0002059105falseN-CSRS 0002059105 2026-01-01 2026-06-30 0002059105 ck0002059105:CommonSharesMember 2026-01-01 2026-06-30 xbrli:shares
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSI
ON
Washington, D.C. 20549
FORM
N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-24079
 
StepStone Private Credit Co-Investment Fund
 
(Exact name of registrant as specified in charter)
277 Park Avenue, 44th Floor
New York, New York 10172
 
(Address of principal executive offices) (Zip code)
Ariel Goldblatt Principal Executive Officer
StepStone Group Private Debt LLC
277 Park Avenue, 44th Floor
New York, New York 10172
 
(Name and address of agent for service)
Registrant’s telephone number, including area code: 212-351-6100
 
Date of fiscal year end: December 31
 
Date of reporting period: June 30, 2026
 
 
ITEM 1. REPORTS TO STOCKHOLDERS.
(a)
The Report to Shareholders is attached herewith.
 
 
 
StepStone Private Credit Co-Investment Fund
 
 
Financial Statements
For the Six Months Ended June 30, 2026
(unaudited)
Semi-Annual Report
 
 
 
StepStone Private Credit Co-Investment Fund
 
Table of Contents
For the Six Months Ended June 30, 2026 (unaudited)
 
 
 
 
 
2
-
16
 
 
 
 
17
 
 
 
 
18
 
 
 
 
19
 
 
 
 
20
 
 
 
 
21
 
 
 
 
22
-
37
 
 
 
Other Information
 (unaudited)
 
38
 
 
1
StepStone Private Credit Co-Investment
Fund
 
Schedule of Investments
June 30, 2026 (unaudited)
 
 
 
Investments
 
Investment Type
 
Cash Interest Rate /
PIK Rate
 
 
Reference Rate / Floor
 
Spread
 
 
Maturity Date
 
Principal Amount
 
 
Cost
 
 
Fair Value
 
 
Footnotes
Direct Lending - Non-controlled/Non-affiliated -
   97.0% of NAV
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,2,3,4,5,10
Senior Secured Loans - Europe -
   1.5% of NAV
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Comet Bidco Limited
 
Term Loan
 
 
8.74
%
 
6M SOFR / 0.00%
 
 
5.00
%
 
12/2/2032
 
$
914,733
 
 
$
906,330
 
 
$
905,311
 
 
 
Quad UK Midco 2 Limited
 
Term Loan
 
 
8.87
%
 
6M SOFR / 0.00%
 
 
5.00
%
 
6/30/2029
 
 
948,378
 
 
 
948,378
 
 
 
948,378
 
 
 
Quad UK Midco 2 Limited
 
Term Loan
 
 
8.87
%
 
6M SOFR / 0.00%
 
 
5.00
%
 
6/30/2029
 
 
2,587,946
 
 
 
2,587,946
 
 
 
2,587,946
 
 
 
Total Direct Lending - Senior Secured
   Loans -Europe
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
4,442,654
 
 
$
4,441,635
 
 
 
Senior Secured Loans - North America -
  95.1% of NAV
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
365RM Holdco, LLC
 
Term Loan
 
 
8.48
%
 
3M SOFR / 0.75%
 
 
4.75
%
 
5/8/2033
 
$
977,988
 
 
$
971,770
 
 
$
970,653
 
 
 
365RM Holdco, LLC
 
Delayed Draw Term Loan
 
 
0.00
%
 
3M SOFR / 0.75%
 
 
0.00
%
 
5/8/2033
 
 
70,869
 
 
 
(174
)
 
 
(177
)
 
6,7
365RM Holdco, LLC
 
Revolver Loan
 
 
8.48
%
 
3M SOFR / 0.75%
 
 
4.75
%
 
5/6/2033
 
 
118,114
 
 
 
13,307
 
 
 
13,288
 
 
6
Accelevation LLC
 
Term Loan
 
 
8.90
%
 
3M SOFR / 0.00%
 
 
5.25
%
 
1/2/2031
 
 
1,637,875
 
 
 
1,613,633
 
 
 
1,613,307
 
 
 
ACP Oak Buyer, Inc.
 
Term Loan
 
 
8.38
%
 
3M SOFR / 1.00%
 
 
4.75
%
 
5/16/2031
 
 
1,398,084
 
 
 
1,391,957
 
 
 
1,390,534
 
 
 
Advanced Infusion Solutions Acquisition, LLC
 
Delayed Draw Term Loan
 
 
0.00
%
 
1M SOFR / 0.75%
 
 
0.00
%
 
6/4/2032
 
 
885,563
 
 
 
(13,119
)
 
 
(13,283
)
 
6,7
Advanced Infusion Solutions Acquisition, LLC
 
Term Loan
 
 
8.64
%
 
1M SOFR / 0.75%
 
 
5.00
%
 
6/4/2032
 
 
1,948,239
 
 
 
1,919,457
 
 
 
1,919,016
 
 
 
Advanced Infusion Solutions Acquisition, LLC
 
Revolver Loan
 
 
8.64
%
 
1M SOFR / 0.75%
 
 
5.00
%
 
6/4/2032
 
 
206,631
 
 
 
17,010
 
 
 
16,973
 
 
6
Advanced Medical Management, LLC
 
Term Loan
 
 
9.73
%
 
6M SOFR / 0.00%
 
 
6.00
%
 
6/18/2028
 
 
460,885
 
 
 
455,746
 
 
 
455,700
 
 
 
Alkeme Intermediary Holdings, LLC
 
Delayed Draw Term Loan
 
 
8.73
%
 
3M SOFR / 1.00%
 
 
5.00
%
 
5/28/2027
 
 
1,228,529
 
 
 
1,225,354
 
 
 
1,224,598
 
 
 
Alkeme Intermediary Holdings, LLC
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 1.00%
 
 
0.50
%
 
5/28/2027
 
 
74,001
 
 
 
(192
)
 
 
(237
)
 
6,7
AMP Purchaser, LLC
 
Term Loan
 
 
8.14
%
 
1M SOFR / 0.50%
 
 
4.50
%
 
4/1/2033
 
 
1,049,100
 
 
 
1,044,172
 
 
 
1,043,854
 
 
 
AMP Purchaser, LLC
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 0.50%
 
 
0.50
%
 
4/1/2033
 
 
135,368
 
 
 
(652
)
 
 
(677
)
 
6,7
Anaplan, Inc.
 
Term Loan
 
 
8.17
%
 
3M SOFR / 0.75%
 
 
4.50
%
 
6/21/2029
 
 
1,222,826
 
 
 
1,164,656
 
 
 
1,160,617
 
 
 
Aprio Advisory Group, LLC
 
Delayed Draw Term Loan
 
 
8.48
%
 
3M SOFR / 0.75%
 
 
4.75
%
 
8/1/2031
 
 
3,315,509
 
 
 
193,256
 
 
 
188,042
 
 
6
Aprio Advisory Group, LLC
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 0.75%
 
 
0.50
%
 
8/1/2031
 
 
288,305
 
 
 
(2,621
)
 
 
(3,056
)
 
6,7
Aptive Environmental, LLC
 
Delayed Draw Term Loan
 
 
1.00
%
 
3M SOFR / 0.75%
 
 
1.00
%
 
10/15/2032
 
 
65,815
 
 
 
(592
)
 
 
(671
)
 
6,7
Aptive Environmental, LLC
 
Revolver Loan
 
 
8.39
%
 
1M SOFR / 0.75%
 
 
4.75
%
 
10/15/2032
 
 
131,630
 
 
 
19,878
 
 
 
19,718
 
 
6
2
StepStone Private Credit Co-Investment Fund
 
Schedule of Investments (continued)
June 30, 2026 (unaudited)
 
 
Investments
 
Investment Type
 
Cash Interest Rate /
PIK Rate
 
 
Reference Rate / Floor
 
Spread
 
 
Maturity Date
 
Principal Amount
 
 
Cost
 
 
Fair Value
 
 
Footnotes
Aptive Environmental, LLC
 
Term Loan
 
 
8.39
%
 
1M SOFR / 0.75%
 
 
4.75
%
 
10/15/2032
 
 
1,496,828
 
 
 
1,483,458
 
 
 
1,481,560
 
 
 
Arcline Liberty Buyer LLC
 
Delayed Draw Term Loan
 
 
8.41
%
 
3M SOFR / 0.75%
 
 
4.75
%
 
12/1/2032
 
 
202,880
 
 
 
175,830
 
 
 
172,868
 
 
6
Arcline Liberty Buyer LLC
 
Term Loan
 
 
8.43
%
 
3M SOFR / 0.75%
 
 
4.75
%
 
12/1/2032
 
 
708,306
 
 
 
708,306
 
 
 
704,977
 
 
 
Arcline Liberty Buyer LLC
 
Revolver Loan
 
 
10.50
%
 
3M SOFR / 0.75%
 
 
3.75
%
 
12/1/2032
 
 
135,254
 
 
 
27,051
 
 
 
26,415
 
 
6
Argano, LLC
 
Delayed Draw Term Loan
 
 
9.15
%
 
1M SOFR / 1.00%
 
 
5.50
%
 
9/13/2029
 
 
1,926,352
 
 
 
743,529
 
 
 
727,457
 
 
6
Associations, Inc.
 
Delayed Draw Term Loan
 
 
1.00
%
 
3M SOFR / 1.00%
 
 
1.00
%
 
7/2/2028
 
 
776,817
 
 
 
(3,838
)
 
 
(3,884
)
 
6,7
Associations, Inc.
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 1.00%
 
 
0.50
%
 
7/2/2028
 
 
71,521
 
 
 
-
 
 
 
-
 
 
6,7
Associations, Inc.
 
Delayed Draw Term Loan
 
 
10.42
%
 
3M SOFR / 1.00%
 
 
6.50
%
 
7/3/2028
 
 
88,685
 
 
 
46,713
 
 
 
46,713
 
 
6
Associations, Inc.
 
Term Loan
 
 
10.42
%
 
3M SOFR / 1.00%
 
 
6.50
%
 
7/2/2028
 
 
1,131,477
 
 
 
1,131,477
 
 
 
1,131,477
 
 
 
Associations, Inc.
 
Term Loan
 
 
10.41
%
 
3M SOFR / 1.00%
 
 
6.00
%
 
7/2/2028
 
 
516,583
 
 
 
514,005
 
 
 
514,001
 
 
 
Axis Portable Air LLC
 
Delayed Draw Term Loan
 
 
8.48
%
 
3M SOFR / 1.00%
 
 
4.75
%
 
12/31/2030
 
 
983,496
 
 
 
977,055
 
 
 
974,743
 
 
 
Axis Portable Air LLC
 
Term Loan
 
 
8.48
%
 
3M SOFR / 1.00%
 
 
4.75
%
 
12/31/2030
 
 
490,516
 
 
 
487,406
 
 
 
486,150
 
 
 
Axis Portable Air LLC
 
Revolver Loan
 
 
8.39
%
 
3M SOFR / 1.00%
 
 
4.75
%
 
3/22/2028
 
 
328,654
 
 
 
162,454
 
 
 
161,402
 
 
6
Badge 21 Midco Holdings LLC
 
Delayed Draw Term Loan
 
 
1.00
%
 
3M SOFR / 1.00%
 
 
1.00
%
 
6/30/2032
 
 
878,560
 
 
 
(7,542
)
 
 
(7,731
)
 
6,7
Badge 21 Midco Holdings LLC
 
Term Loan
 
 
8.23
%
 
3M SOFR / 1.00%
 
 
4.50
%
 
6/30/2032
 
 
4,767,237
 
 
 
4,724,864
 
 
 
4,725,286
 
 
 
Badge 21 Midco Holdings LLC
 
Revolver Loan
 
 
10.25
%
 
3M SOFR / 1.00%
 
 
3.50
%
 
6/30/2032
 
 
555,802
 
 
 
64,715
 
 
 
64,584
 
 
6
BDO USA, P.C.
 
Term Loan
 
 
8.12
%
 
1M SOFR / 2.00%
 
 
4.50
%
 
8/31/2028
 
 
27,963
 
 
 
27,732
 
 
 
27,742
 
 
 
Blue River Petcare Group, LLC
 
Term Loan
 
 
8.64
%
 
1M SOFR / 0.00%
 
 
5.00
%
 
8/1/2029
 
 
99,868
 
 
 
99,868
 
 
 
99,368
 
 
 
Blue River Petcare Group, LLC
 
Delayed Draw Term Loan
 
 
1.00
%
 
6M SOFR / 0.00%
 
 
1.00
%
 
8/1/2029
 
 
769,679
 
 
 
(3,192
)
 
 
(3,848
)
 
6,7
Blue River Petcare Group, LLC
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 0.00%
 
 
0.50
%
 
8/1/2029
 
 
139,937
 
 
 
(624
)
 
 
(700
)
 
6,7
Boston Clinical Trials, LLC
 
Term Loan
 
 
8.88
%
 
3M SOFR / 1.00%
 
 
5.00
%
 
12/20/2027
 
 
346,292
 
 
 
343,965
 
 
 
343,694
 
 
 
Boston Clinical Trials, LLC
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 1.00%
 
 
0.50
%
 
12/20/2027
 
 
6,114
 
 
 
(40
)
 
 
(46
)
 
6,7
Bridgepointe Technologies, LLC
 
Delayed Draw Term Loan
 
 
8.48
%
 
3M SOFR / 0.75%
 
 
4.75
%
 
4/18/2033
 
 
438,824
 
 
 
68,159
 
 
 
68,096
 
 
6
Bridgepointe Technologies, LLC
 
Term Loan
 
 
8.48
%
 
3M SOFR / 0.75%
 
 
4.75
%
 
4/18/2033
 
 
1,121,440
 
 
 
1,110,689
 
 
 
1,110,226
 
 
 
Bridgepointe Technologies, LLC
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 0.75%
 
 
0.50
%
 
4/18/2033
 
 
146,275
 
 
 
(1,423
)
 
 
(1,463
)
 
6,7
CB Sports Holdings Bidco, LLC
 
Term Loan
 
 
8.27
%
 
3M SOFR / 0.75%
 
 
4.63
%
 
12/17/2032
 
 
128,771
 
 
 
126,860
 
 
 
126,839
 
 
 
3
StepStone Private Credit Co-Investment Fund
 
Schedule of Investments (continued)
June 30, 2026 (unaudited)
 
 
Investments
 
Investment Type
 
Cash Interest Rate /
PIK Rate
 
 
Reference Rate / Floor
 
Spread
 
 
Maturity Date
 
Principal Amount
 
 
Cost
 
 
Fair Value
 
 
Footnotes
CB Sports Holdings Bidco, LLC
 
Delayed Draw Term Loan
 
 
8.36
%
 
3M SOFR / 0.75%
 
 
4.63
%
 
12/20/2032
 
 
343,389
 
 
 
6,771
 
 
 
6,684
 
 
 
CB Sports Holdings Bidco, LLC
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 0.00%
 
 
0.50
%
 
12/20/2032
 
 
85,847
 
 
 
(1,268
)
 
 
(1,288
)
 
6,7
Cherry Bekaert Advisory LLC
 
Delayed Draw Term Loan
 
 
8.48
%
 
3M SOFR / 0.75%
 
 
4.75
%
 
6/28/2030
 
 
64,844
 
 
 
64,520
 
 
 
64,520
 
 
 
Cherry Bekaert Advisory LLC
 
Term Loan
 
 
8.48
%
 
3M SOFR / 0.75%
 
 
4.75
%
 
6/28/2030
 
 
49,797
 
 
 
49,549
 
 
 
49,548
 
 
 
Cherry Bekaert Advisory LLC
 
Delayed Draw Term Loan
 
 
1.00
%
 
6M SOFR / 0.00%
 
 
1.00
%
 
6/28/2030
 
 
570,757
 
 
 
(2,852
)
 
 
(2,854
)
 
6,7
Cherry Bekaert Advisory LLC
 
Term Loan
 
 
8.73
%
 
3M SOFR / 0.00%
 
 
5.00
%
 
6/28/2030
 
 
570,757
 
 
 
567,950
 
 
 
567,904
 
 
 
Cherry Bekaert Advisory LLC
 
Delayed Draw Term Loan
 
 
8.48
%
 
3M SOFR / 0.00%
 
 
4.75
%
 
6/28/2030
 
 
84,026
 
 
 
83,606
 
 
 
83,606
 
 
 
Cherry Bekaert Advisory LLC
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 0.00%
 
 
0.50
%
 
6/28/2030
 
 
119,450
 
 
 
(380
)
 
 
(381
)
 
6,7
Cherry Bekaert Advisory LLC
 
Delayed Draw Term Loan
 
 
8.48
%
 
3M SOFR / 0.75%
 
 
4.75
%
 
6/28/2030
 
 
81,993
 
 
 
81,584
 
 
 
81,583
 
 
 
Cherry Bekaert Advisory LLC
 
Term Loan
 
 
8.48
%
 
3M SOFR / 0.75%
 
 
4.75
%
 
6/28/2030
 
 
81,993
 
 
 
81,584
 
 
 
81,583
 
 
 
Cherry Bekaert Advisory LLC
 
Term Loan
 
 
8.48
%
 
3M SOFR / 0.00%
 
 
4.75
%
 
6/28/2030
 
 
204,044
 
 
 
203,024
 
 
 
203,023
 
 
 
Choice Financial Group Acquisition, Inc.
 
Delayed Draw Term Loan
 
 
9.14
%
 
1M SOFR / 1.00%
 
 
5.50
%
 
10/15/2027
 
 
976,372
 
 
 
499,174
 
 
 
498,011
 
 
6
Chronicle Parent, LLC
 
Delayed Draw Term Loan
 
 
8.67
%
 
3M SOFR / 1.00%
 
 
5.00
%
 
4/15/2031
 
 
500,760
 
 
 
88,572
 
 
 
88,572
 
 
6
Chronicle Parent, LLC
 
Term Loan
 
 
8.67
%
 
3M SOFR / 1.00%
 
 
5.00
%
 
4/15/2031
 
 
1,569,882
 
 
 
1,569,882
 
 
 
1,569,882
 
 
 
Chronicle Parent, LLC
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 1.00%
 
 
0.50
%
 
4/15/2031
 
 
166,920
 
 
 
-
 
 
 
-
 
 
6,7
Comfort Buyer, LLC
 
Delayed Draw Term Loan
 
 
0.00
%
 
3M SOFR / 0.75%
 
 
0.00
%
 
4/27/2033
 
 
90,787
 
 
 
(885
)
 
 
(908
)
 
6,7
Comfort Buyer, LLC
 
Term Loan
 
 
8.48
%
 
3M SOFR / 0.75%
 
 
4.75
%
 
4/27/2033
 
 
783,492
 
 
 
775,197
 
 
 
775,088
 
 
 
Comfort Buyer, LLC
 
Revolver Loan
 
 
8.48
%
 
3M SOFR / 0.75%
 
 
4.75
%
 
4/27/2033
 
 
99,866
 
 
 
17,183
 
 
 
17,159
 
 
6
Cooper’s Hawk Intermediate Holding, LLC
 
Term Loan
 
 
9.17
%
 
3M SOFR / 0.75%
 
 
5.50
%
 
7/29/2031
 
 
3,453,829
 
 
 
3,408,866
 
 
 
3,396,495
 
 
 
Cooper’s Hawk Intermediate Holding, LLC
 
Delayed Draw Term Loan
 
 
1.00
%
 
3M SOFR / 0.75%
 
 
1.00
%
 
7/29/2031
 
 
299,979
 
 
 
(4,280
)
 
 
(4,980
)
 
6,7
Cooper’s Hawk Intermediate Holding, LLC
 
Revolver Loan
 
 
9.14
%
 
1M SOFR / 0.75%
 
 
5.50
%
 
7/29/2031
 
 
299,979
 
 
 
81,842
 
 
 
80,729
 
 
6
Coupa Holdings, LLC
 
Delayed Draw Term Loan
 
 
8.90
%
 
3M SOFR / 0.75%
 
 
5.25
%
 
2/27/2030
 
 
78,521
 
 
 
75,539
 
 
 
75,380
 
 
 
Coupa Holdings, LLC
 
Term Loan
 
 
8.91
%
 
3M SOFR / 0.75%
 
 
5.25
%
 
2/27/2030
 
 
874,974
 
 
 
841,681
 
 
 
839,975
 
 
 
Coupa Holdings, LLC
 
Revolver Loan
 
 
8.90
%
 
3M SOFR / 0.75%
 
 
5.25
%
 
2/27/2029
 
 
58,891
 
 
 
37,075
 
 
 
36,905
 
 
6
CraneTech USA Inc.
 
Delayed Draw Term Loan
 
 
1.00
%
 
3M SOFR / 0.00%
 
 
1.00
%
 
6/17/2032
 
 
145,485
 
 
 
(1,454
)
 
 
(1,455
)
 
6,7
CraneTech USA Inc.
 
Term Loan
 
 
6.00
%
 
3M SOFR / 0.00%
 
 
6.00
%
 
6/17/2032
 
 
203,679
 
 
 
201,643
 
 
 
201,642
 
 
 
4
StepStone Private Credit Co-Investment Fund
 
Schedule of Investments (continued)
June 30, 2026 (unaudited)
 
 
Investments
 
Investment Type
 
Cash Interest Rate /
PIK Rate
 
 
Reference Rate / Floor
 
Spread
 
 
Maturity Date
 
Principal Amount
 
 
Cost
 
 
Fair Value
 
 
Footnotes
CraneTech USA Inc.
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 0.00%
 
 
0.50
%
 
6/17/2032
 
 
36,371
 
 
 
(364
)
 
 
(364
)
 
6,7
Creek Parent, Inc.
 
Term Loan
 
 
8.64
%
 
1M SOFR / 0.75%
 
 
5.00
%
 
12/18/2031
 
 
1,064,412
 
 
 
1,036,758
 
 
 
1,036,468
 
 
 
Creek Parent, Inc.
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 0.75%
 
 
0.50
%
 
12/18/2031
 
 
154,906
 
 
 
(3,522
)
 
 
(3,555
)
 
6,7
Crete PA Holdco, LLC
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 1.00%
 
 
0.50
%
 
11/26/2030
 
 
314,681
 
 
 
(1,381
)
 
 
1,542
 
 
6,7
Crete PA Holdco, LLC
 
Delayed Draw Term Loan
 
 
8.41
%
 
3M SOFR / 1.00%
 
 
4.75
%
 
11/26/2030
 
 
2,087,385
 
 
 
2,078,669
 
 
 
2,097,613
 
 
 
Crete PA Holdco, LLC
 
Delayed Draw Term Loan
 
 
8.65
%
 
3M SOFR / 1.00%
 
 
5.00
%
 
11/26/2030
 
 
2,096,877
 
 
 
388,474
 
 
 
407,874
 
 
6
CRH Healthcare Purchaser, Inc.
 
Delayed Draw Term Loan
 
 
1.00
%
 
3M SOFR / 1.00%
 
 
1.00
%
 
9/17/2031
 
 
844,131
 
 
 
(655
)
 
 
(4,980
)
 
6,7
CRH Healthcare Purchaser, Inc.
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 1.00%
 
 
0.50
%
 
9/17/2031
 
 
337,652
 
 
 
(1,729
)
 
 
(1,992
)
 
6,7
CRH Healthcare Purchaser, Inc.
 
Term Loan
 
 
8.99
%
 
3M SOFR / 1.00%
 
 
5.25
%
 
9/17/2031
 
 
3,686,321
 
 
 
3,666,959
 
 
 
3,664,572
 
 
 
CSHC Buyerco, LLC
 
Term Loan
 
 
8.73
%
 
3M SOFR / 0.75%
 
 
5.00
%
 
4/29/2033
 
 
612,317
 
 
 
606,393
 
 
 
606,194
 
 
 
CSHC Buyerco, LLC
 
Delayed Draw Term Loan
 
 
8.73
%
 
3M SOFR / 0.75%
 
 
5.00
%
 
4/29/2033
 
 
130,628
 
 
 
51,793
 
 
 
51,761
 
 
6
CSHC Buyerco, LLC
 
Revolver Loan
 
 
0.50
%
 
6M SOFR / 0.75%
 
 
0.50
%
 
4/29/2033
 
 
114,299
 
 
 
(1,116
)
 
 
(1,143
)
 
6,7
CT Technologies Intermediate Holdings, Inc.
 
Term Loan
 
 
8.39
%
 
1M SOFR / 0.75%
 
 
4.75
%
 
9/2/2031
 
 
1,516,494
 
 
 
1,514,222
 
 
 
1,515,432
 
 
 
CT Technologies Intermediate Holdings, Inc.
 
Delayed Draw Term Loan
 
 
0.00
%
 
6M SOFR / 0.75%
 
 
0.00
%
 
9/2/2031
 
 
104,462
 
 
 
-
 
 
 
(73
)
 
6,7
Cub Financing Intermediate, LLC
 
Delayed Draw Term Loan
 
 
1.00
%
 
3M SOFR / 0.50%
 
 
1.00
%
 
6/28/2030
 
 
1,766,465
 
 
 
(15,587
)
 
 
(18,548
)
 
6,7
Currier Plastics Acquisition, LLC
 
Term Loan
 
 
8.41
%
 
3M SOFR / 1.00%
 
 
4.75
%
 
9/19/2031
 
 
314,543
 
 
 
312,384
 
 
 
312,844
 
 
 
Currier Plastics Acquisition, LLC
 
Delayed Draw Term Loan
 
 
1.00
%
 
1M SOFR / 1.00%
 
 
1.00
%
 
9/19/2031
 
 
240,091
 
 
 
(1,669
)
 
 
(1,296
)
 
6,7
Currier Plastics Acquisition, LLC
 
Delayed Draw Term Loan
 
 
8.41
%
 
3M SOFR / 1.00%
 
 
4.75
%
 
9/19/2031
 
 
277,113
 
 
 
275,211
 
 
 
275,616
 
 
 
Currier Plastics Acquisition, LLC
 
Term Loan
 
 
8.41
%
 
3M SOFR / 1.00%
 
 
4.75
%
 
9/19/2031
 
 
291,446
 
 
 
289,446
 
 
 
289,872
 
 
 
Currier Plastics Acquisition, LLC
 
Revolver Loan
 
 
0.50
%
 
1M SOFR / 1.00%
 
 
0.50
%
 
9/19/2031
 
 
96,036
 
 
 
(669
)
 
 
(519
)
 
6,7
DCCM, LLC
 
Delayed Draw Term Loan
 
 
8.39
%
 
1M SOFR / 0.75%
 
 
4.75
%
 
6/24/2032
 
 
2,291,522
 
 
 
48,774
 
 
 
47,955
 
 
6
DCCM, LLC
 
Term Loan
 
 
8.39
%
 
1M SOFR / 0.75%
 
 
4.75
%
 
6/24/2032
 
 
4,650,993
 
 
 
4,610,941
 
 
 
4,609,134
 
 
 
DCCM, LLC
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 0.75%
 
 
0.50
%
 
6/24/2032
 
 
916,678
 
 
 
(7,896
)
 
 
(8,250
)
 
6,7
DecisionPoint Technologies, Inc.
 
Delayed Draw Term Loan
 
 
8.99
%
 
3M SOFR / 1.00%
 
 
5.25
%
 
8/31/2029
 
 
2,211,455
 
 
 
2,198,105
 
 
 
2,189,341
 
 
 
DecisionPoint Technologies, Inc.
 
Term Loan
 
 
8.99
%
 
3M SOFR / 1.00%
 
 
5.25
%
 
8/31/2029
 
 
977,422
 
 
 
971,452
 
 
 
967,648
 
 
 
Denali Intermediate Holdings, Inc.
 
Term Loan
 
 
9.15
%
 
1M SOFR / 0.00%
 
 
5.50
%
 
8/26/2032
 
 
4,360,619
 
 
 
4,322,458
 
 
 
4,323,118
 
 
 
5
StepStone Private Credit Co-Investment Fund
 
Schedule of Investments (continued)
June 30, 2026 (unaudited)
 
 
Investments
 
Investment Type
 
Cash Interest Rate /
PIK Rate
 
 
Reference Rate / Floor
 
Spread
 
 
Maturity Date
 
Principal Amount
 
 
Cost
 
 
Fair Value
 
 
Footnotes
Denali Intermediate Holdings, Inc.
 
Revolver Loan
 
 
9.12
%
 
1M SOFR / 0.75%
 
 
5.50
%
 
8/26/2032
 
 
438,253
 
 
 
75,030
 
 
 
75,117
 
 
6
Denali Topco LLC
 
Delayed Draw Term Loan
 
 
0.75
%
 
3M SOFR / 0.75%
 
 
0.75
%
 
8/26/2032
 
 
2,729,065
 
 
 
-
 
 
 
(24,562
)
 
6,7
Denali Topco LLC
 
Term Loan
 
 
8.41
%
 
3M SOFR / 0.75%
 
 
4.75
%
 
8/26/2032
 
 
9,232,425
 
 
 
9,232,426
 
 
 
9,149,334
 
 
 
Denali Topco LLC
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 0.75%
 
 
0.50
%
 
8/26/2032
 
 
1,309,951
 
 
 
-
 
 
 
(11,790
)
 
6,7
Designs for Health, Inc.
 
Revolver Loan
 
 
8.24
%
 
3M SOFR / 0.75%
 
 
4.50
%
 
10/16/2030
 
 
350,184
 
 
 
62,647
 
 
 
62,473
 
 
6
Designs for Health, Inc.
 
Term Loan
 
 
8.18
%
 
3M SOFR / 0.75%
 
 
4.50
%
 
10/16/2030
 
 
1,309,905
 
 
 
1,298,879
 
 
 
1,297,985
 
 
 
DigiCert, Inc.
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 0.75%
 
 
0.50
%
 
7/10/2030
 
 
577,414
 
 
 
(7,038
)
 
 
(14,840
)
 
6,7
DigiCert, Inc.
 
Term Loan
 
 
9.39
%
 
1M SOFR / 0.75%
 
 
5.75
%
 
7/10/2030
 
 
7,940,794
 
 
 
7,841,648
 
 
 
7,736,715
 
 
 
Discovery SL Management, LLC
 
Term Loan
 
 
8.66
%
 
3M SOFR / 1.00%
 
 
5.00
%
 
3/18/2030
 
 
462,546
 
 
 
459,112
 
 
 
459,077
 
 
 
Discovery SL Management, LLC
 
Delayed Draw Term Loan
 
 
1.00
%
 
3M SOFR / 1.00%
 
 
1.00
%
 
3/18/2030
 
 
29,916
 
 
 
(75
)
 
 
(75
)
 
6,7
Diversis Tempo HoldCo, LLC
 
Term Loan
 
 
9.95
%
 
3M SOFR / 0.75%
 
 
6.25
%
 
8/22/2031
 
 
2,551,507
 
 
 
2,523,791
 
 
 
2,502,263
 
 
 
Durare Bidco, LLC
 
Delayed Draw Term Loan
 
 
8.43
%
 
3M SOFR / 0.50%
 
 
4.75
%
 
8/9/2032
 
 
966,300
 
 
 
407,799
 
 
 
390,385
 
 
6
Durare Bidco, LLC
 
Term Loan
 
 
8.40
%
 
3M SOFR / 0.50%
 
 
4.75
%
 
8/9/2032
 
 
3,671,938
 
 
 
3,671,938
 
 
 
3,644,399
 
 
 
Durare Bidco, LLC
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 0.50%
 
 
0.50
%
 
8/9/2032
 
 
463,824
 
 
 
43
 
 
 
(3,479
)
 
6,7
Dwyer Instruments, LLC
 
Delayed Draw Term Loan
 
 
8.48
%
 
3M SOFR / 0.00%
 
 
4.75
%
 
7/21/2027
 
 
116,125
 
 
 
116,125
 
 
 
116,125
 
 
 
Dwyer Instruments, LLC
 
Delayed Draw Term Loan
 
 
8.48
%
 
3M SOFR / 0.75%
 
 
4.75
%
 
7/20/2029
 
 
34,967
 
 
 
34,967
 
 
 
34,967
 
 
 
Dwyer Instruments, LLC
 
Term Loan
 
 
8.48
%
 
3M SOFR / 0.75%
 
 
4.75
%
 
7/20/2029
 
 
279,013
 
 
 
279,013
 
 
 
279,013
 
 
 
Dwyer Instruments, LLC
 
Term Loan
 
 
8.48
%
 
3M SOFR / 0.00%
 
 
4.75
%
 
7/20/2029
 
 
691,792
 
 
 
691,792
 
 
 
691,792
 
 
 
Dwyer Instruments, LLC
 
Revolver Loan
 
 
8.49
%
 
3M SOFR / 0.75%
 
 
4.75
%
 
7/20/2029
 
 
130,132
 
 
 
110,342
 
 
 
110,342
 
 
 
Dwyer Instruments, LLC
 
Delayed Draw Term Loan
 
 
8.45
%
 
3M SOFR / 0.00%
 
 
4.75
%
 
7/20/2029
 
 
359,567
 
 
 
359,567
 
 
 
359,567
 
 
 
Dwyer Instruments, LLC
 
Term Loan
 
 
8.48
%
 
3M SOFR / 0.00%
 
 
4.75
%
 
7/20/2029
 
 
312,777
 
 
 
312,777
 
 
 
312,777
 
 
 
Elder Care Opco LLC
 
Delayed Draw Term Loan
 
 
8.73
%
 
3M SOFR / 1.50%
 
 
5.00
%
 
7/31/2030
 
 
656,772
 
 
 
128,812
 
 
 
128,333
 
 
6
Elder Care Opco LLC
 
Term Loan
 
 
8.48
%
 
3M SOFR / 1.50%
 
 
4.75
%
 
7/31/2030
 
 
1,048,848
 
 
 
1,041,097
 
 
 
1,038,780
 
 
 
Elder Care Opco LLC
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 1.50%
 
 
0.50
%
 
7/31/2030
 
 
197,032
 
 
 
(1,413
)
 
 
(1,891
)
 
6,7
Empower Payments Investor, LLC
 
Delayed Draw Term Loan
 
 
1.00
%
 
3M SOFR / 0.75%
 
 
1.00
%
 
3/12/2031
 
 
69,504
 
 
 
(322
)
 
 
(653
)
 
6,7
Empower Payments Investor, LLC
 
Term Loan
 
 
8.39
%
 
1M SOFR / 0.75%
 
 
4.75
%
 
3/12/2031
 
 
313,512
 
 
 
312,155
 
 
 
310,565
 
 
 
6
StepStone Private Credit Co-Investment Fund
 
Schedule of Investments (continued)
June 30, 2026 (unaudited)
 
 
Investments
 
Investment Type
 
Cash Interest Rate /
PIK Rate
 
 
Reference Rate / Floor
 
Spread
 
 
Maturity Date
 
Principal Amount
 
 
Cost
 
 
Fair Value
 
 
Footnotes
Empower Payments Investor, LLC
 
Delayed Draw Term Loan
 
 
8.14
%
 
1M SOFR / 0.75%
 
 
4.50
%
 
3/12/2031
 
 
661,836
 
 
 
656,263
 
 
 
649,989
 
 
 
Empower Payments Investor, LLC
 
Term Loan
 
 
8.14
%
 
1M SOFR / 0.75%
 
 
4.50
%
 
3/12/2031
 
 
2,200,576
 
 
 
2,180,793
 
 
 
2,161,186
 
 
 
Epika Fleet Services, Inc.
 
Delayed Draw Term Loan
 
 
8.92
%
 
3M SOFR / 0.75%
 
 
5.25
%
 
2/17/2028
 
 
3,916,816
 
 
 
180,953
 
 
 
177,070
 
 
6
ESP Associates, Inc.
 
Delayed Draw Term Loan
 
 
8.97
%
 
1M SOFR / 1.50%
 
 
5.25
%
 
4/14/2031
 
 
288,583
 
 
 
263,067
 
 
 
262,970
 
 
6
ESP Associates, Inc.
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 1.50%
 
 
0.50
%
 
7/24/2028
 
 
82,643
 
 
 
(746
)
 
 
(826
)
 
6,7
ESP Associates, Inc.
 
Term Loan
 
 
8.98
%
 
3M SOFR / 1.50%
 
 
5.25
%
 
7/24/2028
 
 
540,997
 
 
 
535,836
 
 
 
535,587
 
 
 
EVDR Purchaser, Inc.
 
Delayed Draw Term Loan
 
 
1.00
%
 
3M SOFR / 0.75%
 
 
1.00
%
 
2/14/2031
 
 
86,147
 
 
 
(830
)
 
 
(861
)
 
6,7
EVDR Purchaser, Inc.
 
Term Loan
 
 
8.14
%
 
1M SOFR / 0.75%
 
 
4.50
%
 
2/14/2031
 
 
504,478
 
 
 
501,028
 
 
 
499,433
 
 
 
EVDR Purchaser, Inc.
 
Revolver Loan
 
 
8.11
%
 
1M SOFR / 0.75%
 
 
4.50
%
 
2/14/2031
 
 
51,688
 
 
 
15,868
 
 
 
15,851
 
 
6
Everbridge Holdings, LLC
 
Term Loan
 
 
8.68
%
 
3M SOFR / 0.75%
 
 
5.00
%
 
7/2/2031
 
 
912,087
 
 
 
912,087
 
 
 
907,983
 
 
 
Everbridge Holdings, LLC
 
Delayed Draw Term Loan
 
 
8.68
%
 
3M SOFR / 0.75%
 
 
5.00
%
 
7/2/2031
 
 
926,452
 
 
 
359,837
 
 
 
355,668
 
 
6
Everbridge Holdings, LLC
 
Revolver Loan
 
 
0.38
%
 
6M SOFR / 0.75%
 
 
0.38
%
 
7/2/2031
 
 
372,773
 
 
 
-
 
 
 
(1,677
)
 
6,7
FirstCall Mechanical Group, LLC
 
Delayed Draw Term Loan
 
 
1.00
%
 
3M SOFR / 1.00%
 
 
1.00
%
 
6/27/2031
 
 
5,732,640
 
 
 
(85,350
)
 
 
(85,990
)
 
6,7
Force Electrical Buyerco, LLC
 
Delayed Draw Term Loan
 
 
8.18
%
 
3M SOFR / 0.75%
 
 
4.50
%
 
10/21/2032
 
 
471,432
 
 
 
92,556
 
 
 
92,511
 
 
6
Force Electrical Buyerco, LLC
 
Revolver Loan
 
 
8.24
%
 
3M SOFR / 0.75%
 
 
4.50
%
 
10/21/2032
 
 
94,286
 
 
 
41,594
 
 
 
41,571
 
 
6
Force Electrical Buyerco, LLC
 
Term Loan
 
 
8.17
%
 
3M SOFR / 0.75%
 
 
4.50
%
 
10/21/2032
 
 
275,882
 
 
 
273,500
 
 
 
273,371
 
 
 
Fullsteam Operations LLC
 
Delayed Draw Term Loan
 
 
1.00
%
 
3M SOFR / 0.75%
 
 
1.00
%
 
8/8/2031
 
 
499,856
 
 
 
(4,202
)
 
 
(6,998
)
 
6,7
Fullsteam Operations LLC
 
Term Loan
 
 
8.90
%
 
3M SOFR / 0.75%
 
 
5.25
%
 
8/8/2031
 
 
1,499,568
 
 
 
1,486,535
 
 
 
1,478,574
 
 
 
Fullsteam Operations LLC
 
Revolver Loan
 
 
8.86
%
 
1M SOFR / 0.75%
 
 
5.25
%
 
8/8/2031
 
 
166,619
 
 
 
52,751
 
 
 
51,818
 
 
6
Galway Borrower LLC
 
Term Loan
 
 
8.23
%
 
3M SOFR / 0.75%
 
 
4.50
%
 
9/29/2028
 
 
680,747
 
 
 
671,119
 
 
 
670,536
 
 
 
Galway Borrower LLC
 
Revolver Loan
 
 
8.24
%
 
3M SOFR / 0.75%
 
 
4.50
%
 
9/29/2028
 
 
49,479
 
 
 
15,012
 
 
 
14,967
 
 
6
GC Waves Holdings, Inc.
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 0.75%
 
 
0.50
%
 
10/4/2030
 
 
21,604
 
 
 
-
 
 
 
(6
)
 
6,7
GC Waves Holdings, Inc.
 
Delayed Draw Term Loan
 
 
8.14
%
 
1M SOFR / 0.75%
 
 
4.50
%
 
10/4/2030
 
 
249,656
 
 
 
249,656
 
 
 
249,581
 
 
 
GC Waves Holdings, Inc.
 
Term Loan
 
 
8.14
%
 
1M SOFR / 0.75%
 
 
4.50
%
 
10/4/2030
 
 
397,382
 
 
 
397,382
 
 
 
397,263
 
 
 
GC Waves Holdings, Inc.
 
Delayed Draw Term Loan
 
 
8.14
%
 
1M SOFR / 0.75%
 
 
4.50
%
 
10/4/2030
 
 
319,828
 
 
 
113,640
 
 
 
113,246
 
 
6
GMF Parent, Inc.
 
Delayed Draw Term Loan
 
 
1.00
%
 
3M SOFR / 0.75%
 
 
1.00
%
 
12/20/2032
 
 
130,047
 
 
 
(1,207
)
 
 
(1,808
)
 
6,7
7
StepStone Private Credit Co-Investment Fund
 
Schedule of Investments (continued)
June 30, 2026 (unaudited)
 
 
Investments
 
Investment Type
 
Cash Interest Rate /
PIK Rate
 
 
Reference Rate / Floor
 
Spread
 
 
Maturity Date
 
Principal Amount
 
 
Cost
 
 
Fair Value
 
 
Footnotes
GMF Parent, Inc.
 
Term Loan
 
 
8.18
%
 
3M SOFR / 0.75%
 
 
4.50
%
 
12/20/2032
 
 
460,512
 
 
 
456,179
 
 
 
454,111
 
 
 
GMF Parent, Inc.
 
Revolver Loan
 
 
8.17
%
 
3M SOFR / 0.75%
 
 
4.50
%
 
12/20/2032
 
 
71,526
 
 
 
5,835
 
 
 
5,508
 
 
6
Greenwood Operating Group, LLC
 
Term Loan
 
 
9.23
%
 
3M SOFR / 1.00%
 
 
5.50
%
 
5/7/2031
 
 
989,865
 
 
 
971,838
 
 
 
970,067
 
 
 
Greenwood Operating Group, LLC
 
Revolver Loan
 
 
11.25
%
 
3M SOFR / 1.00%
 
 
4.50
%
 
5/7/2031
 
 
375,417
 
 
 
163,358
 
 
 
163,244
 
 
6
Guava Buyer LLC
 
Delayed Draw Term Loan
 
 
9.16
%
 
3M SOFR / 1.00%
 
 
5.50
%
 
8/12/2032
 
 
713,345
 
 
 
299,501
 
 
 
291,491
 
 
6
Guava Buyer LLC
 
Term Loan
 
 
9.14
%
 
3M SOFR / 1.00%
 
 
5.50
%
 
8/12/2032
 
 
6,020,849
 
 
 
5,913,886
 
 
 
5,846,846
 
 
 
Guava Buyer LLC
 
Revolver Loan
 
 
9.15
%
 
3M SOFR / 1.00%
 
 
5.50
%
 
8/12/2030
 
 
716,498
 
 
 
45,493
 
 
 
36,613
 
 
6
Hardenbergh Group, Inc.
 
Term Loan
 
 
9.73
%
 
3M SOFR / 2.00%
 
 
6.00
%
 
8/7/2028
 
 
147,598
 
 
 
146,456
 
 
 
146,358
 
 
 
Hardenbergh Group, Inc.
 
Term Loan
 
 
9.73
%
 
3M SOFR / 2.00%
 
 
6.00
%
 
8/7/2028
 
 
638,951
 
 
 
634,349
 
 
 
633,520
 
 
 
Harris & Co. LLC
 
Delayed Draw Term Loan
 
 
8.87
%
 
1M SOFR / 1.00%
 
 
5.25
%
 
8/9/2030
 
 
11,077,182
 
 
 
8,307,250
 
 
 
8,286,355
 
 
6
Harris & Co. LLC
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 1.00%
 
 
0.50
%
 
8/9/2030
 
 
837,122
 
 
 
(5,068
)
 
 
(6,781
)
 
6,7
Ideal Components Acquisition, LLC
 
Delayed Draw Term Loan
 
 
1.00
%
 
3M SOFR / 0.75%
 
 
1.00
%
 
6/30/2032
 
 
772,211
 
 
 
(6,643
)
 
 
(7,413
)
 
6,7
Ideal Components Acquisition, LLC
 
Term Loan
 
 
8.64
%
 
1M SOFR / 0.75%
 
 
5.00
%
 
6/30/2032
 
 
4,172,730
 
 
 
4,135,660
 
 
 
4,132,672
 
 
 
Ideal Components Acquisition, LLC
 
Revolver Loan
 
 
8.64
%
 
1M SOFR / 0.75%
 
 
5.00
%
 
6/30/2032
 
 
643,510
 
 
 
243,322
 
 
 
242,646
 
 
6
IG Investments Holdings, LLC
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 0.75%
 
 
0.50
%
 
9/22/2028
 
 
67,257
 
 
 
(599
)
 
 
(484
)
 
6,7
IG Investments Holdings, LLC
 
Term Loan
 
 
8.66
%
 
3M SOFR / 0.75%
 
 
5.00
%
 
9/22/2028
 
 
608,089
 
 
 
602,660
 
 
 
603,711
 
 
 
Igloo Group Parent, Inc.
 
Term Loan
 
 
8.73
%
 
3M SOFR / 1.00%
 
 
5.00
%
 
12/23/2031
 
 
3,687,434
 
 
 
3,634,901
 
 
 
3,598,198
 
 
 
Integrated Power Services Holdings, Inc.
 
Revolver Loan
 
 
8.51
%
 
1M SOFR / 0.75%
 
 
4.75
%
 
11/22/2030
 
 
179,574
 
 
 
8,210
 
 
 
8,135
 
 
6
Integrated Power Services Holdings, Inc.
 
Delayed Draw Term Loan
 
 
0.50
%
 
3M SOFR / 0.75%
 
 
0.50
%
 
11/22/2031
 
 
324,143
 
 
 
(808
)
 
 
(875
)
 
6,7
Integrated Power Services Holdings, Inc.
 
Term Loan
 
 
8.52
%
 
1M SOFR / 0.75%
 
 
4.75
%
 
11/22/2031
 
 
780,051
 
 
 
778,630
 
 
 
777,945
 
 
 
IVX Health Holdings, Inc.
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 1.00%
 
 
0.50
%
 
6/7/2030
 
 
106,685
 
 
 
(507
)
 
 
(533
)
 
6,7
IVX Health Holdings, Inc.
 
Term Loan
 
 
8.73
%
 
3M SOFR / 1.00%
 
 
5.00
%
 
6/7/2030
 
 
1,180,982
 
 
 
1,175,081
 
 
 
1,175,077
 
 
 
Kelso Industries LLC
 
Delayed Draw Term Loan
 
 
5.75
%
 
3M SOFR / 1.00%
 
 
5.75
%
 
12/30/2029
 
 
1,587,262
 
 
 
(15,435
)
 
 
(18,254
)
 
6,7
Kelso Industries LLC
 
Term Loan
 
 
9.42
%
 
3M SOFR / 1.00%
 
 
5.75
%
 
12/30/2029
 
 
721,538
 
 
 
714,707
 
 
 
712,735
 
 
 
LeadVenture, Inc.
 
Delayed Draw Term Loan
 
 
8.73
%
 
3M SOFR / 0.75%
 
 
5.00
%
 
6/23/2032
 
 
1,035,917
 
 
 
495,243
 
 
 
485,350
 
 
6
LeadVenture, Inc.
 
Term Loan
 
 
8.73
%
 
3M SOFR / 0.75%
 
 
5.00
%
 
6/23/2032
 
 
5,412,237
 
 
 
5,375,276
 
 
 
5,325,100
 
 
 
8
StepStone Private Credit Co-Investment Fund
 
Schedule of Investments (continued)
June 30, 2026 (unaudited)
 
 
Investments
 
Investment Type
 
Cash Interest Rate /
PIK Rate
 
 
Reference Rate / Floor
 
Spread
 
 
Maturity Date
 
Principal Amount
 
 
Cost
 
 
Fair Value
 
 
Footnotes
LeadVenture, Inc.
 
Revolver Loan
 
 
8.62
%
 
1M SOFR / 0.75%
 
 
5.00
%
 
6/23/2032
 
 
519,346
 
 
 
23,995
 
 
 
19,009
 
 
6
Lighthouse Technologies Holding Corp.
 
Term Loan
 
 
8.48
%
 
3M SOFR / 1.00%
 
 
4.75
%
 
12/31/2029
 
 
4,293,475
 
 
 
4,276,777
 
 
 
4,234,225
 
 
 
Lighthouse Technologies Holding Corp.
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 1.00%
 
 
0.50
%
 
12/31/2029
 
 
291,544
 
 
 
(1,279
)
 
 
(4,023
)
 
6,7
Lindstrom, LLC
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 0.75%
 
 
0.50
%
 
12/30/2032
 
 
218,532
 
 
 
(3,056
)
 
 
(3,606
)
 
6,7
Lindstrom, LLC
 
Term Loan
 
 
9.24
%
 
3M SOFR / 0.75%
 
 
5.50
%
 
12/30/2032
 
 
1,476,855
 
 
 
1,456,259
 
 
 
1,452,487
 
 
 
LJ Avalon Holdings, LLC
 
Delayed Draw Term Loan
 
 
8.39
%
 
3M SOFR / 1.00%
 
 
4.75
%
 
2/1/2030
 
 
2,218,986
 
 
 
2,200,834
 
 
 
2,192,137
 
 
 
LJ Avalon Holdings, LLC
 
Delayed Draw Term Loan
 
 
8.14
%
 
3M SOFR / 1.00%
 
 
4.50
%
 
2/1/2030
 
 
306,094
 
 
 
144,955
 
 
 
144,338
 
 
6
LJ Avalon Holdings, LLC
 
Revolver Loan
 
 
8.42
%
 
3M SOFR / 1.00%
 
 
4.75
%
 
2/1/2029
 
 
446,420
 
 
 
50,227
 
 
 
48,838
 
 
6
Machine Sciences Corporation
 
Delayed Draw Term Loan
 
 
8.48
%
 
3M SOFR / 1.00%
 
 
4.75
%
 
3/31/2032
 
 
1,565,906
 
 
 
1,554,764
 
 
 
1,550,247
 
 
 
Machine Sciences Corporation
 
Delayed Draw Term Loan
 
 
8.48
%
 
3M SOFR / 1.00%
 
 
4.75
%
 
3/31/2032
 
 
32,966
 
 
 
(243
)
 
 
(247
)
 
6,7
Machine Sciences Corporation
 
Term Loan
 
 
8.48
%
 
3M SOFR / 1.00%
 
 
4.75
%
 
3/31/2032
 
 
1,643,516
 
 
 
1,631,605
 
 
 
1,631,190
 
 
 
Machine Sciences Corporation
 
Term Loan
 
 
8.48
%
 
3M SOFR / 1.00%
 
 
4.75
%
 
3/31/2032
 
 
1,338,850
 
 
 
1,329,241
 
 
 
1,325,461
 
 
 
Machine Sciences Corporation
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 1.00%
 
 
0.50
%
 
3/31/2032
 
 
223,701
 
 
 
(1,607
)
 
 
(2,237
)
 
6,7
MB2 Dental Solutions, LLC
 
Delayed Draw Term Loan
 
 
9.65
%
 
1M SOFR / 0.75%
 
 
6.00
%
 
2/13/2031
 
 
72,515
 
 
 
19,770
 
 
 
19,806
 
 
6
Med Learning Group, LLC
 
Delayed Draw Term Loan
 
 
1.00
%
 
3M SOFR / 1.00%
 
 
1.00
%
 
12/30/2027
 
 
349,839
 
 
 
(2,168
)
 
 
(2,589
)
 
6,7
Med Learning Group, LLC
 
Term Loan
 
 
9.48
%
 
3M SOFR / 1.00%
 
 
5.75
%
 
12/30/2027
 
 
2,978,526
 
 
 
2,959,433
 
 
 
2,956,484
 
 
 
Medrina, LLC
 
Delayed Draw Term Loan
 
 
9.70
%
 
6M SOFR / 1.00%
 
 
6.00
%
 
10/20/2029
 
 
1,187,179
 
 
 
625,170
 
 
 
621,220
 
 
6
Medrina, LLC
 
Term Loan
 
 
9.64
%
 
1M SOFR / 1.00%
 
 
6.00
%
 
10/20/2029
 
 
2,028,625
 
 
 
2,003,146
 
 
 
1,996,370
 
 
 
Michael Baker International, LLC
 
Term Loan
 
 
8.23
%
 
3M SOFR / 0.75%
 
 
4.50
%
 
12/1/2028
 
 
1,277,345
 
 
 
1,243,246
 
 
 
1,242,346
 
 
 
MoboTrex, LLC
 
Delayed Draw Term Loan
 
 
8.73
%
 
3M SOFR / 1.00%
 
 
5.00
%
 
6/6/2031
 
 
373,923
 
 
 
59,195
 
 
 
58,116
 
 
6
MoboTrex, LLC
 
Revolver Loan
 
 
8.73
%
 
3M SOFR / 1.00%
 
 
5.00
%
 
6/7/2030
 
 
106,924
 
 
 
34,940
 
 
 
34,615
 
 
6
MoboTrex, LLC
 
Term Loan
 
 
8.70
%
 
3M SOFR / 1.00%
 
 
5.00
%
 
6/7/2030
 
 
558,542
 
 
 
554,837
 
 
 
553,180
 
 
 
Moonlight Parent, Inc.
 
Delayed Draw Term Loan
 
 
1.00
%
 
3M SOFR / 0.75%
 
 
1.00
%
 
9/9/2032
 
 
732,202
 
 
 
(6,486
)
 
 
(7,688
)
 
6,7
Moonlight Parent, Inc.
 
Term Loan
 
 
8.41
%
 
3M SOFR / 0.75%
 
 
4.75
%
 
9/9/2032
 
 
2,695,602
 
 
 
2,672,610
 
 
 
2,667,299
 
 
 
Moonlight Parent, Inc.
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 0.75%
 
 
0.50
%
 
9/9/2032
 
 
439,321
 
 
 
(3,898
)
 
 
(4,613
)
 
6,7
mPulse Mobile, Inc.
 
Delayed Draw Term Loan
 
 
1.00
%
 
3M SOFR / 0.75%
 
 
1.00
%
 
8/26/2032
 
 
550,831
 
 
 
(3,636
)
 
 
(4,572
)
 
6,7
9
StepStone Private Credit Co-Investment Fund
 
Schedule of Investments (continued)
June 30, 2026 (unaudited)
 
 
Investments
 
Investment Type
 
Cash Interest Rate /
PIK Rate
 
 
Reference Rate / Floor
 
Spread
 
 
Maturity Date
 
Principal Amount
 
 
Cost
 
 
Fair Value
 
 
Footnotes
mPulse Mobile, Inc.
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 0.75%
 
 
0.50
%
 
8/26/2032
 
 
826,246
 
 
 
(5,451
)
 
 
(6,858
)
 
6,7
mPulse Mobile, Inc.
 
Term Loan
 
 
8.48
%
 
3M SOFR / 0.75%
 
 
4.75
%
 
8/26/2032
 
 
5,754,802
 
 
 
5,716,979
 
 
 
5,707,037
 
 
 
Ne Ortho Management Services, LLC
 
Delayed Draw Term Loan
 
 
8.74
%
 
3M SOFR / 1.00%
 
 
5.00
%
 
12/13/2030
 
 
979,176
 
 
 
266,431
 
 
 
264,916
 
 
6
Ne Ortho Management Services, LLC
 
Revolver Loan
 
 
8.74
%
 
3M SOFR / 1.00%
 
 
5.00
%
 
12/13/2030
 
 
61,199
 
 
 
11,685
 
 
 
11,585
 
 
6
NS and Associates LLC
 
Term Loan
 
 
8.67
%
 
3M SOFR / 1.00%
 
 
5.00
%
 
8/6/2030
 
 
7,692,459
 
 
 
7,645,489
 
 
 
7,627,842
 
 
 
NS and Associates LLC
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 1.00%
 
 
0.50
%
 
8/6/2030
 
 
696,161
 
 
 
(4,248
)
 
 
(5,848
)
 
6
OSR Opco LLC
 
Revolver Loan
 
 
9.18
%
 
3M SOFR / 1.50%
 
 
5.50
%
 
3/15/2029
 
 
560,463
 
 
 
320,919
 
 
 
318,063
 
 
6
OSR Opco LLC
 
Term Loan
 
 
9.14
%
 
1M SOFR / 1.50%
 
 
5.50
%
 
3/15/2029
 
 
1,677,185
 
 
 
1,659,424
 
 
 
1,652,017
 
 
6
Owl Cyber Defense Solutions, LLC
 
Delayed Draw Term Loan
 
 
9.39
%
 
1M SOFR / 1.00%
 
 
5.75
%
 
9/11/2029
 
 
785,791
 
 
 
776,359
 
 
 
773,533
 
 
 
Packaging Coordinators Midco, Inc.
 
Delayed Draw Term Loan
 
 
1.00
%
 
3M SOFR / 0.75%
 
 
1.00
%
 
10/15/2032
 
 
962,538
 
 
 
(8,652
)
 
 
(5,101
)
 
6,7
Packaging Coordinators Midco, Inc.
 
Delayed Draw Term Loan
 
 
1.00
%
 
3M SOFR / 0.75%
 
 
1.00
%
 
7/9/2032
 
 
705,903
 
 
 
(5,247
)
 
 
(7,271
)
 
6,7
Packaging Coordinators Midco, Inc.
 
Term Loan
 
 
8.66
%
 
3M SOFR / 0.75%
 
 
5.00
%
 
7/9/2032
 
 
4,416,695
 
 
 
4,370,480
 
 
 
4,360,161
 
 
 
Packaging Coordinators Midco, Inc.
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 0.75%
 
 
0.50
%
 
7/9/2032
 
 
739,597
 
 
 
(7,414
)
 
 
(8,505
)
 
6,7
Packaging Coordinators Midco, Inc.
 
Delayed Draw Term Loan
 
 
0.00
%
 
3M SOFR / 0.75%
 
 
0.00
%
 
10/15/2032
 
 
939,062
 
 
 
-
 
 
 
(7,325
)
 
6,7
Packaging Coordinators Midco, Inc.
 
Delayed Draw Term Loan
 
 
8.66
%
 
3M SOFR / 0.75%
 
 
5.00
%
 
7/9/2032
 
 
101,404
 
 
 
83,436
 
 
 
83,406
 
 
6
Pave America Holding, LLC
 
Term Loan
 
8.98% / 2.88%
 
 
3M SOFR / 0.75%
 
 
5.25
%
 
8/27/2032
 
 
2,637,404
 
 
 
2,616,481
 
 
 
2,606,019
 
 
9
Pave America Holding, LLC
 
Delayed Draw Term Loan
 
 
8.93
%
 
3M SOFR / 0.75%
 
 
5.25
%
 
8/27/2032
 
 
904,355
 
 
 
445,457
 
 
 
442,590
 
 
6
Pave America Holding, LLC
 
Revolver Loan
 
 
8.43
%
 
3M SOFR / 0.75%
 
 
4.75
%
 
8/27/2032
 
 
676,506
 
 
 
332,307
 
 
 
330,202
 
 
6
Pavement Preservation Acquisition, LLC
 
Term Loan
 
 
8.89
%
 
1M SOFR / 1.00%
 
 
5.25
%
 
8/9/2030
 
 
2,647,187
 
 
 
2,595,816
 
 
 
2,594,243
 
 
 
Pavement Preservation Acquisition, LLC
 
Revolver Loan
 
 
8.91
%
 
3M SOFR / 1.00%
 
 
5.25
%
 
8/9/2030
 
 
433,176
 
 
 
160,530
 
 
 
160,275
 
 
6
Pediatric Home Respiratory Services, LLC
 
Term Loan
 
 
9.29
%
 
6M SOFR / 0.75%
 
 
5.50
%
 
12/23/2030
 
 
840,142
 
 
 
838,154
 
 
 
837,285
 
 
 
PestCo, LLC
 
Delayed Draw Term Loan
 
 
8.41
%
 
3M SOFR / 1.00%
 
 
4.75
%
 
8/6/2030
 
 
857,400
 
 
 
854,006
 
 
 
851,827
 
 
 
PestCo, LLC
 
Revolver Loan
 
 
10.50
%
 
3M SOFR / 1.00%
 
 
3.75
%
 
8/6/2030
 
 
344,268
 
 
 
93,261
 
 
 
92,436
 
 
6
PestCo, LLC
 
Term Loan
 
 
8.41
%
 
3M SOFR / 1.00%
 
 
4.75
%
 
8/6/2030
 
 
3,895,222
 
 
 
3,880,541
 
 
 
3,869,903
 
 
 
PGI Parent LLC
 
Term Loan
 
 
8.68
%
 
3M SOFR / 1.00%
 
 
5.00
%
 
12/31/2031
 
 
3,617,449
 
 
 
3,547,147
 
 
 
3,545,100
 
 
 
PGI Parent LLC
 
Term Loan
 
 
8.73
%
 
3M SOFR / 1.00%
 
 
5.00
%
 
12/31/2031
 
 
472,705
 
 
 
468,465
 
 
 
467,269
 
 
 
10
StepStone Private Credit Co-Investment Fund
 
Schedule of Investments (continued)
June 30, 2026 (unaudited)
 
 
Investments
 
Investment Type
 
Cash Interest Rate /
PIK Rate
 
 
Reference Rate / Floor
 
Spread
 
 
Maturity Date
 
Principal Amount
 
 
Cost
 
 
Fair Value
 
 
Footnotes
PGI Parent LLC
 
Revolver Loan
 
 
10.75
%
 
3M SOFR / 1.00%
 
 
4.00
%
 
12/31/2031
 
 
272,721
 
 
 
86,102
 
 
 
85,963
 
 
6
Play Holdings, Inc.
 
Term Loan
 
 
9.23
%
 
3M SOFR / 0.75%
 
 
5.50
%
 
10/29/2031
 
 
5,007,478
 
 
 
4,940,608
 
 
 
4,911,835
 
 
 
Play Holdings, Inc.
 
Revolver Loan
 
 
9.24
%
 
3M SOFR / 0.75%
 
 
5.50
%
 
10/29/2030
 
 
311,297
 
 
 
67,760
 
 
 
65,892
 
 
6
Point Quest Group, Inc.
 
Delayed Draw Term Loan
 
 
8.48
%
 
3M SOFR / 0.75%
 
 
4.75
%
 
11/13/2031
 
 
127,135
 
 
 
16,183
 
 
 
16,008
 
 
6
Point Quest Group, Inc.
 
Term Loan
 
 
8.48
%
 
3M SOFR / 0.75%
 
 
4.75
%
 
11/13/2031
 
 
835,169
 
 
 
831,347
 
 
 
830,325
 
 
 
Point Quest Group, Inc.
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 0.75%
 
 
0.50
%
 
11/13/2031
 
 
76,306
 
 
 
(341
)
 
 
(443
)
 
6,7
Portage Point Partners, LLC
 
Term Loan
 
 
8.66
%
 
3M SOFR / 0.75%
 
 
5.00
%
 
5/2/2033
 
 
2,003,773
 
 
 
1,993,754
 
 
 
1,988,745
 
 
 
Portage Point Partners, LLC
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 0.75%
 
 
0.50
%
 
5/2/2033
 
 
267,170
 
 
 
(1,307
)
 
 
(2,004
)
 
6,7
Premise Health Holding Corp.
 
Term Loan
 
 
8.48
%
 
3M SOFR / 0.75%
 
 
4.75
%
 
11/8/2032
 
 
153,572
 
 
 
151,309
 
 
 
151,268
 
 
 
Premise Health Holding Corp.
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 0.75%
 
 
0.50
%
 
11/6/2031
 
 
18,212
 
 
 
(269
)
 
 
(273
)
 
6,7
Prestige Employee Administrators, LLC
 
Term Loan
 
 
8.17
%
 
3M SOFR / 1.25%
 
 
4.50
%
 
1/14/2030
 
 
466,199
 
 
 
462,236
 
 
 
460,605
 
 
 
Prestige Employee Administrators, LLC
 
Delayed Draw Term Loan
 
 
1.00
%
 
3M SOFR / 1.25%
 
 
1.00
%
 
1/14/2030
 
 
255,568
 
 
 
(2,197
)
 
 
(3,067
)
 
6,7
PTSH Intermediate Holdings, LLC
 
Term Loan
 
 
8.73
%
 
3M SOFR / 0.75%
 
 
5.00
%
 
1/8/2033
 
 
1,035,791
 
 
 
1,026,313
 
 
 
1,024,811
 
 
 
Puma Buyer, LLC
 
Term Loan
 
 
7.98
%
 
3M SOFR / 0.50%
 
 
4.25
%
 
3/29/2032
 
 
3,025,694
 
 
 
3,011,803
 
 
 
3,011,776
 
 
 
Puma Buyer, LLC
 
Revolver Loan
 
 
0.38
%
 
3M SOFR / 0.50%
 
 
0.38
%
 
3/29/2032
 
 
593,925
 
 
 
(2,690
)
 
 
(2,732
)
 
6,7
Redwood Services Group, LLC
 
Delayed Draw Term Loan
 
 
8.48
%
 
3M SOFR / 0.00%
 
 
4.75
%
 
2/13/2033
 
 
440,289
 
 
 
70,231
 
 
 
68,174
 
 
6
REP TEC Intermediate Holdings, Inc
 
Term Loan
 
 
8.73
%
 
3M SOFR / 1.00%
 
 
5.00
%
 
5/30/2031
 
 
4,937,391
 
 
 
4,915,900
 
 
 
4,932,947
 
 
 
REP TEC Intermediate Holdings, Inc
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 1.00%
 
 
0.50
%
 
5/30/2031
 
 
739,537
 
 
 
(3,273
)
 
 
(4,437
)
 
6,7
Rocket Youth Brands HoldCo LLC
 
Delayed Draw Term Loan
 
 
8.48
%
 
3M SOFR / 1.00%
 
 
4.75
%
 
6/20/2031
 
 
932,299
 
 
 
255,256
 
 
 
254,801
 
 
6
Rocket Youth Brands HoldCo LLC
 
Term Loan
 
 
8.48
%
 
3M SOFR / 1.00%
 
 
4.75
%
 
6/20/2031
 
 
932,812
 
 
 
928,646
 
 
 
926,936
 
 
 
Rocket Youth Brands HoldCo LLC
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 1.00%
 
 
0.50
%
 
6/20/2031
 
 
139,922
 
 
 
(585
)
 
 
(882
)
 
6,7
RPM Purchaser, Inc.
 
Delayed Draw Term Loan
 
 
10.01
%
 
1M SOFR / 2.00%
 
 
6.25
%
 
9/11/2028
 
 
117,490
 
 
 
68,519
 
 
 
68,771
 
 
6
Saab Purchaser, Inc.
 
Delayed Draw Term Loan
 
 
0.50
%
 
3M SOFR / 0.75%
 
 
0.50
%
 
11/12/2031
 
 
1,485,614
 
 
 
(6,487
)
 
 
(20,799
)
 
6,7
Saab Purchaser, Inc.
 
Term Loan
 
 
8.23
%
 
3M SOFR / 0.75%
 
 
4.50
%
 
11/12/2031
 
 
1,535,134
 
 
 
1,528,291
 
 
 
1,513,643
 
 
 
Saab Purchaser, Inc.
 
Revolver Loan
 
 
0.38
%
 
3M SOFR / 0.75%
 
 
0.38
%
 
11/12/2031
 
 
198,082
 
 
 
(865
)
 
 
(2,773
)
 
6,7
Safari Borrower, LLC
 
Delayed Draw Term Loan
 
 
1.00
%
 
3M SOFR / 2.00%
 
 
1.00
%
 
2/3/2031
 
 
201,675
 
 
 
(2,847
)
 
 
(3,186
)
 
6,7
11
StepStone Private Credit Co-Investment Fund
 
Schedule of Investments (continued)
June 30, 2026 (unaudited)
 
 
Investments
 
Investment Type
 
Cash Interest Rate /
PIK Rate
 
 
Reference Rate / Floor
 
Spread
 
 
Maturity Date
 
Principal Amount
 
 
Cost
 
 
Fair Value
 
 
Footnotes
Safari Borrower, LLC
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 2.00%
 
 
0.50
%
 
2/3/2031
 
 
33,612
 
 
 
(474
)
 
 
(531
)
 
6,7
Safari Borrower, LLC
 
Term Loan
 
 
9.37
%
 
1M SOFR / 2.00%
 
 
5.75
%
 
2/3/2031
 
 
569,984
 
 
 
561,832
 
 
 
560,978
 
 
 
Sagebrush Buyer, LLC
 
Term Loan
 
 
8.39
%
 
1M SOFR / 1.00%
 
 
4.75
%
 
7/1/2030
 
 
1,314,905
 
 
 
1,302,827
 
 
 
1,301,361
 
 
 
Sagebrush Buyer, LLC
 
Term Loan
 
 
8.39
%
 
1M SOFR / 1.00%
 
 
4.75
%
 
7/1/2030
 
 
821,815
 
 
 
814,267
 
 
 
813,351
 
 
 
Salisbury House, LLC
 
Term Loan
 
 
8.39
%
 
1M SOFR / 0.75%
 
 
4.75
%
 
8/18/2032
 
 
1,692,981
 
 
 
1,685,993
 
 
 
1,682,145
 
 
 
Salisbury House, LLC
 
Delayed Draw Term Loan
 
 
8.39
%
 
1M SOFR / 0.75%
 
 
4.75
%
 
8/18/2032
 
 
342,122
 
 
 
80,598
 
 
 
79,920
 
 
6
Salisbury House, LLC
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 0.75%
 
 
0.50
%
 
8/18/2032
 
 
228,082
 
 
 
(1,012
)
 
 
(1,460
)
 
6,7
Salute Mission Critical, LLC
 
Delayed Draw Term Loan
 
 
1.00
%
 
3M SOFR / 1.00%
 
 
1.00
%
 
11/30/2029
 
 
954,897
 
 
 
(4,106
)
 
 
(2,387
)
 
6,7
Salute Mission Critical, LLC
 
Term Loan
 
 
8.78
%
 
1M SOFR / 1.00%
 
 
5.14
%
 
11/30/2029
 
 
599,409
 
 
 
597,117
 
 
 
594,914
 
 
 
SCP WQS Buyer, LLC
 
Delayed Draw Term Loan
 
 
1.00
%
 
3M SOFR / 0.50%
 
 
1.00
%
 
6/30/2033
 
 
1,230,225
 
 
 
-
 
 
 
-
 
 
6,7
SCP WQS Buyer, LLC
 
Term Loan
 
 
8.73
%
 
3M SOFR / 0.50%
 
 
5.00
%
 
6/30/2033
 
 
2,054,475
 
 
 
2,054,475
 
 
 
2,054,475
 
 
 
SCP WQS Buyer, LLC
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 0.50%
 
 
0.50
%
 
6/30/2033
 
 
246,045
 
 
 
-
 
 
 
-
 
 
6,7
Seahawk Buyer, LLC
 
Delayed Draw Term Loan
 
 
1.00
%
 
3M SOFR / 1.50%
 
 
1.00
%
 
4/30/2032
 
 
600,403
 
 
 
(1,167
)
 
 
(2,702
)
 
6,7
Seahawk Buyer, LLC
 
Term Loan
 
 
8.87
%
 
1M SOFR / 1.50%
 
 
5.25
%
 
4/30/2032
 
 
837,772
 
 
 
830,363
 
 
 
828,137
 
 
 
Seahawk Buyer, LLC
 
Revolver Loan
 
 
8.87
%
 
1M SOFR / 1.50%
 
 
5.25
%
 
4/30/2032
 
 
167,554
 
 
 
39,022
 
 
 
38,565
 
 
6
SkyMark Refuelers, LLC
 
Delayed Draw Term Loan
 
 
8.17
%
 
3M SOFR / 0.75%
 
 
4.50
%
 
12/16/2032
 
 
615,492
 
 
 
609,771
 
 
 
606,575
 
 
 
SkyMark Refuelers, LLC
 
Delayed Draw Term Loan
 
 
0.50
%
 
3M SOFR / 0.75%
 
 
0.50
%
 
12/16/2032
 
 
1,659,766
 
 
 
(15,569
)
 
 
(24,047
)
 
6,7
SkyMark Refuelers, LLC
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 0.75%
 
 
0.50
%
 
12/16/2032
 
 
681,215
 
 
 
(6,311
)
 
 
(9,869
)
 
6,7
SkyMark Refuelers, LLC
 
Term Loan
 
 
8.17
%
 
3M SOFR / 0.75%
 
 
4.50
%
 
12/16/2032
 
 
2,718,048
 
 
 
2,692,780
 
 
 
2,678,669
 
 
 
Skyrodema Bidco, LLC
 
Delayed Draw Term Loan
 
 
0.00
%
 
3M SOFR / 0.75%
 
 
0.00
%
 
3/9/2033
 
 
149,239
 
 
 
(357
)
 
 
(164
)
 
6,7
Skyrodema Bidco, LLC
 
Term Loan
 
 
8.48
%
 
3M SOFR / 0.75%
 
 
4.75
%
 
3/9/2033
 
 
820,729
 
 
 
818,678
 
 
 
819,826
 
 
 
Socket Holdings Corporation
 
Delayed Draw Term Loan
 
 
8.14
%
 
1M SOFR / 0.75%
 
 
4.50
%
 
3/31/2031
 
 
919,350
 
 
 
328,688
 
 
 
326,063
 
 
6
Southern Orthodontic Partners Management, LLC
 
Delayed Draw Term Loan
 
 
1.00
%
 
3M SOFR / 1.00%
 
 
1.00
%
 
7/27/2029
 
 
76,891
 
 
 
-
 
 
 
-
 
 
6,7
Southern Orthodontic Partners Management, LLC
 
Revolver Loan
 
 
8.41
%
 
3M SOFR / 1.00%
 
 
4.75
%
 
7/27/2029
 
 
20,507
 
 
 
4,785
 
 
 
4,785
 
 
6
Southern Orthodontic Partners Management, LLC
 
Term Loan
 
 
8.48
%
 
3M SOFR / 1.00%
 
 
4.75
%
 
7/27/2029
 
 
493,281
 
 
 
493,281
 
 
 
493,281
 
 
 
Springline Advisory Intermediate, LLC
 
Delayed Draw Term Loan
 
 
8.91
%
 
3M SOFR / 1.00%
 
 
5.25
%
 
12/1/2031
 
 
2,174,739
 
 
 
2,159,430
 
 
 
2,157,341
 
 
 
12
StepStone Private Credit Co-Investment Fund
 
Schedule of Investments (continued)
June 30, 2026 (unaudited)
 
 
Investments
 
Investment Type
 
Cash Interest Rate /
PIK Rate
 
 
Reference Rate / Floor
 
Spread
 
 
Maturity Date
 
Principal Amount
 
 
Cost
 
 
Fair Value
 
 
Footnotes
Springline Advisory Intermediate, LLC
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 1.00%
 
 
0.50
%
 
12/1/2031
 
 
290,062
 
 
 
(1,973
)
 
 
(2,320
)
 
6,7
Springline Advisory Intermediate, LLC
 
Term Loan
 
 
8.91
%
 
3M SOFR / 1.00%
 
 
5.25
%
 
12/1/2031
 
 
260,403
 
 
 
258,556
 
 
 
258,320
 
 
 
Springline Advisory Intermediate, LLC
 
Delayed Draw Term Loan
 
 
8.92
%
 
3M SOFR / 1.00%
 
 
5.25
%
 
1/14/2030
 
 
377,958
 
 
 
145,446
 
 
 
145,325
 
 
6
SRP Eagle Buyer Inc
 
Delayed Draw Term Loan
 
 
0.00
%
 
3M SOFR / 1.50%
 
 
0.00
%
 
12/8/2031
 
 
1,488,550
 
 
 
(13,507
)
 
 
(16,374
)
 
6,7
SRP Eagle Buyer Inc
 
Term Loan
 
 
8.48
%
 
3M SOFR / 1.50%
 
 
4.75
%
 
12/8/2031
 
 
2,517,882
 
 
 
2,494,767
 
 
 
2,490,186
 
 
 
SRP Eagle Buyer Inc
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 1.50%
 
 
0.50
%
 
12/8/2031
 
 
595,420
 
 
 
(5,411
)
 
 
(6,550
)
 
6,7
Straine Dental Management, LLC
 
Delayed Draw Term Loan
 
 
10.96
%
 
1M SOFR / 2.00%
 
 
7.24
%
 
11/25/2030
 
 
229,362
 
 
 
5,401
 
 
 
5,470
 
 
6
Straine Dental Management, LLC
 
Term Loan
 
 
11.14
%
 
1M SOFR / 2.00%
 
 
7.42
%
 
11/25/2030
 
 
657,694
 
 
 
651,491
 
 
 
651,775
 
 
 
SV Newco 2, Inc.
 
Delayed Draw Term Loan
 
 
8.73
%
 
3M SOFR / 0.75%
 
 
5.00
%
 
6/2/2031
 
 
2,213,208
 
 
 
715,187
 
 
 
702,693
 
 
6
SV Newco 2, Inc.
 
Term Loan
 
 
8.73
%
 
3M SOFR / 0.75%
 
 
5.00
%
 
6/2/2031
 
 
719,388
 
 
 
716,297
 
 
 
712,195
 
 
 
SV Newco 2, Inc.
 
Delayed Draw Term Loan
 
 
8.70
%
 
3M SOFR / 0.75%
 
 
5.00
%
 
6/2/2031
 
 
400,978
 
 
 
398,633
 
 
 
396,968
 
 
 
SV Newco 2, Inc.
 
Term Loan
 
 
8.73
%
 
3M SOFR / 0.75%
 
 
5.00
%
 
6/2/2031
 
 
699,601
 
 
 
695,266
 
 
 
692,605
 
 
 
SV Newco 2, Inc.
 
Revolver Loan
 
 
8.62
%
 
1M SOFR / 0.75%
 
 
5.00
%
 
6/2/2031
 
 
257,430
 
 
 
88,329
 
 
 
87,328
 
 
6
Syndigo LLC
 
Term Loan
 
 
8.67
%
 
3M SOFR / 0.75%
 
 
5.00
%
 
9/2/2032
 
 
8,847,601
 
 
 
8,773,169
 
 
 
8,762,665
 
 
 
Syndigo LLC
 
Revolver Loan
 
 
8.67
%
 
3M SOFR / 0.75%
 
 
5.00
%
 
9/2/2032
 
 
1,195,170
 
 
 
180,645
 
 
 
179,753
 
 
6
Tank Holding Corp.
 
Term Loan
 
 
9.74
%
 
1M SOFR / 0.75%
 
 
6.00
%
 
3/31/2028
 
 
26,072
 
 
 
23,724
 
 
 
24,851
 
 
 
Tank Holding Corp.
 
Delayed Draw Term Loan
 
 
9.74
%
 
1M SOFR / 0.75%
 
 
6.00
%
 
3/31/2028
 
 
11,302
 
 
 
10,285
 
 
 
10,773
 
 
 
Tank Holding Corp.
 
Term Loan
 
 
9.49
%
 
1M SOFR / 0.75%
 
 
5.75
%
 
3/31/2028
 
 
334,045
 
 
 
304,046
 
 
 
318,399
 
 
 
Tau Buyer, LLC
 
Delayed Draw Term Loan
 
8.73% / 2.50%
 
 
3M SOFR / 0.75%
 
 
5.00
%
 
2/2/2032
 
 
139,379
 
 
 
139,069
 
 
 
138,180
 
 
9
Tau Buyer, LLC
 
Revolver Loan
 
 
8.24
%
 
3M SOFR / 0.75%
 
 
4.50
%
 
2/2/2032
 
 
78,198
 
 
 
30,055
 
 
 
29,564
 
 
6
Tau Buyer, LLC
 
Term Loan
 
8.73% / 2.50%
 
 
3M SOFR / 0.75%
 
 
5.00
%
 
2/2/2032
 
 
607,143
 
 
 
605,798
 
 
 
602,286
 
 
9
Transgo, LLC
 
Term Loan
 
 
8.89
%
 
1M SOFR / 2.00%
 
 
5.25
%
 
12/29/2028
 
 
465,257
 
 
 
463,185
 
 
 
463,675
 
 
 
Transgo, LLC
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 2.00%
 
 
0.50
%
 
12/29/2028
 
 
47,504
 
 
 
(211
)
 
 
(162
)
 
6,7
Trintech Inc.
 
Delayed Draw Term Loan
 
 
0.75
%
 
3M SOFR / 0.75%
 
 
0.75
%
 
1/28/2033
 
 
165,373
 
 
 
(1,562
)
 
 
(2,944
)
 
6,7
Trintech Inc.
 
Term Loan
 
 
8.39
%
 
1M SOFR / 0.75%
 
 
4.75
%
 
1/28/2033
 
 
992,237
 
 
 
983,157
 
 
 
974,576
 
 
 
Trintech Inc.
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 0.75%
 
 
0.50
%
 
1/28/2033
 
 
124,030
 
 
 
(1,171
)
 
 
(2,208
)
 
6,7
13
StepStone Private Credit Co-Investment Fund
 
Schedule of Investments (continued)
June 30, 2026 (unaudited)
 
 
Investments
 
Investment Type
 
Cash Interest Rate /
PIK Rate
 
 
Reference Rate / Floor
 
Spread
 
 
Maturity Date
 
Principal Amount
 
 
Cost
 
 
Fair Value
 
 
Footnotes
Truck-Lite Co., LLC
 
Term Loan
 
 
8.41
%
 
3M SOFR / 0.75%
 
 
4.75
%
 
2/13/2032
 
 
86,281
 
 
 
85,521
 
 
 
85,418
 
 
 
Truck-Lite Co., LLC
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 0.75%
 
 
0.50
%
 
2/13/2031
 
 
30,881
 
 
 
(295
)
 
 
(309
)
 
6,7
Truck-Lite Co., LLC
 
Term Loan
 
 
8.41
%
 
3M SOFR / 0.75%
 
 
4.75
%
 
2/13/2032
 
 
298,730
 
 
 
295,840
 
 
 
295,743
 
 
 
Truck-Lite Co., LLC
 
Delayed Draw Term Loan
 
 
8.43
%
 
3M SOFR / 0.75%
 
 
4.75
%
 
2/13/2032
 
 
6,436
 
 
 
6,374
 
 
 
6,372
 
 
 
Truck-Lite Co., LLC
 
Delayed Draw Term Loan
 
 
8.42
%
 
3M SOFR / 0.75%
 
 
4.75
%
 
2/13/2032
 
 
835,730
 
 
 
319,407
 
 
 
321,493
 
 
6
Truck-Lite Co., LLC
 
Delayed Draw Term Loan
 
 
1.00
%
 
3M SOFR / 0.75%
 
 
1.00
%
 
2/13/2032
 
 
416,064
 
 
 
(5,200
)
 
 
(4,161
)
 
6,7
U.S. Urology Partners, LLC
 
Delayed Draw Term Loan
 
 
1.00
%
 
3M SOFR / 0.75%
 
 
1.00
%
 
4/8/2032
 
 
1,687,164
 
 
 
(18,820
)
 
 
(22,945
)
 
6,7
U.S. Urology Partners, LLC
 
Delayed Draw Term Loan
 
 
1.00
%
 
3M SOFR / 0.75%
 
 
1.00
%
 
4/8/2032
 
 
1,235,386
 
 
 
(18,116
)
 
 
(18,531
)
 
6,7
Upland Software, Inc.
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 1.50%
 
 
0.50
%
 
7/25/2031
 
 
826,923
 
 
 
(8,758
)
 
 
(15,215
)
 
6,7
Upland Software, Inc.
 
Term Loan
 
 
9.73
%
 
3M SOFR / 1.50%
 
 
6.00
%
 
7/25/2031
 
 
6,328,052
 
 
 
6,259,910
 
 
 
6,211,616
 
 
 
USIC Holdings, Inc.
 
Term Loan
 
 
9.17
%
 
3M SOFR / 0.75%
 
 
5.50
%
 
9/10/2031
 
 
2,753,099
 
 
 
2,714,208
 
 
 
2,710,150
 
 
 
USIC Holdings, Inc.
 
Revolver Loan
 
 
8.93
%
 
3M SOFR / 0.75%
 
 
5.25
%
 
9/10/2031
 
 
355,730
 
 
 
314,051
 
 
 
313,592
 
 
6
USIC Holdings, Inc.
 
Delayed Draw Term Loan
 
 
9.17
%
 
3M SOFR / 0.75%
 
 
5.50
%
 
9/10/2031
 
 
163,543
 
 
 
129,423
 
 
 
129,189
 
 
6
Vacation Rental Brands, LLC
 
Delayed Draw Term Loan
 
 
1.00
%
 
3M SOFR / 1.00%
 
 
1.00
%
 
5/6/2032
 
 
432,794
 
 
 
(4,315
)
 
 
(4,025
)
 
6,7
Vacation Rental Brands, LLC
 
Term Loan
 
 
8.98
%
 
3M SOFR / 1.00%
 
 
5.25
%
 
5/6/2032
 
 
386,730
 
 
 
383,302
 
 
 
383,133
 
 
 
Vacation Rental Brands, LLC
 
Term Loan
 
 
8.98
%
 
3M SOFR / 1.00%
 
 
5.25
%
 
5/6/2032
 
 
1,473,891
 
 
 
1,459,880
 
 
 
1,459,594
 
 
 
Vacation Rental Brands, LLC
 
Term Loan
 
 
8.98
%
 
3M SOFR / 1.00%
 
 
5.25
%
 
5/6/2032
 
 
578,660
 
 
 
573,158
 
 
 
578,660
 
 
 
Valkyrie Buyer, LLC
 
Delayed Draw Term Loan
 
 
8.98
%
 
3M SOFR / 1.00%
 
 
5.25
%
 
5/6/2031
 
 
14,224
 
 
 
14,002
 
 
 
13,996
 
 
 
Valkyrie Buyer, LLC
 
Delayed Draw Term Loan
 
 
8.91
%
 
3M SOFR / 0.75%
 
 
5.25
%
 
5/6/2031
 
 
28,612
 
 
 
19,538
 
 
 
19,528
 
 
6
Valkyrie Buyer, LLC
 
Delayed Draw Term Loan
 
 
8.91
%
 
3M SOFR / 1.00%
 
 
5.25
%
 
5/6/2031
 
 
14,294
 
 
 
14,069
 
 
 
14,065
 
 
 
Valkyrie Buyer, LLC
 
Delayed Draw Term Loan
 
 
8.98
%
 
3M SOFR / 0.75%
 
 
5.25
%
 
5/6/2031
 
 
410,414
 
 
 
11,107
 
 
 
9,357
 
 
6
Valkyrie Buyer, LLC
 
Revolver Loan
 
 
8.95
%
 
3M SOFR / 0.75%
 
 
5.25
%
 
5/6/2030
 
 
118,640
 
 
 
25,007
 
 
 
24,390
 
 
6
Valkyrie Buyer, LLC
 
Term Loan
 
 
8.98
%
 
3M SOFR / 1.00%
 
 
5.25
%
 
5/6/2031
 
 
336,769
 
 
 
331,506
 
 
 
331,380
 
 
 
Vatica Health, Inc.
 
Revolver Loan
 
 
0.25
%
 
3M SOFR / 0.75%
 
 
0.25
%
 
10/29/2032
 
 
160,920
 
 
 
(723
)
 
 
(676
)
 
6,7
Vatica Health, Inc.
 
Term Loan
 
 
7.87
%
 
3M SOFR / 0.75%
 
 
4.25
%
 
10/29/2032
 
 
1,605,180
 
 
 
1,598,132
 
 
 
1,598,438
 
 
 
Vehlo Purchaser, LLC
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 0.75%
 
 
0.50
%
 
5/24/2028
 
 
88,473
 
 
 
(524
)
 
 
(885
)
 
6,7
14
StepStone Private Credit Co-Investment Fund
 
Schedule of Investments (continued)
June 30, 2026 (unaudited)
 
 
Investments
 
Investment Type
 
Cash Interest Rate /
PIK Rate
 
 
Reference Rate / Floor
 
Spread
 
 
Maturity Date
 
Principal Amount
 
 
Cost
 
 
Fair Value
 
 
Footnotes
Vehlo Purchaser, LLC
 
Delayed Draw Term Loan
 
 
8.89
%
 
1M SOFR / 0.75%
 
 
5.25
%
 
5/24/2028
 
 
3,405,965
 
 
 
3,395,356
 
 
 
3,374,971
 
 
 
VRC Companies, LLC
 
Term Loan
 
 
8.67
%
 
3M SOFR / 1.00%
 
 
5.00
%
 
6/29/2027
 
 
2,315,462
 
 
 
2,315,462
 
 
 
2,299,023
 
 
 
VRC Companies, LLC
 
Term Loan
 
 
9.16
%
 
3M SOFR / 1.00%
 
 
5.50
%
 
6/29/2027
 
 
215,385
 
 
 
214,420
 
 
 
214,308
 
 
 
VRC Companies, LLC
 
Term Loan
 
 
9.45
%
 
3M SOFR / 1.00%
 
 
5.75
%
 
6/29/2029
 
 
122,794
 
 
 
122,236
 
 
 
122,180
 
 
 
VRC Companies, LLC
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 1.00%
 
 
0.50
%
 
6/29/2027
 
 
7,523
 
 
 
(33
)
 
 
(38
)
 
6,7
VRC Companies, LLC
 
Delayed Draw Term Loan
 
 
9.45
%
 
3M SOFR / 1.00%
 
 
5.75
%
 
6/29/2027
 
 
118,628
 
 
 
118,135
 
 
 
118,035
 
 
 
W.A. Kendall and Company, LLC
 
Revolver Loan
 
 
9.87
%
 
3M SOFR / 1.00%
 
 
5.88
%
 
4/22/2030
 
 
206,535
 
 
 
148,413
 
 
 
148,203
 
 
6
W.A. Kendall and Company, LLC
 
Delayed Draw Term Loan
 
 
9.74
%
 
3M SOFR / 1.00%
 
 
5.75
%
 
4/22/2030
 
 
1,502,002
 
 
 
276,362
 
 
 
274,461
 
 
6
W.A. Kendall and Company, LLC
 
Term Loan
 
 
9.74
%
 
3M SOFR / 1.00%
 
 
5.75
%
 
4/22/2030
 
 
993,222
 
 
 
983,996
 
 
 
984,184
 
 
 
W.A. Kendall and Company, LLC
 
Delayed Draw Term Loan
 
 
9.74
%
 
3M SOFR / 1.00%
 
 
5.75
%
 
4/22/2030
 
 
60,641
 
 
 
60,115
 
 
 
60,090
 
 
 
Wealth Enhancement Group, LLC
 
Delayed Draw Term Loan
 
 
7.94
%
 
3M SOFR / 1.00%
 
 
4.25
%
 
10/2/2028
 
 
27,199
 
 
 
26,894
 
 
 
26,885
 
 
 
Wealth Enhancement Group, LLC
 
Delayed Draw Term Loan
 
 
7.94
%
 
3M SOFR / 1.00%
 
 
4.25
%
 
10/2/2028
 
 
395,738
 
 
 
391,306
 
 
 
391,165
 
 
 
Wealth Enhancement Group, LLC
 
Delayed Draw Term Loan
 
 
7.94
%
 
3M SOFR / 1.00%
 
 
4.25
%
 
10/4/2028
 
 
40,551
 
 
 
40,097
 
 
 
40,082
 
 
 
Wealth Enhancement Group, LLC
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 1.00%
 
 
0.50
%
 
10/2/2028
 
 
25,643
 
 
 
(173
)
 
 
(177
)
 
6,7
Western Smokehouse Partners, LLC
 
Delayed Draw Term Loan
 
 
9.12
%
 
1M SOFR / 1.00%
 
 
5.50
%
 
3/31/2029
 
 
438,587
 
 
 
107,787
 
 
 
106,971
 
 
6
Western Smokehouse Partners, LLC
 
Term Loan
 
 
9.12
%
 
1M SOFR / 1.00%
 
 
5.50
%
 
3/31/2029
 
 
1,312,471
 
 
 
1,306,618
 
 
 
1,304,465
 
 
 
Western Smokehouse Partners, LLC
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 1.00%
 
 
0.50
%
 
3/31/2029
 
 
109,647
 
 
 
(461
)
 
 
(669
)
 
6,7
Wharf Street Ratings Acquisition LLC
 
Delayed Draw Term Loan
 
 
1.00
%
 
3M SOFR / 0.75%
 
 
1.00
%
 
9/16/2032
 
 
585,925
 
 
 
(2,623
)
 
 
(2,754
)
 
6,7
Wharf Street Ratings Acquisition LLC
 
Term Loan
 
 
8.14
%
 
1M SOFR / 0.75%
 
 
4.50
%
 
9/16/2032
 
 
5,246,958
 
 
 
5,225,482
 
 
 
5,222,297
 
 
 
Wharf Street Ratings Acquisition LLC
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 0.75%
 
 
0.50
%
 
9/16/2032
 
 
604,937
 
 
 
(2,698
)
 
 
(2,843
)
 
6,7
WSRP Advisory LLC
 
Delayed Draw Term Loan
 
 
8.92
%
 
3M SOFR / 1.00%
 
 
5.25
%
 
2/28/2031
 
 
4,454,818
 
 
 
4,424,762
 
 
 
4,420,516
 
 
 
Zep Holdco Inc.
 
Term Loan
 
 
8.73
%
 
3M SOFR / 1.00%
 
 
5.00
%
 
6/30/2031
 
 
7,775,004
 
 
 
7,707,654
 
 
 
7,696,477
 
 
 
Zep Holdco Inc.
 
Revolver Loan
 
 
0.50
%
 
3M SOFR / 1.00%
 
 
0.50
%
 
6/30/2031
 
 
902,706
 
 
 
(5,188
)
 
 
(8,305
)
 
6
Total Direct Lending - Senior Secured
   Loans -North America
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
279,878,494
 
 
$
278,781,529
 
 
 
Total Direct Lending
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
284,321,148
 
 
$
283,223,164
 
 
 
Total Investments - 96.6% of NAV
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash Equivalents - 2.5% of NAV
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
15
StepStone Private Credit Co-Investment Fund
 
Schedule of Investments (continued)
June 30, 2026 (unaudited)
 
 
Investments
 
Investment Type
 
Cash Interest Rate /
PIK Rate
 
 
Reference Rate / Floor
 
Spread
 
 
Maturity Date
 
Principal Amount
 
 
Cost
 
 
Fair Value
 
 
Footnotes
Morgan Stanley Institutional Liquidity Funds Treasury Portfolio - Institutional Class. 3.48% (7,548,437 shares)
 
 
 
 
$
7,548,437
 
 
$
7,548,437
 
 
8
Total Cash Equivalents
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
7,548,437
 
 
$
7,548,437
 
 
 
Other Assets in excess of liabilities - 0.9% of
   NAV
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
2,561,094
 
 
 
Net Assets - 100.0%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
293,332,695
 
 
 
 
 
 
 
 
 
1.
Geographic region generally reflects the location of the investment manager for Investment Funds and headquarters for 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 alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate ("PRIME")) which generally resets
periodically. For each such investment, the Fund has provided the spread over SOFR 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 3.65%, 3.68%, 3.86%, and 6.75% respectively. For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of June 30, 2026. Certain investments are subject to a SOFR floor and have been provided.
6.
Investment has undrawn commitments. For private credit investments, unamortized capitalized fees 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 undrawn commitment fee.
7.
Unfunded position. Interest reflects the unfunded commitment fee rate.
8.
The rate reported is the 7-day effective yield at the period end.
9.
Principal includes accumulated payment in kind (“PIK”) interest and is net of repayments, if any.
10.
Income-producing debt investment.
The
accompanying
notes are an integral part of these financial statements
16
StepStone Private Credit Co-Investment Fund
 
Statement of Assets and Liabilities
June 30, 2026 (unaudited)
 
 
 
 
Assets
 
 
 
 
Non-controlled/non-affiliated investments, at fair value (cost $284,321,148)
 
$
 
283,223,164
 
Cash
 
 
 
908,316
 
Cash equivalents
 
 
 
7,548,437
 
Interest receivable
 
 
 
1,370,385
 
Receivables for investments sold
 
 
 
904,545
 
Deferred offering costs
 
 
 
219,809
 
Receivable from Advisor
 
 
 
50
 
Total assets
 
 
 
294,174,706
 
 
 
 
 
 
Liabilities
 
 
 
 
Management fee payable
 
 
 
417,773
 
Administration fee payable
 
 
 
117,581
 
Directors' fees payable
 
 
 
75,000
 
Audit fees payable
 
 
 
53,000
 
Accrued expenses
 
 
 
178,657
 
Total liabilities
 
 
 
842,011
 
 
 
 
 
 
Commitments and contingencies (Note 7)
 
 
 
 
Net Assets
 
$
 
293,332,695
 
 
 
 
 
 
Components of Net Assets:
 
 
 
 
Paid-in capital
 
$
 
284,572,943
 
Total distributable earnings (accumulated loss)
 
 
 
8,759,752
 
 
 
 
 
 
Net Assets
 
$
 
293,332,695
 
 
 
 
 
 
Shares
 
 
 
 
Net Assets
 
$
 
293,332,695
 
Outstanding shares (unlimited number of shares authorized)
 
 
 
27,909,340
 
Net Asset Value Per Share
 
$
 
10.51
 
 
The accompanying notes are an integral part of these financial statements
17
StepStone Private Credit Co-Investment Fund
 
Statement of Operations
For the Six Months Ended June 30, 2026 (unaudited)
 
 
 
 
Investment Income
 
 
 
Non-controlled/non-affiliated investments interest income
 
$
11,446,410
 
Dividend Income
 
 
147,968
 
Payment in-kind interest on investments in securities of unaffiliated issuers
 
 
41,710
 
Total investment income
 
 
11,636,088
 
 
 
 
 
Expenses
 
 
 
Management fee
 
 
770,527
 
Administration fee
 
 
216,436
 
Professional fees
 
 
166,489
 
Amortization of offering costs
 
 
157,007
 
Audit fees
 
 
80,000
 
Directors' fees
 
 
75,000
 
Custody fees
 
 
25,838
 
Other expenses
 
 
38,110
 
Total expenses
 
 
1,529,407
 
 
 
 
 
Net Investment Income (Loss)
 
$
10,106,681
 
 
 
 
 
Net Change in Unrealized gain (loss)
 
 
 
Net change in unrealized appreciation (depreciation) from investments
 
 
(1,006,623
)
Net Change in Unrealized gain (loss)
 
 
(1,006,623
)
Net Increase (Decrease) in Net Assets from Operations
 
$
9,100,058
 
 
 
The accompanying notes are an integral part of these financial statements
18
StepStone Private Credit Co-Investment Fund
 
Statements of Changes in Net Assets
For the Six Months Ended June 30, 2026 (unaudited)
 
 
 
 
 
 
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)
 
$
10,106,681
 
 
$
5,210,472
 
Net realized gain on non-controlled/non-affiliated investments
 
 
—
 
 
 
2
 
Net change in unrealized appreciation (depreciation) from investments
 
 
(1,006,623
)
 
 
(93,837
)
Net Increase (Decrease) in Net Assets Resulting from Operations
 
 
9,100,058
 
 
 
5,116,637
 
Distributions from (Distributable Earnings) Accumulated Loss
 
 
—
 
 
 
(5,456,943
)
Change in Net Assets Resulting from Capital Share Transactions:
 
 
 
 
 
 
Proceeds from shares issued
 
 
84,676,943
 
 
 
199,896,000
 
Change in Net Assets Resulting from Capital Share Transactions
 
 
84,676,943
 
 
 
199,896,000
 
Total Increase (Decrease) in Net Assets
 
 
93,777,001
 
 
 
199,555,694
 
Net Assets
 
 
 
 
 
 
Beginning of period
 
 
199,555,694
 
 
 
—
 
End of period
 
$
293,332,695
 
 
$
199,555,694
 
 
 
 
 
 
 
 
* The Fund commenced operations on June 12, 2025.
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements
19
StepStone Private Credit Co-Investment Fund
 
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
 
$
9,100,058
 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net
   cash provided by/(used in) operating activities:
 
 
 
Purchases of investments
 
 
(98,701,284
)
Proceeds from sales, exits and repayments of investments
 
 
13,608,050
 
Payment-in-kind interest capitalized
 
 
(52,033
)
Accretion of original issue discount and amortized premiums on investments
 
 
(295,876
)
Net change in unrealized appreciation (depreciation) from investments
 
 
1,006,623
 
Amortization of offering costs
 
 
157,007
 
(Increase) Decrease in Assets
 
 
 
Interest receivable
 
 
(233,320
)
Receivables for investments sold
 
 
(898,271
)
Increase (Decrease) in Liabilities
 
 
 
Management fee payable
 
 
(31,069
)
Administration fee payable
 
 
(9,281
)
Directors' fees payable
 
 
12,214
 
Audit fees payable
 
 
(107,000
)
Accrued expenses
 
 
76,698
 
Net Cash Provided by (Used in) Operating Activities
 
 
(76,367,484
)
 
 
 
 
Cash Flows from Financing Activities
 
 
 
Proceeds from issuance of shares, net of subscriptions received in advance
 
 
84,675,833
 
Distributions, net of distribution reinvestment plan and change in distributions payable
 
 
(5,456,943
)
Offering costs paid
 
 
(576,816
)
Net cash provided by/(used in) Financing Activities
 
 
78,642,074
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
 
 
2,274,590
 
 
 
 
 
Cash and cash equivalents
 
 
 
Beginning of the period
 
 
6,182,163
 
End of the period
 
$
8,456,753
 
 
 
The accompanying notes are an integral part of these statements
20
StepStone Private Credit Co-Investment Fund
 
Financial Highlights
For the Six Months Ended June 30, 2026 (unaudited)
 
 
 
 
Per share operating performance for a capital share outstanding throughout each period
 
 
For the Six Months Ended June 30, 2026 (Unaudited)
 
 
For the Period Ended December 31, 2025*
 
Per share data:
 
 
 
 
 
Net asset value, beginning of period
$
10.13
 
 
$
10.00
 
Net investment income (loss)
(1)
 
0.42
 
 
 
0.39
 
Realized and unrealized gain (loss) on investment transactions
(2)
 
(0.04
)
 
 
0.02
 
Total from operations
 
0.38
 
 
 
0.41
 
Distributions from net investment income
 
—
 
 
 
(0.28
)
Distributions from net realized capital gains/losses
 
—
 
 
 
—
 
Total increase (decrease) in net assets
 
0.38
 
 
 
0.13
 
Net asset value, end of period
$
10.51
 
 
$
10.13
 
 
 
 
 
 
 
Total return
(3)
 
3.71
%
 
 
4.11
%
Ratios to average net assets
(4), (5)
 
 
 
 
 
Net investment income (loss)
 
3.91
%
 
 
4.03
%
 
 
 
 
 
 
Gross expenses
 
0.59
%
 
 
0.92
%
Adviser support payments
 
0.00
%
 
 
0.00
%
Net expenses
 
0.59
%
 
 
0.92
%
 
 
 
 
 
 
Portfolio turnover rate
(6)
 
5.45
%
 
 
4.06
%
 
(1)
Per share amounts are calculated based on the weighted average shares outstanding during the period.
(2)
Includes balancing amounts necessary to reconcile the change in NAV per share for the period.
(3)
Total return is calculated as the change in NAV per share during the period, plus distributions per share, if any, divided by the beginning NAV per share, assuming a distribution reinvestment price in accordance with the Company’s DRIP. Total return has not been annualized for periods less than one year.
(4)
Average net assets are computed using the average balance of net assets at the end of each month of the reporting period.
(5)
Ratios do not reflect the proportionate share of income and expenses of the underlying private credit funds, if any, in which the Company invests. Ratios have not been annualized.
(6)
Portfolio turnover rate is calculated using the lesser of total sales, exits and repayments of investments or total purchases divided by the monthly average of the investments at fair value for the period reported and has not been annualized for periods less than one year. Such monthly average is calculated by totaling the values of the portfolio securities as of the beginning and end of the first month of the particular period and as of the end of each of the succeeding months.
 
*The Fund commenced operations on June 12, 2025. See Note 1 in the accompanying notes to financial statements.
The accompanying notes are an integral part of these financial statements
21
StepStone Private Credit Co-Investment Fund
 
Notes to Financial Statements
June 30, 2026 (unaudited)
 
 
1.
O
rganization
StepStone Private Credit Co-Investment Fund (the “Fund”) was organized as a Delaware statutory trust under the Delaware Statutory Trust Act on February 19, 2025 (“Inception”) and is registered under the Investment Company Act of 1940, as amended, (“1940 Act”) as a diversified, closed-end management investment company. The Fund commenced operations on June 12, 2025 (“Commencement of Operations”).
The Fund offers an unlimited number of shares of beneficial interest (“Shares”). The Shares are offered on a continuous basis at the then-current net asset value (“NAV”) per Share. The Shares have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), and will be issued solely in private placement transactions that do not involve any “public offering” within the meaning of Section 4(2) of, and/or Regulation D under, the 1933 Act.
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 Debt LLC, an investment adviser registered under the Investment Advisers Act of 1940, as amended, and a wholly owned business of StepStone Group Private Debt AG (“SPD AG”), serves as the Fund’s investment adviser (“Adviser”). The Adviser oversees the management of the Fund’s day-to-day activities including structuring, governance, distribution, reporting and oversight. StepStone Group Europe Alternative Investments Limited (“SGEAIL”), an affiliate of StepStone Group LP (“StepStone”), serves as the Fund’s investment sub-adviser (“Sub-Adviser” and, together with the
Adviser
, the "Advisers") and is responsible for the day-to-day management of the Fund’s assets and activities and will provide ongoing research regarding the Fund’s investment portfolio. The Sub-Adviser is a wholly owned subsidiary of SPD AG.
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 at least 80% of its total assets (net assets plus borrowings for investment purposes) in private credit investments (“Private Credit Investments”). The Fund defines Private Credit Investments to consist of the Lending Strategy and Specialty Credit Strategy, each as defined in the Fund's confidential private placement memorandum (the "Memorandum"). The Fund intends to primarily use a multi-lender approach to achieve its investment objectives, whereby the Advisers utilize 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, as long as they are consistent with the Fund's investment policies, including its 80% policy.
The organizational meeting of the Board of the Fund was held on March 25, 2025. On April 23, 2025, the Adviser contributed $10,000 of capital to the Fund in exchange for 1,000 Shares. There were no Fund operations prior to June 12, 2025.
Master-Feeder Structure
The Fund and StepStone Private Credit Co-Investment Feeder Fund LP (“Feeder Fund”) are part of a “master-feeder” structure. The Feeder Fund invests substantially all of its assets in the Shares of the Fund. As of June 30, 2026, the Feeder Fund owns 100.00% of the Fund’s net assets.
2.
Summary of Significant Accounting Policies
The accompanying 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 financial statements.

 
22
StepStone Private Credit Co-Investment Fund
 
Notes to Financial Statements (continued)
June 30, 2026 (unaudited)
 
 
2.
Summary of Significant Accounting Policies (continued)
Use of Estimates
The preparation of 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 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 Fund will calculate NAV for its Shares at least monthly as of the last calendar day of each calendar month, 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, each determined as of the relevant Determination Date.
Valuation of Investments
The Fund applies fair value to its investments in securities of unaffiliated issuers in accordance with ASC Topic 820 - Fair Value Measurement (“ASC Topic 820”). In accordance with ASC Topic 820, fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date.
ASC Topic 820 establishes a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability as of the reporting date.
Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.
The three levels of valuation inputs under ASC Topic 820 are as follows:
• Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities as of the measurement date.
• Level 2 – Other significant observable inputs (including quoted prices for similar assets or liabilities, interest rates, prepayment speeds, credit risk, etc.).
• Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments at the reporting date).
In accordance with ASC Topic 820, investments in private investment companies measured using net asset value (“NAV”) as a practical expedient, if any, are not categorized within the fair value hierarchy.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of observable input that is significant to the fair value
 
23
StepStone Private Credit Co-Investment Fund
 
Notes to Financial Statements (continued)
June 30, 2026 (unaudited)
 
 
2.
Summary of Significant Accounting Policies (continued)
measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.
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. 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 Private Credit 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 Private Credit 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 performing Private Credit Investments 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.
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.
 
24
StepStone Private Credit Co-Investment Fund
 
Notes to Financial Statements (continued)
June 30, 2026 (unaudited)
 
 
2. Summary of Significant Accounting Policies (continued)
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.
Revenue Recognition
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.
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.
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, no loans have defaulted or were on non-accrual status.
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 Statement of Operations. For the six months ended June 30, 2026, the Fund recorded $1,355 of amendment fee income.
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 $71,396 of prepayments that resulted in foregoing fees 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 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.
 
 
25
StepStone Private Credit Co-Investment Fund
 
Notes to Financial Statements (continued)
June 30, 2026 (unaudited)
 
 
2. Summary of Significant Accounting Policies (continued)
 
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 related to the Private Credit Investments and other investments in which the Fund invests (“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 support and conditional reimbursement agreement (“Expense Support and Conditional Reimbursement Agreement” as further discussed in Note 5). Expenses are recorded on an accrual basis and expenses are allocated pro-rata to Shares based upon prior day net assets at each Determination Date.
Federal Income Taxes
For U.S. federal income tax purposes, the Fund intends to elect to be treated, and intends to qualify annually thereafter, as a 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 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. Tax year 2025 is subject to examination as of June 30, 2026.
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 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 Statement of Assets and Liabilities and Statement of Operations due to temporary book/tax differences. These amounts will be finalized before filing the Fund’s federal tax return.
Offering Costs
Offering costs consist primarily of legal fees, filing fees and printing costs in connection with the preparation of the registration statement and related filings. Offering costs are treated as deferred charges and, upon Commencement of Operations, amortized. The Fund will continue to incur offering costs due to its continuously offered status, and ongoing offering costs will be expensed as incurred. During the six months ended June 30, 2026, the Fund amortized offering costs of $157,007 which are included in the Statement of Operations.
26
StepStone Private Credit Co-Investment Fund
 
Notes to Financial Statements (continued)
June 30, 2026 (unaudited)
 
 
2. Summary of Significant Accounting Policies (continued)
Cash and Cash Equivalents
Cash includes monies on deposit with UMB Bank N.A. ("UMB Bank”), the Fund’s custodian, and cash equivalents include short-term, interest-bearing, highly liquid money market investments. Cash equivalents are categorized as Level 1 of the fair value hierarchy. Cash deposits are insured by the Federal Deposit Insurance Corporation ("FDIC") by up to $250,000. Cash deposits, at times, may exceed the insurance limit guaranteed by the FDIC. The Fund has not experienced any losses on deposits and does not believe it is exposed to significant credit risk on such deposits.
Shareholder Distributions
Distributions to shareholders are recorded on the record date. The amount to be paid out as a dividend is determined by the Board each quarter and is generally based upon estimated earnings and considers the level of undistributed taxable income carried forward from the prior year, if any, for distribution in the current year.
The Fund has adopted an “opt out” distribution reinvestment plan (“DRIP”) as described in Note 9. As a result, unless shareholders elect to “opt out” of the DRIP, shareholders will have their dividends or distributions automatically reinvested in additional Shares, rather than receiving cash. Shareholders who receive distributions in the form of Shares will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, those shareholders will not receive cash with which to pay any applicable taxes.
Segment Reportin
g
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 financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as “total assets” and significant segment expenses are listed on the accompanying 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, second lien senior secured debt is secured but subordinated in payment and/or lower in lien priority to first lien holders. The Fund may also invest in privately offered structured products, such as CLOs, which are backed by any of the aforementioned investments.
 
27
StepStone Private Credit Co-Investment Fund
 
Notes to Financial Statements (continued)
June 30, 2026 (unaudited)
 
 
4.
Fair Value Measurements
The following table summarizes the fair value of the Fund’s investments as of June 30, 2026:
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
 
Direct Lending
 
$
—
 
 
$
—
 
 
$
283,223,164
 
 
$
283,223,164
 
Total Investments
 
$
—
 
 
$
—
 
 
$
283,223,164
 
 
$
283,223,164
 
The below table presents a summary of changes in fair value of Level 3 assets by investment type for the six months ended June 30, 2026:
 
 
 
Direct Lending
 
Balance as of December 31, 2025
 
$
198,788,644
 
Transferred into Level 3
 
 
—
 
Purchase of investments
 
 
98,701,284
 
Proceeds from sales, exits and repayments of Investments
 
 
(13,608,050
)
Net accretion of original issue discount on investments
 
 
295,876
 
Non-controlled/non-affiliated payment in-kind income
 
 
52,033
 
Net realized gain on non-controlled/non-affiliated investments
 
 
-
 
Net change in unrealized (appreciation) depreciation on non-controlled/non-affiliated investments
 
 
(1,006,623
)
Transfers out of Level 3
 
 
—
 
Balance as of June 30, 2026
 
$
283,223,164
 
Net Change in Unrealized Appreciation (Depreciation) on Investments Held at the End of the Reporting Period
 
$
(912,786
)
 
The following table presents quantitative information about the significant unobservable inputs of the Fund's Level 3 financial instruments as of June 30, 2026. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Fund's determination of fair value.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Impact to
 
 
Fair Value as of
 
 
 
 
 
 
 
 
Weighted
 
 
Valuation from
 
 
June 30,
 
 
Valuation
 
Unobservable
 
Single Input or
 
Average of
 
 
an Increase in
Strategy
 
2026
 
 
Technique(s)
 
Input
 
Range of Inputs
 
Input
1
 
 
Input
2
Direct Lending
 
$
260,906,612
 
 
Yield Method
 
Market Yield Discount Spreads
 
3.98% - 8.04%
 
 
5.52
%
 
Decrease
 
 
 
22,316,552
 
 
Recent Transactions
 
Transaction Price
 
$97.37 - $100.00
 
$99.03
 
 
Increase
Total
 
 
283,223,164
 
 
 
 
 
 
 
 
 
 
 
 
 
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.
 
 
 
 
 
 
 
 
 
 
28
StepStone Private Credit Co-Investment Fund
 
Notes to Financial Statements (continued)
June 30, 2026 (unaudited)
 
 
5.
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 0.60% on an annualized basis of the Fund’s month-end net assets. The Management Fee is accrued monthly and payable monthly in arrears. The Adviser will pay 20% of the Management Fee proceeds to the Sub-Adviser on a monthly basis. For the six months ended June 30, 2026, the Adviser earned $770,527 in Management Fees of which $417,773 was payable as of June 30, 2026.
Administration Agreement
The Adviser serves as the Fund’s administrator (“Administrator”) pursuant to an administration agreement (“Administration Agreement”) under which the Administrator provides, among other things, certain administration, accounting and investor services for the Fund. Pursuant to the Administration Agreement, the Fund pays the Administrator an administration fee (“Administration Fee”) in an amount up to 0.175% on an annualized basis of the Fund’s net assets. The Administration Fee is calculated based on the Fund’s month-end asset value and payable monthly in arrears. For the six months ended June 30,
2026
, the Administrator earned $216,436 in Administration Fees of which $117,581 was payable as of June 30, 2026.
Expense Support and Conditional Reimbursement Agreement
The Fund has entered into an Expense Support and Conditional Reimbursement Agreement (the Expense Support Agreement") with its Adviser effective June 12, 2025. Under this Expense Support Agreement, the Adviser may voluntarily pay certain Fund expenses (excluding interest) on behalf of the Fund. These payments, once elected in writing, become assets of the Fund and must be reimbursed to the Adviser if specific conditions are met.
Reimbursement is permitted only when the Fund’s available operating funds exceed accrued shareholder distributions for a given month, and only to the extent that the Fund’s Operating Expense Ratio does not exceed the ratio at the time the original expense was paid. Reimbursement is limited to expenses incurred within the prior three years and may be waived by the Adviser. The Expense Support Agreement may be terminated at any time and includes provisions for automatic termination under certain corporate events. The Operating Expense Ratio is calculated by dividing operating expenses, excluding organizational and offering expenses, base management fees owed to the Adviser, and interest expense, by the Fund’s net assets.
For the six months ended June 30, 2026, the Adviser did not pay any Fund expenses and as of June 30, 2026, expenses subject to recoupment under the Expense Support Agreement were $0.
6.
Sub-Administrator and Other Agreements
SEI Investments Global Funds Services serves as the Fund’s sub-administrator (“Sub-Administrator”) and performs certain sub-administration and sub-accounting services for the Fund. From the proceeds of the Administration Fee, the Administrator pays the Sub-Administrator a sub-administration fee (“Sub-Administration Fee”) in an amount up to 0.07% on an annualized basis of the Fund’s net assets, subject to a minimum annual fee. The Sub-Administration Fee is calculated based on the Fund’s month-end net asset value and payable monthly in arrears.
UMB Bank serves as the Fund’s custodian (“Custodian”) pursuant to a custody agreement. As the Custodian, UMB Bank holds the Fund’s US assets. Foreign assets, if any, including foreign currency holdings, are held by a designated sub-custodian appointed by UMB Bank in accordance with the terms of the custody agreement. For the six months ended June 30, 2026, the Custodian earned $25,838 in custody fees, recorded in Custody fees on the Statement of Operations, of which $19,995 was payable as of June 30, 2026 and recorded in accrued expenses on the Statement of Assets and Liabilities.
 
29
StepStone Private Credit Co-Investment Fund
 
Notes to Financial Statements (continued)
June 30, 2026 (unaudited)
 
 
 
6.
Sub-Administrator and Other Agreements (continued)
 
UMB Fund Services, Inc. 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.
7.
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 financial statements.
As of June 30, 2026, the Fund had the following unfunded commitments to investments:
 
30
StepStone Private Credit Co-Investment Fund
 
Notes to Financial Statements (continued)
June 30, 2026 (unaudited)
 
 
Investments
 
Unfunded
commitment
 
365RM Holdco, LLC Initial Delayed Draw Term Loan
 
$
70,869
 
365RM Holdco, LLC Initial Revolving Loan
 
 
103,941
 
Advanced Infusion Solutions Acquisition, LLC Delayed Draw Term Loan
 
 
885,563
 
Advanced Infusion Solutions Acquisition, LLC Revolving Credit Loan
 
 
186,559
 
Alkeme Intermediary Holdings, LLC Revolving Credit
 
 
74,001
 
AMP Purchaser, LLC Revolving Credit Loan
 
 
135,368
 
Aprio Advisory Group, LLC 2025-2 Incremental Delayed Draw Term Loan
 
 
3,092,321
 
Aprio Advisory Group, LLC Revolving Loan
 
 
288,305
 
Aptive Environmental, LLC Delayed Draw Term Loan
 
 
65,815
 
Aptive Environmental, LLC Initial Revolving Loan
 
 
110,569
 
Arcline Liberty Buyer LLC Delayed Draw Term Loan
 
 
27,051
 
Arcline Liberty Buyer LLC Revolving Loan
 
 
108,203
 
Argano, LLC Second Amendment Delayed Draw Term Loan
 
 
1,166,339
 
Associations, Inc. Delayed Draw Term B Loan
 
 
776,817
 
Associations, Inc. Revolving Loan
 
 
71,521
 
Associations, Inc. Special Purpose DDTL
 
 
41,972
 
Axis Portable Air LLC Revolving Credit Loan
 
 
164,327
 
Badge 21 Midco Holdings LLC Amendment No. 1 Delayed Draw Term Loan
 
 
878,560
 
Badge 21 Midco Holdings LLC Revolving Loan
 
 
486,327
 
Blue River Petcare Group, LLC 2026 Delayed Draw Term Loan
 
 
769,679
 
Blue River Petcare Group, LLC Revolving Loan
 
 
139,937
 
Boston Clinical Trials, LLC Revolving Credit Loan
 
 
6,114
 
Bridgepointe Technologies, LLC Initial Delayed Draw Term Loan
 
 
368,534
 
Bridgepointe Technologies, LLC Revolving Loan
 
 
146,275
 
CB Sports Holdings Bidco, LLC Delayed Draw Term A Loan
 
 
331,554
 
CB Sports Holdings Bidco, LLC Revolving Loan
 
 
85,847
 
Cherry Bekaert Advisory LLC Amendment No. 8 Delayed Draw Term Loan
 
 
570,757
 
Cherry Bekaert Advisory LLC Revolving Credit Loan
 
 
119,450
 
Choice Financial Group Acquisition, Inc. Delayed Draw Term C Loan
 
 
470,648
 
Chronicle Parent, LLC Delayed Draw Term Loan
 
 
412,188
 
Chronicle Parent, LLC Revolving Credit Loan
 
 
166,920
 
Comfort Buyer, LLC Delayed Draw Term Loan
 
 
90,787
 
Comfort Buyer, LLC Revolving Loan
 
 
81,708
 
Cooper’s Hawk Intermediate Holding, LLC Delayed Draw Term Loan
 
 
299,979
 
Cooper’s Hawk Intermediate Holding, LLC Revolving Loan
 
 
214,271
 
Coupa Holdings, LLC Revolving Credit Loan
 
 
19,630
 
CraneTech USA Inc. Delayed Draw Term Loan
 
 
145,485
 
CraneTech USA Inc. Revolving Credit Loan
 
 
36,371
 
Creek Parent, Inc. Revolving Credit
 
 
154,906
 
Crete PA Holdco, LLC Revolving Loan
 
 
314,681
 
Crete PA Holdco, LLC Third Delayed Draw Term Loan
 
 
1,699,278
 
CRH Healthcare Purchaser, Inc. Delayed Draw Term Loan
 
 
844,131
 
CRH Healthcare Purchaser, Inc. Revolving Loan
 
 
337,652
 
CSHC Buyerco, LLC Delayed Draw Term Loan
 
 
77,560
 
CSHC Buyerco, LLC Revolving Credit Loan
 
 
114,299
 
CT Technologies Intermediate Holdings, Inc. 2025-B Special Purpose DDTL
 
 
104,462
 
Cub Financing Intermediate, LLC 2025 Delayed Draw Term Loan
 
 
1,766,465
 
Currier Plastics Acquisition, LLC Delayed Draw Term A Loan
 
 
240,091
 
Currier Plastics Acquisition, LLC Revolving Loan
 
 
96,036
 
DCCM, LLC Delayed Draw Term Loan
 
 
2,222,943
 
31
StepStone Private Credit Co-Investment Fund
 
Notes to Financial Statements (continued)
June 30, 2026 (unaudited)
 
 
Investments
 
Unfunded
commitment
 
DCCM, LLC Revolving Credit Loan
 
$
916,678
 
Denali Intermediate Holdings, Inc. Revolving Credit Loan
 
 
359,368
 
Denali Topco LLC Effective Date Delayed Draw Term Loan
 
 
2,729,064
 
Denali Topco LLC Revolving Loan
 
 
1,309,951
 
Designs for Health, Inc. Initial Revolving Facility Loan (First Lien)
 
 
284,524
 
DigiCert, Inc. Revolving Credit Loan (First Lien)
 
 
577,414
 
Discovery SL Management, LLC Delayed Draw Term Loan D
 
 
29,916
 
Durare Bidco, LLC Delayed Draw Term Loan
 
 
554,269
 
Durare Bidco, LLC Revolving Credit Loan
 
 
463,824
 
Dwyer Instruments, LLC Revolving Loan
 
 
19,790
 
Elder Care Opco LLC Delayed Draw Term Loan
 
 
522,134
 
Elder Care Opco LLC Revolving Loan
 
 
197,032
 
Empower Payments Investor, LLC Fourth Amendment Delayed Draw Term Loan
 
 
69,504
 
Epika Fleet Services, Inc. Second Amendment Delayed Draw C Loan
 
 
3,711,936
 
ESP Associates, Inc. Delayed TL
 
 
22,727
 
ESP Associates, Inc. Revolving Loan
 
 
82,643
 
EVDR Purchaser, Inc., Delayed Draw Term Loan
 
 
86,147
 
EVDR Purchaser, Inc., Revolving Loan
 
 
35,320
 
Everbridge Holdings, LLC Delayed Draw Term Loan
 
 
566,614
 
Everbridge Holdings, LLC Revolving Loan
 
 
372,773
 
FirstCall Mechanical Group, LLC Amendment No. 2 Delayed Draw Term Loan
 
 
5,732,639
 
Force Electrical Buyerco, LLC Delayed Draw Term Loan
 
 
374,631
 
Force Electrical Buyerco, LLC Revolving Credit Loan
 
 
51,858
 
Fullsteam Operations LLC Delayed Draw Term Loan
 
 
499,856
 
Fullsteam Operations LLC Revolving Loan
 
 
112,468
 
Galway Borrower LLC Revolving Loan
 
 
33,770
 
GC Waves Holdings, Inc. 2023 Replacing Revolving Loan
 
 
21,604
 
GC Waves Holdings, Inc. 2025 Delayed Draw Term Loan
 
 
205,111
 
GMF Parent, Inc. Delayed Draw Term A Loan
 
 
130,047
 
GMF Parent, Inc.Revolver 12/25
 
 
65,023
 
Greenwood Operating Group, LLC Revolving Loan
 
 
205,228
 
Guava Buyer LLC Initial Delayed Draw Term Loan
 
 
401,239
 
Guava Buyer LLC RC Facility Loan
 
 
659,178
 
Harris & Co. LLC Delayed Draw Term C Loan
 
 
2,701,101
 
Harris & Co. LLC Revolving Loan
 
 
837,122
 
Ideal Components Acquisition, LLC Delayed Draw Term Loan
 
 
772,211
 
Ideal Components Acquisition, LLC Revolving Credit Loan
 
 
394,686
 
IG Investments Holdings, LLC 2024 Refinancing Revolving Loan
 
 
67,257
 
Integrated Power Services Holdings, Inc. Initial Revolving Loan (First Lien)
 
 
170,954
 
Integrated Power Services Holdings, Inc. Tenth Amendment Incremental Delayed Draw Term Loan (First Lien)
 
 
324,143
 
IVX Health Holdings, Inc. Revolving Loan
 
 
106,685
 
Kelso Industries LLC 2026 Incremental Delayed Draw Term Loan
 
 
1,587,262
 
LeadVenture, Inc. Delayed Draw Term Loan
 
 
533,888
 
LeadVenture, Inc. Revolving Loan
 
 
491,976
 
Lighthouse Technologies Holding Corp. Revolving Loan
 
 
291,544
 
Lindstrom, LLC Initial Revolving Credit Loan
 
 
218,532
 
LJ Avalon Holdings, LLC Amendment No. 4 Delayed Draw Term Loan
 
 
158,327
 
LJ Avalon Holdings, LLC Revolving Credit
 
 
392,850
 
Machine Sciences Corporation First Amendment Delayed Draw Term Loan
 
 
32,966
 
Machine Sciences Corporation Revolving Loan
 
 
223,701
 
32
StepStone Private Credit Co-Investment Fund
 
Notes to Financial Statements (continued)
June 30, 2026 (unaudited)
 
 
Investments
 
Unfunded
commitment
 
MB2 Dental Solutions, LLC Tranche 3 Delayed Draw Term Loan
 
$
52,064
 
Med Learning Group, LLC Fifth Amendment Delayed Draw Term Loan
 
 
349,839
 
Medrina, LLC Second Amendment Incremental DDTL
 
 
547,083
 
MoboTrex, LLC Amendment No. 4 DDTL
 
 
312,217
 
MoboTrex, LLC Revolving Loan
 
 
71,282
 
Moonlight Parent, Inc. Delayed Draw Term Loan
 
 
732,202
 
Moonlight Parent, Inc. Revolving Loan
 
 
439,321
 
mPulse Mobile, Inc. Initial Delayed Draw Term Loan
 
 
550,831
 
mPulse Mobile, Inc. Initial Revolving Loan
 
 
826,246
 
Ne Ortho Management Services, LLC 2025 Incremental Delayed Draw Term Loan
 
 
703,783
 
Ne Ortho Management Services, LLC Revolving Loan
 
 
48,959
 
NS and Associates LLC Revolving Loan (2025)
 
 
696,161
 
OSR Opco LLC Revolving Loan
 
 
235,394
 
OSR Opco LLC Third Amendment Incremental Term Loan
 
 
4,203
 
Packaging Coordinators Midco, Inc. 2025 General Delayed Draw Term Loan
 
 
962,538
 
Packaging Coordinators Midco, Inc. 2025 Initial Dollar Delayed Draw Term Loan
 
 
705,903
 
Packaging Coordinators Midco, Inc. 2025 Revolving Loan
 
 
739,597
 
Packaging Coordinators Midco, Inc. 2025 Specified Delayed Draw Term Loan
 
 
939,062
 
Packaging Coordinators Midco, Inc. Specified Interest DDTL (Tranche Out)
 
 
17,968
 
Pave America Holding, LLC Delayed Draw Term Loan
 
 
451,004
 
Pave America Holding, LLC Revolving Credit Loan
 
 
338,253
 
Pavement Preservation Acquisition, LLC Revolving Credit Loan
 
 
264,237
 
PestCo, LLC Revolving Loan
 
 
249,594
 
PGI Parent LLC Revolving Credit Loan
 
 
184,031
 
Play Holdings, Inc. Revolving Loan
 
 
239,460
 
Point Quest Group, Inc. Delayed Draw Term Loan
 
 
110,389
 
Point Quest Group, Inc. Revolving Credit Loan
 
 
76,306
 
Portage Point Partners, LLC Revolving Credit Loan
 
 
267,170
 
Premise Health Holding Corp. Revolving Credit Loan
 
 
18,212
 
Prestige Employee Administrators, LLC Delayed Draw Term Loan
 
 
255,568
 
Puma Buyer, LLC Revolving Loan (First Lien)
 
 
593,925
 
Redwood Services Group, LLC Tenth Amendment Delayed Draw Term Loan
 
 
367,976
 
REP TEC Intermediate Holdings, Inc Revolving Loan
 
 
739,537
 
Rocket Youth Brands HoldCo LLC Delayed Draw Term Loan
 
 
671,625
 
Rocket Youth Brands HoldCo LLC Revolving Credit Loan
 
 
139,922
 
RPM Purchaser, Inc. Last Out Delayed Draw Term Loan B
 
 
47,462
 
Saab Purchaser, Inc. First Amendment Delayed Draw Term Loan
 
 
1,485,614
 
Saab Purchaser, Inc. Revolving Loan
 
 
198,082
 
Safari Borrower, LLC Delayed Draw Term Loan
 
 
201,675
 
Safari Borrower, LLC Revolving Loan
 
 
33,612
 
Salisbury House, LLC Delayed Draw Term Loan
 
 
260,013
 
Salisbury House, LLC Revolving Loan
 
 
228,082
 
Salute Mission Critical, LLC 2025 Incremental DDTL Loan
 
 
954,897
 
SCP WQS Buyer, LLC Delayed Draw Term Loan
 
 
1,230,225
 
SCP WQS Buyer, LLC Revolving Credit Loan
 
 
246,045
 
Seahawk Buyer, LLC Delayed Draw Term Loan
 
 
600,403
 
Seahawk Buyer, LLC Revolving Credit
 
 
127,062
 
SkyMark Refuelers, LLC DDTL B
 
 
1,659,766
 
SkyMark Refuelers, LLC Revolving Credit Loan
 
 
681,215
 
Skyrodema Bidco, LLC Delayed Draw Term Loan
 
 
149,239
 
33
StepStone Private Credit Co-Investment Fund
 
Notes to Financial Statements (continued)
June 30, 2026 (unaudited)
 
 
Investments
 
Unfunded
commitment
 
Socket Holdings Corporation 2026 Incremental Delayed Draw Term Loan
 
$
582,255
 
Southern Orthodontic Partners Management, LLC Eighth Amendment Delayed Draw Term Loan
 
 
76,891
 
Southern Orthodontic Partners Management, LLC Eighth Amendment Revolving Loan
 
 
15,722
 
Springline Advisory Intermediate, LLC Second Amendment Revolving Credit
 
 
290,062
 
Springline Advisory Intermediate, LLC Third Amendment Delayed Draw Term Loan
 
 
229,798
 
SRP Eagle Buyer Inc Delayed Draw Term Loan
 
 
1,488,550
 
SRP Eagle Buyer Inc Revolving Loan
 
 
595,420
 
Straine Dental Management, LLC Delayed Draw Term Loan
 
 
221,828
 
SV Newco 2, Inc. 2025 Incremental DDTL Loan
 
 
1,488,382
 
SV Newco 2, Inc. Revolving Credit Loan
 
 
167,527
 
Syndigo LLC Revolving Loan
 
 
1,003,942
 
Tau Buyer, LLC Revolving Credit Loan
 
 
47,961
 
Transgo, LLC Revolving Loan
 
 
47,504
 
Trintech Inc. Delayed Draw Term Loan
 
 
165,373
 
Trintech Inc. Revolving Credit Loan
 
 
124,030
 
Truck-Lite Co., LLC 2025 Replacement Revolving Loan
 
 
30,881
 
Truck-Lite Co., LLC Delayed Draw Term Loan B
 
 
505,879
 
Truck-Lite Co., LLC Delayed Draw Term Loan C
 
 
416,064
 
U.S. Urology Partners, LLC 2025 Incremental Delayed Draw Term Loan
 
 
1,687,164
 
U.S. Urology Partners, LLCDelayed Draw Term Loan 5/26
 
 
1,235,386
 
Upland Software, Inc. Revolving Loan
 
 
826,923
 
USIC Holdings, Inc. Revolving Loan
 
 
36,589
 
USIC Holdings, Inc. Specified Delayed Draw Term Loan
 
 
31,803
 
Vacation Rental Brands, LLC 2nd Amendment Delayed TL
 
 
432,794
 
Valkyrie Buyer, LLC Delayed Draw Term Loan D
 
 
8,627
 
Valkyrie Buyer, LLC Delayed Draw Term Loan F
 
 
395,639
 
Valkyrie Buyer, LLC Revolving Credit Loan
 
 
92,352
 
Vatica Health, Inc. Revolving Loan
 
 
160,920
 
Vehlo Purchaser, LLC Amendment No. 4 Revolving Credit Loan
 
 
88,473
 
VRC Companies, LLC Revolving Loan
 
 
7,523
 
W.A. Kendall and Company, LLC Revolving Loan
 
 
56,453
 
W.A. Kendall and Company, LLC Seventh Amendment Delayed Draw Term Loan
 
 
1,213,873
 
Wealth Enhancement Group, LLC Initial Revolving Loan
 
 
25,643
 
Western Smokehouse Partners, LLC Delayed TL
 
 
328,940
 
Western Smokehouse Partners, LLC Revolving Loan
 
 
109,647
 
Wharf Street Ratings Acquisition LLC Delayed Draw Term Loan
 
 
585,925
 
Wharf Street Ratings Acquisition LLC Revolving Loan
 
 
604,937
 
Zep Holdco Inc. Revolving Credit Loan (aka TL Atlas Merger)
 
 
902,706
 
Total unfunded commitments
 
$
90,228,191
 
 
8.
Capital Share Transactions
The Fund offers Shares on a continuous basis. The Fund will hold multiple closings at which it will accept Capital Commitments to purchase Shares from investors, pursuant to which arrangements investors will be required to fund drawdowns to purchase Shares up to the amount of their respective Capital Commitments each time the Fund delivers a drawdown notice. As of June 30, 2026, the Feeder Fund has a Capital Commitment of $400 million to the Fund.
The Fund intends to issue Shares in its continuous private offering in connection with drawdown notices on Capital Commitments issued by the Fund from time to time as determined in the Fund’s or the Adviser’s discretion. Pursuant to such drawdown notices, one
34
StepStone Private Credit Co-Investment Fund
 
Notes to Financial Statements (continued)
June 30, 2026 (unaudited)
 
 
or more investors will be required to purchase Shares, in amounts to be determined in the Fund’s or the Adviser’s discretion, in each case based upon reasons including, but not limited to, regulatory, tax or other reasons as may be determined to be appropriate by the Fund or the Adviser in their discretion, at a price per share based on the then-current NAV per Share. The Fund may drawdown on unfunded Capital Commitments at any time prior to its liquidation and dissolution.
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 Period Ended
 
 
For the Period Ended
 
 
 
June 30, 2026
 
 
December 31, 2025
 
 
 
 
 
 
 
Dollar
 
 
 
 
 
 
Dollar
 
 
 
Shares
 
 
 
Amounts
 
 
Shares
 
 
 
Amounts
 
Proceeds from shares issued
 
 
8,217,006
 
 
$
 
84,676,943
 
 
 
19,692,334
 
 
$
 
199,896,000
 
 
 
 
8,217,006
 
 
$
 
84,676,943
 
 
 
19,692,334
 
 
$
 
199,896,000
 
 
No sooner than June 2027, and subject to market conditions and the discretion of the Board, the Fund may commence a share repurchase program in which the Fund intends to offer to repurchase, in each quarter, up to 5% of Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. The Board may amend or suspend the share repurchase program at any time if in its reasonable judgment it deems such action to be in the Fund’s best interest and the best interest of Shareholders. 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 may 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.
9.
Dividend Reinvestment Plan
Pursuant to the DRIP established by the Fund, each Shareholder whose Shares are
registered
in its own name will automatically be a participant under the DRIP and dividend distributions will automatically be reinvested in additional Shares unless such Shareholder specifically elects to receive all ordinary income and/or capital gain dividend distributions paid 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.
10.
Investment Transactions
For the six months ended June 30, 2026, purchases of investments, excluding short-term investments, were $99 million. For the six months ended June 30, 2026, total proceeds from the Fund's sale, redemption or other disposition of investments, excluding short-term investments, amounted to $14 million.
11.
Tax Information
The Fund's tax year ends on December 31. The tax-related disclosures herein are based on information as of June 30, 2026. There were no material tax-related changes during the six months ended June 30, 2026.
As of June 30, 2026, the Fund had no permanent book to tax differences.
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:
35
StepStone Private Credit Co-Investment
Fund
 
Notes to Financial Statements (continued)
June 30, 2026 (unaudited)
 
 
 
 
December 31, 2025
 
Undistributed ordinary income
 
$
-
 
Other book/tax temporary differences
 
 
(246,469
)
Capital loss carryforwards
 
 
-
 
Undistributable capital gains
 
 
-
 
Net realized gain (loss) from investments in securities of unaffiliated issuers
 
 
-
 
Net unrealized depreciation from investments in securities of unaffiliated issuers
 
 
(93,837
)
Total distributable earnings (accumulated loss)
 
$
(340,306
)
 
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
 
$
5,456,943
 
 
$
-
 
 
For the six months ended June 30, 2026, the federal tax cost of investments and unrealized appreciation (depreciation) are as follows:
 
Gross unrealized appreciation
 
$
96,900
 
Gross unrealized depreciation
 
 
(1,194,881
)
Net unrealized appreciation (depreciation) from investments
 
$
(1,097,981
)
 
 
 
Tax cost of investments
 
$
291,869,579
 
As of June 30, 2026, the Fund had no difference between cost amounts of investments for financial statement and federal income tax purposes.
In accounting for income taxes, the Fund follows the guidance in ASC Topic 740, Accounting for Uncertainty in 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 financial statements. Management has concluded there were no uncertain tax positions as of the period 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 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 during the six months ended June 30, 2026.
12.
Risk Factors
An investment in the Fund involves material risks, including market risk, 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.
13.
Activities Prior to Commencement of Operations
During the period from Inception through the Commencement of Operations, the Fund engaged in various activities in preparation for the offering of Shares and incurred further costs in relation to the offering, including various legal expenses and printing costs as disclosed in Note 2.
36
StepStone Private Credit Co-Investment Fund
 
Notes to Financial Statements (continued)
June 30, 2026 (unaudited)
 
 
14.
Subsequent Events
The Fund’s management has evaluated events subsequent to June 30, 2026 through the date the financial statements were issued. The Fund has concluded that there are no events requiring adjustment or disclosure in the consolidated financial statements other than as set forth below.
The Fund received approximately $101,540,000 of subscriptions from July 1 through August 27, 2026 through capital calls duri
ng this period.
 
 
 
37
StepStone Private Credit Co-Investment Fund
 
Other Information (unaudited)
June 30, 2026
 
 
 
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 (713) 515-4692 or on the U.S. Securities and Exchange Commission’s (“SEC”) website at sec.gov.
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 (713) 515-4692 or by accessing the Fund’s Form N-PX on the SEC’s website at sec.gov.
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 (713) 515-4692.
 
 
38
 
 
Investment Adviser and Administrator
StepStone Group Private Debt LLC
277 Park Avenue 45
th
Floor
New York, New York 10172
Investment Sub-Adviser
StepStone Group Europe
Alternative Investments Limited
Newmount House,22-24
Lower Mount Street
Dublin 2, Ireland
Sub-Administrator and Sub-Accountant
SEI Investments Global Funds Services
1 Freedom Valley Drive
Oaks, Pennsylvania 19456
Custodian
UMB Bank, N.A.
928 Grand Boulevard, 5
th
Floor
Kansas City, Missouri 64106
Transfer Agent
UMB Fund Services, Inc.
235 W. Galena Street
Milwaukee, Wisconsin 53212
Phone: (414)299-2200
Independent Registered Public Accounting Firm
Ernst & Young LLP
One Manhattan West
New York, New York 10001
39

 

(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 Securities Exchange Act of 1934, 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)(3) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

 

 

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 Co-Investment Fund

 

 

 

 

 

 

 

By (Signature and Title)*

 

 

 

 

 

/s/ Ariel Goldblatt

 

 

 

 

 

 

 

Ariel Goldblatt, President

 

 

 

(Principal Executive Officer)

 

 

 

 

Date

 

August 27, 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/ Ariel Goldblatt

 

 

 

 

 

 

 

Ariel Goldblatt, President

 

 

 

(Principal Executive Officer)

 

 

 

 

Date

 

August 27, 2026

 

 

 

 

 

 

 

 

By (Signature and Title)*

 

 

 

 

 

/s/ Joseph Cambareri

 

 

 

 

 

 

 

Joseph Cambareri, Treasurer

 

 

 

(Principal Financial Officer)

 

 

 

 

Date

 

August 27, 2026

 

 

 

 

 

* Print the name and title of each signing officer under his or her signature.

 

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