Stepstone Private Credit Fund 10-Q 2024 Q3 Quarterly report

falseQ30001950803--12-31Ratios have not been annualized.Average net assets are computed using the average balance of net assets at the end of each month of the reporting period.Ratios do not reflect the proportionate share of income and expenses of the underlying private equity funds in which the Company invests.Portfolio turnover rate is calculated using the lesser of total sales 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.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.Investment is treated as a qualifying asset under Section 55(a) of the 1940 Act.The fair value of the investment was valued using significant unobservable inputs.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.The investments bear interest at rates that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “S”) which reset monthly or quarterly. For each such investment, the Company has provided the spread over SOFR and the current contractual interest rate in effect at September 30, 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 September 30, 2024. As of September 30, 2024, effective rates for 1 Month (“M”) S, 3M S and 6M S, are 5.163%, 5.309% and 5.367%, respectively. For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of September 30, 2024. Certain investments are subject to a SOFR floor and have been provided.Designates that the investment is collateral for BMO SPV II Credit Facility.Income-producing debt investment and pays all cash interest.Position is an unfunded delayed draw term loan with no rate setting.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.Designates that the investment is collateral for Wells Fargo SPV III Credit Facility.Designates that the investment is collateral for MassMutual SPV I Credit Facility.Designates that the investment is pledged under the secured borrowings.For non-controlled, non-affiliated debt investments, cost represents amortized cost.Investment is domiciled in Jersey and not treated as a qualifying asset under Section 55(a) of the 1940 Act.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. 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. All investments are Level 3 unless otherwise indicated.The investments bear interest at rates that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “S”) which reset monthly or quarterly. For each such investment, the Company has provided the spread over SOFR and the current contractual interest rate in effect at December 31, 2023. 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, 2023. As of December 31, 2023, effective rates for 1 Month (“M”) S, 3M S and 6M S, are 5.344%, 5.355% and 5.347%, 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, 2023. Certain investments are subject to a SOFR floor and have been provided.Designates that the investment is held in SPV Facility III.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. Private credit funds are generally issued in private placement transactions and as such are generally restricted to resale. There are no circumstances that could cause a lapse in the restriction to resale. Each investment may have been purchased on various dates and for different amounts. Total fair value of restricted private credit funds as of September 30, 2024 was $24,270,846 or 3.55% of net assets.Investment was acquired on January 18, 2024. Investment was acquired on June 26, 2024. Investment was acquired on May 22, 2024. A Collateralized Loan Obligation Warehouse (“CLO Warehouse”) is an entity organized for the purpose of holding syndicated bank loans, also known as leveraged loans, prior to the issuance of securities from that same vehicle. During the warehouse period, a CLO Warehouse will secure investments and build a portfolio of primarily leveraged loans and other debt obligations. The warehouse period terminates when the collateralized loan obligation vehicle issues various tranches of securities to the market. At this time, financing through the issuance of debt and equity securities is used to repay the bank financing.Investment is domiciled in Cayman Islands and not treated as a qualifying asset under Section 55(a) of the 1940 Act.Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.Per share amounts are calculated based on the weighted average shares outstanding during the period.Includes balancing amounts necessary to reconcile the change in NAV per share for the period.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.Ratio of gross expenses to average net assets is computed using expenses before waivers and expense support payments (recoupments), if applicable.Ratio of gross expenses to average net assets and ratio of net expenses to average net assets are inclusive of the income incentive fee and capital gains-based incentive fee. The income incentive fee ratio and capital gains-based incentive fee are 0.67% and 0.03%, respectively, for the nine months ended September 30, 2024. The income incentive fee ratio and capital gains-based incentive fee are 0.45% and 0.00%, respectively, for the period April 3, 2023 (commencement of operations) to September 30, 2023, respectively. Ratio of net expenses to average net assets is computed using total expenses, including the effects of expense support payments (recoupments), which represented (0.15)% and 1.65% on average net assets for the nine months ended September 30, 2024 and for the period April 3, 2023 (commencement of operations) to September 30, 2023, respectively. 0001950803 Non-Controlled, Non-Affiliated Debt Investments | First Lien Senior Secured | Paper Packaging | Innopak Industries, Inc. Fourth Amendment Term Loan Part 2 | 1M SOFR + 6.35% / 1.50% | 11.46% | 3/5/2027 2024-09-30 0001950803 Non-Controlled Non-Affiliated Debt Investments | First Lien Senior Secured | Data Processing & Outsourced Services | Affinipay Midco, LLC Fifth Amendment Incremental Term Loan | 3M SOFR + 5.50% / 0.00% | 10.88% | 6/9/2028 2023-12-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM

10-Q

(Mark One)

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

For the quarterly period ended September 30, 2024

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 Incorporation or Organization)	(I.R.S. Employer Identification No.)
277 Park Avenue, 44th Floor New York, New York	10172
(Address of Principal Executive Offices)	(Zip Code)

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

351-6100

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

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

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

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation

S-T

during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a

non-accelerated

filer, a smaller reporting company, or an emerging growth company.

See

the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule

12b-2

of the Exchange Act.

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

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule

12b-2

of the Securities Exchange Act of 1934). Yes ☐ No ☒

As of October 31, 2024, the registrant ha

d 30,313,311 sh

ares of its limited liability company interests outstanding.

STEPSTONE PRIVATE CREDIT FUND LLC

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTER ENDED SEPTEMBER 30, 2024

TABLE OF CONTENTS

PART I	FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements (Unaudited)
	Consolidated Statements of Assets and Liabilities as of September 30, 2024 (Unaudited) and December 31, 2023	1
	Consolidated Statements of Operations (Unaudited) for the three months ended September 30, 2024 and 2023, for the nine months ended September 30, 2024 and for the period from April 3, 2023 (commencement of operations) to September 30, 2023	2
	Consolidated Statements of Changes in Net Assets (Unaudited) for the three months ended September 30, 2024 and 2023, for the nine months ended September 30, 2024 and for the period from April 3, 2023 (commencement of operations) to September 30, 2023	4
	Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2024 and for the period from April 3, 2023 (commencement of operations) to September 30, 2023	5
	Consolidated Schedule of Investments as of September 30, 2024 (Unaudited)	6
	Consolidated Schedule of Investments as of December 31, 2023	27
	Notes to Consolidated Financial Statements (Unaudited)	38
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	62
Item 3.	Quantitative and Qualitative Disclosure About Market Risk	78
Item 4.	Controls and Procedures	79
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	80
Item 1A.	Risk Factors	80
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity	80
Item 3.	Defaults Upon Senior Securities	81
Item 4.	Mine Safety Disclosures	81
Item 5.	Other Information	81
Item 6.	Exhibits	82
SIGNATURES		83

PART I. FINANCIAL INFORMATION

StepStone Private Credit Fund LLC

Consolidated Statements of Assets and Liabilities

	September 30, 2024 (Unaudited)		December 31, 2023
Assets
Investments in securities of unaffiliated issuers at fair value (cost $1,203,386,178 and $566,083,084, respectively)	$	1,204,965,862	$	565,360,825
Cash and cash equivalents		15,069,725		5,160,185
Restricted cash and restricted cash equivalents		10,153,855		13,763,611
Interest receivable		9,567,243		5,599,101
Receivables for investments sold		1,496,665		27,672
Due from Affiliate		764,186		85,005
Receivable from Advisor		328,195		1,075,628
Total assets	$	1,242,345,731	$	591,072,027
Liabilities
Lines of credit (net of unamortized debt issuance costs of $6,869,990 and $7,403,444, respectively)	$	509,800,545	$	240,967,091
Distributions payable		17,154,639		8,417,682
Payables for investments purchased		12,128,281		2,757,335
Secured borrowings		6,435,000		—
Interest payable		3,938,871		2,525,407
Management fee payable		2,941,266		776,015
Incentive fee payable		2,670,111		590,402
Tender offer payable		2,191,830		—
Directors’ fees payable		75,000		50,000
Due to affiliate		1,255		1,255
Accrued expenses		2,126,684		1,602,710
Total liabilities	$	559,463,482	$	257,687,897
Commitments and contingencies (Note 8); Recoupments (Note 3)
Net assets
Shares, no par value, unlimited shares authorized, 26,307,321 and 12,950,280, respectively, shares issued and outstanding	$	681,564,330	$	333,712,935
Distributable earnings (accumulated loss)		1,317,919		(328,805	)
Total net assets	$	682,882,249	$	333,384,130
Total liabilities and net assets	$	1,242,345,731	$	591,072,027
Net asset value per share	$	25.96	$	25.74

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

1

StepStone Private Credit Fund LLC

Consolidated Statements of Operations

(Unaudited)

	Three Months Ended September 30, 2024			Three Months Ended September 30, 2023		Nine Months Ended September 30, 2024			For the Period from April 3, 2023 (commencement of operations) to September 30, 2023
Investment Income
Interest income on investments in securities of unaffiliated issuers	$	30,875,297		$	10,564,966	$	79,042,189		$	14,111,862
Payment in-kind interest		96,553			—		358,895			—
Total investment income	$	30,971,850		$	10,564,966	$	79,401,084		$	14,111,862
Expenses
Interest expense	$	9,220,350		$	3,860,023	$	24,952,109		$	5,463,098
Management fee		1,664,062			518,659		3,924,455			649,351
Income incentive fee		1,341,691			463,791		3,359,974			599,776
Capital gains-based incentive fee		192,969			—		147,663			—
Organizational costs		—			—		—			1,296,462
Administration fee		496,780			159,876		1,178,654			200,700
Professional fees		282,420			535,264		1,011,568			613,664
Legal fees		146,917			—		955,401			—
Directors’ fees		50,000			50,000		150,000			100,000
Custody fees		25,960			2,996		77,180			13,989
Other expenses		635,827			416,845		1,591,642			630,885
Total expenses	$	14,056,976		$	6,007,454	$	37,348,646		$	9,567,925
Less expense (recoupment) support payments (to) by the Advisor (Note 3)	$	(607,578	)	$	646,313	$	(747,432	)	$	2,206,341
Waiver for management and incentive fees (Note 3)		—			982,450		—			1,249,127
Net expenses	$	14,664,554		$	4,378,691	$	38,096,078		$	6,112,457
Net investment income	$	16,307,296		$	6,186,275	$	41,305,006		$	7,999,405

2

StepStone Private Credit Fund LLC

Consolidated Statements of Operations – (Continued)

(Unaudited)

	Three Months Ended September 30, 2024		Three Months Ended September 30, 2023			Nine Months Ended September 30, 2024		For the Period from April 3, 2023 (commencement of operations) to September 30, 2023
Realized and unrealized gain (loss) allocated from investments in securities of unaffiliated issuers
Net realized gain (loss) from investments in securities of unaffiliated issuers	$	—	$	17,509		$	—	$	22,204
Net change in unrealized appreciation (depreciation) from investments in securities of unaffiliated issuers		2,556,785		(268,209	)		2,303,998		(268,209	)
Net gain (loss) from investments in securities of unaffiliated issuers	$	2,556,785	$	(250,700	)	$	2,267,691	$	(246,005	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	18,864,081	$	5,935,575		$	43,609,004	$	7,753,400
Weighted average shares outstanding		25,412,531		8,170,814			20,120,646		5,230,510
Net investment income per share	$	0.64	$	0.76		$	2.05	$	1.53

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

3

StepStone Private Credit Fund LLC

Consolidated Statements of Changes in Net Assets

(Unaudited)

	Limited Liability Company Interests
	Number of Shares			Shares Transactions			Total Distributable Earnings (Accumulated Loss)			Total Net Assets
Three Months Ended September 30, 2024
Balance, June 30, 2024		21,520,505		$	556,938,028		$	(391,523	)	$	556,546,505
Net investment income		—			—			16,307,296			16,307,296
Net realized gain (loss) from investments in securities of unaffiliated issuers		—			—			—			—
Net change in unrealized depreciation from investments in securities of unaffiliated issuers		—			—			2,556,785			2,556,785
Distributions		—			—			(17,154,639	)		(17,154,639	)
Issuance of Shares		4,871,254			126,818,132			—			126,818,132
Repurchase of Shares		(84,438	)		(2,191,830	)		—			(2,191,830	)
Balance, September 30, 2024		26,307,321		$	681,564,330		$	1,317,919		$	682,882,249
Three Months Ended September 30, 2023
Balance, June 30, 2023		2,876,101		$	72,310,000		$	1,817,825		$	74,127,825
Net investment income		—			—			6,186,275			6,186,275
Net realized gain (loss) from investments in securities of unaffiliated issuers		—			—			17,509			17,509
Net unrealized appreciation from investments in securities of unaffiliated issuers		—			—			(268,209	)		(268,209	)
Distributions		—			—			(7,000,000	)		(7,000,000	)
Issuance of Shares		6,807,641			176,480,000			—			176,480,000
Balance, September 30, 2023		9,683,742		$	248,790,000		$	753,400		$	249,543,400
Nine Months Ended September 30, 2024
Balance, December 31, 2023		12,950,280		$	333,712,935		$	(328,805	)	$	333,384,130
Net investment income		—			—			41,305,006			41,305,006
Net realized gain (loss) from investments in securities of unaffiliated issuers		—			—			—			—
Net change in unrealized depreciation from investments in securities of unaffiliated issuers		—			—			2,303,998			2,303,998
Distributions		—			—			(41,962,280	)		(41,962,280	)
Issuance of Shares		13,505,819			351,707,114			—			351,707,114
Repurchase of Shares		(148,778	)		(3,855,719	)		—			(3,855,719	)
Balance, September 30, 2024		26,307,321		$	681,564,330		$	1,317,919		$	682,882,249
April 3, 2023 (commencement of operations) to September 30, 2023
Balance, April 3, 2023		400		$	10,000		$	—		$	10,000
Net investment income		—			—			7,999,405			7,999,405
Net realized gain (loss) from investments in securities of unaffiliated issuers		—			—			22,204			22,204
Net unrealized appreciation from investments in securities of unaffiliated issuers		—			—			(268,209	)		(268,209	)
Distributions		—			—			(7,000,000	)		(7,000,000	)
Issuance of Shares		9,683,342			248,780,000			—			248,780,000
Balance, September 30, 2023		9,683,742		$	248,790,000		$	753,400		$	249,543,400

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

4

StepStone Private Credit Fund LLC

Consolidated Statements of Cash Flows

(Unaudited)

	Nine Months Ended September 30, 2024			For the Period from April 3, 2023 (commencement of operations) to September 30, 2023
Operating activities
Net Increase (Decrease) in Net Assets Resulting from Operations	$	43,609,004		$	7,753,400
Adjustments to reconcile net increase (decrease) in net assets to net cash provided by/(used in) operating activities:
Purchases of investments		(792,005,289	)		(455,876,136	)
Proceeds from sales, exits and repayments of investments		165,954,802			7,974,193
Payment-in-kind interest capitalized		(797,309	)		—
Accretion of original issue discount on investments		(2,653,243	)		(348,272	)
Amortization of debt issuance costs		1,104,462			205,808
Net realized gain (loss) from investments in securities of unaffiliated issuers		—			(22,204	)
Net change in unrealized depreciation (appreciation) from investments in securities of unaffiliated issuers		(2,303,998	)		268,209
Changes in Assets and Liabilities:
(Increase)/decrease in interest receivable		(3,968,142	)		(3,269,238	)
(Increase)/decrease in receivables for investments sold		(1,468,993	)		—
(Increase)/decrease in due from Affiliate		(679,181	)		—
(Increase)/decrease in receivable from Advisor		747,433			(1,909,879	)
Increase/(decrease) in payables for investments purchased		9,370,946			—
Increase/(decrease) in interest payable		1,413,464			2,490,272
Increase/(decrease) in management fee payable		2,165,251			—
Increase/(decrease) in incentive fee payable		2,079,709			—
Increase/(decrease) in directors’ fees payable		25,000			66,667
Increase/(decrease) in due to affiliate		—			1,167
Increase/(decrease) in accrued expenses		523,974			2,079,340
Net cash provided by/(used in) operating activities	$	(576,882,110	)	$	(440,586,673	)
Financing activities
Proceeds from issuance of shares	$	329,989,503		$	248,780,000
Repurchase of shares		(1,663,889	)		—
Distributions, net of distributions payable		(11,507,712	)		—
Borrowings under lines of credit		663,000,000			248,734,888
Repayments to lines of credit		(402,500,000	)		(38,500,000	)
Borrowings of secured borrowings		6,435,000			—
Debt issuance costs paid		(571,008	)		—
Net cash provided by/(used in) financing activities	$	583,181,894		$	459,014,888
Net increase/(decrease) in cash and cash equivalents and restricted cash and restricted cash equivalents	$	6,299,784		$	18,428,215
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of the period		18,923,796			10,000
Cash and cash equivalents and restricted cash and restricted cash equivalents at end of the period	$	25,223,580		$	18,438,215
Supplemental information and non-cash activities
Interest paid on lines of credit	$	22,434,183		$	2,767,018
Issuance of shares in connection with distribution reinvestment plan		21,717,611			—
Investments purchased through participation agreements		7,800,000			—
Borrowings incurred through participation agreements		7,800,000			—
Reconciliation to the Consolidated Statement of Assets and Liabilities
Cash and cash equivalents	$	15,069,725		$	18,438,215
Restricted cash and restricted cash equivalents		10,153,855			—
Total cash and cash equivalents and restricted cash and restricted cash equivalents	$	25,223,580		$	18,438,215

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

5

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2024

Investments	Footnotes		Reference Rate Spread / Floor		Cash Interest Rate / PIK Rate		Maturity Date		Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured
Advertising
Carnegie Dartlet, LLC Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(8)		3M SOFR + 0.50% /1.00%		0.500%		2/7/2030	$	—	$	(785	)	$	(763	)		0.00	%
Carnegie Dartlet, LLC Initial Term Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 5.50% / 1.00%		10.596%		2/7/2030		507,151		499,988			500,035			0.07	%
Carnegie Dartlet, LLC Revolving Loan		(1)(2)(3)(4)(5)(6)(7)(8)		3M SOFR + 0.50% / 1.00%		0.500%		2/7/2030		—		(842	)		(801	)		0.00	%
Finn Partners, Inc. Initial Term Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 6.65% / 1.00%		11.25%		7/1/2026		1,675,680		1,665,296			1,670,476			0.25	%
Finn Partners, Inc. Second Amendment Term Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 6.65% / 1.00%		11.25%		7/1/2026		3,249,015		3,228,701			3,238,876			0.47	%
											$	5,392,358		$	5,407,823			0.79	%
Aerospace & Defense
Aviation Technical Services, Inc. Revolving Loan		(1)(2)(3)(4)(5)(6)(7)		3M SOFR + 5.75% / 1.00%		10.87%		7/12/2029	$	150,000	$	146,355		$	146,250			0.02	%
Aviation Technical Services, Inc. Term Loan		(1)(2)(3)(4)(5)(7)		3M SOFR + 5.75% / 1.00%		11.05%		7/12/2029		4,000,000		3,970,680			3,970,000			0.58	%
Heads Up Technologies, Inc. Initial Term Loan		(1)(2)(3)(4)(5)(7)(11)		3M SOFR + 5.50% / 1.00%		9.95%		8/10/2028		4,924,623		4,874,225			4,924,624			0.72	%
PAG Holding Corp. Revolver		(1)(2)(3)(4)(5)(6)(7)		3M SOFR + 4.25% / 1.00%		13.25%		12/21/2029		169,970		159,423			159,423			0.02	%
PAG Holding Corp. Term Loan		(1)(2)(3)(4)(5)(7)		3M SOFR + 5.25% / 1.00%		10.16%		12/21/2029		11,273,668		11,160,932			11,160,932			1.63	%
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		—		(26,517	)		(27,468	)		0.00	%
PPW Aero Buyer, Inc. Delayed Draw Term Loan-1		(1)(2)(3)(4)(5)(7)		3M SOFR + 5.50% / 1.00%		10.10%		2/15/2029		1,304,790		1,300,548			1,298,133			0.19	%
PPW Aero Buyer, Inc. Term Loan (Whitcraft LLC )		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 6.50% / 1.00%		11.35%		2/15/2029		4,949,749		4,949,749			4,949,699			0.73	%
Sigma Defense Systems LLC Initial Term Loan		(1)(2)(3)(4)(5)(7)		3M SOFR + 6.90% / 1.00%		11.50%		12/18/2027		1,783,806		1,749,117			1,749,021			0.26	%
Sigma Defense Systems LLC Revolving Loan		(1)(2)(3)(4)(5)(6)(7)(8)		3M SOFR + 0.50% / 0.00%		0.50%		12/18/2027		—		(1,449	)		(1,463	)		0.00	%
											$	28,283,063		$	28,329,151			4.15	%
Air Freight & Logistics
AMEX Holding III Corp Delayed Draw Term Loan		(1)(2)(4)(5)(7)(11)		3M SOFR + 6.65% / 1.00%		11.98% /1.00%		3/31/2028	$	211,196	$	209,766		$	193,530			0.03	%
AMEX Holding III Corp Term Loan		(1)(2)(4)(5)(7)(11)		3M SOFR + 6.65% / 1.00%		11.98% /1.00%		3/31/2028		4,749,789		4,718,211			4,352,472			0.64	%
Gulf Winds International Acquisition, LLC Term Loan		(1)(2)(3)(4)(5)(7)(10)		1M SOFR + 7.60% / 1.00%		12.45%		12/16/2028		4,937,186		4,934,042			4,903,252			0.72	%
Solairus Holdings, LLC Initial Term Loan		(1)(2)(3)(4)(5)(7)(10)		1M SOFR + 5.35% / 1.00%		10.49%		7/23/2029		4,609,240		4,609,240			4,588,926			0.67	%
											$	14,471,259		$	14,038,180			2.06	%
Alternative Carriers
Meriplex Communications, Ltd. Initial Term Loan		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 5.00% / 0.75%		9.85%		7/17/2028	$	4,955,240	$	4,955,548		$	4,955,192			0.73	%
Apparel Retail
Brightmore Brands LLC Original Term Loan		(1)(2)(3)(4)(5)(7)		3M SOFR + 5.33% / 1.50%		14.79%		9/10/2029	$	9,990,084	$	9,842,586		$	9,840,232			1.44	%
Application Software
Anaplan, Inc. Initial Term Loan		(1)(2)(3)(4)(5)(7)(10)		1M SOFR + 5.25% / 0.75%		9.85%		6/21/2029	$	5,000,000	$	4,978,875		$	4,999,239			0.73	%
ARI Network Services, Inc. Third Amendment Term Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 5.00% / 0.75%		9.85%		2/28/2026		3,439,975		3,395,572			3,391,193			0.50	%
BASYS LLC First Amendment Term Loan		(1)(2)(3)(4)(5)(7)(11)		3M SOFR + 4.76% / 1.00%		9.37%		12/9/2027		4,835,221		4,807,462			4,835,222			0.71	%
Dealer Services Network, LLC Second Amendment Incremental Term Loan		(1)(2)(3)(4)(5)(7)		3M SOFR + 5.75% / 1.00%		10.77%		2/9/2027		2,284,106		2,261,987			2,261,265			0.33	%
Dealer Services Network, LLC Second Amendment Incremental Term Loan		(1)(2)(3)(4)(5)(7)(18)		3M SOFR + 5.75% / 1.00%		10.77%		2/9/2027		6,500,000		6,437,054			6,435,000			0.94	%

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

6

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

September 30, 2024

Investments	Footnotes		Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate		Maturity Date		Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Application Software (continued)
Echo Purchaser, Inc. Delayed Draw Term Loan (Exostar)		(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% /0.75%		1.00%		11/19/2029		—		(154	)		—			0.00	%
Echo Purchaser, Inc. Term Loan (Exostar)		(1)(2)(4)(5)(7)(10)	3M SOFR + 5.50% / 0.75%		10.35% /3.50%		11/19/2029		644,277		637,865			638,631			0.09	%
Everbridge Holdings, LLC Closing Date Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 0.75%		10.33%		7/2/2031		5,555,556		5,527,778			5,529,977			0.81	%
Everbridge Holdings, LLC Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.00% / 0.75%		10.30%		7/2/2031		544,444		539,913			540,189			0.08	%
Everbridge Holdings, LLC Revolving Loan		(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.75% / 0.75%		0.75%		7/2/2031		—		(2,689	)		(3,129	)		0.00	%
GS Acquisitionco, Inc. Initial Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 0.75%		9.85%		5/25/2028		3,198,751		3,185,983			3,182,757			0.47	%
GS Acquisitionco, Inc. Revolving Loan		(1)(2)(3)(4)(5)(6)(7)(12)	3M SOFR + 5.25% / 1.00%		9.85%		5/25/2028		155,142		149,816			155,142			0.02	%
GS Acquisitionco, Inc. Seventh Suplemental Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(8)(12)	3M SOFR + 0.50% / 1.00%		0.50%		5/25/2028		—		(6,353	)		—			0.00	%
LeadVenture, Inc. Delayed Draw Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.85%		7/3/2030		300,120		292,005			295,864			0.04	%
LeadVenture, Inc. Revolver		(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.00% / 0.75%		9.85%		8/28/2026		443,350		437,951			437,660			0.06	%
LeadVenture, Inc. Supplemental No. 4 Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.00% / 0.75%		9.85%		8/28/2026		1,991,560		1,978,953			1,988,330			0.29	%
Legal Spend Holdings, LLC 2nd Amendment Incremental Term Loan		(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.75% / 0.75%		10.60%		5/14/2029		256,155		256,155			256,155			0.04	%
Legitscript LLC Delayed Draw Loan		(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 5.75% / 0.75%		10.60%		6/24/2029		100,028		98,720			99,870			0.02	%
Legitscript LLC Term Loan		(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 5.75% / 0.75%		10.60%		6/24/2029		3,900,252		3,850,976			3,894,083			0.57	%
Mountain Parent, Inc. Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.00% / 0.75%		0.00%		6/27/2031		—		(5,635	)		(6,495	)		0.00	%
Mountain Parent, Inc. Initial Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 0.75%		9.64%		6/27/2031		5,712,435		5,658,200			5,651,088			0.83	%
Mountain Parent, Inc. Revolving Credit Facility		(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.75%		0.50%		6/27/2031		—		(6,015	)		(6,677	)		0.00	%
NinjaTrader Group, LLC Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.65% /1.00%		11.98%		12/18/2026		3,585,597		3,563,097			3,578,804			0.52	%
NMI Acquisitionco, Inc. Delayed Draw Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR +5.10% /1.00%		9.95%		9/6/2025		1,157,420		1,140,800			1,144,699			0.17	%
NMI Acquisitionco, Inc. October 2021 Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.10% /0.00%		9.95%		9/6/2025		353,354		348,280			346,801			0.05	%
NMI Acquisitionco, Inc. Revolving Loan		(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50%		9/6/2025		—		(4,816	)		(6,163	)		0.00	%
NMI Acquisitionco, Inc. Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.10% / 1.00%		9.95%		9/6/2025		1,897,959		1,870,706			1,864,745			0.27	%
Pacific Purchaser, LLC Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(8)(12)	3M SOFR + 1.00% / 1.00%		1.00%		10/2/2028		—		(3,024	)		—			0.00	%
Pacific Purchaser, LLC Initial Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.25% / 1.00%		11.51%		10/2/2028		1,957,042		1,913,295			1,911,070			0.28	%
Pacific Purchaser, LLC Revolving Loan		(1)(2)(3)(4)(5)(6)(7)(8)(12)	3M SOFR + 0.50% / 1.00%		0.50%		10/2/2028		—		(3,804	)		—			0.00	%
PDI TA Holdings, Inc. Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(8)(12)	3M SOFR + 0.50% / 0.75%		0.50%		2/3/2031		—		(7,527	)		—			0.00	%
PDI TA Holdings, Inc. Initial Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.37% / 0.75%		10.50%		2/3/2031		5,213,972		5,168,823			5,175,657			0.76	%
PDI TA Holdings, Inc. Revolving Credit		(1)(2)(3)(4)(5)(6)(7)(8)(12)	3M SOFR + 0.50% / 0.75%		0.50%		2/3/2031		—		(5,060	)		—			0.00	%
PracticeTek Purchaser, LLC Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.75% / 1.00%		10.60%		8/30/2029		28,243		25,489			23,084			0.00	%
PracticeTek Purchaser, LLC Term Loan		(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 5.75% / 1.00%		10.60%		8/30/2029		1,964,039		1,934,229			1,929,200			0.28	%
Spark Purchaser, Inc. Revolving Credit		(1)(2)(3)(4)(5)(6)(7)(8)(12)	3M SOFR + 0.50% / 1.00%		0.50%		4/1/2030		—		(14,861	)		—			0.00	%

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

7

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

September 30, 2024

Investments	Footnotes		Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate		Maturity Date		Outstanding Principal		Cost*			Fair Value		Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Application Software (continued)
Spark Purchaser, Inc. Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 1.00%		10.10%		4/1/2031		5,175,389		5,076,990			5,079,176		0.74	%
Superjet Buyer, LLC Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.50% / 0.75%		10.10%		5/23/2030		688,427		634,282			644,347		0.10	%
Superjet Buyer, LLC Initial Term Loan (EFI Productivity Software)		(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 5.76% / 0.75%		10.37%		12/30/2027		1,510,705		1,506,373			1,510,705		0.22	%
Superjet Buyer, LLC Third Amendment Incremental Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 0.75%		10.10%		5/23/2030		4,912,162		4,864,208			4,869,185		0.71	%
Synchronoss Technologies, Inc. Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.60% / 2.50%		10.20%		6/28/2028		4,968,750		4,730,847			4,727,259		0.69	%
TCP Hawker Intermediate LLC Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 6.15% / 1.00%		10.75%		8/28/2026		141,077		139,877			141,077		0.02	%
TCP Hawker Intermediate LLC Incremental Term Loan (First Lien) (TimeClock Plus)		(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.15% / 1.00%		10.75%		8/28/2026		223,712		223,712			223,712		0.03	%
TCP Hawker Intermediate LLC Incremental Term Loan (TimeClock Plus)		(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.15% / 1.00%		10.75%		8/28/2026		100,890		100,890			100,890		0.02	%
Thrive Buyer, Inc. Initial Revolving Loan		(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.00% / 1.00%		13.00%		1/22/2027		194,243		194,915			194,243		0.03	%
Thrive Buyer, Inc. Initial Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.15% / 1.00%		10.75%		1/22/2027		1,971,785		1,976,229			1,971,785		0.29	%
Thrive Buyer, Inc., Delayed Draw Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.15% / 1.00%		10.75%		1/22/2027		1,477,949		1,481,221			1,477,949		0.22	%
Trintech Inc. Term Loan		(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.50% / 1.00%		10.35%		7/25/2029		4,962,500		4,877,262			4,879,445		0.71	%
										$	86,206,852		$	86,363,034		12.64	%
Asset Management & Custody Banks
Cerity Partners Equity Holding LLC 2024 Incremental Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00%		7/30/2029	$	—	$	(15,779	)	$	—		0.00	%
Cerity Partners Equity Holding LLC Initial Revolving Loan		(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 5.25% / 1.00%		5.25%		7/28/2028		—		(1,827	)		—		0.00	%
Cerity Partners Equity Holding LLC Initial Revolving Loan		(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 5.25% / 1.00%		5.25%		7/28/2028		—		(41	)		—		0.00	%
Cerity Partners Equity Holding LLC Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		10.31%		7/30/2029		4,670,885		4,670,884			4,670,885		0.68	%
Danforth Global, Inc. Delayed Term Loan		(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 1.00%		1.00%		12/21/2027		—		(2,410	)		—		0.00	%
Danforth Global, Inc. First Amendment Additional Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		10.31%		12/9/2027		287,410		283,532			283,349		0.04	%
Danforth Global, Inc. Initial Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.85%		12/9/2027		454,332		448,053			447,913		0.07	%
Danforth Global, Inc. Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		10.32%		12/21/2027		5,719,724		5,639,960			5,641,102		0.83	%
Danforth Global, Inc. Term Loan		(1)(2)(3)(4)(5)(7)	3M SOFR + 5.25% / 1.00%		10.31%		9/20/2031		5,000,000		4,925,957			4,925,000		0.72	%
Danforth Global, Inc. Third Amendment Additional Term Loan		(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.25% / 1.00%		10.31%		12/9/2027		360,000		354,332			360,000		0.05	%
IEQ Capital, LLC 2024 Incremental Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 4.75% / 0.75%		9.04%		12/22/2028		3,081,818		3,066,485			3,081,818		0.45	%
Obra Capital, Inc. Initial Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 7.61% / 1.00%		12.53%		6/21/2029		7,500,000		7,354,465			7,355,764		1.08	%
Petra Borrower, LLC Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.75% / 1.00%		10.19%		11/15/2030		600,000		582,971			600,000		0.09	%
Petra Borrower, LLC Initial Term Loan		(1)(2)(3)(4)(5)(7)	3M SOFR + 5.75% / 1.00%		10.83%		11/15/2030		3,233,750		3,174,865			3,179,802		0.47	%
Petra Borrower, LLC Revolving Loan		(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 10.76% / 1.00%		10.76%		11/15/2029		150,000		141,228			150,000		0.02	%
Wealth Enhancement Group, LLC 2021 Delayed Draw Term Loan		(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.50% / 1.00%		10.75%		10/4/2027		3,795,058		3,790,987			3,771,400		0.55	%
Wealth Enhancement Group, LLC December 2020 Delayed Draw Term Loan		(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.50% / 1.00%		10.52%		10/4/2027		1,154,084		1,154,084			1,146,889		0.17	%
Wealth Enhancement Group, LLC May 2022 Delayed Draw Term Loan		(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.50% / 1.00%		10.83%		10/4/2027		1,990,916		1,990,440			1,990,916		0.29	%
										$	37,558,186		$	37,604,838		5.51	%

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

8

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

September 30, 2024

Investments	Footnotes		Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate		Maturity Date		Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Auto Parts & Equipment
ETE Intermediate II LLC Revolving Loan		(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 6.50% / 1.00%		11.75%		5/29/2029	$	172,857	$	167,281		$	167,192			0.02	%
ETE Intermediate II LLC Term Loan A		(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.50% / 1.00%		11.56%		5/29/2029		1,939,732		1,893,846			1,893,111			0.28	%
M&D MidCo, Inc. Closing Date Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.15% / 1.00%		11.21%		8/31/2028		1,758,889		1,735,721			1,723,033			0.25	%
M&D MidCo, Inc. Delayed Draw Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.15% / 1.00%		11.40%		8/31/2028		589,087		581,163			589,087			0.09	%
Premier Tires & Service Acquisition, LLC Incremental Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.75% / 1.00%		11.03%		5/17/2029		1,057,475		1,037,854			1,067,356			0.16	%
Premier Tires & Service Acquisition, LLC Incremental Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(12)	3M SOFR + 5.75% / 1.00%		11.03%		5/17/2029		1,057,475		1,045,998			1,067,356			0.16	%
Premier Tires & Service Acquisition, LLC Initial Term Loan		(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.75% / 1.00%		10.88%		5/17/2029		4,937,500		4,937,500			4,937,500			0.72	%
Transgo, LLC Initial Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 2.00%		10.60%		12/29/2028		5,932,034		5,864,012			5,874,327			0.86	%
Transgo, LLC Revolving Loan		(1)(2)(3)(4)(5)(6)(7)(8)(12)	3M SOFR + 0.50% / 2.00%		0.50%		12/29/2028		—		(5,242	)		—			0.00	%
Truck-Lite Co., LLC Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(8)(12)	3M SOFR + 1.00% / 0.75%		1.00%		2/13/2031		—		(8,623	)		(9,132	)		0.00	%
Truck-Lite Co., LLC Initial Revolving Credit Loan		(1)(2)(3)(4)(5)(6)(7)(12)	3M SOFR + 5.75% / 0.75%		10.85%		2/13/2030		6,222		(2,261	)		(2,910	)		0.00	%
Truck-Lite Co., LLC Initial Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 0.75%		10.86%		2/13/2031		5,726,778		5,658,786			5,642,293			0.82	%
										$	22,906,035		$	22,949,213			3.36	%
Automobile Manufacturers
JHCC Holdings LLC 2021-A Incremental Term Loan		(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.00%		9.85%		9/9/2026	$	905,195	$	901,313		$	903,004			0.13	%
JHCC Holdings LLC 2024-A Incremental Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.25% / 1.00%		9.89%		9/9/2027		427,756		420,848			427,756			0.06	%
JHCC Holdings LLC Initial Term Loan		(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.00%		9.85%		9/9/2026		4,044,805		4,036,417			4,035,015			0.59	%
										$	5,358,578		$	5,365,775			0.78	%
Building Products
AllMark Acquisition, LLC Initial Term Loan (AllMark Door)		(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.50% / 1.00%		9.75%		5/4/2028	$	4,936,869	$	4,904,630		$	4,920,960			0.72	%
Arch Cutting Tools Corp. Initial Term Loan		(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 4.85% / 0.00%		9.44%		4/1/2026		4,922,990		4,910,515			4,893,565			0.72	%
Big Top Holdings, LLC Revolving Credit Loan		(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50%		3/1/2030		—		(1,429	)		(1,087	)		0.00	%
Big Top Holdings, LLC Term Loan		(1)(2)(3)(4)(5)(7)	3M SOFR + 6.25% / 1.00%		11.10%		3/1/2030		2,537,156		2,488,840			2,487,682			0.36	%
Hills Distribution, Inc. Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 1.00%		1.00%		11/8/2029		—		(12	)		—			0.00	%
Hills Distribution, Inc. Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(8)(12)	3M SOFR + 1.00% / 1.00%		1.00%		11/8/2029		—		(4,604	)		—			0.00	%
Hills Distribution, Inc. Term Loan		(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.00% / 1.00%		11.11%		11/8/2029		192,524		190,822			189,665			0.03	%
Hills Distribution, Inc. Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.00% / 1.00%		11.11%		11/8/2029		1,562,269		1,540,495			1,539,067			0.22	%
										$	14,029,257		$	14,029,852			2.05	%
Commodity Chemicals
Guy Chemical Company, LLC U.S. Delayed Draw Term Loan		(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 4.85% / 1.00%		9.70%		11/9/2027	$	4,924,433	$	4,896,418		$	4,907,139			0.72	%
Communications Equipment
Owl Cyber Defense Solutions, LLC Revolver		(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50%		9/11/2029	$	—	$	(9,345	)	$	(9,454	)		0.00	%
Owl Cyber Defense Solutions, LLC Term Loan		(1)(2)(3)(4)(5)(7)	3M SOFR + 5.75% / 1.00%		10.60%		9/11/2029	$	6,428,791		6,364,503			6,364,503			0.93	%
										$	6,355,158		$	6,355,049			0.93	%

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

9

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

September 30, 2024

Investments	Footnotes		Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate		Maturity Date		Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Construction & Engineering
Ambient Enterprises Holdco LLC Delayed Draw Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.00% / 1.00%		10.99%		6/28/2030	$	1,015,580	$	1,000,833		$	1,009,486			0.15	%
Ambient Enterprises Holdco LLC Revolving Loan		(1)(2)(3)(4)(5)(6)(7)(12)	3M SOFR + 6.00% / 1.00%		10.60%		12/7/2029		217,021		203,532			211,660			0.03	%
Ambient Enterprises Holdco LLC Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.00% / 1.00%		10.99%		6/28/2030		4,044,255		3,975,597			3,987,876			0.58	%
ATI Restoration, LLC Second Amendment Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.65% / 0.75%		10.98%		7/31/2026		466,533		463,358			430,327			0.06	%
Best Roofing Services LLC Closing Date Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.00% / 1.00%		10.60%		4/2/2029		5,104,478		5,010,067			5,006,163			0.73	%
Best Roofing Services LLC Revolving Loan		(1)(2)(3)(4)(5)(6)(7)(8)(12)	3M SOFR + 0.50% / 1.00%		0.50%		4/2/2029		—		(16,205	)		—			0.00	%
Diverzify Intermediate LLC Second Amendment Incremental Delayed Draw Term Loan		(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 6.01% / 1.00%		11.31%		5/11/2027		488,414		485,733			488,414			0.07	%
Diverzify Intermediate LLC Second Amendment Incremental Term Loan		(1)(2)(3)(4)(5)(7)(11)	6M SOFR + 5.75% / 1.00%		11.26%		5/11/2027		4,436,059		4,408,580			4,436,059			0.65	%
ESP Associates, Inc. Term Loan		(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.60% / 1.00%		11.45%		7/24/2028		4,804,486		4,737,206			4,694,042			0.69	%
G-A-I Consultants, Inc. First Amendment Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 1.00%		1.00%		10/7/2028		—		(31,353	)		(39	)		0.00	%
G-A-I Consultants, Inc. First Amendment Term Loan		(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.60% / 1.00%		10.80%		10/7/2028		2,953,125		2,905,049			2,899,294			0.43	%
G-A-I Consultants, Inc. Revolving Loan		(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.50% / 1.00%		10.93%		10/7/2028		165,789		156,327			165,784			0.02	%
HP RSS Buyer, Inc. Closing Date Term Loan		(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 0.75%		9.60%		12/11/2029		680,255		678,100			676,370			0.10	%
HP RSS Buyer, Inc. General Purpose Delayed Draw Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 0.75%		9.60%		12/11/2029		437,772		434,755			435,272			0.06	%
HP RSS Buyer, Inc. Special Purpose Delayed Draw Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 0.75%		9.60%		12/11/2029		145,402		145,402			144,572			0.02	%
KENE Acquisition, Inc. Initial Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 1.00%		1.00%		2/7/2031		—		—			(70	)		0.00	%
KENE Acquisition, Inc. Initial Term Loan		(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.00%		10.10%		2/7/2031		962,965		962,965			962,807			0.14	%
MKD Electric, LLC Revolving Loan		(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.60%/ 1.25%		10.80%		5/31/2029		287,908		260,779			275,693			0.04	%
MKD Electric, LLC Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.60% / 1.25%		10.80%		5/31/2029		6,060,461		5,944,390			5,944,463			0.87	%
MOREgroup Holdings, Inc. Initial Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 1.00%		10.35%		1/16/2030		4,477,500		4,414,840			4,416,664			0.65	%
OSR Opco LLC Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(8)(12)	3M SOFR + 1.00% / 1.50%		1.00%		3/15/2029		—		—			(11,912	)		0.00	%
OSR Opco LLC Initial Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.00% / 1.00%		10.96%		3/15/2029		5,306,667		5,243,337			5,247,088			0.77	%
OSR Opco LLC Revolving Loan		(1)(2)(3)(4)(5)(6)(7)(12)	3M SOFR + 6.00% / 1.00%		11.02%		3/15/2029		320,000		302,160			320,000			0.05	%
PK Purchaser LLC Term Loan		(1)(2)(3)(4)(5)(7)	3M SOFR + 5.00% / 1.00%		10.00%		9/19/2029		12,500,000		12,375,735			12,375,000			1.81	%
Puris LLC Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 4.75% / 1.00%		9.34%		6/28/2031		8,430,527		8,304,314			8,254,306			1.21	%
PVI Holdings, Inc. Last Out Term Loan		(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.49% / 1.00%		11.77%		1/18/2028		6,877,236		6,867,782			6,877,236			1.01	%
USIC Holdings, Inc. Initial Term Loan		(1)(2)(3)(4)(5)(7)	3M SOFR + 5.50% / 0.75%		10.35%		9/10/2031		10,537,495		10,476,324			10,484,807			1.54	%
USIC Holdings, Inc. Revolving Loan		(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.25% / 0.75%		10.33%		9/10/2031		651,409		643,740			644,703			0.09	%
USIC Holdings, Inc. Specified Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.50% / 0.75%		10.35%		9/10/2031		16,099		15,682			16,099			0.00	%
Valkyrie Buyer, LLC Delayed Draw Term Loan A		(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 0.75%		1.00%		5/6/2031		—		(4,005	)		—			0.00	%
Valkyrie Buyer, LLC Delayed Draw Term Loan B		(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 0.75%		1.00%		5/6/2031		—		(5,340	)		—			0.00	%
Valkyrie Buyer, LLC Delayed Draw Term Loan C		(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.25% / 0.75%		10.45%		5/1/2031		264,795		249,894			264,795			0.04	%

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

10

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

September 30, 2024

Investments	Footnotes		Reference Rate Spread / Floor		Cash Interest Rate / PIK Rate		Maturity Date		Outstanding Principal		Cost*			Fair Value		Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Construction & Engineering (continued)
Valkyrie Buyer, LLC Revolving Credit Loan		(1)(2)(3)(4)(5)(6)(7)(8)(10)		3M SOFR + 0.50% / 0.75%		0.50%		5/6/2030		—		(6,553	)		—		0.00	%
Valkyrie Buyer, LLC Term Loan		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 5.25% /0.75%		10.37%		5/1/2031		4,386,667		4,322,598			4,347,075		0.64	%
Vertex Service Partners, LLC Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(10)		3M SOFR + 5.50% / 0.75%		10.56%		11/8/2030		3,601,360		3,595,101			3,601,360		0.53	%
Vertex Service Partners, LLC Revolving Facility		(1)(2)(3)(4)(5)(6)(7)(10)		3M SOFR + 5.50% /0.75%		10.56%		11/8/2030		58,140		56,955			56,955		0.01	%
Vertex Service Partners, LLC Term Loan		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 5.50% /0.75%		10.56%		11/8/2030		1,886,513		1,863,771			1,863,764		0.27	%
											$	90,441,450		$	90,526,113		13.26	%
Construction Materials
Cube Industrials Buyer, Inc. Term Loan		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 6.00% / 0.75%		11.25%		10/18/2030	$	1,273,430	$	1,264,630		$	1,273,430		0.19	%
Javelin Acquisition Vehicle, LLC Last Out Term Loan (Lindsay Precast)		(1)(2)(3)(4)(5)(7)(10)		1M SOFR + 7.07% / 1.00%		11.92%		11/3/2026		1,717,266		1,717,266			1,714,452		0.25	%
Javelin Acquisition Vehicle, LLC Second Amendment Incremental Term Loan (Lindsay Precast)		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 7.09% / 1.00%		12.34%		11/3/2026		2,671,960		2,628,754			2,646,442		0.39	%
											$	5,610,650		$	5,634,324		0.83	%
Data Processing & Outsourced Services
Penncomp, LLC Delayed Draw Term Loan A		(1)(2)(3)(4)(5)(6)(7)(10)		3M SOFR + 6.60% / 1.50%		11.45%		10/17/2028	$	782,167	$	751,658		$	776,175		0.11	%
Penncomp, LLC Term Loan A		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 6.60% / 1.50%		11.45%		10/17/2028		2,561,428		2,512,637			2,525,219		0.37	%
											$	3,264,295		$	3,301,394		0.48	%
Distributors
RPM Purchaser, Inc. Delayed Draw Term Loan B		(1)(2)(3)(4)(5)(6)(7)(10)		3M SOFR + 6.36% / 2.00%		11.21%		9/11/2028	$	550,804	$	530,981		$	522,780		0.08	%
RPM Purchaser, Inc. Effective Date Term Loan B		(1)(2)(3)(4)(5)(7)(10)		1M SOFR + 6.36% / 2.00%		11.21%		9/11/2028		3,889,286		3,805,942			3,735,449		0.54	%
											$	4,336,923		$	4,258,229		0.62	%
Diversified Capital Markets
GC Waves Holdings, Inc. 2023 New Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(8)		3M SOFR + 1.50% / 1.00%		1.50%		8/10/2029	$	—	$	47,792		$	—		0.00	%
Diversified Chemicals
Opta Inc. 2024 Incremental Delayed Term Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 7.01% / 1.50%		12.27%		11/9/2028	$	1,750,000	$	1,687,337		$	1,750,000		0.26	%
Opta Inc. Term Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 7.01% / 1.50%		12.32%		11/8/2028		6,947,500		6,882,214			6,890,548		1.01	%
V Global Holdings LLC Initial Term Loan		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 5.90% / 0.75%		10.96%		12/22/2027		4,936,869		4,920,217			4,732,594		0.69	%
											$	13,489,768		$	13,373,142		1.96	%
Diversified Support Services
Accent Building Materials Holdings LLC Term B Delayed Term Loan		(1)(2)(3)(4)(5)(6)(7)(10)		3M SOFR + 6.50% / 1.00%		11.45%		8/6/2029	$	897,741	$	863,401		$	897,741		0.13	%
Accent Building Materials Holdings LLC Term Loan B		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 6.60% / 1.00%		11.55%		8/6/2029		3,918,676		3,800,835			3,861,992		0.57	%
AI Fire Buyer, Inc. Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(10)		3M SOFR + 5.75% / 1.00%		11.06%		3/22/2027		167,496		164,301			167,496		0.02	%
AI Fire Buyer, Inc.Term Loan		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 5.75% / 1.00%		10.91%		3/22/2027		155,274		153,164			153,275		0.02	%
AIDC IntermediateCo. 2, LLC Initial Term Loan (Peak Technologies)		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 5.25% / 1.00%		10.53%		7/22/2027		6,186,737		6,169,487			6,186,737		0.91	%
Centex Acquisition, LLC Revolving Loan		(1)(2)(3)(4)(5)(6)(7)(12)		3M SOFR + 5.60% / 1.00%		10.80%		5/9/2029		101,482		82,714			101,482		0.02	%
Centex Acquisition, LLC Term Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 5.60%/   1.00%		10.80%		5/9/2029		3,985,184		3,911,142			3,909,072		0.57	%

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

11

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

September 30, 2024

Investments	Footnotes		Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate		Maturity Date		Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Diversified Support Services (continued)
Certified Collision Group Acquisition Corp. Initial Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%		9.85%		5/17/2027		2,082,275		2,058,627			2,053,581			0.30	%
Certified Collision Group Acquisition Corp. Term Loan		(1)(2)(3)(4)(5)(7)	3M SOFR + 5.00% / 0.00%		10.33%		12/31/2049		174,112		174,112			174,112			0.03	%
CMG HoldCo, LLC Delayed Draw Loan (Crete Mechanical Group)		(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 4.75% / 1.00%		9.85%		5/19/2028		252,437		246,652			252,437			0.04	%
ESCP DTFS INC. Term Loan		(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.50% / 1.00%		10.10%		9/28/2029		6,250,000		6,140,681			6,203,125			0.91	%
ESCP DTFS INC. Term Loan		(1)(2)(3)(4)(5)(7)	3M SOFR + 5.50% / 1.00%		10.10%		9/28/2029		6,250,000		6,140,681			6,203,125			0.91	%
FLS Holding, Inc. Term B Loan (FLS Transportation Services)		(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.35% / 1.00%		10.31%		12/15/2028		4,937,186		4,887,786			4,723,768			0.69	%
FMG Suite Holdings, LLC Delayed Draw Term Loan		(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 1.00%		10.40%		10/30/2026		857,018		850,546			847,698			0.12	%
FMG Suite Holdings, LLC Revolving Credit		(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 8.50% / 1.00%		12.50%		10/30/2026		28,422		25,204			23,666			0.00	%
FMG Suite Holdings, LLC Term Loan		(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.50% / 1.00%		10.90%		10/30/2026		3,696,983		3,674,288			3,656,779			0.54	%
PrimeFlight Acquisition, LLC Amendment No.4 Additional Term Loan		(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 1.00%		9.85%		5/1/2029		637,350		633,101			630,977			0.09	%
Primeflight Acquisition, LLC Initial Term Loan		(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.50% / 1.00%		10.58%		5/1/2029		6,922,425		6,849,179			6,895,886			1.01	%
Visu-Sewer, LLC Initial Term Loan		(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 6.00% / 1.00%		10.66%		11/8/2029		4,962,500		4,906,987			4,939,095			0.72	%
										$	51,732,889		$	51,882,044			7.60	%
Education Services
Cambium Learning Group, Inc. Initial Term Loan		(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.60% / 0.75%		10.88%		7/20/2028	$	5,928,714	$	5,878,473		$	5,928,714			0.87	%
Electric Utilities
Central Moloney, LLC 2024-1 Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.75% / 1.00%		11.35%		10/20/2028	$	6,001,888	$	5,896,470		$	5,892,458			0.86	%
Electrical Components & Equipment
Inventus Power, Inc. Revolving Loan		(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 0.50% / 1.00%		0.50%		6/30/2025	$	—	$	(4,494	)	$	(2,518	)		0.00	%
Inventus Power, Inc. Term Loan		(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 7.61% / 1.00%		12.46%		6/30/2025		3,104,327		3,063,462			3,059,193			0.45	%
Wildcat Buyerco, Inc. Incremental Delayed Draw Term Loan (NSI Industries)		(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.75% / 1.00%		10.60%		2/26/2027		36,639		36,399			36,639			0.01	%
Wildcat Buyerco, Inc. Incremental Delayed Draw Term Loan (NSI Industries)		(1)(2)(3)(4)(5)(6)(7)(12)	3M SOFR + 5.75%/ 1.00%		10.60%		2/26/2027		154,757		150,696			154,757			0.02	%
Wildcat Buyerco, Inc. Incremental Term Loan (NSI Industries)		(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.75% / 1.00%		11.08%		2/26/2027		243,282		241,656			243,282			0.03	%
Wildcat Buyerco, Inc. Incremental Term Loan (NSI Industries)		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 1.00%		11.08%		2/26/2027		1,823,533		1,799,541			1,823,533			0.27	%
										$	5,287,260		$	5,314,886			0.78	%
Electronic Equipment & Instruments
Fortis Payment Systems, LLC Initial Term Loan		(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.25% / 1.00%		9.95%		2/13/2026	$	4,923,077	$	4,905,206		$	4,923,077			0.72	%
REE Holdings III Corp. Term Loan (Rees Scientific Corporation)		(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.25% / 1.00%		9.99%		11/4/2028		4,924,812		4,870,892			4,924,812			0.72	%
										$	9,776,098		$	9,847,889			1.44	%
Electronic Manufacturing Services
AEP Passion Intermediate Holdings, Inc. 2023 Incremental Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(12)	3M SOFR + 6.65% / 1.00%		10.71%		10/5/2027	$	154,376	$	151,233		$	154,376			0.02	%
AEP Passion Intermediate Holdings, Inc. 2023 Incremental Term A Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.65% / 1.00%		11.71%		10/5/2027		2,590,705		2,566,893			2,568,470			0.38	%
										$	2,718,126		$	2,722,846			0.40	%

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

12

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

September 30, 2024

Investments	Footnotes		Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate		Maturity Date		Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Environmental & Facilities Services
AVW WV Buyer, Inc. Fourth Amendment Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 1.00%		1.00%		3/17/2027	$	—	$	—		$	(4,895	)		0.00	%
AVW WV Buyer, Inc. Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 1.00%		10.35%		3/17/2027		7,423,160		7,393,043			7,397,858			1.08	%
CARDS Acquisition, Inc. Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00%		8/12/2029		—		(39,773	)		(40,761	)		-0.01	%
CARDS Acquisition, Inc. Revolving Loan		(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.25% / 1.00%		10.38%		8/12/2029		391,304		378,036			377,717			0.06	%
CARDS Acquisition, Inc. Term Loan		(1)(2)(3)(4)(5)(7)	3M SOFR + 5.25% / 1.00%		10.35%		8/12/2029		7,065,217		6,996,938			6,994,565			1.03	%
Creative Multicare, LLC Closing Date Term Loan		(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.00% / 1.00%		10.28%		3/27/2030		4,975,000		4,917,757			4,913,840			0.72	%
HEF Safety Ultimate Holdings, LLC Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(8)(12)	3M SOFR + 1.00% / 1.00%		1.00%		11/19/2029		—		(4,610	)		(12,476	)		0.00	%
HEF Safety Ultimate Holdings, LLC Initial Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 1.00%		10.35%		11/19/2029		2,586,284		2,539,943			2,542,320			0.37	%
O6 Environmental, LLC Delayed Draw Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.15% / 1.00%		11.43%		6/30/2027		1,050,795		1,044,857			1,050,795			0.15	%
O6 Environmental, LLC Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.15% / 1.00%		11.28%		6/30/2027		1,430,341		1,411,275			1,410,511			0.21	%
Rotolo Consultants, Inc. Closing Date Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 7.21% / 1.00%		12.27%		12/20/2026		3,152,250		3,098,570			3,137,532			0.46	%
										$	27,736,036		$	27,767,006			4.07	%
Food Distributors
Costanzo’s Bakery, LLC Delayed Term Loan		(1)(2)(3)(4)(5)(6)(7)(12)	3M SOFR + 5.25% / 1.00%		9.85%		6/18/2027	$	143,219	$	139,752		$	142,708			0.02	%
Costanzo’s Bakery, LLC Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		9.85%		6/18/2027		2,969,554		2,941,525			2,880,078			0.42	%
Heritage Foodservice Investment, LLC First Amendment Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00%		8/1/2030		—		(29,221	)		(30,131	)		-0.01	%
Heritage Foodservice Investment, LLC First Amendment Term Loan		(1)(2)(3)(4)(5)(7)	3M SOFR + 5.10% / 1.00%		10.35%		8/1/2030		4,688,625		4,632,175			4,630,017			0.68	%
Heritage Foodservice Investment, LLC Revolving Credit Loan		(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50%		8/1/2030		—		(7,336	)		(7,336	)		0.00	%
Recipe Acquisition Corp. Delayed Draw Loan		(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%		1.00%		7/31/2031		—		—			—			0.00	%
Recipe Acquisition Corp. Revolving Credit		(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 4.00% / 1.00%		12.00%		7/31/2031		205,673		201,332			201,303			0.03	%
Recipe Acquisition Corp. Term Loan (First Lien)		(1)(2)(3)(4)(5)(7)	3M SOFR + 5.00% / 1.00%		9.60%		7/31/2031		7,756,568		7,718,442			7,717,785			1.13	%
Rushmore Investment III LLC Initial Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.25% / 1.00%		11.53%		10/18/2030		8,208,750		8,127,171			8,122,211			1.19	%
										$	23,723,840		$	23,656,635			3.46	%
Health Care Distributors
ASP Global Holdings, LLC Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.25% / 1.00%		10.10%		7/31/2029	$	1,537,550	$	1,516,679		$	1,516,016			0.22	%
ASP Global Holdings, LLC Initial Term Loan		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%		10.10%		7/31/2029		5,200,538		5,150,782			5,148,533			0.75	%
ASP Global Holdings, LLC Revolving Loan		(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%		0.50%		7/31/2029		—		(6,263	)		(6,460	)		0.00	%
HEC Purchaser Corp. Revolving Loan		(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.50% / 1.00%		10.84%		6/17/2029		484,375		473,217			482,318			0.07	%
HEC Purchaser Corp. Term Loan A		(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 1.00%		9.75%		6/17/2029		6,701,953		6,603,935			6,684,303			0.98	%
										$	13,738,350		$	13,824,710			2.02	%
Health Care Equipment
Artivion, Inc. Closing Date Initial Term Loan		(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.50% / 2.00%		11.78%		1/18/2030	$	1,059,457	$	1,057,339		$	1,059,457			0.16	%
Artivion, Inc. Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 2.00%		1.00%		1/18/2030		—		(159	)		—			0.00	%

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

13

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

September 30, 2024

Investments	Footnotes		Reference Rate Spread / Floor		Cash Interest Rate / PIK Rate		Maturity Date		Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated DebtInvestments
First Lien Senior Secured (continued)
Health Care Equipment (continued)
Blades Buyer, Inc. Term A Loan		(1)(2)(3)(4)(5)(7)(11)		3M SOFR + 5.10% /1.00%		10.30%		3/28/2028		4,936,869		4,921,146			4,936,869			0.72	%
Life Science Intermediate Holdings, LLC Delayed Draw Dollar Term Loan D		(1)(2)(3)(4)(5)(7)(10)		1M SOFR + 5.60% /1.00%		10.45%		6/10/2027		4,948,896		4,942,479			4,948,896			0.73	%
Life Science Intermediate Holdings, LLC Delayed Draw Dollar Term Loan F		(1)(2)(3)(4)(5)(6)(7)		3M SOFR + 5.60% /1.00%		10.45%		6/10/2027		2,548,131		2,439,397			2,435,714			0.36	%
Medical Device Inc. Initial Term Loan		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 6.60% /1.00%		11.20%		7/11/2029		4,400,000		4,315,928			4,331,878			0.63	%
Medical Device Inc. Revolving Loan		(1)(2)(3)(4)(5)(6)(7)(8)(10)		3M SOFR + 0.50% /1.00%		0.50%		7/11/2029		—		—			(12,529	)		0.00	%
Pediatric Home Respiratory Services, LLC Term Loan		(1)(2)(3)(4)(5)(7)		3M SOFR + 6.50% /1.00%		11.80%		12/4/2025		4,962,521		4,901,204			4,944,201			0.72	%
Pediatric Home Respiratory Services, LLC Term Loan		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 6.50% /1.00%		11.80%		12/4/2025		1,116,503		1,107,736			1,112,381			0.16	%
SunMed Group Holdings, LLC Initial Term Loan		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 5.60% /0.75%		10.85%		6/16/2028		4,936,387		4,838,376			4,906,482			0.72	%
											$	28,523,446		$	28,663,349			4.20	%
Health Care Facilities
Community Care Partners, LLC Closing Date Term Loan		(1)(2)(3)(4)(5)(7)(10)		1M SOFR + 6.11% / 1.00%		10.96%		6/10/2026	$	1,977,470	$	1,971,567		$	1,899,423			0.28	%
IPC Pain Acquisition, LLC Delayed Draw Tem Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 6.11% / 1.00%		10.96%		5/19/2027		2,680,995		2,650,822			2,680,995			0.39	%
SDG Mgmt Company, LLC Delayed Draw Term Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 5.60% / 0.75%		10.90%		7/3/2028		794,327		788,397			794,327			0.12	%
SDG Mgmt Company, LLC Term Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 5.60% / 0.75%		10.92%		7/3/2028		1,564,997		1,546,664			1,548,835			0.23	%
											$	6,957,450		$	6,923,580			1.02	%
Health Care Services
Beacon Oral Specialists Management LLC Sixth Amendment Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(12)		3M SOFR + 6.00% /1.00%		11.11%		12/14/2026	$	1,436,522	$	1,409,164		$	1,436,522			0.21	%
CCHN Holdings, LLC Term Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 5.25% / 0.75%		10.10%		4/1/2030		5,984,043		5,871,319			5,984,043			0.88	%
CVAUSA Management, LLC Primary Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(8)(10)		3M SOFR + 1.00% /1.00%		1.00%		5/22/2029		—		(10,414	)		—			0.00	%
CVAUSA Management, LLC Secondary Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(8)(10)		3M SOFR + 1.00% /1.00%		1.00%		5/22/2029		—		(6,340	)		—			0.00	%
CVAUSA Management, LLC Term Loan		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 6.50% /1.00%		11.78%		5/22/2029		1,965,043		1,952,974			1,961,573			0.29	%
Dentive, LLC Delayed Draw Term Loan		(1)(2)(3)(4)(5)(7)		3M SOFR + 6.75% /0.75%		11.35%		12/22/2028		2,248,838		2,221,020			2,220,728			0.33	%
Dentive, LLC Initial Term Loan		(1)(2)(3)(4)(5)(7)		3M SOFR + 6.75% /0.75%		11.35%		12/22/2028		4,526,973		4,471,136			4,470,386			0.65	%
Dentive, LLC Revolving Loan		(1)(2)(3)(4)(5)(6)(7)		3M SOFR + 6.75% /0.75%		11.39%		12/22/2028		113,130		104,545			104,292			0.02	%
DermCare Management, LLC Fourth Amendment Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(10)		3M SOFR + 5.85% /1.00%		10.70%		4/21/2028		5,950,192		5,877,155			5,950,192			0.87	%
Elevate HD Parent, Inc. Term Loan		(1)(2)(3)(4)(5)(7)(10)		1M SOFR + 6.10% /1.00%		10.95%		8/20/2029		4,950,000		4,864,063			4,728,647			0.69	%
Fort B.V. 2024 Term Loan		(1)(2)(3)(4)(5)(7)		3M SOFR + 6.00% /0.00%		11.21%		5/3/2029		6,000,000		5,945,409			5,961,843			0.87	%
Gen4 Dental Partners OPCO, LLC Closing Date Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(8)(12)		3M SOFR + 1.00% /1.00%		1.00%		5/13/2030		—		(8,851	)		—			0.00	%
Gen4 Dental Partners OPCO, LLC Initial Term Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 5.50% /1.00%		10.31%		5/13/2030		5,700,000		5,647,849			5,650,720			0.83	%
Gen4 Dental Partners OPCO, LLC Revolving Loan		(1)(2)(3)(4)(5)(6)(7)(8)(12)		3M SOFR + 0.50% /1.00%		0.50%		5/13/2030		—		(3,561	)		—			0.00	%
GI MSO, Inc. Second Amendment Incremental Term Loan		(1)(2)(3)(4)(5)(7)(11)		3M SOFR + 6.35% /1.00%		10.95%		6/5/2025		4,937,028		4,922,385			4,928,418			0.72	%
Hanger, Inc. Amendment No. 2 Incremental Term Loan		(1)(2)(3)(4)(5)(7)(10)		1M SOFR + 6.25% /1.00%		11.17%		10/3/2028		1,153,540		1,127,109			1,139,481			0.17	%

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

14

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

September 30, 2024

Investments	Footnotes		Reference Rate Spread / Floor		Cash Interest Rate / PIK Rate		Maturity Date		Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Health Care Services (continued)
Hanger, Inc. Incremental Delayed Draw Term Loan		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 6.25% /1.00%		11.17%		10/3/2028		617,344		602,891			617,344			0.09	%
Home Care Assistance, LLC Term Loan		(1)(2)(3)(4)(5)(7)(11)		3M SOFR + 5.10% /1.00%		10.35%		3/30/2027		2,994,307		2,977,145			2,907,698			0.43	%
Houseworks Holdings, LLC Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(10)		3M SOFR + 6.65% /1.00%		11.89%		12/15/2028		464,286		461,034			447,779			0.07	%
Houseworks Holdings, LLC Fourth Amendment Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(8)(12)		3M SOFR + 1.00% /1.00%		1.00%		12/15/2028		—		(23,490	)		—			0.00	%
Houseworks Holdings, LLC Fourth Amendment Term Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 5.25% /1.00%		10.55%		12/15/2028		4,933,502		4,838,438			4,834,161			0.71	%
Houseworks Holdings, LLC Term Loan		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 6.65% /1.00%		11.71%		12/15/2028		2,475,000		2,368,418			2,398,595			0.35	%
MB2 Dental Solutions, LLC Initial Term Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 6.00% /0.75%		10.85%		2/13/2031		4,290,725		4,252,127			4,260,533			0.62	%
MB2 Dental Solutions, LLC Revolving Commitment		(1)(2)(3)(4)(5)(6)(7)(8)(12)		3M SOFR + 0.50% /0.75%		0.50%		2/13/2031		—		(2,750	)		—			0.00	%
MB2 Dental Solutions, LLC Tranche 1 Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(12)		3M SOFR + 6.00% /0.75%		10.85%		2/13/2031		238,908		236,529			238,908			0.03	%
MB2 Dental Solutions, LLC Tranche 2 Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(8)(12)		3M SOFR + 1.00% /0.75%		1.00%		2/13/2031		—		—			—			0.00	%
Medina Health, LLC Revolving Loan		(1)(2)(3)(4)(5)(6)(7)(8)(12)		3M SOFR + 0.50% /1.00%		0.50%		10/20/2028		—		(6,821	)		(6,359	)		0.00	%
Medina Health, LLC Term Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 6.25% /1.00%		10.85%		10/20/2028		3,075,141		3,020,002			3,025,414			0.44	%
Medrina, LLC Initial Delayed Draw Term Loan Facility		(1)(2)(3)(4)(5)(6)(7)(8)(10)		3M SOFR + 1.00% /1.00%		1.00%		10/20/2029		—		(7,905	)		—			0.00	%
Medrina, LLC Initial Term Loan Facility		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 6.25% /1.00%		11.55%		10/20/2029		3,695,479		3,611,151			3,675,499			0.54	%
Medrina, LLC Revolving Facility		(1)(2)(3)(4)(5)(6)(7)(8)(10)		3M SOFR + 0.50% /1.00%		0.50%		10/20/2029		—		(11,255	)		—			0.00	%
NORA Acquisition, LLC Revolving Credit		(1)(2)(3)(4)(5)(6)(7)(8)(10)		3M SOFR + 0.50% /1.00%		0.50%		8/31/2029		—		(8,521	)		—			0.00	%
NORA Acquisition, LLC Term Loan A		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 6.35% /1.00%		11.28%		8/31/2029		3,079,518		3,008,757			3,013,095			0.44	%
North Haven USHC Acquisition, Inc. Fourth Amendment Delayed Draw Term Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 6.35% /1.00%		11.65%		10/30/2025		337,306		315,722			336,544			0.05	%
North Haven USHC Acquisition, Inc. Fourth Amendment Term Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 6.35% /1.00%		11.63%		10/30/2025		2,693,108		2,677,127			2,693,108			0.39	%
OIA Acquisition, LLC Effective Date Term Loan		(1)(2)(3)(4)(5)(7)(11)		3M SOFR + 5.35% /1.00%		9.60%		10/19/2027		4,924,051		4,894,038			4,924,051			0.72	%
Premise Health Holding Corp. Initial Term Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 5.50% /0.75%		10.76%		3/3/2031		1,542,770		1,531,753			1,541,956			0.23	%
RCP TCT, LLC Initial Term Loan		(1)(2)(3)(4)(5)(7)(11)		1M SOFR + 5.01% /1.00%		10.26%		12/31/2027		4,048,230		4,025,058			4,029,177			0.59	%
Salt Dental Collective, LLC Delayed Draw Term Loan		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 6.85% /1.00%		11.70%		2/15/2028		4,956,250		4,915,329			4,887,473			0.72	%
TheKey, LLC Tranche B-1 Delayed Draw Term Loan		(1)(2)(3)(4)(5)(7)(11)		3M SOFR + 5.10% /1.00%		10.35%		3/30/2027		1,839,784		1,830,242			1,777,974			0.26	%
TheKey, LLC Tranche B-1 Term Loan		(1)(2)(3)(4)(5)(7)(11)		3M SOFR + 5.10% /1.00%		10.35%		3/30/2027		90,272		89,804			87,240			0.01	%
TVG Shelby Buyer, Inc. Amendment No. 6 Incremental Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(8)(10)		3M SOFR + 1.00% /1.00%		1.00%		3/27/2028		—		(11,431	)		—			0.00	%
TVG Shelby Buyer, Inc. Amendment No. 6 Incremental Term Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 5.75% /1.00%		10.35%		3/27/2028		2,493,750		2,458,392			2,458,352			0.36	%
TVG Shelby Buyer, Inc. Revolving Credit Loan		(1)(2)(3)(4)(5)(6)(7)(8)(10)		3M SOFR + 0.50% /1.00%		0.50%		3/27/2028		—		(3,440	)		(1,397	)		0.00	%
US Fertility Enterprises, LLC Initial Term Loan		(1)(2)(3)(4)(5)(7)(11)		3M SOFR + 6.51% /1.00%		11.76%		12/21/2027		4,924,051		4,894,529			4,924,051			0.72	%
Vital Purchaser, LLC Initial Term Loan		(1)(2)(3)(4)(5)(7)		3M SOFR + 5.50% /1.00%		10.63%		8/7/2030		5,508,000		5,399,117			5,397,840			0.79	%
Vital Purchaser, LLC Revolving Loan		(1)(2)(3)(4)(5)(6)(7)(8)		3M SOFR + 0.50% /1.00%		0.50%		8/7/2030		—		20,218			—			0.00	%
											$	102,737,170		$	103,005,881			15.09	%

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

15

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

September 30, 2024

Investments	Footnotes		Reference Rate Spread / Floor		Cash Interest Rate / PIK Rate		Maturity Date		Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Health Care Technology
Bobcat Purchaser, LLC Delayed Draw Term Loan		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 4.79% /0.75%		9.39%		6/14/2030	$	471,428	$	461,574		$	471,428			0.07	%
Bobcat Purchaser, LLC Term Loan		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 4.79% /0.75%		9.39%		6/14/2030		1,508,572		1,477,008			1,498,270			0.22	%
GHA Buyer, Inc. (aka Cedar Gate) Amendment Number Five Term Loan		(1)(2)(3)(4)(5)(7)(12)		1M SOFR + 5.50% /1.00%		10.10%		6/24/2026		165,407		164,321			164,244			0.02	%
GHA Buyer, Inc. (aka Cedar Gate) Amendment Number Four Term Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 5.50% /1.00%		10.10%		6/24/2026		2,020,390		2,007,117			2,005,237			0.29	%
GHA Buyer, Inc. (aka Cedar Gate) Amendment Number Six Term Loan		(1)(2)(3)(4)(5)(6)(7)(12)		3M SOFR + 5.50% /1.00%		10.10%		6/24/2026		577,103		573,303			572,765			0.08	%
GHA Buyer, Inc. (aka Cedar Gate) Amendment Number Three Term Loan		(1)(2)(3)(4)(5)(6)(7)(12)		3M SOFR + 6.00% /1.00%		10.83%		6/24/2026		552,542		552,542			548,387			0.08	%
GHA Buyer, Inc. (aka Cedar Gate) Delayed Draw Term Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 5.50% /1.00%		10.10%		6/24/2026		156,232		155,206			155,178			0.02	%
GHA Buyer, Inc. (aka Cedar Gate) Revolving Loan		(1)(2)(3)(4)(5)(6)(7)(8)		3M SOFR + 0.50% / 1.00%		0.50%		6/24/2026		—		(1,758	)		(1,821	)		0.00	%
Iodine Software, LLC Delayed Draw Term Loan		(1)(2)(3)(4)(5)(7)		3M SOFR + 5.25% /1.01%		10.10%		5/31/2027		2,059,377		2,059,377			2,059,377			0.30	%
Iodine Software, LLC Delayed Draw Term Loan Amend No. 3		(1)(2)(3)(4)(5)(6)(7)(8)		3M SOFR + 0.50% /1.00%		0.50%		5/31/2027		—		—			—			0.00	%
Iodine Software, LLC Revolver		(1)(2)(3)(4)(5)(6)(7)(8)		3M SOFR + 0.50% /1.00%		0.50%		5/31/2027		—		—			—			0.00	%
Iodine Software, LLC Term Loan B		(1)(2)(3)(4)(5)(7)		3M SOFR + 5.25% /1.00%		10.10%		5/31/2027		1,412,198		1,412,198			1,412,198			0.21	%
Medical Technology Solutions, LLC Delayed Draw C Term Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 6.40% /1.00%		11.65%		4/27/2026		1,291,472		1,269,600			1,291,472			0.19	%
Medical Technology Solutions, LLC Delayed Draw D Term Loan		(1)(2)(3)(4)(5)(6)(7)(8)(12)		3M SOFR + 0.00% /1.00%		0.00%		4/27/2026		—		(2,640	)		—			0.00	%
Medical Technology Solutions, LLC Sixth Amendment Term Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 6.40% /1.00%		11.65%		4/27/2026		1,414,545		1,390,977			1,398,032			0.21	%
											$	11,518,825		$	11,574,767			1.69	%
Heavy Electrical Equipment
Faraday Buyer, LLC Delayed Draw Term Loan (MacLean Power Systems)		(1)(2)(3)(4)(5)(6)(7)(8)(10)		3M SOFR + 1.00% /1.00%		1.00%		10/11/2028	$	—	$	(748	)	$	(1,266	)		0.00	%
Faraday Buyer, LLC First Amendment Term Loan (MacLean Power Systems)		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 6.00% /1.00%		10.60%		10/11/2028		582,186		573,799			580,251			0.08	%
											$	573,051		$	578,985			0.08	%
Highways & Railtracks
R1 Holdings, LLC Initial Term Loan		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 6.25% /1.00%		11.10%		12/29/2028	$	4,937,186	$	4,896,116		$	4,876,620			0.71	%
Hotels, Resorts & Cruise Lines
Pyramid Management Advisors, LLC Term Loan		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 5.25% /1.25%		10.53%		1/19/2028	$	4,937,343	$	4,801,281		$	4,937,343			0.72	%
Household Appliances
Evriholder Acquisition, Inc. Initial Term Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 6.85% /1.50%		11.70%		1/24/2028	$	3,922,463	$	3,879,810		$	3,892,100			0.57	%
WF Enterprises, Inc. Term Loan A		(1)(2)(3)(4)(5)(7)(11)		3M SOFR + 4.35% /1.00%		8.60%		11/9/2027		4,578,187		4,551,067			4,557,180			0.67	%
											$	8,430,877		$	8,449,280			1.24	%
Housewares & Specialties
AmerCareRoyal, LLC Delayed Draw Term Loan A		(1)(2)(3)(4)(5)(6)(7)(8)		3M SOFR + 1.00% /1.00%		1.00%		9/6/2031	$	—	$	—		$	—			0.00	%
AmerCareRoyal, LLC Delayed Draw Term Loan B		(1)(2)(3)(4)(5)(6)(7)(8)		3M SOFR + 1.00% /1.00%		1.00%		9/6/2031		—		(6,414	)		(6,414	)		0.00	%
AmerCareRoyal, LLC Revolver		(1)(2)(3)(4)(5)(6)(7)		3M SOFR + 8.00% /1.00%		12.00%		12/31/2049		436,747		424,728			424,699			0.06	%
AmerCareRoyal, LLC Term Loan		(1)(2)(3)(4)(5)(7)		3M SOFR + 5.00% /1.00%		9.85%		12/31/2049		8,132,530		8,051,439			8,051,205			1.18	%

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

16

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

September 30, 2024

Investments	Footnotes		Reference Rate Spread / Floor		Cash Interest Rate / PIK Rate		Maturity Date		Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Housewares & Specialities (continued)
Axis Portable Air, LLC Fifth Amendment Delayed Draw Term Loan		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 5.90% /1.00%		10.50%		3/22/2028		3,619,387		3,588,336			3,532,077			0.52	%
Axis Portable Air, LLC Initial Term Loan		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 5.90% /1.00%		10.50%		3/22/2028		874,963		867,292			868,079			0.12	%
Axis Portable Air, LLC Revolver		(1)(2)(3)(4)(5)(6)(7)(8)		3M SOFR + 0.50% /1.00%		0.50%		3/22/2028		—		(8,531	)		(8,730	)		0.00	%
Axis Portable Air, LLC Sixth Amendment Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)		3M SOFR + 5.85% /1.00%		10.50%		3/22/2028		1,794,484		1,765,796			1,765,384			0.26	%
TPC US Parent, LLC Fourth Amendment Incremental Term Loan A		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 5.65% /1.00%		10.98%		11/22/2025		746,250		737,006			735,803			0.11	%
											$	15,419,652		$	15,362,103			2.25	%
Human Resource & Employment Services
Accurate Background, LLC Fourth Amendment Incremental Term Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 6.43% /1.00%		11.60%		3/26/2027	$	7,980,000	$	7,833,304		$	7,837,706			1.15	%
PCS Midco, Inc. Closing Date Term Loan		(1)(2)(3)(4)(5)(7)		3M SOFR + 5.75% /1.00%		10.81%		3/1/2030		1,828,268		1,800,289			1,801,758			0.26	%
PCS Midco, Inc. Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)		3M SOFR + 5.75% /1.00%		10.81%		3/1/2030		1,978		1,706			1,706			0.00	%
PCS Midco, Inc. Revolving Credit Loan		(1)(2)(3)(4)(5)(6)(7)		3M SOFR + 5.75% /1.00%		10.81%		3/1/2030		3,281		3,012			3,009			0.00	%
											$	9,638,311		$	9,644,179			1.41	%
Industrial Machinery
Astro Acquisition, LLC 2024 Term Loan		(1)(2)(3)(4)(5)(7)(11)		3M SOFR + 5.50% /1.00%		10.10%		12/13/2027	$	7,960,000	$	7,889,230		$	7,808,683			1.14	%
ISG Enterprises, LLC Delayed Draw Term Loan (2023)		(1)(2)(3)(4)(5)(6)(7)(10)		3M SOFR + 5.75% /1.00%		10.03%		12/7/2028		5,682,408		5,602,474			5,682,408			0.83	%
Orion Group HoldCo, LLC Term Loan (Astra Services Partners)		(1)(2)(3)(4)(5)(7)(11)		3M SOFR + 6.00% /1.00%		11.60%		3/19/2027		4,415,602		4,395,265			4,403,804			0.64	%
P.T. International LLC Delayed Draw Term Loan		(1)(2)(3)(4)(5)(7)(11)		3M SOFR + 4.60% /1.00%		9.80%		6/30/2027		4,949,495		4,924,222			4,912,338			0.72	%
Sonny’s Enterprises, LLC Delayed Draw Term Loan		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 5.40% /1.00%		10.66%		8/5/2028		896,220		885,324			877,359			0.13	%
Sonny’s Enterprises, LLC Restatement Date Term Loan		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 5.40% /1.00%		10.53%		8/5/2028		4,047,894		3,999,805			3,962,702			0.58	%
Sonny’s Enterprises, LLC Amendment No.1 Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)		3M SOFR + 5.40% /0.00%		10.66%		8/5/2028		36,000		32,537			32,823			0.01	%
Tank Holding Corp. Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(8)		3M SOFR + 1.00% /0.00%		1.00%		3/31/2028		—		24,512			25,000			0.00	%
Tank Holding Corp. Initial Term Loan		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 5.90% /0.75%		10.50%		3/31/2028		4,936,869		4,873,997			4,884,272			0.72	%
											$	32,627,366		$	32,589,389			4.77	%
Insurance Brokers
Alera Group, Inc. Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(10)		3M SOFR + 5.75% /1.00%		10.60%		10/2/2028	$	202,327	$	184,200		$	184,175			0.03	%
Alkeme Intermediary Holdings, LLC Seventh Amendment Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)		3M SOFR + 5.75% /1.00%		11.00%		10/28/2026		4,325,477		4,236,995			4,276,894			0.63	%
High Street Buyer, Inc. 3/2024 Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(8)(12)		3M SOFR + 1.00% /1.00%		1.00%		4/14/2028		—		—			—			0.00	%
High Street Buyer, Inc. 7/2024 Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(8)		3M SOFR + 1.00% /0.00%		1.00%		12/31/2049		—		—			—			0.00	%
Inszone Mid, LLC A&R Delayed Draw Term Loan Facility		(1)(2)(3)(4)(5)(6)(7)(10)		3M SOFR + 5.75% /1.00%		10.00%		11/30/2029		454,784		452,115			454,784			0.07	%
Inszone Mid, LLC A&R Term Loan Facility		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 5.75% /1.00%		10.00%		11/30/2029		745,576		745,576			745,576			0.11	%
Integrity Marketing Acquisition, LLC Term Loan Amendment No. 15		(1)(2)(3)(4)(5)(7)		3M SOFR + 9.59% /0.75%		9.59%		8/27/2026		12,500,000		12,475,000			12,475,000			1.83	%
Keystone Agency Partners LLC Term A Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 5.00% /1.00%		9.60%		5/3/2027		2,969,482		2,945,851			2,949,435			0.43	%
Oakbridge Insurance Agency LLC Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(10)		3M SOFR + 5.50% /0.75%		10.66%		11/1/2029		18,072		17,861			18,072			0.00	%

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

17

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

September 30, 2024

Investments	Footnotes		Reference Rate Spread / Floor		Cash Interest Rate / PIK Rate		Maturity Date		Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Insurance Brokers (continued)
Oakbridge Insurance Agency LLC Term Loan		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 5.50% /0.75%		10.66%		11/1/2029		451,726		448,641			451,726			0.07	%
Peter C. Foy & Associates Insurance Services, LLC Incremental Term Loan		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 6.50% /0.75%		11.35%		11/1/2028		2,475,000		2,429,245			2,428,005			0.35	%
Peter C. Foy & Associates Insurance Services, LLC Tranche E Delayed Term Loan		(1)(2)(3)(4)(5)(6)(7)		3M SOFR + 5.50% /0.75%		10.35%		11/1/2028		372,387		365,780			365,327			0.05	%
Peter C. Foy & Associates Insurance Services, LLC Tranche E Delayed Term Loan		(1)(2)(3)(4)(5)(6)(7)(10)		3M SOFR + 5.50% /0.75%		10.35%		11/1/2028		3,245,117		3,205,131			3,225,675			0.47	%
Worldwide Insurance Network, LLC DDTL		(1)(2)(3)(4)(5)(6)(7)(10)		3M SOFR + 5.81% /0.75%		10.87%		5/28/2030		655,787		646,338			655,787			0.10	%
Worldwide Insurance Network, LLC Term Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 5.70% /0.75%		10.77%		5/28/2030		2,499,418		2,475,996			2,476,908			0.36	%
											$	30,628,729		$	30,707,365			4.50	%
Interactive Home Entertainment
Five Star Buyer, Inc. Delayed Draw Term Loan		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 7.15% /1.50%		12.21%		2/23/2028	$	55,696	$	54,338		$	54,248			0.01	%
Track Branson Opco, LLC, The Revolving Loan		(1)(2)(3)(4)(5)(6)(7)(8)(10)		3M SOFR + 0.50% /1.50%		0.50%		2/23/2028		—		(5,394	)		(1,094	)		0.00	%
Track Branson OpCo, LLC, The Term Loan A		(1)(2)(3)(4)(5)(7)(10)		1M SOFR + 7.15% /1.50%		12.21%		2/23/2028		1,602,432		1,565,606			1,562,372			0.23	%
											$	1,614,550		$	1,615,526			0.24	%
Internet & Direct Marketing Retail
Berlin Rosen Acquisition, LLC Revolver		(1)(2)(3)(4)(5)(6)(7)		3M SOFR + 5.50% /1.00%		10.52%		1/14/2027	$	300,243	$	288,997		$	288,984			0.04	%
Berlin Rosen Acquisition, LLC Revolver		(1)(2)(3)(4)(5)(6)(7)(10)		3M SOFR + 5.50% /1.00%		10.52%		1/14/2027		300,243		288,997			288,984			0.04	%
Berlin Rosen Acquisition, LLC Small Girls Term Loan		(1)(2)(3)(4)(5)(7)		3M SOFR + 5.75% /0.00%		10.34%		1/14/2027		1,822,804		1,800,039			1,800,019			0.26	%
Berlin Rosen Acquisition, LLC Small Girls Term Loan		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 5.75% /0.00%		10.34%		1/14/2027		1,822,804		1,800,039			1,800,019			0.26	%
Berlin Rosen Acquisition, LLC Term Loan		(1)(2)(3)(4)(5)(7)		3M SOFR + 5.50% /1.00%		10.80%		1/14/2027		3,526,468		3,482,444			3,482,387			0.51	%
Berlin Rosen Acquisition, LLC Term Loan		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 5.50% /1.00%		10.80%		1/14/2027		3,526,468		3,482,444			3,482,387			0.51	%
												11,142,961		$	11,142,780			1.62	%
Internet Services & Infrastructure
Bridgepointe Technologies, LLC Delayed Draw Term Loan (2024)		(1)(2)(3)(4)(5)(6)(7)		3M SOFR + 9.92% /1.00%		9.92%		1/3/2028	$	49,244	$	(19,273	)	$	(21,756	)		0.00	%
Investment Banking & Brokerage
Cherry Bekaert Advisory LLC Amendment No. 1 Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(12)		3M SOFR + 5.25% /0.75%		10.10%		6/30/2028	$	713,280	$	693,956		$	713,280			0.10	%
Cherry Bekaert Advisory LLC Amendment No. 1 Term Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 5.25% /0.75%		10.10%		6/30/2028		2,167,996		2,143,784			2,156,180			0.32	%
DOXA Insurance Holdings LLC Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(10)		3M SOFR + 5.50% /0.75%		10.56%		12/20/2030		411,414		409,327			411,414			0.06	%
DOXA Insurance Holdings LLC Initial Term Loan		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 5.25% /0.75%		10.06%		12/20/2030		497,838		497,838			497,838			0.07	%
											$	3,744,905		$	3,778,712			0.55	%
IT Consulting & Other Services
ACP Avenu Buyer, LLC Delayed TL		(1)(2)(3)(4)(5)(6)(7)(12)		3M SOFR + 5.25% /1.00%		10.58%		10/2/2029	$	273,422	$	263,282		$	273,422			0.04	%
ACP Avenu Buyer, LLC Revolving Credit		(1)(2)(3)(4)(5)(6)(7)(12)		3M SOFR + 5.25% /1.00%		10.58%		10/2/2029		59,598		53,637			53,935			0.01	%
ACP Avenu Buyer, LLC Term Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 5.25% /1.00%		10.58%		10/2/2029		1,549,615		1,514,663			1,516,855			0.22	%
Alta Buyer, LLC Delayed Draw Term Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 5.00% /1.00%		9.60%		12/21/2027		1,111,371		1,096,732			1,110,884			0.16	%
Alta Buyer, LLC Incremental Term Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 5.00% /1.00%		9.60%		12/21/2027		574,168		574,342			568,427			0.08	%

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

18

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

September 30, 2024

Investments	Footnotes		Reference Rate Spread / Floor		Cash Interest Rate / PIK Rate		Maturity Date		Outstanding Principal		Cost*			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
IT Consulting & Other Services (continued)
Alta Buyer, LLC Initial Term Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 5.00% /1.00%		9.60%		12/21/2027		3,771,516		3,722,666			3,717,380			0.54	%
Aptean Acquiror Inc. Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(12)		3M SOFR + 5.25% /0.75%		10.06%		1/30/2031		12,205		8,477			12,205			0.00	%
Aptean Acquiror Inc. Revolving Credit		(1)(2)(3)(4)(5)(6)(7)(8)(12)		3M SOFR + 0.50% /0.75%		0.50%		1/30/2031		—		(4,039	)		—			0.00	%
Aptean Acquiror Inc. Term Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 5.25% /0.75%		10.10%		1/30/2031		4,943,563		4,899,572			4,938,301			0.72	%
Argano, LLC Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(8)		3M SOFR + 1.00% /1.00%		1.00%		9/13/2029		—		(10,755	)		(10,870	)		0.00	%
Argano, LLC Initial Term Loan		(1)(2)(3)(4)(5)(7)		3M SOFR + 5.75% /1.00%		10.85%		9/13/2029		9,963,768		9,815,194			9,814,312			1.44	%
Argano, LLC Revolving Credit Loan		(1)(2)(3)(4)(5)(6)(7)(8)		3M SOFR + 0.50% /1.00%		0.50%		9/13/2029		—		(5,381	)		(5,435	)		0.00	%
BCM One, Inc. Initial Term Loan		(1)(2)(3)(4)(5)(7)(11)		3M SOFR + 4.60% /1.00%		9.45%		11/17/2027		4,678,631		4,658,393			4,678,631			0.69	%
By Light Professional IT Services LLC Existing Term Loan		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 6.98% /1.00%		12.18%		5/16/2025		1,881,005		1,869,758			1,881,005			0.28	%
Enverus Holdings, Inc. Revolving Loan		(1)(2)(3)(4)(5)(6)(7)(12)		3M SOFR + 5.50% /0.75%		10.35%		12/24/2029		25,877		20,552			25,877			0.00	%
Enverus Holdings, Inc.Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(8)(12)		3M SOFR + 1.00% /0.75%		1.00%		12/24/2029		—		(1,755	)		—			0.00	%
Enverus Holdings, Inc.Term Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 5.50% /0.75%		10.35%		12/24/2029		5,301,544		5,231,086			5,242,036			0.77	%
Guidepoint Security Holdings, LLC Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(8)(10)		3M SOFR + 1.00% /1.00%		1.00%		10/2/2029		—		—			—			0.00	%
Guidepoint Security Holdings, LLC Term Loan A		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 6.00% /1.00%		10.85%		10/2/2029		300,347		300,347			300,347			0.04	%
IG Investments Holdings, LLC Closing Date Term Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 6.10% /0.75%		11.35%		9/22/2028		5,953,964		5,953,964			5,953,964			0.87	%
Improving Holdco, Inc. Term Loan (Improving Enterprises)		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 6.75% /1.00%		11.19%		7/26/2027		3,447,500		3,370,752			3,365,508			0.49	%
Lighthouse Technologies Holding Corp. First Amendment Incremental Term Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 5.10% /1.00%		9.95%		4/30/2025		175,387		175,084			175,387			0.03	%
Lighthouse Technologies Holding Corp. Initial Term Loan		(1)(2)(3)(4)(5)(7)(12)		3M SOFR + 5.10% /1.00%		9.95%		4/30/2025		11,437,690		11,403,364			11,437,690			1.67	%
Lighthouse Technologies Holding Corp. Revolving Loan		(1)(2)(3)(4)(5)(6)(7)(8)(12)		3M SOFR + 0.50% /1.00%		0.50%		4/30/2025		—		(1,256	)		—			0.00	%
Rural Sourcing Holdings, Inc. Delayed Draw Term Loan		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 5.75% /1.00%		10.35%		6/15/2029		350,240		341,283			347,394			0.05	%
Rural Sourcing Holdings, Inc. Revolving Loan		(1)(2)(3)(4)(5)(6)(7)(8)(10)		3M SOFR + 0.50% /1.00%		0.50%		6/15/2029		—		(6,113	)		—			0.00	%
Rural Sourcing Holdings, Inc. Tranche B Term Loan		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 5.75% /1.00%		11.01%		6/15/2029		1,564,200		1,525,894			1,524,284			0.22	%
Upstack Holdco Inc. Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(8)		3M SOFR + 0.75% /0.75%		0.75%		8/22/2031		—		(15,362	)		(15,625	)		0.00	%
Upstack Holdco Inc. Revolving Credit Loan		(1)(2)(3)(4)(5)(6)(7)(8)		3M SOFR + 0.75% /0.75%		0.75%		8/22/2031		—		(12,317	)		(12,500	)		0.00	%
Upstack Holdco Inc. Term B Loan		(1)(2)(3)(4)(5)(7)		3M SOFR + 5.00% /0.75%		10.10%		8/23/2031		8,125,000		8,043,750			8,043,750			1.18	%
VRC Companies, LLC Closing Date Term Loan		(1)(2)(3)(4)(5)(7)(10)		3M SOFR + 5.76% /1.00%		11.01%		6/29/2027		5,928,627		5,893,695			5,922,368			0.87	%
VRC Companies, LLC Third Amendment Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(10)		3M SOFR + 5.75% /1.00%		11.00%		6/29/2027		1,619,889		1,611,614			1,619,889			0.24	%
											$	72,291,123		$	72,479,421			10.61	%
Leisure Facilities
Concert Golf Partners Holdco LLC Initial Term Loan (2022)		(1)(2)(3)(4)(5)(7)(10)		6M SOFR + 4.75% /0.75%		9.63%		4/1/2030	$	4,936,869	$	4,936,869		$	4,848,354			0.71	%
Excel Fitness Holdings, Inc. Delayed Draw Term Loan		(1)(2)(3)(4)(5)(6)(7)(10)		3M SOFR + 5.50% /1.00%		10.10%		4/27/2029		1,333,333		1,284,563			1,333,333			0.19	%
Excel Fitness Holdings, Inc. Delayed Term Loan		(1)(2)(3)(4)(5)(6)(7)(8)(10)		3M SOFR + 1.00% /0.75%		1.00%		4/27/2029		—		—			(21,885	)		0.00	%

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

19

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

September 30, 2024

Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate		Maturity Date		Outstanding Principal		Cost*		Fair Value		Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Leisure Facilities (continued)
Excel Fitness Holdings, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.50% / 1.00%		10.10%		4/27/2029		3,316,667		3,246,819		3,316,634		0.49	%
									$	9,468,251	$	9,476,436		1.39	%
Leisure Products
BCI Burke Holding Corp. Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.76% / 1.00%		10.37%		12/14/2027	$	1,219,032	$	1,212,624	$	1,216,576		0.18	%
KSKI Holdings 2, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(10)	6M SOFR + 7.25% / 1.25%		11.85%		6/30/2028		4,950,000		4,829,750		4,712,702		0.69	%
Painful Pleasures, LLC Term Loan fka Artifex	(1)(2)(3)(4)(5)(7)(11)	1M SOFR + 6.25% / 1.00%		10.86%		8/31/2026		1,203,485		1,202,230		1,196,530		0.18	%
Painful Pleasures, LLC Third Incremental Term Loan	(1)(2)(3)(4)(5)(7)(11)	1M SOFR + 5.61% / 1.00%		10.57%		8/31/2026		3,733,459		3,717,680		3,692,998		0.54	%
									$	10,962,284	$	10,818,806		1.59	%
Life Sciences Tools & Services
KL Charlie Acquisition Company Fourth Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.85% / 1.00%		11.70%		12/30/2026	$	2,608,239	$	2,596,891	$	2,586,390		0.38	%
KL Charlie Acquisition Company Fourth Amendment Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.85% / 1.00%		11.70%		12/30/2026		1,955,992		1,932,072		1,915,359		0.28	%
KL Moon Acquisition, LLC 2024 Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 7.75% / 1.00%		13.00%		2/1/2029		652,543		635,397		587,288		0.09	%
KL Moon Acquisition, LLC Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 7.75% / 1.00%		13.00%		2/1/2029		1,636,071		1,615,178		1,472,464		0.21	%
KL Moon Acquisition, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 7.75% / 1.00%		13.08%		2/1/2029		350,864		350,864		320,090		0.05	%
RN Enterprises, LLC Seventh Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.50% / 1.00%		10.95%		12/23/2025		5,048,307		5,027,224		5,001,759		0.73	%
									$	12,157,626	$	11,883,350		1.74	%
Metal & Glass Containers
Keg Logistics LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.40% / 1.00%		11.47%		11/23/2027	$	4,443,899	$	4,392,359	$	4,374,097		0.64	%
Movies & Entertainment
Broadcast Music, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 0.75%		10.87%		2/8/2030	$	1,576,053	$	1,570,117	$	1,568,182		0.23	%
Office Services & Supplies
Ergotron Acquisition, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 5.85% / 0.75%		10.70%		7/6/2028	$	4,937,028	$	4,937,028	$	4,937,028		0.72	%
Forward Solutions, LLC Third Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 6.15% / 1.00%		10.75%		12/15/2026		553,401		513,434		524,434		0.08	%
Forward Solutions, LLC Third Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.15% / 1.00%		10.75%		12/15/2026		658,657		646,971		650,715		0.10	%
									$	6,097,433	$	6,112,177		0.90	%
Oil & Gas Equipment & Services
Jones Industrial Holdings, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 7.35% / 2.00%		12.20%		7/31/2028	$	477,146	$	453,592	$	475,463		0.07	%
Jones Industrial Holdings, Inc. Term A Loan	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 7.35% / 2.00%		12.20%		7/31/2028		2,007,229		1,925,168		1,959,227		0.29	%
									$	2,378,760	$	2,434,690		0.36	%
Other Diversified Financial Services
Citrin Cooperman Advisors LLC 2022-2 Incremental Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 0.75%		10.32%		10/1/2027	$	1,131,582	$	1,123,524	$	1,122,016		0.17	%
Citrin Cooperman Advisors LLC 2022-2 Incremental Term Loan	(1)(2)(3)(4)(5)(7)(10)	6M SOFR + 5.00% / 0.75%		10.32%		10/1/2027		3,811,498		3,740,524		3,768,292		0.55	%
Convera International Financial S.a r.l. Incremental Term Loan	(1)(3)(4)(5)(7)(9)(10)	3M SOFR + 6.15% / 0.75%		10.75%		3/1/2028		2,962,500		2,911,314		2,893,802		0.42	%
Lido Advisors, LLC Fourth Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.00% / 1.00%		10.32%		6/15/2029		631,578		613,853		616,830		0.09	%
									$	8,389,215	$	8,400,940		1.23	%

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

20

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

September 30, 2024

		Reference	Cash Interest										Percentage
		Rate	Rate /	Maturity	Outstanding								of
Investments	Footnotes	Spread / Floor	PIK Rate	Date	Principal		Cost*			Fair Value			Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Packaged Foods & Meats
Chef Merito, LLC Delayed Draw Term Loan A	(1)(2)(3)(4)(5)(7)	3M SOFR + 6.40% / 1.00%	11.48%	7/15/2028	$	425,256	$	414,697		$	418,169			0.06	%
Chef Merito, LLC Delayed Draw Term Loan B	(1)(2)(3)(4)(5)(7)	3M SOFR + 6.40% / 1.00%	11.48%	7/15/2028		425,256		414,697			418,169			0.06	%
Chef Merito, LLC Delayed Draw Term Loan C	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%	1.00%	7/15/2028		—		(8,446	)		(5,675	)		0.00	%
Chef Merito, LLC First Amendment Term Loan A	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.90% / 1.00%	11.01%	7/15/2028		2,564,751		2,497,751			2,531,084			0.37	%
Chef Merito, LLC Second Amendment Term Loan A	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.15% / 1.00%	10.75%	7/15/2028		1,138,698		1,116,849			1,119,059			0.16	%
Demakes Borrower, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 0.75%	1.00%	12/12/2029		—		—			(21	)		0.00	%
Demakes Borrower, LLC Term B Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.25% / 0.75%	11.55%	12/12/2029		345,497		345,494			345,422			0.05	%
Gastronome Acquisition, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.15% / 1.00%	9.75%	11/18/2027		4,729,986		4,703,322			4,729,986			0.69	%
Huron Bidco, INC. Incremental Term Loan B1 (KNPC Holdco)	(1)(2)(4)(5)(7)(12)	3M SOFR + 6.85% / 1.00%	11.99% / 1.00%	10/22/2029		738,881		730,124			697,788			0.10	%
KNPC Holdco, LLC Term Loan	(1)(2)(4)(5)(7)(12)	3M SOFR + 5.60% / 1.00%	10.74% / 1.00%	10/22/2029		4,901,296		4,841,495			4,777,289			0.70	%
Nellson Nutraceutical, LLC Term A-1 Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.90% / 1.00%	11.23%	12/23/2025		4,945,688		4,919,410			4,812,154			0.71	%
Patriot Foods Buyer, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 6.00% / 0.00%	10.25%	12/24/2029		4,962,500		4,906,209			4,881,320			0.72	%
Signature Brands, LLC Term Loan	(1)(2)(4)(5)(6)(7)(10)	1M SOFR + 14.82% / 1.75%	1.00% / 3.00%	5/4/2028		4,537,635		4,459,625			4,219,129			0.62	%
Signature Brands, LLC Term Loan A	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.76% / 1.75%	12.10%	5/4/2028		259,007		256,035			244,503			0.04	%
ZB Holdco LLC 2023-1 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.65% / 1.00%	10.93%	2/9/2028		194,473		190,880			194,075			0.03	%
ZB Holdco LLC 2023-1 Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.65% / 1.00%	10.25%	2/9/2028		154,641		151,869			152,301			0.02	%
							$	29,940,011		$	29,534,752			4.33	%
Paper Packaging
Arctic Holdco, LLC Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.10% / 1.00%	10.95%	12/23/2026	$	5,543,274	$	5,543,274		$	5,543,274			0.81	%
Arctic Holdco, LLC Initial Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(12)	3M SOFR + 6.10% / 1.00%	10.95%	12/23/2026		291,799		291,799			291,799			0.04	%
Innopak Industries, Inc. Fourth Amendment Term Loan Part 1	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 6.35% / 1.50%	11.46%	3/5/2027		2,722,500		2,668,748			2,672,579			0.39	%
Innopak Industries, Inc. Fourth Amendment Term Loan Part 2	(1)(2)(3)(4)(5)(7)(10)	1M SOFR + 6.35% / 1.50%	11.46%	3/5/2027		2,227,500		2,183,488			2,210,409			0.33	%
							$	10,687,309		$	10,718,061			1.57	%
Personal Products
Kinetic Purchaser, LLC—Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.15% / 1.00%	11.08%	11/10/2027	$	2,019,299	$	1,957,987		$	1,957,274			0.29	%
Loving Tan Intermediate II Inc. Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.50% / 1.00%	11.10%	5/31/2028		2,734,644		2,671,316			2,696,317			0.39	%
Loving Tan Intermediate II Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 7.00% / 1.00%	11.60%	5/31/2028		103,704		96,700			103,704			0.02	%
Phoenix YW Buyer, Inc. Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(8)(12)	3M SOFR + 0.50% / 1.00%	0.50%	5/31/2030		—		(16,135	)		(3,212	)		0.00	%
Phoenix YW Buyer, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%	9.85%	5/31/2030		8,841,477		8,714,615			8,816,487			1.29	%
RoC Holdco LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.00% / 0.75%	11.33%	2/21/2031		4,246,660		4,208,942			4,172,667			0.61	%
RoC Holdco LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(8)(12)	3M SOFR + 0.50% / 1.00%	0.50%	2/21/2030		—		(6,610	)		(5,535	)		0.00	%
							$	17,626,815		$	17,737,702			2.60	%

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

21

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

September 30, 2024

		Reference	Cash Interest										Percentage
		Rate	Rate /	Maturity	Outstanding								of
Investments	Footnotes	Spread / Floor	PIK Rate	Date	Principal		Cost*			Fair Value			Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Pharmaceuticals
Bamboo US BidCo LLC Initial Delayed Draw Term Loan	(1)(2)(4)(5)(6)(7)(10)	3M SOFR + 10.13% / 1.00%	1.00% / 3.75%	9/30/2030	$	52,059	$	51,410		$	52,059			0.01	%
Bamboo US BidCo LLC Initial Dollar Term Loan	(1)(2)(4)(5)(7)(10)	3M SOFR + 3.38% / 1.00%	11.25% / 3.75%	9/30/2030		702,200		695,251			699,104			0.10	%
Pet FLavor, LLC Term A Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 6.00% / 1.00%	10.60%	12/15/2026		4,985,933		4,962,440			4,932,993			0.72	%
PharmaLogic Holdings Corp. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%	1.00%	6/21/2030		—		(18,633	)		(18,507	)		0.00	%
PharmaLogic Holdings Corp. Initial U.S. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%	9.85%	6/21/2030		7,390,803		7,281,866			7,280,569			1.07	%
Sequon, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 6.26% / 1.00%	10.87%	12/29/2026		4,925,554		4,901,319			4,863,078			0.71	%
							$	17,873,653		$	17,809,296			2.61	%
Real Estate Development
Discovery SL Management, LLC Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 1.00%	10.76%	3/18/2030	$	1,741,250	$	1,729,213		$	1,719,277			0.25	%
Discovery SL Management, LLC Delayed Draw Term Loan A	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 1.00%	10.76%	3/18/2030		291,574		289,773			291,332			0.04	%
Discovery SL Management, LLC Delayed Draw Term Loan B	(1)(2)(3)(4)(5)(6)(7)(8)(12)	3M SOFR + 1.00% / 1.00%	1.00%	3/18/2030		—		(1,183	)		(1,008	)		0.00	%
Discovery SL Management, LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(8)(12)	3M SOFR + 0.50% / 1.00%	0.50%	3/18/2030		—		(1,560	)		(151	)		0.00	%
Liberty Purchaser, LLC Revolving Loan (Magna Legal Services)	(1)(2)(3)(4)(5)(6)(7)(8)(12)	3M SOFR + 6.50% / 1.00%	6.50%	11/22/2028		—		—			—			0.00	%
							$	2,016,243		$	2,009,450			0.29	%
Real Estate Operating Companies
Associations, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 0.50% / 1.00%	0.50%	7/3/2028	$	—	$	(405	)	$	(1,122	)		0.00	%
Associations, Inc. Special Purpose Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 0.00% / 1.00%	0.00%	7/2/2028		—		(488	)		(1,400	)		0.00	%
Associations, Inc. Term Loan A	(1)(2)(4)(5)(7)(10)	3M SOFR + 6.76% / 0.00%	12.00% / 2.50%	7/2/2028		6,989,206		6,951,919			6,934,226			1.02	%
							$	6,951,026		$	6,931,704			1.02	%
Real Estate Services
BBG, Inc. Initial Term Loan	(1)(2)(4)(5)(7)(10)	1M SOFR + 6.36% / 1.00%	23.80% / 5.75%	1/8/2026	$	6,216,111	$	5,987,763		$	5,665,215			0.83	%
Vacation Rental Brands, LLC Delayed Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%	1.00%	9/8/2031		—		(10,272	)		(10,371	)		0.00	%
Vacation Rental Brands, LLC Revolving Credit	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%	0.50%	9/8/2031		—		(9,137	)		(9,218	)		0.00	%
Vacation Rental Brands, LLC Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.50% / 1.00%	10.49%	9/8/2031		5,377,296		5,297,383			5,296,637			0.77	%
							$	11,265,737		$	10,942,263			1.60	%
Research & Consulting Services
Accordion Partners LLC Delayed Draw Term A Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.50% / 0.00%	11.10%	8/29/2029	$	573,123	$	565,964		$	566,126			0.08	%
Accordion Partners LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.25% / 0.75%	10.85%	8/29/2029		3,645,289		3,599,765			3,577,781			0.52	%
Accordion Partners LLC Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 6.00% / 1.00%	11.10%	8/31/2028		145,591		142,216			144,943			0.02	%
Accordion Partners LLC Third Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.50% / 1.00%	11.57%	8/29/2029		435,576		430,219			434,064			0.06	%
BDO USA, P.C. Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.00% / 2.00%	10.85%	8/31/2028		4,950,000		4,866,029			4,836,468			0.71	%
BNI Global, LLC Dollar Delayed Draw Term Loan (2021)	(1)(2)(3)(4)(5)(7)(12)	1M SOFR + 5.60% / 1.00%	10.45%	5/1/2027		1,897,225		1,877,079			1,876,925			0.27	%
BNI Global, LLC Initial Dollar Term Loan	(1)(2)(3)(4)(5)(7)(12)	1M SOFR + 5.60% / 1.00%	10.45%	5/1/2027		4,798,063		4,746,341			4,748,867			0.70	%
BNI Global, LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(8)(12)	3M SOFR + 0.50% / 1.00%	0.50%	5/1/2027		—		(2,750	)		—			0.00	%

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

22

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

September 30, 2024

		Reference	Cash Interest										Percentage
		Rate	Rate /	Maturity	Outstanding								of
Investments	Footnotes	Spread / Floor	PIK Rate	Date	Principal		Cost*			Fair Value			Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Research & Consulting Services (continued)
CSG Buyer, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 1.00% / 1.00%	1.00%	7/29/2029		—		(2,703	)		(14,182	)		0.00	%
CSG Buyer, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.00% / 1.00%	11.25%	7/29/2029		5,512,500		5,444,619			5,439,730			0.80	%
CSG Buyer, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 1.00%	0.50%	7/29/2029		—		(4,455	)		(4,727	)		0.00	%
Ethos Risk Services, LLC Delayed Draw Term C Loan	(1)(2)(3)(4)(5)(6)(7)(8)(12)	3M SOFR + 0.75% / 1.00%	0.75%	5/1/2027		—		(33,658	)		(11,019	)		0.00	%
Ethos Risk Services, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 1.00%	10.60%	5/1/2027		5,293,333		5,224,697			5,203,030			0.76	%
First Legal Buyer, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.75% / 1.00%	0.75%	7/1/2031		—		(6,716	)		(7,618	)		0.00	%
First Legal Buyer, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.25% / 1.00%	9.85%	7/1/2030		186,139		179,549			178,713			0.03	%
First Legal Buyer, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%	9.85%	7/1/2031		5,118,816		5,083,197			5,077,976			0.74	%
Gerson Lehrman Group, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.40% / 1.00%	10.00%	12/13/2027		4,974,490		4,891,332			4,971,131			0.73	%
Liberty Purchaser, LLC Delayed Draw Term Loan (Magna Legal Services)	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.60% / 0.75%	11.66%	11/22/2029		1,177,400		1,177,400			1,177,400			0.17	%
Liberty Purchaser, LLC Initial Term Loan (Magna Legal Services)	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.60% / 0.75%	11.66%	11/22/2029		4,205,817		4,205,817			4,205,817			0.62	%
ManTech International Corporation 2024 Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 0.75%	10.25%	9/14/2029		4,214,317		4,213,702			4,214,317			0.62	%
ManTech International Corporation Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 0.75%	1.00%	9/14/2029		—		(69,701	)		—			0.00	%
Sagebrush Buyer, LLC Revolving Credit	(1)(2)(3)(4)(5)(6)(7)(8)	3M SOFR + 0.50% / 0.00%	0.50%	7/16/2031		—		(11,272	)		—			0.00	%
Sagebrush Buyer, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 1.00%	10.10%	7/11/2031		6,707,328		6,609,292			6,606,750			0.97	%
Smartronix, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.10% / 1.00%	10.35%	11/23/2028		4,949,109		4,938,409			4,891,450			0.72	%
SourceHOV Tax, LLC Initial Term A Loan	(1)(2)(3)(4)(5)(7)(11)	6M SOFR + 6.01% / 1.00%	10.62%	4/6/2028		4,924,433		4,893,905			4,668,126			0.68	%
Vensure Employer Services, Inc. Initial Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 0.50% / 1.00%	0.50%	9/18/2027		—		(6,884	)		(6,910	)		0.00	%
Vensure Employer Services, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 1.00%	9.59%	9/18/2027		4,867,936		4,819,469			4,819,257			0.70	%
Vensure Employer Services, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 1.00%	9.59%	9/18/2027		4,867,936		4,819,469			4,819,257			0.70	%
							$	72,590,331		$	72,413,672			10.60	%
Restaurants
Ampler Qsr Holdings LLC 2024 Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.10% / 1.00%	11.48%	7/21/2027	$	5,127,150	$	5,087,363		$	5,076,963			0.74	%
Soft Drinks
Refresh Buyer, LLC Delayed Term Loan (Sunny Sky Products)	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 4.25% / 0.75%	8.85%	12/23/2028	$	4,924,623	$	4,891,665		$	4,888,473			0.72	%
Specialized Consumer Services
3 Step Sports LLC Delayed Draw Term Loan	(1)(2)(4)(5)(6)(7)(10)	3M SOFR + 8.00% / 1.00%	1.50% / 1.50%	10/2/2029	$	148,829	$	138,539		$	148,829			0.02	%
3 Step Sports LLC Initial Term Loan	(1)(2)(4)(5)(7)(10)	3M SOFR + 8.00% / 1.00%	13.33% / 1.50%	10/2/2029		682,023		668,504			670,462			0.10	%
Anderson Group Holdings, LLC Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 4.76% / 1.00%	10.01%	12/25/2028		4,936,709		4,908,504			4,909,791			0.72	%
Any Hour LLC Delayed Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.00% / 0.50%	10.28%	5/23/2030		201,055		184,887			198,977			0.03	%
Any Hour LLC Revolving Credit	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.00% / 0.50%	10.12%	5/23/2030		332,468		317,744			317,510			0.05	%
Any Hour LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.00% / 0.50%	9.60%	5/23/2030		7,099,091		6,995,844			6,996,890			1.02	%

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

23

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

September 30, 2024

		Reference	Cash Interest										Percentage
		Rate	Rate /	Maturity	Outstanding								of
Investments	Footnotes	Spread / Floor	PIK Rate	Date	Principal		Cost*			Fair Value			Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Specialized Consumer Services (continued)
Arcticom Group Delayed Draw Term Loan	(1)(2)(4)(5)(7)(10)	3M SOFR + 6.25 % / 1.00 %	12.70% / 4.00%	12/22/2027		46,252		46,026			46,252			0.01	%
Arcticom Group Delayed Draw Term Loan D	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 0.00% / 0.00%	0.00%	12/31/2049		—		—			( 201	)		0.00	%
Arcticom Group Term Loan	(1)(2)(4)(5)(7)(10)	3M SOFR + 7.50 % / 1.00 %	12.35% / 4.00%	12/22/2027		197,368		196,438			197,368			0.03	%
Arcticom Group Third Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 3.50 % / 0.00 %	8.70%	12/31/2049		49,325		48,417			48,412			0.01	%
KL Stockton Intermediate II, LLC PIK Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 13.00 % /  0.50 %	13.00%	5/23/2031		1,842,674		1,808,040			1,807,035			0.26	%
Modigent, LLC Delayed Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 6.50 % / 0.75 %	11.82%	8/23/2028		127,084		127,084			127,084			0.02	%
VPP Intermediate Holdings, LLC Amendment No. 3 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(10)	1M SOFR + 5.50 % / 1.00 %	10.62%	12/1/2027		444,528		435,241			422,701			0.06	%
W. A. Kendall And Company, LLC Incremental Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.93 % / 1.00 %	11.22%	4/22/2030		2,992,500		2,956,731			2,953,829			0.43	%
W.A. Kendall and Company, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 6.05 % / 1.00 %	11.07%	4/22/2028		4,922,372		4,892,043			4,835,503			0.71	%
							$	23,724,042		$	23,680,442			3.47	%
Specialty Chemicals
Charkit Chemical Company, LLC Term Loan A	(1)(2)(3)(4)(5)(7)(11)	3M SOFR + 5.03 % / 1.00 %	9.63%	12/29/2026	$	4,267,616	$	4,245,106		$	4,261,863			0.62	%
Rocket BidCo, Inc. Term Loan (Recochem)	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75 % / 1.00 %	11.00%	11/1/2030		11,250,000		11,031,782			11,035,374			1.62	%
							$	15,276,888		$	15,297,237			2.24	%
Specialty Stores
Saldon Holdings, Inc. Fourth Amendment Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.10 % / 1.00 %	10.95%	3/13/2026	$	599,961	$	599,961		$	599,945			0.09	%
Saldon Holdings, Inc. Initial DD T L Loan	(1)(2)(3)(4)(5)(6)(7)(8)(12)	3M SOFR + 1.00 % / 1.00 %	1.00%	3/13/2026		—		—			(3	)		0.00	%
							$	599,961		$	599,942			0.09	%
Systems Software
ACP Falcon Buyer, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 0.50 % / 1.00 %	0.50%	8/1/2029	$	—	$	( 7,142	)	$	—			0.00	%
ACP Falcon Buyer, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.50 % / 1.00 %	10.83%	8/1/2029		2,152,074		2,099,494			2,116,444			0.31	%
Computer Services, Inc. 2024-1 Incremental Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25 % / 1.00 %	10.27%	11/15/2029		517,103		508,646			517,103			0.08	%
Computer Services, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 0.50 % / 1.00 %	0.50%	11/15/2029		—		—			—			0.00	%
ES Ventures LLC Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.00 % / 1.00 %	11.33%	12/13/2028		1,327,809		1,312,833			1,312,872			0.19	%
ES Ventures LLC Term A Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.00 % / 1.00 %	11.33%	12/13/2028		935,463		924,911			924,940			0.13	%
							$	4,838,742		$	4,871,359			0.71	%
Technology Distributors
Thames Technology Holdings, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.25 % / 1.00 %	11.57%	8/31/2029	$	788,644	$	779,286		$	787,818			0.12	%
Thames Technology Holdings, Inc. First Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.25 % / 1.00 %	11.57%	8/31/2029		5,000,000		4,928,601			4,936,433			0.72	%
Thames Technology Holdings, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.25 % / 1.00 %	11.57%	8/31/2029		3,388,486		3,288,954			3,285,140			0.48	%
Thames Technology Holdings, Inc. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 0.50 % / 1.00 %	0.50%	8/31/2029		—		—			(4,170	)		0.00	%
							$	8,996,841		$	9,005,221			1.32	%

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

24

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

September 30, 2024

		Reference	Cash Interest												Percentage
		Rate	Rate /		Maturity		Outstanding								of
Investments	Footnotes	Spread / Floor	PIK Rate		Date		Principal		Cost*			Fair Value			Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Trading Companies & Distributors
AFC-Dell Holding Corp. Closing Date Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 1.00%		10.35%		4/9/2027	$	2,152,245	$	2,124,213		$	2,129,334			0.31	%
Apex Service Partners, LLC 2024 Replacement Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 0.00%		9.86%		10/24/2030		1,109,456		1,078,160			1,097,785			0.16	%
Apex Service Partners, LLC 2024 Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.00% / 0.00%		9.86%		10/24/2030		4,661,384		4,548,038			4,600,152			0.67	%
Apex Service Partners, LLC Incremental Delayed Term Loan	(1)(2)(3)(4)(5)(6)(7)	3M SOFR + 5.00% / 1.00%		9.86%		10/24/2030		406,349		386,101			386,101			0.06	%
Apex Service Partners, LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(10)	3M SOFR + 5.00% / 0.00%		9.86%		10/24/2029		145,078		141,184			141,291			0.02	%
Hultec Buyer, LLC Term Loan A	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 6.65% / 1.00%		11.71%		3/31/2029		4,936,739		4,841,103			4,816,659			0.70	%
Red Fox CD Acquisition Corparation Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.00% / 1.00%		11.33%		3/4/2030		6,965,000		6,835,859			6,876,065			1.01	%
SureWerx Purchaser III, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)(10)	3M SOFR + 1.00% / 0.75%		1.00%		12/28/2029		—		—			(1,968	)		0.00	%
SureWerx Purchaser III, LLC Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.25% / 0.75%		9.85%		12/28/2029		2,061,326		2,045,243			2,060,626			0.30	%
Trench Plate Rental Co. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.60% / 1.00%		10.20%		12/3/2026		5,393,103		5,393,103			5,393,103			0.79	%
Trench Plate Rental Co. Revolving Loan	(1)(2)(3)(4)(5)(6)(7)(12)	3M SOFR + 5.60% / 1.00%		10.20%		12/3/2026		455,172		455,172			455,172			0.07	%
									$	27,848,176		$	27,954,320			4.09	%
Trucking
EVDR Purchaser, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(8)(12)	3M SOFR + 1.00% / 0.75%		1.00%		2/14/2031	$	—	$	(12,644	)	$	—			0.00	%
EVDR Purchaser, Inc. Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(8)(12)	3M SOFR + 0.50% / 0.75%		0.50%		2/14/2031		—		(15,018	)		—			0.00	%
EVDR Purchaser, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.25% / 0.75%		10.10%		2/14/2031		4,779,902		4,690,949			4,704,838			0.69	%
									$	4,663,287		$	4,704,838			0.69	%
Total First Lien Senior Secured									$	1,169,754,392		$	1,169,627,763			171.28	%
Second Lien Senior Secured
Insurance Brokers
SageSure Holdings, LLC Term Loan	(1)(2)(3)(4)(5)(7)(10)	3M SOFR + 5.26% / 0.00%		10.21%		1/28/2030	$	4,483,545	$	4,437,569		$	4,437,253			0.65	%
Collateralized Loan Obligations Warehouses Asset Management & Custody Banks
CIFC Stone Warehouse II Ltd.	(1)(2)(3)(4)(5)(7)(8)	N/A / N/A		N/A		N/A	$	—	$	6,630,000		$	6,630,000			0.97	%
Total Non-Controlled, Non-Affiliated Debt Investments									$	1,180,821,961		$	1,180,695,016			172.90	%
Non-Controlled, Non-Affiliated Private Credit Funds
Limited Partnership Interests
Asset Management & Custody Banks
APD VOR Debt, LP	(1)(2)(6)(13)(14)(15)	N/A		N/A		N/A		—	$	3,638,926		$	3,578,926			0.52	%
Castlelake Consumer Receivables Opportunity III, L.P. Fund	(1)(2)(6)(13)(14)(16)	N/A		N/A		N/A		—		4,439,481			4,437,423			0.65	%
Fidelity Evergreen Private Credit Fund LP	(1)(2)(6)(13)(14)(17)	N/A		N/A		N/A		—		14,485,810			16,254,497			2.38	%
									$	22,564,217		$	24,270,846			3.55	%
Total Non-Controlled, Non-Affiliated Private Credit Funds									$	22,564,217		$	24,270,846			3.55	%
Total Investments									$	1,203,386,178		$	1,204,965,862			176.45	%
Cash and Cash Equivalents and Restricted Cash and Restricted Cash Equivalents
Morgan Stanley Institutional Liquidity Funds Treasury Portfolio—Institutional Class	(1)(2)(3)	N/A		N/A		N/A		N/A	$	15,183,977		$	15,183,977			2.22	%
Other cash accounts										10,039,603			10,039,603			1.47	%
Total Cash and Cash Equivalents and Restricted Cash and Restricted Cash Equivalents									$	25,223,580		$	25,223,580			3.69	%
Total Investments and Cash and Cash Equivalents and Restricted Cash and Restricted Cash Equivalents									$	1,228,609,758		$	1,230,189,442			180.14	%

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

25

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments (Unaudited) – (Continued)

September 30, 2024

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

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

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

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

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

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

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

(7)  The investments bear interest at rates that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “S”) which reset monthly or quarterly. For each such investment, the Company has provided the spread over SOFR and the current contractual interest rate in effect at September 30, 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 September 30, 2024. As of September 30, 2024, effective rates for 1 Month (“M”) S, 3M S and 6M S, are 5.163%, 5.309% and 5.367%, respectively. For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of September 30, 2024. Certain investments are subject to a SOFR floor and have been provided.

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

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

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

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

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

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

(14)  Private cre d i t 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 cr e dit  funds as of September 30, 2024 was $24,270,846 or 3.55% of net assets.

(15)  Investment was acquired on January 18, 2024.

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

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

(18)  Designates that the investment is pledged under the secured borrowings.

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

26

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments

December 31, 2023

Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate	Maturity Date	Outstanding Principal		Amortized Cost			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured
Advertising
Finn Partners, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(14)	3M SOFR + 6.65% / 1.00%	12.00 %	7/1/2026	$	1,688,670	$	1,666,105		$	1,665,772			0.50	%
Finn Partners, Inc. Second Amendment Term Loan	(1)(2)(3)(4)(5)(7)(14)	3M SOFR + 6.65 % / 1.00 %	12.00 %	7/1/2026		3,273,754		3,229,775			3,229,296			0.97	%
							$	4,895,880		$	4,895,068			1.47	%
Aerospace & Defense
Heads Up Technologies, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.50 % / 1.00 %	10.88 %	8/10/2028	$	4,962,312	$	4,920,989		$	4,928,456			1.48	%
PPW Aero Buyer, Inc. Term Loan (Whitcraft LLC )	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 7.00 % / 1.00 %	12.35 %	2/15/2029		4,987,437		4,987,437			4,987,437			1.50	%
							$	9,908,426		$	9,915,893			2.98	%
Air Freight & Logistics
AMEX Holding III Corp Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.65 % / 1.00 %	11.03 %	3/31/2028	$	211,234	$	209,618		$	192,951			0.06	%
AMEX Holding III Corp Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.65 % / 1.00 %	11.03 %	3/31/2028		4,750,898		4,715,052			4,339,708			1.30	%
Solairus Holdings, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.48 % / 1.00 %	10.99 %	7/23/2029		4,883,993		4,883,993			4,881,800			1.46	%
							$	9,808,663		$	9,414,459			2.82	%
Alternative Carriers
Meriplex Communications, Ltd. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.10 % / 0.75 %	10.46 %	7/17/2028	$	4,991,048	$	4,993,608		$	4,991,048			1.50	%
Application Software
Anaplan, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.50 % / 0.75 %	11.85 %	6/21/2029	$	5,000,000	$	4,977,183		$	4,984,604			1.49	%
Avetta, LLC Term Loan B	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75 % / 0.00 %	11.15 %	10/16/2030		2,038,962		2,028,642			2,028,563			0.61	%
BASYS LLC First Amendment Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 4.50 % / 1.00 %	10.11 %	12/9/2027		4,873,196		4,840,781			4,845,251			1.45	%
Echo Purchaser, Inc. Delayed Draw Term Loan (Exostar)	(1)(2)(3)(4)(5)(7)(8)(12)	3M SOFR + 0.00 % / 0.00 %	0.00 %	11/17/2029		—		(187	)		(189	)		0.00	%
Echo Purchaser, Inc. Term Loan (Exostar)	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50 % / 0.00 %	10.87 %	11/17/2029		649,146		641,680			641,616			0.19	%
Legal Spend Holdings, LLC 2nd Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75 % / 0.00 %	11.11 %	5/13/2029		257,442		257,442			257,442			0.08	%
Legitscript LLC Delayed Draw Loan	(1)(2)(3)(4)(5)(6)(7)(12)	3M SOFR + 5.75 % / 0.75 %	11.11 %	6/24/2029		100,788		86,030			86,697			0.03	%
Legitscript LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75 % / 0.75 %	11.11 %	6/24/2029		3,930,101		3,873,978			3,877,334			1.16	%
PracticeTek Purchaser, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(8)(12)	3M SOFR + 0.00 % / 1.00 %	0.00 %	8/30/2029		—		(2,746	)		(16	)		0.00	%
PracticeTek Purchaser, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.00 % / 1.00 %	11.35 %	8/30/2029		1,978,918		1,946,135			1,945,040			0.58	%
Superjet Buyer, LLC Initial Term Loan (EFI Productivity Software)	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.61 % / 0.75 %	10.97 %	12/30/2027		1,522,356		1,516,802			1,522,356			0.46	%
TCP Hawker Intermediate LLC Incremental Term Loan (TimeClock Plus)	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.15 % / 0.00 %	11.50 %	8/28/2026		101,654		101,654			101,654			0.03	%
TCP Hawker Intermediate LLC Incremental Term Loan (First Lien) (TimeClock Plus)	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.15 % / 0.00 %	11.50 %	8/28/2026		225,407		225,407			225,407			0.07	%
TCP Hawker Intermediate LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(8)(12)	3M SOFR + 0.00 % / 0.00 %	0.00 %	8/28/2026		—		—			—			0.00	%
Trintech Inc. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.50 % / 1.00 %	11.86 %	7/25/2029		5,000,000		4,903,300			4,903,359			1.47	%
							$	25,396,101		$	25,419,118			7.62	%

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

27

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments – (Continued)

December 31, 2023

Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate	Maturity Date	Outstanding Principal		Amortized Cost			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Asset Management & Custody Banks
Petra Borrower, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(8)	3M SOFR + 0.00% /   1.00%	0.00%	11/15/2030	$	—	$	(12,278	)	$	(12,422	)		0.00	%
Petra Borrower, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.75% / 1.00%	11.13%	11/15/2030		3,250,000		3,185,433			3,185,147			0.95	%
Petra Borrower, LLC Revolving Loan	(1)(2)(3)(4)(5)(7)(8)	3M SOFR + 0.00% / 1.00%	0.00%	11/15/2029		—		(9,791	)		—			0.00	%
Wealth Enhancement Group, LLC 2021 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.85% / 1.00%	11.23%	10/4/2027		3,824,266		3,824,266			3,824,266			1.15	%
Wealth Enhancement Group, LLC December 2020 Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.85% / 1.00%	11.23%	10/4/2027		1,163,019		1,163,019			1,163,019			0.35	%
							$	8,150,649		$	8,160,010			2.45	%
Auto Parts & Equipment
ETE Intermediate II LLC Revolving Loan	(1)(2)(3)(4)(5)(7)(8)(12)	3M SOFR + 0.00% / 1.00%	0.00%	5/29/2029	$	—	$	(6,289	)	$	(4,649	)		0.00	%
ETE Intermediate II LLC Term Loan A	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.50% / 1.00%	11.89%	5/29/2029		1,954,464		1,902,156			1,915,916			0.57	%
Premier Tires & Service Acquisition, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 7.00% / 1.00%	12.37%	5/17/2029		4,975,000		4,975,000			4,975,000			1.49	%
							$	6,870,867		$	6,886,267			2.06	%
Automobile Manufacturers
JHCC Holdings LLC 2021-A Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.40% / 1.00%	10.75%	9/9/2026	$	912,053	$	912,674		$	912,053		$	0.27	%
JHCC Holdings LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.40% / 1.00%	10.75%	9/9/2026		4,075,447		4,078,226			4,075,447			1.22	%
							$	4,990,900		$	4,987,500			1.49	%
Building Products
AllMark Acquisition, LLC Initial Term Loan (AllMark Door)	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.50% / 1.00%	10.68%	5/4/2028	$	4,974,747	$	4,937,356		$	4,974,747			1.49	%
Arch Cutting Tools Corp. Initial Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 4.85% / 0.00%	10.24%	4/1/2026		4,961,495		4,943,910			4,927,425			1.48	%
Hills Distribution, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.00% / 1.00%	11.37%	11/8/2029		193,979		192,253			192,253			0.06	%
Hills Distribution, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(8)(12)	3M SOFR + 0.00% / 1.00%	0.00%	11/8/2029		—		—			—			0.00	%
							$	10,073,519		$	10,094,425			3.03	%
Commodity Chemicals
Guy Chemical Company, LLC U.S. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 4.50% / 1.00%	9.96%	11/9/2027	$	4,962,217	$	4,927,113		$	4,893,248			1.47	%
Construction & Engineering
ATI Restoration, LLC Second Amendment Delayed Draw Term Loan	(1)(2)(3)(4)(5)(6)(7)(12)	3M SOFR + 8.69% / 1.00%	10.56%	7/31/2026	$	101,984	$	101,984		$	101,984			0.03	%
Diverzify Intermediate LLC Second Amendment Incremental Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 5.96% / 1.00%	11.62%	5/11/2027		492,141		488,676			489,323			0.15	%
Diverzify Intermediate LLC Second Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)(13)	3M SOFR + 6.18% / 1.00%	11.68%	5/11/2027		4,470,095		4,437,436			4,447,019			1.33	%
ESP Associates, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.60% / 1.00%	11.96%	7/24/2028		4,840,792		4,759,680			4,750,609			1.42	%
PVI Holdings, Inc. Last Out Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.77% / 1.00%	12.16%	1/18/2028		6,929,868		6,915,479			6,929,868			2.08	%
Vertex Service Partners, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.50% / 0.75%	14.14%  /1.25%	11/8/2030		911,249		893,566			906,146			0.27	%
Vertex Service Partners, LLC Term Loan	(1)(2)(3)(4)(5)(7)	3M SOFR + 5.50% / 0.75%	10.90%	11/8/2030		1,895,993		1,868,085			1,869,639			0.56	%
Vertex Service Partners, LLC Revolving Facility	(1)(2)(3)(4)(5)(7)(8)	3M SOFR + 0.00% / 0.75%	0.00%	11/8/2030		—		(6,020	)		—			0.00	%
							$	19,458,886		$	19,494,588			5.84	%

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

28

StepStone Private Credit Fund LLC

Consolidated Schedule of Investments – (Continued)

December 31, 2023

Investments	Footnotes	Reference Rate Spread / Floor	Cash Interest Rate / PIK Rate	Maturity Date	Outstanding Principal		Amortized Cost			Fair Value			Percentage of Net Assets
Non-Controlled, Non-Affiliated Debt Investments
First Lien Senior Secured (continued)
Construction Materials
Cube Industrials Buyer, Inc. Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.00% / 0.00%	11.40%	10/18/2030	$	1,729,315	$	1,716,343		$	1,716,172			0.51	%
Javelin Acquisition Vehicle, LLC Last Out Term Loan (Lindsay Precast)	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 7.09% / 1.00%	12.43%	11/3/2026		1,779,275		1,779,275			1,779,275			0.53	%
Javelin Acquisition Vehicle, LLC Second Amendment Incremental Term Loan (Lindsay Precast)	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 7.37% / 1.00%	12.44%	11/3/2026		2,768,442		2,717,814			2,713,074			0.81	%
							$	6,213,432		$	6,208,521			1.85	%
Data Processing & Outsourced Services
Affinipay Midco, LLC Fifth Amendment Incremental Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 0.00%	10.88%	6/9/2028	$	250,000	$	250,000		$	250,000			0.07	%
Penncomp, LLC Delayed Draw Term Loan A	(1)(2)(3)(4)(5)(7)(8)(12)	3M SOFR + 0.00% / 1.50%	0.00%	10/17/2028		—		(26,431	)		(27,143	)		-0.01	%
Penncomp, LLC Term Loan A	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.60% / 1.50%	11.96%	10/17/2028		2,580,833		2,523,978			2,522,764			0.76	%
							$	2,747,547		$	2,745,621			0.82	%
Distributors
RPM Purchaser, Inc. Delayed Draw Term Loan B	(1)(2)(3)(4)(5)(7)(8)(12)	3M SOFR + 0.00% / 2.00%	0.00%	9/11/2028	$	—	$	(8,881	)	$	(2,422	)		0.00	%
RPM Purchaser, Inc. Effective Date Term Loan B	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.51% / 2.00%	11.90%	9/11/2028		3,918,750		3,850,099			3,841,005			1.15	%
							$	3,841,218		$	3,838,583			1.15	%
Diversified Chemicals
V Global Holdings LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.00% / 0.75%	11.43%	12/22/2027	$	4,974,747	$	4,952,697		$	4,890,967			1.47	%
Diversified Support Services
Accent Building Materials Holdings LLC Term B Delayed Term Loan	(1)(2)(3)(4)(5)(6)(7)(12)	3M SOFR + 6.60% / 1.00%	11.98%	8/6/2029	$	417,857	$	385,360		$	417,858			0.12	%
Accent Building Materials Holdings LLC Term Loan B	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.60% / 1.00%	11.99%	8/6/2029		3,928,571		3,854,304			3,866,182			1.16	%
AI Fire Buyer, Inc. Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(8)(12)	3M SOFR + 0.00% / 0.00%	0.00%	3/22/2027		—		(1,911	)		(1,927	)		0.00	%
AI Fire Buyer, Inc.Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.75% / 0.00%	11.14%	3/22/2027		156,447		153,791			153,769			0.05	%
AIDC IntermediateCo. 2, LLC Initial Term Loan (Peak Technologies)	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.40% / 1.00%	11.80%	7/22/2027		6,233,964		6,225,303			6,233,964			1.87	%
CMG HoldCo, LLC Delayed Draw Loan (Crete Mechanical Group)	(1)(2)(3)(4)(5)(7)(8)(12)	3M SOFR + 0.00% / 0.00%	0.00%	5/19/2028		—		(3,281	)		(3,281	)		0.00	%
Crash Champions Intermediate, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 7.00% / 0.75%	12.36%	8/1/2029		1,349,141		1,339,724			1,337,471			0.40	%
Crash Champions Intermediate, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 7.00% / 0.75%	12.36%	8/1/2029		3,160,846		3,139,006			3,133,505			0.94	%
Crash Champions Intermediate, LLC Revolving Credit Loan	(1)(2)(3)(4)(5)(6)(7)(12)	3M SOFR + 5.25% / 0.75%	13.75%	8/1/2028		202,469		199,213			198,427			0.06	%
FLS Holding, Inc. Term B Loan (FLS Transportation Services)	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.40% / 1.00%	10.77%	12/15/2028		4,974,874		4,917,511			4,949,169			1.48	%
FMG Suite Holdings, LLC Delayed Draw Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.35% / 1.00%	10.78%	10/30/2026		861,390		852,757			852,115			0.25	%
FMG Suite Holdings, LLC Revolving Credit	(1)(2)(3)(4)(5)(6)(7)(12)	3M SOFR + 6.93% / 1.00%	12.08%	10/30/2026		146,480		142,107			141,772			0.04	%
FMG Suite Holdings, LLC Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.50% / 1.00%	11.03%	10/30/2026		3,696,983		3,667,742			3,657,173			1.10	%
Primeflight Acquisition, LLC Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 6.85% / 1.00%	12.28%	5/1/2029		4,975,000		4,930,820			4,925,310			1.48	%
							$	29,802,446		$	29,861,507			8.95	%
Education Services
Cambium Learning Group, Inc. Initial Term Loan	(1)(2)(3)(4)(5)(7)(12)	3M SOFR + 5.60% / 0.75%	11.02%	7/20/2028	$	4,974,555	$	4,928,928		$	4,926,482			1.48	%

The accompanying notes are an integral part of these consolidated financial statemen