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
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
12
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. carried4 borrowers $34.0M
- 3 borrowers $40.4M
- Wind Point Partners carried3 borrowers $22.8M
- 2 borrowers $35.4M
- Alpine Investors carried2 borrowers $23.8M
- 2 borrowers $21.5M
- W Capital Partners carried2 borrowers $20.3M
- 2 borrowers $17.4M
- JLL Partners LLC carried2 borrowers $15.7M
- Stellus Capital Management, LLC carried2 borrowers $13.4M
- TJC LP carried2 borrowers $8.8M
- H.I.G. Capital, LLC carried2 borrowers $8.0M
- Leonard Green & Partners, L.P. carried2 borrowers $7.0M
- Amulet Capital Partners, L.P. carried2 borrowers $6.2M
- Genstar Capital carried2 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
- New borrower on a BDC scheduleJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
Largest facilities held, with co-lenders
- Denali Midco 2, LLC first lien term loan29 BDCs hold it · matures Aug 26, 2032 · Clearlake Capital Group, L.P.$28.2M 100c
- Igloo Parent Holdings LLC first lien term loan3 BDCs hold it · matures Dec 23, 2031$22.7M 99c
- Anaplan, Inc first lien term loan26 BDCs hold it · matures Jun 21, 2029$22.6M 99c
- Creek Parent, Inc first lien term loan19 BDCs hold it · matures Dec 18, 2031$22.5M 99c
- Pavement Preservation Acquisition, LLC first lien term loan5 BDCs hold it · matures Aug 9, 2030 · The Sterling Group, L.P.$22.3M 100c
- USIC Holdings, Inc first lien term loan11 BDCs hold it · matures Sep 10, 2031$21.7M 99c
- Portage Point Partners, LP first lien term loan4 BDCs hold it · matures May 2, 2033$21.3M 100c
- Sagebrush Buyer, LLC first lien term loan4 BDCs hold it · matures Jul 1, 2030$21.0M 100c
- Advanced Medical Management, LLC first lien term loan1 BDC hold it · matures Jun 18, 2028$21.0M 100c
- Fidelity Evergreen Private Credit Fund LP equity1 BDC hold it$20.8M 119c
- ABC Technologies Inc first lien term loan3 BDCs hold it · matures Feb 13, 2032$20.0M 100c
- PGI Parent LLC First Amendment first lien term loan1 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 |
|---|---|---|---|---|---|
| Eskola LLC Construction & Engineering | term loan first lien | $8.5M | $7.7M 92c | SOFR+550 bp PIK 9.71% | Dec 19, 2029 |
| Tau Buyer, LLC Term B Loan Application Software | term loan first lien | $7.8M | $7.7M 99c | SOFR+500 bp PIK 2.50% | Feb 2, 2032 |
| 26N DL Sidecar Fund I LP Asset Management & Custody Banks | equity equity | $7.6M | $7.6M 100c | ||
| Upland Software, Inc. Application Software | term loan first lien | $7.8M | $7.6M 99c | SOFR+600 bp | Jul 25, 2031 |
| Trintech Inc. Application Software | term loan first lien | $7.7M | $7.5M 99c | SOFR+475 bp | Jan 28, 2033 |
| Dwyer Environmental & Facilities Services | term loan first lien | $7.4M | $7.4M 101c | SOFR+475 bp | Jul 20, 2029 |
| IEQ Capital, LLC 2024 Asset Management & Custody Banks | delayed draw term loan first lien | $7.4M | $7.4M 101c | SOFR+450 bp | Dec 22, 2028 |
| Pareto Health Intermediate Holdings Inc. A-1 Cash Pay Life & Health Insurance | term loan first lien | $7.4M | $7.4M 100c | SOFR+500 bp | Jun 1, 2030 |
| Optimizely North America Inc. (USD) Application Software | term loan first lien | $7.5M | $7.3M 99c | SOFR+550 bp PIK 2.50% | Oct 30, 2031 |
| Wharf Street Ratings Acquisition LLC Financial Exchanges & Data | term loan first lien | $7.3M | $7.3M 100c | SOFR+450 bp | Sep 16, 2032 |
| Wharf Street Ratings Acquisition LLC Financial Exchanges & Data | term loan first lien | $7.3M | $7.3M 100c | SOFR+450 bp | Sep 16, 2032 |
| Superior biologics, INC. Health Care Services | term loan first lien | $7.4M | $7.3M 100c | SOFR+610 bp | May 27, 2033 |
| Obra Capital, Inc. Asset Management & Custody Banks | term loan first lien | $7.4M | $7.2M 100c | SOFR+750 bp | Jun 21, 2029 |
| Par Excellence Holdings, Inc. Term B-1 Loan Health Care Technology | term loan first lien | $7.4M | $7.2M 99c | SOFR+500 bp | Sep 3, 2030 |
| Bristol Hospice, L.L.C. Health Care Facilities | term loan first lien | $7.3M | $7.2M 100c | SOFR+525 bp | Aug 26, 2032 |
| Bristol Hospice, L.L.C. Health Care Facilities | term loan first lien | $7.3M | $7.2M 100c | SOFR+525 bp | Aug 26, 2032 |
| Creek Parent, Inc. | term loan first lien | $7.4M | $7.2M 98c | SOFR+500 bp | Dec 18, 2031 |
| Designs for Health, Inc. Initial Term B Loan | term loan first lien | $7.3M | $7.2M 100c | SOFR+450 bp | Oct 16, 2030 |
| Designs for Health, Inc. Initial Term B Loan | term loan first lien | $7.3M | $7.2M 100c | SOFR+450 bp | Oct 16, 2030 |
| TL Voltron Purchaser, LLC Diversified Support Services | term loan first lien | $7.3M | $7.2M 99c | SOFR+525 bp | Dec 31, 2030 |
| mPulse Mobile, Inc. Health Care Technology | term loan first lien | $7.2M | $7.2M 100c | SOFR+475 bp | Aug 26, 2032 |
| mPulse Mobile, Inc. Health Care Technology | term loan first lien | $7.2M | $7.2M 100c | SOFR+475 bp | Aug 26, 2032 |
| Southern Orthodontic Partners Management, LLC Eighth Amendment Health Care Services | term loan first lien | $7.1M | $7.1M 100c | SOFR+475 bp | Jul 27, 2029 |
| George Holding, Inc. Diversified Metals & Mining | term loan first lien | $7.2M | $7.1M 100c | SOFR+475 bp | Jan 31, 2031 |
| Guava Buyer LLC | term loan first lien | $7.2M | $7.0M 99c | SOFR+550 bp | Aug 12, 2032 |
| Guava Buyer LLC | term loan first lien | $7.2M | $7.0M 99c | SOFR+550 bp | Aug 12, 2032 |
| DrFirst.com, Inc. Health Care Technology | term loan first lien | $7.0M | $7.0M 100c | SOFR+500 bp | Nov 22, 2029 |
| Fullsteam Operations LLC Application Software | term loan first lien | $7.0M | $6.9M 99c | SOFR+525 bp | Aug 8, 2031 |
| Lighthouse Technologies Holding Corp. Fourth Amendment IT Consulting & Other Services | term loan first lien | $7.0M | $6.9M 99c | SOFR+475 bp | Dec 31, 2029 |
| HHS Buyer, Inc. First Incremental Amendment Health Care Services | delayed draw term loan first lien | $6.9M | $6.9M 101c | SOFR+550 bp | Aug 31, 2028 |
| Associations, Inc. Real Estate Operating Companies | term loan first lien | $6.9M | $6.9M 100c | SOFR+650 bp | Jul 2, 2028 |
| Redwood Services Group, LLC IT Consulting & Other Services | term loan first lien | $7.0M | $6.9M 99c | SOFR+525 bp | Jun 15, 2029 |
| ACP Oak Buyer, Inc. Sixth Amendment Health Care Equipment | term loan first lien | $6.9M | $6.8M 100c | SOFR+475 bp | May 16, 2031 |
| PestCo, LLC Term A Loan Specialized Consumer Services | term loan first lien | $6.8M | $6.8M 100c | SOFR+475 bp | Aug 6, 2030 |
| PestCo, LLC Term A Loan Specialized Consumer Services | term loan first lien | $6.8M | $6.8M 100c | SOFR+475 bp | Aug 6, 2030 |
| PDI TA Holdings, Inc. Application Software | term loan first lien | $6.9M | $6.8M 99c | SOFR+600 bp PIK 2.50% | Feb 3, 2031 |
| CRH Healthcare Purchaser, Inc. Health Care Facilities | term loan first lien | $6.8M | $6.7M 100c | SOFR+525 bp | Sep 17, 2031 |
| CRH Healthcare Purchaser, Inc. Health Care Facilities | term loan first lien | $6.8M | $6.7M 100c | SOFR+525 bp | Sep 17, 2031 |
| Transgo, LLC First Amendment Auto Parts & Equipment | term loan first lien | $6.7M | $6.7M 100c | SOFR+525 bp | Dec 29, 2028 |
| Renaissance Buyer, LLC Amendment No. 2 Research & Consulting Services | term loan first lien | $6.7M | $6.7M 100c | SOFR+475 bp | Jul 18, 2028 |
| Discovery SL Management, LLC Amendment No. 8 Health Care Facilities | term loan first lien | $6.7M | $6.6M 100c | SOFR+500 bp | Mar 18, 2030 |
| CLGF Holdco 2, LLC Loan Consumer Finance | term loan first lien | $6.7M | $6.6M 101c | //stepstoneprivate.com/20260630#Fixed+1250 bp | Apr 23, 2030 |
| Lightspeed Borrower, LLC Application Software | term loan first lien | $6.6M | $6.6M 100c | SOFR+525 bp | May 1, 2029 |
| Beacon Oral Specialists Management LLC Sixth Amendment Health Care Services | delayed draw term loan first lien | $6.6M | $6.6M 100c | SOFR+550 bp | Dec 14, 2026 |
| Advanced Medical Management, LLC Amendment No. 9 Health Care Services | term loan first lien | $6.7M | $6.6M 100c | SOFR+600 bp | Jun 18, 2028 |
| EdgeCo Buyer, Inc. Asset Management & Custody Banks | delayed draw term loan first lien | $6.5M | $6.5M 100c | SOFR+450 bp | Jun 1, 2028 |
| Talent Worldwide Inc. Human Resource & Employment Services | term loan first lien | $6.6M | $6.5M 100c | SOFR+550 bp | Jan 16, 2031 |
| Crete PA Holdco, LLC Research & Consulting Services | term loan first lien | $6.5M | $6.5M 100c | SOFR+500 bp | Nov 26, 2030 |
| Crete PA Holdco, LLC Research & Consulting Services | delayed draw term loan first lien | $6.5M | $6.5M 101c | SOFR+500 bp | Nov 26, 2030 |
| Vensure Employer Services, Inc. Research & Consulting Services | term loan first lien | $6.5M | $6.4M 100c | SOFR+500 bp | Sep 27, 2032 |
| Durare Bidco, LLC Application Software | term loan first lien | $6.5M | $6.4M 99c | SOFR+475 bp | Aug 9, 2032 |
| Durare Bidco, LLC Application Software | term loan first lien | $6.5M | $6.4M 99c | SOFR+475 bp | Aug 9, 2032 |
| LeadVenture, Inc. Application Software | term loan first lien | $6.5M | $6.4M 99c | SOFR+500 bp | Jun 23, 2032 |
| Moonlight Parent, Inc. Diversified Support Services | term loan first lien | $6.4M | $6.4M 100c | SOFR+475 bp | Sep 9, 2032 |
| Ivy Technology Parent Intermediate III Holdings, LLC Technology Distributors | term loan first lien | $6.4M | $6.3M 100c | SOFR+525 bp | Feb 5, 2031 |
| Capitol Imaging Acquisition Corp. Health Care Facilities | term loan first lien | $6.3M | $6.3M 101c | SOFR+500 bp | Jan 3, 2030 |
| PMA Parent Holdings, LLC Asset Management & Custody Banks | term loan first lien | $6.4M | $6.3M 99c | SOFR+475 bp | Jan 31, 2031 |
| Payscape Buyer, Inc. Eleventh Amendment Environmental & Facilities Services | term loan first lien | $6.3M | $6.3M 100c | SOFR+475 bp | Nov 1, 2027 |
| Ambient Enterprises Holdco LLC Industrial Machinery & Supplies & Components | term loan first lien | $6.2M | $6.2M 99c | SOFR+550 bp | Jun 30, 2030 |
| MoboTrex, LLC Electrical Components & Equipment | term loan first lien | $6.2M | $6.1M 100c | SOFR+500 bp | Jun 7, 2030 |
| Integrated Power Services Holdings, Inc. Diversified Support Services | term loan first lien | $6.1M | $6.1M 100c | SOFR+475 bp | Nov 22, 2028 |
| Integrated Power Services Holdings, Inc. Diversified Support Services | term loan first lien | $6.1M | $6.1M 100c | SOFR+475 bp | Nov 22, 2028 |
| Vensure Employer Services, Inc. Research & Consulting Services | term loan first lien | $6.2M | $6.1M 100c | SOFR+500 bp | Sep 27, 2032 |
| Salisbury House, LLC Education Services | term loan first lien | $6.1M | $6.1M 100c | SOFR+475 bp | Aug 18, 2032 |
| Imagine 360 LLC Managed Health Care | term loan first lien | $6.0M | $6.0M 100c | SOFR+475 bp | Sep 30, 2028 |
| ABC Technologies Inc. Automotive Retail | term loan first lien | $6.0M | $6.0M 100c | SOFR+475 bp | Feb 13, 2032 |
| HHS Buyer, Inc. First Incremental Amendment Health Care Services | delayed draw term loan first lien | $6.0M | $6.0M 101c | SOFR+550 bp | Aug 31, 2028 |
| High Street Buyer, Inc. 2024 Insurance Brokers | delayed draw term loan first lien | $5.9M | $5.9M 101c | SOFR+425 bp | Apr 14, 2028 |
| Cherry Bekaert Advisory LLC Amendment No. 7 Investment Banking & Brokerage | term loan first lien | $5.9M | $5.9M 100c | SOFR+475 bp | Jun 28, 2030 |
| Heads Up Technologies, Inc. Aerospace & Defense | term loan first lien | $6.0M | $5.9M 100c | SOFR+525 bp | Jul 23, 2030 |
| MIV Buyer, LLC Term A Loan Specialized Finance | term loan first lien | $6.0M | $5.9M 100c | SOFR+475 bp | Sep 19, 2031 |
| BBG, Inc. Real Estate Services | term loan first lien | $6.2M | $5.9M 96c | SOFR+675 bp | Jan 8, 2027 |
| Integrated Power Services Holdings, Inc. Tenth Amendment Diversified Support Services | term loan first lien | $5.9M | $5.9M 100c | SOFR+475 bp | Nov 22, 2031 |
| Ideal Components Acquisition, LLC Industrial Machinery & Supplies & Components | term loan first lien | $6.0M | $5.9M 100c | SOFR+500 bp | Jun 30, 2032 |
| IDC Infusion Services, Inc. Health Care Distributors | term loan first lien | $5.9M | $5.9M 101c | SOFR+500 bp | Jul 7, 2028 |
| Zep Holdco Inc. Household Products | term loan first lien | $5.9M | $5.9M 100c | SOFR+500 bp | Jun 30, 2031 |
| Sagebrush Buyer, LLC StoneTurn Research & Consulting Services | term loan first lien | $5.9M | $5.9M 100c | SOFR+475 bp | Jul 1, 2030 |
| LeadVenture, Inc. Application Software | term loan first lien | $6.0M | $5.9M 99c | SOFR+500 bp | Jun 23, 2032 |
| IG Investments Holdings, LLC 2024 Refinancing Human Resource & Employment Services | term loan first lien | $5.9M | $5.8M 99c | SOFR+500 bp | Sep 22, 2028 |
| Wealth Enhancement Group, LLC December 2024 Asset Management & Custody Banks | delayed draw term loan first lien | $5.8M | $5.8M 100c | SOFR+425 bp | Oct 2, 2028 |
| VRC Companies, LLC IT Consulting & Other Services | term loan first lien | $5.8M | $5.8M 100c | SOFR+550 bp | Jun 29, 2027 |
| Beacon Pointe Harmony, LLC 2024 Diversified Financial Services | delayed draw term loan first lien | $5.8M | $5.8M 100c | SOFR+450 bp | Dec 29, 2028 |
| Cambium Learning Group, Inc. Education Services | term loan first lien | $5.8M | $5.8M 100c | SOFR+550 bp | Jul 20, 2028 |
| AB Centers Acquisition Corporation Health Care Services | term loan first lien | $5.8M | $5.8M 100c | SOFR+525 bp | Jul 2, 2031 |
| Heads Up Technologies, Inc. Aerospace & Defense | term loan first lien | $5.8M | $5.8M 100c | SOFR+525 bp | Jul 23, 2030 |
| Saturn Borrower Inc Tenth Amendment Systems Software | term loan first lien | $5.9M | $5.7M 99c | SOFR+600 bp | Nov 13, 2028 |
| Beacon Behavioral Support Services LLC First Amendment Health Care Facilities | delayed draw term loan first lien | $5.9M | $5.7M 100c | SOFR+550 bp | Jun 21, 2029 |
| NDH Advisors LLC Second Amendment Research & Consulting Services | term loan first lien | $5.8M | $5.7M 100c | SOFR+500 bp | Dec 3, 2031 |
| Vacation Rental Brands, LLC Real Estate Services | term loan first lien | $5.7M | $5.7M 101c | SOFR+525 bp | May 6, 2032 |
| Curio Brands, LLC Personal Care Products | term loan first lien | $5.7M | $5.7M 100c | SOFR+500 bp | Apr 2, 2031 |
| Wealth Enhancement Group, LLC August 2021 Asset Management & Custody Banks | delayed draw term loan first lien | $5.7M | $5.7M 100c | SOFR+425 bp | Oct 2, 2028 |
| Western Smokehouse Partners, LLC Packaged Foods & Meats | delayed draw term loan first lien | $5.6M | $5.6M 101c | SOFR+550 bp | Mar 31, 2029 |
| CIFC Funding 2025-IX _Equity Diversified Financial Services | notes unsecured or subordinated | $6.2M | $5.6M 103c | Jan 21, 2039 | |
| ISG Enterprises, LLC Industrial Machinery & Supplies & Components | delayed draw term loan first lien | $5.6M | $5.5M 100c | SOFR+575 bp | Dec 7, 2028 |
| Choice Financial Group Acquisition, Inc. Insurance Brokers | delayed draw term loan first lien | $5.6M | $5.5M 100c | SOFR+550 bp | Oct 15, 2027 |
| Model N, Inc. Application Software | term loan first lien | $5.6M | $5.5M 99c | SOFR+475 bp | May 13, 2031 |
| CT Technologies Intermediate Holdings, Inc. 2025-B Health Care Technology | term loan first lien | $5.5M | $5.5M 100c | SOFR+475 bp | Sep 2, 2031 |
| Saab Purchaser, Inc. First Amendment Application Software | term loan first lien | $5.5M | $5.4M 99c | SOFR+450 bp | Nov 12, 2031 |
| Accordion Partners LLC Second Amendment Term B-2 Loan Research & Consulting Services | term loan first lien | $5.4M | $5.4M 100c | SOFR+500 bp | Nov 17, 2031 |
| Centex Acquisition, LLC (MDM Contracting, LLC) Second Amendment Homebuilding | term loan first lien | $5.5M | $5.4M 100c | SOFR+575 bp | May 9, 2029 |
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