# EDGAR Filing Document

**Accession Number:** 0001950803
**File Stem:** 0001193125-26-224111
**Filing Date:** 2026-5
**Character Count:** 1044597
**Document Hash:** a841a35781736549bd2f0bae5a0384fc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-224111.hdr.sgml**: 20260514

**ACCESSION NUMBER**: 0001193125-26-224111

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 67

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260514

**DATE AS OF CHANGE**: 20260514

**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:** 26979442

**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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

------

**FORM** 10-Q

------

**(Mark One)**

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

**For the quarterly period ended** **March 31,** 2026

**OR**

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

**For the transition period from to <u>_</u>**

**Commission File Number:** 814-01624

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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 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 (§232.405 of this chapter) 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, 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 Exchange Act). Yes ☐ No ☒

As of April 30, 2026, the registrant had 90,960,191 shares of its limited liability company interests outstanding.

------

**STEPSTONE PRIVATE CREDIT FUND LLC**

**QUARTERLY REPORT ON FORM 10-Q**

**FOR THE QUARTER ENDED MARCH 31, 2026**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **PART I.** | [<u>FINANCIAL INFORMATION</u>](#part_i_financial_information) |  |
| Item 1. | [<u>Consolidated Financial Statements (Unaudited)</u>](#item_1_financial_statements) | 2 |
|  | [<u>Consolidated Statements of Assets and Liabilities as of March 31, 2026 (Unaudited) and December 31, 2025</u>](#statements_of_assets_and_liabilities) | 2 |
|  | [<u>Consolidated Statements of Operations (Unaudited) for the three months ended March 31, 2026 and 2025</u>](#consolidated_statements_operations) | 3 |
|  | [<u>Consolidated Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2026 and 2025</u>](#statement_of_changes_in_net_assets) | 4 |
|  | [<u>Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 31, 2026 and 2025</u>](#consolidated_statements_cash_flows) | 5 |
|  | [<u>Consolidated Schedule of Investments (Unaudited) as of March 31, 2026 (Unaudited)</u>](#schedule_of_investments_cy) | 6 |
|  | [<u>Consolidated Schedule of Investments as of December 31, 2025</u>](#schedule_of_investments_py) | 51 |
|  | [<u>Notes to Unaudited Consolidated Financial Statements</u>](#notes_to_consolidated_financial_statem) | 94 |
| Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_2_managements_discussion_and_analy) | 136 |
| Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_3_quantitative_and_qualitative_dis) | 163 |
| Item 4. | [<u>Controls and Procedures</u>](#item_4_controls_and_procedures) | 165 |
| **PART II.** | [<u>OTHER INFORMATION</u>](#part_ii_other_information) | 165  |
| Item 1. | [<u>Legal Proceedings</u>](#item_1_legal_proceedings) | 165 |
| Item 1A. | [<u>Risk Factors</u>](#item_1a_risk_factors) | 166 |
| Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item_2_unregistered_sales_of_equity) | 167 |
| Item 3. | [<u>Defaults Upon Senior Securities</u>](#item_3_defaults_upon_senior_securities) | 167 |
| Item 4. | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety_disclosures) | 167 |
| Item 5. | [<u>Other Information</u>](#item_5_other_information) | 167 |
| Item 6. | [<u>Exhibits</u>](#item_6_exhibits) | 168 |
| [<u>Signatures</u>](#signatures) | [<u>Signatures</u>](#signatures) | 169 |

---

------

**PART I—FINANCIAL INFORMATION**

**Item 1. Financial Statements.**

**StepStone Private Credit Fund LLC** 

**Consolidated Statements of Assets and Liabilities** 

*(in thousands, except share and per share amounts)*

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** |  |
|  | **(Unaudited)** | **December 31, 2025** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities of unaffiliated issuers at fair value <br> (cost $3,320,878 and $3,008,238, respectively) | $3313853 | $3008628 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and restricted cash | 14640 | 24169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash equivalents and restricted cash equivalents | 91695 | 145625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 17331 | 19327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables for investments sold | 4514 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid and other assets | 736 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $3442769 | $3198869 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lines of credit (net of unamortized debt issuance costs of $11,367<br> and $12,022, respectively) | $631804 | $774648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securitizations (net of unamortized debt issuance costs of $3,043 <br> and $3,112, respectively) | 344957 | 344888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured notes (net of unamortized debt issuance costs of $3,113<br> and $1,751, respectively) | 294590 | 147949 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions payable | 47541 | 43330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables for investments purchased | 12164 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 8043 | 10117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee payable | 5057 | 4422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fee payable | 3541 | 3449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities | 2351 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors' fees payable | 81 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions received in advance |  | 2100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase offer payable |  | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 3708 | 2960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | $1353837 | $1334402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 8); Recoupments (Note 3) |  |  |
| **Net assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares, no par value, unlimited shares authorized, 80,578,255 and 71,614,193, <br> respectively, shares issued and outstanding | $2104771 | $1870093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributable earnings (accumulated loss) | (15839) | (5626) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net assets** | $2088932 | $1864467 |
| **Total liabilities and net assets** | $3442769 | $3198869 |
| **Net asset value per share** | $25.92 | $26.03 |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Statements of Operations** 

**(Unaudited)**

*(in thousands)*

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| **Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income on investments in securities of<br> unaffiliated issuers | $75080 | $45108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment in-kind interest on investments in<br> securities of unaffiliated issuers | 943 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 1403 |  |
| **Total investment income** | $**77426** | $**45603** |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | $20227 | $11588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee | 5057 | 2528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income incentive fee | 3626 | 2148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains-based incentive fee | (46) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 1354 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fee | 1025 | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors' fees | 119 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 94 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 77 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 1150 | 592 |
| **Total expenses** | $**32683** | $**18392** |
| Less expense (recoupment) support payments (to) by<br> the Advisor (Note 3) | $- | (731) |
| **Net expenses** | $**32683** | $**19123** |
| **Net investment income** | $**44743** | $**26480** |
| **Realized and unrealized gain (loss) allocated from<br> investments in securities of unaffiliated issuers** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation<br> (depreciation) from investments in securities<br> of unaffiliated issuers | (7415) | 108 |
| **Net gain (loss) from investments in securities of<br> unaffiliated issuers** | $**(7415)** | $**108** |
| **Net Increase (Decrease) in Net Assets Resulting<br> from Operations** | $**37328** | $**26588** |

---

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 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 March 31, 2026** |  |  |  |  |
| **Balance, December 31, 2025** | **71614193** | $**1870093** | $**(5626)** | $**1864467** |
| Net investment income |  |  | 44743 | 44743 |
| Net change in unrealized appreciation (depreciation) from investments in <br> securities of unaffiliated issuers |  |  | (7415) | (7415) |
| Distributions |  |  | (47541) | (47541) |
| Issuance of Shares | 8964062 | 234678 |  | 234678 |
| **Balance, March 31, 2026** | **80578255** | $**2104771** | $**(15839)** | $**2088932** |
| **Three Months Ended March 31, 2025** |  |  |  |  |
| **Balance, December 31, 2024** | **35246926** | $**915356** | $**1029** | $**916385** |
| Net investment income |  |  | 26480 | 26480 |
| Net change in unrealized appreciation (depreciation) from investments in securities of unaffiliated issuers |  |  | 108 | 108 |
| Distributions |  |  | (27750) | (27750) |
| Issuance of Shares | 6171048 | 162078 |  | 162078 |
| Repurchase of Shares | (288512) | (7504) |  | (7504) |
| **Balance, March 31, 2025** | **41129462** | $**1069930** | $**(133)** | $**1069797** |

---

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)*

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| **Operating activities** |  |  |
| Net Increase (Decrease) in Net Assets Resulting<br> from Operations | $37328 | $26588 |
| &nbsp;&nbsp;Adjustments to reconcile net increase (decrease) in net assets resulting from<br> operations to net cash provided by/(used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (488895) | (370033) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales, exits and repayments of investments | 180202 | 54168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest capitalized | (1480) | (589) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of original issue discount, net of amortized premiums on investments | (2468) | (1578) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 863 | 795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation from investments in securities <br> of unaffiliated issuers | 7415 | (108) |
| Changes in Assets and Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase)/decrease in interest receivable | 1996 | (2978) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase)/decrease in receivables for investments sold | (4153) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase)/decrease in prepaid and other assets | 23 | (613) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase)/decrease in receivable from Advisor |  | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase)/decrease in due from affiliate |  | (300) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase/(decrease) in payables for investments purchased | 12164 | (7534) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase/(decrease) in interest payable | (2074) | (120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase/(decrease) in management fee payable | 635 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase/(decrease) in incentive fee payable | 92 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase/(decrease) in accrued expenses | 755 | 524 |
| **Net cash provided by/(used in) operating activities** | $(257597) | $(300368) |
| **Financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of shares, net of changes in subscriptions received in advance | $215158 | $151021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of shares, net of change in repurchase offer payable | (142) | (1742) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions, net of distribution reinvestment plan and change in distributions payable | (25910) | (11897) |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings under lines of credit | 256661 | 245000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments to lines of credit | (400160) | (238500) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of debt securitization | - | 174000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of unsecured notes | 150000 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs paid | (1469) | (5861) |
| **Net cash provided by/(used in) financing activities** | $194138 | $312021 |
| Net increase/(decrease) in cash and cash equivalents and restricted cash |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;and restricted cash equivalents | $(63459) | $11653 |
| Cash and restricted cash and cash equivalents and restricted cash equivalents |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;at beginning of the period | 169794 | 31244 |
| Cash and restricted cash and cash equivalents and restricted cash equivalents |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;at end of the period | $106335 | $42897 |
| **Supplemental information and non-cash activities** |  |  |
| Interest paid on lines of credit, debt securitizations, and unsecured notes | $21438 | $10912 |
| Issuance of shares in connection with distribution reinvestment plan | 17420 | 11057 |
| **Reconciliation to the Consolidated Statement of Assets and Liabilities** |  |  |
| Cash and restricted cash | $14640 | $6027 |
| Cash equivalents and restricted cash equivalents | 91695 | 36870 |
| Total cash and restricted cash and cash equivalents and restricted cash equivalents | $106335 | $42897 |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)**

**March 31, 2026** 

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**First Lien Senior Secured** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Advertising** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amplify Buyer, Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 8.45% | 9/17/2032 | $8978 | $8936 | $8921 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amplify Buyer, Inc. Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 0.75% | 8.45% | 9/17/2032 | 8978 | 8936 | 8921 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assembled Intelligence LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 8.95% | 5/3/2029 | 1247 | 1239 | 1236 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berlin Rosen Acquisition, LLC Revolving Loan | (3)(4)(5)(7) | 3M SOFR + 0.50% / 1.00% | 0.50% | 1/14/2027 | 1569 | 1535 | 1562 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berlin Rosen Acquisition, LLC Revolving Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.27% | 1/14/2027 | 901 | 897 | 897 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berlin Rosen Acquisition, LLC Small Girls Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 5.50% / 1.00% | 9.27% | 1/14/2027 | 1800 | 1792 | 1792 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berlin Rosen Acquisition, LLC Small Girls Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 5.50% / 1.00% | 9.27% | 1/14/2027 | 1800 | 1792 | 1792 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berlin Rosen Acquisition, LLC Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.50% / 1.00% | 9.27% | 1/14/2027 | 1731 | 1724 | 1720 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berlin Rosen Acquisition, LLC Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 5.50% / 1.00% | 9.27% | 1/14/2027 | 3360 | 3345 | 3340 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berlin Rosen Acquisition, LLC Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 5.50% / 1.00% | 9.27% | 1/14/2027 | 1856 | 1845 | 1844 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnegie Dartlet, LLC Delayed Draw Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.50% / 1.00% | 9.17% | 2/7/2030 | 42 | 41 | 41 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnegie Dartlet, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.50% / 1.00% | 9.17% | 2/7/2030 | 500 | 494 | 491 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnegie Dartlet, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 2/7/2030 | - | (1) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comet Bidco Limited Facility B (USD) Loan | (3)(5)(7)(9)(13)(25) | 6M SOFR + 5.00% / 0.00% | 8.74% | 12/2/2032 | 10164 | 10068 | 10046 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finn Partners, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.50% / 1.00% | 10.35% | 7/1/2026 | 1650 | 1648 | 1648 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finn Partners, Inc. Second Amendment Term Loan | (3)(4)(5)(7) | 3M SOFR + 6.50% / 1.00% | 10.35% | 7/1/2026 | 3200 | 3195 | 3194 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gator Plastic Intermediate Holdings, LLC Initial Term Loan | (3)(4)(5)(7) | 1M SOFR + 7.25% / 1.50% | 10.92% | 10/14/2027 | 4073 | 4020 | 4015 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gator Plastic Intermediate Holdings, LLC Revolving Loan | (3)(4)(5)(6)(7) | 1M SOFR + 7.25% / 1.50% | 10.92% | 10/14/2027 | 298 | 288 | 297 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kite Midco II LTD Term Loan B1 | (3)(4)(5)(7) | 6M SOFR + 4.50% / 0.00% | 8.23% | 11/19/2031 | 5290 | 5224 | 5203 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kite Midco II LTD Term Loan B1 | (3)(4)(5)(7)(12) | 6M SOFR + 4.50% / 0.00% | 8.23% | 11/19/2031 | 5290 | 5224 | 5203 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kite Midco II LTD Term Loan B2 | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.00% | 1.00% | 11/19/2031 | - | (8) | (2) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kite Midco II LTD Term Loan B2 | (3)(4)(5)(6)(7)(8)(12) | 3M SOFR + 1.00% / 0.00% | 1.00% | 11/19/2031 | - | (8) | (2) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minds Buyer, LLC Revolving Credit | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 5/3/2029 | - | (3) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minds Buyer, LLC Second Amendment Incremental Term Loan (First Lien) | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.70% | 5/3/2029 | 3829 | 3816 | 3791 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minds Buyer, LLC Second Amendment Incremental Term Loan (First Lien) | (3)(4)(5)(7)(14) | 3M SOFR + 5.00% / 1.00% | 8.70% | 5/3/2029 | 3358 | 3340 | 3324 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minds Buyer, LLC Second Amendment Incremental Term Loan (First Lien) | (3)(4)(5)(7)(15) | 3M SOFR + 5.00% / 1.00% | 8.70% | 5/3/2029 | 4047 | 4018 | 4007 | 0.19% |
|  |  |  |  |  |  | $73397 | $73281 | 3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aviation Technical Services, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 7/12/2029 | $- | $(2) | $(4) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aviation Technical Services, Inc. Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.75% / 1.00% | 9.42% | 7/12/2029 | 583 | 579 | 577 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aviation Technical Services, Inc. Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.75% / 1.00% | 9.42% | 7/12/2029 | 3357 | 3338 | 3325 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heads Up Technologies, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 8.95% | 7/23/2030 | 5789 | 5763 | 5751 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heads Up Technologies, Inc. Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.25% / 1.00% | 8.95% | 7/23/2030 | 5970 | 5970 | 5931 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heads Up Technologies, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 7/23/2030 | - | (5) | (2) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Machine Sciences Corporation Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 3/31/2032 | - | (143) | (143) | -0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Machine Sciences Corporation Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 0.00% / 1.00% | 0.00% | 3/31/2032 | 11143 | 11020 | 11020 | 0.53% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)**

**March 31, 2026** 

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Machine Sciences Corporation Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 3/31/2032 | - | (20) | (20) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAG Holding Corp. Amendment No. 2 Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 1.00% | 8.45% | 12/21/2029 | 1967 | 1958 | 1955 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAG Holding Corp. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 1.00% | 8.42% | 12/21/2029 | 662 | 653 | 651 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAG Holding Corp. Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 1.00% | 8.45% | 12/21/2029 | 11105 | 11034 | 10999 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPW Aero Buyer, Inc. 2024 Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 9/30/2031 | - | (3) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPW Aero Buyer, Inc. 2025 Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 8.70% | 9/30/2031 | 492 | 490 | 489 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPW Aero Buyer, Inc. Delayed Draw Term Loan 1 | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 1.00% | 8.70% | 9/30/2031 | 3569 | 3528 | 3549 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPW Aero Buyer, Inc. Term Loan (Whitcraft LLC) | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 8.70% | 2/15/2029 | 4874 | 4874 | 4874 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sigma Defense Systems LLC Delayed Draw Term A Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 12/18/2027 | - | (8) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sigma Defense Systems LLC Initial Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 6.25% / 1.00% | 10.07% | 12/18/2027 | 2219 | 2191 | 2191 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sigma Defense Systems LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 6.25% / 1.00% | 10.10% | 12/18/2027 | 20 | 20 | 20 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyMark Refuelers, LLC Delayed Draw Term Loan A | (3)(4)(5)(6)(7) | 3M SOFR + 4.50% / 0.75% | 8.17% | 12/16/2032 | 2169 | 2139 | 2133 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyMark Refuelers, LLC Delayed Draw Term Loan B | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 12/16/2032 | - | (46) | (54) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyMark Refuelers, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 12/16/2032 | - | (23) | (27) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyMark Refuelers, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.50% / 0.75% | 8.17% | 12/16/2032 | 9580 | 9490 | 9472 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Systems Planning and Analysis, Inc. Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 1.00% | 8.45% | 8/16/2027 | 3146 | 3146 | 3146 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Systems Planning and Analysis, Inc. Fifth Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 1.00% | 8.42% | 8/16/2027 | 1204 | 1199 | 1202 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Systems Planning and Analysis, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 1.00% | 8.45% | 8/16/2027 | 2299 | 2299 | 2299 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Systems Planning and Analysis, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 4.25% / 1.00% | 4.25% | 8/16/2027 | - | (1) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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% | 8.45% | 8/16/2027 | 59 | 59 | 59 | 0.00% |
|  |  |  |  |  |  | $69499 | $69392 | 3.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Air Freight & Logistics** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMEX Holding III Corp Term Loan | (4)(5)(7)(11)(29) | 3M SOFR + 0.00% / 1.00% | 0.00% | 3/31/2028 | $3437 | $3424 | $3402 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMEX Holding III Corp Delayed Draw Term Loan | (4)(5)(7)(11)(29) | 3M SOFR + 0.00% / 1.00% | 0.00% | 3/31/2028 | 153 | 152 | 151 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gulf Winds International Acquisition, LLC Term Loan | (3)(4)(5)(7) | 1M SOFR + 7.00% / 1.00% | 10.67% | 12/16/2028 | 4903 | 4903 | 4521 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solairus Holdings, LLC Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.75% / 1.00% | 8.52% | 7/22/2030 | 1189 | 1171 | 1189 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solairus Holdings, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 4.75% / 1.00% | 8.52% | 7/22/2030 | 3226 | 3226 | 3226 | 0.15% |
|  |  |  |  |  |  | $12875 | $12489 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Airport Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security Buyer, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.00% | 1.00% | 3/31/2032 | $- | $(6) | $(6) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security Buyer, LLC Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 0.00% | 9.20% | 3/31/2032 | 2863 | 2820 | 2820 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security Buyer, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.00% | 0.50% | 3/31/2032 | - | (10) | (10) | 0.00% |
|  |  |  |  |  |  | $2804 | $2804 | 0.13% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)**

**March 31, 2026**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Alternative Carriers** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meriplex Communications, Ltd. Initial Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.00% / 0.75% | 8.77% | 7/17/2028 | $1729 | $1729 | $1729 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meriplex Communications, Ltd. Initial Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 5.00% / 0.75% | 8.77% | 7/17/2028 | 3169 | 3169 | 3169 | 0.15% |
|  |  |  |  |  |  | $4898 | $4898 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Apparel Retail** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightmore Brands LLC Original Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.38% / 1.50% | 9.07% | 9/10/2029 | $2590 | $2553 | $2545 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightmore Brands LLC Original Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.38% / 1.50% | 9.07% | 9/10/2029 | 3400 | 3358 | 3341 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightmore Brands LLC Original Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.38% / 1.50% | 9.07% | 9/10/2029 | 4000 | 3944 | 3930 | 0.19% |
|  |  |  |  |  |  | $9855 | $9816 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Apparel, Accessories & Luxury Goods** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halo Buyer, Inc. Closing Date Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.00% / 1.00% | 9.67% | 8/7/2029 | $7748 | $7629 | $7559 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halo Buyer, Inc. Closing Date Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 6.00% / 1.00% | 9.67% | 8/7/2029 | 4005 | 3928 | 3907 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halo Buyer, Inc. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 6.00% / 1.00% | 9.66% /<br>3.50% | 8/7/2029 | 549 | 522 | 545 | 0.03% |
|  |  |  |  |  |  | $12079 | $12011 | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Application Software** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anaplan, Inc. Fourth Amendment Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.50% / 0.75% | 8.17% | 6/21/2029 | $4938 | $4924 | $4854 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptean Acquiror Inc. First Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 1/30/2031 | - | (8) | (15) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptean Acquiror Inc. Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.75% / 0.75% | 8.42% | 1/30/2031 | 168 | 167 | 167 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptean Acquiror Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 8.42% | 1/30/2031 | 12473 | 12410 | 12453 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptean Acquiror Inc. Revolving Credit | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 0.75% | 8.42% | 1/30/2031 | 165 | 164 | 157 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASYS LLC First Amendment Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 4.50% / 1.00% | 8.20% | 12/9/2027 | 4265 | 4252 | 4260 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bottomline Technologies, Inc.(Legal Spend Holdings, LLC) 2025-1 Refinancing Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.50% / 0.75% | 8.20% | 5/14/2029 | 252 | 252 | 251 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coupa Holdings, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.00% | 1.00% | 2/27/2030 | - | (45) | (45) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coupa Holdings, LLC Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.25% / 0.00% | 8.92% | 2/27/2030 | 12671 | 12164 | 12164 | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coupa Holdings, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.00% | 0.50% | 2/27/2029 | - | (34) | (61) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dealer Services Network, LLC Second Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 8.91% | 2/9/2027 | 1299 | 1294 | 1289 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dealer Services Network, LLC Second Amendment Incremental Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.25% / 1.00% | 8.91% | 2/9/2027 | 3360 | 3348 | 3334 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dealer Services Network, LLC Second Amendment Incremental Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.25% / 1.00% | 8.91% | 2/9/2027 | 4015 | 3997 | 3984 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dealer Services Network, LLC Third Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 8.91% | 2/9/2027 | 742 | 738 | 735 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversis Tempo HoldCo, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.25% / 0.75% | 9.95% | 8/22/2031 | 9209 | 9106 | 9026 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Durare Bidco, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.50% | 1.00% | 8/9/2032 | - | (15) | (27) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Durare Bidco, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.50% | 8.41% | 8/9/2032 | 6477 | 6446 | 6394 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Durare Bidco, LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 0.50% | 8.41% | 8/9/2032 | 6477 | 6446 | 6394 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Durare Bidco, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.50% | 0.50% | 8/9/2032 | - | (7) | (13) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Echo Purchaser, Inc. Delayed Draw Term Loan (Exostar) | (3)(4)(5)(7) | 1M SOFR + 5.50% / 0.75% | 9.17% | 11/19/2029 | 54 | 54 | 54 | 0.00% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)**

**March 31, 2026**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Echo Purchaser, Inc. Term Loan (Exostar) | (3)(4)(5)(7) | 1M SOFR + 5.50% / 0.75% | 9.17% | 11/19/2029 | 635 | 630 | 625 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Einstein Parent, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 1/22/2031 | - | (16) | (8) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Einstein Parent, Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 0.75% | 8.92% | 1/22/2031 | 9688 | 9527 | 9418 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empower Payments Investor, LLC Fourth Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 3/12/2031 | - | (4) | (4) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empower Payments Investor, LLC Fourth Amendment Incremental Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 0.75% | 8.40% | 3/12/2031 | 4016 | 3996 | 3996 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empower Payments Investor, LLC Third Amendment Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.50% / 0.75% | 8.15% | 3/12/2031 | 2389 | 2367 | 2370 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empower Payments Investor, LLC Third Amendment Incremental Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.50% / 0.75% | 8.20% | 3/12/2031 | 7942 | 7868 | 7801 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everbridge Holdings, LLC Closing Date Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 8.66% | 7/2/2031 | 11877 | 11856 | 11850 | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everbridge Holdings, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 0.75% | 8.66% | 7/2/2031 | 3059 | 3056 | 3054 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everbridge Holdings, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 6M SOFR + 0.38% / 0.75% | 0.38% | 7/2/2031 | - | (2) | (3) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fullsteam Operations LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 8/8/2031 | - | (30) | (32) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fullsteam Operations LLC Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.25% / 0.75% | 8.89% | 8/8/2031 | 7048 | 6987 | 6986 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fullsteam Operations LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.25% / 0.75% | 8.89% | 8/8/2031 | 3413 | 3382 | 3383 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fullsteam Operations LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 8/8/2031 | - | (10) | (11) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Acquisitionco, Inc. Eighth Suplemental Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 5/25/2028 | - | (1) | (3) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Acquisitionco, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 8.95% | 5/25/2028 | 3148 | 3141 | 3130 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Acquisitionco, Inc. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 8.95% | 5/25/2028 | 628 | 624 | 618 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Acquisitionco, Inc. Seventh Suplemental Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 8.95% | 5/25/2028 | 583 | 581 | 580 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Igloo Group Parent, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.70% | 12/23/2031 | 22856 | 22521 | 22513 | 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LeadVenture, Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 0.75% | 8.42% | 6/23/2032 | 972 | 950 | 959 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LeadVenture, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 8.70% | 6/23/2032 | 6490 | 6444 | 6401 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LeadVenture, Inc. Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 0.75% | 8.70% | 6/23/2032 | 5970 | 5930 | 5888 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LeadVenture, Inc. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 0.75% | 8.42% | 6/23/2032 | 54 | 46 | 48 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legitscript LLC Delayed Draw Loan | (3)(4)(5)(7) | 1M SOFR + 5.75% / 0.75% | 9.42% | 6/24/2029 | 99 | 98 | 98 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legitscript LLC Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.75% / 0.75% | 9.42% | 6/24/2029 | 3841 | 3806 | 3835 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Model N, Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 8.45% | 5/13/2031 | 5627 | 5580 | 5541 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mountain Parent, Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 6/27/2031 | - | (4) | (6) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mountain Parent, Inc. Revolving Credit Facility | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.25% / 0.75% | 0.25% | 6/27/2031 | - | (5) | (3) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMI Acquisitionco, Inc. Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.50% / 0.75% | 8.27% | 9/6/2028 | 1140 | 1127 | 1136 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMI Acquisitionco, Inc. October 2021 Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.50% / 0.75% | 8.27% | 9/6/2028 | 348 | 344 | 342 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMI Acquisitionco, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 9/6/2028 | - | (3) | (6) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMI Acquisitionco, Inc. Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.50% / 0.75% | 8.27% | 9/6/2028 | 1867 | 1847 | 1834 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optimizely North America Inc. (USD) Revolving Credit | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 10/30/2031 | - | (10) | (11) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optimizely North America Inc. (USD) Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.00% / 0.75% | 8.67% | 10/30/2031 | 7444 | 7370 | 7305 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optimizely North America Inc. (USD) Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.00% / 0.75% | 8.67% | 10/30/2031 | 5197 | 5155 | 5100 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Purchaser, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 6M SOFR + 6.25% / 1.00% | 9.85% | 10/2/2028 | 1927 | 1896 | 1875 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Purchaser, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 10/2/2028 | - | - | (5) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDI TA Holdings, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.00% / 0.75% | 9.67% | 2/3/2031 | 6831 | 6793 | 6764 | 0.32% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)**

**March 31, 2026** 

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDI TA Holdings, Inc. Revolving Credit | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 0.75% | 9.17% | 2/3/2031 | 523 | 523 | 514 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PracticeTek Purchaser, LLC Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.75% / 1.00% | 9.45% | 8/30/2029 | 28 | 28 | 28 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PracticeTek Purchaser, LLC Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.75% / 1.00% | 9.45% | 8/30/2029 | 1934 | 1913 | 1890 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | - | (24) | (42) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saab Purchaser, Inc. First Amendment Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.50% / 0.75% | 8.20% | 11/12/2031 | 5526 | 5501 | 5456 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saab Purchaser, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.38% / 0.75% | 0.38% | 11/12/2031 | - | (3) | (6) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Purchaser, Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 0.75% | 8.95% | 4/1/2031 | 1740 | 1713 | 1694 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Purchaser, Inc. Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.25% / 0.75% | 8.95% | 4/1/2031 | 3357 | 3302 | 3268 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Purchaser, Inc. Revolving Credit | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 4/1/2030 | - | - | (5) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superjet Buyer, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 0.75% | 8.67% | 5/23/2030 | 988 | 982 | 900 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superjet Buyer, LLC Initial Term Loan (EFI Productivity Software) | (3)(4)(5)(7) | 3M SOFR + 5.00% / 0.75% | 8.67% | 12/30/2027 | 208 | 208 | 207 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superjet Buyer, LLC Third Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 8.67% | 5/23/2030 | 1481 | 1470 | 1454 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superjet Buyer, LLC Third Amendment Incremental Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.00% / 0.75% | 8.67% | 5/23/2030 | 3357 | 3332 | 3297 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tau Buyer, LLC Delayed Draw Term Loan | (4)(5)(6)(7) | 3M SOFR + 5.00% / 0.75% | 8.70% / 2.50% | 2/2/2032 | 2782 | 2766 | 2763 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tau Buyer, LLC Revolving Credit | (3)(4)(5)(6)(7) | 3M SOFR + 4.50% / 0.75% | 8.21% | 2/2/2032 | 503 | 495 | 495 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tau Buyer, LLC Term B Loan | (4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 8.70% / 2.50% | 2/2/2032 | 4411 | 4374 | 4388 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tau Buyer, LLC Term B Loan | (4)(5)(7) | 3M SOFR + 5.00% / 0.75% | 8.70% / 2.50% | 2/2/2032 | 7709 | 7692 | 7669 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCP Hawker / TimeClock Plus 11/24 9th Amendment Rollover Incremental Term Loan 12/24 | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 8.70% | 8/30/2029 | 460 | 458 | 453 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCP Hawker Intermediate LLC Ninth Amendment Delayed Draw Term Loan 11/24 | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 8/30/2029 | - | - | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCP Hawker Intermediate LLC Ninth Amendment Incremental Term Loan 11/24 | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 8.70% | 8/30/2029 | 17 | 17 | 17 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCP Hawker Intermediate LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 8/30/2029 | - | (1) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trintech Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.75% / 0.75% | 0.75% | 1/28/2033 | - | (21) | (21) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trintech Inc. Initial Term Loan | (3)(4)(5)(7) | 1M SOFR + 4.75% / 0.75% | 8.42% | 1/28/2033 | 5000 | 4952 | 4950 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trintech Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.75% / 0.75% | 8.42% | 1/28/2033 | 7679 | 7605 | 7602 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trintech Inc. Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 1/28/2033 | - | (16) | (16) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upland Software, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.50% | 0.50% | 7/25/2031 | - | (16) | (5) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upland Software, Inc. Term Loan | (3)(4)(5)(7) | 3M SOFR + 6.00% / 1.50% | 9.70% | 7/25/2031 | 7897 | 7770 | 7721 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vehlo Purchaser, LLC Amendment No. 4 Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 5/24/2028 | - | (8) | (13) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vehlo Purchaser, LLC Tranche C Delayed Draw Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.50% / 0.75% | 9.17% | 5/24/2028 | 7853 | 7825 | 7820 | 0.37% |
|  |  |  |  |  |  | $252327 | $251190 | 12.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Management & Custody Banks** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allworth Financial Group, L.P. Fourth Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 1M SOFR + 4.75% / 1.00% | 8.42% | 12/23/2027 | $8991 | $8959 | $8991 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerity Partners Equity Holding LLC 2025 Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 7/30/2029 | - | (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 (Unaudited)**

**March 31, 2026** 

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerity Partners Equity Holding LLC 2025 Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.50% / 0.75% | 8.20% | 7/28/2031 | 2138 | 2116 | 2089 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerity Partners Equity Holding LLC 2025 Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.50% / 0.75% | 8.20% | 7/28/2031 | 11294 | 11280 | 11034 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerity Partners Equity Holding LLC Initial Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.50% / 0.75% | 8.17% | 7/28/2031 | 597 | 593 | 597 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerity Partners Equity Holding LLC 2025-B Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 7/28/2031 | - | (21) | (27) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone Advisors of Arizona LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 1.00% | 8.45% | 5/13/2032 | 3275 | 3261 | 3258 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone Advisors of Arizona LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 1.00% | 8.45% | 5/13/2032 | 3275 | 3261 | 3258 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cub Financing Intermediate, LLC 2025 Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.00% / 0.50% | 0.00% | 6/28/2030 | - | (185) | (214) | -0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.20% | 12/9/2027 | 447 | 444 | 443 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Revolving Credit Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.50% / 1.00% | 9.17% | 12/9/2027 | 104 | 99 | 104 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Fifth Amendment Additional Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.14% | 12/9/2027 | 2074 | 2052 | 2073 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Fifth Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.17% | 12/9/2027 | 1034 | 1024 | 1024 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. First Amendment Additional Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.17% | 12/9/2027 | 283 | 281 | 281 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Third Amendment Additional Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.17% | 12/9/2027 | 475 | 471 | 475 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Delayed Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.17% | 12/9/2027 | 534 | 529 | 534 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.17% | 12/9/2027 | 1629 | 1618 | 1614 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.50% / 1.00% | 9.17% | 12/9/2027 | 4005 | 3973 | 3970 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.17% | 12/9/2027 | 1568 | 1554 | 1552 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.50% / 1.00% | 9.17% | 12/9/2027 | 3357 | 3331 | 3324 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DOXA Insurance Holdings LLC Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.50% / 0.75% | 8.17% | 12/20/2030 | 466 | 464 | 466 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DOXA Insurance Holdings LLC Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.50% / 0.75% | 8.20% | 12/20/2030 | 490 | 490 | 490 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeCo Buyer, Inc. Closing Date Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.50% / 1.00% | 8.20% | 6/1/2026 | 1042 | 1042 | 1042 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeCo Buyer, Inc. Delayed Draw Term B Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.50% / 1.00% | 8.20% | 6/1/2028 | 22 | 22 | 22 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeCo Buyer, Inc. Delayed Draw Term C Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.50% / 1.00% | 8.20% | 6/1/2026 | 59 | 59 | 59 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeCo Buyer, Inc. Delayed Draw Term E Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.50% / 1.00% | 8.20% | 6/1/2028 | 6494 | 6487 | 6494 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeCo Buyer, Inc. Delayed Draw Term A Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.50% / 1.00% | 8.20% | 6/1/2026 | 203 | 203 | 203 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeCo Buyer, Inc. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 3.50% / 1.00% | 10.25% | 6/1/2028 | 65 | 65 | 65 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeCo Buyer, Inc. Sixth Amendment Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.50% / 1.00% | 8.20% | 6/1/2028 | 1177 | 1177 | 1177 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IEQ Capital, LLC 2024 Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.50% / 0.75% | 8.12% | 12/22/2028 | 6930 | 6875 | 6930 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IEQ Capital, LLC Term Loan | (3)(4)(5)(7)(12) | 6M SOFR + 4.50% / 0.75% | 8.23% | 12/22/2028 | 3502 | 3490 | 3499 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obra Capital, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 7.25% / 1.00% | 11.03% | 6/21/2029 | 7406 | 7306 | 7271 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petra Borrower, LLC Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.75% / 1.00% | 9.44% | 11/15/2030 | 1243 | 1230 | 1242 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petra Borrower, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.75% / 1.00% | 9.41% | 11/15/2030 | 3185 | 3136 | 3130 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petra Borrower, LLC Revolving Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.75% / 1.00% | 9.42% | 11/15/2029 | 250 | 238 | 250 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PMA Parent Holdings, LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 0.75% | 8.45% | 1/31/2031 | 6414 | 6362 | 6362 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PMA Parent Holdings, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 1/31/2031 | - | (4) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Horizon Investments, LLC_Term Loan 2nd Amendment | (3)(4)(5)(7)(11) | 3M SOFR + 4.50% / 1.00% | 8.20% | 8/6/2032 | 9925 | 9832 | 9821 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wealth Enhancement Group, LLC 2021 Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.25% / 1.00% | 7.91% | 10/2/2028 | 3737 | 3733 | 3737 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wealth Enhancement Group, LLC December 2020 Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.25% / 1.00% | 7.91% | 10/4/2028 | 1136 | 1133 | 1136 | 0.05% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)** 

**March 31, 2026** 

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wealth Enhancement Group, LLC December 2024 Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.25% / 1.00% | 7.91% | 10/2/2028 | 4411 | 4414 | 4428 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wealth Enhancement Group, LLC May 2022 Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.25% / 1.00% | 7.91% | 10/2/2028 | 1961 | 1961 | 1961 | 0.09% |
|  |  |  |  |  |  | 104350 | 104164 | 4.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Auto Parts & Equipment** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arnott, LLC Initial Term Loan | (3)(4)(5)(7)(11) | 6M SOFR + 4.75% / 1.00% | 8.49% | 11/13/2030 | $4923 | $4883 | $4886 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETE Intermediate II LLC Amendment No. 2 Incremental Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 8.70% | 5/29/2029 | 156 | 154 | 154 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETE Intermediate II LLC Revolving Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.00% / 1.00% | 8.67% | 5/29/2029 | 16 | 12 | 10 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETE Intermediate II LLC Term Loan A | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 8.70% | 5/29/2029 | 1910 | 1879 | 1863 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&D MidCo, Inc. Closing Date Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.00% / 1.00% | 9.82% | 8/31/2028 | 1732 | 1720 | 1702 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&D MidCo, Inc. Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.00% / 1.00% | 9.82% | 8/31/2028 | 580 | 575 | 578 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&D MidCo, Inc. Third Amendment Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.00% / 1.00% | 9.82% | 8/31/2028 | 363 | 362 | 361 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PREMIER TIRE & SERVICE ACQUISITION, LLC 2024-3 Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.50% / 1.00% | 9.17% | 5/29/2029 | 916 | 910 | 889 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Tires & Service Acquisition, LLC Incremental Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.16% | 5/17/2029 | 1045 | 1046 | 1014 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Tires & Service Acquisition, LLC Incremental Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.16% | 5/17/2029 | 1045 | 1041 | 1014 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Tires & Service Acquisition, LLC Incremental Revolving Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 0.00% | 9.17% | 5/17/2029 | 535 | 526 | 519 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Tires & Service Acquisition, LLC Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.16% | 5/17/2029 | 289 | 287 | 280 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Tires & Service Acquisition, LLC Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.16% | 5/17/2029 | 1695 | 1695 | 1645 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Tires & Service Acquisition, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.50% / 1.00% | 9.16% | 5/17/2029 | 3184 | 3184 | 3088 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transgo, LLC First Amendment Incremental Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 5.25% / 2.00% | 8.92% | 12/29/2028 | 6737 | 6704 | 6704 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transgo, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.25% / 2.00% | 8.92% | 12/29/2028 | 2046 | 2024 | 2027 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transgo, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 5.25% / 2.00% | 8.92% | 12/29/2028 | 3000 | 2977 | 2973 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transgo, LLC Revolving Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.25% / 2.00% | 8.92% | 12/29/2028 | 689 | 685 | 685 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truck-Lite Co., LLC 2025 Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 8.42% | 2/13/2032 | 184 | 176 | 183 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truck-Lite Co., LLC 2025 Replacement Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 2/13/2031 | - | (7) | (8) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truck-Lite Co., LLC 2025 Replacement Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 8.42% | 2/13/2032 | 6034 | 5977 | 5949 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truck-Lite Co., LLC Delayed Draw Term Loan A | (3)(4)(5)(7) | 3M SOFR + 4.75% / 0.75% | 8.44% | 2/13/2032 | 130 | 129 | 128 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truck-Lite Co., LLC Delayed Draw Term Loan B | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 0.75% | 8.42% | 2/13/2032 | 704 | 674 | 680 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | - | (12) | - | 0.00% |
|  |  |  |  |  |  | $37602 | $37324 | 1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automotive Retail** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABC Technologies Inc. Term Loan B | (3)(5)(7)(12)(24)(25) | 1M SOFR + 8.25% / 0.75% | 11.92% | 8/22/2031 | $9692 | $9381 | $9341 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epika Fleet Services, Inc. Closing Date Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 8.70% | 4/17/2031 | 3501 | 3478 | 3488 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epika Fleet Services, Inc. Closing Date Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 0.75% | 8.70% | 4/17/2031 | 2000 | 1987 | 1993 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epika Fleet Services, Inc. Closing Date Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.00% / 0.75% | 8.70% | 4/17/2031 | 4000 | 3973 | 3985 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epika Fleet Services, Inc. Delayed Draw Term A Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 0.75% | 8.67% | 4/17/2031 | 2515 | 2498 | 2515 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epika Fleet Services, Inc. Delayed Draw Term B Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 0.75% | 8.70% | 4/17/2031 | 2794 | 2777 | 2794 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epika Fleet Services, Inc. Second Amendment Delayed Draw C Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 2/17/2028 | - | (58) | (61) | 0.00% |
|  |  |  |  |  |  | $24036 | $24055 | 1.16% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)**

**March 31, 2026** 

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Products** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AllMark Acquisition, LLC Initial Term Loan (AllMark Door) | (3)(4)(5)(7)(11) | 3M SOFR + 5.50% / 1.00% | 9.20% | 5/4/2028 | $4861 | $4839 | $4742 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arch Cutting Tools Corp. Initial Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 5.25% / 0.00% | 9.05% | 4/30/2028 | 4846 | 4837 | 4798 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Big Top Holdings, LLC Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.25% / 1.00% | 8.95% | 3/1/2030 | 2401 | 2333 | 2367 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenwood Operating Group, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 5.50% / 1.00% | 9.17% | 5/7/2031 | 3541 | 3473 | 3473 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenwood Operating Group, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.50% / 1.00% | 9.17% | 5/7/2031 | 8186 | 8033 | 8030 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenwood Operating Group, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 5.50% / 1.00% | 9.17% | 5/7/2031 | 3970 | 3896 | 3894 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenwood Operating Group, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 5/7/2031 | - | (76) | (73) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vybond Buyer, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 6M SOFR + 1.00% / 0.75% | 1.00% | 2/3/2032 | - | (15) | (5) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vybond Buyer, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 8.45% | 2/3/2032 | 5353 | 5284 | 5260 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vybond Buyer, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 4.75% / 0.75% | 8.45% | 2/3/2032 | 3970 | 3914 | 3901 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vybond Buyer, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 6M SOFR + 0.50% / 0.75% | 0.50% | 2/3/2032 | - | (23) | (4) | 0.00% |
|  |  |  |  |  |  | $36494 | $36383 | 1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commodity Chemicals** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currier Plastics Acquisition, LLC Closing Date Term A Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.75% / 1.00% | 8.42% | 9/19/2031 | $4029 | $4001 | $3999 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currier Plastics Acquisition, LLC Delayed Draw Term A Loan | (3)(4)(5)(6)(7)(8) | 1M SOFR + 1.00% / 1.00% | 1.00% | 9/19/2031 | - | (22) | (23) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currier Plastics Acquisition, LLC Delayed Draw Term B Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.75% / 1.00% | 8.42% | 9/19/2031 | 3550 | 3525 | 3523 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currier Plastics Acquisition, LLC First Amendment Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.75% / 1.00% | 8.42% | 9/19/2031 | 3733 | 3707 | 3705 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currier Plastics Acquisition, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 1M SOFR + 0.50% / 1.00% | 0.50% | 9/19/2031 | - | (9) | (9) | 0.00% |
|  |  |  |  |  |  | $11202 | $11195 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Communications Equipment** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owl Cyber Defense Solutions, LLC Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.75% / 1.00% | 9.42% | 9/11/2029 | 1831 | 1810 | 1808 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owl Cyber Defense Solutions, LLC Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 5.75% / 1.00% | 9.42% | 9/11/2029 | 3357 | 3334 | 3314 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owl Cyber Defense Solutions, LLC Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 5.75% / 1.00% | 9.42% | 9/11/2029 | 3980 | 3914 | 3929 | 0.19% |
|  |  |  |  |  |  | $9051 | $9051 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Construction & Engineering** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC Delayed Draw Term B Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 8.95% | 6/28/2030 | $844 | $830 | $843 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC Delayed Draw Term C Loan (First Lien) | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.75% / 1.00% | 0.75% | 6/28/2030 | - | (28) | (23) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.25% / 1.00% | 8.95% | 6/30/2030 | 1919 | 1900 | 1903 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 8.95% | 6/30/2030 | 6263 | 6201 | 6173 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 8.95% | 6/28/2030 | 2678 | 2649 | 2619 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.25% / 1.00% | 8.95% | 6/28/2030 | 4046 | 3974 | 3958 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 12/7/2029 | - | (1) | - | 0.00% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)**

**March 31, 2026** 

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC Second Amendment Term Loan (First Lien) | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 8.95% | 6/28/2030 | 698 | 690 | 688 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC Third Amendment Term Loan (First Lien) | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 8.95% | 6/28/2030 | 809 | 800 | 795 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATI Restoration, LLC Second Amendment Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 0.75% | 9.32% | 7/31/2026 | 525 | 525 | 429 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Best Roofing Services LLC Closing Date Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.00% / 1.00% | 9.70% | 4/2/2029 | 1148 | 1133 | 1086 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Best Roofing Services LLC Closing Date Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 6.00% / 1.00% | 9.70% | 4/2/2029 | 3956 | 3884 | 3743 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Best Roofing Services LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 6.00% / 1.00% | 9.70% | 4/2/2029 | 716 | 716 | 668 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diverzify Intermediate LLC Second Amendment Incremental Delayed Draw Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 5.75% / 1.00% | 9.68% | 5/11/2027 | 482 | 481 | 459 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diverzify Intermediate LLC Second Amendment Incremental Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 5.75% / 1.00% | 9.68% | 5/11/2027 | 4379 | 4370 | 4173 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diverzify Intermediate LLC Seventeenth Amendment Incremental DDTL Loan | (3)(4)(5)(7)(11) | 1M SOFR + 6.00% / 0.00% | 6.00% | 5/11/2027 | 156 | 156 | 156 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eskola LLC Delayed Draw Term A Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.50% | 9.90% | 12/19/2029 | 2968 | 2945 | 2753 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eskola LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.50% | 9.90% | 12/19/2029 | 8308 | 8229 | 7635 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESP Associates, Inc. Term Loan | (3)(4)(5)(7) | 3M SOFR + 6.50% / 1.00% | 10.27% | 7/24/2028 | 1465 | 1452 | 1442 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESP Associates, Inc. Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 6.50% / 1.00% | 10.27% | 7/24/2028 | 3267 | 3228 | 3216 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G-A-I Consultants, Inc. First Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.00% / 1.00% | 8.77% | 10/7/2028 | 691 | 665 | 686 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G-A-I Consultants, Inc. First Amendment Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.00% / 1.00% | 8.77% | 10/7/2028 | 2909 | 2879 | 2861 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G-A-I Consultants, Inc. Revolving Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.00% / 1.00% | 8.77% | 10/7/2028 | 237 | 231 | 236 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HP RSS Buyer, Inc. Closing Date Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.75% / 0.75% | 8.45% | 12/11/2029 | 670 | 669 | 670 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HP RSS Buyer, Inc. General Purpose Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 8.45% | 12/11/2029 | 431 | 429 | 431 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HP RSS Buyer, Inc. Second Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 0.75% | 8.42% | 12/11/2029 | 402 | 398 | 401 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HP RSS Buyer, Inc. Special Purpose Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 8.45% | 12/11/2029 | 143 | 143 | 143 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JS Global, LLC Initial Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 1.00% | 9.15% | 7/31/2030 | 35 | 34 | 33 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JS Global, LLC Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.20% | 7/31/2030 | 290 | 285 | 284 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kelso Industries LLC 2026 Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 5.75% / 1.00% | 5.75% | 12/30/2029 | - | (109) | (114) | -0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kelso Industries LLC Initial Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.75% / 1.00% | 9.42% | 12/30/2029 | 2377 | 2355 | 2349 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kelso Industries LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.75% / 1.00% | 9.42% | 12/30/2029 | 1089 | 1082 | 1076 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kelso Industries LLC Initial Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 5.75% / 1.00% | 9.42% | 12/30/2029 | 3412 | 3386 | 3371 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kelso Industries LLC Initial Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 5.75% / 1.00% | 9.42% | 12/30/2029 | 4184 | 4153 | 4134 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LJ Avalon Holdings, LLC Amendment No. 3 Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.50% / 1.00% | 8.17% | 2/1/2030 | 8008 | 7940 | 7994 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LJ Avalon Holdings, LLC Amendment No. 4 Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.50% / 1.00% | 8.17% | 2/1/2030 | 1893 | 1855 | 1854 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LJ Avalon Holdings, LLC Revolving Credit | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 2/1/2029 | - | (13) | (3) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MechanAir LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 12/18/2031 | - | (24) | (31) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MechanAir LLC Revolving Loan | (3)(4)(5)(6)(7) | 6M SOFR + 6.00% / 1.00% | 9.60% | 12/18/2031 | 1045 | 1037 | 1034 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MechanAir LLC Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 6.00% / 1.00% | 9.63% | 12/18/2031 | 4017 | 3997 | 3992 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MechanAir LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.00% / 1.00% | 9.63% | 12/18/2031 | 5223 | 5199 | 5190 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael Baker International, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.50% / 0.75% | 8.20% | 12/1/2028 | 16363 | 15889 | 15872 | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKD Electric, LLC First Amendment Term Loan B | (3)(4)(5)(7) | 3M SOFR + 0.00% / 0.00% | 0.00% | 5/31/2029 | 4229 | 4145 | 4145 | 0.20% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)** 

**March 31, 2026** 

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKD Electric, LLC Revolving Loan | (3)(4)(5)(6)(7) | 1M SOFR + 6.50% / 1.25% | 10.17% | 5/31/2029 | 1218 | 1199 | 1218 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKD Electric, LLC Sea-Tac Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.50% / 1.25% | 10.17% | 5/31/2029 | 2574 | 2534 | 2531 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKD Electric, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.50% / 1.25% | 10.17% | 5/31/2029 | 4607 | 4545 | 4519 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKD Electric, LLC Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 6.50% / 1.25% | 10.17% | 5/31/2029 | 3366 | 3316 | 3301 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKD Electric, LLC Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 6.50% / 1.25% | 10.17% | 5/31/2029 | 3937 | 3867 | 3861 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOREgroup Holdings, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 8.95% | 1/16/2030 | 1152 | 1139 | 1133 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOREgroup Holdings, Inc. Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.25% / 1.00% | 8.95% | 1/16/2030 | 3258 | 3222 | 3205 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSR Opco LLC Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.50% | 9.16% | 3/15/2029 | 1059 | 1040 | 1049 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSR Opco LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.50% / 1.00% | 9.17% | 3/15/2029 | 1869 | 1854 | 1849 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSR Opco LLC Initial Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 5.50% / 1.00% | 9.17% | 3/15/2029 | 3357 | 3327 | 3321 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSR Opco LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 1.00% | 9.15% | 3/15/2029 | 951 | 927 | 950 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSR Opco LLC Third Amendment Incremental Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.50% / 1.50% | 9.18% | 3/15/2029 | 883 | 872 | 866 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pave America Holding, LLC Closing Date Term Loan | (4)(5)(7)(13) | 3M SOFR + 5.25% / 0.75% | 8.95% / 2.88% | 8/27/2032 | 9449 | 9372 | 9339 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pave America Holding, LLC Delayed Draw Term Loan | (4)(5)(6)(7) | 3M SOFR + 5.25% / 0.75% | 8.90% / 2.88% | 8/27/2032 | 960 | 931 | 955 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pave America Holding, LLC Revolving Credit Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 0.75% | 8.45% | 8/27/2032 | 861 | 838 | 832 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PGI Parent LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 1.00% | 8.70% | 12/31/2031 | 5265 | 5216 | 5207 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PGI Parent LLC Revolving Credit Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.00% / 1.00% | 10.75% | 12/31/2031 | 96 | 87 | 85 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PK Purchaser, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.67% | 9/19/2029 | 4722 | 4674 | 4406 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PK Purchaser, LLC Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.00% / 1.00% | 8.67% | 9/19/2029 | 3357 | 3330 | 3132 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PK Purchaser, LLC Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.00% / 1.00% | 8.67% | 9/19/2029 | 4233 | 4194 | 3949 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puris LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.75% / 1.00% | 9.42% | 6/30/2031 | 308 | 305 | 303 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puris LLC Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.75% / 1.00% | 9.42% | 6/30/2031 | 3357 | 3311 | 3300 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puris LLC Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.75% / 1.00% | 9.42% | 6/30/2031 | 3969 | 3915 | 3901 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RailPros Parent, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.25% / 0.75% | 7.91% | 5/24/2032 | 246 | 238 | 246 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RailPros Parent, LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.25% / 0.75% | 7.91% | 5/24/2032 | 2646 | 2622 | 2623 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RailPros Parent, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.38% / 0.75% | 0.38% | 5/24/2032 | - | (4) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ResiXperts Holdco, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.66% | 5/2/2030 | 757 | 716 | 706 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ResiXperts Holdco, LLC Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 8.66% | 5/2/2030 | 877 | 866 | 863 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ResiXperts Holdco, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.66% | 5/2/2030 | 330 | 326 | 325 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ResiXperts Holdco, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.63% | 5/2/2030 | 111 | 105 | 104 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RRA Corporate, LLC Delayed Draw Term Loan 2 | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 8.92% | 8/15/2029 | 43 | 43 | 39 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RRA Corporate, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 8.95% | 8/15/2029 | 9 | 8 | 5 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RRA Corporate, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 8.95% | 8/15/2029 | 3031 | 2998 | 2791 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SuperHero Fire Protection, LLC Eleventh Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.20% | 12/31/2029 | 2850 | 2801 | 2809 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SuperHero Fire Protection, LLC Eleventh Amendment Incremental Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.50% / 1.00% | 9.20% | 12/31/2029 | 3927 | 3884 | 3870 | 0.19% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)** 

**March 31, 2026**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SuperHero Fire Protection, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 1.00% | 9.36% | 12/31/2029 | 258 | 250 | 255 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Vertex Companies, Inc. Revolving Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.00% / 1.00% | 8.77% | 8/31/2027 | 1107 | 1095 | 1104 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USIC Holdings, Inc. Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.50% / 0.75% | 9.17% | 9/10/2031 | 10406 | 10361 | 10250 | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USIC Holdings, Inc. Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 0.75% | 9.17% | 9/10/2031 | 11336 | 11167 | 11166 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USIC Holdings, Inc. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 0.75% | 8.92% | 9/10/2031 | 2434 | 2406 | 2404 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USIC Holdings, Inc. Specified Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 0.75% | 9.17% | 9/10/2031 | 889 | 879 | 879 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC Delayed Draw Term Loan C | (3)(4)(5)(7) | 3M SOFR + 4.75% / 0.75% | 8.45% | 5/6/2031 | 1800 | 1779 | 1800 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC Delayed Draw Term Loan A | (3)(4)(5)(7) | 3M SOFR + 4.75% / 0.75% | 8.45% | 5/6/2031 | 503 | 497 | 503 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC Delayed Draw Term Loan D | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 0.75% | 8.41% | 5/6/2031 | 2497 | 2448 | 2490 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC Delayed Draw Term Loan E | (3)(4)(5)(7) | 3M SOFR + 4.75% / 1.00% | 8.42% | 5/6/2031 | 1995 | 1984 | 1992 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC Delayed Draw Term Loan F | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 5/6/2031 | - | (43) | (52) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 3.00% / 0.75% | 3.00% | 5/6/2030 | - | (8) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC Revolving Credit Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 0.75% | 8.42% | 5/6/2030 | 112 | 107 | 112 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.75% / 0.75% | 8.45% | 5/6/2031 | 1062 | 1050 | 1044 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 4.75% / 0.75% | 8.45% | 5/6/2031 | 3259 | 3220 | 3203 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Vertex Companies, Inc. Delayed Draw Term Loan B | (3)(4)(5)(7)(12) | 1M SOFR + 5.00% / 1.00% | 8.67% | 8/31/2028 | 4722 | 4683 | 4706 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Companies, Inc., Term Loan D | (3)(4)(5)(7)(12) | 1M SOFR + 5.00% / 1.00% | 8.68% | 8/31/2028 | 2869 | 2851 | 2841 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Companies, Inc., Term Loan D | (3)(4)(5)(7)(15) | 1M SOFR + 5.00% / 1.00% | 8.68% | 8/31/2028 | 3927 | 3895 | 3889 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Service Partners, LLC Delayed Draw Term Loan | (4)(5)(7) | 3M SOFR + 6.00% / 0.75% | 9.70% / 4.17% | 11/8/2030 | 323 | 323 | 322 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Service Partners, LLC Delayed Draw Term Loan | (4)(5)(7)(14) | 3M SOFR + 6.00% / 0.75% | 9.70% / 4.17% | 11/8/2030 | 3328 | 3328 | 3321 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Service Partners, LLC First Amendment Incremental Delayed Draw Term Loan | (4)(5)(6)(7) | 3M SOFR + 6.00% / 1.00% | 9.70% / 4.14% | 11/8/2030 | 876 | 852 | 863 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Service Partners, LLC Revolving Facility | (3)(4)(5)(6)(7) | 3M SOFR + 6.00% / 0.75% | 9.70% | 11/8/2030 | 312 | 311 | 311 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Service Partners, LLC Term Loan | (4)(5)(7) | 3M SOFR + 6.00% / 0.75% | 9.70% / 4.17% | 11/8/2030 | 1897 | 1881 | 1871 | 0.09% |
|  |  |  |  |  |  | $234693 | $232191 | 11.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Construction Materials** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skyrodema Bidco, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.00% / 0.75% | 0.00% | 3/9/2033 | $- | $(5) | $(5) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skyrodema Bidco, LLC Term B Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 8.42% | 3/9/2033 | 14782 | 14745 | 14745 | 0.71% |
|  |  |  |  |  |  | $14740 | $14740 | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Electronics** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lakewood Acquisition Corporation Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.50% / 1.00% | 9.17% | 1/24/2030 | $3441 | $3380 | $3369 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lakewood Acquisition Corporation Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.17% | 1/24/2030 | 2712 | 2672 | 2655 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lakewood Acquisition Corporation Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.50% / 1.00% | 9.17% | 1/24/2030 | 3927 | 3857 | 3844 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lakewood Acquisition Corporation Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 1/24/2030 | - | (40) | - | 0.00% |
|  |  |  |  |  |  | $9869 | $9868 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Finance** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLGF Holdco 2, LLC Loan | (3)(4)(5) | FIXED + 12.50% | 12.50% | 4/23/2030 | $6670 | $6587 | $6669 | 0.32% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)** 

**March 31, 2026**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Data Processing & Outsourced Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabel Systems Technology Solutions, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 11.75% | 10/31/2030 | $11 | $8 | $8 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabel Systems Technology Solutions, LLC Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.00% / 1.00% | 9.67% | 10/31/2030 | 2782 | 2754 | 2752 | 0.13% |
|  |  |  |  |  |  | $2762 | $2760 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Distributors** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPM Purchaser, Inc. Delayed Draw Term Loan B | (3)(4)(5)(6)(7) | 1M SOFR + 6.25% / 2.00% | 10.03% | 9/11/2028 | $784 | $765 | $779 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPM Purchaser, Inc. Delayed Draw Term Loan B | (3)(4)(5)(7) | 1M SOFR + 6.25% / 2.00% | 10.03% | 9/11/2028 | 540 | 532 | 538 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPM Purchaser, Inc. Effective Date Term Loan B | (3)(4)(5)(7) | 1M SOFR + 6.25% / 2.00% | 10.03% | 9/11/2028 | 570 | 552 | 561 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPM Purchaser, Inc. Effective Date Term Loan B | (3)(4)(5)(7)(14) | 1M SOFR + 6.25% / 2.00% | 10.03% | 9/11/2028 | 3244 | 3186 | 3198 | 0.15% |
|  |  |  |  |  |  | $5035 | $5076 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Capital Markets** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GC Waves Holdings, Inc. 2024 Delayed Draw Term Loan | (3)(4)(5)(7) | 1M SOFR + 4.50% / 0.75% | 8.17% | 10/4/2030 | $4955 | $4916 | $4955 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GC Waves Holdings, Inc. 2024 Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.50% / 0.75% | 8.17% | 10/4/2030 | 3198 | 3198 | 3198 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GC Waves Holdings, Inc. 2024 Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.50% / 0.75% | 8.17% | 10/4/2030 | 5091 | 5091 | 5091 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GC Waves Holdings, Inc. 2025 Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 1M SOFR + 4.50% / 0.75% | 8.17% | 10/4/2030 | 539 | 535 | 539 | 0.03% |
|  |  |  |  |  |  | $13740 | $13783 | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Chemicals** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V Global Holdings LLC Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 2.55% / 0.75% | 6.57% | 1/2/2029 | $4867 | $4855 | $4671 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opta Inc. 2024 Incremental Delayed Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.75% / 1.50% | 10.71% | 11/9/2028 | 1724 | 1682 | 1721 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opta Inc. Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 6.75% / 1.50% | 10.69% | 11/8/2028 | 3357 | 3334 | 3316 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opta Inc. Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 6.75% / 1.50% | 10.69% | 11/8/2028 | 3485 | 3454 | 3443 | 0.16% |
|  |  |  |  |  |  | $13325 | $13151 | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financial Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archer Lewis, LLC Delayed Draw Term Loan A | (3)(4)(5)(7)(13) | 3M SOFR + 5.75% / 1.00% | 9.45% | 8/28/2029 | $32 | $32 | $29 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archer Lewis, LLC Delayed Draw Term Loan B | (3)(4)(5)(6)(7) | 3M SOFR + 5.75% / 1.00% | 9.42% | 8/28/2029 | 12 | 12 | 9 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archer Lewis, LLC Initial Revolving Facility | (3)(4)(5)(7) | 3M SOFR + 5.75% / 1.00% | 9.45% | 8/28/2029 | 65 | 64 | 59 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archer Lewis, LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.75% / 1.00% | 9.45% | 8/28/2029 | 2265 | 2240 | 2054 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convera International Financial S.a r.l. Incremental Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.75% / 0.75% | 8.60% | 3/1/2030 | 2925 | 2882 | 2871 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convera International Financial S.a r.l. Incremental Term Loan 2024 | (3)(4)(5)(7) | 3M SOFR + 4.75% / 0.75% | 8.60% | 3/1/2030 | 400 | 395 | 394 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harris & Co. LLC Delayed Draw Term A Loan | (3)(4)(5)(7) | 1M SOFR + 5.00% / 1.00% | 8.67% | 8/9/2030 | 32 | 32 | 32 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harris & Co. LLC Delayed Draw Term B Loan | (3)(4)(5)(7) | 1M SOFR + 5.00% / 1.00% | 8.67% | 8/9/2030 | 31 | 31 | 31 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harris & Co. LLC Delayed Draw Term C Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.00% / 1.00% | 8.67% | 8/9/2030 | 8576 | 8485 | 8562 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harris & Co. LLC Initial Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 5.00% / 1.00% | 8.67% | 8/9/2030 | 3031 | 3004 | 2998 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harris & Co. LLC Revolving Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.00% / 1.00% | 8.67% | 8/9/2030 | 697 | 690 | 697 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lido Advisors, LLC Eighth Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 1.00% | 8.45% | 5/10/2032 | 172 | 170 | 172 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lido Advisors, LLC Eighth Amendment Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 1.00% | 8.40% | 5/10/2032 | 827 | 819 | 827 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lido Advisors, LLC Fourth Amendment Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.75% / 1.00% | 8.42% | 5/10/2032 | 1698 | 1664 | 1698 | 0.08% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)** 

**March 31, 2026**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lido Advisors, LLC Revolving Loan | (3)(4)(5)(6)(7) | 1M SOFR + 4.75% / 1.00% | 8.42% | 5/10/2032 | 101 | 99 | 101 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lido Advisors, LLC Seventh Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 1.00% | 8.42% | 5/10/2032 | 1995 | 1968 | 1995 | 0.10% |
|  |  |  |  |  |  | $22587 | $22529 | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Metals & Mining** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;George Holding, Inc. Closing Date Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 4.75% / 1.00% | 8.42% | 1/31/2031 | $7195 | $7142 | $7113 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Real Estate Activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monarch Collective Holdings, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.70% | 3/17/2032 | 12 | 2 | 2 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monarch Collective Holdings, LLC Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 8.68% | 3/17/2032 | 2933 | 2918 | 2918 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monarch Collective Holdings, LLC Revolving Credit | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.70% | 3/17/2032 | 78 | 76 | 76 | 0.00% |
|  |  |  |  |  |  | $2996 | $2996 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Support Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accent Building Materials Holdings LLC Term B Delayed Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 6.50% / 1.00% | 9.99% | 8/6/2029 | $900 | $863 | $900 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accent Building Materials Holdings LLC Term Loan B | (3)(4)(5)(7) | 3M SOFR + 6.25% / 1.00% | 9.92% | 8/6/2029 | 629 | 589 | 618 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accent Building Materials Holdings LLC Term Loan B | (3)(4)(5)(7)(14) | 3M SOFR + 6.25% / 1.00% | 9.92% | 8/6/2029 | 3300 | 3226 | 3243 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIDC IntermediateCo. 2, LLC Initial Term Loan (Peak Technologies) | (3)(4)(5)(7) | 1M SOFR + 5.25% / 1.00% | 8.92% | 7/22/2027 | 2834 | 2832 | 2826 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIDC IntermediateCo. 2, LLC Initial Term Loan (Peak Technologies) | (3)(4)(5)(7)(14) | 1M SOFR + 5.25% / 1.00% | 8.92% | 7/22/2027 | 3258 | 3258 | 3248 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMG HoldCo, LLC Delayed Draw Loan (Crete Mechanical Group) | (3)(4)(5)(6)(7) | 6M SOFR + 4.75% / 1.00% | 8.45% | 11/19/2030 | 665 | 652 | 663 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESCP DTFS INC. Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.20% | 9/28/2029 | 2186 | 2176 | 2168 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESCP DTFS INC. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.20% | 9/28/2029 | 2898 | 2868 | 2873 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESCP DTFS INC. Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.50% / 1.00% | 9.20% | 9/28/2029 | 3259 | 3240 | 3231 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESCP DTFS INC. Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.50% / 1.00% | 9.20% | 9/28/2029 | 3970 | 3946 | 3936 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FLS Holding, Inc. Term B Loan (FLS Transportation Services) | (3)(4)(5)(7) | 3M SOFR + 5.25% / 1.00% | 9.10% | 12/15/2028 | 4874 | 4839 | 4402 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrated Power Services Holdings, Inc. Initial Revolving Loan (First Lien) | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 11/22/2030 | - | (3) | (7) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrated Power Services Holdings, Inc. Tenth Amendment Incremental Delayed Draw Term Loan (First Lien) | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 11/22/2031 | - | (7) | (8) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrated Power Services Holdings, Inc. Tenth Amendment Incremental Term Loan (First Lien) | (3)(4)(5)(7) | 1M SOFR + 4.75% / 0.75% | 8.53% | 11/22/2031 | 75 | 75 | 75 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrated Power Services Holdings, Inc. Tenth Amendment Incremental Term Loan (First Lien) | (3)(4)(5)(7)(12) | 1M SOFR + 4.75% / 0.75% | 8.53% | 11/22/2031 | 5935 | 5923 | 5920 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrated Power Services Holdings, Inc. Term Loan | (3)(4)(5)(7) | 1M SOFR + 4.75% / 1.00% | 8.53% | 11/22/2028 | 6156 | 6139 | 6124 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrated Power Services Holdings, Inc. Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.75% / 1.00% | 8.53% | 11/22/2028 | 6156 | 6139 | 6124 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keg Logistics LLC Initial Term Loan | (4)(5)(7)(12) | 3M SOFR + 6.75% / 1.00% | 10.58% / 0.50% | 11/23/2027 | 427 | 425 | 422 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keg Logistics LLC Initial Term Loan | (4)(5)(7)(15) | 3M SOFR + 6.75% / 1.00% | 10.58% / 0.50% | 11/23/2027 | 4022 | 4011 | 3975 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moonlight Parent, Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.00% / 0.75% | 0.00% | 9/9/2032 | - | (24) | (5) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moonlight Parent, Inc. Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.75% / 0.75% | 8.42% | 9/9/2032 | 6437 | 6379 | 6361 | 0.30% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)** 

**March 31, 2026**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moonlight Parent, Inc. Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 4.75% / 0.75% | 8.42% | 9/9/2032 | 3292 | 3262 | 3253 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moonlight Parent, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 9/9/2032 | - | (15) | (3) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrimeFlight Acquisition, LLC Amendment No. 5 Additional Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 8.92% | 5/1/2029 | 1280 | 1276 | 1250 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrimeFlight Acquisition, LLC Amendment No. 7 Additional Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 8.92% | 5/1/2029 | 540 | 536 | 528 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrimeFlight Acquisition, LLC Amendment No. 7 Additional Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.25% / 1.00% | 8.92% | 5/1/2029 | 575 | 570 | 562 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrimeFlight Acquisition, LLC Amendment No. 8 Additional Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.00% | 8.41% | 5/1/2029 | 746 | 740 | 738 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrimeFlight Acquisition, LLC Amendment No. 9 Additional Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 1.00% | 8.41% | 5/1/2029 | 3068 | 3053 | 3053 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrimeFlight Acquisition, LLC Amendment No.4 Additional Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.25% / 1.00% | 8.95% | 5/1/2029 | 628 | 625 | 621 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primeflight Acquisition, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.50% / 1.00% | 9.16% | 5/1/2029 | 3258 | 3238 | 3189 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primeflight Acquisition, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.50% / 1.00% | 9.16% | 5/1/2029 | 3559 | 3532 | 3484 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SV Newco 2, Inc. 2025 Incremental Delayed Draw Term Loan | (3)(5)(6)(7)(24)(25) | 3M SOFR + 4.75% / 0.75% | 8.45% | 6/2/2031 | 1631 | 1595 | 1617 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SV Newco 2, Inc. 2025 Incremental Term Loan | (3)(5)(7)(12)(24)(25) | 3M SOFR + 4.75% / 0.75% | 8.45% | 6/2/2031 | 2586 | 2575 | 2569 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SV Newco 2, Inc. Delayed Draw Term Loan | (3)(5)(7)(12)(24)(25) | 3M SOFR + 3.75% / 0.75% | 10.50% | 6/2/2031 | 1039 | 1034 | 1034 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SV Newco 2, Inc. Initial Term Loan | (3)(5)(7)(12)(24)(25) | 3M SOFR + 4.75% / 0.75% | 8.45% | 6/2/2031 | 1651 | 1644 | 1640 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SV Newco 2, Inc. Revolving Credit Loan | (3)(5)(6)(7)(24)(25) | 3M SOFR + 4.25% / 0.75% | 4.25% | 6/2/2031 | 67 | 64 | 65 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TL Voltron Purchaser, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.25% / 1.00% | 8.92% | 12/31/2030 | 7354 | 7238 | 7177 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TL Voltron Purchaser, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 5.25% / 1.00% | 8.92% | 12/31/2030 | 3209 | 3160 | 3132 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TL Voltron Purchaser, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 5.25% / 1.00% | 8.92% | 12/31/2030 | 4247 | 4174 | 4144 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRAK Purchaser, Inc. Amendment No.1 Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.17% | 6/20/2031 | 3627 | 3576 | 3585 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRAK Purchaser, Inc. Amendment No.1 Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.50% / 1.00% | 9.17% | 6/20/2031 | 3627 | 3593 | 3585 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visu-Sewer, LLC Initial Term Loan | (3)(4)(5)(7)(11) | 6M SOFR + 5.75% / 1.00% | 9.33% | 11/8/2029 | 4888 | 4843 | 4800 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W. A. Kendall And Company, LLC Incremental Term Loan | (3)(4)(5)(7)(11) | 6M SOFR + 5.75% / 1.00% | 9.77% | 4/22/2030 | 2939 | 2909 | 2854 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W.A. Kendall and Company, LLC Initial Term Loan | (3)(4)(5)(7)(11) | 6M SOFR + 5.88% / 1.00% | 9.90% | 4/22/2030 | 4830 | 4802 | 4795 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W.A. Kendall and Company, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.88% / 1.00% | 10.14% | 4/22/2030 | 345 | 341 | 340 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W.A. Kendall and Company, LLC Seventh Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.75% / 1.00% | 9.71% | 4/22/2030 | 664 | 636 | 664 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W.A. Kendall and Company, LLC Seventh Amendment Incremental Term Loan | (3)(4)(5)(7)(13) | 6M SOFR + 5.75% / 1.00% | 9.81% | 4/22/2030 | 2290 | 2269 | 2267 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W.A. Kendall and Company, LLC Specified DDTL | (3)(4)(5)(7)(13) | 6M SOFR + 5.75% / 1.00% | 9.81% | 4/22/2030 | 140 | 140 | 140 | 0.01% |
|  |  |  |  |  |  | $118956 | $118172 | 5.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Drug Retail** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puma Buyer, LLC First Amendment Additional Term Loan (First Lien) | (3)(4)(5)(7)(12) | 3M SOFR + 4.25% / 0.50% | 7.95% | 3/29/2032 | $3255 | $3239 | $3253 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puma Buyer, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.25% / 0.50% | 7.95% | 3/29/2032 | 13760 | 13665 | 13760 | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puma Buyer, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.38% / 0.50% | 0.38% | 3/29/2032 | - | (18) | - | 0.00% |
|  |  |  |  |  |  | $16886 | $17013 | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Education Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cambium Learning Group, Inc. Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 0.75% | 9.27% | 7/20/2028 | $5837 | $5805 | $5778 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Med Learning Group, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 12/30/2027 | - | (9) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Med Learning Group, LLC Fifth Amendment Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.75% / 1.00% | 9.45% | 12/30/2027 | 5375 | 5333 | 5329 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Med Learning Group, LLC Fifth Amendment Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.75% / 1.00% | 9.45% | 12/30/2027 | 5375 | 5333 | 5329 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REP TEC Intermediate Holdings, Inc Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 1.00% | 8.45% | 5/30/2031 | 8662 | 8624 | 8610 | 0.41% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)** 

**March 31, 2026**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REP TEC Intermediate Holdings, Inc Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 1.00% | 8.45% | 5/30/2031 | 8662 | 8624 | 8610 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REP TEC Intermediate Holdings, Inc Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 5/30/2031 | - | (12) | (16) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salisbury House, LLC Closing Date Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 0.00% | 8.48% | 8/18/2032 | 6110 | 6084 | 6070 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salisbury House, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.00% | 1.00% | 8/18/2032 | - | (6) | (2) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salisbury House, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.00% | 0.50% | 8/18/2032 | - | (4) | (5) | 0.00% |
|  |  |  |  |  |  | $39772 | $39702 | 1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electrical Components & Equipment** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMP Purchaser, LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 0.00% / 0.00% | 0.00% | 4/1/2033 | $15154 | $15078 | $15078 | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMP Purchaser, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.00% | 0.50% | 4/1/2033 | - | (10) | (10) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C3 AcquisitionCo, LLC Delayed Draw Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.75% / 1.50% | 9.42% | 11/26/2030 | 2410 | 2366 | 2410 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C3 AcquisitionCo, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 5.75% / 1.50% | 9.42% | 11/26/2030 | 3441 | 3400 | 3401 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C3 AcquisitionCo, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.75% / 1.50% | 9.42% | 11/26/2030 | 323 | 319 | 319 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C3 AcquisitionCo, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 5.75% / 1.50% | 9.42% | 11/26/2030 | 4005 | 3958 | 3958 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C3 AcquisitionCo, LLC Revolving Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.75% / 1.50% | 9.42% | 11/26/2030 | 545 | 536 | 545 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Force Electrical Buyerco, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.50% / 0.75% | 8.15% | 10/21/2032 | 398 | 349 | 388 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Force Electrical Buyerco, LLC Revolving Credit Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.50% / 0.75% | 8.21% | 10/21/2032 | 419 | 409 | 417 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Force Electrical Buyerco, LLC Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.50% / 0.75% | 8.17% | 10/21/2032 | 3073 | 3045 | 3036 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventus Power, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 6/30/2026 | - | (2) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventus Power, Inc. Term Loan | (3)(4)(5)(7) | 1M SOFR + 7.50% / 1.00% | 11.28% | 6/30/2026 | 3057 | 3047 | 3048 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MoboTrex, LLC Amendment No. 4 Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.70% | 6/6/2031 | 687 | 673 | 649 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MoboTrex, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.70% | 6/7/2030 | 119 | 111 | 111 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MoboTrex, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.70% | 6/7/2030 | 6222 | 6179 | 6164 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Lighting Group, LLC Closing Date Initial Term Loan | (3)(4)(5)(7) | 6M SOFR + 5.25% / 1.00% | 8.95% | 11/4/2030 | 4316 | 4284 | 4264 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Lighting Group, LLC Closing Date Initial Term Loan | (3)(4)(5)(7)(14) | 6M SOFR + 5.25% / 1.00% | 8.95% | 11/4/2030 | 3064 | 3040 | 3026 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Lighting Group, LLC Closing Date Initial Term Loan | (3)(4)(5)(7)(15) | 6M SOFR + 5.25% / 1.00% | 8.95% | 11/4/2030 | 4091 | 4054 | 4042 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Lighting Group, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 11/4/2030 | - | (13) | (3) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Buyer, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 10/15/2031 | - | (15) | (180) | -0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Buyer, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 0.75% | 8.90% | 10/15/2031 | 1389 | 1372 | 1277 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Buyer, LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.25% / 0.75% | 8.90% | 10/15/2031 | 1524 | 1503 | 1402 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Buyer, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.25% / 0.75% | 8.90% | 10/15/2031 | 3259 | 3219 | 2997 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Buyer, LLC Revolving Credit Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 0.75% | 8.89% | 10/15/2031 | 563 | 548 | 471 | 0.02% |
|  |  |  |  |  |  | $57450 | $56810 | 2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment & Instruments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, LLC First Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.00% | 8.45% | 7/21/2027 | $540 | $540 | $540 | 0.03% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)** 

**March 31, 2026**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, LLC Fourth Amendment Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.75% / 0.75% | 8.45% | 7/20/2029 | 1570 | 1559 | 1556 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, LLC Fourth Amendment Incremental Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.75% / 0.75% | 8.45% | 7/20/2029 | 7443 | 7385 | 7375 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, LLC Fourth Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 8.45% | 7/20/2029 | 4607 | 4583 | 4564 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.00% | 8.45% | 7/21/2027 | 3217 | 3217 | 3217 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 0.75% | 8.45% | 7/20/2029 | 1023 | 1011 | 1006 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, LLC Third Amendment Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.75% / 0.00% | 8.45% | 7/20/2029 | 1704 | 1704 | 1704 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, LLC Third Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.00% | 8.45% | 7/20/2029 | 1454 | 1454 | 1454 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payscape Buyer, Inc. (NXGEN) Initial Term Loan | (3)(4)(5)(7)(11) | 1M SOFR + 4.75% / 1.00% | 8.42% | 10/31/2027 | 3585 | 3562 | 3556 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payscape Buyer, Inc. Eleventh Amendment Incremental Term Loan | (3)(4)(5)(7)(11) | 1M SOFR + 4.75% / 1.00% | 8.42% | 11/1/2027 | 6338 | 6297 | 6286 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REE Holdings III Corp. Term Loan (Rees Scientific Corporation) | (3)(4)(5)(7)(11) | 3M SOFR + 5.00% / 1.00% | 8.67% | 11/4/2028 | 4671 | 4635 | 4671 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SRP Eagle Buyer Inc Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.00% / 1.50% | 0.00% | 12/8/2031 | - | (61) | (77) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SRP Eagle Buyer Inc Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.50% | 8.70% | 12/8/2031 | 10940 | 10837 | 10810 | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SRP Eagle Buyer Inc Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.50% | 0.50% | 12/8/2031 | - | (24) | (31) | 0.00% |
|  |  |  |  |  |  | $46699 | $46631 | 2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Manufacturing Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEP Passion Intermediate Holdings, Inc. 2023 Incremental Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 6.50% / 1.00% | 10.32% | 10/5/2027 | $160 | $160 | $155 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEP Passion Intermediate Holdings, Inc. 2023 Incremental Term A Loan | (4)(5)(7)(12) | 3M SOFR + 6.50% / 1.00% | 10.32% / 4.75% | 10/5/2027 | 2684 | 2670 | 2580 | 0.12% |
|  |  |  |  |  |  | $2830 | $2735 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Environmental & Facilities Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptive Environmental, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 10/15/2032 | $- | $(7) | $(1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptive Environmental, LLC Initial Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 10/15/2032 | - | (14) | (2) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptive Environmental, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.75% / 0.75% | 8.42% | 10/15/2032 | 8337 | 8258 | 8241 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptive Environmental, LLC Initial Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 4.75% / 0.75% | 8.42% | 10/15/2032 | 8337 | 8258 | 8241 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlantic Pipe Services, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 12/1/2031 | - | (31) | (37) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlantic Pipe Services, LLC Initial Term Loan | (3)(4)(5)(7)(13) | 6M SOFR + 4.50% / 1.00% | 8.20% | 12/1/2031 | 4617 | 4560 | 4551 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVW WV Buyer, Inc. Fourth Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.75% / 1.00% | 9.45% | 3/17/2027 | 394 | 394 | 394 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVW WV Buyer, Inc. Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.75% / 1.00% | 9.45% | 3/17/2027 | 3357 | 3338 | 3355 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVW WV Buyer, Inc. Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.75% / 1.00% | 9.45% | 3/17/2027 | 3953 | 3953 | 3951 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke's Root Control, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.47% | 12/10/2029 | 2199 | 2196 | 2173 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke's Root Control, Inc. Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.50% / 1.00% | 9.47% | 12/10/2029 | 2199 | 2190 | 2173 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke's Root Control, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 12/8/2028 | - | (3) | (5) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke's Root Control, Inc. Second Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.31% | 12/10/2029 | 763 | 759 | 755 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke's Root Control, Inc. Second Amendment Incremental Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.50% / 1.00% | 9.31% | 12/10/2029 | 763 | 759 | 755 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEF Safety Ultimate Holdings, LLC Delayed Draw Term Loan | (3)(4)(5)(7) | 6M SOFR + 5.25% / 1.00% | 8.85% | 11/19/2029 | 623 | 608 | 623 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEF Safety Ultimate Holdings, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 8.85% | 11/19/2029 | 2547 | 2513 | 2497 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rotolo Consultants, Inc. Closing Date Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.75% / 1.00% | 9.43% | 12/20/2026 | 3105 | 3082 | 3001 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rotolo Consultants, Inc. Delayed Draw Term Loan (2025) | (3)(4)(5)(7) | 1M SOFR + 5.75% / 1.00% | 9.45% | 1/31/2031 | 488 | 487 | 484 | 0.02% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)** 

**March 31, 2026**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vortex Companies, LLC Amendment No. 4 Incremental Delay Draw Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 5.00% / 1.00% | 8.67% | 9/4/2029 | 4946 | 4946 | 4941 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vortex Companies, LLC Amendment No. 4 Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.00% / 1.00% | 8.67% | 9/4/2029 | 2222 | 2210 | 2203 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vortex Companies, LLC Amendment No. 6 Incremental Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.00% / 1.00% | 10.75% | 9/4/2029 | 2213 | 2199 | 2196 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vortex Companies, LLC Amendment No.2 Incremental Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.00% / 1.00% | 8.67% | 9/4/2029 | 2990 | 2966 | 2954 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vortex Companies, LLC Delayed Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.00% / 1.00% | 10.75% | 5/7/2032 | 785 | 780 | 785 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vortex Companies, LLC Incremental Delayed Draw Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.00% / 1.00% | 8.67% | 9/4/2029 | 2895 | 2872 | 2893 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vortex Companies, LLC Revolving Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.00% / 1.00% | 8.67% | 9/4/2029 | 331 | 327 | 330 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vortex Companies, LLC Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.00% / 1.00% | 8.67% | 5/7/2032 | 1299 | 1291 | 1293 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VTC Buyer Corp. Advance | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 8.90% | 7/15/2031 | 655 | 643 | 653 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VTC Buyer Corp. Designated Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.25% / 1.00% | 8.92% | 7/15/2031 | 3134 | 3114 | 3131 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VTC Buyer Corp. Future Expansion Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 8.92% | 7/15/2031 | 834 | 819 | 832 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VTC Buyer Corp. Term A Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 8.92% | 7/15/2031 | 3029 | 3009 | 3004 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VTC Buyer Corp. Term A Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.25% / 1.00% | 8.92% | 7/15/2031 | 3029 | 3010 | 3004 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wasteology Group Transportation, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 11/3/2032 | - | (32) | (38) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wasteology Group Transportation, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.38% / 0.75% | 0.38% | 11/3/2032 | - | (10) | (12) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wasteology Group Transportation, LLC Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.75% / 0.75% | 8.41% | 11/3/2032 | 2883 | 2855 | 2850 | 0.14% |
|  |  |  |  |  |  | $72299 | $72168 | 3.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Exchanges & Data** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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) | $(10) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wharf Street Ratings Acquisition LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.75% / 0.75% | 8.42% | 9/16/2032 | 7324 | 7291 | 7279 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wharf Street Ratings Acquisition LLC Initial Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 4.75% / 0.75% | 8.42% | 9/16/2032 | 7324 | 7291 | 7279 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wharf Street Ratings Acquisition LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 9/16/2032 | - | (8) | (2) | 0.00% |
|  |  |  |  |  |  | $14566 | $14546 | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food Distributors** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costanzo's Bakery, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.20% | 6/18/2027 | $501 | $498 | $501 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costanzo's Bakery, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.20% | 6/18/2027 | 2924 | 2910 | 2911 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMF Parent, Inc.Delayed Draw Term Loan A 12/25 | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 12/20/2032 | - | (14) | (15) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMF Parent, Inc.Delayed Draw Term Loan B 12/25 | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 12/20/2032 | - | (13) | (14) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMF Parent, Inc. Term A Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.50% / 0.75% | 8.19% | 12/20/2032 | 5130 | 5081 | 5076 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMF Parent, Inc.Revolver 12/25 | (3)(4)(5)(6)(7) | 3M SOFR + 4.50% / 0.75% | 8.19% | 12/20/2032 | 29 | 21 | 21 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heritage Foodservice Investment, LLC First Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 1.00% | 9.27% | 8/1/2030 | 395 | 371 | 395 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heritage Foodservice Investment, LLC First Amendment Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.26% | 8/1/2030 | 1261 | 1246 | 1252 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heritage Foodservice Investment, LLC First Amendment Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.50% / 1.00% | 9.26% | 8/1/2030 | 3357 | 3325 | 3334 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heritage Foodservice Investment, LLC Revolving Credit Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 1.00% | 9.27% | 8/1/2030 | 181 | 175 | 181 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recipe Acquisition Corp. Delayed Draw Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.70% | 7/31/2031 | 309 | 308 | 306 | 0.01% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)** 

**March 31, 2026** 

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recipe Acquisition Corp. Revolving Credit | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.70% | 7/31/2031 | 348 | 344 | 347 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recipe Acquisition Corp. Term Loan (First Lien) | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 1.00% | 8.70% | 7/31/2031 | 320 | 319 | 320 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recipe Acquisition Corp. Term Loan (First Lien) | (3)(4)(5)(7)(14) | 3M SOFR + 5.00% / 1.00% | 8.70% | 7/31/2031 | 3357 | 3345 | 3357 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recipe Acquisition Corp. Term Loan (First Lien) | (3)(4)(5)(7)(15) | 3M SOFR + 5.00% / 1.00% | 8.70% | 7/31/2031 | 3963 | 3931 | 3963 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rushmore Investment III LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.67% | 10/18/2030 | 8331 | 8202 | 8275 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rushmore Investment III LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 1.00% | 8.67% | 10/18/2030 | 3940 | 3905 | 3913 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunset Distributing, LLC Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.75% / 1.00% | 9.45% | 5/30/2030 | 1308 | 1274 | 1308 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunset Distributing, LLC Term Loan A | (3)(4)(5)(7)(12) | 3M SOFR + 5.75% / 1.00% | 9.45% | 5/30/2030 | 3412 | 3354 | 3362 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunset Distributing, LLC Term Loan A | (3)(4)(5)(7)(13) | 3M SOFR + 5.75% / 1.00% | 9.45% | 5/30/2030 | 3412 | 3352 | 3362 | 0.16% |
|  |  |  |  |  |  | $41934 | $42155 | 2.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Forest Products** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TMSC OpCo, LLC Revolving Loan | (3)(4)(5)(6)(7)(12) | 1M SOFR + 6.25% / 1.00% | 9.92% | 4/30/2026 | $197 | $196 | $197 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TMSC OpCo, LLC Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.25% / 1.00% | 9.92% | 5/1/2028 | 1781 | 1765 | 1779 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TMSC OpCo, LLC Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 6.25% / 1.00% | 9.92% | 5/1/2028 | 3599 | 3599 | 3595 | 0.17% |
|  |  |  |  |  |  | $5560 | $5571 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Distributors** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP Global Holdings, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 8.92% | 7/31/2029 | $1514 | $1501 | $1507 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP Global Holdings, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 8.92% | 7/31/2029 | 1864 | 1852 | 1830 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP Global Holdings, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.25% / 1.00% | 8.92% | 7/31/2029 | 3259 | 3238 | 3199 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP Global Holdings, LLC Revolving Loan | (3)(4)(5)(7) | 3M SOFR + 5.25% / 1.00% | 8.92% | 7/31/2029 | 646 | 642 | 644 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEC Purchaser Corp. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 6/17/2029 | - | (9) | (12) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEC Purchaser Corp. Term Loan A | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.70% | 6/17/2029 | 939 | 930 | 924 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEC Purchaser Corp. Term Loan A | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 1.00% | 8.70% | 6/17/2029 | 8417 | 8360 | 8288 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEC Purchaser Corp. Term Loan A | (3)(4)(5)(7)(14) | 3M SOFR + 5.00% / 1.00% | 8.70% | 6/17/2029 | 3144 | 3139 | 3096 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEC Purchaser Corp. Term Loan A | (3)(4)(5)(7)(15) | 3M SOFR + 5.00% / 1.00% | 8.70% | 6/17/2029 | 3905 | 3900 | 3845 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDC Infusion Services, Inc. Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 5.00% / 1.00% | 8.70% | 7/7/2028 | 5925 | 5850 | 5883 | 0.28% |
|  |  |  |  |  |  | $29403 | $29204 | 1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | $- | $(9) | $(3) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Oak Buyer, Inc. 2025 Refinancing Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 1.00% | 8.35% | 5/16/2031 | 3498 | 3482 | 3473 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Oak Buyer, Inc. 2025 Refinancing Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 1.00% | 8.35% | 5/16/2031 | 1985 | 1976 | 1971 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Oak Buyer, Inc. 2025 Refinancing Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 4.75% / 1.00% | 8.35% | 5/16/2031 | 3970 | 3953 | 3942 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Oak Buyer, Inc. 2025-1 Incremental Delayed Draw Term Loan | (3)(4)(5)(7) | 6M SOFR + 4.75% / 1.00% | 8.53% | 5/16/2031 | 2262 | 2247 | 2258 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Oak Buyer, Inc. 2025-2 Incremental Delayed Draw Term Loan | (3)(4)(5)(7) | 6M SOFR + 4.75% / 1.00% | 8.53% | 5/16/2031 | 2263 | 2248 | 2259 | 0.11% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)** 

**March 31, 2026**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Oak Buyer, Inc. Sixth Amendment Term Loan | (3)(4)(5)(7)(13) | 6M SOFR + 4.75% / 1.00% | 8.38% | 5/16/2031 | 6900 | 6867 | 6866 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artivion, Inc. Closing Date Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.75% / 2.00% | 8.41% | 1/20/2031 | 1059 | 1056 | 1059 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artivion, Inc. Second Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 2.00% | 1.00% | 1/21/2031 | - | (11) | (14) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blades Buyer, Inc. Term A Loan | (3)(4)(5)(7)(11) | 1M SOFR + 4.75% / 1.00% | 8.42% | 3/28/2028 | 4861 | 4856 | 4861 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Science Intermediate Holdings, LLC Delayed Draw Dollar Term Loan D | (3)(4)(5)(7) | 1M SOFR + 6.00% / 1.00% | 9.77% | 6/10/2027 | 1616 | 1616 | 1615 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Science Intermediate Holdings, LLC Delayed Draw Dollar Term Loan D | (3)(4)(5)(7)(14) | 1M SOFR + 6.00% / 1.00% | 9.77% | 6/10/2027 | 3258 | 3258 | 3256 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Science Intermediate Holdings, LLC Delayed Draw Dollar Term Loan F | (3)(4)(5)(6)(7) | 1M SOFR + 6.00% / 1.00% | 9.77% | 6/10/2027 | 3861 | 3811 | 3861 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Science Intermediate Holdings, LLC Revolving Dollar Loan (2025) | (3)(4)(5)(6)(7) | 3M SOFR + 6.00% / 1.00% | 9.77% | 6/10/2027 | 416 | 405 | 415 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Device Inc. Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 8.70% | 7/11/2029 | 1469 | 1450 | 1448 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Device Inc. Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.00% / 1.00% | 8.70% | 7/11/2029 | 3259 | 3204 | 3212 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Device Inc. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.00% / 1.00% | 10.75% | 7/11/2029 | 607 | 607 | 593 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Device Inc. Second Amendment Incremental Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 8.80% | 7/11/2029 | 1452 | 1438 | 1433 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Device Inc. Third Amendment Incremental Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.00% | 0.50% | 7/11/2029 | - | (6) | (7) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Device Inc. Third Amendment Incremental Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 8.68% | 7/11/2029 | 244 | 242 | 241 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Device Inc. Third Amendment Incremental Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 8.68% | 7/11/2029 | 1322 | 1307 | 1304 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par Excellence Holdings, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 9/3/2030 | - | (1) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par Excellence Holdings, Inc. Term B-1 Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.67% | 9/3/2030 | 7413 | 7321 | 7290 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par Excellence Holdings, Inc. Term B-1 Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.00% / 1.00% | 8.67% | 9/3/2030 | 3970 | 3918 | 3904 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | - | (2) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pediatric Home Respiratory Services, LLC Term Loan | (3)(4)(5)(7) | 6M SOFR + 5.50% / 1.00% | 9.10% | 12/23/2030 | 2140 | 2135 | 2108 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pediatric Home Respiratory Services, LLC Term Loan | (3)(4)(5)(7)(12) | 6M SOFR + 5.50% / 1.00% | 9.10% | 12/23/2030 | 2744 | 2737 | 2703 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pediatric Home Respiratory Services, LLC Term Loan | (3)(4)(5)(7)(14) | 6M SOFR + 5.50% / 1.00% | 9.10% | 12/23/2030 | 3366 | 3321 | 3316 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pediatric Home Respiratory Services, LLC Term Loan | (3)(4)(5)(7)(15) | 6M SOFR + 5.50% / 1.00% | 9.10% | 12/23/2030 | 3970 | 3916 | 3910 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pediatric Home Respiratory Services, LLC Revolving Credit | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 1.00% | 9.19% | 12/23/2030 | 268 | 266 | 268 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pediatric Home Respiratory Services, LLC Second Amendment Incremental Term Loan | (3)(4)(5)(7)(13) | 6M SOFR + 5.50% / 0.75% | 9.10% | 12/23/2030 | 3881 | 3871 | 3870 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spruce Bidco II Inc. Initial U.S. Dollar Term Loan | (3)(4)(5)(7)(13) | 6M SOFR + 4.75% / 0.75% | 8.45% | 2/2/2032 | 14485 | 14283 | 14241 | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSP WILDCAT MERGER SUB, INC_Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.67% | 9/3/2030 | 1638 | 1621 | 1615 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SunMed Group Holdings, LLC Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 0.75% | 9.27% | 6/16/2028 | 1603 | 1584 | 1572 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SunMed Group Holdings, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.50% / 0.75% | 9.27% | 6/16/2028 | 3257 | 3205 | 3195 | 0.15% |
|  |  |  |  |  |  | $92172 | $92035 | 4.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Facilities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAH Topco, LLC Class C Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.00% / 0.75% | 8.77% | 12/22/2027 | $2692 | $2664 | $2659 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Family Care, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 2/28/2029 | - | (5) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Family Care, LLC Second Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 2/28/2029 | - | (16) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Family Care, LLC Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 1.00% | 8.45% | 2/28/2029 | 4805 | 4785 | 4781 | 0.23% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)** 

**March 31, 2026** 

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue River Petcare Group, LLC 2026 Additional Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 5.00% / 0.00% | 8.67% | 8/1/2029 | 1279 | 1279 | 1279 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue River Petcare Group, LLC 2026 Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 6M SOFR + 1.00% / 0.00% | 1.00% | 8/1/2029 | - | (46) | (49) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue River Petcare Group, LLC Revolving Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.00% / 0.00% | 8.67% | 8/1/2029 | 179 | 170 | 170 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol Hospice, L.L.C. Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.00% / 0.75% | 8.67% | 8/26/2032 | 7285 | 7253 | 7243 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol Hospice, L.L.C. Initial Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 5.00% / 0.75% | 8.67% | 8/26/2032 | 7285 | 7253 | 7243 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | - | (6) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitol Imaging Acquisition Corp. Closing Date Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 8.65% | 1/3/2030 | 6343 | 6295 | 6329 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitol Imaging Acquisition Corp. Closing Date Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.65% | 1/3/2030 | 2338 | 2320 | 2333 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitol Imaging Acquisition Corp. Closing Date Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.00% / 1.00% | 8.65% | 1/3/2030 | 4005 | 3993 | 3996 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitol Imaging Acquisition Corp. Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.67% | 1/3/2030 | 1806 | 1790 | 1806 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitol Imaging Acquisition Corp. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.66% | 1/3/2030 | 441 | 435 | 441 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community Care Partners, LLC Closing Date Term Loan | (3)(4)(5)(7) | 1M SOFR + 6.00% / 1.00% | 9.78% | 6/10/2026 | 1947 | 1946 | 1943 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | - | (28) | (6) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH Healthcare Purchaser, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 9/17/2031 | - | (11) | (2) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH Healthcare Purchaser, Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 8.95% | 9/17/2031 | 6793 | 6731 | 6712 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH Healthcare Purchaser, Inc. Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.25% / 1.00% | 8.95% | 9/17/2031 | 6793 | 6731 | 6712 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discovery SL Management, LLC Closing Date Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.75% / 1.00% | 8.42% | 3/18/2030 | 1715 | 1706 | 1696 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discovery SL Management, LLC Delayed Draw Term Loan A | (3)(4)(5)(7)(12) | 1M SOFR + 4.75% / 1.00% | 8.42% | 3/18/2030 | 287 | 287 | 287 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discovery SL Management, LLC Delayed Draw Term Loan B | (3)(4)(5)(6)(7) | 1M SOFR + 4.75% / 1.00% | 8.41% | 3/18/2030 | 942 | 935 | 942 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discovery SL Management, LLC Delayed Draw Term Loan C | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 3/18/2030 | - | (8) | (7) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPC Pain Acquisition, LLC Delayed Draw Tem Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.50% / 1.00% | 9.17% | 5/19/2027 | 2640 | 2627 | 2640 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPC Pain Acquisition, LLC Third Amendment Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.50% / 1.00% | 9.17% | 5/19/2027 | 583 | 583 | 583 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Mgmt Company, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.75% / 0.75% | 9.52% | 7/3/2028 | 782 | 784 | 782 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Mgmt Company, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.75% / 0.75% | 9.50% | 7/3/2028 | 1541 | 1529 | 1528 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Mgmt Company, LLC Third Amendment Delayed Draw Term Loan A | (3)(4)(5)(6)(7)(12) | 3M SOFR + 5.75% / 0.75% | 9.51% | 7/3/2028 | 402 | 400 | 401 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Mgmt Company, LLC Third Amendment Delayed Draw Term Loan B | (3)(4)(5)(7)(12) | 3M SOFR + 5.75% / 0.75% | 9.52% | 7/3/2028 | 740 | 735 | 739 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Mgmt Company, LLC Third Amendment Delayed Draw Term Loan C | (3)(4)(5)(7) | 3M SOFR + 5.75% / 0.75% | 9.52% | 7/3/2028 | 497 | 494 | 496 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TVG Shelby Buyer, Inc. Amendment No. 6 Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 1.00% | 9.20% | 3/27/2028 | 939 | 925 | 939 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TVG Shelby Buyer, Inc. Amendment No. 6 Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.20% | 3/27/2028 | 2456 | 2435 | 2433 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TVG Shelby Buyer, Inc. Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 3/27/2028 | - | (2) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Urology Partners, LLC 2025 Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 4/8/2032 | - | (219) | (39) | 0.00% |
|  |  |  |  |  |  | $66743 | $67008 | 3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Medical Management, LLC Amendment No. 8 Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.00% / 1.00% | 9.82% | 6/18/2028 | $3832 | $3795 | $3781 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Medical Management, LLC Amendment No. 8 Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 6.00% / 1.00% | 9.82% | 6/18/2028 | 4047 | 4000 | 3992 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Medical Management, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.00% / 1.00% | 9.85% | 12/18/2026 | 3277 | 3243 | 3220 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Medical Management, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 6.00% / 1.00% | 9.85% | 12/18/2026 | 3259 | 3230 | 3202 | 0.15% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)** 

**March 31, 2026**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Medical Management, LLC Revolving Credit Loan | (3)(4)(5)(6)(7) | 3M SOFR + 6.00% / 1.00% | 9.82% | 12/18/2026 | 1003 | 991 | 971 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Dental Partners, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.67% | 10/29/2030 | 3092 | 3085 | 3091 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Dental Partners, LLC Revolving Credit | (3)(4)(5)(6)(7) | 1M SOFR + 4.00% / 1.00% | 10.75% | 10/29/2030 | 90 | 89 | 90 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Dental Partners, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.67% | 10/29/2030 | 787 | 786 | 785 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Dental Partners, LLC Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.00% / 1.00% | 8.67% | 10/29/2030 | 3681 | 3674 | 3671 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Dental Partners, LLC Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.00% / 1.00% | 8.67% | 10/29/2030 | 4005 | 4003 | 3994 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCDI Rodeo Dental Buyer, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.07% | 12/31/2026 | 1240 | 1237 | 1237 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCDI Rodeo Dental Buyer, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.07% | 12/31/2026 | 1643 | 1639 | 1638 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCDI Rodeo Dental Buyer, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.25% / 1.00% | 9.07% | 12/31/2026 | 3930 | 3921 | 3918 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCDI Rodeo Dental Buyer, LLC Revolving Credit Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 9.05% | 12/31/2026 | 1567 | 1562 | 1561 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCDI Rodeo Dental Buyer, LLC Second Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.07% | 12/31/2026 | 121 | 120 | 120 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beacon Oral Specialists Management LLC Eighth Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 1.00% | 9.13% | 12/14/2026 | 503 | 500 | 500 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beacon Oral Specialists Management LLC Sixth Amendment Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.19% | 12/14/2026 | 6598 | 6589 | 6598 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCHN Holdings, LLC Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.25% / 0.75% | 8.92% | 4/1/2030 | 2636 | 2597 | 2631 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCHN Holdings, LLC Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 5.25% / 0.75% | 8.92% | 4/1/2030 | 3259 | 3259 | 3253 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVAUSA Management, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.25% / 1.00% | 8.93% | 2/1/2027 | 2640 | 2543 | 2622 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVAUSA Management, LLC Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.25% / 1.00% | 8.93% | 5/22/2029 | 2933 | 2896 | 2905 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVAUSA Management, LLC Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 5.25% / 1.00% | 8.93% | 5/22/2029 | 4452 | 4416 | 4409 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVAUSA Management, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 5.25% / 1.00% | 4.75% | 5/22/2028 | - | (1) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dentive, LLC Delayed Draw Term Loan | (4)(5)(7)(12) | 3M SOFR + 7.25% / 0.75% | 10.95% / 4.25% | 12/22/2028 | 2330 | 2310 | 2289 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dentive, LLC Initial Term Loan | (4)(5)(7)(12) | 3M SOFR + 7.25% / 0.75% | 10.95% / 4.25% | 12/22/2028 | 1279 | 1272 | 1254 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dentive, LLC Initial Term Loan | (4)(5)(7)(14) | 3M SOFR + 7.25% / 0.75% | 10.95% / 4.25% | 12/22/2028 | 3410 | 3381 | 3346 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dentive, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 7.25% / 0.75% | 10.92% | 12/22/2028 | 14 | 11 | 12 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DermCare Management, LLC Fourth Amendment Delayed Draw Term Loan | (3)(4)(5)(7) | 1M SOFR + 6.00% / 1.00% | 9.77% | 4/21/2028 | 7883 | 7839 | 7880 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DermCare Management, LLC Fourth Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.00% / 1.00% | 9.77% | 4/21/2028 | 3162 | 3162 | 3161 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DermCare Management, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.00% / 1.00% | 9.77% | 4/21/2028 | 470 | 470 | 470 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DermCare Management, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 6.00% / 1.00% | 9.77% | 4/21/2028 | 3969 | 3969 | 3969 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DermCare Management, LLC Revolving Loan | (3)(4)(5)(7) | 1M SOFR + 6.00% / 1.00% | 9.77% | 4/21/2028 | 359 | 359 | 358 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | - | (18) | (25) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elder Care Opco LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 1.50% | 8.45% | 7/31/2030 | 3785 | 3757 | 3745 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elder Care Opco LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.50% | 0.50% | 7/31/2030 | - | (5) | (8) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevate HD Parent, Inc. Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.00% / 1.00% | 8.67% | 8/20/2029 | 1617 | 1596 | 1586 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevate HD Parent, Inc. Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 5.00% / 1.00% | 8.67% | 8/20/2029 | 3258 | 3209 | 3197 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emergency Care Partners, LLC Ninth Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.67% | 10/18/2027 | 23 | 22 | 22 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emergency Care Partners, LLC Ninth Amendment Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 10/18/2027 | - | - | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emergency Care Partners, LLC Ninth Amendment Term A Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 1.00% | 8.70% | 10/18/2027 | 1333 | 1325 | 1324 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eval Home Health Solutions Intermediate, L.L.C. Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.75% / 1.00% | 9.42% | 5/10/2030 | 1988 | 1964 | 1886 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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) | (4) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | - | - | (11) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gen4 Dental Partners OPCO, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.75% / 1.00% | 9.41% | 5/13/2030 | 2356 | 2340 | 2328 | 0.11% |

---

------

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)** 

**March 31, 2026** 

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gen4 Dental Partners OPCO, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.75% / 1.00% | 9.41% | 5/13/2030 | 3259 | 3235 | 3221 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gen4 Dental Partners OPCO, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 5/13/2030 | - | - | (5) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hardenbergh Group, Inc., The Fourth Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.50% / 2.00% | 10.30% | 8/7/2028 | 1644 | 1630 | 1627 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hardenbergh Group, Inc., The Second Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.50% / 2.00% | 10.30% | 8/7/2028 | 3068 | 3047 | 3039 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hardenbergh Group, Inc., The Second Amendment Incremental Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 6.50% / 2.00% | 10.30% | 8/7/2028 | 3927 | 3897 | 3889 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hardenbergh Group, Inc., The Third Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.50% / 2.00% | 10.30% | 8/7/2028 | 2306 | 2288 | 2282 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HHS Buyer, Inc. First Incremental Amendment Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.41% | 8/31/2028 | 6942 | 6876 | 6933 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HHS Buyer, Inc. First Incremental Amendment Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.41% | 8/31/2028 | 5971 | 5906 | 5963 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HHS Buyer, Inc. First Incremental Amendment Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.43% | 8/31/2028 | 2061 | 2042 | 2036 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HHS Buyer, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 5.50% / 1.00% | 5.13% | 8/31/2028 | - | (25) | (3) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | (18) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houseworks Holdings, LLC Fourth Amendment Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.17% | 12/15/2028 | 1601 | 1580 | 1563 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houseworks Holdings, LLC Fourth Amendment Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.50% / 1.00% | 9.17% | 12/15/2028 | 3259 | 3215 | 3183 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houseworks Holdings, LLC Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.17% | 12/15/2028 | 1500 | 1496 | 1480 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houseworks Holdings, LLC Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.17% | 12/15/2028 | 2438 | 2367 | 2357 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MB2 Dental Solutions, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.50% / 0.75% | 9.17% | 2/13/2031 | 4226 | 4198 | 4183 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MB2 Dental Solutions, LLC Revolving Commitment | (3)(4)(5)(6)(7)(12) | 1M SOFR + 5.50% / 0.75% | 9.17% | 2/13/2031 | 12 | 10 | 11 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MB2 Dental Solutions, LLC Tranche 1 Delayed Draw Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.50% / 0.75% | 9.17% | 2/13/2031 | 872 | 870 | 870 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MB2 Dental Solutions, LLC Tranche 2 Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.50% / 0.75% | 9.17% | 2/13/2031 | 612 | 609 | 610 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MB2 Dental Solutions, LLC Tranche 3 Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 2/13/2031 | - | (10) | (10) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medina Health, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.00% | 1.00% | 4/19/2030 | - | (1) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medina Health, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.25% / 1.00% | 9.95% | 10/20/2028 | 3017 | 2981 | 2956 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medina Health, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 10/20/2028 | - | (4) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medrina, LLC Initial Term Loan Facility | (3)(4)(5)(7) | 3M SOFR + 6.00% / 1.00% | 9.69% | 10/20/2029 | 381 | 375 | 375 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medrina, LLC Initial Term Loan Facility | (3)(4)(5)(7)(14) | 3M SOFR + 6.00% / 1.00% | 9.69% | 10/20/2029 | 3258 | 3194 | 3207 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medrina, LLC Initial Delayed Draw Term Loan Facility | (3)(4)(5)(7) | 6M SOFR + 6.00% / 1.00% | 9.63% | 10/20/2029 | 611 | 600 | 611 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medrina, LLC Revolving Facility | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 10/20/2029 | - | (8) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medrina, LLC Second Amendment Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 6.00% / 1.00% | 9.69% | 10/20/2029 | 977 | 896 | 883 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medrina, LLC Second Amendment Incremental Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 6.00% / 1.00% | 9.67% | 10/20/2029 | 4489 | 4426 | 4413 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medrina, LLC Second Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.00% / 1.00% | 9.67% | 10/20/2029 | 4961 | 4894 | 4877 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ne Ortho Management Services, LLC 2025 Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.70% | 12/13/2030 | 2720 | 2616 | 2611 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ne Ortho Management Services, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 12/13/2030 | - | (6) | (7) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NORA Acquisition, LLC Revolving Credit | (3)(4)(5)(6)(7) | 3M SOFR + 6.25% / 1.00% | 9.95% | 8/31/2029 | 175 | 169 | 153 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NORA Acquisition, LLC Term Loan A | (3)(4)(5)(7) | 3M SOFR + 6.25% / 1.00% | 10.05% | 8/31/2029 | 3033 | 2981 | 2859 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven USHC Acquisition, Inc. Fourth Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.00% | 10/29/2027 | 332 | 320 | 332 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven USHC Acquisition, Inc. Fourth Amendment Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.02% | 10/29/2027 | 2703 | 2692 | 2673 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven USHC Acquisition, Inc. Revolving Credit Loan | (3)(4)(5)(6)(7)(8)(12) | 3M SOFR + 0.50% / 1.00% | 0.50% | 10/29/2027 | - | - | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NS and Associates LLC New Term A Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.25% / 1.00% | 8.90% | 8/6/2030 | 4930 | 4876 | 4858 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NS and Associates LLC Revolving Loan (2025) | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 8/6/2030 | - | (5) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OIA Acquisition, LLC Effective Date Term Loan | (3)(4)(5)(7)(11) | 1M SOFR + 5.50% / 1.00% | 9.27% | 10/19/2027 | 4620 | 4602 | 4606 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Point Quest Group, Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 0.75% | 8.45% | 11/13/2031 | 187 | 180 | 177 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Point Quest Group, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 8.45% | 11/13/2031 | 5313 | 5288 | 5277 | 0.25% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)** 

**March 31, 2026** 

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Point Quest Group, Inc. Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 4.75% / 0.75% | 8.45% | 11/13/2031 | 3990 | 3973 | 3963 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Point Quest Group, Inc. Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 11/13/2031 | - | (4) | (6) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premise Health Holding Corp. Amendment No. 1 Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 0.75% | 8.45% | 11/8/2032 | 119 | 118 | 116 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premise Health Holding Corp. Amendment No. 1 Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 8.45% | 11/8/2032 | 469 | 465 | 463 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premise Health Holding Corp. Amendment No. 2 Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 8.45% | 11/8/2032 | 290 | 288 | 288 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premise Health Holding Corp. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 8.45% | 11/8/2032 | 1520 | 1511 | 1520 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTSH Intermediate Holdings, LLC Amendment No. 6 Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 8.70% | 1/8/2033 | 11509 | 11400 | 11394 | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBFD Buyer, LLC Initial Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 1M SOFR + 4.75% / 1.00% | 8.42% | 10/31/2030 | 587 | 580 | 578 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBFD Buyer, LLC Revolving Credit | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 10/31/2030 | - | (3) | (4) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBFD Buyer, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.75% / 1.00% | 8.42% | 10/31/2030 | 2744 | 2717 | 2706 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rcp Nats Purchaser, LLC Amendment No. 1 Incremental Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 0.75% | 8.69% | 3/19/2032 | 4824 | 4776 | 4775 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rcp Nats Purchaser, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 0.75% | 8.69% | 3/19/2032 | 1233 | 1231 | 1231 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rcp Nats Purchaser, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 8.69% | 3/19/2032 | 10253 | 10185 | 10163 | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rcp Nats Purchaser, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 3/19/2032 | - | (9) | (2) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RCP TCT, LLC Initial Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 4.50% / 1.00% | 8.43% | 12/31/2027 | 3518 | 3509 | 3460 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective, LLC 2024 Delayed Draw Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 6.75% / 0.00% | 10.52% | 2/15/2028 | 1506 | 1506 | 1506 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective, LLC Columbia Acquisition Revolving Credit | (3)(4)(5)(6)(7) | 1M SOFR + 6.75% / 1.00% | 10.52% | 2/15/2028 | 359 | 359 | 359 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective, LLC Delayed Draw Term Loan | (3)(4)(5)(7) | 1M SOFR + 6.75% / 1.00% | 10.52% | 2/15/2028 | 1623 | 1615 | 1622 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 6.75% / 1.00% | 10.52% | 2/15/2028 | 3258 | 3218 | 3257 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective, LLC District Acquisition Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.75% / 1.00% | 10.52% | 2/15/2028 | 102 | 102 | 102 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective, LLC Eighth Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.75% / 1.00% | 10.52% | 2/15/2028 | 862 | 862 | 861 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective, LLC Eleventh Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.75% / 1.00% | 10.52% | 2/15/2028 | 432 | 432 | 432 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective 15th Amendment Inc Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.75% / 1.00% | 10.52% | 2/15/2028 | 21 | 21 | 21 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective, LLC First Amendment Incremental Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 6.75% / 1.00% | 10.52% | 2/15/2028 | 535 | 535 | 535 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective, LLC General Purpose Term Loan Facility | (3)(4)(5)(7)(12) | 1M SOFR + 6.75% / 1.00% | 10.52% | 2/15/2028 | 123 | 123 | 123 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective, LLC Ninth Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.75% / 1.00% | 10.52% | 2/15/2028 | 1700 | 1700 | 1699 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective, LLC Scott Acquisition Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.75% / 1.00% | 10.52% | 2/15/2028 | 158 | 158 | 158 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective, LLC Second Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.75% / 1.00% | 10.52% | 2/15/2028 | 1178 | 1178 | 1177 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective, LLC Tenth Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.75% / 1.00% | 10.52% | 2/15/2028 | 101 | 101 | 101 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective, LLC Third Amendment Incremental Tranche A Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 6.75% / 1.00% | 10.52% | 2/15/2028 | 2160 | 2160 | 2160 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective, LLC Thirteenth Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.75% / 1.00% | 10.52% | 2/15/2028 | 30 | 30 | 30 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Orthodontic Partners Management, LLC Eighth Amendment Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.75% / 1.00% | 8.41% | 7/27/2029 | 7143 | 7143 | 7143 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medina Health, LLC_Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.25% / 0.00% | 9.95% | 4/20/2030 | 432 | 429 | 429 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straine Dental Management, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 1M SOFR + 7.24% / 2.00% | 11.00% | 11/25/2030 | 97 | 68 | 67 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straine Dental Management, LLC Term Loan A | (3)(4)(5)(7) | 1M SOFR + 7.42% / 2.00% | 11.19% | 11/25/2030 | 8425 | 8341 | 8341 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | - | (18) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surgical Center Solutions, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.75% / 1.00% | 8.42% | 3/25/2031 | 3295 | 3256 | 3254 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surgical Center Solutions, LLC Revolving Loan | (3)(4)(5)(6)(7) | 1M SOFR + 4.75% / 1.00% | 8.42% | 3/25/2031 | 30 | 19 | 24 | 0.00% |

---

------

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)** 

**March 31, 2026**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TheKey, LLC Tranche B-1 Delayed Draw Term Loan | (3)(4)(5)(7)(11) | 6M SOFR + 6.00% / 1.00% | 9.73% | 3/30/2027 | 1869 | 1866 | 1842 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TheKey, LLC Tranche B-1 Term Loan | (3)(4)(5)(7)(11) | 6M SOFR + 6.00% / 1.00% | 9.73% | 3/30/2027 | 92 | 92 | 90 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Care Assistance, LLC Term Loan | (3)(4)(5)(7)(11) | 6M SOFR + 6.00% / 1.00% | 9.73% | 3/30/2027 | 3050 | 3043 | 3005 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vital Purchaser, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.20% | 8/7/2030 | 2167 | 2142 | 2120 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vital Purchaser, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.50% / 1.00% | 9.20% | 8/7/2030 | 3259 | 3207 | 3188 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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% |
|  |  |  |  |  |  | $263880 | $263328 | 12.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Supplies** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tender Products, Inc. Initial Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.25% / 1.00% | 8.92% | 7/31/2030 | $840 | $829 | $826 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tender Products, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 7/31/2030 | - | (2) | (3) | 0.00% |
|  |  |  |  |  |  | $827 | $823 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Technology** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | $- | $(18) | $(20) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Badge 21 Midco Holdings LLC Amendment No. 1 Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.50% / 1.00% | 8.20% | 6/30/2032 | 4965 | 4919 | 4915 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Badge 21 Midco Holdings LLC Amendment No. 1 Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.50% / 1.00% | 8.20% | 6/30/2032 | 2000 | 1982 | 1980 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Badge 21 Midco Holdings LLC Amendment No. 1 Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 4.50% / 1.00% | 8.20% | 6/30/2032 | 4000 | 3963 | 3960 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Badge 21 Midco Holdings LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 3.50% / 1.00% | 10.25% | 6/30/2032 | 160 | 148 | 147 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bobcat Purchaser, LLC Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.50% / 0.75% | 8.20% | 6/14/2030 | 464 | 457 | 464 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bobcat Purchaser, LLC Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.50% / 0.75% | 8.20% | 6/14/2030 | 1486 | 1461 | 1486 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CT Technologies Intermediate Holdings, Inc. 2025-B Incremental Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 4.75% / 0.75% | 8.42% | 9/2/2031 | 5473 | 5463 | 5448 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CT Technologies Intermediate Holdings, Inc. 2025-B Special Purpose Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 6M SOFR + 0.00% / 0.75% | 0.00% | 9/2/2031 | - | - | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;mPulse Mobile, Inc. Initial Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 8/26/2032 | - | (10) | (13) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;mPulse Mobile, Inc. Initial Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 8/26/2032 | - | (14) | (20) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;mPulse Mobile, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 8.45% | 8/26/2032 | 7251 | 7202 | 7183 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;mPulse Mobile, Inc. Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 0.75% | 8.45% | 8/26/2032 | 7251 | 7202 | 7183 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vatica Health, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 10/29/2032 | - | (8) | (3) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vatica Health, Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 8.45% | 10/29/2032 | 17880 | 17801 | 17757 | 0.85% |
|  |  |  |  |  |  | $50548 | $50466 | 2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Highways & Railtracks** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barricade Holdings LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.00% | 1.00% | 9/30/2030 | $- | $(26) | $(27) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barricade Holdings LLC First Amendment Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.75% / 0.00% | 8.42% | 9/30/2030 | 5143 | 5118 | 5118 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 Holdings, LLC Initial Term Loan | (3)(4)(5)(7) | 6M SOFR + 6.25% / 1.00% | 9.95% | 12/29/2028 | 4862 | 4836 | 4682 | 0.22% |
|  |  |  |  |  |  | $9928 | $9773 | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Homebuilding** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Campany Roof Maintenance, LLC Delayed Draw Term Loan | (3)(4)(5)(7) | 1M SOFR + 7.00% / 1.50% | 10.77% | 11/27/2028 | $1380 | $1361 | $1261 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Campany Roof Maintenance, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 7.00% / 1.50% | 10.77% | 11/27/2028 | 2828 | 2798 | 2585 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centex Acquisition, LLC (MDM Contracting, LLC) Second Amendment Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.50% / 1.00% | 9.27% | 5/9/2029 | 3566 | 3515 | 3508 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centex Acquisition, LLC (MDM Contracting, LLC) Second Amendment Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.27% | 5/9/2029 | 5517 | 5446 | 5427 | 0.26% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)** 

**March 31, 2026**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centex Acquisition, LLC Revolving Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.50% / 1.00% | 9.27% | 5/9/2029 | 3791 | 3748 | 3787 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centex Acquisition, LLC Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.50% / 1.00% | 9.27% | 5/9/2029 | 211 | 208 | 208 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centex Acquisition, LLC Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 5.50% / 1.00% | 9.27% | 5/9/2029 | 4208 | 4097 | 4140 | 0.20% |
|  |  |  |  |  |  | $21173 | $20916 | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Resorts & Cruise Lines** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pyramid Management Advisors, LLC Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.25% / 1.25% | 8.92% | 1/19/2028 | $1567 | $1541 | $1567 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pyramid Management Advisors, LLC Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.25% / 1.25% | 8.92% | 1/19/2028 | 3183 | 3163 | 3183 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonebridge Companies, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 5/16/2031 | - | (16) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonebridge Companies, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 5/16/2030 | - | (10) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonebridge Companies, LLC Term B Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.00% / 1.00% | 8.67% | 5/16/2031 | 3275 | 3261 | 3225 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonebridge Companies, LLC Term B Loan | (3)(4)(5)(7)(13) | 1M SOFR + 5.00% / 1.00% | 8.67% | 5/16/2031 | 3275 | 3246 | 3225 | 0.15% |
|  |  |  |  |  |  | $11185 | $11200 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Appliances** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evriholder Acquisition, Inc. Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 6.75% / 1.50% | 10.60% | 1/24/2028 | $3746 | $3729 | $3720 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WF Enterprises, Inc. Second Amendment Term Loan | (3)(4)(5)(7)(11) | 1M SOFR + 4.25% / 0.00% | 8.02% | 11/9/2027 | 5000 | 4968 | 4968 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WF Enterprises, Inc. Term Loan A | (3)(4)(5)(7)(11) | 1M SOFR + 4.25% / 1.00% | 8.02% | 11/9/2027 | 4268 | 4256 | 4261 | 0.20% |
|  |  |  |  |  |  | $12953 | $12949 | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Products** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zep Holdco Inc. Initial Term Loan (aka TL Atlas Merger) | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.70% | 6/30/2031 | $7947 | $7875 | $7848 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zep Holdco Inc. Initial Term Loan (aka TL Atlas Merger) | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 1.00% | 8.70% | 6/30/2031 | 5955 | 5903 | 5881 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zep Holdco Inc. Revolving Credit Loan (aka TL Atlas Merger) | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 6/30/2031 | - | (22) | (24) | 0.00% |
|  |  |  |  |  |  | $13756 | $13705 | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Housewares & Specialties** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal, LLC Delayed Draw Term Loan B | (3)(4)(5)(7)(12) | 1M SOFR + 5.00% / 1.00% | 8.67% | 9/10/2030 | $1279 | $1279 | $1276 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal, LLC Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.00% / 1.00% | 8.67% | 9/10/2030 | 991 | 983 | 979 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal, LLC Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 5.00% / 1.00% | 8.67% | 9/10/2030 | 3358 | 3332 | 3317 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal, LLC Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 5.00% / 1.00% | 8.67% | 9/10/2030 | 3682 | 3645 | 3638 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal, LLC U.S. Revolving Credit | (3)(4)(5)(6)(7) | 1M SOFR + 5.00% / 1.00% | 8.67% | 9/10/2030 | 738 | 729 | 738 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Portable Air LLC Eighth Amendment Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 8.71% | 12/31/2030 | 5302 | 5265 | 5255 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Portable Air LLC Eighth Amendment Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 0.00% | 8.70% | 12/31/2030 | 2644 | 2627 | 2636 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Portable Air, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 3/22/2028 | - | (16) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Portable Air LLC Seventh Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 1.00% | 8.70% | 3/22/2028 | 726 | 720 | 722 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Portable Air, LLC Fifth Amendment Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 8.70% | 12/31/2030 | 306 | 304 | 300 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Portable Air, LLC Fifth Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.00% / 1.00% | 8.70% | 12/31/2030 | 3258 | 3188 | 3195 | 0.15% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)** 

**March 31, 2026**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Portable Air, LLC Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 8.70% | 3/22/2028 | 862 | 857 | 859 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Portable Air, LLC Sixth Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 1.00% | 8.70% | 3/22/2028 | 3832 | 3802 | 3832 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPC US Parent, LLC Fourth Amendment Incremental Term Loan A | (3)(4)(5)(7)(12) | 3M SOFR + 5.75% / 1.00% | 9.56% | 3/1/2027 | 735 | 730 | 735 | 0.04% |
|  |  |  |  |  |  | $27445 | $27482 | 1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Human Resource & Employment Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accurate Background, LLC Fourth Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.00% / 1.00% | 9.96% | 3/26/2029 | $310 | $305 | $304 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accurate Background, LLC Fourth Amendment Incremental Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 6.00% / 1.00% | 9.96% | 3/26/2029 | 3357 | 3307 | 3301 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accurate Background, LLC Fourth Amendment Incremental Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 6.00% / 1.00% | 9.96% | 3/26/2029 | 4193 | 4138 | 4123 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IG Investments Holdings, LLC 2024 Refinancing Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 9/22/2028 | - | (10) | (10) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IG Investments Holdings, LLC 2024 Refinancing Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 0.75% | 8.67% | 9/22/2028 | 8806 | 8719 | 8718 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IG Investments Holdings, LLC 2024 Refinancing Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 8.67% | 9/22/2028 | 5880 | 5880 | 5821 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PCS Midco, Inc. Closing Date Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.75% / 1.00% | 9.45% | 3/1/2030 | 1622 | 1601 | 1595 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PCS Midco, Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.75% / 1.00% | 9.45% | 3/1/2030 | 11 | 10 | 10 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PCS Midco, Inc. Third Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 3/1/2030 | - | (8) | (8) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prestige Employee Administrators, LLC 2025 Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.50% / 0.00% | 8.17% | 1/14/2030 | 5062 | 5015 | 5002 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prestige Employee Administrators, LLC 2025 Incremental Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 4.50% / 0.00% | 8.17% | 1/14/2030 | 910 | 902 | 900 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prestige Employee Administrators, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.25% | 1.00% | 1/14/2030 | - | (30) | (39) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prestige Employee Administrators, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 3.50% / 1.25% | 7.17% | 1/14/2030 | 319 | 311 | 310 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prestige Employee Administrators, LLC Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 3.50% / 1.25% | 7.17% | 1/14/2030 | 2644 | 2605 | 2605 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prestige Employee Administrators, LLC Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 3.50% / 1.25% | 7.17% | 1/14/2030 | 3990 | 3932 | 3931 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Talent Worldwide Inc. Closing Date Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.20% | 1/16/2031 | 8459 | 8339 | 8354 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Talent Worldwide Inc. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 1.00% | 9.20% | 1/16/2031 | 303 | 294 | 295 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;True Talent Advisory Borrower LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 1/10/2033 | - | (55) | (45) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;True Talent Advisory Borrower LLC Initial Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.25% / 1.00% | 8.90% | 1/10/2033 | 4417 | 4333 | 4353 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;True Talent Advisory Borrower LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.25% / 1.00% | 8.90% | 1/10/2033 | 2205 | 2174 | 2173 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;True Talent Advisory Borrower LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 1/9/2032 | - | (28) | (23) | 0.00% |
|  |  |  |  |  |  | $51734 | $51670 | 2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Machinery & Supplies & Components** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcline Liberty Buyer LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 12/1/2032 | $- | $- | $(26) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcline Liberty Buyer LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 0.75% | 8.41% | 12/1/2032 | 7890 | 7890 | 7878 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcline Liberty Buyer LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 12/1/2032 | - | - | (2) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICM Holdco III Corp. Closing Date Delayed Draw Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 5.50% / 1.00% | 9.32% | 12/17/2026 | 5341 | 5337 | 5336 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICM Holdco III Corp. Closing Date Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 5.50% / 1.00% | 9.32% | 12/17/2026 | 5161 | 5158 | 5156 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | - | (16) | (17) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ideal Components Acquisition, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 8.70% | 6/30/2032 | 3651 | 3618 | 3617 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ideal Components Acquisition, LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 0.75% | 8.70% | 6/30/2032 | 5970 | 5917 | 5914 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ideal Components Acquisition, LLC Revolving Credit Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.00% / 0.75% | 8.67% | 6/30/2032 | 197 | 184 | 184 | 0.01% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)** 

**March 31, 2026** 

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISG Enterprises, LLC Delayed Draw Term Loan (2023) | (3)(4)(5)(7) | 3M SOFR + 5.75% / 1.00% | 9.42% | 12/7/2028 | 5597 | 5551 | 5563 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rapid Pump Acquisition, Inc. Delayed Draw Term C Loan | (3)(4)(5)(7) | 1M SOFR + 5.75% / 1.00% | 9.52% | 8/4/2027 | 3526 | 3498 | 3491 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonny's Enterprises, LLC Amendment No.1 Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 1.00% | 9.32% | 8/5/2028 | 35 | 35 | 34 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonny's Enterprises, LLC Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.32% | 8/5/2028 | 883 | 876 | 883 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonny's Enterprises, LLC Restatement Date Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.31% | 8/5/2028 | 3985 | 3955 | 3985 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tank Holding Corp. Delayed Draw Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 6.00% / 0.75% | 9.77% | 3/31/2028 | 4927 | 4877 | 4941 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tank Holding Corp. Initial Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.75% / 0.75% | 9.52% | 3/31/2028 | 4861 | 4824 | 4837 | 0.23% |
|  |  |  |  |  |  | $51704 | $51774 | 2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance Brokers** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alkeme Intermediary Holdings, LLC Eleventh Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.70% | 5/28/2027 | $3643 | $3630 | $3586 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alkeme Intermediary Holdings, LLC Revolving Credit | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 5/28/2027 | - | (1) | (3) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alkeme Intermediary Holdings, LLC Seventh Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.70% | 5/28/2027 | 4927 | 4885 | 4863 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alkeme Intermediary Holdings, LLC Tenth Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.70% | 5/28/2027 | 2674 | 2652 | 2639 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arden Insurance Services LLC Revolving Credit | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 1.00% | 8.40% | 11/26/2030 | 1294 | 1281 | 1277 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arden Insurance Services LLC Term A Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 1.00% | 8.45% | 11/26/2030 | 4354 | 4320 | 4305 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arden Insurance Services LLC Term A Loan | (3)(4)(5)(7)(14) | 3M SOFR + 4.75% / 1.00% | 8.45% | 11/26/2030 | 3259 | 3233 | 3222 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arden Insurance Services LLC Term A Loan | (3)(4)(5)(7)(15) | 3M SOFR + 4.75% / 1.00% | 8.45% | 11/26/2030 | 4005 | 3970 | 3960 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Choice Financial Group Acquisition, Inc. Delayed Draw Term C Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.25% / 1.00% | 8.92% | 10/15/2027 | 3340 | 3254 | 3244 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Street Buyer, Inc. 2024 Delayed Draw Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.50% / 1.00% | 8.17% | 4/14/2028 | 5958 | 5909 | 5958 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Street Buyer, Inc. 2025 Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.50% / 0.75% | 8.20% | 4/14/2028 | 770 | 741 | 766 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inszone Mid, LLC A&R Delayed Draw Term Loan Facility | (3)(4)(5)(7) | 3M SOFR + 5.25% / 1.00% | 8.95% | 11/30/2029 | 739 | 733 | 739 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inszone Mid, LLC A&R Term Loan Facility | (3)(4)(5)(7) | 3M SOFR + 5.25% / 1.00% | 8.95% | 11/30/2029 | 734 | 732 | 734 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inszone Mid, LLC Amendment No. 2 Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.50% / 1.00% | 8.17% | 11/30/2029 | 53 | 49 | 43 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Acquisition, LLC Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 0.75% | 8.67% | 8/25/2028 | 12313 | 12305 | 12293 | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oakbridge Insurance Agency LLC Delayed Draw Term C Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.00% | 1.00% | 11/1/2029 | - | (1) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oakbridge Insurance Agency LLC Delayed Draw Term Loan | (3)(4)(5)(7) | 1M SOFR + 4.75% / 0.75% | 8.42% | 11/1/2029 | 215 | 213 | 215 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oakbridge Insurance Agency LLC Term Loan | (3)(4)(5)(7) | 1M SOFR + 4.75% / 0.75% | 8.42% | 11/1/2029 | 445 | 443 | 442 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Safari Borrower, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 2.00% | 1.00% | 2/3/2031 | - | (43) | (44) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Safari Borrower, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 2.00% | 0.50% | 2/3/2031 | - | (7) | (7) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Safari Borrower, LLC Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.75% / 2.00% | 9.41% | 2/3/2031 | 8254 | 8130 | 8130 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SageSure Holdings, LLC Amendment No. 1 Delayed Draw Term Loan | (3)(4)(5)(7) | 1M SOFR + 4.75% / 0.50% | 8.53% | 1/28/2030 | 5167 | 5124 | 5162 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SageSure Holdings, LLC Amendment No. 1 Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.75% / 0.50% | 8.53% | 1/28/2030 | 1381 | 1373 | 1366 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SageSure Holdings, LLC Amendment No. 1 Incremental Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 4.75% / 0.50% | 8.53% | 1/28/2030 | 3927 | 3866 | 3884 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SageSure Holdings, LLC Delayed Draw Term Loan B | (3)(4)(5)(7) | 1M SOFR + 4.75% / 0.50% | 8.53% | 1/28/2030 | $1031 | $1023 | $1025 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SageSure Holdings, LLC Term Loan | (3)(4)(5)(7) | 1M SOFR + 4.75% / 0.50% | 8.53% | 1/28/2030 | 1454 | 1443 | 1453 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SageSure Holdings, LLC Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 4.75% / 0.50% | 8.53% | 1/28/2030 | 2962 | 2962 | 2960 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | - | (46) | (6) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricor, LLC Amendment No. 6 Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.25% / 1.00% | 9.02% | 8/8/2031 | 347 | 344 | 343 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricor, LLC Amendment No. 6 Incremental Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 5.25% / 1.00% | 9.02% | 8/8/2031 | 4068 | 4032 | 4026 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricor, LLC Amendment No.5 Delayed Draw Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.25% / 1.00% | 9.02% | 8/8/2031 | 354 | 344 | 354 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricor, LLC Amendment No.5 Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.25% / 1.00% | 9.02% | 8/8/2031 | 289 | 282 | 289 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricor, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.82% | 10/22/2026 | 1173 | 1167 | 1173 | 0.06% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)** 

**March 31, 2026** 

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricor, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 8/8/2031 | - | (9) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricor, LLC Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 5.25% / 1.00% | 9.02% | 10/22/2026 | 3124 | 3105 | 3121 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;World Insurance Associates A&R Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.70% | 4/3/2030 | 15939 | 15939 | 15918 | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worldwide Insurance Network, LLC 2025 Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.68% / 0.75% | 9.36% | 5/28/2030 | 362 | 344 | 360 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worldwide Insurance Network, LLC Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.81% / 0.75% | 9.48% | 5/28/2030 | 1971 | 1965 | 1971 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worldwide Insurance Network, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.70% / 0.75% | 9.40% | 5/28/2030 | 2462 | 2444 | 2442 | 0.12% |
|  |  |  |  |  |  | $102130 | $102203 | 4.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Integrated Telecommunication Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Last Dance Intermediate I(c), LLC 2026 Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 3/31/2031 | $- | $(113) | $(117) | -0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Socket Holdings Corporation Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.00% / 0.75% | 8.67% | 3/31/2031 | 1435 | 1411 | 1435 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Socket Holdings Corporation IdeaTek Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 5.00% / 0.75% | 8.67% | 3/31/2031 | 1793 | 1769 | 1777 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Socket Holdings Corporation Initial Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 3/31/2031 | - | (4) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Socket Holdings Corporation Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 5.00% / 0.75% | 8.67% | 3/31/2031 | 1817 | 1792 | 1792 | 0.09% |
|  |  |  |  |  |  | $4855 | $4887 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Interactive Home Entertainment** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five Star Buyer, Inc. Delayed Draw Term Loan | (4)(5)(7) | 6M SOFR + 9.00% / 1.50% | 12.98% / 2.00% | 2/23/2028 | $56 | $55 | $51 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Track Branson OpCo, LLC, The Term Loan A | (3)(4)(5)(7) | 3M SOFR + 9.00% / 1.50% | 12.82% | 2/23/2028 | 1555 | 1535 | 1439 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Track Branson Opco, LLC, The Revolving Loan | (3)(4)(5)(6)(7)(8) | 1M SOFR + 0.50% / 1.50% | 0.50% | 2/23/2028 | - | (2) | (7) | 0.00% |
|  |  |  |  |  |  | $1588 | $1483 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Interactive Media & Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Case Works, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(13) | 6M SOFR + 5.25% / 1.00% | 8.99% | 10/1/2029 | $70 | $69 | $70 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Case Works, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 8.92% | 10/1/2029 | 53 | 53 | 52 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Case Works, LLC Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.25% / 1.00% | 8.92% | 10/1/2029 | 4740 | 4700 | 4686 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Channel Factory, LLC Initial Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 5.00% / 1.00% | 8.67% | 4/1/2030 | 9925 | 9846 | 9821 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Syndigo LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 8.67% | 9/2/2032 | 7914 | 7843 | 7824 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Syndigo LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 0.75% | 8.67% | 9/2/2032 | 7914 | 7843 | 7824 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Syndigo LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 0.75% | 8.67% | 9/2/2032 | 512 | 492 | 509 | 0.02% |
|  |  |  |  |  |  | $30846 | $30786 | 1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet Services & Infrastructure** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridgepointe Technologies, LLC Delayed Draw Term Loan 2025-A | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 8.70% | 12/31/2027 | $4000 | $3973 | $3972 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridgepointe Technologies, LLC Delayed Draw Term Loan 2025-B | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.70% | 12/31/2027 | 801 | 774 | 773 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridgepointe Technologies, LLC Delayed Draw Term Loan (2024) | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 1.00% | 8.70% | 12/31/2027 | 9950 | 9835 | 9880 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salute Mission Critical, LLC 2025 Incremental DDTL Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 11/30/2029 | - | (5) | (11) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salute Mission Critical, LLC Last Out Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.21% / 1.00% | 8.88% | 11/30/2029 | 885 | 878 | 871 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salute Mission Critical, LLC Last Out Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.21% / 1.00% | 8.88% | 11/30/2029 | 4151 | 4115 | 4083 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salute Mission Critical, LLC Last Out Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 5.21% / 1.00% | 8.88% | 11/30/2029 | 3259 | 3230 | 3205 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salute Mission Critical, LLC Last Out Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 5.21% / 1.00% | 8.88% | 11/30/2029 | 4247 | 4208 | 4177 | 0.20% |
|  |  |  |  |  |  | $27008 | $26950 | 1.29% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)** 

**March 31, 2026**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investment Banking & Brokerage** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cherry Bekaert Advisory LLC Amendment No. 1 Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.50% / 0.75% | 8.17% | 6/28/2030 | $2780 | $2775 | $2780 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cherry Bekaert Advisory LLC Amendment No. 1 Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.50% / 0.75% | 8.17% | 6/28/2030 | 2135 | 2116 | 2121 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cherry Bekaert Advisory LLC Amendment No. 7 Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.50% / 0.75% | 8.17% | 6/28/2030 | 5961 | 5948 | 5947 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cherry Bekaert Advisory LLC Sixth Amendment Delayed Term Loan | (3)(4)(5)(7) | 1M SOFR + 4.50% / 0.75% | 8.17% | 6/28/2030 | 669 | 667 | 669 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cherry Bekaert Advisory LLC Sixth Amendment Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.50% / 0.75% | 8.17% | 6/28/2030 | 669 | 667 | 667 | 0.03% |
|  |  |  |  |  |  | $12173 | $12184 | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Consulting & Other Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Avenu Buyer, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.66% | 10/2/2029 | $663 | $658 | $660 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Avenu Buyer, LLC Fourth Amendment Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.66% | 10/2/2029 | 890 | 883 | 876 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Avenu Buyer, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.66% | 10/2/2029 | 1526 | 1501 | 1499 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Avenu Buyer, LLC Revolving Credit | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 10/2/2029 | - | (6) | (8) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Avenu Buyer, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.66% | 10/2/2029 | 537 | 534 | 529 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Avenu Buyer, LLC Delayed Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 10/2/2029 | - | (2) | (2) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argano, LLC 2025 Delayed Draw Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.50% / 1.00% | 9.17% | 9/13/2029 | 3588 | 3543 | 3568 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argano, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.50% / 1.00% | 9.18% | 9/13/2029 | 3616 | 3580 | 3538 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argano, LLC Initial Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 5.50% / 1.00% | 9.18% | 9/13/2029 | 2833 | 2795 | 2772 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argano, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 5.50% / 1.00% | 9.18% | 9/13/2029 | 3358 | 3321 | 3285 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argano, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 5.50% / 1.00% | 9.18% | 9/13/2029 | 4047 | 3993 | 3960 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argano, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 9/13/2029 | - | (4) | (3) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argano, LLC Second Amendment Delayed Draw Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.50% / 1.00% | 9.18% | 9/13/2029 | 345 | 327 | 314 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCM One, Inc. Initial Term Loan | (3)(4)(5)(7)(11) | 6M SOFR + 4.50% / 1.00% | 8.20% | 11/17/2027 | 4600 | 4590 | 4594 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cypress Services Group, LLC Initial Term Loan | (3)(4)(5)(7)(11) | 1M SOFR + 4.75% / 0.75% | 8.42% | 1/3/2031 | 4975 | 4937 | 4894 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Topco LLC Effective Date Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.75% / 0.75% | 0.75% | 8/26/2032 | - | - | (29) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Topco LLC Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.75% / 0.75% | 8.42% | 8/26/2032 | 12510 | 12510 | 12412 | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Topco LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 8/26/2032 | - | - | (14) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eliassen Group, LLC Initial Delayed Draw Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.75% / 0.75% | 9.45% | 4/14/2028 | 160 | 156 | 155 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eliassen Group, LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.75% / 0.75% | 9.45% | 4/14/2028 | 2220 | 2169 | 2155 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guava Buyer LLC Initial Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 1.00% | 9.16% | 8/12/2032 | 751 | 720 | 735 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guava Buyer LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.14% | 8/12/2032 | 7244 | 7110 | 7031 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guava Buyer LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.50% / 1.00% | 9.14% | 8/12/2032 | 7244 | 7110 | 7031 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guava Buyer LLC RC Facility Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 8/12/2030 | - | (30) | (51) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidepoint Security Holdings, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.25% / 1.00% | 8.92% | 10/2/2029 | 20 | 19 | 19 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidepoint Security Holdings, LLC First Amendment Term A Loan | (3)(4)(5)(7) | 1M SOFR + 5.25% / 1.00% | 8.92% | 10/2/2029 | 139 | 137 | 136 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidepoint Security Holdings, LLC Second Amendment Incremental Term A Loan | (3)(4)(5)(7) | 1M SOFR + 5.25% / 1.00% | 8.92% | 10/2/2029 | 156 | 154 | 153 | 0.01% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)** 

**March 31, 2026** 

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidepoint Security Holdings, LLC Term Loan A | (3)(4)(5)(7) | 1M SOFR + 5.25% / 1.00% | 8.92% | 10/2/2029 | 296 | 298 | 295 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Improving Holdco, Inc. Revolving Loan (Improving Enterprises) | (3)(4)(5)(6)(7) | 3M SOFR + 6.50% / 1.00% | 10.30% | 7/26/2027 | 37 | 33 | 34 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Improving Holdco, Inc. Term Loan (Improving Enterprises) | (3)(4)(5)(7) | 3M SOFR + 6.50% / 1.00% | 10.34% | 7/26/2027 | 3396 | 3357 | 3340 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Improving Holdco, Inc. Term Loan (Improving Enterprises) | (3)(4)(5)(7)(12) | 3M SOFR + 6.50% / 1.00% | 10.34% | 7/26/2027 | 3554 | 3516 | 3496 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Improving Holdco, Inc. Term Loan (Improving Enterprises) | (3)(4)(5)(7)(13) | 3M SOFR + 6.50% / 1.00% | 10.34% | 7/26/2027 | 998 | 989 | 982 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Improving Holdco, Inc. Term Loan (Improving Enterprises) | (3)(4)(5)(7)(14) | 3M SOFR + 6.50% / 1.00% | 10.34% | 7/26/2027 | 3259 | 3223 | 3206 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Improving Holdco, Inc. Term Loan (Improving Enterprises) | (3)(4)(5)(7)(15) | 3M SOFR + 6.50% / 1.00% | 10.34% | 7/26/2027 | 4247 | 4204 | 4177 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lighthouse Technologies Holding Corp. First Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.67% | 4/30/2027 | 153 | 153 | 153 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lighthouse Technologies Holding Corp. Fourth Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.67% | 12/31/2029 | 7023 | 6993 | 6935 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lighthouse Technologies Holding Corp. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.67% | 12/31/2029 | 3919 | 3908 | 3887 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lighthouse Technologies Holding Corp. Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.00% / 1.00% | 8.67% | 12/31/2029 | 3373 | 3373 | 3345 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lighthouse Technologies Holding Corp. Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.00% / 1.00% | 8.67% | 12/31/2029 | 4025 | 4025 | 3991 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lighthouse Technologies Holding Corp. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 4/30/2027 | - | (2) | (11) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penncomp, LLC Delayed Draw Term Loan A | (3)(4)(5)(7) | 1M SOFR + 5.25% / 0.75% | 8.92% | 10/17/2028 | 2376 | 2343 | 2355 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penncomp, LLC Delayed Draw Term Loan B | (3)(4)(5)(6)(7) | 1M SOFR + 5.25% / 0.75% | 8.92% | 4/17/2030 | 3757 | 3727 | 3696 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penncomp, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 1M SOFR + 0.50% / 0.75% | 0.50% | 10/17/2028 | - | - | (4) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penncomp, LLC Term Loan A | (3)(4)(5)(7) | 1M SOFR + 5.25% / 1.50% | 8.92% | 10/17/2028 | 2523 | 2491 | 2478 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Services Group, LLC Sixth Amendment Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 0.75% | 8.70% | 6/15/2029 | 7346 | 7281 | 7273 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Services Group, LLC Tenth Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.00% | 1.00% | 2/13/2033 | - | (28) | (63) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Services Group, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 8.70% | 6/15/2029 | 6998 | 6944 | 6870 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rural Sourcing Holdings, Inc. Amendment No. 1 Term Loan | (3)(4)(5)(7) | 3M SOFR + 6.25% / 0.00% | 9.92% | 6/15/2029 | 267 | 265 | 260 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rural Sourcing Holdings, Inc. Tranche B Term Loan | (4)(5)(7) | 3M SOFR + 4.25% / 1.00% | 0.00% / 4.25% | 6/15/2029 | 1586 | 1555 | 1525 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rural Sourcing Holdings, Inc. Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 6.25% / 1.00% | 9.95% | 6/15/2029 | 355 | 349 | 352 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rural Sourcing Holdings, Inc. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 1.00% | 11.50% | 6/15/2029 | 150 | 145 | 148 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstack Holdco Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 6M SOFR + 5.00% / 0.75% | 8.63% | 8/25/2031 | 1144 | 1126 | 1130 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstack Holdco Inc. Revolving Credit Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 0.75% | 8.67% | 8/25/2031 | 313 | 303 | 307 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstack Holdco Inc. Term B Loan | (3)(4)(5)(7)(12) | 6M SOFR + 5.00% / 0.75% | 8.63% | 8/25/2031 | 825 | 819 | 813 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstack Holdco Inc. Term B Loan | (3)(4)(5)(7)(14) | 6M SOFR + 5.00% / 0.75% | 8.63% | 8/25/2031 | 3300 | 3274 | 3251 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstack Holdco Inc. Term B Loan | (3)(4)(5)(7)(15) | 6M SOFR + 5.00% / 0.75% | 8.63% | 8/25/2031 | 4000 | 3963 | 3940 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRC Companies, LLC Amendment No. 2 Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 1.00% | 8.66% | 6/29/2027 | 9052 | 9018 | 8985 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRC Companies, LLC Closing Date Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.25% / 1.00% | 8.92% | 6/29/2027 | 5837 | 5824 | 5815 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRC Companies, LLC Fourth Amendment Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.25% / 1.00% | 8.90% | 6/29/2027 | 2897 | 2885 | 2892 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRC Companies, LLC Third Amendment Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.19% | 6/29/2027 | 1969 | 1967 | 1967 | 0.09% |
|  |  |  |  |  |  | $149026 | $148029 | 7.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure Facilities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excel Fitness Consolidator LLC 2025 Repricing Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.75% / 0.75% | 8.45% | 4/29/2030 | $5116 | $5052 | $5086 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excel Fitness Consolidator LLC 2025 Repricing Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 4.75% / 0.75% | 8.45% | 4/29/2030 | 3275 | 3202 | 3257 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excel Fitness Holdings, Inc. Delayed Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 4/29/2030 | - | (2) | - | 0.00% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)** 

**March 31, 2026**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excel Fitness Consolidator LLC Revolving Credit Loan | (3)(4)(5)(6)(7) | 1M SOFR + 4.75% / 0.75% | 8.42% | 4/29/2030 | 331 | 331 | 330 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One World Fitness PFF, LLC Initial Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 4.50% / 1.00% | 8.20% | 5/2/2030 | 9925 | 9844 | 9814 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket Youth Brands HoldCo LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 1.00% | 8.45% | 6/20/2031 | 472 | 459 | 458 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket Youth Brands HoldCo LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 1.00% | 8.45% | 6/20/2031 | 1073 | 1068 | 1065 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket Youth Brands HoldCo LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 1.00% | 8.45% | 6/20/2031 | 1073 | 1068 | 1065 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket Youth Brands HoldCo LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 6/20/2031 | - | (1) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Spartan US Holdco LLC_Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.75% / 1.00% | 9.42% | 6/8/2026 | 1551 | 1551 | 1551 | 0.07% |
|  |  |  |  |  |  | $22572 | $22626 | 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure Products** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp. Closing Date Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.75% / 1.00% | 9.45% | 12/14/2027 | $1071 | $1066 | $1069 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp. Seventh Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 12/14/2027 | - | (6) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp. Seventh Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 12/14/2027 | - | (7) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp. Seventh Amendment Incremental Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.75% / 1.00% | 9.45% | 12/14/2027 | 384 | 381 | 381 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp. Seventh Amendment Incremental Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.75% / 1.00% | 9.45% | 12/14/2027 | 336 | 333 | 333 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp. Seventh Amendment Incremental Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.75% / 1.00% | 9.45% | 12/14/2027 | 3088 | 3069 | 3064 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp. Seventh Amendment Incremental Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.75% / 1.00% | 9.45% | 12/14/2027 | 3809 | 3782 | 3779 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSKI Holdings 2, Inc. Term Loan | (4)(5)(7) | 3M SOFR + 8.10% / 1.25% | 11.80% / 0.75% | 6/30/2028 | 1693 | 1670 | 1547 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSKI Holdings 2, Inc. Term Loan | (4)(5)(7)(14) | 3M SOFR + 8.10% / 1.25% | 11.80% / 0.75% | 6/30/2028 | 3744 | 3680 | 3420 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Painful Pleasures, LLC Term Loan fka Artifex | (3)(4)(5)(7)(11) | 1M SOFR + 5.50% / 1.00% | 9.29% | 8/31/2026 | 1197 | 1197 | 1197 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Painful Pleasures, LLC Third Incremental Term Loan | (3)(4)(5)(7)(11) | 1M SOFR + 5.50% / 1.00% | 9.28% | 8/31/2026 | 3705 | 3702 | 3698 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Play Holdings, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 0.75% | 8.95% | 10/29/2031 | 9394 | 9263 | 9242 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Play Holdings, Inc. Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.25% / 0.75% | 8.95% | 10/29/2031 | 9394 | 9263 | 9242 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Play Holdings, Inc. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 0.75% | 8.95% | 10/29/2030 | 269 | 253 | 250 | 0.01% |
|  |  |  |  |  |  | $37646 | $37222 | 1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Life & Health Insurance** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmeriLife Holdings LLC 2024 Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 0.75% | 8.67% | 8/31/2028 | $272 | $266 | $265 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmeriLife Holdings LLC Amendment No. 5 Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 8/31/2029 | - | (6) | (7) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmeriLife Holdings LLC Amendment No. 5 Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 8.67% | 8/31/2029 | 9744 | 9702 | 9699 | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pareto Health Intermediate Holdings Inc. A-1 Cash Pay Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 8.71% | 6/1/2030 | 7462 | 7397 | 7388 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pareto Health Intermediate Holdings Inc. A-1 Cash Pay Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.71% | 6/1/2030 | 4663 | 4625 | 4617 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pareto Health Intermediate Holdings Inc. A-1 Cash Pay Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 8.71% | 6/1/2030 | 3133 | 3102 | 3102 | 0.15% |
|  |  |  |  |  |  | $25086 | $25064 | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bamboo US BidCo LLC (aka Baxter) Delayed Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 8.67% | 9/30/2030 | $107 | $105 | $107 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bamboo US BidCo LLC (aka Baxter) USD Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 8.67% | 9/30/2030 | 698 | 693 | 695 | 0.03% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)** 

**March 31, 2026** 

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bamboo US BidCo LLC (aka Baxter) Tranche B-1 Delayed Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 8.67% | 9/30/2030 | 83 | 83 | 83 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bamboo US BidCo LLC (aka Baxter) Tranche B-2 Delayed Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 8.67% | 9/30/2030 | 84 | 83 | 84 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Charlie Acquisition Company Eight Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.00% | 1.00% | 12/31/2029 | - | - | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Charlie Acquisition Company Fourth Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.00% / 1.00% | 8.77% | 12/30/2026 | 540 | 536 | 540 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Charlie Acquisition Company Fourth Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 5.00% / 1.00% | 8.77% | 12/30/2026 | 2028 | 1990 | 2028 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Charlie Acquisition Company Fourth Amendment Term Loan |  | 1M SOFR + 5.00% / 1.00% | 8.77% | 12/30/2026 | 181 | 181 | 181 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Charlie Acquisition Company Fourth Amendment Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 5.00% / 1.00% | 8.77% | 12/30/2026 | 1956 | 1929 | 1956 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Charlie Acquisition Company Seventh Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.00% / 1.00% | 8.77% | 12/30/2026 | 56 | 57 | 57 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Charlie Acquisition Company Sixth Amendment Delayed Draw Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.00% / 1.00% | 8.77% | 12/30/2026 | 384 | 384 | 384 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC 2024 Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 7.00% / 1.00% | 10.66% | 2/1/2029 | 660 | 649 | 627 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC Closing Date Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 7.00% / 1.00% | 10.66% | 2/1/2029 | 1653 | 1642 | 1571 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 7.00% / 1.00% | 10.66% | 2/1/2029 | 355 | 355 | 337 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quotient Science Term Loan USD2 | (3)(5)(7)(9)(12)(25) | 6M SOFR + 5.25% / 0.00% | 9.45% | 6/30/2029 | 4658 | 4647 | 4653 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quotient Science Term Loan USD2 | (3)(5)(7)(9)(13)(25) | 6M SOFR + 5.25% / 0.00% | 9.45% | 6/30/2029 | 4658 | 4647 | 4653 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quotient Science Term Loan USD1 B2 | (3)(5)(7)(9)(12)(25) | 6M SOFR + 6.00% / 0.00% | 9.45% | 9/12/2026 | 1707 | 1705 | 1705 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quotient Science Term Loan USD1 B2 | (3)(5)(7)(9)(13)(25) | 6M SOFR + 6.00% / 0.00% | 9.45% | 9/12/2026 | 1707 | 1705 | 1705 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ToxStrategies, LLC Closing Date Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 0.75% | 8.45% | 11/12/2031 | 5339 | 5314 | 5312 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ToxStrategies, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 0.75% | 8.45% | 11/12/2031 | 871 | 865 | 864 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ToxStrategies, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 11/12/2031 | - | (3) | (3) | 0.00% |
|  |  |  |  |  |  | $27567 | $27539 | 1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Office Services & Supplies** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Web Technologies Holding Company Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 6M SOFR + 6.50% / 1.00% | 10.24% | 12/17/2026 | $792 | $787 | $788 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Web Technologies Holding Company Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 12/17/2026 | - | - | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Web Technologies Holding Company Term Loan | (3)(4)(5)(7)(12) | 6M SOFR + 6.50% / 1.00% | 10.24% | 12/17/2026 | 2013 | 2001 | 2002 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ergotron Acquisition, LLC Initial Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.25% / 0.75% | 8.92% | 7/6/2028 | 492 | 492 | 491 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ergotron Acquisition, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 5.25% / 0.75% | 8.92% | 7/6/2028 | 3966 | 3966 | 3960 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Solutions, LLC Third Amendment Delayed Draw Term Loan | (3)(4)(5)(7) | 1M SOFR + 6.00% / 1.00% | 9.77% | 12/15/2026 | 545 | 542 | 541 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Solutions, LLC Third Amendment Incremental Term Loan | (3)(4)(5)(7) | 1M SOFR + 6.00% / 1.00% | 9.77% | 12/15/2026 | 649 | 645 | 644 | 0.03% |
|  |  |  |  |  |  | $8433 | $8426 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Other Specialty Retail** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saldon Holdings, Inc. Fourth Amendment Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.25% / 1.00% | 9.02% | 3/13/2028 | $590 | $590 | $590 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Packaged Foods & Meats** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chef Merito, LLC Delayed Draw Term Loan A | (3)(4)(5)(7)(14) | 3M SOFR + 6.00% / 1.00% | 9.85% | 7/15/2028 | $419 | $419 | $419 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chef Merito, LLC Delayed Draw Term Loan B | (3)(4)(5)(7)(14) | 3M SOFR + 6.00% / 1.00% | 9.85% | 7/15/2028 | 419 | 419 | 419 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chef Merito, LLC Delayed Draw Term Loan C | (3)(4)(5)(7)(12) | 3M SOFR + 6.00% / 1.00% | 9.85% | 7/15/2028 | 337 | 340 | 334 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chef Merito, LLC First Amendment Term Loan A | (3)(4)(5)(7)(14) | 3M SOFR + 6.00% / 1.00% | 9.78% | 7/15/2028 | 2526 | 2484 | 2488 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chef Merito, LLC Second Amendment Term Loan A | (3)(4)(5)(7)(12) | 3M SOFR + 6.00% / 1.00% | 9.85% | 7/15/2028 | 1122 | 1108 | 1107 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Demakes Borrower, LLC Term B Loan | (3)(4)(5)(7) | 3M SOFR + 6.00% / 0.75% | 9.70% | 12/12/2029 | 340 | 340 | 340 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gastronome Acquisition, LLC Initial Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 5.00% / 1.00% | 8.85% | 11/18/2027 | 4718 | 4704 | 4584 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNPC Holdco, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.27% | 10/22/2029 | 900 | 891 | 895 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNPC Holdco, LLC Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.50% / 1.00% | 9.27% | 10/22/2029 | 3926 | 3876 | 3905 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNPC Holdco, LLC Tranche B-1 Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.75% / 1.00% | 10.52% | 10/22/2029 | 728 | 720 | 724 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNPC Holdco, LLC Tranche D-1 Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.75% / 1.00% | 9.52% | 10/22/2029 | 4950 | 4950 | 4950 | 0.24% |

---

------

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)**

**March 31, 2026**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patriot Foods Buyer, Inc. Initial Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 5.25% / 1.00% | 8.95% | 12/24/2029 | 4888 | 4837 | 4856 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature Brands, LLC Term Loan A | (3)(4)(5)(7) | 3M SOFR + 6.50% / 1.75% | 10.43% | 5/4/2028 | 297 | 295 | 297 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature Brands, LLC Term Loan B | (4)(5)(7)(29) | 1M SOFR + 9.50% / 1.75% | 14.09% | 5/4/2028 | 4906 | 4843 | 3812 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature Investor LLC Term Loan B | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.00% / 1.75% | 0.00% | 5/4/2028 | - | - | (77) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Smokehouse Partners, LLC Delayed Draw Term Loan C | (3)(4)(5)(7) | 1M SOFR + 5.50% / 1.00% | 9.17% | 3/31/2029 | 5605 | 5534 | 5605 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Smokehouse Partners, LLC Delayed Draw Term Loan C | (3)(4)(5)(7) | 3M SOFR + 0.50% / 1.00% | 0.50% | 3/31/2029 | 5991 | 5889 | 5991 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Smokehouse Partners, LLC Delayed Term Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.50% / 1.00% | 9.18% | 3/31/2029 | 116 | 112 | 111 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Smokehouse Partners, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.17% | 3/31/2029 | 2696 | 2660 | 2691 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Smokehouse Partners, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.50% / 1.00% | 9.17% | 3/31/2029 | 3487 | 3478 | 3481 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Smokehouse Partners, LLC Juniors Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.50% / 1.00% | 9.17% | 3/31/2029 | 393 | 389 | 388 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Smokehouse Partners, LLC Juniors Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 5.50% / 1.00% | 9.17% | 3/31/2029 | 1000 | 991 | 988 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Smokehouse Partners, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 3/31/2029 | - | (3) | (3) | 0.00% |
|  |  |  |  |  |  | $49276 | $48305 | 2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paper & Plastic Packaging Products & Materials** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arctic Holdco, LLC 2025 Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 8.92% | 1/31/2032 | $228 | $226 | $225 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arctic Holdco, LLC Initial Refinancing Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 8.95% | 1/31/2031 | 82 | 80 | 78 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arctic Holdco, LLC Tranche B Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 8.95% | 1/31/2032 | 3227 | 3201 | 3185 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WCHG Buyer, Inc. First Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.75% / 1.00% | 8.42% | 4/10/2031 | 12828 | 12776 | 12720 | 0.61% |
|  |  |  |  |  |  | $16283 | $16208 | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Passenger Ground Transportation** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EVDR Purchaser, Inc. Incremental Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 4.75% / 0.75% | 8.42% | 2/14/2031 | $3366 | $3316 | $3348 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EVDR Purchaser, Inc. Incremental Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 4.75% / 0.75% | 8.42% | 2/14/2031 | 3682 | 3646 | 3662 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EVDR Purchaser, Inc. Revolving Credit Loan | (3)(4)(5)(6)(7) | 1M SOFR + 4.75% / 0.75% | 8.42% | 2/14/2031 | 261 | 261 | 261 | 0.01% |
|  |  |  |  |  |  | $7223 | $7271 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Personal Care Products** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curio Brands, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 8.70% | 4/2/2031 | $5906 | $5855 | $5858 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curio Brands, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.00% / 0.75% | 8.70% | 4/2/2031 | 2970 | 2948 | 2946 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curio Brands, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.00% / 0.75% | 8.70% | 4/2/2031 | 3970 | 3940 | 3937 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curio Brands, LLC Multi Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 4/2/2031 | - | (9) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curio Brands, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 4/2/2031 | - | (9) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinetic Purchaser, LLC - Closing Date Term Loan | (4)(5)(7)(29) | 3M SOFR + 6.00% / 1.00% | 9.82% | 11/10/2027 | 2034 | 1994 | 1119 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loving Tan Intermediate II Inc. Closing Date Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.25% / 1.00% | 8.95% | 5/31/2028 | 2666 | 2626 | 2640 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RoC Holdco LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 0.75% | 8.91% | 2/21/2031 | 825 | 819 | 816 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RoC Holdco LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.25% / 0.75% | 8.91% | 2/21/2031 | 3357 | 3327 | 3320 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RoC Holdco LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 2/21/2030 | - | (6) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loving Tan Intermediate II Inc. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 8.95% | 5/31/2028 | 20 | 20 | 20 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loving Tan Intermediate II Inc. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 8.95% | 5/31/2028 | 93 | 89 | 93 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soleil Collective Intermediate II Inc. Second Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 5/31/2028 | - | (1) | - | 0.00% |
|  |  |  |  |  |  | $21593 | $20749 | 0.99% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)** 

**March 31, 2026** 

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creek Parent, Inc. Initial Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.00% / 0.75% | 8.67% | 12/18/2031 | $7444 | $7374 | $7376 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creek Parent, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.00% / 0.75% | 8.67% | 12/18/2031 | 6492 | 6439 | 6433 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creek Parent, Inc. Revolving Credit | (3)(4)(5)(6)(7)(8) | 3M SOFR + 4.50% / 0.75% | 4.50% | 12/18/2031 | - | (17) | (20) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Designs for Health, Inc. Initial Revolving Facility Loan (First Lien) | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 10/16/2030 | - | (35) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Designs for Health, Inc. Initial Term B Loan (First Lien) | (3)(4)(5)(7)(12) | 3M SOFR + 4.50% / 0.75% | 8.17% | 10/16/2030 | 7295 | 7230 | 7221 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Designs for Health, Inc. Initial Term B Loan (First Lien) | (3)(4)(5)(7)(13) | 3M SOFR + 4.50% / 0.75% | 8.17% | 10/16/2030 | 7295 | 7230 | 7221 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Coordinators Midco, Inc. 2025 General Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 7/9/2032 | - | (20) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Coordinators Midco, Inc. 2025 Initial Dollar Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 7/9/2032 | - | (138) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Coordinators Midco, Inc. 2025 Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 0.75% | 8.67% | 7/9/2032 | 1708 | 1708 | 1704 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Coordinators Midco, Inc. 2025 Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 8.67% | 7/9/2032 | 9861 | 9840 | 9837 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Coordinators Midco, Inc. 2025 Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 7/9/2032 | - | (10) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Coordinators Midco, Inc. Specified Interest Delayed Draw Term Loan (Tranche Out) | (3)(4)(5)(6)(7) | 3M SOFR + 4.50% / 0.75% | 8.17% | 7/9/2032 | 146 | 146 | 145 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAI Middle Tier, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.50% / 0.75% | 8.20% | 2/13/2032 | 306 | 302 | 301 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAI Middle Tier, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 4.50% / 0.75% | 8.20% | 2/13/2032 | 3681 | 3631 | 3623 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAI Middle Tier, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 4.50% / 0.75% | 8.20% | 2/13/2032 | 3970 | 3914 | 3907 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAI Middle Tier, LLC Revolving Credit Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.50% / 0.75% | 8.20% | 2/13/2032 | 170 | 149 | 170 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pet FLavor, LLC Term A Loan | (3)(4)(5)(7)(11) | 3M SOFR + 6.00% / 1.00% | 9.70% | 12/15/2026 | 5022 | 5014 | 4953 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PharmaLogic Holdings Corp. Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.67% | 6/21/2030 | 1551 | 1526 | 1534 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PharmaLogic Holdings Corp. Initial U.S. Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 5.00% / 1.00% | 8.67% | 6/21/2030 | 3357 | 3315 | 3307 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PharmaLogic Holdings Corp. Initial U.S. Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 5.00% / 1.00% | 8.67% | 6/21/2030 | 3922 | 3868 | 3863 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sequon, LLC Initial Term Loan | (3)(4)(5)(7)(11) | 6M SOFR + 5.25% / 1.00% | 9.27% | 12/29/2026 | 4850 | 4835 | 4848 | 0.23% |
|  |  |  |  |  |  | $66301 | $66423 | 3.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Rail Transportation** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTAI Infrastructure Inc. Loan | (3)(4)(5) | FIXED + 9.75% / 0.00% | 9.75% | 2/1/2028 | $11500 | $11169 | $11155 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate Operating Companies** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Associations, Inc. Special Purpose Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 6.50% / 1.00% | 10.42% | 7/3/2028 | $258 | $258 | $258 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Associations, Inc. Term Loan A | (3)(4)(5)(7) | 3M SOFR + 6.50% / 0.00% | 10.42% | 7/2/2028 | 6884 | 6863 | 6878 | 0.33% |
|  |  |  |  |  |  | $7121 | $7136 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AKAM Buyer, Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 2/27/2032 | $- | $(29) | $(29) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AKAM Buyer, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 2/27/2032 | - | (11) | (11) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AKAM Buyer, Inc. Term A Loan | (3)(4)(5)(7) | 1M SOFR + 4.75% / 0.75% | 8.42% | 2/27/2032 | 2158 | 2137 | 2137 | 0.10% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)** 

**March 31, 2026** 

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AKAM Buyer, Inc. Term A Loan | (3)(4)(5)(7)(13) | 1M SOFR + 4.75% / 0.75% | 8.42% | 2/27/2032 | 2158 | 2126 | 2137 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBG, Inc. Initial Term Loan | (4)(5)(7) | 3M SOFR + 6.75% / 1.00% | 10.71% / 0.25% | 1/8/2027 | 6237 | 6131 | 5813 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vacation Rental Brands, LLC 2nd Amendment Delayed Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 8.95% | 5/6/2032 | 134 | 86 | 86 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vacation Rental Brands, LLC Amendment No. 2 Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 8.95% | 5/6/2032 | 2209 | 2189 | 2187 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vacation Rental Brands, LLC Amendment No. 3 Incremental Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.25% / 1.00% | 8.95% | 5/6/2032 | 2993 | 2963 | 2963 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vacation Rental Brands, LLC Closing Date Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.25% / 1.00% | 8.95% | 5/6/2032 | 1724 | 1705 | 1724 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vacation Rental Brands, LLC Closing Date Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 8.95% | 5/6/2032 | 5748 | 5695 | 5748 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vacation Rental Brands, LLC Closing Date Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.25% / 1.00% | 8.95% | 5/6/2032 | 4390 | 4390 | 4390 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vacation Rental Brands, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 5/6/2032 | - | (9) | (7) | 0.00% |
|  |  |  |  |  |  | $27373 | $27138 | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Research & Consulting Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelevation LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 1M SOFR + 4.50% / 0.75% | 8.18% | 1/2/2031 | $2380 | $2341 | $2380 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelevation LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.50% / 0.75% | 8.17% | 1/2/2031 | 2848 | 2813 | 2802 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelevation LLC Initial Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 4.50% / 0.75% | 8.17% | 1/2/2031 | 2995 | 2957 | 2947 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelevation LLC Initial Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 4.50% / 0.75% | 8.17% | 1/2/2031 | 4015 | 3964 | 3951 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelevation LLC Revolving Credit Loan | (3)(4)(5)(6)(7) | 1M SOFR + 4.50% / 0.75% | 8.17% | 1/2/2031 | 826 | 796 | 826 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordion Partners LLC Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 0.75% | 8.68% | 11/17/2031 | 1824 | 1810 | 1823 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordion Partners LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 8.68% | 11/17/2031 | 2952 | 2937 | 2924 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordion Partners LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.00% / 0.75% | 8.68% | 11/17/2031 | 3883 | 3864 | 3847 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordion Partners LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.00% / 0.75% | 8.68% | 11/17/2031 | 4067 | 4047 | 4030 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordion Partners LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 11/17/2031 | - | (8) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordion Partners LLC Second Amendment Term B-2 Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 8.68% | 11/17/2031 | 5462 | 5451 | 5438 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aprio Advisory Group, LLC 2025-2 Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 8/1/2031 | - | (209) | (311) | -0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aprio Advisory Group, LLC Revolving Loan | (3)(4)(5)(6)(7) | 1M SOFR + 4.75% / 0.75% | 8.42% | 8/1/2031 | 312 | 303 | 299 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BDO USA, P.C. 2025 Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.50% / 2.00% | 8.17% | 8/31/2028 | 311 | 309 | 308 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BDO USA, P.C. Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 2.00% | 8.64% | 8/31/2028 | 4875 | 4821 | 4797 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNI Global, LLC Initial Dollar Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.50% / 1.00% | 9.27% | 5/1/2027 | 1255 | 1248 | 1247 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNI Global, LLC Initial Dollar Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 5.50% / 1.00% | 9.27% | 5/1/2027 | 3079 | 3058 | 3058 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNI Global, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 6M SOFR + 0.50% / 1.00% | 0.50% | 5/1/2027 | - | - | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chronicle Parent, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.67% | 4/15/2031 | 692 | 682 | 692 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chronicle Parent, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.67% | 4/15/2031 | 16081 | 16012 | 16081 | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chronicle Parent, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 4/15/2031 | - | (8) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crete PA Holdco, LLC Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.75% / 1.00% | 8.42% | 11/26/2030 | 6479 | 6439 | 6484 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crete PA Holdco, LLC Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.75% / 1.00% | 8.42% | 11/26/2030 | 6512 | 6486 | 6474 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crete PA Holdco, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 11/26/2030 | - | (1) | 1 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crete PA Holdco, LLC Second Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 8.66% | 11/26/2030 | 2784 | 2772 | 2752 | 0.13% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)** 

**March 31, 2026** 

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crete PA Holdco, LLC Third Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.66% | 11/26/2030 | 530 | 517 | 498 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSG Buyer, Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 7/29/2029 | - | (2) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSG Buyer, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.25% / 1.00% | 9.92% | 7/29/2029 | 2072 | 2054 | 2044 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSG Buyer, Inc. Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 6.25% / 1.00% | 9.92% | 7/29/2029 | 3357 | 3326 | 3312 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSG Buyer, Inc. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 6.25% / 1.00% | 9.94% | 7/29/2029 | 74 | 71 | 74 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DCCM, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.75% / 0.75% | 0.75% | 6/24/2032 | - | (42) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DCCM, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.75% / 0.75% | 8.42% | 6/24/2032 | 3540 | 3508 | 3503 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DCCM, LLC Initial Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 4.75% / 0.75% | 8.42% | 6/24/2032 | 1985 | 1967 | 1965 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DCCM, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 4.75% / 0.75% | 8.42% | 6/24/2032 | 3970 | 3933 | 3929 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DCCM, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 6/24/2032 | - | (17) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Intermediate Holdings, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.50% / 0.00% | 9.18% | 8/26/2032 | 15738 | 15595 | 15580 | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Intermediate Holdings, Inc. Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 8/26/2032 | - | (14) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineering Resource Group Buyer, LLC Closing Date Term Loan | (3)(4)(5)(7) | 3M SOFR + 6.00% / 1.50% | 9.67% | 10/27/2030 | 235 | 232 | 231 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineering Resource Group Buyer, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.50% | 1.00% | 10/27/2030 | - | (2) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineering Resource Group Buyer, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.50% | 0.50% | 10/27/2030 | - | (1) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Legal Buyer, Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 1.00% | 8.45% | 7/1/2031 | 492 | 485 | 492 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Legal Buyer, Inc. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 1.00% | 8.42% | 7/1/2031 | 186 | 181 | 186 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Legal Buyer, Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 1.00% | 8.45% | 7/1/2031 | 1676 | 1667 | 1662 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Legal Buyer, Inc. Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 4.75% / 1.00% | 8.45% | 7/1/2031 | 3341 | 3321 | 3312 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gerson Lehrman Group, Inc. Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.25% / 1.00% | 9.10% | 12/13/2027 | 4962 | 4915 | 4951 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovative Discovery, LLC (f/k/a Innovative Discovery Acquisition, LLC) Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 1M SOFR + 1.00% / 1.00% | 1.00% | 12/31/2030 | - | (29) | (30) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovative Discovery, LLC (f/k/a Innovative Discovery Acquisition, LLC) Third Amendment Revolving Loan | (3)(4)(5)(6)(7)(8) | 1M SOFR + 0.50% / 1.00% | 0.50% | 12/31/2030 | - | (9) | (9) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovative Discovery, LLC (f/k/a Innovative Discovery Acquisition, LLC) Third Amendment Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.17% | 12/31/2030 | 19069 | 18886 | 18878 | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Purchaser, LLC Delayed Draw Term Loan (Magna Legal Services) | (3)(4)(5)(7)(12) | 3M SOFR + 4.50% / 0.75% | 8.17% | 11/22/2029 | 1159 | 1159 | 1159 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Purchaser, LLC Initial Term Loan (Magna Legal Services) | (3)(4)(5)(7)(12) | 3M SOFR + 4.50% / 0.75% | 8.17% | 11/22/2029 | 785 | 785 | 785 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Purchaser, LLC Initial Term Loan (Magna Legal Services) | (3)(4)(5)(7)(14) | 3M SOFR + 4.50% / 0.75% | 8.17% | 11/22/2029 | 3357 | 3357 | 3357 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Purchaser, LLC Third Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 11/22/2029 | - | (78) | (82) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGT Impact Holdings, LLC 2025-1 Delayed Draw Term Loan |  | 3M SOFR + 5.00% / 1.00% | 8.63% | 4/10/2029 | 1592 | 1569 | 1592 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGT Impact Holdings, LLC 2025-1 Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.65% | 4/10/2029 | 4672 | 4636 | 4627 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGT Impact Holdings, LLC Revolving Credit Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.00% / 1.00% | 10.75% | 4/10/2029 | 498 | 494 | 492 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NDH Advisors LLC Second Amendment Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 5.00% / 1.00% | 8.67% | 12/3/2031 | 5823 | 5766 | 5766 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRGX Global, Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 12/20/2030 | - | (3) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRGX Global, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.16% | 12/20/2030 | 9320 | 9280 | 9266 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRGX Global, Inc. Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.50% / 1.00% | 9.16% | 12/20/2030 | 3980 | 3966 | 3957 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sagebrush Buyer, LLC Revolving Credit | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 7/1/2030 | - | (8) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sagebrush Buyer, LLC Sagebrush Incremental Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 4.75% / 1.00% | 8.42% | 7/1/2030 | 9515 | 9421 | 9425 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sagebrush Buyer, LLC StoneTurn Incremental Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 4.75% / 1.00% | 8.42% | 7/1/2030 | 5947 | 5888 | 5891 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sagebrush Buyer, LLC Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.75% / 1.00% | 8.42% | 7/1/2030 | 2697 | 2667 | 2653 | 0.13% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)** 

**March 31, 2026**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sagebrush Buyer, LLC Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 4.75% / 1.00% | 8.42% | 7/1/2030 | 3079 | 3044 | 3030 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SourceHOV Tax, LLC Initial Term A Loan | (3)(4)(5)(7)(11) | 3M SOFR + 5.75% / 1.00% | 9.68% | 4/6/2028 | 4849 | 4829 | 4674 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Springline Advisory Intermediate, LLC Second Amendment DDTL | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.67% | 12/1/2031 | 15543 | 15428 | 15396 | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Springline Advisory Intermediate, LLC Second Amendment Revolving Credit | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 12/1/2031 | - | (15) | (19) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Springline Advisory Intermediate, LLC Second Amendment Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.67% | 12/1/2031 | 1915 | 1901 | 1897 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WSRP Advisory, LLC Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 5.25% / 1.00% | 8.95% | 8/6/2032 | 9925 | 9841 | 9816 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vensure Employer Services, Inc. Amendment No. 2 Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.00% / 0.50% | 0.00% | 9/27/2031 | - | (30) | (30) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vensure Employer Services, Inc. Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 0.50% | 8.66% | 9/27/2031 | 1419 | 1403 | 1403 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vensure Employer Services, Inc. Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 0.50% | 8.66% | 9/27/2031 | 6177 | 6126 | 6110 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vensure Employer Services, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.50% | 8.66% | 9/27/2031 | 5769 | 5725 | 5706 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WSRP Advisory LLC First Amendment Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 8.67% | 2/28/2031 | 9990 | 9920 | 9900 | 0.47% |
|  |  |  |  |  |  | $240497 | $240193 | 11.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Restaurants** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooper's Hawk Intermediate Holding, LLC Closing Date Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 0.75% | 9.17% | 7/29/2031 | $1231 | $1213 | $1210 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooper's Hawk Intermediate Holding, LLC Closing Date Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 0.75% | 9.17% | 7/29/2031 | 11234 | 11080 | 11044 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooper's Hawk Intermediate Holding, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 7/29/2031 | - | (16) | (16) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooper's Hawk Intermediate Holding, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 7/29/2031 | - | (15) | (2) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TWH Bidco, LLC Delayed Draw Term A Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 1/22/2032 | - | (16) | (17) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TWH Bidco, LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 1.00% | 8.42% | 1/22/2032 | 12639 | 12580 | 12575 | 0.60% |
|  |  |  |  |  |  | $24826 | $24794 | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Soft Drinks & Non-alcoholic Beverages** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refresh Buyer, LLC Delayed Term Loan (Sunny Sky Products) | (3)(4)(5)(7)(11) | 6M SOFR + 4.75% / 0.75% | 8.35% | 12/23/2028 | $4765 | $4745 | $4765 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialized Consumer Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Step Sports LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 6.50% / 1.00% | 10.20% | 10/2/2029 | $87 | $148 | $80 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Step Sports LLC Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 6.50% / 1.00% | 10.20% | 10/2/2029 | 685 | 677 | 673 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anderson Group Holdings, LLC Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 4.25% / 1.00% | 8.18% | 12/25/2028 | 4848 | 4835 | 4809 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Hour LLC Delayed Term Loan | (4)(5)(7) | 3M SOFR + 5.75% / 0.50% | 9.45% / 3.25% | 5/23/2030 | 200 | 199 | 199 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Hour LLC Revolving Credit | (4)(5)(6)(7) | 3M SOFR + 5.75% / 0.50% | 9.42% / 3.25% | 5/23/2030 | 953 | 942 | 933 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Hour LLC Term Loan | (4)(5)(7)(14) | 3M SOFR + 5.75% / 0.50% | 9.45% / 3.25% | 5/23/2030 | 3391 | 3352 | 3316 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Hour LLC Term Loan | (4)(5)(7)(15) | 3M SOFR + 5.75% / 0.50% | 9.45% / 3.25% | 5/23/2030 | 3672 | 3605 | 3589 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC 2024 Incremental Delayed Draw Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 1.00% | 8.67% | 10/24/2030 | 3625 | 3593 | 3611 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC Revolving Credit Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.67% | 10/24/2029 | 75 | 74 | 74 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC Revolving Credit Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.67% | 10/24/2029 | 139 | 136 | 136 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC 2024 Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 8.67% | 10/24/2030 | 4591 | 4505 | 4552 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC 2024 Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 1.00% | 8.67% | 10/24/2030 | 2052 | 2037 | 2034 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC 2024 Replacement Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 8.67% | 10/24/2030 | 1093 | 1069 | 1083 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC 2024 Replacement Delayed Draw Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 1.00% | 8.67% | 10/24/2030 | 488 | 484 | 484 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC Second Amendment Incremental Delayed DrawTerm Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 8.67% | 10/24/2030 | 2452 | 2431 | 2452 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC Second Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.67% | 10/24/2030 | 834 | 826 | 825 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC Third Amendment Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 1.00% | 8.42% | 10/24/2030 | 488 | 448 | 462 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcticom Group Delayed Draw Term Loan | (4)(5)(7) | 1M SOFR + 8.00% / 1.00% | 11.67% / 4.50% | 12/22/2027 | 49 | 48 | 47 | 0.00% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)**

**March 31, 2026** 

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcticom Group Delayed Draw Term Loan D | (4)(5)(7) | 1M SOFR + 8.00% / 1.00% | 11.67% / 4.50% | 12/22/2027 | 12 | 12 | 12 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcticom Group Term Loan | (4)(5)(7) | 1M SOFR + 8.00% / 1.00% | 11.67% / 4.50% | 12/22/2027 | 208 | 205 | 199 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcticom Group Third Incremental Term Loan | (4)(5)(7) | 1M SOFR + 8.00% / 1.00% | 11.67% / 4.50% | 12/22/2027 | 52 | 51 | 49 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creative Multicare, LLC Closing Date Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 5.25% / 1.00% | 8.92% | 3/27/2030 | 4900 | 4851 | 4822 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HLSG Intermediate, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 1M SOFR + 0.00% / 0.75% | 0.00% | 2/2/2033 | - | (12) | (12) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HLSG Intermediate, LLC Initial Term Loan | (3)(4)(5)(7) | 1M SOFR + 4.75% / 0.75% | 8.42% | 2/2/2033 | 5000 | 4978 | 4975 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HLSG Intermediate, LLC Initial Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 4.75% / 0.75% | 8.42% | 2/2/2033 | 2248 | 2238 | 2237 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HLSG Intermediate, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 2/2/2033 | - | (5) | (5) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Stockton Intermediate II, LLC PIK Term Loan | (4)(5)(7) | FIXED + 13.00% / 0.50% | 0.00 / 13.00% | 5/23/2031 | 2238 | 2141 | 2181 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modigent, LLC Delayed Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 0.75% | 8.70% | 8/23/2028 | 280 | 278 | 279 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PestCo, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 1.00% | 8.40% | 8/6/2030 | 1567 | 1554 | 1561 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PestCo, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 8/6/2030 | - | (5) | (2) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PestCo, LLC Term A Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 1.00% | 8.42% | 8/6/2030 | 6851 | 6824 | 6806 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PestCo, LLC Term A Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 1.00% | 8.42% | 8/6/2030 | 6851 | 6824 | 6806 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quick Quack Car Wash Holdings, LLC 2025 Funded Delayed Draw Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.00% / 0.75% | 8.67% | 6/10/2031 | 8006 | 7930 | 7932 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quick Quack Car Wash Holdings, LLC 2025 Funded Delayed Draw Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 5.00% / 0.75% | 8.67% | 6/10/2031 | 319 | 315 | 316 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quick Quack Car Wash Holdings, LLC 2025 Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 0.75% | 8.67% | 6/10/2031 | 1734 | 1658 | 1732 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VPP Intermediate Holdings, LLC Amendment No. 3 Delayed Draw Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.75% / 1.00% | 9.42% | 12/1/2027 | 663 | 657 | 663 | 0.03% |
|  |  |  |  |  |  | $69903 | $69910 | 3.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialized Finance** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinox Buyer, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 7/28/2031 | $- | $(7) | $(1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinox Buyer, LLC Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 5.25% / 1.00% | 8.92% | 7/28/2031 | 5430 | 5383 | 5368 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MIV Buyer, LLC Term A Loan | (3)(4)(5)(7)(11) | 3M SOFR + 4.75% / 0.75% | 8.45% | 9/19/2031 | 5985 | 5931 | 5920 | 0.28% |
|  |  |  |  |  |  | $11307 | $11287 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialty Chemicals** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charkit Chemical Company, LLC Term Loan A | (3)(4)(5)(7)(11) | 3M SOFR + 4.88% / 1.00% | 8.73% | 12/29/2026 | 4268 | 4259 | 4268 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket BidCo, Inc. Term Loan (Recochem) | (3)(5)(7)(12)(24)(25) | 3M SOFR + 4.75% / 1.00% | 8.41% | 11/1/2030 | 11109 | 10941 | 10842 | 0.52% |
|  |  |  |  |  |  | $15200 | $15110 | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Systems Software** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Falcon Buyer, Inc. Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.16% | 8/1/2029 | $2120 | $2082 | $2060 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Falcon Buyer, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 8/1/2029 | - | (5) | (3) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computer Services, Inc. 2025 Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.50% / 0.00% | 8.20% | 11/17/2031 | 1046 | 1040 | 1038 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computer Services, Inc. 2025-1 Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 11/17/2031 | - | - | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digicert, Inc. Revolver | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 7/10/2030 | - | (16) | (10) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DigiCert, Inc. Seventh Amendment Specified Refinancing Term B1 Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.75% / 0.75% | 9.42% | 7/10/2030 | 16704 | 16480 | 16321 | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ES Ventures LLC CF Power Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.75% / 1.00% | 8.41% | 12/13/2028 | 349 | 348 | 346 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ES Ventures LLC Illume Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.75% / 1.00% | 8.41% | 12/13/2028 | 166 | 164 | 163 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ES Ventures LLC Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.75% / 1.00% | 8.41% | 12/13/2028 | 1305 | 1295 | 1286 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ES Ventures LLC Opinion Dynamics Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.75% / 1.00% | 8.41% | 12/13/2028 | 399 | 398 | 396 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ES Ventures LLC Term A Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 1.00% | 8.41% | 12/13/2028 | 921 | 913 | 908 | 0.04% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)** 

**March 31, 2026** 

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saturn Borrower Inc Tenth Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 11/13/2028 | - | (11) | (37) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saturn Borrower Inc Tenth Amendment New Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.00% / 1.00% | 9.70% | 11/13/2028 | 5880 | 5801 | 5759 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saturn Borrower Inc Tenth Amendment Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 6.00% / 1.00% | 9.70% | 11/13/2028 | 253 | 243 | 236 | 0.01% |
|  |  |  |  |  |  | $28732 | $28462 | 1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Technology Distributors** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DecisionPoint Technologies, Inc. Second Amendment Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.75% / 1.00% | 9.46% | 8/31/2029 | $35 | $34 | $34 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DecisionPoint Technologies, Inc. Second Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.75% / 1.00% | 9.46% | 8/31/2029 | 519 | 513 | 515 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DecisionPoint Technologies, Inc. Second Amendment Incremental Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.75% / 1.00% | 9.42% | 8/31/2029 | 245 | 240 | 243 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivy Technology Parent Intermediate III Holdings, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.38% / 1.00% | 9.04% | 2/5/2031 | 6440 | 6356 | 6348 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivy Technology Parent Intermediate III Holdings, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 2/5/2031 | - | (11) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thames Technology Holdings, Inc. Delayed Draw Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.75% / 1.00% | 9.45% | 8/31/2029 | 777 | 777 | 777 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thames Technology Holdings, Inc. First Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.75% / 1.00% | 9.41% | 8/31/2029 | 1568 | 1548 | 1544 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thames Technology Holdings, Inc. First Amendment Incremental Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.75% / 1.00% | 9.41% | 8/31/2029 | 3357 | 3319 | 3307 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thames Technology Holdings, Inc. Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.75% / 1.00% | 9.41% | 8/31/2029 | 3337 | 3248 | 3260 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thames Technology Holdings, Inc. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 1.00% | 11.50% | 8/31/2029 | 473 | 473 | 473 | 0.02% |
|  |  |  |  |  |  | $16497 | $16501 | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trading Companies & Distributors** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AFC-Dell Holding Corp. Closing Date Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.67% | 4/9/2027 | $2119 | $2100 | $2105 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AFC-Dell Holding Corp. Revolving Loan B | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.67% | 10/9/2028 | 18 | 17 | 18 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hills Distribution, Inc. Amendment No. 2 Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.15% | 11/8/2029 | 234 | 233 | 232 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hills Distribution, Inc. Amendment No.2 Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 11/8/2029 | - | - | (4) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hills Distribution, Inc. Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.15% | 11/8/2029 | 913 | 905 | 913 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hills Distribution, Inc. Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.15% | 11/8/2029 | 113 | 112 | 112 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hills Distribution, Inc. Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.21% | 11/8/2029 | 177 | 176 | 174 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hills Distribution, Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.21% | 11/8/2029 | 1435 | 1421 | 1413 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hultec Buyer, LLC Term Loan A | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.35% | 3/31/2029 | 1532 | 1511 | 1498 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hultec Buyer, LLC Term Loan A | (3)(4)(5)(7)(14) | 3M SOFR + 5.50% / 1.00% | 9.35% | 3/31/2029 | 3281 | 3232 | 3208 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lindstrom, LLC Initial Revolving Credit Loan | (3)(4)(5)(6)(7) | 6M SOFR + 5.50% / 0.75% | 9.24% | 12/30/2032 | 453 | 422 | 419 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lindstrom, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 6M SOFR + 5.50% / 0.75% | 9.24% | 12/30/2032 | 16451 | 16211 | 16184 | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NWP Acquisition Holdings, LLC 2026 Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 11/21/2030 | - | (32) | (34) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NWP Acquisition Holdings, LLC 2026 Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.25% / 1.00% | 8.95% | 11/21/2030 | 429 | 423 | 423 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NWP Acquisition Holdings, LLC 2026 Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.25% / 1.00% | 8.95% | 11/21/2030 | 107 | 106 | 106 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NWP Acquisition Holdings, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 11/21/2030 | - | (7) | (7) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Fox CD Acquisition Corporation Amendment No. 2 Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 6.00% / 1.00% | 9.71% | 3/4/2030 | 2783 | 2705 | 2687 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Fox CD Acquisition Corparation Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 6.00% / 1.00% | 9.70% | 3/4/2030 | 3357 | 3303 | 3288 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Fox CD Acquisition Corparation Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 6.00% / 1.00% | 9.70% | 3/4/2030 | 3503 | 3439 | 3431 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P.T. International LLC Delayed Draw Term Loan | (3)(4)(5)(7)(11) | 1M SOFR + 4.50% / 1.00% | 8.27% | 6/30/2027 | 4874 | 4862 | 4867 | 0.23% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)** 

**March 31, 2026** 

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal / Shares** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SureWerx Purchaser III, Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 12/28/2029 | - | - | (3) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SureWerx Purchaser III, LLC Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.25% / 0.75% | 8.95% | 12/28/2029 | 2233 | 2220 | 2214 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trench Plate Rental Co. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.30% | 12/4/2028 | 5310 | 5296 | 5298 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trench Plate Rental Co. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 1.00% | 9.27% | 12/4/2028 | 474 | 473 | 473 | 0.02% |
|  |  |  |  |  |  | $49128 | $49015 | 2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total First Lien Senior Secured** |  |  |  |  |  | $3231042 | $3219176 | 154.10% |
| &nbsp;&nbsp;&nbsp;**Subordinated Notes** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Management & Custody Banks** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle US CLO 2025-2, Ltd Subordinated Notes | (3)(5)(25)(26)(27)(28) | N/A | N/A | 7/25/2038 | $11407 | $9977 | $8931 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financial Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audax Senior Debt CLO 12 LLC Sub Notes | (3)(5)(25)(26)(27)(28) | N/A | N/A | 4/22/2037 | $- | $2029 | $1998 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2024-V Sub Notes Reg S | (3)(5)(25)(27)(28) | N/A | N/A | 1/22/2038 | 5717 | 4859 | 4904 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2025-IX _Equity | (3)(5)(25)(27)(28) | N/A | N/A | 12/31/2033 | 6155 | 5417 | 5280 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Credit Partners Direct Lending CLO 2025-1 Ltd. | (3)(5)(25)(26)(27)(28) | N/A | N/A | 12/31/2032 | 16315 | 15155 | 15590 | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NXT Capital CLO 2026-2, Ltd. | (3)(5)(25)(26)(27)(28) | N/A | N/A | 3/9/2031 | 3186 | 3186 | 3186 | 0.15% |
|  |  |  |  |  |  | $30646 | $30958 | 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Subordinated Notes** |  |  |  |  |  | $40623 | $39889 | 1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  | $3271665 | $3259065 | 156.27% |
| **Non-Controlled, Non-Affiliated Equity Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Preferred Equity** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Air Freight & Logistics** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amex Holding III Corp Equity 16th December 2025 | (5)(11)(25) | N/A | N/A | N/A | 4892 | $1989 | $436 | 0.02% |
| **Non-Controlled, Non-Affiliated Private Credit Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Limited Partnership Interests** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Management & Custody Banks** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26N DL Sidecar Fund I LP | (6)(16)(17)(25)(30) | N/A | N/A | N/A | $6250 | $6250 | $6250 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Castlelake Consumer Receivables Opportunity III, L.P. Fund | (6)(16)(17)(18)(25) | N/A | N/A | N/A | 2558 | 2615 | 4676 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Castlelake Consumer Receivables Opportunity IV, L.P. Fund | (6)(16)(17)(19)(25) | N/A | N/A | N/A | 5122 | 5143 | 6062 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diameter Credit Company Common Shares | (16)(17)(20)(25) | N/A | N/A | N/A | 10000 | 10625 | 10728 | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Evergreen Private Credit Fund LP | (6)(16)(17)(21)(25) | N/A | N/A | N/A | 19508 | 19508 | 23440 | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hercules Growth Lending Fund IV LP | (6)(16)(17)(22)(25) | N/A | N/A | N/A | 3083 | 3083 | 3196 | 0.15% |
|  |  |  |  |  |  | $47224 | $54352 | 2.59% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)** 

**March 31, 2026** 

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal / Shares** | **Cost\*** | **Fair Value** | **Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Non-Controlled, Non-Affiliated Private Credit Funds** |  |  |  |  |  | $47224 | $54352 | 2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** |  |  |  |  |  | $3320878 | $3313853 | 158.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash Equivalents and Restricted Cash Equivalents** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Treasury Portfolio - Institutional Class, 3.48% (91,695 shares) | (4)(23) | N/A | N/A | N/A | N/A | $91695 | $91695 | 4.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Liabilities Less Other Assets** |  |  |  |  |  |  | $(1316616) | (63.27)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets** |  |  |  |  |  |  | $2088932 | 100.00% |

---

<sup>For non-controlled, non-affiliated debt investments, cost represents amortized cost.</sup>

<sup>(1)</sup> <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</sup><sup>25</sup><sup>% or less of the portfolio company's voting securities and "controlled" when the Company owns more than</sup><sup>25</sup><sup>% 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</sup><sup>5</sup><sup>% 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>

<sup>(2)</sup> <sup>Unless otherwise indicated, investment is U.S. domiciled and no investment represents a</sup><sup>5</sup><sup>% or more interest in any outstanding class of voting security of the portfolio company.</sup>

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

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

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

<sup>(6)</sup> <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>

<sup>(7)</sup> <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</sup><sup>March 31, 2026. The interest rate disclosed is based on the reference rate as of the last reset date which may differ from the reference rate as of March 31, 2026. As of March 31, 2026</sup><sup>, effective rates for</sup>1 Month ("M") S<sup>,</sup>3M S<sup>,</sup>6M S<sup>and</sup>PRIME<sup>are</sup><sup>3.65</sup><sup>%,</sup><sup>3.68</sup><sup>%,</sup><sup>3.86</sup><sup>% and</sup><sup>6.75</sup><sup>%, respectively. For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of</sup><sup>March 31, 2026</sup><sup>. Certain investments are subject to a floor and have been provided.</sup>

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

<sup>(9)</sup> <sup>Investment is domiciled in the United Kingdom.</sup>

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

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

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

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

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

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

<sup>(16)</sup> <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>

<sup>(17)</sup> <sup>Private credit funds typically do not permit redemptions or withdrawals, except at the discretion of their general partner, manager, or advisor. Final distribution dates are generally unknown unless specified. These investments are fair valued using net asset value as the practical expedient, unless otherwise noted, and are usually acquired through private placements with contractual resale restrictions that do not lapse. Each investment may have been purchased on different dates and for varying amounts. Total fair value of restricted private credit funds as of</sup><sup>March 31, 2026</sup><sup>was $</sup><sup>54,352</sup><sup>or</sup><sup>2.59</sup><sup>% of net assets.</sup>

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

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

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

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

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

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

<sup>(24)</sup> <sup>Investment is domiciled in Canada.</sup>

<sup>(25)</sup> <sup>The Company has determined the indicated investments are non-qualifying assets under Section 55(a) of the 1940 Act. Under the 1940 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>

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

<sup>(27)</sup> <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>

<sup>(28)</sup> <sup>Investment is domiciled in Cayman Islands.</sup>

<sup>(29)</sup> <sup>Investment was on non-accrual status as of</sup><sup>March 31, 2026</sup>

<sup>(30)</sup> <sup>Investment was acquired on October 23, 2025.</sup>

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments (Unaudited)** 

**March 31, 2026** 

*(in thousands, except share amounts and percentages)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps** <sup>(a)(b)(c)(d)</sup> | **Interest Rate Swaps** <sup>(a)(b)(c)(d)</sup> | **Interest Rate Swaps** <sup>(a)(b)(c)(d)</sup> | **Interest Rate Swaps** <sup>(a)(b)(c)(d)</sup> | **Interest Rate Swaps** <sup>(a)(b)(c)(d)</sup> | **Interest Rate Swaps** <sup>(a)(b)(c)(d)</sup> | **Interest Rate Swaps** <sup>(a)(b)(c)(d)</sup> |
| **Counterparty** | **Hedged<br>Instrument** | **Company<br>Receives** | **Company<br>Pays** | **Maturity<br>Date** | **Notional<br>Amount** | **Fair Value** |
| Wells Fargo Bank, NA | 2025 Senior Notes - Tranche A | 5.94% | 3M SOFR + 2.525% | 12/17/2028 | $75000 | $(538) |
| Wells Fargo Bank, NA | 2025 Senior Notes - Tranche B | 5.94% | 3M SOFR + 2.542% | 3/17/2029 | 75000 | (586) |
| Wells Fargo Bank, NA | 2025 Senior Notes - Tranche C | 6.32% | 3M SOFR + 2.7955% | 12/17/2030 | 75000 | (604) |
| Wells Fargo Bank, NA | 2025 Senior Notes - Tranche D | 6.32% | 3M SOFR + 2.7925% | 3/17/2031 | 75000 | (623) |
|  |  |  |  |  | $300000 | $(2351) |

---

<sup>(a)</sup><sup>Contains a variable rate structure. Bears interest at a rate determined by SOFR.</sup>

<sup>(b)</sup> <sup>Instrument is used in a hedge accounting relationship. The associated change in fair value is recorded along with the change in fair value of the hedging item within interest expense in the Consolidated Statements of Operations. For further details, see Note 2 "Significant Accounting Policies" and Note 4 "Borrowings".</sup>

<sup>(c)</sup><sup>The Company's interest rate swaps are cleared over-the-counter.</sup>

<sup>(d)</sup><sup>Interest is paid semi-annually.</sup>

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**First Lien Senior Secured** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Advertising** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amplify Buyer, Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 8.42% | 9/17/2032 | $9000 | $8957 | $8944 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amplify Buyer, Inc. Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 0.75% | 8.42% | 9/17/2032 | 9000 | 8957 | 8944 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assembled Intelligence LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 8.92% | 5/3/2029 | 1250 | 1241 | 1241 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnegie Dartlet, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.50% / 1.00% | 9.22% | 2/7/2030 | 42 | 41 | 41 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnegie Dartlet, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.50% / 1.00% | 9.22% | 2/7/2030 | 501 | 495 | 492 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnegie Dartlet, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 2/7/2030 |  | (1) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comet Bidco Limited Facility B (USD) Loan | (3)(4)(5)(7)(13)(32) | 3M SOFR + 5.00% / 0.00% | 8.76% | 11/12/2032 | 10164 | 10065 | 10062 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finn Partners, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.50% / 1.00% | 10.32% | 7/1/2026 | 1654 | 1650 | 1651 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finn Partners, Inc. Second Amendment Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 6.50% / 1.00% | 10.32% | 7/1/2026 | 3208 | 3197 | 3197 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gator Plastic Intermediate Holdings, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 7.25% / 1.50% | 10.98% | 10/14/2027 | 4099 | 4036 | 4056 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gator Plastic Intermediate Holdings, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.50% | 0.50% | 10/14/2027 |  | (11) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kite Midco II LTD Term Loan B1 | (3)(4)(5)(7)(10)(32) | 6M SOFR + 4.50% / 0.00% | 8.23% | 11/19/2031 | 5290 | 5222 | 5203 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kite Midco II LTD Term Loan B1 | (3)(4)(5)(7)(12)(32) | 6M SOFR + 4.50% / 0.00% | 8.23% | 11/19/2031 | 5290 | 5222 | 5203 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kite Midco II LTD Term Loan B2 | (3)(4)(5)(6)(7)(8)(10)(32) | 3M SOFR + 1.00% / 0.00% | 1.00% | 11/19/2031 |  | (8) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kite Midco II LTD Term Loan B2 | (3)(4)(5)(6)(7)(8)(12)(32) | 3M SOFR + 1.00% / 0.00% | 1.00% | 11/19/2031 |  | (8) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minds Buyer, LLC Revolving Credit | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 5/3/2029 |  | (3) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minds Buyer, LLC Second Amendment Incremental Term Loan (First Lien) | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 8.67% | 5/3/2029 | 3838 | 3823 | 3826 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minds Buyer, LLC Second Amendment Incremental Term Loan (First Lien) | (3)(4)(5)(7)(14) | 3M SOFR + 5.00% / 1.00% | 8.67% | 5/3/2029 | 3366 | 3346 | 3356 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minds Buyer, LLC Second Amendment Incremental Term Loan (First Lien) | (3)(4)(5)(7)(15) | 3M SOFR + 5.00% / 1.00% | 8.67% | 5/3/2029 | 4057 | 4024 | 4044 | 0.22% |
|  |  |  |  |  |  | $60245 | $60258 | 3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aviation Technical Services, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 7/12/2029 | $— | $(3) | $(4) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aviation Technical Services, Inc. Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.75% / 1.00% | 9.65% | 7/12/2029 | 584 | 580 | 579 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aviation Technical Services, Inc. Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.75% / 1.00% | 9.65% | 7/12/2029 | 3366 | 3345 | 3338 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heads Up Technologies, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.25% | 7/23/2030 | 5804 | 5775 | 5773 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heads Up Technologies, Inc. Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.25% / 1.00% | 9.25% | 7/23/2030 | 5985 | 5985 | 5954 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heads Up Technologies, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 7/23/2030 |  | (5) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAG Holding Corp. Amendment No. 2 Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 1.00% | 8.42% | 12/21/2029 | 1972 | 1963 | 1962 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAG Holding Corp. Revolving Loan | (3)(4)(5)(6)(7) | PRIME + 3.75% / 1.00% | 10.50% | 12/21/2029 | 294 | 285 | 276 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAG Holding Corp. Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 1.00% | 8.42% | 12/21/2029 | 11133 | 11059 | 10969 | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPW Aero Buyer, Inc. 2024 Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 9/30/2031 |  | (3) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPW Aero Buyer, Inc. 2025 Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.00% / 1.00% | 8.67% | 9/30/2031 | 494 | 491 | 491 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPW Aero Buyer, Inc. Delayed Draw Term Loan 1 | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 1.00% | 8.67% | 9/30/2031 | 3578 | 3534 | 3578 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPW Aero Buyer, Inc. Term Loan (Whitcraft LLC) | (3)(4)(5)(7)(10) | 3M SOFR + 5.00% / 1.00% | 8.67% | 2/15/2029 | 4887 | 4887 | 4887 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sigma Defense Systems LLC Delayed Draw Term A Loan | (3)(4)(5)(6)(7)(8) | 1M SOFR + 1.00% / 1.00% | 1.00% | 12/18/2027 |  | (9) | (6) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sigma Defense Systems LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 6.25% / 1.00% | 10.12% | 12/18/2027 | 2229 | 2196 | 2199 | 0.12% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sigma Defense Systems LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 12/18/2027 |  | (1) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyMark Refuelers, LLC Delayed Draw Term Loan A | (3)(4)(5)(6)(7) | 3M SOFR + 4.50% / 0.00% | 8.20% | 12/16/2032 | 2169 | 2137 | 2137 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyMark Refuelers, LLC Delayed Draw Term Loan B | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.00% / 0.00% | 0.00% | 12/16/2032 |  | (48) | (48) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyMark Refuelers, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.00% | 0.50% | 12/16/2032 |  | (24) | (24) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyMark Refuelers, LLC Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.50% / 0.00% | 8.21% | 12/16/2032 | 9580 | 9485 | 9484 | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Systems Planning and Analysis, Inc Delayed Draw Term Loan 1L (Add-On) 2/24 | (3)(4)(5)(7) | 3M SOFR + 4.75% / 1.00% | 8.42% | 8/16/2027 | 59 | 59 | 59 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Systems Planning and Analysis, Inc Delayed Draw Term Loan 1L 6/22 | (3)(4)(5)(7) | 3M SOFR + 4.75% / 1.00% | 8.92% | 8/16/2027 | 3154 | 3154 | 3154 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | 1205 | 1199 | 1205 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Systems Planning and Analysis, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 1.00% | 8.42% | 8/16/2027 | 2305 | 2305 | 2305 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Systems Planning and Analysis, Inc. Revolving Loan | (3)(4)(5)(6)(7) | PRIME + 6.62% / 1.00% | 13.37% | 8/16/2027 | 940 | 939 | 940 | 0.05% |
|  |  |  |  |  |  | $59285 | $59208 | 3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Air Freight & Logistics** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMEX Holding III Corp Delayed Draw Term Loan | (4)(5)(7)(11)(29) | FIXED + 0.00% / 1.00% | 9.96% /<br>5.50% | 3/31/2028 | $153 | $152 | $151 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMEX Holding III Corp Term Loan | (4)(5)(7)(11)(29) | FIXED + 0.00% / 1.00% | 9.99% /<br>5.50% | 3/31/2028 | 3437 | 3422 | 3402 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gulf Winds International Acquisition, LLC Term Loan | (3)(4)(5)(6)(7)(10) | 1M SOFR + 7.00% / 1.00% | 10.72% | 12/16/2028 | 4904 | 4900 | 4665 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITS Buyer Inc. Initial Term Loan | (3)(4)(5)(7) | 1M SOFR + 6.00% / 1.00% | 9.83% | 6/14/2027 | 5194 | 5163 | 5155 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITS Buyer Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 5.50% / 1.00% | 5.50% | 6/14/2027 |  | (5) | (7) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solairus Holdings, LLC Initial Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 4.75% / 1.00% | 8.72% | 7/22/2030 | 1189 | 1170 | 1189 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solairus Holdings, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 4.75% / 1.00% | 8.72% | 7/22/2030 | 3226 | 3226 | 3224 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solairus Holdings, LLC Revolver | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 1/24/2029 |  |  |  | 0.00% |
|  |  |  |  |  |  | $18027 | $17779 | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Alternative Carriers** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meriplex Communications, Ltd. Initial Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 5.00% / 0.75% | 8.82% | 7/17/2028 | $1734 | $1735 | $1733 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meriplex Communications, Ltd. Initial Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 5.00% / 0.75% | 8.82% | 7/17/2028 | 3177 | 3177 | 3177 | 0.17% |
|  |  |  |  |  |  | $4912 | $4910 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Apparel Retail** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightmore Brands LLC Original Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 9.31% / 1.50% | 13.31% | 9/10/2029 | $2590 | $2553 | $2550 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightmore Brands LLC Original Term Loan | (3)(4)(5)(7) | 3M SOFR + 9.31% / 1.50% | 13.31% | 9/10/2029 | 3400 | 3358 | 3348 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightmore Brands LLC Original Term Loan | (3)(4)(5)(7) | 3M SOFR + 9.31% / 1.50% | 13.31% | 9/10/2029 | 4000 | 3944 | 3939 | 0.21% |
|  |  |  |  |  |  | $9855 | $9837 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Apparel, Accessories & Luxury Goods** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halo Buyer, Inc. Closing Date Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.00% / 1.00% | 9.72% | 8/7/2029 | $7768 | $7638 | $7584 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halo Buyer, Inc. Closing Date Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 6.00% / 1.00% | 9.72% | 8/7/2029 | 4015 | 3932 | 3920 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halo Buyer, Inc. Revolving Loan | (3)(4)(5)(6)(7) | PRIME + 6.00% / 1.00% | 12.75% | 8/7/2029 | 638 | 609 | 635 | 0.03% |
|  |  |  |  |  |  | $12179 | $12139 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Application Software** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anaplan, Inc. Fourth Amendment Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 4.50% / 0.75% | 8.32% | 6/21/2029 | $4950 | $4935 | $4944 | 0.27% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |  | (8) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptean Acquiror Inc. Revolving Credit | (3)(4)(5)(6)(7) | 1M SOFR + 4.75% / 0.75% | 8.57% | 1/30/2031 | 206 | 205 | 194 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptean Acquiror Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 8.57% | 1/30/2031 | 12504 | 12437 | 12504 | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASYS LLC First Amendment Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 4.50% / 1.00% | 8.50% | 12/9/2027 | 4265 | 4250 | 4265 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bottomline Technologies, Inc.(Legal Spend Holdings, LLC) 2025-1 Refinancing Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 4.50% / 0.75% | 8.17% | 5/14/2029 | 253 | 253 | 253 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dealer Services Network, LLC Second Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.49% | 2/9/2027 | 1302 | 1295 | 1294 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dealer Services Network, LLC Second Amendment Incremental Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.50% / 1.00% | 9.49% | 2/9/2027 | 3369 | 3350 | 3349 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dealer Services Network, LLC Second Amendment Incremental Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.50% / 1.00% | 9.49% | 2/9/2027 | 4025 | 3999 | 4002 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dealer Services Network, LLC Third Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.43% | 2/9/2027 | 744 | 738 | 738 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversis Tempo HoldCo, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.25% / 0.75% | 9.66% /<br>3.50% | 8/22/2031 | 9232 | 9120 | 9124 | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Durare Bidco, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.50% | 9.66% /<br>3.50% | 8/9/2032 |  | (16) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Durare Bidco, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.50% | 8.62% | 8/9/2032 | 6477 | 6445 | 6447 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Durare Bidco, LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 0.50% | 8.62% | 8/9/2032 | 6477 | 6445 | 6447 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Durare Bidco, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.50% | 0.50% | 8/9/2032 |  | (8) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Echo Purchaser, Inc. Delayed Draw Term Loan (Exostar) | (3)(4)(5)(7)(10) | 1M SOFR + 5.50% / 0.75% | 9.22% | 11/19/2029 | 55 | 54 | 55 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Echo Purchaser, Inc. Term Loan (Exostar) | (3)(4)(5)(7)(10) | 1M SOFR + 5.50% / 0.75% | 9.22% | 11/19/2029 | 636 | 631 | 630 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Einstein Parent, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 1/22/2031 |  | (17) | (11) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Einstein Parent, Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.50% / 0.75% | 10.36% | 1/22/2031 | 9688 | 9518 | 9393 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empower Payments Investor, LLC Third Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 3/12/2031 |  | (23) | (24) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empower Payments Investor, LLC Third Amendment Incremental Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.50% / 0.75% | 8.37% | 3/12/2031 | 7962 | 7886 | 7882 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everbridge Holdings, LLC Closing Date Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 8.98% | 7/2/2031 | 5500 | 5476 | 5466 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everbridge Holdings, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 0.75% | 8.98% | 7/2/2031 | 539 | 535 | 537 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everbridge Holdings, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 6M SOFR + 0.38% / 0.75% | 0.38% | 7/2/2031 |  | (2) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fullsteam Operations LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.25% / 0.75% | 9.11% | 8/8/2031 | 3413 | 3380 | 3380 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fullsteam Operations LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 8/8/2031 |  | (4) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Acquisitionco, Inc. Eighth Suplemental Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 5/25/2028 |  | (1) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Acquisitionco, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 8.92% | 5/25/2028 | 3157 | 3147 | 3157 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Acquisitionco, Inc. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 8.92% | 5/25/2028 | 443 | 439 | 440 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Acquisitionco, Inc. Seventh Suplemental Delayed Draw Term Loan | (3)(4)(5)(6)(7)(12) | 3M SOFR + 5.25% / 1.00% | 8.92% | 5/25/2028 | 585 | 578 | 585 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LeadVenture, Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 0.75% | 8.42% | 6/23/2032 | 785 | 763 | 785 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LeadVenture, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 8.42% | 6/23/2032 | 6506 | 6459 | 6469 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LeadVenture, Inc. Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 0.75% | 8.42% | 6/23/2032 | 5985 | 5944 | 5951 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LeadVenture, Inc. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 0.75% | 8.57% | 6/23/2032 | 239 | 230 | 239 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legitscript LLC Delayed Draw Loan | (3)(4)(5)(7)(10) | 1M SOFR + 5.75% / 0.75% | 9.47% | 6/24/2029 | 99 | 98 | 99 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legitscript LLC Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 5.75% / 0.75% | 9.47% | 6/24/2029 | 3851 | 3812 | 3851 | 0.21% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mountain Parent, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 8.75% | 6/27/2031 | 5641 | 5594 | 5547 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMI Acquisitionco, Inc. Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.50% / 0.75% | 8.32% | 9/6/2028 | 1143 | 1129 | 1143 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMI Acquisitionco, Inc. October 2021 Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.50% / 0.75% | 8.32% | 9/6/2028 | 349 | 345 | 344 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMI Acquisitionco, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 9/6/2028 |  | (4) | (5) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMI Acquisitionco, Inc. Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.50% / 0.75% | 8.32% | 9/6/2028 | 1872 | 1850 | 1825 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optimizely North America Inc. (USD) Revolving Credit | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 10/30/2031 |  | (10) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optimizely North America Inc. (USD) Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 5.00% / 0.75% | 8.72% | 10/30/2031 | 7462 | 7385 | 7385 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optimizely North America Inc. (USD) Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.00% / 0.75% | 8.72% | 10/30/2031 | 5210 | 5165 | 5156 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Purchaser, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 6M SOFR + 6.25% / 1.00% | 9.85% | 10/2/2028 | 1932 | 1898 | 1901 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDI TA Holdings, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 0.75% | 9.34% | 2/3/2031 | 6848 | 6805 | 6848 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDI TA Holdings, Inc. Revolving Credit | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 0.75% | 9.34% | 2/3/2031 | 411 | 411 | 407 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PracticeTek Purchaser, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 5.75% / 1.00% | 9.47% | 8/30/2029 | 28 | 28 | 28 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PracticeTek Purchaser, LLC Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 5.75% / 1.00% | 9.47% | 8/30/2029 | 1939 | 1916 | 1897 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saab Purchaser, Inc. First Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 11/22/2031 |  | (26) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAAB Purchaser, Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 8.75% | 11/22/2031 | 5526 | 5500 | 5502 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAAB Purchaser, Inc._Revolver | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.38% / 0.75% | 0.38% | 11/22/2031 |  | (3) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Purchaser, Inc. Revolving Credit | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 4/1/2030 |  |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Purchaser, Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 0.75% | 9.17% | 4/1/2031 | 1745 | 1716 | 1712 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Purchaser, Inc. Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.50% / 0.75% | 9.17% | 4/1/2031 | 3366 | 3307 | 3303 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superjet Buyer, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR + 5.00% / 0.75% | 8.82% | 5/23/2030 | 991 | 983 | 879 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superjet Buyer, LLC Initial Term Loan (EFI Productivity Software) | (3)(4)(5)(7)(10) | 3M SOFR + 5.00% / 0.75% | 8.82% | 5/23/2030 | 209 | 208 | 207 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superjet Buyer, LLC Third Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 8.82% | 5/23/2030 | 1485 | 1473 | 1451 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superjet Buyer, LLC Third Amendment Incremental Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.00% / 0.75% | 8.82% | 5/23/2030 | 3366 | 3338 | 3290 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synchronoss Technologies, Inc. First Amendment Loan | (3)(4)(5)(7)(12) | 3M SOFR + 7.00% / 2.50% | 10.87% | 4/24/2029 | 6922 | 6806 | 6787 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synchronoss Technologies, Inc. First Amendment Loan | (3)(4)(5)(7)(14) | 3M SOFR + 7.00% / 2.50% | 10.87% | 4/24/2029 | 3055 | 3003 | 2996 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synchronoss Technologies, Inc. First Amendment Loan | (3)(4)(5)(7)(15) | 3M SOFR + 7.00% / 2.50% | 10.87% | 4/24/2029 | 4077 | 4001 | 3998 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tau Buyer, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 0.75% | 8.42% | 2/2/2032 | 1006 | 995 | 999 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tau Buyer, LLC Revolving Credit | (3)(4)(5)(6)(7) | 1M SOFR + 4.75% / 0.75% | 8.42% | 2/2/2032 | 91 | 86 | 86 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tau Buyer, LLC Term B Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 8.42% | 2/2/2032 | 4383 | 4343 | 4339 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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% | 8.67% | 8/30/2029 | 461 | 459 | 458 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCP Hawker Intermediate LLC Ninth Amendment Delayed Draw Term Loan 11/24 | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 8/30/2029 |  |  | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCP Hawker Intermediate LLC Ninth Amendment Incremental Term Loan 11/24 | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 8.67% | 8/30/2029 | 17 | 17 | 17 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trintech Inc. Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.50% / 1.00% | 9.22% | 7/25/2030 | 4900 | 4834 | 4832 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upland Software, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.50% | 0.50% | 7/25/2031 |  | (33) | (30) | 0.00% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upland Software, Inc. Term Loan | (3)(4)(5)(7) | 3M SOFR + 6.00% / 1.50% | 9.67% | 7/25/2031 | 15900 | 15632 | 15662 | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vehlo Purchaser, LLC Revolver | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.00% | 0.50% | 5/24/2028 |  | (8) | (8) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vehlo Purchaser, LLC Tranche C Delayed Draw Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.50% / 0.75% | 9.22% | 5/24/2028 | 7873 | 7840 | 7873 | 0.42% |
|  |  |  |  |  |  | $199304 | $199255 | 10.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Management & Custody Banks** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allworth Financial Group, L.P. Fourth Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 1M SOFR + 4.75% / 1.00% | 8.47% | 12/23/2027 | $7787 | $7754 | $7787 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerity Partners Equity Holding LLC 2025 Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 7/30/2029 |  | (21) | (41) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerity Partners Equity Holding LLC 2025 Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.50% / 1.00% | 8.20% | 7/30/2029 | 160 | 159 | 157 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerity Partners Equity Holding LLC 2025 Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.50% / 1.00% | 8.20% | 7/30/2029 | 11322 | 11306 | 11062 | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerity Partners Equity Holding LLC 2025-B Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 6M SOFR + 0.00% / 0.00% | 0.00% | 7/30/2029 |  | (23) | (23) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerity Partners Equity Holding LLC Initial Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.50% / 0.00% | 8.17% | 7/28/2031 | 239 | 235 | 215 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone Advisors of Arizona LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 1.00% | 8.42% | 5/13/2032 | 3283 | 3267 | 3270 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone Advisors of Arizona LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 1.00% | 8.42% | 5/13/2032 | 3283 | 3267 | 3270 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CUB Financing Intermediate, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.00% | 1.00% | 6/28/2030 |  | (196) | (196) | -0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Delayed Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.50% / 1.00% | 9.37% | 12/9/2027 | 535 | 530 | 535 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Fifth Amendment Additional Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.34% | 12/9/2027 | 2079 | 2054 | 2079 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Fifth Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.39% | 12/9/2027 | 1037 | 1025 | 1026 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. First Amendment Additional Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.32% | 12/9/2027 | 284 | 282 | 282 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.17% | 12/9/2027 | 448 | 445 | 446 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 1M SOFR + 0.50% / 1.00% | 0.50% | 12/9/2027 |  | (6) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.32% | 12/9/2027 | 1633 | 1620 | 1618 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.50% / 1.00% | 9.32% | 12/9/2027 | 4015 | 3978 | 3979 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.32% | 12/9/2027 | 1572 | 1556 | 1562 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.50% / 1.00% | 9.32% | 12/9/2027 | 3366 | 3335 | 3346 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Third Amendment Additional Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.50% / 1.00% | 9.34% | 12/9/2027 | 476 | 471 | 476 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeCo Buyer, Inc. Closing Date Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.50% / 1.00% | 8.17% | 6/1/2026 | 1045 | 1045 | 1045 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeCo Buyer, Inc. Delayed Draw Term A Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.50% / 1.00% | 8.17% | 6/1/2026 | 203 | 203 | 203 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeCo Buyer, Inc. Delayed Draw Term B Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.50% / 1.00% | 8.17% | 6/1/2028 | 22 | 22 | 22 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeCo Buyer, Inc. Delayed Draw Term C Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.50% / 1.00% | 8.17% | 6/1/2026 | 59 | 59 | 58 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeCo Buyer, Inc. Delayed Draw Term E Loan | (3)(4)(5)(6)(7) | 1M SOFR + 4.50% / 1.00% | 8.17% | 6/1/2028 | 5506 | 5504 | 5506 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeCo Buyer, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 6/1/2028 |  |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeCo Buyer, Inc. Sixth Amendment Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.50% / 1.00% | 8.17% | 6/1/2028 | 1180 | 1180 | 1180 | 0.06% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Horizon Investments, LLC_Term Loan 2nd Amendment | (3)(4)(5)(7)(11) | 3M SOFR + 4.75% / 1.00% | 8.35% | 8/6/2032 | 9950 | 9858 | 9859 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IEQ Capital, LLC 2024 Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 6M SOFR + 4.50% / 0.75% | 8.12% | 12/22/2028 | 6668 | 6610 | 6668 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IEQ Capital, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.50% / 0.75% | 8.37% | 12/22/2028 | 3511 | 3508 | 3511 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obra Capital, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 7.25% / 1.00% | 11.09% | 6/21/2029 | 7425 | 7314 | 7295 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petra Borrower, LLC Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.75% / 1.00% | 9.45% | 11/15/2030 | 1244 | 1230 | 1244 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petra Borrower, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.75% / 1.00% | 9.65% | 11/15/2030 | 3193 | 3141 | 3142 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petra Borrower, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 11/15/2029 |  | (12) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PMA Parent Holdings, LLC Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.75% / 0.75% | 8.75% | 1/31/2031 | 6414 | 6357 | 6369 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wealth Enhancement Group, LLC 2021 Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.50% / 1.00% | 8.49% | 10/2/2028 | 3746 | 3741 | 3709 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wealth Enhancement Group, LLC December 2020 Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.50% / 1.00% | 8.49% | 10/4/2028 | 1139 | 1135 | 1128 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wealth Enhancement Group, LLC December 2024 Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.50% / 1.00% | 8.50% | 10/2/2028 | 2753 | 2761 | 2770 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wealth Enhancement Group, LLC Initial Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 4.00% / 1.00% | 4.00% | 10/2/2028 |  |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wealth Enhancement Group, LLC May 2022 Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 4.50% / 1.00% | 8.49% | 10/2/2028 | 1966 | 1966 | 1946 | 0.10% |
|  |  |  |  |  |  | $96651 | $96504 | 5.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Auto Parts & Equipment** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arnott, LLC Initial Term Loan | (3)(4)(5)(7)(11) | 6M SOFR + 4.75% / 1.00% | 8.62% | 11/13/2030 | $4935 | $4894 | $4892 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETE Intermediate II LLC Amendment No. 2 Incremental Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 5.00% / 1.00% | 8.72% | 5/29/2029 | 156 | 154 | 152 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETE Intermediate II LLC Revolving Loan | (3)(4)(5)(6)(7)(8)(10) | 3M SOFR + 0.50% / 1.00% | 0.50% | 5/29/2029 |  | (4) | (15) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETE Intermediate II LLC Term Loan A | (3)(4)(5)(7)(10) | 1M SOFR + 5.00% / 1.00% | 8.72% | 5/29/2029 | 1915 | 1881 | 1795 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&D MidCo, Inc. Closing Date Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.00% / 1.00% | 9.97% | 8/31/2028 | 1736 | 1723 | 1711 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&D MidCo, Inc. Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.00% / 1.00% | 9.97% | 8/31/2028 | 582 | 576 | 578 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&D MidCo, Inc. Third Amendment Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.00% / 1.00% | 9.97% | 8/31/2028 | 364 | 363 | 364 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PREMIER TIRE & SERVICE ACQUISITION, LLC 2024-3 Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.50% / 1.00% | 9.24% | 5/29/2029 | 916 | 909 | 898 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Tires & Service Acquisition, LLC Incremental Delayed Draw Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.40% / 1.00% | 9.22% | 5/17/2029 | 1045 | 1046 | 1034 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Tires & Service Acquisition, LLC Incremental Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 5.40% / 1.00% | 9.22% | 5/17/2029 | 1045 | 1040 | 1034 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Tires & Service Acquisition, LLC Incremental Revolving Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.50% / 0.00% | 9.24% | 5/17/2029 | 321 | 311 | 311 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Tires & Service Acquisition, LLC Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.50% / 1.00% | 9.23% | 5/17/2029 | 289 | 287 | 281 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Tires & Service Acquisition, LLC Initial Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 5.50% / 1.00% | 9.22% | 5/17/2029 | 1696 | 1696 | 1670 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Tires & Service Acquisition, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 5.50% / 1.00% | 9.22% | 5/17/2029 | 3185 | 3185 | 3137 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transgo, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.75% / 2.00% | 9.47% | 12/29/2028 | 2052 | 2028 | 2034 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transgo, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 5.75% / 2.00% | 9.47% | 12/29/2028 | 3009 | 2984 | 2984 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transgo, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 2.00% | 0.50% | 12/29/2028 |  |  | (6) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truck-Lite Co., LLC 2025 Incremental Term Loan | (3)(4)(5)(7) | 1M SOFR + 4.75% / 0.75% | 8.48% | 2/13/2032 | 185 | 176 | 179 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truck-Lite Co., LLC 2025 Replacement Term Loan | (3)(4)(5)(7) | 1M SOFR + 4.75% / 0.75% | 8.48% | 2/13/2032 | 6050 | 5989 | 5975 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truck-Lite Co., LLC 2025 Replacement Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 5.00% / 0.75% | 4.50% | 2/13/2031 |  | (7) | (24) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truck-Lite Co., LLC Delayed Draw Term Loan A | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 0.75% | 8.45% | 2/13/2032 | 130 | 128 | 122 | 0.01% |

---

------

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truck-Lite Co., LLC Delayed Draw Term Loan B | (3)(4)(5)(6)(7) | 1M SOFR + 4.75% / 0.75% | 8.48% | 2/13/2032 | 706 | 674 | 639 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |  | (12) | (20) | 0.00% |
|  |  |  |  |  |  | $30022 | $29726 | 1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automobile Manufacturers** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JHCC Holdings LLC 2021-A Incremental Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.25% / 1.00% | 8.92% | 9/9/2027 | $894 | $890 | $893 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JHCC Holdings LLC 2024-A Incremental Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.25% / 1.00% | 8.92% | 9/9/2027 | 791 | 787 | 791 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JHCC Holdings LLC 2024-B Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 8.92% | 9/9/2027 | 282 | 280 | 282 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JHCC Holdings LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.25% / 1.00% | 8.92% | 9/9/2027 | 3994 | 3988 | 3990 | 0.21% |
|  |  |  |  |  |  | $5945 | $5956 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automotive Retail** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABC Technologies Inc. Term Loan B | (3)(5)(7)(12)(24)(25) | 1M SOFR + 0.00% / 0.75% | 0.00% / 11.92% | 8/22/2031 | $9411 | $9085 | $9065 | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epika Fleet Services, Inc. Closing Date Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 8.69% | 4/17/2031 | 3501 | 3476 | 3484 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epika Fleet Services, Inc. Closing Date Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 0.75% | 8.69% | 4/17/2031 | 2000 | 1986 | 1991 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epika Fleet Services, Inc. Closing Date Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.00% / 0.75% | 8.69% | 4/17/2031 | 4000 | 3971 | 3982 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epika Fleet Services, Inc. Delayed Draw Term A Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 0.75% | 8.84% | 4/17/2031 | 2515 | 2497 | 2506 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epika Fleet Services, Inc. Delayed Draw Term B Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 0.75% | 8.69% | 4/17/2031 | 1723 | 1704 | 1723 | 0.09% |
|  |  |  |  |  |  | $22719 | $22751 | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Products** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AllMark Acquisition, LLC Initial Term Loan (AllMark Door) | (3)(4)(5)(7)(11) | 6M SOFR + 5.50% / 1.00% | 9.37% | 5/4/2028 | $4874 | $4849 | $4825 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arch Cutting Tools Corp. Initial Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 4.75% / 0.00% | 8.52% | 4/1/2026 | 4859 | 4856 | 4833 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Big Top Holdings, LLC Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.25% / 1.00% | 8.92% | 3/1/2030 | 2407 | 2336 | 2352 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenwood Operating Group, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.50% / 1.00% | 9.22% | 5/7/2031 | 11757 | 11529 | 11521 | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenwood Operating Group, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 5.50% / 1.00% | 9.22% | 5/7/2031 | 3980 | 3903 | 3900 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenwood Operating Group, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 5/7/2031 |  | (80) | (84) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vybond Buyer, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 6M SOFR + 1.00% / 0.75% | 1.00% | 2/3/2032 |  | (16) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vybond Buyer, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 8.42% | 2/3/2032 | 5366 | 5293 | 5281 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vybond Buyer, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 4.75% / 0.75% | 8.42% | 2/3/2032 | 3980 | 3920 | 3917 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vybond Buyer, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 6M SOFR + 0.50% / 0.75% | 0.50% | 2/3/2032 |  | (23) |  | 0.00% |
|  |  |  |  |  |  | $36566 | $36545 | 1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commodity Chemicals** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guy Chemical Company, LLC Seventh Amendment U.S. Term Loan | (3)(4)(5)(7)(11) | 1M SOFR + 4.75% / 1.00% | 8.57% | 11/9/2028 | $4950 | $4910 | $4908 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guy Chemical Company, LLC U.S. Delayed Draw Term Loan | (3)(4)(5)(7) | 1M SOFR + 4.75% / 1.00% | 8.57% | 11/9/2027 | 4861 | 4835 | 4861 | 0.26% |
|  |  |  |  |  |  | $9745 | $9769 | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Communications Equipment** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owl Cyber Defense Solutions, LLC Revolving Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.75% / 1.00% | 9.48% | 9/11/2029 | $340 | $333 | $340 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owl Cyber Defense Solutions, LLC Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.75% / 1.00% | 9.47% | 9/11/2029 | 1836 | 1813 | 1815 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owl Cyber Defense Solutions, LLC Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 5.75% / 1.00% | 9.47% | 9/11/2029 | 3366 | 3340 | 3328 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owl Cyber Defense Solutions, LLC Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 5.75% / 1.00% | 9.47% | 9/11/2029 | 3990 | 3919 | 3945 | 0.21% |
|  |  |  |  |  |  | $9405 | $9428 | 0.51% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Construction & Engineering** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC Delayed Draw Term B Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 8.92% | 6/28/2030 | $225 | $210 | $209 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC Delayed Draw Term C Loan (First Lien) | (3)(4)(5)(6)(7)(8) | 6M SOFR + 0.75% / 1.00% | 0.75% | 6/28/2030 |  | (29) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.25% / 1.00% | 8.92% | 6/30/2030 | 1924 | 1904 | 1873 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 12/7/2029 |  | (1) | (17) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC Second Amendment Term Loan (First Lien) | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 8.92% | 6/28/2030 | 699 | 691 | 699 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 8.92% | 6/28/2030 | 2685 | 2655 | 2630 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.25% / 1.00% | 8.92% | 6/28/2030 | 4057 | 3980 | 3974 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 8.92% | 6/30/2030 | 6279 | 6212 | 6115 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC Third Amendment Term Loan (First Lien) | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.09% | 6/28/2030 | 811 | 801 | 798 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATI Restoration, LLC Second Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR + 5.50% / 0.75% | 9.51% | 7/31/2026 | 526 | 525 | 526 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Best Roofing Services LLC Closing Date Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.00% / 1.00% | 9.67% | 4/2/2029 | 1148 | 1132 | 1123 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Best Roofing Services LLC Closing Date Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 6.00% / 1.00% | 9.67% | 4/2/2029 | 3956 | 3878 | 3869 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Best Roofing Services LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 6.00% / 1.00% | 9.70% | 4/2/2029 | 716 | 716 | 698 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diverzify Intermediate LLC Second Amendment Incremental Delayed Draw Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 5.75% / 1.00% | 9.92% | 5/11/2027 | 482 | 481 | 482 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diverzify Intermediate LLC Second Amendment Incremental Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 5.75% / 1.00% | 9.85% | 5/11/2027 | 4379 | 4366 | 4379 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eskola LLC Delayed Draw Term A Loan | (3)(4)(5)(7)(12) | 3M SOFR + 7.50% / 1.50% | 12.23% | 12/19/2029 | 2886 | 2861 | 2886 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eskola LLC Delayed Draw Term B Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.50% | 1.00% | 12/19/2029 |  | (24) | (213) | -0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eskola LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 7.50% / 1.50% | 12.23% | 12/19/2029 | 8080 | 7997 | 7602 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESP Associates, Inc. Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 6.50% / 1.00% | 10.52% | 7/24/2028 | 1469 | 1454 | 1446 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESP Associates, Inc. Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 6.50% / 1.00% | 10.52% | 7/24/2028 | 3275 | 3232 | 3223 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |  | (22) | (24) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G-A-I Consultants, Inc. First Amendment Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 5.00% / 1.00% | 8.97% | 10/7/2028 | 2916 | 2883 | 2832 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G-A-I Consultants, Inc. Revolving Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR + 5.00% / 1.00% | 8.82% | 10/7/2028 | 99 | 92 | 92 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HP RSS Buyer, Inc. Closing Date Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.00% / 0.75% | 8.67% | 12/11/2029 | 672 | 670 | 672 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HP RSS Buyer, Inc. General Purpose Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 9.00% | 12/11/2029 | 432 | 430 | 432 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HP RSS Buyer, Inc. Second Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 0.75% | 8.42% | 12/11/2029 | 362 | 357 | 362 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HP RSS Buyer, Inc. Special Purpose Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 8.67% | 12/11/2029 | 144 | 144 | 144 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JS Global, LLC Initial Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 1.00% | 9.22% | 7/31/2030 | 176 | 157 | 159 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JS Global, LLC Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.17% | 7/31/2030 | 3044 | 2993 | 2998 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kelso Industries LLC Initial Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.75% / 1.00% | 9.57% | 12/30/2029 | 1323 | 1308 | 1308 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kelso Industries LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.75% / 1.00% | 9.57% | 12/30/2029 | 1096 | 1087 | 1084 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kelso Industries LLC Initial Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 5.75% / 1.00% | 9.57% | 12/30/2029 | 3434 | 3403 | 3397 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kelso Industries LLC Initial Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 5.75% / 1.00% | 9.57% | 12/30/2029 | 4211 | 4174 | 4166 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LJ Avalon Holdings, LLC Amendment No. 3 Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.50% / 1.00% | 8.29% | 2/1/2030 | 1399 | 1326 | 1397 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LJ Avalon Holdings, LLC Revolving Credit | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 2/1/2029 |  | (14) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MechanAir LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.00% | 1.00% | 12/18/2031 |  | (25) | (25) | 0.00% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MechanAir LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 6.00% / 0.00% | 9.60% | 12/18/2031 | 1045 | 1036 | 1036 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MechanAir LLC Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.00% / 0.00% | 9.63% | 12/18/2031 | 9263 | 9218 | 9217 | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKD Electric, LLC Revolving Loan | (3)(4)(5)(6)(7)(10) | 1M SOFR + 6.25% / 1.25% | 10.12% | 5/31/2029 | 1218 | 1198 | 1218 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKD Electric, LLC Sea-Tac Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.25% / 1.25% | 10.12% | 5/31/2029 | 2581 | 2538 | 2541 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKD Electric, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.25% / 1.25% | 10.12% | 5/31/2029 | 4619 | 4554 | 4537 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKD Electric, LLC Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 6.25% / 1.25% | 10.12% | 5/31/2029 | 3375 | 3322 | 3314 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKD Electric, LLC Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 6.25% / 1.25% | 10.12% | 5/31/2029 | 3947 | 3873 | 3876 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOREgroup Holdings, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 8.92% | 1/16/2030 | 1154 | 1141 | 1137 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOREgroup Holdings, Inc. Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.25% / 1.00% | 8.92% | 1/16/2030 | 3267 | 3227 | 3217 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSR Opco LLC Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.75% / 1.50% | 9.35% | 3/15/2029 | 1062 | 1041 | 1043 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSR Opco LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.50% / 1.00% | 9.22% | 3/15/2029 | 1874 | 1857 | 1856 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSR Opco LLC Initial Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 5.50% / 1.00% | 9.22% | 3/15/2029 | 3366 | 3333 | 3333 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSR Opco LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.75% / 1.00% | 9.44% | 3/15/2029 | 2495 | 2463 | 2470 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSR Opco LLC Third Amendment Incremental Term Loan | (3)(4)(5)(7) | 3M SOFR + 6.00% / 0.00% | 9.23% | 3/15/2029 | 9039 | 8905 | 8903 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pave America Holding, LLC Closing Date Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.25% / 0.75% | 8.92% / 2.88% | 8/27/2032 | 9405 | 9321 | 9309 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pave America Holding, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 0.75% | 9.19% / 2.88% | 8/27/2032 | 956 | 924 | 956 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pave America Holding, LLC Revolving Credit Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 0.75% | 8.42% | 8/27/2032 | 731 | 707 | 706 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PGI Parent LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 0.00% | 8.67% | 12/31/2031 | 5279 | 5226 | 5226 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PGI Parent LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.00% | 0.50% | 12/31/2031 |  | (10) | (10) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PK Purchaser, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 9.14% | 9/19/2029 | 4734 | 4684 | 4331 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PK Purchaser, LLC Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.00% / 1.00% | 9.14% | 9/19/2029 | 3366 | 3337 | 3079 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PK Purchaser, LLC Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.00% / 1.00% | 9.14% | 9/19/2029 | 4244 | 4204 | 3882 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puris LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.75% / 1.00% | 9.62% | 6/30/2031 | 309 | 306 | 304 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puris LLC Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.75% / 1.00% | 9.62% | 6/30/2031 | 3366 | 3316 | 3313 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puris LLC Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.75% / 1.00% | 9.62% | 6/30/2031 | 3979 | 3922 | 3916 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PVI Holdings, Inc. Last Out Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 4.95% / 1.00% | 8.92% | 1/18/2028 | 2810 | 2807 | 2810 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PVI Holdings, Inc. Last Out Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 4.95% / 1.00% | 8.92% | 1/18/2028 | 3979 | 3979 | 3979 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RailPros Parent, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 5/24/2032 |  | (7) | (3) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RailPros Parent, LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.50% / 0.75% | 8.38% | 5/24/2032 | 2653 | 2627 | 2616 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RailPros Parent, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.38% / 0.75% | 0.38% | 5/24/2032 |  | (4) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ResiXperts Holdco, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.87% | 5/2/2030 | 767 | 700 | 699 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ResiXperts Holdco, LLC Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 8.89% | 5/2/2030 | 1324 | 1306 | 1306 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ResiXperts Holdco, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.89% | 5/2/2030 | 331 | 327 | 326 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ResiXperts Holdco, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 5/2/2030 |  | (8) | (9) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RRA Corporate, LLC Delayed Draw Term Loan 2 | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 8.92% | 8/15/2029 | 43 | 43 | 43 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RRA Corporate, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 8.92% | 8/15/2029 | 41 | 40 | 41 | 0.00% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RRA Corporate, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 8.92% | 8/15/2029 | 3039 | 3002 | 2984 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SuperHero Fire Protection, LLC Eleventh Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.17% | 12/31/2029 | 2857 | 2805 | 2820 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SuperHero Fire Protection, LLC Eleventh Amendment Incremental Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.50% / 1.00% | 9.17% | 12/31/2029 | 3937 | 3890 | 3885 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SuperHero Fire Protection, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 1.00% | 9.34% | 12/31/2029 | 229 | 225 | 225 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Vertex Companies, Inc. Delayed Draw Term Loan B | (3)(4)(5)(7)(12) | 1M SOFR + 5.00% / 1.00% | 8.84% | 8/31/2028 | 4734 | 4688 | 4723 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Vertex Companies, Inc. Revolving Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.00% / 1.00% | 8.87% | 8/31/2027 | 712 | 696 | 712 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USIC Holdings, Inc. Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.50% / 0.75% | 9.32% | 9/10/2031 | 10432 | 10382 | 10354 | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USIC Holdings, Inc. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 0.75% | 9.07% | 9/10/2031 | 628 | 622 | 618 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USIC Holdings, Inc. Specified Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 0.75% | 9.32% | 9/10/2031 | 354 | 354 | 352 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC Delayed Draw Term Loan A | (3)(4)(5)(7)(10) | 3M SOFR + 4.75% / 0.75% | 8.42% | 5/6/2031 | 504 | 498 | 504 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC Delayed Draw Term Loan C | (3)(4)(5)(7)(10) | 3M SOFR + 4.75% / 0.75% | 8.42% | 5/6/2031 | 1804 | 1782 | 1804 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC Delayed Draw Term Loan D | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 0.75% | 8.74% | 5/6/2031 | 2503 | 2451 | 2502 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC Delayed Draw Term Loan E | (3)(4)(5)(7) | 3M SOFR + 5.25% / 1.00% | 9.04% | 5/6/2031 | 2000 | 1988 | 2000 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC Delayed Draw Term Loan F | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.00% | 1.00% | 5/6/2031 |  | (45) | (46) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 5/6/2030 |  | (9) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR + 4.75% / 0.75% | 8.42% | 5/6/2030 | 150 | 144 | 150 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 4.75% / 0.75% | 8.42% | 5/6/2031 | 1065 | 1051 | 1048 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 4.75% / 0.75% | 8.42% | 5/6/2031 | 3267 | 3225 | 3216 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Companies, Inc., Term Loan D | (3)(4)(5)(7)(12) | 1M SOFR + 5.00% / 1.00% | 8.75% | 8/31/2028 | 2876 | 2855 | 2849 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Companies, Inc., Term Loan D | (3)(4)(5)(7)(15) | 1M SOFR + 5.00% / 1.00% | 8.75% | 8/31/2028 | 3937 | 3900 | 3900 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Service Partners, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 6.00% / 0.75% | 9.67% | 11/8/2030 | 320 | 320 | 320 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Service Partners, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 6.00% / 0.75% | 9.67% | 11/8/2030 | 3301 | 3301 | 3301 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Service Partners, LLC First Amendment Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 8.92% | 11/8/2030 | 870 | 847 | 870 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Service Partners, LLC Revolving Facility | (3)(4)(5)(6)(7)(10) | 3M SOFR + 6.00% / 0.75% | 9.67% | 11/8/2030 | 80 | 79 | 80 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Service Partners, LLC Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 6.00% / 0.75% | 9.67% | 11/8/2030 | 1883 | 1864 | 1878 | 0.10% |
|  |  |  |  |  |  | $208372 | $206862 | 11.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Consumer Electronics** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lakewood Acquisition Corporation Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.37% | 1/24/2030 | $6168 | $6072 | $6044 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lakewood Acquisition Corporation Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.50% / 1.00% | 9.37% | 1/24/2030 | 3937 | 3862 | 3857 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lakewood Acquisition Corporation Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 1/24/2030 |  | (43) |  | 0.00% |
|  |  |  |  |  |  | $9891 | $9901 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Finance** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLGF Holdco 2, LLC Loan | (3)(4)(5)(7) | FIXED + 12.50% | 12.50% | 4/23/2030 | $6670 | $6583 | $6670 | 0.36% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Data Processing & Outsourced Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Case Works, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.25% / 1.00% | 9.09% | 10/1/2029 | $70 | $69 | $69 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Case Works, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 9.25% | 10/1/2029 | 41 | 40 | 40 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Case Works, LLC Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.25% / 1.00% | 8.92% | 10/1/2029 | 4752 | 4708 | 4704 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penncomp, LLC Delayed Draw Term Loan A | (3)(4)(5)(7)(10) | 1M SOFR + 5.25% / 0.75% | 8.97% | 10/17/2028 | 2382 | 2346 | 2382 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penncomp, LLC Delayed Draw Term Loan B | (3)(4)(5)(6)(7) | 1M SOFR + 5.25% / 0.75% | 8.97% | 4/17/2030 | 777 | 768 | 776 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penncomp, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 1M SOFR + 0.50% / 0.75% | 0.50% | 10/17/2028 | - | - | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penncomp, LLC Term Loan A | (3)(4)(5)(7)(10) | 1M SOFR + 5.25% / 1.50% | 8.97% | 10/17/2028 | 2529 | 2493 | 2423 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabel Systems Technology Solutions, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.00% | 0.50% | 10/31/2030 | - | (2) | (2) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabel Systems Technology Solutions, LLC Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.00% / 1.00% | 9.72% | 10/31/2030 | 2789 | 2759 | 2761 | 0.15% |
|  |  |  |  |  |  | $13181 | $13153 | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Distributors** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPM Purchaser, Inc. Delayed Draw Term Loan B | (3)(4)(5)(6)(7) | 1M SOFR + 6.25% / 2.00% | 10.08% | 9/11/2028 | $789 | $768 | $758 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPM Purchaser, Inc. Delayed Draw Term Loan B | (3)(4)(5)(7)(10) | 1M SOFR + 6.25% / 2.00% | 10.08% | 9/11/2028 | 544 | 535 | 531 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPM Purchaser, Inc. Effective Date Term Loan B | (3)(4)(5)(7)(10) | 1M SOFR + 6.25% / 2.00% | 10.08% | 9/11/2028 | 574 | 555 | 564 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPM Purchaser, Inc. Effective Date Term Loan B | (3)(4)(5)(7)(14) | 1M SOFR + 6.25% / 2.00% | 10.08% | 9/11/2028 | 3267 | 3205 | 3213 | 0.17% |
|  |  |  |  |  |  | $5063 | $5066 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Capital Markets** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GC Waves Holdings, Inc. 2024 Delayed Draw Term Loan | (3)(4)(5)(7) | 1M SOFR + 4.50% / 0.75% | 8.22% | 10/4/2030 | $4967 | $4925 | $5016 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GC Waves Holdings, Inc. 2025 Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 1M SOFR + 4.50% / 0.75% | 8.22% | 10/4/2030 | 48 | 44 | 43 | 0.00% |
|  |  |  |  |  |  | $4969 | $5059 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Chemicals** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opta Inc. 2024 Incremental Delayed Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.75% / 1.50% | 10.58% | 11/9/2028 | $1728 | $1682 | $1724 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opta Inc. Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 6.75% / 1.50% | 10.62% | 11/8/2028 | 3366 | 3339 | 3319 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opta Inc. Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 6.75% / 1.50% | 10.62% | 11/8/2028 | 3494 | 3458 | 3446 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V Global Holdings LLC Initial Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.75% / 0.75% | 9.77% | 1/2/2029 | 4880 | 4874 | 4739 | 0.25% |
|  |  |  |  |  |  | $13353 | $13228 | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Metals & Mining** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;George Holding, Inc. Closing Date Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 4.75% / 1.00% | 8.59% | 1/31/2031 | $7214 | $7154 | $7126 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Support Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | $860 | $897 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accent Building Materials Holdings LLC Term Loan B | (3)(4)(5)(7)(10) | 3M SOFR + 6.25% / 1.00% | 9.99% | 8/6/2029 | 629 | 587 | 615 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accent Building Materials Holdings LLC Term Loan B | (3)(4)(5)(7)(14) | 3M SOFR + 6.25% / 1.00% | 9.99% | 8/6/2029 | 3300 | 3220 | 3231 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIDC IntermediateCo. 2, LLC Initial Term Loan (Peak Technologies) | (3)(4)(5)(7)(10) | 1M SOFR + 5.25% / 1.00% | 8.97% | 7/22/2027 | 2842 | 2838 | 2842 | 0.15% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIDC IntermediateCo. 2, LLC Initial Term Loan (Peak Technologies) | (3)(4)(5)(7)(14) | 1M SOFR + 5.25% / 1.00% | 8.97% | 7/22/2027 | 3266 | 3265 | 3266 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certified Collision Group Acquisition Corp. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 0.00% / 1.00% | 5.00% | 5/17/2027 |  |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMG HoldCo, LLC Delayed Draw Loan (Crete Mechanical Group) | (3)(4)(5)(6)(7)(10) | 6M SOFR + 4.50% / 1.00% | 8.53% | 11/19/2030 | 651 | 637 | 651 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESCP DTFS INC. Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.50% / 1.00% | 9.17% | 9/28/2029 | 2192 | 2181 | 2177 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESCP DTFS INC. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.17% | 9/28/2029 | 2905 | 2874 | 2885 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESCP DTFS INC. Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.50% / 1.00% | 9.17% | 9/28/2029 | 3267 | 3247 | 3245 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESCP DTFS INC. Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.50% / 1.00% | 9.17% | 9/28/2029 | 3980 | 3955 | 3953 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FLS Holding, Inc. Term B Loan (FLS Transportation Services) | (3)(4)(5)(7)(10) | 3M SOFR + 5.25% / 1.00% | 9.07% | 12/15/2028 | 4874 | 4837 | 4473 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrated Power Services Holdings, Inc. Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 4.75% / 1.00% | 8.58% | 11/22/2028 | 6171 | 6151 | 6117 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrated Power Services Holdings, Inc. Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.75% / 1.00% | 8.58% | 11/22/2028 | 6171 | 6151 | 6117 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moonlight Parent, Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.00% / 0.75% | 0.00% | 9/9/2032 |  | (25) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moonlight Parent, Inc. Initial Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 4.75% / 0.75% | 8.57% | 9/9/2032 | 6453 | 6392 | 6390 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moonlight Parent, Inc. Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 4.75% / 0.75% | 8.57% | 9/9/2032 | 3300 | 3269 | 3268 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moonlight Parent, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 9/9/2032 |  | (15) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrimeFlight Acquisition, LLC Amendment No. 5 Additional Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.12% | 5/1/2029 | 1283 | 1278 | 1278 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrimeFlight Acquisition, LLC Amendment No. 7 Additional Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.09% | 5/1/2029 | 541 | 536 | 536 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrimeFlight Acquisition, LLC Amendment No. 7 Additional Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.25% / 1.00% | 9.09% | 5/1/2029 | 576 | 571 | 571 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrimeFlight Acquisition, LLC Amendment No. 8 Additional Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.00% | 8.62% | 5/1/2029 | 748 | 741 | 741 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrimeFlight Acquisition, LLC Amendment No.4 Additional Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.25% / 1.00% | 8.92% | 5/1/2029 | 629 | 626 | 620 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primeflight Acquisition, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.50% / 1.00% | 9.35% | 5/1/2029 | 3266 | 3243 | 3236 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primeflight Acquisition, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.50% / 1.00% | 9.35% | 5/1/2029 | 3568 | 3537 | 3535 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SV Newco 2, Inc. 2025 Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 0.75% | 8.42% | 6/2/2031 | 1631 | 1593 | 1592 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SV Newco 2, Inc. 2025 Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 8.42% | 6/2/2031 | 2586 | 2575 | 2573 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SV Newco 2, Inc. Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 3.75% / 0.75% | 9.08% | 6/2/2031 | 1041 | 1036 | 1036 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SV Newco 2, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 8.42% | 6/2/2031 | 1655 | 1647 | 1647 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SV Newco 2, Inc. Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 4.75% / 0.75% | 4.25% | 6/2/2031 |  | (3) | (3) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TL Voltron Purchaser, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.09% | 12/31/2030 | 7373 | 7248 | 7183 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TL Voltron Purchaser, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.25% / 1.00% | 9.09% | 12/31/2030 | 3218 | 3164 | 3134 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TL Voltron Purchaser, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.25% / 1.00% | 9.09% | 12/31/2030 | 4258 | 4179 | 4148 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRAK Purchaser, Inc. Amendment No.1 Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 0.00% | 9.20% | 6/20/2031 | 3636 | 3600 | 3600 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRAK Purchaser, Inc. Amendment No.1 Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.50% / 0.00% | 9.20% | 6/20/2031 | 3636 | 3600 | 3600 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visu-Sewer, LLC Initial Term Loan | (3)(4)(5)(7)(11) | 6M SOFR + 6.00% / 1.00% | 9.81% | 11/8/2029 | 4900 | 4852 | 4867 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W. A. Kendall And Company, LLC Incremental Term Loan | (3)(4)(5)(7)(11) | 6M SOFR + 5.75% / 1.00% | 9.77% | 4/22/2030 | 2949 | 2917 | 2948 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W.A. Kendall and Company, LLC Initial Term Loan | (3)(4)(5)(7)(11) | 6M SOFR + 5.88% / 1.00% | 9.90% | 4/22/2030 | 4846 | 4816 | 4846 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W.A. Kendall and Company, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.88% / 1.00% | 10.50% | 4/22/2030 | 266 | 262 | 262 | 0.01% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W.A. Kendall and Company, LLC Seventh Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 6M SOFR + 5.75% / 1.00% | 10.04% | 4/22/2030 | 666 | 635 | 666 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W.A. Kendall and Company, LLC Seventh Amendment Incremental Term Loan | (3)(4)(5)(7)(13) | 6M SOFR + 5.75% / 1.00% | 10.38% | 4/22/2030 | 2296 | 2274 | 2277 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W.A. Kendall and Company, LLC Sixth Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.75% / 1.00% | 10.04% | 4/22/2030 | 140 | 140 | 140 | 0.01% |
|  |  |  |  |  |  | $105491 | $105160 | 5.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Drug Retail** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puma Buyer, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 0.00% / 0.50% | 0.00% | 3/29/2032 | $17057 | $16946 | $17057 | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puma Buyer, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.38% / 0.50% | 0.38% | 3/29/2032 |  | (18) |  | 0.00% |
|  |  |  |  |  |  | $16928 | $17057 | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Education Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cambium Learning Group, Inc. Initial Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.50% / 0.75% | 9.46% | 7/20/2028 | $5852 | $5816 | $5791 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Med Learning Group, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 12/30/2027 |  | (10) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Med Learning Group, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.75% / 1.00% | 9.42% | 12/30/2027 | 5388 | 5342 | 5338 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Med Learning Group, LLC Initial Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 5.75% / 1.00% | 9.42% | 12/30/2027 | 5388 | 5342 | 5338 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REP TEC Intermediate Holdings, Inc Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 1.00% | 8.60% | 5/30/2031 | 8684 | 8643 | 8641 | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REP TEC Intermediate Holdings, Inc Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 1.00% | 8.60% | 5/30/2031 | 8684 | 8643 | 8641 | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REP TEC Intermediate Holdings, Inc. Revolver | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 5/30/2031 |  | (13) | (13) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salisbury House, LLC Closing Date Term Loan | (3)(4)(5)(7)(13) | 6M SOFR + 5.00% / 0.00% | 8.73% | 8/18/2032 | 6125 | 6095 | 6095 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salisbury House, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.00% | 1.00% | 8/18/2032 |  | (6) | (6) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salisbury House, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 0.00% | 8.72% | 8/18/2032 | 123 | 119 | 119 | 0.01% |
|  |  |  |  |  |  | $39971 | $39944 | 2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electrical Components & Equipment** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C3 AcquisitionCo, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 6.00% / 1.50% | 9.82% | 11/26/2030 | $1360 | $1324 | $1344 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C3 AcquisitionCo, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.00% / 1.50% | 9.72% | 11/26/2030 | 3773 | 3733 | 3723 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C3 AcquisitionCo, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 6.00% / 1.50% | 9.72% | 11/26/2030 | 4015 | 3966 | 3962 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C3 AcquisitionCo, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 6.00% / 1.50% | 9.82% | 11/26/2030 | 545 | 535 | 538 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Force Electrical Buyerco, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.50% / 0.75% | 8.26% | 10/21/2032 | 56 | 5 | 53 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Force Electrical Buyerco, LLC Revolving Credit Loan | (3)(4)(5)(6)(7) | PRIME + 3.50% / 0.75% | 10.25% | 10/21/2032 | 210 | 199 | 209 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Force Electrical Buyerco, LLC Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 4.50% / 0.75% | 8.37% | 10/21/2032 | 3073 | 3043 | 3041 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventus Power, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8)(10) | 3M SOFR + 0.50% / 1.00% | 0.50% | 6/30/2026 |  | (10) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventus Power, Inc. Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 7.50% / 1.00% | 11.33% | 6/30/2026 | 3065 | 3044 | 3050 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MoboTrex, LLC Amendment No. 4 Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 6M SOFR + 5.00% / 1.00% | 8.67% | 6/6/2031 | 689 | 674 | 673 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MoboTrex, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.69% | 6/7/2030 | 158 | 150 | 149 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MoboTrex, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 0.00% / 1.00% | 0.00% | 6/7/2030 | 6237 | 6193 | 6190 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Lighting Group, LLC Closing Date Initial Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.25% / 1.00% | 9.09% | 11/4/2030 | 4415 | 4381 | 4381 | 0.23% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Lighting Group, LLC Closing Date Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.25% / 1.00% | 9.09% | 11/4/2030 | 3134 | 3109 | 3109 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Lighting Group, LLC Closing Date Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.25% / 1.00% | 9.09% | 11/4/2030 | 4185 | 4145 | 4153 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Lighting Group, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 11/4/2030 |  | (13) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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) | (155) | -0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Buyer, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 0.75% | 9.13% | 10/15/2031 | 1392 | 1374 | 1296 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Buyer, LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.25% / 0.75% | 9.13% | 10/15/2031 | 1528 | 1505 | 1423 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Buyer, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.25% / 0.75% | 9.13% | 10/15/2031 | 3267 | 3225 | 3042 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Buyer, LLC Revolving Credit Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 0.75% | 9.09% | 10/15/2031 | 425 | 409 | 346 | 0.02% |
|  |  |  |  |  |  | $40975 | $40526 | 2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment & Instruments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, LLC Fourth Amendment Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.75% / 0.75% | 8.42% | 7/20/2029 | $1411 | $1398 | $1411 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, LLC Fourth Amendment Incremental Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 4.75% / 0.75% | 8.42% | 7/20/2029 | 7462 | 7398 | 7398 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, LLC Fourth Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 8.42% | 7/20/2029 | 3318 | 3291 | 3289 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 0.75% | 8.69% | 7/20/2029 | 608 | 595 | 608 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payscape Buyer, Inc. (NXGEN) Initial Term Loan | (3)(4)(5)(7)(11) | 1M SOFR + 4.75% / 1.00% | 8.47% | 10/31/2027 | 3595 | 3567 | 3565 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payscape Buyer, Inc. Eleventh Amendment Incremental Term Loan | (3)(4)(5)(7)(11) | 1M SOFR + 4.75% / 1.00% | 8.47% | 11/1/2027 | 6354 | 6305 | 6303 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REE Holdings III Corp. Term Loan (Rees Scientific Corporation) | (3)(4)(5)(7)(11) | 1M SOFR + 5.25% / 1.00% | 8.97% | 11/4/2028 | 4671 | 4630 | 4671 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SRP Eagle Buyer Inc Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.00% | 1.00% | 12/8/2031 | - | (64) | (65) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SRP Eagle Buyer Inc Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.00% | 8.74% | 12/8/2031 | 10968 | 10859 | 10858 | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SRP Eagle Buyer Inc Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.00% | 0.50% | 12/8/2031 | - | (25) | (26) | 0.00% |
|  |  |  |  |  |  | $37954 | $38012 | 2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Manufacturing Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEP Passion Intermediate Holdings, Inc. 2023 Incremental Delayed Draw Term Loan | (3)(4)(5)(7) | 1M SOFR + 6.50% / 1.00% | 10.49% | 10/5/2027 | $158 | $158 | $151 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEP Passion Intermediate Holdings, Inc. 2023 Incremental Term A Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.65% / 1.00% | 10.49% / 4.75% | 10/5/2027 | 2657 | 2642 | 2524 | 0.14% |
|  |  |  |  |  |  | $2800 | $2675 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Environmental & Facilities Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptive Environmental, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 10/15/2032 | $- | $(7) | $(7) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptive Environmental, LLC Initial Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 10/15/2032 |  | (14) | (15) | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptive Environmental, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.75% / 0.75% | 8.47% | 10/15/2032 | 8337 | 8255 | 8253 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptive Environmental, LLC Initial Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 4.75% / 0.75% | 8.47% | 10/15/2032 | 8337 | 8255 | 8253 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlantic Pipe Services, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.00% | 1.00% | 12/1/2031 |  | (33) | (33) | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlantic Pipe Services, LLC Initial Term Loan | (3)(4)(5)(7)(13) | 6M SOFR + 4.50% / 1.00% | 8.20% | 12/1/2031 | 4628 | 4571 | 4570 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVW WV Buyer, Inc. Fourth Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR + 7.75% / 1.00% | 9.42% | 3/17/2027 | 395 | 395 | 395 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVW WV Buyer, Inc. Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.75% / 1.00% | 9.42% | 3/17/2027 | 3365 | 3343 | 3365 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVW WV Buyer, Inc. Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.75% / 1.00% | 9.42% | 3/17/2027 | 3963 | 3963 | 3963 | 0.21% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creative Multicare, LLC Closing Date Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 5.25% / 1.00% | 9.09% | 3/27/2030 | 4913 | 4860 | 4843 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke's Root Control, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.85% | 12/10/2029 | 2205 | 2200 | 2189 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke's Root Control, Inc. Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.50% / 1.00% | 9.85% | 12/10/2029 | 2205 | 2195 | 2189 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke's Root Control, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 12/8/2028 |  | (3) | (3) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke's Root Control, Inc. Second Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.63% | 12/10/2029 | 765 | 760 | 761 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke's Root Control, Inc. Second Amendment Incremental Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.50% / 1.00% | 9.63% | 12/10/2029 | 765 | 760 | 761 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEF Safety Ultimate Holdings, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 6M SOFR + 5.25% / 1.00% | 8.85% | 11/19/2029 | 624 | 607 | 604 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEF Safety Ultimate Holdings, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 6M SOFR + 5.25% / 1.00% | 8.85% | 11/19/2029 | 2554 | 2517 | 2476 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helios Service Partners, LLC Delayed Draw Term Loan 2022 | (3)(4)(5)(6)(7)(8) | 1M SOFR + 0.00% / 1.00% | 0.00% | 3/19/2027 |  | (7) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rotolo Consultants, Inc. Closing Date Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.75% / 1.00% | 9.43% | 1/31/2031 | 3113 | 3083 | 3084 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rotolo Consultants, Inc. Delayed Draw Term Loan (2025) | (3)(4)(5)(7) | 1M SOFR + 5.75% / 1.00% | 9.43% | 1/31/2031 | 490 | 488 | 490 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vortex Companies, LLC Amendment No. 4 Incremental Delay Draw Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 5.00% / 1.00% | 8.72% | 9/4/2029 | 4959 | 4957 | 4959 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vortex Companies, LLC Amendment No. 4 Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.00% / 1.00% | 8.72% | 9/4/2029 | 2228 | 2214 | 2213 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vortex Companies, LLC Amendment No.2 Incremental Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 5.00% / 1.00% | 8.72% | 9/4/2029 | 2998 | 2971 | 2968 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vortex Companies, LLC Delayed Term Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.00% / 1.00% | 8.72% | 5/7/2032 | 119 | 116 | 119 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vortex Companies, LLC Incremental Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 5.00% / 1.00% | 8.72% | 9/4/2029 | 2903 | 2877 | 2903 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vortex Companies, LLC Revolving Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.00% / 1.00% | 8.72% | 9/4/2029 | 331 | 327 | 331 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vortex Companies, LLC Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.00% / 1.00% | 8.72% | 5/7/2032 | 1303 | 1294 | 1299 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VTC Buyer Corp. Advance | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 7/15/2031 |  | (13) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VTC Buyer Corp. Designated Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.25% / 1.00% | 9.01% | 7/15/2031 | 3173 | 3151 | 3173 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VTC Buyer Corp. Future Expansion Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 9.01% | 7/15/2031 | 844 | 829 | 844 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VTC Buyer Corp. Term A Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.15% | 7/15/2031 | 3037 | 3014 | 3017 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VTC Buyer Corp. Term A Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.25% / 1.00% | 9.15% | 7/15/2031 | 3037 | 3016 | 3017 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wasteology Group Transportation, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 11/3/2032 |  | (33) | (34) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wasteology Group Transportation, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.38% / 0.75% | 0.38% | 11/3/2032 |  | (10) | (10) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wasteology Group Transportation, LLC Term Loan | (3)(4)(5)(7) | 3M SOFR + 6.00% / 0.75% | 9.84% | 11/3/2032 | 2883 | 2854 | 2854 | 0.15% |
|  |  |  |  |  |  | $73752 | $73790 | 4.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Exchanges & Data** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wharf Street Ratings Acquisition LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.75% / 0.75% | 8.47% | 9/16/2032 | 7342 | 7307 | 7305 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wharf Street Ratings Acquisition LLC Initial Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 4.75% / 0.75% | 8.47% | 9/16/2032 | 7342 | 7307 | 7305 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wharf Street Ratings Acquisition LLC_Revolver | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 9/16/2032 |  | (8) |  | 0.00% |
|  |  |  |  |  |  | $14598 | $14602 | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food Distributors** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costanzo's Bakery, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.17% | 6/18/2027 | $502 | $499 | $502 | 0.03% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costanzo's Bakery, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.17% | 6/18/2027 | 2931 | 2916 | 2927 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMF Parent, Inc. Term A Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.50% / 0.00% | 8.20% | 12/20/2032 | 5130 | 5079 | 5078 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMF Parent, Inc.Delayed Draw Term Loan A 12/25 | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.00% | 1.00% | 12/20/2032 |  | (14) | (14) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMF Parent, Inc.Delayed Draw Term Loan B 12/25 | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.00% | 1.00% | 12/20/2032 |  | (13) | (13) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMF Parent, Inc.Revolver 12/25 | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.00% / 0.00% | 0.00% | 12/20/2032 |  | (8) | (8) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heritage Foodservice Investment, LLC First Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 1.00% | 9.44% | 8/1/2030 | 396 | 371 | 396 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heritage Foodservice Investment, LLC First Amendment Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.50% | 8/1/2030 | 1264 | 1248 | 1244 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heritage Foodservice Investment, LLC First Amendment Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.50% / 1.00% | 9.50% | 8/1/2030 | 3366 | 3330 | 3312 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heritage Foodservice Investment, LLC Revolving Credit Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 1.00% | 9.51% | 8/1/2030 | 100 | 94 | 100 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recipe Acquisition Corp. Delayed Draw Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.67% | 7/31/2031 | 141 | 141 | 141 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recipe Acquisition Corp. Revolving Credit | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.67% | 7/31/2031 | 457 | 453 | 457 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recipe Acquisition Corp. Term Loan (First Lien) | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 1.00% | 8.67% | 7/31/2031 | 321 | 319 | 321 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recipe Acquisition Corp. Term Loan (First Lien) | (3)(4)(5)(7)(14) | 3M SOFR + 5.00% / 1.00% | 8.67% | 7/31/2031 | 3366 | 3352 | 3366 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recipe Acquisition Corp. Term Loan (First Lien) | (3)(4)(5)(7)(15) | 3M SOFR + 5.00% / 1.00% | 8.67% | 7/31/2031 | 3973 | 3938 | 3973 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rushmore Investment III LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.87% | 10/18/2030 | 8352 | 8216 | 8304 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rushmore Investment III LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 1.00% | 8.87% | 10/18/2030 | 3950 | 3912 | 3927 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunset Distributing, LLC Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.75% / 1.00% | 9.42% | 5/30/2030 | 1364 | 1327 | 1364 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunset Distributing, LLC Term Loan A | (3)(4)(5)(7)(12) | 3M SOFR + 5.75% / 1.00% | 9.42% | 5/30/2030 | 3558 | 3494 | 3522 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunset Distributing, LLC Term Loan A | (3)(4)(5)(7)(13) | 3M SOFR + 5.75% / 1.00% | 9.42% | 5/30/2030 | 3558 | 3492 | 3522 | 0.19% |
|  |  |  |  |  |  | $42146 | $42421 | 2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Distributors** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP Global Holdings, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 9.09% | 7/31/2029 | $1518 | $1503 | $1514 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP Global Holdings, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.09% | 7/31/2029 | 1869 | 1855 | 1838 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP Global Holdings, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.25% / 1.00% | 9.09% | 7/31/2029 | 3267 | 3243 | 3214 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP Global Holdings, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 9.09% | 7/31/2029 | 538 | 534 | 538 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEC Purchaser Corp. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 6/17/2029 |  | (9) | (11) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEC Purchaser Corp. Term Loan A | (3)(4)(5)(7)(12) | 6M SOFR + 5.00% / 1.00% | 8.87% | 6/17/2029 | 970 | 960 | 957 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEC Purchaser Corp. Term Loan A | (3)(4)(5)(7)(13) | 6M SOFR + 5.00% / 1.00% | 8.87% | 6/17/2029 | 8698 | 8635 | 8579 | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEC Purchaser Corp. Term Loan A | (3)(4)(5)(7)(14) | 6M SOFR + 5.00% / 1.00% | 8.87% | 6/17/2029 | 3249 | 3244 | 3205 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEC Purchaser Corp. Term Loan A | (3)(4)(5)(7)(15) | 6M SOFR + 5.00% / 1.00% | 8.87% | 6/17/2029 | 4035 | 4031 | 3980 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDC Infusion Services, Inc. Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 6.00% / 1.00% | 9.87% | 7/7/2028 | 5940 | 5893 | 5902 | 0.31% |
|  |  |  |  |  |  | $29889 | $29716 | 1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | $- | $(9) | $- | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Oak Buyer, Inc. 2025 Refinancing Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 9.17% | 5/16/2031 | 3506 | 3489 | 3488 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Oak Buyer, Inc. 2025 Refinancing Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 1.00% | 9.17% | 5/16/2031 | 1990 | 1980 | 1980 | 0.11% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **\** |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Oak Buyer, Inc. 2025 Refinancing Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.00% / 1.00% | 9.17% | 5/16/2031 | 3980 | 3961 | 3960 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Oak Buyer, Inc. 2025-1 Incremental Delayed Draw Term Loan | (3)(4)(5)(7) | 6M SOFR + 5.00% / 1.00% | 8.78% | 5/16/2031 | 2268 | 2252 | 2268 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Oak Buyer, Inc. 2025-2 Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 6M SOFR + 5.00% / 1.00% | 8.78% | 5/16/2031 | 1814 | 1799 | 1814 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artivion, Inc. Closing Date Initial Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 4.75% / 2.00% | 8.74% | 1/20/2031 | 1059 | 1056 | 1015 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artivion, Inc. Second Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 2.00% | 1.00% | 1/21/2031 |  | (12) | (11) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blades Buyer, Inc. Term A Loan | (3)(4)(5)(7)(11) | 1M SOFR + 4.75% / 1.00% | 8.62% | 3/28/2028 | 4874 | 4865 | 4874 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Science Intermediate Holdings, LLC Delayed Draw Dollar Term Loan D | (3)(4)(5)(7)(10) | 1M SOFR + 6.00% / 1.00% | 9.82% | 6/10/2027 | 1620 | 1620 | 1620 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Science Intermediate Holdings, LLC Delayed Draw Dollar Term Loan D | (3)(4)(5)(7)(14) | 1M SOFR + 6.00% / 1.00% | 9.82% | 6/10/2027 | 3267 | 3267 | 3266 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Science Intermediate Holdings, LLC Delayed Draw Dollar Term Loan F | (3)(4)(5)(6)(7) | 1M SOFR + 6.00% / 1.00% | 9.82% | 6/10/2027 | 3871 | 3810 | 3870 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Science Intermediate Holdings, LLC Revolving Dollar Loan (2025) | (3)(4)(5)(6)(7) | 3M SOFR + 6.00% / 1.00% | 9.92% | 6/10/2027 | 416 | 403 | 416 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Device Inc. Initial Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.00% / 1.00% | 9.00% | 7/11/2029 | 1473 | 1452 | 1457 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Device Inc. Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.00% / 1.00% | 9.00% | 7/11/2029 | 3267 | 3207 | 3230 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Device Inc. Revolving Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR + 6.50% / 1.00% | 6.50% | 7/11/2029 | 607 | 607 | 577 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Device Inc. Second Amendment Incremental Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.00% / 1.00% | 9.00% | 7/11/2029 | 1455 | 1440 | 1437 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Device Inc. Third Amendment Incremental Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.00% | 0.50% | 7/11/2029 |  | (16) | (16) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Device Inc. Third Amendment Incremental Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.25% / 0.00% | 8.96% | 7/11/2029 | 2445 | 2414 | 2414 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Device Inc. Third Amendment Incremental Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.25% / 0.00% | 8.96% | 7/11/2029 | 1322 | 1306 | 1306 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSP WILDCAT MERGER SUB, INC_Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 9.17% | 9/3/2030 | 1642 | 1624 | 1622 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par Excellence Holdings, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 9/3/2030 |  | (1) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par Excellence Holdings, Inc. Term B-1 Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.74% | 9/3/2030 | 7432 | 7335 | 7322 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par Excellence Holdings, Inc. Term B-1 Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.00% / 1.00% | 8.74% | 9/3/2030 | 3980 | 3926 | 3921 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |  | (2) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pediatric Home Respiratory Services, LLC Revolving Credit | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 12/23/2030 |  | (3) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pediatric Home Respiratory Services, LLC Second Amendment Incremental Term Loan | (3)(4)(5)(7)(13) | 6M SOFR + 5.50% / 0.75% | 9.10% | 12/23/2030 | 3890 | 3881 | 3880 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pediatric Home Respiratory Services, LLC Term Loan | (3)(4)(5)(7)(10) | 6M SOFR + 5.50% / 1.00% | 9.10% | 12/23/2030 | 2145 | 2140 | 2113 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pediatric Home Respiratory Services, LLC Term Loan | (3)(4)(5)(7)(12) | 6M SOFR + 5.50% / 1.00% | 9.10% | 12/23/2030 | 2751 | 2744 | 2710 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pediatric Home Respiratory Services, LLC Term Loan | (3)(4)(5)(7)(14) | 6M SOFR + 5.50% / 1.00% | 9.10% | 12/23/2030 | 3375 | 3327 | 3324 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pediatric Home Respiratory Services, LLC Term Loan | (3)(4)(5)(7)(15) | 6M SOFR + 5.50% / 1.00% | 9.10% | 12/23/2030 | 3980 | 3923 | 3920 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spruce Bidco II Inc. Initial U.S. Dollar Term Loan | (3)(4)(5)(7)(13) | 6M SOFR + 4.75% / 0.75% | 8.45% | 2/2/2032 | 14522 | 14310 | 14210 | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SunMed Group Holdings, LLC Initial Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.50% / 0.75% | 9.44% | 6/16/2028 | 1607 | 1586 | 1573 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SunMed Group Holdings, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.50% / 0.75% | 9.44% | 6/16/2028 | 3266 | 3208 | 3197 | 0.17% |
|  |  |  |  |  |  | $86889 | $86757 | 4.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Facilities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAH Topco, LLC Class C Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.00% / 0.75% | 8.82% | 12/22/2027 | $1659 | $1629 | $1628 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Family Care, LLC Revolver | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 2/28/2029 |  | (5) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Family Care, LLC Second Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 2/28/2029 |  | (16) |  | 0.00% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Family Care, LLC Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 1.00% | 8.42% | 2/28/2029 | 4816 | 4794 | 4792 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |  | (3) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol Hospice, L.L.C. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 8.72% | 8/26/2032 | 7303 | 7268 | 7267 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol Hospice, L.L.C. Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 0.75% | 8.72% | 8/26/2032 | 7303 | 7268 | 7267 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |  | (7) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitol Imaging Acquisition Corp. Closing Date Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.00% / 1.00% | 8.96% | 1/3/2030 | 6359 | 6307 | 6355 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitol Imaging Acquisition Corp. Closing Date Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.96% | 1/3/2030 | 2344 | 2325 | 2343 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitol Imaging Acquisition Corp. Closing Date Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.00% / 1.00% | 8.96% | 1/3/2030 | 4015 | 4002 | 4013 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitol Imaging Acquisition Corp. Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.90% | 1/3/2030 | 1810 | 1794 | 1810 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitol Imaging Acquisition Corp. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.89% | 1/3/2030 | 221 | 214 | 221 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community Care Partners, LLC Closing Date Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 6.00% / 1.00% | 9.83% | 6/10/2026 | 1952 | 1948 | 1942 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |  | (30) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH Healthcare Purchaser, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 9/17/2031 |  | (12) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH Healthcare Purchaser, Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 8.92% | 9/17/2031 | 6811 | 6746 | 6741 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH Healthcare Purchaser, Inc. Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.25% / 1.00% | 8.92% | 9/17/2031 | 6811 | 6746 | 6741 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discovery SL Management, LLC Closing Date Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.75% / 1.00% | 8.47% | 3/18/2030 | 1719 | 1709 | 1704 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discovery SL Management, LLC Delayed Draw Term Loan A | (3)(4)(5)(7)(12) | 1M SOFR + 4.75% / 1.00% | 8.47% | 3/18/2030 | 288 | 287 | 288 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discovery SL Management, LLC Delayed Draw Term Loan B | (3)(4)(5)(6)(7) | 1M SOFR + 4.75% / 1.00% | 8.47% | 3/18/2030 | 920 | 912 | 900 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discovery SL Management, LLC Delayed Draw Term Loan C | (3)(4)(5)(6)(7)(8) | 6M SOFR + 1.00% / 1.00% | 1.00% | 3/18/2030 |  | (8) | (5) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discovery SL Management, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 3/18/2030 |  | (2) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPC Pain Acquisition, LLC Delayed Draw Tem Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.50% / 1.00% | 9.22% | 5/19/2027 | 2647 | 2630 | 2647 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPC Pain Acquisition, LLC Third Amendment Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.50% / 0.00% | 9.23% | 5/19/2027 | 585 | 585 | 585 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Purchaser, LLC Revolving Loan (Magna Legal Services) | (3)(4)(5)(6)(7)(8) | 3M SOFR + 4.63% / 0.75% | 4.63% | 11/22/2029 |  |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Mgmt Company, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.75% / 0.75% | 9.75% | 7/3/2028 | 784 | 785 | 784 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Mgmt Company, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.75% / 0.75% | 9.81% | 7/3/2028 | 1545 | 1532 | 1542 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Mgmt Company, LLC Third Amendment Delayed Draw Term Loan A | (3)(4)(5)(6)(7)(12) | 3M SOFR + 5.50% / 0.75% | 9.84% | 7/3/2028 | 254 | 253 | 254 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Mgmt Company, LLC Third Amendment Delayed Draw Term Loan B | (3)(4)(5)(7)(12) | 3M SOFR + 5.75% / 0.75% | 9.67% | 7/3/2028 | 742 | 737 | 738 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Mgmt Company, LLC Third Amendment Delayed Draw Term Loan C | (3)(4)(5)(7) | 3M SOFR + 5.75% / 0.75% | 9.69% | 7/3/2028 | 498 | 495 | 498 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TVG Shelby Buyer, Inc. Amendment No. 6 Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR + 5.50% / 1.00% | 9.40% | 3/27/2028 | 942 | 926 | 942 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TVG Shelby Buyer, Inc. Amendment No. 6 Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.17% | 3/27/2028 | 2463 | 2439 | 2428 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Urology Partners, LLC 2025 Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 4/8/2032 |  | (227) | (221) | -0.01% |
|  |  |  |  |  |  | $64019 | $64203 | 3.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Medical Management, LLC Amendment No. 8 Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.00% / 1.00% | 9.99% | 6/18/2028 | $3842 | $3800 | $3791 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Medical Management, LLC Amendment No. 8 Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 6.00% / 1.00% | 9.99% | 6/18/2028 | 4057 | 4005 | 4003 | 0.21% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Medical Management, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.00% / 1.00% | 9.82% | 12/18/2026 | 3285 | 3241 | 3227 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Medical Management, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 6.00% / 1.00% | 9.82% | 12/18/2026 | 3267 | 3229 | 3209 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Medical Management, LLC Revolving Credit Loan | (3)(4)(5)(6)(7) | 3M SOFR + 6.00% / 1.00% | 9.89% | 12/18/2026 | 702 | 685 | 665 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Dental Partners, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.84% | 10/29/2030 | 2841 | 2832 | 2819 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Dental Partners, LLC Revolving Credit | (3)(4)(5)(6)(7) | PRIME + 4.00% / 1.00% | 10.75% | 10/29/2030 | 90 | 89 | 90 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Dental Partners, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.84% | 10/29/2030 | 789 | 788 | 788 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Dental Partners, LLC Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.00% / 1.00% | 8.84% | 10/29/2030 | 3691 | 3682 | 3687 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Dental Partners, LLC Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.00% / 1.00% | 8.84% | 10/29/2030 | 4015 | 4012 | 4011 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCDI Rodeo Dental Buyer, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.22% | 12/31/2026 | 1243 | 1239 | 1239 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCDI Rodeo Dental Buyer, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.22% | 12/31/2026 | 1646 | 1641 | 1641 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCDI Rodeo Dental Buyer, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.25% / 1.00% | 9.22% | 12/31/2026 | 3939 | 3925 | 3925 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCDI Rodeo Dental Buyer, LLC Revolving Credit Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 9.29% | 12/31/2026 | 1325 | 1317 | 1317 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCDI Rodeo Dental Buyer, LLC Second Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.22% | 12/31/2026 | 121 | 121 | 120 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beacon Oral Specialists Management LLC Sixth Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 6M SOFR + 5.50% / 1.00% | 9.19% | 12/14/2026 | 6615 | 6603 | 6615 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCHN Holdings, LLC Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.25% / 0.75% | 8.97% | 4/1/2030 | 2642 | 2601 | 2642 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCHN Holdings, LLC Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 5.25% / 0.75% | 8.97% | 4/1/2030 | 3267 | 3267 | 3267 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVAUSA Management, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.25% / 1.00% | 8.98% | 5/22/2029 | 2647 | 2520 | 2647 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVAUSA Management, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 5.25% / 1.00% | 4.75% | 5/22/2029 |  | (1) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVAUSA Management, LLC Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 5.25% / 1.00% | 8.99% | 5/22/2029 | 2941 | 2900 | 2918 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVAUSA Management, LLC Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 5.25% / 1.00% | 8.99% | 5/22/2029 | 4463 | 4423 | 4429 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dentive, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 7.25% / 0.75% | 10.92% / 4.25% | 12/22/2028 | 2305 | 2285 | 2182 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dentive, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 7.25% / 0.75% | 10.92% / 4.25% | 12/22/2028 | 1265 | 1258 | 1196 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dentive, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 7.25% / 0.75% | 10.92% / 4.25% | 12/22/2028 | 3375 | 3343 | 3189 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dentive, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 3.00% / 0.75% | 11.12% / 4.25% | 12/22/2028 | 14 | 10 | (2) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DermCare Management, LLC Fourth Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 6.00% / 1.00% | 9.82% | 4/21/2028 | 7903 | 7852 | 7903 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DermCare Management, LLC Fourth Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.00% / 1.00% | 9.82% | 4/21/2028 | 3170 | 3170 | 3170 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DermCare Management, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.00% / 1.00% | 9.82% | 4/21/2028 | 471 | 471 | 471 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DermCare Management, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 6.00% / 1.00% | 9.82% | 4/21/2028 | 3979 | 3979 | 3979 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DermCare Management, LLC Revolving Loan | (3)(4)(5)(7) | 1M SOFR + 6.00% / 1.00% | 9.82% | 4/21/2028 | 359 | 359 | 359 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |  | (19) | (21) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elder Care Opco LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 1.50% | 8.67% | 7/31/2030 | 3795 | 3763 | 3762 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevate HD Parent, Inc. Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 6.00% / 1.00% | 9.82% | 8/20/2029 | 1621 | 1599 | 1593 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevate HD Parent, Inc. Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 6.00% / 1.00% | 9.82% | 8/20/2029 | 3267 | 3213 | 3210 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eval Home Health Solutions Intermediate, L.L.C. Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.75% / 1.00% | 9.47% | 5/10/2030 | 1993 | 1968 | 1949 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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) | (2) | 0.00% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |  |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gen4 Dental Partners OPCO, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.75% / 1.00% | 9.64% | 5/13/2030 | 2362 | 2344 | 2339 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gen4 Dental Partners OPCO, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.75% / 1.00% | 9.64% | 5/13/2030 | 3267 | 3241 | 3235 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gen4 Dental Partners OPCO, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 5/13/2030 |  |  | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hardenbergh Group, Inc., The Fourth Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.50% / 2.00% | 10.27% | 8/7/2028 | 1648 | 1632 | 1632 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hardenbergh Group, Inc., The Second Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.50% / 2.00% | 10.27% | 8/7/2028 | 3076 | 3050 | 3049 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hardenbergh Group, Inc., The Second Amendment Incremental Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 6.50% / 2.00% | 10.27% | 8/7/2028 | 3937 | 3901 | 3902 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hardenbergh Group, Inc., The Third Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.50% / 2.00% | 10.27% | 8/7/2028 | 2312 | 2291 | 2290 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HHS Buyer, Inc. First Incremental Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 1.00% | 9.60% | 8/31/2028 | 6543 | 6470 | 6527 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HHS Buyer, Inc. First Incremental Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR + 5.50% / 1.00% | 9.60% | 8/31/2028 | 5628 | 5556 | 5614 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HHS Buyer, Inc. First Incremental Amendment Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.58% | 8/31/2028 | 2066 | 2044 | 2037 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HHS Buyer, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 5.50% / 1.00% | 5.13% | 8/31/2028 |  | (28) | (6) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Care Assistance, LLC Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 6.00% / 1.00% | 9.92% | 3/30/2027 | 3050 | 3042 | 3019 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houseworks Holdings, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.50% / 1.00% | 9.32% | 12/15/2028 | 1504 | 1499 | 1442 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | (100) | -0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houseworks Holdings, LLC Fourth Amendment Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.32% | 12/15/2028 | 1605 | 1582 | 1542 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houseworks Holdings, LLC Fourth Amendment Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.50% / 1.00% | 9.32% | 12/15/2028 | 3267 | 3219 | 3139 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houseworks Holdings, LLC Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.50% / 1.00% | 9.32% | 12/15/2028 | 2444 | 2367 | 2344 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KabaFusion Parent LLC First Amendment Incremental Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 0.75% | 8.42% | 11/24/2031 | 5148 | 5148 | 5148 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KabaFusion Parent LLC Initial Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 4.75% / 0.75% | 8.42% | 11/24/2031 | 5657 | 5633 | 5648 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KabaFusion Parent LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 8.42% | 11/24/2031 | 5657 | 5633 | 5648 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KabaFusion Parent LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 6M SOFR + 0.50% / 0.75% | 0.50% | 11/24/2031 |  | (6) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MB2 Dental Solutions, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.50% / 0.75% | 9.22% | 2/13/2031 | 4237 | 4206 | 4213 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MB2 Dental Solutions, LLC Revolving Commitment | (3)(4)(5)(6)(7)(12) | 1M SOFR + 5.50% / 0.75% | 9.22% | 2/13/2031 | 54 | 52 | 51 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MB2 Dental Solutions, LLC Tranche 1 Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.50% / 0.75% | 9.27% | 2/13/2031 | 773 | 768 | 760 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MB2 Dental Solutions, LLC Tranche 2 Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.50% / 0.75% | 9.22% | 2/13/2031 | 614 | 610 | 609 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medina Health, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.25% / 1.00% | 9.92% | 10/20/2028 | 3017 | 2977 | 2970 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medrina, LLC Initial Delayed Draw Term Loan Facility | (3)(4)(5)(7)(10) | 6M SOFR + 6.00% / 1.00% | 10.22% | 10/20/2029 | 612 | 601 | 612 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medrina, LLC Initial Term Loan Facility | (3)(4)(5)(7)(10) | 3M SOFR + 6.00% / 1.00% | 9.69% | 10/20/2029 | 382 | 375 | 375 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medrina, LLC Initial Term Loan Facility | (3)(4)(5)(7)(14) | 3M SOFR + 6.00% / 1.00% | 9.69% | 10/20/2029 | 3267 | 3198 | 3204 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medrina, LLC Second Amendment Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 6.00% / 1.00% | 9.70% | 10/20/2029 | 979 | 893 | 938 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medrina, LLC Second Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.00% / 1.00% | 9.72% | 10/20/2029 | 9474 | 9336 | 9332 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NORA Acquisition, LLC Revolving Credit | (3)(4)(5)(6)(7)(10) | 3M SOFR + 6.25% / 1.00% | 9.92% | 8/31/2029 | 175 | 169 | 147 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NORA Acquisition, LLC Term Loan A | (3)(4)(5)(7)(10) | 3M SOFR + 6.25% / 1.00% | 10.02% | 8/31/2029 | 3041 | 2986 | 2751 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven USHC Acquisition, Inc. Fourth Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.28% | 10/29/2027 | 333 | 319 | 327 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven USHC Acquisition, Inc. Fourth Amendment Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.21% | 10/29/2027 | 2659 | 2646 | 2595 | 0.14% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NS and Associates LLC New Term A Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.25% / 1.00% | 9.07% | 8/6/2030 | 4943 | 4883 | 4879 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NS and Associates LLC Revolving Loan (2025) | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 8/6/2030 |  | (5) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OIA Acquisition, LLC Effective Date Term Loan | (3)(4)(5)(7)(11) | 6M SOFR + 5.50% / 1.00% | 9.47% | 10/19/2027 | 4631 | 4611 | 4599 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Point Quest Group, Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 1M SOFR + 1.00% / 0.75% | 1.00% | 11/13/2031 |  | (7) | (7) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Point Quest Group, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 8.59% | 11/13/2031 | 5326 | 5300 | 5252 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Point Quest Group, Inc. Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 4.75% / 0.75% | 8.59% | 11/13/2031 | 4000 | 3981 | 3944 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Point Quest Group, Inc. Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 6M SOFR + 0.50% / 0.75% | 0.50% | 11/13/2031 |  | (4) | (4) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premise Health Holding Corp. Amendment No. 1 Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 11/8/2032 |  | (1) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premise Health Holding Corp. Amendment No. 1 Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.50% / 0.75% | 8.17% | 11/8/2032 | 470 | 465 | 465 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premise Health Holding Corp. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.50% / 0.75% | 8.17% | 11/8/2032 | 1523 | 1514 | 1523 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTSH Intermediate Holdings, LLC 2024 Second Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 0.75% | 9.32% | 12/17/2027 | 11550 | 11429 | 11439 | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBFD Buyer, LLC Initial Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 1M SOFR + 4.75% / 1.00% | 8.49% | 10/31/2030 | 475 | 467 | 468 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBFD Buyer, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.75% / 1.00% | 8.47% | 10/31/2030 | 2751 | 2722 | 2718 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBFD Buyer, LLC Revolving Credit | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 10/31/2030 |  | (3) | (3) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rcp Nats Purchaser, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 8.69% | 3/19/2032 | 10279 | 10208 | 10206 | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RCP TCT, LLC Initial Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 4.75% / 1.00% | 8.83% | 12/31/2027 | 3518 | 3506 | 3336 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective 15th Amendment Inc Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.75% / 1.00% | 10.57% | 2/15/2028 | 21 | 21 | 21 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective Tenth Amendment Inc Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.75% / 1.00% | 10.57% | 2/15/2028 | 101 | 101 | 101 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective, LLC 2024 Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.75% / 0.00% | 10.57% | 2/15/2028 | 1510 | 1510 | 1510 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective, LLC Columbia Acquisition Revolving Credit | (3)(4)(5)(6)(7) | 1M SOFR + 6.75% / 1.00% | 10.57% | 2/15/2028 | 359 | 359 | 359 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 6.75% / 1.00% | 10.57% | 2/15/2028 | 1627 | 1618 | 1627 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 6.75% / 1.00% | 10.57% | 2/15/2028 | 3267 | 3220 | 3267 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective, LLC District Acquisition Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.75% / 1.00% | 10.57% | 2/15/2028 | 103 | 103 | 103 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective, LLC Eighth Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.75% / 1.00% | 10.57% | 2/15/2028 | 864 | 864 | 864 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective, LLC Eleventh Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.75% / 1.00% | 10.57% | 2/15/2028 | 433 | 433 | 433 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective, LLC First Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.75% / 1.00% | 10.57% | 2/15/2028 | 537 | 537 | 537 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective, LLC General Purpose Term Loan Facility | (3)(4)(5)(7)(12) | 1M SOFR + 6.75% / 1.00% | 10.57% | 2/15/2028 | 123 | 123 | 123 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective, LLC Ninth Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.75% / 1.00% | 10.57% | 2/15/2028 | 1704 | 1704 | 1704 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective, LLC Scott Acquisition Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.75% / 1.00% | 10.57% | 2/15/2028 | 158 | 158 | 158 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective, LLC Second Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.75% / 1.00% | 10.57% | 2/15/2028 | 1181 | 1181 | 1181 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective, LLC Third Amendment Incremental Tranche A Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.75% / 1.00% | 10.57% | 2/15/2028 | 2166 | 2166 | 2166 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective, LLC Thirteenth Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.75% / 1.00% | 10.57% | 2/15/2028 | 30 | 30 | 30 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |  | (19) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surgical Center Solutions, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.75% / 1.00% | 8.47% | 3/25/2031 | 3303 | 3262 | 3267 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surgical Center Solutions, LLC Revolving Loan | (3)(4)(5)(6)(7) | 1M SOFR + 4.75% / 1.00% | 8.47% | 3/25/2031 | 30 | 19 | 25 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TheKey, LLC Tranche B-1 Delayed Draw Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 6.00% / 1.00% | 9.92% | 3/30/2027 | 1874 | 1869 | 1855 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TheKey, LLC Tranche B-1 Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 6.00% / 1.00% | 9.92% | 3/30/2027 | 92 | 92 | 91 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vital Purchaser, LLC Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.17% | 8/7/2030 | 782 | 769 | 766 | 0.04% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vital Purchaser, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.17% | 8/7/2030 | 1390 | 1378 | 1363 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vital Purchaser, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.50% / 1.00% | 9.17% | 8/7/2030 | 3267 | 3211 | 3202 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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% |
|  |  |  |  |  |  | $251688 | $250881 | 13.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Supplies** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tender Products, Inc. Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.25% / 1.00% | 9.09% | 7/31/2030 | $8421 | $8298 | $8316 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tender Products, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 7/31/2030 |  | (22) | (20) | 0.00% |
|  |  |  |  |  |  | $8276 | $8296 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Technology** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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) | $(33) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Badge 21 Midco Holdings LLC Amendment No. 1 Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 1.00% | 8.42% | 6/30/2032 | 4965 | 4916 | 4917 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Badge 21 Midco Holdings LLC Amendment No. 1 Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 1.00% | 8.42% | 6/30/2032 | 2000 | 1981 | 1981 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Badge 21 Midco Holdings LLC Amendment No. 1 Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 4.75% / 1.00% | 8.42% | 6/30/2032 | 4000 | 3961 | 3962 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Badge 21 Midco Holdings LLC Revolving Loan | (3)(4)(5)(6)(7) | PRIME + 4.00% / 1.00% | 10.75% | 6/30/2032 | 96 | 84 | 75 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bobcat Purchaser, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 4.75% / 0.75% | 8.44% | 6/14/2030 | 465 | 457 | 465 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bobcat Purchaser, LLC Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 4.75% / 0.75% | 8.74% | 6/14/2030 | 1490 | 1464 | 1490 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CT Technologies Intermediate Holdings, Inc. 2025-B Incremental Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 4.75% / 0.75% | 8.47% | 9/2/2031 | 5487 | 5475 | 5473 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CT Technologies Intermediate Holdings, Inc. 2025-B Special Purpose Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 6M SOFR + 0.00% / 0.75% | 0.00% | 9/2/2031 |  |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;mPulse Mobile, Inc. Initial Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 8/26/2032 |  | (10) | (10) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;mPulse Mobile, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 0.75% | 8.42% | 8/26/2032 | 7269 | 7216 | 7215 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;mPulse Mobile, Inc. Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 0.75% | 8.42% | 8/26/2032 | 7269 | 7216 | 7215 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vatica Health, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 10/29/2032 |  | (9) | (9) | -0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vatica Health, Inc. Term Loan | (3)(4)(5)(7)(12) | 6M SOFR + 4.75% / 0.75% | 8.45% | 10/29/2032 | 17880 | 17793 | 17791 | 0.95% |
|  |  |  |  |  |  | $50510 | $50516 | 2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Heavy Electrical Equipment** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Faraday Buyer, LLC First Amendment Term Loan (MacLean Power Systems) | (3)(4)(5)(7)(10) | 3M SOFR + 6.00% / 1.00% | 9.67% | 10/11/2028 | $575 | $569 | $569 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Highways & Railtracks** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 Holdings, LLC Initial Term Loan | (3)(4)(5)(7) | 6M SOFR + 6.25% / 1.00% | 9.95% | 12/29/2028 | $4874 | $4846 | $4823 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Home Improvement Retail** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TMSC OpCo, LLC Revolving Loan | (3)(4)(5)(6)(7)(12) | 1M SOFR + 6.25% / 1.00% | 9.97% | 4/30/2026 | $131 | $127 | $131 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TMSC OpCo, LLC Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.25% / 1.00% | 9.98% | 5/1/2028 | 1785 | 1775 | 1772 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TMSC OpCo, LLC Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 6.25% / 1.00% | 9.98% | 5/1/2028 | 3608 | 3608 | 3582 | 0.19% |
|  |  |  |  |  |  | $5510 | $5485 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Homebuilding** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Campany Roof Maintenance, LLC Delayed Draw Term Loan | (3)(4)(5)(7) | 1M SOFR + 7.00% / 1.50% | 10.82% | 11/27/2028 | $1528 | $1506 | $1417 | 0.08% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Campany Roof Maintenance, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 7.00% / 1.50% | 10.82% | 11/27/2028 | 3133 | 3097 | 2904 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centex Acquisition, LLC (MDM Contracting, LLC) First Amendment Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.25% / 1.00% | 9.47% | 5/9/2029 | 212 | 209 | 209 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centex Acquisition, LLC (MDM Contracting, LLC) First Amendment Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 5.25% / 1.00% | 9.47% | 5/9/2029 | 4219 | 4141 | 4156 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centex Acquisition, LLC (MDM Contracting, LLC) Second Amendment Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.50% / 1.00% | 9.47% | 5/9/2029 | 9105 | 8978 | 8967 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centex Acquisition, LLC Revolving Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.50% / 1.00% | 9.47% | 5/9/2029 | 3196 | 3148 | 3196 | 0.17% |
|  |  |  |  |  |  | $21079 | $20849 | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Resorts & Cruise Lines** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pyramid Management Advisors, LLC Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.25% / 1.25% | 9.11% | 1/19/2028 | $1572 | $1542 | $1572 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pyramid Management Advisors, LLC Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.25% / 1.25% | 9.11% | 1/19/2028 | 3192 | 3168 | 3192 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonebridge Companies, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 5/16/2031 |  | (17) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonebridge Companies, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 5/16/2030 |  | (11) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonebridge Companies, LLC Term B Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.00% / 1.00% | 8.72% | 5/16/2031 | 3292 | 3276 | 3245 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonebridge Companies, LLC Term B Loan | (3)(4)(5)(7)(13) | 1M SOFR + 5.00% / 1.00% | 8.72% | 5/16/2031 | 3292 | 3260 | 3245 | 0.17% |
|  |  |  |  |  |  | $11218 | $11254 | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Appliances** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evriholder Acquisition, Inc. Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 6.75% / 1.50% | 10.57% | 1/24/2028 | $3796 | $3776 | $3769 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WF Enterprises, Inc. Second Amendment Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 4.25% / 0.00% | 8.35% | 11/9/2027 | 5000 | 4961 | 4957 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WF Enterprises, Inc. Term Loan A | (3)(4)(5)(7)(11) | 3M SOFR + 4.25% / 1.00% | 8.02% | 11/9/2027 | 4268 | 4252 | 4268 | 0.23% |
|  |  |  |  |  |  | $12989 | $12994 | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Products** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zep Holdco Inc. Initial Term Loan (aka TL Atlas Merger) | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.67% | 6/30/2031 | $7967 | $7889 | $7849 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zep Holdco Inc. Initial Term Loan (aka TL Atlas Merger) | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 1.00% | 8.67% | 6/30/2031 | 5970 | 5914 | 5882 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zep Holdco Inc. Revolving Credit Loan (aka TL Atlas Merger) | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 6/30/2031 |  | (10) | (23) | 0.00% |
|  |  |  |  |  |  | $13793 | $13708 | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Housewares & Specialties** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal, LLC Delayed Draw Term Loan B | (3)(4)(5)(7)(12) | 1M SOFR + 5.00% / 1.00% | 8.72% | 9/10/2030 | 1282 | 1282 | 1281 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal, LLC Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.00% / 1.00% | 8.72% | 9/10/2030 | 994 | 985 | 983 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal, LLC Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 5.00% / 1.00% | 8.72% | 9/10/2030 | 3366 | 3338 | 3328 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal, LLC Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 5.00% / 1.00% | 8.72% | 9/10/2030 | 3691 | 3652 | 3650 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal, LLC U.S. Revolving Credit | (3)(4)(5)(6)(7) | 1M SOFR + 5.00% / 1.00% | 8.72% | 9/10/2030 | 437 | 427 | 437 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Portable Air LLC Eighth Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 12/31/2030 |  | (39) | (40) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Portable Air LLC Eighth Amendment Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 0.00% | 8.67% | 12/31/2030 | 2651 | 2632 | 2604 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Portable Air LLC Seventh Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 1.00% | 8.67% | 12/31/2030 | 727 | 721 | 716 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Portable Air, LLC Fifth Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 1.00% / 1.00% | 1.00% | 12/31/2030 | 307 | 305 | 299 | 0.02% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Portable Air, LLC Fifth Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.00% / 1.00% | 8.67% | 12/31/2030 | 3267 | 3204 | 3181 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Portable Air, LLC Initial Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.00% / 1.00% | 8.67% | 12/31/2030 | 864 | 859 | 849 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Portable Air, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 12/31/2030 |  | (18) | (9) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Portable Air, LLC Sixth Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 1.00% | 8.67% | 12/31/2030 | 3842 | 3809 | 3811 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPC US Parent, LLC Fourth Amendment Incremental Term Loan A | (3)(4)(5)(7)(12) | 3M SOFR + 5.75% / 1.00% | 9.89% | 2/23/2026 | 737 | 736 | 736 | 0.04% |
|  |  |  |  |  |  | $21893 | $21826 | 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Human Resource & Employment Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accurate Background, LLC Fourth Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.00% / 1.00% | 9.93% | 3/26/2029 | $310 | $306 | $306 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accurate Background, LLC Fourth Amendment Incremental Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 6.00% / 1.00% | 9.93% | 3/26/2029 | 3366 | 3312 | 3315 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accurate Background, LLC Fourth Amendment Incremental Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 6.00% / 1.00% | 9.93% | 3/26/2029 | 4204 | 4145 | 4141 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IG Investments Holdings, LLC 2024 Refinancing Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 8.84% | 9/22/2028 | 5894 | 5894 | 5894 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PCS Midco, Inc. Closing Date Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.75% / 1.00% | 9.42% | 3/1/2030 | 1805 | 1781 | 1780 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PCS Midco, Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.75% / 1.00% | 9.42% | 3/1/2030 | 10 | 9 | 10 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prestige Employee Administrators, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 1M SOFR + 0.00% / 0.00% | 0.00% | 1/14/2030 |  | (33) | (33) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prestige Employee Administrators, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 1.25% | 9.41% | 1/14/2030 | 319 | 311 | 311 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prestige Employee Administrators, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.25% | 9.41% | 1/14/2030 | 6650 | 6564 | 6565 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prestige Employee Administrators, LLC Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 6.00% / 0.00% | 9.41% | 12/31/2049 | 5987 | 5927 | 5927 | 0.32% |
|  |  |  |  |  |  | $28216 | $28216 | 1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Machinery** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcline Liberty Buyer LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.00% / 0.00% | 0.00% | 12/1/2032 | $— | $— | $— | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcline Liberty Buyer LLC Initial Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 4.75% / 0.00% | 8.62% | 12/1/2032 | 7890 | 7890 | 7890 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcline Liberty Buyer LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.00% | 0.50% | 12/1/2032 | - | - | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICM Holdco III Corp. Closing Date Delayed Draw Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 5.50% / 1.00% | 9.47% | 12/17/2026 | 5355 | 5349 | 5346 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICM Holdco III Corp. Closing Date Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 5.50% / 1.00% | 9.47% | 12/17/2026 | 5169 | 5163 | 5160 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ideal Components Acquisition, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 6M SOFR + 1.00% / 0.75% | 1.00% | 6/30/2032 | - | (17) | (14) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ideal Components Acquisition, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 8.67% | 6/30/2032 | 3661 | 3625 | 3631 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ideal Components Acquisition, LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 0.75% | 8.67% | 6/30/2032 | 5985 | 5928 | 5937 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ideal Components Acquisition, LLC Revolving Credit Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.00% / 0.75% | 8.72% | 6/30/2032 | 197 | 183 | 185 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISG Enterprises, LLC Delayed Draw Term Loan (2023) | (3)(4)(5)(7)(10) | 3M SOFR + 5.75% / 1.00% | 9.61% | 12/7/2028 | 5611 | 5560 | 5589 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rapid Pump Acquisition, Inc. Delayed Draw Term C Loan | (3)(4)(5)(7) | 1M SOFR + 1.00% / 1.00% | 1.00% | 8/4/2027 | 3529 | 3496 | 3491 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonny's Enterprises, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.50% / 1.00% | 9.49% | 8/5/2028 | 885 | 878 | 864 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonny's Enterprises, LLC Restatement Date Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.50% / 1.00% | 9.52% | 8/5/2028 | 3996 | 3961 | 3901 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonny's Enterprises, LLC Amendment No.1 Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 1.00% | 9.49% | 8/5/2028 | 36 | 35 | 35 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tank Holding Corp. Delayed Draw Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 6.00% / 0.75% | 9.83% | 3/31/2028 | 4939 | 4890 | 4960 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tank Holding Corp. Initial Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 5.75% / 0.75% | 9.57% | 3/31/2028 | 4874 | 4831 | 4852 | 0.26% |
|  |  |  |  |  |  | $51772 | $51827 | 2.79% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance Brokers** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alkeme Intermediary Holdings, LLC Eleventh Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.75% | 5/28/2027 | $2577 | $2559 | $2577 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alkeme Intermediary Holdings, LLC Revolving Credit | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 5/28/2027 |  | (1) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alkeme Intermediary Holdings, LLC Seventh Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.67% | 5/28/2027 | 4939 | 4901 | 4911 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alkeme Intermediary Holdings, LLC Tenth Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.67% | 5/28/2027 | 2681 | 2656 | 2680 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arden Insurance Services LLC Revolving Credit | (3)(4)(5)(6)(7) | PRIME + 3.75% / 1.00% | 10.50% | 11/26/2030 | 444 | 431 | 409 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arden Insurance Services LLC Term A Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 1.00% | 8.42% | 11/26/2030 | 4365 | 4328 | 4323 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arden Insurance Services LLC Term A Loan | (3)(4)(5)(7)(14) | 3M SOFR + 4.75% / 1.00% | 8.42% | 11/26/2030 | 3267 | 3239 | 3236 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arden Insurance Services LLC Term A Loan | (3)(4)(5)(7)(15) | 3M SOFR + 4.75% / 1.00% | 8.42% | 11/26/2030 | 4015 | 3977 | 3977 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Choice Financial Group Acquisition, Inc. Delayed Draw Term C Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 10/15/2027 |  | (101) | (109) | -0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Street Buyer, Inc. 2024 Delayed Draw Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.50% / 1.00% | 8.50% | 4/14/2028 | 5973 | 5917 | 5973 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Street Buyer, Inc. 2025 Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.50% / 0.75% | 8.17% | 4/14/2028 | 513 | 481 | 513 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inszone Mid, LLC A&R Delayed Draw Term Loan Facility | (3)(4)(5)(7)(10) | 3M SOFR + 5.25% / 1.00% | 8.92% | 11/30/2029 | 741 | 735 | 741 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inszone Mid, LLC A&R Term Loan Facility | (3)(4)(5)(7)(10) | 3M SOFR + 5.25% / 1.00% | 8.92% | 11/30/2029 | 736 | 734 | 736 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inszone Mid, LLC Amendment No. 2 Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 11/30/2029 |  | (4) | (4) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Acquisition, LLC Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 0.75% | 8.82% | 8/25/2028 | 12344 | 12333 | 12344 | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oakbridge Insurance Agency LLC Delayed Draw Term C Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.00% | 1.00% | 11/1/2029 |  | (1) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oakbridge Insurance Agency LLC Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 4.75% / 0.75% | 8.47% | 11/1/2029 | 215 | 214 | 215 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oakbridge Insurance Agency LLC Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 4.75% / 0.75% | 8.47% | 11/1/2029 | 446 | 444 | 444 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SageSure Holdings, LLC Amendment No. 1 Delayed Draw Term Loan | (3)(4)(5)(7) | 1M SOFR + 4.75% / 0.50% | 8.59% / 1.44% | 1/28/2030 | 5180 | 5134 | 5133 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SageSure Holdings, LLC Amendment No. 1 Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.75% / 0.50% | 8.58% / 1.44% | 1/28/2030 | 1385 | 1376 | 1342 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SageSure Holdings, LLC Amendment No. 1 Incremental Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 4.75% / 0.50% | 8.58% / 1.44% | 1/28/2030 | 3937 | 3872 | 3815 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |  | (49) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricor, LLC Amendment No. 6 Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.00% / 1.00% | 8.82% | 8/8/2031 | 4426 | 4386 | 4372 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricor, LLC Amendment No.5 Delayed Draw Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.00% / 1.00% | 8.82% | 8/8/2031 | 355 | 348 | 355 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricor, LLC Amendment No.5 Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.00% / 1.00% | 8.82% | 8/8/2031 | 290 | 285 | 290 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricor, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.99% | 10/22/2026 | 1178 | 1168 | 1178 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricor, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 8/8/2031 |  | (7) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricor, LLC Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 5.00% / 1.00% | 8.82% | 10/22/2026 | 3135 | 3107 | 3135 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;World Insurance Associates A&R Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.67% | 4/3/2030 | 15979 | 15979 | 15979 | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worldwide Insurance Network, LLC 2025 Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.68% / 0.75% | 9.43% | 5/28/2030 | 289 | 269 | 289 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worldwide Insurance Network, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.81% / 0.75% | 9.60% | 5/28/2030 | 1976 | 1969 | 1976 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worldwide Insurance Network, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.70% / 0.75% | 9.38% | 5/28/2030 | 2468 | 2449 | 2458 | 0.13% |
|  |  |  |  |  |  | $83128 | $83287 | 4.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Integrated Telecommunication Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Socket Holdings Corporation Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.25% / 0.75% | 8.97% | 3/31/2031 | $391 | $373 | $391 | 0.02% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Socket Holdings Corporation IdeaTek Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 5.25% / 0.75% | 8.97% | 3/31/2031 | 1793 | 1767 | 1780 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Socket Holdings Corporation Initial Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 3/31/2031 |  | (4) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Socket Holdings Corporation Term Loan | (3)(4)(5)(7)(8) | 1M SOFR + 5.25% / 0.75% | 8.97% | 3/31/2031 |  |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Socket Holdings Corporation Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 5.25% / 0.75% | 8.97% | 3/31/2031 | 1817 | 1791 | 1807 | 0.10% |
|  |  |  |  |  |  | $3927 | $3978 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Interactive Home Entertainment** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five Star Buyer, Inc. Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 6M SOFR + 9.00% / 1.50% | 12.98% / 2.00% | 2/23/2028 | $56 | $55 | $52 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Track Branson Opco, LLC, The Revolving Loan | (3)(4)(5)(6)(7)(8)(10) | 1M SOFR + 0.50% / 1.50% | 0.50% | 2/23/2028 |  | (2) | (6) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Track Branson OpCo, LLC, The Term Loan A | (3)(4)(5)(7)(10) | 3M SOFR + 9.00% / 1.50% | 13.01% | 2/23/2028 | 1560 | 1536 | 1474 | 0.08% |
|  |  |  |  |  |  | $1589 | $1520 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Interactive Media & Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Channel Factory, LLC Initial Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 5.25% / 1.00% | 9.09% | 4/1/2030 | $9950 | $9864 | $9845 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Syndigo LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 8.82% | 9/2/2032 | 7934 | 7859 | 7846 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Syndigo LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 0.75% | 8.82% | 9/2/2032 | 7934 | 7859 | 7846 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Syndigo LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 9/2/2032 |  | (20) | (2) | 0.00% |
|  |  |  |  |  |  | $25562 | $25535 | 1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berlin Rosen Acquisition, LLC Revolving Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.50% / 1.00% | 9.47% | 1/14/2027 | $1334 | $1290 | $1326 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berlin Rosen Acquisition, LLC Revolving Loan | (3)(4)(5)(6)(7)(10) | 1M SOFR + 5.50% / 1.00% | 9.47% | 1/14/2027 | 766 | 760 | 761 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berlin Rosen Acquisition, LLC Small Girls Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 5.50% / 1.00% | 9.47% | 1/14/2027 | 1805 | 1794 | 1795 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berlin Rosen Acquisition, LLC Small Girls Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 5.50% / 1.00% | 9.47% | 1/14/2027 | 1805 | 1794 | 1795 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berlin Rosen Acquisition, LLC Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 5.50% / 1.00% | 9.47% | 1/14/2027 | 1735 | 1725 | 1723 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berlin Rosen Acquisition, LLC Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 5.50% / 1.00% | 9.47% | 1/14/2027 | 3369 | 3348 | 3346 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berlin Rosen Acquisition, LLC Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 5.50% / 1.00% | 9.47% | 1/14/2027 | 1860 | 1846 | 1848 | 0.10% |
|  |  |  |  |  |  | $12557 | $12594 | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet Services & Infrastructure** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridgepointe Technologies, LLC Delayed Draw Term Loan (2024) | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 1.00% | 8.67% | 12/31/2027 | $9975 | $9842 | $9975 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridgepointe Technologies, LLC Delayed Draw Term Loan 2025-A | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.74% | 12/31/2027 | 3958 | 3926 | 3958 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridgepointe Technologies, LLC Delayed Draw Term Loan 2025-B | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 12/31/2027 |  | (32) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salute Mission Critical, LLC Incremental Term Loan FOLO | (3)(4)(5)(7) | 1M SOFR + 5.21% / 1.00% | 8.93% | 11/30/2029 | 3190 | 3161 | 3166 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salute Mission Critical, LLC Incremental Term Loan FOLO | (3)(4)(5)(7)(12) | 1M SOFR + 5.21% / 1.00% | 8.93% | 11/30/2029 | 4162 | 4121 | 4131 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salute Mission Critical, LLC Incremental Term Loan FOLO | (3)(4)(5)(7)(14) | 1M SOFR + 5.21% / 1.00% | 8.93% | 11/30/2029 | 3267 | 3235 | 3242 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salute Mission Critical, LLC Incremental Term Loan FOLO | (3)(4)(5)(7)(15) | 1M SOFR + 5.21% / 1.00% | 8.93% | 11/30/2029 | 4258 | 4214 | 4226 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salute, 2025 Incremental Delayed Draw Term Loan Commitment | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 11/30/2029 |  | (20) | (13) | 0.00% |
|  |  |  |  |  |  | $28447 | $28685 | 1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investment Banking & Brokerage** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cherry Bekaert Advisory LLC Amendment No. 1 Delayed Draw Term Loan | (3)(4)(5)(7) | 1M SOFR + 4.50% / 0.75% | 8.22% | 6/28/2030 | $2787 | $2781 | $2705 | 0.15% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cherry Bekaert Advisory LLC Amendment No. 1 Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.50% / 0.75% | 8.22% | 6/28/2030 | 2141 | 2120 | 2089 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cherry Bekaert Advisory LLC Sixth Amendment Delayed Term Loan | (3)(4)(5)(6)(7) | 1M SOFR + 4.50% / 0.75% | 8.22% | 6/28/2030 | 361 | 360 | 360 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cherry Bekaert Advisory LLC Sixth Amendment Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.50% / 0.75% | 8.22% | 6/28/2030 | 670 | 669 | 669 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DOXA Insurance Holdings LLC Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 4.50% / 0.75% | 8.36% | 12/20/2030 | 468 | 466 | 468 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DOXA Insurance Holdings LLC Initial Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.00% / 0.75% | 8.67% | 12/20/2030 | 492 | 492 | 492 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STECherry Bekaert Advisory LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.50% / 0.00% | 8.22% | 6/28/2030 | 5976 | 5961 | 5961 | 0.32% |
|  |  |  |  |  |  | $12849 | $12744 | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Consulting & Other Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Avenu Buyer, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 1.00% | 8.74% | 10/2/2029 | $665 | $659 | $645 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Avenu Buyer, LLC Delayed Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 10/2/2029 |  | (2) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Avenu Buyer, LLC Fourth Amendment Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 1.00% | 8.74% | 10/2/2029 | 893 | 884 | 885 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Avenu Buyer, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 1.00% | 8.74% | 10/2/2029 | 1530 | 1502 | 1451 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Avenu Buyer, LLC Revolving Credit | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 10/2/2029 |  | (6) | (19) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Avenu Buyer, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 1.00% | 8.74% | 10/2/2029 | 538 | 535 | 535 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alta Buyer, LLC 2025 Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.67% | 12/21/2027 | 207 | 207 | 207 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alta Buyer, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.67% | 12/21/2027 | 1097 | 1088 | 1093 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alta Buyer, LLC Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.67% | 12/21/2027 | 91 | 91 | 90 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alta Buyer, LLC Incremental Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.00% / 1.00% | 8.67% | 12/21/2027 | 476 | 471 | 471 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alta Buyer, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.00% / 1.00% | 8.67% | 12/21/2027 | 3723 | 3665 | 3672 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argano, LLC 2025 Delayed Draw Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.50% / 1.00% | 9.22% | 9/13/2029 | 3594 | 3545 | 3558 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argano, LLC 2nd Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.00% | 1.00% | 9/13/2029 |  | (20) | (20) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argano, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.50% / 1.00% | 9.23% | 9/13/2029 | 3625 | 3585 | 3553 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argano, LLC Initial Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 5.50% / 1.00% | 9.23% | 9/13/2029 | 2840 | 2799 | 2784 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argano, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 5.50% / 1.00% | 9.23% | 9/13/2029 | 3366 | 3326 | 3299 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argano, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 5.50% / 1.00% | 9.23% | 9/13/2029 | 4057 | 3998 | 3976 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argano, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 9/13/2029 |  | (5) | (3) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCM One, Inc. Initial Term Loan | (3)(4)(5)(7)(11) | 6M SOFR + 4.50% / 1.00% | 8.80% | 11/17/2027 | 4613 | 4600 | 4613 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cyber Advisors, LLC Amendment No. 6 Delayed Draw Term Loan | (3)(4)(5)(7)(8) | 1M SOFR + 5.25% / 1.00% | 9.07% | 7/18/2028 |  |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cyber Advisors, LLC Amendment No. 6 Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.25% / 1.00% | 9.19% | 7/18/2028 | 8222 | 8144 | 8203 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cyber Advisors, LLC Amendment No. 6 Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.08% | 7/18/2028 | 663 | 658 | 655 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cyber Advisors, LLC Amendment No. 6 Incremental Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.25% / 1.00% | 9.08% | 7/18/2028 | 3980 | 3939 | 3932 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cypress Services Group, LLC Initial Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 4.75% / 0.75% | 8.42% | 1/3/2031 | 4987 | 4946 | 4945 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Topco LLC Effective Date Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.75% / 0.75% | 0.75% | 8/26/2032 |  |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Topco LLC Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.75% / 0.75% | 8.59% | 8/26/2032 | 12541 | 12541 | 12541 | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Topco LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 8/26/2032 |  |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eliassen Group, LLC Initial Delayed Draw Term Loan | (3)(4)(5)(7)(8) | 3M SOFR + 5.75% / 0.75% | 9.42% | 4/14/2028 |  |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eliassen Group, LLC Initial Delayed Draw Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.75% / 0.75% | 9.42% | 4/14/2028 | 160 | 156 | 156 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eliassen Group, LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.75% / 0.75% | 9.42% | 4/14/2028 | 2226 | 2169 | 2168 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guava Buyer LLC Initial Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.50% / 1.00% | 9.36% | 8/12/2032 | 753 | 720 | 753 | 0.04% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guava Buyer LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.34% | 8/12/2032 | 7262 | 7120 | 7120 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guava Buyer LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.50% / 1.00% | 9.34% | 8/12/2032 | 7262 | 7120 | 7120 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guava Buyer LLC RC Facility Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 1.00% | 9.34% | 8/12/2030 | 596 | 564 | 562 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidepoint Security Holdings, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8)(10) | 3M SOFR + 1.00% / 1.00% | 1.00% | 10/2/2029 |  |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidepoint Security Holdings, LLC First Amendment Term A Loan | (3)(4)(5)(7)(10) | 1M SOFR + 5.25% / 1.00% | 8.97% | 10/2/2029 | 139 | 137 | 135 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidepoint Security Holdings, LLC Second Amendment Incremental Term A Loan | (3)(4)(5)(7)(10) | 1M SOFR + 5.25% / 1.00% | 8.97% | 10/2/2029 | 156 | 155 | 155 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidepoint Security Holdings, LLC Term Loan A | (3)(4)(5)(7)(10) | 1M SOFR + 5.25% / 1.00% | 8.97% | 10/2/2029 | 297 | 297 | 297 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Improving Holdco, Inc. Revolving Loan (Improving Enterprises) | (3)(4)(5)(6)(7) | 3M SOFR + 6.50% / 1.00% | 10.59% | 7/26/2027 | 37 | 33 | 37 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Improving Holdco, Inc. Term Loan (Improving Enterprises) | (3)(4)(5)(7)(10) | 3M SOFR + 6.50% / 1.00% | 10.34% | 7/26/2027 | 3405 | 3358 | 3355 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Improving Holdco, Inc. Term Loan (Improving Enterprises) | (3)(4)(5)(7)(12) | 3M SOFR + 6.50% / 1.00% | 10.34% | 7/26/2027 | 3563 | 3518 | 3510 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Improving Holdco, Inc. Term Loan (Improving Enterprises) | (3)(4)(5)(7)(13) | 3M SOFR + 6.50% / 1.00% | 10.34% | 7/26/2027 | 1001 | 990 | 986 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Improving Holdco, Inc. Term Loan (Improving Enterprises) | (3)(4)(5)(7)(14) | 3M SOFR + 6.50% / 1.00% | 10.34% | 7/26/2027 | 3267 | 3224 | 3219 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Improving Holdco, Inc. Term Loan (Improving Enterprises) | (3)(4)(5)(7)(15) | 3M SOFR + 6.50% / 1.00% | 10.34% | 7/26/2027 | 4258 | 4206 | 4195 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lighthouse Technologies Holding Corp. First Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.00% / 1.00% | 8.72% | 12/31/2029 | 153 | 153 | 153 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lighthouse Technologies Holding Corp. Fourth Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.00% / 0.00% | 8.72% | 12/31/2029 | 7023 | 6989 | 6988 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lighthouse Technologies Holding Corp. Initial Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.00% / 1.00% | 8.72% | 12/31/2029 | 3919 | 3908 | 3900 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lighthouse Technologies Holding Corp. Initial Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 5.00% / 1.00% | 8.72% | 12/31/2029 | 3373 | 3373 | 3356 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lighthouse Technologies Holding Corp. Initial Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 5.00% / 1.00% | 8.72% | 12/31/2029 | 4025 | 4025 | 4005 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lighthouse Technologies Holding Corp. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 12/31/2029 |  | (2) | (6) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Services Group, LLC Sixth Amendment Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.25% / 0.75% | 8.92% | 6/15/2029 | 7354 | 7285 | 7354 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Services Group, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 0.75% | 8.93% | 6/15/2029 | 7016 | 6959 | 6945 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rural Sourcing Holdings, Inc. Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 6.25% / 1.00% | 9.92% / 4.25% | 6/15/2029 | 351 | 344 | 338 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rural Sourcing Holdings, Inc. Delayed Draw Term Loan Amendment No. 1 | (3)(4)(5)(6)(7)(8)(10) | 3M SOFR + 6.25% / 1.00% | 9.92% | 6/15/2029 |  | (1) | (4) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rural Sourcing Holdings, Inc. Revolving Loan | (3)(4)(5)(6)(7) | PRIME + 4.75% / 1.00% | 11.50% | 6/15/2029 | 150 | 145 | 140 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rural Sourcing Holdings, Inc. Term Loan Amendment No. 1 | (3)(4)(5)(7) | 3M SOFR + 5.75% / 1.00% | 10.25% / 4.25% | 6/15/2029 | 264 | 262 | 262 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rural Sourcing Holdings, Inc. Tranche B Term Loan | (3)(4)(5)(7) | 6M SOFR + 6.25% / 1.00% | 9.85% / 4.25% | 6/15/2029 | 1569 | 1537 | 1511 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstack Holdco Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 6M SOFR + 5.00% / 0.75% | 9.20% | 8/23/2031 | 1144 | 1125 | 1144 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstack Holdco Inc. Revolving Credit Loan | (3)(4)(5)(6)(7) | 6M SOFR + 5.00% / 0.75% | 9.20% | 8/25/2031 | 313 | 302 | 313 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstack Holdco Inc. Term B Loan | (3)(4)(5)(7) | 6M SOFR + 5.00% / 0.75% | 9.04% | 8/25/2031 | 825 | 818 | 820 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstack Holdco Inc. Term B Loan | (3)(4)(5)(7) | 6M SOFR + 5.00% / 0.75% | 9.04% | 8/25/2031 | 3300 | 3272 | 3279 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstack Holdco Inc. Term B Loan | (3)(4)(5)(7)(8) | 6M SOFR + 5.00% / 0.75% | 9.04% | 8/25/2031 |  | 3962 | 3974 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRC Companies, LLC Closing Date Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.25% / 1.00% | 9.09% | 6/29/2027 | 5852 | 5836 | 5851 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRC Companies, LLC Fourth Amendment Delayed Draw Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.25% / 1.00% | 9.07% | 6/29/2027 | 2904 | 2890 | 2900 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRC Companies, LLC Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 6.00% / 0.00% | 6.00% | 12/31/2049 | 9075 | 9030 | 9030 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRC Companies, LLC Third Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.50% / 1.00% | 9.19% | 6/29/2027 | 1974 | 1971 | 1974 | 0.11% |
|  |  |  |  |  |  | $159100 | $159061 | 8.53% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure Facilities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excel Fitness Consolidator LLC 2025 Repricing Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 4.75% / 0.75% | 8.42% | 4/29/2030 | $5128 | $5043 | $5069 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excel Fitness Consolidator LLC 2025 Repricing Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 4.75% / 0.75% | 8.42% | 4/29/2030 | 3283 | 3205 | 3268 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excel Fitness Consolidator LLC Revolving Credit Loan | (3)(4)(5)(6)(7) | 1M SOFR + 4.75% / 0.75% | 8.48% | 4/29/2030 | 243 | 243 | 242 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excel Fitness Holdings, Inc. Delayed Term Loan | (3)(4)(5)(6)(7)(8)(10) | 3M SOFR + 1.00% / 0.75% | 1.00% | 4/29/2030 |  | (2) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Spartan US Holdco LLC_Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.75% / 1.00% | 9.82% | 6/5/2026 | 1555 | 1555 | 1555 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One World Fitness PFF, LLC Initial Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 4.75% / 1.00% | 8.42% | 5/2/2030 | 9950 | 9860 | 9847 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket Youth Brands HoldCo LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 6/20/2031 |  | (10) | (12) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket Youth Brands HoldCo LLC Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 1.00% | 8.67% | 6/20/2031 | 45 | 45 | 45 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket Youth Brands HoldCo LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.67% | 6/20/2031 | 1073 | 1068 | 1066 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket Youth Brands HoldCo LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 1.00% | 8.67% | 6/20/2031 | 1028 | 1023 | 1021 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket Youth Brands HoldCo LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 6/20/2031 |  | (1) |  | 0.00% |
|  |  |  |  |  |  | $22029 | $22101 | 1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure Products** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp. Closing Date Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.75% / 1.00% | 9.42% | 12/14/2027 | $1080 | $1075 | $1080 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp. Seventh Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 12/14/2027 |  | (6) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp. Seventh Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8)(10) | 3M SOFR + 1.00% / 1.00% | 1.00% | 12/14/2027 |  | (8) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp. Seventh Amendment Incremental Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.75% / 1.00% | 9.42% | 12/14/2027 | 386 | 384 | 383 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp. Seventh Amendment Incremental Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.75% / 1.00% | 9.42% | 12/14/2027 | 338 | 335 | 335 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp. Seventh Amendment Incremental Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.75% / 1.00% | 9.42% | 12/14/2027 | 3110 | 3090 | 3081 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp. Seventh Amendment Incremental Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.75% / 1.00% | 9.42% | 12/14/2027 | 3837 | 3807 | 3801 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSKI Holdings 2, Inc. Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 8.25% / 1.25% | 11.92% / 0.75% | 6/30/2028 | 1650 | 1624 | 1481 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSKI Holdings 2, Inc. Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 8.25% / 1.25% | 11.92% / 0.75% | 6/30/2028 | 3648 | 3576 | 3276 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Painful Pleasures, LLC Term Loan fka Artifex | (4)(5)(7)(11) | 1M SOFR + 5.50% / 1.00% | 9.33% | 8/31/2026 | 1198 | 1198 | 1186 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Painful Pleasures, LLC Third Incremental Term Loan | (3)(4)(5)(7)(11) | 1M SOFR + 5.50% / 1.00% | 9.33% | 8/31/2026 | 3719 | 3712 | 3692 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Play Holdings, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 0.75% | 9.07% | 10/29/2031 | 9417 | 9280 | 9276 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Play Holdings, Inc. Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.25% / 0.75% | 9.07% | 10/29/2031 | 9417 | 9280 | 9276 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Play Holdings, Inc. Revolving Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.25% / 0.75% | 8.97% | 10/29/2030 | 90 | 73 | 72 | 0.00% |
|  |  |  |  |  |  | $37420 | $36938 | 1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Life & Health Insurance** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmeriLife Holdings LLC 2024 Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 0.75% | 8.79% | 8/31/2028 | $272 | $265 | $272 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmeriLife Holdings LLC Amendment No. 5 Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 8/31/2029 | - | (7) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmeriLife Holdings LLC Amendment No. 5 Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 9.17% | 8/31/2029 | 9769 | 9726 | 9742 | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pareto Health Intermediate Holdings Inc. A-1 Cash Pay Term Loan | (3)(4)(5)(7)(10) | 6M SOFR + 4.75% / 1.00% | 8.35% | 6/1/2030 | 7462 | 7395 | 7394 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pareto Health Intermediate Holdings Inc. A-1 Cash Pay Term Loan | (3)(4)(5)(7)(12) | 6M SOFR + 4.75% / 1.00% | 8.35% | 6/1/2030 | 4663 | 4624 | 4621 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pareto Health Intermediate Holdings Inc. Amendment No. 1 Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 6/1/2030 | - | (13) | - | 0.00% |
|  |  |  |  |  |  | $21990 | $22028 | 1.18% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bamboo US BidCo LLC (aka Baxter) Delayed Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.00% / 1.00% | 8.84% | 9/30/2030 | $107 | $105 | $104 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bamboo US BidCo LLC (aka Baxter) Tranche B-1 Delayed Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.00% / 1.00% | 8.84% | 9/30/2030 | 84 | 83 | 82 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bamboo US BidCo LLC (aka Baxter) Tranche B-2 Delayed Term Loan | (3)(4)(5)(6)(7)(10) | 1M SOFR + 5.00% / 1.00% | 8.73% | 9/30/2030 | 70 | 69 | 68 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bamboo US BidCo LLC (aka Baxter) USD Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.00% / 1.00% | 8.84% | 9/30/2030 | 700 | 694 | 679 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Charlie Acquisition Company Fourth Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.00% / 1.00% | 8.82% | 12/30/2026 | 542 | 540 | 536 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Charlie Acquisition Company Fourth Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 5.00% / 1.00% | 8.82% | 12/30/2026 | 2034 | 2009 | 2013 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Charlie Acquisition Company Fourth Amendment Term Loan | (3)(4)(5)(7)(8)(12) | 1M SOFR + 5.00% / 1.00% | 8.82% | 12/30/2026 |  |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Charlie Acquisition Company Fourth Amendment Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 5.00% / 1.00% | 8.82% | 12/30/2026 | 1956 | 1919 | 1925 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Charlie Acquisition Company Seventh Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.00% / 1.00% | 8.82% | 12/30/2026 | 56 | 57 | 57 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Charlie Acquisition Company Sixth Amendment Delayed Draw Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.00% / 1.00% | 8.82% | 12/30/2026 | 384 | 386 | 383 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC 2024 Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 7.00% / 1.00% | 10.85% | 2/1/2029 | 661 | 649 | 625 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC Closing Date Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 7.00% / 1.00% | 10.85% | 2/1/2029 | 1657 | 1643 | 1568 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 7.00% / 1.00% | 10.85% | 2/1/2029 | 355 | 355 | 337 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quotient Science Term Loan USD1 B1 | (3)(4)(5)(7)(12) | 6M SOFR + 5.25% / 0.00% | 9.45% | 11/4/2029 | 4658 | 4647 | 4647 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quotient Science Term Loan USD1 B1 | (3)(4)(5)(7)(13) | 6M SOFR + 5.25% / 0.00% | 9.45% | 11/4/2029 | 4658 | 4647 | 4647 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quotient Science Term Loan USD1 B2 | (3)(4)(5)(7)(12) | 3M SOFR + 6.00% / 0.00% | 9.45% | 11/4/2029 | 1707 | 1703 | 1703 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quotient Science Term Loan USD1 B2 | (3)(4)(5)(7)(13) | 3M SOFR + 6.00% / 0.00% | 9.45% | 11/4/2029 | 1707 | 1703 | 1703 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ToxStrategies, LLC Closing Date Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 0.75% | 8.59% | 11/12/2031 | 5352 | 5325 | 5325 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ToxStrategies, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 0.75% | 8.48% | 11/12/2031 | 873 | 867 | 867 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ToxStrategies, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 6M SOFR + 0.50% / 0.75% | 0.50% | 11/12/2031 |  | (3) | (3) | 0.00% |
|  |  |  |  |  |  | $27398 | $27266 | 1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metal & Glass Containers** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keg Logistics LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.75% / 1.00% | 10.73% / 0.50% | 11/23/2027 | $423 | $420 | $423 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keg Logistics LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 6.75% / 1.00% | 10.73% / 0.50% | 11/23/2027 | 3984 | 3970 | 3980 | 0.21% |
|  |  |  |  |  |  | $4390 | $4403 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Office Services & Supplies** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Web Technologies Holding Company Delayed Draw Term Loan | (3)(4)(5)(7)(12) | 6M SOFR + 6.50% / 1.00% | 10.34% | 12/17/2027 | $790 | $784 | $780 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Web Technologies Holding Company Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 12/17/2027 |  |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Web Technologies Holding Company Term Loan | (3)(4)(5)(7)(12) | 6M SOFR + 6.50% / 1.00% | 10.34% | 12/17/2027 | 2007 | 1991 | 1983 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ergotron Acquisition, LLC Initial Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 5.25% / 0.75% | 8.97% | 7/6/2028 | 493 | 493 | 493 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ergotron Acquisition, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 5.25% / 0.75% | 8.97% | 7/6/2028 | 3978 | 3978 | 3972 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Solutions, LLC Third Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 6.00% / 1.00% | 9.82% | 12/15/2026 | 546 | 542 | 542 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Solutions, LLC Third Amendment Incremental Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 6.00% / 1.00% | 9.82% | 12/15/2026 | 650 | 645 | 650 | 0.03% |
|  |  |  |  |  |  | $8433 | $8420 | 0.45% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Other Diversified Financial Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archer Lewis, LLC Delayed Draw Term Loan A | (3)(4)(5)(7)(13) | 3M SOFR + 5.75% / 1.00% | 9.42% | 8/28/2029 | $32 | $32 | $31 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archer Lewis, LLC Delayed Draw Term Loan B | (3)(4)(5)(6)(7) | 3M SOFR + 5.75% / 1.00% | 9.75% | 8/28/2029 | 12 | 12 | 11 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archer Lewis, LLC Initial Revolving Facility | (3)(4)(5)(7) | 3M SOFR + 5.75% / 1.00% | 9.42% | 8/28/2029 | 65 | 64 | 64 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archer Lewis, LLC Initial Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.75% / 1.00% | 9.42% | 8/28/2029 | 2271 | 2243 | 2227 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convera International Financial S.a r.l. Incremental Term Loan | (3)(4)(5)(7)(9)(10) | 3M SOFR + 6.00% / 0.75% | 10.15% | 3/1/2028 | 2933 | 2887 | 2895 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convera International Financial S.a r.l. Incremental Term Loan 2024 | (3)(4)(5)(7)(9)(10) | 3M SOFR + 6.00% / 0.75% | 10.15% | 3/1/2028 | 401 | 396 | 397 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harris & Co. LLC Delayed Draw Term A Loan | (3)(4)(5)(7) | 1M SOFR + 5.00% / 1.00% | 8.72% | 8/9/2030 | 32 | 32 | 32 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harris & Co. LLC Delayed Draw Term B Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.00% / 1.00% | 8.72% | 8/9/2030 | 31 | 31 | 31 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harris & Co. LLC Delayed Draw Term C Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 8/9/2030 |  | (95) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harris & Co. LLC Initial Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 5.00% / 1.00% | 8.72% | 8/9/2030 | 3039 | 3010 | 3010 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harris & Co. LLC Revolving Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.00% / 1.00% | 8.72% | 8/9/2030 | 232 | 224 | 232 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lido Advisors, LLC Eighth Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 1.00% | 8.42% | 5/10/2032 | 172 | 171 | 172 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lido Advisors, LLC Eighth Amendment Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 1.00% | 8.65% | 5/10/2032 | 682 | 674 | 682 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lido Advisors, LLC Fourth Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 4.75% / 1.00% | 8.62% | 5/10/2032 | 1703 | 1667 | 1679 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lido Advisors, LLC Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 1.00% | 8.57% | 5/10/2032 | 101 | 99 | 101 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lido Advisors, LLC Seventh Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 1.00% | 8.65% | 5/10/2032 | 2000 | 1971 | 1993 | 0.11% |
|  |  |  |  |  |  | $13418 | $13557 | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Packaged Foods & Meats** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chef Merito, LLC Delayed Draw Term Loan A | (3)(4)(5)(7)(14) | 3M SOFR + 6.00% / 1.00% | 9.82% | 7/15/2028 | $420 | $420 | $420 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chef Merito, LLC Delayed Draw Term Loan B | (3)(4)(5)(7)(14) | 3M SOFR + 6.00% / 1.00% | 9.82% | 7/15/2028 | 420 | 420 | 420 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chef Merito, LLC Delayed Draw Term Loan C | (3)(4)(5)(7)(12) | 3M SOFR + 6.00% / 1.00% | 9.82% | 7/15/2028 | 338 | 341 | 335 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chef Merito, LLC First Amendment Term Loan A | (3)(4)(5)(7)(14) | 3M SOFR + 6.00% / 1.00% | 9.99% | 7/15/2028 | 2532 | 2486 | 2532 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chef Merito, LLC Second Amendment Term Loan A | (3)(4)(5)(7)(12) | 3M SOFR + 6.00% / 1.00% | 9.82% | 7/15/2028 | 1124 | 1109 | 1110 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Demakes Borrower, LLC Term B Loan | (3)(4)(5)(7)(10) | 3M SOFR + 6.00% / 0.75% | 9.67% | 12/12/2029 | 341 | 341 | 341 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gastronome Acquisition, LLC Initial Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 5.00% / 1.00% | 8.82% | 11/18/2027 | 4730 | 4712 | 4730 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNPC Holdco, LLC Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.80% | 10/22/2029 | 903 | 893 | 903 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNPC Holdco, LLC Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.50% / 1.00% | 9.80% | 10/22/2029 | 3936 | 3882 | 3936 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNPC Holdco, LLC Tranche B-1 Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.75% / 1.00% | 11.05% | 10/22/2029 | 729 | 722 | 729 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNPC Holdco, LLC Tranche D-1 Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.75% / 1.00% | 10.05% | 10/22/2029 | 4963 | 4963 | 4963 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patriot Foods Buyer, Inc. Initial Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 5.25% / 1.00% | 8.92% | 12/24/2029 | 4900 | 4847 | 4782 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature Brands, LLC Term Loan A | (4)(5)(7)(10)(29) | 3M SOFR + 6.50% / 1.75% | 10.58% | 5/4/2028 | 289 | 287 | 213 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature Brands, LLC Term Loan B | (4)(5)(7)(10)(29) | 1M SOFR + 9.50% / 1.75% | 14.09% | 5/4/2028 | 4906 | 4843 | 3586 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature Investor LLC Term Loan B | (4)(5)(6)(7)(8)(29) | 3M SOFR + 0.00% / 1.75% | 0.00% | 5/4/2028 |  |  | (92) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Smokehouse Partners, LLC Delayed Draw Term Loan C | (3)(4)(5)(6)(7) | 1M SOFR + 5.50% / 1.00% | 9.37% | 3/31/2029 | 4135 | 4068 | 4135 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Smokehouse Partners, LLC Delayed Draw Term Loan C | (3)(4)(5)(6)(7)(10) | 1M SOFR + 5.50% / 1.00% | 9.37% | 3/31/2029 | 4420 | 4322 | 4420 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Smokehouse Partners, LLC Delayed Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.00% | 0.50% | 3/30/2029 |  | (5) | (5) | 0.00% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Smokehouse Partners, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.37% | 3/31/2029 | 3242 | 3195 | 3241 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Smokehouse Partners, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.50% / 1.00% | 9.37% | 3/31/2029 | 2957 | 2957 | 2956 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Smokehouse Partners, LLC Juniors Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.50% / 0.00% | 9.28% | 3/30/2029 | 393 | 389 | 389 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Smokehouse Partners, LLC Juniors Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 5.50% / 0.00% | 9.28% | 3/30/2029 | 1000 | 990 | 990 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Smokehouse Partners, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 3/31/2029 |  | (3) | (2) | 0.00% |
|  |  |  |  |  |  | $46179 | $45032 | 2.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paper Packaging** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arctic Holdco, LLC 2025 Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 9.09% | 1/31/2032 | $229 | $226 | $225 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arctic Holdco, LLC Initial Refinancing Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 1.00% | 8.92% | 1/31/2032 | 45 | 42 | 41 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arctic Holdco, LLC Tranche B Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 8.92% | 1/31/2032 | 3236 | 3207 | 3191 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WCHG Buyer, Inc. First Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.75% / 1.00% | 8.47% | 4/10/2031 | 12861 | 12803 | 12744 | 0.68% |
|  |  |  |  |  |  | $16278 | $16201 | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Personal Products** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curio Brands, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 0.75% | 8.92% | 4/2/2031 | $5921 | $5866 | $5859 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curio Brands, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.25% / 0.75% | 8.92% | 4/2/2031 | 2977 | 2953 | 2946 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curio Brands, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.25% / 0.75% | 8.92% | 4/2/2031 | 3980 | 3948 | 3938 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curio Brands, LLC Multi Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 4/2/2031 |  | (9) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curio Brands, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 4/2/2031 |  | (9) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinetic Purchaser, LLC - Closing Date Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 6.00% / 1.00% | 9.82% | 11/10/2027 | 2019 | 1979 | 1922 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loving Tan Intermediate II Inc. Closing Date Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.00% / 1.00% | 8.67% | 5/31/2028 | 2682 | 2638 | 2649 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loving Tan Intermediate II Inc. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.69% | 5/31/2028 | 20 | 20 | 20 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loving Tan Intermediate II Inc. Revolving Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR + 5.00% / 1.00% | 8.69% | 5/31/2028 | 93 | 89 | 93 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RoC Holdco LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 0.75% | 9.12% | 2/21/2031 | 828 | 821 | 817 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RoC Holdco LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.25% / 0.75% | 9.12% | 2/21/2031 | 3366 | 3333 | 3321 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RoC Holdco LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 2/21/2030 |  | (6) | (14) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soleil Collective Intermediate II Inc. Second Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 5/31/2028 |  | (1) | (1) | 0.00% |
|  |  |  |  |  |  | $21622 | $21550 | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creek Parent, Inc. Initial Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 5.00% / 0.75% | 8.73% / 3.13% | 12/18/2031 | $7462 | $7387 | $7397 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creek Parent, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.00% / 0.75% | 8.73% / 3.13% | 12/18/2031 | 6508 | 6450 | 6451 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creek Parent, Inc. Revolving Credit | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.00% / 0.75% | 0.00% / 3.13% | 12/18/2031 |  | (17) | (33) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Designs for Health, Inc. Initial Revolving Facility Loan (First Lien) | (3)(4)(5)(6)(7)(8) | 1M SOFR + 0.50% / 0.75% | 0.50% | 10/16/2030 |  | (37) | (39) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Designs for Health, Inc. Initial Term B Loan (First Lien) | (3)(4)(5)(7)(12) | 3M SOFR + 6.00% / 0.75% | 8.39% | 10/16/2030 | 7295 | 7225 | 7223 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Designs for Health, Inc. Initial Term B Loan (First Lien) | (3)(4)(5)(7)(13) | 3M SOFR + 6.00% / 0.75% | 8.39% | 10/16/2030 | 7295 | 7225 | 7223 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Coordinators Midco, Inc. 2025 General Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 1M SOFR + 0.00% / 0.75% | 0.00% | 7/9/2032 |  | (21) | (22) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Coordinators Midco, Inc. 2025 Initial Dollar Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 6M SOFR + 0.00% / 0.75% | 0.00% / 2.63% | 7/9/2032 |  | (56) |  | 0.00% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Coordinators Midco, Inc. 2025 Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.50% / 0.75% | 0.00% / 0.25% | 10/15/2032 | 1713 | 1713 | 1704 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Coordinators Midco, Inc. 2025 Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.50% / 0.75% | 0.00% / 0.25% | 10/15/2032 | 9886 | 9860 | 9836 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Coordinators Midco, Inc. 2025 Revolving Loan | (3)(4)(5)(6)(7)(8) | 6M SOFR + 0.00% / 0.75% | 0.00% | 7/9/2032 | - | (11) | (9) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Coordinators Midco, Inc. 2025 Specified Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 1M SOFR + 0.00% / 0.75% | 0.00% | 7/9/2032 | - | - | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Coordinators Midco, Inc. Specified Interest Delayed Draw Term Loan (Tranche Out) | (3)(4)(5)(6)(7) | 6M SOFR + 4.75% / 0.75% | 8.59% | 7/9/2032 | 70 | 70 | 70 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAI Middle Tier, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.50% / 0.75% | 8.17% | 2/13/2032 | 307 | 303 | 304 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAI Middle Tier, LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 4.50% / 0.75% | 8.17% | 2/13/2032 | 3691 | 3637 | 3659 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAI Middle Tier, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 4.50% / 0.75% | 8.17% | 2/13/2032 | 3980 | 3920 | 3946 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAI Middle Tier, LLC Revolving Credit Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.50% / 0.75% | 8.17% | 2/13/2032 | 243 | 221 | 243 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pet FLavor, LLC Term A Loan | (3)(4)(5)(7)(11) | 3M SOFR + 6.00% / 1.00% | 10.00% | 12/15/2026 | 5008 | 4998 | 4957 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PharmaLogic Holdings Corp. Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.72% | 6/21/2030 | 518 | 500 | 502 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PharmaLogic Holdings Corp. Initial U.S. Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 5.00% / 1.00% | 8.72% | 6/21/2030 | 3366 | 3321 | 3316 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PharmaLogic Holdings Corp. Initial U.S. Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 5.00% / 1.00% | 8.72% | 6/21/2030 | 3932 | 3874 | 3875 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sequon, LLC Initial Term Loan | (3)(4)(5)(7)(11) | 6M SOFR + 5.25% / 1.00% | 9.27% | 12/29/2026 | 4863 | 4842 | 4812 | 0.26% |
|  |  |  |  |  |  | $65404 | $65415 | 3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate Operating Companies** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Associations, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8)(10) | 3M SOFR + 0.50% / 1.00% | 0.50% | 7/2/2028 | $- | $- | $- | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Associations, Inc. Special Purpose Delayed Draw Term Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR + 6.50% / 1.00% | 10.66% | 7/3/2028 | 231 | 231 | 231 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Associations, Inc. Term Loan A | (3)(4)(5)(7)(10) | 3M SOFR + 6.50% / 0.00% | 10.66% | 7/2/2028 | 6901 | 6876 | 6901 | 0.37% |
|  |  |  |  |  |  | $7107 | $7132 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBG, Inc. Initial Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 6.75% / 1.00% | 10.68% / 0.25% | 1/8/2027 | $6248 | $6107 | $5815 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vacation Rental Brands, LLC 2nd Amendment Delayed Term Loan | (3)(4)(5)(6)(7)(8) | 6M SOFR + 0.00% / 1.00% | 0.00% | 5/6/2032 |  | (56) | (58) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vacation Rental Brands, LLC Amendment No. 2 Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 8.92% | 5/6/2032 | 2214 | 2193 | 2192 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vacation Rental Brands, LLC Closing Date Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.25% / 1.00% | 9.25% | 5/6/2032 | 474 | 470 | 474 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vacation Rental Brands, LLC Closing Date Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.25% | 5/6/2032 | 10161 | 10062 | 10161 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vacation Rental Brands, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 5/6/2032 |  | (4) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vacation Rental Brands, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 5/6/2032 |  | (9) | (8) | 0.00% |
|  |  |  |  |  |  | $18763 | $18576 | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Research & Consulting Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelevation LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 1M SOFR + 4.50% / 0.75% | 8.25% | 1/2/2031 | $2386 | $2345 | $2347 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelevation LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.50% / 0.75% | 8.37% | 1/2/2031 | 2848 | 2811 | 2807 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelevation LLC Initial Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 4.50% / 0.75% | 8.37% | 1/2/2031 | 2995 | 2954 | 2953 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelevation LLC Initial Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 4.50% / 0.75% | 8.37% | 1/2/2031 | 4015 | 3960 | 3958 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelevation LLC Revolving Credit Loan | (3)(4)(5)(6)(7) | 1M SOFR + 4.50% / 0.75% | 8.23% | 1/2/2031 | 413 | 382 | 387 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordion Partners LLC Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 0.75% | 8.85% | 11/17/2031 | 1825 | 1810 | 1816 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordion Partners LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 8.70% | 11/17/2031 | 2952 | 2935 | 2931 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordion Partners LLC Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.00% / 0.75% | 8.70% | 11/17/2031 | 3883 | 3862 | 3856 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordion Partners LLC Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.00% / 0.75% | 8.70% | 11/17/2031 | 4067 | 4045 | 4039 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordion Partners LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 11/17/2031 |  | (8) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordion Partners LLC Second Amendment Term B-2 Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 0.00% | 8.96% | 11/17/2031 | 5462 | 5448 | 5448 | 0.29% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aprio Advisory Group, LLC 2025-2 Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.00% | 0.50% | 8/1/2031 | - | (113) | (113) | -0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aprio Advisory Group, LLC Delayed Draw Term Loan 1 | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.00% | 1.00% | 8/1/2031 | - | (107) | (108) | -0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aprio Advisory Group, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.00% | 0.50% | 8/1/2031 | - | (9) | (9) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BDO USA, P.C. 2025 Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 4.50% / 2.00% | 4.50% | 8/31/2028 | 312 | 309 | 309 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BDO USA, P.C. Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.00% / 2.00% | 8.86% | 8/31/2028 | 4888 | 4828 | 4811 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNI Global, LLC Dollar Delayed Draw Term Loan (2021) | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.32% | 5/1/2027 | 16 | 9 | 16 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNI Global, LLC Initial Dollar Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.50% / 1.00% | 9.32% | 5/1/2027 | 1372 | 1363 | 1362 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNI Global, LLC Initial Dollar Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 5.50% / 1.00% | 9.32% | 5/1/2027 | 3366 | 3341 | 3341 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNI Global, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 6M SOFR + 0.50% / 1.00% | 0.50% | 5/1/2027 | - | - | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chronicle Parent, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.93% | 4/15/2031 | 293 | 284 | 293 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chronicle Parent, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.90% | 4/15/2031 | 11273 | 11197 | 11217 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chronicle Parent, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 4/15/2031 | - | (8) | (6) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crete PA Holdco, LLC Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 4.75% / 1.00% | 8.59% | 11/26/2030 | 6495 | 6456 | 6505 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crete PA Holdco, LLC Initial Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 4.75% / 1.00% | 8.57% | 11/26/2030 | 6512 | 6483 | 6488 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crete PA Holdco, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 11/26/2030 | - | (1) | 2 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crete PA Holdco, LLC Second Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 11/26/2030 | - | (14) | (14) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crete PA Holdco, LLC Third Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.00% | 1.00% | 11/26/2030 | - | (14) | (14) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSG Buyer, Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 7/29/2029 | - | (2) | (2) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSG Buyer, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.25% / 1.00% | 10.09% | 7/29/2029 | 2078 | 2058 | 2048 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSG Buyer, Inc. Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 6.25% / 1.00% | 10.09% | 7/29/2029 | 3366 | 3332 | 3318 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSG Buyer, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 7/29/2029 | - | (3) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DCCM, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.75% / 0.75% | 0.75% | 6/24/2032 | - | (43) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DCCM, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.75% / 0.75% | 8.47% | 6/24/2032 | 3549 | 3515 | 3519 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DCCM, LLC Initial Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 4.75% / 0.75% | 8.47% | 6/24/2032 | 1990 | 1971 | 1973 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DCCM, LLC Initial Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 4.75% / 0.75% | 8.47% | 6/24/2032 | 3980 | 3941 | 3947 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DCCM, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 4.25% / 0.75% | 4.25% | 6/24/2032 | - | (17) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Intermediate Holdings, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.50% / 0.00% | 9.23% | 8/26/2032 | 15777 | 15623 | 15619 | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Intermediate Holdings, Inc. Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 5.00% / 0.75% | 5.00% | 8/26/2032 | - | (15) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineering Resource Group Buyer, LLC Closing Date Term Loan | (3)(4)(5)(7) | 3M SOFR + 6.00% / 1.50% | 9.86% | 10/27/2030 | 2359 | 2324 | 2323 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineering Resource Group Buyer, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.50% | 1.00% | 10/27/2030 | - | (23) | (24) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineering Resource Group Buyer, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.50% | 0.50% | 10/27/2030 | - | (12) | (12) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ethos Risk Services, LLC Delayed Draw Term C Loan | (3)(4)(5)(7) | 1M SOFR + 5.50% / 1.00% | 9.28% | 5/1/2027 | 1862 | 1857 | 1858 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ethos Risk Services, LLC Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.50% / 1.00% | 9.22% | 5/1/2027 | 1861 | 1847 | 1842 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ethos Risk Services, LLC Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 5.50% / 1.00% | 9.22% | 5/1/2027 | 3366 | 3336 | 3331 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Legal Buyer, Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 1.00% | 8.42% | 7/1/2031 | 492 | 484 | 475 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Legal Buyer, Inc. Revolving Loan | (3)(4)(5)(6)(7) | 1M SOFR + 4.75% / 1.00% | 8.50% | 7/1/2031 | 70 | 64 | 62 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Legal Buyer, Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 1.00% | 8.42% | 7/1/2031 | 1676 | 1666 | 1654 | 0.09% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Legal Buyer, Inc. Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 4.75% / 1.00% | 8.42% | 7/1/2031 | 3341 | 3320 | 3296 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gerson Lehrman Group, Inc. Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.00% / 1.00% | 8.82% | 12/13/2027 | 4962 | 4909 | 4935 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Purchaser, LLC Delayed Draw Term Loan (Magna Legal Services) | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 8.84% | 11/22/2029 | 1162 | 1162 | 1162 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Purchaser, LLC Initial Term Loan (Magna Legal Services) | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.75% | 8.84% | 11/22/2029 | 787 | 787 | 787 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Purchaser, LLC Initial Term Loan (Magna Legal Services) | (3)(4)(5)(7)(14) | 3M SOFR + 5.00% / 0.75% | 8.84% | 11/22/2029 | 3365 | 3365 | 3365 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGT Impact Holdings, LLC 2025-1 Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.00% / 1.00% | 8.74% | 4/10/2029 | 919 | 897 | 919 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGT Impact Holdings, LLC 2025-1 Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.00% / 1.00% | 8.75% | 4/10/2029 | 4684 | 4643 | 4647 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGT Impact Holdings, LLC Revolving Credit Loan | (3)(4)(5)(6)(7) | PRIME + 4.00% / 1.00% | 10.75% | 4/10/2029 | 526 | 521 | 525 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NDH Advisors LLC Second Amendment Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 5.00% / 0.00% | 8.77% | 12/3/2031 | 5837 | 5777 | 5774 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRGX Global, Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 12/20/2030 |  | (3) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRGX Global, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.49% | 12/20/2030 | 9343 | 9302 | 9307 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRGX Global, Inc. Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.50% / 1.00% | 9.49% | 12/20/2030 | 3990 | 3975 | 3974 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sagebrush Buyer, LLC Revolving Credit | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 7/1/2030 |  | (9) | (4) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sagebrush Buyer, LLC Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.00% / 1.00% | 8.72% | 7/1/2030 | 2697 | 2664 | 2658 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sagebrush Buyer, LLC Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 5.00% / 1.00% | 8.72% | 7/1/2030 | 3079 | 3041 | 3035 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SourceHOV Tax, LLC Initial Term A Loan | (3)(4)(5)(7)(11) | 1M SOFR + 5.75% / 1.00% | 9.58% | 4/6/2028 | 4861 | 4840 | 4752 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Springline Advisory Intermediate, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.25% / 1.00% | 9.04% | 1/14/2030 | 2138 | 2020 | 2019 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Springline Advisory Intermediate, LLC Revolver | (3)(4)(5)(6)(7)(8) | 3M SOFR + 5.25% / 1.00% | 5.25% | 1/14/2030 |  | (16) | (16) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Springline Advisory Intermediate, LLC Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.25% / 1.00% | 9.04% | 1/14/2030 | 1915 | 1902 | 1901 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vensure Employer Services, Inc. Initial Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 1M SOFR + 0.50% / 0.50% | 0.50% | 9/27/2031 |  | (2) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vensure Employer Services, Inc. Initial Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8)(10) | 1M SOFR + 0.50% / 0.50% | 0.50% | 9/27/2031 |  | (2) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vensure Employer Services, Inc. Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.00% / 0.50% | 8.89% | 9/27/2031 | 311 | 308 | 308 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vensure Employer Services, Inc. Initial Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.00% / 0.50% | 8.89% | 9/27/2031 | 6095 | 6043 | 6030 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vensure Employer Services, Inc. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 0.50% | 8.89% | 9/27/2031 | 5784 | 5735 | 5722 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WSRP Advisory LLC First Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.00% / 1.00% | 8.85% | 2/28/2031 | 4200 | 4127 | 4125 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WSRP Advisory, LLC Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 5.00% / 1.00% | 9.20% | 8/6/2032 | 9950 | 9859 | 9856 | 0.53% |
|  |  |  |  |  |  | $185616 | $185628 | 9.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Restaurants** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooper's Hawk Intermediate Holding, LLC Closing Date Initial Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.50% / 0.75% | 9.32% | 7/29/2031 | $617 | $608 | $607 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooper's Hawk Intermediate Holding, LLC Closing Date Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 0.75% | 9.32% | 7/29/2031 | 11262 | 11099 | 11082 | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooper's Hawk Intermediate Holding, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 7/29/2031 |  | (25) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooper's Hawk Intermediate Holding, LLC Revolving Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.50% / 0.75% | 9.23% | 7/29/2031 | 154 | 139 | 153 | 0.01% |
|  |  |  |  |  |  | $11821 | $11841 | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Soft Drinks** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refresh Buyer, LLC Delayed Term Loan (Sunny Sky Products) | (3)(4)(5)(7)(11) | 6M SOFR + 4.75% / 0.75% | 8.35% | 12/23/2028 | $4862 | $4839 | $4862 | 0.26% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialized Consumer Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Step Sports LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR + 6.50% / 1.00% | 10.20% / 1.50% | 10/2/2029 | $78 | $139 | $52 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Step Sports LLC Initial Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 6.50% / 1.00% | 10.17% / 1.50% | 10/2/2029 | 686 | 678 | 657 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anderson Group Holdings, LLC Term Loan | (3)(4)(5)(7)(11) | 3M SOFR + 4.25% / 1.00% | 8.33% | 12/25/2028 | 4873 | 4858 | 4817 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Hour LLC Delayed Term Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR + 5.25% / 0.50% | 8.92% | 5/23/2030 | 199 | 186 | 192 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Hour LLC Revolving Credit | (3)(4)(5)(6)(7)(10) | 3M SOFR + 5.25% / 0.50% | 9.13% | 5/23/2030 | 873 | 861 | 854 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Hour LLC Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.25% / 0.50% | 8.92% | 5/23/2030 | 3366 | 3323 | 3273 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Hour LLC Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.25% / 0.50% | 8.92% | 5/23/2030 | 3644 | 3573 | 3544 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC 2024 Incremental Delayed Draw Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 1.00% | 8.84% | 10/24/2030 | 3634 | 3599 | 3624 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC 2024 Replacement Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.00% / 1.00% | 8.82% | 10/24/2030 | 1096 | 1070 | 1087 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC 2024 Replacement Delayed Draw Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 1.00% | 8.82% | 10/24/2030 | 490 | 485 | 486 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC 2024 Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.00% / 1.00% | 8.82% | 10/24/2030 | 4603 | 4511 | 4567 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC 2024 Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.00% / 1.00% | 8.82% | 10/24/2030 | 2057 | 2041 | 2041 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC Revolving Credit Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.90% | 10/24/2029 | 43 | 42 | 42 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(10) | 3M SOFR + 5.00% / 1.00% | 8.90% | 10/24/2029 | 79 | 76 | 77 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC Second Amendment Incremental Delayed DrawTerm Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.00% / 1.00% | 8.84% | 10/24/2030 | 1687 | 1669 | 1665 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC Second Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.84% | 10/24/2030 | 836 | 828 | 836 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC Third Amendment Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 10/24/2030 | - | (42) | (43) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcticom Group Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 8.00% / 1.00% | 11.72% / 4.50% | 12/22/2027 | 48 | 48 | 47 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcticom Group Delayed Draw Term Loan D | (3)(4)(5)(7)(10) | 1M SOFR + 8.00% / 1.00% | 11.72% / 4.50% | 12/22/2027 | 12 | 12 | 12 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcticom Group Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 8.00% / 1.00% | 11.72% / 4.50% | 12/22/2027 | 206 | 204 | 200 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcticom Group Third Incremental Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 8.00% / 1.00% | 11.72% / 4.50% | 12/22/2027 | 52 | 51 | 50 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Stockton Intermediate II, LLC PIK Term Loan | (3)(4)(5)(7) | FIXED + 13.00% / 0.50% | 0.00% / 13.00% | 5/23/2031 | 2168 | 2067 | 2106 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modigent, LLC Delayed Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.25% / 0.75% | 8.92% | 8/23/2028 | 280 | 279 | 280 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PestCo, LLC Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 1.00% | 8.59% | 8/6/2030 | 785 | 771 | 783 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PestCo, LLC Revolving Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 8/6/2030 | - | (6) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PestCo, LLC Term A Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 1.00% | 8.59% | 8/6/2030 | 6869 | 6836 | 6829 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PestCo, LLC Term A Loan | (3)(4)(5)(7)(13) | 3M SOFR + 4.75% / 1.00% | 8.59% | 8/6/2030 | 6869 | 6836 | 6829 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quick Quack Car Wash Holdings, LLC 2025 Funded Delayed Draw Term Loan | (3)(4)(5)(7) | 1M SOFR + 4.75% / 0.75% | 8.47% | 6/10/2031 | 4979 | 4932 | 4937 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quick Quack Car Wash Holdings, LLC 2025 Funded Delayed Draw Term Loan | (3)(4)(5)(7)(13) | 1M SOFR + 4.75% / 0.75% | 8.47% | 6/10/2031 | 320 | 317 | 318 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quick Quack Car Wash Holdings, LLC 2025 Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 1M SOFR + 4.75% / 0.75% | 8.48% | 6/10/2031 | 2254 | 2159 | 2254 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VPP Intermediate Holdings, LLC Amendment No. 3 Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 5.75% / 1.00% | 9.47% | 12/1/2027 | 664 | 657 | 657 | 0.04% |
|  |  |  |  |  |  | $53060 | $53072 | 2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialized Finance** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinox Buyer, LLC Revolving Credit Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 7/28/2031 | $- | $(7) | $- | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinox Buyer, LLC Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.25% / 1.00% | 9.11% | 7/28/2031 | 5443 | 5391 | 5388 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MIV Buyer, LLC Term A Loan | (3)(4)(5)(7)(11) | 3M SOFR + 4.75% / 0.75% | 8.42% | 9/19/2031 | 6000 | 5944 | 5941 | 0.32% |
|  |  |  |  |  |  | $11328 | $11329 | 0.61% |

---

------

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialty Chemicals** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charkit Chemical Company, LLC Term Loan A | (3)(4)(5)(7)(11) | 3M SOFR + 4.88% / 1.00% | 8.70% | 12/29/2026 | $4268 | $4258 | $4268 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket BidCo, Inc. Term Loan (Recochem) | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 1.00% | 8.60% | 11/1/2030 | 11138 | 10956 | 10858 | 0.58% |
|  |  |  |  |  |  | $15214 | $15126 | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialty Stores** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saldon Holdings, Inc. Fourth Amendment Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.25% / 1.00% | 9.07% | 3/13/2028 | $592 | $592 | $592 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Systems Software** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Falcon Buyer, Inc. Revolving Loan | (3)(4)(5)(6)(7)(8)(10) | 3M SOFR + 0.50% / 1.00% | 0.50% | 8/1/2029 | $- | $(5) | $- | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Falcon Buyer, Inc. Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.50% / 1.00% | 9.49% | 8/1/2029 | 2125 | 2084 | 2069 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computer Services, Inc. 2025 Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 4.50% / 0.00% | 8.17% | 11/17/2031 | 1048 | 1042 | 1041 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computer Services, Inc. 2025-1 Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00% | 11/17/2031 | - | (1) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computer Services, Inc. 2025-2 Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.00% | 0.50% | 11/17/2031 | - | - | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digicert, Inc. Revolver | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 0.75% | 0.50% | 7/10/2030 | - | (17) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DigiCert, Inc. Seventh Amendment Specified Refinancing Term B1 Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.75% / 0.75% | 9.47% | 7/10/2030 | 16746 | 16508 | 16497 | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ES Ventures LLC 4th Amend Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.75% / 1.00% | 8.74% | 12/31/2028 | 400 | 399 | 399 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ES Ventures LLC 5th Amend Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.75% / 1.00% | 8.74% | 12/31/2028 | 350 | 349 | 349 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ES Ventures LLC Illume Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 1.00% | 8.74% | 12/13/2028 | 167 | 164 | 163 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ES Ventures LLC Incremental Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 4.75% / 1.00% | 8.74% | 12/13/2028 | 1308 | 1297 | 1248 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ES Ventures LLC Term A Loan | (3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 1.00% | 8.74% | 12/13/2028 | 924 | 915 | 881 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saturn Borrower Inc Tenth Amendment Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 11/13/2028 | - | (12) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saturn Borrower Inc Tenth Amendment Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 6.00% / 1.00% | 9.69% | 11/13/2028 | 246 | 235 | 246 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saturn Borrower Inc Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 6.00% / 1.00% | 9.67% | 11/10/2028 | 5894 | 5824 | 5810 | 0.31% |
|  |  |  |  |  |  | $28782 | $28703 | 1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Technology Distributors** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DecisionPoint Technologies, Inc. Second Amendment Delayed Draw Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.75% / 1.00% | 9.44% | 8/31/2029 | $35 | $34 | $34 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DecisionPoint Technologies, Inc. Second Amendment Delayed Draw Term Loan | (3)(4)(5)(7)(13) | 3M SOFR + 5.75% / 1.00% | 9.44% | 8/31/2029 | 5513 | 5445 | 5458 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DecisionPoint Technologies, Inc. Second Amendment Incremental Term Loan | (3)(4)(5)(7) | 3M SOFR + 5.75% / 1.00% | 9.81% | 8/31/2029 | 2452 | 2406 | 2428 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivy Technology Parent Intermediate III Holdings, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.38% / 1.00% | 9.09% | 2/5/2031 | 6456 | 6367 | 6377 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivy Technology Parent Intermediate III Holdings, LLC Revolving Loan | (3)(4)(5)(6)(7) | 1M SOFR + 5.38% / 1.00% | 9.09% | 2/5/2031 | 167 | 156 | 167 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thames Technology Holdings, Inc. Delayed Draw Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.75% / 1.00% | 9.42% | 8/31/2029 | 779 | 779 | 779 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thames Technology Holdings, Inc. First Amendment Incremental Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.75% / 1.00% | 9.73% | 8/31/2029 | 1572 | 1551 | 1551 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thames Technology Holdings, Inc. First Amendment Incremental Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 5.75% / 1.00% | 9.73% | 8/31/2029 | 3366 | 3325 | 3321 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thames Technology Holdings, Inc. Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 5.75% / 1.00% | 9.73% | 8/31/2029 | 3346 | 3251 | 3275 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thames Technology Holdings, Inc. Revolving Loan | (3)(4)(5)(6)(7)(10) | 1M SOFR + 5.75% / 1.00% | 9.47% | 8/31/2029 | 473 | 473 | 467 | 0.03% |
|  |  |  |  |  |  | $23787 | $23857 | 1.28% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trading Companies & Distributors** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AFC-Dell Holding Corp. Closing Date Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.00% / 1.00% | 8.84% | 4/9/2027 | $2125 | $2100 | $2091 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AFC-Dell Holding Corp. Revolving Loan B | (3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% / 1.00% | 0.50% | 10/9/2028 | - | (1) | (1) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hills Distribution, Inc. Amendment No.2 Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.00% | 1.00% | 11/8/2029 | - | - | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hills Distribution, Inc. Delayed Draw Term Loan | (3)(4)(5)(7) | 1M SOFR + 5.50% / 1.00% | 9.32% | 11/8/2029 | 916 | 907 | 916 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hills Distribution, Inc. Delayed Draw Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 5.50% / 1.00% | 9.32% | 11/8/2029 | 113 | 112 | 113 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hills Distribution, Inc. Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.50% / 1.00% | 9.19% | 11/8/2029 | 177 | 176 | 174 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hills Distribution, Inc. Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.19% | 11/8/2029 | 1435 | 1420 | 1415 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hills Distribution, Inc. Term Loan | (3)(4)(5)(7)(12) | 1M SOFR + 5.50% / 0.00% | 9.32% | 11/8/2029 | 234 | 233 | 233 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hultec Buyer, LLC Term Loan A | (3)(4)(5)(7)(10) | 3M SOFR + 5.50% / 1.00% | 9.32% | 3/31/2029 | 1536 | 1513 | 1533 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hultec Buyer, LLC Term Loan A | (3)(4)(5)(7)(14) | 3M SOFR + 5.50% / 1.00% | 9.32% | 3/31/2029 | 3290 | 3236 | 3284 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lindstrom, LLC Initial Revolving Credit Loan | (3)(4)(5)(6)(7) | 6M SOFR + 5.50% / 0.00% | 9.20% | 12/30/2032 | 890 | 854 | 853 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lindstrom, LLC Initial Term Loan | (3)(4)(5)(7)(12) | 6M SOFR + 5.50% / 0.00% | 9.20% | 12/30/2032 | 16451 | 16204 | 16204 | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P.T. International LLC Delayed Draw Term Loan | (3)(4)(5)(7)(11) | 1M SOFR + 4.50% / 1.00% | 8.44% | 6/30/2027 | 4886 | 4871 | 4886 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Fox CD Acquisition Corparation Initial Term Loan | (3)(4)(5)(7)(14) | 3M SOFR + 6.00% / 1.00% | 9.67% | 3/4/2030 | 3366 | 3309 | 3301 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Fox CD Acquisition Corparation Initial Term Loan | (3)(4)(5)(7)(15) | 3M SOFR + 6.00% / 1.00% | 9.67% | 3/4/2030 | 3512 | 3445 | 3445 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Fox CD Acquisition Corporation Amendment No. 2 Incremental Delayed Draw Term Loan | (3)(4)(5)(6)(7) | 3M SOFR + 6.00% / 1.00% | 9.67% | 3/4/2030 | 1933 | 1852 | 1843 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SureWerx Purchaser III, Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8)(10) | 3M SOFR + 1.00% / 0.75% | 1.00% | 12/28/2029 | - | (79) | (11) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SureWerx Purchaser III, LLC Term Loan | (3)(4)(5)(7)(10) | 3M SOFR + 5.25% / 0.75% | 8.92% | 12/28/2029 | 2234 | 2195 | 2133 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trench Plate Rental Co. Initial Term Loan | (3)(4)(5)(7)(12) | 3M SOFR + 5.50% / 1.00% | 9.27% | 12/3/2028 | 5324 | 5309 | 5318 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trench Plate Rental Co. Revolving Loan | (3)(4)(5)(6)(7) | 3M SOFR + 5.50% / 1.00% | 9.29% | 12/3/2028 | 320 | 318 | 319 | 0.02% |
|  |  |  |  |  |  | $47974 | $48049 | 2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trucking** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EVDR Purchaser, Inc. Delayed Draw Term Loan | (3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 0.75% | 1.00% | 2/14/2031 | $- | $- | $- | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EVDR Purchaser, Inc. Incremental Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 4.50% / 0.75% | 8.23% | 2/14/2031 | 3374 | 3321 | 3317 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EVDR Purchaser, Inc. Incremental Term Loan | (3)(4)(5)(7)(15) | 1M SOFR + 4.50% / 0.75% | 8.23% | 2/14/2031 | 3691 | 3652 | 3629 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EVDR Purchaser, Inc. Revolving Credit Loan | (3)(4)(5)(6)(7) | 1M SOFR + 4.50% / 0.75% | 8.34% | 2/14/2031 | 165 | 165 | 149 | 0.01% |
|  |  |  |  |  |  | $7138 | $7095 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total First Lien Senior Secured** |  |  |  |  |  | $2908938 | $2903414 | 155.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Second Lien Senior Secured** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance Brokers** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SageSure Holdings, LLC Delayed Draw Term Loan B | (3)(4)(5)(7)(10) | 1M SOFR + 4.75% / 1.00% | 8.58% / 1.44% | 1/28/2030 | $1033 | $1025 | $1032 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SageSure Holdings, LLC Term Loan | (3)(4)(5)(7)(10) | 1M SOFR + 4.75% / 0.50% | 8.58% / 1.44% | 1/28/2030 | 1458 | 1445 | 1458 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SageSure Holdings, LLC Term Loan | (3)(4)(5)(7)(14) | 1M SOFR + 4.75% / 0.50% | 8.58% / 1.44% | 1/28/2030 | 2970 | 2970 | 2970 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Second Lien Senior Secured** |  |  |  |  |  | $5440 | $5460 | 0.30% |

---

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

------

**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025** 

*(in thousands, except share amounts and percentages)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Reference** | **Cash<br>Interest** |  |  |  |  | **Percentage** |
|  |  | **Rate** | **Rate /** | **Maturity** | **Outstanding** |  |  | **of** |
| **Investments** <sup>(1)(2)</sup> | **Footnotes** | **Spread / Floor** | **PIK Rate** | **Date** | **Principal / Shares** | **Cost\*** | **Fair Value** | **Net Assets** |
| **Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Subordinated Notes** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Management & Custody Banks** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle US CLO 2025-2, Ltd Subordinated Notes | (3)(5)(25)(26)(27)(28) | N/A | N/A | 7/25/2038 | $11407 | $10116 | $10491 | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Other Diversified Financial Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audax Senior Debt CLO 12 LLC Sub Notes | (3)(5)(25)(26)(27)(28) | N/A | N/A | 4/22/2037 | $2081 | $2081 | $2145 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2024-V Sub Notes Reg S | (3)(5)(25)(27)(28) | N/A | N/A | 1/22/2038 | 5717 | 4904 | 4685 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIFC Stone Warehouse III LTD CLO | (3)(5)(25)(27)(28) | N/A | N/A | 12/31/2049 | 16580 | 16580 | 16580 | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Credit Partners Direct Lending CLO 2025-1 Ltd. | (3)(5)(25)(26)(27)(28) | N/A | N/A | 12/31/2049 | 16315 | 15098 | 15417 | 0.83% |
|  |  |  |  |  |  | $38663 | $38827 | 2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Subordinated Notes** |  |  |  |  |  | $48779 | $49318 | 2.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Non-Controlled, Non-Affiliated Debt Investments** |  |  |  |  |  | $2963157 | $2958192 | 158.86% |
| **Non-Controlled, Non-Affiliated Equity Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Preferred Equity** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Air Freight & Logistics** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amex Holding III Corp Equity 16th December 2025 | (5)(11)(25) | N/A | N/A | N/A | 4892 | $1989 | $499 | 0.03% |
| **Non-Controlled, Non-Affiliated Private Credit Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Limited Partnership Interests** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Management & Custody Banks** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26N DL Sidecar Fund I LP | (6)(16)(17)(25)(30)(31) | N/A | N/A | N/A | $- | $- | $- | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Castlelake Consumer Receivables Opportunity III, L.P. Fund | (6)(16)(17)(18)(25) | N/A | N/A | N/A | 4010 | 4071 | 6016 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Castlelake Consumer Receivables Opportunity IV, L.P. Fund | (6)(16)(17)(19)(25) | N/A | N/A | N/A | 6535 | 6558 | 7582 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diameter Credit Company Common Shares | (16)(17)(20)(25) | N/A | N/A | N/A | 10000 | 10000 | 9982 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Evergreen Private Credit Fund LP | (6)(16)(17)(21)(25) | N/A | N/A | N/A | 19301 | 19301 | 23212 | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hercules Growth Lending Fund IV LP | (6)(16)(17)(22)(25) | N/A | N/A | N/A | 3162 | 3162 | 3145 | 0.17% |
|  |  |  |  |  |  | $43092 | $49937 | 2.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Non-Controlled, Non-Affiliated Private Credit Funds** |  |  |  |  |  | $43092 | $49937 | 2.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** |  |  |  |  |  | $3008238 | $3008628 | 161.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash Equivalents and Restricted Cash Equivalents** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Treasury Portfolio - Institutional Class, 3.60% (145,625 shares) | (4)(23) | N/A | N/A | N/A | N/A | $145625 | $145625 | 7.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Liabilities Less Other Assets** |  |  |  |  |  |  | $(1289786) | (69.38)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets** |  |  |  |  |  |  | $1864467 | 100.00% |

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

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**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

<sup>\*</sup><sup>For non-controlled, non-affiliated debt investments, cost represents amortized cost.</sup>

<sup>(1)</sup> <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>

<sup>(2)</sup> <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>

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

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

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

<sup>(6)</sup> <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>

<sup>(7)</sup> <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</sup><sup>December 31, 2025. The interest rate disclosed is based on the reference rate as of the last reset date which may differ from the reference rate as of December 31, 2025. As of December 31, 2025</sup><sup>, effective rates for</sup>1 Month ("M") S<sup>,</sup>3M S<sup>,</sup>6M S<sup>and</sup>PRIME<sup>are</sup><sup>3.79</sup><sup>%,</sup><sup>4.01</sup><sup>%,</sup><sup>4.20</sup><sup>% and</sup><sup>6.75</sup><sup>%, respectively. For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of</sup><sup>December 31, 2025</sup><sup>. Certain investments are subject to a floor and have been provided.</sup>

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

<sup>(9)</sup> <sup>Investment is domiciled in Jersey.</sup>

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

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

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

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

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

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

<sup>(16)</sup> <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>

<sup>(17)</sup> <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</sup><sup>December 31, 2025</sup><sup>was $</sup><sup>49,937</sup><sup>or</sup><sup>2.68</sup><sup>% of net assets.</sup>

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

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

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

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

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

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

<sup>(24)</sup> <sup>Investment is domiciled in Canada.</sup>

<sup>(25)</sup> <sup>The Company has determined the indicated investments are non-qualifying assets under Section 55(a) of the 1940 Act. Under the 1940 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>

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

<sup>(27)</sup> <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>

<sup>(28)</sup> <sup>Investment is domiciled in Cayman Islands.</sup>

<sup>(29)</sup> <sup>Investment was on non-accrual status as of</sup><sup>December 31, 2025</sup><sup>and is non-income producing.</sup>

<sup>(30)</sup> <sup>Investment was acquired on October 23, 2025.</sup>

<sup>(31)</sup> <sup>Position is an unfunded commitment.</sup>

<sup>(32)</sup> <sup>Investment is domiciled in United Kingdom.</sup>

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

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**StepStone Private Credit Fund LLC** 

**Consolidated Schedule of Investments** 

**December 31, 2025**

*(in thousands, except share amounts and percentages)*

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps** <sup>(a)(b)(c)(d)</sup> | **Interest Rate Swaps** <sup>(a)(b)(c)(d)</sup> | **Interest Rate Swaps** <sup>(a)(b)(c)(d)</sup> | **Interest Rate Swaps** <sup>(a)(b)(c)(d)</sup> | **Interest Rate Swaps** <sup>(a)(b)(c)(d)</sup> | **Interest Rate Swaps** <sup>(a)(b)(c)(d)</sup> | **Interest Rate Swaps** <sup>(a)(b)(c)(d)</sup> | **Interest Rate Swaps** <sup>(a)(b)(c)(d)</sup> |
| **Counterparty** | **Hedged<br>Instrument** | **Company<br>Receives** | **Company<br>Pays** | **Maturity<br>Date** | **Notional<br>Amount** | **Fair Value** | **Unrealized Appreciation (Depreciation)** |
| Wells Fargo Bank, NA | 2025 Senior Notes - Tranche A | 5.94% | 3M SOFR + 2.525% | 12/17/2028 | $75000 | $(45) | (45) |
| Wells Fargo Bank, NA | 2025 Senior Notes - Tranche B | 5.94% | 3M SOFR + 2.542% | 3/17/2029 | 75000 | (56) | (56) |
| Wells Fargo Bank, NA | 2025 Senior Notes - Tranche C | 6.32% | 3M SOFR + 2.7955% | 12/17/2030 | 75000 | (104) | (104) |
| Wells Fargo Bank, NA | 2025 Senior Notes - Tranche D | 6.32% | 3M SOFR + 2.7925% | 3/17/2031 | 75000 | (111) | (111) |
|  |  |  |  |  | $300000 | $(316) | $(316) |

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<sup>(a)</sup><sup>Contains a variable rate structure. Bears interest at a rate determined by SOFR.</sup>

<sup>(b)</sup> <sup>Instrument is used in a hedge accounting relationship. The associated change in fair value is recorded along with the change in fair value of the hedging item within interest expense in the Consolidated Statements of Operations. For further details, see Note 2 "Significant Accounting Policies" and Note 4 "Borrowings".</sup>

<sup>(c)</sup><sup>The Company's interest rate swaps are cleared over-the-counter.</sup>

<sup>(d)</sup><sup>Interest is paid semi-annually.</sup>

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

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**StepStone Private Credit Fund LLC**

**Notes to Consolidated Financial Statements (Unaudited)** 

**March 31, 2026**

*(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 (as amended, 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.

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**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 2025, all dollar amounts in these notes to the consolidated financial statements are presented in thousands, except per share amounts and where otherwise indicated. Prior period amounts have been recast to conform to the current presentation.

Beginning in 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 these statements 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.

**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, other than SCRED SPV VI, are bankruptcy remote special purpose vehicles ("SPVs") organized as Delaware limited liability companies. SCRED SPV VI was formed to facilitate specific transactions between itself, SPV III and underlying borrowers that are eliminated in consolidation. SPV Facility I, SPV Facility II, SPV Facility III, SPV Facility IV Intermediate Holdco, SPV Facility IV, SPV Facility V, 2024-I Issuer, and 2025-I Issuer were established to be utilized in connection with existing or future secured revolving credit facilities or other secured financing arrangements whereby creditors have a claim on the relevant SPV's assets prior to those assets becoming available to the Company. The effects of all intercompany transactions between the Company and its wholly-owned subsidiaries have been eliminated in consolidation.

**Fair Value of Investments** 

The Company applies fair value to its investments in securities of unaffiliated issuers in accordance with ASC Topic 820 - *Fair Value Measurement* ("ASC Topic 820"). In accordance with ASC Topic 820, fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date.

*Fair Value Hierarchy* 

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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").

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

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*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 their respective organizational documents. The value assigned to the investments in private credit funds is based on available information and does not necessarily represent amounts that might be realized, since such amounts depend on future circumstances and cannot reasonably be determined until the underlying investments are actually liquidated. In determining whether valuation adjustments are appropriate, factors assessed include but are not limited to, reviewing the private credit funds' compliance with U.S. GAAP and valuation procedures in place, current performance and market conditions. The Advisor will consider such information and consider whether it is appropriate, in light of all relevant circumstances, to value the private credit funds at their capital account balance as reported, or adjust such value.

Cost represents capital contributions made by the Company, less return of capital proceeds received from such private credit funds. As of March 31, 2026 and December 31, 2025, the Company had remaining unfunded commitments of $20,274 and $26,772 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.

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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.

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.

**Derivative Instruments**

Pursuant to ASC 815 Derivatives and Hedging, all derivative instruments entered into by the Company are designated as hedging instruments. For all derivative instruments designated as a hedge, the entire change in the fair value of the hedging instrument shall be recorded in the same line item of the consolidated statements of operations as the hedged item. The Company's derivative instruments are used to hedge the Company's fixed rate debt, and therefore both the periodic payment and the change in fair value for the effective hedge, if applicable, will be recognized as components of interest expense in the consolidated statements of operations. Fair value is estimated by discounting remaining payments using applicable current market rates, or market quotes, if available. Rule 18f-4 under the 1940 Act requires BDCs that use derivatives to, among other things, comply with a value-at-risk leverage limit, adopt a derivatives risk management program, and implement certain testing and board reporting procedures, or otherwise comply with a "limited derivatives users" exception These requirements apply unless the BDC qualifies as a "limited derivatives user," as defined under the rule. The Company currently operates as a "limited derivatives user" which may limit its ability to use derivatives and/or enter into certain other financial contracts.

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**Secured Borrowings** 

Securities sold and simultaneously repurchased at a premium are reported as financing transactions in accordance with FASB ASC Topic 860, Transfers and Servicing ("ASC 860"). Amounts payable to the counterparty are due on the repurchase settlement date and, excluding accrued interest, such amounts are presented in the accompanying consolidated statements of assets and liabilities as secured borrowings. Premiums payable are separately reported as accrued interest. There were no secured borrowings as of March 31, 2026 and December 31, 2025.

**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 or 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 March 31, 2026 the Company had certain investments in 3 portfolio companies that had an interest default and were placed on non-accrual status. The amortized cost of investments on non-accrual status as of March 31, 2026 was $10,413. The amortized cost of investments on non-accrual status as of December 31, 2025 was $8,417.

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 "interest income" in the consolidated statements of operations. For the period ended March 31, 2026 the Company recorded $206 of interest income related to amendment fees. No such interest income was recorded for the period ended March 31, 2025.

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 $1,007 and $174, in the foregoing fees for the periods ended March 31, 2026 and March 31, 2025, 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 irrevocable based on the Company's judgment. For investments with PIK income, the Company calculates interest income accruals based on the principal balance including any PIK. 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.

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.

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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, debt securitization balance, and unsecured notes balance, if any, in the consolidated statements of assets and liabilities.

**Organizational Costs** 

Organizational costs are expensed as incurred and were 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 were 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) were 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. During the term of the Amended Expense Limitation Agreement, the Company accrued for recoupment payments to the Advisor subject to terms of the Amended Expense Limitation Agreement when such recoupment was determined to be probable and reasonably estimable. As of June 30, 2025, all expenses have been fully recouped and paid back to the Advisor.

**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.

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 $13,122 and $20,503 and restricted cash equivalents of $65,451 and $68,959 as of March 31, 2026 and December 31, 2025, respectively.

**Income 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,

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any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. For the three months ended March 31, 2026 and March 31, 2025, the Company did not incur any excise tax.

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

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

The Company accounts for income taxes in conformity with ASC Topic 740 - *Income Taxes* ("ASC Topic 740"). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in consolidated financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed to meet the more-likely-than-not threshold that would result in a tax benefit or expense to the Company would be recorded as a tax benefit or expense in the current year. It is the Company's policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized tax benefits or unrecognized tax liabilities related to uncertain income tax positions through March 31, 2026 and December 31, 2025. During the three months ended March 31, 2026 and March 31, 2025, 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 (net of applicable withholding tax) in additional Shares, rather than receiving cash. Shareholders who receive distributions in the form of Shares will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, those shareholders will not receive cash with which to pay any applicable taxes.

**Segment Reporting**

An operating segment is defined in 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.

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**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"). The Advisor agreed to permanently waive the Base Management Fee and the Income-Based Incentive Fee (as defined below) through September 30, 2023.

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

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

For the three months ended March 31, 2026 and March 31, 2025, the Company incurred a Base Management Fee of $5,057 and $2,528, respectively.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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

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catch-up have been achieved (7.5% of the Company's Pre-Incentive Fee Net Investment Income thereafter will be allocated to the Advisor).

For the three months ended March 31, 2026 and March 31, 2025, the Company incurred Income Incentive Fees of $3,626 and $2,148, 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 equal the Company's realized capital gains on a cumulative basis from the effective date of the Advisory Agreement, calculated as of the end of the applicable period, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from effective date of the Advisory Agreement, less the aggregate amount of any previously paid Capital Gains-Based Incentive Fee.

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

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

For the three months ended March 31, 2026 and March 31, 2025, the Company accrued a Capital Gains-Based Incentive Fee of $(46) and $9, respectively, under the U.S. GAAP calculation.

*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 was reduced to 0.20% of the Company's net assets on an annualized basis. Effective, April 1, 2026, the Administration fee was further reduced to 0.175% 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 in Note 1.

For the three months ended March 31, 2026 and March 31, 2025, the Company incurred an Administration Fee of $1,025 and $749, 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 April 3, 2023, 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 was in effect for the same initial Limitation Period, unless extended by the Company and the Advisor pursuant to its terms, the Advisor agreed 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 would 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 was required to make a Required Expense Payment to the extent necessary to eliminate such excess. The Advisor was also permitted to 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" includes 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.

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<u>Voluntary Expense Support</u>. At such times as the Advisor determines, the Advisor was also permitted to 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 was permitted to 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 designated, as it deemed necessary or advisable, what type of expense it was 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 excluded 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.

<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 Limitation Period under the Amended Expense Limitation Agreement expires on April 3, 2026; the Advisor and the Company do not intend to further extend the Limitation Period.

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.

<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 was subject to later reimbursement by the Company in accordance with the terms of the Amended Expense Limitation Agreement.

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For the three months ended March 31, 2026 and March 31, 2025, the Company made recoupment payments to the Advisor of $0 and $731, respectively. As of June 30, 2025, all expenses have been fully recouped and paid back to the advisor. Additionally, on April 3, 2026, the Expense Limitation Agreement lapsed without being extended; therefore the agreement has been terminated.

*Other Related Party Transactions* 

During the three months ended March 31, 2026 and March 31, 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 purchased 8,212,408 and 5,740,108 Shares, respectively, from the Company in exchange for aggregate proceeds totaling $215,108 and $150,872 respectively. For the three months ended March 31, 2026 and March 31, 2025, the Segregated Portfolio received 664,456 and 422,595 of Shares, respectively, in connection with reinvestments under the Company's DRIP, which Shares represented distributions in amounts equal to $17,299 and $10,987, respectively. As of March 31, 2026 and December 31, 2025, $2,041,327 and $1,818,930, respectively, or 97.7% and 97.6%, respectively, of the outstanding Shares are held by investors indirectly through the Segregated Portfolio.

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**4. Borrowings** 

The Company's outstanding debt as of March 31, 2026 and 2025 was as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Interest Rate <br>as of** | **Interest Rate <br>as of** | **Outstanding Balance as of** | **Outstanding Balance as of** |
|  | **Maturity Date** | **March 31,<br>2026** | **December 31,<br>2025** | **March 31,<br>2026** | **December 31,<br>2025** |
| <u>Lines of Credit:</u> |  |  |  |  |  |
| MassMutual SPV I Facility | March 31, 2033 | 6.94% | 7.00% | $- | $187500 |
| BMO SPV II Credit Facility | May 1, 2030 | 6.03% | 6.19% | 71671 | 61670 |
| Wells Fargo SPV III Credit<br> Facility | February 27, 2030 | 5.78% | 5.81% | 471500 | 487500 |
| JPM SPV V Credit Facility | July 25, 2030 | 5.52% | 5.65% | 100000 | 50000 |
| (Less: Unamortized debt issuance<br> costs) |  |  |  | (11367) | (12022) |
| Total Lines of Credit |  |  |  | $631804 | $774648 |
| <u>Debt Securitizations:</u> |  |  |  |  |  |
| Class A 2024 Notes | January 15, 2037 | 5.37% | 5.60% | $174000 | $174000 |
| Class A 2025 Notes | August 20, 2037 | 5.58% | 5.58% | 174000 | 174000 |
| (Less: Unamortized debt issuance<br> costs) |  |  |  | (3043) | (3112) |
| Total Debt Securitizations |  |  |  | $344957 | $344888 |
| <u>Unsecured Notes:</u> |  |  |  |  |  |
| Tranche A Notes due 2028 <sup>(1)</sup> | December 17, 2028 | 5.94% | 5.94% | $74484 | $74962 |
| Tranche B Notes due 2029 <sup>(1)</sup> <sup>(2)</sup> | March 17, 2029 | 5.94% | 5.94% | 74417 | (56) |
| Tranche C Notes due 2030 <sup>(1)</sup> | December 17, 2030 | 6.32% | 6.32% | 74420 | 74905 |
| Tranche D Notes due 2031 <sup>(1) (2)</sup> | March 17, 2031 | 6.32% | 6.32% | 74382 | (111) |
| (Less: Unamortized debt issuance<br> costs) |  |  |  | (3113) | (1751) |
| Total Unsecured Notes |  |  |  | $294590 | $147949 |

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<sup>(1)</sup> <sup>Inclusive of change in fair market value of effective hedge.</sup>

<sup>(2)</sup> <sup>As of</sup><sup>December 31, 2025</sup><sup>, there was no outstanding debt.</sup>

As of March 31, 2026 and December 31, 2025, the fair value of the Company's borrowings outstanding under its lines of credit approximates their carrying values, and are based on a market yield method using market interest rates, which are level 3 inputs to the yield method.

As of March 31, 2026, the fair value of the Company's Class A 2024 Notes and Class A 2025 Notes outstanding are $174,017 and $174,017, respectively, and are based on market quotations, which are level 2 inputs. As of December 31, 2025 the fair value of the Company's Class A 2024 Notes and Class A 2025 Notes outstanding are $174,261 and $174,082, respectively, and are based on market quotations, which are level 2 inputs.

As of March 31, 2026, the fair value of the Company's Tranche A, Tranche B, Tranche C and Tranche D Unsecured Notes outstanding are $74,484, $74,417, $74,420 and $74,381, respectively, and are based on a market yield method, using market interest rates, which are level 3 inputs to the yield method. As of December 31, 2025, the fair value of the Company's Tranche A and Tranche C Unsecured Notes outstanding are $74,991 and $74,858, respectively, and are based on a market yield method, using market interest rates, which are level 3 inputs to the yield method.

*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

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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 and has a reinvestment period that ends on April 3, 2026 (after which no additional borrowings may be drawn).

On April 6, 2026, the Company and its wholly-owned subsidiary, SPV Facility I LLC, terminated the MassMutual SPV I Facility.

*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.

*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.

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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.

*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 are 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 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.

*2024-I CLO*

On January 15, 2025, the Company completed its $300,360 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 ($)** | **Coupon** |
| Class A 2024 Notes | $174000<br> AAA(sf) | 3M SOFR + 1.70% |
| Class B 2024 Notes | 30000<br> AA(sf) | 3M SOFR + 2.00% |

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2024-I CLO Subordinated Notes 96,360 N/A N/A

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 indenture governing the 2024-I CLO (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 a Master Participation Agreement for Par/Near Par Trades (the "2024-I CLO Participation Agreement" and, together with the 2024-I CLO Sale Agreement, the "2024-I CLO Transfer Agreements"), 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.

*2025-I CLO*

On September 17, 2025, the Company completed its $298,870 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 | 94870 | 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

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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 indenture governing the 2025-I CLO (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 a Master Participation Agreement for Par/Near Par Trades (the "2025-I CLO Participation Agreement" and, together with the 2025-I CLO Sale Agreement, the "2025-I CLO Transfer Agreements"), 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.

*2025 Senior Notes - Tranches A, B, C and D*

On December 17, 2025, the Company entered into a Master Note Purchase Agreement (the "2025 Note Purchase Agreement") governing the issuance of $75,000 in aggregate principal amount of its 5.94% Series 2025 Senior Notes, Tranche A, due December 17, 2028 (the "Tranche A Notes due 2028"), $75,000 in aggregate principal amount of its 5.94% Series 2025 Senior Notes, Tranche B, due March 17, 2029 (the "Tranche B Notes due 2029"), $75,000 in aggregate principal amount of its 6.32% Series 2025 Senior Notes, Tranche C, due December 17, 2030 (the "Tranche C Notes due 2030"), and $75,000 in aggregate principal amount of its 6.32% Series 2025 Senior Notes, Tranche D, due March 17, 2031 (the "Tranche D Notes due 2031" and, together with the Tranche A Notes due 2028, Tranche B Notes due 2029 and Tranche C Notes due 2030, the "Unsecured Notes") to qualified institutional investors in a private placement. The Tranche A Notes due 2028 and Tranche C Notes due 2030 were delivered and paid for on December 17, 2025, and the Tranche B Notes due 2029 and Tranche D Notes due 2031 were delivered and paid for on March 17, 2026.

Interest on the Unsecured Notes is due semiannually. These interest rates are subject to increase (up to a maximum increase of 2.00% above the stated rate for the Unsecured Notes) in the event that, subject to certain exceptions, the Unsecured Notes cease to have an investment grade rating and/or the Company's minimum secured debt ratio exceeds certain thresholds.

The Unsecured Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured, unsubordinated indebtedness issued by the Company.

The 2025 Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants, such as information reporting, maintenance of the Company's status as a business development company within the meaning of the 1940 Act, a minimum consolidated net worth test and a minimum asset coverage ratio. The 2025 Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness of the Company or subsidiary guarantors, certain judgments and orders, and certain events of bankruptcy.

In addition, the Company is obligated to offer to repay the Unsecured Notes at a price equal to 100% of the principal amount, plus accrued and unpaid interest if certain change in control events occur.

The Unsecured Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The Unsecured Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.

In connection with the Unsecured Notes, the Company has entered into interest rate swaps with respect to the Unsecured Notes to more closely align the interest rates of the Company's liabilities with the investment portfolio, which consists of predominately floating rate

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loans. Under the interest rate swap agreement entered with respect to the Tranche A Notes due 2028, the Company receives a fixed interest rate of 5.94% and pays a floating interest rate of three-month term SOFR + 2.525% on a notional amount of $75 million. Under the interest rate swap agreement entered with respect to the Tranche B Notes due 2029, the Company receives a fixed interest rate of 5.94% and pays a floating interest rate of three-month term SOFR + 2.542% on a notional amount of $75 million. Under the interest rate swap agreement entered with respect to the Tranche C Notes due 2030, the Company receives a fixed interest rate of 6.32% and pays a floating interest rate of three-month term SOFR + 2.7955% on a notional amount of $75 million. Under the interest rate swap agreement entered with respect to the Tranche D Notes due 2031, the Company receives a fixed interest rate of 6.32% and pays a floating interest rate of three-month term SOFR + 2.7925% on a notional amount of $75 million. The first interest rate payments from the Company under the interest rate swaps with respect to the Tranche A Notes due 2028 and the Tranche C Notes due 2030 were due on March 17, 2026, and first interest rate payments from the Company under the interest rate swaps with respect to the Tranche B Notes due 2029 and the Tranche D Notes due 2031 are due on June 17, 2026. The Company designated the interest rate swaps as the hedging instruments in a qualifying hedge accounting relationship.

*Total Borrowings*

The following table provides the Company's weighted average interest rate and daily average amount of borrowings 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, the Class A 2025 Notes, the Tranche A Notes due 2028, Tranche B Notes due 2029, the Tranche C Notes due 2030 and the Tranche D Notes due 2031 (the "Total Borrowings") individually and aggregate for the periods shown:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Facility** | **Weighted<br>Average <br>Interest Rate <br>for the Three Months Ended March 31,<br>2026** | **Weighted<br>Average <br>Interest Rate <br>for the Three Months Ended March 31,<br>2025** | **Daily Average<br>Amount of<br>Outstanding<br>Borrowings for<br>the Three Months Ended March 31,<br>2026** | **Daily Average<br>Amount of<br>Outstanding<br>Borrowings for<br>the Three Months Ended March 31,<br>2025** |
| MassMutual SPV I | 6.94% | 7.57% | $172917 | $192678 |
| BMO SPV II | 6.02% | 6.83% | 31226 | 97671 |
| Wells Fargo SPV III | 5.82% | 6.59% | 424067 | 317022 |
| JPM SPV V | 5.52% | N/A | 68333 | N/A |
| Class A 2024 Notes | 5.41% | 6.00% | 174000 | 174000 |
| Class A 2025 Notes | 5.58% | N/A | 174000 | N/A |
| Tranche A Notes due 2028 | 5.94% | N/A | 75000 | N/A |
| Tranche B Notes due 2029 | 5.94% | N/A | 75000 | N/A |
| Tranche C Notes due 2030 | 6.32% | N/A | 75000 | N/A |
| Tranche D Notes due 2031 | 6.32% | N/A | 75000 | N/A |
| Total Borrowings | 6.15% | 6.92% | 1219543 | 754304 |

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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 for the noted period:

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| | | |
|:---|:---|:---|
|  | **Three Months<br>Ended** | **Three Months<br>Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| Coupon interest | $19326 | $10793 |
| Amortization of debt issuance costs | 863 | 795 |
| Net change in unrealized appreciation (depreciation)<br> on effective interest rate swaps and hedged items | 38 | - |
| Total | $20227 | $11588 |

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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.

Investments at fair value and cost consisted of the following as of March 31, 2026:

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| | | | |
|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  |  | **% of Total** |
|  | **Cost** | **Fair Value** | **Investments** |
| First Lien Senior Secured | $3231042 | 3219176 | 97.15% |
| Subordinated Notes | 40623 | 39889 | 1.20% |
| Preferred Equity | 1989 | 436 | 0.01% |
| Limited Partnership Interests | 47224 | 54352 | 1.64% |
| **Total investments** | $3320878 | $3313853 | 100.00% |

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

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| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  |  | **% of Total** |
|  | **Cost** | **Fair Value** | **Investments** |
| First Lien Senior Secured | $2908938 | 2903414 | 96.50% |
| Second Lien Senior Secured | 5440 | 5460 | 0.18% |
| Subordinated Notes | 48779 | 49318 | 1.64% |
| Preferred Equity | 1989 | 499 | 0.02% |
| Limited Partnership Interests | 43092 | 49937 | 1.66% |
| **Total investments** | $3008238 | $3008628 | 100.00% |

---

As of March 31, 2026, 97.29% of investments held at fair value were based in the United States. The remaining 2.71% of investments held at fair value were based in Cayman Islands 1.20%, Canada 0.82% and England 0.69%.

As of December 31, 2025, 98.56% of investments held at fair value were based in the United States. The remaining 1.44% of investments held at fair value were based in England 0.68%, Canada 0.58%, Jersey 0.11% and Cayman Islands 0.07%.

For the three months ended March 31, 2026 and March 31, 2025, purchases of investments were $488,895 and $367,296 at amortized cost respectively. For the years ended March 31, 2026 and March 31, 2025, total proceeds received from sales, exits and repayments of investments were $180,202 and $54,168, respectively at amortized cost.

------

**6. Fair Value Measurement** 

The following table summarizes the fair value of the Company's investments as of March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Assets at Fair Value as of March 31, 2026** | **Assets at Fair Value as of March 31, 2026** | **Assets at Fair Value as of March 31, 2026** | **Assets at Fair Value as of March 31, 2026** | **Assets at Fair Value as of March 31, 2026** |
|  |  |  |  | **Practical** |  |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Expedient** | **Total** |
| First Lien Senior Secured | $— | $— | $3219176 | $— | $3219176 |
| Subordinated Notes |  |  | 39889 |  | 39889 |
| Preferred Equity |  |  | 436 |  | 436 |
| Limited Partnership Interests |  |  |  | 54352 | 54352 |
| **Total assets** | $— | $— | $3259501 | $54352 | $3313853 |

---

The Company's Interest Rate Swaps are considered Level 2 in the fair value hierarchy.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Assets at Fair Value as of December 31, 2025** | **Assets at Fair Value as of December 31, 2025** | **Assets at Fair Value as of December 31, 2025** | **Assets at Fair Value as of December 31, 2025** | **Assets at Fair Value as of December 31, 2025** |
|  |  |  |  | **Practical** |  |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Expedient** | **Total** |
| First Lien Senior Secured | $— | $— | $2903414 | $— | $2903414 |
| Second Lien Senior Secured |  |  | 5460 |  | 5460 |
| Subordinated Notes |  |  | 49318 |  | 49318 |
| Preferred Equity |  |  | 499 |  | 499 |
| Limited Partnership Interests |  |  |  | 49937 | 49937 |
| **Total assets** | $— | $— | $2958691 | $49937 | $3008628 |

---

The below table presents a summary of changes in fair value of Level 3 assets by investment type for the three months ended March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **First Lien <br>Senior Secured** | **Second Lien <br>Senior Secured** | **Subordinated <br>Notes** | **Preferred<br>Equity** | **Total** |
| Balance at fair value at December 31, 2025 | $2903414 | $5460 | $49318 | $499 | $2958691 |
| Net Purchases <sup>(1)(4)</sup> | 473416 |  | 8401 |  | 481817 |
| Net Sales, Exits and Repayments<sup>(2)(3)(4)</sup> | (155124) | (5453) | (16632) |  | (177209) |
| PIK | 1480 |  |  |  | 1480 |
| Accreted Discounts / Amortized Premiums | 2391 | 2 | 74 |  | 2467 |
| Net Realized Gain/(Loss) |  |  |  |  |  |
| Net Change in Unrealized Appreciation / (Depreciation) | (6401) | (9) | (1272) | (63) | (7745) |
| Transfers into Level 3 |  |  |  |  |  |
| Transfers out of Level 3 |  |  |  |  |  |
| Balance at fair value at March 31, 2026 | $3219176 | $— | $39889 | $436 | $3259501 |
| Change in Unrealized Appreciation / (Depreciation)<br>for Level 3 Assets Still Held as of March 31, 2026 | $965 | $12 | $(1810) | $1428 | $(833) |

---

<sup>(1)</sup> <sup>Purchases may include investments received in corporate action and restructurings.</sup>

<sup>(2)</sup> <sup>Sales may include investments sold or repaid in corporate action and restructurings.</sup>

<sup>(3)</sup> <sup>Sales may include dividends received and treated as return of capital adjustments for Subordinated Notes and Limited Partnership Interests</sup>

<sup>(4)</sup> <sup>Purchases and Sales may include amounts reclassified between investment categories</sup>

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Lien <br>Senior Secured** | **Second Lien <br>Senior Secured** | **Subordinated <br>Notes** | **Total** |
| Balance at fair value at December 31, 2024 | $1532466 | $4467 | $4994 | $1541927 |
| Net Purchases | 364173 | 1041 | 2081 | 367295 |
| Net Sales, Exits and Repayments | (54151) | (16) |  | (54167) |
| PIK | 589 |  |  | 589 |
| Accreted Discounts / Amortized Premiums | 1549 | 30 |  | 1579 |
| Net Realized Gain/(Loss) |  |  |  |  |
| Net Change in Unrealized Appreciation / (Depreciation) | (1059) | (25) | 136 | (948) |
| Transfers into Level 3 |  |  |  |  |
| Transfers out of Level 3 |  |  |  |  |
| Balance at fair value at March 31, 2025 | $1843567 | $5497 | $7211 | $1856275 |
| Change in Unrealized Appreciation / (Depreciation)<br>for Level 3 Assets Still Held as of March 31, 2025 | $(2702) | $(21) | $136 | $(2586) |

---

The following tables present quantitative information about the significant unobservable inputs of the Company's Level 3 financial instruments as of March 31, 2026 and December 31, 2025, respectively. 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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | **Impact to** |
|  |  |  |  |  |  | **Valuation from** |
|  | **Fair Value** |  |  |  |  | **Increase in** |
|  | **as of** | **Valuation** | **Unobservable** | **Range /** | **Weighted** | **Unobservable** |
|  | **March 31, 2026** | **Techniques** | **Input** | **Percentage** | **Average** <sup>(1)</sup> | **Input** |
| First Lien Senior Secured Debt | $3019387 | Yield Method | Market Yield Discount Spreads | 3.45% - 16.29% | 5.83% | Decrease |
|  | 186810 | Recent Transactions | Transaction Price | $96.00 - $100.00 | $98.91 | Increase |
|  | 12979 | Market Approach | Market Multiple | 0.0x - 25.0x | 8.0x | Increase |
| Subordinated Notes | 3186 | Yield Method | Market Yield Discount Spreads | 12.50% | 12.50% | Decrease |
|  | 36703 | Discounted Cash Flows | Annual Default Rate | 1.75% - 2.87% | 1.97% | Decrease |
|  |  |  | Annual Prepayment Rate | 20.00% | 20.00% | Increase |
|  |  |  | Reinvestment Spread | 3.45% - 4.89% | 4.13% | Increase |
|  |  |  | Reinvestment Price | $99.50 | $99.50 | Decrease |
|  |  |  | Recovery Rate | 65.00% - 70.28% | 67.53% | Increase |
|  |  |  | Expected Yield | 14.25% - 20.50% | 16.81% | Decrease |
| Preferred Equity | 436 | Market Approach | Market Multiple | 0.4x - 9.8x | 5.1x | Increase |
| **Total Assets** | $3259501 |  |  |  |  |  |

---

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | **Impact to** |
|  |  |  |  |  |  | **Valuation from** |
|  | **Fair Value** |  |  |  |  | **Increase in** |
|  | **as of** | **Valuation** | **Unobservable** | **Range /** | **Weighted** | **Unobservable** |
|  | **December 31, 2025** | **Techniques** | **Input** | **Percentage** | **Average** <sup>(1)</sup> | **Input** |
| First Lien Senior Secured Debt | $2797561 | Yield Method | Market Yield Discount Spreads | 3.37% - 27.84% | 5.77% | Decrease |
|  | 102299 | Recent Transactions | Transaction Price | $98.00 - $100.00 | $98.93 | Increase |
|  | 3554 | Market Approach | Market Multiple | 0.3x - 10.9x | 5.6x | Increase |
| Second Lien Senior Secured Debt | 5460 | Yield Method | Market Yield Discount Spreads | 5.18% - 6.18% | 5.68% | Decrease |
| Subordinated Notes | 16580 | Yield Method | Market Yield Discount Spreads | 15.00% | 15.00% | Decrease |
|  | 32738 | Discounted Cash Flows | Annual Default Rate | 2.00% - 3.00% | 2.54% | Decrease |
|  |  |  | Annual Prepayment Rate | 20.00% | 20.00% | Decrease |
|  |  |  | Reinvestment Spread | 3.20% - 5.05% | 4.18% | Decrease |
|  |  |  | Reinvestment Price | $99.00 - $99.50 | $99.23 | Decrease |
|  |  |  | Recovery Rate | 65.00% | 65.00% | Increase |
|  |  |  | Expected Yield | 11.00% - 20.50% | 15.98% | Decrease |
| Preferred Equity | 499 | Market Approach | Market Multiple | 0.3x - 10.9x | 5.6x | Increase |
| **Total Assets** | $2958691 |  |  |  |  |  |

---

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

------

**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, 2025, 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 temporary differences that were 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, 2025, the Company had a permanent difference of $17 related to a nondeductible excise tax. 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** | **Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| Ordinary income | $47541 | $27750 |
| Long-term capital gains |  |  |
| Tax return of capital |  |  |

---

As of December 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
|  | **December 31,<br>2025** |
| Undistributed ordinary income | $694 |
| Other book/tax temporary differences | (1025) |
| Capital loss carryforwards |  |
| Undistributable capital gains |  |
| Net realized gain (loss) from investments in securities of<br> unaffiliated issuers |  |
| Net unrealized depreciation from investments in securities<br> of unaffiliated issuers | (5295) |
| Total distributable earnings (accumulated loss) | $(5626) |

---

As of March 31, 2026, the aggregate cost of investments for U.S. federal income tax purposes is $3,418,259. As of March 31, 2026, net unrealized depreciation on the Company's investments (tax basis) was $12,711, consisting of gross unrealized appreciation, where the fair value of the Company's investments exceeds their tax cost, of $13,386 and gross unrealized depreciation, where the tax cost of the Company's investments exceeds their fair value, of $26,097. As of December 31, 2025, the aggregate cost of investments for U.S. federal income tax purposes is $3,159,548. As of December 31, 2025, net unrealized depreciation on the Company's investments (tax basis) was $5,295, consisting of gross unrealized appreciation, where the fair value of the Company's investments exceeds their tax cost, of $14,842 and gross unrealized depreciation, where the tax cost of the Company's investments exceeds their fair value, of $20,137.

------

**8. Commitments and 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 were 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. Prior to the expiration of the Amended Expense Limitation Agreement on April 3, 2026, 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 June 30, 2025, all expenses have been fully recouped and paid back to 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 March 31, 2026 and December 31, 2025, the Company has contractual unfunded commitments to provide additional funding of $20,274 and $26,772, respectively, to investments in private credit funds.

As of March 31, 2026 and December 31, 2025, the Company had the following outstanding commitments to investments in loans:

---

| | | |
|:---|:---|:---|
| **Investments** | **March 31, 2026** | **December 31, 2025** |
| 3 Step Sports LLC Delayed Draw Term Loan | $518 | $527 |
| AAH Topco, LLC Class C Delayed Draw Term Loan | 3105 | 4142 |
| Accelevation LLC Delayed Draw Term Loan | 1323 | 1323 |
| Accelevation LLC Initial Term Loan |  |  |
| Accelevation LLC Revolving Credit Loan | 1651 | 2064 |
| Accent Building Materials Holdings LLC Term B Delayed Term Loan | 122 | 122 |
| Accordion Partners LLC Delayed Draw Term Loan |  |  |
| Accordion Partners LLC Initial Term Loan |  |  |
| Accordion Partners LLC Revolving Loan | 1217 | 1217 |
| Accordion Partners LLC Second Amendment Term B-2 Loan |  |  |
| Accurate Background, LLC Fourth Amendment Incremental Term Loan |  |  |
| ACP Avenu Buyer, LLC Delayed Term Loan | 458 | 458 |
| ACP Avenu Buyer, LLC Revolving Credit | 428 | 428 |
| ACP Falcon Buyer, Inc. Revolving Loan | 333 | 333 |
| ACP Falcon Buyer, Inc. Term Loan |  |  |
| ACP Oak Buyer, Inc. 2025 Refinancing Revolving Loan | 2041 | 2041 |
| ACP Oak Buyer, Inc. 2025 Refinancing Term Loan |  |  |
| ACP Oak Buyer, Inc. 2025-2 Incremental Delayed Draw Term Loan |  | 454 |
| ACP Oak Buyer, Inc. Sixth Amendment Term Loan |  |  |
| Advanced Medical Management, LLC Revolving Credit Loan | 502 | 803 |
| Advanced Web Technologies Holding Company Revolving Credit Loan | 342 | 342 |
| AEP Passion Intermediate Holdings, Inc. 2023 Incremental Term A Loan |  |  |
| AFC-Dell Holding Corp. Revolving Loan B | 110 | 128 |
| AI Fire Buyer, Inc. Delayed Draw Term Loan |  |  |
| AIDC IntermediateCo. 2, LLC Initial Term Loan (Peak Technologies) |  |  |
| AKAM Buyer, Inc. Delayed Draw Term Loan | 2333 |  |
| AKAM Buyer, Inc. Revolving Loan | 892 |  |

---

------

---

| | | |
|:---|:---|:---|
| **Investments** | **March 31, 2026** | **December 31, 2025** |
| Alera Group, Inc. Delayed Draw Term Loan | 439 |  |
| Alkeme Intermediary Holdings, LLC Eleventh Amendment Delayed Draw Term Loan | 789 | 1862 |
| Alkeme Intermediary Holdings, LLC Revolving Credit | 266 | 266 |
| Allworth Financial Group, L.P. Fourth Amendment Delayed Draw Term Loan |  | 5548 |
| Allworth Financial Group, L.P. Revolving Loan | 618 | 618 |
| Ambient Enterprises Holdco LLC Delayed Draw Term B Loan | 350 | 971 |
| Ambient Enterprises Holdco LLC Delayed Draw Term C Loan (First Lien) | 1355 | 1355 |
| Ambient Enterprises Holdco LLC Delayed Draw Term Loan | 625 |  |
| Ambient Enterprises Holdco LLC Revolving Loan | 952 | 952 |
| Ambient Enterprises Holdco LLC Third Amendment Term Loan (First Lien) |  |  |
| AmerCareRoyal, LLC Delayed Draw Term Loan A | 1867 | 1867 |
| AmerCareRoyal, LLC Term Loan |  |  |
| AmerCareRoyal, LLC U.S. Revolving Credit | 467 | 768 |
| American Family Care, LLC Revolver | 1084 | 1084 |
| American Family Care, LLC Second Amendment Delayed Draw Term Loan | 3613 | 3613 |
| AmeriLife Holdings LLC 2024 Revolving Loan | 1358 | 1358 |
| AmeriLife Holdings LLC Amendment No. 5 Incremental Delayed Draw Term Loan | 3289 | 3289 |
| AMEX Holding III Corp Term Loan |  |  |
| Amplify Buyer, Inc. Term Loan |  |  |
| Anaplan, Inc. Fourth Amendment Term Loan |  |  |
| Any Hour LLC Delayed Term Loan |  | 1876 |
| Any Hour LLC Revolving Credit | 92 | 166 |
| Any Hour LLC Term Loan |  |  |
| Apex Dental Partners, LLC Delayed Draw Term Loan | 1395 | 1654 |
| Apex Dental Partners, LLC Revolving Credit | 813 | 813 |
| Apex Dental Partners, LLC Term Loan |  |  |
| Apex Dental Partners, LLC Term Loan |  |  |
| Apex Service Partners, LLC Incremental Delayed Term Loan | 564 |  |
| Apex Service Partners, LLC 2024 Replacement Delayed Draw Term Loan |  |  |
| Apex Service Partners, LLC 2024 Replacement Delayed Draw Term Loan |  |  |
| Apex Service Partners, LLC 2024 Term Loan |  |  |
| Apex Service Partners, LLC Revolving Credit Loan | 89 | 121 |
| Apex Service Partners, LLC Revolving Credit Loan | 164 | 223 |
| Apex Service Partners, LLC Second Amendment Incremental Delayed DrawTerm Loan |  | 768 |
| Apex Service Partners, LLC Second Amendment Incremental Term Loan |  |  |
| Apex Service Partners, LLC Third Amendment Incremental Delayed Draw Term Loan | 3841 | 4329 |
| Aprio Advisory Group, LLC 2025-2 Incremental Delayed Draw Term Loan | 22065 | 11311 |
| Aprio Advisory Group, LLC Delayed Draw Term Loan 1 |  | 10753 |
| Aprio Advisory Group, LLC Revolving Loan | 623 | 935 |
| Aptean Acquiror Inc. First Amendment Delayed Draw Term Loan | 55 | 2461 |
| Aptean Acquiror Inc. Initial Term Loan |  |  |
| Aptean Acquiror Inc. Revolving Credit | 557 | 516 |
| Aptive Environmental, LLC Delayed Draw Term Loan | 731 | 731 |
| Aptive Environmental, LLC Initial Revolving Loan | 1463 | 1463 |
| Aptive Environmental, LLC Initial Term Loan |  |  |
| Archer Lewis, LLC Delayed Draw Term Loan B | 20 | 20 |
| Arcline Liberty Buyer LLC Delayed Draw Term Loan | 2254 | 2254 |
| Arcline Liberty Buyer LLC Revolving Loan | 1503 | 1503 |
| Arctic Holdco, LLC 2025 Delayed Draw Term Loan | 141 | 141 |
| Arctic Holdco, LLC Initial Refinancing Revolving Loan | 166 | 203 |
| Arcticom Group Delayed Draw Term Loan D |  |  |
| Arcticom Group Delayed Draw Term Loan D |  |  |
| Arden Insurance Services LLC Revolving Credit | 340 | 1190 |
| Arden Insurance Services LLC Term A Loan |  |  |
| Arden Insurance Services LLC Term A Loan |  |  |
| Argano, LLC 2nd Amendment Delayed Draw Term Loan | 494 | 2000 |

---

------

---

| | | |
|:---|:---|:---|
| **Investments** | **March 31, 2026** | **December 31, 2025** |
| Argano, LLC Initial Term Loan |  |  |
| Argano, LLC Revolving Credit Loan | 411 | 411 |
| Argano, LLC Second Amendment Delayed Draw Term Loan | 1655 |  |
| Artivion, Inc. Delayed Draw Term Loan |  |  |
| Artivion, Inc. Second Amendment Delayed Draw Term Loan | 836 | 836 |
| ASP Global Holdings, LLC Delayed Draw Term Loan | 616 | 616 |
| ASP Global Holdings, LLC Initial Term Loan |  |  |
| ASP Global Holdings, LLC Revolving Loan |  | 108 |
| Assembled Intelligence LLC Term Loan |  |  |
| Associations, Inc. Revolving Loan | 434 | 434 |
| Associations, Inc. Special Purpose Delayed Draw Term Loan | 281 | 308 |
| ATI Restoration, LLC Second Amendment Delayed Draw Term Loan |  | 169 |
| Atlantic Pipe Services, LLC Delayed Draw Term Loan | 2645 | 2645 |
| Atlantic Pipe Services, LLC Initial Term Loan |  |  |
| Aviation Technical Services, Inc. Revolving Loan | 500 | 500 |
| Aviation Technical Services, Inc. Term Loan |  |  |
| AVW WV Buyer, Inc. Fourth Amendment Delayed Draw Term Loan | 746 | 746 |
| Axis Portable Air LLC Eighth Amendment Delayed Draw Term Loan |  | 5302 |
| Axis Portable Air, LLC Initial Term Loan |  |  |
| Axis Portable Air, LLC Revolving Credit Loan | 2931 | 2931 |
| Axis Portable Air, LLC Sixth Amendment Delayed Draw Term Loan | 1232 |  |
| Badge 21 Midco Holdings LLC Amendment No. 1 Delayed Draw Term Loan | 2021 | 2021 |
| Badge 21 Midco Holdings LLC Amendment No. 1 Term Loan |  |  |
| Badge 21 Midco Holdings LLC Amendment No. 1 Term Loan |  |  |
| Badge 21 Midco Holdings LLC Revolving Loan | 1119 | 1182 |
| Bamboo US BidCo LLC (aka Baxter) Delayed Term Loan | 2293 |  |
| Bamboo US BidCo LLC (aka Baxter) Tranche B-2 Delayed Term Loan |  | 14 |
| Barricade Holdings LLC Delayed Draw Term Loan | 5414 |  |
| Barricade Holdings LLC First Amendment Term Loan |  |  |
| BASYS LLC First Amendment Term Loan |  |  |
| BBG, Inc. Initial Term Loan |  |  |
| BCDI Rodeo Dental Buyer, LLC Delayed Draw Term Loan |  |  |
| BCDI Rodeo Dental Buyer, LLC Revolving Credit Loan | 48 | 290 |
| BCI Burke Holding Corp. Seventh Amendment Delayed Draw Term Loan | 1027 | 1027 |
| BCI Burke Holding Corp. Seventh Amendment Delayed Draw Term Loan | 1258 | 1258 |
| BCI Burke Holding Corp. Seventh Amendment Incremental Term Loan |  |  |
| BDO USA, P.C. 2025 Term Loan |  |  |
| Beacon Oral Specialists Management LLC Eighth Amendment Delayed Draw Term Loan | 1923 | 2426 |
| Beacon Oral Specialists Management LLC Sixth Amendment Delayed Draw Term Loan |  | 353 |
| Berlin Rosen Acquisition, LLC Revolving Loan |  | 235 |
| Berlin Rosen Acquisition, LLC Revolving Loan |  | 135 |
| Berlin Rosen Acquisition, LLC Term Loan |  |  |
| Berlin Rosen Acquisition, LLC Term Loan |  |  |
| Best Roofing Services LLC Closing Date Term Loan |  |  |
| Best Roofing Services LLC Revolving Loan | 179 | 179 |
| Big Top Holdings, LLC Term Loan |  |  |
| Big Top Holdings, LLC Revolving Credit Loan |  | 75 |
| Blue River Petcare Group, LLC 2026 Additional Term Loan |  |  |
| Blue River Petcare Group, LLC 2026 Delayed Draw Term Loan | 9835 |  |
| Blue River Petcare Group, LLC Revolving Loan | 1609 |  |
| BNI Global, LLC Revolving Credit Loan | 267 | 267 |
| Bobcat Purchaser, LLC Term Loan |  |  |
| Bridgepointe Technologies, LLC Delayed Draw Term Loan (2024) | 3409 |  |
| Bridgepointe Technologies, LLC Delayed Draw Term Loan 2025-A |  | 42 |
| Bridgepointe Technologies, LLC Delayed Draw Term Loan 2025-B | 3199 | 4000 |
| Brightmore Brands LLC Original Term Loan |  |  |

---

------

---

| | | |
|:---|:---|:---|
| **Investments** | **March 31, 2026** | **December 31, 2025** |
| Bristol Hospice, L.L.C. Initial Term Loan |  |  |
| Bristol Hospice, L.L.C. Revolving Credit Loan | 1394 | 1394 |
| C3 AcquisitionCo, LLC Delayed Draw Term Loan |  | 1053 |
| C3 AcquisitionCo, LLC Initial Term Loan |  |  |
| C3 AcquisitionCo, LLC Revolving Loan | 363 | 363 |
| Campany Roof Maintenance, LLC Delayed Draw Term Loan |  |  |
| Campany Roof Maintenance, LLC Delayed Draw Term Loan |  |  |
| Capitol Imaging Acquisition Corp. Closing Date Term Loan |  |  |
| Capitol Imaging Acquisition Corp. Closing Date Term Loan |  |  |
| Capitol Imaging Acquisition Corp. Closing Date Term Loan |  |  |
| Capitol Imaging Acquisition Corp. Delayed Draw Term Loan | 607 | 607 |
| Capitol Imaging Acquisition Corp. Revolving Loan | 386 | 607 |
| CARDS Acquisition, Inc. Delayed Draw Term Loan | 888 |  |
| Carnegie Dartlet, LLC Delayed Draw Term Loan |  | 138 |
| Carnegie Dartlet, LLC Revolving Loan | 60 | 60 |
| Case Works, LLC Delayed Draw Term Loan |  |  |
| Case Works, LLC Revolving Loan | 17 | 30 |
| Centex Acquisition, LLC Revolving Loan | 596 | 1191 |
| Centex Acquisition, LLC Term Loan |  |  |
| Centex Acquisition, LLC Term Loan |  |  |
| Cerity Partners Equity Holding LLC 2025 Incremental Delayed Draw Term Loan | 125 | 2107 |
| Cerity Partners Equity Holding LLC 2025 Term Loan |  |  |
| Cerity Partners Equity Holding LLC 2025-B Incremental Delayed Draw Term Loan | 4570 | 4570 |
| Cerity Partners Equity Holding LLC Initial Revolving Loan | 896 | 1254 |
| Chef Merito, LLC Delayed Draw Term Loan B |  |  |
| Chef Merito, LLC Delayed Draw Term Loan C |  |  |
| Chef Merito, LLC Delayed Draw Term Loan C |  |  |
| Chef Merito, LLC Second Amendment Term Loan A |  |  |
| Cherry Bekaert Advisory LLC Amendment No. 1 Delayed Draw Term Loan | 569 |  |
| Cherry Bekaert Advisory LLC Sixth Amendment Delayed Term Loan |  | 309 |
| Choice Financial Group Acquisition, Inc. Delayed Draw Term C Loan | 7517 | 10857 |
| Chronicle Parent, LLC Delayed Draw Term Loan | 4425 | 3284 |
| Chronicle Parent, LLC Revolving Credit Loan | 1706 | 1193 |
| CMG HoldCo, LLC Delayed Draw Loan (Crete Mechanical Group) | 224 | 240 |
| Computer Services, Inc. 2025-1 Delayed Draw Term Loan | 185 | 185 |
| Computer Services, Inc. 2025-2 Delayed Draw Term Loan | 43 | 43 |
| Computer Services, Inc. Delayed Draw Term Loan | 1138 |  |
| Cooper's Hawk Intermediate Holding, LLC Delayed Draw Term Loan | 1080 | 1697 |
| Cooper's Hawk Intermediate Holding, LLC Revolving Loan | 1080 | 926 |
| Cornerstone Advisors of Arizona, LLC Initial Revolving Loan |  | 823 |
| Costanzo's Bakery, LLC Delayed Term Loan | 1166 |  |
| Coupa Holdings, LLC Delayed Draw Term Loan | 1134 |  |
| Coupa Holdings, LLC Revolving Credit Loan | 851 |  |
| Creek Parent, Inc. Initial Term Loan |  |  |
| Creek Parent, Inc. Initial Term Loan |  |  |
| Creek Parent, Inc. Revolving Credit | 2024 | 2024 |
| Crete PA Holdco, LLC Delayed Draw Term Loan |  |  |
| Crete PA Holdco, LLC Revolving Loan | 1395 | 1395 |
| Crete PA Holdco, LLC Second Delayed Draw Term Loan |  | 2791 |
| Crete PA Holdco, LLC Third Delayed Draw Term Loan | 2260 | 2791 |
| CRH Healthcare Purchaser, Inc. Delayed Draw Term Loan | 3103 | 3103 |
| CRH Healthcare Purchaser, Inc. Revolving Loan | 1241 | 1241 |
| CSG Buyer, Inc. Delayed Draw Term Loan | 1105 | 1105 |
| CSG Buyer, Inc. Initial Term Loan |  |  |
| CSG Buyer, Inc. Revolving Loan | 295 | 368 |
| CT Technologies Intermediate Holdings, Inc. 2025-B Incremental Term Loan |  |  |

---

------

---

| | | |
|:---|:---|:---|
| **Investments** | **March 31, 2026** | **December 31, 2025** |
| CT Technologies Intermediate Holdings, Inc. 2025-B Special Purpose Delayed Draw Term Loan | 376 | 376 |
| CUB Financing Intermediate, LLC Delayed Draw Term Loan |  | 19627 |
| Curio Brands, LLC Initial Term Loan |  |  |
| Curio Brands, LLC Multi Draw Term Loan | 2105 | 2105 |
| Curio Brands, LLC Revolving Loan | 1052 | 1052 |
| Currier Plastics Acquisition, LLC Closing Date Term A Loan |  |  |
| Currier Plastics Acquisition, LLC Delayed Draw Term A Loan | 3068 |  |
| Currier Plastics Acquisition, LLC Revolving Loan | 1227 |  |
| CVAUSA Management, LLC Delayed Draw Term Loan | 7488 | 7488 |
| CVAUSA Management, LLC Primary Delayed Draw Term Loan |  |  |
| CVAUSA Management, LLC Revolving Loan | 350 | 350 |
| CVAUSA Management, LLC Secondary Delayed Draw Term Loan | 809 |  |
| Danforth Global, Inc. Fifth Amendment Additional Term Loan |  |  |
| Danforth Global, Inc. Revolving Credit Loan | 417 | 521 |
| Danforth Global, Inc. Term Loan |  |  |
| Danforth Global, Inc. Term Loan |  |  |
| DCCM, LLC Delayed Draw Term Loan | 4667 | 4667 |
| DCCM, LLC Initial Term Loan |  |  |
| DCCM, LLC Initial Term Loan |  |  |
| DCCM, LLC Revolving Credit Loan | 1867 | 1867 |
| DecisionPoint Technologies, Inc. Second Amendment Incremental Term Loan |  |  |
| Demakes Borrower, LLC Delayed Draw Term Loan |  |  |
| Denali Intermediate Holdings, Inc. Revolving Credit Loan | 1578 | 1578 |
| Denali Topco LLC Effective Date Delayed Draw Term Loan | 3689 | 3689 |
| Denali Topco LLC Revolving Loan | 1770 | 1770 |
| Dentive, LLC Revolving Loan | 353 | 353 |
| DermCare Management, LLC Fourth Amendment Delayed Draw Term Loan |  |  |
| DermCare Management, LLC Revolving Loan |  |  |
| Designs for Health, Inc. Initial Revolving Facility Loan (First Lien) | 3891 | 3891 |
| Designs for Health, Inc. Initial Term B Loan (First Lien) |  |  |
| Digicert, Inc. Revolver | 1212 | 1212 |
| DigiCert, Inc. Seventh Amendment Specified Refinancing Term B1 Loan |  |  |
| Discovery SL Management, LLC Delayed Draw Term Loan B | 267 | 292 |
| Discovery SL Management, LLC Delayed Draw Term Loan C | 713 | 713 |
| Discovery SL Management, LLC Revolving Credit Loan | 332 | 332 |
| Diversis Tempo HoldCo, LLC Initial Term Loan |  |  |
| DOXA Insurance Holdings LLC Delayed Draw Term Loan |  |  |
| Duke's Root Control, Inc. Initial Term Loan |  |  |
| Duke's Root Control, Inc. Initial Term Loan |  |  |
| Duke's Root Control, Inc. Revolving Loan | 509 | 509 |
| Duke's Root Control, Inc. Second Amendment Incremental Term Loan |  |  |
| Durare Bidco, LLC Delayed Draw Term Loan |  | 3409 |
| Durare Bidco, LLC Initial Term Loan |  |  |
| Durare Bidco, LLC Revolving Credit Loan | 1636 | 1636 |
| Dwyer Instruments, LLC Delayed Draw Term Loan | 1130 |  |
| Dwyer Instruments, LLC First Amendment Delayed Draw Term Loan |  |  |
| Dwyer Instruments, LLC Fourth Amendment Delayed Draw Term Loan |  |  |
| Dwyer Instruments, LLC Revolving Loan | 1277 | 1089 |
| Dwyer Instruments, LLC Third Amendment Delayed Draw Term Loan |  |  |
| Dwyer Instruments, LLC Third Amendment Incremental Term Loan |  |  |
| Echo Purchaser, Inc. Delayed Draw Term Loan (Exostar) | 4321 |  |
| EdgeCo Buyer, Inc. Delayed Draw Term C Loan |  |  |
| EdgeCo Buyer, Inc. Delayed Draw Term E Loan |  | 1024 |
| EdgeCo Buyer, Inc. Revolving Loan | 588 | 654 |
| Einstein Parent, Inc. Revolving Loan | 1002 | 1002 |

---

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---

| | | |
|:---|:---|:---|
| **Investments** | **March 31, 2026** | **December 31, 2025** |
| Elder Care Opco LLC Delayed Draw Term Loan | 2364 | 2364 |
| Elder Care Opco LLC Initial Term Loan |  |  |
| Elder Care Opco LLC Revolving Loan | 709 | 709 |
| Empower Payments Investor, LLC Third Amendment Delayed Draw Term Loan |  | 2395 |
| Emergency Care Partners, LLC Ninth Amendment Delayed Draw Term Loan | 53 |  |
| Emergency Care Partners, LLC Ninth Amendment Revolving Loan | 75 |  |
| Engineering Resource Group Buyer, LLC Delayed Draw Term Loan | 157 | 1572 |
| Engineering Resource Group Buyer, LLC Revolving Loan | 79 | 786 |
| Enverus Holdings, Inc. Revolving Loan | 823 |  |
| Enverus Holdings, Inc.Delayed Draw Term Loan | 19627 |  |
| Epika Fleet Services, Inc. Delayed Draw Term B Loan |  | 1071 |
| Epika Fleet Services, Inc. Second Amendment Delayed Draw C Loan | 8190 |  |
| Equinox Buyer, LLC Revolving Credit Loan | 733 | 733 |
| Ergotron Acquisition, LLC Initial Term Loan |  |  |
| ES Ventures LLC Incremental Term Loan |  |  |
| ES Ventures LLC Term A Loan |  |  |
| ESCP DTFS INC. Term Loan |  |  |
| ESCP DTFS INC. Term Loan |  |  |
| Eskola LLC Delayed Draw Term B Loan |  | 4081 |
| ETE Intermediate II LLC Revolving Loan | 220 | 236 |
| Ethos Risk Services, LLC Delayed Draw Term C Loan |  |  |
| Eval Home Health Solutions Intermediate, L.L.C. Revolving Loan | 80 | 80 |
| EVDR Purchaser, Inc. Delayed Draw Term Loan | 1373 | 1373 |
| EVDR Purchaser, Inc. Incremental Term Loan |  |  |
| EVDR Purchaser, Inc. Revolving Credit Loan | 563 | 659 |
| Everbridge Holdings, LLC Closing Date Term Loan |  |  |
| Everbridge Holdings, LLC Delayed Draw Term Loan | 4805 | 844 |
| Everbridge Holdings, LLC Revolving Loan | 3161 | 556 |
| Excel Fitness Consolidator LLC 2025 Repricing Term Loan |  |  |
| Excel Fitness Consolidator LLC Revolving Credit Loan | 110 | 199 |
| Excel Fitness Holdings, Inc. Delayed Term Loan | 1888 | 1888 |
| First Legal Buyer, Inc. Delayed Draw Term Loan | 1361 | 1361 |
| First Legal Buyer, Inc. Revolving Loan | 745 | 861 |
| First Legal Buyer, Inc. Term Loan |  |  |
| First Legal Buyer, Inc. Term Loan |  |  |
| FMG Suite Holdings, LLC Revolving Credit | 22 |  |
| Force Electrical Buyerco, LLC Delayed Draw Term Loan | 4840 | 5182 |
| Force Electrical Buyerco, LLC Revolving Credit Loan | 629 | 838 |
| FTAI Infrastructure Inc. Loan |  |  |
| Fullsteam Operations LLC Delayed Draw Term Loan | 3487 | 1138 |
| Fullsteam Operations LLC Initial Term Loan |  |  |
| Fullsteam Operations LLC Revolving Loan | 1162 | 379 |
| G-A-I Consultants, Inc. First Amendment Delayed Draw Term Loan | 3257 | 3947 |
| G-A-I Consultants, Inc. Revolving Loan | 355 | 493 |
| Gator Plastic Intermediate Holdings, LLC Revolving Loan |  | 737 |
| GC Waves Holdings, Inc. 2023 Replacing Revolving Loan | 276 |  |
| GC Waves Holdings, Inc. 2024 Delayed Draw Term Loan | 250 |  |
| GC Waves Holdings, Inc. 2024 Delayed Draw Term Loan |  |  |
| GC Waves Holdings, Inc. 2024 Delayed Draw Term Loan |  |  |
| GC Waves Holdings, Inc. 2025 Delayed Draw Term Loan | 1145 | 896 |
| Gen4 Dental Partners OPCO, LLC Closing Date Delayed Draw Term Loan | 1524 | 1524 |
| Gen4 Dental Partners OPCO, LLC Initial Term Loan |  |  |
| Gen4 Dental Partners OPCO, LLC Revolving Loan | 381 | 381 |
| GHA Buyer, Inc. (aka Cedar Gate) Revolving Loan | 2358 |  |
| GMF Parent, Inc. Term A Loan |  |  |
| GMF Parent, Inc.Delayed Draw Term Loan A 12/25 | 1445 | 1445 |

---

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---

| | | |
|:---|:---|:---|
| **Investments** | **March 31, 2026** | **December 31, 2025** |
| GMF Parent, Inc.Delayed Draw Term Loan B 12/25 | 1300 | 1300 |
| GMF Parent, Inc.Revolver 12/25 | 766 | 795 |
| Greenwood Operating Group, LLC Revolving Loan | 4214 | 4214 |
| GS Acquisitionco, Inc. Eighth Suplemental Delayed Draw Term Loan | 645 | 645 |
| GS Acquisitionco, Inc. Revolving Loan |  | 754 |
| GS Acquisitionco, Inc. Seventh Suplemental Delayed Draw Term Loan |  | 989 |
| Guava Buyer LLC Initial Delayed Draw Term Loan | 963 | 963 |
| Guava Buyer LLC RC Facility Loan | 1720 | 1124 |
| Guidepoint Security Holdings, LLC Delayed Draw Term Loan | 59 | 78 |
| Guidepoint Security Holdings, LLC Term Loan A |  |  |
| Gulf Winds International Acquisition, LLC Term Loan |  | 8 |
| Halo Buyer, Inc. Revolving Loan |  | 1143 |
| Hardenbergh Group, Inc., The Fourth Amendment Incremental Term Loan |  |  |
| Hardenbergh Group, Inc., The Second Amendment Incremental Term Loan |  |  |
| Harris & Co. LLC Delayed Draw Term A Loan |  |  |
| Harris & Co. LLC Delayed Draw Term B Loan |  | 1 |
| Harris & Co. LLC Delayed Draw Term C Loan | 5114 | 13711 |
| Harris & Co. LLC Revolving Loan |  | 930 |
| Heads Up Technologies, Inc. Initial Term Loan |  |  |
| Heads Up Technologies, Inc. Revolving Loan | 1182 | 1182 |
| HEC Purchaser Corp. Revolving Loan | 781 | 781 |
| HEC Purchaser Corp. Term Loan A |  |  |
| HEF Safety Ultimate Holdings, LLC Delayed Draw Term Loan |  | 83 |
| Helios Service Partners, LLC Delayed Draw Term Loan Third Amendment |  |  |
| Heritage Foodservice Investment, LLC First Amendment Delayed Draw Term Loan | 4423 | 4423 |
| Heritage Foodservice Investment, LLC First Amendment Term Loan |  |  |
| Heritage Foodservice Investment, LLC First Amendment Term Loan |  |  |
| Heritage Foodservice Investment, LLC Revolving Credit Loan | 422 | 502 |
| HHS Buyer, Inc. First Incremental Amendment Delayed Draw Term Loan |  | 416 |
| HHS Buyer, Inc. First Incremental Amendment Delayed Draw Term Loan |  | 358 |
| HHS Buyer, Inc. First Incremental Amendment Term Loan |  |  |
| HHS Buyer, Inc. Revolving Loan | 2595 | 2595 |
| High Street Buyer, Inc. 2025 Delayed Draw Term Loan | 4349 | 4607 |
| High Street Buyer, Inc. 3/2024 Delayed Draw Term Loan | 1077 |  |
| Hills Distribution, Inc. Amendment No. 2 Incremental Term Loan |  |  |
| Hills Distribution, Inc. Amendment No.2 Delayed Draw Term Loan | 567 | 567 |
| Hills Distribution, Inc. Delayed Draw Term Loan |  |  |
| HLSG Intermediate, LLC Delayed Draw Term Loan | 2364 |  |
| HLSG Intermediate, LLC Revolving Credit Loan | 945 |  |
| Home Care Assistance, LLC Term Loan |  |  |
| Houseworks Holdings, LLC Fourth Amendment Delayed Draw Term Loan | 2554 | 2554 |
| HP RSS Buyer, Inc. Second Amendment Delayed Draw Term Loan |  | 118 |
| Hultec Buyer, LLC Term Loan A |  |  |
| ICM Holdco III Corp. Closing Date Term Loan |  |  |
| Ideal Components Acquisition, LLC Delayed Draw Term Loan | 1776 | 1776 |
| Ideal Components Acquisition, LLC Initial Term Loan |  |  |
| Ideal Components Acquisition, LLC Revolving Credit Loan | 1283 | 1283 |
| IEQ Capital, LLC 2024 Incremental Delayed Draw Term Loan | 505 | 784 |
| IG Investments Holdings, LLC 2024 Refinancing Revolving Loan | 971 |  |
| IG Investments Holdings, LLC 2024 Refinancing Term Loan |  |  |
| Igloo Group Parent, Inc. Initial Term Loan |  |  |
| Improving Holdco, Inc. Revolving Loan (Improving Enterprises) | 329 | 329 |
| Improving Holdco, Inc. Term Loan (Improving Enterprises) |  |  |
| Improving Holdco, Inc. Term Loan (Improving Enterprises) |  |  |
| Improving Holdco, Inc. Term Loan (Improving Enterprises) |  |  |

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| | | |
|:---|:---|:---|
| **Investments** | **March 31, 2026** | **December 31, 2025** |
| Innovative Discovery, LLC (f/k/a Innovative Discovery Acquisition, LLC) Delayed Draw Term Loan | 2987 |  |
| Innovative Discovery, LLC (f/k/a Innovative Discovery Acquisition, LLC) Third Amendment Revolving Loan | 896 |  |
| Inszone Mid, LLC A&R Delayed Draw Term Loan Facility | 75 |  |
| Inszone Mid, LLC Amendment No. 2 Delayed Draw Term Loan | 767 | 820 |
| Integrated Power Services Holdings, Inc. Tenth Amendment Incremental Term Loan (First Lien) |  |  |
| Integrated Power Services Holdings, Inc. Initial Revolving Loan (First Lien) | 1467 |  |
| Integrated Power Services Holdings, Inc. Tenth Amendment Incremental Delayed Draw Term Loan (First Lien) | 3023 |  |
| Inventus Power, Inc. Revolving Loan |  | 356 |
| IPC Pain Acquisition, LLC Third Amendment Term Loan |  |  |
| ITS Buyer Inc. Revolving Loan |  | 949 |
| Ivy Technology Parent Intermediate III Holdings, LLC Initial Term Loan |  |  |
| Ivy Technology Parent Intermediate III Holdings, LLC Revolving Loan | 834 | 667 |
| JHCC Holdings LLC 2024-B Incremental Delayed Draw Term Loan | 1781 | 250 |
| JS Global, LLC Initial Revolving Loan | 82 | 1000 |
| JS Global, LLC Initial Term Loan |  |  |
| KabaFusion Parent LLC Revolving Credit Loan |  | 1425 |
| Keg Logistics LLC Initial Term Loan |  |  |
| Kelso Industries LLC 2026 Incremental Delayed Draw Term Loan | 11414 |  |
| Kelso Industries LLC Initial Term Loan |  |  |
| Kinetic Purchaser, LLC - Closing Date Term Loan |  |  |
| Kite Midco II LTD Term Loan B2 | 1323 | 1323 |
| Kite Midco II LTD Term Loan B2 | 1323 | 1323 |
| KL Charlie Acquisition Company Eight Amendment Delayed Draw Term Loan | 77 |  |
| KL Charlie Acquisition Company Seventh Amendment Delayed Draw Term Loan | 141 | 141 |
| KL Charlie Acquisition Company Sixth Amendment Delayed Draw Term Loan |  |  |
| KNPC Holdco, LLC Term Loan |  |  |
| KNPC Holdco, LLC Tranche D-1 Incremental Term Loan |  |  |
| KSKI Holdings 2, Inc. Term Loan |  |  |
| Lakewood Acquisition Corporation Initial Term Loan |  |  |
| Lakewood Acquisition Corporation Revolving Loan | 2777 | 2777 |
| Last Dance Intermediate I(c), LLC 2026 Incremental Delayed Draw Term Loan | 11747 |  |
| LeadVenture, Inc. Delayed Draw Term Loan | 1410 | 1598 |
| LeadVenture, Inc. Revolving Loan |  | 954 |
| Legitscript LLC Term Loan |  |  |
| Liberty Purchaser, LLC Initial Term Loan (Magna Legal Services) |  |  |
| Liberty Purchaser, LLC Revolving Loan (Magna Legal Services) | 562 | 562 |
| Liberty Purchaser, LLC Third Amendment Delayed Draw Term Loan | 16408 |  |
| Lido Advisors, LLC Delayed Draw Term Loan Seventh Amendment |  |  |
| Lido Advisors, LLC Eighth Amendment Incremental Delayed Draw Term Loan | 324 | 469 |
| Lido Advisors, LLC Fourth Amendment Delayed Draw Term Loan |  |  |
| Lido Advisors, LLC Revolving Loan | 101 | 101 |
| Lido Advisors, LLC Seventh Amendment Delayed Draw Term Loan |  |  |
| Life Science Intermediate Holdings, LLC Delayed Draw Dollar Term Loan D |  |  |
| Life Science Intermediate Holdings, LLC Delayed Draw Dollar Term Loan F | 3579 | 3579 |
| Life Science Intermediate Holdings, LLC Revolving Dollar Loan (2025) | 459 | 459 |
| Lighthouse Technologies Holding Corp. Fourth Amendment Incremental Term Loan |  |  |
| Lighthouse Technologies Holding Corp. Initial Term Loan |  |  |
| Lighthouse Technologies Holding Corp. Revolving Loan | 1293 | 1293 |
| Lindstrom, LLC Initial Revolving Credit Loan | 1637 | 1538 |
| LJ Avalon Holdings, LLC Amendment No. 3 Delayed Draw Term Loan |  | 6629 |
| LJ Avalon Holdings, LLC Amendment No. 4 Delayed Draw Term Loan | 2023 |  |
| LJ Avalon Holdings, LLC Revolving Credit | 1607 | 1607 |

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| | | |
|:---|:---|:---|
| **Investments** | **March 31, 2026** | **December 31, 2025** |
| Loving Tan Intermediate II Inc. Revolving Loan | 46 | 46 |
| Loving Tan Intermediate II Inc. Revolving Loan | 218 | 218 |
| M&D MidCo, Inc. Third Amendment Delayed Draw Term Loan | 260 | 260 |
| Machine Sciences Corporation Delayed Draw Term Loan | 13000 |  |
| Machine Sciences Corporation Revolving Loan | 1857 |  |
| MB2 Dental Solutions, LLC Initial Term Loan |  |  |
| MB2 Dental Solutions, LLC Revolving Commitment | 287 | 245 |
| MB2 Dental Solutions, LLC Tranche 1 Delayed Draw Term Loan |  | 717 |
| MB2 Dental Solutions, LLC Tranche 2 Delayed Draw Term Loan |  |  |
| MB2 Dental Solutions, LLC Tranche 3 Delayed Draw Term Loan | 1047 |  |
| MechanAir LLC Delayed Draw Term Loan | 5053 | 5053 |
| MechanAir LLC Revolving Loan | 639 | 639 |
| MechanAir LLC Term Loan |  |  |
| MechanAir LLC Term Loan |  |  |
| Med Learning Group, LLC Delayed Draw Term Loan | 1259 | 1259 |
| Medical Device Inc. Revolving Loan | 399 | 399 |
| Medical Device Inc. Third Amendment Incremental Revolving Loan | 522 | 1256 |
| Medina Health, LLC Delayed Draw Term Loan | 455 |  |
| Medina Health, LLC Revolving Loan | 393 | 393 |
| Medina Health, LLC Term Loan |  |  |
| Medina Health, LLC_Term Loan |  |  |
| Medrina, LLC Initial Delayed Draw Term Loan Facility | 77 |  |
| Medrina, LLC Revolving Facility | 532 | 532 |
| Medrina, LLC Second Amendment Incremental Delayed Draw Term Loan | 4547 | 4547 |
| Medrina, LLC Second Amendment Incremental Term Loan |  |  |
| MGT Impact Holdings, LLC 2025-1 Delayed Draw Term Loan | 2824 | 3498 |
| MGT Impact Holdings, LLC Revolving Credit Loan | 113 | 86 |
| Michael Baker International, LLC Initial Term Loan |  |  |
| Minds Buyer, LLC Revolving Credit |  | 625 |
| Minds Buyer, LLC Second Amendment Incremental Term Loan (First Lien) |  |  |
| MKD Electric, LLC Revolving Loan | 221 | 221 |
| MKD Electric, LLC Term Loan |  |  |
| MoboTrex, LLC Amendment No. 4 Delayed Draw Term Loan | 3469 | 3469 |
| MoboTrex, LLC Revolving Loan | 1069 | 1030 |
| Monarch Collective Holdings, LLC Delayed Draw Term Loan | 1943 |  |
| Monarch Collective Holdings, LLC Revolving Credit | 313 |  |
| Moonlight Parent, Inc. Delayed Draw Term Loan | 2636 | 2636 |
| Moonlight Parent, Inc. Revolving Loan | 1582 | 1582 |
| Mountain Parent, Inc. Delayed Draw Term Loan |  | 1166 |
| Mountain Parent, Inc. Revolving Credit Facility | 622 | 622 |
| mPulse Mobile, Inc. Initial Delayed Draw Term Loan | 1385 | 1385 |
| mPulse Mobile, Inc. Initial Revolving Loan | 2077 | 2077 |
| mPulse Mobile, Inc. Initial Term Loan |  |  |
| Ne Ortho Management Services, LLC 2025 Incremental Delayed Draw Term Loan | 8160 |  |
| Ne Ortho Management Services, LLC Revolving Loan | 680 |  |
| NMI Acquisitionco, Inc. October 2021 Term Loan |  |  |
| NMI Acquisitionco, Inc. Revolving Loan | 332 | 332 |
| NORA Acquisition, LLC Revolving Credit | 214 | 214 |
| North Haven Spartan US Holdco LLC_Term Loan |  |  |
| North Haven USHC Acquisition, Inc. Fourth Amendment Term Loan |  |  |
| North Haven USHC Acquisition, Inc. Revolving Credit Loan | 57 |  |
| NS and Associates LLC New Term A Loan |  |  |
| NS and Associates LLC Revolving Loan (2025) | 445 | 445 |
| NWP Acquisition Holdings, LLC 2026 Delayed Draw Term Loan | 2235 |  |
| NWP Acquisition Holdings, LLC 2026 Term Loan |  |  |
| NWP Acquisition Holdings, LLC Revolving Loan | 447 |  |

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| | | |
|:---|:---|:---|
| **Investments** | **March 31, 2026** | **December 31, 2025** |
| NXT Capital CLO 2026-2, Ltd. | 5414 |  |
| Oakbridge Insurance Agency LLC Delayed Draw Term C Loan | 109 | 109 |
| Oakbridge Insurance Agency LLC Delayed Draw Term Loan |  |  |
| Obra Capital, Inc. Initial Term Loan |  |  |
| One World Fitness PFF, LLC Initial Term Loan |  |  |
| Opta Inc. Term Loan |  |  |
| Optimizely North America Inc. (USD) Revolving Credit | 1232 | 1232 |
| OSR Opco LLC Initial Term Loan |  |  |
| OSR Opco LLC Revolving Loan | 951 | 2125 |
| OSR Opco LLC Third Amendment Incremental Term Loan |  |  |
| Owl Cyber Defense Solutions, LLC Revolving Loan | 945 | 605 |
| Owl Cyber Defense Solutions, LLC Term Loan |  |  |
| P.T. International LLC Delayed Draw Term Loan |  |  |
| Pacific Purchaser, LLC Delayed Draw Term Loan |  |  |
| Pacific Purchaser, LLC Revolving Loan | 176 | 176 |
| Packaging Coordinators Midco, Inc. 2025 General Delayed Draw Term Loan | 2193 | 2193 |
| Packaging Coordinators Midco, Inc. 2025 Initial Dollar Delayed Draw Term Loan | 1921 | 1921 |
| Packaging Coordinators Midco, Inc. 2025 Initial Term Loan |  |  |
| Packaging Coordinators Midco, Inc. 2025 Revolving Loan | 1841 | 1841 |
| Packaging Coordinators Midco, Inc. 2025 Specified Delayed Draw Term Loan | 2140 | 2140 |
| Packaging Coordinators Midco, Inc. Specified Interest Delayed Draw Term Loan (Tranche Out) | 130 | 207 |
| PAG Holding Corp. Revolving Loan |  | 932 |
| PAI Middle Tier, LLC Revolving Credit Loan | 1531 | 1458 |
| Painful Pleasures, LLC Term Loan fka Artifex |  |  |
| Par Excellence Holdings, Inc. Revolving Loan | 71 | 71 |
| Par Excellence Holdings, Inc. Term B-1 Loan |  |  |
| Pareto Health Intermediate Holdings Inc. Amendment No. 1 Delayed Draw Term Loan |  | 3133 |
| Pave America Holding, LLC Delayed Draw Term Loan | 2289 | 2289 |
| Pave America Holding, LLC Revolving Credit Loan | 1575 | 1705 |
| Payscape Buyer, Inc. (NXGEN) Initial Term Loan |  |  |
| PCS Midco, Inc. Delayed Draw Term Loan | 8 | 9 |
| PCS Midco, Inc. Revolving Credit Loan | 19 | 19 |
| PCS Midco, Inc. Third Amendment Delayed Draw Term Loan | 547 |  |
| PD BridgeCo, LLC Delayed Draw Term Loan Fourth Amendment |  |  |
| PDI TA Holdings, Inc. Delayed Draw Term Loan | 573 |  |
| PDI TA Holdings, Inc. Revolving Credit | 37 | 149 |
| Pediatric Home Respiratory Services, LLC Delayed Term Loan | 2415 | 2415 |
| Pediatric Home Respiratory Services, LLC Revolving Credit | 1073 | 1342 |
| Pediatric Home Respiratory Services, LLC Term Loan |  |  |
| Pediatric Home Respiratory Services, LLC Term Loan |  |  |
| Penncomp, LLC Delayed Draw Term Loan B | 4017 | 7007 |
| Penncomp, LLC Revolving Loan | 519 | 519 |
| Penncomp, LLC Term Loan A |  |  |
| PestCo, LLC Delayed Draw Term Loan | 1450 | 2235 |
| PestCo, LLC Revolving Loan | 1208 | 1208 |
| Petra Borrower, LLC Revolving Loan |  | 500 |
| PGI Parent LLC Initial Term Loan |  |  |
| PGI Parent LLC Revolving Credit Loan | 864 | 960 |
| PharmaLogic Holdings Corp. Delayed Draw Term Loan | 1036 | 2073 |
| PharmaLogic Holdings Corp. Initial U.S. Term Loan |  |  |
| Phoenix YW Buyer, Inc. Revolving Credit Loan |  |  |
| PK Purchaser, LLC Term Loan |  |  |
| Play Holdings, Inc. Initial Term Loan |  |  |
| Play Holdings, Inc. Initial Term Loan |  |  |
| Play Holdings, Inc. Revolving Loan | 896 | 1075 |

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| | | |
|:---|:---|:---|
| **Investments** | **March 31, 2026** | **December 31, 2025** |
| PMA Parent Holdings, LLC Initial Term Loan |  |  |
| PMA Parent Holdings, LLC Revolving Credit Loan | 547 | 547 |
| Point Quest Acquisition, LLC Term Loan |  |  |
| Point Quest Group, Inc. Delayed Draw Term Loan | 1227 | 1413 |
| Point Quest Group, Inc. Revolving Credit Loan | 848 | 848 |
| PPW Aero Buyer, Inc. 2024 Delayed Draw Term Loan | 135 | 135 |
| PPW Aero Buyer, Inc. Delayed Draw Term Loan 1 |  |  |
| PracticeTek Purchaser, LLC Delayed Draw Term Loan | 912 |  |
| Premier Tires & Service Acquisition, LLC Incremental Delayed Draw Term Loan |  |  |
| Premier Tires & Service Acquisition, LLC Incremental Revolving Loan |  | 214 |
| Premise Health Holding Corp. Amendment No. 1 Delayed Draw Term Loan | 356 |  |
| Premier Tires & Service Acquisition, LLC Initial Term Loan |  |  |
| Premise Health Holding Corp. Amendment No. 1 Delayed Draw Term Loan | 79 | 199 |
| Premise Health Holding Corp. Amendment No. 1 Term Loan |  |  |
| Premise Health Holding Corp. Initial Term Loan |  |  |
| Prestige Employee Administrators, LLC 2025 Incremental Term Loan |  |  |
| Prestige Employee Administrators, LLC Delayed Draw Term Loan | 3266 | 3266 |
| Prestige Employee Administrators, LLC Revolving Loan | 319 | 319 |
| PRGX Global, Inc. Delayed Draw Term Loan | 1612 | 1612 |
| PRGX Global, Inc. Initial Term Loan |  |  |
| PrimeFlight Acquisition, LLC Amendment No. 7 Additional Term Loan |  |  |
| PrimeFlight Acquisition, LLC Amendment No. 9 Additional Term Loan |  |  |
| Primeflight Acquisition, LLC Initial Term Loan |  |  |
| Principal Lighting Group, LLC Closing Date Initial Term Loan |  |  |
| Principal Lighting Group, LLC Revolving Loan |  | 1643 |
| Puma Buyer, LLC First Amendment Additional Term Loan (First Lien) |  |  |
| Puma Buyer, LLC Revolving Credit Loan | 2873 | 2873 |
| Puris LLC Term Loan |  |  |
| Quick Quack Car Wash Holdings, LLC 2025 Funded Delayed Draw Term Loan |  |  |
| Quick Quack Car Wash Holdings, LLC 2025 Incremental Delayed Draw Term Loan | 5989 | 8533 |
| RailPros Parent, LLC Delayed Draw Term Loan |  | 818 |
| RailPros Parent, LLC Revolving Loan | 409 | 409 |
| Rapid Pump Acquisition, Inc. Delayed Draw Term C Loan |  |  |
| RBFD Buyer, LLC Initial Delayed Draw Term Loan | 546 | 659 |
| RBFD Buyer, LLC Initial Term Loan |  |  |
| RBFD Buyer, LLC Revolving Credit | 284 | 284 |
| Rcp Nats Purchaser, LLC Delayed Draw Term Loan | 824 | 2061 |
| Rcp Nats Purchaser, LLC Initial Term Loan |  |  |
| Rcp Nats Purchaser, LLC Revolving Loan | 1443 | 1443 |
| Recipe Acquisition Corp. Delayed Draw Loan | 1875 | 2043 |
| Recipe Acquisition Corp. Revolving Credit | 526 | 417 |
| Red Fox CD Acquisition Corporation Amendment No. 2 Incremental Delayed Draw Term Loan | 1855 | 2709 |
| Redwood Services Group, LLC Sixth Amendment Incremental Delayed Draw Term Loan | 1651 | 1651 |
| Redwood Services Group, LLC Tenth Amendment Delayed Draw Term Loan | 5626 |  |
| REP TEC Intermediate Holdings, Inc. Revolver | 2588 | 2588 |
| ResiXperts Holdco, LLC Delayed Draw Term Loan | 2556 | 4221 |
| ResiXperts Holdco, LLC Revolving Loan | 304 | 624 |
| RoC Holdco LLC Initial Term Loan |  |  |
| RoC Holdco LLC Revolving Credit Loan | 732 | 732 |
| Rocket Youth Brands HoldCo LLC Delayed Draw Term Loan | 1673 | 2145 |
| Rocket Youth Brands HoldCo LLC Revolving Credit Loan | 322 | 322 |
| Rotolo Consultants, Inc. Closing Date Term Loan |  |  |
| RPM Purchaser, Inc. Delayed Draw Term Loan B | 527 | 527 |
| RRA Corporate, LLC Delayed Draw Term Loan 2 | 21 | 21 |
| RRA Corporate, LLC Revolving Loan | 56 | 24 |

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---

| | | |
|:---|:---|:---|
| **Investments** | **March 31, 2026** | **December 31, 2025** |
| Rural Sourcing Holdings, Inc. Delayed Draw Term Loan Amendment No. 1 |  | 352 |
| Rural Sourcing Holdings, Inc. Revolving Loan | 114 | 114 |
| Saab Purchaser, Inc. First Amendment Delayed Draw Term Loan | 5348 | 5348 |
| SAAB Purchaser, Inc._Revolver | 713 | 713 |
| Sabel Systems Technology Solutions, LLC Revolving Loan | 201 | 212 |
| Safari Borrower, LLC Delayed Draw Term Loan | 2913 |  |
| Safari Borrower, LLC Revolving Loan | 486 |  |
| Sagebrush Buyer, LLC Revolving Credit | 776 | 776 |
| Sagebrush Buyer, LLC Sagebrush Incremental Term Loan |  |  |
| Sagebrush Buyer, LLC Term Loan |  |  |
| Salisbury House, LLC Delayed Draw Term Loan |  | 1232 |
| Salisbury House, LLC Revolving Loan |  | 698 |
| Salt Dental Collective 15th Amendment Inc Term Loan |  |  |
| Salt Dental Collective, LLC Columbia Acquisition Revolving Credit | 33 | 33 |
| Salt Dental Collective, LLC Delayed Draw Term Loan |  |  |
| Salt Dental Collective, LLC General Purpose Term Loan Facility |  |  |
| Salute, 2025 Incremental Delayed Draw Term Loan Commitment |  | 5056 |
| Salute Mission Critical, LLC 2025 Incremental DDTL Loan | 1416 |  |
| Salute Mission Critical, LLC Delayed Draw Term Loan Commitment |  |  |
| Salute Mission Critical, LLC Last Out Term Loan |  |  |
| Salute Mission Critical, LLC Last Out Term Loan |  |  |
| Salute Mission Critical, LLC Revolving Loan | 465 |  |
| Saturn Borrower Inc Tenth Amendment Delayed Draw Term Loan | 2160 | 2160 |
| Saturn Borrower Inc Tenth Amendment Revolving Loan | 719 | 726 |
| SDG Mgmt Company, LLC Third Amendment Delayed Draw Term Loan A | 219 | 368 |
| SDG Mgmt Company, LLC Third Amendment Delayed Draw Term Loan B |  |  |
| Security Buyer, LLC Delayed Draw Term Loan | 382 |  |
| Security Buyer, LLC Revolving Loan | 636 |  |
| Security Buyer, LLC Initial Term Loan |  |  |
| Sigma Defense Systems LLC Delayed Draw Term A Loan | 507 | 507 |
| Sigma Defense Systems LLC Revolving Loan |  | 75 |
| Signature Brands, LLC Term Loan A |  |  |
| Signature Investor LLC Term Loan B | 345 | 345 |
| SkyMark Refuelers, LLC Delayed Draw Term Loan A | 1048 | 1048 |
| SkyMark Refuelers, LLC Delayed Draw Term Loan B | 4802 | 4802 |
| SkyMark Refuelers, LLC Revolving Credit Loan | 2401 | 2401 |
| Skyrodema Bidco, LLC Delayed Draw Term Loan | 2156 |  |
| Socket Holdings Corporation Delayed Draw Term Loan | 9 | 1053 |
| Socket Holdings Corporation Initial Revolving Loan | 373 | 373 |
| Solairus Holdings, LLC 2025 Delayed Draw Term Loan |  | 494 |
| Solairus Holdings, LLC Initial Term Loan |  |  |
| Solairus Holdings, LLC Revolver | 124 | 124 |
| Soleil Collective Intermediate II Inc. Second Amendment Delayed Draw Term Loan | 279 | 279 |
| Sonny's Enterprises, LLC Delayed Draw Term Loan |  |  |
| Sonny's Enterprises, LLC Amendment No.1 Delayed Draw Term Loan | 414 |  |
| SourceHOV Tax, LLC Initial Term A Loan |  |  |
| Southern Orthodontic Partners Management, LLC Eighth Amendment Delayed Draw Term Loan | 1111 |  |
| Southern Orthodontic Partners Management, LLC Eighth Amendment Revolving Loan | 296 |  |
| Spark Buyer, LLC Delayed Draw Term Loan | 2500 | 2500 |
| Spark Buyer, LLC Initial Term Loan |  |  |
| Spark Buyer, LLC Revolving Credit Loan | 688 | 825 |
| Spark Purchaser, Inc. Revolving Credit |  | 809 |
| Springline Advisory Intermediate, LLC Delayed Draw Term Loan | 415 | 13819 |
| Springline Advisory Intermediate, LLC Second Amendment Revolving Credit | 2128 | 2128 |
| Springline Advisory Intermediate, LLC Second Amendment Term Loan |  |  |

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| | | |
|:---|:---|:---|
| **Investments** | **March 31, 2026** | **December 31, 2025** |
| SRP Eagle Buyer Inc Delayed Draw Term Loan | 6452 | 6452 |
| SRP Eagle Buyer Inc Revolving Loan | 2581 | 2581 |
| Stonebridge Companies, LLC Delayed Draw Term Loan | 1881 | 1881 |
| Stonebridge Companies, LLC Revolving Credit Loan | 1254 | 1254 |
| Straine Dental Management, LLC Delayed Draw Term Loan | 2834 |  |
| SunMed Group Holdings, LLC Initial Term Loan |  |  |
| Sunset Distributing, LLC Delayed Draw Term Loan |  |  |
| SuperHero Fire Protection, LLC Revolving Loan | 315 | 344 |
| Superjet Buyer, LLC Delayed Draw Term Loan | 4037 | 4037 |
| Superjet Buyer, LLC Third Amendment Incremental Term Loan |  |  |
| SureWerx Purchaser III, Inc. Delayed Draw Term Loan | 229 | 229 |
| SureWerx Purchaser III, LLC Term Loan |  |  |
| Surgical Center Solutions, LLC Delayed Draw Term Loan | 1001 | 1001 |
| Surgical Center Solutions, LLC Revolving Loan | 471 | 471 |
| SV Newco 2, Inc. 2025 Incremental Delayed Draw Term Loan | 6327 | 6327 |
| SV Newco 2, Inc. Initial Term Loan |  |  |
| SV Newco 2, Inc. Revolving Credit Loan | 560 | 627 |
| Syndigo LLC Initial Term Loan |  |  |
| Syndigo LLC Revolving Loan | 1621 | 2133 |
| Systems Planning and Analysis, Inc. Fifth Amendment Delayed Draw Term Loan | 295 | 295 |
| Systems Planning and Analysis, Inc. Initial Term Loan |  |  |
| Systems Planning and Analysis, Inc. Revolving Loan | 2539 | 1599 |
| Talent Worldwide Inc. Revolving Loan | 303 |  |
| Tank Holding Corp. Delayed Draw Term Loan |  |  |
| Tau Buyer, LLC Delayed Draw Term Loan | 1424 | 518 |
| Tau Buyer, LLC Revolving Credit | 1068 | 480 |
| Tau Buyer, LLC Term B Loan |  |  |
| 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 | 158 | 1579 |
| Thames Technology Holdings, Inc. First Amendment Incremental Term Loan |  |  |
| Thames Technology Holdings, Inc. First Amendment Incremental Term Loan |  |  |
| Thames Technology Holdings, Inc. Revolving Loan | 315 | 315 |
| The Vertex Companies, Inc. Revolving Loan | 1266 | 1661 |
| TheKey, LLC Tranche B-1 Term Loan |  |  |
| TMSC OpCo, LLC Revolving Loan | 853 | 919 |
| ToxStrategies, LLC Delayed Draw Term Loan | 437 | 437 |
| ToxStrategies, LLC Revolving Loan | 611 | 611 |
| TPC US Parent, LLC Fourth Amendment Incremental Term Loan A |  |  |
| Track Branson Opco, LLC, The Revolving Loan | 119 | 119 |
| TRAK Purchaser, Inc. Amendment No.1 Term Loan |  |  |
| Transgo, LLC Initial Term Loan |  |  |
| Transgo, LLC Revolving Loan | 603 | 605 |
| Trench Plate Rental Co. Revolving Loan | 77 | 232 |
| Tricor, LLC Amendment No. 6 Delayed Draw Term Loan | 5560 | 5560 |
| Tricor, LLC Amendment No. 6 Incremental Term Loan |  |  |
| Tricor, LLC Amendment No.5 Delayed Draw Term Loan |  |  |
| Tricor, LLC Revolving Loan | 1000 | 1000 |
| Trintech Inc. Delayed Draw Term Loan | 2113 |  |
| Trintech Inc. Revolving Credit Loan | 1585 |  |
| Truck-Lite Co., LLC 2025 Replacement Revolving Loan | 622 | 622 |
| Truck-Lite Co., LLC 2025 Replacement Term Loan |  |  |
| Truck-Lite Co., LLC Delayed Draw Term Loan |  |  |
| Truck-Lite Co., LLC Delayed Draw Term Loan A |  | 93 |
| Truck-Lite Co., LLC Delayed Draw Term Loan B |  | 1077 |
| Truck-Lite Co., LLC Delayed Draw Term Loan C | 886 | 886 |

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| | | |
|:---|:---|:---|
| **Investments** | **March 31, 2026** | **December 31, 2025** |
| Truck-Lite Co., LLC Initial Revolving Credit Loan |  |  |
| True Talent Advisory Borrower LLC Delayed Draw Term Loan | 3090 |  |
| True Talent Advisory Borrower LLC Revolving Loan | 1599 |  |
| TVG Shelby Buyer, Inc. Amendment No. 6 Incremental Delayed Draw Term Loan | 1555 | 1555 |
| TVG Shelby Buyer, Inc. Revolving Credit Loan | 250 | 250 |
| TWH Bidco, LLC Delayed Draw Term A Loan | 3361 |  |
| TWH Bidco, LLC Initial Term Loan |  |  |
| U.S. Urology Partners, LLC 2025 Incremental Delayed Draw Term Loan | 18746 | 18746 |
| Upland Software, Inc. Revolving Loan | 1020 | 2000 |
| Upland Software, Inc. Term Loan |  |  |
| Upstack Holdco Inc. Delayed Draw Term Loan | 1981 | 1981 |
| Upstack Holdco Inc. Revolving Credit Loan | 938 | 938 |
| Upstack Holdco Inc. Term B Loan |  |  |
| USIC Holdings, Inc. Revolving Loan | 368 | 713 |
| USIC Holdings, Inc. Specified Delayed Draw Term Loan | 402 | 265 |
| Vacation Rental Brands, LLC 2nd Amendment Delayed Term Loan | 4713 | 5772 |
| Vacation Rental Brands, LLC Amendment No. 3 Incremental Term Loan |  |  |
| Vacation Rental Brands, LLC Closing Date Term Loan |  |  |
| Vacation Rental Brands, LLC Delayed Draw Term Loan |  | 330 |
| Vacation Rental Brands, LLC Revolving Loan | 1022 | 1022 |
| Valkyrie Buyer, LLC Delayed Draw Term Loan B | 1232 |  |
| Valkyrie Buyer, LLC Delayed Draw Term Loan C | 821 |  |
| Valkyrie Buyer, LLC Delayed Draw Term Loan D | 1493 | 1493 |
| Valkyrie Buyer, LLC Delayed Draw Term Loan E | 1955 |  |
| Valkyrie Buyer, LLC Delayed Draw Term Loan F | 4560 | 4560 |
| Valkyrie Buyer, LLC Revolving Credit Loan |  | 912 |
| Valkyrie Buyer, LLC Revolving Credit Loan |  | 318 |
| Vatica Health, Inc. Revolving Loan | 1788 | 1788 |
| Vehlo Purchaser, LLC Revolver |  | 1130 |
| Vensure Employer Services, Inc. Initial Delayed Draw Term Loan |  | 98 |
| Vensure Employer Services, Inc. Initial Delayed Draw Term Loan |  | 98 |
| Vensure Employer Services, Inc. Amendment No. 2 Delayed Draw Term Loan | 2987 |  |
| Vensure Employer Services, Inc. Initial Term Loan |  |  |
| Vensure Employer Services, Inc. Initial Term Loan |  |  |
| Vertex Companies, Inc., Term Loan D |  |  |
| Vertex Companies, Inc., The Delayed Draw Term Loan-B |  |  |
| Vertex Companies, Inc., The Fourth Amendment Revolving Loan | 166 |  |
| Vertex Service Partners, LLC First Amendment Incremental Delayed Draw Term Loan | 3549 | 3549 |
| Vertex Service Partners, LLC Revolving Facility | 95 | 327 |
| Vertex Service Partners, LLC Term Loan |  |  |
| Vital Purchaser, LLC Revolving Loan | 492 | 492 |
| Vortex Companies, LLC Amendment No. 4 Incremental Delay Draw Term Loan |  |  |
| Vortex Companies, LLC Amendment No. 4 Incremental Delay Draw Term Loan |  |  |
| Vortex Companies, LLC Amendment No. 4 Incremental Term Loan |  |  |
| Vortex Companies, LLC Amendment No. 6 Incremental Term Loan |  |  |
| Vortex Companies, LLC Delayed Term Loan |  | 668 |
| Vortex Companies, LLC Incremental Delayed Draw Term Loan |  |  |
| Vortex Companies, LLC Revolving Loan | 419 | 419 |
| Vortex Companies, LLC Term Loan |  |  |
| VRC Companies, LLC Amendment No. 2 Term Loan |  |  |
| VRC Companies, LLC Fourth Amendment Delayed Draw Term Loan | 1643 |  |
| VRC Companies, LLC Fourth Amendment Delayed Draw Term Loan | 1 |  |
| VTC Buyer Corp. Advance | 1272 | 1927 |
| VTC Buyer Corp. Future Expansion Delayed Draw Term Loan | 1378 | 1378 |
| VTC Buyer Corp. Term A Loan |  |  |
| Vybond Buyer, LLC Delayed Draw Term Loan | 2374 | 2374 |

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| | | |
|:---|:---|:---|
| **Investments** | **March 31, 2026** | **December 31, 2025** |
| Vybond Buyer, LLC Initial Term Loan |  |  |
| Vybond Buyer, LLC Revolving Credit Loan |  | 1781 |
| W.A. Kendall and Company, LLC Initial Term Loan |  |  |
| W.A. Kendall and Company, LLC Revolving Loan | 130 | 209 |
| W.A. Kendall and Company, LLC Seventh Amendment Delayed Draw Term Loan | 2792 | 2792 |
| W.A. Kendall and Company, LLC Specified DDTL |  |  |
| Wasteology Group Transportation, LLC Delayed Draw Term Loan | 3352 | 3352 |
| Wasteology Group Transportation, LLC Revolving Credit Loan | 1037 | 1037 |
| WCHG Buyer, Inc. First Amendment Incremental Term Loan |  |  |
| Wealth Enhancement Group, LLC August 2025 Delayed Draw Term Loan | 803 | 803 |
| Wealth Enhancement Group, LLC December 2024 Delayed Draw Term Loan |  | 4018 |
| Wealth Enhancement Group, LLC Initial Revolving Loan | 226 | 226 |
| Wealth Enhancement Group, LLC May 2022 Delayed Draw Term Loan |  |  |
| Western Smokehouse Partners, LLC Delayed Draw Term Loan C |  | 1484 |
| Western Smokehouse Partners, LLC Delayed Draw Term Loan C |  | 1580 |
| Western Smokehouse Partners, LLC Delayed Term Loan | 348 | 464 |
| Western Smokehouse Partners, LLC Initial Term Loan |  |  |
| Western Smokehouse Partners, LLC Initial Term Loan |  |  |
| Western Smokehouse Partners, LLC Juniors Term Loan |  |  |
| Western Smokehouse Partners, LLC Juniors Term Loan |  |  |
| Western Smokehouse Partners, LLC Revolving Loan | 283 | 283 |
| Wharf Street Ratings Acquisition LLC Delayed Draw Term Loan | 1632 | 1632 |
| Wharf Street Ratings Acquisition LLC_Revolver | 1684 | 1684 |
| Worldwide Insurance Network, LLC 2025 Incremental Delayed Draw Term Loan | 1826 | 1900 |
| Worldwide Insurance Network, LLC Delayed Draw Term Loan |  |  |
| WSRP Advisory LLC First Amendment Delayed Draw Term Loan |  | 5800 |
| Zep Holdco Inc. Initial Term Loan (aka TL Atlas Merger) |  |  |
| Zep Holdco Inc. Revolving Credit Loan (aka TL Atlas Merger) | 2874 | 1610 |
| **Total unfunded commitments** | $**695673** | $**641519** |

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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 three months ended March 31, 2026:

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| | | | |
|:---|:---|:---|:---|
|  | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2026** |  |
| **Share Issuance Date** | **Shares Issued** | **Amount** | **Offering Price** |
| January 2 | 5164340 | $134453 | $26.03 |
| February 2 | 438709 | 11500 | 26.21 |
| March 2 | 3361013 | 88725 | 26.40 |
| Total issuance of shares | 8964062 | $234678 |  |

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

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| | | | |
|:---|:---|:---|:---|
|  | **For the three months ended March 31, 2025** | **For the three months ended March 31, 2025** |  |
| **Share Issuance Date** | **Shares Issued** | **Amount** | **Offering Price** |
| January 2 | 1191393 | $30975 | $25.74 |
| February 3 | 2949039 | 77358 | 25.98 |
| March 3 | 2030616 | 53745 | 26.21 |

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**Distributions** 

On March 24, 2026, the Board declared a distribution on the Shares, which was paid on April 30, 2026 to shareholders of record as of the close of business on March 30, 2026 (the "Q1 2026 Distribution"). The amount of the Q1 2026 Distribution equaled $0.59 per Share and was paid in cash or reinvested in additional Shares for shareholders participating in the Company's DRIP. 608,290 Shares were issued in April 2026 in connection with the Company's DRIP for the Q1 2026 Distribution.

The following table identifies distributions declared for the three months ended March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Distribution Per Share** | **Distribution Amount** |
| March 24, 2026 | March 30, 2026 | April 30, 2026 | $0.59 | $47541 |

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The following table identifies distributions declared for the year ended December 31, 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 | 35321 |
| November 11, 2025 | December 30, 2025 | January 30, 2026 | 0.605 | 43330 |

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During the three months ended March 31, 2026 and March 31, 2025, the Company issued 669,099 and 425,274 Shares in connection with the DRIP for an aggregate amount of $17,420 and $11,057, respectively.

**Discretionary Share Repurchase Program** 

Beginning with the quarter ended December 31, 2023, the Company commenced a share repurchase program, in which the Company intends, subject to market conditions and the discretion of the Board, to offer to repurchase, in each quarter, up to 5% of the Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. The Board may amend or suspend the share repurchase program at any time if in its reasonable judgment it deems such action to be in the Company's best interest and the best interest the Company's shareholders. As a result, share repurchases may not be available each quarter, such as when a repurchase offer would place an undue burden on the Company's liquidity, adversely affect the Company's operations or risk having an

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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 4, 2026, the Company offered to purchase up to 3,580,981 Shares at a purchase price equal to the NAV per Share as of March 31, 2026 (the "February 2026 Repurchase Offer"), upon the terms and subject to the conditions set forth in the offer to purchase for the February 2026 Repurchase Offer. The February 2026 Repurchase Offer expired on March 4, 2026 and no Shares were tendered by the Company's direct shareholders in connection with the February 2026 Repurchase Offer.

During the three months ended March 31, 2026, the Company did not repurchase any Shares pursuant to its discretionary share repurchase program.

During the three months ended March 31, 2025, the Company repurchased 288,512 Shares pursuant to its discretionary share repurchase program.

The following table summarizes the capital activity during the period noted:

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| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| Shares outstanding as of December 31, 2025 and 2024, respectively | 71614193 | 35246926 |
| &nbsp;&nbsp;Shares issued in Private Offerings | 8294963 | 5745774 |
| &nbsp;&nbsp;Shares issued in connection with DRIP | 669099 | 425274 |
| &nbsp;&nbsp;Shares repurchased |  | (288512) |
| Shares outstanding as of March 31, 2026 and 2025, respectively | 80578255 | 41129462 |

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**10. Financial Highlights** 

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| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| **Per share data:** |  |  |
| Net asset value, beginning of period | $26.03 | $26.00 |
| Net investment income (loss)<sup>(1)</sup> | 0.57 | 0.67 |
| Realized and unrealized gain (loss) on investment<br> transactions<sup>(2)</sup> | (0.09) | 0.01 |
| Total from operations | 0.48 | 0.68 |
| Distributions from net investment income | (0.59) | (0.67) |
| Distributions from net realized capital gains/losses |  |  |
| Total increase (decrease) in net assets | (0.11) | 0.01 |
| Net asset value, end of period | $25.92 | $26.01 |

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| | | |
|:---|:---|:---|
| **Shares outstanding, end of period** | 80578255 | 41129462 |
| **Total return**<sup>(3)</sup> | 1.84% | 2.62% |
| **Ratios / supplemental data** |  |  |
| Ratio of gross expenses to average net<br> assets<sup>(4)(5)(7)(8)(9)</sup> | 1.63% | 1.85% |
| Ratio of net expenses to average net assets<sup>(4)(5)(6)(7)(8)(9)</sup> | 1.63% | 1.92% |
| Ratio of net investment income (loss) to average net<br> assets<sup>(4)(5)(9)</sup> | 2.24% | 2.66% |
| Net assets, end of period (in thousands) | $2088932 | $1069798 |
| Weighted average shares outstanding | 78223814 | 39286807 |
| Portfolio turnover rate<sup>(9)</sup> | 5.68% | 3.02% |

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

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

<sup>(3)</sup> <sup>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.</sup>

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

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

<sup>(6)</sup> <sup>Ratio of net expenses to average net assets is computed using total expenses, including the effects of expense support payments (recoupments), which represented</sup><sup>0.00</sup><sup>% and (</sup><sup>0.07</sup><sup>)% on average net assets for the three months ended</sup><sup>March 31, 2026 and March 31, 2025</sup><sup>, respectively.</sup>

<sup>(7)</sup> <sup>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</sup><sup>0.18</sup><sup>% and</sup><sup>0.00</sup><sup>%, respectively, for the three months ended</sup><sup>March 31, 2026</sup><sup>. The income incentive fee ratio and capital gains-based incentive fee are</sup><sup>0.22</sup><sup>% and</sup><sup>0.00</sup><sup>%, respectively, for the three months ended</sup><sup>March 31, 2025</sup><sup>.</sup>

<sup>(8)</sup> <sup>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.</sup>

<sup>(9)</sup> 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.

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**11. Subsequent Events** 

The Company's management has evaluated events subsequent to March 31, 2026 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.

On April 1, 2026, the Company sold 9,773,649 Shares in the Private Offering pursuant to Subscriptions Agreements entered into with the participating investors for aggregate consideration of $253.4 million.

On April 6, 2026, SPV Facility I and the Company executed a termination agreement (the "Termination Agreement"), terminating the MassMutual SPV I Facility and the related loan documents. Prior to the expiration of the reinvestment period under the MassMutual SPV I Facility on April 3, 2026 (after which no additional borrowings were permitted to be drawn under the MassMutual SPV I Facility), SPV Facility I had no outstanding borrowings under the MassMutual SPV I Facility. On April 6, 2026, SPV Facility I paid all remaining fees under the MassMutual SPV I Facility, and upon execution of the Termination Agreement, all related security interests, liens in favor of any secured party thereunder, and all obligations thereunder, were released and terminated.

On May 1, 2026, the Company offered to purchase up to 4,028,912 Shares at a purchase price equal to the NAV per Share as of June 30, 2026 (the "May 2026 Repurchase Offer"), upon the terms and subject to the conditions set forth in the offer to purchase for the May 2026 Repurchase Offer. The May 2026 Repurchase Offer is set to expire on May 29, 2026.

On May 7, 2026, 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 June 30, 2026 and (ii) such other amounts as may be required to allow the Company to qualify for taxation as a RIC under the Code and eliminate any income and excise tax imposed on the Company (the "Q2 2026 Distribution"). The Q2 2026 Distribution is payable on July 31, 2026 to shareholders of record as of the close of business on June 29, 2026. The final amount of the Q2 2026 Distribution will be determined by the Company's management at a later date, in accordance with the Board's authorization. The Q2 2026 Distribution will be paid in cash or reinvested in additional Shares for shareholders participating in the Company's DRIP.

The Company received approximately $148.1 million of subscriptions effective May 1, 2026 in connection with its monthly closing for the Private Offering.

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**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (in thousands, except share amounts, per share data, percentages and where otherwise indicated)** 

*Beginning in 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 the Company or the Advisor 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, 2025 and the below items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's future operating results;

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

pandemic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•general economic, logistical and political trends and other external factors, including inflation, trade policies, and recent

supply chain disruptions and their impacts on our portfolio companies and on the industries in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•risks associated with the demand for liquidity under our share repurchase program and the continued approval of quarterly

tender offers by the Board;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•interest rate volatility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's business prospects and the prospects of the Company's current and prospective portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of increased competition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the dependence of the Company's future success on the general economy and its impact on the industries in which the

Company invests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of the Company's portfolio companies to achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the relative and absolute performance of the Advisor;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's use of borrowings and expected financings to fund investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the adequacy of the Company's financing sources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing and amount of cash flows, if any, from the operations of the Company's portfolio companies;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's ability to pay dividends or make distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the risks associated with possible disruptions due to terrorism in the Company's operations or the economy generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of future acquisitions and divestitures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's ability to qualify and maintain our qualification as a RIC under the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

***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 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, 2025. Except as otherwise disclosed in this Report, 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. With respect to such investments, 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 are generally made to middle-market companies, which we define as companies with an annual EBITDA of approximately $10,000 to $100,000. The loans in which we invest generally pay floating interest rates based on a

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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 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 may 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 and will be unrated. Our debt investments may also be rated by a nationally recognized statistical rating organization, and, in such case, generally 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 generally have credit quality consistent with below investment grade securities.

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

As a BDC regulated under the 1940 Act, the Company is subject to certain limitations relating to co-investments and joint transactions with affiliates, which, in certain circumstances, likely may limit the Company's ability to make investments or enter into other transactions alongside other clients. On March 9, 2026, we, the Advisor and certain affiliated entities received an order for co-investment exemptive relief from the SEC to allow certain managed funds and investment vehicles, each of whose investment adviser is the Advisor or an investment adviser controlling, controlled by or under common control with the Advisor, to participate in negotiated co-investment transactions where doing so is consistent with regulatory requirements and other pertinent factors, and pursuant to the conditions of the exemptive relief (the "Co-Investment Exemptive Order"). The Co-Investment Exemptive Order requires, among other things, that allocations be "fair and equitable" to us and that the Advisor (or the applicable investment adviser) considers the interests of us and other affiliated 1940 Act-regulated funds that rely on the Co-Investment Exemptive Order in allocations. Under the Co-Investment Exemptive Order, among other requirements, the terms, conditions, price, class of securities to be purchased in respect of a particular investment, the date on which such investment is to be made and any registration rights applicable thereto, must be generally the same for us and each other participating affiliated entity.

Please refer to "Item 1. Business" of our annual report on Form 10-K for the fiscal year ended December 31, 2025 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 0.175% on an annualized basis of the Company's net assets (prior to April 1, 2026, the Administration Fee was equal to 0.20% of the Company's net assets on an annualized basis, and 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.

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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, 2025 for more information.

**Key Components of Our Results of Operations** 

***Investments*** 

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

***Revenue*** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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

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fees on loans and debit balances, borrowing charges on securities sold short, dividends on securities sold but not yet purchased and margin fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•recordkeeping, custody and transfer agency fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the costs of errors and omissions/directors' and officers' liability insurance and a fidelity bond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Base Management Fee and the Administration Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Incentive Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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 have reimbursed the Advisor, for amounts paid or costs borne that properly constitute Company expenses as set forth in the Administration Agreement and Advisory Agreement or otherwise. As of June 30, 2025, all expenses have been fully recouped and paid back to the advisor. Additionally, on April 3, 2026, the Expense Limitation Agreement lapsed without being extended; therefore the agreement has been terminated.

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**Portfolio Composition** 

The total fair value of our investment portfolio was $3,313,853 and $3,008,628 as of March 31, 2026 and December 31, 2025, respectively. As of March 31, 2026, the Company had 1,324 investments in 404 portfolio companies across 47 industries and one money market fund with an aggregate cost of $91,695. As of December 31, 2025, the Company had 1,244 investments in 390 portfolio companies across 46 industries and one money market fund with an aggregate cost of $145,625.

As of March 31, 2026, the Company's investment portfolio consisted of the following investments:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  | **% of Total** |  | **% of Total** |
|  | **Cost** | **Investments** | **Fair Value** | **Investments** |
| First Lien Senior Secured | $3231042 | 97.30% | 3219176 | 97.15% |
| Subordinated Notes | 40623 | 1.22% | 39889 | 1.20% |
| Preferred Equity | 1989 | 0.06% | 436 | 0.01% |
| Limited Partnership Interests | 47224 | 1.42% | 54352 | 1.64% |
| **Total investments** | $3320878 | 100.00% | $3313853 | 100.00% |

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As of December 31, 2025, the Company's investment portfolio consisted of the following investments:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  | **% of Total** |  | **% of Total** |
|  | **Cost** | **Investments** | **Fair Value** | **Investments** |
| First Lien Senior Secured | $2908938 | 96.70% | 2903414 | 96.50% |
| Second Lien Senior Secured | 5440 | 0.18% | 5460 | 0.18% |
| Subordinated Notes | 48779 | 1.62% | 49318 | 1.64% |
| Preferred Equity | 1989 | 0.07% | 499 | 0.02% |
| Limited Partnership Interests | 43092 | 1.43% | 49937 | 1.66% |
| **Total investments** | $3008238 | 100.00% | $3008628 | 100.00% |

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**Investment Activity**

During the three months ended March 31, 2026, we made new and additional portfolio company investments totaling $488,895 at amortized cost and $180,195 in loans were repaid or sold at amortized cost.

Total portfolio investment activity for the three months ended March 31, 2026 was as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **First Lien <br>Senior Secured** | **Second Lien <br>Senior Secured** | **Subordinated <br>Notes** | **Preferred<br>Equity** | **Limited Partnership Interests** | **Total** |
| Balance at fair value as of December 31, 2025 | $2903414 | $5460 | $49318 | $499 | $49936 | $3008627 |
| Net Purchases<sup>(1)(4)</sup> | 473416 |  | 8401 |  | 7078 | 488895 |
| Net Sales, Exits and Repayments<sup>(2)(3)(4)</sup> | (155124) | (5453) | (16632) |  | (2993) | (180202) |
| PIK | 1480 |  |  |  |  | 1480 |
| Accreted Discounts / Amortized Premiums | 2391 | 2 | 74 |  | 1 | 2468 |
| Net Change in Unrealized Appreciation / (Depreciation) | (6401) | (9) | (1272) | (63) | 330 | (7415) |
| Balance at fair value as of March 31, 2026 | $3219176 | $— | $39889 | $436 | $54352 | $3313853 |

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<sup>(1) Purchases may include investments received in corporate action and restructurings.</sup>

<sup>(2) Sales may include investments sold or repaid in corporate action and restructurings.</sup>

<sup>(3) Sales may include dividends received and treated as return of capital adjustments for Subordinated Notes and Limited Partnership Interests</sup>

<sup>(4) Purchases and Sales may include amounts reclassified between investment categories</sup>

During the three months ended March 31, 2025, we made new and additional portfolio company investments totaling $370,033 at amortized cost and $54,168 in loans were repaid or sold at amortized cost.

Total portfolio investment activity for the three months ended March 31, 2025 was as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **First Lien <br>Senior Secured** | **Second Lien <br>Senior Secured** | **Subordinated <br>Notes** | **Limited Partnership Interests** | **Total** |
| Balance at fair value as of December 31, 2024 | $1532465 | $4467 | $4994 | $28614 | $1570540 |
| Net Purchases | 364174 | 1041 | 2081 | 2737 | 370033 |
| Net Sales, Exits and Repayments | (54152) | (16) |  |  | (54168) |
| PIK | 589 |  |  |  | 589 |
| Accreted Discounts / Amortized Premiums | 1549 | 31 |  | (2) | 1578 |
| Net Change in Unrealized Appreciation / (Depreciation) | (1059) | (25) | 136 | 1056 | 108 |
| Balance at fair value as of March 31, 2025 | $1843566 | $5498 | $7211 | $32405 | $1888680 |

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**Portfolio Asset Quality** 

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

As of March 31, 2026, the Company had certain investments in three portfolio companies that were on non-accrual status. The amortized cost of investments on non-accrual status as of March 31, 2026 was $10,413. As of December 31, 2025, the Company had certain investments in two portfolio companies that were on non-accrual status. The amortized cost of investments on non-accrual status as of December 31, 2025 was $8,417.

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

**Consolidated Results of Operations** 

*Comparison of operating results for the three months ended March 31, 2026 and March 31, 2025*

Set forth below is a comparison of the results of operations for the three months ended March 31, 2026 and 2025.

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| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| Total investment income | $77426 | $45603 |
| Less: Net expenses | (32683) | (19123) |
| Net investment income | 44743 | 26480 |
| Net change in unrealized<br> appreciation (depreciation) | (7415) | 108 |
| **Net increase (decrease) in<br> net assets resulting from<br> operations** | $37328 | $26588 |

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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 three months ended March 31, 2026 and March 31, 2025, were largely driven by changes in market-implied spreads across new issuance and secondary trading.

For the three months ended March 31, 2026, interest income from portfolio companies was $75,080, as compared to $45,108 for the three months ended March 31, 2025. For the three months ended March 31, 2026, PIK income was $943, as compared to $495 for the three months ended March 31, 2025.

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---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| **Investment income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $75080 | $45108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind | 943 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 1403 |  |
| **Total Investment Income** | $77426 | $45603 |

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In the table above, the change in total investment income for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, was primarily driven by an increase in the average amount of investments between the periods (at fair value), partially offset by a lower weighted average yield on the portfolio compared to the three months ended March 31, 2025. For the three months ended March 31, 2026, weighted average yield of investments at fair value is 9.5%, compared to 10.3% for the three months ended March 31, 2025. The size of our investment portfolio at fair value was $3,313,853 as of March 31, 2026, as compared to $1,888,680 as of March 31, 2025.

We expect that investment income will vary based on a variety of factors including the pace of our originations, repayments and changes in interest rates.

***Expenses*** 

Expenses were as follows for the period indicated:

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| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| Expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | $20227 | $11588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee | 5057 | 2528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income incentive fee | 3626 | 2148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains-based incentive fee | (46) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 1354 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fee | 1025 | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors' fees | 119 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 94 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 77 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 1150 | 592 |
| Total expenses | $32683 | $18392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less expense<br> (recoupment) support<br> payments (to) by the<br> Advisor | - | (731) |
| Net expenses | $32683 | $19123 |

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*Interest Expense*

Interest expense, including amortization of debt issuance costs and net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items, increased to $20,227 for the three months ended March 31, 2026 from $11,588 for the three months ended March 31, 2025. This was primarily driven by an increase in our average principal of debt outstanding, partially offset by a decrease in our weighted average interest rate on our borrowings relative to the prior year. Our debt outstanding (net of unamortized debt issuance costs) increased to $1,271,351 as of March 31, 2026 from $1,267,485 as of December 31, 2025. See Note 4 "Borrowings" to our consolidated financial statements included in this Report for more information regarding the weighted average interest rate on total borrowings during each period.

Management Fee

The management fee was $5,057 and $2,528 for the three months ended March 31, 2026 and 2025, respectively. The increase was primarily due to an increase in average net assets for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. For more information on base management fee, including terms thereof, see Note 3 "Related Party Transactions" to our consolidated financial statements included in this Report.

*Income Incentive Fee*

The income incentive fee was $3,626 and $2,148 for the three months ended March 31, 2026 and 2025, respectively. The increase was primarily due to an increase in pre-incentive fee net investment income between periods. For more information on incentive fee,

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including terms thereof, see Note 3 "Related Party Transactions" to our consolidated financial statements included in this Report.

*Professional Fees, Administration Fee and Other Expenses*

Professional fees include legal, audit, tax, valuation, and other professional fees incurred related to the administration of the Company, which include costs of a financial printer utilized for certain preparation, printing and distribution services related to our offering materials. Professional fees were $1,354 and $569 for the three months ended March 31, 2026 and 2025, respectively. The increase in professional fees was primarily due to an increase in total assets and related costs of servicing a larger investment portfolio.

Administration fee represents fees paid to the Advisor for certain administrative, accounting and other services performed for the Company under the administration agreement. In consideration of these administrative services, the Company pays the Advisor the Administration Fee in an amount up to 0.175% on an annualized basis of the Company's net assets (prior to April 1, 2026, the Administration Fee was equal to 0.20% of the Company's net assets on an annualized basis, and prior to March 25, 2025, the Administration Fee was equal to 0.30% of the Company's net assets on an annualized basis). Administration fees were $1,025 and $749 for the three months ended March 31, 2026 and 2025, respectively. The increase was primarily due to an increase in net assets.

Other expenses include insurance, filing, research, subscriptions and other costs. Organizational costs include expenses incurred in our initial formation.

*Expense Support Reimbursements*

For the period from April 3, 2023 (commencement of operations) to December 31, 2023, the Advisor incurred Other Operating Expenses of $1,076, and organizational costs of $1,296, on behalf of the Company, which were subject to recoupment pursuant to the terms of the Amended Expense Limitation Agreement, prior to its expiration on April 3, 2026. For the three months ended March 31, 2026 and March 31, 2025, we made recoupment payments to the Advisor of $0 and $731, respectively. As of June 30, 2025, all expenses have been fully recouped and paid back to the advisor. See Note 3 "Related Party Transactions" and Note 8 "Commitments and Contingencies" to our consolidated financial statements included in this Report for further information.

**Financial Condition, Liquidity and Capital Resources** 

The Company generates cash from the net proceeds from the Private Offering, cash flows from interest and fees earned from its investments and principal repayments and proceeds from sales of its investments, and proceeds from net borrowings on its credit facilities and CLO and unsecured debt issuances.

Our primary use of cash and cash equivalents is to (i) make investments in portfolio companies, (ii) funding the costs of our operations (including fees and reimbursements paid to our Adviser and Administrator), (iii) debt service, repayment and other financing costs of our borrowings, (iv) funding repurchases under our discretionary share repurchase program and (v) cash distributions to the holders of our Shares.

Due to the diverse capital resources available to us at this time, including our net borrowings from our credit facilities and both CLO and unsecured 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.

*Share Issuances*

We are conducting the Private Offering of our Shares in reliance on the exemption provided by Section 4(a)(2) of the Securities Act, Regulation D promulgated thereunder and/or Regulation S under the Securities Act. In connection with the Private Offering, 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 shareholders following payment of their capital contribution to the Company, pursuant to the terms of the Limited Liability Company Agreement.

In connection with the Private Offering, we intend to hold monthly closings in connection with which we will issue Shares to investors for immediate cash investment; provided that we retain the right, if determined by us in our sole discretion, to accept subscriptions and issue Shares, in amounts to be determined by us, more or less frequently to one or more investors for regulatory, tax or other reasons as we may determine to be appropriate. We reserve the right to conduct additional offerings of securities in the future in addition to the Private Offering. There is no public market for the Shares currently, nor can we give any assurance that one will develop.

See "Item 1. Business – Private Offering of Shares" of our Annual Report on Form 10-K for the year ended December 31, 2025 and Note 9 "Net Assets" to our consolidated financial statements included in this Report for further information regarding the Private Offering and the details of our issuance of Shares during the three months ended March 31, 2026 and during the fiscal year ended December 31, 2025.

*Distributions and Distribution Reinvestment Plan*

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

Our Board's discretion as to the payment of distributions will be directed, in substantial part, by its determination to cause us to comply with the RIC requirements. To maintain our treatment as a RIC, we generally are required to make aggregate annual distributions to our shareholders of at least 90% of our investment company taxable income. See "Item 1. Business – Certain U.S. Federal Income Tax Considerations" of our Annual Report on Form 10-K for the year ended December 31, 2025.

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, including the sale of assets, 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 the sales of assets, 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 the sale of additional securities 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 adopted a distribution reinvestment plan, pursuant to which we will reinvest all cash dividends declared by the Board on behalf of our shareholders who do not elect to receive their dividends in cash as provided below. As a result, if the Board authorizes, and we declare, a cash dividend or other distribution, then our shareholders who have not opted out of our distribution reinvestment plan will have their cash distributions automatically reinvested (net of applicable withholding tax) in additional Shares as described below, 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.

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.

See "Item 5. Market for Registrant's Shares, Related Shareholder Matters and Issuer Purchases of Equity Securities" of our Annual Report on Form 10-K for the year ended December 31, 2025 and Note 9 "Net Assets" to our consolidated financial statements included in this Report for further information regarding the our distribution strategy and the details of our distributions declared during the three months ended March 31, 2026 and fiscal year ended December 31, 2025.

*Discretionary Share Repurchase Program*

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

Under the share repurchase program, to the extent we offer to repurchase Shares in any particular quarter, we expect 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"). Shareholders should keep in mind that if they tender Shares in a tender 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. This Early Repurchase Deduction will also generally apply to minimum account repurchases, discussed below. 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. We may also, from time to time, waive the Early Repurchase Deduction in certain other circumstances, as disclosed in "Item 1. Business – Share Repurchase Program" in our annual report on Form 10-K for the fiscal year ended December 31, 2025 for more information.

Shareholders may tender all of the Shares that they own. In the event the amount of Shares tendered exceeds the repurchase offer amount, Shares will be repurchased on a pro rata basis. All unsatisfied repurchase requests must be resubmitted in the next quarterly tender offer, or upon the recommencement of the share repurchase program, as applicable. We have no obligation to repurchase Shares, including if the repurchase would violate the restrictions on distributions under federal law or Delaware law. The limitations and restrictions

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described above may prevent us from accommodating all repurchase requests made in any quarter. Our share repurchase program has many limitations, including the limitations described above, and should not in any way be viewed as the equivalent of a secondary market.

The majority of our assets consist of instruments that cannot generally be readily liquidated without impacting our ability to realize full value upon their disposition. Therefore, we may not always have sufficient liquid resources to make repurchase offers. We may fund repurchase requests from sources other than cash flow from operations, including the sale of assets, borrowings, return of capital or offering proceeds, and although we generally expect to fund distributions from cash flow from operations we have not established any limits on the amounts we may pay from such sources. Should making repurchase offers, in our judgment, place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on the company as a whole, or should we otherwise determine that investing our liquid assets in originated loans or other illiquid investments rather than repurchasing our Shares is in the best interests of the Company as a whole, then we may choose to offer to repurchase fewer shares than described above, or none at all.

See "Item 1. Business – Share Repurchase Program" in in our annual report on Form 10-K for the fiscal year ended December 31, 2025 and Note 9 "Net Assets" to our consolidated financial statements included in this Report for further information regarding the our discretionary share repurchase program and the details of our share repurchase activity during the three months ended March 31, 2026 and 2025.

***Cash Flows*** 

As of March 31, 2026 we had $106,335 in cash and cash equivalents and restricted cash and restricted cash equivalents. During the three months ended March 31, 2026, we used $257,597 in cash for operating activities, primarily as a result of funding of portfolio investments of $488,895, partially offset by sales, exits and repayments of portfolio investments of $180,202, and other operating activities of $51,097. Cash provided by financing activities was $194,138 during the period, which was primarily the result of proceeds from the issuance of Shares in the Private Offering of $215,158 and borrowings of $406,661 under our financing arrangements, partially offset by distributions paid and repurchase of shares of $26,052 and repayments of borrowings, including debt issuance costs paid of $401,629.

As of March 31, 2025 ,we had $42,897 in cash and cash equivalents and restricted cash and restricted cash equivalents. During the three months ended March 31, 2025, we used $300,368 in cash for operating activities, primarily as a result of funding of portfolio investments of $370,033, partially offset by sales, exits and repayments of portfolio investments of $54,168, and other operating activities of $15,497. Cash provided by financing activities was $312,021 during the period, which was primarily the result of proceeds from the issuance of Shares in the Private Offering of $151,021 and borrowings of $419,000 under our financing arrangements, partially offset by distributions paid and repurchase of shares of $13,639 and repayments of borrowings, including debt issuance costs paid of $244,361.

***Financing Transactions*** 

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

Under the provisions of the 1940 Act, following approval from our initial shareholder of the reduced asset coverage requirements under Section 61(a)(2) of the 1940 Act, which approval became effective on January 21, 2023, we are currently permitted to issue "senior securities" only in amounts such that our asset coverage, as defined in the 1940 Act, equals at least 150% after each issuance of senior securities. For purposes of the 1940 Act, "asset coverage" means the ratio of (1) the total assets of a BDC, less all liabilities and indebtedness not represented by senior securities, to (2) the aggregate amount of senior securities representing indebtedness (plus, in the case of senior securities represented by preferred stock, the aggregate involuntary liquidation preference of such BDC's preferred stock). Under the 1940 Act, any shares of preferred stock that we may issue will constitute a "senior security" for purposes of the 150% asset coverage test. In addition, while any senior securities remain outstanding, we will be required to make provisions to prohibit any dividend distribution to our shareholders or the repurchase of such securities or shares unless we meet the applicable asset coverage ratios at the time of the dividend distribution or repurchase. As of March 31, 2026 and December 31, 2025, our asset coverage ratio, as defined under the 1940 Act, was 261.8% and 245.0%, 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 March 31, 2026 and December 31, 2025, the Company had outstanding borrowings (net of unamortized debt issuance costs) of $1,271,351 and $1,267,485, respectively. For additional information on our debt obligations see Note 4 "Borrowings" to our consolidated financial statements included in this Report.

We also use interest rate swaps to mitigate interest rate risk associated with our fixed rate liabilities, and have designated certain interest rate swaps to be in a hedge accounting relationship. For additional disclosure regarding our derivative instruments designated in a hedge accounting relationship see our consolidated Schedule of Investments as of March 31, 2026 included in this Report and Note 4 "Borrowings" to our consolidated financial statements included in this Report.

**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.

Investment performance data utilized are, among other things, the most recently available financial statements and compliance certificates received from the portfolio companies as of the measurement date which, in many cases, may reflect a lag in information.

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 the Company's investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been reported had a ready market for the investments existed, and it is reasonably possible that the difference could be material.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the realized gains or losses on investments to be different from the net change in unrealized appreciation or depreciation currently reflected in the consolidated financial statements as of March 31, 2026 and 2025.

U.S. GAAP establishes a hierarchical disclosure framework which ranks the level of observability of market price inputs used in measuring investments at fair value. The observability of inputs is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available quoted prices or for which fair value can be measured from quoted prices in active markets generally have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value.

We have also identified revenue recognition as a critical accounting policy. See "Note 2. Significant Accounting Policies" to our consolidated financial statements included 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 consolidated financial statements in this Report and with "Item 1A. Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 2025.

As of March 31, 2026 and December 31, 2025, our investment portfolio, valued at fair value in accordance with the Board-approved valuation policies, represented approximately 158.9% and 161.6%, 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 "Item 1. Business – Management Agreements" of our Annual Report on Form

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10-K for the year ended December 31, 2025 and "Note 3. Related Party Transactions" to our consolidated financial statements included in this Report.

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 were party to the Amended Expense Limitation Agreement with the Advisor, which expired subsequent to quarter end on April 3, 2026 without extension of the Limitation Period thereunder. See "Note 3. Related Party Transactions" to our consolidated financial statements included in this Report for more information. As of March 31, 2026 and December 31, 2025, the Company had $0 and $0, respectively, in expenses subject to recoupment by the Advisor.

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

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

As of March 31, 2026, we have contractual unfunded commitments to provide additional funding of $20,274 in connection with our investments in Underlying Funds.

As of March 31, 2026 and December 31, 2025, we had the following outstanding commitments to investments in loans, which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of March 31, 2026 and December 31, 2025, we believe we have adequate financial resources to satisfy such commitments.

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| | | |
|:---|:---|:---|
| **Investments** | **March 31, 2026** | **December 31, 2025** |
| 3 Step Sports LLC Delayed Draw Term Loan | $518 | $527 |
| AAH Topco, LLC Class C Delayed Draw Term Loan | 3105 | 4142 |
| Accelevation LLC Delayed Draw Term Loan | 1323 | 1323 |
| Accelevation LLC Initial Term Loan |  |  |
| Accelevation LLC Revolving Credit Loan | 1651 | 2064 |
| Accent Building Materials Holdings LLC Term B Delayed Term Loan | 122 | 122 |
| Accordion Partners LLC Delayed Draw Term Loan |  |  |
| Accordion Partners LLC Initial Term Loan |  |  |
| Accordion Partners LLC Revolving Loan | 1217 | 1217 |
| Accordion Partners LLC Second Amendment Term B-2 Loan |  |  |
| Accurate Background, LLC Fourth Amendment Incremental Term Loan |  |  |
| ACP Avenu Buyer, LLC Delayed Term Loan | 458 | 458 |
| ACP Avenu Buyer, LLC Revolving Credit | 428 | 428 |
| ACP Falcon Buyer, Inc. Revolving Loan | 333 | 333 |
| ACP Falcon Buyer, Inc. Term Loan |  |  |
| ACP Oak Buyer, Inc. 2025 Refinancing Revolving Loan | 2041 | 2041 |
| ACP Oak Buyer, Inc. 2025 Refinancing Term Loan |  |  |
| ACP Oak Buyer, Inc. 2025-2 Incremental Delayed Draw Term Loan |  | 454 |
| ACP Oak Buyer, Inc. Sixth Amendment Term Loan |  |  |
| Advanced Medical Management, LLC Revolving Credit Loan | 502 | 803 |
| Advanced Web Technologies Holding Company Revolving Credit Loan | 342 | 342 |
| AEP Passion Intermediate Holdings, Inc. 2023 Incremental Term A Loan |  |  |
| AFC-Dell Holding Corp. Revolving Loan B | 110 | 128 |
| AI Fire Buyer, Inc. Delayed Draw Term Loan |  |  |
| AIDC IntermediateCo. 2, LLC Initial Term Loan (Peak Technologies) |  |  |

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| | | |
|:---|:---|:---|
| **Investments** | **March 31, 2026** | **December 31, 2025** |
| AKAM Buyer, Inc. Delayed Draw Term Loan | 2333 |  |
| AKAM Buyer, Inc. Revolving Loan | 892 |  |
| Alera Group, Inc. Delayed Draw Term Loan | 439 |  |
| Alkeme Intermediary Holdings, LLC Eleventh Amendment Delayed Draw Term Loan | 789 | 1862 |
| Alkeme Intermediary Holdings, LLC Revolving Credit | 266 | 266 |
| Allworth Financial Group, L.P. Fourth Amendment Delayed Draw Term Loan |  | 5548 |
| Allworth Financial Group, L.P. Revolving Loan | 618 | 618 |
| Ambient Enterprises Holdco LLC Delayed Draw Term B Loan | 350 | 971 |
| Ambient Enterprises Holdco LLC Delayed Draw Term C Loan (First Lien) | 1355 | 1355 |
| Ambient Enterprises Holdco LLC Delayed Draw Term Loan | 625 |  |
| Ambient Enterprises Holdco LLC Revolving Loan | 952 | 952 |
| Ambient Enterprises Holdco LLC Third Amendment Term Loan (First Lien) |  |  |
| AmerCareRoyal, LLC Delayed Draw Term Loan A | 1867 | 1867 |
| AmerCareRoyal, LLC Term Loan |  |  |
| AmerCareRoyal, LLC U.S. Revolving Credit | 467 | 768 |
| American Family Care, LLC Revolver | 1084 | 1084 |
| American Family Care, LLC Second Amendment Delayed Draw Term Loan | 3613 | 3613 |
| AmeriLife Holdings LLC 2024 Revolving Loan | 1358 | 1358 |
| AmeriLife Holdings LLC Amendment No. 5 Incremental Delayed Draw Term Loan | 3289 | 3289 |
| AMEX Holding III Corp Term Loan |  |  |
| Amplify Buyer, Inc. Term Loan |  |  |
| Anaplan, Inc. Fourth Amendment Term Loan |  |  |
| Any Hour LLC Delayed Term Loan |  | 1876 |
| Any Hour LLC Revolving Credit | 92 | 166 |
| Any Hour LLC Term Loan |  |  |
| Apex Dental Partners, LLC Delayed Draw Term Loan | 1395 | 1654 |
| Apex Dental Partners, LLC Revolving Credit | 813 | 813 |
| Apex Dental Partners, LLC Term Loan |  |  |
| Apex Dental Partners, LLC Term Loan |  |  |
| Apex Service Partners, LLC Incremental Delayed Term Loan | 564 |  |
| Apex Service Partners, LLC 2024 Replacement Delayed Draw Term Loan |  |  |
| Apex Service Partners, LLC 2024 Replacement Delayed Draw Term Loan |  |  |
| Apex Service Partners, LLC 2024 Term Loan |  |  |
| Apex Service Partners, LLC Revolving Credit Loan | 89 | 121 |
| Apex Service Partners, LLC Revolving Credit Loan | 164 | 223 |
| Apex Service Partners, LLC Second Amendment Incremental Delayed DrawTerm Loan |  | 768 |
| Apex Service Partners, LLC Second Amendment Incremental Term Loan |  |  |
| Apex Service Partners, LLC Third Amendment Incremental Delayed Draw Term Loan | 3841 | 4329 |
| Aprio Advisory Group, LLC 2025-2 Incremental Delayed Draw Term Loan | 22065 | 11311 |
| Aprio Advisory Group, LLC Delayed Draw Term Loan 1 |  | 10753 |
| Aprio Advisory Group, LLC Revolving Loan | 623 | 935 |
| Aptean Acquiror Inc. First Amendment Delayed Draw Term Loan | 55 | 2461 |
| Aptean Acquiror Inc. Initial Term Loan |  |  |
| Aptean Acquiror Inc. Revolving Credit | 557 | 516 |
| Aptive Environmental, LLC Delayed Draw Term Loan | 731 | 731 |
| Aptive Environmental, LLC Initial Revolving Loan | 1463 | 1463 |
| Aptive Environmental, LLC Initial Term Loan |  |  |
| Archer Lewis, LLC Delayed Draw Term Loan B | 20 | 20 |
| Arcline Liberty Buyer LLC Delayed Draw Term Loan | 2254 | 2254 |
| Arcline Liberty Buyer LLC Revolving Loan | 1503 | 1503 |
| Arctic Holdco, LLC 2025 Delayed Draw Term Loan | 141 | 141 |
| Arctic Holdco, LLC Initial Refinancing Revolving Loan | 166 | 203 |
| Arcticom Group Delayed Draw Term Loan D |  |  |
| Arcticom Group Delayed Draw Term Loan D |  |  |
| Arden Insurance Services LLC Revolving Credit | 340 | 1190 |
| Arden Insurance Services LLC Term A Loan |  |  |

---

------

---

| | | |
|:---|:---|:---|
| **Investments** | **March 31, 2026** | **December 31, 2025** |
| Arden Insurance Services LLC Term A Loan |  |  |
| Argano, LLC 2nd Amendment Delayed Draw Term Loan | 494 | 2000 |
| Argano, LLC Initial Term Loan |  |  |
| Argano, LLC Revolving Credit Loan | 411 | 411 |
| Argano, LLC Second Amendment Delayed Draw Term Loan | 1655 |  |
| Artivion, Inc. Delayed Draw Term Loan |  |  |
| Artivion, Inc. Second Amendment Delayed Draw Term Loan | 836 | 836 |
| ASP Global Holdings, LLC Delayed Draw Term Loan | 616 | 616 |
| ASP Global Holdings, LLC Initial Term Loan |  |  |
| ASP Global Holdings, LLC Revolving Loan |  | 108 |
| Assembled Intelligence LLC Term Loan |  |  |
| Associations, Inc. Revolving Loan | 434 | 434 |
| Associations, Inc. Special Purpose Delayed Draw Term Loan | 281 | 308 |
| ATI Restoration, LLC Second Amendment Delayed Draw Term Loan |  | 169 |
| Atlantic Pipe Services, LLC Delayed Draw Term Loan | 2645 | 2645 |
| Atlantic Pipe Services, LLC Initial Term Loan |  |  |
| Aviation Technical Services, Inc. Revolving Loan | 500 | 500 |
| Aviation Technical Services, Inc. Term Loan |  |  |
| AVW WV Buyer, Inc. Fourth Amendment Delayed Draw Term Loan | 746 | 746 |
| Axis Portable Air LLC Eighth Amendment Delayed Draw Term Loan |  | 5302 |
| Axis Portable Air, LLC Initial Term Loan |  |  |
| Axis Portable Air, LLC Revolving Credit Loan | 2931 | 2931 |
| Axis Portable Air, LLC Sixth Amendment Delayed Draw Term Loan | 1232 |  |
| Badge 21 Midco Holdings LLC Amendment No. 1 Delayed Draw Term Loan | 2021 | 2021 |
| Badge 21 Midco Holdings LLC Amendment No. 1 Term Loan |  |  |
| Badge 21 Midco Holdings LLC Amendment No. 1 Term Loan |  |  |
| Badge 21 Midco Holdings LLC Revolving Loan | 1119 | 1182 |
| Bamboo US BidCo LLC (aka Baxter) Delayed Term Loan | 2293 |  |
| Bamboo US BidCo LLC (aka Baxter) Tranche B-2 Delayed Term Loan |  | 14 |
| Barricade Holdings LLC Delayed Draw Term Loan | 5414 |  |
| Barricade Holdings LLC First Amendment Term Loan |  |  |
| BASYS LLC First Amendment Term Loan |  |  |
| BBG, Inc. Initial Term Loan |  |  |
| BCDI Rodeo Dental Buyer, LLC Delayed Draw Term Loan |  |  |
| BCDI Rodeo Dental Buyer, LLC Revolving Credit Loan | 48 | 290 |
| BCI Burke Holding Corp. Seventh Amendment Delayed Draw Term Loan | 1027 | 1027 |
| BCI Burke Holding Corp. Seventh Amendment Delayed Draw Term Loan | 1258 | 1258 |
| BCI Burke Holding Corp. Seventh Amendment Incremental Term Loan |  |  |
| BDO USA, P.C. 2025 Term Loan |  |  |
| Beacon Oral Specialists Management LLC Eighth Amendment Delayed Draw Term Loan | 1923 | 2426 |
| Beacon Oral Specialists Management LLC Sixth Amendment Delayed Draw Term Loan |  | 353 |
| Berlin Rosen Acquisition, LLC Revolving Loan |  | 235 |
| Berlin Rosen Acquisition, LLC Revolving Loan |  | 135 |
| Berlin Rosen Acquisition, LLC Term Loan |  |  |
| Berlin Rosen Acquisition, LLC Term Loan |  |  |
| Best Roofing Services LLC Closing Date Term Loan |  |  |
| Best Roofing Services LLC Revolving Loan | 179 | 179 |
| Big Top Holdings, LLC Term Loan |  |  |
| Big Top Holdings, LLC Revolving Credit Loan |  | 75 |
| Blue River Petcare Group, LLC 2026 Additional Term Loan |  |  |
| Blue River Petcare Group, LLC 2026 Delayed Draw Term Loan | 9835 |  |
| Blue River Petcare Group, LLC Revolving Loan | 1609 |  |
| BNI Global, LLC Revolving Credit Loan | 267 | 267 |
| Bobcat Purchaser, LLC Term Loan |  |  |
| Bridgepointe Technologies, LLC Delayed Draw Term Loan (2024) | 3409 |  |
| Bridgepointe Technologies, LLC Delayed Draw Term Loan 2025-A |  | 42 |

---

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---

| | | |
|:---|:---|:---|
| **Investments** | **March 31, 2026** | **December 31, 2025** |
| Bridgepointe Technologies, LLC Delayed Draw Term Loan 2025-B | 3199 | 4000 |
| Brightmore Brands LLC Original Term Loan |  |  |
| Bristol Hospice, L.L.C. Initial Term Loan |  |  |
| Bristol Hospice, L.L.C. Revolving Credit Loan | 1394 | 1394 |
| C3 AcquisitionCo, LLC Delayed Draw Term Loan |  | 1053 |
| C3 AcquisitionCo, LLC Initial Term Loan |  |  |
| C3 AcquisitionCo, LLC Revolving Loan | 363 | 363 |
| Campany Roof Maintenance, LLC Delayed Draw Term Loan |  |  |
| Campany Roof Maintenance, LLC Delayed Draw Term Loan |  |  |
| Capitol Imaging Acquisition Corp. Closing Date Term Loan |  |  |
| Capitol Imaging Acquisition Corp. Closing Date Term Loan |  |  |
| Capitol Imaging Acquisition Corp. Closing Date Term Loan |  |  |
| Capitol Imaging Acquisition Corp. Delayed Draw Term Loan | 607 | 607 |
| Capitol Imaging Acquisition Corp. Revolving Loan | 386 | 607 |
| CARDS Acquisition, Inc. Delayed Draw Term Loan | 888 |  |
| Carnegie Dartlet, LLC Delayed Draw Term Loan |  | 138 |
| Carnegie Dartlet, LLC Revolving Loan | 60 | 60 |
| Case Works, LLC Delayed Draw Term Loan |  |  |
| Case Works, LLC Revolving Loan | 17 | 30 |
| Centex Acquisition, LLC Revolving Loan | 596 | 1191 |
| Centex Acquisition, LLC Term Loan |  |  |
| Centex Acquisition, LLC Term Loan |  |  |
| Cerity Partners Equity Holding LLC 2025 Incremental Delayed Draw Term Loan | 125 | 2107 |
| Cerity Partners Equity Holding LLC 2025 Term Loan |  |  |
| Cerity Partners Equity Holding LLC 2025-B Incremental Delayed Draw Term Loan | 4570 | 4570 |
| Cerity Partners Equity Holding LLC Initial Revolving Loan | 896 | 1254 |
| Chef Merito, LLC Delayed Draw Term Loan B |  |  |
| Chef Merito, LLC Delayed Draw Term Loan C |  |  |
| Chef Merito, LLC Delayed Draw Term Loan C |  |  |
| Chef Merito, LLC Second Amendment Term Loan A |  |  |
| Cherry Bekaert Advisory LLC Amendment No. 1 Delayed Draw Term Loan | 569 |  |
| Cherry Bekaert Advisory LLC Sixth Amendment Delayed Term Loan |  | 309 |
| Choice Financial Group Acquisition, Inc. Delayed Draw Term C Loan | 7517 | 10857 |
| Chronicle Parent, LLC Delayed Draw Term Loan | 4425 | 3284 |
| Chronicle Parent, LLC Revolving Credit Loan | 1706 | 1193 |
| CMG HoldCo, LLC Delayed Draw Loan (Crete Mechanical Group) | 224 | 240 |
| Computer Services, Inc. 2025-1 Delayed Draw Term Loan | 185 | 185 |
| Computer Services, Inc. 2025-2 Delayed Draw Term Loan | 43 | 43 |
| Computer Services, Inc. Delayed Draw Term Loan | 1138 |  |
| Cooper's Hawk Intermediate Holding, LLC Delayed Draw Term Loan | 1080 | 1697 |
| Cooper's Hawk Intermediate Holding, LLC Revolving Loan | 1080 | 926 |
| Cornerstone Advisors of Arizona, LLC Initial Revolving Loan |  | 823 |
| Costanzo's Bakery, LLC Delayed Term Loan | 1166 |  |
| Coupa Holdings, LLC Delayed Draw Term Loan | 1134 |  |
| Coupa Holdings, LLC Revolving Credit Loan | 851 |  |
| Creek Parent, Inc. Initial Term Loan |  |  |
| Creek Parent, Inc. Initial Term Loan |  |  |
| Creek Parent, Inc. Revolving Credit | 2024 | 2024 |
| Crete PA Holdco, LLC Delayed Draw Term Loan |  |  |
| Crete PA Holdco, LLC Revolving Loan | 1395 | 1395 |
| Crete PA Holdco, LLC Second Delayed Draw Term Loan |  | 2791 |
| Crete PA Holdco, LLC Third Delayed Draw Term Loan | 2260 | 2791 |
| CRH Healthcare Purchaser, Inc. Delayed Draw Term Loan | 3103 | 3103 |
| CRH Healthcare Purchaser, Inc. Revolving Loan | 1241 | 1241 |
| CSG Buyer, Inc. Delayed Draw Term Loan | 1105 | 1105 |
| CSG Buyer, Inc. Initial Term Loan |  |  |

---

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| | | |
|:---|:---|:---|
| **Investments** | **March 31, 2026** | **December 31, 2025** |
| CSG Buyer, Inc. Revolving Loan | 295 | 368 |
| CT Technologies Intermediate Holdings, Inc. 2025-B Incremental Term Loan |  |  |
| CT Technologies Intermediate Holdings, Inc. 2025-B Special Purpose Delayed Draw Term Loan | 376 | 376 |
| CUB Financing Intermediate, LLC Delayed Draw Term Loan |  | 19627 |
| Curio Brands, LLC Initial Term Loan |  |  |
| Curio Brands, LLC Multi Draw Term Loan | 2105 | 2105 |
| Curio Brands, LLC Revolving Loan | 1052 | 1052 |
| Currier Plastics Acquisition, LLC Closing Date Term A Loan |  |  |
| Currier Plastics Acquisition, LLC Delayed Draw Term A Loan | 3068 |  |
| Currier Plastics Acquisition, LLC Revolving Loan | 1227 |  |
| CVAUSA Management, LLC Delayed Draw Term Loan | 7488 | 7488 |
| CVAUSA Management, LLC Primary Delayed Draw Term Loan |  |  |
| CVAUSA Management, LLC Revolving Loan | 350 | 350 |
| CVAUSA Management, LLC Secondary Delayed Draw Term Loan | 809 |  |
| Danforth Global, Inc. Fifth Amendment Additional Term Loan |  |  |
| Danforth Global, Inc. Revolving Credit Loan | 417 | 521 |
| Danforth Global, Inc. Term Loan |  |  |
| Danforth Global, Inc. Term Loan |  |  |
| DCCM, LLC Delayed Draw Term Loan | 4667 | 4667 |
| DCCM, LLC Initial Term Loan |  |  |
| DCCM, LLC Initial Term Loan |  |  |
| DCCM, LLC Revolving Credit Loan | 1867 | 1867 |
| DecisionPoint Technologies, Inc. Second Amendment Incremental Term Loan |  |  |
| Demakes Borrower, LLC Delayed Draw Term Loan |  |  |
| Denali Intermediate Holdings, Inc. Revolving Credit Loan | 1578 | 1578 |
| Denali Topco LLC Effective Date Delayed Draw Term Loan | 3689 | 3689 |
| Denali Topco LLC Revolving Loan | 1770 | 1770 |
| Dentive, LLC Revolving Loan | 353 | 353 |
| DermCare Management, LLC Fourth Amendment Delayed Draw Term Loan |  |  |
| DermCare Management, LLC Revolving Loan |  |  |
| Designs for Health, Inc. Initial Revolving Facility Loan (First Lien) | 3891 | 3891 |
| Designs for Health, Inc. Initial Term B Loan (First Lien) |  |  |
| Digicert, Inc. Revolver | 1212 | 1212 |
| DigiCert, Inc. Seventh Amendment Specified Refinancing Term B1 Loan |  |  |
| Discovery SL Management, LLC Delayed Draw Term Loan B | 267 | 292 |
| Discovery SL Management, LLC Delayed Draw Term Loan C | 713 | 713 |
| Discovery SL Management, LLC Revolving Credit Loan | 332 | 332 |
| Diversis Tempo HoldCo, LLC Initial Term Loan |  |  |
| DOXA Insurance Holdings LLC Delayed Draw Term Loan |  |  |
| Duke's Root Control, Inc. Initial Term Loan |  |  |
| Duke's Root Control, Inc. Initial Term Loan |  |  |
| Duke's Root Control, Inc. Revolving Loan | 509 | 509 |
| Duke's Root Control, Inc. Second Amendment Incremental Term Loan |  |  |
| Durare Bidco, LLC Delayed Draw Term Loan |  | 3409 |
| Durare Bidco, LLC Initial Term Loan |  |  |
| Durare Bidco, LLC Revolving Credit Loan | 1636 | 1636 |
| Dwyer Instruments, LLC Delayed Draw Term Loan | 1130 |  |
| Dwyer Instruments, LLC First Amendment Delayed Draw Term Loan |  |  |
| Dwyer Instruments, LLC Fourth Amendment Delayed Draw Term Loan |  |  |
| Dwyer Instruments, LLC Revolving Loan | 1277 | 1089 |
| Dwyer Instruments, LLC Third Amendment Delayed Draw Term Loan |  |  |
| Dwyer Instruments, LLC Third Amendment Incremental Term Loan |  |  |
| Echo Purchaser, Inc. Delayed Draw Term Loan (Exostar) | 4321 |  |
| EdgeCo Buyer, Inc. Delayed Draw Term C Loan |  |  |
| EdgeCo Buyer, Inc. Delayed Draw Term E Loan |  | 1024 |

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| | | |
|:---|:---|:---|
| **Investments** | **March 31, 2026** | **December 31, 2025** |
| EdgeCo Buyer, Inc. Revolving Loan | 588 | 654 |
| Einstein Parent, Inc. Revolving Loan | 1002 | 1002 |
| Elder Care Opco LLC Delayed Draw Term Loan | 2364 | 2364 |
| Elder Care Opco LLC Initial Term Loan |  |  |
| Elder Care Opco LLC Revolving Loan | 709 | 709 |
| Empower Payments Investor, LLC Third Amendment Delayed Draw Term Loan |  | 2395 |
| Emergency Care Partners, LLC Ninth Amendment Delayed Draw Term Loan | 53 |  |
| Emergency Care Partners, LLC Ninth Amendment Revolving Loan | 75 |  |
| Engineering Resource Group Buyer, LLC Delayed Draw Term Loan | 157 | 1572 |
| Engineering Resource Group Buyer, LLC Revolving Loan | 79 | 786 |
| Enverus Holdings, Inc. Revolving Loan | 823 |  |
| Enverus Holdings, Inc.Delayed Draw Term Loan | 19627 |  |
| Epika Fleet Services, Inc. Delayed Draw Term B Loan |  | 1071 |
| Epika Fleet Services, Inc. Second Amendment Delayed Draw C Loan | 8190 |  |
| Equinox Buyer, LLC Revolving Credit Loan | 733 | 733 |
| Ergotron Acquisition, LLC Initial Term Loan |  |  |
| ES Ventures LLC Incremental Term Loan |  |  |
| ES Ventures LLC Term A Loan |  |  |
| ESCP DTFS INC. Term Loan |  |  |
| ESCP DTFS INC. Term Loan |  |  |
| Eskola LLC Delayed Draw Term B Loan |  | 4081 |
| ETE Intermediate II LLC Revolving Loan | 220 | 236 |
| Ethos Risk Services, LLC Delayed Draw Term C Loan |  |  |
| Eval Home Health Solutions Intermediate, L.L.C. Revolving Loan | 80 | 80 |
| EVDR Purchaser, Inc. Delayed Draw Term Loan | 1373 | 1373 |
| EVDR Purchaser, Inc. Incremental Term Loan |  |  |
| EVDR Purchaser, Inc. Revolving Credit Loan | 563 | 659 |
| Everbridge Holdings, LLC Closing Date Term Loan |  |  |
| Everbridge Holdings, LLC Delayed Draw Term Loan | 4805 | 844 |
| Everbridge Holdings, LLC Revolving Loan | 3161 | 556 |
| Excel Fitness Consolidator LLC 2025 Repricing Term Loan |  |  |
| Excel Fitness Consolidator LLC Revolving Credit Loan | 110 | 199 |
| Excel Fitness Holdings, Inc. Delayed Term Loan | 1888 | 1888 |
| First Legal Buyer, Inc. Delayed Draw Term Loan | 1361 | 1361 |
| First Legal Buyer, Inc. Revolving Loan | 745 | 861 |
| First Legal Buyer, Inc. Term Loan |  |  |
| First Legal Buyer, Inc. Term Loan |  |  |
| FMG Suite Holdings, LLC Revolving Credit | 22 |  |
| Force Electrical Buyerco, LLC Delayed Draw Term Loan | 4840 | 5182 |
| Force Electrical Buyerco, LLC Revolving Credit Loan | 629 | 838 |
| FTAI Infrastructure Inc. Loan |  |  |
| Fullsteam Operations LLC Delayed Draw Term Loan | 3487 | 1138 |
| Fullsteam Operations LLC Initial Term Loan |  |  |
| Fullsteam Operations LLC Revolving Loan | 1162 | 379 |
| G-A-I Consultants, Inc. First Amendment Delayed Draw Term Loan | 3257 | 3947 |
| G-A-I Consultants, Inc. Revolving Loan | 355 | 493 |
| Gator Plastic Intermediate Holdings, LLC Revolving Loan |  | 737 |
| GC Waves Holdings, Inc. 2023 Replacing Revolving Loan | 276 |  |
| GC Waves Holdings, Inc. 2024 Delayed Draw Term Loan | 250 |  |
| GC Waves Holdings, Inc. 2024 Delayed Draw Term Loan |  |  |
| GC Waves Holdings, Inc. 2024 Delayed Draw Term Loan |  |  |
| GC Waves Holdings, Inc. 2025 Delayed Draw Term Loan | 1145 | 896 |
| Gen4 Dental Partners OPCO, LLC Closing Date Delayed Draw Term Loan | 1524 | 1524 |
| Gen4 Dental Partners OPCO, LLC Initial Term Loan |  |  |
| Gen4 Dental Partners OPCO, LLC Revolving Loan | 381 | 381 |
| GHA Buyer, Inc. (aka Cedar Gate) Revolving Loan | 2358 |  |

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| | | |
|:---|:---|:---|
| **Investments** | **March 31, 2026** | **December 31, 2025** |
| GMF Parent, Inc. Term A Loan |  |  |
| GMF Parent, Inc.Delayed Draw Term Loan A 12/25 | 1445 | 1445 |
| GMF Parent, Inc.Delayed Draw Term Loan B 12/25 | 1300 | 1300 |
| GMF Parent, Inc.Revolver 12/25 | 766 | 795 |
| Greenwood Operating Group, LLC Revolving Loan | 4214 | 4214 |
| GS Acquisitionco, Inc. Eighth Suplemental Delayed Draw Term Loan | 645 | 645 |
| GS Acquisitionco, Inc. Revolving Loan |  | 754 |
| GS Acquisitionco, Inc. Seventh Suplemental Delayed Draw Term Loan |  | 989 |
| Guava Buyer LLC Initial Delayed Draw Term Loan | 963 | 963 |
| Guava Buyer LLC RC Facility Loan | 1720 | 1124 |
| Guidepoint Security Holdings, LLC Delayed Draw Term Loan | 59 | 78 |
| Guidepoint Security Holdings, LLC Term Loan A |  |  |
| Gulf Winds International Acquisition, LLC Term Loan |  | 8 |
| Halo Buyer, Inc. Revolving Loan |  | 1143 |
| Hardenbergh Group, Inc., The Fourth Amendment Incremental Term Loan |  |  |
| Hardenbergh Group, Inc., The Second Amendment Incremental Term Loan |  |  |
| Harris & Co. LLC Delayed Draw Term A Loan |  |  |
| Harris & Co. LLC Delayed Draw Term B Loan |  | 1 |
| Harris & Co. LLC Delayed Draw Term C Loan | 5114 | 13711 |
| Harris & Co. LLC Revolving Loan |  | 930 |
| Heads Up Technologies, Inc. Initial Term Loan |  |  |
| Heads Up Technologies, Inc. Revolving Loan | 1182 | 1182 |
| HEC Purchaser Corp. Revolving Loan | 781 | 781 |
| HEC Purchaser Corp. Term Loan A |  |  |
| HEF Safety Ultimate Holdings, LLC Delayed Draw Term Loan |  | 83 |
| Helios Service Partners, LLC Delayed Draw Term Loan Third Amendment |  |  |
| Heritage Foodservice Investment, LLC First Amendment Delayed Draw Term Loan | 4423 | 4423 |
| Heritage Foodservice Investment, LLC First Amendment Term Loan |  |  |
| Heritage Foodservice Investment, LLC First Amendment Term Loan |  |  |
| Heritage Foodservice Investment, LLC Revolving Credit Loan | 422 | 502 |
| HHS Buyer, Inc. First Incremental Amendment Delayed Draw Term Loan |  | 416 |
| HHS Buyer, Inc. First Incremental Amendment Delayed Draw Term Loan |  | 358 |
| HHS Buyer, Inc. First Incremental Amendment Term Loan |  |  |
| HHS Buyer, Inc. Revolving Loan | 2595 | 2595 |
| High Street Buyer, Inc. 2025 Delayed Draw Term Loan | 4349 | 4607 |
| High Street Buyer, Inc. 3/2024 Delayed Draw Term Loan | 1077 |  |
| Hills Distribution, Inc. Amendment No. 2 Incremental Term Loan |  |  |
| Hills Distribution, Inc. Amendment No.2 Delayed Draw Term Loan | 567 | 567 |
| Hills Distribution, Inc. Delayed Draw Term Loan |  |  |
| HLSG Intermediate, LLC Delayed Draw Term Loan | 2364 |  |
| HLSG Intermediate, LLC Revolving Credit Loan | 945 |  |
| Home Care Assistance, LLC Term Loan |  |  |
| Houseworks Holdings, LLC Fourth Amendment Delayed Draw Term Loan | 2554 | 2554 |
| HP RSS Buyer, Inc. Second Amendment Delayed Draw Term Loan |  | 118 |
| Hultec Buyer, LLC Term Loan A |  |  |
| ICM Holdco III Corp. Closing Date Term Loan |  |  |
| Ideal Components Acquisition, LLC Delayed Draw Term Loan | 1776 | 1776 |
| Ideal Components Acquisition, LLC Initial Term Loan |  |  |
| Ideal Components Acquisition, LLC Revolving Credit Loan | 1283 | 1283 |
| IEQ Capital, LLC 2024 Incremental Delayed Draw Term Loan | 505 | 784 |
| IG Investments Holdings, LLC 2024 Refinancing Revolving Loan | 971 |  |
| IG Investments Holdings, LLC 2024 Refinancing Term Loan |  |  |
| Igloo Group Parent, Inc. Initial Term Loan |  |  |
| Improving Holdco, Inc. Revolving Loan (Improving Enterprises) | 329 | 329 |
| Improving Holdco, Inc. Term Loan (Improving Enterprises) |  |  |
| Improving Holdco, Inc. Term Loan (Improving Enterprises) |  |  |

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| | | |
|:---|:---|:---|
| **Investments** | **March 31, 2026** | **December 31, 2025** |
| Improving Holdco, Inc. Term Loan (Improving Enterprises) |  |  |
| Innovative Discovery, LLC (f/k/a Innovative Discovery Acquisition, LLC) Delayed Draw Term Loan | 2987 |  |
| Innovative Discovery, LLC (f/k/a Innovative Discovery Acquisition, LLC) Third Amendment Revolving Loan | 896 |  |
| Inszone Mid, LLC A&R Delayed Draw Term Loan Facility | 75 |  |
| Inszone Mid, LLC Amendment No. 2 Delayed Draw Term Loan | 767 | 820 |
| Integrated Power Services Holdings, Inc. Tenth Amendment Incremental Term Loan (First Lien) |  |  |
| Integrated Power Services Holdings, Inc. Initial Revolving Loan (First Lien) | 1467 |  |
| Integrated Power Services Holdings, Inc. Tenth Amendment Incremental Delayed Draw Term Loan (First Lien) | 3023 |  |
| Inventus Power, Inc. Revolving Loan |  | 356 |
| IPC Pain Acquisition, LLC Third Amendment Term Loan |  |  |
| ITS Buyer Inc. Revolving Loan |  | 949 |
| Ivy Technology Parent Intermediate III Holdings, LLC Initial Term Loan |  |  |
| Ivy Technology Parent Intermediate III Holdings, LLC Revolving Loan | 834 | 667 |
| JHCC Holdings LLC 2024-B Incremental Delayed Draw Term Loan | 1781 | 250 |
| JS Global, LLC Initial Revolving Loan | 82 | 1000 |
| JS Global, LLC Initial Term Loan |  |  |
| KabaFusion Parent LLC Revolving Credit Loan |  | 1425 |
| Keg Logistics LLC Initial Term Loan |  |  |
| Kelso Industries LLC 2026 Incremental Delayed Draw Term Loan | 11414 |  |
| Kelso Industries LLC Initial Term Loan |  |  |
| Kinetic Purchaser, LLC - Closing Date Term Loan |  |  |
| Kite Midco II LTD Term Loan B2 | 1323 | 1323 |
| Kite Midco II LTD Term Loan B2 | 1323 | 1323 |
| KL Charlie Acquisition Company Eight Amendment Delayed Draw Term Loan | 77 |  |
| KL Charlie Acquisition Company Seventh Amendment Delayed Draw Term Loan | 141 | 141 |
| KL Charlie Acquisition Company Sixth Amendment Delayed Draw Term Loan |  |  |
| KNPC Holdco, LLC Term Loan |  |  |
| KNPC Holdco, LLC Tranche D-1 Incremental Term Loan |  |  |
| KSKI Holdings 2, Inc. Term Loan |  |  |
| Lakewood Acquisition Corporation Initial Term Loan |  |  |
| Lakewood Acquisition Corporation Revolving Loan | 2777 | 2777 |
| Last Dance Intermediate I(c), LLC 2026 Incremental Delayed Draw Term Loan | 11747 |  |
| LeadVenture, Inc. Delayed Draw Term Loan | 1410 | 1598 |
| LeadVenture, Inc. Revolving Loan |  | 954 |
| Legitscript LLC Term Loan |  |  |
| Liberty Purchaser, LLC Initial Term Loan (Magna Legal Services) |  |  |
| Liberty Purchaser, LLC Revolving Loan (Magna Legal Services) | 562 | 562 |
| Liberty Purchaser, LLC Third Amendment Delayed Draw Term Loan | 16408 |  |
| Lido Advisors, LLC Delayed Draw Term Loan Seventh Amendment |  |  |
| Lido Advisors, LLC Eighth Amendment Incremental Delayed Draw Term Loan | 324 | 469 |
| Lido Advisors, LLC Fourth Amendment Delayed Draw Term Loan |  |  |
| Lido Advisors, LLC Revolving Loan | 101 | 101 |
| Lido Advisors, LLC Seventh Amendment Delayed Draw Term Loan |  |  |
| Life Science Intermediate Holdings, LLC Delayed Draw Dollar Term Loan D |  |  |
| Life Science Intermediate Holdings, LLC Delayed Draw Dollar Term Loan F | 3579 | 3579 |
| Life Science Intermediate Holdings, LLC Revolving Dollar Loan (2025) | 459 | 459 |
| Lighthouse Technologies Holding Corp. Fourth Amendment Incremental Term Loan |  |  |
| Lighthouse Technologies Holding Corp. Initial Term Loan |  |  |
| Lighthouse Technologies Holding Corp. Revolving Loan | 1293 | 1293 |
| Lindstrom, LLC Initial Revolving Credit Loan | 1637 | 1538 |
| LJ Avalon Holdings, LLC Amendment No. 3 Delayed Draw Term Loan |  | 6629 |
| LJ Avalon Holdings, LLC Amendment No. 4 Delayed Draw Term Loan | 2023 |  |

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| | | |
|:---|:---|:---|
| **Investments** | **March 31, 2026** | **December 31, 2025** |
| LJ Avalon Holdings, LLC Revolving Credit | 1607 | 1607 |
| Loving Tan Intermediate II Inc. Revolving Loan | 46 | 46 |
| Loving Tan Intermediate II Inc. Revolving Loan | 218 | 218 |
| M&D MidCo, Inc. Third Amendment Delayed Draw Term Loan | 260 | 260 |
| Machine Sciences Corporation Delayed Draw Term Loan | 13000 |  |
| Machine Sciences Corporation Revolving Loan | 1857 |  |
| MB2 Dental Solutions, LLC Initial Term Loan |  |  |
| MB2 Dental Solutions, LLC Revolving Commitment | 287 | 245 |
| MB2 Dental Solutions, LLC Tranche 1 Delayed Draw Term Loan |  | 717 |
| MB2 Dental Solutions, LLC Tranche 2 Delayed Draw Term Loan |  |  |
| MB2 Dental Solutions, LLC Tranche 3 Delayed Draw Term Loan | 1047 |  |
| MechanAir LLC Delayed Draw Term Loan | 5053 | 5053 |
| MechanAir LLC Revolving Loan | 639 | 639 |
| MechanAir LLC Term Loan |  |  |
| MechanAir LLC Term Loan |  |  |
| Med Learning Group, LLC Delayed Draw Term Loan | 1259 | 1259 |
| Medical Device Inc. Revolving Loan | 399 | 399 |
| Medical Device Inc. Third Amendment Incremental Revolving Loan | 522 | 1256 |
| Medina Health, LLC Delayed Draw Term Loan | 455 |  |
| Medina Health, LLC Revolving Loan | 393 | 393 |
| Medina Health, LLC Term Loan |  |  |
| Medina Health, LLC_Term Loan |  |  |
| Medrina, LLC Initial Delayed Draw Term Loan Facility | 77 |  |
| Medrina, LLC Revolving Facility | 532 | 532 |
| Medrina, LLC Second Amendment Incremental Delayed Draw Term Loan | 4547 | 4547 |
| Medrina, LLC Second Amendment Incremental Term Loan |  |  |
| MGT Impact Holdings, LLC 2025-1 Delayed Draw Term Loan | 2824 | 3498 |
| MGT Impact Holdings, LLC Revolving Credit Loan | 113 | 86 |
| Michael Baker International, LLC Initial Term Loan |  |  |
| Minds Buyer, LLC Revolving Credit |  | 625 |
| Minds Buyer, LLC Second Amendment Incremental Term Loan (First Lien) |  |  |
| MKD Electric, LLC Revolving Loan | 221 | 221 |
| MKD Electric, LLC Term Loan |  |  |
| MoboTrex, LLC Amendment No. 4 Delayed Draw Term Loan | 3469 | 3469 |
| MoboTrex, LLC Revolving Loan | 1069 | 1030 |
| Monarch Collective Holdings, LLC Delayed Draw Term Loan | 1943 |  |
| Monarch Collective Holdings, LLC Revolving Credit | 313 |  |
| Moonlight Parent, Inc. Delayed Draw Term Loan | 2636 | 2636 |
| Moonlight Parent, Inc. Revolving Loan | 1582 | 1582 |
| Mountain Parent, Inc. Delayed Draw Term Loan |  | 1166 |
| Mountain Parent, Inc. Revolving Credit Facility | 622 | 622 |
| mPulse Mobile, Inc. Initial Delayed Draw Term Loan | 1385 | 1385 |
| mPulse Mobile, Inc. Initial Revolving Loan | 2077 | 2077 |
| mPulse Mobile, Inc. Initial Term Loan |  |  |
| Ne Ortho Management Services, LLC 2025 Incremental Delayed Draw Term Loan | 8160 |  |
| Ne Ortho Management Services, LLC Revolving Loan | 680 |  |
| NMI Acquisitionco, Inc. October 2021 Term Loan |  |  |
| NMI Acquisitionco, Inc. Revolving Loan | 332 | 332 |
| NORA Acquisition, LLC Revolving Credit | 214 | 214 |
| North Haven Spartan US Holdco LLC_Term Loan |  |  |
| North Haven USHC Acquisition, Inc. Fourth Amendment Term Loan |  |  |
| North Haven USHC Acquisition, Inc. Revolving Credit Loan | 57 |  |
| NS and Associates LLC New Term A Loan |  |  |
| NS and Associates LLC Revolving Loan (2025) | 445 | 445 |
| NWP Acquisition Holdings, LLC 2026 Delayed Draw Term Loan | 2235 |  |
| NWP Acquisition Holdings, LLC 2026 Term Loan |  |  |

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---

| | | |
|:---|:---|:---|
| **Investments** | **March 31, 2026** | **December 31, 2025** |
| NWP Acquisition Holdings, LLC Revolving Loan | 447 |  |
| NXT Capital CLO 2026-2, Ltd. | 5414 |  |
| Oakbridge Insurance Agency LLC Delayed Draw Term C Loan | 109 | 109 |
| Oakbridge Insurance Agency LLC Delayed Draw Term Loan |  |  |
| Obra Capital, Inc. Initial Term Loan |  |  |
| One World Fitness PFF, LLC Initial Term Loan |  |  |
| Opta Inc. Term Loan |  |  |
| Optimizely North America Inc. (USD) Revolving Credit | 1232 | 1232 |
| OSR Opco LLC Initial Term Loan |  |  |
| OSR Opco LLC Revolving Loan | 951 | 2125 |
| OSR Opco LLC Third Amendment Incremental Term Loan |  |  |
| Owl Cyber Defense Solutions, LLC Revolving Loan | 945 | 605 |
| Owl Cyber Defense Solutions, LLC Term Loan |  |  |
| P.T. International LLC Delayed Draw Term Loan |  |  |
| Pacific Purchaser, LLC Delayed Draw Term Loan |  |  |
| Pacific Purchaser, LLC Revolving Loan | 176 | 176 |
| Packaging Coordinators Midco, Inc. 2025 General Delayed Draw Term Loan | 2193 | 2193 |
| Packaging Coordinators Midco, Inc. 2025 Initial Dollar Delayed Draw Term Loan | 1921 | 1921 |
| Packaging Coordinators Midco, Inc. 2025 Initial Term Loan |  |  |
| Packaging Coordinators Midco, Inc. 2025 Revolving Loan | 1841 | 1841 |
| Packaging Coordinators Midco, Inc. 2025 Specified Delayed Draw Term Loan | 2140 | 2140 |
| Packaging Coordinators Midco, Inc. Specified Interest Delayed Draw Term Loan (Tranche Out) | 130 | 207 |
| PAG Holding Corp. Revolving Loan |  | 932 |
| PAI Middle Tier, LLC Revolving Credit Loan | 1531 | 1458 |
| Painful Pleasures, LLC Term Loan fka Artifex |  |  |
| Par Excellence Holdings, Inc. Revolving Loan | 71 | 71 |
| Par Excellence Holdings, Inc. Term B-1 Loan |  |  |
| Pareto Health Intermediate Holdings Inc. Amendment No. 1 Delayed Draw Term Loan |  | 3133 |
| Pave America Holding, LLC Delayed Draw Term Loan | 2289 | 2289 |
| Pave America Holding, LLC Revolving Credit Loan | 1575 | 1705 |
| Payscape Buyer, Inc. (NXGEN) Initial Term Loan |  |  |
| PCS Midco, Inc. Delayed Draw Term Loan | 8 | 9 |
| PCS Midco, Inc. Revolving Credit Loan | 19 | 19 |
| PCS Midco, Inc. Third Amendment Delayed Draw Term Loan | 547 |  |
| PD BridgeCo, LLC Delayed Draw Term Loan Fourth Amendment |  |  |
| PDI TA Holdings, Inc. Delayed Draw Term Loan | 573 |  |
| PDI TA Holdings, Inc. Revolving Credit | 37 | 149 |
| Pediatric Home Respiratory Services, LLC Delayed Term Loan | 2415 | 2415 |
| Pediatric Home Respiratory Services, LLC Revolving Credit | 1073 | 1342 |
| Pediatric Home Respiratory Services, LLC Term Loan |  |  |
| Pediatric Home Respiratory Services, LLC Term Loan |  |  |
| Penncomp, LLC Delayed Draw Term Loan B | 4017 | 7007 |
| Penncomp, LLC Revolving Loan | 519 | 519 |
| Penncomp, LLC Term Loan A |  |  |
| PestCo, LLC Delayed Draw Term Loan | 1450 | 2235 |
| PestCo, LLC Revolving Loan | 1208 | 1208 |
| Petra Borrower, LLC Revolving Loan |  | 500 |
| PGI Parent LLC Initial Term Loan |  |  |
| PGI Parent LLC Revolving Credit Loan | 864 | 960 |
| PharmaLogic Holdings Corp. Delayed Draw Term Loan | 1036 | 2073 |
| PharmaLogic Holdings Corp. Initial U.S. Term Loan |  |  |
| Phoenix YW Buyer, Inc. Revolving Credit Loan |  |  |
| PK Purchaser, LLC Term Loan |  |  |
| Play Holdings, Inc. Initial Term Loan |  |  |
| Play Holdings, Inc. Initial Term Loan |  |  |

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| | | |
|:---|:---|:---|
| **Investments** | **March 31, 2026** | **December 31, 2025** |
| Play Holdings, Inc. Revolving Loan | 896 | 1075 |
| PMA Parent Holdings, LLC Initial Term Loan |  |  |
| PMA Parent Holdings, LLC Revolving Credit Loan | 547 | 547 |
| Point Quest Acquisition, LLC Term Loan |  |  |
| Point Quest Group, Inc. Delayed Draw Term Loan | 1227 | 1413 |
| Point Quest Group, Inc. Revolving Credit Loan | 848 | 848 |
| PPW Aero Buyer, Inc. 2024 Delayed Draw Term Loan | 135 | 135 |
| PPW Aero Buyer, Inc. Delayed Draw Term Loan 1 |  |  |
| PracticeTek Purchaser, LLC Delayed Draw Term Loan | 912 |  |
| Premier Tires & Service Acquisition, LLC Incremental Delayed Draw Term Loan |  |  |
| Premier Tires & Service Acquisition, LLC Incremental Revolving Loan |  | 214 |
| Premise Health Holding Corp. Amendment No. 1 Delayed Draw Term Loan | 356 |  |
| Premier Tires & Service Acquisition, LLC Initial Term Loan |  |  |
| Premise Health Holding Corp. Amendment No. 1 Delayed Draw Term Loan | 79 | 199 |
| Premise Health Holding Corp. Amendment No. 1 Term Loan |  |  |
| Premise Health Holding Corp. Initial Term Loan |  |  |
| Prestige Employee Administrators, LLC 2025 Incremental Term Loan |  |  |
| Prestige Employee Administrators, LLC Delayed Draw Term Loan | 3266 | 3266 |
| Prestige Employee Administrators, LLC Revolving Loan | 319 | 319 |
| PRGX Global, Inc. Delayed Draw Term Loan | 1612 | 1612 |
| PRGX Global, Inc. Initial Term Loan |  |  |
| PrimeFlight Acquisition, LLC Amendment No. 7 Additional Term Loan |  |  |
| PrimeFlight Acquisition, LLC Amendment No. 9 Additional Term Loan |  |  |
| Primeflight Acquisition, LLC Initial Term Loan |  |  |
| Principal Lighting Group, LLC Closing Date Initial Term Loan |  |  |
| Principal Lighting Group, LLC Revolving Loan |  | 1643 |
| Puma Buyer, LLC First Amendment Additional Term Loan (First Lien) |  |  |
| Puma Buyer, LLC Revolving Credit Loan | 2873 | 2873 |
| Puris LLC Term Loan |  |  |
| Quick Quack Car Wash Holdings, LLC 2025 Funded Delayed Draw Term Loan |  |  |
| Quick Quack Car Wash Holdings, LLC 2025 Incremental Delayed Draw Term Loan | 5989 | 8533 |
| RailPros Parent, LLC Delayed Draw Term Loan |  | 818 |
| RailPros Parent, LLC Revolving Loan | 409 | 409 |
| Rapid Pump Acquisition, Inc. Delayed Draw Term C Loan |  |  |
| RBFD Buyer, LLC Initial Delayed Draw Term Loan | 546 | 659 |
| RBFD Buyer, LLC Initial Term Loan |  |  |
| RBFD Buyer, LLC Revolving Credit | 284 | 284 |
| Rcp Nats Purchaser, LLC Delayed Draw Term Loan | 824 | 2061 |
| Rcp Nats Purchaser, LLC Initial Term Loan |  |  |
| Rcp Nats Purchaser, LLC Revolving Loan | 1443 | 1443 |
| Recipe Acquisition Corp. Delayed Draw Loan | 1875 | 2043 |
| Recipe Acquisition Corp. Revolving Credit | 526 | 417 |
| Red Fox CD Acquisition Corporation Amendment No. 2 Incremental Delayed Draw Term Loan | 1855 | 2709 |
| Redwood Services Group, LLC Sixth Amendment Incremental Delayed Draw Term Loan | 1651 | 1651 |
| Redwood Services Group, LLC Tenth Amendment Delayed Draw Term Loan | 5626 |  |
| REP TEC Intermediate Holdings, Inc. Revolver | 2588 | 2588 |
| ResiXperts Holdco, LLC Delayed Draw Term Loan | 2556 | 4221 |
| ResiXperts Holdco, LLC Revolving Loan | 304 | 624 |
| RoC Holdco LLC Initial Term Loan |  |  |
| RoC Holdco LLC Revolving Credit Loan | 732 | 732 |
| Rocket Youth Brands HoldCo LLC Delayed Draw Term Loan | 1673 | 2145 |
| Rocket Youth Brands HoldCo LLC Revolving Credit Loan | 322 | 322 |
| Rotolo Consultants, Inc. Closing Date Term Loan |  |  |
| RPM Purchaser, Inc. Delayed Draw Term Loan B | 527 | 527 |
| RRA Corporate, LLC Delayed Draw Term Loan 2 | 21 | 21 |

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| | | |
|:---|:---|:---|
| **Investments** | **March 31, 2026** | **December 31, 2025** |
| RRA Corporate, LLC Revolving Loan | 56 | 24 |
| Rural Sourcing Holdings, Inc. Delayed Draw Term Loan Amendment No. 1 |  | 352 |
| Rural Sourcing Holdings, Inc. Revolving Loan | 114 | 114 |
| Saab Purchaser, Inc. First Amendment Delayed Draw Term Loan | 5348 | 5348 |
| SAAB Purchaser, Inc._Revolver | 713 | 713 |
| Sabel Systems Technology Solutions, LLC Revolving Loan | 201 | 212 |
| Safari Borrower, LLC Delayed Draw Term Loan | 2913 |  |
| Safari Borrower, LLC Revolving Loan | 486 |  |
| Sagebrush Buyer, LLC Revolving Credit | 776 | 776 |
| Sagebrush Buyer, LLC Sagebrush Incremental Term Loan |  |  |
| Sagebrush Buyer, LLC Term Loan |  |  |
| Salisbury House, LLC Delayed Draw Term Loan |  | 1232 |
| Salisbury House, LLC Revolving Loan |  | 698 |
| Salt Dental Collective 15th Amendment Inc Term Loan |  |  |
| Salt Dental Collective, LLC Columbia Acquisition Revolving Credit | 33 | 33 |
| Salt Dental Collective, LLC Delayed Draw Term Loan |  |  |
| Salt Dental Collective, LLC General Purpose Term Loan Facility |  |  |
| Salute, 2025 Incremental Delayed Draw Term Loan Commitment |  | 5056 |
| Salute Mission Critical, LLC 2025 Incremental DDTL Loan | 1416 |  |
| Salute Mission Critical, LLC Delayed Draw Term Loan Commitment |  |  |
| Salute Mission Critical, LLC Last Out Term Loan |  |  |
| Salute Mission Critical, LLC Last Out Term Loan |  |  |
| Salute Mission Critical, LLC Revolving Loan | 465 |  |
| Saturn Borrower Inc Tenth Amendment Delayed Draw Term Loan | 2160 | 2160 |
| Saturn Borrower Inc Tenth Amendment Revolving Loan | 719 | 726 |
| SDG Mgmt Company, LLC Third Amendment Delayed Draw Term Loan A | 219 | 368 |
| SDG Mgmt Company, LLC Third Amendment Delayed Draw Term Loan B |  |  |
| Security Buyer, LLC Delayed Draw Term Loan | 382 |  |
| Security Buyer, LLC Revolving Loan | 636 |  |
| Security Buyer, LLC Initial Term Loan |  |  |
| Sigma Defense Systems LLC Delayed Draw Term A Loan | 507 | 507 |
| Sigma Defense Systems LLC Revolving Loan |  | 75 |
| Signature Brands, LLC Term Loan A |  |  |
| Signature Investor LLC Term Loan B | 345 | 345 |
| SkyMark Refuelers, LLC Delayed Draw Term Loan A | 1048 | 1048 |
| SkyMark Refuelers, LLC Delayed Draw Term Loan B | 4802 | 4802 |
| SkyMark Refuelers, LLC Revolving Credit Loan | 2401 | 2401 |
| Skyrodema Bidco, LLC Delayed Draw Term Loan | 2156 |  |
| Socket Holdings Corporation Delayed Draw Term Loan | 9 | 1053 |
| Socket Holdings Corporation Initial Revolving Loan | 373 | 373 |
| Solairus Holdings, LLC 2025 Delayed Draw Term Loan |  | 494 |
| Solairus Holdings, LLC Initial Term Loan |  |  |
| Solairus Holdings, LLC Revolver | 124 | 124 |
| Soleil Collective Intermediate II Inc. Second Amendment Delayed Draw Term Loan | 279 | 279 |
| Sonny's Enterprises, LLC Delayed Draw Term Loan |  |  |
| Sonny's Enterprises, LLC Amendment No.1 Delayed Draw Term Loan | 414 |  |
| SourceHOV Tax, LLC Initial Term A Loan |  |  |
| Southern Orthodontic Partners Management, LLC Eighth Amendment Delayed Draw Term Loan | 1111 |  |
| Southern Orthodontic Partners Management, LLC Eighth Amendment Revolving Loan | 296 |  |
| Spark Buyer, LLC Delayed Draw Term Loan | 2500 | 2500 |
| Spark Buyer, LLC Initial Term Loan |  |  |
| Spark Buyer, LLC Revolving Credit Loan | 688 | 825 |
| Spark Purchaser, Inc. Revolving Credit |  | 809 |
| Springline Advisory Intermediate, LLC Delayed Draw Term Loan | 415 | 13819 |
| Springline Advisory Intermediate, LLC Second Amendment Revolving Credit | 2128 | 2128 |

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| | | |
|:---|:---|:---|
| **Investments** | **March 31, 2026** | **December 31, 2025** |
| Springline Advisory Intermediate, LLC Second Amendment Term Loan |  |  |
| SRP Eagle Buyer Inc Delayed Draw Term Loan | 6452 | 6452 |
| SRP Eagle Buyer Inc Revolving Loan | 2581 | 2581 |
| Stonebridge Companies, LLC Delayed Draw Term Loan | 1881 | 1881 |
| Stonebridge Companies, LLC Revolving Credit Loan | 1254 | 1254 |
| Straine Dental Management, LLC Delayed Draw Term Loan | 2834 |  |
| SunMed Group Holdings, LLC Initial Term Loan |  |  |
| Sunset Distributing, LLC Delayed Draw Term Loan |  |  |
| SuperHero Fire Protection, LLC Revolving Loan | 315 | 344 |
| Superjet Buyer, LLC Delayed Draw Term Loan | 4037 | 4037 |
| Superjet Buyer, LLC Third Amendment Incremental Term Loan |  |  |
| SureWerx Purchaser III, Inc. Delayed Draw Term Loan | 229 | 229 |
| SureWerx Purchaser III, LLC Term Loan |  |  |
| Surgical Center Solutions, LLC Delayed Draw Term Loan | 1001 | 1001 |
| Surgical Center Solutions, LLC Revolving Loan | 471 | 471 |
| SV Newco 2, Inc. 2025 Incremental Delayed Draw Term Loan | 6327 | 6327 |
| SV Newco 2, Inc. Initial Term Loan |  |  |
| SV Newco 2, Inc. Revolving Credit Loan | 560 | 627 |
| Syndigo LLC Initial Term Loan |  |  |
| Syndigo LLC Revolving Loan | 1621 | 2133 |
| Systems Planning and Analysis, Inc. Fifth Amendment Delayed Draw Term Loan | 295 | 295 |
| Systems Planning and Analysis, Inc. Initial Term Loan |  |  |
| Systems Planning and Analysis, Inc. Revolving Loan | 2539 | 1599 |
| Talent Worldwide Inc. Revolving Loan | 303 |  |
| Tank Holding Corp. Delayed Draw Term Loan |  |  |
| Tau Buyer, LLC Delayed Draw Term Loan | 1424 | 518 |
| Tau Buyer, LLC Revolving Credit | 1068 | 480 |
| Tau Buyer, LLC Term B Loan |  |  |
| 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 | 158 | 1579 |
| Thames Technology Holdings, Inc. First Amendment Incremental Term Loan |  |  |
| Thames Technology Holdings, Inc. First Amendment Incremental Term Loan |  |  |
| Thames Technology Holdings, Inc. Revolving Loan | 315 | 315 |
| The Vertex Companies, Inc. Revolving Loan | 1266 | 1661 |
| TheKey, LLC Tranche B-1 Term Loan |  |  |
| TMSC OpCo, LLC Revolving Loan | 853 | 919 |
| ToxStrategies, LLC Delayed Draw Term Loan | 437 | 437 |
| ToxStrategies, LLC Revolving Loan | 611 | 611 |
| TPC US Parent, LLC Fourth Amendment Incremental Term Loan A |  |  |
| Track Branson Opco, LLC, The Revolving Loan | 119 | 119 |
| TRAK Purchaser, Inc. Amendment No.1 Term Loan |  |  |
| Transgo, LLC Initial Term Loan |  |  |
| Transgo, LLC Revolving Loan | 603 | 605 |
| Trench Plate Rental Co. Revolving Loan | 77 | 232 |
| Tricor, LLC Amendment No. 6 Delayed Draw Term Loan | 5560 | 5560 |
| Tricor, LLC Amendment No. 6 Incremental Term Loan |  |  |
| Tricor, LLC Amendment No.5 Delayed Draw Term Loan |  |  |
| Tricor, LLC Revolving Loan | 1000 | 1000 |
| Trintech Inc. Delayed Draw Term Loan | 2113 |  |
| Trintech Inc. Revolving Credit Loan | 1585 |  |
| Truck-Lite Co., LLC 2025 Replacement Revolving Loan | 622 | 622 |
| Truck-Lite Co., LLC 2025 Replacement Term Loan |  |  |
| Truck-Lite Co., LLC Delayed Draw Term Loan |  |  |
| Truck-Lite Co., LLC Delayed Draw Term Loan A |  | 93 |
| Truck-Lite Co., LLC Delayed Draw Term Loan B |  | 1077 |

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| | | |
|:---|:---|:---|
| **Investments** | **March 31, 2026** | **December 31, 2025** |
| Truck-Lite Co., LLC Delayed Draw Term Loan C | 886 | 886 |
| Truck-Lite Co., LLC Initial Revolving Credit Loan |  |  |
| True Talent Advisory Borrower LLC Delayed Draw Term Loan | 3090 |  |
| True Talent Advisory Borrower LLC Revolving Loan | 1599 |  |
| TVG Shelby Buyer, Inc. Amendment No. 6 Incremental Delayed Draw Term Loan | 1555 | 1555 |
| TVG Shelby Buyer, Inc. Revolving Credit Loan | 250 | 250 |
| TWH Bidco, LLC Delayed Draw Term A Loan | 3361 |  |
| TWH Bidco, LLC Initial Term Loan |  |  |
| U.S. Urology Partners, LLC 2025 Incremental Delayed Draw Term Loan | 18746 | 18746 |
| Upland Software, Inc. Revolving Loan | 1020 | 2000 |
| Upland Software, Inc. Term Loan |  |  |
| Upstack Holdco Inc. Delayed Draw Term Loan | 1981 | 1981 |
| Upstack Holdco Inc. Revolving Credit Loan | 938 | 938 |
| Upstack Holdco Inc. Term B Loan |  |  |
| USIC Holdings, Inc. Revolving Loan | 368 | 713 |
| USIC Holdings, Inc. Specified Delayed Draw Term Loan | 402 | 265 |
| Vacation Rental Brands, LLC 2nd Amendment Delayed Term Loan | 4713 | 5772 |
| Vacation Rental Brands, LLC Amendment No. 3 Incremental Term Loan |  |  |
| Vacation Rental Brands, LLC Closing Date Term Loan |  |  |
| Vacation Rental Brands, LLC Delayed Draw Term Loan |  | 330 |
| Vacation Rental Brands, LLC Revolving Loan | 1022 | 1022 |
| Valkyrie Buyer, LLC Delayed Draw Term Loan B | 1232 |  |
| Valkyrie Buyer, LLC Delayed Draw Term Loan C | 821 |  |
| Valkyrie Buyer, LLC Delayed Draw Term Loan D | 1493 | 1493 |
| Valkyrie Buyer, LLC Delayed Draw Term Loan E | 1955 |  |
| Valkyrie Buyer, LLC Delayed Draw Term Loan F | 4560 | 4560 |
| Valkyrie Buyer, LLC Revolving Credit Loan |  | 912 |
| Valkyrie Buyer, LLC Revolving Credit Loan |  | 318 |
| Vatica Health, Inc. Revolving Loan | 1788 | 1788 |
| Vehlo Purchaser, LLC Revolver |  | 1130 |
| Vensure Employer Services, Inc. Initial Delayed Draw Term Loan |  | 98 |
| Vensure Employer Services, Inc. Initial Delayed Draw Term Loan |  | 98 |
| Vensure Employer Services, Inc. Amendment No. 2 Delayed Draw Term Loan | 2987 |  |
| Vensure Employer Services, Inc. Initial Term Loan |  |  |
| Vensure Employer Services, Inc. Initial Term Loan |  |  |
| Vertex Companies, Inc., Term Loan D |  |  |
| Vertex Companies, Inc., The Delayed Draw Term Loan-B |  |  |
| Vertex Companies, Inc., The Fourth Amendment Revolving Loan | 166 |  |
| Vertex Service Partners, LLC First Amendment Incremental Delayed Draw Term Loan | 3549 | 3549 |
| Vertex Service Partners, LLC Revolving Facility | 95 | 327 |
| Vertex Service Partners, LLC Term Loan |  |  |
| Vital Purchaser, LLC Revolving Loan | 492 | 492 |
| Vortex Companies, LLC Amendment No. 4 Incremental Delay Draw Term Loan |  |  |
| Vortex Companies, LLC Amendment No. 4 Incremental Delay Draw Term Loan |  |  |
| Vortex Companies, LLC Amendment No. 4 Incremental Term Loan |  |  |
| Vortex Companies, LLC Amendment No. 6 Incremental Term Loan |  |  |
| Vortex Companies, LLC Delayed Term Loan |  | 668 |
| Vortex Companies, LLC Incremental Delayed Draw Term Loan |  |  |
| Vortex Companies, LLC Revolving Loan | 419 | 419 |
| Vortex Companies, LLC Term Loan |  |  |
| VRC Companies, LLC Amendment No. 2 Term Loan |  |  |
| VRC Companies, LLC Fourth Amendment Delayed Draw Term Loan | 1643 |  |
| VRC Companies, LLC Fourth Amendment Delayed Draw Term Loan | 1 |  |
| VTC Buyer Corp. Advance | 1272 | 1927 |
| VTC Buyer Corp. Future Expansion Delayed Draw Term Loan | 1378 | 1378 |
| VTC Buyer Corp. Term A Loan |  |  |

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| | | |
|:---|:---|:---|
| **Investments** | **March 31, 2026** | **December 31, 2025** |
| Vybond Buyer, LLC Delayed Draw Term Loan | 2374 | 2374 |
| Vybond Buyer, LLC Initial Term Loan |  |  |
| Vybond Buyer, LLC Revolving Credit Loan |  | 1781 |
| W.A. Kendall and Company, LLC Initial Term Loan |  |  |
| W.A. Kendall and Company, LLC Revolving Loan | 130 | 209 |
| W.A. Kendall and Company, LLC Seventh Amendment Delayed Draw Term Loan | 2792 | 2792 |
| W.A. Kendall and Company, LLC Specified DDTL |  |  |
| Wasteology Group Transportation, LLC Delayed Draw Term Loan | 3352 | 3352 |
| Wasteology Group Transportation, LLC Revolving Credit Loan | 1037 | 1037 |
| WCHG Buyer, Inc. First Amendment Incremental Term Loan |  |  |
| Wealth Enhancement Group, LLC August 2025 Delayed Draw Term Loan | 803 | 803 |
| Wealth Enhancement Group, LLC December 2024 Delayed Draw Term Loan |  | 4018 |
| Wealth Enhancement Group, LLC Initial Revolving Loan | 226 | 226 |
| Wealth Enhancement Group, LLC May 2022 Delayed Draw Term Loan |  |  |
| Western Smokehouse Partners, LLC Delayed Draw Term Loan C |  | 1484 |
| Western Smokehouse Partners, LLC Delayed Draw Term Loan C |  | 1580 |
| Western Smokehouse Partners, LLC Delayed Term Loan | 348 | 464 |
| Western Smokehouse Partners, LLC Initial Term Loan |  |  |
| Western Smokehouse Partners, LLC Initial Term Loan |  |  |
| Western Smokehouse Partners, LLC Juniors Term Loan |  |  |
| Western Smokehouse Partners, LLC Juniors Term Loan |  |  |
| Western Smokehouse Partners, LLC Revolving Loan | 283 | 283 |
| Wharf Street Ratings Acquisition LLC Delayed Draw Term Loan | 1632 | 1632 |
| Wharf Street Ratings Acquisition LLC_Revolver | 1684 | 1684 |
| Worldwide Insurance Network, LLC 2025 Incremental Delayed Draw Term Loan | 1826 | 1900 |
| Worldwide Insurance Network, LLC Delayed Draw Term Loan |  |  |
| WSRP Advisory LLC First Amendment Delayed Draw Term Loan |  | 5800 |
| Zep Holdco Inc. Initial Term Loan (aka TL Atlas Merger) |  |  |
| Zep Holdco Inc. Revolving Credit Loan (aka TL Atlas Merger) | 2874 | 1610 |
| **Total unfunded commitments** | $**695673** | $**641519** |

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**Recent Developments** 

On April 1, 2026, the Company sold 9,773,649 Shares in the Private Offering pursuant to Subscriptions Agreements entered into with the participating investors for aggregate consideration of $253.4 million.

On April 6, 2026, SPV Facility I and the Company executed the Termination Agreement, terminating the MassMutual SPV I Facility and the related loan documents. Prior to the expiration of the reinvestment period under the MassMutual SPV I Facility on April 3, 2026 (after which no additional borrowings were permitted to be drawn under the MassMutual SPV I Facility), SPV Facility I had no outstanding borrowings under the MassMutual SPV I Facility. On April 6, 2026, SPV Facility I paid all remaining fees under the MassMutual SPV I Facility, and upon execution of the Termination Agreement, all related security interests, liens in favor of any secured party thereunder, and all obligations thereunder, were released and terminated.

On May 1, 2026, the Company offered to purchase up to 4,028,912 Shares at a purchase price equal to the NAV per Share as of June 30, 2026 (the "May 2026 Repurchase Offer"), upon the terms and subject to the conditions set forth in the offer to purchase for the May 2026 Repurchase Offer. The May 2026 Repurchase Offer is set to expire on May 29, 2026.

The Company received approximately $148.1 million of subscriptions effective May 1, 2026 in connection with its monthly closing for the Private Offering.

On May 7, 2026, 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 June 30, 2026 and (ii) such other amounts as may be required to allow the Company to qualify for taxation as a RIC under the Code and eliminate any income and excise tax imposed on the Company (the "Q2 2026 Distribution"). The Q2 2026 Distribution is payable on July 31, 2026 to shareholders of record as of the close of business on June 29, 2026. The final amount of the Q2 2026 Distribution will be determined by the Company's management at a later date, in accordance with the Board's authorization. The Q2 2026 Distribution will be paid in cash or reinvested in additional Shares for shareholders participating in the Company's DRIP.

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**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 March 31, 2026, on a fair value basis, approximately 0.6% of our debt investments bear interest at a fixed rate and approximately 100% of our debt investments bear interest at a floating rate. As of March 31, 2026, 96% 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. The Unsecured Notes have been swapped from a fixed rate to a floating rate through interest rate swaps. See our consolidated schedule of investments as of March 31, 2026 and Note 4 to our consolidated financial statements for the three months ended March 31, 2026 for more information on our debt obligations and the interest rate swaps.

Assuming that the consolidated statement of assets and liabilities as of March 31, 2026 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 for the three months ended March 31, 2026. 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<br>(Decrease) in<br>Interest Income** | **Decrease<br>(Increase) in<br>Interest Expense** | **Net Increase<br>(Decrease) in<br>Net Investment<br>Income** |
| Down 200 basis points | $(1502) | $405 | $(1097) |
| Down 150 basis points | (1126) | 303 | (823) |
| Down 100 basis points | (751) | 202 | (549) |
| Down 50 basis points | (375) | 101 | (274) |
| Up 50 basis points | 375 | (101) | 274 |
| Up 100 basis points | 751 | (202) | 549 |
| Up 150 basis points | 1126 | (303) | 823 |
| Up 200 basis points | 1502 | (405) | 1097 |

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This analysis is indicative of the potential impact on our net investment income as of March 31, 2026, 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, and such borrowings, to the extent they are floating rate borrowings or fixed rate borrowings hedged to result in floating rate exposure, 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 financing arrangements after March 31, 2026, 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. We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates. Based on our assessment of the interest rate risk, as of March 31, 2026, we had no hedging transactions in place on our investment assets 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.

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**Item 4. Controls and Procedures** 

*Evaluation of Disclosure Controls and Procedures* 

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. Based on the evaluation of these disclosure controls and procedures, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of March 31, 2026. It should be noted that any system of controls, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and other inherent limitations of control systems, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.

*Changes in Internal Control Over Financial Reporting* 

Management has not identified any change in the Company's internal control over financial reporting that occurred during the quarter ended March 31, 2026 that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

**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.

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**Item 1A. Risk Factors** 

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, before making a decision to purchase our securities. Any such risks and uncertainties are not the only ones facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may have a material adverse effect on our business, financial condition and/or operating results, as well as the value of our securities.

There have been no material changes during the three months ended March 31, 2026 to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025 (filed with the SEC on March 27, 2026) which could materially affect our business, financial condition or operating results.

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**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.**

*Sales of Unregistered Equity Securities*

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

Except as previously reported by the Company on its current reports on Form 8-K, the Company did not sell any equity securities during the three months ended March 31, 2026 that were not registered under the Securities Act.

*Issuer Purchases of Equity Securities*

The following table sets forth information regarding repurchases of Shares effectuated under Company tender offers during the three months ended March 31, 2026.

**Item 3. Defaults Upon Senior Securities.**

None

**Item 4. Mine Safety Disclosures.**

Not applicable.

**Item 5. Other Information.**

*Q2 2026 Distribution*

On May 7, 2026, 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 June 30, 2026 and (ii) such other amounts as may be required to allow the Company to qualify for taxation as a RIC under the Code and eliminate any income and excise tax imposed on the Company (the "Q2 2026 Distribution"). The Q2 2026 Distribution is payable on July 31, 2026 to shareholders of record as of the close of business on June 29, 2026. The final amount of the Q2 2026 Distribution will be determined by the Company's management at a later date, in accordance with the Board's authorization. The Q2 2026 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 March 31, 2026, 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."

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**Item 6. Exhibits.**

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the United States Securities and Exchange Commission:

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 3.1 | [<u>Certificate of Formation of the Company.</u><sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/1950803/000121390022084026/ea171015ex3-1_stepstone.htm) |
| 3.2 | [<u>Limited Liability Company Agreement of the Company.</u><sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/1950803/000121390022084026/ea171015ex3-2_stepstone.htm) |
| 10.1 | [<u>Second Amended and Restated Administration Agreement, dated March 24, 2026.</u><sup>(2)</sup>](https://www.sec.gov/Archives/edgar/data/1950803/000119312526128890/na-ex10_35.htm) |
| 31.1\* | [<u>Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](na-ex31_1.htm) |
| 31.2\* | [<u>Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](na-ex31_2.htm) |
| 32.1\*\* | [<u>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.</u>](na-ex32_1.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 With Embedded Linkbase Documents |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

<sup>(1)</sup> <sup>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.</sup>

<sup>(2)</sup> <sup>Previously filed as an exhibit to the Company's Annual Report on Form 10-K (File No. 814-01624) filed on March 27, 2026 and incorporated herein by reference.</sup>

<sup>\* Filed herewith.</sup>

<sup>\*\*Furnished herewith</sup>

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | StepStone Private Credit Fund LLC | StepStone Private Credit Fund LLC |
| Date: May 14, 2026 | By: | /s/ Darren Friedman |
|  |  | Chief Executive Officer |
|  |  | (Principal Executive Officer) |
| Date: May 14, 2026 | By: | /s/ Joseph Cambareri |
|  |  | Chief Financial Officer  |
|  |  | (Principal Financial and Accounting Officer) |

---

------

## 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;&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;&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;&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;&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;&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;&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: May 14, 2026 | 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: May 14, 2026 | By: | /s/ Joseph Cambareri |
|  |  | Joseph Cambareri |
|  |  | Chief Financial Officer |

---

------

## 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 March 31, 2026 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: May 14, 2026 | By: | /s/ Darren Friedman |
|  |  | Darren Friedman |
|  |  | Chief Executive Officer |
| Date: May 14, 2026 | By: | /s/ Joseph Cambareri |
|  |  | Joseph Cambareri |
|  |  | Chief Financial Officer |

---

------