Stepstone Private Credit Fund LLC Sells $132M in Private Offering

What Happened

• Stepstone Private Credit Fund LLC filed an 8-K on September 18, 2026, reporting that, as of September 1, 2026, it sold 5,035,671 unregistered shares (final number determined September 18) for aggregate consideration of $132.0 million. The sales were made under the company’s continuous private offering relying on Section 4(a)(2)/Regulation D and/or Regulation S exemptions.
• The filing also reported the company’s net asset value (NAV) per share as of August 31, 2026 was $26.21. As of that date the company’s aggregate NAV was approximately $3,074.1 million, the fair value of the investment portfolio was approximately $4,443.4 million, and debt outstanding (principal) was $1,600.9 million.

Key Details

• Sold Shares: 5,035,671 unregistered shares for $132.0 million (as of Sept 1; final count set Sept 18, 2026).
• NAV: $26.21 per share and aggregate NAV ≈ $3,074.1 million (as of Aug 31, 2026).
• Portfolio & Debt: Investment portfolio fair value ≈ $4,443.4 million; debt outstanding (principal) ≈ $1,600.9 million (Aug 31, 2026).
• Offering status: Continuous private offering up to $10 billion; to date the company has issued 117,312,958 Shares for total consideration ≈ $3,062.1 million. Company intends to continue monthly sales. Figures exclude shares from the distribution reinvestment plan and repurchases under the quarterly repurchase program.

Why It Matters

• The filing shows Stepstone is actively raising capital through its ongoing private offering, adding shares (unregistered) to its capital base while reporting a recent NAV snapshot.
• Investors should note the unregistered nature of the sales (private offering exemptions) and the company’s continued issuance activity (117.3M shares issued to date toward a $10B program), plus the balance-sheet figures (portfolio fair value and $1.6B of debt) that underpin the reported NAV.