024
(in thousands, except share amounts and percentages)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes |  | Reference Rate<br> Spread /Floor | Cash Interest<br> Rate /<br> PIK Rate | Maturity<br> Date | Outstanding<br> Principal | Cost\* | Fair Value | Percentage<br> of<br> 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 +<br> 5.00% / 1.00% | 9.51% | 10/24/2029 | 111 | 110 | 110 | 0.01% |
| Apex Service Partners, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(10) |  | 3M SOFR +<br> 5.00% / 1.00% | 9.51% | 10/24/2029 | 206 | 202 | 203 | 0.02% |
| Hultec Buyer, LLC Term Loan A | (1)(2)(3)(4)(5)(7)(10) |  | 3M SOFR +<br> 5.75% / 1.00% | 10.19% | 3/31/2029 | 4840 | 4752 | 4723 | 0.52% |
| P.T. International LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(11) |  | 3M SOFR +<br> 4.60% / 1.00% | 9.15% | 6/30/2027 | 4937 | 4913 | 4927 | 0.54% |
| Red Fox CD Acquisition Corparation Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) |  | 3M SOFR +<br> 6.00% / 1.00% | 10.60% | 3/4/2030 | 6948 | 6824 | 6861 | 0.75% |
| SureWerx Purchaser III, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) |  | 3M SOFR +<br> 1.00% / 0.75% | 1.00% | 12/28/2029 |  |  | (2) | 0.00% |
| SureWerx Purchaser III, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) |  | 3M SOFR +<br> 5.25% / 0.75% | 9.58% | 12/28/2029 | 2056 | 2041 | 2056 | 0.22% |
| Trench Plate Rental Co. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) |  | 3M SOFR +<br> 5.60% / 1.00% | 9.93% | 12/3/2026 | 5379 | 5379 | 5379 | 0.59% |
| Trench Plate Rental Co. Revolving Loan | (1)(2)(3)(4)(5)(6)(7) |  | 3M SOFR +<br> 5.60% / 1.00% | 9.94% | 12/3/2026 | 433 | 433 | 433 | 0.05% |
|  |  |  |  |  |  |  | $35975 | $36079 | 3.94% |
| Trucking |  |  |  |  |  |  |  |  |  |
| EVDR Purchaser, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) |  | 3M SOFR +<br> 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 +<br> 4.50% / 0.75% | 12.00% | 2/14/2031 | 137 | 137 | 137 | 0.02% |
| EVDR Purchaser, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) |  | 3M SOFR +<br> 5.50% / 0.75% | 9.86% | 2/14/2031 | 4768 | 4681 | 4712 | 0.51% |
|  |  |  |  |  |  |  | $4818 | $4849 | 0.53% |
| Total First Lien Senior Secured |  |  |  |  |  |  | $1532317 | $1532466 | 167.23% |
| Second Lien Senior Secured |  |  |  |  |  |  |  |  |  |
| Insurance Brokers |  |  |  |  |  |  |  |  |  |
| SageSure Holdings, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) |  | 3M SOFR +<br> 5.26% / 0.00% | 11.65% | 1/28/2030 | $4472 | $4428 | $4472 | 0.49% |
| SageSure Holdings, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) |  | 3M SOFR +<br> 1.00% / 0.00% | 1.00% | 1/28/2030 |  | (5) | (5) | 0.00% |
| Total Second Lien Senior Secured |  |  |  |  |  |  | $4423 | $4467 | 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 | $— | $4994 | $4994 | 0.54% |
| Total Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  | $4994 | $4994 | 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 |  | $5462 | $5647 | $0.61% |
| Castlelake Consumer Receivables Opportunity IV, L.P. | (1)(2)(6)(13)(14)(16) |  | N/A | N/A | N/A |  | 4009 | 4009 | 0.44% |
| Fidelity Evergreen Private Credit Fund LP | (1)(2)(6)(13)(14)(17) |  | N/A | N/A | N/A |  | 16551 | 18959 | 2.07% |
|  |  |  |  |  |  |  | $26022 | $28615 | 3.12% |
| Total Non-Controlled, Non-Affiliated Private Credit Funds |  |  |  |  |  |  | $26022 | $28615 | 3.12% |
| Total Investments |  |  |  |  |  |  | $1567756 | $1570542 | 171.38% |
| Cash Equivalents 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 | $23292 | $23292 | 2.54% |
| Liabilities Less Other Assets |  |  |  |  |  |  |  | $(677448) | (74.79%) |
| Net Assets |  |  |  |  |  |  |  | $916385 | 100.00% |

---

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

------

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments – (Continued)

#### December 31, 2024
(in thousands, except share amounts and percentages)

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

<sup>(1)</sup> 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. 

<sup>(2)</sup> 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. 

<sup>(3)</sup> Income-producing debt investment and pays all cash interest.

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

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

<sup>(6)</sup> 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. 

<sup>(7)</sup> 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. 

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

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

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

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

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

<sup>(13)</sup> 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.

<sup>(14)</sup> 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 $28,615 or 3.12% of net assets. 

<sup>(15)</sup> Investment was acquired on June 26, 2024.

<sup>(16)</sup> Investment was acquired on November 15, 2024.

<sup>(17)</sup> Investment was acquired on May 22, 2024.

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

<sup>(19)</sup> 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)

#### September 30, 2025
(amounts in thousands, except share amounts, per share amounts, percentages and as otherwise noted)

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 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 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.

Beginning in the third quarter of 2025, all amounts are presented in thousands, except share amounts, per share data, percentages, and where otherwise indicated. Prior period amounts have been recast to conform to the current presentation.

Beginning in the third quarter of 2025, cash equivalents and restricted cash equivalents are presented in the same line item and cash and restricted cash are presented in the same line item on the consolidated statements of assets and liabilities and in the reconciliation to this statement in the consolidated statements of cash flows. Prior period amounts have been recast to conform to the current presentation.

#### 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.

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#### 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 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"), StepStone CLO 2025-I LLC ("2025-I Issuer"), StepStone SPV Facility V LLC ("SPV Facility V") and SCRED SPV VI LLC ("SCRED SPV VI"), 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, 2025-I Issuer, SPV Facility V and SCRED SPV VI 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 reporting 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 original issue discount ("OID").

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Collateralized Loan Obligations ("CLOs")

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 obtain bank financing and 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 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 (as defined below) 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 its 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.

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Cost represents capital contributions made by the Company, less return of capital proceeds received from such private credit funds. As of September 30, 2025 and December 31, 2024, the Company had remaining unfunded commitments of $20,337 and $14,052, 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.

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 the 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.

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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.

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 earnings before interest, taxes, depreciation and amortization ("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 September 30, 2025 and December 31, 2024.

#### Securities Transactions and Revenue Recognition
Loan 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 and subordinated notes 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 from private credit funds, 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 cash interest or are expected to pay in full cash interest. For those issuers who are in default or are expected to default, cash 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, OID 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. As of September 30, 2025, the Company had one investment that had an interest default and was placed on non-accrual status. The amortized cost of investments on non-accrual status as of September 30, 2025 was $4,841. No investments were on non-accrual status as of December 31, 2024.

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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" in the consolidated statements of operations. No such fee income was recorded for the nine months ended September 30, 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 $426 and $1,656, in the foregoing fees for the three and nine months ended September 30, 2025, respectively. The Company had prepayments that resulted in $379 and $1,155 in the foregoing fees for the three and nine months ended September 30, 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 is collected upon repayment of the outstanding principal, and is recorded as interest income in the consolidated statements of operations. 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. 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 and deemed to be irrecoverable based on the Company's judgement . For investments with PIK income, the Company calculates interest income accruals based on the principal balance including any PIK. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is reversed through interest income.

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 is 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.

#### 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, in 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 $100,000 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 $100,000 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 by the Federal Deposit Insurance Corporation.

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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.

The Company held restricted cash of $9,020 and restricted cash equivalents of $42,278 as of September 30, 2025.

#### 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).

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 nine months ended September 30, 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 September 30, 2025 and December 31, 2024. During the nine months ended September 30, 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 and tax year 2024 are 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.

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#### Segment Reporting
An operating segment is defined in ASC Topic 280, Segment Reporting, 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 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 to enhance 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 and nine months ended September 30, 2025, the Company incurred a Base Management Fee of $3,580 and $9,111, respectively. For the three and nine months ended September 30, 2024, the Company incurred a Base Management Fee of $1,664 and $3,924, respectively.

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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 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 and nine months ended September 30, 2025, the Company incurred Income Incentive Fee of $2,812 and $7,289, respectively. For three and nine months ended September 30, 2024, the Company incurred Income Incentive Fee of $1,342 and $3,360, 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 and nine months ended September 30, 2025, the Company accrued a Capital Gains-Based Incentive Fee of $191 and $146, respectively, under U.S. GAAP. For the three and nine months ended September 30, 2024, the Company accrued a Capital Gains-Based Incentive Fee of $193 and $148, respectively, under U.S. GAAP. The negative balances, if any, are reversals of prior period accruals.

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Administration Agreement

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 (the "Administration Fee"). Prior to the amendment of the Administration Agreement on March 25, 2025, the Administration Fee was calculated in an amount equal to 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 and nine months ended September 30, 2025, the Company incurred an Administration Fee of $711 and $2,062, respectively. For the three and nine months ended September 30, 2024, the Company incurred an Administration Fee of $497 and $1,179, 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 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.

<u>Voluntary Expense Support</u>. 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.

<u>Company Obligation</u>. The Company had no obligation to reimburse or pay the Advisor for any Expense Payment until the Company received at least $100,000 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.

<u>Specified Expenses</u>. 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.

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<u>Term</u>. 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.

<u>Excess Expenses</u>. 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 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 $1,076, and organizational costs of $1,296, on behalf of the Company, all subject to recoupment pursuant to the terms of the Amended Expense Limitation Agreement. For the three and nine months ended September 30, 2025, the Company made recoupment payments to the Advisor of $0 and $778, respectively. For the three and nine months ended September 30, 2024, the Company made recoupment payments to the Advisor of $608 and $747 (net of $24 of expenses the Advisor incurred 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 September 30, 2025 and as of December 31, 2024.

Other Related Party Transactions

During the three and nine months ended September 30, 2025, 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 8,925,168 and 21,318,794, respectively, Shares from the Company in exchange for aggregate proceeds totaling $234,391 and $559,628, respectively. During the three and nine months ended September 30, 2024, the Segregated Portfolio purchased 4,511,776 and 12,585,044, respectively, Shares from the Company in exchange for aggregate proceeds totaling $54,780 and $265,188, respectively. For the three and nine months ended September 2025, the Segregated Portfolio received 589,003 and 1,519,725, respectively, of Shares in connection with reinvestments under the Company's DRIP, which Shares represented distributions in amounts equal to $15,302 and $39,505, respectively. For the three and nine months ended September 2024, the Segregated Portfolio received 295,247 and 829,704, respectively, of Shares in connection with reinvestments under the Company's DRIP, which Shares represented distributions in amounts equal to $7,635 and $21,417, respectively. As of September 30, 2025 and December 31, 2024, $1,502,888 and $913,450, respectively, or 99.6% 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.

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Under the MassMutual SPV I Facility, the lenders made initial commitments of $200,000. 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. 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 September 30, 2025 and December 31, 2024, the Company had an outstanding principal balance under the MassMutual SPV I Facility of $187,500 and $204,500, respectively. For the three and nine months ended September 30, 2025, the Company's borrowings under the MassMutual SPV I Facility bore interest at a weighted average interest rate of 7.51% and 7.55%, respectively. For the three and nine months ended September 30, 2024, the Company's borrowings under the MassMutual SPV I Facility bore interest at a weighted average interest rate of 8.41% and 8.54%, respectively. For the three and nine months ended September 30, 2025, the daily average amount of outstanding borrowings under the MassMutual SPV I Facility were $187,500 and $189,207, respectively. For the three and nine months ended September 30, 2024, the daily average amount of outstanding borrowings under the MassMutual SPV I Facility were $134,326 and $142,971, respectively.

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 under the BMO SPV II Credit Facility, with an accordion provision to permit increases to the total facility amount up to $100,000, 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 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. 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 as of the amendment effective date. On June 23, 2025, SPV Facility II and BMO entered into an amendment (the "BMO Third Amendment") to the BMO Loan and Security Agreement. The BMO Third Amendment, among other things, increased the aggregate commitments by the lenders under the BMO SPV II Credit Facility to $162,500 as of the amendment effective date and extended the commitment termination date under the BMO SPV II Credit Facility to June 30, 2027. Prior to the effective date of the BMO Third Amendment, borrowings under the BMO SPV II Credit Facility generally bore 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 Third Amendment reduced the applicable margin on borrowings under the BMO SPV II Credit Facility, such that borrowings under the BMO SPV II Credit Facility will generally bear interest at a rate per annum equal to 3-Month Term SOFR plus a margin of 2.35% (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 September 30, 2025 and December 31, 2024, the Company had an outstanding principal balance under the BMO SPV II Credit Facility of $106,671 and $97,671, respectively, in connection with investments purchased through participation agreements from BMO. For the three and nine months ended September 30, 2025, the Company's borrowings under the BMO SPV II Credit Facility bore interest at a weighted average interest rate of 6.64% and 6.75%, respectively. For the three and nine months ended September 30, 2024, the Company's borrowings under the BMO SPV II Credit Facility bore interest at a weighted average interest rate of 7.88% and 7.84%, respectively. For the three and nine months ended September 30, 2025, the daily average amount of outstanding borrowings under the BMO SPV II Credit Facility were $97,757 and $95,861, respectively. For the three and nine months ended September 30, 2024, the daily average amount of outstanding borrowings under the BMO SPV II Credit Facility were $100,671 and $99,371, respectively.

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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 under the 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 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, 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, and (2) decreased the applicable margin on borrowings to 2.15% under the Wells Fargo SPV III Credit Facility. On May 14, 2025, the Company further amended the Wells Fargo SPV III Credit Facility (the "Wells Fargo Third Amendment"), which, among other things, increased the aggregate commitments by the lenders under the Wells Fargo SPV III Credit Facility to $750,000. On September 29, 2025 the Company further amended the Wells Fargo SPV III Credit Facility (the "Wells Fargo Fourth Amendment"), which, among other things, permitted SPV Facility III, to enter into a master participation agreement with another wholly owned subsidiary of the Company.

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 Third 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 Third 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 September 30, 2025 and December 31, 2024, the Company had an outstanding principal balance under the Wells Fargo SPV III Credit Facility of $440,500 and $360,000, respectively. For the three and nine months ended September 30, 2025, the Company's borrowings under the Wells Fargo SPV III Credit Facility bore interest at a weighted average interest rate of 6.49% and 6.43%, respectively. For the three and nine months ended September 30, 2024, the Company's borrowings under the Wells Fargo SPV III Credit Facility bore interest at a weighted average interest rate of 7.96% and 7.97%, respectively. For the three and nine months ended September 30, 2025, the daily average amount of outstanding borrowings under the Wells Fargo SPV III Credit Facility was $499,413 and $412,471, respectively. For the three and nine months ended September 30, 2024, the daily average amount of outstanding borrowings under the Wells Fargo SPV III Credit Facility was $178,853 and $128,667, respectively.

JPM SPV V Credit Facility

On July 25, 2025, the Company, through SPV Facility V as borrower, entered into a Loan and Security Agreement (the "JPM Loan and Security Agreement") with JP Morgan Chase Bank, National Association, as the administrative agent, UMB Bank, National Association, as the collateral administrator, collateral agent and securities intermediary, and the lenders party thereto from time to time, to provide SPV Facility V with a revolving credit facility (the "JPM SPV V Credit Facility"). The Company serves as portfolio manager and parent under the JPM Loan and Security Agreement.

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The lenders have made aggregate commitments of $250,000 under the JPM SPV V Credit Facility, which will be available to draw in U.S. dollars and, subject to agreed limits, Euros, sterling, Canadian dollars and/or Swiss francs (the "Agreed Currencies"). Borrowings under the JPM SPV V Credit Facility will generally bear interest at a rate per annum equal to the applicable benchmark for the applicable Agreed Currency (subject to a floor of 0%) (Term SOFR for loans drawn in U.S. dollars) plus a margin of (a) 1.85% until January 24, 2027, or (b) 1.90% for the remaining term thereafter. Amounts available for borrowing under the JPM SPV V Credit Facility are subject to a borrowing base that applies an advance rate of 62.5% to assets held by SPV Facility V and are subject to limitations with respect to the loans securing the JPM SPV V Credit Facility, which may affect the borrowing base and therefore amounts available to borrow under the JPM SPV V Credit Facility. Borrowings under the JPM SPV V Credit Facility are secured by all of the assets held by SPV Facility V. The facility may not be voluntarily repaid or the commitment thereunder voluntarily cancelled prior to January 25, 2027, and a premium of 1% is payable in respect of any voluntary prepayment of advances or cancellation of commitments under the JPM SPV V Credit Facility made in the period from January 25, 2027 until July 25, 2028.

In connection with the JPM SPV V Credit Facility, SPV Facility V is required to pay a non-use fee equal to, during the first three years of the availability period, 0.60% multiplied by the unutilized portion of the total commitments available under the JPM SPV V Credit Facility.

The JPM Loan and Security Agreement includes customary covenants, reporting requirements, and other customary requirements applicable to the Company and SPV Facility V and provides for events of default and acceleration provisions customary for a facility of its type.

The reinvestment period end date (after which no borrowings may be drawn under the JPM SPV V Credit Facility) and the maturity date under the JPM SPV V Credit Facility are scheduled for July 25, 2028 and July 25, 2030, respectively, unless the JPM Loan and Security Agreement is sooner terminated in accordance with its terms.

As of September 30, 2025, the Company had an outstanding principal balance under the JPM SPV V Credit Facility of $96,900. For the three and nine months ended September 30, 2025, the Company's borrowings under the JPM SPV V Credit Facility bore interest at a weighted average interest rate of 6.06%. For the three and nine months ended September 30, 2025, the daily average amount of outstanding borrowings under the JPM SPV V Credit Facility was $72,082.

2024-I CLO

On January 15, 2025, the Company completed its $300,400 term debt securitization, also known as a collateralized loan obligation (the "2024-I CLO"), in connection with which the 2024-I Issuer issued the 2024-I CLO Debt (as defined below).

The debt offered in the 2024-I CLO was issued and incurred by the 2024-I Issuer and consists of (i) Class A Senior Secured Floating Rate Notes and Class B Senior Secured Floating Rate Notes (collectively, the "2024-I CLO Secured Debt"), and (ii) the subordinated notes (the "2024-I CLO Subordinated Notes" and, together with the 2024-I CLO Secured Debt, the "2024-I CLO Debt"), the terms of which are summarized in the table below:

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| | | | |
|:---|:---|:---|:---|
| Class | Par Size | Ratings (S&P) | Coupon |
| Class A 2024 Notes | $174000 | AAA(sf) | 3M SOFR + 1.70% |
| Class B 2024 Notes | $30000 | AA(sf) | 3M SOFR + 2.00% |
| 2024-I CLO Subordinated Notes | $96400 | N/A | N/A |

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The Company directly retained 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 a collateral management agreement entered into with the 2024-I Issuer (the "2024-I CLO 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 2024-I CLO 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 master loan sale agreement (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 by and among the 2024-I Issuer, as buyer, and the Company, SPV Facility I LLC and StepStone SPV Facility III LLC (collectively, the "2024-I CLO Participation Sellers"), as sellers, 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 2024-I CLO Participation Sellers, holds all of the ownership interest in such loans and participation interests. The Company and the 2024-I CLO 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 September 30, 2025, the Company had an outstanding principal balance under the Class A 2024 Notes of $174,000. For the three and nine months ended September 30, 2025, the Company's borrowings under the Class A 2024 Notes bore interest at a weighted average interest rate of 6.01% and 5.99%, respectively. For the three and nine months ended September 30, 2025, the daily average amount of outstanding borrowings under the Class A 2024 Notes was $174,000 and $174,000, respectively. The 2024-I CLO is subject to the Company's overall asset coverage requirement under the 1940 Act.

2025-I CLO

On September 17, 2025, the Company completed its $298,900 term debt securitization, also known as a collateralized loan obligation (the "2025-I CLO"), in connection with which the 2025-I Issuer issued the 2025-I CLO Debt (as defined below).

The debt offered in the 2025-I CLO was issued and incurred by the 2025-I Issuer and consists of (i) Class A Senior Secured Floating Rate Notes and Class B Senior Secured Floating Rate Notes (collectively, the "2025-I CLO Secured Debt"), and (ii) the subordinated notes (the "2025-I CLO Subordinated Notes" and, together with the 2025-I CLO Secured Debt, the "2025-I CLO Debt"), the terms of which are summarized in the table below:

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| | | | |
|:---|:---|:---|:---|
| Class | Par Size | Ratings (S&P) | Coupon |
| Class A 2025 Notes | $174000 | AAA(sf) | 3M SOFR + 1.68% |
| Class B 2025 Notes | $30000 | AA(sf) | 3M SOFR + 2.00% |
| 2025-I CLO Subordinated Notes | $94900 | N/A | N/A |

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The Company directly retained the Class B 2025 Notes and 2025-I CLO Subordinated Notes issued in the 2025-I CLO.

The 2025-I CLO is backed by a diversified portfolio of broadly syndicated commercial loans and middle-market commercial loans and participation interests therein. Through August 20, 2029, all principal collections received on the underlying collateral may be used by the 2025-I Issuer to purchase new collateral in accordance with the Company's investment strategy, allowing the Company to maintain the initial leverage in the 2025-I CLO.

The portfolio is managed by the Company pursuant to a collateral management agreement entered into with the 2025-I Issuer (the "2025-I CLO 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 2025-I CLO Collateral Management Agreement. The 2025-I CLO Debt is scheduled to mature on August 20, 2037; however, the 2025-I CLO Secured Debt may be redeemed by the 2025-I Issuer, at the direction of the Company, on any business day after August 20, 2027 (i) in whole in order of seniority (with respect to all classes of 2025-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 2025-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 2025-I CLO Indenture, and the 2025-I CLO Subordinated Notes may be redeemed, in whole but not in part, on any business day on or after the redemption of the 2025-I CLO Secured Debt in full.

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As part of the 2025-I CLO, the Company and the 2025-I Issuer entered into a master loan sale agreement (the "2025-I CLO Sale Agreement"), pursuant to which the Company sold, transferred, assigned, contributed or otherwise conveyed to the 2025-I Issuer certain loans and participation interests therein securing the 2025-I CLO for the purchase price and other consideration set forth in the 2025-I CLO Sale Agreement. The remainder of the initial collateral portfolio was acquired as participation interests by the 2025-I Issuer pursuant to the 2025-I CLO Participation Agreement by and among the 2025-I Issuer, as buyer, and the Company, SPV Facility I LLC and StepStone SPV Facility III LLC (collectively, the "2025-I CLO Participation Sellers"), as sellers, for the purchase price and other consideration set forth in the 2025-I CLO Participation Agreement. Following the foregoing transfers, the 2025-I Issuer, and not the Company or the 2025-I CLO Participation Sellers, holds all of the ownership interest in such loans and participation interests. The Company and the 2025-I CLO Participation Sellers, as applicable, made customary representations, warranties and covenants pursuant to the 2025-I CLO Transfer Agreements.

The 2025-I CLO Secured Debt is a secured obligation of the 2025-I Issuer, the 2025-I CLO Subordinated Notes are the unsecured obligations of the 2025-I Issuer, and the 2025-I CLO Indenture secures (as applicable) and governs the 2025-I CLO Debt pursuant to customary covenants and events of default. The 2025-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 September 30, 2025, the Company had an outstanding principal balance under the Class A 2025 Notes of $174,000. For the three and nine months ended September 30, 2025, the Company's borrowings under the Class A 2025 Notes bore interest at a weighted average interest rate of 5.58%. For the three and nine months ended September 30, 2025, the daily average amount of outstanding borrowings under the Class A 2025 Notes was $174,000. The 2025-I CLO is subject to the Company's overall asset coverage requirement under the 1940 Act.

For the three months ended September 30, 2025 and 2024, the Company's aggregate weighted average interest rate under the MassMutual SPV I Facility, the BMO SPV II Credit Facility, the Wells Fargo SPV III Credit Facility, the JPM SPV V Credit Facility, the Class A 2024 Notes and the Class A 2025 Notes (the "Total Borrowings") amounted to 6.72% and 8.24%, respectively. The Company's aggregate daily average amount of borrowings under the Total Borrowings for the three months ended September 30, 2025 and 2024 amounted to $1,029,025 and $413,850, respectively.

For the nine months ended September 30, 2025 and 2024, the Company's aggregate weighted average interest rate under the Total Borrowings amounted to 6.80% and 8.29%, respectively. The Company's aggregate daily average amount of borrowings under the Total Borrowings for the nine months ended September 30, 2025 and 2024 amounted to $886,325 and $370,070, respectively.

The Total Borrowings each include customary affirmative and negative covenants, for the respective type of debt. Credit facilities include 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.

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended<br> September 30, 2025 | Three Months Ended<br> September 30, 2024 | Nine Months Ended<br> September 30, 2025 | Nine Months Ended<br> September 30, 2024 |
| Coupon interest | $18497 | $8748 | $46781 | $23848 |
| Amortization of debt issuance costs | 828 | 472 | 2192 | 1104 |
| Total | $19325 | $9220 | $48973 | $24952 |

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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.

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Investments at fair value and cost consisted of the following as of September 30, 2025:

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| | | | |
|:---|:---|:---|:---|
|  | September 30, 2025 | September 30, 2025 | September 30, 2025 |
|  | Cost | Fair Value | % of Total<br> Investments |
| First Lien Senior Secured | $2553809 | 2552012 | 96.47% |
| Second Lien Senior Secured | 5453 | 5462 | 0.21% |
| Subordinated Notes | 40207 | 40585 | 1.53% |
| Private Credit Funds | 41496 | 47443 | 1.79% |
| Total investments | $2640965 | $2645502 | 100.00% |

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

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| | | | |
|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Cost | Fair Value | % of Total<br> Investments |
| First Lien Senior Secured | $1532317 | 1532466 | 97.58% |
| Second Lien Senior Secured | 4423 | 4467 | 0.28% |
| CLO | 4994 | 4994 | 0.32% |
| Private Credit Funds | 26022 | 28615 | 1.82% |
| Total investments | $1567756 | $1570542 | 100.00% |

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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 September 30, 2025 and December 31, 2024 was as follows:

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| | | |
|:---|:---|:---|
|  | September 30, 2025 | December 31, 2024 |
|  | % of Total<br> Investments<br> Based on<br> Fair Value | % of Total<br> Investments<br> Based on<br> Fair Value |
| Advertising | 1.87% | 1.72% |
| Aerospace & Defense | 1.75% | 1.81% |
| Air Freight & Logistics | 0.71% | 0.88% |
| Alternative Carriers | 0.19% | 0.31% |
| Apparel Retail | 0.37% | 0.62% |
| Apparel, Accessories & Luxury Goods | 0.45% | 0.00% |
| Application Software | 7.19% | 6.37% |
| Asset Management & Custody Banks | 5.47% | 5.03% |
| Auto Parts & Equipment | 0.94% | 1.56% |
| Automobile Manufacturers | 0.22% | 0.36% |
| Automotive Retail | 0.83% | 0.00% |
| Building Products | 1.17% | 0.94% |
| Commodity Chemicals | 0.18% | 0.31% |
| Communications Equipment | 0.34% | 0.40% |
| Construction & Engineering | 6.65% | 8.31% |
| Construction Materials | 0.15% | 0.27% |
| Consumer Electronics | 0.38% | 0.00% |
| Consumer Finance | 0.25% | 0.00% |
| Data Processing & Outsourced Services | 0.18% | 0.28% |
| Distributors | 0.16% | 0.27% |
| Diversified Capital Markets | 0.15% | 0.04% |
| Diversified Chemicals | 0.50% | 0.85% |
| Diversified Metals & Mining | 0.27% | 0.00% |
| Diversified Support Services | 3.51% | 5.04% |
| Drug Retail | 0.52% | 0.00% |
| Education Services | 0.62% | 0.38% |
| Electrical Components & Equipment | 1.18% | 1.85% |
| Electronic Equipment & Instruments | 0.96% | 1.31% |
| Electronic Manufacturing Services | 0.10% | 0.17% |
| Environmental & Facilities Services | 2.08% | 2.42% |
| Financial Exchanges & Data | 0.55% | 0.00% |
| Food Distributors | 1.43% | 1.77% |

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| | | |
|:---|:---|:---|
|  | September 30, 2025 | December 31, 2024 |
|  | % of Total<br> Investments<br> Based on<br> Fair Value | % of Total<br> Investments<br> Based on<br> Fair Value |
| Health Care Distributors | 1.13% | 1.35% |
| Health Care Equipment | 2.87% | 2.32% |
| Health Care Facilities | 2.32% | 0.44% |
| Health Care Services | 8.79% | 9.88% |
| Health Care Supplies | 0.31% | 0.00% |
| Health Care Technology | 1.49% | 0.74% |
| Heavy Electrical Equipment | 0.02% | 0.04% |
| Highways & Railtracks | 0.18% | 0.31% |
| Home Improvement Retail | 0.21% | 0.23% |
| Homebuilding | 0.73% | 0.32% |
| Hotels, Resorts & Cruise Lines | 0.43% | 0.31% |
| Household Appliances | 0.82% | 1.41% |
| Household Products | 0.53% | 0.00% |
| Housewares & Specialties | 0.75% | 1.10% |
| Human Resource & Employment Services | 0.85% | 0.62% |
| Industrial Machinery | 2.02% | 2.03% |
| Insurance Brokers | 3.19% | 3.50% |
| Integrated Telecommunication Services | 0.15% | 0.00% |
| Interactive Home Entertainment | 0.06% | 0.10% |
| Interactive Media & Services | 0.97% | 0.00% |
| Internet & Direct Marketing Retail | 0.48% | 0.75% |
| Internet Services & Infrastructure | 0.87% | 0.70% |
| Investment Banking & Brokerage | 0.22% | 0.36% |
| IT Consulting & Other Services | 5.19% | 5.14% |
| Leisure Facilities | 1.03% | 0.66% |
| Leisure Products | 0.70% | 1.22% |
| Life & Health Insurance | 0.84% | 0.77% |
| Life Sciences Tools & Services | 0.31% | 0.49% |
| Metal & Glass Containers | 0.17% | 0.28% |
| Movies & Entertainment | 0.00% | 0.10% |
| Office Services & Supplies | 0.32% | 0.54% |
| Oil & Gas Equipment & Services | 0.00% | 0.15% |
| Other Diversified Financial Services | 1.64% | 0.67% |
| Packaged Foods & Meats | 1.59% | 2.49% |
| Paper Packaging | 0.61% | 0.69% |
| Personal Products | 1.10% | 1.09% |
| Pharmaceuticals | 1.86% | 1.97% |
| Real Estate Development | 0.00% | 0.13% |
| Real Estate Operating Companies | 0.27% | 0.46% |
| Real Estate Services | 0.60% | 0.79% |
| Research & Consulting Services | 6.08% | 5.40% |
| Restaurants | 0.42% | 0.32% |
| Soft Drinks | 0.18% | 0.31% |
| Specialized Consumer Services | 2.21% | 2.05% |
| Specialized Finance | 0.20% | 0.00% |
| Specialty Chemicals | 0.57% | 0.97% |
| Specialty Stores | 0.02% | 0.04% |
| Systems Software | 1.07% | 0.31% |
| Technology Distributors | 0.92% | 0.57% |
| Trading Companies & Distributors | 1.14% | 2.30% |
| Trucking | 0.17% | 0.00% |
| Water Utilities | 0.08% | 0.31% |
| Total | 100.00% | 100.00% |

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As of September 30, 2025, 97% of investments held were based in the United States. The remaining 3% of investments held were based in Cayman Islands 1%, Canada 1% and Jersey 1%.

As of December 31, 2024, 98% of investments held were based in the United States. The remaining 2% of investments held were based in Canada 1% and Jersey 1%.

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For the three and nine months ended September 30, 2025, purchases of investments were $580,285 and $1,345,917, respectively. For the three and nine months ended September 30, 2025, total proceeds received from sales, exits and repayments of investments were $75,051 and $277,169, respectively. For the three and nine months ended September 30, 2024, purchases of investments were $335,050 and $792,005, respectively. For the three and nine months ended September 30, 2024, total proceeds received from sales, exits and repayments of investments were $75,223 and $165,955, respectively.

6. Fair Value Measurement

The following table summarizes the fair value of the Company's investments as of September 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Assets at Fair Value as of September 30, 2025 | Assets at Fair Value as of September 30, 2025 | Assets at Fair Value as of September 30, 2025 | Assets at Fair Value as of September 30, 2025 | Assets at Fair Value as of September 30, 2025 |
| Assets | Level 1 | Level 2 | Level 3 | Practical<br> Expedient | Total |
| First Lien Senior Secured | $— | $— | $2552012 | $— | $2552012 |
| Second Lien Senior Secured |  |  | 5462 |  | 5462 |
| Subordinated Notes\* |  |  | 40585 |  | 40585 |
| Private Credit Funds |  |  |  | 47443 | 47443 |
| Total assets | $— | $— | $2598059 | $47443 | $2645502 |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Assets at Fair Value as of December 31, 2024 | Assets at Fair Value as of December 31, 2024 | Assets at Fair Value as of December 31, 2024 | Assets at Fair Value as of December 31, 2024 | Assets at Fair Value as of December 31, 2024 |
| Assets | Level 1 | Level 2 | Level 3 | Practical<br> Expedient | Total |
| First Lien Senior Secured | $— | $— | $1532466 | $— | $1532466 |
| Second Lien Senior Secured |  |  | 4467 |  | 4467 |
| CLO\* |  |  | 4994 |  | 4994 |
| Private Credit Funds |  |  |  | 28615 | 28615 |
| Total assets | $— | $— | $1541927 | $28615 | $1570542 |

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\* CLOs are now being disclosed as Subordinated Notes for 2025.

The below table presents a summary of changes in fair value of Level 3 assets by investment type for the three months ended September 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | First Lien<br> Senior Secured | Second Lien<br> Senior Secured | Subordinated<br> Notes | Total |
| Balance at June 30, 2025 | $2060182 | $5484 | $34963 | $2100629 |
| Net Purchases | 564023 |  | 5586 | 569609 |
| Net Sales, Exits and Repayments | (73137) | (13) |  | (73150) |
| PIK | 542 |  |  | 542 |
| Accreted Discounts / Amortized Premiums | (524) |  |  | (524) |
| Net Change in Unrealized Appreciation / (Depreciation) | 926 | (9) | 36 | 953 |
| Transfers into Level 3 |  |  |  |  |
| Transfers out of Level 3 |  |  |  |  |
| Balance at September 30, 2025 | $2552012 | $5462 | $40585 | $2598059 |
| Change in Unrealized Appreciation / (Depreciation) <br> for Level 3 Assets Still Held as of September 30, 2025 | $926 | $(9) | $136 | $1053 |

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The below table presents a summary of changes in fair value of Level 3 assets by investment type for the nine months ended September 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | First Lien<br> Senior Secured | Second Lien<br> Senior Secured | Subordinated<br> Notes | Total |
| Balance at December 31, 2024 | $1532466 | $4467 | $4994 | $1541927 |
| Net Purchases | 1292064 | 1036 | 35213 | 1328313 |
| Net Sales, Exits and Repayments | (275224) | (9) |  | (275233) |
| PIK | 1720 |  |  | 1720 |
| Accreted Discounts / Amortized Premiums | 2931 | 4 |  | 2935 |
| Net Change in Unrealized Appreciation / (Depreciation) | (1945) | (36) | 378 | (1603) |
| Transfers into Level 3 |  |  |  |  |
| Transfers out of Level 3 |  |  |  |  |
| Balance at September 30, 2025 | $2552012 | $5462 | $40585 | $2598059 |
| Change in Unrealized Appreciation / (Depreciation) <br> for Level 3 Assets Still Held as of September 30, 2025 | $(3588) | $(31) | $377 | $(3241) |

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The below table presents a summary of changes in fair value of Level 3 assets by investment type for the three months ended September 30, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | First Lien<br> Senior Secured | Second Lien<br> Senior Secured | CLO<br> Warehouse | Total |
| Balance at June 30, 2024 | $917963 | $4462 | $— | $922425 |
| Net Purchases | 324870 | (11) | 6630 | 331489 |
| In-Kind Contributions |  |  |  |  |
| Net Sales, Exits and Repayments | (75205) | (11) |  | (75216) |
| PIK | 292 |  |  | 292 |
| Accreted Discounts / Amortized Premiums | 950 | 11 |  | 961 |
| Net Realized Gain/(Loss) |  |  |  |  |
| Net Change in Unrealized Appreciation / (Depreciation) | 758 | (14) |  | 744 |
| Transfers into Level 3 |  |  |  |  |
| Transfers out of Level 3 |  |  |  |  |
| Balance at September 30, 2024 | $1169628 | $4437 | $6630 | $1180695 |
| Change in Unrealized Appreciation / (Depreciation) <br> for Level 3 Assets Still Held as of September 30, 2024 | $758 | $(14) | $— | $744 |

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The below table presents a summary of changes in fair value of Level 3 assets by investment type for the nine months ended September 30, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | First Lien<br> Senior Secured | Second Lien<br> Senior Secured | CLO<br> Warehouse | Total |
| Balance at December 31, 2023 | $531617 | $4494 | $29250 | $565361 |
| Net Purchases | 770620 | (15) | 6630 | 777235 |
| In-Kind Contributions |  |  |  |  |
| Net Sales, Exits and Repayments | (136664) | (35) | (29250) | (165949) |
| PIK | 797 |  |  | 797 |
| Accreted Discounts / Amortized Premiums | 2636 | 18 |  | 2654 |
| Net Realized Gain/(Loss) |  |  |  |  |
| Net Change in Unrealized Appreciation / (Depreciation) | 622 | (25) |  | 597 |
| Transfers into Level 3 |  |  |  |  |
| Transfers out of Level 3 |  |  |  |  |
| Balance at September 30, 2024 | $1169628 | $4437 | $6630 | $1180695 |
| Change in Unrealized Appreciation / (Depreciation) <br> for Level 3 Assets Still Held as of September 30, 2024 | $1369 | $(49) | $— | $1320 |

---

------

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<br> as of<br> September 30, 2025 | Valuation<br> Techniques | Unobservable<br>Input | Range / Percentage | Weighted Average <sup>(1)</sup> | Impact to<br> Valuation from<br> Increase in<br> Unobservable<br> Input |
| First Lien Senior Secured Debt | $2448874 | Yield Method | Market Yield Discount Spreads | 3.33% - 24.98% | 5.85% | Decrease |
| First Lien Senior Secured Debt | 103138 | Recent Transactions | Transaction Price | $98.01 - $100.00 | $99.13 | Increase |
| Second Lien Senior Secured Debt | 5462 | Yield Method | Market Yield Discount Spreads | 3.81% - 6.30% | 4.51% | Decrease |
| Subordinated Notes | 23051 | Recent Transactions | Transaction Price | $100.00 - $100.00 | $100.00 | Increase |
| Subordinated Notes | 17534 | Yield Method | Market Yield Discount Spreads | 13.00% - 15.00% | 13.53% | Decrease |
| Total Assets | $2598059 |  |  |  |  |  |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Fair Value<br> as of<br> September 30, 2024 | Valuation<br> Techniques | Unobservable<br>Input | Range / Percentage | Weighted Average <sup>(1)</sup> | Impact to<br> Valuation from<br> Increase in<br> Unobservable<br> Input |
| First Lien Senior Secured Debt | $1393652 | Yield Method | Market Yield Discount Spreads | 3.26%-15.14% | 6.05% | Decrease |
| First Lien Senior Secured Debt | 138814 | Recent Transactions | Transaction Price | $98.00-$101.00 | $98.95 | Increase |
| CLO | 4994 | Recent Transactions | Transaction Price | $87.37 | $87.37 | Increase |
| Second Lien Senior Secured Debt | 4467 | Yield Method | Market Yield Discount Spreads | 5.15%-6.29% | 5.72% | Decrease |
| Total Assets | $1541927 |  |  |  |  |  |

---

Debt Not Carried at Fair Value

As of September 30, 2025 and December 31, 2024, the principal value of the MassMutual SPV I Facility, the BMO SPV II Credit Facility, the Wells Fargo SPV III Credit Facility, the JPM SPV V Credit Facility, the Class A 2024 Notes and the Class A 2025 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<br> September 30, 2025 | Three Months Ended<br> September 30, 2024 | Nine Months Ended<br> September 30, 2025 | Nine Months Ended<br> September 30, 2024 |
| Ordinary income | $35338 | $17155 | $94003 | $41962 |
| Long-term capital gains |  |  |  |  |
| Tax return of capital |  |  |  |  |

---

------

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 | $1576 |
| Other book/tax temporary differences | (956) |
| 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 |
| Total distributable earnings (accumulated loss) | $1029 |

---

As of September 30, 2025, the aggregate cost of investments for U.S. federal income tax purposes is $2,640,965. As of September 30, 2025, net unrealized appreciation on the Company's investments (tax basis) was $1,751, consisting of gross unrealized appreciation, where the fair value of the Company's investments exceeds their tax cost, of $11,467 and gross unrealized depreciation, where the tax cost of the Company's investments exceeds their fair value, of $9,716. As of December 31, 2024, the aggregate cost of investments for U.S. federal income tax purposes is $1,570,133. As of December 31, 2024, net unrealized appreciation on the Company's investments (tax basis) was $409, consisting of gross unrealized appreciation, where the fair value of the Company's investments exceeds their tax cost, of $5,012 and gross unrealized depreciation, where the tax cost of the Company's investments exceeds their fair value, of $4,603.

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 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 September 30, 2025, the Company had reimbursed all expenses subject to recoupment by the Advisor. As of December 31, 2024, the Company had $778 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 in 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 September 30, 2025 and December 31, 2024, the Company had the following outstanding commitments to investments:

---

| | | |
|:---|:---|:---|
| Investments | September 30, 2025 | December 31, 2024 |
| 3 Step Sports LLC Delayed Draw Term Loan | $528 | $457 |
| AAH Topco, LLC Class C Delayed Draw Term Loan | 5283 |  |
| Accelevation LLC Delayed Draw Term Loan | 3403 |  |
| Accelevation LLC Revolving Credit Loan | 2064 |  |
| Accent Building Materials Holdings LLC Term B Delayed Term Loan | 122 | 165 |
| Accordion Partners LLC Delayed Draw Term Loan | 1534 | 1826 |
| Accordion Partners LLC Revolving Loan | 1217 | 1217 |
| ACP Avenu Buyer, LLC Delayed Term Loan | 458 | 396 |
| ACP Avenu Buyer, LLC Revolving Credit | 428 | 208 |
| ACP Falcon Buyer, Inc. Revolving Loan | 333 | 333 |
| ACP Oak Buyer, Inc. 2025 Refinancing Revolving Loan | 2041 |  |
| ACP Oak Buyer, Inc. 2025-1 Incremental Delayed Draw Term Loan | 2268 |  |
| ACP Oak Buyer, Inc. 2025-2 Incremental Delayed Draw Term Loan | 2268 |  |
| Advanced Medical Management, LLC Revolving Credit Loan | 1505 | 711 |
| Advanced Web Technologies Holding Company Revolving Credit Loan | 323 | 293 |
| AI Fire Buyer, Inc. Delayed Draw Term Loan |  | 121 |
| Alera Group, Inc. Delayed Draw Term Loan |  | 36 |
| Alkeme Intermediary Holdings, LLC Eleventh Amendment Delayed Draw Term Loan | 3734 |  |
| Alkeme Intermediary Holdings, LLC Revolving Credit | 266 |  |
| Allworth Financial Group, L.P. Fourth Amendment Delayed Draw Term Loan | 7778 | 13131 |
| Allworth Financial Group, L.P. Revolving Loan | 618 | 618 |
| Ambient Enterprises Holdco LLC Delayed Draw Term Loan |  | 1936 |
| Ambient Enterprises Holdco LLC Delayed Draw Term B Loan | 1052 |  |
| Ambient Enterprises Holdco LLC Revolving Loan | 952 | 952 |
| AmerCareRoyal, LLC Delayed Draw Term Loan A | 1867 | 1867 |
| AmerCareRoyal, LLC U.S. Revolving Credit | 617 | 196 |
| American Family Care, LLC_Delayed Draw Term Loan | 3613 |  |
| American Family Care, LLC_Revolver | 1084 |  |
| AmeriLife Holdings LLC 2024 Revolving Loan | 1358 |  |
| AmeriLife Holdings LLC Amendment No. 5 Incremental Delayed Draw Term Loan | 3289 |  |
| AMEX Holding III Corp Delayed Draw Term Loan | 1 |  |
| Any Hour LLC Delayed Term Loan | 1876 | 1876 |
| Any Hour LLC Revolving Credit | 416 | 540 |
| Apex Dental Partners, LLC Delayed Draw Term Loan | 2484 | 2583 |
| Apex Dental Partners, LLC Revolving Credit | 903 | 903 |
| Apex Service Partners, LLC Incremental Delayed Term Loan |  | 2599 |
| Apex Service Partners, LLC Revolving Credit Loan | 164 | 52 |
| Apex Service Partners, LLC Revolving Credit Loan | 302 | 97 |
| Apex Service Partners, LLC Second Amendment Incremental Delayed DrawTerm Loan | 1064 |  |
| Aptean Acquiror Inc. Delayed Draw Term Loan |  | 238 |
| Aptean Acquiror Inc. First Amendment Delayed Draw Term Loan | 2461 |  |
| Aptean Acquiror Inc. Revolving Credit | 652 | 437 |
| Archer Lewis, LLC Delayed Draw Term Loan B | 20 |  |
| Archer Lewis, LLC Initial Revolving Facility | 65 | 58 |
| Arctic Holdco, LLC 2025 Delayed Draw Term Loan | 141 |  |
| Arctic Holdco, LLC Initial Refinancing Revolving Loan | 228 |  |
| Arcticom Group Delayed Draw Term Loan D |  | 14 |
| Arden Insurance Services LLC Revolving Credit | 1634 |  |
| Arden Purchaser, LLC Revolver |  | 1307 |
| Argano, LLC Delayed Draw Term Loan |  | 2174 |
| Argano, LLC 2025 Delayed Draw Term Loan | 1121 |  |
| Argano, LLC Revolving Credit Loan | 411 | 362 |
| Artivion, Inc. Delayed Draw Term Loan |  | 558 |
| ASP Global Holdings, LLC Delayed Draw Term Loan | 616 | 616 |
| ASP Global Holdings, LLC Revolving Loan | 194 | 431 |
| Associations, Inc. Revolving Loan | 434 | 217 |
| Associations, Inc. Special Purpose Delayed Draw Term Loan | 336 | 451 |
| ATI Restoration, LLC Second Amendment Delayed Draw Term Loan | 169 | 1262 |
| Aviation Technical Services, Inc. Revolving Loan | 500 | 500 |
| AVW WV Buyer, Inc. Fourth Amendment Delayed Draw Term Loan | 746 | 1142 |
| Axis Portable Air, LLC Revolving Credit Loan | 989 | 1164 |
| Axis Portable Air, LLC Sixth Amendment Delayed Draw Term Loan |  | 2085 |
| Badge 21 Midco Holdings LLC Amendment No. 1 Delayed Draw Term Loan | 2021 |  |
| Badge 21 Midco Holdings LLC Revolving Loan | 1278 |  |
| Bamboo US BidCo LLC (aka Baxter) Delayed Term Loan |  | 44 |

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---

| | | |
|:---|:---|:---|
| Investments | September 30, 2025 | December 31, 2024 |
| Bamboo US BidCo LLC (aka Baxter) Tranche B-1 Delayed Term Loan | $7 | $84 |
| Bamboo US BidCo LLC (aka Baxter) Tranche B-2 Delayed Term Loan | 84 | 84 |
| BCDI Rodeo Dental Buyer, LLC Revolving Credit Loan | 290 | 613 |
| BCI Burke Holding Corp. Seventh Amendment Delayed Draw Term Loan | 1027 | 1027 |
| BCI Burke Holding Corp. Seventh Amendment Delayed Draw Term Loan | 1258 | 1258 |
| Beacon Oral Specialists Management LLC Eighth Amendment Delayed Draw Term Loan | 2426 |  |
| Beacon Oral Specialists Management LLC Sixth Amendment Delayed Draw Term Loan | 3141 | 5247 |
| Berlin Rosen Acquisition, LLC Revolving Loan | 235 | 300 |
| Berlin Rosen Acquisition, LLC Revolving Loan | 135 | 300 |
| Best Roofing Services LLC Revolving Loan | 896 | 896 |
| Big Top Holdings, LLC Revolving Credit Loan | 75 | 75 |
| BNI Global, LLC Revolving Credit Loan | 267 | 267 |
| Bridgepointe Technologies, LLC Delayed Draw Term Loan (2024) |  | 7225 |
| Bridgepointe Technologies, LLC Delayed Draw Term Loan 2025-A | 2568 |  |
| Bridgepointe Technologies, LLC Delayed Draw Term Loan 2025-B | 4000 |  |
| Bristol Hospice, L.L.C. Revolving Credit Loan | 1394 |  |
| C3 AcquisitionCo, LLC Delayed Draw Term Loan | 1053 | 2421 |
| C3 AcquisitionCo, LLC Revolving Loan | 363 | 908 |
| Capitol Imaging Acquisition Corp. Delayed Draw Term Loan | 607 |  |
| Capitol Imaging Acquisition Corp. Revolving Loan | 607 |  |
| CARDS Acquisition, Inc. Delayed Draw Term Loan | 2989 | 4076 |
| CARDS Acquisition, Inc. Revolving Loan | 200 | 488 |
| Carnegie Dartlet, LLC Delayed Draw Term Loan | 138 | 180 |
| Carnegie Dartlet, LLC Revolving Loan | 60 | 56 |
| Castlelake Consumer Receivables Opportunity III, L.P. Fund | 5458 | 2088 |
| Castlelake Consumer Receivables Opportunity IV, L.P. Fund | 183 | 3515 |
| Centex Acquisition, LLC Revolving Loan | 2822 | 812 |
| Cerity Partners Equity Holding LLC 2024 Incremental Delayed Draw Term Loan |  | 3726 |
| Cerity Partners Equity Holding LLC 2025 Incremental Delayed Draw Term Loan | 2107 |  |
| Cerity Partners Equity Holding LLC Initial Revolving Loan | 930 | 1063 |
| Chef Merito, LLC Delayed Draw Term Loan C |  | 341 |
| Cherry Bekaert Advisory LLC Amendment No. 1 Delayed Draw Term Loan |  | 319 |
| Chronicle Parent, LLC Delayed Draw Term Loan | 3284 |  |
| Chronicle Parent, LLC Revolving Credit Loan | 1193 |  |
| CMG HoldCo, LLC Delayed Draw Loan (Crete Mechanical Group) | 240 | 404 |
| Computer Services, Inc. Delayed Draw Term Loan | 753 | 753 |
| Concert Golf Partners Holdco LLC.Delayed Draw Term Loan | 472 |  |
| Cooper's Hawk Intermediate Holding, LLC Delayed Draw Term Loan | 2314 |  |
| Cooper's Hawk Intermediate Holding, LLC Revolving Loan | 1080 |  |
| Cornerstone Advisors of Arizona, LLC Initial Revolving Loan | 823 |  |
| Costanzo's Bakery, LLC Delayed Term Loan |  | 302 |
| Creek Parent, Inc. Revolving Credit | 2024 | 2024 |
| Crete PA Holdco, LLC Delayed Draw Term Loan | 3907 | 6512 |
| Crete PA Holdco, LLC Revolving Loan | 977 | 977 |
| CRH Healthcare Purchaser, Inc. Delayed Draw Term Loan | 3103 |  |
| CRH Healthcare Purchaser, Inc. Revolving Loan | 1241 |  |
| CSG Buyer, Inc. Delayed Draw Term Loan | 1105 | 1105 |
| CSG Buyer, Inc. Revolving Loan | 368 | 368 |
| CT Technologies Intermediate Holdings, Inc. 2025-B Special Purpose Delayed Draw Term Loan | 376 |  |
| Curio Brands, LLC Multi Draw Term Loan | 2105 |  |
| Curio Brands, LLC Revolving Loan | 1052 |  |
| CVAUSA Management, LLC Delayed Draw Term Loan | 10141 |  |
| CVAUSA Management, LLC Primary Delayed Draw Term Loan |  | 712 |
| CVAUSA Management, LLC Secondary Delayed Draw Term Loan |  | 298 |
| CVAUSA Management, LLC Revolving Loan | 350 |  |
| Cyber Advisors, LLC Amendment No. 6 Delayed Draw Term Loan | 869 |  |
| Danforth Global, Inc. Revolving Credit Loan | 417 |  |
| DCCM, LLC Delayed Draw Term Loan | 4667 |  |
| DCCM, LLC Revolving Credit Loan | 1867 |  |
| Demakes Borrower, LLC Delayed Draw Term Loan |  | 98 |
| Denali Intermediate Holdings, Inc. Revolving Credit Loan | 1578 |  |
| Denali Topco LLC Effective Date Delayed Draw Term Loan | 3689 |  |
| Denali Topco LLC Revolving Loan | 1770 |  |
| Dentive, LLC Revolving Loan | 85 | 354 |
| DermCare Management, LLC Fourth Amendment Delayed Draw Term Loan |  | 2045 |
| Digicert, Inc. Revolver | 1212 |  |
| Discovery SL Management, LLC Delayed Draw Term Loan B | 549 | 1215 |
| Discovery SL Management, LLC Revolving Credit Loan | 243 | 243 |

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| | | |
|:---|:---|:---|
| Investments | September 30, 2025 | December 31, 2024 |
| DOXA Insurance Holdings LLC Delayed Draw Term Loan | $4 | $16 |
| Duke's Root Control, Inc. Revolving Loan | 464 |  |
| Durare Bidco, LLC Delayed Draw Term Loan | 3409 |  |
| Durare Bidco, LLC Revolving Credit Loan | 1636 |  |
| Dwyer Instruments, LLC Delayed Draw Term Loan |  | 1414 |
| Dwyer Instruments, LLC Fourth Amendment Delayed Draw Term Loan | 1414 |  |
| Dwyer Instruments, LLC Revolving Loan | 1560 | 1697 |
| Echo Purchaser, Inc. Delayed Draw Term Loan (Exostar) | 63 | 118 |
| EdgeCo Buyer, Inc. Delayed Draw Term E Loan | 5738 |  |
| EdgeCo Buyer, Inc. Revolving Loan | 621 |  |
| Einstein Parent, Inc. Revolving Loan | 1002 |  |
| Elder Care Opco LLC Delayed Draw Term Loan | 2364 |  |
| Elder Care Opco LLC Revolving Loan | 709 |  |
| Enverus Holdings, Inc. Revolving Loan | 388 | 393 |
| Enverus Holdings, Inc.Delayed Draw Term Loan | 71 | 266 |
| Epika Fleet Services, Inc. Delayed Draw Term B Loan | 1537 |  |
| Equinox Buyer, LLC Revolving Credit Loan | 733 |  |
| Eskola LLC Delayed Draw Term B Loan | 4081 | 4081 |
| ETE Intermediate II LLC Revolving Loan | 212 | 31 |
| Ethos Risk Services, LLC Delayed Draw Term C Loan |  | 2667 |
| Eval Home Health Solutions Intermediate, L.L.C. Revolving Loan | 80 | 80 |
| EVDR Purchaser, Inc. Delayed Draw Term Loan | 1373 | 1373 |
| EVDR Purchaser, Inc. Revolving Credit Loan | 824 | 686 |
| Everbridge Holdings, LLC Delayed Draw Term Loan | 844 | 844 |
| Everbridge Holdings, LLC Revolving Loan | 556 | 556 |
| Excel Fitness Holdings, Inc. Delayed Term Loan | 1888 | 1888 |
| Faraday Buyer, LLC Delayed Draw Term Loan (MacLean Power Systems) | 381 | 381 |
| Fidelity Evergreen Private Credit Fund LP | 5906 | 8449 |
| First Legal Buyer, Inc. Delayed Draw Term Loan | 1361 | 1861 |
| First Legal Buyer, Inc. Revolving Loan | 931 | 931 |
| FMG Suite Holdings, LLC Revolving Credit |  | 437 |
| Forward Solutions, LLC Third Amendment Delayed Draw Term Loan | 1752 | 1752 |
| Fullsteam Operations LLC Delayed Draw Term Loan | 1138 |  |
| Fullsteam Operations LLC Revolving Loan | 379 |  |
| G-A-I Consultants, Inc. First Amendment Delayed Draw Term Loan | 3947 | 3947 |
| G-A-I Consultants, Inc. Revolving Loan | 316 | 513 |
| Gator Plastic Intermediate Holdings, LLC Revolving Loan | 290 |  |
| GC Waves Holdings, Inc. 2024 Delayed Draw Term Loan | 1075 | 4399 |
| Gen4 Dental Partners OPCO, LLC Closing Date Delayed Draw Term Loan | 1524 | 1905 |
| Gen4 Dental Partners OPCO, LLC Revolving Loan | 381 | 381 |
| GHA Buyer, Inc. (aka Cedar Gate) Amendment Number Six Term Loan | 1 |  |
| GHA Buyer, Inc. (aka Cedar Gate) Revolving Loan | 270 | 270 |
| Greenwood Operating Group, LLC Revolving Loan | 1965 |  |
| GS Acquisitionco, Inc. Eighth Suplemental Delayed Draw Term Loan | 645 |  |
| GS Acquisitionco, Inc. Revolving Loan | 798 | 1197 |
| GS Acquisitionco, Inc. Seventh Suplemental Delayed Draw Term Loan | 989 | 1229 |
| Guava Buyer LLC Initial Delayed Draw Term Loan | 963 |  |
| Guava Buyer LLC RC Facility Loan | 986 |  |
| Guidepoint Security Holdings, LLC Delayed Draw Term Loan | 78 | 78 |
| Halo Buyer, Inc. Revolving Loan | 1440 |  |
| Harris & Co. LLC Delayed Draw Term B Loan | 11 |  |
| Harris & Co. LLC Revolving Loan | 959 |  |
| Harris & Co. LLC_Delayed Draw Term C Loan | 13711 |  |
| Heads Up Technologies, Inc. Revolving Loan | 1182 |  |
| Health Buyer LLC_Revolver | 441 |  |
| HEC Purchaser Corp. Revolving Loan | 672 | 781 |
| HEF Safety Ultimate Holdings, LLC Delayed Draw Term Loan | 320 | 711 |
| Helios Service Partners, LLC Delayed Draw Term Loan 2022 | 6000 | 6000 |
| Helios Service Partners, LLC Delayed Draw Term Loan Third Amendment |  | 4000 |
| Helios Service Partners, LLC Third Amendement Incremental Delayed Draw Term Loan | 2113 | 6000 |
| Hercules Growth Lending Fund IV LP | 8789 |  |
| Heritage Foodservice Investment, LLC First Amendment Delayed Draw Term Loan | 4640 | 4821 |
| Heritage Foodservice Investment, LLC Revolving Credit Loan | 502 | 603 |
| HHS Buyer, Inc. First Incremental Amendment Delayed Draw Term Loan | 12976 |  |
| HHS Buyer, Inc. Revolving Loan | 2595 |  |
| High Street Buyer, Inc. 3/2024 Delayed Draw Term Loan |  | 6000 |
| High Street Buyer, Inc. 2025 Delayed Draw Term Loan | 4607 |  |
| Hills Distribution, Inc. Delayed Draw Term Loan | 130 | 130 |

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| | | |
|:---|:---|:---|
| Investments | September 30, 2025 | December 31, 2024 |
| Hills Distribution, Inc. Delayed Draw Term Loan | $16 | $16 |
| Houseworks Holdings, LLC Delayed Draw Term Loan |  | 2036 |
| Houseworks Holdings, LLC Fourth Amendment Delayed Draw Term Loan | 2554 | 2554 |
| HP RSS Buyer, Inc. Second Amendment Delayed Draw Term Loan | 477 |  |
| Ideal Components Acquisition, LLC Delayed Draw Term Loan | 1776 |  |
| Ideal Components Acquisition, LLC Revolving Credit Loan | 1480 |  |
| IEQ Capital, LLC 2024 Incremental Delayed Draw Term Loan | 2148 | 4418 |
| Improving Holdco, Inc. Revolving Loan (Improving Enterprises) | 329 |  |
| Inszone Mid, LLC A&R Delayed Draw Term Loan Facility |  | 124 |
| Inventus Power, Inc. Revolving Loan | 273 | 356 |
| Iodine Software, LLC Revolving Loan | 291 | 291 |
| ISG Enterprises, LLC Delayed Draw Term Loan (2023) |  | 278 |
| ITS Buyer, Inc._Revolver | 773 |  |
| Ivy Technology Parent Intermediate III Holdings, LLC Revolving Loan | 275 |  |
| JHCC Holdings LLC 2024-A Incremental Delayed Draw Term Loan |  | 69 |
| JHCC Holdings LLC 2024-B Incremental Delayed Draw Term Loan | 250 |  |
| JHCC Holdings LLC Delayed Draw Term Loan |  | 533 |
| JS Global, LLC Initial Revolving Loan | 824 |  |
| KabaFusion Parent LLC Revolving Credit Loan | 1425 | 1425 |
| Kelso Industries LLC Delayed Draw Term Loan | 1028 | 2921 |
| KENE Acquisition, Inc. Initial Delayed Draw Term Loan | 383 | 383 |
| Kite Midco II LTD Term Loan B2 | 1323 | 1323 |
| Kite Midco II LTD Term Loan B2 | 1323 | 1323 |
| KL Charlie Acquisition Company Seventh Amendment Delayed Draw Term Loan | 198 |  |
| KL Charlie Acquisition Company Sixth Amendment Delayed Draw Term Loan | 170 | 386 |
| Lakewood Acquisition Corporation Revolving Loan | 2777 |  |
| LeadVenture, Inc. Delayed Draw Term Loan | 1598 |  |
| LeadVenture, Inc. Revolving Loan | 1193 | 591 |
| LeadVenture, Inc. Supplemental No. 4 Delayed Draw Term Loan |  | 4469 |
| Liberty Purchaser, LLC Revolving Loan (Magna Legal Services) | 562 | 562 |
| Lido Advisors, LLC Eighth Amendment Incremental Delayed Draw Term Loan | 741 |  |
| Lido Advisors, LLC_Delayed Draw Term Loan Seventh Amendment |  | 1279 |
| Lido Advisors, LLC Revolving Loan | 84 |  |
| Life Science Intermediate Holdings, LLC Delayed Draw Dollar Term Loan F | 3579 | 3635 |
| Life Science Intermediate Holdings, LLC Revolving Dollar Loan (2025) | 459 |  |
| Lighthouse Technologies Holding Corp. Revolving Loan | 816 | 816 |
| LJ Avalon Holdings, LLC Amendment No. 3 Delayed Draw Term Loan | 6629 |  |
| LJ Avalon Holdings, LLC Revolving Credit | 1607 |  |
| Loving Tan Intermediate II Inc. Revolving Loan | 104 | 207 |
| M&D MidCo, Inc. Third Amendment Delayed Draw Term Loan | 260 | 260 |
| ManTech International Corporation Delayed Draw Term Loan | 615 | 615 |
| MB2 Dental Solutions, LLC Revolving Commitment | 299 | 299 |
| MB2 Dental Solutions, LLC Tranche 1 Delayed Draw Term Loan | 812 | 1189 |
| Med Learning Group, LLC Delayed Draw Term Loan | 1259 |  |
| Medical Device Inc. Revolving Loan | 399 | 552 |
| Medina Health, LLC Revolving Loan | 393 | 393 |
| Medrina, LLC Initial Delayed Draw Term Loan Facility |  | 745 |
| Medrina, LLC Revolving Facility | 532 | 532 |
| MGT Impact Holdings, LLC 2025-1 Delayed Draw Term Loan | 3498 |  |
| MGT Impact Holdings, LLC Revolving Credit Loan | 306 |  |
| Minds Buyer, LLC Revolving Credit | 625 | 625 |
| MKD Electric, LLC Revolving Loan | 221 | 936 |
| Modigent, LLC Delayed Term Loan |  | 275 |
| Moonlight Parent, Inc. Delayed Draw Term Loan | 2636 |  |
| Moonlight Parent, Inc. Revolving Loan | 1582 |  |
| Mountain Parent, Inc. Delayed Draw Term Loan | 1166 | 1166 |
| Mountain Parent, Inc. Revolving Credit Facility | 622 | 622 |
| mPulse Mobile, Inc. Initial Delayed Draw Term Loan | 1385 |  |
| mPulse Mobile, Inc. Initial Revolving Loan | 2077 |  |
| NMI Acquisitionco, Inc. Revolving Loan | 332 | 332 |
| NORA Acquisition, LLC Revolving Credit | 331 | 389 |
| NS and Associates LLC Revolving Loan (2025) | 1484 |  |
| Oakbridge Insurance Agency LLC Delayed Draw Term Loan | 3 | 136 |
| Oil Changer Holding Corporation Amendment No.4 Delayed Draw Term Loan | 1185 |  |
| Optimizely North America Inc. (USD) Revolving Credit | 1232 | 1232 |
| OSR Opco LLC Delayed Draw Term Loan |  | 1067 |
| OSR Opco LLC Revolving Loan |  | 853 |
| OSR Opco LLC, Second Amendment Revolving Loan | 568 |  |

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| | | |
|:---|:---|:---|
| Investments | September 30, 2025 | December 31, 2024 |
| Owl Cyber Defense Solutions, LLC Revolving Loan | $945 | $945 |
| Pacific Purchaser, LLC Delayed Draw Term Loan |  | 352 |
| Pacific Purchaser, LLC Revolving Loan | 176 | 176 |
| Packaging Coordinators Midco, Inc. Initial Dollar Delayed Draw Term Loan | 4405 |  |
| Packaging Coordinators Midco, Inc. Revolving Loan | 1053 |  |
| PAG Holding Corp. Revolving Loan | 1055 | 981 |
| PAI Middle Tier, LLC Revolving Credit Loan | 1701 |  |
| Par Excellence Holdings, Inc. Revolving Loan | 71 |  |
| Pareto Health Intermediate Holdings Inc. Amendment No. 1 Delayed Draw Term Loan | 3133 | 3133 |
| Pave America Holding, LLC Delayed Draw Term Loan | 3247 |  |
| Pave America Holding, LLC Revolving Credit Loan | 1266 |  |
| PCS Midco, Inc. Delayed Draw Term Loan | 9 | 9 |
| PCS Midco, Inc. Revolving Credit Loan | 19 | 15 |
| PD BridgeCo, LLC Delayed Draw Term Loan Fourth Amendment |  | 5031 |
| PDI TA Holdings, Inc. Delayed Draw Term Loan |  | 536 |
| PDI TA Holdings, Inc. Revolving Credit | 336 | 560 |
| Pediatric Home Respiratory Services, LLC Delayed Term Loan | 2415 | 2415 |
| Pediatric Home Respiratory Services, LLC Revolving Credit | 859 | 1127 |
| Penncomp, LLC Delayed Draw Term Loan A |  | 573 |
| Penncomp, LLC Delayed Draw Term Loan B | 7786 |  |
| Penncomp, LLC Revolving Loan | 519 |  |
| PestCo, LLC Delayed Draw Term Loan | 3020 |  |
| PestCo, LLC Revolving Loan | 1208 |  |
| Peter C. Foy & Associates Insurance Services, LLC Tranche E Delayed Term Loan |  | 785 |
| Peter C. Foy & Associates Insurance Services, LLC Tranche E Delayed Term Loan |  | 1085 |
| Petra Borrower, LLC Delayed Draw Term Loan | 650 | 650 |
| Petra Borrower, LLC Revolving Loan | 400 | 500 |
| PharmaLogic Holdings Corp. Delayed Draw Term Loan | 2591 | 2591 |
| Phoenix YW Buyer, Inc. Revolving Credit Loan | 1136 | 1136 |
| PMA Parent Holdings, LLC Revolving Credit Loan | 547 | 314 |
| Point Quest Acquisition, LLC Revolving Credit Loan | 1366 | 1022 |
| Point Quest Acquisition, LLC Term Loan |  | 2542 |
| PPW Aero Buyer, Inc. 2024 Delayed Draw Term Loan | 135 | 2301 |
| PracticeTek Purchaser, LLC Delayed Draw Term Loan |  | 587 |
| Premier Tires & Service Acquisition, LLC Incremental Delayed Draw Term Loan |  | 940 |
| Premier Tires & Service Acquisition, LLC Incremental Delayed Draw Term Loan |  | 940 |
| Premier Tires & Service Acquisition, LLC Incremental Revolving Loan | 50 | 318 |
| Prestige Employee Administrators, LLC Revolving Loan | 319 |  |
| PRGX Global, Inc. Delayed Draw Term Loan | 1612 |  |
| Principal Lighting Group, LLC Revolving Loan | 1643 |  |
| Puma Buyer, LLC Revolving Credit Loan | 2236 |  |
| Quick Quack Car Wash Holdings, LLC 2025 Incremental Delayed Draw Term Loan | 13202 |  |
| RailPros Parent, LLC Delayed Draw Term Loan | 818 |  |
| RailPros Parent, LLC Revolving Loan | 409 |  |
| RBFD Buyer, LLC Delayed Draw Term Loan |  | 3789 |
| RBFD Buyer, LLC Initial Delayed Draw Term Loan | 872 |  |
| RBFD Buyer, LLC Revolving Credit | 284 | 947 |
| Rcp Nats Purchaser, LLC Delayed Draw Term Loan | 2061 |  |
| Rcp Nats Purchaser, LLC Revolving Loan | 1443 |  |
| Recipe Acquisition Corp. Delayed Draw Loan | 2043 | 2185 |
| Recipe Acquisition Corp. Revolving Credit | 493 | 668 |
| Red Fox CD Acquisition Corporation Amendment No. 2 Incremental Delayed Draw Term Loan | 3390 |  |
| Redwood Services Group, LLC Sixth Amendment Incremental Delayed Draw Term Loan | 5961 |  |
| RoC Holdco LLC Revolving Credit Loan | 732 | 732 |
| Rocket Youth Brands HoldCo LLC Delayed Draw Term Loan | 2145 |  |
| Rocket Youth Brands HoldCo LLC Revolving Credit Loan | 322 |  |
| RPM Purchaser, Inc. Delayed Draw Term Loan B |  | 518 |
| RPMS LLC_Delayed Draw Term Loan | 2353 |  |
| RRA Corporate, LLC Delayed Draw Term Loan 2 | 46 |  |
| RRA Corporate, LLC Revolving Loan | 35 |  |
| Rural Sourcing Holdings, Inc. Delayed Draw Term Loan Amendment No. 1 | 352 | 352 |
| Rural Sourcing Holdings, Inc. Revolving Loan | 114 | 238 |
| Saab Purchaser, Inc. First Amendment Delayed Draw Term Loan | 5348 |  |
| SAAB Purchaser, Inc._Revolver | 713 |  |
| Sagebrush Buyer, LLC Revolving Credit | 776 | 776 |
| SageSure Holdings, LLC Amendment No. 1 Delayed Draw Term Loan | 1729 |  |
| SageSure Holdings, LLC Delayed Draw Term Loan |  | 1041 |
| Saldon Holdings, Inc. Initial Delayed Draw Term Loan | 127 | 127 |

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---

| | | |
|:---|:---|:---|
| Investments | September 30, 2025 | December 31, 2024 |
| Salt Dental Collective, LLC Columbia Acquisition Revolving Credit | $33 | $— |
| Salute Mission Critical, LLC Delayed Draw Term Loan Commitment |  | 3497 |
| Salute Mission Critical, LLC Revolving Loan |  | 699 |
| Saturn Borrower Inc Tenth Amendment Delayed Draw Term Loan | 2160 |  |
| Saturn Borrower Inc Tenth Amendment Revolving Loan | 739 |  |
| SDG Mgmt Company, LLC Third Amendment Delayed Draw Term Loan A | 368 |  |
| SDG Mgmt Company, LLC Third Amendment Delayed Draw Term Loan C | 498 |  |
| Sigma Defense Systems LLC Revolving Loan | 58 | 75 |
| Signature Investor LLC Term Loan B | 345 |  |
| Socket Holdings Corporation Delayed Draw Term Loan | 1267 |  |
| Socket Holdings Corporation Initial Revolving Loan | 186 |  |
| Solairus Holdings, LLC 2025 Delayed Draw Term Loan | 494 |  |
| Solairus Holdings, LLC Revolver | 124 |  |
| Sonny's Enterprises, LLC Amendment No.1 Delayed Draw Term Loan | 414 | 414 |
| Spark Buyer, LLC Delayed Draw Term Loan | 2500 | 2500 |
| Spark Buyer, LLC Revolving Credit Loan | 825 | 1250 |
| Spark Purchaser, Inc. Revolving Credit | 809 | 809 |
| Stonebridge Companies, LLC Delayed Draw Term Loan | 1881 |  |
| Stonebridge Companies, LLC Revolving Credit Loan | 1254 |  |
| SuperHero Fire Protection, LLC Revolving Loan | 530 | 63 |
| Superjet Buyer, LLC Delayed Draw Term Loan | 4037 | 4350 |
| SureWerx Purchaser III, Inc. Delayed Draw Term Loan | 229 | 430 |
| Surgical Center Solutions, LLC Delayed Draw Term Loan | 1001 |  |
| Surgical Center Solutions, LLC Revolving Loan | 471 |  |
| Syndigo LLC_Revolver | 2133 |  |
| Systems Planning and Analysis, Inc. Fifth Amendment Delayed Draw Term Loan | 295 |  |
| Systems Planning and Analysis, Inc. Revolving Loan | 2304 |  |
| Tank Holding Corp. Delayed Draw Term Loan |  | 758 |
| Tau Buyer, LLC Delayed Draw Term Loan | 876 |  |
| Tau Buyer, LLC Revolving Credit | 511 |  |
| TCP Hawker Intermediate LLC Delayed Draw Term Loan | 80 | 80 |
| TCP Hawker Intermediate LLC Ninth Amendment Delayed Draw Term Loan 11/24 | 76 | 76 |
| Tender Products, Inc. Revolving Loan | 1579 |  |
| Thames Technology Holdings, Inc. Revolving Loan | 315 | 789 |
| The Vertex Companies, Inc. Revolving Loan | 1503 |  |
| Thrive Buyer, Inc. Initial Revolving Loan |  | 97 |
| TMSC OpCo, LLC Revolving Loan | 788 | 1050 |
| Track Branson Opco, LLC, The Revolving Loan | 119 | 119 |
| Transgo, LLC Revolving Loan | 605 | 605 |
| Trench Plate Rental Co. Revolving Loan | 309 | 119 |
| Tricor, LLC Amendment No. 6 Delayed Draw Term Loan | 5560 |  |
| Tricor, LLC Revolving Loan | 1000 | 144 |
| Truck-Lite Co., LLC 2025 Replacement Revolving Loan | 622 |  |
| Truck-Lite Co., LLC Delayed Draw Term Loan |  | 622 |
| Truck-Lite Co., LLC Delayed Draw Term Loan A | 224 |  |
| Truck-Lite Co., LLC Delayed Draw Term Loan B | 1077 |  |
| Truck-Lite Co., LLC Delayed Draw Term Loan C | 886 |  |
| Truck-Lite Co., LLC Initial Revolving Credit Loan |  | 622 |
| TVG Shelby Buyer, Inc. Amendment No. 6 Incremental Delayed Draw Term Loan | 2024 | 2500 |
| TVG Shelby Buyer, Inc. Revolving Credit Loan | 250 | 250 |
| United Flow Technologies Intermediate HoldCo II, LLC Amendment No. 1 Delayed Draw Term Loan | 7027 |  |
| Upland Software, Inc. Revolving Loan | 2000 |  |
| Upstack Holdco Inc. Delayed Draw Term Loan | 2166 | 3125 |
| Upstack Holdco Inc. Revolving Credit Loan | 937 | 1063 |
| USIC Holdings, Inc. Revolving Loan | 874 | 1035 |
| USIC Holdings, Inc. Specified Delayed Draw Term Loan | 338 | 580 |
| Vacation Rental Brands, LLC Delayed Draw Term Loan | 787 | 261 |
| Vacation Rental Brands, LLC Revolving Loan | 1022 | 430 |
| Valkyrie Buyer, LLC Delayed Draw Term Loan A | 55 | 561 |
| Valkyrie Buyer, LLC Delayed Draw Term Loan B |  | 749 |
| Valkyrie Buyer, LLC Delayed Draw Term Loan C |  | 694 |
| Valkyrie Buyer, LLC Delayed Draw Term Loan D | 3209 | 4000 |
| Valkyrie Buyer, LLC Delayed Draw Term Loan E | 2000 | 2000 |
| Valkyrie Buyer, LLC Revolving Credit Loan | 243 | 468 |
| Vehlo Purchaser, LLC Tranche C Delayed Draw Term Loan | 5053 |  |
| Vensure Employer Services, Inc. Initial Delayed Draw Term Loan | 410 | 1075 |
| Vensure Employer Services, Inc. Initial Delayed Draw Term Loan | 410 | 1075 |
| Vertex Companies, Inc., The Delayed Draw Term Loan-B |  | 4746 |

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| | | |
|:---|:---|:---|
| Investments | September 30, 2025 | December 31, 2024 |
| Vertex Companies, Inc., The Fourth Amendment Revolving Loan | $— | $2373 |
| Vertex Service Partners, LLC First Amendment Incremental Delayed Draw Term Loan | 3549 | 4321 |
| Vertex Service Partners, LLC Revolving Facility | 80 | 47 |
| Vital Purchaser, LLC Revolving Loan | 492 | 492 |
| Vortex Companies, LLC Amendment No. 4 Incremental Delay Draw Term Loan |  | 3420 |
| Vortex Companies, LLC Delayed Term Loan | 668 |  |
| Vortex Companies, LLC Revolving Loan | 462 |  |
| Vortex Intermediate, LLC Revolver Amendment No. 4 Incremental |  | 662 |
| VRC Companies, LLC Fourth Amendment Delayed Draw Term Loan |  | 2653 |
| VTC Buyer Corp. Advance | 1927 |  |
| VTC Buyer Corp. Designated Delayed Draw Term Loan | 3173 |  |
| VTC Buyer Corp. Future Expansion Delayed Draw Term Loan | 2222 |  |
| Vybond Buyer, LLC Delayed Draw Term Loan | 2374 |  |
| Vybond Buyer, LLC Revolving Credit Loan | 1781 |  |
| W.A. Kendall and Company, LLC Revolving Loan | 272 |  |
| W.A. Kendall and Company, LLC Seventh Amendment Delayed Draw Term Loan | 2792 |  |
| WC PLG Buyer, Inc Revolver |  | 1643 |
| Wealth Enhancement Group, LLC August 2025 Delayed Draw Term Loan | 803 |  |
| Wealth Enhancement Group, LLC December 2024 Delayed Draw Term Loan | 5710 | 6774 |
| Wealth Enhancement Group, LLC Initial Revolving Loan | 226 | 226 |
| Western Smokehouse Partners, LLC Delayed Draw Term Loan C | 4894 | 7258 |
| Western Smokehouse Partners, LLC Revolving Loan | 167 |  |
| Wharf Street Ratings Acquisition LLC Delayed Draw Term Loan | 1631 |  |
| Wharf Street Ratings Acquisition LLC_Revolver | 1684 |  |
| Worldwide Insurance Network, LLC 2025 Incremental Delayed Draw Term Loan | 2190 |  |
| Worldwide Insurance Network, LLC Delayed Draw Term Loan | 180 | 1259 |
| Zep Holdco Inc. Revolving Credit Loan (aka TL Atlas Merger) | 1352 |  |
|  | $540620 | $333896 |

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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 nine months ended September 30, 2025:

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| | | | |
|:---|:---|:---|:---|
| Share Issuance Date | Shares Issued | Amount | Offering Price |
| January 1 | 1191393 | $30975 | $26.00 |
| February 1 | 2949039 | 77358 | 26.23 |
| March 1 | 2030616 | 53745 | 26.47 |
| April 1 | 3273944 | 85158 | 26.01 |
| May 1 | 849290 | 22203 | 26.14 |
| June 1 | 3052634 | 80595 | 26.40 |
| July 1 | 2115437 | 54957 | 25.98 |
| August 1 | 3886374 | 101893 | 26.22 |
| September 1 | 3624185 | 95793 | 26.43 |
| Total issuance of shares | 22972912 | $602677 |  |

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The following table summarizes total Shares issued (including DRIP), related amounts and offering price for the share issuances during the nine months ended September 30, 2024:

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| | | | |
|:---|:---|:---|:---|
| Share Issuance Date | Shares Issued | Amount | Offering Price |
| January 1 | 1166604 | $30032 | $25.74 |
| February 1 | 809925 | 21040 | 25.98 |
| March 1 | 1653938 | 43355 | 26.21 |
| April 1 | 1873293 | 48379 | 25.83 |
| May 1 | 559944 | 14583 | 26.04 |
| June 1 | 2570861 | 67500 | 26.26 |
| July 1 | 2818437 | 72888 | 25.86 |
| August 1 | 1008595 | 26390 | 26.17 |
| September 1 | 1044222 | 27540 | 26.37 |
| Total issuance of shares | 13505819 | $351707 |  |

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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. 510,957 Shares were issued in April 2025 in connection with the Company's DRIP for the Q1 2025 Distribution.

On May 7, 2025, the Board declared a distribution on the Shares, which was paid on August 1, 2025 to shareholders of record as of the close of business on June 27, 2025 (the "Q2 2025 Distribution"). The amount of the Q2 2025 Distribution equaled $0.64 per Share and was paid in cash or reinvested in additional Shares for shareholders participating in the Company's DRIP. 589,003 Shares were issued in August 2025 in connection with the Company's DRIP for the Q2 2025 Distribution.

On August 11, 2025, the Board declared a distribution on the Shares, which was paid on October 31, 2025 to shareholders of record as of the close of business on September 29, 2025 (the "Q3 2025 Distribution"). The amount of the Q3 2025 Distribution equaled $0.61 per Share and was paid in cash or reinvested in additional Shares for shareholders participating in the Company's DRIP. 634,345 Shares were issued in October 2025 in connection with the Company's DRIP for the Q3 2025 Distribution.

The following table identifies distributions declared for the nine months ended September 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| Date Declared | Record Date | Payment Date | Distribution Per Share | Distribution Amount |
| March 25, 2025 | March 28, 2025 | April 30, 2025 | $0.67 | $27750 |
| May 7, 2025 | June 27, 2025 | August 1, 2025 | 0.64 | 30915 |
| August 11, 2025 | September 29, 2025 | October 31, 2025 | 0.61 | 35338 |

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Date Declared | Record Date | Payment Date | Distribution Per Share | Distribution Amount |
| March 14, 2024 | March 29, 2024 | April 30, 2024 | $0.65 | $10777 |
| May 7, 2024 | June 28, 2024 | July 31, 2024 | 0.65 | 14030 |
| August 8, 2024 | September 30, 2024 | October 31, 2024 | 0.65 | 17155 |
| November 11, 2024 | December 30, 2024 | January 30, 2025 | 0.65 | 22954 |

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During the three and nine months ended September 30, 2025, the Company issued 589,003 and 1,525,234 Shares, respectively, in connection with the DRIP for an aggregate amount of $15,302 and $39,649, respectively. During the three and nine months ended September 30, 2024, the Company issued 298,382 and 841,353 Shares, respectively, in connection with the DRIP for an aggregate amount of $7,716 and $21,718, 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

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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 (not in thousands) 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 $7,504.

On June 20, 2025, the Company offered to purchase up to 2,056,473 Shares at a purchase price equal to the NAV per Share as of July 31, 2025 (the "June 2025 Repurchase Offer"), upon the terms and subject to the conditions set forth in the offer to purchase for the June 2025 Repurchase Offer. The June 2025 Repurchase Offer expired on July 18, 2025 and no Shares were tendered by the shareholders in connection with the June 2025 Repurchase Offer.

On August 1, 2025, the Company offered to purchase up to 2,415,266 Shares at a purchase price equal to the NAV per Share as of September 30, 2025 (the "August 2025 Repurchase Offer"), upon the terms and subject to the conditions set forth in the offer to purchase for the August 2025 Repurchase Offer. The August 2025 Repurchase Offer expired on August 28, 2025 and no Shares were tendered by the shareholders in connection with the August 2025 Repurchase Offer.

During the three and nine months ended September 30, 2025, the Company repurchased 0 and 288,512 Shares, pursuant to its discretionary share repurchase program. During the three and nine months ended September 30, 2024, the Company repurchased 64,340 Shares, pursuant to its discretionary share repurchase program.

The following table summarizes the capital activity during the three months ended September 30, 2025 and 2024:

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| | | |
|:---|:---|:---|
|  | Three Months Ended<br> September 30, 2025 | Three Months Ended<br> September 30, 2024 |
| Shares outstanding as of June 30, 2025 and 2024, respectively | 48305330 | 21520505 |
| Shares issued in private offerings | 9036993 | 4572872 |
| Shares issued in connection with DRIP | 589003 | 298382 |
| Shares repurchased |  | (84438) |
| Shares outstanding as of September 30, 2025 and 2024, respectively | 57931326 | 26307321 |

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------

The following table summarizes the capital activity during the nine months ended September 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | Nine Months Ended<br> September 30, 2025 | Nine Months Ended<br> September 30, 2024 |
| Shares outstanding as of December 31, 2024 and 2023, respectively | 35246926 | 12950280 |
| Shares issued in private offerings | 21447678 | 12664466 |
| Shares issued in connection with DRIP | 1525234 | 841353 |
| Shares repurchased | (288512) | (148778) |
| Shares outstanding as of September 30, 2025 and 2024, respectively | 57931326 | 26307321 |

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10. Financial Highlights

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| | | |
|:---|:---|:---|
|  | Nine Months Ended<br> September 30, 2025 | Nine Months Ended<br> September 30, 2024 |
| Per share data: |  |  |
| Net asset value, beginning of period | $26.00 | $25.74 |
| Net investment income (loss)<sup>(1)</sup> | 1.92 | 2.05 |
| Realized and unrealized gain (loss) on investment transactions<sup>(2)</sup> | 0.05 | 0.12 |
| Total from operations | 1.97 | 2.17 |
| Distributions from net investment income | (1.92) | (1.95) |
| Distributions from net realized capital gains/losses |  |  |
| Total increase (decrease) in net assets | 0.05 | 0.22 |
| Net asset value, end of period | $26.05 | $25.96 |
| Shares outstanding, end of period | 57931326 | 26307321 |
| Total return<sup>(3)</sup> | 7.79% | 8.62% |
| Ratios / supplemental data |  |  |
| Ratio of gross expenses to average net assets<sup>(4)(5)(7)(8)</sup> | 6.11% | 7.40% |
| Ratio of net expenses to average net assets<sup>(4)(6)(7)(8)</sup> | 6.18% | 7.55% |
| Ratio of net investment income (loss) to average net assets<sup>(4)(8)</sup> | 7.58% | 8.19% |
| Net assets, end of period (in thousands) | $1509265 | $682882 |
| Weighted average shares outstanding | 46874364 | 20120646 |
| Portfolio turnover rate<sup>(9)</sup> | 13.14% | 18.51% |

---

(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 (0.15)% on average net assets for the nine months ended September 30, 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 0.61% and 0.01%, respectively, for the nine months ended September 30, 2025. The income incentive fee ratio and capital gains-based incentive fee are 0.67% and 0.03%, respectively, for the nine months ended September 30, 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.

11. Subsequent Events

The Company's management has evaluated events subsequent to September 30, 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.

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On October 1, 2025, the Company sold 5,153,708 Shares in the Private Offering pursuant to Subscription Agreements entered into with the participating investors for aggregate consideration of $134,300.

On November 3, 2025, the Company offered to purchase up to 2,896,566 Shares at a purchase price equal to the NAV per Share as of December 31, 2025 (the "November 2025 Repurchase Offer"), upon the terms and subject to the conditions set forth in the offer to purchase for the November 2025 Repurchase Offer. The November 2025 Repurchase Offer is set to expire on December 2, 2025.

On November 11, 2025, the Board declared a distribution on the Shares equal to an aggregate amount up to (i) the Company's taxable earnings, including net investment income (if positive) and capital gains, for the three months ended December 31, 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 "Q4 2025 Distribution"). The Q4 2025 Distribution is payable on January 30, 2026 to shareholders of record as of the close of business on December 30, 2025. The final amount of the Q4 2025 Distribution will be determined by the Company's management at a later date, in accordance with the Board's authorization. The Q4 2025 Distribution will be paid in cash or reinvested in additional Shares for shareholders participating in the Company's DRIP.

The Company received approximately $31,800 of subscriptions effective November 3, 2025 in connection with its monthly closing for the Private Offering.

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##### [**Table of Contents**](#toc)

#### Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
*Beginning in the third quarter of 2025, all amounts are presented in thousands, except share amounts, per share data, percentages, and where otherwise indicated. Prior period amounts have been recast to conform to the current presentation.* 

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 current and 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 its 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.

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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 $10,000 to $100,000. 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.

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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.

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#### 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;

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• 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 September 30, 2025, the Company had 1,156 investments in 371 portfolio companies across 81 industries. Based on fair value as of September 30, 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 9.7% as of September 30, 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 September 30, 2025 and December 31, 2024, the Company's portfolio median EBITDA was $63,600 and $54,400, respectively. The portfolio median EBITDA is based on the most recently reported trailing twelve-month EBITDA received from the portfolio company.

As of September 30, 2025 and December 31, 2024, the Company's median loan-to-value ("LTV") was 39.5% 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 September 30, 2025, the Company had one investment that was placed on non-accrual status. The amortized cost of investments on non-accrual status as of September 30, 2025 was $4,841. No investments were on non-accrual status as of December 31, 2024.

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.

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#### Consolidated Results of Operations
Set forth below is a comparison of the results of operations and changes in financial condition for the three and nine months ended September 30, 2025 and 2024. The following tables represent our operating results for the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>September 30, 2025** | **Three Months Ended<br>September 30, 2024** | **Nine Months Ended<br>September 30, 2025** | **Nine Months Ended<br>September 30, 2024** |
|  Total investment income | $63251 | $30972 | $163270 | $79401 |
|  Less: Net expenses | (28688) | (14665) | (73311) | (38096) |
|  Net investment income (loss) | 34563 | 16307 | 89959 | 41305 |
|  Net change in unrealized appreciation (depreciation) | 2487 | 2557 | 1751 | 2304 |
|  **Net increase (decrease) in Net Assets resulting from operations** | $37050 | $18864 | $91710 | $43609 |

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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 net change in unrealized appreciation (depreciation) for the three and nine months ended September 30, 2025 and 2024 were largely due to increases in NAV on private credit fund investments.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>September 30, 2025** | **Three Months Ended<br>September 30, 2024** | **Nine Months Ended<br>September 30, 2025** | **Nine Months Ended<br>September 30, 2024** |
|  **Investment income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $62448 | $30875 | $160867 | $79042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment-in-kind | 438 | 97 | 1417 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | 365 |  | 986 |  |
|  **Total Investment Income** | $63251 | $30972 | $163270 | $79401 |

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PIK income increased to $438 during the three months ended September 30, 2025, as compared to $97 for the three months ended September 30, 2024, and to $1,417 during the nine months ended September 30, 2025, as compared to $359 for the nine months ended September 30, 2024. These increases are due to several portfolio companies electing a PIK toggle. Loans amended to include PIK toggles post-origination are monitored closely, as they may indicate elevated credit risk. As of September 30, 2025, 1.9% of debt investments have elected the PIK toggle. We believe that the Company's approach to PIK income aligns with industry best practices and includes regular monitoring of valuation updates by the Advisor's Valuation Committee and oversight by the Board.

For the nine months ended September 30, 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 $2,645,505 as of September 30, 2025 and, as of such date, all of the Company's debt investments were income-producing.

For the nine months ended September 30, 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 $1,204,966 as of September 30, 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 September 30, 2025, the Company had one investment that had an interest default and was placed on non-accrual status. As of December 31, 2024, all of the Company's debt investments were performing and current on their interest payments.

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#### Expenses
Expenses were as follows for the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>September 30, 2025** | **Three Months Ended<br>September 30, 2024** | **Nine Months Ended<br>September 30, 2025** | **Nine Months Ended<br>September 30, 2024** |
|  Expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | $19325 | $9220 | $48973 | $24952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fee | 3580 | 1664 | 9111 | 3924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income incentive fee | 2812 | 1342 | 7289 | 3360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gains-based incentive fee | 191 | 193 | 146 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 969 | 282 | 2175 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fee | 711 | 497 | 2062 | 1179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 137 | 26 | 312 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 129 | 147 | 263 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors' fees | 63 | 50 | 163 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 771 | 636 | 2039 | 1592 |
|  Total expenses | $28688 | $14057 | $72533 | $37349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less expense (recoupment) support payments (to) by the Advisor |  | (608) | (778) | (747) |
|  Net expenses | $28688 | $14665 | $73311 | $38096 |

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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 the nine months ended September 30, 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.

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 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 nine months ended September 30, 2025.

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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 September 30, 2025 we had $70,925 in cash and cash equivalents and restricted cash and restricted cash equivalents. During the nine months ended September 30, 2025, we used $(979,631) in cash for operating activities, primarily as a result of funding of portfolio investments of $(1,345,725), partially offset by sales, exits and repayments of portfolio investments of $277,169, and other operating activities of $88,925. Cash provided by financing activities was $1,019,312 during the period, which was primarily the result of proceeds from the issuance of Shares in the Private Offering of $563,028 and borrowings of $1,210,400 under our financing arrangements, partially offset by distributions paid and repurchase of shares of $(51,217) and repayments of borrowings, including debt issuance costs paid of $(702,899).

As of September 30, 2024 we had $25,224 in cash and cash equivalents and restricted cash and restricted cash equivalents. During the nine months ended September 30, 2024, we used $(576,882) in cash for operating activities, primarily as a result of funding of portfolio investments of $(792,005), partially offset by sales, exits and repayments of portfolio investments of $165,955, and other operating activities of $49,168. Cash provided by financing activities was $583,182 during the period, which was primarily the result of proceeds from the issuance of Shares in the Private Offering of $329,990 and borrowings of $669,435 under our financing arrangements, partially offset by distributions paid of $(13,172) and repayments of borrowings of $(403,071).

#### 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 September 30, 2025 and December 31, 2024, our asset coverage ratio, as defined under the 1940 Act, was 228.0% 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.

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As of September 30, 2025 and December 31, 2024, the Company had outstanding borrowings of $1,179,571 and $662,171, 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* 

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. 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. 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 September 30, 2025 and December 31, 2024, the Company had an outstanding principal balance under the MassMutual SPV I Facility of $187,500 and $204,500, respectively. For the three and nine months ended September 30, 2025, the Company's borrowings under the MassMutual SPV I Facility bore interest at a weighted average interest rate of 7.51% and 7.55%, respectively. For the three and nine months ended September 30, 2024, the Company's borrowings under the MassMutual SPV I Facility bore interest at a weighted average interest rate of 8.41% and 8.54%, respectively. For the three and nine months ended September 30, 2025, the daily average amount of outstanding borrowings under the MassMutual SPV I Facility were $187,500 and $189,207, respectively. For the three and nine months ended September 30, 2024, the daily average amount of outstanding borrowings under the MassMutual SPV I Facility were $134,326 and $142,971, respectively.

*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 under the BMO SPV II Credit Facility, with an accordion provision to permit increases to the total facility amount up to $100,000, 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 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. 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 as of the amendment effective date. On June 23, 2025, SPV Facility II and BMO entered into an amendment (the "BMO Third Amendment") to the BMO Loan and Security Agreement. The BMO Third Amendment, among other things, increased the aggregate commitments by the lenders under the BMO SPV II Credit Facility to $162,500 as of the amendment effective date and extended the commitment termination date under the BMO SPV II Credit Facility to June 30, 2027. Prior to the effective date of the BMO Third Amendment, borrowings under the BMO SPV II Credit Facility generally bore 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 Third Amendment reduced the applicable margin on borrowings under the BMO SPV II Credit Facility, such that borrowings under the BMO SPV II Credit Facility will generally bear interest at a rate per annum equal to 3-Month Term SOFR plus a margin of 2.35% (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.

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

As of September 30, 2025 and December 31, 2024, the Company had an outstanding principal balance under the BMO SPV II Credit Facility of $106,671 and $97,671, respectively, in connection with investments purchased through participation agreements from BMO. For the three and nine months ended September 30, 2025, the Company's borrowings under the BMO SPV II Credit Facility bore interest at a weighted average interest rate of 6.64% and 6.75%, respectively. For the three and nine months ended September 30, 2024, the Company's borrowings under the BMO SPV II Credit Facility bore interest at a weighted average interest rate of 7.88% and 7.84%, respectively. For the three and nine months ended September 30, 2025, the daily average amount of outstanding borrowings under the BMO SPV II Credit Facility were $97,757 and $95,861, respectively. For the three and nine months ended September 30, 2024, the daily average amount of outstanding borrowings under the BMO SPV II Credit Facility were $100,671 and $99,371, 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 under the 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 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, 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, and (2) decreased the applicable margin on borrowings to 2.15% under the Wells Fargo SPV III Credit Facility. On May 14, 2025, the Company further amended the Wells Fargo SPV III Credit Facility (the "Wells Fargo Third Amendment"), which, among other things, increased the aggregate commitments by the lenders under the Wells Fargo SPV III Credit Facility to $750,000. On September 29, 2025 the Company further amended the Wells Fargo SPV III Credit Facility (the "Wells Fargo Fourth Amendment"), which, among other things, permitted SPV Facility III, to enter into a master participation agreement with another wholly owned subsidiary of the Company.

Borrowings under the Wells Fargo SPV III Credit Facility 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 Third 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 Third 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 September 30, 2025 and December 31, 2024, the Company had an outstanding principal balance under the Wells Fargo SPV III Credit Facility of $440,500 and $360,000, respectively. For the three and nine months ended September 30, 2025, the Company's borrowings under the Wells Fargo SPV III Credit Facility bore interest at a weighted average interest rate of 6.49% and 6.43%, respectively. For the three and nine months ended September 30, 2024, the Company's borrowings under the Wells Fargo SPV III Credit Facility bore interest at a weighted average interest rate of 7.96% and 7.97%, respectively. For the three and nine months ended September 30, 2025, the daily average amount of outstanding borrowings under the Wells Fargo SPV III Credit Facility was $499,413 and $412,471, respectively. For the three and nine months ended September 30, 2024, the daily average amount of outstanding borrowings under the Wells Fargo SPV III Credit Facility was $178,853 and $128,667, respectively.

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*JPM SPV V Credit Facility* 

On July 25, 2025, the Company, through SPV Facility V as borrower, entered into a Loan and Security Agreement (the "JPM Loan and Security Agreement") with JP Morgan Chase Bank, National Association, as the administrative agent, UMB Bank, National Association, as the collateral administrator, collateral agent and securities intermediary, and the lenders party thereto from time to time, to provide SPV Facility V with a revolving credit facility (the "JPM SPV V Credit Facility"). The Company serves as portfolio manager and parent under the JPM Loan and Security Agreement.

The lenders have made aggregate commitments of $250,000 under the JPM SPV V Credit Facility, which will be available to draw in U.S. dollars and, subject to agreed limits, Euros, sterling, Canadian dollars and/or Swiss francs (the "Agreed Currencies"). Borrowings under the JPM SPV V Credit Facility will generally bear interest at a rate per annum equal to the applicable benchmark for the applicable Agreed Currency (subject to a floor of 0%) (Term SOFR for loans drawn in U.S. dollars) plus a margin of (a) 1.85% until January 24, 2027, or (b) 1.90% for the remaining term thereafter. Amounts available for borrowing under the JPM SPV V Credit Facility are subject to a borrowing base that applies an advance rate of 62.5% to assets held by SPV Facility V and are subject to limitations with respect to the loans securing the JPM SPV V Credit Facility, which may affect the borrowing base and therefore amounts available to borrow under the JPM SPV V Credit Facility. Borrowings under the JPM SPV V Credit Facility are secured by all of the assets held by SPV Facility V. The facility may not be voluntarily repaid or the commitment thereunder voluntarily cancelled prior to January 25, 2027, and a premium of 1% is payable in respect of any voluntary prepayment of advances or cancellation of commitments under the JPM SPV V Credit Facility made in the period from January 25, 2027 until July 25, 2028.

In connection with the JPM SPV V Credit Facility, SPV Facility V is required to pay a non-use fee equal to, during the first three years of the availability period, 0.60% multiplied by the unutilized portion of the total commitments available under the JPM SPV V Credit Facility.

The JPM Loan and Security Agreement includes customary covenants, reporting requirements, and other customary requirements applicable to the Company and SPV Facility V and provides for events of default and acceleration provisions customary for a facility of its type.

The reinvestment period end date (after which no borrowings may be drawn under the JPM SPV V Credit Facility) and the maturity date under the JPM SPV V Credit Facility are scheduled for July 25, 2028 and July 25, 2030, respectively, unless the JPM Loan and Security Agreement is sooner terminated in accordance with its terms.

As of September 30, 2025, the Company had an outstanding principal balance under the JPM SPV V Credit Facility of $96,900. For the three and nine months ended September 30, 2025, the Company's borrowings under the JPM SPV V Credit Facility bore interest at a weighted average interest rate of 6.06%. For the three and nine months ended September 30, 2025, the daily average amount of outstanding borrowings under the JPM SPV V Credit Facility was $72,082.

*2024-I CLO* 

On January 15, 2025, the Company completed its $300,400 term debt securitization, also known as a collateralized loan obligation (the "2024-I CLO"), in connection with which the 2024-I Issuer issued the 2024-I CLO Debt (as defined below).

The debt offered in the 2024-I CLO was issued and incurred by the 2024-I Issuer and consists of (i) Class A Senior Secured Floating Rate Notes and Class B Senior Secured Floating Rate Notes (collectively, the "2024-I CLO Secured Debt"), and (ii) the subordinated notes (the "2024-I CLO Subordinated Notes" and, together with the 2024-I CLO Secured Debt, the "2024-I CLO Debt"), the terms of which are summarized in the table below:

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| | | | |
|:---|:---|:---|:---|
| Class | Par Size | Ratings (S&P) | Coupon |
| Class A 2024 Notes | $174000 | AAA(sf) | 3M SOFR + 1.70% |
| Class B 2024 Notes | $30000 | AA(sf) | 3M SOFR + 2.00% |
| 2024-I CLO Subordinated Notes | $96400 | N/A | N/A |

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The Company directly retained 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.

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The portfolio is managed by the Company pursuant to a collateral management agreement entered into with the 2024-I Issuer (the "2024-I CLO 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 2024-I CLO 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.

As part of the 2024-I CLO, the Company and the 2024-I Issuer entered into a master loan sale agreement (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 by and among the 2024-I Issuer, as buyer, and the Company, SPV Facility I LLC and StepStone SPV Facility III LLC (collectively, the "2024-I CLO Participation Sellers"), as sellers, 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 2024-I CLO Participation Sellers, holds all of the ownership interest in such loans and participation interests. The Company and the 2024-I CLO 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 September 30, 2025, the Company had an outstanding principal balance under the Class A 2024 Notes of $174,000. For the three and nine months ended September 30, 2025, the Company's borrowings under the Class A 2024 Notes bore interest at a weighted average interest rate of 6.01% and 5.99%, respectively. For the three and nine months ended September 30, 2025, the daily average amount of outstanding borrowings under the Class A 2024 Notes was $174,000 and $174,000, respectively. The 2024-I CLO is subject to the Company's overall asset coverage requirement under the 1940 Act.

*2025-I CLO* 

On September 17, 2025, the Company completed its $298,900 term debt securitization, also known as a collateralized loan obligation (the "2025-I CLO"), in connection with which the 2025-I Issuer issued the 2025-I CLO Debt (as defined below).

The debt offered in the 2025-I CLO was issued and incurred by the 2025-I Issuer and consists of (i) Class A Senior Secured Floating Rate Notes and Class B Senior Secured Floating Rate Notes (collectively, the "2025-I CLO Secured Debt"), and (ii) the subordinated notes (the "2025-I CLO Subordinated Notes" and, together with the 2025-I CLO Secured Debt, the "2025-I CLO Debt"), the terms of which are summarized in the table below:

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|:---|:---|:---|:---|
| Class | Par Size | Ratings (S&P) | Coupon |
| Class A 2025 Notes | $174000 | AAA(sf) | 3M SOFR + 1.68% |
| Class B 2025 Notes | $30000 | AA(sf) | 3M SOFR + 2.00% |
| 2025-I CLO Subordinated Notes | $94900 | N/A | N/A |

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The Company directly retained the Class B 2025 Notes and 2025-I CLO Subordinated Notes issued in the 2025-I CLO.

The 2025-I CLO is backed by a diversified portfolio of broadly syndicated commercial loans and middle-market commercial loans and participation interests therein. Through August 20, 2029, all principal collections received on the underlying collateral may be used by the 2025-I Issuer to purchase new collateral in accordance with the Company's investment strategy, allowing the Company to maintain the initial leverage in the 2025-I CLO.

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The portfolio is managed by the Company pursuant to a collateral management agreement entered into with the 2025-I Issuer (the "2025-I CLO 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 2025-I CLO Collateral Management Agreement. The 2025-I CLO Debt is scheduled to mature on August 20, 2037; however, the 2025-I CLO Secured Debt may be redeemed by the 2025-I Issuer, at the direction of the Company, on any business day after August 20, 2027 (i) in whole in order of seniority (with respect to all classes of 2025-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 2025-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 2025-I CLO Indenture, and the 2025-I CLO Subordinated Notes may be redeemed, in whole but not in part, on any business day on or after the redemption of the 2025-I CLO Secured Debt in full.

As part of the 2025-I CLO, the Company and the 2025-I Issuer entered into a master loan sale agreement (the "2025-I CLO Sale Agreement"), pursuant to which the Company sold, transferred, assigned, contributed or otherwise conveyed to the 2025-I Issuer certain loans and participation interests therein securing the 2025-I CLO for the purchase price and other consideration set forth in the 2025-I CLO Sale Agreement. The remainder of the initial collateral portfolio was acquired as participation interests by the 2025-I Issuer pursuant to the 2025-I CLO Participation Agreement by and among the 2025-I Issuer, as buyer, and the Company, SPV Facility I LLC and StepStone SPV Facility III LLC (collectively, the "2025-I CLO Participation Sellers"), as sellers, for the purchase price and other consideration set forth in the 2025-I CLO Participation Agreement. Following the foregoing transfers, the 2025-I Issuer, and not the Company or the 2025-I CLO Participation Sellers, holds all of the ownership interest in such loans and participation interests. The Company and the 2025-I CLO Participation Sellers, as applicable, made customary representations, warranties and covenants pursuant to the 2025-I CLO Transfer Agreements.

The 2025-I CLO Secured Debt is a secured obligation of the 2025-I Issuer, the 2025-I CLO Subordinated Notes are the unsecured obligations of the 2025-I Issuer, and the 2025-I CLO Indenture secures (as applicable) and governs the 2025-I CLO Debt pursuant to customary covenants and events of default. The 2025-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 September 30, 2025, the Company had an outstanding principal balance under the Class A 2025 Notes of $174,000. For the three and nine months ended September 30, 2025, the Company's borrowings under the Class A 2025 Notes bore interest at a weighted average interest rate of 5.58%. For the three and nine months ended September 30, 2025, the daily average amount of outstanding borrowings under the Class A 2025 Notes was $174,000. The 2025-I CLO is subject to the Company's overall asset coverage requirement under the 1940 Act.

For the three months ended September 30, 2025 and 2024, the Company's aggregate weighted average interest rate under the MassMutual SPV I Facility, the BMO SPV II Credit Facility, the Wells Fargo SPV III Credit Facility, the JPM SPV V Credit Facility, the Class A 2024 Notes and the Class A 2025 Notes (the "Total Borrowings") amounted to 6.72% and 8.24%, respectively. The Company's aggregate daily average amount of borrowings under the Total Borrowings for the three months ended September 30, 2025 and 2024 amounted to $1,029,025 and $413,850, respectively.

For the nine months ended September 30, 2025 and 2024, the Company's aggregate weighted average interest rate under the Total Borrowings amounted to 6.80% and 8.29%, respectively. The Company's aggregate daily average amount of borrowings under the Total Borrowings for the nine months ended September 30, 2025 and 2024 amounted to $886,325 and $370,070, respectively.

The Total Borrowings each include customary affirmative and negative covenants, for the respective type of debt. Credit facilities include 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.

#### 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.

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. 510,957 Shares were issued in April 2025 in connection with the Company's DRIP for the Q1 2025 Distribution.

On May 7, 2025, the Board declared a distribution on the Shares, which was paid on August 1, 2025 to shareholders of record as of the close of business on June 27, 2025 (the "Q2 2025 Distribution"). The amount of the Q2 2025 Distribution equaled $0.64 per Share and was paid in cash or reinvested in additional Shares for shareholders participating in the Company's DRIP. 589,003 Shares were issued in August 2025 in connection with the Company's DRIP for the Q2 2025 Distribution.

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On August 11, 2025, the Board declared a distribution on the Shares, which was paid on October 31, 2025 to shareholders of record as of the close of business on September 29, 2025 (the "Q3 2025 Distribution"). The amount of the Q3 2025 Distribution equaled $0.61 per Share and was paid in cash or reinvested in additional Shares for shareholders participating in the Company's DRIP. 634,345 Shares were issued in October 2025 in connection with the Company's DRIP for the Q3 2025 Distribution.

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

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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 nine months ended September 30, 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 September 30, 2025 and December 31, 2024, our investment portfolio, valued at fair value in accordance with the Board-approved valuation policies, represented approximately 175.3% 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 September 30, 2025 and December 31, 2024, the Company had $0 and $778, 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.

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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 September 30, 2025 and December 31, 2024, we had the following outstanding commitments to fund investments. As of September 30, 2025 and December 31, 2024, we believe we have adequate financial resources to satisfy such commitments.

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| | | |
|:---|:---|:---|
| **Investments** | **September 30, 2025** | **December 31, 2024** |
|  3 Step Sports LLC Delayed Draw Term Loan | $528 | $457 |
|  AAH Topco, LLC Class C Delayed Draw Term Loan | 5283 |  |
|  Accelevation LLC Delayed Draw Term Loan | 3403 |  |
|  Accelevation LLC Revolving Credit Loan | 2064 |  |
|  Accent Building Materials Holdings LLC Term B Delayed Term Loan | 122 | 165 |
|  Accordion Partners LLC Delayed Draw Term Loan | 1534 | 1826 |
|  Accordion Partners LLC Revolving Loan | 1217 | 1217 |
|  ACP Avenu Buyer, LLC Delayed Term Loan | 458 | 396 |
|  ACP Avenu Buyer, LLC Revolving Credit | 428 | 208 |
|  ACP Falcon Buyer, Inc. Revolving Loan | 333 | 333 |
|  ACP Oak Buyer, Inc. 2025 Refinancing Revolving Loan | 2041 |  |
|  ACP Oak Buyer, Inc. 2025-1 Incremental Delayed Draw Term Loan | 2268 |  |
|  ACP Oak Buyer, Inc. 2025-2 Incremental Delayed Draw Term Loan | 2268 |  |
|  Advanced Medical Management, LLC Revolving Credit Loan | 1505 | 711 |
|  Advanced Web Technologies Holding Company Revolving Credit Loan | 323 | 293 |
|  AI Fire Buyer, Inc. Delayed Draw Term Loan |  | 121 |
|  Alera Group, Inc. Delayed Draw Term Loan |  | 36 |
|  Alkeme Intermediary Holdings, LLC Eleventh Amendment Delayed Draw Term Loan | 3734 |  |
|  Alkeme Intermediary Holdings, LLC Revolving Credit | 266 |  |
|  Allworth Financial Group, L.P. Fourth Amendment Delayed Draw Term Loan | 7778 | 13131 |
|  Allworth Financial Group, L.P. Revolving Loan | 618 | 618 |
|  Ambient Enterprises Holdco LLC Delayed Draw Term Loan |  | 1936 |
|  Ambient Enterprises Holdco LLC Delayed Draw Term B Loan | 1052 |  |
|  Ambient Enterprises Holdco LLC Revolving Loan | 952 | 952 |
|  AmerCareRoyal, LLC Delayed Draw Term Loan A | 1867 | 1867 |
|  AmerCareRoyal, LLC U.S. Revolving Credit | 617 | 196 |
|  American Family Care, LLC_Delayed Draw Term Loan | 3613 |  |
|  American Family Care, LLC_Revolver | 1084 |  |
|  AmeriLife Holdings LLC 2024 Revolving Loan | 1358 |  |
|  AmeriLife Holdings LLC Amendment No. 5 Incremental Delayed Draw Term Loan | 3289 |  |
|  AMEX Holding III Corp Delayed Draw Term Loan | 1 |  |
|  Any Hour LLC Delayed Term Loan | 1876 | 1876 |
|  Any Hour LLC Revolving Credit | 416 | 540 |
|  Apex Dental Partners, LLC Delayed Draw Term Loan | 2484 | 2583 |
|  Apex Dental Partners, LLC Revolving Credit | 903 | 903 |
|  Apex Service Partners, LLC Incremental Delayed Term Loan |  | 2599 |
|  Apex Service Partners, LLC Revolving Credit Loan | 164 | 52 |
|  Apex Service Partners, LLC Revolving Credit Loan | 302 | 97 |
|  Apex Service Partners, LLC Second Amendment Incremental Delayed DrawTerm Loan | 1064 |  |
|  Aptean Acquiror Inc. Delayed Draw Term Loan |  | 238 |
|  Aptean Acquiror Inc. First Amendment Delayed Draw Term Loan | 2461 |  |
|  Aptean Acquiror Inc. Revolving Credit | 652 | 437 |
|  Archer Lewis, LLC Delayed Draw Term Loan B | 20 |  |
|  Archer Lewis, LLC Initial Revolving Facility | 65 | 58 |
|  Arctic Holdco, LLC 2025 Delayed Draw Term Loan | 141 |  |
|  Arctic Holdco, LLC Initial Refinancing Revolving Loan | 228 |  |
|  Arcticom Group Delayed Draw Term Loan D |  | 14 |
|  Arden Insurance Services LLC Revolving Credit | 1634 |  |
|  Arden Purchaser, LLC Revolver |  | 1307 |

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| | | |
|:---|:---|:---|
| **Investments** | **September 30, 2025** | **December 31, 2024** |
|  Argano, LLC Delayed Draw Term Loan | $— | $2174 |
|  Argano, LLC 2025 Delayed Draw Term Loan | 1121 |  |
|  Argano, LLC Revolving Credit Loan | 411 | 362 |
|  Artivion, Inc. Delayed Draw Term Loan |  | 558 |
|  ASP Global Holdings, LLC Delayed Draw Term Loan | 616 | 616 |
|  ASP Global Holdings, LLC Revolving Loan | 194 | 431 |
|  Associations, Inc. Revolving Loan | 434 | 217 |
|  Associations, Inc. Special Purpose Delayed Draw Term Loan | 336 | 451 |
|  ATI Restoration, LLC Second Amendment Delayed Draw Term Loan | 169 | 1262 |
|  Aviation Technical Services, Inc. Revolving Loan | 500 | 500 |
|  AVW WV Buyer, Inc. Fourth Amendment Delayed Draw Term Loan | 746 | 1142 |
|  Axis Portable Air, LLC Revolving Credit Loan | 989 | 1164 |
|  Axis Portable Air, LLC Sixth Amendment Delayed Draw Term Loan |  | 2085 |
|  Badge 21 Midco Holdings LLC Amendment No. 1 Delayed Draw Term Loan | 2021 |  |
|  Badge 21 Midco Holdings LLC Revolving Loan | 1278 |  |
|  Bamboo US BidCo LLC (aka Baxter) Delayed Term Loan |  | 44 |
|  Bamboo US BidCo LLC (aka Baxter) Tranche B-1 Delayed Term Loan | 7 | 84 |
|  Bamboo US BidCo LLC (aka Baxter) Tranche B-2 Delayed Term Loan | 84 | 84 |
|  BCDI Rodeo Dental Buyer, LLC Revolving Credit Loan | 290 | 613 |
|  BCI Burke Holding Corp. Seventh Amendment Delayed Draw Term Loan | 1027 | 1027 |
|  BCI Burke Holding Corp. Seventh Amendment Delayed Draw Term Loan | 1258 | 1258 |
|  Beacon Oral Specialists Management LLC Eighth Amendment Delayed Draw Term Loan | 2426 |  |
|  Beacon Oral Specialists Management LLC Sixth Amendment Delayed Draw Term Loan | 3141 | 5247 |
|  Berlin Rosen Acquisition, LLC Revolving Loan | 235 | 300 |
|  Berlin Rosen Acquisition, LLC Revolving Loan | 135 | 300 |
|  Best Roofing Services LLC Revolving Loan | 896 | 896 |
|  Big Top Holdings, LLC Revolving Credit Loan | 75 | 75 |
|  BNI Global, LLC Revolving Credit Loan | 267 | 267 |
|  Bridgepointe Technologies, LLC Delayed Draw Term Loan (2024) |  | 7225 |
|  Bridgepointe Technologies, LLC Delayed Draw Term Loan 2025-A | 2568 |  |
|  Bridgepointe Technologies, LLC Delayed Draw Term Loan 2025-B | 4000 |  |
|  Bristol Hospice, L.L.C. Revolving Credit Loan | 1394 |  |
|  C3 AcquisitionCo, LLC Delayed Draw Term Loan | 1053 | 2421 |
|  C3 AcquisitionCo, LLC Revolving Loan | 363 | 908 |
|  Capitol Imaging Acquisition Corp. Delayed Draw Term Loan | 607 |  |
|  Capitol Imaging Acquisition Corp. Revolving Loan | 607 |  |
|  CARDS Acquisition, Inc. Delayed Draw Term Loan | 2989 | 4076 |
|  CARDS Acquisition, Inc. Revolving Loan | 200 | 488 |
|  Carnegie Dartlet, LLC Delayed Draw Term Loan | 138 | 180 |
|  Carnegie Dartlet, LLC Revolving Loan | 60 | 56 |
|  Castlelake Consumer Receivables Opportunity III, L.P. Fund | 5458 | 2088 |
|  Castlelake Consumer Receivables Opportunity IV, L.P. Fund | 183 | 3515 |
|  Centex Acquisition, LLC Revolving Loan | 2822 | 812 |
|  Cerity Partners Equity Holding LLC 2024 Incremental Delayed Draw Term Loan |  | 3726 |
|  Cerity Partners Equity Holding LLC 2025 Incremental Delayed Draw Term Loan | 2107 |  |
|  Cerity Partners Equity Holding LLC Initial Revolving Loan | 930 | 1063 |
|  Chef Merito, LLC Delayed Draw Term Loan C |  | 341 |
|  Cherry Bekaert Advisory LLC Amendment No. 1 Delayed Draw Term Loan |  | 319 |
|  Chronicle Parent, LLC Delayed Draw Term Loan | 3284 |  |
|  Chronicle Parent, LLC Revolving Credit Loan | 1193 |  |
|  CMG HoldCo, LLC Delayed Draw Loan (Crete Mechanical Group) | 240 | 404 |
|  Computer Services, Inc. Delayed Draw Term Loan | 753 | 753 |
|  Concert Golf Partners Holdco LLC.Delayed Draw Term Loan | 472 |  |
|  Cooper's Hawk Intermediate Holding, LLC Delayed Draw Term Loan | 2314 |  |
|  Cooper's Hawk Intermediate Holding, LLC Revolving Loan | 1080 |  |
|  Cornerstone Advisors of Arizona, LLC Initial Revolving Loan | 823 |  |
|  Costanzo's Bakery, LLC Delayed Term Loan |  | 302 |
|  Creek Parent, Inc. Revolving Credit | 2024 | 2024 |
|  Crete PA Holdco, LLC Delayed Draw Term Loan | 3907 | 6512 |
|  Crete PA Holdco, LLC Revolving Loan | 977 | 977 |
|  CRH Healthcare Purchaser, Inc. Delayed Draw Term Loan | 3103 |  |
|  CRH Healthcare Purchaser, Inc. Revolving Loan | 1241 |  |
|  CSG Buyer, Inc. Delayed Draw Term Loan | 1105 | 1105 |
|  CSG Buyer, Inc. Revolving Loan | 368 | 368 |
|  CT Technologies Intermediate Holdings, Inc. 2025-B Special Purpose Delayed Draw Term Loan | 376 |  |
|  Curio Brands, LLC Multi Draw Term Loan | 2105 |  |
|  Curio Brands, LLC Revolving Loan | 1052 |  |
|  CVAUSA Management, LLC Delayed Draw Term Loan | 10141 |  |

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| | | |
|:---|:---|:---|
| **Investments** | **September 30, 2025** | **December 31, 2024** |
|  CVAUSA Management, LLC Primary Delayed Draw Term Loan | $— | $712 |
|  CVAUSA Management, LLC Secondary Delayed Draw Term Loan |  | 298 |
|  CVAUSA Management, LLC Revolving Loan | 350 |  |
|  Cyber Advisors, LLC Amendment No. 6 Delayed Draw Term Loan | 869 |  |
|  Danforth Global, Inc. Revolving Credit Loan | 417 |  |
|  DCCM, LLC Delayed Draw Term Loan | 4667 |  |
|  DCCM, LLC Revolving Credit Loan | 1867 |  |
|  Demakes Borrower, LLC Delayed Draw Term Loan |  | 98 |
|  Denali Intermediate Holdings, Inc. Revolving Credit Loan | 1578 |  |
|  Denali Topco LLC Effective Date Delayed Draw Term Loan | 3689 |  |
|  Denali Topco LLC Revolving Loan | 1770 |  |
|  Dentive, LLC Revolving Loan | 85 | 354 |
|  DermCare Management, LLC Fourth Amendment Delayed Draw Term Loan |  | 2045 |
|  Digicert, Inc. Revolver | 1212 |  |
|  Discovery SL Management, LLC Delayed Draw Term Loan B | 549 | 1215 |
|  Discovery SL Management, LLC Revolving Credit Loan | 243 | 243 |
|  DOXA Insurance Holdings LLC Delayed Draw Term Loan | 4 | 16 |
|  Duke's Root Control, Inc. Revolving Loan | 464 |  |
|  Durare Bidco, LLC Delayed Draw Term Loan | 3409 |  |
|  Durare Bidco, LLC Revolving Credit Loan | 1636 |  |
|  Dwyer Instruments, LLC Delayed Draw Term Loan |  | 1414 |
|  Dwyer Instruments, LLC Fourth Amendment Delayed Draw Term Loan | 1414 |  |
|  Dwyer Instruments, LLC Revolving Loan | 1560 | 1697 |
|  Echo Purchaser, Inc. Delayed Draw Term Loan (Exostar) | 63 | 118 |
|  EdgeCo Buyer, Inc. Delayed Draw Term E Loan | 5738 |  |
|  EdgeCo Buyer, Inc. Revolving Loan | 621 |  |
|  Einstein Parent, Inc. Revolving Loan | 1002 |  |
|  Elder Care Opco LLC Delayed Draw Term Loan | 2364 |  |
|  Elder Care Opco LLC Revolving Loan | 709 |  |
|  Enverus Holdings, Inc. Revolving Loan | 388 | 393 |
|  Enverus Holdings, Inc.Delayed Draw Term Loan | 71 | 266 |
|  Epika Fleet Services, Inc. Delayed Draw Term B Loan | 1537 |  |
|  Equinox Buyer, LLC Revolving Credit Loan | 733 |  |
|  Eskola LLC Delayed Draw Term B Loan | 4081 | 4081 |
|  ETE Intermediate II LLC Revolving Loan | 212 | 31 |
|  Ethos Risk Services, LLC Delayed Draw Term C Loan |  | 2667 |
|  Eval Home Health Solutions Intermediate, L.L.C. Revolving Loan | 80 | 80 |
|  EVDR Purchaser, Inc. Delayed Draw Term Loan | 1373 | 1373 |
|  EVDR Purchaser, Inc. Revolving Credit Loan | 824 | 686 |
|  Everbridge Holdings, LLC Delayed Draw Term Loan | 844 | 844 |
|  Everbridge Holdings, LLC Revolving Loan | 556 | 556 |
|  Excel Fitness Holdings, Inc. Delayed Term Loan | 1888 | 1888 |
|  Faraday Buyer, LLC Delayed Draw Term Loan (MacLean Power Systems) | 381 | 381 |
|  Fidelity Evergreen Private Credit Fund LP | 5906 | 8449 |
|  First Legal Buyer, Inc. Delayed Draw Term Loan | 1361 | 1861 |
|  First Legal Buyer, Inc. Revolving Loan | 931 | 931 |
|  FMG Suite Holdings, LLC Revolving Credit |  | 437 |
|  Forward Solutions, LLC Third Amendment Delayed Draw Term Loan | 1752 | 1752 |
|  Fullsteam Operations LLC Delayed Draw Term Loan | 1138 |  |
|  Fullsteam Operations LLC Revolving Loan | 379 |  |
|  G-A-I Consultants, Inc. First Amendment Delayed Draw Term Loan | 3947 | 3947 |
|  G-A-I Consultants, Inc. Revolving Loan | 316 | 513 |
|  Gator Plastic Intermediate Holdings, LLC Revolving Loan | 290 |  |
|  GC Waves Holdings, Inc. 2024 Delayed Draw Term Loan | 1075 | 4399 |
|  Gen4 Dental Partners OPCO, LLC Closing Date Delayed Draw Term Loan | 1524 | 1905 |
|  Gen4 Dental Partners OPCO, LLC Revolving Loan | 381 | 381 |
|  GHA Buyer, Inc. (aka Cedar Gate) Amendment Number Six Term Loan | 1 |  |
|  GHA Buyer, Inc. (aka Cedar Gate) Revolving Loan | 270 | 270 |
|  Greenwood Operating Group, LLC Revolving Loan | 1965 |  |
|  GS Acquisitionco, Inc. Eighth Suplemental Delayed Draw Term Loan | 645 |  |
|  GS Acquisitionco, Inc. Revolving Loan | 798 | 1197 |
|  GS Acquisitionco, Inc. Seventh Suplemental Delayed Draw Term Loan | 989 | 1229 |
|  Guava Buyer LLC Initial Delayed Draw Term Loan | 963 |  |
|  Guava Buyer LLC RC Facility Loan | 986 |  |
|  Guidepoint Security Holdings, LLC Delayed Draw Term Loan | 78 | 78 |
|  Halo Buyer, Inc. Revolving Loan | 1440 |  |
|  Harris & Co. LLC Delayed Draw Term B Loan | 11 |  |
|  Harris & Co. LLC Revolving Loan | 959 |  |

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| | | |
|:---|:---|:---|
| **Investments** | **September 30, 2025** | **December 31, 2024** |
|  Harris & Co. LLC_Delayed Draw Term C Loan | $13711 | $— |
|  Heads Up Technologies, Inc. Revolving Loan | 1182 |  |
|  Health Buyer LLC_Revolver | 441 |  |
|  HEC Purchaser Corp. Revolving Loan | 672 | 781 |
|  HEF Safety Ultimate Holdings, LLC Delayed Draw Term Loan | 320 | 711 |
|  Helios Service Partners, LLC Delayed Draw Term Loan 2022 | 6000 | 6000 |
|  Helios Service Partners, LLC Delayed Draw Term Loan Third Amendment |  | 4000 |
|  Helios Service Partners, LLC Third Amendement Incremental Delayed Draw Term Loan | 2113 | 6000 |
|  Hercules Growth Lending Fund IV LP | 8789 |  |
|  Heritage Foodservice Investment, LLC First Amendment Delayed Draw Term Loan | 4640 | 4821 |
|  Heritage Foodservice Investment, LLC Revolving Credit Loan | 502 | 603 |
|  HHS Buyer, Inc. First Incremental Amendment Delayed Draw Term Loan | 12976 |  |
|  HHS Buyer, Inc. Revolving Loan | 2595 |  |
|  High Street Buyer, Inc. 3/2024 Delayed Draw Term Loan |  | 6000 |
|  High Street Buyer, Inc. 2025 Delayed Draw Term Loan | 4607 |  |
|  Hills Distribution, Inc. Delayed Draw Term Loan | 130 | 130 |
|  Hills Distribution, Inc. Delayed Draw Term Loan | 16 | 16 |
|  Houseworks Holdings, LLC Delayed Draw Term Loan |  | 2036 |
|  Houseworks Holdings, LLC Fourth Amendment Delayed Draw Term Loan | 2554 | 2554 |
|  HP RSS Buyer, Inc. Second Amendment Delayed Draw Term Loan | 477 |  |
|  Ideal Components Acquisition, LLC Delayed Draw Term Loan | 1776 |  |
|  Ideal Components Acquisition, LLC Revolving Credit Loan | 1480 |  |
|  IEQ Capital, LLC 2024 Incremental Delayed Draw Term Loan | 2148 | 4418 |
|  Improving Holdco, Inc. Revolving Loan (Improving Enterprises) | 329 |  |
|  Inszone Mid, LLC A&R Delayed Draw Term Loan Facility |  | 124 |
|  Inventus Power, Inc. Revolving Loan | 273 | 356 |
|  Iodine Software, LLC Revolving Loan | 291 | 291 |
|  ISG Enterprises, LLC Delayed Draw Term Loan (2023) |  | 278 |
|  ITS Buyer, Inc._Revolver | 773 |  |
|  Ivy Technology Parent Intermediate III Holdings, LLC Revolving Loan | 275 |  |
|  JHCC Holdings LLC 2024-A Incremental Delayed Draw Term Loan |  | 69 |
|  JHCC Holdings LLC 2024-B Incremental Delayed Draw Term Loan | 250 |  |
|  JHCC Holdings LLC Delayed Draw Term Loan |  | 533 |
|  JS Global, LLC Initial Revolving Loan | 824 |  |
|  KabaFusion Parent LLC Revolving Credit Loan | 1425 | 1425 |
|  Kelso Industries LLC Delayed Draw Term Loan | 1028 | 2921 |
|  KENE Acquisition, Inc. Initial Delayed Draw Term Loan | 383 | 383 |
|  Kite Midco II LTD Term Loan B2 | 1323 | 1323 |
|  Kite Midco II LTD Term Loan B2 | 1323 | 1323 |
|  KL Charlie Acquisition Company Seventh Amendment Delayed Draw Term Loan | 198 |  |
|  KL Charlie Acquisition Company Sixth Amendment Delayed Draw Term Loan | 170 | 386 |
|  Lakewood Acquisition Corporation Revolving Loan | 2777 |  |
|  LeadVenture, Inc. Delayed Draw Term Loan | 1598 |  |
|  LeadVenture, Inc. Revolving Loan | 1193 | 591 |
|  LeadVenture, Inc. Supplemental No. 4 Delayed Draw Term Loan |  | 4469 |
|  Liberty Purchaser, LLC Revolving Loan (Magna Legal Services) | 562 | 562 |
|  Lido Advisors, LLC Eighth Amendment Incremental Delayed Draw Term Loan | 741 |  |
|  Lido Advisors, LLC_Delayed Draw Term Loan Seventh Amendment |  | 1279 |
|  Lido Advisors, LLC Revolving Loan | 84 |  |
|  Life Science Intermediate Holdings, LLC Delayed Draw Dollar Term Loan F | 3579 | 3635 |
|  Life Science Intermediate Holdings, LLC Revolving Dollar Loan (2025) | 459 |  |
|  Lighthouse Technologies Holding Corp. Revolving Loan | 816 | 816 |
|  LJ Avalon Holdings, LLC Amendment No. 3 Delayed Draw Term Loan | 6629 |  |
|  LJ Avalon Holdings, LLC Revolving Credit | 1607 |  |
|  Loving Tan Intermediate II Inc. Revolving Loan | 104 | 207 |
|  M&D MidCo, Inc. Third Amendment Delayed Draw Term Loan | 260 | 260 |
|  ManTech International Corporation Delayed Draw Term Loan | 615 | 615 |
|  MB2 Dental Solutions, LLC Revolving Commitment | 299 | 299 |
|  MB2 Dental Solutions, LLC Tranche 1 Delayed Draw Term Loan | 812 | 1189 |
|  Med Learning Group, LLC Delayed Draw Term Loan | 1259 |  |
|  Medical Device Inc. Revolving Loan | 399 | 552 |
|  Medina Health, LLC Revolving Loan | 393 | 393 |
|  Medrina, LLC Initial Delayed Draw Term Loan Facility |  | 745 |
|  Medrina, LLC Revolving Facility | 532 | 532 |
|  MGT Impact Holdings, LLC 2025-1 Delayed Draw Term Loan | 3498 |  |
|  MGT Impact Holdings, LLC Revolving Credit Loan | 306 |  |
|  Minds Buyer, LLC Revolving Credit | 625 | 625 |
|  MKD Electric, LLC Revolving Loan | 221 | 936 |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Investments** | **September 30, 2025** | **December 31, 2024** |
|  Modigent, LLC Delayed Term Loan | $— | $275 |
|  Moonlight Parent, Inc. Delayed Draw Term Loan | 2636 |  |
|  Moonlight Parent, Inc. Revolving Loan | 1582 |  |
|  Mountain Parent, Inc. Delayed Draw Term Loan | 1166 | 1166 |
|  Mountain Parent, Inc. Revolving Credit Facility | 622 | 622 |
|  mPulse Mobile, Inc. Initial Delayed Draw Term Loan | 1385 |  |
|  mPulse Mobile, Inc. Initial Revolving Loan | 2077 |  |
|  NMI Acquisitionco, Inc. Revolving Loan | 332 | 332 |
|  NORA Acquisition, LLC Revolving Credit | 331 | 389 |
|  NS and Associates LLC Revolving Loan (2025) | 1484 |  |
|  Oakbridge Insurance Agency LLC Delayed Draw Term Loan | 3 | 136 |
|  Oil Changer Holding Corporation Amendment No.4 Delayed Draw Term Loan | 1185 |  |
|  Optimizely North America Inc. (USD) Revolving Credit | 1232 | 1232 |
|  OSR Opco LLC Delayed Draw Term Loan |  | 1067 |
|  OSR Opco LLC Revolving Loan |  | 853 |
|  OSR Opco LLC, Second Amendment Revolving Loan | 568 |  |
|  Owl Cyber Defense Solutions, LLC Revolving Loan | 945 | 945 |
|  Pacific Purchaser, LLC Delayed Draw Term Loan |  | 352 |
|  Pacific Purchaser, LLC Revolving Loan | 176 | 176 |
|  Packaging Coordinators Midco, Inc. Initial Dollar Delayed Draw Term Loan | 4405 |  |
|  Packaging Coordinators Midco, Inc. Revolving Loan | 1053 |  |
|  PAG Holding Corp. Revolving Loan | 1055 | 981 |
|  PAI Middle Tier, LLC Revolving Credit Loan | 1701 |  |
|  Par Excellence Holdings, Inc. Revolving Loan | 71 |  |
|  Pareto Health Intermediate Holdings Inc. Amendment No. 1 Delayed Draw Term Loan | 3133 | 3133 |
|  Pave America Holding, LLC Delayed Draw Term Loan | 3247 |  |
|  Pave America Holding, LLC Revolving Credit Loan | 1266 |  |
|  PCS Midco, Inc. Delayed Draw Term Loan | 9 | 9 |
|  PCS Midco, Inc. Revolving Credit Loan | 19 | 15 |
|  PD BridgeCo, LLC Delayed Draw Term Loan Fourth Amendment |  | 5031 |
|  PDI TA Holdings, Inc. Delayed Draw Term Loan |  | 536 |
|  PDI TA Holdings, Inc. Revolving Credit | 336 | 560 |
|  Pediatric Home Respiratory Services, LLC Delayed Term Loan | 2415 | 2415 |
|  Pediatric Home Respiratory Services, LLC Revolving Credit | 859 | 1127 |
|  Penncomp, LLC Delayed Draw Term Loan A |  | 573 |
|  Penncomp, LLC Delayed Draw Term Loan B | 7786 |  |
|  Penncomp, LLC Revolving Loan | 519 |  |
|  PestCo, LLC Delayed Draw Term Loan | 3020 |  |
|  PestCo, LLC Revolving Loan | 1208 |  |
|  Peter C. Foy & Associates Insurance Services, LLC Tranche E Delayed Term Loan |  | 785 |
|  Peter C. Foy & Associates Insurance Services, LLC Tranche E Delayed Term Loan |  | 1085 |
|  Petra Borrower, LLC Delayed Draw Term Loan | 650 | 650 |
|  Petra Borrower, LLC Revolving Loan | 400 | 500 |
|  PharmaLogic Holdings Corp. Delayed Draw Term Loan | 2591 | 2591 |
|  Phoenix YW Buyer, Inc. Revolving Credit Loan | 1136 | 1136 |
|  PMA Parent Holdings, LLC Revolving Credit Loan | 547 | 314 |
|  Point Quest Acquisition, LLC Revolving Credit Loan | 1366 | 1022 |
|  Point Quest Acquisition, LLC Term Loan |  | 2542 |
|  PPW Aero Buyer, Inc. 2024 Delayed Draw Term Loan | 135 | 2301 |
|  PracticeTek Purchaser, LLC Delayed Draw Term Loan |  | 587 |
|  Premier Tires & Service Acquisition, LLC Incremental Delayed Draw Term Loan |  | 940 |
|  Premier Tires & Service Acquisition, LLC Incremental Delayed Draw Term Loan |  | 940 |
|  Premier Tires & Service Acquisition, LLC Incremental Revolving Loan | 50 | 318 |
|  Prestige Employee Administrators, LLC Revolving Loan | 319 |  |
|  PRGX Global, Inc. Delayed Draw Term Loan | 1612 |  |
|  Principal Lighting Group, LLC Revolving Loan | 1643 |  |
|  Puma Buyer, LLC Revolving Credit Loan | 2236 |  |
|  Quick Quack Car Wash Holdings, LLC 2025 Incremental Delayed Draw Term Loan | 13202 |  |
|  RailPros Parent, LLC Delayed Draw Term Loan | 818 |  |
|  RailPros Parent, LLC Revolving Loan | 409 |  |
|  RBFD Buyer, LLC Delayed Draw Term Loan |  | 3789 |
|  RBFD Buyer, LLC Initial Delayed Draw Term Loan | 872 |  |
|  RBFD Buyer, LLC Revolving Credit | 284 | 947 |
|  Rcp Nats Purchaser, LLC Delayed Draw Term Loan | 2061 |  |
|  Rcp Nats Purchaser, LLC Revolving Loan | 1443 |  |
|  Recipe Acquisition Corp. Delayed Draw Loan | 2043 | 2185 |
|  Recipe Acquisition Corp. Revolving Credit | 493 | 668 |
|  Red Fox CD Acquisition Corporation Amendment No. 2 Incremental Delayed Draw Term Loan | 3390 |  |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Investments** | **September 30, 2025** | **December 31, 2024** |
|  Redwood Services Group, LLC Sixth Amendment Incremental Delayed Draw Term Loan | $5961 | $— |
|  RoC Holdco LLC Revolving Credit Loan | 732 | 732 |
|  Rocket Youth Brands HoldCo LLC Delayed Draw Term Loan | 2145 |  |
|  Rocket Youth Brands HoldCo LLC Revolving Credit Loan | 322 |  |
|  RPM Purchaser, Inc. Delayed Draw Term Loan B |  | 518 |
|  RPMS LLC_Delayed Draw Term Loan | 2353 |  |
|  RRA Corporate, LLC Delayed Draw Term Loan 2 | 46 |  |
|  RRA Corporate, LLC Revolving Loan | 35 |  |
|  Rural Sourcing Holdings, Inc. Delayed Draw Term Loan Amendment No. 1 | 352 | 352 |
|  Rural Sourcing Holdings, Inc. Revolving Loan | 114 | 238 |
|  Saab Purchaser, Inc. First Amendment Delayed Draw Term Loan | 5348 |  |
|  SAAB Purchaser, Inc._Revolver | 713 |  |
|  Sagebrush Buyer, LLC Revolving Credit | 776 | 776 |
|  SageSure Holdings, LLC Amendment No. 1 Delayed Draw Term Loan | 1729 |  |
|  SageSure Holdings, LLC Delayed Draw Term Loan |  | 1041 |
|  Saldon Holdings, Inc. Initial Delayed Draw Term Loan | 127 | 127 |
|  Salt Dental Collective, LLC Columbia Acquisition Revolving Credit | 33 |  |
|  Salute Mission Critical, LLC Delayed Draw Term Loan Commitment |  | 3497 |
|  Salute Mission Critical, LLC Revolving Loan |  | 699 |
|  Saturn Borrower Inc Tenth Amendment Delayed Draw Term Loan | 2160 |  |
|  Saturn Borrower Inc Tenth Amendment Revolving Loan | 739 |  |
|  SDG Mgmt Company, LLC Third Amendment Delayed Draw Term Loan A | 368 |  |
|  SDG Mgmt Company, LLC Third Amendment Delayed Draw Term Loan C | 498 |  |
|  Sigma Defense Systems LLC Revolving Loan | 58 | 75 |
|  Signature Investor LLC Term Loan B | 345 |  |
|  Socket Holdings Corporation Delayed Draw Term Loan | 1267 |  |
|  Socket Holdings Corporation Initial Revolving Loan | 186 |  |
|  Solairus Holdings, LLC 2025 Delayed Draw Term Loan | 494 |  |
|  Solairus Holdings, LLC Revolver | 124 |  |
|  Sonny's Enterprises, LLC Amendment No.1 Delayed Draw Term Loan | 414 | 414 |
|  Spark Buyer, LLC Delayed Draw Term Loan | 2500 | 2500 |
|  Spark Buyer, LLC Revolving Credit Loan | 825 | 1250 |
|  Spark Purchaser, Inc. Revolving Credit | 809 | 809 |
|  Stonebridge Companies, LLC Delayed Draw Term Loan | 1881 |  |
|  Stonebridge Companies, LLC Revolving Credit Loan | 1254 |  |
|  SuperHero Fire Protection, LLC Revolving Loan | 530 | 63 |
|  Superjet Buyer, LLC Delayed Draw Term Loan | 4037 | 4350 |
|  SureWerx Purchaser III, Inc. Delayed Draw Term Loan | 229 | 430 |
|  Surgical Center Solutions, LLC Delayed Draw Term Loan | 1001 |  |
|  Surgical Center Solutions, LLC Revolving Loan | 471 |  |
|  Syndigo LLC_Revolver | 2133 |  |
|  Systems Planning and Analysis, Inc. Fifth Amendment Delayed Draw Term Loan | 295 |  |
|  Systems Planning and Analysis, Inc. Revolving Loan | 2304 |  |
|  Tank Holding Corp. Delayed Draw Term Loan |  | 758 |
|  Tau Buyer, LLC Delayed Draw Term Loan | 876 |  |
|  Tau Buyer, LLC Revolving Credit | 511 |  |
|  TCP Hawker Intermediate LLC Delayed Draw Term Loan | 80 | 80 |
|  TCP Hawker Intermediate LLC Ninth Amendment Delayed Draw Term Loan 11/24 | 76 | 76 |
|  Tender Products, Inc. Revolving Loan | 1579 |  |
|  Thames Technology Holdings, Inc. Revolving Loan | 315 | 789 |
|  The Vertex Companies, Inc. Revolving Loan | 1503 |  |
|  Thrive Buyer, Inc. Initial Revolving Loan |  | 97 |
|  TMSC OpCo, LLC Revolving Loan | 788 | 1050 |
|  Track Branson Opco, LLC, The Revolving Loan | 119 | 119 |
|  Transgo, LLC Revolving Loan | 605 | 605 |
|  Trench Plate Rental Co. Revolving Loan | 309 | 119 |
|  Tricor, LLC Amendment No. 6 Delayed Draw Term Loan | 5560 |  |
|  Tricor, LLC Revolving Loan | 1000 | 144 |
|  Truck-Lite Co., LLC 2025 Replacement Revolving Loan | 622 |  |
|  Truck-Lite Co., LLC Delayed Draw Term Loan |  | 622 |
|  Truck-Lite Co., LLC Delayed Draw Term Loan A | 224 |  |
|  Truck-Lite Co., LLC Delayed Draw Term Loan B | 1077 |  |
|  Truck-Lite Co., LLC Delayed Draw Term Loan C | 886 |  |
|  Truck-Lite Co., LLC Initial Revolving Credit Loan |  | 622 |
|  TVG Shelby Buyer, Inc. Amendment No. 6 Incremental Delayed Draw Term Loan | 2024 | 2500 |
|  TVG Shelby Buyer, Inc. Revolving Credit Loan | 250 | 250 |
|  United Flow Technologies Intermediate HoldCo II, LLC Amendment No. 1 Delayed Draw Term Loan | 7027 |  |
|  Upland Software, Inc. Revolving Loan | 2000 |  |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Investments** | **September 30, 2025** | **December 31, 2024** |
|  Upstack Holdco Inc. Delayed Draw Term Loan | $2166 | $3125 |
|  Upstack Holdco Inc. Revolving Credit Loan | 937 | 1063 |
|  USIC Holdings, Inc. Revolving Loan | 874 | 1035 |
|  USIC Holdings, Inc. Specified Delayed Draw Term Loan | 338 | 580 |
|  Vacation Rental Brands, LLC Delayed Draw Term Loan | 787 | 261 |
|  Vacation Rental Brands, LLC Revolving Loan | 1022 | 430 |
|  Valkyrie Buyer, LLC Delayed Draw Term Loan A | 55 | 561 |
|  Valkyrie Buyer, LLC Delayed Draw Term Loan B |  | 749 |
|  Valkyrie Buyer, LLC Delayed Draw Term Loan C |  | 694 |
|  Valkyrie Buyer, LLC Delayed Draw Term Loan D | 3209 | 4000 |
|  Valkyrie Buyer, LLC Delayed Draw Term Loan E | 2000 | 2000 |
|  Valkyrie Buyer, LLC Revolving Credit Loan | 243 | 468 |
|  Vehlo Purchaser, LLC Tranche C Delayed Draw Term Loan | 5053 |  |
|  Vensure Employer Services, Inc. Initial Delayed Draw Term Loan | 410 | 1075 |
|  Vensure Employer Services, Inc. Initial Delayed Draw Term Loan | 410 | 1075 |
|  Vertex Companies, Inc., The Delayed Draw Term Loan-B |  | 4746 |
|  Vertex Companies, Inc., The Fourth Amendment Revolving Loan |  | 2373 |
|  Vertex Service Partners, LLC First Amendment Incremental Delayed Draw Term Loan | 3549 | 4321 |
|  Vertex Service Partners, LLC Revolving Facility | 80 | 47 |
|  Vital Purchaser, LLC Revolving Loan | 492 | 492 |
|  Vortex Companies, LLC Amendment No. 4 Incremental Delay Draw Term Loan |  | 3420 |
|  Vortex Companies, LLC Delayed Term Loan | 668 |  |
|  Vortex Companies, LLC Revolving Loan | 462 |  |
|  Vortex Intermediate, LLC Revolver Amendment No. 4 Incremental |  | 662 |
|  VRC Companies, LLC Fourth Amendment Delayed Draw Term Loan |  | 2653 |
|  VTC Buyer Corp. Advance | 1927 |  |
|  VTC Buyer Corp. Designated Delayed Draw Term Loan | 3173 |  |
|  VTC Buyer Corp. Future Expansion Delayed Draw Term Loan | 2222 |  |
|  Vybond Buyer, LLC Delayed Draw Term Loan | 2374 |  |
|  Vybond Buyer, LLC Revolving Credit Loan | 1781 |  |
|  W.A. Kendall and Company, LLC Revolving Loan | 272 |  |
|  W.A. Kendall and Company, LLC Seventh Amendment Delayed Draw Term Loan | 2792 |  |
|  WC PLG Buyer, Inc Revolver |  | 1643 |
|  Wealth Enhancement Group, LLC August 2025 Delayed Draw Term Loan | 803 |  |
|  Wealth Enhancement Group, LLC December 2024 Delayed Draw Term Loan | 5710 | 6774 |
|  Wealth Enhancement Group, LLC Initial Revolving Loan | 226 | 226 |
|  Western Smokehouse Partners, LLC Delayed Draw Term Loan C | 4894 | 7258 |
|  Western Smokehouse Partners, LLC Revolving Loan | 167 |  |
|  Wharf Street Ratings Acquisition LLC Delayed Draw Term Loan | 1631 |  |
|  Wharf Street Ratings Acquisition LLC_Revolver | 1684 |  |
|  Worldwide Insurance Network, LLC 2025 Incremental Delayed Draw Term Loan | 2190 |  |
|  Worldwide Insurance Network, LLC Delayed Draw Term Loan | 180 | 1259 |
|  Zep Holdco Inc. Revolving Credit Loan (aka TL Atlas Merger) | 1352 |  |
|  | $**540620** | $**333896** |

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#### Recent Developments
The Company's management has evaluated events subsequent to September 30, 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 in this Quarterly Report on Form 10-Q other than as set forth below.

On October 1, 2025, the Company sold 5,153,708 Shares in the Private Offering pursuant to Subscription Agreements entered into with the participating investors for aggregate consideration of $134,300.

On November 3, 2025, the Company offered to purchase up to 2,896,566 Shares at a purchase price equal to the NAV per Share as of December 31, 2025 (the "November 2025 Repurchase Offer"), upon the terms and subject to the conditions set forth in the offer to purchase for the November 2025 Repurchase Offer. The November 2025 Repurchase Offer is set to expire on December 2, 2025.

On November 11, 2025, the Board declared a distribution on the Shares equal to an aggregate amount up to (i) the Company's taxable earnings, including net investment income (if positive) and capital gains, for the three months ended December 31, 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 "Q4 2025 Distribution"). The Q4 2025 Distribution is payable on January 30, 2026 to shareholders of record as of the close of business on December 30, 2025. The final amount of the Q4 2025 Distribution will be determined by the Company's management at a later date, in accordance with the Board's authorization. The Q4 2025 Distribution will be paid in cash or reinvested in additional Shares for shareholders participating in the Company's DRIP.

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The Company received approximately $31,800 of subscriptions effective November 3, 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, any potential reduction in net investment income would be mitigated. 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 September 30, 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 September 30, 2025, 99% 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.

Assuming that the consolidated statement of assets and liabilities as of September 30, 2025 were to remain constant and that the Company took no actions to alter its existing interest rate sensitivity, the following table (amounts in thousands) shows the impact of hypothetical base rate changes in interest rates based on the results of the nine months ended September 30, 2025. The net investment income figures below do not include the impact of any income-based fee.

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| | | | |
|:---|:---|:---|:---|
| **Change in Interest Rates** | **Increase (Decrease) in<br>Interest Income** | **Decrease (Increase) in<br>Interest Expense** | **Net Increase (Decrease) in<br>Net Investment Income** |
|  Down 200 basis points | $(3217) | $979 | $(2238) |
|  Down 150 basis points | (2413) | 735 | (1678) |
|  Down 100 basis points | (1609) | 490 | (1119) |
|  Down 50 basis points | (804) | 245 | (559) |
|  Up 50 basis points | 804 | (245) | 559 |
|  Up 100 basis points | 1609 | (490) | 1119 |
|  Up 150 basis points | 2413 | (735) | 1678 |
|  Up 200 basis points | 3217 | (979) | 2238 |

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This analysis is indicative of the potential impact on our net investment income as of September 30, 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.

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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 September 30, 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 September 30, 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 September 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

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#### 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.

In addition to the other information set forth in this report, you should carefully consider the risk factors previously disclosed in our annual report on Form 10-K for the year ended December 31, 2024 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.

We are subject to certain risks as a result of our interests in the 2024-I CLO Subordinated Notes and the 2025-I CLO Subordinated Notes.

Under the terms of the 2024-I CLO Sale Agreement and the 2025-I CLO Sale Agreement entered into in connection with our term debt securitization transactions with respect to the 2024-I CLO Transaction and the 2025-I CLO Transaction, we sold, transferred, assigned, contributed or otherwise conveyed to the 2024-I Issuer and the 2025-I Issuer certain loans and participation interests therein securing the 2024-I CLO (the "2024-I CLO Loan Portfolio") and certain loans and participation interests therein securing the 2025-I CLO (the "2025-I CLO Loan Portfolio" and together with the 2024-I CLO Loan Portfolio, the "CLO Loan Portfolios"), respectively, for the purchase price and other consideration set forth in the 2024-I CLO Sale Agreement and in the 2025-I CLO Sale Agreement, respectively. As a result of the 2024-I CLO Transaction, we hold all of the 2024-I CLO Subordinated Notes and the nominal membership interests of the 2024-I Issuer. As a result of the 2025-I CLO Transaction, we hold all of the 2025-I CLO Subordinated Notes and the nominal membership interests of the 2025-I Issuer. As a result, we expect to consolidate the financial statements of each of the 2024-I Issuer and the 2025-I Issuer in our consolidated financial statements. However, once sold or contributed to the 2024-I Issuer or the 2025-I Issuer, the underlying loans and participation interests have been securitized and are no longer our direct investment, and the risk return profile has been altered. In general, rather than holding interests in the CLO Loan Portfolios, the 2024-I CLO Transaction and the 2025-I CLO Transaction resulted in us holding the 2024-I CLO Subordinated Notes and the 2025-I CLO Subordinated Notes, as well as the nominal membership interests in the 2024-I Issuer and the 2025-I Issuer, with the 2024-I Issuer holding the 2024-I CLO Loan Portfolio and the 2025-I Issuer holding the 2025-I CLO Loan Portfolio. As a result, we are subject both to the risks and benefits associated with the 2024-I CLO Subordinated Notes and the 2025-I CLO Subordinated Notes and, indirectly, the risks and benefits associated with the CLO Loan Portfolios held by the 2024-I Issuer and the 2025-I Issuer. In addition, our ability to sell, amend or otherwise modify an underlying loan in the CLO Loan Portfolios held by the 2024-I Issuer and the 2025-I Issuer is subject to certain conditions and restrictions under the 2024-I CLO Transaction and the 2025-I CLO Transaction, which may prevent us from taking actions that we would take if we held such underlying loan directly.

The subordination of the 2024-I CLO Subordinated Notes and the 2025-I CLO Subordinated Notes will affect our right to payment.

The 2024-I CLO Subordinated Notes are subordinated to the 2024-I CLO Secured Debt issued and amounts borrowed by the 2024-I Issuer and certain fees and expenses. In addition, the 2025-I CLO Subordinated Notes are subordinated to the 2025-I CLO Secured Debt issued and amounts borrowed by the 2025-I Issuer and certain fees and expenses. If an overcollateralization test or an interest coverage test is not satisfied as of a determination date, the proceeds from the underlying loans otherwise payable to the 2024-I Issuer or the 2025-I Issuer (which the 2024-I Issuer or the 2025-I Issuer could have distributed with respect to the 2024-I CLO Subordinated Notes or the 2025-I CLO Subordinated Notes, respectively) will be diverted to the payment of principal on the 2024-I CLO Secured Debt or the 2025-I CLO Secured Debt, as applicable. See "—The 2024-I CLO Indenture and 2025-I CLO Indenture require mandatory repayment of the 2024-I CLO Secured Debt and the 2025-I CLO Secured Debt, respectively, for failure to satisfy coverage tests, which would reduce the amounts available for distribution to us."

------

On the scheduled maturity of the 2024-I CLO Secured Debt or the 2025-I CLO Secured Debt, or if the 2024-I CLO Secured Debt or the 2025-I CLO Secured Debt is accelerated after an event of default, proceeds available after the payment of certain administrative expenses will be applied to pay both principal of and interest on the 2024-I CLO Secured Debt or the 2025-I CLO Secured Debt, as applicable, until the 2024-I CLO Secured Debt or the 2025-I CLO Secured Debt, as applicable, is paid in full before any further payment will be made on the 2024-I CLO Subordinated Notes or the 2025-I CLO Subordinated Notes, respectively. As a result, the 2024-I CLO Subordinated Notes or the 2025-I CLO Subordinated Notes, as applicable, would not receive any payments until the 2024-I CLO Secured Debt or the 2025-I CLO Secured Debt, respectively, is paid in full and under certain circumstances may not receive payments at any time.

In addition, if an event of default occurs and is continuing with respect to the 2024-I CLO Secured Debt or the 2025-I CLO Secured Debt, the holders of such 2024-I CLO Secured Debt or the 2025-I CLO Secured Debt, respectively, will be entitled to determine the remedies to be exercised under the 2024-I CLO Indenture or the 2025-I CLO Indenture, respectively, pursuant to which such 2024-I CLO Secured Debt or 2025-I CLO Secured Debt was issued. Remedies pursued by the holders of 2024-I CLO Secured Debt or 2025-I CLO Secured Debt could be adverse to our interests as the holder of the 2024-I CLO Subordinated Notes or the 2025-I CLO Subordinated Notes, and the holders of 2024-I CLO Secured Debt or the 2025-I CLO Secured Debt will have no obligation to consider any possible adverse effect on such our interest or the interest of any other person. See "—The holders of certain 2024-I CLO Debt and/or the 2025-I CLO Debt will control many rights under the 2024-I CLO Indenture and the 2025-I CLO Indenture and therefore, we will have limited rights in connection with an event of default or distributions thereunder."

The 2024-I CLO Subordinated Notes and the 2025-I CLO Subordinated Notes represent leveraged investments in the CLO Loan Portfolios owned by the 2024-I Issuer and the 2025-I Issuer, which is a speculative investment technique that increases the risk to us as the owner of the 2024-I CLO Subordinated Notes and the 2025-I CLO Subordinated Notes. As the junior interest in a leveraged capital structure, the 2024-I CLO Subordinated Notes and the 2025-I CLO Subordinated Notes will bear the primary risk of deterioration in the performance of the 2024-I Issuer, the 2025-I Issuer and the CLO Loan Portfolios.

The holders of certain 2024-I CLO Debt and/or the 2025-I CLO Debt will control many rights under the 2024-I CLO Indenture and the 2025-I CLO Indenture and therefore, we will have limited rights in connection with an event of default or distributions thereunder.

Under the 2024-I CLO Indenture, as long as any 2024-I CLO Debt of the 2024-I Issuer is outstanding, the holders of the senior-most outstanding class of such 2024-I CLO Debt will have the right to direct the trustee or the 2024-I Issuer to take certain actions under the 2024-I CLO Indenture. In addition, under the 2025-I CLO Indenture, as long as any 2025-I CLO Debt of the 2025-I Issuer is outstanding, the holders of the senior-most outstanding class of such 2025-I CLO Debt will have the right to direct the trustee or the 2025-I Issuer to take certain actions under the 2025-I CLO Indenture. For example, these holders will have the right, following an event of default, to direct certain actions and control certain decisions, including the right to accelerate the maturity of applicable 2024-I CLO Debt or 2025-I CLO Debt and, under certain circumstances, the liquidation of the collateral. Remedies pursued by such holders upon an event of default could be adverse to our interests.

Although we, as the holder of the 2024-I CLO Subordinated Notes and the 2025-I CLO Subordinated Notes, will have the right, subject to the conditions set forth in the 2024-I CLO Indenture and 2025-I CLO Indenture, respectively, to purchase assets in any liquidation of assets by the collateral trustee, if an event of default has occurred and is continuing, we will not have any secured creditors' rights against the 2024-I Issuer or the 2025-I Issuer and will not have the right to determine the remedies to be exercised under the 2024-I CLO Indenture or the 2025-I CLO Indenture. There is no guarantee that any funds will remain to make distributions to us as the holder of the 2024-I CLO Subordinated Notes or the 2025-I CLO Subordinated Notes following any liquidation of assets and the application of the proceeds from such assets to pay the applicable 2024-I CLO Debt or 2025-I CLO Debt and the fees, expenses, and other liabilities payable by the 2024-I Issuer or the 2025-I Issuer.

The 2024-I CLO Indenture and 2025-I CLO Indenture require mandatory repayment of the 2024-I CLO Secured Debt and the 2025-I CLO Secured Debt, respectively, for failure to satisfy coverage tests, which would reduce the amounts available for distribution to us.

Under the 2024-I CLO Indenture governing the 2024-I CLO Debt, there are two coverage tests applicable to the 2024-I CLO Secured Debt. The first such test, the interest coverage test, compares the amount of interest proceeds received and, other than in the case of defaulted loans and deferring loans, scheduled to be received on the underlying loans held by the 2024-I Issuer to the amount of interest due and payable on the 2024-I CLO Secured Debt and the amount of fees and expenses senior to the payment of such interest in the priority of distribution of interest proceeds. To satisfy this test interest received on the portfolio loans held by the 2024-I Issuer must meet a minimum percentage under the 2024-I CLO Indenture for the respective class or classes of the amount equal to the interest payable on the 2024-I CLO Secured Debt for such class or classes, plus the senior fees and expenses.

The second such test, the overcollateralization test, compares the adjusted collateral principal amount of the portfolio of underlying loans of the 2024-I Issuer to the aggregate outstanding principal amount of the 2024-I CLO Secured Debt. To satisfy this second test at any time, this adjusted collateral principal amount must meet a minimum percentage under the 2024-I CLO Indenture for the respective class or classes. In this test, certain reductions are applied to the principal balance of underlying loans included in the 2024-I CLO Loan Portfolio in connection with certain events, such as defaults or ratings downgrades to "CCC" levels or below with respect to the loans held by the 2024-I Issuer. These adjustments increase the likelihood that this test is not satisfied. The 2025-I CLO Indenture governing the 2025-I CLO Debt includes similar tests applicable to the 2025-I CLO Secured Debt and the 2025-I Issuer.

------

If either coverage test with respect to the 2024-I CLO Secured Debt or the 2025-I CLO Secured Debt is not satisfied on any determination date on which such test is applicable, the 2024-I Issuer or the 2025-I Issuer, as applicable, must apply available amounts to repay the 2024-I CLO Secured Debt or the 2025-I CLO Secured Debt, as applicable, in an amount necessary to cause such test to be satisfied. This would reduce or eliminate the amounts otherwise available to make distributions to us as the holder of the 2024-I CLO Subordinated Notes or the 2025-I CLO Subordinated Notes.

#### 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 nine months ended September 30, 2025 that were not registered under the Securities Act.

Issuer Purchases of Equity Securities

We did not repurchase any of our equity securities during the three months ended September 30, 2025.

#### Item 3. Defaults Upon Senior Securities
None.

#### Item 4. Mine Safety Disclosures
Not applicable.

#### Item 5. Other Information
Q4 2025 Distribution

On November 11, 2025, the Board declared the Q4 2025 Distribution, payable on January 30, 2026 to shareholders of record as of the close of business on December 30, 2025. The final amount of the Q4 2025 Distribution will be determined by the Company's management at a later date, in accordance with the Board's authorization. The Q4 2025 Distribution will be paid in cash or reinvested in additional Shares for shareholders participating in the Company's DRIP.

Rule 10b5-1 Trading Plans

During the fiscal quarter ended September 30, 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."

------

##### [**Table of Contents**](#toc)

#### Item 6. Exhibits

---

| | |
|:---|:---|
| (a) Documents Filed as Part of this Report | (a) Documents Filed as Part of this Report |
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 | [Certificate of Formation of the Company.<sup>(1)</sup>](http://www.sec.gov/Archives/edgar/data/1950803/000121390022084026/ea171015ex3-1_stepstone.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.2 | [Limited Liability Company Agreement of the Company.<sup>(1)</sup>](http://www.sec.gov/Archives/edgar/data/1950803/000121390022084026/ea171015ex3-2_stepstone.htm) |
| 10.1 | [Loan and Security Agreement, dated as of July 25, 2025, by and among Stepstone SPV Facility V LLC, as borrower, StepStone Private Credit Fund LLC, as the parent and the portfolio manager, each of the lenders party thereto from time to time, UMB Bank, National Association, as collateral agent, collateral administrator and securities intermediary, and JP Morgan Chase Bank, National Association, as administrative agent.<sup>(2)^</sup>](http://www.sec.gov/Archives/edgar/data/1950803/000119312525167875/d95730dex101.htm) |
| 10.2 | [Purchase Agreement, dated August 22, 2025, by and among StepStone CLO 2025-I LLC, as issuer, StepStone Private Credit Fund LLC, as retention holder, and Wells Fargo Securities, LLC, as initial purchaser.<sup>(3)</sup>](http://www.sec.gov/Archives/edgar/data/1950803/000119312525187441/d940831dex101.htm) |
| 10.3 | [Indenture, dated as of September 17, 2025, by and between StepStone CLO 2025-I LLC, as issuer, and UMB Bank, National Association, as trustee.<sup>(4)</sup>](http://www.sec.gov/Archives/edgar/data/1950803/000119312525206237/d72433dex101.htm) |
| 10.4 | [Collateral Management Agreement, dated as of September 17, 2025, by and between StepStone CLO 2025-I LLC, as issuer, and StepStone Private Credit Fund LLC, as collateral manager.<sup>(4)</sup>](http://www.sec.gov/Archives/edgar/data/1950803/000119312525206237/d72433dex102.htm) |
| 10.5 | [Master Loan Sale Agreement, dated as of September 17, 2025, by and between StepStone Private Credit Fund LLC, as seller, and StepStone CLO 2025-I, as issuer.<sup>(4)</sup>](http://www.sec.gov/Archives/edgar/data/1950803/000119312525206237/d72433dex103.htm) |
| 10.6 | [Master Participation Agreement for Par/Near Par Trades, dated as of September 17, 2025, by and among StepStone CLO 2025-I LLC, as buyer, and StepStone Private Credit Fund LLC, SPV Facility I LLC and StepStone SPV Facility III LLC, as sellers.<sup>(4)</sup>](http://www.sec.gov/Archives/edgar/data/1950803/000119312525206237/d72433dex104.htm) |
| 10.7 | [Amendment No. 4 to Loan and Security Agreement, dated as of September 29, 2025, by and among StepStone Private Credit Fund LL, as collateral manager and as equityholder, StepStone SPV Facility III LLC, as borrower, Wells Fargo Bank, National Association, as administrative agent and lender, Raymond James Bank, as a lender, and UMB Bank, National Association, as the collateral agent.^\*](d202550dex107.htm) |
| 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.\*](d202550dex311.htm) |
| 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.\*](d202550dex312.htm) |
| 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.\*\*](d202550dex321.htm) |
| 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).\* |

---

\* Filed herewith.

\*\* Furnished herewith

^ Schedules and/or exhibits to this Exhibit have been omitted in accordance with Item 601 of Regulation S-K. The registrant agrees to furnish supplementally a copy of all omitted schedules to the SEC upon its request.

(1) Previously filed as an exhibit to the Company's Registration Statement on Form 10 (File No. 000-56505), filed on December 30, 2022 and incorporated herein by reference.

(2) Previously filed as an exhibit to the Company's Current Report on Form 8-K (File No. 814-01624) filed on July 29, 2025 and incorporated herein by reference.

(3) Previously filed as an exhibit to the Company's Current Report on Form 8-K (File No. 814-01624) filed on August 25, 2025 and incorporated herein by reference.

(4) Previously filed as an exhibit to the Company's Current Report on Form 8-K (File No. 814-01624) filed on September 17, 2025 and incorporated herein by reference.

------

##### [**Table of Contents**](#toc)

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Date:** November 13, 2025 | By: | /s/ Darren Friedman |
|  |  | Darren Friedman |
|  |  | Chairperson and Chief Executive Officer |
|  |  | (Principal Executive Officer) |
| **Date:** November 13, 2025 | By: | /s/ Joseph Cambareri |
|  |  | Joseph Cambareri |
|  |  | Chief Financial Officer  |
|  |  | (Principal Financial and Accounting Officer) |

---

## Exhibit 10.7

**Exhibit 10.7** 

**EXECUTION VERSION** 

AMENDMENT NO. 4 TO LOAN AND SECURITY AGREEMENT, (this "<u>Amendment</u>") dated as of September 29, 2025 (the "<u>Amendment Date</u>"), among STEPSTONE SPV FACILITY III LLC, a Delaware limited liability company, as the borrower (the "<u>Borrower</u>"), STEPSTONE PRIVATE CREDIT FUND LLC, a Delaware limited liability company, as the equityholder (the "<u>Equityholder</u>"), STEPSTONE PRIVATE CREDIT FUND LLC, a Delaware limited liability company, as the Collateral Manager (in such capacity, the "<u>Collateral Manager</u>"), WELLS FARGO BANK, NATIONAL ASSOCIATION, as the administrative agent (the "<u>Administrative Agent</u>"), each the financial institutions and other entities identified as "Lenders" on the signature pages hereof (the "<u>Lenders</u>") and UMB BANK, NATIONAL ASSOCIATION, as the collateral agent (the "<u>Collateral Agent</u>").

WHEREAS, the Borrower, the Collateral Manager, the Equityholder, the Administrative Agent, the Lender, the other lenders party from time to time thereto and the Collateral Agent, are parties to the Loan and Security Agreement, dated as of December 1, 2023 (as amended from time to time prior to the Amendment Date, the "<u>LSA</u>"), providing, among other things, for the making and the administration of the Advances by the lenders to the Borrower; and

WHEREAS, the Borrower, the Collateral Manager, the Equityholder, the Administrative Agent and the Lender desire to amend the LSA in accordance with Section 12.1 thereof and subject to the terms and conditions set forth herein.

NOW THEREFORE, in consideration of the foregoing premises and the mutual agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

**ARTICLE I** 

<u>Definitions</u> 

SECTION 1.1. <u>Defined Terms</u>. Terms used but not defined herein have the respective meanings given to such terms in the LSA.

**ARTICLE II** 

<u>Amendments</u> 

SECTION 2.1. As of the Amendment Date, the LSA is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the bold and double-underlined text (indicated textually in the same manner as the following example: <u>bold and double-underlined text</u>) as set forth on the pages of the LSA attached as <u>Appendix A</u> hereto.

------

**ARTICLE III** 

<u>Representations and Warranties</u> 

SECTION 3.1. The Borrower hereby represents and warrants to the Administrative Agent and the Lenders that, as of the Amendment Date, (i) no Default, Event of Default or Change of Control with respect to the Borrower has occurred and is continuing and (ii) the representations and warranties of the Borrower contained in the LSA are true and correct in all material respects on and as of such day (other than any representation and warranty that is made as of a specific date).

SECTION 3.2. The Collateral Manager hereby represents and warrants to the Administrative Agent and the Lenders that, as of the Amendment Date, (i) no Default or Event of Default, Change of Control with respect to the Collateral Manager has occurred and is continuing or Collateral Manager Termination Event has occurred and (ii) the representations and warranties of the Collateral Manager contained in the LSA are true and correct in all material respects on and as of such day (other than any representation and warranty that is made as of a specific date).

SECTION 3.3. The Equityholder represents and warrants to the Administrative Agent and the Lenders that, as of the Amendment Date, (i) no Default, Event of Default or Change of Control with respect to the Equityholder has occurred and is continuing and (ii) the representations and warranties of the Equityholder contained in the LSA are true and correct in all material respects on and as of such day (other than any representation and warranty that is made as of a specific date).

**ARTICLE IV** 

<u>Conditions Precedent</u> 

SECTION 4.1. This Amendment shall become effective as of the Amendment Date so long as the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the execution and delivery of this Amendment by each party hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the execution and delivery of each other Transaction Document to be executed on the date hereof by each party thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Administrative Agent's receipt of legal opinions of (x) Akin Gump LLP, counsel to the Borrower, SPV-S and the Equityholder and (y) Dechert LLP, as special counsel to SPV-S in form and substance reasonably satisfactory to the Administrative Agent covering such matters as the Administrative Agent may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Administrative Agent's receipt of a good standing certificate of the Borrower issued by the Secretary of State of the State of Delaware and a certified copy of the resolutions of the manager of the Borrower approving this Amendment and the transactions contemplated hereby, certified by an authorized officer (or similar) of the Equityholder; provided that the Equityholder may certify, as of the Amendment Date, that there have been no changes to such resolutions since those previously delivered to the Administrative Agent;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Administrative Agent's receipt of a good standing certificate of SPV-S issued by the Secretary of State of the State of Delaware and a certified copy of the resolutions of the manager of SPV-S approving the execution, delivery and performance of the Transaction Documents to which it is a party and the transactions contemplated thereby, certified by an authorized officer (or similar) of the Equityholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Borrower shall have paid to the Administrative Agent, in immediately available funds for its own account, any fees (including reasonable and documented fees, disbursements and other charges of counsel to the Administrative Agent) to be received on the Amendment Date.

The Administrative Agent shall notify the Borrower promptly upon the conditions being satisfied.

**ARTICLE V** 

<u>Miscellaneous</u> 

SECTION 5.1. <u>Governing Law</u>. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

SECTION 5.2. <u>Severability Clause</u>. In case any provision in this Amendment shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

SECTION 5.3. <u>Ratification</u>. Except as expressly amended hereby, the LSA is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Amendment shall form a part of the LSA for all purposes.

SECTION 5.4. <u>Counterparts</u>. The parties hereto may sign one or more copies of this Amendment in counterparts, all of which together shall constitute one and the same agreement. Delivery of an executed signature page of this Amendment by facsimile or email transmission shall be effective as delivery of a manually executed counterpart hereof. This Amendment shall be valid, binding and enforceable against a party when executed and delivered by an authorized individual on behalf of the party by means of (i) an original manual signature; (ii) a faxed, scanned or photocopied manual signature; or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act and/or any other relevant electronic signatures law, including any relevant provisions of the UCC (collectively, "<u>Signature Law</u>"), in each case to the extent applicable. Each faxed, scanned or photocopied manual signature, or other electronic signature, shall for all purposes have the same validity, legal effect and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely

------

upon, and shall have no liability with respect to, any faxed, scanned or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the UCC or other Signature Law due to the character or intended character of the writings.

SECTION 5.5. <u>Headings</u>. The headings of the Articles and Sections in this Amendment are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof.

------

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the Amendment Date.

---

| | |
|:---|:---|
| **STEPSTONE SPV FACILITY III LLC**, as the Borrower | **STEPSTONE SPV FACILITY III LLC**, as the Borrower |
| By: | /s/ Joseph Cambareri |
|  | Name: Joseph Cambareri |
|  | Title: Chief Financial Officer |
| **STEPSTONE PRIVATE CREDIT FUND LLC**, as the Equityholder | **STEPSTONE PRIVATE CREDIT FUND LLC**, as the Equityholder |
| By: | /s/ Joseph Cambareri |
|  | Name: Joseph Cambareri |
|  | Title: Chief Financial Officer |
| **STEPSTONE PRIVATE CREDIT FUND LLC**, as the Collateral Manager | **STEPSTONE PRIVATE CREDIT FUND LLC**, as the Collateral Manager |
| By: | /s/ Joseph Cambareri |
|  | Name: Joseph Cambareri |
|  | Title: Chief Financial Officer |

---

[Signature Page to Amendment No. 4 to Loan and Security Agreement]

------

---

| | |
|:---|:---|
| **WELLS FARGO BANK, NATIONAL ASSOCIATION**, as the Administrative Agent | **WELLS FARGO BANK, NATIONAL ASSOCIATION**, as the Administrative Agent |
| By: | /s/ Brendan Cappiello |
|  | Name: Brendan Cappiello |
|  | Title: Executive Director |

---

[Signature Page to Amendment No. 4 to Loan and Security Agreement]

------

---

| | |
|:---|:---|
| **WELLS FARGO BANK, NATIONAL ASSOCIATION**, as the Lender | **WELLS FARGO BANK, NATIONAL ASSOCIATION**, as the Lender |
| By: | /s/ Brendan Cappiello |
|  | Name: Brendan Cappiello |
|  | Title: Executive Director |

---

[Signature Page to Amendment No. 4 to Loan and Security Agreement]

------

---

| | |
|:---|:---|
| **WELLS FARGO BANK, NATIONAL ASSOCIATION**, as the Swingline Lender | **WELLS FARGO BANK, NATIONAL ASSOCIATION**, as the Swingline Lender |
| By: | /s/ Brendan Cappiello |
|  | Name: Brendan Cappiello |
|  | Title: Executive Director |

---

[Signature Page to Amendment No. 4 to Loan and Security Agreement]

------

---

| | |
|:---|:---|
| **RAYMOND JAMES BANK**, as a Lender | **RAYMOND JAMES BANK**, as a Lender |
| By: | /s/ Mark Specht |
|  | Name: Mark Specht |
|  | Title: Senior Vice President |

---

[Signature Page to Amendment No. 4 to Loan and Security Agreement]

------

---

| | |
|:---|:---|
| **UMB BANK, NATIONAL ASSOCIATION**, not in its individual capacity but solely as Collateral Agent | **UMB BANK, NATIONAL ASSOCIATION**, not in its individual capacity but solely as Collateral Agent |
| By: | /s/ Mark Nguyen |
|  | Name: Mark Nguyen |
|  | Title: Vice President |

---

[Signature Page to Amendment No. 4 to Loan and Security Agreement]

------

**APPENDIX A** 

------

***EXECUTION VERSION***

***Conformed through Amendment No. 3<u>4</u> dated May 14<u>September 29</u>, 2025***

**$750,000,000** 

**LOAN AND SECURITY AGREEMENT** 

by and among

**STEPSTONE PRIVATE CREDIT FUND LLC**,

(<u>Collateral Manager</u>)

**STEPSTONE SPV FACILITY III LLC**,

(<u>Borrower</u>)

**STEPSTONE PRIVATE CREDIT FUND LLC**,

(<u>Equityholder</u>)

**EACH OF THE LENDERS FROM TIME TO TIME PARTY HERETO**,

(<u>Lenders</u>)

**WELLS FARGO BANK, NATIONAL ASSOCIATION**,

(<u>Swingline Lender</u>)

**WELLS FARGO BANK, NATIONAL ASSOCIATION**,

(<u>Administrative Agent</u>)

and

**UMB BANK, NATIONAL ASSOCIATION**,

(<u>Collateral Agent</u>)

Dated as of December 1, 2023

------

"<u>Cash Interest Coverage Ratio</u>": With respect to any Loan for any Relevant Test Period, either (a) the meaning of "Cash Interest Coverage Ratio" or comparable definition set forth in the Underlying Instruments for such Loan, or (b) in the case of any Loan with respect to which the related Underlying Instruments do not include a definition of "Cash Interest Coverage Ratio" or comparable definition, the ratio of (i) EBITDA to (ii) Cash Interest Expense of such Obligor as of such Relevant Test Period, as calculated by the Collateral Manager (on behalf of the Borrower) in good faith using information from and calculations consistent with the relevant compliance statements and financial reporting packages provided by the relevant Obligor as per the requirements of the Underlying Instruments.

"<u>Cash Interest Expense</u>": With respect to any Obligor for any period, the amount which, in conformity with GAAP, would be set forth opposite the caption "interest expense" (exclusive of any Accreted Interest that, according to the term of the Underlying Instruments, can never be converted to cash interest that is due and payable prior to maturity) or any like caption reflected on the most recent financial statements delivered by such Obligor to the Borrower for such period.

"<u>Certificated Security</u>": The meaning specified in Section 8-102(a)(4) of the UCC.

"<u>Change of Control</u>": The occurrence of any of the following events with respect to the Borrower, the Equityholder or the Collateral Manager, as applicable: (a) with respect to the Borrower, the Equityholder ceases, directly or indirectly, to own and control legally and beneficially 100% of the Capital Stock of the Borrower or<u>,</u> (b<u>) with respect to SPV-S, the Equityholder ceases, directly or indirectly, to own and control legally and beneficially 100% of the Capital Stock of SPV-S or (c</u>) with respect to the Equityholder and the Collateral Manager, StepStone Group Private Debt LLC (or an affiliate thereof) ceases to manage the Equityholder or the Collateral Manager. For purposes of this definition, "control," means the possession, directly or indirectly, of the power to direct or cause the direction of the management, actions or policies of a Person, whether through voting rights, ownership rights, by contract or otherwise.

"<u>Clearing Agency</u>": An organization registered as a "clearing agency" pursuant to Section 17A of the Exchange Act.

"<u>Clearing Corporation</u>": The meaning specified in Section 8-102(a)(5) of the UCC.

"<u>Closing Date</u>": December 1, 2023.

"<u>Code</u>": The Internal Revenue Code of 1986, as amended from time to time.

"<u>Collateral</u>": All of the Borrower's right, title and interest in, to and under (in each case, whether now owned or existing, or hereafter acquired or arising) all "Accounts" (as defined in the UCC), General Intangibles, Instruments and Investment Property and:

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"<u>Collateral Manager</u>": The meaning specified in the Preamble.

"<u>Collateral Manager Standard</u>": The meaning specified in <u>Section 6.2(e)</u>.

"<u>Collateral Manager Termination Event</u>": The occurrence of any one of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any failure by the Collateral Manager to deposit (or caused to be deposited) into the Collection Account any Collections received by it in accordance with <u>Section 2.9(a)</u> and the same continues unremedied for three (3) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any failure on the part of the Collateral Manager to duly observe or perform in any material respect (or, if qualified by materiality or Material Adverse Effect or any similar term, in any respect) the covenants or agreements of the Collateral Manager set forth in any Transaction Document to which the Collateral Manager is a party which failure continues unremedied (if such failure can be remedied) for a period of thirty (30) days after the earlier to occur of (i) the date on which written notice of such failure shall have been delivered to the Collateral Manager by any Lender or the Borrower, and (ii) the date on which a Responsible Officer of the Collateral Manager acquires knowledge thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any failure of the Collateral Manager to make one or more payments when due (after giving effect to any related grace period) that individually or in the aggregate exceed $5,000,000 under one or more agreements for borrowed money under which it is a borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an Insolvency Event shall occur with respect to the Collateral Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the occurrence of a Change of Control with respect to the Collateral Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any failure by the Collateral Manager to deliver any Required Report or any other reports or other information required to be delivered by it under the express terms of this Agreement or any other information reasonably requested by the Administrative Agent related to the Borrower<u>, SPV-S</u> or the Collateral Manager within three (3) Business Days after the date such report is required to be made or given, as the case may be, in each case under the terms of this Agreement, or after such request for information is delivered to the Collateral Manager by the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any representation, warranty or certification made by the Collateral Manager in any Transaction Document or in any certificate delivered pursuant to any Transaction Document shall prove to have been incorrect when made which continues to be unremedied for a period of thirty (30) days after the earlier to occur of (i) the date on which written notice of such inaccuracy shall have been given to the Collateral Manager by any Lender or the Borrower and (ii) the date on which a Responsible Officer of the Collateral Manager acquires knowledge thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the rendering against the Collateral Manager of one or more final judgments, decrees or orders for the payment of money in excess of $5,000,000, individually or in the aggregate;

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<u>Notwithstanding the foregoing, any Eligible Loan that is the subject of an SPV-S Participation Interest granted by the Borrower to SPV-S pursuant to the SPV-S Master Participation Agreement and would otherwise satisfy the definition of "Eligible Loan" if such SPV-S Participation Interest had not been granted by the Borrower shall be deemed to be an Eligible Loan for all purposes hereunder.</u>

"<u>Eligible Obligor</u>": On any date of determination, any Obligor that satisfies each of the following eligibility requirements (unless the Administrative Agent in its sole discretion agrees to waive any such eligibility requirement with respect to such Obligor):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is a business organization (and not a natural person) duly organized and validly existing under the laws of its jurisdiction of organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is not a Governmental Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is not an Affiliate of, or controlled by, the Borrower, the Equityholder, the Collateral Manager or any Affiliate Transferor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is domiciled and organized or incorporated in (and the Underlying Assets are all (or substantially all) located in) an Approved Jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) is a legal operating entity or a holding company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) did not enter into the Loan primarily for personal, family or household purposes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) as of the related Cut-Off Date, (x) is not the subject of an Insolvency Event with respect to such Obligor and (y) is not in financial distress or experiencing a material adverse change in its condition, financial or otherwise, in each case, as determined by the Collateral Manager in its reasonable discretion unless approved in writing by the Administrative Agent.

"<u>Employee Plan</u>": An employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV or Section 302 of ERISA, or Section 412 of the Code, and in respect of which the Borrower, the Equityholder or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an employer as defined in Section 3(5) of ERISA.

"<u>Equityholder</u>": The meaning specified in the Preamble.

"<u>Equity Security</u>": Any stock or similar security, certificate of interest or participation in any profit sharing agreement, preorganization certificate or subscription, transferable share, voting trust certificate or certificate of deposit for an equity security, limited partnership interest, interest in a joint venture, or certificate of interest in a business trust; any security future on any such security; or any security convertible, with or without consideration into such a security, or carrying any warrant or right to subscribe to or purchase such a security;

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"<u>Fixed Rate Loan</u>": An Eligible Loan other than a Floating Rate Loan.

"<u>Floating Rate Loan</u>": An Eligible Loan under which the rate payable by the Obligor thereof is based on the Applicable Prime Rate or the applicable Benchmark *plus* some specified interest percentage in addition thereto, and the Loan provides that such rate when reset on the relevant reset dates will reflect any change in the related Applicable Prime Rate or the applicable Benchmark.

"<u>Floor</u>": A rate of interest equal to 0.0%.

"<u>Foreign Lender</u>": (a) If the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes.

<u>"Fourth Amendment Date": September 29, 2025.</u>

"<u>Fronting Exposure</u>": At any time there is a Defaulting Lender, with respect to the Swingline Lender, such Defaulting Lender's Pro Rata Share of Swingline Advances (other than Swingline Advances as to which such Defaulting Lender's participation obligation has been reallocated to other Lenders, repaid by the Borrower or for which cash collateral or other credit support acceptable to the Swingline Lender shall have been provided in accordance with the terms hereof).

"<u>Funding Date</u>": With respect to any Advance, the Business Day such Advance is funded following the receipt by the Administrative Agent and Collateral Agent of a Funding Notice and other required deliveries in accordance with <u>Section 2.2</u>.

"<u>Funding Notice</u>": A notice in the form of <u>Exhibit A-1</u> signed by an authorized Person on behalf of the Borrower requesting an Advance, including the items required by <u>Section 2.2</u>.

"<u>GAAP</u>": Generally accepted accounting principles as in effect from time to time in the United States.

"<u>General Collection Account</u>": Collectively, each Securities Account and any sub-accounts created and maintained on the books and records of the Securities Intermediary entitled "General Collection Account", in the name of the Borrower and subject to the Lien of the Collateral Agent for the benefit of the Secured Parties.

"<u>General Intangible</u>": The meaning specified in Section 9-102(a)(42) of the UCC.

"<u>Governing Documents</u>": (a) With respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction), (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement, and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and, if applicable, any

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"<u>Loan</u>": Any commercial loan (a) which is sourced or originated by an Affiliate Transferor and which the Borrower acquires or (b) which the Borrower originates or acquires from a third party in the ordinary course of its business<u>, in each case, whether or not an SPV-S Participation Interest has been granted by the Borrower in such asset</u>.

"<u>Loan Advance</u>": The meaning specified in <u>Section 2.1(a)</u>.

"<u>Loan Checklist</u>": An electronic or hard copy, as applicable, of a checklist in the form of <u>Exhibit I</u> delivered by or on behalf of the Borrower to the Collateral Agent for each Loan of all related Required Loan Documents, which shall also specify whether such document is an original or a copy.

"<u>Loan File</u>": With respect to each Loan, a file containing (a) each of the documents and items as set forth on the Loan Checklist with respect to such Loan and (b) duly executed originals, if available, or copies, as applicable, of any other relevant records relating to such Loans and the Underlying Assets pertaining thereto.

"<u>Loan Register</u>": The meaning specified in <u>Section 5.3(k)</u>.

"<u>Loan Schedule</u>": The schedule listing each Loan owned or scheduled to be acquired by the Borrower setting forth the information listed on <u>Schedule II</u>.

"<u>Margin Stock</u>": "Margin Stock" as defined under Regulation U.

"<u>Material Adverse Effect</u>": With respect to any event or circumstance, a material adverse effect on (a) the business, assets, financial condition or operations, of the Collateral Manager or the Borrower, (b) the validity or enforceability of this Agreement or any other Transaction Document or the validity, enforceability or collectability of the Loans generally or any material portion of the Loans, (c) the rights and remedies of the Collateral Agent, the Administrative Agent and the Lenders with respect to matters arising under this Agreement or any other Transaction Document, (d) the ability of each of the Borrower or the Collateral Manager, as applicable, to perform their respective obligations under any Transaction Document to which such entity is a party, or (e) the status, existence, perfection, priority or enforceability of the Collateral Agent's Lien on the Collateral.

"<u>Material Modification</u>": Any amendment or waiver of, or modification or supplement to, an Underlying Instrument governing an Eligible Loan executed or effected on or after the Cut-Off Date for such Eligible Loan, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) extends or delays the stated maturity date or any scheduled amortization date of such Eligible Loan in any way that increases the average life of such Eligible Loan or (ii) reduces, delays or forgives any or all of the principal amount due under such Eligible Loan as and when due (including any scheduled or required excess cash flow sweeps);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) waives one or more interest payments or (ii) permits any interest due in cash to be deferred or capitalized and added to the principal amount of such Eligible Loan (other than any deferral or capitalization allowed by the terms of its Underlying Instruments);

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information from and calculations consistent with the relevant compliance statements and financial reporting packages provided by the relevant Obligor as per the requirements of the Underlying Instruments for such Loan.

<u>"Non-SPV-S Collections": All Collections other than the SPV-S Collections.</u>

<u>"Non-SPV-S Obligations": All Obligations other than any SPV-S Obligations.</u>

"<u>Non-Usage Fee</u>": The meaning set forth in the Fee Letter.

"<u>Noteless Loan</u>": A Loan with respect to which the Underlying Instruments either (i) do not require the Obligor to execute and deliver a promissory note to evidence the indebtedness created under such Loan or (ii) require execution and delivery of such a promissory note only upon the request of any holder of the indebtedness created under such Loan, and as to which the Borrower has not requested a promissory note from the related Obligor.

"<u>Notice of Exclusive Control</u>": The meaning specified in the Securities Account Control Agreement.

"<u>Obligations</u>": The unpaid principal amount of, and interest (including, without limitation, interest accruing after the maturity of the Advances and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) on the Advances and all other obligations and liabilities of the Borrower to the Secured Parties, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, or out of or in connection with any Transaction Document, and any other document made, delivered or given in connection therewith or herewith, whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses (including, without limitation, all documented fees and disbursements of counsel to the Administrative Agent, the Collateral Agent or to the Lenders that are required to be paid by the Borrower pursuant to the terms of the Transaction Documents) or otherwise.

"<u>Obligor</u>": With respect to any Loan, any Person or Persons obligated to make payments pursuant to or with respect to such Loan, including any guarantor thereof.

"<u>Offer</u>": A tender offer, voluntary redemption, exchange offer, conversion or other similar action.

"<u>Officer's Certificate</u>": A certificate signed by a Responsible Officer of the Person providing the applicable certification, as the case may be.

"<u>Operating Lease Implementation</u>": The implementation by an Obligor of IFRS 16/ASC 842.

"<u>Opinion of Counsel</u>": A written opinion of counsel, which opinion and counsel are acceptable to the Administrative Agent in its reasonable discretion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) direct obligations of, and obligations fully guaranteed as to full and timely payment by, the United States (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) demand deposits, time deposits, bank deposit products of or certificates of deposit of depository institutions or trust companies incorporated under the laws of the United States or any state thereof and subject to supervision and examination by federal or state banking or depository institution authorities; <u>provided</u> that at the time of the Borrower's investment or contractual commitment to invest therein, the commercial paper, if any, and short-term unsecured debt obligations (other than such obligation whose rating is based on the credit of a Person other than such institution or trust company) of such depository institution or trust company shall have a credit rating from each Rating Agency in the Highest Required Investment Category granted by such Rating Agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) commercial paper, or other short term obligations, having, at the time of the Borrower's investment or contractual commitment to invest therein, a rating in the Highest Required Investment Category granted by each Rating Agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) demand deposits, time deposits or certificates of deposit that are fully insured by the FDIC and either have a rating on their certificates of deposit or short-term deposits from Moody's and S&P of "P-1" and "A-1", respectively, and if rated by Fitch, from Fitch of "F-1+";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) investments in taxable money market funds or other regulated investment companies having, at the time of the Borrower's investment or contractual commitment to invest therein, a rating of the Highest Required Investment Category from each Rating Agency (as applicable); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) time deposits (having maturities of not more than 90 days) by an entity the commercial paper of which has, at the time of the Borrower's investment or contractual commitment to invest therein, a rating of the Highest Required Investment Category granted by each Rating Agency.

"<u>Permitted Liens</u>":

(a) With respect to the interest of the Borrower <u>or SPV-S</u> or, if applicable, an Affiliate Transferor, in the Loans included in the Collateral: (i) Liens in favor of the Borrower created pursuant to a Transfer Agreement, (ii) Liens in favor of the Collateral Agent created pursuant to this Agreement, (iii) Liens for Taxes (that the Administrative Agent has been notified of within ten (10) Business Days of creation) if such Taxes shall not at the time be due and payable or if a Person shall currently be contesting the validity thereof in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on the books of such Person and (iv) restrictions on transfer of such Loans set forth in the applicable Underlying Instruments; and

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"<u>Permitted RIC Distribution</u>": Distributions on any Payment Date to the Equityholder (from the Collection Account) to the extent required to allow the Equityholder to make sufficient distributions to qualify as a regulated investment company, and to otherwise eliminate federal or state income or excise taxes payable by the Equityholder in or with respect to any taxable year of the Equityholder (or any calendar year, as relevant); <u>provided</u> that the amount of any such payments made in or with respect to any such taxable year (or calendar year, as relevant) of the Equityholder shall not exceed 115% of the amounts that the Borrower <u>or SPV-S</u> would have been required to distribute to the Equityholder to: (i) allow the Borrower <u>or SPV-S</u> to satisfy the minimum distribution requirements that would be imposed by Section 852(a) of the Code (or any successor thereto) to maintain its eligibility to be taxed as a regulated investment company for any such taxable year, (ii) reduce to zero for any such taxable year the Borrower<u>'s or SPV-S</u>'s liability for federal income taxes imposed on (x) its investment company taxable income pursuant to Section 852(b)(1) of the Code (or any successor thereto), or (y) its net capital gain pursuant to Section 852(b)(3) of the Code (or any successor thereto), and (iii) reduce to zero the Borrower<u>'s or SPV-S</u>'s liability for federal excise taxes for any such calendar year imposed pursuant to Section 4982 of the Code (or any successor thereto), in the case of each of (i), (ii) or (iii), calculated assuming that the Borrower <u>or SPV-S</u> had qualified to be taxed as a regulated investment company under the Code.

"<u>Permitted Securitization</u>": Any private or public term or conduit securitization transaction undertaken by the Borrower or an Affiliate thereof that is secured, directly or indirectly, by any Loan currently included in the Collateral or any portion thereof or any interest therein released from the Lien of this Agreement, including, without limitation, any

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"<u>Securities Intermediary</u>": UMB Bank, National Association, or any subsequent (i) Clearing Corporation; or (ii) Person, including a bank or broker, that in the ordinary course of its business maintains Securities Accounts for others and is acting in that capacity, agreeing to act in such capacity pursuant to the Securities Account Control Agreement.

"<u>Security Certificate</u>": The meaning specified in Section 8-102(a)(16) of the UCC.

"<u>Security Entitlement</u>": The meaning specified in Section 8-102(a)(17) of the UCC.

"<u>Senior Securities</u>": Senior securities (as such term is defined and determined

pursuant to the 1940 Act and any orders of the SEC issued to the Equityholder thereunder).

"<u>SOFR</u>": A rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

"<u>SOFR Administrator</u>": The Federal Reserve Bank of New York (or any successor administrator).

"<u>SOFR Administrator's Website</u>": The website of the SOFR Administrator, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

"<u>SOFR Determination Day</u>": The meaning specified in the definition of "Daily Simple SOFR."

"<u>SOFR Rate Day</u>": The meaning specified in the definition of "Daily Simple SOFR."

<u>"SPV-S": SCRED SPV VI LLC, a Delaware limited liability company.</u>

<u>"SPV-S Collateral": The meaning assigned to such term in the SPV-S Guarantee</u> <u>and Security Agreement.</u>

<u>"SPV-S Collections": Any Collections received by the Borrower in respect of Eligible Loans that are subject to the SPV-S Participation Interests.</u>

<u>"SPV-S Loan Advance Percentage": As of any date of determination, a fraction</u> <u>(i) the numerator of which is the sum of the Adjusted Borrowing Value of all SPV-S Participation Interests and (ii) the denominator of which is the sum of the Adjusted Borrowing Value of all Eligible Loans.</u>

<u>"SPV-S Master Participation Agreement": That certain Master Participation</u> <u>Agreement dated as of September 29, 2025, between the Borrower and SPV-S.</u>

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<u>"SPV-S Obligations": On any date of determination, the aggregate unpaid principal amount of all Obligations on such day multiplied by the SPV-S Loan Advance Percentage.</u>

<u>"SPV-S Participation Interest": A participation interest in an Eligible Loan that has been transferred to SPV-S pursuant to the SPV-S Master Participation Agreement.</u>

<u>"SPV-S Participation Payment": Any payment that is required to be made by the Borrower to SPV-S pursuant to the terms of SPV-S Master Participation Agreement.</u>

<u>"SPV-S Guarantee and Security Agreement": That certain Guarantee and Security Agreement dated as of September 29, 2025, between SPV-S, the Collateral Agent and the Administrative Agent.</u>

<u>"SPV-S Security Interests": The meaning specified in Section 5.7(e).</u>

"<u>Solvent</u>": As to any Person at any time, having a state of affairs such that all of the following conditions are met: (a) the fair value of the property of such Person is greater than the amount of such Person's liabilities (including disputed, contingent and unliquidated liabilities) as such value is established and liabilities evaluated for purposes of Section 101(32) of the Bankruptcy Code; (b) the present fair saleable value of the property of such Person in an orderly liquidation of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts and other liabilities as they become absolute and matured; (c) such Person is able to realize upon its property and pay its debts and other liabilities (including disputed, contingent and unliquidated liabilities) as they mature in the normal course of business; (d) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person's ability to pay as such debts and liabilities mature; and (e) such Person is not engaged in a business or a transaction, and does not propose to engage in a business or a transaction, for which such Person's property assets would constitute unreasonably small capital.

"<u>Subsidiary</u>": As to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership, limited liability company or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly, through one or more intermediaries, or both, by such Person.

"<u>Substitution</u>": The meaning specified in <u>Section 2.14(b)</u>.

"<u>Swingline Advance</u>": Any swingline loan made by the Swingline Lender to the Borrower pursuant to <u>Section 2.1</u>, and all such swingline loans collectively as the context requires. For the avoidance of doubt, all Swingline Advances shall be denominated in Dollars.

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"<u>Swingline Commitment</u>": The commitment of the Swingline Lender to fund Swingline Advances, subject to the terms and conditions herein, in an amount not to exceed $50,000,000 outstanding at any time, as such amount may be reduced, increased or assigned from time to time pursuant to the provisions of this Agreement. The Swingline Commitment is a sub-limit of the Commitment of the Swingline Lender in its capacity as a Lender hereunder, and is not in addition thereto.

"<u>Swingline Lender</u>": The meaning specified in the Preamble.

"<u>Swingline Refund Date</u>": The meaning specified in <u>Section 2.20(a)</u>.

"<u>Taxes</u>": All present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

"<u>Termination Date</u>": The earliest of (a) the date of the termination of all the Commitments pursuant to <u>Section 2.3(a)</u>, (b) the Facility Maturity Date, and (c) the date of the declaration of the Termination Date or the date of the automatic occurrence of the Termination Date pursuant to <u>Section 9.2(a)</u>.

"<u>Third Amendment Closing Date</u>": May 14, 2025.

"<u>Tranche Size</u>": With respect to any Loan, the dollar value of the tranche of Indebtedness of the applicable Obligor currently held or contemplated for purchase by the Borrower, which may include any last out component (but not any second lien component) and, in the sole discretion of the Administrative Agent, any Indebtedness under another tranche that (x) is an obligation of the same Obligor under the same Underlying Instrument, (y) *pari passu* with such Loan and (z) has the same material terms as such Loan.

"<u>Transaction</u>": The meaning specified in <u>Section 3.2</u>.

"<u>Transaction Documents</u>": This Agreement, each Transfer Agreement, the Fee Letter, the Securities Account Control Agreement, any Joinder Supplement, and the Collateral Agent Fee Letter<u>, the SPV-S Master Participation Agreement, the SPV-S Guarantee and Security Agreement</u> and each document, instrument or agreement related to any of the foregoing.

"<u>Transfer Agreement</u>": Each sale agreement or a contribution agreement in form and substance satisfactory to the Administrative Agent in its sole discretion, by and between an Affiliate Transferor and the Borrower pursuant to which such Affiliate Transferor sells or contributes Loans to the Borrower.

"<u>UCC</u>": The Uniform Commercial Code as from time to time in effect in the applicable jurisdiction or jurisdictions.

"<u>Unadjusted Benchmark Replacement</u>": The applicable Benchmark Replacement excluding the applicable Benchmark Replacement Adjustment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) *pro rata* to each applicable party to pay all other outstanding amounts under the Transaction Documents including any amounts not paid under <u>Section 2.7(a)(1)</u> by reason of a cap specified therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) to the applicable Governmental Authority, any Tax or withholding Tax which, if not paid, could result in a Lien on any of the Collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) (A) if a Default has occurred and is continuing, to remain in the Interest Collection Account or (B) otherwise, <u>(i) first, solely from amounts representing SPV-S Collections, to pay any SPV-S Participation Payments owing to SPV-S and (ii) otherwise,</u> deemed released from the Lien of the Collateral Agent hereunder and distributed to the Borrower or its designee (or, during the Reinvestment Period, in the sole discretion of the Collateral Manager, to be deposited in the Principal Collection Account).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Principal Collection Account</u>. On each Payment Date, so long as no Event of Default has occurred and is continuing, the Collateral Manager shall direct the Collateral Agent to pay from the Principal Collection Account of the Borrower pursuant to the related Payment Date Statement (and the Collateral Agent shall make payment from the Principal Collection Account of the Borrower to the extent of Available Funds, in reliance on the information set forth in such Payment Date Statement) to the following Persons, the following amounts in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to the extent not paid pursuant to <u>Section 2.7(a)(1)</u>, *pro rata* to the Collateral Agent and the Securities Intermediary, in an amount equal to any accrued and unpaid Collateral Agent Fees owing to such Person; <u>provided</u> that the aggregate amount payable pursuant to <u>Section 2.7(a)(1)</u>, this <u>Section 2.7(b)(1)</u> and <u>Section 2.8(1)</u> shall not exceed $100,000 *per annum*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to the extent not paid pursuant to <u>Section 2.7(a)(2)</u>, to the Collateral Manager, in an amount equal to any accrued and unpaid Collateral Management Fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to the extent not paid pursuant to <u>Section 2.7(a)(3)</u>, to the Administrative Agent for the *pro rata* account of each Lender, in an amount equal to any accrued and unpaid Interest (including Breakage Costs) and Non-Usage Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) to the extent not paid pursuant to <u>Section 2.7(a)(4)</u>, to the Administrative Agent for its own account and for the *pro rata* account of each Lender, all Administrative Expenses and any Increased Costs due and owing to the Administrative Agent or any Lender;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) during the Reinvestment Period, (i) *first*, in the sole discretion of the Collateral Manager, to the Unfunded Exposure Account in an amount necessary to cause the amount on deposit in the Unfunded Exposure Account to equal the Unfunded Exposure Required Amount and (ii) *second*, to the extent not paid pursuant to <u>Section 2.7(a)(6)</u>, *pro rata* to each Lender, to reduce the Advances Outstanding in an amount necessary to cure a Borrowing Base Deficiency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) after the end of the Reinvestment Period, (i) *first*, to the Unfunded Exposure Account in an amount necessary to cause the amount on deposit in the Unfunded Exposure Account to equal the Unfunded Exposure Amount and (ii) *second*, *pro rata* to each Lender, to pay the Advances Outstanding until paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) to the extent not paid pursuant to <u>Section 2.7(a)(6)</u>, to the Equityholder to make any applicable Permitted RIC Distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) to the extent not paid pursuant to <u>Section 2.7(a)(8)</u>, *pro rata* to each Lender, in an amount equal to any accrued and unpaid Commitment Reduction Fee owing to the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) to the extent not paid pursuant to <u>Section 2.7(a)(9)</u>, *pro rata* to each applicable party to pay all other amounts owing under the Transaction Documents, including any amounts not paid under <u>Section 2.7(b)(1)</u> by reason of a cap specified therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) to the extent not paid pursuant to <u>Section 2.7(a)(10)</u>, to the applicable Governmental Authority, any Tax or withholding Tax which, if not paid, could result in a Lien on any of the Collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) (A) if a Default has occurred and is continuing, to remain in the Principal Collection Account or (B<u>) (i) *first*, solely from amounts representing SPV-S Collections, to pay any SPV-S Participation Payments owing to SPV-S and (ii</u>) otherwise, deemed released from the Lien of the Collateral Agent hereunder and distributed to the Borrower or its designee (or, in the sole discretion of the Collateral Manager, to remain in the Principal Collection Account).

Section 2.8 <u>Alternate Priority of Payments</u>.

On (x) each Payment Date (and any Business Day reasonably requested by the Administrative Agent) (a) following the occurrence and during the continuance of an Event of Default or (b) following the declaration of the occurrence, or the deemed occurrence, as applicable, of the Termination Date pursuant to <u>Section 9.2(a)</u> or (y) the date of an Optional Sale, the Collateral Manager (or, in the case of clause (x), after delivery of a Notice of Exclusive Control, the Administrative Agent) shall direct the Collateral Agent to pay pursuant to the related Payment Date Statement (and the Collateral Agent shall make payment from the Collection Account of the Borrower to the extent of Available Funds, in reliance on the information set

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forth in such Payment Date Statement) to the following Persons, the following amounts in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) *pro rata* to the Collateral Agent and the Securities Intermediary, in an amount equal to any accrued and unpaid Collateral Agent Fees owing to such Person; <u>provided</u> that the aggregate amount payable pursuant to <u>Section 2.7(a)(1)</u>, <u>Section 2.7(b)(1)</u> and this <u>Section 2.8(1)</u> shall not exceed $100,000 *per annum*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to the Collateral Manager, in an amount equal to any accrued and unpaid Collateral Management Fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *pro rata* to each Lender, in an amount equal to any accrued and unpaid Interest (including Breakage Costs) and Non-Usage Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *pro rata* to the Administrative Agent and each Lender, all Administrative Expenses and any Increased Costs due and owing to such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) to the Unfunded Exposure Account, in an amount necessary to cause the amount on deposit in the Unfunded Exposure Account to equal (i) prior to the Reinvestment Period End Date, the Unfunded Exposure Required Amount and (ii) after the Reinvestment Period End Date, the Unfunded Exposure Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) *pro rata* to each Lender, to pay the Advances Outstanding until paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) to the Equityholder, to make any applicable Permitted RIC Distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) *pro rata* to each Lender, in an amount equal to any accrued and unpaid Commitment Reduction Fee owing to the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) *pro rata* to each applicable party to pay all other amounts outstanding under the Transaction Documents, including any amounts not paid under <u>Section 2.8(1)</u> by reason of a cap specified therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) to the applicable Governmental Authority, any Tax or withholding Tax which, if not paid, could result in a Lien on any of the Collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) any remaining amounts shall be <u>(i) *first*, solely from amounts representing SPV-S Collections, applied to pay any SPV-S Participation Payments owing to SPV-S and (ii) otherwise,</u> deemed released from the Lien of the Collateral Agent hereunder and distributed to the Borrower or its designee.

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Section 2.9 <u>Collections and Allocations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Collections</u>. The Collateral Agent shall (i) promptly identify (with the support of the Collateral Manager to the extent necessary) any Collections received directly by it as Interest Collections or Principal Collections and shall transfer all such Collections to the appropriate Collection Account within two (2) Business Days after its receipt thereof and (ii) upon the receipt of Collections in the Collection Account during any Accrual Period, identify (with the support of the Collateral Manager to the extent necessary) Principal Collections and Interest Collections and direct the Securities Intermediary to transfer the same to the Principal Collection Account or the Interest Collection Account, respectively, within two (2) Business Days after the receipt thereof. The Collateral Manager shall further include a statement as to the amount of Principal Collections and Interest Collections on deposit in the Principal Collection Account and the Interest Collection Account on each Determination Date in the Borrowing Base Certificate delivered pursuant to <u>Section 6.8(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Excluded Amounts</u>. With the prior written consent of the Administrative Agent, the Collateral Manager may direct the Collateral Agent and the Securities Intermediary to withdraw from the General Collection Account and pay to the Person entitled thereto any amounts credited thereto constituting Excluded Amounts if the Collateral Manager has, prior to such withdrawal and consent, delivered to the Administrative Agent, the Collateral Agent, the Borrower and each Lender a report setting forth the calculation of such Excluded Amounts in form and substance reasonably satisfactory to the Administrative Agent and each Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Initial Deposits</u>. Commencing on the Funding Date with respect to any Loan, the Collateral Manager will deposit or cause to be deposited into the applicable Collection Account all Collections received in respect of such Loan on and after such initial Funding Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Investment of Funds</u>. All uninvested amounts on deposit in the Collection Account shall be invested at the direction of the Collateral Manager pursuant to the definition of Permitted Investments. All earnings (net of losses and investment expenses) thereon shall be retained or deposited into the Principal Collection Account and shall be applied on each Payment Date pursuant to the provisions of <u>Section 2.7</u> or <u>Section 2.8</u> (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Unfunded Exposure Account</u>. On the last day of the Reinvestment Period, each Borrower shall fund an amount equal to the Unfunded Exposure Amount into the Unfunded Exposure Account. All funding requests associated with the Unfunded Exposure Amount after the Reinvestment Period End Date shall be made from the Unfunded Exposure Account. All uninvested amounts on deposit in the Unfunded Exposure Account shall be invested at the direction of the Collateral Manager pursuant to the definition of Permitted Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(f)</u> <u>SPV-S Collections. For purposes of Section 2.7 and Section 2.8, on each Payment Date (i) all Non-SPV-S Collections shall be applied (A) *first*, to pay any amounts owing by the Borrower in respect of Non-SPV-S Obligations and (B) *second*, to pay amounts owing by SPV-S to the extent there are insufficient SPV-S Collections to pay such amounts and (ii) all SPV-S Collections shall be applied (A) *first*, to pay any amounts owing by SPV-S in respect of</u> <u>SPV-S Obligations and (B) *second*, to pay any amounts owing by the Borrower to the extent there are insufficient Non-SPV-S Collections to pay such amounts.</u>

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Section 2.10 <u>Payments, Computations, etc</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise expressly provided herein, all amounts to be paid or deposited by the Borrower hereunder shall be paid or deposited in accordance with the terms hereof no later than 3:00 p.m. on the day when due in lawful money of the United States in immediately available funds and any amount not received before such time shall be deemed received on the next Business Day. The Borrower shall, to the extent permitted by law, pay to the Secured Parties interest on all amounts not paid or deposited when due hereunder at 2.00% *per annum* above the Prime Rate, payable on demand; <u>provided</u> that such interest rate shall not at any time exceed the maximum rate permitted by Applicable Law. Such interest shall be for the account of the applicable Secured Party. All computations of interest and other fees hereunder shall be made on the basis of a year consisting of 360 days (other than calculations with respect to the Base Rate, which shall be based on a year consisting of 365 or 366 days, as applicable) for the actual number of days elapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whenever any payment hereunder shall be stated to be due on a day other than a Business Day, such payment shall be deemed due on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of the payment of Interest or any fee payable hereunder, as the case may be. For avoidance of doubt, to the extent that Available Funds are insufficient on any Payment Date to satisfy the full amount of any Increased Costs pursuant to <u>Section 2.12</u>, such unpaid amounts shall remain due and owing and shall accrue interest as provided in <u>Section 2.10(a)</u> until repaid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any Advance requested by the Borrower is not effectuated as a result of the Collateral Manager's or the Borrower's actions or failure to fulfill any condition under <u>Section 3.2</u> (other than any condition that is waived by the Administrative Agent) (which, in the case of the Collateral Manager, is solely within the control of the Collateral Manager) as the case may be, on the date specified therefor, whichever of the Collateral Manager or the Borrower is at fault, such Person shall indemnify the applicable Lender against any reasonable loss, cost or expense incurred by the applicable Lender, including, without limitation, any loss, cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by the applicable Lender to fund or maintain such Advance upon receipt by the Borrower of documentation setting forth such costs.

Section 2.11 <u>Fees</u>.

The Borrower shall pay to Cadwalader, Wickersham & Taft LLP as counsel to the Administrative Agent and the Lenders, within two (2) Business Days following an invoice therefor, its reasonable invoiced fees and out-of-pocket expenses through the Closing Date.

Section 2.12 <u>Increased Costs; Capital Adequacy; Illegality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If either (i) the introduction of or any change (including, without limitation, any change by way of imposition or increase of reserve requirements) in or in the

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as shall have elapsed since the Closing Date as of such date); <u>provided</u> that, the limitation set forth in this clause (f)(i) shall not apply with respect to (x) any Substitution or Discretionary Sale of a Loan with an Assigned Value of zero, (y) any Discretionary Sale to a Person established in connection with a Permitted Securitization so long as the Administrative Agent has provided its prior written consent (in its sole discretion) to such Discretionary Sale or (z) any Discretionary Sale pursuant to a refinancing of the entire facility (or, if approved by the Administrative Agent in its sole discretion, a refinancing of a portion of the facility) provided under this Agreement (including, but not limited to, where the Lender is acting as a lender under such arrangement) and the payment of the Commitment Reduction Fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The aggregate Outstanding Balance of all Loans which are sold or intended to be sold by the Borrower to an Affiliate of the Borrower or the Equityholder in connection with a Substitution or a Discretionary Sale during any 12-month rolling period shall not exceed, collectively, 20% of the highest aggregate Outstanding Balance (assuming, for these purposes, that any amount prepaid in the ordinary course had not been so repaid) of all Loans during the 12-month period preceding such date (or such lesser number of months as shall have elapsed since the Closing Date as of such date); <u>provided</u> that, the limitation set forth in this clause (f)(ii) shall not apply with respect to (x) any Substitution or Discretionary Sale of a Loan (or portion thereof) with an Assigned Value of zero or (y) any Discretionary Sale pursuant to a refinancing of the entire facility (or, if approved by the Administrative Agent in its sole discretion, a refinancing of a portion of the facility) provided under this Agreement (including, but not limited to, where the Lender is acting as a lender under such arrangement) and the payment of the Commitment Reduction Fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Sales of Loans with an Assigned Value of Zero and Sales of Equity Securities</u>. The Borrower may sell or substitute any Loan with an Assigned Value of zero or any Equity Security to any Person; <u>provided</u>, that any such sale shall be made on an arm's-length basis at fair market value (or, solely with respect to any Loan repurchased pursuant to a Transfer Agreement, the applicable Transfer Deposit Amount (as defined in such Transfer Agreement)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(h)</u> <u>SPV-S Participation Interests. The Borrower may grant SPV-S Participation Interests in Eligible Loans in accordance with the terms hereof and the SPV-S Master Participation Agreement, and the grant of any such SPV-S Participation Interest shall not be subject to the terms of this Section 2.14.</u>

Section 2.15 <u>Assignment of each Transfer Agreement</u>.

The Borrower hereby assigns to the Collateral Agent, for the benefit of the Secured Parties, all of the Borrower's right, title and interest in and to, but none of its obligations under, each Transfer Agreement under which it is a purchaser and any UCC financing statements filed under or in connection therewith. In furtherance and not in limitation of the foregoing, the Borrower hereby assigns to the Collateral Agent for the benefit of the Secured Parties its right to indemnification under each Transfer Agreement under which it is a purchaser. The Borrower confirms that the Collateral Agent, on behalf of the Secured Parties, shall have the right to enforce the Borrower's rights and remedies under each Transfer Agreement under which it is a

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with the provisions of its limited liability company agreement or fail to observe, in all material respects, limited liability company formalities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) form, acquire or own any Subsidiary, own any Capital Stock in any other entity (other than Capital Stock in Obligors in connection with the exercise of any remedies with respect to a Loan or any exchange offer, work-out or restructuring of a Loan), or make any Investment in any Person (other than Permitted Investments or Capital Stock in Obligors in connection with the exercise of any remedies with respect to a Loan or any exchange offer, work-out or restructuring of a Loan) without the prior written consent of the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) commingle its assets with the assets of any of its Affiliates, or of any other Person <u>(except for SPV-S)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) incur any Indebtedness, secured or unsecured, direct or contingent (including guaranteeing any obligation), other than (1) Indebtedness to the Secured Parties hereunder or in conjunction with a repayment of all Advances owed to the Lenders and a termination of all the Commitments, (2) ordinary course contingent obligations under the Underlying Instruments (such as customary indemnities to fronting banks, administrative agents, collateral agents, depository banks, escrow agents, etc.) and (3) Indebtedness pursuant to the Transaction Documents or any agreement for the sale or disposition of Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) become insolvent or fail to pay its debts and liabilities from its assets as the same shall become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) fail to maintain its records, books of account and bank accounts separate and apart from those of any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) enter into any contract or agreement with any Person, except (a) the Transaction Documents, (b) organizational documents, (c) Underlying Instruments and (d) other contracts or agreements that are upon terms and conditions that are commercially reasonable and substantially similar to those that would be available on an arm's-length basis with third parties other than such Person; <u>provided</u> that, for the avoidance of doubt with regard to this clause (x), (i) acquisitions of Collateral from an Affiliate Transferor, sales of Collateral to an Affiliate Transferor, and distributions (including Permitted RIC Distributions) to its member in accordance with the terms hereof shall be permitted and (ii) the Equityholder may contribute cash or other property as a capital contribution to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) seek its dissolution or winding up in whole or in part or divide or permit any division of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) fail to correct any known misunderstandings regarding the separate identities of the Borrower, on the one hand, and any Affiliate or any principal thereof or any other Person, on the other hand;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) guarantee, become obligated for, or hold itself out to be responsible for the debt of another Person <u>(except for SPV-S)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) fail either to hold itself out to the public as a legal entity separate and distinct from any other Person or to conduct its business, solely in its own name in order not (a) to mislead others as to the identity of the Person with which such other party is transacting business, or (b) to suggest that it is responsible for the debts of any third party (including any of its principals or Affiliates<u>) (except for SPV-S</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) fail to maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations (to the extent there exists sufficient cash flow from the Collateral to do so after the payment of all operating expenses and debt services but the foregoing shall not require any equity owner to make additional capital contributions to the Borrower in order to comply with this provision);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) except as may be required or permitted by the Code and regulations thereunder or other applicable state or local tax law, hold itself out as or be considered as a department or division of (a) any of its principals or Affiliates, (b) any Affiliate of a principal or (c) any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) fail to maintain separate financial statements, showing its assets and liabilities separate and apart from those of any other Person and not have its assets listed on any financial statement of any other Person; <u>provided</u>, <u>however</u>, that the Borrower's assets may be included in a consolidated financial statement of its Affiliates so long as (a) appropriate notation shall be made on such consolidated financial statements to indicate the separateness of the Borrower from such Person and to indicate that the Borrower's assets and credit are not available to satisfy the debts and other obligations of such Person or any other Person and (b) such assets shall also be listed on the Borrower's own separate balance sheet;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) fail to pay its own liabilities and expenses only out of its own funds <u>or the funds of SPV-S</u> (including funds contributed to its capital by the Equityholder) (to the extent there exists sufficient cash flow from the Collateral to do so after the payment of all operating expenses and debt services but the foregoing shall not require any equity owner to make additional capital contributions to the Borrower in order to comply with this provision);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) fail to maintain a sufficient number of employees, if any, in light of its contemplated business operations or to pay the salaries of its own employees, if any (for the avoidance of doubt, such number may be zero);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) except in connection with any exchange offer, work-out, restructuring or the exercise of any rights or remedies with respect to any Loan with

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Violation</u>. The execution and delivery of this Agreement, the performance of the Transactions contemplated hereby and the fulfillment of the terms hereof will not conflict with or violate, in any material respect, any Applicable Law as to the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>All Consents Required</u>. All approvals, authorizations, consents, orders or other actions of any Governmental Authority applicable to the Collateral Agent, required in connection with the execution and delivery of this Agreement, the performance by the Collateral Agent of the transactions contemplated hereby and the fulfillment by the Collateral Agent of the terms hereof have been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Validity, Etc.</u> This Agreement constitutes the legal, valid and binding obligation of the Collateral Agent, enforceable against the Collateral Agent in accordance with its terms, except as such enforceability may be limited by applicable Insolvency Laws and general principles of equity (whether considered in a suit at law or in equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Corporate Collateral Agent Required; Eligibility</u>. The Collateral Agent (including any successor Collateral Agent appointed pursuant to <u>Section 7.5</u>) hereunder (A)(i) is a national banking association or banking corporation or trust company organized and doing business under the laws of any state or the United States, (ii) is authorized under such laws to exercise corporate trust powers, (iii) has a combined capital and surplus of at least $200,000,000, and (iv) is subject to supervision or examination by federal or state authority, or (B) is otherwise acceptable to the Borrower (or the Collateral Manager on its behalf) and the Administrative Agent. If such banking association publishes reports of condition at least annually, pursuant to Applicable Law or the requirements of the aforesaid supervising or examining authority, then for the purposes of this <u>Section 4.4(g)</u> its combined capital and surplus shall be deemed to be as set forth in its most recent report of condition so published. In case at any time the Collateral Agent shall cease to be eligible in accordance with the provisions of this <u>Section 4.4(g)</u>, the Collateral Agent shall give prompt notice to the Borrower, the Collateral Manager and the Lenders that it has ceased to be eligible to be the Collateral Agent.

Section 4.5 <u>Representations and Warranties of the Equityholder</u>.

The Equityholder hereby represents and warrants, as applicable, as of the Closing Date, <u>the Fourth Amendment Date,</u> each Measurement Date <u>and each Funding Date that in respect of (x) clauses (c) through (y), SPV-S and (y) otherwise, itself</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Sanctions</u>. None of the Equityholder, any Person directly or indirectly Controlling the Equityholder or any Person directly or indirectly Controlled by the Equityholder and, to the Equityholder's knowledge, no Related Party of the foregoing (i) is a Sanctioned Person; (ii) is owned or controlled by, or is or has been acting or purporting to act for or on behalf of, directly or indirectly, a Sanctioned Person; or (iii) is, to the Equityholder's knowledge, under investigation for an alleged breach of Sanction(s) by a Governmental Authority that enforces Sanctions. No investor in such Person is a Sanctioned Person. Each such Person has instituted, maintains and complies with policies, procedures and controls reasonably designed to assure compliance with Sanctions. The Equityholder will notify each Lender and Administrative Agent in writing not more than three (3) Business Days after becoming aware of any breach of this section.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Anti-Money Laundering Laws and Anti-Corruption Laws</u>. The Equityholder, any Person directly or indirectly Controlling the Equityholder or any Person directly or indirectly Controlled by the Equityholder and, to the Equityholder's knowledge, any Related Party of the foregoing (i) has instituted, maintains and complies with policies, procedures and controls reasonably designed to assure compliance with Anti-Money Laundering Laws and Anti-Corruption Laws and (ii) is not, to the Equityholder's knowledge, under investigation for an alleged violation of Anti-Money Laundering Laws or Anti-Corruption Laws by a Governmental Authority that enforces such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>Organization and Good Standing. SPV-S has been duly organized, and is validly existing as a limited liability company in good standing, under the laws of Delaware, with all requisite limited liability company power and authority to own or lease its properties and conduct its business as such business is presently conducted, and had at all relevant times, and now has all necessary power, authority and legal right to acquire, own and sell the SPV-S Collateral.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d)</u> <u>Due Qualification. SPV-S is (i) duly qualified to do business and is in good standing as a limited liability company in its jurisdiction of formation, and (ii) has obtained all necessary qualifications, licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business requires such qualifications, licenses or approvals, except where the failure to be qualified, licensed or approved would not reasonably be expected to have a Material Adverse Effect.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(e)</u> <u>Power and Authority; Due Authorization; Execution and Delivery. SPV-S</u> <u>(i) has all necessary limited liability company power, authority and legal right to (a) execute and deliver each Transaction Document to which it is a party, and (b) carry out the terms of the Transaction Documents to which it is a party, and (ii) has duly authorized by all necessary limited liability company action, the execution, delivery and performance of each Transaction Document to which it is a party and the pledge and assignment of a security interest in the SPV-S Collateral on the terms and conditions herein provided, subject only to Permitted Liens. Each Transaction Document to which SPV-S is a party have been duly executed and delivered by it.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(f)</u> <u>Binding Obligation. Each Transaction Document to which SPV-S is a party constitutes a legal, valid and binding obligation of SPV-S enforceable against it in accordance with its respective terms, except as such enforceability may be limited by Insolvency Laws and by general principles of equity (whether such enforceability is considered in a suit at law or in equity).</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(g)</u> <u>No Violation. The execution, delivery and performance of each Transaction Document to which SPV-S is a party and the fulfillment of the terms thereof will not</u> <u>(i) violate any Governing Documents of SPV-S, (ii) violate, in any material respect, any Contractual Obligation of SPV-S, (iii) result in the creation of any Lien on the SPV-S Collateral (other than any Permitted Lien), or (iv) violate any Applicable Law in any material respect.</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(h)</u> <u>Agreements. SPV-S is not a party to any agreement or instrument or subject to any limited liability company restriction that has resulted or could reasonably be expected to result in a Material Adverse Effect. SPV-S is not in default in any manner under any provision of any material agreement or material instrument evidencing Indebtedness, or any other material agreement or material instrument to which it is a party or by which it or any of its properties or assets are or may be bound.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>No Proceedings. There is no litigation, proceeding or investigation pending or, to the knowledge of a Responsible Officer of SPV-S threatened against SPV-S, before any Governmental Authority (i) asserting the invalidity of any Transaction Document to which SPV-S is a party, (ii) seeking to prevent the consummation of any of the transactions contemplated by any Transaction Document to which SPV-S is a party or (iii) that could reasonably be expected to have a Material Adverse Effect.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(j)</u> <u>All Consents Required. All approvals, authorizations, consents, orders, licenses, filings or other actions of any Person or of any Governmental Authority (if any) required for the due execution, delivery and performance by SPV-S of each Transaction Document to which SPV-S is a party have been obtained.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(k)</u> <u>Bulk Sales. The execution, delivery and performance of this Agreement and the transactions contemplated hereby do not require compliance with any "bulk sales" act or similar statutory provisions in effect in any applicable jurisdiction by SPV-S.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(l) Solvency. SPV-S is not the subject of any Insolvency Proceedings or Insolvency Event. The transactions under the Transaction Documents to which SPV-S is a party do not and will not render SPV-S not Solvent.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(m)</u> <u>Taxes. SPV-S (i) is and has always been treated as either (x) a domestic partnership, each of whose partners (as determined for U.S. federal income tax purposes) will be</u> <u>U.S. Persons or (y) a disregarded entity of a U.S. Person for U.S. federal income tax purposes and (ii) has timely filed or caused to be filed all U.S. federal, state, and other material Tax returns and reports required to be filed by it except as could not reasonably be expected to have a Material Adverse Effect and has paid or caused to be paid all U.S. federal, state, and other material Taxes required to be paid by it, except Taxes that are being contested in good faith by appropriate proceedings and for which SPV-S has set aside on its books adequate reserves in accordance with GAAP except as could not reasonably be expected to have a Material Adverse Effect.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(n)</u> <u>Exchange Act Compliance; Regulations T, U and X. None of the transactions contemplated herein or in the other Transaction Documents (including, without limitation, the use of the proceeds from the transfer of the Collateral) will violate or result in a violation of Section 7 of the Exchange Act, or any regulations issued pursuant thereto, including, without limitation, Regulations T, U and X of the Board of Governors of the Federal Reserve System, 12 C.F.R., Chapter II. SPV-S does not own or intend to carry or purchase, and no proceeds from the Advances will be used to carry or purchase, any Margin Stock or to extend "purpose credit" within the meaning of Regulation U.</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(o)</u> <u>Security Interest.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i) The SPV-S Guarantee and Security Agreement creates a valid and continuing security interest (as defined in the UCC as in effect from time to time in the State of New York) in the SPV-S Collateral in favor of the Collateral Agent, on behalf of the Secured Parties, which security interest is validly perfected under Article 9 of the UCC and is prior to all other Liens (except for Permitted Liens), and is enforceable as such against creditors of and purchasers from SPV-S, except to the extent such enforceability thereof may be limited by applicable Insolvency Laws and general principles of equity;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii) the SPV-S Collateral is comprised of "instruments", "security entitlements", "general intangibles", "certificated securities", "uncertificated securities", "securities accounts", "investment property" and "proceeds" (each as defined in the applicable UCC) and such other categories of collateral under the applicable UCC as to which SPV-S has complied with its obligations under Section 4.5(o)(i);</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii) SPV-S owns and has good and marketable title to (or, with respect to assets securing any Collateral, a valid security interest in) the SPV-S Collateral free and clear of any Lien (other than Permitted Liens) of any Person;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv) SPV-S has received all consents and approvals (if any) required by the terms of any Loan to the granting of a security interest in the SPV-S Master Participation Agreement to the SPV-S Collateral Agent, on behalf of the Secured Parties;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(v) SPV-S has taken all necessary steps to authorize the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the security interest in that portion of the SPV-S Collateral in which a security interest may be perfected by filing pursuant to Article 9 of the UCC as in effect in SPV-S's jurisdiction of organization;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(vi) other than as expressly permitted by the terms of the Transaction Documents, this Agreement and the security interest granted to the Collateral Agent, on behalf of the Secured Parties, pursuant to the SPV-S Guarantee and Security Agreement, SPV-S has not pledged, assigned, sold, granted a security interest in or otherwise conveyed any of the SPV-S Collateral. SPV-S has not authorized the filing of and is not aware of any financing statements against it that includes a description of any collateral included in the SPV-S Collateral other than any financing statement (A) relating to the security interest granted to the Collateral Agent hereunder or any Permitted Lien, (B) relating to the security interest, if any, granted to SPV-S under a Transfer Agreement, or</u> <u>(C) that has been terminated and/or fully and validly assigned to the Collateral Agent or SPV-S on or prior to the date hereof;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(vii) SPV-S is not aware of the filing of any judgment or Lien for Taxes filed against it other than Permitted Liens;</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(viii) with respect to SPV-S Collateral that constitutes a "certificated security," such certificated security has been delivered to the Collateral Agent on behalf of the Secured Parties and, if in registered form, has been specially Indorsed to the Collateral Agent, on behalf of the Secured Parties, or in blank by an effective Indorsement or has been registered in the name of the Collateral Agent, on behalf of the Secured Parties, upon original issue or registration of transfer by SPV-S; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ix) in the case of an Uncertificated Security, SPV-S shall cause the issuer of such uncertificated security to register the Collateral Agent, on behalf of the Secured Parties, as the registered owner of such uncertificated security.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(p)</u> <u>Location of Offices. SPV-S's location (within the meaning of Article 9 of the UCC) is, and at all times has been, the State of Delaware. SPV-S has not changed its name (whether by amendment of its certificate of formation, by reorganization or otherwise) or its jurisdiction of organization and has not changed its location within the four (4) months preceding the Fourth Amendment Date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(q)</u> <u>Accounting. Other than for tax purposes, SPV-S accounts for the transfers to it of interests in SPV-S Collateral as purchases of such SPV-S Collateral for financial accounting purposes (including notations on its books, records and financial statements, in each case consistent with GAAP and with the requirements set forth herein).</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(r)</u> <u>Special Purpose Entity. At all times prior to the Collection Date, SPV-S has not and shall not:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i) do anything that would result in a breach of Section 5.7(e) of this</u> <u>Agreement;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii) except as otherwise permitted under this Agreement or any other</u> <u>Transaction Document, fail to preserve its existence as an entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization or formation, or without the prior written consent of the Administrative Agent, amend, modify, terminate or fail to comply with the provisions of its limited liability company agreement or fail to observe, in all material respects, limited liability company formalities;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii) form, acquire or own any Subsidiary, own any Capital Stock in any other entity (other than Capital Stock in Obligors in connection with the exercise of any remedies with respect to a Loan or any exchange offer, work-out or restructuring of a Loan), or make any Investment in any Person (other than Permitted Investments or Capital Stock in Obligors in connection with the exercise of any remedies with respect to a Loan or any exchange offer, work-out or restructuring of a Loan) without the prior written consent of the Administrative Agent;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv) commingle its assets with the assets of any of its Affiliates, or of any other Person (except for the Borrower);</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(v) incur any Indebtedness, secured or unsecured, direct or contingent (including guaranteeing any obligation), other than (1) Indebtedness to the Secured Parties hereunder or in conjunction with a repayment of all Advances owed to the Lenders and a termination of all the Commitments, (2) ordinary course contingent obligations under the Underlying Instruments (such as customary indemnities to fronting banks, administrative agents, collateral agents, depository banks, escrow agents, etc.) and</u> <u>(3) Indebtedness pursuant to the Transaction Documents or any agreement for the sale or disposition of Loans;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(vi) become insolvent or fail to pay its debts and liabilities from its assets as the same shall become due;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(vii) fail to maintain its records, books of account and bank accounts separate and apart from those of any other Person;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(viii) enter into any contract or agreement with any Person, except (a) the Transaction Documents, (b) organizational documents, (c) Underlying Instruments and (d) other contracts or agreements that are upon terms and conditions that are commercially reasonable and substantially similar to those that would be available on an arm's length basis with third parties other than such Person; provided that, for the avoidance of doubt with regard to this clause (x), (i) acquisitions of SPV-S Collateral from an Affiliate Transferor, sales of SPV-S Collateral to an Affiliate Transferor, and distributions (including Permitted RIC Distributions) to its member in accordance with the terms hereof shall be permitted and (ii) the Equityholder may contribute cash or other property as a capital contribution to SPV-S;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ix) seek its dissolution or winding up in whole or in part or divide or permit any division of SPV-S;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(x) fail to correct any known misunderstandings regarding the separate identities of SPV-S, on the one hand, and any Affiliate or any principal thereof or any other Person, on the other hand;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(xi) guarantee, become obligated for, or hold itself out to be responsible for the debt of another Person (except for the Borrower);</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(xii) fail either to hold itself out to the public as a legal entity separate and distinct from any other Person or to conduct its business, solely in its own name in order not (a) to mislead others as to the identity of the Person with which such other party is transacting business, or (b) to suggest that it is responsible for the debts of any third party (including any of its principals or Affiliates) (except for the Borrower);</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(xiii) fail to maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations (to the extent there exists sufficient cash flow from the SPV-S Collateral to do so after the payment of all operating expenses and debt services</u> <u>but the foregoing shall not require any equity owner to make additional capital contributions to SPV-S in order to comply with this provision);</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(xiv) except as may be required or permitted by the Code and regulations thereunder or other applicable state or local tax law, hold itself out as or be considered as a department or division of (a) any of its principals or Affiliates, (b) any Affiliate of a principal or (c) any other Person;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(xv) fail to maintain separate financial statements, showing its assets and liabilities separate and apart from those of any other Person and not have its assets listed on any financial statement of any other Person; provided, however, that SPV-S's assets may be included in a consolidated financial statement of its Affiliates so long as (a) appropriate notation shall be made on such consolidated financial statements to indicate the separateness of the Borrower from such Person and to indicate that SPV-S's assets and credit are not available to satisfy the debts and other obligations of such Person or any other Person and (b) such assets shall also be listed on SPV-S's own separate balance sheet;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(xvi) fail to pay its own liabilities and expenses only out of its own funds or the funds of the Borrower (including funds contributed to its capital by the Equityholder) (to the extent there exists sufficient cash flow from the SPV-S Collateral to do so after the payment of all operating expenses and debt services but the foregoing shall not require any equity owner to make additional capital contributions to the Borrower in order to comply with this provision);</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(xvii) fail to maintain a sufficient number of employees, if any, in light of its contemplated business operations or to pay the salaries of its own employees, if any (for the avoidance of doubt, such number may be zero);</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(xviii) except in connection with any exchange offer, work-out, restructuring or the exercise of any rights or remedies with respect to any Loan with respect to which an Obligor is or would thereby become an Affiliate, acquire the obligations or securities issued by its Affiliates or members (unless approved by the Administrative Agent in its sole discretion);</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(xix) fail to allocate fairly and reasonably any overhead expenses that are shared with an Affiliate, including paying for office space and services performed by any employee of an Affiliate;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(xx) to the extent used, fail to use separate invoices and checks bearing its own name;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(xxi) except for any Permitted Lien, pledge its assets to secure the obligations of any other Person;</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(xxii) fail at any time to have at least one (1) Independent Manager who has prior experience as an independent director, independent manager or independent</u> <u>member with at least three years of employment experience and who is provided by CT Corporation, Corporation Service Company, Maples Fiduciary Services, Puglisi & Associates, National Registered Agents, Inc., Wilmington Trust Company, Lord Securities Corporation, Citadel SPV or, if none of those companies is then providing professional Independent Managers, another nationally recognized company reasonably approved by the Administrative Agent, in each case that is not an Affiliate of SPV-S, the Collateral Manager or any Affiliate Transferor and that provides professional Independent Managers and other corporate services in the ordinary course of its business, and which individual is duly appointed as an Independent Manager and is not, and has never been, and will not while serving as Independent Manager be, any of the following:</u> <u>(a) a member, partner, equityholder, manager, director, officer or employee of SPV-S, or any of its equityholders, the Collateral Manager or Affiliates (other than as an Independent Manager of an Affiliate of SPV-S, that is not in the direct chain of ownership of SPV-S and that is required by a creditor to be a single purpose bankruptcy-remote entity, provided that such Independent Manager is employed by a company that routinely provides professional independent managers or directors); (b) a creditor, supplier or service provider (including provider of professional services) to SPV-S, the Collateral Manager or any of its equityholders or Affiliates (other than a nationally recognized company that routinely provides professional independent managers and other corporate services to SPV-S, the Collateral Manager or any of its equityholders or Affiliates in the ordinary course of business); (c) an immediate family member of a person described in (a) or (b) above; or (d) a Person that controls (whether directly, indirectly or otherwise) any of (a), (b) or (c) above. A natural person who otherwise satisfies the foregoing definition and satisfies subparagraph (a) by reason of being the Independent Manager of a "special purpose entity" affiliated with SPV-S shall be qualified to serve as an Independent Manager of SPV-S;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(xxiii) fail to ensure that all limited liability company actions relating to the appointment, maintenance or replacement of the Independent Manager are complied with;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(xxiv) fail to provide that the unanimous consent of all managers (including the consent of SPV-S's Independent Manager) is required for SPV-S to (a) institute proceedings to be adjudicated bankrupt or insolvent, (b) institute or consent to the institution of bankruptcy or insolvency proceedings against it, (c) file a petition seeking or consent to reorganization or relief under any applicable federal or state law relating to bankruptcy or insolvency, (d) seek or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian or any similar official for SPV-S, (e) make any assignment for the benefit of SPV-S's creditors, (f) admit in writing its inability to pay its debts generally as they become due, or (g) take any action in furtherance of any of the foregoing; or</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(xxv) fail to file its own tax returns separate from those of any other Person, except to the extent that SPV-S is treated as a disregarded entity for U.S. federal income tax purposes or to the extent that such failure does not constitute a breach of Section 5.7(f)(vii).</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(s)</u> <u>Investment Company Act. SPV-S is not registered as an "investment company" within the meaning of, and is not required to register as an "investment company" under, the 1940 Act.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(t)</u> <u>ERISA. SPV-S has no ERISA Affiliates. SPV-S does not maintain, sponsor or contribute to (or have an obligation to contribute to), or in the past six years maintained, sponsored or contributed to (or had an obligation to contribute to) any Employee Plan or Multiemployer Plan. Neither SPV-S nor any ERISA Affiliate has established or has any liability (contingent or otherwise) with respect to any Employee Plan or Multiemployer Plan. SPV-S satisfies an exception under the Plan Asset Regulations, so that its underlying assets do not constitute Plan Assets and it does not hold "plan assets" subject to laws or regulations similar to Section 406 of ERISA or Section 4975 of the Code.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(u)</u> <u>Compliance with Law. SPV-S has complied in all material respects with all Applicable Law to which it may be subject, and no item of SPV-S Collateral contravenes any Applicable Law (including, without limitation, all applicable predatory and abusive lending laws, laws, rules and regulations relating to licensing, truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy).</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(v)</u> <u>Accuracy of Representations and Warranties. Each representation or warranty by SPV-S contained herein or in any report, financial statement, exhibit, schedule, certificate or other document furnished by SPV-S pursuant hereto, in connection herewith or in connection with the negotiation hereof is true and correct in all material respects (except any representations qualified as to 'materiality' or 'Material Adverse Effect' shall be true and correct in all respects so qualified) as of the date made or deemed made.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(w)</u> <u>Sanctions. None of SPV-S, any Person directly or indirectly Controlling SPV-S nor any Person directly or indirectly Controlled by SPV-S and, to SPV-S's knowledge, no Related Party of the foregoing (i) is a Sanctioned Person; (ii) is owned or controlled by, or is or has been acting or purporting to act for or on behalf of, directly or indirectly, a Sanctioned Person; or (iii) is, to SPV-S's knowledge, under investigation for an alleged breach of Sanction(s) by a Governmental Authority that enforces Sanctions. To the knowledge of SPV-S, no investor in such Person is a Sanctioned Person. Each such Person has instituted, maintains and complies with policies, procedures and controls reasonably designed to assure compliance with Sanctions. SPV-S will notify each Lender and the Administrative Agent in writing not more than three (3) Business Days after becoming aware of any breach of this section.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(x)</u> <u>Anti-Money Laundering Laws and Anti-Corruption Laws. SPV-S, any Person directly or indirectly Controlling SPV-S and any Person directly or indirectly Controlled by SPV-S and, to SPV-S's knowledge, any Related Party of the foregoing (i) has instituted, maintains and complies with policies, procedures and controls reasonably designed to assure compliance with Anti-Money Laundering Laws and Anti-Corruption Laws and (ii) is not, to SPV-S's knowledge, under investigation for an alleged violation of Anti-Money Laundering Laws or Anti-Corruption Laws by a Governmental Authority that enforces such laws.</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(y)</u> <u>Valid Security Interest. The SPV-S Guarantee and Security Agreement constitutes a valid grant of a security interest in all of the SPV-S Collateral to the Collateral Agent, for the benefit of the Secured Parties, which security interest constitutes a valid and first priority perfected security interest in all of the SPV-S Collateral (subject to Permitted Liens) in that portion of the SPV-S Collateral in which a security interest may be created under Article 9 of the UCC as in effect from time to time in the State of New York.</u>

**ARTICLE V** 

**GENERAL COVENANTS** 

Section 5.1 <u>Affirmative Covenants of the Borrower</u>.

The Borrower covenants and agrees with the Lenders that during the Covenant Compliance Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Compliance with Laws</u>. The Borrower will comply in all material respects with all Applicable Laws, including those with respect to the Collateral or any part thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Preservation of Company Existence</u>. The Borrower will (i) preserve and maintain its limited liability company existence, rights, franchises and privileges in the jurisdiction of its formation and (ii) qualify and remain qualified in good standing as a limited liability company in each jurisdiction in which it does business and in which it is required to qualify under Applicable Law where the failure to preserve and maintain such existence, rights, franchises, privileges and qualification would have, or could reasonably be expected to have, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Performance and Compliance with Collateral</u>. The Borrower will, at the Borrower's expense, timely and fully perform and comply (or, by exercising its rights thereunder, cause any Affiliate Transferor to perform and comply pursuant to the applicable Transfer Agreement) with all provisions, covenants and other promises required to be observed by it under the Collateral, the Transaction Documents and all other agreements related to such Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Keeping of Records and Books of Account</u>. The Borrower will (or will cause the Collateral Manager to) keep proper books of record and account in which full, true and correct entries in conformity with GAAP of all dealings and transactions in relation to its business and activities. The Borrower will permit any representatives designated by the Administrative Agent to visit and inspect the financial records and the properties of such person during normal office hours and upon no less than five (5) Business Days' notice no more than once in any fiscal year when no Event of Default is in existence; provided that after the occurrence of an Event of Default and during its continuance, there shall be no limit to the number of such visits and inspections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Protection of Interest in Collateral</u>. With respect to the Collateral acquired by the Borrower, the Borrower will (i) acquire such Collateral pursuant to and in accordance

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notice of the occurrence of such Event of Default or Default of which the Borrower has knowledge or has received notice. No later than three (3) Business Days after the date of such notice, the Borrower will provide a written statement of a Responsible Officer of the Borrower setting forth the details of such event (to the extent known by the Borrower) and the action, if any, that the Borrower proposes to take with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Taxes</u>. The Borrower (i) will be treated as either (x) a domestic partnership (each of whose partners (as determined for U.S. federal income tax purposes) will be U.S. Persons) or (y) a disregarded entity of a U.S. Person for U.S. federal income tax purposes and (ii) will timely file or cause to be filed all U.S. federal and state income Tax returns and other material Tax returns and reports required to be filed by it and will pay or cause to be paid all U.S. federal and state income Taxes and other material Taxes required to be paid by it, except Taxes that are being contested in good faith by appropriate proceedings and for which the Borrower sets aside on its books adequate reserves in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Use of Proceeds</u>. The Borrower will use the proceeds of the Advances only to acquire Eligible Loans <u>(including Eligible Loans subject to SPV-S Participation Interests)</u>, to fund draws under Delayed Draw Loans and Revolving Loans, to make distributions (including Permitted RIC Distributions) to its member in accordance with the terms hereof or to pay related expenses (including interest, fees and expenses payable hereunder) in accordance with <u>Sections 2.7</u> and <u>2.8</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Obligor Notification Forms</u>. The Administrative Agent may, in its discretion after the occurrence and during the continuance of a Collateral Manager Termination Event or an Event of Default, send notification forms giving the Obligors and/or agents on Agented Loans notice of the Collateral Agent's interest in the Collateral and the obligation to make payments as directed by the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Notices</u>. The Borrower will (or will cause the Collateral Manager to) furnish to the Administrative Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Auditors' Management Letters</u>. Promptly after the receipt thereof, any auditors' management letters are received by the Borrower or by its accountants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Representations and Warranties</u>. Promptly after a Responsible Officer's obtaining knowledge or notice of the same, the Borrower shall notify the Administrative Agent if any representation or warranty set forth in <u>Section 4.1</u> or <u>Section 4.2</u> was incorrect at the time it was given or deemed to have been given and at the same time deliver to the Administrative Agent a written notice setting forth in reasonable detail the nature of such facts and circumstances. In particular, but without limiting the foregoing, the Borrower shall notify the Administrative Agent in the manner set forth in

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(including filing UCC and other financing statements, agreements or instruments) that the Administrative Agent may reasonably request in order to effectuate the transactions contemplated by the Transaction Documents and in order to grant, preserve, protect and perfect the validity and first priority (subject to Permitted Liens) of the security interests and Liens created or intended to be created hereby. Such security interests and Liens will be created hereunder and the Borrower shall deliver or cause to be delivered to the Administrative Agent all such instruments and documents (including legal opinions and lien searches) as it shall reasonably request to evidence compliance with this <u>Section 5.1(s)</u>. The Borrower agrees to provide such evidence as the Administrative Agent shall reasonably request as to the perfection and priority status of each such security interest and Lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Non-Consolidation</u>. The Borrower shall at all times refrain from any action, or conducting its affairs in a manner, that is likely to result in its separate existence being ignored or in its assets and liabilities being substantively consolidated with any other Person <u>(other than SPV-S)</u> in a bankruptcy, reorganization or other insolvency proceeding, or that otherwise causes it to make incorrect any of the assumptions made by King & Spalding International LLP in its opinions delivered pursuant to <u>Section 3.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Loan Acquisitions</u>. All Loans acquired by the Borrower shall be directly originated by the Borrower, acquired from an Affiliate Transferor pursuant to the applicable Transfer Agreement or acquired from an unaffiliated third party; it being understood and agreed that, for administrative convenience, Loans acquired by an Affiliate Transferor from Affiliates may be settled directly into the Borrower. No Loan may be acquired by the Borrower pursuant to a Transfer Agreement unless an applicable "true sale" or "true contribution" opinion satisfactory to the Administrative Agent in its sole discretion has been delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Lien Searches Against Obligors</u>. The Administrative Agent shall, at any time, have the right to run a UCC lien search against any Obligor; <u>provided</u> that, unless an Event of Default has occurred and is continuing, the Administrative Agent shall be limited to no more than one (1) UCC lien search per Obligor in any calendar year. Each such UCC lien search shall be at the sole expense of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Other</u>. Subject to <u>Section 5.1(e)</u>, Borrower will furnish to the Administrative Agent promptly, from time to time, such other information, documents, records or reports respecting the Collateral or the condition or operations, financial or otherwise, of the Borrower as the Administrative Agent may from time to time reasonably request in order to protect the interests of the Collateral Agent or the other Secured Parties under or as contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Compliance with Sanctions</u>. The Borrower shall, and shall ensure that any Person directly or indirectly Controlling the Borrower, any Person directly or indirectly Controlled by the Borrower and, to the Borrower's knowledge, any Related Party of the foregoing will, comply with all applicable Sanctions, and maintain policies and procedures reasonably designed to ensure compliance with Sanctions. The Borrower will notify each Lender and the Administrative Agent in writing not more than three (3) Business Days after becoming aware of any breach of this section.

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or Anti-Money Laundering Laws, or that could otherwise cause any Lender or any other party to this Agreement to be in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(e) SPV-S. The Equityholder shall:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i) maintain 100% ownership of SPV-S and shall not permit any Person to have a Lien (other than a Permitted Lien) over the Capital Stock of SPV-S;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii) cause SPV-S to grant a security interest in (A) any bank account it may have, if any, and (B) rights under the SPV-S Master Participation Agreement pursuant to the SPV-S Guarantee and Security Agreement (the "SPV-S Security Interest"); and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii) not permit SPV-S (A) to enter into any transactions or incur any Indebtedness other than pursuant to the SPV-S Master Participation Agreement, the SPV-S Guarantee and Security Agreement and any Transaction Documents in connection therewith that are consented to by the Administrative Agent in its sole discretion or to hold other assets except the assets subject to the SPV-S Security Interests; (B) to make any distributions when an Event of Default is continuing other than a payment to the Borrower made to the Collection Account; (C) to fail to comply with positive and negative covenants that would apply to the Borrower had the Eligible Loans been held by the Borrower, including the covenants set forth in clause (f) below; and (D) to hold or maintain any bank account unless such bank account is subject to an account control agreement on terms consistent with the Account Control Agreement and in form and substance satisfactory to the Collateral Agent and the Administrative Agent.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(f) Covenants with Respect to SPV-S. The Equityholder shall undertake to</u> <u>procure that:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i) Compliance with Laws. SPV-S will comply in all material</u> <u>respects with all Applicable Laws, including those with respect to the SPV-S Collateral</u> <u>or any part thereof.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii) Preservation of Company Existence. SPV-S will (i) preserve and maintain its limited liability company existence, rights, franchises and privileges in the jurisdiction of its formation and (ii) qualify and remain qualified in good standing as a limited liability company in each jurisdiction in which it does business and in which it is required to qualify under Applicable Law where the failure to preserve and maintain such existence, rights, franchises, privileges and qualification would have, or could reasonably be expected to have, a Material Adverse Effect.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii) Performance and Compliance with Collateral. SPV-S will, at SPV-S's expense, timely and fully perform and comply (or, by exercising its rights thereunder, cause any Affiliate Transferor to perform and comply pursuant to the applicable Transfer Agreement) with all provisions, covenants and other promises required to be observed by it under the SPV-S Collateral, the Transaction Documents to which it is party and all other agreements related to such SPV-S Collateral.</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv) Keeping of Records and Books of Account. SPV-S will (or will cause the Collateral Manager to) keep proper books of record and account in which full, true and correct entries in conformity with GAAP of all dealings and transactions in relation to its business and activities. SPV-S will permit any representatives designated by the Administrative Agent to visit and inspect the financial records and the properties of such person during normal office hours and upon no less than five (5) Business Days' notice no more than once in any fiscal year when no Event of Default is in existence; provided that after the occurrence of an Event of Default and during its continuance, there shall be no limit to the number of such visits and inspections.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(v) Protection of Interest in SPV-S Collateral. With respect to the SPV-S Collateral acquired by SPV-S, SPV-S will (i) at SPV-S's expense, take all action necessary to perfect, protect and more fully evidence SPV-S's ownership of such SPV-S Collateral free and clear of any Lien other than the Lien created hereunder and Permitted Liens, including, without limitation, (a) with respect to that portion of the SPV-S Collateral in which a security interest may be perfected by filing and maintaining (at SPV-S's expense), effective financing statements against any Affiliate Transferor in all necessary or appropriate filing offices, (including any amendments thereto or assignments thereof) and filing continuation statements, amendments or assignments with respect thereto in such filing offices, (including any amendments thereto or assignments thereof) and (b) executing or causing to be executed such other instruments or notices as may be necessary or appropriate, (iii) permit the Administrative Agent or its respective agents or representatives to visit the offices of SPV-S during normal office hours and upon reasonable notice examine and make copies of all documents, books, records and other information concerning the SPV-S Collateral and discuss matters related thereto with any of the Responsible Officers of SPV-S having knowledge of such matters no more than once in any fiscal year when no Event of Default is in existence, and (iv) take all additional action that the Administrative Agent may reasonably request to perfect, protect and more fully evidence the respective interests of the parties to this Agreement and the SPV-S Guarantee and Security Agreement in the SPV-S Collateral.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(vi) Special Purpose Entity. SPV-S shall be in compliance with the special purpose entity requirements set forth in Section 4.5(r).</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(vii) Taxes. SPV-S (i) will be treated as either (x) a domestic partnership (each of whose partners (as determined for U.S. federal income tax purposes) will be U.S. Persons) or (y) a disregarded entity of a U.S. Person for U.S. federal income tax purposes and (ii) will timely file or cause to be filed all U.S. federal and state income Tax returns and other material Tax returns and reports required to be filed by it and will pay or cause to be paid all U.S. federal and state income Taxes and other material Taxes required to be paid by it, except Taxes that are being contested in good faith by appropriate proceedings and for which SPV-S sets aside on its books adequate reserves in accordance with GAAP.</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(viii) Notices. SPV-S will (or will cause the Collateral Manager to) furnish to the Administrative Agent:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(1) Auditors' Management Letters. Promptly after the receipt thereof, any auditors' management letters are received by SPV-S or by its accountants;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(2) Representations and Warranties. Promptly after a Responsible Officer's obtaining knowledge or notice of the same, SPV-S shall notify the Administrative Agent if any representation or warranty set forth in Section 4.5 was incorrect at the time it was given or deemed to have been given and at the same time deliver to the Administrative Agent a written notice setting forth in reasonable detail the nature of such facts and circumstances. In particular, but without limiting the foregoing, SPV-S shall notify the Administrative Agent in the manner set forth in the preceding sentence before any Funding Date of any facts or circumstances within the knowledge of a Responsible Officer of SPV-S which would render any of the said representations and warranties untrue as of such Funding Date;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(3) Proceedings. Promptly and in any event within five (5) Business Days after a Responsible Officer of SPV-S receives notice or obtains knowledge thereof, notice of any settlement of, material judgment (including a material judgment with respect to the liability phase of a bifurcated trial) in or commencement of any material labor controversy, material litigation, material action, material suit or material proceeding before any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, affecting the SPV-S Collateral, the Transaction Documents to which it is party, the Collateral Agent's interest in the SPV-S Collateral; provided that notwithstanding the foregoing, any settlement, judgment, labor controversy, litigation, action, suit or proceeding affecting the SPV-S Collateral, the Transaction Documents to which it is party, the Collateral Agent's interest in the SPV-S Collateral or SPV-S in excess of $500,000 shall be deemed to be material for purposes of this Section 5.7(f)(viii)(3);</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(4) Notice of Material Events. Promptly upon a Responsible Officer of SPV-S obtaining knowledge thereof (and, in any event, within two (2) Business Days, thereof), notice of any failure to comply with Section 5.7(f)(x), (2) any other event or circumstance that could reasonably be expected to have a Material Adverse Effect;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(5) Organizational Changes. Promptly and in any event within ten (10) Business Days after the effective date thereof, notice of any change in the name, jurisdiction of organization, organizational structure or location of records of SPV-S; provided that SPV-S agrees not to effect or permit any change referred to in this sentence unless all filings have been made under the UCC or otherwise that are required in order for the Collateral Agent to continue at all times following such change to have a valid, legal and perfected security interest in all the SPV-S Collateral;</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(6) Accounting Changes. Promptly and in any event within three (3) Business Days after the effective date thereof, notice of any material change in the accounting policies of SPV-S; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(7) Notice of Liens. Promptly after receipt by a Responsible Officer of SPV-S of knowledge or notice thereof, SPV-S will notify the Administrative Agent and the Collateral Agent of the existence of any Lien (including Liens for Taxes) other than Permitted Liens on any SPV-S Collateral and SPV-S shall defend the right, title and interest of the Collateral Agent, for the benefit of the Secured Parties in, to and under the Collateral against all claims of third parties; provided that nothing in this Section 5.7(f)(xiii) shall prevent or be deemed to prohibit SPV-S from suffering to exist Permitted Liens upon any of the SPV-S Collateral.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ix) Other Information. SPV-S shall furnish to the Administrative Agent for distribution to each Lender:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(1) within five (5) Business Days after the same are sent, copies of all financial statements and reports which SPV-S sends to all of its investors, generally; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(2) within five (5) Business Days after the same are filed and to the extent that they are not publicly available, copies of all financial statements, filings and reports which SPV-S may make to, or file with, the SEC or any successor or analogous Governmental Authority.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(x) Further Assurances. SPV-S will execute any and all further documents, financing statements, agreements and instruments, and take all further action (including filing UCC and other financing statements, agreements or instruments) that the Administrative Agent may reasonably request in order to effectuate the transactions contemplated by the Transaction Documents to which it is party and in order to grant, preserve, protect and perfect the validity and first priority (subject to Permitted Liens) of the security interests and Liens created or intended to be created hereby. Such security interests and Liens will be created hereunder and SPV-S shall deliver or cause to be delivered to the Administrative Agent all such instruments and documents (including legal opinions and lien searches) as it shall reasonably request to evidence compliance with this Section 5.7(x). SPV-S agrees to provide such evidence as the Administrative Agent shall reasonably request as to the perfection and priority status of each such security interest and Lien.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(xi) Non-Consolidation. SPV-S shall at all times refrain from any action, or conducting its affairs in a manner, that is likely to result in its separate existence being ignored or in its assets and liabilities being substantively consolidated with any other Person (other than the Borrower) in a bankruptcy, reorganization or other insolvency proceeding, or that otherwise causes it to make incorrect any of the</u> <u>assumptions made by Akin Gump Strauss Hauer & Feld LLP in its opinions delivered in connection with this Agreement.</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(xii) Other. Subject to Section 5.7(f)(v), SPV-S will furnish to the Administrative Agent promptly, from time to time, such other information, documents, records or reports respecting the Collateral or the condition or operations, financial or otherwise, of SPV-S as the Administrative Agent may from time to time reasonably request in order to protect the interests of the Collateral Agent or the other Secured Parties under or as contemplated by this Agreement.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(xiii) Compliance with Sanctions. SPV-S shall, and shall ensure that any Person directly or indirectly Controlling SPV-S, any Person directly or indirectly Controlled by SPV-S and, to SPV-S's knowledge, any Related Party of the foregoing will, comply with all applicable Sanctions, and maintain policies and procedures reasonably designed to ensure compliance with Sanctions. SPV-S will notify each Lender and the Administrative Agent in writing not more than three (3) Business Days after becoming aware of any breach of this section.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(xiv) Compliance with Anti-Money Laundering Laws and Anti-Corruption Laws. SPV-S shall, and SPV-S shall ensure that each Person directly or indirectly Controlling SPV-S and each Person directly or indirectly Controlled by SPV-S and, to SPV-S's knowledge, any Related Party of the foregoing will: (i) comply with all applicable Anti-Money Laundering Laws and Anti-Corruption Laws and maintain policies and procedures reasonably designed to ensure compliance with Anti-Money Laundering Laws and Anti-Corruption Laws; (ii) conduct the requisite due diligence in connection with the transactions contemplated herein for purposes of complying with the Anti-Money Laundering Laws, including with respect to the legitimacy of any applicable investor and the origin of the assets used by such investor to purchase the property in question, and maintain sufficient information to identify any applicable investor for purposes of the Anti-Money Laundering Laws; (iii) not, directly or indirectly, use the proceeds of any Advance hereunder to fund, finance or facilitate any activities, business or transactions that are in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws; and (iv) not fund any repayment of the Obligations with proceeds that are directly or indirectly derived from any transaction or activity that is prohibited by any Anti-Corruption Laws or Anti-Money Laundering Laws, or that could otherwise cause any Lender or any other party to this Agreement to be in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(xv) Beneficial Ownership Regulation. Promptly following any request therefor, SPV-S shall deliver to the Administrative Agent or any Lender information and documentation reasonably requested by the Administrative Agent or such Lender, as applicable, for purposes of compliance with the Beneficial Ownership Regulation.</u>

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**ARTICLE VI** 

**COLLATERAL MANAGEMENT** 

Section 6.1 <u>Appointment of the Collateral Manager</u>.

The Collateral Manager is hereby appointed as collateral manager and servicing agent of the Borrower for the purpose of performing certain collateral management functions including, without limitation, directing and supervising the investment and reinvestment of the Loans and Permitted Investments, servicing the Collateral, enforcing the Borrower's rights and remedies in, to and under the Collateral and performing certain administrative functions on behalf of the Borrower delegated to it under this Agreement and in accordance with the applicable provisions of the Transaction Documents, and the Collateral Manager hereby accepts such appointment. <u>For purposes of its management of the Collateral on behalf of the Borrower, the Collateral Manager hereby agrees that it shall treat all assets subject to SPV-S Participation Interests as being owned by the Borrower for purposes of this Agreement (and shall manage such assets in accordance with this Agreement).</u> The Collateral Manager shall have the power to execute and deliver all necessary and appropriate documents and instruments on behalf of the Borrower in connection with performing its obligations set forth herein. Except as may otherwise be expressly provided in this Agreement, the Collateral Manager will perform its obligations hereunder in accordance with the Collateral Manager Standard. The Collateral Manager and the Borrower hereby acknowledge that the Collateral Agent, the Administrative Agent and the other Secured Parties are third party beneficiaries of the obligations undertaken by the Collateral Manager hereunder.

Section 6.2 <u>Duties of the Collateral Manager</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Duties</u>. Subject to the provisions concerning its general duties and obligations as set forth in <u>Section 6.1</u> and the terms of this Agreement, the Collateral Manager agrees to manage the investment and reinvestment of the Collateral and shall perform on behalf of the Borrower all duties and functions assigned to the Borrower in this Agreement and the other Transaction Documents and the duties that have been expressly delegated to the Collateral Manager in this Agreement; it being understood that the Collateral Manager shall have no obligation hereunder to perform any duties other than as specified herein and in the other Transaction Documents. The Borrower hereby irrevocably (except as provided below) appoints the Collateral Manager as its true and lawful agent and attorney-in-fact (with full power of substitution) in its name, place and stead in connection with the performance of its duties provided for in this Agreement, including, without limitation, the following powers: (A) to give or cause to be given any necessary receipts or acquittance for amounts collected or received hereunder, (B) to make or cause to be made all necessary transfers of the Loans, Equity Securities and Permitted Investments in connection with any acquisition, sale or other disposition made pursuant hereto, (C) to execute (under hand, under seal or as a deed) and deliver or cause to be executed and delivered on behalf of the Borrower all necessary or appropriate bills of sale, assignments, agreements and other instruments in connection with any such acquisition, sale or other disposition and (D) to execute (under hand, under seal or as a deed) and deliver or cause to

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any internal documents prepared by the Collateral Manager and provided to its investment committee in connection with such amendment, restatement, supplement, waiver or other modification) within ten (10) Business Days of the effectiveness of such amendment, restatement, supplement, waiver or other modification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Payment Date Reporting</u>. On each Payment Date, the Collateral Manager will provide to the Borrower, each Lender, the Administrative Agent and the Collateral Agent, a monthly statement including (i) a Borrowing Base Certificate calculated as of the most recent Determination Date, (ii) a Loan Tape prepared as of the most recent Determination Date, and (iii) amounts to be remitted pursuant to <u>Section 2.7</u> or <u>Section 2.8</u>, as applicable, to the applicable parties (which shall include any applicable wiring instructions of the parties receiving payment (to the extent provided to the Borrower and the Collateral Manager)), with respect to related calendar month signed by a Responsible Officer of the Collateral Manager and the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Borrowing Base Certificate</u>. The Collateral Manager on behalf of the Borrower shall furnish to the Administrative Agent for distribution to each Lender, on each Reporting Date and on each Funding Date pursuant to <u>Section 2.2(b)(ii)</u>, a Borrowing Base Certificate showing each Borrowing Base as of such date, certified as complete and correct by a Responsible Officer of the Collateral Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Financial Statements</u>. The Collateral Manager will submit to the Administrative Agent, each Lender Agent and the Collateral Agent, to the extent not delivered pursuant to <u>Section 5.1(q)</u>, (i) within sixty (60) days after the end of each fiscal quarter of each fiscal year of the Equityholder (other than the fourth fiscal quarter), commencing with the fiscal quarter ending in March 2024, consolidated unaudited financial statements of the Equityholder for the most recent fiscal quarter, and (ii) within one hundred and twenty (120) days after the end of each fiscal year, commencing with the fiscal year ending in 2023, consolidated audited financial statements of the Equityholder audited by a firm of nationally recognized independent public accountants, as of the end of such fiscal year; provided that the financial statements required to be delivered pursuant to this clause (e) which are made available via EDGAR, or any successor system of the SEC, in the Equityholder's quarterly reports on Form 10-Q or annual reports on Form 10-K, as applicable, shall be deemed delivered to the applicable parties on the date such documents are made available publicly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Agreed Upon Procedures</u>. The Collateral Manager shall furnish to the Administrative Agent for distribution to each Lender within one hundred and twenty (120) days after the end of each fiscal year of the Equityholder, commencing with the 2024<u>2025</u> fiscal year, a report covering such fiscal year of a firm of independent certified public accountants of nationally recognized standing to the effect that such accountants have applied certain agreed-upon procedures (a copy of which procedures are attached hereto as <u>Schedule III</u>, it being understood that the Collateral Manager and the Administrative Agent will provide an updated <u>Schedule III</u> reflecting any further amendments to such <u>Schedule III</u> prior to the issuance of the first such agreed-upon procedures report, a copy of which shall replace the then existing <u>Schedule III</u>) to certain documents and records relating to the Collateral, the Borrower and the Collateral Manager, compared the information contained in selected Borrowing Base Certificates and Payment Date Statements delivered during the period covered by such report with such

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continuing) and the Borrower (unless an Event of Default has occurred and is continuing)) and an instrument of acceptance by a successor shall not have been delivered to the Collateral Agent within ninety (90) days after the giving of such notice of removal, the Collateral Agent may petition any court of competent jurisdiction for the appointment of a successor Collateral Agent.

Section 7.6 <u>Limitation on Liability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Collateral Agent shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it from the Administrative Agent, the Collateral Manager, the Borrower, <u>SPV-S</u> or the requisite number of Lenders, as the case may be. If the Collateral Agent requests instructions from the Administrative Agent, the Collateral Manager, the Borrower, <u>SPV-S</u> or the Lenders with respect to any action or omission in connection with this Agreement or any other Transaction Document, the Collateral Agent shall be entitled (without incurring any liability therefor) to refrain from taking such action and continue to refrain from acting unless and until the Collateral Agent shall have received written instructions from the Administrative Agent, the Collateral Manager, the Borrower, <u>SPV-S</u> or the Lenders, as applicable, with respect to such request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Collateral Agent shall not be under any obligation to exercise any of the rights or powers vested in it by this Agreement or any other Transaction Document at the request or direction of the Required Lenders or Administrative Agent unless it shall have been provided indemnity satisfactory to it against the costs, expenses (including the fees and expenses of its attorneys and counsel), and liabilities which may be incurred by it in compliance with or in performing such request or direction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Collateral Agent may conclusively rely on and shall be fully protected in acting upon any certificate, instrument, opinion, notice, letter or other document delivered to it and that in good faith it reasonably believes to be genuine and that has been signed by the proper party or parties. The Collateral Agent may rely conclusively on and shall be fully protected in acting upon (a) the written instructions of any designated officer of the Administrative Agent or (b) the verbal instructions of the Administrative Agent. The Collateral Agent shall not be deemed to have notice or knowledge of any matter hereunder unless a Responsible Officer of the Collateral Agent receives written or email notice of such matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Collateral Agent shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, entitlement order, approval or other paper, electronic communication or document; provided, however, that, if the form thereof is prescribed by this Agreement <u>or any other Transaction Document</u>, the Collateral Agent shall examine the same to determine whether it conforms on its face to the requirements hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Collateral Agent may consult counsel satisfactory to it and the advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Collateral Agent shall not be liable for any error of judgment, or for any act done or step taken or omitted by it, in good faith, or for any mistakes of fact or law, or for anything that it may do or refrain from doing in connection herewith except in the case of its willful misconduct or grossly negligent performance or omission of its duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Collateral Agent makes no warranty or representation and shall have no responsibility (except as expressly set forth in <u>Section 4.4</u> this Agreement) as to the content, enforceability, completeness, validity, sufficiency, value, genuineness, ownership or transferability of the <u>Collateral or the SPV-S</u> Collateral, and will not be required to and will not make any representations as to the validity or value of any of the <u>Collateral or the SPV-S</u> Collateral. The Collateral Agent shall not be obligated to take any action hereunder that might in its judgment be contrary to Applicable Law or involve any expense or liability unless it has been furnished with an indemnity reasonably satisfactory to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Collateral Agent shall have no duties or responsibilities except such duties and responsibilities as are specifically set forth in this Agreement <u>or any other Transaction Document to which it is a party</u> and no covenants or obligations shall be implied in this Agreement <u>or any other Transaction Document to which it is a party</u> against the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Collateral Agent shall not be required to expend or risk its own funds in the performance of its duties hereunder <u>or under any other Transaction Document</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) It is expressly agreed and acknowledged that the Collateral Agent is not guaranteeing or overseeing the performance of or assuming any liability for the obligations of the other parties hereto <u>or party to any other Transaction Document to which it is a party</u> or any parties to the Collateral <u>or the SPV-S Collateral</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Collateral Agent may execute any of the trusts or powers hereunder <u>and under any other Transaction Document to which it is party</u> or perform any duties hereunder <u>and under any other Transaction Document to which it is party</u> either directly or by or through agents or attorneys; <u>provided</u>, that the Collateral Agent shall not be responsible for any misconduct or negligence on the part of any non-Affiliated agent or attorney appointed with due care by it hereunder <u>or under any other Transaction Document to which it is party</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Collateral Agent shall not be responsible for delays or failures in performance resulting from circumstances beyond its control (such circumstances include but are not limited to acts of God, strikes, lockouts, riots, acts of war, loss or malfunctions of utilities, computer (hardware or software) or communications services, terrorism, labor disputes, disease, epidemic, pandemic, quarantine, national emergency, or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) It is expressly acknowledged by the parties hereto that application and performance by the Collateral Agent of its various duties hereunder <u>and under any other Transaction Document to which it is party</u> (including, without limitation, recalculations to be performed in respect of the matters contemplated hereby) shall be based upon, and in reliance upon, data, information and notice provided to it by the Collateral Manager, the Administrative Agent, the Borrower<u>, SPV-S</u> and/or any related bank agent, obligor or similar party, and the Collateral Agent shall have no responsibility for the accuracy of any such information or data provided to it by such persons and shall be entitled to update its records (as it may deem necessary or appropriate).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Collateral Agent shall have no liability for any failure, inability or unwillingness on the part of the Lenders, the Administrative Agent, the Collateral Manager, <u>SPV-S</u> or the Borrower to provide accurate and complete information on a timely basis to the Collateral Agent, or otherwise on the part of any such party to comply with the terms of this Agreement or the other Transaction Documents, and shall have no liability for any inaccuracy or error in the performance or observance on the Collateral Agent's part of any of its duties hereunder that is caused by or results from any such inaccurate, incomplete or untimely information received by it, or other failure on the part of any such other party to comply with the terms hereof <u>or any other Transaction Document to which it is party</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) In no event shall the Collateral Agent be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit), even if the Collateral Agent has been advised of the likelihood of such loss or damage and regardless of the form of action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The right of the Collateral Agent to perform any discretionary act enumerated in this Agreement or any other Transaction Document shall not be construed as a duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) The rights, privileges, protections, indemnities, immunities and benefits afforded to the Collateral Agent under this Agreement are extended to, and shall be enforceable by (i) the Collateral Agent in each document related hereto to which it is a party or otherwise subject, whether or not specifically set forth therein, and (ii) the entity serving as the Collateral Agent in each of its capacities hereunder and under any related document and each agent, custodian and other Person employed to act by the Collateral Agent hereunder and under any related document, whether or not specifically set forth herein or in any related document, as the case may be, together with such other rights, privileges, protections, indemnities, immunities and benefits afforded to the applicable party hereunder or under any related document.

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review. Such review shall be reasonable in scope and shall be completed in a reasonable period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the foregoing provisions of <u>Section 7.10(a)</u>, from time to time on request of the Administrative Agent, the Collateral Agent shall permit certified public accountants or other independent auditors acceptable to the Administrative Agent to conduct a review of the Underlying Instruments and all other documentation regarding the Collateral. Up to one such review per fiscal year shall be at the expense of the Borrower and additional reviews in a fiscal year shall be at the expense of the requesting Lender(s); <u>provided</u> that, after the occurrence and during the continuance of an Event of Default, any such reviews, regardless of frequency, shall be at the expense of the Borrower.

**ARTICLE VIII** 

**SECURITY INTEREST** 

Section 8.1 <u>Grant of Security Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement constitutes a security agreement and the Advances effected hereby constitute secured loans by the applicable Lenders to the Borrower under Applicable Law. For such purpose, the Borrower hereby transfers, conveys, assigns and grants as of the Closing Date to the Collateral Agent for the benefit of the Secured Parties, a lien and continuing security interest in all of the Borrower's right, title and interest in, to and under (but none of the obligations under) all Collateral (other than any Collateral which constitutes Margin Stock), whether now existing or hereafter arising or acquired by the Borrower, and wherever the same may be located, to secure the prompt, complete and indefeasible payment and performance in full when due, whether by lapse of time, acceleration or otherwise, of the Obligations of the Borrower arising in connection with this Agreement and each other Transaction Document, whether now or hereafter existing, due or to become due, direct or indirect, or absolute or contingent, including, without limitation, all Obligations. Notwithstanding any of the other provisions set forth in this Agreement, this Agreement shall not constitute a grant of a security interest in any property to the extent that such grant of a security interest is prohibited by any Applicable Law in effect as of the date hereof or requires a consent not obtained of any Governmental Authority pursuant to such Applicable Law. The powers conferred on the Collateral Agent hereunder are solely to protect the Collateral Agent's interests in the Collateral and shall not impose any duty upon the Collateral Agent to exercise any such powers. The Collateral Agent shall be accountable only for amounts that it actually receives as a result of the exercise of such powers, and neither the Collateral Agent nor any of its officers, directors, employees or agents shall be responsible to the Borrower for any act or failure to act hereunder, except for its own fraud, gross negligence or willful misconduct. If the Borrower <u>or SPV-S</u> fails to perform or comply with any of its agreements contained herein <u>or in the SPV-S Guarantee and Security Agreement</u>, the Collateral Agent, at its option and at the direction of the Administrative Agent, but without any obligation to do so, may itself perform or comply, or otherwise cause performance or compliance, with such agreement. The expenses of the Collateral Agent incurred in connection with such performance or compliance, shall be payable by the Borrower to the

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outstanding Obligations (other than contingent indemnification and reimbursement obligations for which no claim has been made) in full on the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Borrower, <u>SPV-S,</u> the Equityholder or any Affiliate Transferor defaults in making any payment required to be made under an agreement for borrowed money (other than, in the case of the Borrower, this Agreement) to which it is a party individually or in an aggregate principal amount in excess of (i) with respect to the Borrower <u>or SPV-S</u>, $500,000, and (ii) with respect to each Affiliate Transferor and the Equityholder, $5,000,000, in each case, after giving effect to any related grace period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any failure on the part of the Borrower, <u>SPV-S,</u> the Equityholder or any Affiliate Transferor to duly observe or perform or comply in any respect any covenants, obligations or agreements of the Borrower, <u>SPV-S,</u> the Equityholder or any Affiliate Transferor (other than those specifically addressed by a separate Event of Default), as applicable, set forth in this Agreement or the other Transaction Documents to which the Borrower, <u>SPV-S,</u> the Equityholder or any Affiliate Transferor is a party and the same continues unremedied for a period of 30 days (if such failure can be remedied) after the earlier to occur of (i) the date on which written notice of such failure requiring the same to be remedied shall have been given to such Person and (ii) the date on which a Responsible Officer of such Person acquires knowledge thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the occurrence of an Insolvency Event relating to the Borrower, <u>SPV-S,</u> the Equityholder or any Affiliate Transferor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the occurrence of a Collateral Manager Termination Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the rendering of one or more final judgments, decrees or orders by a court or arbitrator of competent jurisdiction for the payment of money in excess individually or in the aggregate of $500,000 (or $5,000,000 with respect to each Affiliate Transferor or the Equityholder) against the Borrower, <u>SPV-S,</u> the Equityholder or any Affiliate Transferor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>(i)</u> the Borrower shall assign or attempt to assign any of its rights, obligations or duties under this Agreement <u>or (ii) SPV-S shall assign or attempt to assign any of its rights, obligations or duties under any Transaction Document to which it is a party, in each case,</u> without the prior written consent of each Lender in their respective sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Borrower, <u>SPV-S,</u> the Equityholder or any Affiliate Transferor shall have made payments individually or in the aggregate in excess of $500,000 (or $5,000,000 with respect to each Affiliate Transferor or the Equityholder) in settlement of any litigation claim or dispute;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower<u>, SPV-S</u> or any Affiliate Transferor fails to observe or perform any agreement or obligation with respect to the management and distribution of funds received with respect to the Collateral <u>or the "SPV-S Collateral" (as defined in the SPV-S Guarantee and Security Agreement), as applicable</u>, and such failure is not cured within three (3) Business Days;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Borrower <u>or SPV-S</u> shall fail to qualify as a bankruptcy-remote entity based upon the criteria set forth in <u>Section 4.1(t)</u> <u>or Section 4.5(r), as applicable</u>, such that reputable counsel of national standing could no longer render a substantive non-consolidation opinion with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any Transaction Document (or any material provision thereof), or any Lien granted thereunder, shall (except in accordance with its terms), in whole or in part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of the Borrower, <u>SPV-S,</u> the Collateral Manager or any Affiliate Transferor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Borrower, <u>SPV-S,</u> the Equityholder, the Collateral Manager, any Affiliate Transferor or any Governmental Authority shall, directly or indirectly, contest in any manner the effectiveness, validity, binding nature or enforceability of any Transaction Document or any lien or security interest thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>(i)</u> the Borrower ceases to have a valid ownership interest in all of the Collateral (subject to Permitted Liens) or the Collateral Agent shall fail to have a first priority perfected security interest in any part of the Collateral (subject to Permitted Liens) except as otherwise expressly permitted to be released in accordance with the applicable Transaction Document <u>or (ii) SPV-S ceases to have a valid ownership interest in all of the SPV-S Collateral (subject to Permitted Liens) or the Collateral Agent shall fail to have a first priority perfected security interest in any part of the SPV-S Collateral (subject to Permitted Liens) except as otherwise expressly permitted to be released in accordance with the applicable Transaction Document</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the existence of a Borrowing Base Deficiency which continues unremedied for five (5) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the Borrower, <u>SPV-S,</u> any Affiliate Transferor, the Equityholder or the pool of Collateral shall become required to register as an "investment company" within the meaning of the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>[reserved]</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) any representation, warranty or certification made or deemed made by the Borrower, <u>SPV-S,</u> the Equityholder or any Affiliate Transferor in any Transaction Document or in any certificate delivered pursuant to any Transaction Document shall prove to have been incorrect when made or deemed made and the same continues to be unremedied for a period of 30 days (if such failure can be remedied) after the earlier to occur of (i) the date on which written notice of such failure requiring the same to be remedied shall have been given to such Person and (ii) the date on which a Responsible Officer of such Person acquires knowledge thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) a Change of Control with respect to the Borrower<u>, SPV-S</u> or the Equityholder occurs;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) the assets of Borrower <u>or SPV-S</u> constitute "plan assets" of any employee benefit plan subject to ERISA or any plan subject to Section 4975 of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) (i) failure of the Borrower <u>or SPV-S</u> to maintain at least one Independent Manager for more than seven (7) days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) the failure of the Equityholder to maintain the minimum unencumbered cash amount set forth on <u>Annex C</u>, which may be maintained as a combination of (i) cash or cash equivalents held by the Equityholder (exclusive of any cash or cash equivalents (other than freely available cash) held by the Borrower <u>or SPV-S</u>), (ii) unfunded capital commitment net of any amounts committed to subscription facilities, (iii) amounts available to be drawn or extended on any credit facilities or any other financing arrangement and (iv) unencumbered senior secured loan assets.

Section 9.2 <u>Remedies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the occurrence of an Event of Default, the Collateral Agent shall, at the direction of the Administrative Agent and by notice to the Borrower, declare (i) the Termination Date to have occurred and all outstanding Obligations to be immediately due and payable in full (without presentment, demand, protest or notice of any kind all of which are hereby waived by the Borrower) or (ii) the Reinvestment Period End Date to have occurred; <u>provided</u> that, (i) in the case of any event involving the Borrower described in <u>Section 9.1(d)</u>, all of the Obligations shall be immediately due and payable in full (without presentment, demand, notice of any kind, all of which are hereby expressly, waived by the Borrower) and (ii) the Termination Date shall be deemed to have occurred automatically upon the occurrence of any such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On and after the declaration or occurrence of the Termination Date, <u>pursuant to Section 9.2(a),</u> the Collateral Agent, for the benefit of the Secured Parties, shall have, with respect to the Collateral granted pursuant to <u>Section 8.1</u>, and in addition to all other rights and remedies available to the Collateral Agent and the Secured Parties under this Agreement or other Applicable Law, all rights and remedies of a secured party upon default provided under the UCC of each applicable jurisdiction and other Applicable Laws, which rights shall be cumulative. Without limiting the generality of the foregoing, but subject to <u>Section 9.2(c)</u>, the Collateral Agent, without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon the Borrower or any other Person (all and each of which demands, defenses, advertisements and notices are hereby waived), may in such circumstances transfer all or any part of the Collateral into the Collateral Agent's name or the name of any Secured Party or its nominee or nominees, and/or forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith sell, lease, assign, give option or options to purchase, or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker's board or office of the Collateral Agent or any Secured Party or elsewhere upon such terms and conditions (including by lease or by deferred payment arrangement) as it may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery without

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assumption of any credit risk and/or may take such other actions as may be available under applicable law. The Collateral Agent or any Secured Party shall have the right upon any such public sale or sales, and, to the extent permitted by law, upon any such private sale or sales, auction or closed tender, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in the Borrower, which right or equity is hereby waived or released. In addition, the Borrower and the Collateral Manager hereby agree that they will, at the Borrower's expense and at the direction of the Collateral Agent, forthwith, (i) assemble all or any part of the Collateral as directed by the Collateral Agent and make the same available to the Collateral Agent at a place to be designated by the Collateral Agent, whether at the Borrower's premises or elsewhere, and (ii) without notice except as specified below, sell the Collateral or any part thereof upon such terms, in such lots, to such buyers, and according to such other instructions as the Collateral Agent at the direction of the Administrative Agent may deem commercially reasonable. The Borrower agrees that, to the extent notice of sale shall be required by law, ten (10) days' notice to the Borrower of any sale hereunder shall constitute reasonable and proper notification. All cash Proceeds received by the Collateral Agent on behalf of the Secured Parties in respect of any sale of, collection from, or other realization upon, all or any part of the Loans (after payment of any amounts incurred in connection with such sale) shall be deposited into the General Collection Account, and to be applied pursuant to <u>Section 2.8</u>. To the extent permitted by applicable law, the Borrower waives all claims, damages and demands it may acquire against the Collateral Agent or any other Secured Party arising out of the exercise by the Collateral Agent or any other Secured Party of any of its rights hereunder. The Borrower shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient to pay the Obligations and the fees and disbursements of any attorneys employed by the Collateral Agent or any Secured Party to collect such deficiency, except as provided in <u>Section 9.6(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with the sale of the <u>Collateral and/or the SPV-S</u> Collateral following a declaration that the Obligations are immediately due and payable pursuant to <u>Section 9.2(a)</u>, the Equityholder or any Affiliates thereof shall have the right to purchase any or all of the Loans in the <u>Collateral and/or the SPV-S</u> Collateral, in each case by paying to the Collateral Agent in immediately available funds, an amount equal to all outstanding Obligations. If the Equityholder or any Affiliates thereof fail to exercise this purchase right within ten (10) days following the declaration that the Obligations are immediately due and payable pursuant to <u>Section 9.2(a)</u>, then such contractual rights shall be irrevocably forfeited by the Equityholder and Affiliates thereof, but nothing herein shall prevent the Equityholder or its Affiliates from bidding at any sale of such <u>Collateral and/or the SPV-S</u> Collateral. Neither the Collateral Agent, the Administrative Agent nor any Lender shall assert any right or remedy in respect of the <u>Collateral or the SPV-S</u> Collateral, including any right described in Section 9.2(a) or 9.2(b), or cause the removal of the Collateral Manager, or cause the liquidation or disposition of the Collateral to occur, in each case during the time that the Equityholder and its Affiliates are entitled to exercise such purchase right pursuant to the foregoing sentence to purchase the <u>Collateral and/or the SPV-S</u> Collateral. If the Equityholder or any Affiliates thereof fail to exercise this purchase right within ten (10) days following the declaration that the Obligations are immediately due and payable pursuant to <u>Section 9.2(a)</u>, then such contractual rights shall be irrevocably forfeited by the Equityholder and Affiliates thereof, but nothing herein shall prevent the Equityholder or its Affiliates from bidding at any sale of such <u>Collateral and/or the SPV-S</u> Collateral.

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out-of-pocket costs and expenses of the Secured Parties incurred in connection with the preparation, execution, delivery, administration (including periodic auditing, to the extent required to be paid by the Borrower pursuant to this Agreement), renewal, amendment or modification of, or any waiver or consent issued in connection with, this Agreement<u>, each other Transaction Document</u> and the other documents to be delivered hereunder or in connection herewith, including, without limitation, the reasonable invoiced fees and out-of-pocket expenses of one external counsel for each of the Administrative Agent and the Collateral Agent in each applicable jurisdiction with respect thereto and with respect to advising the Administrative Agent, the Collateral Manager, the Collateral Agent and the Secured Parties as to their respective rights and remedies under this Agreement and the other documents to be delivered hereunder or in connection herewith, and all reasonable invoiced out-of-pocket costs and expenses, if any (including reasonable fees and expenses of one external counsel in each applicable jurisdiction), incurred by the Secured Parties in connection with the enforcement of this Agreement by such Person and the other documents to be delivered hereunder or in connection herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower shall pay on the Payment Date following receipt of a request therefor, all other reasonable invoiced out-of-pocket costs and expenses that have been invoiced at least two (2) Business Days prior to such Payment Date and incurred by the Administrative Agent, in each case in connection with periodic audits of the Borrower's books and records on one (1) occasion per fiscal year; <u>provided</u>, that the Borrower shall not be liable to the Administrative Agent for such costs or expenses in excess of $25,000 in any fiscal year.

Section 12.10 <u>No Proceedings</u>. Each of the parties hereto hereby agrees that it will not institute against, or join any other Person in instituting against, the Borrower or the Equityholder any Insolvency Proceeding so long as there shall not have elapsed one year and one day (or such longer preference period as shall then be in effect) since the end of the Covenant Compliance Period. The provisions of this <u>Section 12.10</u> are a material inducement for the Secured Parties to enter into this Agreement and the transactions contemplated hereby and are an essential term hereof. The parties hereby agree that monetary damages are not adequate for a breach of the provisions of this <u>Section 12.10</u> and the Administrative Agent may seek and obtain specific performance of such provisions (including injunctive relief), including, without limitation, in any bankruptcy, reorganization, arrangement, winding up, insolvency, moratorium, winding up or liquidation proceedings, or other proceedings under U.S. federal or state bankruptcy or similar laws of any jurisdiction. The provisions of this paragraph shall survive the termination of this Agreement.

Section 12.11 <u>Recourse Against Certain Parties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No recourse under or with respect to any obligation, covenant or agreement (including, without limitation, the payment of any fees or any other obligations) of the Administrative Agent, any Secured Party, the Borrower, the Collateral Manager, any Affiliate Transferor or the Equityholder as contained in this Agreement or any other agreement, instrument or document entered into by it pursuant hereto or in connection herewith shall be had against any incorporator, affiliate, stockholder, officer, partner, member, manager, employee or director of the Administrative Agent, any Secured Party, the Borrower, the Collateral Manager, any Affiliate Transferor or the Equityholder by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and

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Section 12.12 <u>Protection of Right, Title and Interest in the Collateral; Further Action Evidencing Advances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall cause this Agreement, all amendments hereto and/or all financing statements and continuation statements and any other necessary documents covering the right, title and interest of the Administrative Agent, as agent for the Secured Parties, and of the Secured Parties to the Collateral to be promptly recorded, registered and filed, and at all times to be kept recorded, registered and filed, all in such manner and in such places as may be required by law fully to preserve and protect the right, title and interest of the Administrative Agent, as agent of the Secured Parties, hereunder to all property comprising the Collateral. The Borrower shall cooperate fully with the Collateral Manager in connection with the obligations set forth above and will execute any and all documents reasonably required to fulfill the intent of this <u>Section 12.12(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower agrees that from time to time, at its expense, it will promptly authorize, execute and deliver all instruments and documents, and take all actions, that the Administrative Agent may reasonably request in order to perfect, protect or more fully evidence the security interest granted in the Collateral, or to enable the Administrative Agent or the Secured Parties to exercise and enforce their rights and remedies hereunder or under any other Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Borrower or<u>,</u> the Collateral Manager <u>or SPV-S</u> fails to perform any of its obligations hereunder, the Administrative Agent or any Secured Party may (but shall not be required to) perform, or cause performance of, such obligation; and the Administrative Agent's or such Secured Party's costs and expenses incurred in connection therewith shall be payable by the Borrower as provided in <u>Article X</u>. The Borrower irrevocably authorizes the Administrative Agent and appoints the Administrative Agent as its attorney-in-fact to act on its behalf (i) to execute on behalf of the Borrower as debtor and to file financing statements necessary or desirable in the Administrative Agent's sole discretion to perfect and to maintain the perfection and priority of the interest of the Secured Parties in the Collateral, including those that describe the Collateral as "all assets," or words of similar effect, and (ii) to file a carbon, photographic or other reproduction of this Agreement or any financing statement with respect to the Collateral as a financing statement in such offices as the Administrative Agent in its sole discretion deems necessary or desirable to perfect and to maintain the perfection and priority of the interests of the Secured Parties in the Collateral. This appointment is coupled with an interest and is irrevocable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Without limiting the generality of the foregoing, the Borrower will, not earlier than six (6) months and not later than three (3) months prior to the fifth (5<sup>th</sup>) anniversary of the date of filing of the financing statements referred to in <u>Section 3.1(j)</u> or any other financing statement filed pursuant to this Agreement or in connection with any Advance hereunder, unless the Covenant Compliance Period shall have ended, authorize, execute and deliver and file or cause to be filed an appropriate continuation statement with respect to each such financing statement.

## Exhibit 31.1

**Exhibit 31.1** 

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER UNDER** 

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Darren Friedman, certify that:

1. I have reviewed this quarterly report on Form 10-Q of StepStone Private
Credit Fund LLC;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the consolidated financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of
internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: November 13, 2025 | By: | /s/ Darren Friedman |
|  |  | Darren Friedman |
|  |  | Chief Executive Officer |

---

## Exhibit 31.2

**Exhibit 31.2** 

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER UNDER** 

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Joseph Cambareri, certify that:

1. I have reviewed this quarterly report on Form 10-Q of StepStone Private
Credit Fund LLC;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the consolidated financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of
internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: November 13, 2025 | By: | /s/ Joseph Cambareri |
|  |  | Joseph Cambareri |
|  |  | Chief Financial Officer |

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## Exhibit 32.1

**Exhibit 32.1** 

**Certification of Principal Executive Officer and Principal Financial Officer** 

**Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

In connection with the Quarterly Report on Form 10-Q of StepStone Private Credit Fund LLC (the "Company") for the period ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Darren Friedman, as Chief Executive Officer of the Company, and Joseph Cambareri, as Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934,
as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: November 13, 2025 | By: | /s/ Darren Friedman |
|  |  | Darren Friedman |
|  |  | Chief Executive Officer |

---

---

| | | |
|:---|:---|:---|
| Date: November 13, 2025 | By: | /s/ Joseph Cambareri |
|  |  | Joseph Cambareri |
|  |  | Chief Financial Officer |

---