DFX Intelligence

Private Credit Intelligence

The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.

BDC portfolio

Stepstone Private Credit Fund LLC

BDCnon-tradedCIK 1950803file 814-01624NEW YORK, NYmanaged by STEPSTONE GROUP PRIVATE DEBT LLC

Fair value

$6.6B

as of Jun 30, 2026

Principal held

$3.8B

debt pieces, the filer's figure

Cost

$3.8B

173c on cost

Unfunded

n/a

commitments not yet drawn

Positions

1,428

497 borrowers

First lien

56%

57% debt by fair value

Quarters on the tape

since Sep 30, 2023

Facilities held

935

69 sponsors financed

Portfolio through time

Fair value by quarter end$6.6B as of Jun 30, 2026

Sep 30, 2023$1.8B then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$6.6B	497	100c	30	463 bp
Mar 31, 2026	$5.4B	471	100c	30	457 bp
Dec 31, 2025	$7.7B	467	100c	80	459 bp
Sep 30, 2025	$3.0B	426	100c	82	n/a
Jun 30, 2025	$3.4B	379	100c	32	n/a
Mar 31, 2025	$7.8B	328	100c	20	n/a
Dec 31, 2024	$12B	331	100c	55	463 bp
Sep 30, 2024	$7.2B	283	100c	14	488 bp
Jun 30, 2024	$5.6B	258	100c	14	411 bp
May 1, 2024	$11.2M	0	100c	0	n/a
Mar 31, 2024	$4.6B	211	100c	14	429 bp
Dec 31, 2023	$7.0B	163	100c	5	607 bp
Sep 30, 2023	$1.8B	125	100c	0	607 bp

Each quarter end is the schedule as filed for that instant; a restated year end is taken from the latest filing that carries it.

Sponsors financed

The Sterling Group, L.P. carried
4 borrowers $34.0M
Charlesbank Capital Partners, LLC carried
3 borrowers $40.4M
Wind Point Partners carried
3 borrowers $22.8M
Sterling Investment Partners Advisers, LLC inferred
2 borrowers $35.4M
Alpine Investors carried
2 borrowers $23.8M
Vista Equity Partners Management, LLC inferred
2 borrowers $21.5M
W Capital Partners carried
2 borrowers $20.3M
Balance Point Capital Advisors, LLC carried
2 borrowers $17.4M
JLL Partners LLC carried
2 borrowers $15.7M
Stellus Capital Management, LLC carried
2 borrowers $13.4M
TJC LP carried
2 borrowers $8.8M
H.I.G. Capital, LLC carried
2 borrowers $8.0M
Leonard Green & Partners, L.P. carried
2 borrowers $7.0M
Amulet Capital Partners, L.P. carried
2 borrowers $6.2M
Genstar Capital carried
2 borrowers $5.3M

Counted at BDC level here; the adviser page counts across every BDC it manages. A sponsor named by Form D signer consensus is an inference.

What changed

Repeat sponsor and lender pairJun 30, 2026
Stepstone Private Credit Fund LLC finances another Greenbriar Equity Group borrower (2 borrowers, 6 facilities held)
New borrower on a BDC scheduleJun 30, 2026
Pharmaceutical first appears in a BDC schedule (2 lenders)
Repeat sponsor and lender pairJun 30, 2026
Stepstone Private Credit Fund LLC finances another Clearlake Capital Group, L.P. borrower (2 borrowers, 6 facilities held)
New sponsor and lender pairJun 30, 2026
Stepstone Private Credit Fund LLC finances a first Monomoy Capital Management, L.P. borrower (1 borrower, 2 facilities held)
Repeat sponsor and lender pairJun 30, 2026
Stepstone Private Credit Fund LLC finances another Sterling Investment Partners Advisers, LLC borrower (2 borrowers, 8 facilities held)
New borrower on a BDC scheduleJun 30, 2026
Advanced Infusion Solutions Acquisition, LLC first appears in a BDC schedule (3 lenders)
Repeat sponsor and lender pairJun 30, 2026
Stepstone Private Credit Fund LLC finances another Alpine Investors borrower (2 borrowers, 12 facilities held)
Repeat sponsor and lender pairJun 30, 2026
Stepstone Private Credit Fund LLC finances another Charlesbank Capital Partners, LLC borrower (2 borrowers, 6 facilities held)
Repeat sponsor and lender pairJun 30, 2026
Stepstone Private Credit Fund LLC finances another Wind Point Partners borrower (3 borrowers, 9 facilities held)
New sponsor and lender pairJun 30, 2026
Stepstone Private Credit Fund LLC finances a first Trinity Hunt Management, L.P. borrower (1 borrower, 3 facilities held)
Repeat sponsor and lender pairJun 30, 2026
Stepstone Private Credit Fund LLC finances another The Sterling Group, L.P. borrower (3 borrowers, 5 facilities held)
New sponsor and lender pairJun 30, 2026
Stepstone Private Credit Fund LLC finances a first Flexpoint Ford, LLC borrower (1 borrower, 6 facilities held)
New sponsor and lender pairJun 30, 2026
Stepstone Private Credit Fund LLC finances a first Frazier Healthcare Partners borrower (1 borrower, 4 facilities held)
Repeat sponsor and lender pairJun 30, 2026
Stepstone Private Credit Fund LLC finances another W Capital Partners borrower (2 borrowers, 8 facilities held)
New sponsor and lender pairJun 30, 2026
Stepstone Private Credit Fund LLC finances a first Clearlake Capital Group, L.P. borrower (1 borrower, 4 facilities held)
New sponsor and lender pairJun 30, 2026
Stepstone Private Credit Fund LLC finances a first Crosspoint Capital Partners, LP borrower (1 borrower, 4 facilities held)
New sponsor and lender pairJun 30, 2026
Stepstone Private Credit Fund LLC finances a first Viking Global Investors LP borrower (1 borrower, 6 facilities held)
New sponsor and lender pairJun 30, 2026
Stepstone Private Credit Fund LLC finances a first Impresa Management LLC borrower (1 borrower, 2 facilities held)
New sponsor and lender pairJun 30, 2026
Stepstone Private Credit Fund LLC finances a first Hildred Capital Management, LLC borrower (1 borrower, 6 facilities held)
Repeat sponsor and lender pairJun 30, 2026
Stepstone Private Credit Fund LLC finances another JLL Partners LLC borrower (2 borrowers, 8 facilities held)

Every position change, including routine ones

Largest facilities held, with co-lenders

Denali Midco 2, LLC first lien term loan
29 BDCs hold it · matures Aug 26, 2032 · Clearlake Capital Group, L.P.
$28.2M 100c
Igloo Parent Holdings LLC first lien term loan
3 BDCs hold it · matures Dec 23, 2031
$22.7M 99c
Anaplan, Inc first lien term loan
26 BDCs hold it · matures Jun 21, 2029
$22.6M 99c
Creek Parent, Inc first lien term loan
19 BDCs hold it · matures Dec 18, 2031
$22.5M 99c
Pavement Preservation Acquisition, LLC first lien term loan
5 BDCs hold it · matures Aug 9, 2030 · The Sterling Group, L.P.
$22.3M 100c
USIC Holdings, Inc first lien term loan
11 BDCs hold it · matures Sep 10, 2031
$21.7M 99c
Portage Point Partners, LP first lien term loan
4 BDCs hold it · matures May 2, 2033
$21.3M 100c
Sagebrush Buyer, LLC first lien term loan
4 BDCs hold it · matures Jul 1, 2030
$21.0M 100c
Advanced Medical Management, LLC first lien term loan
1 BDC hold it · matures Jun 18, 2028
$21.0M 100c
Fidelity Evergreen Private Credit Fund LP equity
1 BDC hold it
$20.8M 119c
ABC Technologies Inc first lien term loan
3 BDCs hold it · matures Feb 13, 2032
$20.0M 100c
PGI Parent LLC First Amendment first lien term loan
1 BDC hold it · matures Dec 31, 2031
$19.7M 100c

Schedule of investments at Jun 30, 2026

1,428 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
Net Assets	unstated lien unstated	n/a	$2.8B
Fidelity Evergreen Private Credit Fund LP Asset Management & Custody Banks	equity equity	$20.8M	$24.7M 119c
Igloo Group Parent, Inc. Application Software	term loan first lien	$22.7M	$22.2M 99c	SOFR+500 bp	Dec 23, 2031
Pavement Preservation Acquisition, LLC Amendment No. 4 Construction & Engineering	term loan first lien	$22.3M	$21.9M 100c	SOFR+525 bp	Aug 9, 2030
Portage Point Partners, LLC Diversified Financial Services	term loan first lien	$21.3M	$21.1M 100c	SOFR+500 bp	May 2, 2033
PGI Parent LLC First Amendment Construction & Engineering	term loan first lien	$19.7M	$19.3M 100c	SOFR+500 bp	Dec 31, 2031
Innovative Discovery, LLC (f/k/a Innovative Discovery Acquisition, LLC) Third Amendment Research & Consulting Services	term loan first lien	$19.0M	$18.8M 100c	SOFR+550 bp	Dec 31, 2030
Vatica Health, Inc. Health Care Technology	term loan first lien	$17.8M	$17.8M 100c	SOFR+425 bp	Oct 29, 2032
IVX Health Holdings, Inc. Second Amendment Health Care Facilities	term loan first lien	$17.1M	$17.0M 100c	SOFR+500 bp	Jun 7, 2030
Anaplan, Inc. Fourth Amendment Application Software	term loan first lien	$17.7M	$16.8M 100c	SOFR+450 bp	Jun 21, 2029
Advanced Infusion Solutions Acquisition, LLC Health Care Services	term loan first lien	$16.7M	$16.4M 100c	SOFR+500 bp	Jun 4, 2032
Jefferies Credit Partners Direct Lending CLO 2025-1 Ltd. Structured finance (CLO)	notes unsecured or subordinated	$16.3M	$16.3M 108c		Oct 15, 2038
DigiCert, Inc. Seventh Amendment Specified Refinancing Term B1 Loan Systems Software	term loan first lien	$16.7M	$16.2M 99c	SOFR+575 bp	Jul 10, 2030
Lindstrom, LLC Trading Companies & Distributors	term loan first lien	$16.4M	$16.1M 100c	SOFR+550 bp	Dec 30, 2032
Chronicle Parent, LLC Research & Consulting Services	term loan first lien	$16.0M	$16.0M 100c	SOFR+500 bp	Apr 15, 2031
Bridgepointe Technologies, LLC Internet Services & Infrastructure	term loan first lien	$16.2M	$16.0M 100c	SOFR+475 bp	Apr 18, 2033
World Insurance Associates Insurance Brokers	term loan first lien	$15.9M	$15.9M 100c	SOFR+500 bp	Apr 3, 2030
Michael Baker International, LLC Construction & Engineering	term loan first lien	$16.3M	$15.9M 100c	SOFR+450 bp	Dec 1, 2028
Springline Advisory Intermediate, LLC Second Amendment Research & Consulting Services	term loan first lien	$16.0M	$15.8M 100c	SOFR+525 bp	Dec 1, 2031
Denali Intermediate Holdings, Inc. Research & Consulting Services	term loan first lien	$15.7M	$15.6M 100c	SOFR+550 bp	Aug 26, 2032
SCP WQS Buyer, LLC Water Utilities	term loan first lien	$15.1M	$15.1M 100c	SOFR+500 bp	Jun 30, 2033
AMP Purchaser, LLC Electrical Components & Equipment	term loan first lien	$15.2M	$15.1M 100c	SOFR+450 bp	Apr 1, 2033
Guggenheim MM CLO 2023-6, LLC Class E Structured finance (CLO)	notes unsecured or subordinated	$14.7M	$14.7M 100c	SOFR+800 bp	Jul 25, 2038
Creek Parent, Inc.	term loan first lien	$15.1M	$14.7M 99c	SOFR+500 bp	Dec 18, 2031
Spruce Bidco II Inc. Initial U.S. Dollar Health Care Equipment	term loan first lien	$14.4M	$14.2M 100c	SOFR+475 bp	Feb 2, 2032
365RM Holdco, LLC Application Software	term loan first lien	$14.1M	$14.0M 100c	SOFR+475 bp	May 8, 2033
Puma Buyer, LLC Drug Retail	term loan first lien	$13.7M	$13.7M 101c	SOFR+425 bp	Mar 29, 2032
CraneTech USA Inc. Diversified Support Services	term loan first lien	$13.7M	$13.6M 100c	SOFR+600 bp	Jun 17, 2032
Seahawk Buyer, LLC Construction & Engineering	term loan first lien	$13.2M	$13.0M 100c	SOFR+525 bp	Apr 30, 2032
WCHG Buyer, Inc. First Amendment Paper & Plastic Packaging Products & Materials	term loan first lien	$12.8M	$12.7M 100c	SOFR+500 bp	Apr 10, 2031
Crayhill Stepstone ABF Opportunities Fund LP Asset Management & Custody Banks	equity equity	$13.0M	$12.6M 98c
TWH Bidco, LLC Restaurants	term loan first lien	$12.6M	$12.5M 100c	SOFR+475 bp	Jan 22, 2032
Aptean Acquiror Inc. Application Software	term loan first lien	$12.4M	$12.4M 100c	SOFR+475 bp	Jan 30, 2031
Denali Topco LLC IT Consulting & Other Services	term loan first lien	$12.5M	$12.4M 99c	SOFR+475 bp	Aug 26, 2032
Integrity Marketing Acquisition, LLC Insurance Brokers	term loan first lien	$12.3M	$12.3M 100c	SOFR+500 bp	Aug 25, 2028
Coupa Holdings, LLC Application Software	term loan first lien	$12.6M	$12.1M 100c	SOFR+525 bp	Feb 27, 2030
Skyrodema Bidco, LLC Term B Loan Construction Materials	term loan first lien	$11.9M	$11.8M 100c	SOFR+475 bp	Mar 9, 2033
Machine Sciences Corporation Aerospace & Defense	delayed draw term loan first lien	$11.9M	$11.8M 100c	SOFR+475 bp	Mar 31, 2032
Everbridge Holdings, LLC Application Software	term loan first lien	$11.8M	$11.8M 100c	SOFR+500 bp	Jul 2, 2031
PTSH Intermediate Holdings, LLC Amendment No. 6 Health Care Services	term loan first lien	$11.5M	$11.4M 100c	SOFR+500 bp	Jan 8, 2033
Comfort Buyer, LLC Health Care Services	term loan first lien	$11.3M	$11.2M 100c	SOFR+475 bp	Apr 27, 2033
FTAI Infrastructure Inc. Loan Rail Transportation	term loan first lien	$11.5M	$11.2M 100c	//stepstoneprivate.com/20260630#Fixed+975 bp	Feb 1, 2028
USIC Holdings, Inc. Construction & Engineering	term loan first lien	$11.3M	$11.1M 100c	SOFR+550 bp	Sep 10, 2031
Cooper’s Hawk Intermediate Holding, LLC Restaurants	term loan first lien	$11.2M	$11.0M 100c	SOFR+550 bp	Jul 29, 2031
Cerity Partners Equity Holding LLC 2025 Asset Management & Custody Banks	term loan first lien	$11.3M	$11.0M 98c	SOFR+450 bp	Jul 28, 2031
Rocket BidCo, Inc. Specialty Chemicals	term loan first lien	$11.1M	$10.8M 99c	SOFR+475 bp	Nov 1, 2030
SRP Eagle Buyer Inc Environmental & Facilities Services	term loan first lien	$10.9M	$10.8M 100c	SOFR+475 bp	Dec 8, 2031
Diameter Credit Company Asset Management & Custody Banks	equity equity	$0	$10.5M 99c
Harris & Co. LLC Diversified Financial Services	delayed draw term loan first lien	$10.3M	$10.3M 101c	SOFR+525 bp	Aug 9, 2030
USIC Holdings, Inc. Construction & Engineering	term loan first lien	$10.4M	$10.2M 99c	SOFR+550 bp	Sep 10, 2031
Greenwood Operating Group, LLC Building Products	term loan first lien	$10.4M	$10.2M 100c	SOFR+550 bp	May 7, 2031
Rcp Nats Purchaser, LLC Health Care Services	term loan first lien	$10.2M	$10.1M 100c	SOFR+500 bp	Mar 19, 2032
Machine Sciences Corporation Aerospace & Defense	term loan first lien	$10.2M	$10.1M 100c	SOFR+475 bp	Mar 31, 2032
Comet Bidco Limited Facility B (USD) Loan Advertising	term loan first lien	$10.2M	$10.1M 100c	SOFR+500 bp	Dec 2, 2032
WSRP Advisory LLC First Amendment Research & Consulting Services	delayed draw term loan first lien	$10.0M	$9.9M 100c	SOFR+525 bp	Feb 28, 2031
Channel Factory, LLC Interactive Media & Services	term loan first lien	$9.9M	$9.8M 100c	SOFR+525 bp	Apr 1, 2030
Packaging Coordinators Midco, Inc. 2025	term loan first lien	$9.8M	$9.8M 100c	SOFR+500 bp	Jul 9, 2032
WSRP Advisory LLC Research & Consulting Services	term loan first lien	$9.9M	$9.8M 100c	SOFR+525 bp	Aug 6, 2032
One World Fitness PFF, LLC Leisure Facilities	term loan first lien	$9.9M	$9.8M 100c	SOFR+450 bp	May 2, 2030
Accelevation LLC Amendment No. 4 Research & Consulting Services	term loan first lien	$9.9M	$9.8M 100c	SOFR+525 bp	Jan 2, 2031
Galway Borrower LLC Refinancing Insurance Brokers	term loan first lien	$9.8M	$9.7M 100c	SOFR+450 bp	Sep 29, 2028
AmeriLife Holdings LLC Amendment No. 5 Life & Health Insurance	term loan first lien	$9.7M	$9.7M 100c	SOFR+500 bp	Aug 31, 2029
Quick Quack Car Wash Holdings, LLC 2025 Specialized Consumer Services	delayed draw term loan first lien	$9.7M	$9.6M 100c	SOFR+500 bp	Jun 10, 2031
SkyMark Refuelers, LLC Aerospace & Defense	term loan first lien	$9.6M	$9.4M 99c	SOFR+450 bp	Dec 16, 2032
Einstein Parent, Inc. Application Software	term loan first lien	$9.7M	$9.4M 99c	SOFR+525 bp	Jan 22, 2031
Sagebrush Buyer, LLC Sagebrush Research & Consulting Services	term loan first lien	$9.5M	$9.4M 100c	SOFR+475 bp	Jul 1, 2030
Pave America Holding, LLC Construction & Engineering	term loan first lien	$9.5M	$9.4M 100c	SOFR+525 bp PIK 2.88%	Aug 27, 2032
ABC Technologies Inc. Automotive Retail	term loan first lien	$9.7M	$9.4M 100c	SOFR+825 bp	Aug 22, 2031
Halo Buyer, Inc. Apparel, Accessories & Luxury Goods	term loan first lien	$9.4M	$9.3M 100c	SOFR+600 bp	Aug 7, 2029
C3 AcquisitionCo, LLC Third Amendment Construction & Engineering	delayed draw term loan first lien	$9.4M	$9.3M 100c	SOFR+525 bp	Nov 26, 2030
PRGX Global, Inc. Research & Consulting Services	term loan first lien	$9.3M	$9.2M 100c	SOFR+550 bp	Dec 20, 2030
Play Holdings, Inc. Leisure Products	term loan first lien	$9.4M	$9.2M 99c	SOFR+550 bp	Oct 29, 2031
Play Holdings, Inc. Leisure Products	term loan first lien	$9.4M	$9.2M 99c	SOFR+550 bp	Oct 29, 2031
Diversis Tempo HoldCo, LLC Application Software	term loan first lien	$9.2M	$9.0M 99c	SOFR+625 bp	Aug 22, 2031
VRC Companies, LLC Amendment No. 2 IT Consulting & Other Services	term loan first lien	$9.0M	$9.0M 100c	SOFR+500 bp	Jun 29, 2027
Amplify Buyer, Inc. Advertising	term loan first lien	$9.0M	$8.9M 100c	SOFR+475 bp	Sep 17, 2032
Amplify Buyer, Inc. Advertising	term loan first lien	$9.0M	$8.9M 100c	SOFR+475 bp	Sep 17, 2032
Redwood Services Group, LLC Sixth Amendment IT Consulting & Other Services	delayed draw term loan first lien	$9.0M	$8.9M 100c	SOFR+525 bp	Jun 15, 2029
Carlyle US CLO 2025-2, Ltd Structured finance (CLO)	notes unsecured or subordinated	$11.4M	$8.9M 89c		Jul 25, 2038
CSHC Buyerco, LLC Health Care Equipment	term loan first lien	$8.8M	$8.8M 100c	SOFR+500 bp	Apr 29, 2033
IG Investments Holdings, LLC 2024 Refinancing Human Resource & Employment Services	term loan first lien	$8.8M	$8.7M 100c	SOFR+500 bp	Sep 22, 2028
REP TEC Intermediate Holdings, Inc Education Services	term loan first lien	$8.6M	$8.6M 100c	SOFR+500 bp	May 30, 2031
REP TEC Intermediate Holdings, Inc Education Services	term loan first lien	$8.6M	$8.6M 100c	SOFR+500 bp	May 30, 2031
Straine Dental Management, LLC Health Care Services	term loan first lien	$8.4M	$8.3M 100c	SOFR+742 bp	Nov 25, 2030
Aptive Environmental, LLC Environmental & Facilities Services	term loan first lien	$8.3M	$8.2M 100c	SOFR+475 bp	Oct 15, 2032
Aptive Environmental, LLC Environmental & Facilities Services	term loan first lien	$8.3M	$8.2M 100c	SOFR+475 bp	Oct 15, 2032
Rushmore Investment III LLC Food Distributors	term loan first lien	$8.3M	$8.2M 100c	SOFR+525 bp	Oct 18, 2030
Safari Borrower, LLC Insurance Brokers	term loan first lien	$8.2M	$8.1M 100c	SOFR+575 bp	Feb 3, 2031
IEQ Capital, LLC Asset Management & Custody Banks	term loan first lien	$8.1M	$8.1M 100c	SOFR+450 bp	Dec 22, 2028
LJ Avalon Holdings, LLC Amendment No. 3 Construction & Engineering	delayed draw term loan first lien	$8.0M	$8.0M 101c	SOFR+475 bp	Feb 1, 2030
HEC Purchaser Corp. Health Care Distributors	term loan first lien	$8.0M	$7.9M 99c	SOFR+500 bp	Jun 17, 2029
Associations, Inc. Real Estate Operating Companies	term loan first lien	$7.9M	$7.9M 100c	SOFR+650 bp	Jul 2, 2028
DermCare Management, LLC Fourth Amendment Health Care Services	delayed draw term loan first lien	$7.9M	$7.9M 100c	SOFR+600 bp	Apr 21, 2028
Zep Holdco Inc. Household Products	term loan first lien	$7.9M	$7.8M 100c	SOFR+500 bp	Jun 30, 2031
Arcline Liberty Buyer LLC Industrial Machinery & Supplies & Components	term loan first lien	$7.9M	$7.8M 100c	SOFR+475 bp	Dec 1, 2032
Horizon Investments, LLC Second Amendment Asset Management & Custody Banks	term loan first lien	$7.9M	$7.8M 100c	SOFR+475 bp	May 15, 2030
Syndigo LLC Interactive Media & Services	term loan first lien	$7.9M	$7.8M 100c	SOFR+500 bp	Sep 2, 2032
Syndigo LLC Interactive Media & Services	term loan first lien	$7.9M	$7.8M 100c	SOFR+500 bp	Sep 2, 2032
Vehlo Purchaser, LLC Application Software	delayed draw term loan first lien	$7.8M	$7.8M 100c	SOFR+525 bp	May 24, 2028
Empower Payments Investor, LLC Third Amendment Application Software	term loan first lien	$7.9M	$7.8M 99c	SOFR+450 bp	Mar 12, 2031

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Registration

Fiscal year end: 1231reported
Incorporated: DEreported
On the SEC BDC report: 2025 to 2026reported
Filings listed: 13reported10-Q and 10-K since 2022
Latest schedule: 0001193125-26-351731reported