Golub Capital Private Credit Fund has released its latest shareholder letter, highlighting a strong performance and positive financial results. The letter, dated November 2, 2026, indicates that repurchase requests during the recent tender period remained below 5% of shares outstanding for the second consecutive quarter. As a result, the fund will honor 100% of these requests at the net asset value as of September 30, 2026.

The letter emphasizes that Golub Capital continues to perform well, reporting a 9.1% inception-to-date annualized net return to shareholders through September 30, 2026. The fund attributes its success to a carefully constructed and diversified portfolio, which is well-positioned for the current market environment.

As of September 30, 2026, Golub Capital's portfolio consists of over $9.2 billion in total investments at fair value, with approximately 96% of the loans being first lien senior secured. This structure provides strong downside protection, evidenced by an average loan-to-value ratio of 45%. The portfolio is diversified across 450 individual companies, with an average position size of 0.2%.

Moreover, the fund's internal performance ratings indicate that over 96% of investments fall within the highest performance categories, suggesting that borrowers are performing at or above expectations. Additionally, the percentage of investments on non-accrual status remains significantly below industry averages, underscoring the stability of Golub Capital's portfolio.

Looking ahead, Golub Capital plans to maintain its rigorous underwriting standards and proactively identify any underperforming investments. The company remains prepared to capitalize on attractive opportunities as they arise, a strategy that has historically minimized losses and delivered consistent results.

The filing, accession number 0001930087-26-000120, provides a comprehensive overview of the fund's current standing and future outlook. As Golub Capital continues to navigate the private credit landscape, its disciplined approach may serve as a model for other firms in the industry.