First Eagle Private Credit Fund

Private creditNon-traded BDC1099

Peers (…)All funds

Compared against all funds.

1Y return

+10.9%

75th pctile · ahead of most peersas of 2026-03-16

Since inception

not stated in filings

Distribution rate

not stated in filings

Net assets

$295.6M

as of 2026-03-16

Net expenses

10.42%

84th pctile · pricier than median

Repurchase

5% quarterly tender offers

2 of 293 peers match

Level 3

86.1%

57th pctile · more model-priced than peers

Last offer

no offer yet

8 offers on record · never prorated

What owning this fund costs per year

Hold period3 yrs

Net expense ratio (includes the 1.25% management fee)10.42%

Minus interest on borrowings, the cost of portfolio leverage7.01%

Minus incentive fees accrued this period, which vary with returns1.11%

Ongoing cost, determined from the filings2.30%

Class I costs about 2.3% a year: a 1.25% management fee plus roughly 2.2% of administration, offering, professional and trustee costs, less about 1.1% currently absorbed by the manager. Interest of 7.0% on borrowings and the 1.1% income incentive fee are excluded. Fee waivers ended 31 December 2025, so full fees now apply.

Sales loadnone

Total drag per year2.30%

This is the cost for class I (no shareholder servicing/distribution fee); Class D drag is 2.55%.

Based on Annualized; based on the Class I net expense ratio of 10.42% stated (already annualized) in the 10-Q for the six months ended June 30, 2026. The FY202.

This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly. Parts were derived from dollar amounts the filing states.

Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (12.5% of pre-incentive fee net investment income above a 1.25% quarterly hurdle (5.0% annualized) with 100% catch-up to 1.43% quarterly, no lookback; plus 12.5% of cumulative realized capital gains net of losses and unrealized depreciation. All incentive fees waived through December 31, 2025.) apply only to returns earned. Net expenses reflect a fee waiver expiring June 6, 2027; the gross ratio is 11.54%. How this is calculated

Against all funds

Total drag

64th pctile · pricier than most

1Y return

75th pctile · ahead of most

Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.

Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover Annualized; based on the Class I net expense ratio of 10.42% stated (already annualized) in the 10-Q for the six months ended June 30, 2026. The FY2025 10-K ratio (10.29%) was not used as the base because the Advisers' fee waivers (100% of fees through 6/30/2025, 50% of management fee and 100% of incentive fee through 12/31/2025) expired December 31, 2025 and full fees are now charged. Interest (7.01%) and the income incentive fee (1.11%) were derived from H1 2026 dollars annualized over average net assets of ~$296.0m, cross-checked against the 1.25% management fee accrual. Expense support (1.12% of net assets) remains in place and is reflected in the net figure..

Open the filing on sec.gov (0001193125-26-108556)

Size and leverage

Net assets$295.6M?

Borrowings$278.6M?

Leveragedebt to equity0.94x?

Asset coverage206.10%?

Investments held102?

Started2023-07-10?

What the manager charges

Management feeof net assets1.25%?

Performance feeTwo components: (1) income fee equal to 100% of pre-incentive fee net investment income between a 1.25% quarterly hurdle (5.0% annualized) and 1.43% quarterly (5.72% annualized) as a catch-up, then 12.5% of pre-incentive fee net investment income above 1.43% quarterly, calculated quarterly with no look-back; (2) capital gains fee of 12.5% of cumulative realized capital gains net of realized losses and unrealized depreciation, less prior capital gains fees paid, payable annually in arrears.?

Hurdle5.00%?

High water markNo?

Expense cap1.00%?

Adviser is subsidising costsYes?

Getting your money back

Repurchase offersquarterly tender offers?

Share of the fund offered5.00%?

Early repurchase fee2.00%?

Last offer filled in fullYes?

Where distributions come from

Paid out of income100.00%?

Return of your own capital0.00%?

Distributions were larger than the income the fund earned, so part of what was paid out came from capital or borrowing.

What it holds

Floating rate100.00%?

Not paying interestloans on non-accrual0.00%?

Priced by the managerno market price available86.10%?

MostlyHealth Care Providers & Services (12.73% of investments at fair value)?

Who is involved

AdviserFirst Eagle Investment Management, LLC (Adviser); First Eagle Alternative Credit, LLC (Subadviser and Administrator)?

AuditorPricewaterhouseCoopers LLP?

Valuedmonthly NAV, with a full multi-step valuation process quarterly?

Independent valuation agentYes?

Deals with affiliatesYes?

Share classes

Class	Ongoing fee	Entry charge	Expense ratio	Minimum
Class I	0.00%	0.00%	10.42%	-
Class D	0.25%	1.50%	10.67%	-
Class S (registered, no shares outstanding)	0.85%	3.50%	-	-

Also worth knowing

All advisory fee waivers have expired: the Advisers waived 100% of management, incentive and subadvisory fees through June 30, 2025 and 50% of the base management fee plus 100% of incentive fees from July 1, 2025 through December 31, 2025; no waivers were in place in the first half of 2026.
Funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, Inc. on August 15, 2025, which was an assignment of the prior advisory agreements; shareholders approved new, substantially similar advisory and subadvisory agreements on June 27, 2025.
The Q1 2026 tender offer repurchased 40,500 shares (0.33% of outstanding) at $23.95 for $970 thousand and all repurchase requests were satisfied in full; no repurchase offer has been prorated.
Class I NAV per share fell from $24.23 at December 31, 2025 to $23.79 at June 30, 2026, and the MS Credit Facility reinvestment period ends September 22, 2026.
Unfunded commitments vs. cash on hand: 68.7 million unfunded vs 22.5 million cash USD (Unfunded revolver and delayed-draw commitments are three times the cash balance, so drawdowns must be met from repayments or further borrowing, which can pressure liquidity and the share repurchase program.)
MS Credit Facility reinvestment period ends September 22, 2026 with a 75% minimum utilization requirement: 253.1 million outstanding of a 350 million facility USD (The reinvestment period on the largest facility expires within months of the reporting date, and the minimum-utilization fee means the fund pays for 75% of the line whether or not it is drawn.)
Expense support paid by the Adviser and subject to three-year recoupment: 1,654 USD thousands for the six months ended June 30, 2026 (The 1.1% of net assets currently absorbed by the Adviser lowers the reported expense ratio but can be clawed back within three years, so ongoing cost could rise toward the 11.54% gross ratio.)
Gross versus net expense ratio: 11.54% gross vs 10.42% net (Class I, annualized) % of average net assets (Shows exactly how much of the reported cost is currently being absorbed by the manager, and therefore how much the ratio could rise if support ends or is recouped.)
Portfolio yield and leverage on the direct lending book: 9.53% yield at fair value; 4.3x average leverage; 39.21% average LTV percent / turns (The direct lending book is where the fund earns its spread; borrower leverage rose from 3.7x to 4.3x in six months while loan-to-value rose from 36.6% to 39.2%.)
Portfolio credit scores deteriorating at the margin: 25.4 million rated 3 and 0.5 million rated 4 at fair value USD thousands (Watch-list credits (scores 3 and higher) require increased monitoring and are carried below cost, an early indicator of future realized losses.)
Realized losses concentrated in syndicated loan sales: -2,629 USD thousands, six months ended June 30, 2026 (The fund is rotating out of broadly syndicated loans at a loss while building the direct lending book, which reduces NAV even as income is distributed in full.)
Change of control of the Adviser and board turnover: Genstar Capital majority investment closed August 15, 2025; Board Chair retired August 12, 2026 (Ownership of the manager changed and the independent Chair departed within a year, both relevant to continuity of oversight and of the investment program.)

Fees

Management fee1.25%

Incentive feevaries across filings

12.5% of Pre-Incentive Fee Net Investment Income Returns quarterly subject to a 5.0% annualized hurdle rate, with a catch-up; plus 12.5% of cumulative realized capital gains annually, net of realized capital losses and unrealized capital depreciation, less previously paid capital gains incentive fee

Incentive hurdleunchanged, 5 filings5%

Sales load0%

Interest on borrowings7.01%

Incentive fees accrued1.11%

Total annual expenses, gross11.54%

Waiver expireschanged from December 31, 2025 · Apr 2026 June 6, 2027

Liquidity terms

Repurchase frequencyquarterly tender offers

Repurchase percentage of shares outstanding5%

Notice period, daysunchanged, 2 filings60

Minimum investmentunchanged, 5 filings$2,500

Valuation

Fair value determined byunchanged, 6 filingsAdviser as valuation designee

Independent valuation firmunchanged, 6 filingsEngaged, name in filing

Valuation frequencyvaries across filings

NAV determined monthly as of the last day of each calendar month; non-publicly traded investments valued at fair value quarterly (and in certain limited circumstances monthly)

Structure

Legal structurevaries across filings

Delaware statutory trust; non-diversified, closed-end management investment company that has elected to be regulated as a business development company

Share classesvaries across filings Class S, Class D, Class I

Leverage limitchanged · Mar 2026

Asset coverage of at least 150% (debt may not exceed two-thirds of the value of assets)

Use of derivativesunchanged, 2 filings

May enter into interest rate, foreign exchange or other derivative agreements to hedge interest rate, currency, credit or other risks, including futures, options, swaps and forward contracts; not generally for speculative purposes

Feeder structurechanged from No · Apr 2026 no

Tax reporting formunchanged, 5 filings1099

Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.

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Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.