Golub Capital Private Income Fund S Reports Unregistered Share Sale & Sept Payout

What Happened
Golub Capital Private Income Fund S filed an 8-K on September 25, 2026, disclosing an unregistered sale of 81,237 common shares on September 1, 2026 at the fund’s August 31, 2026 NAV of $24.25 per share for total consideration of $1,970,000. The sale was made under exemptions to Securities Act registration (Section 4(a)(2), Regulation D and/or Regulation S). The filing also reconfirms the fund’s September 2026 distribution (declared July 31, 2026) and provides a portfolio and NAV update as of August 31, 2026.

Key Details

• Unregistered share sale: 81,237 Common Shares at $24.25 NAV = $1,970,000 (sale date: Sept 1, 2026). No underwriting discounts or commissions paid by the fund; intermediaries may charge up to 3.5% of NAV.
• September distribution (per Common Share): Gross $0.1667; Servicing/Distribution Fee $0.0169; Net $0.1498. Record date: Sept 30, 2026; payable on or about Oct 30, 2026; paid in cash or reinvested.
• Portfolio and NAV (as of Aug 31, 2026): NAV per Common Share $24.25; aggregate NAV ≈ $121 million; portfolio fair value ≈ $249 million across 171 companies; debt outstanding ≈ $141 million.
• Portfolio composition: First-lien senior secured ~98% of portfolio by fair value; equity ~2%; nearly all debt investments are floating-rate (three small investments <1% fixed). Top industry exposures: Software 25%, Insurance 10%, Healthcare Providers & Services 7%, Hotels/Restaurants/Leisure 6% (top 10 industries listed).

Why It Matters

• The $1.97M share sale shows the fund is raising incremental capital at NAV through private placements rather than a public offering; the amount is modest relative to the fund’s NAV and portfolio size.
• The declared distribution and reinvestment option are routine income events for shareholders and affect near-term cash returns or share count for those who reinvest.
• Portfolio details show heavy concentration in first-lien, floating-rate debt (beneficial if short-term rates rise) and meaningful exposure to software and insurance industries; leverage is moderate (debt-to-equity ~1.17x, GAAP net ~1.13x), which is important for assessing risk and income sustainability.