FS Credit Income Fund

Data through 2026-05-19 · latest filing NPORT-P filed 2026-05-22

Sponsored by Future Standard. Interval Fund structure focused on private credit.

Interval FundPrivate Credit

Sponsor: Future Standard
CIK: 0001688897
Liquidity: Quarterly repurchase offers at NAV
Inception: 2017

Net assets: $684.3M

source

Monthly portfolio report (Form N-PORT) · filed 2026-05-22 · period 2026-03-31

Net assets (N-PORT Part B, Item B.2)

Method Direct: read from a structured filing field

Open the filing on SEC.gov · Full observation history

Technical locator

NPORT-P netAssets | https://www.sec.gov/Archives/edgar/data/1688897/000141036826050434/xslFormNPORT-P_X01/primary_doc.xml
NAV / share: $11.88

source

Repurchase offer notice (Form N-23c-3) · filed 2026-05-19 · period 2026-05-14

N-23c-3 informational NAV block

“on May 14, 2026, the net asset values per share of the Fund’s outstanding share classes were as follows: Class A $11.84 Class I $11.88 Class T $11.87 Class U $11.82 Class U2 $11.93 ”

Method Matched text template against the filing

Open the filing on SEC.gov · Full observation history

Technical locator

https://www.sec.gov/Archives/edgar/data/1688897/000110465926063625/tm2614784d1_n23c3a.htm | N-23c-3 informational NAV block
Net flows, last qtr: +1.2%
Distribution coverage (NII): 85%
Leverage in use: 0%
Total return, 12m: +5.0%

01 / Signals

What changed in the latest filings.

Current findings ordered by severity. Each observation remains traceable to its filed source.

Red flag

Sterling Entertainment Enterprises LLC newly flagged defaulted in the 2026-03-31 NPORT-P (0.00% of portfolio value, $0); the 2025-12-31 report carried no such flag. (2026-03-31)

Sterling Entertainment Enterprises LLC newly flagged defaulted in the 2026-03-31 NPORT-P (0.00% of portfolio value, $0); the 2025-12-31 report carried no such flag. Position-level non-accrual signal.

Why it matters and what changed

The fund's own filing flags a portfolio investment as in default or non-accrual. This is a named credit failure inside the book, and the disclosed size tells you whether it dents NAV or merely trims income.

Occurrence event; see the filing text for terms vs the prior arrangement.

Source: nport-diff:2026-03-31:flag:sterling entertainment enterprises llc

Yellow flag

Net outflow of 5.6% of NAV in the period ended 2026-03-31.

Net outflow of 5.6% of NAV in the period ended 2026-03-31. (Rule B6: Single-period outflow at gate scale: net outflow >= 5% of NAV in one period; Notify.)

Why it matters and what changed

Net outflows in a single period reached the scale of a typical quarterly repurchase cap. Demand for the exit is at or beyond what the fund's liquidity program is designed to handle.

swung from 3.60 to -5.61 vs prior period; trailing 4-period average -0.25; same period prior year -4.06

Source: derived: net_flows / total_net_assets (parent equity) (nearest prior instant value) * 100

Yellow flag

Board approved a change to the Fund's fiscal year end from October 31 to December 31, effective for the current fiscal year (a short fiscal period ending December 31, 2025). (2025-12-10)

Board approved a change to the Fund's fiscal year end from October 31 to December 31, effective for the current fiscal year (a short fiscal period ending December 31, 2025).

Why it matters and what changed

Governance documents changed. Usually technical; occasionally it moves a shareholder protection, so the specific provision is worth a read.

Occurrence event; see the filing text for terms vs the prior arrangement.

Source: https://www.sec.gov/Archives/edgar/data/1688897/000110465925121677/tm2533684d1_8k.htm | verified read during build session

Historical findings (35)

Redemptions prorated for the period ending 2025-06-11: 7.6% requested, only 66.1% of requests fulfilled. (2025-06-11)
Redemptions prorated for the period ending 2025-06-11: 7.6% requested, only 66.1% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

Tender offer filled only 66% of shares tendered (pro-rated); redemption requests exceeded the offer size -- the second consecutive oversubscribed offer (expired 2025-06-11).
Tender offer filled only 66% of shares tendered (pro-rated); redemption requests exceeded the offer size -- the second consecutive oversubscribed offer (expired 2025-06-11). (Rule B4: Repeated redemption oversubscription: two or more oversubscribed offers within a trailing 12 months; Urgent.)

Redemptions prorated for the period ending 2024-12-11: 27.9% requested, only 89.6% of requests fulfilled. (2024-12-11)
Redemptions prorated for the period ending 2024-12-11: 27.9% requested, only 89.6% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

Tender offer filled only 90% of shares tendered (pro-rated); redemption requests exceeded the offer size -- the second consecutive oversubscribed offer (expired 2024-12-11).
Tender offer filled only 90% of shares tendered (pro-rated); redemption requests exceeded the offer size -- the second consecutive oversubscribed offer (expired 2024-12-11). (Rule B4: Repeated redemption oversubscription: two or more oversubscribed offers within a trailing 12 months; Urgent.)

Redemptions prorated for the period ending 2023-12-13: 6.4% requested, only 78.2% of requests fulfilled. (2023-12-13)
Redemptions prorated for the period ending 2023-12-13: 6.4% requested, only 78.2% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

Tender offer filled only 78% of shares tendered (pro-rated); redemption requests exceeded the offer size -- the second consecutive oversubscribed offer (expired 2023-12-13).
Tender offer filled only 78% of shares tendered (pro-rated); redemption requests exceeded the offer size -- the second consecutive oversubscribed offer (expired 2023-12-13). (Rule B4: Repeated redemption oversubscription: two or more oversubscribed offers within a trailing 12 months; Urgent.)

Redemptions prorated for the period ending 2023-03-15: 6.0% requested, only 83.9% of requests fulfilled. (2023-03-15)
Redemptions prorated for the period ending 2023-03-15: 6.0% requested, only 83.9% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

Tender offer filled only 84% of shares tendered (pro-rated); redemption requests exceeded the offer size -- the second consecutive oversubscribed offer (expired 2023-03-15).
Tender offer filled only 84% of shares tendered (pro-rated); redemption requests exceeded the offer size -- the second consecutive oversubscribed offer (expired 2023-03-15). (Rule B4: Repeated redemption oversubscription: two or more oversubscribed offers within a trailing 12 months; Urgent.)

Redemptions prorated for the period ending 2022-12-14: 6.0% requested, only 84.0% of requests fulfilled. (2022-12-14)
Redemptions prorated for the period ending 2022-12-14: 6.0% requested, only 84.0% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

Tender offer filled only 84% of shares tendered (pro-rated); redemption requests exceeded the offer size -- the second consecutive oversubscribed offer (expired 2022-12-14).
Tender offer filled only 84% of shares tendered (pro-rated); redemption requests exceeded the offer size -- the second consecutive oversubscribed offer (expired 2022-12-14). (Rule B4: Repeated redemption oversubscription: two or more oversubscribed offers within a trailing 12 months; Urgent.)

NAV per share fell 5.2% from $12.10 to $11.47 (2022-10-31).
NAV per share fell 5.2% from $12.10 to $11.47 (2022-10-31). (Rule B12: NAV per share drop, severe: >= 5% decline month over month; Urgent.)

Redemptions prorated for the period ending 2022-09-14: 5.4% requested, only 93.3% of requests fulfilled. (2022-09-14)
Redemptions prorated for the period ending 2022-09-14: 5.4% requested, only 93.3% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

NAV per share fell 8.1% from $13.10 to $12.04 (2022-05-20).
NAV per share fell 8.1% from $13.10 to $12.04 (2022-05-20). (Rule B12: NAV per share drop, severe: >= 5% decline month over month; Urgent.)

NAV per share fell 17.8% from $13.24 to $10.88 (2020-04-30).
NAV per share fell 17.8% from $13.24 to $10.88 (2020-04-30). (Rule B12: NAV per share drop, severe: >= 5% decline month over month; Urgent.)

Net outflow of 5.6% of NAV in the period ended 2025-06-30.
Net outflow of 5.6% of NAV in the period ended 2025-06-30. (Rule B6: Single-period outflow at gate scale: net outflow >= 5% of NAV in one period; Notify.)

NAV per share fell 2.5% from $12.39 to $12.08 (2025-04-30).
NAV per share fell 2.5% from $12.39 to $12.08 (2025-04-30). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)

Distribution rate INCREASE: Class I annualized rate to 10.03% (+16.89%), Class A to 9.81%, effective January 2025 distribution. (2025-01-27)
Distribution rate INCREASE: Class I annualized rate to 10.03% (+16.89%), Class A to 9.81%, effective January 2025 distribution.

Net outflow of 26.2% of NAV in the period ended 2024-12-31.
Net outflow of 26.2% of NAV in the period ended 2024-12-31. (Rule B6: Single-period outflow at gate scale: net outflow >= 5% of NAV in one period; Notify.)

New share sales fell 65% versus the same period last year ($14.0M -> $5.0M, period ended 2024-10-31).
New share sales fell 65% versus the same period last year ($14.0M -> $5.0M, period ended 2024-10-31). (Rule C13: Inflow stall (fundraising flywheel): gross sales down >= 50% vs same period prior year; Notify.)

Distribution rate INCREASE: Class I annualized rate to 8.54% (+9.05%), Class A to 8.32%, effective June 2024 distribution. (2024-06-03)
Distribution rate INCREASE: Class I annualized rate to 8.54% (+9.05%), Class A to 8.32%, effective June 2024 distribution.

NAV per share fell 2.1% from $11.86 to $11.61 (2023-10-31).
NAV per share fell 2.1% from $11.86 to $11.61 (2023-10-31). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)

Distribution rate INCREASE: Class I annualized rate to 8.15% (+10.45%), Class A to 7.92%, effective August 2023 distribution. (2023-07-31)
Distribution rate INCREASE: Class I annualized rate to 8.15% (+10.45%), Class A to 7.92%, effective August 2023 distribution.

Distribution rate INCREASE: Class I annualized rate to 7.52% (+17%), effective the April 3, 2023 quarterly distribution payment. (2023-03-28)
Distribution rate INCREASE: Class I annualized rate to 7.52% (+17%), effective the April 3, 2023 quarterly distribution payment.

NAV per share ($11.65) is 1.4% below its trailing four-observation average ($11.81) as of 2022-11-17.
NAV per share ($11.65) is 1.4% below its trailing four-observation average ($11.81) as of 2022-11-17. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

NAV per share ($11.47) is 4.7% below its trailing four-observation average ($12.04) as of 2022-10-31.
NAV per share ($11.47) is 4.7% below its trailing four-observation average ($12.04) as of 2022-10-31. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

NAV per share ($12.10) is 2.8% below its trailing four-observation average ($12.45) as of 2022-08-19.
NAV per share ($12.10) is 2.8% below its trailing four-observation average ($12.45) as of 2022-08-19. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

NAV per share ($12.04) is 5.9% below its trailing four-observation average ($12.79) as of 2022-05-20.
NAV per share ($12.04) is 5.9% below its trailing four-observation average ($12.79) as of 2022-05-20. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

NAV per share ($12.54) is 4.7% below its trailing four-observation average ($13.16) as of 2022-04-30.
NAV per share ($12.54) is 4.7% below its trailing four-observation average ($13.16) as of 2022-04-30. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

NAV per share fell 3.0% from $13.50 to $13.10 (2022-02-17).
NAV per share fell 3.0% from $13.50 to $13.10 (2022-02-17). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)

NAV per share ($11.28) is 6.6% below its trailing four-observation average ($12.08) as of 2020-05-22.
NAV per share ($11.28) is 6.6% below its trailing four-observation average ($12.08) as of 2020-05-22. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

NAV per share fell 2.2% from $13.02 to $12.74 (2019-10-31).
NAV per share fell 2.2% from $13.02 to $12.74 (2019-10-31). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)

NAV per share ($12.44) is 2.5% below its trailing four-observation average ($12.76) as of 2019-01-10.
NAV per share ($12.44) is 2.5% below its trailing four-observation average ($12.76) as of 2019-01-10. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

NAV per share fell 2.7% from $12.89 to $12.54 (2018-12-17).
NAV per share fell 2.7% from $12.89 to $12.54 (2018-12-17). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)

NAV per share fell 2.3% from $13.19 to $12.89 (2018-10-31).
NAV per share fell 2.3% from $13.19 to $12.89 (2018-10-31). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)

NAV per share fell 2.1% from $13.06 to $12.79 (2018-04-30).
NAV per share fell 2.1% from $13.06 to $12.79 (2018-04-30). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)

02 / Trends

How the fund has moved.

Net asset value, total return, capital flows, and distribution coverage across the filing record.

Total return index

NAV per share

Net capital flows, % of NAV

Distribution coverage

Leverage in use

Filed performance

Window	Class	Basis	Return	Source
2025-11-01 to 2025-12-31 other · annualization not stated	Class I	at NAV Filed return footnote (5) The total return is historical and is calculated by determining the percentage change in net asset value, assuming the reinvestment of all distributions in additional common shares of the same class of the Fund at such class’ net asset value per share in accordance with the Fund’s distribution reinvestment plan. The total return does not consider the effect of any selling commissions or charges that may be incurred in connection with the sale of the Fund’s common shares. The historical calculation of total return in the table should not be considered a representation of the Fund’s future total return, which may be greater or less than the total return shown in the table due to a number of factors, including, among others, the Fund’s ability or inability to make investments that meet its investment criteria, the interest rates payable on the debt securities the Fund acquires, the level of the Fund’s expenses, the amount of the expense limitation, if any, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Fund encounters competition in its markets and general economic conditions. As a result of these and other factors, results for any previous period should not be relied upon as being indicative of performance in future periods. The total return calculations set forth above represent the total return on the Fund during the applicable period on a per class basis and do not represent an actual return to shareholders.	+1.34%	SEC source 0001999371-26-004458 N-CSR filed 2026-02-26
2024-11-01 to 2025-10-31 fiscal year · annualization not stated	Class I	at NAV Filed return footnote (4) The total return is historical and is calculated by determining the percentage change in net asset value, assuming the reinvestment of all distributions in additional common shares of the same class of the Fund at such class’ net asset value per share in accordance with the Fund’s distribution reinvestment plan. The total return does not consider the effect of any selling commissions or charges that may be incurred in connection with the sale of the Fund’s common shares. The historical calculation of total return in the table should not be considered a representation of the Fund’s future total return, which may be greater or less than the total return shown in the table due to a number of factors, including, among others, the Fund’s ability or inability to make investments that meet its investment criteria, the interest rates payable on the debt securities the Fund acquires, the level of the Fund’s expenses, the amount of the expense limitation, if any, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Fund encounters competition in its markets and general economic conditions. As a result of these and other factors, results for any previous period should not be relied upon as being indicative of performance in future periods. The total return calculations set forth above represent the total return on the Fund during the applicable period on a per class basis and do not represent an actual return to shareholders.	+5.84%	SEC source 0001999371-25-021338 N-CSR filed 2025-12-30
2024-11-01 to 2025-04-30 semiannual · annualization not stated	Class I	at NAV Filed return footnote (4) The total return is historical and is calculated by determining the percentage change in net asset value, assuming the reinvestment of all distributions in additional common shares of the same class of the Fund at such class’ net asset value per share in accordance with the Fund’s distribution reinvestment plan. The total return does not consider the effect of any selling commissions or charges that may be incurred in connection with the sale of the Fund’s common shares. The historical calculation of total return in the table should not be considered a representation of the Fund’s future total return, which may be greater or less than the total return shown in the table due to a number of factors, including, among others, the Fund’s ability or inability to make investments that meet its investment criteria, the interest rates payable on the debt securities the Fund acquires, the level of the Fund’s expenses, the amount of the expense limitation, if any, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Fund encounters competition in its markets and general economic conditions. As a result of these and other factors, results for any previous period should not be relied upon as being indicative of performance in future periods. The total return calculations set forth above represent the total return on the Fund during the applicable period on a per class basis and do not represent an actual return to shareholders.	+1.03%	SEC source 0001999371-25-008074 N-CSRS filed 2025-06-20
2023-11-01 to 2024-10-31 fiscal year · annualization not stated	Class I	at NAV Filed return footnote (4) The total return is historical and is calculated by determining the percentage change in net asset value, assuming the reinvestment of all distributions in additional common shares of the same class of the Fund at such class’ net asset value per share in accordance with the Fund’s distribution reinvestment plan. The total return does not consider the effect of any selling commissions or charges that may be incurred in connection with the sale of the Fund’s common shares. The historical calculation of total return in the table should not be considered a representation of the Fund’s future total return, which may be greater or less than the total return shown in the table due to a number of factors, including, among others, the Fund’s ability or inability to make investments that meet its investment criteria, the interest rates payable on the debt securities the Fund acquires, the level of the Fund’s expenses, the amount of the expense limitation, if any, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Fund encounters competition in its markets and general economic conditions. As a result of these and other factors, results for any previous period should not be relied upon as being indicative of performance in future periods. The total return calculations set forth above represent the total return on the Fund during the applicable period on a per class basis and do not represent an actual return to shareholders.	+17.15%	SEC source 0001999371-24-015847 N-CSR filed 2024-12-27
2023-11-01 to 2024-04-30 semiannual · annualization not stated	Class I	at NAV Filed return footnote (4) The total return is historical and is calculated by determining the percentage change in net asset value, assuming the reinvestment of all distributions in additional common shares of the same class of the Fund at such class’ net asset value per share in accordance with the Fund’s distribution reinvestment plan. The total return does not consider the effect of any selling commissions or charges that may be incurred in connection with the sale of the Fund’s common shares. The historical calculation of total return in the table should not be considered a representation of the Fund’s future total return, which may be greater or less than the total return shown in the table due to a number of factors, including, among others, the Fund’s ability or inability to make investments that meet its investment criteria, the interest rates payable on the debt securities the Fund acquires, the level of the Fund’s expenses, the amount of the expense limitation, if any, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Fund encounters competition in its markets and general economic conditions. As a result of these and other factors, results for any previous period should not be relied upon as being indicative of performance in future periods. The total return calculations set forth above represent the total return on the Fund during the applicable period on a per class basis and do not represent an actual return to shareholders.	+10.57%	SEC source 0001839882-24-020710 N-CSRS filed 2024-07-02

Figures are reproduced from filed disclosures with their exact window, class, and stated basis. They are separate from the calculated NAV-plus-distributions index and from manager-source monthly returns.

Monthly performance eligibility

Canonical class: Class I · basis: no qualifying monthly chain · qualifying history: 0 months.

1y: Pending; 3y: Pending; 5y: Pending Manager-published observations remain distinct from SEC-filed facts and publish only after declared-crawler, robots, class, exact-window, and SEC-precedence gates pass.

03 / Portfolio

What moved inside the book.

Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.

PIK income share: 5.8%

Date	Position change
2026-03-31	Sterling Entertainment Enterprises LLC newly flagged defaulted in the 2026-03-31 NPORT-P (0.00% of portfolio value, $0); the 2025-12-31 report carried no such flag. Position-level non-accrual signal.
2026-03-31	24 Hour Fitness Worldwide Inc (1.2% of portfolio value in the 2025-12-31 report, $7,911,350) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31	American Auto Auction Group, LLC (1.2% of portfolio value in the 2025-12-31 report, $7,819,510) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31	APPLIED TECHNICAL SERVICES LLC (1.0% of portfolio value in the 2025-12-31 report, $7,067,789) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31	BCPE North Star US HoldCo 2, Inc. (1.0% of portfolio value in the 2025-12-31 report, $6,911,101) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31	CPM Holdings Inc (1.0% of portfolio value in the 2025-12-31 report, $6,906,184) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31	Gloves Buyer Inc (1.0% of portfolio value in the 2025-12-31 report, $6,978,125) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31	Holley Purchaser Inc (1.2% of portfolio value in the 2025-12-31 report, $8,114,528) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31	Omnimax International LLC (1.8% of portfolio value in the 2025-12-31 report, $11,949,934) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31	ORTHODONTIC PARTNERS LLC (1.1% of portfolio value in the 2025-12-31 report, $7,711,725) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31	Pretium Packaging LLC (1.3% of portfolio value in the 2025-12-31 report, $9,101,880) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31	Proampac PG Borrower LLC (1.0% of portfolio value in the 2025-12-31 report, $6,952,512) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.

Filed portfolio-health history

PIK income share

04 / Redemptions

Where exit demand met the cap.

Stated cap: 5% of shares/quarter. Rationed in 6 of 17 disclosed periods; last gated Q2 2025.

Requested redemptions versus cap

Period	Requested	Filled	Cap used	Status
2025-12-11	6.4% of shares source Shareholder report (Form N-CSR) · filed 2026-02-26 · period 2025-12-11 redemption disclosure (redemptions_requested_pct) “Deadline December 11, 2025: offered 7%, tendered 6.41%, 3,761,741 shares” Method Matched text template against the filing Open the filing on SEC.gov · Full observation history Technical locator https://www.sec.gov/Archives/edgar/data/1688897/000199937126004458/fscif-ncsr_123125.htm \| redemption disclosure (redemptions_requested_pct)	100%	92%	filled
2025-09-10	5.0% of shares source Shareholder report (Form N-CSR) · filed 2025-12-30 · period 2025-09-10 redemption disclosure (redemptions_requested_pct) “Deadline September 10, 2025: offered 7%, tendered 4.95%, 2,582,811 shares” Method Matched text template against the filing Open the filing on SEC.gov · Full observation history Technical locator https://www.sec.gov/Archives/edgar/data/1688897/000199937125021338/fscif-ncsr_103125.htm \| redemption disclosure (redemptions_requested_pct)	100%	71%	filled
2025-06-11	7.6% of shares source Shareholder report (Form N-CSR) · filed 2025-12-30 · period 2025-06-11 redemption disclosure (redemptions_requested_pct) “Deadline June 11, 2025: offered 5%, tendered 7.57%, 3,623,578 shares” Method Matched text template against the filing Open the filing on SEC.gov · Full observation history Technical locator https://www.sec.gov/Archives/edgar/data/1688897/000199937125021338/fscif-ncsr_103125.htm \| redemption disclosure (redemptions_requested_pct)	66%	100%	rationed
2025-03-12	5.6% of shares source Shareholder report (Form N-CSR) · filed 2025-12-30 · period 2025-03-12 redemption disclosure (redemptions_requested_pct) “Deadline March 12, 2025: offered 8%, tendered 5.56%, 2,831,834 shares” Method Matched text template against the filing Open the filing on SEC.gov · Full observation history Technical locator https://www.sec.gov/Archives/edgar/data/1688897/000199937125021338/fscif-ncsr_103125.htm \| redemption disclosure (redemptions_requested_pct)	100%	70%	filled
2024-12-11	27.9% of shares source Shareholder report (Form N-CSR) · filed 2025-12-30 · period 2024-12-11 redemption disclosure (redemptions_requested_pct) “Deadline December 11, 2024: offered 25%, tendered 27.91%, 17,701,235 shares” Method Matched text template against the filing Open the filing on SEC.gov · Full observation history Technical locator https://www.sec.gov/Archives/edgar/data/1688897/000199937125021338/fscif-ncsr_103125.htm \| redemption disclosure (redemptions_requested_pct)	90%	100%	rationed
2024-09-11	3.7% of shares source Shareholder report (Form N-CSR) · filed 2024-12-27 · period 2024-09-11 redemption disclosure (redemptions_requested_pct) “Deadline September 11, 2024: offered 5%, tendered 3.69%, 2,432,124 shares” Method Matched text template against the filing Open the filing on SEC.gov · Full observation history Technical locator https://www.sec.gov/Archives/edgar/data/1688897/000199937124015847/fscif-ncsr_103124.htm \| redemption disclosure (redemptions_requested_pct)	100%	74%	filled
2024-06-12	2.7% of shares source Shareholder report (Form N-CSR) · filed 2024-12-27 · period 2024-06-12 redemption disclosure (redemptions_requested_pct) “Deadline June 12, 2024: offered 5%, tendered 2.71%, 1,702,499 shares” Method Matched text template against the filing Open the filing on SEC.gov · Full observation history Technical locator https://www.sec.gov/Archives/edgar/data/1688897/000199937124015847/fscif-ncsr_103124.htm \| redemption disclosure (redemptions_requested_pct)	100%	54%	filled
2024-03-13	2.6% of shares source Shareholder report (Form N-CSR) · filed 2024-12-27 · period 2024-03-13 redemption disclosure (redemptions_requested_pct) “Deadline March 13, 2024: offered 5%, tendered 2.56%, 1,537,932 shares” Method Matched text template against the filing Open the filing on SEC.gov · Full observation history Technical locator https://www.sec.gov/Archives/edgar/data/1688897/000199937124015847/fscif-ncsr_103124.htm \| redemption disclosure (redemptions_requested_pct)	100%	51%	filled
2023-12-13	6.4% of shares source Shareholder report (Form N-CSR) · filed 2024-12-27 · period 2023-12-13 redemption disclosure (redemptions_requested_pct) “Deadline December 13, 2023: offered 5%, tendered 6.39%, 3,536,936 shares” Method Matched text template against the filing Open the filing on SEC.gov · Full observation history Technical locator https://www.sec.gov/Archives/edgar/data/1688897/000199937124015847/fscif-ncsr_103124.htm \| redemption disclosure (redemptions_requested_pct)	78%	100%	rationed
2023-09-13	2.5% of shares source Shareholder report (Form N-CSR) · filed 2023-12-28 · period 2023-09-13 redemption disclosure (redemptions_requested_pct) “Deadline September 13, 2023: offered 5%, tendered 2.45%, 1,264,208 shares” Method Matched text template against the filing Open the filing on SEC.gov · Full observation history Technical locator https://www.sec.gov/Archives/edgar/data/1688897/000199937123001272/fs-ncsr_103123.htm \| redemption disclosure (redemptions_requested_pct)	100%	49%	filled
2023-06-14	4.8% of shares source Shareholder report (Form N-CSR) · filed 2023-12-28 · period 2023-06-14 redemption disclosure (redemptions_requested_pct) “Deadline June 14, 2023: offered 5%, tendered 4.83%, 2,288,761 shares” Method Matched text template against the filing Open the filing on SEC.gov · Full observation history Technical locator https://www.sec.gov/Archives/edgar/data/1688897/000199937123001272/fs-ncsr_103123.htm \| redemption disclosure (redemptions_requested_pct)	100%	97%	filled
2023-03-15	6.0% of shares source Shareholder report (Form N-CSR) · filed 2023-12-28 · period 2023-03-15 redemption disclosure (redemptions_requested_pct) “Deadline March 15, 2023: offered 5%, tendered 5.96%, 2,639,162 shares” Method Matched text template against the filing Open the filing on SEC.gov · Full observation history Technical locator https://www.sec.gov/Archives/edgar/data/1688897/000199937123001272/fs-ncsr_103123.htm \| redemption disclosure (redemptions_requested_pct)	84%	100%	rationed
2022-12-14	6.0% of shares source Shareholder report (Form N-CSR) · filed 2023-12-28 · period 2022-12-14 redemption disclosure (redemptions_requested_pct) “Deadline December 14, 2022: offered 5%, tendered 5.95%, 2,553,968 shares” Method Matched text template against the filing Open the filing on SEC.gov · Full observation history Technical locator https://www.sec.gov/Archives/edgar/data/1688897/000199937123001272/fs-ncsr_103123.htm \| redemption disclosure (redemptions_requested_pct)	84%	100%	rationed
2022-09-14	5.4% of shares source Shareholder report (Form N-CSR) · filed 2022-12-27 · period 2022-09-14 redemption disclosure (redemptions_requested_pct) “Deadline September 14, 2022: offered 5%, tendered 5.36%, 2,262,346 shares” Method Matched text template against the filing Open the filing on SEC.gov · Full observation history Technical locator https://www.sec.gov/Archives/edgar/data/1688897/000138713122012674/fsci-ncsr_103122.htm \| redemption disclosure (redemptions_requested_pct)	93%	100%	rationed
2022-06-15	3.6% of shares source Shareholder report (Form N-CSR) · filed 2022-12-27 · period 2022-06-15 redemption disclosure (redemptions_requested_pct) “Deadline June 15, 2022: offered 5%, tendered 3.57%, 1,472,537 shares” Method Matched text template against the filing Open the filing on SEC.gov · Full observation history Technical locator https://www.sec.gov/Archives/edgar/data/1688897/000138713122012674/fsci-ncsr_103122.htm \| redemption disclosure (redemptions_requested_pct)	100%	71%	filled
2022-03-16	2.4% of shares source Shareholder report (Form N-CSR) · filed 2022-12-27 · period 2022-03-16 redemption disclosure (redemptions_requested_pct) “Deadline March 16, 2022: offered 5%, tendered 2.41%, 921,311 shares” Method Matched text template against the filing Open the filing on SEC.gov · Full observation history Technical locator https://www.sec.gov/Archives/edgar/data/1688897/000138713122012674/fsci-ncsr_103122.htm \| redemption disclosure (redemptions_requested_pct)	100%	48%	filled
2021-12-15	4.5% of shares source Shareholder report (Form N-CSR) · filed 2022-12-27 · period 2021-12-15 redemption disclosure (redemptions_requested_pct) “Deadline December 15, 2021: offered 5%, tendered 4.53%, 1,591,629 shares” Method Matched text template against the filing Open the filing on SEC.gov · Full observation history Technical locator https://www.sec.gov/Archives/edgar/data/1688897/000138713122012674/fsci-ncsr_103122.htm \| redemption disclosure (redemptions_requested_pct)	100%	91%	filled

05 / Financing

How the balance sheet is funded.

Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.

Synthetic exposure: gross notional $70,267,680 (10.3% of net assets), as of 2026-03-31. Audit

How to read these financing entries

Borrowings are balance-sheet obligations. An undrawn facility is standby liquidity and is not debt until used. Synthetic notional describes market exposure rather than an amount owed, while unconsolidated joint-venture carrying value is shown as context and is not added to fund debt.

06 / Share classes

How the offering is divided.

A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.

Class A 0.8%Class I 55.0%Class T 0.3%Class U 17.9%Class U-2 25.6%

Share of total net assets ($684,256,327) as of 2026-03-31; the hatched band is net assets the filings do not attribute to a captured class.

Class	Terms-based role description	Load	Servicing	Minimum	Assets
Class A	Sales-load class for transactional brokerage distribution.	3.00%	25 bps	$2,500	$5,605,0002025-12-31
Class I	No-load, high-minimum class; terms indicate advisory or large-account access.	0.00%	0 bps	$1,000,000	$376,625,0002025-12-31
Class L	Servicing-fee class for brokerage or platform distribution.	0.00%	50 bps	$2,500	Pending
Class M	Servicing-fee class for brokerage or platform distribution.	0.00%	25 bps	$2,500	Pending
Class T	Servicing-fee class for brokerage or platform distribution.	0.00%	50 bps	$2,500	$2,216,0002025-12-31
Class U	Servicing-fee class for brokerage or platform distribution.	0.00%	75 bps	$25,000	$122,221,0002025-12-31
Class U-2	Servicing-fee class for brokerage or platform distribution.	0.00%	75 bps	$2,500	$174,968,0002025-12-31
Class U2	Pending	Pending	Pending	Pending	Pending

Management fee: 1.00% of avg daily gross assets per year, current as of 2024-12-01. Research only: not used in a fee distribution. SEC source 0001999371-26-004458.

Filed fee conditions

Effective December 1, 2024, the management fee rate that the Fund pays to the Advisor under the Investment Advisory Agreement was permanently reduced to 1.00% of the Fund's average daily gross assets (previously 1.60%, and 1.75% prior to April 6, 2018). The Advisor has separately contractually agreed to waive the management fee in full (0.00%) for the period December 1, 2024 through March 31, 2026.

Canonical-class fee profile

Class	Management	Incentive	Load	Servicing	Gross expenses	Net expenses
Class I	1.00%	None * None. Explicit filing statement SEC source 0001999371-25-021338	0.00%	0 bps	Pending	Pending

Waiver / support: Adviser pays/waives ordinary operating expenses (advisory fees, transaction costs, financing costs, taxes, distribution/servicing fees, extraordinary expenses excluded) above 0.25% per annum of average daily net assets per class.; recoupment: Waived amounts repayable within three years, subject to the expense limits in effect both then and now..

07 / Sources

The evidence beneath the page.

Filed terms and recent documents remain available without crowding the primary research flow.

Term register (4)

Term	Description	Value	Effective
advisory_fee_schedule	Effective December 1, 2024, the management fee rate that the Fund pays to the Advisor under the Investment Advisory Agreement was permanently reduced to 1.00% of the Fund's average daily gross assets (previously 1.60%, and 1.75% prior to April 6, 2018). The Advisor has separately contractually agreed to waive the management fee in full (0.00%) for the period December 1, 2024 through March 31, 2026.	1.0 pct_annual_of_avg_daily_gross_assets	2024-12-01
expense_limitation	Adviser pays/waives ordinary operating expenses (advisory fees, transaction costs, financing costs, taxes, distribution/servicing fees, extraordinary expenses excluded) above 0.25% per annum of average daily net assets per class.	0.25 pct_annual_of_avg_daily_net_assets	2017-09-18
leverage_ceiling	Statutory: 1940 Act Section 18(a)(1) requires 300% asset coverage for senior securities representing indebtedness of a registered closed-end fund (200% for preferred stock). Not charter-based and not electable, unlike the BDC and REIT regimes (plan Section 6.3).	300.0 pct_asset_coverage	2017-11-01
repurchase_program_terms	Quarterly repurchase offer (Rule 23c-3(b), periodic): up to 5% of the aggregate issued and outstanding Class A/I/T/U/U2 shares, all classes treated as a single class for allocating repurchases; NAV-priced as of the repurchase pricing date; not conditioned on a minimum tender; no Fund-level processing fee. Class U2 carries a CDSC (1.00% for shares purchased Mar 2024-Sep 2025, 1.50% for shares purchased on or after Sep 15 2025) if repurchased before the 18-month anniversary of purchase.	5.0 pct_of_shares_outstanding_per_quarter	2026-05-19

Recent filings

Filed	Form	Accession
2026-05-22	NPORT-P	0001410368-26-050434
2026-05-19	N-23C3A	0001104659-26-063625
2026-05-19	N-23C3A/A	0001104659-26-063792
2026-02-27	486BPOS	0001104659-26-021565
2026-02-26	NPORT-P	0001410368-26-019233
2026-02-26	N-CSR	0001999371-26-004458
2026-02-17	N-23C3A	0001104659-26-016053
2025-12-30	N-CSR	0001999371-25-021338
2025-12-23	NPORT-P	0001410368-25-042198
2025-12-17	8-K	0001104659-25-121677
2025-11-17	N-23C3A	0001104659-25-113139
2025-11-13	8-K	0001104659-25-111270
2025-10-14	8-K	0001104659-25-098940
2025-09-19	NPORT-P	0001410368-25-007177
2025-08-18	N-23C3A	0001104659-25-079615