Golub Capital Private Income Fund I 8-K

What Happened
Golub Capital Private Income Fund I filed an 8‑K on April 29, 2026 disclosing (1) an unregistered sale of common shares on April 1, 2026, (2) its regular April 2026 distribution, and (3) portfolio and NAV details as of March 31, 2026. The Fund reported a NAV per common share of $24.14 as of March 31, 2026 (down from $25.00 on December 31, 2025), attributing the decline primarily to unrealized fair‑value losses driven by credit spread widening. The Fund held investments in 135 portfolio companies with a total fair value of approximately $403 million and aggregate NAV of about $198 million.

Key Details

• Unregistered share sale (Item 3.02): on April 1, 2026 the Fund sold 119,439 common shares at an NAV of $24.14 for total consideration of $2,883,250; no sales load or commissions were charged.
• Distribution (Item 7.01): April 2026 regular distribution of $0.1667 per common share; payable to holders of record at open of business on April 30, 2026 and to be paid on or about May 28, 2026 (cash or reinvestment option).
• Portfolio & NAV (Item 8.01): portfolio fair value ≈ $403M; aggregate NAV ≈ $198M; debt outstanding ≈ $223M; debt‑to‑equity leverage ratio 1.14x (GAAP net 1.09x). NAV per share = $24.14 as of March 31, 2026.
• Credit quality and drivers: ~100% of debt investments by fair value were in the Fund’s top internal ratings (IPR 4 & 5); Average Price for these IPR 4/5 debt investments fell to 98.2% (from 99.9% on 12/31/25), and unrealized losses from that decline accounted for about 100% of the NAV per share decrease.

Why It Matters
Investors get three practical takeaways: the Fund declared and will pay its regular April distribution; it raised a modest amount ($2.88M) via an unregistered share sale at NAV; and the reported NAV decline reflects unrealized mark‑to‑market losses from wider credit spreads rather than a shift in underlying credit quality (portfolio remains overwhelmingly rated IPR 4/5). Key balance‑sheet figures (portfolio fair value, NAV, leverage) provide context for the Fund’s size, leverage and risk profile as of March 31, 2026.