Stepstone Private Credit Fund: 1940 Act Investment Classifications Detailed
| Field | Detail |
|---|---|
| Company | Stepstone Private Credit Fund LLC |
| Form Type | 10-Q |
| Filed Date | May 14, 2025 |
| Risk Level | low |
| Sentiment | neutral |
Sentiment: neutral
Topics: regulatory, investment-strategy, 1940-act
TL;DR
**Stepstone Private Credit Fund's 10-Q clarifies how they classify investments under the 1940 Act: controlled vs. non-controlled & affiliated vs. non-affiliated.**
AI Summary
Stepstone Private Credit Fund LLC filed its 10-Q for the period ending March 31, 2025. The filing details the company's investment classifications under the Investment Company Act of 1940, distinguishing between 'controlled' (over 25% voting securities or power to exercise control) and 'non-controlled' (25% or less voting securities) investments. It also defines 'affiliated' (5% or more voting securities) and 'non-affiliated' (less than 5% voting securities) investments.
Why It Matters
Understanding these classifications is crucial for investors to assess the fund's risk profile and regulatory compliance regarding its portfolio holdings.
Risk Assessment
Risk Level: low — The filing primarily provides definitional information regarding investment classifications under the Investment Company Act of 1940, rather than disclosing significant financial events or risks.
Key Players & Entities
- Stepstone Private Credit Fund LLC (company) — Filer of the 10-Q
- Investment Company Act of 1940 (legal_document) — Governing act for investment classifications
FAQ
What is the threshold for an investment to be considered 'controlled' by Stepstone Private Credit Fund under the 1940 Act?
An investment is generally considered 'controlled' when the Company owns more than 25% of the portfolio company's voting securities and/or has the power to exercise control over the management or policies of such portfolio company.
What percentage of voting securities defines a 'non-controlled' investment for Stepstone Private Credit Fund?
A company is generally presumed to be 'non-controlled' when Stepstone Private Credit Fund owns 25% or less of the portfolio company's voting securities.
Under the 1940 Act, what percentage of voting securities makes a portfolio company 'affiliated' with Stepstone Private Credit Fund?
A portfolio company is generally deemed 'affiliated' when Stepstone Private Credit Fund owns 5% or more of the portfolio company's voting securities (and is not otherwise defined as controlled).
What defines a 'non-affiliated' investment for Stepstone Private Credit Fund?
A company is generally deemed 'non-affiliated' when Stepstone Private Credit Fund owns less than 5% of a portfolio company's voting securities.
What is the filing date and reporting period for this 10-Q filing?
The 10-Q filing was made on May 14, 2025, for the period ending March 31, 2025.
Filing Details
This Form 10-Q (Form 10-Q) was filed with the SEC on May 14, 2025 regarding Stepstone Private Credit Fund LLC.