GPIF-I posts -1.45% Q1 return; NAV falls to $24.14 from $25.00 on spread widening

Golub Capital Private Income Fund I

Total net return of -1.45% for Q1 2026; annualized regular distribution rate of 8.0%.
NAV per share declined to $24.14 from $25.00 as of Dec 31, 2025; portfolio remains 99% first lien senior secured.
Market-driven spread widening drove NAV decline; no non-accrual investments; 100% in strongest internal performance ratings.
Software loans saw larger price declines (7 points) vs non-software BSL (1 point); but no software non-accruals and credit metrics stable.

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