---
schema_version: "secwatch.filing_event.v1"
accession: "0002082557-26-000037"
form_type: "8-K"
ticker: null
cik: "0002082557"
company_name: "Golub Capital Private Income Fund S"
filed_at: "2026-06-10T21:14:15+00:00"
generated_at: "2026-06-10T21:16:31.816986+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# GPIF-S posts -1.82% Q1 return, NAV drops to $24.10 from $25.00

## Summary
- Q1 2026 total net return -1.82%; NAV per share declined to $24.10 from $25.00 as of Dec 31, 2025.
- Annualized net distribution rate 7.2%; no investments on non-accrual; loans below 90% under 0.5% of portfolio.
- Unrealized losses from market-driven spread widening, not credit deterioration; all investments rated IPR 4 or 5.
- $243.1M total investments, 98% first lien senior secured, ~100% floating rate, leverage ratio 1.29x.
- Software loans saw greater price declines but underlying credit stable; no software on non-accrual.

## SEC filing metadata
- accession: 0002082557-26-000037
- form_type: 8-K
- cik: 0002082557
- company_name: Golub Capital Private Income Fund S
- filed_at: 2026-06-10T21:14:15+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/2082557/000208255726000037/0002082557-26-000037-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/2082557/000208255726000037/gpifs-20260610.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0002082557-26-000037
- JSON: https://secwatch.observer/filing/0002082557-26-000037.json
- Plain text: https://secwatch.observer/filing/0002082557-26-000037.txt

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