Stepstone Private Credit Fund LLC
Stepstone Private Credit Fund LLC honored 100.00% of $141,528 requested in Q4 2025, per its SC TO-I/A filed 2026-01-30.
- Fund
- Stepstone Private Credit Fund LLC
- Type
- Non-traded BDC
Most recent quarter
Honored in full Q4 2025
100.00% of the value requested was repurchased
Requested $142k
Honored $142k
Shares tendered 5,437.12
Shares accepted 5,437
NAV per share $26.03
Every figure above was read from this filing: SC TO-I/A filed .
How we read this filing
The filing’s own words
Verbatim sentences from the SC TO-I/A filed Jan 30, 2026 . Each figure on this page traces to one of them.
The following information is provided pursuant to Rule 13e-4 under the Securities Exchange Act of 1934, as amended: The Company has determined the final results of the Offer, which expired at 11:59 p.m., Eastern Time, on December 2, 2025; and 5,437.115 Shares were validly tendered and not properly withdrawn prior to the expiration of the Offer.
The Company has accepted for purchase 100% of the Shares that were validly tendered and not properly withdrawn prior to the expiration of the Offer, at a purchase price per Share equal to the net asset value per Share as of December 31, 2025; The number of Shares that the Company has accepted for purchase in the Offer represents less than 1.0% of the total number of Shares outstanding as of December 31, 2025; and On January 30, 2026, the Company determined that, as of December 31, 2025, the net asset value per Share was $26.03 per Share.
The Company has accepted for purchase 100% of the Shares that were validly tendered and not properly withdrawn prior to the expiration of the Offer, at a purchase price per Share equal to the net asset value per Share as of December 31, 2025; The number of Shares that the Company has accepted for purchase in the Offer represents less than 1.0% of the total number of Shares outstanding as of December 31, 2025; and On January 30, 2026, the Company determined that, as of December 31, 2025, the net asset value per Share was $26.03 per Share.
Based on such net asset value per Share, the aggregate purchase price for the 5,431.115 Shares accepted for purchase by the Company equals approximately $141,554.75, which amount will be promptly paid by the Company in cash to the relevant person(s).
Checks we ran
Each extracted figure is cross-checked against the others before anything is published. A filing that fails a check is not estimated — it is listed as one we could not read.
| Check | Result | Detail |
|---|---|---|
| nav_per_share_stated | Passed | The filing states the per-Share figure outright: $26.03 per Share. Requested = 5,437.115 shares × $26.03 = $141,528. |
| aggregate_purchase_price_used | Passed | The filing states an aggregate purchase price of $141,554.75 for all Shares repurchased. Any percentage in that same sentence is the share of the FUND repurchased, not the share of the REQUEST honored, and is deliberately not read as the latter. |
| shares_accepted_within_tendered | Passed | 5,437 shares accepted vs 5,437.115 tendered. A fund cannot accept more than was offered to it. |
| honored_pct_in_range | Passed | Honored 100.00% of shares tendered. |
| requested_usd_plausible | Passed | Requested $141,528, below the $1,000,000 floor — but this is a GENUINE SMALL QUARTER, not a misread: every request was honored, and 5,437 shares × $26.03/share = $141,525 agrees with the independently stated total of $141,554.75; the 5,437.115 shares tendered sit within the offer's 2,896,566-share cap (undersubscribed). The identity replaces the scale check in this branch only. |
| honored_not_above_requested | Passed | Honored $141,555 of $141,528 requested. |
| shares_x_nav_matches_paid | Passed | 5,437 shares accepted x $26.03 NAV/share = $141,525, against $141,555 the filing says was paid (0.02% apart, measured against the larger, gross side). |
| dollars_consistent_with_shares | Passed | Dollars honored are 100.02% of dollars requested, against 100.00% of shares. These describe the same event and must agree to within 5 points (the gap is the early repurchase deduction). |
| implied_nav_per_share_agrees | Passed | The request implies $26.03 a share ($141,528 / 5,437.115); what was honored implies $26.04 ($141,555 / 5,437). Every share in one offer is priced at the same net asset value, so these must agree. |
| implied_nav_per_share_plausible | Passed | The implied net asset value is $26.03 a share. A non-traded BDC prices in the tens of dollars; a figure far outside that is a misread, not a discovery. |
How we built this list, and what we exclude — the derivation of the fund list, the cross-checks every figure has to pass, and the funds that are deliberately absent.
Repurchase history
Every quarter of this fund for which a result could be read from a filing, newest first. Each row cites the document it came from.
| Period | Honored % | Requested | Honored | Source filing |
|---|---|---|---|---|
| Q4 2025 | 100.00% Honored in full | $142k | $142k | SC TO-I/A · |
| Q2 2025 | 100.00% Honored in full | $7.5m | $7.5m | SC TO-I/A · |
| Q4 2024 | 100.00% Honored in full | $1.7m | $1.7m | SC TO-I/A · |
| Q3 2024 | 100.00% Honored in full | $2.2m | $2.2m | SC TO-I/A · |
| Q2 2024 | 100.00% Honored in full | $1.7m | $1.7m | SC TO-I/A · |
Source: this fund’s own filings on SEC EDGAR (Schedule TO-I and its amendments). “Honored in full” means every share validly tendered was repurchased; “prorated” means a share of each request was.