Firm Overview First Eagle Alternative Credit, LLC (“FEAC”), the alternative credit group of First Eagle Investment Management, LLC (“FEIM”), is an investment manager for both direct lending and broadly syndicated investments, through public and private vehicles, collateralized loan obligations, separately managed accounts and comingled funds. FEAC is a Delaware limited liability company that was formed in 2009 under the name THL Credit Advisors LLC. In January 2020, FEAC (then, THL Credit Advisors LLC) was acquired by a wholly owned subsidiary of FEIM. With a heritage that dates back to 1864, FEIM is an independent investment management firm that provides investment advisory services primarily to mutual funds, private funds and institutional accounts. FEIM is a limited liability company organized under the laws of the State of Delaware and has been a registered investment adviser under the Advisers Act since 1995. It is a subsidiary of First Eagle Holdings, Inc. (“FE Holdings”), a holding company incorporated in Delaware. Since 2015, a controlling interest in FE Holdings is owned by BCP CC Holdings L.P. (“BCP CC Holdings”), a Delaware limited partnership. BCP CC Holdings GP L.L.C. (“BCP CC Holdings GP”), a Delaware limited liability company, is the general partner of BCP CC Holdings and has two managing members, Blackstone Capital Partners VI L.P. (“BCP VI”) and Corsair IV Financial Services Capital Partners L.P. (“Corsair IV”). BCP VI is indirectly controlled by a public company, Blackstone Inc. (“Blackstone”). Corsair IV is indirectly controlled by Corsair Capital LLC (“Corsair”). The general partner of Corsair IV is Corsair IV Management L.P., whose general partner is Corsair, the sole member of which is Corsair Capital, L.P., whose general partner is Corsair Capital Group, Ltd., of which the controlling member is D.T. Ignacio Jayanti. Investment vehicles indirectly controlled by Blackstone and Corsair and certain co-investors own a majority economic interest in FE Holdings and FEIM through BCP CC Holdings. On December 31, 2020, FEAC’s wholly owned subsidiary, First Eagle Alternative Credit SLS, LLC (“SLS”) merged with and into FEAC. FEAC assumed each of SLS’s advisory contracts by operation of law. On the same date, First Eagle Private Credit, LLC (“FEPC”), another wholly owned subsidiary of FEIM, merged with and into FEAC. FEAC assumed each of FEPC’s advisory contracts by operation of law. Each of the foregoing transactions was part of an internal reorganization of entities by FEAC. There was no change to the ownership or control of either SLS or FEPC as a result of the transactions, and the same personnel managed the client accounts before and after such transactions. On August 1, 2022, FEIM acquired 100% of the interests in Napier Park Global Capital LLC, a Delaware limited liability company. Napier Park Global Capital LLC is the indirect parent of (i) Napier Park Global Capital (US) LP, a Delaware limited partnership, which is registered as an investment adviser with the SEC and (ii) Napier Park Global Capital Ltd., a private limited company formed in the United Kingdom, which is registered as an investment adviser with the SEC and is authorized and regulated by the Financial Conduct Authority in the United Kingdom (collectively, “Napier Park”). Napier Park operates as an autonomous, wholly owned unit of FEIM. Napier Park also owns a de minimis interest in Regatta Loan Management LLC, a Delaware limited liability, company, which is a private investment company and collateral manager to securitized asset vehicles that is registered as an investment adviser with the SEC. As a wholly owned subsidiary of FEIM, Napier Park operates autonomously from FEAC and FEIM. Investment Advisory Services FEAC provides investment advisory services on a discretionary and non-discretionary basis primarily to private funds, institutional clients (through

separately managed accounts (“SMAs”)), collateralized loan obligations (“CLOs”), and registered funds (collectively, “Clients” and each, a “Client”). Such registered funds include:
• First Eagle Credit Opportunities Fund (“FECOF”), a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940 (the “1940 Act”) that continuously offers its shares and is operated as an interval fund (to which FEIM serves as investment manager);
• First Eagle Private Credit Fund (“FEPCF”), a non-diversified, closed-end management investment company regulated as a business development company (“BDC”) under the 1940 Act that currently offers its common shares in a continuous private placement offering (to which FEIM serves as investment manager); and
• American Beacon FEAC Floating Rate Income Fund (“AB FEAC”), a diversified, open-end management investment company registered under the 1940 Act (to which American Beacon Advisors, Inc. (“ABA”) serves as investment manager). FEAC currently manages the following principal investment strategies:
• Direct Lending – FEAC’s Direct Lending platform provides financing solutions primarily through directly originated and privately negotiated senior secured loans to middle-market companies. In particular, Direct Lending Clients provide financing primarily in the form of directly originated first-lien and second-lien secured cash flow loans, including through unitranche investments, and directly originated asset-based loans. In certain instances, Direct Lending Clients make subordinated debt investments, which may include an associated equity component such as warrants, preferred stock or similar securities, and direct equity co-investments.
• Tradable Credit – FEAC’s Tradable Credit platform provides discretionary and non-discretionary investment management services to Clients primarily in below investment grade investment opportunities in bank loans, high yield debt, debt or equity issued by CLOs, and other securities. Clients’ investments are generally managed in accordance with the particular investment objectives, strategies, restrictions and guidelines set forth in each Client’s investment advisory agreement, prospectus, private placement memorandum and any other relevant agreement or document (“Client Agreements”). For Clients seeking an SMA structure, FEAC generally is able to tailor advisory services to meet the different needs of Clients, and Clients are generally able to impose restrictions on investing in specific securities or types of securities (e.g., no securities of issuers involved in “vices” or restrictions from trading in derivatives). The investment objectives, strategies, restrictions and other guidelines applicable to FEAC’s services for each Client are set forth in the Client Agreements applicable thereto and are further described in offering materials or memoranda provided to investors in pooled investment vehicles (“Supplemental Disclosures”).1 Prior to investing in a Client, prospective investors should carefully review the Client Agreements and Supplemental Disclosures to confirm the suitability of an investment in a Client based on the investor’s particular circumstances. FEAC also provides investment advisory services directly and through certain wholly owned subsidiary advisers. As of December 31, 2023, FEAC, managed approximately $19,935,028,936 of client assets on a discretionary basis and $3,561,050 on a non-discretionary basis. This value may be different than Regulatory Assets Under Management reported on FEAC’s Part 1A of Form ADV and the asset under management calculation used for marketing, client reporting and/or billing. 1 Throughout this Brochure, “Funds” refers to Clients that are registered funds, private funds and other commingled vehicles, and “investors” refers to underlying investors in such Clients.