Golub Capital Private Income Fund I Reports Unregistered Share Sale and Aug 2026 Distribution

What Happened
Golub Capital Private Income Fund I filed an 8-K on August 24, 2026 reporting (1) an unregistered sale of common shares on August 1, 2026, (2) a declared regular distribution for August 2026, and (3) a portfolio and NAV update as of July 31, 2026. The Fund sold 53,881 Common Shares at a NAV of $24.22 per share for total consideration of $1,305,000 (offered under exemptions such as Section 4(a)(2), Regulation D and/or Regulation S). The Fund declared a regular August distribution of $0.1667 per Common Share (record date August 31, 2026; payable on or around September 29, 2026), payable in cash or via the Fund’s distribution reinvestment plan. The Fund’s NAV per Common Share was $24.22 as of July 31, 2026.

Key Details

• Unregistered sale: 53,881 Common Shares sold as of August 1, 2026 at $24.22 per share, totaling $1,305,000; no underwriting fees or sales loads paid.
• Distribution: Regular August 2026 distribution of $0.1667 per Common Share; record date August 31, 2026; pay date on or about September 29, 2026; cash or reinvestment available.
• Portfolio & NAV (as of July 31, 2026): 165 portfolio companies; portfolio fair value ≈ $439 million; aggregate NAV ≈ $209 million; NAV per Common Share $24.22.
• Capital structure: Debt outstanding ≈ $247 million; debt-to-equity leverage ratio 1.19x (GAAP net debt-to-equity 1.15x).
• Investments: ~99% first-lien senior secured, ~1% equity (less than 1% junior debt). About 100% of debt investments (by fair value) are floating rate; three debt investments (together <1%) are fixed. Top industry exposures: Software 25%, Insurance 9%, Commercial Services & Supplies 7%, Healthcare Providers & Services 6%, Hotels/Restaurants/Leisure 5% (others noted).

Why It Matters

• The new share issuance was relatively small: based on the Fund’s reported aggregate NAV (~$209M) and NAV per share ($24.22), the Fund has roughly 8.6 million common shares outstanding, so the 53,881-share issuance represents roughly a ~0.6% increase in shares outstanding — a modest dilution effect.
• The declared $0.1667 distribution and reinvestment option are routine cash flows for shareholders; record and pay dates are specified, which matters for income-focused investors.
• Portfolio metrics (large first-lien senior secured exposure, predominantly floating-rate debt, $439M portfolio fair value, and leverage ~1.2x) provide a snapshot of the Fund’s risk profile and income sensitivity to interest rates and its industry concentration (notably heavy software exposure at 25%).

Keywords: unregistered share sale, distribution, NAV, portfolio update, leverage, floating-rate debt, dividend reinvestment plan.