NPORT-EX 2 FECOF.htm PART F

 

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

 

Investments  Principal
Amount ($)		   Value ($) 
Senior Loans (a) - 113.1%            
         
Advertising - 1.8%            
Data Driven Intermediate, LLC, Term Loan - First Lien          
(SOFR 3 month + 3.75%), 8.15%, 05/01/2030  ‡(b)(c)(d)   2,487,900    2,469,241 
MH Sub I, LLC (WebMD Health / Internet Brands), 2023 May Incremental Term Loan - First Lien          
(SOFR 3 month + 4.25%), 8.25%, 05/03/2028  (e)   4,093,147    3,947,329 
New Insight Holdings Inc. (Research Now/Dynata/Survey Sampling), First Out New Money Term Loan - First Lien          
(SOFR 3 month + 5.00%), 9.46%, 07/15/2028  (e)   914,354    913,974 
New Insight Holdings Inc. (Research Now/Dynata/Survey Sampling), Second Out Term Loan - First Lien          
(SOFR 3 month + 5.50%), 9.96%, 10/15/2028   4,962,312    4,091,848 
WH Borrower, LLC (aka WHP Global), Initial Term Loan - First Lien          
(SOFR 3 month + 4.50%), 8.70%, 02/20/2032  (e)   3,000,000    3,007,020 
         14,429,412 
Aerospace & Defense - 1.2%          
Chromalloy Corp., Term Loan - First Lien          
(SOFR 1 month + 3.25%), 7.54%, 03/27/2031  (e)   5,962,443    5,986,263 
Karman Holdings Inc., Initial Term Loan - First Lien          
(SOFR 3 month + 3.50%), 7.50%, 04/01/2032  ‡(b)(e)   1,422,051    1,430,939 
MAG DS Corp., Initial Term Loan - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor), 9.60%, 04/01/2027  (b)(d)   1,945,852    1,945,249 
         9,362,451 
Agricultural & Farm Machinery - 0.1%          
Hydrofarm Holdings Group, Inc., Term Loan - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor), 10.07%, 10/25/2028  ‡(b)(d)   1,118,882    934,266 
           
Air Freight & Logistics - 1.0%          
Air Buyer Inc. (Condata Global), Term Loan - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor), 9.82%, 07/23/2030  ‡(b)(c)(d)   3,286,424    3,204,263 
AIT Worldwide Logistics Holdings, Inc., Initial Term Loan - First Lien          
(SOFR 3 month + 4.00%), 8.25%, 04/08/2030  (e)   4,962,500    4,980,613 
         8,184,876 
Apparel Retail - 0.2%          
Lids Holdings, Inc., Initial Term Loan - First Lien          
(SOFR 1 month + 5.50%, 1.00% Floor), 9.74%, 12/14/2026  ‡(b)   525,078    522,452 
Xcel Brands, Inc., Intial Term Loan A - First Lien          
(SOFR 1 month + 8.51%, 2.00% Floor), 12.82%, 12/12/2028  ‡(b)(c)   1,166,667    1,166,667 
         1,689,119 
Apparel, Accessories & Luxury Goods - 2.4%          
Gloves Buyer, Inc. (Protective Industrial Products), Initial Term Loan - First Lien          
(SOFR 1 month + 4.00%), 8.16%, 05/21/2032  (e)(f)   4,000,000    3,895,000 
Penney Holdings LLC (Catalyst Brands), Term Loan - First Lien          
(SOFR 1 month + 8.13%, 2.50% Floor), 12.41%, 09/19/2030  ‡(b)(c)(d)   6,000,000    5,850,000 
Rachel Zoe, Inc., Second Amendment Effective Date Tranche A Loan - First Lien          
(SOFR 3 month + 7.66%, 3.00% Floor), 11.96%, 08/04/2028  ‡(b)(c)(d)   349,972    349,972 
Rachel Zoe, Inc., Third Amendment Effective Date Tranche A - First Lien          
(SOFR 3 month + 7.66%, 3.00% Floor), 11.86%, 08/04/2028  ‡(b)(c)(d)   958,456    958,456 
Rachel Zoe, Inc., Tranche A Loan - First Lien          
(SOFR 3 month + 8.75%, 3.00% Floor), 12.75%, 08/04/2028  ‡(b)(c)(d)   1,076,087    1,076,087 
TR Apparel, LLC, Term Loan - First Lien          
(SOFR 1 month + 6.25%, 2.00% Floor), 10.53%, 06/21/2027  ‡(b)(c)(d)   6,661,491    6,661,490 
         18,791,005 

 

See Notes to Consolidated Schedule of Investments.

(Continued) 

 

1

 

 

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

 

Investments  Principal
Amount ($)		   Value ($) 
Application Software - 5.1%          
Apex Analytix, Inc. (Montana Buyer, Inc.), Initial Term Loan - First Lien          
(SOFR 1 month + 4.75%, 0.75% Floor), 8.91%, 07/22/2029  ‡(b)(c)   2,621,522    2,595,307 
AppHub LLC, Delayed Draw Tem Loan - First Lien          
(SOFR 6 month + 5.75%, 1.00% Floor), 10.19%, 09/29/2028  ‡(b)(c)   365,863    364,034 
AppHub LLC, June 2024 Delayed Draw Term Loan - First Lien          
(SOFR 6 month + 5.75%, 1.00% Floor), 10.04%, 09/29/2028  ‡(b)(c)   2,026,877    2,016,743 
AppHub LLC, Revolving Credit Loan - First Lien          
(SOFR 3 month + 5.75%, 1.00% Floor), 9.90%, 09/29/2028  ‡(b)(c)   103,013    102,498 
AppHub LLC, Term Loan - First Lien          
(SOFR 6 month + 5.75%, 1.00% Floor), 9.87%, 09/29/2028  ‡(b)(c)(d)   2,648,892    2,635,648 
Boxer Parent Co., Inc. (BMC Software), 2031 Replacement Dollar Term Loan - First Lien          
(SOFR 3 month + 3.00%), 7.20%, 07/30/2031  (e)   5,967,506    5,964,702 
CE Intermediate I, LLC (Clubessential), 2025 Refinancing Term Loan - First Lien          
(SOFR 3 month + 3.00%), 7.38%, 03/25/2032  (e)   994,987    997,684 
Cloud Software Group, Inc. (TIBCO Software), Tenth Amendment Tranche B-2 Term Loan - First Lien          
(SOFR 3 month + 3.25%), 7.48%, 03/21/2031  (e)   2,985,000    2,999,656 
Cloudera, Inc., Initial Term Loan - First Lien          
(SOFR 1 month + 3.75%), 8.01%, 10/08/2028  (e)   2,992,248    2,951,718 
CMI Marketing, Inc. (AdThrive), Initial Term Loan - First Lien          
(SOFR 1 month + 4.25%, 0.50% Floor), 8.53%, 03/23/2028   516,734    514,473 
EagleView Technology Corp., Term Loan - First Lien          
(SOFR 3 month + 5.50%, 1.00% PIK), 10.80%, 08/14/2028  (e)   3,197,556    3,140,341 
Enverus Holdings, Inc. (Drilling Info), Class A Revolving Credit Loan - First Lien          
(SOFR 1 month + 5.50%, 0.75% Floor), 9.64%, 12/24/2029  ‡(b)   12,459    12,272 
Enverus Holdings, Inc. (Drilling Info), Initial Term Loan - First Lien          
(PRIME 1 month + 4.50%, 0.75% Floor), 11.75%, 12/24/2029  ‡(b)   3,941,153    3,951,006 
Mitchell International, Inc., Initial Term Loan - First Lien          
(SOFR 1 month + 3.25%), 7.41%, 06/17/2031  (e)(f)   3,972,381    3,973,235 
Project Alpha Intermediate Holdings, Inc. (Qlik), Second Amendment Refinancing Term Loan - First Lien          
(SOFR 3 month + 3.25%, 0.50% Floor), 7.25%, 10/26/2030   4,987    5,007 
Rocket Software, Inc., Extended Dollar Term Loan - First Lien          
(SOFR 1 month), 7.91%, 11/28/2028  (e)   1,804,033    1,810,049 
Sapio Sciences, LLC (Jarvis Bidco), Initial Term Loan - First Lien          
(SOFR 1 month + 6.25%, 1.00% Floor), 10.51%, 11/17/2028  ‡(b)(c)(d)   3,221,406    3,221,406 
WatchGuard Technologies, Inc., Initial Term Loan - First Lien          
(SOFR 1 month + 5.25%, 0.75% Floor), 9.41%, 07/02/2029  (e)   2,984,615    2,988,346 
         40,244,125 
Asset Management & Custody Banks - 1.0%          
Apella Capital, LLC, Delayed Draw Term Loan - First Lien          
(SOFR 3 month + 6.50%, 1.00% Floor), 10.66%, 03/01/2029  ‡(b)(c)   247,625    247,625 
Apella Capital, LLC, First Amendment Delayed Draw Term Loan - First Lien          
(SOFR 3 month + 6.50%, 1.00% Floor), 10.64%, 03/01/2029  ‡(b)(c)   293,542    293,542 
Apella Capital, LLC, First Amendment Term Loan - First Lien          
(SOFR 3 month + 6.50%, 1.00% Floor), 10.66%, 03/01/2029  ‡(b)(c)(d)   585,608    585,608 

 

See Notes to Consolidated Schedule of Investments.

(Continued) 

 

2

 

 

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

 

Investments  Principal
Amount ($)		   Value ($) 
Apella Capital, LLC, Initial Term Loan - First Lien          
(SOFR 3 month + 6.50%, 1.00% Floor), 10.66%, 03/01/2029  ‡(b)(c)(d)   1,254,125    1,254,125 
Apella Capital, LLC, Revolving Loan - First Lien          
(SOFR 3 month + 6.50%, 1.00% Floor), 10.51%, 03/01/2029  ‡(b)(c)   136,529    136,529 
Apella Capital, LLC, Second Amendment Delayed Draw Term Loan - First Lien          
(SOFR 3 month + 6.50%, 1.00% Floor), 10.64%, 03/01/2029  ‡(b)(c)   993,348    993,348 
Apella Capital, LLC, Second Amendment Term Loan - First Lien          
(SOFR 3 month + 6.50%, 1.00% Floor), 10.63%, 03/01/2029  ‡(b)(c)(d)   993,348    993,348 
Apella Capital, LLC, Third Amendment Delayed Draw Loan - First Lien          
(SOFR 3 month + 6.50%, 1.00% Floor), 10.68%, 03/01/2029  ‡(b)(c)   345,885    345,885 
IPM MSO Management, LLC, Closing Date Term Loan - First Lien          
(SOFR 3 month + 6.50%, 1.00% Floor), 10.64%, 06/17/2026  ‡(b)(c)(d)   768,331    733,756 
IPM MSO Management, LLC, Delayed Draw Term Loan - First Lien          
(SOFR 3 month + 6.50%, 1.00% Floor), 10.64%, 06/17/2026  ‡(b)(c)(d)   92,920    88,739 
IPM MSO Management, LLC, Second Amendment Term Loan - First Lien          
(SOFR 3 month + 6.50%), 10.64%, 06/17/2026  ‡(b)(c)(d)   212,881    203,301 
Oak Point Partners, LLC, Term Loan - First Lien          
(SOFR 1 month + 4.75%, 1.00% Floor), 9.01%, 12/01/2027  ‡(b)(c)(d)   1,980,029    1,980,029 
         7,855,835 
Auto Parts & Equipment - 1.2%          
Enthusiast Auto Holdings, LLC (EAH-Intermediate Holdco LLC), Fifth Amendment Term Loan - First Lien          
(SOFR 1 month + 4.50%, 1.00% Floor), 8.66%, 12/19/2026  ‡(b)(c)(d)   4,374,683    4,374,683 
Enthusiast Auto Holdings, LLC (EAH-Intermediate Holdco LLC), Third Amendment Term Loan - First Lien          
(SOFR 1 month + 4.50%, 1.00% Floor), 8.66%, 12/19/2026  ‡(b)(c)(d)   1,390,878    1,390,878 
Hertz Corp., The, 2023 Incremental Term Loan - First Lien          
(SOFR 3 month + 3.75%), 8.06%, 06/30/2028   992,443    889,725 
Hertz Corp., The, Initial Term B Loan - First Lien          
(SOFR 3 month + 3.50%, 0.50% Floor), 8.07%, 06/30/2028   1,801,751    1,623,477 
Hertz Corp., The, Initial Term C Loan - First Lien          
(SOFR 3 month + 3.50%, 0.50% Floor), 8.07%, 06/30/2028   354,633    319,544 
Power Stop, LLC, Initial Term Loan - First Lien          
(SOFR 3 month + 4.75%, 0.50% Floor), 9.16%, 01/26/2029  (e)   989,609    813,335 
         9,411,642 
Biotechnology - 0.6%          
Solaris US Bidco LLC (Therakos), Initial Term Loan - First Lien          
(SOFR 3 month + 5.25%), 9.45%, 11/29/2030  (e)   4,969,975    4,876,788 
           
Broadcasting - 0.3%          
Allen Media, LLC, Initial Term Loan - First Lien          
(SOFR 3 month + 5.50%), 9.95%, 02/10/2027   1,933,663    1,386,436 
Learfield Communications, LLC, 2024 Refinancing Term Loan - First Lien          
(SOFR 1 month + 4.50%), 8.66%, 06/30/2028  (e)   1,279,086    1,293,610 
         2,680,046 

 

See Notes to Consolidated Schedule of Investments.

(Continued) 

 

3

 

 

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

 

Investments  Principal
Amount ($)		   Value ($) 
Building Products - 0.3%          
Opal Bidco SAS (Opella LLC), Facility B2 - First Lien          
(SOFR 3 month + 3.25%), 7.39%, 04/28/2032  (e)   2,000,000    2,007,750 
           
Casinos & Gaming - 2.1%          
Bingo Holdings I LLC (PlayAGS), Term B Loan - First Lien          
(SOFR 3 month + 4.50%), 8.75%, 06/30/2032  (e)   3,000,000    3,004,695 
Catawba Nation Gaming Authority, Initial Term B Loan - First Lien          
(SOFR 1 month + 4.75%), 8.91%, 03/29/2032  (b)(e)   6,600,000    6,754,704 
J & J Ventures Gaming, LLC, 2025 Term Loan - First Lien          
(SOFR 1 month + 3.50%), 7.66%, 04/26/2030  (e)   6,965,000    6,902,977 
         16,662,376 
Commodity Chemicals - 0.4%          
A&A Global Imports, LLC, First Out Term Loan - First Lien          
0.00%, 06/01/2026  ‡(b)(c)(d)   1,034,430    107,407 
A&A Global Imports, LLC, Last Out Term Loan - First Lien          
0.00%, 06/01/2026  ‡(b)(c)(d)   1,185,895    — 
A&A Global Imports, LLC, New Revolving Loan - First Lien          
(SOFR 3 month + 8.00%, 1.00% Floor, 12.45% PIK), 24.89%, 06/01/2026  ‡(b)(c)   51,164    51,165 
Hexion Holdings Corp., 2024 Refinancing Term Loan - First Lien          
(SOFR 1 month + 4.00%), 8.14%, 03/15/2029  (e)   2,970,000    2,969,480 
         3,128,052 
Communications Equipment - 0.6%          
SonicWall US Holdings Inc., 2023 Term Loan - First Lien          
(SOFR 3 month + 5.00%, 0.50% Floor), 9.00%, 05/18/2028  (f)   4,992,405    4,767,747 
           
Construction & Engineering - 1.2%          
McHale Landscape Design, Inc., Closing Date Term Loan - First Lien          
(SOFR 3 month + 5.25%, 1.00% Floor), 9.07%, 07/16/2031  ‡(b)(c)(d)   2,521,008    2,492,647 
R.L. James, Inc. (HH Restore Acquisition), Closing Date Term Loan - First Lien          
(SOFR 1 month + 6.00%, 1.00% Floor), 10.26%, 12/15/2028  ‡(b)(c)(d)   942,123    939,768 
R.L. James, Inc. (HH Restore Acquisition), Delayed Draw Term Loan - First Lien          
(SOFR 3 month + 6.00%, 1.00% Floor), 10.45%, 12/15/2028  ‡(b)(c)   892,120    889,889 
R.L. James, Inc. (HH Restore Acquisition), First Amendment Incremental Term Loan - First Lien          
(SOFR 3 month + 6.00%, 1.00% Floor), 10.39%, 12/15/2028  ‡(b)(c)(d)   312,403    311,622 
TriStrux, LLC, Delayed Draw Term Loan - First Lien          
(SOFR 3 month + 1.00%, 1.00% Floor, 7.00% PIK), 12.15%, 12/23/2027  ‡(b)(c)(d)   321,504    199,333 
TriStrux, LLC, Initial Term Loan - First Lien          
(SOFR 3 month + 1.00%, 1.00% Floor, 2.00% PIK), 12.45%, 12/23/2027  ‡(b)(c)(d)   900,312    558,193 
TriStrux, LLC, Revolving Loan - First Lien          
(SOFR 3 month + 1.00%, 1.00% Floor, 7.00% PIK), 12.15%, 12/23/2027  ‡(b)(c)   322,850    200,149 
Violet Utility Buyer, LLC (Vannguard), Initial Term Loan - First Lien          
(SOFR 3 month + 4.75%, 1.00% Floor), 9.07%, 07/24/2031  ‡(b)(c)(d)   3,987,730    3,942,868 
         9,534,469 
Construction Materials - 0.3%          
Foley Products Co., LLC (FPC Holdco, LLC), Initial Term Loan - First Lien          
(SOFR 3 month + 4.75%, 0.50% Floor), 8.90%, 12/29/2028  (e)   1,000,000    1,009,065 

 

See Notes to Consolidated Schedule of Investments.

(Continued) 

 

4

 

 

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

 

Investments  Principal
Amount ($)		   Value ($) 
Smyrna Ready Mix Concrete, LLC, 2025 Term Loan - First Lien          
(SOFR 1 month + 3.00%), 7.32%, 04/02/2029   1,776,053    1,780,493 
         2,789,558 
Data Processing & Outsourced Services - 0.5%          
Schola Group Acquisition, Inc. (Lathan McKee), Closing Date Term Loan - First Lien          
(SOFR 3 month + 4.75%, 1.00% Floor), 8.98%, 04/09/2031  ‡(b)(c)(d)   3,221,477    3,185,235 
Schola Group Acquisition, Inc. (Lathan McKee), Delayed Draw Term Loan - First Lien          
(SOFR 3 month + 4.75%), 9.05%, 04/09/2031  ‡(b)(c)   463,087    457,877 
         3,643,112 
Distributors - 0.4%          
Highline Aftermarket Acquisition, LLC, 2025-1 Term Loan - First Lien          
(SOFR 3 month + 3.50%), 7.70%, 02/19/2030  (e)   2,977,500    2,992,402 
           
Diversified Chemicals - 1.1%          
Project Cloud Holdings, LLC (AgroFresh Inc.), 2024-1 Incremental Term Loan (USD) - First Lien          
(SOFR 1 month + 6.25%, 1.00% Floor), 10.51%, 03/31/2029  ‡(b)(c)   2,891,967    2,884,737 
Project Cloud Holdings, LLC (AgroFresh Inc.), Initial USD Term Loan - First Lien          
(SOFR 1 month + 6.25%, 1.00% Floor), 10.67%, 03/31/2029  ‡(b)(c)(d)   5,089,341    5,076,617 
Project Cloud Holdings, LLC (AgroFresh Inc.), Replacement Revolver - First Lien          
(SOFR 1 month + 6.25%), 10.51%, 03/31/2029  ‡(b)(c)   598,810    597,313 
         8,558,667 
Diversified Support Services - 0.7%          
Streetmasters Intermediate, Inc., Revolving Loan - First Lien          
(SOFR 1 month + 5.25%, 1.00% Floor), 9.41%, 04/01/2030  ‡(b)(c)   112,000    110,600 
Streetmasters Intermediate, Inc., Term Loan - First Lien          
(SOFR 3 month + 5.25%, 1.00% Floor), 9.56%, 04/01/2030  ‡(b)(c)(d)   5,107,667    5,043,821 
         5,154,421 
Drug Retail - 1.0%          
Blazing Star Parent, LLC, Closing Date Term Loan - First Lien          
(SOFR 3 month + 7.00%, 1.00% Floor), 11.20%, 08/28/2030  ‡(b)(c)(d)   8,000,000    7,880,000 
           
Education Services - 1.9%          
Cengage Learning, Inc., 2024 Refinancing Term Loan - First Lien          
(SOFR 1 month + 3.50%), 7.69%, 03/24/2031  (e)   2,970,075    2,966,051 
Point Quest Acquisition, LLC, Delayed Draw Term Loan - First Lien          
(SOFR 3 month + 5.25%), 9.57%, 08/14/2028  ‡(b)(c)   1,115,469    1,115,469 
Point Quest Acquisition, LLC, Initial Term Loan - First Lien          
(SOFR 3 month + 5.25%, 1.00% Floor), 9.70%, 08/14/2028  ‡(b)(c)(d)   7,456,379    7,456,379 
Point Quest Acquisition, LLC, Revolving Credit Loan - First Lien          
(SOFR 3 month + 5.25%, 1.00% Floor), 9.43%, 08/14/2028  ‡(b)(c)   811,987    811,987 
Point Quest Acquisition, LLC, Sixth Amendment Delayed Draw Term Loan - First Lien          
(SOFR 3 month + 5.25%, 1.00% Floor), 9.54%, 08/14/2028  ‡(b)(c)   2,277,013    2,277,013 
         14,626,899 
Electric Utilities - 0.3%          
Mission Critical Group, LLC, Term Loan - First Lien          
(SOFR 1 month + 6.00%), 10.14%, 04/17/2030  ‡(b)(c)(d)   2,245,924    2,223,465 
           
Electrical Components & Equipment - 0.4%          
EIKO GLOBAL, LLC, Revolving Credit Loan - First Lien          
(SOFR 3 month + 6.50%), 10.66%, 09/03/2030  ‡(b)(c)   3,583,999    3,503,359 

 

See Notes to Consolidated Schedule of Investments.

(Continued) 

 

5

 

 

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

 

Investments  Principal
Amount ($)		   Value ($) 
Electronic Equipment & Instruments - 0.3%          
VeriFone Systems, Inc., 2025-1 Term Loan - First Lien          
(SOFR 3 month + 5.50%, 4.50% PIK), 10.07%, 08/18/2028   2,828,538    2,744,064 
           
Electronic Manufacturing Services - 1.7%          
Creation Technologies Inc., Initial Term Loan - First Lien          
(SOFR 3 month + 5.50%, 0.50% Floor), 10.05%, 10/05/2028  ‡(e)   4,911,168    4,892,751 
Natel Engineering Co., Inc., Initial Term Loan - First Lien          
(SOFR 1 month + 6.25%, 1.00% Floor), 10.52%, 04/30/2026  (d)   8,493,977    8,158,465 
         13,051,216 
Environmental & Facilities Services - 2.8%          
CI (MG) Group, LLC (Mariani Landscape), Delayed Draw Term Loan - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor), 9.75%, 03/27/2030  ‡(b)(c)   420,885    418,780 
CI (MG) Group, LLC (Mariani Landscape), Initial Term Loan - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor), 9.80%, 03/27/2030  ‡(b)(c)(d)   6,899,263    6,864,766 
CI (MG) Group, LLC (Mariani Landscape), Revolving Loan - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor), 9.50%, 03/27/2030  ‡(b)(c)   427,518    425,381 
EnergySolutions (Energy Capital Partners), Initial Term Loan - First Lien          
(SOFR 1 month + 3.25%), 7.41%, 09/20/2030  (e)   2,849,695    2,872,848 
SR Landscaping, LLC, Amendment No. 1 Delayed Draw Term Loan - First Lien          
(SOFR 3 month + 6.25%, 1.00% Floor), 10.57%, 10/30/2029  ‡(b)(c)   423,686    415,213 
SR Landscaping, LLC, Closing Date Term Loan - First Lien          
(SOFR 1 month + 6.25%, 1.00% Floor), 10.57%, 10/30/2029  ‡(b)(c)(d)   2,661,457    2,608,228 
SR Landscaping, LLC, Delayed Draw Term Loan - First Lien          
(SOFR 1 month + 6.25%, 1.00% Floor), 10.57%, 10/30/2029  ‡(b)(c)   883,940    866,262 
SR Landscaping, LLC, Revolving Loan - First Lien          
(SOFR 1 month + 6.25%, 1.00% Floor), 10.60%, 10/30/2029  ‡(b)(c)   445,109    436,207 
Tri Scapes, LLC (HH-TRISCAPES ACQUISITION, INC.), Closing Date Term Loan - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor), 9.82%, 07/12/2030  ‡(b)(c)(d)   4,940,444    4,891,040 
Tri Scapes, LLC (HH-TRISCAPES ACQUISITION, INC.), Delayed Draw Term Loan - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor), 9.69%, 07/12/2030  ‡(b)(c)   1,943,704    1,924,267 
         21,722,992 
Financial Exchanges & Data - 0.8%          
Priority Holdings, LLC, 2025-1 Refinancing Term Loan - First Lien          
(SOFR 1 month + 3.75%), 7.91%, 07/30/2032  (e)   5,943,400    5,969,403 
           
Footwear - 0.1%          
SHO Holding I Corp., Tranche A Term Loan - First Lien          
(SOFR 1 month + 6.50%), 10.78%, 06/30/2029  ‡(b)(c)   537,514    537,514 
           
General Merchandise Stores - 0.9%          
1959 Holdings, LLC (Family Dollar), Term Loan - First Lien          
(SOFR 1 month + 6.50%), 10.78%, 07/05/2030  ‡(b)(c)(d)   6,976,744    6,906,977 
           
Health Care Distributors - 0.5%          
Prescott's Inc. (AKA Greenjacket), Term Loan - First Lien          
(SOFR 3 month + 4.75%, 1.00% Floor), 8.75%, 12/30/2030  ‡(b)(c)(d)   4,032,242    4,002,000 

 

See Notes to Consolidated Schedule of Investments.

(Continued) 

 

6

 

 

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

 

Investments  Principal
Amount ($)		   Value ($) 
Health Care Facilities - 1.5%          
ConvenientMD (CMD Intermediate Holdings, Inc.), 2024 Extended Revolving Credit Loan - First Lien          
(SOFR 3 month + 5.25%, 1.00% Floor), 9.57%, 06/08/2029  ‡(b)(c)   20,000    18,800 
ConvenientMD (CMD Intermediate Holdings, Inc.), 2024 Extended Term Loan - First Lien          
(SOFR 3 month + 5.25%, 1.00% Floor), 9.60%, 06/08/2029  ‡(b)(c)(d)   1,780,041    1,673,239 
Crisis Prevention Institute, Inc., 2024 Term Loan - First Lien          
(SOFR 3 month + 4.00%, 0.50% Floor), 8.30%, 04/09/2031  (e)   5,013,721    5,003,268 
Quorum Health Resources (QHR), 2023 Incremental Term Loan - First Lien          
(SOFR 1 month + 5.25%), 9.51%, 05/28/2027  ‡(b)(c)(d)   1,955,000    1,950,112 
Quorum Health Resources (QHR), Specified Delayed Draw Term Loan - First Lien          
(SOFR 1 month + 5.25%), 9.51%, 05/28/2027  ‡(b)(c)(d)   1,955,000    1,950,112 
Quorum Health Resources (QHR), Term Loan - First Lien          
(SOFR 1 month + 5.25%, 1.00% Floor), 9.51%, 05/28/2027  ‡(b)(c)(d)   1,032,809    1,030,227 
         11,625,758 
Health Care Services - 15.3%          
Anne Arundel Dermatology Management, LLC, Delayed Draw Term Loan A - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor, 1.00% PIK), 10.65%, 10/15/2027  ‡(b)(c)(d)   122,348    116,395 
Anne Arundel Dermatology Management, LLC, Delayed Draw Term Loan B - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor, 1.00% PIK), 11.65%, 10/15/2027  ‡(b)(c)(d)   207,242    197,916 
Anne Arundel Dermatology Management, LLC, Delayed Draw Term Loan C - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor, 1.00% PIK), 10.65%, 10/15/2027  ‡(b)(c)   583,365    554,979 
Anne Arundel Dermatology Management, LLC, Restatement Date Term Loan - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor, 1.00% PIK), 10.65%, 10/15/2027  ‡(b)(c)(d)   2,018,996    1,927,902 
BCDI BHI Intermediate 2, LP (Basic Home Infusion), Delayed Draw Term Loan - First Lien          
(SOFR 3 month + 5.75%, 1.00% Floor), 9.90%, 09/29/2028  ‡(b)(c)(d)   1,206,916    1,206,916 
BCDI BHI Intermediate 2, LP (Basic Home Infusion), Initial Term Loan - First Lien          
(SOFR 3 month + 5.75%, 1.00% Floor), 9.90%, 09/29/2028  ‡(b)(c)(d)   2,862,543    2,862,543 
BCDI BHI Intermediate 2, LP (Basic Home Infusion), Revolving Credit Loan - First Lien          
(SOFR 3 month + 5.75%, 1.00% Floor), 9.90%, 09/29/2028  ‡(b)(c)   217,383    217,383 
Boston Clinical Trials LLC (Alcanza Clinical Research), Fourth Amendment Delayed Draw Term Loan - First Lien          
(SOFR 3 month + 5.75%, 1.00% Floor), 9.90%, 12/20/2027  ‡(b)(c)   897,907    877,704 
Boston Clinical Trials LLC (Alcanza Clinical Research), Fourth Amendment Term Loan - First Lien          
(SOFR 3 month + 5.75%, 1.00% Floor), 10.20%, 12/20/2027  ‡(b)(c)(d)   2,066,860    2,020,356 
Boston Clinical Trials LLC (Alcanza Clinical Research), Initial Term Loan - First Lien          
(SOFR 3 month + 6.25%, 1.00% Floor), 10.40%, 12/20/2027  ‡(b)(c)(d)   4,658,147    4,576,629 
Community Based Care Acquisition, Inc. (Amivie Acquisition, Inc.), Delayed Draw Tranche A Term Loan - First Lien          
(SOFR 3 month + 5.25%, 1.00% Floor), 9.35%, 09/16/2027  ‡(b)(c)(d)   882,876    882,876 
Community Based Care Acquisition, Inc. (Amivie Acquisition, Inc.), Delayed Draw Tranche B Term Loan - First Lien          
(SOFR 3 month + 5.25%, 1.00% Floor), 9.35%, 09/16/2027  ‡(b)(c)   983,409    983,409 

 

See Notes to Consolidated Schedule of Investments.

(Continued) 

 

7

 

 

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

 

Investments  Principal
Amount ($)		   Value ($) 
Community Based Care Acquisition, Inc. (Amivie Acquisition, Inc.), Delayed Draw Tranche C Term Loan - First Lien          
(SOFR 3 month + 5.25%, 1.00% Floor), 9.47%, 09/16/2027  ‡(b)(c)   1,993,471    1,993,471 
Community Based Care Acquisition, Inc. (Amivie Acquisition, Inc.), Initial Term Loan - First Lien          
(SOFR 3 month + 5.25%, 1.00% Floor), 9.35%, 09/16/2027  ‡(b)(c)(d)   2,177,561    2,177,561 
Dermatology Intermediate Holdings III, Inc. (Forefront), Term B-1 Loan - First Lien          
(SOFR 3 month + 5.50%, 0.50% Floor), 9.81%, 03/30/2029  ‡(e)   5,417,500    5,110,517 
Elevate HD Parent, Inc., Delayed Draw Term Loan A - First Lien          
(SOFR 1 month + 6.00%, 1.00% Floor), 10.26%, 08/20/2029  ‡(b)(c)   74,317    74,317 
Elevate HD Parent, Inc., Delayed Draw Term Loan B - First Lien          
(SOFR 1 month + 6.00%, 1.00% Floor), 10.26%, 08/20/2029  ‡(b)(c)   588,074    588,074 
Elevate HD Parent, Inc., Initial Term Loan - First Lien          
(SOFR 1 month + 6.00%, 1.00% Floor), 10.26%, 08/20/2029  ‡(b)(c)(d)   3,185,000    3,185,000 
Endo1 Partners, LLC, Initial Term Loan - First Lien          
(SOFR 1 month + 6.76%, 2.00% Floor, 0.38% PIK), 11.30%, 05/23/2030  ‡(b)(c)(d)   1,520,512    1,497,704 
Endo1 Partners, LLC, Last Out Term Loan - First Lien          
(SOFR 1 month + 6.76%, 2.00% Floor, 0.38% PIK), 11.45%, 05/24/2030  ‡(b)(c)(d)   5,721,677    5,599,634 
Endo1 Partners, LLC, Revolving Loan - First Lien          
(SOFR 1 month + 4.00%, 1.00% Floor), 8.32%, 05/23/2030  ‡(b)(c)   375,251    367,746 
Epic Staffing Group (Cirrus/Tempus/Explorer Investor), Initial Term Loan - First Lien          
(SOFR 6 month + 6.00%, 0.50% Floor), 10.29%, 06/28/2029  ‡(b)   4,864,490    4,305,074 
First Steps Recovery Acquisition, LLC (True North Detox), Delayed Draw Term Loan - First Lien          
(SOFR 3 month + 6.25%, 1.00% Floor), 10.33%, 03/29/2030  ‡(b)(c)   741,831    730,704 
First Steps Recovery Acquisition, LLC (True North Detox), Initial Term Loan - First Lien          
(SOFR 1 month + 6.25%, 1.00% Floor), 10.41%, 03/29/2030  ‡(b)(c)(d)   3,074,797    3,028,675 
First Steps Recovery Acquisition, LLC (True North Detox), Revolving Credit Loan - First Lien          
(SOFR 1 month + 6.25%, 1.00% Floor), 10.25%, 03/29/2030  ‡(b)(c)   356,757    351,405 
Gen4 Dental Partners Opco, LLC, Initial Term Loan - First Lien          
(SOFR 1 month + 5.75%, 1.00% Floor), 9.89%, 05/13/2030  ‡(b)(c)(d)   5,445,000    5,390,550 
Global Medical Response, Inc., Initial Term Loan - First Lien          
(SOFR 1 month + 3.50%), 7.63%, 10/01/2032   3,000,000    3,004,290 
Houseworks Holdings, Fourth Amendment Term Loan - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor), 9.70%, 12/15/2028  ‡(b)(c)(d)   2,623,465    2,597,230 
Houseworks Holdings, Revolving Loan - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor), 9.71%, 12/15/2028  ‡(b)(c)   264,478    261,834 
Houseworks Holdings, Third Amendment Delayed Draw Term Loan - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor), 9.70%, 12/15/2028  ‡(b)(c)   729,034    721,744 
Houseworks Holdings, Third Amendment Term Loan - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor), 9.70%, 12/15/2028  ‡(b)(c)(d)   1,662,124    1,645,503 

 

See Notes to Consolidated Schedule of Investments.

(Continued) 

 

8

 

 

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

 

Investments  Principal
Amount ($)		   Value ($) 
In Vitro Sciences, LLC (New IVS Holdings, LLC), Closing Date Term Loan - First Lien          
(SOFR 1 month + 7.00%, 1.00% Floor), 11.28%, 02/28/2029  ‡(b)(c)(d)   8,025,849    7,303,523 
In Vitro Sciences, LLC (New IVS Holdings, LLC), Delayed Draw Term Loan - First Lien          
(SOFR 1 month + 7.00%, 1.00% Floor), 11.28%, 02/28/2029  ‡(b)(c)(d)   2,055,624    1,870,618 
In Vitro Sciences, LLC (New IVS Holdings, LLC), Revolving Loan - First Lien          
(SOFR 3 month + 7.00%, 1.00% Floor), 11.16%, 02/28/2029  ‡(b)(c)   315,401    287,015 
Life Northwestern Pennsylvania, LLC (FFL Pace Buyer, Inc.), Delayed Draw Term Loan - First Lien          
(SOFR 1 month + 5.50%, 1.00% Floor), 9.73%, 12/06/2027  ‡(b)(c)(d)   569,440    569,440 
Life Northwestern Pennsylvania, LLC (FFL Pace Buyer, Inc.), Initial Term Loan - First Lien          
(SOFR 1 month + 5.50%, 1.00% Floor), 9.88%, 12/06/2027  ‡(b)(c)(d)   1,699,239    1,699,239 
Life Northwestern Pennsylvania, LLC (FFL Pace Buyer, Inc.), Revolving Loan - First Lien          
(SOFR 1 month + 5.50%, 1.00% Floor), 9.73%, 12/06/2027  ‡(b)(c)   439,157    439,157 
LMSI Buyer, LLC, Initial Term Loan - First Lien          
(SOFR 3 month + 5.75%, 1.00% Floor), 9.90%, 10/25/2027  ‡(b)(c)(d)   2,122,573    1,973,993 
LMSI Buyer, LLC, Revolving Credit Loan - First Lien          
(SOFR 3 month + 5.75%, 1.00% Floor), 10.20%, 10/25/2027  ‡(b)(c)   390,516    363,180 
LSCS Holdings Inc. (Dohmen Life Science Services/Project Ghost), 2025 Refinancing Term Loan - First Lien          
(SOFR 3 month + 4.50%), 8.50%, 03/04/2032  (e)   4,670,836    4,608,574 
Medrina, LLC, Initial Term Loan - First Lien          
(SOFR 6 month + 6.00%, 1.00% Floor), 10.13%, 10/20/2029  ‡(b)(c)(d)   5,424,347    5,424,347 
Medrina, LLC, Primary Delayed Draw Term Loan - First Lien          
(SOFR 6 month + 6.00%, 1.00% Floor), 10.22%, 10/20/2029  ‡(b)(c)   958,740    958,740 
Monarch Behavioral Therapy, LLC, Closing Date Term Loan - First Lien          
(SOFR 1 month + 5.00%, 1.00% Floor), 9.16%, 06/06/2030  ‡(b)(c)(d)   9,547,726    9,499,987 
Monarch Behavioral Therapy, LLC, Delayed Draw Term Loan - First Lien          
(SOFR 1 month + 5.00%, 1.00% Floor), 9.28%, 06/06/2030  ‡(b)(c)   1,468,235    1,460,894 
Monarch Behavioral Therapy, LLC, Revolving Loan - First Lien          
(SOFR 1 month + 5.00%, 1.00% Floor), 9.25%, 06/06/2030  ‡(b)(c)   762,568    758,755 
National Mentor Holdings, Inc. (Civitas Solutions), Initial Term Loan - Second Lien          
(SOFR 3 month + 7.25%, 0.75% Floor), 11.35%, 03/02/2029   9,386,585    9,343,547 
NSM Top Holdings Corp. (National Seating & Mobility Inc.), 2025 Refinancing Term Loan - First Lien          
(SOFR 3 month + 4.75%), 8.85%, 05/14/2029  (e)   3,000,000    3,034,230 
US Fertility Enterprises, LLC, Initial Delayed Draw Term Loan - First Lien          
(SOFR 3 month + 4.50%, 1.00% Floor), 8.60%, 10/11/2031  ‡(f)   57,840    58,057 
US Fertility Enterprises, LLC, Initial Term Loan - First Lien          
(SOFR 3 month + 4.50%), 8.50%, 10/11/2031  (f)   1,269,293    1,274,053 
Visante Acquisition, LLC, Initial Term Loan - First Lien          
(SOFR 3 month + 5.75%, 1.00% Floor), 10.06%, 01/31/2030  ‡(b)(c)(d)   4,914,816    4,914,816 
Women's Care Holdings, Inc., Initial Term Loan - Second Lien          
(SOFR 3 month + 8.25%, 0.75% Floor), 12.66%, 01/12/2029  (d)   5,701,232    4,446,961 
         119,345,167 

 

See Notes to Consolidated Schedule of Investments.

(Continued) 

 

9

 

 

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

 

Investments  Principal
Amount ($)		   Value ($) 
Health Care Supplies - 0.5%          
Journey Personal Care (Domtar Corp.), Term B Loan - First Lien          
(SOFR 1 month + 3.75%), 7.91%, 03/01/2028  (e)   3,929,158    3,908,294 
           
Health Care Technology - 2.4%          
Advantmed Buyer Inc., Delayed Draw Term Loan - First Lien          
(SOFR 3 month + 5.00%, 1.00% Floor), 9.00%, 02/14/2031  ‡(b)(c)   1,153,235    1,153,234 
Advantmed Buyer Inc., Initial Term Loan - First Lien          
(SOFR 3 month + 5.00%, 1.00% Floor), 9.00%, 02/14/2031  ‡(b)(c)(d)   8,149,524    8,149,524 
Greenway Health, LLC (fka Vitera Healthcare Solutions, LLC), Term Loan - First Lien          
(SOFR 3 month + 6.75%), 10.75%, 04/01/2029  ‡(b)(c)(d)   6,990,323    6,990,323 
RMBUS Holdco Inc. (Eclat Health Solutions Inc.), Initial Term Loan - First Lien          
(SOFR 6 month + 6.50%, 1.00% Floor), 10.62%, 01/08/2029  ‡(b)(c)(d)   2,780,242    2,780,242 
         19,073,323 
Heavy Electrical Equipment - 1.6%          
APS Acquisition Holdings, LLC, Delayed Draw Term Loan - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor), 9.50%, 07/11/2029  ‡(b)(c)   602,743    599,730 
APS Acquisition Holdings, LLC, Initial Term Loan - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor), 9.50%, 07/11/2029  ‡(b)(c)(d)   6,184,407    6,153,484 
Arcline FM Holding, LLC (Fairbanks), 2025 New Term Loan - First Lien          
(SOFR 6 month + 3.50%, 0.75% Floor), 7.58%, 06/23/2030  (e)   4,397,131    4,404,694 
Astro Acquisition, LLC, Initial Term Loan - First Lien          
(SOFR 6 month + 3.25%), 7.12%, 08/30/2032   1,706,363    1,715,969 
         12,873,877 
Highways & Railtracks - 0.1%          
NA Rail Hold Co., LLC (Patriot Rail), Tranche B-3 Term Loan - First Lien          
(SOFR 3 month + 3.00%), 7.12%, 03/08/2032  (e)   1,000,000    1,005,000 
           
Home Furnishings - 0.7%          
Hunter Douglas Holding B.V., Amendment No. 3 Tranche B-1 Term Loan - First Lien          
(SOFR 3 month + 3.25%), 7.25%, 01/17/2032  (e)   2,984,962    2,992,693 
Thornton Carpet, LLC, Closing Date Term Loan - First Lien          
(SOFR 1 month + 5.00%, 1.00% Floor), 9.14%, 05/15/2031  ‡(b)(c)(d)   2,270,732    2,245,186 
         5,237,879 
Home Improvement Retail - 1.0%          
360 PARTNERS, LLC, Term Loan - First Lien          
(SOFR 3 month + 4.50%, 1.00% Floor), 8.74%, 07/31/2031  ‡(b)(c)(d)   1,043,478    1,031,739 
Air Conditioning Specialist, Inc., Closing Date Term Loan - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor), 9.69%, 11/19/2029  ‡(b)(c)(d)   5,009,403    4,984,356 
Air Conditioning Specialist, Inc., Delayed Draw Term Loan - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor), 9.64%, 11/19/2029  ‡(b)(c)   1,736,605    1,727,922 
Air Conditioning Specialist, Inc., Revolving Loan - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor), 9.70%, 11/19/2029  ‡(b)(c)   164,452    163,630 
         7,907,647 
Homebuilding - 0.4%          
HP PHRG Borrower, LLC (Power Home Remodeling), Closing Date Term Loan - First Lien          
(SOFR 3 month + 4.00%), 8.32%, 02/20/2032  (e)   3,000,000    2,997,495 
           
Hotels, Resorts & Cruise Lines - 0.9%          
Stats, LLC (Peak Jersey Holdco Ltd.), Term Loan - First Lien          
(SOFR 3 month + 5.25%), 9.72%, 07/10/2026  (d)(e)   6,963,061    6,936,949 
           

 

See Notes to Consolidated Schedule of Investments.

(Continued) 

 

10

 

 

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

 

Investments  Principal
Amount ($)		   Value ($) 
Household Products - 0.2%          
Lash OpCo, LLC, Initial Term Loan - First Lien          
(SOFR 3 month + 2.65%, 1.00% Floor, 5.10% PIK), 12.16%, 09/17/2027  ‡(b)(c)(d)   2,061,762    1,914,792 
           
Human Resource & Employment Services - 1.7%          
Danforth Health, Inc., Delayed Draw Term Loan - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor), 9.82%, 12/09/2027  ‡(b)(c)   679,315    675,918 
Danforth Health, Inc., First Amendment Incremental Term Loan - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor), 9.70%, 12/09/2027  ‡(b)(c)(d)   957,036    952,251 
Danforth Health, Inc., Fourth Amendment Incremental Term Loan - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor), 9.70%, 12/09/2027  ‡(b)(c)(d)   1,902,672    1,893,159 
Danforth Health, Inc., Initial Term Loan - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor), 9.50%, 12/09/2027  ‡(b)(c)(d)   1,216,636    1,210,553 
Danforth Health, Inc., Revolving Credit Loan - First Lien          
(SOFR 1 month + 5.50%, 1.00% Floor), 9.65%, 12/09/2027  ‡(b)(c)   41,667    41,458 
Danforth Health, Inc., Second Amendment Incremental Term Loan - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor), 9.70%, 12/09/2027  ‡(b)(c)(d)   7,209,823    7,173,774 
Triple Crown Consulting, LLC, Term A Loan - First Lien          
(SOFR 1 month + 6.50%, 1.50% Floor), 10.76%, 06/02/2028  ‡(b)(c)(d)   1,086,504    1,056,625 
         13,003,738 
Industrial Machinery - 1.5%          
BCP VI Summit Holdings LP (Nvent Thermal), Initial Term Loan - First Lien          
(SOFR 1 month + 3.00%), 7.16%, 01/30/2032  (e)   2,000,000    2,011,570 
Dynamo US Bidco Inc. (Innomotics), Facility B (USD) - First Lien          
(SOFR 1 month + 3.50%), 7.78%, 09/30/2031  (e)   2,237,450    2,247,239 
Kenan Advantage Group, Inc., The, U.S. Term B-4 Loan - First Lien          
(SOFR 1 month + 3.25%), 7.41%, 01/25/2029  (e)   4,818,271    4,765,559 
TK Elevator Midco GmbH (Vertical MidCo), Facility B (USD) - First Lien          
(SOFR 6 month + 3.00%), 7.20%, 04/30/2030  (e)   2,977,556    2,988,320 
         12,012,688 
Insurance Brokers - 4.5%          
Acrisure, LLC, 2025 Term B Loan - First Lien          
(SOFR 1 month + 3.25%), 7.41%, 06/20/2032  (e)   1,965,789    1,967,430 
Alera Group, Inc., Term Loan - First Lien          
(SOFR 1 month + 3.25%), 7.41%, 05/30/2032  (e)(f)   1,319,322    1,325,727 
Amynta Agency Borrower Inc. (Amynta Warranty Borrower Inc.), 2025-1 Refinancing Term Loan - First Lien          
(SOFR 1 month + 2.75%), 6.91%, 12/29/2031  (e)   1,977,506    1,972,740 
CFC Bidco 2022 Ltd., Initial Term Loan - First Lien          
(SOFR 3 month + 3.75%), 7.74%, 07/01/2032  (b)   6,000,000    5,745,000 
Newcleus, LLC, Initial Term Loan - First Lien          
(SOFR 3 month + 4.00%, 1.00% Floor, 2.00% PIK), 10.45%, 08/02/2026  ‡(b)(c)(d)   1,207,424    1,147,053 
Portfolio Holding, Inc. (Turbo Buyer / PGM), Amendment No. 3 Incremental Term Loan - First Lien          
(SOFR 3 month + 6.00%, 1.00% Floor), 10.15%, 06/02/2026  ‡(b)(c)(d)   1,925,775    1,925,775 
Portfolio Holding, Inc. (Turbo Buyer / PGM), Amendment No. 4 Incremental Delayed Draw Term Loan - First Lien          
(SOFR 3 month + 6.00%, 1.00% Floor), 10.45%, 06/02/2026  ‡(b)(c)(d)   759,456    759,456 
Portfolio Holding, Inc. (Turbo Buyer / PGM), Amendment No. 4 Incremental Term Loan - First Lien          
(SOFR 3 month + 6.00%, 1.00% Floor), 10.15%, 06/02/2026  ‡(b)(c)(d)   1,129,960    1,129,960 

 

See Notes to Consolidated Schedule of Investments.

(Continued) 

 

11

 

 

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

 

Investments  Principal
Amount ($)		   Value ($) 
The Mutual Group, LLC, Term Loan - First Lien          
(SOFR 3 month + 5.25%, 1.00% Floor), 9.25%, 01/31/2030  ‡(b)(c)(d)   4,809,253    4,809,253 
Tricor, LLC, Amendment No. 4 Delayed Draw Term Loan - First Lien          
(SOFR 1 month + 5.25%, 1.00% Floor), 9.51%, 08/08/2031  ‡(b)(c)   5,347,793    5,347,793 
Tricor, LLC, Amendment No.3 Incremental Term Loan - First Lien          
(SOFR 1 month + 5.25%, 1.00% Floor), 9.51%, 08/08/2031  ‡(b)(c)(d)   1,804,163    1,804,163 
Tricor, LLC, Delayed Draw Term Loan - First Lien          
(SOFR 3 month + 5.25%, 1.00% Floor), 9.70%, 08/08/2031  ‡(b)(c)(d)   711,873    711,873 
Tricor, LLC, Term Loan - First Lien          
(SOFR 1 month + 5.25%, 1.00% Floor), 9.51%, 08/08/2031  ‡(b)(c)(d)   1,894,197    1,894,197 
XPT Partners, LLC, 2024 Delayed Draw Term Loan - First Lien          
(SOFR 6 month + 5.50%, 1.00% Floor), 9.89%, 09/13/2028  ‡(b)(c)   212,086    208,904 
XPT Partners, LLC, 2024 Revolving Loan - First Lien          
(SOFR 6 month + 5.50%, 1.00% Floor), 9.65%, 09/13/2028  ‡(b)(c)   113,094    111,398 
XPT Partners, LLC, Term Loan - First Lien          
(SOFR 6 month + 5.50%, 1.00% Floor), 9.89%, 09/13/2028  ‡(b)(c)(d)   4,241,398    4,177,777 
         35,038,499 
Integrated Telecommunication Services - 1.3%          
Guardian US Holdco LLC (Intrado Corp.), Initial Term Loan - First Lien          
(SOFR 3 month + 3.50%), 7.50%, 01/31/2030  (e)   4,937,186    4,945,925 
Orion US Finco, Term Loan B - First Lien          
05/20/2032  (f)   5,000,000    5,031,250 
         9,977,175 
Interactive Media & Services - 0.7%          
Ingenio LLC, First Amendment Term Loan - First Lien          
(SOFR 3 month + 2.00%, 1.00% Floor, 6.00% PIK), 12.45%, 08/03/2027  ‡(b)(c)(d)   4,153,723    3,946,037 
Ingenio LLC, Term Loan - First Lien          
(SOFR 3 month + 2.00%, 1.00% Floor, 6.00% PIK), 12.45%, 08/03/2027  ‡(b)(c)(d)   1,341,280    1,274,216 
         5,220,253 
Internet & Direct Marketing Retail - 2.2%          
Everlane, Inc., Term Loan - First Lien          
(SOFR 1 month + 6.50%, 1.00% Floor), 10.77%, 02/14/2029  ‡(b)(c)   3,300,000    3,300,000 
Kobra International, Ltd. (d/b/a Nicole Miller), Term Loan - First Lien          
(SOFR 1 month + 6.00%, 1.00% Floor), 10.28%, 05/17/2027  ‡(b)(c)   6,978,716    6,978,716 
Stubhub Holdco Sub, LLC (Pug), Extended USD Term B Loan - First Lien          
(SOFR 1 month + 4.75%), 8.91%, 03/15/2030  (e)   4,275,803    4,249,079 
Sweetwater Borrower LLC, Initial Term Loan - First Lien          
(SOFR 1 month + 4.25%, 0.75% Floor), 8.53%, 08/07/2028  (e)   2,409,238    2,419,791 
         16,947,586 
Internet Services & Infrastructure - 0.8%          
Blackhawk Network Holdings, Inc., Additional Term B-2 Loan - First Lien          
(SOFR 1 month + 4.00%), 8.16%, 03/12/2029  (e)   4,107,086    4,127,950 
Technology Partners, LLC (Imagine Software), Initial Term Loan - First Lien          
(SOFR 3 month + 5.00%, 1.00% Floor), 9.29%, 11/16/2027  ‡(b)(c)(d)   2,252,100    2,252,100 
         6,380,050 
Investment Banking & Brokerage - 0.4%          
Aretec Group Inc. (Cetera Financial Group), Term B-3 Loan - First Lien          
(SOFR 1 month + 3.50%), 7.66%, 08/09/2030  (e)   2,977,500    2,980,745 

 

See Notes to Consolidated Schedule of Investments.

(Continued) 

 

12

 

 

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

 

Investments  Principal
Amount ($)		   Value ($) 
IT Consulting & Other Services - 5.8%          
Alpine SG, LLC (ASG), February 2023 Term Loan - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor), 9.96%, 11/05/2027  ‡(b)(c)(d)   446,705    446,705 
Alpine SG, LLC (ASG), Initial Term Loan - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor), 9.96%, 11/05/2027  ‡(b)(c)(d)   745,960    745,960 
Alpine SG, LLC (ASG), May 2022 Term Loan - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor), 9.96%, 11/05/2027  ‡(b)(c)(d)   391,143    391,143 
Alpine SG, LLC (ASG), November 2021 Term Loan - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor), 9.96%, 11/05/2027  ‡(b)(c)(d)   1,160,456    1,160,456 
Argano, LLC, 2025 Delayed Draw Term Loan - First Lien          
(SOFR 1 month + 5.75%, 1.00% Floor), 9.91%, 09/13/2029  ‡(b)(c)   1,399,291    1,392,295 
Argano, LLC, Initial Term Loan - First Lien          
(SOFR 1 month + 5.75%, 1.00% Floor), 9.89%, 09/13/2029  ‡(b)(c)(d)   7,697,551    7,659,063 
Asurion, LLC, New B-10 Term Loan - First Lien          
(SOFR 1 month + 4.00%), 8.26%, 08/19/2028  (e)   2,984,615    2,994,151 
Eliassen Group, LLC, Initial Delayed Draw Term Loan - First Lien          
(SOFR 1 month + 5.75%, 0.75% Floor), 9.91%, 04/14/2028  ‡(b)(c)   170,667    168,533 
Eliassen Group, LLC, Initial Term Loan - First Lien          
(SOFR 3 month + 5.75%, 0.75% Floor), 9.75%, 04/14/2028  ‡(b)(c)(d)   2,371,111    2,341,472 
Inflexionpoint LLC (fka Automated Control Concepts), Term Loan - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor), 9.76%, 10/22/2026  ‡(b)(c)(d)   1,860,104    1,860,104 
Irving Parent, Corp. (Quisitive), Initial Term Loan - First Lien          
(SOFR 3 month + 5.25%, 1.00% Floor), 9.25%, 03/11/2031  ‡(b)(c)(d)   10,270,150    10,116,098 
Marlin DTC - LS Midco 2, LLC (Clarus Commerce, LLC), 2A Term Loan - First Lien          
(SOFR 1 month + 6.50%, 1.00% Floor), 10.76%, 07/01/2026  ‡(b)(c)(d)   1,445,992    1,344,772 
ThoughtWorks, Inc., Incremental Term Loan - First Lien          
(SOFR 1 month + 2.50%, 0.50% Floor), 6.78%, 03/24/2028  (e)   3,974,878    3,906,808 
Unified Patents, LLC, Term A Loan - First Lien          
(SOFR 6 month + 5.00%), 9.17%, 12/23/2027  ‡(b)(c)(d)   8,677,119    8,590,348 
Zodiac Purchaser, LLC (Zuora), Term Loan - First Lien          
(SOFR 1 month + 3.50%), 7.66%, 02/14/2032  (e)   2,182,242    2,171,058 
         45,288,966 
Leisure Facilities - 1.1%          
Bandon Fitness Texas, Inc., Delayed Draw Term Loan - First Lien          
(SOFR 3 month + 6.00%, 1.00% Floor), 10.37%, 07/27/2028  ‡(b)(c)   1,270,227    1,181,311 
Bandon Fitness Texas, Inc., Initial Term Loan - First Lien          
(SOFR 3 month + 6.00%, 1.00% Floor), 10.46%, 07/27/2028  ‡(b)(c)(d)   2,854,660    2,654,834 
Bandon Fitness Texas, Inc., Revolving Loan - First Lien          
(SOFR 3 month + 6.00%, 1.00% Floor), 10.47%, 07/27/2028  ‡(b)(c)   243,870    226,799 
Peninsula Pacific Entertainment Development LLC, Term Loan - First Lien          
08/14/2032  ‡(f)   4,050,633    4,055,696 
         8,118,640 

 

See Notes to Consolidated Schedule of Investments.

(Continued) 

 

13

 

 

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

 

Investments  Principal
Amount ($)		   Value ($) 
Life Sciences Tools & Services - 0.4%          
Star Parent, Inc. (Syneos Health), Term Loan B - First Lien          
(SOFR 3 month + 4.00%), 8.00%, 09/27/2030  (e)(f)   2,984,848    2,988,579 
           
Managed Health Care - 0.3%          
LBH Services, LLC, Delayed Draw Term Loan - First Lien          
(SOFR 3 month + 5.75%, 1.00% Floor, 0.75% PIK), 11.07%, 03/28/2028  ‡(b)(c)   312,277    240,433 
LBH Services, LLC, Revolving Loan - First Lien          
(SOFR 3 month + 5.75%, 1.00% Floor, 0.75% PIK), 11.03%, 03/28/2028  ‡(b)(c)   774,323    596,229 
LBH Services, LLC, Term Loan - First Lien          
(SOFR 3 month + 5.75%, 1.00% Floor, 0.75% PIK), 11.06%, 03/28/2028  ‡(b)(c)(d)   1,495,806    1,151,677 
Mamba Purchaser, Inc., Fifth Amendment Term Loan - First Lien          
(SOFR 1 month + 2.75%), 6.89%, 10/14/2031   226,946    227,869 
         2,216,208 
Metal & Glass Containers - 0.9%          
BCPE Empire Holdings, Inc., Amendment No. 8 Incremental Term Loan - First Lien          
(SOFR 1 month + 3.25%), 7.41%, 12/11/2030  (e)   2,984,962    2,982,977 
Closure Systems International Group Inc. (Canister International Group Inc.), Amendment No.5 Term Loan - First Lien          
(SOFR 1 month + 3.00%), 7.16%, 03/22/2029  (e)   2,977,483    2,983,066 
Clydesdale Acquisition Holdings, Inc., 2025 Incremental Closing Date Term B Loan - First Lien          
(SOFR 1 month + 3.25%), 7.41%, 04/01/2032  (f)   980,361    979,959 
Clydesdale Acquisition Holdings, Inc., 2025 Incremental Delayed Draw Term B Loan - First Lien          
(SOFR 1 month + 3.25%), 7.41%, 04/01/2032  (f)   515    515 
         6,946,517 
Multi-Sector Holdings - 0.4%          
Auxey Bidco Ltd. (Alexander Mann Solutions), Facility B (USD) - First Lien          
(SOFR 1 month + 6.00%), 10.23%, 06/29/2027  (b)(e)   2,940,000    2,815,050 
           
Office Services & Supplies - 0.8%          
Equiniti Group PLC (AST/Armor Holdco), 2025 Incremental Term Loan - First Lien          
(SOFR 6 month + 3.75%), 7.92%, 12/11/2028  (e)   6,357,427    6,368,553 
           
Other Diversified Financial Services - 0.5%          
Cohnreznick Advisory LLC (Currahee Borrower Sub), Initial Term Loan - First Lien          
(SOFR 3 month + 3.50%), 7.99%, 03/31/2032   4,303,350    4,316,820 
           
Packaged Foods & Meats - 1.1%          
Aspire Bakeries Holdings LLC, Second Amendment Refinancing Term Loan - First Lien          
(SOFR 1 month + 3.50%), 7.66%, 12/23/2030  (e)   992,487    999,619 
Golden State Foods LLC, Initial Term Loan - First Lien          
(SOFR 3 month + 4.00%), 8.23%, 12/04/2031  (e)   4,886,834    4,904,988 
Primary Products Finance LLC, 2024 Second Replacement Term B Loan - First Lien          
(SOFR 3 month + 3.25%), 7.54%, 04/01/2029  (e)   2,970,000    2,905,031 
         8,809,638 
Paper Packaging - 1.3%          
Advanced Web Technologies (AWT), 4th Amendment Inc., Term Loan - First Lien          
(SOFR 3 month + 4.00%, 1.00% Floor, 2.25% PIK), 10.09%, 12/17/2027  ‡(b)(c)(d)   1,565,341    1,557,242 
Advanced Web Technologies (AWT), Delayed Draw Term Loan - First Lien          
(SOFR 6 month + 5.75%, 1.00% Floor, 2.25% PIK), 10.09%, 12/17/2027  ‡(b)(c)(d)   759,797    755,761 
Advanced Web Technologies (AWT), First Amendment Delayed Draw Term Loan - First Lien          
(SOFR 6 month + 6.25%, 1.00% Floor, 2.25% PIK), 10.09%, 12/17/2027  ‡(b)(c)(d)   329,117    327,368 

 

See Notes to Consolidated Schedule of Investments.

(Continued) 

 

14

 

 

 

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

 

Investments  Principal
Amount ($)		   Value ($) 
Advanced Web Technologies (AWT), First Amendment Delayed Draw Term Loan 2 - First Lien          
(SOFR 6 month + 6.25%, 2.25% PIK), 10.09%, 12/17/2027  ‡(b)(c)(d)   475,922    473,399 
Advanced Web Technologies (AWT), First Requested Incremental Term Loan - First Lien          
(SOFR 6 month + 6.25%, 1.00% Floor, 2.25% PIK), 10.09%, 12/17/2027  ‡(b)(c)(d)   2,109,547    2,098,633 
Advanced Web Technologies (AWT), Fourth Amendment Delayed Term Loan - First Lien          
(SOFR 3 month + 6.25%, 1.00% Floor, 2.25% PIK), 10.09%, 12/17/2027  ‡(b)(c)   724,730    720,880 
Advanced Web Technologies (AWT), Revolving Credit Loan - First Lien          
(SOFR 3 month + 5.75%, 1.00% Floor, 2.25% PIK), 9.75%, 12/17/2027  ‡(b)(c)   26,485    26,352 
Advanced Web Technologies (AWT), Second Amendment Delayed Draw Term Loan - First Lien          
(SOFR 6 month + 6.25%, 1.00% Floor, 2.25% PIK), 10.09%, 12/17/2027  ‡(b)(c)(d)   1,564,560    1,556,249 
Advanced Web Technologies (AWT), Term Loan - First Lien          
(SOFR 6 month + 6.25%, 1.00% Floor, 2.25% PIK), 10.09%, 12/17/2027  ‡(b)(c)(d)   873,750    869,229 
Golden West Packaging Group LLC, Term B-1 Loan - First Lien          
(SOFR 1 month + 5.25%, 1.00% Floor), 9.53%, 06/27/2031   2,739,471    2,164,182 
         10,549,295 
Paper Products - 1.0%          
R-Pac International Corp. (Project Radio), 2024 Incremental Term Loan - First Lien          
(SOFR 3 month + 6.00%), 10.31%, 12/29/2027  ‡(b)(c)   2,367,834    2,361,914 
R-Pac International Corp. (Project Radio), Initial Revolving Loan - First Lien          
(SOFR 1 month + 6.00%, 0.75% Floor), 10.28%, 12/29/2027  ‡(b)(c)   460,199    459,048 
R-Pac International Corp. (Project Radio), Initial Term Loan - First Lien          
(SOFR 3 month + 6.00%, 0.75% Floor), 10.57%, 12/29/2027  ‡(b)(c)   4,825,000    4,812,938 
         7,633,900 
Pharmaceuticals - 2.4%          
Alvogen Pharma US, Inc., Loan - Second Lien          
(SOFR 3 month + 2.50%, 8.00% PIK), 14.80%, 03/01/2029  ‡   2,507,141    1,842,749 
Carestream Health, Inc. (aka Onex), Term Loan - First Lien          
(SOFR 3 month + 7.50%, 1.00% Floor), 11.60%, 09/30/2027  (d)   4,110,081    2,096,141 
Nephron Pharmaceuticals, LLC, FO Term Loan - First Lien          
(SOFR 3 month + 4.00%, 3.25% Floor), 8.32%, 12/30/2027  ‡(b)(c)(d)   1,500,000    1,500,000 
Nephron Pharmaceuticals, LLC, LO Term Loan - First Lien          
(SOFR 3 month + 9.20%, 3.25% Floor), 13.52%, 12/30/2027  ‡(b)(c)(d)   5,100,000    5,100,000 
Syner-G Intermediate Holdings, LLC, Term Loan - First Lien          
(SOFR 3 month + 5.25%, 1.00% Floor), 9.25%, 09/17/2030  ‡(b)(c)(d)   8,605,629    8,003,235 
         18,542,125 
Railroads - 0.6%          
Beacon Mobility Corp., Delayed Draw Term Loan - First Lien          
(SOFR 3 month + 3.25%), 7.25%, 08/06/2030   376,434    378,200 
Beacon Mobility Corp., Initial Term Loan - First Lien          
(SOFR 3 month + 3.25%), 7.25%, 08/06/2030   4,504,870    4,525,998 
         4,904,198 
Real Estate Development - 1.3%          
841 Prudential MOB LLC, Term Loan - First Lien          
(SOFR 1 month + 6.50%, 2.50% Floor), 10.75%, 10/09/2027  ‡(b)(c)   9,837,838    9,837,837 

 

See Notes to Consolidated Schedule of Investments.

(Continued) 

 

15

 

 

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

 

Investments  Principal
Amount ($)		   Value ($) 
Real Estate Services - 1.3%          
Avison Young (Canada) Inc., Delayed Draw Term Loan - First Lien          
(SOFR 3 month + 8.50%), 13.09%, 12/12/2027  ‡(d)   506,785    501,717 
Avison Young (Canada) Inc., First Out Term Loan - First Lien          
(SOFR 3 month + 6.25%), 10.71%, 03/12/2028   7,920,000    7,655,195 
Avison Young (Canada) Inc., Initial Term Loan - First Lien          
(SOFR 3 month + 8.50%), 12.99%, 12/12/2027  ‡(d)   1,368,318    1,354,635 
Avison Young (Canada) Inc., Second-Out Term Loan - First Lien          
(SOFR 3 month + 1.50%, 2.00% Floor, 6.50% PIK), 12.32%, 03/12/2029  ‡(d)   1,732,926    870,804 
Avison Young (Canada) Inc., Third-Out Term Loan - First Lien          
(SOFR 3 month + 1.50%, 2.00% Floor, 6.50% PIK), 12.49%, 03/12/2029  (d)   570,464    122,595 
         10,504,946 
Research & Consulting Services - 6.8%          
CC Amulet Management, LLC (Children's Choice), Delayed Draw Term Loan - First Lien          
(SOFR 3 month + 5.25%, 1.00% Floor), 9.78%, 08/31/2027  ‡(b)(c)   300,545    300,545 
CC Amulet Management, LLC (Children's Choice), Revolving Loan - First Lien          
(SOFR 1 month + 5.25%, 1.00% Floor), 9.75%, 08/31/2026  ‡(b)(c)   47,249    47,250 
CC Amulet Management, LLC (Children's Choice), Second Amendment Delayed Draw Term Loan - First Lien          
(SOFR 3 month + 5.25%, 1.00% Floor), 9.61%, 08/31/2027  ‡(b)(c)   2,489,349    2,489,349 
CC Amulet Management, LLC (Children's Choice), Term Loan - First Lien          
(SOFR 3 month + 5.25%, 1.00% Floor), 9.83%, 08/31/2027  ‡(b)(c)(d)   3,261,822    3,261,822 
Citrin Cooperman Advisors LLC, Initial Term Loan - First Lien          
(SOFR 3 month + 3.00%), 7.00%, 04/01/2032  (e)   3,757,576    3,746,435 
Eisner Advisory Group LLC, February 2024 Incremental Term Loan - First Lien          
(SOFR 1 month + 4.00%, 0.50% Floor), 8.16%, 02/28/2031  (e)   4,987,469    5,023,728 
Harbour Benefit Holdings, Inc. (Zenith Merger Sub), Revolving Loan - First Lien          
(SOFR 1 month + 5.50%, 1.00% Floor), 9.66%, 07/11/2029  ‡(b)(c)   531,933    529,273 
Harbour Benefit Holdings, Inc. (Zenith Merger Sub), Term A Loan - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor), 9.50%, 07/11/2029  ‡(b)(c)(d)   9,900,000    9,850,500 
HFW Cos., LLC (fka HFW Holdings, LLC), Delayed Draw Term Loan - First Lien          
(SOFR 3 month + 5.00%, 1.00% Floor), 9.30%, 05/01/2031  ‡(b)(c)   1,313,400    1,298,624 
HFW Cos., LLC (fka HFW Holdings, LLC), Term A Loan - First Lien          
(SOFR 3 month + 5.00%, 1.00% Floor), 9.30%, 05/01/2031  ‡(b)(c)(d)   6,301,667    6,230,773 
Motus Group, LLC, Initial Term Loan - First Lien          
(SOFR 3 month + 3.75%, 0.50% Floor), 7.75%, 12/11/2028  (e)   997,494    999,159 
PRGX Global, Inc., Initial Term Loan - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor), 9.49%, 12/20/2030  ‡(b)(c)(d)   3,142,105    3,102,829 
Sagebrush Buyer, LLC (Province), Initial Term Loan - First Lien          
(SOFR 1 month + 5.00%, 1.00% Floor), 9.16%, 07/01/2030  ‡(b)(c)(d)   9,400,163    9,400,163 
Strategy Corps., LLC, Revolving Credit Loan - First Lien          
(SOFR 1 month + 5.50%, 1.00% Floor), 9.68%, 06/28/2030  ‡(b)(c)   213,862    209,584 
Strategy Corps., LLC, Term Loan - First Lien          
(SOFR 1 month + 5.50%, 1.00% Floor), 9.82%, 06/28/2030  ‡(b)(c)(d)   6,496,711    6,366,776 
         52,856,810 

 

See Notes to Consolidated Schedule of Investments.

(Continued) 

 

16

 

 

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

 

Investments  Principal
Amount ($)		   Value ($) 
Restaurants - 0.4%          
Cooper's Hawk Intermediate Holding, LLC, Closing Date Initial Term Loan - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor), 9.70%, 07/29/2031  ‡(b)   2,305,263    2,305,263 
Dave & Buster's, Inc., 2024 Incremental Term B Loan - First Lien          
(SOFR 3 month + 3.25%), 7.56%, 11/01/2031   997,487    924,546 
         3,229,809 
Security & Alarm Services - 2.2%          
LSF12 Crown US Commercial Bidco, LLC (Kidde Global Solutions), 2025 Refinancing Term Loan - First Lien          
(SOFR 1 month + 3.50%), 7.78%, 12/02/2031  (e)(f)   6,500,000    6,518,298 
SuperHero Fire Protection, LLC, Eleventh Amendment Incremental Term Loan - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor), 9.96%, 12/31/2029  ‡(b)(c)(d)   10,333,350    10,333,350 
SuperHero Fire Protection, LLC, Revolving Loan - First Lien          
(SOFR 3 month + 5.50%, 1.00% Floor), 9.65%, 12/31/2029  ‡(b)(c)   40,323    40,323 
         16,891,971 
Specialized Consumer Services - 2.9%          
Case Works, LLC, Delayed Draw Term Loan - First Lien          
(SOFR 3 month + 5.25%, 1.00% Floor), 9.38%, 10/01/2029  ‡(b)(c)   750,690    720,662 
Case Works, LLC, Revolving Loan - First Lien          
(SOFR 1 month + 5.25%, 1.00% Floor), 9.55%, 10/01/2029  ‡(b)(c)   301,724    289,655 
(PRIME 1 month + 4.25%, 1.00% Floor), 11.50%, 10/01/2029  ‡(b)(c)   271,552    260,690 
Case Works, LLC, Term Loan - First Lien          
(SOFR 3 month + 5.25%, 1.00% Floor), 9.27%, 10/01/2029  ‡(b)(c)(d)   5,001,002    4,800,962 
LaserAway Intermediate Holdings II, LLC, Initial Term Loan - First Lien          
(SOFR 3 month + 5.75%, 0.75% Floor), 10.33%, 10/14/2027  ‡(b)(c)(d)   4,064,486    4,064,486 
Mammoth Holdings, LLC, Delayed Draw Term Loan - First Lien          
(SOFR 3 month + 6.00%, 1.00% Floor), 10.25%, 11/15/2030  ‡(b)(c)   900,227    868,719 
Mammoth Holdings, LLC, Initial Revolving Credit Loan - First Lien          
(SOFR 3 month + 6.00%, 1.00% Floor), 10.00%, 11/15/2029  ‡(b)(c)   156,818    151,330 
Mammoth Holdings, LLC, Initial Term Loan - First Lien          
(SOFR 3 month + 6.00%, 1.00% Floor), 10.00%, 11/15/2030  ‡(b)(c)(d)   3,581,818    3,456,454 
Owl Vans, LLC, Revolving Loan - First Lien          
(SOFR 1 month + 5.25%, 1.00% Floor), 9.41%, 12/31/2030  ‡(b)(c)   288,000    284,198 
Owl Vans, LLC, Term Loan - First Lien          
(SOFR 1 month + 5.25%, 1.00% Floor), 9.41%, 12/31/2030  ‡(b)(c)(d)   3,048,960    3,008,714 
Thermostat Purchaser III, Inc., Initial Term B-1 Loan - First Lien          
(SOFR 3 month + 4.25%), 8.55%, 08/31/2028  (e)   4,974,874    4,997,933 
         22,903,803 
Specialized Finance - 2.1%          
Ahead DB Holdings, LLC, Term B-5 Loan - First Lien          
(SOFR 3 month + 3.00%, 0.75% Floor), 6.75%, 02/01/2031  (e)   3,940,187    3,949,801 
AlpineX OpCo, LLC, Delayed Draw Term Loan - First Lien          
(SOFR 3 month + 6.00%, 1.00% Floor), 10.25%, 12/27/2027  ‡(b)(c)(d)   512,970    512,970 
AlpineX OpCo, LLC, Fourth Amendment Incremental Term Loan - First Lien          
(SOFR 3 month + 6.00%, 1.00% Floor), 10.25%, 12/27/2027  ‡(b)(c)(d)   73,761    73,760 
AlpineX OpCo, LLC, Revolving Loan - First Lien          
(SOFR 3 month + 6.00%, 1.00% Floor), 10.25%, 12/27/2027  ‡(b)(c)   112,621    112,621 

 

See Notes to Consolidated Schedule of Investments.

(Continued) 

 

17

 

 

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

 

Investments  Principal
Amount ($)		   Value ($) 
AlpineX OpCo, LLC, Second Amendment Incremental Revolving Loan - First Lien          
(SOFR 3 month + 6.00%, 1.00% Floor), 10.25%, 12/27/2027  ‡(b)(c)   52,857    52,857 
AlpineX OpCo, LLC, Second Amendment Incremental Term Loan - First Lien          
(SOFR 3 month + 6.00%, 1.00% Floor), 10.25%, 12/27/2027  ‡(b)(c)(d)   841,322    841,321 
AlpineX OpCo, LLC, Term Loan - First Lien          
(SOFR 3 month + 6.00%, 1.00% Floor), 10.25%, 12/27/2027  ‡(b)(c)(d)   795,547    795,547 
Apex Group Treasury Ltd., 2025 Refinancing USD Term Loan - First Lien          
(SOFR 3 month + 3.50%), 7.75%, 02/27/2032  (e)   2,992,500    2,932,650 
Berkeley Research Group Holdings, LLC, Term Loan B - First Lien          
(SOFR 3 month + 3.25%), 7.25%, 05/01/2032  (e)   1,774,576    1,780,734 
CP Iris Holco I, Inc. (IPS Corp.), Initial Term Loan - First Lien          
(SOFR 1 month + 3.50%, 0.50% Floor), 7.66%, 10/02/2028  (e)(f)   2,984,536    2,988,267 
iLending LLC, Term Loan A - First Lien          
(SOFR 1 month + 1.00%, 5.00% PIK), 10.42%, 12/21/2028  ‡(b)(c)(d)   636,858    601,831 
iLending LLC, Term Loan B - First Lien          
0.00%, 12/21/2028  ‡(b)(c)(d)   615,684    — 
June Purchaser LLC (Janney Montgomery Scott), Initial Term Loan - First Lien          
(SOFR 3 month + 2.75%), 7.00%, 11/28/2031  (e)   1,705,714    1,712,819 
         16,355,178 
Specialty Chemicals - 1.1%          
Plaze (PLZ Aeroscience), 2021-1 Term Loan - First Lien          
(SOFR 1 month + 3.75%, 0.75% Floor), 7.91%, 08/03/2026   979,434    919,136 
Plaze (PLZ Aeroscience), Initial Term Loan - First Lien          
(SOFR 1 month + 3.50%), 7.78%, 08/03/2026   4,976,891    4,670,489 
RLG Holdings, LLC, 2022 Incremental Term Loan - First Lien          
(SOFR 1 month + 5.00%), 9.16%, 07/07/2028  (e)   2,623,140    2,207,805 
RLG Holdings, LLC, Closing Date Initial Term Loan - First Lien          
(SOFR 1 month + 4.25%, 0.75% Floor), 8.53%, 07/07/2028  (e)   898,653    743,797 
         8,541,227 
Specialty Stores - 0.4%          
Great Outdoors Group, LLC (Bass Pro Group), Term B-3 Loan - First Lien          
(SOFR 1 month + 3.25%), 7.41%, 01/23/2032  (e)   2,984,962    2,987,201 
           
Systems Software - 1.7%          
AQA Acquisition Holding, Inc. (SmartBear), 2024 Term Loan - First Lien          
(SOFR 3 month + 4.00%), 8.31%, 03/03/2028  (e)   4,975,000    4,920,598 
Flash Charm, Inc. (fka Idera), 2021 Refinancing Loan - Second Lien          
(SOFR 3 month + 6.75%), 11.20%, 03/02/2029  ‡   1,341,463    1,086,585 
Flash Charm, Inc. (fka Idera), Incremental Term Loan - First Lien          
(SOFR 3 month + 3.50%), 7.80%, 03/02/2028   2,984,877    2,626,692 
McAfee Enterprise (Magenta Buyer LLC), Super Priority Term Loan - First Lien          
(SOFR 3 month + 6.25%, 1.00% Floor), 10.56%, 07/27/2028  (d)(e)   1,579,521    1,606,768 
Perforce Software, Inc., 2024-1 Refinancing Term Loan - First Lien          
(SOFR 1 month + 4.75%), 8.91%, 06/29/2029   2,984,962    2,755,807 
         12,996,450 
Technology Distributors - 0.6%          
Modena Buyer LLC (End User Computing), Initial Term Loan - First Lien          
(SOFR 3 month + 4.50%), 8.81%, 07/01/2031  (e)   4,987,437    4,932,226 
           
Technology Hardware, Storage & Peripherals - 0.5%          
TouchTunes Music Group, LLC (TA TT Buyer), Tranche B-1 Term Loan - First Lien          
(SOFR 3 month + 4.75%), 8.75%, 04/02/2029  (e)   3,868,844    3,823,695 

 

See Notes to Consolidated Schedule of Investments.

(Continued) 

 

18

 

 

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

 

Investments  Principal
Amount ($)		   Value ($) 
Textiles - 0.5%          
Elevate Textiles, Inc. (International Textile Group), First Out Term Loan - First Lien          
(SOFR 3 month + 8.50%), 12.79%, 09/30/2027  (e)   2,064,135    2,083,063 
Elevate Textiles, Inc. (International Textile Group), Last Out Term Loan - First Lien          
(SOFR 3 month + 1.00%, 1.00% Floor, 5.50% PIK), 10.64%, 09/30/2027   2,604,661    2,025,124 
         4,108,187 
Trading Companies & Distributors - 0.9%          
DXP Enterprises, Inc., 2024 Incremental Term Loan - First Lien          
(SOFR 1 month + 3.75%), 7.91%, 10/11/2030  (e)   1,980,000    1,993,820 
Verde Purchaser, LLC, Initial Term Loan - First Lien          
(SOFR 3 month + 4.00%), 8.00%, 11/30/2030  (e)   4,967,393    4,924,276 
         6,918,096 
Trucking - 2.2%          
A&R Logistics Holdings, Inc., Tranche 7 Incremental Term Loan - First Lien          
(SOFR 3 month + 6.75%, 1.00% Floor, 4.25% PIK), 11.19%, 02/03/2028  ‡(b)(c)(d)   3,277,878    3,048,426 
A&R Logistics Holdings, Inc., Tranche 9 Incremental Term Loan - First Lien          
(SOFR 3 month + 6.75%, 1.00% Floor), 11.19%, 02/03/2028  ‡(b)(c)(d)   620,308    576,887 
First Student Bidco Inc. (First Transit Parent Inc.), Initial Term B Loan - First Lien          
(SOFR 3 month + 2.50%), 6.71%, 08/15/2030  (f)   3,722,658    3,730,103 
First Student Bidco Inc. (First Transit Parent Inc.), Initial Term C Loan - First Lien          
(SOFR 3 month + 2.50%), 6.71%, 08/15/2030  (f)   681,208    682,771 
Stonepeak Taurus Lower Holdings LLC (TRAC), Initial Term Loan (Second Lien Term Loan) - Second Lien          
(SOFR 3 month + 7.00%, 0.50% Floor), 11.10%, 01/28/2030   5,000,000    4,432,825 
Student Transportation of America Holdings, Inc., Delayed Draw Term Loan - First Lien          
(SOFR 3 month + 3.25%), 7.38%, 06/24/2032   333,333    334,637 
Student Transportation of America Holdings, Inc., Term Loan B - First Lien          
(SOFR 3 month + 3.25%), 7.25%, 06/24/2032  (e)(f)   4,655,000    4,673,201 
         17,478,850 
Water Utilities - 0.7%          
Waste Resource Management, Inc., Delayed Draw Term Loan - First Lien          
(SOFR 1 month + 5.75%, 1.00% Floor), 9.91%, 12/28/2029  ‡(b)(c)   1,542,170    1,542,170 
Waste Resource Management, Inc., Term Loan - First Lien          
(SOFR 1 month + 5.75%, 1.00% Floor), 9.91%, 12/28/2029  ‡(b)(c)(d)   4,157,600    4,157,600 
         5,699,770 
Total Senior Loans
(Cost $897,641,915)		        884,817,468 

 

 

Investments   Principal
Amount ($)		     Value ($)  
Corporate Bonds - 1.8%                
                 
Banks - 0.4%                
Armor Holdco, Inc.                
8.50%, 11/15/2029  (g)     3,396,000       3,371,315  
                 
Containers & Packaging - 0.6%                
Iris Holding, Inc.                
10.00%, 12/15/2028  (g)     3,000,000       2,709,327  
Mauser Packaging Solutions Holding Co.                
9.25%, 04/15/2027  (g)     2,000,000       2,004,576  
              4,713,903  
Entertainment - 0.2%                
Allen Media LLC                
10.50%, 02/15/2028  (g)     3,000,000       1,335,000  
                 
Hotels, Restaurants & Leisure - 0.1%                
Caesars Entertainment, Inc.                
6.00%, 10/15/2032  (g)     1,000,000       984,960  
                 
Passenger Airlines - 0.4%                
United Airlines, Inc.                
4.38%, 04/15/2026  (g)     3,000,000       2,995,392  
                 
Software - 0.1%                
Camelot Finance SA                
4.50%, 11/01/2026  (g)     430,000       428,526  
                 
Total Corporate Bonds
(Cost $15,453,261)		             13,829,096  

 

See Notes to Consolidated Schedule of Investments.

(Continued) 

 

19

 

 

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

 

Investments   Shares     Value ($)  
Common Stocks - 1.2%                
                 
Chemicals - 0.0%                
A&A Global Imports LLC, Class A *‡(b)(c)(d)     41       —  
                 
IT Services - 1.0%                
Solugenix Corp. *‡(b)(c)     8,000,000       8,000,000  
                 
Media - 0.2%                
A-L Parent LLC *‡     13,507       1,452,003  
                 
Real Estate Management & Development - 0.0%(h)                
Avison Young-Investments LLC (Canada) *‡(d)     1,236       139  
Avison Young-Investments LLC, Preference (Canada) *‡(d)     1,950,816       346,270  
              346,409  
Transportation Infrastructure - 0.0%(h)                
Limetree Bay Cayman *‡(c)     1,430       14  
                 
Total Common Stocks
(Cost $9,590,079)		             9,798,426  

 

Investments   Number of
Warrants		     Value ($)  
Warrants - 0.0%(h)                
                 
Specialty Retail - 0.0%(h)                
Ingenio LLC, expiring 3/28/2030*‡(b)(c)(d)     78       76,871  
Xcel Brands, Inc., expiring 12/12/2034*‡(b)(c)     7,667       1,840  
                 
Total Warrants
(Cost –)		             78,711  

 

Investments   Shares     Value ($)  
Short-Term Investments - 4.5%                
                 
Investment Companies - 4.5%                
JP Morgan U.S. Government Money Market Fund, Capital Shares 4.12% (i)
(Cost $35,005,064)		     35,005,064       35,005,064  
                 
Total Investments - 120.6%
(Cost $957,690,319)		             943,528,765  
Credit Facility^ - (22.7)%
(Cost $(177,365,597))		             (177,365,597 )
Other assets less liabilities - 2.1%             16,418,061  
Net Assets - 100.0%             782,581,229  

 

* Non-income producing security.
‡ Value determined using significant unobservable inputs.
^ Total borrowings of $180,650,000, net of unamortized deferred financing costs of $3,284,403.
(a) Senior loans pay interest at rates that are periodically determined on the basis of a floating benchmark lending rate, sometimes subject to a floor, plus a spread, unless otherwise indicated. The most popular benchmark lending rates are SOFR (a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement market) and the prime rate offered by one or more major U.S. banks (“Prime”). SOFR based contracts may include a credit spread adjustment that is charged in addition to the benchmark rate and the stated spread. SOFR and Prime were utilized as benchmark lending rates for the senior loans at September 30, 2025. The rates shown represent the contractual rates (benchmark rate or floor plus spread) in effect at period end.
(b) Represents a security that is subject to legal or contractual restrictions on resale. The Fund generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended, or the Securities Act. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be ''restricted securities'' under the Securities Act. Total value of all such securities at September 30, 2025 amounted to $517,577,005, which represents approximately 66.14% of net assets of the Fund.

 

See Notes to Consolidated Schedule of Investments.

(Continued) 

 

20

 

 

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

 

          Carrying Value 
          Per 
Restricted Securities  Acqusition Date  Cost   Share/Principal 
1959 Holdings, LLC (Family Dollar), Term Loan - First Lien  07/10/25   6,908,579   $99.00 
360 PARTNERS, LLC, Term Loan - First Lien  08/07/25   1,033,654    98.88 
841 Prudential MOB LLC, Term Loan - First Lien  10/09/24   9,725,490    100.00 
A&A Global Imports LLC  02/15/24   0    - 
A&A Global Imports, LLC, First Out Term Loan - First Lien  06/01/21 - 10/19/22   1,031,231    10.38 
A&A Global Imports, LLC, Last Out Term Loan - First Lien  06/01/21 - 10/19/22   1,182,279    0.00 
A&A Global Imports, LLC, New Revolving Loan - First Lien  02/14/24 - 05/14/25   50,275    100.00 
A&R Logistics Holdings, Inc., Tranche 7 Incremental Term Loan - First Lien  07/06/22 - 04/02/25   3,266,042    93.00 
A&R Logistics Holdings, Inc., Tranche 9 Incremental Term Loan - First Lien  08/01/22   617,753    93.00 
Advanced Web Technologies (AWT), 4th Amendment Inc., Term Loan - First Lien  07/02/24   1,547,106    99.48 
Advanced Web Technologies (AWT), Delayed Draw Term Loan - First Lien  03/14/24 - 07/02/24   758,609    99.47 
Advanced Web Technologies (AWT), First Amendment Delayed Draw Term Loan - First Lien  05/09/23   326,492    99.47 
Advanced Web Technologies (AWT), First Amendment Delayed Draw Term Loan 2 - First Lien  02/13/24   475,924    99.47 
Advanced Web Technologies (AWT), First Requested Incremental Term Loan - First Lien  10/18/22 - 07/02/24   2,100,011    99.48 
Advanced Web Technologies (AWT), Fourth Amendment Delayed Term Loan - First Lien  07/14/24 - 09/08/25   712,786    99.49 
Advanced Web Technologies (AWT), Revolving Credit Loan - First Lien  09/25/25   26,283    99.50 
Advanced Web Technologies (AWT), Second Amendment Delayed Draw Term Loan - First Lien  02/13/24 - 07/02/24   1,563,840    99.47 
Advanced Web Technologies (AWT), Term Loan - First Lien  02/05/21 - 07/02/24   868,382    99.48 
Advantmed Buyer Inc., Delayed Draw Term Loan - First Lien  03/21/25   1,148,528    100.00 
Advantmed Buyer Inc., Initial Term Loan - First Lien  02/14/25   8,051,078    100.00 
Air Buyer Inc. (Condata Global), Term Loan - First Lien  07/23/24   3,249,546    97.50 
Air Conditioning Specialist, Inc., Closing Date Term Loan - First Lien  11/19/24   4,940,988    99.50 
Air Conditioning Specialist, Inc., Delayed Draw Term Loan - First Lien  11/29/24 - 08/22/25   1,713,079    99.50 
Air Conditioning Specialist, Inc., Revolving Loan - First Lien  02/27/25   162,232    99.50 
Alpine SG, LLC (ASG), February 2023 Term Loan - First Lien  02/03/23   440,133    100.00 
Alpine SG, LLC (ASG), Initial Term Loan - First Lien  11/05/21   740,693    100.00 
Alpine SG, LLC (ASG), May 2022 Term Loan - First Lien  05/13/22   387,285    100.00 
Alpine SG, LLC (ASG), November 2021 Term Loan - First Lien  11/24/21   1,148,915    100.00 
AlpineX OpCo, LLC, Delayed Draw Term Loan - First Lien  05/09/23   510,792    100.00 
AlpineX OpCo, LLC, Fourth Amendment Incremental Term Loan - First Lien  12/15/23   72,603    100.00 
AlpineX OpCo, LLC, Revolving Loan - First Lien  12/27/21 - 07/18/24   111,615    100.00 
AlpineX OpCo, LLC, Second Amendment Incremental Revolving Loan - First Lien  09/16/22 - 07/18/24   52,202    100.00 
AlpineX OpCo, LLC, Second Amendment Incremental Term Loan - First Lien  09/16/22   829,575    100.00 
AlpineX OpCo, LLC, Term Loan - First Lien  12/27/21   788,601    100.00 
Anne Arundel Dermatology Management, LLC, Delayed Draw Term Loan A - First Lien  03/14/22   122,348    95.13 
Anne Arundel Dermatology Management, LLC, Delayed Draw Term Loan B - First Lien  03/14/22   207,243    95.50 
Anne Arundel Dermatology Management, LLC, Delayed Draw Term Loan C - First Lien  11/09/21 - 11/09/23   581,749    95.13 
Anne Arundel Dermatology Management, LLC, Restatement Date Term Loan - First Lien  02/05/21 - 03/14/22   2,015,182    95.49 
Apella Capital, LLC, Delayed Draw Term Loan - First Lien  08/30/24 - 12/27/24   245,974    100.00 
Apella Capital, LLC, First Amendment Delayed Draw Term Loan - First Lien  12/27/24 - 06/03/25   291,275    100.00 
Apella Capital, LLC, First Amendment Term Loan - First Lien  12/04/24   576,408    100.00 
Apella Capital, LLC, Initial Term Loan - First Lien  03/01/24   1,236,161    100.00 
Apella Capital, LLC, Revolving Loan - First Lien  09/23/25   135,692    100.00 
Apella Capital, LLC, Second Amendment Delayed Draw Term Loan - First Lien  06/03/25 - 06/27/25   985,196    100.00 
Apella Capital, LLC, Second Amendment Term Loan - First Lien  03/06/25   976,940    100.00 
Apella Capital, LLC, Third Amendment Delayed Draw Loan - First Lien  06/27/25 - 09/09/25   342,892    100.00 
Apex Analytix, Inc. (Montana Buyer, Inc.), Initial Term Loan - First Lien  06/15/22   2,587,789    99.00 
AppHub LLC, Delayed Draw Tem Loan - First Lien  10/04/22 - 04/02/24   364,905    99.50 

 

21

 

 

AppHub LLC, June 2024 Delayed Draw Term Loan - First Lien  08/29/24   2,021,489    99.50 
AppHub LLC, Revolving Credit Loan - First Lien  09/25/25   101,927    99.50 
AppHub LLC, Term Loan - First Lien  09/29/22   2,623,431    99.50 
APS Acquisition Holdings, LLC, Delayed Draw Term Loan - First Lien  04/08/25 - 05/01/25   600,052    99.50 
APS Acquisition Holdings, LLC, Initial Term Loan - First Lien  07/10/24   6,105,353    99.50 
Argano, LLC, 2025 Delayed Draw Term Loan - First Lien  04/03/25   1,386,846    99.50 
Argano, LLC, Initial Term Loan - First Lien  09/13/24 - 04/10/25   7,580,028    99.50 
Auxey Bidco Ltd. (Alexander Mann Solutions), Facility B (USD) - First Lien  12/13/24 - 07/21/25   2,879,636    95.75 
Bandon Fitness Texas, Inc., Delayed Draw Term Loan - First Lien  07/01/22 - 02/14/25   1,268,378    93.00 
Bandon Fitness Texas, Inc., Initial Term Loan - First Lien  07/27/22   2,831,302    93.00 
Bandon Fitness Texas, Inc., Revolving Loan - First Lien  04/23/25   242,451    93.00 
BCDI BHI Intermediate 2, LP (Basic Home Infusion), Delayed Draw Term Loan - First Lien  02/13/24   1,203,773    100.00 
BCDI BHI Intermediate 2, LP (Basic Home Infusion), Initial Term Loan - First Lien  09/30/22   2,839,019    100.00 
BCDI BHI Intermediate 2, LP (Basic Home Infusion), Revolving Credit Loan - First Lien  09/30/22   215,604    100.00 
Blazing Star Parent, LLC, Closing Date Term Loan - First Lien  08/28/02   7,881,602    98.50 
Boston Clinical Trials LLC (Alcanza Clinical Research), Fourth Amendment Delayed Draw Term Loan - First Lien  05/31/24   894,962    97.75 
Boston Clinical Trials LLC (Alcanza Clinical Research), Fourth Amendment Term Loan - First Lien  04/19/24   2,046,569    97.75 
Boston Clinical Trials LLC (Alcanza Clinical Research), Initial Term Loan - First Lien  12/21/21 - 02/13/24   4,618,532    98.25 
Case Works, LLC, Delayed Draw Term Loan - First Lien  10/01/24 - 12/13/24   747,641    96.00 
Case Works, LLC, Revolving Loan - First Lien  12/11/24 - 07/09/25   566,675    96.00 
Case Works, LLC, Term Loan - First Lien  10/01/24   4,948,122    96.00 
Catawba Nation Gaming Authority, Initial Term B Loan - First Lien  12/16/24 - 07/21/25   6,568,668    102.34 
CC Amulet Management, LLC (Children's Choice), Delayed Draw Term Loan - First Lien  08/31/21   299,993    100.00 
CC Amulet Management, LLC (Children's Choice), Revolving Loan - First Lien  12/16/22   47,063    100.00 
CC Amulet Management, LLC (Children's Choice), Second Amendment Delayed Draw Term Loan - First Lien  08/30/24 - 06/05/25   2,480,057    100.00 
CC Amulet Management, LLC (Children's Choice), Term Loan - First Lien  08/31/21 - 08/09/24   3,238,366    100.00 
CFC Bidco 2022 Ltd., Initial Term Loan - First Lien  05/30/25 - 06/11/25   5,973,107    95.75 
CI (MG) Group, LLC (Mariani Landscape), Delayed Draw Term Loan - First Lien  06/25/25 - 09/18/25   417,918    99.50 
CI (MG) Group, LLC (Mariani Landscape), Initial Term Loan - First Lien  03/27/25   6,805,012    99.50 
CI (MG) Group, LLC (Mariani Landscape), Revolving Loan - First Lien  03/27/25 - 06/30/25   418,310    99.50 
Community Based Care Acquisition, Inc. (Amivie Acquisition, Inc.), Delayed Draw Tranche A Term Loan - First Lien  06/15/22   879,485    100.00 
Community Based Care Acquisition, Inc. (Amivie Acquisition, Inc.), Delayed Draw Tranche B Term Loan - First Lien  09/30/22   975,476    100.00 
Community Based Care Acquisition, Inc. (Amivie Acquisition, Inc.), Delayed Draw Tranche C Term Loan - First Lien  03/19/24 - 08/04/25   1,977,400    100.00 
Community Based Care Acquisition, Inc. (Amivie Acquisition, Inc.), Initial Term Loan - First Lien  09/16/21   2,158,058    100.00 
ConvenientMD (CMD Intermediate Holdings, Inc.), 2024 Extended Revolving Credit Loan - First Lien  09/02/25   19,712    94.00 
ConvenientMD (CMD Intermediate Holdings, Inc.), 2024 Extended Term Loan - First Lien  11/24/21 - 06/09/22   1,767,883    94.00 
Cooper's Hawk Intermediate Holding, LLC, Closing Date Initial Term Loan - First Lien  07/28/25   2,271,313    100.00 
Danforth Health, Inc., Delayed Draw Term Loan - First Lien  10/24/24   676,892    99.50 
Danforth Health, Inc., First Amendment Incremental Term Loan - First Lien  12/01/22   948,673    99.50 
Danforth Health, Inc., Fourth Amendment Incremental Term Loan - First Lien  08/30/24   1,877,299    99.50 
Danforth Health, Inc., Initial Term Loan - First Lien  05/13/22   1,208,007    99.50 
Danforth Health, Inc., Revolving Credit Loan - First Lien  06/13/25   41,342    99.50 
Danforth Health, Inc., Second Amendment Incremental Term Loan - First Lien  05/24/24   7,138,932    99.50 
Data Driven Intermediate, LLC, Term Loan - First Lien  05/01/25   2,470,437    99.25 
EIKO GLOBAL, LLC, Revolving Credit Loan - First Lien  09/02/25 - 09/09/25   3,513,150    97.75 
Elevate HD Parent, Inc., Delayed Draw Term Loan A - First Lien  12/01/23   74,043    100.00 

 

22

 

 

Elevate HD Parent, Inc., Delayed Draw Term Loan B - First Lien  08/09/24 - 09/12/25   585,149    100.00 
Elevate HD Parent, Inc., Initial Term Loan - First Lien  08/18/23   3,143,365    100.00 
Eliassen Group, LLC, Initial Delayed Draw Term Loan - First Lien  03/31/22 - 09/29/23   170,492    98.75 
Eliassen Group, LLC, Initial Term Loan - First Lien  08/03/22   2,358,420    98.75 
Endo1 Partners, LLC, Initial Term Loan - First Lien  05/23/25   1,498,484    98.50 
Endo1 Partners, LLC, Last Out Term Loan - First Lien  05/23/25   5,603,715    97.87 
Endo1 Partners, LLC, Revolving Loan - First Lien  05/23/25   368,015    98.00 
Enthusiast Auto Holdings, LLC (EAH-Intermediate Holdco LLC), Fifth Amendment Term Loan - First Lien  12/20/24   4,374,683    100.00 
Enthusiast Auto Holdings, LLC (EAH-Intermediate Holdco LLC), Third Amendment Term Loan - First Lien  03/20/23   1,387,323    100.00 
Enverus Holdings, Inc. (Drilling Info), Class A Revolving Credit Loan - First Lien  09/18/25   12,348    98.50 
Enverus Holdings, Inc. (Drilling Info), Initial Term Loan - First Lien  12/04/23 - 08/21/25   3,900,963    100.25 
Epic Staffing Group (Cirrus/Tempus/Explorer Investor), Initial Term Loan - First Lien  06/27/22 - 09/15/23   4,690,548    88.50 
Everlane, Inc., Term Loan - First Lien  10/07/22   3,284,661    100.00 
First Steps Recovery Acquisition, LLC (True North Detox), Delayed Draw Term Loan - First Lien  06/06/25 - 07/24/25   738,489    98.50 
First Steps Recovery Acquisition, LLC (True North Detox), Initial Term Loan - First Lien  03/29/24   3,037,079    98.50 
First Steps Recovery Acquisition, LLC (True North Detox), Revolving Credit Loan - First Lien  07/19/24   352,257    98.50 
Gen4 Dental Partners Opco, LLC, Initial Term Loan - First Lien  05/13/24   5,356,218    99.00 
Greenway Health, LLC (fka Vitera Healthcare Solutions, LLC), Term Loan - First Lien  12/18/23   6,832,234    100.00 
Harbour Benefit Holdings, Inc. (Zenith Merger Sub), Revolving Loan - First Lien  07/11/24   524,967    99.50 
Harbour Benefit Holdings, Inc. (Zenith Merger Sub), Term A Loan - First Lien  07/11/24   9,780,462    99.50 
HFW Cos., LLC (fka HFW Holdings, LLC), Delayed Draw Term Loan - First Lien  05/01/25   1,308,694    98.88 
HFW Cos., LLC (fka HFW Holdings, LLC), Term A Loan - First Lien  05/01/25   6,234,889    98.87 
Houseworks Holdings, Fourth Amendment Term Loan - First Lien  05/28/24   2,583,389    99.00 
Houseworks Holdings, Revolving Loan - First Lien  09/01/23 - 03/28/25   258,547    99.00 
Houseworks Holdings, Third Amendment Delayed Draw Term Loan - First Lien  08/02/24 - 02/28/25   717,890    99.00 
Houseworks Holdings, Third Amendment Term Loan - First Lien  09/01/23   1,629,249    99.00 
Hydrofarm Holdings Group, Inc., Term Loan - First Lien  12/10/21 - 03/18/22   1,102,615    83.50 
iLending LLC, Term Loan A - First Lien  05/16/25   597,902    94.50 
iLending LLC, Term Loan B - First Lien  05/16/25   577,492    0.00 
In Vitro Sciences, LLC (New IVS Holdings, LLC), Closing Date Term Loan - First Lien  02/29/24 - 07/15/24   7,934,212    91.00 
In Vitro Sciences, LLC (New IVS Holdings, LLC), Delayed Draw Term Loan - First Lien  02/29/24 - 07/15/24   2,040,464    91.00 
In Vitro Sciences, LLC (New IVS Holdings, LLC), Revolving Loan - First Lien  02/29/24 - 07/15/24   326,749    91.00 
Inflexionpoint LLC (fka Automated Control Concepts), Term Loan - First Lien  10/22/21 - 05/06/22   1,852,152    100.00 
Ingenio LLC, expiring 3/28/2030  03/28/25   0    980.00 
Ingenio LLC, First Amendment Term Loan - First Lien  04/28/22   4,137,510    95.00 
Ingenio LLC, Term Loan - First Lien  08/03/21   1,337,243    95.00 
IPM MSO Management, LLC, Closing Date Term Loan - First Lien  12/10/21   765,539    95.50 
IPM MSO Management, LLC, Delayed Draw Term Loan - First Lien  06/15/22   92,795    95.50 
IPM MSO Management, LLC, Second Amendment Term Loan - First Lien  05/10/22   211,983    95.50 
Irving Parent, Corp. (Quisitive), Initial Term Loan - First Lien  03/11/25   10,127,930    98.50 
Karman Holdings Inc., Initial Term Loan - First Lien  09/09/25   1,415,305    100.62 
Kobra International, Ltd. (d/b/a Nicole Miller), Term Loan - First Lien  05/17/22 - 09/27/24   6,954,356    100.00 
LaserAway Intermediate Holdings II, LLC, Initial Term Loan - First Lien  07/27/22 - 09/11/23   4,032,101    100.00 
Lash OpCo, LLC, Initial Term Loan - First Lien  02/05/21   2,055,301    92.87 
LBH Services, LLC, Delayed Draw Term Loan - First Lien  03/28/22   309,780    76.99 
LBH Services, LLC, Revolving Loan - First Lien  03/28/22 - 02/17/23   773,008    77.00 
LBH Services, LLC, Term Loan - First Lien  03/28/22   1,486,080    76.99 
Lids Holdings, Inc., Initial Term Loan - First Lien  07/12/23 - 05/01/25   518,694    99.50 
Life Northwestern Pennsylvania, LLC (FFL Pace Buyer, Inc.), Delayed Draw Term Loan - First Lien  02/13/24   569,440    100.00 
Life Northwestern Pennsylvania, LLC (FFL Pace Buyer, Inc.), Initial Term Loan - First Lien  12/10/21   1,685,422    100.00 
Life Northwestern Pennsylvania, LLC (FFL Pace Buyer, Inc.), Revolving Loan - First Lien  01/23/23 - 12/27/24   434,969    100.00 
LMSI Buyer, LLC, Initial Term Loan - First Lien  12/10/21 - 11/09/23   2,111,840    93.00 

 

23

 

 

LMSI Buyer, LLC, Revolving Credit Loan - First Lien  10/25/21 - 10/01/24   387,418    93.00 
MAG DS Corp., Initial Term Loan - First Lien  02/05/21 - 05/11/23   1,905,927    99.97 
Mammoth Holdings, LLC, Delayed Draw Term Loan - First Lien  11/14/23   893,402    96.50 
Mammoth Holdings, LLC, Initial Revolving Credit Loan - First Lien  11/14/23 - 06/30/25   160,483    96.50 
Mammoth Holdings, LLC, Initial Term Loan - First Lien  11/14/23   3,523,796    96.50 
Marlin DTC - LS Midco 2, LLC (Clarus Commerce, LLC), 2A Term Loan - First Lien  04/08/21   1,445,477    93.00 
McHale Landscape Design, Inc., Closing Date Term Loan - First Lien  07/16/25   2,493,450    98.88 
Medrina, LLC, Initial Term Loan - First Lien  10/20/23   5,345,723    100.00 
Medrina, LLC, Primary Delayed Draw Term Loan - First Lien  01/22/25   954,033    100.00 
Mission Critical Group, LLC, Term Loan - First Lien  06/18/25   2,224,077    99.00 
Monarch Behavioral Therapy, LLC, Closing Date Term Loan - First Lien  06/06/24   9,429,031    99.50 
Monarch Behavioral Therapy, LLC, Delayed Draw Term Loan - First Lien  09/13/24 - 06/17/25   1,461,846    99.50 
Monarch Behavioral Therapy, LLC, Revolving Loan - First Lien  12/30/24 - 09/10/25   755,631    99.50 
Nephron Pharmaceuticals, LLC, FO Term Loan - First Lien  01/31/25   1,486,423    100.00 
Nephron Pharmaceuticals, LLC, LO Term Loan - First Lien  01/31/25   5,030,744    100.00 
Newcleus, LLC, Initial Term Loan - First Lien  08/02/21 - 08/04/21   1,202,657    95.00 
Oak Point Partners, LLC, Term Loan - First Lien  12/10/21   1,967,747    100.00 
Owl Vans, LLC, Revolving Loan - First Lien  09/26/25   284,205    98.68 
Owl Vans, LLC, Term Loan - First Lien  12/31/24   3,013,717    98.68 
Penney Holdings LLC (Catalyst Brands), Term Loan - First Lien  09/26/25   5,850,345    97.50 
Point Quest Acquisition, LLC, Delayed Draw Term Loan - First Lien  09/03/24   1,111,312    100.00 
Point Quest Acquisition, LLC, Initial Term Loan - First Lien  08/12/22 - 05/09/24   7,385,082    100.00 
Point Quest Acquisition, LLC, Revolving Credit Loan - First Lien  08/12/22 - 09/17/25   806,785    100.00 
Point Quest Acquisition, LLC, Sixth Amendment Delayed Draw Term Loan - First Lien  11/26/24 - 08/28/25   2,268,388    100.00 
Portfolio Holding, Inc. (Turbo Buyer / PGM), Amendment No. 3 Incremental Term Loan - First Lien  05/14/21   1,922,827    100.00 
Portfolio Holding, Inc. (Turbo Buyer / PGM), Amendment No. 4 Incremental Delayed Draw Term Loan - First Lien  05/31/22   758,886    100.00 
Portfolio Holding, Inc. (Turbo Buyer / PGM), Amendment No. 4 Incremental Term Loan - First Lien  11/15/21   1,127,057    100.00 
Prescott's Inc. (AKA Greenjacket), Term Loan - First Lien  12/30/24   3,992,543    99.25 
PRGX Global, Inc., Initial Term Loan - First Lien  02/20/25   3,113,173    98.75 
Project Cloud Holdings, LLC (AgroFresh Inc.), 2024-1 Incremental Term Loan (USD) - First Lien  03/27/24 - 03/27/24   2,843,163    99.75 
Project Cloud Holdings, LLC (AgroFresh Inc.), Initial USD Term Loan - First Lien  02/13/24   5,010,596    99.75 
Project Cloud Holdings, LLC (AgroFresh Inc.), Replacement Revolver - First Lien  03/27/24 - 03/10/25   587,595    99.75 
Quorum Health Resources (QHR), 2023 Incremental Term Loan - First Lien  06/30/23   1,936,704    99.75 
Quorum Health Resources (QHR), Specified Delayed Draw Term Loan - First Lien  02/13/24   1,949,286    99.75 
Quorum Health Resources (QHR), Term Loan - First Lien  05/28/21   1,028,141    99.75 
R.L. James, Inc. (HH Restore Acquisition), Closing Date Term Loan - First Lien  12/15/23   929,791    99.75 
R.L. James, Inc. (HH Restore Acquisition), Delayed Draw Term Loan - First Lien  12/15/23 - 08/07/25   879,769    99.75 
R.L. James, Inc. (HH Restore Acquisition), First Amendment Incremental Term Loan - First Lien  08/07/25   306,761    99.75 
Rachel Zoe, Inc., Second Amendment Effective Date Tranche A Loan - First Lien  07/23/24   347,341    100.00 
Rachel Zoe, Inc., Third Amendment Effective Date Tranche A - First Lien  08/04/25   926,656    100.00 
Rachel Zoe, Inc., Tranche A Loan - First Lien  10/11/23   1,072,168    100.00 
RMBUS Holdco Inc. (Eclat Health Solutions Inc.), Initial Term Loan - First Lien  01/08/24   2,745,467    100.00 
R-Pac International Corp. (Project Radio), 2024 Incremental Term Loan - First Lien  10/11/24   2,350,510    99.75 
R-Pac International Corp. (Project Radio), Initial Revolving Loan - First Lien  10/28/24 - 07/29/25   456,255    99.75 
R-Pac International Corp. (Project Radio), Initial Term Loan - First Lien  11/23/21   4,781,381    99.75 
Sagebrush Buyer, LLC (Province), Initial Term Loan - First Lien  07/01/24   9,278,925    100.00 
Sapio Sciences, LLC (Jarvis Bidco), Initial Term Loan - First Lien  11/18/22   3,192,787    100.00 
Schola Group Acquisition, Inc. (Lathan McKee), Closing Date Term Loan - First Lien  04/09/25   3,187,423    98.88 
Schola Group Acquisition, Inc. (Lathan McKee), Delayed Draw Term Loan - First Lien  08/01/25   461,390    98.88 
SHO Holding I Corp., Tranche A Term Loan - First Lien  04/05/24 - 04/05/24   535,872    100.00 
Solugenix Corp.  12/16/24   7,960,000    1.00 
SR Landscaping, LLC, Amendment No. 1 Delayed Draw Term Loan - First Lien  08/20/24 - 08/14/25   421,903    98.00 
SR Landscaping, LLC, Closing Date Term Loan - First Lien  10/30/23   2,632,103    98.00 
SR Landscaping, LLC, Delayed Draw Term Loan - First Lien  10/30/23   880,928    98.00 
SR Landscaping, LLC, Revolving Loan - First Lien  10/30/23 - 08/20/25   439,772    98.00 

 

24

 

 

Strategy Corps., LLC, Revolving Credit Loan - First Lien  03/14/25 - 07/15/25   211,202    98.00 
Strategy Corps., LLC, Term Loan - First Lien  06/28/24   6,424,309    98.00 
Streetmasters Intermediate, Inc., Revolving Loan - First Lien  04/17/25 - 07/28/25   110,652    98.75 
Streetmasters Intermediate, Inc., Term Loan - First Lien  04/17/25   5,047,826    98.75 
SuperHero Fire Protection, LLC, Eleventh Amendment Incremental Term Loan - First Lien  07/31/25   10,173,239    100.00 
SuperHero Fire Protection, LLC, Revolving Loan - First Lien  09/26/25   40,054    100.00 
Syner-G Intermediate Holdings, LLC, Term Loan - First Lien  09/17/24   8,521,864    93.00 
Technology Partners, LLC (Imagine Software), Initial Term Loan - First Lien  11/16/21   2,236,074    100.00 
The Mutual Group, LLC, Term Loan - First Lien  01/31/24   4,754,433    100.00 
Thornton Carpet, LLC, Closing Date Term Loan - First Lien  05/15/25   2,246,382    98.87 
TR Apparel, LLC, Term Loan - First Lien  08/09/23 - 04/23/25   6,624,545    100.00 
Tri Scapes, LLC (HH-TRISCAPES ACQUISITION, INC.), Closing Date Term Loan - First Lien  07/12/24   4,877,586    99.00 
Tri Scapes, LLC (HH-TRISCAPES ACQUISITION, INC.), Delayed Draw Term Loan - First Lien  07/17/25 - 09/02/25   1,914,993    99.00 
Tricor, LLC, Amendment No. 4 Delayed Draw Term Loan - First Lien  01/02/25 - 04/04/25   5,320,763    100.00 
Tricor, LLC, Amendment No.3 Incremental Term Loan - First Lien  07/05/24   1,789,588    100.00 
Tricor, LLC, Delayed Draw Term Loan - First Lien  02/13/24   711,875    100.00 
Tricor, LLC, Term Loan - First Lien  10/22/21   1,887,663    100.00 
Triple Crown Consulting, LLC, Term A Loan - First Lien  06/02/23   1,075,395    97.25 
TriStrux, LLC, Delayed Draw Term Loan - First Lien  02/13/24   320,840    62.00 
TriStrux, LLC, Initial Term Loan - First Lien  12/23/21   896,398    62.00 
TriStrux, LLC, Revolving Loan - First Lien  12/23/21   321,546    61.99 
Unified Patents, LLC, Term A Loan - First Lien  12/23/24   8,627,003    99.00 
Violet Utility Buyer, LLC (Vannguard), Initial Term Loan - First Lien  07/24/25   3,943,903    98.88 
Visante Acquisition, LLC, Initial Term Loan - First Lien  01/31/24   4,858,474    100.00 
Waste Resource Management, Inc., Delayed Draw Term Loan - First Lien  12/28/23 - 05/19/25   1,536,100    100.00 
Waste Resource Management, Inc., Term Loan - First Lien  12/28/23   4,110,307    100.00 
Xcel Brands, Inc., expiring 12/12/2034  03/25/25   0    0.24 
Xcel Brands, Inc., Intial Term Loan A - First Lien  12/17/24 - 01/28/25   1,145,558    100.00 
XPT Partners, LLC, 2024 Delayed Draw Term Loan - First Lien  12/10/24   210,836    98.50 
XPT Partners, LLC, 2024 Revolving Loan - First Lien  12/10/24 - 08/15/25   111,701    98.50 
XPT Partners, LLC, Term Loan - First Lien  12/10/24   4,191,379    98.50 
      $522,933,115      

 

(c) Security fair valued as of  September 30, 2025 by the Adviser as "valuation designee" under the oversight of the Fund's Board of Trustees. Total value of all such securities at September 30, 2025 amounted to $486,855,744, which represents approximately 62.21% of net assets of the Fund.
(d) The Ally Credit Facility is secured by a lien on all or a portion of the security.
(e) The JPM Credit Facility is secured by a lien on all or a portion of the security.
(f) All or a portion of this position has not yet settled as of September 30, 2025. The Fund will not accrue interest on its Senior Loans until the settlement date at which point Prime or SOFR will be established.
(g) Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at September 30, 2025 amounted to $13,829,096, which represents approximately 1.77% of net assets of the Fund.
(h) Represents less than 0.05% of net assets.
(i) Represents 7-day effective yield as of September 30, 2025.

 

See Notes to Consolidated Schedule of Investments.

(Continued) 

 

25

 

 

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

 

Abbreviations
PIK Pay in Kind
Preference A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
SOFR Secured Overnight Financing Rate
USD United States Dollar

 

See Notes to Consolidated Schedule of Investments.

(Continued) 

 

26

 

 

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

 

Industry Diversification for Portfolio Holdings  Percent of Net
Assets		 
Advertising   1.8%
Aerospace & Defense   1.2 
Agricultural & Farm Machinery   0.1 
Air Freight & Logistics   1.0 
Apparel Retail   0.2 
Apparel, Accessories & Luxury Goods   2.4 
Application Software   5.1 
Asset Management & Custody Banks   1.0 
Auto Parts & Equipment   1.2 
Banks   0.4 
Biotechnology   0.6 
Broadcasting   0.3 
Building Products   0.3 
Casinos & Gaming   2.1 
Commodity Chemicals   0.4 
Communications Equipment   0.6 
Construction & Engineering   1.2 
Construction Materials   0.3 
Containers & Packaging   0.6 
Data Processing & Outsourced Services   0.5 
Distributors   0.4 
Diversified Chemicals   1.1 
Diversified Support Services   0.7 
Drug Retail   1.0 
Education Services   1.9 
Electric Utilities   0.3 
Electrical Components & Equipment   0.4 
Electronic Equipment & Instruments   0.3 
Electronic Manufacturing Services   1.7 
Entertainment   0.2 
Environmental & Facilities Services   2.8 
Financial Exchanges & Data   0.8 
Footwear   0.1 
General Merchandise Stores   0.9 
Health Care Distributors   0.5 
Health Care Facilities   1.5 
Health Care Services   15.3 
Health Care Supplies   0.5 
Health Care Technology   2.4 
Heavy Electrical Equipment   1.6 
Highways & Railtracks   0.1 
Home Furnishings   0.7 
Home Improvement Retail   1.0 
Homebuilding   0.4 
Hotels, Resorts & Cruise Lines   0.9 
Hotels, Restaurants & Leisure   0.1 
Household Products   0.2 
Human Resource & Employment Services   1.7 
Industrial Machinery   1.5 
Insurance Brokers   4.5 
Integrated Telecommunication Services   1.3 
Interactive Media & Services   0.7 
Internet & Direct Marketing Retail   2.2 
Internet Services & Infrastructure   0.8 
Investment Banking & Brokerage   0.4 

 

See Notes to Consolidated Schedule of Investments.

(Continued) 

 

27

 

 

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

 

Industry Diversification for Portfolio Holdings  Percent of Net
Assets		 
IT Consulting & Other Services   5.8%
IT Services   1.0 
Leisure Facilities   1.1 
Life Sciences Tools & Services   0.4 
Managed Health Care   0.3 
Media   0.2 
Metal & Glass Containers   0.9 
Multi-Sector Holdings   0.4 
Office Services & Supplies   0.8 
Other Diversified Financial Services   0.5 
Packaged Foods & Meats   1.1 
Paper Packaging   1.3 
Paper Products   1.0 
Passenger Airlines   0.4 
Pharmaceuticals   2.4 
Railroads   0.6 
Real Estate Development   1.3 
Real Estate Management & Development   0.0*
Real Estate Services   1.3 
Research & Consulting Services   6.8 
Restaurants   0.4 
Security & Alarm Services   2.2 
Software   0.1 
Specialized Consumer Services   2.9 
Specialized Finance   2.1 
Specialty Chemicals   1.1 
Specialty Retail   0.0*
Specialty Stores   0.4 
Systems Software   1.7 
Technology Distributors   0.6 
Technology Hardware, Storage & Peripherals   0.5 
Textiles   0.5 
Trading Companies & Distributors   0.9 
Transportation Infrastructure   0.0*
Trucking   2.2 
Water Utilities   0.7 
Short-Term Investments   4.5 
Total Investments   120.6%

 

*Less than 0.05%

 

See Notes to Consolidated Schedule of Investments.

(Continued) 

 

28

 

 

 

First Eagle Credit Opportunities Fund

Notes to Consolidated Schedule of Investments (unaudited)

 

Note 1 — Organization

 

First Eagle Credit Opportunities Fund (the "Fund") is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act") that continuously offers its shares of beneficial interest (the "Common Shares"), and is operated as an "interval fund." The Fund was organized as a Delaware statutory trust on July 8, 2020, pursuant to a Declaration of Trust governed by the laws of the State of Delaware, as amended and restated by the Amended and Restated Declaration of Trust, dated as of September 4, 2020.

 

The Fund's primary investment objective is to provide current income, with a secondary objective of providing long-term risk-adjusted returns. The Fund seeks to achieve its investment objective by investing in a portfolio of a variety of credit asset classes. The Fund will invest, under normal market conditions, at least 80% of its Managed Assets, defined as total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund's accrued liabilities (other than liabilities representing borrowings for investment purposes), in a credit portfolio of below investment grade credit assets. The Fund historically has focused its investments on credit assets with direct exposure to the corporate borrowers, including syndicated bank loans, middle market “club” loans (senior secured loans in middle market companies funded by an arranged group of lenders that generally do not involve syndication), direct lending (consisting of first lien loans, including unitranche loans), asset-based loans, and high-yield bonds (commonly referred to as “junk” bonds). The Fund is broadening its investment program to include additional types of asset-based loans (i.e., beyond those emphasized to date), such as consumer and mortgage-related credit, as well as structured credit investments, including asset-backed securities (ABS), mortgage-backed securities (MBS), collateralized loan obligations (CLOs) and collateralized debt obligations (CDOs). In addition, while the Fund will continue to invest in “senior secured” assets, it will no longer be subject to a commitment to invest primarily in such assets.

 

These investment strategy changes are intended to broaden the Fund’s investment focus, allowing for greater diversification across credit asset types while seeking to capitalize on credit inefficiencies across both corporate and consumer markets. These changes also have the potential to support more stable income distributions and improved risk-adjusted investment returns.

 

The Fund currently offers three classes of Common Shares: Class A Shares, Class A-2 Shares and Class I Shares. The Fund has been granted exemptive relief (the "Exemptive Relief") from the Securities and Exchange Commission (the "SEC") that permits the Fund to issue multiple classes of shares and to impose asset-based distribution fees and early-withdrawal fees. The Fund may offer additional classes of shares in the future.

 

First Eagle Investment Management, LLC (the "Adviser") is the investment adviser of the Fund. The Adviser is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain co-investors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P., a Delaware limited partnership.

 

On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held by funds indirectly controlled by Blackstone and Corsair and certain related co-investors in a transaction announced by First Eagle on March 3, 2025. Genstar Capital is a private equity firm focused on investments in targeted segments of the financial services, healthcare, industrials, and software industries.

 

First Eagle Alternative Credit, LLC (the "Subadviser"), in its capacity as the alternative credit group of the Adviser, serves as the Fund's investment subadviser. The Subadviser is an investment adviser for both direct lending and broadly syndicated investments, through public and private vehicles, collateralized loan obligations, separately managed accounts and commingled funds. The Subadviser was formed in 2009 under the name THL Credit Advisors LLC. In January 2020, the Subadviser was acquired by the Adviser and is a wholly-owned subsidiary of the Adviser.

 

 

 

 

Note 2 — Significant Accounting Policies

 

The following is a summary of significant accounting policies that are adhered to by the Fund. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards (the "FASB") Codification Topic 946—Investment Companies, which is part of U.S. generally accepted accounting principles ("GAAP").

 

a) Investments in Subsidiaries — The First Eagle Credit Opportunities Fund SPV, LLC (the "SPV"), established on January 11, 2021, and the First Eagle Credit Opportunities Fund BSL SPV I, LLC (the "BSL SPV"), established on December 13, 2024, are wholly-owned Delaware limited liability companies, which function as the Fund's special purpose, bankruptcy-remote, financing subsidiaries. The consolidated financial statements include the accounts of the Fund and the subsidiaries. All intercompany transactions and balances have been eliminated. As of September 30, 2025, the SPV has $348,580,771 in net assets, representing 44.54% of the Fund's net assets and the BSL SPV has $89,468,228 in net assets, representing 11.43% of the Fund's net assets. The assets and credit of the SPV and the BSL SPV are not available to satisfy the obligations of the Fund.

 

b) Investment Valuation — The Fund's net asset value ("NAV") per share is computed by dividing the total current value of the assets of the Fund, less its liabilities, by the total number of shares outstanding at the time of such computation. The Fund computes its NAV per share as of the close of trading on each day the New York Stock Exchange ("NYSE") is open for trading.

 

The Fund's securities are valued by various methods, as described below:

 

Portfolio securities and other assets for which market quotes are readily available are valued at market value.

 

Senior Loans refers to Loans and Assignments, Bank Loans, Direct Lending and Middle Market "Club" Loans. Senior Loans are primarily valued by using a composite loan price at the mean of the bid and ask prices from an approved pricing service. Initial purchases of investments, including Direct Loans, may be fair valued at their cost which approximates market value and are monitored by the Adviser and the Subadviser (individually or collectively referred to as "First Eagle Management") for any significant positive or negative events subsequent to the date of the original investment that necessitates a change to another valuation method, such as the market or income approach. Subsequent to the initial purchase, Direct Loans may be valued utilizing the income approach, market approach or liquidation. The income approach values an investment by estimating the present value of future economic benefits it is expected to produce. These benefits include earnings, cash flows and disposition proceeds. Expected current value is determined by discounting expected cash flows at a rate of return (discount rate or cost of capital) that reflects the risk associated with realizing the cash flows in the amounts and times projected. Enterprise value, a market approach, values an investment by determining the value of a company and allocating the value to the debt. Enterprise value uses a multiple analysis, whereby appropriate multiples are applied to the portfolio company's revenues or net income before net interest expense, income tax expense, depreciation and amortization. The liquidation approach values an investment by analyzing the underlying collateral of the loan, as set forth in the associated loan agreements and borrowing base certificates. Liquidation valuations may be determined using a net orderly liquidation value, a forced liquidation value, or other methodology. Such liquidation values may be further reduced by certain reserves that may reduce the value of the collateral available to support the outstanding debt in a wind down scenario.

 

All bonds, whether listed on an exchange or traded in the over-the-counter market for which market quotations are available, are generally priced at the evaluated bid price provided by an approved pricing service as of the close of trading on the NYSE (normally 4:00 PM EST), or dealers in the over-the-counter markets in the United States or abroad. Pricing services and broker-dealers use multiple valuation techniques to determine value. In instances where sufficient market activity exists, dealers or pricing services utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the dealers or pricing services also utilize proprietary valuation models which may consider market transactions in comparable instruments and the various relationships between instruments in determining value and/or market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique features of the instrument in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. First Eagle Management's Valuation Committee, at least annually, will review the pricing service's inputs, methods, models, and assumptions for its evaluated prices.

 

Non-exchange traded equity securities may be valued at prices supplied by the Fund's pricing agent based on the average of the bid/ask prices quoted by brokers that are knowledgeable about the securities. If broker quotes are unavailable, then the equity will be fair valued as described below.

 

Investment companies, including money market funds, are valued at their net asset value.

 

 

 

 

If a price is not available from an independent pricing service or broker, or if the price provided is believed to be unreliable, the security will be fair valued as described below. As a general principle, the fair value of a security is the amount that the owner might reasonably expect to receive for it in a current sale. Fair value methods may include, but are not limited to, the use of market comparable and/or income approach methodologies. Using a fair value pricing methodology to value securities may result in a value that is different from a security's most recent sale price and from the prices used by other investment companies to calculate their NAV. Determination of fair value is uncertain because it involves subjective judgments and estimates. There can be no assurance that the Fund's valuation of a security will not differ from the amount that it realizes upon the sale of such security.

 

The Fund adopted provisions surrounding fair value measurements and disclosures that define fair value, establish a framework for measuring fair value in GAAP and expand disclosures about fair value measurements. This applies to fair value measurements that are already required or permitted by other accounting standards and is intended to increase consistency of those measurements and applies broadly to securities and other types of assets and liabilities.

 

The Fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs or assumptions to valuation techniques used to measure fair value. These inputs are used in determining the value of the Fund's investments and are summarized in the following fair value hierarchy:

 

Level 1 — Quoted prices in active markets for identical securities;

 

Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.);

 

Level 3 — Other significant unobservable inputs (including the Fund's own assumption in determining the fair value of investments).

 

The two primary significant unobservable inputs used in the fair value measurement of the Fund's debt investments, excluding asset-backed loans, and certain equity investments valued using an income approach, is the weighted average cost of capital, or WACC, and the comparative yield. Significant increases (decreases) in the WACC or in the comparative yield in isolation would result in a significantly lower (higher) fair value measurement. In determining the WACC, for the income, or yield approach, the Fund considers current market yields and multiples, portfolio company performance, leverage levels, credit quality, among other factors, including U.S. federal tax rates, in its analysis. Changes in one or more of these factors can have a similar directional change on other factors in determining the appropriate WACC to use in the income approach. In determining the comparative yield, for the income, or yield approach, the Fund considers current market yields and multiples, weighted average cost of capital, portfolio company performance, leverage levels, credit quality, among other factors, including U.S. federal tax rates, in its analysis.

 

The primary significant unobservable inputs used in the fair value measurement of the Fund's investments in asset-backed loans is the net realized value of the underlying collateral of the loan. The Fund considers information provided by the borrower in its compliance certificates and information from third party appraisals, among other factors, in its analysis. Significant increases (decreases) in net realizable value of the underlying collateral would result in a significantly higher (lower) fair value measurement.

 

The primary significant unobservable input used in the fair value measurement of the Fund's equity investments and other debt investments using a market approach is the EBITDA multiple adjusted by management for differences between the investment and referenced comparables, or the multiple. Significant increases (decreases) in the multiple in isolation would result in a significantly higher (lower) fair value measurement. To determine the multiple for the market approach, the Fund considers current market trading and/or transaction multiples, portfolio company performance (financial ratios) relative to public and private peer companies and leverage levels, among other factors. Changes in one or more of these factors can have a similar directional change on other factors in determining the appropriate multiple to use in the market. The primary significant unobservable input used in the fair value measurement of the Fund's investments in warrants are volatility and time horizon.

 

Fair valuation of securities, other financial instruments or other assets (collectively, "securities") held by the Fund are determined in good faith by the Adviser as "valuation designee" under the oversight of the Fund's Board of Trustees (the "Board"). The Board Valuation, Liquidity and Allocations Committee (the "Committee") oversees the execution of the valuation procedures for the Fund. In accordance with Rule 2a-5 under the 1940 Act, the Board has designated the Adviser the "valuation designee" to perform the Fund's fair value determinations. The Adviser's fair valuation process is subject to Board oversight and certain reporting and other requirements.

 

The following table summarizes the valuation of the Fund's investments under the fair value hierarchy levels as of September 30, 2025:

 

First Eagle Credit Opportunities Fund

 

Description  Level 1   Level 2   Level 3‡   Total 
Assets                    
Common Stocks†  $–   $–   $9,798,426   $9,798,426 
Corporate Bonds†   –    13,829,096    –    13,829,096 
Senior Loans                    
Advertising   –    11,960,171    2,469,241    14,429,412 
Aerospace & Defense   –    7,931,512    1,430,939    9,362,451 
Agricultural & Farm Machinery   –    –    934,266    934,266 
Air Freight & Logistics   –    4,980,613    3,204,263    8,184,876 
Apparel Retail   –    –    1,689,119    1,689,119 

 

 

 

 

Description  Level 1   Level 2   Level 3‡   Total 
Apparel, Accessories & Luxury Goods  $–   $3,895,000   $14,896,005   $18,791,005 
Application Software   –    25,345,211    14,898,914    40,244,125 
Asset Management & Custody Banks   –    –    7,855,835    7,855,835 
Auto Parts & Equipment   –    3,646,081    5,765,561    9,411,642 
Biotechnology   –    4,876,788    –    4,876,788 
Broadcasting   –    2,680,046    –    2,680,046 
Building Products   –    2,007,750    –    2,007,750 
Casinos & Gaming   –    16,662,376    –    16,662,376 
Commodity Chemicals   –    2,969,480    158,572    3,128,052 
Communications Equipment   –    4,767,747    –    4,767,747 
Construction & Engineering   –    –    9,534,469    9,534,469 
Construction Materials   –    2,789,558    –    2,789,558 
Data Processing & Outsourced Services   –    –    3,643,112    3,643,112 
Distributors   –    2,992,402    –    2,992,402 
Diversified Chemicals   –    –    8,558,667    8,558,667 
Diversified Support Services   –    –    5,154,421    5,154,421 
Drug Retail   –    –    7,880,000    7,880,000 
Education Services   –    2,966,051    11,660,848    14,626,899 
Electric Utilities   –    –    2,223,465    2,223,465 
Electrical Components & Equipment   –    –    3,503,359    3,503,359 
Electronic Equipment & Instruments   –    2,744,064    –    2,744,064 
Electronic Manufacturing Services   –    8,158,465    4,892,751    13,051,216 
Environmental & Facilities Services   –    2,872,848    18,850,144    21,722,992 
Financial Exchanges & Data   –    5,969,403    –    5,969,403 
Footwear   –    –    537,514    537,514 
General Merchandise Stores   –    –    6,906,977    6,906,977 
Health Care Distributors   –    –    4,002,000    4,002,000 
Health Care Facilities   –    5,003,268    6,622,490    11,625,758 
Health Care Services   –    25,711,655    93,633,512    119,345,167 
Health Care Supplies   –    3,908,294    –    3,908,294 
Health Care Technology   –    –    19,073,323    19,073,323 
Heavy Electrical Equipment   –    6,120,663    6,753,214    12,873,877 
Highways & Railtracks   –    1,005,000    –    1,005,000 
Home Furnishings   –    2,992,693    2,245,186    5,237,879 
Home Improvement Retail   –    –    7,907,647    7,907,647 
Homebuilding   –    2,997,495    –    2,997,495 
Hotels, Resorts & Cruise Lines   –    6,936,949    –    6,936,949 
Household Products   –    –    1,914,792    1,914,792 
Human Resource & Employment Services   –    –    13,003,738    13,003,738 
Industrial Machinery   –    12,012,688    –    12,012,688 
Insurance Brokers   –    11,010,897    24,027,602    35,038,499 
Integrated Telecommunication Services   –    9,977,175    –    9,977,175 
Interactive Media & Services   –    –    5,220,253    5,220,253 
Internet & Direct Marketing Retail   –    6,668,870    10,278,716    16,947,586 
Internet Services & Infrastructure   –    4,127,950    2,252,100    6,380,050 
Investment Banking & Brokerage   –    2,980,745    –    2,980,745 
IT Consulting & Other Services   –    9,072,017    36,216,949    45,288,966 
Leisure Facilities   –    –    8,118,640    8,118,640 
Life Sciences Tools & Services   –    2,988,579    –    2,988,579 
Managed Health Care   –    227,869    1,988,339    2,216,208 
Metal & Glass Containers   –    6,946,517    –    6,946,517 

 

 

 

 

Description  Level 1   Level 2   Level 3‡   Total 
Multi-Sector Holdings  $–   $2,815,050   $–   $2,815,050 
Office Services & Supplies   –    6,368,553    –    6,368,553 
Other Diversified Financial Services   –    4,316,820    –    4,316,820 
Packaged Foods & Meats   –    8,809,638    –    8,809,638 
Paper Packaging   –    2,164,182    8,385,113    10,549,295 
Paper Products   –    –    7,633,900    7,633,900 
Pharmaceuticals   –    2,096,141    16,445,984    18,542,125 
Railroads   –    4,904,198    –    4,904,198 
Real Estate Development   –    –    9,837,837    9,837,837 
Real Estate Services   –    7,777,790    2,727,156    10,504,946 
Research & Consulting Services   –    9,769,322    43,087,488    52,856,810 
Restaurants   –    924,546    2,305,263    3,229,809 
Security & Alarm Services   –    6,518,298    10,373,673    16,891,971 
Specialized Consumer Services   –    4,997,933    17,905,870    22,903,803 
Specialized Finance   –    13,364,271    2,990,907    16,355,178 
Specialty Chemicals   –    8,541,227    –    8,541,227 
Specialty Stores   –    2,987,201    –    2,987,201 
Systems Software   –    11,909,865    1,086,585    12,996,450 
Technology Distributors   –    4,932,226    –    4,932,226 
Technology Hardware, Storage & Peripherals   –    3,823,695    –    3,823,695 
Textiles   –    4,108,187    –    4,108,187 
Trading Companies & Distributors   –    6,918,096    –    6,918,096 
Trucking   –    13,853,537    3,625,313    17,478,850 
Water Utilities   –    –    5,699,770    5,699,770 
Total Senior Loans   –    372,805,666    512,011,802    884,817,468 
Warrants†   –    –    78,711    78,711 
Short-Term Investments                    
Investment Companies   35,005,064    –    –    35,005,064 
Total  $35,005,064   $386,634,762   $521,888,939   $943,528,765 
Liabilities                    
Unfunded Commitments*   –    7,362    (32,198)   (24,836)
Total  $35,005,064   $386,642,124   $521,856,741   $943,503,929 

 

 

 

‡ Value determined using significant unobservable inputs.
† See Consolidated Schedule of Investments for additional detailed categorizations.
* Unfunded commitments are presented at net unrealized appreciation (depreciation).

 

 

 

 

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:

 

   Common Stocks   Warrants   Senior Loans   Unfunded
Commitments*		   Total 
Beginning Balance —market value  $10,205,059   $31,770   $491,606,932   $(450,685)  $501,393,076 
Purchases(1)   —    (48,414)   260,242,375    —    260,193,961 
Sales (2)   (625,000)   —    (229,524,793)   —    (230,149,793)
Transfer In — Level 3   —    —    11,540,024    —    11,540,024 
Transfer Out — Level 3   —    —    (20,667,328)   —    (20,667,328)
Accrued discounts/ (premiums)   —    —    955,801    —    955,801 
Realized Gains (Losses)   625,000    —    (4,507,201)   —    (3,882,201)
Change in Unrealized Appreciation (Depreciation)   (406,633)   95,355    2,365,992    418,487    2,473,201 
Ending Balance — market value  $9,798,426   $78,711   $512,011,802   $(32,198)  $521,856,741 
Change in unrealized gains or (losses) relating to assets still held at reporting date  $93,367   $95,355   $(3,773,045)  $403,790   $(3,180,533)

 

The table above is disclosing activities at the lot level.

 

(1)  Purchases include all purchases of securities, securities received in corporate actions, and funding activities.

 

(2)  Sales include all sales of securities, maturities, paydowns, securities tendered in corporate actions, funding activities, and reduction in commitment for unfunded commitments.

 

*  Unfunded commitments are presented at net unrealized appreciation (depreciation).

 

Investments were transferred into Level 3 during the period ended September 30, 2025 due to changes in the quantity and quality of information, specifically the number of vendor quotes available to support the valuation of each investment and the increased incidence of stale prices, as assessed by the Adviser. Investments were transferred out of Level 3 during the period ended September 30, 2025 due to improvements in the quantity and quality of information, specifically the number of vendor quotes available to support the valuation of each investment and the reduced incidence of stale prices, as assessed by the Adviser.

 

The following is a summary of the Fund's valuation techniques and significant amounts of unobservable inputs used in the Fund's Level 3 securities as of September 30, 2025:

 

Disclosure on the Unobservable Inputs for First Eagle Credit Opportunities Fund as of September 30, 2025.

 

Investment Type  Fair Value as of
September 30, 2025		   Valuation
Technique(s)		  Unobservable
Inputs		  Range
(Weighted Average)		  Direction Change in Fair Value
Resulting from Increase in
Unobservable Inputs (a)
Common Stock  $1,798,412   Broker Quotes  N/A  N/A  N/A
    8,000,000   Discounted Cash Flow (Income Approach)  Comparable Yield  14.97% - 14.97% (14.97%)  Decrease
    14   Market Comparable Companies  EBITDA Multiple  4.32x - 8.37x (8.26x)  Increase
Common Stock total   9,798,426             
Warrant   76,871   Market Comparable Companies  EBITDA Multiple  10.10x - 10.10x (10.10x)  Increase
    1,840   Option Pricing Model  Volatility/Time Horizon  40%/5yr(40%/5yr)  Increase
Warrant total   78,711             
Senior Loan   34,185,339   Broker Quotes  N/A  N/A  N/A
    416,591,210   Discounted Cash Flow (Income Approach)  Comparable Yield  7.74% - 24.50% (10.18%)  Decrease
    61,069,560   Liquidation  Collateral Value  21.4 - 11,651.6 (1,789.3)*  Increase
    957,676   Market Comparable Companies  Revenue Multiple  0.60x - 0.60x (2.81x)  Increase
    158,571   Market Comparable Companies  EBITDA Multiple  4.32x - 4.32x (2.81x)  Increase
Senior Loan total   512,962,356             
Total Investments   522,839,493             
Unfunded Commitment   2,613   Broker Quotes  N/A  N/A  N/A
    (29,891)  Discounted Cash Flow (Income Approach)  Comparable Yield  7.74% - 19.51% (9.40%)  Decrease
    (2,758)  Liquidation  Collateral Value  21.4 - 54.2 (27.8)*  Increase
    (11,972)  Market Comparable Companies  Revenue Multiple  0.60x - 0.60x (3.39x)  Increase
    (870)  Market Comparable Companies  EBITDA Multiple  8.51x - 8.51x (3.39x)  Increase
Unfunded Commitment total  $(42,878)            

 

Notes:

 

*Collateral values are presented in $ millions.

*Fair Value for unfunded commitments is unrealized appreciation/depreciation.

(a) This column represents the direction change in the fair value of level 3 securities that would result from an increase to the corresponding unobservable inputs.

   - A decrease to the unobservable input would have the opposite effect.

   - Significant increases and decreases of these inputs could result in significantly higher or lower fair value determination.

 

 

 

 

Note 3 — Securities and Other Investments

 

The Fund's portfolio primarily consists of some combination of the following types of investments:

 

Syndicated Loans — Syndicated loans are typically underwritten and syndicated by large commercial and investment banks. These loans may be recently originated by such banks pursuant to the originating bank's, or lead arranger's, underwriting standards applicable to corporate borrowers at the time of issuance. The Fund may purchase syndicated loans either in the primary market in connection with their syndication or in the secondary market. In most cases, syndicated loans will be secured by specific collateral of the issuer. In general, most of the syndicated loans purchased by the Fund will be current on principal and interest payments at the time of purchase. However, the Fund can purchase syndicated loans that are not current on principal and are likely to default. In addition, syndicated loans held by the Fund may at times cease being current on principal and interest payments. When all or a portion of a loan held by the Fund has not yet settled, the Fund does not accrue interest on such a loan until the settlement date at which point SOFR or Prime will be established.

 

Middle Market "Club" Loans — Middle market "club" loans are loans made to upper middle market companies that may not have access to traditional capital markets. Middle market "club" loans are distinct from customary direct lending loans described herein in that they are generally more liquid, often rated by a third party and funded by more than one lender, often a "club" of unaffiliated lenders. Middle market "club" loans held by the Fund will consist of first lien senior secured loans.

 

Direct Lending — The Fund may invest in sponsor-backed, first lien senior secured directly originated loans (including "unitranche" loans, which are loans that combine both senior and mezzanine debt, generally in a first lien position) of middle-market U.S. companies. Direct lending middle market loans are generally illiquid, unrated and funded by one affiliated lender group.

 

Asset-Based Loans — Asset-based loans are loans that are secured by collateral consisting of inventory, accounts receivable, machinery/equipment, real estate, intellectual property/brands and/or other assets owned by the borrower(s) whereby the underlying loan will be underwritten by the value of the collateral. These loans are highly structured and typically include frequent monitoring including, but not limited to, financial and collateral reporting. The term loans are provided to both private and public borrowers with varying ownership structures.

 

 

 

 

High Yield Bonds — The Fund may invest in high-yield bonds, which are securities rated below "Baa3" by Moody's, or below "BBB-" by S&P and/or lower than "BBB-" by Fitch Ratings and unrated debt securities and other types of credit instruments of similar quality, commonly referred to as "junk bonds." Such securities are predominately speculative with respect to the issuer's capacity to pay interest and repay principal in accordance with the terms of the obligation. The ratings of S&P represent its opinion as to the credit quality of the securities it undertakes to rate. It should be emphasized, however that, the ratings are relative and subjective and, although ratings may be useful in evaluating the safety of interest and principal payments, they do not evaluate the market price risk of these securities. In seeking to achieve its investment objective, the Fund depends on credit analysis to identify investment opportunities.

 

Derivative Transactions — Unless the Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund must comply with Rule 18f-4 with respect to its Derivatives Transactions (as defined below). Rule 18f-4, among other things, requires the Fund to adopt and implement a comprehensive written derivatives risk management program ("DRMP") and comply with a relative or absolute limit on Fund leverage risk calculated based on value-at-risk ("VaR"). The DRMP is administered by a "derivatives risk manager," who is appointed by the Board, including a majority of Independent Trustees, and periodically reviews the DRMP and reports to the Board. Rule 18f-4 provides an exception from the DRMP, VaR limit and certain other requirements if the Fund's "derivatives exposure" (as defined in Rule 18f-4) is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the "Limited Derivatives User Exception"). As of the date hereof, the Fund relies on the Limited Derivatives User Exception.

 

Under Rule 18f-4, "Derivatives Transactions" include the following: (1) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which the Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and nonrecourse tender option bonds, and borrowed bonds), if the Fund elects to treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced ("TBA") commitments, and dollar rolls) and nonstandard settlement cycle securities, unless the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date.

 

 

 

 

Note 4 — Unfunded Commitment/Delayed Draw Loan Commitment

 

As of September 30, 2025, the Fund had the following unfunded loan commitments outstanding, which could be extended at the option of the borrower:

 

Loan  Principal Amount   Value   Net Unrealized
Appreciation
(Depreciation)		 
360 PARTNERS, LLC, Delayed Draw Term Loan - First Lien  $898,285   $888,179   $(6,739)
360 PARTNERS, LLC, Revolver - First Lien   507,157    501,452    (2)
841 Prudential MOB LLC, Delayed Draw Term Loan - First Lien   513,513    513,514    2,568 
Advanced Web Technologies (AWT), Fourth Amendment Delayed Term Loan - First Lien   1,859,108    1,849,812    23,108 
Advanced Web Technologies (AWT), Revolving Credit Loan - First Lien   437,001    434,816    1,018 
Advantmed Buyer Inc., Revolving Loan - First Lien   1,545,373    1,545,373    20,283 
Air Buyer Inc. (Condata Global), Revolving Credit Loan - First Lien   331,126    322,848    (3,907)
Air Conditioning Specialist, Inc., Revolving Loan - First Lien   452,242    449,981    4,523 
Alpine SG, LLC (ASG), Revolving Credit Loan - First Lien   105,232    105,232    1,144 
AlpineX OpCo, LLC, Revolving Loan - First Lien   39,570    39,570    634 
AlpineX OpCo, LLC, Second Amendment Incremental Revolving Loan - First Lien   18,571    18,571    353 
Apella Capital, LLC, Revolving Loan - First Lien   136,530    136,530    - 
Apex Analytix, Inc. (Montana Buyer, Inc.), Revolving Credit Loan - First Lien   304,348    301,304    416 
APS Acquisition Holdings, LLC, Delayed Draw Term Loan - First Lien   2,076,116    2,065,735    - 
APS Acquisition Holdings, LLC, Revolving Loan - First Lien   1,339,430    1,332,732    8,371 
Argano, LLC, 2025 Delayed Draw Term Loan - First Lien   632,593    629,430    3,163 
Argano, LLC, Revolving Credit Loan - First Lien   231,884    230,725    3,479 
Bandon Fitness Texas, Inc., Delayed Draw Term Loan - First Lien   47,777    44,433    - 
BCDI BHI Intermediate 2, LP (Basic Home Infusion), Revolving Credit Loan - First Lien   445,118    445,118    3,574 
Beacon Mobility Corp., Delayed Draw Term Loan - First Lien   240,671    241,800    2,445 
Boston Clinical Trials LLC (Alcanza Clinical Research), Revolving Credit Loan - First Lien   187,500    184,219    (3,281)
Case Works, LLC, Revolving Loan - First Lien   30,172    28,966    (888)
CC Amulet Management, LLC (Children's Choice), Revolving Loan - First Lien   283    283    3 
CC Amulet Management, LLC (Children's Choice), Second Amendment Delayed Draw Term Loan - First Lien   1,898,076    1,898,076    9,490 
CI (MG) Group, LLC (Mariani Landscape), Delayed Draw Term Loan - First Lien   2,823,096    2,808,980    7,057 
CI (MG) Group, LLC (Mariani Landscape), Revolving Loan - First Lien   309,582    308,034    - 
Citrin Cooperman Advisors LLC, Delayed Term Loan - First Lien   242,424    241,705    (643)
Clydesdale Acquisition Holdings, Inc., 2025 Incremental Delayed Draw Term B Loan - First Lien   16,667    16,660    49 
Cohnreznick Advisory LLC (Currahee Borrower Sub), Delayed Draw Term Loan - First Lien   996,146    999,264    3,165 
Community Based Care Acquisition, Inc. (Amivie Acquisition, Inc.), Revolving Credit Loan - First Lien   365,854    365,854    3,932 
ConvenientMD (CMD Intermediate Holdings, Inc.), 2024 Extended Revolving Credit Loan - First Lien   30,000    28,200    (1,361)
Cooper's Hawk Intermediate Holding, LLC, Delayed Draw Term Loan - First Lien   473,684    473,684    3,552 
Cooper's Hawk Intermediate Holding, LLC, Revolving Loan - First Lien   221,053    219,240    1,503 
Danforth Health, Inc., Revolving Credit Loan - First Lien   166,667    165,833    (239)
Data Driven Intermediate, LLC, Revolving Loan - First Lien   907,300    900,495    - 
EIKO GLOBAL, LLC, Revolving Credit Loan - First Lien   2,130,287    2,082,355    (5,326)
Elevate HD Parent, Inc., Delayed Draw Term Loan B - First Lien   1,144,000    1,144,000    6,137 
Elevate HD Parent, Inc., Revolving Loan - First Lien   650,000    650,000    8,138 
Endo1 Partners, LLC, Revolving Loan - First Lien   386,654    378,920    - 
Enthusiast Auto Holdings, LLC (EAH-Intermediate Holdco LLC), Revolving Loan - First Lien   602,228    602,228    - 
Enverus Holdings, Inc. (Drilling Info), Class A Revolving Credit Loan - First Lien   280,334    276,129    (2,919)
Enverus Holdings, Inc. (Drilling Info), Delayed Draw Term Loan - First Lien   50,988    51,115    477 
First Steps Recovery Acquisition, LLC (True North Detox), Revolving Credit Loan - First Lien   386,486    380,689    - 
Gen4 Dental Partners Opco, LLC, Closing Date Delayed Draw Term Loan - First Lien   1,466,667    1,452,000    (376)
Gen4 Dental Partners Opco, LLC, Revolving Loan - First Lien   366,667    363,000    3,469 
HFW Cos., LLC (fka HFW Holdings, LLC), Delayed Draw Term Loan - First Lien   3,680,000    3,638,600    (27,600)
HFW Cos., LLC (fka HFW Holdings, LLC), Revolving Loan - First Lien   666,667    659,167    - 
Harbour Benefit Holdings, Inc. (Zenith Merger Sub), Revolving Loan - First Lien   668,067    664,727    5,408 
Houseworks Holdings, Fourth Amendment Delayed Draw Term Loan - First Lien   1,001,435    991,421    (222)
Houseworks Holdings, Revolving Loan - First Lien   162,789    161,160    2,021 
iLending LLC, Revolving Loan - First Lien   17,518    16,555    (870)
In Vitro Sciences, LLC (New IVS Holdings, LLC), Revolving Loan - First Lien   210,267    191,343    - 
Inflexionpoint LLC (fka Automated Control Concepts), Revolving Credit Loan - First Lien   520,833    520,833    3,651 
Irving Parent, Corp. (Quisitive), Revolving Credit Loan - First Lien   1,474,537    1,452,419    - 
June Purchaser LLC (Janney Montgomery Scott), Delayed Draw Term Loan - First Lien   285,714    286,904    2,346 
Life Northwestern Pennsylvania, LLC (FFL Pace Buyer, Inc.), Revolving Loan - First Lien   48,795    48,795    691 
LMSI Buyer, LLC, Revolving Credit Loan - First Lien   55,788    51,883    (3,419)
Mammoth Holdings, LLC, Initial Revolving Credit Loan - First Lien   297,727    287,307    - 
McHale Landscape Design, Inc., Delayed Draw Term Loan - First Lien   1,260,504    1,246,324    (9,453)
McHale Landscape Design, Inc., Revolver - First Lien   420,168    415,441    - 
Medrina, LLC, Revolving Loan - First Lien   828,571    828,571    13,704 
Mission Critical Group, LLC, Delayed Draw Term Loan - First Lien   1,165,463    1,153,809    (5,827)
Mission Critical Group, LLC, Revolving Loan - First Lien   474,239    469,497    - 
Monarch Behavioral Therapy, LLC, Delayed Draw Term Loan - First Lien   280,357    278,955    (25)
Monarch Behavioral Therapy, LLC, Revolving Loan - First Lien   410,614    408,561    (24)
Newcleus, LLC, Revolving Loan - First Lien   34,803    33,063    (1,417)
Oak Point Partners, LLC, Revolving Loan - First Lien   292,659    292,659    2,507 
Owl Vans, LLC, Revolving Loan - First Lien   672,000    663,130    - 
Peninsula Pacific Entertainment Development LLC, Term Loan DD - First Lien   949,367    950,554    10,680 
Point Quest Acquisition, LLC, Revolving Credit Loan - First Lien   710,489    710,489    - 
Prescott's Inc. (AKA Greenjacket), Delayed Draw Term Loan - First Lien   2,867,797    2,846,288    (10,754)
Prescott's Inc. (AKA Greenjacket), Revolving Credit Loan - First Lien   716,949    711,572    2,689 
PRGX Global, Inc., Delayed Draw Term Loan - First Lien   421,053    415,789    (3,158)
R.L. James, Inc. (HH Restore Acquisition), Revolving Loan - First Lien   450,415    449,289    5,627 
RMBUS Holdco Inc. (Eclat Health Solutions Inc.), Delayed Draw Term Loan - First Lien   1,035,197    1,035,197    7,913 
RMBUS Holdco Inc. (Eclat Health Solutions Inc.), Revolving Credit Loan - First Lien   517,598    517,598    7,872 
R-Pac International Corp. (Project Radio), Initial Revolving Loan - First Lien   161,692    161,287    241 
Sagebrush Buyer, LLC (Province), Revolving Credit Facility - First Lien   1,262,614    1,262,614    13,601 
Sapio Sciences, LLC (Jarvis Bidco), Revolving Credit Loan - First Lien   312,500    312,500    3,443 
Schola Group Acquisition, Inc. (Lathan McKee), Delayed Draw Term Loan - First Lien   2,221,477    2,196,485    (16,661)
Schola Group Acquisition, Inc. (Lathan McKee), Revolving Loan - First Lien   671,141    663,591    - 
SR Landscaping, LLC, Amendment No. 1 Delayed Draw Term Loan - First Lien   466,049    456,728    (6,991)
Strategy Corps., LLC, Delayed Draw Term Loan - First Lien   3,421,788    3,353,352    (57,551)
Strategy Corps., LLC, Revolving Credit Loan - First Lien   1,497,032    1,467,091    (10,318)
Streetmasters Intermediate, Inc., Revolving Loan - First Lien   588,000    580,650    - 
SuperHero Fire Protection, LLC, Revolving Loan - First Lien   497,316    497,316    268 
Syner-G Intermediate Holdings, LLC, Revolving Loan - First Lien   958,084    891,018    (56,287)
Technology Partners, LLC (Imagine Software), Revolving Credit Loan - First Lien   373,405    373,405    3,991 
The Mutual Group, LLC, Revolving Loan - First Lien   649,351    649,351    9,021 
Thornton Carpet, LLC, Revolving Loan - First Lien   1,138,211    1,125,407    (1,472)
Tri Scapes, LLC (HH-TRISCAPES ACQUISITION, INC.), Delayed Draw Term Loan - First Lien   426,667    422,400    2,133 
Tri Scapes, LLC (HH-TRISCAPES ACQUISITION, INC.), Revolving Loan - First Lien   1,185,185    1,173,333    5,926 
Tricor, LLC, Revolving Loan - First Lien   173,077    173,077    48 
Triple Crown Consulting, LLC, Revolving Loan - First Lien   217,391    211,413    (2,764)
TriStrux, LLC, Revolving Loan - First Lien   32,175    19,949    (11,972)
Unified Patents, LLC, Revolving Loan - First Lien   1,016,949    1,006,780    (2,542)
Violet Utility Buyer, LLC (Vannguard), Revolving Credit Loan - First Lien   867,133    857,378    - 
Visante Acquisition, LLC, Revolving Credit Loan - First Lien   574,273    574,273    7,954 
Waste Resource Management, Inc., Revolving Credit Loan - First Lien   620,723    620,723    2,324 
XPT Partners, LLC, 2024 Delayed Draw Term Loan - First Lien   791,660    779,785    (5,938)
XPT Partners, LLC, 2024 Revolving Loan - First Lien   113,094    111,398    - 
   $71,129,827   $70,456,288   $(24,836)