Stepstone Private Credit Fund LLC 8-K

What Happened

• Stepstone Private Credit Fund LLC filed an 8-K (Dec 29, 2025) disclosing that, as of December 1, 2025, it sold 6,688,332 unregistered limited liability company interests (the “Sold Shares”) for aggregate consideration of $177.1 million. The final number of Sold Shares issued was determined on December 29, 2025.
• The offer and sale were made in the Company’s continuous private offering relying on Securities Act exemptions (Section 4(a)(2), Regulation D and/or Regulation S).
• The filing also reports the Company’s valuation and distribution actions (see Key Details).

Key Details

• Sold Shares: 6,688,332 unregistered Shares sold for $177.1 million (final tally determined Dec 29, 2025).
• NAV and portfolio (as of Nov 30, 2025): net asset value per Share $26.48; aggregate NAV ≈ $1,719.3 million; fair value of investment portfolio ≈ $2,866.9 million; debt outstanding (principal) $1,258.6 million.
• Offering status: conducting a continuous private offering up to $10 billion; to date the Company has issued 68,553,153 Shares for total consideration of ≈ $1,790.7 million (excludes distribution reinvestment and repurchased shares).
• Q4 2025 distribution: Board declared $0.605 per Share payable Jan 30, 2026 to holders of record as of Dec 30, 2025; payable in cash or reinvested under the dividend reinvestment plan.

Why It Matters

• The filing shows the fund continuing to raise capital through its ongoing private offering (monthly sales), reporting both a recent tranche of issued Shares and the cumulative proceeds to date.
• NAV, portfolio fair value and debt figures give investors current scale and balance-sheet context as of Nov 30, 2025.
• The declared $0.605 Q4 2025 distribution (payable Jan 30, 2026) is a concrete cash return policy item investors will receive or can reinvest.