Golub Capital Private Credit Fund 8-K

What Happened
Golub Capital Private Credit Fund (filed April 27, 2026) announced April 2026 regular distributions and provided a Q1 2026 portfolio and business update (Items 7.01 and 8.01). The Fund declared April distributions payable around May 28, 2026 and reported March 31, 2026 NAV, portfolio composition, liquidity and a material amendment to its SMBC credit facility completed April 23, 2026.

Key Details

• Distributions: April 2026 gross distribution per share: Class I $0.1875 (net $0.1875); Class S $0.1875 with $0.0171 estimated servicing fee (net $0.1704). Record date: April 30, 2026; pay/reinvest date: on or around May 28, 2026.
• Portfolio size and NAV (as of March 31, 2026): 458 portfolio companies; portfolio fair value ~$9,928 million; aggregate NAV ~$4,549 million; NAV per share — Class I $24.14, Class S $24.14 (down from $25.15 on Dec 31, 2025).
• Portfolio mix and credit quality: First-lien senior secured 96%, junior debt 1%, equity & other 3%; ~99% of debt (by fair value) floating rate; ~97.7% of portfolio fair value rated in top internal categories IPR 4 & 5. A decline in average price of IPR 4/5 loans to 98.1% (from 99.8%) drove ~96% of the NAV decline (mark-to-market unrealized losses due to wider credit spreads).
• Liquidity and financing: Total available liquidity ~$1.85 billion (includes $1.5B undrawn SMBC commitments, $50M BoA facility, $300M GC Advisors revolver). On April 23, 2026 the Fund amended its SMBC Credit Facility: increased commitments by $525M to $3,127.5M, reduced borrowing margin to 1.75%, removed a 0.10% spread adjustment, expanded accordion capacity and extended revolving/maturity terms.
• Public offering status: Ongoing continuous public offering up to $10.0 billion. Through April 1, 2026 the Fund issued Class S shares totaling 9,217,860 ($231.4M) and Class I shares totaling 156,113,557 ($3.918B).

Why It Matters

• Income: The declared April distributions are immediate cash (or reinvestment) payments for shareholders.
• NAV drop reflects mark-to-market effects from wider credit spreads, not broad credit deterioration: most of the portfolio remains internally rated high (IPR 4/5) and the drop was driven by unrealized valuation changes rather than realized losses.
• Liquidity and cost of capital improved: the SMBC facility increase and margin reduction boost available liquidity and lower borrowing costs, supporting deployment or opportunistic activity.
• Portfolio profile: heavy concentration in first-lien, floating-rate loans and notable exposure to software (20%) and several healthcare and consumer sectors — important for investors evaluating sector and rate sensitivity.