Golub Capital Private Credit Fund Annual Report - How They Did This Year

This review covers the fiscal year from October 1, 2024, to September 30, 2025. The company has highlighted important things for investors to keep in mind regarding potential risks.

What Could Go Wrong? (Risk Factors)

Golub Capital wants investors to be aware of various potential challenges that could affect the fund. These are things they're watching out for. Here's a breakdown of the main types of risks:

• Risks with Their Investments: The fund invests in private companies and leveraged loans, which can be riskier than public stocks. Factors include changes in interest rates, how they value their investments, the ability of companies to pay back loans, and the general economic health of the companies they lend to. There's also a risk that they might not be able to sell some investments quickly if needed, or that the loans they make might not have strong protections (like "covenant-lite" loans).
• Risks Related to How the Fund is Managed: There are risks tied to the fund's advisors, including potential conflicts of interest when making investment decisions or how fees are structured. There's no guarantee past performance will be repeated, and the fund's ability to grow depends on its management team.
• Financial and Borrowing Risks: The fund uses borrowed money (leverage) to make investments, which can boost returns but also magnify losses. Risks are associated with their debt, including how they secure financing, the potential for difficulty in paying distributions to investors, and changes in tax laws. They also highlight risks related to their unsecured notes, which are essentially loans to the fund that might be paid back after other debts.
• Broader Market and Economic Risks: The fund is exposed to the ups and downs of the overall economy, including potential recessions, inflation, and market volatility. Global events like political uncertainty, trade disputes, wars, and changes in financial regulations can also impact their performance. Technological disruptions, system failures, and data breaches are also on their radar.
• Shareholder and Operational Risks: These include how share repurchase programs are managed, the voting rights of different share classes, and how the fund's Net Asset Value (NAV) might fluctuate.

It's important to remember that these are potential risks, and the fund aims to manage them.