Golub Capital Private Income Fund I 8-K

What Happened

• Golub Capital Private Income Fund I filed an 8‑K on March 27, 2026 announcing an unregistered sale of 640,348 common shares on March 1, 2026 at the fund's net asset value (NAV) of $24.45 per share, raising $15,656,500. The share offering was exempt from SEC registration under Section 4(a)(2), Regulation D and/or Regulation S. No underwriting fees, sales loads, or commissions were paid.
• The filing also confirmed the fund’s NAV per common share of $24.45 as of February 28, 2026 and reiterated a previously declared regular March 2026 distribution of $0.1667 per common share (record date March 31, 2026; payable on or about April 29, 2026), payable in cash or via the fund’s distribution reinvestment plan.

Key Details

• Unregistered sale: 640,348 common shares at NAV $24.45; consideration $15,656,500 (no commissions or sales load).
• NAV and portfolio size (as of Feb 28, 2026): NAV per share $24.45; aggregate NAV ≈ $184 million; portfolio fair value ≈ $384 million; debt outstanding ≈ $195 million.
• Portfolio composition: investments in 126 companies; 99% of portfolio (by fair value) is first‑lien senior secured loans; ~100% of debt investments are floating‑rate (two fixed‑rate loans represent <1%).
• Industry concentration (top 10 by fair value): Software 24%, Insurance 10%, Hotels/Restaurants/Leisure 6%, Healthcare Equipment & Supplies 6%, plus other industries mainly in the 4–5% range. Debt‑to‑equity leverage ratio: 1.06x.

Why It Matters

• The fund raised about $15.7 million through an NAV‑priced private share issuance, which increases cash/resources available for lending or investment without public underwriting costs.
• The reported NAV and portfolio snapshot give investors current metrics on valuation, leverage (1.06x), and portfolio risk profile—notably heavy exposure to first‑lien, floating‑rate loans and a large concentration in software.
• The declared $0.1667 March distribution and reinvestment option affect income expectations and potential share dilution for investors who choose reinvestment.