Golub Capital Private Credit Fund 8-K

What Happened
Golub Capital Private Credit Fund (filed 8-K on May 22, 2026) announced its May 2026 regular distributions and provided portfolio, NAV and financing updates as of April 30, 2026. The Fund declared a $0.1875 gross distribution per share for both Class I and Class S shares (declared May 1, 2026); Class S distributions include an estimated $0.0171 shareholder servicing/distribution fee, leaving a net of $0.1704. Distributions are payable to shareholders of record at the open of business on May 31, 2026 and expected to be paid on or around June 29, 2026 (cash or reinvested under the Fund’s reinvestment plan).

Key Details

• NAV per share (as of April 30, 2026): Class I $24.20; Class S $24.20.
• Portfolio size and composition (April 30, 2026): 458 portfolio companies; total fair value ≈ $9,994 million. Investment mix: First lien senior secured 96%, Junior debt 1%, Equity & other 3%.
• Interest rate profile: ~99% of debt investments (by fair value) are floating-rate; 7 investments (~1%) are fixed-rate.
• Financial position and leverage (April 30, 2026): NAV ≈ $4,618 million; debt and short-term borrowings ≈ $5,548 million. Debt-to-equity leverage ratio 1.21x; GAAP net debt-to-equity 1.18x.
• Top industries by fair value: Software 20%; Hotels/Restaurants & Leisure 7%; Healthcare Technology 7%; Healthcare Equipment & Supplies 6%; Insurance 6% (top 10 listed).
• Public offering status: Ongoing up to $10.0 billion. Shares issued through May 1, 2026: Class S 9,307,736 for $233.6M; Class I 157,150,394 for $3,943.5M.

Why It Matters
The filing confirms the Fund’s regular income distribution and shows NAV stability at $24.20 per share, important for income-focused investors. The portfolio is heavily first‑lien and mostly floating‑rate, which highlights exposure to senior secured loans and potential interest income sensitivity to rate moves. Leverage ratios and the size of outstanding borrowings indicate the Fund’s use of debt to amplify returns — relevant for assessing risk. The ongoing $10 billion public offering and recent share issuance show continued capital raising that can support portfolio growth but may affect supply of shares.