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|8-KJan 30, 11:36 AM ET

Stepstone Private Credit Fund LLC 8-K

Research Summary

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Stepstone Private Credit Fund LLC Reports Private Share Sale and NAV

What Happened

  • Stepstone Private Credit Fund LLC filed an 8-K (Items 3.02 and 8.01) disclosing that, as of January 2, 2026 (finalized January 30, 2026), it sold 4,495,241 unregistered limited liability company interests for aggregate consideration of $117.0 million through its ongoing private offering.
  • The company reported preliminary December 31, 2025 financial metrics: net asset value (NAV) per share of $26.03 and aggregate NAV of approximately $1,864.5 million. These figures are preliminary and subject to year‑end closing, review procedures and audit.

Key Details

  • Unregistered sale: 4,495,241 shares issued for $117.0 million (private offering relying on Section 4(a)(2), Reg D and/or Reg S exemptions).
  • Preliminary NAV: $26.03 per share as of Dec 31, 2025; aggregate NAV ≈ $1,864.5 million.
  • Portfolio and leverage (preliminary): investment portfolio fair value ≈ $3,008.6 million; debt outstanding (principal) $1,284.7 million.
  • Operating/results: net investment income per share for the quarter ended Dec 31, 2025 was $0.65 (using weighted average shares); total shares issued in the offering as of the date reported: 73,048,394 for ~ $1,907.7 million. The private offering remains open for up to $10 billion, and the company intends to continue monthly share sales.

Why It Matters

  • Capital raise and liquidity: the private share sale raised $117.0 million in new capital, expanding the company’s investor base and funding capacity under its continuous offering.
  • Valuation and performance signals: the preliminary NAV and net investment income figures give investors a current snapshot of per‑share value and recent income generation, but they are preliminary and may change after year‑end closing and audit.
  • Ongoing activity: continued monthly sales under a $10 billion offering cap and the company’s repurchase program affect shares outstanding and capital structure; investors should note preliminary nature of the data and watch for the company’s audited Form 10‑K for final results.