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Stepstone Private Credit Fund LLC·8-K

Jul 21, 10:30 AM ET

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Stepstone Private Credit Fund LLC 8-K

Research Summary

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Stepstone Private Credit Fund LLC Sells Shares, Reports June NAV & Q2 Payout

What Happened
Stepstone Private Credit Fund LLC filed an 8‑K on July 21, 2026 announcing it sold 8,190,511 unregistered Shares (final count determined July 21) for aggregate proceeds of $211.6 million as part of its ongoing private offering. The Company reported a preliminary net asset value (NAV) per Share of $25.83 as of June 30, 2026, with aggregate NAV of approximately $2,771.7 million, investment portfolio fair value of about $3,795.4 million, and $1,140.9 million of debt outstanding (principal). Net investment income was $0.51 per Share for the three months ended June 30, 2026. The Board declared a Q2 2026 distribution of $0.54 per Share, payable July 31, 2026 (record date June 29, 2026), payable in cash or via the dividend reinvestment plan.

Key Details

  • Sold 8,190,511 unregistered Shares for $211.6 million (sale reflected as of July 1, 2026; final number determined July 21, 2026).
  • Preliminary NAV per Share: $25.83; aggregate NAV: ~$2,771.7 million; portfolio fair value: ~$3,795.4 million (as of June 30, 2026).
  • Debt outstanding (principal): $1,140.9 million.
  • Net investment income per Share (Q2 2026): $0.51; Q2 distribution declared: $0.54 per Share (payable July 31, 2026).
  • Ongoing private offering capacity up to $10 billion; 111,143,175 Shares issued in the offering for ~$2,900.6 million to date (excludes reinvested distributions and repurchases).

Why It Matters
The filing shows Stepstone is actively raising capital through its continuous private offering while reporting its June quarter financial snapshot and declaring a quarterly distribution. Investors should note the preliminary NAV and portfolio values are subject to quarter‑end closing and may change when finalized in the Form 10‑Q. Also notable: the declared $0.54 distribution slightly exceeds reported net investment income of $0.51 per Share for the quarter, and the Fund continues to carry meaningful leverage (approximately $1.14 billion principal debt), all of which are relevant to income sustainability and risk considerations.

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