# EDGAR Filing Document

**Accession Number:** 0001950803
**File Stem:** 0001193125-25-180931
**Filing Date:** 2025-8
**Character Count:** 846006
**Document Hash:** 982449f47a6a0788d84cba09c178ea22
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-180931.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001193125-25-180931

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 65

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**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:** 251221183

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

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

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

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

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, DC 20549

### FORM 10-Q

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

#### For the quarterly period ended June 30, 2025

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

#### For the transition period from to

#### Commission file number 814-01624

## StepStone Private Credit Fund LLC

#### (Exact Name of Registrant as Specified in Its Charter)

---

| | |
|:---|:---|
| Delaware | 92-0758580 |
| (State or Other Jurisdiction of<br>Incorporation or Organization) | (I.R.S. Employer<br>Identification No.) |
| 277 Park Avenue, 44th Floor<br>New York, New York | 10172 |
| (Address of Principal Executive Offices) | (Zip Code) |

---

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

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

---

| | | |
|:---|:---|:---|
| Title of each class | Trading<br>Symbol(s) | Name of each exchange<br>on which registered |
| N/A | N/A | N/A |

---

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

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

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

---

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

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

As of July 31, 2025, the registrant had 50,420,767 shares of its limited liability company interests outstanding.

------

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

#### STEPSTONE PRIVATE CREDIT FUND LLC

#### QUARTERLY REPORT ON FORM 10-Q

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

#### **TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **PART I** | **FINANCIAL INFORMATION** |  |
| Item 1. | [Consolidated Financial Statements (Unaudited)](#toc948920_1) |  |
|  | [Consolidated Statements of Assets and Liabilities as of June 30, 2025 (Unaudited) and December 31, 2024](#toc948920_2) | 2 |
|  | [Consolidated Statements of Operations (Unaudited) for the three and six months ended June 30, 2025 and 2024](#toc948920_3) | 3 |
|  | [Consolidated Statements of Changes in Net Assets (Unaudited) for the three and six months ended June 30, 2025 and 2024](#toc948920_4) | 5 |
|  | [Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30, 2025 and 2024](#toc948920_5) | 6 |
|  | [Consolidated Schedule of Investments as of June 30, 2025 (Unaudited)](#toc948920_6) | 7 |
|  | [Consolidated Schedule of Investments as of December 31, 2024](#toc948920_7) | 37 |
|  | [Notes to Consolidated Financial Statements (Unaudited)](#toc948920_8) | 60 |
| Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#toc948920_9) | 90 |
| Item 3. | [Quantitative and Qualitative Disclosure About Market Risk](#toc948920_10) | 109 |
| Item 4. | [Controls and Procedures](#toc948920_11) | 111 |
| **PART II** | **OTHER INFORMATION** |  |
| Item 1. | [Legal Proceedings](#toc948920_12) | 112 |
| Item 1A. | [Risk Factors](#toc948920_13) | 112 |
| Item 2. | [Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity](#toc948920_14) | 112 |
| Item 3. | [Defaults Upon Senior Securities](#toc948920_15) | 112 |
| Item 4. | [Mine Safety Disclosures](#toc948920_16) | 112 |
| Item 5. | [Other Information](#toc948920_17) | 112 |
| Item 6. | [Exhibits](#toc948920_18) | 113 |
| [SIGNATURES](#toc948920_19) |  |  |

---

------

##### [**Table of Contents**](#toc)
PART I. FINANCIAL INFORMATION

#### StepStone Private Credit Fund LLC

#### Consolidated Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
|  | June 30, 2025<br> (Unaudited) | December 31,<br> 2024 |
| Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in securities of unaffiliated issuers at fair value (cost $2,135,933,588 and $1,567,755,924, respectively) | $2137983984 | $1570542072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 7885951 | 1875772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash and restricted cash equivalents | 48605929 | 29368356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 12824564 | 11271653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid and other assets | 538254 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables for investments sold | 105636 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from affiliate | 442 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from Advisor |  | 731511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2207944760 | $1613789378 |
| Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lines of credit (net of unamortized debt issuance costs of $10,746,182 and $7,466,444, respectively) | $739424353 | $654704091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securitization (net of unamortized debt issuance costs of $1,637,124 and $0, respectively) | 172362876 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions payable | 30915411 | 22954070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase offer payable |  | 1742364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 3106985 | 4513417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fee payable | 3002047 | 2166986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive fee payable | 2429354 | 1982658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors' fees payable | 62500 | 37500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables for investments purchased |  | 7554592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 1731280 | 1748406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $953034806 | $697404084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 8); Recoupments (Note 3) |  |  |
| Net assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares, no par value, unlimited shares authorized, 48,305,330 and 35,246,926, respectively, shares issued and outstanding | $1257885936 | $915356301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable earnings (accumulated loss) | (2975982) | 1028993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net assets | $1254909954 | $916385294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and net assets | $2207944760 | $1613789378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | $25.98 | $26.00 |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

#### Consolidated Statements of Operations
(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
|  | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 |
|  Investment Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income on investments in securities of unaffiliated issuers | $53933169 | $25998128 | $99040936 | $47390907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment in-kind interest on investments in securities of unaffiliated issuers | 483493 | 142227 | 978664 | 262342 |
|  Total investment income | $54416662 | $26140355 | $100019600 | $47653249 |
|  Expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | $18060775 | $8200297 | $29648534 | $15731759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fee | 3002047 | 1277204 | 5530279 | 2260393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income incentive fee | 2329691 | 1122558 | 4477463 | 1960084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gains-based incentive fee | (54211) | (22305) | (44952) | 12893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fee | 602176 | 385420 | 1350742 | 681874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 636065 | 391568 | 1205616 | 729148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 106730 | 22566 | 175392 | 51220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 32481 | 140746 | 134383 | 808484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors' fees | 62500 | 50000 | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 675201 | 532780 | 1267543 | 955815 |
|  Total expenses | $25453455 | $12100834 | $43845000 | $23291670 |
|  Less expense (recoupment) support payments (to) by the Advisor (Note 3) | $(46858) | $(164211) | $(778369) | $(139854) |
|  Net expenses | $25500313 | $12265045 | $44623369 | $23431524 |
|  Net investment income | $28916349 | $13875310 | $55396231 | $24221725 |

---

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

------

#### **Table of Contents**

#### Private Credit Fund LLC

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
|  | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 |
|  Realized and unrealized gain (loss) allocated from investments in securities of unaffiliated issuers |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from investments in securities of unaffiliated issuers | $— | $455631 | $— | $775985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) from investments in securities of unaffiliated issuers | (843880) | (758760) | (735752) | (252787) |
|  Net gain (loss) from investments in securities of unaffiliated issuers | $(843880) | $(303129) | $(735752) | $523198 |
|  Net Increase (Decrease) in Net Assets Resulting from Operations | $28072469 | $13572181 | $54660479 | $24744923 |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Limited Liability Company Interests | Limited Liability Company Interests | Limited Liability Company Interests | |
|  | Numberof<br> Shares | Shares<br> Transactions | Total Distributable<br> Earnings<br> (Accumulated Loss) | Total<br> Net Assets |
|  Three Months Ended June 30, 2025 |  |  |  |  |
|  Balance, March 31, 2025 | 41129462 | $1069930686 | $(133040) | $1069797646 |
|  Net investment income |  |  | 28916349 | 28916349 |
|  Net realized gain (loss) from investments in securities of unaffiliated issuers |  |  |  |  |
|  Net change in unrealized appreciation (depreciation) from investments in securities of unaffiliated issuers |  |  | (843880) | (843880) |
|  Distributions |  |  | (30915411) | (30915411) |
|  Issuance of Shares | 7175868 | 187955250 |  | 187955250 |
|  Repurchase of Shares |  |  |  |  |
|  Balance, June 30, 2025 | 48305330 | $1257885936 | $(2975982) | $1254909954 |
|  Three Months Ended June 30, 2024 |  |  |  |  |
|  Balance, March 31, 2024 | 16580747 | $428140291 | $66452 | $428206743 |
|  Net investment income |  |  | 13875310 | 13875310 |
|  Net realized gain (loss) from investments in securities of unaffiliated issuers |  |  | 455631 | 455631 |
|  Net change in unrealized appreciation (depreciation) from investments in securities of unaffiliated issuers |  |  | (758760) | (758760) |
|  Distributions |  |  | (14030156) | (14030156) |
|  Issuance of Shares | 5004098 | 130461626 |  | 130461626 |
|  Repurchase of Shares | (64340) | (1663889) |  | (1663889) |
|  Balance, June 30, 2024 | 21520505 | $556938028 | $(391523) | $556546505 |
|  Six Months Ended June 30, 2025 |  |  |  |  |
|  Balance, December 31, 2024 | 35246926 | $915356301 | $1028993 | $916385294 |
|  Net investment income |  |  | 55396231 | 55396231 |
|  Net realized gain (loss) from investments in securities of unaffiliated issuers |  |  |  |  |
|  Net change in unrealized appreciation (depreciation) from investments in securities of unaffiliated issuers |  |  | (735752) | (735752) |
|  Distributions |  |  | (58665454) | (58665454) |
|  Issuance of Shares | 13346916 | 350033565 |  | 350033565 |
|  Repurchase of Shares | (288512) | (7503930) |  | (7503930) |
|  Balance, June 30, 2025 | 48305330 | $1257885936 | $(2975982) | $1254909954 |
|  Six Months Ended June 30, 2024 |  |  |  |  |
|  Balance, December 31, 2023 | 12950280 | $333712935 | $(328805) | $333384130 |
|  Net investment income |  |  | 24221725 | 24221725 |
|  Net realized gain (loss) from investments in securities of unaffiliated issuers |  |  | 775985 | 775985 |
|  Net change in unrealized appreciation (depreciation) from investments in securities of unaffiliated issuers |  |  | (252787) | (252787) |
|  Distributions |  |  | (24807641) | (24807641) |
|  Issuance of Shares | 8634565 | 224888982 |  | 224888982 |
|  Repurchase of Shares | (64340) | (1663889) |  | (1663889) |
|  Balance, June 30, 2024 | 21520505 | $556938028 | $(391523) | $556546505 |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended | Six Months Ended |
|  | June 30, 2025 | June 30, 2024 |
| Operating activities |  |  |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $54660479 | $24744923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net increase (decrease) in net assets to net cash provided by/(used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (765632429) | (456954726) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales, exits and repayments of investments | 202117574 | 90731919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest capitalized | (1177852) | (505392) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of original issue discount and amortized premiums on investments | (3484957) | (917213) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 1364272 | 632411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments in securities of unaffiliated issuers |  | (775985) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation from investments in securities of unaffiliated issuers | 735752 | 252787 |
| Changes in Assets and Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase)/decrease in interest receivable | (1552911) | (2739566) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase)/decrease in prepaid and other assets | (538254) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase)/decrease in receivables for investments sold | (105636) | (583137) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase)/decrease in due from affiliate | (428) | (679173) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase)/decrease in receivable from Advisor | 731511 | 139854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase/(decrease) in interest payable | (1406432) | 784048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase/(decrease) in management fee payable | 835061 | 501189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase/(decrease) in incentive fee payable | 446696 | 545048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase/(decrease) in directors' fees payable | 25000 | 12500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase/(decrease) in payables for investments purchased | (7554592) | (2757335) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase/(decrease) in accrued expenses | (17126) | 343215 |
| Net cash provided by/(used in) operating activities | $(520554272) | $(347224633) |
| Financing activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of shares | $325686581 | $210887898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of shares, net of change in repurchase offer payable | (9246294) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions, net of distribution reinvestment plan and change in distributions payable | (26357129) | (5194083) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings under lines of credit | 477500000 | 411500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments to lines of credit | (389500000) | (270000000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings of debt securitization | 174000000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs paid | (6281134) | (225000) |
| Net cash provided by/(used in) financing activities | $545802024 | $346968815 |
| Net increase/(decrease) in cash and cash equivalents and restricted cash and restricted cash equivalents | $25247752 | $(255818) |
| Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of the period | 31244128 | 18923796 |
| Cash and cash equivalents and restricted cash and restricted cash equivalents at end of the period | $56491880 | $18667978 |
| Supplemental information and non-cash activities |  |  |
| Interest paid on lines of credit | $29690694 | $14315300 |
| Issuance of shares in connection with distribution reinvestment plan | 24346984 | 14001084 |
| Repurchase of shares through repurchase offer payable |  | 1663889 |
| Investments purchased through participation agreements |  | 7800000 |
| Borrowings incurred through participation agreements |  | 7800000 |
| Reconciliation to the Consolidated Statement of Assets and Liabilities |  |  |
| Cash and cash equivalents | $7885951 | $6631771 |
| Restricted cash and restricted cash equivalents | 48605929 | 12036207 |
| Total cash and cash equivalents and restricted cash and restricted cash equivalents | $56491880 | $18667978 |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments (Unaudited)

#### June 30, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference Rate<br>Spread / Floor | Cash Interest<br>Rate / PIK<br>Rate |  | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of Net<br>Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured Advertising |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnegie Dartlet, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR + 5.50% /1.00% | 9.80 | % | 2/7/2030 | $41895 $| 40807 | $37226 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnegie Dartlet, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR + 5.50% /1.00% | 9.83 | % | 2/7/2030 | 503328 | 497160 | 503328 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnegie Dartlet, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% /1.00% | 0.50 | % | 2/7/2030 |  | (713) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finn Partners, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR + 6.65% /1.00% | 10.95 | % | 7/1/2026 | 1662691 | 1656764 | 1659703 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finn Partners, Inc. Second Amendment Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR + 6.65% /1.00% | 10.95 | % | 7/1/2026 | 3224276 | 3206588 | 3202301 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gator Plastic Intermediate Holdings, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR + 7.00% /1.50% | 11.31 | % | 10/14/2027 | 4151455 | 4074172 | 4068426 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gator Plastic Intermediate Holdings, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR + 7.00% /1.50% | 11.31 | % | 10/14/2027 | 446798 | 433209 | 436920 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kite Midco II LTD Term Loan B1 | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR + 5.00% /0.00% | 9.27 | % | 11/19/2031 | 5290056 | 5215733 | 5203660 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kite Midco II LTD Term Loan B1 | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR + 5.00% /0.00% | 9.27 | % | 11/19/2031 | 5290056 | 5215733 | 5203660 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kite Midco II LTD Term Loan B2 | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR + 0.00% /0.00% | 0.00 | % | 11/19/2031 |  | (9098) | (1750) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kite Midco II LTD Term Loan B2 | (1)(2)(3)(4)(5)(6)(7)(8)(12) | 3M SOFR + 0.00% /0.00% | 0.00 | % | 11/19/2031 |  | (9098) | (1750) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minds Buyer, LLC Revolving Credit | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR + 0.50% /1.00% | 0.50 | % | 10/29/2029 |  | (4061) | (423) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR + 5.25% / 1.00% | 9.55 | % | 5/3/2029 | 7935125 | 7902405 | 7859650 | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR + 5.25% /1.00% | 9.55 | % | 5/3/2029 | 3383000 | 3361595 | 3350823 | 0.27% |
|  |  |  |  |  |  |  | $31581196 | $31521774 | 2.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Aerospace & Defense |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aviation Technical Services, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR + 5.75% /1.00% | 10.07 | % | 7/12/2029 | $150000 | $146950 | $146105 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aviation Technical Services, Inc. Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR + 5.75% /1.00% | 10.01 | % | 7/12/2029 | 587043 | 583383 | 582096 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aviation Technical Services, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR + 5.75% / 1.00% | 10.01 | % | 7/12/2029 | 3382957 | 3359843 | 3354449 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heads Up Technologies, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR + 5.50% / 1.00% | 9.87 | % | 8/10/2028 | 4886935 | 4848630 | 4886935 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAG Holding Corp. Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR + 3.75% / 1.00% | 11.25 | % | 12/21/2029 | 458648 | 448023 | 452646 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAG Holding Corp. Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR + 4.75% / 1.00% | 9.05 | % | 12/21/2029 | 11189116 | 11092387 | 11134355 | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPW Aero Buyer, Inc. 2024 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR + 1.00% / 1.00% | 1.00 | % | 2/15/2029 |  | (18575) | (5) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPW Aero Buyer, Inc. 2025 Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR + 5.00% / 1.00% | 9.30 | % | 2/15/2029 | 496100 | 493055 | 492976 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPW Aero Buyer, Inc. Delayed Draw Term Loan-1 | (1)(2)(3)(4)(5)(7) | 3M SOFR + 5.50% / 1.00% | 9.80 | % | 2/15/2029 | 2381167 | 2361450 | 2381167 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPW Aero Buyer, Inc. Term Loan (Whitcraft LLC) | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR + 6.50% / 1.00% | 10.83 | % | 2/15/2029 | 4912060 | 4912060 | 4910030 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sigma Defense Systems LLC Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR + 7.15% / 1.00% | 11.45 | % | 12/18/2027 | 1739763 | 1712103 | 1710862 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sigma Defense Systems LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR + 7.15% / 1.00% | 11.47 | % | 12/18/2027 | 17288 | 16466 | 16891 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR + 6.00% / 0.00% | 9.07 | % | 8/16/2027 | 58575 | 58575 | 58575 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR + 6.00% / 1.00% | 9.03 | % | 8/16/2027 | 3170147 | 3170147 | 3170147 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Systems Planning and Analysis, Inc Delayed Draw Term Loan B | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 0.00% | 9.07 | % | 6/16/2032 | 626331 | 617484 | 622571 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Systems Planning and Analysis, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR + 4.75% / 1.00% | 8.92 | % | 8/16/2027 | 2317132 | 2316934 | 2317132 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Systems Planning and Analysis, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR + 4.75% / 1.00% | 9.01 | % | 8/16/2027 | 940295 | 938557 | 940295 | 0.07% |
|  |  |  |  |  |  |  | $37057472 | $37177227 | 2.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Freight & Logistics | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMEX Holding III Corp Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR + 5.50% / 1.00% | 0.00 | % / 9.99% | 3/31/2028 | $226944 | $225792 | $202336 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMEX Holding III Corp Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR + 6.65% / 1.00% | 0.00 | % / 9.99% | 3/31/2028 | 5103722 | 5078522 | 4550309 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gulf Winds International Acquisition, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR + 7.00% / 1.00% | 11.33 | % | 12/16/2028 | 4903591 | 4898596 | 4810423 | 0.38% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference Rate<br>Spread / Floor | Cash Interest<br>Rate / PIK<br>Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of Net<br>Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Freight & Logistics (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Freight & Logistics (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solairus Holdings, LLC 2025 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% /1.00% | 1.00 | 7/22/2030 |  | (1102) | (210) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solairus Holdings, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br>4.85% /1.00% | 9.13 | 7/22/2030 | 1189477 | 1168814 | 1185946 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solairus Holdings, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(13) | 1M SOFR +<br>4.85% /1.00% | 9.13 | 7/22/2030 | 3225655 | 3225655 | 3216080 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solairus Holdings, LLC Revolver | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% /1.00% | 0.50 | 1/24/2029 |  | 278 | 256 | 0.00% |
|  |  |  |  |  |  | $14596555 | $13965140 | 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Alternative Carriers |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meriplex Communications, Ltd. Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.10% /0.75% | 9.43 | 7/17/2028 | $1739967 | $1739967 | $1739967 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meriplex Communications, Ltd. Initial Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.10% /0.75% | 9.43 | 7/17/2028 | 3188417 | 3188417 | 3188417 | 0.25% |
|  |  |  |  |  |  | $4928384 | $4928384 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Apparel Retail |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightmore Brands LLC Original Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.38% /1.50% | 9.67 | 9/10/2029 | $6590084 | $6503000 | $6484766 | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightmore Brands LLC Original Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.38% /1.50% | 9.67 | 9/10/2029 | 3400000 | 3353577 | 3345664 | 0.26% |
|  |  |  |  |  |  | $9856577 | $9830430 | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Apparel, Accessories & Luxury Goods |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halo Buyer, Inc. Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.00% /1.00% | 10.33 | 8/7/2029 | $11842611 | $11627221 | $11579600 | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halo Buyer, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.50% /1.00% | 12.50 | 8/7/2029 | 326488 | 293882 | 322443 | 0.03% |
|  |  |  |  |  |  | $11921103 | $11902043 | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Application Software |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anaplan, Inc. Fourth Amendment Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>4.50% /0.75% | 8.82 | 6/21/2029 | $4975000 | $4956581 | $4964111 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptean Acquiror Inc. First Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>4.75% /0.75% | 9.06 | 1/30/2031 | 26869 | 17584 | 24603 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptean Acquiror Inc. Revolving Credit | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% /0.75% | 0.50 | 1/30/2031 |  | (1335) | (2014) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptean Acquiror Inc. Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>4.75% /0.75% | 9.08 | 1/30/2031 | 7348876 | 7120520 | 7345201 | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptean Acquiror Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>4.75% /0.75% | 9.08 | 1/30/2031 | 4923968 | 4887180 | 4921506 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASYS LLC First Amendment Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>4.50% /1.00% | 8.80 | 12/9/2027 | 4660415 | 4638976 | 4660415 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>4.50% /0.75% | 8.80 | 5/14/2029 | 254230 | 254230 | 254230 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dealer Services Network, LLC Second Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.75% /1.00% | 10.05 | 2/9/2027 | 5354403 | 5317005 | 5309652 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dealer Services Network, LLC Second Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.75% /1.00% | 10.05 | 2/9/2027 | 3385783 | 3361059 | 3357485 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Echo Purchaser, Inc. Delayed Draw Term Loan (Exostar) | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.50% /0.75% | 9.83<br> 3.50 | 11/19/2029 | 54804 | 54152 | 54804 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Echo Purchaser, Inc. Term Loan (Exostar) | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.50% /0.75% | 9.83<br> 3.50 | 11/19/2029 | 639409 | 634040 | 629256 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Einstein Parent, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% /0.75% | 0.50 | 1/22/2031 |  | (18615) | (673) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Einstein Parent, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.50% /0.75% | 10.77 | 1/22/2031 | 9687940 | 9509595 | 9487908 | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everbridge Holdings, LLC Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% /0.75% | 9.29 | 7/2/2031 | 5527778 | 5503885 | 5495416 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everbridge Holdings, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.00% /0.75% | 9.29 | 7/2/2031 | 541722 | 537860 | 540649 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everbridge Holdings, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% /0.75% | 0.50 | 7/2/2031 |  | (2388) | (430) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Acquisitionco, Inc. Eighth Suplemental Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 1M SOFR +<br>0.50% /0.75% | 0.50 | 5/25/2028 |  | (1545) | (1613) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Acquisitionco, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% /1.00% | 9.55 | 5/25/2028 | 3173623 | 3163656 | 3173623 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Acquisitionco, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.25% /1.00% | 9.55 | 5/25/2028 | 88652 | 83375 | 84055 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Acquisitionco, Inc. Seventh Suplemental Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(12) | 3M SOFR +<br>1.00% /1.00% | 9.55 | 5/25/2028 | 587792 | 580765 | 587792 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LeadVenture, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.25% /0.75% | 9.55 | 6/23/2032 | 787111 | 763400 | 769222 | 0.06% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference Rate<br>Spread / Floor | Cash Interest<br>Rate / PIK<br>Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of Net<br>Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Application Software (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Application Software (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LeadVenture, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.25% / 0.75% | 9.57% | 6/23/2032 | 6000000 | 5955053 | 5955000 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LeadVenture, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 0.75% | 9.57% | 6/23/2032 | 6522222 | 6473364 | 6473306 | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LeadVenture, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 0.75% | 0.50% | 6/23/2032 |  | (8917) | (8944) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legitscript LLC Delayed Draw Loan | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br>5.75% / 0.75% | 10.08% | 6/24/2029 | 99268 | 98162 | 99268 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legitscript LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br>5.75% / 0.75% | 10.08% | 6/24/2029 | 3870403 | 3828770 | 3870403 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mountain Parent, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 0.75% | 1.00% | 6/27/2031 |  | (5013) | (8376) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mountain Parent, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>4.75% / 0.75% | 9.05% | 6/27/2031 | 5669592 | 5619622 | 5571544 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mountain Parent, Inc. Revolving Credit Facility | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.38% / 0.75% | 0.38% | 6/27/2031 |  | (5364) | (4467) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMI Acquisitionco, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.10% / 0.75% | 9.43% | 9/6/2028 | 1148558 | 1132820 | 1147757 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMI Acquisitionco, Inc. October 2021 Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.10% / 0.75% | 9.43% | 9/6/2028 | 350629 | 345825 | 344159 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMI Acquisitionco, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 0.75% | 0.50% | 9/6/2028 |  | (4503) | (6132) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMI Acquisitionco, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.10% / 0.75% | 9.43% | 9/6/2028 | 1882653 | 1856856 | 1848024 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optimizely North America Inc. (USD) Revolving Credit | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 0.75% | 0.50% | 10/30/2031 |  | (11157) | (1397) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optimizely North America Inc. (USD) Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 0.75% | 9.33% | 10/30/2031 | 12736080 | 12622090 | 12593968 | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Purchaser, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>6.25% / 1.00% | 10.56% | 10/2/2028 | 105106 | 104636 | 104149 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Purchaser, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.25% / 1.00% | 10.55% | 10/2/2028 | 1942254 | 1903135 | 1906971 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Purchaser, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 10/2/2028 |  |  | (4290) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDI TA Holdings, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.50% / 0.75% | 9.78% | 2/3/2031 | 535547 | 505853 | 535547 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDI TA Holdings, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.50% / 0.75% | 9.78% | 2/3/2031 | 674074 | 672545 | 673552 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDI TA Holdings, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 0.75% | 9.78% | 2/3/2031 | 5674058 | 5635717 | 5669662 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDI TA Holdings, Inc. Revolving Credit | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>4.50% / 0.75% | 12.00% | 2/3/2031 | 224000 | 224000 | 219005 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PracticeTek Purchaser, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.75% / 1.00% | 10.03% | 8/30/2029 | 28031 | 25683 | 23813 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PracticeTek Purchaser, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br>5.75% / 1.00% | 10.03% | 8/30/2029 | 1949160 | 1923612 | 1922263 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Purchaser, Inc. Revolving Credit | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 0.75% | 0.50% | 4/1/2030 |  |  | (737) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Purchaser, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 0.75% | 9.80% | 4/1/2031 | 1753616 | 1723459 | 1717095 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Purchaser, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.50% / 0.75% | 9.80% | 4/1/2031 | 3382957 | 3320898 | 3312505 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superjet Buyer, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.50% / 0.75% | 9.83% | 5/23/2030 | 995988 | 945896 | 993399 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superjet Buyer, LLC Initial Term Loan (EFI Productivity Software) | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br>5.61% / 0.75% | 9.94% | 12/30/2027 | 1499054 | 1495906 | 1499054 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superjet Buyer, LLC Third Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 0.75% | 9.83% | 5/23/2030 | 1492313 | 1479493 | 1478534 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superjet Buyer, LLC Third Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.50% / 0.75% | 9.83% | 5/23/2030 | 3382915 | 3353121 | 3351679 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synchronoss Technologies, Inc. First Amendment Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>7.00% / 2.50% | 11.28% | 4/24/2029 | 12600000 | 12358261 | 12348000 | 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synchronoss Technologies, Inc. First Amendment Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>7.00% / 2.50% | 11.28% | 4/24/2029 | 3500000 | 3431802 | 3430000 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tau Buyer, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>4.75% / 0.00% | 9.05% | 2/2/2032 | 403977 | 394819 | 395206 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tau Buyer, LLC Revolving Credit | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>0.50% / 0.00% | 9.05% | 2/2/2032 | 45733 | 40331 | 39589 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tau Buyer, LLC Term B Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>4.75% / 0.00% | 9.05% | 2/2/2032 | 4382767 | 4341828 | 4335663 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.00% / 1.00% | 9.30% | 8/30/2029 | 463351 | 460576 | 459767 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCP Hawker Intermediate LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 8/30/2029 |  | (878) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCP Hawker Intermediate LLC Ninth Amendment DDTL 11/24 | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 8/30/2029 |  | (331) | (84) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.00% / 1.00% | 9.30% | 8/30/2029 | 17352 | 17209 | 17159 | 0.00% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference Rate<br>Spread /Floor | Cash Interest<br>Rate / PIK<br>Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of<br>Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Application Software (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trintech Inc. Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.50% / 1.00% | 9.83% | 7/25/2029 | 4925000 | 4851475 | 4838163 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vehlo Purchaser, LLC Tranche C Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 0.00% | 1.00% | 5/24/2028 |  | (59511) | (60433) | 0.00% |
|  |  |  |  |  |  | $138407123 | $138734542 | 11.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allworth Financial Group, L.P. Fourth Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>4.75% / 1.00% | 9.08% | 12/23/2027 | $4140986 | $4125548 $| 4140986 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allworth Financial Group, L.P. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 12/23/2027 |  | (2411) | (2859) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerity Partners Equity Holding LLC 2024 Incremental Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.25% / 0.75% | 9.58% | 7/28/2029 | 4783783 | 4771544 | 4783783 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 0.75% | 1.00% | 7/30/2029 |  | (20312) | (202) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerity Partners Equity Holding LLC Initial Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.25% / 0.75% | 9.56% | 7/30/2029 | 531299 | 529473 | 531299 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerity Partners Equity Holding LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 1.00% | 9.58% | 7/30/2029 | 4635139 | 4635139 | 4635139 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Congress Buyer, Inc. Delayed Draw Term Loan D | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.60% / 1.00% | 9.90% | 6/30/2029 | 4254028 | 4234844 | 4254028 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone Advisors of Arizona LLC Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>4.75% / 1.00% | 9.05% | 5/13/2032 | 3291495 | 3275037 | 3275037 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone Advisors of Arizona LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>4.75% / 1.00% | 9.05% | 5/13/2032 | 3291495 | 3275037 | 3275037 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone Advisors of Arizona, LLC Initial Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.38% / 1.00% | 0.38% | 5/13/2032 |  | (4080) | (4114) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Delayed Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.50% / 1.00% | 9.78% | 12/9/2027 | 537698 | 531398 | 537698 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Fifth Amendment Additional Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 12/9/2027 |  | (9484) | (10420) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Fifth Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.00% | 9.76% | 12/9/2027 | 1042000 | 1027321 | 1026370 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. First Amendment Additional Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.00% | 9.83% | 12/9/2027 | 285216 | 282398 | 283421 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.00% | 9.80% | 12/9/2027 | 450828 | 445854 | 447991 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.50% / 1.00% | 9.81% | 12/9/2027 | 156300 | 149089 | 150490 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.00% | 9.83% | 12/9/2027 | 5676719 | 5618541 | 5611918 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.50% / 1.00% | 9.83% | 12/9/2027 | 686293 | 678773 | 681093 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.00% | 9.83% | 12/9/2027 | 893250 | 884374 | 886483 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.50% / 1.00% | 9.83% | 12/9/2027 | 3382957 | 3341630 | 3357329 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Third Amendment Additional Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.53% | 12/9/2027 | 477300 | 471981 | 477300 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeCo Buyer, Inc. Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>4.50% / 1.00% | 8.83% | 6/1/2026 | 1050662 | 1050662 | 1050662 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeCo Buyer, Inc. Delayed Draw Term B Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>4.50% / 0.00% | 8.83% | 6/1/2028 | 22247 | 22247 | 22247 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeCo Buyer, Inc. Delayed Draw Term C Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>4.50% / 0.00% | 8.80% | 6/1/2026 | 59019 | 59019 | 59019 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeCo Buyer, Inc. Delayed Draw Term E Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>4.50% / 1.00% | 8.80% | 6/1/2028 | 795568 | 795183 | 795568 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeCo Buyer, Inc. Delayed Term Loan A | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>4.50% / 0.00% | 8.80% | 6/1/2026 | 204412 | 204412 | 204412 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeCo Buyer, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 6/1/2026 |  |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeCo Buyer, Inc. Sixth Amendment Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>4.50% / 1.00% | 8.80% | 6/1/2028 | 1186321 | 1186321 | 1186321 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IEQ Capital, LLC 2024 Incremental Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>4.50% / 0.75% | 8.69% | 12/22/2028 | 3181432 | 3143520 | 3181432 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obra Capital, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>7.36% / 1.00% | 11.68% | 6/21/2029 | 7462500 | 7339594 | 7251015 | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petra Borrower, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.75% / 1.00% | 10.07% | 11/15/2030 | 597000 | 581671 | 593345 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petra Borrower, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.75% / 1.00% | 10.01% | 11/15/2030 | 3209375 | 3151717 | 3145638 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petra Borrower, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>0.50% / 1.00% | 10.07% | 11/15/2029 | 175000 | 161025 | 173534 | 0.01% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference Rate<br>Spread /Floor | Cash Interest<br>Rate / PIK<br>Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of<br>Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Management & Custody Banks (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PMA Parent Holdings, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.50% / 0.75% | 9.80% | 1/31/2031 | 4176034 | 4139362 | 4138767 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PMA Parent Holdings, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 0.75% | 0.50% | 1/31/2031 |  | (2783) | (171) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wealth Enhancement Group, LLC 2021 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.00% / 1.00% | 9.28% | 10/2/2028 | 3765851 | 3760480 | 3757709 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.00% / 1.00% | 9.32% | 10/4/2028 | 1145149 | 1141053 | 1142673 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.31% | 10/2/2028 | 737260 | 751040 | 754194 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wealth Enhancement Group, LLC Initial Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 4.50% | 10/2/2028 |  |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.00% / 1.00% | 9.28% | 10/4/2028 | 1975818 | 1975818 | 1904594 | 0.15% |
|  |  |  |  |  |  | $67702035 | $67698766 | 5.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Auto Parts & Equipment |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.58% | 5/29/2029 | $156750 | $154870 | $154693 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETE Intermediate II LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.58% | 5/29/2029 | 23571 | 18782 | 11462 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETE Intermediate II LLC Term Loan A | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.58% | 5/29/2029 | 1925000 | 1886577 | 1826110 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&D MidCo, Inc. Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.40% / 1.00% | 9.73% | 8/31/2028 | 1745428 | 1727816 | 1696310 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&D MidCo, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.40% / 1.00% | 9.73% | 8/31/2028 | 584624 | 577862 | 584624 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 8/31/2028 |  | 1118 | 1139 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&D MidCo, Inc. Third Amendment Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.40% / 1.00% | 9.73% | 8/31/2028 | 365977 | 364089 | 365753 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Tires & Service Acquisition, LLC Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.00% | 9.81% | 5/17/2029 | 920855 | 913018 | 910971 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.50% / 1.00% | 9.82% | 5/17/2029 | 1049525 | 1053875 | 1041388 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.50% / 1.00% | 9.82% | 5/17/2029 | 1049525 | 1040980 | 1041388 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Tires & Service Acquisition, LLC Incremental Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.50% / 0.00% | 9.81% | 5/17/2029 | 324735 | 320194 | 318872 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Tires & Service Acquisition, LLC Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.00% | 9.81% | 5/17/2029 | 290424 | 287996 | 285398 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Tires & Service Acquisition, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.50% / 1.00% | 9.82% | 5/17/2029 | 1702666 | 1702667 | 1691657 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Tires & Service Acquisition, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.50% / 1.00% | 9.82% | 5/17/2029 | 3197334 | 3197334 | 3176661 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transgo, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.75% / 2.00% | 10.08% | 12/29/2028 | 2145212 | 2118623 | 2123261 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transgo, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.75% / 2.00% | 10.08% | 12/29/2028 | 3145979 | 3117673 | 3113788 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transgo, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 2.00% | 0.50% | 12/29/2028 |  |  | (2232) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truck-Lite Co., LLC 2025 Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.75% / 0.00% | 10.06% | 2/13/2032 | 185578 | 176650 | 182794 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truck-Lite Co., LLC 2025 Replacement Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>5.75% / 0.00% | 5.75% | 2/13/2031 |  | (8118) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truck-Lite Co., LLC 2025 Replacement Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.75% / 0.00% | 10.06% | 2/13/2032 | 396234 | 391027 | 392271 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truck-Lite Co., LLC 2025 Replacement Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.75% / 0.75% | 10.06% | 2/13/2032 | 5683755 | 5626812 | 5626917 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truck-Lite Co., LLC Delayed Draw Term Loan A | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 0.75% | 1.00% | 2/13/2032 |  | (2934) | (3360) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truck-Lite Co., LLC Delayed Draw Term Loan B | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 0.75% | 1.00% | 2/13/2032 |  | (28145) | (26799) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truck-Lite Co., LLC Delayed Draw Term Loan C | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 0.75% | 1.00% | 2/13/2032 |  | (13206) | (13289) | 0.00% |
|  |  |  |  |  |  | $24625560 | $24499777 | 1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Automobile Manufacturers |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JHCC Holdings LLC 2021-A Incremental Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.55% | 9/9/2027 | $898337 | $894546 | $895924 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.55% | 9/9/2027 | 795147 | 789748 | 795147 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.25% / 1.00% | 9.55% | 9/9/2027 | 251235 | 249161 | 250964 | 0.02% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference Rate<br>Spread /Floor | Cash Interest<br>Rate / PIK<br>Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of<br>Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JHCC Holdings LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.55% | 9/9/2027 | 4014163 | 4006107 | 4003380 | 0.32% |
|  |  |  |  |  |  | $5939562 | $5945415 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Automotive Retail |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epika Fleet Services, Inc. Closing Date Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.25% / 0.75% | 9.55% | 4/17/2031 | $6000000 | $5956570 | $5955000 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epika Fleet Services, Inc. Closing Date Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 0.75% | 9.55% | 4/17/2031 | 3500769 | 3475429 | 3474513 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epika Fleet Services, Inc. Delayed Draw Term A Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.25% / 0.75% | 9.58% | 4/17/2031 | 2514909 | 2480740 | 2496048 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epika Fleet Services, Inc. Delayed Draw Term B Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.00% / 0.75% | 0.00% | 4/17/2031 |  | (20440) | (20958) | 0.00% |
|  |  |  |  |  |  | $11892299 | $11904603 | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Building Products |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AllMark Acquisition, LLC Initial Term Loan (AllMark Door) | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>5.50% / 1.00% | 9.80% | 5/4/2028 | $4898990 | $4871329 | $4850000 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arch Cutting Tools Corp. Initial Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>4.85% / 0.00% | 9.15% | 4/1/2026 | 4884485 | 4878681 | 4869105 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Big Top Holdings, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 3/1/2030 |  | (1406) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Big Top Holdings, LLC Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.50% / 1.00% | 9.80% | 3/1/2030 | 2419959 | 2373487 | 2342007 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenwood Operating Group, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.00% | 9.83% | 5/7/2031 | 9826171 | 9633723 | 9629647 | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenwood Operating Group, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 5/7/2031 |  | (38361) | (25430) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vybond Buyer, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 0.75% | 1.00% | 2/3/2032 |  | (16844) | (2820) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vybond Buyer, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 0.75% | 9.30% | 2/3/2032 | 9393224 | 9260262 | 9241274 | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vybond Buyer, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 0.75% | 0.50% | 2/3/2032 |  | (25153) | (2115) | 0.00% |
|  |  |  |  |  |  | $30935718 | $30901668 | 2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Commodity Chemicals |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>4.85% / 1.00% | 9.18% | 11/9/2027 | $4886650 | $4856383 | $4886650 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Communications Equipment |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owl Cyber Defense Solutions, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 9/11/2029 | $— | $(7957) | $— | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owl Cyber Defense Solutions, LLC Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.50% / 1.00% | 9.83% | 9/11/2029 | 686293 | 680631 | 677784 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owl Cyber Defense Solutions, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.00% | 9.83% | 9/11/2029 | 2311325 | 2270667 | 2282669 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owl Cyber Defense Solutions, LLC Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.50% / 1.00% | 9.83% | 9/11/2029 | 3382957 | 3354813 | 3341015 | 0.27% |
|  |  |  |  |  |  | $6298154 | $6301468 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Construction & Engineering |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.75% / 1.00% | 10.05% | 6/30/2030 | $1003414 | $986553 | $989520 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.75% / 1.00% | 10.05% | 6/30/2030 | 6310998 | 6240332 | 6226195 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.75% / 1.00% | 10.05% | 6/28/2030 | 6775851 | 6674786 | 6635914 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.75% / 1.00% | 10.05% | 12/7/2029 | 584787 | 583158 | 582063 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATI Restoration, LLC Second Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.65% / 0.75% | 9.93% | 7/31/2026 | 524325 | 522139 | 518517 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Best Roofing Services LLC Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.00% / 1.00% | 10.30% | 4/2/2029 | 5104478 | 5023920 | 4991543 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Best Roofing Services LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 4/2/2029 |  |  | (19813) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>5.75% / 1.00% | 10.27% | 5/11/2027 | 484686 | 482827 | 483466 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diverzify Intermediate LLC Second Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>6.01% / 1.00% | 10.29% | 5/11/2027 | 4402023 | 4384247 | 4383219 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eskola LLC Delayed Draw Term A Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.50% | 10.53% | 12/19/2029 | 2900255 | 2876383 | 2823379 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eskola LLC Delayed Draw Term B Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.50% | 1.00% | 12/19/2029 |  | (20717) | (105580) | -0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eskola LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.50% | 10.53% | 12/19/2029 | 8120713 | 8055097 | 8044558 | 0.64% |

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### June 30, 2025

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br>Spread/ Floor | Cash Interest<br>Rate /<br>PIK Rate | Maturity<br>Date | Outstanding<br>Principal | Amortized<br>Cost | Fair Value | Percentage<br>of<br>Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction & Engineering (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESP Associates, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.60% / 1.00% | 10.93% | 7/24/2028 | 1476535 | 1459695 | 1449478 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESP Associates, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>6.60% / 1.00% | 10.93% | 7/24/2028 | 3291646 | 3242102 | 3231329 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 10/7/2028 |  | (25582) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G-A-I Consultants, Inc. First Amendment Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.35% / 1.00% | 9.67% | 10/7/2028 | 2930921 | 2892204 | 2879354 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G-A-I Consultants, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>0.50% / 1.00% | 9.67% | 10/7/2028 | 434211 | 426625 | 434211 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HP RSS Buyer, Inc. Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.00% / 0.75% | 9.30% | 12/11/2029 | 675127 | 673340 | 670767 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 0.75% | 9.30% | 12/11/2029 | 434475 | 431837 | 434475 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 0.75% | 9.30% | 12/11/2029 | 144303 | 144303 | 144303 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kelso Industries LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>5.75% / 0.00% | 5.75% | 12/26/2029 |  | (59983) | 14067 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kelso Industries LLC Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.75% / 0.00% | 10.08% | 12/30/2029 | 1353319 | 1133520 | 1339786 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kelso Industries LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.75% / 0.00% | 10.08% | 12/30/2029 | 4021907 | 3986691 | 3981688 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kelso Industries LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.75% / 1.00% | 10.08% | 12/30/2029 | 3477987 | 3443813 | 3443208 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KENE Acquisition, Inc. Initial Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.53% | 2/7/2031 | 44247 | 43857 | 44247 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KENE Acquisition, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.53% | 2/7/2031 | 955724 | 955724 | 955724 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKD Electric, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>6.25% / 1.25% | 10.57% | 5/31/2029 | 885870 | 863035 | 885870 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKD Electric, LLC Sea-Tac Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.25% / 1.25% | 10.57% | 5/31/2029 | 2593500 | 2545353 | 2545841 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKD Electric, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.25% / 1.25% | 10.57% | 5/31/2029 | 8608583 | 8469346 | 8428580 | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKD Electric, LLC Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>6.25% / 1.25% | 10.57% | 5/31/2029 | 3391500 | 3331368 | 3320585 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOREgroup Holdings, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 1.00% | 9.57% | 1/16/2030 | 1160375 | 1146217 | 1142508 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOREgroup Holdings, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.25% / 1.00% | 9.57% | 1/16/2030 | 3283375 | 3241106 | 3232821 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSR Opco LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.75% / 1.50% | 10.03% | 3/15/2029 | 746667 | 725772 | 720843 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSR Opco LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.75% / 1.00% | 10.07% | 3/15/2029 | 1883795 | 1864961 | 1858425 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSR Opco LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.75% / 1.00% | 10.07% | 3/15/2029 | 3382872 | 3346634 | 3337313 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSR Opco LLC Revolving Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.75% / 1.00% | 10.05% | 3/15/2029 | 1600000 | 1600000 | 1581367 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PK Purchaser, LLC Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.29% | 9/19/2029 | 686293 | 680148 | 678718 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PK Purchaser, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.29% | 9/19/2029 | 8337000 | 8242113 | 8244984 | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PK Purchaser, LLC Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.00% / 1.00% | 9.29% | 9/19/2029 | 3382957 | 3351612 | 3345619 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puris LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.75% / 1.00% | 10.05% | 6/30/2031 | 4313368 | 4273953 | 4244213 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puris LLC Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.75% / 1.00% | 10.05% | 6/30/2031 | 3385888 | 3333732 | 3331604 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PVI Holdings, Inc. Last Out Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.05% / 1.00% | 9.32% | 1/18/2028 | 6824604 | 6816345 | 6824604 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RailPros Parent, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.00% / 0.75% | 0.00% | 5/24/2032 |  | (8055) | (8184) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RailPros Parent, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>4.50% / 0.75% | 8.83% | 5/24/2032 | 2659748 | 2633441 | 2633150 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RailPros Parent, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 0.75% | 0.50% | 5/24/2032 |  | (4032) | (4092) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RRA Corporate, LLC Delayed Draw Term Loan 2 | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.00% / 0.00% | 9.30% | 8/15/2029 | 19113 | 18679 | 19064 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RRA Corporate, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>0.50% / 1.00% | 9.55% | 8/15/2029 | 36282 | 35430 | 35634 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RRA Corporate, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 0.00% | 9.55% | 8/15/2029 | 3054223 | 3013854 | 3009217 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SuperHero Fire Protection, LLC Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.40% / 1.00% | 10.70% | 9/1/2026 | 5433947 | 5360338 | 5359939 | 0.43% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br>Spread/ Floor | Cash Interest<br>Rate /<br>PIK Rate | Maturity<br>Date | Outstanding<br>Principal | Amortized<br>Cost | Fair Value | Percentage<br>of<br>Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction & Engineering (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SuperHero Fire Protection, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>6.40% / 1.00% | 10.70% | 9/1/2026 | 410862 | 405125 | 404933 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USIC Holdings, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR + 5.50% / 0.75% | 9.83% | 9/10/2031 | 10484807 | 10438496 | 10430929 | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USIC Holdings, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR + 5.25% / 0.75% | 9.53% | 9/10/2031 | 613091 | 606442 | 606199 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USIC Holdings, Inc. Specified Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.50% / 0.75% | 9.83% | 9/10/2031 | 209904 | 209611 | 209904 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC Delayed Draw Term Loan C | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 0.75% | 9.56% | 5/6/2031 | 1813553 | 1790383 | 1813553 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC Delayed Draw Term Loan A | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.25% / 0.75% | 9.56% | 5/6/2031 | 506663 | 499321 | 506663 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC Delayed Draw Term Loan B | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>1.00% / 0.75% | 1.00% | 5/6/2031 |  | (4740) | (483) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC Delayed Draw Term Loan D | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.25% / 0.75% | 9.56% | 5/6/2031 | 370920 | 343833 | 368153 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC Delayed Draw Term Loan E | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 5/6/2031 |  | (13425) | (1383) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.25% / 0.75% | 9.55% | 5/6/2030 | 224561 | 218835 | 224259 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 0.75% | 9.55% | 5/6/2031 | 1070267 | 1056226 | 1053287 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.25% / 0.75% | 9.55% | 5/6/2031 | 3283417 | 3239668 | 3231326 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Companies, Inc., The Delayed Draw Term Loan-B | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 8/31/2028 |  | (9941) | (2769) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Companies, Inc., The Fourth Amendment Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 8/31/2028 |  | (19581) | (1385) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Companies, Inc., Term Loan D | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.31% | 8/31/2028 | 6846949 | 6792225 | 6774321 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Service Partners, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.00% / 0.75% | 10.30% | 11/8/2030 | 318674 | 318674 | 318392 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Service Partners, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>6.00% / 0.75% | 10.30% | 11/8/2030 | 3283387 | 3283387 | 3280481 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.25% / 1.00% | 9.55% | 11/8/2030 | 865394 | 842059 | 684419 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Service Partners, LLC Revolving Facility | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>6.00% / 0.75% | 10.32% | 11/8/2030 | 326419 | 325520 | 326033 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Service Partners, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.00% / 0.75% | 10.30% | 11/8/2030 | 1872294 | 1853092 | 1872294 | 0.15% |
|  |  |  |  |  |  | $151613431 | $151443367 | 12.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Construction Materials |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Javelin Acquisition Vehicle, LLC Last Out Term Loan (Lindsay Precast) | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br>5.02% / 1.00% | 9.77% | 11/3/2026 | $870139 | $870139 | $848750 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Javelin Acquisition Vehicle, LLC Last Out Term Loan (Lindsay Precast) | (1)(2)(3)(4)(5)(7)(13) | 1M SOFR +<br>5.02% / 1.00% | 9.77% | 11/3/2026 | 747912 | 747912 | 729528 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Javelin Acquisition Vehicle, LLC Second Amendment Incremental Term Loan (Lindsay Precast) | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.03% / 1.00% | 9.36% | 11/3/2026 | 38631 | 38281 | 38631 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Javelin Acquisition Vehicle, LLC Second Amendment Incremental Term Loan (Lindsay Precast) | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.03% / 1.00% | 9.36% | 11/3/2026 | 2478958 | 2440666 | 2478958 | 0.20% |
|  |  |  |  |  |  | $4096998 | $4095867 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Consumer Electronics |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lakewood Acquisition Corporation Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 0.00% | 9.78% | 1/24/2030 | $10155634 | $9981748 | $9946602 | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lakewood Acquisition Corporation Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.50% / 0.00% | 9.78% | 1/24/2030 | 323944 | 276307 | 318390 | 0.03% |
|  |  |  |  |  |  | $10258055 | $10264992 | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Consumer Finance |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLGF Holdco 2, LLC Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>12.50% /0.00% | 12.50% | 4/23/2030 | $6670000 | $6572685 | $6569950 | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Data Processing & Outsourced Services |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penncomp, LLC Delayed Draw Term Loan A | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.00% / 0.75% | 9.33% | 10/17/2028 | $2394076 | $2353092 | $2392953 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penncomp, LLC Delayed Draw Term Loan B | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 0.75% | 1.00% | 4/17/2030 |  | (3650) | (3966) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penncomp, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 0.75% | 0.50% | 10/17/2028 |  | (213) | (264) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penncomp, LLC Term Loan A | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.00% / 1.50% | 9.33% | 10/17/2028 | 2542024 | 2501734 | 2544566 | 0.20% |
|  |  |  |  |  |  | $4850963 | $4933289 | 0.39% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br>Spread/ Floor | Cash Interest<br>Rate /<br>PIK Rate | Maturity<br>Date | Outstanding<br>Principal | Amortized<br>Cost | Fair Value | Percentage<br>of<br>Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPM Purchaser, Inc. Delayed Draw Term Loan B | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>6.36% / 2.00% | 10.69% | 9/11/2028 | $546652 | $528587 $| 518472 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPM Purchaser, Inc. Effective Date Term Loan B | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br>6.36% / 2.00% | 10.69% | 9/11/2028 | 576530 | 557965 | 565707 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPM Purchaser, Inc. Effective Date Term Loan B | (1)(2)(3)(4)(5)(7)(13) | 1M SOFR +<br>6.36% / 2.00% | 10.69% | 9/11/2028 | 3283291 | 3225735 | 3221653 | 0.26% |
|  |  |  |  |  |  | $4312287 | $4305832 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Diversified Capital Markets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GC Waves Holdings, Inc. 2024 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>0.50% / 0.00% | 9.18% | 10/4/2030 | $2778460 | $2743858 | $2827393 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opta Inc. 2024 Incremental Delayed Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>7.01% / 1.50% | 11.29% | 11/9/2028 | $1736875 | $1684656 | 1736875 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opta Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>7.01% / 1.50% | 11.31% | 11/8/2028 | 3512172 | 3485437 | 3473593 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opta Inc. Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>7.01% / 1.50% | 11.31% | 11/8/2028 | 3382828 | 3354398 | 3345671 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V Global Holdings LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.90% / 0.75% | 10.20% | 12/22/2027 | 4898990 | 4889166 | 4687227 | 0.37% |
|  |  |  |  |  |  | $13413657 | $13243366 | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Diversified Metals & Mining |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Oak Buyer, Inc. 2025 Refinancing Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 5/16/2031 | $— | $(10121) | $(10204) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Oak Buyer, Inc. 2025 Refinancing Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>6.00% / 1.00% | 9.31% | 5/16/2031 | 6000000 | 5970362 | 5970000 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Oak Buyer, Inc. 2025 Refinancing Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.00% / 1.00% | 9.31% | 5/16/2031 | 3523944 | 3506536 | 3506324 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 5/16/2031 |  | (11204) | (11338) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 5/16/2031 |  | (11203) | (11338) | 0.00% |
|  |  |  |  |  |  | $9444370 | $9443444 | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Diversified Support Services |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>6.25% / 1.00% | 10.54% | 8/6/2029 | $900000 | $857888 | 895233 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accent Building Materials Holdings LLC Term Loan B | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.25% / 1.00% | 10.56% | 8/6/2029 | 628571 | 586687 | 618071 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accent Building Materials Holdings LLC Term Loan B | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>6.25% / 1.00% | 10.56% | 8/6/2029 | 3300000 | 3240832 | 3244874 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIDC IntermediateCo. 2, LLC Initial Term Loan (Peak Technologies) | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.50% / 1.00% | 9.83% | 7/22/2027 | 2856347 | 2851551 | 2856347 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIDC IntermediateCo. 2, LLC Initial Term Loan (Peak Technologies) | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.50% / 1.00% | 9.83% | 7/22/2027 | 3283163 | 3281067 | 3283163 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certified Collision Group Acquisition Corp. Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.30% | 5/17/2027 | 172778 | 172778 | 171460 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certified Collision Group Acquisition Corp. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.30% | 5/17/2027 | 2066333 | 2049563 | 2050566 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMG HoldCo, LLC Delayed Draw Loan (Crete Mechanical Group) | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>4.75% / 1.00% | 8.88% | 11/19/2030 | 693815 | 683252 | 693815 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESCP DTFS INC. Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.50% / 1.00% | 9.80% | 9/28/2029 | 785791 | 781005 | 779299 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESCP DTFS INC. Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.50% / 1.00% | 9.80% | 9/28/2029 | 6203125 | 6165338 | 6151874 | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESCP DTFS INC. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.00% | 9.80% | 9/28/2029 | 2133875 | 2104788 | 2116245 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESCP DTFS INC. Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.50% / 1.00% | 9.80% | 9/28/2029 | 3283459 | 3260493 | 3256330 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FLS Holding, Inc. Term B Loan (FLS Transportation Services) | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.40% / 1.00% | 9.68% | 12/15/2028 | 4899498 | 4856819 | 4483040 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMG Suite Holdings, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.50% / 1.00% | 9.36% | 10/30/2026 | 850459 | 846368 | 843934 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMG Suite Holdings, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.10% / 1.00% | 9.36% | 10/30/2026 | 396983 | 395205 | 393532 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMG Suite Holdings, LLC Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.10% / 1.00% | 9.36% | 10/30/2026 | 3300000 | 3274309 | 3271313 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMG Suite Holdings, LLC Revolving Credit | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>0.38% / 1.00% | 0.38% | 10/30/2026 |  | (2085) | (3355) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrated Power Services Holdings, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>4.61% / 1.00% | 8.94% | 11/22/2028 | 6202889 | 6179723 | 6140861 | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrated Power Services Holdings, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>4.61% / 1.00% | 8.94% | 11/22/2028 | 6202889 | 6179723 | 6140861 | 0.49% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br>Spread/ Floor | Cash Interest<br>Rate /<br>PIK Rate | Maturity<br>Date | Outstanding<br>Principal | Amortized<br>Cost | Fair Value | Percentage<br>of<br>Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified Support Services (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrimeFlight Acquisition, LLC Amendment No. 5 Additional Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 1.00% | 9.52% | 5/1/2029 | 1289296 | 1283933 | 1282065 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrimeFlight Acquisition, LLC Amendment No.4 Additional Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.55% | 5/1/2029 | 632558 | 629014 | 622068 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primeflight Acquisition, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.50% / 1.00% | 9.78% | 5/1/2029 | 3586600 | 3562283 | 3547871 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primeflight Acquisition, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.50% / 1.00% | 9.78% | 5/1/2029 | 3283249 | 3256299 | 3247795 | 0.26% |
| &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 Delayed Draw Term Loan 6th Amendment | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 6/26/2031 |  | (1405) | (1409) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TL Voltron Purchaser, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.25% / 0.00% | 9.58% | 12/31/2030 | 1988059 | 1951494 | 1946815 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TL Voltron Purchaser, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 0.00% | 9.58% | 12/31/2030 | 9701250 | 9522818 | 9499986 | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TL Voltron Purchaser, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.25% / 0.00% | 9.58% | 12/31/2030 | 3233750 | 3175293 | 3166662 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visu-Sewer, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>6.00% / 1.00% | 10.00% | 11/8/2029 | 4925000 | 4872845 | 4898000 | 0.39% |
| &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 | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>6.18% / 1.00% | 10.34% | 4/22/2030 | 2967834 | 2935236 | 2949084 | 0.24% |
| &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 Initial Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>6.30% / 1.00% | 10.47% | 4/22/2030 | 4878749 | 4848759 | 4805809 | 0.38% |
| &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 Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>0.50% / 1.00% | 10.32% | 4/22/2030 | 147576 | 142841 | 142826 | 0.01% |
| &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 Seventh Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 4/22/2030 |  | (34464) | (34596) | 0.00% |
| &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 Seventh Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.86% / 1.00% | 10.18% | 4/22/2030 | 2307486 | 2284447 | 2284411 | 0.18% |
|  |  |  |  |  |  | $86194697 | $85744850 | 6.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Drug Retail |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puma Buyer, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>4.25% / 0.50% | 8.55% | 3/29/2032 | $13863889 | $13759935 | $13727280 | 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puma Buyer, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.38% / 0.50% | 0.38% | 3/29/2032 |  | (16295) | (5308) | 0.00% |
|  |  |  |  |  |  | $13743640 | $13721972 | 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Education Services |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cambium Learning Group, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.60% / 0.75% | 9.87% | 7/20/2028 | 5882874 | 5841792 | 5882874 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Electrical Components & Equipment |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C3 AcquisitionCo, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.75% / 1.50% | 10.08% | 11/26/2030 | $918292 | $883089 $| 916205 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C3 AcquisitionCo, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.75% / 1.50% | 10.08% | 11/26/2030 | 7827673 | 7740928 | 7723127 | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C3 AcquisitionCo, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>0.50% / 1.50% | 10.08% | 11/26/2030 | 423608 | 413354 | 422825 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventus Power, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>7.61% / 1.00% | 11.93% | 6/30/2026 | 59322 | 55550 | 55763 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventus Power, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>7.61% / 1.00% | 11.94% | 6/30/2026 | 3080750 | 3042510 | 3049942 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Lighting Group, LLC Closing Date Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.53% | 11/4/2030 | 6796330 | 6739743 | 6722457 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Lighting Group, LLC Closing Date Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 1.00% | 9.53% | 11/4/2030 | 1996963 | 1980336 | 1975257 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Lighting Group, LLC Closing Date Initial Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.25% / 1.00% | 9.53% | 11/4/2030 | 3203984 | 3176582 | 3169158 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Lighting Group, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 11/4/2030 |  | (14681) | (1300) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Buyer, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 0.75% | 0.50% | 10/15/2031 |  | (16835) | (670) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Buyer, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.25% / 0.75% | 9.57% | 10/15/2031 | 1536031 | 1510579 | 1511617 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Buyer, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 0.75% | 9.57% | 10/15/2031 | 1399219 | 1379973 | 1376979 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Buyer, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.25% / 0.75% | 9.57% | 10/15/2031 | 3283500 | 3238450 | 3231310 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Buyer, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.25% / 0.75% | 9.58% | 10/15/2031 | 125000 | 108087 | 124665 | 0.01% |
|  |  |  |  |  |  | $30237665 | $30277335 | 2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Electronic Equipment & Instruments |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, LLC Fourth Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 0.75% | 1.00% | 7/20/2029 | $— | $(6050) | $— | 0.00% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br>Spread/ Floor | Cash Interest<br>Rate /<br>PIK Rate | Maturity<br>Date | Outstanding<br>Principal | Amortized<br>Cost | Fair Value | Percentage<br>of<br>Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronic Equipment & Instruments (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronic Equipment & Instruments (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, LLC Fourth Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>4.75% / 0.75% | 9.05 | 7/20/2029 | 10834444 | 10742412 | 10726665 | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>4.75% / 0.75% | 11.25 | 7/20/2029 | 234604 | 219911 | 234604 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REE Holdings III Corp. Term Loan (Rees Scientific Corporation) | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>5.25% / 1.00% | 9.50 | 11/4/2028 | 4671424 | 4625487 | 4671424 | 0.37% |
|  |  |  |  |  |  | $15581760 | $15632693 | 1.24% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEP Passion Intermediate Holdings, Inc. 2023 Incremental Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>8.55% / 1.00% | 12.88<br> 1.90 | 10/5/2027 | $155445 | $155431 $| 146430 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.65% / 1.00% | 10.98<br> 1.90 | 10/5/2027 | 2608374 | 2590356 | 2457088 | 0.20% |
|  |  |  |  |  |  | $2745787 | $2603518 | 0.21% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVW WV Buyer, Inc. Fourth Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.75% / 1.00% | 10.05 | 3/17/2027 | $167513 | $167513 | $167424 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVW WV Buyer, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.75% / 1.00% | 10.05 | 3/17/2027 | 3983870 | 3980101 | 3983870 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVW WV Buyer, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.75% / 1.00% | 10.05 | 3/17/2027 | 3382666 | 3351007 | 3382666 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CARDS Acquisition, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>6.00% / 1.00% | 10.33 | 8/12/2029 | 543478 | 500522 | 241848 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CARDS Acquisition, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>0.50% / 1.00% | 12.50 | 8/12/2029 | 1281287 | 1267096 | 1180744 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CARDS Acquisition, Inc. Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>6.00% / 1.00% | 10.30 | 8/12/2029 | 686293 | 679045 | 635507 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CARDS Acquisition, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.00% / 1.00% | 10.30 | 8/12/2029 | 2942978 | 2896841 | 2725198 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CARDS Acquisition, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>6.00% / 1.00% | 10.30 | 8/12/2029 | 3382957 | 3345112 | 3132619 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creative Multicare, LLC Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>5.25% / 1.00% | 9.53 | 3/27/2030 | 4937500 | 4889489 | 4875092 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEF Safety Ultimate Holdings, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.25% / 1.00% | 9.42 | 11/19/2029 | 389897 | 374055 | 381602 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEF Safety Ultimate Holdings, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 1.00% | 9.42 | 11/19/2029 | 2566740 | 2526604 | 2484971 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O6 Environmental, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.15% / 1.00% | 10.42 | 6/30/2027 | 1042834 | 1041821 | 1042834 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O6 Environmental, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.15% / 1.00% | 10.47 | 6/30/2027 | 1767537 | 1750206 | 1748846 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rotolo Consultants, Inc. Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.75% / 1.00% | 10.05 | 12/20/2026 | 3128588 | 3084170 | 3115427 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rotolo Consultants, Inc. Delayed Draw Term Loan (2025) | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>1.00% / 1.00% | 10.05 | 1/31/2031 | 492067 | 490508 | 492067 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vortex Companies, LLC Term Loan Delayed Draw Incremental | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.00% / 1.00% | 9.33 | 12/31/2032 | 2917485 | 2888299 | 2915701 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vortex Companies, LLC Term Loan Incremental | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.00% / 1.00% | 9.33 | 12/31/2032 | 3012941 | 2982859 | 2978113 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.00% / 1.00% | 11.50 | 9/4/2029 | 4983550 | 4949402 | 4980628 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vortex Companies, LLC Amendment No. 4 Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.33 | 9/4/2029 | 2238750 | 2224709 | 2220639 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vortex Companies, LLC Delayed Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 0.00% | 1.00 | 5/7/2032 |  | (2918) | (2953) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vortex Companies, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>4.00% / 1.00% | 11.50 | 9/4/2029 | 138257 | 133309 | 137817 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vortex Companies, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 0.00% | 9.33 | 5/7/2032 | 1309219 | 1299736 | 1299400 | 0.10% |
|  |  |  |  |  |  | $44819486 | $44120060 | 3.52% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costanzo's Bakery, LLC Delayed Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.50% / 1.00% | 9.80 | 6/18/2027 | $445094 | $442336 | $444668 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costanzo's Bakery, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.00% | 9.80 | 6/18/2027 | 2943916 | 2922452 | 2917282 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.60% / 1.00% | 9.93 | 8/1/2030 | 120221 | 94125 | 95037 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heritage Foodservice Investment, LLC First Amendment Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.60% / 1.00% | 9.86 | 8/1/2030 | 674596 | 667422 | 663649 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heritage Foodservice Investment, LLC First Amendment Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.60% / 1.00% | 9.86 | 8/1/2030 | 595862 | 587768 | 586192 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heritage Foodservice Investment, LLC First Amendment Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.60% / 1.00% | 9.86 | 8/1/2030 | 3382915 | 3344783 | 3328017 | 0.26% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br>Spread/ Floor | Cash Interest<br>Rate /<br>PIK Rate | Maturity<br>Date | Outstanding<br>Principal | Amortized<br>Cost | Fair Value | Percentage<br>of<br>Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food Distributors (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food Distributors (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heritage Foodservice Investment, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>0.50% / 1.00% | 9.87% | 8/1/2030 | 100435 | 94026 | 97287 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recipe Acquisition Corp. Delayed Draw Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>4.75% / 1.00% | 9.06% | 7/31/2031 | 142022 | 141325 | 108850 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recipe Acquisition Corp. Revolving Credit | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>4.75% / 1.00% | 9.05% | 7/31/2031 | 380468 | 376592 | 361584 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recipe Acquisition Corp. Term Loan (First Lien) | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>4.75% / 1.00% | 9.05% | 7/31/2031 | 4315436 | 4297061 | 4277555 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recipe Acquisition Corp. Term Loan (First Lien) | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>4.75% / 1.00% | 9.05% | 7/31/2031 | 3382957 | 3368574 | 3353262 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rushmore Investment III LLC Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.32% | 10/18/2030 | 3969849 | 3935533 | 3929764 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rushmore Investment III LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.32% | 10/18/2030 | 8394991 | 8248567 | 8310222 | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunset Distributing, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 5/30/2030 |  | (28328) | (28615) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunset Distributing, LLC Term Loan A | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.75% / 1.00% | 10.05% | 5/30/2030 | 3732381 | 3658353 | 3657734 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunset Distributing, LLC Term Loan A | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.75% / 1.00% | 10.05% | 5/30/2030 | 3732381 | 3658353 | 3657734 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZB Holdco LLC 2023-1 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.90% / 1.00% | 10.17% | 2/9/2028 | 193009 | 190184 | 190002 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZB Holdco LLC 2023-1 Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.90% / 1.00% | 10.20% | 2/9/2028 | 153469 | 151285 | 149307 | 0.01% |
|  |  |  |  |  |  | $36150411 | $36099531 | 2.88% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP Global Holdings, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.25% / 1.00% | 9.53% | 7/31/2029 | $1526019 | $1509039 | $1526019 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP Global Holdings, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 1.00% | 9.53% | 7/31/2029 | 1878076 | 1862754 | 1859135 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP Global Holdings, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.25% / 1.00% | 9.53% | 7/31/2029 | 3283459 | 3255625 | 3250345 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP Global Holdings, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>0.50% / 1.00% | 11.75% | 7/31/2029 | 452221 | 446948 | 452221 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEC Purchaser Corp. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 6/17/2029 |  | (9404) | (1305) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEC Purchaser Corp. Term Loan A | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.00% | 9.72% | 6/17/2029 | 8384063 | 8277524 | 8370057 | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDC Infusion Services, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>6.00% / 1.00% | 10.30% | 7/7/2028 | 5969925 | 5915995 | 5907894 | 0.47% |
|  |  |  |  |  |  | $21258481 | $21364366 | 1.70% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artivion, Inc. Closing Date Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.50% / 2.00% | 10.55% | 1/18/2030 | $1059457 | $1057993 | $1059457 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artivion, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>1.00% / 2.00% | 1.00% | 1/18/2030 |  | (157) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blades Buyer, Inc. Term A Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>5.10% / 1.00% | 9.43% | 3/28/2028 | 4898990 | 4889257 | 4898990 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br>5.85% / 1.00% | 10.18% | 6/10/2027 | 1628109 | 1627782 | 1628109 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(13) | 1M SOFR +<br>5.85% / 1.00% | 10.18% | 6/10/2027 | 3283287 | 3283287 | 3283287 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.85% / 1.00% | 10.18% | 6/10/2027 | 3890085 | 3810624 | 3890085 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Science Intermediate Holdings, LLC Revolving Dollar Loan (2025) | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.85% / 1.00% | 10.17% | 6/10/2027 | 415621 | 399011 | 407315 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Device Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.35% / 1.00% | 9.65% | 7/11/2029 | 1480345 | 1458030 | 1459158 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Device Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.35% / 1.00% | 9.65% | 7/11/2029 | 3283291 | 3217626 | 3236299 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Device Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>6.50% / 1.00% | 6.50% | 7/11/2029 |  |  | (21601) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Device Inc. Second Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.35% / 1.00% | 9.65% | 7/11/2029 | 1462626 | 1446138 | 1443876 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par Excellence Holdings, Inc. Term B-1 Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.31% | 9/3/2030 | 11468951 | 11302593 | 11298030 | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pediatric Home Respiratory Services, LLC Delayed Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 12/23/2030 |  | (2844) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pediatric Home Respiratory Services, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.50% / 1.00% | 9.75% | 12/23/2030 | 6156237 | 6140854 | 6062756 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pediatric Home Respiratory Services, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.00% | 9.75% | 12/23/2030 | 2764737 | 2757829 | 2722755 | 0.22% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br>Spread/ Floor | Cash Interest<br>Rate /<br>PIK Rate | Maturity<br>Date | Outstanding<br>Principal | Amortized<br>Cost | Fair Value | Percentage<br>of<br>Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Equipment (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Equipment (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pediatric Home Respiratory Services, LLC Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.50% / 1.00% | 9.75% | 12/23/2030 | 3391500 | 3343105 | 3340001 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pediatric Home Respiratory Services, LLC Revolving Credit | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.50% / 1.00% | 9.75% | 12/23/2030 | 483000 | 479868 | 483000 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.00% / 0.75% | 9.13% | 2/2/2032 | 14594902 | 14387518 | 14372203 | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SunMed Group Holdings, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.60% / 0.75% | 9.88% | 6/16/2028 | 1615273 | 1589652 | 1574995 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SunMed Group Holdings, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.60% / 0.75% | 9.88% | 6/16/2028 | 3282946 | 3212089 | 3201083 | 0.26% |
|  |  |  |  |  |  | $64400255 | $64339798 | 5.13% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAH Topco, LLC Class C Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 0.75% | 1.00% | 3/31/2031 | $— | $(27780) | $(24398) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitol Imaging Acquisition Corp. Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.53% | 1/3/2030 | 6391342 | 6335174 | 6367572 | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitol Imaging Acquisition Corp. Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 1.00% | 9.53% | 1/3/2030 | 6391342 | 6335174 | 6367572 | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitol Imaging Acquisition Corp. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.25% / 1.00% | 9.51% | 1/3/2030 | 1819521 | 1800900 | 1819521 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitol Imaging Acquisition Corp. Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>0.50% / 1.00% | 9.51% | 1/3/2030 | 220548 | 213081 | 220548 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community Care Partners, LLC Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br>6.11% / 1.00% | 10.44% | 6/10/2026 | 1962288 | 1955990 | 1934703 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPC Pain Acquisition, LLC Delayed Draw Tem Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.61% / 1.00% | 9.94% | 5/19/2027 | 2660633 | 2639269 | 2659353 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Mgmt Company, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.85% / 0.75% | 10.11% | 7/3/2028 | 788330 | 788428 | 788330 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Mgmt Company, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.85% / 0.75% | 10.13% | 7/3/2028 | 1553020 | 1538342 | 1538306 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(12) | 3M SOFR +<br>5.85% / 0.75% | 10.15% | 7/3/2028 | 151951 | 150918 | 151951 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.60% / 0.75% | 9.93% | 7/3/2028 | 745630 | 740525 | 745605 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 0.75% | 1.00% | 7/3/2028 |  |  | (41) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.50% / 1.00% | 9.80% | 3/27/2028 | 474741 | 461124 | 474741 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.00% | 9.80% | 3/27/2028 | 2475000 | 2446177 | 2428805 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TVG Shelby Buyer, Inc. Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 3/27/2028 |  | (2721) |  | 0.00% |
|  |  |  |  |  |  | $25374601 | $25472568 | 2.03% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Medical Management, LLC Amendment No. 8 Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.15% / 1.00% | 10.41% | 6/18/2028 | $7938689 | $7831231 | $7817966 | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Medical Management, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.15% / 1.00% | 10.45% | 12/18/2026 | 3301879 | 3235159 | 3227641 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Medical Management, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>6.15% / 1.00% | 10.45% | 12/18/2026 | 3283500 | 3225721 | 3209675 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Medical Management, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 12/18/2026 |  | (25309) | (30789) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Dental Partners, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.30% | 10/29/2030 | 1923239 | 1913855 | 1899736 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Dental Partners, LLC Revolving Credit | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 10/29/2030 |  | (1906) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Dental Partners, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.28% | 10/29/2030 | 8537742 | 8521655 | 8526962 | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCDI Rodeo Dental Buyer, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.40% / 1.00% | 9.73% | 12/31/2026 | 1249787 | 1243802 | 1243845 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCDI Rodeo Dental Buyer, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.40% / 1.00% | 9.73% | 12/31/2026 | 5610269 | 5583402 | 5583598 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCDI Rodeo Dental Buyer, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.15% / 1.00% | 9.41% | 12/31/2026 | 1163562 | 1151475 | 1151841 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.40% / 1.00% | 9.73% | 12/31/2025 | 121454 | 121342 | 120877 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.50% / 1.00% | 9.80% | 12/14/2026 | 3846546 | 3828977 | 3846546 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCHN Holdings, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 0.75% | 9.83% | 4/1/2030 | 2655704 | 2611678 | 2655042 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCHN Holdings, LLC Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.50% / 0.75% | 9.83% | 4/1/2030 | 3283459 | 3283459 | 3282640 | 0.26% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br>Spread / Floor | Cash Interest<br>Rate /<br>PIK Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of<br>Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Services (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Services (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVAUSA Management, LLC Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.25% / 1.00% | 9.58% | 5/22/2029 | 1524462 | 1497570 | 1509875 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVAUSA Management, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.58% | 5/22/2029 | 2955644 | 2910797 | 2927361 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVAUSA Management, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 1.00% | 9.58% | 5/22/2029 | 2961578 | 2949462 | 2933239 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVAUSA Management, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>4.75% / 1.00% | 4.75% | 5/22/2028 |  | (1503) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dentive, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.75% / 0.75% | 11.05% | 12/22/2028 | 2231831 | 2207431 | 2207093 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dentive, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.75% / 0.75% | 11.05% | 12/22/2028 | 1225119 | 1216883 | 1209565 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dentive, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>6.75% / 0.75% | 11.05% | 12/22/2028 | 3267385 | 3230214 | 3225902 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dentive, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>6.75% / 0.75% | 11.01% | 12/22/2028 | 622216 | 614905 | 622216 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DermCare Management, LLC Fourth Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.85% / 1.00% | 10.18% | 4/21/2028 | 7942716 | 7885708 | 7942716 | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DermCare Management, LLC Fourth Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.85% / 1.00% | 10.18% | 4/21/2028 | 3186230 | 3186230 | 3186230 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DermCare Management, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.85% / 1.00% | 10.18% | 4/21/2028 | 4473343 | 4473343 | 4473343 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DermCare Management, LLC Revolving Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.85% / 1.00% | 10.18% | 4/21/2028 | 358523 | 358523 | 358523 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevate HD Parent, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br>6.10% / 1.00% | 10.43% | 8/20/2029 | 1629209 | 1604813 | 1596374 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevate HD Parent, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(13) | 1M SOFR +<br>6.10% / 1.00% | 10.43% | 8/20/2029 | 3283291 | 3224840 | 3217121 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.75% / 1.00% | 10.08% | 5/10/2030 | 2084861 | 2057769 | 2057080 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% /1.00% | 0.50% | 5/10/2030 |  | (1019) | (389) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fort B.V. 2024 Term Loan | (1)(2)(3)(4)(5)(7) | 6M SOFR +<br>6.00% / 0.00% | 10.25% | 5/3/2029 | 2700000 | 2678465 | 2674214 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fort B.V. 2024 Term Loan | (1)(2)(3)(4)(5)(7)(13) | 6M SOFR +<br>6.00% / 0.00% | 10.25% | 5/3/2029 | 3300000 | 3269936 | 3268484 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 5/13/2030 |  |  | (3682) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gen4 Dental Partners OPCO, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.75% / 1.00% | 10.06% | 5/13/2030 | 2373726 | 2354566 | 2350055 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gen4 Dental Partners OPCO, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.75% / 1.00% | 10.06% | 5/13/2030 | 3283417 | 3254953 | 3250674 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gen4 Dental Partners OPCO, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 5/13/2030 |  |  | (2860) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hardenbergh Group, Inc., The Second Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.60% / 2.00% | 10.90% | 8/7/2028 | 7048109 | 6983041 | 6978794 | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houseworks Holdings, LLC Fourth Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 12/15/2028 |  | 2087 | (12771) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houseworks Holdings, LLC Fourth Amendment Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 1.00% | 9.50% | 12/15/2028 | 1612991 | 1586059 | 1580615 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houseworks Holdings, LLC Fourth Amendment Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.25% / 1.00% | 9.50% | 12/15/2028 | 3283417 | 3226259 | 3217514 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houseworks Holdings, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.50% | 12/15/2028 | 1511741 | 1504421 | 1494176 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houseworks Holdings, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.50% | 12/15/2028 | 2456250 | 2365517 | 2371665 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KabaFusion Parent LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.00% / 0.75% | 9.30% | 11/24/2031 | 5685809 | 5661236 | 5663627 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KabaFusion Parent LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 0.75% | 9.30% | 11/24/2031 | 5685809 | 5661236 | 5663627 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KabaFusion Parent LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 0.75% | 0.50% | 11/24/2031 |  | (6491) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MB2 Dental Solutions, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 0.75% | 9.83% | 2/13/2031 | 4258383 | 4225917 | 4232690 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MB2 Dental Solutions, LLC Revolving Commitment | (1)(2)(3)(4)(5)(6)(7)(8)(12) | 3M SOFR +<br>0.50% / 0.75% | 0.50% | 2/13/2031 |  | (2412) | (2561) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.50% / 0.75% | 9.82% | 2/13/2031 | 530211 | 527674 | 530211 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 0.75% | 9.83% | 2/13/2031 | 616624 | 612879 | 611336 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medina Health, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.25% / 1.00% | 10.55% | 10/20/2028 | 3016555 | 2972351 | 2968126 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medina Health, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 10/20/2028 |  | (5287) |  | 0.00% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br>Spread / Floor | Cash Interest<br>Rate /<br>PIK Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of<br>Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Services (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Services (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medrina, LLC Initial Term Loan Facility | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.00% / 1.00% | 10.13% | 10/20/2029 | 384220 | 376490 | 378025 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medrina, LLC Initial Term Loan Facility | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>6.00% / 1.00% | 10.13% | 10/20/2029 | 3283333 | 3208624 | 3230393 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medrina, LLC Initial Delayed Draw Term Loan Facility | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.00% / 1.00% | 10.25% | 10/20/2029 | 615479 | 603486 | 615479 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medrina, LLC Revolving Facility | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 10/20/2029 |  | (9638) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NORA Acquisition, LLC Revolving Credit | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>6.35% / 1.00% | 10.65% | 8/31/2029 | 58333 | 51071 | 54205 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NORA Acquisition, LLC Term Loan A | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.35% / 1.00% | 10.65% | 8/31/2029 | 3056188 | 2994450 | 3001176 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.10% / 1.00% | 9.31% | 10/29/2027 | 334757 | 316998 | 334283 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven USHC Acquisition, Inc. Fourth Amendment Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.10% / 1.00% | 9.38% | 10/29/2027 | 2672445 | 2656954 | 2663145 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OIA Acquisition, LLC Effective Date Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>5.60% / 1.00% | 9.82% | 10/19/2027 | 4653807 | 4630826 | 4653807 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Point Quest Acquisition, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.40% / 1.00% | 9.72% | 8/14/2028 | 615705 | 607956 | 603333 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Point Quest Acquisition, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.00% | 9.63% | 8/14/2028 | 4786884 | 4728140 | 4690591 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Point Quest Acquisition, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.40% / 1.00% | 9.68% | 8/14/2028 | 812107 | 799062 | 803480 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Point Quest Acquisition, LLC Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>1.00% / 1.00% | 9.73% | 11/14/2031 | 4681780 | 4618249 | 4647200 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premise Health Holding Corp. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 0.75% | 9.55% | 3/3/2031 | 1531141 | 1520934 | 1531141 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTSH Intermediate Holdings, LLC 2024 Second Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.65% / 0.75% | 9.95% | 12/17/2027 | 11607935 | 11455828 | 11452955 | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBFD Buyer, LLC Initial Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.31% | 10/31/2030 | 235071 | 227780 | 227974 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBFD Buyer, LLC Revolving Credit | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 10/31/2030 |  | (3276) | (3528) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBFD Buyer, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.33% | 10/31/2030 | 2765265 | 2733984 | 2730936 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rcp Nats Purchaser, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.75% / 0.00% | 0.75% | 3/19/2032 |  | (2474) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rcp Nats Purchaser, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 0.00% | 9.32% | 3/19/2032 | 10304727 | 10227645 | 10230237 | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rcp Nats Purchaser, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 0.00% | 0.50% | 3/19/2032 |  | (10448) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RCP TCT, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(11) | 1M SOFR +<br>5.01% / 1.00% | 9.34% | 12/31/2027 | 3783051 | 3767285 | 3745221 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective, LLC 2024 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.85% / 1.00% | 11.18% | 2/15/2028 | 1517769 | 1517769 | 1517769 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective, LLC Columbia Acquisition Revolving Credit | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>6.75% / 1.00% | 11.18% | 2/15/2028 | 130491 | 130491 | 130491 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.85% / 1.00% | 11.18% | 2/15/2028 | 1635438 | 1625078 | 1635438 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>6.85% / 1.00% | 11.18% | 2/15/2028 | 3283312 | 3228220 | 3283312 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective 11th Amendment Inc Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.75% / 1.00% | 11.18% | 2/15/2028 | 435378 | 435378 | 435378 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective 13th Amendment Inc Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.85% / 1.00% | 11.18% | 2/15/2028 | 30030 | 30030 | 30030 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective 15th Amendment Inc Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.85% / 1.00% | 11.18% | 2/15/2028 | 21018 | 21018 | 21018 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective District Acq. Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.85% / 1.00% | 11.18% | 2/15/2028 | 103060 | 103060 | 103060 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective Eighth Amendment Inc Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>11.18% /1.00% | 11.18% | 2/15/2028 | 868545 | 868545 | 868545 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective First Amendment Inc Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>11.18% /1.00% | 11.18% | 2/15/2028 | 539385 | 539385 | 539385 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective Ninth Amendment Inc Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>11.18% / 1.00% | 11.18% | 2/15/2028 | 1712761 | 1712761 | 1712761 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective Scott Acq. Inc Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>11.18% / 1.00% | 11.18% | 2/15/2028 | 158883 | 158883 | 158883 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective Second Amendment Inc Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>11.18% / 1.00% | 11.18% | 2/15/2028 | 1186647 | 1186647 | 1186647 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.85% / 1.00% | 11.18% | 2/15/2028 | 123578 | 123578 | 123578 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective Tenth Amendment Inc Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.85% / 1.00% | 11.18% | 2/15/2028 | 101454 | 101454 | 101454 | 0.01% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br>Spread / Floor | Cash Interest<br>Rate /<br>PIK Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of<br>Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Services (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Services (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective Third Amendment Inc Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.85% / 1.00% | 11.18% | 2/15/2028 | 2176640 | 2176640 | 2176640 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surgical Center Solutions, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 3/25/2031 |  | (20521) | (3129) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surgical Center Solutions, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>4.75% / 1.00% | 9.08% | 3/25/2031 | 3319814 | 3276779 | 3273900 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surgical Center Solutions, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>0.50% / 1.00% | 9.08% | 3/25/2031 | 30037 | 17648 | 23103 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TheKey, LLC Tranche B-1 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>6.10% / 1.00% | 10.38% | 3/30/2027 | 1858148 | 1851568 | 1804324 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TheKey, LLC Tranche B-1 Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>5.10% / 1.00% | 10.53% | 3/30/2027 | 91172 | 90851 | 88531 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Care Assistance, LLC Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>1.00% / 1.00% | 10.53% | 3/30/2027 | 3024230 | 3012348 | 2946979 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vital Purchaser, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.50% / 1.00% | 9.80% | 8/7/2030 | 785791 | 771870 | 770022 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vital Purchaser, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.00% | 9.80% | 8/7/2030 | 1397440 | 1385084 | 1369395 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vital Purchaser, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.50% / 1.00% | 9.80% | 8/7/2030 | 3283459 | 3223915 | 3217564 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vital Purchaser, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 8/7/2030 |  | 20218 |  | 0.00% |
|  |  |  |  |  |  | $209901537 | $209940894 | 16.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Badge 21 Midco Holdings LLC Amendment No. 1 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 0.00% | 1.00% | 6/30/2032 | $— | $(20199) | $(20207) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.00% / 0.00% | 9.30% | 6/30/2032 | 6000000 | 5940005 | 5940000 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 0.00% | 9.30% | 6/30/2032 | 4964646 | 4915004 | 4914999 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Badge 21 Midco Holdings LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 0.00% | 0.50% | 6/30/2032 |  | (12779) | (12783) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bobcat Purchaser, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>4.75% / 0.75% | 9.05% | 6/14/2030 | 467857 | 459082 | 467857 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bobcat Purchaser, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>4.75% / 0.75% | 9.05% | 6/14/2030 | 1497143 | 1469036 | 1488322 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GHA Buyer, Inc. (aka Cedar Gate) Amendment Number Five Term Loan | (1)(2)(3)(4)(5)(7)(12) | 1M SOFR +<br>5.50% / 1.00% | 9.80% | 6/24/2026 | 164195 | 163520 | 163626 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GHA Buyer, Inc. (aka Cedar Gate) Amendment Number Four Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.00% | 9.80% | 6/24/2026 | 2005507 | 1997264 | 1998589 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GHA Buyer, Inc. (aka Cedar Gate) Amendment Number Six Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.00% | 9.80% | 6/24/2026 | 572928 | 570574 | 570952 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GHA Buyer, Inc. (aka Cedar Gate) Amendment Number Three Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.00% | 9.80% | 6/24/2026 | 548450 | 548450 | 546558 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GHA Buyer, Inc. (aka Cedar Gate) Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.00% | 9.80% | 6/24/2026 | 155087 | 154450 | 154552 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GHA Buyer, Inc. (aka Cedar Gate) Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 6/24/2026 |  | (1007) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iodine Software, LLC Closing Date Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 1.00% | 9.58% | 5/19/2027 | 53790 | 53790 | 53787 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iodine Software, LLC Closing Date Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.25% / 1.00% | 9.58% | 5/19/2027 | 1989664 | 1989664 | 1989533 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iodine Software, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 5/19/2027 |  |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iodine Software, LLC Term B Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.25% / 1.00% | 9.58% | 5/19/2027 | 1401226 | 1401226 | 1401133 | 0.11% |
|  |  |  |  |  |  | $19628080 | $19656918 | 1.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Faraday Buyer, LLC Delayed Draw Term Loan (MacLean Power Systems) | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 10/11/2028 | $— | $(623) | $(1538) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.00% / 1.00% | 10.30% | 10/11/2028 | 577776 | 570884 | 575443 | 0.05% |
|  |  |  |  |  |  | $570261 | $573905 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 Holdings, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.25% / 1.00% | 10.49% | 12/29/2028 | $4899498 | $4865990 | $4859217 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TMSC OpCo, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 4/30/2026 | $— | $— | $— | 0.00% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br>Spread / Floor | Cash Interest<br>Rate /<br>PIK Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of<br>Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Improvement Retail (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Improvement Retail (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TMSC OpCo, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.10% / 1.00% | 10.43% | 4/30/2026 | 3598874 | 3598874 | 3598874 | 0.29% |
|  |  |  |  |  |  | $3598874 | $3598874 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Campany Roof Maintenance, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>7.10% / 1.50% | 11.43% | 11/27/2028 | $1571869 | $1551495 | $1536657 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Campany Roof Maintenance, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>7.10% / 1.50% | 11.43% | 11/27/2028 | 3222212 | 3180468 | 3150030 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centex Acquisition, LLC First Amendment Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 0.00% | 9.67% | 5/9/2029 | 507408 | 499833 | 499797 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centex Acquisition, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.35% / 1.00% | 9.67% | 5/9/2029 | 202963 | 202963 | 195449 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centex Acquisition, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.35% / 1.00% | 9.67% | 5/9/2029 | 3945682 | 3884479 | 3844270 | 0.31% |
|  |  |  |  |  |  | $9319238 | $9226203 | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pyramid Management Advisors, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 1.25% | 9.53% | 1/19/2028 | $1616543 | $1580692 | $1616543 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pyramid Management Advisors, LLC Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.25% / 1.25% | 9.53% | 1/19/2028 | 3283206 | 3255193 | 3283206 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonebridge Companies, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 5/16/2031 |  | (18449) | (21374) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonebridge Companies, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 5/16/2030 |  | (12238) | (14249) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonebridge Companies, LLC Term B Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.33% | 5/16/2031 | 3291686 | 3259415 | 3258686 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonebridge Companies, LLC Term B Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.33% | 5/16/2031 | 3291686 | 3275181 | 3258686 | 0.26% |
|  |  |  |  |  |  | $11339794 | $11381498 | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dusk Acquisition II Corporation Term Loan Incremental | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.00% / 1.00% | 10.30% | 12/19/2029 | $6965000 | $6837858 | $6823182 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dusk Acquisition II Corporation Term Loan Incremental | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.00% / 1.00% | 10.30% | 12/19/2029 | 6965000 | 6837858 | 6823182 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evriholder Acquisition, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.90% / 1.50% | 11.20% | 1/24/2028 | 3846626 | 3813890 | 3822745 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WF Enterprises, Inc. Term Loan A | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>4.60% / 1.00% | 8.90% | 11/9/2027 | 4486697 | 4466461 | 4486697 | 0.36% |
|  |  |  |  |  |  | $21956067 | $21955806 | 1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zep Holdco Inc. Initial Term Loan (aka TL Atlas Merger) | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.30% | 6/30/2031 | $6000000 | $5940009 | $5940000 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.30% | 6/30/2031 | 8007000 | 7926942 | 7926930 | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.30% | 6/30/2031 | 257600 | 236678 | 236670 | 0.02% |
|  |  |  |  |  |  | $14103629 | $14103600 | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal, LLC Delayed Draw Term Loan A | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 9/10/2030 | $— | $— | $— | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal, LLC Delayed Draw Term Loan B | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.33% | 9/10/2030 | 1288705 | 1288705 | 1286267 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal, LLC Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.33% | 9/6/2031 | 696500 | 690482 | 688393 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.33% | 9/6/2031 | 4012368 | 3977017 | 3965665 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal, LLC Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.00% / 1.00% | 9.33% | 9/6/2031 | 3383000 | 3353813 | 3343623 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal, LLC U.S. Revolving Credit | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.33% | 9/6/2031 | 918675 | 908301 | 918675 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Portable Air, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 3/22/2028 |  | (6722) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.50% / 1.00% | 9.80% | 3/22/2028 | 731031 | 727659 | 725996 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.50% / 1.00% | 9.80% | 3/22/2028 | 308731 | 306552 | 300764 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.50% / 1.00% | 9.80% | 3/22/2028 | 3283380 | 3207455 | 3198651 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Portable Air, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.50% / 1.00% | 9.80% | 3/22/2028 | 868352 | 862088 | 852258 | 0.07% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br>Spread / Floor | Cash Interest<br>Rate /<br>PIK Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of<br>Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Housewares & Specialties (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Housewares & Specialties (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.50% / 1.00% | 9.80% | 3/22/2028 | 3861535 | 3837785 | 3821989 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.90% / 1.00% | 10.20% | 11/22/2025 | 740625 | 736776 | 736687 | 0.06% |
|  |  |  |  |  |  | $19889911 | $19838968 | 1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accurate Background, LLC Fourth Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.26% / 1.00% | 10.56% | 3/26/2029 | $4537085 | $4461285 | $4461466 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accurate Background, LLC Fourth Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>6.26% / 1.00% | 10.56% | 3/26/2029 | 3382915 | 3321084 | 3326532 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PCS Midco, Inc. Closing Date Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.75% / 1.00% | 10.05% | 3/1/2030 | 1814487 | 1789734 | 1787967 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PCS Midco, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.75% / 1.00% | 10.05% | 3/1/2030 | 9183 | 8882 | 8910 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PCS Midco, Inc. Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>0.50% / 1.00% | 10.05% | 3/1/2030 | 1406 | 1172 | 1132 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prestige Employee Administrators, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.50% / 1.25% | 9.74% | 1/14/2030 | 319085 | 309992 | 309512 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prestige Employee Administrators, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.25% | 9.74% | 1/14/2030 | 6683989 | 6589244 | 6583729 | 0.52% |
|  |  |  |  |  |  | $16481393 | $16479248 | 1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astro Acquisition, LLC 2024 Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>5.25% / 1.00% | 9.47% | 12/13/2027 | $7900000 | $7840271 | $7805202 | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helios Service Partners, LLC Delayed Draw Term Loan 2022 | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.00% / 1.00% | 0.00% | 3/19/2027 |  | (10479) | (13690) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helios Service Partners, LLC Third Amendement Incremental Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.58% | 3/19/2027 | 1012500 | 978524 | 1008319 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ideal Components Acquisition, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 0.75% | 1.00% | 6/30/2032 |  | (17755) | (17761) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ideal Components Acquisition, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.00% / 0.75% | 9.30% | 6/30/2032 | 6000000 | 5940005 | 5940000 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ideal Components Acquisition, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 0.75% | 9.30% | 6/30/2032 | 3669803 | 3633108 | 3633105 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ideal Components Acquisition, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 0.75% | 0.50% | 6/30/2032 |  | (14795) | (14801) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISG Enterprises, LLC Delayed Draw Term Loan (2023) | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.75% / 1.00% | 10.03% | 12/7/2028 | 5639496 | 5575350 | 5579551 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orion Group HoldCo, LLC Term Loan (Astra Services Partners) | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>5.26% / 1.00% | 9.56% | 3/19/2027 | 4382485 | 4359604 | 4373335 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonny's Enterprises, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.65% / 1.00% | 9.93% | 8/5/2028 | 889470 | 880879 | 874349 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonny's Enterprises, LLC Restatement Date Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.65% / 1.00% | 9.95% | 8/5/2028 | 4016630 | 3977331 | 3948347 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.65% / 1.00% | 9.93% | 8/5/2028 | 35730 | 32952 | 35730 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tank Holding Corp. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>6.10% / 0.75% | 10.41% | 3/31/2028 | 4964266 | 4913144 | 4987619 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tank Holding Corp. Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.85% / 0.75% | 10.18% | 3/31/2028 | 4898990 | 4849452 | 4850627 | 0.39% |
|  |  |  |  |  |  | $42937591 | $42989932 | 3.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alkeme Intermediary Holdings, LLC Seventh Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 1.00% | 9.55% | 10/28/2026 | $4964186 | $4911082 | $4921748 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.25% / 1.00% | 9.56% | 10/28/2026 | 1599561 | 1581554 | 1599384 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arden Insurance Services LLC Revolving Credit | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.35% / 1.00% | 0.35% | 11/26/2030 |  | (14669) | (25757) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arden Insurance Services LLC Term A Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.30% | 11/26/2030 | 8422460 | 8348017 | 8339085 | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arden Insurance Services LLC Term A Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.00% / 1.00% | 9.30% | 11/26/2030 | 3283500 | 3254388 | 3250996 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Street Buyer, Inc. 3/2024 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.25% / 1.00% | 9.56% | 4/14/2028 | 3741187 | 3708056 | 3712730 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.75% / 1.00% | 9.92% | 11/30/2029 | 744816 | 737450 | 744816 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inszone Mid, LLC A&R Term Loan Facility | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.55% | 11/30/2029 | 739942 | 737348 | 739942 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Acquisition, LLC Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.00% / 0.75% | 9.33% | 8/25/2028 | 12406254 | 12392460 | 12406254 | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keystone Agency Partners LLC Delayed Draw Term Loan E | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>4.75% / 1.00% | 9.05% | 5/3/2027 | 147895 | 148632 | 149252 | 0.01% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br>Spread / Floor | Cash Interest<br>Rate /<br>PIK Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of<br>Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance Brokers (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance Brokers (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keystone Agency Partners LLC Seventh Amendment Term Loan A | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>4.75% / 1.00% | 9.05 | 5/3/2027 | 176828 | 176828 | 176817 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keystone Agency Partners LLC Term A Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>4.75% / 1.00% | 9.05 | 5/3/2027 | 2946593 | 2929549 | 2899673 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oakbridge Insurance Agency LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.75% / 0.75% | 10.07 | 11/1/2029 | 186520 | 184810 | 186520 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oakbridge Insurance Agency LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.75% / 0.75% | 10.06 | 11/1/2029 | 448321 | 445815 | 448321 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 0.50% | 1.00 | 1/28/2030 |  | (22865) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SageSure Holdings, LLC Amendment No. 1 Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>4.86% / 0.50% | 9.19 | 1/28/2030 | 5348072 | 5312481 | 5307156 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricor, LLC Amendment No.5 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.10% / 1.00% | 9.43 | 10/22/2026 | 48592 | 45017 | 46272 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricor, LLC Amendment No.5 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(12) | 3M SOFR +<br>5.10% / 1.00% | 9.43 | 10/22/2026 | 291549 | 287205 | 289652 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricor, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.15% / 1.00% | 9.43 | 10/22/2026 | 1186454 | 1186454 | 1186454 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricor, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50 | 10/22/2026 |  |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricor, LLC Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.10% / 1.00% | 9.43 | 10/22/2026 | 3156995 | 3156995 | 3156995 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;World Insurance Associates A&R Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.30 | 4/3/2030 | 16059750 | 16061155 | 16056813 | 1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 0.75% | 1.00 | 5/28/2030 |  | (21550) | (21900) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worldwide Insurance Network, LLC DDTL | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>1.00% / 0.75% | 10.10 | 5/28/2030 | 1373103 | 1365109 | 1373103 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worldwide Insurance Network, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.70% / 0.75% | 10.00 | 5/28/2030 | 2480625 | 2460442 | 2470385 | 0.20% |
|  |  |  |  |  |  | $69371763 | $69414711 | 5.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Socket Holdings Corporation Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 0.75% | 1.00 | 3/31/2031 | $— | $(17629) | $(15412) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Socket Holdings Corporation IdeaTek Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.25% / 0.75% | 9.58 | 3/31/2031 | 1792603 | 1775337 | 1765714 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Socket Holdings Corporation Initial Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 0.75% | 0.50 | 3/31/2031 |  | (4552) | (3977) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Socket Holdings Corporation Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.25% / 0.75% | 9.58<br> 1.00 | 3/31/2031 | 1816827 | 1790367 | 1789575 | 0.14% |
|  |  |  |  |  |  | $3543523 | $3535900 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five Star Buyer, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>8.15% / 1.50% | 12.48<br> 1.00 | 2/23/2028 | $55949 | $54857 | $54411 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Track Branson Opco, LLC, The Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>0.50% / 1.50% | 0.50 | 2/23/2028 |  | (2119) | (1784) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Track Branson OpCo, LLC, The Term Loan A | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br>8.15% / 1.50% | 12.45 | 2/23/2028 | 1571478 | 1543197 | 1549477 | 0.12% |
|  |  |  |  |  |  | $1595935 | $1602104 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berlin Rosen Acquisition, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.60% / 1.00% | 9.92 | 1/14/2027 | $1333776 | $1280950 | $1320776 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berlin Rosen Acquisition, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.60% / 1.00% | 9.92 | 1/14/2027 | 765619 | 758063 | 758156 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berlin Rosen Acquisition, LLC Small Girls Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.60% / 1.00% | 9.92 | 1/14/2027 | 1813690 | 1799028 | 1798664 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berlin Rosen Acquisition, LLC Small Girls Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.60% / 1.00% | 9.92 | 1/14/2027 | 1813690 | 1799028 | 1798664 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berlin Rosen Acquisition, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.60% / 1.00% | 9.92 | 1/14/2027 | 2255739 | 2237292 | 2231953 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berlin Rosen Acquisition, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.60% / 1.00% | 9.92 | 1/14/2027 | 1358225 | 1348728 | 1343903 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berlin Rosen Acquisition, LLC Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.60% / 1.00% | 9.92 | 1/14/2027 | 3386076 | 3355888 | 3350372 | 0.27% |
|  |  |  |  |  |  | 12578977 | $12602488 | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridgepointe Technologies, LLC Delayed Draw Term Loan (2024) | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.30 | 12/31/2027 | $6796643 | $6703186 | $6795233 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salute Mission Critical, LLC Delayed Draw Term Loan Commitment | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.33 | 11/30/2029 | 3497081 | 3464673 | 3492939 | 0.28% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br>Spread / Floor | Cash Interest<br>Rate /<br>PIK Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of<br>Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internet Services & Infrastructure (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internet Services & Infrastructure (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salute Mission Critical, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 11/30/2029 |  | (6010) | (829) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salute Mission Critical, LLC Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.33% | 11/30/2029 | 789394 | 782787 | 780919 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salute Mission Critical, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.33% | 11/30/2029 | 4175282 | 4139405 | 4130460 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salute Mission Critical, LLC Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.00% / 1.00% | 9.33% | 11/30/2029 | 3283447 | 3255369 | 3248199 | 0.26% |
|  |  |  |  |  |  | $18339410 | $18446921 | 1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cherry Bekaert Advisory LLC Amendment No. 1 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.25% / 0.75% | 9.58% | 6/30/2028 | $2801314 | $2798215 | $2801314 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cherry Bekaert Advisory LLC Amendment No. 1 Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 0.75% | 9.58% | 6/30/2028 | 2151572 | 2132170 | 2141554 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DOXA Insurance Holdings LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.25% / 0.75% | 9.57% | 12/20/2030 | 465410 | 463232 | 465410 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DOXA Insurance Holdings LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 0.75% | 9.55% | 12/20/2030 | 494085 | 494085 | 494085 | 0.04% |
|  |  |  |  |  |  | $5887702 | $5902363 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Avenu Buyer, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>4.75% / 1.00% | 9.05% | 10/2/2029 | $666902 | $661775 | $666902 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Avenu Buyer, LLC Delayed Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 1M SOFR +<br>1.00% / 1.00% | 1.00% | 10/2/2029 |  | (2164) | (2289) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Avenu Buyer, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>4.75% / 1.00% | 9.05% | 10/2/2029 | 1537905 | 1507704 | 1465516 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Avenu Buyer, LLC Revolving Credit | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 10/2/2029 |  | (6654) | (9255) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Avenu Buyer, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>4.75% / 1.00% | 9.02% | 10/2/2029 | 540803 | 537044 | 535395 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alta Buyer, LLC 2025 Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.30% | 12/21/2027 | 208108 | 208108 | 207977 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alta Buyer, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.30% | 12/21/2027 | 1102866 | 1091224 | 1095125 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alta Buyer, LLC Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.30% | 12/21/2027 | 569862 | 570034 | 562343 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alta Buyer, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.30% | 12/21/2027 | 3742429 | 3703582 | 3672374 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argano, LLC 2025 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.75% / 1.00% | 10.08% | 9/13/2029 | 2479200 | 2438249 | 2452752 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argano, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.75% / 1.00% | 10.07% | 9/13/2029 | 2854780 | 2816007 | 2809764 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argano, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.75% / 1.00% | 10.07% | 9/13/2029 | 5819863 | 5756573 | 5728093 | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argano, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.75% / 1.00% | 10.07% | 9/13/2029 | 3383000 | 3339310 | 3329655 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argano, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 9/13/2029 |  | (4590) | (2379) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCM One, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>4.50% / 1.00% | 8.84% | 11/17/2027 | 4639503 | 4623937 | 4636606 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By Light Professional IT Services LLC Existing Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.47% / 1.00% | 10.79% | 11/16/2026 | 1805955 | 1794999 | 1805955 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By Light Professional IT Services LLC Seventh Additional Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.47% / 1.00% | 10.79% | 11/16/2026 | 3702514 | 3661450 | 3658617 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cyber Advisors, LLC Delayed Draw Term Loan Amendment No. 5 | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.25% / 1.00% | 9.70% | 12/31/2031 | 7391815 | 7318899 | 7384548 | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cyber Advisors, LLC Term Loan Amendment No. 6 | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.40% / 1.00% | 9.72% | 7/18/2028 | 4666341 | 4624416 | 4615587 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enverus Holdings, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.50% / 0.75% | 9.82% | 12/24/2029 | 29327 | 28179 | 29327 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enverus Holdings, Inc.Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 0.75% | 1.00% | 12/24/2029 |  | (8826) | (557) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enverus Holdings, Inc.Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.50% / 0.75% | 9.83% | 12/24/2029 | 164354 | 164354 | 164270 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enverus Holdings, Inc.Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 0.75% | 9.83% | 12/24/2029 | 5261990 | 5201663 | 5259276 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidepoint Security Holdings, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 10/2/2029 |  |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidepoint Security Holdings, LLC First Amendment Term A Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.58% | 10/2/2029 | 140111 | 138262 | 137890 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidepoint Security Holdings, LLC Term Loan A | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.00% / 1.00% | 9.58% | 10/2/2029 | 298078 | 298078 | 298078 | 0.02% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br>Spread / Floor | Cash Interest<br>Rate /<br>PIK Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of<br>Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IT Consulting & Other Services (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IT Consulting & Other Services (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IG Investments Holdings, LLC 2024 Refinancing Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 0.75% | 9.28% | 9/22/2028 | 5924190 | 5924190 | 5924190 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Improving Holdco, Inc. Revolving Loan (Improving Enterprises) | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>6.50% / 1.00% | 10.92% | 7/26/2027 | 36558 | 31436 | 32519 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Improving Holdco, Inc. Term Loan (Improving Enterprises) | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>6.65% / 1.00% | 10.91% | 7/26/2027 | 4672712 | 4607327 | 4608917 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Improving Holdco, Inc. Term Loan (Improving Enterprises) | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.65% / 1.00% | 10.91% | 7/26/2027 | 3421687 | 3362427 | 3374972 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Improving Holdco, Inc. Term Loan (Improving Enterprises) | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.65% / 1.00% | 10.91% | 7/26/2027 | 4192956 | 4125969 | 4135711 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Improving Holdco, Inc. Term Loan (Improving Enterprises) | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>6.65% / 1.00% | 10.91% | 7/26/2027 | 3283625 | 3229031 | 3238795 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lighthouse Technologies Holding Corp. First Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.15% / 1.00% | 9.45% | 4/30/2027 | 154393 | 154182 | 154393 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lighthouse Technologies Holding Corp. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.15% / 1.00% | 9.45% | 4/30/2027 | 7965334 | 7941471 | 7961388 | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lighthouse Technologies Holding Corp. Initial Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.15% / 1.00% | 9.45% | 4/30/2027 | 3382058 | 3382058 | 3380383 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lighthouse Technologies Holding Corp. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 4/30/2027 |  |  | (605) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.26% / 0.75% | 9.56% | 6/15/2029 | 3051436 | 2995312 | 3044131 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Services Group, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 0.75% | 9.55% | 6/15/2029 | 7051466 | 6986052 | 6975301 | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rural Sourcing Holdings, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.75% / 1.00% | 10.05% | 6/15/2029 | 347600 | 339839 | 342096 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 6/15/2029 |  | (1411) | (2321) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rural Sourcing Holdings, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.75% / 1.00% | 12.25% | 6/15/2029 | 149600 | 144397 | 148280 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rural Sourcing Holdings, Inc. Term Loan Amendment No. 1 | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.75% / 1.00% | 10.05% | 12/31/2032 | 261360 | 258974 | 256989 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rural Sourcing Holdings, Inc. Tranche B Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.75% / 1.00% | 9.92% | 6/15/2029 | 1552320 | 1517139 | 1544558 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstack Holdco Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.00% / 0.75% | 9.24% | 8/23/2031 | 625000 | 608180 | 625000 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstack Holdco Inc. Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.00% / 0.75% | 9.24% | 8/25/2031 | 281250 | 270299 | 281250 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstack Holdco Inc. Term B Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.00% / 0.75% | 9.33% | 8/25/2031 | 800000 | 792593 | 791557 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstack Holdco Inc. Term B Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 0.75% | 9.33% | 8/25/2031 | 4025000 | 3989239 | 3982521 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstack Holdco Inc. Term B Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.00% / 0.75% | 9.33% | 8/25/2031 | 3300000 | 3270548 | 3265173 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRC Companies, LLC Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.50% / 1.00% | 9.78% | 6/29/2027 | 5882730 | 5858678 | 5873255 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRC Companies, LLC Fourth Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.25% / 1.00% | 9.53% | 6/29/2027 | 2748387 | 2729574 | 2732535 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRC Companies, LLC Third Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.50% / 1.00% | 9.82% | 6/29/2027 | 1983611 | 1978487 | 1981401 | 0.16% |
|  |  |  |  |  |  | $114957604 | $115153959 | 9.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concert Golf Partners Holdco LLC Initial Term Loan (2022) | (1)(2)(3)(4)(5)(7)(10) | 6M SOFR +<br>4.50% / 0.75% | 8.88% | 4/1/2030 | $4898990 | $4887431 | $4789836 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concert Golf Partners Holdco LLC.Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>0.50% / 0.75% | 8.88% | 3/31/2031 | 449001 | 445706 | 428475 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excel Fitness Holdings, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.50% / 1.00% | 9.80% | 4/27/2029 | 1658333 | 1613179 | 1658333 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excel Fitness Holdings, Inc. Delayed Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.50% / 0.75% | 9.80% | 4/27/2029 | 469524 | 466673 | 449548 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excel Fitness Holdings, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.50% / 1.00% | 9.80% | 4/27/2029 | 3300000 | 3226867 | 3291811 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket Youth Brands HoldCo LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 6/20/2031 |  | (10686) | (10727) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket Youth Brands HoldCo LLC Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.32% | 6/20/2031 | 1072734 | 1067370 | 1067370 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket Youth Brands HoldCo LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.32% | 6/20/2031 | 1072734 | 1067370 | 1067370 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket Youth Brands HoldCo LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 6/20/2031 |  | (1602) | (1609) | 0.00% |
|  |  |  |  |  |  | $12762308 | $12740407 | 1.02% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br>Spread / Floor | Cash Interest<br>Rate /<br>PIK Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of<br>Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Leisure Products |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp. Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.00% / 1.00% | 10.30 | 12/14/2027 | $1177159 | $1169946 | $1177159 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00 | 12/14/2027 |  | (7923) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>1.00% / 1.00% | 1.00 | 12/14/2027 |  | (9702) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp. Seventh Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>6.00% / 1.00% | 10.30 | 12/14/2027 | 368060 | 365130 | 364394 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp. Seventh Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.00% / 1.00% | 10.30 | 12/14/2027 | 4592567 | 4556009 | 4546826 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp. Seventh Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>6.00% / 1.00% | 10.30 | 12/14/2027 | 3382537 | 3352845 | 3348848 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSKI Holdings 2, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(10) | 6M SOFR +<br>7.50% / 1.25% | 11.80 | 6/30/2028 | 1558323 | 1528097 | 1508754 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSKI Holdings 2, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(13) | 6M SOFR +<br>7.50% / 1.25% | 11.80 | 6/30/2028 | 3446048 | 3362164 | 3336432 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Painful Pleasures, LLC Term Loan fka Artifex | (1)(2)(3)(4)(5)(7)(11) | 1M SOFR +<br>5.50% / 1.00% | 9.94<br> 5.50 | 8/31/2026 | 1200285 | 1199291 | 1200285 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Painful Pleasures, LLC Third Incremental Term Loan | (1)(2)(3)(4)(5)(7)(11) | 1M SOFR +<br>5.50% / 1.00% | 9.94<br> 5.50 | 8/31/2026 | 3719103 | 3710065 | 3711772 | 0.30% |
|  |  |  |  |  |  | $19225922 | $19194470 | 1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmeriLife Holdings LLC 2024 Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.00% / 0.75% | 9.33 | 8/31/2028 | $135822 | $128413 | $127584 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 0.00% | 1.00 | 8/31/2029 |  | (7751) | (8386) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmeriLife Holdings LLC Amendment No. 5 Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 0.00% | 9.26 | 8/31/2029 | 9818433 | 9769340 | 9768804 | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>4.75% / 1.00% | 9.05 | 6/1/2030 | 12186751 | 12076552 | 12069566 | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00 | 6/1/2030 |  | (14710) |  | 0.00% |
|  |  |  |  |  |  | $21951844 | $21957568 | 1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bamboo US BidCo LLC (aka Baxter) Delayed Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.53<br> 3.75 | 9/30/2030 | $107575 | $105808 | $107513 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 TL | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.58 | 9/30/2030 | 7848 | 7661 | 7795 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>1.00% / 1.00% | 1.00 | 9/30/2030 |  | (187) | (53) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bamboo US BidCo LLC (aka Baxter) USD TL | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.53<br> 3.75 | 9/30/2030 | 703085 | 697268 | 699786 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00 | 12/30/2026 |  | 864 |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.60% / 1.00% | 9.93 | 12/30/2026 | 2588380 | 2578840 | 2546265 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Charlie Acquisition Company Fourth Amendment Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.60% / 1.00% | 9.93 | 12/30/2026 | 1955992 | 1937968 | 1907345 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.60% / 1.00% | 9.93 | 12/30/2026 | 215918 | 218883 | 211860 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC 2024 Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>7.75% / 1.00% | 12.03<br> 2.75 | 2/1/2029 | 661316 | 647334 | 647983 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>7.75% / 1.00% | 12.03<br> 2.75 | 2/1/2029 | 1657975 | 1641865 | 1640971 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>7.75% / 1.00% | 12.03<br> 2.75 | 2/1/2029 | 355582 | 355582 | 355582 | 0.03% |
|  |  |  |  |  |  | $8191886 | $8125047 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keg Logistics LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.90% / 1.00% | 11.23 | 11/23/2027 | $4420680 | $4381492 | $4401097 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Web Technologies Holding Company Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.25% / 1.00% | 10.44<br> 2.25 | 12/17/2026 | $784574 | $775622 | $783030 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Web Technologies Holding Company Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.75% / 1.00% | 10.07 | 12/17/2026 | 39100 | 39100 | 39015 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Web Technologies Holding Company Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.25% / 1.00% | 10.44<br> 2.25 | 12/17/2026 | 1994210 | 1971651 | 1990284 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ergotron Acquisition, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br>5.00% / 0.75% | 9.33 | 7/6/2028 | 4496222 | 4496222 | 4496222 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Solutions, LLC Third Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>6.15% / 1.00% | 10.45 | 12/15/2026 | 549250 | 522362 | 527743 | 0.04% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br> Spread / Floor | Cash Interest<br>Rate /<br>PIK Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of<br>Net Assets |
|  Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office Services & Supplies (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office Services & Supplies (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Solutions, LLC Third Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 6.15% / 1.00% | 10.45 | 12/15/2026 | 653705 | 645631 | 647837 | 0.05% |
|  |  |  |  |  |  | $8450588 | $8484131 | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archer Lewis, LLC Delayed Draw Term Loan A | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.75% / 1.00% | 10.05 | 8/28/2029 | $32180 | $31779 | $31778 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archer Lewis, LLC Delayed Draw Term Loan B | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.75% / 1.00% | 10.05 | 8/28/2029 | 6446 | 6043 | 6042 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archer Lewis, LLC Initial Revolving Facility | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50 | 8/28/2029 |  | (808) | (810) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archer Lewis, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.75% / 1.00% | 10.05 | 8/28/2029 | 2282502 | 2254078 | 2253970 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(3)(5)(7)(9)(10)(21) | 3M SOFR +<br> 6.15% / 0.75% | 10.45 | 3/1/2028 | 2940000 | 2898557 | 2893829 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(3)(5)(7)(9)(10)(21) | 3M SOFR +<br> 6.15% / 0.75% | 10.45 | 3/1/2028 | 402072 | 396958 | 396938 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris & Co. LLC Delayed Draw Term A Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.00% / 1.00% | 9.33 | 8/9/2030 | 32185 | 31864 | 31863 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris & Co. LLC Delayed Draw Term B Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.00% / 1.00% | 9.33 | 8/9/2030 | 17826 | 17503 | 17502 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris & Co. LLC Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.00% / 1.00% | 9.33 | 8/9/2030 | 3053969 | 3023512 | 3023429 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris & Co. LLC Revolver | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50 | 6/27/2031 |  | (1296) | (1296) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lido Advisors, LLC Eight Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.00% / 1.00% | 9.32 | 5/10/2032 | 172775 | 171061 | 172775 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.00% / 1.00% | 0.00 | 5/10/2032 |  | (5643) | (5759) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lido Advisors, LLC Fourth Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.50% / 1.00% | 9.80 | 5/10/2032 | 1706972 | 1668931 | 1696361 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lido Advisors, LLC<br> Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.50% / 1.00% | 9.82 | 5/10/2032 | 67190 | 65211 | 65174 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lido Advisors, LLC Seventh Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.50% / 1.00% | 9.76 | 5/10/2032 | 1675565 | 1649167 | 1675565 | 0.13% |
|  |  |  |  |  |  | $12206917 | $12257361 | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chef Merito, LLC Delayed Draw Term Loan A | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br> 6.15% / 1.00% | 10.45 | 7/15/2028 | $422059 | $422059 | $422059 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chef Merito, LLC Delayed Draw Term Loan B | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br> 6.15% / 1.00% | 10.45 | 7/15/2028 | 422059 | 422059 | 422059 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chef Merito, LLC Delayed Draw Term Loan C | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 6.15% / 1.00% | 10.45 | 7/15/2028 | 339664 | 343357 | 338381 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chef Merito, LLC First Amendment Term Loan A | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br> 6.25% / 1.00% | 10.53 | 7/15/2028 | 2545321 | 2491381 | 2545321 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chef Merito, LLC Second Amendment Term Loan A | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.15% / 1.00% | 10.45 | 7/15/2028 | 1130136 | 1112300 | 1118506 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Demakes Borrower, LLC<br> Term B Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 6.00% / 0.75% | 10.30 | 12/12/2029 | 342886 | 342886 | 342886 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gastronome Acquisition, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br> 5.15% / 1.00% | 9.45 | 11/18/2027 | 4729986 | 4709765 | 4729986 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huron Bidco, INC. Incremental Term Loan B1 (KNPC Holdco) | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.85% / 1.00% | 11.11 | 10/22/2029 | 733241 | 724711 | 722336 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KNPC Holdco, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.60% / 1.00% | 9.86 | 10/22/2029 | 4863690 | 4807115 | 4788914 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KNPC Holdco, LLC Tranche D-1 Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.85% / 1.00% | 10.11 | 10/22/2029 | 4987500 | 4987500 | 4987500 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patriot Foods Buyer, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br> 5.25% / 1.00% | 9.47 | 12/24/2029 | 4925000 | 4865793 | 4828149 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signature Brands, LLC Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 6.76% / 1.75% | 11.09<br> 3.00 | 5/4/2028 | 4847209 | 4776089 | 3784895 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signature Brands, LLC Term Loan A | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 6.76% / 1.75% | 11.04 | 5/4/2028 | 273713 | 270944 | 273440 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signature Investor LLC Term Loan B | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.00% / 1.75% | 0.00 | 5/4/2028 |  |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Smokehouse Partners, LLC Delayed Draw Term Loan C | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br> 5.75% / 1.00% | 10.07 | 3/31/2029 | 2292169 | 2179848 | 2292169 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Smokehouse Partners, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50 | 3/31/2029 |  | (2358) | (1494) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Smokehouse Partners, LLC Term Loan Third Ammendment | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.75% / 1.00% | 10.07 | 3/31/2028 | 6229613 | 6138341 | 6224381 | 0.50% |
|  |  |  |  |  |  | $38591790 | $37819488 | 3.01% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br>Spread/Floor | Cash Interest<br>Rate /<br>PIK Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of<br>Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arctic Holdco, LLC 2025 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.25% / 1.00% | 9.53% | 1/31/2032 | $229693 | $226880 | $227527 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arctic Holdco, LLC Initial Refinancing Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>0.50% / 1.00% | 9.55% | 1/31/2031 | 89136 | 86830 | 86837 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arctic Holdco, LLC Tranche B Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 1.00% | 9.55% | 1/31/2032 | 3251982 | 3222443 | 3221788 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WCHG Buyer, Inc. First Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.30% | 4/10/2031 | 12925352 | 12867391 | 12845159 | 1.02% |
|  |  |  |  |  |  | $16403544 | $16381311 | 1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curio Brands, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 0.75% | 9.55% | 4/2/2031 | $12943137 | $12819983 | $12813706 | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curio Brands, LLC Multi Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 0.75% | 0.50% | 4/2/2031 |  | (10088) | (10523) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curio Brands, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 0.75% | 0.50% | 4/2/2031 |  | (10094) | (10523) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinetic Purchaser, LLC—Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.15% / 1.00% | 10.45% | 11/10/2027 | 2019299 | 1971069 | 1957584 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loving Tan Intermediate II Inc. Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.50% / 1.00% | 9.80% | 5/31/2028 | 2714977 | 2661583 | 2649509 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loving Tan Intermediate II Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.50% / 1.00% | 9.80% | 5/31/2028 | 103704 | 98003 | 96202 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix YW Buyer, Inc. Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 5/31/2030 |  | (2858) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix YW Buyer, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.33% | 5/31/2030 | 4340558 | 4285116 | 4270176 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix YW Buyer, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.00% / 1.00% | 9.33% | 5/31/2030 | 3115124 | 3072644 | 3064612 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RoC Holdco LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.75% / 0.75% | 10.07% | 2/21/2031 | 831778 | 825842 | 822627 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RoC Holdco LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.75% / 0.75% | 10.07% | 2/21/2031 | 3382872 | 3353872 | 3345654 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RoC Holdco LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 2/21/2030 |  | (4891) | (2632) | 0.00% |
|  |  |  |  |  |  | $29060181 | $28996392 | 2.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creek Parent, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 0.75% | 9.57% | 12/18/2031 | $14040810 | $13912860 | $13887573 | 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creek Parent, Inc. Revolving Credit | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>4.75% / 0.75% | 4.75% | 12/18/2031 |  | (18786) | (22089) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Coordinators Midco, Inc. Initial Dollar Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.00% / 0.75% | 0.50% | 1/22/2032 |  |  | (3376) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Coordinators Midco, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>4.75% / 0.75% | 9.02% | 1/22/2032 | 10456613 | 10434472 | 10422127 | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Coordinators Midco, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>4.25% / 0.75% | 4.25% | 1/22/2032 |  | (2451) | (844) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAI Middle Tier, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>4.75% / 0.75% | 9.05% | 2/13/2032 | 8017606 | 7903460 | 7890519 | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAI Middle Tier, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 0.75% | 0.50% | 2/13/2032 |  | (24135) | (1461) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pet FLavor, LLC Term A Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>6.00% / 1.00% | <br> 10.30% | 12/15/2026 | 5008716 | 4992050 | 4979520 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PharmaLogic Holdings Corp. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 6/21/2030 |  | (16391) | (19078) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PharmaLogic Holdings Corp. Initial U.S. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.33% | 6/21/2030 | 3952319 | 3898183 | 3889446 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PharmaLogic Holdings Corp. Initial U.S. Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.00% / 1.00% | 9.33% | 6/21/2030 | 3382915 | 3334378 | 3329100 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sequon, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>5.76% / 1.00% | 10.06% | 12/29/2026 | 4887862 | 4856026 | 4828782 | 0.38% |
|  |  |  |  |  |  | $49269666 | $49180219 | 3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Development |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discovery SL Management, LLC Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.00% | 9.82% | 3/18/2030 | $1728125 | $1717615 | $1703544 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discovery SL Management, LLC Delayed Draw Term Loan A | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.50% / 1.00% | 9.82% | 3/18/2030 | 289384 | 288730 | 288047 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discovery SL Management, LLC Delayed Draw Term Loan B | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.50% / 1.00% | 9.82% | 3/18/2030 | 291296 | 286923 | 288817 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discovery SL Management, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 3/18/2030 |  | (564) | (502) | 0.00% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br>Spread/ Floor | Cash Interest<br>Rate /<br>PIK Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of<br>Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Development (continued) |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  | $2292704 | $2279906 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Associations, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>6.76% / 1.00% | 11.03 | 7/2/2028 | $380894 | $380658 | $380167 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Associations, Inc. Special Purpose Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>6.76% / 1.00% | 11.02 | 7/3/2028 | 177733 | 177388 | 176827 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Associations, Inc. Term Loan A | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.76% / 0.00% | 11.02<br> 2.50 | 7/2/2028 | 6936524 | 6907696 | 6885852 | 0.55% |
|  |  |  |  |  |  | $7465742 | $7442846 | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBG, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br>7.01% / 1.00% | 11.31<br> 0.25 | 1/8/2026 | $6269252 | $6172809 | $5957819 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vacation Rental Brands, LLC Closing Date Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.25% / 1.00% | 9.51 | 5/6/2032 | 1670924 | 1657905 | 1654214 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vacation Rental Brands, LLC Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 1.00% | 9.51 | 5/6/2032 | 8431262 | 8346950 | 8346950 | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vacation Rental Brands, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00 | 5/6/2032 |  | (8070) | (4420) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vacation Rental Brands, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>0.50% / 1.00% | 9.57 | 5/6/2032 | 332141 | 322121 | 321921 | 0.03% |
|  |  |  |  |  |  | $16491715 | $16276484 | 1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelevation LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.00% / 0.75% | 9.31 | 1/2/2031 | $312092 | $283856 | $309447 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelevation LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 0.75% | 9.32 | 1/2/2031 | 9907692 | 9773448 | 9752144 | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelevation LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.00% / 0.75% | 9.31 | 1/2/2031 | 891692 | 857676 | 889928 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordion Partners LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.25% / 0.75% | 9.56 | 11/17/2031 | 292174 | 283928 | 291500 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordion Partners LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 0.75% | 9.55 | 11/17/2031 | 7537630 | 7494769 | 7485449 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordion Partners LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.25% / 0.75% | 9.55 | 11/17/2031 | 3391500 | 3372487 | 3368021 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordion Partners LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 0.75% | 0.50 | 11/17/2031 |  | (8758) | (449) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BDO USA, P.C. Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.00% / 2.00% | 9.32 | 8/31/2028 | 4912500 | 4842947 | 4788798 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNI Global, LLC Dollar Delayed Draw Term Loan (2021) | (1)(2)(3)(4)(5)(7)(12) | 1M SOFR +<br>5.60% / 1.00% | 9.93 | 5/1/2027 | 1895917 | 1881372 | 1880964 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNI Global, LLC Initial Dollar Term Loan | (1)(2)(3)(4)(5)(7)(12) | 1M SOFR +<br>5.60% / 1.00% | 9.93 | 5/1/2027 | 1378977 | 1368234 | 1364242 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNI Global, LLC Initial Dollar Term Loan | (1)(2)(3)(4)(5)(7)(13) | 1M SOFR +<br>5.60% / 1.00% | 9.93 | 5/1/2027 | 3382828 | 3350965 | 3346682 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNI Global, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50 | 5/1/2027 |  |  | (2035) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chronicle Parent, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.00% / 1.00% | 0.00 | 4/15/2031 |  | (8654) | (8944) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chronicle Parent, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.26 | 4/15/2031 | 11329630 | 11249773 | 11244657 | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chronicle Parent, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50 | 4/15/2031 |  | (8645) | (8944) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crete PA Holdco, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.32 | 11/26/2030 | 651163 | 655369 | 658693 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crete PA Holdco, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.00% / 1.00% | 9.33 | 11/26/2030 | 6511628 | 6481898 | 6476590 | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crete PA Holdco, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50 | 11/26/2030 |  | 1343 | 1130 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSG Buyer, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00 | 7/29/2029 |  | (2269) | (6660) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSG Buyer, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.00% / 1.00% | 10.28 | 7/29/2029 | 2088138 | 2067084 | 2060851 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSG Buyer, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>6.00% / 1.00% | 10.28 | 7/29/2029 | 3382915 | 3346670 | 3338707 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSG Buyer, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50 | 7/29/2029 |  | (3770) | (2220) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DCCM MergerSub, LLC Revolver | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>4.75% / 0.75% | 4.75 | 6/24/2031 |  | (18612) | (18667) | 0.00% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br>Spread/ Floor | Cash Interest<br>Rate /<br>PIK Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of<br>Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| Research & Consulting Services (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DCCM, LLC <br>Delayed Draw <br>Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.75% / 0.75% | 0.75% | 6/24/2032 |  | (46555) | (46667) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DCCM, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>4.75% / 0.75% | 9.07% | 6/24/2032 | 6000000 | 5940064 | 5940000 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DCCM, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>4.75% / 0.75% | 9.07% | 6/24/2032 | 3566667 | 3531038 | 3531000 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ethos Risk Services, LLC Delayed Draw Term C Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.50% / 1.00% | 9.81% | 5/1/2027 | 225641 | 217191 | 215866 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ethos Risk Services, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.75% / 1.00% | 10.08% | 5/1/2027 | 1870505 | 1852907 | 1846705 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ethos Risk Services, LLC Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.75% / 1.00% | 10.08% | 5/1/2027 | 3382828 | 3344190 | 3339785 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Legal Buyer, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.30% | 7/1/2031 | 497747 | 490114 | 497747 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Legal Buyer, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 7/1/2031 |  | (5894) | (794) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Legal Buyer, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.30% | 7/1/2031 | 1697468 | 1686930 | 1683461 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Legal Buyer, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.00% / 1.00% | 9.30% | 7/1/2031 | 3382957 | 3360551 | 3355042 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gerson Lehrman Group, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.15% / 1.00% | 9.45% | 12/13/2027 | 4962054 | 4895777 | 4946186 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 0.75% | 9.28% | 11/22/2029 | 1168440 | 1168440 | 1125596 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Purchaser, LLC Initial Term Loan (Magna Legal Services) | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 0.75% | 9.28% | 11/22/2029 | 791058 | 791058 | 790679 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Purchaser, LLC Initial Term Loan (Magna Legal Services) | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.00% / 0.75% | 9.28% | 11/22/2029 | 3382653 | 3382653 | 3381033 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Purchaser, LLC Revolving Loan (Magna Legal Services) | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR + 4.63% / 1.00% | 4.63% | 11/22/2029 |  |  | (160) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ManTech International Corporation 2024 Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.00% / 0.75% | 9.28% | 9/14/2029 | 4163176 | 4163176 | 4082470 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ManTech International Corporation Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>1.00% / 0.75% | 1.00% | 9/14/2029 |  | (175265) | (206) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>6.00% / 1.00% | 9.31% | 4/10/2029 | 924116 | 898715 | 902004 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGT Impact Holdings, LLC 2025-1 Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.31% | 4/10/2029 | 4707795 | 4663175 | 4660717 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGT Impact Holdings, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>0.50% / 1.00% | 11.50% | 4/10/2029 | 305768 | 300006 | 299653 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRGX Global, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 0.00% | 1.00% | 12/20/2030 |  | (3879) | (794) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRGX Global, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 0.00% | 9.80% | 12/20/2030 | 13400272 | 13334318 | 13326694 | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sagebrush Buyer, LLC Revolving Credit | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 7/1/2030 |  | (9732) | (6393) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sagebrush Buyer, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.33% | 7/1/2030 | 2817638 | 2781483 | 2773265 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sagebrush Buyer, LLC Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.00% / 1.00% | 9.33% | 7/1/2030 | 3217276 | 3174806 | 3166609 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SourceHOV Tax, LLC Initial Term A Loan | (1)(2)(3)(4)(5)(7)(11) | 6M SOFR +<br>6.01% / 1.00% | 10.31% | 4/6/2028 | 4886650 | 4863043 | 4662404 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vensure Employer Services, Inc. Initial Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 0.50% | 0.50% | 9/27/2031 |  | (5025) | (200) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vensure Employer Services, Inc. Initial Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>0.50% / 0.50% | 0.50% | 9/27/2031 |  | (5370) | (200) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vensure Employer Services, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>4.75% / 0.50% | 8.96% | 9/27/2031 | 809422 | 803896 | 800908 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vensure Employer Services, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>4.75% / 0.50% | 8.96% | 9/27/2031 | 5653019 | 5604581 | 5593557 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vensure Employer Services, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>4.75% / 0.50% | 8.96% | 9/27/2031 | 4843596 | 4801104 | 4792649 | 0.38% |
|  |  |  |  |  |  | $133058607 | $132868500 | 10.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ampler Qsr Holdings LLC 2024 Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.85% / 2.00% | 10.18% | 7/21/2027 | $1705685 | $1695645 | $1692036 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ampler Qsr Holdings LLC 2024 Incremental Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.85% / 2.00% | 10.18% | 7/21/2027 | 3382915 | 3355043 | 3355844 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ampler Qsr Holdings LLC 2025 Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.85% / 2.00% | 10.17% | 7/21/2027 | 241682 | 239774 | 239749 | 0.02% |
|  |  |  |  |  |  | $5290462 | $5287629 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refresh Buyer, LLC Delayed Term Loan (Sunny Sky Products) | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>4.75% / 0.75% | 9.05% | 12/23/2028 | $4886935 | $4859096 | $4886935 | 0.39% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br>Spread/ Floor | Cash Interest<br>Rate /<br>PIK Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of<br>Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Step Sports LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>8.00% / 1.00% | 12.31<br> 1.50 | 10/2/2029 | $104718 | $96184 | $96599 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Step Sports LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>8.00% / 1.00% | 12.30<br> 1.50 | 10/2/2029 | 684670 | 675465 | 663327 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anderson Group Holdings, LLC Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>4.51% / 1.00% | 8.84 | 12/25/2028 | 4898734 | 4877344 | 4878033 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Hour LLC Delayed Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.25% / 0.50% | 9.55 | 5/23/2030 | 199543 | 185414 | 199543 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Hour LLC Revolving Credit | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.25% / 0.50% | 9.53 | 5/23/2030 | 561039 | 548258 | 546312 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Hour LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 0.50% | 9.55 | 5/23/2030 | 3662800 | 3615648 | 3587139 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Hour LLC Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.25% / 0.50% | 9.55 | 5/23/2030 | 3382915 | 3337409 | 3313035 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC Incremental Delayed Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.33<br>| 10/24/2030 | 3648661 | 3616630 | 3648661 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>3.50% / 1.00% | <br> 4.50 | 10/24/2029 |  | (1415) | (4847) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>3.50% / 1.00% | <br> 4.50 | 10/24/2029 |  | (3429) | (8943) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC 2024 Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.00% / 1.00% | <br> 9.33 | 10/24/2030 | 2067581 | 2049536 | 2049337 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC 2024 Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.00% / 1.00% | <br> 9.33 | 10/24/2030 | 4626424 | 4526072 | 4585601 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.33 | 10/24/2030 | 492104 | 487831 | 487762 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.00% / 1.00% | 9.33 | 10/24/2030 | 1101135 | 1073495 | 1091419 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.30 | 10/24/2030 | 1014982 | 998350 | 1002691 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC Second Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.28 | 10/24/2030 | 839862 | 831566 | 831464 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcticom Group Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>8.00% / 1.00% | 12.33<br> 4.00 | 12/22/2027 | 47351 | 47030 | 47067 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcticom Group Delayed Draw Term Loan D | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>8.00% / 1.00% | 12.33<br> 4.00 | 12/22/2027 | 11992 | 11992 | 11920 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcticom Group Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>8.00% / 1.00% | 12.33<br> 4.00 | 12/22/2027 | 202049 | 201442 | 200837 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcticom Group Third Incremental Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>8.00% / 1.00% | 12.33<br> 4.00 | 12/22/2027 | 50651 | 49953 | 50347 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Stockton Intermediate II, LLC PIK Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>13.00% / 0.00% | 0.00<br> 13.00 | 5/23/2031 | 2030366 | 1998776 | 2030366 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modigent, LLC Delayed Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.00% / 0.75% | 9.30 | 8/23/2028 | 281740 | 278980 | 281740 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil Changer Holding Corporation Amendment No.4 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>6.90% / 1.00% | 11.20 | 2/8/2027 | 3363031 | 3287193 | 3306323 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil Changer Holding Corporation Amendment No.4 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(12) | 3M SOFR +<br>6.90% / 1.00% | 11.20 | 2/8/2027 | 4595305 | 4541666 | 4541681 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil Changer Holding Corporation Amendment No.4 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>6.90% / 1.00% | 11.20 | 2/8/2027 | 3234019 | 3196307 | 3196281 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 0.00% | 1.00 | 6/10/2031 |  | (119531) | (120750) | -0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br>5.75% / 1.00% | 10.06 | 12/1/2027 | 667860 | 659415 | 653858 | 0.05% |
|  |  |  |  |  |  | $41067581 | $41166803 | 3.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charkit Chemical Company, LLC Term Loan A | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>5.03% / 1.00% | 9.33 | 12/29/2026 | $4267616 | $4251465 | $4262595 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket BidCo, Inc. Term Loan (Recochem) | (1)(3)(5)(7)(12)(20)(21) | 3M SOFR +<br>5.75% / 1.00% | 10.03 | 11/1/2030 | 11193750 | 10999818 | 10898575 | 0.87% |
|  |  |  |  |  |  | $15251283 | $15161170 | 1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saldon Holdings, Inc. Fourth Amendment Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.10% / 1.00% | 10.43 | 3/13/2026 | $595439 | $595439 | $595392 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saldon Holdings, Inc. Initial DDTL Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00 | 3/13/2026 |  | (3) | (10) | 0.00% |
|  |  |  |  |  |  | $595436 | $595382 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Falcon Buyer, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.50% / 1.00% | 9.80 | 8/1/2029 | 2135812 | 2090518 | 2096822 | 0.17% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br>Spread/ Floor | Cash Interest<br>Rate /<br>PIK Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of<br>Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Systems Software (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Falcon Buyer, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 8/1/2029 |  | (6031) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computer Services, Inc. 2024-1 Incremental Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.58% | 11/15/2029 | 513206 | 506029 | 513206 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computer Services, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 11/15/2029 |  |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ES Ventures LLC Illume Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 0.00% | 9.28% | 12/13/2028 | 167613 | 164479 | 163327 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ES Ventures LLC Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.30% | 12/13/2028 | 1316177 | 1303845 | 1298181 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ES Ventures LLC Term A Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.30% | 12/13/2028 | 928340 | 918871 | 904599 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saturn Borrower Inc Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.00% / 1.00% | 10.30% | 11/10/2028 | 5924120 | 5845372 | 5831541 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saturn Borrower Inc Tenth Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 11/13/2028 |  | (14171) | (1395) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saturn Borrower Inc Tenth Amendment Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>0.50% / 1.00% | 10.32% | 11/13/2028 | 103662 | 90819 | 103034 | 0.01% |
|  |  |  |  |  |  | $10899731 | $10909315 | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivy Technology Parent Intermediate III Holdings, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.38% / 1.00% | 9.70% | 2/5/2031 | 6488719 | 6394356 | 6391388 | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivy Technology Parent Intermediate III Holdings, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 2/5/2031 |  | (12169) | (10109) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thames Technology Holdings, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.25% / 1.00% | 10.54% | 8/31/2029 | 782729 | 774624 | 782287 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thames Technology Holdings, Inc. First Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.25% / 1.00% | 10.54% | 8/31/2029 | 1579543 | 1559829 | 1552187 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thames Technology Holdings, Inc. First Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>6.25% / 1.00% | 10.54% | 8/31/2029 | 3382957 | 3336272 | 3324368 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thames Technology Holdings, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.25% / 1.00% | 10.54% | 8/31/2029 | 3362815 | 3276097 | 3259031 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thames Technology Holdings, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 12.75% | 8/31/2029 | 236593 | 236593 | 222702 | 0.02% |
|  |  |  |  |  |  | $15565602 | $15521854 | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AFC-Dell Holding Corp. Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.00% | 9.78% | 4/9/2027 | 2135737 | 2115443 | 2107991 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hills Distribution, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>6.00% / 1.00% | 10.32% | 11/8/2029 | 790324 | 783640 | 785387 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hills Distribution, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>6.00% / 1.00% | 10.32% | 11/8/2029 | 97393 | 96553 | 96784 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hills Distribution, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.00% / 1.00% | 10.32% | 11/8/2029 | 191069 | 189652 | 187152 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hills Distribution, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.00% / 1.00% | 10.32% | 11/8/2029 | 1550463 | 1531841 | 1518673 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hultec Buyer, LLC Term Loan A | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.65% / 1.00% | 9.95% | 3/31/2029 | 1540342 | 1514930 | 1537281 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hultec Buyer, LLC Term Loan A | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.65% / 1.00% | 9.95% | 3/31/2029 | 3300000 | 3240795 | 3293441 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P.T. International LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>4.60% / 1.00% | 8.92% | 6/30/2027 | 4911616 | 4893399 | 4900883 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Fox CD Acquisition Corparation Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.00% / 1.00% | 10.30% | 3/4/2030 | 3529628 | 3471112 | 3455752 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Fox CD Acquisition Corparation Initial Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>6.00% / 1.00% | 10.30% | 3/4/2030 | 3382872 | 3319885 | 3312066 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Fox CD Acquisition Corporation Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>6.00% / 1.00% | 10.32% | 5/21/2031 | 998697 | 907183 | 905698 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SureWerx Purchaser III, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.25% / 0.75% | 9.58% | 12/28/2029 | 86002 | 82658 | 80792 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SureWerx Purchaser III, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 0.75% | 9.55% | 12/28/2029 | 2159727 | 2145385 | 2051905 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trench Plate Rental Co. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.60% / 1.00% | 9.90% | 12/3/2028 | 5351724 | 5332559 | 5351446 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trench Plate Rental Co. Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.60% / 1.00% | 9.90% | 12/3/2028 | 165517 | 163590 | 165516 | 0.01% |
|  |  |  |  |  |  | $29788625 | $29750767 | 2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EVDR Purchaser, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 0.75% | 1.00% | 2/14/2031 |  |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EVDR Purchaser, Inc. Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 0.75% | 0.50% | 2/14/2031 |  |  |  | 0.00% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br>Spread/ Floor | Cash Interest<br>Rate /<br>PIK Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of<br>Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trucking (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EVDR Purchaser, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 0.75% | 9.83% | 2/14/2031 | 1361001 | 1338307 | 1333551 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EVDR Purchaser, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>5.50% / 0.75% | 9.83% | 2/14/2031 | 3382872 | 3322103 | 3314645 | 0.26% |
|  |  |  |  |  |  | $4660410 | $4648196 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total First Lien Senior Secured |  |  |  |  |  | $2062903411 | $2060181739 | 164.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Lien Senior Secured |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SageSure Holdings, LLC Delayed Draw Term Loan B | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>4.86% / 1.00% | 9.19% | 1/28/2030 | 1038608 | 1029623 | 1034119 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SageSure Holdings, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>4.86% / 0.50% | 9.19% | 1/28/2030 | 1464910 | 1451711 | 1464910 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SageSure Holdings, LLC Term Loan | (1)(2)(3)(4)(5)(7)(13) | 3M SOFR +<br>4.86% / 0.50% | 9.19% | 1/28/2030 | 2984925 | 2984925 | 2984925 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Second Lien Senior Secured |  |  |  |  |  | $5466259 | $5483954 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinated Notes |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle US CLO 2025-2, Ltd Subordinated Notes | (1)(3)(5)(21)(23)(24) | N/A | N/A | 12/31/2049 | 11407438 | 10116025 | 10116025 | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audax Senior Debt CLO 12 LLC Sub Notes | (1)(2)(3)(5)(21)(22)(23) | N/A | N/A | 4/22/2037 | 2081250 | 2081250 | 2164214 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2024-V Sub Notes Reg S | (1)(3)(5)(21)(23)(24) | N/A | N/A | 1/22/2038 | 5716500 | 4994226 | 5252703 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIFC Stone Warehouse III LTD CLO | (1)(3)(5)(21)(23)(24) | N/A | N/A | 12/31/2049 | 4737000 | 4737000 | 4737000 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Credit Partners Direct Lending CLO 2025-1 Ltd. | (1)(3)(5)(21)(23)(24) | N/A | N/A | 4/24/2031 | 12693011 | 12693011 | 12693011 | 1.01% |
|  |  |  |  |  |  | 24505487 | 24846928 | 1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Subordinated Notes |  |  |  |  |  | $34621512 | $34962953 | 2.79% |
| Total Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  | $2102991182 | $2100628646 | 167.39% |
| Non-Controlled, Non-Affiliated Private Credit Funds |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited Partnership Interests |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Castlelake Consumer Receivables Opportunity III, L.P. Fund | (1)(2)(6)(14)(15)(16)(21) | N/A | N/A | 6/12/2031 | 6447747 | 6508241 | 7223755 | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Castlelake Consumer Receivables Opportunity IV, L.P. Fund | (1)(2)(6)(14)(15)(17)(21) | N/A | N/A | 12/31/2032 | 7317214 | 7340340 | 7592741 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Evergreen Private Credit Fund LP | (1)(2)(6)(14)(15)(18)(21) | N/A | N/A | 5/21/2031 | 19093825 | 19093825 | 22538842 | 1.80% |
|  |  |  |  |  |  | $32942406 | $37355338 | 2.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Non-Controlled, Non-Affiliated Pri<br>vate Credit Funds |  |  |  |  |  | $32942406 | $37355338 | 2.98% |
| Total Investments |  |  |  |  |  | $2135933588 | $2137983984 | 170.37% |
| Cash and Cash Equivalents and Restricted Cash and Restricted Cash |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Treasury Portfolio - |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class, 4.12% (48,296,661 shares) | (1)(2)(3)(4)(5)(7)(19) | N/A | N/A | N/A | N/A | $48288093 | $48288093 | 3.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other cash accounts |  |  |  |  |  | 8203787 | 8203787 | 0.65% |
| Total Cash and Cash Equivalents and Restricted Cash and Restricted |  |  |  |  |  |  |  |  |
| Cash Equivalents |  |  |  |  |  | $56491880 | $56491880 | 4.50% |
| Liabilities Less Other Assets |  |  |  |  |  |  | $(93956910) | (74.87) |
| Net Assets |  |  |  |  |  |  | $1254909954 | 100.00% |

---

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

<sup>(1)</sup> Investment is non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940, as amended (the "1940 Act"). The 1940 Act classifies investments based on the level of control that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be "non-controlled" when the Company owns 25% or less of the portfolio company's voting securities and "controlled" when the Company owns more than 25% of the portfolio company's voting securities and/or has the power to exercise control over the management or policies of such portfolio company. The 1940 Act also classifies investments further based on the level of ownership that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as "non-affiliated" when the Company owns less than 5% of a portfolio company's voting securities and "affiliated" when the Company owns 5% or more of a portfolio company's voting securities (and is not otherwise "controlled"). The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act. 

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

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

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

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

<sup>(6)</sup> Investment has undrawn commitments. Unamortized fees are classified as unearned income which reduces cost basis, which may result in a negative cost basis. A negative fair value may result fromthe unfunded commitment being valued below par. The investment may be subject to an unused/letter of credit facility fee. 

<sup>(7)</sup> The investments bear interest at rates that may be determined by reference to Secured Overnight Financing Rate ("SOFR" or "S") or an alternate base rate (commonly based on the FederalFunds 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 June 30, 2025. The interest rate disclosed is based on the reference rate as of the last reset date which may differ fromthe reference rate as of June 30, 2025. As ofJune 30, 2025, effective rates for 1 Month ("M") S, 3M S, 6M S and PRIMEare 4.319%, 4.342%, 4.371% and 7.500%, respectively. For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of June 30, 2025. Certain investments are subject to a floor and have been provided. 

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

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

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

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

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

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

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### June 30, 2025
<sup>(14)</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>(15)</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 June 30, 2025 was $37,355,338 or 2.98% of net assets. 

<sup>(16)</sup> Investment was acquired on June 26, 2024.

<sup>(17)</sup> Investment was acquired on November 15, 2024.

<sup>(18)</sup> Investment was acquired on May 22, 2024.

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

<sup>(20)</sup> Investment is domiciled in Canada and no investment represents a 5% or more interest in any outstanding class of voting security of the portfolio company. 

<sup>(21)</sup> The Company has determined the indicated investments are non-qualifying assets under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets. 

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

<sup>(23)</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>(24)</sup> Investment is domiciled in Cayman Islands and no investment represents a 5% or more interest in any outstanding class of voting security of the portfolio company. 

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

#### Consolidated Schedule of Investments

#### December 31, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br>Spread/ Floor | Cash Interest<br>Rate /<br>PIK Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of<br>Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnegie Dartlet, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.500 | 2/7/2030 | $— | $(748) | $— | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnegie Dartlet, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 1M SOFR +<br>5.50% / 1.00% | 9.857 | 2/7/2030 | 505877 | 498884 | 493466 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnegie Dartlet, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.50% / 1.00% | 10.053 | 2/7/2030 | 3600 | 2796 | 3600 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finn Partners, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.65% / 1.00% | 10.98 | 7/1/2026 | 1671350 | 1661915 | 1668691 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finn Partners, Inc. Second Amendment Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.65% / 1.00% | 10.98 | 7/1/2026 | 3240769 | 3222317 | 3235571 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kite Midco II LTD Term Loan B1 | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.00% / 0.00% | 9.43 | 11/19/2031 | 5290056 | 5211443 | 5210705 | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kite Midco II LTD Term Loan B1 | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 0.00% | 9.43 | 11/19/2031 | 5290056 | 5211443 | 5210705 | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kite Midco II LTD Term Loan B2 | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>0.00% / 0.00% | 0.00 | 11/19/2031 |  | (9800) | (9919) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kite Midco II LTD Term Loan B2 | (1)(2)(3)(4)(5)(6)(7)(8)(12) | 3M SOFR +<br>0.00% / 0.00% | 0.00 | 11/19/2031 |  | (9800) | (9919) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minds Buyer Incremental Revolving Credit | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50 | 5/3/2029 |  | (4557) | (4688) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 1.00% | 9.85 | 5/3/2029 | 11375000 | 11318719 | 11289688 | 1.23% |
|  |  |  |  |  |  | $27102612 | $27087900 | 2.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aviation Technical Services, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50 | 7/12/2029 | $— | $(3468) | $(3473) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aviation Technical Services, Inc. Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.75% / 1.00% | 10.41 | 7/12/2029 | 3990000 | 3962436 | 3962282 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heads Up Technologies, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>5.50% / 1.00% | 9.95 | 8/10/2028 | 4912060 | 4866295 | 4912060 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAG Holding Corp. Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | PRIME + 4.25% /<br>1.00% | 11.75 | 12/21/2029 | 245266 | 233500 | 245266 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAG Holding Corp. Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.25% / 1.00% | 9.85 | 12/21/2029 | 11245484 | 11141121 | 11245484 | 1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPW Aero Buyer, Inc. 2024 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00 | 2/15/2029 |  | (24528) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPW Aero Buyer, Inc. Delayed Draw Term Loan-1 | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.50% / 1.00% | 10.12 | 2/15/2029 | 1442167 | 1435437 | 1442167 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPW Aero Buyer, Inc. Term Loan (Whitcraft LLC) | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.50% / 1.00% | 11.01 | 2/15/2029 | 4937186 | 4937186 | 4932603 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sigma Defense Systems LLC Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>6.90% / 1.00% | 11.23 | 12/18/2027 | 1775792 | 1743876 | 1742958 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sigma Defense Systems LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50 | 12/18/2027 |  | (1334) |  | 0.00% |
|  |  |  |  |  |  | $28290521 | $28479347 | 3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMEX Holding III Corp Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>6.65% / 1.00% | 11.98<br> 1.00 | 3/31/2028 | $210662 | $209519 | $185399 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMEX Holding III Corp Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>6.65% / 1.00% | 11.98<br> 1.00 | 3/31/2028 | 4737698 | 4712354 | 4169547 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gulf Winds International Acquisition, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br>7.60% / 1.00% | 11.96 | 6/12/2028 | 4924623 | 4922196 | 4909849 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solairus Holdings, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br>5.35% / 1.00% | 10.49 | 7/23/2029 | 4516892 | 4516892 | 4516389 | 0.49% |
|  |  |  |  |  |  | $14360961 | $13781184 | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meriplex Communications, Ltd. Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.10% / 0.75% | 9.46 | 7/17/2028 | $4946288 | $4946288 | $4935241 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightmore Brands LLC Original Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>4.59% / 1.50% | 14.05 | 9/10/2029 | $9990084 | $9846098 | $9796905 | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anaplan, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br>5.25% / 0.75% | 9.58 | 6/21/2029 | $5000000 | $4980512 | $4997356 | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARI Network Services, Inc. Third Amendment Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 0.75% | 9.36 | 8/28/2026 | 3430875 | 3388994 | 3394783 | 0.37% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### December 31, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br>Spread/ Floor | Cash Interest<br>Rate /<br>PIK Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair<br>Value | Percentage<br>of<br>Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Application Software (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASYS LLC First Amendment Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>4.76% / 1.00% | 9.09% | 12/9/2027 | 4822563 | 4797699 | 4822563 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dealer Services Network, LLC Second Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.75% / 1.00% | 10.34% | 2/9/2027 | 2284106 | 2263634 | 2261265 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dealer Services Network, LLC Second Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.75% / 1.00% | 10.34% | 2/9/2027 | 6500000 | 6438717 | 6435000 | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Echo Purchaser, Inc. Delayed Draw Term Loan (Exostar) | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>1.00% / 0.75% | 1.00% | 11/19/2029 |  | (158) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Echo Purchaser, Inc. Term Loan (Exostar) | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.50% / 0.75% | 9.86% | 11/19/2029 | 642655 | 636408 | 633052 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everbridge Holdings, LLC Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 0.75% | 9.59% | 7/2/2031 | 5555556 | 5527778 | 5528039 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everbridge Holdings, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.00% / 0.75% | 9.59% | 7/2/2031 | 544444 | 540032 | 544444 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everbridge Holdings, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 0.75% | 0.50% | 7/2/2031 |  | (2603) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Acquisitionco, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 1.00% | 9.58% | 5/25/2028 | 3190375 | 3177691 | 3190375 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Acquisitionco, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8)(12) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 5/25/2028 |  | (4948) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Acquisitionco, Inc. Seventh Suplemental Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(12) | 3M SOFR +<br>5.25% / 1.00% | 9.58% | 5/25/2028 | 350186 | 342966 | 350186 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LeadVenture, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.57% | 8/28/2026 | 299315 | 291418 | 296169 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LeadVenture, Inc. Revolver | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.00% / 0.75% | 9.57% | 8/28/2026 | 443350 | 438519 | 443350 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LeadVenture, Inc. Supplemental No. 4 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.00% / 0.75% | 9.36% | 8/28/2026 | 1986569 | 1975394 | 1986569 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Spend Holdings, LLC 2nd Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.75% / 0.75% | 10.11% | 5/14/2029 | 255511 | 255511 | 255511 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legitscript LLC Delayed Draw Loan | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br>5.75% / 0.75% | 10.11% | 6/24/2029 | 99775 | 98502 | 99775 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legitscript LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br>5.75% / 0.75% | 10.11% | 6/24/2029 | 3890302 | 3842326 | 3890302 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mountain Parent, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 0.75% | 0.50% | 6/27/2031 |  | (5424) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mountain Parent, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 0.75% | 9.64% | 6/27/2031 | 5698154 | 5646211 | 5641159 | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mountain Parent, Inc. Revolving Credit Facility | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 0.75% | 0.50% | 6/27/2031 |  | (5782) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NinjaTrader Group, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.65% / 1.00% | 11.24% | 12/18/2026 | 3562903 | 3543735 | 3527274 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMI Acquisitionco, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.10% / 1.00% | 9.46% | 9/6/2028 | 1154466 | 1135995 | 1154466 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMI Acquisitionco, Inc. October 2021 Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.10% / 0.75% | 9.46% | 9/6/2028 | 352446 | 346807 | 346198 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMI Acquisitionco, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 9/6/2028 |  | (5203) | (5892) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMI Acquisitionco, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.10% / 1.00% | 9.46% | 9/6/2028 | 1892857 | 1862572 | 1859300 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optimizely North America Inc. (USD) Revolving Credit | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 0.75% | 0.50% | 10/30/2031 |  | (12021) | (12320) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optimizely North America Inc. (USD) Term Loan | (1)(2)(3)(4)(5)(7)(12) | 1M SOFR +<br>5.00% / 0.75% | 9.36% | 10/30/2031 | 12768000 | 12640409 | 12636075 | 1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Purchaser, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 10/2/2028 |  |  | (2744) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Purchaser, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 6M SOFR +<br>6.25% / 1.00% | 10.53% | 10/2/2028 | 1952113 | 1909173 | 1905868 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Purchaser, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 10/2/2028 |  |  | (4155) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDI TA Holdings, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.25% / 0.75% | 9.75% | 2/3/2031 | 677413 | 677413 | 677413 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDI TA Holdings, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 0.75% | 9.84% | 2/3/2031 | 5200904 | 5157349 | 5158858 | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDI TA Holdings, Inc. Revolving Credit | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 0.75% | 0.50% | 2/3/2031 |  |  | (4527) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PracticeTek Purchaser, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.75% / 1.00% | 10.11% | 8/30/2029 | 28172 | 25548 | 23292 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PracticeTek Purchaser, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br>5.75% / 1.00% | 10.11% | 8/30/2029 | 1959080 | 1930104 | 1926702 | 0.21% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### December 31, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br>Spread/ Floor | Cash Interest<br>Rate /<br>PIK Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of<br>Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Application Software (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Purchaser, Inc. Revolving Credit | (1)(2)(3)(4)(5)(6)(7)(8)(12) | 3M SOFR +<br>0.50% / 0.75% | 0.50% | 4/1/2030 |  | (14208) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Purchaser, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 0.75% | 9.83% | 4/1/2031 | 5162450 | 5065940 | 5066957 | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superjet Buyer, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.50% / 0.75% | 9.83% | 12/30/2027 | 686706 | 634858 | 686706 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superjet Buyer, LLC Initial Term Loan (EFI Productivity Software) | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br>5.76% / 0.75% | 10.09% | 12/30/2027 | 1506822 | 1502777 | 1506822 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superjet Buyer, LLC Third Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 0.75% | 9.83% | 12/30/2027 | 4899850 | 4852569 | 4854340 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synchronoss Technologies, Inc. Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.60% / 2.50% | 9.93% | 6/28/2028 | 4937500 | 4714915 | 4695148 | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.00% / 0.00% | 9.33% | 8/30/2029 | 465680 | 462599 | 462599 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCP Hawker Intermediate LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 8/30/2029 |  | (878) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCP Hawker Intermediate LLC Ninth Amendment DDTL 11/24 | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 8/30/2029 |  | (368) | (379) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.00% / 1.00% | 9.33% | 8/30/2029 | 17439 | 17281 | 17265 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thrive Buyer, Inc. Initial Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | PRIME + 5.00% /<br>1.00% | 12.50% | 1/22/2027 | 194243 | 194815 | 194243 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thrive Buyer, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.15% / 1.00% | 10.48% | 1/22/2027 | 1966679 | 1970287 | 1966679 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thrive Buyer, Inc., Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.15% / 1.00% | 10.75% | 1/22/2027 | 1474154 | 1476660 | 1474154 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thrive Buyer, Inc.,Tenth Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>4.90% / 1.00% | 10.48% | 1/22/2027 | 263571 | 259775 | 259979 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trintech Inc. Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.50% / 1.00% | 9.86% | 7/25/2029 | 4950000 | 4867325 | 4865286 | 0.53% |
|  |  |  |  |  |  | $99839625 | $100005505 | 10.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allworth Financial Group, L.P. Fourth Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.36% | 12/23/2027 | $250278 | $249048 | $250278 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allworth Financial Group, L.P. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 12/23/2027 |  | (2868) | (3092) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerity Partners Equity Holding LLC 2024 Incremental Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.25% / 1.00% | 9.57% | 7/28/2029 | 3005227 | 2990133 | 3005227 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerity Partners Equity Holding LLC Initial Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 7/28/2028 |  | (2009) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerity Partners Equity Holding LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 1.00% | 9.76% | 7/28/2029 | 4658970 | 4658970 | 4658970 | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Delayed Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.88% | 12/9/2027 | 540400 | 532899 | 540400 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. First Amendment Additional Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 1.00% | 9.76% | 12/9/2027 | 286679 | 283192 | 282782 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 1.00% | 9.58% | 12/9/2027 | 453164 | 447416 | 447005 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 1.00% | 9.77% | 12/9/2027 | 5705389 | 5633531 | 5630038 | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.25% / 1.00% | 9.76% | 12/9/2027 | 4089750 | 4034842 | 4036490 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 1.00% | 9.76% | 12/9/2027 | 897750 | 886774 | 886059 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danforth Global, Inc. Third Amendment Additional Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.84% | 12/9/2027 | 479100 | 472600 | 479100 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IEQ Capital, LLC 2024 Incremental Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>4.75% / 0.75% | 9.04% | 12/22/2028 | 3074114 | 3049733 | 3074114 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obra Capital, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>7.61% / 1.00% | 11.97% | 6/21/2029 | 7500000 | 7359376 | 7359427 | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petra Borrower, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.75% / 1.00% | 10.19% | 11/15/2030 | 600000 | 583422 | 596412 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petra Borrower, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.75% / 1.00% | 10.32% | 11/15/2030 | 3225625 | 3168656 | 3148840 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petra Borrower, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 11/15/2029 |  | (8419) | (1435) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PMA Parent Holdings, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.25% / 0.75% | 9.58% | 1/31/2031 | 4186500 | 4145505 | 4144635 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PMA Parent Holdings, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.38% / 0.75% | 0.38% | 1/31/2031 |  | (3033) | (3135) | 0.00% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### December 31, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br>Spread/ Floor | Cash Interest<br>Rate / PIK<br>Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of Net<br>Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Management & Custody Banks (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wealth Enhancement Group, LLC 2021 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.00% / 1.00% | 9.57% | 10/2/2028 | 3785323 | 3777393 | 3761832 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.00% / 1.00% | 9.50% | 10/4/2028 | 1151106 | 1145771 | 1143962 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.50% / 1.00% | 9.59% | 10/4/2028 | 1985883 | 1985622 | 1983495 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wealth Enhancement Group, LLC Revolver Incremental 12/24 | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.00% / 0.00% | 0.00% | 2/10/2028 |  | 1131 |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wealth Enhancement Group, LLC_Delayed Draw Term Loan 12/24 | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.00% / 1.00% | 0.00% | 2/10/2028 |  | 16919 | 16934 | 0.00% |
|  |  |  |  |  |  | $45406604 | $45438338 | 4.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETE Intermediate II LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>6.50% / 1.00% | 11.09% | 5/29/2029 | $204286 | $198935 | $201929 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETE Intermediate II LLC Term Loan A | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.50% / 1.00% | 11.01% | 5/29/2029 | 1934821 | 1891743 | 1915473 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&D MidCo, Inc. Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.66% | 8/31/2028 | 1754402 | 1733351 | 1705278 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&D MidCo, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.15% / 1.00% | 10.74% | 8/31/2028 | 587599 | 579653 | 587599 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&D MidCo, Inc. Delayed Draw Term Loan Third Amendment | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 8/31/2028 |  | 1296 | 1298 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&D MidCo, Inc. Term Loan Third Amendment | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.48% | 8/31/2028 | 367816 | 365619 | 367816 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Tire& Service Finace Merger Sub, LLC Term Loan Incremental | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 0.00% | 9.98% | 5/17/2029 | 927814 | 918735 | 918536 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.50% / 1.00% | 9.87% | 5/17/2029 | 1054825 | 1064267 | 1053179 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.50% / 1.00% | 9.87% | 5/17/2029 | 1054825 | 1036172 | 1053179 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Tires & Service Acquisition, LLC Incremental Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.50% / 0.00% | 9.95% | 5/17/2029 | 217679 | 212513 | 212327 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Tires & Service Acquisition, LLC Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.75% / 0.00% | 10.26% | 5/17/2029 | 292618 | 289758 | 289692 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Tires & Service Acquisition, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.50% / 1.00% | 9.87% | 5/17/2029 | 4925000 | 4925000 | 4925000 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transgo, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.75% / 2.00% | 10.11% | 12/29/2028 | 5718426 | 5650998 | 5660752 | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transgo, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 2.00% | 0.50% | 12/29/2028 |  |  | (2256) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truck-Lite Co., LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 0.75% | 1.00% | 2/13/2031 |  | (8955) | (9440) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truck-Lite Co., LLC Initial Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 0.75% | 0.50% | 2/13/2030 |  | (8917) | (9440) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truck-Lite Co., LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.75% / 0.75% | 10.27% | 2/13/2031 | 5712389 | 5647425 | 5625290 | 0.61% |
|  |  |  |  |  |  | $24497593 | $24496212 | 2.67% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JHCC Holdings LLC 2021-A Incremental Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.58% | 9/9/2027 | $902909 | $899098 | $900192 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.58% | 9/9/2027 | 729636 | 723375 | 729636 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JHCC Holdings LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.58% | 9/9/2027 | 4034591 | 4026494 | 4022448 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JHCC Holdings LLC_Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.00% / 1.00% | 0.00% | 9/9/2027 |  | (2553) | (5334) | 0.00% |
|  |  |  |  |  |  | $5646414 | $5646942 | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AllMark Acquisition, LLC Initial Term Loan (AllMark Door) | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>5.50% / 1.00% | 9.75% | 5/4/2028 | $4924242 | $4893282 | $4875000 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arch Cutting Tools Corp. Initial Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>4.85% / 0.00% | 9.18% | 4/1/2026 | 4910155 | 4898622 | 4887162 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Big Top Holdings, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 3/1/2030 |  | (1547) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Big Top Holdings, LLC Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.75% / 1.00% | 10.11% | 3/1/2030 | 2432708 | 2381651 | 2359328 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hills Distribution, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>6.00% / 1.00% | 10.40% | 11/8/2029 | 796296 | 788403 | 796296 | 0.09% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### December 31, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br>Spread/ Floor | Cash Interest<br>Rate / PIK<br>Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of Net<br>Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Building Products (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hills Distribution, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>6.00% / 1.00% | 10.40% | 11/8/2029 | 98129 | 97139 | 98129 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hills Distribution, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.00% / 1.00% | 10.40% | 11/8/2029 | 192039 | 190376 | 189276 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hills Distribution, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.00% / 1.00% | 10.40% | 11/8/2029 | 1558333 | 1537105 | 1535907 | 0.17% |
|  |  |  |  |  |  | $14785031 | $14741098 | 1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guy Chemical Company, LLC U.S. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>4.85% / 1.00% | 9.21% | 11/9/2027 | $4911839 | $4873458 | $4911839 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owl Cyber Defense Solutions, LLC Revolver | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 9/11/2029 | $— | $(8849) | $— | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owl Cyber Defense Solutions, LLC Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.75% / 1.00% | 10.11% | 9/11/2029 | 4089750 | 4050454 | 4036085 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owl Defense Solutions, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.75% / 1.00% | 10.11% | 9/11/2029 | 2322969 | 2277086<br>| 2292487 | 0.25% |
|  |  |  |  |  |  | $6318691 | $6328572 | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.75% / 1.00% | 0.75% | 6/30/2030 | $— | $(12074) | $(12098) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 12/7/2029 |  | (1841) | (5950) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.00% / 1.00% | 10.44% | 6/28/2030 | 6810291 | 6701872 | 6717804 | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.00% / 1.00% | 10.08% | 6/30/2030 | 6342711 | 6263668 | 6263427 | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATI Restoration, LLC Second Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.65% / 0.75% | 10.24% | 7/31/2026 | 465360 | 462601 | 423899 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Best Roofing Services LLC Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.00% / 1.00% | 10.33% | 4/2/2029 | 5104478 | 5013102 | 4997718 | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Best Roofing Services LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 4/2/2029 |  |  | (18730) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>5.75% / 1.00% | 10.67% | 5/11/2027 | 487171 | 484719 | 486131 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diverzify Intermediate LLC Second Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(11) | 6M SOFR +<br>6.01% / 1.00% | 10.60% | 5/11/2027 | 4424713 | 4399724 | 4407428 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eskola LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.50% | 9.96% | 12/19/2029 | 8161521 | 8090567 | 8090107 | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eskola LLC_Delayed Draw Term Loan A | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.50% | 9.94% | 12/19/2029 | 2914830 | 2889350 | 2898434 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eskola LLC_Delayed Draw Term Loan B | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.00% / 1.50% | 0.00% | 12/19/2029 |  | (22789) | (22954) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESP Associates, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.60% / 1.00% | 10.94% | 7/24/2028 | 4792384 | 4728836 | 4684467 | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 10/7/2028 |  | (29522) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G-A-I Consultants, Inc. First Amendment Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.60% / 1.00% | 10.15% | 10/7/2028 | 2945724 | 2900331 | 2895494 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G-A-I Consultants, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.50% / 1.00% | 9.97% | 10/7/2028 | 78947 | 70087 | 78947 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HP RSS Buyer, Inc. Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.00% / 0.75% | 9.33% | 12/11/2029 | 678545 | 676573 | 674888 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 0.75% | 9.33% | 12/11/2029 | 436673 | 433838 | 434319 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 0.75% | 9.33% | 12/11/2029 | 145036 | 145036 | 144254 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kelso Industries LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 0.00% | 1.00% | 12/26/2029 |  | 29211 | 29211 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kelso Industries LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.75% / 0.00% | 10.09% | 12/26/2029 | 7594830 | 7518881 | 7518881 | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KENE Acquisition, Inc. Initial Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.59% | 2/7/2031 | 44469 | 44025 | 44469 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KENE Acquisition, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.84% | 2/7/2031 | 960551 | 960551 | 960551 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKD Electric, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.60% / 1.25% | 10.15% | 5/31/2029 | 503839 | 478070 | 503839 | 0.05% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### December 31, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br>Spread/ Floor | Cash Interest<br>Rate / PIK<br>Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of Net<br>Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction & Engineering (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKD Electric, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 1M SOFR +<br>5.60% / 1.25% | 10.15% | 5/31/2029 | 6045310 | 5932973 | 5931328 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOREgroup Holdings, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 1.00% | 9.58% | 1/16/2030 | 4466250 | 4405120 | 4378809 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSR Opco LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.50% | 1.00% | 3/15/2029 |  | (12395) | (17565) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSR Opco LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.75% / 1.00% | 10.11% | 3/15/2029 | 5293333 | 5232003 | 5205851 | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSR Opco LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>6.00% / 1.00% | 10.53% | 3/15/2029 | 746667 | 746667 | 740244 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PK Purchaser, LLC Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.62% | 9/19/2029 | 4089750 | 4050256 | 4045498 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PK Purchaser, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.62% | 9/19/2029 | 8379000 | 8275927 | 8288337 | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puris LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.75% / 1.00% | 10.07% | 6/30/2031 | 8409398 | 8290867 | 8241056 | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PVI Holdings, Inc. Last Out Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>4.94% / 1.00% | 11.13% | 1/18/2028 | 6859692 | 6850263 | 6859692 | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SuperHero Fire Protection, LLC Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.40% / 1.00% | 10.73% | 9/1/2026 | 5454727 | 5354806 | 5345632 | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SuperHero Fire Protection, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>6.40% / 1.00% | 10.73% | 9/1/2026 | 373487 | 365562 | 364781 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USIC Holdings, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.50% / 0.75% | 10.09% | 9/10/2031 | 10537495 | 10478010 | 10493596 | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USIC Holdings, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.25% / 0.75% | 9.84% | 9/10/2031 | 306545 | 299186 | 300958 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USIC Holdings, Inc. Specified Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.50% / 0.75% | 10.09% | 9/10/2031 | 41052 | 40663 | 41052 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC Delayed Draw Term Loan A | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>1.00% / 0.75% | 1.00% | 5/6/2031 |  | (3871) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC Delayed Draw Term Loan B | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>1.00% / 0.75% | 1.00% | 5/6/2031 |  | (5161) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC Delayed Draw Term Loan C | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.00% / 0.75% | 9.55% | 5/6/2031 | 1127467 | 1106833 | 1127467 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC Delayed Draw Term Loan D | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 0.75% | 1.00% | 5/6/2031 |  | (29253) | (30000) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC Delayed Draw Term Loan E | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 5/6/2031 |  | (14627) | (15000) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>0.50% / 0.75% | 0.50% | 5/6/2030 |  | (6271) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.00% / 0.75% | 9.45% | 5/6/2031 | 4375673 | 4312818 | 4338170 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Companies, Inc., Term Loan D | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.52% | 8/31/2028 | 6881356 | 6815636 | 6812543 | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Companies, Inc., The Delayed Draw Term Loan-B | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 8/31/2028 |  | (11270) | (11864) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Companies, Inc., The Fourth Amendment Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 8/31/2028 |  | (22717) | (23729) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Service Partners, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.75% / 0.75% | 10.34% | 11/8/2030 | 3620286 | 3614084 | 3620286 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.00% / 0.75% | 9.50% | 11/8/2030 | 93131 | 71538 | 75335 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Service Partners, LLC Revolving Facility | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.75% / 0.75% | 10.19% | 11/8/2030 | 360465 | 359341 | 357879 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Service Partners, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.75% / 0.75% | 10.11% | 11/8/2030 | 1881774 | 1860312 | 1872227 | 0.20% |
|  |  |  |  |  |  | $130582116 | $130537119 | 14.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Javelin Acquisition Vehicle, LLC Last Out Term Loan (Lindsay Precast) | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br>5.33% / 1.00% | 9.69% | 11/3/2026 | $1717266 | $1717266 | $1666742 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Javelin Acquisition Vehicle, LLC Second Amendment Incremental Term Loan (Lindsay Precast) | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.35% / 1.00% | 9.71% | 11/3/2026 | 2671960 | 2634257 | 2637417 | 0.29% |
|  |  |  |  |  |  | $4351523 | $4304159 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penncomp, LLC Delayed Draw Term Loan A | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>6.35% / 1.50% | 10.71% | 10/17/2028 | $1833123 | $1792239 | $1825829 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penncomp, LLC Term Loan A | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.35% / 1.50% | 10.71% | 10/17/2028 | 2554960 | 2508100 | 2501108 | 0.27% |
|  |  |  |  |  |  | $4300339 | $4326937 | 0.47% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### December 31, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br>Spread/ Floor | Cash Interest<br>Rate / PIK<br>Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of Net<br>Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPM Purchaser, Inc. Delayed Draw Term Loan B | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>6.36% / 2.00% | 10.72% | 9/11/2028 | $549420 | $529486 | $522677 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPM Purchaser, Inc. Effective Date Term Loan B | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br>6.36% / 2.00% | 10.72% | 9/11/2028 | 3879464 | 3791572 | 3731679 | 0.40% |
|  |  |  |  |  |  | $4321058 | $4254356 | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GC Waves Holdings, Inc. 2024 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>4.85% / 1.00% | 9.21% | 10/4/2030 | $599498 | $572742 | $648520 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opta Inc. 2024 Incremental Delayed Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>7.01% / 1.50% | 11.60% | 11/9/2028 | $1745625 | $1685656 | $1745625 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opta Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>7.01% / 1.50% | 11.69% | 11/8/2028 | 6930000 | 6867235 | 6915896 | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V Global Holdings LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.90% / 0.75% | 10.42% | 12/22/2027 | 4924242 | 4910929 | 4724869 | 0.52% |
|  |  |  |  |  |  | $13463820 | $13386390 | 1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accent Building Materials Holdings LLC Term B Delayed Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>6.25% / 1.00% | 10.68% | 8/6/2029 | $900000 | $856517 | $896108 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accent Building Materials Holdings LLC Term Loan B | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.25% / 1.00% | 10.68% | 8/6/2029 | 3928571 | 3762283 | 3848083 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AI Fire Buyer, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.75% / 1.00% | 10.89% | 3/22/2027 | 190796 | 187742 | 190796 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AI Fire Buyer, Inc.Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.75% / 1.00% | 10.84% | 3/22/2027 | 154883 | 152960 | 153072 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIDC IntermediateCo. 2, LLC Initial Term Loan (Peak Technologies) | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.59% | 7/22/2027 | 6170995 | 6154550 | 6170995 | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centex Acquisition, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 1M SOFR +<br>5.60% / 1.00% | 10.15% | 5/9/2029 | 202963 | 202963 | 202963 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centex Acquisition, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 1M SOFR +<br>5.60% / 1.00% | 10.15% | 5/9/2029 | 3975221 | 3904383 | 3898758 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certified Collision Group Acquisition Corp. Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.34% | 5/17/2027 | 173667 | 173667 | 172140 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certified Collision Group Acquisition Corp. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.34% | 5/17/2027 | 2076961 | 2054877 | 2058691 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMG HoldCo, LLC Delayed Draw Loan (Crete Mechanical Group) | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.74% | 5/19/2028 | 533156 | 525298 | 533156 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESCP DTFS INC. Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.50% / 1.00% | 10.09% | 9/28/2029 | 4089750 | 4062137 | 4044367 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESCP DTFS INC. Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.50% / 1.00% | 10.09% | 9/28/2029 | 6234375 | 6192282 | 6165193 | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESCP DTFS INC. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.00% | 10.09% | 9/28/2029 | 2144625 | 2112999 | 2120826 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FLS Holding, Inc. Term B Loan (FLS Transportation Services) | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.35% / 1.00% | 9.71% | 12/15/2028 | 4924623 | 4876905 | 4614372 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMG Suite Holdings, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.50% / 1.00% | 9.68% | 10/30/2026 | 852645 | 846801 | 844291 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMG Suite Holdings, LLC Revolving Credit | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>0.38% / 1.00% | 0.38% | 10/30/2026 |  | (2873) | (4284) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMG Suite Holdings, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.50% / 1.00% | 9.68% | 10/30/2026 | 3696983 | 3673462 | 3660758 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrated Power Services Holdings, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(8)(10) | 3M SOFR +<br>4.61% / 1.00% | 8.97% | 11/22/2028 |  | 6204290 | 6203125 | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrated Power Services Holdings, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>4.61% / 1.00% | 8.97% | 11/22/2028 | 6234296 | 6204290 | 6203125 | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrimeFlight Acquisition, LLC Amendment No.4 Additional Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.58% | 5/1/2029 | 635753 | 631568 | 626189 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primeflight Acquisition, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.50% / 1.00% | 10.58% | 5/1/2029 | 6904899 | 6832288 | 6878427 | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TL Voltron Purchaser, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.25% / 1.00% | 9.61% | 12/31/2030 | 1998050 | 1958092 | 1958089 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TL Voltron Purchaser, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 1.00% | 9.61% | 12/31/2030 | 13000000 | 12740020 | 12740000 | 1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visu-Sewer, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>6.00% / 1.00% | 10.66% | 11/8/2029 | 4950000 | 4897915 | 4926348 | 0.54% |
|  |  |  |  |  |  | $79205416 | $79105588 | 8.63% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### December 31, 2024

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br>Spread/ Floor | Cash Interest<br>Rate / PIK<br>Rate |  | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of Net<br>Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Education Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cambium Learning Group, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.60% / 0.75% | 10.23 | % | 7/20/2028 | $5913434 | $5866274 | $5913434 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C3 AcquisitionCo, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.50% | 1.00 | % | 11/26/2030 | $— | $(30068) | $(30258) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C3 AcquisitionCo, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.00% / 1.50% | 10.34 | % | 11/26/2030 | 7867008 | 7769010 | 7768670 | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C3 AcquisitionCo, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.50% | 0.50 | % | 11/26/2030 |  | (11277) | (11347) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventus Power, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>0.50% / 1.00% | 0.50 | % | 6/30/2025 |  | (2982) | (1637) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventus Power, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>7.61% / 1.00% | 11.97 | % | 6/30/2025 | 3096468 | 3067796 | 3068274 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Buyer, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 0.75% | 0.50 | % | 10/15/2031 |  | (18201) | (18750) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Buyer, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.25% / 0.75% | 9.77 | % | 10/15/2031 | 4843750 | 4757900 | 4771094 | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Buyer, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 0.75% | 9.77 | % | 10/15/2031 | 1406250 | 1385503 | 1385156 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Buyer, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 0.75% | 0.50 | % | 10/15/2031 |  | (18250) | (15130) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WC PLG Buyer, Inc Revolver | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.00% / 1.00% | 0.00 | % | 12/31/2049 |  | (16349) | (16432) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WC PLG Buyer, Inc Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.81 | % | 12/31/2049 | 7000000 | 6930000 | 6930000 | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WC PLG Buyer, Inc Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 1.00% | 9.81 | % | 12/31/2049 | 5356808 | 5303239 | 5303239 | 0.58% |
|  |  |  |  |  |  |  | $29116321 | $29132879 | 3.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, LLC_Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(8) | 3M SOFR +<br>0.00% / 0.75% | 0.00 | % | 7/20/2029 | $— | $(7039) | $(7071) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, LLC_Revolver | (1)(2)(3)(4)(5)(7)(8) | 3M SOFR +<br>0.00% / 0.75% | 0.00 | % | 7/20/2029 |  | (16893) | (16807) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dwyer Intrumnets, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>4.75% / 0.75% | 9.27 | % | 7/20/2029 | 10888889 | 10780000 | 10780000 | 1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortis Payment Systems, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>5.25% / 1.00% | 9.95 | % | 2/13/2026 | 4910256 | 4896680 | 4910256 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REE Holdings III Corp. Term Loan (Rees Scientific Corporation) | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>5.25% / 1.00% | 9.99 | % | 11/4/2028 | 4912281 | 4860630 | 4912281 | 0.53% |
|  |  |  |  |  |  |  | $20513378 | $20578659 | 2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEP Passion Intermediate Holdings, Inc. 2023 Incremental Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>6.65% / 1.00% | 10.98 | % | 10/5/2027 | $154717 | $154715 | $150385 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.50% / 1.00% | 11.02<br>| % <br>/ <br>1.90% | 10/5/2027 | 2596293 | 2574515 | 2523596 | 0.27% |
|  |  |  |  |  |  |  | $2729230 | $2673981 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVW WV Buyer, Inc. Fourth Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>1.00% / 1.00% | 1.00 | % | 6/14/2026 | $— | $— | $— | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVW WV Buyer, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.75% / 1.00% | 10.08 | % | 3/17/2027 | 7404285 | 7378404 | 7380378 | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CARDS Acquisition, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00 | % | 8/12/2026 |  | (37637) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CARDS Acquisition, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.25% / 1.00% | 9.80 | % | 8/12/2029 | 870924 | 858167 | 870924 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CARDS Acquisition, Inc. Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.25% / 1.00% | 9.58 | % | 8/12/2029 | 4089750 | 4052123 | 4039760 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CARDS Acquisition, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 1.00% | 9.58 | % | 8/12/2029 | 2957804 | 2914083 | 2921650 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creative Multicare, LLC Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>5.00% / 1.00% | 9.59 | % | 3/27/2030 | 4962500 | 4908789 | 4902912 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEF Safety Ultimate Holdings, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00 | % | 11/19/2029 |  | (12256) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEF Safety Ultimate Holdings, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 1.00% | 9.58 | % | 11/19/2029 | 2579769 | 2534759 | 2503689 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O6 Environmental, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.15% / 1.00% | 10.78 | % | 6/30/2027 | 1048141 | 1042793 | 1048141 | 0.11% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### December 31, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br>Spread/ Floor | Cash Interest<br>Rate / PIK<br>Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of Net<br>Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Environmental & Facilities Services (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O6 Environmental, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.15% / 1.00% | 10.67% | 6/30/2027 | 1426706 | 1408990 | 1408180 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rotolo Consultants, Inc. Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>7.21% / 1.00% | 11.73% | 12/20/2026 | 3144310 | 3097104 | 3131220 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7) | PRIME + 4.00% /<br>1.00% | 11.50% | 9/4/2029 | 1580000 | 1549676 | 1561250 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vortex Companies, LLC Amendment No. 4 Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.38% | 9/4/2029 | 2250000 | 2233328 | 2233125 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vortex Companies, LLC Term Loan Delayed Draw Incremental | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.00% / 0.00% | 9.36% | 9/4/2029 | 2932191 | 2900161 | 2900086 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vortex Companies, LLC Term Loan Incremental | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.00% / 0.00% | 9.36% | 9/4/2029 | 3028235 | 2995238 | 2995079 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vortex Intermediate, LLC Revolver Amendment No. 4 Incremental | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.57% | 4/9/2029 | 73971 | 68530 | 68449 | 0.01% |
|  |  |  |  |  |  | $37892252 | $37964843 | 4.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costanzo's Bakery, LLC Delayed Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.25% / 1.00% | 9.58% | 6/18/2027 | $203681 | $203220 | $202187 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costanzo's Bakery, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 1.00% | 9.58% | 6/18/2027 | 2961943 | 2936867 | 2932323 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 8/1/2030 |  | (28105) | (4267) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heritage Foodservice Investment, LLC First Amendment Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.60% / 1.00% | 10.17% | 8/1/2030 | 4078003 | 4031234 | 4019088 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heritage Foodservice Investment, LLC First Amendment Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.60% / 1.00% | 10.17% | 8/1/2030 | 598871 | 590028 | 590219 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heritage Foodservice Investment, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 8/1/2030 |  | (7034) | (533) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recipe Acquisition Corp. Delayed Draw Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 7/31/2031 |  |  | (24160) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recipe Acquisition Corp. Revolving Credit | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.60% | 7/31/2031 | 205673 | 201445 | 196008 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recipe Acquisition Corp. Term Loan (First Lien) | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.60% | 7/31/2031 | 7737176 | 7699198 | 7611049 | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rushmore Investment III LLC Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.34% | 10/18/2030 | 3989950 | 3950978 | 3943230 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rushmore Investment III LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.34% | 10/18/2030 | 8437497 | 8275648 | 8338699 | 0.91% |
|  |  |  |  |  |  | $27853479 | $27803843 | 3.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP Global Holdings, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.25% / 1.00% | 9.61% | 7/31/2029 | $1533707 | $1513597 | $1533707 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP Global Holdings, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 1.00% | 9.61% | 7/31/2029 | 5187537 | 5139044 | 5174177 | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP Global Holdings, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | PRIME + 4.25% /<br>1.00% | 11.75% | 7/31/2029 | 215343 | 209364 | 215343 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEC Purchaser Corp. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 6/17/2029 |  | (10532) | (1148) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEC Purchaser Corp. Term Loan A | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.00% | 9.75% | 6/17/2029 | 8426406 | 8314112 | 8380190 | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDC Infusion Services, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>6.00% / 1.00% | 10.26% | 7/7/2028 | 6000000 | 5934453 | 5931544 | 0.65% |
|  |  |  |  |  |  | $21100038 | $21233813 | 2.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artivion, Inc. Closing Date Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.50% / 2.00% | 11.09% | 1/18/2030 | $1059457 | $1057339 | $1059457 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artivion, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>1.00% / 2.00% | 1.00% | 1/18/2030 |  | (134) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blades Buyer, Inc. Term A Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>5.10% / 1.00% | 9.60% | 4/1/2026 | 4924242 | 4910295 | 4924242 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br>5.60% / 1.00% | 9.96% | 6/10/2027 | 4936396 | 4930681 | 4936396 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.60% / 1.00% | 9.96% | 6/10/2027 | 3853299 | 3753415 | 3853299 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Device Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.35% / 1.00% | 10.68% | 7/11/2029 | 4388889 | 4307375 | 4326876 | 0.47% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### December 31, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br>Spread/ Floor | Cash Interest<br>Rate / PIK<br>Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of Net<br>Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Equipment (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Device Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>0.00% / 1.00% | 0.50% | 7/11/2029 |  |  | (11805) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pediatric Home Respiratory Services, LLC Delayed Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 12/23/2030 |  | (3010) | (3019) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pediatric Home Respiratory Services, LLC Revolving Credit | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.50% / 1.00% | 9.78% | 12/23/2030 | 214667 | 211326 | 211313 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pediatric Home Respiratory Services, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.50% / 1.00% | 9.78% | 12/23/2030 | 6171667 | 6156308 | 6156238 | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pediatric Home Respiratory Services, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.00% | 9.78% | 12/23/2030 | 6171667 | 6156308 | 6156237 | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SunMed Group Holdings, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.60% / 0.75% | 10.19% | 6/16/2028 | 4923664 | 4833084 | 4899034 | 0.53% |
|  |  |  |  |  |  | $36312987 | $36508268 | 3.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community Care Partners, LLC Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br>6.11% / 1.00% | 10.47% | 6/10/2026 | $1972409 | $1961982 | $1899801 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPC Pain Acquisition, LLC Delayed Draw Tem Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.01% / 1.00% | 10.34% | 5/19/2027 | 2674208 | 2645943 | 2673704 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Mgmt Company, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.60% / 0.75% | 10.34% | 7/3/2028 | 792328 | 791458 | 792328 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Mgmt Company, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 1M SOFR +<br>5.60% / 0.75% | 9.88% | 7/3/2028 | 1561004 | 1544033 | 1546426 | 0.17% |
|  |  |  |  |  |  | $6943416 | $6912259 | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Medical Management, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.40% / 0.00% | 11.00% | 12/18/2026 | $6618471 | $6448266 | $6469556 | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Medical Management, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 12/18/2026 |  | (22892) | (20895) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Dental Partners, LLC Revolver | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 10/29/2030 |  | (2193) | (24166) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Dental Partners, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 1.00% | 9.85% | 10/29/2030 | 8580645 | 8559644 | 8559194 | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Dental Partners, LLC_Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.25% / 1.00% | 9.77% | 10/29/2030 | 1932903 | 1922119 | 1921613 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCDI Rodeo Dental Buyer, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.40% / 1.00% | 9.91% | 5/14/2025 | 1256229 | 1249194 | 1246933 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCDI Rodeo Dental Buyer, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.40% / 1.00% | 9.91% | 5/14/2025 | 5635288 | 5603733 | 5593587 | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCDI Rodeo Dental Buyer, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.40% / 1.00% | 9.91% | 5/14/2025 | 1002023 | 989305 | 984488 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.40% / 1.00% | 9.91% | 5/14/2025 | 122076 | 121805 | 121172 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>6.00% / 0.00% | 10.33% | 7/9/2025 | 1749452 | 1749452 | 1749452 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCHN Holdings, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 0.75% | 9.61% | 4/1/2030 | 5969083 | 5859251 | 5950130 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVAUSA Management, LLC Primary Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 5/22/2029 |  | (9836) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVAUSA Management, LLC Secondary Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 5/22/2029 |  | (5994) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVAUSA Management, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.50% / 1.00% | 11.12% | 5/22/2029 | 1960067 | 1948275 | 1958775 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dentive, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.75% / 0.75% | 11.35% | 12/22/2028 | 2243144 | 2216220 | 2219115 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dentive, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>6.75% / 0.75% | 11.08% | 12/22/2028 | 1734098 | 1714013 | 1718307 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dentive, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.75% / 0.75% | 11.08% | 12/22/2028 | 2781385 | 2761024 | 2756057 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dentive, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>6.75% / 0.75% | 11.39% | 12/22/2028 | 353532 | 345469 | 353532 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DermCare Management, LLC Fourth Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.85% / 1.00% | 10.21% | 4/21/2028 | 5935304 | 5865612 | 5935304 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevate HD Parent, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br>6.10% / 1.00% | 10.46% | 8/20/2029 | 4937500 | 4854020 | 4900496 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.75% / 1.00% | 10.11% | 5/10/2030 | 2136452 | 2106324 | 2105474 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 5/10/2030 |  | (1116) | (1044) | 0.00% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### December 31, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br>Spread/ Floor | Cash Interest<br>Rate / PIK<br>Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of Net<br>Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Services (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fort B.V. 2024 Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>6.00% / 0.00% | 11.21% | 1/12/2034 | 6000000 | 5948105 | 5971353 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 5/13/2030 |  |  | (4154) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gen4 Dental Partners OPCO, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.00% | 10.31% | 5/13/2030 | 5685714 | 5636644 | 5681008 | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gen4 Dental Partners OPCO, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 5/13/2030 |  |  | (2838) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GI MSO, Inc. Second Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(11) | 1M SOFR +<br>4.50% / 1.00% | 8.94% | 6/5/2025 | 4924433 | 4916313 | 4919408 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Care Assistance, LLC Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>5.10% / 1.00% | 9.53% | 3/30/2027 | 2986649 | 2971073 | 2896388 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houseworks Holdings, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.76% | 12/15/2028 | 463125 | 456926 | 435010 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houseworks Holdings, LLC Fourth Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 12/15/2028 |  |  | (13826) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houseworks Holdings, LLC Fourth Amendment Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 1.00% | 9.76% | 12/15/2028 | 4921137 | 4826570 | 4798860 | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houseworks Holdings, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.76% | 12/15/2028 | 2468750 | 2365642 | 2381155 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kabafusion Parent LLC Revolver | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 0.75% | 0.50% | 11/24/2031 |  | (7026) | (3563) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kabafusion Parent LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.00% / 0.75% | 9.33% | 11/24/2031 | 5700059 | 5671585 | 5675208 | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kabafusion Parent LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 0.75% | 9.33% | 11/24/2031 | 5700059 | 5671585 | 5675208 | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MB2 Dental Solutions, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 0.75% | 9.86% | 2/13/2031 | 4279945 | 4242303 | 4255798 | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MB2 Dental Solutions, LLC Revolving Commitment | (1)(2)(3)(4)(5)(6)(7)(8)(12) | 3M SOFR +<br>0.50% / 0.75% | 0.50% | 2/13/2031 |  | (2643) | (2509) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.50% / 0.75% | 9.86% | 2/13/2031 | 304608 | 303965 | 304608 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 0.75% | 10.02% | 2/13/2031 | 618170 | 613913 | 612976 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medina Health, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 10/20/2028 |  | (6090) | (5628) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medina Health, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.25% / 1.00% | 10.58% | 10/20/2028 | 3067395 | 3014472 | 3021703 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medrina, LLC Initial Delayed Draw Term Loan Facility | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 10/20/2029 |  | (7609) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medrina, LLC Initial Term Loan Facility | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.00% / 1.00% | 10.44% | 10/20/2029 | 3686170 | 3604687 | 3646715 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medrina, LLC Revolving Facility | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 10/20/2029 |  | (10755) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NORA Acquisition, LLC Revolving Credit | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 8/31/2029 |  | (8083) | (237) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NORA Acquisition, LLC Term Loan A | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.35% / 1.00% | 10.68% | 8/31/2029 | 3071741 | 3004358 | 2991393 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.10% / 1.00% | 9.78% | 10/29/2027 | 336456 | 315197 | 335374 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven USHC Acquisition, Inc. Fourth Amendment Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.10% / 1.00% | 9.73% | 10/29/2027 | 2686220 | 2665994 | 2664104 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OIA Acquisition, LLC Effective Date Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>5.35% / 1.00% | 9.60% | 10/19/2027 | 4911392 | 4881950 | 4911391 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Point Quest Acquisition, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.65% / 1.00% | 10.12% | 8/14/2028 | 618807 | 609807 | 609525 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Point Quest Acquisition, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.65% / 1.00% | 10.17% | 8/14/2028 | 4811281 | 4741971 | 4739111 | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Point Quest Acquisition, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.65% / 1.00% | 10.29% | 8/14/2028 | 684988 | 669552 | 678843 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Point Quest Acquisition, LLC Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.65% / 1.00% | 10.17% | 8/14/2028 | 4322034 | 4255939 | 4235243 | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premise Health Holding Corp. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 0.75% | 9.82% | 3/3/2031 | 1538894 | 1528071 | 1538893 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBFD Buyer, LLC Revolver | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 12/9/2030 |  | (11947) | (12077) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBFD Buyer, LLC Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.57% | 12/9/2030 | 6484709 | 6402138 | 6402029 | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBFD Buyer, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.57% | 12/9/2030 | 2779161 | 2743773 | 2743727 | 0.30% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### December 31, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br>Spread/ Floor | Cash Interest<br>Rate / PIK<br>Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of Net<br>Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Services (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBFD Buyer, LLC_Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 12/9/2030 |  | (23871) | (24154) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RCP TCT, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(11) | 1M SOFR +<br>5.01% / 1.00% | 9.53% | 12/31/2027 | 4048230 | 4027342 | 4035502 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Dental Collective, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.85% / 1.00% | 11.21% | 2/15/2028 | 4943750 | 4904402 | 4844443 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TheKey, LLC Tranche B-1 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>5.10% / 1.00% | 9.53% | 3/30/2027 | 1835068 | 1826408 | 1771798 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TheKey, LLC Tranche B-1 Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>5.10% / 1.00% | 9.53% | 3/30/2027 | 90040 | 89615 | 86936 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 6/10/2026 |  | (10535) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.00% | 9.83% | 3/27/2028 | 2487500 | 2454811 | 2454156 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TVG Shelby Buyer, Inc. Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 3/27/2028 |  | (3188) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vital Purchaser, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.50% / 1.00% | 9.83% | 8/7/2030 | 4089750 | 4010319 | 4030393 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vital Purchaser, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.00% | 9.83% | 8/7/2030 | 1404480 | 1390566 | 1384096 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vital Purchaser, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 8/7/2030 |  | 20218 |  | 0.00% |
|  |  |  |  |  |  | $154966162 | $155160449 | 16.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bobcat Purchaser, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>4.75% / 0.75% | 9.07% | 6/14/2030 | $470238 | $460793 | $470238 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bobcat Purchaser, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>4.75% / 0.75% | 9.07% | 6/14/2030 | 1504762 | 1474511 | 1496044 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GHA Buyer, Inc. (aka Cedar Gate) Amendment Number Five Term Loan | (1)(2)(3)(4)(5)(7)(12) | 1M SOFR +<br>5.50% / 1.00% | 9.83% | 6/24/2026 | 165003 | 164103 | 164178 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GHA Buyer, Inc. (aka Cedar Gate) Amendment Number Four Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.00% | 9.83% | 6/24/2026 | 2015429 | 2004427 | 2005410 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GHA Buyer, Inc. (aka Cedar Gate) Amendment Number Six Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.00% | 9.83% | 6/24/2026 | 575712 | 572569 | 572850 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GHA Buyer, Inc. (aka Cedar Gate) Amendment Number Three Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.00% / 1.00% | 10.10% | 6/24/2026 | 551178 | 551178 | 548438 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GHA Buyer, Inc. (aka Cedar Gate) Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.00% | 9.83% | 6/24/2026 | 155851 | 155000 | 155076 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GHA Buyer, Inc. (aka Cedar Gate) Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 6/24/2026 |  | (1497) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iodine Software, LLC Closing Date Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 1.00% | 9.61% | 5/19/2027 | 2054069 | 2054069 | 2054069 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iodine Software, LLC Delayed Draw Term Loan Amend No. 3 | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 5/31/2027 |  |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iodine Software, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 5/19/2027 |  |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iodine Software, LLC Term Loan B | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.25% / 1.00% | 9.61% | 5/31/2027 | 1408541 | 1408541 | 1408541 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Technology Solutions, LLC Delayed Draw C Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>10.97% / 1.00% | 10.97% | 4/27/2026 | 1288150 | 1269131 | 1288150 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Technology Solutions, LLC Sixth Amendment Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.40% / 1.00% | 10.97% | 4/27/2026 | 1410906 | 1390008 | 1397713 | 0.15% |
|  |  |  |  |  |  | $11502833 | $11560707 | 1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Faraday Buyer, LLC Delayed Draw Term Loan (MacLean Power Systems) | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 10/11/2028 | $— | $(741) | $(1070) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.00% / 1.00% | 10.33% | 10/11/2028 | 580716 | 572651 | 579085 | 0.06% |
|  |  |  |  |  |  | $571910 | $578015 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 Holdings, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.25% / 1.00% | 10.84% | 12/29/2028 | $4924623 | $4885621 | $4885036 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TMSC OpCo, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 4/30/2026 | $— | $— | $— | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TMSC OpCo, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.10% / 1.00% | 10.46% | 4/30/2026 | 3617565 | 3617565 | 3617565 | 0.39% |
|  |  |  |  |  |  | $3617565 | $3617565 | 0.39% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### December 31, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference<br>Rate<br>Spread/ Floor | Cash Interest<br>Rate / PIK<br>Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of Net<br>Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Campany Roof Maintenance, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>6.85% / 1.50% | 11.21% | 11/27/2028 | $2486742 | $2445957 | $2449441 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Campany Roof Maintenance, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.85% / 1.50% | 11.21% | 11/27/2028 | 2486742 | 2445957 | 2449441 | 0.27% |
|  |  |  |  |  |  | $4891914 | $4898882 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pyramid Management Advisors, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 1.25% | 9.88% | 1/19/2028 | $4924812 | $4797372 | $4924796 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dusk Acquisition II Corporation Term Loan Incremental | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.00% / 1.00% | 10.33% | 12/19/2029 | $7000000 | $6862279 | $6860000 | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dusk Acquisition II Corporation Term Loan Incremental | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.00% / 1.00% | 10.33% | 12/19/2029 | 7000000 | 6862279 | 6860000 | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evriholder Acquisition, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.90% / 1.50% | 11.23% | 1/24/2028 | 3897184 | 3856566 | 3874467 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WF Enterprises, Inc. Term Loan A | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>4.35% / 1.00% | 8.60% | 11/9/2027 | 4578187 | 4552519 | 4567076 | 0.50% |
|  |  |  |  |  |  | $22133643 | $22161543 | 2.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal, LLC Delayed Draw Term Loan A | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 9/10/2030 | $— | $— | $— | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal, LLC Delayed Draw Term Loan B | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.36% | 9/10/2030 | 1295181 | 1282570 | 1295181 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal, LLC Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.36% | 9/10/2030 | 4100000 | 4059970 | 4065752 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.36% | 9/10/2030 | 4032530 | 3992449 | 3998846 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal, LLC U.S. Revolving Credit | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.34% | 9/10/2030 | 1009036 | 997392 | 1009036 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.90% / 1.00% | 10.23% | 3/22/2028 | 3610294 | 3581860 | 3529976 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Portable Air, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.90% / 1.00% | 10.23% | 3/22/2028 | 872759 | 865732 | 867616 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Portable Air, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 3/22/2028 |  | (7889) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.90% / 1.00% | 10.23% | 3/22/2028 | 1789998 | 1763542 | 1789996 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.90% / 1.00% | 10.49% | 11/22/2025 | 744375 | 736987 | 736050 | 0.08% |
|  |  |  |  |  |  | $17272613 | $17292453 | 1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accurate Background, LLC Fourth Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.43% / 1.00% | 11.85% | 3/26/2029 | $7980000 | $7834330 | $7851834 | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PCS Midco, Inc. Closing Date Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.75% / 1.00% | 10.08% | 3/1/2030 | 1823675 | 1797004 | 1799177 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PCS Midco, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.75% / 1.00% | 10.41% | 3/1/2030 | 9229 | 8901 | 8978 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PCS Midco, Inc. Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.75% / 1.00% | 10.08% | 3/1/2030 | 3281 | 3024 | 3029 | 0.00% |
|  |  |  |  |  |  | $9643259 | $9663018 | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astro Acquisition, LLC 2024 Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>5.50% / 1.00% | 9.82% | 12/13/2027 | $7940000 | $7875732 | $7835312 | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helios Service Partners, LLC_Delayed Draw Term Loan 2022 | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.00% / 1.00% | 0.00% | 3/19/2027 |  | (13527) | (15000) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helios Service Partners, LLC_Delayed Draw Term Loan Third Amendment | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.00% / 1.00% | 0.00% | 3/19/2027 |  | (28371) | (30000) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helios Service Partners, LLC_Delayed Draw Term Loan Third Amendment Incremental | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.00% / 1.00% | 0.00% | 3/19/2027 |  | 134 | (15000) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISG Enterprises, LLC Delayed Draw Term Loan (2023) | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.75% / 1.00% | 10.38% | 12/7/2028 | 5668104 | 5594111 | 5615276 | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orion Group HoldCo, LLC Term Loan (Astra Services Partners) | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>6.00% / 1.00% | 11.19% | 3/19/2027 | 4404250 | 4377226 | 4395248 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonny's Enterprises, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.40% / 1.00% | 9.99% | 8/5/2028 | 893970 | 883746 | 877664 | 0.10% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### December 31, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference Rate<br>Spread /Floor | Cash Interest<br>Rate / PIK<br>Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of Net<br>Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Machinery (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonny's Enterprises, LLC Restatement Date Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.40% /1.00% | 9.92 | 8/5/2028 | 4037472 | 3992384 | 3978434 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.65% /1.00% | 10.24 | 8/5/2028 | 35910 | 32697 | 35910 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tank Holding Corp. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>6.10% /0.75% | 10.44 | 3/31/2028 | 4231374 | 4191364 | 4256320 | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tank Holding Corp. Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.00% / 0.75% | 10.25 | 3/31/2028 | 4924242 | 4863612 | 4875636 | 0.53% |
|  |  |  |  |  |  | $31769108 | $31809800 | 3.47% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alera Group, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.75% / 1.00% | 10.09 | 10/2/2028 | $628053 | $608800 | $609352 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.75% / 1.00% | 10.08 | 10/28/2026 | 4989186 | 4915262 | 4932233 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arden Purchaser, LLC Revolver | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.25% / 1.00% | 5.25 | 11/22/2030 | 326800 | 310611 | 310460 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arden Purchaser, LLC Term Loan A | (1)(2)(3)(4)(5)(7)(12) | 1M SOFR +<br>5.25% / 1.00% | 9.58 | 11/22/2030 | 11764784 | 11648280 | 11647136 | 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Street Buyer, Inc. 3/2024 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00 | 4/14/2028 |  |  | (32110) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.75% / 1.00% | 10.00 | 11/30/2029 | 623819 | 617066 | 623819 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inszone Mid, LLC A&R Term Loan Facility | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.50 | 11/30/2029 | 743698 | 740902 | 743698 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Acquisition, LLC Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.00% / 0.75% | 9.51 | 8/25/2028 | 12468750 | 12448440 | 12468750 | 1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keystone Agency Partners LLC Term A Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.33 | 5/3/2027 | 2961852 | 2939615 | 2916220 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oakbridge Insurance Agency LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.75% / 0.75% | 10.26 | 11/1/2029 | 84432 | 83577 | 84432 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oakbridge Insurance Agency LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.75% / 0.75% | 10.23 | 11/1/2029 | 450591 | 447579 | 450591 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peter C. Foy & Associates Insurance Services, LLC Incremental Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.50% / 0.75% | 10.86 | 11/1/2028 | 2468750 | 2424789 | 2419650 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peter C. Foy & Associates Insurance Services, LLC Tranche E Delayed Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.50% / 0.75% | 9.83 | 11/1/2028 | 1210563 | 1202734 | 1199092 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peter C. Foy & Associates Insurance Services, LLC Tranche E Delayed Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.50% / 0.75% | 9.83 | 11/1/2028 | 4395954 | 4352211 | 4364455 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricor, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.15% / 1.00% | 9.74 | 10/22/2026 | 1192728 | 1192728 | 1192728 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricor, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.10% / 1.00% | 9.46 | 10/22/2026 | 144231 | 144231 | 144231 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricor, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.10% / 1.00% | 9.46 | 10/22/2026 | 3173112 | 3173112 | 3173112 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worldwide Insurance Network, LLC DDTL | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.81% / 0.75% | 10.32 | 5/28/2030 | 731407 | 722398 | 731407 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worldwide Insurance Network, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.70% / 0.75% | 10.22 | 5/28/2030 | 2493153 | 2470389 | 2476880 | 0.27% |
|  |  |  |  |  |  | $50442724 | $50456136 | 5.51% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five Star Buyer, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>7.15% / 1.50% | 11.66 | 2/23/2028 | $55696 | $54429 | $53980 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Track Branson Opco, LLC, The Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>0.50% / 1.50% | 0.50 | 2/23/2028 |  | (2496) | (362) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Track Branson OpCo, LLC, The Term Loan A | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br>7.15% / 1.50% | 11.66<br> 1.00 | 2/23/2028 | 1590123 | 1555779 | 1529021 | 0.17% |
|  |  |  |  |  |  | $1607712 | $1582639 | 0.18% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berlin Rosen Acquisition, LLC Revolver | (1)(2)(3)(4)(5)(6)(7) | 1M SOFR +<br>5.50% / 1.00% | 9.98 | 1/14/2027 | $600485 | $590437 | $591585 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berlin Rosen Acquisition, LLC Revolver | (1)(2)(3)(4)(5)(6)(7)(10) | 1M SOFR +<br>5.50% / 1.00% | 9.98 | 1/14/2027 | 600485 | 590437 | 591585 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berlin Rosen Acquisition, LLC Small Girls Term Loan | (1)(2)(3)(4)(5)(7) | 1M SOFR +<br>5.60% / 1.00% | 10.15 | 1/14/2027 | 1822804 | 1802151 | 1804792 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berlin Rosen Acquisition, LLC Small Girls Term Loan | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br>5.60% / 1.00% | 10.15 | 1/14/2027 | 1822804 | 1802151 | 1804792 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berlin Rosen Acquisition, LLC Term Loan | (1)(2)(3)(4)(5)(7) | 1M SOFR +<br>5.50% / 1.00% | 10.15 | 1/14/2027 | 2152585 | 2127460 | 2131186 | 0.23% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### December 31, 2024

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference Rate<br>Spread /Floor | Cash Interest<br>Rate / PIK<br>Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of Net<br>Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internet & Direct Marketing Retail (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berlin Rosen Acquisition, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br>5.50% /1.00% | 10.15% | 1/14/2027 | 3517652 | 3476594 | 3482684 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berlin Rosen Acquisition, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 1M SOFR +<br>5.50% / 1.00% | 10.15% | 1/14/2027 | 1365067 | 1351772 | 1351496 | 0.15% |
|  |  |  |  |  |  | 11741002 | $11758120 | 1.28% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridgepointe Technologies, LLC Delayed Draw Term Loan (2024) | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.33% | 12/31/2027 | $2775112 | $2693114 | $2775112 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salute Mission Critical, LLC Delayed Draw Term Loan Commitment | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 11/30/2029 |  | (8230) | (8414) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salute Mission Critical, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 11/30/2029 |  | (6664) | (6783) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salute Mission Critical, LLC Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.36% | 11/30/2029 | 4093373 | 4052440 | 4052440 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salute Mission Critical, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.36% | 11/30/2029 | 4196332 | 4154560 | 4154368 | 0.46% |
|  |  |  |  |  |  | $10885220 | $10966723 | 1.20% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cherry Bekaert Advisory LLC Amendment No. 1 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.25% / 0.75% | 9.61% | 6/30/2028 | $2494697 | $2490904 | $2494697 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cherry Bekaert Advisory LLC Amendment No. 1 Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 0.75% | 9.61% | 6/30/2028 | 2162522 | 2139258 | 2153058 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DOXA Insurance Holdings LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.25% / 0.75% | 9.91% | 12/20/2030 | 456156 | 453873 | 456156 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DOXA Insurance Holdings LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 0.75% | 9.60% | 12/20/2030 | 496587 | 496587 | 496587 | 0.05% |
|  |  |  |  |  |  | $5580622 | $5600498 | 0.61% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Avenu Buyer, LLC Delayed TL | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.25% / 1.00% | 9.84% | 10/2/2029 | $272737 | $272664 | $272737 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Avenu Buyer, LLC Revolving Credit | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.25% / 1.00% | 9.85% | 10/2/2029 | 59598 | 53870 | 53901 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Avenu Buyer, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 1.00% | 9.84% | 10/2/2029 | 1545712 | 1511908 | 1512344 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alta Buyer, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.33% | 12/21/2027 | 1108536 | 1095128 | 1107477 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alta Buyer, LLC Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.33% | 12/21/2027 | 572733 | 572906 | 567626 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alta Buyer, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.33% | 12/21/2027 | 3761820 | 3717091 | 3705717 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptean Acquiror Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.00% / 0.75% | 9.32% | 1/30/2031 | 85148 | 64873 | 85148 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptean Acquiror Inc. Revolving Credit | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 0.75% | 0.50% | 1/30/2031 |  |  | (769) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptean Acquiror Inc. Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.18% / 0.75% | 9.81% | 1/30/2031 | 271288 | 264401 | 271288 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptean Acquiror Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.18% / 0.75% | 9.81% | 1/30/2031 | 4944502 | 4902985 | 4944502 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argano, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 9/13/2029 |  | (10197) | (12162) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argano, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.75% / 1.00% | 10.15% | 9/13/2029 | 4089750 | 4030540 | 4022433 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argano, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.75% / 1.00% | 10.15% | 9/13/2029 | 5849109 | 5776192 | 5752833 | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argano, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 9/13/2029 |  | (5141) | (2027) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCM One, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>4.60% / 1.00% | 8.85% | 11/17/2027 | 4665588 | 4646101 | 4665588 | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By Light Professional IT Services LLC Existing Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.98% / 1.00% | 11.53% | 5/16/2025 | 1859233 | 1851797 | 1859233 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enverus Holdings, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.50% / 0.75% | 9.86% | 12/24/2029 | 12076 | 12076 | 12076 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enverus Holdings, Inc.Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 0.75% | 1.00% | 12/24/2029 |  |  | (1200) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enverus Holdings, Inc.Term Loan | (1)(2)(3)(4)(5)(7)(12) | 1M SOFR +<br>5.50% / 0.75% | 9.86% | 12/24/2029 | 5288224 | 5219431 | 5224303 | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidepoint Security Holdings, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 10/2/2029 |  |  |  | 0.00% |

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### December 31, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference Rate<br>Spread /Floor | Cash Interest<br>Rate / PIK<br>Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of Net<br>Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IT Consulting & Other Services (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidepoint Security Holdings, LLC Term Loan A | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.00% /1.00% | 10.36% | 10/2/2029 | 299591 | 299591 | 299591 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidepoint Security Holdings, LLC_Term Loan First Amendment | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.00% / 1.00% | 6.00% | 2/10/2029 | 140815 | 138704 | 138703 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IG Investments Holdings, LLC 2024 Refinancing Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 0.75% | 9.57% | 9/22/2028 | 5953964 | 5953964 | 5953964 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Improving Holdco, Inc. Term Loan (Improving Enterprises) | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.75% / 1.00% | 11.19% | 7/26/2027 | 3438750 | 3367453 | 3382301 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Improving Holdco, Inc. Term Loan (Improving Enterprises) | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.75% / 1.00% | 11.19% | 7/26/2027 | 6949138 | 6818820 | 6835065 | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lighthouse Technologies Holding Corp. First Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.15% / 1.00% | 9.48% | 4/30/2027 | 174935 | 174578 | 174935 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lighthouse Technologies Holding Corp. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.15% / 1.00% | 9.48% | 4/30/2027 | 11407591 | 11368214 | 11407591 | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lighthouse Technologies Holding Corp. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50% | 4/30/2027 |  |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rural Sourcing Holdings, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.75% / 1.00% | 10.08% | 6/15/2029 | 349360 | 340849 | 346229 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>1.00% / 0.00% | 1.00% | 6/15/2029 |  | (1567) | (1567) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rural Sourcing Holdings, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.75% / 1.00% | 10.08% | 6/15/2029 | 26400 | 20616 | 17385 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rural Sourcing Holdings, Inc. Term Loan Amendment No. 1 | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.75% / 0.00% | 10.35% | 6/15/2029 | 262680 | 260053 | 260053 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rural Sourcing Holdings, Inc. Tranche B Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.75% / 1.00% | 11.01% | 6/15/2029 | 1560240 | 1522363 | 1499748 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstack Holdco Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.75% / 0.75% | 0.75% | 8/23/2031 |  | (15061) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstack Holdco Inc. Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.00% / 0.75% | 9.38% | 8/25/2031 | 187500 | 175579 | 187500 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstack Holdco Inc. Term B Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.00% / 0.75% | 9.52% | 8/25/2031 | 4100000 | 4059393 | 4061883 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstack Holdco Inc. Term B Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 0.75% | 9.52% | 8/25/2031 | 4025000 | 3985292 | 3987581 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRC Companies, LLC Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.76% / 1.00% | 10.35% | 6/29/2027 | 5913328 | 5882966 | 5906158 | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRC Companies, LLC Fourth Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.25% / 1.00% | 9.65% | 6/29/2027 | 272249 | 249630 | 234704 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRC Companies, LLC Third Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.75% / 1.00% | 10.34% | 6/29/2027 | 1993611 | 1986502 | 1981281 | 0.22% |
|  |  |  |  |  |  | $80564564 | $80714153 | 8.81% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concert Golf Partners Holdco LLC Initial Term Loan (2022) | (1)(2)(3)(4)(5)(7)(10) | 6M SOFR +<br>4.75% / 0.75% | 9.13% | 4/1/2030 | $4924242 | $4924242 | $4924242 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excel Fitness Holdings, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.50% / 1.00% | 9.83% | 4/27/2029 | 1666667 | 1615882 | 1666667 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excel Fitness Holdings, Inc. Delayed Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.50% / 0.75% | 9.83% | 4/27/2029 | 471884 | 468387 | 450547 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excel Fitness Holdings, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.50% / 1.00% | 9.83% | 4/27/2029 | 3316667 | 3249161 | 3312533 | 0.36% |
|  |  |  |  |  |  | $10257672 | $10353989 | 1.13% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp. Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.75% / 1.00% | 10.08% | 12/14/2027 | $1185551 | $1177364 | $1185551 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 10/10/2026 |  | (9429) | (10273) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>1.00% / 1.00% | 1.00% | 10/10/2026 |  | (11545) | (12580) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp. Seventh Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.75% / 1.00% | 10.08% | 12/14/2027 | 3769960 | 3735831 | 3732260 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCI Burke Holding Corp. Seventh Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.75% / 1.00% | 10.08% | 12/14/2027 | 4616277 | 4574487 | 4570114 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSKI Holdings 2, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(10) | 6M SOFR +<br>7.25% / 1.25% | 11.58% | 6/30/2028 | 4937500 | 4822746 | 4709503 | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Painful Pleasures, LLC Term Loan fka Artifex | (1)(2)(3)(4)(5)(7)(11) | 1M SOFR +<br>5.50% / 1.00% | 10.19% | 8/31/2026 | 1202446 | 1201194 | 1197904 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Painful Pleasures, LLC Third Incremental Term Loan | (1)(2)(3)(4)(5)(7)(11) | 1M SOFR +<br>5.61% / 1.00% | 10.19% | 8/31/2026 | 3728732 | 3714108 | 3726448 | 0.41% |
|  |  |  |  |  |  | $19204756 | $19098927 | 2.09% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### December 31, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference Rate<br>Spread /Floor | Cash Interest<br>Rate / PIK<br>Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of Net<br>Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pareto Health Intermediate Holdings Inc. A-1 Cash Pay Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% /1.00% | 9.60 | 6/1/2030 | $12247991 | $12127118 | $12125511 | 1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00 | 6/1/2030 |  | (15572) | (15667) | 0.00% |
|  |  |  |  |  |  | $12111546 | $12109844 | 1.32% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bamboo US BidCo LLC (aka Baxter) Delayed Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.77 | 9/30/2030 | $63653 | $62858 | $63653 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 TL | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>1.00% / 1.00% | 1.00 | 9/30/2030 |  | (203) | (210) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>1.00% / 1.00% | 1.00 | 9/30/2030 |  | (203) | (210) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bamboo US BidCo LLC (aka Baxter) USD TL | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.77 | 9/30/2030 | 706492 | 700072 | 703812 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.60% / 1.00% | 9.96 | 12/30/2026 | 2601620 | 2587926 | 2548565 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Charlie Acquisition Company Fourth Amendment Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.60% / 1.00% | 9.96 | 12/30/2026 | 1955992 | 1931647 | 1920183 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 0.00% | 1.00 | 12/30/2026 |  | 1770 |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC 2024 Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.57<br> 2.75 | 2/1/2029 | 655497 | 639332 | 622783 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.57<br> 2.75 | 2/1/2029 | 1643447 | 1623991 | 1562918 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>7.75% / 1.00% | 12.32<br> 2.75 | 2/1/2029 | 352453 | 352452 | 335183 | 0.03% |
|  |  |  |  |  |  | $7899642 | $7756677 | 0.85% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keg Logistics LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.15% / 1.00% | 10.67 | 11/23/2027 | $4432475 | $4384991 | $4388150 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Movies & Entertainment |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcast Music, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.75% / 0.75% | 10.39 | 2/8/2030 | $1572103 | $1566182 | $1567016 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Web Technologies Holding Company Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.75% / 1.00% | 10.56 | 12/17/2026 | $779682 | $768704 | $768220 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Web Technologies Holding Company Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>6.25% / 1.00% | 10.58 | 12/17/2026 | 48875 | 48875 | 48875 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Web Technologies Holding Company Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.75% / 1.00% | 8.31 | 12/17/2026 | 1981892 | 1953988 | 1952758 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ergotron Acquisition, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br>5.25% / 0.75% | 9.61 | 7/6/2028 | 4521411 | 4521411 | 4521411 | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Solutions, LLC Third Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>6.15% / 1.00% | 10.48 | 12/15/2026 | 552017 | 516502 | 525101 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Solutions, LLC Third Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.15% / 1.00% | 10.48 | 12/15/2026 | 657006 | 646702 | 649637 | 0.07% |
|  |  |  |  |  |  | $8456182 | $8466002 | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil & Gas Equipment & Services |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Industrial Holdings, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>7.10% / 2.00% | 11.46 | 7/31/2028 | $474145 | $451813 | $461337 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Industrial Holdings, Inc. Term A Loan | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br>7.10% / 2.00% | 11.46 | 7/31/2028 | 1994605 | 1916742 | 1901495 | 0.21% |
|  |  |  |  |  |  | $2368555 | $2362832 | 0.26% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citrin Cooperman Advisors LLC 2022-2 Incremental Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.00% / 0.75% | 9.28 | 10/1/2027 | $1128731 | $1121338 | $1120958 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citrin Cooperman Advisors LLC 2022-2 Incremental Term Loan | (1)(2)(3)(4)(5)(7)(10) | 6M SOFR +<br>5.00% / 0.75% | 9.28 | 10/1/2027 | 3801824 | 3736317 | 3761511 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(3)(5)(7)(9)(10) | 3M SOFR +<br>6.15% / 0.75% | 10.48 | 3/1/2028 | 2955000 | 2907650 | 2904453 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convera International Holdings Limited Term Loan | (1)(3)(5)(7)(9)(10) | 3M SOFR +<br>6.00% / 0.75% | 10.33 | 1/3/2028 | 404092 | 398204 | 398031 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lido Advisors, LLC Fourth Amendment Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.00% / 1.00% | 9.59 | 6/15/2029 | 1711273 | 1681625 | 1698304 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lido Advisors, LLC_Delayed Draw Term Loan Seventh Amendment | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.52 | 6/15/2029 | 725544 | 712326 | 715522 | 0.08% |
|  |  |  |  |  |  | $10557460 | $10598779 | 1.16% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### December 31, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference Rate<br>Spread /Floor | Cash Interest<br>Rate / PIK<br>Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of Net<br>Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chef Merito, LLC Delayed Draw Term Loan A | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.90% /1.00% | 10.23 | 7/15/2028 | $424191 | $414162 | $424191 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chef Merito, LLC Delayed Draw Term Loan B | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.90% / 1.00% | 10.23 | 7/15/2028 | 424191 | 414162 | 424191 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chef Merito, LLC Delayed Draw Term Loan C | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00 | 7/15/2028 |  | (7885) | (3468) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chef Merito, LLC First Amendment Term Loan A | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.15% / 1.00% | 10.67 | 7/15/2028 | 2558274 | 2494972 | 2525991 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chef Merito, LLC Second Amendment Term Loan A | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.90% / 1.00% | 10.23 | 7/15/2028 | 1135844 | 1114981 | 1116810 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Demakes Borrower, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>1.00% / 0.75% | 1.00 | 12/12/2029 |  |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Demakes Borrower, LLC Term B Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.00% / 0.75% | 10.45 | 12/12/2029 | 344627 | 344627 | 344627 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gastronome Acquisition, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>5.15% / 1.00% | 9.48 | 11/18/2027 | 4729986 | 4704195 | 4729986 | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huron Bidco, INC. Incremental Term Loan B1 (KNPC Holdco) | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>7.10% / 1.00% | 12.24 | 10/22/2029 | 737001 | 728362 | 709732 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNPC Holdco, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.85% / 1.00% | 10.99 | 10/22/2029 | 4888761 | 4829934 | 4749252 | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNPC Holdco, LLC Tranche D-1 Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.85% / 1.00% | 10.27 | 10/22/2029 | 5000000 | 5000000 | 5000000 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nellson Nutraceutical, LLC Term A-1 Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.85% / 1.00% | 10.40 | 12/23/2025 | 4932109 | 4909885 | 4848264 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patriot Foods Buyer, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>6.00% / 1.00% | 10.11 | 12/24/2029 | 4950000 | 4894378 | 4900500 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature Brands, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br>9.76% / 1.75% | 14.28<br> 3.00 | 5/4/2028 | 4516394 | 4445379 | 4299919 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature Brands, LLC Term Loan A | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.61% / 1.75% | 10.97 | 5/4/2028 | 259007 | 255849 | 247086 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Smokehouse Partners, LLC Delayed Draw Term Loan C | (1)(2)(3)(4)(5)(6)(7) | 1M SOFR +<br>5.50% / 1.00% | 10.15 | 3/31/2029 | 2292169 | 2220375 | 2232476 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Smokehouse Partners, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 1M SOFR +<br>5.50% / 1.00% | 10.15 | 3/31/2029 | 2292169 | 2264253 | 2263516 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZB Holdco LLC 2023-1 Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.65% / 1.00% | 10.28 | 2/9/2028 | 193985 | 190593 | 192493 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZB Holdco LLC 2023-1 Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.65% / 1.00% | 9.98 | 2/9/2028 | 154250 | 151628 | 151052 | 0.02% |
|  |  |  |  |  |  | $39369850 | $39156618 | 4.27% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chef Merito, LLC Delayed Draw Term Loan A | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.90% /1.00% | 10.23 | 7/15/2028 | $424191 | $414162 | $424191 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chef Merito, LLC Delayed Draw Term Loan A | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.90% /1.00% | 10.23 | 7/15/2028 | $424191 | $414162 | $424191 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chef Merito, LLC Delayed Draw Term Loan A | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.90% /1.00% | 10.23 | 7/15/2028 | $424191 | $414162 | $424191 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arctic Holdco, LLC Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.10% / 1.00% | 10.46 | 12/23/2026 | $5528350 | $5528350 | $5528350 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arctic Holdco, LLC Initial Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>6.10% / 1.00% | 10.46 | 12/23/2026 | 353592 | 353592 | 353592 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innopak Industries, Inc. Fourth Amendment Term Loan Part 1 | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br>6.35% / 1.50% | 10.75 | 3/5/2027 | 2715625 | 2665916 | 2671267 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innopak Industries, Inc. Fourth Amendment Term Loan Part 2 | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br>6.35% / 1.50% | 10.75 | 3/5/2027 | 2221875 | 2181173 | 2207256 | 0.24% |
|  |  |  |  |  |  | $10729031 | $10760465 | 1.17% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinetic Purchaser, LLC—Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.15% / 1.00% | 10.75 | 11/10/2027 | $2019299 | $1960651 | $1949495 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loving Tan Intermediate II Inc. Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.00% / 1.00% | 10.35 | 5/31/2028 | 2728088 | 2668982 | 2703213 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loving Tan Intermediate II Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>6.00% / 1.00% | 10.35 | 5/31/2028 | 103704 | 97172 | 103704 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix YW Buyer, Inc. Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50 | 5/31/2030 |  | (3115) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix YW Buyer, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.33 | 5/31/2030 | 8137500 | 8023046 | 8109312 | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RoC Holdco LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.00% / 0.75% | 11.13 | 2/21/2031 | 4235990 | 4200372 | 4210646 | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RoC Holdco LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50 | 2/21/2030 |  | (5370) |  | 0.00% |
|  |  |  |  |  |  | $16941738 | $17076370 | 1.86% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creek Parent, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 1M SOFR +<br>5.25% / 0.75% | 12.75 | 12/18/2031 | $14076000 | $13935240 | $13935240 | 1.52% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### December 31, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference Rate<br>Spread /Floor | Cash Interest<br>Rate / PIK<br>Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of Net<br>Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creek Parent, Inc. Revolving Credit | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 0.75% | 0.50 | 12/18/2031 |  | (20149) | (20240) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pet FLavor, LLC Term A Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>6.00% / 1.00% | 10.33 | 12/15/2026 | 5002549 | 4982715 | 4952523 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PharmaLogic Holdings Corp. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00 | 6/21/2030 |  | (17749) | (16571) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PharmaLogic Holdings Corp. Initial U.S. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.00% / 1.00% | 9.57 | 6/21/2030 | 7372280 | 7266734 | 7268509 | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sequon, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>6.00% / 1.00% | 10.59 | 12/29/2026 | 4912990 | 4892390 | 4859211 | 0.53% |
|  |  |  |  |  |  | $31039181 | $30978672 | 3.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Development |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discovery SL Management, LLC Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.00% | 9.88 | 3/18/2030 | $1736875 | $1725266 | $1714938 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discovery SL Management, LLC Delayed Draw Term Loan A | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.50% / 1.00% | 9.88 | 3/18/2030 | 290844 | 290109 | 289915 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discovery SL Management, LLC Delayed Draw Term Loan B | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00 | 3/18/2030 |  | (2940) | (774) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discovery SL Management, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50 | 3/18/2030 |  | (616) | (142) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Purchaser, LLC Revolving Loan (Magna Legal Services) | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50 | 11/22/2028 |  |  |  | 0.00% |
|  |  |  |  |  |  | $2011819 | $2003937 | 0.22% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Associations, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>6.76% / 1.00% | 11.28 | 7/2/2028 | $217009 | $216651 | $216902 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Associations, Inc. Special Purpose Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>6.76% / 1.00% | 11.32 | 7/3/2028 | 90392 | 89946 | 90258 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Associations, Inc. Term Loan A | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>6.76% / 0.00% | 11.32 | 7/2/2028 | 6971645 | 6936562 | 6930033 | 0.76% |
|  |  |  |  |  |  | $7243159 | $7237193 | 0.79% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBG, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 1M SOFR +<br>1.00% / 1.00% | 5.59<br> 5.75 | 1/8/2026 | $6292398 | $6101294 | $5841552 | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vacation Rental Brands, LLC Delayed Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.50% / 1.00% | 10.09 | 9/6/2031 | 1121550 | 1057119 | 1121550 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vacation Rental Brands, LLC Revolving Credit | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.25% / 1.00% | 9.58 | 9/6/2031 | 184364 | 175565 | 184364 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vacation Rental Brands, LLC Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.25% / 1.00% | 10.24 | 9/6/2031 | 4089750 | 4031343 | 4044579 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vacation Rental Brands, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 1.00% | 9.58 | 9/6/2031 | 1274103 | 1261537 | 1260030 | 0.14% |
|  |  |  |  |  |  | $12626858 | $12452075 | 1.36% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordion Partners LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 0.75% | 0.50 | 11/17/2031 | $— | $(8956) | $(8956) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordion Partners LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.25% / 0.75% | 9.58 | 11/17/2031 | 10956522 | 10886237 | 10886237 | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordion Partners LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 0.75% | 0.50 | 11/17/2031 |  | (9546) | (9546) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BDO USA, P.C. Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.00% / 2.00% | 9.52 | 8/31/2028 | 4937500 | 4857176 | 4888125 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNI Global, LLC Dollar Delayed Draw Term Loan (2021) | (1)(2)(3)(4)(5)(7)(12) | 1M SOFR +<br>5.60% / 1.00% | 9.96 | 5/1/2027 | 1896789 | 1877902 | 1879325 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNI Global, LLC Initial Dollar Term Loan | (1)(2)(3)(4)(5)(7)(12) | 1M SOFR +<br>5.60% / 1.00% | 9.96 | 5/1/2027 | 4785977 | 4737617 | 4743881 | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNI Global, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50 | 5/1/2027 |  |  | (2366) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crete PA Holdco, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00 | 11/26/2030 |  | 9796 | 9909 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crete PA Holdco, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.00% / 1.00% | 9.52 | 11/26/2030 | 6511628 | 6479070 | 6479070 | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crete PA Holdco, LLC Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>0.50% / 1.00% | 0.50 | 11/26/2030 |  | 1465 | 1486 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSG Buyer, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00 | 7/29/2029 |  | (2589) | (25421) | 0.00% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### December 31, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference Rate<br>Spread /Floor | Cash Interest<br>Rate /<br>PIK Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of Net<br>Assets |
|  Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research & Consulting Services (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSG Buyer, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.00% / 1.00% | 10.59 | 7/29/2029 | 5498684 | 5434029 | 5372214 | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSG Buyer, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50 | 7/29/2029 |  | (4232) | (8474) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ethos Risk Services, LLC Delayed Draw Term C Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.75% / 1.00% | 0.75 | 5/1/2027 |  | (10381) | (10319) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ethos Risk Services, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.75% / 1.00% | 10.11 | 5/1/2027 | 5280000 | 5216048 | 5196913 | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Legal Buyer, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.75% / 1.00% | 0.75 | 7/1/2031 |  | (6501) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Legal Buyer, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 1.00% | 0.50 | 7/1/2030 |  | (6280) | (816) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Legal Buyer, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.25% / 1.00% | 9.58 | 7/1/2030 | 5106019 | 5070325 | 5099045 | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gerson Lehrman Group, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.40% / 1.00% | 9.73 | 12/13/2027 | 4974490 | 4897909 | 4974490 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.60% / 0.75% | 9.67 | 11/22/2029 | 1174413 | 1174413 | 1174413 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liberty Purchaser, LLC Initial Term Loan (Magna Legal Services) | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 0.75% | 9.67 | 11/22/2029 | 4195115 | 4195115 | 4195115 | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ManTech International Corporation 2024 Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.00% / 0.75% | 9.59 | 9/14/2029 | 4203728 | 4203555 | 4161691 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ManTech International Corporation Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 1.00% / 0.75% | 1.00 | 9/14/2029 |  | (106363) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sagebrush Buyer, LLC Revolving Credit | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 0.00% | 0.50 | 7/1/2030 |  | (10703) | (5837) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sagebrush Buyer, LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 1.00% | 9.36 | 7/1/2030 | 6190086 | 6101700 | 6062128 | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smartronix, LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 6.10% / 1.00% | 10.35 | 11/23/2028 | 4936387 | 4925714 | 4907447 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SourceHOV Tax, LLC Initial Term A Loan | (1)(2)(3)(4)(5)(7)(11) | 6M SOFR +<br> 6.01% / 1.00% | 10.34 | 4/6/2028 | 4911839 | 4882178 | 4655756 | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vensure Employer Services, Inc. Initial Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br> 0.50% / 0.50% | 0.50 | 9/27/2027 |  | (6326) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vensure Employer Services, Inc. Initial Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 0.50% / 0.50% | 0.50 | 9/27/2031 |  | (6980) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vensure Employer Services, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br> 5.00% / 0.50% | 9.51 | 9/27/2027 | 307433 | 305713 | 304431 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vensure Employer Services, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 5.00% / 0.50% | 9.51 | 9/27/2027 | 5175369 | 5126671 | 5124840 | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vensure Employer Services, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 0.50% | 9.51 | 9/27/2027 | 4867936 | 4821072 | 4820409 | 0.53% |
|  |  |  |  |  |  | $85024848 | $84865190 | 9.26% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ampler Qsr Holdings LLC 2024 Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 6.10% / 1.00% | 10.42 | 7/21/2027 | $5114300 | $5077982 | $5043735 | 0.55% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refresh Buyer, LLC Delayed Term Loan (Sunny Sky Products) | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br> 4.25% / 0.75% | 9.33 | 12/23/2028 | $4912060 | $4881632 | $4878841 | 0.53% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 Step Sports LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 7.75% / 1.00% | 13.02<br> 1.50 | 10/2/2029 | $148859 | $139078 | $128874 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 Step Sports LLC Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 8.00% / 1.00% | 12.60<br> 1.50 | 10/2/2029 | 682933 | 669886 | 660396 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anderson Group Holdings, LLC Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br> 4.50% / 1.00% | 9.35 | 12/25/2028 | 4924051 | 4898785 | 4924051 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any Hour LLC Delayed Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 5.00% / 0.50% | 9.33 | 5/23/2030 | 200551 | 185141 | 200551 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any Hour LLC Revolving Credit | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br> 5.00% / 0.50% | 9.65 | 5/23/2030 | 498701 | 484554 | 482778 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any Hour LLC Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br> 5.00% / 0.50% | 9.33 | 5/23/2030 | 7081299 | 6980337 | 6972768 | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcticom Group Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 8.00% / 1.00% | 12.07<br> 4.00 | 12/22/2027 | 46611 | 46226 | 46611 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcticom Group Delayed Draw Term Loan D | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br> 1.00% / 0.00% | 1.00<br> 4.00 | 12/22/2027 |  |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcticom Group Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br> 7.50% / 1.00% | 8.07<br> 4.00 | 12/22/2027 | 198896 | 198013 | 198896 | 0.02% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### December 31, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference Rate<br>Spread /Floor | Cash Interest<br>Rate / PIK<br>Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of<br>Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialized Consumer Services (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcticom Group Third Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>8.07% / 1.00% | 12.07 | 12/22/2027 | 49858 | 49013 | 48973 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Stockton Intermediate II, LLC PIK Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>13.00% / 0.50% | 0.00<br> 13.00 | 5/23/2031 | 1903892 | 1869768 | 1864605 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modigent, LLC Delayed Term Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>6.50% / 0.75% | 10.83 | 8/23/2028 | 126764 | 126764 | 126764 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PD BridgeCo, LLC Delayed Draw Term Loan Fourth Amendment | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00 | 2/2/2027 |  | (75470) | (75469) | -0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PD BridgeCo, LLC Delayed Draw Term Loan Fourth Amendment | (1)(2)(3)(4)(5)(6)(7)(12) | 3M SOFR +<br>1.00% / 1.00% | 1.00 | 2/2/2027 | 8231152 | 8106576 | 8107685 | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(10) | 1M SOFR +<br>5.75% / 1.00% | 10.20 | 12/1/2027 | 671229 | 660935 | 654335 | 0.07% |
| &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 | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>5.68% / 1.00% | 10.06 | 4/22/2030 | 2985000 | 2949254 | 2966763 | 0.33% |
| &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 Initial Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>5.80% / 1.00% | 10.09 | 4/22/2030 | 4908747 | 4873971 | 4859659 | 0.53% |
|  |  |  |  |  |  | $32162831 | $32168240 | 3.51% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charkit Chemical Company, LLC Term Loan A | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>5.03% / 1.00% | 9.36 | 12/29/2026 | $4267616 | $4248323 | $4264472 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket BidCo, Inc. Term Loan (Recochem) | (1)(3)(5)(7)(12)(19) | 3M SOFR +<br>5.75% / 1.00% | 10.32 | 11/1/2030 | 11250000 | 11037199 | 11037304 | 1.20% |
|  |  |  |  |  |  | $15285522 | $15301776 | 1.67% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saldon Holdings, Inc. Fourth Amendment Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.10% / 1.00% | 10.46 | 3/13/2026 | $598454 | $598454 | $598454 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saldon Holdings, Inc. Initial DDTL Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 1.00% | 1.00 | 3/13/2026 |  |  |  | 0.00% |
|  |  |  |  |  |  | $598454 | $598454 | 0.07% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Falcon Buyer, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>0.50% / 1.00% | 0.50 | 8/1/2029 | $— | $(6769) | $— | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Falcon Buyer, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.50% / 1.00% | 10.09 | 8/1/2029 | 2146653 | 2095876 | 2109469 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computer Services, Inc. 2024-1 Incremental Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 1.00% | 9.75 | 11/15/2029 | 515804 | 507787 | 515804 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computer Services, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>0.50% / 1.00% | 0.50 | 11/15/2029 |  |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ES Ventures LLC Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.00% / 1.00% | 10.59 | 12/13/2028 | 1323931 | 1309311 | 1307735 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ES Ventures LLC Term A Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.00% / 1.00% | 10.59 | 12/13/2028 | 933089 | 923029 | 921674 | 0.10% |
|  |  |  |  |  |  | $4829234 | $4854682 | 0.53% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thames Technology Holdings, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.75% / 1.00% | 10.34 | 8/31/2029 | $786672 | $777830 | $778139 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thames Technology Holdings, Inc. First Amendment Incremental Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.75% / 1.00% | 10.34 | 8/31/2029 | 4987500 | 4919865 | 4885138 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thames Technology Holdings, Inc. Initial Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.75% / 1.00% | 10.34 | 8/31/2029 | 3379929 | 3285058 | 3243760 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thames Technology Holdings, Inc. Revolving Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>0.50% / 1.00% | 0.50 | 8/31/2029 |  |  | (11898) | 0.00% |
|  |  |  |  |  |  | $8982753 | $8895139 | 0.97% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AFC-Dell Holding Corp. Closing Date Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 1.00% | 10.09 | 4/9/2027 | $2146742 | $2121205 | $2084778 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.51 | 10/24/2030 | 494583 | 489779 | 489637 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.00% / 1.00% | 9.51 | 10/24/2030 | 1106682 | 1076500 | 1095616 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC 2024 Term Loan | (1)(2)(3)(4)(5)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.51 | 10/24/2030 | 2077997 | 2057713 | 2057217 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC 2024 Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.00% / 1.00% | 9.51 | 10/24/2030 | 4649731 | 4539870 | 4603233 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC Incremental Delayed Term Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.51 | 10/24/2030 | 1058434 | 1036013 | 1058434 | 0.12% |

---

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

------

#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### December 31, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments | Footnotes | Reference Rate<br>Spread /Floor | Cash Interest<br>Rate / PIK<br>Rate | Maturity<br>Date | Outstanding<br>Principal | Cost\* | Fair Value | Percentage<br>of<br>Net Assets |
| Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading Companies & Distributors (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.00% / 1.00% | 9.51% | 10/24/2029 | 111404 | 109827 | 109766 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7)(10) | 3M SOFR +<br>5.00% / 1.00% | 9.51% | 10/24/2029 | 205527 | 201703 | 202505 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hultec Buyer, LLC Term Loan A | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.75% / 1.00% | 10.19% | 3/31/2029 | 4840342 | 4752267 | 4722607 | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P.T. International LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(7)(11) | 3M SOFR +<br>4.60% / 1.00% | 9.15% | 6/30/2027 | 4936869 | 4912711 | 4927304 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Fox CD Acquisition Corparation Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>6.00% / 1.00% | 10.60% | 3/4/2030 | 6947500 | 6823933 | 6860970 | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SureWerx Purchaser III, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>1.00% / 0.75% | 1.00% | 12/28/2029 |  |  | (1599) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SureWerx Purchaser III, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.25% / 0.75% | 9.58% | 12/28/2029 | 2056094 | 2040925 | 2056094 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trench Plate Rental Co. Initial Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.60% / 1.00% | 9.93% | 12/3/2026 | 5379310 | 5379310 | 5379310 | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trench Plate Rental Co. Revolving Loan | (1)(2)(3)(4)(5)(6)(7) | 3M SOFR +<br>5.60% / 1.00% | 9.94% | 12/3/2026 | 433103 | 433103 | 433103 | 0.05% |
|  |  |  |  |  |  | $35974859 | $36078975 | 3.94% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EVDR Purchaser, Inc. Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8) | 3M SOFR +<br>1.00% / 0.75% | 1.00% | 2/14/2031 | $— | $— | $— | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EVDR Purchaser, Inc. Revolving Credit Loan | (1)(2)(3)(4)(5)(6)(7) | PRIME +<br>4.50% / 0.75% | 12.00% | 2/14/2031 | 137255 | 137255 | 137255 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EVDR Purchaser, Inc. Term Loan | (1)(2)(3)(4)(5)(7)(12) | 3M SOFR +<br>5.50% / 0.75% | 9.86% | 2/14/2031 | 4767892 | 4680714 | 4711769 | 0.51% |
|  |  |  |  |  |  | $4817969 | $4849024 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total First Lien Senior Secured |  |  |  |  |  | $1532316837 | $1532466267 | 167.23% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SageSure Holdings, LLC Term Loan | (1)(2)(3)(4)(5)(7)(10) | 3M SOFR +<br>5.26% / 0.00% | 11.65% | 1/28/2030 | $4472308 | $4427963 | $4472308 | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SageSure Holdings, LLC Delayed Draw Term Loan | (1)(2)(3)(4)(5)(6)(7)(8)(10) | 3M SOFR +<br>1.00% / 0.00% | 1.00% | 1/28/2030 |  | (5105) | (5206) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Second Lien Senior Secured |  |  |  |  |  | $4422858 | $4467102 | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Loan Obligations |  |  |  |  |  |  |  |  |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2024-V | (1)(2)(3)(5)(7)(8) | N/A | N/A | 1/22/2038 | $— | $4994226 | $4994226 | 0.54% |
| Total Non-Controlled, Non-Affiliated Debt Investments |  |  |  |  |  | $4994226 | $4994226 | 0.54% |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Castlelake Consumer Receivables Opportunity III, L.P. Fund | (1)(2)(6)(13)(14)(15) | N/A | N/A | N/A |  | $5461966 | $5646530 | $0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Castlelake Consumer Receivables Opportunity IV, L.P. | (1)(2)(6)(13)(14)(16) | N/A | N/A | N/A |  | 4008998 | 4009032 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Evergreen Private Credit Fund LP | (1)(2)(6)(13)(14)(17) | N/A | N/A | N/A |  | 16551039 | 18958915 | 2.07% |
|  |  |  |  |  |  | $26022003 | $28614477 | 3.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Non-Controlled, Non-Affiliated Private Credit Funds |  |  |  |  |  | $26022003 | $28614477 | 3.12% |
| Total Investments |  |  |  |  |  | $1567755924 | $1570542072 | 171.38% |
| Cash and Cash Equivalents and Restricted Cash and Restricted Cash Equivalents |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Treasury Portfolio—Institutional Class, 4.29% (23,291,535 shares) | (1)(2)(3)(4)(5)(7)(18) | N/A | N/A | N/A | N/A | $23291535 | $23291535 | 2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other cash accounts |  |  |  |  |  | 7952593 | 7952593 | 0.87% |
| Total Cash and Cash Equivalents and Restricted Cash and Restricted Cash Equivalents |  |  |  |  |  | $31244128 | $31244128 | 3.41% |
| Liabilities Less Other Assets |  |  |  |  |  |  | $(685400906) | (74.79%) |
| Net Assets |  |  |  |  |  |  | $916385294 | 100.00% |

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

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#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### December 31, 2024
\* For non-controlled, non-affiliated debt investments, cost represents amortized cost.

<sup>(1)</sup> Investment is non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940, as amended (the "1940 Act"). The 1940 Act classifies investments based on the level of control that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be "non-controlled" when the Company owns 25% or less of the portfolio company's voting securities and "controlled" when the Company owns more than 25% of the portfolio company's voting securities and/or has the power to exercise control over the management or policies of such portfolio company. The 1940 Act also classifies investments further based on the level of ownership that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as "non-affiliated" when the Company owns less than 5% of a portfolio company's voting securities and "affiliated" when the Company owns 5% or more of a portfolio company's voting securities (and is not otherwise "controlled"). The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act. 

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

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

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

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

<sup>(6)</sup> Investment has undrawn commitments. Unamortized fees are classified as unearned income which reduces cost basis, which may result in a negative cost basis. A negative fair value may result from the unfunded commitment being valued below par. The investment may be subject to an unused/letter of credit facility fee. 

<sup>(7)</sup> The investments bear interest at rates that may be determined by reference to Secured Overnight Financing Rate ("SOFR" or "S") or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate ("PRIME")). which reset monthly or quarterly. For each such investment, the Company has provided the reference rate used and provided the spread and the current contractual interest rate in effect at December 31, 2024. The interest rate disclosed is based on the reference rate as of the last reset date which may differ from the reference rate as of December 31, 2024. As of December 31, 2024, effective rates for 1 Month ("M") S, 3M S, 6M S and PRIME are 4.528%, 4.692%, 5.028% and 7.500%, respectively. For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of December 31, 2024. Certain investments are subject to a floor and have been provided. 

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

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

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

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

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

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

<sup>(14)</sup> Private credit funds are generally issued in private placement transactions and as such are generally restricted to resale. There are no circumstances that could cause a lapse in the restriction to resale. Each investment may have been purchased on various dates and for different amounts. Total fair value of restricted private credit funds as of December 31, 2024 was $28,614,477 or 3.12% of net assets. 

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

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

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

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

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

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

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#### **Table of Contents**

#### StepStone Private Credit Fund LLC

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

#### June 30, 2025
1. Organization

StepStone Private Credit Fund LLC (collectively with its consolidated subsidiaries, the "Company") is a Delaware limited liability company which was formed on September 26, 2022 and operates as an externally managed, non-diversified closed-end management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, for U.S. federal income tax purposes, the Company elected to be treated as a regulated investment company (a "RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and expects to maintain its qualification as a RIC annually thereafter. The liability of each member of the Company is limited to the value of capital contributed of such member in accordance with the provisions of the Company's Limited Liability Company Agreement.

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

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

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

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

2. Significant Accounting Policies

#### Basis of Accounting
The Company's consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). The Company is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, Financial Services – Investment Companies. These consolidated financial statements reflect adjustments that in the opinion of management are necessary for the fair statement of the financial position and results of operations for the period presented herein. The functional and reporting currency for the Company is the U.S. dollar.

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

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

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#### **Table of Contents**

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

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

Fair Value Hierarchy

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

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

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

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

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

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

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

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

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

Direct Loans

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

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#### **Table of Contents**
Collateralized Loan Obligations ("CLOs")

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

CLO Warehouses

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

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

Private Credit Funds

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

Private credit funds normally do not have readily available market prices and therefore will be fair valued according to the Valuation Procedures (as defined below) at each determination date. Ordinarily, the fair value of the Company's investment in a private credit fund is based on the NAV of the investment reported by its investment manager ("Investment Manager"). If the Advisor determines that the most recent NAV reported by the Investment Manager does not represent fair value or if the Investment Manager fails to report a NAV to the Company, a fair value determination is made by the Advisor in accordance with the Valuation Procedures. In making that determination, the Advisor will consider whether it is appropriate, in light of all relevant circumstances, to value such investment at the NAV last reported by its Investment Manager, or whether to adjust such NAV to reflect a premium or discount (adjusted NAV). The NAVs or adjusted NAVs are net of management fees and performance/incentive fees (carried interest) payable by the private credit fund investees pursuant to 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 June 30, 2025 and December 31, 2024, the Company had remaining unfunded commitments of $7,641,214 and $14,052,188, respectively, to private credit funds.

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

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Valuation Process and Oversight

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

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

Valuation Procedures

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

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

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

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

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

Generally, an increase in market yields or discount rates or a decrease in earnings before interest, taxes, depreciation and amortization ("EBITDA") may result in a decrease in the fair value of certain of the Company's investments.

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

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

#### Secured Borrowings
Securities sold and simultaneously repurchased at a premium are reported as financing transactions in accordance with FASB ASC Topic 860, Transfers and Servicing ("ASC 860"). Amounts payable to the counterparty are due on the repurchase settlement date and, excluding accrued interest, such amounts are presented in the accompanying consolidated statements of assets and liabilities as secured borrowings. Premiums payable are separately reported as accrued interest. There were no secured borrowings as of June 30, 2025 and December 31, 2024.

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

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

Interest income is recognized on an accrual basis. Interest income on debt instruments is accrued and recognized for those issuers who are currently paying in full or are expected to pay in full. For those issuers who are in default or are expected to default, interest is not accrued and is only recognized when received unless the cash received is applied to principal based upon management's judgment. Loan origination fees, 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. None of the Company's investments in the consolidated financial statements as of June 30, 2025 and December 31, 2024 have defaulted or are on non-accrual status.

The Company may earn various fees during the life of the loans. Such fees include, but are not limited to, administration and amendment fees, some of which are paid to the Company on an ongoing basis. These fees, if any, are recognized as earned as a component of "fee income" in the Consolidated statements of operations. No such fee income was recorded for six months ended June 30, 2025 and 2024.

Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees, unamortized syndication fees, unamortized commitment fees and unamortized discounts are recorded as interest income. The Company had prepayments that resulted in $1,056,265 and $1,229,804, in the foregoing fees for the three and six months ended June 30, 2025, respectively. The Company has not had any prepayments that would result in the foregoing fees for the three and six months ended June 30, 2024.

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#### **Table of Contents**
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. For investments with PIK income, the Company calculates interest income accruals based on the principal balance including any PIK. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is reversed through interest income.

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

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

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

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

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

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

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

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

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

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#### **Table of Contents**
In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. For the six months ended June 30, 2025 and 2024, the Company did not incur any excise tax.

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

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

The Company accounts for income taxes in conformity with ASC Topic 740—Income Taxes ("ASC Topic 740"). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in consolidated financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed to meet the more-likely-than-not threshold that would result in a tax benefit or expense to the Company would be recorded as a tax benefit or expense in the current year. It is the Company's policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized tax benefits or unrecognized tax liabilities related to uncertain income tax positions through June 30, 2025 and December 31, 2024. During the six months ended June 30, 2025 and 2024, the Company did not incur any interest or penalties.

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

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

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

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

#### Segment Reporting
An operating segment is defined in 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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#### **Table of Contents**

#### New Accounting Pronouncement
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by federal, state, foreign, and individual jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted. The Company does not expect this guidance to materially impact its consolidated financial statements.

3. Related Party Transactions

Advisory Agreement

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

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

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

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

For the three and six months ended June 30, 2025, the Company incurred a Base Management Fee of $3,002,047 and $5,530,279, respectively. For the three and six months ended June 30, 2024, the Company incurred a Base Management Fee of $1,277,204 and $2,260,393, 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.

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

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

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

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

For the three and six months ended June 30, 2025, the Company incurred Income Incentive Fee of $2,329,691 and $4,477,463, respectively. For three and six months ended June 30, 2024, the Company incurred Income Incentive Fee of $1,122,558 and $1,960,084, respectively.

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

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

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

For the three and six months ended June 30, 2025, the Company accrued a Capital Gains-Based Incentive Fee of $(54,211) and $(44,952), respectively, under U.S. GAAP. For the three and six months ended June 30, 2024, the Company accrued a Capital Gains-Based Incentive Fee of $(22,305) and $12,893, respectively, under U.S. GAAP. The negative balances are reversals of prior period accruals.

Administration Agreement

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

For the three and six months ended June 30, 2025, the Company incurred an Administration Fee of $602,176 and $1,350,742, respectively. For the three and six months ended June 30, 2024, the Company incurred an Administration Fee of $385,420 and $681,874, respectively.

Expense Limitation and Reimbursement Agreement

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

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

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

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

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

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

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reimbursement is being made to a level that exceeds the Expense Cap applicable at that time. Subject to the limitations set forth in the Amended Expense Limitation Agreement, the Company shall be obligated to reimburse or pay the Advisor for all or any portion of the Excess Expenses attributable to Specified Expenses upon receiving a written request from the Advisor for recoupment (which request may be for all or any portion of such Excess Expenses attributable to Specified Expenses), regardless of whether the Other Operating Expenses have fallen to a level below the Expense Cap.

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

For the period from April 3, 2023 (commencement of operations) to December 31, 2024, the Advisor incurred Other Operating Expenses of $1,075,628, and organizational costs of $1,296,462, on behalf of the Company, all subject to recoupment pursuant to the terms of the Amended Expense Limitation Agreement. For the three and six months ended June 30, 2025, the Company made recoupment payments to the Advisor of $46,858 and $778,369, respectively. For the three and six months ended June 30, 2024, the Company made recoupment payments to the Advisor of $164,211 and $139,854 (net of $24,357 of expenses the Advisor incurred on behalf of the Company), respectively. See Note 8 for further information, including the balance of amounts subject to recoupment payments to be made by the Company to the Advisor as of June 30, 2025 and as of December 31, 2024.

Other Related Party Transactions

During the three and six months ended June 30, 2025, StepStone Private Credit Fund SP, a segregated portfolio (the "Segregated Portfolio") of StepStone Private Credit Platform (Cayman) SPC, a Cayman Islands exempted company with limited liability and registered with the Cayman Islands Monetary Authority as a segregated portfolio company, who shares the same investment advisor as the Company, purchased 6,653,519 and 12,393,626, respectively, Shares from the Company in exchange for aggregate proceeds totaling $174,365,015 and $325,236,580, respectively. During the three and six months ended June 30, 2024, the Segregated Portfolio purchased 4,710,835 and 8,073,303, respectively, Shares from the Company in exchange for aggregate proceeds totaling $122,882,899 and $210,407,899, respectively. For the three and six months ended June 2025, the Segregated Portfolio received 508,127 and 930,722, respectively, of Shares in connection with reinvestments under the Company's DRIP, which Shares represented distributions in amounts equal to $13,216,639 and $24,203,730, respectively. For the three and six months ended June 2024, the Segregated Portfolio received 279,375 and 534,465, respectively, of Shares in connection with reinvestments under the Company's DRIP, which Shares represented distributions in amounts equal to $7,214,870 and $13,781,759, respectively. As of June 30, 2025 and December 31, 2024, $1,251,539,611 and $913,450,373, respectively, or 99.7% and 99.7%, respectively, of the Company's outstanding Shares are held indirectly through the Segregated Portfolio.

4. Borrowings

MassMutual SPV I Facility

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

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

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

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As of June 30, 2025 and December 31, 2024, the Company had an outstanding principal balance under the MassMutual SPV I Facility of $187,500,000 and $204,500,000, respectively. For the three and six months ended June 30, 2025, the Company's borrowings under the MassMutual SPV I Facility bore interest at a weighted average interest rate of 7.56% and 7.57%, respectively. For the three and six months ended June 30, 2024, the Company's borrowings under the MassMutual SPV I Facility bore interest at a weighted average interest rate of 8.60% and 8.61%, respectively. For the three and six months ended June 30, 2025, the daily average amount of outstanding borrowings under the MassMutual SPV I Facility were $187,500,000 and $190,074,586, respectively. For the three and six months ended June 30, 2024, the daily average amount of outstanding borrowings under the MassMutual SPV I Facility were $139,164,835 and $147,340,659, respectively.

BMO SPV II Credit Facility

On May 1, 2023, the Company, through SPV Facility II as borrower, entered into a Loan and Security Agreement (the "BMO Loan and Security Agreement") with Bank of Montreal, a ("BMO"), as the administrative agent, as collateral agent, and as a lender, and the other lenders party thereto from time to time, to provide SPV Facility II with a revolving credit facility (the "BMO SPV II Credit Facility"). BMO had made an initial commitment of $81,250,000 under the BMO SPV II Credit Facility, with an accordion provision to permit increases to the total facility amount up to $100,000,000, subject to satisfaction of certain conditions. On July 3, 2023, SPV Facility II and BMO entered into an amendment (the "BMO First Amendment") to the BMO Loan and Security Agreement. The BMO First Amendment provides for, among other things, (1) a funded amount from the lenders of $100,750,000 as of the amendment effective date and (2) an increase in the maximum total commitments of the lenders under the accordion provision in the BMO Loan and Security Agreement to $125,000,000. On March 21, 2024, SPV Facility II and BMO entered into an amendment (the "BMO Second Amendment") to the BMO Loan and Security Agreement. The BMO Second Amendment provides, among other things, a funded amount from the lenders of $109,500,000 as of the amendment effective date.

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 $162,500,000 as of the amendment effective date and extended the commitment termination date under the BMO SPV II Credit Facility to June 30, 2027. Prior to the effective date of the BMO Third Amendment, borrowings under the BMO SPV II Credit Facility generally bore interest at a rate per annum equal to 3-Month Term SOFR plus a margin of 2.50% (subject to credit spread adjustments based on the weighted average spread of certain loan assets). The BMO Third Amendment

reduced the applicable margin on borrowings under the BMO SPV II Credit Facility, such that borrowings under the BMO SPV II Credit Facility will generally bear interest at a rate per annum equal to 3-Month Term SOFR plus a margin of 2.35% (subject to credit spread adjustments based on the weighted average spread of certain loan assets). The BMO SPV II Credit Facility is secured by a first priority security interest in substantially all of the assets of SPV Facility II and a pledge over 100% of the Company's equity interest in SPV Facility II.

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

As of June 30, 2025 and December 31, 2024, the Company had an outstanding principal balance under the BMO SPV II Credit Facility of $86,670,535 and $97,670,535, respectively, in connection with investments purchased through participation agreements from BMO. For the three and six months ended June 30, 2025, the Company's borrowings under the BMO SPV II Credit Facility bore interest at a weighted average interest rate of 6.79% and 6.81%, respectively. For the three and six months ended June 30, 2024, the Company's borrowings under the BMO SPV II Credit Facility bore interest at a weighted average interest rate of 7.81% and 7.82%, respectively. For the three and six months ended June 30, 2025, the daily average amount of outstanding borrowings under the BMO SPV II Credit Facility were $92,154,051 and $94,897,054, respectively. For the three and six months ended June 30, 2024, the daily average amount of outstanding borrowings under the BMO SPV II Credit Facility were $101,527,678 and $98,714,491, respectively.

Wells Fargo SPV III Credit Facility

On December 1, 2023, the Company, through SPV Facility III as borrower, entered into a Loan and Security Agreement (the "Wells Fargo Loan and Security Agreement") with Wells Fargo Bank, National Association ("Wells Fargo"), as the administrative agent, UMB Bank, National Association, as the collateral agent, and the lenders party thereto from time to time, to provide SPV Facility III with a revolving credit facility (the "Wells Fargo SPV III Credit Facility"). The lenders initially made aggregate commitments of $250,000,000 under the Wells Fargo SPV III Credit Facility.

On October 31, 2024, the Company and Wells Fargo amended the Wells Fargo SPV III Credit Facility (the "Wells Fargo First Amendment"). The Wells Fargo First Amendment, among other things, increased the aggregate commitments by the lenders to $400,000,000 and decreased the applicable margin on borrowings from 2.65% to 2.25%. On February 27, 2025, the Company amended the Wells Fargo SPV III Credit Facility (the "Wells Fargo Second Amendment"). The Wells Fargo Second Amendment, among other things, (1) increased the aggregate commitments by the lenders under the Wells Fargo SPV III Credit Facility to $650,000,000, with an accordion feature providing SPV Facility III the right to request increases in commitments under the facility from new and existing lenders on the same terms and conditions as the existing commitments up to an aggregate maximum of $900,000,000, and (2) decreased the applicable margin on borrowings to 2.15% under the Wells Fargo SPV III Credit Facility. 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 $750,000,000.

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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.

As of June 30, 2025 and December 31, 2024, the Company had an outstanding principal balance under the Wells Fargo SPV III Credit Facility of $476,000,000 and $360,000,000, respectively. For the three and six months ended June 30, 2025, the Company's borrowings under the Wells Fargo SPV III Credit Facility bore interest at a weighted average interest rate of 6.47% and 6.50%, respectively. For the three and six months ended June 30, 2024, the Company's borrowings under the Wells Fargo SPV III Credit Facility bore interest at a weighted average interest rate of 7.97%. For the three and six months ended June 30, 2025, the daily average amount of outstanding borrowings under the Wells Fargo SPV III Credit Facility was $414,708,791 and $366,135,359, respectively. For the three and six months ended June 30, 2024, the daily average amount of outstanding borrowings under the Wells Fargo SPV III Credit Facility was $130,681,319 and $103,016,667, respectively.

2024-I CLO

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

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

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| | | | |
|:---|:---|:---|:---|
| Class | Par Size ($) | Ratings (S&P) | Coupon |
| Class A 2024 Notes | 174000000 | AAA (sf) | 3M SOFR + 1.70% |
| Class B 2024 Notes | 30000000 | AA (sf) | 3M SOFR + 2.00% |
| 2024-I CLO Subordinated Notes | 96360000 | N/A | N/A |

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

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

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

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

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

As of June 30, 2025, the Company had an outstanding principal balance under the Class A 2024 Notes of $174,000,000. For the three and six months ended June 30, 2025, the Company's borrowings under the Class A 2024 Notes bore interest at a weighted average interest rate of 5.96% and 5.98%, respectively. For the three and six months ended June 30, 2025, the daily average amount of outstanding borrowings under the Class A 2024 Notes was $174,000,000.

For the three months ended June 30, 2025 and 2024, the Company's aggregate weighted average interest rate under the MassMutual SPV I Facility, the BMO SPV II Credit Facility, the Wells Fargo SPV III Credit Facility and the Class A 2024 Notes (the "Total Borrowings") amounted to 6.81% and 8.27%, respectively. The Company's aggregate daily average amount of borrowings under the Total Borrowings for the three months ended June 30, 2025 and 2024 amounted to $868,362,842 and $371,373,831, respectively.

For the six months ended June 30, 2025 and 2024, the Company's aggregate weighted average interest rate under the Total Borrowings amounted to 6.86% and 8.32%, respectively. The Company's aggregate daily average amount of borrowings under the Total Borrowings for the six months ended June 30, 2025 and 2024 amounted to $811,648,435 and $347,939,766, respectively.

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended<br>June 30, 2025 | Three Months Ended<br>June 30, 2024 | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2024 |
| Coupon interest | $17491391 | $7868134 | $28284262 | $15099348 |
| Amortization of debt issuance costs | 569384 | 332163 | 1364272 | 632411 |
| Total | $18060775 | $8200297 | $29648534 | $15731759 |

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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 June 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |<br>Cost | % of Total<br>Investments |<br>Fair Value | % of Total<br>Investments |% of Net Assets |
| First Lien Senior Secured | $2062903411 | 96.58% | 2060181739 | 96.36% | 164.16% |
| Second Lien Senior Secured | 5466259 | 0.26% | 5483954 | 0.26% | 0.44% |
| Subordinated Notes | 34621512 | 1.62% | 34962953 | 1.64% | 2.79% |
| Private Credit Funds | 32942406 | 1.54% | 37355338 | 1.75% | 2.98% |
| Total investments | $2135933588 | 100.00% | $2137983984 | 100.01% | 170.37% |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |<br>Cost | % of Total<br>Investments |<br>Fair Value | % of Total<br>Investments |% of Net Assets |
| First Lien Senior Secured | $1532316837 | 97.74% | 1532466267 | 97.58% | 167.23% |
| Second Lien Senior Secured | 4422858 | 0.28% | 4467102 | 0.28% | 0.49% |
| CLO | 4994226 | 0.32% | 4994226 | 0.32% | 0.54% |
| Private Credit Funds | 26022003 | 1.66% | 28614477 | 1.82% | 3.12% |
| Total investments | $1567755924 | 100.00% | $1570542072 | 100.00% | 171.38% |

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The industry composition of investments as a percentage of total investments based on cost and fair value and as a percentage of net assets based on fair value as of June 30, 2025 and December 31, 2024 was as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | June 30, 2025 | June 30, 2025 | June 30, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | % of Total<br>Investments<br>Based on<br>Cost | % of Total<br>Investments<br>Based on<br>Fair Value | % of<br>Net Assets<br>Based on<br>Fair Value | % of Total<br>Investments<br>Based on<br>Amortized Cost | % of Total<br>Investments<br>Based on<br>Fair Value | % of<br>Net Assets<br>Based on<br>Fair Value |
| Advertising | 1.48% | 1.47% | 2.51% | 1.73% | 1.72% | 2.96% |
| Aerospace & Defense | 1.73% | 1.74% | 2.96% | 1.80% | 1.81% | 3.11% |
| Air Freight & Logistics | 0.68% | 0.65% | 1.11% | 0.92% | 0.88% | 1.50% |
| Alternative Carriers | 0.23% | 0.23% | 0.39% | 0.32% | 0.31% | 0.54% |
| Apparel Retail | 0.46% | 0.46% | 0.78% | 0.63% | 0.62% | 1.07% |
| Apparel, Accessories & Luxury Goods | 0.56% | 0.56% | 0.95% | 0.00% | 0.00% | 0.00% |
| Application Software | 6.48% | 6.49% | 11.06% | 6.37% | 6.37% | 10.91% |
| Asset Management & Custody Banks | 5.19% | 5.39% | 9.18% | 4.87% | 5.03% | 8.62% |
| Auto Parts & Equipment | 1.15% | 1.15% | 1.95% | 1.56% | 1.56% | 2.67% |
| Automobile Manufacturers | 0.28% | 0.28% | 0.47% | 0.36% | 0.36% | 0.62% |
| Automotive Retail | 0.56% | 0.56% | 0.95% | 0.00% | 0.00% | 0.00% |
| Building Products | 1.45% | 1.45% | 2.46% | 0.94% | 0.94% | 1.61% |
| Commodity Chemicals | 0.23% | 0.23% | 0.39% | 0.31% | 0.31% | 0.54% |
| Communications Equipment | 0.29% | 0.29% | 0.50% | 0.40% | 0.40% | 0.69% |
| Construction & Engineering | 7.10% | 7.08% | 12.07% | 8.33% | 8.31% | 14.24% |
| Construction Materials | 0.19% | 0.19% | 0.33% | 0.28% | 0.27% | 0.47% |
| Consumer Electronics | 0.48% | 0.48% | 0.82% | 0.00% | 0.00% | 0.00% |
| Consumer Finance | 0.31% | 0.31% | 0.52% | 0.00% | 0.00% | 0.00% |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | June 30, 2025 | June 30, 2025 | June 30, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | % of Total | % of Total | % of | % of Total | % of Total | % of |
|  | Investments | Investments | Net Assets | Investments | Investments | Net Assets |
|  | Based on | Based on | Based on | Based on | Based on | Based on |
|  | Cost | Fair Value | Fair Value | Amortized Cost | Fair Value | Fair Value |
| Data Processing & Outsourced Services | 0.23% | 0.23% | 0.39% | 0.27% | 0.28% | 0.47% |
| Distributors | 0.20% | 0.20% | 0.34% | 0.28% | 0.27% | 0.46% |
| Diversified Capital Markets | 0.13% | 0.13% | 0.23% | 0.04% | 0.04% | 0.07% |
| Diversified Chemicals | 0.63% | 0.62% | 1.06% | 0.86% | 0.85% | 1.46% |
| Diversified Metals & Mining | 0.44% | 0.44% | 0.75% | 0.00% | 0.00% | 0.00% |
| Diversified Support Services | 4.04% | 4.01% | 6.83% | 5.05% | 5.04% | 8.63% |
| Drug Retail | 0.64% | 0.64% | 1.09% | 0.00% | 0.00% | 0.00% |
| Education Services | 0.27% | 0.28% | 0.47% | 0.37% | 0.38% | 0.65% |
| Electric Utilities | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Electrical Components & Equipment | 1.42% | 1.42% | 2.41% | 1.86% | 1.85% | 3.18% |
| Electronic Equipment & Instruments | 0.72% | 0.72% | 1.24% | 1.31% | 1.31% | 2.25% |
| Electronic Manufacturing Services | 0.13% | 0.12% | 0.21% | 0.17% | 0.17% | 0.29% |
| Environmental & Facilities Services | 2.10% | 2.06% | 3.52% | 2.42% | 2.42% | 4.14% |
| Food Distributors | 1.69% | 1.69% | 2.88% | 1.78% | 1.77% | 3.03% |
| Health Care Distributors | 1.00% | 1.00% | 1.70% | 1.35% | 1.35% | 2.32% |
| Health Care Equipment | 3.02% | 3.01% | 5.13% | 2.32% | 2.32% | 3.98% |
| Health Care Facilities | 1.19% | 1.19% | 2.03% | 0.44% | 0.44% | 0.75% |
| Health Care Services | 9.83% | 9.82% | 16.73% | 9.88% | 9.88% | 16.93% |
| Health Care Technology | 0.91% | 0.91% | 1.56% | 0.73% | 0.74% | 1.26% |
| Heavy Electrical Equipment | 0.03% | 0.03% | 0.05% | 0.04% | 0.04% | 0.06% |
| Highways & Railtracks | 0.23% | 0.23% | 0.39% | 0.31% | 0.31% | 0.53% |
| Home Improvement Retail | 0.17% | 0.17% | 0.29% | 0.23% | 0.23% | 0.39% |
| Homebuilding | 0.44% | 0.43% | 0.74% | 0.32% | 0.32% | 0.54% |
| Hotels, Resorts & Cruise Lines | 0.53% | 0.53% | 0.91% | 0.31% | 0.31% | 0.54% |
| Household Appliances | 1.03% | 1.03% | 1.75% | 1.41% | 1.41% | 2.42% |
| Household Products | 0.66% | 0.66% | 1.12% | 0.00% | 0.00% | 0.00% |
| Housewares & Specialties | 0.93% | 0.93% | 1.58% | 1.10% | 1.10% | 1.89% |
| Human Resource & Employment Services | 0.77% | 0.77% | 1.31% | 0.62% | 0.62% | 1.05% |
| Industrial Machinery | 2.00% | 2.00% | 3.42% | 2.03% | 2.03% | 3.47% |
| Insurance Brokers | 3.49% | 3.49% | 5.96% | 3.51% | 3.50% | 6.00% |
| Integrated Telecommunication Services | 0.17% | 0.17% | 0.28% | 0.00% | 0.00% | 0.00% |
| Interactive Home Entertainment | 0.06% | 0.06% | 0.12% | 0.11% | 0.10% | 0.18% |
| Internet & Direct Marketing Retail | 0.59% | 0.59% | 1.00% | 0.75% | 0.75% | 1.28% |
| Internet Services & Infrastructure | 0.86% | 0.86% | 1.47% | 0.69% | 0.70% | 1.20% |
| Investment Banking & Brokerage | 0.28% | 0.28% | 0.47% | 0.36% | 0.36% | 0.61% |
| IT Consulting & Other Services | 5.38% | 5.39% | 9.18% | 5.14% | 5.14% | 8.81% |
| Leisure Facilities | 0.60% | 0.60% | 1.02% | 0.65% | 0.66% | 1.13% |
| Leisure Products | 0.90% | 0.90% | 1.53% | 1.22% | 1.22% | 2.09% |
| Life & Health Insurance | 1.03% | 1.03% | 1.75% | 0.77% | 0.77% | 1.32% |
| Life Sciences Tools & Services | 0.38% | 0.38% | 0.65% | 0.50% | 0.49% | 0.85% |
| Metal & Glass Containers | 0.21% | 0.21% | 0.35% | 0.28% | 0.28% | 0.48% |
| Movies & Entertainment | 0.00% | 0.00% | 0.00% | 0.10% | 0.10% | 0.17% |
| Office Services & Supplies | 0.40% | 0.40% | 0.68% | 0.54% | 0.54% | 0.92% |
| Oil & Gas Equipment & Services | 0.00% | 0.00% | 0.00% | 0.15% | 0.15% | 0.26% |
| Other Diversified Financial Services | 1.72% | 1.74% | 2.96% | 0.67% | 0.67% | 1.16% |
| Packaged Foods & Meats | 1.81% | 1.76% | 3.01% | 2.51% | 2.49% | 4.27% |
| Paper Packaging | 0.77% | 0.77% | 1.31% | 0.68% | 0.69% | 1.17% |
| Personal Products | 1.36% | 1.36% | 2.31% | 1.08% | 1.09% | 1.86% |
| Pharmaceuticals | 2.31% | 2.30% | 3.93% | 1.98% | 1.97% | 3.38% |
| Property & Casualty Insurance | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Real Estate Development | 0.11% | 0.11% | 0.18% | 0.13% | 0.13% | 0.22% |
| Real Estate Operating Companies | 0.35% | 0.35% | 0.59% | 0.46% | 0.46% | 0.79% |
| Real Estate Services | 0.77% | 0.76% | 1.30% | 0.81% | 0.79% | 1.36% |
| Research & Consulting Services | 6.23% | 6.21% | 10.59% | 5.42% | 5.40% | 9.26% |
| Restaurants | 0.25% | 0.25% | 0.42% | 0.32% | 0.32% | 0.55% |
| Soft Drinks | 0.23% | 0.23% | 0.39% | 0.31% | 0.31% | 0.53% |
| Specialized Consumer Services | 1.92% | 1.93% | 3.28% | 2.05% | 2.05% | 3.51% |
| Specialty Chemicals | 0.71% | 0.71% | 1.21% | 0.97% | 0.97% | 1.67% |
| Specialty Stores | 0.03% | 0.03% | 0.05% | 0.04% | 0.04% | 0.07% |
| Systems Software | 0.51% | 0.51% | 0.87% | 0.31% | 0.31% | 0.53% |
| Technology Distributors | 0.73% | 0.73% | 1.24% | 0.57% | 0.57% | 0.97% |
| Trading Companies & Distributors | 1.39% | 1.39% | 2.37% | 2.29% | 2.30% | 3.94% |
| Trucking | 0.22% | 0.22% | 0.37% | 0.31% | 0.31% | 0.53% |
| Total | 100.00% | 100.00% | 170.37% | 100.00% | 100.00% | 171.38% |

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As of June 30, 2025, 96% of investments held were based in the United States within the following regions (based on fair value): Northeast 29%, Southeast 23%, Midwest 16%, Southwest 15% and West 13%. The remaining 4% of investments held were based in Cayman Islands 2%, Canada 1% and Jersey 1%.

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

For the three and six months ended June 30, 2025, purchases of investments were $396 million and $766 million, respectively. For the three and six months ended June 30, 2025, total proceeds received from sales, exits and repayments of investments were $148 million and $202 million, respectively. For the three and six months ended June 30, 2024, purchases of investments were $224 million and $457 million, respectively. For the three and six months ended June 30, 2024, total proceeds received from sales, exits and repayments of investments were $55 million and $91 million, respectively.

6. Fair Value Measurement

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | Practical | |
| Assets | Level 1 | Level 2 | Level 3 | Expedient | Total |
| First Lien Senior Secured | $— | $— | $2060181739 | $— | $2060181739 |
| Second Lien Senior Secured |  |  | 5483954 |  | 5483954 |
| Subordinated Notes\* |  |  | 34962953 |  | 34962953 |
| Private Credit Funds |  |  |  | 37355338 | 37355338 |
| Total assets | $— | $— | $2100628646 | $37355338 | $2137983984 |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | Practical | |
| Assets | Level 1 | Level 2 | Level 3 | Expedient | Total |
| First Lien Senior Secured | $— | $— | $1532466267 | $— | $1532466267 |
| Second Lien Senior Secured |  |  | 4467102 |  | 4467102 |
| CLO\* |  |  | 4994226 |  | 4994226 |
| Private Credit Funds |  |  |  | 28614477 | 28614477 |
| Total assets | $— | $— | $1541927595 | $28614477 | $1570542072 |

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

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

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Beginning<br> Balance at<br> 3/31/2025 | Net<br> Purchases | Net Sales,<br> Exits and<br> Repayments | PIK | Accreted<br> Discounts/<br> Amortized<br> Premiums | Net Change in <br> Unrealized <br> Appreciation/<br> (Depreciation) | Transfers<br> into<br> Level 3 | Transfers<br> out of<br> Level 3 | Balance<br> 6/30/2025 | Change in<br> Unrealized<br> Appreciation/<br> Depreciation<br> for Level 3<br> Assets Still<br> Held as of<br> 6/30/2025 |
| First Lien Senior Secured | $1843567366 | $363868155 | $(147936098) | $588588 | $1905914 | $(1812186) | $– $|  | $2060181739 | $(1812186) |
| Second Lien Senior Secured | 5498111 | 2 | (13840) |  | 993 | (1312) | – |  | 5483954 | (1312) |
| Subordinated Notes | 7211483 | 27546035 |  |  |  | 205435 | – |  | 34962953 | 205435 |
| Total | $1856276960 | $391414192 | $(147949938) | $588588 | $1906907 | $(1608063) | $– $|  | $2100628646 | $(1608063) |

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

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Beginning<br> Balance at<br> 12/31/2024 | Net<br> Purchases | Net Sales,<br> Exits and<br> Repayments | PIK | Accreted<br> Discounts/<br> Amortized<br> Premiums | Net Change in <br> Unrealized <br> Appreciation/<br> (Depreciation) | Transfers<br> into<br> Level 3 | Transfers<br> out of<br> Level 3 | Balance<br> 6/30/2025 | Change in<br> Unrealized<br> Appreciation/<br> Depreciation<br> for Level 3<br> Assets Still<br> Held as of<br> 6/30/2025 |
|  First Lien Senior Secured | $1532466267 | $728041538 | $(202087291) | $1177852 | $3454476 | $(2871103) | $– $|  | $2060181739 | $(4513792) |
|  Second Lien Senior Secured | 4467102 | 1041213 | (30283) |  | 32471 | (26549) | – |  | 5483954 | (22052) |
|  Subordinated Notes | 4994226 | 29627285 |  |  |  | 341442 | – |  | 34962953 | 341442 |
|  Total | $1541927595 | $758710036 | $(202117574) | $1177852 | $3486947 | $(2556210) | $– $|  | $2100628646 | $(4194402) |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Beginning<br> Balance at<br> 3/31/2024 | Net<br> Purchases | Net Sales,<br> Exits and<br> Repayments | PIK | Accreted<br> Discounts/<br> Amortized<br> Premiums | Net Change in <br> Unrealized <br> Appreciation/<br> (Depreciation) | Transfers<br> into<br> Level 3 | Transfers<br> out of<br> Level 3 | Balance<br> 6/30/2024 | Change in<br> Unrealized<br> Appreciation/<br> Depreciation<br> for Level 3<br> Assets Still<br> Held as of<br> 6/30/2024 |
|  First Lien Senior Secured | $734614716 | $207836488 | $(25041547) | $259737 | $931507 | $(637879) | $– $|  | $917963022 | $(637879) |
|  Second Lien Senior Secured | 4485730 | (4165) | (7562) |  | 2838 | (14691) | – |  | 4462150 | (14691) |
|  CLO Warehouse | 29250000 |  | (29250000) |  |  |  | – |  |  |  |
|  Total | $768350446 | $207832323 | $(54299109) | $259737 | $934345 | $(652570) | $– $|  | $922425172 | $(652570) |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Beginning<br> Balance at<br> 12/31/2023 | Net<br> Purchases | Net Sales,<br> Exits and<br> Repayments | PIK | Accreted<br> Discounts/<br> Amortized<br> Premiums | Net Change in <br> Unrealized <br> Appreciation/<br> (Depreciation) | Transfers<br> into<br> Level 3 | Transfers<br> out of<br> Level 3 | Balance<br> 6/30/2024 | Change in<br> Unrealized<br> Appreciation/<br> Depreciation<br> for Level 3<br> Assets Still<br> Held as of<br> 6/30/2024 |
|  First Lien Senior Secured | $531616973 | $445748438 | $(61458465) | $505392 | $911061 | $(136171) | $– $|  | $917963022 | $610458 |
|  Second Lien Senior Secured | 4493852 | (4165) | (23454) |  | 6152 | (10426) | – |  | 4462150 | (34796) |
|  CLO Warehouse | 29250000 |  | (29250000) |  |  |  | – |  |  |  |
|  Total | $565360825 | $445744273 | $(90731919) | $505392 | $917213 | $(146597) | $– $|  | $922425172 | $575662 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | Impact to |
|  | | | | | | Valuation from |
|  | Fair Value | | | | | Increase in |
|  | as of | Valuation | Unobservable | Range / | | Unobservable |
|  | June 30, 2025 | Techniques | Input | Percentage | Weighted Average <sup>(1)</sup> | Input |
|  First Lien Senior Secured Debt | $1992293061 | Yield Method | Market Yield Discount Spreads | 3.00%-15.86% | 5.97% | Decrease |
|  First Lien Senior Secured Debt | 67888678 | Recent Transactions | Transaction Price | $98.00-$100.00 | $98.91 | Increase |
|  Second Lien Senior Secured Debt | 5483954 | Yield Method | Market Yield Discount Spreads | 3.82%-6.92% | 5.40% | Increase |
|  Subordinated Notes | 27546036 | Recent Transactions | Transaction Price | 88.68-$100.00 | $96.00 | Increase |
|  Subordinated Notes | 7416917 | Yield Method | Market Yield Discount Spreads | 12.50%-20.50% | 15.10% | Decrease |
|  Total Assets | $2100628646 |  |  |  |  |  |

---

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | Impact to |
|  | | | | | | Valuation from |
|  | Fair Value | | | | | Increase in |
|  | as of | Valuation | Unobservable | Range / | | Unobservable |
|  | December 31, 2024 | Techniques | Input | Percentage | Weighted Average <sup>(1)</sup> | Input |
|  First Lien Senior Secured Debt | $1393652151 | Yield Method | Market Yield Discount Spreads | 3.26%-15.14% | 6.05% | Decrease |
|  First Lien Senior Secured Debt | 138814116 | Recent Transactions | Transaction Price | $98.00-$101.00 | $98.95 | Increase |
|  CLO | 4994226 | Recent Transactions | Transaction Price | $87.37 | $87.37 | Increase |
|  Second Lien Senior Secured Debt | 4467102 | Yield Method | Market Yield Discount Spreads | 5.15%-6.29% | 5.72% | Decrease |
|  Total Assets | $1541927595 |  |  |  |  |  |

---

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

Debt Not Carried at Fair Value

As of June 30, 2025 and December 31, 2024, the principal value of the MassMutual SPV I Facility, the BMO SPV II Credit Facility, the Wells Fargo SPV III Credit Facility and the Class A 2024 Notes approximate fair value due to their variable rates and are included in Level 3 of the fair value hierarchy.

7. Income Taxes

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
|  | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 |
|  Ordinary income | $30915411 | $14030156 | $58665454 | $24807641 |
|  Long-term capital gains |  |  |  |  |
|  Tax return of capital |  |  |  |  |

---

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

---

| | |
|:---|:---|
|  | December 31, 2024 |
|  Undistributed ordinary income | $1575517 |
|  Other book/tax temporary differences | (955570) |
|  Capital loss carryforwards |  |
|  Undistributable capital gains |  |
|  Net realized gain (loss) from investments in securities of unaffiliated issuers |  |
|  Net unrealized depreciation from investments in securities of unaffiliated issuers | 409046 |
|  Total distributable earnings (accumulated loss) | $1028993 |

---

As of June 30, 2025, the aggregate cost of investments for U.S. federal income tax purposes is $2,135,933,588. As of June 30, 2025, net unrealized depreciation on the Company's investments (tax basis) was ($735,752). As of December 31, 2024, the aggregate cost of investments for U.S. federal income tax purposes is $1,570,133,017. As of December 31, 2024, net unrealized appreciation on the Company's investments (tax basis) was $409,046, consisting of gross unrealized appreciation, where the fair value of the Company's investments exceeds their tax cost, of $5,012,499 and gross unrealized depreciation, where the tax cost of the Company's investments exceeds their fair value, of $4,603,453.

------

8. Commitments & Contingencies

The Advisor had agreed to pay the Company's Other Operating Expenses and, at the Advisor's discretion, certain of the Company's Specified Expenses under the Amended Expense Limitation Agreement described in Note 3. The Company had no obligation to reimburse the Advisor for such advanced expenses until the time at which the Company received $100,000,000 in gross proceeds from the sale of Shares, excluding Shares purchased by the Advisor and by the Company's directors and officers. Following such time, all expenses of the Company paid by the Advisor will be subject to recoupment by the Advisor. The recoupment is limited to the amount of the Expense Cap under the Amended Expense Limitation Agreement (each as defined in Note 3 in these consolidated financial statements), unless the recoupment payment relates to Specified Expenses. Under the Amended Expense Limitation Agreement, the Advisor is permitted to recoup from the Company any such amounts for a period not to exceed three years from the month in which such fees and expenses were paid. As of June 30, 2025, the Company had reimbursed all expenses subject to recoupment by the Advisor. As of December 31, 2024, the Company had $778,369 in expenses subject to recoupment by the Advisor.

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

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

As of June 30, 2025 and December 31, 2024, the Company had the following outstanding commitments to investments:

---

| | | |
|:---|:---|:---|
| Investments | June 30, 2025 | December 31, 2024 |
| 3 Step Sports LLC Delayed Draw Term Loan | $501132 | $456755 |
| AAH Topco, LLC Class C Delayed Draw Term Loan | 5801901 |  |
| Accelevation LLC Delayed Draw Term Loan | 3403292 |  |
| Accelevation LLC Revolving Credit Loan | 1585231 |  |
| Accent Building Materials Holdings LLC Term B Delayed Term Loan | 171429 | 165312 |
| Accordion Partners LLC Delayed Draw Term Loan | 1533913 | 1826087 |
| Accordion Partners LLC Revolving Loan | 1217391 | 1217391 |
| ACP Avenu Buyer, LLC Delayed Term Loan | 457877 | 395536 |
| ACP Avenu Buyer, LLC Revolving Credit | 428113 | 208259 |
| ACP Falcon Buyer, Inc. Revolving Loan | 333333 | 333333 |
| ACP Oak Buyer, Inc. 2025 Refinancing Revolving Loan | 2040845 |  |
| ACP Oak Buyer, Inc. 2025-1 Incremental Delayed Draw Term Loan | 2267606 |  |
| ACP Oak Buyer, Inc. 2025-2 Incremental Delayed Draw Term Loan | 2267606 |  |
| Advanced Medical Management, LLC Revolving Credit Loan | 1504941 | 710526 |
| Advanced Web Technologies Holding Company Revolving Credit Loan | 303027 | 293252 |
| AI Fire Buyer, Inc. Delayed Draw Term Loan |  | 120902 |
| Alera Group, Inc. Delayed Draw Term Loan |  | 35516 |
| Alkeme Intermediary Holdings, LLC Tenth Amendment Delayed Draw Term Loan | 1092103 |  |
| Allworth Financial Group, L.P. Fourth Amendment Delayed Draw Term Loan | 9227746 | 13130720 |
| Allworth Financial Group, L.P. Revolving Loan | 618375 | 618375 |
| Ambient Enterprises Holdco LLC Delayed Draw Term Loan | 929777 | 1935706 |
| Ambient Enterprises Holdco LLC Revolving Loan | 367192 | 951979 |
| AmerCareRoyal, LLC Delayed Draw Term Loan A | 1867470 | 1867470 |
| AmerCareRoyal, LLC U.S. Revolving Credit | 286145 | 195783 |
| AmeriLife Holdings LLC 2024 Revolving Loan | 1494044 |  |
| AmeriLife Holdings LLC Amendment No. 5 Incremental Delayed Draw Term Loan | 3289365 |  |
| Any Hour LLC Delayed Term Loan | 1876364 | 1876363 |
| Any Hour LLC Revolving Credit | 477922 | 540260 |
| Apex Dental Partners, LLC Delayed Draw Term Loan | 2583226 | 2583226 |
| Apex Dental Partners, LLC Revolving Credit | 903226 | 903226 |
| Apex Service Partners, LLC Incremental Delayed Term Loan |  | 2598709 |
| Apex Service Partners, LLC Revolving Credit Loan | 302246 | 96719 |
| Apex Service Partners, LLC Revolving Credit Loan | 163829 | 52425 |
| Apex Service Partners, LLC Second Amendment Incremental Delayed DrawTerm Loan | 1443051 |  |
| Aptean Acquiror Inc. Delayed Draw Term Loan |  | 238414 |
| Aptean Acquiror Inc. First Amendment Delayed Draw Term Loan | 2719372 |  |
| Aptean Acquiror Inc. Revolving Credit | 722358 | 436880 |
| Archer Lewis, LLC Delayed Draw Term Loan B | 25915 |  |
| Archer Lewis, LLC Initial Revolving Facility | 64789 |  |

---

------

---

| | | |
|:---|:---|:---|
|  | June 30, 2025 | December 31, 2024 |
| Arctic Holdco, LLC 2025 Delayed Draw Term Loan | $141132 | $— |
| Arctic Holdco, LLC Initial Refinancing Revolving Loan | 158464 |  |
| Arctic Holdco, LLC Initial Revolving Loan |  | 58360 |
| Arcticom Group Delayed Draw Term Loan D |  | 13796 |
| Arden Insurance Services LLC Revolving Credit | 1633998 |  |
| Arden Purchaser, LLC Revolver |  | 1307198 |
| Argano, LLC 2025 Delayed Draw Term Loan | 1120800 |  |
| Argano, LLC Delayed Draw Term Loan |  | 2173913 |
| Argano, LLC Revolving Credit Loan | 362319 | 362319 |
| Artivion, Inc. Delayed Draw Term Loan | 557604 | 557604 |
| ASP Global Holdings, LLC Delayed Draw Term Loan | 615882 | 615882 |
| ASP Global Holdings, LLC Revolving Loan | 193809 | 430686 |
| Associations, Inc. Revolving Loan | 53124 | 217009 |
| Associations, Inc. Special Purpose Delayed Draw Term Loan | 362911 | 451262 |
| ATI Restoration, LLC Second Amendment Delayed Draw Term Loan | 1200722 | 1262187 |
| Aviation Technical Services, Inc. Revolving Loan | 350000 | 500000 |
| AVW WV Buyer, Inc. Fourth Amendment Delayed Draw Term Loan | 974619 | 1142132 |
| Axis Portable Air, LLC Revolving Credit Loan | 1163990 | 1163990 |
| Axis Portable Air, LLC Sixth Amendment Delayed Draw Term Loan |  | 2085481 |
| Badge 21 Midco Holdings LLC Amendment No. 1 Delayed Draw Term Loan | 2020688 |  |
| Badge 21 Midco Holdings LLC Revolving Loan | 1278344 |  |
| Bamboo US BidCo LLC (aka Baxter) Delayed Term Loan |  | 44461 |
| Bamboo US BidCo LLC (aka Baxter) Tranche B-1 Delayed TL | 76000 | 83849 |
| Bamboo US BidCo LLC (aka Baxter) Tranche B-2 Delayed Term Loan | 83849 | 83849 |
| BCDI Rodeo Dental Buyer, LLC Revolving Credit Loan | 451823 | 613362 |
| BCI Burke Holding Corp. Seventh Amendment Delayed Draw Term Loan | 1027326 | 1027326 |
| BCI Burke Holding Corp. Seventh Amendment Delayed Draw Term Loan | 1257951 | 1257951 |
| Beacon Oral Specialists Management LLC Sixth Amendment Delayed Draw Term Loan | 3140870 | 5246957 |
| Berlin Rosen Acquisition, LLC Revolving Loan | 235372 | 300243 |
| Berlin Rosen Acquisition, LLC Revolving Loan | 135109 | 300243 |
| Best Roofing Services LLC Revolving Loan | 895522 | 895522 |
| Big Top Holdings, LLC Revolving Credit Loan | 75000 | 75000 |
| BNI Global, LLC Revolving Credit Loan | 267147 | 267147 |
| Bridgepointe Technologies, LLC Delayed Draw Term Loan (2024) | 3203357 | 7224888 |
| C3 AcquisitionCo, LLC Delayed Draw Term Loan | 1500783 | 2420618 |
| C3 AcquisitionCo, LLC Revolving Loan | 484124 | 907732 |
| Capitol Imaging Acquisition Corp. Delayed Draw Term Loan | 606507 |  |
| Capitol Imaging Acquisition Corp. Revolving Loan | 606507 |  |
| CARDS Acquisition, Inc. Delayed Draw Term Loan | 3532609 | 4076087 |
| CARDS Acquisition, Inc. Revolving Loan | 77408 | 487772 |
| Carnegie Dartlet, LLC Delayed Draw Term Loan | 138000 | 180000 |
| Carnegie Dartlet, LLC Revolving Loan | 60000 | 56400 |
| Castlelake Consumer Receivables Opportunity III, L.P. Fund | 1552253 | 2088417 |
| Castlelake Consumer Receivables Opportunity IV, L.P. Fund | 182786 | 3514810 |
| Centex Acquisition, LLC Revolving Loan | 811853 | 811853 |
| Cerity Partners Equity Holding LLC 2024 Incremental Delayed Draw Term Loan | 1927465 | 3725542 |
| Cerity Partners Equity Holding LLC 2025 Incremental Delayed Draw Term Loan | 2267606 |  |
| Cerity Partners Equity Holding LLC Initial Revolving Loan | 531299 | 1062599 |
| Chef Merito, LLC Delayed Draw Term Loan C |  | 340515 |
| Cherry Bekaert Advisory LLC Amendment No. 1 Delayed Draw Term Loan |  | 319099 |
| Chronicle Parent, LLC Delayed Draw Term Loan | 3577778 |  |
| Chronicle Parent, LLC Revolving Credit Loan | 1192593 |  |
| CMG HoldCo, LLC Delayed Draw Loan (Crete Mechanical Group) | 240260 | 403588 |
| Computer Services, Inc. Delayed Draw Term Loan | 753173 | 753173 |
| Concert Golf Partners Holdco LLC.Delayed Draw Term Loan | 472264 |  |
| Congress Buyer, Inc. Delayed Draw Term Loan D | 2224845 |  |
| Cornerstone Advisors of Arizona, LLC Initial Revolving Loan | 822874 |  |
| Costanzo's Bakery, LLC Delayed Term Loan | 59158 | 302442 |
| Creek Parent, Inc. Revolving Credit | 2024000 | 2024000 |
| Crete PA Holdco, LLC Delayed Draw Term Loan | 5860465 | 6511628 |
| Crete PA Holdco, LLC Revolving Loan | 976744 | 976744 |
| CSG Buyer, Inc. Delayed Draw Term Loan | 1105263 | 1105263 |
| CSG Buyer, Inc. Revolving Loan | 368421 | 368421 |
| Curio Brands, LLC Multi Draw Term Loan | 2104575 |  |
| Curio Brands, LLC Revolving Loan | 1052288 |  |
| CVAUSA Management, LLC Primary Delayed Draw Term Loan |  | 712428 |
| CVAUSA Management, LLC Revolving Loan | 350226 |  |

---

------

---

| | | |
|:---|:---|:---|
|  | June 30, 2025 | December 31, 2024 |
| CVAUSA Management, LLC Secondary Delayed Draw Term Loan | $— | $298226 |
| Cyber Advisors, LLC Delayed Draw Term Loan Amendment No. 5 | 869370 |  |
| Danforth Global, Inc. Fifth Amendment Additional Term Loan | 2084000 |  |
| Danforth Global, Inc. Revolving Credit Loan | 364700 |  |
| DCCM MergerSub, LLC Revolver | 1866666 |  |
| DCCM, LLC Delayed Draw Term Loan | 4666666 |  |
| Demakes Borrower, LLC Delayed Draw Term Loan |  | 97905 |
| Dentive, LLC Revolving Loan | 84848 | 353532 |
| DermCare Management, LLC Fourth Amendment Delayed Draw Term Loan |  | 2044800 |
| Discovery SL Management, LLC Delayed Draw Term Loan B | 923400 | 1215000 |
| Discovery SL Management, LLC Revolving Credit Loan | 243000 | 243000 |
| DOXA Insurance Holdings LLC Delayed Draw Term Loan | 4469 | 16049 |
| Dwyer Instruments, LLC Fourth Amendment Delayed Draw Term Loan | 1414141 | 1414141 |
| Dwyer Instruments, LLC Revolving Loan | 1462366 | 1696970 |
| Echo Purchaser, Inc. Delayed Draw Term Loan (Exostar) | 62948 | 118027 |
| EdgeCo Buyer, Inc. Delayed Draw Term E Loan | 5738262 |  |
| EdgeCo Buyer, Inc. Revolving Loan | 653561 |  |
| Einstein Parent, Inc. Revolving Loan | 1002201 |  |
| Enverus Holdings, Inc. Revolving Loan | 376078 | 393329 |
| Enverus Holdings, Inc.Delayed Draw Term Loan | 101236 | 266409 |
| Epika Fleet Services, Inc. Delayed Draw Term B Loan | 2794344 |  |
| Eskola LLC Delayed Draw Term B Loan | 4080760 | 4080760 |
| ETE Intermediate II LLC Revolving Loan | 212143 | 31429 |
| Ethos Risk Services, LLC Delayed Draw Term C Loan | 2441026 | 2666667 |
| Eval Home Health Solutions Intermediate, L.L.C. Revolving Loan | 80000 | 80000 |
| EVDR Purchaser, Inc. Delayed Draw Term Loan | 1372549 | 1372549 |
| EVDR Purchaser, Inc. Revolving Credit Loan | 823529 | 686275 |
| Everbridge Holdings, LLC Delayed Draw Term Loan | 844444 | 844444 |
| Everbridge Holdings, LLC Revolving Loan | 555556 | 555556 |
| Excel Fitness Holdings, Inc. Delayed Term Loan | 1887534 | 1887534 |
| Faraday Buyer, LLC Delayed Draw Term Loan (MacLean Power Systems) | 380895 | 380895 |
| Fidelity Evergreen Private Credit Fund LP | 5906175 | 8448961 |
| First Legal Buyer, Inc. Delayed Draw Term Loan | 1361140 | 1861388 |
| First Legal Buyer, Inc. Revolving Loan | 930694 | 930694 |
| FMG Suite Holdings, LLC Revolving Credit | 437254 | 437254 |
| Forward Solutions, LLC Third Amendment Delayed Draw Term Loan | 1752436 | 1752436 |
| G-A-I Consultants, Inc. First Amendment Delayed Draw Term Loan | 3947368 | 3947368 |
| G-A-I Consultants, Inc. Revolving Loan | 157895 | 513158 |
| Gator Plastic Intermediate Holdings, LLC Revolving Loan | 290419 |  |
| GC Waves Holdings, Inc. 2024 Delayed Draw Term Loan | 2211000 | 4399000 |
| Gen4 Dental Partners OPCO, LLC Closing Date Delayed Draw Term Loan | 1523810 | 1904762 |
| Gen4 Dental Partners OPCO, LLC Revolving Loan | 380952 | 380952 |
| GHA Buyer, Inc. (aka Cedar Gate) Revolving Loan | 269823 | 269823 |
| Greenwood Operating Group, LLC Revolving Loan | 1965234 |  |
| GS Acquisitionco, Inc. Eighth Suplemental Delayed Draw Term Loan | 645285 |  |
| GS Acquisitionco, Inc. Revolving Loan | 1108156 | 1196809 |
| GS Acquisitionco, Inc. Seventh Suplemental Delayed Draw Term Loan | 989362 | 1228723 |
| Guidepoint Security Holdings, LLC Delayed Draw Term Loan | 78263 | 78263 |
| Halo Buyer, Inc. Revolving Loan | 1454356 |  |
| Harris & Co. LLC Delayed Draw Term B Loan | 14513 |  |
| Harris & Co. LLC Revolver | 129577 |  |
| HEC Purchaser Corp. Revolving Loan | 781250 | 781250 |
| HEF Safety Ultimate Holdings, LLC Delayed Draw Term Loan | 319806 | 710680 |
| Helios Service Partners, LLC Delayed Draw Term Loan 2022 | 6000000 | 6000000 |
| Helios Service Partners, LLC Third Amendement Incremental Delayed Draw Term Loan | 8987500 | 10000000 |
| Heritage Foodservice Investment, LLC First Amendment Delayed Draw Term Loan | 4700376 | 4820898 |
| Heritage Foodservice Investment, LLC Revolving Credit Loan | 502177 | 602612 |
| High Street Buyer, Inc. 3/2024 Delayed Draw Term Loan | 2255932 | 5999819 |
| Hills Distribution, Inc. Delayed Draw Term Loan | 129630 | 129630 |
| Hills Distribution, Inc. Delayed Draw Term Loan | 15974 | 15974 |
| Houseworks Holdings, LLC Delayed Draw Term Loan |  | 2035714 |
| Houseworks Holdings, LLC Fourth Amendment Delayed Draw Term Loan | 2554134 | 2554134 |
| Ideal Components Acquisition, LLC Delayed Draw Term Loan | 1776086 |  |
| Ideal Components Acquisition, LLC Revolving Credit Loan | 1480072 |  |
| IEQ Capital, LLC 2024 Incremental Delayed Draw Term Loan | 4295455 | 4418182 |
| Improving Holdco, Inc. Revolving Loan (Improving Enterprises) | 329020 |  |
| Inszone Mid, LLC A&R Delayed Draw Term Loan Facility |  | 124376 |

---

------

---

| | | |
|:---|:---|:---|
|  | June 30, 2025 | December 31, 2024 |
| Inventus Power, Inc. Revolving Loan | $296610 | $355932 |
| Iodine Software, LLC Revolving Loan | 290765 | 290765 |
| ISG Enterprises, LLC Delayed Draw Term Loan (2023) | 278400 | 278400 |
| Ivy Technology Parent Intermediate III Holdings, LLC Revolving Loan | 833972 |  |
| JHCC Holdings LLC 2024-A Incremental Delayed Draw Term Loan |  | 69337 |
| JHCC Holdings LLC 2024-B Incremental Delayed Draw Term Loan | 281615 |  |
| JHCC Holdings LLC_Delayed Draw Term Loan |  | 533362 |
| KabaFusion Parent LLC Revolving Credit Loan | 1425015 | 1425015 |
| Kelso Industries LLC Delayed Draw Term Loan | 1554019 | 2921089 |
| KENE Acquisition, Inc. Initial Delayed Draw Term Loan | 383117 | 383117 |
| Keystone Agency Partners LLC Delayed Draw Term Loan E | 181323 |  |
| Kite Midco II LTD Term Loan B2 | 1322514 | 1322514 |
| Kite Midco II LTD Term Loan B2 | 1322514 | 1322514 |
| KL Charlie Acquisition Company Seventh Amendment Delayed Draw Term Loan | 197598 |  |
| KL Charlie Acquisition Company Sixth Amendment Delayed Draw Term Loan | 169650 | 385568 |
| Lakewood Acquisition Corporation Revolving Loan | 2452716 |  |
| LeadVenture, Inc. Delayed Draw Term Loan | 1598074 |  |
| LeadVenture, Inc. Revolving Loan | 1192593 | 591133 |
| LeadVenture, Inc. Supplemental No. 4 Delayed Draw Term Loan |  | 4468966 |
| Liberty Purchaser, LLC Revolving Loan (Magna Legal Services) | 562030 | 562030 |
| Lido Advisors, LLC Eighth Amendment Incremental Delayed Draw Term Loan | 1151831 |  |
| Lido Advisors, LLC Revolving Loan | 134380 |  |
| Lido Advisors, LLC Seventh Amendment Delayed Draw Term Loan | 328699 | 1278720 |
| Life Science Intermediate Holdings, LLC Delayed Draw Dollar Term Loan F | 3578626 | 3634834 |
| Life Science Intermediate Holdings, LLC Revolving Dollar Loan (2025) | 459371 |  |
| Lighthouse Technologies Holding Corp. Revolving Loan | 815899 | 815899 |
| Loving Tan Intermediate II Inc. Revolving Loan | 207407 | 207407 |
| M&D MidCo, Inc. Third Amendment Delayed Draw Term Loan | 259635 | 259635 |
| ManTech International Corporation Delayed Draw Term Loan | 614940 | 614940 |
| MB2 Dental Solutions, LLC Revolving Commitment | 298635 | 298635 |
| MB2 Dental Solutions, LLC Tranche 1 Delayed Draw Term Loan | 961604 | 1188567 |
| Medical Device Inc. Revolving Loan | 1006285 | 551739 |
| Medina Health, LLC Revolving Loan | 393258 | 393258 |
| Medrina, LLC Initial Delayed Draw Term Loan Facility |  | 744681 |
| Medrina, LLC Revolving Facility | 531915 | 531915 |
| MGT Impact Holdings, LLC 2025-1 Delayed Draw Term Loan | 3498441 |  |
| MGT Impact Holdings, LLC Revolving Credit Loan | 305768 |  |
| Minds Buyer, LLC Revolving Credit | 625000 | 625000 |
| MKD Electric, LLC Revolving Loan | 553669 | 935701 |
| Modigent, LLC Delayed Term Loan | 119373 | 275244 |
| Mountain Parent, Inc. Delayed Draw Term Loan | 1165803 | 1165803 |
| Mountain Parent, Inc. Revolving Credit Facility | 621762 | 621762 |
| NMI Acquisitionco, Inc. Revolving Loan | 332302 | 332302 |
| NORA Acquisition, LLC Revolving Credit | 330556 | 388889 |
| Oakbridge Insurance Agency LLC Delayed Draw Term Loan | 33039 | 135909 |
| Oil Changer Holding Corporation Amendment No.4 Delayed Draw Term Loan | 1496558 |  |
| Optimizely North America Inc. (USD) Revolving Credit | 1232000 | 1232000 |
| OSR Opco LLC Delayed Draw Term Loan | 320000 | 1066667 |
| OSR Opco LLC Revolving Loan |  | 853333 |
| Owl Cyber Defense Solutions, LLC Revolving Loan | 945410 | 945410 |
| Pacific Purchaser, LLC Delayed Draw Term Loan |  | 352113 |
| Pacific Purchaser, LLC Revolving Loan | 176056 | 176056 |
| Packaging Coordinators Midco, Inc. Initial Dollar Delayed Draw Term Loan | 4213287 |  |
| Packaging Coordinators Midco, Inc. Revolving Loan | 1053322 |  |
| PAG Holding Corp. Revolving Loan | 767684 | 981065 |
| PAI Middle Tier, LLC Revolving Credit Loan | 1700704 |  |
| Pareto Health Intermediate Holdings Inc. Amendment No. 1 Delayed Draw Term Loan | 3133337 | 3133337 |
| PCS Midco, Inc. Delayed Draw Term Loan | 9487 | 9488 |
| PCS Midco, Inc. Revolving Credit Loan | 17344 | 15469 |
| PD BridgeCo, LLC Delayed Draw Term Loan Fourth Amendment |  | 5031287 |
| PDI TA Holdings, Inc. Delayed Draw Term Loan |  | 535547 |
| PDI TA Holdings, Inc. Revolving Credit | 336000 | 560000 |
| Pediatric Home Respiratory Services, LLC Delayed Term Loan | 2415000 | 2415000 |
| Pediatric Home Respiratory Services, LLC Revolving Credit | 858667 | 1127000 |
| Penncomp, LLC Delayed Draw Term Loan A |  | 573016 |
| Penncomp, LLC Delayed Draw Term Loan B | 7785736 |  |
| Penncomp, LLC Revolving Loan | 519049 |  |

---

------

---

| | | |
|:---|:---|:---|
|  | June 30, 2025 | December 31, 2024 |
| Peter C. Foy & Associates Insurance Services, LLC Tranche E Delayed Term Loan | $— | $785465 |
| Peter C. Foy & Associates Insurance Services, LLC Tranche E Delayed Term Loan |  | 1084875 |
| Petra Borrower, LLC Delayed Draw Term Loan | 650000 | 650000 |
| Petra Borrower, LLC Revolving Loan | 325000 | 500000 |
| PharmaLogic Holdings Corp. Delayed Draw Term Loan | 2590674 | 2590674 |
| Phoenix YW Buyer, Inc. Revolving Credit Loan | 1136364 | 1136364 |
| PMA Parent Holdings, LLC Revolving Credit Loan | 313500 | 313500 |
| Point Quest Acquisition, LLC Revolving Credit Loan | 894915 | 1022034 |
| Point Quest Acquisition, LLC Term Loan | 2161017 | 2542373 |
| PPW Aero Buyer, Inc. 2024 Delayed Draw Term Loan | 1349940 | 2300940 |
| PracticeTek Purchaser, LLC Delayed Draw Term Loan | 587190 | 587190 |
| Premier Tires & Service Acquisition, LLC Incremental Delayed Draw Term Loan |  | 940000 |
| Premier Tires & Service Acquisition, LLC Incremental Delayed Draw Term Loan |  | 940000 |
| Premier Tires & Service Acquisition, LLC Incremental Revolving Loan | 210542 | 317598 |
| Prestige Employee Administrators, LLC Revolving Loan | 319085 |  |
| PRGX Global, Inc. Delayed Draw Term Loan | 1612063 |  |
| Principal Lighting Group, LLC Revolving Loan | 1643192 |  |
| Puma Buyer, LLC Revolving Credit Loan | 2236111 |  |
| Quick Quack Car Wash Holdings, LLC 2025 Incremental Delayed Draw Term Loan | 16100000 |  |
| RailPros Parent, LLC Delayed Draw Term Loan | 818384 |  |
| RailPros Parent, LLC Revolving Loan | 409192 |  |
| RBFD Buyer, LLC Initial Delayed Draw Term Loan | 900812 | 3788904 |
| RBFD Buyer, LLC Revolving Credit | 284168 | 947226 |
| Rcp Nats Purchaser, LLC Delayed Draw Term Loan | 2060945 |  |
| Rcp Nats Purchaser, LLC Revolving Loan | 1442662 |  |
| Recipe Acquisition Corp. Delayed Draw Loan | 2042927 | 2184949 |
| Recipe Acquisition Corp. Revolving Credit | 493511 | 668307 |
| Red Fox CD Acquisition Corporation Delayed Draw Term Loan | 3651245 |  |
| Redwood Services Group, LLC Sixth Amendment Incremental Delayed Draw Term Loan | 5961244 |  |
| RoC Holdco LLC Revolving Credit Loan | 732000 | 732000 |
| Rocket Youth Brands HoldCo LLC Delayed Draw Term Loan | 2145468 |  |
| Rocket Youth Brands HoldCo LLC Revolving Credit Loan | 321820 |  |
| RPM Purchaser, Inc. Delayed Draw Term Loan B | 517857 | 517857 |
| RRA Corporate, LLC Delayed Draw Term Loan 2 | 45676 |  |
| RRA Corporate, LLC Revolving Loan | 28507 |  |
| Rural Sourcing Holdings, Inc. Delayed Draw Term Loan Amendment No. 1 | 352000 | 352000 |
| Rural Sourcing Holdings, Inc. Revolving Loan | 114400 | 237600 |
| Sagebrush Buyer, LLC Revolving Credit | 775862 | 775862 |
| SageSure Holdings, LLC Amendment No. 1 Delayed Draw Term Loan | 5188525 | 1041211 |
| Saldon Holdings, Inc. Initial DDTL Loan | 126942 | 126942 |
| Salt Dental Collective, LLC Columbia Acquisition Revolving Credit | 260981 |  |
| Salute Mission Critical, LLC Delayed Draw Term Loan Commitment |  | 3497396 |
| Salute Mission Critical, LLC Revolving Loan | 699479 | 699479 |
| Saturn Borrower Inc Tenth Amendment Delayed Draw Term Loan | 2159624 |  |
| Saturn Borrower Inc Tenth Amendment Revolving Loan | 868169 |  |
| SDG Mgmt Company, LLC Third Amendment Delayed Draw Term Loan A | 470924 |  |
| SDG Mgmt Company, LLC Third Amendment Delayed Draw Term Loan C | 498332 |  |
| Sigma Defense Systems LLC Revolving Loan | 57712 | 75000 |
| Signature Brands, LLC Term Loan | 518015 |  |
| Signature Investor LLC Term Loan B | 345343 |  |
| Socket Holdings Corporation Delayed Draw Term Loan | 1444145 |  |
| Socket Holdings Corporation Initial Revolving Loan | 372683 |  |
| Solairus Holdings, LLC 2025 Delayed Draw Term Loan | 494044 |  |
| Solairus Holdings, LLC Revolver | 123511 |  |
| Sonny's Enterprises, LLC Amendment No.1 Delayed Draw Term Loan | 414000 | 414000 |
| Spark Buyer, LLC Delayed Draw Term Loan | 2500000 | 2500000 |
| Spark Buyer, LLC Revolving Credit Loan | 1125000 | 1250000 |
| Spark Purchaser, Inc. Revolving Credit | 808654 | 808654 |
| Stonebridge Companies, LLC Delayed Draw Term Loan | 1880963 |  |
| Stonebridge Companies, LLC Revolving Credit Loan | 1253974 |  |
| Sunset Distributing, LLC Delayed Draw Term Loan | 1430746 |  |
| SuperHero Fire Protection, LLC Revolving Loan | 25185 | 62560 |
| Superjet Buyer, LLC Delayed Draw Term Loan | 4037182 | 4349906 |
| SureWerx Purchaser III, Inc. Delayed Draw Term Loan | 229338 | 430010 |
| Surgical Center Solutions, LLC Delayed Draw Term Loan | 1001243 |  |
| Surgical Center Solutions, LLC Revolving Loan | 470585 |  |
| Systems Planning and Analysis, Inc Delayed Draw Term Loan B | 877537 |  |

---

------

---

| | | |
|:---|:---|:---|
|  | June 30, 2025 | December 31, 2024 |
| Systems Planning and Analysis, Inc. Revolving Loan | $1598502 | $— |
| Tank Holding Corp. Delayed Draw Term Loan |  | 757890 |
| Tau Buyer, LLC Delayed Draw Term Loan | 1120464 |  |
| Tau Buyer, LLC Revolving Credit | 525932 |  |
| TCP Hawker Intermediate LLC Delayed Draw Term Loan | 79755 | 79755 |
| TCP Hawker Intermediate LLC Ninth Amendment DDTL 11/24 | 75824 | 75824 |
| Thames Technology Holdings, Inc. Revolving Loan | 552050 | 788643 |
| Thrive Buyer, Inc. Initial Revolving Loan |  | 97122 |
| TMSC OpCo, LLC Revolving Loan | 1050348 | 1050348 |
| Track Branson Opco, LLC, The Revolving Loan | 118919 | 118919 |
| Transgo, LLC Revolving Loan | 605000 | 605000 |
| Trench Plate Rental Co. Revolving Loan | 386207 | 118621 |
| Tricor, LLC Amendment No.5 Delayed Draw Term Loan | 307746 |  |
| Tricor, LLC Revolving Loan | 288462 | 144231 |
| Truck-Lite Co., LLC 2025 Replacement Revolving Loan | 622222 |  |
| Truck-Lite Co., LLC Delayed Draw Term Loan |  | 622222 |
| Truck-Lite Co., LLC Delayed Draw Term Loan A | 224000 |  |
| Truck-Lite Co., LLC Delayed Draw Term Loan B | 1786603 |  |
| Truck-Lite Co., LLC Delayed Draw Term Loan C | 885919 |  |
| Truck-Lite Co., LLC Initial Revolving Credit Loan |  | 622222 |
| TVG Shelby Buyer, Inc. Amendment No. 6 Incremental Delayed Draw Term Loan | 2024069 | 2500000 |
| TVG Shelby Buyer, Inc. Revolving Credit Loan | 250000 | 250000 |
| Upstack Holdco Inc. Delayed Draw Term Loan | 2500000 | 3125000 |
| Upstack Holdco Inc. Revolving Credit Loan | 968750 | 1062500 |
| USIC Holdings, Inc. Revolving Loan | 728045 | 1034590 |
| USIC Holdings, Inc. Specified Delayed Draw Term Loan | 410594 | 580317 |
| Vacation Rental Brands, LLC Delayed Draw Term Loan | 884004 |  |
| Vacation Rental Brands, LLC Delayed Term Loan |  | 261183 |
| Vacation Rental Brands, LLC Revolving Credit |  | 430184 |
| Vacation Rental Brands, LLC Revolving Loan | 689831 |  |
| Valkyrie Buyer, LLC Delayed Draw Term Loan A | 54740 | 561404 |
| Valkyrie Buyer, LLC Delayed Draw Term Loan B | 748538 | 748538 |
| Valkyrie Buyer, LLC Delayed Draw Term Loan C |  | 694269 |
| Valkyrie Buyer, LLC Delayed Draw Term Loan D | 3629080 | 4000000 |
| Valkyrie Buyer, LLC Delayed Draw Term Loan E | 2000000 | 2000000 |
| Valkyrie Buyer, LLC Revolving Credit Loan | 243275 | 467836 |
| Vehlo Purchaser, LLC Tranche C Delayed Draw Term Loan | 12086510 |  |
| Vensure Employer Services, Inc. Initial Delayed Draw Term Loan | 569717 | 1074631 |
| Vensure Employer Services, Inc. Initial Delayed Draw Term Loan | 569717 | 1074631 |
| Vertex Companies, Inc., The Delayed Draw Term Loan-B | 4745763 | 4745763 |
| Vertex Companies, Inc., The Fourth Amendment Revolving Loan | 2372881 | 2372881 |
| Vertex Service Partners, LLC First Amendment Incremental Delayed Draw Term Loan | 3548637 | 4321132 |
| Vertex Service Partners, LLC Revolving Facility | 80558 | 46512 |
| Vital Purchaser, LLC Revolving Loan | 492000 | 492000 |
| Vortex Companies, LLC Amendment No. 4 Incremental Delay Draw Term Loan |  | 3420000 |
| Vortex Companies, LLC Delayed Term Loan | 787500 |  |
| Vortex Companies, LLC Revolving Loan | 611743 |  |
| Vortex Intermediate, LLC Revolver Amendment No. 4 Incremental |  | 662314 |
| VRC Companies, LLC Fourth Amendment Delayed Draw Term Loan | 169875 | 2652742 |
| Vybond Buyer, LLC Delayed Draw Term Loan | 2374025 |  |
| Vybond Buyer, LLC Revolving Credit Loan | 1780518 |  |
| W.A. Kendall and Company, LLC Delayed Draw Term Loan 6th Amendment | 140856 |  |
| W.A. Kendall and Company, LLC Revolving Loan | 327455 |  |
| W.A. Kendall and Company, LLC Seventh Amendment Delayed Draw Term Loan | 3459613 |  |
| WC PLG Buyer, Inc Revolver |  | 1643192 |
| Wealth Enhancement Group, LLC December 2024 Delayed Draw Term Loan | 6036429 | 6773687 |
| Wealth Enhancement Group, LLC Initial Revolving Loan | 226186 |  |
| Wealth Enhancement Group, LLC Revolver Incremental 12/24 |  | 226186 |
| Western Smokehouse Partners, LLC Delayed Draw Term Loan C | 7780029 | 7258534 |
| Western Smokehouse Partners, LLC Revolving Loan | 167359 |  |
| Worldwide Insurance Network, LLC 2025 Incremental Delayed Draw Term Loan | 2190041 |  |
| Worldwide Insurance Network, LLC DDTL | 612141 | 1259430 |
| Zep Holdco Inc. Revolving Credit Loan (aka TL Atlas Merger) | 1835400 |  |
| Total unfunded commitments | $434731132 | $333895728 |

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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 six months ended June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| Share Issuance Date | Shares Issued | Amount | Offering Price |
| January 1 | 1191393 | $30975179 | $26.00 |
| February 1 | 2949039 | 77358000 | 26.23 |
| March 1 | 2030616 | 53745136 | 26.47 |
| April 1 | 3273944 | 85156891 | 26.01 |
| May 1 | 849290 | 22203333 | 26.14 |
| June 1 | 3052634 | 80595026 | 26.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total issuance of shares | 13346916 | $350033565 |  |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Share Issuance Date | Shares Issued | Amount | Offering Price |
| January 1 | 1166604 | $30032356 | $25.74 |
| February 1 | 809925 | 21040000 | 25.98 |
| March 1 | 1653938 | 43355000 | 26.21 |
| April 1 | 1873293 | 48379227 | 25.83 |
| May 1 | 559944 | 14582399 | 26.04 |
| June 1 | 2570861 | 67500000 | 26.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total issuance of shares | 8634565 | $224888982 |  |

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

On May 7, 2025, the Board declared a distribution on the Shares, which was paid on August 1, 2025 to shareholders of record as of the close of business on June 27, 2025 (the "Q2 2025 Distribution"). The amount of the Q2 2025 Distribution equaled $0.64

per Share and was paid in cash or reinvested in additional Shares for shareholders participating in the Company's DRIP. 510,957

Shares were issued in August 2025 in connection with the Company's DRIP for the Q2 2025 Distribution.

The following table identifies distributions declared for the six months ended June 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| Date Declared | Record Date | Payment Date | Distribution Per Share | Distribution Amount |
| March 25, 2025 | March 28, 2025 | April 30, 2025 | $0.67 | $27750043 |
| May 7, 2025 | June 27, 2025 | August 1, 2025 | 0.64 | 30915411 |

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Date Declared | Record Date | Payment Date | Distribution Per Share | Distribution Amount |
| March 14, 2024 | March 29, 2024 | April 30, 2024 | $0.65 | $10777485 |
| May 7, 2024 | June 28, 2024 | July 31, 2024 | 0.65 | 14030149 |
| August 8, 2024 | September 30, 2024 | October 31, 2024 | 0.65 | 17154639 |
| November 11, 2024 | December 30, 2024 | January 30, 2025 | 0.65 | 22954070 |

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#### **Table of Contents**
During the three and six months ended June 30, 2025, the Company issued 510,957 and 936,231 Shares, respectively, in connection with the DRIP for an aggregate amount of $13,290,234 and $24,346,984, respectively. During the three and six months ended June 30, 2024, the Company issued 283,784 and 542,971 Shares, respectively, in connection with the DRIP for an aggregate amount of $7,328,728 and $14,001,084, respectively.

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

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

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

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

On May 1, 2025, the Company offered to purchase up to 2,056,473 Shares at a purchase price equal to the NAV per Share as of June 30, 2025 (the "May 2025 Repurchase Offer"), upon the terms and subject to the conditions set forth in the offer to purchase for the May 2025 Repurchase Offer. The May 2025 Repurchase Offer expired on May 29, 2025 and no Shares were tendered by the shareholders in connection with the May 2025 Repurchase Offer.

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

------

#### **Table of Contents**
The following table summarizes the capital activity during the three months ended June 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | Three Months Ended<br> June 30, 2025 | Three Months Ended<br> June 30, 2024 |
| Shares outstanding as of March 31, 2025 and 2024, respectively | 41129462 | 16580747 |
| Shares issued in private offerings | 6664911 | 4720314 |
| Shares issued in connection with DRIP | 510957 | 283784 |
| Shares repurchased |  | (64340) |
| Shares outstanding as of June 30, 2025 and 2024, respectively | 48305330 | 21520505 |

---

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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> June 30, 2025 | Six Months Ended<br> June 30, 2024 |
| Shares outstanding as of December 31, 2024 and 2023, respectively | 35246926 | 12950280 |
| Shares issued in private offerings | 12410685 | 8091594 |
| Shares issued in connection with DRIP | 936231 | 542971 |
| Shares repurchased | (288512) | (64340) |
| Shares outstanding as of June 30, 2025 and 2024, respectively | 48305330 | 21520505 |

---

10. Financial Highlights

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> June 30, 2025 | Six Months Ended<br> June 30, 2024 |
| Per share data: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $26.00 | $25.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | 1.29 | 1.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized and unrealized gain (loss) on investment transactions<sup>(2)</sup> | 0.00 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from operations | 1.29 | 1.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (1.31) | (1.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized capital gains/losses |  | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | (0.02) | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, end of period | $25.98 | $25.86 |
| Shares outstanding, end of period | 48305330 | 21520505 |
| Total return<sup>(3)</sup> | 5.02% | 5.58% |
| Ratios / supplemental data |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets <sup>(4)(5)(7)(8)</sup> | 4.04% | 5.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets<sup>(4)(6)(7)(8)</sup> | 4.11% | 5.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets<sup>(4)(8)</sup> | 5.11% | 5.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period | $1254909954 | $556546505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average shares outstanding | 42904974 | 17445626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(9)</sup> | 10.47% | 11.33% |

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------

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

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

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

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

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

(6) Ratio of net expenses to average net assets is computed using total expenses, including the effects of expense support payments (recoupments), which represented (0.07)% and (0.03)% on average net assets for the six months ended June 30, 2025 and 2024, respectively.

(7) Ratio of gross expenses to average net assets and ratio of net expenses to average net assets are inclusive of the income incentive fee and capitalgains-based incentive fee. The income incentive fee ratio and capital gains-based incentive fee are 0.41% and 0.00%, respectively, for the sixmonths ended June 30, 2025. The income incentive fee ratio and capital gains-based incentive fee are 0.45% and 0.00%, respectively, for the six months ended June 30, 2024.

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

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

11. Subsequent Events

The Company's management has evaluated events subsequent to June 30, 2025 through the date the consolidated financial statements were issued. The Company has concluded that there are no events requiring adjustment or disclosure in the consolidated financial statements other than as set forth below.

On July 1, 2025, the Company sold 1,526,434 Shares in the Private Offering pursuant to Subscription Agreements entered into with the participating investors for aggregate consideration of $39.7 million.

On July 25, 2025, the Company and 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 $250.0 million under the JPM SPV V Credit Facility, which will be available to draw in U.S. dollars and, subject to agreed limits, Euros, sterling, Canadian dollars and/or Swiss francs (the "Agreed Currencies"). Borrowings under the JPM SPV V Credit Facility will generally bear interest at a rate per annum equal to the applicable benchmark for the applicable Agreed Currency (subject to a floor of 0%) (Term SOFR for loans drawn in U.S. dollars) plus a margin of (a) 1.85% until January 24, 2027, or (b) 1.90% for the remaining term thereafter. Amounts available for borrowing under the JPM SPV V Credit Facility are subject to a borrowing base that applies an advance rate of 62.5% to assets held by SPV Facility V and are subject to limitations with respect to the loans securing the JPM SPV V Credit Facility, which may affect the borrowing base and therefore amounts available to borrow under the JPM SPV V Credit Facility. Borrowings under the JPM SPV V Credit Facility are secured by all of the assets held by SPV Facility V. The facility may not be voluntarily repaid or the commitment thereunder voluntarily cancelled prior to January 25, 2027, and a premium of 1% is payable in respect of any voluntary prepayment of advances or cancellation of commitments under the JPM SPV V Credit Facility made in the period from January 25, 2027 until July 25, 2028.

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

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

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

On August 1, 2025, the Company offered to purchase up to 2,415,266 shares of its Shares at a purchase price equal to the NAV per Share as of September 30, 2025 (the "August 2025 Repurchase Offer"), upon the terms and subject to the conditions set forth in the offer to purchase for the August 2025 Repurchase Offer. The August 2025 Repurchase Offer is set to expire on August 28, 2025.

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On August 11, 2025, the Board declared a distribution on the Shares equal to an aggregate amount up to the (i) Company's taxable earnings, including net investment income (if positive) and capital gains, for the three months ended September 30, 2025 and (ii) such other amounts as may be required to allow the Company to qualify for taxation as a RIC under the Code and eliminate any income and excise tax imposed on the Company (the "Q3 2025 Distribution"). The Q3 2025 Distribution is payable on October 31, 2025 to shareholders of record as of the close of business on September 29, 2025. The final amount of the Q3 2025 Distribution will be determined by the Company's management at a later date, in accordance with the Board's authorization. The Q3 2025 Distribution will be paid in cash or reinvested in additional Shares for shareholders participating in the Company's DRIP.

The Company received approximately $101.2 million of subscriptions effective August 1, 2025 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
This Quarterly Report on Form 10-Q ("Report") contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors. These forward-looking statements (including those relating to current and future market conditions and trends in respect thereof) are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our and the Advisor's beliefs and opinions and our and the Advisor's assumptions. We are externally managed by the Advisor, a registered investment adviser under the Advisers Act, which is affiliated with StepStone Group. For the avoidance of doubt, we are not a subsidiary of or consolidated with StepStone Group. Furthermore, StepStone Group does not have any obligation, contractual or otherwise, to financially support us. Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," "potential," "predicts," and variations of these words and similar expressions are intended to identify forward-looking statements.

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

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

• the Company's future operating results;

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

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

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

• interest rate volatility;

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

• the impact of increased competition;

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

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

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

• the relative and absolute performance of the Advisor;

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

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

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

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

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

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

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

• the impact of future acquisitions and divestitures;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

#### Key Components of Our Results of Operations

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

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

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

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

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

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

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

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

• recordkeeping, custody and transfer agency fees and expenses;

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

• the Base Management Fee and the Administration Fee;

• the Incentive Fee;

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

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

• 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;

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

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

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

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

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

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

#### Portfolio and Investment Activity
As of June 30, 2025, the Company had 945 investments in 344 portfolio companies across 77 industries. Based on fair value as of June 30, 2025, 100% of the Company's debt portfolio was invested in debt bearing a floating interest rate. The weighted average interest rate across the Company's portfolio investments was approximately 9.7% as of June 30, 2025.

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

As of June 30, 2025 and December 31, 2024, the Company's portfolio median EBITDA was $58.7 million and $54.4 million, respectively. The portfolio median EBITDA is based on the most recently reported trailing twelve-month EBITDA received from the portfolio company.

As of June 30, 2025 and December 31, 2024, the Company's median loan-to-value ("LTV") was 39.5% and 43.0%, respectively. LTV is calculated as net debt through each respective investment tranche in which the Company holds an investment divided by value of underlying collateral of the portfolio company.

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

As of June 30, 2025 and December 31, 2024, our investment portfolio had no investments on non-accrual status.

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2024** | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2024** |
|  Total investment income | $54416662 | $26140355 | $100019600 | $47653249 |
|  Less: Net expenses | (25500313) | (12265045) | (44623369) | (23431524) |
|  Net investment income (loss) | 28916349 | 13875310 | 55396231 | 24221725 |
|  Net realized gain (loss) |  | 455631 |  | 775985 |
|  Net change in unrealized appreciation (depreciation) | (843880) | (758760) | (735752) | (252787) |
|  **Net increase (decrease) in Net Assets resulting from operations** | $28072469 | $13572181 | $54660479 | $24744923 |

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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 unrealized gains for the three and six months ended June 30, 2025 and 2024 were largely due to increases in NAV on private credit fund investments.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2024** | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2024** |
|  **Investment income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $53933169 | $25998128 | $99040936 | $47390907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment-in-kind | 483493 | 142227 | 978664 | 262342 |
|  **Total Investment Income** | $54416662 | $26140355 | $100019600 | $47653249 |

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PIK income increased from $142,227 to $483,493 during the three months ended June 30, 2025, as compared to the three months ended June 30, 2024, respectively, and from $262,342 to $978,664 during the six months ended June 30, 2025, as compared to the six months ended June 30, 2024, respectively. These increases are due to several portfolio companies electing a PIK toggle. Loans amended to include PIK toggles post-origination are monitored closely, as they may indicate elevated credit risk. We believe that the Company's approach to PIK income aligns with industry best practices and includes regular monitoring of valuation updates by the Advisor's Valuation Committee and oversight by the Board.

For the six months ended June 30, 2025, total investment income was driven by the Company's deployment of capital and increasing invested balance of investments. The size of the Company's investment portfolio at fair value was $2,138 million as of June 30, 2025 and, as of such date, all of the Company's debt investments were income-producing.

For the six months ended June 30, 2024, total investment income was driven by the Company's deployment of capital and increasing invested balance of investments. The size of the Company's investment portfolio at fair value was $941 million as of June 30, 2024 and, as of such date, all of the Company's debt investments were income-producing.

Interest income on the Company's debt investments is dependent on the composition and credit quality of the portfolio. Generally, the Company expects the portfolio to generate predictable quarterly interest income based on the terms stated in each loan's credit agreement. As of June 30, 2025 and December 31, 2024, all of the Company's debt investments were performing and current on their interest payments.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Expenses | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2024** | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | $18060775 | $8200297 | $29648534 | $15731759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fee | 3002047 | 1277204 | 5530279 | 2260393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income incentive fee | 2329691 | 1122558 | 4477463 | 1960084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gains-based incentive fee | (54211) | (22305) | (44952) | 12893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fee | 602176 | 385420 | 1350742 | 681874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 636065 | 391568 | 1205616 | 729148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 106730 | 22566 | 175392 | 51220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 32481 | 140746 | 134383 | 808484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors' fees | 62500 | 50000 | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 675201 | 532780 | 1267543 | 955815 |
|  Total expenses | $25453455 | $12100834 | $43845000 | $23291670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less expense (recoupment) support payments (to) by the Advisor | (46858) | (164211) | (778369) | (139854) |
|  Net expenses | $25500313 | $12265045 | $44623369 | $23431524 |

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

Expense support payments include operating expenses and organizational costs.

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

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. For the six months ended June 30, 2025, the Company did not incur any excise tax.

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

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

The Company accounts for income taxes in conformity with ASC Topic 740—Income Taxes ("ASC Topic 740"). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in consolidated financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense or tax benefit in the current year. It is the Company's policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized tax benefits or unrecognized tax liabilities related to uncertain income tax positions during the six months ended June 30, 2025.

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

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

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

#### Cash Flows
As of June 30, 2025 we had $56.5 million in cash and cash equivalents and restricted cash and restricted cash equivalents. During the six months ended June 30, 2025, we used $(520.6) million in cash for operating activities, primarily as a result of funding of portfolio investments of $(765.6) million, partially offset by sales, exits and repayments of portfolio investments of $202.1 million, and other operating activities of $42.9 million. Cash provided by financing activities was $545.8 million during the period, which was primarily the result of proceeds from the issuance of Shares in the Private Offering of $325.7 million and borrowings of $651.5 million under our financing arrangements, partially offset by distributions paid and repurchase of shares of $(35.6) million and repayments of borrowings, including debt issuance costs paid of $(395.8) million.

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As of June 30, 2024 we had $18.7 million in cash and cash equivalents and restricted cash and restricted cash equivalents. During the six months ended June 30, 2024, we used $(347.2) million in cash for operating activities, primarily as a result of funding of portfolio investments of $(457.0) million, partially offset by sales, exits and repayments of portfolio investments of $90.7 million, and other operating activities of $19.0 million. Cash provided by financing activities was $347.0 million during the period, which was primarily the result of proceeds from the issuance of Shares in the Private Offering of $210.9 million and borrowings of $411.5 million under our financing arrangements, partially offset by distributions paid of $(5.2) million and repayments of borrowings of $(270.0) million.

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

Under the provisions of the 1940 Act, following approval from our initial shareholder of the reduced asset coverage requirements under Section 61(a)(2) of the 1940 Act, which approval became effective on January 21, 2023, we are currently permitted to issue "senior securities" only in amounts such that our asset coverage, as defined in the 1940 Act, equals at least 150% after each issuance of senior securities. For purposes of the 1940 Act, "asset coverage" means the ratio of (1) the total assets of a BDC, less all liabilities and indebtedness not represented by senior securities, to (2) the aggregate amount of senior securities representing indebtedness (plus, in the case of senior securities represented by preferred stock, the aggregate involuntary liquidation preference of such BDC's preferred stock). Under the 1940 Act, any shares of preferred stock that we may issue will constitute a "senior security" for purposes of the 150% asset coverage test. In addition, while any senior securities remain outstanding, we will be required to make provisions to prohibit any dividend distribution to our shareholders or the repurchase of such securities or shares unless we meet the applicable asset coverage ratios at the time of the dividend distribution or repurchase. As of June 30, 2025 and December 31, 2024, our asset coverage ratio, as defined under the 1940 Act, was 235.8% and 238.4%, respectively.

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

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

As of June 30, 2025 and December 31, 2024, the Company had outstanding borrowings of $750,170,535 and $662,170,535, respectively. The Company may also from time to time enter into new credit facilities, increase the size of existing credit facilities or issue debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

*MassMutual SPV I Facility* 

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

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

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

As of June 30, 2025 and December 31, 2024, the Company had an outstanding principal balance under the MassMutual SPV I Facility of $187,500,000 and $204,500,000, respectively. For the three and six months ended June 30, 2025, the Company's borrowings under the MassMutual SPV I Facility bore interest at a weighted average interest rate of 7.56% and 7.57%, respectively. For the three and six months ended June 30, 2024, the Company's borrowings under the MassMutual SPV I Facility bore interest at a weighted average interest rate of 8.60% and 8.61%, respectively. For the three and six months ended June 30, 2025, the daily average amount of outstanding borrowings under the MassMutual SPV I Facility were $187,500,000 and $190,074,586, respectively. For the three and six months ended June 30, 2024, the daily average amount of outstanding borrowings under the MassMutual SPV I Facility were $139,164,835 and $147,340,659, respectively.

*BMO SPV II Credit Facility* 

On May 1, 2023, the Company, through SPV Facility II as borrower, entered into a Loan and Security Agreement (the "BMO Loan and Security Agreement") with Bank of Montreal, a ("BMO"), as the administrative agent, as collateral agent, and as a lender, and the other lenders party thereto from time to time, to provide SPV Facility II with a revolving credit facility (the "BMO SPV II Credit Facility"). BMO had made an initial commitment of $81,250,000 under the BMO SPV II Credit Facility, with an accordion provision to permit increases to the total facility amount up to $100,000,000, subject to satisfaction of certain conditions. On July 3, 2023, SPV Facility II and BMO entered into an amendment (the "BMO First Amendment") to the BMO Loan and Security Agreement. The BMO First Amendment provides for, among other things, (1) a funded amount from the lenders of $100,750,000 as of the amendment effective date and (2) an increase in the maximum total commitments of the lenders under the accordion provision in the BMO Loan and Security Agreement to $125,000,000. On March 21, 2024, SPV Facility II and BMO entered into an amendment (the "BMO Second Amendment") to the BMO Loan and Security Agreement. The BMO Second Amendment provides, among other things, a funded amount from the lenders of $109,500,000 as of the amendment effective date. 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 $162,500,000 as of the amendment effective date and extended the commitment termination date under the BMO SPV II Credit Facility to June 30, 2027. Prior to the effective date of the BMO Third Amendment, borrowings under the BMO SPV II Credit Facility generally bore interest at a rate per annum equal to 3-Month Term SOFR plus a margin of 2.50% (subject to credit spread adjustments based on the weighted average spread of certain loan assets). The BMO Third Amendment reduced the applicable margin on borrowings under the BMO SPV II Credit Facility, such that borrowings under the BMO SPV II Credit Facility will generally bear interest at a rate per annum equal to 3-Month Term SOFR plus a margin of 2.35% (subject to credit spread adjustments based on the weighted average spread of certain loan assets). The BMO SPV II Credit Facility is secured by a first priority security interest in substantially all of the assets of SPV Facility II and a pledge over 100% of the Company's equity interest in SPV Facility II.

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

As of June 30, 2025 and December 31, 2024, the Company had an outstanding principal balance under the BMO SPV II Credit Facility of $86,670,535 and $97,670,535, respectively, in connection with investments purchased through participation agreements from BMO. For the three and six months ended June 30, 2025, the Company's borrowings under the BMO SPV II Credit Facility bore interest at a weighted average interest rate of 6.79% and 6.81%, respectively. For the three and six months ended June 30, 2024, the Company's borrowings under the BMO SPV II Credit Facility bore interest at a weighted average interest rate of 7.81% and 7.82%, respectively. For the three and six months ended June 30, 2025, the daily average amount of outstanding borrowings under the BMO SPV II Credit Facility were $92,154,051 and $94,897,054, respectively. For the three and six months ended June 30, 2024, the daily average amount of outstanding borrowings under the BMO SPV II Credit Facility were $101,527,678 and $98,714,491, respectively.

*Wells Fargo SPV III Credit Facility* 

On December 1, 2023, the Company, through SPV Facility III as borrower, entered into a Loan and Security Agreement (the "Wells Fargo Loan and Security Agreement") with Wells Fargo Bank, National Association ("Wells Fargo"), as the administrative agent, UMB Bank, National Association, as the collateral agent, and the lenders party thereto from time to time, to provide SPV Facility III with a revolving credit facility (the "Wells Fargo SPV III Credit Facility"). The lenders initially made aggregate commitments of $250,000,000 under the Wells Fargo SPV III Credit Facility.

On October 31, 2024, the Company and Wells Fargo amended the Wells Fargo SPV III Credit Facility (the "Wells Fargo First Amendment"). The Wells Fargo First Amendment, among other things, increased the aggregate commitments by the lenders to $400,000,000 and decreased the applicable margin on borrowings from 2.65% to 2.25%. On February 27, 2025, the Company amended the Wells Fargo SPV III Credit Facility (the "Wells Fargo Second Amendment"). The Wells Fargo Second Amendment, among other things, (1) increased the aggregate commitments by the lenders under the Wells Fargo SPV III Credit Facility to $650,000,000, with an accordion feature providing SPV Facility III the right to request increases in commitments under the facility from new and existing lenders on the same terms and conditions as the existing commitments up to an aggregate maximum of $900,000,000, and (2) decreased the applicable margin on borrowings to 2.15% under the Wells Fargo SPV III Credit Facility. 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 $750,000,000.

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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.

As of June 30, 2025 and December 31, 2024, the Company had an outstanding principal balance under the Wells Fargo SPV III Credit Facility of $476,000,000 and $360,000,000, respectively. For the three and six months ended June 30, 2025, the Company's borrowings under the Wells Fargo SPV III Credit Facility bore interest at a weighted average interest rate of 6.47% and 6.50%, respectively. For the three and six months ended June 30, 2024, the Company's borrowings under the Wells Fargo SPV III Credit Facility bore interest at a weighted average interest rate of 7.97%. For the three and six months ended June 30, 2025, the daily average amount of outstanding borrowings under the Wells Fargo SPV III Credit Facility was $414,708,791 and $366,135,359, respectively. For the three and six months ended June 30, 2024, the daily average amount of outstanding borrowings under the Wells Fargo SPV III Credit Facility was $130,681,319 and $103,016,667, respectively.

*2024-I CLO* 

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

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

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| | | | |
|:---|:---|:---|:---|
| Class | Par Size ($) | Ratings (S&P) | Coupon |
|  Class A 2024 Notes | 174000000 | AAA(sf) | 3M SOFR + 1.70% |
|  Class B 2024 Notes | 30000000 | AA(sf) | 3M SOFR + 2.00% |
|  2024-I CLO Subordinated Notes | 96360000 | N/A | N/A |

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

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

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

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

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

As of June 30, 2025, the Company had an outstanding principal balance under the Class A 2024 Notes of $174,000,000. .For the three and six months ended June 30, 2025, the Company's borrowings under the Class A 2024 Notes bore interest at a weighted average interest rate of 5.96% and 5.98%, respectively. For the three and six months ended June 30, 2025, the daily average amount of outstanding borrowings under the Class A 2024 Notes was $174,000,000.

For the three months ended June 30, 2025 and 2024, the Company's aggregate weighted average interest rate under the MassMutual SPV I Facility, the BMO SPV II Credit Facility, the Wells Fargo SPV III Credit Facility and the Class A 2024 Notes (the "Total Borrowings") amounted to 6.81% and 8.27%, respectively. The Company's aggregate daily average amount of borrowings under the Total Borrowings for the three months ended June 30, 2025 and 2024 amounted to $868,362,842 and $371,373,831, respectively.

For the six months ended June 30, 2025 and 2024, the Company's aggregate weighted average interest rate under the Total Borrowings amounted to 6.86% and 8.32%, respectively. The Company's aggregate daily average amount of borrowings under the Total Borrowings for the six months ended June 30, 2025 and 2024 amounted to $811,648,435 and $347,939,766, respectively.

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

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

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

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On May 7, 2025, the Board declared a distribution on the Shares, which was paid on August 1, 2025 to shareholders of record as of the close of business on June 27, 2025 (the "Q2 2025 Distribution"). The amount of the Q2 2025 Distribution equaled $0.64 per Share and was paid in cash or reinvested in additional Shares for shareholders participating in the Company's DRIP. 522,554 Shares were issued in August 2025 in connection with the Company's DRIP for the Q2 2025 Distribution.

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

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

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

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

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

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

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

#### Discretionary Share Repurchase Program
We do not intend to list our Shares on a securities exchange and we do not expect there to be a public market for our shares. As a result, if you purchase our Shares, your ability to sell your shares will be limited. We have commenced a share repurchase program in which we intend to offer to repurchase in each quarter, subject to market conditions and the discretion of the Board, up to 5% of our Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. Our Board may amend or

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suspend the share repurchase program at any time if in its reasonable judgment it deems such action to be in our best interest and the best interest of our shareholders. As a result, share repurchases may not be available each quarter, such as when a repurchase offer would place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All Shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued Shares.

During the six months ended June 30, 2025, we repurchased 288,512 Shares pursuant to our discretionary share repurchase program. See *"Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities"* in Part II of this Report for more information.

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

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

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

As of June 30, 2025 and December 31, 2024, our investment portfolio, valued at fair value in accordance with the Board-approved valuation policies, represented approximately 170.4% and 171.4%, respectively, of our total net assets.

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

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

In addition, we have entered into the Amended Expense Limitation Agreement with the Advisor which was most recently extended on March 25, 2025 for an additional one-year term, ending on April 3, 2026, and which may be extended for additional one-year periods on an annual basis. Under the Amended Expense Limitation Agreement, any Expense Payments will be subject to recoupment by the Advisor to the extent that such recoupment would not cause the Company to exceed the Expense Cap. See *"Note 3. Related Party Transactions"* in *"Item 1. Unaudited Consolidated Financial Statements"* in this Report for more information. As of June 30, 2025 and December 31, 2024, the Company had $0 and $778,369, respectively, in expenses subject to recoupment by the Advisor. Recoupment must occur within three years from the end of the month in which such fees and expenses were waived, reimbursed or paid by the Advisor.

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

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

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

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| | | |
|:---|:---|:---|
| **Investments** | **June 30, 2025** | **December 31, 2024** |
|  3 Step Sports LLC Delayed Draw Term Loan | $501132 | $456755 |
|  AAH Topco, LLC Class C Delayed Draw Term Loan | 5801901 |  |
|  Accelevation LLC Delayed Draw Term Loan | 3403292 |  |
|  Accelevation LLC Revolving Credit Loan | 1585231 |  |
|  Accent Building Materials Holdings LLC Term B Delayed Term Loan | 171429 | 165312 |
|  Accordion Partners LLC Delayed Draw Term Loan | 1533913 | 1826087 |
|  Accordion Partners LLC Revolving Loan | 1217391 | 1217391 |
|  ACP Avenu Buyer, LLC Delayed Term Loan | 457877 | 395536 |
|  ACP Avenu Buyer, LLC Revolving Credit | 428113 | 208259 |
|  ACP Falcon Buyer, Inc. Revolving Loan | 333333 | 333333 |
|  ACP Oak Buyer, Inc. 2025 Refinancing Revolving Loan | 2040845 |  |
|  ACP Oak Buyer, Inc. 2025-1 Incremental Delayed Draw Term Loan | 2267606 |  |
|  ACP Oak Buyer, Inc. 2025-2 Incremental Delayed Draw Term Loan | 2267606 |  |
|  Advanced Medical Management, LLC Revolving Credit Loan | 1504941 | 710526 |
|  Advanced Web Technologies Holding Company Revolving Credit Loan | 303027 | 293252 |
|  AI Fire Buyer, Inc. Delayed Draw Term Loan |  | 120902 |
|  Alera Group, Inc. Delayed Draw Term Loan |  | 35516 |
|  Alkeme Intermediary Holdings, LLC Tenth Amendment Delayed Draw Term Loan | 1092103 |  |
|  Allworth Financial Group, L.P. Fourth Amendment Delayed Draw Term Loan | 9227746 | 13130720 |
|  Allworth Financial Group, L.P. Revolving Loan | 618375 | 618375 |
|  Ambient Enterprises Holdco LLC Delayed Draw Term Loan | 929777 | 1935706 |
|  Ambient Enterprises Holdco LLC Revolving Loan | 367192 | 951979 |
|  AmerCareRoyal, LLC Delayed Draw Term Loan A | 1867470 | 1867470 |
|  AmerCareRoyal, LLC U.S. Revolving Credit | 286145 | 195783 |
|  AmeriLife Holdings LLC 2024 Revolving Loan | 1494044 |  |
|  AmeriLife Holdings LLC Amendment No. 5 Incremental Delayed Draw Term Loan | 3289365 |  |
|  Any Hour LLC Delayed Term Loan | 1876364 | 1876363 |
|  Any Hour LLC Revolving Credit | 477922 | 540260 |
|  Apex Dental Partners, LLC Delayed Draw Term Loan | 2583226 | 2583226 |
|  Apex Dental Partners, LLC Revolving Credit | 903226 | 903226 |
|  Apex Service Partners, LLC Incremental Delayed Term Loan |  | 2598709 |
|  Apex Service Partners, LLC Revolving Credit Loan | 302246 | 96719 |
|  Apex Service Partners, LLC Revolving Credit Loan | 163829 | 52425 |
|  Apex Service Partners, LLC Second Amendment Incremental Delayed DrawTerm Loan | 1443051 |  |
|  Aptean Acquiror Inc. Delayed Draw Term Loan |  | 238414 |
|  Aptean Acquiror Inc. First Amendment Delayed Draw Term Loan | 2719372 |  |
|  Aptean Acquiror Inc. Revolving Credit | 722358 | 436880 |
|  Archer Lewis, LLC Delayed Draw Term Loan B | 25915 |  |
|  Archer Lewis, LLC Initial Revolving Facility | 64789 |  |
|  Arctic Holdco, LLC 2025 Delayed Draw Term Loan | 141132 |  |
|  Arctic Holdco, LLC Initial Refinancing Revolving Loan | 158464 |  |
|  Arctic Holdco, LLC Initial Revolving Loan |  | 58360 |
|  Arcticom Group Delayed Draw Term Loan D |  | 13796 |
|  Arden Insurance Services LLC Revolving Credit | 1633998 |  |
|  Arden Purchaser, LLC Revolver |  | 1307198 |
|  Argano, LLC 2025 Delayed Draw Term Loan | 1120800 |  |
|  Argano, LLC Delayed Draw Term Loan |  | 2173913 |
|  Argano, LLC Revolving Credit Loan | 362319 | 362319 |
|  Artivion, Inc. Delayed Draw Term Loan | 557604 | 557604 |

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| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
|  ASP Global Holdings, LLC Delayed Draw Term Loan | $615882 | $615882 |
|  ASP Global Holdings, LLC Revolving Loan | 193809 | 430686 |
|  Associations, Inc. Revolving Loan | 53124 | 217009 |
|  Associations, Inc. Special Purpose Delayed Draw Term Loan | 362911 | 451262 |
|  ATI Restoration, LLC Second Amendment Delayed Draw Term Loan | 1200722 | 1262187 |
|  Aviation Technical Services, Inc. Revolving Loan | 350000 | 500000 |
|  AVW WV Buyer, Inc. Fourth Amendment Delayed Draw Term Loan | 974619 | 1142132 |
|  Axis Portable Air, LLC Revolving Credit Loan | 1163990 | 1163990 |
|  Axis Portable Air, LLC Sixth Amendment Delayed Draw Term Loan |  | 2085481 |
|  Badge 21 Midco Holdings LLC Amendment No. 1 Delayed Draw Term Loan | 2020688 |  |
|  Badge 21 Midco Holdings LLC Revolving Loan | 1278344 |  |
|  Bamboo US BidCo LLC (aka Baxter) Delayed Term Loan |  | 44461 |
|  Bamboo US BidCo LLC (aka Baxter) Tranche B-1 Delayed TL | 76000 | 83849 |
|  Bamboo US BidCo LLC (aka Baxter) Tranche B-2 Delayed Term Loan | 83849 | 83849 |
|  BCDI Rodeo Dental Buyer, LLC Revolving Credit Loan | 451823 | 613362 |
|  BCI Burke Holding Corp. Seventh Amendment Delayed Draw Term Loan | 1027326 | 1027326 |
|  BCI Burke Holding Corp. Seventh Amendment Delayed Draw Term Loan | 1257951 | 1257951 |
|  Beacon Oral Specialists Management LLC Sixth Amendment Delayed Draw Term Loan | 3140870 | 5246957 |
|  Berlin Rosen Acquisition, LLC Revolving Loan | 235372 | 300243 |
|  Berlin Rosen Acquisition, LLC Revolving Loan | 135109 | 300243 |
|  Best Roofing Services LLC Revolving Loan | 895522 | 895522 |
|  Big Top Holdings, LLC Revolving Credit Loan | 75000 | 75000 |
|  BNI Global, LLC Revolving Credit Loan | 267147 | 267147 |
|  Bridgepointe Technologies, LLC Delayed Draw Term Loan (2024) | 3203357 | 7224888 |
|  C3 AcquisitionCo, LLC Delayed Draw Term Loan | 1500783 | 2420618 |
|  C3 AcquisitionCo, LLC Revolving Loan | 484124 | 907732 |
|  Capitol Imaging Acquisition Corp. Delayed Draw Term Loan | 606507 |  |
|  Capitol Imaging Acquisition Corp. Revolving Loan | 606507 |  |
|  CARDS Acquisition, Inc. Delayed Draw Term Loan | 3532609 | 4076087 |
|  CARDS Acquisition, Inc. Revolving Loan | 77408 | 487772 |
|  Carnegie Dartlet, LLC Delayed Draw Term Loan | 138000 | 180000 |
|  Carnegie Dartlet, LLC Revolving Loan | 60000 | 56400 |
|  Castlelake Consumer Receivables Opportunity III, L.P. Fund | 1552253 | 2088417 |
|  Castlelake Consumer Receivables Opportunity IV, L.P. Fund | 182786 | 3514810 |
|  Centex Acquisition, LLC Revolving Loan | 811853 | 811853 |
|  Cerity Partners Equity Holding LLC 2024 Incremental Delayed Draw Term Loan | 1927465 | 3725542 |
|  Cerity Partners Equity Holding LLC 2025 Incremental Delayed Draw Term Loan | 2267606 |  |
|  Cerity Partners Equity Holding LLC Initial Revolving Loan | 531299 | 1062599 |
|  Chef Merito, LLC Delayed Draw Term Loan C |  | 340515 |
|  Cherry Bekaert Advisory LLC Amendment No. 1 Delayed Draw Term Loan |  | 319099 |
|  Chronicle Parent, LLC Delayed Draw Term Loan | 3577778 |  |
|  Chronicle Parent, LLC Revolving Credit Loan | 1192593 |  |
|  CMG HoldCo, LLC Delayed Draw Loan (Crete Mechanical Group) | 240260 | 403588 |
|  Computer Services, Inc. Delayed Draw Term Loan | 753173 | 753173 |
|  Concert Golf Partners Holdco LLC.Delayed Draw Term Loan | 472264 |  |
|  Congress Buyer, Inc. Delayed Draw Term Loan D | 2224845 |  |
|  Cornerstone Advisors of Arizona, LLC Initial Revolving Loan | 822874 |  |
|  Costanzo's Bakery, LLC Delayed Term Loan | 59158 | 302442 |
|  Creek Parent, Inc. Revolving Credit | 2024000 | 2024000 |
|  Crete PA Holdco, LLC Delayed Draw Term Loan | 5860465 | 6511628 |
|  Crete PA Holdco, LLC Revolving Loan | 976744 | 976744 |
|  CSG Buyer, Inc. Delayed Draw Term Loan | 1105263 | 1105263 |
|  CSG Buyer, Inc. Revolving Loan | 368421 | 368421 |
|  Curio Brands, LLC Multi Draw Term Loan | 2104575 |  |
|  Curio Brands, LLC Revolving Loan | 1052288 |  |
|  CVAUSA Management, LLC Primary Delayed Draw Term Loan |  | 712428 |
|  CVAUSA Management, LLC Revolving Loan | 350226 |  |
|  CVAUSA Management, LLC Secondary Delayed Draw Term Loan |  | 298226 |
|  Cyber Advisors, LLC Delayed Draw Term Loan Amendment No. 5 | 869370 |  |
|  Danforth Global, Inc. Fifth Amendment Additional Term Loan | 2084000 |  |
|  Danforth Global, Inc. Revolving Credit Loan | 364700 |  |
|  DCCM MergerSub, LLC Revolver | 1866666 |  |
|  DCCM, LLC Delayed Draw Term Loan | 4666666 |  |
|  Demakes Borrower, LLC Delayed Draw Term Loan |  | 97905 |
|  Dentive, LLC Revolving Loan | 84848 | 353532 |
|  DermCare Management, LLC Fourth Amendment Delayed Draw Term Loan |  | 2044800 |
|  Discovery SL Management, LLC Delayed Draw Term Loan B | 923400 | 1215000 |

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

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| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
|  Discovery SL Management, LLC Revolving Credit Loan | $243000 | $243000 |
|  DOXA Insurance Holdings LLC Delayed Draw Term Loan | 4469 | 16049 |
|  Dwyer Instruments, LLC Fourth Amendment Delayed Draw Term Loan | 1414141 | 1414141 |
|  Dwyer Instruments, LLC Revolving Loan | 1462366 | 1696970 |
|  Echo Purchaser, Inc. Delayed Draw Term Loan (Exostar) | 62948 | 118027 |
|  EdgeCo Buyer, Inc. Delayed Draw Term E Loan | 5738262 |  |
|  EdgeCo Buyer, Inc. Revolving Loan | 653561 |  |
|  Einstein Parent, Inc. Revolving Loan | 1002201 |  |
|  Enverus Holdings, Inc. Revolving Loan | 376078 | 393329 |
|  Enverus Holdings, Inc.Delayed Draw Term Loan | 101236 | 266409 |
|  Epika Fleet Services, Inc. Delayed Draw Term B Loan | 2794344 |  |
|  Eskola LLC Delayed Draw Term B Loan | 4080760 | 4080760 |
|  ETE Intermediate II LLC Revolving Loan | 212143 | 31429 |
|  Ethos Risk Services, LLC Delayed Draw Term C Loan | 2441026 | 2666667 |
|  Eval Home Health Solutions Intermediate, L.L.C. Revolving Loan | 80000 | 80000 |
|  EVDR Purchaser, Inc. Delayed Draw Term Loan | 1372549 | 1372549 |
|  EVDR Purchaser, Inc. Revolving Credit Loan | 823529 | 686275 |
|  Everbridge Holdings, LLC Delayed Draw Term Loan | 844444 | 844444 |
|  Everbridge Holdings, LLC Revolving Loan | 555556 | 555556 |
|  Excel Fitness Holdings, Inc. Delayed Term Loan | 1887534 | 1887534 |
|  Faraday Buyer, LLC Delayed Draw Term Loan (MacLean Power Systems) | 380895 | 380895 |
|  Fidelity Evergreen Private Credit Fund LP | 5906175 | 8448961 |
|  First Legal Buyer, Inc. Delayed Draw Term Loan | 1361140 | 1861388 |
|  First Legal Buyer, Inc. Revolving Loan | 930694 | 930694 |
|  FMG Suite Holdings, LLC Revolving Credit | 437254 | 437254 |
|  Forward Solutions, LLC Third Amendment Delayed Draw Term Loan | 1752436 | 1752436 |
|  G-A-I Consultants, Inc. First Amendment Delayed Draw Term Loan | 3947368 | 3947368 |
|  G-A-I Consultants, Inc. Revolving Loan | 157895 | 513158 |
|  Gator Plastic Intermediate Holdings, LLC Revolving Loan | 290419 |  |
|  GC Waves Holdings, Inc. 2024 Delayed Draw Term Loan | 2211000 | 4399000 |
|  Gen4 Dental Partners OPCO, LLC Closing Date Delayed Draw Term Loan | 1523810 | 1904762 |
|  Gen4 Dental Partners OPCO, LLC Revolving Loan | 380952 | 380952 |
|  GHA Buyer, Inc. (aka Cedar Gate) Revolving Loan | 269823 | 269823 |
|  Greenwood Operating Group, LLC Revolving Loan | 1965234 |  |
|  GS Acquisitionco, Inc. Eighth Suplemental Delayed Draw Term Loan | 645285 |  |
|  GS Acquisitionco, Inc. Revolving Loan | 1108156 | 1196809 |
|  GS Acquisitionco, Inc. Seventh Suplemental Delayed Draw Term Loan | 989362 | 1228723 |
|  Guidepoint Security Holdings, LLC Delayed Draw Term Loan | 78263 | 78263 |
|  Halo Buyer, Inc. Revolving Loan | 1454356 |  |
|  Harris & Co. LLC Delayed Draw Term B Loan | 14513 |  |
|  Harris & Co. LLC Revolver | 129577 |  |
|  HEC Purchaser Corp. Revolving Loan | 781250 | 781250 |
|  HEF Safety Ultimate Holdings, LLC Delayed Draw Term Loan | 319806 | 710680 |
|  Helios Service Partners, LLC Delayed Draw Term Loan 2022 | 6000000 | 6000000 |
|  Helios Service Partners, LLC Third Amendement Incremental Delayed Draw Term Loan | 8987500 | 10000000 |
|  Heritage Foodservice Investment, LLC First Amendment Delayed Draw Term Loan | 4700376 | 4820898 |
|  Heritage Foodservice Investment, LLC Revolving Credit Loan | 502177 | 602612 |
|  High Street Buyer, Inc. 3/2024 Delayed Draw Term Loan | 2255932 | 5999819 |
|  Hills Distribution, Inc. Delayed Draw Term Loan | 129630 | 129630 |
|  Hills Distribution, Inc. Delayed Draw Term Loan | 15974 | 15974 |
|  Houseworks Holdings, LLC Delayed Draw Term Loan |  | 2035714 |
|  Houseworks Holdings, LLC Fourth Amendment Delayed Draw Term Loan | 2554134 | 2554134 |
|  Ideal Components Acquisition, LLC Delayed Draw Term Loan | 1776086 |  |
|  Ideal Components Acquisition, LLC Revolving Credit Loan | 1480072 |  |
|  IEQ Capital, LLC 2024 Incremental Delayed Draw Term Loan | 4295455 | 4418182 |
|  Improving Holdco, Inc. Revolving Loan (Improving Enterprises) | 329020 |  |
|  Inszone Mid, LLC A&R Delayed Draw Term Loan Facility |  | 124376 |
|  Inventus Power, Inc. Revolving Loan | 296610 | 355932 |
|  Iodine Software, LLC Revolving Loan | 290765 | 290765 |
|  ISG Enterprises, LLC Delayed Draw Term Loan (2023) | 278400 | 278400 |
|  Ivy Technology Parent Intermediate III Holdings, LLC Revolving Loan | 833972 |  |
|  JHCC Holdings LLC 2024-A Incremental Delayed Draw Term Loan |  | 69337 |
|  JHCC Holdings LLC 2024-B Incremental Delayed Draw Term Loan | 281615 |  |
|  JHCC Holdings LLC_Delayed Draw Term Loan |  | 533362 |
|  KabaFusion Parent LLC Revolving Credit Loan | 1425015 | 1425015 |
|  Kelso Industries LLC Delayed Draw Term Loan | 1554019 | 2921089 |
|  KENE Acquisition, Inc. Initial Delayed Draw Term Loan | 383117 | 383117 |

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

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| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
|  Keystone Agency Partners LLC Delayed Draw Term Loan E | $181323 | $— |
|  Kite Midco II LTD Term Loan B2 | 1322514 | 1322514 |
|  Kite Midco II LTD Term Loan B2 | 1322514 | 1322514 |
|  KL Charlie Acquisition Company Seventh Amendment Delayed Draw Term Loan | 197598 |  |
|  KL Charlie Acquisition Company Sixth Amendment Delayed Draw Term Loan | 169650 | 385568 |
|  Lakewood Acquisition Corporation Revolving Loan | 2452716 |  |
|  LeadVenture, Inc. Delayed Draw Term Loan | 1598074 |  |
|  LeadVenture, Inc. Revolving Loan | 1192593 | 591133 |
|  LeadVenture, Inc. Supplemental No. 4 Delayed Draw Term Loan |  | 4468966 |
|  Liberty Purchaser, LLC Revolving Loan (Magna Legal Services) | 562030 | 562030 |
|  Lido Advisors, LLC Eighth Amendment Incremental Delayed Draw Term Loan | 1151831 |  |
|  Lido Advisors, LLC Revolving Loan | 134380 |  |
|  Lido Advisors, LLC Seventh Amendment Delayed Draw Term Loan | 328699 | 1278720 |
|  Life Science Intermediate Holdings, LLC Delayed Draw Dollar Term Loan F | 3578626 | 3634834 |
|  Life Science Intermediate Holdings, LLC Revolving Dollar Loan (2025) | 459371 |  |
|  Lighthouse Technologies Holding Corp. Revolving Loan | 815899 | 815899 |
|  Loving Tan Intermediate II Inc. Revolving Loan | 207407 | 207407 |
|  M&D MidCo, Inc. Third Amendment Delayed Draw Term Loan | 259635 | 259635 |
|  ManTech International Corporation Delayed Draw Term Loan | 614940 | 614940 |
|  MB2 Dental Solutions, LLC Revolving Commitment | 298635 | 298635 |
|  MB2 Dental Solutions, LLC Tranche 1 Delayed Draw Term Loan | 961604 | 1188567 |
|  Medical Device Inc. Revolving Loan | 1006285 | 551739 |
|  Medina Health, LLC Revolving Loan | 393258 | 393258 |
|  Medrina, LLC Initial Delayed Draw Term Loan Facility |  | 744681 |
|  Medrina, LLC Revolving Facility | 531915 | 531915 |
|  MGT Impact Holdings, LLC 2025-1 Delayed Draw Term Loan | 3498441 |  |
|  MGT Impact Holdings, LLC Revolving Credit Loan | 305768 |  |
|  Minds Buyer, LLC Revolving Credit | 625000 | 625000 |
|  MKD Electric, LLC Revolving Loan | 553669 | 935701 |
|  Modigent, LLC Delayed Term Loan | 119373 | 275244 |
|  Mountain Parent, Inc. Delayed Draw Term Loan | 1165803 | 1165803 |
|  Mountain Parent, Inc. Revolving Credit Facility | 621762 | 621762 |
|  NMI Acquisitionco, Inc. Revolving Loan | 332302 | 332302 |
|  NORA Acquisition, LLC Revolving Credit | 330556 | 388889 |
|  Oakbridge Insurance Agency LLC Delayed Draw Term Loan | 33039 | 135909 |
|  Oil Changer Holding Corporation Amendment No.4 Delayed Draw Term Loan | 1496558 |  |
|  Optimizely North America Inc. (USD) Revolving Credit | 1232000 | 1232000 |
|  OSR Opco LLC Delayed Draw Term Loan | 320000 | 1066667 |
|  OSR Opco LLC Revolving Loan |  | 853333 |
|  Owl Cyber Defense Solutions, LLC Revolving Loan | 945410 | 945410 |
|  Pacific Purchaser, LLC Delayed Draw Term Loan |  | 352113 |
|  Pacific Purchaser, LLC Revolving Loan | 176056 | 176056 |
|  Packaging Coordinators Midco, Inc. Initial Dollar Delayed Draw Term Loan | 4213287 |  |
|  Packaging Coordinators Midco, Inc. Revolving Loan | 1053322 |  |
|  PAG Holding Corp. Revolving Loan | 767684 | 981065 |
|  PAI Middle Tier, LLC Revolving Credit Loan | 1700704 |  |
|  Pareto Health Intermediate Holdings Inc. Amendment No. 1 Delayed Draw Term Loan | 3133337 | 3133337 |
|  PCS Midco, Inc. Delayed Draw Term Loan | 9487 | 9488 |
|  PCS Midco, Inc. Revolving Credit Loan | 17344 | 15469 |
|  PD BridgeCo, LLC Delayed Draw Term Loan Fourth Amendment |  | 5031287 |
|  PDI TA Holdings, Inc. Delayed Draw Term Loan |  | 535547 |
|  PDI TA Holdings, Inc. Revolving Credit | 336000 | 560000 |
|  Pediatric Home Respiratory Services, LLC Delayed Term Loan | 2415000 | 2415000 |
|  Pediatric Home Respiratory Services, LLC Revolving Credit | 858667 | 1127000 |
|  Penncomp, LLC Delayed Draw Term Loan A |  | 573016 |
|  Penncomp, LLC Delayed Draw Term Loan B | 7785736 |  |
|  Penncomp, LLC Revolving Loan | 519049 |  |
|  Peter C. Foy & Associates Insurance Services, LLC Tranche E Delayed Term Loan |  | 785465 |
|  Peter C. Foy & Associates Insurance Services, LLC Tranche E Delayed Term Loan |  | 1084875 |
|  Petra Borrower, LLC Delayed Draw Term Loan | 650000 | 650000 |
|  Petra Borrower, LLC Revolving Loan | 325000 | 500000 |
|  PharmaLogic Holdings Corp. Delayed Draw Term Loan | 2590674 | 2590674 |
|  Phoenix YW Buyer, Inc. Revolving Credit Loan | 1136364 | 1136364 |
|  PMA Parent Holdings, LLC Revolving Credit Loan | 313500 | 313500 |
|  Point Quest Acquisition, LLC Revolving Credit Loan | 894915 | 1022034 |
|  Point Quest Acquisition, LLC Term Loan | 2161017 | 2542373 |
|  PPW Aero Buyer, Inc. 2024 Delayed Draw Term Loan | 1349940 | 2300940 |

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

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| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
|  PracticeTek Purchaser, LLC Delayed Draw Term Loan | $587190 | $587190 |
|  Premier Tires & Service Acquisition, LLC Incremental Delayed Draw Term Loan |  | 940000 |
|  Premier Tires & Service Acquisition, LLC Incremental Delayed Draw Term Loan |  | 940000 |
|  Premier Tires & Service Acquisition, LLC Incremental Revolving Loan | 210542 | 317598 |
|  Prestige Employee Administrators, LLC Revolving Loan | 319085 |  |
|  PRGX Global, Inc. Delayed Draw Term Loan | 1612063 |  |
|  Principal Lighting Group, LLC Revolving Loan | 1643192 |  |
|  Puma Buyer, LLC Revolving Credit Loan | 2236111 |  |
|  Quick Quack Car Wash Holdings, LLC 2025 Incremental Delayed Draw Term Loan | 16100000 |  |
|  RailPros Parent, LLC Delayed Draw Term Loan | 818384 |  |
|  RailPros Parent, LLC Revolving Loan | 409192 |  |
|  RBFD Buyer, LLC Initial Delayed Draw Term Loan | 900812 | 3788904 |
|  RBFD Buyer, LLC Revolving Credit | 284168 | 947226 |
|  Rcp Nats Purchaser, LLC Delayed Draw Term Loan | 2060945 |  |
|  Rcp Nats Purchaser, LLC Revolving Loan | 1442662 |  |
|  Recipe Acquisition Corp. Delayed Draw Loan | 2042927 | 2184949 |
|  Recipe Acquisition Corp. Revolving Credit | 493511 | 668307 |
|  Red Fox CD Acquisition Corporation Delayed Draw Term Loan | 3651245 |  |
|  Redwood Services Group, LLC Sixth Amendment Incremental Delayed Draw Term Loan | 5961244 |  |
|  RoC Holdco LLC Revolving Credit Loan | 732000 | 732000 |
|  Rocket Youth Brands HoldCo LLC Delayed Draw Term Loan | 2145468 |  |
|  Rocket Youth Brands HoldCo LLC Revolving Credit Loan | 321820 |  |
|  RPM Purchaser, Inc. Delayed Draw Term Loan B | 517857 | 517857 |
|  RRA Corporate, LLC Delayed Draw Term Loan 2 | 45676 |  |
|  RRA Corporate, LLC Revolving Loan | 28507 |  |
|  Rural Sourcing Holdings, Inc. Delayed Draw Term Loan Amendment No. 1 | 352000 | 352000 |
|  Rural Sourcing Holdings, Inc. Revolving Loan | 114400 | 237600 |
|  Sagebrush Buyer, LLC Revolving Credit | 775862 | 775862 |
|  SageSure Holdings, LLC Amendment No. 1 Delayed Draw Term Loan | 5188525 | 1041211 |
|  Saldon Holdings, Inc. Initial DDTL Loan | 126942 | 126942 |
|  Salt Dental Collective, LLC Columbia Acquisition Revolving Credit | 260981 |  |
|  Salute Mission Critical, LLC Delayed Draw Term Loan Commitment |  | 3497396 |
|  Salute Mission Critical, LLC Revolving Loan | 699479 | 699479 |
|  Saturn Borrower Inc Tenth Amendment Delayed Draw Term Loan | 2159624 |  |
|  Saturn Borrower Inc Tenth Amendment Revolving Loan | 868169 |  |
|  SDG Mgmt Company, LLC Third Amendment Delayed Draw Term Loan A | 470924 |  |
|  SDG Mgmt Company, LLC Third Amendment Delayed Draw Term Loan C | 498332 |  |
|  Sigma Defense Systems LLC Revolving Loan | 57712 | 75000 |
|  Signature Brands, LLC Term Loan | 518015 |  |
|  Signature Investor LLC Term Loan B | 345343 |  |
|  Socket Holdings Corporation Delayed Draw Term Loan | 1444145 |  |
|  Socket Holdings Corporation Initial Revolving Loan | 372683 |  |
|  Solairus Holdings, LLC 2025 Delayed Draw Term Loan | 494044 |  |
|  Solairus Holdings, LLC Revolver | 123511 |  |
|  Sonny's Enterprises, LLC Amendment No.1 Delayed Draw Term Loan | 414000 | 414000 |
|  Spark Buyer, LLC Delayed Draw Term Loan | 2500000 | 2500000 |
|  Spark Buyer, LLC Revolving Credit Loan | 1125000 | 1250000 |
|  Spark Purchaser, Inc. Revolving Credit | 808654 | 808654 |
|  Stonebridge Companies, LLC Delayed Draw Term Loan | 1880963 |  |
|  Stonebridge Companies, LLC Revolving Credit Loan | 1253974 |  |
|  Sunset Distributing, LLC Delayed Draw Term Loan | 1430746 |  |
|  SuperHero Fire Protection, LLC Revolving Loan | 25185 | 62560 |
|  Superjet Buyer, LLC Delayed Draw Term Loan | 4037182 | 4349906 |
|  SureWerx Purchaser III, Inc. Delayed Draw Term Loan | 229338 | 430010 |
|  Surgical Center Solutions, LLC Delayed Draw Term Loan | 1001243 |  |
|  Surgical Center Solutions, LLC Revolving Loan | 470585 |  |
|  Systems Planning and Analysis, Inc Delayed Draw Term Loan B | 877537 |  |
|  Systems Planning and Analysis, Inc. Revolving Loan | 1598502 |  |
|  Tank Holding Corp. Delayed Draw Term Loan |  | 757890 |
|  Tau Buyer, LLC Delayed Draw Term Loan | 1120464 |  |
|  Tau Buyer, LLC Revolving Credit | 525932 |  |
|  TCP Hawker Intermediate LLC Delayed Draw Term Loan | 79755 | 79755 |
|  TCP Hawker Intermediate LLC Ninth Amendment DDTL 11/24 | 75824 | 75824 |
|  Thames Technology Holdings, Inc. Revolving Loan | 552050 | 788643 |
|  Thrive Buyer, Inc. Initial Revolving Loan |  | 97122 |
|  TMSC OpCo, LLC Revolving Loan | 1050348 | 1050348 |
|  Track Branson Opco, LLC, The Revolving Loan | 118919 | 118919 |

---

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

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
|  Transgo, LLC Revolving Loan | $605000 | $605000 |
|  Trench Plate Rental Co. Revolving Loan | 386207 | 118621 |
|  Tricor, LLC Amendment No.5 Delayed Draw Term Loan | 307746 |  |
|  Tricor, LLC Revolving Loan | 288462 | 144231 |
|  Truck-Lite Co., LLC 2025 Replacement Revolving Loan | 622222 |  |
|  Truck-Lite Co., LLC Delayed Draw Term Loan |  | 622222 |
|  Truck-Lite Co., LLC Delayed Draw Term Loan A | 224000 |  |
|  Truck-Lite Co., LLC Delayed Draw Term Loan B | 1786603 |  |
|  Truck-Lite Co., LLC Delayed Draw Term Loan C | 885919 |  |
|  Truck-Lite Co., LLC Initial Revolving Credit Loan |  | 622222 |
|  TVG Shelby Buyer, Inc. Amendment No. 6 Incremental Delayed Draw Term Loan | 2024069 | 2500000 |
|  TVG Shelby Buyer, Inc. Revolving Credit Loan | 250000 | 250000 |
|  Upstack Holdco Inc. Delayed Draw Term Loan | 2500000 | 3125000 |
|  Upstack Holdco Inc. Revolving Credit Loan | 968750 | 1062500 |
|  USIC Holdings, Inc. Revolving Loan | 728045 | 1034590 |
|  USIC Holdings, Inc. Specified Delayed Draw Term Loan | 410594 | 580317 |
|  Vacation Rental Brands, LLC Delayed Draw Term Loan | 884004 |  |
|  Vacation Rental Brands, LLC Delayed Term Loan |  | 261183 |
|  Vacation Rental Brands, LLC Revolving Credit |  | 430184 |
|  Vacation Rental Brands, LLC Revolving Loan | 689831 |  |
|  Valkyrie Buyer, LLC Delayed Draw Term Loan A | 54740 | 561404 |
|  Valkyrie Buyer, LLC Delayed Draw Term Loan B | 748538 | 748538 |
|  Valkyrie Buyer, LLC Delayed Draw Term Loan C |  | 694269 |
|  Valkyrie Buyer, LLC Delayed Draw Term Loan D | 3629080 | 4000000 |
|  Valkyrie Buyer, LLC Delayed Draw Term Loan E | 2000000 | 2000000 |
|  Valkyrie Buyer, LLC Revolving Credit Loan | 243275 | 467836 |
|  Vehlo Purchaser, LLC Tranche C Delayed Draw Term Loan | 12086510 |  |
|  Vensure Employer Services, Inc. Initial Delayed Draw Term Loan | 569717 | 1074631 |
|  Vensure Employer Services, Inc. Initial Delayed Draw Term Loan | 569717 | 1074631 |
|  Vertex Companies, Inc., The Delayed Draw Term Loan-B | 4745763 | 4745763 |
|  Vertex Companies, Inc., The Fourth Amendment Revolving Loan | 2372881 | 2372881 |
|  Vertex Service Partners, LLC First Amendment Incremental Delayed Draw Term Loan | 3548637 | 4321132 |
|  Vertex Service Partners, LLC Revolving Facility | 80558 | 46512 |
|  Vital Purchaser, LLC Revolving Loan | 492000 | 492000 |
|  Vortex Companies, LLC Amendment No. 4 Incremental Delay Draw Term Loan |  | 3420000 |
|  Vortex Companies, LLC Delayed Term Loan | 787500 |  |
|  Vortex Companies, LLC Revolving Loan | 611743 |  |
|  Vortex Intermediate, LLC Revolver Amendment No. 4 Incremental |  | 662314 |
|  VRC Companies, LLC Fourth Amendment Delayed Draw Term Loan | 169875 | 2652742 |
|  Vybond Buyer, LLC Delayed Draw Term Loan | 2374025 |  |
|  Vybond Buyer, LLC Revolving Credit Loan | 1780518 |  |
|  W.A. Kendall and Company, LLC Delayed Draw Term Loan 6th Amendment | 140856 |  |
|  W.A. Kendall and Company, LLC Revolving Loan | 327455 |  |
|  W.A. Kendall and Company, LLC Seventh Amendment Delayed Draw Term Loan | 3459613 |  |
|  WC PLG Buyer, Inc Revolver |  | 1643192 |
|  Wealth Enhancement Group, LLC December 2024 Delayed Draw Term Loan | 6036429 | 6773687 |
|  Wealth Enhancement Group, LLC Initial Revolving Loan | 226186 |  |
|  Wealth Enhancement Group, LLC Revolver Incremental 12/24 |  | 226186 |
|  Western Smokehouse Partners, LLC Delayed Draw Term Loan C | 7780029 | 7258534 |
|  Western Smokehouse Partners, LLC Revolving Loan | 167359 |  |
|  Worldwide Insurance Network, LLC 2025 Incremental Delayed Draw Term Loan | 2190041 |  |
|  Worldwide Insurance Network, LLC DDTL | 612141 | 1259430 |
|  Zep Holdco Inc. Revolving Credit Loan (aka TL Atlas Merger) | 1835400 |  |
|  **Total unfunded commitments** | $434731132 | $333895728 |

---

#### Recent Developments
The Company's management has evaluated events subsequent to June 30, 2025 through the date the consolidated financial statements were issued. The Company has concluded that there are no events requiring adjustment or disclosure in the consolidated financial statements other than as set forth below.

On July 1, 2025, the Company sold 1,526,434 Shares in the Private Offering pursuant to Subscription Agreements entered into with the participating investors for aggregate consideration of $39.7 million.

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##### [**Table of Contents**](#toc)
On July 25, 2025, the Company and SPV Facility V, as borrower, entered into the JPM Loan and Security Agreement to provide SPV Facility V with the JPM SPV V Credit Facility. The Company serves as portfolio manager and parent under the JPM Loan and Security Agreement. See "Note 11. Subsequent Evens" in "Item 1. Unaudited Consolidated Financial Statements" in this Report for more information.

On August 1, 2025, the Company offered to purchase up to 2,415,266 shares of its Shares at a purchase price equal to the NAV per Share as of September 30, 2025 (the "August 2025 Repurchase Offer"), upon the terms and subject to the conditions set forth in the offer to purchase for the August 2025 Repurchase Offer. The August 2025 Repurchase Offer is set to expire on August 28, 2025.

On August 11, 2025, the Board declared the Q3 2025 Distribution, payable on October 31, 2025 to shareholders of record as of the close of business on September 29, 2025. The final amount of the Q3 2025 Distribution will be determined by the Company's management at a later date, in accordance with the Board's authorization. The Q3 2025 Distribution will be paid in cash or reinvested in additional Shares for shareholders participating in the Company's DRIP.

The Company received approximately $101.2 million of subscriptions effective August 1, 2025 in connection with its monthly closing for the Private Offering.

#### Item 3. Quantitative and Qualitative Disclosures About Market Risk
We are subject to financial market risks, including changes in interest rates. To the extent that we borrow money to make investments, our net investment income is dependent upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. A rise in the general level of interest rates can be expected to lead to higher interest rates applicable to the variable rate investments we may hold and to declines in the value of any fixed rate investments we may hold. A rise in interest rates would also be expected to lead to higher cost on our floating rate borrowings which may reduce our net investment income.

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

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##### [**Table of Contents**](#toc)
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 June 30, 2025, on a fair value basis, approximately 0% of our debt investments bear interest at a fixed rate and approximately 100% of our debt investments bear interest at a floating rate. As of June 30, 2025, 97% of our floating rate debt investments are subject to interest rate floors. Our credit facilities along with our debt issued in our collateralized loan obligations are predominantly subject to floating interest rates and are currently paid based on floating SOFR rates.

Assuming that the consolidated statement of assets and liabilities as of June 30, 2025 were to remain constant and that the Company took no actions to alter its existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates.

---

| | | | |
|:---|:---|:---|:---|
| **Change in Interest Rates** | **Increase (Decrease) in<br>Interest Income** | **Decrease (Increase) in<br>Interest Expense** | **Net Increase (Decrease) in<br>Net Investment Income** |
|  Down 200 basis points | $(1078663) | $361216 | $(717448) |
|  Down 150 basis points | (808998) | 270912 | (538086) |
|  Down 100 basis points | (539332) | 180608 | (358724) |
|  Down 50 basis points | (269666) | 90304 | (179362) |
|  Up 50 basis points | 269666 | (90304) | 179362 |
|  Up 100 basis points | 539332 | (180608) | 358724 |
|  Up 150 basis points | 808998 | (270912) | 538086 |
|  Up 200 basis points | 1078663 | (361216) | 717448 |

---

This analysis is indicative of the potential impact on our net investment income as of June 30, 2025, assuming an immediate and sustained change in interest rates as noted. It should be noted that we anticipate growth in our portfolio funded in part with additional borrowings.

Our credit facilities and collateralized loan obligations, and potentially other borrowings, to the extent they are floating rate borrowings, all else being equal, will increase our sensitivity to interest rates, and such changes could be material. In addition, this analysis does not adjust for potential changes in our portfolio or our borrowing facilities after June 30, 2025, nor does it take into account any changes in the credit performance of our loans that might occur should interest rates change.

Because it is our intention to hold loans to maturity, the fluctuating relative value of these loans that may occur due to changes in interest rates may have an impact on unrealized gains and losses during quarterly reporting periods. Based on our assessment of the interest rate risk, as of June 30, 2025, we had no hedging transactions in place as we deemed the risk acceptable, and we did not believe it was necessary to mitigate this risk at that time.

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

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

#### Item 4. Controls and Procedures
*Evaluation of Disclosure Controls and Procedures* 

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

*Changes in Internal Control Over Financial Reporting* 

Management has not identified any changes in the Company's internal control over financial reporting that occurred during the three months ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

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

#### PART II OTHER INFORMATION

#### Item 1. Legal Proceedings
Neither the Company, the Advisor nor the Company's subsidiaries are currently subject to any material legal proceedings, nor, to the Company's knowledge, are any material legal proceedings threatened against the Company, the Advisor or the Company's subsidiaries. From time to time, the Company, the Advisor, and/or the Company's subsidiaries may be party to certain legal proceedings in the ordinary course of business or otherwise, including, without limitation, proceedings relating to the enforcement of the Company's or its subsidiaries' rights under contracts with portfolio companies. The Company's and the Advisor's respective businesses are also subject to extensive regulation, which may result in regulatory proceedings against the Company and/or the Advisor. The outcome of any legal proceedings cannot be predicted with certainty, and there can be no assurance whether any legal proceedings will have a material adverse effect on the Company's or the Advisor's financial condition or results of operations in any future reporting period.

#### Item 1A. Risk Factors
Before making a decision to transact in our securities, you should carefully consider the risks referenced below and all other information contained in this Report, including our interim financial statements and the related notes thereto, which could materially affect the Company's business, financial condition and/or operating results, as well as the value of the Company's securities. The risks referenced herein are not the only risks the Company faces. Additional risks and uncertainties that are not currently known to the Company or that the Company currently deems to be immaterial also may materially adversely affect the Company's business, financial condition and/or operating results, as well as the value of the Company's securities.

There have been no material changes during the three months ended June 30, 2025 to the risk factors previously disclosed in our annual report on Form 10-K for the year ended December 31, 2024, which you should carefully consider before transacting in our securities. If any of such risks actually occur, the Company's business, financial condition and/or operating results could be materially adversely affected. If that happens, the value of the Company's securities could decline, and you may lose all or part of your investment.

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

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

Except as previously reported by the Company on its current reports on Form 8-K, the Company did not sell any equity securities during the six months ended June 30, 2025 that were not registered under the Securities Act.

Issuer Purchases of Equity Securities

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

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

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

#### Item 5. Other Information
Q3 2025 Distribution

On August 11, 2025, the Board declared the Q3 2025 Distribution, payable on October 31, 2025 to shareholders of record as of the close of business on September 29, 2025. The final amount of the Q3 2025 Distribution will be determined by the Company's management at a later date, in accordance with the Board's authorization. The Q3 2025 Distribution will be paid in cash or reinvested in additional Shares for shareholders participating in the Company's DRIP.

Rule 10b5-1 Trading Plans

During the fiscal quarter ended June 30, 2025, none of our directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any "non Rule 10b5-1 trading arrangement."

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

#### Item 6. Exhibits

---

| | |
|:---|:---|
| **(a)** | **Documents Filed as Part of this Report** |
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 | [Certificate of Formation of the Company.<sup>(1)</sup>](http://www.sec.gov/Archives/edgar/data/1950803/000121390022084026/ea171015ex3-1_stepstone.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.2 | [Limited Liability Company Agreement of the Company.<sup>(1)</sup>](http://www.sec.gov/Archives/edgar/data/1950803/000121390022084026/ea171015ex3-2_stepstone.htm) |
| 10.1 | [Amendment No. 3 to Loan and Security Agreement, dated as of May 14, 2025, by and among the Company, as collateral manager and as equityholder, StepStone SPV Facility III LLC, as borrower, Wells Fargo Bank, National Association, as administrative agent and lender, and Raymond James Bank, as a lender.<sup>(2)^</sup>](http://www.sec.gov/Archives/edgar/data/1950803/000119312525121332/d842553dex101.htm) |
| 10.2 | [Amendment No. 3 to Loan and Security Agreement, dated as of June 23, 2025, among Stepstone Great Lakes SPV Facility II LLC, as borrower, StepStone Private Credit Fund LLC, as the fund and as manager, each lender party to the Loan and Security Agreement, and Bank of Montreal, as the administrative agent and as collateral agent.<sup>(3)^</sup>](http://www.sec.gov/Archives/edgar/data/1950803/000119312525145905/d887273dex101.htm) |
| 10.3 | [Loan and Security Agreement, dated as of July 25, 2025, by and among Stepstone SPV Facility V LLC, as borrower, StepStone Private Credit Fund LLC, as the parent and the portfolio manager, each of the lenders party thereto from time to time, UMB Bank, National Association, as collateral agent, collateral administrator and securities intermediary, and JP Morgan Chase Bank, National Association, as administrative agent.<sup>(4)^</sup>](http://www.sec.gov/Archives/edgar/data/1950803/000119312525167875/d95730dex101.htm) |
| 31.1 | [Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended.\*](d948920dex311.htm) |
| 31.2 | [Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended.\*](d948920dex312.htm) |
| 32.1 | [Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended.\*\*](d948920dex321.htm) |
| 101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document).\* |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document.\* |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document.\* |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document.\* |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document.\* |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document.\* |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL Document).\* |

---

\* Filed herewith.

\*\* Furnished herewith

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

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

(2) Previously filed as an exhibit to the Company's Current Report on Form 8-K (File No. 814-01624) filed on May 16, 2025 and incorporated herein by reference.

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

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Date:** August 14, 2025 | By: | /s/ Darren Friedman |
|  |  | Darren Friedman |
|  |  | Chairperson and Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

---

| | | |
|:---|:---|:---|
| **Date:** August 14, 2025 | By: | /s/ Joseph Cambareri |
|  |  | 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;(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: August 14, 2025 | By: | /s/ Darren Friedman |
|  |  | Darren Friedman |
|  |  | Chief Executive Officer |

---

## Exhibit 31.2

**Exhibit 31.2** 

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER UNDER** 

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Joseph Cambareri, certify that:

1. I have reviewed this quarterly report on Form 10-Q of StepStone Private
Credit Fund LLC;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the consolidated financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of
internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: August 14, 2025 | 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 June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Darren Friedman, as Chief Executive Officer of the Company, and Joseph Cambareri, as Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934,
as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: August 14, 2025 | By: | /s/ Darren Friedman |
|  |  | Darren Friedman |
|  |  | Chief Executive Officer |

---

---

| | | |
|:---|:---|:---|
| Date: August 14, 2025 | By: | /s/ Joseph Cambareri |
|  |  | Joseph Cambareri |
|  |  | Chief Financial Officer |

---