UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-23924
(Exact name of registrant as specified in charter)
128 S Tryon St., Suite 1600
Charlotte, NC 28202
(Address of principal executive offices) (Zip code)
Robert W. Long
Chief Executive Officer
StepStone Group Private Wealth LLC
128 S Tryon St., Suite 1600
Charlotte, NC 28202
(Name and address of agent for service)
Registrant’s telephone number, including area code: (704) 215-4300
Date of fiscal year end: December 31
Date of reporting period:
ITEM 1. REPORTS TO STOCKHOLDERS.
(a) The Report to Shareholders is attached herewith.
StepStone Private Credit Income Fund
Consolidated Financial Statements
For the Six Months Ended June 30, 2026
(unaudited)
Semi-Annual Report
StepStone Private Credit Income Fund
Table of Contents
For the Six Months Ended June 30, 2026 (unaudited)
StepStone Private Credit Income Fund
Consolidated Schedule
of Investments
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash
Interest Rate / PIK | Reference
Rate | Spread | Maturity Date | Principal Amount | Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments - 116.1% of NAV | ||||||||||||||||||||||||||||||
| Senior Secured Loans - 91.7% of NAV | 1,2,3,4 | |||||||||||||||||||||||||||||
| Europe - 1.7% of NAV | ||||||||||||||||||||||||||||||
| Clarion Events Holdings Inc. | First Lien Term Loan | 8.74 | % | 6M SOFR | 5.00 | % | 12/2/2032 | $ | 3,811,387 | $ | 3,773,526 | $ | 3,772,118 | 5,6,18 | ||||||||||||||||
| Kee Safety LLC | First Lien Term Loan | 8.37 | % | 1M SOFR | 4.75 | % | 3/31/2032 | 5,651,038 | 5,595,176 | 5,580,538 | 5,6,18 | |||||||||||||||||||
| Quad UK Midco 2 Limited | First Lien Term Loan | 9.45 | % | 6M SOFR | 5.25 | % | 6/30/2029 | 1,072,727 | 1,070,059 | 1,072,727 | 5,6,18 | |||||||||||||||||||
| Quad UK Midco 2 Limited | First Lien Term Loan | 9.45 | % | 6M SOFR | 5.25 | % | 6/30/2029 | 2,927,273 | 2,919,971 | 2,927,273 | 5,6,18 | |||||||||||||||||||
| SERB Pharmaceuticals | First Lien Term Loan | 8.67 | % | 3M SOFR | 5.00 | % | 8/13/2032 | 7,771,383 | 7,675,198 | 7,675,689 | 5,6,18 | |||||||||||||||||||
| Total Direct Lending - Senior Secured Loans - Europe | $ | 21,033,930 | $ | 21,028,345 | ||||||||||||||||||||||||||
| North America - 89.7% of NAV | 1,2,3,4 | |||||||||||||||||||||||||||||
| 365RM Holdco, LLC | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 5/8/2033 | $ | 4,889,939 | $ | 4,853,827 | $ | 4,846,698 | 5,6,10 | ||||||||||||||||
| 365RM Holdco, LLC | Delayed Draw | — | % | 3M SOFR | 5/8/2033 | 354,343 | (869 | ) | (1,368 | ) | 5,6,7,8,10,25 | |||||||||||||||||||
| 365RM Holdco, LLC | Revolver | 8.48 | % | 3M SOFR | 4.75 | % | 5/6/2033 | 590,572 | 66,521 | 65,646 | 5,6,8,10 | |||||||||||||||||||
| AAH Topco, LLC | Delayed Draw | 8.74 | % | 1M SOFR | 5.00 | % | 12/22/2027 | 3,146,582 | 1,981,201 | 1,980,873 | 5,6,8,10 | |||||||||||||||||||
| AB Centers Acquisition Corporation | First Lien Term Loan | 8.87 | % | 1M SOFR | 5.25 | % | 7/2/2031 | 2,015,206 | 1,996,983 | 1,995,496 | 5,6,10 | |||||||||||||||||||
| AB Centers Acquisition Corporation | Revolver | 0.50 | % | 3M SOFR | 7/2/2031 | 185,990 | (1,372 | ) | (1,389 | ) | 5,6,7,8,10 | |||||||||||||||||||
| AB Centers Acquisition Corporation | Delayed Draw | 8.89 | % | 1M SOFR | 5.25 | % | 7/2/2031 | 364,663 | 176,384 | 176,301 | 5,6,8,10 | |||||||||||||||||||
| ABC Technologies Inc. | First Lien Term Loan | 11.96 | % | 3M SOFR | 8.25 | % | 8/22/2031 | 2,153,840 | 2,079,257 | 2,079,293 | 5,6,10,18 | |||||||||||||||||||
| Accelevation LLC | First Lien Term Loan | 8.90 | % | 3M SOFR | 5.25 | % | 1/2/2031 | 8,000,000 | 7,880,271 | 7,880,000 | 5,6,18 | |||||||||||||||||||
| Accordion Partners LLC | First Lien Term Loan | 8.67 | % | 3M SOFR | 5.00 | % | 11/17/2031 | 2,042,989 | 2,038,222 | 2,036,749 | 5,6,10,18 | |||||||||||||||||||
| ACP Avenu Buyer, LLC | Delayed Draw | 1.00 | % | 3M SOFR | 10/2/2029 | 248,846 | (916 | ) | (2,663 | ) | 5,6,7,8,11,25 | |||||||||||||||||||
| ACP Avenu Buyer, LLC | Revolver | 8.65 | % | 1M SOFR | 5.00 | % | 10/2/2029 | 87,096 | 18,789 | 18,064 | 5,6,8,11 | |||||||||||||||||||
| ACP Avenu Buyer, LLC | First Lien Term Loan | 8.69 | % | 3M SOFR | 5.00 | % | 10/2/2029 | 290,976 | 288,727 | 286,403 | 5,6,11,18 | |||||||||||||||||||
| ACP Avenu Buyer, LLC | First Lien Term Loan | 8.69 | % | 3M SOFR | 5.00 | % | 10/2/2029 | 370,042 | 366,886 | 363,528 | 5,6,11,18 | |||||||||||||||||||
| ACP Oak Buyer, Inc. | Delayed Draw | 8.43 | % | 6M SOFR | 4.75 | % | 5/16/2031 | 1,401,408 | 1,395,218 | 1,393,587 | 5,6,11 | |||||||||||||||||||
| ACP Oak Buyer, Inc. | Delayed Draw | 8.42 | % | 6M SOFR | 4.75 | % | 5/16/2031 | 1,402,113 | 1,395,908 | 1,394,287 | 5,6,11 | |||||||||||||||||||
| ACP Oak Buyer, Inc. | Revolver | 0.50 | % | 3M SOFR | 5/16/2031 | 1,267,606 | (5,241 | ) | (7,057 | ) | 5,6,7,8,11 | |||||||||||||||||||
| ACP Oak Buyer, Inc. | First Lien Term Loan | 8.60 | % | 6M SOFR | 4.75 | % | 5/16/2031 | 5,856,338 | 5,831,032 | 5,823,736 | 5,6,11,18 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
2
StepStone Private Credit Income Fund
Consolidated Schedule
of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash
Interest Rate / PIK | Reference
Rate | Spread | Maturity Date | Principal Amount | Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Senior Secured Loans (continued) | ||||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| Advanced Infusion Solutions Acquisition, LLC | First Lien Term Loan | 8.64 | % | 1M SOFR | 5.00 | % | 6/4/2032 | $ | 5,126,214 | $ | 5,049,999 | $ | 5,049,320 | 5,6,10,18 | ||||||||||||||||
| Advanced Infusion Solutions Acquisition, LLC | Delayed Draw | — | % | 1M SOFR | 6/4/2032 | 2,330,097 | (34,525 | ) | (34,951 | ) | 5,6,7,8,10,25 | |||||||||||||||||||
| Advanced Infusion Solutions Acquisition, LLC | Revolver | 8.64 | % | 1M SOFR | 5.00 | % | 6/4/2032 | 543,689 | 44,756 | 44,660 | 5,6,8,10 | |||||||||||||||||||
| Advanced Medical Management, LLC | Revolver | 1.00 | % | 3M SOFR | 6/18/2028 | 789,586 | (6,179 | ) | (6,777 | ) | 5,6,7,8,11 | |||||||||||||||||||
| Advanced Medical Management, LLC | First Lien Term Loan | 9.81 | % | 3M SOFR | 6.00 | % | 6/18/2028 | 7,811,336 | 7,737,430 | 7,733,913 | 5,6,11,18 | |||||||||||||||||||
| AKAM Buyer, Inc. | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 2/27/2032 | 703,732 | 696,953 | 697,109 | 5,6,10,18 | |||||||||||||||||||
| AKAM Buyer, Inc. | Revolver | 0.50 | % | 3M SOFR | 2/27/2032 | 290,762 | (4,118 | ) | (3,462 | ) | 5,6,7,8,10 | |||||||||||||||||||
| AKAM Buyer, Inc. | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 2/27/2032 | 703,732 | 693,563 | 697,109 | 5,6,10 | |||||||||||||||||||
| AKAM Buyer, Inc. | Delayed Draw | 0.50 | % | 3M SOFR | 2/27/2032 | 760,791 | (10,774 | ) | (9,059 | ) | 5,6,7,8,10,25 | |||||||||||||||||||
| Alkeme Intermediary Holdings, LLC | Delayed Draw | 8.73 | % | 3M SOFR | 5.00 | % | 5/28/2027 | 1,965,675 | 1,955,290 | 1,953,986 | 5,6,11,18 | |||||||||||||||||||
| Alkeme Intermediary Holdings, LLC | Delayed Draw | 8.73 | % | 3M SOFR | 5.00 | % | 5/28/2027 | 504,748 | 503,238 | 503,119 | 5,6,11 | |||||||||||||||||||
| Alkeme Intermediary Holdings, LLC | Revolver | 0.50 | % | 3M SOFR | 5/28/2027 | 30,404 | (78 | ) | (98 | ) | 5,6,7,8,11 | |||||||||||||||||||
| Alkeme Intermediary Holdings, LLC | Delayed Draw | 8.73 | % | 3M SOFR | 5.00 | % | 5/28/2027 | 1,449,716 | 1,442,703 | 1,444,922 | 5,6,11 | |||||||||||||||||||
| Ambient Enterprises Holdco LLC | First Lien Term Loan | 9.23 | % | 3M SOFR | 5.50 | % | 6/28/2030 | 932,161 | 920,633 | 919,255 | 5,6,11,18 | |||||||||||||||||||
| Ambient Enterprises Holdco LLC | Delayed Draw | 9.23 | % | 3M SOFR | 5.50 | % | 6/28/2030 | 1,595,138 | 1,577,683 | 1,572,998 | 5,6,8,11 | |||||||||||||||||||
| Ambient Enterprises Holdco LLC | Delayed Draw | 9.23 | % | 3M SOFR | 5.50 | % | 6/28/2030 | 866,327 | 405,185 | 401,438 | 5,6,8,11 | |||||||||||||||||||
| Ambient Enterprises Holdco LLC | First Lien Term Loan | 9.23 | % | 3M SOFR | 5.50 | % | 6/28/2030 | 516,519 | 508,829 | 507,624 | 5,6,11,18 | |||||||||||||||||||
| Ambient Enterprises Holdco LLC | Delayed Draw | 0.75 | % | 3M SOFR | 6/28/2030 | 367,347 | (5,379 | ) | (5,596 | ) | 5,6,7,8,11,25 | |||||||||||||||||||
| Amercareroyal, LLC | First Lien Term Loan | 8.64 | % | 1M SOFR | 5.00 | % | 9/10/2030 | 2,563,373 | 2,538,260 | 2,542,176 | 5,6,11,18 | |||||||||||||||||||
| Amercareroyal, LLC | Delayed Draw | 8.64 | % | 1M SOFR | 5.00 | % | 9/10/2030 | 597,590 | 591,614 | 597,590 | 5,6,11 | |||||||||||||||||||
| Amercareroyal, LLC | Delayed Draw | 8.64 | % | 1M SOFR | 5.00 | % | 9/10/2030 | 408,241 | 405,109 | 406,958 | 5,6,11,18 | |||||||||||||||||||
| Amercareroyal, LLC | Revolver | 8.64 | % | 1M SOFR | 5.00 | % | 9/10/2030 | 385,542 | 271,575 | 271,511 | 5,6,8,11 | |||||||||||||||||||
| American Family Care, LLC | Delayed Draw | 8.39 | % | 1M SOFR | 4.75 | % | 2/28/2029 | 1,505,436 | 167,320 | 167,420 | 5,6,8,11 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
3
StepStone Private Credit Income Fund
Consolidated Schedule
of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash
Interest Rate / PIK | Reference
Rate | Spread | Maturity Date | Principal Amount | Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Senior Secured Loans (continued) | ||||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| American Family Care, LLC | Revolver | 0.50 | % | 3M SOFR | 2/28/2029 | $ | 451,631 | $ | (1,738 | ) | $ | (1,711 | ) | 5,6,7,8,11 | ||||||||||||||||
| American Family Care, LLC | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 2/28/2029 | 1,997,969 | 1,988,077 | 1,990,397 | 5,6,11,18 | |||||||||||||||||||
| AmeriLife Holdings LLC | First Lien Term Loan | 8.67 | % | 3M SOFR | 5.00 | % | 8/31/2029 | 5,282,122 | 5,256,049 | 5,254,253 | 5,6,10,18 | |||||||||||||||||||
| AmeriLife Holdings LLC | Delayed Draw | 8.66 | % | 3M SOFR | 5.00 | % | 8/31/2029 | 1,786,465 | 315,391 | 323,469 | 5,6,8,10 | |||||||||||||||||||
| AmeriLife Holdings LLC | Revolver | 8.66 | % | 3M SOFR | 5.00 | % | 8/31/2028 | 885,797 | 218,644 | 221,287 | 5,6,8,10 | |||||||||||||||||||
| AMP Purchaser, LLC | First Lien Term Loan | 8.14 | % | 1M SOFR | 4.50 | % | 4/1/2033 | 3,542,857 | 3,525,617 | 3,524,179 | 5,6,9,18 | |||||||||||||||||||
| AMP Purchaser, LLC | Revolver | 0.50 | % | 3M SOFR | 4/1/2033 | 457,143 | (2,206 | ) | (2,410 | ) | 5,6,7,8,9 | |||||||||||||||||||
| Amplify Buyer, Inc. | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 9/17/2032 | 3,980,000 | 3,961,643 | 3,961,416 | 5,6,10,18 | |||||||||||||||||||
| Anaplan, Inc. | First Lien Term Loan | 8.17 | % | 3M SOFR | 4.50 | % | 6/21/2029 | 6,114,130 | 5,809,075 | 5,803,125 | 5,6,10,18 | |||||||||||||||||||
| Any Hour LLC | First Lien Term Loan | 6.23 % / 3.25 | % | 3M SOFR | 5.75 | % | 5/23/2030 | 2,333,390 | 2,308,378 | 2,141,180 | 5,9,18 | |||||||||||||||||||
| Any Hour LLC | Revolver | 6.23 % / 3.25 | % | 3M SOFR | 5.75 | % | 5/23/2030 | 348,771 | 314,381 | 289,219 | 5,8,9 | |||||||||||||||||||
| Any Hour LLC | Delayed Draw | 6.23 % / 3.25 | % | 3M SOFR | 5.75 | % | 5/23/2030 | 66,632 | 65,913 | 61,611 | 5,9 | |||||||||||||||||||
| Apex Dental Partners, LLC | Delayed Draw | 1.00 | % | 1M SOFR | 10/29/2030 | 929,032 | (4,619 | ) | (4,645 | ) | 5,6,7,8,11,25 | |||||||||||||||||||
| Apex Service Partners, LLC | Delayed Draw | 8.73 | % | 3M SOFR | 5.00 | % | 10/24/2030 | 2,138,989 | 2,122,158 | 2,131,196 | 5,6,11,18 | |||||||||||||||||||
| Apex Service Partners, LLC | Revolver | 8.73 | % | 3M SOFR | 5.00 | % | 10/24/2029 | 96,927 | 43,825 | 43,661 | 5,6,8,11 | |||||||||||||||||||
| Apex Service Partners, LLC | Delayed Draw | 8.73 | % | 3M SOFR | 5.00 | % | 10/24/2030 | 288,212 | 285,981 | 285,743 | 5,6,11,18 | |||||||||||||||||||
| Apex Service Partners, LLC | First Lien Term Loan | 8.73 | % | 3M SOFR | 5.00 | % | 10/24/2030 | 1,210,925 | 1,201,553 | 1,200,552 | 5,6,11,18 | |||||||||||||||||||
| Apex Service Partners, LLC | First Lien Term Loan | 8.66 | % | 3M SOFR | 5.00 | % | 10/24/2030 | 1,562,104 | 1,548,839 | 1,546,898 | 5,6,11,18 | |||||||||||||||||||
| Apex Service Partners, LLC | Delayed Draw | 8.73 | % | 3M SOFR | 5.00 | % | 10/24/2030 | 4,598,870 | 4,559,553 | 4,577,363 | 5,6,11 | |||||||||||||||||||
| Aprio Advisory Group, LLC | Delayed Draw | 8.48 | % | 3M SOFR | 4.75 | % | 8/1/2031 | 3,975,082 | 231,440 | 216,076 | 5,6,8,10 | |||||||||||||||||||
| Aprio Advisory Group, LLC | Revolver | 0.50 | % | 3M SOFR | 8/1/2031 | 24,918 | (227 | ) | (323 | ) | 5,6,7,8,10 | |||||||||||||||||||
| Aptean, Inc. | Delayed Draw | 1.00 | % | 3M SOFR | 1/30/2031 | 2,191,527 | (4,240 | ) | (22,683 | ) | 5,6,7,8,10,25 | |||||||||||||||||||
| Aptean, Inc. | Revolver | 8.68 | % | 3M SOFR | 4.62 | % | 1/30/2031 | 285,408 | 64,128 | 61,569 | 5,6,8,10 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
4
StepStone Private Credit Income Fund
Consolidated Schedule
of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash
Interest Rate / PIK | Reference Rate | Spread | Maturity Date | Principal Amount | Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Senior Secured Loans (continued) | ||||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| Aptean, Inc. | First Lien Term Loan | 8.42 | % | 3M SOFR | 4.75 | % | 1/30/2031 | $ | 7,241,762 | $ | 7,212,698 | $ | 7,225,802 | 5,6,10 | ||||||||||||||||
| Aptive Environmental, LLC | Delayed Draw | 1.00 | % | 3M SOFR | 10/15/2032 | 155,039 | (1,399 | ) | (1,574 | ) | 5,6,7,8,10,25 | |||||||||||||||||||
| Aptive Environmental, LLC | Revolver | 8.37 | % | 1M SOFR | 4.75 | % | 10/15/2032 | 310,078 | 46,816 | 46,464 | 5,6,8,10 | |||||||||||||||||||
| Aptive Environmental, LLC | First Lien Term Loan | 8.39 | % | 1M SOFR | 4.75 | % | 10/15/2032 | 3,526,047 | 3,491,090 | 3,490,243 | 5,6,10,18 | |||||||||||||||||||
| Archer Lewis, LLC | Delayed Draw | 9.48 | % | 3M SOFR | 5.75 | % | 8/28/2029 | 17,079 | 5,879 | 4,394 | 5,6,8,11 | |||||||||||||||||||
| Archer Lewis, LLC | Revolver | 9.48 | % | 3M SOFR | 5.75 | % | 8/28/2029 | 35,211 | 34,860 | 31,836 | 5,6,11 | |||||||||||||||||||
| Archer Lewis, LLC | First Lien Term Loan | 9.45 | % | 3M SOFR | 5.75 | % | 8/28/2029 | 1,068,517 | 1,055,298 | 966,092 | 5,6,11,18 | |||||||||||||||||||
| Archer Lewis, LLC | Delayed Draw | 9.48 | % | 3M SOFR | 5.75 | % | 8/28/2029 | 16,136 | 15,963 | 14,472 | 5,6,11,18 | |||||||||||||||||||
| Arcline Liberty Buyer LLC | Delayed Draw | 8.41 | % | 3M SOFR | 4.75 | % | 12/1/2032 | 774,194 | 667,613 | 659,664 | 5,6,8,10 | |||||||||||||||||||
| Arcline Liberty Buyer LLC | Revolver | 10.50 | % | 3M PRIME | 3.75 | % | 12/1/2032 | 516,129 | 103,226 | 95,690 | 5,6,8,10 | |||||||||||||||||||
| Arcline Liberty Buyer LLC | First Lien Term Loan | 8.43 | % | 3M SOFR | 4.75 | % | 12/1/2032 | 2,702,903 | 2,702,903 | 2,663,438 | 5,6,10,18 | |||||||||||||||||||
| Arctic Holdco, LLC | Delayed Draw | 8.93 | % | 3M SOFR | 5.25 | % | 1/31/2032 | 200,092 | 198,750 | 198,599 | 5,6,11 | |||||||||||||||||||
| Arctic Holdco, LLC | First Lien Term Loan | 8.98 | % | 3M SOFR | 5.25 | % | 1/31/2032 | 1,749,619 | 1,737,510 | 1,727,804 | 5,6,11,18 | |||||||||||||||||||
| Arctic Holdco, LLC | Revolver | 8.96 | % | 3M SOFR | 5.25 | % | 1/31/2031 | 134,565 | 56,839 | 56,185 | 5,6,8,11 | |||||||||||||||||||
| Argano LLC | First Lien Term Loan | 9.15 | % | 1M SOFR | 5.50 | % | 9/13/2029 | 5,082,879 | 5,030,416 | 4,958,670 | 5,6,11,18 | |||||||||||||||||||
| Argano LLC | First Lien Term Loan | 9.15 | % | 1M SOFR | 5.50 | % | 9/13/2029 | 686,957 | 679,326 | 670,127 | 5,6,11 | |||||||||||||||||||
| Argano LLC | Revolver | 0.50 | % | 3M SOFR | 9/13/2029 | 166,836 | (1,613 | ) | (4,077 | ) | 5,6,7,8,11 | |||||||||||||||||||
| Argano LLC | Delayed Draw | 9.14 | % | 1M SOFR | 5.50 | % | 9/13/2029 | 5,967,960 | 5,894,976 | 5,897,918 | 5,6,11 | |||||||||||||||||||
| ASP Global Holdings, LLC | First Lien Term Loan | 8.87 | % | 1M SOFR | 5.25 | % | 7/31/2029 | 2,043,812 | 2,029,952 | 2,017,524 | 5,6,11,18 | |||||||||||||||||||
| ASP Global Holdings, LLC | Revolver | 8.89 | % | 1M SOFR | 5.25 | % | 7/31/2029 | 258,412 | 256,725 | 255,097 | 5,6,11 | |||||||||||||||||||
| ASP Global Holdings, LLC | Delayed Draw | 8.89 | % | 1M SOFR | 5.25 | % | 7/31/2029 | 850,610 | 598,664 | 593,325 | 5,6,8,11 | |||||||||||||||||||
| Assembled Intelligence LLC | First Lien Term Loan | 8.73 | % | 3M SOFR | 5.00 | % | 5/3/2029 | 518,382 | 514,527 | 514,807 | 5,6,11,18 | |||||||||||||||||||
| Associated Spring US, LLC | First Lien Term Loan | 9.23 | % | 3M SOFR | 5.50 | % | 4/4/2030 | 1,119,231 | 1,108,038 | 1,108,038 | 5,6 | |||||||||||||||||||
| Associations, Inc. | First Lien Term Loan | 10.42 | % | 3M SOFR | 6.50 | % | 7/2/2028 | 3,495,733 | 3,495,733 | 3,495,733 | 5,6,11,18 | |||||||||||||||||||
| Associations, Inc. | First Lien Term Loan | 10.41 | % | 3M SOFR | 6.00 | % | 7/2/2028 | 1,596,000 | 1,588,068 | 1,588,000 | 5,6,11,18 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
5
StepStone Private Credit Income Fund
Consolidated Schedule
of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash Interest Rate / PIK | Reference
Rate | Spread | Maturity Date | Principal Amount | Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Senior Secured Loans (continued) | ||||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| Associations, Inc. | Delayed Draw | 10.42 | % | 3M SOFR | 6.50 | % | 7/3/2028 | $ | 273,994 | $ | 144,321 | $ | 144,321 | 5,6,8,11 | ||||||||||||||||
| Associations, Inc. | Revolver | 0.50 | % | 3M SOFR | 7/2/2028 | 220,967 | — | — | 5,6,7,8,11 | |||||||||||||||||||||
| Associations, Inc. | Delayed Draw | 1.00 | % | 3M SOFR | 7/2/2028 | 2,400,000 | (11,886 | ) | (12,000 | ) | 5,6,7,8,11,25 | |||||||||||||||||||
| Atlantic Pipe Services, LLC | Delayed Draw | 8.23 | % | 3M SOFR | 4.50 | % | 12/1/2031 | 991,736 | 25,956 | 27,435 | 5,6,8,11 | |||||||||||||||||||
| Atlantic Pipe Services, LLC | First Lien Term Loan | 8.23 | % | 3M SOFR | 4.50 | % | 12/1/2031 | 1,726,860 | 1,705,380 | 1,709,830 | 5,6,11,18 | |||||||||||||||||||
| Autism Learning Partners Holdings | First Lien Term Loan | 8.74 | % | 3M SOFR | 5.00 | % | 8/16/2027 | 1,796,116 | 1,791,542 | 1,740,540 | 5,6,11,19 | |||||||||||||||||||
| Aviation Technical Services, Inc. | First Lien Term Loan | 9.42 | % | 3M SOFR | 5.75 | % | 7/12/2029 | 1,310,000 | 1,303,341 | 1,298,086 | 5,6,11,18 | |||||||||||||||||||
| Aviation Technical Services, Inc. | Revolver | 0.50 | % | 3M SOFR | 7/12/2029 | 166,667 | (784 | ) | (1,516 | ) | 5,6,7,8,11 | |||||||||||||||||||
| Avita Care Solutions | Revolver | 0.50 | % | 3M SOFR | 8/6/2030 | 258,582 | (2,792 | ) | (2,449 | ) | 5,6,7,8,11 | |||||||||||||||||||
| Avita Care Solutions | First Lien Term Loan | 8.66 | % | 3M SOFR | 5.00 | % | 8/6/2030 | 1,092,841 | 1,080,921 | 1,082,757 | 5,6,11,18 | |||||||||||||||||||
| Avita Care Solutions | First Lien Term Loan | 8.66 | % | 3M SOFR | 5.00 | % | 8/6/2030 | 1,764,446 | 1,747,474 | 1,748,146 | 5,6,11 | |||||||||||||||||||
| Axis Portable Air, LLC | Revolver | 8.45 | % | 3M SOFR | 4.75 | % | 3/22/2028 | 737,087 | 364,666 | 363,989 | 5,6,8,11 | |||||||||||||||||||
| Axis Portable Air, LLC | Delayed Draw | 8.48 | % | 3M SOFR | 4.75 | % | 3/22/2028 | 393,326 | 392,049 | 390,259 | 5,6,11 | |||||||||||||||||||
| Axis Portable Air, LLC | Delayed Draw | 8.48 | % | 3M SOFR | 4.75 | % | 3/22/2028 | 1,274,245 | 1,269,287 | 1,266,352 | 5,6,11,18 | |||||||||||||||||||
| Axis Portable Air, LLC | Delayed Draw | 8.48 | % | 3M SOFR | 4.75 | % | 12/31/2030 | 1,044,654 | 1,037,632 | 1,035,354 | 5,6,11 | |||||||||||||||||||
| Axis Portable Air, LLC | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 3/22/2028 | 521,018 | 517,127 | 516,345 | 5,6,11,18 | |||||||||||||||||||
| Axxiom Elevator LLC | First Lien Term Loan | 9.10 | % | 6M SOFR | 5.25 | % | 10/19/2029 | 1,663,803 | 1,666,459 | 1,654,523 | 5,6,11,19 | |||||||||||||||||||
| Badge 21 Midco Holdings LLC | Delayed Draw | 1.00 | % | 3M SOFR | 6/30/2032 | 1,098,200 | (9,462 | ) | (9,702 | ) | 5,6,7,8,11,25 | |||||||||||||||||||
| Badge 21 Midco Holdings LLC | Revolver | 10.25 | % | 3M PRIME | 3.50 | % | 6/30/2032 | 694,752 | 80,858 | 80,706 | 5,6,8,11 | |||||||||||||||||||
| Badge 21 Midco Holdings LLC | First Lien Term Loan | 8.23 | % | 3M SOFR | 4.50 | % | 6/30/2032 | 5,959,047 | 5,907,262 | 5,906,401 | 5,6,11,18 | |||||||||||||||||||
| Barricade Holdings LLC | First Lien Term Loan | 8.39 | % | 1M SOFR | 4.75 | % | 9/30/2030 | 1,672,982 | 1,665,129 | 1,654,992 | 5,6,11,18 | |||||||||||||||||||
| Barricade Holdings LLC | Delayed Draw | 8.37 | % | 1M SOFR | 4.75 | % | 9/30/2030 | 1,765,448 | 1,757,265 | 1,755,276 | 5,6,11 | |||||||||||||||||||
| Barricade Holdings LLC | Delayed Draw | 1.00 | % | 3M SOFR | 9/30/2030 | 1,308,075 | (12,926 | ) | (13,081 | ) | 5,6,7,8,11,25 | |||||||||||||||||||
| Barricade Holdings LLC | Revolver | 8.40 | % | 1M SOFR | 4.75 | % | 9/30/2030 | 363,354 | 34,541 | 34,519 | 5,6,8,11 | |||||||||||||||||||
| BBMA Buyer LLC | Delayed Draw | 9.48 | % | 3M SOFR | 5.75 | % | 1/2/2030 | 1,271,848 | 1,273,889 | 1,250,497 | 5,6,11 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
6
StepStone Private Credit Income Fund
Consolidated Schedule
of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash Interest Rate / PIK | Reference Rate | Spread | Maturity Date | Principal Amount | Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Senior Secured Loans (continued) | ||||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| BC Group Holdings, Inc. | Delayed Draw | 8.73 | % | 3M SOFR | 5.00 | % | 12/21/2027 | $ | 4,942,865 | $ | 3,607,219 | $ | 3,590,770 | 5,6,8,10 | ||||||||||||||||
| BCI Burke Holding Corp. | Delayed Draw | 1.00 | % | 3M SOFR | 12/14/2027 | 838,634 | (3,878 | ) | (4,283 | ) | 5,6,7,8,11,25 | |||||||||||||||||||
| BCI Burke Holding Corp. | First Lien Term Loan | 9.39 | % | 1M SOFR | 5.75 | % | 12/14/2027 | 2,786,307 | 2,758,813 | 2,772,038 | 5,6,11,18 | |||||||||||||||||||
| Beacon Behavioral Holdings LLC | Delayed Draw | 9.21 | % | 3M SOFR | 5.50 | % | 6/21/2029 | 2,030,568 | 1,990,477 | 1,989,854 | 5,6,11 | |||||||||||||||||||
| Beacon Behavioral Holdings LLC | Delayed Draw | 9.23 | % | 3M SOFR | 5.50 | % | 6/21/2029 | 1,106,182 | 525,989 | 525,622 | 5,6,8,11 | |||||||||||||||||||
| Beacon Behavioral Holdings LLC | First Lien Term Loan | 0.00 % / 15 | % | Fixed | 15.00 | % | 6/21/2030 | 873,144 | 855,849 | 855,681 | 20,23 | |||||||||||||||||||
| Beacon Behavioral Holdings LLC | Revolver | 11.25 | % | 3M PRIME | 4.50 | % | 6/21/2029 | 161,305 | 47,767 | 47,712 | 5,6,8,11 | |||||||||||||||||||
| Beacon Oral Specialists Management LLC | Delayed Draw | 9.17 | % | 3M SOFR | 5.50 | % | 12/14/2026 | 1,010,109 | 208,316 | 207,649 | 5,6,8,11 | |||||||||||||||||||
| Beacon Pointe Harmony, LLC | Delayed Draw | 8.14 | % | 1M SOFR | 4.50 | % | 12/29/2028 | 125,276 | 40,737 | 41,415 | 5,6,8,10 | |||||||||||||||||||
| Beacon Pointe Harmony, LLC | Delayed Draw | 8.14 | % | 1M SOFR | 4.50 | % | 12/29/2028 | 97,131 | 97,776 | 96,617 | 5,6,10 | |||||||||||||||||||
| Beacon Pointe Harmony, LLC | Revolver | 0.50 | % | 3M SOFR | 12/29/2027 | 26,752 | (16 | ) | (16 | ) | 5,6,7,8,10 | |||||||||||||||||||
| Beacon Pointe Harmony, LLC | Delayed Draw | 8.14 | % | 1M SOFR | 4.50 | % | 12/29/2028 | 2,013,807 | 2,002,213 | 2,002,907 | 5,6,10 | |||||||||||||||||||
| Beacon Pointe Harmony, LLC | First Lien Term Loan | 8.14 | % | 1M SOFR | 4.50 | % | 12/29/2028 | 203,941 | 203,222 | 202,861 | 5,6,10 | |||||||||||||||||||
| Beacon Pointe Harmony, LLC | Delayed Draw | 8.14 | % | 1M SOFR | 4.50 | % | 12/29/2028 | 98,309 | 97,892 | 97,777 | 5,6,10 | |||||||||||||||||||
| Berlin Rosen Acquisition, LLC | First Lien Term Loan | 9.22 | % | 1M SOFR | 5.50 | % | 1/14/2027 | 1,146,179 | 1,142,414 | 1,143,577 | 5,6,11,18 | |||||||||||||||||||
| Berlin Rosen Acquisition, LLC | Revolver | 9.22 | % | 1M SOFR | 5.50 | % | 1/14/2027 | 576,465 | 574,629 | 575,159 | 5,6,11 | |||||||||||||||||||
| Berlin Rosen Acquisition, LLC | First Lien Term Loan | 9.22 | % | 1M SOFR | 5.50 | % | 1/14/2027 | 2,217,443 | 2,210,361 | 2,212,421 | 5,6,11,18 | |||||||||||||||||||
| Blue Matter Consulting LLC | First Lien Term Loan | 8.31 | % | 3M SOFR | 4.50 | % | 5/24/2027 | 4,875,378 | 4,857,390 | 4,859,077 | 5,6,11,19 | |||||||||||||||||||
| Blue River Petcare, LLC | First Lien Term Loan | 8.64 | % | 1M SOFR | 5.00 | % | 8/1/2029 | 395,620 | 395,620 | 395,620 | 5,6,18 | |||||||||||||||||||
| Blue River Petcare, LLC | Revolver | 0.50 | % | 3M SOFR | 8/1/2029 | 554,353 | (2,468 | ) | (2,748 | ) | 5,6,7,8 | |||||||||||||||||||
| Blue River Petcare, LLC | Delayed Draw | 1.00 | % | 6M SOFR | 8/1/2029 | 3,049,035 | (13,585 | ) | (15,116 | ) | 5,6,7,8,25 | |||||||||||||||||||
| Bond Management Partners, LLC | First Lien Term Loan | 8.39 | % | 1M SOFR | 4.75 | % | 1/23/2028 | 990,558 | 980,943 | 982,506 | 5,6,11,19 | |||||||||||||||||||
| Boston Clinical Trials, LLC | First Lien Term Loan | 8.88 | % | 3M SOFR | 5.00 | % | 12/20/2027 | 1,731,458 | 1,718,758 | 1,720,881 | 5,6,11 | |||||||||||||||||||
| Boston Clinical Trials, LLC | Revolver | 0.50 | % | 3M SOFR | 12/20/2027 | 30,571 | (198 | ) | (186 | ) | 5,6,7,8,11 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
7
StepStone Private Credit Income Fund
Consolidated Schedule
of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash Interest Rate / PIK | Reference Rate | Spread | Maturity Date | Principal Amount | Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Senior Secured Loans (continued) | ||||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| Bridgepointe Technologies, LLC | Revolver | 0.50 | % | 3M SOFR | 4/18/2033 | $ | 685,714 | $ | (6,673 | ) | $ | (7,637 | ) | 5,6,7,8,10 | ||||||||||||||||
| Bridgepointe Technologies, LLC | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 4/18/2033 | 5,257,143 | 5,205,610 | 5,198,595 | 5,6,10 | |||||||||||||||||||
| Bridgepointe Technologies, LLC | Delayed Draw | 8.48 | % | 3M SOFR | 4.75 | % | 4/18/2033 | 2,057,143 | 192,654 | 191,032 | 5,6,8,10 | |||||||||||||||||||
| Brightmore Brands LLC | First Lien Term Loan | 12.94 | % | 3M SOFR | 9.24 | % | 9/10/2029 | 3,264,676 | 3,230,600 | 3,220,667 | 5,6,13,18 | |||||||||||||||||||
| Bristol Hospice, LLC | First Lien Term Loan | 8.89 | % | 1M SOFR | 5.25 | % | 8/26/2032 | 1,070,026 | 1,054,213 | 1,054,126 | 5,6,10,18 | |||||||||||||||||||
| Bristol Hospice, LLC | First Lien Term Loan | 8.89 | % | 1M SOFR | 5.25 | % | 8/26/2032 | 3,633,310 | 3,615,305 | 3,615,905 | 5,6,10,18 | |||||||||||||||||||
| Bristol Hospice, LLC | Revolver | 0.50 | % | 3M SOFR | 8/26/2032 | 348,432 | (1,535 | ) | (1,669 | ) | 5,6,7,8,10 | |||||||||||||||||||
| C3 AcquisitionCo, LLC | Delayed Draw | 8.89 | % | 1M SOFR | 5.25 | % | 11/26/2030 | 4,552,461 | (56,277 | ) | (56,906 | ) | 5,6,7,8,13 | |||||||||||||||||
| Campany Roofing Maintenance, LLC | Delayed Draw | 10.24 % / 1.50 | % | 1M SOFR | 8.00 | % | 11/27/2028 | 1,406,022 | 1,392,433 | 1,300,543 | 5,13,18 | |||||||||||||||||||
| Capitol Imaging Services, LLC | First Lien Term Loan | 8.67 | % | 3M SOFR | 5.00 | % | 1/3/2030 | 79,058 | 78,680 | 78,697 | 5,6,11,18 | |||||||||||||||||||
| Capitol Imaging Services, LLC | Delayed Draw | 1.00 | % | 3M SOFR | 1/3/2030 | 2,562,622 | (12,140 | ) | (11,694 | ) | 5,6,7,8,11,25 | |||||||||||||||||||
| Carnegie Dartlet, LLC | First Lien Term Loan | 9.14 | % | 1M SOFR | 5.50 | % | 2/7/2030 | 166,077 | 164,353 | 163,501 | 5,6,11,18 | |||||||||||||||||||
| Carnegie Dartlet, LLC | Delayed Draw | 9.14 | % | 1M SOFR | 5.50 | % | 2/7/2030 | 13,825 | 13,783 | 13,752 | 5,6,11 | |||||||||||||||||||
| Carnegie Dartlet, LLC | Revolver | 0.50 | % | 3M SOFR | 2/7/2030 | 20,000 | (142 | ) | (309 | ) | 5,6,7,8,11 | |||||||||||||||||||
| Case Works, LLC | Revolver | 8.93 | % | 3M SOFR | 5.25 | % | 10/1/2029 | 29,412 | 21,960 | 21,921 | 5,6,8,11 | |||||||||||||||||||
| Case Works, LLC | First Lien Term Loan | 8.98 | % | 3M SOFR | 5.25 | % | 10/1/2029 | 1,970,000 | 1,950,410 | 1,950,843 | 5,6,11,18 | |||||||||||||||||||
| Case Works, LLC | Delayed Draw | 8.97 | % | 3M SOFR | 5.25 | % | 10/1/2029 | 29,050 | 28,805 | 28,768 | 5,6,11,18 | |||||||||||||||||||
| Catalyst Acoustic Group, Inc. | Delayed Draw | 8.39 | % | 1M SOFR | 4.75 | % | 11/12/2030 | 2,208,056 | 1,104,637 | 1,081,884 | 5,6,8,11 | |||||||||||||||||||
| Catalyst Acoustic Group, Inc. | First Lien Term Loan | 8.39 | % | 1M SOFR | 4.75 | % | 11/12/2030 | 2,711,362 | 2,701,126 | 2,665,640 | 5,6,11,19 | |||||||||||||||||||
| CB Sports Holdings Bidco, LLC | Revolver | 0.50 | % | 3M SOFR | 12/17/2032 | 429,235 | (6,326 | ) | (6,495 | ) | 5,6,7,8,10 | |||||||||||||||||||
| CB Sports Holdings Bidco, LLC | First Lien Term Loan | 8.27 | % | 3M SOFR | 4.63 | % | 12/17/2032 | 643,854 | 634,322 | 634,111 | 5,6,10,18 | |||||||||||||||||||
| CB Sports Holdings Bidco, LLC | Delayed Draw | 1.00 | % | 3M SOFR | 12/17/2032 | 1,716,943 | (25,307 | ) | (25,980 | ) | 5,6,7,8 | |||||||||||||||||||
| CCMG Buyer LLC | First Lien Term Loan | 8.39 | % | 1M SOFR | 4.75 | % | 5/8/2030 | 1,874,322 | 1,861,871 | 1,842,243 | 5,6,11,19 | |||||||||||||||||||
| Centex Acquisition, LLC | Revolver | 9.47 | % | 1M SOFR | 5.75 | % | 5/9/2029 | 1,079,030 | 1,012,010 | 1,008,413 | 5,6,8,11 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
8
StepStone Private Credit Income Fund
Consolidated Schedule
of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash Interest Rate / PIK | Reference Rate | Spread | Maturity Date | Principal Amount | Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Senior Secured Loans (continued) | ||||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| Centex Acquisition, LLC | First Lien Term Loan | 9.47 | % | 1M SOFR | 5.75 | % | 5/9/2029 | $ | 2,899,062 | $ | 2,863,523 | $ | 2,854,287 | 5,6,11,18 | ||||||||||||||||
| Cerity Partners Equity Holding LLC | First Lien Term Loan | 8.23 | % | 3M SOFR | 4.50 | % | 7/28/2031 | 4,713,929 | 4,703,440 | 4,713,929 | 5,6,10 | |||||||||||||||||||
| Cerity Partners Equity Holding LLC | Revolver | 8.15 | % | 1M SOFR | 4.50 | % | 7/28/2031 | 410,256 | 196,229 | 196,923 | 5,6,8,10 | |||||||||||||||||||
| Cerity Partners Equity Holding LLC | Delayed Draw | 1.00 | % | 3M SOFR | 7/30/2029 | 67,705 | (465 | ) | (645 | ) | 5,6,7,8,10,25 | |||||||||||||||||||
| Cherry Bekaert Advisory LLC | Delayed Draw | 8.48 | % | 3M SOFR | 4.75 | % | 6/28/2030 | 250,068 | 249,524 | 249,562 | 5,6,10 | |||||||||||||||||||
| Cherry Bekaert Advisory LLC | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 6/28/2030 | 485,910 | 484,109 | 484,225 | 5,6,10,18 | |||||||||||||||||||
| Cherry Bekaert Advisory LLC | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 6/28/2030 | 2,229,682 | 2,224,141 | 2,225,357 | 5,6,10,18 | |||||||||||||||||||
| Cherry Bekaert Advisory LLC | Delayed Draw | 8.48 | % | 3M SOFR | 4.75 | % | 6/28/2030 | 235,842 | 234,663 | 234,663 | 5,6,10,18 | |||||||||||||||||||
| Cherry Bekaert Advisory LLC | Delayed Draw | 1.00 | % | 6M SOFR | 6/28/2030 | 1,641,702 | (8,209 | ) | (8,209 | ) | 5,6,7,8,25 | |||||||||||||||||||
| Cherry Bekaert Advisory LLC | First Lien Term Loan | 8.73 | % | 3M SOFR | 5.00 | % | 6/28/2030 | 1,641,702 | 1,633,494 | 1,633,494 | 5,6,18 | |||||||||||||||||||
| Cherry Bekaert Advisory LLC | Revolver | 0.50 | % | 3M SOFR | 6/28/2030 | 343,580 | (1,094 | ) | (1,094 | ) | 5,6,7,8 | |||||||||||||||||||
| Cherry Bekaert Advisory LLC | Delayed Draw | 8.48 | % | 3M SOFR | 4.75 | % | 6/28/2030 | 241,688 | 240,480 | 240,480 | 5,6,18 | |||||||||||||||||||
| Cherry Bekaert Advisory LLC | Delayed Draw | 8.48 | % | 3M SOFR | 4.75 | % | 6/28/2030 | 186,514 | 185,582 | 185,582 | 5,6,10,18 | |||||||||||||||||||
| Cherry Bekaert Advisory LLC | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 6/28/2030 | 143,235 | 142,519 | 142,519 | 5,6,10,18 | |||||||||||||||||||
| Cherry Bekaert Advisory LLC | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 6/28/2030 | 586,359 | 583,427 | 583,427 | 5,6,18 | |||||||||||||||||||
| Choice Financial Group, LLC | Delayed Draw | 9.14 | % | 1M SOFR | 5.50 | % | 10/15/2027 | 3,996,923 | 2,043,155 | 2,038,780 | 5,6,8,11 | |||||||||||||||||||
| Chronicle Parent LLC | Delayed Draw | 8.67 | % | 3M SOFR | 5.00 | % | 4/15/2031 | 2,222,222 | 387,534 | 391,750 | 5,6,8,11 | |||||||||||||||||||
| Chronicle Parent LLC | Revolver | 0.50 | % | 3M SOFR | 4/15/2031 | 740,741 | (4,465 | ) | (4,177 | ) | 5,6,7,8,11 | |||||||||||||||||||
| Chronicle Parent LLC | First Lien Term Loan | 8.67 | % | 3M SOFR | 5.00 | % | 4/15/2031 | 6,966,667 | 6,922,584 | 6,927,384 | 5,6,11,18 | |||||||||||||||||||
| Clarest Health, LLC (FKA ProCare LTC Parent, LLC) | First Lien Term Loan | 9.30 | % | 3M SOFR | 5.50 | % | 12/20/2027 | 5,028,660 | 5,017,254 | 4,897,480 | 5,6,11,19 | |||||||||||||||||||
| Clinical Research (ITC) Buyer, Inc. | Delayed Draw | 8.91 | % | 3M SOFR | 5.25 | % | 5/17/2030 | 1,336,500 | 1,326,982 | 1,302,319 | 5,6,11 | |||||||||||||||||||
| CMG Holding Co, LLC | First Lien Term Loan | 8.67 | % | 3M SOFR | 5.00 | % | 11/26/2030 | 1,833,407 | 1,826,199 | 1,825,176 | 5,6,11,18 | |||||||||||||||||||
| CMG Holding Co, LLC | Delayed Draw | 8.66 | % | 3M SOFR | 5.00 | % | 11/26/2030 | 1,819,657 | 1,809,625 | 1,817,927 | 5,6,11 | |||||||||||||||||||
| CMG Holding Co, LLC | Revolver | 0.50 | % | 3M SOFR | 11/26/2030 | 275,011 | 308 | (261 | ) | 5,6,7,8,11 | ||||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
9
StepStone Private Credit Income Fund
Consolidated Schedule
of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash Interest Rate / PIK | Reference Rate | Spread | Maturity Date | Principal Amount | Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Senior Secured Loans (continued) | ||||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| Combined Wellness Acquisition Co | Delayed Draw | 8.98 | % | 1M SOFR | 5.25 | % | 12/31/2027 | $ | 4,709,563 | $ | 4,704,469 | $ | 4,700,360 | 5,6,11 | ||||||||||||||||
| Comfort Buyer, LLC | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 4/27/2033 | 3,217,148 | 3,183,241 | 3,183,863 | 5,6,10,18 | |||||||||||||||||||
| Comfort Buyer, LLC | Delayed Draw | — | % | 3M SOFR | 4/27/2033 | 372,787 | (3,634 | ) | (3,587 | ) | 5,6,7,8,10,25 | |||||||||||||||||||
| Comfort Buyer, LLC | Revolver | 8.48 | % | 3M SOFR | 4.75 | % | 4/27/2033 | 410,065 | 70,553 | 70,612 | 5,6,8,10 | |||||||||||||||||||
| Commercial Cleaning Systems, LLC | First Lien Term Loan | 8.38 | % | 1M SOFR | 4.75 | % | 2/12/2030 | 1,000,539 | 993,375 | 993,243 | 5,6,10,19 | |||||||||||||||||||
| Compass Koons Gas LLC | First Lien Term Loan | 8.39 | % | 1M SOFR | 4.75 | % | 5/1/2030 | 2,688,718 | 2,693,020 | 2,666,256 | 5,6,10,19 | |||||||||||||||||||
| Computer Services, Inc. | Delayed Draw | 0.50 | % | 3M SOFR | 11/17/2031 | 29,196 | — | (254 | ) | 5,6,7,8,11,25 | ||||||||||||||||||||
| Computer Services, Inc. | Delayed Draw | 0.50 | % | 3M SOFR | 11/17/2031 | 15,959 | (72 | ) | (219 | ) | 5,6,7,8,11,25 | |||||||||||||||||||
| Computer Services, Inc. | First Lien Term Loan | 8.23 | % | 3M SOFR | 4.50 | % | 11/17/2031 | 391,179 | 391,019 | 385,817 | 5,6,11,18 | |||||||||||||||||||
| Consolidated Equipment Group, LLC | First Lien Term Loan | 8.74 | % | 1M SOFR | 5.00 | % | 8/12/2027 | 1,634,966 | 1,632,715 | 1,621,705 | 5,6,14,19 | |||||||||||||||||||
| Cooper’s Hawk Intermediate Holding, LLC | Delayed Draw | 1.00 | % | 3M SOFR | 7/29/2031 | 294,737 | (4,091 | ) | (4,899 | ) | 5,6,7,8,10,25 | |||||||||||||||||||
| Cooper’s Hawk Intermediate Holding, LLC | Revolver | 9.14 | % | 1M SOFR | 5.50 | % | 7/29/2031 | 294,737 | 80,419 | 79,311 | 5,6,8,10 | |||||||||||||||||||
| Cooper’s Hawk Intermediate Holding, LLC | First Lien Term Loan | 9.17 | % | 3M SOFR | 5.50 | % | 7/29/2031 | 335,158 | 330,692 | 329,573 | 5,6,10 | |||||||||||||||||||
| Cooper’s Hawk Intermediate Holding, LLC | First Lien Term Loan | 9.17 | % | 3M SOFR | 5.50 | % | 7/29/2031 | 3,058,316 | 3,017,667 | 3,007,350 | 5,6,10,18 | |||||||||||||||||||
| Cornerstone Advisors of Arizona, LLC | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 5/13/2032 | 3,550,879 | 3,535,485 | 3,533,789 | 5,6,11,18 | |||||||||||||||||||
| Cornerstone Advisors of Arizona, LLC | Revolver | 0.38 | % | 3M SOFR | 5/13/2032 | 447,214 | (1,879 | ) | (2,152 | ) | 5,6,7,8,11 | |||||||||||||||||||
| Coupa Holdings, LLC | Delayed Draw | 8.90 | % | 3M SOFR | 5.25 | % | 2/27/2030 | 392,606 | 374,787 | 376,445 | 5,6,10 | |||||||||||||||||||
| Coupa Holdings, LLC | Revolver | 8.90 | % | 3M SOFR | 5.25 | % | 2/27/2029 | 294,454 | 185,401 | 185,005 | 5,6,8,10 | |||||||||||||||||||
| Coupa Holdings, LLC | First Lien Term Loan | 8.91 | % | 3M SOFR | 5.25 | % | 2/27/2030 | 4,374,870 | 4,207,804 | 4,194,323 | 5,6,10 | |||||||||||||||||||
| CraneTech USA Inc. | Delayed Draw | 1.00 | % | 3M SOFR | 6/17/2032 | 3,018,868 | (30,189 | ) | (30,189 | ) | 5,6,7,8,10,25 | |||||||||||||||||||
| CraneTech USA Inc. | Revolver | 0.50 | % | 3M SOFR | 6/17/2032 | 754,717 | (7,547 | ) | (7,547 | ) | 5,6,7,8,10 | |||||||||||||||||||
| CraneTech USA Inc. | First Lien Term Loan | 6.00 | % | 3M SOFR | 6.00 | % | 6/17/2032 | 4,226,415 | 4,184,151 | 4,184,151 | 5,6,10,18 | |||||||||||||||||||
| Creative Multicare LLC | Delayed Draw | 9.17 | % | 3M SOFR | 5.50 | % | 3/27/2030 | 3,201,139 | 742,900 | 663,105 | 5,6,8,11 | |||||||||||||||||||
| Creek Parent, Inc. | First Lien Term Loan | 8.64 | % | 1M SOFR | 5.00 | % | 12/18/2031 | 5,322,062 | 5,183,545 | 5,182,339 | 5,6,10,18 | |||||||||||||||||||
| Creek Parent, Inc. | Revolver | 0.50 | % | 3M SOFR | 12/18/2031 | 774,529 | (17,576 | ) | (17,766 | ) | 5,6,7,8,10 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
10
StepStone Private Credit Income Fund
Consolidated Schedule
of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash Interest Rate / PIK | Reference Rate | Spread | Maturity Date | Principal Amount | Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Senior Secured Loans (continued) | ||||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| CRH Healthcare Purchaser, Inc. | Delayed Draw | 1.00 | % | 3M SOFR | 9/17/2031 | $ | 689,655 | $ | (6,018 | ) | $ | (7,558 | ) | 5,6,7,8,11,25 | ||||||||||||||||
| CRH Healthcare Purchaser, Inc. | Revolver | 0.50 | % | 3M SOFR | 9/17/2031 | 275,862 | (2,403 | ) | (3,023 | ) | 5,6,7,8,11 | |||||||||||||||||||
| CRH Healthcare Purchaser, Inc. | First Lien Term Loan | 8.99 | % | 3M SOFR | 5.25 | % | 9/17/2031 | 3,011,724 | 2,981,863 | 2,978,719 | 5,6,11,18 | |||||||||||||||||||
| CSG Buyer, Inc. | Delayed Draw | 1.00 | % | 3M SOFR | 7/29/2029 | 473,684 | (736 | ) | (9,076 | ) | 5,6,7,8,11,25 | |||||||||||||||||||
| CSG Buyer, Inc. | Revolver | 0.50 | % | 3M SOFR | 7/29/2029 | 157,895 | (1,963 | ) | (4,637 | ) | 5,6,7,8,11 | |||||||||||||||||||
| CSG Buyer, Inc. | First Lien Term Loan | 9.91 | % | 3M SOFR | 6.25 | % | 7/29/2029 | 2,321,053 | 2,301,313 | 2,288,429 | 5,6,11,18 | |||||||||||||||||||
| CSHC BUYERCO, LLC | First Lien Term Loan | 8.73 | % | 3M SOFR | 5.00 | % | 4/29/2033 | 3,061,586 | 3,031,446 | 3,031,082 | 5,6,10,18 | |||||||||||||||||||
| CSHC BUYERCO, LLC | Delayed Draw | 8.73 | % | 3M SOFR | 5.00 | % | 4/29/2033 | 653,138 | 258,944 | 258,827 | 5,6,8,10 | |||||||||||||||||||
| CSHC BUYERCO, LLC | Revolver | 0.50 | % | 6M SOFR | 4/29/2033 | 571,496 | (5,588 | ) | (5,697 | ) | 5,6,7,8,10 | |||||||||||||||||||
| CT Technologies Intermediate Holdings | Delayed Draw | — | % | 6M SOFR | 9/2/2031 | 156,693 | — | (113 | ) | 5,6,7,8,10,25 | ||||||||||||||||||||
| CT Technologies Intermediate Holdings | First Lien Term Loan | 8.39 | % | 1M SOFR | 4.75 | % | 9/2/2031 | 2,274,741 | 2,269,108 | 2,273,102 | 5,6,10,18 | |||||||||||||||||||
| CUB Financing Intermediate, LLC | Delayed Draw | 1.00 | % | 3M SOFR | 6/28/2030 | 4,000,000 | (35,486 | ) | (42,062 | ) | 5,6,7,8,9,25 | |||||||||||||||||||
| Curio Brands Intermediate, LLC | Delayed Draw | 0.50 | % | 3M SOFR | 4/2/2031 | 1,307,190 | (5,197 | ) | (1,368 | ) | 5,6,7,8,10,25 | |||||||||||||||||||
| Curio Brands Intermediate, LLC | Revolver | 0.50 | % | 3M SOFR | 4/2/2031 | 653,595 | (5,200 | ) | (3,994 | ) | 5,6,7,8,10 | |||||||||||||||||||
| Curio Brands Intermediate, LLC | First Lien Term Loan | 8.73 | % | 3M SOFR | 5.00 | % | 4/2/2031 | 7,757,549 | 7,712,288 | 7,710,149 | 5,6,10,18 | |||||||||||||||||||
| Currier Plastics, LLC | Delayed Draw | 1.00 | % | 1M SOFR | 9/19/2031 | 784,822 | (5,497 | ) | (4,263 | ) | 5,6,7,8,11,25 | |||||||||||||||||||
| Currier Plastics, LLC | Revolver | 0.50 | % | 1M SOFR | 9/19/2031 | 313,929 | (2,197 | ) | (1,705 | ) | 5,6,7,8,11 | |||||||||||||||||||
| Currier Plastics, LLC | First Lien Term Loan | 8.41 | % | 3M SOFR | 4.75 | % | 9/19/2031 | 1,028,195 | 1,020,521 | 1,022,610 | 5,6,11,18 | |||||||||||||||||||
| Currier Plastics, LLC | First Lien Term Loan | 8.41 | % | 3M SOFR | 4.75 | % | 9/19/2031 | 952,695 | 945,567 | 947,507 | 5,6,11,18 | |||||||||||||||||||
| Currier Plastics, LLC | Delayed Draw | 8.41 | % | 3M SOFR | 4.75 | % | 9/19/2031 | 905,841 | 899,395 | 900,908 | 5,6,11,18 | |||||||||||||||||||
| CVAUSA Management, LLC | Revolver | 0.50 | % | 3M SOFR | 5/22/2028 | 190,340 | (539 | ) | (514 | ) | 5,6,7,8,11 | |||||||||||||||||||
| CVAUSA Management, LLC | First Lien Term Loan | 8.89 | % | 1M SOFR | 5.25 | % | 5/22/2029 | 1,593,131 | 1,583,205 | 1,586,806 | 5,6,11,18 | |||||||||||||||||||
| CVAUSA Management, LLC | First Lien Term Loan | 8.89 | % | 1M SOFR | 5.25 | % | 5/22/2029 | 820,058 | 805,940 | 816,797 | 5,6,11 | |||||||||||||||||||
| CVAUSA Management, LLC | Delayed Draw | 8.90 | % | 1M SOFR | 5.25 | % | 2/1/2027 | 5,847,503 | 1,495,106 | 1,444,946 | 5,6,8,11 | |||||||||||||||||||
| Danforth Global, Inc. | First Lien Term Loan | 9.16 | % | 3M SOFR | 5.50 | % | 12/9/2027 | 2,116,669 | 2,101,963 | 2,100,944 | 5,6,11,18 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
11
StepStone Private Credit Income Fund
Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash Interest Rate / PIK | Reference Rate | Spread | Maturity Date | Principal Amount | Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Senior Secured Loans (continued) | ||||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| Danforth Global, Inc. | Delayed Draw | 9.16 | % | 3M SOFR | 5.50 | % | 12/9/2027 | $ | 177,431 | $ | 176,141 | $ | 177,053 | 5,6,11,18 | ||||||||||||||||
| Danforth Global, Inc. | First Lien Term Loan | 9.16 | % | 3M SOFR | 5.50 | % | 12/9/2027 | 1,473,750 | 1,455,970 | 1,462,676 | 5,6,11,18 | |||||||||||||||||||
| Danforth Global, Inc. | Delayed Draw | 9.17 | % | 3M SOFR | 5.50 | % | 12/9/2027 | 2,969,154 | 2,940,196 | 2,960,939 | 5,6,11 | |||||||||||||||||||
| Danforth Global, Inc. | Revolver | 9.16 | % | 3M SOFR | 5.50 | % | 12/9/2027 | 747,898 | 236,557 | 236,660 | 5,6,8,11 | |||||||||||||||||||
| Danforth Global, Inc. | First Lien Term Loan | 9.18 | % | 3M SOFR | 5.50 | % | 12/9/2027 | 1,480,837 | 1,480,837 | 1,468,121 | 5,6,11,18 | |||||||||||||||||||
| Danforth Global, Inc. | Delayed Draw | 9.16 | % | 3M SOFR | 5.50 | % | 12/9/2027 | 157,900 | 156,792 | 157,900 | 5,6,11,18 | |||||||||||||||||||
| DCCM MergerSub, LLC | Delayed Draw | 8.39 | % | 1M SOFR | 4.75 | % | 6/24/2032 | 2,864,402 | 59,102 | 59,823 | 5,6,8,10 | |||||||||||||||||||
| DCCM MergerSub, LLC | Revolver | 4.25 | % | 3M SOFR | 6/24/2032 | 1,145,847 | (9,821 | ) | (10,360 | ) | 5,6,7,8,10 | |||||||||||||||||||
| DCCM MergerSub, LLC | First Lien Term Loan | 8.39 | % | 1M SOFR | 4.75 | % | 6/24/2032 | 5,813,741 | 5,756,307 | 5,761,174 | 5,6,10,18 | |||||||||||||||||||
| Dealer Services Network, LLC | First Lien Term Loan | 9.19 | % | 3M SOFR | 5.50 | % | 2/9/2027 | 2,876,794 | 2,868,755 | 2,863,154 | 5,6,11,18 | |||||||||||||||||||
| Dealer Services Network, LLC | First Lien Term Loan | 9.19 | % | 3M SOFR | 5.50 | % | 2/9/2027 | 308,562 | 305,502 | 306,383 | 5,6,11,18 | |||||||||||||||||||
| Denali Intermediate Holdings | First Lien Term Loan | 9.15 | % | 1M SOFR | 5.50 | % | 8/26/2032 | 6,540,928 | 6,481,537 | 6,484,673 | 5,6,18 | |||||||||||||||||||
| Denali Intermediate Holdings | Revolver | 9.12 | % | 1M SOFR | 5.50 | % | 8/26/2032 | 657,380 | 125,672 | 125,822 | 5,6,8,10 | |||||||||||||||||||
| Denali Topco, LLC | First Lien Term Loan | 8.41 | % | 3M SOFR | 4.75 | % | 8/26/2032 | 2,772,951 | 2,772,951 | 2,747,946 | 5,6,10 | |||||||||||||||||||
| Denali Topco, LLC | Delayed Draw | 0.75 | % | 3M SOFR | 8/26/2032 | 819,672 | — | (7,377 | ) | 5,6,7,8,10,25 | ||||||||||||||||||||
| Denali Topco, LLC | Revolver | 0.50 | % | 3M SOFR | 8/26/2032 | 393,443 | — | (3,541 | ) | 5,6,7,8,10 | ||||||||||||||||||||
| Dentive, LLC | First Lien Term Loan | 6.73 % / 4.25 | % | 3M SOFR | 7.25 | % | 12/22/2028 | 1,563,065 | 1,551,165 | 1,538,752 | 5,10,18 | |||||||||||||||||||
| Dentive, LLC | Delayed Draw | 6.73 % / 4.25 | % | 3M SOFR | 7.25 | % | 12/22/2028 | 776,515 | 770,607 | 764,436 | 5,10,18 | |||||||||||||||||||
| Dentive, LLC | Revolver | 6.7 % / 4.25 | % | 3M SOFR | 7.25 | % | 12/22/2028 | 122,309 | 3,701 | 2,646 | 5,8,10 | |||||||||||||||||||
| DermCare Holdings, LLC | First Lien Term Loan | 9.74 | % | 1M SOFR | 6.00 | % | 4/21/2028 | 3,771,341 | 3,771,341 | 3,771,341 | 5,6,11,18 | |||||||||||||||||||
| DermCare Holdings, LLC | Delayed Draw | 9.74 | % | 1M SOFR | 6.00 | % | 4/21/2028 | 806,675 | 806,675 | 806,675 | 5,6,11,18 | |||||||||||||||||||
| DermCare Holdings, LLC | Delayed Draw | 9.74 | % | 1M SOFR | 6.00 | % | 4/21/2028 | 1,883,739 | 1,883,739 | 1,883,739 | 5,6,11,18 | |||||||||||||||||||
| DermCare Holdings, LLC | Revolver | 9.74 | % | 1M SOFR | 6.00 | % | 4/21/2028 | 420,875 | 420,875 | 420,875 | 5,6,11 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
12
StepStone Private Credit Income Fund
Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash Interest Rate / PIK | Reference Rate | Spread | Maturity Date | Principal Amount | Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Senior Secured Loans (continued) | ||||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| Designs for Health, Inc. | Revolver | 8.24 | % | 3M SOFR | 4.50 | % | 10/16/2030 | $ | 842,105 | $ | 150,617 | $ | 150,190 | 5,6,8,10 | ||||||||||||||||
| Designs for Health, Inc. | First Lien Term Loan | 8.18 | % | 3M SOFR | 4.50 | % | 10/16/2030 | 3,150,000 | 3,120,708 | 3,121,178 | 5,6,10,18 | |||||||||||||||||||
| Digicert, Inc. | Revolver | 0.50 | % | 3M SOFR | 7/10/2030 | 269,247 | (3,297 | ) | (6,923 | ) | 5,6,7,8,10 | |||||||||||||||||||
| Digicert, Inc. | First Lien Term Loan | 9.39 | % | 1M SOFR | 5.75 | % | 7/10/2030 | 3,702,772 | 3,647,762 | 3,607,563 | 5,6,10,18 | |||||||||||||||||||
| Discovery SL Management, LLC | Delayed Draw | 1.00 | % | 3M SOFR | 3/18/2030 | 267,412 | (1,736 | ) | (1,786 | ) | 5,6,7,8,11,25 | |||||||||||||||||||
| Discovery SL Management, LLC | Revolver | 0.50 | % | 3M SOFR | 3/18/2030 | 64,943 | (368 | ) | (200 | ) | 5,6,7,8,11 | |||||||||||||||||||
| Discovery SL Management, LLC | First Lien Term Loan | 8.66 | % | 3M SOFR | 5.00 | % | 3/18/2030 | 1,559,309 | 1,551,773 | 1,547,585 | 5,6,11 | |||||||||||||||||||
| Discovery SL Management, LLC | Delayed Draw | 1.00 | % | 3M SOFR | 3/18/2030 | 250,435 | (849 | ) | (626 | ) | 5,6,7,8,11,25 | |||||||||||||||||||
| Discovery SL Management, LLC | First Lien Term Loan | 8.66 | % | 3M SOFR | 5.00 | % | 3/18/2030 | 2,312,728 | 2,295,652 | 2,295,383 | 5,6,11,18 | |||||||||||||||||||
| Distinct Holdings, Inc. | First Lien Term Loan | 9.48 | % | 3M SOFR | 5.75 | % | 7/18/2029 | 1,796,115 | 1,772,793 | 1,665,790 | 5,6,11,19 | |||||||||||||||||||
| Diversis Tempo Holdco, LLC | First Lien Term Loan | 9.95 | % | 3M SOFR | 6.25 | % | 8/22/2031 | 3,827,260 | 3,780,766 | 3,753,200 | 5,6,10,18 | |||||||||||||||||||
| Diverzify Intermediate LLC | First Lien Term Loan | 11.67 | % | 3M SOFR | 7.75 | % | 5/11/2027 | 646,143 | 645,166 | 596,258 | 5,6,11,19 | |||||||||||||||||||
| Diverzify Intermediate LLC | First Lien Term Loan | 11.66 | % | 3M SOFR | 7.75 | % | 5/11/2027 | 461,625 | 460,999 | 426,015 | 5,6,11,19 | |||||||||||||||||||
| Diverzify Intermediate LLC | First Lien Term Loan | 12.00 | % | Fixed | 12.00 | % | 3/23/2033 | 53,345 | 53,345 | 47,531 | 6,19,23 | |||||||||||||||||||
| Diverzify Intermediate LLC | First Lien Term Loan | — | % | 3M SOFR | — | % | 4/30/2030 | 360,729 | 360,742 | 250,314 | 11,19,22,28 | |||||||||||||||||||
| DrFirst.com, Inc. | First Lien Term Loan | 8.64 | % | 1M SOFR | 5.00 | % | 11/22/2029 | 2,415,938 | 2,410,749 | 2,411,046 | 5,6,10 | |||||||||||||||||||
| DrFirst.com, Inc. | Revolver | 0.50 | % | 3M SOFR | 11/22/2029 | 149,420 | (319 | ) | (302 | ) | 5,6,7,8,10 | |||||||||||||||||||
| Duke’s Root Control, Inc. | Revolver | 1.00 | % | 3M SOFR | 12/8/2028 | 276,448 | (1,474 | ) | (2,631 | ) | 5,6,7,8,11 | |||||||||||||||||||
| Duke’s Root Control, Inc. | First Lien Term Loan | 9.32 | % | 3M SOFR | 5.50 | % | 12/10/2029 | 2,384,614 | 2,371,256 | 2,361,916 | 5,6,11,18 | |||||||||||||||||||
| Duke’s Root Control, Inc. | First Lien Term Loan | 9.33 | % | 3M SOFR | 5.50 | % | 12/10/2029 | 827,618 | 822,983 | 819,740 | 5,6,11,18 | |||||||||||||||||||
| Durare Bidco, LLC | Delayed Draw | 8.43 | % | 3M SOFR | 4.75 | % | 8/9/2032 | 1,515,152 | 639,417 | 624,662 | 5,6,8,9 | |||||||||||||||||||
| Durare Bidco, LLC | Revolver | 0.50 | % | 3M SOFR | 8/9/2032 | 727,273 | (3,178 | ) | (10,272 | ) | 5,6,7,8,9 | |||||||||||||||||||
| Durare Bidco, LLC | First Lien Term Loan | 8.40 | % | 3M SOFR | 4.75 | % | 8/9/2032 | 5,757,576 | 5,729,108 | 5,676,259 | 5,6,9,18 | |||||||||||||||||||
| Dwyer Instruments, LLC | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 7/20/2029 | 1,425,974 | 1,425,974 | 1,425,974 | 5,6,18 | |||||||||||||||||||
| Dwyer Instruments, LLC | Delayed Draw | 8.48 | % | 3M SOFR | 4.75 | % | 7/21/2027 | 239,366 | 239,366 | 239,366 | 5,6,18 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
13
StepStone Private Credit Income Fund
Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash Interest Rate / PIK | Reference Rate | Spread | Maturity Date | Principal Amount | Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Senior Secured Loans (continued) | ||||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| Dwyer Instruments, LLC | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 7/20/2029 | $ | 644,719 | $ | 644,719 | $ | 644,719 | 5,6,18 | ||||||||||||||||
| Dwyer Instruments, LLC | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 7/20/2029 | 575,122 | 575,122 | 575,122 | 5,6,10,18 | |||||||||||||||||||
| Dwyer Instruments, LLC | Revolver | 8.49 | % | 3M SOFR | 4.75 | % | 7/20/2029 | 268,237 | 227,445 | 227,445 | 5,6,8,10 | |||||||||||||||||||
| Dwyer Instruments, LLC | Delayed Draw | 8.45 | % | 3M SOFR | 4.75 | % | 7/20/2029 | 741,166 | 741,166 | 741,166 | 5,6 | |||||||||||||||||||
| Dwyer Instruments, LLC | Delayed Draw | 8.48 | % | 3M SOFR | 4.75 | % | 7/20/2029 | 72,077 | 72,077 | 72,077 | 5,6,10 | |||||||||||||||||||
| EdgeCo Buyer, Inc. | Delayed Draw | 8.23 | % | 3M SOFR | 4.50 | % | 6/1/2028 | 3,532,489 | 3,519,792 | 3,532,489 | 5,6,11 | |||||||||||||||||||
| EdgeCo Buyer, Inc. | Revolver | 8.47 | % | 3M SOFR | 4.38 | % | 6/1/2028 | 355,196 | 295,996 | 295,997 | 5,6,8,11 | |||||||||||||||||||
| EdgeCo Buyer, Inc. | First Lien Term Loan | 8.23 | % | 3M SOFR | 4.50 | % | 6/1/2028 | 1,203,557 | 1,203,557 | 1,203,557 | 5,6,11,18 | |||||||||||||||||||
| EdgeCo Buyer, Inc. | Delayed Draw | 8.23 | % | 3M SOFR | 4.50 | % | 6/1/2028 | 153,664 | 153,664 | 153,664 | 5,6,11,18 | |||||||||||||||||||
| Einstein Parent, Inc. | Revolver | 0.50 | % | 3M SOFR | 1/22/2031 | 544,674 | (8,325 | ) | (15,854 | ) | 5,6,7,8,10 | |||||||||||||||||||
| Einstein Parent, Inc. | First Lien Term Loan | 8.91 | % | 3M SOFR | 5.25 | % | 1/22/2031 | 5,265,185 | 5,179,756 | 5,111,930 | 5,6,10,18 | |||||||||||||||||||
| Elder Care Opco LLC | Delayed Draw | 8.73 | % | 3M SOFR | 5.00 | % | 7/31/2030 | 985,158 | 194,137 | 192,592 | 5,6,8,13 | |||||||||||||||||||
| Elder Care Opco LLC | Revolver | 0.50 | % | 3M SOFR | 7/31/2030 | 295,547 | (2,118 | ) | (2,810 | ) | 5,6,7,8,13 | |||||||||||||||||||
| Elder Care Opco LLC | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 7/31/2030 | 1,573,273 | 1,561,589 | 1,558,279 | 5,6,13,18 | |||||||||||||||||||
| Eliassen Group, LLC | Delayed Draw | 9.48 | % | 3M SOFR | 5.75 | % | 4/14/2028 | 66,413 | 65,003 | 66,036 | 5,6,10 | |||||||||||||||||||
| Eliassen Group, LLC | First Lien Term Loan | 9.48 | % | 3M SOFR | 5.75 | % | 4/14/2028 | 922,658 | 895,529 | 898,020 | 5,6,10,18 | |||||||||||||||||||
| Emergency Care Partners, LLC | Delayed Draw | 8.70 | % | 3M SOFR | 5.00 | % | 10/18/2027 | 24,535 | 7,229 | 7,176 | 5,6,8,11 | |||||||||||||||||||
| Emergency Care Partners, LLC | Revolver | 0.50 | % | 3M SOFR | 10/18/2027 | 24,590 | (135 | ) | (146 | ) | 5,6,7,8,11 | |||||||||||||||||||
| Emergency Care Partners, LLC | First Lien Term Loan | 8.73 | % | 3M SOFR | 5.00 | % | 10/18/2027 | 433,409 | 431,355 | 430,841 | 5,6,11,18 | |||||||||||||||||||
| Empower Payments Investor, LLC | Delayed Draw | 8.14 | % | 1M SOFR | 4.50 | % | 3/12/2031 | 918,462 | 910,306 | 901,049 | 5,6,10 | |||||||||||||||||||
| Empower Payments Investor, LLC | First Lien Term Loan | 8.14 | % | 1M SOFR | 4.50 | % | 3/12/2031 | 3,053,846 | 3,023,573 | 2,996,094 | 5,6,10,18 | |||||||||||||||||||
| Ems Acquisition Corp. | First Lien Term Loan | 9.99 | % | 1M SOFR | 6.25 | % | 6/30/2027 | 950,453 | 951,974 | 947,353 | 5,6,11,19 | |||||||||||||||||||
| Epika Fleet Services, LLC | First Lien Term Loan | 8.98 | % | 3M SOFR | 5.25 | % | 4/17/2031 | 5,163,461 | 5,125,226 | 5,153,300 | 5,6,10,18 | |||||||||||||||||||
| Epika Fleet Services, LLC | Delayed Draw | 8.98 | % | 3M SOFR | 5.25 | % | 4/17/2031 | 1,366,799 | 1,351,059 | 1,364,109 | 5,6,10,18 | |||||||||||||||||||
| Epika Fleet Services, LLC | Delayed Draw | 8.98 | % | 3M SOFR | 5.25 | % | 4/17/2031 | 1,518,665 | 1,505,498 | 1,515,711 | 5,6,10 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
14
StepStone Private Credit Income Fund
Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash Interest Rate / PIK | Reference Rate | Spread | Maturity Date | Principal Amount | Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Senior Secured Loans (continued) | ||||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| Equinox Buyer, LLC | Revolver | 0.50 | % | 3M SOFR | 7/28/2031 | $ | 305,444 | $ | (2,642 | ) | $ | (3,312 | ) | 5,6,7,8,11 | ||||||||||||||||
| Equinox Buyer, LLC | First Lien Term Loan | 8.87 | % | 1M SOFR | 5.25 | % | 7/28/2031 | 2,256,745 | 2,234,330 | 2,232,217 | 5,6,11,18 | |||||||||||||||||||
| ES Ventures LLC | First Lien Term Loan | 8.44 | % | 1M SOFR | 4.75 | % | 12/13/2028 | 165,765 | 165,356 | 164,372 | 5,6,11,18 | |||||||||||||||||||
| ES Ventures LLC | First Lien Term Loan | 8.44 | % | 1M SOFR | 4.75 | % | 12/13/2028 | 145,113 | 144,783 | 143,893 | 5,6,11,18 | |||||||||||||||||||
| ESCP DTFS INC. | First Lien Term Loan | 9.23 | % | 3M SOFR | 5.50 | % | 9/28/2029 | 3,843,801 | 3,823,389 | 3,817,090 | 5,6,11,18 | |||||||||||||||||||
| ESP Associates, Inc. | First Lien Term Loan | 8.98 | % | 3M SOFR | 5.25 | % | 7/24/2028 | 2,698,222 | 2,672,149 | 2,671,169 | 5,6,13 | |||||||||||||||||||
| ESP Associates, Inc. | Revolver | 0.50 | % | 3M SOFR | 7/24/2028 | 413,213 | (3,745 | ) | (4,132 | ) | 5,6,7,8,13 | |||||||||||||||||||
| ESP Associates, Inc. | Delayed Draw | 8.97 | % | 1M SOFR | 5.25 | % | 4/14/2031 | 1,442,913 | 1,315,356 | 1,314,816 | 5,6,8,13 | |||||||||||||||||||
| EvAl Home Health Solutions Intermediate, L.L.C. | First Lien Term Loan | 9.39 | % | 1M SOFR | 5.75 | % | 5/10/2030 | 495,653 | 490,230 | 470,490 | 5,6,11,18 | |||||||||||||||||||
| EvAl Home Health Solutions Intermediate, L.L.C. | Revolver | 0.50 | % | 3M SOFR | 5/10/2030 | 20,000 | (202 | ) | (1,013 | ) | 5,6,7,8,11 | |||||||||||||||||||
| EVDR Purchaser, Inc. | First Lien Term Loan | 8.14 | % | 1M SOFR | 4.50 | % | 2/14/2031 | 2,348,246 | 2,329,189 | 2,324,068 | 5,6,10,18 | |||||||||||||||||||
| EVDR Purchaser, Inc. | Revolver | 8.13 | % | 1M SOFR | 4.50 | % | 2/14/2031 | 258,440 | 79,339 | 79,178 | 5,6,8,10 | |||||||||||||||||||
| EVDR Purchaser, Inc. | Delayed Draw | 1.00 | % | 3M SOFR | 2/14/2031 | 430,734 | (4,159 | ) | (4,429 | ) | 5,6,7,8,10,25 | |||||||||||||||||||
| Everbridge Holdings, LLC | First Lien Term Loan | 8.68 | % | 3M SOFR | 5.00 | % | 7/2/2031 | 2,440,970 | 2,433,842 | 2,429,915 | 5,6,10,18 | |||||||||||||||||||
| Everbridge Holdings, LLC | Delayed Draw | 8.68 | % | 3M SOFR | 5.00 | % | 7/2/2031 | 1,086,852 | 421,276 | 417,211 | 5,6,8,10 | |||||||||||||||||||
| Everbridge Holdings, LLC | Revolver | 0.38 | % | 6M SOFR | 7/2/2031 | 437,312 | (665 | ) | (1,980 | ) | 5,6,7,8,10 | |||||||||||||||||||
| Everest Clinical Research Corporation | First Lien Term Loan | 8.35 | % | 3M SOFR | 4.50 | % | 11/6/2028 | 3,002,639 | 2,983,494 | 2,913,089 | 5,6,11,19 | |||||||||||||||||||
| Evergreen Services Group II | Delayed Draw | 8.99 | % | 3M SOFR | 5.25 | % | 6/15/2029 | 5,485,392 | 4,438,700 | 4,406,968 | 5,6,8,10 | |||||||||||||||||||
| Evergreen Services Group II | First Lien Term Loan | 8.99 | % | 3M SOFR | 5.25 | % | 6/15/2029 | 4,264,019 | 4,221,980 | 4,188,594 | 5,6,10,18 | |||||||||||||||||||
| Examinetics Holdings Inc. | First Lien Term Loan | 8.14 | % | 1M SOFR | 4.50 | % | 8/11/2029 | 103,952 | 104,118 | 103,683 | 5,6,11,19 | |||||||||||||||||||
| First Legal Buyer, Inc. | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 7/1/2031 | 1,672,284 | 1,662,494 | 1,665,521 | 5,6,11,18 | |||||||||||||||||||
| First Legal Buyer, Inc. | Delayed Draw | 8.47 | % | 3M SOFR | 4.75 | % | 7/1/2031 | 617,553 | 470,693 | 473,987 | 5,6,8,11 | |||||||||||||||||||
| First Legal Buyer, Inc. | Revolver | 8.37 | % | 1M SOFR | 4.75 | % | 7/1/2031 | 310,231 | 60,355 | 60,792 | 5,6,8,11 | |||||||||||||||||||
| First Legal Buyer, Inc. | Delayed Draw | 1.00 | % | 3M SOFR | 7/1/2031 | 697,689 | (3,468 | ) | (3,488 | ) | 5,6,7,8,25 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
15
StepStone Private Credit Income Fund
Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash Interest Rate / PIK | Reference Rate | Spread | Maturity Date | Principal Amount | Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Senior Secured Loans (continued) | ||||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| FirstCall Mechanical Group, LLC | Delayed Draw | 1.00 | % | 3M SOFR | 6/27/2031 | $ | 8,000,000 | $ | (118,725 | ) | $ | (120,000 | ) | 5,6,7,8,11,25 | ||||||||||||||||
| Flatiron Crane Operating Company, LLC | First Lien Term Loan | 9.01 | % | 1M SOFR | 5.25 | % | 12/17/2027 | 1,633,245 | 1,633,305 | 1,618,770 | 5,6,11,19 | |||||||||||||||||||
| Force Electrical Buyerco, LLC | Delayed Draw | 8.18 | % | 3M SOFR | 4.50 | % | 10/21/2032 | 1,964,299 | 385,526 | 389,314 | 5,6,8,10 | |||||||||||||||||||
| Force Electrical Buyerco, LLC | Revolver | 8.84 | % | 3M SOFR | 4.20 | % | 10/21/2032 | 392,860 | 173,206 | 173,982 | 5,6,8,10 | |||||||||||||||||||
| Force Electrical Buyerco, LLC | First Lien Term Loan | 8.17 | % | 3M SOFR | 4.50 | % | 10/21/2032 | 1,149,508 | 1,138,113 | 1,141,302 | 5,6,10,18 | |||||||||||||||||||
| Fullsteam Operations LLC | Delayed Draw | 1.00 | % | 3M SOFR | 8/8/2031 | 923,077 | (8,048 | ) | (12,940 | ) | 5,6,7,8,10,25 | |||||||||||||||||||
| Fullsteam Operations LLC | Revolver | 8.88 | % | 1M SOFR | 5.25 | % | 8/8/2031 | 307,692 | 97,460 | 95,687 | 5,6,8,10 | |||||||||||||||||||
| Fullsteam Operations LLC | First Lien Term Loan | 8.90 | % | 3M SOFR | 5.25 | % | 8/8/2031 | 2,769,231 | 2,745,535 | 2,730,410 | 5,6,10,18 | |||||||||||||||||||
| Galway Borrower LLC | Revolver | 8.24 | % | 3M SOFR | 4.50 | % | 9/29/2028 | 247,394 | 75,105 | 74,887 | 5,6,8,10 | |||||||||||||||||||
| Galway Borrower LLC | First Lien Term Loan | 8.23 | % | 3M SOFR | 4.50 | % | 9/29/2028 | 3,403,735 | 3,355,870 | 3,353,269 | 5,6,10 | |||||||||||||||||||
| Gastronome Acquisition, LLC | First Lien Term Loan | 8.88 | % | 3M SOFR | 5.00 | % | 6/18/2029 | 2,062,904 | 2,053,209 | 2,005,600 | 5,6,11,19 | |||||||||||||||||||
| Gator Plastic Intermediate Holdings, LLC | First Lien Term Loan | 10.90 | % | 1M SOFR | 7.25 | % | 10/14/2027 | 2,199,465 | 2,155,611 | 2,174,256 | 5,6,13,18 | |||||||||||||||||||
| Gator Plastic Intermediate Holdings, LLC | Revolver | 10.89 | % | 1M SOFR | 7.25 | % | 10/14/2027 | 400,662 | 157,568 | 157,321 | 5,6,8,13 | |||||||||||||||||||
| GC Waves Holdings, Inc. | Delayed Draw | 8.14 | % | 1M SOFR | 4.50 | % | 10/4/2030 | 634,048 | 201,225 | 202,492 | 5,6,8,10 | |||||||||||||||||||
| GC Waves Holdings, Inc. | Delayed Draw | 8.14 | % | 1M SOFR | 4.50 | % | 10/4/2030 | 1,040,232 | 1,040,232 | 1,039,959 | 5,6,10,18 | |||||||||||||||||||
| GC Waves Holdings, Inc. | First Lien Term Loan | 8.14 | % | 1M SOFR | 4.50 | % | 10/4/2030 | 1,655,760 | 1,655,760 | 1,655,325 | 5,6,10,18 | |||||||||||||||||||
| GC Waves Holdings, Inc. | Revolver | 0.50 | % | 3M SOFR | 10/4/2030 | 90,016 | — | (24 | ) | 5,6,7,8,10 | ||||||||||||||||||||
| GMF Parent, Inc. | Delayed Draw | 1.00 | % | 3M SOFR | 12/20/2032 | 500,000 | (4,627 | ) | (6,964 | ) | 5,6,7,8,10,25 | |||||||||||||||||||
| GMF Parent, Inc. | Revolver | 8.17 | % | 3M SOFR | 4.50 | % | 12/20/2032 | 275,000 | 22,455 | 21,170 | 5,6,8,10 | |||||||||||||||||||
| GMF Parent, Inc. | First Lien Term Loan | 8.18 | % | 3M SOFR | 4.50 | % | 12/20/2032 | 1,770,563 | 1,752,977 | 1,745,900 | 5,6,10,18 | |||||||||||||||||||
| Gold Medal Holdings, Inc. | First Lien Term Loan | 9.44 | % | 3M SOFR | 8.99 | % | 3/17/2027 | 1,586,947 | 1,586,947 | 1,564,242 | 5,6,11,18 | |||||||||||||||||||
| Gold Medal Holdings, Inc. | Delayed Draw | 9.48 | % | 3M SOFR | 5.75 | % | 3/17/2027 | 379,581 | 379,581 | 374,158 | 5,6,11 | |||||||||||||||||||
| Golden State Dermatology Management, LLC | Delayed Draw | 9.14 | % | 1M SOFR | 5.50 | % | 9/4/2028 | 5,385,089 | 3,279,188 | 3,255,814 | 5,6,8,11 | |||||||||||||||||||
| Graymar Acquisition LLC | Delayed Draw | 8.14 | % | 1M SOFR | 4.50 | % | 9/13/2030 | 1,522,295 | 1,363,405 | 1,369,627 | 5,6,8,11 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
16
StepStone Private Credit Income Fund
Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash Interest Rate / PIK | Reference Rate | Spread | Maturity Date | Principal Amount | Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Senior Secured Loans (continued) | ||||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| Greenwood Operating Group, LLC | First Lien Term Loan | 9.23 | % | 3M SOFR | 5.50 | % | 5/7/2031 | $ | 6,067,528 | $ | 5,960,419 | $ | 5,960,668 | 5,6,11,18 | ||||||||||||||||
| Greenwood Operating Group, LLC | Revolver | 11.25 | % | 3M PRIME | 4.50 | % | 5/7/2031 | 1,068,062 | 466,803 | 465,524 | 5,6,8,11 | |||||||||||||||||||
| Gridhawk LLC | First Lien Term Loan | 9.35 | % | 3M SOFR | 5.75 | % | 5/7/2030 | 1,593,424 | 1,586,783 | 1,557,097 | 5,6,11,19 | |||||||||||||||||||
| GS Acquisitionco, Inc. | Delayed Draw | 1.00 | % | 3M SOFR | 5/25/2028 | 350,698 | (554 | ) | (3,008 | ) | 5,6,7,8,10,25 | |||||||||||||||||||
| Guava Buyer LLC | Delayed Draw | 9.16 | % | 3M SOFR | 5.50 | % | 8/12/2032 | 380,484 | 159,430 | 155,463 | 5,6,8,11 | |||||||||||||||||||
| Guava Buyer LLC | Revolver | 9.15 | % | 3M SOFR | 5.50 | % | 8/12/2030 | 382,166 | 24,205 | 19,528 | 5,6,8,11 | |||||||||||||||||||
| Guava Buyer LLC | First Lien Term Loan | 9.14 | % | 3M SOFR | 5.50 | % | 8/12/2032 | 3,211,401 | 3,147,784 | 3,118,588 | 5,6,11,18 | |||||||||||||||||||
| Halo Buyer, Inc. | First Lien Term Loan | 9.64 | % | 1M SOFR | 6.00 | % | 8/7/2029 | 6,873,880 | 6,763,083 | 6,787,956 | 5,6,11,18 | |||||||||||||||||||
| Halo Buyer, Inc. | Revolver | 10.32 | % | 1M SOFR | 5.68 | % | 8/7/2029 | 1,044,195 | 472,517 | 474,239 | 5,6,8,11 | |||||||||||||||||||
| Harris & Co. LLC | Delayed Draw | 8.89 | % | 1M SOFR | 5.25 | % | 8/9/2030 | 16,878 | 16,710 | 16,730 | 5,6,11 | |||||||||||||||||||
| Harris & Co. LLC | Revolver | 0.50 | % | 3M SOFR | 8/9/2030 | 226,637 | (1,601 | ) | (1,988 | ) | 5,6,7,8,11 | |||||||||||||||||||
| Harris & Co. LLC | First Lien Term Loan | 8.89 | % | 1M SOFR | 5.25 | % | 8/9/2030 | 1,643,043 | 1,626,759 | 1,628,592 | 5,6,11,18 | |||||||||||||||||||
| Harris & Co. LLC | Delayed Draw | 8.89 | % | 1M SOFR | 5.25 | % | 8/9/2030 | 17,316 | 17,170 | 17,163 | 5,6,11,18 | |||||||||||||||||||
| Harris & Co. LLC | Delayed Draw | 8.83 | % | 1M SOFR | 5.21 | % | 8/9/2030 | 2,067,104 | 1,549,098 | 1,549,702 | 5,6,8,11 | |||||||||||||||||||
| HBWM Intermediate II, LLC | First Lien Term Loan | 8.39 | % | 1M SOFR | 4.75 | % | 11/17/2031 | 776,221 | 767,951 | 767,860 | 5,6,10 | |||||||||||||||||||
| HBWM Intermediate II, LLC | Delayed Draw | 8.39 | % | 1M SOFR | 4.75 | % | 11/17/2031 | 1,036,804 | 1,025,758 | 1,025,637 | 5,6,10 | |||||||||||||||||||
| HBWM Intermediate II, LLC | Delayed Draw | 8.14 | % | 1M SOFR | 4.50 | % | 11/17/2031 | 475,128 | 71,985 | 71,964 | 5,6,8,10 | |||||||||||||||||||
| HBWM INTERMEDIATE II, LLC | Revolver | 8.40 | % | 1M SOFR | 4.75 | % | 8/18/2031 | 278,499 | 141,485 | 141,469 | 5,6,8,10 | |||||||||||||||||||
| Heads Up Technologies, Inc. | Revolver | 0.50 | % | 3M SOFR | 7/23/2030 | 636,364 | (2,591 | ) | (4,333 | ) | 5,6,7,8,11 | |||||||||||||||||||
| Heads Up Technologies, Inc. | First Lien Term Loan | 8.98 | % | 3M SOFR | 5.25 | % | 7/23/2030 | 6,315,909 | 6,288,090 | 6,272,900 | 5,6,11,18 | |||||||||||||||||||
| Health Buyer LLC | Revolver | 0.50 | % | 3M SOFR | 4/29/2030 | 183,824 | — | (262 | ) | 5,6,7,8,10 | ||||||||||||||||||||
| Health Buyer LLC | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 4/29/2030 | 1,248,379 | 1,243,435 | 1,241,579 | 5,6,10,18 | |||||||||||||||||||
| Health Management Associates, Inc. | First Lien Term Loan | 8.94 | % | 3M SOFR | 5.25 | % | 3/30/2029 | 523,877 | 519,841 | 513,467 | 5,6,11,19 | |||||||||||||||||||
| Hec Purchaser Corp. | First Lien Term Loan | 8.74 | % | 3M SOFR | 5.00 | % | 6/17/2029 | 3,384,593 | 3,353,940 | 3,341,686 | 5,6,11,18 | |||||||||||||||||||
| Hec Purchaser Corp. | Revolver | 0.50 | % | 3M SOFR | 6/17/2029 | 260,417 | (2,354 | ) | (3,301 | ) | 5,6,7,8,11 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
17
StepStone Private Credit Income Fund
Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash Interest Rate / PIK | Reference Rate | Spread | Maturity Date | Principal Amount | Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Senior Secured Loans (continued) | ||||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| Heritage Foodservice Investment, LLC | First Lien Term Loan | 9.26 | % | 3M SOFR | 5.50 | % | 8/1/2030 | $ | 1,535,456 | $ | 1,521,146 | $ | 1,517,104 | 5,6,11,18 | ||||||||||||||||
| Heritage Foodservice Investment, LLC | Revolver | 9.26 | % | 3M SOFR | 5.50 | % | 8/1/2030 | 200,871 | 105,387 | 104,730 | 5,6,8,11 | |||||||||||||||||||
| Heritage Foodservice Investment, LLC | Delayed Draw | 9.26 | % | 3M SOFR | 5.50 | % | 8/1/2030 | 1,605,721 | 123,673 | 122,468 | 5,6,8,11 | |||||||||||||||||||
| HHS Buyer Inc. | Revolver | 0.50 | % | 3M SOFR | 8/31/2028 | 1,081,315 | (9,422 | ) | (10,817 | ) | 5,6,7,8,11 | |||||||||||||||||||
| HHS Buyer Inc. | Delayed Draw | 9.16 | % | 3M SOFR | 5.50 | % | 8/31/2028 | 5,366,023 | 5,315,096 | 5,312,198 | 5,6,11 | |||||||||||||||||||
| HHS Buyer Inc. | First Lien Term Loan | 9.17 | % | 3M SOFR | 5.50 | % | 8/31/2028 | 856,401 | 848,581 | 847,834 | 5,6,11,18 | |||||||||||||||||||
| Hills Distribution, Inc. | First Lien Term Loan | 9.18 | % | 3M SOFR | 5.50 | % | 11/8/2029 | 87,490 | 87,055 | 87,053 | 5,6,11,18 | |||||||||||||||||||
| Hills Distribution, Inc. | Delayed Draw | 9.23 | % | 3M SOFR | 5.50 | % | 11/8/2029 | 212,630 | 40,113 | 39,962 | 5,6,8,11 | |||||||||||||||||||
| HLSG Intermediate, LLC | First Lien Term Loan | 8.37 | % | 1M SOFR | 4.75 | % | 2/2/2033 | 2,357,683 | 2,345,956 | 2,344,496 | 5,6,10,18 | |||||||||||||||||||
| HLSG Intermediate, LLC | Delayed Draw | 8.37 | % | 1M SOFR | 4.75 | % | 2/2/2033 | 768,946 | 710,834 | 710,170 | 5,6,8,10 | |||||||||||||||||||
| HLSG Intermediate, LLC | Revolver | 0.50 | % | 3M SOFR | 2/2/2033 | 308,295 | (1,452 | ) | (1,733 | ) | 5,6,7,8,10 | |||||||||||||||||||
| I.D. Images Acquisition, LLC | Delayed Draw | 9.14 | % | 1M SOFR | 5.50 | % | 7/30/2026 | 349,166 | 348,470 | 347,442 | 5,6,11 | |||||||||||||||||||
| I.D. Images Acquisition, LLC | First Lien Term Loan | 9.14 | % | 1M SOFR | 5.50 | % | 7/30/2026 | 802,491 | 800,891 | 798,528 | 5,6,11 | |||||||||||||||||||
| I.D. Images Acquisition, LLC | First Lien Term Loan | 9.14 | % | 1M SOFR | 5.50 | % | 7/30/2026 | 427,572 | 426,720 | 425,461 | 5,6,11 | |||||||||||||||||||
| I.D. Images Acquisition, LLC | First Lien Term Loan | 9.14 | % | 1M SOFR | 5.50 | % | 7/30/2026 | 105,562 | 105,340 | 105,041 | 5,6,11 | |||||||||||||||||||
| I.D. Images Acquisition, LLC | Revolver | 0.50 | % | 6M SOFR | 7/30/2026 | 170,510 | (325 | ) | (840 | ) | 5,6,7,8,11 | |||||||||||||||||||
| IDC Infusion Services, Inc. | First Lien Term Loan | 8.73 | % | 3M SOFR | 5.00 | % | 7/7/2028 | 2,068,166 | 2,058,367 | 2,049,829 | 5,6,11,19 | |||||||||||||||||||
| Ideal Components Acquisition, LLC | Delayed Draw | 1.00 | % | 3M SOFR | 6/30/2032 | 965,264 | (8,983 | ) | (9,306 | ) | 5,6,7,8,10,25 | |||||||||||||||||||
| Ideal Components Acquisition, LLC | Revolver | 9.04 | % | 1M SOFR | 4.81 | % | 6/30/2032 | 804,387 | 304,096 | 303,275 | 5,6,8,10 | |||||||||||||||||||
| Ideal Components Acquisition, LLC | First Lien Term Loan | 8.64 | % | 1M SOFR | 5.00 | % | 6/30/2032 | 5,215,913 | 5,170,485 | 5,165,629 | 5,6,10,18 | |||||||||||||||||||
| IEQ Capital Management, LLC | Delayed Draw | 8.24 | % | 6M SOFR | 4.50 | % | 12/22/2028 | 641,997 | 641,995 | 641,997 | 5,6,10 | |||||||||||||||||||
| IEQ Capital Management, LLC | Delayed Draw | 8.21 | % | 3M SOFR | 4.50 | % | 12/22/2028 | 415,283 | 415,283 | 415,283 | 5,6,10 | |||||||||||||||||||
| IEQ Capital, LLC | Delayed Draw | 8.23 | % | 3M SOFR | 4.50 | % | 12/22/2028 | 2,471,949 | 2,462,502 | 2,471,949 | 5,6,11,18 | |||||||||||||||||||
| IEQ Capital, LLC | First Lien Term Loan | 8.23 | % | 6M SOFR | 4.50 | % | 12/22/2028 | 1,455,349 | 1,455,349 | 1,455,349 | 5,6,10,18 | |||||||||||||||||||
| IEQ Capital, LLC | First Lien Term Loan | 8.23 | % | 6M SOFR | 4.50 | % | 12/22/2028 | 2,789,841 | 2,789,841 | 2,789,841 | 5,6,10 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
18
StepStone Private Credit Income Fund
Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash Interest Rate / PIK | Reference Rate | Spread | Maturity Date | Principal Amount | Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Senior Secured Loans (continued) | ||||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| IG Investments Holdings, LLC | First Lien Term Loan | 8.66 | % | 3M SOFR | 5.00 | % | 9/22/2028 | $ | 2,533,704 | $ | 2,508,906 | $ | 2,515,307 | 5,6,10 | ||||||||||||||||
| IG Investments Holdings, LLC | Revolver | 0.50 | % | 3M SOFR | 9/22/2028 | 280,236 | (2,516 | ) | (2,030 | ) | 5,6,7,8,10 | |||||||||||||||||||
| Igloo Group Parent, Inc. | First Lien Term Loan | 8.73 | % | 3M SOFR | 5.00 | % | 12/23/2031 | 3,950,000 | 3,891,084 | 3,854,412 | 5,6,11,18 | |||||||||||||||||||
| Imagine 360 LLC | Revolver | 0.38 | % | 3M SOFR | 9/30/2028 | 187,098 | — | — | 5,6,7,8,10 | |||||||||||||||||||||
| Imagine 360 LLC | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 9/30/2028 | 2,080,386 | 2,080,386 | 2,080,386 | 5,6,10 | |||||||||||||||||||
| Imagine 360 LLC | Delayed Draw | 1.00 | % | 3M SOFR | 9/30/2028 | 298,637 | — | — | 5,6,7,8,10,25 | |||||||||||||||||||||
| Impact Advisors, LLC | First Lien Term Loan | 8.23 | % | 3M SOFR | 4.50 | % | 3/19/2032 | 227,766 | 227,201 | 227,197 | 5,6,11,18 | |||||||||||||||||||
| Impact Advisors, LLC | Delayed Draw | 8.23 | % | 3M SOFR | 4.50 | % | 3/19/2032 | 128,570 | 16,908 | 16,905 | 5,6,8,11 | |||||||||||||||||||
| Impact Advisors, LLC | Revolver | 10.25 | % | 3M PRIME | 3.50 | % | 3/19/2032 | 25,714 | 15,365 | 15,364 | 5,6,8,11 | |||||||||||||||||||
| Improving Acquisition, LLC | First Lien Term Loan | 10.35 | % | 3M SOFR | 6.50 | % | 7/26/2027 | 9,104,701 | 9,032,478 | 9,022,698 | 5,6,11,18 | |||||||||||||||||||
| Improving Acquisition, LLC | Revolver | 10.33 | % | 3M SOFR | 6.50 | % | 7/26/2027 | 584,271 | 54,134 | 52,993 | 5,6,8,11 | |||||||||||||||||||
| Innovative Discovery, LLC | First Lien Term Loan | 9.14 | % | 1M SOFR | 5.50 | % | 12/31/2030 | 3,308,052 | 3,275,098 | 3,274,707 | 5,6,11,18 | |||||||||||||||||||
| Innovative Discovery, LLC | Revolver | 5.50 | % | 1M SOFR | 12/31/2030 | 155,844 | (1,444 | ) | (1,571 | ) | 5,6,7,8,11 | |||||||||||||||||||
| Innovative Discovery, LLC | Delayed Draw | 1.00 | % | 1M SOFR | 12/31/2030 | 519,481 | (4,817 | ) | (5,236 | ) | 5,6,7,8,11,25 | |||||||||||||||||||
| Inszone Mid, LLC | Delayed Draw | 8.23 | % | 3M SOFR | 4.50 | % | 11/30/2029 | 307,082 | 89,470 | 88,375 | 5,6,8,11 | |||||||||||||||||||
| Integrated Power Services Holdings, Inc. | First Lien Term Loan | 8.51 | % | 1M SOFR | 4.75 | % | 11/22/2028 | 3,929,648 | 3,910,393 | 3,912,264 | 5,6,11,18 | |||||||||||||||||||
| Integrity Marketing Acquisition, LLC | First Lien Term Loan | 8.67 | % | 3M SOFR | 5.00 | % | 8/25/2028 | 3,930,015 | 3,929,327 | 3,927,376 | 5,6,10,18 | |||||||||||||||||||
| Intermed Inc. | First Lien Term Loan | 8.66 | % | 3M SOFR | 5.00 | % | 4/3/2030 | 3,178,718 | 3,165,641 | 3,102,118 | 5,6,11,19 | |||||||||||||||||||
| IVX Health Holdings, Inc. | Revolver | 0.50 | % | 3M SOFR | 6/7/2030 | 533,427 | (2,531 | ) | (2,272 | ) | 5,6,7,8,11 | |||||||||||||||||||
| IVX Health Holdings, Inc. | First Lien Term Loan | 8.73 | % | 3M SOFR | 5.00 | % | 6/7/2030 | 5,904,910 | 5,876,552 | 5,879,693 | 5,6,11 | |||||||||||||||||||
| Ivy Technology Parent Intermediate III Holdings, LLC | First Lien Term Loan | 8.89 | % | 1M SOFR | 5.25 | % | 2/5/2031 | 3,491,124 | 3,446,549 | 3,445,052 | 5,6,11,18 | |||||||||||||||||||
| Ivy Technology Parent Intermediate III Holdings, LLC | Revolver | 8.89 | % | 1M SOFR | 5.25 | % | 2/5/2031 | 453,246 | 266,427 | 265,966 | 5,6,8,11 | |||||||||||||||||||
| Kai Acquisition, LLC | First Lien Term Loan | 8.64 | % | 1M SOFR | 5.00 | % | 5/1/2032 | 1,158,621 | 1,147,225 | 1,144,681 | 5,6,11,19 | |||||||||||||||||||
| KCM Environmental US Acquisition LLC | First Lien Term Loan | 8.73 | % | 3M SOFR | 5.00 | % | 6/17/2030 | 2,062,904 | 2,030,195 | 1,983,977 | 5,6,11,19 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
19
StepStone Private Credit Income Fund
Consolidated
Schedule of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash
Interest Rate / PIK | Reference Rate | Spread | Maturity Date | Principal Amount | Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Senior Secured Loans (continued) | ||||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| Kelso Industries LLC | First Lien Term Loan | 9.42 | % | 3M SOFR | 5.75 | % | 12/30/2029 | $ | 1,426,440 | $ | 1,413,490 | $ | 1,408,828 | 5,6,11 | ||||||||||||||||
| Kelso Industries LLC | First Lien Term Loan | 9.42 | % | 3M SOFR | 5.75 | % | 12/30/2029 | 3,972,839 | 3,942,716 | 3,923,785 | 5,6,11,18 | |||||||||||||||||||
| Kept Companies, Inc. | Delayed Draw | 8.72 | % | 3M SOFR | 5.03 | % | 4/30/2029 | 1,300,565 | 1,295,443 | 1,280,321 | 5,6,11 | |||||||||||||||||||
| Kept Companies, Inc. | First Lien Term Loan | 8.73 | % | 3M SOFR | 5.00 | % | 4/30/2029 | 394,933 | 394,116 | 388,801 | 5,6,11,19 | |||||||||||||||||||
| Kite Bidco Inc. | First Lien Term Loan | 8.20 | % | 6M SOFR | 4.50 | % | 11/19/2031 | 2,645,028 | 2,612,248 | 2,605,712 | 5,6,18 | |||||||||||||||||||
| Kite Bidco Inc. | Delayed Draw | 1.00 | % | 3M SOFR | 11/19/2031 | 661,257 | (3,866 | ) | (4,815 | ) | 5,6,7,8,18,25 | |||||||||||||||||||
| KL Stockton Intermediate II, LLC | First Lien Term Loan | 0.00 % / 13.00 | % | Fixed | 13.00 | % | 5/23/2031 | 748,922 | 739,679 | 689,393 | 9,20,23 | |||||||||||||||||||
| La Fiesta Food Products, LLC | First Lien Term Loan | 9.23 | % | 3M SOFR | 5.50 | % | 7/15/2031 | 283,942 | 283,942 | 283,942 | 5,6,18 | |||||||||||||||||||
| Lakewood Acquisition Corp. | First Lien Term Loan | 9.17 | % | 3M SOFR | 5.50 | % | 1/24/2030 | 5,464,034 | 5,384,288 | 5,350,577 | 5,6,11,18 | |||||||||||||||||||
| Lakewood Acquisition Corp. | Revolver | 0.50 | % | 3M SOFR | 1/24/2030 | 1,509,054 | (20,395 | ) | (31,255 | ) | 5,6,7,8,11 | |||||||||||||||||||
| Last Dance Intermediate I, LLC | Delayed Draw | 8.33 | % | 1M SOFR | 4.69 | % | 3/31/2031 | 1,050,947 | 375,651 | 372,719 | 5,6,8,10 | |||||||||||||||||||
| Lavie Group, Inc. | Delayed Draw | 8.62 | % | 6M SOFR | 5.00 | % | 10/10/2029 | 2,424,583 | 2,395,524 | 2,398,747 | 5,6,11 | |||||||||||||||||||
| LeadVenture Inc. | Delayed Draw | 8.73 | % | 3M SOFR | 5.00 | % | 6/23/2032 | 1,294,896 | 614,706 | 606,675 | 5,6,8,10 | |||||||||||||||||||
| LeadVenture Inc. | Revolver | 8.63 | % | 1M SOFR | 5.00 | % | 6/23/2032 | 649,183 | 30,041 | 23,765 | 5,6,8,10 | |||||||||||||||||||
| LeadVenture Inc. | First Lien Term Loan | 8.73 | % | 3M SOFR | 5.00 | % | 6/23/2032 | 6,765,296 | 6,721,131 | 6,656,145 | 5,6,10,18 | |||||||||||||||||||
| Legend Buyer, Inc. | Delayed Draw | 9.33 | % | 3M SOFR | 5.50 | % | 1/19/2029 | 542,124 | 542,630 | 535,155 | 5,6,11 | |||||||||||||||||||
| Legend Buyer, Inc. | First Lien Term Loan | 9.33 | % | 3M SOFR | 5.50 | % | 1/19/2029 | 487,302 | 487,747 | 485,684 | 5,6,11,19 | |||||||||||||||||||
| Liberty Purchaser, LLC | Delayed Draw | 8.16 | % | 3M SOFR | 4.50 | % | 11/22/2029 | 4,000,000 | 62,037 | 59,362 | 5,6,8,10 | |||||||||||||||||||
| Lido Advisors, LLC | Revolver | 8.43 | % | 3M SOFR | 4.75 | % | 5/10/2032 | 109,549 | 81,241 | 81,098 | 5,6,8,11 | |||||||||||||||||||
| Lido Advisors, LLC | Delayed Draw | 8.48 | % | 3M SOFR | 4.75 | % | 5/10/2032 | 93,195 | 92,395 | 92,760 | 5,6,11,18 | |||||||||||||||||||
| Lido Advisors, LLC | Delayed Draw | 8.42 | % | 3M SOFR | 4.75 | % | 5/10/2032 | 624,510 | 607,356 | 610,007 | 5,6,8,11 | |||||||||||||||||||
| Life Science Intermediate, Holdings, LLC | Delayed Draw | 9.74 | % | 1M SOFR | 6.00 | % | 6/10/2027 | 2,476,539 | 1,270,356 | 1,268,521 | 5,6,8,11 | |||||||||||||||||||
| Life Science Intermediate, Holdings, LLC | Revolver | 9.82 | % | 3M SOFR | 6.00 | % | 6/10/2027 | 475,539 | 470,935 | 470,950 | 5,6,11 | |||||||||||||||||||
| Lighthouse Technologies Holding Corp. | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 12/31/2029 | 3,947,507 | 3,947,434 | 3,897,368 | 5,6,11,18 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
20
StepStone Private Credit Income Fund
Consolidated
Schedule of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash
Interest Rate / PIK |
Reference Rate |
Spread | Maturity Date | Principal Amount |
Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Senior Secured Loans (continued) | ||||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| Lightspeed Borrower, LLC | First Lien Term Loan | 8.98 | % | 3M SOFR | 5.25 | % | 5/1/2029 | $ | 2,295,012 | $ | 2,278,906 | $ | 2,278,906 | 5,6 | ||||||||||||||||
| Lightspeed Borrower, LLC | Revolver | 0.38 | % | 3M SOFR | 5/1/2029 | 270,501 | (1,894 | ) | (1,894 | ) | 5,6,7,8 | |||||||||||||||||||
| Lindstrom, LLC | Revolver | 0.50 | % | 6M SOFR | 12/30/2032 | 442,701 | (6,204 | ) | (7,297 | ) | 5,6,7,8,10 | |||||||||||||||||||
| Lindstrom, LLC | First Lien Term Loan | 9.24 | % | 3M SOFR | 5.50 | % | 12/30/2032 | 3,476,817 | 3,427,299 | 3,419,512 | 5,6,10,18 | |||||||||||||||||||
| LJ Avalon Holdings, LLC | Delayed Draw | 8.39 | % | 3M SOFR | 4.75 | % | 2/1/2030 | 3,313,750 | 3,285,028 | 3,273,553 | 5,6,11 | |||||||||||||||||||
| LJ Avalon Holdings, LLC | Revolver | 8.42 | % | 3M SOFR | 4.75 | % | 2/1/2029 | 666,667 | 75,006 | 72,908 | 5,6,8,11 | |||||||||||||||||||
| Machine Sciences Corporation | Revolver | 0.50 | % | 3M SOFR | 3/31/2032 | 261,905 | (2,763 | ) | (2,950 | ) | 5,6,7,8,11 | |||||||||||||||||||
| Machine Sciences Corporation | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 3/31/2032 | 1,567,500 | 1,550,756 | 1,549,800 | 5,6,11 | |||||||||||||||||||
| Machine Sciences Corporation | Delayed Draw | 8.48 | % | 3M SOFR | 4.75 | % | 3/31/2032 | 1,833,333 | 1,813,914 | 1,812,684 | 5,6,11 | |||||||||||||||||||
| Machine Sciences Corporation | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 3/31/2032 | 2,196,330 | 2,180,095 | 2,179,043 | 5,6,11,18 | |||||||||||||||||||
| Machine Sciences Corporation | Delayed Draw | 0.50 | % | 3M SOFR | 3/31/2032 | 1,798,165 | (13,232 | ) | (14,153 | ) | 5,6,7,8,11,25 | |||||||||||||||||||
| Management Consulting & Research, LLC | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 8/16/2027 | 1,246,261 | 1,246,261 | 1,246,134 | 5,6,11,18 | |||||||||||||||||||
| Management Consulting & Research, LLC | Revolver | 8.44 | % | 3M SOFR | 4.75 | % | 8/16/2027 | 1,379,780 | 511,030 | 510,890 | 5,6,8,11 | |||||||||||||||||||
| Management Consulting & Research, LLC | Delayed Draw | 8.48 | % | 3M SOFR | 4.75 | % | 8/16/2027 | 1,705,534 | 1,705,534 | 1,705,360 | 5,6,11,18 | |||||||||||||||||||
| Management Consulting & Research, LLC | Delayed Draw | 8.45 | % | 3M SOFR | 4.75 | % | 8/16/2027 | 813,915 | 648,419 | 648,078 | 5,6,8,11 | |||||||||||||||||||
| Management Consulting & Research, LLC | Delayed Draw | 8.43 | % | 6M SOFR | 4.75 | % | 5/9/2031 | 31,785 | 31,785 | 31,782 | 5,6,11,18 | |||||||||||||||||||
| MB2 Dental Solutions, LLC | Delayed Draw | 9.65 | % | 1M SOFR | 6.00 | % | 2/13/2031 | 302,144 | 82,377 | 82,528 | 5,6,8,10 | |||||||||||||||||||
| MDC Interior Acquisition, Inc. | First Lien Term Loan | 8.73 | % | 3M SOFR | 5.00 | % | 4/26/2030 | 532,655 | 526,690 | 518,622 | 5,6,11,19 | |||||||||||||||||||
| Mechanair LLC | Delayed Draw | 1.00 | % | 3M SOFR | 12/18/2031 | 1,263,158 | (5,769 | ) | (8,169 | ) | 5,6,7,8,11,25 | |||||||||||||||||||
| Mechanair LLC | Revolver | 9.76 | % | 6M SOFR | 6.00 | % | 12/18/2031 | 421,053 | 259,246 | 258,471 | 5,6,8,11 | |||||||||||||||||||
| Mechanair LLC | First Lien Term Loan | 9.73 | % | 6M SOFR | 6.00 | % | 12/18/2031 | 2,304,211 | 2,292,753 | 2,289,308 | 5,6,11,18 | |||||||||||||||||||
| Med Learning Group, LLC | Delayed Draw | 1.00 | % | 3M SOFR | 12/30/2027 | 416,667 | (3,001 | ) | (3,100 | ) | 5,6,7,8,11,25 | |||||||||||||||||||
| Med Learning Group, LLC | First Lien Term Loan | 9.48 | % | 3M SOFR | 5.75 | % | 12/30/2027 | 3,547,500 | 3,517,155 | 3,521,103 | 5,6,11,18 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
21
StepStone Private Credit Income Fund
Consolidated
Schedule of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash
Interest Rate / PIK |
Reference Rate |
Spread | Maturity Date | Principal Amount |
Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Senior Secured Loans (continued) | ||||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| Medical Device Inc. | First Lien Term Loan | 8.67 | % | 3M SOFR | 5.00 | % | 7/11/2029 | $ | 494,628 | $ | 489,164 | $ | 488,089 | 5,6,11,18 | ||||||||||||||||
| Medical Device Inc. | Revolver | 0.50 | % | 3M SOFR | 7/11/2029 | 165,289 | (1,757 | ) | (2,253 | ) | 5,6,7,8,11 | |||||||||||||||||||
| Medina Health, LLC | First Lien Term Loan | 9.98 | % | 3M SOFR | 6.25 | % | 10/20/2028 | 161,875 | 160,913 | 161,028 | 5,6,11,18 | |||||||||||||||||||
| Medina Health, LLC | Delayed Draw | 9.98 | % | 3M SOFR | 6.25 | % | 4/19/2030 | 170,479 | 65,571 | 66,128 | 5,6,8,11 | |||||||||||||||||||
| Medrina, LLC | Delayed Draw | 9.69 | % | 6M SOFR | 6.00 | % | 10/20/2029 | 1,471,042 | 774,570 | 769,698 | 5,6,8,11 | |||||||||||||||||||
| Medrina, LLC | First Lien Term Loan | 9.64 | % | 1M SOFR | 6.00 | % | 10/20/2029 | 2,513,684 | 2,476,227 | 2,473,669 | 5,6,11,18 | |||||||||||||||||||
| MHH Holdings III, LLC | First Lien Term Loan | 8.78 | % | 3M SOFR | 5.00 | % | 12/31/2027 | 871,221 | 863,599 | 863,564 | 5,6,11,19 | |||||||||||||||||||
| Michael Baker International, LLC | First Lien Term Loan | 8.23 | % | 3M SOFR | 4.50 | % | 12/1/2028 | 3,980,000 | 3,861,301 | 3,871,468 | 5,6,10,18 | |||||||||||||||||||
| Minds Buyer, LLC | Revolver | 0.50 | % | 3M SOFR | 5/3/2029 | 156,250 | (741 | ) | (738 | ) | 5,6,7,8,11 | |||||||||||||||||||
| Minds Buyer, LLC | First Lien Term Loan | 8.73 | % | 3M SOFR | 5.00 | % | 5/3/2029 | 2,801,094 | 2,784,789 | 2,787,866 | 5,6,11,18 | |||||||||||||||||||
| MKD Electric, LLC | First Lien Term Loan | 10.12 | % | 3M SOFR | 6.50 | % | 5/31/2029 | 1,984,927 | 1,959,075 | 1,948,096 | 5,6,12,18 | |||||||||||||||||||
| MKD Electric, LLC | Revolver | 10.12 | % | 1M SOFR | 6.50 | % | 5/31/2029 | 479,846 | 215,516 | 212,564 | 5,6,8,12 | |||||||||||||||||||
| MKD Electric, LLC | First Lien Term Loan | 10.12 | % | 3M SOFR | 6.50 | % | 5/31/2029 | 7,307,500 | 7,163,136 | 7,169,353 | 5,6,12,18 | |||||||||||||||||||
| MoboTrex, LLC | Delayed Draw | 8.73 | % | 3M SOFR | 5.00 | % | 6/6/2031 | 1,434,708 | 227,175 | 223,014 | 5,6,8,11 | |||||||||||||||||||
| MoboTrex, LLC | Revolver | 8.73 | % | 3M SOFR | 5.00 | % | 6/7/2030 | 410,256 | 106,748 | 105,468 | 5,6,8,11 | |||||||||||||||||||
| MoboTrex, LLC | First Lien Term Loan | 8.70 | % | 3M SOFR | 5.00 | % | 6/7/2030 | 2,143,077 | 2,128,862 | 2,122,530 | 5,6,11,18 | |||||||||||||||||||
| Model N, Inc. | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 5/13/2031 | 1,870,823 | 1,856,269 | 1,839,787 | 5,6,10,18 | |||||||||||||||||||
| Model N, Inc. | Revolver | 0.25 | % | 3M SOFR | 6/27/2031 | 207,254 | (1,492 | ) | (3,438 | ) | 5,6,7,8,10 | |||||||||||||||||||
| Model N, Inc. | Delayed Draw | 8.42 | % | 3M SOFR | 4.75 | % | 6/27/2031 | 388,115 | 191,437 | 189,343 | 5,6,8,10 | |||||||||||||||||||
| Monarch Collective Holdings, LLC | First Lien Term Loan | 8.73 | % | 3M SOFR | 5.00 | % | 3/17/2032 | 953,893 | 949,328 | 949,699 | 5,6,11 | |||||||||||||||||||
| Monarch Collective Holdings, LLC | Revolver | 8.73 | % | 3M SOFR | 5.00 | % | 3/17/2032 | 127,505 | 24,892 | 24,942 | 5,6,8,11 | |||||||||||||||||||
| Monarch Collective Holdings, LLC | Delayed Draw | 8.73 | % | 3M SOFR | 5.00 | % | 3/17/2032 | 637,513 | 776 | 1,019 | 5,6,8,11 | |||||||||||||||||||
| Moonlight Parent, Inc. | Delayed Draw | 1.00 | % | 3M SOFR | 9/9/2032 | 754,717 | (6,683 | ) | (7,912 | ) | 5,6,7,8,10,25 | |||||||||||||||||||
| Moonlight Parent, Inc. | Revolver | 0.50 | % | 3M SOFR | 9/9/2032 | 452,830 | (4,018 | ) | (4,747 | ) | 5,6,7,8,10 | |||||||||||||||||||
| Moonlight Parent, Inc. | First Lien Term Loan | 8.41 | % | 3M SOFR | 4.75 | % | 9/9/2032 | 2,778,491 | 2,752,995 | 2,749,291 | 5,6,10,18 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
22
StepStone Private Credit Income Fund
Consolidated
Schedule of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash
Interest Rate / PIK |
Reference Rate |
Spread | Maturity Date | Principal Amount |
Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Senior Secured Loans (continued) | ||||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| MoreGroup Holdings, Inc. | First Lien Term Loan | 8.98 | % | 3M SOFR | 5.25 | % | 1/16/2030 | $ | 1,466,250 | $ | 1,451,215 | $ | 1,442,717 | 5,6,11,18 | ||||||||||||||||
| MPS Newco LLC | First Lien Term Loan | 9.24 | % | 6M SOFR | 5.50 | % | 12/28/2029 | 1,160,362 | 1,154,121 | 1,101,794 | 5,6,11,19 | |||||||||||||||||||
| MPULSE Mobile, Inc. | Delayed Draw | 1.00 | % | 3M SOFR | 8/26/2032 | 307,692 | (2,129 | ) | (245 | ) | 5,6,7,8,10,25 | |||||||||||||||||||
| MPULSE Mobile, Inc. | Revolver | 0.50 | % | 3M SOFR | 8/26/2032 | 461,538 | (3,055 | ) | (368 | ) | 5,6,7,8,10 | |||||||||||||||||||
| MPULSE Mobile, Inc. | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 8/26/2032 | 3,214,615 | 3,190,743 | 3,187,821 | 5,6,10,18 | |||||||||||||||||||
| MyTown Health Partners Buyer, Inc | First Lien Term Loan | 8.38 | % | 3M SOFR | 4.75 | % | 1/28/2032 | 1,000,539 | 990,636 | 990,576 | 5,6,10,19 | |||||||||||||||||||
| Nautic Angels Acquisition LLC | Delayed Draw | 8.89 | % | 1M SOFR | 5.25 | % | 2/8/2030 | 1,809,239 | 1,798,635 | 1,763,984 | 5,6,11 | |||||||||||||||||||
| Nautic Angels Acquisition LLC | First Lien Term Loan | 8.89 | % | 1M SOFR | 5.25 | % | 2/8/2030 | 1,376,784 | 1,370,605 | 1,342,433 | 5,6,11,19 | |||||||||||||||||||
| NE Ortho Management Services, LLC | Delayed Draw | 8.73 | % | 3M SOFR | 5.00 | % | 12/13/2030 | 3,764,706 | 1,024,608 | 1,018,567 | 5,6,8,11 | |||||||||||||||||||
| NE Ortho Management Services, LLC | Revolver | 8.74 | % | 3M SOFR | 5.00 | % | 12/13/2030 | 235,294 | 44,933 | 44,543 | 5,6,8,11 | |||||||||||||||||||
| New Charter Technologies, Inc. | Delayed Draw | 8.89 | % | 1M SOFR | 5.25 | % | 4/17/2030 | 4,219,770 | 2,143,812 | 2,118,836 | 5,6,8,10 | |||||||||||||||||||
| New Charter Technologies, Inc. | Revolver | 0.50 | % | 1M SOFR | 10/17/2028 | 282,092 | (84 | ) | (2,782 | ) | 5,6,7,8,10 | |||||||||||||||||||
| NMI Acquisitionco, Inc. | First Lien Term Loan | 8.24 | % | 1M SOFR | 4.50 | % | 9/6/2028 | 737,007 | 729,566 | 724,495 | 5,6,10,18 | |||||||||||||||||||
| NMI Acquisitionco, Inc. | Delayed Draw | 8.24 | % | 1M SOFR | 4.50 | % | 9/6/2028 | 378,914 | 375,089 | 372,482 | 5,6,10,18 | |||||||||||||||||||
| NMI Acquisitionco, Inc. | Revolver | 8.24 | % | 1M SOFR | 4.50 | % | 9/6/2028 | 110,767 | 82,044 | 81,195 | 5,6,8,10 | |||||||||||||||||||
| North Haven Spartan US Holdco LLC | First Lien Term Loan | 9.42 | % | 3M SOFR | 5.75 | % | 12/6/2027 | 644,522 | 644,522 | 644,080 | 5,6,11,18 | |||||||||||||||||||
| NWP Acquisition Holdings, LLC | First Lien Term Loan | 8.98 | % | 3M SOFR | 5.25 | % | 11/21/2030 | 105,777 | 104,193 | 104,060 | 5,6,11 | |||||||||||||||||||
| NWP Acquisition Holdings, LLC | Delayed Draw | 8.98 | % | 3M SOFR | 5.25 | % | 11/21/2030 | 552,304 | 389,993 | 388,713 | 5,6,8,11 | |||||||||||||||||||
| NWP Acquisition Holdings, LLC | Revolver | 0.50 | % | 3M SOFR | 11/21/2030 | 110,461 | (1,527 | ) | (1,789 | ) | 5,6,7,8 | |||||||||||||||||||
| NWP Acquisition Holdings, LLC | First Lien Term Loan | 8.98 | % | 3M SOFR | 5.25 | % | 11/21/2030 | 34,903 | 34,381 | 34,337 | 5,6,11,18 | |||||||||||||||||||
| Obra Capital, Inc. | First Lien Term Loan | 11.25 % / 0.50 | % | 1M SOFR | 7.50 | % | 6/21/2029 | 2,464,180 | 2,431,249 | 2,415,978 | 5,11,18 | |||||||||||||||||||
| OMNIA Exterior Solutions LLC | Delayed Draw | 8.98 | % | 3M SOFR | 5.25 | % | 12/29/2029 | 4,287,500 | 4,294,360 | 4,252,899 | 5,6,11,19 | |||||||||||||||||||
| OPS Wildcat Merger Sub, Inc. | First Lien Term Loan | 8.66 | % | 3M SOFR | 5.00 | % | 9/3/2030 | 680,737 | 672,335 | 669,746 | 5,6,11,18 | |||||||||||||||||||
| OPS Wildcat Merger Sub, Inc. | Revolver | 0.50 | % | 3M SOFR | 9/3/2030 | 29,412 | (300 | ) | (475 | ) | 5,6,7,8,11 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
23
StepStone Private Credit Income Fund
Consolidated
Schedule of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash
Interest Rate / PIK |
Reference Rate |
Spread | Maturity Date | Principal Amount |
Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Senior Secured Loans (continued) | ||||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| OPTI9 Technologies LLC | First Lien Term Loan | 8.39 | % | 1M SOFR | 4.75 | % | 11/25/2031 | $ | 3,980,000 | $ | 3,941,408 | $ | 3,931,315 | 5,6,10,19 | ||||||||||||||||
| Optimizely North America Inc. | First Lien Term Loan | 6.64% / 2.50 | % | 1M SOFR | 5.50 | % | 10/30/2031 | 3,609,673 | 3,580,148 | 3,538,130 | 5,10,18 | |||||||||||||||||||
| Optimizely North America Inc. | Revolver | 0.50 | % | 3M SOFR | 10/30/2031 | 352,000 | (2,695 | ) | (6,977 | ) | 5,6,7,8,10 | |||||||||||||||||||
| OrthoFeet, Inc. | First Lien Term Loan | 9.13 | % | 6M SOFR | 5.50 | % | 7/30/2030 | 1,791,545 | 1,772,298 | 1,730,755 | 5,6,11,19 | |||||||||||||||||||
| Orthopaedic (ITC) Management Services, LLC | First Lien Term Loan | 8.73 | % | 3M SOFR | 5.00 | % | 7/31/2028 | 20 | 1,286 | 20 | 5,6,11,19 | |||||||||||||||||||
| Owl Cyber Defense Solutions, LLC | First Lien Term Loan | 9.39 | % | 1M SOFR | 5.75 | % | 9/11/2029 | 3,284,128 | 3,254,825 | 3,257,393 | 5,6,11,18 | |||||||||||||||||||
| Owl Cyber Defense Solutions, LLC | Revolver | 9.33 | % | 1M SOFR | 5.75 | % | 9/11/2029 | 315,137 | 23,180 | 22,652 | 5,6,8,11 | |||||||||||||||||||
| Packaging Coordinators Midco, Inc. | Delayed Draw | 1.00 | % | 3M SOFR | 7/9/2032 | 357,462 | — | (2,691 | ) | 5,6,7,8,10,25 | ||||||||||||||||||||
| Packaging Coordinators Midco, Inc. | Delayed Draw | 8.66 | % | 3M SOFR | 5.00 | % | 7/9/2032 | 51,350 | 42,251 | 42,251 | 5,6,8,10 | |||||||||||||||||||
| Packaging Coordinators Midco, Inc. | First Lien Term Loan | 8.66 | % | 3M SOFR | 5.00 | % | 7/9/2032 | 1,857,913 | 1,853,973 | 1,834,560 | 5,6,10,18 | |||||||||||||||||||
| Packaging Coordinators Midco, Inc. | First Lien Term Loan | 8.66 | % | 3M SOFR | 5.00 | % | 7/9/2032 | 378,655 | 378,655 | 373,883 | 5,6,10 | |||||||||||||||||||
| Packaging Coordinators Midco, Inc. | Revolver | 0.50 | % | 3M SOFR | 7/9/2032 | 374,524 | (1,578 | ) | (931 | ) | 5,6,7,8,10 | |||||||||||||||||||
| Packaging Coordinators Midco, Inc. | Delayed Draw | 1.00 | % | 3M SOFR | 10/15/2032 | 487,420 | (4,382 | ) | (5,008 | ) | 5,6,7,8,10,25 | |||||||||||||||||||
| Packaging Coordinators Midco, Inc. | Delayed Draw | — | % | 3M SOFR | 10/15/2032 | 475,531 | (4,275 | ) | (123 | ) | 5,6,7,8,10,25 | |||||||||||||||||||
| PAI Financing Merger Sub LLC | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 2/13/2032 | 4,313,820 | 4,258,871 | 4,253,593 | 5,6,10,18 | |||||||||||||||||||
| PAI Financing Merger Sub LLC | Revolver | 0.50 | % | 3M SOFR | 2/13/2032 | 924,296 | (11,200 | ) | (12,904 | ) | 5,6,7,8,10 | |||||||||||||||||||
| Par Excellence Holdings, Inc. | First Lien Term Loan | 8.65 | % | 3M SOFR | 5.00 | % | 9/3/2030 | 6,170,638 | 6,079,368 | 6,056,498 | 5,6,11,18 | |||||||||||||||||||
| Patriot Foods Buyer, Inc. | Delayed Draw | 8.92 | % | 3M SOFR | 5.25 | % | 12/24/2029 | 2,735,171 | 903,670 | 906,404 | 5,6,8,11 | |||||||||||||||||||
| Pave America Holding, LLC | Delayed Draw | 6.05 % / 2.88 | % | 3M SOFR | 5.25 | % | 8/27/2032 | 865,378 | 424,548 | 431,275 | 5,8,10 | |||||||||||||||||||
| Pave America Holding, LLC | Revolver | 8.46 | % | 3M SOFR | 4.75 | % | 8/27/2032 | 648,649 | 318,483 | 323,075 | 5,6,8,10 | |||||||||||||||||||
| Pave America Holding, LLC | First Lien Term Loan | 6.11 % / 2.88 | % | 3M SOFR | 5.25 | % | 8/27/2032 | 2,504,654 | 2,480,084 | 2,474,605 | 5,10,18 | |||||||||||||||||||
| Pavement Preservation Acquisition, LLC | First Lien Term Loan | 8.89 | % | 1M SOFR | 5.25 | % | 8/9/2030 | 6,875,000 | 6,740,843 | 6,736,337 | 5,6,11,18 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
24
StepStone Private Credit Income Fund
Consolidated
Schedule of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash
Interest Rate / PIK |
Reference Rate |
Spread | Maturity Date | Principal Amount |
Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Senior Secured Loans (continued) | ||||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| Pavement Preservation Acquisition, LLC | Revolver | 8.91 | % | 3M SOFR | 5.25 | % | 8/9/2030 | $ | 1,125,000 | $ | 416,898 | $ | 416,060 | 5,6,8,11 | ||||||||||||||||
| PCS Midco, Inc. | First Lien Term Loan | 9.48 | % | 3M SOFR | 5.75 | % | 3/1/2030 | 540,518 | 534,367 | 531,470 | 5,6,11,18 | |||||||||||||||||||
| PCS Midco, Inc. | Delayed Draw | 9.47 | % | 3M SOFR | 5.75 | % | 3/1/2030 | 4,131 | 4,060 | 4,062 | 5,6,11 | |||||||||||||||||||
| PCS Midco, Inc. | Revolver | 0.50 | % | 3M SOFR | 3/1/2030 | 6,250 | (61 | ) | (105 | ) | 5,6,7,8,11 | |||||||||||||||||||
| Pediatric Home Respiratory Services, LLC | First Lien Term Loan | 9.29 | % | 6M SOFR | 5.50 | % | 12/23/2030 | 3,970,000 | 3,960,139 | 3,956,325 | 5,6,10,18 | |||||||||||||||||||
| PestCo, LLC | Delayed Draw | 8.41 | % | 3M SOFR | 4.75 | % | 8/6/2030 | 667,350 | 664,554 | 662,976 | 5,6,11 | |||||||||||||||||||
| PestCo, LLC | Revolver | 10.50 | % | 3M PRIME | 3.75 | % | 8/6/2030 | 268,456 | 72,722 | 72,074 | 5,6,8,11 | |||||||||||||||||||
| PestCo, LLC | First Lien Term Loan | 8.41 | % | 3M SOFR | 4.75 | % | 8/6/2030 | 3,037,450 | 3,022,431 | 3,017,632 | 5,6,11,18 | |||||||||||||||||||
| PGI Parent LLC | Revolver | 10.75 | % | 3M PRIME | 4.00 | % | 12/31/2031 | 1,291,624 | 407,533 | 406,824 | 5,6,8,11 | |||||||||||||||||||
| PGI Parent LLC | First Lien Term Loan | 8.73 | % | 3M SOFR | 5.00 | % | 12/31/2031 | 1,969,604 | 1,950,021 | 1,946,963 | 5,6,11,18 | |||||||||||||||||||
| PGI Parent LLC | First Lien Term Loan | 8.68 | % | 3M SOFR | 5.00 | % | 12/31/2031 | 1,656,438 | 1,624,248 | 1,622,887 | 5,6,11 | |||||||||||||||||||
| Pharmalogic Holdings Corp. | First Lien Term Loan | 8.64 | % | 1M SOFR | 5.00 | % | 6/21/2030 | 2,904,456 | 2,872,660 | 2,865,903 | 5,6,11,18 | |||||||||||||||||||
| Pharmalogic Holdings Corp. | Delayed Draw | 8.65 | % | 1M SOFR | 5.00 | % | 6/21/2030 | 1,032,902 | 712,263 | 716,253 | 5,6,8,11 | |||||||||||||||||||
| Physician Life Care Planning, L.L.C. | First Lien Term Loan | 8.73 | % | 3M SOFR | 5.00 | % | 12/27/2030 | 3,980,979 | 3,942,562 | 3,945,667 | 5,6,11,19 | |||||||||||||||||||
| PK Purchaser LLC | First Lien Term Loan | 9.16 | % | 3M SOFR | 5.50 | % | 9/19/2029 | 3,930,000 | 3,902,471 | 3,660,561 | 5,6,11,18 | |||||||||||||||||||
| Play Holdings, Inc. | Revolver | 9.24 | % | 3M SOFR | 5.50 | % | 10/29/2030 | 233,010 | 50,725 | 49,331 | 5,6,8,10 | |||||||||||||||||||
| Play Holdings, Inc. | First Lien Term Loan | 9.23 | % | 3M SOFR | 5.50 | % | 10/29/2031 | 3,748,155 | 3,692,365 | 3,676,731 | 5,6,10,18 | |||||||||||||||||||
| PMA Parent Holdings, LLC | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 1/31/2031 | 2,324,309 | 2,304,650 | 2,290,612 | 5,6,10,18 | |||||||||||||||||||
| PMA Parent Holdings, LLC | Revolver | 0.50 | % | 3M SOFR | 1/31/2031 | 104,500 | (765 | ) | (1,307 | ) | 5,6,7,8,10,18 | |||||||||||||||||||
| PMA Parent Holdings, LLC | Revolver | 0.50 | % | 3M SOFR | 1/31/2031 | 97,114 | (827 | ) | (1,214 | ) | 5,6,7,8,10 | |||||||||||||||||||
| Point Quest Group, Inc. | Delayed Draw | 8.48 | % | 3M SOFR | 4.75 | % | 11/13/2031 | 487,644 | 62,036 | 61,414 | 5,6,8,10 | |||||||||||||||||||
| Point Quest Group, Inc. | Revolver | 0.50 | % | 3M SOFR | 11/13/2031 | 292,683 | (1,313 | ) | (1,689 | ) | 5,6,7,8,10 | |||||||||||||||||||
| Point Quest Group, Inc. | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 11/13/2031 | 3,203,415 | 3,187,516 | 3,184,927 | 5,6,10,18 | |||||||||||||||||||
| Portage Point Partners, LP | First Lien Term Loan | 8.66 | % | 3M SOFR | 5.00 | % | 5/2/2033 | 6,539,792 | 6,485,272 | 6,486,082 | 5,6,10 | |||||||||||||||||||
| Portage Point Partners, LP | Revolver | 0.50 | % | 3M SOFR | 5/2/2033 | 871,972 | (7,237 | ) | (7,161 | ) | 5,6,7,8,10 | |||||||||||||||||||
| PPW Aero Buyer, Inc. | Delayed Draw | 8.73 | % | 3M SOFR | 5.00 | % | 9/30/2031 | 400,929 | 395,914 | 396,930 | 5,6,11 | |||||||||||||||||||
| PPW Aero Buyer, Inc. | Delayed Draw | 8.73 | % | 3M SOFR | 5.00 | % | 9/30/2031 | 785,743 | 779,177 | 777,927 | 5,6,11,18 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
25
StepStone Private Credit Income Fund
Consolidated
Schedule of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash
Interest Rate / PIK |
Reference Rate |
Spread | Maturity Date | Principal Amount |
Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Senior Secured Loans (continued) | ||||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| PPW Aero Buyer, Inc. | Delayed Draw | 8.73 | % | 3M SOFR | 5.00 | % | 9/30/2031 | $ | 44,868 | $ | 44,249 | $ | 44,494 | 5,6,11 | ||||||||||||||||
| PPW Aero Buyer, Inc. | First Lien Term Loan | 8.73 | % | 3M SOFR | 5.00 | % | 9/30/2031 | 266,923 | 265,504 | 265,075 | 5,6,11,18 | |||||||||||||||||||
| Premise Health Holding Corp. | Delayed Draw | 8.48 | % | 3M SOFR | 4.75 | % | 11/8/2032 | 74,241 | 43,775 | 43,654 | 5,6,8,10 | |||||||||||||||||||
| Premise Health Holding Corp. | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 11/8/2032 | 175,404 | 173,769 | 173,513 | 5,6,10,18 | |||||||||||||||||||
| Premise Health Holding Corp. | Revolver | 0.50 | % | 3M SOFR | 11/6/2031 | 91,059 | (1,348 | ) | (1,366 | ) | 5,6,7,8,10 | |||||||||||||||||||
| Premise Health Holding Corp. | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 11/8/2032 | 767,860 | 756,439 | 756,342 | 5,6,10,18 | |||||||||||||||||||
| Prestige PEO Holdings, LLC | Revolver | 7.17 | % | 3M SOFR | 3.50 | % | 1/14/2030 | 346,831 | 169,421 | 169,311 | 5,6,8,12 | |||||||||||||||||||
| Prestige PEO Holdings, LLC | First Lien Term Loan | 7.17 | % | 3M SOFR | 3.50 | % | 1/14/2030 | 3,596,094 | 3,550,889 | 3,553,422 | 5,6,12,18 | |||||||||||||||||||
| PRGX Global, Inc. | Delayed Draw | 1.00 | % | 3M SOFR | 12/20/2030 | 876,121 | (1,689 | ) | (1,961 | ) | 5,6,7,8,11,25 | |||||||||||||||||||
| PRGX Global, Inc. | First Lien Term Loan | 9.19 | % | 3M SOFR | 5.50 | % | 12/20/2030 | 7,209,746 | 7,174,166 | 7,175,414 | 5,6,11,18 | |||||||||||||||||||
| PrimeFlight Acquisition, LLC | First Lien Term Loan | 8.92 | % | 3M SOFR | 5.25 | % | 5/1/2029 | 693,662 | 690,244 | 678,878 | 5,6,11,18 | |||||||||||||||||||
| PrimeFlight Acquisition, LLC | First Lien Term Loan | 8.91 | % | 3M SOFR | 5.25 | % | 5/1/2029 | 463,235 | 458,651 | 454,345 | 5,6,11,18 | |||||||||||||||||||
| Primeflight Acquisition, LLC | First Lien Term Loan | 8.41 | % | 3M SOFR | 4.75 | % | 5/1/2029 | 997,888 | 993,441 | 992,809 | 5,6,11,18 | |||||||||||||||||||
| PTSH Intermediate Holdings, LLC | First Lien Term Loan | 8.73 | % | 3M SOFR | 5.00 | % | 1/8/2033 | 4,000,000 | 3,960,221 | 3,957,422 | 5,6,10,18 | |||||||||||||||||||
| Puma Buyer, LLC | First Lien Term Loan | 7.98 | % | 3M SOFR | 4.25 | % | 3/29/2032 | 8,525,000 | 8,469,899 | 8,516,064 | 5,6,9,18 | |||||||||||||||||||
| Puma Buyer, LLC | Revolver | 0.38 | % | 3M SOFR | 3/29/2032 | 1,388,889 | (8,556 | ) | (1,456 | ) | 5,6,7,8,9 | |||||||||||||||||||
| PureEHS Buyer LLC | First Lien Term Loan | 8.48 | % | 6M SOFR | 4.75 | % | 4/1/2032 | 4,000,000 | 3,961,204 | 3,955,099 | 5,6,10,19 | |||||||||||||||||||
| Puris, LLC | First Lien Term Loan | 9.47 | % | 3M SOFR | 5.75 | % | 6/30/2031 | 2,952,592 | 2,923,479 | 2,930,527 | 5,6,11,18 | |||||||||||||||||||
| Purple Cow Buyer, LLC | Delayed Draw | 8.70 | % | 3M SOFR | 5.00 | % | 11/5/2030 | 2,976,315 | 806,542 | 797,233 | 5,6,8,11 | |||||||||||||||||||
| Quantum Design International | Delayed Draw | 8.37 | % | 6M SOFR | 4.75 | % | 10/11/2030 | 2,433,943 | 2,001,368 | 2,001,167 | 5,6,8,11 | |||||||||||||||||||
| Quantum Design International | Delayed Draw | 1.00 | % | 3M SOFR | 10/11/2030 | 1,626,016 | (11,076 | ) | (17,515 | ) | 5,6,7,8,11,25 | |||||||||||||||||||
| Quantum Design International | First Lien Term Loan | 8.38 | % | 3M SOFR | 4.75 | % | 10/11/2030 | 896,186 | 898,999 | 886,508 | 5,6,11,19 | |||||||||||||||||||
| Quick Quack Car Wash Holdings, LLC | Delayed Draw | 8.65 | % | 1M SOFR | 5.00 | % | 6/10/2031 | 3,715,600 | 1,730,157 | 1,726,788 | 5,6,8,10 | |||||||||||||||||||
| Quick Quack Car Wash Holdings, LLC | Delayed Draw | 8.64 | % | 1M SOFR | 5.00 | % | 6/10/2031 | 6,232,430 | 6,191,309 | 6,178,266 | 5,6,10 | |||||||||||||||||||
| Railpros Parent, LLC | First Lien Term Loan | 7.89 | % | 3M SOFR | 4.25 | % | 5/24/2032 | 1,434,674 | 1,422,412 | 1,421,507 | 5,6,10,18 | |||||||||||||||||||
| Railpros Parent, LLC | Revolver | 0.38 | % | 3M SOFR | 5/24/2032 | 222,387 | (2,050 | ) | (2,036 | ) | 5,6,7,8,10 | |||||||||||||||||||
| Railpros Parent, LLC | Delayed Draw | 7.89 | % | 3M SOFR | 4.25 | % | 5/24/2032 | 444,440 | 128,651 | 131,272 | 5,6,8,10 | |||||||||||||||||||
| RBFD Buyer, LLC | First Lien Term Loan | 8.39 | % | 1M SOFR | 4.75 | % | 10/31/2030 | 782,135 | 774,249 | 771,993 | 5,6,11,18 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
26
StepStone Private Credit Income Fund
Consolidated
Schedule of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash
Interest Rate / PIK |
Reference Rate |
Spread | Maturity Date | Principal Amount |
Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Senior Secured Loans (continued) | ||||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| RBFD Buyer, LLC | Delayed Draw | 8.39 | % | 1M SOFR | 4.75 | % | 10/31/2030 | $ | 323,119 | $ | 182,927 | $ | 182,957 | 5,6,8,11 | ||||||||||||||||
| RBFD Buyer, LLC | Revolver | 0.50 | % | 3M SOFR | 10/31/2030 | 81,191 | (765 | ) | (1,053 | ) | 5,6,7,8,11 | |||||||||||||||||||
| RCP Nats Purchaser, LLC | Revolver | 0.50 | % | 3M SOFR | 3/19/2032 | 784,055 | (4,821 | ) | (10,083 | ) | 5,6,7,8,10 | |||||||||||||||||||
| RCP Nats Purchaser, LLC | Delayed Draw | 8.70 | % | 3M SOFR | 5.00 | % | 3/19/2032 | 1,116,719 | 663,342 | 661,294 | 5,6,8,10 | |||||||||||||||||||
| RCP Nats Purchaser, LLC | First Lien Term Loan | 8.70 | % | 3M SOFR | 5.00 | % | 3/19/2032 | 5,558,392 | 5,517,218 | 5,514,816 | 5,6,10,18 | |||||||||||||||||||
| Recipe Acquisition Corp. | First Lien Term Loan | 8.73 | % | 3M SOFR | 5.00 | % | 7/31/2031 | 2,540,276 | 2,530,100 | 2,521,664 | 5,6,11,18 | |||||||||||||||||||
| Recipe Acquisition Corp. | Delayed Draw | 8.73 | % | 3M SOFR | 5.00 | % | 7/31/2031 | 727,562 | 102,186 | 99,618 | 5,6,8,11 | |||||||||||||||||||
| Recipe Acquisition Corp. | Revolver | 8.73 | % | 3M SOFR | 5.00 | % | 7/31/2031 | 291,326 | 71,714 | 70,697 | 5,6,8,11 | |||||||||||||||||||
| Red Fox CD Acquisition Corporation | Delayed Draw | 9.73 | % | 3M SOFR | 6.00 | % | 3/4/2030 | 2,514,318 | 2,341,909 | 2,328,802 | 5,6,8,11 | |||||||||||||||||||
| Refocus Management Services, LLC | Delayed Draw | 8.69 | % | 3M SOFR | 5.00 | % | 2/14/2029 | 2,742,306 | 2,719,413 | 2,683,700 | 5,6,11 | |||||||||||||||||||
| Refocus Management Services, LLC | First Lien Term Loan | 8.73 | % | 3M SOFR | 5.00 | % | 2/14/2029 | 454,702 | 435,510 | 445,010 | 5,6,11,19 | |||||||||||||||||||
| Renaissance Buyer, LLC | Revolver | 0.50 | % | 6M SOFR | 7/18/2028 | 251,275 | (1,005 | ) | (1,005 | ) | 5,6,7,8,10 | |||||||||||||||||||
| Renaissance Buyer, LLC | First Lien Term Loan | 8.45 | % | 3M SOFR | 4.75 | % | 7/18/2028 | 2,314,220 | 2,304,939 | 2,304,939 | 5,6,10 | |||||||||||||||||||
| REP TEC Intermediate Holdings, Inc. | Revolver | 0.50 | % | 3M SOFR | 5/30/2031 | 517,680 | (2,287 | ) | (3,034 | ) | 5,6,7,8,11 | |||||||||||||||||||
| REP TEC Intermediate Holdings, Inc. | First Lien Term Loan | 8.73 | % | 3M SOFR | 5.00 | % | 5/30/2031 | 3,456,202 | 3,439,055 | 3,435,944 | 5,6,11,18 | |||||||||||||||||||
| Resixperts Holdco, LLC | Delayed Draw | 9.16 | % | 3M SOFR | 5.50 | % | 5/2/2030 | 996,935 | 875,363 | 877,296 | 5,6,8,11 | |||||||||||||||||||
| Resixperts Holdco, LLC | Revolver | 9.14 | % | 3M SOFR | 5.50 | % | 5/2/2030 | 124,838 | 31,790 | 31,331 | 5,6,8,11 | |||||||||||||||||||
| Resixperts Holdco, LLC | First Lien Term Loan | 9.16 | % | 3M SOFR | 5.50 | % | 5/2/2030 | 262,917 | 259,305 | 258,781 | 5,6,11 | |||||||||||||||||||
| Resixperts Holdco, LLC | First Lien Term Loan | 9.16 | % | 3M SOFR | 5.50 | % | 5/2/2030 | 123,499 | 121,802 | 121,556 | 5,6,11,18 | |||||||||||||||||||
| Rev Up Brands, LLC | First Lien Term Loan | 8.83 | % | 1M SOFR | 5.00 | % | 2/28/2030 | 4,875,378 | 4,864,490 | 4,823,999 | 5,6,10,19 | |||||||||||||||||||
| Riverside Assessments LLC | First Lien Term Loan | 8.98 | % | 3M SOFR | 5.25 | % | 3/19/2031 | 2,688,718 | 2,693,020 | 2,666,111 | 5,6,10,19 | |||||||||||||||||||
| Rocket Bidco, Inc. | First Lien Term Loan | 8.41 | % | 3M SOFR | 4.75 | % | 11/1/2030 | 3,693,750 | 3,638,880 | 3,612,503 | 5,6,10,18 | |||||||||||||||||||
| Rocket Youth Brands HoldCo LLC | Delayed Draw | 8.48 | % | 3M SOFR | 4.75 | % | 6/20/2031 | 1,165,374 | 251,016 | 236,804 | 5,6,8,11 | |||||||||||||||||||
| Rocket Youth Brands HoldCo LLC | Revolver | 0.50 | % | 3M SOFR | 6/20/2031 | 174,902 | (727 | ) | (2,862 | ) | 5,6,7,8,11 | |||||||||||||||||||
| Rocket Youth Brands HoldCo LLC | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 6/20/2031 | 1,166,015 | 1,160,955 | 1,146,938 | 5,6,11,18 | |||||||||||||||||||
| Rotolo Consultants, Inc. | Delayed Draw | 9.49 | % | 1M SOFR | 5.75 | % | 1/31/2031 | 264,754 | 264,025 | 256,182 | 5,6,11 | |||||||||||||||||||
| RPM Purchasers, Inc. | Delayed Draw | 10.01 | % | 1M SOFR | 6.25 | % | 9/11/2028 | 489,544 | 285,342 | 286,506 | 5,6,8,14 | |||||||||||||||||||
| RPMS LLC | Delayed Draw | 9.47 | % | 1M SOFR | 5.75 | % | 8/4/2027 | 1,462,010 | 1,449,655 | 1,449,617 | 5,6,11 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
27
StepStone Private Credit Income Fund
Consolidated
Schedule of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash
Interest Rate / PIK |
Reference Rate |
Spread | Maturity Date | Principal Amount |
Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Senior Secured Loans (continued) | ||||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| RRA Corporate, LLC | Delayed Draw | 8.95 | % | 3M SOFR | 5.25 | % | 8/15/2029 | $ | 35,008 | $ | 23,168 | $ | 20,899 | 5,6,8,11 | ||||||||||||||||
| RRA Corporate, LLC | Revolver | 8.97 | % | 3M SOFR | 5.25 | % | 8/15/2029 | 35,211 | 29,567 | 27,026 | 5,6,8,11 | |||||||||||||||||||
| RRA Corporate, LLC | First Lien Term Loan | 8.98 | % | 3M SOFR | 5.25 | % | 8/15/2029 | 1,643,179 | 1,622,855 | 1,507,318 | 5,6,11,18 | |||||||||||||||||||
| Rushmore Investment III LLC | First Lien Term Loan | 8.92 | % | 3M SOFR | 5.25 | % | 10/18/2030 | 3,916,140 | 3,886,966 | 3,880,705 | 5,6,11,18 | |||||||||||||||||||
| SAAB Purchaser, Inc. | Delayed Draw | 0.50 | % | 3M SOFR | 11/12/2031 | 1,846,154 | (8,083 | ) | (25,926 | ) | 5,6,7,8,10,25 | |||||||||||||||||||
| SAAB Purchaser, Inc. | Revolver | 0.38 | % | 3M SOFR | 11/12/2031 | 246,154 | (1,077 | ) | (3,457 | ) | 5,6,7,8,10 | |||||||||||||||||||
| SAAB Purchaser, Inc. | First Lien Term Loan | 8.23 | % | 3M SOFR | 4.50 | % | 11/12/2031 | 1,907,692 | 1,898,930 | 1,880,902 | 5,6,10,18 | |||||||||||||||||||
| Sabel Systems Technology Solutions, LLC | Revolver | 0.50 | % | 3M SOFR | 10/31/2030 | 79,422 | (734 | ) | (757 | ) | 5,6,7,8,11 | |||||||||||||||||||
| Sabel Systems Technology Solutions, LLC | First Lien Term Loan | 9.64 | % | 1M SOFR | 6.00 | % | 10/31/2030 | 1,040,738 | 1,029,127 | 1,030,817 | 5,6,11,18 | |||||||||||||||||||
| Safari Borrower, LLC | Revolver | 0.50 | % | 3M SOFR | 2/3/2031 | 140,052 | (1,973 | ) | (2,212 | ) | 5,6,7,8,14 | |||||||||||||||||||
| Safari Borrower, LLC | First Lien Term Loan | 9.37 | % | 1M SOFR | 5.75 | % | 2/3/2031 | 2,374,932 | 2,340,943 | 2,337,329 | 5,6,14 | |||||||||||||||||||
| Safari Borrower, LLC | Delayed Draw | 1.00 | % | 3M SOFR | 2/3/2031 | 840,312 | (11,844 | ) | (13,271 | ) | 5,6,7,8,14,25 | |||||||||||||||||||
| SageBrush Buyer, LLC | Revolver | 0.50 | % | 3M SOFR | 7/1/2030 | 258,621 | (2,630 | ) | (3,787 | ) | 5,6,7,8,11 | |||||||||||||||||||
| SageBrush Buyer, LLC | First Lien Term Loan | 8.39 | % | 1M SOFR | 4.75 | % | 7/1/2030 | 1,873,707 | 1,851,847 | 1,846,268 | 5,6,11,18 | |||||||||||||||||||
| Sagebrush Buyer, LLC | First Lien Term Loan | 8.39 | % | 1M SOFR | 4.75 | % | 7/1/2030 | 918,462 | 909,322 | 909,005 | 5,6,11,18 | |||||||||||||||||||
| Sagebrush Buyer, LLC | First Lien Term Loan | 8.39 | % | 1M SOFR | 4.75 | % | 7/1/2030 | 574,038 | 568,326 | 568,128 | 5,6,11,18 | |||||||||||||||||||
| Salisbury House, LLC | Delayed Draw | 8.39 | % | 1M SOFR | 4.75 | % | 8/18/2032 | 513,183 | 120,866 | 119,886 | 5,6,8,10 | |||||||||||||||||||
| Salisbury House, LLC | Revolver | 0.50 | % | 3M SOFR | 8/18/2032 | 342,122 | (1,533 | ) | (2,185 | ) | 5,6,7,8,10 | |||||||||||||||||||
| Salisbury House, LLC | First Lien Term Loan | 8.39 | % | 1M SOFR | 4.75 | % | 8/18/2032 | 2,539,471 | 2,526,887 | 2,523,250 | 5,6,10,18 | |||||||||||||||||||
| Salt Dental Collective, LLC | Delayed Draw | 10.49 | % | 1M SOFR | 6.75 | % | 2/15/2028 | 413,639 | 413,639 | 413,639 | 5,6,11,18 | |||||||||||||||||||
| Salt Dental Collective, LLC | Revolver | 10.49 | % | 1M SOFR | 6.75 | % | 2/15/2028 | 720,308 | 720,308 | 720,308 | 5,6,11 | |||||||||||||||||||
| Salt Dental Collective, LLC | First Lien Term Loan | 10.49 | % | 1M SOFR | 6.75 | % | 2/15/2028 | 27,556 | 27,556 | 27,556 | 5,6,11,18 | |||||||||||||||||||
| Salt Dental Collective, LLC | First Lien Term Loan | 10.49 | % | 1M SOFR | 6.75 | % | 2/15/2028 | 39,373 | 39,373 | 39,373 | 5,6,11,18 | |||||||||||||||||||
| Salt Dental Collective, LLC | First Lien Term Loan | 10.49 | % | 1M SOFR | 6.75 | % | 2/15/2028 | 133,009 | 133,009 | 133,009 | 5,6,11,18 | |||||||||||||||||||
| Salt Dental Collective, LLC | First Lien Term Loan | 10.49 | % | 1M SOFR | 6.75 | % | 2/15/2028 | 135,112 | 135,112 | 135,112 | 5,6,11,18 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
28
StepStone Private Credit Income Fund
Consolidated
Schedule of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash
Interest Rate / PIK |
Reference Rate |
Spread | Maturity Date | Principal Amount |
Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Senior Secured Loans (continued) | ||||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| Salt Dental Collective, LLC | First Lien Term Loan | 10.47 | % | 1M SOFR | 6.75 | % | 2/15/2028 | $ | 208,294 | $ | 208,294 | $ | 208,294 | 5,6,11,18 | ||||||||||||||||
| Salt Dental Collective, LLC | First Lien Term Loan | 10.49 | % | 1M SOFR | 6.75 | % | 2/15/2028 | 105,078 | 105,078 | 105,078 | 5,6,11,18 | |||||||||||||||||||
| Salt Dental Collective, LLC | First Lien Term Loan | 10.47 | % | 1M SOFR | 6.75 | % | 2/15/2028 | 2,378,386 | 2,378,386 | 2,378,386 | 5,6,11,18 | |||||||||||||||||||
| Salt Dental Collective, LLC | First Lien Term Loan | 10.49 | % | 1M SOFR | 6.75 | % | 2/15/2028 | 436,412 | 436,412 | 436,412 | 5,6,11,18 | |||||||||||||||||||
| Salt Dental Collective, LLC | First Lien Term Loan | 10.49 | % | 1M SOFR | 6.75 | % | 2/15/2028 | 957,416 | 957,416 | 957,416 | 5,6,11,18 | |||||||||||||||||||
| Salute Mission Critical, LLC | First Lien Term Loan | 8.78 | % | 1M SOFR | 5.14 | % | 11/30/2029 | 18,369 | 18,215 | 18,072 | 5,6,11 | |||||||||||||||||||
| Salute Mission Critical, LLC | Delayed Draw | 1.00 | % | 3M SOFR | 11/30/2029 | 29,591 | (99 | ) | (330 | ) | 5,6,7,8,11,25 | |||||||||||||||||||
| Salute Mission Critical, LLC | First Lien Term Loan | 8.78 | % | 1M SOFR | 5.14 | % | 11/30/2029 | 3,720,736 | 3,685,087 | 3,653,574 | 5,6,11,18 | |||||||||||||||||||
| SCP WQS Buyer, LLC | Revolver | 0.50 | % | 3M SOFR | 6/30/2033 | 557,491 | — | — | 5,6,7,8,9 | |||||||||||||||||||||
| SCP WQS Buyer, LLC | Delayed Draw | 1.00 | % | 3M SOFR | 6/30/2033 | 2,787,456 | — | — | 5,6,7,8,9,25 | |||||||||||||||||||||
| SCP WQS Buyer, LLC | First Lien Term Loan | 8.73 | % | 3M SOFR | 5.00 | % | 6/30/2033 | 4,655,052 | 4,655,052 | 4,655,052 | 5,6,9,18 | |||||||||||||||||||
| Seahawk Buyer, LLC | Revolver | 8.88 | % | 1M SOFR | 5.25 | % | 4/30/2032 | 810,230 | 185,939 | 185,573 | 5,6,8,13 | |||||||||||||||||||
| Seahawk Buyer, LLC | First Lien Term Loan | 8.87 | % | 1M SOFR | 5.25 | % | 4/30/2032 | 4,051,151 | 4,001,633 | 3,999,987 | 5,6,13 | |||||||||||||||||||
| Seahawk Buyer, LLC | Delayed Draw | 1.00 | % | 3M SOFR | 4/30/2032 | 2,903,325 | (15,540 | ) | (16,384 | ) | 5,6,7,8,13,25 | |||||||||||||||||||
| Security Buyer, LLC | First Lien Term Loan | 9.20 | % | 3M SOFR | 5.50 | % | 3/31/2032 | 658,980 | 649,373 | 648,973 | 5,6,13 | |||||||||||||||||||
| Security Buyer, LLC | Revolver | 0.50 | % | 3M SOFR | 3/31/2032 | 146,807 | (2,112 | ) | (2,224 | ) | 5,6,7,8,13 | |||||||||||||||||||
| Security Buyer, LLC. | Delayed Draw | 1.00 | % | 3M SOFR | 3/31/2032 | 88,084 | (1,268 | ) | (1,334 | ) | 5,6,7,8,13,25 | |||||||||||||||||||
| Shock Doctor Intermediate LLC | First Lien Term Loan | 9.23 | % | 3M SOFR | 5.50 | % | 11/20/2029 | 2,060,377 | 2,063,817 | 2,021,908 | 5,6,11,19 | |||||||||||||||||||
| Sigma Defense Systems, Inc. | First Lien Term Loan | 10.13 | % | 3M SOFR | 6.25 | % | 12/18/2027 | 777,985 | 769,486 | 746,146 | 5,6,11,18 | |||||||||||||||||||
| Sigma Defense Systems, Inc. | Revolver | 9.98 | % | 3M SOFR | 6.25 | % | 12/18/2027 | 25,000 | 2,670 | 2,825 | 5,6,8,11 | |||||||||||||||||||
| Sigma Defense Systems, Inc. | Delayed Draw | 1.00 | % | 3M SOFR | 12/18/2027 | 211,330 | (2,833 | ) | (9,462 | ) | 5,6,7,8,11,25 | |||||||||||||||||||
| Signature MidCo, LLC | First Lien Term Loan | 8.39 | % | 3M SOFR | 4.75 | % | 5/21/2033 | 2,109,091 | 2,088,284 | 2,088,148 | 5,6,19 | |||||||||||||||||||
| SkyMark Refuelers, LLC | Delayed Draw | 8.17 | % | 3M SOFR | 4.50 | % | 12/16/2032 | 643,457 | 427,844 | 426,464 | 5,6,8,10 | |||||||||||||||||||
| SkyMark Refuelers, LLC | Delayed Draw | 0.50 | % | 3M SOFR | 12/16/2032 | 960,384 | (8,865 | ) | (11,044 | ) | 5,6,7,8,10,25 | |||||||||||||||||||
| SkyMark Refuelers, LLC | Revolver | 0.50 | % | 3M SOFR | 12/16/2032 | 480,192 | (4,438 | ) | (5,522 | ) | 5,6,7,8,10 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
29
StepStone Private Credit Income Fund
Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash Interest Rate / PIK |
Reference Rate |
Spread | Maturity Date | Principal Amount |
Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Senior Secured Loans (continued) | ||||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| SkyMark Refuelers, LLC | First Lien Term Loan | 8.17 | % | 3M SOFR | 4.50 | % | 12/16/2032 | $ | 1,915,966 | $ | 1,897,894 | $ | 1,893,933 | 5,6,10,18 | ||||||||||||||||
| Skyrodema Bidco, LLC | Delayed Draw | — | % | 3M SOFR | 3/9/2033 | 509,091 | (3,650 | ) | (559 | ) | 5,6,7,8,10,25 | |||||||||||||||||||
| Skyrodema Bidco, LLC | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 3/9/2033 | 2,799,709 | 2,792,914 | 2,796,636 | 5,6,10,18 | |||||||||||||||||||
| Socket Holding Corporation | First Lien Term Loan | 8.89 | % | 1M SOFR | 5.25 | % | 3/31/2031 | 987,406 | 972,782 | 973,629 | 5,6,10,18 | |||||||||||||||||||
| Socket Holding Corporation | Revolver | 0.50 | % | 3M SOFR | 3/31/2031 | 202,545 | (2,056 | ) | (2,314 | ) | 5,6,7,8,10 | |||||||||||||||||||
| Socket Holding Corporation | Delayed Draw | 8.89 | % | 1M SOFR | 5.25 | % | 3/31/2031 | 784,861 | 776,298 | 780,890 | 5,6,10 | |||||||||||||||||||
| Socket Holding Corporation | First Lien Term Loan | 8.89 | % | 1M SOFR | 5.25 | % | 3/31/2031 | 974,241 | 974,241 | 965,371 | 5,6,10,18 | |||||||||||||||||||
| Solace Healthcare Holdco, Inc. | First Lien Term Loan | 8.39 | % | 1M SOFR | 4.75 | % | 2/2/2032 | 3,822,000 | 3,785,554 | 3,786,883 | 5,6,11,19 | |||||||||||||||||||
| Solairus Holdings, LLC | First Lien Term Loan | 9.73 | % | 3M SOFR | 6.00 | % | 11/13/2028 | 3,187,353 | 3,154,291 | 3,124,128 | 5,6,11,18 | |||||||||||||||||||
| Solairus Holdings, LLC | Revolver | 9.73 | % | 3M SOFR | 6.00 | % | 11/13/2028 | 528,169 | 139,347 | 133,889 | 5,6,8,11 | |||||||||||||||||||
| Solairus Holdings, LLC | Revolver | 0.50 | % | 3M SOFR | 7/22/2030 | 67,126 | 124 | 168 | 5,6,7,8,11 | |||||||||||||||||||||
| Solairus Holdings, LLC | Delayed Draw | 1.00 | % | 3M SOFR | 7/22/2030 | 268,502 | (499 | ) | (319 | ) | 5,6,7,8,11,25 | |||||||||||||||||||
| Sonny’s Enterprises, LLC | Delayed Draw | 9.31 | % | 3M SOFR | 5.50 | % | 8/5/2028 | 11,790 | 11,688 | 11,698 | 5,6,11 | |||||||||||||||||||
| Soteria Flexibles Corp. | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 8/15/2029 | 2,607,466 | 2,610,073 | 2,568,144 | 5,6,11,19 | |||||||||||||||||||
| SourceHOV Tax, LLC | First Lien Term Loan | 9.68 | % | 3M SOFR | 5.75 | % | 4/6/2028 | 4,848,516 | 4,714,069 | 4,774,630 | 5,6,11,19 | |||||||||||||||||||
| Southern Orthodontic Partners, LLC | Delayed Draw | 1.00 | % | 3M SOFR | 7/27/2029 | 320,378 | — | — | 5,6,7,8,11,25 | |||||||||||||||||||||
| Southern Orthodontic Partners, LLC | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 7/27/2029 | 2,055,336 | 2,055,336 | 2,055,336 | 5,6,11 | |||||||||||||||||||
| Southern Orthodontic Partners, LLC | Revolver | 8.41 | % | 3M SOFR | 4.75 | % | 7/27/2029 | 85,446 | 19,938 | 19,938 | 5,6,8,11 | |||||||||||||||||||
| Spring Dental Intermediate, LLC | Delayed Draw | 9.33 | % | 3M SOFR | 5.50 | % | 12/23/2026 | 4,172,722 | 4,170,068 | 4,166,973 | 5,6,11 | |||||||||||||||||||
| Springline Advisory Intermediate, LLC | Delayed Draw | 8.91 | % | 3M SOFR | 5.25 | % | 12/1/2031 | 3,190,420 | 3,168,467 | 3,165,022 | 5,6,11 | |||||||||||||||||||
| Springline Advisory Intermediate, LLC | Revolver | 0.50 | % | 3M SOFR | 12/1/2031 | 425,532 | (2,887 | ) | (3,386 | ) | 5,6,7,8,11 | |||||||||||||||||||
| Springline Advisory Intermediate, LLC | First Lien Term Loan | 8.91 | % | 3M SOFR | 5.25 | % | 12/1/2031 | 382,021 | 379,175 | 378,981 | 5,6,11,18 | |||||||||||||||||||
| Springline Advisory Intermediate, LLC | Delayed Draw | 8.95 | % | 3M SOFR | 5.25 | % | 1/14/2030 | 1,889,789 | 319,058 | 332,513 | 5,6,8,11 | |||||||||||||||||||
| Spruce Bidco I Inc. & Spruce Bidco II Inc. | First Lien Term Loan | 8.41 | % | 3M SOFR | 4.75 | % | 2/2/2032 | 7,852,692 | 7,757,658 | 7,721,957 | 5,6,10,18 | |||||||||||||||||||
| SRP Eagle Buyer, Inc. | Delayed Draw | — | % | 3M SOFR | 12/8/2031 | 1,290,323 | (11,698 | ) | (14,189 | ) | 5,6,7,8,13,25 | |||||||||||||||||||
| SRP Eagle Buyer, Inc. | Revolver | 0.50 | % | 3M SOFR | 12/8/2031 | 516,129 | (4,686 | ) | (5,675 | ) | 5,6,7,8,13 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
30
StepStone Private Credit Income Fund
Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash Interest Rate / PIK |
Reference Rate |
Spread | Maturity Date | Principal Amount |
Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Senior Secured Loans (continued) | ||||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| SRP Eagle Buyer, Inc. | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 12/8/2031 | $ | 2,182,581 | $ | 2,160,896 | $ | 2,158,580 | 5,6,13,18 | ||||||||||||||||
| Stonebridge Companies, LLC | First Lien Term Loan | 8.64 | % | 1M SOFR | 5.00 | % | 5/16/2031 | 3,551,085 | 3,520,767 | 3,514,530 | 5,6,11,18 | |||||||||||||||||||
| Stonebridge Companies, LLC | Revolver | 0.50 | % | 3M SOFR | 5/16/2030 | 681,508 | (5,302 | ) | (7,015 | ) | 5,6,7,8,11 | |||||||||||||||||||
| Stonebridge Companies, LLC | Delayed Draw | 1.00 | % | 3M SOFR | 5/16/2031 | 1,022,263 | (8,360 | ) | (10,523 | ) | 5,6,7,8,11,25 | |||||||||||||||||||
| Straine Dental Management, LLC | First Lien Term Loan | 11.14 | % | 1M SOFR | 7.42 | % | 11/25/2030 | 2,733,523 | 2,707,083 | 2,708,805 | 5,6,14 | |||||||||||||||||||
| Straine Dental Management, LLC | Delayed Draw | 10.96 | % | 1M SOFR | 7.24 | % | 11/25/2030 | 955,595 | 22,432 | 22,692 | 5,6,8,14 | |||||||||||||||||||
| Sunset Distributing, LLC | Delayed Draw | 9.48 | % | 3M SOFR | 5.75 | % | 5/30/2030 | 710,835 | 692,877 | 698,020 | 5,6,11 | |||||||||||||||||||
| Sunset Distributing, LLC | First Lien Term Loan | 9.48 | % | 3M SOFR | 5.75 | % | 5/30/2030 | 3,708,706 | 3,645,410 | 3,641,843 | 5,6,11,18 | |||||||||||||||||||
| SuperHero Fire Protection, LLC | Revolver | 9.61 | % | 3M SOFR | 5.75 | % | 12/31/2029 | 56,944 | 39,400 | 39,099 | 5,6,8,11 | |||||||||||||||||||
| SuperHero Fire Protection, LLC | First Lien Term Loan | 9.48 | % | 3M SOFR | 5.75 | % | 12/31/2029 | 575,128 | 568,720 | 567,432 | 5,6,11,18 | |||||||||||||||||||
| Superior Biologics Holding Company, LLC | First Lien Term Loan | 9.93 | % | 3M SOFR | 6.10 | % | 5/27/2033 | 2,565,000 | 2,515,950 | 2,516,232 | 5,6,10 | |||||||||||||||||||
| Surgical Center Solutions, LLC | First Lien Term Loan | 8.39 | % | 1M SOFR | 4.75 | % | 3/25/2031 | 2,041,324 | 2,016,405 | 2,014,389 | 5,6,11,18 | |||||||||||||||||||
| Surgical Center Solutions, LLC | Delayed Draw | 8.40 | % | 1M SOFR | 4.75 | % | 3/25/2031 | 621,890 | 206,899 | 207,313 | 5,6,8,11 | |||||||||||||||||||
| Surgical Center Solutions, LLC | Revolver | 8.39 | % | 1M SOFR | 4.75 | % | 3/25/2031 | 310,945 | 40,305 | 39,429 | 5,6,8,11 | |||||||||||||||||||
| SV Newco 2, Inc. | First Lien Term Loan | 8.73 | % | 3M SOFR | 5.00 | % | 6/2/2031 | 1,685,849 | 1,671,412 | 1,670,366 | 5,6,10,18 | |||||||||||||||||||
| SV Newco 2, Inc. | First Lien Term Loan | 8.73 | % | 3M SOFR | 5.00 | % | 6/2/2031 | 750,504 | 746,761 | 743,611 | 5,6,10,18 | |||||||||||||||||||
| SV Newco 2, Inc. | Delayed Draw | 9.09 | % | 3M SOFR | 4.81 | % | 6/2/2031 | 298,661 | 297,317 | 295,917 | 5,6,10,18 | |||||||||||||||||||
| SV Newco 2, Inc. | Delayed Draw | 8.73 | % | 3M SOFR | 5.00 | % | 6/2/2031 | 2,307,767 | 745,651 | 734,598 | 5,6,8,10 | |||||||||||||||||||
| SV Newco 2, Inc. | Revolver | 9.31 | % | 3M SOFR | 4.70 | % | 6/2/2031 | 597,228 | 129,981 | 129,580 | 5,6,8,10 | |||||||||||||||||||
| SV Newco 2, Inc. | Delayed Draw | 9.09 | % | 3M SOFR | 4.81 | % | 6/2/2031 | 566,137 | 560,605 | 560,924 | 5,6,10 | |||||||||||||||||||
| Syndigo LLC | Revolver | 8.67 | % | 3M SOFR | 5.00 | % | 9/2/2032 | 473,934 | 71,631 | 71,288 | 5,6,8,10 | |||||||||||||||||||
| Syndigo LLC | First Lien Term Loan | 8.67 | % | 3M SOFR | 5.00 | % | 9/2/2032 | 3,508,436 | 3,473,597 | 3,474,730 | 5,6,10,18 | |||||||||||||||||||
| Syner-G Intermediate Holdings LLC | First Lien Term Loan | 8.98 | % | 3M SOFR | 5.25 | % | 9/17/2030 | 9,207,429 | 9,178,339 | 8,662,449 | 5,6,11,19 | |||||||||||||||||||
| Talent Worldwide Inc. | First Lien Term Loan | 9.23 | % | 3M SOFR | 5.50 | % | 1/16/2031 | 1,644,067 | 1,621,171 | 1,618,708 | 5,6,11 | |||||||||||||||||||
| Talent Worldwide Inc. | Revolver | 9.23 | % | 3M SOFR | 5.50 | % | 1/16/2031 | 118,107 | 57,428 | 57,232 | 5,6,8,11 | |||||||||||||||||||
| Tank Holding Corp. | First Lien Term Loan | 9.49 | % | 1M SOFR | 5.75 | % | 3/31/2028 | 1,391,855 | 1,265,938 | 1,333,120 | 5,6,10 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
31
StepStone Private Credit Income Fund
Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash Interest Rate / PIK |
Reference Rate |
Spread | Maturity Date | Principal Amount |
Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Senior Secured Loans (continued) | ||||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| Tank Holding Corp. | First Lien Term Loan | 9.74 | % | 1M SOFR | 6.00 | % | 3/31/2028 | $ | 108,632 | $ | 98,776 | $ | 104,047 | 5,6,10 | ||||||||||||||||
| Tank Holding Corp. | Delayed Draw | 9.74 | % | 1M SOFR | 6.00 | % | 3/31/2028 | 47,094 | 42,821 | 45,106 | 5,6,10 | |||||||||||||||||||
| Tau Midco, LLC | Delayed Draw | 6.23 % / 2.50 % | 3M SOFR | 5.00 | % | 2/2/2032 | 621,175 | 616,330 | 580,192 | 5,10 | ||||||||||||||||||||
| Tau Midco, LLC | Revolver | 8.23 | % | 3M SOFR | 4.50 | % | 2/2/2032 | 352,942 | 133,915 | 113,332 | 5,6,8,10 | |||||||||||||||||||
| Tau Midco, LLC | First Lien Term Loan | 6.23 % / 2.50 % | 3M SOFR | 5.00 | % | 2/2/2032 | 2,723,085 | 2,702,163 | 2,544,560 | 5,10,18 | ||||||||||||||||||||
| Thames Technology Holdings, Inc. | First Lien Term Loan | 8.93 | % | 3M SOFR | 5.25 | % | 8/31/2029 | 1,733,579 | 1,715,927 | 1,721,608 | 5,6,11,18 | |||||||||||||||||||
| The Hardenbergh Group, Inc. | First Lien Term Loan | 9.73 | % | 3M SOFR | 6.00 | % | 8/7/2028 | 3,792,093 | 3,761,909 | 3,771,026 | 5,6,14,18 | |||||||||||||||||||
| The Hardenbergh Group, Inc. | First Lien Term Loan | 9.73 | % | 3M SOFR | 6.00 | % | 8/7/2028 | 158,707 | 157,126 | 157,351 | 5,6,14,18 | |||||||||||||||||||
| Theoria Management, LLC | Delayed Draw | 8.65 | % | 3M SOFR | 5.00 | % | 11/25/2030 | 1,179,698 | 136,437 | 97,175 | 5,6,8,11 | |||||||||||||||||||
| Tiger Buyer, LLC | First Lien Term Loan | 8.42 | % | 3M SOFR | 4.75 | % | 10/10/2031 | 3,990,000 | 3,951,706 | 3,951,768 | 5,6,11,19 | |||||||||||||||||||
| TL Atlas Merger Sub Corp. | Revolver | 0.50 | % | 3M SOFR | 6/30/2031 | 1,000,000 | (8,365 | ) | (10,100 | ) | 5,6,7,8,11 | |||||||||||||||||||
| TL Atlas Merger Sub Corp. | First Lien Term Loan | 8.73 | % | 3M SOFR | 5.00 | % | 6/30/2031 | 8,613,000 | 8,537,796 | 8,525,792 | 5,6,11,18 | |||||||||||||||||||
| TMSC OpCo, LLC | First Lien Term Loan | 10.15 | % | 1M SOFR | 6.50 | % | 4/30/2028 | 751,485 | 743,101 | 745,017 | 5,6,11,18 | |||||||||||||||||||
| ToxStrategies, LLC | Delayed Draw | 8.48 | % | 3M SOFR | 4.75 | % | 11/12/2031 | 489,469 | 321,268 | 321,387 | 5,6,8,10 | |||||||||||||||||||
| ToxStrategies, LLC | Revolver | 0.50 | % | 3M SOFR | 11/12/2031 | 229,183 | (1,026 | ) | (2,047 | ) | 5,6,7,8,10 | |||||||||||||||||||
| ToxStrategies, LLC | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 11/12/2031 | 1,996,950 | 1,987,039 | 1,979,109 | 5,6,10,18 | |||||||||||||||||||
| TPC US Parent, LLC | First Lien Term Loan | 9.58 | % | 3M SOFR | 5.75 | % | 3/1/2027 | 47,437 | 47,242 | 47,113 | 5,6,11,18 | |||||||||||||||||||
| TRAK Purchaser, Inc. | First Lien Term Loan | 9.41 | % | 3M SOFR | 5.75 | % | 6/20/2031 | 1,356,818 | 1,339,904 | 1,336,415 | 5,6,11,18 | |||||||||||||||||||
| TRAK Purchaser, Inc. | First Lien Term Loan | 9.41 | % | 3M SOFR | 5.75 | % | 6/20/2031 | 1,356,818 | 1,339,904 | 1,336,415 | 5,6,11 | |||||||||||||||||||
| TRAK Purchaser, Inc. | First Lien Term Loan | 6.00 | % | 3M SOFR | 6.00 | % | 6/20/2031 | 294,977 | 290,552 | 290,552 | 5,6 | |||||||||||||||||||
| Traliant Operating LLC | First Lien Term Loan | 9.10 | % | 3M SOFR | 5.25 | % | 12/16/2030 | 2,664,082 | 2,668,345 | 2,662,103 | 5,6,10,19 | |||||||||||||||||||
| Transgo, LLC | Revolver | 0.50 | % | 3M SOFR | 12/29/2028 | 197,932 | (874 | ) | (1,172 | ) | 5,6,7,8,14 | |||||||||||||||||||
| Transgo, LLC | First Lien Term Loan | 8.89 | % | 1M SOFR | 5.25 | % | 12/29/2028 | 1,938,570 | 1,929,128 | 1,927,065 | 5,6,14,18 | |||||||||||||||||||
| Transition Finance Strategies, LLC | First Lien Term Loan | 8.16 | % | 3M SOFR | 4.50 | % | 6/28/2029 | 2,688,718 | 2,672,415 | 2,652,920 | 5,6,11,19 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
32
StepStone Private Credit Income Fund
Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash Interest Rate / PIK |
Reference Rate |
Spread | Maturity Date | Principal Amount |
Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Senior Secured Loans (continued) | ||||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| Tricor, LLC | Delayed Draw | 8.99 | % | 1M SOFR | 5.25 | % | 8/8/2031 | $ | 156,867 | $ | 154,533 | $ | 153,871 | 5,6,11,18 | ||||||||||||||||
| Tricor, LLC | Delayed Draw | 8.99 | % | 1M SOFR | 5.25 | % | 8/8/2031 | 191,813 | 189,675 | 188,141 | 5,6,11 | |||||||||||||||||||
| Tricor, LLC | Revolver | 0.50 | % | 3M SOFR | 8/8/2031 | 242,183 | (1,943 | ) | (2,702 | ) | 5,6,7,8,11 | |||||||||||||||||||
| Tricor, LLC | First Lien Term Loan | 8.99 | % | 1M SOFR | 5.25 | % | 8/8/2031 | 1,498,510 | 1,486,054 | 1,481,807 | 5,6,11,18 | |||||||||||||||||||
| Tricor, LLC | Delayed Draw | 8.99 | % | 1M SOFR | 5.25 | % | 8/8/2031 | 1,892,058 | 308,972 | 304,345 | 5,6,8,11 | |||||||||||||||||||
| Trintech Inc. | Delayed Draw | 0.75 | % | 3M SOFR | 1/28/2033 | 516,129 | (4,872 | ) | (9,181 | ) | 5,6,7,8,10,25 | |||||||||||||||||||
| Trintech Inc. | First Lien Term Loan | 8.39 | % | 1M SOFR | 4.75 | % | 1/28/2033 | 3,096,774 | 3,067,120 | 3,041,686 | 5,6,10,18 | |||||||||||||||||||
| Trintech Inc. | Revolver | 0.50 | % | 3M SOFR | 1/28/2033 | 387,097 | (3,650 | ) | (6,886 | ) | 5,6,7,8,10 | |||||||||||||||||||
| Truck-Lite Co. LLC | Delayed Draw | 8.42 | % | 3M SOFR | 4.75 | % | 2/13/2032 | 1,277,276 | 492,300 | 490,890 | 5,6,8,10 | |||||||||||||||||||
| Truck-Lite Co. LLC | Delayed Draw | 1.00 | % | 3M SOFR | 2/13/2032 | 635,885 | (4,549 | ) | (6,581 | ) | 5,6,7,8,10,25 | |||||||||||||||||||
| Truck-Lite Co. LLC | First Lien Term Loan | 8.41 | % | 3M SOFR | 4.75 | % | 2/13/2032 | 99,846 | 98,858 | 98,810 | 5,6,10,18 | |||||||||||||||||||
| Truck-Lite Co. LLC | First Lien Term Loan | 8.41 | % | 3M SOFR | 4.75 | % | 2/13/2032 | 1,493,651 | 1,479,118 | 1,478,154 | 5,6,10 | |||||||||||||||||||
| Truck-Lite Co. LLC | Delayed Draw | 8.43 | % | 3M SOFR | 4.75 | % | 2/13/2032 | 32,181 | 31,868 | 31,847 | 5,6,10 | |||||||||||||||||||
| Truck-Lite Co. LLC | Revolver | 0.50 | % | 3M SOFR | 2/13/2031 | 154,407 | (1,473 | ) | (1,598 | ) | 5,6,7,8,10 | |||||||||||||||||||
| Truck-Lite Co. LLC | First Lien Term Loan | 8.41 | % | 3M SOFR | 4.75 | % | 2/13/2032 | 32,020 | 31,709 | 31,688 | 5,6,10 | |||||||||||||||||||
| True Talent Advisory Borrower LLC | First Lien Term Loan | 8.95 | % | 3M SOFR | 5.25 | % | 1/10/2033 | 1,440,340 | 1,416,637 | 1,418,005 | 5,6,11 | |||||||||||||||||||
| True Talent Advisory Borrower LLC . | Delayed Draw | 8.98 | % | 3M SOFR | 5.25 | % | 1/10/2033 | 1,007,734 | 81,927 | 81,795 | 5,6,8,11 | |||||||||||||||||||
| True Talent Advisory Borrower LLC | Revolver | 0.50 | % | 3M SOFR | 1/9/2032 | 521,360 | (9,616 | ) | (9,818 | ) | 5,6,7,8,11 | |||||||||||||||||||
| True Talent Advisory Borrower LLC | First Lien Term Loan | 8.95 | % | 3M SOFR | 5.25 | % | 1/10/2033 | 719,090 | 705,984 | 707,939 | 5,6,11,18 | |||||||||||||||||||
| TVG- MGT Merger, LLC | Delayed Draw | 8.89 | % | 3M SOFR | 5.25 | % | 4/10/2029 | 2,397,624 | 850,848 | 851,618 | 5,6,8,11 | |||||||||||||||||||
| TVG- MGT Merger, LLC | Revolver | 11.00 | % | 3M PRIME | 4.25 | % | 4/10/2029 | 332,356 | 268,375 | 267,646 | 5,6,8,11 | |||||||||||||||||||
| TVG- MGT Merger, LLC | First Lien Term Loan | 8.90 | % | 3M SOFR | 5.25 | % | 4/10/2029 | 2,532,935 | 2,507,897 | 2,508,804 | 5,6,11,18 | |||||||||||||||||||
| Tvg Shelby Buyer, Inc. | Delayed Draw | 9.20 | % | 3M SOFR | 5.50 | % | 3/27/2028 | 830,568 | 308,181 | 309,628 | 5,6,8,11 | |||||||||||||||||||
| Tvg Shelby Buyer, Inc. | First Lien Term Loan | 9.23 | % | 3M SOFR | 5.50 | % | 3/27/2028 | 816,667 | 810,396 | 810,167 | 5,6,11,18 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
33
StepStone Private Credit Income Fund
Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash Interest Rate / PIK |
Reference Rate |
Spread | Maturity Date | Principal Amount |
Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Senior Secured Loans (continued) | ||||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| Tvg Shelby Buyer, Inc. | Revolver | 0.50 | % | 3M SOFR | 3/27/2028 | $ | 83,333 | $ | (578 | ) | $ | (660 | ) | 5,6,7,8,11 | ||||||||||||||||
| TWH Bidco, LLC | Delayed Draw | 1.00 | % | 3M SOFR | 1/22/2032 | 840,336 | (3,897 | ) | (4,705 | ) | 5,6,7,8,11,25 | |||||||||||||||||||
| TWH Bidco, LLC | First Lien Term Loan | 8.41 | % | 3M SOFR | 4.75 | % | 1/22/2032 | 3,151,765 | 3,136,089 | 3,134,117 | 5,6,11,18 | |||||||||||||||||||
| U.S. Urology Partners, LLC | Delayed Draw | 1.00 | % | 3M SOFR | 4/8/2032 | 4,000,000 | (44,739 | ) | (54,369 | ) | 5,6,7,8,10,25 | |||||||||||||||||||
| U.S. Urology Partners, LLC | Delayed Draw | 1.00 | % | 3M SOFR | 4/8/2032 | 4,000,000 | (58,736 | ) | (60,481 | ) | 5,6,7,8,10,25 | |||||||||||||||||||
| Upland Software, Inc. | First Lien Term Loan | 9.73 | % | 3M SOFR | 6.00 | % | 7/25/2031 | 2,111,265 | 2,078,416 | 2,061,441 | 5,6,13 | |||||||||||||||||||
| Upland Software, Inc. | First Lien Term Loan | 9.73 | % | 3M SOFR | 6.00 | % | 7/25/2031 | 3,061,013 | 3,013,697 | 2,989,245 | 5,6,13,18 | |||||||||||||||||||
| Upland Software, Inc. | Revolver | 0.50 | % | 3M SOFR | 7/25/2031 | 680,000 | (10,085 | ) | (15,943 | ) | 5,6,7,8,13 | |||||||||||||||||||
| UpStack Holdco Inc. | First Lien Term Loan | 8.63 | % | 6M SOFR | 5.00 | % | 8/25/2031 | 1,671,429 | 1,671,429 | 1,669,306 | 5,6,10 | |||||||||||||||||||
| UpStack Holdco Inc. | Delayed Draw | 8.69 | % | 3M SOFR | 5.00 | % | 8/25/2031 | 642,857 | 235,286 | 234,469 | 5,6,8,10 | |||||||||||||||||||
| UpStack Holdco Inc. | Revolver | 8.64 | % | 1M SOFR | 5.00 | % | 8/25/2031 | 257,143 | 96,429 | 96,102 | 5,6,8,10 | |||||||||||||||||||
| USIC Holdings, Inc. | First Lien Term Loan | 9.17 | % | 3M SOFR | 5.50 | % | 9/10/2031 | 3,321,418 | 3,305,782 | 3,288,392 | 5,6,10,18 | |||||||||||||||||||
| USIC Holdings, Inc. | Revolver | 9.05 | % | 3M SOFR | 5.19 | % | 9/10/2031 | 429,163 | 402,175 | 400,416 | 5,6,8,10 | |||||||||||||||||||
| USIC Holdings, Inc. | Delayed Draw | 9.17 | % | 3M SOFR | 5.50 | % | 9/10/2031 | 197,303 | 158,828 | 157,866 | 5,6,8,10 | |||||||||||||||||||
| USN Opco, LLC | First Lien Term Loan | 8.98 | % | 3M SOFR | 5.25 | % | 5/31/2030 | 4,000,000 | 3,961,419 | 3,960,377 | 5,6,10,19 | |||||||||||||||||||
| UVC Management LLC. | Delayed Draw | 8.72 | % | 3M SOFR | 5.00 | % | 11/18/2028 | 3,717,000 | 3,697,334 | 3,699,886 | 5,6,11 | |||||||||||||||||||
| Vacation Rental Brands, LLC | First Lien Term Loan | 8.95 | % | 3M SOFR | 5.25 | % | 5/6/2032 | 4,552,678 | 4,507,632 | 4,524,005 | 5,6,11,18 | |||||||||||||||||||
| Vacation Rental Brands, LLC | First Lien Term Loan | 8.95 | % | 3M SOFR | 5.25 | % | 5/6/2032 | 1,379,952 | 1,366,753 | 1,371,261 | 5,6,11 | |||||||||||||||||||
| Vacation Rental Brands, LLC | Revolver | 0.50 | % | 3M SOFR | 5/6/2032 | 555,419 | (4,631 | ) | (3,488 | ) | 5,6,7,8,11 | |||||||||||||||||||
| Valkyrie Buyer, LLC | Delayed Draw | 8.98 | % | 3M SOFR | 5.25 | % | 5/6/2031 | 1,710,058 | (15,441 | ) | (22,617 | ) | 5,6,7,8,10 | |||||||||||||||||
| Valkyrie Buyer, LLC | Revolver | 10.24 | % | 3M PRIME | 4.62 | % | 5/6/2030 | 524,800 | 112,468 | 109,885 | 5,6,8,10 | |||||||||||||||||||
| Valkyrie Buyer, LLC | First Lien Term Loan | 8.98 | % | 3M SOFR | 5.25 | % | 5/6/2031 | 1,683,843 | 1,657,687 | 1,656,813 | 5,6,11,18 | |||||||||||||||||||
| Valkyrie Buyer, LLC | Delayed Draw | 8.98 | % | 3M SOFR | 5.25 | % | 5/6/2031 | 71,119 | 70,011 | 69,974 | 5,6,11 | |||||||||||||||||||
| Valkyrie Buyer, LLC | Delayed Draw | 8.96 | % | 3M SOFR | 5.25 | % | 5/6/2031 | 137,789 | 92,349 | 92,354 | 5,6,8,10 | |||||||||||||||||||
| Valkyrie Buyer, LLC | Delayed Draw | 8.93 | % | 3M SOFR | 5.25 | % | 5/6/2031 | 71,468 | 70,352 | 70,318 | 5,6,11 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
34
StepStone Private Credit Income Fund
Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash Interest Rate / PIK |
Reference Rate |
Spread | Maturity Date | Principal Amount |
Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Senior Secured Loans (continued) | ||||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| Vascular Technology, Inc | First Lien Term Loan | 8.66 | % | 3M SOFR | 5.00 | % | 4/15/2031 | $ | 4,337,278 | $ | 4,306,789 | $ | 4,274,450 | 5,6,11,19 | ||||||||||||||||
| Vascular Technology, Inc | First Lien Term Loan | 8.66 | % | 3M SOFR | 5.00 | % | 11/15/2031 | 3,970,000 | 3,931,133 | 3,927,046 | 5,6,11,19 | |||||||||||||||||||
| Vatica Health, Inc. | Revolver | 0.25 | % | 3M SOFR | 10/29/2032 | 363,636 | (1,648 | ) | (2,139 | ) | 5,6,7,8,10 | |||||||||||||||||||
| Vatica Health, Inc. | First Lien Term Loan | 7.87 | % | 3M SOFR | 4.25 | % | 10/29/2032 | 3,627,273 | 3,609,214 | 3,605,886 | 5,6,10,18 | |||||||||||||||||||
| Vehlo Purchaser, LLC | Delayed Draw | 8.89 | % | 1M SOFR | 5.25 | % | 5/24/2028 | 4,257,457 | 4,243,780 | 4,218,638 | 5,6,10 | |||||||||||||||||||
| Vensure Employer Services, Inc. | First Lien Term Loan | 8.70 | % | 3M SOFR | 5.00 | % | 9/27/2032 | 3,790,265 | 3,772,235 | 3,752,351 | 5,6,9,18 | |||||||||||||||||||
| Vensure Employer Services, Inc. | First Lien Term Loan | 8.70 | % | 3M SOFR | 5.00 | % | 9/27/2032 | 406,559 | 405,002 | 402,483 | 5,6,9 | |||||||||||||||||||
| Vertex Service Partners, LLC | Delayed Draw | 5.63 % / 4.10 | % | 3M SOFR | 6.00 | % | 11/8/2030 | 1,474,993 | 285,633 | 286,870 | 5,8,11 | |||||||||||||||||||
| Vertex Service Partners, LLC | First Lien Term Loan | 5.63 % / 4.10 | % | 3M SOFR | 6.00 | % | 11/8/2030 | 1,719,570 | 1,722,263 | 1,674,943 | 5,10,19 | |||||||||||||||||||
| VISUSWR LLC | First Lien Term Loan | 9.83 | % | 6M SOFR | 6.25 | % | 11/8/2029 | 1,659,548 | 1,662,204 | 1,631,421 | 5,6,11,19 | |||||||||||||||||||
| Vital Purchaser, LLC | First Lien Term Loan | 9.23 | % | 3M SOFR | 5.50 | % | 8/7/2030 | 1,803,870 | 1,776,885 | 1,763,666 | 5,6,11,18 | |||||||||||||||||||
| Vital Purchaser, LLC | Revolver | 0.50 | % | 3M SOFR | 8/7/2030 | 164,000 | (1,694 | ) | (3,655 | ) | 5,6,7,8,11 | |||||||||||||||||||
| Vortex Companies, LLC | First Lien Term Loan | 8.64 | % | 1M SOFR | 5.00 | % | 5/7/2032 | 3,110,025 | 3,087,000 | 3,097,857 | 5,6,11,18 | |||||||||||||||||||
| Vortex Companies, LLC | Delayed Draw | 8.62 | % | 1M SOFR | 5.00 | % | 5/7/2032 | 1,879,469 | 1,866,492 | 1,879,349 | 5,6,11 | |||||||||||||||||||
| Vortex Companies, LLC | First Lien Term Loan | 8.61 | % | 1M SOFR | 5.00 | % | 9/4/2029 | 749,182 | 743,873 | 744,524 | 5,6,11 | |||||||||||||||||||
| Vortex Companies, LLC | First Lien Term Loan | 8.61 | % | 1M SOFR | 5.00 | % | 9/4/2029 | 587,267 | 584,379 | 584,330 | 5,6,11,18 | |||||||||||||||||||
| Vortex Companies, LLC | Delayed Draw | 1.00 | % | 3M SOFR | 9/4/2029 | 917,604 | (4,500 | ) | (4,588 | ) | 5,6,7,8,11,25 | |||||||||||||||||||
| Vortex Companies, LLC | Revolver | 9.55 | % | 3M PRIME | 4.00 | % | 9/4/2029 | 275,281 | 44,764 | 44,737 | 5,6,8 | |||||||||||||||||||
| VRC Companies, LLC | First Lien Term Loan | 9.16 | % | 3M SOFR | 5.50 | % | 6/29/2027 | 4,974,495 | 4,969,784 | 4,950,097 | 5,6,11,18 | |||||||||||||||||||
| VRC Companies, LLC | Revolver | 0.50 | % | 3M SOFR | 6/29/2027 | 37,613 | (163 | ) | (184 | ) | 5,6,7,8,11 | |||||||||||||||||||
| VRC Companies, LLC | First Lien Term Loan | 9.45 | % | 3M SOFR | 5.75 | % | 6/29/2029 | 613,971 | 611,026 | 610,961 | 5,6,11,18 | |||||||||||||||||||
| VRC Companies, LLC | Delayed Draw | 9.45 | % | 3M SOFR | 5.75 | % | 6/29/2027 | 593,141 | 590,535 | 590,310 | 5,6,11 | |||||||||||||||||||
| VTC Buyer Corp. | Revolver | 8.91 | % | 3M SOFR | 5.25 | % | 7/15/2031 | 802,907 | 267,888 | 267,229 | 5,6,8,11 | |||||||||||||||||||
| VTC Buyer Corp. | Delayed Draw | 8.90 | % | 3M SOFR | 5.25 | % | 7/15/2031 | 1,289,205 | 1,280,473 | 1,279,839 | 5,6,11 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
35
StepStone Private Credit Income Fund
Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash Interest Rate / PIK |
Reference Rate |
Spread | Maturity Date | Principal Amount |
Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Senior Secured Loans (continued) | ||||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| VTC Buyer Corp. | Delayed Draw | 8.91 | % | 3M SOFR | 5.25 | % | 7/15/2031 | $ | 917,157 | $ | 336,770 | $ | 336,456 | 5,6,8,11 | ||||||||||||||||
| VTC Buyer Corp. | First Lien Term Loan | 8.92 | % | 3M SOFR | 5.25 | % | 7/15/2031 | 2,518,084 | 2,499,404 | 2,500,023 | 5,6,11,18 | |||||||||||||||||||
| Vybond Buyer LLC | Revolver | 0.50 | % | 6M SOFR | 2/3/2032 | 967,673 | (11,652 | ) | (15,165 | ) | 5,6,7,8,10 | |||||||||||||||||||
| Vybond Buyer LLC | Delayed Draw | 1.00 | % | 6M SOFR | 2/3/2032 | 1,290,231 | (7,789 | ) | (10,471 | ) | 5,6,7,8,10,25 | |||||||||||||||||||
| Vybond Buyer LLC | First Lien Term Loan | 8.48 | % | 3M SOFR | 4.75 | % | 2/3/2032 | 5,053,963 | 4,989,694 | 4,974,716 | 5,6,10,18 | |||||||||||||||||||
| W.A. Kendall and Company, LLC | Delayed Draw | 9.74 | % | 3M SOFR | 5.75 | % | 4/22/2030 | 6,472,749 | 6,441,170 | 6,410,155 | 5,6,11,19 | |||||||||||||||||||
| W.A. Kendall and Company, LLC | Revolver | 9.87 | % | 3M SOFR | 5.88 | % | 4/22/2030 | 253,033 | 182,280 | 181,566 | 5,6,8,11 | |||||||||||||||||||
| W.A. Kendall and Company, LLC | Delayed Draw | 9.74 | % | 3M SOFR | 5.75 | % | 4/22/2030 | 74,294 | 73,677 | 73,615 | 5,6,11 | |||||||||||||||||||
| W.A. Kendall and Company, LLC | Delayed Draw | 9.74 | % | 3M SOFR | 5.75 | % | 4/22/2030 | 1,840,151 | 338,260 | 336,229 | 5,6,8,11 | |||||||||||||||||||
| W.A. Kendall and Company, LLC | First Lien Term Loan | 9.74 | % | 3M SOFR | 5.75 | % | 4/22/2030 | 1,216,828 | 1,206,185 | 1,205,718 | 5,6,11,18 | |||||||||||||||||||
| Wasteology Group Transportation, LLC | First Lien Term Loan | 8.41 | % | 3M SOFR | 4.75 | % | 11/3/2032 | 1,078,431 | 1,067,706 | 1,067,631 | 5,6,10 | |||||||||||||||||||
| Wasteology Group Transportation, LLC | Delayed Draw | 1.00 | % | 3M SOFR | 11/3/2032 | 1,257,132 | (11,428 | ) | (12,558 | ) | 5,6,7,8,10,25 | |||||||||||||||||||
| Wasteology Group Transportation, LLC | Revolver | 0.38 | % | 3M SOFR | 11/3/2032 | 389,007 | (3,529 | ) | (3,886 | ) | 5,6,7,8,10 | |||||||||||||||||||
| WCHG Buyer | First Lien Term Loan | 8.42 | % | 3M SOFR | 5.00 | % | 4/10/2031 | 6,715,124 | 6,686,076 | 6,662,444 | 5,6,11,18 | |||||||||||||||||||
| Wealth Enhancement Group, LLC | Revolver | 0.50 | % | 3M SOFR | 10/2/2028 | 128,213 | (864 | ) | (885 | ) | 5,6,7,8,11 | |||||||||||||||||||
| Wealth Enhancement Group, LLC | Delayed Draw | 7.94 | % | 3M SOFR | 4.25 | % | 10/2/2028 | 135,640 | 134,102 | 134,068 | 5,6,11 | |||||||||||||||||||
| Wealth Enhancement Group, LLC | Delayed Draw | 7.94 | % | 3M SOFR | 4.25 | % | 10/2/2028 | 1,978,690 | 1,956,310 | 1,955,823 | 5,6,11 | |||||||||||||||||||
| Wealth Enhancement Group, LLC | Delayed Draw | 7.94 | % | 3M SOFR | 4.25 | % | 10/4/2028 | 202,221 | 199,928 | 199,878 | 5,6,11 | |||||||||||||||||||
| Western Smokehouse Partners, LLC | First Lien Term Loan | 9.12 | % | 1M SOFR | 5.50 | % | 3/31/2029 | 7,210,529 | 7,143,060 | 7,149,099 | 5,6,11,18 | |||||||||||||||||||
| Western Smokehouse Partners, LLC | Revolver | 0.50 | % | 3M SOFR | 3/31/2029 | 309,122 | (3,203 | ) | (2,655 | ) | 5,6,7,8,11 | |||||||||||||||||||
| Western Smokehouse Partners, LLC | Delayed Draw | 9.12 | % | 1M SOFR | 5.50 | % | 3/31/2029 | 955,716 | 944,166 | 954,326 | 5,6,11 | |||||||||||||||||||
| Wges Buyer Inc. | Delayed Draw | 9.33 | % | 3M SOFR | 5.50 | % | 11/5/2027 | 5,940,613 | 3,124,613 | 3,062,966 | 5,6,8,11 | |||||||||||||||||||
| Wges Buyer Inc. | Delayed Draw | 9.30 | % | 3M SOFR | 5.50 | % | 11/5/2027 | 708,557 | 707,710 | 699,881 | 5,6,11,19 | |||||||||||||||||||
| Wharf Street Ratings Acquisition LLC | Delayed Draw | 1.00 | % | 3M SOFR | 9/16/2032 | 549,486 | (2,526 | ) | (2,758 | ) | 5,6,7,8,10,25 | |||||||||||||||||||
| Wharf Street Ratings Acquisition LLC | Revolver | 0.50 | % | 3M SOFR | 9/16/2032 | 566,493 | (2,600 | ) | (2,843 | ) | 5,6,7,8,10 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
36
StepStone Private Credit Income Fund
Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash Interest Rate / PIK |
Reference Rate |
Spread | Maturity Date | Principal Amount |
Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Senior Secured Loans (continued) | ||||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| Wharf Street Ratings Acquisition LLC | First Lien Term Loan | 8.14 | % | 1M SOFR | 4.50 | % | 9/16/2032 | $ | 3,246,786 | $ | 3,231,894 | $ | 3,230,499 | 5,6,10,18 | ||||||||||||||||
| Wharf Street Ratings Acquisition LLC | First Lien Term Loan | 8.14 | % | 1M SOFR | 4.50 | % | 9/16/2032 | 1,673,857 | 1,665,629 | 1,665,439 | 5,6,10 | |||||||||||||||||||
| World Insurance Associates, LLC | First Lien Term Loan | 8.73 | % | 3M SOFR | 5.00 | % | 4/3/2030 | 9,875,000 | 9,875,000 | 9,871,039 | 5,6,11,18 | |||||||||||||||||||
| Worldwide Insurance Network, LLC | Delayed Draw | 9.44 | % | 3M SOFR | 5.81 | % | 5/28/2030 | 655,472 | 653,188 | 653,026 | 5,6,10 | |||||||||||||||||||
| Worldwide Insurance Network, LLC | First Lien Term Loan | 9.44 | % | 3M SOFR | 5.70 | % | 5/28/2030 | 818,523 | 812,594 | 814,627 | 5,6,10,18 | |||||||||||||||||||
| Worldwide Insurance Network, LLC | Delayed Draw | 9.35 | % | 1M SOFR | 5.68 | % | 5/28/2030 | 1,187,445 | 184,308 | 181,008 | 5,6,8,10 | |||||||||||||||||||
| WSRP Advisory, LLC | Delayed Draw | 8.98 | % | 3M SOFR | 5.25 | % | 2/28/2031 | 3,985,800 | 3,958,717 | 3,954,974 | 5,6,11 | |||||||||||||||||||
| Ya Ya Foods Corp. | First Lien Term Loan | 8.58 | % | 3M SOFR | 4.75 | % | 8/26/2027 | 295,038 | 294,714 | 295,038 | 5,6,11,19 | |||||||||||||||||||
| Zone Climate Services Inc | First Lien Term Loan | 9.32 | % | 3M SOFR | 5.50 | % | 3/9/2028 | 4,855,007 | 4,862,787 | 4,848,574 | 5,6,11,19 | |||||||||||||||||||
| Total Direct Lending - Senior Secured Loans - North America | $ | 1,126,239,703 | $ | 1,121,199,726 | ||||||||||||||||||||||||||
| Rest of World - 0.3% of NAV | 1,2,3,4,5,6 | |||||||||||||||||||||||||||||
| Kami Buyer, LLC | Delayed Draw | 1.00 | % | 3M SOFR | 8/17/2029 | $ | 1,818,182 | $ | (7,827 | ) | $ | (28,738 | ) | 5,6,7,8,11,25 | ||||||||||||||||
| Kami Buyer, LLC | First Lien Term Loan | 8.73 | % | 3M SOFR | 5.00 | % | 8/17/2029 | 3,081,154 | 3,075,003 | 3,032,206 | 5,6,11,19 | |||||||||||||||||||
| Total Direct Lending - Senior Secured Loans - Rest of World | $ | 3,067,176 | $ | 3,003,468 | ||||||||||||||||||||||||||
| Total Direct Lending - Senior Secured Loans | $ | 1,150,340,809 | $ | 1,145,231,539 | ||||||||||||||||||||||||||
| Investments | Investment Type | Cash Interest Rate / PIK | Reference Rate | Spread | Maturity Date | Principal Amount | Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Collateralized Loan Obligations and Warehouses - 22.4% of NAV | 1,2,3,6 | |||||||||||||||||||||||||||||
| North America - 22.4% of NAV | ||||||||||||||||||||||||||||||
| Audax Senior Debt CLO 12, LLC | Subordinated Notes | 4/22/2037 | $ | 2,250,000 | $ | 2,070,085 | $ | 2,021,978 | ||||||||||||||||||||||
| Barings Middle Market CLO Ltd. 2025-I | Subordinated Notes | 4/15/2037 | 35,843,500 | 35,403,990 | 36,588,920 | |||||||||||||||||||||||||
| Birch Grove CLO 10 Ltd. | Subordinated Notes | 1/22/2038 | 1,500,000 | 1,508,041 | 1,131,904 | |||||||||||||||||||||||||
| Birch Grove CLO 12 Ltd. | Subordinated Notes | 4/22/2038 | 1,500,000 | 1,530,456 | 1,308,174 | |||||||||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
37
StepStone Private Credit Income Fund
Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash Interest Rate / PIK |
Reference Rate |
Spread | Maturity Date | Principal Amount |
Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Collateralized Loan Obligations and Warehouses (continued) | 1,2,3,6 | |||||||||||||||||||||||||||||
| North America (continued) | ||||||||||||||||||||||||||||||
| Birch Grove CLO Ltd. | Subordinated Notes | 7/17/2037 | $ | 1,391,250 | $ | 952,750 | $ | 735,189 | ||||||||||||||||||||||
| Carlyle US CLO 2025-2, Ltd | Subordinated Notes | 7/25/2038 | 13,657,437 | 12,150,306 | 10,608,347 | |||||||||||||||||||||||||
| Churchill Middle Market CLO V Ltd | Subordinated Notes | 4/25/2037 | 43,052,619 | 43,003,262 | 41,280,253 | |||||||||||||||||||||||||
| CIFC Funding 2024-V, Ltd | Subordinated Notes | 1/22/2038 | 2,286,600 | 1,978,066 | 1,719,349 | |||||||||||||||||||||||||
| CIFC Funding 2025-IX | Subordinated Notes | 1/21/2039 | 5,698,824 | 5,275,685 | 5,140,445 | |||||||||||||||||||||||||
| CIFC Stone Warehouse IV Ltd. | Warehouse | 1,781,250 | 1,781,250 | 1,781,250 | 8 | |||||||||||||||||||||||||
| Great Lakes CLO VIII Ltd | Subordinated Notes | 7/15/2037 | 95,650,000 | 94,045,825 | 94,364,736 | |||||||||||||||||||||||||
| Guggenheim MM CLO 2023-6, LLC | Class E Note | 11.64 | % | 3M SOFR | 8.00 | % | 7/25/2038 | 11,777,778 | 11,777,778 | 11,777,778 | 5 | |||||||||||||||||||
| Jefferies Credit Partners Direct Lending CLO 2025-1 Ltd. | Subordinated Notes | 10/15/2038 | 16,314,865 | 15,586,160 | 16,246,764 | |||||||||||||||||||||||||
| Nxt Capital Clo 2024-1 Llc | Subordinated Notes | 1/15/2037 | 38,418,000 | 36,817,530 | 36,514,107 | |||||||||||||||||||||||||
| NXT Capital CLO 2026-2, Ltd. | Warehouse | 1,889,242 | 1,889,242 | 1,889,242 | 8 | |||||||||||||||||||||||||
| NXTC 2024-1A Class E Loan | Class E Note | 11.48 | % | 3M SOFR | 7.81 | % | 1/15/2037 | 17,100,000 | 16,955,680 | 16,716,832 | 5 | |||||||||||||||||||
| Total Direct Lending - Collateralized Loan Obligations and Warehouses - North America | $ | 282,726,106 | $ | 279,825,268 | ||||||||||||||||||||||||||
| Total Direct Lending - Collateralized Loan Obligations and Warehouses | $ | 282,726,106 | $ | 279,825,268 | ||||||||||||||||||||||||||
| Investments | Acquisition Date | Cost24 | Fair Value | Footnotes | ||||||||||
| Direct Lending - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||
| Investment Funds - 2.0% of NAV | 1,21 | |||||||||||||
| North America - 2.0% of NAV | ||||||||||||||
| 26N DL Sidecar Fund I LP | 10/23/2025 | $ | 4,562,789 | $ | 4,427,721 | 6,8 | ||||||||
| Diameter Credit Company | 9/17/2025 | 6,375,000 | 6,313,899 | 6,8 | ||||||||||
| GC BSL CLO Fund, L.P. | 10/20/2025 | 9,217,742 | 9,396,633 | 8,22 | ||||||||||
| Trinitas Capital Management, LLC | 1/31/2025 | 6,000,000 | 5,410,840 | 6,8 | ||||||||||
| Total Direct Lending - Investment Funds - North America | $ | 26,155,531 | $ | 25,549,093 | ||||||||||
| Total Direct Lending - Investment Funds | $ | 26,155,531 | $ | 25,549,093 | ||||||||||
| Total Direct Lending | $ | 1,459,222,446 | $ | 1,450,605,900 | ||||||||||
The accompanying notes are an integral part of these consolidated financial statements
38
StepStone Private Credit Income Fund
Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Acquisition Date | Cost24 | Fair Value | Footnotes | ||||||||||
| Specialty Credit - Non-Controlled/Non-Affiliated Investments - 6.1% of NAV | ||||||||||||||
| Investment Funds - 4.6% of NAV | 1,21 | |||||||||||||
| Europe - 1.1% of NAV | ||||||||||||||
| BOAC ABS EU CV LLC | 5/26/2026 | $ | 1,942,674 | $ | 2,413,435 | 8,22,27 | ||||||||
| Kartesia Credit Opportunities III S.C.A., SICAV-SIF - Class C | 12/31/2025 | 450,230 | 791,970 | 8,22,27 | ||||||||||
| Kartesia Credit Opportunities IV SCS - Class B | 12/31/2025 | 1,338,614 | 1,751,129 | 6,8,27 | ||||||||||
| Kartesia Credit Opportunities IV SCS - Class C | 12/31/2025 | 6,141,430 | 7,601,351 | 8,22,27 | ||||||||||
| Kartesia Credit Opportunities IV SCS - Class D | 12/31/2025 | 370,362 | 471,808 | 6,8,27 | ||||||||||
| Total Specialty Credit - Investment Funds - Europe | $ | 10,243,310 | $ | 13,029,693 | ||||||||||
| Investments | Acquisition
| Cost24 | Fair Value | Footnotes | ||||||||||
| Specialty Credit - Non-Controlled/Non-Affiliated Investments - 6.1% of NAV | ||||||||||||||
| Investment Funds - 4.6% of NAV | 1,21 | |||||||||||||
| North America - 3.5% of NAV | ||||||||||||||
| Birch Holdings (Offshore) LP | 2/6/2026 | $ | 1,657,955 | $ | 2,121,833 | 8,22 | ||||||||
| Blue Owl Opportunistic Lending Fund (Offshore) LP | 10/1/2025 | 6,436,361 | 7,372,500 | 6,8 | ||||||||||
| Carlyle Santiago Aggregator, L.P. | 9/5/2024 | 2,734,270 | 3,182,340 | 6 | ||||||||||
| Castlelake Consumer Receivables Opportunity III, L.P. | 6/26/2024 | 1,628,639 | 3,215,812 | 8,22 | ||||||||||
| Castlelake Consumer Receivables Opportunity IV, L.P. | 11/22/2024 | 2,283,547 | 2,782,946 | 8,22 | ||||||||||
| Castlelake Consumer Receivables Opportunity V, L.P. | 10/13/2025 | 4,025,143 | 4,206,588 | 22 | ||||||||||
| Crayhill Stepstone ABF Opportunities Fund LP | 6/29/2026 | 9,854,689 | 9,687,362 | 8,22 | ||||||||||
| MAF Investments V Designated Activity Company | 6/29/2026 | — | — | 7,8,26 | ||||||||||
| Pimlico Partners, L.P. | 12/16/2025 | 4,000,000 | 4,094,492 | 22 | ||||||||||
| West Street Strategic Solutions Offshore Fund I, L.P. | 10/1/2025 | 6,557,978 | 7,489,729 | 8,22 | ||||||||||
| Total Specialty Credit - Investment Funds - North America | $ | 39,178,582 | $ | 44,153,602 | ||||||||||
| Total Specialty Credit - Investment Funds | $ | 49,421,892 | $ | 57,183,295 | ||||||||||
The accompanying notes are an integral part of these consolidated financial statements
39
StepStone Private Credit Income Fund
Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)
| Investments | Investment Type | Cash Interest Rate / PIK |
Reference Rate |
Spread | Maturity Date | Principal Amount |
Cost24 | Fair Value | Footnotes | |||||||||||||||||||||
| Specialty Credit - Non-Controlled/Non-Affiliated Investments (continued) | ||||||||||||||||||||||||||||||
| Private Lending - 1.5% | 1,2,3,4,6 | |||||||||||||||||||||||||||||
| North America - 1.5% of NAV | ||||||||||||||||||||||||||||||
| AR3 LLC | First Lien Term Loan | 9.88 | % | 1M SOFR | 6.25 | % | 12/31/2032 | $ | 4,000,000 | $ | 4,035,265 | $ | 4,003,323 | 5,16 | ||||||||||||||||
| CLGF Holdco 2, LLC | First Lien Term Loan | 12.50 | % | Fixed | 12.50 | % | 4/23/2030 | 8,330,000 | 8,223,042 | 8,295,290 | 23 | |||||||||||||||||||
| FTAI Infrastructure Inc. | First Lien Term Loan | 9.75 | % | Fixed | 9.75 | % | 2/1/2028 | 2,000,000 | 1,949,654 | 1,940,577 | 23 | |||||||||||||||||||
| Pipe Warehouse Trust II | Delayed Draw | 9.87 | % | 3M SOFR | 6.25 | % | 12/31/2032 | 4,000,000 | 1,271,179 | 1,264,084 | 5,8,15 | |||||||||||||||||||
| Portfolio Brands LLC | First Lien Term Loan | 10.66 | % | 1M SOFR | 7.00 | % | 1/28/2031 | 1,314,329 | 1,275,067 | 1,273,981 | 5,15 | |||||||||||||||||||
| SPC Jamboree Lender LLC | Revolver | 13.50 | % | 1M SOFR | 9.00 | % | 9/30/2030 | 4,000,000 | 2,510,558 | 2,415,589 | 5,8,17 | |||||||||||||||||||
| Total Specialty Credit - Private Lending - North America | $ | 19,264,765 | $ | 19,192,844 | ||||||||||||||||||||||||||
| Total Specialty Credit - Private Lending | $ | 19,264,765 | $ | 19,192,844 | ||||||||||||||||||||||||||
| Total Specialty Credit | $ | 68,686,657 | $ | 76,376,139 | ||||||||||||||||||||||||||
| Total Investments - 122.2% of NAV | $ | 1,527,909,103 | $ | 1,526,982,039 | ||||||||||||||||||||||||||
| Liabilities in excess of other assets - (22.2)% of NAV | $ | (277,443,305 | ) | |||||||||||||||||||||||||||
| Net Assets - 100.0% | $ | 1,249,538,734 | ||||||||||||||||||||||||||||
| 1 | Geographic region generally reflects the location of the investment manager for Investment Funds and Collateralized Loan Obligations or Warehouses and the company headquarters for other debt investments. |
| 2 | Fair value was determined using significant unobservable inputs. |
| 3 | 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. |
| 4 | Senior secured debt investment. |
| 5 | Investments bear interest at rates that may be determined by reference to Secured Overnight Financing Rate (“SOFR”) or an alternative base rate (commonly based on the Federal Fund Rate or the U.S. Prime Rate (“PRIME”)), which generally reset periodically. For each such investment, the Fund has provided the reference rate used and the spread and the current contractual interest rate in effect at June 30, 2026. The interest rate disclosed is based on the reference rate as of the last reset date which may differ from the reference rate as of June 30, 2026. As of June 30, 2026, effective rates for 1 Month SOFR, 3 Month SOFR, 6 Month SOFR and PRIME are 3.650%, 3.680%, 3.860% and 6.750%, respectively. For portfolio companies with multiple interest rate contracts, each new draw or funding on the facility/loan has a different floating rate reset date. The rate presented represents a weighted-average rate for borrowings under the facility/loan in effect as of June 30, 2026. Certain investments are subject to a SOFR floor which has been provided. |
| 6 | Income producing investment that pays all interest in cash. |
| 7 | Unfunded commitment. Interest reflects the unfunded commitment fee rate. |
The accompanying notes are an integral part of these consolidated financial statements
40
StepStone Private Credit Income Fund
Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)
| 8 | Investment has an unfunded commitment balance. For private credit investments, unamortized capitalized fees (see Note 2) reduce cost basis and may result in a negative cost. A negative fair value may result from the unfunded commitment being valued below par. The private credit investment may be subject to an unfunded commitment fee. |
| 9 | Interest rate on funded balance is subject to a floor of 0.50%. |
| 10 | Interest rate on funded balance is subject to a floor of 0.75%. |
| 11 | Interest rate on funded balance is subject to a floor of 1.00%. |
| 12 | Interest rate on funded balance is subject to a floor of 1.25%. |
| 13 | Interest rate on funded balance is subject to a floor of 1.50%. |
| 14 | Interest rate on funded balance is subject to a floor of 2.00%. |
| 15 | Interest rate on funded balance is subject to a floor of 3.00%. |
| 16 | Interest rate on funded balance is subject to a floor of 3.50%. |
| 17 | Interest rate on funded balance is subject to a floor of 4.50%. |
| 18 | Security is held by CRDEX LLC and designated as collateral for borrowings on the JPMorgan Chase Bank, N.A. credit facility. |
| 19 | Security is held by SSG Holdings SPV, as defined in Note 2, and designated as collateral for borrowings on the Bank of Montreal credit facility. |
| 20 | Investment does not pay cash interest. Principal includes accumulated payment in kind (“PIK”) interest, which is collected upon repayment. |
| 21 | Investment Funds typically do not permit redemptions or withdrawals, except at the discretion of their general partner, manager, or advisor. Final distribution dates are generally unknown unless specified. These funds are fair valued using net asset value as the practical expedient, unless otherwise noted, and are usually acquired through private placements with contractual resale restrictions that do not lapse. Each investment may have been purchased on different dates and for varying amounts. As of June 30, 2026, the total fair value of restricted investments was $82.7 million, representing 6.6% of net assets. The acquisition date of the first purchase is listed in the Consolidated Schedule of Investments. |
| 22 | Investment is non-income producing. |
| 23 | Interest rate is fixed. |
| 24 | For non-controlled, non-affiliated debt investments, cost represents amortized cost. |
| 25 | Position is an unfunded delayed draw term loan with no rate setting. |
| 26 | Investment has been committed to but has not been funded as of June 30, 2026. |
| 27 | This investment is denominated in EUR. Values are translated into U.S. dollars using the exchange rate in effect at the reporting date. |
| 28 | Loan was on non-accrual status as of June 30, 2026 |
The accompanying notes are an integral part of these consolidated financial statements
41
StepStone Private Credit Income Fund
Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)
| Summary of Investments by Strategy (as a percentage of total investments) | ||||
| Direct Lending | 95.0 | % | ||
| Specialty Credit | 5.0 | % | ||
| Total Investments | 100.0 | % | ||
The accompanying notes are an integral part of these consolidated financial statements
42
StepStone Private Credit Income Fund
Consolidated Schedule of Investments (continued)
June 30, 2026 (unaudited)
Derivative Instruments
Forward Foreign Currency Exchange Contracts
| Currency to be Sold | Counterparty | Settlement Date | Currency
to be Purchased | Currency
Amount to be Sold | Currency
Amount to be Purchased | Unrealized
Appreciation (Depreciation) | ||||||||||||
| Euro | State Street | July 31, 2026 | USD | 11,429,000 | $ | 13,251,857 | $ | 175,759 | ||||||||||
| Total Forward Foreign Currency Exchange Contracts | 11,429,000 | $ | 13,251,857 | $ | 175,759 | |||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
43
StepStone Private Credit Income Fund
Consolidated Statement of
Assets and Liabilities
June 30, 2026 (unaudited)
| Assets | ||||
| Non-controlled/non-affiliated investments, at fair value (cost $1,527,909,103) | $ | 1,526,982,039 | ||
| Cash and restricted cash | 47,068,456 | |||
| Cash denominated in foreign currency (cost $28,941) | 28,944 | |||
| Receivable from unsettled transactions | 13,274,269 | |||
| Dividend and interest receivable | 3,193,347 | |||
| Receivable for Fund shares sold | 1,474,283 | |||
| Unrealized appreciation on forward foreign currency exchange contracts | 175,759 | |||
| Prepaid expenses | 119,767 | |||
| Total Assets | 1,592,316,864 | |||
| Liabilities | ||||
| Revolving credit facilities | 336,288,385 | |||
| Less deferred debt issuance costs | (3,299,192 | ) | ||
| Revolving credit facilities less deferred debt issuance costs | 332,989,193 | |||
| Revolving credit facilities interest and fees payable | 4,007,497 | |||
| Incentive fees payable | 3,540,889 | |||
| Management fees payable | 1,191,216 | |||
| Administration fees payable | 144,936 | |||
| Professional fees payable | 72,728 | |||
| Trustees’ fees payable | 39,345 | |||
| Transfer agent fees payable | 36,867 | |||
| Due to Adviser | 15,132 | |||
| Other accrued expenses | 740,327 | |||
| Total Liabilities | 342,778,130 | |||
| Commitments and contingencies (see Note 10) | ||||
| Net Assets | $ | 1,249,538,734 | ||
| Components of Net Assets: | ||||
| Paid-in capital | $ | 1,233,842,848 | ||
| Total distributable earnings (accumulated loss) | 15,695,886 | |||
| Net Assets | $ | 1,249,538,734 | ||
The accompanying notes are an integral part of these consolidated financial statements
44
StepStone Private Credit Income Fund
Consolidated Statement of Assets and Liabilities (continued)
June 30, 2026 (unaudited)
| Net Assets | $ | 1,249,305,683 | ||
| Outstanding shares (unlimited number of shares authorized) | ||||
| Net Asset Value Per Share | $ | |||
| Net Assets | $ | 22,283 | ||
| Outstanding shares (unlimited number of shares authorized) | ||||
| Net Asset Value Per Share | $ | |||
| Net Assets | $ | 210,768 | ||
| Outstanding shares (unlimited number of shares authorized) | ||||
| Net Asset Value Per Share | $ |
The accompanying notes are an integral part of these consolidated financial statements
45
StepStone Private Credit Income Fund
Consolidated
Statement of Operations
For the Six Months Ended June 30, 2026 (unaudited)
| Investment Income | ||||
| Non-controlled/non-affiliated investments interest income | $ | 70,468,119 | ||
| Non-controlled/non-affiliated investments dividend income | 1,519,574 | |||
| Non-controlled/non-affiliated investments payment in-kind income | 438,805 | |||
| Total Investment Income | 72,426,498 | |||
| Expenses | ||||
| Revolving credit facilities interest and fees | 9,959,027 | |||
| Management fees | 6,321,520 | |||
| Incentive fees | 5,231,279 | |||
| Professional fees | 1,793,471 | |||
| Administration fees | 828,400 | |||
| Transfer agent fees | 227,723 | |||
| Trustees’ fees | 79,343 | |||
| Income tax expense | 36,348 | |||
| Chief compliance officer fees | 30,000 | |||
| Distribution and shareholder servicing fees (Class S) | 303 | |||
| Shareholder servicing fees (Class D) | 27 | |||
| Other expenses | 659,577 | |||
| Total Expenses | 25,167,018 | |||
| Net Investment Income (Loss) | 47,259,480 | |||
| Net Realized Gain (Loss) | ||||
| Non-controlled/non-affiliated investments | 1,258,922 | |||
| Foreign currency transactions | (37,934 | ) | ||
| Forward foreign currency exchange contracts. | 282,118 | |||
| Total Net Realized Gain (Loss) | 1,503,106 | |||
| Net Change in Unrealized Appreciation (Depreciation) | ||||
| Non-controlled/non-affiliated investments | (5,474,365 | ) | ||
| Foreign currency translations | 18,712 | |||
| Forward foreign currency exchange contracts | 155,306 | |||
| Total Net Change in Unrealized Appreciation (Depreciation) | (5,300,347 | ) | ||
| Net Increase (Decrease) in Net Assets from Operations | $ | 43,462,239 |
The accompanying notes are an integral part of these consolidated financial statements
46
StepStone Private Credit Income Fund
Consolidated Statements of Changes in Net Assets
| For
the Six Months Ended June 30, 2026 (unaudited) | For
the Period Ended December 31, 2025 | |||||||
| Change in Net Assets Resulting from Operations: | ||||||||
| Net investment income (loss) | $ | 47,259,480 | $ | 79,324,004 | ||||
| Net realized gain (loss) | 1,503,106 | (1,532,185 | ) | |||||
| Net change in unrealized appreciation (depreciation) | (5,300,347 | ) | 4,469,439 | |||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | 43,462,239 | 82,261,258 | ||||||
| Distributions from Distributable Earnings: | ||||||||
| Class I | (25,494,732 | ) | (84,352,201 | ) | ||||
| Class D | (512 | ) | (1,018 | ) | ||||
| Class S | (1,854 | ) | (3,860 | ) | ||||
| Total Distributions from Distributable Earnings: | (25,497,098 | ) | (84,357,079 | ) | ||||
| Change in Net Assets Resulting from Capital Share Transactions: | ||||||||
| Class I | ||||||||
| Proceeds from shares issued | 254,196,240 | 212,550,879 | ||||||
| Issuance of shares in connection with portfolio acquisition (Note 16) | — | 623,460,822 | ||||||
| Reinvestment of distributions | 11,415,427 | 40,980,591 | ||||||
| Repurchase of shares | (55,413,114 | ) | (22,431,185 | ) | ||||
| Exchange of shares | — | — | ||||||
| Total Class I Transactions | 210,198,553 | 854,561,107 | ||||||
| Class D | ||||||||
| Proceeds from shares issued | 10,000 | 600 | ||||||
| Reinvestment of distributions | 512 | 1,017 | ||||||
| Repurchase of shares | — | (642 | ) | |||||
| Exchange of shares | — | — | ||||||
| Total Class D Transactions | 10,512 | 975 | ||||||
| Class S | ||||||||
| Proceeds from shares issued | 162,108 | — | ||||||
| Reinvestment of distributions | 1,301 | 1,838 | ||||||
| Repurchase of shares | — | — | ||||||
| Exchange of shares | — | 34,435 | ||||||
| Total Class S Transactions | 163,409 | 36,273 | ||||||
| Class T1 | ||||||||
| Proceeds from shares issued | — | — | ||||||
| Reinvestment of distributions | — | — | ||||||
| Repurchase of shares | — | — | ||||||
| Exchange of shares | — | (34,435 | ) | |||||
| Total Class T Transactions | — | (34,435 | ) | |||||
| Change in Net Assets Resulting from Capital Share Transactions | 210,372,474 | 854,563,920 | ||||||
| Total Increase (Decrease) in Net Assets | 228,337,615 | 852,468,099 | ||||||
The accompanying notes are an integral part of these consolidated financial statements
47
StepStone Private Credit Income Fund
Consolidated Statements of Changes in Net Assets (continued)
| For
the Six Months Ended June 30, 2026 (unaudited) | For
the Period Ended December 31, 2025 | |||||||
| Net Assets | ||||||||
| Beginning of period | 1,021,201,119 | 168,733,020 | ||||||
| End of period | $ | 1,249,538,734 | $ | 1,021,201,119 | ||||
| 1 | On January 17, 2025, the Fund converted Class T shares into Class S shares and ceased offering Class T Shares. |
The accompanying notes are an integral part of these consolidated financial statements
48
StepStone Private Credit Income Fund
Consolidated Statement of Cash Flows
For the Six Months Ended June 30, 2026 (unaudited)
| Cash Flows From Operating Activities | ||||
| Net increase (decrease) in net assets from operations | $ | 43,462,239 | ||
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | ||||
| Purchases of investments, net of payable for investments purchased | (401,174,888 | ) | ||
| Proceeds from sales and repayments of investments, net of receivable from unsettled transactions | 177,735,706 | |||
| Net accretion of original issue discount on investments | (1,424,543 | ) | ||
| Investments payment in-kind income | (438,805 | ) | ||
| Net realized (gain) loss | (1,258,922 | ) | ||
| Net realized gain (loss) on foreign currency transactions | 37,934 | |||
| Net change in unrealized appreciation (depreciation) on investments | 5,474,365 | |||
| Net change in unrealized appreciation (depreciation) on foreign currency transactions | (18,712 | ) | ||
| Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts | (155,306 | ) | ||
| Amortization of debt issuance costs | 482,415 | |||
| (Increase) Decrease in Assets | ||||
| Dividend and interest receivable | 2,832,086 | |||
| Prepaid expenses | (54,553 | ) | ||
| Increase (Decrease) in Liabilities | ||||
| Professional fees payable | (230,981 | ) | ||
| Revolving credit facility interest and fees payable | (539,726 | ) | ||
| Management fees payable | 184,000 | |||
| Incentive fees payable | 323,555 | |||
| Trustees’ fees payable | (656 | ) | ||
| Administration fees payable | 3,833 | |||
| Transfer agent fees payable | 8,239 | |||
| Due to Adviser | (9,716) | |||
| Other accrued expenses | 383,368 | |||
| Net Cash Provided by (Used in) Operating Activities | (174,379,068 | ) | ||
| Cash Flows from Financing Activities | ||||
| Proceeds from issuance of shares, net of receivable for Fund shares sold | 255,510,833 | |||
| Repurchase of shares | (55,413,114 | ) | ||
| Distributions paid in cash | (14,079,858 | ) | ||
| Proceeds from revolving credit facilities | 230,000,000 | |||
| Repayments of revolving credit facilities | (231,000,000 | ) | ||
| Debt issuance costs paid | (680,682 | ) | ||
| Net Cash Provided by (Used in) Financing Activities | 184,337,179 | |||
| Effect of exchange rate changes on cash | (19,222 | ) | ||
| Net Increase (Decrease) in Cash, Restricted cash and Cash denominated in foreign currency | 9,938,889 | |||
The accompanying notes are an integral part of these consolidated financial statements
49
StepStone Private Credit Income Fund
Consolidated Statement of Cash Flows (continued)
For the Six Months Ended June 30, 2026 (unaudited)
| Cash, Restricted cash and Cash denominated in foreign currency | ||||
| Beginning of period | 37,158,511 | |||
| End of period | $ | 47,097,400 | ||
| Reconciliation to the Consolidated Statement of Assets and Liabilities | ||||
| Cash | 13,392,016 | |||
| Restricted cash | 33,676,440 | |||
| Cash denominated in foreign currency | 28,944 | |||
| Total Cash and Restricted cash | $ | 47,097,400 | ||
| Supplemental Information and Non-Cash Activities | ||||
| Cash paid during the period for interest expense and commitment fees | $ | 10,016,338 | ||
| Cash paid for state, local and excise taxes | $ | 64,345 | ||
| Reinvestment of distributions | $ | 11,417,240 | ||
The accompanying notes are an integral part of these consolidated financial statements
50
StepStone Private Credit Income Fund
Consolidated Financial Highlights
Class I
Per share operating performance for a capital share outstanding throughout each period
| For
the Six Months Ended June 30, 2026 (unaudited) | For
the Year Ended December 31, 2025 | For
the Period Ended December 31, 2024* | ||||||||||
| Per Share Operating Performance: | ||||||||||||
| Net Asset Value per share, beginning of period | $ | 10.08 | $ | 10.07 | $ | 10.00 | ||||||
| Activity from investment operations: | ||||||||||||
| Net investment income (loss)1 | 0.43 | 0.90 | 0.48 | |||||||||
| Net realized and unrealized gain (loss)2 | (0.04 | ) | 0.02 | — | ||||||||
| Total from investment operations | 0.39 | 0.92 | 0.48 | |||||||||
| Less distributions: | ||||||||||||
| From net investment income | (0.24 | ) | (0.91 | ) | (0.41 | ) | ||||||
| Total distributions | (0.24 | ) | (0.91 | ) | (0.41 | ) | ||||||
| Net Asset Value per share, end of period3 | $ | 10.23 | $ | 10.08 | $ | 10.07 | ||||||
| Net Assets, end of period (in thousands) | $ | 1,249,306 | $ | 1,021,143 | $ | 168,678 | ||||||
| Ratios to average net assets4 | ||||||||||||
| Net investment income (loss)5 | 9.10 | % | 8.87 | % | 8.79 | % | ||||||
| Expenses before adviser expense recoupment (reimbursement)5 | 4.11 | % | 4.54 | % | 7.16 | % | ||||||
| Expenses after adviser expense recoupment (reimbursement)5 | 4.11 | % | 4.65 | % | 5.70 | % | ||||||
| Total return3 6 7 | 3.98 | % | 9.50 | % | 4.83 | % | ||||||
| Portfolio turnover rate8 | 20.29 | % | 76.00 | % | 15.63 | % | ||||||
| Senior Securities: | As of June 30, 2026 (unaudited) | As of December 31, 2025 | As of December 31, 2024 | |||||||||
| Total borrowings (in thousands) | $ | $ | $ | |||||||||
| Asset coverage per $ | 4,716 | 4,028 | 4,444 | |||||||||
| * |
| 1 | Per share data calculated using average shares method. |
| 2 | Includes balancing amounts necessary to reconcile the change in NAV per share for the period. |
| 3 | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
| 4 | Ratios do not reflect the Fund’s share of income and expenses originating from investments in underlying Investment Funds. |
| 5 | Net investment income (loss) and expense ratios have been annualized for periods of less than twelve months, except for organizational costs, which are one-time expenses, and incentive fees. As of December 31, 2025, the Fund is fully recouped and as such, adviser expense recoupment (reimbursement) is not annualized for the year ended December 31, 2025. If incentive fees were excluded, the net investment income (loss) ratio would have increased by 0.47% , 0.97% and 0.54% for the six months ended June 30, 2026, the year ended December 31, 2025, and the period from the commencement of operations through December 31, 2024, respectively. If incentive fees were excluded, the expense ratio would have decreased by 0.47%, 0.97%, and 0.54% for the six months ended June 30, 2026, the year ended December 31, 2025, and the period from the commencement of operations through December 31, 2024, respectively. |
| 6 | Dividend Reinvestment Plan (“DRIP”) (See Note 12). Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends at net asset value during the period and repurchase on the last day of the period at net asset value. Total return calculated for a period of less than one year is not annualized. | |
| 7 | Total return would have been lower had certain expenses not been waived and assumed by the Adviser during periods of reimbursement.. | |
| 8 | Excluding cash equivalents, the portfolio turnover rate represents lesser of the Fund’s purchases, or sales and proceeds from repayments of investments for the period divided by the average monthly fair value of the Fund’s investments during the period and as required excludes investments acquired as part of the acquisition as described in Note 16. Result is not annualized. | |
| 9 |
The accompanying notes are an integral part of these consolidated financial statements
51
StepStone Private Credit Income Fund
Consolidated Financial Highlights (continued)
Class D
Per share operating performance for a capital share outstanding throughout each period
| For
the Six Months Ended June 30, 2026 (unaudited) | For the Year Ended December 31, 2025 | For the Period Ended December 31, 2024* | ||||||||||
| Per Share Operating Performance: | ||||||||||||
| Net Asset Value per share, beginning of period | $ | 10.08 | $ | 10.07 | $ | 10.00 | ||||||
| Activity from investment operations: | ||||||||||||
| Net investment income (loss)¹ | 0.43 | 0.88 | 0.48 | |||||||||
| Net realized and unrealized gain (loss)² | (0.04 | ) | 0.05 | — | ||||||||
| Total from investment operations | 0.39 | 0.93 | 0.48 | |||||||||
| Less distributions: | ||||||||||||
| From net investment income | (0.25 | ) | (0.92 | ) | (0.41 | ) | ||||||
| Total distributions | (0.25 | ) | (0.92 | ) | (0.41 | ) | ||||||
| Net Asset Value per share, end of period³ | $ | 10.22 | $ | 10.08 | $ | 10.07 | ||||||
| Net Assets, end of period (in thousands) | $ | 22 | $ | 11 | $ | 10 | ||||||
| Ratios to average net assets⁴ | ||||||||||||
| Net investment income (loss)⁵ | 9.07 | % | 8.60 | % | 8.79 | % | ||||||
| Expenses before adviser expense recoupment (reimbursement)5 | 4.38 | % | 4.65 | % | 7.16 | % | ||||||
| Expenses after adviser expense recoupment (reimbursement)5 | 4.38 | % | 4.76 | % | 5.70 | % | ||||||
| Total return³ ⁶ ⁷ | 3.88 | % | 9.36 | % | 4.83 | % | ||||||
| Portfolio turnover rate⁸ | 20.29 | % | 76.00 | % | 15.63 | % | ||||||
| Senior Securities: | As of June 30, 2026 (unaudited) | As of December 31, 2025 | As of December 31, 2024 | |||||||||
| Total borrowings (in thousands) | $ | $ | $ | |||||||||
| Asset coverage per $ | 4,716 | 4,028 | 4,444 | |||||||||
| * | The Fund commenced operations on June 3, 2024. See Note 1 in the accompanying notes to consolidated financial statements. |
| 1 | Per share data calculated using average shares method. |
| 2 | Includes balancing amounts necessary to reconcile the change in NAV per share for the period. |
| 3 | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
| 4 | Ratios do not reflect the Fund’s share of income and expenses originating from investments in underlying Investment Funds. |
| 5 | Net investment income (loss) and expense ratios have been annualized for periods of less than twelve months, except for organizational costs, which are one-time expenses, and incentive fees. As of December 31, 2025, the Fund is fully recouped and as such, adviser expense recoupment (reimbursement) is not annualized for the year ended December 31, 2025. If incentive fees were excluded, the net investment income (loss) ratio would have increased by 0.48% , 0.97% and 0.54% for the six months ended June 30, 2026, the year ended December 31, 2025, and the period from the commencement of operations through December 31, 2024, respectively. If incentive fees were excluded, the expense ratio would have decreased by 0.47%, 0.97%, and 0.54% for the six months ended June 30, 2026, the year ended December 31, 2025, and the period from the commencement of operations through December 31, 2024, respectively. |
| 6 | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends at net asset value during the period and repurchase on the last day of the period at net asset value. Total return calculated for a period of less than one year is not annualized. DRIP (See Note 12). |
| 7 | Total return would have been lower had certain expenses not been waived and assumed by the Adviser during periods of reimbursement |
| 8 | Excluding cash equivalents, the portfolio turnover rate represents lesser of the Fund’s purchases, or sales and proceeds from repayments of investments for the period divided by the average monthly fair value of the Fund’s investments during the period and as required excludes investments acquired as part of the acquisition as described in Note 16. Result is not annualized. |
| 9 | Calculated by subtracting the Fund’s total liabilities (not including borrowings) from the Fund’s total assets and dividing this by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness. |
The accompanying notes are an integral part of these consolidated financial statements
52
StepStone Private Credit Income Fund
Consolidated Financial Highlights (continued)
Class S
Per share operating performance for a capital share outstanding throughout each period
For
the Six Months | For
the Year Ended December 31, 2025 | For
the Period Ended December 31, 2024* | ||||||||||
| Per Share Operating Performance: | ||||||||||||
| Net Asset Value per share, beginning of period | $ | 10.08 | $ | 10.07 | $ | 10.00 | ||||||
| Activity from investment operations: | ||||||||||||
| Net investment income (loss)¹ | 0.39 | 0.83 | 0.48 | |||||||||
| Net realized and unrealized gain (loss)² | (0.04 | ) | 0.04 | — | ||||||||
| Total from investment operations | 0.35 | 0.87 | 0.48 | |||||||||
| Less distributions: | ||||||||||||
| From net investment income | (0.23 | ) | (0.86 | ) | (0.41 | ) | ||||||
| Total distributions | (0.23 | ) | (0.86 | ) | (0.41 | ) | ||||||
| Net Asset Value per share, end of period³ | $ | 10.20 | $ | 10.08 | $ | 10.07 | ||||||
| Net Assets, end of period (in thousands) | $ | 211 | $ | 47 | $ | 10 | ||||||
| Ratios to average net assets⁴ | ||||||||||||
| Net investment income (loss)⁵ | 8.19 | % | 8.14 | % | 8.79 | % | ||||||
| Expenses before adviser expense recoupment (reimbursement)5 | 4.89 | % | 5.23 | % | 7.16 | % | ||||||
| Expenses after adviser expense recoupment (reimbursement)5 | 4.89 | % | 5.34 | % | 5.70 | % | ||||||
| Total return³ ⁶ ⁷ | 3.54 | % | 8.88 | % | 4.83 | % | ||||||
| Portfolio turnover rate⁸ | 20.29 | % | 76.00 | % | 15.63 | % | ||||||
| Senior Securities: | As of June 30, 2026 (unaudited) | As of December 31, 2025 | As of December 31, 2024 | |||||||||
| Total borrowings (in thousands) | $ | $ | $ | |||||||||
| Asset coverage per $ | 4,716 | 4,028 | 4,444 | |||||||||
| * | The Fund commenced operations on June 3, 2024. See Note 1 in the accompanying notes to consolidated financial statements. |
| 1 | Per share data calculated using average shares method. |
| 2 | Includes balancing amounts necessary to reconcile the change in NAV per share for the period. |
| 3 | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
| 4 | Ratios do not reflect the Fund’s share of income and expenses originating from investments in underlying Investment Funds. |
| 5 | Net investment income (loss) and expense ratios have been annualized for periods of less than twelve months, except for organizational costs, which are one-time expenses, and incentive fees. As of December 31, 2025, the Fund is fully recouped and as such, adviser expense recoupment (reimbursement) is not annualized for the year ended December 31, 2025. If incentive fees were excluded, the net investment income (loss) ratio would have increased by 0.47% , 0.97% and 0.54% for the six months ended June 30, 2026, the year ended December 31, 2025, and the period from the commencement of operations through December 31, 2024, respectively. If incentive fees were excluded, the expense ratio would have decreased by 0.47%, 1.00%, and 0.54% for the six months ended June 30, 2026, the year ended December 31, 2025, and the period from the commencement of operations through December 31, 2024, respectively. |
| 6 | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends at net asset value during the period and repurchase on the last day of the period at net asset value. Total return calculated for a period of less than one year is not annualized. DRIP (See Note 12). Total return shown excludes the effect of applicable sales charges. |
| 7 | Total return would have been lower had certain expenses not been waived and assumed by the Adviser during periods of reimbursement. |
| 8 | Excluding cash equivalents, the portfolio turnover rate represents lesser of the Fund’s purchases, or sales and proceeds from repayments of investments for the period divided by the average monthly fair value of the Fund’s investments during the period and as required excludes investments acquired as part of the acquisition as described in Note 16. Result is not annualized. |
| 9 | Calculated by subtracting the Fund’s total liabilities (not including borrowings) from the Fund’s total assets and dividing this by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness. |
The accompanying notes are an integral part of these consolidated financial statements
53
StepStone Private Credit Income Fund
Notes
to Consolidated Financial Statements
June 30, 2026 (unaudited)
1. Organization
StepStone Private Credit Income Fund (“Fund”) was organized as a Delaware statutory trust under the Delaware Statutory Trust Act on December 18, 2023 (“Inception”) and is registered under the Investment Company Act of 1940, as amended, (“1940 Act”) as a non-diversified, closed-end management investment company that is operated as an interval fund. The Fund commenced operations on June 3, 2024 (“Commencement of Operations”).
The Fund offers an unlimited amount of number of shares in three separate classes of shares of beneficial interest designated as Class I Shares, Class D Shares and Class S Shares (collectively, “Shares”) to eligible investors (“Shareholders”). The Shares are offered in a continuous registered public offering with subscriptions accepted daily at the then-current-daily net asset value (“NAV”) per share, adjusted for sales load, if applicable. The Fund conducts quarterly offers to repurchase between 5.00% and 25.00% of its outstanding Shares at NAV, pursuant to Rule 23c-3 under the 1940 Act, unless such offer is suspended or postponed in accordance with regulatory requirements. The offer to repurchase Shares is a fundamental policy that may not be changed without the vote of the holders of a majority of the Fund’s outstanding voting Shares as defined in the 1940 Act (see Note 9).
The Fund’s Board of Trustees (“Board”) provides broad oversight over the Fund’s investment program, management and operations and has the right to delegate management responsibilities. StepStone Group Private Wealth LLC serves as the Fund’s investment adviser (“Adviser”) and is a registered investment adviser under the Investment Advisers Act of 1940, as amended. The Adviser is a wholly-owned subsidiary of StepStone Group LP. The Adviser oversees the management of the Fund’s day-to-day activities including structuring, governance, distribution, reporting and oversight. StepStone Group Private Debt LLC, an affiliate of StepStone Group LP, serves as the Fund’s investment sub-adviser (“Sub-Adviser”) and is responsible for the day-to-day management of the Fund’s assets. StepStone Group Europe Alternative Investments Limited (“SGEAIL”), an affiliate of StepStone Group LP, serves as the Fund’s investment sub-subadviser (“Sub-Subadviser”) and will provide ongoing research regarding the Fund’s investment portfolio. The Sub-Adviser and Sub-Subadviser are wholly owned subsidiaries of StepStone Group Private Debt AG (formerly, Swiss Capital Alternative Investments AG), which is a subsidiary of StepStone.
The Fund’s investment objectives are to seek to generate current income and, to a lesser extent, long-term capital appreciation. The Fund seeks to achieve its investment objectives by investing, under normal circumstances, at least 80% of its total assets (net assets plus borrowings for investment purposes) in private credit and income-related investments (“Private Credit Investments”). The Fund defines Private Credit Investments to consist primarily of direct lending and specialty credit strategies. The Fund intends to primarily use a multi-lender approach to achieve its investment objectives while utilizing a variety of non-bank or corporate lenders to source investment opportunities for the Fund. The Fund’s assets may be deployed in investment strategies deemed appropriate under prevailing economic and market conditions to seek to achieve the Fund’s investment objectives. The Fund may make non-U.S. investments, some of which may be denominated in currencies other than the U.S. dollar. In most cases, the currency fluctuations of investments will be hedged through the use of currency derivatives or other instruments.
Master-Feeder Structure
The Fund and CRDEX Equity Partners LLC (“Feeder Fund”) are part of a “master-feeder” structure as described in Note 16. The Feeder Fund invests substantially all of its assets in the Class I Shares of the Fund. As of June 30, 2026, the Feeder Fund owns 53.99% of the Fund’s net assets.
2. Summary of Significant Accounting Policies
The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and are presented in U.S. dollars which is the functional currency of the Fund. The Fund is an investment company and therefore applies the accounting and reporting guidance issued by the Financial Accounting Standards Board (“FASB”) in Accounting Standards Codification (“ASC”) 946, Financial Services — Investment Companies. The following are significant accounting policies which are consistently followed in the preparation of the consolidated financial statements.
Basis of Consolidation
As provided under ASC Topic 946 and Regulation S-X, the Fund will generally not consolidate its investment in a company other than a wholly-owned or substantially wholly-owned investment company subsidiary whose design and purpose is to act as an extension of the Fund’s investment operations and facilitate the execution of the Fund’s investment strategy. Accordingly, the Fund has consolidated the results of the Fund’s direct wholly-owned subsidiaries including: Great Lakes SSG SPV Holdings LLC (“SSG Holdings SPV”), a Delaware limited liability company; CRDEX Cayman LLC, a limited liability company registered in the Cayman Islands; and CRDEX LLC and Great Lakes SSG SPV, which are bankruptcy remote special purpose vehicles organized as a Delaware limited liability companies (collectively, “Wholly-Owned Subsidiaries”). The effects of all intercompany transactions between the Fund and its Wholly-Owned Subsidiaries have been eliminated in consolidation.
54
StepStone Private Credit Income Fund
Notes
to Consolidated Financial Statements (continued)
June 30, 2026 (unaudited)
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Changes in the economic environment, financial markets and any other factors or parameters used in determining these estimates could cause actual results to differ materially.
Net Asset Value Determination
The NAV of the Fund is determined as of the close of the regular trading session on the New York Stock Exchange (“NYSE”) (normally 4:00 p.m. Eastern Time) on each business day that the NYSE is open for trading, or as may be determined from time to time in accordance with policies approved by the Board (each, a “Determination Date”). In determining NAV, the Fund’s investments are valued as of the relevant Determination Date. The NAV of the Fund will equal, unless otherwise noted, the value of the total assets of the Fund, less all of its liabilities, including accrued fees and expenses allocated to Shares based on the relative net assets of each class and class-specific expenses to the total net assets of the Fund, each determined as of the relevant Determination Date.
Valuation of lnvestments
The Fund’s investments are valued as of each Determination Date at fair value consistent with the principles of ASC Topic 820, Fair Value Measurements (“ASC 820”). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the valuation designee for the Fund to perform fair value determinations of the Fund’s investments. The Board has approved the Adviser’s valuation policy (“Valuation Policy”). The Adviser utilizes the resources and personnel of the Sub-Adviser, the Sub-sub adviser and the Fund’s sub-administrator (as defined herein) in carrying out its responsibilities. The Board has ultimate oversight responsibility for valuing all investments held by the Fund.
Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act and ASC Topic 820. The Adviser’s Valuation Policy governs the Adviser’s selection and application of methodologies for determining and calculating the fair value of the Fund’s investments. Fair value calculations will involve significant professional judgment by the Adviser in the application of both observable and unobservable inputs.
For securities or Private Credit Investments that are quoted, traded or exchanged in an accessible, active market, the value of the asset is determined by multiplying the number of securities held by the quoted market price as of the measurement (or reporting) date. The Adviser does not apply any liquidity or restriction discount regardless of ownership structure or the ability to control the sale of the asset.
If a quoted market price is not available or not deemed to be indicative of fair value, the Adviser may elect to obtain broker quotes directly from a broker-dealer or passed through from a third-party pricing vendor. In the event that fair value is based upon a single sourced broker quote, these Private Credit Investments are categorized as Level 3 of the fair value hierarchy described in Note 4 of the Notes to the Consolidated Financial Statements. If the Fund were to use broker quotes, they would typically be received from established market participants. Although independently received, the Adviser does not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the broker quote would have direct and proportional changes in the fair value of the security.
If the quotations obtained from brokers or pricing vendors are determined not to be reliable or are not readily available, the Fund may value such Private Credit Investments using a variety of valuation techniques. For direct lending investments, the Adviser generally uses a market interest rate yield analysis to determine fair value. To determine fair value using a yield analysis, the expected cash flows are projected based on the contractual terms of the debt security and discounted back to the measurement date based on a market yield. A market yield is determined based upon an assessment of current and expected market yields for similar Private Credit Investments and risk profiles. The Fund considers the current contractual interest rate, the expected life and other terms of the Private Credit Investment relative to risk of the company and the specific direct lending investment. For specialty credit investments, the Fund also considers payment ratios, conditional prepayment rates, charge-off rates, delinquency ratios and other measures of the specific specialty credit investment’s performance.
In determining the estimated fair value of a performing Private Credit Investment for which there is no actively traded market, the estimate of fair value will consider such factors as the current market environment relative to that of the Private Credit Investment held, the tenor of maturity date of the Private Credit Investment, the operating performance of the issuer, the concern for maintaining any covenant levels embedded in the instrument, the ability of the issuer to call the security (and the associated redemption price), market interest rate spreads and the general overall credit quality of the security over the life of the Private Credit Investment.
55
StepStone Private Credit Income Fund
Notes
to Consolidated Financial Statements (continued)
June 30, 2026 (unaudited)
Each direct Private Credit Investment is assigned an internal credit rating. The ratings are based on available fundamental information and are used in conjunction with market inputs to create an estimate of fair value. For Private Credit Investments with higher ratings, no additional steps are taken. Private Credit Investments with lower internal credit ratings are considered for additional or alternative procedures to determine a fair value, which will include, but are not limited to, a review of additional market inputs, performance and other relevant information on comparable assets.
Defaulted Private Credit Investments are valued using several methods including the following: discounting the expected cash flows of the Private Credit Investment, valuing the net assets of the company, reviewing comparable precedent transactions involving similar companies, and using a performance multiple or market-based approach.
For defaulted Private Credit Investments, discounted cash flow valuation uses an internal analysis based on the Adviser’s expectation of future income and expenses, capital structure, exit multiples of a security, and other unobservable inputs which may include contractual and factual loan factors, estimated future payments and credit rating.
Generally, an increase in market yields or discount rates or a decrease in EBITDA multiples may result in a decrease in the fair value of certain Private Credit Investments of the Fund. These Private Credit Investments are categorized as Level 3 of the fair value hierarchy.
Ordinarily, the fair value of the Fund’s investment in a private investment fund (“Investment Fund”) is based on the net asset value of the Investment Fund reported by its investment manager (“Investment Manager”). If the Adviser determines that the most recent net asset value reported by the Investment Manager does not represent fair value or if the Investment Manager fails to report a net asset value to the Fund, a fair value determination is made by the Adviser in accordance with the Valuation Policy. In making that determination, the Adviser will consider whether it is appropriate, in light of all relevant circumstances, to value such Investment Fund at the net asset value last reported by its Investment Manager, or whether to adjust such net asset value to reflect a premium or discount (adjusted net asset value). The net asset values or adjusted net asset values are net of management fees and incentive fees (carried interest) payable pursuant to the respective organizational documents of each Investment Fund. See further discussion regarding Investment Funds in Note 3.
Collateralized Loan Obligations (“CLO”), included as a direct lending investment in the Consolidated Schedule of Investments, if any, are not traded on a national securities exchange and instead are valued using a market yield approach with daily valuations provided by a third-party valuation expert. The assumed yield used in the valuation reflects factors including, but not limited to, prevailing market conditions, credit risk, liquidity considerations, structural subordination, and the expected volatility of cash flows. Because the valuation incorporates significant unobservable inputs, the fair value of the Fund’s CLO investments is classified as Level 3 within the fair value hierarchy.
The fair value of a Collateralized Loan Obligation Warehouse (“CLO Warehouse”), included as a direct lending investment in the Consolidated Schedule of Investments, if any, reflects the Fund’s pro rata interest in the residual economics of the structure. These investments are typically leveraged and are therefore sensitive to changes in the value and performance of the underlying assets. Valuation is influenced by factors including distributions, defaults, recoveries, prepayments, and the reinvestment environment. Interest is accrued daily based on an effective yield. Because the valuation incorporates significant unobservable inputs, the fair value of the Fund’s CLO Warehouse investments is classified as Level 3 within the fair value hierarchy.
Due to the inherent uncertainty of valuations, however, estimated fair values may differ from the values that would have been used had a readily available market for the investments existed and the differences could be material.
Revenue Recognition
Purchases of investment funds are recorded as of the first day of legal ownership and redemptions from investment funds are recorded as of the last day of legal ownership. All other investment transactions are recorded as of the trade date for financial reporting purposes. Realized gains and losses from investments sold are recorded on the identified cost basis. Dividend income, if any, is recorded on the ex-dividend date.
Distributions received from Investment Funds occur at irregular intervals and the exact timing of the distributions is not known. The classification and timing of distributions received in cash or in-kind, including return of capital, realized gains, interest income and dividend income, is based on information received from the Investment Manager of the Investment Fund.
Interest income is recognized on an accrual basis. Interest income on debt instruments is accrued and recognized for those issuers who are currently paying in full cash interest or expected to pay in full cash interest. For those issuers who are in default or are expected to default, cash interest is not accrued and is only recognized when received unless the cash received is applied to principal based upon management’s judgment. Loan origination fees, original issue discounts (“OID”) and market discounts or premiums are capitalized as part of the underlying cost of the Private Credit Investments and accreted or amortized over the life of the Private Credit Investments as interest income using the effective interest method.
56
StepStone Private Credit Income Fund
Notes
to Consolidated Financial Statements (continued)
June 30, 2026 (unaudited)
Direct Loans and Specialty Credit Loans are generally placed on non-accrual status when a payment default occurs or if management otherwise believes that the issuer of the loan will not be able to make contractual interest payments or principal payments. The Fund will cease recognizing interest income on that loan until all principal and interest is current through payment or until a restructuring occurs, such that the interest income is deemed to be collectible. However, the Fund remains contractually entitled to this interest. The Fund may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. Accrued interest is written-off by reversing interest income in the period when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. As of June 30, 2026, there was one loan on non-accrual status. The amortized cost of the loan on non-accrual status as of June 30, 2026 was $360,742.
The Fund may earn various fees during the life of the loans. Such fees include, but are not limited to, administration and amendment fees, some of which are paid to the Fund on an ongoing basis. These fees, if any, are recognized as earned as a component of interest income on the Consolidated Statement of Operations. For the six months ended June 30, 2026 the Fund recorded $0.2 million of interest income related to amendment fees.
Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees, unamortized syndication fees, unamortized commitment fees and unamortized discounts are recorded as interest income. The Fund had prepayments that resulted in $0.5 million in interest income for the six months ended June 30, 2026.
The Fund may have Private Credit Investments that contain payment in-kind (“PIK”) provisions. PIK income, computed at the contractual rate specified in the Private Credit Investment agreement, is added to the principal balance of the Private Credit Investment and collected upon repayment of the outstanding principal, and is recorded as payment in-kind income on the Consolidated Statement of Operations. The Fund prospectively ceases recognition of PIK income and adjusts the associated principal balance if such amounts and balances are deemed to be doubtful of collection. For Private Credit Investments with PIK income, the Fund calculates income accruals based on the principal balance including any PIK.
When a PIK Private Credit Investment is placed on non-accrual status, the accrued, uncapitalized interest is reversed through interest income. To maintain the Fund’s status as a RIC, this non-cash source of income must be paid out to shareholders in the form of dividends, even though the Fund has not yet collected cash.
Interest income for CLO beneficial interests is recognized using the effective yield method, based on management’s estimate of expected cash flows over the life of the security in accordance with FASB ASC 325-40, Beneficial Interests in Securitized Financial Assets. Estimated yields for CLO positions are updated upon receipt of payments quarterly, as needed, or upon a transaction, such as an add-on purchase, refinancing or reset. When payments are received, any amount above or below the expected yield is treated as an adjustment to interest income or cost basis. The expected yield and investment cost may ultimately not be realized.
Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. The value of investments, assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon current foreign exchange rates on the Determination Date. Purchases and sales of foreign investments, income and expenses are converted into U.S. dollars based on currency exchange rates prevailing on the date of the relevant transaction. Net realized gain (loss) on foreign currency transactions and net change in unrealized appreciation (depreciation) on foreign currency translations represents foreign exchange: (1) gains and losses from the holding and sales of foreign currencies; (2) gains and losses between trade date and settlement date on investment securities transactions; and (3) gains and losses from the difference between amounts of interest and dividends recorded as receivable and the amounts actually received. The Fund does not separately isolate the impact of changes in exchange rates from other changes in the fair value of investments within the net realized gain (loss) and the change in unrealized appreciation (depreciation) of investments as presented on the Consolidated Statement of Operations.
Forward Foreign Currency Exchange Contracts
The Fund may utilize forward foreign currency exchange contracts (“Forward Contracts”) under which the Fund is obligated to exchange currencies with counterparties on specified future dates at specified rates, and is subject to valuation changes based on the translations of foreign exchange rates fluctuations. All contracts are “marked-to-market” daily and any resulting unrealized gains or losses are recorded as unrealized appreciation or depreciation on forward foreign currency exchange contracts. The Fund records realized gains or losses at the time the Forward Contract is settled. Counterparties to these forward contracts are major U.S. financial institutions. As of June 30, 2026, the Fund had one outstanding Forward Contract sold short, with total notional value of $13.3 million.
Fund Expenses
The Fund bears all expenses incurred in the course of its operations including, but not limited to, the following: all fees and expenses of the Fund Investments in which the Fund invests, including the underlying fees of the Fund Investments (“Acquired Fund Fees”), management fees, incentive fees, fees and expenses associated with the credit facility, legal fees, administrator fees, audit and tax preparation fees, custodial fees, transfer agency fees, registration expenses, expenses of the Board and other administrative expenses. Certain of these operating expenses are subject to an expense limitation agreement (“Expense Limitation and Reimbursement Agreement” as further discussed in Note 6). Expenses are recorded on an accrual basis and, other than class-specific expenses, are allocated pro-rata to Shares based upon prior day net assets at each Determination Date. Class-specific expenses are allocated only to their respective share class (see Note 8). Closing costs associated with the purchase of Investment Funds are included in the cost of the investment.
57
StepStone Private Credit Income Fund
Notes
to Consolidated Financial Statements (continued)
June 30, 2026 (unaudited)
Debt Issuance Costs
Debt issuance costs consist of fees and expenses paid in connection with the closing of and amendments to the Fund’s revolving credit facilities. The aforementioned costs are amortized over the instrument’s term. Unamortized debt issuance costs are presented net against the outstanding revolving credit facilities balance on the Consolidated Statement of Assets and Liabilities.
Federal Income Taxes
For U.S. federal income tax purposes, the Fund has elected to be treated, and intends to qualify annually, as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended, by distributing substantially all of its taxable net investment income and net realized capital gains to Shareholders each year and by meeting certain diversification and income requirements with respect to investments. If the Fund were to fail to meet the requirements to qualify as a RIC, and if the Fund were ineligible to or otherwise unable to cure such failure, the Fund would be subject to tax on its taxable income at corporate rates, whether or not distributed to Shareholders, and all distributions of earnings and profits would be taxable to Shareholders as ordinary income.
Additionally, the Fund is subject to a 4% federal excise tax on any undistributed income, including net capital gains, if it does not distribute at least 98% of its taxable income and 98.2% of its capital gains each year. The Fund endeavors to meet these distribution requirements to avoid such excise tax, and any excise tax liability, if incurred, will be reflected in the consolidated financial statements.
The Fund’s tax year is the 12-month period ending December 31. The Fund files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Fund is subject to examination by federal, state, local and foreign jurisdictions, where applicable. As of June 30, 2026, tax years 2024 and 2025 are subject to examination by the major tax jurisdictions under the statute of limitations.
Distributions are determined in accordance with federal income tax regulations, which may differ from net investment income and net realized capital gains for financial statement purposes under U.S. GAAP. Differences may be permanent or temporary. Permanent differences, including book/tax differences relating to Shareholder distributions, are reclassified among capital accounts in the consolidated financial statements to reflect the applicable tax characterization. Temporary differences arise when certain items of income, expense, gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse in the future. The tax basis components of distributable earnings differ from the amounts reflected in the Consolidated Statement of Assets and Liabilities and Consolidated Statement of Operations due to temporary book/tax differences. These amounts will be finalized before filing the Fund’s federal tax return.
In accounting for income taxes, the Fund follows the guidance in FASB ASC Codification 740, Income Taxes (“ASC 740”). ASC 740 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity before being measured and recognized in the consolidated financial statements. Management evaluates the tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions will “more-likely-than-not” be sustained upon examination by the applicable tax authority. Tax positions deemed to meet the more-likely-than-not threshold that would result in a tax benefit or expense to the Fund would be recorded as a tax benefit or expense in the current year.
In preparing the consolidated financial statements, SSG Holdings SPV and CRDEX LLC are disregarded for federal income tax purposes. CRDEX Cayman LLC is required to recognize their estimate of income taxes for purposes of determining deferred tax assets or liabilities. CRDEX Cayman LLC is subject to U.S. federal income and withholding tax, state taxes, and branch profits tax on effectively connected income with a U.S. trade or business. The Fund recognizes deferred income taxes for temporary differences in the basis of assets and liabilities for financial and income tax purposes. Deferred tax assets are recognized for deductible temporary differences, tax credit carryforwards or net operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. To the extent the Wholly-Owned Subsidiaries have a deferred tax asset, consideration is given to whether a valuation allowance is required.
58
StepStone Private Credit Income Fund
Notes
to Consolidated Financial Statements (continued)
June 30, 2026 (unaudited)
Cash and Restricted Cash
Cash includes monies on deposit in interest-bearing accounts with UMB Bank, N.A. who serves as the Fund’s custodian (“Custodian”). Deposits, at times, may exceed the insurance limit guaranteed by the Federal Deposit Insurance Corporation. The Fund has not experienced any losses on deposits and does not believe it is exposed to significant credit risk on such deposits.
Cash deposits are insured by the Federal Deposit Insurance Corporation by up to $250,000. Restricted cash includes amounts that are collected and held in connection with assets securing certain of the Fund’s financing transactions. Restricted cash is restricted for payment of interest expense and principal on the outstanding borrowings or for reinvestment into new assets.
Shareholder Distributions
Distributions to shareholders are recorded on the ex-dividend date. Dividend payments are approved by the Board and are generally determined based upon current year estimated earnings and consider the level of undistributed taxable income carried forward from the prior year, if any, for distribution in the current year.
Segment Reporting
An operating segment is defined in ASC Topic 280, Segment Reporting, as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s Chief Operating Decision Maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. A management committee of the Fund’s Adviser acts as the Fund’s CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole. The Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of a defined investment strategy which is executed by the Fund’s portfolio managers as described in Note 1. The financial information in the form of the Fund’s portfolio composition, total returns, expense ratios, changes in net assets resulting from operations, and subscriptions and redemptions activity is used by the CODM to assess the Fund’s performance versus comparative benchmarks and to make resource allocation decisions for the Fund’s single segment, and is consistent with that presented within the Fund’s consolidated financial statements. Segment assets are reflected on the accompanying Consolidated Statement of Assets and Liabilities as “total assets” and significant segment expenses are listed on the accompanying Consolidated Statement of Operations.
3. Investments
Direct Lending
The Fund’s direct lending investment strategy primarily consists of secured debt (including first lien senior secured and second lien senior secured), but may also include unsecured debt (including senior unsecured and subordinated debt) and mezzanine loans, as well as broadly syndicated loans and club deals (generally investments made by a small group of investment firms). First lien senior secured debt has first claim to any underlying collateral of a loan, and second lien senior secured debt is secured but subordinated in payment and/or lower in lien priority to first lien holders. Through this strategy, the Fund may also invest in investment funds, and privately offered structured products such as CLOs.
Private Lending
Through the Fund’s specialty credit investment strategy, the Fund may invest in Private Lending which consists of privately originated lending including corporate, real estate, and infrastructure-related debt, trade and supply chain finance, marketplace lending, insurance-linked strategies and instruments, royalties, aviation financing, shipping, regulatory capital financing and net asset value lending.
Collateralized Loan Obligations
As part of the Fund’s direct lending and specialty credit investment strategies, the Fund may invest in CLOs, which are structured by pooling certain private loans, other lender assets, and their associated collateral. A sponsoring organization establishes a special purpose vehicle to hold the assets/collateral and issue securities; interests in these pools are sold as individual securities. Payments of principal and interest are passed through to investors and are typically supported by credit enhancements, such as a letter of credit, surety bond, limited guaranty or senior/subordination structures. These payments are divided into multiple tranches of debt securities, offering distinct maturity and credit risk profiles. Some tranches receive regular principal and interest installments, while others receive only interest, with principal due at maturity or upon specified call dates. Each tranche may or may not have a defined interest rate. In instances where a tranche has an interest rate, the rate may be fixed or floating.
59
StepStone Private Credit Income Fund
Notes
to Consolidated Financial Statements (continued)
June 30, 2026 (unaudited)
Collateralized Loan Obligation Warehouse
A CLO Warehouse is an entity organized for the purpose of holding similar assets to CLOs prior to the issuance of securities from that same vehicle. During the warehouse period, a CLO Warehouse will secure investments and build a portfolio. 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.
Investment Funds
Through the Fund’s direct lending and specialty credit investment strategies, the Fund may invest in Investment Funds which are limited partnerships or limited liability companies that invest primarily in loans to private companies and are reported in the Consolidated Schedule of Investments. From time to time, the Fund may decide to purchase interests in an Investment Fund in the secondary markets.
4. Fair Value Measurements
U.S. GAAP, ASC 820, defines fair value as the value that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the asset or liability. ASC 820 establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in valuing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observation of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized below:
Level 1: Quoted prices are available in active markets for identical investments as of the reporting date. The types of investments which would generally be included in Level 1 include listed equities, registered money market funds and short-term investment vehicles.
Level 2: Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. The types of investments which would generally be included in Level 2 include corporate bonds and loans and less liquid and restricted equity securities.
Level 3: Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment and/or estimation. Those unobservable inputs, that are not corroborated by market data, generally reflect the reporting entity’s own assumptions about the assumptions market participants would use in determining the fair value of the investment. The types of investments which would generally be included in Level 3 are equity and/or debt securities issued by private entities.
In accordance with ASC 820, certain portfolio investments are excluded from the fair value hierarchy as they are valued using NAV as a practical expedient. These investments are valued using NAV or by adjusting the most recently available NAV for cash flows and public benchmark returns and/or other relevant information. As such, investments in securities with a fair value of $82.7 million are excluded from the fair value hierarchy as of June 30, 2026.
Changes in inputs or methodologies used for valuing investments may result in transfers in or out of levels within the fair value hierarchy. The inputs or methodologies used for valuing investments may not necessarily be indicative of the risk associated with investing in those investments. Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur.
60
StepStone Private Credit Income Fund
Notes
to Consolidated Financial Statements (continued)
June 30, 2026 (unaudited)
The following is a summary of the Fund’s investments classified by fair value hierarchy as of June 30, 2026:
| Investments | ||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Valued at NAV | Total | ||||||||||||||||
| Direct Lending | ||||||||||||||||||||
| Senior Secured Loans | $ | — | $ | — | $ | 1,145,231,539 | $ | — | $ | 1,145,231,539 | ||||||||||
| Collateralized Loan Obligations and Warehouses | — | — | 279,825,268 | — | 279,825,268 | |||||||||||||||
| Investment Funds | — | — | — | 25,549,093 | 25,549,093 | |||||||||||||||
| Specialty Credit | ||||||||||||||||||||
| Investment Funds | — | — | — | 57,183,295 | 57,183,295 | |||||||||||||||
| Private Lending | — | — | 19,192,844 | — | 19,192,844 | |||||||||||||||
| Total Investments | $ | — | $ | — | $ | 1,444,249,651 | $ | 82,732,388 | $ | 1,526,982,039 | ||||||||||
| Other Financial Instruments | ||||||||||||||||||||
| Forward foreign currency exchange contracts | $ | — | $ | 175,759 | $ | — | $ | — | $ | 175,759 | ||||||||||
| Total | $ | — | $ | 175,759 | $ | — | $ | — | $ | 175,759 | ||||||||||
61
StepStone Private Credit Income Fund
Notes
to Consolidated Financial Statements (continued)
June 30, 2026 (unaudited)
The following table presents a summary of changes in fair value of Level 3 assets by investment type during the six months ended June 30, 2026:
| Senior Secured Loans | Collateralized
Loan Obligations and Warehouses | Private Lending | Total | |||||||||||||
| Balance as of December 31, 2025 | $ | 917,064,205 | $ | 281,263,626 | $ | 27,867,573 | $ | 1,226,195,404 | ||||||||
| Transfers into Level 3 | — | — | — | — | ||||||||||||
| Purchases of investments | 354,397,903 | 18,904,125 | 5,064,121 | 378,366,149 | ||||||||||||
| Proceeds from repayments of investments | (124,285,763 | ) | (18,510,476 | ) | (14,007,140 | ) | (156,803,379 | ) | ||||||||
| Net accretion of original issue discount on investments | 1,405,708 | — | 18,835 | 1,424,543 | ||||||||||||
| Capitalized payment in-kind interest on non-controlled/non-affiliated investments | 294,007 | — | — | 294,007 | ||||||||||||
| Net
realized gain (loss) on non-controlled/non-affiliated investments | 508,898 | — | 348,512 | 857,410 | ||||||||||||
| Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated investments | (4,153,419 | ) | (1,832,007 | ) | (99,057 | ) | (6,084,483 | ) | ||||||||
| Transfers out of Level 3 | — | — | — | — | ||||||||||||
| Balance as of June 30, 2026 | $ | 1,145,231,539 | $ | 279,825,268 | $ | 19,192,844 | $ | 1,444,249,651 | ||||||||
| Net Change in Unrealized Appreciation (Depreciation) on Level 3 Investments Held at the End of the Reporting Period | $ | (4,030,841 | ) | $ | (2,404,583 | ) | $ | (92,823 | ) | $ | (6,528,247 | ) | ||||
62
StepStone Private Credit Income Fund
Notes
to Consolidated Financial Statements (continued)
June 30, 2026 (unaudited)
The following table presents additional quantitative information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of June 30, 2026.
| Impact to | ||||||||||||||||||||||||
| Single Input or | Weighted | Valuation from | ||||||||||||||||||||||
| Fair Value as of | Valuation | Unobservable | Range of | Average of | an Increase in | |||||||||||||||||||
| Strategy | June 30, 2026 | Technique(s) | Input | Inputs | Input1 | Input2 | ||||||||||||||||||
| Senior Secured Loans | $ | 54,880,516 | Recent Transactions |
Transaction Price |
$ 97.37 - $100.00 | $ | 98.91 | Increase | ||||||||||||||||
| Senior Secured Loans | $ | 1,090,100,709 | Yield | Market Yield Discount Spreads | 3.91% - 18.29% | 5.76 | % | Decrease | ||||||||||||||||
| Senior Secured Loans | $ | 250,314 | Liquidation Analysis | Recovery Rate | 57.03% - 83.45% | 70.24 | % | Increase | ||||||||||||||||
| Private Lending | $ | 19,192,844 | Yield | Market Yield Discount Spread | 5.06% - 11.82% | 8.21 | % | Decrease | ||||||||||||||||
| Collateralized Loan Obligation Warehouses | $ | 3,670,492 | Yield | Market Yield Discount Spread | 13.00% - 14.00% | 13.51 | % | Decrease | ||||||||||||||||
| Collateralized Loan Obligations | $ | 276,154,776 | Discounted Cash Flows | Annual Default Rate | 0.00% - 2.00% | 1.96 | % | Decrease | ||||||||||||||||
| Annual Prepayment Rate | 20.00% - 20.00% | 20.00 | % | Increase | ||||||||||||||||||||
| Reinvestment Spread | 3.20% - 5.40% | 5.00 | % | Increase | ||||||||||||||||||||
| Reinvestment Price | 99.50% - 99.50% | 99.50 | % | Decrease | ||||||||||||||||||||
| Recovery Rate | 65.00% - 70.00% | 65.45 | % | Increase | ||||||||||||||||||||
| Expected Yield | 12.08% - 26.00% | 17.23 | % | Decrease |
| 1 | Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category. |
| 2 | This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. |
5. Derivative Instruments
U.S. GAAP requires enhanced disclosures about the Fund’s derivative and hedging activities, including how such activities are accounted for and their effects on the Fund’s financial position, performance and cash flows. The Fund invested in forward foreign currency exchange contracts for the six months ended June 30, 2026 in order to hedge overall portfolio currency risk. By entering into forward foreign exchange currency contracts, the Fund agrees to exchange different currencies at a specified exchange rate at an agreed-upon future date. The Fund may be susceptible to the risk of changes in the foreign exchange rate underlying the forward contract and of the counterparty’s potential inability to fulfill the terms of the contract.
63
StepStone Private Credit Income Fund
Notes
to Consolidated Financial Statements (continued)
June 30, 2026 (unaudited)
The effects of these derivative instruments on the Fund’s financial position and financial performance as reflected in the Consolidated Statement of Assets and Liabilities and Consolidated Statement of Operations are presented in the tables below. Forward Contracts are not designated as hedging instruments. The fair values of derivative instruments as of June 30, 2026, and the realized and unrealized gain (loss) during the six months ended June 30, 2026, are as follows:
Derivatives Not Designated as Hedging Instruments
| Asset Derivatives | Liability Derivatives | ||||||||||
| Consolidated Statement of Asset and Liabilities Location | Derivatives Instruments | Value | Value | ||||||||
| Net unrealized appreciation on forward foreign currency exchange contracts | Forward Contracts | $ | 175,759 | $ | 0 | ||||||
Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income
| Derivatives Instruments | Forward Contracts | Total | ||||||
| Net realized gain or (loss) on forward foreign currency exchange contracts | $ | 282,118 | $ | 282,118 | ||||
Net Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Income
| Derivatives Instruments | Forward Contracts | Total | ||||||
| Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts | $ | 155,306 | $ | 155,306 | ||||
The quarterly average volumes of derivative instruments as of June 30, 2026 are as follows:
| Derivatives Instruments | Notional Value | |||||||
| Forward foreign currency exchange contracts | Short Forward Contract | $ | (11,069,964 | ) | ||||
6. Related Party Transactions
Advisory Agreement
In consideration of its services to the Fund, the Adviser is entitled to a management fee (“Management Fee”) equal to 1.15% on an annualized basis of the Fund’s daily net assets. The Management Fee is accrued daily and payable monthly in arrears. The Adviser pays the Sub-Adviser 50% of the Management Fee on a monthly basis. For the six months ended June 30, 2026, the Adviser earned $6.3 million in Management Fees of which $1.2 million was payable as of June 30, 2026.
In addition, the Fund pays the Adviser an income-based incentive fee (“Incentive Fee”). The Incentive Fee is accrued daily and payable quarterly in arrears based on the Fund’s pre-incentive fee net investment income (“Pre-Incentive Fee Net Investment Income”) for the most recently completed calendar quarter. The payment of the Incentive Fee is subject to a quarterly hurdle rate, expressed as a rate of return on the value of the Fund’s net assets at the end of the most recently completed calendar quarter, of 1.25% (5.00% annualized) (“Hurdle Rate”), subject to a “catch up” feature.
For this purpose, Pre-Incentive Fee Net Investment Income means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Fund (or its Wholly-Owned Subsidiaries) receives from portfolio companies) accrued during the calendar quarter, minus the Fund’s operating expenses for the quarter (including the Management Fee, expenses and fees paid to the Adviser under the Administration Agreement and any interest expense and dividends paid on any issued and outstanding preferred stock or credit agreements, but excluding the Incentive Fee and any shareholder servicing and/or distribution fees), net of any expense waivers or expense payments by the Adviser. Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as OID debt instruments with PIK interest and zero-coupon securities), accrued income that the Fund has not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized appreciation or depreciation.
64
StepStone Private Credit Income Fund
Notes
to Consolidated Financial Statements (continued)
June 30, 2026 (unaudited)
The calculation of the Incentive Fee for each quarter is as follows:
| • | No Incentive Fee will be payable to the Adviser in any calendar quarter in which the Fund’s Pre-Incentive Fee Net Investment Income does not exceed the Hurdle Rate; |
| • | 100% of the dollar amount of the Fund’s Pre-Incentive Fee Net Investment Income, if any, that exceeds the Hurdle Rate but is less than or equal to 1.3889% in any calendar quarter (5.5556% annualized) will be payable to the Adviser. This portion of the Fund’s Incentive Fee that exceeds the Hurdle Rate but is less than or equal to 1.3889% is referred to as the “catch up” and is intended to provide the Adviser with an Incentive Fee of 10% on all of the Fund’s Pre-Incentive Fee Net Investment Income when the Fund’s Pre-Incentive Fee Net Investment Income reaches 1.3889% (5.5556% annualized) on net assets in any calendar quarter; and |
| • | 10% of the dollar amount of the Fund’s Pre-Incentive Fee Net Investment Income, if any, that exceeds 1.3889% (5.5556% annualized) on net assets in any calendar quarter will be payable to the Adviser once the Hurdle Rate and catch-up have been achieved (10% of the Fund’s Pre-Incentive Fee Net Investment Income thereafter will be allocated to the Adviser). |
The Adviser pays the Sub-Adviser 60% of the Incentive Fee on a quarterly basis. For the six months ended June 30, 2026, the Adviser earned $5.2 million in Incentive Fees of which $3.5 million was payable as of June 30, 2026.
Expense Limitation and Reimbursement Agreement
The Adviser entered into an Expense Limitation and Reimbursement Agreement with the Fund for a one-year term beginning with the Commencement of Operations and ending on the one-year anniversary thereof on June 2, 2025 (“Limitation Period”). The Limitation Period under the Expense Limitation and Reimbursement Agreement expired on April 30, 2026; the Adviser and the Fund have not extended the Limitation Period. The Expense Limitation and Reimbursement Agreement limits the amount of the Fund’s aggregate ordinary operating expenses, excluding certain specified expenses (“Specified Expenses”), borne by the Fund during the Limitation Period to an amount not to exceed 1.00% for Class I, D, and S shares, on an annualized basis, of the Fund’s prior day net assets (“Expense Cap”). Specified Expenses that are not covered by the Expense Limitation and Reimbursement Agreement include: (i) the Management Fee; (ii) Acquired Fund Fees; (iii) the Incentive Fee; (iv) transactional costs, including legal costs and brokerage commissions, and sourcing and servicing or related fees incurred by the Fund in connection with the servicing by non-affiliated third parties of, and other related administrative services associated with the acquisition and disposition of the Fund’s investments; (v) interest payments incurred on borrowing by the Fund or its subsidiaries; (vi) fees and expenses incurred in connection with a credit facility obtained by the Fund or any of its subsidiaries, including any expense for acquiring ratings related to the credit facilities; (vii) distribution and shareholder servicing fees, as applicable; (viii) taxes; and (ix) extraordinary expenses resulting from events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence including, without limitation, costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or similar proceeding, indemnification expenses, and expenses in connection with holding and/or soliciting proxies for all annual and other meetings of shareholders.
If the Fund’s aggregate ordinary operating expenses, exclusive of the Specified Expenses, in respect of any Class of Shares for any day exceeds the Expense Cap, the Adviser will waive its Management Fee, waive its Incentive Fee, directly pay and/or reimburse the Fund for expenses to the extent necessary to eliminate such excess. To the extent that the Adviser waives its Management Fee or Incentive Fee, reimburses expenses to the Fund or pays expenses directly on behalf of the Fund, it is permitted to recoup from the Fund any such amounts for a period not to exceed three years from the month in which such fees and expenses were waived, reimbursed, or paid, even if such recoupment occurs after the termination of the Limitation Period. However, the Adviser may only recoup the waived fees, reimbursed expenses or directly paid expenses in respect of the applicable Class of Shares if (i) the aggregate ordinary operating expenses plus waived fees, reimbursed expenses or directly paid expenses have fallen to a level below the Expense Cap and (ii) the recouped amount does not raise the level of aggregate ordinary operating expenses, plus waived fees, reimbursed expenses or directly paid expenses in respect of a Class of Shares in the month of recoupment to a level that exceeds any Expense Cap applicable at that time.
As of June 30, 2026, the Adviser recouped all previously waived expenses under the Expense Limitation and Reimbursement agreement. The Consolidated Statement of Assets and Liabilities includes a Due to Adviser of $15.1 thousand as of June 30, 2026 for the expenses paid by the Adviser on behalf of the Fund.
Administration Agreement
The Adviser serves as the Fund’s administrator (“Administrator”) pursuant to an administration agreement (“Administration Agreement”) under which the Administrator provides administrative, accounting and other services to the Fund. Pursuant to the Administration Agreement, the Fund pays the Administrator an administration fee (the “Administration Fee”). Prior to the amendment of the Administration Agreement on April 1, 2025, the Administration Fee was calculated at an annual rate of up to 0.355% of the Fund’s net assets. Effective April 1, 2025, the Administration Agreement was amended to reduce the Administration Fee to an annual rate of up to 0.205% of the Fund’s net assets. Effective April 1, 2026, the Administration Agreement was amended to reduce the Administration Fee to an annual rate of up to 0.175% of the Fund’s net assets. The Administration Fee is accrued daily based on the value of the prior day net assets of the Fund as of the close of business on each business day (including any assets in respect of Shares that will be repurchased by the Fund on such date), and is payable monthly in arrears. For the six months ended June 30, 2026, the Administrator earned $0.8 million in Administration Fees of which $0.1 million was payable as of June 30, 2026.
65
StepStone Private Credit Income Fund
Notes
to Consolidated Financial Statements (continued)
June 30, 2026 (unaudited)
7. Sub-Administrator and Other Agreements
From the proceeds of the Administration Fee, the Administrator pays UMB Fund Services, Inc. (“Sub-Administrator”) a sub-administration fee to perform certain administrative and accounting services for the Fund on behalf of the Administrator. The sub-administration fee, pursuant to a sub-administration agreement and a fund accounting agreement, is paid monthly by the Administrator and is based on the value of the net assets of the Fund as of the close of business on each business day, subject to an annual minimum.
UMB Bank, N.A. serves as the Fund’s Custodian pursuant to a custody agreement. As the Custodian, UMB Bank, N.A. holds the Fund’s U.S. assets. Foreign assets, if any, including foreign currency holdings, are held by a designated sub-custodian appointed by the Custodian in accordance with the terms of the custody agreement. For the six months ended June 30, 2026, the Custodian earned $113,116 in custody fees, recorded in other expenses on the Consolidated Statement of Operations, of which $55,456 was payable as of June 30, 2026 and recorded in other accrued expenses on the Consolidated Statement of Assets and Liabilities.
The Sub-Administrator also serves as the Fund’s transfer agent (“Transfer Agent”) pursuant to a transfer agency agreement. The Transfer Agent, among other things, receives and processes purchase orders, effects issuance of Shares, prepares and transmits payments for distributions, receives and processes repurchase offers and maintains records of account. For the six months ended June 30, 2026, the Transfer Agent earned $227,723 in transfer agent fees of which $36,867 was payable as of June 30, 2026.
SEI Investments Global Funds Services (“Loan Administrator”) provides certain outsourced loan administration services for the Fund. For the six months ended June 30, 2026, the Loan Administrator earned $254,884 in loan administration fees, recorded in other expenses on the Consolidated Statement of Operations, and $344,347 was payable and included in other accrued expenses on the Consolidated Statement of Assets and Liabilities as of June 30, 2026.
8. Distribution and Shareholder Servicing Plan
Distribution Services, LLC serves as the Fund’s distributor (“Distributor”) pursuant to a distribution agreement. The Distributor distributes the Shares of the Fund. The Distributor is authorized to enter into Sub-Distribution Agreements with brokers, dealers and certain Registered Investment Advisers (“RIA”) and other financial intermediaries to effect the distribution of Shares of the Fund. To operate in a manner consistent with Rule 12b-1 under the 1940 Act, the Fund pays a distribution and shareholder servicing fee out of the net assets of Class S Shares at the annual rate of 0.85% of the aggregate NAV of Class S Shares. To operate in a manner consistent with Rule 12b-1 under the 1940 Act, the Fund pays a shareholder servicing fee out of the net assets of Class D Shares at the annual rate of 0.25% of the aggregate NAV of Class D Shares. Distribution and shareholder servicing fees are determined and accrued daily based on the net assets of the share class as of the close of business on each business day (including net assets in respect of Shares that will be repurchased by the Fund on such date). Class I Shares are not subject to a distribution and shareholder servicing fee. For the six months ended June 30, 2026, distribution and shareholder servicing fees incurred are disclosed on the Consolidated Statement of Operations.
9. Revolving Credit Facilities
On June 3, 2024, the Fund, through CRDEX LLC as borrower, entered into a Loan and Security Agreement (“JPM Loan and Security Agreement”) with JPMorgan Chase Bank, National Association (“JPM”), as the administrative agent, UMB Bank, National Association, as the collateral agent, and the lenders party thereto from time to time, to provide CRDEX LLC with a revolving credit facility (“JPM Credit Facility”). Borrowings under the JPM Credit Facility are secured by all of the assets held by CRDEX LLC.
Prior to the amendment of the JPM Loan and Security Agreement on April 29, 2026 (the “April Amendment”) the JPM Credit Facility carried a commitment of $250 million with an accordion provision, with increases up to $350 million, subject to satisfaction of certain conditions. Effective April 29, 2026 the JPM Credit Facility carries a commitment of $450 million, subject to satisfaction of certain conditions. As of June 30, 2026, the carrying value of the outstanding borrowings approximates fair value due to the variable interest rate and would be categorized in Level 3 of the fair value hierarchy.
Prior to the April Amendment, borrowings under the JPM Credit Facility bore interest at a rate per annum equal to 3-Month Term SOFR plus a margin of 2.26%, with no floor on a 3-Month Term SOFR (“Applicable Margin”). Effective April 29, borrowings generally bear interest at a rate per annum equal to 3-Month Term SOFR plus a margin of 2.11%, with no floor on the Applicable Margin.
The JPM Credit Facility has a commitment fee (“Commitment Fee”) of 0.75% per annum on the average daily unused balance. In addition, the Fund is required to pay an undrawn fee, calculated as the Applicable Margin minus the Commitment Fee, multiplied by the shortfall between the Minimum Funding amount and the actual outstanding borrowings, if the aggregate principal amount of the outstanding borrowings is less than the required minimum funding amount (“Minimum Funding”). The Minimum Funding requirement, expressed as a percentage of total commitments, varies over the life of the facility and increases pursuant to a predetermined schedule through June 3, 2027, after which the required Minimum Funding is 75% of total commitments. The JPM Credit Facility has a final scheduled termination date of June 3, 2029, as amended.
66
StepStone Private Credit Income Fund
Notes
to Consolidated Financial Statements (continued)
June 30, 2026 (unaudited)
As of June 30, 2026, the Fund had outstanding borrowings of $275.0 million under the JPM Credit Facility. For the six months ended June 30, 2026, the Fund’s borrowings under the JPM Credit Facility bore interest at a weighted average interest rate of 5.78%. For the six months ended June 30, 2026, the daily average amount of outstanding borrowings under the JPM Credit Facility was $253.3 million. In conjunction with the JPM Credit Facility, the Fund paid a closing fee of 1.0% which is being amortized in the Consolidated Statement of Operations over the term of the JPM Credit Facility. For the six months ended June 30, 2026, expenses charged to the Fund related to the JPM Credit Facility were $8.3 million.
As a result of a transaction that was completed on January 2, 2025 as described in Note 16, the Fund acquired substantially all of the assets of CRDEX Equity Partners LLC (formerly, CPCF as defined in Note 16) in exchange for Class I Shares of the Fund, and the Fund became the sole member of SSG Holdings SPV, a wholly-owned and consolidated subsidiary organized as a Delaware limited liability company. SSG Holdings SPV is party to a loan and security agreement dated November 6, 2023, that was amended January 2, 2025, with the Bank of Montreal as administrative agent and collateral agent (the “SSG Holdings SPV Credit Facility”). The SSG Holdings SPV Credit Facility, will generally bear interest at a rate per annum equal to 3-Month Term SOFR plus a margin of 2.60%. The SSG Holdings SPV Credit Facility is secured by a first priority security interest in substantially all of the assets of SSG Holdings SPV and a pledge over 100% of the Funds equity interest in SSG Holdings SPV. The SSG Holdings SPV Credit Facility matures on June 21, 2031, unless sooner terminated in accordance with its terms.
On June 23, 2025, the Fund amended the SSG Holdings SPV Credit Facility to decrease the commitment from $445.9 million to $162.5 million and reduce the Applicable Margin to 2.30%. As of June 30, 2026, the carrying value of the outstanding borrowings approximates fair value due to the variable interest rate and would be categorized in Level 3 of the fair value hierarchy.
As of June 30, 2026, the Fund had outstanding borrowings of $61.3 million under the SSG Holdings SPV Credit Facility. For the six months ended June 30, 2026, the Fund’s borrowings under the SSG Holdings SPV Credit Facility bore interest at a weighted average interest rate of 5.97%. For the six months ended June 30, 2026, the daily average amount of outstanding borrowings under the SSG Holdings SPV Credit Facility was $54.9 million. In conjunction with the SSG Holdings SPV Credit Facility, CPCF paid a closing fee of 1.0% which was assumed as part of the acquisition described in Note 16, and which is being amortized in the Consolidated Statement of Operations over the term of the SSG Holdings SPV Credit Facility. For the six months ended June 30, 2026, expenses charged to the Fund related to the SSG Holdings SPV Credit Facility were $1.6 million.
For the six months ended June 30, 2026 the Fund had aggregate daily average outstanding borrowings of $308.2 million at a weighted average interest rate of 6%.
10. Commitments and Contingencies
ASC 460-10, Guarantees - Overall, requires entities to provide disclosure and, in certain circumstances, recognition of guarantees and indemnifications. In the normal course of business, the Fund enters into contracts that contain a variety of indemnification arrangements. The Fund’s exposure under these arrangements, if any, cannot be quantified. However, the Fund has not had claims or losses pursuant to these indemnification arrangements and expects the potential for a material loss to be remote.
The Fund may, from time to time, be party to various legal matters arising in the ordinary course of business, including claims and litigation proceedings. Although the ultimate outcome of the foregoing matters, if any, cannot be ascertained at this time, the Adviser believes, after consultation with counsel, that the resolution of such matters would not have a material adverse effect on the Fund’s consolidated financial statements.
As of June 30, 2026, the Fund has contractual unfunded commitments to provide additional funding of $37.4 million to Investments in Funds.
As of June 30, 2026, the Fund had the following unfunded commitments to investments in loans:
| Investments in loans | Unfunded Commitment | |||
| 365RM Holdco, LLC Delayed Draw | $ | 354,343 | ||
| 365RM Holdco, LLC Revolver | 519,704 | |||
| AAH Topco, LLC Delayed Draw | 1,151,689 | |||
| AB Centers Acquisition Corporation Revolver | 185,990 | |||
| AB Centers Acquisition Corporation Delayed Draw | 184,718 | |||
| ACP Avenu Buyer, LLC Delayed Draw | 248,846 | |||
67
StepStone Private Credit Income Fund
Notes
to Consolidated Financial Statements (continued)
June 30, 2026 (unaudited)
| Investments in loans | Unfunded Commitment | |||
| ACP Avenu Buyer, LLC Revolver | $ | 67,667 | ||
| ACP Oak Buyer, Inc. Revolver | 1,267,606 | |||
| Advanced Infusion Solutions Acquisition, LLC Delayed Draw | 2,330,097 | |||
| Advanced Infusion Solutions Acquisition, LLC Revolver | 490,874 | |||
| Advanced Medical Management, LLC Revolver | 789,586 | |||
| AKAM Buyer, Inc. Revolver | 290,762 | |||
| AKAM Buyer, Inc. Delayed Draw | 760,791 | |||
| Alkeme Intermediary Holdings, LLC Revolver | 30,404 | |||
| Ambient Enterprises Holdco LLC Delayed Draw | 449,951 | |||
| Ambient Enterprises Holdco LLC Delayed Draw | 367,347 | |||
| Amercareroyal, LLC Revolver | 110,843 | |||
| American Family Care, LLC Delayed Draw | 1,332,311 | |||
| American Family Care, LLC Revolver | 451,631 | |||
| AmeriLife Holdings LLC Delayed Draw | 1,467,105 | |||
| AmeriLife Holdings LLC Revolver | 664,348 | |||
| AMP Purchaser, LLC Revolver | 457,143 | |||
| Any Hour LLC Revolver | 30,823 | |||
| Apex Dental Partners, LLC Delayed Draw | 929,032 | |||
| Apex Service Partners, LLC Revolver | 52,436 | |||
| Aprio Advisory Group, LLC Delayed Draw | 3,707,496 | |||
| Aprio Advisory Group, LLC Revolver | 24,918 | |||
| Aptean, Inc. Delayed Draw | 2,191,527 | |||
| Aptean, Inc. Revolver | 220,172 | |||
| Aptive Environmental, LLC Delayed Draw | 155,039 | |||
| Aptive Environmental, LLC Revolver | 260,465 | |||
| Archer Lewis, LLC Delayed Draw | 11,004 | |||
| Arcline Liberty Buyer LLC Delayed Draw | 103,226 | |||
| Arcline Liberty Buyer LLC Revolver | 412,903 | |||
| Arctic Holdco, LLC Revolver | 76,702 | |||
| Argano LLC Revolver | 166,836 | |||
| ASP Global Holdings, LLC Delayed Draw | 246,353 | |||
| Associations, Inc. Delayed Draw | 129,674 | |||
| Associations, Inc. Revolver | 220,967 | |||
| Associations, Inc. Delayed Draw | 2,400,000 | |||
| Atlantic Pipe Services, LLC Delayed Draw | 954,545 | |||
| Aviation Technical Services, Inc. Revolver | 166,667 | |||
| Avita Care Solutions Revolver | 258,582 | |||
| Axis Portable Air, LLC Revolver | 368,544 | |||
| Badge 21 Midco Holdings LLC Delayed Draw | 1,098,200 | |||
| Badge 21 Midco Holdings LLC Revolver | 607,908 | |||
| Barricade Holdings LLC Delayed Draw | 1,308,075 | |||
| Barricade Holdings LLC Revolver | 327,019 | |||
68
StepStone Private Credit Income Fund
Notes
to Consolidated Financial Statements (continued)
June 30, 2026 (unaudited)
| Investments in loans | Unfunded Commitment | |||
| BC Group Holdings, Inc. Delayed Draw | $ | 1,313,556 | ||
| BCI Burke Holding Corp. Delayed Draw | 838,634 | |||
| Beacon Behavioral Holdings LLC Delayed Draw | 558,409 | |||
| Beacon Behavioral Holdings LLC Revolver | 110,367 | |||
| Beacon Oral Specialists Management LLC Delayed Draw | 801,095 | |||
| Beacon Pointe Harmony, LLC Delayed Draw | 83,762 | |||
| Beacon Pointe Harmony, LLC Revolver | 26,752 | |||
| Blue River Petcare, LLC Revolver | 554,353 | |||
| Blue River Petcare, LLC Delayed Draw | 3,049,035 | |||
| Boston Clinical Trials, LLC Revolver | 30,571 | |||
| Bridgepointe Technologies, LLC Revolver | 685,714 | |||
| Bridgepointe Technologies, LLC Delayed Draw | 1,853,458 | |||
| Bristol Hospice, LLC Revolver | 348,432 | |||
| C3 AcquisitionCo, LLC Delayed Draw | 4,552,461 | |||
| Capitol Imaging Services, LLC Delayed Draw | 2,562,622 | |||
| Carnegie Dartlet, LLC Revolver | 20,000 | |||
| Case Works, LLC Revolver | 7,206 | |||
| Catalyst Acoustic Group, Inc. Delayed Draw | 1,088,889 | |||
| CB Sports Holdings Bidco, LLC Revolver | 429,235 | |||
| CB Sports Holdings Bidco, LLC Delayed Draw | 1,716,943 | |||
| Centex Acquisition, LLC Revolver | 53,952 | |||
| Cerity Partners Equity Holding LLC Revolver | 213,333 | |||
| Cherry Bekaert Advisory LLC Delayed Draw | 1,641,702 | |||
| Cherry Bekaert Advisory LLC Revolver | 343,580 | |||
| Choice Financial Group, LLC Delayed Draw | 1,926,667 | |||
| Chronicle Parent LLC Delayed Draw | 1,829,167 | |||
| Chronicle Parent LLC Revolver | 740,741 | |||
| CMG Holding Co, LLC Revolver | 275,011 | |||
| Comfort Buyer, LLC Delayed Draw | 372,787 | |||
| Comfort Buyer, LLC Revolver | 335,508 | |||
| Computer Services, Inc. Delayed Draw | 29,196 | |||
| Computer Services, Inc. Delayed Draw | 15,959 | |||
| Cooper’s Hawk Intermediate Holding, LLC Delayed Draw | 294,737 | |||
| Cooper’s Hawk Intermediate Holding, LLC Revolver | 210,526 | |||
| Cornerstone Advisors of Arizona, LLC Revolver | 447,214 | |||
| Coupa Holdings, LLC Revolver | 98,151 | |||
| CraneTech USA Inc. Delayed Draw | 3,018,868 | |||
| CraneTech USA Inc. Revolver | 754,717 | |||
| Creative Multicare LLC Delayed Draw | 2,457,459 | |||
| Creek Parent, Inc. Revolver | 774,529 | |||
| CRH Healthcare Purchaser, Inc. Delayed Draw | 689,655 | |||
| CRH Healthcare Purchaser, Inc. Revolver | 275,862 | |||
69
StepStone Private Credit Income Fund
Notes
to Consolidated Financial Statements (continued)
June 30, 2026 (unaudited)
| Investments in loans | Unfunded Commitment | |||
| CSG Buyer, Inc. Delayed Draw | $ | 473,684 | ||
| CSG Buyer, Inc. Revolver | 157,895 | |||
| CSHC BUYERCO, LLC Delayed Draw | 387,801 | |||
| CSHC BUYERCO, LLC Revolver | 571,496 | |||
| CT Technologies Intermediate Holdings Delayed Draw | 156,693 | |||
| CUB Financing Intermediate, LLC Delayed Draw | 4,000,000 | |||
| Curio Brands Intermediate, LLC Delayed Draw | 1,307,190 | |||
| Curio Brands Intermediate, LLC Revolver | 653,595 | |||
| Currier Plastics, LLC Delayed Draw | 784,822 | |||
| Currier Plastics, LLC Revolver | 313,929 | |||
| CVAUSA Management, LLC Revolver | 190,340 | |||
| CVAUSA Management, LLC Delayed Draw | 4,326,125 | |||
| Danforth Global, Inc. Revolver | 504,831 | |||
| DCCM MergerSub, LLC Delayed Draw | 2,778,679 | |||
| DCCM MergerSub, LLC Revolver | 1,145,847 | |||
| Denali Intermediate Holdings Revolver | 525,904 | |||
| Denali Topco, LLC Delayed Draw | 819,672 | |||
| Denali Topco, LLC Revolver | 393,443 | |||
| Dentive, LLC Revolver | 117,760 | |||
| Designs for Health, Inc. Revolver | 684,211 | |||
| Digicert, Inc. Revolver | 269,247 | |||
| Discovery SL Management, LLC Delayed Draw | 267,412 | |||
| Discovery SL Management, LLC Revolver | 64,943 | |||
| Discovery SL Management, LLC Delayed Draw | 250,435 | |||
| DrFirst.com, Inc. Revolver | 149,420 | |||
| Duke’s Root Control, Inc. Revolver | 276,448 | |||
| Durare Bidco, LLC Delayed Draw | 869,091 | |||
| Durare Bidco, LLC Revolver | 727,273 | |||
| Dwyer Instruments, LLC Revolver | 40,792 | |||
| EdgeCo Buyer, Inc. Revolver | 59,199 | |||
| Einstein Parent, Inc. Revolver | 544,674 | |||
| Elder Care Opco LLC Delayed Draw | 783,201 | |||
| Elder Care Opco LLC Revolver | 295,547 | |||
| Emergency Care Partners, LLC Delayed Draw | 17,213 | |||
| Emergency Care Partners, LLC Revolver | 24,590 | |||
| Equinox Buyer, LLC Revolver | 305,444 | |||
| ESP Associates, Inc. Revolver | 413,213 | |||
| ESP Associates, Inc. Delayed Draw | 113,634 | |||
| EvAl Home Health Solutions Intermediate, L.L.C. Revolver | 20,000 | |||
| EVDR Purchaser, Inc. Revolver | 176,601 | |||
| EVDR Purchaser, Inc. Delayed Draw | 430,734 | |||
| Everbridge Holdings, LLC Delayed Draw | 664,714 | |||
70
StepStone Private Credit Income Fund
Notes
to Consolidated Financial Statements (continued)
June 30, 2026 (unaudited)
| Investments in loans | Unfunded Commitment | |||
| Everbridge Holdings, LLC Revolver | $ | 437,312 | ||
| Evergreen Services Group II Delayed Draw | 1,008,581 | |||
| First Legal Buyer, Inc. Delayed Draw | 143,482 | |||
| First Legal Buyer, Inc. Revolver | 248,185 | |||
| First Legal Buyer, Inc. Delayed Draw | 697,689 | |||
| FirstCall Mechanical Group, LLC Delayed Draw | 8,000,000 | |||
| Force Electrical Buyerco, LLC Delayed Draw | 1,560,963 | |||
| Force Electrical Buyerco, LLC Revolver | 216,073 | |||
| Fullsteam Operations LLC Delayed Draw | 923,077 | |||
| Fullsteam Operations LLC Revolver | 207,692 | |||
| Galway Borrower LLC Revolver | 168,849 | |||
| Gator Plastic Intermediate Holdings, LLC Revolver | 238,778 | |||
| GC Waves Holdings, Inc Delayed Draw | 431,389 | |||
| GC Waves Holdings, Inc. Revolver | 90,016 | |||
| GMF Parent, Inc. Delayed Draw | 500,000 | |||
| GMF Parent, Inc. Revolver | 250,000 | |||
| Golden State Dermatology Management, LLC Delayed Draw | 2,107,143 | |||
| Graymar Acquisition LLC Delayed Draw | 152,668 | |||
| Greenwood Operating Group, LLC Revolver | 583,874 | |||
| GS Acquisitionco, Inc. Delayed Draw | 350,698 | |||
| Guava Buyer LLC Delayed Draw | 214,013 | |||
| Guava Buyer LLC Revolver | 351,592 | |||
| Harris & Co. LLC Revolver | 226,637 | |||
| Harris & Co. LLC Delayed Draw | 504,050 | |||
| HBWM Intermediate II, LLC Delayed Draw | 400,406 | |||
| HBWM INTERMEDIATE II, LLC Revolver | 134,842 | |||
| Heads Up Technologies, Inc. Revolver | 636,364 | |||
| Health Buyer LLC Revolver | 183,824 | |||
| Hec Purchaser Corp. Revolver | 260,417 | |||
| Heritage Foodservice Investment, LLC Revolver | 93,740 | |||
| Heritage Foodservice Investment, LLC Delayed Draw | 1,474,391 | |||
| HHS Buyer Inc. Revolver | 1,081,315 | |||
| Hills Distribution, Inc. Delayed Draw | 171,605 | |||
| HLSG Intermediate, LLC Delayed Draw | 54,465 | |||
| HLSG Intermediate, LLC Revolver | 308,295 | |||
| I.D. Images Acquisition, LLC Revolver | 170,510 | |||
| Ideal Components Acquisition, LLC Delayed Draw | 965,264 | |||
| Ideal Components Acquisition, LLC Revolver | 493,357 | |||
| IG Investments Holdings, LLC Revolver | 280,236 | |||
| Imagine 360 LLC Revolver | 187,098 | |||
| Imagine 360 LLC Delayed Draw | 298,637 | |||
| Impact Advisors, LLC Delayed Draw | 111,343 | |||
71
StepStone Private Credit Income Fund
Notes
to Consolidated Financial Statements (continued)
June 30, 2026 (unaudited)
| Investments in loans | Unfunded Commitment | |||
| Impact Advisors, LLC Revolver | $ | 10,286 | ||
| Improving Acquisition, LLC Revolver | 525,844 | |||
| Innovative Discovery, LLC Revolver | 155,844 | |||
| Innovative Discovery, LLC Delayed Draw | 519,481 | |||
| Inszone Mid, LLC Delayed Draw | 215,017 | |||
| IVX Health Holdings, Inc. Revolver | 533,427 | |||
| Ivy Technology Parent Intermediate III Holdings, LLC Revolver | 181,298 | |||
| Kite Bidco Inc. Delayed Draw | 661,257 | |||
| Lakewood Acquisition Corp Revolver | 1,509,054 | |||
| Last Dance Intermediate I, LLC Delayed Draw | 665,600 | |||
| LeadVenture Inc. Delayed Draw | 667,360 | |||
| LeadVenture Inc. Revolver | 614,970 | |||
| Liberty Purchaser, LLC Delayed Draw | 3,920,000 | |||
| Lido Advisors, LLC Revolver | 27,387 | |||
| Lido Advisors, LLC Delayed Draw | 11,581 | |||
| Life Science Intermediate, Holdings, LLC Delayed Draw | 1,192,875 | |||
| Lightspeed Borrower, LLC Revolver | 270,501 | |||
| Lindstrom, LLC Revolver | 442,701 | |||
| LJ Avalon Holdings, LLC Revolver | 586,667 | |||
| Machine Sciences Corporation Revolver | 261,905 | |||
| Machine Sciences Corporation Delayed Draw | 1,798,165 | |||
| Management Consulting & Research, LLC Revolver | 868,751 | |||
| Management Consulting & Research, LLC Delayed Draw | 160,456 | |||
| MB2 Dental Solutions, LLC Delayed Draw | 216,931 | |||
| Mechanair LLC Delayed Draw | 1,263,158 | |||
| Mechanair LLC Revolver | 159,858 | |||
| Med Learning Group, LLC Delayed Draw | 416,667 | |||
| Medical Device Inc. Revolver | 165,289 | |||
| Medina Health, LLC Delayed Draw | 103,992 | |||
| Medrina, LLC Delayed Draw | 677,895 | |||
| Minds Buyer, LLC Revolver | 156,250 | |||
| MKD Electric, LLC Revolver | 258,379 | |||
| MoboTrex, LLC Delayed Draw | 1,197,949 | |||
| MoboTrex, LLC Revolver | 300,855 | |||
| Model N, Inc. Revolver | 207,254 | |||
| Model N, Inc. Delayed Draw | 194,301 | |||
| Monarch Collective Holdings, LLC Revolver | 102,004 | |||
| Monarch Collective Holdings, LLC Delayed Draw | 633,698 | |||
| Moonlight Parent, Inc. Delayed Draw | 754,717 | |||
| Moonlight Parent, Inc. Revolver | 452,830 | |||
| MPULSE Mobile, Inc. Delayed Draw | 307,692 | |||
| MPULSE Mobile, Inc. Revolver | 461,538 | |||
72
StepStone Private Credit Income Fund
Notes
to Consolidated Financial Statements (continued)
June 30, 2026 (unaudited)
| Investments in loans | Unfunded Commitment | |||
| NE Ortho Management Services, LLC Delayed Draw | $ | 2,705,882 | ||
| NE Ortho Management Services, LLC Revolver | 188,235 | |||
| New Charter Technologies, Inc. Delayed Draw | 2,059,271 | |||
| New Charter Technologies, Inc. Revolver | 282,092 | |||
| NMI Acquisitionco, Inc. Revolver | 27,692 | |||
| NWP Acquisition Holdings, LLC Delayed Draw | 154,645 | |||
| NWP Acquisition Holdings, LLC Revolver | 110,461 | |||
| OPS Wildcat Merger Sub, Inc. Revolver | 29,412 | |||
| Optimizely North America Inc. Revolver | 352,000 | |||
| Owl Cyber Defense Solutions, LLC Revolver | 289,926 | |||
| Packaging Coordinators Midco, Inc. Delayed Draw | 357,462 | |||
| Packaging Coordinators Midco, Inc. Delayed Draw | 9,099 | |||
| Packaging Coordinators Midco, Inc. Revolver | 374,524 | |||
| Packaging Coordinators Midco, Inc. Delayed Draw | 487,420 | |||
| Packaging Coordinators Midco, Inc. Delayed Draw | 475,531 | |||
| PAI Financing Merger Sub LLC Revolver | 924,296 | |||
| Patriot Foods Buyer, Inc. Delayed Draw | 1,828,767 | |||
| Pave America Holding, LLC Delayed Draw | 432,432 | |||
| Pave America Holding, LLC Revolver | 324,324 | |||
| Pavement Preservation Acquisition, LLC Revolver | 686,250 | |||
| PCS Midco, Inc. Revolver | 6,250 | |||
| PestCo, LLC Revolver | 194,631 | |||
| PGI Parent LLC Revolver | 871,584 | |||
| Pharmalogic Holdings Corp Delayed Draw | 310,881 | |||
| Play Holdings, Inc. Revolver | 179,238 | |||
| PMA Parent Holdings, LLC Revolver | 104,500 | |||
| PMA Parent Holdings, LLC Revolver | 97,114 | |||
| Point Quest Group, Inc. Delayed Draw | 423,415 | |||
| Point Quest Group, Inc. Revolver | 292,683 | |||
| Portage Point Partners, LP Revolver | 871,972 | |||
| Premise Health Holding Corp Delayed Draw | 29,786 | |||
| Premise Health Holding Corp. Revolver | 91,059 | |||
| Prestige PEO Holdings, LLC Revolver | 173,416 | |||
| PRGX Global, Inc. Delayed Draw | 876,121 | |||
| Puma Buyer, LLC Revolver | 1,388,889 | |||
| Purple Cow Buyer, LLC Delayed Draw | 2,139,422 | |||
| Quantum Design International Delayed Draw | 406,504 | |||
| Quantum Design International Delayed Draw | 1,626,016 | |||
| Quick Quack Car Wash Holdings, LLC Delayed Draw | 1,960,000 | |||
| Railpros Parent, LLC Revolver | 222,387 | |||
| Railpros Parent, LLC Delayed Draw | 311,342 | |||
| RBFD Buyer, LLC Delayed Draw | 138,024 | |||
73
StepStone Private Credit Income Fund
Notes
to Consolidated Financial Statements (continued)
June 30, 2026 (unaudited)
| Investments in loans | Unfunded Commitment | |||
| RBFD Buyer, LLC Revolver | $ | 81,191 | ||
| RCP Nats Purchaser, LLC Revolver | 784,055 | |||
| RCP Nats Purchaser, LLC Delayed Draw | 448,032 | |||
| Recipe Acquisition Corp. Delayed Draw | 624,895 | |||
| Recipe Acquisition Corp. Revolver | 218,495 | |||
| Red Fox CD Acquisition Corporation Delayed Draw | 132,713 | |||
| Renaissance Buyer, LLC Revolver | 251,275 | |||
| REP TEC Intermediate Holdings, Inc. Revolver | 517,680 | |||
| Resixperts Holdco, LLC Delayed Draw | 103,987 | |||
| Resixperts Holdco, LLC Revolver | 91,548 | |||
| Rocket Youth Brands HoldCo LLC Delayed Draw | 909,492 | |||
| Rocket Youth Brands HoldCo LLC Revolver | 174,902 | |||
| RPM Purchasers, Inc. Delayed Draw | 197,759 | |||
| RRA Corporate, LLC Delayed Draw | 11,541 | |||
| RRA Corporate, LLC Revolver | 5,282 | |||
| SAAB Purchaser, Inc. Delayed Draw | 1,846,154 | |||
| SAAB Purchaser, Inc. Revolver | 246,154 | |||
| Sabel Systems Technology Solutions, LLC Revolver | 79,422 | |||
| Safari Borrower, LLC Revolver | 140,052 | |||
| Safari Borrower, LLC Delayed Draw | 840,312 | |||
| SageBrush Buyer, LLC Revolver | 258,621 | |||
| Salisbury House, LLC Delayed Draw | 390,019 | |||
| Salisbury House, LLC Revolver | 342,122 | |||
| Salute Mission Critical, LLC Delayed Draw | 29,591 | |||
| SCP WQS Buyer, LLC Revolver | 557,491 | |||
| SCP WQS Buyer, LLC Delayed Draw | 2,787,456 | |||
| Seahawk Buyer, LLC Revolver | 614,425 | |||
| Seahawk Buyer, LLC Delayed Draw | 2,903,325 | |||
| Security Buyer, LLC Revolver | 146,807 | |||
| Security Buyer, LLC Delayed Draw | 88,084 | |||
| Sigma Defense Systems, Inc. Revolver | 21,154 | |||
| Sigma Defense Systems, Inc. Delayed Draw | 211,330 | |||
| SkyMark Refuelers, LLC Delayed Draw | 209,594 | |||
| SkyMark Refuelers, LLC Delayed Draw | 960,384 | |||
| SkyMark Refuelers, LLC Revolver | 480,192 | |||
| Skyrodema Bidco, LLC Delayed Draw | 509,091 | |||
| Socket Holding Corporation Revolver | 202,545 | |||
| Solairus Holdings, LLC Revolver | 383,803 | |||
| Solairus Holdings, LLC Revolver | 67,126 | |||
| Solairus Holdings, LLC Delayed Draw | 268,502 | |||
| Southern Orthodontic Partners, LLC Delayed Draw | 320,378 | |||
| Southern Orthodontic Partners, LLC Revolver | 65,509 | |||
74
StepStone Private Credit Income Fund
Notes
to Consolidated Financial Statements (continued)
June 30, 2026 (unaudited)
| Investments in loans | Unfunded Commitment | |||
| Springline Advisory Intermediate, LLC Revolver | $ | 425,532 | ||
| Springline Advisory Intermediate, LLC Delayed Draw | 1,557,186 | |||
| SRP Eagle Buyer, Inc. Delayed Draw | 1,290,323 | |||
| SRP Eagle Buyer, Inc. Revolver | 516,129 | |||
| Stonebridge Companies, LLC Revolver | 681,508 | |||
| Stonebridge Companies, LLC Delayed Draw | 1,022,263 | |||
| Straine Dental Management, LLC Delayed Draw | 924,283 | |||
| SuperHero Fire Protection, LLC Revolver | 17,083 | |||
| Surgical Center Solutions, LLC Delayed Draw | 410,448 | |||
| Surgical Center Solutions, LLC Revolver | 267,413 | |||
| SV Newco 2, Inc. Delayed Draw | 1,551,973 | |||
| SV Newco 2, Inc. Revolver | 462,163 | |||
| Syndigo LLC Revolver | 398,104 | |||
| Talent Worldwide Inc Revolver | 59,053 | |||
| Tau Midco, LLC Revolver | 216,471 | |||
| Theoria Management, LLC Delayed Draw | 1,033,327 | |||
| TL Atlas Merger Sub Corp Revolver | 1,000,000 | |||
| ToxStrategies, LLC Delayed Draw | 163,702 | |||
| ToxStrategies, LLC Revolver | 229,183 | |||
| Transgo, LLC Revolver | 197,932 | |||
| Tricor, LLC Revolver | 242,183 | |||
| Tricor, LLC Delayed Draw | 1,566,624 | |||
| Trintech Inc. Delayed Draw | 516,129 | |||
| Trintech Inc. Revolver | 387,097 | |||
| Truck-Lite Co. LLC Delayed Draw | 773,154 | |||
| Truck-Lite Co. LLC Delayed Draw | 635,885 | |||
| Truck-Lite Co. LLC Revolver | 154,407 | |||
| True Talent Advisory Borrower LLC Delayed Draw | 906,961 | |||
| True Talent Advisory Borrower LLC Revolver | 521,360 | |||
| TVG- MGT Merger, LLC Delayed Draw | 1,534,514 | |||
| TVG- MGT Merger, LLC Revolver | 61,552 | |||
| Tvg Shelby Buyer, Inc. Delayed Draw | 518,304 | |||
| Tvg Shelby Buyer, Inc. Revolver | 83,333 | |||
| TWH Bidco, LLC Delayed Draw | 840,336 | |||
| U.S. Urology Partners, LLC Delayed Draw | 4,000,000 | |||
| U.S. Urology Partners, LLC Delayed Draw | 4,000,000 | |||
| Upland Software, Inc. Revolver | 680,000 | |||
| UpStack Holdco Inc. Delayed Draw | 407,571 | |||
| UpStack Holdco Inc. Revolver | 160,714 | |||
| USIC Holdings, Inc. Revolver | 24,524 | |||
| USIC Holdings, Inc. Delayed Draw | 38,368 | |||
| Vacation Rental Brands, LLC Revolver | 555,419 | |||
75
StepStone Private Credit Income Fund
Notes
to Consolidated Financial Statements (continued)
June 30, 2026 (unaudited)
| Investments in loans | Unfunded Commitment | |||
| Valkyrie Buyer, LLC Delayed Draw | $ | 1,710,058 | ||
| Valkyrie Buyer, LLC Revolver | 406,490 | |||
| Valkyrie Buyer, LLC Delayed Draw | 43,135 | |||
| Vatica Health, Inc. Revolver | 363,636 | |||
| Vertex Service Partners, LLC Delayed Draw | 1,182,879 | |||
| Vital Purchaser, LLC Revolver | 164,000 | |||
| Vortex Companies, LLC Delayed Draw | 917,604 | |||
| Vortex Companies, LLC Revolver | 229,167 | |||
| VRC Companies, LLC Revolver | 37,613 | |||
| VTC Buyer Corp. Revolver | 529,919 | |||
| VTC Buyer Corp. Delayed Draw | 574,091 | |||
| Vybond Buyer LLC Revolver | 967,673 | |||
| Vybond Buyer LLC Delayed Draw | 1,290,231 | |||
| W.A. Kendall and Company, LLC Revolver | 69,162 | |||
| W.A. Kendall and Company, LLC Delayed Draw | 1,487,154 | |||
| Wasteology Group Transportation, LLC Delayed Draw | 1,257,132 | |||
| Wasteology Group Transportation, LLC Revolver | 389,007 | |||
| Wealth Enhancement Group, LLC Revolver | 128,213 | |||
| Western Smokehouse Partners, LLC Revolver | 309,122 | |||
| Wges Buyer Inc. Delayed Draw | 2,805,000 | |||
| Wharf Street Ratings Acquisition LLC Delayed Draw | 549,486 | |||
| Wharf Street Ratings Acquisition LLC Revolver | 566,493 | |||
| Worldwide Insurance Network, LLC Delayed Draw | 992,609 | |||
| Kami Buyer, LLC Delayed Draw | 1,818,182 | |||
| Pipe Warehouse Trust II Delayed Draw | 2,739,487 | |||
| SPC Jamboree Lender LLC Revolver | 1,489,441 | |||
| Total unfunded commitments | $ | 244,653,529 | ||
11. Capital Share Transactions
The Fund offers three separate classes of shares of beneficial interest designated as Class I Shares, Class D Shares and Class S Shares. Each class of Shares is subject to different fees and expenses.
Subject to certain conditions, Shareholders may exchange shares from one class to another for an equivalent NAV amount of that share class.
76
StepStone Private Credit Income Fund
Notes
to Consolidated Financial Statements (continued)
June 30, 2026 (unaudited)
The following table summarizes the capital share transactions for the six months ended June 30, 2026 and the period ended December 31, 2025:
| For the Six Months Ended June 30, 2026 (unaudited) | For the Period Ended December 31, 2025 | |||||||||||||||
| Shares | Dollar Amounts | Shares | Dollar Amounts | |||||||||||||
| Class I | ||||||||||||||||
| Proceeds from shares issued | 25,127,898 | $ | 254,196,240 | 20,894,126 | $ | 212,550,879 | ||||||||||
| Issuance of shares in connection with | ||||||||||||||||
| portfolio acquisition (Note 16) | — | — | 61,816,805 | 623,460,822 | ||||||||||||
| Reinvestment of distributions | 1,140,402 | 11,415,427 | 4,071,736 | 40,980,591 | ||||||||||||
| Repurchase of shares | (5,426,180 | ) | (55,413,114 | ) | (2,188,251 | ) | (22,431,185 | ) | ||||||||
| Exchange of shares | — | — | — | — | ||||||||||||
| Net increase (decrease) | 20,842,120 | $ | 210,198,553 | 84,594,416 | $ | 854,561,107 | ||||||||||
| Class D | ||||||||||||||||
| Proceeds from shares issued | 991 | $ | 10,000 | 59 | $ | 600 | ||||||||||
| Reinvestment of distributions | 51 | 512 | 101 | 1,017 | ||||||||||||
| Repurchase of shares | — | — | (63 | ) | (642 | ) | ||||||||||
| Exchange of shares | — | — | — | — | ||||||||||||
| Net increase (decrease) | 1,042 | $ | 10,512 | 97 | $ | 975 | ||||||||||
| Class S | ||||||||||||||||
| Proceeds from shares issued | 15,898 | $ | 162,108 | — | $ | — | ||||||||||
| Reinvestment of distributions | 130 | 1,301 | 182 | 1,838 | ||||||||||||
| Repurchase of shares | — | — | — | — | ||||||||||||
| Exchange of shares | — | — | 3,406 | 34,435 | ||||||||||||
| Net increase (decrease) | 16,028 | 163,409 | 3,588 | $ | 36,273 | |||||||||||
| Class T1 | ||||||||||||||||
| Proceeds from shares issued | — | $ | — | — | $ | — | ||||||||||
| Reinvestment of distributions | — | — | — | — | ||||||||||||
| Repurchase of shares | — | — | — | — | ||||||||||||
| Exchange of shares | — | — | (3,406 | ) | (34,435 | ) | ||||||||||
| Net increase (decrease) | — | $ | — | $ | (3,406 | ) | $ | (34,435 | ) | |||||||
| 1 | On January 17, 2025, the Fund converted Class T shares into Class S shares and ceased offering Class T Shares. |
The Fund conducts quarterly offers to repurchase between 5.00% and 25.00% of its outstanding Shares at NAV, unless such offer is suspended or postponed in accordance with regulatory requirements (as discussed in Note 1). No Shareholder will have the right to require the Fund to repurchase such Shareholder’s Shares or any portion thereof. In the event that Shareholders, in the aggregate, submit for repurchase more than the number of Shares that the Fund will offer to repurchase, the Fund will repurchase the Shares on a pro rata basis, which may result in the Fund not honoring the full amount of a Share repurchase requested by a Shareholder. In connection with any given quarterly repurchase offer, the Fund currently intends to repurchase up to 5.00% of its outstanding Shares.
Rule 23c-3(b)(5) of the 1940 Act permits the Fund to repurchase up to an additional 2.00% of its outstanding Shares beyond the stated repurchase offer amount in the event that Shareholder repurchase requests exceed the offer. During the periods presented, repurchase requests were below the applicable offer amounts. Therefore, the Fund did not exercise the available option to repurchase additional Shares beyond the stated offer amount. As a result, all repurchase requests were fulfilled in full, and no pro rata reductions were necessary.
77
StepStone Private Credit Income Fund
Notes
to Consolidated Financial Statements (continued)
June 30, 2026 (unaudited)
The following table summarizes the Fund’s repurchase activity:
| Repurchase
Offer Amount | Shares Submitted for Repurchase | |||||||
| Repurchase Request Deadline | (Shares) | (all classes) | ||||||
| March 14, 2025 | 3,898,769 | 244,398 | ||||||
| June 16, 2025 | 4,417,984 | 1,537,818 | ||||||
| September 15, 2025 | 4,674,625 | 149,848 | ||||||
| December 15, 2025 | 4,921,706 | 256,250 | ||||||
| March 16, 2026 | 5,265,579 | 3,303,875 | ||||||
| June 16, 2026 | 6,132,239 | 2,122,305 | ||||||
12. Dividend Reinvestment Plan
Pursuant to the dividend reinvestment plan (“DRIP”) established by the Fund, each Shareholder whose Shares are registered in its own name will automatically be a participant under the DRIP and all income and/or capital gain dividend distributions will automatically be reinvested in additional Shares unless such Shareholder specifically elects to receive all income and/or capital gain dividends in cash. A Shareholder is free to change this election at any time. If, however, a Shareholder requests to change its election within 30 days prior to a distribution, the request will be effective only with respect to distributions after the 30-day period.
13. Investment Transactions
For the six months ended June 30, 2026, purchases of investments, including the funding of existing commitments, excluding short-term investments, were $401.2 million. For the six months ended June 30, 2026, total distributions, sales and repayments from investments, excluding short-term investments, were $170.5 million.
14. Tax Information
The Fund’s tax year ends on December 31. Accordingly, the tax-related disclosures herein are based on information as of December 31, 2025, the most recent tax year-end. There were no material tax-related changes during the period from January 1, 2026 through June 30, 2026.
As of December 31, 2025, the Fund had temporary differences primarily due to timing of the amortization of organizational costs and undistributed tax basis.
U.S. GAAP requires that certain components of net assets be reclassified between financial and tax reporting. As of December 31, 2025, the Fund had permanent book to tax differences of $12,329 resulting primarily from a nondeductible excise tax. This permanent book to tax difference has been reclassified to paid-in capital and had no effect on the net assets or net asset value per share of the Fund.
For the tax year ended December 31, 2025, the Fund’s tax components of distributable earnings (accumulated loss) on a tax basis were as follows:
| Undistributed ordinary income | $ | 12,079 | ||
| Current year late-year loss deferral | (911,753 | ) | ||
| Undistributed long-term capital gains | — | |||
| Net tax appreciation (depreciation) | $ | (750,537 | ) | |
| Other temporary differences | (622,957 | ) | ||
| Total distributable earnings (accumulated loss) | $ | (2,273,168 | ) |
78
StepStone Private Credit Income Fund
Notes
to Consolidated Financial Statements (continued)
June 30, 2026 (unaudited)
The tax character of Subchapter M distributions for the tax year ended December 31, 2025 was as follows:
| Ordinary Income | Long-Term Capital Gains | |||||||
| 2025 | $ | 84,357,079 | $ | — | ||||
For the six months ended June 30, 2026, the federal tax cost of investments and unrealized appreciation (depreciation) were as follows:
| Gross unrealized appreciation | $ | 5,841,456 | ||
| Gross unrealized depreciation | (12,995,168 | ) | ||
| Net unrealized appreciation (depreciation) on investments | $ | (7,153,712 | ) | |
| Tax cost of investments | $ | 1,533,208,687 |
The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses on partnership and passive foreign investment company investments.
ASC 740 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity before being measured and recognized in the consolidated financial statements. Management has concluded there were no uncertain tax positions as of the six months ended June 30, 2026 for federal income tax purposes or in the Fund’s state and local tax jurisdictions. The Fund will recognize interest and penalties, if any, related to unrecognized tax benefits as tax expense in the Consolidated Statement of Operations. For the six months ended June 30, 2026, the Fund did not incur any interest or penalties. The Fund did not have any unrecognized tax benefits as of the six months ended June 30, 2026.
15. Risk Factors
An investment in the Fund involves material risks, including performance risk, liquidity risk, business and financial risk, risks associated with the use of leverage, valuation risk, tax risk and other risks that should be carefully considered prior to investing and investing should only be considered by persons financially able to maintain their investment and who can afford a loss of a substantial part or all of such investment.
16. Portfolio Acquisition
On January 2, 2025, the Fund had the initial closing on an agreement with Cresset Partners Private Credit Fund, LLC (“CPCF”) to acquire substantially all of CPCF’s net assets (“Portfolio Acquisition”). The Portfolio Acquisition was effected pursuant to the Unit and Asset Purchase Agreement, dated as of November 23, 2024 (the “Purchase Agreement”), by and among the Fund, CPCF, and additional parties. The Purchase Agreement sets forth the terms and conditions of the transaction, including the mechanism by which substantially all of the net assets of CPCF were acquired by the Fund in exchange for Class I Shares of the Fund, and outlines the in-kind transfer of assets and assumption of certain liabilities. The Portfolio Acquisition is treated as a taxable event for U.S. federal income tax purposes. The agreement also describes the closing deliverables, purchase price allocation, post-closing adjustments, and other material terms governing the acquisition and related restructuring activities. Upon closing the Portfolio Acquisition, CPCF was renamed CRDEX Equity Partners LLC (“Feeder Fund”).
79
StepStone Private Credit Income Fund
Notes
to Consolidated Financial Statements (continued)
June 30, 2026 (unaudited)
The assets acquired in the transaction consisted of cash, a portfolio of investments in corporate loans, collateralized loan obligations and interests in investment vehicles that invest in debt securities. The liabilities assumed consist of the SSG Holdings SPV Credit Facility.
The transaction had an initial closing on January 2, 2025, at which point ownership of substantially all of the Feeder Fund’s assets was transferred to the Fund. This initial transfer was subject to certain holdbacks and valuation adjustments, which were finalized on April 23, 2025.
Changes in ownership of the portfolio of investments were effectuated by each investment’s respective form of assignment, such that all acquired investments are held in the name of the Fund. In addition, the Fund became the sole member of SSG Holdings SPV and, as a result, consolidates all SSG Holdings SPV’s assets and liabilities, including a portfolio of direct lending assets, CLO assets and the SSG Holdings SPV Credit Facility.
On January 2, 2025, March 31, 2025, and April 23, 2025, the Fund issued 56,931,963, 4,813,788, and 71,054 Shares, respectively, of additional Class I Shares to the Feeder Fund in connection with the Fund’s acquisition of its net assets. On April 23, 2025, subsequent to the final closing of the Portfolio Acquisition, the Fund had gross assets of $1.0 billion, net assets of $860.6 million and 85,171,225 Shares outstanding.
The Portfolio Acquisition was accounted for as an asset acquisition under ASC 805-50, Business Combinations-Related Issues (“ASC 805”). Under asset acquisition accounting, the Fund allocated the total consideration paid—including the fair value of Class I Shares issued and transaction costs—to the individual assets acquired and liabilities assumed based on their relative fair values as of the acquisition date. In accordance with ASC 805-50-30-1, the acquired assets were recognized based on their cost to the Fund, which included transaction costs, and no goodwill was recorded. The fair value of the net assets acquired equaled the consideration paid, and no gain or loss was recognized. Cash received from the Portfolio Acquisition is presented net of transaction costs, other assets, and other liabilities in the Consolidated Statement of Cash Flows.
With substantially all CRDEX Equity Partners LLC assets invested in Shares of the Fund, it became a Feeder Fund following the Portfolio Acquisition. As of December 31, 2025, the Feeder Fund held 65.1% of the outstanding Shares of the Fund. The Shares held by the Feeder Fund are subject to contractual lock-ups that expire in various tranches beginning in March 31, 2026. As the lock-ups expire, the Shares held by the Feeder Fund are distributed to the investors in the Feeder Fund who become direct investors in the Fund.
On January 2, 2025, as a result of the Portfolio Acquisition, the Fund became the sole member of SSG Holdings SPV, a wholly-owned and consolidated subsidiary as described in Note 2. SSG Holdings SPV is party to a loan and security agreement dated as described in Note 9.
As of January 2, 2025, SSG Holdings SPV had $112.8 million outstanding on the $445.9 million commitment under the SSG Holdings SPV Credit Facility. The total commitment amount was later amended as described in Note 9.
80
StepStone Private Credit Income Fund
Notes
to Consolidated Financial Statements (continued)
June 30, 2026 (unaudited)
The following table summarizes the allocation of the purchase price to the assets acquired and liabilities assumed as a result of the Portfolio Acquisition:
| Value of shares issued | $ | 623,460,822 | ||
| Transaction costs | 935,174 | |||
| Consideration paid | $ | 624,395,996 | ||
| Investments | $ | 594,316,300 | ||
| Cash, cash equivalents, and restricted cash | 145,563,672 | |||
| Other assets | 1,195,950 | |||
| Total assets acquired | 741,075,922 | |||
| SSG Holdings SPV Credit Facility | 112,788,386 | |||
| Other liabilities | 3,891,540 | |||
| Total liabilities acquired | 116,679,926 | |||
| Total net assets acquired | $ | 624,395,996 |
17. Subsequent Events
As of July 21, 2026, Class D shares were no longer offered and, on July 31, 2026, all outstanding Class D shares were converted into Class I shares.
On August 11, 2026, the Fund commenced a repurchase offer with a repurchase request deadline of September 15, 2026.
The Fund has adopted financial reporting rules regarding subsequent events which require an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet or may be of such a nature that disclosure will keep the financial statements from being misleading. The Adviser has evaluated the Fund’s related events and transactions that occurred through the date of issuance of the Fund’s financial statements. There were no other events or transactions that occurred during this period that materially impacted the amounts or disclosures in the Fund’s consolidated financial statements or the accompanying notes.
81
StepStone Private Credit Income Fund
Other Information
June 30, 2026
Proxy Voting Record
Information regarding how the Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is also available, without charge and upon request by calling the Fund at (877) 772-7724 or by accessing the Fund’s Form N-PX on the SEC’s website at sec.gov.
Proxy Voting Policies and Procedures
A description of the Fund’s proxy voting policies and procedures related to portfolio securities is available without charge, upon request, by calling the Fund at (704) 215-4300 or on the U.S. Securities and Exchange Commission’s (“SEC”) website at sec.gov.
Interval Fund Policy
The Fund has adopted a fundamental policy, which may be changed only by the affirmative vote of a “majority of the outstanding voting securities” of the Fund (as defined in the 1940 Act), that it will make quarterly repurchase offers pursuant to Rule 23c-3 under the 1940 Act, as such rule may be amended from time to time, for between 5% and 25% of the Fund’s shares outstanding at NAV, unless suspended or postponed in accordance with regulatory requirements, and each repurchase pricing shall occur no later than the 14th day after the repurchase request deadline, or the next business day if the 14th day is not a business day.
Availability of Quarterly Portfolio Schedules
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT is available on the SEC website at sec.gov, or without charge and upon request by calling the Fund at (704) 215-4300.
82
Investment
Adviser and Administrator
StepStone Group Private Wealth LLC
128 S Tryon St., Suite 1600
Charlotte,
North Carolina 28202
www.stepstonepw.com
Investment
Sub-Adviser
StepStone Group Private Debt LLC
277 Park Avenue 44th Floor
New York, New York 10172
Investment
Sub-Subadviser
StepStone Group Europe
Alternative Investments Limited
Third
Floor, One Haddington Buildings
Haddington Road, Floor 3
Dublin 4, D04 X4C9, Ireland
Custodian
UMB Bank, N.A.
928
Grand Boulevard, 5th Floor
Kansas City, Missouri 64106
Sub-Administrator, Transfer Agent and Sub-Accountant
UMB Fund Services, Inc.
235 W. Galena Street
Milwaukee, Wisconsin 53212-3949
Phone: (414) 299-2200
Distributor
Distribution Services, LLC
3 Canal Plaza, Suite 100
Portland, Maine 04101
Independent Registered Public Accounting Firm
Ernst
& Young LLP
One Manhattan West
New York, New York 10001
83
(b) Not applicable.
ITEM 2. CODE OF ETHICS.
Not applicable for semi-annual report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable for semi-annual report.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable for semi-annual report.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. INVESTMENTS.
(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the Report to Shareholders filed under Item 1(a) of this Form.
(b) Not applicable.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
Not applicable.
ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable for semi-annual report.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) Not applicable for semi-annual report.
(b) Not applicable.
ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
No purchases were made during the reporting period by or on behalf of the Fund or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the Fund’s equity securities that is registered by the Registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).
ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant’s board of trustees during the period covered by this report.
ITEM 16. CONTROLS AND PROCEDURES.
(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
ITEM 17. DISCLOSURE OF THE SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT COMPANIES.
(a) Not applicable.
(b) Not applicable.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
(a) Not applicable.
(b) Not applicable.
ITEM 19. EXHIBITS.
(a)(1) Not applicable for semi-annual report.
(a)(2) Not applicable.
(a)(4) Not applicable.
(a)(5) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | StepStone Private Credit Income Fund | |
| By (Signature and Title)* | /s/ Robert W. Long | |
| Robert W. Long, President | ||
| (Principal Executive Officer) | ||
| Date | August 31, 2026 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By (Signature and Title)* | /s/ Robert W. Long | |
| Robert W. Long, President | ||
| (Principal Executive Officer) | ||
| Date | August 31, 2026 |
| By (Signature and Title)* | /s/ Kimberly S. Zeitvogel | |
| Kimberly S. Zeitvogel, Treasurer | ||
| (Principal Financial Officer) | ||
| Date | August 31, 2026 |
* Print the name and title of each signing officer under his or her signature.