Golub Capital Private Credit Fund (GCRED) Redemptions: Requests Hit 8.5% in May, Then the Queue Cleared in July

What GCRED is, in one paragraph

Golub Capital Private Credit Fund lends mostly first-lien loans to private-equity-backed middle-market companies and sells Class I and Class S shares to individual investors through advisers and platforms; no Class D shares are outstanding. It is a Delaware statutory trust that has elected to be a business development company, run by GC Advisors LLC, and it ran its first tender offer at the end of 2023, with 26.1 million Class I shares outstanding at September 30, 2023. It then grew quickly: estimated aggregate NAV was $2,042 million at December 31, 2024 and $4,473 million a year later, and at August 31, 2026 it held $9.54 billion of investments in 454 companies, 96% of them first lien, financed with $5.38 billion of debt (monthly Form 8-Ks). The only exit is the tender offer: “Shares may be presented to the Fund for repurchase only by tendering them during one of the Fund's announced tender offers,” and the fund's letters add that its board “may amend or suspend the share repurchase program at any time.” It sits alongside HLEND, OCIC, ADS and North Haven PIF, whose quarterly exits have been rationed for longer.

Eleven offers, February 2024 to July 2026

Each row is the result the fund filed in a Schedule TO-I/A. The offer limit is about 5% of shares outstanding at the previous quarter-end; the price is NAV per share at that quarter-end, less the early repurchase deduction (2%) on shares held under a year. The May 2025 result was filed twice, and the table uses the amended figures.

For two years the offer was a formality: shares tendered were between 0% and 33% of the limit in each of the first nine offers, and the largest check the fund wrote was $63.3 million. The fund also grew its offer limit with its size (from 1.3 million to 8.1 million shares). Then in May 2026 requests were 15.1 million shares, 170% of the limit, and the fund bought exactly the 5% on offer. In July the limit was 9.4 million shares and holders tendered 9.04 million, 96% of it.

What the fund says about the queue

The May 7 letter (Form 8-K, Exhibit 99.1) reported that “repurchase requests totaled 8.5% of common shares outstanding as of December 31, 2025” and would be filled pro rata, and that requests were “concentrated in a small subset representing approximately 5%” of GCRED’s more than 12,000 shareholders. It also said new subscriptions were about 14.0 million shares year to date and liquidity about $4.1 billion. The August 3 letter said requests “decreased to 4.8% of common shares outstanding as of March 31, 2026 (down from 8.5% on a comparable basis in the prior quarter)”, that “100% of repurchase requests will be honored in full”, and repeated the concentration in about 5% of shareholders, with new subscriptions of about 17.7 million shares year to date.

The two letters describe a request wave that came from a few holders and did not repeat. The filings do not say who they were. What they do show is a different shape from the other funds in this series: at GCRED the second quarter's requests were smaller than the first's and fell under the limit, while at North Haven PIF the fund says over half of the second quarter's requests came from holders prorated in the first. The 10-Q adds a footnote that the 6,257,779 shares tendered in May and not accepted “may be purchased through future repurchase offerings”; the offer documents say they are not carried forward automatically, so those holders had to tender again, and July's 9.04 million tendered shares may include some of them (the filings do not say).

Money in, money out

Nine months into the fiscal year (October 2025 to June 2026) the fund still sold $843.8 million of shares against $327.5 million repurchased and net assets rose $415.4 million to $4,474.9 million, from $4,059.5 million at September 30, 2025 (10-Q). Shares outstanding went from 161.3 million to 185.1 million. The June quarter is the first in which the net flow turned: net assets were $4,549.2 million at March 31 and fell to $4,474.9 million at June 30.

At June 30 the 10-Q puts asset coverage for borrowed amounts at 183.6%, against a requirement of 150% (a debt-to-equity ratio of about 1.2x, our arithmetic from that ratio). Debt is down about 11% from its January peak of $6,020 million and investments about 6% from February's $10,196 million (our arithmetic), so the balance sheet is shrinking along with NAV.

NAV and the distribution

NAV per share, from the monthly 8-Ks: $25.15 (December 31, 2025), $25.04, $24.59, $24.14 (March 31), $24.20, $24.28, $24.17 (June 30), $24.21 and $24.28 (August 31, 2026). It was $25.16 at September 30, 2025, so the fund is down 3.5% over eleven months to August and 3.9% to June 30 (our arithmetic). The nine months to June 30 show $156.9 million of net unrealized depreciation and $19.8 million of net realized losses against $296.9 million of net investment income.

The regular distribution is $0.1875 per share a month for Class I and has been unchanged since November 2024, when it came down from $0.2200 (record date October 31, 2024, per the fund's registration statement). Net investment income was $98.8 million in April-June against $104.4 million of distributions (94.6%), and $296.9 million against $304.9 million over the nine months (97.4%, our arithmetic).

The offer that closes October 28

The fund's September 29 Schedule TO-I offers to buy up to 9,255,407 shares, about 5% of the 185,108,156 outstanding at June 30, at NAV on September 30, with the offer open until 11:59 p.m. Eastern on October 28, 2026. The Offer to Purchase says that if more is tendered the fund “will accept Shares tendered on or before the Expiration Date for payment on a pro rata basis”, reserves the right to buy up to 2% more, and that shares tendered within twelve months of issue take a 2% early repurchase deduction. The result should arrive in the final amendment around early November, as the last two did (May 14 and August 11).

What a holder can do with this

• If you tendered in May: you were paid 58.7% of your shares at $24.14. The unaccepted part did not carry over; July's offer was open to it, and was paid in full.
• If you tendered in July: every share was bought at $24.17, less the 2% deduction if you held under a year.
• If you are thinking of tendering in October: the limit is 9.26 million shares. July's requests were 9.04 million, so the fund is paying in full only if requests stay at or below that level.
• What would change the math: requests concentrating again in a few holders, a drop in new money below the $106 million of April-June, or the fund using the extra 2% it reserves.

Other funds, same quarter: the private credit redemptions tracker puts twelve funds' latest offers side by side, including Carlyle's interval fund, which bought 5.00% of its shares against 11.82% tendered in July.

FAQ

All figures are from Golub Capital Private Credit Fund's SEC filings read on EDGAR on October 5, 2026: the Schedule TO-I/A result filings for the eleven offers from February 2024 to July 2026 (the May 2025 result was amended June 25, 2025), the Schedule TO-I of September 29, 2026, the shareholder letters of May 7 and August 3, 2026 (Forms 8-K), monthly Forms 8-K from December 2025 to August 2026, the June 2026 Form 10-Q (accession 0001930087-26-000099) and the January 2026 Form N-2. The 10-Q's own table of repurchases differs slightly from some amendments (for example, 2,520,922 shares in February 2026 against 2,520,386); this page uses the Schedule TO-I/A figures. Percentages of requests filled, ratios and sums are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.