StepStone Private Credit Fund 2026: NAV $25.81, Who Holds It

What this fund is, and what it is not

StepStone Private Credit Fund LLC is a Delaware limited liability company that elected to be a business development company and sells its shares in a continuous private offering of up to $10 billion under Regulation D and Regulation S. As of October 21, 2026 it had issued 119,436,909 shares for about $3,116.9 million in that offering, not counting shares from distribution reinvestment or repurchases. It is externally managed by StepStone Group Private Debt LLC. It is not the interval fund StepStone Private Credit Income Fund (CIK 2006100), which is sold under a prospectus and appears in our interval fund list, and it is not StepStone Private Markets Fund, covered in our SPRIM tender offer page. The three share a sponsor and little else.

Who the investors behind the Cayman portfolios are is not in the fund's filings. The 10-Q says shares may be sold to feeder vehicles “primarily created to hold the Shares that in turn offer interests in such feeder vehicles to non-U.S. persons,” and that the early repurchase deduction may not be applied to them. A reader who holds a StepStone private credit product through a bank or platform should find out which entity holds the shares for them; the filings of this fund cannot say.

Net assets, NAV and debt, quarter by quarter

All figures are from the Form 8-K filed after each quarter-end (the March 31, June 30 and September 30, 2026 figures are flagged preliminary in those filings). Debt is at principal. Debt to net assets is our arithmetic.

Two patterns show in the monthly Forms 8-K. First, NAV per share drifts up about $0.16 to $0.19 in each of the first two months of a quarter (for example $25.92 at March 31, $26.08 at April 30 and $26.25 at May 31, 2026) and then falls $0.40 to $0.48 in the last month: $26.40 at February 28 to $25.92 at March 31, $26.25 to $25.83 in June and $26.21 to $25.81 in September. The distribution record dates (March 30, June 29, September 29) fall in the same month, and the drop is close to the quarterly distribution of $0.59, $0.54 and $0.57; the filings do not state the link, so we read it as the distribution being taken out of NAV (our reading). Compare the fund's NAV at quarter-ends, not between a mid-quarter month and a quarter-end. Second, the quarter-end NAV per share has not risen since September 2025.

Debt fell from $1,291.2 million at March 31 to $1,140.9 million at June 30 as the June 1 sale of $279.6 million came in, then rose $605.0 million in the third quarter (our arithmetic) while the portfolio grew $955.6 million. At June 30 the 10-Q reports an asset coverage ratio of 342.9%, against 245.0% at December 31, 2025; the same formula on the preliminary September 30 figures, net assets plus debt over debt, gives about 280.8% (our arithmetic), above the 150% minimum for a BDC under Section 61(a)(2) of the Investment Company Act of 1940.

The monthly sales that feed the fund

Each month the fund sells shares as of the first day of the month at the previous month-end NAV and reports the total in an 8-K a few weeks later. The thirteen most recent:

The twelve sales from November 1, 2025 to October 1, 2026 total $1,535.1 million, an average of $127.9 million a month (our sums); the range is $11.5 million to $279.6 million. One month is a poor run rate in either direction: the October sale is 43% of the average and the June sale was 2.2 times it. In the six months to June 30, 2026 the cash flow statement shows $896.2 million raised from share issuance against $0.142 million spent on repurchases (net of the change in the repurchase offer payable). The Cayman portfolios bought 25,744,088 of the 26,104,552 shares issued in the private offering in the second quarter (our sum from the 10-Q), 98.6%.

Is the distribution covered?

The company reports net investment income per share on weighted average shares, preliminarily, in each quarter-end 8-K. The 10-Q and 10-K give dollars. Because the distribution per share is paid on the shares held at the record date and the fund is growing fast, the two measures differ.

Dollar figures are from the 10-Qs and the 10-K; the fourth quarter is the full year less nine months (our arithmetic), and the ratios are ours. Per-share income is from the 8-Ks. Three notes. In 2025 the dollar income covered 93% to 99.5% of distributions each quarter; the first half of 2026 was 89.7% (our arithmetic: $94.6 million against $105.5 million). Second, an 8-K/A filed October 24, 2025 corrected the second-quarter 2025 income per share from $0.67 to $0.63, saying the original figure “inadvertently reflected” the quarter's distribution per share; we use the corrected figure and rely on the dollar statements for the ratios. Third, the distribution of $0.57 on about 122.3 million shares (net assets over NAV per share, our arithmetic) is about $69.7 million to be paid October 30, which the September 30 10-Q will show against that quarter's income.

Income came from a portfolio yielding 9.6% (weighted average yield of investments at fair value) in the second quarter of 2026, against 9.4% for 2025 and 10.3% for 2024 per the 10-K. Total investment income was $86.5 million in the second quarter, interest expense $22.8 million, net realized loss $2.0 million and net unrealized depreciation $4.0 million. At the $0.57 distribution and the $25.81 NAV the annualized rate is 8.8% (our arithmetic: 4 x $0.57 / $25.81), against 8.4% for the second quarter's $0.54.

Redemptions: twelve offers, almost no takers

The fund offers each quarter to buy up to 5% of its shares at NAV; the board can decline. Every Schedule TO-I and its final amendment since the first offer in November 2023:

The July 18, 2025 row is the offer first filed May 1, 2025, which an amended and restated Schedule TO of June 20, 2025 moved from a May 29 expiry and June 30 valuation date to July 18 and July 31. Across the 11 results the fund bought 509,743.762 shares in total (our sum), always 100% of what was tendered. The largest, 288,512.490 shares in March 2025, was 16.4% of the 1,762,346 offered (our arithmetic). The three 2024 results add to 215,794.157 shares (our sum), which the 10-K reports as 215,795. The offer size is growing with the fund: 5,364,541 shares at roughly $25.83 would be about $138.6 million (our arithmetic), and nobody has asked for more than $7.5 million in a single offer (288,512 shares at the $26.01 March 31, 2025 NAV, our arithmetic).

The wording of the 2026 results matters. The final amendment for the offer that expired March 4, 2026 says no shares were tendered “taking into account an existing Company feeder fund’s normal course utilization of subscription proceeds to offset repurchase amounts in its own liquidity program prior to submitting any repurchase request.” The 10-Q for June 30, 2026 puts it as: “no Shares were tendered by the Company’s direct shareholders.” The tender statistic therefore measures the Cayman feeder's net position, not the wishes of the people behind it. If the feeder ever has more redemptions than subscriptions in a quarter, it would tender, and the first test of the 5% limit would be against a fund that is about twice the size it was a year ago (our arithmetic). Our BDC tender results page shows what that looks like at the funds where holders do queue.

Leverage: more facilities, a bigger one

At June 30, 2026 total liabilities were $1,207.1 million against net assets of $2,771.7 million, 0.44 times (our arithmetic). Debt at principal, from the 10-Q note on borrowings:

Since the 10-Q, two 8-Ks changed the picture: on September 14, 2026 a new Goldman Sachs revolver with $250.0 million of commitments (term SOFR plus 1.90%, maturing September 14, 2031), and on October 15 a fifth Wells Fargo amendment that raised commitments under the SPV III facility to $1.0 billion, extended its maturity to October 15, 2031 and cut the margin to 1.95%. Facility capacity is therefore far above the $1,745.9 million of debt drawn; the fund has room to keep borrowing as sales come in lumpy. The MassMutual SPV I facility, the oldest, was terminated on April 6, 2026 with no borrowings outstanding.

What the portfolio holds

At June 30, 2026 the 10-Q shows $3,795.4 million of investments at fair value: 96.66% first lien senior secured loans, 1.53% subordinated notes and 1.81% limited partnership interests; 96.99% were in the United States. Four portfolio companies were on non-accrual, with an amortized cost of $11.4 million, against two with $8.4 million at December 31, 2025. The 10-Q reports no preferred equity or second lien left in the portfolio at June 30 (December 31, 2025: $0.5 million and $5.5 million). The September 30 Form 10-Q will update the non-accrual count; the 8-K gives none.

What a reader can do with this

• If you hold shares through a StepStone product and want to know what is behind it: this is the fund that product may own. Check which entity holds the shares for you, and compare its reported NAV to the $25.81. The fund's own redemption statistics tell you little about your feeder's terms, because the feeder's liquidity program sits in front of it.
• If you are an adviser or investor comparing private credit BDCs: the useful numbers are not the yield but the debt (0.55 times net assets and rising), the coverage (98% per share, 86% in dollars in the last full quarter), the flat NAV and the size of the monthly inflow that holds it together. See the private credit fund list and the non-traded BDC list for the other funds on the same measures.
• If you wanted to buy it directly: the 10-K counts 29 holders of record and says 97.6% of the shares sit behind a Cayman portfolio. A U.S. individual would normally meet the fund through an adviser or a feeder, and the fund's filings, all public, are the way to see what sits behind it.
• What to watch: the September 30 Form 10-Q (due in mid-November 2026) for dollar income, non-accruals and the debt split; the result of the offer that expired August 28; a new Schedule TO-I, as in early November 2025; and the October 31 NAV in an 8-K around late November.

FAQ

All figures are from SEC EDGAR filings of StepStone Private Credit Fund LLC (CIK 1950803) read on October 22, 2026: 42 Forms 8-K with month-end NAV and share sales (May 2023 to October 21, 2026), the 8-K/A of October 24, 2025, the Forms 8-K of April 10, September 17 and October 16, 2026 on the credit facilities, the Forms 10-K for 2023 to 2025, the Forms 10-Q through June 30, 2026, the Schedules TO-I of November 2023 to August 3, 2026 and the final Schedule TO-I/A results. The last filing on this CIK was the Form 8-K of October 21, 2026. Sums, changes, ratios, coverage and annualized rates are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.