Private Placement (Form 8-K)

As of October 1, 2025, Stepstone Private Credit Fund LLC (the "Company") sold 5,153,708 unregistered shares (the "Sold Shares") of the Company's limited liability company interests (the "Shares") (with the final number of Sold Shares issued being determined on October 28, 2025) pursuant to subscription agreements entered into with the participating investors for aggregate consideration of $134.3 million.

The offer and sale of the Sold Shares were conducted in connection with the Company's continuous private offering of Shares in reliance on the exemption from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), provided by Section 4(a)(2) of the Securities Act, Regulation D promulgated thereunder and/or Regulation S under the Securities Act (the "Private Offering").

Net Asset Value

The Company's net asset value per Share as of September 30, 2025, as determined in accordance with the Company's valuation policy, was $26.05.

As of September 30, 2025, the Company's aggregate net asset value was approximately $1,509.3 million, the fair value of its investment portfolio was approximately $2,645.5 million, and it had $1,179.6 million in debt outstanding (at principal).

Net Investment Income

The Company's net investment income per Share for the three months ended September 30, 2025 is $0.64 using weighted average Shares outstanding for the period.

Distribution

As previously announced, on August 11, 2025, the Company's Board of Directors declared a distribution on the Shares payable to shareholders of record on September 29, 2025 (the "Q3 2025 Distribution"). The Q3 2025 Distribution will be paid on October 31, 2025, in an amount equal to $0.61 per Share, in cash or reinvested in additional Shares for shareholders participating in the Company's dividend reinvestment plan.

Status of Offering

The Company is currently conducting the Private Offering on a continuous basis for up to $10 billion in Shares. As of the date hereof, the Company has issued an aggregate of 60,652,903 Shares in the Private Offering for total consideration of approximately $1,581.7 million. These figures do not include any Shares issued in connection with the Company's distribution reinvestment plan and do not account for Shares repurchased by the Company in connection with the Company's discretionary quarterly share repurchase program. The Company intends to continue selling Shares in the Private Offering on a monthly basis.