---
schema_version: "secwatch.filing_event.v1"
accession: "0001930087-26-000071"
form_type: "8-K"
ticker: null
cik: "0001930087"
company_name: "Golub Capital Private Credit Fund"
filed_at: "2026-05-28T21:13:27+00:00"
generated_at: "2026-05-28T21:14:52.874545+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# GCRED Q1 2026 NAV falls 4% to $24.14; Class I quarterly return -1.8%

## Summary
- NAV per share (Class I/S) fell from $25.15 to $24.14; quarterly net returns: Class I -1.80%, Class S -2.01%, Class D -1.07%.
- Non-accruals remain <0.1% of portfolio at fair value; 98% of investments rated IPR 4 and 5.
- Average debt price declined from 99.6% to 97.8%, driven by market spread widening, not credit deterioration.
- Software loans fell ~7 pts vs non-software BSL -1 pt; AI risk assessed per borrower, not sector-wide.
- Leverage ratio 1.25x; total investments $9.9B, 96% first lien senior secured, 100% sponsor-backed.

## SEC filing metadata
- accession: 0001930087-26-000071
- form_type: 8-K
- cik: 0001930087
- company_name: Golub Capital Private Credit Fund
- filed_at: 2026-05-28T21:13:27+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1930087/000193008726000071/0001930087-26-000071-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1930087/000193008726000071/gcred-20260528.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001930087-26-000071
- JSON: https://secwatch.observer/filing/0001930087-26-000071.json
- Plain text: https://secwatch.observer/filing/0001930087-26-000071.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.