Stepstone Private Credit Fund Clarifies Investment Classifications
| Field | Detail |
|---|---|
| Company | Stepstone Private Credit Fund LLC |
| Form Type | 10-Q |
| Filed Date | Aug 14, 2025 |
| Risk Level | low |
| Pages | 14 |
| Reading Time | 17 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: regulatory-filing, investment-classification, 1940-act
TL;DR
**Stepstone Private Credit Fund's 10-Q clarifies investment rules: <25% ownership = non-controlled, <5% = non-affiliated. Crucial for risk assessment.**
AI Summary
Stepstone Private Credit Fund LLC filed its 10-Q for the period ending June 30, 2025. The filing details the company's investments, specifically clarifying its classification of 'non-controlled/non-affiliated' investments under the Investment Company Act of 1940. This classification is based on ownership percentages, with 'non-controlled' generally meaning 25% or less voting securities ownership and 'non-affiliated' meaning less than 5% voting securities ownership.
Why It Matters
Understanding how Stepstone Private Credit Fund classifies its investments is crucial for investors to assess the fund's risk profile and its adherence to regulatory definitions.
Risk Assessment
Risk Level: low — The filing is primarily a clarification of existing regulatory definitions and does not appear to disclose new material risks or negative financial developments.
Key Numbers
- 25% — Voting Securities Threshold (Defines 'non-controlled' investments under the 1940 Act.)
- 5% — Voting Securities Threshold (Defines 'non-affiliated' investments under the 1940 Act.)
Key Players & Entities
- Stepstone Private Credit Fund LLC (company) — Filer of the 10-Q
- Investment Company Act of 1940 (legislation) — Governing act for investment classifications
- 20250630 (date) — End of the reporting period
- 20250814 (date) — Filing date
FAQ
What is the primary purpose of this 10-Q filing for Stepstone Private Credit Fund LLC?
The primary purpose is to report on the company's investments and clarify its classifications of 'non-controlled' and 'non-affiliated' investments as defined by the Investment Company Act of 1940.
What is the threshold for an investment to be considered 'non-controlled' by Stepstone Private Credit Fund?
An investment is generally considered 'non-controlled' when the Company owns 25% or less of the portfolio company's voting securities.
What is the threshold for an investment to be considered 'non-affiliated' by Stepstone Private Credit Fund?
An investment is generally deemed 'non-affiliated' when the Company owns less than 5% of a portfolio company's voting securities.
What is the reporting period covered by this 10-Q filing?
The reporting period covered by this 10-Q filing is for the quarter ending June 30, 2025.
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted to the SEC on August 14, 2025.
Filing Stats: 4,299 words · 17 min read · ~14 pages · Grade level 5.9 · Accepted 2025-08-14 17:26:17
Filing Documents
- d948920d10q.htm (10-Q) — 20836KB
- d948920dex311.htm (EX-31.1) — 11KB
- d948920dex312.htm (EX-31.2) — 11KB
- d948920dex321.htm (EX-32.1) — 6KB
- 0001193125-25-180931.txt ( ) — 70659KB
- ck0001950803-20250630.xsd (EX-101.SCH) — 2289KB
- d948920d10q_htm.xml (XML) — 29804KB
Notes to Consolidated Financial Statements (Unaudited)
Notes to Consolidated Financial Statements (Unaudited) 60 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 90 Item 3. Quantitative and Qualitative Disclosure About Market Risk 109 Item 4.
Controls and Procedures
Controls and Procedures 111 PART II OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 112 Item 1A.
Risk Factors
Risk Factors 112 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity 112 Item 3. Defaults Upon Senior Securities 112 Item 4. Mine Safety Disclosures 112 Item 5. Other Information 112 Item 6. Exhibits 113
SIGNATURES
SIGNATURES Table of Contents
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION StepStone Private Credit Fund LLC Consolidated Statements of Assets and Liabilities June 30, 2025 (Unaudited) December 31, 2024 Assets Investments in securities of unaffiliated issuers at fair value (cost $ 2,135,933,588 and $ 1,567,755,924 , respectively) $ 2,137,983,984 $ 1,570,542,072 Cash and cash equivalents 7,885,951 1,875,772 Restricted cash and restricted cash equivalents 48,605,929 29,368,356 Interest receivable 12,824,564 11,271,653 Prepaid and other assets 538,254 — Receivables for investments sold 105,636 — Due from affiliate 442 14 Receivable from Advisor — 731,511 Total assets $ 2,207,944,760 $ 1,613,789,378 Liabilities Lines of credit (net of unamortized debt issuance costs of $ 10,746,182 and $ 7,466,444 , respectively) $ 739,424,353 $ 654,704,091 Debt securitization (net of unamortized debt issuance costs of $ 1,637,124 and $ 0 , respectively) 172,362,876 — Distributions payable 30,915,411 22,954,070 Repurchase offer payable — 1,742,364 Interest payable 3,106,985 4,513,417 Management fee payable 3,002,047 2,166,986 Incentive fee payable 2,429,354 1,982,658 Directors' fees payable 62,500 37,500 Payables for investments purchased — 7,554,592 Accrued expenses 1,731,280 1,748,406 Total liabilities $ 953,034,806 $ 697,404,084 Commitments and contingencies (Note 8); Recoupments (Note 3) Net assets Shares, no par value, unlimited shares authorized, 48,305,330 and 35,246,926 , respectively, shares issued and outstanding $ 1,257,885,936 $ 915,356,301 Distributable earnings (accumulated loss) ( 2,975,982 ) 1,028,993 Total net assets $ 1,254,909,954 $ 916,385,294 Total liabilities and net assets $ 2,207,944,760 $ 1,613,789,378 Net asset value per share $ 25.98 $ 26.00 The accompanying notes are an integral part of these consolidated financial statements. 2 Table of Contents