First Eagle Credit Opportunities Fund
Data through 2026-03-31 · latest filing N-23C3A filed 2026-06-05
Sponsored by First Eagle. Interval Fund structure focused on private credit.
Interval FundPrivate Credit
- Net assets
- $713.4M
source
Monthly portfolio report (Form N-PORT) · filed 2026-05-29 · 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
as of 2026-03-31 - NAV / share
- $22.47
source
Shareholder report (Form N-CSR) · filed 2026-03-06 · period 2025-12-31
financial-highlights end-of-period NAV (fallback)
“Net asset value, end of period $22.47”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
Filed fund value · as of 2025-12-31 - Net flows, last qtr
- -4.8% qtr ended 2026-03-31
- Distribution coverage (NII)
- 103% period ended 2025-12-31
- Leverage in use
- 17% debt / equity 0.13x
- Total return, 12m
- Pending SEC-filed periodic NAV + distributions
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
Redemptions prorated for the period ending 2025-10-15: only 21.6% of requests fulfilled. (2025-10-15)
Redemptions prorated for the period ending 2025-10-15: only 21.6% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.
Why it matters and what changed
Redemption requests exceeded the offer and were paid only in part, pro rata. Investors who wanted out are still holding; unmet demand usually rolls into the next offer, making repeat proration -- the defining liquidity-stress pattern for a semi-liquid fund -- worth watching for.
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: https://www.sec.gov/Archives/edgar/data/1818416/000110465926024608/tm262309d1_ncsr.htm | redemption proration (2025-10-15)
Redemption requests ran at least twice the tender offer's capacity; only 22% of tendered shares were repurchased (offer expired 2025-10-15).
Redemption requests ran at least twice the tender offer's capacity; only 22% of tendered shares were repurchased (offer expired 2025-10-15). (Rule B5: Severe redemption oversubscription: a single offer at or beyond 2x capacity; Urgent.)
Why it matters and what changed
Redemption requests ran at least twice the offer capacity. At this level pro-ration is severe and shareholder liquidity is materially constrained right now, not hypothetically.
current level 21.65 (no prior-period value stored)
Source: https://www.sec.gov/Archives/edgar/data/1818416/000110465926024608/tm262309d1_ncsr.htm | redemption disclosure (redemption_fill_rate)
Net outflow of 6.8% of NAV in the period ended 2026-01-31.
Net outflow of 6.8% of NAV in the period ended 2026-01-31. (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 0.79 to -6.76 vs prior period; trailing 4-period average -2.25; same period prior year -3.50
Source: derived: net_flows / total_net_assets (parent equity) (nearest prior instant value) * 100
Historical findings (12)
Redemptions prorated for the period ending 2025-07-09: only 49.1% of requests fulfilled. (2025-07-09)
Redemption requests ran at least twice the tender offer's capacity; only 49% of tendered shares were repurchased (offer expired 2025-07-09).
Redemptions prorated for the period ending 2025-04-28: only 50.7% of requests fulfilled. (2025-04-28)
Tender offer filled only 51% of shares tendered (pro-rated); redemption requests exceeded the offer size -- the second consecutive oversubscribed offer (expired 2025-04-28).
Redemptions prorated for the period ending 2025-01-08: only 79.4% of requests fulfilled. (2025-01-08)
Tender offer filled only 79% of shares tendered (pro-rated); redemption requests exceeded the offer size -- the second consecutive oversubscribed offer (expired 2025-01-08).
Redemptions prorated for the period ending 2024-10-16: only 97.4% of requests fulfilled. (2024-10-16)
Tender offer filled only 97% of shares tendered (pro-rated); redemption requests exceeded the offer size -- the second consecutive oversubscribed offer (expired 2024-10-16).
Redemptions prorated for the period ending 2024-04-29: only 98.5% of requests fulfilled. (2024-04-29)
Net outflow of 6.2% of NAV in the period ended 2025-07-31.
Net outflow of 5.6% of NAV in the period ended 2025-04-30.
NAV per share fell 7.2% from $26.22 to $24.33 (2022-06-30).
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
Filed performance
| Window | Class | Basis | Return | Source |
|---|---|---|---|---|
| 2025-01-01 to 2025-12-31 | Class I | basis not stated in the filed row | +6.07% | SEC source 0001104659-26-024608 |
| 2025-01-01 to 2025-06-30 | Class I | basis not stated in the filed row | +1.70% | SEC source 0001104659-25-087720 |
| 2024-01-01 to 2024-12-31 | Class I | basis not stated in the filed row | +7.87% | SEC source 0001104659-25-021596 |
Monthly performance eligibility
Canonical class: Class I · basis: no qualifying monthly chain · qualifying history: 0 months.
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
Pending
Where exit demand met the cap.
Stated cap: 5% of shares/quarter. Rationed in 6 of 6 disclosed periods; last gated Q4 2025.
| Period | Requested | Filled | Cap used | Status |
|---|---|---|---|---|
| 2025-10-15 | Pending | 22% | 100% | rationed |
| 2025-07-09 | Pending | 49% | 100% | rationed |
| 2025-04-28 | Pending | 51% | 100% | rationed |
| 2025-01-08 | Pending | 79% | 100% | rationed |
| 2024-10-16 | Pending | 97% | 100% | rationed |
| 2024-04-29 | Pending | 98% | 100% | rationed |
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
Pending
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.
Not attributed 100.0%
| Class | Terms-based role description | Load | Servicing | Minimum | Assets |
|---|---|---|---|---|---|
| Class I | Pending | Pending | Pending | Pending | Pending |
Management fee: 1.25% of avg daily managed assets per year, current as of latest filed disclosure. Research only: not used in a fee distribution. SEC source 0001104659-26-024608.
Filed fee conditions
In return for its investment advisory services, the Fund pays the Adviser a monthly fee at the annual rate of 1.25% of the average daily value of the Fund's Managed Assets, which includes assets purchased with borrowed money. This is currently under a temporary full waiver through 2026-12-31, but the contractual rate is 1.25% of Managed Assets.
Canonical-class fee profile
| Class | Management | Incentive | Load | Servicing | Gross expenses | Net expenses |
|---|---|---|---|---|---|---|
| Class I | 1.25% | None
*
None. The standardized prospectus fee table contains no incentive/performance-fee line. SEC source 0000930413-26-001524 |
Pending | Pending | 3.63%filed basis*Filed label: Operating expenses excluding earnings credits and/or fee waivers; period 2025-12-31. before/excluding fee relief (explicit filing row); waiver state: before / excluding. SEC source 0001104659-26-024608 |
2.99%filed basis*Filed label: Operating expenses including earnings credits and/or fee waivers; period 2025-12-31. After waiver: yes; interest: not separately stated; tax: not separately stated; incentive compensation: not separately stated; acquired-fund expenses: not separately stated. SEC source 0001104659-26-024608 |
Expense-ratio caution. These are the issuer’s filed figures for the designated analysis class. They are not placed in a fee ranking because denominators and included expenses are not yet normalized across funds. Hover or click * for the filed label, period, components, and SEC source.
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (1)
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | In return for its investment advisory services, the Fund pays the Adviser a monthly fee at the annual rate of 1.25% of the average daily value of the Fund's Managed Assets, which includes assets purchased with borrowed money. This is currently under a temporary full waiver through 2026-12-31, but the contractual rate is 1.25% of Managed Assets. | 1.25 pct_annual_of_avg_daily_managed_assets | Pending |
Recent filings
| Filed | Form | Accession |
|---|---|---|
| 2026-06-05 | N-23C3A | 0000930413-26-001814 |
| 2026-05-29 | NPORT-P | 0002071691-26-012660 |
| 2026-05-07 | 424B3 | 0000930413-26-001524 |
| 2026-04-30 | 486BPOS | 0000930413-26-001398 |
| 2026-03-06 | N-CSR | 0001104659-26-024608 |
| 2026-03-06 | N-23C3A | 0000930413-26-000695 |
| 2026-02-27 | NPORT-P | 0002071691-26-005293 |
| 2025-12-17 | N-23C3A | 0000930413-25-003675 |
| 2025-11-26 | NPORT-P | 0002071691-25-007734 |
| 2025-09-17 | N-23C3A | 0000930413-25-002957 |
| 2025-09-05 | N-CSRS | 0001104659-25-087720 |
| 2025-08-28 | NPORT-P | 0001752724-25-211703 |
| 2025-08-18 | 497 | 0000930413-25-002503 |
| 2025-06-11 | N-23C3A | 0000930413-25-001957 |
| 2025-05-29 | NPORT-P | 0001752724-25-128406 |