StepStone Private Credit Income Fund
Consolidated Schedule of Investments
September 30, 2024 (unaudited)
Investment Funds | | | Acquisition Date | | Principal Amount | | | Cost | | | Fair Value | | | Footnotes | |
Investment Funds - 2.50% | | | | | | | | | | | | | | | 1,2,3 | |
North America - 2.50% | | | | | | | | | | | | | | | | |
Carlye Santiago Aggregator, L.P. | | | 9/5/2024 | | N/A | | | $ | 543,560 | | | $ | 535,527 | | | | 4 | |
Castlelake Consumer Receivables Opportunity III, L.P. | | | 6/26/2024 | | N/A | | | | 2,371,850 | | | | 2,366,622 | | | | 4 | |
Total North America | | | | | | | | | 2,915,410 | | | | 2,902,149 | | | | | |
Total Investment Funds | | | | | | | | $ | 2,915,410 | | | $ | 2,902,149 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Direct Lending | | Investment Type | | Interest Rate | | | Reference Rate | | Basis Point Spread | | | Maturity Date | | Principal Amount | | | Cost | | | Fair Value | | | Footnotes | |
Senior Secured Loans - 100.06% | | | | | | | | | | | | | | | | | | | | | | | 1,5,6,7,8 | |
North America - 100.06% | | | | | | | | | | | | | | | | | | | | | | | | |
Alkeme Intermediary Holdings, LLC. | | Delayed Draw | | | 10.60 | % | | 3 Month SOFR | | | 550 | | | 10/28/2026 | | $ | 2,000,000 | | | $ | 1,694,807 | | | $ | 1,703,685 | | | | 4,9,11,15 | |
AmerCareRoyal, LLC | | Delayed Draw | | | 1.00 | % | | 3 Month SOFR | | | 500 | | | 9/10/2030 | | | 597,590 | | | | — | | | | — | | | | 4,9,10,15 | |
AmerCareRoyal, LLC | | Revolver | | | 12.00 | % | | 3 Month SOFR | | | 500 | | | 9/6/2031 | | | 385,542 | | | | 135,937 | | | | 135,937 | | | | 4,9,15 | |
AmerCareRoyal, LLC | | First Lien Term Loan | | | 9.85 | % | | 3 Month SOFR | | | 500 | | | 9/6/2031 | | | 2,602,410 | | | | 2,576,706 | | | | 2,576,706 | | | | 9,11,15 | |
AmerCareRoyal, LLC | | Delayed Draw | | | 1.00 | % | | 3 Month SOFR | | | 500 | | | 9/10/2030 | | | 414,458 | | | | (2,061 | ) | | | (2,061 | ) | | | 4,9,10,15 | |
Any Hour LLC | | Delayed Draw | | | 10.28 | % | | 3 Month SOFR | | | 500 | | | 5/23/2030 | | | 692,473 | | | | 61,629 | | | | 62,183 | | | | 4,9,13 | |
Any Hour LLC | | Revolver | | | 10.12 | % | | 3 Month SOFR | | | 500 | | | 5/23/2030 | | | 346,320 | | | | 105,915 | | | | 105,836 | | | | 4,9,13 | |
Any Hour LLC | | First Lien Term Loan | | | 9.60 | % | | 3 Month SOFR | | | 500 | | | 5/23/2030 | | | 2,366,364 | | | | 2,331,948 | | | | 2,332,292 | | | | 9,11,13 | |
Apex Service Partners, LLC | | Delayed Draw | | | 9.86 | % | | 3 Month SOFR | | | 500 | | | 9/24/2031 | | | 2,163,687 | | | | 228,430 | | | | 228,430 | | | | 9,15 | |
Argano LLC | | First Lien Term Loan | | | 10.85 | % | | 3 Month SOFR | | | 575 | | | 9/13/2029 | | | 3,188,406 | | | | 3,140,862 | | | | 3,140,580 | | | | 9,11,15 | |
Argano LLC | | Revolver | | | 0.50 | % | | 3 Month SOFR | | | 575 | | | 9/13/2029 | | | 115,942 | | | | (1,722 | ) | | | (1,739 | ) | | | 4,9,10,15 | |
Argano LLC | | Delayed Draw | | | 1.00 | % | | 3 Month SOFR | | | 575 | | | 9/13/2029 | | | 695,652 | | | | (3,441 | ) | | | (3,478 | ) | | | 4,9,10,15 | |
Ari Network Services, Inc. | | First Lien Term Loan | | | 9.85 | % | | 3 Month SOFR | | | 535 | | | 2/28/2026 | | | 1,146,658 | | | | 1,131,047 | | | | 1,132,797 | | | | 9,11,14 | |
ASP Global Holdings, LLC | | Delayed Draw | | | 10.10 | % | | 3 Month SOFR | | | 525 | | | 7/31/2029 | | | 861,373 | | | | 606,672 | | | | 606,528 | | | | 4,9,15 | |
ASP Global Holdings, LLC | | Revolver | | | 0.50 | % | | 3 Month SOFR | | | 525 | | | 7/31/2029 | | | 258,412 | | | | (2,505 | ) | | | (2,548 | ) | | | 4,9,10,15 | |
ASP Global Holdings, LLC | | First Lien Term Loan | | | 10.10 | % | | 3 Month SOFR | | | 525 | | | 7/31/2029 | | | 2,080,215 | | | | 2,060,313 | | | | 2,059,706 | | | | 9,11,15 | |
Aviation Technical Services, Inc. | | Revolver | | | 10.87 | % | | 3 Month SOFR | | | 575 | | | 7/12/2029 | | | 166,667 | | | | 48,785 | | | | 48,789 | | | | 4,9,15 | |
StepStone Private Credit Income Fund
Consolidated Schedule of Investments (continued)
September 30, 2024 (unaudited)
Direct Lending (continued) | | Investment Type | | Interest Rate | | | Reference Rate | | Basis Point Spread | | | Maturity Date | | Principal Amount | | | Cost | | | Fair Value | | | Footnotes | |
Senior Secured Loans (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
North America (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Aviation Technical Services, Inc. | | First Lien Term Loan | | | 11.05 | % | | 3 Month SOFR | | | 575 | | | 7/12/2029 | | $ | 1,333,333 | | | $ | 1,323,560 | | | $ | 1,323,645 | | | | 9,11,15 | |
Axis Portable Air, LLC | | Delayed Draw | | | 10.50 | % | | 3 Month SOFR | | | 550 | | | 3/22/2028 | | | 1,293,322 | | | | 588,585 | | | | 589,471 | | | | 4,9,15 | |
Axis Portable Air, LLC | | Revolver | | | 0.50 | % | | 3 Month SOFR | | | 550 | | | 3/22/2028 | | | 387,997 | | | | (2,842 | ) | | | (2,607 | ) | | | 4,9,10,15 | |
Berlin Rosen Acquisition, LLC | | Revolver | | | 10.52 | % | | 3 Month SOFR | | | 550 | | | 1/14/2027 | | | 576,465 | | | | 184,958 | | | | 184,949 | | | | 4,9,15 | |
Berlin Rosen Acquisition, LLC | | First Lien Term Loan | | | 10.80 | % | | 3 Month SOFR | | | 550 | | | 1/14/2027 | | | 2,256,940 | | | | 2,228,728 | | | | 2,228,728 | | | | 9,11,15 | |
Big Top Holdings, LLC | | Revolver | | | 0.50 | % | | 3 Month SOFR | | | 625 | | | 3/1/2030 | | | 25,000 | | | | (476 | ) | | | (456 | ) | | | 4,9,10,15 | |
Big Top Holdings, LLC | | First Lien Term Loan | | | 11.10 | % | | 3 Month SOFR | | | 625 | | | 3/1/2030 | | | 845,719 | | | | 829,613 | | | | 830,284 | | | | 9,11,15 | |
Brightmore Brands LLC | | First Lien Term Loan | | | 14.79 | % | | 3 Month SOFR | | | 865 | | | 9/10/2029 | | | 3,330,028 | | | | 3,280,078 | | | | 3,280,078 | | | | 9,11,17 | |
CARDS Acquisition, Inc. | | Delayed Draw | | | 1.00 | % | | 3 Month SOFR | | | 525 | | | 8/12/2029 | | | 1,304,348 | | | | (12,728 | ) | | | (12,199 | ) | | | 4,9,10,15 | |
CARDS Acquisition, Inc. | | Revolver | | | 10.38 | % | | 3 Month SOFR | | | 425 | | | 8/12/2029 | | | 434,783 | | | | 120,971 | | | | 121,149 | | | | 4,9,15 | |
CARDS Acquisition, Inc. | | First Lien Term Loan | | | 10.35 | % | | 3 Month SOFR | | | 525 | | | 8/12/2029 | | | 2,260,870 | | | | 2,239,020 | | | | 2,239,725 | | | | 9,11,15 | |
Carnegie Dartlet, LLC | | Delayed Draw | | | 0.50 | % | | 3 Month SOFR | | | 550 | | | 2/7/2030 | | | 60,000 | | | | (262 | ) | | | (229 | ) | | | 4,9,10,15 | |
Carnegie Dartlet, LLC | | Revolver | | | 0.50 | % | | 3 Month SOFR | | | 550 | | | 2/7/2030 | | | 20,000 | | | | (281 | ) | | | (283 | ) | | | 4,9,10,15 | |
Carnegie Dartlet, LLC | | First Lien Term Loan | | | 10.35 | % | | 3 Month SOFR | | | 550 | | | 2/7/2030 | | | 169,050 | | | | 166,663 | | | | 166,658 | | | | 9,11,15 | |
Cerity Partners Equity Holding LLC | | Delayed Draw | | | 1.00 | % | | 3 Month SOFR | | | 525 | | | 7/30/2029 | | | 3,589,744 | | | | (8,415 | ) | | | (6,696 | ) | | | 4,9,10,15 | |
Cerity Partners Equity Holding LLC | | Revolver | | | 0.50 | % | | 3 Month SOFR | | | 525 | | | 7/28/2028 | | | 410,256 | | | | (974 | ) | | | (765 | ) | | | 4,9,10,15 | |
CSG Buyer, Inc. | | Delayed Draw | | | 1.00 | % | | 3 Month SOFR | | | 525 | | | 7/29/2029 | | | 473,684 | | | | (1,158 | ) | | | (8,142 | ) | | | 4,9,10,15 | |
CSG Buyer, Inc. | | Revolver | | | 0.50 | % | | 3 Month SOFR | | | 525 | | | 7/29/2029 | | | 157,895 | | | | (1,909 | ) | | | (4,344 | ) | | | 4,9,10,15 | |
CSG Buyer, Inc. | | First Lien Term Loan | | | 11.26 | % | | 3 Month SOFR | | | 525 | | | 7/29/2029 | | | 2,362,500 | | | | 2,333,408 | | | | 2,334,094 | | | | 9,11,15 | |
Danforth Global, Inc. | | First Lien Term Loan | | | 10.32 | % | | 3 Month SOFR | | | 525 | | | 12/21/2027 | | | 2,154,467 | | | | 2,124,728 | | | | 2,124,427 | | | | 9,11,15 | |
Danforth Global, Inc. | | Delayed Draw | | | 10.31 | % | | 3 Month SOFR | | | 525 | | | 12/9/2027 | | | 160,000 | | | | 118,110 | | | | 119,997 | | | | 4,9,15 | |
Danforth Global, Inc. | | First Lien Term Loan | | | 10.31 | % | | 3 Month SOFR | | | 525 | | | 9/20/2031 | | | 1,500,000 | | | | 1,478,072 | | | | 1,478,833 | | | | 9,11,15 | |
Danforth Global, Inc. | | Delayed Draw | | | 1.00 | % | | 3 Month SOFR | | | 525 | | | 12/21/2027 | | | 170,732 | | | | (768 | ) | | | (714 | ) | | | 4,9,10,11,15 | |
Danforth Global, Inc. | | Delayed Draw | | | 1.00 | % | | 3 Month SOFR | | | 525 | | | 12/9/2027 | | | 9,402 | | | | (42 | ) | | | (39 | ) | | | 4,9,10,15 | |
Dealer Services Network, LLC | | First Lien Term Loan | | | 10.77 | % | | 3 Month SOFR | | | 575 | | | 2/9/2027 | | | 2,928,035 | | | | 2,899,680 | | | | 2,898,755 | | | | 9,11,15 | |
Dentive, LLC | | First Lien Term Loan | | | 11.35 | % | | 3 Month SOFR | | | 675 | | | 12/22/2028 | | | 1,508,991 | | | | 1,490,379 | | | | 1,490,737 | | | | 9,11,14 | |
StepStone Private Credit Income Fund
Consolidated Schedule of Investments (continued)
September 30, 2024 (unaudited)
Direct Lending (continued) | | Investment Type | | Interest Rate | | | Reference Rate | | Basis Point Spread | | | Maturity Date | | Principal Amount | | | Cost | | | Fair Value | | | Footnotes | |
Senior Secured Loans (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
North America (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dentive, LLC | | Revolver | | | 11.39 | % | | 3 Month SOFR | | | 675 | | | 12/22/2028 | | $ | 235,688 | | | $ | 34,848 | | | $ | 34,859 | | | | 4,9,14 | |
Dentive, LLC | | Delayed Draw | | | 11.35 | % | | 3 Month SOFR | | | 675 | | | 12/22/2028 | | | 749,613 | | | | 740,341 | | | | 740,545 | | | | 9,11,14 | |
Emerson Parent LLC | | Delayed Draw | | | 10.30 | % | | 3 Month SOFR | | | 500 | | | 7/2/2031 | | | 462,963 | | | | 179,971 | | | | 180,524 | | | | 4,9,14 | |
Emerson Parent LLC | | Revolver | | | 0.75 | % | | 3 Month SOFR | | | 500 | | | 7/2/2031 | | | 185,185 | | | | (896 | ) | | | (853 | ) | | | 4,9,10,14 | |
Emerson Parent LLC | | First Lien Term Loan | | | 10.33 | % | | 3 Month SOFR | | | 500 | | | 7/2/2031 | | | 1,851,852 | | | | 1,842,593 | | | | 1,843,323 | | | | 9,11,14 | |
ESCP DTFS INC. | | First Lien Term Loan | | | 10.10 | % | | 3 Month SOFR | | | 550 | | | 9/28/2029 | | | 4,000,000 | | | | 3,970,019 | | | | 3,970,000 | | | | 9,11,15 | |
First Legal Buyer, Inc. | | Delayed Draw | | | 0.75 | % | | 3 Month SOFR | | | 525 | | | 7/1/2031 | | | 620,463 | | | | (2,239 | ) | | | (2,274 | ) | | | 4,9,10,15 | |
First Legal Buyer, Inc. | | Revolver | | | 9.85 | % | | 3 Month SOFR | | | 525 | | | 7/1/2030 | | | 310,231 | | | | 59,850 | | | | 59,723 | | | | 4,9,15 | |
First Legal Buyer, Inc. | | First Lien Term Loan | | | 9.85 | % | | 3 Month SOFR | | | 525 | | | 7/1/2031 | | | 1,706,272 | | | | 1,694,399 | | | | 1,693,492 | | | | 9,11,15 | |
GHA Buyer, Inc. | | Delayed Draw | | | 10.10 | % | | 3 Month SOFR | | | 550 | | | 6/24/2026 | | | 52,077 | | | | 51,735 | | | | 51,733 | | | | 9,11,15 | |
GHA Buyer, Inc. | | Revolver | | | 0.50 | % | | 3 Month SOFR | | | 550 | | | 6/24/2026 | | | 89,941 | | | | (586 | ) | | | (595 | ) | | | 4,9,10,15 | |
GHA Buyer, Inc. | | First Lien Term Loan | | | 10.10 | % | | 1 Month SOFR | | | 550 | | | 6/24/2026 | | | 1,105,155 | | | | 1,097,894 | | | | 1,097,707 | | | | 9,11,15 | |
Gold Medal Holdings, Inc. | | First Lien Term Loan | | | 10.35 | % | | 3 Month SOFR | | | 575 | | | 3/17/2027 | | | 1,615,182 | | | | 1,615,182 | | | | 1,615,159 | | | | 9,11,15 | |
Gold Medal Holdings, Inc. | | Delayed Draw | | | 1.00 | % | | 3 Month SOFR | | | 575 | | | 3/17/2027 | | | 380,711 | | | | — | | | | (1,623 | ) | | | 4,9,10,15 | |
Hec Purchaser Corp. | | Revolver | | | 10.84 | % | | 3 Month SOFR | | | 550 | | | 6/17/2029 | | | 260,417 | | | | 157,742 | | | | 157,663 | | | | 4,9,15 | |
Hec Purchaser Corp. | | First Lien Term Loan | | | 9.75 | % | | 3 Month SOFR | | | 550 | | | 6/17/2029 | | | 2,233,984 | | | | 2,201,312 | | | | 2,201,423 | | | | 9,11,15 | |
Heritage Foodservice Investment, LLC | | Delayed Draw | | | 1.00 | % | | 3 Month SOFR
| | | 550 | | | 8/1/2030
| | | 1,606,966 | | | | (9,740 | ) | | | (9,649 | ) | | | 4,9,10,15 | |
Heritage Foodservice Investment, LLC | | Revolver | | | 0.50 | % | | 3 Month SOFR
| | | 550 | | | 8/1/2030
| | | 200,871 | | | | (2,445 | ) | | | (2,445 | ) | | | 4,9,10,15 | |
Heritage Foodservice Investment, LLC | | First Lien Term Loan | | | 10.35 | % | | 3 Month SOFR
| | | 550 | | | 8/1/2030
| | | 1,562,875 | | | | 1,544,058 | | | | 1,543,365 | | | | 9,11,15 | |
Huckabee Acquisition, LLC | | First Lien Term Loan | | | 10.35 | % | | 3 Month SOFR | | | 575 | | | 1/16/2030 | | | 1,492,500 | | | | 1,471,613 | | | | 1,471,022 | | | | 9,11,15 | |
IEQ Capital, LLC | | Delayed Draw | | | 9.04 | % | | 3 Month SOFR | | | 599 | | | 8/15/2026 | | | 2,500,000 | | | | 1,022,146 | | | | 1,014,831 | | | | 4,9,11,14 | |
Integrity Marketing Acquisition, LLC | | First Lien Term Loan | | | 9.59 | % | | 3 Month SOFR | | | 500 | | | 8/27/2026 | | | 4,000,000 | | | | 3,992,000 | | | | 3,992,000 | | | | 9,11,14 | |
Iodine Software, LLC | | First Lien Term Loan | | | 10.10 | % | | 3 Month SOFR | | | 525 | | | 5/31/2027 | | | 470,733 | | | | 470,733 | | | | 470,725 | | | | 9,11,15 | |
Iodine Software, LLC | | Delayed Draw | | | 0.50 | % | | 3 Month SOFR | | | 525 | | | 5/31/2027 | | | 617,898 | | | | — | | | | (10 | ) | | | 4,9,10,15 | |
StepStone Private Credit Income Fund
Consolidated Schedule of Investments (continued)
September 30, 2024 (unaudited)
Direct Lending (continued) | | Investment Type | | Interest Rate | | | Reference Rate | | Basis Point Spread | | | Maturity Date | | Principal Amount | | | Cost | | | Fair Value | | | Footnotes | |
Senior Secured Loans (continued) | | | | | | | | | | | | | | | | | | | | | | | | |
North America (continued) | | | | | | | | | | | | | | | | | | | | | | | | |
Iodine Software, LLC | | Revolver | | | 0.50 | % | | 3 Month SOFR | | | 525 | | | 5/31/2027 | | $ | 96,922 | | | $ | — | | | $ | (2 | ) | | | 4,9,10,15 | |
Iodine Software, LLC | | Delayed Draw | | | 10.10 | % | | 3 Month SOFR | | | 526 | | | 5/31/2027 | | | 686,459 | | | | 686,459 | | | | 686,448 | | | | 9,11,15 | |
KL Stockton Intermediate II, LLC | | First Lien Term Loan | | | 13.00 | % | | 3 Month SOFR | | | 500 | | | 5/23/2031 | | | 614,225 | | | | 602,680 | | | | 602,344 | | | | 13,19 | |
LeadVenture Inc. | | Delayed Draw | | | 9.85 | % | | 3 Month SOFR | | | 500 | | | 7/3/2030 | | | 100,040 | | | | 98,468 | | | | 98,831 | | | | 9,11,14 | |
LeadVenture Inc. | | Delayed Draw | | | 9.85 | % | | 3 Month SOFR | | | 535 | | | 8/28/2026 | | | 2,153,509 | | | | 659,651 | | | | 663,829 | | | | 4,9,15 | |
LeadVenture Inc. | | Revolver | | | 9.85 | % | | 3 Month SOFR | | | 535 | | | 8/28/2026 | | | 344,828 | | | | 145,984 | | | | 146,436 | | | | 4,9,14 | |
Life Science Intermediate Holdings, LLC | | Delayed Draw | | | 10.45 | % | | 3 Month SOFR | | | 650 | | | 6/10/2027 | | | 2,498,168 | | | | 813,132 | | | | 814,441 | | | | 4,9,15 | |
Lighthouse Technologies Holding Corp | | First Lien Term Loan | | | 9.95 | % | | 3 Month SOFR | | | 500 | | | 4/30/2025 | | | 3,989,501 | | | | 3,973,646 | | | | 3,977,433 | | | | 9,11,15 | |
MKD Electric, LLC | | Revolver | | | 10.80 | % | | 3 Month SOFR | | | 550 | | | 5/31/2029 | | | 479,846 | | | | 86,926 | | | | 86,760 | | | | 4,9,16 | |
MKD Electric, LLC | | First Lien Term Loan | | | 10.80 | % | | 3 Month SOFR | | | 550 | | | 5/31/2029 | | | 2,020,154 | | | | 1,981,463 | | | | 1,981,383 | | | | 9,11,16 | |
Mountain Parent, Inc. | | Delayed Draw | | | 0.50 | % | | 3 Month SOFR | | | 500 | | | 6/27/2031 | | | 388,601 | | | | (1,874 | ) | | | (1,766 | ) | | | 4,9,10,14 | |
Mountain Parent, Inc. | | Revolver | | | 0.50 | % | | 3 Month SOFR | | | 500 | | | 6/27/2031 | | | 207,254 | | | | (2,005 | ) | | | (1,998 | ) | | | 4,9,10,14 | |
Mountain Parent, Inc. | | First Lien Term Loan | | | 9.64 | % | | 3 Month SOFR | | | 500 | | | 6/27/2031 | | | 1,904,145 | | | | 1,886,067 | | | | 1,885,791 | | | | 9,11,14 | |
NMI Acquisitionco, Inc. | | First Lien Term Loan | | | 9.95 | % | | 3 Month SOFR | | | 525 | | | 9/6/2025 | | | 750,512 | | | | 737,992 | | | | 738,832 | | | | 9,11 | |
NMI Acquisitionco, Inc. | | Revolver | | | 0.50 | % | | 3 Month SOFR | | | 525 | | | 9/6/2025 | | | 110,767 | | | | (1,852 | ) | | | (1,724 | ) | | | 4,9,10,15 | |
NMI Acquisitionco, Inc. | | Delayed Draw | | | 9.95 | % | | 3 Month SOFR | | | 525 | | | 9/6/2025 | | | 385,807 | | | | 379,371 | | | | 379,802 | | | | 9,11,15 | |
Obra Capital, Inc. | | First Lien Term Loan | | | 12.53 | % | | 3 Month SOFR | | | 750 | | | 6/21/2029 | | | 2,500,000 | | | | 2,451,488 | | | | 2,451,854 | | | | 9,11,15 | |
Owl Cyber Defense Solutions, LLC | | Revolver | | | 0.50 | % | | 3 Month SOFR | | | 575 | | | 9/11/2029 | | | 315,137 | | | | (3,115 | ) | | | (3,115 | ) | | | 4,9,10,15 | |
Owl Cyber Defense Solutions, LLC | | First Lien Term Loan | | | 10.60 | % | | 3 Month SOFR | | | 575 | | | 9/11/2029 | | | 2,142,930 | | | | 2,121,825 | | | | 2,121,825 | | | | 9,11,15 | |
PCS Midco, Inc. | | Delayed Draw | | | 10.81 | % | | 3 Month SOFR | | | 575 | | | 3/1/2030 | | | 6,247 | | | | 569 | | | | 569 | | | | 4,9,15 | |
PCS Midco, Inc. | | Revolver | | | 10.81 | % | | 3 Month SOFR | | | 575 | | | 3/1/2030 | | | 6,250 | | | | 1,004 | | | | 1,003 | | | | 4,9,15 | |
PCS Midco, Inc. | | First Lien Term Loan | | | 10.81 | % | | 3 Month SOFR | | | 575 | | | 3/1/2030 | | | 609,423 | | | | 600,748 | | | | 600,586 | | | | 9,11,15 | |
Pharmalogic Holdings Corp | | Delayed Draw | | | 1.00 | % | | 3 Month SOFR | | | 500 | | | 6/21/2030 | | | 1,036,269 | | | | (7,453 | ) | | | (7,060 | ) | | | 4,9,10,15 | |
Pharmalogic Holdings Corp | | First Lien Term Loan | | | 9.85 | % | | 3 Month SOFR | | | 500 | | | 6/21/2030 | | | 2,956,321 | | | | 2,913,100 | | | | 2,913,571 | | | | 9,11,15 | |
PK Purchaser LLC | | First Lien Term Loan | | | 9.92 | % | | 3 Month SOFR | | | 500 | | | 9/19/2029 | | | 4,000,000 | | | | 3,960,000 | | | | 3,960,000 | | | | 9,11,15 | |
StepStone Private Credit Income Fund
Consolidated Schedule of Investments (continued)
September 30, 2024 (unaudited)
Direct Lending (continued) | | Investment Type | | Interest Rate | | | Reference Rate | | Basis Point Spread | | | Maturity Date | | Principal Amount | | | Cost | | | Fair Value | | | Footnotes | |
Senior Secured Loans (continued) | | | | | | | | | | | | | | | | | | | | | | | | |
North America (continued) | | | | | | | | | | | | | | | | | | | | | | | | |
PPW Aero Buyer, Inc. | | Delayed Draw | | | 10.10 | % | | 3 Month SOFR | | | 550 | | | 2/15/2029 | | $ | 434,930 | | | $ | 433,516 | | | $ | 431,902 | | | | 9,15 | |
PPW Aero Buyer, Inc. | | Delayed Draw | | | 1.00 | % | | 3 Month SOFR | | | 550 | | | 2/15/2029 | | | 813,980 | | | | (8,434 | ) | | | (5,626 | ) | | | 9,10,15 | |
Puris, LLC | | First Lien Term Loan | | | 9.34 | % | | 3 Month SOFR | | | 575 | | | 6/28/2031 | | | 2,810,176 | | | | 2,768,105 | | | | 2,767,648 | | | | 9,11,15 | |
Recipe Acquisition Corp. | | Delayed Draw | | | 1.00 | % | | 3 Month SOFR | | | 500 | | | 7/24/2031 | | | 728,316 | | | | — | | | | — | | | | 4,9,10,15 | |
Recipe Acquisition Corp. | | Revolver | | | 12.00 | % | | 3 Month SOFR | | | 500 | | | 7/24/2031 | | | 291,326 | | | | 67,111 | | | | 67,101 | | | | 4,9,15 | |
Recipe Acquisition Corp. | | First Lien Term Loan | | | 9.60 | % | | 3 Month SOFR | | | 500 | | | 7/24/2031 | | | 2,585,522 | | | | 2,572,814 | | | | 2,572,595 | | | | 9,11,15 | |
Rocket Bidco, Inc. | | First Lien Term Loan | | | 11.00 | % | | 3 Month SOFR | | | 575 | | | 11/1/2030 | | | 3,750,000 | | | | 3,677,261 | | | | 3,672,807 | | | | 9,11,15 | |
Rushmore Investment III LLC | | First Lien Term Loan | | | 11.53 | % | | 3 Month SOFR | | | 625 | | | 10/18/2030 | | | 2,736,250 | | | | 2,709,061 | | | | 2,707,615 | | | | 9,11,15 | |
SageBrusher Buyer, LLC | | Revolver | | | 0.50 | % | | 3 Month SOFR | | | 525 | | | 7/16/2031 | | | 258,621 | | | | (3,734 | ) | | | (3,836 | ) | | | 4,9,10 | |
SageBrusher Buyer, LLC | | First Lien Term Loan | | | 10.10 | % | | 3 Month SOFR | | | 525 | | | 7/11/2031 | | | 2,235,776 | | | | 2,203,240 | | | | 2,202,315 | | | | 9,11,15 | |
Sigma Defense Systems LLC | | Revolver | | | 0.50 | % | | 3 Month SOFR | | | 675 | | | 12/18/2027 | | | 25,000 | | | | (483 | ) | | | (488 | ) | | | 4,9,10 | |
Sigma Defense Systems LLC | | First Lien Term Loan | | | 11.50 | % | | 3 Month SOFR | | | 700 | | | 12/18/2027 | | | 594,602 | | | | 583,039 | | | | 583,007 | | | | 9,11,15 | |
Sonny's Enterprises, LLC | | Delayed Draw | | | 10.66 | % | | 3 Month SOFR | | | 525 | | | 8/5/2028 | | | 150,000 | | | | 10,843 | | | | 11,037 | | | | 4,9 | |
Thames Technology Holdings, Inc. | | First Lien Term Loan | | | 11.57 | % | | 3 Month SOFR | | | 625 | | | 8/31/2029 | | | 1,764,457 | | | | 1,739,261 | | | | 1,745,665 | | | | 9,11,15 | |
Thrive Buyer, Inc. | | Delayed Draw | | | 10.75 | % | | 3 Month SOFR | | | 600 | | | 1/22/2027 | | | 492,650 | | | | 493,740 | | | | 492,650 | | | | 9,11,15 | |
Thrive Buyer, Inc. | | Revolver | | | 13.00 | % | | 3 Month SOFR | | | 600 | | | 1/22/2027 | | | 97,122 | | | | 64,972 | | | | 64,748 | | | | 4,9,15 | |
Thrive Buyer, Inc. | | First Lien Term Loan | | | 10.75 | % | | 3 Month SOFR | | | 600 | | | 1/22/2027 | | | 657,262 | | | | 658,743 | | | | 657,262 | | | | 9,11,15 | |
TPC US Parent, LLC | | First Lien Term Loan | | | 10.98 | % | | 3 Month SOFR | | | 550 | | | 11/22/2025 | | | 248,750 | | | | 245,669 | | | | 245,697 | | | | 9,11,15 | |
Tvg Shelby Buyer, Inc. | | Delayed Draw | | | 1.00 | % | | 3 Month SOFR | | | 550 | | | 3/27/2028 | | | 833,333 | | | | (3,810 | ) | | | (5,639 | ) | | | 4,9,10,15 | |
Tvg Shelby Buyer, Inc. | | Revolver | | | 0.50 | % | | 3 Month SOFR | | | 550 | | | 3/27/2028 | | | 83,333 | | | | (1,147 | ) | | | (1,289 | ) | | | 4,9,10,15 | |
Tvg Shelby Buyer, Inc. | | First Lien Term Loan | | | 10.35 | % | | 3 Month SOFR | | | 575 | | | 3/27/2028 | | | 831,250 | | | | 819,464 | | | | 819,422 | | | | 9,11,15 | |
USIC Holdings, Inc. | | Delayed Draw | | | 10.35 | % | | 3 Month SOFR | | | 525 | | | 9/10/2031 | | | 198,838 | | | | 5,018 | | | | 5,152 | | | | 4,9,14 | |
USIC Holdings, Inc. | | Revolver | | | 10.33 | % | | 3 Month SOFR | | | 525 | | | 9/10/2031 | | | 429,163 | | | | 206,305 | | | | 206,305 | | | | 4,9,14 | |
USIC Holdings, Inc. | | First Lien Term Loan | | | 10.35 | % | | 3 Month SOFR | | | 525 | | | 9/10/2031 | | | 3,371,998 | | | | 3,355,138 | | | | 3,355,138 | | | | 9,11,14 | |
Vacation Rental Brands, LLC | | Revolver | | | 0.50 | % | | 3 Month SOFR | | | 550 | | | 9/8/2031 | | | 204,849 | | | | (3,046 | ) | | | (3,073 | ) | | | 4,9,10,15 | |
Vacation Rental Brands, LLC | | First Lien Term Loan | | | 10.49 | % | | 3 Month SOFR | | | 550 | | | 9/8/2031 | | | 1,792,432 | | | | 1,765,804 | | | | 1,765,546 | | | | 9,11,15 | |
StepStone Private Credit Income Fund
Consolidated Schedule of Investments (continued)
September 30, 2024 (unaudited)
Direct Lending (continued) | | Investment Type | | Interest Rate | | | Reference Rate | | Basis Point Spread | | | Maturity Date | | Principal Amount | | | Cost | | | Fair Value | | | Footnotes | |
Senior Secured Loans (continued) | | | | | | | | | | | | | | | | | | | | | | | | |
North America (continued) | | | | | | | | | | | | | | | | | | | | | | | | |
Vacation Rental Brands, LLC | | Delayed Draw | | | 1.00 | % | | 3 Month SOFR | | | 550 | | | 9/8/2031 | | $ | 460,911 | | | $ | (3,424 | ) | | $ | (3,457 | ) | | | 4,9,10,15 | |
Vensure Employer Services, Inc. | | Delayed Draw | | | 0.50 | % | | 3 Month SOFR | | | 500 | | | 9/27/2031 | | | 884,521 | | | | (4,416 | ) | | | (4,423 | ) | | | 4,9,10,15 | |
Vensure Employer Services, Inc. | | First Lien Term Loan | | | 9.59 | % | | 3 Month SOFR | | | 500 | | | 9/27/2031 | | | 3,115,479 | | | | 3,084,372 | | | | 3,084,324 | | | | 9,11,15 | |
Vital Purchaser, LLC | | Revolver | | | 0.50 | % | | 3 Month SOFR | | | 575 | | | 8/7/2030 | | | 164,000 | | | | (3,204 | ) | | | (3,431 | ) | | | 4,9,10,15 | |
Vital Purchaser, LLC | | First Lien Term Loan | | | 10.63 | % | | 3 Month SOFR | | | 575 | | | 8/7/2030 | | | 1,836,000 | | | | 1,799,706 | | | | 1,798,907 | | | | 9,11,15 | |
VRC Companies, LLC | | First Lien Term Loan | | | 11.01 | % | | 3 Month SOFR | | | 550 | | | 6/29/2027 | | | 3,969,272 | | | | 3,969,272 | | | | 3,969,234 | | | | 9,11,15 | |
Worldwide Insurance Network, LLC | | Delayed Draw | | | 10.87 | % | | 3 Month SOFR | | | 578 | | | 5/28/2030 | | | 664,225 | | | | 215,446 | | | | 215,906 | | | | 4,9,14 | |
Worldwide Insurance Network, LLC | | First Lien Term Loan | | | 10.77 | % | | 3 Month SOFR | | | 570 | | | 5/28/2030 | | | 833,139 | | | | 825,332 | | | | 825,612 | | | | 9,11,14 | |
Total North America | | | | | | | | | | | | | | | | | | | | | 115,946,358 | | | | 115,951,750 | | | | | |
Total Direct Lending | | | | | | | | | | | | | | | | | | | | $ | 115,946,358 | | | $ | 115,951,750 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Specialty Credit | | Investment Type | | Interest Rate | | | Reference Rate | | Basis Point Spread | | | Maturity Date | | Principal Amount | | | Cost | | | Fair Value | | | Footnotes | |
Specialty Credit - 32.70% | | | | | | | | | | | | | | | | | | | | | | | 1,5,6,9 | |
North America - 32.70% | | | | | | | | | | | | | | | | | | | | | | | | |
CIFC Stone Warehouse II Ltd | | Collateralized Loan Obligation | | | N/A | | | N/A | | | N/A | | | N/A | | $ | 1,950,000 | | | $ | 1,950,000 | | | $ | 1,950,000 | | | | 4,20 | |
CLP Issuer III, LLC | | Revolver | | | 13.08 | % | | N/A | | | N/A | | | 10/25/2025 | | | 4,000,000 | | | | 3,818,688 | | | | 3,819,200 | | | | 4,7,12 | |
Fortiva Retail Credit Master Note Business Trust | | Bond | | | 9.46 | % | | N/A | | | N/A | | | 3/15/2028 | | | 2,000,000 | | | | 1,995,224 | | | | 1,994,668 | | | | 12 | |
Fortiva Retail Credit Master Note Business Trust | | Bond | | | 12.09 | % | | N/A | | | N/A | | | 3/15/2028 | | | 2,000,000 | | | | 1,995,223 | | | | 1,994,580 | | | | 12 | |
Health Plan One, Inc. | | First Lien Term Loan | | | 12.70 | % | | 3 Month SOFR | | | 750 | | | 9/19/2027 | | | 4,000,000 | | | | 3,970,815 | | | | 3,967,923 | | | | 7,8 | |
Heights Financing I | | Revolver | | | 14.82 | % | | 3 Month SOFR | | | 950 | | | 10/31/2026 | | | 4,000,000 | | | | 3,253,891 | | | | 3,254,237 | | | | 4,8 | |
Heights Financing II | | Revolver | | | 13.70 | % | | 3 Month SOFR | | | 1061 | | | 10/31/2026 | | | 4,000,000 | | | | 3,078,364 | | | | 3,083,549 | | | | 4,7,8 | |
Identity Automation, LP | | Delayed Draw | | | 15.17 | % | | 3 Month SOFR | | | 1000 | | | 9/6/2026 | | | 4,000,000 | | | | 3,767,749 | | | | 3,767,425 | | | | 4,7,8 | |
Klover Receivables SPV I, LLC | | Revolver | | | 16.75 | % | | N/A | | | N/A | | | 7/31/2026 | | | 3,911,741 | | | | 3,949,921 | | | | 3,950,859 | | | | 7,12 | |
Mission Lane Credit Card Master Trust Barclays | | Revolver | | | 13.45 | % | | 3 Month SOFR | | | 875 | | | 12/12/2025 | | | 2,766,177 | | | | 1,196,671 | | | | 1,195,882 | | | | 4,8 | |
StepStone Private Credit Income Fund
Consolidated Schedule of Investments (continued)
September 30, 2024 (unaudited)
Specialty Credit (continued) | | Investment Type | | Interest Rate | | | Reference Rate | | Basis Point Spread | | | Maturity Date | | Principal Amount | | | Cost | | | Fair Value | | | Footnotes | |
Specialty Credit (continued) | | | | | | | | | | | | | | | | | | | | | | | | |
North America (continued) | | | | | | | | | | | | | | | | | | | | | | | | |
Mission Lane Credit Card Master Trust JPM | | Revolver | | | 13.70 | % | | 3 Month SOFR | | | 900 | | | 12/12/2025 | | $ | 1,233,823 | | | $ | 368,482 | | | $ | 368,717 | | | | 4,8 | |
Shoreditch No. 1 LP | | Revolver | | | 15.06 | % | | 3 Month SOFR | | | 975 | | | 5/31/2025 | | | 4,000,000 | | | | 1,712,236 | | | | 1,710,000 | | | | 4,7,8 | |
Smartpay SPV LLC | | Revolver | | | 11.50 | % | | N/A | | | N/A | | | 10/25/2025 | | | 4,000,000 | | | | 2,112,290 | | | | 2,111,706 | | | | 4,7,12 | |
Synchronoss Technologies, Inc. | | First Lien Term Loan | | | 10.20 | % | | 3 Month SOFR | | | 550 | | | 6/28/2028 | | | 1,987,500 | | | | 1,892,339 | | | | 1,888,027 | | | | 7,8,11,18 | |
Upgrade Warehouse | | Revolver | | | 12.42 | % | | 3 Month SOFR | | | 725 | | | 2/28/2025 | | | 4,000,000 | | | | 2,831,824 | | | | 2,834,672 | | | | 4,7,8 | |
Total North America | | | | | | | | | | | | | | | | | | | | | 37,893,717 | | | | 37,891,445 | | | | | |
Total Specialty Credit | | | | | | | | | | | | | | | | | | | | $ | 37,893,717 | | | $ | 37,891,445 | | | | | |
Total Investments - 135.27% | | | | | | | | | | | | | | | | | | | | $ | 156,755,485 | | | $ | 156,745,344 | | | | | |
Other assets in excess of liabilities - (35.27)% | | | | | | | | | | | | | | | | | | | | | | | | | (40,865,460 | ) | | | | |
Net Assets - 100% | | | | | | | | | | | | | | | | | | | | | | | | $ | 115,879,884 | | | | | |
| 1 | Geographic region generally reflects the location of the investment manager for Investment Funds and headquarters for debt investments. |
| 2 | Investments do not allow redemptions or withdrawals except at discretion of their general partner, manager or advisor and the final distribution date is not known, except where noted. Investment funds are fair valued at adjusted net asset value. |
| 3 | Investment Funds are generally issued in private placement transactions and as such are generally restricted as 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 investments as of September 30, 2024 was $2,902,149 or 2.50% of net assets. There are no circumstances that could cause a lapse in the restriction to resale. |
| 4 | Investment has undrawn commitments. For private credit investments, unamortized fees are classified as unearned income which reduces cost basis and may result in a negative cost basis. A negative fair value may result from the unfunded commitment being valued below par. The private credit investment may be subject to an undrawn commitment fee. |
| 5 | Fair value was determined using significant unobservable inputs. |
| 6 | Investment is generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act of 1933, as amended. Investment is a Level 3 asset unless otherwise indicated. |
| 7 | Senior secured debt investment. |
| 8 | Investments bear interest at rates that may be determined by reference to Secured Overnight Financing Rate (“SOFR”) 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 SOFR and 3 Month SOFR are 5.163% and 5.309%, 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. |
| 9 | Income producing debt investment that pays all interest in cash. |
StepStone Private Credit Income Fund
Consolidated Schedule of Investments (continued)
September 30, 2024 (unaudited)
| 10 | Unfunded position. Interest reflects the unfunded commitment fee rate |
| 11 | Security is held by CRDEX LLC and designated as collateral for future borrowings on the JPMorgan Chase Bank, N.A. credit facility. |
| 12 | Interest rate is fixed. |
| 13 | Interest rate on funded balance is subject to a floor of 0.50%. |
| 14 | Interest rate on funded balance is subject to a floor of 0.75%. |
| 15 | Interest rate on funded balance is subject to a floor of 1.00%. |
| 16 | Interest rate on funded balance is subject to a floor of 1.25%. |
| 17 | Interest rate on funded balance is subject to a floor of 1.50%. |
| 18 | Interest rate on funded balance is subject to a floor of 2.50%. |
| 19 | Principal includes accumulated payment in kind (“PIK”) interest and is net of repayments, if any. |
| 20 | 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 bank financing. |