Golub Capital Private Credit Fund (GCRED) issued a shareholder letter dated November 2, 2026, detailing the fund's performance and portfolio composition as of September 30, 2026. The filing reports that repurchase requests during the tender period closing on October 28, 2026, remained below 5.0% of shares outstanding for the second consecutive quarter. Consequently, the fund will honor 100% of these repurchase requests at a price equal to the net asset value as of September 30, 2026.
As of the reporting date, GCRED reported an inception-to-date, annualized net return of 9.1% to shareholders. The fund’s total investments at fair value exceeded $9.2 billion. The portfolio is characterized by a high percentage of first lien senior secured loans, accounting for approximately 96% of the total. The average loan-to-value ratio is 45%, and the portfolio is diversified across 450 individual companies with an average position size of 0.2%.
Performance metrics indicate strong borrower behavior, with over 96% of investments rated as a 4 or 5 on the fund's internal performance rating scale. The letter notes that the percentage of the investment portfolio on non-accrual remains significantly below industry averages, citing KBW data for the second quarter of 2026.
